[April 24, 2018] |
|
Synovus Announces Earnings for the First Quarter 2018
Synovus Financial Corp. (NYSE: SNV) today reported financial results for
the quarter ended March 31, 2018.
First Quarter Highlights
-
Net income available to common shareholders for the first quarter 2018
was $100.6 million or $0.84 per diluted share as compared to $27.0
million or $0.23 per diluted share for the fourth quarter 2017 and
$69.3 million or $0.56 per diluted share for the first quarter 2017.
The fourth quarter 2017 results included a $23.2 million loss on early
extinguishment of debt and a $47.2 million charge related to Federal
tax reform.
-
Adjusted earnings per diluted share for the first quarter 2018
were $0.86, a 19.8% increase from the fourth quarter 2017 and a
50.9% increase from the first quarter 2017.
-
As a result of Federal tax reform and other one-time and seasonal
items, the effective tax rate for the first quarter was 22.6% compared
to 32.0% in the first quarter 2017.
-
Return on average assets for the first quarter 2018 was 1.34%,
compared to 0.37% the previous quarter and 0.96% in the first quarter
2017.
-
Adjusted return on average assets was 1.36%, up 24 basis points
from the previous quarter and up 39 basis points from the first
quarter 2017.
-
Return on average common equity was 14.62%, an increase of 465 basis
points from the first quarter 2017.
-
Adjusted return on average common equity was 14.86%, an
improvement of 480 basis points from the first quarter 2017.
-
Adjusted return on average tangible common equity was 15.23%, an
increase of 490 basis points from the first quarter 2017.
-
Total average loans grew $240.8 million or 4.0% annualized from the
previous quarter and $816.4 million or 3.4% as compared to the first
quarter 2017.
-
Total average deposits decreased $497.9 million or 7.7% annualized
from fourth quarter 2017 and increased $869.2 million or 3.5% as
compared to the first quarter 2017.
-
Total ending deposits increased $105.6 million or 1.6% from fourth
quarter 2017 and increased $1.15 billion or 4.6% as compared to the
first quarter 2017.
-
Total revenues1 were $341.3 million, up $37.2 million or
12.2% from the first quarter 2017.
-
Net interest margin was 3.78%, up 13 basis points from the previous
quarter and up 36 basis points from the first quarter 2017.
-
Efficiency ratio was 57.16%, compared to 66.77% the previous quarter
and 64.84% in the first quarter 2017.
-
Adjusted efficiency ratio was 57.42%, an improvement of 483 basis
points from the first quarter 2017.
-
Credit quality metrics remained favorable, with a net charge-off ratio
of 7 basis points, down 8 basis points from the previous quarter and
down 5 basis points from first quarter 2017. The non-performing asset
ratio was 0.53%, unchanged from the previous quarter and down 24 basis
points from first quarter 2017.
"2018 is off to a good start, with 12 percent growth in revenues and a
50 percent increase in earnings per share year-over-year," said Kessel
D. Stelling, Synovus chairman and CEO. "We delivered another quarter of
strong operating leverage through disciplined execution of our growth
strategies, including talent acquisition and expansion of our presence
in high-potential markets. As we approach completion of the transition
to a unified Synovus brand, we are already seeing the benefits of
greater name recognition across our footprint. Our team is deeply
committed to building on our reputation, improving the customer
experience, and executing on core growth strategies to meet and exceed
long-term targets."
Balance Sheet
-
Total average loans for the quarter were $24.85 billion, up $240.8
million or 4.0% annualized from the previous quarter and up $816.4
million or 3.4% as compared to the first quarter 2017.
-
Total loans ended the quarter at $24.88 billion, up $95.6 million or
1.6% annualized from the previous quarter and up $624.6 million or
2.6% as compared to the first quarter 2017.
-
Commercial and industrial loans grew by $78.3 million or 2.6%
annualized from the previous quarter and $369.2 million or 3.1% as
compared to the first quarter 2017.
-
Consumer loans grew by $115.5 million or 8.0% annualized from the
previous quarter and $885.2 million or 17.4% as compared to the
first quarter 2017.
-
Commercial real estate loans declined by $99.6 million or 5.8%
annualized from the previous quarter and declined $631.6 million
or 8.5% as compared to first quarter 2017.
-
Total average deposits for the quarter were $25.79 billion, down
$497.9 million or 7.7% annualized from the previous quarter and up
$869.2 million or 3.5% as compared to the first quarter 2017.
-
Average non-time core deposits decreased $120.4 million or 2.3%
annualized from the previous quarter and increased $504.1 million
or 2.5% as compared to the first quarter 2017.
-
Total deposits ended the quarter at $26.25 billion, up $105.6 million
or 1.6% annualized from fourth quarter 2017 and up $1.15 billion or
4.6% as compared to the first quarter 2017.
-
The loan to deposit ratio remained stable at 95%.
Core Performance
-
Total revenues1 were $341.3 million in the first quarter,
up from $339.1 million in the previous quarter, and up $37.2 million
or 12.2% from $304.1 million in the first quarter 2017.
-
Net interest income was $274.3 million, up $4.6 million or 1.7% from
the previous quarter and up $34.4 million or 14.3% from the first
quarter 2017.
-
Net interest margin was 3.78%, up 13 basis points from the previous
quarter. Yield on earning assets was 4.31%, up 16 basis points from
the previous quarter, and the effective cost of funds was 0.53%, up 3
basis points from the previous quarter.
-
Total non-interest income was $67.0 million, down $2.3 million from
the previous quarter and down $4.8 million or 6.7% from first quarter
2017.
-
The first quarters of 2018 and 2017 include net decreases in fair
value of private equity investments of $3.1 million and $1.8
million, respectively. First quarter 2017 also included net
investment securities gains of $7.7 million.
-
Adjusted non-interest income was $70.1 million, up $849 thousand from
the previous quarter and up $4.1 million or 6.2% as compared to the
first quarter 2017.
-
Core banking fees2 were $35.6 million, up $303 thousand
or 0.9% from the previous quarter and up $900 thousand or 2.6%
from first quarter 2017.
-
Fiduciary and asset management fees, brokerage revenue, and
insurance revenues were $23.3 million, up $1.6 million or 7.2%
from the previous quarter and up $2.7 million or 12.9% from first
quarter 2017.
-
Total non-interest expense was $195.2 million, down $31.4 million or
13.8% from the previous quarter and down 1.1% from the first quarter
2017.
-
The first quarter 2018 includes a $2.6 million reduction in
litigation contingency accruals. The fourth quarter 2017 included
a $23.2 million loss on early extinguishment of debt, and the
first quarter 2017 included $6.5 million in restructuring charges.
-
Adjusted non-interest expense was $197.8 million, down $3.3 million or
1.6% from the previous quarter and up $7.2 million or 3.8% from the
first quarter 2017.
-
Employment expense of $113.7 million increased $2.5 million or
2.2% from the previous quarter and 6.1% from the first quarter
2017.
-
Occupancy and equipment expense of $31.5 million increased $1.4
million or 4.5% from the previous quarter and 7.3% from the first
quarter 2018.
-
Other expenses were $52.6 million in the quarter, down $7.1
million or 11.9% from the previous quarter and down $1.5 million
or 2.7% from the first quarter 2017.
-
Efficiency ratio for the first quarter was 57.16% as compared to
66.77% in the previous quarter and 64.84% in the first quarter
2017.
-
Adjusted efficiency ratio for the first quarter was 57.42% as
compared to 59.29% in the previous quarter and 62.25% in the
first quarter 2017.
Credit Quality
-
Non-performing loans were $120.1 million at March 31, 2018, up $4.5
million or 3.9% from the previous quarter and down $38.3 million or
24.2% from March 31, 2017. The non-performing loan ratio was 0.48% at
March 31, 2018, compared to 0.47% at the end of the previous quarter
and 0.65% at March 31, 2017.
-
Total non-performing assets were $131.2 million at March 31, 2018,
compared to $130.6 million in the previous quarter and down $56.1
million or 29.9% from March 31, 2017. The non-performing asset ratio
was 0.53% at March 31, 2018, unchanged from the previous quarter and
down from 0.77% at March 31, 2017.
-
Net charge-offs were $4.3 million in the first quarter 2017, down $4.7
million or 52.3% from $9.0 million in the previous quarter and down
38.1% from the first quarter 2017. The annualized net charge-off ratio
was 0.07% in the first quarter as compared to 0.15% in the previous
quarter and 0.12% in the first quarter 2017.
-
Total delinquencies (consisting of loans 30 or more days past due and
still accruing) remain low at 0.22% of total loans at March 31, 2018,
as compared to 0.21% in the previous quarter and 0.26% at March 31,
2017.
Capital
-
During the first quarter 2018, Synovus repurchased $26.7 million in
common stock, as part of the previously announced share repurchase
program of up to $150 million. Additionally, Synovus declared common
dividends of $0.25 per share, a 67% increase from the previous quarter.
-
Common Equity Tier 1 ratio was 10.11% at March 31, 2018, up from 9.99%
at December 31, 2017.
-
Tier 1 Capital ratio was 10.51% at March 31, 2018, up from 10.38% at
December 31, 2017.
-
Total Risk Based Capital ratio was 12.37% at March 31, 2018, up from
12.23% at December 31, 2017.
-
Tier 1 Leverage ratio was 9.37% at March 31, 2018, up from 9.19% at
December 31, 2017.
-
Tangible Common Equity ratio was 8.79% at March 31, 2018, compared to
8.88% at December 31, 2017.
First Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call at 8:30 a.m.
EDT on April 24, 2018. The earnings call will be accompanied by a slide
presentation. Shareholders and other interested parties may listen to
this conference call via simultaneous Internet broadcast. For a link to
the webcast, go to investor.synovus.com/event.
The replay will be archived for 12 months and will be available 30-45
minutes after the call.
Synovus Financial Corp. is a financial services company based in
Columbus, Georgia, with more than $31 billion in assets. Synovus
provides commercial and retail banking, investment, and mortgage
services through 250 branches in Georgia, Alabama, South Carolina,
Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of
Synovus, was recognized as the "Most Reputable Bank" by American
Banker and the Reputation Institute in 2017. Synovus is on the web
at synovus.com,
and on Twitter,
Facebook,
LinkedIn,
and Instagram.
1 Total revenues consist of net interest income and
non-interest income excluding investment securities gains/(losses). 2
Core banking fees include service charges on deposit accounts, card
fees, letter of credit fees, ATM fee income, line of credit non-usage
fees, gains from sales of government guaranteed loans, and miscellaneous
other service charges.
Forward-Looking Statements
This press release and certain of our other filings with the Securities
and Exchange Commission contain statements that constitute
"forward-looking statements" within the meaning of, and subject to the
protections of, Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact are forward-looking
statements. You can identify these forward-looking statements through
Synovus' use of words such as "believes," "anticipates," "expects,"
"may," "will," "assumes," "should," "predicts," "could," "would,"
"intends," "targets," "estimates," "projects," "plans," "potential" and
other similar words and expressions of the future or otherwise regarding
the outlook for Synovus' future business and financial performance
and/or the performance of the banking industry and economy in general.
These forward-looking statements include, among others, our expectations
regarding deposits, loan growth and the net interest margin;
expectations on our growth strategy, expense initiatives, capital
management and future profitability; expectations on credit trends and
key credit metrics; and the assumptions underlying our expectations.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve known
and unknown risks and uncertainties which may cause the actual results,
performance or achievements of Synovus to be materially different from
the future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements are based on
the information known to, and current beliefs and expectations of,
Synovus' management and are subject to significant risks and
uncertainties. Actual results may differ materially from those
contemplated by such forward-looking statements. A number of factors
could cause actual results to differ materially from those contemplated
by the forward-looking statements in this press release. Many of these
factors are beyond Synovus' ability to control or predict.
These forward-looking statements are based upon information presently
known to Synovus' management and are inherently subjective, uncertain
and subject to change due to any number of risks and uncertainties,
including, without limitation, the risks and other factors set forth in
Synovus' filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K for the year ended December 31, 2017,
under the captions "Cautionary Notice Regarding Forward-Looking
Statements" and "Risk Factors" and in Synovus' quarterly reports on Form
10-Q and current reports on Form 8-K. We believe these forward-looking
statements are reasonable; however, undue reliance should not be placed
on any forward-looking statements, which are based on current
expectations and speak only as of the date that they are made. We do not
assume any obligation to update any forward-looking statements as a
result of new information, future developments or otherwise, except as
otherwise may be required by law.
Non-GAAP Financial Measures
The measures entitled adjusted non-interest income; adjusted
non-interest expense; adjusted efficiency ratio; adjusted earnings per
diluted share; adjusted return on average assets; adjusted return on
average common equity; adjusted return on average tangible common
equity; average non-time core deposits; tangible common equity ratio;
and common equity Tier 1 (CET1) ratio (fully phased-in); are not
measures recognized under GAAP and therefore are considered non-GAAP
financial measures. The most comparable GAAP measures to these measures
are total non-interest income; total non-interest expense; efficiency
ratio; earnings per diluted common share; return on average assets;
return on average common equity; total average deposits; the ratio of
total shareholders' equity to total assets; and the CET1 ratio;
respectively.
Management believes that these non-GAAP financial measures provide
meaningful additional information about Synovus to assist management and
investors in evaluating Synovus' operating results, financial strength,
the performance of its business, and the strength of its capital
position. However, these non-GAAP financial measures have inherent
limitations as analytical tools and should not be considered in
isolation or as a substitute for analyses of operating results or
capital position as reported under GAAP. The non-GAAP financial measures
should be considered as additional views of the way our financial
measures are affected by significant items and other factors, and since
they are not required to be uniformly applied, they may not be
comparable to other similarly titled measures at other companies.
Adjusted non-interest income is a measure used by management to evaluate
total revenue and non-interest income exclusive of net investment
securities gains/losses and changes in fair value of private equity
investments, net. Adjusted non-interest expense and the adjusted
efficiency ratio are measures utilized by management to measure the
success of expense management initiatives focused on reducing recurring
controllable operating costs. Adjusted earnings per diluted share,
adjusted return on average assets, and adjusted return on average common
equity are measurements used by management to evaluate operating results
exclusive of items that are not indicative of ongoing operations and
impact period-to-period comparisons. Average non-time core deposits is a
measure used by management to evaluate organic growth of deposits and
the quality of deposits as a funding source. The adjusted return on
average tangible common equity is a measure used by management to
compare Synovus' performance with other financial institutions because
it calculates the return available to common shareholders without the
impact of intangible assets and their related amortization, thereby
allowing management to evaluate the performance of the business
consistently. The tangible common equity ratio and common equity Tier 1
(CET1) ratio (fully phased-in) are used by management and bank
regulators to assess the strength of our capital position. The
computations of these measures are set forth in the tables below.
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures
|
|
|
|
|
|
|
(dollars in thousands)
|
|
1Q18
|
|
4Q17
|
|
1Q17
|
|
|
|
|
|
|
|
Adjusted non-interest income
|
|
|
|
|
|
|
Total non-interest income
|
|
$
|
67,046
|
|
|
$
|
69,352
|
|
|
$
|
71,839
|
|
Subtract: Investment securities gains, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,668
|
)
|
Add/subtract: Decrease/(increase) in fair value of private equity
investments, net
|
|
|
3,056
|
|
|
|
(100
|
)
|
|
|
1,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-interest income
|
|
$
|
70,102
|
|
|
$
|
69,252
|
|
|
$
|
65,985
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense
|
|
|
|
|
|
|
Total non-interest expense
|
|
$
|
195,179
|
|
|
$
|
226,534
|
|
|
$
|
197,388
|
|
Subtract: Earnout liability adjustments
|
|
|
-
|
|
|
|
(1,700
|
)
|
|
|
-
|
|
Add/subtract: Restructuring charges, net
|
|
|
315
|
|
|
|
29
|
|
|
|
(6,511
|
)
|
Subtract: Loss on early extinguishment of debt
|
|
|
-
|
|
|
|
(23,160
|
)
|
|
|
-
|
|
Add/subtract: Litigation contingency expense
|
|
|
2,626
|
|
|
|
(300
|
)
|
|
|
-
|
|
Subtract: Merger-related expense
|
|
|
-
|
|
|
|
-
|
|
|
|
(86
|
)
|
Subtract: Amortization of intangibles
|
|
|
(292
|
)
|
|
|
(292
|
)
|
|
|
(183
|
)
|
Adjusted non-interest expense
|
|
$
|
197,828
|
|
|
$
|
201,111
|
|
|
$
|
190,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted efficiency ratio
|
|
|
|
|
|
|
Adjusted non-interest expense
|
|
$
|
197,828
|
|
|
$
|
201,111
|
|
|
$
|
190,608
|
|
Net interest income
|
|
|
274,284
|
|
|
|
269,713
|
|
|
|
239,927
|
|
Add: Tax equivalent adjustment
|
|
|
116
|
|
|
|
234
|
|
|
|
309
|
|
Add: Total non-interest income
|
|
|
67,046
|
|
|
|
69,352
|
|
|
|
71,839
|
|
Subtract: Investment securities gains, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,668
|
)
|
Total FTE revenues
|
|
|
341,446
|
|
|
|
339,299
|
|
|
|
304,407
|
|
Add/subtract: Decrease/(increase) in fair value of private equity
investments, net
|
|
|
3,056
|
|
|
|
(100
|
)
|
|
|
1,814
|
|
Adjusted total revenues
|
|
$
|
344,502
|
|
|
$
|
339,199
|
|
|
$
|
306,221
|
|
Efficiency ratio
|
|
|
57.16
|
%
|
|
|
66.77
|
%
|
|
|
64.84
|
%
|
Adjusted efficiency ratio
|
|
|
57.42
|
%
|
|
|
59.29
|
%
|
|
|
62.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued
|
|
|
|
|
|
|
(in thousands, except per share data)
|
|
1Q18
|
|
4Q17
|
|
1Q17
|
|
|
|
|
|
|
|
Adjusted earnings per diluted share
|
|
|
|
|
|
|
Net income available to common shareholders
|
|
$
|
100,607
|
|
|
$
|
27,046
|
|
|
$
|
69,298
|
|
Add: Earnout liability adjustments
|
|
|
-
|
|
|
|
1,700
|
|
|
|
-
|
|
Add: Income tax expense related to effects of Federal Tax Reform
|
|
|
-
|
|
|
|
47,181
|
|
|
|
-
|
|
Add: Income tax expense related to effects of State DTA remeasurement
|
|
|
1,325
|
|
|
|
-
|
|
|
|
-
|
|
Add: Merger-related expense
|
|
|
-
|
|
|
|
-
|
|
|
|
86
|
|
Subtract/add: Litigation contingency expense
|
|
|
(2,626
|
)
|
|
|
300
|
|
|
|
-
|
|
Subtract/add: Restructuring charges, net
|
|
|
(315
|
)
|
|
|
(29
|
)
|
|
|
6,511
|
|
Add: Amortization of intangibles
|
|
|
292
|
|
|
|
292
|
|
|
|
183
|
|
Add: Loss on early extinguishment of debt
|
|
|
-
|
|
|
|
23,160
|
|
|
|
-
|
|
Subtract: Investment securities gains, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,668
|
)
|
Add/subtract: Decrease/(increase) in fair value of private equity
investments, net
|
|
|
3,056
|
|
|
|
(100
|
)
|
|
|
1,814
|
|
Subtract: Income tax benefit related to pre-2017 R&D credits and
state taxes
|
|
|
-
|
|
|
|
(4,847
|
)
|
|
|
-
|
|
Subtract: Tax effect of adjustments
|
|
|
(96
|
)
|
|
|
(8,740
|
)
|
|
|
(333
|
)
|
Adjusted net income available to common shareholders
|
|
$
|
102,243
|
|
|
$
|
85,963
|
|
|
$
|
69,891
|
|
Weighted average common shares outstanding, diluted
|
|
|
119,321
|
|
|
|
120,182
|
|
|
|
123,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per diluted share
|
|
$
|
0.86
|
|
|
$
|
0.72
|
|
|
$
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued
|
|
|
|
|
|
|
(dollars in thousands)
|
|
1Q18
|
|
4Q17
|
|
1Q17
|
|
|
|
|
|
|
|
Adjusted return on average assets
|
|
|
|
|
|
|
Net income
|
|
$
|
103,166
|
|
|
$
|
29,605
|
|
|
$
|
71,857
|
|
Add: Earnout liability adjustments
|
|
|
-
|
|
|
|
1,700
|
|
|
|
-
|
|
Add: Income tax expense related to effects of Federal Tax Reform
|
|
|
-
|
|
|
|
47,181
|
|
|
|
-
|
|
Add: Income tax expense related to effects of State DTA remeasurement
|
|
|
1,325
|
|
|
|
-
|
|
|
|
-
|
|
Add: Merger-related expense
|
|
|
-
|
|
|
|
-
|
|
|
|
86
|
|
Subtract/add: Litigation contingency expense
|
|
|
(2,626
|
)
|
|
|
300
|
|
|
|
-
|
|
Subtract/add: Restructuring charges, net
|
|
|
(315
|
)
|
|
|
(29
|
)
|
|
|
6,511
|
|
Add: Amortization of intangibles
|
|
|
292
|
|
|
|
292
|
|
|
|
183
|
|
Add: Loss on early extinguishment of debt
|
|
|
-
|
|
|
|
23,160
|
|
|
|
-
|
|
Subtract: Investment securities gains, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,668
|
)
|
Add/subtract: Decrease/(increase) in fair value of private equity
investments, net
|
|
|
3,056
|
|
|
|
(100
|
)
|
|
|
1,814
|
|
Subtract: Income tax benefit related to pre-2017 R&D credits and
state taxes
|
|
|
-
|
|
|
|
(4,847
|
)
|
|
|
-
|
|
Subtract: Tax effect of adjustments
|
|
|
(96
|
)
|
|
|
(8,740
|
)
|
|
|
(333
|
)
|
Adjusted net income
|
|
$
|
104,802
|
|
|
$
|
88,522
|
|
|
$
|
72,450
|
|
Net income annualized
|
|
$
|
425,030
|
|
|
$
|
351,201
|
|
|
$
|
293,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets
|
|
$
|
31,245,708
|
|
|
$
|
31,388,724
|
|
|
$
|
30,442,089
|
|
Adjusted return on average assets
|
|
|
1.36
|
%
|
|
|
1.12
|
%
|
|
|
0.97
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued
|
|
|
|
|
|
|
(dollars in thousands)
|
|
1Q18
|
|
4Q17
|
|
1Q17
|
|
|
|
|
|
|
|
Adjusted return on average common equity and adjusted return on
average tangible common equity
|
|
|
|
|
|
|
Net income available to common shareholders
|
|
$
|
100,607
|
|
|
$
|
27,046
|
|
|
$
|
69,298
|
|
Add: Earnout liability adjustments
|
|
|
-
|
|
|
|
1,700
|
|
|
|
-
|
|
Add: Income tax expense related to effects of Federal Tax Reform
|
|
|
-
|
|
|
|
47,181
|
|
|
|
-
|
|
Add: Income tax expense related to effects of State DTA remeasurement
|
|
|
1,325
|
|
|
|
-
|
|
|
|
-
|
|
Add: Merger-related expense
|
|
|
-
|
|
|
|
-
|
|
|
|
86
|
|
Subtract/add: Litigation contingency expense
|
|
|
(2,626
|
)
|
|
|
300
|
|
|
|
-
|
|
Subtract/add: Restructuring charges, net
|
|
|
(315
|
)
|
|
|
(29
|
)
|
|
|
6,511
|
|
Add: Amortization of intangibles
|
|
|
292
|
|
|
|
292
|
|
|
|
183
|
|
Add: Loss on early extinguishment of debt
|
|
|
-
|
|
|
|
23,160
|
|
|
|
-
|
|
Subtract: Investment securities gains, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,668
|
)
|
Add/subtract: Decrease/(increase) in fair value of private equity
investments, net
|
|
|
3,056
|
|
|
|
(100
|
)
|
|
|
1,814
|
|
Subtract: Income tax benefit related to pre-2017 R&D credits and
state taxes
|
|
|
-
|
|
|
|
(4,847
|
)
|
|
|
-
|
|
Subtract: Tax effect of adjustments
|
|
|
(96
|
)
|
|
|
(8,740
|
)
|
|
|
(333
|
)
|
Adjusted net income available to common shareholders
|
|
$
|
102,243
|
|
|
$
|
85,963
|
|
|
$
|
69,891
|
|
|
|
|
|
|
|
|
Net income annualized
|
|
$
|
414,652
|
|
|
$
|
341,049
|
|
|
$
|
283,447
|
|
Total average shareholders' equity less preferred stock
|
|
$
|
2,790,878
|
|
|
$
|
2,851,523
|
|
|
$
|
2,817,663
|
|
|
|
|
|
|
|
|
Subtract: Goodwill
|
|
|
(57,315
|
)
|
|
|
(57,315
|
)
|
|
|
(59,649
|
)
|
Subtract: Other intangibles assets, net
|
|
|
(10,915
|
)
|
|
|
(11,353
|
)
|
|
|
(13,177
|
)
|
Total average tangible shareholders' equity less preferred stock
|
|
$
|
2,722,648
|
|
|
$
|
2,782,855
|
|
|
$
|
2,744,837
|
|
Adjusted return on average common equity
|
|
|
14.86
|
%
|
|
|
11.96
|
%
|
|
|
10.06
|
%
|
Adjusted return on average tangible common equity
|
|
|
15.23
|
%
|
|
|
12.26
|
%
|
|
|
10.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued
|
|
|
|
|
|
|
(dollars in thousands)
|
|
1Q18
|
|
4Q17
|
|
1Q17
|
|
|
|
|
|
|
|
Tangible common equity ratio
|
|
|
|
|
|
|
Total assets
|
|
$
|
31,501,028
|
|
|
$
|
31,221,837
|
|
|
$
|
30,679,589
|
|
Subtract: Goodwill
|
|
|
(57,315
|
)
|
|
|
(57,315
|
)
|
|
|
(57,010
|
)
|
Subtract: Other intangible assets, net
|
|
|
(10,750
|
)
|
|
|
(11,254
|
)
|
|
|
(12,137
|
)
|
Tangible assets
|
|
$
|
31,432,963
|
|
|
$
|
31,153,268
|
|
|
$
|
30,610,442
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
$
|
2,956,495
|
|
|
$
|
2,961,566
|
|
|
$
|
2,962,127
|
|
Subtract: Goodwill
|
|
|
(57,315
|
)
|
|
|
(57,315
|
)
|
|
|
(57,010
|
)
|
Subtract: Other intangible assets, net
|
|
|
(10,750
|
)
|
|
|
(11,254
|
)
|
|
|
(12,137
|
)
|
Subtract: Series C Preferred Stock
|
|
|
(125,980
|
)
|
|
|
(125,980
|
)
|
|
|
(125,980
|
)
|
Tangible common equity
|
|
$
|
2,762,450
|
|
|
$
|
2,767,017
|
|
|
$
|
2,767,000
|
|
Total shareholders' equity to total assets ratio
|
|
|
9.39
|
%
|
|
|
9.49
|
%
|
|
|
9.66
|
%
|
Tangible common equity ratio
|
|
|
8.79
|
%
|
|
|
8.88
|
%
|
|
|
9.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average non-time core deposits
|
|
|
|
|
|
|
Total average deposits
|
|
$
|
25,788,073
|
|
|
$
|
26,286,009
|
|
|
$
|
24,918,855
|
|
Subtract: Average brokered deposits
|
|
|
(1,951,910
|
)
|
|
|
(2,198,333
|
)
|
|
|
(1,380,787
|
)
|
Subtract: Average non-brokered time deposits
|
|
|
(3,039,325
|
)
|
|
|
(3,170,444
|
)
|
|
|
(3,245,306
|
)
|
Average non-time core deposits
|
|
$
|
20,796,838
|
|
|
$
|
20,917,232
|
|
|
$
|
20,292,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 (CET1) ratio (fully phased-in)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 (CET1)
|
|
$
|
2,814,669
|
|
|
|
|
|
Subtract: Adjustment related to capital components
|
|
|
(16,365
|
)
|
|
|
|
|
CET1 (fully phased-in)
|
|
$
|
2,798,304
|
|
|
|
|
|
Total risk-weighted assets
|
|
$
|
27,831,733
|
|
|
|
|
|
Total risk-weighted assets (fully phased-in)
|
|
$
|
27,957,172
|
|
|
|
|
|
Common equity Tier 1 (CET 1) ratio
|
|
|
10.11
|
%
|
|
|
|
|
Common Equity Tier 1 (CET1) ratio (fully phased-in)
|
|
|
10.01
|
%
|
|
|
|
|
|
|
|
|
|
|
Synovus
|
|
|
|
|
|
INCOME STATEMENT DATA
|
|
|
(Unaudited)
|
|
|
(In thousands, except per share data)
|
|
|
|
2018
|
|
2017
|
|
First Quarter
|
|
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
'18 vs. '17
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
$
|
313,134
|
|
|
306,934
|
|
|
297,652
|
|
|
285,510
|
|
|
272,401
|
|
|
15.0
|
%
|
|
Interest expense
|
|
|
|
38,850
|
|
|
37,221
|
|
|
35,080
|
|
|
34,413
|
|
|
32,474
|
|
|
19.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
274,284
|
|
|
269,713
|
|
|
262,572
|
|
|
251,097
|
|
|
239,927
|
|
|
14.3
|
|
|
Provision for loan losses
|
|
|
|
12,776
|
|
|
8,565
|
|
|
39,686
|
|
|
10,260
|
|
|
8,674
|
|
|
47.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for loan losses
|
|
|
|
261,508
|
|
|
261,148
|
|
|
222,886
|
|
|
240,837
|
|
|
231,253
|
|
|
13.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
|
19,940
|
|
|
20,372
|
|
|
20,678
|
|
|
20,252
|
|
|
20,118
|
|
|
(0.9
|
)
|
|
Fiduciary and asset management fees
|
|
|
|
13,435
|
|
|
13,195
|
|
|
12,615
|
|
|
12,524
|
|
|
12,151
|
|
|
10.6
|
|
|
Card fees (1)
|
|
|
|
10,199
|
|
|
9,762
|
|
|
9,729
|
|
|
10,041
|
|
|
9,844
|
|
|
3.6
|
|
|
Brokerage revenue
|
|
|
|
8,695
|
|
|
7,758
|
|
|
7,511
|
|
|
7,210
|
|
|
7,226
|
|
|
20.3
|
|
|
Mortgage banking income
|
|
|
|
5,047
|
|
|
5,645
|
|
|
5,603
|
|
|
5,784
|
|
|
5,766
|
|
|
(12.5
|
)
|
|
Income from bank-owned life insurance
|
|
|
|
3,681
|
|
|
3,900
|
|
|
3,232
|
|
|
3,272
|
|
|
3,031
|
|
|
21.4
|
|
|
Cabela's transaction fee
|
|
|
|
-
|
|
|
-
|
|
|
75,000
|
|
|
-
|
|
|
-
|
|
|
nm
|
|
|
Investment securities (losses) gains, net
|
|
|
|
-
|
|
|
-
|
|
|
(7,956
|
)
|
|
(1
|
)
|
|
7,668
|
|
|
nm
|
|
|
(Decrease)/increase in fair value of private equity investments, net
|
|
|
|
(3,056
|
)
|
|
100
|
|
|
(27
|
)
|
|
(1,352
|
)
|
|
(1,814
|
)
|
|
nm
|
|
|
Other fee income
|
|
|
|
4,618
|
|
|
4,042
|
|
|
5,094
|
|
|
6,164
|
|
|
4,868
|
|
|
(5.1
|
)
|
|
Other non-interest income (1)
|
|
|
|
4,487
|
|
|
4,578
|
|
|
3,956
|
|
|
4,807
|
|
|
2,981
|
|
|
50.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest income
|
|
|
|
67,046
|
|
|
69,352
|
|
|
135,435
|
|
|
68,701
|
|
|
71,839
|
|
|
(6.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other personnel expense
|
|
|
|
113,720
|
|
|
111,243
|
|
|
109,675
|
|
|
105,213
|
|
|
107,191
|
|
|
6.1
|
|
|
Net occupancy and equipment expense
|
|
|
|
31,480
|
|
|
30,126
|
|
|
30,573
|
|
|
29,933
|
|
|
29,331
|
|
|
7.3
|
|
|
Third-party processing expense
|
|
|
|
13,945
|
|
|
14,827
|
|
|
13,659
|
|
|
13,620
|
|
|
12,603
|
|
|
10.6
|
|
|
FDIC insurance and other regulatory fees
|
|
|
|
6,793
|
|
|
6,288
|
|
|
7,078
|
|
|
6,875
|
|
|
6,770
|
|
|
0.3
|
|
|
Professional fees
|
|
|
|
5,505
|
|
|
6,183
|
|
|
7,141
|
|
|
7,551
|
|
|
5,355
|
|
|
2.8
|
|
|
Advertising expense
|
|
|
|
5,092
|
|
|
8,081
|
|
|
3,610
|
|
|
5,346
|
|
|
5,912
|
|
|
(13.9
|
)
|
|
Foreclosed real estate expense, net
|
|
|
|
856
|
|
|
1,693
|
|
|
7,265
|
|
|
1,448
|
|
|
2,134
|
|
|
(59.9
|
)
|
|
Earnout liability adjustments
|
|
|
|
-
|
|
|
1,700
|
|
|
2,059
|
|
|
1,707
|
|
|
-
|
|
|
nm
|
|
|
Amortization of intangibles
|
|
|
|
292
|
|
|
292
|
|
|
292
|
|
|
292
|
|
|
183
|
|
|
59.6
|
|
|
Loss on early extinguishment of debt
|
|
|
|
-
|
|
|
23,160
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
nm
|
|
|
Litigation contingency expense
|
|
|
|
(2,626
|
)
|
|
300
|
|
|
401
|
|
|
-
|
|
|
-
|
|
|
nm
|
|
|
Restructuring charges, net
|
|
|
|
(315
|
)
|
|
(29
|
)
|
|
519
|
|
|
13
|
|
|
6,511
|
|
|
nm
|
|
|
Other operating expenses
|
|
|
|
20,437
|
|
|
22,670
|
|
|
23,374
|
|
|
19,749
|
|
|
21,398
|
|
|
(4.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense
|
|
|
|
195,179
|
|
|
226,534
|
|
|
205,646
|
|
|
191,747
|
|
|
197,388
|
|
|
(1.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
133,375
|
|
|
103,966
|
|
|
152,675
|
|
|
117,791
|
|
|
105,704
|
|
|
26.2
|
|
|
Income tax expense
|
|
|
|
30,209
|
|
|
74,361
|
|
|
54,668
|
|
|
41,788
|
|
|
33,847
|
|
|
(10.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
103,166
|
|
|
29,605
|
|
|
98,007
|
|
|
76,003
|
|
|
71,857
|
|
|
43.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on preferred stock
|
|
|
|
2,559
|
|
|
2,559
|
|
|
2,559
|
|
|
2,559
|
|
|
2,559
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders
|
|
|
$
|
100,607
|
|
|
27,046
|
|
|
95,448
|
|
|
73,444
|
|
|
69,298
|
|
|
45.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share, basic
|
|
|
$
|
0.85
|
|
|
0.23
|
|
|
0.79
|
|
|
0.60
|
|
|
0.57
|
|
|
49.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share, diluted
|
|
|
|
0.84
|
|
|
0.23
|
|
|
0.78
|
|
|
0.60
|
|
|
0.56
|
|
|
49.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share
|
|
|
|
0.25
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
0.15
|
|
|
66.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets *
|
|
|
|
1.34
|
%
|
|
0.37
|
|
|
1.27
|
|
|
1.00
|
|
|
0.96
|
|
|
38
|
bps
|
|
Return on average common equity *
|
|
|
|
14.62
|
|
|
3.76
|
|
|
13.24
|
|
|
10.34
|
|
|
9.97
|
|
|
465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, basic
|
|
|
|
118,666
|
|
|
119,282
|
|
|
120,900
|
|
|
122,203
|
|
|
122,300
|
|
|
(3.0
|
)%
|
|
Weighted average common shares outstanding, diluted
|
|
|
|
119,321
|
|
|
120,182
|
|
|
121,814
|
|
|
123,027
|
|
|
123,059
|
|
|
(3.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nm - not meaningful
|
bps - basis points
|
* - ratios are annualized
|
|
(1) Beginning January 1, 2018, Synovus began including
merchant fees and other card-related fees in Card fees. For
periods prior to January 1, 2018, these amounts were previously
presented in Other non-interest income and have been reclassified
for comparability.
|
|
|
|
Synovus
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
$
|
348,027
|
|
|
397,848
|
|
|
380,493
|
|
|
Interest bearing funds with Federal Reserve Bank
|
|
|
|
636,947
|
|
|
460,928
|
|
|
622,460
|
|
|
Interest earning deposits with banks
|
|
|
|
16,851
|
|
|
26,311
|
|
|
24,259
|
|
|
Federal funds sold and securities purchased under resale agreements
|
|
|
|
57,192
|
|
|
47,846
|
|
|
50,003
|
|
|
Cash and cash equivalents (1)
|
|
|
|
1,059,017
|
|
|
932,933
|
|
|
1,077,215
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans held for sale, at fair value
|
|
|
|
50,439
|
|
|
48,024
|
|
|
57,686
|
|
|
Investment securities available for sale, at fair value
|
|
|
|
3,990,978
|
|
|
3,987,069
|
|
|
3,782,942
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of deferred fees and costs
|
|
|
|
24,883,037
|
|
|
24,787,464
|
|
|
24,258,468
|
|
|
Allowance for loan losses
|
|
|
|
(257,764
|
)
|
|
(249,268
|
)
|
|
(253,514
|
)
|
|
Loans, net
|
|
|
|
24,625,273
|
|
|
24,538,196
|
|
|
24,004,954
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash surrender value of bank-owned life insurance
|
|
|
|
543,684
|
|
|
540,958
|
|
|
455,474
|
|
|
Premises and equipment, net
|
|
|
|
424,342
|
|
|
426,813
|
|
|
412,725
|
|
|
Goodwill
|
|
|
|
57,315
|
|
|
57,315
|
|
|
57,010
|
|
|
Other intangible assets
|
|
|
|
10,750
|
|
|
11,254
|
|
|
12,137
|
|
|
Deferred tax asset, net
|
|
|
|
179,343
|
|
|
165,788
|
|
|
359,121
|
|
|
Other assets
|
|
|
|
559,887
|
|
|
513,487
|
|
|
460,325
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
31,501,028
|
|
|
31,221,837
|
|
|
30,679,589
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
|
|
$
|
7,381,070
|
|
|
7,686,339
|
|
|
7,264,856
|
|
|
Interest bearing deposits, excluding brokered deposits
|
|
|
|
16,865,859
|
|
|
16,500,436
|
|
|
16,452,703
|
|
|
Brokered deposits
|
|
|
|
2,006,578
|
|
|
1,961,125
|
|
|
1,388,153
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
|
|
26,253,507
|
|
|
26,147,900
|
|
|
25,105,712
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities sold under repurchase
agreements
|
|
|
|
185,531
|
|
|
161,190
|
|
|
146,480
|
|
|
Long-term debt
|
|
|
|
1,856,392
|
|
|
1,706,138
|
|
|
2,160,867
|
|
|
Other liabilities
|
|
|
|
249,103
|
|
|
245,043
|
|
|
304,403
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
28,544,533
|
|
|
28,260,271
|
|
|
27,717,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
Series C Preferred Stock - no par value, 5,200,000 shares
outstanding at March 31, 2018, December 31, 2017, and March 31, 2017
|
|
|
|
125,980
|
|
|
125,980
|
|
|
125,980
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock - $1.00 par value. 118,702,497 shares outstanding at
March 31, 2018, 118,897,295 shares outstanding at December 31, 2017,
and 122,321,804 shares outstanding at March 31, 2017
|
|
|
|
143,017
|
|
|
142,678
|
|
|
142,441
|
|
|
Additional paid-in capital
|
|
|
|
3,039,757
|
|
|
3,043,129
|
|
|
3,025,775
|
|
|
Treasury stock, at cost - 24,314,804 shares at March 31, 2018,
23,780,154 shares at December 31, 2017, and 20,119,614 shares at
March 31, 2017
|
|
|
|
(866,407
|
)
|
|
(839,674
|
)
|
|
(679,746
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(107,952
|
)
|
|
(54,754
|
)
|
|
(54,751
|
)
|
|
Retained earnings
|
|
|
|
622,100
|
|
|
544,207
|
|
|
402,428
|
|
|
Total shareholders' equity
|
|
|
|
2,956,495
|
|
|
2,961,566
|
|
|
2,962,127
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
$
|
31,501,028
|
|
|
31,221,837
|
|
|
30,679,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) In connection with the adoption of ASU 2016-18, Statement
of Cash Flows-Restricted Cash, Synovus changed its
presentation of cash and cash equivalents to include cash and due
from banks as well as interest bearing funds with the Federal
Reserve Bank, interest earning deposits with banks, and federal
funds sold and securities purchased under resale agreements, which
are inclusive of any restricted cash.
|
|
|
|
Synovus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES AND YIELDS/RATES (1)
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Interest Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities (2)
|
|
|
$
|
4,097,162
|
|
|
3,937,278
|
|
|
3,786,436
|
|
|
3,844,688
|
|
|
3,841,556
|
|
|
|
Yield
|
|
|
|
2.34
|
%
|
|
2.29
|
|
|
2.11
|
|
|
2.11
|
|
|
2.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt investment securities (2) (4)
|
|
|
$
|
140
|
|
|
180
|
|
|
259
|
|
|
340
|
|
|
2,730
|
|
|
|
Yield (taxable equivalent)
|
|
|
|
6.57
|
%
|
|
7.97
|
|
|
7.86
|
|
|
6.87
|
|
|
5.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading account assets (5)
|
|
|
$
|
8,167
|
|
|
7,360
|
|
|
7,823
|
|
|
3,667
|
|
|
6,443
|
|
|
|
Yield
|
|
|
|
2.66
|
%
|
|
2.78
|
|
|
2.09
|
|
|
2.28
|
|
|
1.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans (3) (4)
|
|
|
$
|
18,963,515
|
|
|
18,935,774
|
|
|
19,059,936
|
|
|
19,137,733
|
|
|
19,043,384
|
|
|
|
Yield
|
|
|
|
4.64
|
%
|
|
4.49
|
|
|
4.41
|
|
|
4.27
|
|
|
4.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer loans (3)
|
|
|
$
|
5,899,015
|
|
|
5,704,629
|
|
|
5,440,765
|
|
|
5,215,258
|
|
|
4,992,683
|
|
|
|
Yield
|
|
|
|
4.71
|
%
|
|
4.54
|
|
|
4.55
|
|
|
4.49
|
|
|
4.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
|
$
|
(251,635
|
)
|
|
(252,319
|
)
|
|
(249,248
|
)
|
|
(251,219
|
)
|
|
(253,927
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net (3)
|
|
|
$
|
24,610,895
|
|
|
24,388,084
|
|
|
24,251,453
|
|
|
24,101,772
|
|
|
23,782,140
|
|
|
|
Yield
|
|
|
|
4.70
|
%
|
|
4.55
|
|
|
4.49
|
|
|
4.36
|
|
|
4.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans held for sale
|
|
|
$
|
38,360
|
|
|
45,353
|
|
|
52,177
|
|
|
52,224
|
|
|
46,554
|
|
|
|
Yield
|
|
|
|
3.95
|
%
|
|
3.96
|
|
|
3.88
|
|
|
3.87
|
|
|
4.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold, due from Federal Reserve Bank, and other
short-term investments
|
|
|
$
|
516,575
|
|
|
922,296
|
|
|
543,556
|
|
|
561,503
|
|
|
654,322
|
|
|
|
Yield
|
|
|
|
1.48
|
%
|
|
1.31
|
|
|
1.23
|
|
|
1.00
|
|
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank and Federal Reserve Bank stock (5)
|
|
|
$
|
177,381
|
|
|
159,455
|
|
|
175,263
|
|
|
177,323
|
|
|
170,844
|
|
|
|
Yield
|
|
|
|
3.39
|
%
|
|
4.03
|
|
|
3.50
|
|
|
2.99
|
|
|
3.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest earning assets
|
|
|
$
|
29,448,680
|
|
|
29,460,006
|
|
|
28,816,967
|
|
|
28,741,517
|
|
|
28,504,589
|
|
|
|
Yield
|
|
|
|
4.31
|
%
|
|
4.15
|
|
|
4.11
|
|
|
3.99
|
|
|
3.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand deposits
|
|
|
$
|
5,032,000
|
|
|
4,976,239
|
|
|
4,868,372
|
|
|
4,837,053
|
|
|
4,784,329
|
|
|
|
Rate
|
|
|
|
0.31
|
%
|
|
0.28
|
|
|
0.27
|
|
|
0.23
|
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market accounts
|
|
|
$
|
7,561,554
|
|
|
7,514,992
|
|
|
7,528,036
|
|
|
7,427,562
|
|
|
7,424,627
|
|
|
|
Rate
|
|
|
|
0.43
|
%
|
|
0.36
|
|
|
0.34
|
|
|
0.32
|
|
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits
|
|
|
$
|
811,587
|
|
|
804,853
|
|
|
803,184
|
|
|
805,019
|
|
|
909,660
|
|
|
|
Rate
|
|
|
|
0.03
|
%
|
|
0.03
|
|
|
0.03
|
|
|
0.04
|
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits under $100,000
|
|
|
$
|
1,143,780
|
|
|
1,166,413
|
|
|
1,183,582
|
|
|
1,202,746
|
|
|
1,215,593
|
|
|
|
Rate
|
|
|
|
0.71
|
%
|
|
0.70
|
|
|
0.68
|
|
|
0.67
|
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits over $100,000
|
|
|
$
|
1,895,545
|
|
|
2,004,031
|
|
|
2,067,347
|
|
|
2,040,924
|
|
|
2,029,713
|
|
|
|
Rate
|
|
|
|
1.02
|
%
|
|
0.99
|
|
|
0.97
|
|
|
0.94
|
|
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-maturing brokered deposits
|
|
|
$
|
424,118
|
|
|
546,413
|
|
|
547,466
|
|
|
564,043
|
|
|
619,627
|
|
|
|
Rate
|
|
|
|
1.14
|
%
|
|
0.81
|
|
|
0.73
|
|
|
0.54
|
|
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokered time deposits
|
|
|
$
|
1,527,793
|
|
|
1,651,920
|
|
|
983,423
|
|
|
815,515
|
|
|
761,159
|
|
|
|
Rate
|
|
|
|
1.75
|
%
|
|
1.63
|
|
|
1.16
|
|
|
0.94
|
|
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing deposits
|
|
|
$
|
18,396,377
|
|
|
18,664,861
|
|
|
17,981,410
|
|
|
17,692,862
|
|
|
17,744,708
|
|
|
|
Rate
|
|
|
|
0.58
|
%
|
|
0.54
|
|
|
0.46
|
|
|
0.41
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities sold under repurchase
agreements
|
|
|
$
|
202,226
|
|
|
184,369
|
|
|
191,585
|
|
|
183,400
|
|
|
176,854
|
|
|
|
Rate
|
|
|
|
0.21
|
%
|
|
0.15
|
|
|
0.08
|
|
|
0.10
|
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
$
|
2,127,994
|
|
|
1,713,982
|
|
|
1,985,175
|
|
|
2,270,452
|
|
|
2,184,072
|
|
|
|
Rate
|
|
|
|
2.32
|
%
|
|
2.67
|
|
|
2.81
|
|
|
2.83
|
|
|
2.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing liabilities
|
|
|
$
|
20,726,597
|
|
|
20,563,212
|
|
|
20,158,170
|
|
|
20,146,714
|
|
|
20,105,634
|
|
|
|
Rate
|
|
|
|
0.76
|
%
|
|
0.72
|
|
|
0.69
|
|
|
0.68
|
|
|
0.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposits
|
|
|
$
|
7,391,695
|
|
|
7,621,147
|
|
|
7,305,508
|
|
|
7,298,845
|
|
|
7,174,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective cost of funds
|
|
|
|
0.53
|
%
|
|
0.50
|
|
|
0.48
|
|
|
0.48
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
3.78
|
%
|
|
3.65
|
|
|
3.63
|
|
|
3.51
|
|
|
3.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent adjustment
|
|
|
$
|
116
|
|
|
234
|
|
|
283
|
|
|
298
|
|
|
309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Yields and rates are annualized.
|
|
(2) Excludes net unrealized gains and losses.
|
|
(3) Average loans are shown net of unearned income.
Non-performing loans are included.
|
|
(4) Reflects taxable-equivalent adjustments, using the
statutory federal income tax rate (21% in 2018 and 35% in 2017),
in adjusting interest on tax-exempt loans and investment
securities to a taxable-equivalent basis.
|
|
(5) Included as a component of Other Assets on the
consolidated balance sheet
|
|
|
|
|
|
|
Synovus
|
|
|
|
|
LOANS OUTSTANDING BY TYPE
|
|
|
(Unaudited)
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
Total Loans
|
|
|
Total Loans
|
|
|
1Q18 vs. 4Q17
|
|
|
|
Total Loans
|
|
|
1Q18 vs. 1Q17
|
|
Loan Type
|
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
|
% change (1)
|
|
|
|
March 31, 2017
|
|
|
% change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, Financial, and Agricultural
|
|
|
$
|
7,191,531
|
|
|
|
7,179,487
|
|
|
|
0.7
|
%
|
|
|
$
|
7,049,193
|
|
|
|
2.0
|
%
|
|
Owner-Occupied
|
|
|
|
4,910,386
|
|
|
|
4,844,163
|
|
|
|
5.5
|
|
|
|
|
4,683,508
|
|
|
|
4.8
|
|
|
Total Commercial & Industrial
|
|
|
|
12,101,917
|
|
|
|
12,023,650
|
|
|
|
2.6
|
|
|
|
|
11,732,701
|
|
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Family
|
|
|
|
1,479,573
|
|
|
|
1,492,159
|
|
|
|
(3.4
|
)
|
|
|
|
1,638,250
|
|
|
|
(9.7
|
)
|
|
Hotels
|
|
|
|
751,232
|
|
|
|
741,703
|
|
|
|
5.2
|
|
|
|
|
794,685
|
|
|
|
(5.5
|
)
|
|
Office Buildings
|
|
|
|
1,464,473
|
|
|
|
1,499,834
|
|
|
|
(9.6
|
)
|
|
|
|
1,552,817
|
|
|
|
(5.7
|
)
|
|
Shopping Centers
|
|
|
|
782,580
|
|
|
|
791,311
|
|
|
|
(4.5
|
)
|
|
|
|
902,954
|
|
|
|
(13.3
|
)
|
|
Warehouses
|
|
|
|
583,645
|
|
|
|
581,410
|
|
|
|
1.6
|
|
|
|
|
533,262
|
|
|
|
9.4
|
|
|
Other Investment Property
|
|
|
|
557,547
|
|
|
|
563,648
|
|
|
|
(4.4
|
)
|
|
|
|
594,084
|
|
|
|
(6.2
|
)
|
|
Total Investment Properties
|
|
|
|
5,619,050
|
|
|
|
5,670,065
|
|
|
|
(3.6
|
)
|
|
|
|
6,016,052
|
|
|
|
(6.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 Family Construction
|
|
|
|
188,939
|
|
|
|
198,200
|
|
|
|
(18.9
|
)
|
|
|
|
203,151
|
|
|
|
(7.0
|
)
|
|
1-4 Family Investment Mortgage
|
|
|
|
569,965
|
|
|
|
583,419
|
|
|
|
(9.4
|
)
|
|
|
|
659,346
|
|
|
|
(13.6
|
)
|
|
Total 1-4 Family Properties
|
|
|
|
758,904
|
|
|
|
781,619
|
|
|
|
(11.8
|
)
|
|
|
|
862,497
|
|
|
|
(12.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Development
|
|
|
|
65,371
|
|
|
|
70,062
|
|
|
|
(27.2
|
)
|
|
|
|
65,376
|
|
|
|
(0.0
|
)
|
|
Residential Development
|
|
|
|
104,137
|
|
|
|
114,079
|
|
|
|
(35.3
|
)
|
|
|
|
130,653
|
|
|
|
(20.3
|
)
|
|
Land Acquisition
|
|
|
|
288,265
|
|
|
|
299,463
|
|
|
|
(15.2
|
)
|
|
|
|
392,710
|
|
|
|
(26.6
|
)
|
|
Land and Development
|
|
|
|
457,773
|
|
|
|
483,604
|
|
|
|
(21.7
|
)
|
|
|
|
588,739
|
|
|
|
(22.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Real Estate
|
|
|
|
6,835,727
|
|
|
|
6,935,288
|
|
|
|
(5.8
|
)
|
|
|
|
7,467,288
|
|
|
|
(8.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Mortgages
|
|
|
|
2,663,371
|
|
|
|
2,633,503
|
|
|
|
4.6
|
|
|
|
|
2,350,730
|
|
|
|
13.3
|
|
|
Home Equity Lines
|
|
|
|
1,472,471
|
|
|
|
1,514,227
|
|
|
|
(11.2
|
)
|
|
|
|
1,587,102
|
|
|
|
(7.2
|
)
|
|
Credit Cards
|
|
|
|
226,713
|
|
|
|
232,676
|
|
|
|
(10.4
|
)
|
|
|
|
224,349
|
|
|
|
1.1
|
|
|
Other Consumer Loans
|
|
|
|
1,606,799
|
|
|
|
1,473,451
|
|
|
|
36.7
|
|
|
|
|
922,018
|
|
|
|
74.3
|
|
|
Total Consumer
|
|
|
|
5,969,354
|
|
|
|
5,853,857
|
|
|
|
8.0
|
|
|
|
|
5,084,199
|
|
|
|
17.4
|
|
|
Unearned Income
|
|
|
|
(23,961
|
)
|
|
|
(25,331
|
)
|
|
|
(21.9
|
)
|
|
|
|
(25,720
|
)
|
|
|
(6.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
24,883,037
|
|
|
|
24,787,464
|
|
|
|
1.6
|
%
|
|
|
$
|
24,258,468
|
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Percentage change is annualized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS COMPOSITION
|
|
|
(Unaudited)
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
Total
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
Non-performing
|
|
|
Non-performing
|
|
|
1Q18 vs. 4Q17
|
|
|
|
Non-performing
|
|
|
1Q18 vs. 1Q17
|
|
Loan Type
|
|
|
|
Loans
|
|
|
Loans
|
|
|
% change
|
|
|
|
Loans
|
|
|
% change
|
|
|
|
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
|
|
|
|
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, Financial, and Agricultural
|
|
|
$
|
81,606
|
|
|
|
70,130
|
|
|
|
16.4
|
%
|
|
|
$
|
60,381
|
|
|
|
35.2
|
%
|
|
Owner-Occupied
|
|
|
|
4,067
|
|
|
|
6,654
|
|
|
|
(38.9
|
)
|
|
|
|
26,564
|
|
|
|
(84.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial & Industrial
|
|
|
|
85,673
|
|
|
|
76,784
|
|
|
|
11.6
|
|
|
|
|
86,945
|
|
|
|
(1.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Family
|
|
|
|
1,028
|
|
|
|
1,241
|
|
|
|
(17.2
|
)
|
|
|
|
1,556
|
|
|
|
(33.9
|
)
|
|
Hotels
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
323
|
|
|
|
nm
|
|
|
Office Buildings
|
|
|
|
1,272
|
|
|
|
1,532
|
|
|
|
(17.0
|
)
|
|
|
|
185
|
|
|
|
nm
|
|
|
Shopping Centers
|
|
|
|
89
|
|
|
|
165
|
|
|
|
(46.1
|
)
|
|
|
|
-
|
|
|
|
nm
|
|
|
Warehouses
|
|
|
|
-
|
|
|
|
226
|
|
|
|
(100.0
|
)
|
|
|
|
226
|
|
|
|
(100.0
|
)
|
|
Other Investment Property
|
|
|
|
540
|
|
|
|
640
|
|
|
|
(15.6
|
)
|
|
|
|
750
|
|
|
|
(28.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Properties
|
|
|
|
2,929
|
|
|
|
3,804
|
|
|
|
(23.0
|
)
|
|
|
|
3,040
|
|
|
|
(3.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 Family Construction
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
306
|
|
|
|
nm
|
|
|
1-4 Family Investment Mortgage
|
|
|
|
2,634
|
|
|
|
2,849
|
|
|
|
(7.5
|
)
|
|
|
|
8,497
|
|
|
|
(69.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 1-4 Family Properties
|
|
|
|
2,634
|
|
|
|
2,849
|
|
|
|
(7.5
|
)
|
|
|
|
8,803
|
|
|
|
(70.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Development
|
|
|
|
44
|
|
|
|
45
|
|
|
|
(2.2
|
)
|
|
|
|
205
|
|
|
|
(78.5
|
)
|
|
Residential Development
|
|
|
|
3,220
|
|
|
|
3,257
|
|
|
|
(1.1
|
)
|
|
|
|
9,033
|
|
|
|
(64.4
|
)
|
|
Land Acquisition
|
|
|
|
1,311
|
|
|
|
2,495
|
|
|
|
(47.5
|
)
|
|
|
|
5,114
|
|
|
|
(74.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land and Development
|
|
|
|
4,575
|
|
|
|
5,797
|
|
|
|
(21.1
|
)
|
|
|
|
14,352
|
|
|
|
(68.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Real Estate
|
|
|
|
10,138
|
|
|
|
12,450
|
|
|
|
(18.6
|
)
|
|
|
|
26,195
|
|
|
|
(61.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Mortgages
|
|
|
|
7,708
|
|
|
|
7,203
|
|
|
|
7.0
|
|
|
|
|
19,874
|
|
|
|
(61.2
|
)
|
|
Home Equity Lines
|
|
|
|
14,868
|
|
|
|
17,455
|
|
|
|
(14.8
|
)
|
|
|
|
22,918
|
|
|
|
(35.1
|
)
|
|
Other Consumer Loans
|
|
|
|
1,694
|
|
|
|
1,669
|
|
|
|
1.5
|
|
|
|
|
2,434
|
|
|
|
(30.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer
|
|
|
|
24,270
|
|
|
|
26,327
|
|
|
|
(7.8
|
)
|
|
|
|
45,226
|
|
|
|
(46.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
120,081
|
|
|
|
115,561
|
|
|
|
3.9
|
%
|
|
|
$
|
158,366
|
|
|
|
(24.2
|
)%
|
|
|
|
Synovus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY DATA
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
1st Quarter
|
|
|
|
|
|
First
|
|
|
Fourth
|
|
|
Third
|
|
|
Second
|
|
|
First
|
|
|
'18 vs. '17
|
|
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing Loans
|
|
|
$
|
120,081
|
|
|
|
115,561
|
|
|
97,838
|
|
|
159,317
|
|
|
158,366
|
|
|
(24.2
|
)%
|
|
Impaired Loans Held for Sale (1)
|
|
|
|
6,591
|
|
|
|
11,278
|
|
|
30,197
|
|
|
127
|
|
|
8,442
|
|
|
(21.9
|
)
|
|
Other Real Estate
|
|
|
|
4,496
|
|
|
|
3,758
|
|
|
10,551
|
|
|
19,476
|
|
|
20,425
|
|
|
(78.0
|
)
|
|
Non-performing Assets
|
|
|
|
131,168
|
|
|
|
130,597
|
|
|
138,586
|
|
|
178,920
|
|
|
187,233
|
|
|
(29.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses
|
|
|
|
257,764
|
|
|
|
249,268
|
|
|
249,683
|
|
|
248,095
|
|
|
253,514
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs - Quarter
|
|
|
|
4,280
|
|
|
|
8,979
|
|
|
38,099
|
|
|
15,678
|
|
|
6,919
|
|
|
|
|
Net Charge-Offs / Average Loans - Quarter (2)
|
|
|
|
0.07
|
%
|
|
|
0.15
|
|
|
0.62
|
|
|
0.26
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing Loans / Loans
|
|
|
|
0.48
|
|
|
|
0.47
|
|
|
0.40
|
|
|
0.65
|
|
|
0.65
|
|
|
|
|
Non-performing Assets / Loans, Impaired Loans Held for Sale, & ORE
|
|
|
|
0.53
|
|
|
|
0.53
|
|
|
0.57
|
|
|
0.73
|
|
|
0.77
|
|
|
|
|
Allowance / Loans
|
|
|
|
1.04
|
|
|
|
1.01
|
|
|
1.02
|
|
|
1.02
|
|
|
1.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance / Non-performing Loans
|
|
|
|
214.66
|
|
|
|
215.70
|
|
|
255.20
|
|
|
155.72
|
|
|
160.08
|
|
|
|
|
Allowance / Non-performing Loans (3)
|
|
|
|
241.49
|
|
|
|
238.44
|
|
|
336.35
|
|
|
217.07
|
|
|
204.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past Due Loans over 90 days and Still Accruing
|
|
|
$
|
5,416
|
|
|
|
4,414
|
|
|
5,685
|
|
|
4,550
|
|
|
2,777
|
|
|
95.0
|
|
|
As a Percentage of Loans Outstanding
|
|
|
|
0.02
|
%
|
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Past Due Loans and Still Accruing
|
|
|
$
|
54,150
|
|
|
|
52,032
|
|
|
84,853
|
|
|
66,788
|
|
|
62,137
|
|
|
(12.9
|
)
|
|
As a Percentage of Loans Outstanding
|
|
|
|
0.22
|
%
|
|
|
0.21
|
|
|
0.35
|
|
|
0.27
|
|
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing Troubled Debt Restructurings (TDRs)
|
|
|
$
|
129,394
|
|
|
|
151,271
|
|
|
166,918
|
|
|
167,395
|
|
|
172,421
|
|
|
(25.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represent impaired loans that have been specifically
identified to be sold. Impaired loans held for sale are carried at
the lower of cost or fair value, less costs to sell, based
primarily on estimated sales proceeds net of selling costs.
|
|
(2) Ratio is annualized.
|
|
(3) Excludes non-performing loans for which the expected loss has
been charged off.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CAPITAL INFORMATION (1)
|
|
(Unaudited)
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2018
|
|
|
December 31,
2017
|
|
|
March 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Capital
|
|
|
$
|
2,924,284
|
|
|
|
2,872,001
|
|
|
2,758,794
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based Capital
|
|
|
|
3,443,096
|
|
|
|
3,383,081
|
|
|
3,274,612
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Ratio (transitional)
|
|
|
|
10.11
|
%
|
|
|
9.99
|
|
|
9.86
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Ratio (fully phased-in) (5)
|
|
|
|
10.01
|
|
|
|
9.88
|
|
|
9.63
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Capital Ratio
|
|
|
|
10.51
|
|
|
|
10.38
|
|
|
10.18
|
|
|
|
|
|
|
|
|
|
|
Total Risk-Based Capital Ratio
|
|
|
|
12.37
|
|
|
|
12.23
|
|
|
12.08
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio
|
|
|
|
9.37
|
|
|
|
9.19
|
|
|
9.13
|
|
|
|
|
|
|
|
|
|
|
Common Equity as a Percentage of Total Assets (2)
|
|
|
|
8.99
|
|
|
|
9.08
|
|
|
9.24
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity as a Percentage of Tangible Assets (3)
(5)
|
|
|
|
8.79
|
|
|
|
8.88
|
|
|
9.04
|
|
|
|
|
|
|
|
|
|
|
Book Value Per Common Share (4)
|
|
|
$
|
23.85
|
|
|
|
23.85
|
|
|
23.19
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value Per Common Share (3)
|
|
|
|
23.27
|
|
|
|
23.27
|
|
|
22.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Current quarter regulatory capital information is preliminary.
|
|
(2) Common equity consists of Total Shareholders' Equity less
Preferred Stock.
|
|
(3) Excludes the carrying value of goodwill and other intangible
assets from common equity and total assets.
|
|
(4) Book Value Per Common Share consists of Total Shareholders'
Equity less Preferred Stock divided by total common shares
outstanding.
|
|
(5) See "Non-GAAP Financial Measures" of this report for applicable
reconciliation of GAAP measures.
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180424005381/en/
[ Back To TMCnet.com's Homepage ]
|