Georgia
|
|
58-1134883
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
1111 Bay Avenue
Suite 500, Columbus, Georgia
|
|
31901
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock, $1.00 Par Value
Series B Participating Cumulative Preferred Stock Purchase Rights
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C
|
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
|
Class
|
|
|
|
May 3, 2018
|
|
Common Stock, $1.00 Par Value
|
|
|
|
118,640,312
|
|
|
|
|
|
Page
|
Part I
.
|
Financial Information
|
|
||
|
|
Index of Defined Terms
|
||
|
Item 1.
|
Financial Statements (Unaudited)
|
|
|
|
|
Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017
|
||
|
|
Consolidated Statements of Income for the Three Months Ended March 31, 2018 and 2017
|
||
|
|
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2018 and 2017
|
||
|
|
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2018 and 2017
|
||
|
|
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2018 and 2017
|
||
|
|
Notes to Unaudited Interim Consolidated Financial Statements
|
||
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
||
|
Item 3.
|
|||
|
Item 4.
|
Controls and Procedures
|
||
|
|
|
|
|
Part II
.
|
Other Information
|
|
||
|
Item 1.
|
Legal Proceedings
|
||
|
Item 1A.
|
Risk Factors
|
||
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
||
|
Item 3.
|
Defaults Upon Senior Securities
|
||
|
Item 4.
|
Mine Safety Disclosures
|
||
|
Item 5.
|
Other Information
|
||
|
Item 6.
|
Exhibits
|
||
|
Signatures
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per share data)
|
March 31, 2018
|
|
December 31, 2017
|
||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
348,027
|
|
|
$
|
397,848
|
|
Interest bearing funds with Federal Reserve Bank
|
636,947
|
|
|
460,928
|
|
||
Interest earning deposits with banks
|
16,851
|
|
|
26,311
|
|
||
Federal funds sold and securities purchased under resale agreements
|
57,192
|
|
|
47,846
|
|
||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents
(1)
|
1,059,017
|
|
|
932,933
|
|
||
Mortgage loans held for sale, at fair value
|
50,439
|
|
|
48,024
|
|
||
Investment securities available for sale, at fair value
|
3,990,978
|
|
|
3,987,069
|
|
||
Loans, net of deferred fees and costs
|
24,883,037
|
|
|
24,787,464
|
|
||
Allowance for loan losses
|
(257,764
|
)
|
|
(249,268
|
)
|
||
Loans, net
|
24,625,273
|
|
|
24,538,196
|
|
||
Cash surrender value of bank-owned life insurance
|
543,684
|
|
|
540,958
|
|
||
Premises and equipment, net
|
424,342
|
|
|
426,813
|
|
||
Goodwill
|
57,315
|
|
|
57,315
|
|
||
Other intangible assets
|
10,750
|
|
|
11,254
|
|
||
Deferred tax asset, net
|
179,343
|
|
|
165,788
|
|
||
Other assets
|
559,887
|
|
|
513,487
|
|
||
Total assets
|
$
|
31,501,028
|
|
|
$
|
31,221,837
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest bearing deposits
|
$
|
7,381,070
|
|
|
$
|
7,686,339
|
|
Interest bearing deposits, excluding brokered deposits
|
16,865,859
|
|
|
16,500,436
|
|
||
Brokered deposits
|
2,006,578
|
|
|
1,961,125
|
|
||
Total deposits
|
26,253,507
|
|
|
26,147,900
|
|
||
Federal funds purchased and securities sold under repurchase agreements
|
185,531
|
|
|
161,190
|
|
||
Long-term debt
|
1,856,392
|
|
|
1,706,138
|
|
||
Other liabilities
|
249,103
|
|
|
245,043
|
|
||
Total liabilities
|
28,544,533
|
|
|
28,260,271
|
|
||
Shareholders' Equity
|
|
|
|
||||
Series C Preferred Stock – no par value. Authorized 100,000,000 shares; 5,200,000 shares issued and outstanding at March 31, 2018 and December 31, 2017
|
125,980
|
|
|
125,980
|
|
||
Common stock - $1.00 par value. Authorized 342,857,143 shares; 143,017,301 issued at March 31, 2018 and 142,677,449 issued at December 31, 2017; 118,702,497 outstanding at March 31, 2018 and 118,897,295 outstanding at December 31, 2017
|
143,017
|
|
|
142,678
|
|
||
Additional paid-in capital
|
3,039,757
|
|
|
3,043,129
|
|
||
Treasury stock, at cost – 24,314,804 shares at March 31, 2018 and 23,780,154 shares at December 31, 2017
|
(866,407
|
)
|
|
(839,674
|
)
|
||
Accumulated other comprehensive loss
|
(107,777
|
)
|
|
(54,754
|
)
|
||
Retained earnings
|
621,925
|
|
|
544,207
|
|
||
Total shareholders’ equity
|
2,956,495
|
|
|
2,961,566
|
|
||
Total liabilities and shareholders' equity
|
$
|
31,501,028
|
|
|
$
|
31,221,837
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except per share data)
|
|
2018
|
|
2017
|
||||
Interest income:
|
|
|
|
|
||||
Loans, including fees
|
|
$
|
285,340
|
|
|
$
|
249,348
|
|
Investment securities available for sale
|
|
23,928
|
|
|
19,834
|
|
||
Trading account assets
|
|
54
|
|
|
28
|
|
||
Mortgage loans held for sale
|
|
379
|
|
|
467
|
|
||
Federal Reserve Bank balances
|
|
1,750
|
|
|
1,211
|
|
||
Other earning assets
|
|
1,683
|
|
|
1,513
|
|
||
Total interest income
|
|
313,134
|
|
|
272,401
|
|
||
Interest expense:
|
|
|
|
|
||||
Deposits
|
|
26,375
|
|
|
16,958
|
|
||
Federal funds purchased and securities sold under repurchase agreements
|
|
107
|
|
|
38
|
|
||
Long-term debt
|
|
12,368
|
|
|
15,478
|
|
||
Total interest expense
|
|
38,850
|
|
|
32,474
|
|
||
Net interest income
|
|
274,284
|
|
|
239,927
|
|
||
Provision for loan losses
|
|
12,776
|
|
|
8,674
|
|
||
Net interest income after provision for loan losses
|
|
261,508
|
|
|
231,253
|
|
||
Non-interest income:
|
|
|
|
|
||||
Service charges on deposit accounts
|
|
19,940
|
|
|
20,118
|
|
||
Fiduciary and asset management fees
|
|
13,435
|
|
|
12,151
|
|
||
Card fees
|
|
10,199
|
|
|
9,844
|
|
||
Brokerage revenue
|
|
8,695
|
|
|
7,226
|
|
||
Mortgage banking income
|
|
5,047
|
|
|
5,766
|
|
||
Income from bank-owned life insurance
|
|
4,217
|
|
|
3,056
|
|
||
Investment securities gains, net
|
|
—
|
|
|
7,668
|
|
||
Decrease in fair value of private equity investments, net
|
|
(3,056
|
)
|
|
(1,814
|
)
|
||
Other fee income
|
|
4,618
|
|
|
4,868
|
|
||
Other non-interest income
|
|
3,951
|
|
|
2,956
|
|
||
Total non-interest income
|
|
67,046
|
|
|
71,839
|
|
||
Non-interest expense:
|
|
|
|
|
||||
Salaries and other personnel expense
|
|
113,720
|
|
|
107,191
|
|
||
Net occupancy and equipment expense
|
|
31,480
|
|
|
29,331
|
|
||
Third-party processing expense
|
|
13,945
|
|
|
12,603
|
|
||
FDIC insurance and other regulatory fees
|
|
6,793
|
|
|
6,770
|
|
||
Professional fees
|
|
5,505
|
|
|
5,355
|
|
||
Advertising expense
|
|
5,092
|
|
|
5,912
|
|
||
Foreclosed real estate expense, net
|
|
856
|
|
|
2,134
|
|
||
Restructuring charges, net
|
|
(315
|
)
|
|
6,511
|
|
||
Other operating expenses
|
|
18,103
|
|
|
21,581
|
|
||
Total non-interest expense
|
|
195,179
|
|
|
197,388
|
|
||
Income before income taxes
|
|
133,375
|
|
|
105,704
|
|
||
Income tax expense
|
|
30,209
|
|
|
33,847
|
|
||
Net income
|
|
103,166
|
|
|
71,857
|
|
||
Dividends on preferred stock
|
|
2,559
|
|
|
2,559
|
|
||
Net income available to common shareholders
|
|
$
|
100,607
|
|
|
$
|
69,298
|
|
Net income per common share, basic
|
|
$
|
0.85
|
|
|
$
|
0.57
|
|
Net income per common share, diluted
|
|
0.84
|
|
|
0.56
|
|
||
Weighted average common shares outstanding, basic
|
|
118,666
|
|
|
122,300
|
|
||
Weighted average common shares outstanding, diluted
|
|
119,321
|
|
|
123,059
|
|
||
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
(in thousands)
|
Before-tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax Amount
|
|
Before-tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax Amount
|
||||||||||||
Net income
|
$
|
133,375
|
|
|
$
|
(30,209
|
)
|
|
$
|
103,166
|
|
|
$
|
105,704
|
|
|
$
|
(33,847
|
)
|
|
$
|
71,857
|
|
Net change related to cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reclassification adjustment for losses realized in net income
|
—
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
(25
|
)
|
|
40
|
|
||||||
Net unrealized (losses) gains on investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reclassification adjustment for net gains realized in net income
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,668
|
)
|
|
2,952
|
|
|
(4,716
|
)
|
||||||
Net unrealized (losses) gains arising during the period
|
(61,445
|
)
|
|
15,914
|
|
|
(45,531
|
)
|
|
9,099
|
|
|
(3,503
|
)
|
|
5,596
|
|
||||||
Net unrealized (losses) gains
|
(61,445
|
)
|
|
15,914
|
|
|
(45,531
|
)
|
|
1,431
|
|
|
(551
|
)
|
|
880
|
|
||||||
Post-retirement unfunded health benefit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Reclassification adjustment for gains realized in net income
|
(34
|
)
|
|
13
|
|
|
(21
|
)
|
|
(20
|
)
|
|
8
|
|
|
(12
|
)
|
||||||
Other comprehensive (loss) income
|
$
|
(61,479
|
)
|
|
$
|
15,927
|
|
|
$
|
(45,552
|
)
|
|
$
|
1,476
|
|
|
$
|
(568
|
)
|
|
$
|
908
|
|
Comprehensive income
|
|
|
|
|
$
|
57,614
|
|
|
|
|
|
|
$
|
72,765
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data)
|
Series C Preferred Stock
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained Earnings
|
|
Total
|
||||||||||||||
Balance at December 31, 2016
|
$
|
125,980
|
|
|
$
|
142,026
|
|
|
$
|
3,028,405
|
|
|
$
|
(664,595
|
)
|
|
$
|
(55,659
|
)
|
|
$
|
351,767
|
|
|
$
|
2,927,924
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,857
|
|
|
71,857
|
|
|||||||
Other comprehensive income, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
908
|
|
|
—
|
|
|
908
|
|
|||||||
Cash dividends declared on common stock -$0.15 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,347
|
)
|
|
(18,347
|
)
|
|||||||
Cash dividends paid on Series C Preferred Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,559
|
)
|
|
(2,559
|
)
|
|||||||
Repurchases of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,151
|
)
|
|
—
|
|
|
—
|
|
|
(15,151
|
)
|
|||||||
Restricted share unit activity
|
—
|
|
|
305
|
|
|
(7,799
|
)
|
|
—
|
|
|
—
|
|
|
(290
|
)
|
|
(7,784
|
)
|
|||||||
Stock options exercised
|
—
|
|
|
110
|
|
|
1,809
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,919
|
|
|||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
3,360
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,360
|
|
|||||||
Balance at March 31, 2017
|
$
|
125,980
|
|
|
$
|
142,441
|
|
|
$
|
3,025,775
|
|
|
$
|
(679,746
|
)
|
|
$
|
(54,751
|
)
|
|
$
|
402,428
|
|
|
$
|
2,962,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2017
|
$
|
125,980
|
|
|
$
|
142,678
|
|
|
$
|
3,043,129
|
|
|
$
|
(839,674
|
)
|
|
$
|
(54,754
|
)
|
|
$
|
544,207
|
|
|
$
|
2,961,566
|
|
Cumulative-effect adjustment from adoption of ASU 2014-09
|
|
|
|
|
|
|
|
|
|
|
(685
|
)
|
|
(685
|
)
|
||||||||||||
Reclassification from adoption of ASU 2018-02
|
|
|
|
|
|
|
|
|
(7,588
|
)
|
|
7,588
|
|
|
—
|
|
|||||||||||
Cumulative-effect adjustment from adoption of ASU 2016-01
|
|
|
|
|
|
|
|
|
117
|
|
|
(117
|
)
|
|
—
|
|
|||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103,166
|
|
|
103,166
|
|
|||||||
Other comprehensive income, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45,552
|
)
|
|
—
|
|
|
(45,552
|
)
|
|||||||
Cash dividends declared on common stock - $0.25 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,675
|
)
|
|
(29,675
|
)
|
|||||||
Cash dividends paid on Series C Preferred Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,559
|
)
|
|
(2,559
|
)
|
|||||||
Repurchases of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,733
|
)
|
|
—
|
|
|
—
|
|
|
(26,733
|
)
|
|||||||
Restricted share unit activity
|
—
|
|
|
266
|
|
|
(8,494
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,228
|
)
|
|||||||
Stock options exercised
|
—
|
|
|
73
|
|
|
1,167
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,240
|
|
|||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
3,955
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,955
|
|
|||||||
Balance at March 31, 2018
|
$
|
125,980
|
|
|
$
|
143,017
|
|
|
$
|
3,039,757
|
|
|
$
|
(866,407
|
)
|
|
$
|
(107,777
|
)
|
|
$
|
621,925
|
|
|
$
|
2,956,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
103,166
|
|
|
$
|
71,857
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Provision for loan losses
|
12,776
|
|
|
8,674
|
|
||
Depreciation, amortization, and accretion, net
|
14,823
|
|
|
14,479
|
|
||
Deferred income tax expense
|
2,599
|
|
|
36,014
|
|
||
Originations of mortgage loans held for sale
|
(128,618
|
)
|
|
(156,043
|
)
|
||
Proceeds from sales of mortgage loans held for sale
|
130,805
|
|
|
155,245
|
|
||
Gain on sales of mortgage loans held for sale, net
|
(3,445
|
)
|
|
(3,560
|
)
|
||
(Increase) decrease in other assets
|
(52,159
|
)
|
|
7,375
|
|
||
(Decrease) increase in other liabilities
|
(8,466
|
)
|
|
4,963
|
|
||
Investment securities gains, net
|
—
|
|
|
(7,668
|
)
|
||
Share-based compensation expense
|
3,955
|
|
|
3,360
|
|
||
Net cash provided by operating activities
|
75,436
|
|
|
134,696
|
|
||
|
|
|
|
||||
Investing Activities
|
|
|
|
||||
Proceeds from maturities and principal collections of investment securities available for sale
|
139,929
|
|
|
163,386
|
|
||
Proceeds from sales of investment securities available for sale
|
—
|
|
|
282,629
|
|
||
Purchases of investment securities available for sale
|
(211,085
|
)
|
|
(410,814
|
)
|
||
Proceeds from sales of loans
|
10,885
|
|
|
—
|
|
||
Proceeds from sales of other real estate
|
2,090
|
|
|
2,773
|
|
||
Net increase in loans
|
(109,180
|
)
|
|
(419,552
|
)
|
||
Purchases of bank-owned life insurance policies, net of settlements
|
1,523
|
|
|
(73,110
|
)
|
||
Net increase in premises and equipment
|
(9,212
|
)
|
|
(5,497
|
)
|
||
Proceeds from sales of other assets held for sale
|
—
|
|
|
1,328
|
|
||
Net cash used in investing activities
|
(175,050
|
)
|
|
(458,857
|
)
|
||
|
|
|
|
||||
Financing Activities
|
|
|
|
||||
Net (decrease) increase in demand and savings deposits
|
(216,836
|
)
|
|
364,517
|
|
||
Net increase in certificates of deposit
|
322,338
|
|
|
92,955
|
|
||
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements
|
24,341
|
|
|
(13,219
|
)
|
||
Repayments and redemption of long-term debt
|
(2,130,030
|
)
|
|
(275,000
|
)
|
||
Proceeds from issuance of long-term debt
|
2,280,000
|
|
|
275,000
|
|
||
Dividends paid to common shareholders
|
(17,835
|
)
|
|
(18,347
|
)
|
||
Dividends paid to preferred shareholders
|
(2,559
|
)
|
|
(2,559
|
)
|
||
Stock options exercised
|
1,240
|
|
|
1,919
|
|
||
Repurchase of common stock
|
(26,733
|
)
|
|
(15,151
|
)
|
||
Taxes paid related to net share settlement of equity awards
|
(8,228
|
)
|
|
(7,784
|
)
|
||
Net cash provided by financing activities
|
225,698
|
|
|
402,331
|
|
||
Increase in cash and cash equivalents including restricted cash
|
126,084
|
|
|
78,170
|
|
||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period
(1)
|
932,933
|
|
|
999,045
|
|
||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period
(1)
|
$
|
1,059,017
|
|
|
$
|
1,077,215
|
|
|
|
|
|
||||
Supplemental Cash Flow Information
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Income tax payments, net
|
$
|
183
|
|
|
$
|
210
|
|
Interest paid
|
33,431
|
|
|
31,714
|
|
||
Non-cash Activities
|
|
|
|
||||
Loans foreclosed and transferred to other real estate
|
3,407
|
|
|
2,679
|
|
||
Loans transferred to other loans held for sale at fair value
|
5,233
|
|
|
8,442
|
|
||
ASU 2014-09 cumulative effect adjustment to opening balance of retained earnings
|
(685
|
)
|
|
—
|
|
||
Equity investment securities available for sale transferred to other assets at fair value
|
3,162
|
|
|
—
|
|
||
Securities purchased during the period but settled after period-end
|
—
|
|
|
94,560
|
|
||
Dividends declared on common stock during the period but paid after period-end
|
29,675
|
|
|
—
|
|
||
|
|
|
|
|
|
March 31, 2018
|
||||||||||||||
(in thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
U.S. Treasury securities
|
|
$
|
122,655
|
|
|
$
|
—
|
|
|
$
|
(1,724
|
)
|
|
$
|
120,931
|
|
U.S. Government agency securities
|
|
10,769
|
|
|
128
|
|
|
—
|
|
|
10,897
|
|
||||
Mortgage-backed securities issued by U.S. Government agencies
|
|
115,888
|
|
|
237
|
|
|
(3,257
|
)
|
|
112,868
|
|
||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
|
2,734,650
|
|
|
483
|
|
|
(71,133
|
)
|
|
2,664,000
|
|
||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
|
1,102,361
|
|
|
—
|
|
|
(37,320
|
)
|
|
1,065,041
|
|
||||
State and municipal securities
|
|
115
|
|
|
—
|
|
|
—
|
|
|
115
|
|
||||
Corporate debt and other debt securities
|
|
17,000
|
|
|
274
|
|
|
(148
|
)
|
|
17,126
|
|
||||
Total investment securities available for sale
|
|
$
|
4,103,438
|
|
|
$
|
1,122
|
|
|
$
|
(113,582
|
)
|
|
$
|
3,990,978
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2017
|
||||||||||||||
(in thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
U.S. Treasury securities
|
|
$
|
83,608
|
|
|
$
|
—
|
|
|
$
|
(934
|
)
|
|
$
|
82,674
|
|
U.S. Government agency securities
|
|
10,771
|
|
|
91
|
|
|
—
|
|
|
10,862
|
|
||||
Mortgage-backed securities issued by U.S. Government agencies
|
|
121,283
|
|
|
519
|
|
|
(1,362
|
)
|
|
120,440
|
|
||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
|
2,666,818
|
|
|
5,059
|
|
|
(31,354
|
)
|
|
2,640,523
|
|
||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
|
1,135,259
|
|
|
144
|
|
|
(23,404
|
)
|
|
1,111,999
|
|
||||
State and municipal securities
|
|
180
|
|
|
—
|
|
|
—
|
|
|
180
|
|
||||
Corporate debt and other securities
|
|
20,320
|
|
|
294
|
|
|
(223
|
)
|
|
20,391
|
|
||||
Total investment securities available for sale
|
|
$
|
4,038,239
|
|
|
$
|
6,107
|
|
|
$
|
(57,277
|
)
|
|
$
|
3,987,069
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
||||||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
(in thousands)
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
|
Gross Unrealized
Losses
|
||||||||||||
U.S. Treasury securities
|
$
|
72,694
|
|
|
$
|
989
|
|
|
$
|
29,313
|
|
|
$
|
735
|
|
|
$
|
102,007
|
|
|
$
|
1,724
|
|
Mortgage-backed securities issued by U.S. Government agencies
|
39,763
|
|
|
1,045
|
|
|
52,763
|
|
|
2,212
|
|
|
92,526
|
|
|
3,257
|
|
||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
1,656,562
|
|
|
38,195
|
|
|
882,984
|
|
|
32,938
|
|
|
2,539,546
|
|
|
71,133
|
|
||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
629,793
|
|
|
17,650
|
|
|
435,247
|
|
|
19,670
|
|
|
1,065,040
|
|
|
37,320
|
|
||||||
Corporate debt and other debt securities
|
—
|
|
|
—
|
|
|
1,852
|
|
|
148
|
|
|
1,852
|
|
|
148
|
|
||||||
Total
|
$
|
2,398,812
|
|
|
$
|
57,879
|
|
|
$
|
1,402,159
|
|
|
$
|
55,703
|
|
|
$
|
3,800,971
|
|
|
$
|
113,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2017
|
||||||||||||||||||||||
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
(in thousands)
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
|
Gross Unrealized
Losses
|
||||||||||||
U.S. Treasury securities
|
$
|
34,243
|
|
|
$
|
443
|
|
|
$
|
29,562
|
|
|
$
|
491
|
|
|
$
|
63,805
|
|
|
$
|
934
|
|
Mortgage-backed securities issued by U.S. Government agencies
|
36,810
|
|
|
357
|
|
|
55,740
|
|
|
1,005
|
|
|
92,550
|
|
|
1,362
|
|
||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
1,271,012
|
|
|
10,263
|
|
|
929,223
|
|
|
21,091
|
|
|
2,200,235
|
|
|
31,354
|
|
||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
653,781
|
|
|
9,497
|
|
|
426,237
|
|
|
13,907
|
|
|
1,080,018
|
|
|
23,404
|
|
||||||
Corporate debt and other securities
|
—
|
|
|
—
|
|
|
5,097
|
|
|
223
|
|
|
5,097
|
|
|
223
|
|
||||||
Total
|
$
|
1,995,846
|
|
|
$
|
20,560
|
|
|
$
|
1,445,859
|
|
|
$
|
36,717
|
|
|
$
|
3,441,705
|
|
|
$
|
57,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution of Maturities at March 31, 2018
|
|||||||||||||||||||
(in thousands)
|
Within One
Year
|
|
1 to 5
Years
|
|
5 to 10
Years
|
|
More Than
10 Years
|
|
|
Total
|
||||||||||
Amortized Cost
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
$
|
18,924
|
|
|
$
|
103,731
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
122,655
|
|
U.S. Government agency securities
|
2,330
|
|
|
6,437
|
|
|
2,002
|
|
|
—
|
|
|
|
10,769
|
|
|||||
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
—
|
|
|
29,355
|
|
|
86,533
|
|
|
|
115,888
|
|
|||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
7
|
|
|
1,657
|
|
|
578,774
|
|
|
2,154,212
|
|
|
|
2,734,650
|
|
|||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
—
|
|
|
18,652
|
|
|
1,083,709
|
|
|
|
1,102,361
|
|
|||||
State and municipal securities
|
115
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
115
|
|
|||||
Corporate debt and other debt securities
|
—
|
|
|
—
|
|
|
15,000
|
|
|
2,000
|
|
|
|
17,000
|
|
|||||
Total amortized cost
|
$
|
21,376
|
|
|
$
|
111,825
|
|
|
$
|
643,783
|
|
|
$
|
3,326,454
|
|
|
|
$
|
4,103,438
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fair Value
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
$
|
18,924
|
|
|
$
|
102,007
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
120,931
|
|
U.S. Government agency securities
|
2,355
|
|
|
6,514
|
|
|
2,028
|
|
|
—
|
|
|
|
10,897
|
|
|||||
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
—
|
|
|
28,993
|
|
|
83,875
|
|
|
|
112,868
|
|
|||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
7
|
|
|
1,723
|
|
|
565,331
|
|
|
2,096,939
|
|
|
|
2,664,000
|
|
|||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
—
|
|
|
18,218
|
|
|
1,046,823
|
|
|
|
1,065,041
|
|
|||||
State and municipal securities
|
115
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
115
|
|
|||||
Corporate debt and other debt securities
|
—
|
|
|
—
|
|
|
15,274
|
|
|
1,852
|
|
|
|
17,126
|
|
|||||
Total fair value
|
$
|
21,401
|
|
|
$
|
110,244
|
|
|
$
|
629,844
|
|
|
$
|
3,229,489
|
|
|
|
$
|
3,990,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
|
2018
|
|
2017
|
||||
Proceeds from sales of investment securities available for sale
|
|
$
|
—
|
|
|
$
|
282,629
|
|
Gross realized gains on sales
|
|
—
|
|
|
7,702
|
|
||
Gross realized losses on sales
|
|
—
|
|
|
(34
|
)
|
||
Investment securities gains, net
|
|
$
|
—
|
|
|
$
|
7,668
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Severance charges
|
$
|
—
|
|
|
$
|
6,453
|
|
Other charges, net
|
(315
|
)
|
|
58
|
|
||
Total restructuring charges, net
|
$
|
(315
|
)
|
|
$
|
6,511
|
|
|
|
|
|
(in thousands)
|
Severance Charges
|
|
Lease Termination Charges
|
|
Total
|
||||||
Balance at December 31, 2017
|
$
|
336
|
|
|
$
|
3,276
|
|
|
$
|
3,612
|
|
Accruals for lease terminations
|
—
|
|
|
(377
|
)
|
|
(377
|
)
|
|||
Payments
|
(336
|
)
|
|
(393
|
)
|
|
(729
|
)
|
|||
Balance at March 31, 2018
|
$
|
—
|
|
|
$
|
2,506
|
|
|
$
|
2,506
|
|
|
|
|
|
|
|
(in thousands)
|
Severance Charges
|
|
Lease Termination Charges
|
|
Total
|
||||||
Balance at December 31, 2016
|
$
|
81
|
|
|
$
|
3,968
|
|
|
$
|
4,049
|
|
Accrual for voluntary and involuntary termination benefits
|
6,453
|
|
|
—
|
|
|
6,453
|
|
|||
Payments
|
(219
|
)
|
|
(279
|
)
|
|
(498
|
)
|
|||
Balance at March 31, 2017
|
$
|
6,315
|
|
|
$
|
3,689
|
|
|
$
|
10,004
|
|
|
|
|
|
|
|
Current, Accruing Past Due, and Non-accrual Loans
|
|
||||||||||||||||||||||||
|
March 31, 2018
|
|
|||||||||||||||||||||||
(in thousands)
|
Current
|
|
Accruing 30-89 Days Past Due
|
|
Accruing 90 Days or Greater Past Due
|
|
Total Accruing Past Due
|
|
Non-accrual
|
|
Total
|
|
|||||||||||||
Investment properties
|
$
|
5,613,811
|
|
|
$
|
1,986
|
|
|
$
|
323
|
|
|
$
|
2,309
|
|
|
$
|
2,930
|
|
|
$
|
5,619,050
|
|
|
|
1-4 family properties
|
753,255
|
|
|
2,232
|
|
|
783
|
|
|
3,015
|
|
|
2,634
|
|
|
758,904
|
|
|
|||||||
Land and development
|
449,700
|
|
|
3,450
|
|
|
49
|
|
|
3,499
|
|
|
4,574
|
|
|
457,773
|
|
|
|||||||
Total commercial real estate
|
6,816,766
|
|
|
7,668
|
|
|
1,155
|
|
|
8,823
|
|
|
10,138
|
|
|
6,835,727
|
|
|
|||||||
Commercial, financial and agricultural
|
7,093,270
|
|
|
15,872
|
|
|
783
|
|
|
16,655
|
|
|
81,606
|
|
|
7,191,531
|
|
|
|||||||
Owner-occupied
|
4,901,542
|
|
|
3,841
|
|
|
936
|
|
|
4,777
|
|
|
4,067
|
|
|
4,910,386
|
|
|
|||||||
Total commercial and industrial
|
11,994,812
|
|
|
19,713
|
|
|
1,719
|
|
|
21,432
|
|
|
85,673
|
|
|
12,101,917
|
|
|
|||||||
Home equity lines
|
1,450,454
|
|
|
6,718
|
|
|
431
|
|
|
7,149
|
|
|
14,868
|
|
|
1,472,471
|
|
|
|||||||
Consumer mortgages
|
2,651,758
|
|
|
3,905
|
|
|
—
|
|
|
3,905
|
|
|
7,708
|
|
|
2,663,371
|
|
|
|||||||
Credit cards
|
223,232
|
|
|
1,599
|
|
|
1,882
|
|
|
3,481
|
|
|
—
|
|
|
226,713
|
|
|
|||||||
Other consumer loans
|
1,595,745
|
|
|
9,131
|
|
|
229
|
|
|
9,360
|
|
|
1,694
|
|
|
1,606,799
|
|
|
|||||||
Total consumer
|
5,921,189
|
|
|
21,353
|
|
|
2,542
|
|
|
23,895
|
|
|
24,270
|
|
|
5,969,354
|
|
|
|||||||
Total loans
|
$
|
24,732,767
|
|
|
$
|
48,734
|
|
|
$
|
5,416
|
|
|
$
|
54,150
|
|
|
$
|
120,081
|
|
|
$
|
24,906,998
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
December 31, 2017
|
|
|||||||||||||||||||||||
(in thousands)
|
Current
|
|
Accruing 30-89 Days Past Due
|
|
Accruing 90 Days or Greater Past Due
|
|
Total Accruing Past Due
|
|
Non-accrual
|
|
Total
|
|
|||||||||||||
Investment properties
|
$
|
5,663,665
|
|
|
$
|
2,506
|
|
|
$
|
90
|
|
|
$
|
2,596
|
|
|
$
|
3,804
|
|
|
$
|
5,670,065
|
|
|
|
1-4 family properties
|
775,023
|
|
|
3,545
|
|
|
202
|
|
|
3,747
|
|
|
2,849
|
|
|
781,619
|
|
|
|||||||
Land and development
|
476,131
|
|
|
1,609
|
|
|
67
|
|
|
1,676
|
|
|
5,797
|
|
|
483,604
|
|
|
|||||||
Total commercial real estate
|
6,914,819
|
|
|
7,660
|
|
|
359
|
|
|
8,019
|
|
|
12,450
|
|
|
6,935,288
|
|
|
|||||||
Commercial, financial and agricultural
|
7,097,127
|
|
|
11,214
|
|
|
1,016
|
|
|
12,230
|
|
|
70,130
|
|
|
7,179,487
|
|
|
|||||||
Owner-occupied
|
4,830,150
|
|
|
6,880
|
|
|
479
|
|
|
7,359
|
|
|
6,654
|
|
|
4,844,163
|
|
|
|||||||
Total commercial and industrial
|
11,927,277
|
|
|
18,094
|
|
|
1,495
|
|
|
19,589
|
|
|
76,784
|
|
|
12,023,650
|
|
|
|||||||
Home equity lines
|
1,490,808
|
|
|
5,629
|
|
|
335
|
|
|
5,964
|
|
|
17,455
|
|
|
1,514,227
|
|
|
|||||||
Consumer mortgages
|
2,622,061
|
|
|
3,971
|
|
|
268
|
|
|
4,239
|
|
|
7,203
|
|
|
2,633,503
|
|
|
|||||||
Credit cards
|
229,015
|
|
|
1,930
|
|
|
1,731
|
|
|
3,661
|
|
|
—
|
|
|
232,676
|
|
|
|||||||
Other consumer loans
|
1,461,223
|
|
|
10,333
|
|
|
226
|
|
|
10,559
|
|
|
1,669
|
|
|
1,473,451
|
|
|
|||||||
Total consumer
|
5,803,107
|
|
|
21,863
|
|
|
2,560
|
|
|
24,423
|
|
|
26,327
|
|
|
5,853,857
|
|
|
|||||||
Total loans
|
$
|
24,645,203
|
|
|
$
|
47,617
|
|
|
$
|
4,414
|
|
|
$
|
52,031
|
|
|
$
|
115,561
|
|
|
$
|
24,812,795
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans (including accruing TDRs)
|
|||||||||||||||||||
|
March 31, 2018
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||
(in thousands)
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
With no related allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment properties
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
1-4 family properties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land and development
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|||||
Total commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|||||
Commercial,
financial and agricultural
|
9,614
|
|
|
12,039
|
|
|
—
|
|
|
8,682
|
|
|
—
|
|
|||||
Owner-occupied
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial and industrial
|
9,614
|
|
|
12,039
|
|
|
—
|
|
|
8,682
|
|
|
—
|
|
|||||
Home equity lines
|
1,086
|
|
|
1,086
|
|
|
—
|
|
|
2,122
|
|
|
—
|
|
|||||
Consumer mortgages
|
2,640
|
|
|
2,665
|
|
|
—
|
|
|
880
|
|
|
—
|
|
|||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total consumer
|
3,726
|
|
|
3,751
|
|
|
—
|
|
|
3,002
|
|
|
—
|
|
|||||
Total impaired loans with no
related allowance recorded
|
$
|
13,340
|
|
|
$
|
15,790
|
|
|
$
|
—
|
|
|
$
|
11,721
|
|
|
$
|
—
|
|
With allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment properties
|
$
|
19,388
|
|
|
$
|
19,388
|
|
|
$
|
753
|
|
|
$
|
22,769
|
|
|
$
|
198
|
|
1-4 family properties
|
12,008
|
|
|
12,008
|
|
|
392
|
|
|
11,715
|
|
|
216
|
|
|||||
Land and development
|
17,825
|
|
|
19,565
|
|
|
2,595
|
|
|
18,133
|
|
|
76
|
|
|||||
Total commercial real estate
|
49,221
|
|
|
50,961
|
|
|
3,740
|
|
|
52,617
|
|
|
490
|
|
|||||
Commercial,
financial and agricultural
|
65,422
|
|
|
65,691
|
|
|
12,491
|
|
|
67,198
|
|
|
273
|
|
|||||
Owner-occupied
|
37,787
|
|
|
37,841
|
|
|
1,914
|
|
|
37,715
|
|
|
357
|
|
|||||
Total commercial and industrial
|
103,209
|
|
|
103,532
|
|
|
14,405
|
|
|
104,913
|
|
|
630
|
|
|||||
Home equity lines
|
3,475
|
|
|
3,475
|
|
|
44
|
|
|
4,383
|
|
|
45
|
|
|||||
Consumer mortgages
|
17,378
|
|
|
17,378
|
|
|
447
|
|
|
19,106
|
|
|
194
|
|
|||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other consumer loans
|
5,029
|
|
|
5,031
|
|
|
306
|
|
|
5,391
|
|
|
71
|
|
|||||
Total consumer
|
25,882
|
|
|
25,884
|
|
|
797
|
|
|
28,880
|
|
|
310
|
|
|||||
Total impaired loans with
allowance recorded
|
$
|
178,312
|
|
|
$
|
180,377
|
|
|
$
|
18,942
|
|
|
$
|
186,410
|
|
|
$
|
1,430
|
|
Total impaired loans
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment properties
|
$
|
19,388
|
|
|
$
|
19,388
|
|
|
$
|
753
|
|
|
$
|
22,769
|
|
|
$
|
198
|
|
1-4 family properties
|
12,008
|
|
|
12,008
|
|
|
392
|
|
|
11,715
|
|
|
216
|
|
|||||
Land and development
|
17,825
|
|
|
19,565
|
|
|
2,595
|
|
|
18,170
|
|
|
76
|
|
|||||
Total commercial real estate
|
49,221
|
|
|
50,961
|
|
|
3,740
|
|
|
52,654
|
|
|
490
|
|
|||||
Commercial,
financial and agricultural
|
75,036
|
|
|
77,730
|
|
|
12,491
|
|
|
75,880
|
|
|
273
|
|
|||||
Owner-occupied
|
37,787
|
|
|
37,841
|
|
|
1,914
|
|
|
37,715
|
|
|
357
|
|
|||||
Total commercial and industrial
|
112,823
|
|
|
115,571
|
|
|
14,405
|
|
|
113,595
|
|
|
630
|
|
|||||
Home equity lines
|
4,561
|
|
|
4,561
|
|
|
44
|
|
|
6,505
|
|
|
45
|
|
|||||
Consumer mortgages
|
20,018
|
|
|
20,043
|
|
|
447
|
|
|
19,986
|
|
|
194
|
|
|||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other consumer loans
|
5,029
|
|
|
5,031
|
|
|
306
|
|
|
5,391
|
|
|
71
|
|
|||||
Total consumer
|
29,608
|
|
|
29,635
|
|
|
797
|
|
|
31,882
|
|
|
310
|
|
|||||
Total impaired loans
|
$
|
191,652
|
|
|
196,167
|
|
|
18,942
|
|
|
198,131
|
|
|
1,430
|
|
||||
|
|
|
|
|
|
|
|
|
|
Impaired Loans (including accruing TDRs)
|
|||||||||||||||||||
|
December 31, 2017
|
|
Year Ended December 31, 2017
|
||||||||||||||||
(in thousands)
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
With no related allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment properties
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
—
|
|
||||
1-4 family properties
|
—
|
|
|
—
|
|
|
—
|
|
|
323
|
|
|
—
|
|
|||||
Land and development
|
56
|
|
|
1,740
|
|
|
—
|
|
|
1,816
|
|
|
—
|
|
|||||
Total commercial real estate
|
56
|
|
|
1,740
|
|
|
—
|
|
|
2,262
|
|
|
—
|
|
|||||
Commercial, financial and agricultural
|
8,220
|
|
|
9,576
|
|
|
—
|
|
|
21,686
|
|
|
—
|
|
|||||
Owner-occupied
|
—
|
|
|
—
|
|
|
—
|
|
|
6,665
|
|
|
—
|
|
|||||
Total commercial and industrial
|
8,220
|
|
|
9,576
|
|
|
—
|
|
|
28,351
|
|
|
—
|
|
|||||
Home equity lines
|
2,746
|
|
|
2,943
|
|
|
—
|
|
|
1,205
|
|
|
—
|
|
|||||
Consumer mortgages
|
—
|
|
|
—
|
|
|
—
|
|
|
496
|
|
|
—
|
|
|||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total consumer
|
2,746
|
|
|
2,943
|
|
|
—
|
|
|
1,701
|
|
|
—
|
|
|||||
Total impaired loans with no
related allowance recorded
|
$
|
11,022
|
|
|
14,259
|
|
|
—
|
|
|
32,314
|
|
|
—
|
|
||||
With allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment properties
|
$
|
23,364
|
|
|
23,364
|
|
|
1,100
|
|
|
28,749
|
|
|
1,144
|
|
||||
1-4 family properties
|
15,056
|
|
|
15,056
|
|
|
504
|
|
|
16,257
|
|
|
925
|
|
|||||
Land and development
|
18,420
|
|
|
18,476
|
|
|
2,636
|
|
|
23,338
|
|
|
404
|
|
|||||
Total commercial real estate
|
56,840
|
|
|
56,896
|
|
|
4,240
|
|
|
68,344
|
|
|
2,473
|
|
|||||
Commercial, financial and agricultural
|
65,715
|
|
|
65,851
|
|
|
7,406
|
|
|
50,468
|
|
|
1,610
|
|
|||||
Owner-occupied
|
37,399
|
|
|
37,441
|
|
|
2,109
|
|
|
40,498
|
|
|
1,382
|
|
|||||
Total commercial and industrial
|
103,114
|
|
|
103,292
|
|
|
9,515
|
|
|
90,966
|
|
|
2,992
|
|
|||||
Home equity lines
|
5,096
|
|
|
5,096
|
|
|
114
|
|
|
7,476
|
|
|
334
|
|
|||||
Consumer mortgages
|
18,668
|
|
|
18,668
|
|
|
569
|
|
|
19,144
|
|
|
896
|
|
|||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other consumer loans
|
5,546
|
|
|
5,546
|
|
|
470
|
|
|
4,765
|
|
|
266
|
|
|||||
Total consumer
|
29,310
|
|
|
29,310
|
|
|
1,153
|
|
|
31,385
|
|
|
1,496
|
|
|||||
Total impaired loans with
allowance recorded
|
$
|
189,264
|
|
|
189,498
|
|
|
14,908
|
|
|
190,695
|
|
|
6,961
|
|
||||
Total impaired loans
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment properties
|
$
|
23,364
|
|
|
23,364
|
|
|
1,100
|
|
|
28,872
|
|
|
1,144
|
|
||||
1-4 family properties
|
15,056
|
|
|
15,056
|
|
|
504
|
|
|
16,580
|
|
|
925
|
|
|||||
Land and development
|
18,476
|
|
|
20,216
|
|
|
2,636
|
|
|
25,154
|
|
|
404
|
|
|||||
Total commercial real estate
|
56,896
|
|
|
58,636
|
|
|
4,240
|
|
|
70,606
|
|
|
2,473
|
|
|||||
Commercial, financial and agricultural
|
73,935
|
|
|
75,427
|
|
|
7,406
|
|
|
72,154
|
|
|
1,610
|
|
|||||
Owner-occupied
|
37,399
|
|
|
37,441
|
|
|
2,109
|
|
|
47,163
|
|
|
1,382
|
|
|||||
Total commercial and industrial
|
111,334
|
|
|
112,868
|
|
|
9,515
|
|
|
119,317
|
|
|
2,992
|
|
|||||
Home equity lines
|
7,842
|
|
|
8,039
|
|
|
114
|
|
|
8,681
|
|
|
334
|
|
|||||
Consumer mortgages
|
18,668
|
|
|
18,668
|
|
|
569
|
|
|
19,640
|
|
|
896
|
|
|||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other consumer loans
|
5,546
|
|
|
5,546
|
|
|
470
|
|
|
4,765
|
|
|
266
|
|
|||||
Total consumer
|
32,056
|
|
|
32,253
|
|
|
1,153
|
|
|
33,086
|
|
|
1,496
|
|
|||||
Total impaired loans
|
$
|
200,286
|
|
|
$
|
203,757
|
|
|
$
|
14,908
|
|
|
$
|
223,009
|
|
|
$
|
6,961
|
|
|
|
|
|
|
|
|
|
|
|
TDRs by Concession Type
|
|
|
||||||||||||||||||
|
Three Months Ended March 31, 2018
|
|
||||||||||||||||||
(in thousands, except contract data)
|
Number of Contracts
|
|
Principal Forgiveness
|
|
Below Market Interest Rate
|
|
Term Extensions
and/or Other Concessions
|
|
Total
|
|
||||||||||
Investment properties
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,959
|
|
|
$
|
1,959
|
|
|
|
1-4 family properties
|
6
|
|
|
—
|
|
|
963
|
|
|
—
|
|
|
963
|
|
|
|||||
Total commercial real estate
|
7
|
|
|
—
|
|
|
963
|
|
|
1,959
|
|
|
2,922
|
|
|
|||||
Commercial, financial and agricultural
|
9
|
|
|
—
|
|
|
—
|
|
|
989
|
|
|
989
|
|
|
|||||
Owner-occupied
|
2
|
|
|
—
|
|
|
2,705
|
|
|
93
|
|
|
2,798
|
|
|
|||||
Total commercial and industrial
|
11
|
|
|
—
|
|
|
2,705
|
|
|
1,082
|
|
|
3,787
|
|
|
|||||
Consumer mortgages
|
7
|
|
|
—
|
|
|
1,733
|
|
|
—
|
|
|
1,733
|
|
|
|||||
Other consumer loans
|
14
|
|
|
—
|
|
|
537
|
|
|
508
|
|
|
1,045
|
|
|
|||||
Total consumer
|
21
|
|
|
—
|
|
|
2,270
|
|
|
508
|
|
|
2,778
|
|
|
|||||
Total TDRs
|
39
|
|
|
$
|
—
|
|
|
$
|
5,938
|
|
|
$
|
3,549
|
|
|
$
|
9,487
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
TDRs by Concession Type
|
|
|
||||||||||||||||||
|
Three Months Ended March 31, 2017
|
|
||||||||||||||||||
(in thousands, except contract data)
|
Number of Contracts
|
|
Principal Forgiveness
|
|
Below Market Interest Rate
|
|
Term Extensions
and/or Other Concessions
|
|
Total
|
|
||||||||||
1-4 family properties
|
8
|
|
|
—
|
|
|
1,611
|
|
|
317
|
|
|
1,928
|
|
|
|||||
Total commercial real estate
|
8
|
|
|
—
|
|
|
1,611
|
|
|
317
|
|
|
1,928
|
|
|
|||||
Commercial, financial and agricultural
|
18
|
|
|
—
|
|
|
3,865
|
|
|
5,539
|
|
|
9,404
|
|
|
|||||
Total commercial and industrial
|
18
|
|
|
—
|
|
|
3,865
|
|
|
5,539
|
|
|
9,404
|
|
|
|||||
Other consumer loans
|
3
|
|
|
—
|
|
|
—
|
|
|
275
|
|
|
275
|
|
|
|||||
Total consumer
|
3
|
|
|
—
|
|
|
—
|
|
|
275
|
|
|
275
|
|
|
|||||
Total TDRs
|
29
|
|
|
$
|
—
|
|
|
$
|
5,476
|
|
|
$
|
6,131
|
|
|
$
|
11,607
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
|
|||||||||||||||
(in thousands)
|
Net unrealized gains (losses) on cash flow hedges
|
|
Net unrealized gains (losses) on investment securities available for sale
|
|
Post-retirement unfunded health benefit
|
|
Total
|
||||||||
Balance at December 31, 2017
|
$
|
(12,137
|
)
|
|
$
|
(43,470
|
)
|
|
$
|
853
|
|
|
$
|
(54,754
|
)
|
Other comprehensive income before reclassifications
|
—
|
|
|
(45,531
|
)
|
|
—
|
|
|
(45,531
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
(21
|
)
|
||||
Net current period other comprehensive income
|
—
|
|
|
(45,531
|
)
|
|
(21
|
)
|
|
(45,552
|
)
|
||||
Reclassification from adoption of ASU 2018-02
|
—
|
|
|
(7,763
|
)
|
|
175
|
|
|
(7,588
|
)
|
||||
Cumulative-effect adjustment from adoption of ASU 2016-01
|
—
|
|
|
117
|
|
|
—
|
|
|
117
|
|
||||
Balance as of March 31, 2018
|
$
|
(12,137
|
)
|
|
$
|
(96,647
|
)
|
|
$
|
1,007
|
|
|
$
|
(107,777
|
)
|
|
|
|
|
|
|
|
|
Level 1
|
Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued. Level 1 assets include U.S. Treasury securities and mutual funds.
|
Level 2
|
Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined by using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. U.S. Government sponsored agency securities, mortgage-backed securities issued by GSEs and agencies, obligations of states and municipalities, collateralized mortgage obligations issued by GSEs, and mortgage loans held-for-sale are generally included in this category.
|
Level 3
|
Unobservable inputs that are supported by little, if any, market activity for the asset or liability. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow models and similar techniques, and may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. These methods of valuation may result in a significant portion of the fair value being derived from unobservable assumptions that reflect Synovus' own estimates for assumptions that market participants would use in pricing the asset or liability. This category primarily includes collateral-dependent impaired loans, other loans held for sale, other real estate, certain corporate securities, private equity investments, GGL/SBA loan servicing assets, and the earnout liability.
|
|
March 31, 2018
|
||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets and Liabilities at Fair Value
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Trading securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Government agency securities
|
$
|
—
|
|
|
$
|
25,971
|
|
|
$
|
—
|
|
|
$
|
25,971
|
|
Collateralized mortgage obligations issued by
U.S. Government sponsored enterprises
|
—
|
|
|
240
|
|
|
—
|
|
|
240
|
|
||||
State and municipal securities
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
||||
Total trading securities
|
$
|
—
|
|
|
$
|
26,251
|
|
|
$
|
—
|
|
|
$
|
26,251
|
|
Mortgage loans held for sale
|
—
|
|
|
50,439
|
|
|
—
|
|
|
50,439
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
120,931
|
|
|
—
|
|
|
—
|
|
|
120,931
|
|
||||
U.S. Government agency securities
|
—
|
|
|
10,897
|
|
|
—
|
|
|
10,897
|
|
||||
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
112,868
|
|
|
—
|
|
|
112,868
|
|
||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
—
|
|
|
2,664,000
|
|
|
—
|
|
|
2,664,000
|
|
||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
1,065,041
|
|
|
—
|
|
|
1,065,041
|
|
||||
State and municipal securities
|
—
|
|
|
115
|
|
|
—
|
|
|
115
|
|
||||
Corporate debt and other debt securities
(1)
|
—
|
|
|
15,274
|
|
|
1,852
|
|
|
17,126
|
|
||||
Total investment securities available for sale
|
$
|
120,931
|
|
|
$
|
3,868,195
|
|
|
$
|
1,852
|
|
|
$
|
3,990,978
|
|
Private equity investments
|
—
|
|
|
—
|
|
|
12,715
|
|
|
12,715
|
|
||||
Mutual funds
|
3,131
|
|
|
—
|
|
|
—
|
|
|
3,131
|
|
||||
Mutual funds held in rabbi trusts
|
13,385
|
|
|
—
|
|
|
—
|
|
|
13,385
|
|
||||
GGL/SBA loans servicing asset
|
—
|
|
|
—
|
|
|
3,971
|
|
|
3,971
|
|
||||
Derivative assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
7,672
|
|
|
—
|
|
|
7,672
|
|
||||
Mortgage derivatives
(2)
|
—
|
|
|
1,735
|
|
|
—
|
|
|
1,735
|
|
||||
Total derivative assets
|
$
|
—
|
|
|
$
|
9,407
|
|
|
$
|
—
|
|
|
$
|
9,407
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Trading account liabilities
|
—
|
|
|
23,856
|
|
|
—
|
|
|
23,856
|
|
||||
Earnout liability
(3)
|
—
|
|
|
—
|
|
|
11,348
|
|
|
11,348
|
|
||||
Derivative liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
16,122
|
|
|
—
|
|
|
16,122
|
|
||||
Visa derivative
|
—
|
|
|
—
|
|
|
3,974
|
|
|
3,974
|
|
||||
Total derivative liabilities
|
$
|
—
|
|
|
$
|
16,122
|
|
|
$
|
3,974
|
|
|
$
|
20,096
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets and Liabilities at Fair Value
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Trading securities:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities issued by U.S. Government agencies
|
$
|
—
|
|
|
$
|
3,002
|
|
|
$
|
—
|
|
|
$
|
3,002
|
|
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises
|
—
|
|
|
296
|
|
|
—
|
|
|
296
|
|
||||
Other investments
|
522
|
|
|
—
|
|
|
—
|
|
|
522
|
|
||||
Total trading securities
|
$
|
522
|
|
|
$
|
3,298
|
|
|
$
|
—
|
|
|
$
|
3,820
|
|
Mortgage loans held for sale
|
—
|
|
|
48,024
|
|
|
—
|
|
|
48,024
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
82,674
|
|
|
—
|
|
|
—
|
|
|
82,674
|
|
||||
U.S. Government agency securities
|
—
|
|
|
10,862
|
|
|
—
|
|
|
10,862
|
|
||||
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
120,440
|
|
|
—
|
|
|
120,440
|
|
||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
—
|
|
|
2,640,523
|
|
|
—
|
|
|
2,640,523
|
|
||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
1,111,999
|
|
|
—
|
|
|
1,111,999
|
|
||||
State and municipal securities
|
—
|
|
|
180
|
|
|
—
|
|
|
180
|
|
||||
Corporate debt and other securities
(1)
|
3,162
|
|
|
15,294
|
|
|
1,935
|
|
|
20,391
|
|
||||
Total investment securities available for sale
|
$
|
85,836
|
|
|
$
|
3,899,298
|
|
|
$
|
1,935
|
|
|
$
|
3,987,069
|
|
Private equity investments
|
—
|
|
|
—
|
|
|
15,771
|
|
|
15,771
|
|
||||
Mutual funds held in rabbi trusts
|
14,140
|
|
|
—
|
|
|
—
|
|
|
14,140
|
|
||||
GGL/SBA loan servicing asset
|
—
|
|
|
—
|
|
|
4,101
|
|
|
4,101
|
|
||||
Derivative assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
10,786
|
|
|
—
|
|
|
10,786
|
|
||||
Mortgage derivatives
(2)
|
—
|
|
|
936
|
|
|
—
|
|
|
936
|
|
||||
Total derivative assets
|
$
|
—
|
|
|
$
|
11,722
|
|
|
$
|
—
|
|
|
$
|
11,722
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Trading account liabilities
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
||||
Earnout liability
(3)
|
—
|
|
|
—
|
|
|
11,348
|
|
|
11,348
|
|
||||
Derivative liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
12,638
|
|
|
—
|
|
|
12,638
|
|
||||
Mortgage derivatives
(2)
|
—
|
|
|
129
|
|
|
—
|
|
|
129
|
|
||||
Visa derivative
|
—
|
|
|
—
|
|
|
4,330
|
|
|
4,330
|
|
||||
Total derivative liabilities
|
$
|
—
|
|
|
$
|
12,767
|
|
|
$
|
4,330
|
|
|
$
|
17,097
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Included in Net Income
|
|
|
|
||||
|
For the Three Months Ended March 31,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Mortgage loans held for sale
|
$
|
115
|
|
|
$
|
1,203
|
|
|
|
|
|
Mortgage Loans Held for Sale
|
|
||||||
(in thousands)
|
As of March 31, 2018
|
|
As of December 31, 2017
|
||||
Fair value
|
$
|
50,439
|
|
|
$
|
48,024
|
|
Unpaid principal balance
|
49,139
|
|
|
46,839
|
|
||
Fair value less aggregate unpaid principal balance
|
$
|
1,300
|
|
|
$
|
1,185
|
|
|
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
(in thousands)
|
Investment Securities Available
for Sale
|
|
Private Equity Investments
|
|
Visa Derivative
|
|
Earnout
Liability
(1)
|
|
GGL / SBA
Loans Servicing Asset
|
||||||||||
Beginning balance, January 1, 2018
|
$
|
1,935
|
|
|
$
|
15,771
|
|
|
$
|
(4,330
|
)
|
|
$
|
(11,348
|
)
|
|
$
|
4,101
|
|
Total (losses) gains realized/unrealized:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings
|
—
|
|
|
(3,056
|
)
|
|
—
|
|
|
—
|
|
|
(422
|
)
|
|||||
Unrealized (losses) gains included in other comprehensive income
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
292
|
|
|||||
Settlements
|
—
|
|
|
—
|
|
|
356
|
|
|
—
|
|
|
—
|
|
|||||
Ending balance, March 31, 2018
|
$
|
1,852
|
|
|
$
|
12,715
|
|
|
$
|
(3,974
|
)
|
|
$
|
(11,348
|
)
|
|
$
|
3,971
|
|
Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held at March 31, 2018
|
$
|
—
|
|
|
$
|
(3,056
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(422
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||
(in thousands)
|
Investment Securities Available
for Sale
|
|
Private Equity Investments
|
|
Visa Derivative
|
|
Earnout
Liability
(1)
|
|
GGL / SBA
Loans Servicing Asset
(2)
|
||||||||||
Beginning balance, January 1, 2017
|
$
|
1,796
|
|
|
$
|
25,493
|
|
|
$
|
(5,768
|
)
|
|
$
|
(14,000
|
)
|
|
$
|
—
|
|
Total gains (losses) realized/unrealized:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings
|
—
|
|
|
(1,814
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unrealized gains included in other comprehensive income
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Settlements
|
—
|
|
|
—
|
|
|
356
|
|
|
—
|
|
|
—
|
|
|||||
Transfer from amortization method to fair value
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,178
|
|
|||||
Measurement period adjustments related to Global One acquisition
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
2,579
|
|
|
—
|
|
||||
Ending balance, March 31, 2017
|
$
|
1,851
|
|
|
$
|
23,679
|
|
|
$
|
(5,412
|
)
|
|
$
|
(11,421
|
)
|
|
$
|
4,178
|
|
Total net (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets still held at March 31, 2017
|
$
|
—
|
|
|
$
|
(1,814
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
|
|
Valuation Technique
|
Significant Unobservable Input
|
Level 3
Fair Value
|
|
Range/Weighted Average
|
|
Level 3
Fair Value
|
|
Range/Weighted Average
|
Assets and liabilities
measured at fair value
on a recurring basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities Available for Sale - Other Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust preferred securities
|
|
Discounted cash flow analysis
|
Credit spread embedded in discount rate
|
$1,852
|
|
439 bps
|
|
$1,935
|
|
398 bps
|
|
|
|
|
|
|
|
|
|
|
|
Private equity investments
|
|
Individual analysis of each investee company
|
Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies
|
12,715
|
|
N/A
|
|
15,771
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
GGL/SBA loans servicing asset
|
|
Discounted cash flow analysis
|
Discount rate Prepayment speeds
|
3,971
|
|
13.57% 7.98%
|
|
4,101
|
|
13.16% 7.50%
|
|
|
|
|
|
|
|
|
|
|
|
Earnout liability
|
|
Option pricing methods and Monte Carlo simulation
|
Financial projections of Global One
|
11,348
|
|
N/A
|
|
11,348
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Visa derivative liability
|
|
Discounted cash flow analysis
|
Estimated timing of resolution of covered litigation, future cumulative deposits to the litigation escrow for settlement of the covered litigation, and estimated future monthly fees payable to the derivative counterparty
|
3,974
|
|
1-4 years
|
|
4,330
|
|
1-4 years
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Impaired loans
*
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,531
|
|
|
$
|
4,531
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,603
|
|
|
$
|
3,603
|
|
Other loans held for sale
|
—
|
|
|
—
|
|
|
3,295
|
|
|
3,295
|
|
|
—
|
|
|
—
|
|
|
10,197
|
|
|
10,197
|
|
||||||||
Other real estate
|
—
|
|
|
—
|
|
|
1,447
|
|
|
1,447
|
|
|
—
|
|
|
—
|
|
|
3,363
|
|
|
3,363
|
|
||||||||
Other assets held for sale
|
—
|
|
|
—
|
|
|
1,395
|
|
|
1,395
|
|
|
—
|
|
|
—
|
|
|
5,334
|
|
|
5,334
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Impaired loans
*
|
$
|
720
|
|
|
$
|
2,230
|
|
Other loans held for sale
|
1,512
|
|
|
3,519
|
|
||
Other real estate
|
731
|
|
|
399
|
|
||
Other assets held for sale
|
107
|
|
|
238
|
|
||
|
|
|
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
|
Valuation Technique
|
Significant Unobservable Input
|
Range
(Weighted Average)
(1)
|
|
Range
(Weighted Average)
(1)
|
Assets measured at fair
value on a non-recurring basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral dependent impaired loans
|
|
Third-party appraised value of collateral less estimated selling costs
|
Discount to appraised value
(2)
Estimated selling costs
|
0% - 23% (9%)
0% - 10% (7%)
|
|
0%-50% (15%)
0%-10% (7%)
|
|
|
|
|
|
|
|
Other loans held for sale
|
|
Third-party appraised value of collateral less estimated selling costs
|
Discount to appraised value
(2)
Estimated selling costs
|
0% - 85% (30%)
0% - 10% (2%)
|
|
5% - 99% (54%)
0% - 10% (2%)
|
|
|
|
|
|
|
|
Other real estate
|
|
Third-party appraised value of real estate less estimated selling costs
|
Discount to appraised value
(2)
Estimated selling costs
|
0% - 39% (21%)
0% - 10% (7%)
|
|
0%-85% (35%)
0%-10% (7%)
|
|
|
|
|
|
|
|
Other assets held for sale
|
|
Third-party appraised value less estimated selling costs or BOV
|
Discount to appraised value
(2)
Estimated selling costs
|
N/A
0%-10% (7%)
|
|
21%-52% (25%)
0%-10% (7%)
|
|
|
|
|
|
|
|
|
March 31, 2018
|
||||||||||||||||||
(in thousands)
|
Carrying Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents
|
$
|
1,059,017
|
|
|
$
|
1,059,017
|
|
|
$
|
1,059,017
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Trading account assets
|
26,251
|
|
|
26,251
|
|
|
—
|
|
|
26,251
|
|
|
—
|
|
|||||
Mortgage loans held for sale
|
50,439
|
|
|
50,439
|
|
|
—
|
|
|
50,439
|
|
|
—
|
|
|||||
Other loans held for sale
|
6,591
|
|
|
6,591
|
|
|
—
|
|
|
—
|
|
|
6,591
|
|
|||||
Investment securities available for sale
|
3,990,978
|
|
|
3,990,978
|
|
|
120,931
|
|
|
3,868,195
|
|
|
1,852
|
|
|||||
Private equity investments
|
12,715
|
|
|
12,715
|
|
|
—
|
|
|
—
|
|
|
12,715
|
|
|||||
Mutual funds
|
3,131
|
|
|
3,131
|
|
|
3,131
|
|
|
—
|
|
|
—
|
|
|||||
Mutual funds held in rabbi trusts
|
13,385
|
|
|
13,385
|
|
|
13,385
|
|
|
—
|
|
|
—
|
|
|||||
Loans, net
|
24,625,273
|
|
|
24,538,259
|
|
|
—
|
|
|
—
|
|
|
24,538,259
|
|
|||||
GGL/SBA loans servicing asset
|
3,971
|
|
|
3,971
|
|
|
—
|
|
|
—
|
|
|
3,971
|
|
|||||
Derivative assets
|
9,407
|
|
|
9,407
|
|
|
—
|
|
|
9,407
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account liabilities
|
23,856
|
|
|
—
|
|
|
—
|
|
|
23,856
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest bearing deposits
|
7,381,070
|
|
|
7,381,070
|
|
|
—
|
|
|
7,381,070
|
|
|
—
|
|
|||||
Non-time interest bearing deposits
|
14,030,247
|
|
|
14,030,247
|
|
|
—
|
|
|
14,030,247
|
|
|
—
|
|
|||||
Time deposits
|
4,842,190
|
|
|
4,834,135
|
|
|
—
|
|
|
4,834,135
|
|
|
—
|
|
|||||
Total deposits
|
$
|
26,253,507
|
|
|
$
|
26,245,452
|
|
|
$
|
—
|
|
|
$
|
26,245,452
|
|
|
$
|
—
|
|
Federal funds purchased, other short-term borrowings and other short-term liabilities
|
185,531
|
|
|
185,531
|
|
|
185,531
|
|
|
—
|
|
|
—
|
|
|||||
Long-term debt
|
1,856,392
|
|
|
1,861,008
|
|
|
—
|
|
|
1,861,008
|
|
|
—
|
|
|||||
Earnout liabilities
|
11,348
|
|
|
11,348
|
|
|
—
|
|
|
—
|
|
|
11,348
|
|
|||||
Derivative liabilities
|
20,096
|
|
|
20,096
|
|
|
—
|
|
|
16,122
|
|
|
3,974
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
||||||||||||||||||
(in thousands)
|
Carrying Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents
|
$
|
932,933
|
|
|
$
|
932,933
|
|
|
$
|
932,933
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Trading account assets
|
3,820
|
|
|
3,820
|
|
|
522
|
|
|
3,298
|
|
|
—
|
|
|||||
Mortgage loans held for sale
|
48,024
|
|
|
48,024
|
|
|
—
|
|
|
48,024
|
|
|
—
|
|
|||||
Other loans for sale
|
11,356
|
|
|
11,356
|
|
|
—
|
|
|
—
|
|
|
11,356
|
|
|||||
Investment securities available for sale
|
3,987,069
|
|
|
3,987,069
|
|
|
85,836
|
|
|
3,899,298
|
|
|
1,935
|
|
|||||
Private equity investments
|
15,771
|
|
|
15,771
|
|
|
—
|
|
|
—
|
|
|
15,771
|
|
|||||
Mutual funds held in rabbi trusts
|
14,140
|
|
|
14,140
|
|
|
14,140
|
|
|
—
|
|
|
—
|
|
|||||
Loans, net
|
24,538,196
|
|
|
24,507,141
|
|
|
—
|
|
|
—
|
|
|
24,507,141
|
|
|||||
GGL/SBA loans servicing asset
|
4,101
|
|
|
4,101
|
|
|
—
|
|
|
—
|
|
|
4,101
|
|
|||||
Derivative assets
|
11,722
|
|
|
11,722
|
|
|
—
|
|
|
11,722
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading account liabilities
|
1,000
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest bearing deposits
|
7,686,339
|
|
|
7,686,339
|
|
|
—
|
|
|
7,686,339
|
|
|
—
|
|
|||||
Non-time interest bearing deposits
|
13,941,814
|
|
|
13,941,814
|
|
|
—
|
|
|
13,941,814
|
|
|
—
|
|
|||||
Time deposits
|
4,519,747
|
|
|
4,523,661
|
|
|
—
|
|
|
4,523,661
|
|
|
—
|
|
|||||
Total deposits
|
$
|
26,147,900
|
|
|
$
|
26,151,814
|
|
|
$
|
—
|
|
|
$
|
26,151,814
|
|
|
$
|
—
|
|
Federal funds purchased, other short-term borrowings and other short-term liabilities
|
161,190
|
|
|
161,190
|
|
|
161,190
|
|
|
—
|
|
|
—
|
|
|||||
Long-term debt
|
1,706,138
|
|
|
1,721,814
|
|
|
—
|
|
|
1,721,814
|
|
|
—
|
|
|||||
Earnout liabilities
|
11,348
|
|
|
11,348
|
|
|
—
|
|
|
—
|
|
|
11,348
|
|
|||||
Derivative liabilities
|
17,097
|
|
|
17,097
|
|
|
—
|
|
|
12,767
|
|
|
4,330
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Fair Value of Derivative Assets
|
|
Fair Value of Derivative Liabilities
|
||||||||||||||||
(in thousands)
|
Location on Consolidated Balance Sheets
|
|
March 31, 2018
|
|
December 31, 2017
|
|
Location on Consolidated Balance Sheets
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||
Derivatives not designated
as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
Other assets
|
|
$
|
7,672
|
|
|
$
|
10,786
|
|
|
Other liabilities
|
|
$
|
16,122
|
|
|
$
|
12,638
|
|
Mortgage derivatives
|
Other assets
|
|
1,735
|
|
|
936
|
|
|
Other liabilities
|
|
—
|
|
|
129
|
|
||||
Visa derivative
|
|
|
—
|
|
|
—
|
|
|
Other liabilities
|
|
3,974
|
|
|
4,330
|
|
||||
Total derivatives not
designated as hedging
instruments
|
|
|
$
|
9,407
|
|
|
$
|
11,722
|
|
|
|
|
$
|
20,096
|
|
|
$
|
17,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss) Recognized in Income
|
||||||
(in thousands)
|
|
|
|
Three Months Ended March 31,
|
||||||
Derivatives not designated as hedging instruments
|
|
Location of Gain (Loss) Recognized in Income
|
|
2018
|
|
2017
|
||||
Interest rate contracts
(1)
|
|
Other non-interest income
|
|
$
|
7
|
|
|
$
|
(1
|
)
|
Mortgage derivatives
(2)
|
|
Mortgage banking income
|
|
927
|
|
|
(1,784
|
)
|
||
Total
|
|
|
|
$
|
934
|
|
|
$
|
(1,785
|
)
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except per share data)
|
2018
|
|
2017
|
||||
Basic Net Income Per Common Share:
|
|
|
|
||||
Net income available to common shareholders
|
$
|
100,607
|
|
|
$
|
69,298
|
|
Weighted average common shares outstanding
|
118,666
|
|
|
122,300
|
|
||
Net income per common share, basic
|
$
|
0.85
|
|
|
$
|
0.57
|
|
Diluted Net Income Per Common Share:
|
|
|
|
||||
Net income available to common shareholders
|
$
|
100,607
|
|
|
$
|
69,298
|
|
Weighted average common shares outstanding
|
118,666
|
|
|
122,300
|
|
||
Potentially dilutive shares from outstanding equity-based awards and Earnout Payments
|
655
|
|
|
759
|
|
||
Weighted average diluted common shares
|
119,321
|
|
|
123,059
|
|
||
Net income per common share, diluted
|
$
|
0.84
|
|
|
$
|
0.56
|
|
|
|
|
|
Non-interest Income by Line of Business
|
For Three Months Ended March 31, 2018
|
||||||||||||||||||||||
(in thousands)
|
Total
|
|
Community Banking
|
|
Corporate Banking
|
|
Retail Banking
|
|
Financial Management Services
|
|
Other
|
||||||||||||
Service charges on deposit accounts
|
$
|
19,940
|
|
|
$
|
5,680
|
|
|
$
|
533
|
|
|
$
|
13,422
|
|
|
$
|
—
|
|
|
$
|
305
|
|
Fiduciary and asset management fees
|
13,435
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,435
|
|
|
—
|
|
||||||
Card fees
|
10,199
|
|
|
205
|
|
|
—
|
|
|
9,994
|
|
|
—
|
|
|
—
|
|
||||||
Brokerage revenue
|
8,695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,695
|
|
|
—
|
|
||||||
Insurance revenue
|
1,213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,213
|
|
|
—
|
|
||||||
Other fees
|
832
|
|
|
—
|
|
|
—
|
|
|
559
|
|
|
—
|
|
|
273
|
|
||||||
|
$
|
54,314
|
|
|
$
|
5,885
|
|
|
$
|
533
|
|
|
$
|
23,975
|
|
|
$
|
23,343
|
|
|
$
|
578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other revenues
(1)
|
12,732
|
|
|
2,452
|
|
|
1,733
|
|
|
1,529
|
|
|
5,843
|
|
|
1,175
|
|
||||||
Total non-interest income
|
$
|
67,046
|
|
|
$
|
8,337
|
|
|
$
|
2,266
|
|
|
$
|
25,504
|
|
|
$
|
29,186
|
|
|
$
|
1,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income by Line of Business
|
For Three Months Ended March 31, 2017
|
||||||||||||||||||||||
(in thousands)
|
Total
|
|
Community Banking
|
|
Corporate Banking
|
|
Retail Banking
|
|
Financial Management Services
|
|
Other
|
||||||||||||
Service charges on deposit accounts
|
$
|
20,118
|
|
|
$
|
5,771
|
|
|
$
|
459
|
|
|
$
|
13,437
|
|
|
$
|
—
|
|
|
$
|
451
|
|
Fiduciary and asset management fees
|
12,151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,151
|
|
|
—
|
|
||||||
Card fees
|
9,844
|
|
|
219
|
|
|
—
|
|
|
9,625
|
|
|
—
|
|
|
—
|
|
||||||
Brokerage revenue
|
7,226
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,226
|
|
|
—
|
|
||||||
Insurance revenue
|
1,304
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,304
|
|
|
—
|
|
||||||
Other fees
|
842
|
|
|
—
|
|
|
—
|
|
|
574
|
|
|
—
|
|
|
268
|
|
||||||
|
$
|
51,485
|
|
|
$
|
5,990
|
|
|
$
|
459
|
|
|
$
|
23,636
|
|
|
$
|
20,681
|
|
|
$
|
719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other revenues
(1)
|
20,354
|
|
|
1,648
|
|
|
1,619
|
|
|
1,566
|
|
|
6,597
|
|
|
8,924
|
|
||||||
Total non-interest income
|
$
|
71,839
|
|
|
$
|
7,638
|
|
|
$
|
2,078
|
|
|
$
|
25,202
|
|
|
$
|
27,278
|
|
|
$
|
9,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
March 31, 2018
|
|
December 31, 2017
|
||||
Letters of credit*
|
$
|
175,164
|
|
|
$
|
153,372
|
|
Commitments to fund commercial and industrial loans
|
5,143,323
|
|
|
5,090,827
|
|
||
Commitments to fund commercial real estate, construction, and land development loans
|
1,541,810
|
|
|
1,567,583
|
|
||
Commitments under home equity lines of credit
|
1,156,283
|
|
|
1,137,714
|
|
||
Unused credit card lines
|
780,704
|
|
|
779,254
|
|
||
Other loan commitments
|
369,636
|
|
|
351,358
|
|
||
Total unfunded lending commitments and letters of credit
|
$
|
9,166,920
|
|
|
$
|
9,080,108
|
|
|
|
|
|
(1)
|
|
the risk that competition in the financial services industry may adversely affect our future earnings and growth;
|
(2)
|
|
the risk that we may not realize the expected benefits from our efficiency and growth initiatives, which could negatively
impact our future profitability; |
(3)
|
|
the risk that our current and future information technology system enhancements and initiatives may not be successfully implemented, which could negatively impact our operations;
|
(4)
|
|
the risk that our enterprise risk management framework may not identify or address risks adequately, which may result in unexpected losses;
|
(5)
|
|
the risk that our allowance for loan losses may prove to be inadequate or may be negatively affected by credit risk exposures;
|
(6)
|
|
the risk that any future economic downturn could have a material adverse effect on our capital, financial condition, results of operations and future growth;
|
(7)
|
|
changes in the interest rate environment, including changes to the federal funds rate, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income;
|
(8)
|
|
our ability to attract and retain key employees;
|
(9)
|
|
the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;
|
(10)
|
|
risks related to our reliance on third parties to provide key components of our business infrastructure, including the costs of services and products provided to us by third parties, and risks related to disruptions in service or financial difficulties of a third-party vendor;
|
(11)
|
|
risks related to the ability of our operational framework to manage risks associated with our business such as credit risk and operational risk, including third-party vendors and other service providers, which could among other things, result in a breach of operating or security systems as a result of cyber attacks or similar acts;
|
(12)
|
|
our ability to identify and address cyber-security risks such as data security breaches, malware, "denial of service" attacks, "ransomware", "hacking" and identity theft, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage of our systems, increased costs, significant losses, or adverse effects to our reputation;
|
(13)
|
|
the impact of recent and proposed changes in governmental policy, laws and regulations, including proposed and recently enacted changes in the regulation of banks and financial institutions, or the interpretation or application thereof and the uncertainty of future implementation and enforcement of these regulations;
|
(14)
|
|
the risk that Federal Tax Reform could have an adverse impact on our business or our customers, including with respect to demand and pricing for our loan products;
|
(15)
|
|
the risk that we could realize losses if we sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets;
|
(16)
|
|
the risk that we may be exposed to potential losses in the event of fraud and/or theft;
|
(17)
|
|
the risk that we may not be able to identify suitable acquisition targets or strategic partners as part of our growth strategy and even if we are able to identify suitable acquisition counterparties, we may not be able to complete such transactions on favorable terms, if at all, or successfully integrate acquired bank or nonbank operations into our existing operations or realize anticipated benefits from such transactions;
|
(18)
|
|
the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives;
|
(19)
|
|
the risks that if economic conditions worsen or regulatory capital rules are modified, or the results of mandated “stress testing” do not satisfy certain criteria, we may be required to undertake initiatives to improve our capital position;
|
(20)
|
|
changes in the cost and availability of funding due to changes in the deposit market and credit market;
|
(21)
|
|
restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Synovus Bank;
|
(22)
|
|
our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions;
|
(23)
|
|
risks related to regulatory approval to take certain actions, including any dividends on our common stock or Series C Preferred Stock, any repurchases of common stock, redemptions of our Series C Preferred Stock or any other issuance or redemption of any other regulatory capital instruments, as well as any applications in respect of expansionary initiatives;
|
(24)
|
|
risks related to recent and proposed changes in the mortgage banking industry, including the risk that we may be required to repurchase mortgage loans sold to third parties and the impact of the “ability to pay” and “qualified mortgage” rules on our loan origination process and foreclosure proceedings;
|
(25)
|
|
the risk that we may be required to take additional charges with respect to our deferred tax assets as a result of Federal Tax Reform in the event our estimates prove false;
|
(26)
|
|
the costs and effects of litigation, investigations, inquiries or similar matters, or adverse facts and developments related thereto;
|
(27)
|
|
risks related to the fluctuation in our stock price;
|
(28)
|
|
the effects of any damages to our reputation resulting from developments related to any of the items identified above; and
|
(29)
|
|
other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in "Part I - Item 1A. Risk Factors" of this Report.
|
|
Three Months Ended March 31,
|
|||||||||
(dollars in thousands, except per share data)
|
2018
|
|
2017
|
|
Change
|
|||||
Net interest income
|
$
|
274,284
|
|
|
$
|
239,927
|
|
|
14.3
|
%
|
Provision for loan losses
|
12,776
|
|
|
8,674
|
|
|
47.3
|
|
||
Non-interest income
|
67,046
|
|
|
71,839
|
|
|
(6.7
|
)
|
||
Adjusted non-interest income
(1)
|
70,102
|
|
|
65,985
|
|
|
6.2
|
|
||
Total revenues
(2)
|
341,330
|
|
|
304,098
|
|
|
12.2
|
|
||
Non-interest expense
|
195,179
|
|
|
197,388
|
|
|
(1.1
|
)
|
||
Adjusted non-interest expense
(1)
|
197,828
|
|
|
190,608
|
|
|
3.8
|
|
||
Income before income taxes
|
133,375
|
|
|
105,704
|
|
|
26.2
|
|
||
Net income
|
103,166
|
|
|
71,857
|
|
|
43.6
|
|
||
Net income available to common shareholders
|
100,607
|
|
|
69,298
|
|
|
45.2
|
|
||
Net income per common share, basic
|
0.85
|
|
|
0.57
|
|
|
48.7
|
|
||
Net income per common share, diluted
|
0.84
|
|
|
0.56
|
|
|
49.7
|
|
||
Adjusted net income per common share, diluted
(1)
|
0.86
|
|
|
0.57
|
|
|
50.9
|
|
||
Net interest margin
(3)
|
3.78
|
%
|
|
3.42
|
%
|
|
36
|
bps
|
||
Net charge-off ratio
(3)
|
0.07
|
|
|
0.12
|
|
|
(5
|
)
|
||
Return on average assets
(3)
|
1.34
|
|
|
0.96
|
|
|
38
|
|
||
Adjusted return on average assets
(1)(3)
|
1.36
|
|
|
0.97
|
|
|
39
|
|
||
Efficiency ratio
|
57.16
|
|
|
64.84
|
|
|
(768
|
)
|
||
Adjusted efficiency ratio
(1)
|
57.42
|
|
|
62.25
|
|
|
(483
|
)
|
||
|
|
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
Sequential Quarter Change
|
|
March 31, 2017
|
|
Year-Over-Year Change
|
||||||||||
(dollars in thousands, except per share data)
|
|||||||||||||||||||
Loans, net of deferred fees and costs
|
$
|
24,883,037
|
|
|
$
|
24,787,464
|
|
|
$
|
95,573
|
|
|
$
|
24,258,468
|
|
|
$
|
624,569
|
|
Total average loans
|
24,852,399
|
|
|
24,611,646
|
|
|
240,753
|
|
|
24,035,980
|
|
|
816,419
|
|
|||||
Total deposits
|
26,253,507
|
|
|
26,147,900
|
|
|
105,607
|
|
|
25,105,712
|
|
|
1,147,795
|
|
|||||
Total average deposits
|
25,788,073
|
|
|
26,286,009
|
|
|
(497,936
|
)
|
|
24,918,855
|
|
|
869,218
|
|
|||||
Average non-time core deposits
(1)
|
20,796,838
|
|
|
20,917,231
|
|
|
(120,393
|
)
|
|
20,292,762
|
|
|
504,076
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-performing assets ratio
|
0.53
|
%
|
|
0.53
|
%
|
|
—
|
|
|
0.77
|
%
|
|
(24
|
) bps
|
|||||
Non-performing loans ratio
|
0.48
|
|
|
0.47
|
|
|
1
|
|
|
0.65
|
|
|
(17
|
)
|
|||||
Past due loans over 90 days
|
0.02
|
|
|
0.02
|
|
|
—
|
|
|
0.01
|
|
|
1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity Tier 1 capital (transitional)
|
$
|
2,814,494
|
|
|
$
|
2,763,168
|
|
|
$
|
51,326
|
|
|
$
|
2,672,648
|
|
|
$
|
141,846
|
|
Tier 1 capital
|
2,924,109
|
|
|
2,872,001
|
|
|
52,108
|
|
|
2,758,794
|
|
|
165,315
|
|
|||||
Total risk-based capital
|
3,442,921
|
|
|
3,383,081
|
|
|
59,840
|
|
|
3,274,612
|
|
|
168,309
|
|
|||||
Common equity Tier 1 capital ratio (transitional)
|
10.13
|
%
|
|
9.99
|
%
|
|
14
|
bps
|
|
9.86
|
%
|
|
27
|
bps
|
|||||
Tier 1 capital ratio
|
10.53
|
|
|
10.38
|
|
|
15
|
|
|
10.18
|
|
|
35
|
|
|||||
Total risk-based capital ratio
|
12.39
|
|
|
12.23
|
|
|
16
|
|
|
12.08
|
|
|
31
|
|
|||||
Total shareholders’ equity to total assets ratio
|
9.39
|
|
|
9.49
|
|
|
(10
|
)
|
|
9.66
|
|
|
(27
|
)
|
|||||
Tangible common equity ratio
(1)
|
8.79
|
|
|
8.88
|
|
|
(9
|
)
|
|
9.04
|
|
|
(25
|
)
|
|||||
Return on average common equity
(2)
|
14.62
|
|
|
3.76
|
|
|
nm
|
|
9.97
|
|
|
465
|
|
||||||
Adjusted return on average common equity
(1)(2)
|
14.86
|
|
|
11.96
|
|
|
290
|
|
|
10.06
|
|
|
480
|
|
|||||
Adjusted return on average tangible common equity
(1)(2)
|
15.23
|
|
|
12.26
|
|
|
297
|
bps
|
|
10.33
|
|
|
490
|
bps
|
|||||
|
|
|
|
|
|
|
|
|
|
•
|
Average loan growth of 4% to 6%
|
•
|
Average total deposits growth of 4% to 6%
|
•
|
Net interest income growth of 11% to 13%
(1)
|
•
|
Adjusted non-interest income
(2)
growth of 4% to 6%
|
•
|
Total non-interest expense growth of 0% to 3%
|
•
|
Effective income tax rate of 23% to 24%
|
•
|
Net charge-off ratio of 15 to 25 b.p.s
|
•
|
Common share repurchases of up to $150 million
|
(dollars in thousands)
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2018 vs.
December 31, 2017 % Change
(1)
|
|
March 31, 2017
|
|
March 31, 2018 vs.
March 31, 2017
% Change
|
||||||||
Investment properties
|
$
|
5,619,050
|
|
|
$
|
5,670,065
|
|
|
(3.6
|
)%
|
|
$
|
6,016,052
|
|
|
(6.6
|
)%
|
1-4 family properties
|
758,904
|
|
|
781,619
|
|
|
(11.8
|
)
|
|
862,497
|
|
|
(12.0
|
)
|
|||
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
|
)
|
|||
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 and industrial
|
12,101,917
|
|
|
12,023,650
|
|
|
2.6
|
|
|
11,732,701
|
|
|
3.1
|
|
|||
Home equity lines
|
1,472,471
|
|
|
1,514,227
|
|
|
(11.2
|
)
|
|
1,587,102
|
|
|
(7.2
|
)
|
|||
Consumer mortgages
|
2,663,371
|
|
|
2,633,503
|
|
|
4.6
|
|
|
2,350,730
|
|
|
13.3
|
|
|||
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
|
|
|||
Total loans
|
24,906,998
|
|
|
24,812,795
|
|
|
1.5
|
|
|
24,284,188
|
|
|
2.6
|
|
|||
Deferred fees and costs, net
|
(23,961
|
)
|
|
(25,331
|
)
|
|
(21.9
|
)
|
|
(25,720
|
)
|
|
(6.8
|
)
|
|||
Total loans, net of deferred fees and costs
|
$
|
24,883,037
|
|
|
$
|
24,787,464
|
|
|
1.6
|
%
|
|
$
|
24,258,468
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Composition of Average Deposits
|
||||||||||||||||||||
|
Three Months Ended
|
|||||||||||||||||||
(dollars in thousands)
|
March 31, 2018
|
|
%
(1)
|
|
December 31, 2017
|
|
%
(1)
|
|
March 31, 2017
|
|
%
(1)
|
|||||||||
Non-interest bearing demand deposits
|
$
|
7,391,696
|
|
|
28.7
|
%
|
|
$
|
7,621,147
|
|
|
29.0
|
%
|
|
$
|
7,174,146
|
|
|
28.8
|
%
|
Interest bearing demand deposits
|
5,032,000
|
|
|
19.5
|
|
|
4,976,239
|
|
|
18.9
|
|
|
4,784,329
|
|
|
19.2
|
|
|||
Money market accounts, excluding brokered deposits
|
7,561,554
|
|
|
29.3
|
|
|
7,514,992
|
|
|
28.6
|
|
|
7,424,627
|
|
|
29.8
|
|
|||
Savings deposits
|
811,588
|
|
|
3.1
|
|
|
804,853
|
|
|
3.0
|
|
|
909,660
|
|
|
3.7
|
|
|||
Time deposits, excluding brokered deposits
|
3,039,325
|
|
|
11.8
|
|
|
3,170,445
|
|
|
12.1
|
|
|
3,245,306
|
|
|
13.0
|
|
|||
Brokered deposits
|
1,951,910
|
|
|
7.6
|
|
|
2,198,333
|
|
|
8.4
|
|
|
1,380,787
|
|
|
5.5
|
|
|||
Total average deposits
|
$
|
25,788,073
|
|
|
100.0
|
%
|
|
$
|
26,286,009
|
|
|
100.0
|
%
|
|
$
|
24,918,855
|
|
|
100.0
|
%
|
Average non-time core deposits
(2)
|
$
|
20,796,838
|
|
|
80.6
|
%
|
|
$
|
20,917,231
|
|
|
79.6
|
%
|
|
$
|
20,292,762
|
|
|
81.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income
|
Three Months Ended March 31,
|
|||||||||
(in thousands)
|
2018
|
|
2017
|
|
% Change
|
|||||
Service charges on deposit accounts
|
$
|
19,940
|
|
|
$
|
20,118
|
|
|
(0.9
|
)%
|
Fiduciary and asset management fees
|
13,435
|
|
|
12,151
|
|
|
10.6
|
|
||
Card fees
|
10,199
|
|
|
9,844
|
|
|
3.6
|
|
||
Brokerage revenue
|
8,695
|
|
|
7,226
|
|
|
20.3
|
|
||
Mortgage banking income
|
5,047
|
|
|
5,766
|
|
|
(12.5
|
)
|
||
Income from bank-owned life insurance
|
4,217
|
|
|
3,056
|
|
|
38.0
|
|
||
Investment securities gains, net
|
—
|
|
|
7,668
|
|
|
nm
|
|
||
Decrease in fair value of private equity investments, net
|
(3,056
|
)
|
|
(1,814
|
)
|
|
nm
|
|
||
Other fee income
|
4,618
|
|
|
4,868
|
|
|
(5.1
|
)
|
||
Other non-interest income
|
3,951
|
|
|
2,956
|
|
|
33.7
|
|
||
Total non-interest income
|
$
|
67,046
|
|
|
$
|
71,839
|
|
|
(6.7
|
)%
|
|
|
|
|
|
|
Non-interest Expense
|
|
|
|
|
|
|||||
|
Three Months Ended March 31,
|
|||||||||
(in thousands)
|
2018
|
|
2017
|
|
% Change
|
|||||
Salaries and other personnel expense
|
$
|
113,720
|
|
|
$
|
107,191
|
|
|
6.1
|
%
|
Net occupancy and equipment expense
|
31,480
|
|
|
29,331
|
|
|
7.3
|
|
||
Third-party processing expense
|
13,945
|
|
|
12,603
|
|
|
10.6
|
|
||
FDIC insurance and other regulatory fees
|
6,793
|
|
|
6,770
|
|
|
0.3
|
|
||
Professional fees
|
5,505
|
|
|
5,355
|
|
|
2.8
|
|
||
Advertising expense
|
5,092
|
|
|
5,912
|
|
|
(13.9
|
)
|
||
Foreclosed real estate expense, net
|
856
|
|
|
2,134
|
|
|
(59.9
|
)
|
||
Restructuring charges, net
|
(315
|
)
|
|
6,511
|
|
|
nm
|
|
||
Other operating expenses
|
18,103
|
|
|
21,581
|
|
|
(16.1
|
)
|
||
Total non-interest expense
|
$
|
195,179
|
|
|
$
|
197,388
|
|
|
(1.1
|
)%
|
|
|
|
|
|
|
Credit Quality Metrics
|
|
||||||||||
(dollars in thousands)
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
||||||
Non-performing loans
|
$
|
120,081
|
|
|
115,561
|
|
|
158,366
|
|
||
Impaired loans held for sale
(1)
|
6,591
|
|
|
11,278
|
|
|
8,442
|
|
|||
Other real estate
|
4,496
|
|
|
3,758
|
|
|
20,425
|
|
|||
Non-performing assets
|
$
|
131,168
|
|
|
$
|
130,597
|
|
|
$
|
187,233
|
|
Non-performing loans as a % of total loans
|
0.48
|
%
|
|
0.47
|
|
|
0.65
|
|
|||
Non-performing assets as a % of total loans, other loans held for sale, and ORE
|
0.53
|
|
|
0.53
|
|
|
0.77
|
|
|||
Loans 90 days past due and still accruing
|
$
|
5,416
|
|
|
4,414
|
|
|
2,777
|
|
||
As a % of total loans
|
0.02
|
%
|
|
0.02
|
|
|
0.01
|
|
|||
Total past due loans and still accruing
|
$
|
54,150
|
|
|
52,031
|
|
|
62,137
|
|
||
As a % of total loans
|
0.22
|
%
|
|
0.21
|
|
|
0.26
|
|
|||
Net charge-offs, quarter
|
$
|
4,280
|
|
|
8,979
|
|
|
6,918
|
|
||
Net charge-offs/average loans, quarter
|
0.07
|
%
|
|
0.15
|
|
|
0.12
|
|
|||
Net charge-offs, year-to-date
|
$
|
4,280
|
|
|
69,675
|
|
|
6,918
|
|
||
Net charge-offs/average loans, year-to-date
|
0.07
|
%
|
|
0.29
|
|
|
0.12
|
|
|||
Provision for loan losses, quarter
|
$
|
12,776
|
|
|
8,564
|
|
|
8,674
|
|
||
Provision for loan losses, year-to-date
|
12,776
|
|
|
67,185
|
|
|
8,674
|
|
|||
Allowance for loan losses
|
257,764
|
|
|
249,268
|
|
|
253,514
|
|
|||
Allowance for loan losses as a % of total loans
|
1.04
|
%
|
|
1.01
|
|
|
1.05
|
|
|||
|
|
|
|
|
|
Accruing TDRs by Risk Grade
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2107
|
|||||||||||||||
(dollars in thousands)
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|||||||||
Pass
|
$
|
56,924
|
|
|
44.0
|
%
|
|
$
|
57,136
|
|
|
37.8
|
%
|
|
$
|
74,849
|
|
|
43.4
|
%
|
Special Mention
|
15,429
|
|
|
11.9
|
|
|
15,879
|
|
|
10.5
|
|
|
19,022
|
|
|
11.0
|
|
|||
Substandard accruing
|
57,041
|
|
|
44.1
|
|
|
78,256
|
|
|
51.7
|
|
|
78,550
|
|
|
45.6
|
|
|||
Total accruing TDRs
|
$
|
129,394
|
|
|
100.0
|
%
|
|
$
|
151,271
|
|
|
100.0
|
%
|
|
$
|
172,421
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing TDRs Aging by Portfolio Class
|
||||||||||||||||
|
March 31, 2018
|
|||||||||||||||
(in thousands)
|
Current
|
|
30-89 Days Past Due
|
|
90+ Days Past Due
|
|
Total
|
|
||||||||
Investment properties
|
$
|
18,334
|
|
|
$
|
202
|
|
|
$
|
—
|
|
|
$
|
18,536
|
|
|
1-4 family properties
|
11,827
|
|
|
181
|
|
|
—
|
|
|
12,008
|
|
|
||||
Land and development
|
13,844
|
|
|
718
|
|
|
—
|
|
|
14,562
|
|
|
||||
Total commercial real estate
|
44,005
|
|
|
1,101
|
|
|
—
|
|
|
45,106
|
|
|
||||
Commercial, financial and agricultural
|
21,497
|
|
|
1,157
|
|
|
21
|
|
|
22,675
|
|
|
||||
Owner-occupied
|
35,676
|
|
|
344
|
|
|
—
|
|
|
36,020
|
|
|
||||
Total commercial and industrial
|
57,173
|
|
|
1,501
|
|
|
21
|
|
|
58,695
|
|
|
||||
Home equity lines
|
2,866
|
|
|
418
|
|
|
191
|
|
|
3,475
|
|
|
||||
Consumer mortgages
|
17,208
|
|
|
170
|
|
|
—
|
|
|
17,378
|
|
|
||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Other consumer loans
|
4,618
|
|
|
122
|
|
|
—
|
|
|
4,740
|
|
|
||||
Total consumer
|
24,692
|
|
|
710
|
|
|
191
|
|
|
25,593
|
|
|
||||
Total accruing TDRs
|
$
|
125,870
|
|
|
$
|
3,312
|
|
|
$
|
212
|
|
|
$
|
129,394
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2017
|
|||||||||||||||
(in thousands)
|
Current
|
|
30-89 Days Past Due
|
|
90+ Days Past Due
|
|
Total
|
|
||||||||
Investment properties
|
$
|
21,398
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,398
|
|
|
1-4 family properties
|
14,865
|
|
|
191
|
|
|
—
|
|
|
15,056
|
|
|
||||
Land and development
|
14,835
|
|
|
381
|
|
|
—
|
|
|
15,216
|
|
|
||||
Total commercial real estate
|
51,098
|
|
|
572
|
|
|
—
|
|
|
51,670
|
|
|
||||
Commercial, financial and agricultural
|
33,789
|
|
|
1,161
|
|
|
44
|
|
|
34,994
|
|
|
||||
Owner-occupied
|
35,554
|
|
|
—
|
|
|
—
|
|
|
35,554
|
|
|
||||
Total commercial and industrial
|
69,343
|
|
|
1,161
|
|
|
44
|
|
|
70,548
|
|
|
||||
Home equity lines
|
5,096
|
|
|
—
|
|
|
—
|
|
|
5,096
|
|
|
||||
Consumer mortgages
|
18,588
|
|
|
80
|
|
|
—
|
|
|
18,668
|
|
|
||||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Other consumer loans
|
5,097
|
|
|
192
|
|
|
—
|
|
|
5,289
|
|
|
||||
Total consumer
|
28,781
|
|
|
272
|
|
|
—
|
|
|
29,053
|
|
|
||||
Total accruing TDRs
|
$
|
149,222
|
|
|
$
|
2,005
|
|
|
$
|
44
|
|
|
$
|
151,271
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
|
|
|
|
||||
(dollars in thousands)
|
March 31, 2018
|
|
December 31, 2017
|
||||
Common equity Tier 1 capital (transitional)
|
|
|
|
||||
Synovus Financial Corp.
|
$
|
2,814,494
|
|
|
$
|
2,763,168
|
|
Synovus Bank
|
3,223,537
|
|
|
3,155,163
|
|
||
Tier 1 capital
|
|
|
|
||||
Synovus Financial Corp.
|
2,924,109
|
|
|
2,872,001
|
|
||
Synovus Bank
|
3,223,537
|
|
|
3,155,163
|
|
||
Total risk-based capital
|
|
|
|
||||
Synovus Financial Corp.
|
3,442,921
|
|
|
3,383,081
|
|
||
Synovus Bank
|
3,482,349
|
|
|
3,406,243
|
|
||
Common equity Tier 1 capital ratio (transitional)
|
|
|
|
||||
Synovus Financial Corp.
|
10.13
|
%
|
|
9.99
|
%
|
||
Synovus Bank
|
11.63
|
|
|
11.43
|
|
||
Tier 1 capital ratio
|
|
|
|
||||
Synovus Financial Corp.
|
10.53
|
|
|
10.38
|
|
||
Synovus Bank
|
11.63
|
|
|
11.43
|
|
||
Total risk-based capital to risk-weighted assets ratio
|
|
|
|
||||
Synovus Financial Corp.
|
12.39
|
|
|
12.23
|
|
||
Synovus Bank
|
12.56
|
|
|
12.33
|
|
||
Leverage ratio
|
|
|
|
||||
Synovus Financial Corp.
|
9.37
|
|
|
9.19
|
|
||
Synovus Bank
|
10.34
|
|
|
10.12
|
|
||
Tangible common equity to tangible assets ratio
(1)
|
|
|
|
||||
Synovus Financial Corp.
|
8.79
|
|
|
8.88
|
|
||
|
|
|
|
Average Balances, Interest, and Yields
|
2018
|
|
2017
|
||||||||||||
(dollars in thousands) (yields and rates annualized)
|
First Quarter
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
||||||
Interest Earning Assets:
|
|
|
|
|
|
|
|
|
|
||||||
Taxable investment securities
(1)
|
$
|
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
(1)(3)
|
$
|
140
|
|
|
180
|
|
|
259
|
|
|
340
|
|
|
2,730
|
|
Yield (taxable equivalent)
(3)
|
6.57
|
%
|
|
7.97
|
|
|
7.86
|
|
|
6.87
|
|
|
5.81
|
|
|
Trading account assets
(4)
|
$
|
8,167
|
|
|
7,360
|
|
|
7,823
|
|
|
3,667
|
|
|
6,443
|
|
Yield
|
2.66
|
%
|
|
2.78
|
|
|
2.09
|
|
|
2.28
|
|
|
1.72
|
|
|
Commercial loans
(2)(3)
|
$
|
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
(2)
|
$
|
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
(2)
|
$
|
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
|
|
|
Other earning assets
(4)
|
$
|
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, excluding brokered deposits
|
$
|
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
(3)
|
$
|
116
|
|
|
234
|
|
|
283
|
|
|
298
|
|
|
309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2018
|
||
Change in Short-term Interest Rates (in basis points)
|
|
Base Scenario
|
|
15% Increase in Average Repricing Beta
|
+200
|
|
2.9%
|
|
1.2%
|
+100
|
|
1.2%
|
|
0.4%
|
|
|
|
|
|
•
|
ASU 2017-12,
Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities
|
•
|
ASU 2017-08,
Receivables-Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities
|
•
|
ASU 2017-04,
Intangibles-Goodwill and Other, Simplifying the Test for Goodwill Impairment
|
•
|
ASU 2016-13,
Financial Instruments-Credit Losses (CECL)
|
•
|
ASU 2016-02,
Leases
|
Reconciliation of Non-GAAP Financial Measures
|
Three Months Ended
|
||||||
(in thousands, except per share data)
|
March 31, 2018
|
|
March 31, 2017
|
||||
Adjusted non-interest income
|
|
|
|
||||
Total non-interest income
|
$
|
67,046
|
|
|
$
|
71,839
|
|
Subtract: Investment securities gains, net
|
—
|
|
|
(7,668
|
)
|
||
Add: Decrease in fair value of private equity investments, net
|
3,056
|
|
|
1,814
|
|
||
Adjusted non-interest income
|
$
|
70,102
|
|
|
$
|
65,985
|
|
|
|
|
|
||||
Adjusted non-interest expense
|
|
|
|
||||
Total non-interest expense
|
$
|
195,179
|
|
|
$
|
197,388
|
|
Subtract: Merger-related expense
|
—
|
|
|
(86
|
)
|
||
Add: Litigation contingency expense
|
2,626
|
|
|
—
|
|
||
Add/subtract: Restructuring charges, net
|
315
|
|
|
(6,511
|
)
|
||
Subtract: Amortization of intangibles
|
(292
|
)
|
|
(183
|
)
|
||
Adjusted non-interest expense
|
$
|
197,828
|
|
|
$
|
190,608
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued
|
Three Months Ended
|
||||||
(in thousands, except per share data)
|
March 31, 2018
|
|
March 31, 2017
|
||||
Adjusted efficiency ratio
|
|
|
|
||||
Adjusted non-interest expense
|
$
|
197,828
|
|
|
$
|
190,608
|
|
|
|
|
|
||||
Net interest income
|
274,284
|
|
|
239,927
|
|
||
Add: Tax equivalent adjustment
|
116
|
|
|
309
|
|
||
Add: Total non-interest income
|
67,046
|
|
|
71,839
|
|
||
Subtract: Investment securities gains, net
|
—
|
|
|
(7,668
|
)
|
||
Total FTE revenues
|
$
|
341,446
|
|
|
$
|
304,407
|
|
Add: Decrease in fair value of private equity investments, net
|
3,056
|
|
|
1,814
|
|
||
Adjusted total revenues
|
$
|
344,502
|
|
|
$
|
306,221
|
|
Efficiency ratio
|
57.16
|
%
|
|
64.84
|
%
|
||
Adjusted efficiency ratio
|
57.42
|
|
|
62.25
|
|
||
|
|
|
|
||||
Adjusted net income per common share, diluted
|
|
|
|
||||
Net income available to common shareholders
|
$
|
100,607
|
|
|
$
|
69,298
|
|
Add: Income tax expense related to effects of State Tax Reform
|
1,325
|
|
|
—
|
|
||
Add: Merger-related expense
|
—
|
|
|
86
|
|
||
Subtract: Litigation contingency expense
|
(2,626
|
)
|
|
—
|
|
||
Subtract/add: Restructuring charges, net
|
(315
|
)
|
|
6,511
|
|
||
Add: Amortization of intangibles
|
292
|
|
|
183
|
|
||
Subtract: Investment securities gains, net
|
—
|
|
|
(7,668
|
)
|
||
Add: Decrease in fair value of private equity investments, net
|
3,056
|
|
|
1,814
|
|
||
Subtract: Tax effect of adjustments
|
(96
|
)
|
|
(333
|
)
|
||
Adjusted net income available to common shareholders
|
$
|
102,243
|
|
|
$
|
69,891
|
|
Weighted average common shares outstanding
|
119,321
|
|
|
123,059
|
|
||
Adjusted net income per common share, diluted
|
$
|
0.86
|
|
|
$
|
0.57
|
|
|
|
|
|
||||
Adjusted return on average assets (annualized)
|
|
|
|
||||
Net income
|
$
|
103,166
|
|
|
$
|
71,857
|
|
Add: Income tax expense related to effects of State Tax Reform
|
1,325
|
|
|
—
|
|
||
Add: Merger-related expense
|
—
|
|
|
86
|
|
||
Subtract: Litigation contingency expense
|
(2,626
|
)
|
|
—
|
|
||
Subtract/add: Restructuring charges, net
|
(315
|
)
|
|
6,511
|
|
||
Add: Amortization of intangibles
|
292
|
|
|
183
|
|
||
Subtract: Investment securities gains, net
|
—
|
|
|
(7,668
|
)
|
||
Add: Decrease in fair value of private equity investments, net
|
3,056
|
|
|
1,814
|
|
||
Subtract: Tax effect of adjustments
|
(96
|
)
|
|
(333
|
)
|
||
Adjusted net income
|
$
|
104,802
|
|
|
$
|
72,450
|
|
Net income annualized
|
$
|
418,395
|
|
|
$
|
291,420
|
|
Adjusted net income annualized
|
$
|
425,030
|
|
|
$
|
293,825
|
|
Total average assets
|
$
|
31,245,708
|
|
|
$
|
30,442,089
|
|
Return on average assets
|
1.34
|
%
|
|
0.96
|
%
|
||
Adjusted return on average assets (annualized)
|
1.36
|
%
|
|
0.97
|
%
|
||
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued
|
Three Months Ended
|
||||||||||
(dollars in thousands)
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
||||||
Adjusted return on average common equity and adjusted return on average tangible common equity (annualized)
|
|
|
|
|
|
||||||
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 Tax Reform
|
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 intangible 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 (annualized)
|
14.86
|
%
|
|
11.96
|
%
|
|
10.06
|
%
|
|||
Adjusted return on average tangible common equity (annualized)
|
15.23
|
|
|
12.26
|
|
|
10.33
|
|
|||
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued
|
|
|
|
|
|||||||
(dollars in thousands)
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
||||||
Average non-time core deposits
|
|
|
|
|
|
||||||
Average total 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
|
)
|
|
(3,170,445
|
)
|
|
(3,245,306
|
)
|
|||
Average non-time core deposits
|
$
|
20,796,838
|
|
|
$
|
20,917,231
|
|
|
$
|
20,292,762
|
|
|
|
|
|
|
|
||||||
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, no par value
|
(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
|
|
|||
|
|
|
|
|
|
||||||
Common equity Tier 1 (CET1) ratio (fully phased-in)
|
|
|
|
|
|
||||||
Common equity Tier 1 (CET1)
|
$
|
2,814,494
|
|
|
|
|
|
||||
Subtract: Adjustment related to capital components
|
(16,365
|
)
|
|
|
|
|
|||||
CET1 (fully phased-in)
|
$
|
2,798,129
|
|
|
|
|
|
|
|||
Total risk-weighted assets
|
$
|
27,781,615
|
|
|
|
|
|
||||
Total risk-weighted assets (fully phased-in)
|
$
|
27,907,054
|
|
|
|
|
|
||||
Common equity Tier 1 (CET1) ratio
|
10.13
|
%
|
|
|
|
|
|
||||
Common equity Tier 1 (CET1) ratio (fully phased-in)
|
10.03
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
Current outlook- increase (decrease) vs. 2017
|
||||||
(dollars in thousands)
|
2017
|
|
$
|
|
%
|
||
2018 Outlook for adjusted non-interest income growth
|
|
|
|
|
|
||
Total non-interest income, as reported
|
$
|
345,327
|
|
|
$285 million-$290 million
|
|
(16%)-(18%)
|
Subtract: Cabela's Transaction Fee
|
(75,000
|
)
|
|
|
|
|
|
Add: Investment securities losses, net
|
289
|
|
|
|
|
|
|
Add: decrease in fair value of private equity investments, net
|
3,093
|
|
|
|
|
|
|
Adjusted non-interest income
|
$
|
273,709
|
|
|
$285 million-$290 million
|
|
4%-6%
|
|
|
|
|
|
|
Share Repurchases
|
||||||||||||||
(in thousands, except per share data)
|
|
Total Number of Shares Repurchased
|
|
Average Price Paid per Share
(1)
|
|
Total Number
of Shares Repurchased as
Part of
Publicly Announced
Plans or Programs
|
|
Maximum Approximate
Dollar Value
of Shares
that May Yet Be
Purchased Under the
Plans or Programs
|
||||||
January 2018
|
|
385
|
|
|
$
|
50.19
|
|
|
385
|
|
|
$
|
130,659
|
|
February 2018
|
|
147
|
|
|
49.45
|
|
|
147
|
|
|
123,399
|
|
||
March 2018
|
|
3
|
|
|
48.83
|
|
|
3
|
|
|
123,277
|
|
||
Total
|
|
535
|
|
|
$
|
49.98
|
|
|
535
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
||
3.1
|
|
|
|
|
|
||
3.2
|
|
|
|
|
|
|
|
3.3
|
|
|
|
|
|
|
|
3.4
|
|
|
|
|
|
|
|
3.5
|
|
|
|
|
|
||
10.1
|
|
|
|
|
|
|
|
12.1
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
101
|
|
|
Interactive Data File
|
|
|
|
|
SYNOVUS FINANCIAL CORP.
|
||
|
|
|
|
May 7, 2018
|
By:
|
|
/s/ Kevin S. Blair
|
Date
|
|
|
Kevin S. Blair
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Duly Authorized Officer and Principal Financial Officer)
|
|
|
|
|
|
Cash Compensation
|
|
|
|
|
|
|
|
|
|
Annual Board Retainer
|
|
$
|
50,000
|
|
|
|
|
|
|
Annual Board Committee Member Retainers:
|
|
|
|
|
Audit Committee
|
|
$
|
15,000
|
|
Compensation Committee
|
|
$
|
10,000
|
|
Corporate Governance and Nominating Committee
|
|
$
|
10,000
|
|
Risk Committee
|
|
$
|
15,000
|
|
|
|
|
|
|
Annual Committee Chair Retainers:**
|
|
|
|
|
Audit Committee
|
|
$
|
15,000
|
|
Compensation Committee
|
|
$
|
10,000
|
|
Corporate Governance and Nominating Committee
|
|
$
|
10,000
|
|
Risk Committee
|
|
$
|
15,000
|
|
|
|
|
|
|
Annual Lead Director Retainer
|
|
$
|
25,000
|
|
|
|
|
**
|
|
Note: The committee chair will receive both an annual committee member retainer and an annual committee chair retainer.
|
|
|
|
|
|
Equity Compensation
|
|
|
|
|
|
|
|
|
|
An award of $75,000 in restricted stock units, which becomes fully vested and transferable upon the earlier to occur of the (x) completion of three years of service and (y) date the holder reaches retirement age pursuant to the Company’s Corporate Governance Guidelines.
|
|
|
||
|
|
|
|
|
Director Stock Purchase Plan
|
|
|
|
|
|
|
|
|
|
Annual maximum company cash contribution per director participant to company-sponsored open market stock purchase plan, with company’s contribution equal to 15% of director participant’s cash contribution, subject to annual maximum contribution limit by director of $20,000
|
|
$
|
3,000
|
|
|
|||||||||||||||||||
|
Three Months
Ended March 31, 2018
|
|
Years Ended December 31,
|
||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
||||||||
Ratio 1 – Including interest on deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes
|
$
|
133,375
|
|
|
480,138
|
|
|
388,450
|
|
|
358,573
|
|
|
302,559
|
|
|
252,628
|
|
|
Fixed charges excluding preferred stock dividends and accretion
|
41,035
|
|
|
146,511
|
|
|
130,745
|
|
|
126,355
|
|
|
117,001
|
|
|
126,379
|
|
|
|
Total
|
$
|
174,410
|
|
|
626,649
|
|
|
519,195
|
|
|
484,928
|
|
|
419,560
|
|
|
379,007
|
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest on deposits
|
26,375
|
|
|
81,325
|
|
|
64,206
|
|
|
65,534
|
|
|
55,179
|
|
|
64,392
|
|
|
|
Interest on short-term borrowings
|
107
|
|
|
198
|
|
|
200
|
|
|
168
|
|
|
220
|
|
|
324
|
|
|
|
Interest on long-term debt
|
12,368
|
|
|
57,665
|
|
|
59,217
|
|
|
52,942
|
|
|
54,009
|
|
|
54,106
|
|
|
|
Portion of rents representative of the interest factor (1/3) of expense
|
2,185
|
|
|
7,323
|
|
|
7,121
|
|
|
7,711
|
|
|
7,593
|
|
|
7,557
|
|
|
|
Preferred stock dividends and accretion
|
2,559
|
|
|
10,238
|
|
|
10,238
|
|
|
10,238
|
|
|
10,238
|
|
|
40,830
|
|
|
|
Total fixed charges including preferred stock dividends and accretion
|
$
|
43,594
|
|
|
156,749
|
|
|
140,982
|
|
|
136,593
|
|
|
127,239
|
|
|
167,209
|
|
|
Ratio of earnings to fixed charges
|
4.00
|
x
|
|
4.00
|
x
|
|
3.68
|
x
|
|
3.55
|
x
|
|
3.30
|
x
|
|
2.27x
|
|
|
|
Ratio 2 – Excluding interest on deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes
|
$
|
133,375
|
|
|
480,138
|
|
|
388,450
|
|
|
358,573
|
|
|
302,559
|
|
|
252,628
|
|
|
Fixed charges excluding preferred stock dividends and accretion
|
14,660
|
|
|
65,186
|
|
|
66,539
|
|
|
60,821
|
|
|
61,822
|
|
|
61,987
|
|
|
|
Total
|
$
|
148,035
|
|
|
545,324
|
|
|
454,989
|
|
|
419,394
|
|
|
364,381
|
|
|
314,615
|
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest on short-term borrowings
|
107
|
|
|
198
|
|
|
200
|
|
|
168
|
|
|
220
|
|
|
324
|
|
|
|
Interest on long-term debt
|
12,368
|
|
|
57,665
|
|
|
59,217
|
|
|
52,942
|
|
|
54,009
|
|
|
54,106
|
|
|
|
Portion of rents representative of the interest factor (1/3) of expense
|
2,185
|
|
|
7,323
|
|
|
7,121
|
|
|
7,711
|
|
|
7,593
|
|
|
7,557
|
|
|
|
Preferred stock dividends and accretion
|
2,559
|
|
|
10,238
|
|
|
10,238
|
|
|
10,238
|
|
|
10,238
|
|
|
40,830
|
|
|
|
Total fixed charges including preferred stock dividends and accretion
|
$
|
17,219
|
|
|
75,424
|
|
|
76,776
|
|
|
71,059
|
|
|
72,060
|
|
|
102,817
|
|
|
Ratio of earnings to fixed charges
|
8.60
|
x
|
|
7.23
|
x
|
|
5.93
|
x
|
|
5.90
|
x
|
|
5.06
|
x
|
|
3.06x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Synovus Financial Corp.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under Synovus’ supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to Synovus by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under Synovus’ supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on Synovus’ most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
|
|
|
|
|
|
|
|
Date:
|
|
May 7, 2018
|
|
|
|
BY:
|
|
/s/ Kessel D. Stelling
|
|
|
|
|
|
|
|
|
Kessel D. Stelling
|
|
|
|
|
|
|
|
|
Chairman of the Board, President and
Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Synovus Financial Corp.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under Synovus’ supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to Synovus by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under Synovus’ supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on Synovus’ most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
|
|
|
|
|
|
|
|
Date:
|
|
May 7, 2018
|
|
|
|
BY:
|
|
/s/ Kevin S. Blair
|
|
|
|
|
|
|
|
|
Kevin S. Blair
|
|
|
|
|
|
|
|
|
Chief Financial Officer
|
(1)
|
The Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2018 (the “Report”) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
May 7, 2018
|
BY:
|
|
/s/ Kessel D. Stelling
|
|
|
|
|
Kessel D. Stelling
|
|
|
|
|
Chairman of the Board, President and Chief Executive Officer
|
|
|
|
|
|
Date:
|
May 7, 2018
|
BY:
|
|
/s/ Kevin S. Blair
|
|
|
|
|
Kevin S. Blair
|
|
|
|
|
Chief Financial Officer
|