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 | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $1.00 Par Value | SNV | New York Stock Exchange | ||||||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | SNV - PrD | New York Stock Exchange | ||||||
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | SNV - PrE | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Incorporated Documents | Form 10-K Reference Locations | ||||
Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 27, 2022 (“Proxy Statement”) | Part III |
Page | |||||
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||
Table 2 - Stock Performance | |||||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||
Synovus | $ | 100 | $ | 118.28 | $ | 80.74 | $ | 102.24 | $ | 90.10 | $ | 137.16 | |||||||||||||||||||||||
Standard & Poor's 500 Index | 100 | 121.82 | 116.47 | 153.13 | 181.29 | 233.28 | |||||||||||||||||||||||||||||
KBW Regional Bank Index | 100 | 101.81 | 84.00 | 104.05 | 95.02 | 129.84 | |||||||||||||||||||||||||||||
Table 3 - 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 | |||||||||||||||||||
October 2021 | 24 | $ | 47.49 | 24 | $ | 31,786 | |||||||||||||||||
November 2021 | 373 | 48.70 | 373 | 13,628 | |||||||||||||||||||
December 2021 | 290 | 46.51 | 290 | 137 | |||||||||||||||||||
Total | 687 | $ | 47.73 | 687 | |||||||||||||||||||
Table 4 - Consolidated Financial Highlights | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
(dollars in thousands, except per share data) | 2021 | 2020 | Change | |||||||||||||||||
Net interest income | $ | 1,532,947 | $ | 1,512,748 | 1 | % | ||||||||||||||
Provision for (reversal of) credit losses | (106,251) | 355,022 | nm | |||||||||||||||||
Non-interest revenue | 450,066 | 506,513 | (11) | |||||||||||||||||
Adjusted non-interest revenue(1) | 448,049 | 420,497 | 7 | |||||||||||||||||
Total TE revenue | 1,986,198 | 2,022,685 | (2) | |||||||||||||||||
Adjusted total revenue(1) | 1,984,181 | 1,936,669 | 2 | |||||||||||||||||
Non-interest expense | 1,099,904 | 1,179,574 | (7) | |||||||||||||||||
Adjusted non-interest expense(1) | 1,086,702 | 1,089,132 | — | |||||||||||||||||
Income before income taxes | 989,360 | 484,665 | 104 | |||||||||||||||||
Net income | 760,467 | 373,695 | 103 | |||||||||||||||||
Net income available to common shareholders | 727,304 | 340,532 | 114 | |||||||||||||||||
Net income per common share, basic | 4.95 | 2.31 | 114 | |||||||||||||||||
Net income per common share, diluted | 4.90 | 2.30 | 113 | |||||||||||||||||
Adjusted net income per common share, diluted(1) | 4.95 | 2.41 | 105 | |||||||||||||||||
Return on average common equity | 15.56 | % | 7.51 | % | 805 | bps | ||||||||||||||
Adjusted return on average common equity(1) | 15.74 | 7.87 | 787 | |||||||||||||||||
Adjusted return on average tangible common equity(1) | 17.76 | 9.12 | 864 | |||||||||||||||||
Return on average assets | 1.37 | 0.72 | 65 | |||||||||||||||||
Adjusted return on average assets(1) | 1.39 | 0.75 | 64 | |||||||||||||||||
Efficiency ratio-TE | 55.38 | 58.32 | (294) | |||||||||||||||||
Adjusted tangible efficiency ratio(1) | 54.29 | 55.69 | (140) | |||||||||||||||||
As of and For The Years Ended December 31, | ||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,311,958 | $ | 38,252,984 | 3 | % | ||||||||||||||
Total deposits | 49,427,276 | 46,691,571 | 6 | |||||||||||||||||
Core transaction deposits (excludes CDs, brokered and public fund deposits) | 37,880,650 | 32,754,609 | 16 | |||||||||||||||||
Net interest margin | 3.01 | % | 3.18 | % | (17) | bps | ||||||||||||||
Dividend payout ratio(2) | 26.95 | 57.45 | (3,050) | |||||||||||||||||
Non-performing assets ratio | 0.40 | 0.50 | (10) | |||||||||||||||||
Non-performing loans ratio | 0.33 | 0.39 | (6) | |||||||||||||||||
Past due loans over 90 days | 0.02 | 0.01 | 1 | |||||||||||||||||
Net charge-off ratio | 0.20 | 0.24 | (4) | |||||||||||||||||
CET1 capital | $ | 4,388,618 | $ | 4,034,865 | 9 | % | ||||||||||||||
Tier 1 risk-based capital | 4,925,763 | 4,572,010 | 8 | |||||||||||||||||
Total risk-based capital | 5,827,196 | 5,604,230 | 4 | |||||||||||||||||
CET1 capital ratio | 9.50 | % | 9.66 | % | (16) | bps | ||||||||||||||
Tier 1 risk-based capital ratio | 10.66 | 10.95 | (29) | |||||||||||||||||
Total risk-based capital ratio | 12.61 | 13.42 | (81) | |||||||||||||||||
Total shareholders’ equity to total assets ratio | 9.24 | 9.49 | (25) | |||||||||||||||||
Tangible common equity to tangible assets ratio(1) | 7.52 | 7.66 | (14) | |||||||||||||||||
Table 6 - Loans by Portfolio Class | ||||||||||||||||||||||||||||||||
December 31, | December 31, 2021 vs. December 31, 2020 Change | |||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Total Loans | % | Total Loans | % | ||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 12,052,475 | 30.6 | % | $ | 12,410,152 | 32.4 | % | $ | (357,677) | (3) | % | ||||||||||||||||||||
Owner-occupied | 7,508,686 | 19.1 | 7,110,016 | 18.6 | 398,670 | 6 | ||||||||||||||||||||||||||
Total commercial and industrial | 19,561,161 | 49.7 | 19,520,168 | 51.0 | 40,993 | — | ||||||||||||||||||||||||||
Investment properties | 9,869,155 | 25.1 | 9,103,379 | 23.8 | 765,776 | 8 | ||||||||||||||||||||||||||
1-4 family properties | 645,469 | 1.6 | 628,695 | 1.6 | 16,774 | 3 | ||||||||||||||||||||||||||
Land and development | 466,866 | 1.2 | 593,633 | 1.6 | (126,767) | (21) | ||||||||||||||||||||||||||
Total commercial real estate | 10,981,490 | 27.9 | 10,325,707 | 27.0 | 655,783 | 6 | ||||||||||||||||||||||||||
Consumer mortgages | 5,069,039 | 12.9 | 5,513,491 | 14.4 | (444,452) | (8) | ||||||||||||||||||||||||||
Home equity lines | 1,281,989 | 3.3 | 1,537,726 | 4.0 | (255,737) | (17) | ||||||||||||||||||||||||||
Credit cards | 299,556 | 0.8 | 281,018 | 0.7 | 18,538 | 7 | ||||||||||||||||||||||||||
Other consumer loans | 2,118,723 | 5.4 | 1,074,874 | 2.9 | 1,043,849 | 97 | ||||||||||||||||||||||||||
Total consumer | 8,769,307 | 22.4 | 8,407,109 | 22.0 | 362,198 | 4 | ||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,311,958 | 100.0 | % | $ | 38,252,984 | 100.0 | % | $ | 1,058,974 | 3 | % | ||||||||||||||||||||
Table 7 - PPP Loans | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Applications | Loan Balances | ||||||||||||||||||||||||||||||||||
(in millions, except count data ) | Approximate Count | Balance | Fundings | 2021 Forgiveness | Total Life-to-Date Forgiveness | End of Period, Net of Unearned Fees and Costs(1) | |||||||||||||||||||||||||||||
Phase 1- 2020 Originations | 19,000 | $ | 2,958 | $ | 2,886 | $ | 2,184 | $ | 2,724 | $ | 47 | ||||||||||||||||||||||||
Phase 2- 2021 Originations | 11,000 | 1,135 | 1,047 | 681 | 681 | 353 | |||||||||||||||||||||||||||||
Total | 30,000 | $ | 4,093 | $ | 3,933 | $ | 2,865 | $ | 3,405 | $ | 400 | ||||||||||||||||||||||||
(dollars in millions) | Total Net Fees | Percent of Fundings | 2021 Recognized Net Fees | Total Recognized Net Fees | Total Unrecognized or Remaining Net Fees | Contractual Maturity | |||||||||||||||||||||||||||||
Phase 1- 2020 Originations | $ | 94.9 | 3.3 | % | $ | 48.6 | $ | 94.6 | $ | 0.3 | 2 years | ||||||||||||||||||||||||
Phase 2- 2021 Originations | 43.6 | 4.2 | 30.6 | 30.6 | 13.0 | 5 years | |||||||||||||||||||||||||||||
Total | $ | 138.5 | 3.5 | % | $ | 79.2 | $ | 125.2 | $ | 13.3 | |||||||||||||||||||||||||
Table 8 - Commercial and Industrial Loans by Industry | |||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(dollars in thousands) | NAICS Code | Amount | %(1) | Amount | %(1) | ||||||||||||||||||||||||
Health care and social assistance | 62 | $ | 4,220,579 | 21.6 | % | $ | 3,878,450 | 19.9 | % | ||||||||||||||||||||
Finance and insurance | 52 | 2,520,480 | 12.9 | 1,680,094 | 8.6 | ||||||||||||||||||||||||
Manufacturing | 31-33 | 1,314,212 | 6.7 | 1,243,290 | 6.4 | ||||||||||||||||||||||||
Accommodation and food services | 72 | 1,231,801 | 6.3 | 1,213,524 | 6.2 | ||||||||||||||||||||||||
Retail trade | 44-45 | 1,229,076 | 6.3 | 1,279,813 | 6.6 | ||||||||||||||||||||||||
Wholesale trade | 42 | 1,146,505 | 5.9 | 1,236,137 | 6.3 | ||||||||||||||||||||||||
Real estate and rental and leasing | 5311 | 1,061,921 | 5.4 | 1,134,023 | 5.8 | ||||||||||||||||||||||||
Construction | 23 | 1,023,540 | 5.2 | 1,065,633 | 5.5 | ||||||||||||||||||||||||
Other services | 81 | 1,004,448 | 5.1 | 1,144,023 | 5.9 | ||||||||||||||||||||||||
Professional, scientific, and technical services | 54 | 928,436 | 4.7 | 1,144,939 | 5.9 | ||||||||||||||||||||||||
Transportation and warehousing | 48-49 | 852,969 | 4.4 | 843,294 | 4.3 | ||||||||||||||||||||||||
Real estate other | 53 | 752,997 | 3.8 | 723,241 | 3.7 | ||||||||||||||||||||||||
Arts, entertainment and recreation | 71 | 534,597 | 2.7 | 779,282 | 4.0 | ||||||||||||||||||||||||
Educational services | 61 | 427,456 | 2.2 | 398,949 | 2.0 | ||||||||||||||||||||||||
Public administration | 92 | 407,451 | 2.1 | 432,519 | 2.2 | ||||||||||||||||||||||||
Agriculture, forestry, fishing, and hunting | 11 | 285,372 | 1.5 | 385,337 | 2.0 | ||||||||||||||||||||||||
Administration, support, waste management, and remediation | 56 | 246,638 | 1.3 | 352,812 | 1.8 | ||||||||||||||||||||||||
Information | 51 | 189,306 | 1.0 | 288,321 | 1.5 | ||||||||||||||||||||||||
Other industries | (2) | 183,377 | 0.9 | 296,487 | 1.4 | ||||||||||||||||||||||||
Total C&I loans | $ | 19,561,161 | 100.0 | % | $ | 19,520,168 | 100.0 | % | |||||||||||||||||||||
Table 11 - Composition of Period-end Deposits | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||||||||||||
Non-interest-bearing demand deposits(2) | $ | 15,242,839 | 30.9 | % | $ | 12,382,708 | 26.5 | % | |||||||||||||||
Interest-bearing demand deposits(2) | 6,346,959 | 12.9 | 5,674,416 | 12.2 | |||||||||||||||||||
Money market accounts(2) | 14,886,424 | 30.1 | 13,541,236 | 29.0 | |||||||||||||||||||
Savings deposits(2) | 1,404,428 | 2.8 | 1,156,249 | 2.5 | |||||||||||||||||||
Public funds | 6,284,553 | 12.7 | 6,760,628 | 14.5 | |||||||||||||||||||
Time deposits(2) | 2,427,073 | 4.9 | 3,605,928 | 7.7 | |||||||||||||||||||
Brokered deposits | 2,835,000 | 5.7 | 3,570,406 | 7.6 | |||||||||||||||||||
Total deposits | $ | 49,427,276 | 100.0 | % | $ | 46,691,571 | 100.0 | % | |||||||||||||||
Core deposits(3) | $ | 46,592,276 | 94.3 | % | $ | 43,121,165 | 92.4 | % | |||||||||||||||
Core transaction deposits(4) | $ | 37,880,650 | 76.6 | % | $ | 32,754,609 | 70.2 | % | |||||||||||||||
Brokered time deposits | $ | 1,024,448 | 2.1 | % | $ | 1,590,096 | 3.4 | % | |||||||||||||||
Public funds time deposits | $ | 665,954 | 1.3 | % | $ | 752,172 | 1.6 | % | |||||||||||||||
Table 13 - Net Interest Income | Years Ended December 31, | ||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Interest income | $ | 1,653,343 | $ | 1,804,495 | $ | 2,050,638 | |||||||||||
Taxable-equivalent adjustment | 3,185 | 3,424 | 3,025 | ||||||||||||||
Interest income, taxable-equivalent | 1,656,528 | 1,807,919 | 2,053,663 | ||||||||||||||
Interest expense | 120,396 | 291,747 | 454,835 | ||||||||||||||
Net interest income, taxable-equivalent | $ | 1,536,132 | $ | 1,516,172 | $ | 1,598,828 | |||||||||||
Table 14 - Average Balances, Interest, and Yields/Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable loans, net(1)(2) | $ | 37,644,066 | $ | 1,470,587 | 3.91 | % | $ | 38,597,852 | $ | 1,587,606 | 4.11 | % | $ | 35,599,889 | $ | 1,806,060 | 5.07 | % | |||||||||||||||||||||||||||||||||||
Tax-exempt loans, net(1)(2)(3) | 506,779 | 15,165 | 2.99 | 497,467 | 16,274 | 3.27 | 355,675 | 14,208 | 3.99 | ||||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | 537,324 | — | — | 513,743 | — | — | 259,833 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net | 37,613,521 | 1,485,752 | 3.95 | 38,581,576 | 1,603,880 | 4.16 | 35,695,731 | 1,820,268 | 5.10 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale(3) | 9,603,343 | 140,077 | 1.46 | 7,006,894 | 178,582 | 2.55 | 6,755,496 | 208,867 | 3.09 | ||||||||||||||||||||||||||||||||||||||||||||
Trading account assets | 5,613 | 87 | 1.55 | 6,593 | 121 | 1.84 | 5,119 | 138 | 2.70 | ||||||||||||||||||||||||||||||||||||||||||||
Interest earning deposits with banks | 23,235 | 82 | 0.35 | 21,081 | 197 | 0.94 | 21,586 | 491 | 2.27 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing funds with Federal Reserve Bank | 2,885,418 | 3,777 | 0.13 | 1,442,609 | 2,839 | 0.19 | 472,814 | 10,384 | 2.17 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 93,457 | 53 | 0.06 | 124,460 | 149 | 0.12 | 59,734 | 1,342 | 2.25 | ||||||||||||||||||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | 159,176 | 2,891 | 1.82 | 223,606 | 7,073 | 3.16 | 245,196 | 8,918 | 3.64 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 203,840 | 5,935 | 2.91 | 215,788 | 6,412 | 2.97 | 80,997 | 3,233 | 3.99 | ||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | 580,162 | 17,874 | 3.04 | 265,764 | 8,666 | 3.21 | 517 | 22 | 4.11 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 51,167,765 | $ | 1,656,528 | 3.24 | % | 47,888,371 | $ | 1,807,919 | 3.78 | % | 43,337,190 | $ | 2,053,663 | 4.74 | % | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 561,170 | 531,963 | 510,745 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 445,333 | 481,371 | 487,202 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | 1,522 | 9,740 | 14,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 1,058,966 | 1,003,560 | 767,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets(4) | 2,133,725 | 2,223,033 | 1,675,112 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 55,368,481 | $ | 52,138,038 | $ | 46,791,930 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 8,701,078 | $ | 9,844 | 0.11 | % | $ | 7,510,429 | $ | 19,034 | 0.25 | % | $ | 6,311,829 | $ | 42,254 | 0.67 | % | |||||||||||||||||||||||||||||||||||
Money market accounts | 17,496,230 | 31,391 | 0.18 | 14,690,298 | 72,312 | 0.49 | 11,198,199 | 145,048 | 1.30 | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,335,269 | 229 | 0.02 | 1,056,777 | 247 | 0.02 | 905,338 | 487 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 4,770,002 | 33,455 | 0.70 | 7,853,325 | 126,184 | 1.61 | 10,054,459 | 169,160 | 1.68 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 210,949 | 128 | 0.06 | 192,967 | 274 | 0.14 | 236,601 | 522 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | — | — | — | 492,697 | 7,643 | 1.53 | 1,123,613 | 25,663 | 2.25 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 1,203,282 | 45,349 | 3.77 | 2,322,717 | 66,053 | 2.83 | 2,135,614 | 71,701 | 3.31 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 33,716,810 | $ | 120,396 | 0.35 | 34,119,210 | $ | 291,747 | 0.84 | 31,965,653 | $ | 454,835 | 1.41 | |||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 15,304,120 | 11,925,114 | 9,359,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,135,573 | 1,021,633 | 714,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 5,211,978 | 5,072,081 | 4,751,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 55,368,481 | $ | 52,138,038 | $ | 46,791,930 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, taxable-equivalent net interest margin | $ | 1,536,132 | 3.01 | % | $ | 1,516,172 | 3.18 | % | $ | 1,598,828 | 3.70 | % | |||||||||||||||||||||||||||||||||||||||||
Less: taxable-equivalent adjustment | 3,185 | 3,424 | 3,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 1,532,947 | $ | 1,512,748 | $ | 1,595,803 | |||||||||||||||||||||||||||||||||||||||||||||||
Table 15 - Rate/Volume Analysis | 2021 Compared to 2020 Change Due to(1) | 2020 Compared to 2019 Change Due to(1) | |||||||||||||||||||||||||||||||||
(in thousands) | Volume/Mix | Yield/Rate | Net Change | Volume/Mix | Yield/Rate | Net Change | |||||||||||||||||||||||||||||
Interest earned on: | |||||||||||||||||||||||||||||||||||
Taxable loans, net | $ | (39,201) | $ | (77,818) | $ | (117,019) | $ | 151,997 | $ | (370,451) | $ | (218,454) | |||||||||||||||||||||||
Tax-exempt loans, net(2) | 305 | (1,414) | (1,109) | 5,658 | (3,592) | 2,066 | |||||||||||||||||||||||||||||
Investment securities(2) | 66,209 | (104,714) | (38,505) | 7,768 | (38,053) | (30,285) | |||||||||||||||||||||||||||||
Trading account assets | (18) | (16) | (34) | 40 | (57) | (17) | |||||||||||||||||||||||||||||
Interest earning deposits with banks | 20 | (135) | (115) | (11) | (283) | (294) | |||||||||||||||||||||||||||||
Interest-bearing funds with Federal Reserve Bank | 2,741 | (1,803) | 938 | 21,045 | (28,590) | (7,545) | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | (34) | (62) | (96) | 1,457 | (2,650) | (1,193) | |||||||||||||||||||||||||||||
FHLB and Federal Reserve Bank stock | (2,036) | (2,146) | (4,182) | (786) | (1,059) | (1,845) | |||||||||||||||||||||||||||||
Mortgage loans held for sale | (355) | (122) | (477) | 5,378 | (2,199) | 3,179 | |||||||||||||||||||||||||||||
Other loans held for sale | 10,092 | (884) | 9,208 | 10,902 | (2,258) | 8,644 | |||||||||||||||||||||||||||||
Total interest income | 37,723 | (189,114) | (151,391) | 203,448 | (449,192) | (245,744) | |||||||||||||||||||||||||||||
Interest paid on: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | 2,977 | (12,167) | (9,190) | 8,031 | (31,251) | (23,220) | |||||||||||||||||||||||||||||
Money market accounts | 13,749 | (54,670) | (40,921) | 45,397 | (118,133) | (72,736) | |||||||||||||||||||||||||||||
Savings deposits | 56 | (74) | (18) | 76 | (316) | (240) | |||||||||||||||||||||||||||||
Time deposits | (49,642) | (43,087) | (92,729) | (36,979) | (5,997) | (42,976) | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 25 | (171) | (146) | (96) | (152) | (248) | |||||||||||||||||||||||||||||
Other short-term borrowings | (7,538) | (105) | (7,643) | (14,196) | (3,824) | (18,020) | |||||||||||||||||||||||||||||
Long-term debt | (31,680) | 10,976 | (20,704) | 6,193 | (11,841) | (5,648) | |||||||||||||||||||||||||||||
Total interest expense | (72,053) | (99,298) | (171,351) | 8,426 | (171,514) | (163,088) | |||||||||||||||||||||||||||||
Net interest income, taxable-equivalent | $ | 109,776 | $ | (89,816) | $ | 19,960 | $ | 195,022 | $ | (277,678) | $ | (82,656) | |||||||||||||||||||||||
Table 16 - Non-interest Revenue | |||||||||||||||||||||||||||||
Years Ended December 31, | December 31, 2021 vs December 31, 2020 | ||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||
Service charges on deposit accounts | $ | 86,310 | $ | 73,132 | $ | 88,190 | $ | 13,178 | 18 | % | |||||||||||||||||||
Fiduciary and asset management fees | 77,147 | 63,251 | 58,388 | 13,896 | 22 | ||||||||||||||||||||||||
Card fees | 51,399 | 42,702 | 45,659 | 8,697 | 20 | ||||||||||||||||||||||||
Brokerage revenue | 56,439 | 44,781 | 41,608 | 11,658 | 26 | ||||||||||||||||||||||||
Mortgage banking income | 54,371 | 91,413 | 32,599 | (37,042) | (41) | ||||||||||||||||||||||||
Capital markets income | 26,118 | 27,336 | 30,529 | (1,218) | (4) | ||||||||||||||||||||||||
Income from bank-owned life insurance | 38,019 | 31,297 | 21,226 | 6,722 | 21 | ||||||||||||||||||||||||
Investment securities gains (losses), net | (799) | 78,931 | (7,659) | (79,730) | nm | ||||||||||||||||||||||||
Other non-interest revenue | 61,062 | 53,670 | 45,360 | 7,392 | 14 | ||||||||||||||||||||||||
Total non-interest revenue | $ | 450,066 | $ | 506,513 | $ | 355,900 | $ | (56,447) | (11) | % | |||||||||||||||||||
Core banking fees (1) | $ | 165,481 | $ | 138,359 | $ | 154,621 | $ | 27,122 | 20 | % | |||||||||||||||||||
Table 18 - Selected Credit Quality Metrics | |||||||||||||||||
December 31, | |||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Non-performing loans | $ | 131,042 | $ | 151,079 | $ | 101,636 | |||||||||||
Impaired loans held for sale | — | 23,590 | — | ||||||||||||||
ORE and other assets | 27,137 | 17,394 | 35,810 | ||||||||||||||
Non-performing assets | $ | 158,179 | $ | 192,063 | $ | 137,446 | |||||||||||
Loans 90 days past due and still accruing | $ | 6,770 | $ | 4,117 | $ | 15,943 | |||||||||||
As a % of loans | 0.02 | % | 0.01 | % | 0.04 | % | |||||||||||
Total past due loans and still accruing | $ | 57,565 | $ | 47,349 | $ | 123,793 | |||||||||||
As a % of loans | 0.15 | % | 0.12 | % | 0.33 | % | |||||||||||
Accruing TDRs(1) | $ | 119,804 | $ | 134,972 | $ | 133,145 | |||||||||||
Non-performing loans as a % of total loans | 0.33 | % | 0.39 | % | 0.27 | % | |||||||||||
Non-performing assets as a % of total loans, impaired loans held for sale, ORE, and specific other assets | 0.40 | 0.50 | 0.37 | ||||||||||||||
Total loans | $ | 39,311,958 | $ | 38,252,984 | $ | 37,162,450 | |||||||||||
Net charge-offs | 77,788 | 94,712 | 57,612 | ||||||||||||||
Net charge-offs/average loans | 0.20 | % | 0.24 | % | 0.16 | % | |||||||||||
Provision for (reversal of) loan losses | $ | (100,351) | $ | 336,052 | $ | 87,720 | |||||||||||
Provision for (reversal of) unfunded commitments | (5,900) | 18,970 | (2) | ||||||||||||||
Provision for (reversal of) credit losses | $ | (106,251) | $ | 355,022 | $ | 87,720 | |||||||||||
Allowance for loan losses | $ | 427,597 | $ | 605,736 | $ | 281,402 | |||||||||||
Reserve for unfunded commitments | 41,885 | 47,785 | 1,375 | ||||||||||||||
Allowance for credit losses | $ | 469,482 | $ | 653,521 | $ | 282,777 | |||||||||||
ACL to loans coverage ratio | 1.19 | % | 1.71 | % | 0.76 | % | |||||||||||
ALL to loans coverage ratio | 1.09 | 1.58 | 0.76 | ||||||||||||||
ACL/NPLs | 358.27 | 432.57 | 278.23 | ||||||||||||||
ALL/NPLs | 326.31 | 400.94 | 276.87 | ||||||||||||||
Table 19 - NPAs by Portfolio Class | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | NPLs | ORE and Other Assets | Total NPAs | NPLs | ORE and Other Assets | Impaired Loans Held for Sale | Total NPAs | ||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 61,787 | $ | — | $ | 61,787 | $ | 77,386 | $ | 44 | $ | — | $ | 77,430 | |||||||||||||||||||||||||||
Owner-occupied | 11,196 | 11,393 | 22,589 | 20,019 | 739 | — | 20,758 | ||||||||||||||||||||||||||||||||||
Total commercial and industrial | 72,983 | 11,393 | 84,376 | 97,405 | 783 | — | 98,188 | ||||||||||||||||||||||||||||||||||
Investment properties | 5,850 | 223 | 6,073 | 24,631 | 251 | 23,590 | 48,472 | ||||||||||||||||||||||||||||||||||
1-4 family properties | 4,563 | — | 4,563 | 3,619 | — | — | 3,619 | ||||||||||||||||||||||||||||||||||
Land and development | 1,918 | 177 | 2,095 | 2,163 | 785 | — | 2,948 | ||||||||||||||||||||||||||||||||||
Total commercial real estate | 12,331 | 400 | 12,731 | 30,413 | 1,036 | 23,590 | 55,039 | ||||||||||||||||||||||||||||||||||
Consumer mortgages | 29,078 | 25 | 29,103 | 8,740 | — | — | 8,740 | ||||||||||||||||||||||||||||||||||
Home equity lines | 9,760 | — | 9,760 | 12,145 | — | — | 12,145 | ||||||||||||||||||||||||||||||||||
Other consumer loans | 6,890 | — | 6,890 | 2,376 | — | — | 2,376 | ||||||||||||||||||||||||||||||||||
Total consumer | 45,728 | 25 | 45,753 | 23,261 | — | — | 23,261 | ||||||||||||||||||||||||||||||||||
Other assets | — | 15,319 | 15,319 | — | 15,575 | — | 15,575 | ||||||||||||||||||||||||||||||||||
Total | $ | 131,042 | $ | 27,137 | $ | 158,179 | $ | 151,079 | $ | 17,394 | $ | 23,590 | $ | 192,063 | |||||||||||||||||||||||||||
Table 21 - TDRs by Portfolio Class | |||||||||||
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Commercial, financial and agricultural | $ | 43,597 | $ | 46,792 | |||||||
Owner-occupied | 34,493 | 44,185 | |||||||||
Total commercial and industrial | 78,090 | 90,977 | |||||||||
Investment properties | 17,900 | 38,212 | |||||||||
1-4 family properties | 3,687 | 4,184 | |||||||||
Land and development | 5,567 | 4,852 | |||||||||
Total commercial real estate | 27,154 | 47,248 | |||||||||
Consumer mortgages | 16,117 | 19,757 | |||||||||
Home equity lines | 11,659 | 8,386 | |||||||||
Other consumer loans | 9,090 | 7,639 | |||||||||
Total consumer | 36,866 | 35,782 | |||||||||
Total TDRs | $ | 142,110 | $ | 174,007 | |||||||
Table 22 - Criticized and Classified Loans | December 31, | ||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Special mention loans | $ | 489,150 | $ | 977,028 | |||||||
Substandard loans | 526,117 | 553,720 | |||||||||
Doubtful loans | 10,630 | 33,204 | |||||||||
Loss loans | 2,058 | 3,032 | |||||||||
Criticized and Classified loans | $ | 1,027,955 | $ | 1,566,984 | |||||||
As a % of total loans | 2.6 | % | 4.1 | % | |||||||
Table 23 - Net Charge-offs | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||||||||||||
Commercial and industrial | $ | 49,723 | 0.26 | % | $ | 62,716 | 0.33 | % | |||||||||||||||
Commercial real estate | 7,948 | 0.08 | 10,356 | 0.10 | |||||||||||||||||||
Consumer | 20,117 | 0.23 | 21,640 | 0.23 | |||||||||||||||||||
Total net charge-offs | $ | 77,788 | 0.20 | % | $ | 94,712 | 0.24 | % | |||||||||||||||
Table 25 - Capital Ratios | |||||||||||
(dollars in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
CET1 capital | |||||||||||
Synovus Financial Corp. | $ | 4,388,618 | $ | 4,034,865 | |||||||
Synovus Bank | 4,998,698 | 4,641,711 | |||||||||
Tier 1 risk-based capital | |||||||||||
Synovus Financial Corp. | 4,925,763 | 4,572,010 | |||||||||
Synovus Bank | 4,998,698 | 4,641,711 | |||||||||
Total risk-based capital | |||||||||||
Synovus Financial Corp. | 5,827,196 | 5,604,230 | |||||||||
Synovus Bank | 5,587,757 | 5,361,611 | |||||||||
CET1 capital ratio | |||||||||||
Synovus Financial Corp. | 9.50 | % | 9.66 | % | |||||||
Synovus Bank | 10.83 | 11.11 | |||||||||
Tier 1 risk-based capital ratio | |||||||||||
Synovus Financial Corp. | 10.66 | 10.95 | |||||||||
Synovus Bank | 10.83 | 11.11 | |||||||||
Total risk-based capital to risk-weighted assets ratio | |||||||||||
Synovus Financial Corp. | 12.61 | 13.42 | |||||||||
Synovus Bank | 12.11 | 12.83 | |||||||||
Leverage ratio | |||||||||||
Synovus Financial Corp. | 8.72 | 8.50 | |||||||||
Synovus Bank | 8.86 | 8.73 | |||||||||
Tangible common equity to tangible assets ratio(1) | |||||||||||
Synovus Financial Corp. | 7.52 | 7.66 | |||||||||
Table 26 - Contractual Cash Obligations | |||||||||||||||||
Payments Due After December 31, 2021 | |||||||||||||||||
(in thousands) | 1 Year or Less | After 1 Year | Total | ||||||||||||||
Long-term debt obligations | $ | 344,433 | $ | 1,096,148 | $ | 1,440,581 | |||||||||||
Lease obligations | 32,492 | 548,955 | 581,447 | ||||||||||||||
Purchase commitments(1) | 81,167 | 192,850 | 274,017 | ||||||||||||||
Commitments to fund tax credits, CRA partnerships, and other investments(2) | 182,989 | 67,744 | 250,733 | ||||||||||||||
Total contractual cash obligations | $ | 641,081 | $ | 1,905,697 | $ | 2,546,778 | |||||||||||
Table 27 - Reconciliation of Non-GAAP Financial Measures | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Adjusted non-interest revenue | |||||||||||
Total non-interest revenue | $ | 450,066 | $ | 506,513 | |||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Subtract: Fair value adjustment on non-qualified deferred compensation | (2,816) | (2,310) | |||||||||
Adjusted non-interest revenue | $ | 448,049 | $ | 420,497 | |||||||
Adjusted non-interest expense | |||||||||||
Total non-interest expense | $ | 1,099,904 | $ | 1,179,574 | |||||||
Subtract: Earnout liability adjustments | (507) | (4,908) | |||||||||
Subtract: Goodwill impairment | — | (44,877) | |||||||||
Subtract: Restructuring charges | (7,223) | (26,991) | |||||||||
Subtract: Valuation adjustment to Visa derivative | (2,656) | (890) | |||||||||
Subtract: Loss on early extinguishment of debt | — | (10,466) | |||||||||
Subtract: Fair value adjustment on non-qualified deferred compensation | (2,816) | (2,310) | |||||||||
Adjusted non-interest expense | $ | 1,086,702 | $ | 1,089,132 | |||||||
Adjusted total revenue and adjusted tangible efficiency ratio | |||||||||||
Adjusted non-interest expense | $ | 1,086,702 | $ | 1,089,132 | |||||||
Subtract: Amortization of intangibles | (9,516) | (10,560) | |||||||||
Adjusted tangible non-interest expense | $ | 1,077,186 | $ | 1,078,572 | |||||||
Net interest income | $ | 1,532,947 | $ | 1,512,748 | |||||||
Add: Tax equivalent adjustment | 3,185 | 3,424 | |||||||||
Add: Total non-interest revenue | 450,066 | 506,513 | |||||||||
Total TE revenue | $ | 1,986,198 | $ | 2,022,685 | |||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Subtract: Fair value adjustment on non-qualified deferred compensation | (2,816) | (2,310) | |||||||||
Adjusted total revenue | $ | 1,984,181 | $ | 1,936,669 | |||||||
Efficiency ratio-TE | 55.38 | % | 58.32 | % | |||||||
Adjusted tangible efficiency ratio | 54.29 | 55.69 | |||||||||
Table 27 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||
Years Ended December 31, | |||||||||||
(in thousands, except per share data) | 2021 | 2020 | |||||||||
Adjusted return on average assets | |||||||||||
Net income | $ | 760,467 | $ | 373,695 | |||||||
Add: Earnout liability adjustments | 507 | 4,908 | |||||||||
Add: Goodwill impairment | — | 44,877 | |||||||||
Add: Restructuring charges | 7,223 | 26,991 | |||||||||
Add: Valuation adjustment to Visa derivative | 2,656 | 890 | |||||||||
Add: Loss on early extinguishment of debt | — | 10,466 | |||||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Add/subtract: Tax effect of adjustments | (2,702) | 11,748 | |||||||||
Adjusted net income | $ | 768,950 | $ | 389,869 | |||||||
Total average assets | $ | 55,368,481 | $ | 52,138,038 | |||||||
Return on average assets | 1.37 | % | 0.72 | % | |||||||
Adjusted return on average assets | 1.39 | 0.75 | |||||||||
Adjusted net income per common share, diluted | |||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | |||||||
Add: Earnout liability adjustments | 507 | 4,908 | |||||||||
Add: Goodwill impairment | — | 44,877 | |||||||||
Add: Restructuring charges | 7,223 | 26,991 | |||||||||
Add: Valuation adjustment to Visa derivative | 2,656 | 890 | |||||||||
Add: Loss on early extinguishment of debt | — | 10,466 | |||||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Add/subtract: Tax effect of adjustments | (2,702) | 11,748 | |||||||||
Adjusted net income available to common shareholders | $ | 735,787 | $ | 356,706 | |||||||
Weighted average common shares outstanding, diluted | 148,495 | 148,210 | |||||||||
Net income per common share, diluted | $ | 4.90 | $ | 2.30 | |||||||
Adjusted net income per common share, diluted | 4.95 | 2.41 | |||||||||
Table 27 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Adjusted return on average common equity and adjusted return on average tangible common equity | |||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | |||||||
Add: Earnout liability adjustments | 507 | 4,908 | |||||||||
Add: Goodwill impairment | — | 44,877 | |||||||||
Add: Restructuring charges | 7,223 | 26,991 | |||||||||
Add: Valuation adjustment to Visa derivative | 2,656 | 890 | |||||||||
Add: Loss on early extinguishment of debt | — | 10,466 | |||||||||
Subtract/add: Investment securities (gains) losses, net | 799 | (78,931) | |||||||||
Subtract: Gain on sale and increase in fair value of private equity investments, net | — | (4,775) | |||||||||
Add/subtract: Tax effect of adjustments | (2,702) | 11,748 | |||||||||
Adjusted net income available to common shareholders | $ | 735,787 | $ | 356,706 | |||||||
Add: Amortization of intangibles | 7,108 | 7,825 | |||||||||
Adjusted net income available to common shareholders excluding amortization of intangibles | $ | 742,895 | $ | 364,531 | |||||||
Total average shareholders' equity less preferred stock | $ | 4,674,833 | $ | 4,534,935 | |||||||
Subtract: Goodwill | (452,390) | (485,987) | |||||||||
Subtract: Other intangible assets, net | (40,307) | (50,427) | |||||||||
Total average tangible shareholders' equity less preferred stock | $ | 4,182,136 | $ | 3,998,521 | |||||||
Return on average common equity | 15.56 | % | 7.51 | % | |||||||
Adjusted return on average common equity | 15.74 | 7.87 | |||||||||
Adjusted return on average tangible common equity | 17.76 | 9.12 | |||||||||
December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Tangible common equity to tangible assets ratio | |||||||||||
Total assets | $ | 57,317,226 | $ | 54,394,159 | |||||||
Subtract: Goodwill | (452,390) | (452,390) | |||||||||
Subtract: Other intangible assets, net | (35,596) | (45,112) | |||||||||
Tangible assets | $ | 56,829,240 | $ | 53,896,657 | |||||||
Total shareholders’ equity | $ | 5,296,800 | $ | 5,161,334 | |||||||
Subtract: Goodwill | (452,390) | (452,390) | |||||||||
Subtract: Other intangible assets, net | (35,596) | (45,112) | |||||||||
Subtract: Preferred Stock, no par value | (537,145) | (537,145) | |||||||||
Tangible common equity | $ | 4,271,669 | $ | 4,126,687 | |||||||
Total shareholders’ equity to total assets ratio | 9.24 | % | 9.49 | % | |||||||
Tangible common equity to tangible assets ratio | 7.52 | 7.66 | |||||||||
Table 28 - Twelve Month Net Interest Income Sensitivity | ||||||||||||||
Change in Interest Rates (in bps) | Estimated Change in Net Interest Income As of December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
+200 | 14.5% | N/A | ||||||||||||
+100 | 6.5% | 7.2% | ||||||||||||
December 31, | ||||||||||||||
(in thousands, except share and per share data) | 2021 | 2020 | ||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 432,925 | $ | 531,579 | ||||||||||
Interest-bearing funds with Federal Reserve Bank | 2,479,006 | 3,586,565 | ||||||||||||
Interest earning deposits with banks | 25,535 | 20,944 | ||||||||||||
Federal funds sold and securities purchased under resale agreements | 72,387 | 113,829 | ||||||||||||
Total cash, cash equivalents, and restricted cash | 3,009,853 | 4,252,917 | ||||||||||||
Investment securities available for sale, at fair value | 10,918,329 | 7,962,438 | ||||||||||||
Loans held for sale (includes $108,198 and $216,647, measured at fair value, respectively) | 750,642 | 760,123 | ||||||||||||
Loans, net of deferred fees and costs | 39,311,958 | 38,252,984 | ||||||||||||
Allowance for loan losses | (427,597) | (605,736) | ||||||||||||
Loans, net | 38,884,361 | 37,647,248 | ||||||||||||
Cash surrender value of bank-owned life insurance | 1,068,616 | 1,049,373 | ||||||||||||
Premises, equipment and software, net | 407,241 | 463,959 | ||||||||||||
Goodwill | 452,390 | 452,390 | ||||||||||||
Other intangible assets, net | 35,596 | 45,112 | ||||||||||||
Other assets | 1,790,198 | 1,760,599 | ||||||||||||
Total assets | $ | 57,317,226 | $ | 54,394,159 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest-bearing deposits | $ | 16,392,653 | $ | 13,477,854 | ||||||||||
Interest-bearing deposits | 33,034,623 | 33,213,717 | ||||||||||||
Total deposits | 49,427,276 | 46,691,571 | ||||||||||||
Securities sold under repurchase agreements | 264,133 | 227,922 | ||||||||||||
Long-term debt | 1,204,229 | 1,202,494 | ||||||||||||
Other liabilities | 1,124,788 | 1,110,838 | ||||||||||||
Total liabilities | 52,020,426 | 49,232,825 | ||||||||||||
Shareholders’ Equity | ||||||||||||||
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000 | 537,145 | 537,145 | ||||||||||||
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 169,383,758 and 168,132,522; outstanding 145,010,086 and 148,039,495 | 169,384 | 168,133 | ||||||||||||
Additional paid-in capital | 3,894,109 | 3,851,208 | ||||||||||||
Treasury stock, at cost; 24,373,672 and 20,093,027 shares | (931,497) | (731,806) | ||||||||||||
Accumulated other comprehensive income (loss), net | (82,321) | 158,635 | ||||||||||||
Retained earnings | 1,709,980 | 1,178,019 | ||||||||||||
Total shareholders’ equity | 5,296,800 | 5,161,334 | ||||||||||||
Total liabilities and shareholders' equity | $ | 57,317,226 | $ | 54,394,159 | ||||||||||
Years Ended December 31, | ||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2019 | |||||||||||||||||
Interest income: | ||||||||||||||||||||
Loans, including fees | $ | 1,482,567 | $ | 1,600,462 | $ | 1,817,285 | ||||||||||||||
Investment securities available for sale | 140,077 | 178,575 | 208,826 | |||||||||||||||||
Loans held for sale | 23,809 | 15,078 | 3,254 | |||||||||||||||||
Federal Reserve Bank balances | 3,777 | 2,839 | 10,384 | |||||||||||||||||
Other earning assets | 3,113 | 7,541 | 10,889 | |||||||||||||||||
Total interest income | 1,653,343 | 1,804,495 | 2,050,638 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 74,919 | 217,777 | 356,949 | |||||||||||||||||
Federal funds purchased, securities sold under repurchase agreements, and other liabilities | 128 | 7,917 | 26,185 | |||||||||||||||||
Long-term debt | 45,349 | 66,053 | 71,701 | |||||||||||||||||
Total interest expense | 120,396 | 291,747 | 454,835 | |||||||||||||||||
Net interest income | 1,532,947 | 1,512,748 | 1,595,803 | |||||||||||||||||
Provision for (reversal of) credit losses(1) | (106,251) | 355,022 | 87,720 | |||||||||||||||||
Net interest income after provision for credit losses | 1,639,198 | 1,157,726 | 1,508,083 | |||||||||||||||||
Non-interest revenue: | ||||||||||||||||||||
Service charges on deposit accounts | 86,310 | 73,132 | 88,190 | |||||||||||||||||
Fiduciary and asset management fees | 77,147 | 63,251 | 58,388 | |||||||||||||||||
Card fees | 51,399 | 42,702 | 45,659 | |||||||||||||||||
Brokerage revenue | 56,439 | 44,781 | 41,608 | |||||||||||||||||
Mortgage banking income | 54,371 | 91,413 | 32,599 | |||||||||||||||||
Capital markets income | 26,118 | 27,336 | 30,529 | |||||||||||||||||
Income from bank-owned life insurance | 38,019 | 31,297 | 21,226 | |||||||||||||||||
Investment securities gains (losses), net | (799) | 78,931 | (7,659) | |||||||||||||||||
Other non-interest revenue | 61,062 | 53,670 | 45,360 | |||||||||||||||||
Total non-interest revenue | 450,066 | 506,513 | 355,900 | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and other personnel expense | 649,426 | 618,214 | 570,036 | |||||||||||||||||
Net occupancy, equipment, and software expense | 169,222 | 169,658 | 161,906 | |||||||||||||||||
Third-party processing and other services | 86,688 | 87,992 | 79,225 | |||||||||||||||||
Professional fees | 32,785 | 56,899 | 35,300 | |||||||||||||||||
FDIC insurance and other regulatory fees | 22,355 | 25,210 | 31,696 | |||||||||||||||||
Goodwill impairment | — | 44,877 | — | |||||||||||||||||
Restructuring charges | 7,223 | 26,991 | 1,230 | |||||||||||||||||
Merger-related expense | — | — | 56,580 | |||||||||||||||||
Other operating expense | 132,205 | 149,733 | 162,995 | |||||||||||||||||
Total non-interest expense | 1,099,904 | 1,179,574 | 1,098,968 | |||||||||||||||||
Income before income taxes | 989,360 | 484,665 | 765,015 | |||||||||||||||||
Income tax expense | 228,893 | 110,970 | 201,235 | |||||||||||||||||
Net income | 760,467 | 373,695 | 563,780 | |||||||||||||||||
Less: Preferred stock dividends | 33,163 | 33,163 | 22,881 | |||||||||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | $ | 540,899 | ||||||||||||||
Net income per common share, basic | $ | 4.95 | $ | 2.31 | $ | 3.50 | ||||||||||||||
Net income per common share, diluted | 4.90 | 2.30 | 3.47 | |||||||||||||||||
Weighted average common shares outstanding, basic | 147,041 | 147,415 | 154,331 | |||||||||||||||||
Weighted average common shares outstanding, diluted | 148,495 | 148,210 | 156,058 | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 989,360 | $ | (228,893) | $ | 760,467 | $ | 484,665 | $ | (110,970) | $ | 373,695 | $ | 765,015 | $ | (201,235) | $ | 563,780 | |||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on investment securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (234,550) | 60,304 | (174,246) | 108,626 | (28,135) | 80,491 | 217,501 | (56,331) | 161,170 | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | 799 | (202) | 597 | (78,931) | 20,443 | (58,488) | 7,659 | (1,984) | 5,675 | ||||||||||||||||||||||||||||||||||||||||||||
Net change | (233,751) | 60,102 | (173,649) | 29,695 | (7,692) | 22,003 | 225,160 | (58,315) | 166,845 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (77,948) | 20,243 | (57,705) | 99,193 | (25,691) | 73,502 | (8,570) | 2,220 | (6,350) | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | (12,862) | 3,260 | (9,602) | (2,765) | 716 | (2,049) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net change | (90,810) | 23,503 | (67,307) | 96,428 | (24,975) | 71,453 | (8,570) | 2,220 | (6,350) | ||||||||||||||||||||||||||||||||||||||||||||
Post-retirement unfunded health benefit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial losses arising during the period | — | — | — | — | — | — | (510) | 132 | (378) | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains included in net income | — | — | — | (618) | 156 | (462) | (70) | 14 | (56) | ||||||||||||||||||||||||||||||||||||||||||||
Net change | — | — | — | (618) | 156 | (462) | (580) | 146 | (434) | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (324,561) | $ | 83,605 | $ | (240,956) | $ | 125,505 | $ | (32,511) | $ | 92,994 | $ | 216,010 | $ | (55,949) | $ | 160,061 | |||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 519,511 | $ | 466,689 | $ | 723,841 | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | AOCI | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 195,140 | $ | 143,300 | $ | 3,060,561 | $ | (1,014,746) | $ | (94,420) | $ | 843,767 | $ | 3,133,602 | |||||||||||||||||||||||||||
— | — | — | — | — | 4,270 | 4,270 | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 563,780 | 563,780 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | 160,061 | — | 160,061 | ||||||||||||||||||||||||||||||||||
FCB acquisition: | |||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | — | 22,043 | 682,103 | — | — | — | 704,146 | ||||||||||||||||||||||||||||||||||
Common stock reissued | — | — | — | 1,014,746 | — | (137,176) | 877,570 | ||||||||||||||||||||||||||||||||||
Fair value of exchanged equity awards and warrants attributed to purchase price | — | — | 43,972 | — | — | — | 43,972 | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $1.20 per share | — | — | — | — | — | (183,091) | (183,091) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (22,881) | (22,881) | ||||||||||||||||||||||||||||||||||
Issuance of Series E Preferred Stock, net of issuance costs | 342,005 | — | — | — | — | — | 342,005 | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (725,398) | — | — | (725,398) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | 344 | 11,502 | — | — | — | 11,846 | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 302 | (8,831) | — | — | (326) | (8,855) | ||||||||||||||||||||||||||||||||||
Stock options/warrants exercised, net | — | 812 | 15,364 | — | — | — | 16,176 | ||||||||||||||||||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | — | — | (9,822) | 9,838 | — | (16) | — | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 24,487 | — | — | — | 24,487 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 537,145 | $ | 166,801 | $ | 3,819,336 | $ | (715,560) | $ | 65,641 | $ | 1,068,327 | $ | 4,941,690 | |||||||||||||||||||||||||||
— | — | — | — | — | (35,721) | (35,721) | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 373,695 | 373,695 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | 92,994 | — | 92,994 | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $1.32 per share | — | — | — | — | — | (194,658) | (194,658) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (33,163) | (33,163) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (16,246) | — | — | (16,246) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | 379 | 8,316 | — | — | — | 8,695 | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 389 | (7,503) | — | — | (461) | (7,575) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 564 | 12,418 | — | — | — | 12,982 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 18,641 | — | — | — | 18,641 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 537,145 | $ | 168,133 | $ | 3,851,208 | $ | (731,806) | $ | 158,635 | $ | 1,178,019 | $ | 5,161,334 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 760,467 | 760,467 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (240,956) | — | (240,956) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $1.32 per share | — | — | — | — | — | (193,695) | (193,695) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (33,163) | (33,163) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (199,932) | — | — | (199,932) | ||||||||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | — | 4,955 | 125 | — | — | 5,080 | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 355 | (6,254) | — | — | (1,645) | (7,544) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 896 | 18,214 | — | — | — | 19,110 | ||||||||||||||||||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | — | — | (113) | 116 | — | (3) | — | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 26,099 | — | — | — | 26,099 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 537,145 | $ | 169,384 | $ | 3,894,109 | $ | (931,497) | $ | (82,321) | $ | 1,709,980 | $ | 5,296,800 | |||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 760,467 | $ | 373,695 | $ | 563,780 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for (reversal of) credit losses | (106,251) | 355,022 | 87,720 | ||||||||||||||
Depreciation, amortization, and accretion, net | 157,987 | 106,107 | 8,079 | ||||||||||||||
Deferred income tax expense (benefit) | 45,000 | (86,192) | 86,633 | ||||||||||||||
Originations of loans held for sale | (3,698,368) | (3,466,170) | (872,105) | ||||||||||||||
Proceeds from sales of loans held for sale | 3,749,502 | 2,936,398 | 816,223 | ||||||||||||||
Gain on sales of loans held for sale, net | (42,513) | (67,115) | (21,448) | ||||||||||||||
Increase in other assets | (78,728) | (411,632) | (127,636) | ||||||||||||||
Increase (decrease) in other liabilities | (21,674) | 281,866 | 43,066 | ||||||||||||||
Investment securities (gains) losses, net | 799 | (78,931) | 7,659 | ||||||||||||||
Share-based compensation expense | 27,795 | 18,641 | 24,487 | ||||||||||||||
Other | — | 55,343 | 4,592 | ||||||||||||||
Net cash provided by operating activities | 794,016 | 17,032 | 621,050 | ||||||||||||||
Investing Activities | |||||||||||||||||
Net cash received in business combination, net of cash paid | — | — | 201,100 | ||||||||||||||
Proceeds from maturities and principal collections of investment securities available for sale | 3,051,158 | 2,291,536 | 1,102,651 | ||||||||||||||
Proceeds from sales of investment securities available for sale | 565,400 | 2,649,686 | 2,923,787 | ||||||||||||||
Purchases of investment securities available for sale | (6,877,712) | (6,036,179) | (4,300,021) | ||||||||||||||
Proceeds from sales of loans | 111,168 | 1,426,954 | 74,123 | ||||||||||||||
Purchases of loans | (1,624,182) | (126,152) | (667,954) | ||||||||||||||
Net (increase) decrease in loans | 373,964 | (2,461,302) | (1,361,693) | ||||||||||||||
Net purchases of Federal Reserve Bank stock | (1,220) | (658) | (55,335) | ||||||||||||||
Net (purchases) redemptions of Federal Home Loan Bank stock | (1,200) | 129,710 | (45,856) | ||||||||||||||
Net (purchases) proceeds from settlement of bank-owned life insurance policies | 19,045 | (242,300) | 16,637 | ||||||||||||||
Net increase in premises, equipment and software | (25,954) | (30,102) | (61,208) | ||||||||||||||
Other | 25,367 | 45,834 | 19,907 | ||||||||||||||
Net cash used in investing activities | (4,384,166) | (2,352,973) | (2,153,862) | ||||||||||||||
Financing Activities | |||||||||||||||||
Net increase in deposits | 2,735,705 | 8,284,519 | 797,612 | ||||||||||||||
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 36,211 | 62,232 | (101,142) | ||||||||||||||
Net increase (decrease) in other short-term borrowings | — | (1,745,843) | 1,103,560 | ||||||||||||||
Repayments and redemption of long-term debt | — | (2,408,939) | (157,226) | ||||||||||||||
Proceeds from issuance of long-term debt, net | — | 1,445,492 | 497,045 | ||||||||||||||
Dividends paid to common shareholders | (194,677) | (189,967) | (167,923) | ||||||||||||||
Dividends paid to preferred shareholders | (33,163) | (33,163) | (17,741) | ||||||||||||||
Proceeds from issuance of preferred stock, net | — | — | 342,005 | ||||||||||||||
Issuances, net of taxes paid, under equity compensation plans | 11,566 | 5,407 | 7,321 | ||||||||||||||
Repurchase of common stock | (199,932) | (16,246) | (725,398) | ||||||||||||||
Other | (8,624) | (1,552) | (1,947) | ||||||||||||||
Net cash provided by financing activities | 2,347,086 | 5,401,940 | 1,576,166 | ||||||||||||||
Increase (decrease) in cash and cash equivalents including restricted cash | (1,243,064) | 3,065,999 | 43,354 | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 4,252,917 | 1,186,918 | 1,143,564 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of year | $ | 3,009,853 | $ | 4,252,917 | $ | 1,186,918 | |||||||||||
Supplemental Disclosures: | |||||||||||||||||
Income taxes paid | $ | 204,214 | $ | 110,828 | $ | 101,781 | |||||||||||
Interest paid | 132,923 | 319,282 | 464,712 | ||||||||||||||
Non-cash Activities: | |||||||||||||||||
Common stock issued, treasury stock reissued, equity awards/warrants exchanged to acquire FCB | — | — | 1,625,688 | ||||||||||||||
Loans foreclosed and transferred to other real estate | 12,408 | 2,163 | 19,423 | ||||||||||||||
Loans transferred to (from) loans held for sale at fair value | (859) | 49,821 | 72,707 |
Corrected Consolidated Statement of Cash Flows | |||||||||||||||||
(unaudited) | |||||||||||||||||
Year Ended December 31, 2020 | |||||||||||||||||
(in thousands) | As Reported | Adjustment | As Corrected | ||||||||||||||
Investing Activities | |||||||||||||||||
Proceeds from sales of investment securities available for sale | $ | 4,054,670 | $ | (1,404,984) | $ | 2,649,686 | |||||||||||
Purchases of investment securities available for sale | (7,441,163) | 1,404,984 | (6,036,179) | ||||||||||||||
Net cash used in investing activities | $ | 2,352,973 | $ | — | $ | 2,352,973 | |||||||||||
As of January 1, 2020 | |||||||||||||||||
in thousands | Pre-ASC 326 Adoption | Impact of ASC 326 Adoption | As Reported under ASC 326 | ||||||||||||||
Assets | |||||||||||||||||
Allowance for loan losses: | |||||||||||||||||
Commercial and industrial | $ | 145,782 | $ | (2,310) | $ | 143,472 | |||||||||||
Commercial real estate | 67,430 | (651) | 66,779 | ||||||||||||||
Consumer | 68,190 | 85,955 | 154,145 | ||||||||||||||
Total allowance for loan losses | $ | 281,402 | $ | 82,994 | $ | 364,396 | |||||||||||
Liabilities | |||||||||||||||||
Reserve for unfunded commitments | $ | 1,375 | $ | 27,440 | $ | 28,815 | |||||||||||
Allowance for credit losses | $ | 282,777 | $ | 110,434 | $ | 393,211 | |||||||||||
As of January 1, 2020 | |||||||||||||||||
in thousands | Pre-ASC 326 Adoption | Impact of ASC 326 Adoption | As Reported under ASC 326 | ||||||||||||||
Loans, net | $ | 36,881,048 | $ | (20,767) | $ | 36,860,281 | |||||||||||
Retained earnings | 1,068,327 | (35,721) | 1,032,606 | ||||||||||||||
Level 1 | Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued. | |||||||
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 3 | Unobservable inputs that are supported by little, if any, market activity for the asset or liability. |
December 31, 2021 | ||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. Treasury securities | $ | 120,465 | $ | — | $ | (2,627) | $ | 117,838 | ||||||||||||||||||
U.S. Government agency securities | 53,214 | 1,374 | (387) | 54,201 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 790,329 | 768 | (11,464) | 779,633 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,063,890 | 50,491 | (102,080) | 8,012,301 | ||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 951,691 | 4,658 | (16,726) | 939,623 | ||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 479,420 | 8,644 | (6,320) | 481,744 | ||||||||||||||||||||||
Asset-backed securities | 514,188 | — | — | 514,188 | ||||||||||||||||||||||
Corporate debt securities and other debt securities | 18,309 | 492 | — | 18,801 | ||||||||||||||||||||||
Total investment securities available for sale | $ | 10,991,506 | $ | 66,427 | $ | (139,604) | $ | 10,918,329 | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
U.S. Treasury securities | $ | 20,257 | $ | — | $ | — | $ | 20,257 | ||||||||||||||||||
U.S. Government agency securities | 79,638 | 2,682 | — | 82,320 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 1,216,012 | 7,930 | (5,925) | 1,218,017 | ||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 4,865,858 | 134,188 | — | 5,000,046 | ||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 1,245,644 | 15,309 | (10,576) | 1,250,377 | ||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 354,244 | 16,677 | — | 370,921 | ||||||||||||||||||||||
Corporate debt securities and other debt securities | 20,211 | 457 | (168) | 20,500 | ||||||||||||||||||||||
Total investment securities available for sale | $ | 7,801,864 | $ | 177,243 | $ | (16,669) | $ | 7,962,438 | ||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
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 | $ | 49,648 | $ | (379) | $ | 47,590 | $ | (2,248) | $ | 97,238 | $ | (2,627) | ||||||||||||||||||||||||||
U.S. Government agency securities | 21,760 | (387) | — | — | 21,760 | (387) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 461,078 | (5,858) | 244,264 | (5,606) | 705,342 | (11,464) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,729,476 | (82,671) | 643,758 | (19,409) | 6,373,234 | (102,080) | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 187,431 | (3,981) | 504,238 | (12,745) | 691,669 | (16,726) | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 146,672 | (2,951) | 83,533 | (3,369) | 230,205 | (6,320) | ||||||||||||||||||||||||||||||||
Total | $ | 6,596,065 | $ | (96,227) | $ | 1,523,383 | $ | (43,377) | $ | 8,119,448 | $ | (139,604) | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | 566,896 | $ | (5,925) | $ | — | $ | — | $ | 566,896 | $ | (5,925) | ||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 803,429 | (10,576) | — | — | 803,429 | (10,576) | ||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,337 | (168) | — | — | 9,337 | (168) | ||||||||||||||||||||||||||||||||
Total | $ | 1,379,662 | $ | (16,669) | $ | — | $ | — | $ | 1,379,662 | $ | (16,669) | ||||||||||||||||||||||||||
Distribution of Maturities at December 31, 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | |||||||||||||||||||||||||||
Amortized Cost | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,600 | $ | — | $ | 99,865 | $ | — | $ | 120,465 | ||||||||||||||||||||||
U.S. Government agency securities | 756 | 321 | 52,137 | — | 53,214 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 842 | 131 | 789,356 | 790,329 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 28 | — | 80,539 | 7,983,323 | 8,063,890 | |||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 146 | 951,545 | 951,691 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 181,144 | 211,328 | 86,948 | 479,420 | |||||||||||||||||||||||||||
Asset-backed securities | 514,188 | — | — | — | 514,188 | |||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,502 | — | 8,807 | — | 18,309 | |||||||||||||||||||||||||||
Total amortized cost | $ | 545,074 | $ | 182,307 | $ | 452,953 | $ | 9,811,172 | $ | 10,991,506 | ||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 20,600 | $ | — | $ | 97,238 | $ | — | $ | 117,838 | ||||||||||||||||||||||
U.S. Government agency securities | 760 | 322 | 53,119 | — | 54,201 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 870 | 136 | 778,627 | 779,633 | |||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 28 | — | 83,271 | 7,929,002 | 8,012,301 | |||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 150 | 939,473 | 939,623 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 182,821 | 209,311 | 89,612 | 481,744 | |||||||||||||||||||||||||||
Asset-backed securities | 514,188 | — | — | — | 514,188 | |||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,730 | — | 9,071 | — | 18,801 | |||||||||||||||||||||||||||
Total fair value | $ | 545,306 | $ | 184,013 | $ | 452,296 | $ | 9,736,714 | $ | 10,918,329 | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Gross realized gains on sales | $ | 1,191 | $ | 85,375 | $ | 10,370 | ||||||||||||||
Gross realized losses on sales | (1,990) | (6,444) | (18,029) | |||||||||||||||||
Investment securities gains (losses), net | $ | (799) | $ | 78,931 | $ | (7,659) | ||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual with an ALL | Non-accrual without an ALL | Total | |||||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 11,973,974 | $ | 13,028 | $ | 3,686 | $ | 16,714 | $ | 37,918 | $ | 23,869 | $ | 12,052,475 | ||||||||||||||||||||||||||||||
Owner-occupied | 7,493,804 | 3,627 | 59 | 3,686 | 7,146 | 4,050 | 7,508,686 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 19,467,778 | 16,655 | 3,745 | 20,400 | 45,064 | 27,919 | 19,561,161 | |||||||||||||||||||||||||||||||||||||
Investment properties | 9,861,303 | 1,285 | 717 | 2,002 | 3,273 | 2,577 | 9,869,155 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | 639,631 | 1,182 | 93 | 1,275 | 4,535 | 28 | 645,469 | |||||||||||||||||||||||||||||||||||||
Land and development | 463,949 | 845 | 154 | 999 | 1,918 | — | 466,866 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | 10,964,883 | 3,312 | 964 | 4,276 | 9,726 | 2,605 | 10,981,490 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,033,579 | 6,256 | 126 | 6,382 | 29,078 | — | 5,069,039 | |||||||||||||||||||||||||||||||||||||
Home equity lines | 1,269,610 | 2,619 | — | 2,619 | 9,760 | — | 1,281,989 | |||||||||||||||||||||||||||||||||||||
Credit cards | 296,695 | 1,584 | 1,277 | 2,861 | — | — | 299,556 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,090,806 | 20,369 | 658 | 21,027 | 6,890 | — | 2,118,723 | |||||||||||||||||||||||||||||||||||||
Total consumer | 8,690,690 | 30,828 | 2,061 | 32,889 | 45,728 | — | 8,769,307 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,123,351 | $ | 50,795 | $ | 6,770 | $ | 57,565 | $ | 100,518 | $ | 30,524 | $ | 39,311,958 | ||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual with an ALL | Non-accrual without an ALL | Total | |||||||||||||||||||||||||||||||||||||
Commercial, financial, and agricultural | $ | 12,321,514 | $ | 10,256 | $ | 996 | $ | 11,252 | $ | 55,527 | $ | 21,859 | $ | 12,410,152 | ||||||||||||||||||||||||||||||
Owner-occupied | 7,087,992 | 1,913 | 92 | 2,005 | 20,019 | — | 7,110,016 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 19,409,506 | 12,169 | 1,088 | 13,257 | 75,546 | 21,859 | 19,520,168 | |||||||||||||||||||||||||||||||||||||
Investment properties | 9,075,843 | 2,751 | 154 | 2,905 | 24,631 | — | 9,103,379 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | 621,492 | 3,548 | 36 | 3,584 | 2,383 | 1,236 | 628,695 | |||||||||||||||||||||||||||||||||||||
Land and development | 591,048 | 422 | — | 422 | 1,899 | 264 | 593,633 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | 10,288,383 | 6,721 | 190 | 6,911 | 28,913 | 1,500 | 10,325,707 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,495,415 | 8,851 | 485 | 9,336 | 8,740 | — | 5,513,491 | |||||||||||||||||||||||||||||||||||||
Home equity lines | 1,521,575 | 4,006 | — | 4,006 | 12,145 | — | 1,537,726 | |||||||||||||||||||||||||||||||||||||
Credit cards | 276,778 | 2,363 | 1,877 | 4,240 | — | — | 281,018 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 1,062,899 | 9,122 | 477 | 9,599 | 2,376 | — | 1,074,874 | |||||||||||||||||||||||||||||||||||||
Total consumer | 8,356,667 | 24,342 | 2,839 | 27,181 | 23,261 | — | 8,407,109 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 38,054,556 | $ | 43,232 | $ | 4,117 | $ | 47,349 | $ | 127,720 | $ | 23,359 | $ | 38,252,984 | ||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,397,405 | $ | 1,332,549 | $ | 922,396 | $ | 607,918 | $ | 433,045 | $ | 903,995 | $ | 5,056,168 | $ | 42,809 | $ | 11,696,285 | |||||||||||||||||||||||||||||||||||
Special Mention | 2,731 | 15,166 | 17,571 | 10,433 | 2,242 | 2,489 | 71,996 | — | 122,628 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 16,105 | 50,979 | 40,125 | 10,383 | 16,473 | 37,565 | 51,269 | 33 | 222,932 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | 469 | — | 1,601 | 8,512 | — | — | 48 | — | 10,630 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 2,416,710 | 1,398,694 | 981,693 | 637,246 | 451,760 | 944,049 | 5,179,481 | 42,842 | 12,052,475 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,776,086 | 1,276,797 | 1,117,825 | 858,721 | 708,942 | 1,150,386 | 437,724 | — | 7,326,481 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 702 | 19,950 | 4,724 | 10,202 | 18,109 | 36,481 | — | — | 90,168 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 7,312 | 1,294 | 8,386 | 43,276 | 6,169 | 25,329 | — | — | 91,766 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loss | 271 | — | — | — | — | — | — | — | 271 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 1,784,371 | 1,298,041 | 1,130,935 | 912,199 | 733,220 | 1,212,196 | 437,724 | — | 7,508,686 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 4,201,081 | 2,696,735 | 2,112,628 | 1,549,445 | 1,184,980 | 2,156,245 | 5,617,205 | 42,842 | 19,561,161 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,823,978 | 1,463,503 | 1,905,534 | 1,019,765 | 738,036 | 1,284,013 | 278,697 | — | 9,513,526 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 6,163 | — | 32,290 | 63,900 | 59,194 | 44,532 | 33,659 | — | 239,738 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,465 | 326 | 8,550 | 57,127 | 3,564 | 23,505 | 21,354 | — | 115,891 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | 2,831,606 | 1,463,829 | 1,946,374 | 1,140,792 | 800,794 | 1,352,050 | 333,710 | — | 9,869,155 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 295,082 | 82,976 | 51,939 | 43,025 | 49,057 | 57,025 | 55,588 | — | 634,692 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 192 | 207 | 641 | — | — | 239 | — | — | 1,279 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,999 | — | 566 | 4,222 | 489 | 2,177 | 45 | — | 9,498 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | 297,273 | 83,183 | 53,146 | 47,247 | 49,546 | 59,441 | 55,633 | — | 645,469 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 141,614 | 42,201 | 77,868 | 34,058 | 37,167 | 44,989 | 44,730 | — | 422,627 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 800 | 1,900 | 31,458 | — | 1,179 | — | — | 35,337 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 824 | 1,149 | 46 | 3,021 | 807 | 3,055 | — | — | 8,902 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | 142,438 | 44,150 | 79,814 | 68,537 | 37,974 | 49,223 | 44,730 | — | 466,866 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 3,271,317 | 1,591,162 | 2,079,334 | 1,256,576 | 888,314 | 1,460,714 | 434,073 | — | 10,981,490 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,293,106 | $ | 1,551,510 | $ | 570,344 | $ | 216,277 | $ | 392,422 | $ | 991,080 | $ | 296 | $ | — | $ | 5,015,035 | |||||||||||||||||||||||||||||||||||
Substandard(1) | 1,031 | 3,680 | 5,943 | 12,387 | 5,717 | 25,025 | — | — | 53,783 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | 5 | — | — | 216 | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 1,294,137 | 1,555,190 | 576,292 | 228,664 | 398,139 | 1,016,321 | 296 | — | 5,069,039 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 1,199,635 | 67,139 | 1,266,774 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 9,058 | 5,359 | 14,417 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 658 | 140 | 798 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | — | — | — | — | — | — | 1,209,351 | 72,638 | 1,281,989 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 298,287 | — | 298,287 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 521 | — | 521 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | — | 748 | — | 748 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 299,556 | — | 299,556 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 654,818 | 709,077 | 127,131 | 50,007 | 86,175 | 97,780 | 385,308 | — | 2,110,296 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 668 | 1,550 | 2,064 | 1,308 | 1,892 | 750 | 175 | — | 8,407 | ||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | 20 | — | — | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 655,486 | 710,627 | 129,195 | 51,315 | 88,067 | 98,550 | 385,483 | — | 2,118,723 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 1,949,623 | 2,265,817 | 705,487 | 279,979 | 486,206 | 1,114,871 | 1,894,686 | 72,638 | 8,769,307 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 9,422,021 | $ | 6,553,714 | $ | 4,897,449 | $ | 3,086,000 | $ | 2,559,500 | $ | 4,731,830 | $ | 7,945,964 | $ | 115,480 | $ | 39,311,958 | |||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 3,819,048 | $ | 1,333,460 | $ | 847,283 | $ | 582,612 | $ | 551,413 | $ | 633,871 | $ | 4,102,751 | $ | 49,762 | $ | 11,920,200 | |||||||||||||||||||||||||||||||||||
Special Mention | 63,307 | 40,618 | 12,723 | 22,070 | 1,665 | 5,545 | 60,741 | 489 | 207,158 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 28,698 | 36,618 | 24,867 | 36,072 | 12,808 | 35,172 | 84,498 | 514 | 259,247 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | 3,721 | 19,778 | — | — | — | 48 | — | 23,547 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 3,911,053 | 1,414,417 | 904,651 | 640,754 | 565,886 | 674,588 | 4,248,038 | 50,765 | 12,410,152 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,321,680 | 1,275,435 | 1,131,183 | 982,056 | 555,932 | 1,297,070 | 349,566 | — | 6,912,922 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 6,170 | 9,995 | 10,682 | 14,138 | 1,582 | 13,768 | — | — | 56,335 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 2,570 | 22,793 | 42,615 | 26,033 | 7,316 | 29,794 | — | — | 131,121 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | 9,638 | — | — | — | — | — | 9,638 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 1,330,420 | 1,308,223 | 1,194,118 | 1,022,227 | 564,830 | 1,340,632 | 349,566 | — | 7,110,016 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 5,241,473 | 2,722,640 | 2,098,769 | 1,662,981 | 1,130,716 | 2,015,220 | 4,597,604 | 50,765 | 19,520,168 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,055,440 | 2,126,667 | 1,999,345 | 1,091,880 | 483,780 | 1,301,088 | 229,044 | — | 8,287,244 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,482 | 66,160 | 176,794 | 136,004 | 138,362 | 129,401 | 55,440 | — | 703,643 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,007 | 4,770 | 24,476 | 19,820 | 21,875 | 40,509 | 35 | — | 112,492 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | 1,057,929 | 2,197,597 | 2,200,615 | 1,247,704 | 644,017 | 1,470,998 | 284,519 | — | 9,103,379 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 197,320 | 95,145 | 70,267 | 88,454 | 38,729 | 97,374 | 27,657 | — | 614,946 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 402 | — | 508 | 109 | 786 | 118 | — | — | 1,923 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,527 | 653 | 4,312 | 1,141 | 554 | 2,299 | 1,340 | — | 11,826 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | 199,249 | 95,798 | 75,087 | 89,704 | 40,069 | 99,791 | 28,997 | — | 628,695 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 84,985 | 173,302 | 83,734 | 92,911 | 12,249 | 76,380 | 53,250 | — | 576,811 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 857 | 1,995 | 2,866 | 282 | — | 1,332 | 636 | — | 7,968 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,229 | 425 | 4,664 | 915 | 136 | 1,485 | — | — | 8,854 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | 87,071 | 175,722 | 91,264 | 94,108 | 12,385 | 79,197 | 53,886 | — | 593,633 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 1,344,249 | 2,469,117 | 2,366,966 | 1,431,516 | 696,471 | 1,649,986 | 367,402 | — | 10,325,707 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,871,512 | $ | 874,769 | $ | 425,711 | $ | 678,255 | $ | 685,810 | $ | 965,382 | $ | 1,040 | $ | — | $ | 5,502,479 | |||||||||||||||||||||||||||||||||||
Substandard(1) | 33 | 961 | 748 | 889 | 866 | 7,224 | — | — | 10,721 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | 291 | — | — | 291 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 1,871,545 | 875,730 | 426,459 | 679,144 | 686,676 | 972,897 | 1,040 | — | 5,513,491 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 1,429,755 | 90,832 | 1,520,587 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 9,698 | 5,996 | 15,694 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | — | — | — | — | — | 19 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 1,283 | 143 | 1,426 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | — | — | — | — | — | — | 1,440,736 | 96,990 | 1,537,726 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 279,142 | — | 279,142 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 595 | — | 595 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | — | 1,281 | — | 1,281 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 281,018 | — | 281,018 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 252,160 | 190,820 | 89,187 | 100,459 | 80,365 | 61,040 | 297,637 | — | 1,071,668 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 19 | 762 | 262 | 1,195 | 121 | 585 | 227 | — | 3,171 | ||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | 35 | — | — | 35 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 252,179 | 191,582 | 89,449 | 101,654 | 80,486 | 61,660 | 297,864 | — | 1,074,874 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 2,123,724 | 1,067,312 | 515,908 | 780,798 | 767,162 | 1,034,557 | 2,020,658 | 96,990 | 8,407,109 | ||||||||||||||||||||||||||||||||||||||||||||
Loan, net of deferred fees and costs | $ | 8,709,446 | $ | 6,259,069 | $ | 4,981,643 | $ | 3,875,295 | $ | 2,594,349 | $ | 4,699,763 | $ | 6,985,664 | $ | 147,755 | $ | 38,252,984 | |||||||||||||||||||||||||||||||||||
As of and For The Year Ended December 31, 2021 | ||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 229,555 | $ | 130,742 | $ | 245,439 | $ | 605,736 | ||||||||||||||||||
Charge-offs | (59,457) | (15,392) | (30,383) | (105,232) | ||||||||||||||||||||||
Recoveries | 9,734 | 7,444 | 10,266 | 27,444 | ||||||||||||||||||||||
Provision for (reversal of) loan losses | 8,532 | (25,034) | (83,849) | (100,351) | ||||||||||||||||||||||
Ending balance | $ | 188,364 | $ | 97,760 | $ | 141,473 | $ | 427,597 | ||||||||||||||||||
As of and For The Year Ended December 31, 2020 | ||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASC 326 | $ | 145,782 | $ | 67,430 | $ | 68,190 | $ | 281,402 | ||||||||||||||||||
Impact from adoption of ASC 326 | (2,310) | (651) | 85,955 | 82,994 | ||||||||||||||||||||||
Beginning balance, after adoption of ASC 326 | $ | 143,472 | $ | 66,779 | $ | 154,145 | $ | 364,396 | ||||||||||||||||||
Charge-offs | (76,260) | (13,213) | (29,789) | (119,262) | ||||||||||||||||||||||
Recoveries | 13,544 | 2,857 | 8,149 | 24,550 | ||||||||||||||||||||||
Provision for (reversal of) loan losses | 148,799 | 74,319 | 112,934 | 336,052 | ||||||||||||||||||||||
Ending balance | $ | 229,555 | $ | 130,742 | $ | 245,439 | $ | 605,736 | ||||||||||||||||||
As of and For The Year Ended December 31, 2019 | ||||||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | ||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 133,123 | $ | 68,796 | $ | 48,636 | $ | 250,555 | ||||||||||||||||||
Charge-offs | (49,572) | (5,540) | (24,023) | (79,135) | ||||||||||||||||||||||
Recoveries | 7,827 | 8,618 | 5,078 | 21,523 | ||||||||||||||||||||||
Provision for (reversal of) loan losses | 53,665 | (4,444) | 38,499 | 87,720 | ||||||||||||||||||||||
Transfer of unfunded commitment reserve | 739 | — | — | 739 | ||||||||||||||||||||||
Ending balance | $ | 145,782 | $ | 67,430 | $ | 68,190 | $ | 281,402 | ||||||||||||||||||
TDRs by Concession Type | ||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial, and agricultural | 152 | $ | 12,746 | $ | 8,096 | $ | 20,842 | |||||||||||||||||||
Owner-occupied | 24 | 5,908 | 868 | 6,776 | ||||||||||||||||||||||
Total commercial and industrial | 176 | 18,654 | 8,964 | 27,618 | ||||||||||||||||||||||
Investment properties | 9 | 3,130 | — | 3,130 | ||||||||||||||||||||||
1-4 family properties | 13 | 1,131 | 123 | 1,254 | ||||||||||||||||||||||
Land and development | 8 | 1,948 | 60 | 2,008 | ||||||||||||||||||||||
Total commercial real estate | 30 | 6,209 | 183 | 6,392 | ||||||||||||||||||||||
Consumer mortgages | 18 | 2,512 | 1,006 | 3,518 | ||||||||||||||||||||||
Home equity lines | 55 | 4,991 | 258 | 5,249 | ||||||||||||||||||||||
Other consumer loans | 103 | 435 | 5,720 | 6,155 | ||||||||||||||||||||||
Total consumer | 176 | 7,938 | 6,984 | 14,922 | ||||||||||||||||||||||
Loans, net of deferred fees and costs | 382 | $ | 32,801 | $ | 16,131 | $ | 48,932 | (2) |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial, and agricultural | 152 | $ | 10,939 | $ | 11,912 | $ | 22,851 | |||||||||||||||||||
Owner-occupied | 22 | 4,536 | 1,530 | 6,066 | ||||||||||||||||||||||
Total commercial and industrial | 174 | 15,475 | 13,442 | 28,917 | ||||||||||||||||||||||
Investment properties | 9 | 29,679 | 1,420 | 31,099 | ||||||||||||||||||||||
1-4 family properties | 22 | 1,769 | 1,105 | 2,874 | ||||||||||||||||||||||
Land and development | 4 | 606 | — | 606 | ||||||||||||||||||||||
Total commercial real estate | 35 | 32,054 | 2,525 | 34,579 | ||||||||||||||||||||||
Consumer mortgages | 23 | 1,866 | 2,789 | 4,655 | ||||||||||||||||||||||
Home equity lines | 63 | 1,970 | 2,530 | 4,500 | ||||||||||||||||||||||
Other consumer loans | 57 | 1,185 | 2,779 | 3,964 | ||||||||||||||||||||||
Total consumer | 143 | 5,021 | 8,098 | 13,119 | ||||||||||||||||||||||
Loans, net of deferred fees and costs | 352 | $ | 52,550 | $ | 24,065 | $ | 76,615 | (3) | ||||||||||||||||||
TDRs by Concession Type (continued) | ||||||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial, and agricultural | 127 | $ | 9,042 | $ | 9,873 | $ | 18,915 | |||||||||||||||||||
Owner-occupied | 22 | 9,017 | 861 | 9,878 | ||||||||||||||||||||||
Total commercial and industrial | 149 | 18,059 | 10,734 | 28,793 | ||||||||||||||||||||||
Investment properties | 8 | 1,548 | — | 1,548 | ||||||||||||||||||||||
1-4 family properties | 18 | 2,182 | 643 | 2,825 | ||||||||||||||||||||||
Land and development | 8 | 1,187 | 30 | 1,217 | ||||||||||||||||||||||
Total commercial real estate | 34 | 4,917 | 673 | 5,590 | ||||||||||||||||||||||
Consumer mortgages | 18 | 1,587 | 1,361 | 2,948 | ||||||||||||||||||||||
Home equity lines | 70 | 3,024 | 2,522 | 5,546 | ||||||||||||||||||||||
Other consumer loans | 109 | 1,712 | 5,270 | 6,982 | ||||||||||||||||||||||
Total consumer | 197 | 6,323 | 9,153 | 15,476 | ||||||||||||||||||||||
Loans, net of deferred fees and costs | 380 | $ | 29,299 | $ | 20,560 | $ | 49,859 | (4) | ||||||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Land | $ | 104,768 | $ | 113,828 | ||||||||||
Buildings and improvements | 361,593 | 407,735 | ||||||||||||
Leasehold improvements | 55,098 | 53,174 | ||||||||||||
Furniture, equipment and software | 441,091 | 481,560 | ||||||||||||
Construction in progress | 18,918 | 13,052 | ||||||||||||
Total premises, equipment and software | 981,468 | 1,069,349 | ||||||||||||
Less: Accumulated depreciation and amortization | (574,227) | (605,390) | ||||||||||||
Net premises, equipment and software | $ | 407,241 | $ | 463,959 | ||||||||||
(in thousands) | Community Banking Reporting Unit | Wholesale Banking Reporting Unit | Consumer Mortgage Reporting Unit | Wealth Management Reporting Unit | Total | ||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 256,323 | $ | 171,636 | $ | 44,877 | $ | 24,431 | $ | 497,267 | |||||||||||||||||||
Goodwill impairment | — | — | (44,877) | — | (44,877) | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 256,323 | $ | 171,636 | $ | — | $ | 24,431 | $ | 452,390 | |||||||||||||||||||
Change in goodwill | — | — | — | — | — | ||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | 256,323 | $ | 171,636 | $ | — | $ | 24,431 | $ | 452,390 | |||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||
December 31, 2021 | |||||||||||||||||
CDI | $ | 57,400 | $ | (28,178) | $ | 29,222 | |||||||||||
Other | 12,500 | (6,126) | 6,374 | ||||||||||||||
Total other intangible assets | $ | 69,900 | $ | (34,304) | $ | 35,596 | |||||||||||
December 31, 2020 | |||||||||||||||||
CDI | 57,400 | (19,829) | $ | 37,571 | |||||||||||||
Other | 12,500 | (4,959) | 7,541 | ||||||||||||||
Total other intangible assets | $ | 69,900 | $ | (24,788) | $ | 45,112 | |||||||||||
(in thousands) | Amortization Expense | ||||
2022 | $ | 8,472 | |||
2023 | 7,429 | ||||
2024 | 6,366 | ||||
2025 | 5,266 | ||||
2026 | 4,195 | ||||
(in thousands) | 2021 | 2020 | |||||||||
Investments in tax credits, CRA partnerships, and other investments | $ | 426,137 | $ | 262,855 | |||||||
ROU assets | 411,472 | 380,380 | |||||||||
Derivative asset positions | 191,708 | 401,295 | |||||||||
Deferred tax asset, net | 169,051 | 130,848 | |||||||||
Federal Reserve Bank and FHLB Stock | 159,941 | 157,520 | |||||||||
Accrued interest receivable | 145,659 | 177,865 | |||||||||
Accounts receivable | 81,325 | 88,286 | |||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,657 | 37,650 | |||||||||
Prepaid expense | 42,874 | 45,088 | |||||||||
MPS receivable(1) | 15,320 | 15,575 | |||||||||
Other investments | 12,185 | 1,021 | |||||||||
Other real estate | 11,818 | 1,819 | |||||||||
Trading account assets, at fair value | 8,391 | 10,880 | |||||||||
Miscellaneous other assets | 70,660 | 49,517 | |||||||||
Total other assets | $ | 1,790,198 | $ | 1,760,599 | |||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Interest-bearing demand deposits(1) | $ | 9,321,611 | $ | 8,838,710 | ||||||||||
Money market accounts(1) | 16,364,338 | 15,277,829 | ||||||||||||
Savings accounts | 1,420,647 | 1,168,672 | ||||||||||||
Time deposits(1) | 3,093,027 | 4,358,100 | ||||||||||||
Brokered deposits | 2,835,000 | 3,570,406 | ||||||||||||
Total interest-bearing deposits | $ | 33,034,623 | $ | 33,213,717 | ||||||||||
(in thousands) | |||||
Maturing within one year | $ | 3,025,020 | |||
Between 1 - 2 years | 789,274 | ||||
2 - 3 years | 171,042 | ||||
3 - 4 years | 79,903 | ||||
4 - 5 years | 41,967 | ||||
Thereafter | 10,269 | ||||
Total | $ | 4,117,475 | |||
(dollars in thousands) | 2021 | 2020 | |||||||||
Parent Company: | |||||||||||
3.125% senior notes, due November 1, 2022, $300.0 million par value with semi-annual interest payments and principal to be paid at maturity | $ | 299,479 | $ | 298,853 | |||||||
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, subject to redemption prior to February 7, 2029: $300.0 million par value with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date | 297,855 | 297,553 | |||||||||
LIBOR + 1.80% junior subordinated debentures, due June 15, 2035, $10.0 million par value with quarterly interest payments and principal to be paid at maturity (rate of 2.00% at December 31, 2021 and 2.02% at December 31, 2020) | 10,000 | 10,000 | |||||||||
Total long-term debt — Parent Company | $ | 607,334 | $ | 606,406 | |||||||
Synovus Bank: | |||||||||||
2.289% Fixed-to-Floating Rate Senior Bank Notes issued February 12, 2020, due February 10, 2023, subject to redemption on February 10, 2022: $400.0 million par value with semi-annual interest payments at 2.289% for the first two years and quarterly payments thereafter at an adjustable rate equal to the then-current SOFR + 94.5 bps per annum(1) | $ | 399,269 | $ | 398,594 | |||||||
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value with semi-annual interest payments at 4.00% for the first five years and semi-annual payments thereafter at a fixed rate of 3.625% above the 5-Year U.S. Treasury Rate | 197,626 | 197,349 | |||||||||
FRB PPP Lending Facility | — | 145 | |||||||||
Total long-term debt — Synovus Bank | 596,895 | 596,088 | |||||||||
Total long-term debt | $ | 1,204,229 | $ | 1,202,494 | |||||||
(in thousands) | Parent Company | Synovus Bank | Total | |||||||||||||||||
2022 | $ | 300,000 | $ | — | $ | 300,000 | ||||||||||||||
2023 | — | 400,000 | (1) | 400,000 | ||||||||||||||||
2024 | — | — | — | |||||||||||||||||
2025 | — | — | — | |||||||||||||||||
2026 | — | — | — | |||||||||||||||||
Thereafter | 310,000 | 200,000 | 510,000 | |||||||||||||||||
Total | $ | 610,000 | $ | 600,000 | $ | 1,210,000 | ||||||||||||||
(shares in thousands) | Series D Preferred Stock Issued | Series E Preferred Stock Issued | Total Preferred Stock Issued | Common Stock Issued | Treasury Stock Held | Common Stock Outstanding | |||||||||||||||||||||||||||||
Balance at December 31, 2018 | 8,000 | — | 8,000 | 143,300 | 27,434 | 115,866 | |||||||||||||||||||||||||||||
FCB acquisition: | |||||||||||||||||||||||||||||||||||
Issuance of common stock for acquisition | — | — | — | 22,043 | — | 22,043 | |||||||||||||||||||||||||||||
Common stock reissued | — | — | — | — | (27,434) | 27,434 | |||||||||||||||||||||||||||||
Warrants exercised and common stock reissued | — | — | — | — | (260) | 260 | |||||||||||||||||||||||||||||
Issuance of preferred stock | — | 14,000 | 14,000 | — | — | — | |||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | — | — | 344 | — | 344 | |||||||||||||||||||||||||||||
Restricted share unit activity | — | — | — | 302 | — | 302 | |||||||||||||||||||||||||||||
Stock options exercised | — | — | — | 812 | — | 812 | |||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | 19,903 | (19,903) | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | 8,000 | 14,000 | 22,000 | 166,801 | 19,643 | 147,158 | |||||||||||||||||||||||||||||
Issuance of common stock for earnout payment | — | — | — | 379 | — | 379 | |||||||||||||||||||||||||||||
Restricted share unit activity | — | — | — | 389 | — | 389 | |||||||||||||||||||||||||||||
Stock options exercised | — | — | — | 564 | — | 564 | |||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | 450 | (450) | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | 8,000 | 14,000 | 22,000 | 168,133 | 20,093 | 148,040 | |||||||||||||||||||||||||||||
Warrants exercised and common stock reissued | — | — | — | — | (3) | 3 | |||||||||||||||||||||||||||||
Common stock reissued for earnout payment | — | — | — | — | (125) | 125 | |||||||||||||||||||||||||||||
Restricted share unit activity | — | — | — | 355 | — | 355 | |||||||||||||||||||||||||||||
Stock options exercised | — | — | — | 896 | — | 896 | |||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | 4,409 | (4,409) | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 8,000 | 14,000 | 22,000 | 169,384 | 24,374 | 145,010 | |||||||||||||||||||||||||||||
Issuance Date | Public Offering Amount | Net Proceeds | Earliest Redemption Date | Dividend Rate(1) | Liquidation Preference | ||||||||||||||||||||||||||||||
Series D | June 21, 2018 | $200.0 | million | $195.1 | million | June 21, 2023 | 6.300 | % | (2) | $25 per share | |||||||||||||||||||||||||
Series E | July 1, 2019 | $350.0 | million | $342.0 | million | July 1, 2024 | 5.875 | % | (3) | $25 per share | |||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | |||||||||||||||||||||||
(in thousands) | Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1) | Net Unrealized Gains (Losses) on Cash Flow Hedges(1) | Post-Retirement Unfunded Health Benefit | Total | |||||||||||||||||||
Balance at December 31, 2018 | $ | (83,179) | $ | (12,137) | $ | 896 | $ | (94,420) | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 161,170 | (6,350) | (378) | 154,442 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 5,675 | — | (56) | 5,619 | |||||||||||||||||||
Net current period other comprehensive income (loss) | 166,845 | (6,350) | (434) | 160,061 | |||||||||||||||||||
Balance at December 31, 2019 | $ | 83,666 | $ | (18,487) | $ | 462 | $ | 65,641 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 80,491 | 73,502 | — | 153,993 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (58,488) | (2,049) | (462) | (60,999) | |||||||||||||||||||
Net current period other comprehensive income (loss) | 22,003 | 71,453 | (462) | 92,994 | |||||||||||||||||||
Balance at December 31, 2020 | $ | 105,669 | $ | 52,966 | $ | — | $ | 158,635 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (174,246) | (57,705) | — | (231,951) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 597 | (9,602) | — | (9,005) | |||||||||||||||||||
Net current period other comprehensive income (loss) | (173,649) | (67,307) | — | (240,956) | |||||||||||||||||||
Balance at December 31, 2021 | $ | (67,980) | $ | (14,341) | $ | — | $ | (82,321) | |||||||||||||||
Actual Capital | Minimum Requirement For Capital Adequacy(1) | To Be Well-Capitalized Under Prompt Corrective Action Provisions(2) | |||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Synovus Financial Corp. | |||||||||||||||||||||||||||||||||||
CET1 capital | $ | 4,388,618 | $ | 4,034,865 | $ | 2,079,435 | $ | 1,879,551 | N/A | N/A | |||||||||||||||||||||||||
Tier 1 risk-based capital | 4,925,763 | 4,572,010 | 2,772,581 | 2,506,068 | N/A | N/A | |||||||||||||||||||||||||||||
Total risk-based capital | 5,827,196 | 5,604,230 | 3,696,774 | 3,341,425 | N/A | N/A | |||||||||||||||||||||||||||||
CET1 capital ratio | 9.50 | % | 9.66 | % | 4.50 | % | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 10.66 | 10.95 | 6.00 | 6.00 | N/A | N/A | |||||||||||||||||||||||||||||
Total risk-based capital ratio | 12.61 | 13.42 | 8.00 | 8.00 | N/A | N/A | |||||||||||||||||||||||||||||
Leverage ratio | 8.72 | 8.50 | 4.00 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Synovus Bank | |||||||||||||||||||||||||||||||||||
CET1 capital | $ | 4,998,698 | $ | 4,641,711 | $ | 2,076,515 | $ | 1,880,757 | $ | 2,999,410 | $ | 2,716,650 | |||||||||||||||||||||||
Tier 1 risk-based capital | 4,998,698 | 4,641,711 | 2,768,686 | 2,507,677 | 3,691,581 | 3,343,569 | |||||||||||||||||||||||||||||
Total risk-based capital | 5,587,757 | 5,361,611 | 3,691,581 | 3,343,569 | 4,614,477 | 4,176,461 | |||||||||||||||||||||||||||||
CET1 capital ratio | 10.83 | % | 11.11 | % | 4.50 | % | 4.50 | % | 6.50 | % | 6.50 | % | |||||||||||||||||||||||
Tier 1 risk-based capital ratio | 10.83 | 11.11 | 6.00 | 6.00 | 8.00 | 8.00 | |||||||||||||||||||||||||||||
Total risk-based capital ratio | 12.11 | 12.83 | 8.00 | 8.00 | 10.00 | 10.00 | |||||||||||||||||||||||||||||
Leverage ratio | 8.86 | 8.73 | 4.00 | 4.00 | 5.00 | 5.00 | |||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2019 | ||||||||||||||
Net income | $ | 760,467 | $ | 373,695 | $ | 563,780 | |||||||||||
Less: Preferred stock dividends | 33,163 | 33,163 | 22,881 | ||||||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | $ | 540,899 | |||||||||||
Weighted average common shares outstanding | 147,041 | 147,415 | 154,331 | ||||||||||||||
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments | 1,454 | 795 | 1,727 | ||||||||||||||
Weighted average diluted common shares | 148,495 | 148,210 | 156,058 | ||||||||||||||
Net income per common share, basic | $ | 4.95 | $ | 2.31 | $ | 3.50 | |||||||||||
Net income per common share, diluted | $ | 4.90 | $ | 2.30 | $ | 3.47 | |||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | 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 | $ | — | $ | 197 | $ | — | $ | 197 | $ | — | $ | 10,185 | $ | — | $ | 10,185 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — | 671 | — | 671 | — | 158 | — | 158 | ||||||||||||||||||||||||||||||||||||||||||
Other mortgage-backed securities | — | — | — | — | — | 178 | — | 178 | ||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | — | 560 | — | 560 | — | 176 | — | 176 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 6,963 | — | 6,963 | — | 183 | — | 183 | ||||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | — | $ | 8,391 | $ | — | $ | 8,391 | $ | — | $ | 10,880 | $ | — | $ | 10,880 | ||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 117,838 | $ | — | $ | — | $ | 117,838 | $ | 20,257 | $ | — | $ | — | $ | 20,257 | ||||||||||||||||||||||||||||||||||
U.S. Government agency securities | — | 54,201 | — | 54,201 | — | 82,320 | — | 82,320 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 779,633 | — | 779,633 | — | 1,218,017 | — | 1,218,017 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 8,012,301 | — | 8,012,301 | — | 5,000,046 | — | 5,000,046 | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 939,623 | — | 939,623 | — | 1,250,377 | — | 1,250,377 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 481,744 | — | 481,744 | — | 370,921 | — | 370,921 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 514,188 | — | 514,188 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | — | 18,801 | — | 18,801 | — | 18,479 | 2,021 | 20,500 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 117,838 | $ | 10,800,491 | $ | — | $ | 10,918,329 | $ | 20,257 | $ | 7,940,160 | $ | 2,021 | $ | 7,962,438 | ||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | 108,198 | — | 108,198 | — | 216,647 | — | 216,647 | ||||||||||||||||||||||||||||||||||||||||||
Other investments | — | — | 12,185 | 12,185 | — | — | 1,021 | 1,021 | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,657 | — | — | 43,657 | 37,650 | — | — | 37,650 | ||||||||||||||||||||||||||||||||||||||||||
GGL/SBA loans servicing asset | — | — | 3,233 | 3,233 | — | — | 3,258 | 3,258 | ||||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | 191,708 | — | 191,708 | — | 401,295 | — | 401,295 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading liability for short positions | $ | — | $ | 200 | $ | — | $ | 200 | $ | — | $ | 7,717 | $ | — | $ | 7,717 | ||||||||||||||||||||||||||||||||||
Mutual fund held in rabbi trusts | 27,205 | — | — | 27,205 | 20,752 | — | — | 20,752 | ||||||||||||||||||||||||||||||||||||||||||
Earnout liability | — | — | — | — | — | — | 5,677 | 5,677 | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | — | 95,067 | 3,535 | 98,602 | — | 155,119 | 2,048 | 157,167 | ||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Changes in fair value included in net income: | |||||||||||||||||
Mortgage loans held for sale | $ | (3,942) | $ | 3,400 | $ | 1,675 | |||||||||||
Mortgage loans held for sale: | |||||||||||||||||
Fair value | 108,198 | 216,647 | 115,173 | ||||||||||||||
Unpaid principal balance | 105,785 | 210,292 | 112,218 | ||||||||||||||
Fair value less aggregate unpaid principal balance | $ | 2,413 | $ | 6,355 | $ | 2,955 | |||||||||||
2021 | ||||||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Other Investments | GGL/SBA Loans Servicing Asset | Earnout Liability | Visa Derivative Liability | |||||||||||||||||||||||||||
Beginning balance | $ | 2,021 | $ | 1,021 | $ | 3,258 | $ | (5,677) | $ | (2,048) | ||||||||||||||||||||||
Total gains (losses) realized/unrealized: | ||||||||||||||||||||||||||||||||
Included in earnings | — | 1,164 | (1,339) | (507) | (2,656) | |||||||||||||||||||||||||||
Sales | (2,021) | — | — | — | — | |||||||||||||||||||||||||||
Additions | — | 10,000 | — | — | — | |||||||||||||||||||||||||||
Settlements | — | — | 1,314 | 6,184 | 1,169 | |||||||||||||||||||||||||||
Ending balance | $ | — | $ | 12,185 | $ | 3,233 | $ | — | $ | (3,535) | ||||||||||||||||||||||
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2021 | $ | — | $ | 1,164 | $ | — | $ | (2,656) | ||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Other Investments | GGL/SBA Loans Servicing Asset | Earnout Liability | Visa Derivative Liability | ||||||||||||||||||||||||
Beginning balance | $ | 2,105 | $ | 3,887 | $ | 3,040 | $ | (11,016) | $ | (2,339) | |||||||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | — | (2,866) | (1,000) | (4,908) | (890) | ||||||||||||||||||||||||
Unrealized gains (losses) included in other comprehensive income | (84) | — | — | — | — | ||||||||||||||||||||||||
Additions | — | — | 1,218 | — | — | ||||||||||||||||||||||||
Settlements | — | — | — | 10,247 | 1,181 | ||||||||||||||||||||||||
Ending balance | $ | 2,021 | $ | 1,021 | $ | 3,258 | $ | (5,677) | $ | (2,048) | |||||||||||||||||||
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at December 31, 2020 | $ | — | $ | (2,866) | $ | — | $ | (4,908) | $ | (890) | |||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Valuation Technique | Significant Unobservable Input | Level 3 Fair Value | Rate/Range | Level 3 Fair Value | Rate/Range | |||||||||||||||||||||||||||||
Assets measured at fair value on a recurring basis | |||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale: | |||||||||||||||||||||||||||||||||||
Corporate debt and other debt securities trust preferred security | Discounted cash flow analysis | Discount rate Forecasted average Prime reset rate | $— | N/A | $2,021 | 4.96% 4.06% | |||||||||||||||||||||||||||||
Other 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 | $12,185 | N/A | $1,021 | N/A | |||||||||||||||||||||||||||||
GGL/SBA loans servicing asset | Discounted cash flow analysis | Discount rate Prepayment speeds | $3,233 | 8.55% 18.50% | $3,258 | 10.79% 18.81% | |||||||||||||||||||||||||||||
Earnout liability | Option pricing methods and Monte Carlo simulation | Financial projections of Global One through June 30, 2021 | $— | N/A | $5,677 | N/A | |||||||||||||||||||||||||||||
Visa derivative liability | Discounted cash flow analysis | Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation | $3,535 | 0-1.8 years (3Q 2023) | $2,048 | 0-1.8 years (3Q 2022) | |||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||
Loans(1) | $ | — | $ | — | $ | 19,482 | $ | 19,482 | $ | — | $ | — | $ | 44,802 | $ | 44,802 | ||||||||||||||||||||||||||||||||||
Other real estate | — | — | 270 | 270 | — | — | 860 | 860 | ||||||||||||||||||||||||||||||||||||||||||
MPS receivable | — | — | — | — | — | — | 15,575 | 15,575 | ||||||||||||||||||||||||||||||||||||||||||
Other assets held for sale | — | — | 1,256 | 1,256 | — | — | 2,354 | 2,354 | ||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | Location in Consolidated Statements of Income | ||||||||||||||
Loans(1) | $ | 27,613 | $ | 21,927 | Provision for credit losses | ||||||||||||
Other real estate | 120 | 200 | Other operating expense | ||||||||||||||
MPS receivable | — | 2,663 | Other operating expense | ||||||||||||||
Other assets held for sale | 462 | 2,292 | Other operating expense | ||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Valuation Technique | Significant Unobservable Input | Range (Weighted Average)(1) | Range (Weighted Average)(1) | ||||||||||||||||||||
Assets measured at fair value on a non-recurring basis | |||||||||||||||||||||||
Loans | Third-party appraised value of collateral less estimated selling costs | Discount to appraised value Estimated selling costs | 0%-71% (48%) 0%-10% (7%) | 0%-39% (25%) 0%-7% (7%) | |||||||||||||||||||
Loans held for sale | Analysis of anticipated market prices for similar assets less estimated selling costs | Market price analysis for similar assets Estimated selling costs | N/A | N/A | |||||||||||||||||||
Other real estate | Third-party appraised value of real estate less estimated selling costs | Discount to appraised value Estimated selling costs | 0%-48% (24%) 0%-10% (7%) | 0%-23% (12%) 0%-10% (7%) | |||||||||||||||||||
MPS receivable(2) | Third-party appraised value of business less estimated selling costs | Discount to appraised value Estimated selling costs | N/A | N/A | |||||||||||||||||||
Other assets held for sale | Third-party appraised value less estimated selling costs or BOV | Discount to appraised value Estimated selling costs | 0%-51% (20%) 0%-10% (7%) | 0%-66% (45%) 0%-10% (7%) | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 3,009,853 | $ | 3,009,853 | $ | 3,009,853 | $ | — | $ | — | |||||||||||||||||||
Trading securities | 8,391 | 8,391 | — | 8,391 | — | ||||||||||||||||||||||||
Investment securities available for sale | 10,918,329 | 10,918,329 | 117,838 | 10,800,491 | — | ||||||||||||||||||||||||
Loans held for sale | 750,642 | 749,980 | — | 108,198 | 641,782 | ||||||||||||||||||||||||
Other investments | 12,185 | 12,185 | — | — | 12,185 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,657 | 43,657 | 43,657 | — | — | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | 38,884,361 | 39,118,275 | — | — | 39,118,275 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,233 | 3,233 | — | — | 3,233 | ||||||||||||||||||||||||
FRB and FHLB stock | 159,941 | 159,941 | — | 159,941 | — | ||||||||||||||||||||||||
Derivative assets | 191,708 | 191,708 | — | 191,708 | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 16,392,653 | $ | 16,392,653 | $ | — | $ | 16,392,653 | $ | — | |||||||||||||||||||
Non-time interest-bearing deposits | 28,917,148 | 28,917,148 | — | 28,917,148 | — | ||||||||||||||||||||||||
Time deposits | 4,117,475 | 4,125,673 | — | 4,125,673 | — | ||||||||||||||||||||||||
Total deposits | $ | 49,427,276 | $ | 49,435,474 | $ | — | $ | 49,435,474 | $ | — | |||||||||||||||||||
Securities sold under repurchase agreements | 264,133 | 264,133 | 264,133 | — | — | ||||||||||||||||||||||||
Trading liability for short positions | 200 | 200 | — | 200 | — | ||||||||||||||||||||||||
Long-term debt | 1,204,229 | 1,243,147 | — | 1,243,147 | — | ||||||||||||||||||||||||
Mutual fund held in rabbi trusts | 27,205 | 27,205 | 27,205 | — | — | ||||||||||||||||||||||||
Derivative liabilities | 98,602 | 98,602 | — | 95,067 | 3,535 | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 4,252,917 | $ | 4,252,917 | $ | 4,252,917 | $ | — | $ | — | |||||||||||||||||||
Trading securities | 10,880 | 10,880 | — | 10,880 | — | ||||||||||||||||||||||||
Investment securities available for sale | 7,962,438 | 7,962,438 | 20,257 | 7,940,160 | 2,021 | ||||||||||||||||||||||||
Loans held for sale | 760,123 | 760,939 | — | 216,647 | 544,292 | ||||||||||||||||||||||||
Other investments | 1,021 | 1,021 | — | — | 1,021 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 37,650 | 37,650 | 37,650 | — | — | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | 37,647,248 | 37,605,881 | — | — | 37,605,881 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,258 | 3,258 | — | — | 3,258 | ||||||||||||||||||||||||
FRB and FHLB stock | 157,520 | 157,520 | — | 157,520 | — | ||||||||||||||||||||||||
Derivative assets | 401,295 | 401,295 | — | 401,295 | — | ||||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 13,477,854 | $ | 13,477,854 | $ | — | $ | 13,477,854 | $ | — | |||||||||||||||||||
Non-time interest-bearing deposits | 27,265,521 | 27,265,521 | — | 27,265,521 | — | ||||||||||||||||||||||||
Time deposits | 5,948,196 | 5,970,146 | — | 5,970,146 | — | ||||||||||||||||||||||||
Total deposits | $ | 46,691,571 | $ | 46,713,521 | $ | — | $ | 46,713,521 | $ | — | |||||||||||||||||||
Securities sold under repurchase agreements | 227,922 | 227,922 | 227,922 | — | — | ||||||||||||||||||||||||
Trading liability for short positions | 7,717 | 7,717 | — | 7,717 | — | ||||||||||||||||||||||||
Long-term debt | 1,202,494 | 1,266,825 | — | 1,266,825 | — | ||||||||||||||||||||||||
Earnout liability | 5,677 | 5,677 | — | — | 5,677 | ||||||||||||||||||||||||
Mutual fund held in rabbi trusts | 20,752 | 20,752 | 20,752 | — | — | ||||||||||||||||||||||||
Derivative liabilities | 157,167 | 157,167 | — | 155,119 | 2,048 | ||||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
(in thousands) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | Notional Amount | Derivative Assets(1) | Derivative Liabilities(2) | |||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3,600,000 | $ | 22,004 | $ | 20,395 | $ | 3,000,000 | $ | 80,802 | $ | — | |||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 22,004 | $ | 20,395 | $ | 80,802 | $ | — | |||||||||||||||||||||||||||
Derivatives not designated: as hedging instruments | |||||||||||||||||||||||||||||||||||
Interest rate contracts(3) | $ | 9,653,600 | $ | 167,560 | $ | 74,514 | $ | 8,784,141 | $ | 314,234 | $ | 153,204 | |||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | 99,006 | 2,105 | — | 306,138 | 6,259 | — | |||||||||||||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 105,500 | — | 122 | 230,500 | — | 1,611 | |||||||||||||||||||||||||||||
Other contracts(4) | 293,059 | — | 36 | 234,884 | — | 304 | |||||||||||||||||||||||||||||
Foreign exchange contracts(5) | 22,387 | 39 | — | 24,125 | |||||||||||||||||||||||||||||||
Visa derivative | — | — | 3,535 | — | — | 2,048 | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 169,704 | $ | 78,207 | $ | 320,493 | $ | 157,167 | |||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Total amounts presented on the consolidated statements of income in interest income on loans | $ | 31,522 | $ | 22,215 | $ | — | |||||||||||
Gain/loss on cash flow hedging relationships:(1) | |||||||||||||||||
Interest rate swaps: | |||||||||||||||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 12,862 | 2,765 | — | ||||||||||||||
Pre-tax income recognized on cash flow hedges | $ | 12,862 | $ | 2,765 | $ | — | |||||||||||
Gain (Loss) Recognized in Consolidated Statements of Income | |||||||||||||||||||||||
For The Years Ended December 31, | |||||||||||||||||||||||
(in thousands) | Location in Consolidated Statements of Income | 2021 | 2020 | 2019 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts(1) | Capital markets income | $ | 100 | $ | (777) | $ | (338) | ||||||||||||||||
Other contracts(2) | Capital markets income | 269 | (213) | (91) | |||||||||||||||||||
Foreign exchange contracts | Capital markets income | 39 | — | — | |||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | Mortgage banking income | (4,154) | 4,969 | 346 | |||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | 1,489 | (1,443) | 651 | |||||||||||||||||||
Visa derivative | Other non-interest expense | 2,656 | (890) | (3,611) | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 399 | $ | 1,646 | $ | (3,043) | |||||||||||||||||
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Letters of credit(1) | $ | 183,463 | $ | 190,562 | |||||||
Commitments to fund commercial and industrial loans | 9,069,588 | 8,200,608 | |||||||||
Commitments to fund commercial real estate, construction, and land development loans | 3,593,171 | 3,290,041 | |||||||||
Commitments under home equity lines of credit | 1,805,869 | 1,602,831 | |||||||||
Unused credit card lines | 999,787 | 1,012,313 | |||||||||
Other loan commitments | 604,353 | 472,233 | |||||||||
Total letters of credit and unfunded lending commitments | $ | 16,256,231 | $ | 14,768,588 | |||||||
Tax credits, CRA partnerships, and other investments: | |||||||||||
Carrying amount included in other assets | $ | 426,137 | $ | 262,855 | |||||||
Amount of future funding commitments | 250,733 | 133,946 | |||||||||
Permanent and short-term construction loans and letter of credit commitments(2) | 204,391 | 82,786 | |||||||||
Funded portion of permanent and short-term loans and letters of credit(3) | 104,315 | 9,528 | |||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Salaries and other personnel expense | $ | 26,957 | $ | 17,827 | $ | 19,618 | |||||||||||
Merger-related expense | — | — | 4,219 | ||||||||||||||
Other operating expense | 838 | 814 | 650 | ||||||||||||||
Total share-based compensation expense included in non-interest expense | $ | 27,795 | $ | 18,641 | $ | 24,487 | |||||||||||
2019 | |||||
Stock price (Synovus' closing stock price on December 31, 2018) | $ | 31.99 | |||
Weighted average fair value of converted stock options | 11.50 | ||||
Risk-free interest rate | 2.51 | % | |||
Expected stock price volatility | 26.4 | % | |||
Dividend yield | 3.13 | % | |||
Term to expiration | 5.1 years | ||||
Stock Options | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Quantity | Weighted-Average Exercise Price | Quantity | Weighted-Average Exercise Price | Quantity | Weighted-Average Exercise Price | |||||||||||||||||||||||||||||
Outstanding at beginning of year | 2,401 | $ | 22.47 | 3,037 | $ | 22.74 | 640 | $ | 16.93 | ||||||||||||||||||||||||||
Assumed in acquisition | — | — | — | — | 3,230 | 23.22 | |||||||||||||||||||||||||||||
Options exercised | (923) | 22.07 | (572) | 22.67 | (820) | 19.91 | |||||||||||||||||||||||||||||
Options forfeited/expired/canceled | — | — | (64) | 33.50 | (13) | 34.23 | |||||||||||||||||||||||||||||
Options outstanding at end of year | 1,478 | $ | 22.71 | 2,401 | $ | 22.47 | 3,037 | $ | 22.74 | ||||||||||||||||||||||||||
Options exercisable at end of year | 1,478 | $ | 22.71 | 2,401 | $ | 22.47 | 2,399 | $ | 19.52 | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Risk-free interest rate | 2.87 | % | 1.42 | % | 2.40 | % | ||||||||||||||
Expected stock price volatility | 56.1 | 25.4 | 24.4 | |||||||||||||||||
Simulation period | 2.9 years | 3.0 years | 3.0 years | |||||||||||||||||
Restricted Share Units | Market/Performance Share Units | |||||||||||||||||||||||||
(in thousands, except per share data) | Quantity | Weighted-Average Grant Date Fair Value | Quantity | Weighted-Average Grant Date Fair Value | ||||||||||||||||||||||
Outstanding at December 31, 2018 | 526 | $ | 41.18 | 392 | $ | 39.62 | ||||||||||||||||||||
Granted | 573 | 36.27 | 305 | 37.22 | ||||||||||||||||||||||
Assumed in acquisition | 136 | 31.99 | — | — | ||||||||||||||||||||||
Vested | (304) | 37.04 | (152) | 30.87 | ||||||||||||||||||||||
Forfeited | (114) | 37.04 | (50) | 39.45 | ||||||||||||||||||||||
Outstanding at December 31, 2019 | 817 | 38.32 | 495 | 40.85 | ||||||||||||||||||||||
Granted | 822 | 32.42 | 204 | 37.74 | ||||||||||||||||||||||
Vested | (384) | 38.04 | (214) | 41.31 | ||||||||||||||||||||||
Forfeited | (34) | 35.97 | (46) | 39.03 | ||||||||||||||||||||||
Outstanding at December 31, 2020 | 1,221 | 34.50 | 439 | 39.37 | ||||||||||||||||||||||
Granted | 599 | 42.31 | 141 | 42.94 | ||||||||||||||||||||||
Vested | (482) | 37.05 | (58) | 42.43 | ||||||||||||||||||||||
Forfeited | (93) | 31.41 | — | — | ||||||||||||||||||||||
Outstanding at December 31, 2021 | 1,245 | $ | 37.00 | 522 | $ | 37.59 | ||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Current | |||||||||||||||||
Federal | $ | 153,911 | $ | 187,741 | $ | 112,517 | |||||||||||
State | 29,982 | 9,421 | 2,085 | ||||||||||||||
Total current income tax expense | 183,893 | 197,162 | 114,602 | ||||||||||||||
Deferred | |||||||||||||||||
Federal | 28,873 | (90,777) | 46,182 | ||||||||||||||
State | 16,127 | 4,585 | 40,451 | ||||||||||||||
Total deferred income tax expense (benefit) | 45,000 | (86,192) | 86,633 | ||||||||||||||
Total income tax expense | $ | 228,893 | $ | 110,970 | $ | 201,235 | |||||||||||
Years Ended December 31, | |||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Income tax expense at statutory federal income tax rate | $ | 207,765 | $ | 101,779 | $ | 160,653 | |||||||||||
Increase (decrease) resulting from: | |||||||||||||||||
State income tax expense, net of federal income tax benefit | 38,452 | 11,168 | 33,764 | ||||||||||||||
Income not subject to tax | (10,455) | (9,207) | (6,564) | ||||||||||||||
Low income housing tax credits and other tax benefits, net of amortization | (4,858) | (2,611) | (1,583) | ||||||||||||||
FDIC premiums | 4,111 | 4,744 | 5,802 | ||||||||||||||
General business tax credits | (3,727) | (657) | (678) | ||||||||||||||
Excess tax benefit from share-based compensation | (3,084) | 311 | (1,337) | ||||||||||||||
Executive compensation | 1,096 | 1,501 | 6,385 | ||||||||||||||
Goodwill impairment | — | 9,424 | — | ||||||||||||||
Other, net | (407) | (5,482) | 4,793 | ||||||||||||||
Total income tax expense | $ | 228,893 | $ | 110,970 | $ | 201,235 | |||||||||||
Effective tax rate | 23.1 | % | 22.9 | % | 26.3 | % | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Deferred tax assets | |||||||||||
Allowance for loan losses | $ | 112,180 | $ | 165,691 | |||||||
Lease liability | 102,412 | 98,340 | |||||||||
Employee benefits and deferred compensation | 35,782 | 27,917 | |||||||||
Net operating loss carryforwards | 23,897 | 29,684 | |||||||||
Net unrealized losses on investment securities available for sale and cash flow hedges | 19,261 | — | |||||||||
Deferred revenue | 18,487 | 24,751 | |||||||||
Tax credit carryforwards | 15,870 | 8,605 | |||||||||
Fair value of investment securities and loans | 6,439 | 10,093 | |||||||||
Non-performing loan interest | 2,621 | 12,472 | |||||||||
Other | 7,100 | 9,819 | |||||||||
Total gross deferred tax assets | 344,049 | 387,372 | |||||||||
Less valuation allowance | (19,003) | (19,191) | |||||||||
Total deferred tax assets | 325,046 | 368,181 | |||||||||
Deferred tax liabilities | |||||||||||
Right-of-use asset | (98,773) | (98,681) | |||||||||
Excess tax over financial statement depreciation | (27,355) | (40,452) | |||||||||
Purchase accounting intangibles | (14,820) | (14,458) | |||||||||
Other properties held for sale | (5,345) | (3,025) | |||||||||
Prepaid expense | (4,631) | (5,955) | |||||||||
Net unrealized gains on investment securities available for sale and cash flow hedges | — | (64,344) | |||||||||
Other | (5,071) | (10,418) | |||||||||
Total gross deferred tax liabilities | (155,995) | (237,333) | |||||||||
Net deferred tax assets | $ | 169,051 | $ | 130,848 | |||||||
Tax Carryforwards | As of December 31, 2021 | ||||||||||||||||||||||
(in thousands) | Expiration Dates | Deferred Tax Asset, Before Valuation Allowance | Valuation Allowance | Net Deferred Tax Asset Balance | |||||||||||||||||||
Net operating losses - federal | 2027-2033 | $ | 19,592 | $ | (15,851) | $ | 3,741 | ||||||||||||||||
Net operating losses - states | 2023-2034 | 4,305 | (3,152) | 1,153 | |||||||||||||||||||
Other credits - states | 2022-2031 | 15,870 | — | 15,870 | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Balance at January 1, | $ | 20,250 | $ | 20,994 | $ | 18,586 | |||||||||||
Additions based on income tax positions related to current year | 3,754 | 461 | 550 | ||||||||||||||
Additions for income tax positions of prior years(1) | 1,379 | 147 | — | ||||||||||||||
Additions from acquisition | — | — | 3,464 | ||||||||||||||
Reductions for income tax positions of prior years | (200) | (327) | (1,589) | ||||||||||||||
Statute of limitation expirations | (79) | (820) | (17) | ||||||||||||||
Settlements | — | (205) | — | ||||||||||||||
Balance at December 31, | $ | 25,104 | $ | 20,250 | $ | 20,994 | |||||||||||
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Net interest income | $ | 808,700 | $ | 557,943 | $ | 79,173 | $ | 87,131 | $ | 1,532,947 | |||||||||||||||||||
Non-interest revenue | 128,026 | 34,590 | 211,002 | 76,448 | 450,066 | ||||||||||||||||||||||||
Non-interest expense | 290,817 | 90,074 | 184,257 | 534,756 | 1,099,904 | ||||||||||||||||||||||||
Pre-provision net revenue | $ | 645,909 | $ | 502,459 | $ | 105,918 | $ | (371,177) | $ | 883,109 | |||||||||||||||||||
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Net interest income | $ | 854,021 | $ | 548,152 | $ | 79,362 | $ | 31,213 | $ | 1,512,748 | |||||||||||||||||||
Non-interest revenue | 111,256 | 26,379 | 224,620 | 144,258 | 506,513 | ||||||||||||||||||||||||
Non-interest expense | 297,071 | 85,250 | 232,222 | 565,031 | 1,179,574 | ||||||||||||||||||||||||
Pre-provision net revenue | $ | 668,206 | $ | 489,281 | $ | 71,760 | $ | (389,560) | $ | 839,687 | |||||||||||||||||||
Year Ended December 31, 2019 (Proforma) | |||||||||||||||||||||||||||||
(in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Net interest income | $ | 825,219 | $ | 518,033 | $ | 112,431 | $ | 140,120 | $ | 1,595,803 | |||||||||||||||||||
Non-interest revenue | 136,657 | 28,948 | 154,166 | 36,129 | 355,900 | ||||||||||||||||||||||||
Non-interest expense | 302,327 | 71,393 | 152,115 | 573,133 | 1,098,968 | ||||||||||||||||||||||||
Pre-provision net revenue | $ | 659,549 | $ | 475,588 | $ | 114,482 | $ | (396,884) | $ | 852,735 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 10,791,343 | $ | 21,496,050 | $ | 4,994,494 | $ | 2,030,071 | $ | 39,311,958 | |||||||||||||||||||
Deposits | $ | 32,226,477 | $ | 12,370,554 | $ | 826,639 | $ | 4,003,606 | $ | 49,427,276 | |||||||||||||||||||
Full-time equivalent employees | 2,139 | 284 | 794 | 1,670 | 4,887 | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 11,171,055 | $ | 18,810,729 | $ | 5,370,748 | $ | 2,900,452 | $ | 38,252,984 | |||||||||||||||||||
Deposits | $ | 29,141,242 | $ | 11,958,105 | $ | 739,200 | $ | 4,853,024 | $ | 46,691,571 | |||||||||||||||||||
Full-time equivalent employees | 2,296 | 285 | 835 | 1,718 | 5,134 | ||||||||||||||||||||||||
Condensed Balance Sheets | |||||||||||
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Assets | |||||||||||
Cash due from bank subsidiary | $ | 389,071 | $ | 439,352 | |||||||
Funds due from other depository institutions | 9,277 | 9,277 | |||||||||
Total cash, cash equivalents, and restricted cash | 398,348 | 448,629 | |||||||||
Investment in consolidated bank subsidiary, at equity | 5,381,311 | 5,239,849 | |||||||||
Investment in consolidated nonbank subsidiaries, at equity | 69,712 | 46,271 | |||||||||
Note receivable from bank subsidiary | 100,000 | 100,000 | |||||||||
Other assets | 25,538 | 16,975 | |||||||||
Total assets | $ | 5,974,909 | $ | 5,851,724 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
Liabilities: | |||||||||||
Long-term debt | $ | 607,334 | $ | 606,406 | |||||||
Other liabilities | 70,775 | 83,984 | |||||||||
Total liabilities | 678,109 | 690,390 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock | 537,145 | 537,145 | |||||||||
Common stock | 169,384 | 168,133 | |||||||||
Additional paid-in capital | 3,894,109 | 3,851,208 | |||||||||
Treasury stock | (931,497) | (731,806) | |||||||||
Accumulated other comprehensive income (loss), net | (82,321) | 158,635 | |||||||||
Retained earnings | 1,709,980 | 1,178,019 | |||||||||
Total shareholders’ equity | 5,296,800 | 5,161,334 | |||||||||
Total liabilities and shareholders’ equity | $ | 5,974,909 | $ | 5,851,724 | |||||||
Condensed Statements of Income | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Income | |||||||||||||||||
Cash dividends received from subsidiaries | $ | 420,000 | $ | 547,500 | $ | 400,000 | |||||||||||
Interest income | 777 | 3,341 | 5,920 | ||||||||||||||
Other income (loss) | 1,070 | 4,966 | 11,590 | ||||||||||||||
Total income | 421,847 | 555,807 | 417,510 | ||||||||||||||
Expense | |||||||||||||||||
Interest expense | 27,616 | 42,911 | 41,328 | ||||||||||||||
Other expense | 10,300 | 10,584 | 13,528 | ||||||||||||||
Total expense | 37,916 | 53,495 | 54,856 | ||||||||||||||
Income before income taxes and equity in undistributed income of subsidiaries | 383,931 | 502,312 | 362,654 | ||||||||||||||
Allocated income tax benefit | (7,834) | (12,202) | (9,753) | ||||||||||||||
Income before equity in undistributed income of subsidiaries | 391,765 | 514,514 | 372,407 | ||||||||||||||
Equity in undistributed income (loss) of subsidiaries | 368,702 | (140,819) | 191,373 | ||||||||||||||
Net income | 760,467 | 373,695 | 563,780 | ||||||||||||||
Dividends on preferred stock | 33,163 | 33,163 | 22,881 | ||||||||||||||
Net income available to common shareholders | $ | 727,304 | $ | 340,532 | $ | 540,899 | |||||||||||
Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 989,360 | $ | (228,893) | $ | 760,467 | $ | 484,665 | $ | (110,970) | $ | 373,695 | $ | 765,015 | $ | (201,235) | $ | 563,780 | |||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale | — | — | — | — | — | — | (22) | 6 | (16) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive gain (loss) of bank subsidiary | (324,561) | 83,605 | (240,956) | 125,505 | (32,511) | 92,994 | 216,032 | (55,955) | 160,077 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | (324,561) | $ | 83,605 | $ | (240,956) | $ | 125,505 | $ | (32,511) | $ | 92,994 | $ | 216,010 | $ | (55,949) | $ | 160,061 | |||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 519,511 | $ | 466,689 | $ | 723,841 | |||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statements of Cash Flows | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 760,467 | $ | 373,695 | $ | 563,780 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Equity in undistributed (income) loss of subsidiaries | (368,702) | 140,819 | (191,373) | ||||||||||||||
Deferred income tax expense (benefit) | (7,296) | 3,962 | 1,775 | ||||||||||||||
Net increase (decrease) in other liabilities | (2,082) | 11,243 | 43,617 | ||||||||||||||
Net decrease in other assets | 5,280 | 17,441 | 3,367 | ||||||||||||||
Other, net | 928 | (5,132) | 1,037 | ||||||||||||||
Net cash provided by operating activities | 388,595 | 542,028 | 422,203 | ||||||||||||||
Investing Activities | |||||||||||||||||
Proceeds from sales of investment securities available for sale | — | — | 97,389 | ||||||||||||||
Advance of long-term note receivable due from bank subsidiary | — | — | (100,000) | ||||||||||||||
Return of investment non-bank subsidiary | — | — | 790 | ||||||||||||||
Proceeds from sales of equity securities | — | 23,141 | — | ||||||||||||||
Increase in other investments | (10,000) | — | — | ||||||||||||||
Net cash received in business combination, net of cash paid | — | — | 4,813 | ||||||||||||||
Net cash provided by investing activities | (10,000) | 23,141 | 2,992 | ||||||||||||||
Financing Activities | |||||||||||||||||
Dividends paid to common and preferred shareholders | (227,840) | (223,130) | (185,664) | ||||||||||||||
Repurchase of common stock | (199,932) | (16,246) | (725,398) | ||||||||||||||
Redemption of long-term debt | — | (250,000) | — | ||||||||||||||
Proceeds from issuance of long-term debt, net | — | — | 297,174 | ||||||||||||||
Proceeds from issuance of preferred stock, net | — | — | 342,005 | ||||||||||||||
Other | (1,104) | (1,552) | (1,947) | ||||||||||||||
Net cash used in financing activities | (428,876) | (490,928) | (273,830) | ||||||||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | (50,281) | 74,241 | 151,365 | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | 448,629 | 374,388 | 223,023 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of year | $ | 398,348 | $ | 448,629 | $ | 374,388 | |||||||||||
/s/ Kevin S. Blair | /s/ Andrew J. Gregory, Jr. | |||||||
Kevin S. Blair | Andrew J. Gregory, Jr. | |||||||
President and Chief Executive Officer | Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
4.9 | ||||||||
4.10 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
Exhibit Number | Description | |||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
Exhibit Number | Description | |||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 | ||||||||
10.25 | ||||||||
10.26 | ||||||||
10.27 | ||||||||
10.28 | ||||||||
10.29 |
Exhibit Number | Description | |||||||
10.30 | ||||||||
10.31 | ||||||||
10.32 | ||||||||
10.33 | ||||||||
10.34 | ||||||||
10.35 | ||||||||
10.36 | ||||||||
10.37 | ||||||||
10.38 | ||||||||
10.39 | ||||||||
10.40 | ||||||||
10.41 | ||||||||
10.42 | ||||||||
Exhibit Number | Description | |||||||
10.43 | ||||||||
10.44 | ||||||||
10.45 | ||||||||
10.46 | ||||||||
10.47 | ||||||||
10.48 | ||||||||
10.49 | ||||||||
10.50 | ||||||||
14 | ||||||||
21.1 | ||||||||
23.1 | ||||||||
24.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101 | Interactive Data File | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and included in Exhibit 101). |
* | Indicates management contracts and compensatory plans and arrangements. |
SYNOVUS FINANCIAL CORP. | ||||||||||||||
Date: | February 25, 2022 | By: | /s/ Kevin S. Blair | |||||||||||
Kevin S. Blair | ||||||||||||||
President and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Kevin S. Blair | President, Chief Executive Officer and Director | February 25, 2022 | ||||||||||||
Kevin S. Blair | (Principal Executive Officer) | |||||||||||||
/s/ Andrew J. Gregory, Jr. | Executive Vice President and Chief Financial Officer | February 25, 2022 | ||||||||||||
Andrew J. Gregory, Jr. | (Principal Financial Officer) | |||||||||||||
/s/ Jill K. Hurley | Chief Accounting Officer | February 25, 2022 | ||||||||||||
Jill K. Hurley | (Principal Accounting Officer) | |||||||||||||
/s/ Tim E. Bentsen | Director | February 25, 2022 | ||||||||||||
Tim E. Bentsen | ||||||||||||||
/s/ F. Dixon Brooke, Jr. | Director | February 25, 2022 | ||||||||||||
F. Dixon Brooke, Jr. | ||||||||||||||
/s/ Stephen T. Butler | Director | February 25, 2022 | ||||||||||||
Stephen T. Butler | ||||||||||||||
/s/ Elizabeth W. Camp | Director | February 25, 2022 | ||||||||||||
Elizabeth W. Camp | ||||||||||||||
/s/ Pedro Cherry | Director | February 25, 2022 | ||||||||||||
Pedro Cherry |
Signature | Title | Date | ||||||||||||
/s/ Diana M. Murphy | Director | February 25, 2022 | ||||||||||||
Diana M. Murphy | ||||||||||||||
/s/ Harris Pastides | Director | February 25, 2022 | ||||||||||||
Harris Pastides | ||||||||||||||
/s/ Joseph J. Prochaska, Jr. | Director | February 25, 2022 | ||||||||||||
Joseph J. Prochaska, Jr. | ||||||||||||||
/s/ John Stallworth | Director | February 25, 2022 | ||||||||||||
John Stallworth | ||||||||||||||
/s/ Kessel D. Stelling | Executive Chairman of the Board | February 25, 2022 | ||||||||||||
Kessel D. Stelling | ||||||||||||||
/s/ Barry L. Storey | Director | February 25, 2022 | ||||||||||||
Barry L. Storey | ||||||||||||||
/s/ Teresa White | Director | February 25, 2022 | ||||||||||||
Teresa White |
Name | Title | Base Salary | ||||||||||||
Kessel D. Stelling | Executive Chairman of the Board | $ | 1,125,000 | |||||||||||
Kevin S. Blair | President and Chief Executive Officer | 950,000 | ||||||||||||
Andrew J. Gregory, Jr. | Executive Vice President and Chief Financial Officer | 475,000 | ||||||||||||
Mark G. Holladay | Executive Vice President and Chief Risk Officer | 409,902 | ||||||||||||
Robert W. Derrick | Executive Vice President and Chief Credit Officer | 375,000 |
(I) | (II) | |||||||
If employment | the % of the RSUs | |||||||
continues through | then | which vest is | ||||||
____________, 20___ | 100% | |||||||
[or] | ||||||||
____________, 20___ | ___% | |||||||
[or] | ||||||||
____________, 20___ | ___% | |||||||
[or] | ||||||||
____________, 20___ | ___% | |||||||
[or] | ||||||||
____________, 20___ | ___% | |||||||
[or] | ||||||||
____________, 20__ | ___% |
(I) | (II) | |||||||
If employment | the % of the eligible PSUs | |||||||
continues through (Service Date) | then | which vest is | ||||||
____________, 20___ | ___% | |||||||
[or] | ||||||||
____________, 20___ | ___% | |||||||
[or] | ||||||||
____________, 20___ | ___% | |||||||
[or] | ||||||||
____________, 20___ | ___% | |||||||
[or] | ||||||||
____________, 20___ | ___% | |||||||
Ownership Percentage Name | Place of Incorporation | |||||||||||||||||||||||||
100% Synovus Bank | Georgia | |||||||||||||||||||||||||
100% Synovus Trust Company, National Association | National | |||||||||||||||||||||||||
50% Sterling Place, L.L.C. | Alabama | |||||||||||||||||||||||||
40% Orchid, LLC | Alabama | |||||||||||||||||||||||||
100% The Summerton Inn, Inc. | South Carolina | |||||||||||||||||||||||||
100% Global Financial Distributors, Inc. | Georgia | |||||||||||||||||||||||||
49.99% Azalea Park Partners, LP | Maryland | |||||||||||||||||||||||||
100% CB&T Special Limited Partner, L.L.C. | Georgia | |||||||||||||||||||||||||
20% West End Redevelopment Partnership, L.P. | Georgia | |||||||||||||||||||||||||
30% Tuscaloosa Riverfront Development, LLC | Alabama | |||||||||||||||||||||||||
99.99% CB&T Housing Fund Investor, L.L.C. | Georgia | |||||||||||||||||||||||||
99% Boston Capital Columbus Tax Credit Fund, A Limited Partnership | Massachusetts | |||||||||||||||||||||||||
99.99% CB&T State Tax Credit Fund, L.L.C. | Georgia | |||||||||||||||||||||||||
0.01% Ashton Avalon, LP | Georgia | |||||||||||||||||||||||||
0.01% Baker Village Apartments I, LP | Georgia | |||||||||||||||||||||||||
100% Synovus Equity Investments, Inc. | Georgia | |||||||||||||||||||||||||
100% Synovus Special Limited Partner, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Union Hill, LLC | Georgia | |||||||||||||||||||||||||
99.9% Union Hill Apartments, L.P. | Alabama | |||||||||||||||||||||||||
100% Synovus Aspenwood Square, LLC | Georgia | |||||||||||||||||||||||||
99.99% Aspenwood Square Apartments, LP | Alabama | |||||||||||||||||||||||||
100% Synovus CAHEC CEF XXI, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Timber Sound 2017, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus CAHEC SCPF 2017, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Hidden Hills 2017, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Stratford 25 2017, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus RJ SIF 2018, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Caroline Arms 2018, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus BC Federal Investor 2018, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Equipment Leasing, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus 42EP 2019, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Stratford 33 2019, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Harper Woods 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Liberty Hill 2020, LLC | Georgia |
100% Synovus Lexington Club 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Timuquana 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Blythewood 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Woodstone 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Viera 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Erath II 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Creekside 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Parc Hill 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Parc Hill II 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Sam Lane 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Farmington Hills 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Harmony 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Clinton Manor 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Friendship Court 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Newberry Arms 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Mango Terrace 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus St. Andrew 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Eastleigh 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Dothan I 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Amelia Village 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Columbia Village 2020, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Sulpher Springs 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Hollywood 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Ashlynn Ridge 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Milton 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Harwick 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus NMTC 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Lawson’s Ridge 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Park Towers 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Northgate 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Rossville 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Archer Green 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus POL 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Alafaya 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Marble Valley 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Peppertree 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Rollingwood 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Legion Park 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Wellington 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus EMG 2021, LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Highlands Kayne 2021, LLC | Georgia |
100% Synovus Independence Landing 2022, LLC | Georgia | |||||||||||||||||||||||||
5.07% ST GA Fund I LLC | Georgia | |||||||||||||||||||||||||
5.6% ST GA Fund III LLC | Georgia | |||||||||||||||||||||||||
100% Synovus Securities, Inc. | Georgia | |||||||||||||||||||||||||
100% Broadway Asset Management, Inc. | Georgia | |||||||||||||||||||||||||
100% Banking Corporation of Florida Capital Trust | Delaware | |||||||||||||||||||||||||
100% Synovus Georgia State Tax Credit Fund, LLC | Georgia | |||||||||||||||||||||||||
77% JT Tax Credits, LLC | Georgia | |||||||||||||||||||||||||
49.92% TTP Fund II, L.P. | Georgia | |||||||||||||||||||||||||
27% GAA Real Estate Partners, L.P. | Delaware |
Date: | February 25, 2022 | BY: | /s/ Kevin S. Blair | |||||||||||
Kevin S. Blair | ||||||||||||||
President and Chief Executive Officer |
Date: | February 25, 2022 | BY: | /s/ Andrew J. Gregory, Jr. | |||||||||||
Andrew J. Gregory, Jr. | ||||||||||||||
Executive Vice President and Chief Financial Officer |
Date: | February 25, 2022 | BY: | /s/ Kevin S. Blair | |||||||||||
Kevin S. Blair | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
Date: | February 25, 2022 | BY: | /s/ Andrew J. Gregory, Jr. | |||||||||||
Andrew J. Gregory, Jr. | ||||||||||||||
Executive Vice President and Chief Financial Officer |