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) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
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 | ☐ |
Page | ||||||||||||||
Financial Information | ||||||||||||||
Index of Defined Terms | ||||||||||||||
Item 1. | Financial Statements (Unaudited) | |||||||||||||
Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 | ||||||||||||||
Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021 | ||||||||||||||
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021 | ||||||||||||||
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2022 and 2021 | ||||||||||||||
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 | ||||||||||||||
Notes to Unaudited Interim Consolidated Financial Statements | ||||||||||||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||||
Item 3. | ||||||||||||||
Item 4. | Controls and Procedures | |||||||||||||
Other Information | ||||||||||||||
Item 1. | Legal Proceedings | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||||||||
Item 3. | Defaults Upon Senior Securities | |||||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||||
Item 5. | Other Information | |||||||||||||
Item 6. | Exhibits | |||||||||||||
Signatures | ||||||||||||||
(in thousands, except share and per share data) | March 31, 2022 | December 31, 2021 | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 557,178 | $ | 432,925 | |||||||
Interest-bearing funds with Federal Reserve Bank | 941,272 | 2,479,006 | |||||||||
Interest earning deposits with banks | 27,411 | 25,535 | |||||||||
Federal funds sold and securities purchased under resale agreements | 27,642 | 72,387 | |||||||||
Total cash, cash equivalents, and restricted cash | 1,553,503 | 3,009,853 | |||||||||
Investment securities available for sale, at fair value | 10,463,101 | 10,918,329 | |||||||||
Loans held for sale (includes $111,992 and $108,198 measured at fair value, respectively) | 723,921 | 750,642 | |||||||||
Loans, net of deferred fees and costs | 40,169,150 | 39,311,958 | |||||||||
Allowance for loan losses | (414,956) | (427,597) | |||||||||
Loans, net | 39,754,194 | 38,884,361 | |||||||||
Cash surrender value of bank-owned life insurance | 1,075,175 | 1,068,616 | |||||||||
Premises, equipment, and software, net | 386,631 | 407,241 | |||||||||
Goodwill | 452,390 | 452,390 | |||||||||
Other intangible assets, net | 33,478 | 35,596 | |||||||||
Other assets | 1,977,156 | 1,790,198 | |||||||||
Total assets | $ | 56,419,549 | $ | 57,317,226 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing deposits | $ | 16,611,344 | $ | 16,392,653 | |||||||
Interest-bearing deposits | 32,044,900 | 33,034,623 | |||||||||
Total deposits | 48,656,244 | 49,427,276 | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 501,124 | 264,133 | |||||||||
Long-term debt | 805,259 | 1,204,229 | |||||||||
Other liabilities | 1,632,287 | 1,124,788 | |||||||||
Total liabilities | 51,594,914 | 52,020,426 | |||||||||
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 169,912,021 and 169,383,758; outstanding 145,334,763 and 145,010,086 | 169,912 | 169,384 | |||||||||
Additional paid-in capital | 3,899,269 | 3,894,109 | |||||||||
Treasury stock, at cost; 24,577,258 and 24,373,672 shares | (941,168) | (931,497) | |||||||||
Accumulated other comprehensive income (loss), net | (662,065) | (82,321) | |||||||||
Retained earnings | 1,821,542 | 1,709,980 | |||||||||
Total shareholders' equity | 4,824,635 | 5,296,800 | |||||||||
Total liabilities and shareholders' equity | $ | 56,419,549 | $ | 57,317,226 | |||||||
Three Months Ended March 31, | |||||||||||
(in thousands, except per share data) | 2022 | 2021 | |||||||||
Interest income: | |||||||||||
Loans, including fees | $ | 361,091 | $ | 372,491 | |||||||
Investment securities available for sale | 47,249 | 29,458 | |||||||||
Loans held for sale | 6,182 | 6,462 | |||||||||
Federal Reserve Bank balances | 788 | 673 | |||||||||
Other earning assets | 752 | 733 | |||||||||
Total interest income | 416,062 | 409,817 | |||||||||
Interest expense: | |||||||||||
Deposits | 13,659 | 25,018 | |||||||||
Long-term debt | 10,144 | 10,908 | |||||||||
Other borrowings | 11 | 34 | |||||||||
Total interest expense | 23,814 | 35,960 | |||||||||
Net interest income | 392,248 | 373,857 | |||||||||
Provision for (reversal of) credit losses | 11,400 | (18,575) | |||||||||
Net interest income after provision for (reversal of) credit losses | 380,848 | 392,432 | |||||||||
Non-interest revenue: | |||||||||||
Service charges on deposit accounts | 22,539 | 20,033 | |||||||||
Fiduciary and asset management fees | 20,277 | 17,954 | |||||||||
Card fees | 14,756 | 11,996 | |||||||||
Brokerage revenue | 14,655 | 12,974 | |||||||||
Mortgage banking income | 5,953 | 22,315 | |||||||||
Capital markets income | 5,472 | 7,505 | |||||||||
Income from bank-owned life insurance | 6,556 | 8,843 | |||||||||
Investment securities gains (losses), net | — | (1,990) | |||||||||
Other non-interest revenue | 15,126 | 11,326 | |||||||||
Total non-interest revenue | 105,334 | 110,956 | |||||||||
Non-interest expense: | |||||||||||
Salaries and other personnel expense | 164,684 | 161,477 | |||||||||
Net occupancy, equipment, and software expense | 42,877 | 41,134 | |||||||||
Third-party processing and other services | 20,996 | 20,032 | |||||||||
Professional fees | 8,474 | 9,084 | |||||||||
FDIC insurance and other regulatory fees | 6,250 | 5,579 | |||||||||
Restructuring charges | (6,424) | 531 | |||||||||
Other operating expense | 35,593 | 29,297 | |||||||||
Total non-interest expense | 272,450 | 267,134 | |||||||||
Income before income taxes | 213,732 | 236,254 | |||||||||
Income tax expense | 42,695 | 49,161 | |||||||||
Net income | 171,037 | 187,093 | |||||||||
Less: Preferred stock dividends | 8,291 | 8,291 | |||||||||
Net income available to common shareholders | $ | 162,746 | $ | 178,802 | |||||||
Net income per common share, basic | $ | 1.12 | $ | 1.20 | |||||||
Net income per common share, diluted | 1.11 | 1.19 | |||||||||
Weighted average common shares outstanding, basic | 145,273 | 148,467 | |||||||||
Weighted average common shares outstanding, diluted | 146,665 | 149,780 | |||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | |||||||||||||||||||||||||||||
Net income | $ | 213,732 | $ | (42,695) | $ | 171,037 | $ | 236,254 | $ | (49,161) | $ | 187,093 | |||||||||||||||||||||||
Unrealized gains (losses) on investment securities available for sale: | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (621,482) | 147,023 | (474,459) | (165,241) | 42,781 | (122,460) | |||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | — | — | — | 1,990 | (515) | 1,475 | |||||||||||||||||||||||||||||
Net change | (621,482) | 147,023 | (474,459) | (163,251) | 42,266 | (120,985) | |||||||||||||||||||||||||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (135,978) | 32,361 | (103,617) | (29,057) | 7,874 | (21,183) | |||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | (2,189) | 521 | (1,668) | (1,599) | 410 | (1,189) | |||||||||||||||||||||||||||||
Net change | (138,167) | 32,882 | (105,285) | (30,656) | 8,284 | (22,372) | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (759,649) | $ | 179,905 | $ | (579,744) | $ | (193,907) | $ | 50,550 | $ | (143,357) | |||||||||||||||||||||||
Comprehensive income (loss) | $ | (408,707) | $ | 43,736 | |||||||||||||||||||||||||||||||
(in thousands, except per share data) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 537,145 | $ | 169,384 | $ | 3,894,109 | $ | (931,497) | $ | (82,321) | $ | 1,709,980 | $ | 5,296,800 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 171,037 | 171,037 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (579,744) | — | (579,744) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $0.34 per share | — | — | — | — | — | (49,442) | (49,442) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (8,291) | (8,291) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (9,671) | — | — | (9,671) | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 302 | (4,282) | — | — | (1,742) | (5,722) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 226 | 1,541 | — | — | — | 1,767 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 7,901 | — | — | — | 7,901 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 537,145 | $ | 169,912 | $ | 3,899,269 | $ | (941,168) | $ | (662,065) | $ | 1,821,542 | $ | 4,824,635 | |||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 537,145 | $ | 168,133 | $ | 3,851,208 | $ | (731,806) | $ | 158,635 | $ | 1,178,019 | $ | 5,161,334 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 187,093 | 187,093 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (143,357) | — | (143,357) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $0.33 per share | — | — | — | — | — | (49,093) | (49,093) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (8,291) | (8,291) | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 271 | (6,456) | — | — | — | (6,185) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 574 | 11,978 | — | — | — | 12,552 | ||||||||||||||||||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | — | — | (113) | 116 | — | (3) | — | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 7,664 | — | — | — | 7,664 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 537,145 | $ | 168,978 | $ | 3,864,281 | $ | (731,690) | $ | 15,278 | $ | 1,307,725 | $ | 5,161,717 | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Operating Activities | |||||||||||
Net income | $ | 171,037 | $ | 187,093 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for (reversal of) credit losses | 11,400 | (18,575) | |||||||||
Depreciation, amortization, and accretion, net | 27,109 | 52,395 | |||||||||
Deferred income tax expense (benefit) | 1,250 | 17,926 | |||||||||
Originations of loans held for sale | (915,873) | (1,075,343) | |||||||||
Proceeds from sales and payments on loans held for sale | 946,187 | 857,872 | |||||||||
Gain on sales of loans held for sale, net | (4,647) | (16,293) | |||||||||
(Increase) decrease in other assets | (58,709) | 17,437 | |||||||||
Increase (decrease) in other liabilities | (5,433) | (11,936) | |||||||||
Investment securities (gains) losses, net | — | 1,990 | |||||||||
Share-based compensation expense | 8,334 | 7,664 | |||||||||
Other | 677 | — | |||||||||
Net cash provided by (used in) operating activities | 181,332 | 20,230 | |||||||||
Investing Activities | |||||||||||
Proceeds from maturities and principal collections of investment securities available for sale | 642,957 | 852,628 | |||||||||
Proceeds from sales of investment securities available for sale | — | 223,977 | |||||||||
Purchases of investment securities available for sale | (820,120) | (2,125,567) | |||||||||
Proceeds from sales of loans | 39,568 | 21,535 | |||||||||
Purchases of loans | (181,335) | (606,985) | |||||||||
Net (increase) decrease in loans | (726,686) | 5,084 | |||||||||
Net (purchases) redemptions of Federal Home Loan Bank stock | (13,827) | (1,200) | |||||||||
Net (purchases) redemptions of Federal Reserve Bank stock | (424) | — | |||||||||
Net proceeds from settlement (purchases) of bank-owned life insurance policies | — | 3,784 | |||||||||
Net increase in premises, equipment and software | (2,662) | (4,027) | |||||||||
Other | 28,464 | 1,247 | |||||||||
Net cash provided by (used in) investing activities | (1,034,065) | (1,629,524) | |||||||||
Financing Activities | |||||||||||
Net increase (decrease) in deposits | (771,032) | 677,380 | |||||||||
Net increase in federal funds purchased and securities sold under repurchase agreements | 236,991 | 65,737 | |||||||||
Net increase (decrease) in other short-term borrowings | 400,192 | (7,717) | |||||||||
Repayments and redemption of long-term debt | (400,000) | — | |||||||||
Dividends paid to common shareholders | (47,851) | (48,834) | |||||||||
Dividends paid to preferred shareholders | (8,291) | (8,291) | |||||||||
Repurchases of common stock | (9,671) | — | |||||||||
Issuances, net of taxes paid, under equity compensation plans | (3,955) | 6,368 | |||||||||
Net cash provided by (used in) financing activities | (603,617) | 684,643 | |||||||||
Increase (decrease) in cash and cash equivalents including restricted cash | (1,456,350) | (924,651) | |||||||||
Cash, cash equivalents, and restricted cash, at beginning of period | 3,009,853 | 4,252,917 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 1,553,503 | $ | 3,328,266 | |||||||
Supplemental Disclosures: | |||||||||||
Income taxes paid | $ | 46,493 | $ | 48,505 | |||||||
Interest paid | 27,278 | 46,599 | |||||||||
Non-cash Activities | |||||||||||
Securities purchased during the period but settled after period-end | — | 53,699 | |||||||||
Premises and equipment transferred to other assets held for sale | 11,712 | — | |||||||||
Loans foreclosed and transferred to other real estate | — | 720 | |||||||||
Loans transferred (from) to other loans held for sale at fair value | (1,055) | — |
March 31, 2022 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. Treasury securities | $ | 414,397 | $ | — | $ | (19,811) | $ | 394,586 | |||||||||||||||
U.S. Government agency securities | 52,865 | 411 | (1,471) | 51,805 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 733,289 | 60 | (46,605) | 686,744 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,169,609 | 4,937 | (553,915) | 7,620,631 | |||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 877,362 | 326 | (54,810) | 822,878 | |||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 554,868 | 1,020 | (25,092) | 530,796 | |||||||||||||||||||
Asset-backed securities | 337,037 | — | — | 337,037 | |||||||||||||||||||
Corporate debt securities and other debt securities | 18,333 | 291 | — | 18,624 | |||||||||||||||||||
Total investment securities available for sale | $ | 11,157,760 | $ | 7,045 | $ | (701,704) | $ | 10,463,101 | |||||||||||||||
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 | |||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||
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 | $ | 328,920 | $ | (14,282) | $ | 44,313 | $ | (5,529) | $ | 373,233 | $ | (19,811) | |||||||||||||||||||||||
U.S. Government agency securities | 20,691 | (1,471) | — | — | 20,691 | (1,471) | |||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 316,662 | (19,328) | 365,096 | (27,277) | 681,758 | (46,605) | |||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,225,550 | (365,535) | 1,966,572 | (188,380) | 7,192,122 | (553,915) | |||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 366,174 | (18,823) | 441,167 | (35,987) | 807,341 | (54,810) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 224,955 | (8,847) | 146,528 | (16,245) | 371,483 | (25,092) | |||||||||||||||||||||||||||||
Total | $ | 6,482,952 | $ | (428,286) | $ | 2,963,676 | $ | (273,418) | $ | 9,446,628 | $ | (701,704) | |||||||||||||||||||||||
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) | |||||||||||||||||||||||
Distribution of Maturities at March 31, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | ||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 21,353 | $ | 343,202 | $ | 49,842 | $ | — | $ | 414,397 | |||||||||||||||||||
U.S. Government agency securities | 455 | 273 | 52,137 | — | 52,865 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 835 | — | 732,454 | 733,289 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 11 | — | 136,502 | 8,033,096 | 8,169,609 | ||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 129 | — | 877,233 | 877,362 | ||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 251,596 | 225,872 | 77,400 | 554,868 | ||||||||||||||||||||||||
Asset-backed securities | 337,037 | — | — | — | 337,037 | ||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,501 | — | 8,832 | — | 18,333 | ||||||||||||||||||||||||
Total amortized cost | $ | 368,357 | $ | 596,035 | $ | 473,185 | $ | 9,720,183 | $ | 11,157,760 | |||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 21,353 | $ | 328,920 | $ | 44,313 | $ | — | $ | 394,586 | |||||||||||||||||||
U.S. Government agency securities | 462 | 275 | 51,068 | — | 51,805 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 845 | — | 685,899 | 686,744 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 11 | — | 134,665 | 7,485,955 | 7,620,631 | ||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 130 | — | 822,748 | 822,878 | ||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 244,983 | 209,622 | 76,191 | 530,796 | ||||||||||||||||||||||||
Asset-backed securities | 337,037 | — | — | — | 337,037 | ||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,506 | — | 9,118 | — | 18,624 | ||||||||||||||||||||||||
Total fair value | $ | 368,369 | $ | 575,153 | $ | 448,786 | $ | 9,070,793 | $ | 10,463,101 | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Gross realized gains on sales | $ | — | $ | — | |||||||
Gross realized losses on sales | — | (1,990) | |||||||||
Investment securities gains (losses), net | $ | — | $ | (1,990) | |||||||
March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 12,585,055 | $ | 9,298 | $ | 370 | $ | 9,668 | $ | 42,697 | $ | 22,191 | $ | 12,659,611 | ||||||||||||||||||||||||||||||
Owner-occupied | 7,677,569 | 4,291 | — | 4,291 | 6,906 | 3,948 | 7,692,714 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 20,262,624 | 13,589 | 370 | 13,959 | 49,603 | 26,139 | 20,352,325 | |||||||||||||||||||||||||||||||||||||
Investment properties | 10,037,457 | 1,931 | 469 | 2,400 | 4,923 | 2,365 | 10,047,145 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | 616,706 | 1,424 | 302 | 1,726 | 2,242 | — | 620,674 | |||||||||||||||||||||||||||||||||||||
Land and development | 474,875 | 571 | — | 571 | 2,053 | — | 477,499 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | 11,129,038 | 3,926 | 771 | 4,697 | 9,218 | 2,365 | 11,145,318 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,017,739 | 4,114 | 153 | 4,267 | 29,997 | — | 5,052,003 | |||||||||||||||||||||||||||||||||||||
Home equity | 1,404,435 | 3,052 | — | 3,052 | 8,851 | 3 | 1,416,341 | |||||||||||||||||||||||||||||||||||||
Credit cards | 185,859 | 1,174 | 1,214 | 2,388 | — | — | 188,247 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 1,991,939 | 16,463 | 559 | 17,022 | 5,955 | — | 2,014,916 | |||||||||||||||||||||||||||||||||||||
Total consumer | 8,599,972 | 24,803 | 1,926 | 26,729 | 44,803 | 3 | 8,671,507 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,991,634 | $ | 42,318 | $ | 3,067 | $ | 45,385 | $ | 103,624 | $ | 28,507 | $ | 40,169,150 | ||||||||||||||||||||||||||||||
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 | $ | 12,068,740 | $ | 13,378 | $ | 3,953 | $ | 17,331 | $ | 37,918 | $ | 23,869 | $ | 12,147,858 | ||||||||||||||||||||||||||||||
Owner-occupied | 7,460,184 | 3,627 | 59 | 3,686 | 7,146 | 4,050 | 7,475,066 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 19,528,924 | 17,005 | 4,012 | 21,017 | 45,064 | 27,919 | 19,622,924 | |||||||||||||||||||||||||||||||||||||
Investment properties | 9,894,924 | 1,285 | 717 | 2,002 | 3,273 | 2,577 | 9,902,776 | |||||||||||||||||||||||||||||||||||||
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 | 10,998,504 | 3,312 | 964 | 4,276 | 9,726 | 2,605 | 11,015,111 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,033,537 | 6,257 | 126 | 6,383 | 29,078 | — | 5,068,998 | |||||||||||||||||||||||||||||||||||||
Home equity | 1,349,027 | 2,619 | — | 2,619 | 9,773 | — | 1,361,419 | |||||||||||||||||||||||||||||||||||||
Credit cards | 201,929 | 1,233 | 1,010 | 2,243 | — | — | 204,172 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,011,430 | 20,369 | 658 | 21,027 | 6,877 | — | 2,039,334 | |||||||||||||||||||||||||||||||||||||
Total consumer | 8,595,923 | 30,478 | 1,794 | 32,272 | 45,728 | — | 8,673,923 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,123,351 | $ | 50,795 | $ | 6,770 | $ | 57,565 | $ | 100,518 | $ | 30,524 | $ | 39,311,958 | ||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 307,165 | $ | 2,248,128 | $ | 1,274,145 | $ | 877,338 | $ | 605,200 | $ | 1,280,187 | $ | 5,672,387 | $ | 33,813 | $ | 12,298,363 | |||||||||||||||||||||||||||||||||||
Special Mention | 202 | 2,235 | 14,635 | 9,784 | 8,486 | 4,156 | 87,585 | — | 127,083 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 2,867 | 11,969 | 47,998 | 46,234 | 11,331 | 45,537 | 63,546 | 362 | 229,844 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | 464 | — | — | 3,620 | — | 48 | — | 4,132 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 189 | — | 189 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 310,234 | 2,262,796 | 1,336,778 | 933,356 | 628,637 | 1,329,880 | 5,823,755 | 34,175 | 12,659,611 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 400,161 | 1,752,472 | 1,199,572 | 1,044,709 | 822,093 | 1,659,184 | 575,265 | — | 7,453,456 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 138 | 691 | 83,388 | 5,089 | 19,983 | 46,836 | — | — | 156,125 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 315 | 7,269 | 1,276 | 8,529 | 37,274 | 28,211 | — | — | 82,874 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | 259 | — | — | — | — | — | — | 259 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 400,614 | 1,760,691 | 1,284,236 | 1,058,327 | 879,350 | 1,734,231 | 575,265 | — | 7,692,714 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 710,848 | 4,023,487 | 2,621,014 | 1,991,683 | 1,507,987 | 3,064,111 | 6,399,020 | 34,175 | 20,352,325 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 502,093 | 2,995,934 | 1,514,881 | 1,611,876 | 997,818 | 1,872,911 | 251,150 | — | 9,746,663 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 6,545 | — | 32,606 | 30,827 | 87,595 | 33,558 | — | 191,131 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,252 | 523 | 953 | 5,426 | 56,611 | 23,253 | 21,333 | — | 109,351 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | 503,345 | 3,003,002 | 1,515,834 | 1,649,908 | 1,085,256 | 1,983,759 | 306,041 | — | 10,047,145 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 73,676 | 245,278 | 70,143 | 43,125 | 38,539 | 91,502 | 47,599 | — | 609,862 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 243 | 190 | 537 | 638 | — | 235 | — | — | 1,843 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,750 | 2,297 | 6 | 564 | 2,004 | 2,303 | 45 | — | 8,969 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | 75,669 | 247,765 | 70,686 | 44,327 | 40,543 | 94,040 | 47,644 | — | 620,674 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 24,697 | 138,267 | 37,147 | 69,216 | 23,133 | 97,030 | 45,900 | — | 435,390 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | 790 | — | 31,160 | 1,160 | — | — | 33,110 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 186 | 392 | 323 | 651 | 2,985 | 4,462 | — | — | 8,999 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | 24,883 | 138,659 | 38,260 | 69,867 | 57,278 | 102,652 | 45,900 | — | 477,499 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 603,897 | 3,389,426 | 1,624,780 | 1,764,102 | 1,183,077 | 2,180,451 | 399,585 | — | 11,145,318 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 227,036 | 1,265,235 | 1,494,751 | 519,494 | 195,449 | 1,293,538 | 306 | — | 4,995,809 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 21 | 2,362 | 5,114 | 6,846 | 11,307 | 29,778 | — | — | 55,428 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | 4 | — | 762 | — | — | 766 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 227,057 | 1,267,597 | 1,499,865 | 526,344 | 206,756 | 1,324,078 | 306 | — | 5,052,003 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 1,192,522 | 210,986 | 1,403,508 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 6,780 | 5,488 | 12,268 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 426 | 139 | 565 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity | — | — | — | — | — | — | 1,199,728 | 216,613 | 1,416,341 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 187,035 | — | 187,035 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 451 | — | 451 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | — | 761 | — | 761 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 188,247 | — | 188,247 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 30,863 | 705,823 | 627,569 | 104,053 | 46,362 | 189,427 | 303,456 | — | 2,007,553 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 114 | 793 | 1,510 | 1,989 | 1,196 | 1,559 | 184 | — | 7,345 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | 18 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 30,977 | 706,616 | 629,079 | 106,042 | 47,558 | 191,004 | 303,640 | — | 2,014,916 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 258,034 | 1,974,213 | 2,128,944 | 632,386 | 254,314 | 1,515,082 | 1,691,921 | 216,613 | 8,671,507 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 1,572,779 | $ | 9,387,126 | $ | 6,374,738 | $ | 4,388,171 | $ | 2,945,378 | $ | 6,759,644 | $ | 8,490,526 | $ | 250,788 | $ | 40,169,150 | |||||||||||||||||||||||||||||||||||
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 | $ | 2,396,717 | $ | 1,332,549 | $ | 922,396 | $ | 607,918 | $ | 433,045 | $ | 903,995 | $ | 5,151,981 | $ | 42,809 | $ | 11,791,410 | |||||||||||||||||||||||||||||||||||
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 | 51,442 | 33 | 223,105 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | 469 | — | 1,601 | 8,512 | — | — | 48 | — | 10,630 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 85 | — | 85 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 2,416,022 | 1,398,694 | 981,693 | 637,246 | 451,760 | 944,049 | 5,275,552 | 42,842 | 12,147,858 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,776,086 | 1,276,797 | 1,117,825 | 858,721 | 708,942 | 1,116,766 | 437,724 | — | 7,292,861 | ||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | 271 | — | — | — | — | — | — | — | 271 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 1,784,371 | 1,298,041 | 1,130,935 | 912,199 | 733,220 | 1,178,576 | 437,724 | — | 7,475,066 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 4,200,393 | 2,696,735 | 2,112,628 | 1,549,445 | 1,184,980 | 2,122,625 | 5,713,276 | 42,842 | 19,622,924 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,823,978 | 1,463,503 | 1,905,534 | 1,019,765 | 738,036 | 1,317,634 | 278,697 | — | 9,547,147 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 1,385,671 | 333,710 | — | 9,902,776 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 1,494,335 | 434,073 | — | 11,015,111 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 1,274,999 | 1,556,733 | 572,467 | 216,277 | 392,492 | 1,001,771 | 255 | — | 5,014,994 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,031 | 3,680 | 5,943 | 12,387 | 5,717 | 25,025 | — | — | 53,783 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | 5 | — | — | 216 | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 1,276,030 | 1,560,413 | 578,415 | 228,664 | 398,209 | 1,027,012 | 255 | — | 5,068,998 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 1,199,556 | 146,635 | 1,346,191 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 9,058 | 5,372 | 14,430 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 658 | 140 | 798 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity | — | — | — | — | — | — | 1,209,272 | 152,147 | 1,361,419 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 203,161 | — | 203,161 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 348 | — | 348 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | — | 663 | — | 663 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 204,172 | — | 204,172 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 654,419 | 708,937 | 127,131 | 49,993 | 86,175 | 97,765 | 306,500 | — | 2,030,920 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 668 | 1,550 | 2,064 | 1,308 | 1,892 | 750 | 162 | — | 8,394 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | 20 | — | — | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 655,087 | 710,487 | 129,195 | 51,301 | 88,067 | 98,535 | 306,662 | — | 2,039,334 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 1,931,117 | 2,270,900 | 707,610 | 279,965 | 486,276 | 1,125,547 | 1,720,361 | 152,147 | 8,673,923 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 9,402,827 | $ | 6,558,797 | $ | 4,899,572 | $ | 3,085,986 | $ | 2,559,570 | $ | 4,742,507 | $ | 7,867,710 | $ | 194,989 | $ | 39,311,958 | |||||||||||||||||||||||||||||||||||
As Of and For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance at December 31, 2021 | $ | 188,364 | $ | 97,760 | $ | 141,473 | $ | 427,597 | |||||||||||||||
Charge-offs | (13,763) | (2,456) | (8,928) | (25,147) | |||||||||||||||||||
Recoveries | 2,363 | 361 | 3,814 | 6,538 | |||||||||||||||||||
Provision for (reversal of) loan losses | 1,758 | (969) | 5,179 | 5,968 | |||||||||||||||||||
Ending balance at March 31, 2022 | $ | 178,722 | $ | 94,696 | $ | 141,538 | $ | 414,956 | |||||||||||||||
As Of and For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance at December 31, 2020 | $ | 229,555 | $ | 130,742 | $ | 245,439 | $ | 605,736 | |||||||||||||||
Charge-offs | (9,417) | (10,319) | (5,589) | (25,325) | |||||||||||||||||||
Recoveries | 2,772 | 1,026 | 1,323 | 5,121 | |||||||||||||||||||
Provision for (reversal of) loan losses | 31,867 | (7,637) | (46,548) | (22,318) | |||||||||||||||||||
Ending balance at March 31, 2021 | $ | 254,777 | $ | 113,812 | $ | 194,625 | $ | 563,214 | |||||||||||||||
TDRs by Concession Type | ||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial and agricultural | 33 | $ | 17,900 | $ | 541 | $ | 18,441 | |||||||||||||||||||
Owner-occupied | 13 | 6,104 | 3,857 | 9,961 | ||||||||||||||||||||||
Total commercial and industrial | 46 | 24,004 | 4,398 | 28,402 | ||||||||||||||||||||||
Investment properties | 3 | 589 | 6,610 | 7,199 | ||||||||||||||||||||||
1-4 family properties | 7 | 1,213 | — | 1,213 | ||||||||||||||||||||||
Land and development | 3 | 2,731 | — | 2,731 | ||||||||||||||||||||||
Total commercial real estate | 13 | 4,533 | 6,610 | 11,143 | ||||||||||||||||||||||
Consumer mortgages | 7 | 1,017 | 104 | 1,121 | ||||||||||||||||||||||
Home equity | 11 | 929 | — | 929 | ||||||||||||||||||||||
Other consumer loans | 2 | — | 48 | 48 | ||||||||||||||||||||||
Total consumer | 20 | 1,946 | 152 | 2,098 | ||||||||||||||||||||||
Total TDRs | 79 | $ | 30,483 | $ | 11,160 | $ | 41,643 | (2) | ||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial and agricultural | 40 | $ | 3,233 | $ | 2,563 | $ | 5,796 | |||||||||||||||||||
Owner-occupied | 5 | 1,254 | 399 | 1,653 | ||||||||||||||||||||||
Total commercial and industrial | 45 | 4,487 | 2,962 | 7,449 | ||||||||||||||||||||||
Investment properties | 5 | 1,984 | — | 1,984 | ||||||||||||||||||||||
1-4 family properties | 5 | 463 | 39 | 502 | ||||||||||||||||||||||
Land and development | 1 | — | 43 | 43 | ||||||||||||||||||||||
Total commercial real estate | 11 | 2,447 | 82 | 2,529 | ||||||||||||||||||||||
Consumer mortgages | — | — | — | — | ||||||||||||||||||||||
Home equity | 13 | 587 | 162 | 749 | ||||||||||||||||||||||
Other consumer loans | 73 | 129 | 4,619 | 4,748 | ||||||||||||||||||||||
Total consumer | 86 | 716 | 4,781 | 5,497 | ||||||||||||||||||||||
Total TDRs | 142 | $ | 7,650 | $ | 7,825 | $ | 15,475 | (3) | ||||||||||||||||||
(in thousands) | Wholesale Banking Reporting Unit | Community Banking Reporting Unit | Consumer Banking Reporting Unit | Mortgage Reporting Unit | Wealth Management Reporting Unit | Total Goodwill | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 171,636 | $ | 256,323 | $ | — | $ | — | $ | 24,431 | $ | 452,390 | |||||||||||||||||||||||
Changes during the period from: | |||||||||||||||||||||||||||||||||||
Reallocation | — | (114,701) | 114,701 | — | — | — | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 171,636 | $ | 141,622 | $ | 114,701 | $ | — | $ | 24,431 | $ | 452,390 | |||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||
March 31, 2022 | |||||||||||||||||
CDI | $ | 57,400 | $ | (30,005) | $ | 27,395 | |||||||||||
Other | 12,500 | (6,417) | 6,083 | ||||||||||||||
Total other intangible assets | $ | 69,900 | $ | (36,422) | $ | 33,478 | |||||||||||
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 | |||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 197 | $ | — | $ | 197 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — | 483 | — | 483 | — | 671 | — | 671 | ||||||||||||||||||||||||||||||||||||||||||
Other mortgage-backed securities | — | 3,362 | — | 3,362 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | — | 414 | — | 414 | — | 560 | — | 560 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 5,359 | — | 5,359 | — | 6,963 | — | 6,963 | ||||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | — | $ | 9,618 | $ | — | $ | 9,618 | $ | — | $ | 8,391 | $ | — | $ | 8,391 | ||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 394,586 | $ | — | $ | — | $ | 394,586 | $ | 117,838 | $ | — | $ | — | $ | 117,838 | ||||||||||||||||||||||||||||||||||
U.S. Government agency securities | — | 51,805 | — | 51,805 | — | 54,201 | — | 54,201 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 686,744 | — | 686,744 | — | 779,633 | — | 779,633 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 7,620,631 | — | 7,620,631 | — | 8,012,301 | — | 8,012,301 | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 822,878 | — | 822,878 | — | 939,623 | — | 939,623 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 530,796 | — | 530,796 | — | 481,744 | — | 481,744 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 337,037 | — | 337,037 | — | 514,188 | — | 514,188 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | — | 18,624 | — | 18,624 | — | 18,801 | — | 18,801 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 394,586 | $ | 10,068,515 | $ | — | $ | 10,463,101 | $ | 117,838 | $ | 10,800,491 | $ | — | $ | 10,918,329 | ||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 111,992 | $ | — | $ | 111,992 | $ | — | $ | 108,198 | $ | — | $ | 108,198 | ||||||||||||||||||||||||||||||||||
Other investments | — | — | 12,093 | 12,093 | — | — | 12,185 | 12,185 | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,842 | — | — | 43,842 | 43,657 | — | — | 43,657 | ||||||||||||||||||||||||||||||||||||||||||
GGL/SBA loans servicing asset | — | — | 3,451 | 3,451 | — | — | 3,233 | 3,233 | ||||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | 160,545 | — | 160,545 | — | 191,708 | — | 191,708 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading liability for short positions | $ | — | $ | 389 | $ | — | $ | 389 | $ | — | $ | 200 | $ | — | $ | 200 | ||||||||||||||||||||||||||||||||||
Mutual funds held in rabbi trusts | 28,095 | — | — | 28,095 | 27,205 | — | — | 27,205 | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | — | 230,087 | 1,776 | 231,863 | — | 95,067 | 3,535 | 98,602 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Sale | |||||||||||
(in thousands) | As of March 31, 2022 | As of December 31, 2021 | |||||||||
Fair value | $ | 111,992 | $ | 108,198 | |||||||
Unpaid principal balance | 111,929 | 105,785 | |||||||||
Fair value less aggregate unpaid principal balance | $ | 63 | $ | 2,413 | |||||||
Changes in Fair Value Included in Net Income | Three Months Ended March 31, | Location in Consolidated Statements of Income | |||||||||||||||
(in thousands) | 2022 | 2021 | |||||||||||||||
Mortgage loans held for sale | $ | (2,350) | $ | (4,632) | Mortgage banking income | ||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Other Investments | GGL / SBA Loans Servicing Asset | Visa Derivative | ||||||||||||||||||||||||||
Beginning balance | $ | 12,185 | $ | 3,233 | $ | (3,535) | |||||||||||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | (92) | (262) | — | ||||||||||||||||||||||||||
Additions | — | — | — | ||||||||||||||||||||||||||
Settlements | — | 480 | 1,759 | ||||||||||||||||||||||||||
Ending balance | $ | 12,093 | $ | 3,451 | $ | (1,776) | |||||||||||||||||||||||
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at March 31, 2022 | $ | (92) | $ | — | $ | — | |||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Other Investments | GGL / SBA Loans Servicing Asset | Earnout Liability | Visa Derivative | ||||||||||||||||||||||||
Beginning balance | $ | 2,021 | $ | 1,021 | $ | 3,258 | $ | (5,677) | $ | (2,048) | |||||||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | — | 32 | (178) | — | — | ||||||||||||||||||||||||
Sales | (2,021) | — | — | — | — | ||||||||||||||||||||||||
Additions | — | — | 225 | — | — | ||||||||||||||||||||||||
Settlements | — | — | — | — | 280 | ||||||||||||||||||||||||
Ending balance | $ | — | $ | 1,053 | $ | 3,305 | $ | (5,677) | $ | (1,768) | |||||||||||||||||||
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at March 31, 2021 | $ | — | $ | 32 | $ | — | $ | — | $ | — | |||||||||||||||||||
March 31, 2022 | Fair Value Adjustments for the Three Months Ended March 31, 2022 | Location in Consolidated Statements of Income | ||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Loans(1) | $ | — | $ | — | $ | 7,483 | $ | 339 | Provision for credit losses | |||||||||||||||||||||||
Other assets held for sale | — | — | 2,725 | 492 | Other operating expense | |||||||||||||||||||||||||||
March 31, 2021 | Fair Value Adjustments for the Three Months Ended March 31, 2021 | Location in Consolidated Statements of Income | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
Loans(1) | $ | — | $ | — | $ | 14,026 | $ | 7,002 | Provision for credit losses | |||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 1,553,503 | $ | 1,553,503 | $ | 1,553,503 | $ | — | $ | — | |||||||||||||||||||
Trading securities | 9,618 | 9,618 | — | 9,618 | — | ||||||||||||||||||||||||
Investment securities available for sale | 10,463,101 | 10,463,101 | 394,586 | 10,068,515 | — | ||||||||||||||||||||||||
Loans held for sale | 723,921 | 720,640 | — | 111,992 | 608,648 | ||||||||||||||||||||||||
Other investments | 12,093 | 12,093 | — | — | 12,093 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,842 | 43,842 | 43,842 | — | — | ||||||||||||||||||||||||
Loans, net | 39,754,194 | 39,988,199 | — | — | 39,988,199 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,451 | 3,451 | — | — | 3,451 | ||||||||||||||||||||||||
FRB and FHLB stock | 174,191 | 174,191 | — | 174,191 | — | ||||||||||||||||||||||||
Derivative assets | 160,545 | 160,545 | — | 160,545 | — | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 16,611,344 | $ | 16,611,344 | $ | — | $ | 16,611,344 | $ | — | |||||||||||||||||||
Non-time interest-bearing deposits | 27,876,322 | 27,876,322 | — | 27,876,322 | — | ||||||||||||||||||||||||
Time deposits | 4,168,578 | 4,149,009 | — | 4,149,009 | — | ||||||||||||||||||||||||
Total deposits | $ | 48,656,244 | $ | 48,636,675 | $ | — | $ | 48,636,675 | $ | — | |||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 501,124 | 501,124 | 501,124 | — | — | ||||||||||||||||||||||||
Trading liability for short positions | 389 | 389 | — | 389 | — | ||||||||||||||||||||||||
Other short-term borrowings | 400,000 | 400,000 | — | 400,000 | — | ||||||||||||||||||||||||
Long-term debt | 805,259 | 820,634 | — | 820,634 | — | ||||||||||||||||||||||||
Mutual funds held in rabbi trusts | 28,095 | 28,095 | 28,095 | — | — | ||||||||||||||||||||||||
Derivative liabilities | 231,863 | 231,863 | — | 230,087 | 1,776 | ||||||||||||||||||||||||
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 | 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 | $ | — | |||||||||||||||||||
Federal funds purchased and 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 funds held in rabbi trusts | 27,205 | 27,205 | 27,205 | — | — | ||||||||||||||||||||||||
Derivative liabilities | 98,602 | 98,602 | — | 95,067 | 3,535 | ||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
(in thousands) | Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 5,000,000 | $ | — | $ | 134,369 | $ | 3,600,000 | $ | 22,004 | $ | 20,395 | |||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 134,369 | $ | 22,004 | $ | 20,395 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate contracts(1) | $ | 9,420,004 | $ | 156,210 | $ | 95,707 | $ | 9,653,600 | $ | 167,560 | $ | 74,514 | |||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | 131,642 | 788 | — | 99,006 | 2,105 | — | |||||||||||||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 178,000 | 3,443 | — | 105,500 | — | 122 | |||||||||||||||||||||||||||||
Risk participation agreements | 431,402 | — | 11 | 374,214 | — | 36 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 43,314 | 104 | — | 22,387 | 39 | — | |||||||||||||||||||||||||||||
Visa derivative | — | — | 1,776 | — | — | 3,535 | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 160,545 | $ | 97,494 | $ | 169,704 | $ | 78,207 | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Total amounts presented in the consolidated statements of income in interest income on loans | $ | 8,656 | $ | 8,342 | |||||||
Gain/loss on cash flow hedging relationships:(1) | |||||||||||
Interest rate swaps: | |||||||||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 2,189 | 1,599 | |||||||||
Pre-tax income recognized on cash flow hedges | $ | 2,189 | $ | 1,599 | |||||||
Gain (Loss) Recognized in Consolidated Statements of Income | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
(in thousands) | Location in Consolidated Statements of Income | 2022 | 2021 | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts(1) | Capital markets income | $ | 673 | $ | 947 | |||||||||||||||
Risk participation agreements | Capital markets income | 25 | 201 | |||||||||||||||||
Foreign exchange contracts | Capital markets income | 65 | — | |||||||||||||||||
Mortgage derivatives - interest rate lock commitments | Mortgage banking income | (1,318) | (1,719) | |||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | 3,565 | 6,242 | |||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 3,010 | $ | 5,671 | ||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands, except per share data) | 2022 | 2021 | |||||||||
Basic Net Income Per Common Share: | |||||||||||
Net income available to common shareholders | $ | 162,746 | $ | 178,802 | |||||||
Weighted average common shares outstanding | 145,273 | 148,467 | |||||||||
Net income per common share, basic | $ | 1.12 | $ | 1.20 | |||||||
Diluted Net Income Per Common Share: | |||||||||||
Net income available to common shareholders | $ | 162,746 | $ | 178,802 | |||||||
Weighted average common shares outstanding | 145,273 | 148,467 | |||||||||
Effect of dilutive outstanding equity-based awards and earnout payments | 1,392 | 1,313 | |||||||||
Weighted average diluted common shares | 146,665 | 149,780 | |||||||||
Net income per common share, diluted | $ | 1.11 | $ | 1.19 | |||||||
(in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Letters of credit(1) | $ | 182,873 | $ | 183,463 | |||||||
Commitments to fund commercial and industrial loans | 9,491,517 | 9,595,793 | |||||||||
Commitments to fund commercial real estate, construction, and land development loans | 3,639,109 | 3,593,171 | |||||||||
Commitments under home equity lines of credit | 1,847,718 | 1,805,869 | |||||||||
Unused credit card lines | 478,586 | 473,582 | |||||||||
Other loan commitments | 650,708 | 604,353 | |||||||||
Total letters of credit and unfunded lending commitments | $ | 16,290,511 | $ | 16,256,231 |
Tax credits, CRA partnerships, and other investments: | |||||||||||
Carrying amount included in other assets | $ | 446,326 | $ | 426,137 | |||||||
Amount of future funding commitments | 263,024 | 250,733 | |||||||||
Permanent and short-term construction loans and letter of credit commitments(2) | 199,623 | 204,391 | |||||||||
Funded portion of permanent and short-term loans and letters of credit(3) | 135,415 | 104,315 | |||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
(in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | 157,477 | $ | 97,321 | $ | 97,556 | $ | 18,444 | $ | 21,450 | $ | 392,248 | |||||||||||||||||||||||
Non-interest revenue | 8,398 | 13,583 | 21,644 | 45,164 | 16,545 | 105,334 | |||||||||||||||||||||||||||||
Non-interest expense | 26,648 | 30,420 | 44,715 | 44,139 | 126,528 | 272,450 | |||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 139,227 | $ | 80,484 | $ | 74,485 | $ | 19,469 | $ | (88,533) | $ | 225,132 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | 134,074 | $ | 99,140 | $ | 107,102 | $ | 20,995 | $ | 12,546 | $ | 373,857 | |||||||||||||||||||||||
Non-interest revenue | 7,319 | 10,620 | 19,134 | 58,583 | 15,300 | 110,956 | |||||||||||||||||||||||||||||
Non-interest expense | 20,724 | 26,920 | 43,556 | 47,674 | 128,260 | 267,134 | |||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 120,669 | $ | 82,840 | $ | 82,680 | $ | 31,904 | $ | (100,414) | $ | 217,679 | |||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 22,393,060 | $ | 8,319,687 | $ | 2,580,858 | $ | 4,991,359 | $ | 1,884,186 | $ | 40,169,150 | |||||||||||||||||||||||
Total deposits | $ | 11,921,931 | $ | 12,589,784 | $ | 20,115,909 | $ | 818,297 | $ | 3,210,323 | $ | 48,656,244 | |||||||||||||||||||||||
Total full-time equivalent employees | 292 | 596 | 1,553 | 788 | 1,678 | 4,907 | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 21,496,050 | $ | 8,231,451 | $ | 2,559,892 | $ | 4,994,494 | $ | 2,030,071 | $ | 39,311,958 | |||||||||||||||||||||||
Total deposits | $ | 12,370,554 | $ | 12,557,631 | $ | 19,668,846 | $ | 826,639 | $ | 4,003,606 | $ | 49,427,276 | |||||||||||||||||||||||
Total full-time equivalent employees | 284 | 607 | 1,532 | 794 | 1,670 | 4,887 | |||||||||||||||||||||||||||||
(1) | the risk that competition in the financial services industry, including competition from nontraditional banking institutions such as Fintechs, may adversely affect our future earnings and growth; | |||||||
(2) | risks related to our strategic implementation of new lines of business, new products and services, and new technologies and an expansion of our existing business opportunities with a renewed focus on innovation; | |||||||
(3) | our ability to attract and retain employees and the impact of senior leadership transitions that are key to our strategic initiatives; | |||||||
(4) | risks related to our strategic implementation of new lines of business, new products and services, and new technologies and an expansion of our existing business opportunities with a renewed focus on innovation; | |||||||
(5) | the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market; | |||||||
(6) | the risk that prolonged periods of inflation could have on our business, profitability and our stock price; | |||||||
(7) | the impact of recent and proposed changes in governmental policy, laws and regulations, proposed and recently enacted changes in monetary policy and in the regulation and taxation of banks and financial institutions, or the interpretation or application thereof and the uncertainty of future implementation and enforcement of these regulations, including the risk of inflationary pressure and interest rate increases; | |||||||
(8) | changes in the interest rate environment, including changes to the federal funds rate, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income; | |||||||
(9) | the risk that a future economic downturn and contraction could have a material adverse effect on our capital, financial condition, credit quality, results of operations and future growth, including the risk that the strength of the current economic environment could be weakened by the continued impact of COVID-19 and by current supply chain challenges and inflation; | |||||||
(10) | the risk that our current and future information technology system enhancements and operational initiatives may not be successfully implemented, which could negatively impact our operations; | |||||||
(11) | risks related to our business relationships with, and reliance upon, third parties that have strategic partnerships with us or that provide key components of our business infrastructure, including the costs of services and products provided to us by third parties, and risks related to disruptions in service or financial difficulties with a third-party vendor or business relationship; | |||||||
(12) | the risk that our enterprise risk management framework, our compliance program, or our corporate governance and supervisory oversight functions may not identify or address risks adequately, which may result in unexpected losses; | |||||||
(13) | risks that our asset quality may deteriorate or that our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures; | |||||||
(14) | risks related to the ability of our operational framework to identify and manage risks associated with our business such as credit risk, compliance risk, reputational risk, and operational risk, including by virtue of our relationships with third-party business partners, as well as our relationship with third-party vendors and other service providers; | |||||||
(15) | the risk that we may be exposed to potential losses in the event of fraud and/or theft, or in the event that a third-party vendor, obligor, or business partner fails to pay amounts due to us under that relationship or under any arrangement that we enter into with them; | |||||||
(16) | our ability to identify and address cyber-security risks such as data security breaches, malware, "denial of service" attacks, "hacking" and identity theft, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage of our systems, increased costs, significant losses, or adverse effects to our reputation; | |||||||
(17) | the risks and uncertainties related to the impact of the continuing COVID-19 pandemic on our assets, business, capital and liquidity, financial condition, prospects and results of operations; | |||||||
(18) | changes in the cost and availability of funding due to changes in the deposit market and credit market; | |||||||
(19) | the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives; | |||||||
(20) | the risks that if economic conditions worsen further or regulatory capital rules are modified, we may be required to undertake initiatives to improve or conserve our capital position; | |||||||
(21) | restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Synovus Bank; | |||||||
(22) | our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions; | |||||||
(23) | risks related to our ESG strategies and initiatives, the scope and pace of which could alter our reputation and shareholder, employee, client and third-party relationships; | |||||||
(24) | risks related to the continued use, availability and reliability of LIBOR and the risks related to the transition from LIBOR to any alternate reference rate we may use; | |||||||
(25) | the risk that we may not be able to identify suitable bank and non-bank acquisition opportunities as part of our growth strategy and even if we are able to identify attractive acquisition opportunities, we may not be able to complete such transactions on favorable terms or realize the anticipated benefits from such acquisitions; | |||||||
(26) | the risk that we could realize losses if we sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets; | |||||||
(27) | risks related to regulatory approval to take certain actions, including any dividends on our common stock or preferred stock, any repurchases of common stock or any other issuance or redemption of any other regulatory capital instruments; | |||||||
(28) | the risk that our concentrated operations in the Southeastern U.S. make us vulnerable to local economic conditions, local weather catastrophes, public health issues and other external events; | |||||||
(29) | the costs and effects of litigation, investigations or similar matters, or adverse facts and developments related thereto; | |||||||
(30) | risks related to the fluctuation in our stock price and general volatility in the stock market; | |||||||
(31) | the effects of any damages to our reputation resulting from developments related to any of the items identified above; and | |||||||
(32) | other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in "Part II - Item 1A. Risk Factors" of this Report. |
Table 1 - Consolidated Financial Highlights | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(dollars in thousands, except per share data) | 2022 | 2021 | Change | ||||||||||||||
Net interest income | $ | 392,248 | $ | 373,857 | 5 | % | |||||||||||
Provision for (reversal of) credit losses | 11,400 | (18,575) | nm | ||||||||||||||
Non-interest revenue | 105,334 | 110,956 | (5) | ||||||||||||||
Adjusted non-interest revenue(1) | 106,629 | 112,154 | (5) | ||||||||||||||
Total TE revenue | 498,447 | 485,587 | 3 | ||||||||||||||
Adjusted total revenue(1) | 499,742 | 486,785 | 3 | ||||||||||||||
Non-interest expense | 272,450 | 267,134 | 2 | ||||||||||||||
Adjusted non-interest expense(1) | 279,492 | 265,811 | 5 | ||||||||||||||
Income before income taxes | 213,732 | 236,254 | (10) | ||||||||||||||
Net income | 171,037 | 187,093 | (9) | ||||||||||||||
Net income available to common shareholders | 162,746 | 178,802 | (9) | ||||||||||||||
Net income per common share, basic | 1.12 | 1.20 | (7) | ||||||||||||||
Net income per common share, diluted | 1.11 | 1.19 | (7) | ||||||||||||||
Adjusted net income per common share, diluted(1) | 1.08 | 1.21 | (11) | ||||||||||||||
Net interest margin(2) | 3.00 | % | 3.04 | % | (4) | bps | |||||||||||
Net charge-off ratio(2) | 0.19 | 0.21 | (2) | ||||||||||||||
Return on average assets(2) | 1.22 | 1.40 | (18) | ||||||||||||||
Adjusted return on average assets(1)(2) | 1.19 | 1.41 | (22) | ||||||||||||||
Efficiency ratio-TE | 54.66 | 55.01 | (35) | ||||||||||||||
Adjusted tangible efficiency ratio(1) | 55.50 | 54.12 | 138 |
March 31, 2022 | December 31, 2021 | Sequential Quarter Change | March 31, 2021 | Year-Over-Year Change | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 40,169,150 | $ | 39,311,958 | $ | 857,192 | $ | 38,805,101 | $ | 1,364,049 | ||||||||||||||||||||||
Total average loans | 39,350,761 | 38,365,598 | 985,163 | 38,212,267 | 1,138,494 | |||||||||||||||||||||||||||
Total deposits | 48,656,244 | 49,427,276 | (771,032) | 47,368,951 | 1,287,293 | |||||||||||||||||||||||||||
Core deposits (excludes brokered deposits) | 46,618,560 | 46,592,276 | 26,284 | 44,174,284 | 2,444,276 | |||||||||||||||||||||||||||
Core transaction deposits (excludes brokered and public fund deposits) | 38,285,649 | 37,880,650 | 404,999 | 34,804,575 | 3,481,074 | |||||||||||||||||||||||||||
Total average deposits | 49,345,364 | 49,117,222 | 228,142 | 46,454,878 | 2,890,486 | |||||||||||||||||||||||||||
Non-performing assets ratio | 0.40 | % | 0.40 | % | — | bps | 0.50 | % | (10) | bps | ||||||||||||||||||||||
Non-performing loans ratio | 0.33 | 0.33 | — | 0.40 | (7) | |||||||||||||||||||||||||||
Past due loans over 90 days | 0.01 | 0.02 | (1) | 0.01 | — | |||||||||||||||||||||||||||
CET1 capital | $ | 4,485,661 | $ | 4,388,618 | $ | 97,043 | $ | 4,184,715 | $ | 300,946 | ||||||||||||||||||||||
Tier 1 capital | 5,022,806 | 4,925,763 | 97,043 | 4,721,860 | 300,946 | |||||||||||||||||||||||||||
Total risk-based capital | 5,936,543 | 5,827,196 | 109,347 | 5,733,956 | 202,587 | |||||||||||||||||||||||||||
CET1 capital ratio | 9.49 | % | 9.50 | % | (1) | bps | 9.74 | % | (25) | bps | ||||||||||||||||||||||
Tier 1 capital ratio | 10.63 | 10.66 | (3) | 10.99 | (36) | |||||||||||||||||||||||||||
Total risk-based capital ratio | 12.56 | 12.61 | (5) | 13.34 | (78) | |||||||||||||||||||||||||||
Total shareholders’ equity to total assets ratio | 8.55 | 9.24 | (69) | 9.36 | (81) | |||||||||||||||||||||||||||
Tangible common equity ratio(1) | 6.80 | 7.52 | (72) | 7.55 | (75) | |||||||||||||||||||||||||||
Return on average common equity(2) | 14.20 | 16.11 | (191) | 15.77 | (157) | |||||||||||||||||||||||||||
Adjusted return on average common equity(1)(2) | 13.82 | 16.64 | (282) | 15.93 | (211) | |||||||||||||||||||||||||||
Adjusted return on average tangible common equity(1)(2) | 15.59 | 18.72 | (313) | 18.04 | (245) | |||||||||||||||||||||||||||
Table 2 - Loans by Portfolio Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 vs. December 31, 2021 Change | March 31, 2022 vs. March 31, 2021 Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 12,659,611 | 31.5 | % | $ | 12,147,858 | 30.9 | % | $ | 511,753 | 4 | % | $ | 12,748,106 | 32.9 | % | $ | (88,495) | (1) | % | |||||||||||||||||||||||||||||||||||||||
Owner-occupied | 7,692,714 | 19.2 | 7,475,066 | 19.0 | 217,648 | 3 | 7,031,505 | 18.1 | 661,209 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 20,352,325 | 50.7 | 19,622,924 | 49.9 | 729,401 | 4 | 19,779,611 | 51.0 | 572,714 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment properties | 10,047,145 | 25.0 | 9,902,776 | 25.2 | 144,369 | 1 | 9,335,725 | 24.1 | 711,420 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | 620,674 | 1.5 | 645,469 | 1.6 | (24,795) | (4) | 638,954 | 1.6 | (18,280) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Land and development | 477,499 | 1.2 | 466,866 | 1.2 | 10,633 | 2 | 559,249 | 1.4 | (81,750) | (15) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 11,145,318 | 27.7 | 11,015,111 | 28.0 | 130,207 | 1 | 10,533,928 | 27.1 | 611,390 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,052,003 | 12.6 | 5,068,998 | 12.9 | (16,995) | — | 5,299,130 | 13.6 | (247,127) | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 1,416,341 | 3.5 | 1,361,419 | 3.5 | 54,922 | 4 | 1,460,866 | 3.8 | (44,525) | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit cards | 188,247 | 0.5 | 204,172 | 0.5 | (15,925) | (8) | 181,594 | 0.5 | 6,653 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,014,916 | 5.0 | 2,039,334 | 5.2 | (24,418) | (1) | 1,549,972 | 4.0 | 464,944 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 8,671,507 | 21.6 | 8,673,923 | 22.1 | (2,416) | — | 8,491,562 | 21.9 | 179,945 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 40,169,150 | 100.0 | % | $ | 39,311,958 | 100.0 | % | $ | 857,192 | 2 | % | $ | 38,805,101 | 100.0 | % | $ | 1,364,049 | 4 | % | |||||||||||||||||||||||||||||||||||||||
Table 3 - PPP loans | ||||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||
PPP Loan Balances | ||||||||||||||||||||||||||
(in millions, except count data ) | Fundings | 1Q22 Forgiveness | Total Life-to-Date Forgiveness | End of Period, Net of Unearned Fees and Costs(1) | ||||||||||||||||||||||
Phase 1- 2020 Originations | $ | 2,886 | $ | 15 | $ | 2,739 | $ | 26 | ||||||||||||||||||
Phase 2- 2021 Originations | 1,047 | 182 | 863 | 177 | ||||||||||||||||||||||
Total | $ | 3,933 | $ | 197 | $ | 3,602 | $ | 203 | ||||||||||||||||||
(dollars in millions) | Total Net Fees | Percent of Fundings | 1Q22 Recognized Net Fees | Total Recognized Net Fees | Total Unrecognized or Remaining Net Fees | Contractual Maturity | ||||||||||||||||||||||||||||||||
Phase 1- 2020 Originations | $ | 94.9 | 3.3 | % | $ | 0.2 | $ | 94.8 | $ | 0.1 | 2 years | |||||||||||||||||||||||||||
Phase 2- 2021 Originations | 43.6 | 4.2 | 6.7 | 37.3 | 6.3 | 5 years | ||||||||||||||||||||||||||||||||
Total | $ | 138.5 | 3.5 | % | $ | 6.9 | $ | 132.1 | $ | 6.4 | ||||||||||||||||||||||||||||
Table 4 - Commercial and Industrial Loans by Industry | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | NAICS Code | Amount | %(1) | Amount | %(1) | ||||||||||||||||||||||||
Health care and social assistance | 62 | $ | 4,358,171 | 21.4 | % | $ | 4,220,579 | 21.5 | % | ||||||||||||||||||||
Finance and insurance | 52 | 2,860,331 | 14.1 | 2,520,480 | 12.8 | ||||||||||||||||||||||||
Manufacturing | 31-33 | 1,325,930 | 6.5 | 1,314,212 | 6.7 | ||||||||||||||||||||||||
Accommodation and food services | 72 | 1,281,743 | 6.3 | 1,231,801 | 6.3 | ||||||||||||||||||||||||
Wholesale trade | 42 | 1,242,145 | 6.1 | 1,146,505 | 5.8 | ||||||||||||||||||||||||
Retail trade | 44-45 | 1,198,595 | 5.9 | 1,195,456 | 6.1 | ||||||||||||||||||||||||
Real estate and rental and leasing | 5311 | 1,065,085 | 5.2 | 1,061,921 | 5.4 | ||||||||||||||||||||||||
Construction | 23 | 1,050,969 | 5.2 | 1,023,540 | 5.2 | ||||||||||||||||||||||||
Professional, scientific, and technical services | 54 | 993,246 | 4.9 | 928,436 | 4.7 | ||||||||||||||||||||||||
Other services | 81 | 944,285 | 4.6 | 1,004,448 | 5.1 | ||||||||||||||||||||||||
Transportation and warehousing | 48-49 | 888,468 | 4.4 | 852,969 | 4.3 | ||||||||||||||||||||||||
Real estate other | 53 | 731,126 | 3.6 | 752,997 | 3.8 | ||||||||||||||||||||||||
Arts, entertainment, and recreation | 71 | 504,751 | 2.5 | 534,597 | 2.7 | ||||||||||||||||||||||||
Educational services | 61 | 425,904 | 2.1 | 427,456 | 2.2 | ||||||||||||||||||||||||
Public administration | 92 | 424,165 | 2.1 | 407,451 | 2.1 | ||||||||||||||||||||||||
Administration, support, waste management, and remediation | 56 | 265,235 | 1.3 | 246,638 | 1.3 | ||||||||||||||||||||||||
Agriculture, forestry, fishing, and hunting | 11 | 261,385 | 1.3 | 285,372 | 1.5 | ||||||||||||||||||||||||
Information | 51 | 177,903 | 0.9 | 189,306 | 1.0 | ||||||||||||||||||||||||
Other industries | (2) | 352,889 | 1.6 | 278,760 | 1.5 | ||||||||||||||||||||||||
Total commercial and industrial loans | $ | 20,352,326 | 100.0 | % | $ | 19,622,924 | 100.0 | % | |||||||||||||||||||||
Table 5 - Composition of Period-end Deposits | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2022 | %(1) | December 31, 2021 | %(1) | March 31, 2021 | %(1) | |||||||||||||||||||||||||||||
Non-interest-bearing demand deposits(2) | $ | 15,526,686 | 31.9 | % | $ | 15,242,839 | 30.9 | % | $ | 13,742,075 | 29.0 | % | |||||||||||||||||||||||
Interest-bearing demand deposits(2) | 6,685,366 | 13.7 | 6,346,959 | 12.9 | 5,841,749 | 12.3 | |||||||||||||||||||||||||||||
Money market accounts(2) | 14,596,877 | 30.0 | 14,886,424 | 30.1 | 13,943,717 | 29.5 | |||||||||||||||||||||||||||||
Savings deposits(2) | 1,476,720 | 3.0 | 1,404,428 | 2.8 | 1,277,034 | 2.7 | |||||||||||||||||||||||||||||
Public funds | 6,048,704 | 12.5 | 6,284,553 | 12.7 | 6,154,948 | 13.0 | |||||||||||||||||||||||||||||
Time deposits(2) | 2,284,207 | 4.7 | 2,427,073 | 4.9 | 3,214,761 | 6.8 | |||||||||||||||||||||||||||||
Brokered deposits | 2,037,684 | 4.2 | 2,835,000 | 5.7 | 3,194,667 | 6.7 | |||||||||||||||||||||||||||||
Total deposits | $ | 48,656,244 | 100.0 | % | $ | 49,427,276 | 100.0 | % | $ | 47,368,951 | 100.0 | % | |||||||||||||||||||||||
Core deposits(3) | $ | 46,618,560 | 95.8 | % | $ | 46,592,276 | 94.3 | % | $ | 44,174,284 | 93.3 | % | |||||||||||||||||||||||
Core transaction deposits(4) | $ | 38,285,649 | 78.7 | % | $ | 37,880,650 | 76.6 | % | $ | 34,804,575 | 73.5 | % | |||||||||||||||||||||||
Brokered time deposits | $ | 1,248,571 | 2.6 | % | $ | 1,024,448 | 2.1 | % | $ | 1,281,027 | 2.7 | % | |||||||||||||||||||||||
Public funds time deposits | $ | 635,801 | 1.3 | % | $ | 665,954 | 1.3 | % | $ | 720,711 | 1.5 | % | |||||||||||||||||||||||
Table 6 - Non-interest Revenue | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||
Service charges on deposit accounts (1) | $ | 22,539 | $ | 20,033 | $ | 2,506 | 13 | % | |||||||||||||||
Fiduciary and asset management fees (2) | 20,277 | 17,954 | 2,323 | 13 | |||||||||||||||||||
Card fees (1) | 14,756 | 11,996 | 2,760 | 23 | |||||||||||||||||||
Brokerage revenue (2) | 14,655 | 12,974 | 1,681 | 13 | |||||||||||||||||||
Mortgage banking income | 5,953 | 22,315 | (16,362) | (73) | |||||||||||||||||||
Capital markets income | 5,472 | 7,505 | (2,033) | (27) | |||||||||||||||||||
Income from bank-owned life insurance | 6,556 | 8,843 | (2,287) | (26) | |||||||||||||||||||
Insurance revenue (2) | 1,419 | 1,697 | (278) | (16) | |||||||||||||||||||
Investment securities gains (losses), net | — | (1,990) | 1,990 | nm | |||||||||||||||||||
Other non-interest revenue (1) | 13,707 | 9,629 | 4,078 | 42 | |||||||||||||||||||
Total non-interest revenue | $ | 105,334 | $ | 110,956 | $ | (5,622) | (5) | % | |||||||||||||||
Core banking fees (1) | $ | 45,404 | $ | 38,155 | $ | 7,249 | 19 | % | |||||||||||||||
Wealth revenue (2) | $ | 36,351 | $ | 32,625 | $ | 3,726 | 11 | % | |||||||||||||||
Table 7 - Non-interest Expense | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||
Salaries and other personnel expense | $ | 164,684 | $ | 161,477 | $ | 3,207 | 2 | % | |||||||||||||||
Net occupancy, equipment, and software expense | 42,877 | 41,134 | 1,743 | 4 | |||||||||||||||||||
Third-party processing and other services | 20,996 | 20,032 | 964 | 5 | |||||||||||||||||||
Professional fees | 8,474 | 9,084 | (610) | (7) | |||||||||||||||||||
FDIC insurance and other regulatory fees | 6,250 | 5,579 | 671 | 12 | |||||||||||||||||||
Amortization of intangibles | 2,118 | 2,379 | (261) | (11) | |||||||||||||||||||
Restructuring charges | (6,424) | 531 | (6,955) | nm | |||||||||||||||||||
Loss on early extinguishment of debt | 677 | — | 677 | nm | |||||||||||||||||||
Other operating expense | 32,798 | 26,918 | 5,880 | 22 | |||||||||||||||||||
Total non-interest expense | $ | 272,450 | $ | 267,134 | $ | 5,316 | 2 | % | |||||||||||||||
Table 8 - Credit Quality Metrics | |||||||||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||
Non-performing loans | $ | 132,131 | $ | 131,042 | $ | 155,169 | |||||||||||
Impaired loans held for sale | — | — | 23,590 | ||||||||||||||
ORE and other assets | 26,759 | 27,137 | 16,849 | ||||||||||||||
Non-performing assets | $ | 158,890 | $ | 158,179 | $ | 195,608 | |||||||||||
Total loans | $ | 40,169,150 | $ | 39,311,958 | $ | 38,805,101 | |||||||||||
Non-performing loans as a % of total loans | 0.33 | % | 0.33 | % | 0.40 | % | |||||||||||
Non-performing assets as a % of total loans, ORE, and specific other assets | 0.40 | 0.40 | 0.50 | ||||||||||||||
Loans 90 days past due and still accruing | $ | 3,067 | $ | 6,770 | $ | 3,804 | |||||||||||
As a % of total loans | 0.01 | % | 0.02 | % | 0.01 | % | |||||||||||
Total past due loans and still accruing | $ | 45,385 | $ | 57,565 | $ | 45,693 | |||||||||||
As a % of total loans | 0.11 | % | 0.15 | % | 0.12 | % | |||||||||||
Net charge-offs, quarter | $ | 18,609 | $ | 10,522 | $ | 20,204 | |||||||||||
Net charge-offs/average loans, quarter | 0.19 | % | 0.11 | % | 0.21 | % | |||||||||||
Provision for (reversal of) loan losses, quarter | $ | 5,968 | $ | (54,124) | $ | (22,318) | |||||||||||
Provision for (reversal of) unfunded commitments, quarter | 5,432 | (1,086) | 3,743 | ||||||||||||||
Provision for (reversal of) credit losses, quarter | $ | 11,400 | $ | (55,210) | $ | (18,575) | |||||||||||
Allowance for loan losses | $ | 414,956 | $ | 427,597 | $ | 563,214 | |||||||||||
Reserve for unfunded commitments | 47,317 | 41,885 | 51,528 | ||||||||||||||
Allowance for credit losses | $ | 462,273 | $ | 469,482 | $ | 614,742 | |||||||||||
ACL to loans coverage ratio | 1.15 | % | 1.19 | % | 1.58 | % | |||||||||||
ALL to loans coverage ratio | 1.03 | 1.09 | 1.45 | ||||||||||||||
ACL/NPLs | 349.86 | 358.27 | 396.18 | ||||||||||||||
ALL/NPLs | 314.05 | 326.31 | 362.97 | ||||||||||||||
Table 9 - Criticized and Classified Loans | |||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Special mention | $ | 509,292 | $ | 489,150 | |||||||
Substandard | 515,529 | 526,117 | |||||||||
Doubtful | 4,132 | 10,630 | |||||||||
Loss | 2,558 | 2,058 | |||||||||
Criticized and Classified loans | $ | 1,031,511 | $ | 1,027,955 | |||||||
As a % of total loans | 2.6 | % | 2.6 | % | |||||||
Table 11 - Capital Ratios | |||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
CET1 capital | |||||||||||
Synovus Financial Corp. | $ | 4,485,661 | $ | 4,388,618 | |||||||
Synovus Bank | 5,064,643 | 4,998,698 | |||||||||
Tier 1 risk-based capital | |||||||||||
Synovus Financial Corp. | 5,022,806 | 4,925,763 | |||||||||
Synovus Bank | 5,064,643 | 4,998,698 | |||||||||
Total risk-based capital | |||||||||||
Synovus Financial Corp. | 5,936,543 | 5,827,196 | |||||||||
Synovus Bank | 5,666,073 | 5,587,757 | |||||||||
CET1 capital ratio | |||||||||||
Synovus Financial Corp. | 9.49 | % | 9.50 | % | |||||||
Synovus Bank | 10.73 | 10.83 | |||||||||
Tier 1 risk-based capital ratio | |||||||||||
Synovus Financial Corp. | 10.63 | 10.66 | |||||||||
Synovus Bank | 10.73 | 10.83 | |||||||||
Total risk-based capital to risk-weighted assets ratio | |||||||||||
Synovus Financial Corp. | 12.56 | 12.61 | |||||||||
Synovus Bank | 12.00 | 12.11 | |||||||||
Leverage ratio | |||||||||||
Synovus Financial Corp. | 8.87 | 8.72 | |||||||||
Synovus Bank | 8.95 | 8.86 | |||||||||
Tangible common equity ratio(1) | |||||||||||
Synovus Financial Corp. | 6.80 | 7.52 | |||||||||
Table 12 - Net Interest Income and Rate/Volume Analysis | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2022 Compared to 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances | Interest | Annualized Yield/Rate | Change due to | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | Volume | Rate | |||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | $ | 11,259,800 | $ | 8,437,563 | $ | 47,250 | $ | 29,458 | 1.68 | % | 1.40 | % | $ | 9,742 | $ | 8,050 | $ | 17,792 | |||||||||||||||||||||||||||||||||||
Trading account assets | 9,078 | 3,063 | 39 | 22 | 1.73 | 2.81 | 42 | (25) | 17 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans (1) (2) | 30,756,752 | 29,924,651 | 280,588 | 291,200 | 3.70 | 3.95 | 8,104 | (18,716) | (10,612) | ||||||||||||||||||||||||||||||||||||||||||||
Consumer loans (1) | 8,594,009 | 8,287,616 | 81,368 | 82,065 | 3.81 | 3.83 | 2,894 | (3,591) | (697) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (423,953) | (599,872) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | 38,926,808 | 37,612,395 | 361,956 | 373,265 | 3.76 | 4.02 | 10,998 | (22,307) | (11,309) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 103,887 | 246,962 | 882 | 1,657 | 3.40 | 2.68 | (945) | 170 | (775) | ||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | 597,062 | 660,753 | 5,300 | 4,805 | 3.55 | 2.91 | (457) | 952 | 495 | ||||||||||||||||||||||||||||||||||||||||||||
Other earning assets(3) | 1,919,531 | 2,838,063 | 815 | 716 | 0.17 | 0.10 | (204) | 303 | 99 | ||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 160,065 | 157,657 | 685 | 668 | 1.71 | 1.69 | 10 | 7 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 52,976,231 | 49,956,456 | 416,927 | 410,591 | 3.18 | 3.32 | 19,186 | (12,850) | 6,336 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 548,684 | 518,738 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Premises, equipment, and software, net | 398,774 | 460,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | 11,759 | 1,823 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 1,070,886 | 1,051,520 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets(4) | 1,849,564 | 2,199,501 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 56,855,898 | $ | 54,188,504 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 9,549,527 | $ | 8,570,753 | 2,372 | 2,973 | 0.10 | 0.14 | 338 | (939) | (601) | ||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 16,045,627 | 15,348,916 | 5,349 | 8,730 | 0.14 | 0.23 | 395 | (3,776) | (3,381) | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,460,648 | 1,219,288 | 67 | 49 | 0.02 | 0.02 | 12 | 6 | 18 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 3,009,795 | 4,155,302 | 2,138 | 7,042 | 0.29 | 0.69 | (1,949) | (2,955) | (4,904) | ||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 2,788,124 | 3,369,333 | 3,733 | 6,224 | 0.54 | 0.75 | (1,075) | (1,416) | (2,491) | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 194,352 | 209,448 | 11 | 34 | 0.02 | 0.07 | (3) | (20) | (23) | ||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 4,653 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 982,423 | 1,202,613 | 10,144 | 10,908 | 4.13 | 3.63 | (1,971) | 1,207 | (764) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 34,035,149 | 34,075,653 | 23,814 | 35,960 | 0.28 | 0.42 | (4,253) | (7,893) | (12,146) | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | 16,491,643 | 13,791,286 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,144,535 | 1,185,344 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 5,184,571 | 5,136,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 56,855,898 | $ | 54,188,504 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread: | 2.90 | % | 2.90 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - TE/margin(5) | $ | 393,113 | $ | 374,631 | 3.00 | % | 3.04 | % | $ | 23,439 | $ | (4,957) | $ | 18,482 | |||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | 865 | 774 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, actual | $ | 392,248 | $ | 373,857 | |||||||||||||||||||||||||||||||||||||||||||||||||
Table 13 - Twelve Month Net Interest Income Sensitivity | ||||||||||||||
Estimated % Change in Net Interest Income as Compared to Unchanged Rates (for the next twelve months) | ||||||||||||||
Change in Interest Rates (in bps) | March 31, 2022 | December 31, 2021 | ||||||||||||
+200 | 13.5% | 14.5% | ||||||||||||
+100 | 6.4% | 6.5% |
Table 14 - Reconciliation of Non-GAAP Financial Measures | |||||||||||
Three Months Ended | |||||||||||
(in thousands, except per share data) | March 31, 2022 | March 31, 2021 | |||||||||
Adjusted non-interest revenue | |||||||||||
Total non-interest revenue | $ | 105,334 | $ | 110,956 | |||||||
Subtract/add: Investment securities (gains) losses, net | — | 1,990 | |||||||||
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,295 | (792) | |||||||||
Adjusted non-interest revenue | $ | 106,629 | $ | 112,154 | |||||||
Adjusted non-interest expense | |||||||||||
Total non-interest expense | $ | 272,450 | $ | 267,134 | |||||||
Subtract/add: Restructuring charges | 6,424 | (531) | |||||||||
Subtract: Loss on early extinguishment of debt | (677) | — | |||||||||
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,295 | (792) | |||||||||
Adjusted non-interest expense | $ | 279,492 | $ | 265,811 | |||||||
Adjusted total revenue and adjusted tangible efficiency ratio | |||||||||||
Adjusted non-interest expense | $ | 279,492 | $ | 265,811 | |||||||
Subtract: Amortization of intangibles | (2,118) | (2,379) | |||||||||
Adjusted tangible non-interest expense | $ | 277,374 | $ | 263,432 | |||||||
Net interest income | $ | 392,248 | $ | 373,857 | |||||||
Add: Tax equivalent adjustment | 865 | 774 | |||||||||
Add: Total non-interest revenue | 105,334 | 110,956 | |||||||||
Total TE revenue | $ | 498,447 | $ | 485,587 | |||||||
Subtract/add: Investment securities (gains) losses, net | — | 1,990 | |||||||||
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,295 | (792) | |||||||||
Adjusted total revenue | $ | 499,742 | $ | 486,785 | |||||||
Efficiency ratio-TE | 54.66 | % | 55.01 | % | |||||||
Adjusted tangible efficiency ratio | 55.50 | 54.12 | |||||||||
Adjusted net income per common share, diluted | |||||||||||
Net income available to common shareholders | $ | 162,746 | $ | 178,802 | |||||||
Add/subtract: Restructuring charges | (6,424) | 531 | |||||||||
Add: Loss on early extinguishment of debt | 677 | — | |||||||||
Subtract/add: Investment securities (gains) losses, net | — | 1,990 | |||||||||
Add/subtract: Tax effect of adjustments (1) | 1,369 | (638) | |||||||||
Adjusted net income available to common shareholders | $ | 158,368 | $ | 180,685 | |||||||
Weighted average common shares outstanding, diluted | 146,665 | 149,780 | |||||||||
Adjusted net income per common share, diluted | $ | 1.08 | $ | 1.21 | |||||||
Three Months Ended | |||||||||||||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||
Adjusted return on average common equity and adjusted return on average tangible common equity (annualized) | |||||||||||||||||
Net income available to common shareholders | $ | 162,746 | $ | 192,110 | $ | 178,802 | |||||||||||
Add/subtract: Restructuring charges | (6,424) | 5,958 | 531 | ||||||||||||||
Add: Valuation adjustment to Visa derivative | — | 2,656 | — | ||||||||||||||
Add: Loss on early extinguishment of debt | 677 | — | — | ||||||||||||||
Subtract/add: Investment securities (gains) losses, net | — | (230) | 1,990 | ||||||||||||||
Add/subtract: Tax effect of adjustments (1) | 1,369 | (2,121) | (638) | ||||||||||||||
Adjusted net income available to common shareholders | $ | 158,368 | $ | 198,373 | $ | 180,685 | |||||||||||
Adjusted net income available to common shareholders' annualized | $ | 642,270 | $ | 787,023 | $ | 732,778 | |||||||||||
Add: Amortization of intangibles, annualized net of tax | 6,543 | 7,050 | 7,207 | ||||||||||||||
Adjusted net income available to common shareholders excluding amortization of intangibles annualized | $ | 648,813 | $ | 794,073 | $ | 739,985 | |||||||||||
Net income available to common shareholders annualized | $ | 660,025 | $ | 762,176 | $ | 725,141 | |||||||||||
Total average shareholders' equity less preferred stock | $ | 4,647,426 | $ | 4,730,828 | $ | 4,599,076 | |||||||||||
Subtract: Goodwill | (452,390) | (452,390) | (452,390) | ||||||||||||||
Subtract: Other intangible assets, net | (34,576) | (36,805) | (44,005) | ||||||||||||||
Total average tangible shareholders' equity less preferred stock | $ | 4,160,460 | $ | 4,241,633 | $ | 4,102,681 | |||||||||||
Return on average common equity (annualized) | 14.20 | % | 16.11 | % | 15.77 | % | |||||||||||
Adjusted return on average common equity (annualized) | 13.82 | 16.64 | 15.93 | ||||||||||||||
Adjusted return on average tangible common equity (annualized) | 15.59 | 18.72 | 18.04 | ||||||||||||||
Share Repurchases | ||||||||||||||||||||||||||
(in thousands, except per share data) | Total Number of Shares Repurchased | Average Price Paid per Share(1) | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 2022 | — | $ | — | — | $ | 300,000 | ||||||||||||||||||||
February 2022 | — | — | — | 300,000 | ||||||||||||||||||||||
March 2022 | 204 | 47.48 | 204 | 290,333 | ||||||||||||||||||||||
Total | 204 | $ | 47.48 | 204 | ||||||||||||||||||||||
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101 | Interactive Data File | |||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). | |||||||
SYNOVUS FINANCIAL CORP. | |||||||||||
May 3, 2022 | By: | /s/ Andrew J. Gregory, Jr. | |||||||||
Date | Andrew J. Gregory, Jr. | ||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Duly Authorized Officer and Principal Financial Officer) |
Cash Compensation | ||||||||
Annual Board Retainer | $ | 70,000 | ||||||
Annual Board Committee Member Retainers: | ||||||||
Audit Committee | $ | 15,000 | ||||||
Risk Committee | $ | 15,000 | ||||||
Compensation and Human Capital Committee | $ | 12,500 | ||||||
Corporate Governance and Nominating Committee | $ | 10,000 | ||||||
Annual Committee Chair Retainers:** | ||||||||
Audit Committee | $ | 20,000 | ||||||
Risk Committee | $ | 20,000 | ||||||
Compensation and Human Capital Committee | $ | 17,500 | ||||||
Corporate Governance and Nominating Committee | $ | 15,000 | ||||||
Annual Lead Director Retainer | $ | 40,000 |
** | Note: The committee chair will receive both an annual committee member retainer and an annual committee chair retainer. |
Equity Compensation | ||||||||
An award of $105,000 in restricted stock units, which becomes fully vested and transferable upon the earlier to occur of the (x) completion of three years of service and (y) date the holder reaches retirement age pursuant to the Company’s Corporate Governance Guidelines. | ||||||||
Director Stock Purchase Plan | ||||||||
Annual maximum company cash contribution per director participant to company-sponsored open market stock purchase plan, with company’s contribution equal to 15% of director participant’s cash contribution, subject to annual maximum contribution limit by director of $20,000 | $ | 3,000 |
1. | I have reviewed this quarterly report on Form 10-Q of Synovus Financial Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under Synovus’ supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to Synovus by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under Synovus’ supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on Synovus’ most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 3, 2022 | BY: | /s/ Kevin S. Blair | |||||||||||||||||||||||
Kevin S. Blair | ||||||||||||||||||||||||||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Synovus Financial Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under Synovus’ supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to Synovus by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under Synovus’ supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on Synovus’ most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | May 3, 2022 | BY: | /s/ Andrew J. Gregory, Jr. | |||||||||||||||||||||||
Andrew J. Gregory, Jr. | ||||||||||||||||||||||||||
Executive Vice President and Chief Financial Officer |
(1) | The Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the “Report”) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | May 3, 2022 | BY: | /s/ Kevin S. Blair | |||||||||||
Kevin S. Blair | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
Date: | May 3, 2022 | BY: | /s/ Andrew J. Gregory, Jr. | |||||||||||
Andrew J. Gregory, Jr. | ||||||||||||||
Executive Vice President and Chief Financial Officer |