EX-99.2 3 financialtables1q23.htm EX-99.2 Document
Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
Quarter Ended
Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		June 30,
2022		Mar 31,
2022		1Q'23 vs. 1Q'22
EARNINGS
Net interest income$4,051 $4,106 $3,928 $3,802 $3,789 $262 6.9 %
Retailer share arrangements(917)(1,043)(1,057)(1,127)(1,104)187 (16.9)%
Provision for credit losses1,290 1,201 929 724 521 769 147.6 %
Net interest income, after retailer share arrangements and provision for credit losses1,844 1,862 1,942 1,951 2,164 (320)(14.8)%
Other income65 30 44 198 108 (43)(39.8)%
Other expense1,119 1,151 1,064 1,083 1,039 80 7.7 %
Earnings before provision for income taxes790 741 922 1,066 1,233 (443)(35.9)%
Provision for income taxes189 164 219 262 301 (112)(37.2)%
Net earnings$601 $577 $703 $804 $932 $(331)(35.5)%
Net earnings available to common stockholders$590 $567 $692 $793 $922 $(332)(36.0)%
COMMON SHARE STATISTICS
Basic EPS $1.36 $1.27 $1.48 $1.61 $1.79 $(0.43)(24.0)%
Diluted EPS $1.35 $1.26 $1.47 $1.60 $1.77 $(0.42)(23.7)%
Dividend declared per share$0.23 $0.23 $0.23 $0.22 $0.22 $0.01 4.5 %
Common stock price$29.08 $32.86 $28.19 $27.62 $34.82 $(5.74)(16.5)%
Book value per share $29.08 $27.70 $26.76 $25.95 $25.06 $4.02 16.0 %
Tangible common equity per share(1)
$23.48 $22.24 $22.10 $21.39 $20.60 $2.88 14.0 %
Beginning common shares outstanding438.2 458.9 487.8 506.2 526.8 (88.6)(16.8)%
Issuance of common shares— — — — — — — %
Stock-based compensation1.5 0.1 0.4 0.2 1.4 0.1 7.1 %
Shares repurchased(11.3)(20.8)(29.3)(18.6)(22.0)10.7 (48.6)%
Ending common shares outstanding428.4 438.2 458.9 487.8 506.2 (77.8)(15.4)%
Weighted average common shares outstanding 434.4 445.8 468.5 493.0 515.3 (80.9)(15.7)%
Weighted average common shares outstanding (fully diluted) 437.2 448.9 470.7 495.3 519.5 (82.3)(15.8)%
(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
1

SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions)
Quarter Ended
Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		June 30,
2022		Mar 31,
2022		1Q'23 vs. 1Q'22
PERFORMANCE METRICS
Return on assets(1)
2.3 %2.2 %2.8 %3.4 %4.0 %(1.7)%
Return on equity(2)
18.2 %17.5 %21.1 %24.0 %27.5 %(9.3)%
Return on tangible common equity(3)
23.2 %22.1 %26.6 %30.3 %34.9 %(11.7)%
Net interest margin(4)
15.22 %15.58 %15.52 %15.60 %15.80 %(0.58)%
Efficiency ratio(5)
35.0 %37.2 %36.5 %37.7 %37.2 %(2.2)%
Other expense as a % of average loan receivables, including held for sale5.00 %5.16 %5.02 %5.21 %5.09 %(0.09)%
Effective income tax rate23.9 %22.1 %23.8 %24.6 %24.4 %(0.5)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale4.49 %3.48 %3.00 %2.73 %2.73 %1.76 %
30+ days past due as a % of period-end loan receivables(6)
3.81 %3.65 %3.28 %2.74 %2.78 %1.03 %
90+ days past due as a % of period-end loan receivables(6)
1.87 %1.69 %1.43 %1.22 %1.30 %0.57 %
Net charge-offs$1,006 $776 $635 $567 $558 $448 80.3 %
Loan receivables delinquent over 30 days(6)
$3,474 $3,377 $2,818 $2,262 $2,194 $1,280 58.3 %
Loan receivables delinquent over 90 days(6)
$1,705 $1,562 $1,232 $1,005 $1,026 $679 66.2 %
Allowance for credit losses (period-end)$9,517 $9,527 $9,102 $8,808 $8,651 $866 10.0 %
Allowance coverage ratio(7)
10.44 %10.30 %10.58 %10.65 %10.96 %(0.52)%
BUSINESS METRICS
Purchase volume(8)(9)
$41,557 $47,923 $44,557 $47,217 $40,490 $1,067 2.6 %
Period-end loan receivables$91,129 $92,470 $86,012 $82,674 $78,916 $12,213 15.5 %
Credit cards$86,113 $87,630 $81,254 $78,062 $74,596 $11,517 15.4 %
Consumer installment loans$3,204 $3,056 $2,945 $2,847 $2,719 $485 17.8 %
Commercial credit products$1,690 $1,682 $1,723 $1,689 $1,530 $160 10.5 %
Other$122 $102 $90 $76 $71 $51 71.8 %
Average loan receivables, including held for sale$90,815 $88,436 $84,038 $83,412 $82,747 $8,068 9.8 %
Period-end active accounts (in thousands)(9)(10)
68,589 70,763 66,503 65,969 69,122 (533)(0.8)%
Average active accounts (in thousands)(9)(10)
69,494 68,373 66,266 68,671 70,127 (633)(0.9)%
LIQUIDITY
Liquid assets
Cash and equivalents$15,303 $10,294 $11,962 $10,682 $10,541 $4,762 45.2 %
Total liquid assets$18,778 $14,201 $16,566 $15,177 $14,687 $4,091 27.9 %
Undrawn credit facilities
Undrawn credit facilities$2,950 $2,950 $3,700 $3,700 $3,100 $(150)(4.8)%
Total liquid assets and undrawn credit facilities$21,728 $17,151 $20,266 $18,877 $17,787 $3,941 22.2 %
Liquid assets % of total assets17.41 %13.58 %16.44 %15.94 %15.42 %1.99 %
Liquid assets including undrawn credit facilities % of total assets20.15 %16.40 %20.11 %19.83 %18.67 %1.48 %
(1) Return on assets represents net earnings as a percentage of average total assets.
(2) Return on equity represents net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents net earnings available to common stockholders as a percentage of average tangible common equity. Tangible common equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Net interest margin represents net interest income divided by average interest-earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements.
(6) Based on customer statement-end balances extrapolated to the respective period-end date.
(7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.
(8) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(9) Includes activity and accounts associated with loan receivables held for sale.
(10) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
2

SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
Quarter Ended
Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		June 30,
2022		Mar 31,
2022		1Q'23 vs. 1Q'22
Interest income:
Interest and fees on loans$4,616 $4,576 $4,258 $4,039 $4,008 $608 15.2 %
Interest on cash and debt securities170 132 84 35 14 156 NM
Total interest income4,786 4,708 4,342 4,074 4,022 764 19.0 %
Interest expense:
Interest on deposits557 441 280 160 127 430 NM
Interest on borrowings of consolidated securitization entities77 69 54 40 33 44 133.3 %
Interest on senior unsecured notes101 92 80 72 73 28 38.4 %
Total interest expense735 602 414 272 233 502 215.5 %
Net interest income4,051 4,106 3,928 3,802 3,789 262 6.9 %
Retailer share arrangements(917)(1,043)(1,057)(1,127)(1,104)187 (16.9)%
Provision for credit losses1,290 1,201 929 724 521 769 147.6 %
Net interest income, after retailer share arrangements and provision for credit losses1,844 1,862 1,942 1,951 2,164 (320)(14.8)%
Other income:
Interchange revenue232 251 238 263 230 2 0.9 %
Debt cancellation fees115 102 103 93 89 26 29.2 %
Loyalty programs(298)(351)(326)(322)(258)(40)15.5 %
Other16 28 29 164 47 (31)(66.0)%
Total other income65 30 44 198 108 (43)(39.8)%
Other expense:
Employee costs451 459 416 404 402 49 12.2 %
Professional fees186 233 204 185 210 (24)(11.4)%
Marketing and business development131 121 115 135 116 15 12.9 %
Information processing166 165 150 163 145 21 14.5 %
Other185 173 179 196 166 19 11.4 %
Total other expense1,119 1,151 1,064 1,083 1,039 80 7.7 %
Earnings before provision for income taxes790 741 922 1,066 1,233 (443)(35.9)%
Provision for income taxes189 164 219 262 301 (112)(37.2)%
Net earnings$601 $577 $703 $804 $932 $(331)(35.5)%
Net earnings available to common stockholders$590 $567 $692 $793 $922 $(332)(36.0)%

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
Quarter Ended
Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		June 30,
2022		Mar 31,
2022		Mar 31, 2023 vs. Mar 31, 2022
Assets
Cash and equivalents$15,303 $10,294 $11,962 $10,682 $10,541 $4,762 45.2 %
Debt securities4,008 4,879 5,082 5,012 4,677 (669)(14.3)%
Loan receivables:
Unsecuritized loans held for investment72,079 72,638 67,651 63,350 59,643 12,436 20.9 %
Restricted loans of consolidated securitization entities19,050 19,832 18,361 19,324 19,273 (223)(1.2)%
Total loan receivables91,129 92,470 86,012 82,674 78,916 12,213 15.5 %
Less: Allowance for credit losses(9,517)(9,527)(9,102)(8,808)(8,651)(866)10.0 %
Loan receivables, net81,612 82,943 76,910 73,866 70,265 11,347 16.1 %
Loan receivables held for sale— — — — 4,046 (4,046)(100.0)%
Goodwill1,105 1,105 1,105 1,105 1,105 — — %
Intangible assets, net1,297 1,287 1,033 1,118 1,149 148 12.9 %
Other assets4,528 4,056 4,674 3,417 3,484 1,044 30.0 %
Total assets$107,853 $104,564 $100,766 $95,200 $95,267 $12,586 13.2 %
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts$74,008 $71,336 $68,032 $64,328 $63,180 $10,828 17.1 %
Non-interest-bearing deposit accounts417 399 372 381 395 22 5.6 %
Total deposits74,425 71,735 68,404 64,709 63,575 10,850 17.1 %
Borrowings:
Borrowings of consolidated securitization entities6,228 6,227 6,360 5,687 6,139 89 1.4 %
Senior and subordinated unsecured notes8,706 7,964 7,961 6,470 7,221 1,485 20.6 %
Total borrowings14,934 14,191 14,321 12,157 13,360 1,574 11.8 %
Accrued expenses and other liabilities5,301 5,765 5,029 4,941 4,914 387 7.9 %
Total liabilities94,660 91,691 87,754 81,807 81,849 12,811 15.7 %
Equity:
Preferred stock734 734 734 734 734 — — %
Common stock1 1 1 1 1 — — %
Additional paid-in capital9,705 9,718 9,685 9,663 9,643 62 0.6 %
Retained earnings17,369 16,716 16,252 15,679 15,003 2,366 15.8 %
Accumulated other comprehensive income (loss)(102)(125)(187)(149)(121)19 (15.7)%
Treasury stock(14,514)(14,171)(13,473)(12,535)(11,842)(2,672)22.6 %
Total equity13,193 12,873 13,012 13,393 13,418 (225)(1.7)%
Total liabilities and equity$107,853 $104,564 $100,766 $95,200 $95,267 $12,586 13.2 %

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
Quarter Ended
Mar 31, 2023Dec 31, 2022Sep 30, 2022Jun 30, 2022Mar 31, 2022
InterestAverageInterestAverageInterestAverageInterestAverageInterestAverage
AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/
BalanceExpenseRateBalanceExpenseRateBalanceExpenseRateBalanceExpenseRateBalanceExpenseRate
Assets
Interest-earning assets:
Interest-earning cash and equivalents$12,365 $140 4.59 %$11,092 $104 3.72 %$11,506 $65 2.24 %$9,249 $20 0.87 %$8,976 $5 0.23 %
Securities available for sale4,772 30 2.55 %5,002 28 2.22 %4,861 19 1.55 %5,063 15 1.19 %5,513 9 0.66 %
Loan receivables, including held for sale:
Credit cards85,904 4,497 21.23 %83,597 4,462 21.18 %79,354 4,153 20.76 %78,912 3,943 20.04 %78,564 3,913 20.20 %
Consumer installment loans3,103 83 10.85 %2,991 78 10.35 %2,884 74 10.18 %2,775 69 9.97 %2,682 66 9.98 %
Commercial credit products1,697 34 8.13 %1,757 34 7.68 %1,720 30 6.92 %1,654 25 6.06 %1,434 28 7.92 %
Other111 2 7.31 %91 2 8.72 %80 1 4.96 %71 2 11.30 67 1 NM
Total loan receivables, including held for sale90,815 4,616 20.61 %88,436 4,576 20.53 %84,038 4,258 20.10 %83,412 4,039 19.42 %82,747 4,008 19.64 %
Total interest-earning assets107,952 4,786 17.98 %104,530 4,708 17.87 %100,405 4,342 17.16 %97,724 4,074 16.72 %97,236 4,022 16.78 %
Non-interest-earning assets:
Cash and due from banks1,024 1,071 1,580 1,614 1,626 
Allowance for credit losses(9,262)(9,167)(8,878)(8,651)(8,675)
Other assets6,128 5,772 5,587 5,386 5,369 
Total non-interest-earning assets(2,110)(2,324)(1,711)(1,651)(1,680)
Total assets$105,842 $102,206 $98,694 $96,073 $95,556 
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts$72,216 $557 3.13 %$69,343 $441 2.52 %$66,787 $280 1.66 %$63,961 $160 1.00 %$62,314 $127 0.83 %
Borrowings of consolidated securitization entities6,229 77 5.01 %6,231 69 4.39 %6,258 54 3.42 %6,563 40 2.44 %6,827 33 1.96 %
Senior and subordinated unsecured notes8,442 101 4.85 %7,962 92 4.58 %7,102 80 4.47 %6,974 72 4.14 %7,219 73 4.10 %
Total interest-bearing liabilities86,887 735 3.43 %83,536 602 2.86 %80,147 414 2.05 %77,498 272 1.41 %76,360 233 1.24 %
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts411 388 371 396 374 
Other liabilities5,130 5,217 4,938 4,717 5,091 
Total non-interest-bearing liabilities5,541 5,605 5,309 5,113 5,465 
Total liabilities92,428 89,141 85,456 82,611 81,825 
Equity
Total equity13,414 13,065 13,238 13,462 13,731 
Total liabilities and equity$105,842 $102,206 $98,694 $96,073 $95,556 
Net interest income$4,051 $4,106 $3,928 $3,802 $3,789 
Interest rate spread(1)
14.55 %15.01 %15.11 %15.31 %15.54 %
Net interest margin(2)
15.22 %15.58 %15.52 %15.60 %15.80 %
(1) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.

5

SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)
Quarter Ended
Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		June 30,
2022		Mar 31,
2022		Mar 31, 2023 vs.
Mar 31, 2022
BALANCE SHEET STATISTICS
Total common equity$12,459 $12,139 $12,278 $12,659 $12,684 $(225)(1.8)%
Total common equity as a % of total assets11.55 %11.61 %12.18 %13.30 %13.31 %(1.76)%
Tangible assets$105,451 $102,172 $98,628 $92,977 $93,013 $12,438 13.4 %
Tangible common equity(1)
$10,057 $9,747 $10,140 $10,436 $10,430 $(373)(3.6)%
Tangible common equity as a % of tangible assets(1)
9.54 %9.54 %10.28 %11.22 %11.21 %(1.67)%
Tangible common equity per share(1)
$23.48 $22.24 $22.10 $21.39 $20.60 $2.88 14.0 %
REGULATORY CAPITAL RATIOS(2)(3)
Basel III - CECL Transition
Total risk-based capital ratio(4)
15.4 %15.0 %16.5 %17.4 %17.2 %
Tier 1 risk-based capital ratio(5)
13.3 %13.6 %15.2 %16.1 %15.9 %
Tier 1 leverage ratio(6)
11.6 %12.3 %13.2 %13.8 %13.9 %
Common equity Tier 1 capital ratio12.5 %12.8 %14.3 %15.2 %15.0 %
(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Regulatory capital ratios at March 31, 2023 are preliminary and therefore subject to change.
(3) Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022 through 2024. Capital ratios for 2023 and 2022 reflect 50% and 25%, respectively, of the phase-in of CECL effects.
(4) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(5) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(6) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments.

6

SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
Quarter Ended
Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		June 30,
2022		Mar 31,
2022		1Q'23 vs. 1Q'22
HOME & AUTO
Purchase volume(1)
$10,863 $11,860 $12,273 $12,895 $10,260 $603 5.9 %
Period-end loan receivables$29,733 $29,978 $29,017 $27,989 $26,532 $3,201 12.1 %
Average loan receivables, including held for sale$29,690 $29,402 $28,387 $27,106 $26,406 $3,284 12.4 %
Average active accounts (in thousands)(3)
18,521 18,539 18,350 17,942 17,473 1,048 6.0 %
Interest and fees on loans$1,225 $1,264 $1,210 $1,108 $1,088 $137 12.6 %
Other income$25 $23 $20 $23 $21 $4 19.0 %
DIGITAL
Purchase volume(1)
$12,261 $14,794 $12,941 $12,463 $11,196 $1,065 9.5 %
Period-end loan receivables$24,944 $25,522 $22,925 $21,842 $21,075 $3,869 18.4 %
Average loan receivables, including held for sale$24,982 $23,931 $22,361 $21,255 $21,160 $3,822 18.1 %
Average active accounts (in thousands)(3)
20,564 20,073 19,418 19,069 19,000 1,564 8.2 %
Interest and fees on loans$1,363 $1,322 $1,197 $1,058 $1,022 $341 33.4 %
Other income$1 $(14)$(22)$(13)$(12)$13 (108.3)%
DIVERSIFIED & VALUE
Purchase volume(1)
$13,439 $16,266 $14,454 $14,388 $11,558 $1,881 16.3 %
Period-end loan receivables$17,702 $18,617 $16,566 $16,076 $15,166 $2,536 16.7 %
Average loan receivables, including held for sale$17,713 $17,274 $16,243 $15,498 $15,128 $2,585 17.1 %
Average active accounts (in thousands)(3)
20,807 20,386 19,411 19,026 19,201 1,606 8.4 %
Interest and fees on loans$1,070 $1,023 $935 $826 $826 $244 29.5 %
Other income$(14)$(42)$(19)$(35)$(9)$(5)55.6 %
HEALTH & WELLNESS
Purchase volume(1)
$3,690 $3,505 $3,514 $3,443 $3,107 $583 18.8 %
Period-end loan receivables$12,581 $12,179 $11,590 $10,932 $10,407 $2,174 20.9 %
Average loan receivables, including held for sale$12,309 $11,846 $11,187 $10,596 $10,251 $2,058 20.1 %
Average active accounts (in thousands)(3)
6,887 6,673 6,411 6,177 6,027 860 14.3 %
Interest and fees on loans$735 $744 $706 $644 $616 $119 19.3 %
Other income$61 $60 $55 $49 $53 $8 15.1 %
LIFESTYLE
Purchase volume(1)
$1,302 $1,498 $1,374 $1,431 $1,195 $107 9.0 %
Period-end loan receivables$5,971 $5,970 $5,686 $5,558 $5,381 $590 11.0 %
Average loan receivables, including held for sale$5,919 $5,772 $5,610 $5,443 $5,379 $540 10.0 %
Average active accounts (in thousands)(3)
2,611 2,585 2,524 2,510 2,582 29 1.1 %
Interest and fees on loans$223 $221 $208 $194 $191 $32 16.8 %
Other income$7 $7 $8 $7 $6 $1 16.7 %
CORP, OTHER(4)
Purchase volume(1)(2)
$2 $— $1 $2,597 $3,174 $(3,172)(99.9)%
Period-end loan receivables$198 $204 $228 $277 $355 $(157)(44.2)%
Average loan receivables, including held for sale$202 $211 $250 $3,514 $4,423 $(4,221)(95.4)%
Average active accounts (in thousands)(2)(3)
104 117 152 3,947 5,844 (5,740)(98.2)%
Interest and fees on loans$— $2 $2 $209 $265 $(265)(100.0)%
Other income$(15)$(4)$2 $167 $49 $(64)(130.6)%
TOTAL SYF
Purchase volume(1)(2)
$41,557 $47,923 $44,557 $47,217 $40,490 $1,067 2.6 %
Period-end loan receivables$91,129 $92,470 $86,012 $82,674 $78,916 $12,213 15.5 %
Average loan receivables, including held for sale$90,815 $88,436 $84,038 $83,412 $82,747 $8,068 9.8 %
Average active accounts (in thousands)(2)(3)
69,494 68,373 66,266 68,671 70,127 (633)(0.9)%
Interest and fees on loans$4,616 $4,576 $4,258 $4,039 $4,008 $608 15.2 %
Other income$65 $30 $44 $198 $108 $(43)(39.8)%
(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.
(4) Includes activity and balances associated with the Gap Inc. and BP portfolios which were both sold in 2Q 2022.
7

SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
Quarter Ended
Mar 31,
2023		Dec 31,
2022		Sep 30,
2022		Jun 30,
2022		Mar 31,
2022
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity$13,193 $12,873 $13,012 $13,393 $13,418 
Less: Preferred stock(734)(734)(734)(734)(734)
Less: Goodwill(1,105)(1,105)(1,105)(1,105)(1,105)
Less: Intangible assets, net(1,297)(1,287)(1,033)(1,118)(1,149)
Tangible common equity$10,057 $9,747 $10,140 $10,436 $10,430 
Add: CECL transition amount1,146 1,719 1,719 1,719 1,719 
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)270 293 419 391 371 
Common equity Tier 1 $11,473 $11,759 $12,278 $12,546 $12,520 
Preferred stock734 734 734 734 734 
Tier 1 capital$12,207 $12,493 $13,012 $13,280 $13,254 
Add: Subordinated debt740 — — — — 
Add: Allowance for credit losses includible in risk-based capital1,233 1,220 1,142 1,099 1,106 
Total Risk-based capital$14,180 $13,713 $14,154 $14,379 $14,360 
ASSET MEASURES(2)
Total average assets$105,842 $102,206 $98,694 $96,073 $95,556 
Adjustments for:
Add: CECL transition amount1,146 1,719 1,719 1,719 1,719 
Disallowed goodwill and other disallowed intangible assets
(net of related deferred tax liabilities) and other		(2,081)(2,046)(1,776)(1,878)(1,964)
Total assets for leverage purposes$104,907 $101,879 $98,637 $95,914 $95,311 
Risk-weighted assets - Basel III (fully phased-in)$91,873 $91,596 $85,664 $82,499 $83,251 
CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital$12,207 $12,493 $13,012 $13,280 $13,254 
Less: CECL transition adjustment(1,146)(1,719)(1,719)(1,719)(1,719)
Tier 1 capital (CECL fully phased-in)$11,061 $10,774 $11,293 $11,561 $11,535 
Add: Allowance for credit losses9,517 9,527 9,102 8,808 8,651 
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses$20,578 $20,301 $20,395 $20,369 $20,186 
Risk-weighted assets$91,873 $91,596 $85,664 $82,499 $83,251 
Less: CECL transition adjustment(580)(870)(870)(870)(870)
Risk-weighted assets (CECL fully phased-in)$91,293 $90,726 $84,794 $81,629 $82,381 
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share$29.08 $27.70 $26.76 $25.95 $25.06 
Less: Goodwill(2.58)(2.52)(2.41)(2.27)(2.18)
Less: Intangible assets, net(3.02)(2.94)(2.25)(2.29)(2.28)
Tangible common equity per share$23.48 $22.24 $22.10 $21.39 $20.60 
(1) Regulatory measures at March 31, 2023 are presented on an estimated basis.
(2) Capital ratios reflect the phase-in of an estimate of CECL’s effect on regulatory capital over a three-year transitional period beginning in the first quarter of 2022 through 2024. Capital ratios for 2023 and 2022 reflect 50% and 25%, respectively, of the phase-in of CECL effects.
8


SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES (Continued)
(unaudited, $ and accounts in millions)
Quarter Ended
Mar 31,
2023		Mar 31,
2022
 PURCHASE VOLUME
Purchase Volume$41,557 $40,490 
Less: Gap and BP Purchase volume— (3,173)
Core Purchase volume$41,557 $37,317 
 LOAN RECEIVABLES
Loan receivables$91,129 $78,916 
Less: Gap and BP Loan receivables(80)(234)
Core Loan receivables$91,049 $78,682 
AVERAGE ACTIVE ACCOUNTS
Average active accounts 69.5 70.1 
Less: Gap and BP Average active accounts (0.1)(5.8)
Core Average active accounts 69.4 64.3 
NEW ACCOUNTS
New accounts5.2 5.5 
Less: Gap and BP New accounts — (0.3)
Core New accounts5.2 5.2 
9