Synovus Announces Earnings for the Fourth Quarter 2017 and a 67% Increase in Quarterly Common Dividend

Diluted Earnings per Share of $0.23 vs. $0.54 in 4Q16

Adjusted Diluted Earnings per Share of $0.72 vs. $0.54 in 4Q16

COLUMBUS, Ga.--()--Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2017.

“2017 was another outstanding year for Synovus, with strong financial and operating results”

Net income available to common shareholders for the fourth quarter 2017 was $27.0 million or $0.23 per diluted share as compared to $95.4 million or $0.78 per diluted share for the third quarter 2017 and $66.0 million or $0.54 per diluted share for the fourth quarter 2016. Fourth quarter 2017 results include a $23.2 million loss on early extinguishment of debt, as well as a $47.2 million charge related to Federal tax reform.1 Adjusted earnings per diluted share for the fourth quarter 2017 was $0.72, a 10.7% increase from the third quarter 2017 and a 32.4% increase from the fourth quarter 2016.

2017 Highlights

  • Net income available to common shareholders for 2017 was $265.2 million or $2.17 per diluted share as compared to $236.5 million or $1.89 per diluted share for 2016. Diluted EPS grew 15.0% for 2017 compared to 2016.
    • Adjusted earnings per diluted share for 2017 was $2.53 as compared to $1.98 for 2016, an increase of 27.7%.
  • Return on average assets for 2017 was 0.89%, an increase of 5 basis points from 2016.
    • Adjusted return on average assets for 2017 was 1.04%, an increase of 16 basis points from 2016.
  • Return on average common equity for 2017 was 9.32%, an increase of 91 basis points from 2016.
    • Adjusted return on average common equity for 2017 was 10.86%, an increase of 204 basis points from 2016.
  • Total average loans for the year grew $1.28 billion or 5.5% as compared to 2016.
    • Total loans ended the year at $24.79 billion, a $931.1 million or 3.9% increase from 2016.
  • Total average deposits grew $1.49 billion or 6.3% as compared to 2016.
  • Efficiency ratio of 59.95% improved 479 basis points from 2016.
    • Adjusted efficiency ratio of 59.87% improved 280 basis points from 2016.
  • Non-performing loans of $115.6 million at December 31, 2017, declined 24.7% from December 31, 2016, and the non-performing loan ratio declined 17 basis points from December 31, 2016, to 0.47% at December 31, 2017.
  • Returned $244.5 million to common shareholders during 2017 through $175.1 million in common share repurchases and $69.4 million in common stock dividends.
  • Common Equity Tier 1 ratio was 9.99% at December 31, 2017, compared to 9.96% at December 31, 2016.
  • Completed the Cabela’s transaction effective September 25, 2017.
  • Completed the transition to a single-bank operating environment and began transitioning to a single brand — Synovus — across all markets.

“2017 was another outstanding year for Synovus, with strong financial and operating results,” said Kessel Stelling, Synovus chairman and CEO. “We achieved a number of long-term goals, including double-digit earnings-per-share growth, 1-plus percent adjusted ROA, and an efficiency ratio below 60 percent. The year was highlighted by our ranking as the country’s most reputable bank by Reputation Institute and American Banker, successful completion of the Cabela’s transaction, and implementation of a single-bank operating environment. We are pleased to begin 2018 by announcing a 67 percent increase in our common dividend, and our team is energized as we intensify our focus on improving the customer experience and complete the transition to a unified Synovus brand.”

Fourth Quarter Financial Results

Balance Sheet

  • Total loans ended the quarter at $24.79 billion, up $300.1 million or 4.9% annualized from the previous quarter and up $931.1 million or 3.9% as compared to the fourth quarter 2016.
    • Commercial and industrial loans grew by $297.7 million or 10.1% annualized from the previous quarter and $479.8 million or 4.2% as compared to the fourth quarter 2016.
    • Consumer loans grew by $296.3 million or 21.2% annualized from the previous quarter and $889.4 million or 17.9% as compared to the fourth quarter 2016.
    • Commercial real estate loans declined by $292.8 million or 16.1% annualized from the previous quarter and $438.8 million or 6.0% as compared to the fourth quarter 2016.
  • Total average deposits for the quarter were $26.29 billion, up $999.1 million or 15.7% annualized from the previous quarter and up $1.62 billion or 6.6% as compared to the fourth quarter 2016.
    • Average core transaction accounts2 grew by $188.6 million or 4.0% annualized from the previous quarter and $1.02 billion or 5.7% as compared to the fourth quarter 2016.

Core Performance

  • Total revenues were $339.1 million compared to $398.0 million the previous quarter and $307.5 million for the fourth quarter 2016.
    • Total adjusted revenues were $339.2 million, up $7.9 million or 2.4% from the previous quarter and up 12.1% from the fourth quarter 2016.
  • Net interest income was $269.7 million, up $7.1 million or 2.7% from the previous quarter and up 15.5% from the fourth quarter 2016.
  • Net interest margin was 3.65%, up 2 basis points from the previous quarter. Yield on earning assets was 4.15%, up 4 basis points from the previous quarter, and the effective cost of funds was 0.50%, up 2 basis points from the previous quarter.
  • Total non-interest income was $69.4 million, down $66.1 million from the previous quarter and down $4.7 million from the fourth quarter 2016.
    • Third quarter 2017 non-interest income included the $75.0 million Cabela’s transaction fee, partially offset by $8.0 million in investment securities losses. Fourth quarter 2016 non-interest income included investment securities gains of $5.9 million.
  • Adjusted non-interest income was $69.3 million, an increase of $835 thousand or 1.2% from the previous quarter and up 0.9% as compared to the fourth quarter 2016.
    • Core banking fees3 were $33.0 million, down $121 thousand or 0.4% from the previous quarter and down 6.9% from the fourth quarter 2016.
    • Fiduciary and asset management fees, brokerage revenue, and insurance revenues were $21.8 million, up $599 thousand or 2.8% from the previous quarter and 7.1% as compared to the fourth quarter 2016.
    • Mortgage banking income was $5.6 million, up $42 thousand or 0.7% from the previous quarter and up 2.6% as compared to the fourth quarter 2016.
  • Total non-interest expense was $226.5 million, up $20.9 million or 10.2% from the previous quarter and up 17.2% as compared to the fourth quarter 2016.
    • Fourth quarter 2017 total non-interest expense includes a $23.2 million loss from the redemption of $300 million senior debt. Third quarter 2017 included other real estate and other impairment charges totaling $8.8 million.
    • Efficiency ratio for the fourth quarter 2017 was 66.77% as compared to 50.62% in the previous quarter and 63.98% in the fourth quarter 2016.
  • Adjusted non-interest expense was $201.1 million, up $7.0 million or 3.6% from the previous quarter and up 7.6% as compared to the fourth quarter 2016.
    • The sequential quarter increase includes a $4.5 million increase in advertising, a one-time $1 thousand cash award to non-bonus plan participants totaling $3.3 million, and asset impairment charges on held for sale assets of $2.5 million.
    • Adjusted efficiency ratio for the fourth quarter 2017 was 59.29% as compared to 58.59% in the previous quarter and 61.81% in the fourth quarter 2016.

Credit Quality

  • Non-performing loans were $115.6 million at December 31, 2017, up $17.7 million or 18.1% from the previous quarter and down $37.8 million or 24.7% from December 31, 2016. The non-performing loan ratio was 0.47% at December 31, 2017, as compared to 0.40% at the end of the previous quarter and 0.64% at December 31, 2016.
  • Total non-performing assets were $130.6 million at December 31, 2017, down $8.0 million or 5.8% from the previous quarter and down $45.1 million or 25.7% from December 31, 2016. The non-performing asset ratio was 0.53% at December 31, 2017, as compared to 0.57% at the end of the previous quarter and 0.74% at December 31, 2016.
  • Net charge-offs were $9.0 million in the fourth quarter 2017, down $29.1 million or 76.4% from $38.1 million in the previous quarter. The annualized net charge-off ratio was 0.15% in the fourth quarter as compared to 0.62% in the previous quarter.
    • Third quarter 2017 net charge-offs included $34.2 million related to loans transferred to held-for-sale.
  • Total delinquencies (consisting of loans 30 or more days past due and still accruing) declined to 0.21% of total loans at December 31, 2017, as compared to 0.35% the previous quarter and 0.27% at December 31, 2016.

Capital Ratios

  • Common Equity Tier 1 ratio was 9.99% at December 31, 2017, compared to 10.06% at September 30, 2017.
  • Tier 1 Capital ratio was 10.38% at December 31, 2017, compared to 10.43% at September 30, 2017.
  • Total Risk Based Capital ratio was 12.23% at December 31, 2017, compared to 12.30% at September 30, 2017.
  • Tier 1 Leverage ratio was 9.19% at December 31, 2017, compared to 9.34% at September 30, 2017.
  • Tangible Common Equity ratio was 8.88% at December 31, 2017, unchanged from September 30, 2017.

Capital Management

  • During the fourth quarter, the Company repurchased $39.2 million in common stock as part of the $200 million share repurchase program authorized in the fourth quarter 2016. Share repurchases in 2017 totaled $175.1 million and resulted in a reduction of 4.0 million shares, a 3.3% share count reduction from December 31, 2016.
  • Additionally, the Board of Directors authorized a new share repurchase program of up to $150 million of the Company’s common stock to be executed during 2018.
  • The Board of Directors also approved a 67% increase in the Company’s quarterly common stock dividend from $0.15 to $0.25 per share, effective with the quarterly dividend payable in April 2018.

Fourth Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on January 23, 2018. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $31 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 250 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was recognized as the “Most Reputable Bank” by American Banker and the Reputation Institute in 2017. Synovus is on the web at synovus.com, on Twitter @synovus, and on LinkedIn at http://linkedin.com/company/synovus.

1 Certain components related to Federal tax reform impact are considered reasonable estimates or provisional amounts as defined by SEC Staff Accounting Bulletin No. 118. These amounts could be adjusted during the measurement period ending December 31, 2018.

2 Consist of non-interest bearing, NOW/Savings, and money market deposits excluding SCMs.

3 Include service charges on deposit accounts, bankcard fees, letter of credit fees, ATM fee income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding deposits, loan growth and the net interest margin; expectations on our growth strategy, expense initiatives, capital management and future profitability; expectations on credit trends and key credit metrics; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2016, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest income; adjusted non-interest expense; adjusted total revenues; adjusted efficiency ratio; adjusted net income per common share, diluted; adjusted return on average assets; adjusted return on average common equity; adjusted return on average tangible common equity; average core deposits; average core transaction deposits; tangible common equity to tangible assets ratio; and common equity Tier 1 (CET1) ratio (fully phased-in); are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest income; total non-interest expense; total revenues; efficiency ratio; net income per common share, diluted; return on average assets; return on average common equity; total average deposits; the ratio of total shareholders' equity to total assets; and the CET1 ratio; respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted total revenues and adjusted non-interest income are measures used by management to evaluate total revenue and non-interest income exclusive of net investment securities gains/losses, changes in fair value of private equity investments, net, and the Cabela's transaction fee. Adjusted non-interest expense and the adjusted efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income per common share, diluted, adjusted return on average assets, and adjusted return on average common equity are measurements used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Average core deposits and average core transaction deposits are measures used by management to evaluate organic growth of deposits and the quality of deposits as a funding source. The adjusted return on average tangible common equity is a measure used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity to tangible assets ratio and common equity Tier 1 (CET1) ratio (fully phased-in) are used by management and bank regulators to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

                   
Reconciliation of Non-GAAP Financial Measures
 

(dollars in thousands)

4Q17

3Q17

4Q16

2017

2016

 

Adjusted non-interest income

Total non-interest income $ 69,352 135,435 74,006 345,327 273,194
Subtract: Cabela’s transaction fee - (75,000 ) - (75,000 ) -
Add/subtract: Investment securities losses (gains), net - 7,956 (5,885 ) 289 (6,011 )
Subtract/add: (Increase)/decrease in fair value of private equity investments, net   (100 ) 27   499   3,093   1,026  
Adjusted non-interest income $ 69,252   68,418   68,620   273,709   268,209  
 
Adjusted non-interest expense
Total non-interest expense $ 226,534 205,646 193,209 821,313 755,923
Subtract: 3Q17 discounts to fair value for completed or planned ORE accelerated dispositions - (7,082 ) - (7,082 ) -
Subtract: 3Q17 asset impairment charges related to accelerated disposition of corporate real estate and other properties - (1,168 ) - (1,168 ) -
Subtract: Earnout liability adjustments (1,700 ) (2,059 ) - (3,759 ) -
Add/subtract: Restructuring charges, net 29 (519 ) (42 ) (7,014 ) (8,267 )
Subtract: Loss on early extinguishment of debt, net (23,160 ) - - (23,160 ) (4,735 )
Subtract: Fair value adjustment to Visa derivative - - (4,716 ) - (5,795 )
Subtract: Litigation settlement/contingency expense (300 ) (401 ) - (701 ) (2,511 )
Subtract: Merger-related expense - (23 ) (1,086 ) (110 ) (1,636 )
Subtract: Amortization of intangibles   (292 ) (292 ) (400 ) (1,059 ) (521 )
Adjusted non-interest expense $ 201,111   194,102   186,965   777,260   732,458  
 

Adjusted efficiency ratio

Adjusted non-interest expense $ 201,111 194,102 186,965 777,260 732,458
Net interest income 269,713 262,572 233,530 1,023,309 899,180
Add: Tax equivalent adjustment 234 283 322 1,124 1,285
Add: Total non-interest income 69,352 135,435 74,006 345,327 273,194
Add/subtract: Investment securities losses (gains), net   -   7,956   (5,885 ) 289   (6,011 )
Total FTE revenues 339,299 406,246 301,973 1,370,049 1,167,648
Subtract: Cabela’s transaction fee - (75,000 ) - (75,000 ) -
Subtract/add: (Increase)/decrease in fair value of private equity investments, net   (100 ) 27   499   3,093   1,026  
Adjusted total revenues $ 339,199 331,273 302,472 1,298,142 1,168,674
Efficiency ratio 66.77 % 50.62 63.98 59.95 64.74
Adjusted efficiency ratio   59.29 % 58.59   61.81   59.87   62.67  
 
                   

Reconciliation of Non-GAAP Financial Measures,

continued

 

(dollars in thousands)

4Q17

3Q17

4Q16

2017

2016

 
Adjusted net income per common share, diluted
Net income available to common shareholders $ 27,046 95,448 65,990 265,236 236,546
Add: Earnout liability adjustments 1,700 2,059 - 3,759 -
Add: Income tax expense related to effect of Federal Tax Reform 47,181 - - 47,181 -
Add: Merger-related expense - 23 1,086 110 1,636
Add: Fair value adjustment to VISA derivative - - 4,716 - 5,795
Add: Litigation settlement/contingency expense 300 401 - 701 2,511
Subtract/add: Restructuring charges, net (29) 519 42 7,014 8,267
Add: Amortization of intangibles 292 292 400 1,059 521
Add: Loss on early extinguishment of debt, net 23,160 - - 23,160 4,735
Add: 3Q17 provision expense on loans transferred to held-for-sale - 27,710 - 27,710 -
Add: 3Q17 discounts to fair value for completed or planned ORE accelerated dispositions - 7,082 - 7,082 -
Add: 3Q17 asset impairment charges related to accelerated disposition of corporate real estate and other properties - 1,168 - 1,168 -
Add/subtract: Investment securities losses (gains), net - 7,956 (5,885) 289 (6,011)
Subtract/add: (Increase)/decrease in fair value of private equity investments, net (100) 27 499 3,093 1,026
Subtract: Cabela’s transaction fee - (75,000) - (75,000) -
Subtract: Income tax benefit related to pre-2017 R&D credits and state taxes (4,847) - - (4,847) -
Add/subtract: Tax effect of adjustments   (8,740) 11,034 (318) 1,337 (6,838)
Adjusted net income $ 85,963 78,719 66,530 309,052 248,188
Weighted average common shares outstanding- diluted 120,182 121,814 123,187 122,012 125,078
 
Adjusted net income per common share, diluted $ 0.72 0.65 0.54 2.53 1.98
 
                   

Reconciliation of Non-GAAP Financial Measures, continued

 

(dollars in thousands)

4Q17

3Q17

4Q16

2017

2016

 
Adjusted return on average assets
Net income $ 29,605 98,007 68,549 275,474 246,784
Add: Earnout liability adjustments 1,700 2,059 - 3,759 -
Add: Income tax expense related to effect of Federal Tax Reform 47,181 - - 47,181 -
Add: Merger-related expense - 23 1,086 110 1,636
Add: Fair value adjustment to VISA derivative - - 4,716 - 5,795
Add: Litigation settlement/contingency expense 300 401 - 701 2,511
Subtract/add: Restructuring charges, net (29 ) 519 42 7,014 8,267
Add: Amortization of intangibles 292 292 400 1,059 521
Add: Loss on early extinguishment of debt, net 23,160 - - 23,160 4,735
Add: 3Q17 provision expense on loans transferred to held-for-sale - 27,710 - 27,710 -
Add: 3Q17 discounts to fair value for completed or planned ORE accelerated dispositions - 7,082 - 7,082 -
Add: 3Q17 asset impairment charges related to accelerated disposition of corporate real estate and other properties - 1,168 - 1,168 -
Subtract/add: Investment securities losses (gains), net - 7,956 (5,885 ) 289 (6,011 )
Subtract/add: (Increase)/decrease in fair value of private equity investments, net (100 ) 27 499 3,093 1,026
Subtract: Cabela’s transaction fee - (75,000 ) - (75,000 ) -
Subtract: Income tax benefit related to pre-2017 R&D credits and state taxes (4,847 ) - - (4,847 ) -
Subtract/add: Tax effect of adjustments   (8,740 ) 11,034   (318 ) 1,337   (6,838 )
Adjusted net income $ 88,522 81,278 69,089 319,290 258,426
Net income annualized $ 351,201 322,462 274,854 319,290 258,426
 
Total average assets $ 31,388,724 30,678,388 30,207,257 30,787,289 29,480,972
Adjusted return on average assets   1.12 % 1.05   0.91   1.04   0.88  
 
                   
Reconciliation of Non-GAAP Financial Measures, continued
 

(dollars in thousands)

4Q17

3Q17

4Q16

2017

2016

 
Adjusted return on average common equity
Net income available to common shareholders $ 27,046 95,448 65,990 265,236 236,546
Add: Earnout liability adjustments 1,700 2,059 - 3,759 -
Add: Income tax expense related to effect of Federal Tax Reform 47,181 - - 47,181 -
Add: Merger-related expense - 23 1,086 110 1,636
Add: Fair value adjustment to VISA derivative - - 4,716 - 5,795
Add/subtract: Litigation settlement/ contingency expense 300 401 - 701 2,511
Subtract/add: Restructuring charges, net (29 ) 519 42 7,014 8,267
Add: Amortization of intangibles 292 292 400 1,059 521
Add: Loss on early extinguishment of debt, net 23,160 - - 23,160 4,735
Add: 3Q17 provision expense on loans transferred to held-for-sale - 27,710 - 27,710 -
Add: 3Q17 discounts to fair value for completed or planned ORE accelerated dispositions 7,082 - 7,082 -
Add: 3Q17 asset impairment charges related to accelerated disposition of corporate real estate and other properties - 1,168 - 1,168 -
Add/subtract: Investment securities losses (gains), net - 7,956 (5,885 ) 289 (6,011 )
Subtract/add: (Increase)/decrease in fair value of private equity investments, net (100 ) 27 499 3,093 1,026
Subtract: Cabela’s transaction fee - (75,000 ) - (75,000 ) -
Subtract: Income tax benefit related to pre-2017 R&D credits and state taxes (4,847 ) - - (4,847 ) -
Add/subtract: Tax effect of adjustments   (8,740 ) 11,034   (318 ) 1,337   (6,838 )
Adjusted net income $ 85,963 78,719 66,530 309,052 248,188
 
Net income annualized $ 341,049 312,309 264,674 309,052 248,188
Total average shareholders’ equity less preferred stock $ 2,851,523 2,859,491 2,786,707 2,844,570 2,813,526
Subtract: Goodwill (57,315 ) (57,167 ) (55,144 ) (57,779 ) (32,151 )

Subtract: Other intangibles assets, net

  (11,353 ) (11,648 ) (233 ) (12,030 ) (269 )
Total average tangible shareholders’ equity less preferred stock $ 2,782,855 2,790,676 2,731,330 2,774,761 2,781,106
Adjusted return on average common equity

11.96

%

10.92

9.50

10.86

8.82

Adjusted return on average tangible common equity  

12.26

%

11.19

 

9.69

 

11.14

 

8.92

 

 

 

 

 

 

           
Reconciliation of Non-GAAP Financial Measures,

continued

 

(dollars in thousands)

4Q17

3Q17

4Q16

 

Tangible common equity to tangible assets ratio

Total assets $ 31,221,837 31,642,123 30,104,002
Subtract: Goodwill (57,315 ) (57,315 ) (59,678 )
Subtract: Other intangible assets, net   (11,254 ) (11,548 ) (13,223 )
Tangible assets $ 31,153,268   31,573,260   30,031,101  
 
Total shareholders’ equity $ 2,961,566 2,997,078 2,927,924
Subtract: Goodwill (57,315 ) (57,315 ) (59,678 )
Subtract: Other intangible assets, net (11,254 ) (11,548 ) (13,223 )
Subtract: Series C Preferred Stock   (125,980 ) (125,980 ) (125,980 )
Tangible common equity $ 2,767,017   2,802,235   2,729,043  
Total shareholder’s equity to total assets ratio 9.49 % 9.47 9.73
Tangible common equity to tangible assets ratio 8.88 % 8.88 9.09
 
 
Average core deposits and average core transaction deposits
Total average deposits $ 26,286,009 25,286,919 24,661,265
Subtract: Average brokered deposits   (2,198,333 ) (1,530,889 ) (1,380,931 )
Average core deposits 24,087,676 23,756,030 23,280,334
Subtract: Average time deposits excluding average SCM time deposits (3,084,272 ) (3,160,915 ) (3,147,620 )
Subtract: Average state, county, and municipal (SCM) deposits   (2,211,686 ) (1,991,954 ) (2,356,567 )
Average core transaction deposits $ 18,791,718   18,603,161   17,776,147  
 
 
Common equity Tier 1 (CET1) ratio (fully phased-in)
Common Equity Tier 1 (CET1) $ 2,763,170
Subtract: Adjustment related to capital components   (17,147 )
CET1 (fully phased-in) $ 2,746,023  
Total risk-weighted assets $ 27,672,344
Total risk-weighted assets (fully phased-in) $ 27,787,437
Common equity Tier 1 (CET 1) ratio 9.99 %
Common Equity Tier 1 (CET1) ratio (fully phased-in) 9.88 %
 
           

Synovus

 
INCOME STATEMENT DATA Twelve Months Ended
(Unaudited)
(Dollars in thousands, except per share data) December 31,
2017     2016     Change  
 
 
Interest income $ 1,162,497 1,022,803 13.7 %
Interest expense   139,188   123,623   12.6  
 
Net interest income 1,023,309 899,180 13.8
Provision for loan losses   67,185   28,000   139.9  
 
Net interest income after provision for loan losses   956,124   871,180   9.8  
 
Non-interest income:
Service charges on deposit accounts 79,801 81,425 (2.0 )
Fiduciary and asset management fees 50,485 46,594 8.4
Brokerage revenue 29,705 27,028 9.9
Mortgage banking income 22,798 24,259 (6.0 )
Bankcard fees 32,232 33,318 (3.3 )
Cabela's transaction fee 75,000 - nm
Investment securities (losses) gains, net (289 ) 6,011 nm
Decrease in fair value of private equity investments, net (3,093 ) (1,026 ) nm
Other fee income 20,168 20,220 (0.3 )
Other non-interest income   38,520   35,365   8.9  
 
Total non-interest income   345,327   273,194   26.4  
 
Non-interest expense:
Salaries and other personnel expense 433,321 402,026 7.8
Net occupancy and equipment expense 119,964 109,347 9.7
Third-party processing expense 54,708 46,320 18.1
FDIC insurance and other regulatory fees 27,011 26,714 1.1
Professional fees 26,232 26,698 (1.7 )
Advertising expense 22,948 20,264 13.2
Foreclosed real estate expense, net 12,540 12,838 (2.3 )
Earnout liability adjustments 5,466 - nm
Merger-related expense 110 1,636 nm
Amortization of intangibles 1,059 521 nm
Fair value adjustment to Visa derivative - 5,795 nm
Loss on early extinguishment of debt, net 23,160 4,735 nm
Litigation settlement/contingency expense 701 2,511 nm
Restructuring charges, net 7,014 8,267 (15.2 )
Other operating expenses   87,079   88,251   (1.3 )
 
Total non-interest expense   821,313   755,923   8.7  
 
Income before income taxes 480,138 388,451 23.6
Income tax expense   204,664   141,667   44.5  
 
Net income 275,474 246,784 11.6
 
Dividends on preferred stock   10,238   10,238   -  
 
Net income available to common shareholders $ 265,236   236,546   12.1 %
 
Net income per common share, basic $ 2.19 1.90 15.1 %
 
Net income per common share, diluted 2.17 1.89 14.9
 
Cash dividends declared per common share 0.60 0.48 25.0
 
Return on average assets 0.89 % 0.84

5

 bps

Return on average common equity 9.32 8.41 91
 
Weighted average common shares outstanding, basic 121,162 124,389 (2.6 )%
Weighted average common shares outstanding, diluted 122,012 125,078 (2.5 )
 
nm - not meaningful
bps - basis points
 
                     
Synovus
 
INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share data) 2017     2016     Fourth Quarter  
Fourth Third Second First Fourth '17 vs. '16
Quarter     Quarter     Quarter     Quarter     Quarter     Change  
 
Interest income $ 306,934 297,652 285,510 272,401 264,534 16.0 %
Interest expense 37,221   35,080   34,413   32,474   31,004   20.1  
 
 
Net interest income 269,713 262,572 251,097 239,927 233,530 15.5
Provision for loan losses 8,565   39,686   10,260   8,674   6,259   36.8  
 
 
Net interest income after provision for loan losses 261,148   222,886   240,837     231,253     227,271   14.9  
 
 
Non-interest income:
Service charges on deposit accounts 19,952 20,255 19,820 19,774 20,653 (3.4 )
Fiduciary and asset management fees 13,195 12,615 12,524 12,151 11,903 10.9
Brokerage revenue 7,758 7,511 7,210 7,226 7,009 10.7
Mortgage banking income 5,645 5,603 5,784 5,766 5,504 2.6
Bankcard fees 7,893 7,901 8,253 8,185 8,330 (5.2 )
Cabela's transaction fee - 75,000 - - - nm
Investment securities (losses) gains, net - (7,956 ) (1 ) 7,668 5,885 nm
Increase/(decrease) in fair value of private equity investments, net 100 (27 ) (1,352 ) (1,814 ) (499 ) nm
Other fee income 4,042 5,094 6,164 4,868 4,965 (18.6 )
Other non-interest income 10,767   9,439   10,299   8,015   10,256   5.0  
 
 
Total non-interest income 69,352   135,435   68,701     71,839     74,006   (6.3 )
 
 
 
Non-interest expense:
Salaries and other personnel expense 111,243 109,675 105,213 107,191 101,662 9.4
Net occupancy and equipment expense 30,126 30,573 29,933 29,331 27,867 8.1
Third-party processing expense 14,827 13,659 13,620 12,603 12,287 20.7
FDIC insurance and other regulatory fees 6,288 7,078 6,875 6,770 6,614 (4.9 )
Professional fees 6,183 7,141 7,551 5,355 6,904 (10.4 )
Advertising expense 8,081 3,610 5,346 5,912 4,905 64.8
Foreclosed real estate expense, net 1,693 7,265 1,448 2,134 2,840 (40.4 )
Earnout liability adjustments 1,700 2,059 1,707 - - nm
Merger-related expense - 23 - 86 1,086 nm
Amortization of intangibles 292 292 292 183 400 (27.0 )
Fair value adjustment to Visa derivative - - - - 4,716 nm
Loss on early extinguishment of debt 23,160 - - - - nm
Litigation settlement expense 300 401 - - - nm
Restructuring charges, net (29 ) 519 13 6,511 42 nm
Other operating expenses 22,670   23,351   19,749   21,312   23,886   (5.1 )
 
Total non-interest expense 226,534   205,646   191,747     197,388     193,209   17.2  
 
 
 
Income before income taxes 103,966 152,675 117,791 105,704 108,068 (3.8 )
Income tax expense 74,361   54,668   41,788   33,847   39,519   88.2  
 
 
Net income 29,605 98,007 76,003 71,857 68,549 (56.8 )
 
Dividends on preferred stock 2,559   2,559   2,559   2,559   2,559   -  
 
Net income available to common shareholders $ 27,046   95,448   73,444   69,298   65,990   (59.0 ) %
 
Net income per common share, basic $ 0.23 0.79 0.60 0.57 0.54 (58.0 ) %
 
Net income per common share, diluted 0.23 0.78 0.60 0.56 0.54 (58.0 )
 
Cash dividends declared per common share 0.15 0.15 0.15 0.15 0.12 25.0
 
Return on average assets * 0.37 % 1.27 1.00 0.96 0.90 (53 )

 bps

Return on average common equity * 3.76 13.24 10.34 9.97 9.42 (566 )
 
Weighted average common shares outstanding, basic 119,282 120,900 122,203 122,300 122,341 (2.5 ) %
Weighted average common shares outstanding, diluted 120,182 121,814 123,027 123,059 123,187 (2.4 )
 
nm - not meaningful
bps - basis points
* - ratios are annualized
 
   
Synovus
       
BALANCE SHEET DATA December 31, 2017 September 30, 2017 December 31, 2016
(Unaudited)
 
(In thousands, except share data)
 
ASSETS
Cash and cash equivalents $ 397,848 386,459 395,175
Interest bearing funds with Federal Reserve Bank 460,928 1,297,581 527,090
Interest earning deposits with banks 26,311 6,047 18,720

Federal funds sold and securities purchased under resale agreements

47,846 48,820 58,060
Trading account assets, at fair value 3,820 12,329 9,314
Mortgage loans held for sale, at fair value 48,024 54,072 51,545
Other loans held for sale 11,356 31,253 -
Investment securities available for sale, at fair value 3,987,069 3,825,443 3,718,195
 
Loans, net of deferred fees and costs 24,787,464 24,487,360 23,856,391
Allowance for loan losses (249,268 ) (249,683 ) (251,758 )
Loans, net 24,538,196   24,237,677   23,604,633  
 
Premises and equipment, net 426,813 423,245 417,485
Goodwill 57,315 57,315 59,678
Other intangible assets 11,254 11,548 13,223
Other real estate 3,758 10,551 22,308
Deferred tax asset, net 165,788 272,052 395,356
Other assets 1,035,511   967,731   813,220  
 
Total assets $ 31,221,837   31,642,123   30,104,002  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits $ 7,686,339 7,302,682 7,085,804
Interest bearing deposits, excluding brokered deposits 16,500,436 16,420,319 16,183,273
Brokered deposits 1,961,125   2,463,227   1,378,983  
 
Total deposits 26,147,900 26,186,228 24,648,060
 

Federal funds purchased and securities sold under repurchase agreements

161,190 141,539 159,699
Long-term debt 1,706,138 1,882,607 2,160,881
Other liabilities 245,043   434,671   207,438  
 
Total liabilities 28,260,271   28,645,045   27,176,078  
 
 
Shareholders' equity:
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at December 31, 2017, September 30, 2017, and December 31, 2016 125,980 125,980 125,980
Common stock - $1.00 par value. 118,897,295 shares outstanding at December 31, 2017, 119,566,625 shares outstanding at September 30, 2017, and 122,266,106 shares outstanding at December 31, 2016 142,678 142,525 142,026
Additional paid-in capital 3,043,129 3,033,682 3,028,405
Treasury stock, at cost - 23,780,154 shares at December 31, 2017, 22,958,514 shares at September 30, 2017, and 19,759,614 shares at December 31, 2016 (839,674 ) (800,509 ) (664,595 )
 
Accumulated other comprehensive loss (54,754 ) (39,596 ) (55,659 )
Retained earnings 544,207   534,996   351,767  
Total shareholders' equity 2,961,566   2,997,078   2,927,924  
 
Total liabilities and shareholders' equity $ 31,221,837   31,642,123   30,104,002  
 
Synovus          
   
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
  2017   2016
Fourth Third Second First Fourth
  Quarter     Quarter   Quarter   Quarter   Quarter
Interest Earning Assets
Taxable investment securities (2) $ 3,937,278 3,786,436 3,844,688 3,841,556 3,643,510
Yield 2.29 % 2.11 2.11 2.06 1.92
 
Tax-exempt investment securities (2) (4) $ 180 259 340 2,730 2,824
Yield (taxable equivalent) 7.97 % 7.86 6.87 5.81 5.82
 
Trading account assets $ 7,360 7,823 3,667 6,443 6,799
Yield 2.78 % 2.09 2.28 1.72 2.63
 
Commercial loans (3) (4) $ 18,935,774 19,059,936 19,137,733 19,043,384 18,812,659
Yield 4.49 % 4.41 4.27 4.16 4.05
 
Consumer loans (3) $ 5,704,629 5,440,765 5,215,258 4,992,683 4,911,149
Yield 4.54 % 4.55 4.49 4.40 4.27
 
Allowance for loan losses $ (252,319)     (249,248)   (251,219)   (253,927)   (253,713)
 
Loans, net (3) $ 24,388,084 24,251,453 24,101,772 23,782,140 23,470,095
Yield 4.55 % 4.49 4.36 4.25 4.14
 
Mortgage loans held for sale $ 45,353 52,177 52,224 46,554 77,652
Yield 3.96 % 3.88 3.87 4.01 3.51
 

Federal funds sold, due from Federal Reserve Bank, and other short-term investments

$ 922,296 543,556 561,503 654,322 982,355
Yield 1.31 % 1.23 1.00 0.77 0.49
 
Federal Home Loan Bank and Federal Reserve Bank stock (5) $ 159,455 175,263 177,323 170,844 121,079
Yield 4.03 % 3.50 2.99 3.42 3.75
                           
Total interest earning assets $ 29,460,006 28,816,967 28,741,517 28,504,589 28,304,314
Yield 4.15 % 4.11 3.99 3.88 3.73
                           
 
Interest Bearing Liabilities
   
 
Interest bearing demand deposits $ 4,976,239 4,868,372 4,837,053 4,784,329 4,488,135
Rate 0.28 % 0.27 0.23 0.19 0.16
 
Money market accounts $ 7,514,992 7,528,036 7,427,562 7,424,627 7,359,067
Rate 0.36 % 0.34 0.32 0.31 0.29
 
Savings deposits $ 804,853 803,184 805,019 909,660 908,725
Rate 0.03 % 0.03 0.04 0.11 0.12
 
Time deposits under $100,000 $ 1,166,413 1,183,582 1,202,746 1,215,593 1,229,809
Rate 0.70 % 0.68 0.67 0.64 0.64
 
Time deposits over $100,000 $ 2,004,031 2,067,347 2,040,924 2,029,713 2,014,564
Rate 0.99 % 0.97 0.94 0.92 0.90
 
Non maturing brokered deposits $ 546,413 547,466 564,043 619,627 638,779
Rate 0.81 % 0.73 0.54 0.41 0.31
 
Brokered time deposits $ 1,651,920 983,423 815,515 761,159 742,153
Rate 1.63 %   1.16   0.94   0.92   0.90
 
Total interest bearing deposits $ 18,664,861 17,981,410 17,692,862 17,744,708 17,381,232
Rate 0.54 % 0.46 0.41 0.39 0.37
 

Federal funds purchased and securities sold under repurchase agreements

$ 184,369 191,585 183,400 176,854 219,429
Rate 0.15 % 0.08 0.10 0.09 0.08
 
Long-term debt $ 1,713,982 1,985,175 2,270,452 2,184,072 2,190,716
Rate 2.67 % 2.81 2.83 2.83 2.65
                           
 
Total interest bearing liabilities $ 20,563,212 20,158,170 20,146,714 20,105,634 19,791,377
Rate 0.72 % 0.69 0.68 0.65 0.62
                           
 
Non-interest bearing demand deposits $ 7,621,147 7,305,508 7,298,845 7,174,146 7,280,033
 
Effective cost of funds 0.50 % 0.48 0.48 0.46 0.44
                           
 
Net interest margin     3.65 %   3.63   3.51   3.42   3.29
 
Taxable equivalent adjustment $ 234 283 298 309 322
 
(1) Yields and rates are annualized.
(2) Excludes net unrealized gains and losses.
(3) Average loans are shown net of unearned income. Non-performing loans are included.

(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 35%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

(5) Included as a component of Other Assets on the consolidated balance sheet
                 

Synovus

 
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
           
Total Total Total
Non-performing Non-performing 4Q17 vs. 3Q17 Non-performing 4Q17 vs. 4Q16
Loan Type Loans Loans % change Loans % change
  December 31, 2017 September 30, 2017     December 31, 2016    
 
 
Multi-Family $ 1,241 1,096 13.2 % $ 1,853 (33.0 ) %
Hotels - - - 335 nm
Office Buildings 1,532 234 nm 1,380 11.0
Shopping Centers 165 327 (49.5 ) 354 (53.4 )
Warehouses 226 38 494.7 592 (61.8 )
Other Investment Property 640   367   74.4   754   (15.1 )

 

Total Investment Properties 3,804 2,062 84.5 5,268 (27.8 )
 
 
1-4 Family Construction - - - 305 nm
1-4 Family Investment Mortgage 2,849   2,712   5.1   8,809   (67.7 )
 
Total 1-4 Family Properties 2,849 2,712 5.1 9,114 (68.7 )
 
Commercial Development 45 47 (4.3 ) 168 (73.2 )
Residential Development 3,257 4,720 (31.0 ) 8,994 (63.8 )
Land Acquisition 2,495   2,161   15.5   7,071   (64.7 )
 
Land and Development 5,797   6,928   (16.3 ) 16,233   (64.3 )
 
Total Commercial Real Estate 12,450   11,702   6.4   30,615   (59.3 )
 
Commercial, Financial, and Agricultural 70,130 58,139 20.6 59,074 18.7
Owner-Occupied 6,654   3,960   68.0   16,503   (59.7 )
 
Total Commercial & Industrial 76,784   62,099   23.6   75,577   1.6  
 
Home Equity Lines 17,455 15,638 11.6 21,551 (19.0 )
Consumer Mortgages 7,203 6,332 13.8 22,681 (68.2 )
Other Consumer Loans 1,669   2,067   (19.3 ) 2,954   (43.5 )

 

Total Consumer 26,327   24,037   9.5   47,186   (44.2 )

 

 
Total $ 115,561   97,838   18.1   % $ 153,378   (24.7 ) %
 
       
 
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
 
Total Loans Total Loans 4Q17 vs. 3Q17 Total Loans 4Q17 vs. 4Q16
Loan Type December 31, 2017 September 30, 2017

% change (1)

December 31, 2016 % change
               
 
Multi-Family $ 1,492,159 1,636,449 (35.0 ) % $ 1,568,234 (4.9 ) %
Hotels 741,703 832,990 (43.5 ) 748,951 (1.0 )
Office Buildings 1,499,834 1,548,317 (12.4 ) 1,539,516 (2.6 )
Shopping Centers 791,311 840,367 (23.2 ) 964,325 (17.9 )
Warehouses 581,410 522,925 44.4 515,112 12.9
Other Investment Property 563,648   544,049   14.3   533,123   5.7  
Total Investment Properties 5,670,065 5,925,097 (17.1 ) 5,869,261 (3.4 )
 
1-4 Family Construction 198,200 195,273 5.9 190,477 4.1
1-4 Family Investment Mortgage 583,419   600,535   (11.3 ) 698,076   (16.4 )
Total 1-4 Family Properties 781,619 795,808 (7.1 ) 888,553 (12.0 )
 
Commercial Development 70,062 66,521 21.1 70,250 (0.3 )
Residential Development 114,079 117,878 (12.8 ) 136,514 (16.4 )
Land Acquisition 299,463   322,813   (28.7 ) 409,534   (26.9 )
Land and Development 483,604   507,212   (18.5 ) 616,298   (21.5 )
 
Total Commercial Real Estate 6,935,288   7,228,117   (16.1 ) 7,374,112   (6.0 )
 
 
Commercial, Financial, and Agricultural 7,179,487 6,961,709 12.4 6,909,036 3.9
Owner-Occupied 4,844,163   4,764,240   6.7   4,634,770   4.5  
Total Commercial & Industrial 12,023,650   11,725,949   10.1   11,543,806   4.2  
 
Home Equity Lines 1,514,227 1,528,889 (3.8 ) 1,617,265 (6.4 )
Consumer Mortgages 2,633,503 2,557,680 11.8 2,296,604 14.7
Credit Cards 232,676 225,725 12.2 232,413 0.1
Other Consumer Loans 1,473,451   1,245,278   72.7   818,182   80.1  
Total Consumer 5,853,857   5,557,572   21.2   4,964,464   17.9  
Unearned Income (25,331 ) (24,278 ) 17.2   (25,991 ) (2.5 )
 
Total $ 24,787,464   24,487,360   4.9   % $ 23,856,391   3.9   %
 

(1) Percentage change is annualized.

 
Synovus
                     
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands) 2017 2016 4th Quarter
Fourth Third Second First Fourth '17 vs. '16
Quarter   Quarter   Quarter   Quarter Quarter Change
 
Non-performing Loans $ 115,561 97,838 159,317 158,366 153,378 (24.7) %
Impaired Loans Held for Sale (1) 11,278 30,197 127 8,442 - nm
Other Real Estate 3,758 10,551 19,476 20,425 22,308 (83.2)  
Non-performing Assets 130,597 138,586 178,920 187,233 175,686 (25.7)
 
Allowance for loan losses 249,268 249,683 248,095 253,514 251,758 (1.0)
 
Net Charge-Offs - Quarter 8,979 38,099 15,678 6,919 8,319
Net Charge-Offs - YTD 69,675 60,695 22,597 6,919 28,739
Net Charge-Offs / Average Loans - Quarter (2) 0.15 % 0.62 0.26 0.12 0.14
Net Charge-Offs / Average Loans - YTD (2) 0.29 0.33 0.19 0.12 0.12
 
Non-performing Loans / Loans 0.47 0.40 0.65 0.65 0.64
Non-performing Assets / Loans, Other Loans Held for Sale & ORE 0.53 0.57 0.73 0.77 0.74
Allowance / Loans 1.01 1.02 1.02 1.05 1.06
 
Allowance / Non-performing Loans 215.70 255.20 155.72 160.08 164.14
Allowance / Non-performing Loans (3) 238.44 336.35 217.07 204.94 202.01
 
Past Due Loans over 90 days and Still Accruing $ 4,414 5,685 4,550 2,777 3,135 40.8
As a Percentage of Loans Outstanding 0.02 % 0.02 0.02 0.01 0.01
 
Total Past Due Loans and Still Accruing $ 52,032 84,853 66,788 62,137 65,106 (20.1)
As a Percentage of Loans Outstanding 0.21 % 0.35 0.27 0.26 0.27
 
Accruing Troubled Debt Restructurings (TDRs) $ 151,271 166,918 167,395 172,421 195,776 (22.7)
 
 

(1) Represent only impaired loans that have been specifically identified to be sold. Impaired loans held for sale are carried at the lower of cost or fair value, less costs to sell, based primarily on estimated sales proceeds net of selling costs.

(2) Ratio is annualized.
(3) Excludes non-performing loans for which the expected loss has been charged off.
 
 
 
 
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
     

December 31,
2017

September 30,
2017

December 31,
2016

 
 
Tier 1 Capital $ 2,872,003 2,849,580 2,685,880
Total Risk-Based Capital 3,383,083 3,362,127 3,201,268
Common Equity Tier 1 Ratio (transitional) 9.99 % 10.06 9.96
Common Equity Tier 1 Ratio (fully phased-in) 9.88 9.88 9.51
Tier 1 Capital Ratio 10.38 10.43 10.07
Total Risk-Based Capital Ratio 12.23 12.30 12.01
Tier 1 Leverage Ratio 9.19 9.34 8.99
Common Equity as a Percentage of Total Assets (2) 9.08 9.07 9.31
Tangible Common Equity as a Percentage of Tangible Assets (3) 8.88 8.88 9.09
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) 10.00 10.24 10.24
Book Value Per Common Share (4) $ 23.85 24.01 22.92
Tangible Book Value Per Common Share (3) 23.27 23.44 22.32
 
 
(1) Current quarter regulatory capital information is preliminary.
(2) Common equity consists of Total Shareholders' Equity less Preferred Stock.
(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
 

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