EX-99.2 3 snv_03312024xex992xfilingx.htm EX-99.2 Document

SynovusExhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)20242023First Quarter
First QuarterFourth QuarterThird QuarterSecond QuarterFirst Quarter '24 vs '23
% Change
Interest income$782,710 788,297 786,039 759,143 716,879 %
Interest expense363,864 351,083 342,880 303,612 236,128 54 
Net interest income418,846 437,214 443,159 455,531 480,751 (13)
Provision for (reversal of) credit losses53,980 45,472 72,572 38,881 32,154 68 
Net interest income after provision for credit losses364,866 391,742 370,587 416,650 448,597 (19)
Non-interest revenue:
Service charges on deposit accounts21,813 22,260 21,385 23,477 22,974 (5)
Fiduciary and asset management fees19,013 18,149 20,205 20,027 19,696 (3)
Card fees19,486 20,872 18,602 17,059 15,824 23 
Brokerage revenue22,707 21,961 21,387 22,451 24,204 (6)
Mortgage banking income3,418 3,019 3,671 4,609 3,858 (11)
Capital markets income 6,627 6,456 7,980 9,482 15,127 (56)
Income from bank-owned life insurance7,347 10,324 6,965 6,878 7,262 
Investment securities gains (losses), net (77,748)— — 1,030 nm
Recovery of NPA — — — 13,126 nm
Other non-interest revenue18,477 26,175 6,944 8,293 10,025 84 
Total non-interest revenue118,888 51,468 107,139 112,276 133,126 (11)
Non-interest expense:
Salaries and other personnel expense188,521 176,712 179,741 183,001 188,924 — 
Net occupancy, equipment, and software expense46,808 48,146 45,790 42,785 42,860 
Third-party processing and other services20,258 21,717 21,439 21,659 21,833 (7)
Professional fees7,631 11,147 10,147 9,597 8,963 (15)
FDIC insurance and other regulatory fees23,819 61,470 11,837 11,162 10,268 132 
Restructuring charges (reversals)1,524 1,231 17,319 (110)(733)nm
Loss on other loans held for sale — 30,954 2,360 16,750 nm
Other operating expenses34,180 32,435 36,305 36,727 32,987 
Total non-interest expense322,741 352,858 353,532 307,181 321,852 — 
Income before income taxes161,013 90,352 124,194 221,745 259,871 (38)
Income tax expense36,943 20,779 27,729 47,801 57,712 (36)
Net income124,070 69,573 96,465 173,944 202,159 (39)
Less: Net income (loss) attributable to noncontrolling interest(437)(768)(630)(166)— nm
Net income attributable to Synovus Financial Corp.124,507 70,341 97,095 174,110 202,159 (38)
Less: Preferred stock dividends9,685 9,696 9,672 8,291 8,291 17 
Net income available to common shareholders$114,822 60,645 87,423 165,819 193,868 (41)%
Net income per common share, basic$0.78 0.41 0.60 1.13 1.33 (41)%
Net income per common share, diluted0.78 0.41 0.60 1.13 1.32 (41)
Cash dividends declared per common share0.38 0.38 0.38 0.38 0.38 — 
Return on average assets *0.85 %0.47 0.64 1.15 1.36 (51) bps
Return on average common equity *10.2 5.9 8.2 15.5 19.2 (900)
Weighted average common shares outstanding, basic146,430 146,372 146,170 146,113 145,799 — %
Weighted average common shares outstanding, diluted147,122 146,877 146,740 146,550 146,727 — 
 nm - not meaningful
 bps - basis points
* - ratios are annualized
Amounts may not total due to rounding






Synovus
BALANCE SHEET DATAMarch 31, 2024December 31, 2023March 31, 2023
(Unaudited)
(In thousands, except share data)
ASSETS
Interest-earning deposits with banks and other cash and cash equivalents$2,379,778 $2,414,103 $3,329,882 
Federal funds sold and securities purchased under resale agreements43,722 37,323 35,518 
Cash, cash equivalents, and restricted cash2,423,500 2,451,426 3,365,400 
Investment securities available for sale, at fair value9,694,515 9,788,662 9,732,618 
Loans held for sale (includes $36,698, $47,338 and $44,400 measured at fair value, respectively)
130,586 52,768 669,447 
Loans, net of deferred fees and costs43,309,877 43,404,490 44,044,939 
Allowance for loan losses(492,661)(479,385)(457,010)
Loans, net42,817,216 42,925,105 43,587,929 
Cash surrender value of bank-owned life insurance1,119,379 1,112,030 1,094,072 
Premises, equipment, and software, net375,315 365,851 367,089 
Goodwill480,440 480,440 452,390 
Other intangible assets, net43,021 45,928 25,267 
Other assets2,751,148 2,587,324 2,545,813 
Total assets$59,835,120 $59,809,534 $61,840,025 
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits$12,042,353 $12,507,616 $14,642,677 
Interest-bearing deposits38,537,889 38,231,569 35,311,259 
Total deposits50,580,242 50,739,185 49,953,936 
Federal funds purchased and securities sold under repurchase agreements128,244 189,074 195,695 
Other short-term borrowings252,469 3,496 253,152 
Long-term debt2,031,735 1,932,534 5,146,252 
Other liabilities1,800,794 1,801,097 1,520,860 
Total liabilities54,793,484 54,665,386 57,069,895 
Equity:
Shareholders' equity:
Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000537,145 537,145 537,145 
Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 171,873,265, 171,360,188 and 170,713,864 respectively; outstanding 146,418,407, 146,705,330 and 146,059,006 respectively
171,873 171,360 170,714 
Additional paid-in capital3,957,576 3,955,819 3,925,449 
Treasury stock, at cost; 25,454,858, 24,654,858 and 24,654,858 shares, respectively(974,499)(944,484)(944,484)
Accumulated other comprehensive income (loss), net(1,248,194)(1,117,073)(1,289,327)
Retained earnings2,574,017 2,517,226 2,370,633 
Total Synovus Financial Corp. shareholders’ equity5,017,918 5,119,993 4,770,130 
Noncontrolling interest in subsidiary23,718 24,155 — 
Total equity5,041,636 5,144,148 4,770,130 
Total liabilities and equity$59,835,120 $59,809,534 $61,840,025 





Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
First Quarter 2024Fourth Quarter 2023First Quarter 2023
(dollars in thousands)
Average BalanceInterest  Yield/
   Rate
Average BalanceInterest  Yield/
   Rate
Average BalanceInterest  Yield/
   Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
$34,943,797 $583,459 6.72 %$35,106,156 $590,588 6.67 %$35,030,809 $526,529 6.10 %
Consumer loans (1) (2)
8,434,105 109,566 5.21 8,491,244 109,509 5.14 8,762,631 104,147 4.78 
Less: Allowance for loan losses
(481,146)  (480,332)— — (445,192)— — 
Loans, net
42,896,756 693,025 6.49 43,117,068 700,097 6.45 43,348,248 630,676 5.89 
Investment securities available for sale
11,148,242 71,906 2.58 11,164,487 65,176 2.33 11,293,958 61,054 2.16 
Trading account assets
11,567 65 2.25 13,067 2156.59 11,338 1244.39 
Other earning assets(4)
1,218,090 16,173 5.25 1,463,176 19,689 5.26 1,513,800 17,212 4.55 
FHLB and Federal Reserve Bank stock    
187,825 2,273 4.84 187,015 3,536 7.56 306,935 3,355 4.37 
Mortgage loans held for sale
29,773 495 6.65 39,024 696 7.14 36,497 566 6.20 
Other loans held for sale18,465 83 1.77 8,044 104 5.06 443,690 5,011 4.52 
Total interest earning assets
55,510,718 784,020 5.68 %55,991,881 789,513 5.59 %56,954,466 717,998 5.11 %
Cash and due from banks
532,624 522,986 643,502 
Premises and equipment
370,376 366,647 370,275 
Other real estate
61 — — 
Cash surrender value of bank-owned life insurance
1,114,703 1,108,766 1,091,080 
Other assets(5)    
1,493,749 1,173,785 1,074,238 
Total assets
$59,022,231 $59,164,065 $60,133,561 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits    
$10,590,340 65,415 2.48 %$10,422,286 58,588 2.23 %$9,088,533 23,218 1.04 %
Money market accounts
12,826,385 103,129 3.23 13,053,781 103,211 3.14 14,397,683 72,618 2.05 
Savings deposits
1,057,087 287 0.11 1,098,914 275 0.10 1,370,173 211 0.06 
Time deposits
7,902,850 86,493 4.40 7,198,229 75,462 4.16 3,601,288 21,496 2.42 
Brokered deposits5,737,445 77,342 5.42 6,069,055 81,444 5.32 5,553,970 56,392 4.12 
Federal funds purchased and securities sold under repurchase agreements    
113,558 648 2.26 93,854 350 1.46 133,360 670 2.01 
Other short-term borrowings
71,775 955 5.26 2,672 51 7.50 1,677,519 18,994 4.53 
Long-term debt
1,764,740 29,595 6.69 1,922,661 31,702 6.55 3,148,062 42,529 5.41 
Total interest-bearing liabilities
40,064,180 363,864 3.65 %39,861,452 351,083 3.49 %38,970,588 236,128 2.46 %
Non-interest-bearing demand deposits
12,071,670 12,744,275 15,014,224 
Other liabilities
1,782,659 1,906,686 1,522,827 
Total equity5,103,722 4,651,652 4,625,922 
Total liabilities and equity
$59,022,231 $59,164,065 $60,133,561 
Net interest income and net interest margin, taxable equivalent (6)
$420,156 3.04 %$438,430 3.11 %$481,870 3.43 %
Less: taxable-equivalent adjustment
1,310 1,216 1,119 
Net interest income
$418,846 $437,214 $480,751 
(1)Average loans are shown net of deferred fees and costs. NPLs are included.
(2)Interest income includes net loan fees as follows: First Quarter 2024 — $10.6 million, Fourth Quarter 2023 — $13.1 million, and First Quarter 2023 — $11.5 million.
(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.
(4)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(5)Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.36) billion, $(1.89) billion, and $(1.52) billion for the First Quarter 2024, Fourth Quarter 2023, and First Quarter 2023, respectively.
(6)The net interest margin is calculated by dividing annualized net interest income-taxable equivalent by average total interest earning assets.




Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)Total LoansTotal LoansLinked QuarterTotal LoansYear/Year
(Dollars in thousands)
Loan TypeMarch 31, 2024December 31, 2023% Change March 31, 2023% Change
Commercial, Financial, and Agricultural$14,616,902 $14,459,345 %$14,201,398 %
Owner-Occupied8,114,394 8,139,148 — 8,398,778 (3)
Total Commercial & Industrial22,731,296 22,598,493 22,600,176 
Multi-Family4,199,435 4,098,188 3,374,129 24 
Hotels1,790,505 1,803,102 (1)1,737,163 
Office Buildings1,852,208 1,891,587 (2)3,071,236 (40)
Shopping Centers1,302,754 1,319,049 (1)1,332,078 (2)
Warehouses871,662 854,475 1,020,921 (15)
Other Investment Property1,294,317 1,396,903 (7)1,441,303 (10)
Total Investment Properties11,310,881 11,363,304 — 11,976,830 (6)
1-4 Family Construction194,146 194,481 — 201,896 (4)
1-4 Family Investment Mortgage385,992 404,021 (4)394,754 (2)
Total 1-4 Family Properties580,138 598,502 (3)596,650 (3)
Commercial Development66,000 73,022 (10)63,004 
Residential Development72,024 79,961 (10)106,872 (33)
Land Acquisition164,976 201,969 (18)253,399 (35)
Land and Development303,000 354,952 (15)423,275 (28)
Total Commercial Real Estate12,194,019 12,316,758 (1)12,996,755 (6)
Consumer Mortgages5,384,602 5,411,723 (1)5,246,640 
Home Equity 1,804,348 1,807,399 — 1,757,250 
Credit Cards180,663 194,141 (7)184,595 (2)
Other Consumer Loans1,014,949 1,075,976 (6)1,259,523 (19)
Total Consumer8,384,562 8,489,239 (1)8,448,008 (1)
Total$43,309,877 $43,404,490 — %$44,044,939 (2)%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)Total
Non-performing Loans
Total
Non-performing Loans
Linked QuarterTotal
Non-performing Loans
Year/Year
(Dollars in thousands)
Loan TypeMarch 31, 2024December 31, 2023% ChangeMarch 31, 2023% Change
Commercial, Financial, and Agricultural$192,693 $89,870 114 %$94,196 105 %
Owner-Occupied80,218 91,370 (12)25,591 213 
Total Commercial & Industrial272,911 181,240 51 119,787 128 
Multi-Family2,077 1,681 24 1,806 15 
Office Buildings7,630 35,338 (78)190 nm
Shopping Centers547 641 (15)727 (25)
Warehouses188 196 (4)222 (15)
Other Investment Property1,784 1,914 (7)668 167 
Total Investment Properties12,226 39,770 (69)3,613 238 
1-4 Family Investment Mortgage2,300 3,056 (25)3,515 (35)
Total 1-4 Family Properties2,300 3,056 (25)3,515 (35)
Residential Development478 267 79 267 79 
Land Acquisition540 537 886 (39)
Land and Development1,018 804 27 1,153 (12)
Total Commercial Real Estate15,544 43,630 (64)8,281 88 
Consumer Mortgages42,563 46,108 (8)39,536 
Home Equity 12,451 10,473 19 7,967 56 
Other Consumer Loans6,981 6,726 6,889 
Total Consumer61,995 63,307 (2)54,392 14 
Total$350,450 $288,177 22 %$182,460 92 %




Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)20242023First Quarter
FirstFourthThirdSecondFirst '24 vs '23
QuarterQuarterQuarterQuarterQuarter% Change
Non-performing Loans (NPLs)$350,450 288,177 280,532 261,506 182,460 92 %
Other Real Estate and Other Assets21,210 — — — — nm
Non-performing Assets (NPAs)371,660 288,177 280,532 261,506 182,460 104 
Allowance for Loan Losses (ALL)492,661 479,385 477,532 471,238 457,010 
Reserve for Unfunded Commitments53,579 57,231 55,185 55,729 57,473 (7)
Allowance for Credit Losses (ACL)
546,240 536,616 532,717 526,967 514,483 
Net Charge-Offs - Quarter44,356 41,574 66,822 26,396 18,550 
Net Charge-Offs - YTD44,356 153,342 111,768 44,946 18,550 
Net Charge-Offs / Average Loans - Quarter (1)
0.41 %0.38 0.61 0.24 0.17 
Net Charge-Offs / Average Loans - YTD (1)
0.41 0.35 0.34 0.20 0.17 
NPLs / Loans0.81 0.66 0.64 0.59 0.41 
NPAs / Loans, ORE and specific other assets0.86 0.66 0.64 0.59 0.41 
ACL/Loans1.26 1.24 1.22 1.19 1.17 
ALL/Loans1.14 1.10 1.09 1.06 1.04 
ACL/NPLs155.87 186.21 189.90 201.51 281.97 
ALL/NPLs140.58 166.35 170.22 180.20 250.47 
Past Due Loans over 90 days and Still Accruing$3,748 5,053 3,792 3,643 3,529 
As a Percentage of Loans Outstanding0.01 %0.01 0.01 0.01 0.01 
Total Past Due Loans and Still Accruing$54,814 59,099 54,974 84,946 55,053 — 
As a Percentage of Loans Outstanding0.13 %0.14 0.13 0.19 0.12 
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
March 31, 2024December 31, 2023March 31, 2023
Common Equity Tier 1 Capital Ratio10.38 %10.22 9.77 
Tier 1 Capital Ratio11.44 11.28 10.81 
Total Risk-Based Capital Ratio13.31 13.07 12.72 
Tier 1 Leverage Ratio9.62 9.49 9.14 
Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets 8.39 8.56 7.71 
Tangible Common Equity Ratio (2) (4)
6.67 6.84 6.12 
Book Value Per Common Share (3)
$30.60 31.24 28.98 
Tangible Book Value Per Common Share (2)
27.03 27.65 25.71 
(1) Current quarter regulatory capital information is preliminary.
(2) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
(3) Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred stock divided by total common shares outstanding.
(4) See "Non-GAAP Financial Measures" for applicable reconciliation.