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As Of Filer Filing For·On·As Docs:Size 5/06/21 Synovus Financial Corp. 10-Q 3/31/21 79:18M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.19M 2: EX-10.1 Material Contract HTML 30K 3: EX-10.2 Material Contract HTML 109K 4: EX-10.3 Material Contract HTML 62K 5: EX-10.4 Material Contract HTML 62K 6: EX-10.5 Material Contract HTML 39K 7: EX-31.1 Certification -- §302 - SOA'02 HTML 32K 8: EX-31.2 Certification -- §302 - SOA'02 HTML 32K 9: EX-32 Certification -- §906 - SOA'02 HTML 27K 16: R1 Cover Page HTML 84K 17: R2 Consolidated Balance Sheets (Unaudited) HTML 113K 18: R3 Consolidated Balance Sheets (Unaudited) HTML 41K (Parenthetical) 19: R4 Consolidated Statements of Income (Unaudited) HTML 132K 20: R5 Consolidated Statements of Comprehensive Income HTML 118K (Unaudited) 21: R6 Consolidated Statements of Changes in HTML 69K Shareholders' Equity (Unaudited) 22: R7 Consolidated Statements of Changes in HTML 31K Shareholders' Equity (Unaudited) (Parenthetical) 23: R8 Consolidated Statements of Cash Flows (Unaudited) HTML 142K 24: R9 Basis of Presentation and Accounting Policies HTML 42K 25: R10 Investment Securities Available for Sale HTML 178K 26: R11 Loans and Allowance for Loan Losses HTML 707K 27: R12 Goodwill and Other Intangible Assets HTML 56K 28: R13 Shareholders' Equity and Other Comprehensive HTML 63K Income (Loss) 29: R14 Fair Value Accounting HTML 336K 30: R15 Derivative Instruments and Hedging Activities HTML 98K 31: R16 Net Income Per Common Share HTML 41K 32: R17 Commitments and Contingencies HTML 54K 33: R18 Segment Reporting HTML 93K 34: R19 Basis of Presentation and Accounting Policies HTML 37K (Policies) 35: R20 Investment Securities Available for Sale (Tables) HTML 180K 36: R21 Loans and Allowance for Loan Losses (Tables) HTML 688K 37: R22 Goodwill and Other Intangible Assets (Tables) HTML 58K 38: R23 Shareholders' Equity and Other Comprehensive HTML 63K Income (Loss) (Tables) 39: R24 Fair Value Accounting (Tables) HTML 317K 40: R25 Derivative Instruments and Hedging Activities HTML 93K (Tables) 41: R26 Net Income Per Common Share (Tables) HTML 40K 42: R27 Commitments and Contingencies (Tables) HTML 41K 43: R28 Segment Reporting (Tables) HTML 84K 44: R29 Basis of Presentation and Accounting Policies HTML 26K (Narrative) (Details) 45: R30 Investment Securities Available for Sale (Summary HTML 57K of Available for Sale Investment Securities) (Details) 46: R31 Investment Securities Available for Sale HTML 43K (Narrative) (Details) 47: R32 Investment Securities Available for Sale (Schedule HTML 66K of Gross Unrealized Losses on Investment Securities and Fair Value) (Details) 48: R33 Investment Securities Available for Sale HTML 95K (Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available for Sale) (Details) 49: R34 Investment Securities Available for Sale (Summary HTML 33K of Sales Transactions in the Investment Securities Available for Sale Portfolio) (Details) 50: R35 Loans and Allowance for Loan Losses (Schedule of HTML 132K Current, Accruing Past Due and Nonaccrual Loans) (Details) 51: R36 Loans and Allowance for Loan Losses (Narrative) HTML 83K (Details) 52: R37 Loans and Allowance for Loan Losses (Loan HTML 301K Portfolio Credit Exposure) (Details) 53: R38 Loans and Allowance for Loan Losses (Schedule of HTML 71K Allowances for Loan Losses and Recorded Investment in Loans) (Details) 54: R39 Loans and Allowance for Loan Losses (Troubled Debt HTML 92K Restructurings) (Details) 55: R40 Goodwill and Other Intangible Assets (Goodwill) HTML 39K (Details) 56: R41 Goodwill and Other Intangible Assets (Narrative) HTML 33K (Details) 57: R42 Goodwill and Other Intangible Assets (Other HTML 36K Intangible Assets) (Details) 58: R43 Shareholders' Equity and Other Comprehensive HTML 25K Income (Loss) (Narrative) (Details) 59: R44 Shareholders' Equity and Other Comprehensive HTML 25K Income (Loss) (Dividends) (Details) 60: R45 Shareholders' Equity and Other Comprehensive HTML 67K Income (Loss) (Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)) (Details) 61: R46 Fair Value Accounting (Financial Instruments HTML 148K Measured at Fair Value on Recurring Basis) (Details) 62: R47 Fair Value Accounting (Mortgage Loans Held for HTML 30K Sale and Changes in Fair Value Included in Consolidated Statements of Income) (Details) 63: R48 Fair Value Accounting (Changes in Level 3 Fair HTML 65K Value Measurements) (Details) 64: R49 Fair Value Accounting (Fair Value Inputs, Assets, HTML 31K Quantitative Information) (Details) 65: R50 Fair Value Accounting (Assets Measured at Fair HTML 44K Value on Non-Recurring Basis) (Details) 66: R51 Fair Value Accounting (Fair Value Adjustments HTML 40K Recognized in Earnings for Assets Measured at Fair Value on a Non-recurring Basis) (Details) 67: R52 Fair Value Accounting (Carrying and Estimated Fair HTML 105K Values of Financial Instruments Carried on Balance Sheet) (Details) 68: R53 Derivative Instruments and Hedging Activities HTML 47K (Narrative) (Details) 69: R54 Derivative Instruments and Hedging Activities HTML 56K (Impact of Derivatives on Balance Sheet) (Details) 70: R55 Derivative Instruments and Hedging Activities HTML 33K (Effect of Cash Flow Hedges on Consolidated Statements of Income) (Details) 71: R56 Derivative Instruments and Hedging Activities HTML 41K (Effect of Fair Value Hedges on Consolidated Statements of Income) (Details) 72: R57 Net Income Per Common Share (Schedule of Basic and HTML 50K Diluted Earnings Per Share) (Details) 73: R58 Net Income Per Common Share (Narrative) (Details) HTML 26K 74: R59 Commitments and Contingencies (Details) HTML 70K 75: R60 Segment Reporting (Details) HTML 67K 77: XML IDEA XML File -- Filing Summary XML 145K 15: XML XBRL Instance -- syn-20210331_htm XML 6.70M 76: EXCEL IDEA Workbook of Financial Reports XLSX 130K 11: EX-101.CAL XBRL Calculations -- syn-20210331_cal XML 287K 12: EX-101.DEF XBRL Definitions -- syn-20210331_def XML 918K 13: EX-101.LAB XBRL Labels -- syn-20210331_lab XML 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Page | (sequential) | (alphabetic) | ↑Top | ||
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1 | 1st Page – Filing Submission | ||||
" | Part I | ||||
" | Part II | ||||
" | Quantitative and Qualitative Disclosures About Market Risk |
syn-20210331 |
i Georgia | i 58-1134883 | |||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
i 1111 Bay Avenue, Suite 500 | |||||||||||||||||
i Columbus, | i Georgia | i 31901 | |||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, $1.00 Par Value | i SNV | i New York Stock Exchange | ||||||
i Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | i SNV - PrD | i New York Stock Exchange | ||||||
i Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | i SNV - PrE | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ |
Page | ||||||||||||||
Financial Information | ||||||||||||||
Index of Defined Terms | ||||||||||||||
Item 1. | Financial Statements (Unaudited) | |||||||||||||
Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 | ||||||||||||||
Consolidated Statements of Income for the Three Months Ended March 31, 2021 and 2020 | ||||||||||||||
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020 | ||||||||||||||
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2021 and 2020 | ||||||||||||||
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 | ||||||||||||||
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, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | i 493,645 | $ | i 531,625 | |||||||
Interest-bearing funds with Federal Reserve Bank | i 2,722,100 | i 3,586,565 | |||||||||
Interest earning deposits with banks | i 23,969 | i 20,944 | |||||||||
Federal funds sold and securities purchased under resale agreements | i 88,552 | i 113,783 | |||||||||
Total cash, cash equivalents, and restricted cash | i 3,328,266 | i 4,252,917 | |||||||||
Investment securities available for sale, at fair value | i 8,825,757 | i 7,962,438 | |||||||||
Loans
held for sale (includes $ i 242,010 and $ i 216,647 measured at fair value, respectively) | i 993,887 | i 760,123 | |||||||||
Loans, net of deferred fees and costs | i 38,805,101 | i 38,252,984 | |||||||||
Allowance for loan losses | ( i 563,214) | ( i 605,736) | |||||||||
Loans, net | i 38,241,887 | i 37,647,248 | |||||||||
Cash surrender value of bank-owned life insurance | i 1,054,475 | i 1,049,373 | |||||||||
Premises, equipment and software, net | i 454,911 | i 463,959 | |||||||||
Goodwill | i 452,390 | i 452,390 | |||||||||
Other intangible assets, net | i 42,733 | i 45,112 | |||||||||
Other assets | i 1,764,705 | i 1,760,599 | |||||||||
Total assets | $ | i 55,159,011 | $ | i 54,394,159 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing deposits | $ | i 14,660,287 | $ | i 13,477,854 | |||||||
Interest-bearing deposits | i 32,708,664 | i 33,213,717 | |||||||||
Total deposits | i 47,368,951 | i 46,691,571 | |||||||||
Securities
sold under repurchase agreements | i 293,659 | i 227,922 | |||||||||
Other short-term borrowings | i — | i 7,717 | |||||||||
Long-term debt | i 1,202,825 | i 1,202,494 | |||||||||
Other liabilities | i 1,131,859 | i 1,103,121 | |||||||||
Total liabilities | i 49,997,294 | i 49,232,825 | |||||||||
Shareholders' Equity | |||||||||||
Preferred stock - no par value; authorized i i 100,000,000 /
shares; issued i i 22,000,000 / | i 537,145 | i 537,145 | |||||||||
Common
stock - $ i i 1.00 / par value; authorized i i 342,857,143 /
shares; issued i 168,978,380 and i 168,132,522; outstanding i 148,888,513
and i 148,039,495 | i 168,978 | i 168,133 | |||||||||
Additional paid-in capital | i 3,864,281 | i 3,851,208 | |||||||||
Treasury
stock, at cost; i 20,089,867 and i 20,093,027 shares | ( i 731,690) | ( i 731,806) | |||||||||
Accumulated other comprehensive income, net | i 15,278 | i 158,635 | |||||||||
Retained earnings | i 1,307,725 | i 1,178,019 | |||||||||
Total shareholders' equity | i 5,161,717 | i 5,161,334 | |||||||||
Total liabilities and shareholders' equity | $ | i 55,159,011 | $ | i 54,394,159 | |||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | |||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans, including fees | $ | i 372,491 | $ | i 427,337 | |||||||||||||||||||
Investment
securities available for sale | i 29,458 | i 51,653 | |||||||||||||||||||||
Loans
held for sale | i 6,462 | i 792 | |||||||||||||||||||||
Federal
Reserve Bank balances | i 673 | i 1,508 | |||||||||||||||||||||
Other
earning assets | i 733 | i 2,607 | |||||||||||||||||||||
Total
interest income | i 409,817 | i 483,897 | |||||||||||||||||||||
Interest
expense: | |||||||||||||||||||||||
Deposits | i 25,018 | i 86,002 | |||||||||||||||||||||
Federal
funds purchased, securities sold under repurchase agreements, and other short-term borrowings | i 34 | i 5,932 | |||||||||||||||||||||
Long-term
debt | i 10,908 | i 18,703 | |||||||||||||||||||||
Total
interest expense | i 35,960 | i 110,637 | |||||||||||||||||||||
Net
interest income | i 373,857 | i 373,260 | |||||||||||||||||||||
(Reversal
of) provision for credit losses | ( i 18,575) | i 158,722 | |||||||||||||||||||||
Net
interest income after provision for credit losses | i 392,432 | i 214,538 | |||||||||||||||||||||
Non-interest
revenue: | |||||||||||||||||||||||
Service charges on deposit accounts | i 20,033 | i 20,689 | |||||||||||||||||||||
Fiduciary
and asset management fees | i 17,954 | i 15,174 | |||||||||||||||||||||
Card
fees | i 11,996 | i 10,950 | |||||||||||||||||||||
Brokerage
revenue | i 12,974 | i 12,398 | |||||||||||||||||||||
Mortgage
banking income | i 22,315 | i 12,227 | |||||||||||||||||||||
Capital
markets income | i 7,505 | i 11,243 | |||||||||||||||||||||
Income
from bank-owned life insurance | i 8,843 | i 6,038 | |||||||||||||||||||||
Investment
securities (losses) gains, net | ( i 1,990) | i 8,734 | |||||||||||||||||||||
Other
non-interest revenue | i 11,326 | i 6,404 | |||||||||||||||||||||
Total
non-interest revenue | i 110,956 | i 103,857 | |||||||||||||||||||||
Non-interest
expense: | |||||||||||||||||||||||
Salaries and other personnel expense | i 161,477 | i 149,678 | |||||||||||||||||||||
Net
occupancy, equipment, and software expense | i 41,134 | i 42,194 | |||||||||||||||||||||
Third-party
processing and other services | i 20,032 | i 22,700 | |||||||||||||||||||||
Professional
fees | i 9,084 | i 10,675 | |||||||||||||||||||||
FDIC
insurance and other regulatory fees | i 5,579 | i 5,278 | |||||||||||||||||||||
Other
operating expenses | i 29,828 | i 45,754 | |||||||||||||||||||||
Total
non-interest expense | i 267,134 | i 276,279 | |||||||||||||||||||||
Income
before income taxes | i 236,254 | i 42,116 | |||||||||||||||||||||
Income
tax expense | i 49,161 | i 3,595 | |||||||||||||||||||||
Net
income | i 187,093 | i 38,521 | |||||||||||||||||||||
Less:
Preferred stock dividends | i 8,291 | i 8,291 | |||||||||||||||||||||
Net
income available to common shareholders | $ | i 178,802 | $ | i 30,230 | |||||||||||||||||||
Net
income per common share, basic | $ | i 1.20 | $ | i 0.21 | |||||||||||||||||||
Net
income per common share, diluted | i 1.19 | i 0.20 | |||||||||||||||||||||
Weighted
average common shares outstanding, basic | i 148,467 | i 147,311 | |||||||||||||||||||||
Weighted
average common shares outstanding, diluted | i 149,780 | i 148,401 | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | |||||||||||||||||||||||||||||
Net
income | $ | i 236,254 | $ | ( i 49,161) | $ | i 187,093 | $ | i 42,116 | $ | ( i 3,595) | $ | i 38,521 | |||||||||||||||||||||||
Unrealized
gains (losses) on investment securities available for sale: | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | ( i 165,241) | i 42,781 | ( i 122,460) | i 158,341 | ( i 41,011) | i 117,330 | |||||||||||||||||||||||||||||
Reclassification
adjustment for realized (gains) losses included in net income | i 1,990 | ( i 515) | i 1,475 | ( i 8,734) | i 2,262 | ( i 6,472) | |||||||||||||||||||||||||||||
Net
change | ( i 163,251) | i 42,266 | ( i 120,985) | i 149,607 | ( i 38,749) | i 110,858 | |||||||||||||||||||||||||||||
Unrealized
gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | ( i 29,057) | i 7,874 | ( i 21,183) | i 108,639 | ( i 28,138) | i 80,501 | |||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | ( i 1,599) | i 410 | ( i 1,189) | ( i 120) | i 31 | ( i 89) | |||||||||||||||||||||||||||||
Net change | ( i 30,656) | i 8,284 | ( i 22,372) | i 108,519 | ( i 28,107) | i 80,412 | |||||||||||||||||||||||||||||
Total
other comprehensive income (loss) | $ | ( i 193,907) | $ | i 50,550 | $ | ( i 143,357) | $ | i 258,126 | $ | ( i 66,856) | $ | i 191,270 | |||||||||||||||||||||||
Comprehensive
income | $ | i 43,736 | $ | i 229,791 | |||||||||||||||||||||||||||||||
(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, December 31, 2020 | $ | i 537,145 | $ | i 168,133 | $ | i 3,851,208 | $ | ( i 731,806) | $ | i 158,635 | $ | i 1,178,019 | $ | i 5,161,334 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 187,093 | i 187,093 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income taxes | — | — | — | — | ( i 143,357) | — | ( i 143,357) | ||||||||||||||||||||||||||||||||||
Cash
dividends declared on common stock - $ i 0.33 per share | — | — | — | — | — | ( i 49,093) | ( i 49,093) | ||||||||||||||||||||||||||||||||||
Cash
dividends declared on preferred stock(1) | — | — | — | — | — | ( i 8,291) | ( i 8,291) | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | i 271 | ( i 6,456) | — | — | i — | ( i 6,185) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | i 574 | i 11,978 | — | — | — | i 12,552 | ||||||||||||||||||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | — | — | ( i 113) | i 116 | — | ( i 3) | i — | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | i 7,664 | — | — | — | i 7,664 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | i 537,145 | $ | i 168,978 | $ | i 3,864,281 | $ | ( i 731,690) | $ | i 15,278 | $ | i 1,307,725 | $ | i 5,161,717 | |||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | i 537,145 | $ | i 166,801 | $ | i 3,819,336 | $ | ( i 715,560) | $ | i 65,641 | $ | i 1,068,327 | $ | i 4,941,690 | |||||||||||||||||||||||||||
Cumulative-effect of change in accounting principle for credit losses (ASU 2016-13), net of tax | — | — | — | — | — | ( i 35,721) | ( i 35,721) | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 38,521 | i 38,521 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | i 191,270 | — | i 191,270 | ||||||||||||||||||||||||||||||||||
Cash
dividends declared on common stock - $ i 0.33 per share | — | — | — | — | — | ( i 48,598) | ( i 48,598) | ||||||||||||||||||||||||||||||||||
Cash
dividends declared on preferred stock(1) | — | — | — | — | — | ( i 8,291) | ( i 8,291) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | ( i 16,246) | — | — | ( i 16,246) | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | i 345 | ( i 7,602) | — | — | i — | ( i 7,257) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | i 214 | i 6,053 | — | — | — | i 6,267 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | i 3,570 | — | — | — | i 3,570 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | i 537,145 | $ | i 167,360 | $ | i 3,821,357 | $ | ( i 731,806) | $ | i 256,911 | $ | i 1,014,238 | $ | i 5,065,205 | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Operating Activities | |||||||||||
Net income | $ | i 187,093 | $ | i 38,521 | |||||||
Adjustments
to reconcile net income to net cash (used) provided by operating activities: | |||||||||||
(Reversal of) provision for credit losses | ( i 18,575) | i 158,722 | |||||||||
Depreciation,
amortization, and accretion, net | i 52,395 | i 23,649 | |||||||||
Deferred
income tax expense (benefit) | i 17,926 | ( i 10,978) | |||||||||
Originations
of loans held for sale | ( i 1,075,343) | ( i 254,395) | |||||||||
Proceeds
from sales and payments on loans held for sale | i 857,872 | i 259,224 | |||||||||
Gain
on sales of loans held for sale, net | ( i 16,293) | ( i 9,497) | |||||||||
Decrease
(increase) in other assets | i 17,437 | ( i 442,711) | |||||||||
(Decrease)
increase in other liabilities | ( i 11,936) | i 260,486 | |||||||||
Investment
securities losses (gains), net | i 1,990 | ( i 8,734) | |||||||||
Share-based
compensation expense | i 7,664 | i 3,570 | |||||||||
Other | i — | i 1,904 | |||||||||
Net
cash provided by operating activities | i 20,230 | i 19,761 | |||||||||
Investing
Activities | |||||||||||
Proceeds from maturities and principal collections of investment securities available for sale | i 852,628 | i 341,431 | |||||||||
Proceeds
from sales of investment securities available for sale | i 223,977 | i 413,180 | |||||||||
Purchases
of investment securities available for sale | ( i 2,125,567) | ( i 755,558) | |||||||||
Proceeds
from sales of loans | i 21,535 | i 11,808 | |||||||||
Purchases of loans | ( i 606,985) | i — | |||||||||
Net
decrease (increase) in loans | i 5,084 | ( i 1,065,125) | |||||||||
Net
purchases of Federal Home Loan Bank stock | ( i 1,200) | ( i 978) | |||||||||
Net
purchases of Federal Reserve Bank stock | i — | ( i 454) | |||||||||
Net
proceeds from settlement (purchases) of bank-owned life insurance policies | i 3,784 | ( i 249,942) | |||||||||
Net
increase in premises, equipment and software | ( i 4,027) | ( i 6,941) | |||||||||
Other | i 1,247 | i 8,547 | |||||||||
Net
cash used in investing activities | ( i 1,629,524) | ( i 1,304,032) | |||||||||
Financing
Activities | |||||||||||
Net increase in deposits | i 677,380 | i 1,420,659 | |||||||||
Net
increase in federal funds purchased and securities sold under repurchase agreements | i 65,737 | i 147,086 | |||||||||
Net
decrease in other short-term borrowings | ( i 7,717) | ( i 578,560) | |||||||||
Repayments
and redemption of long-term debt | i — | ( i 251,904) | |||||||||
Proceeds
from issuance of long-term debt, net | i — | i 1,248,441 | |||||||||
Dividends
paid to common shareholders | ( i 48,834) | ( i 44,149) | |||||||||
Dividends
paid to preferred shareholders | ( i 8,291) | ( i 3,150) | |||||||||
Repurchase
of common stock | i — | ( i 16,246) | |||||||||
Issuances,
net of taxes paid, under equity compensation plans | i 6,368 | ( i 990) | |||||||||
Net
cash provided by financing activities | i 684,643 | i 1,921,187 | |||||||||
(Decrease)
increase in cash and cash equivalents including restricted cash | ( i 924,651) | i 636,916 | |||||||||
Cash,
cash equivalents, and restricted cash, at beginning of period | i 4,252,917 | i 1,186,918 | |||||||||
Cash,
cash equivalents, and restricted cash at end of period | $ | i 3,328,266 | $ | i 1,823,834 | |||||||
Supplemental
Disclosures: | |||||||||||
Income taxes paid | $ | i 48,505 | $ | i 920 | |||||||
Interest paid | i 46,599 | i 109,340 | |||||||||
Non-cash Activities | |||||||||||
Securities sold during the period but settled after period-end | i — | i 169,748 | |||||||||
Securities purchased during the period but settled after period-end | i 53,699 | i 113,818 | |||||||||
Loans foreclosed and transferred to other real estate | i 720 | i 1,951 | |||||||||
Dividends declared on common stock during the period but paid after period-end | i 49,093 | i 48,598 | |||||||||
Dividends declared on preferred stock during the period but paid after period-end | i 5,141 | i 5,141 |
March 31, 2021 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. Treasury securities | $ | i 70,085 | $ | i — | $ | ( i 3,629) | $ | i 66,456 | |||||||||||||||
U.S. Government agency securities | i 79,148 | i 2,026 | i — | i 81,174 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | i 964,709 | i 1,542 | ( i 11,069) | i 955,182 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | i 6,100,521 | i 78,507 | ( i 77,253) | i 6,101,775 | |||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | i 1,155,180 | i 12,678 | ( i 10,635) | i 1,157,223 | |||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | i 440,556 | i 12,006 | ( i 7,348) | i 445,214 | |||||||||||||||||||
Corporate debt securities and other debt securities | i 18,235 | i 504 | ( i 6) | i 18,733 | |||||||||||||||||||
Total investment securities available for sale | $ | i 8,828,434 | $ | i 107,263 | $ | ( i 109,940) | $ | i 8,825,757 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. Treasury securities | $ | i 20,257 | $ | i — | $ | i — | $ | i 20,257 | |||||||||||||||
U.S. Government agency securities | i 79,638 | i 2,682 | i — | i 82,320 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | i 1,216,012 | i 7,930 | ( i 5,925) | i 1,218,017 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | i 4,865,858 | i 134,188 | i — | i 5,000,046 | |||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | i 1,245,644 | i 15,309 | ( i 10,576) | i 1,250,377 | |||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | i 354,244 | i 16,677 | i — | i 370,921 | |||||||||||||||||||
Corporate debt securities and other debt securities | i 20,211 | i 457 | ( i 168) | i 20,500 | |||||||||||||||||||
Total investment securities available for sale | $ | i 7,801,864 | $ | i 177,243 | $ | ( i 16,669) | $ | i 7,962,438 | |||||||||||||||
March 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 | $ | i 46,195 | $ | ( i 3,629) | $ | i — | $ | i — | $ | i 46,195 | $ | ( i 3,629) | |||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | i 784,433 | ( i 11,069) | i — | i — | i 784,433 | ( i 11,069) | |||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | i 4,214,454 | ( i 77,253) | i — | i — | i 4,214,454 | ( i 77,253) | |||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | i 770,319 | ( i 10,635) | i — | i — | i 770,319 | ( i 10,635) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | i 176,469 | ( i 7,348) | i — | i — | i 176,469 | ( i 7,348) | |||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | i 9,498 | ( i 6) | i — | i — | i 9,498 | ( i 6) | |||||||||||||||||||||||||||||
Total | $ | i 6,001,368 | $ | ( i 109,940) | $ | i — | $ | i — | $ | i 6,001,368 | $ | ( i 109,940) | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | i 566,896 | $ | ( i 5,925) | $ | i — | $ | i — | $ | i 566,896 | $ | ( i 5,925) | |||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | i 803,429 | ( i 10,576) | i — | i — | i 803,429 | ( i 10,576) | |||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | i 9,337 | ( i 168) | i — | i — | i 9,337 | ( i 168) | |||||||||||||||||||||||||||||
Total | $ | i 1,379,662 | $ | ( i 16,669) | $ | i — | $ | i — | $ | i 1,379,662 | $ | ( i 16,669) | |||||||||||||||||||||||
Distribution of Maturities at March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | ||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | i 20,261 | $ | i — | $ | i 49,824 | $ | i — | $ | i 70,085 | |||||||||||||||||||
U.S. Government agency securities | i 430 | i 1,594 | i 77,124 | i — | i 79,148 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | i — | i 1,232 | i 162 | i 963,315 | i 964,709 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | i 76 | i 87 | i 77,685 | i 6,022,673 | i 6,100,521 | ||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | i — | i — | i 206 | i 1,154,974 | i 1,155,180 | ||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | i 4,126 | i 109,488 | i 227,357 | i 99,585 | i 440,556 | ||||||||||||||||||||||||
Corporate debt securities and other debt securities | i — | i 9,504 | i 8,731 | i — | i 18,235 | ||||||||||||||||||||||||
Total amortized cost | $ | i 24,893 | $ | i 121,905 | $ | i 441,089 | $ | i 8,240,547 | $ | i 8,828,434 | |||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | i 20,261 | $ | i — | $ | i 46,195 | $ | i — | $ | i 66,456 | |||||||||||||||||||
U.S. Government agency securities | i 438 | i 1,623 | i 79,113 | i — | i 81,174 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | i — | i 1,281 | i 169 | i 953,732 | i 955,182 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | i 77 | i 88 | i 80,469 | i 6,021,141 | i 6,101,775 | ||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | i — | i — | i 215 | i 1,157,008 | i 1,157,223 | ||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | i 4,126 | i 113,783 | i 224,116 | i 103,189 | i 445,214 | ||||||||||||||||||||||||
Corporate debt securities and other debt securities | i — | i 9,498 | i 9,235 | i — | i 18,733 | ||||||||||||||||||||||||
Total fair value | $ | i 24,902 | $ | i 126,273 | $ | i 439,512 | $ | i 8,235,070 | $ | i 8,825,757 | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||||||||
Proceeds from sales of investment securities available for sale | $ | i 223,977 | $ | i 413,180 | |||||||||||||||||||
Gross realized gains on sales | i — | i 8,734 | |||||||||||||||||||||
Gross realized losses on sales | ( i 1,990) | i — | |||||||||||||||||||||
Investment securities gains (losses), net | $ | ( i 1,990) | $ | i 8,734 | |||||||||||||||||||
March 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 | $ | i 12,573,032 | $ | i 12,545 | $ | i 292 | $ | i 12,837 | $ | i 59,145 | $ | i 17,315 | $ | i 12,662,329 | ||||||||||||||||||||||||||||||
Owner-occupied | i 7,009,586 | i 4,422 | i 305 | i 4,727 | i 17,192 | i — | i 7,031,505 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | i 19,582,618 | i 16,967 | i 597 | i 17,564 | i 76,337 | i 17,315 | i 19,693,834 | |||||||||||||||||||||||||||||||||||||
Investment properties | i 9,305,441 | i 4,295 | i 400 | i 4,695 | i 16,880 | i 8,709 | i 9,335,725 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | i 633,971 | i 871 | i 61 | i 932 | i 2,815 | i 1,236 | i 638,954 | |||||||||||||||||||||||||||||||||||||
Land and development | i 553,698 | i 3,661 | i 89 | i 3,750 | i 1,801 | i — | i 559,249 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | i 10,493,110 | i 8,827 | i 550 | i 9,377 | i 21,496 | i 9,945 | i 10,533,928 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | i 5,283,865 | i 4,109 | i — | i 4,109 | i 11,201 | i — | i 5,299,175 | |||||||||||||||||||||||||||||||||||||
Home equity lines | i 1,417,714 | i 2,446 | i 16 | i 2,462 | i 12,191 | i — | i 1,432,367 | |||||||||||||||||||||||||||||||||||||
Credit cards | i 263,660 | i 1,835 | i 1,876 | i 3,711 | i — | i — | i 267,371 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | i 1,563,272 | i 7,705 | i 765 | i 8,470 | i 6,684 | i — | i 1,578,426 | |||||||||||||||||||||||||||||||||||||
Total consumer | i 8,528,511 | i 16,095 | i 2,657 | i 18,752 | i 30,076 | i — | i 8,577,339 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | i 38,604,239 | $ | i 41,889 | $ | i 3,804 | $ | i 45,693 | $ | i 127,909 | $ | i 27,260 | $ | i 38,805,101 | ||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual with an ALL | Non-accrual without an ALL | Total | |||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | i 12,321,514 | $ | i 10,256 | $ | i 996 | $ | i 11,252 | $ | i 55,527 | $ | i 21,859 | $ | i 12,410,152 | ||||||||||||||||||||||||||||||
Owner-occupied | i 7,087,992 | i 1,913 | i 92 | i 2,005 | i 20,019 | i — | i 7,110,016 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | i 19,409,506 | i 12,169 | i 1,088 | i 13,257 | i 75,546 | i 21,859 | i 19,520,168 | |||||||||||||||||||||||||||||||||||||
Investment properties | i 9,075,843 | i 2,751 | i 154 | i 2,905 | i 24,631 | i — | i 9,103,379 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | i 621,492 | i 3,548 | i 36 | i 3,584 | i 2,383 | i 1,236 | i 628,695 | |||||||||||||||||||||||||||||||||||||
Land and development | i 591,048 | i 422 | i — | i 422 | i 1,899 | i 264 | i 593,633 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | i 10,288,383 | i 6,721 | i 190 | i 6,911 | i 28,913 | i 1,500 | i 10,325,707 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | i 5,495,415 | i 8,851 | i 485 | i 9,336 | i 8,740 | i — | i 5,513,491 | |||||||||||||||||||||||||||||||||||||
Home equity lines | i 1,521,575 | i 4,006 | i — | i 4,006 | i 12,145 | i — | i 1,537,726 | |||||||||||||||||||||||||||||||||||||
Credit cards | i 276,778 | i 2,363 | i 1,877 | i 4,240 | i — | i — | i 281,018 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | i 1,062,899 | i 9,122 | i 477 | i 9,599 | i 2,376 | i — | i 1,074,874 | |||||||||||||||||||||||||||||||||||||
Total consumer | i 8,356,667 | i 24,342 | i 2,839 | i 27,181 | i 23,261 | i — | i 8,407,109 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | i 38,054,556 | $ | i 43,232 | $ | i 4,117 | $ | i 47,349 | $ | i 127,720 | $ | i 23,359 | $ | i 38,252,984 | ||||||||||||||||||||||||||||||
March 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 | $ | i 1,059,766 | $ | i 3,169,156 | $ | i 1,277,288 | $ | i 784,112 | $ | i 557,454 | $ | i 1,181,305 | $ | i 4,072,579 | $ | i 45,856 | $ | i 12,147,516 | |||||||||||||||||||||||||||||||||||
Special Mention | i 807 | i 57,063 | i 38,581 | i 7,942 | i 18,243 | i 3,678 | i 95,135 | i 465 | i 221,914 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 772 | i 64,917 | i 33,901 | i 11,166 | i 23,815 | i 42,824 | i 90,617 | i 114 | i 268,126 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | i — | i 512 | i 4,055 | i 19,894 | i — | i — | i 312 | i — | i 24,773 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | i 1,061,345 | i 3,291,648 | i 1,353,825 | i 823,114 | i 599,512 | i 1,227,807 | i 4,258,643 | i 46,435 | i 12,662,329 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 250,215 | i 1,306,635 | i 1,271,373 | i 1,089,766 | i 880,566 | i 1,640,599 | i 383,907 | i — | i 6,823,061 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | i 429 | i 5,603 | i 10,306 | i 19,447 | i 10,200 | i 15,568 | i — | i — | i 61,553 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 92 | i 3,783 | i 26,473 | i 45,438 | i 26,186 | i 35,281 | i — | i — | i 137,253 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | i — | i — | i — | i 9,638 | i — | i — | i — | i — | i 9,638 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | i 250,736 | i 1,316,021 | i 1,308,152 | i 1,164,289 | i 916,952 | i 1,691,448 | i 383,907 | i — | i 7,031,505 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | i 1,312,081 | i 4,607,669 | i 2,661,977 | i 1,987,403 | i 1,516,464 | i 2,919,255 | i 4,642,550 | i 46,435 | i 19,693,834 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 266,356 | i 1,189,454 | i 2,196,482 | i 1,879,176 | i 917,367 | i 1,623,228 | i 276,553 | i — | i 8,348,616 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | i — | i 1,321 | i 81,524 | i 229,161 | i 163,844 | i 284,980 | i 56,102 | i — | i 816,932 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 1,040 | i 987 | i 8,413 | i 58,991 | i 23,677 | i 76,974 | i 95 | i — | i 170,177 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | i 267,396 | i 1,191,762 | i 2,286,419 | i 2,167,328 | i 1,104,888 | i 1,985,182 | i 332,750 | i — | i 9,335,725 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 66,477 | i 179,602 | i 79,636 | i 60,281 | i 78,564 | i 116,823 | i 41,043 | i — | i 622,426 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | i 271 | i 399 | i — | i 366 | i — | i 894 | i — | i — | i 1,930 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 1,812 | i 1,691 | i 439 | i 5,521 | i 1,199 | i 2,596 | i 1,340 | i — | i 14,598 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | i 68,560 | i 181,692 | i 80,075 | i 66,168 | i 79,763 | i 120,313 | i 42,383 | i — | i 638,954 | ||||||||||||||||||||||||||||||||||||||||||||
March 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 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 23,510 | i 84,651 | i 134,182 | i 81,260 | i 83,035 | i 79,755 | i 59,018 | i — | i 545,411 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | i 97 | i 849 | i 1,986 | i 1,455 | i 173 | i 383 | i — | i — | i 4,943 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 22 | i 1,221 | i 50 | i 3,980 | i 893 | i 2,729 | i — | i — | i 8,895 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | i 23,629 | i 86,721 | i 136,218 | i 86,695 | i 84,101 | i 82,867 | i 59,018 | i — | i 559,249 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | i 359,585 | i 1,460,175 | i 2,502,712 | i 2,320,191 | i 1,268,752 | i 2,188,362 | i 434,151 | i — | i 10,533,928 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 258,674 | i 1,796,593 | i 797,705 | i 358,353 | i 585,879 | i 1,438,675 | i 1,012 | i — | i 5,236,891 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 206 | i 181 | i 2,615 | i 11,939 | i 11,008 | i 36,034 | i — | i — | i 61,983 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | i — | i — | i — | i — | i — | i 301 | i — | i — | i 301 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | i 258,880 | i 1,796,774 | i 800,320 | i 370,292 | i 596,887 | i 1,475,010 | i 1,012 | i — | i 5,299,175 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i — | i — | i — | i — | i — | i — | i 1,329,980 | i 85,254 | i 1,415,234 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i — | i — | i — | i — | i — | i — | i 9,717 | i 6,422 | i 16,139 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | i — | i — | i — | i — | i — | i — | i — | i 19 | i 19 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | i — | i — | i — | i — | i — | i — | i 832 | i 143 | i 975 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | i — | i — | i — | i — | i — | i — | i 1,340,529 | i 91,838 | i 1,432,367 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i — | i — | i — | i — | i — | i — | i 265,496 | i — | i 265,496 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i — | i — | i — | i — | i — | i — | i 521 | i — | i 521 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | i — | i — | i — | i — | i — | i — | i 1,354 | i — | i 1,354 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | i — | i — | i — | i — | i — | i — | i 267,371 | i — | i 267,371 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 7,626 | i 797,532 | i 169,798 | i 74,833 | i 88,716 | i 126,009 | i 306,096 | i — | i 1,570,610 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i — | i 15 | i 2,273 | i 1,572 | i 2,967 | i 691 | i 264 | i — | i 7,782 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | i — | i — | i — | i — | i — | i 34 | i — | i — | i 34 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | i 7,626 | i 797,547 | i 172,071 | i 76,405 | i 91,683 | i 126,734 | i 306,360 | i — | i 1,578,426 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | i 266,506 | i 2,594,321 | i 972,391 | i 446,697 | i 688,570 | i 1,601,744 | i 1,915,272 | i 91,838 | i 8,577,339 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | i 1,938,172 | $ | i 8,662,165 | $ | i 6,137,080 | $ | i 4,754,291 | $ | i 3,473,786 | $ | i 6,709,361 | $ | i 6,991,973 | $ | i 138,273 | $ | i 38,805,101 | |||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | i 3,819,048 | $ | i 1,333,460 | $ | i 847,283 | $ | i 582,612 | $ | i 551,413 | $ | i 633,871 | $ | i 4,102,751 | $ | i 49,762 | $ | i 11,920,200 | |||||||||||||||||||||||||||||||||||
Special Mention | i 63,307 | i 40,618 | i 12,723 | i 22,070 | i 1,665 | i 5,545 | i 60,741 | i 489 | i 207,158 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 28,698 | i 36,618 | i 24,867 | i 36,072 | i 12,808 | i 35,172 | i 84,498 | i 514 | i 259,247 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | i — | i 3,721 | i 19,778 | i — | i — | i — | i 48 | i — | i 23,547 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | i 3,911,053 | i 1,414,417 | i 904,651 | i 640,754 | i 565,886 | i 674,588 | i 4,248,038 | i 50,765 | i 12,410,152 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 1,321,680 | i 1,275,435 | i 1,131,183 | i 982,056 | i 555,932 | i 1,297,070 | i 349,566 | i — | i 6,912,922 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | i 6,170 | i 9,995 | i 10,682 | i 14,138 | i 1,582 | i 13,768 | i — | i — | i 56,335 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 2,570 | i 22,793 | i 42,615 | i 26,033 | i 7,316 | i 29,794 | i — | i — | i 131,121 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | i — | i — | i 9,638 | i — | i — | i — | i — | i — | i 9,638 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | i 1,330,420 | i 1,308,223 | i 1,194,118 | i 1,022,227 | i 564,830 | i 1,340,632 | i 349,566 | i — | i 7,110,016 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | i 5,241,473 | i 2,722,640 | i 2,098,769 | i 1,662,981 | i 1,130,716 | i 2,015,220 | i 4,597,604 | i 50,765 | i 19,520,168 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 1,055,440 | i 2,126,667 | i 1,999,345 | i 1,091,880 | i 483,780 | i 1,301,088 | i 229,044 | i — | i 8,287,244 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | i 1,482 | i 66,160 | i 176,794 | i 136,004 | i 138,362 | i 129,401 | i 55,440 | i — | i 703,643 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 1,007 | i 4,770 | i 24,476 | i 19,820 | i 21,875 | i 40,509 | i 35 | i — | i 112,492 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | i 1,057,929 | i 2,197,597 | i 2,200,615 | i 1,247,704 | i 644,017 | i 1,470,998 | i 284,519 | i — | i 9,103,379 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 197,320 | i 95,145 | i 70,267 | i 88,454 | i 38,729 | i 97,374 | i 27,657 | i — | i 614,946 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | i 402 | i — | i 508 | i 109 | i 786 | i 118 | i — | i — | i 1,923 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 1,527 | i 653 | i 4,312 | i 1,141 | i 554 | i 2,299 | i 1,340 | i — | i 11,826 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | i 199,249 | i 95,798 | i 75,087 | i 89,704 | i 40,069 | i 99,791 | i 28,997 | i — | i 628,695 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 84,985 | i 173,302 | i 83,734 | i 92,911 | i 12,249 | i 76,380 | i 53,250 | i — | i 576,811 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | i 857 | i 1,995 | i 2,866 | i 282 | i — | i 1,332 | i 636 | i — | i 7,968 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 1,229 | i 425 | i 4,664 | i 915 | i 136 | i 1,485 | i — | i — | i 8,854 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | i 87,071 | i 175,722 | i 91,264 | i 94,108 | i 12,385 | i 79,197 | i 53,886 | i — | i 593,633 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | i 1,344,249 | i 2,469,117 | i 2,366,966 | i 1,431,516 | i 696,471 | i 1,649,986 | i 367,402 | i — | i 10,325,707 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 1,871,512 | i 874,769 | i 425,711 | i 678,255 | i 685,810 | i 965,382 | i 1,040 | i — | i 5,502,479 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 33 | i 961 | i 748 | i 889 | i 866 | i 7,224 | i — | i — | i 10,721 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | i — | i — | i — | i — | i — | i 291 | i — | i — | i 291 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | i 1,871,545 | i 875,730 | i 426,459 | i 679,144 | i 686,676 | i 972,897 | i 1,040 | i — | i 5,513,491 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i — | i — | i — | i — | i — | i — | i 1,429,755 | i 90,832 | i 1,520,587 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i — | i — | i — | i — | i — | i — | i 9,698 | i 5,996 | i 15,694 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | i — | i — | i — | i — | i — | i — | i — | i 19 | i 19 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | i — | i — | i — | i — | i — | i — | i 1,283 | i 143 | i 1,426 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity lines | i — | i — | i — | i — | i — | i — | i 1,440,736 | i 96,990 | i 1,537,726 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i — | i — | i — | i — | i — | i — | i 279,142 | i — | i 279,142 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i — | i — | i — | i — | i — | i — | i 595 | i — | i 595 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | i — | i — | i — | i — | i — | i — | i 1,281 | i — | i 1,281 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | i — | i — | i — | i — | i — | i — | i 281,018 | i — | i 281,018 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 252,160 | i 190,820 | i 89,187 | i 100,459 | i 80,365 | i 61,040 | i 297,637 | i — | i 1,071,668 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | i 19 | i 762 | i 262 | i 1,195 | i 121 | i 585 | i 227 | i — | i 3,171 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | i — | i — | i — | i — | i — | i 35 | i — | i — | i 35 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | i 252,179 | i 191,582 | i 89,449 | i 101,654 | i 80,486 | i 61,660 | i 297,864 | i — | i 1,074,874 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | i 2,123,724 | i 1,067,312 | i 515,908 | i 780,798 | i 767,162 | i 1,034,557 | i 2,020,658 | i 96,990 | i 8,407,109 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | i 8,709,446 | $ | i 6,259,069 | $ | i 4,981,643 | $ | i 3,875,295 | $ | i 2,594,349 | $ | i 4,699,763 | $ | i 6,985,664 | $ | i 147,755 | $ | i 38,252,984 | |||||||||||||||||||||||||||||||||||
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 | $ | i 229,555 | $ | i 130,742 | $ | i 245,439 | $ | i 605,736 | |||||||||||||||
Charge-offs | ( i 9,417) | ( i 10,319) | ( i 5,589) | ( i 25,325) | |||||||||||||||||||
Recoveries | i 2,772 | i 1,026 | i 1,323 | i 5,121 | |||||||||||||||||||
Provision for (reversal of) loan losses | i 31,867 | ( i 7,637) | ( i 46,548) | ( i 22,318) | |||||||||||||||||||
Ending balance | $ | i 254,777 | $ | i 113,812 | $ | i 194,625 | $ | i 563,214 | |||||||||||||||
As Of and For the Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance, prior to adoption of ASC 326 | $ | i 145,782 | $ | i 67,430 | $ | i 68,190 | $ | i 281,402 | |||||||||||||||
Impact from adoption of ASC 326 | ( i 2,310) | ( i 651) | i 85,955 | i 82,994 | |||||||||||||||||||
Beginning balance, after adoption of ASC 326 | $ | i 143,472 | $ | i 66,779 | $ | i 154,145 | $ | i 364,396 | |||||||||||||||
Charge-offs | ( i 14,885) | ( i 1,017) | ( i 7,972) | ( i 23,874) | |||||||||||||||||||
Recoveries | i 1,741 | i 399 | i 1,673 | i 3,813 | |||||||||||||||||||
Provision for loan losses | i 86,622 | i 40,956 | i 21,539 | i 149,117 | |||||||||||||||||||
Ending balance | $ | i 216,950 | $ | i 107,117 | $ | i 169,385 | $ | i 493,452 | |||||||||||||||
TDRs by Concession Type | ||||||||||||||||||||||||||
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 | i 40 | $ | i 3,233 | $ | i 2,563 | $ | i 5,796 | |||||||||||||||||||
Owner-occupied | i 5 | i 1,254 | i 399 | i 1,653 | ||||||||||||||||||||||
Total commercial and industrial | i 45 | i 4,487 | i 2,962 | i 7,449 | ||||||||||||||||||||||
Investment properties | i 5 | i 1,984 | i — | i 1,984 | ||||||||||||||||||||||
1-4 family properties | i 5 | i 463 | i 39 | i 502 | ||||||||||||||||||||||
Land and development | i 1 | i — | i 43 | i 43 | ||||||||||||||||||||||
Total commercial real estate | i 11 | i 2,447 | i 82 | i 2,529 | ||||||||||||||||||||||
Consumer mortgages | i — | i — | i — | i — | ||||||||||||||||||||||
Home equity lines | i 13 | i 587 | i 162 | i 749 | ||||||||||||||||||||||
Other consumer loans | i 73 | i 129 | i 4,619 | i 4,748 | ||||||||||||||||||||||
Total consumer | i 86 | i 716 | i 4,781 | i 5,497 | ||||||||||||||||||||||
Total TDRs | i 142 | $ | i 7,650 | $ | i 7,825 | $ | i 15,475 | (2) | ||||||||||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial and agricultural | i 36 | $ | i 3,724 | $ | i 2,011 | $ | i 5,735 | |||||||||||||||||||
Owner-occupied | i 5 | i 1,367 | i 96 | i 1,463 | ||||||||||||||||||||||
Total commercial and industrial | i 41 | i 5,091 | i 2,107 | i 7,198 | ||||||||||||||||||||||
Investment properties | i 2 | i 23,070 | i — | i 23,070 | ||||||||||||||||||||||
1-4 family properties | i 6 | i 724 | i 442 | i 1,166 | ||||||||||||||||||||||
Land and development | i 1 | i 449 | i — | i 449 | ||||||||||||||||||||||
Total commercial real estate | i 9 | i 24,243 | i 442 | i 24,685 | ||||||||||||||||||||||
Consumer mortgages | i 6 | i 515 | i 1,083 | i 1,598 | ||||||||||||||||||||||
Home equity lines | i 19 | i 275 | i 964 | i 1,239 | ||||||||||||||||||||||
Other consumer loans | i 29 | i 78 | i 1,897 | i 1,975 | ||||||||||||||||||||||
Total consumer | i 54 | i 868 | i 3,944 | i 4,812 | ||||||||||||||||||||||
Total TDRs | i 104 | $ | i 30,202 | $ | i 6,493 | $ | i 36,695 | (3) | ||||||||||||||||||
(in thousands) | Community Banking Reporting Unit | Wholesale Banking Reporting Unit | Consumer Mortgage Reporting Unit | Wealth Management Reporting Unit | Total | ||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | i 256,323 | $ | i 171,636 | $ | i — | $ | i 24,431 | $ | i 452,390 | |||||||||||||||||||
Goodwill acquired and adjustments during the year | i — | i — | i — | i — | i — | ||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | i 256,323 | $ | i 171,636 | $ | i — | $ | i 24,431 | $ | i 452,390 | |||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||
March 31, 2021 | |||||||||||||||||
CDI | $ | i 57,400 | $ | ( i 21,916) | $ | i 35,484 | |||||||||||
Other | i 12,500 | ( i 5,251) | i 7,249 | ||||||||||||||
Total other intangible assets | $ | i 69,900 | $ | ( i 27,167) | $ | i 42,733 | |||||||||||
December 31, 2020 | |||||||||||||||||
CDI | $ | i 57,400 | $ | ( i 19,829) | $ | i 37,571 | |||||||||||
Other | i 12,500 | ( i 4,959) | i 7,541 | ||||||||||||||
Total other intangible assets | $ | i 69,900 | $ | ( i 24,788) | $ | i 45,112 | |||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Cash dividends declared per common share | $ | i 0.33 | $ | i 0.33 | |||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | |||||||||||||||||||||||
(in thousands) | Net unrealized gains (losses) on investment securities available for sale(1) | Net unrealized gains (losses) on cash flow hedges(1) | Post-retirement unfunded health benefit | Total | |||||||||||||||||||
Balance, December 31, 2020 | $ | i 105,669 | $ | i 52,966 | $ | i — | $ | i 158,635 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | ( i 122,460) | ( i 21,183) | i — | ( i 143,643) | |||||||||||||||||||
Amounts reclassified from AOCI | i 1,475 | ( i 1,189) | i — | i 286 | |||||||||||||||||||
Net current period other comprehensive income (loss) | ( i 120,985) | ( i 22,372) | i — | ( i 143,357) | |||||||||||||||||||
Balance at March 31, 2021 | $ | ( i 15,316) | $ | i 30,594 | $ | i — | $ | i 15,278 | |||||||||||||||
Balance, December 31, 2019 | $ | i 83,666 | $ | ( i 18,487) | $ | i 462 | $ | i 65,641 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | i 117,330 | i 80,501 | i — | i 197,831 | |||||||||||||||||||
Amounts reclassified from AOCI | ( i 6,472) | ( i 89) | i — | ( i 6,561) | |||||||||||||||||||
Net current period other comprehensive income (loss) | i 110,858 | i 80,412 | i — | i 191,270 | |||||||||||||||||||
Balance at March 31, 2020 | $ | i 194,524 | $ | i 61,925 | $ | i 462 | $ | i 256,911 | |||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 10,185 | $ | i — | $ | i 10,185 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | i — | i 555 | i — | i 555 | i — | i 158 | i — | i 158 | ||||||||||||||||||||||||||||||||||||||||||
Other mortgage-backed securities | i — | i 375 | i — | i 375 | i — | i 178 | i — | i 178 | ||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | i — | i 1,541 | i — | i 1,541 | i — | i 176 | i — | i 176 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i — | i 1,915 | i — | i 1,915 | i — | i 183 | i — | i 183 | ||||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | i — | $ | i 4,386 | $ | i — | $ | i 4,386 | $ | i — | $ | i 10,880 | $ | i — | $ | i 10,880 | ||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | i 66,456 | $ | i — | $ | i — | $ | i 66,456 | $ | i 20,257 | $ | i — | $ | i — | $ | i 20,257 | ||||||||||||||||||||||||||||||||||
U.S. Government agency securities | i — | i 81,174 | i — | i 81,174 | i — | i 82,320 | i — | i 82,320 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | i — | i 955,182 | i — | i 955,182 | i — | i 1,218,017 | i — | i 1,218,017 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | i — | i 6,101,775 | i — | i 6,101,775 | i — | i 5,000,046 | i — | i 5,000,046 | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | i — | i 1,157,223 | i — | i 1,157,223 | i — | i 1,250,377 | i — | i 1,250,377 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | i — | i 445,214 | i — | i 445,214 | i — | i 370,921 | i — | i 370,921 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | i — | i 18,733 | i — | i 18,733 | i — | i 18,479 | i 2,021 | i 20,500 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | i 66,456 | $ | i 8,759,301 | $ | i — | $ | i 8,825,757 | $ | i 20,257 | $ | i 7,940,160 | $ | i 2,021 | $ | i 7,962,438 | ||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | $ | i — | $ | i 242,010 | $ | i — | $ | i 242,010 | $ | i — | $ | i 216,647 | $ | i — | $ | i 216,647 | ||||||||||||||||||||||||||||||||||
Private equity investments | i — | i — | i 1,053 | i 1,053 | i — | i — | i 1,021 | i 1,021 | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | i 39,943 | i — | i — | i 39,943 | i 37,650 | i — | i — | i 37,650 | ||||||||||||||||||||||||||||||||||||||||||
GGL/SBA loans servicing asset | i — | i — | i 3,305 | i 3,305 | i — | i — | i 3,258 | i 3,258 | ||||||||||||||||||||||||||||||||||||||||||
Derivative assets | i — | i 276,831 | i — | i 276,831 | i — | i 401,295 | i — | i 401,295 | ||||||||||||||||||||||||||||||||||||||||||
Trading liability for short positions | i — | i — | i — | i — | i — | i 7,717 | i — | i 7,717 | ||||||||||||||||||||||||||||||||||||||||||
Earnout liability | i — | i — | i 5,677 | i 5,677 | i — | i — | i 5,677 | i 5,677 | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | i — | i 135,725 | i 1,768 | i 137,493 | i — | i 155,119 | i 2,048 | i 157,167 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Sale | |||||||||||
(in thousands) | As of March 31, 2021 | As of December 31, 2020 | |||||||||
Fair value | $ | i 242,010 | $ | i 216,647 | |||||||
Unpaid principal balance | i 240,287 | i 210,292 | |||||||||
Fair value less aggregate unpaid principal balance | $ | i 1,723 | $ | i 6,355 | |||||||
Changes in Fair Value Included in Net Income | Three Months Ended March 31, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||||||||
Mortgage loans held for sale | $ | ( i 4,632) | $ | i 619 | |||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | GGL / SBA Loans Servicing Asset | Earnout Liability | Visa Derivative | ||||||||||||||||||||||||
Beginning balance | $ | i 2,021 | $ | i 1,021 | $ | i 3,258 | $ | ( i 5,677) | $ | ( i 2,048) | |||||||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | i — | i 32 | ( i 178) | i — | i — | ||||||||||||||||||||||||
Sales | ( i 2,021) | i — | i — | i — | i — | ||||||||||||||||||||||||
Additions | i — | i — | i 225 | i — | i — | ||||||||||||||||||||||||
Settlements | i — | i — | i — | i — | i 280 | ||||||||||||||||||||||||
Ending balance | $ | i — | $ | i 1,053 | $ | i 3,305 | $ | ( i 5,677) | $ | ( i 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 | $ | i — | $ | i 32 | $ | i — | $ | i — | $ | i — | |||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | GGL / SBA Loans Servicing Asset | Earnout Liability | Visa Derivative | ||||||||||||||||||||||||
Beginning balance | $ | i 2,105 | $ | i 3,887 | $ | i 3,040 | $ | ( i 11,016) | $ | ( i 2,339) | |||||||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | i — | ( i 632) | ( i 264) | i — | i — | ||||||||||||||||||||||||
Unrealized gains (losses) included in OCI | ( i 543) | i — | i — | i — | i — | ||||||||||||||||||||||||
Additions | i — | i — | i 373 | i — | i — | ||||||||||||||||||||||||
Settlements | i — | i — | i — | i — | i 289 | ||||||||||||||||||||||||
Ending balance | $ | i 1,562 | $ | i 3,255 | $ | i 3,149 | $ | ( i 11,016) | $ | ( i 2,050) | |||||||||||||||||||
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, 2020 | $ | i — | $ | ( i 632) | $ | i — | $ | i — | $ | i — | |||||||||||||||||||
March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||
Loans(1) | $ | i i — / | $ | i i — / | $ | i 14,026 | $ | i 14,026 | $ | i i — / | $ | i — | $ | i — | $ | i — | ||||||||||||||||||||||||||||||||||
Other real estate | i — | i — | i — | i — | i — | i — | i 460 | i 460 | ||||||||||||||||||||||||||||||||||||||||||
MPS receivable | i — | i — | i — | i — | i — | i — | i 18,490 | i 18,490 | ||||||||||||||||||||||||||||||||||||||||||
Other assets held for sale | i — | i — | i — | i — | i — | i — | i 1,206 | i 1,206 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Location in Consolidated Statements of Income | ||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||||||||||||||
Loans(1) | $ | i 7,002 | $ | i i — / | Provision for credit losses | ||||||||||||||||||||||||
Other real estate | i — | i 5 | Other operating expenses | ||||||||||||||||||||||||||
MPS receivable | i — | i 2,663 | Other operating expenses | ||||||||||||||||||||||||||
Other assets held for sale | i — | i 1,391 | Other operating expenses | ||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | i 3,328,266 | $ | i 3,328,266 | $ | i 3,328,266 | $ | i — | $ | i — | |||||||||||||||||||
Trading securities | i 4,386 | i 4,386 | i — | i 4,386 | i — | ||||||||||||||||||||||||
Investment securities available for sale | i 8,825,757 | i 8,825,757 | i 66,456 | i 8,759,301 | i — | ||||||||||||||||||||||||
Loans held for sale | i 993,887 | i 993,902 | i — | i 242,010 | i 751,892 | ||||||||||||||||||||||||
Private equity investments | i 1,053 | i 1,053 | i — | i — | i 1,053 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | i 39,943 | i 39,943 | i 39,943 | i — | i — | ||||||||||||||||||||||||
Loans, net | i 38,241,887 | i 38,126,309 | i — | i — | i 38,126,309 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | i 3,305 | i 3,305 | i — | i — | i 3,305 | ||||||||||||||||||||||||
Derivative assets | i 276,831 | i 276,831 | i — | i 276,831 | i — | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | i 14,660,287 | $ | i 14,660,287 | $ | i — | $ | i 14,660,287 | $ | i — | |||||||||||||||||||
Non-time interest-bearing deposits | i 27,492,165 | i 27,492,165 | i — | i 27,492,165 | i — | ||||||||||||||||||||||||
Time deposits | i 5,216,499 | i 5,240,983 | i — | i 5,240,983 | i — | ||||||||||||||||||||||||
Total deposits | $ | i 47,368,951 | $ | i 47,393,435 | $ | i — | $ | i 47,393,435 | $ | i — | |||||||||||||||||||
Securities sold under repurchase agreements | i 293,659 | i 293,659 | i 293,659 | i — | i — | ||||||||||||||||||||||||
Long-term debt | i 1,202,825 | i 1,274,158 | i — | i 1,274,158 | i — | ||||||||||||||||||||||||
Earnout liability | i 5,677 | i 5,677 | i — | i — | i 5,677 | ||||||||||||||||||||||||
Derivative liabilities | i 137,493 | i 137,493 | i — | i 135,725 | i 1,768 | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | i 4,252,917 | $ | i 4,252,917 | $ | i 4,252,917 | $ | i — | $ | i — | |||||||||||||||||||
Trading securities | i 10,880 | i 10,880 | i — | i 10,880 | i — | ||||||||||||||||||||||||
Investment securities available for sale | i 7,962,438 | i 7,962,438 | i 20,257 | i 7,940,160 | i 2,021 | ||||||||||||||||||||||||
Loans held for sale | i 760,123 | i 760,939 | i — | i 216,647 | i 544,292 | ||||||||||||||||||||||||
Private equity investments | i 1,021 | i 1,021 | i — | i — | i 1,021 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | i 37,650 | i 37,650 | i 37,650 | i — | i — | ||||||||||||||||||||||||
Loans, net | i 37,647,248 | i 37,605,881 | i — | i — | i 37,605,881 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | i 3,258 | i 3,258 | i — | i — | i 3,258 | ||||||||||||||||||||||||
Derivative assets | i 401,295 | i 401,295 | i — | i 401,295 | i — | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | i 13,477,854 | $ | i 13,477,854 | $ | i — | $ | i 13,477,854 | $ | i — | |||||||||||||||||||
Non-time interest-bearing deposits | i 27,265,521 | i 27,265,521 | i — | i 27,265,521 | i — | ||||||||||||||||||||||||
Time deposits | i 5,948,196 | i 5,970,146 | i — | i 5,970,146 | i — | ||||||||||||||||||||||||
Total deposits | $ | i 46,691,571 | $ | i 46,713,521 | $ | i — | $ | i 46,713,521 | $ | i — | |||||||||||||||||||
Securities sold under repurchase agreements | i 227,922 | i 227,922 | i 227,922 | i — | i — | ||||||||||||||||||||||||
Trading liability for short positions | i 7,717 | i 7,717 | i — | i 7,717 | i — | ||||||||||||||||||||||||
Long-term debt | i 1,202,494 | i 1,266,825 | i — | i 1,266,825 | i — | ||||||||||||||||||||||||
Earnout liability | i 5,677 | i 5,677 | i — | i — | i 5,677 | ||||||||||||||||||||||||
Derivative liabilities | i 157,167 | i 157,167 | i — | i 155,119 | i 2,048 | ||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
(in thousands) | Notional Amount | Derivative Assets (1) | Derivative Liabilities (2) | Notional Amount | Derivative Assets (1) | Derivative Liabilities (2) | |||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | i 3,250,000 | $ | i 55,873 | $ | i 4,885 | $ | i 3,000,000 | $ | i 80,802 | $ | i — | |||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | i 55,873 | $ | i 4,885 | $ | i 80,802 | $ | i — | |||||||||||||||||||||||||||
Derivatives
not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate contracts(3) | $ | i 8,891,025 | $ | i 211,787 | $ | i 130,737 | $ | i 8,784,141 | $ | i 314,234 | $ | i 153,204 | |||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | i 284,662 | i 4,540 | i — | i 306,138 | i 6,259 | i — | |||||||||||||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | i 298,000 | i 4,631 | i — | i 230,500 | i — | i 1,611 | |||||||||||||||||||||||||||||
Other
contracts(4) | i 170,131 | i — | i 103 | i 234,884 | i — | i 304 | |||||||||||||||||||||||||||||
Visa derivative | i — | i — | i 1,768 | i — | i — | i 2,048 | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | i 220,958 | $ | i 132,608 | $ | i 320,493 | $ | i 157,167 | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||||||||
Total amounts presented in the consolidated statements of income in interest income on loans | $ | i 8,342 | $ | i 3,637 | |||||||||||||||||||
Gain/loss
on cash flow hedging relationships:(1) | |||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | i 1,599 | i 120 | |||||||||||||||||||||
Pre-tax income recognized on cash flow hedges | $ | i 1,599 | $ | i 120 | |||||||||||||||||||
Gain (Loss) Recognized in Consolidated Statements of Income | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(in thousands) | Location in Consolidated Statements of Income | 2021 | 2020 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Capital markets income | $ | i 947 | $ | ( i 604) | ||||||||||||||||||||||||||||
Other
contracts(2) | Capital markets income | i 201 | ( i 337) | |||||||||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | Mortgage banking income | ( i 1,719) | i 7,024 | |||||||||||||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | i 6,242 | ( i 4,929) | |||||||||||||||||||||||||||||
Total
derivatives not designated as hedging instruments | $ | i 5,671 | $ | i 1,154 | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | |||||||||||||||||||||
Basic Net Income Per Common Share: | |||||||||||||||||||||||
Net income available to common shareholders | $ | i 178,802 | $ | i 30,230 | |||||||||||||||||||
Weighted average common shares outstanding | i 148,467 | i 147,311 | |||||||||||||||||||||
Net income per common share, basic | $ | i 1.20 | $ | i 0.21 | |||||||||||||||||||
Diluted Net Income Per Common Share: | |||||||||||||||||||||||
Net income available to common shareholders | $ | i 178,802 | $ | i 30,230 | |||||||||||||||||||
Weighted average common shares outstanding | i 148,467 | i 147,311 | |||||||||||||||||||||
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments | i 1,313 | i 1,090 | |||||||||||||||||||||
Weighted average diluted common shares | i 149,780 | i 148,401 | |||||||||||||||||||||
Net income per common share, diluted | $ | i 1.19 | $ | i 0.20 | |||||||||||||||||||
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Letters of credit* | $ | i 191,359 | $ | i 190,562 | |||||||
Commitments to fund commercial and industrial loans | i 8,464,375 | i 8,200,608 | |||||||||
Commitments to fund commercial real estate, construction, and land development loans | i 3,229,163 | i 3,290,041 | |||||||||
Commitments under home equity lines of credit | i 1,643,659 | i 1,602,831 | |||||||||
Unused credit card lines | i 984,268 | i 1,012,313 | |||||||||
Other loan commitments | i 511,084 | i 472,233 | |||||||||
Total letters of credit and unfunded lending commitments | $ | i 15,023,908 | $ | i 14,768,588 |
LIHTC,
solar energy tax credit and other CRA partnerships: | |||||||||||
Carrying amount included in other assets | $ | i 303,676 | $ | i 262,855 | |||||||
Amount of future funding commitments included in carrying amount | i 166,390 | i 133,946 | |||||||||
Permanent and short-term construction loans and letter of credit commitments | i 155,060 | i 84,552 | |||||||||
Funded portion of permanent and short-term loans and letters of credit | i 17,404 | i 9,762 | |||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Net interest income | $ | i 206,242 | $ | i 134,074 | $ | i 20,995 | $ | i 12,546 | $ | i 373,857 | |||||||||||||||||||
Non-interest revenue | i 29,754 | i 7,319 | i 58,583 | i 15,300 | i 110,956 | ||||||||||||||||||||||||
Non-interest expense | i 68,058 | i 20,724 | i 47,674 | i 130,678 | i 267,134 | ||||||||||||||||||||||||
Pre-provision net revenue | $ | i 167,938 | $ | i 120,669 | $ | i 31,904 | $ | ( i 102,832) | $ | i 217,679 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Net interest income | $ | i 196,504 | $ | i 123,170 | $ | i 17,384 | $ | i 36,202 | $ | i 373,260 | |||||||||||||||||||
Non-interest revenue | i 30,324 | i 9,327 | i 47,384 | i 16,822 | i 103,857 | ||||||||||||||||||||||||
Non-interest expense | i 73,973 | i 20,713 | i 43,391 | i 138,202 | i 276,279 | ||||||||||||||||||||||||
Pre-provision net revenue | $ | i 152,855 | $ | i 111,784 | $ | i 21,377 | $ | ( i 85,178) | $ | i 200,838 | |||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | i 10,745,585 | $ | i 19,305,649 | $ | i 5,175,578 | $ | i 3,578,289 | $ | i 38,805,101 | |||||||||||||||||||
Total deposits | $ | i 30,897,797 | $ | i 11,288,606 | $ | i 744,745 | $ | i 4,437,803 | $ | i 47,368,951 | |||||||||||||||||||
Total full-time equivalent employees | i 2,173 | i 282 | i 833 | i 1,773 | i 5,061 | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
(dollars in thousands) | Community Banking | Wholesale Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | ||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | i 11,171,013 | $ | i 18,810,729 | $ | i 5,370,790 | $ | i 2,900,452 | $ | i 38,252,984 | |||||||||||||||||||
Total deposits | $ | i 29,141,242 | $ | i 11,958,105 | $ | i 739,200 | $ | i 4,853,024 | $ | i 46,691,571 | |||||||||||||||||||
Total full-time equivalent employees | i 2,199 | i 285 | i 832 | i 1,818 | i 5,134 | ||||||||||||||||||||||||
(1) | the risks and uncertainties related to the impact of the COVID-19 pandemic on our assets, business, capital and liquidity, financial condition, prospects and results of operations; |
(2) | the risk that we may not realize the expected benefits from our efficiency and growth initiatives or that we may not be able to realize such cost savings or revenue benefits in the time period expected, which could negatively affect our future profitability; |
(3) | the risk that any 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 current economic contraction could last much longer and be more severe if efforts to contain the pandemic are unsuccessful; |
(4) | the risk that competition in the financial services industry may adversely affect our future earnings and growth; |
(5) | our ability to attract and retain employees and the impact of executive management transitions that are key to our growth and efficiency strategies; |
(6) | risks that our asset quality may deteriorate, our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures, and the risk that we may be unable to obtain full payment in respect of any loan or other receivables; |
(7) | the impact of recent and proposed changes in governmental policy, laws and regulations, including recently enacted laws, regulations and guidance related to government stimulus programs related to the COVID-19 pandemic, 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; |
(8) | changes in the interest rate environment, including changes to the federal funds rate to include a negative interest rate environment, 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 our current and future information technology system enhancements and operational initiatives may not be successfully implemented, which could negatively impact our operations; |
(10) | risks related to our implementation of new lines of business, new products and services or new technologies; |
(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) | 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; |
(14) | changes in the cost and availability of funding due to changes in the deposit market and credit market; |
(15) | 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; |
(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 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; |
(18) | the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives; |
(19) | the risks that if economic conditions worsen further or regulatory capital rules are modified, we may be required to undertake initiatives to improve or conserve our capital position; |
(20) | risks related to the continued use, availability and reliability of LIBOR and the risks related to the transition from LIBOR to other benchmark rates; |
(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) | 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; |
(24) | 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; |
(25) | 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; |
(26) | 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; |
(27) | the costs and effects of litigation, investigations or similar matters, or adverse facts and developments related thereto, including the costs and effects of litigation related to our participation in government stimulus programs associated with the COVID-19 pandemic; |
(28) | risks related to the fluctuation in our stock price and general volatility in the stock market; |
(29) | the effects of any damages to our reputation resulting from developments related to any of the items identified above; and |
(30) | 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) | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
Net
interest income | $ | 373,857 | $ | 373,260 | — | % | |||||||||||||||||||||||||||||
(Reversal of) provision for credit losses | (18,575) | 158,722 | (112) | ||||||||||||||||||||||||||||||||
Non-interest
revenue | 110,956 | 103,857 | 7 | ||||||||||||||||||||||||||||||||
Adjusted non-interest revenue(1) | 112,946 | 99,378 | 14 | ||||||||||||||||||||||||||||||||
Total
FTE revenue | 485,587 | 477,903 | 2 | ||||||||||||||||||||||||||||||||
Adjusted total revenue(1) | 487,577 | 473,424 | 3 | ||||||||||||||||||||||||||||||||
Non-interest
expense | 267,134 | 276,279 | (3) | ||||||||||||||||||||||||||||||||
Adjusted non-interest expense(1) | 266,603 | 271,155 | (2) | ||||||||||||||||||||||||||||||||
Income
before income taxes | 236,254 | 42,116 | 461 | ||||||||||||||||||||||||||||||||
Net income | 187,093 | 38,521 | 386 | ||||||||||||||||||||||||||||||||
Net
income available to common shareholders | 178,802 | 30,230 | 492 | ||||||||||||||||||||||||||||||||
Net income per common share, basic | 1.20 | 0.21 | 487 | ||||||||||||||||||||||||||||||||
Net
income per common share, diluted | 1.19 | 0.20 | 486 | ||||||||||||||||||||||||||||||||
Adjusted net income per common share, diluted(1) | 1.21 | 0.21 | 483 | ||||||||||||||||||||||||||||||||
Net
interest margin(2) | 3.04 | % | 3.37 | % | (33) | bps | |||||||||||||||||||||||||||||
Net charge-off ratio(2) | 0.21 | 0.21 | — | ||||||||||||||||||||||||||||||||
Return
on average assets(2) | 1.40 | 0.32 | 108 | ||||||||||||||||||||||||||||||||
Adjusted return on average assets(1)(2) | 1.41 | 0.32 | 109 | ||||||||||||||||||||||||||||||||
Efficiency
ratio-FTE | 55.01 | 57.81 | (280) | ||||||||||||||||||||||||||||||||
Adjusted tangible efficiency ratio(1) | 54.19 | 56.72 | (253) |
March 31, 2021 | December 31, 2020 | Sequential Quarter Change | March 31, 2020 | Year-Over-Year Change | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 38,805,101 | $ | 38,252,984 | $ | 552,117 | $ | 38,258,024 | $ | 547,077 | ||||||||||||||||||||||
Total average loans | 38,212,267 | 38,884,551 | (672,284) | 37,593,045 | 619,222 | |||||||||||||||||||||||||||
Total deposits | 47,368,951 | 46,691,571 | 677,380 | 39,826,585 | 7,542,366 | |||||||||||||||||||||||||||
Core
deposits (excludes brokered deposits) | 44,174,284 | 43,121,165 | 1,053,119 | 35,838,637 | 8,335,647 | |||||||||||||||||||||||||||
Core transaction deposits (excludes brokered and public fund deposits) | 34,804,575 | 32,754,609 | 2,049,966 | 24,790,621 | 10,013,954 | |||||||||||||||||||||||||||
Total
average deposits | 46,454,878 | 45,973,980 | 480,898 | 38,687,207 | 7,767,671 | |||||||||||||||||||||||||||
Non-performing assets ratio | 0.50 | % | 0.50 | % | — | bps | 0.50 | % | — | bps | ||||||||||||||||||||||
Non-performing loans ratio | 0.40 | 0.39 | 1 | 0.41 | (1) | |||||||||||||||||||||||||||
Past due loans over 90 days | 0.01 | 0.01 | — | 0.02 | (1) | |||||||||||||||||||||||||||
CET1 capital | $ | 4,184,715 | $ | 4,034,865 | $ | 149,850 | $ | 3,744,415 | $ | 440,300 | ||||||||||||||||||||||
Tier 1 capital | 4,721,860 | 4,572,010 | 149,850 | 4,281,560 | 440,300 | |||||||||||||||||||||||||||
Total risk-based capital | 5,733,956 | 5,604,230 | 129,726 | 5,289,039 | 444,917 | |||||||||||||||||||||||||||
CET1 capital ratio | 9.74 | % | 9.66 | % | 8 | bps | 8.70 | % | 104 | bps | ||||||||||||||||||||||
Tier 1 capital ratio | 10.99 | 10.95 | 4 | 9.95 | 104 | |||||||||||||||||||||||||||
Total risk-based capital ratio | 13.34 | 13.42 | (8) | 12.29 | 105 | |||||||||||||||||||||||||||
Total
shareholders’ equity to total assets ratio | 9.36 | 9.49 | (13) | 10.01 | (65) | |||||||||||||||||||||||||||
Tangible common equity ratio(1) | 7.55 | 7.66 | (11) | 7.94 | (39) | |||||||||||||||||||||||||||
Return
on average common equity(2) | 15.77 | 12.31 | 346 | 2.75 | 1,302 | |||||||||||||||||||||||||||
Adjusted return on average common equity(1)(2) | 15.93 | 13.91 | 202 | 2.79 | 1,314 | |||||||||||||||||||||||||||
Adjusted
return on average tangible common equity(1)(2) | 18.04 | 15.79 | 225 | 3.39 | 1,465 | |||||||||||||||||||||||||||
Table 2 - Loans by Portfolio Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 vs. December 31, 2020 Change | March 31, 2021 vs. March 31, 2020 Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 12,662,329 | 32.6 | % | $ | 12,410,152 | 32.4 | % | $ | 252,177 | 2 | % | $ | 10,902,455 | 28.4 | % | $ | 1,759,874 | 16 | % | |||||||||||||||||||||||||||||||||||||||
Owner-occupied | 7,031,505 | 18.1 | 7,110,016 | 18.6 | (78,511) | (1) | 6,907,893 | 18.1 | 123,612 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 19,693,834 | 50.7 | 19,520,168 | 51.0 | 173,666 | 1 | 17,810,348 | 46.5 | 1,883,486 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment properties | 9,335,725 | 24.1 | 9,103,379 | 23.8 | 232,346 | 3 | 9,024,916 | 23.6 | 310,809 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | 638,954 | 1.6 | 628,695 | 1.6 | 10,259 | 2 | 736,937 | 1.9 | (97,983) | (13) | |||||||||||||||||||||||||||||||||||||||||||||||||
Land and development | 559,249 | 1.4 | 593,633 | 1.6 | (34,384) | (6) | 713,505 | 1.9 | (154,256) | (22) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 10,533,928 | 27.1 | 10,325,707 | 27.0 | 208,221 | 2 | 10,475,358 | 27.4 | 58,570 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,299,175 | 13.7 | 5,513,491 | 14.4 | (214,316) | (4) | 5,613,997 | 14.7 | (314,822) | (6) | |||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines | 1,432,367 | 3.7 | 1,537,726 | 4.0 | (105,359) | (7) | 1,793,486 | 4.7 | (361,119) | (20) | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit cards | 267,371 | 0.7 | 281,018 | 0.7 | (13,647) | (5) | 261,581 | 0.7 | 5,790 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | 1,578,426 | 4.1 | 1,074,874 | 2.9 | 503,552 | 47 | 2,303,254 | 6.0 | (724,828) | (31) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 8,577,339 | 22.2 | 8,407,109 | 22.0 | 170,230 | 2 | 9,972,318 | 26.1 | (1,394,979) | (14) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 38,805,101 | 100.0 | % | $ | 38,252,984 | 100.0 | % | $ | 552,117 | 1 | % | $ | 38,258,024 | 100.0 | % | $ | 547,077 | 1 | % | |||||||||||||||||||||||||||||||||||||||
Table 3 - Commercial and Industrial Loans by Industry | |||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||||||||||||
Health care and social assistance | $ | 3,962,288 | 20.1 | % | $ | 3,891,162 | 19.9 | % | |||||||||||||||
Finance and insurance | 1,772,701 | 9.0 | 1,685,797 | 8.6 | |||||||||||||||||||
Accommodation and food services | 1,325,876 | 6.7 | 1,205,107 | 6.2 | |||||||||||||||||||
Manufacturing | 1,323,787 | 6.7 | 1,275,169 | 6.5 | |||||||||||||||||||
Retail trade | 1,256,529 | 6.4 | 1,303,263 | 6.7 | |||||||||||||||||||
Wholesale trade | 1,163,470 | 5.9 | 1,152,082 | 5.9 | |||||||||||||||||||
Professional, scientific, and technical services | 1,122,222 | 5.7 | 1,133,549 | 5.8 | |||||||||||||||||||
Real estate and rental and leasing | 1,118,034 | 5.7 | 1,158,367 | 5.9 | |||||||||||||||||||
Other services | 1,104,261 | 5.6 | 1,123,109 | 5.8 | |||||||||||||||||||
Construction | 1,056,487 | 5.4 | 1,036,652 | 5.3 | |||||||||||||||||||
Transportation and warehousing | 938,935 | 4.8 | 924,275 | 4.7 | |||||||||||||||||||
Arts, entertainment, and recreation | 702,007 | 3.6 | 777,905 | 4.0 | |||||||||||||||||||
Real estate other | 701,448 | 3.6 | 686,350 | 3.5 | |||||||||||||||||||
Educational services | 439,818 | 2.2 | 395,193 | 2.0 | |||||||||||||||||||
Public Administration | 437,142 | 2.2 | 435,636 | 2.2 | |||||||||||||||||||
Administration, support, waste management, and remediation | 368,172 | 1.9 | 377,065 | 1.9 | |||||||||||||||||||
Agriculture, forestry, fishing, and hunting | 357,473 | 1.8 | 383,010 | 2.0 | |||||||||||||||||||
Information | 312,333 | 1.6 | 291,425 | 1.5 | |||||||||||||||||||
Other industries | 230,851 | 1.1 | 285,052 | 1.6 | |||||||||||||||||||
Total commercial and industrial loans | $ | 19,693,834 | 100.0 | % | $ | 19,520,168 | 100.0 | % | |||||||||||||||
Table 4 - Composition of Period-end Deposits | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | March 31, 2021 | %(1) | December 31, 2020 | %(1) | March 31, 2020 | %(1) | |||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits(2) | $ | 13,742,075 | 29.0 | % | $ | 12,382,708 | 26.5 | % | $ | 8,968,756 | 22.5 | % | |||||||||||||||||||||||||||||||||||
Interest-bearing
demand deposits(2) | 5,841,749 | 12.3 | 5,674,416 | 12.2 | 4,617,368 | 11.6 | |||||||||||||||||||||||||||||||||||||||||
Money market accounts(2) | 13,943,717 | 29.5 | 13,541,236 | 29.0 | 10,255,014 | 25.8 | |||||||||||||||||||||||||||||||||||||||||
Savings
deposits(2) | 1,277,034 | 2.7 | 1,156,249 | 2.5 | 949,483 | 2.4 | |||||||||||||||||||||||||||||||||||||||||
Public funds | 6,154,948 | 13.0 | 6,760,628 | 14.5 | 5,261,383 | 13.2 | |||||||||||||||||||||||||||||||||||||||||
Time
deposits(2) | 3,214,761 | 6.8 | 3,605,928 | 7.7 | 5,786,633 | 14.5 | |||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 3,194,667 | 6.7 | 3,570,406 | 7.6 | 3,987,948 | 10.0 | |||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 47,368,951 | 100.0 | % | $ | 46,691,571 | 100.0 | % | $ | 39,826,585 | 100.0 | % | |||||||||||||||||||||||||||||||||||
Core
deposits(3) | $ | 44,174,284 | 93.3 | % | $ | 43,121,165 | 92.4 | % | $ | 35,838,637 | 90.0 | % | |||||||||||||||||||||||||||||||||||
Core
transaction deposits(4) | $ | 34,804,575 | 73.5 | % | $ | 32,754,609 | 70.2 | % | $ | 24,790,621 | 62.2 | % | |||||||||||||||||||||||||||||||||||
Time deposits greater than $100,000, including brokered and public funds | $ | 4,105,424 | 8.7 | % | $ | 4,748,029 | 10.2 | % | $ | 7,176,468 | 18.0 | % | |||||||||||||||||||||||||||||||||||
Brokered time deposits | $ | 1,281,027 | 2.7 | % | $ | 1,590,096 | 3.4 | % | $ | 2,229,596 | 5.6 | % | |||||||||||||||||||||||||||||||||||
Table 5 - Non-interest Revenue | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 20,033 | $ | 20,689 | (3) | % | |||||||||||||||||||||||||||||
Fiduciary and asset management fees | 17,954 | 15,174 | 18 | ||||||||||||||||||||||||||||||||
Card fees | 11,996 | 10,950 | 10 | ||||||||||||||||||||||||||||||||
Brokerage revenue | 12,974 | 12,398 | 5 | ||||||||||||||||||||||||||||||||
Mortgage banking income | 22,315 | 12,227 | 83 | ||||||||||||||||||||||||||||||||
Capital markets income | 7,505 | 11,243 | (33) | ||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | 8,843 | 6,038 | 47 | ||||||||||||||||||||||||||||||||
Investment securities (losses) gains, net | (1,990) | 8,734 | nm | ||||||||||||||||||||||||||||||||
Decrease in fair value of private equity investments | — | (4,255) | nm | ||||||||||||||||||||||||||||||||
Other non-interest revenue | 11,326 | 10,659 | 6 | ||||||||||||||||||||||||||||||||
Total non-interest revenue | $ | 110,956 | $ | 103,857 | 7 | % | |||||||||||||||||||||||||||||
Table 6 - Non-interest Expense | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||||
Salaries and other personnel expense | $ | 161,477 | $ | 149,678 | 8 | % | |||||||||||||||||||||||||||||
Net occupancy, equipment, and software expense | 41,134 | 42,194 | (3) | ||||||||||||||||||||||||||||||||
Third-party processing and other services | 20,032 | 22,700 | (12) | ||||||||||||||||||||||||||||||||
Professional fees | 9,084 | 10,675 | (15) | ||||||||||||||||||||||||||||||||
FDIC insurance and other regulatory fees | 5,579 | 5,278 | 6 | ||||||||||||||||||||||||||||||||
Amortization of intangibles | 2,379 | 2,640 | (10) | ||||||||||||||||||||||||||||||||
Restructuring charges | 531 | 3,220 | nm | ||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | 1,904 | nm | ||||||||||||||||||||||||||||||||
Other operating expenses | 26,918 | 37,990 | (29) | ||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 267,134 | $ | 276,279 | (3) | % | |||||||||||||||||||||||||||||
Table 7 - Credit Quality Metrics | |||||||||||||||||
(dollars in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||
Non-performing loans | $ | 155,169 | $ | 151,079 | $ | 156,287 | |||||||||||
Impaired loans held for sale | 23,590 | 23,590 | — | ||||||||||||||
ORE and other assets | 16,849 | 17,394 | 33,679 | ||||||||||||||
Non-performing assets | $ | 195,608 | $ | 192,063 | $ | 189,966 | |||||||||||
Total
loans | $ | 38,805,101 | $ | 38,252,984 | $ | 38,258,024 | |||||||||||
Non-performing loans as a % of total loans | 0.40 | % | 0.39 | % | 0.41 | % | |||||||||||
Non-performing
assets as a % of total loans, ORE, and specific other assets | 0.50 | 0.50 | 0.50 | ||||||||||||||
Loans 90 days past due and still accruing | $ | 3,804 | $ | 4,117 | $ | 6,398 | |||||||||||
As
a % of total loans | 0.01 | % | 0.01 | % | 0.02 | % | |||||||||||
Total past due loans and still accruing | $ | 45,693 | $ | 47,349 | $ | 83,235 | |||||||||||
As
a % of total loans | 0.12 | % | 0.12 | % | 0.22 | % | |||||||||||
Net charge-offs, quarter | $ | 20,204 | $ | 22,139 | $ | 20,061 | |||||||||||
Net charge-offs/average loans, quarter | 0.21 | % | 0.23 | % | 0.21 | % | |||||||||||
(Reversal of) provision for loan losses, quarter | $ | (22,318) | $ | 24,075 | $ | 149,117 | |||||||||||
Provision for (reversal of) unfunded commitments, quarter | 3,743 | (13,009) | 9,605 | ||||||||||||||
(Reversal of) provision for credit losses, quarter | $ | (18,575) | $ | 11,066 | $ | 158,722 | |||||||||||
Allowance for loan losses | $ | 563,214 | $ | 605,736 | $ | 493,452 | |||||||||||
Reserve for unfunded commitments | 51,528 | 47,785 | 38,420 | ||||||||||||||
Allowance for credit losses | $ | 614,742 | $ | 653,521 | $ | 531,872 | |||||||||||
ACL
to loans coverage ratio | 1.58 | % | 1.71 | % | 1.39 | % | |||||||||||
ALL to loans coverage ratio | 1.45 | 1.58 | 1.29 | ||||||||||||||
ACL/NPLs | 396.18 | 432.57 | 340.32 | ||||||||||||||
ALL/NPLs | 362.97 | 400.94 | 315.74 | ||||||||||||||
Table 8 - Criticized and Classified Loans | |||||||||||
(dollars in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Special mention loans | $ | 1,107,272 | $ | 977,028 | |||||||
Substandard loans | 685,474 | 553,720 | |||||||||
Doubtful loans | 34,430 | 33,204 | |||||||||
Loss loans | 2,664 | 3,032 | |||||||||
Criticized and Classified loans | $ | 1,829,840 | $ | 1,566,984 | |||||||
As a % of
total loans | 4.7 | % | 4.1 | % | |||||||
Table 9 - Accruing TDRs by Risk Grade | |||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||||||
Pass | $ | 63,809 | 49.2 | % | $ | 72,463 | 53.7 | % | $ | 75,073 | 46.9 | % | |||||||||||||||||||||||
Special mention | 8,560 | 6.6 | 8,935 | 6.6 | 10,925 | 6.8 | |||||||||||||||||||||||||||||
Substandard accruing | 57,407 | 44.2 | 53,574 | 39.7 | 74,130 | 46.3 | |||||||||||||||||||||||||||||
Total accruing TDRs | $ | 129,776 | 100.0 | % | $ | 134,972 | 100.0 | % | $ | 160,128 | 100.0 | % | |||||||||||||||||||||||
Table 10 - Capital Ratios | |||||||||||
(dollars in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
CET1 capital | |||||||||||
Synovus Financial Corp. | $ | 4,184,715 | $ | 4,034,865 | |||||||
Synovus Bank | 4,746,560 | 4,641,711 | |||||||||
Tier 1 risk-based capital | |||||||||||
Synovus Financial Corp. | 4,721,860 | 4,572,010 | |||||||||
Synovus Bank | 4,746,560 | 4,641,711 | |||||||||
Total risk-based capital | |||||||||||
Synovus Financial Corp. | 5,733,956 | 5,604,230 | |||||||||
Synovus Bank | 5,446,080 | 5,361,611 | |||||||||
CET1 capital ratio | |||||||||||
Synovus Financial Corp. | 9.74 | % | 9.66 | % | |||||||
Synovus Bank | 11.06 | 11.11 | |||||||||
Tier 1 risk-based capital ratio | |||||||||||
Synovus Financial Corp. | 10.99 | 10.95 | |||||||||
Synovus Bank | 11.06 | 11.11 | |||||||||
Total risk-based capital to risk-weighted assets ratio | |||||||||||
Synovus Financial Corp. | 13.34 | 13.42 | |||||||||
Synovus Bank | 12.69 | 12.83 | |||||||||
Leverage ratio | |||||||||||
Synovus Financial Corp. | 8.80 | 8.50 | |||||||||
Synovus Bank | 8.85 | 8.73 | |||||||||
Tangible common equity ratio(1) | |||||||||||
Synovus Financial Corp. | 7.55 | 7.66 | |||||||||
Table 11 - Average Balances and Yields/Rates | 2021 | 2020 | |||||||||||||||||||||||||||
(dollars in thousands) (yields and rates annualized) | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||||||||||
Interest Earning Assets: | |||||||||||||||||||||||||||||
Investment
securities(1)(2) | $ | 8,437,563 | 7,493,822 | 7,227,400 | 6,618,533 | 6,680,047 | |||||||||||||||||||||||
Yield | 1.40 | % | 2.07 | 2.39 | 2.72 | 3.09 | |||||||||||||||||||||||
Trading
account assets(3) | $ | 3,063 | 8,496 | 5,391 | 6,173 | 6,306 | |||||||||||||||||||||||
Yield | 2.81 | % | 1.03 | 1.69 | 2.19 | 2.70 | |||||||||||||||||||||||
Commercial
loans(2)(4) | $ | 29,844,491 | 30,363,102 | 30,730,135 | 30,236,919 | 27,607,343 | |||||||||||||||||||||||
Yield | 3.95 | % | 3.96 | 3.80 | 3.95 | 4.57 | |||||||||||||||||||||||
Consumer
loans(4) | $ | 8,367,776 | 8,521,449 | 9,032,437 | 9,899,172 | 9,985,702 | |||||||||||||||||||||||
Yield | 3.98 | % | 4.00 | 4.08 | 4.34 | 4.60 | |||||||||||||||||||||||
Allowance
for loan losses | $ | (599,872) | (595,547) | (591,098) | (498,545) | (368,033) | |||||||||||||||||||||||
Loans, net(4) | $ | 37,612,395 | 38,289,004 | 39,171,474 | 39,637,546 | 37,225,012 | |||||||||||||||||||||||
Yield | 4.02 | % | 4.03 | 3.92 | 4.08 | 4.62 | |||||||||||||||||||||||
Mortgage
loans held for sale | $ | 246,962 | 309,278 | 244,952 | 221,157 | 86,415 | |||||||||||||||||||||||
Yield | 2.68 | % | 2.74 | 2.92 | 3.09 | 3.67 | |||||||||||||||||||||||
Other loans held for sale | $ | 660,753 | 544,301 | 493,940 | 19,246 | — | |||||||||||||||||||||||
Yield | 2.91 | % | 2.81 | 3.61 | 4.19 | — | |||||||||||||||||||||||
Other
earning assets(5) | $ | 2,838,021 | 2,716,645 | 1,265,880 | 1,709,086 | 652,130 | |||||||||||||||||||||||
Yield | 0.10 | % | 0.10 | 0.11 | 0.11 | 1.02 | |||||||||||||||||||||||
Federal
Home Loan Bank and Federal Reserve Bank Stock(3) | $ | 157,657 | 162,537 | 200,923 | 247,801 | 284,082 | |||||||||||||||||||||||
Yield | 1.69 | % | 2.64 | 2.73 | 3.60 | 3.38 | |||||||||||||||||||||||
Total
interest earning assets | $ | 49,956,414 | 49,524,083 | 48,609,960 | 48,459,542 | 44,933,992 | |||||||||||||||||||||||
Yield | 3.32 | % | 3.49 | 3.58 | 3.75 | 4.33 | |||||||||||||||||||||||
Interest-Bearing
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 8,570,753 | 8,531,415 | 7,789,095 | 7,260,940 | 6,445,986 | |||||||||||||||||||||||
Rate | 0.14 | % | 0.16 | 0.19 | 0.21 | 0.51 | |||||||||||||||||||||||
Money
market accounts, excluding brokered deposits | $ | 15,348,916 | 14,411,860 | 13,272,972 | 12,238,479 | 11,548,014 | |||||||||||||||||||||||
Rate | 0.23 | % | 0.26 | 0.36 | 0.46 | 1.00 | |||||||||||||||||||||||
Savings
deposits | $ | 1,219,288 | 1,147,667 | 1,114,956 | 1,036,024 | 926,822 | |||||||||||||||||||||||
Rate | 0.02 | % | 0.01 | 0.02 | 0.02 | 0.05 | |||||||||||||||||||||||
Time
deposits under $100,000 | $ | 1,161,306 | 1,239,592 | 1,379,923 | 1,621,943 | 1,761,741 | |||||||||||||||||||||||
Rate | 0.56 | % | 0.74 | 1.03 | 1.43 | 1.64 | |||||||||||||||||||||||
Time
deposits over $100,000 | $ | 2,993,996 | 3,302,959 | 3,863,821 | 4,772,555 | 5,051,705 | |||||||||||||||||||||||
Rate | 0.74 | % | 1.03 | 1.44 | 1.80 | 2.04 | |||||||||||||||||||||||
Other
brokered deposits | $ | 1,950,582 | 1,978,393 | 1,912,114 | 1,998,571 | 1,376,669 | |||||||||||||||||||||||
Rate | 0.20 | % | 0.23 | 0.23 | 0.25 | 1.42 | |||||||||||||||||||||||
Brokered
time deposits | $ | 1,418,751 | 1,795,982 | 2,232,940 | 2,244,429 | 2,166,496 | |||||||||||||||||||||||
Rate | 1.50 | % | 1.60 | 1.59 | 1.86 | 2.11 | |||||||||||||||||||||||
Total
interest-bearing deposits | $ | 32,663,592 | 32,407,868 | 31,565,821 | 31,172,941 | 29,277,433 | |||||||||||||||||||||||
Rate | 0.31 | % | 0.39 | 0.54 | 0.73 | 1.18 | |||||||||||||||||||||||
Federal
funds purchased and securities sold under repurchase agreements | $ | 209,448 | 174,316 | 180,342 | 250,232 | 167,324 | |||||||||||||||||||||||
Rate | 0.07 | % | 0.07 | 0.09 | 0.12 | 0.30 | |||||||||||||||||||||||
Other
short-term borrowings | $ | — | — | 46,739 | 550,000 | 1,384,362 | |||||||||||||||||||||||
Rate | — | % | — | 1.12 | 1.23 | 1.66 | |||||||||||||||||||||||
Long-term
debt | $ | 1,202,613 | 1,552,791 | 2,234,665 | 2,834,188 | 2,678,651 | |||||||||||||||||||||||
Rate | 3.63 | % | 3.96 | 2.71 | 2.36 | 2.78 | |||||||||||||||||||||||
Total
interest-bearing liabilities | $ | 34,075,653 | 34,134,975 | 34,027,567 | 34,807,361 | 33,507,770 | |||||||||||||||||||||||
Rate | 0.42 | % | 0.55 | 0.68 | 0.86 | 1.30 | |||||||||||||||||||||||
Non-interest-bearing
demand deposits | $ | 13,791,286 | 13,566,112 | 12,773,676 | 11,923,534 | 9,409,774 | |||||||||||||||||||||||
Cost of funds | 0.30 | % | 0.40 | 0.50 | 0.65 | 1.04 | |||||||||||||||||||||||
Effective
cost of funds(6) | 0.28 | % | 0.37 | 0.48 | 0.62 | 0.96 | |||||||||||||||||||||||
Net interest margin | 3.04 | % | 3.12 | 3.10 | 3.13 | 3.37 | |||||||||||||||||||||||
Taxable
equivalent adjustment(2) | $ | 774 | 821 | 956 | 861 | 786 | |||||||||||||||||||||||
Table 12 - Net Interest Income and Rate/Volume Analysis | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2021 Compared to 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances | Interest | Annualized Yield/Rate | Change due to | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | Volume | Rate | |||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | $ | 8,437,563 | $ | 6,680,047 | $ | 29,458 | $ | 51,655 | 1.40 | % | 3.09 | % | $ | 13,391 | $ | (35,588) | $ | (22,197) | |||||||||||||||||||||||||||||||||||
Trading account assets | 3,063 | 6,306 | 22 | 43 | 2.81 | 2.70 | (22) | 1 | (21) | ||||||||||||||||||||||||||||||||||||||||||||
Taxable
loans, net(1) | 37,715,121 | 37,177,611 | 369,579 | 424,387 | 3.96 | 4.59 | 6,084 | (60,892) | (54,808) | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt
loans, net(1)(2) | 497,146 | 415,434 | 3,686 | 3,734 | 3.01 | 3.61 | 727 | (775) | (48) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (599,872) | (368,033) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | 37,612,395 | 37,225,012 | 373,265 | 428,121 | 4.02 | 4.62 | 6,811 | (61,667) | (54,856) | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 246,962 | 86,415 | 1,657 | 792 | 2.68 | 3.67 | 1,453 | (588) | 865 | ||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | 660,753 | — | 4,805 | — | 2.91 | — | — | 4,805 | 4,805 | ||||||||||||||||||||||||||||||||||||||||||||
Other
earning assets(3) | 2,838,021 | 652,130 | 716 | 1,675 | 0.10 | 1.02 | 5,444 | (6,403) | (959) | ||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 157,657 | 284,082 | 668 | 2,397 | 1.69 | 3.38 | (1,054) | (675) | (1,729) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 49,956,414 | 44,933,992 | 410,591 | 484,683 | 3.32 | 4.33 | 26,023 | (100,115) | (74,092) | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 518,780 | 515,153 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 460,466 | 491,244 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | 1,823 | 13,395 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 1,051,520 | 892,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other
assets(4) | 2,199,501 | 1,849,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 54,188,504 | $ | 48,696,595 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 8,570,753 | $ | 6,445,986 | $ | 2,973 | $ | 8,109 | 0.14 | % | 0.51 | % | $ | 2,672 | $ | (7,808) | $ | (5,136) | |||||||||||||||||||||||||||||||||||
Money market accounts | 17,299,498 | 12,924,683 | 9,706 | 33,625 | 0.23 | 1.05 | 11,327 | (35,246) | (23,919) | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,219,288 | 926,822 | 49 | 110 | 0.02 | 0.05 | 36 | (97) | (61) | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 5,574,053 | 8,979,942 | 12,290 | 44,158 | 0.89 | 1.98 | (16,628) | (15,240) | (31,868) | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 209,448 | 167,324 | 34 | 127 | 0.07 | 0.30 | 31 | (124) | (93) | ||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | — | 1,384,362 | — | 5,805 | — | 1.66 | (5,666) | (139) | (5,805) | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 1,202,613 | 2,678,651 | 10,908 | 18,703 | 3.63 | 2.78 | (10,118) | 2,323 | (7,795) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 34,075,653 | 33,507,770 | 35,960 | 110,637 | 0.42 | 1.30 | (18,346) | (56,331) | (74,677) | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | 13,791,286 | 9,409,774 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,185,344 | 817,627 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 5,136,221 | 4,961,424 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 54,188,504 | $ | 48,696,595 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread: | 2.90 | % | 3.03 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - FTE/margin(5) | $ | 374,631 | $ | 374,046 | 3.04 | % | 3.37 | % | $ | 44,369 | $ | (43,784) | $ | 585 | |||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | 774 | 786 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, actual | $ | 373,857 | $ | 373,260 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 Short-term Interest Rates (in bps) | March 31, 2021 | December 31, 2020 | ||||||||||||
+200 | 4.9% | 6.8% | ||||||||||||
+100 | 2.4% | 3.5% | ||||||||||||
Flat | —% | —% | ||||||||||||
-25 | (0.3)% | (0.5)% | ||||||||||||
Table 14 - Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
(in thousands) | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||
Adjusted non-interest revenue | |||||||||||||||||||||||
Total non-interest revenue | $ | 110,956 | $ | 103,857 | |||||||||||||||||||
Add/subtract: Investment securities losses (gains), net | 1,990 | (8,734) | |||||||||||||||||||||
Add: Decrease in fair value of private equity investments, net | — | 4,255 | |||||||||||||||||||||
Adjusted non-interest revenue | $ | 112,946 | $ | 99,378 | |||||||||||||||||||
Adjusted non-interest expense | |||||||||||||||||||||||
Total non-interest expense | $ | 267,134 | $ | 276,279 | |||||||||||||||||||
Subtract: Restructuring charges | (531) | (3,220) | |||||||||||||||||||||
Subtract: Loss on early extinguishment of debt | — | (1,904) | |||||||||||||||||||||
Adjusted non-interest expense | $ | 266,603 | $ | 271,155 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
(in thousands, except per share data) | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||
Adjusted total revenue and adjusted tangible efficiency ratio | |||||||||||||||||||||||
Adjusted non-interest expense | $ | 266,603 | $ | 271,155 | |||||||||||||||||||
Subtract: Amortization of intangibles | (2,379) | (2,640) | |||||||||||||||||||||
Adjusted tangible non-interest expense | $ | 264,224 | $ | 268,515 | |||||||||||||||||||
Net interest income | $ | 373,857 | $ | 373,260 | |||||||||||||||||||
Add: Tax equivalent adjustment | 774 | 786 | |||||||||||||||||||||
Add: Total non-interest revenue | 110,956 | 103,857 | |||||||||||||||||||||
Total FTE revenue | $ | 485,587 | $ | 477,903 | |||||||||||||||||||
Add/subtract: Investment securities losses (gains), net | 1,990 | (8,734) | |||||||||||||||||||||
Add: Decrease in fair value of private equity investments, net | — | 4,255 | |||||||||||||||||||||
Adjusted total revenue | $ | 487,577 | $ | 473,424 | |||||||||||||||||||
Efficiency ratio-FTE | 55.01 | % | 57.81 | % | |||||||||||||||||||
Adjusted tangible efficiency ratio | 54.19 | 56.72 | |||||||||||||||||||||
Adjusted net income per common share, diluted | |||||||||||||||||||||||
Net income available to common shareholders | $ | 178,802 | $ | 30,230 | |||||||||||||||||||
Add: Restructuring charges | 531 | 3,220 | |||||||||||||||||||||
Add: Loss on early extinguishment of debt | — | 1,904 | |||||||||||||||||||||
Add/subtract: Investment securities losses (gains), net | 1,990 | (8,734) | |||||||||||||||||||||
Add: Decrease in fair value of private equity investments, net | — | 4,255 | |||||||||||||||||||||
Subtract: Tax effect of adjustments (1) | (638) | (167) | |||||||||||||||||||||
Adjusted net income available to common shareholders | $ | 180,685 | $ | 30,708 | |||||||||||||||||||
Weighted average common shares outstanding, diluted | 149,780 | 148,401 | |||||||||||||||||||||
Adjusted net income per common share, diluted | $ | 1.21 | $ | 0.21 | |||||||||||||||||||
Table 14 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
(dollars in thousands) | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||
Adjusted return on average assets (annualized) | |||||||||||||||||||||||
Net income | $ | 187,093 | $ | 38,521 | |||||||||||||||||||
Add: Restructuring charges | 531 | 3,220 | |||||||||||||||||||||
Add: Loss on early extinguishment of debt | — | 1,904 | |||||||||||||||||||||
Add/subtract: Investment securities losses (gains), net | 1,990 | (8,734) | |||||||||||||||||||||
Add: Decrease in fair value of private equity investments, net | — | 4,255 | |||||||||||||||||||||
Subtract: Tax effect of adjustments (1) | (638) | (167) | |||||||||||||||||||||
Adjusted net income | $ | 188,976 | $ | 38,999 | |||||||||||||||||||
Net income annualized | 758,766 | 154,931 | |||||||||||||||||||||
Adjusted net income annualized | 766,403 | 156,853 | |||||||||||||||||||||
Total average assets | 54,188,504 | 48,696,595 | |||||||||||||||||||||
Return on average assets (annualized) | 1.40 | % | 0.32 | % | |||||||||||||||||||
Adjusted return on average assets (annualized) | 1.41 | 0.32 | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||
(dollars in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||
Adjusted return on average common equity and adjusted return on average tangible common equity (annualized) | |||||||||||||||||
Net income available to common shareholders | $ | 178,802 | $ | 142,118 | $ | 30,230 | |||||||||||
Add: Restructuring charges | 531 | 18,068 | 3,220 | ||||||||||||||
Add: Valuation adjustment to Visa derivative | — | 890 | — | ||||||||||||||
Add: Loss on early extinguishment of debt | — | 8,409 | 1,904 | ||||||||||||||
Add/subtract: Investment securities losses (gains), net | 1,990 | (2,337) | (8,734) | ||||||||||||||
Subtract/add: (Increase) decrease in fair value of private equity investments | — | (63) | 4,255 | ||||||||||||||
Subtract: Tax effect of adjustments (1) | (638) | (6,467) | (167) | ||||||||||||||
Net income available to common shareholders | $ | 180,685 | $ | 160,618 | $ | 30,708 | |||||||||||
Adjusted net income available to common shareholders' annualized | $ | 732,778 | $ | 638,980 | $ | 123,507 | |||||||||||
Add: Amortization of intangibles, annualized net of tax | 7,207 | 7,782 | 7,868 | ||||||||||||||
Adjusted net income available to common shareholders excluding amortization of intangibles annualized | $ | 739,985 | $ | 646,762 | $ | 131,375 | |||||||||||
Net income available to common shareholders annualized | $ | 725,141 | $ | 565,382 | $ | 121,584 | |||||||||||
Total average shareholders' equity less preferred stock | $ | 4,599,076 | $ | 4,594,199 | $ | 4,424,278 | |||||||||||
Subtract: Goodwill | (452,390) | (452,390) | (497,267) | ||||||||||||||
Subtract: Other intangible assets, net | (44,005) | (46,511) | (54,514) | ||||||||||||||
Total average tangible shareholders' equity less preferred stock | $ | 4,102,681 | $ | 4,095,298 | $ | 3,872,497 | |||||||||||
Return on average common equity (annualized) | 15.77 | % | 12.31 | % | 2.75 | % | |||||||||||
Adjusted return on average common equity (annualized) | 15.93 | 13.91 | 2.79 | ||||||||||||||
Adjusted return on average tangible common equity (annualized) | 18.04 | 15.79 | 3.39 | ||||||||||||||
Table 14 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||||||||||||||
(dollars in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||
Tangible common equity ratio | |||||||||||||||||||||||
Total assets | $ | 55,159,011 | $ | 54,394,159 | $ | 50,619,585 | |||||||||||||||||
Subtract: Goodwill | (452,390) | (452,390) | (497,267) | ||||||||||||||||||||
Subtract: Other intangible assets, net | (42,733) | (45,112) | (53,032) | ||||||||||||||||||||
Tangible assets | $ | 54,663,888 | $ | 53,896,657 | $ | 50,069,286 | |||||||||||||||||
Total shareholders' equity | $ | 5,161,717 | $ | 5,161,334 | $ | 5,065,205 | |||||||||||||||||
Subtract: Goodwill | (452,390) | (452,390) | (497,267) | ||||||||||||||||||||
Subtract: Other intangible assets, net | (42,733) | (45,112) | (53,032) | ||||||||||||||||||||
Subtract: Preferred stock, no par value | (537,145) | (537,145) | (537,145) | ||||||||||||||||||||
Tangible common equity | $ | 4,129,449 | $ | 4,126,687 | $ | 3,977,761 | |||||||||||||||||
Total shareholders' equity to total assets ratio | 9.36 | % | 9.49 | % | 10.01 | % | |||||||||||||||||
Tangible common equity ratio | 7.55 | 7.66 | 7.94 | ||||||||||||||||||||
(1)
An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied. |
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
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 6, 2021 | 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) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/30/23 | ||||
12/31/22 | ||||
1/1/22 | ||||
12/31/21 | 10-K, 11-K, 13F-HR | |||
Filed on: | 5/6/21 | |||
5/5/21 | ||||
4/30/21 | ||||
For Period end: | 3/31/21 | 11-K, 13F-HR | ||
3/11/21 | ||||
3/5/21 | ||||
1/26/21 | 8-K | |||
1/19/21 | ||||
1/1/21 | ||||
12/31/20 | 10-K, 11-K, 13F-HR | |||
12/27/20 | ||||
12/15/20 | 4 | |||
10/1/20 | ||||
8/26/20 | ||||
4/24/20 | 13F-HR, 4, 8-K | |||
4/7/20 | ||||
4/3/20 | ||||
3/31/20 | 10-Q, 13F-HR | |||
3/27/20 | ||||
3/22/20 | ||||
3/12/20 | 4 | |||
3/1/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 11-K, 13F-HR, 5 | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/23/24 Synovus Financial Corp. 10-K 12/31/23 136:28M 2/24/23 Synovus Financial Corp. 10-K 12/31/22 133:29M 2/25/22 Synovus Financial Corp. 10-K 12/31/21 128:29M 5/17/21 Synovus Financial Corp. S-8 5/17/21 2:99K |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/24/20 Synovus Financial Corp. 8-K:3,5,9 4/24/20 14:559K |