Synovus Announces Earnings for the Fourth Quarter 2021

Rhea-AI Summary

Synovus Financial Corp. (NYSE: SNV) reported strong financial results for the fourth quarter and year ended December 31, 2021. Net income for 2021 was $727.3 million, or $4.90 per diluted share, a sharp rise from $340.5 million in 2020. Adjusted diluted earnings per share reached $1.35, up 12% from the previous quarter. Total loans grew by $1.4 billion, or 4%, while deposits rose by $1.7 billion, or 4%. The company maintained a strong capital position with a CET1 ratio of 9.49% and completed $200 million in share repurchases.

Positive

• Net income increased 114% year-over-year, rising from $340.5 million in 2020 to $727.3 million in 2021.
• Adjusted diluted earnings per share grew to $4.95 in 2021, up 106% from $2.41 in 2020.
• Period-end loans increased by $2.9 billion, or 8%, excluding PPP loans.
• Core transaction deposits rose by $5.1 billion, or 16%, enhancing liquidity.

Negative

• Non-interest expense increased by 11% quarter-over-quarter, rising to $295.2 million.
• Net interest margin decreased by 5 basis points to 2.96% due to reduced PPP fee contributions.

Diluted Earnings per Share of $1.31 vs. $1.21 in 3Q21

Adjusted Diluted Earnings per Share of $1.35 vs. $1.20 in 3Q21

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021.

2021 Highlights

• Net income available to common shareholders for 2021 was $727.3 million or $4.90 per diluted share as compared to $340.5 million or $2.30 per diluted share for 2020.
  • Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%.
• Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans.
  • Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers.
• Period-end deposit growth of $2.7 billion or 6%.
  • Core transaction deposits (non-interest bearing, interest bearing demand, NOW/savings, and money market deposits excluding public and brokered funds) increased $5.1 billion or 16%.
  • Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020.
• Non-interest revenue, excluding securities gains, increased $23.3 million or 5% year over year, reflecting strong growth in core banking fees and wealth revenue, offset by the normalization of net mortgage revenue.
• Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital.
  • Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year.
• Allowance for Credit Losses (ACL) decreased $184.0 million, and the ACL ratio decreased 52 basis points to 1.19%, or 1.21% excluding PPP loans, primarily due to a continued positive shift in the economic outlook.
• Achieved pre-tax run rate benefit of approximately $110 million from Synovus Forward initiatives, driving positive operating leverage, ahead of schedule; remain on track for expected cumulative $175 million pre-tax benefit by the end of 2022.
• Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021.

Fourth Quarter 2021 Highlights

• Net income available to common shareholders was $192.1 million or $1.31 per diluted share as compared to $178.5 million or $1.21 in the prior quarter.
  • Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year.
• Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans.
  • PPP loans declined $382.6 million quarter over quarter.
• Period-end deposit growth of $1.7 billion or 4% from the third quarter.
  • Core transaction deposits increased $1.3 billion or 4% quarter over quarter.
• Net interest income of $392.3 million an increase of 2% quarter over quarter.
  • Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter.
• Non-interest revenue of 117.1 million, an increase of 2% from third quarter.
  • Continued growth in wealth revenue and a one-time $8 million BOLI benefit in the fourth quarter were offset by a reduction in net mortgage revenue.
• Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter.
  • Adjusted non-interest expense of $285.6 million increased $18.5 million quarter over quarter due to recurring expense increases such as investments in Synovus Forward initiatives as well as other expense increases not expected to recur including a seed gift into a newly established donor advised fund and environment-driven health care costs.
• Credit quality metrics experienced broad based improvement.
  • Key metrics include a quarter-end non-performing loan ratio of 0.33%, non-performing asset ratio of 0.40% and a quarterly net charge-off ratio of 0.11%.

Fourth Quarter Summary

	Reported												Adjusted
(dollars in thousands)		4Q21				3Q21				4Q20				4Q21				3Q21				4Q20
Net income available to common shareholders	$	192,110			$	178,482			$	142,118			$	198,373			$	177,760			$	160,618
Diluted earnings per share		1.31				1.21				0.96				1.35				1.20				1.08
Total loans		39,311,958				38,341,030				38,252,984				N/A				N/A				N/A
Total deposits		49,427,276				47,688,419				46,691,571				N/A				N/A				N/A
Total TE(1) revenue		510,265				500,608				501,514				509,040				499,743				497,342
Return on avg assets		1.40	%			1.34	%			1.11	%			1.44	%			1.33	%			1.25	%
Return on avg common equity		16.11				14.96				12.31				16.64				14.90				13.91
Return on avg tangible common equity		18.14				16.85				14.00				18.72				16.79				15.79
Net interest margin		2.96				3.01				3.12				N/A				N/A				N/A
Efficiency ratio		57.85				53.34				60.32				55.64				52.96				54.43
Net charge-off ratio		0.11				0.22				0.23				N/A				N/A				N/A
NPA ratio		0.40				0.45				0.50				N/A				N/A				N/A
(1)Taxable equivalent

“Our team closed out a strong 2021 as fourth quarter results showed sustained momentum headlined by broad-based loan growth during the quarter, and earnings per share of $1.31, which is up 37% from the fourth quarter 2020,” said Synovus President and CEO Kevin Blair. “2021 was another challenging year, but our teams were able to navigate the uncertain environment to support our clients, contribute to our communities and deliver for our shareholders. Driven by record levels of loan production, continued growth in our fee income businesses and disciplined expense management, we generated 6% growth in adjusted pre-provision net revenue in 2021. Momentum as we enter 2022 is strong; coupled with the strategic investments we are making in talent and technology, we are extremely well-positioned to deliver outsized growth this year and in years to come.”

Balance Sheet

Loans*
(dollars in millions)		4Q21			3Q21		Linked Quarter Change				Linked Quarter % Change				4Q20		Year/Year Change			Year/Year % Change
Commercial & industrial	$	19,561.2		$	18,934.8		$	626.4			3	%		$	19,520.2		$	41.0		—	%
Commercial real estate		10,981.5			10,540.3			441.2			4				10,325.7			655.8		6
Consumer		8,769.3			8,866.0			(96.7	)		(1	)			8,407.1			362.2		4
Total loans	$	39,312.0		$	38,341.0		$	970.9			3	%		$	38,253.0		$	1,059.0		3	%
* Amounts may not total due to rounding

• Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter.
  • Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter.
  • Second consecutive quarter of record commercial loan production.
• Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter.
  • C&I line utilization increased approximately 340 basis points to 43%.
• Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized.
• Consumer loans decreased by $96.7 million or 1% sequentially.

Deposits*
(dollars in millions)		4Q21			3Q21		Linked Quarter Change				Linked Quarter % Change				4Q20		Year/Year Change				Year/Year % Change
Non-interest-bearing DDA	$	15,242.8		$	14,832.9		$	409.9			3	%		$	12,382.7		$	2,860.1			23	%
Interest-bearing DDA		6,347.0			6,056.0			291.0			5				5,674.4			672.5			12
Money market		14,886.4			14,267.4			619.0			4				13,541.2			1,345.2			10
Savings		1,404.4			1,380.4			24.0			2				1,156.2			248.2			21
Public funds		6,284.6			5,791.6			493.0			9				6,760.6			(476.1	)		(7	)
Time deposits		2,427.1			2,579.3			(152.3	)		(6	)			3,605.9			(1,178.9	)		(33	)
Brokered deposits		2,835.0			2,780.7			54.3			2				3,570.4			(735.4	)		(21	)
Total deposits	$	49,427.3		$	47,688.4		$	1,738.9			4	%		$	46,691.6		$	2,735.7			6	%
* Amounts may not total due to rounding

• Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially.
  • Core transaction deposits increased $1.3 billion or 4% from the prior quarter.
  • Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter.
• Total deposit costs declined 1 basis point from the third quarter to 12 basis points.

Income Statement Summary*
(in thousands, except per share data)		4Q21				3Q21			Linked Quarter Change				Linked Quarter % Change				4Q20		Year/Year Change				Year/Year % Change
Net interest income	$	392,313			$	384,917			$	7,396			2	%		$	385,932		$	6,381			2	%
Non-interest revenue		117,068				114,955				2,113			2				114,761			2,307			2
Non-interest expense		295,207				267,032				28,175			11				302,498			(7,291	)		(2	)
(Reversal of) provision for credit losses		(55,210	)			(7,868	)			(47,342	)		602				11,066			(66,276	)		nm
Income before taxes	$	269,384			$	240,708			$	28,676			12	%		$	187,129		$	82,255			44	%
Income tax expense		68,983				53,935				15,048			28				36,720			32,263			88
Preferred stock dividends		8,291				8,291				—			—				8,291			—			—
Net income available to common shareholders	$	192,110			$	178,482			$	13,628			8	%		$	142,118		$	49,992			35	%
Weighted average common shares outstanding, diluted		146,793				147,701				(908	)		(1	)			148,725			(1,932	)		(1	)
Diluted earnings per share	$	1.31			$	1.21			$	0.10			8	%		$	0.96		$	0.35			37	%
Adjusted diluted earnings per share	$	1.35			$	1.20			$	0.15			12	%		$	1.08		$	0.27			25	%
* Amounts may not total due to rounding

Core Performance

• Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially.
• Net interest income increased $7.4 million or 2% compared to the prior quarter.
  • Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $12.7 million, down $8.6 million from the third quarter.
• Net interest margin was 2.96%, down 5 basis points from the previous quarter.
  • The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets.
• Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021.
  • Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue.
• Non-interest expense increased $28.2 million or 11% sequentially. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter.
  • The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses.
• Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter.
  • Included in the provision was net charge-offs of $10.5 million offset by a reduction in the ACL ratio to 1.19% at quarter-end, or 1.21% excluding PPP loans.
• The effective tax rate was 25.6% for the quarter.

Capital Ratios
	4Q21			3Q21			4Q20
Common equity Tier 1 capital (CET1) ratio	9.49	%	*	9.58	%		9.66	%
Tier 1 capital ratio	10.65		*	10.79			10.95
Total risk-based capital ratio	12.60		*	12.92			13.42
Tier 1 leverage ratio	8.72		*	8.78			8.50
Tangible common equity ratio	7.52			7.68			7.66
* Ratios are preliminary

Capital

• Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%.
  • Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases.
• Preliminary total risk-based capital ratio of 12.60% decreased 32 basis points from the prior quarter, primarily from strong asset growth and reduction in the allowance for credit losses.

Fourth Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on January 20, 2022. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus Investor Day

Synovus will host an Investor Day presentation at 8:00 a.m. ET on February 8th, 2022. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Synovus provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 279 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram.

Forward-Looking Statements

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

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue; adjusted non-interest expense; adjusted revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and adjusted pre-provision net revenue are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total TE revenue; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and income before income taxes, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total TE revenue and non-interest revenue exclusive of net investment securities gains (losses), gain on sale and changes in the fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. Adjusted pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly, and other items that management believes are not indicative of ongoing operations and affect period-to-period comparisons. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)		4Q21				3Q21				4Q20				2021				2020
Adjusted non-interest revenue
Total non-interest revenue	$	117,068			$	114,955			$	114,761			$	450,066			$	506,513
Subtract/add: Investment securities (gains) losses, net		(230	)			(962	)			(2,337	)			799				(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		—				—				(63	)			—				(4,775	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		(995	)			97				(1,772	)			(2,816	)			(2,310	)
Adjusted non-interest revenue	$	115,843			$	114,090			$	110,589			$	448,049			$	420,497
Adjusted non-interest expense
Total non-interest expense	$	295,207			$	267,032			$	302,498			$	1,099,904			$	1,179,574
Add/subtract: Earnout liability adjustments		—				243				—				(507	)			(4,908	)
Subtract: Goodwill impairment		—				—				—				—				(44,877	)
Subtract: Restructuring charges		(5,958	)			(319	)			(18,068	)			(7,223	)			(26,991	)
Subtract: Valuation adjustment to Visa derivative		(2,656	)			—				(890	)			(2,656	)			(890	)
Subtract: Loss on early extinguishment of debt		—				—				(8,409	)			—				(10,466	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		(995	)			97				(1,772	)			(2,816	)			(2,310	)
Adjusted non-interest expense	$	285,598			$	267,053			$	273,359			$	1,086,702			$	1,089,132
Adjusted revenue and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	285,598			$	267,053			$	273,359			$	1,086,702			$	1,089,132
Subtract: Amortization of intangibles		(2,379	)			(2,379	)			(2,640	)			(9,516	)			(10,560	)
Adjusted tangible non-interest expense	$	283,219			$	264,674			$	270,719			$	1,077,186			$	1,078,572
Net interest income	$	392,313			$	384,917			$	385,932			$	1,532,947			$	1,512,748
Add: Tax equivalent adjustment		884				736				821				3,185				3,424
Add: Total non-interest revenue		117,068				114,955				114,761				450,066				506,513
Total TE revenue		510,265				500,608				501,514				1,986,198				2,022,685
Subtract/add: Investment securities (gains) losses, net		(230	)			(962	)			(2,337	)			799				(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		—				—				(63	)			—				(4,775	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		(995	)			97				(1,772	)			(2,816	)			(2,310	)
Adjusted revenue	$	509,040			$	499,743			$	497,342			$	1,984,181			$	1,936,669
Efficiency ratio-TE		57.85	%			53.34	%			60.32	%			55.38	%			58.32	%
Adjusted tangible efficiency ratio		55.64				52.96				54.43				54.29				55.69

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)		4Q21				3Q21				4Q20				2021				2020
Adjusted return on average assets
Net income	$	200,401			$	186,773			$	150,409			$	760,467			$	373,695
Subtract/add: Earnout liability adjustments		—				(243	)			—				507				4,908
Add: Goodwill impairment		—				—				—				—				44,877
Add: Restructuring charges		5,958				319				18,068				7,223				26,991
Add: Valuation adjustment to Visa derivative		2,656				—				890				2,656				890
Add: Loss on early extinguishment of debt		—				—				8,409				—				10,466
Subtract/add: Investment securities (gains) losses, net		(230	)			(962	)			(2,337	)			799				(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		—				—				(63	)			—				(4,775	)
Subtract/add: Tax effect of adjustments(1)		(2,121	)			164				(6,467	)			(2,702	)			11,748
Adjusted net income	$	206,664			$	186,051			$	168,909			$	768,950			$	389,869
Net income annualized	$	795,069			$	741,002			$	598,366			$	760,467			$	373,695
Adjusted net income annualized	$	819,917			$	738,137			$	671,964			$	768,950			$	389,869
Total average assets	$	56,911,929			$	55,326,260			$	53,833,909			$	55,368,481			$	52,138,038
Return on average assets		1.40	%			1.34	%			1.11	%			1.37	%			0.72	%
Adjusted return on average assets		1.44				1.33				1.25				1.39				0.75
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	192,110			$	178,482			$	142,118			$	727,304			$	340,532
Subtract/add: Earnout liability adjustments		—				(243	)			—				507				4,908
Add: Goodwill impairment		—				—				—				—				44,877
Add: Restructuring charges		5,958				319				18,068				7,223				26,991
Add: Valuation adjustment to Visa derivative		2,656				—				890				2,656				890
Add: Loss on early extinguishment of debt		—				—				8,409				—				10,466
Subtract/add: Investment securities (gains) losses, net		(230	)			(962	)			(2,337	)			799				(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		—				—				(63	)			—				(4,775	)
Subtract/add: Tax effect of adjustments(1)		(2,121	)			164				(6,467	)			(2,702	)			11,748
Adjusted net income available to common shareholders	$	198,373			$	177,760			$	160,618			$	735,787			$	356,706
Weighted average common shares outstanding, diluted		146,793				147,701				148,725				148,495				148,210
Net income per common share, diluted	$	1.31			$	1.21			$	0.96			$	4.90			$	2.30
Adjusted net income per common share, diluted		1.35				1.20				1.08				4.95				2.41

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)		4Q21				3Q21				4Q20				2021				2020
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity
Net income available to common shareholders	$	192,110			$	178,482			$	142,118			$	727,304			$	340,532
Subtract/add: Earnout liability adjustments		—				(243	)			—				507				4,908
Add: Goodwill impairment		—				—				—				—				44,877
Add: Restructuring charges		5,958				319				18,068				7,223				26,991
Add: Valuation adjustment to Visa derivative		2,656				—				890				2,656				890
Add: Loss on early extinguishment of debt		—				—				8,409				—				10,466
Subtract/add: Investment securities (gains) losses, net		(230	)			(962	)			(2,337	)			799				(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		—				—				(63	)			—				(4,775	)
Subtract/add: Tax effect of adjustments(1)		(2,121	)			164				(6,467	)			(2,702	)			11,748
Adjusted net income available to common shareholders	$	198,373			$	177,760			$	160,618			$	735,787			$	356,706
Adjusted net income available to common shareholders annualized	$	787,023			$	705,243			$	638,980			$	735,787			$	356,706
Add: Amortization of intangibles, tax effected		7,050				7,050				7,782				7,108				7,825
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	794,073			$	712,293			$	646,762			$	742,895			$	364,531
Net income available to common shareholders annualized	$	762,176			$	708,108			$	565,382			$	727,304			$	340,532
Add: Amortization of intangibles, tax effected		7,050				7,050				7,782				7,108				7,825
Net income available to common shareholders excluding amortization of intangibles annualized	$	769,226			$	715,158			$	573,164			$	734,412			$	348,357
Total average shareholders' equity less preferred stock	$	4,730,828			$	4,734,754			$	4,594,199			$	4,674,833			$	4,534,935
Subtract: Goodwill		(452,390	)			(452,390	)			(452,390	)			(452,390	)			(485,987	)
Subtract: Other intangible assets, net		(36,805	)			(39,109	)			(46,511	)			(40,307	)			(50,427	)
Total average tangible shareholders' equity less preferred stock	$	4,241,633			$	4,243,255			$	4,095,298			$	4,182,136			$	3,998,521
Return on average common equity		16.11	%			14.96	%			12.31	%			15.56	%			7.51	%
Adjusted return on average common equity		16.64				14.90				13.91				15.74				7.87
Return on average tangible common equity		18.14				16.85				14.00				17.56				8.71
Adjusted return on average tangible common equity		18.72				16.79				15.79				17.76				9.12

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,				September 30,				December 31,
(dollars in thousands)		2021				2021				2020
Tangible common equity ratio
Total assets	$	57,317,226			$	55,509,129			$	54,394,159
Subtract: Goodwill		(452,390	)			(452,390	)			(452,390	)
Subtract: Other intangible assets, net		(35,596	)			(37,975	)			(45,112	)
Tangible assets	$	56,829,240			$	55,018,764			$	53,896,657
Total shareholders’ equity	$	5,296,800			$	5,252,802			$	5,161,334
Subtract: Goodwill		(452,390	)			(452,390	)			(452,390	)
Subtract: Other intangible assets, net		(35,596	)			(37,975	)			(45,112	)
Subtract: Preferred stock, no par value		(537,145	)			(537,145	)			(537,145	)
Tangible common equity	$	4,271,669			$	4,225,292			$	4,126,687
Total shareholders’ equity to total assets ratio		9.24	%			9.46	%			9.49	%
Tangible common equity ratio		7.52				7.68				7.66
(dollars in thousands)		2021				2020
Adjusted pre-provision net revenue
Taxable equivalent net interest income	$	1,536,132			$	1,516,172
Add: Adjusted non-interest revenue		448,049				420,497
Subtract: Adjusted non-interest expense		1,086,702				1,089,132
Adjusted pre-provision net revenue	$	897,479			$	847,537
Income before income taxes	$	989,360			$	484,665
(1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied.

Synovus
INCOME STATEMENT DATA
(Unaudited)		Years Ended
(Dollars in thousands, except per share data)		December 31,
		2021				2020				% Change
Interest income		$	1,653,343			$	1,804,495			(8	) %
Interest expense			120,396				291,747			(59	)
Net interest income			1,532,947				1,512,748			1
(Reversal of) provision for credit losses			(106,251	)			355,022			nm
Net interest income after provision for credit losses			1,639,198				1,157,726			42
Non-interest revenue:
Service charges on deposit accounts			86,310				73,132			18
Fiduciary and asset management fees			77,147				63,251			22
Card fees			51,399				42,702			20
Brokerage revenue			56,439				44,781			26
Mortgage banking income			54,371				91,413			(41	)
Capital markets income			26,118				27,336			(4	)
Income from bank-owned life insurance			38,019				31,297			21
Investment securities (losses) gains, net			(799	)			78,931			nm
Other non-interest revenue			61,062				53,670			14
Total non-interest revenue			450,066				506,513			(11	)
Non-interest expense:
Salaries and other personnel expense			649,426				618,214			5
Net occupancy, equipment, and software expense			169,222				169,658			—
Third-party processing and other services			86,688				87,992			(1	)
Professional fees			32,785				56,899			(42	)
FDIC insurance and other regulatory fees			22,355				25,210			(11	)
Other operating expenses			139,428				221,601			(37	)
Total non-interest expense			1,099,904				1,179,574			(7	)
Income before income taxes			989,360				484,665			104
Income tax expense			228,893				110,970			106
Net income			760,467				373,695			103
Less: Preferred stock dividends			33,163				33,163			—
Net income available to common shareholders		$	727,304			$	340,532			114	%
Net income per common share, basic			4.95				2.31			114	%
Net income per common share, diluted			4.90				2.30			113
Cash dividends declared per common share			1.32				1.32			—
Return on average assets			1.37	%			0.72	%		65 bps
Return on average common equity			15.56				7.51			805
Weighted average common shares outstanding, basic			147,041				147,415			—	%
Weighted average common shares outstanding, diluted			148,495				148,210			—
nm - not meaningful
bps - basis points

Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)	2021													2020		Fourth Quarter
	Fourth Quarter				Third Quarter			Second Quarter			First Quarter			Fourth Quarter		21 vs '20
																% Change
Interest income	$	418,279			412,504			412,743			409,817			433,479		(4	) %
Interest expense		25,966			27,587			30,883			35,960			47,547		(45	)
Net interest income		392,313			384,917			381,860			373,857			385,932		2
(Reversal of) provision for credit losses		(55,210	)		(7,868	)		(24,598	)		(18,575	)		11,066		nm
Net interest income after provision for credit losses		447,523			392,785			406,458			392,432			374,866		19
Non-interest revenue:
Service charges on deposit accounts		22,221			22,641			21,414			20,033			19,063		17
Fiduciary and asset management fees		20,602			19,786			18,805			17,954			17,242		19
Card fees		12,861			13,238			13,304			11,996			11,743		10
Brokerage revenue		14,795			14,745			13,926			12,974			11,794		25
Mortgage banking income		7,059			11,155			13,842			22,315			24,426		(71	)
Capital markets income		7,188			8,089			3,335			7,505			4,352		65
Income from bank-owned life insurance		15,168			6,820			7,188			8,843			9,725		56
Investment securities gains (losses), net		230			962			—			(1,990	)		2,337		nm
Other non-interest revenue		16,944			17,519			15,273			11,326			14,079		20
Total non-interest revenue		117,068			114,955			107,087			110,956			114,761		2
Non-interest expense:
Salaries and other personnel expense		167,018			160,364			160,567			161,477			153,946		8
Net occupancy, equipment, and software expense		42,780			43,483			41,825			41,134			44,183		(3	)
Third-party processing and other services		22,791			19,446			24,419			20,032			20,799		10
Professional fees		9,014			6,739			7,947			9,084			17,541		(49	)
FDIC insurance and other regulatory fees		6,016			5,212			5,547			5,579			6,288		(4	)
Other operating expenses		47,588			31,788			30,226			29,828			59,741		(20	)
Total non-interest expense		295,207			267,032			270,531			267,134			302,498		(2	)
Income before income taxes		269,384			240,708			243,014			236,254			187,129		44
Income tax expense		68,983			53,935			56,814			49,161			36,720		88
Net income		200,401			186,773			186,200			187,093			150,409		33
Less: Preferred stock dividends		8,291			8,291			8,291			8,291			8,291		—
Net income available to common shareholders	$	192,110			178,482			177,909			178,802			142,118		35
Net income per common share, basic	$	1.32			1.22			1.20			1.20			0.96		37	%
Net income per common share, diluted		1.31			1.21			1.19			1.19			0.96		37
Cash dividends declared per common share		0.33			0.33			0.33			0.33			0.33		—
Return on average assets *		1.40	%		1.34			1.36			1.40			1.11		29 bps
Return on average common equity *		16.11			14.96			15.40			15.77			12.31		380
Weighted average common shares outstanding, basic		145,316			146,308			148,113			148,467			147,744		(2	) %
Weighted average common shares outstanding, diluted		146,793			147,701			149,747			149,780			148,725		(1	)
nm - not meaningful
bps - basis points
* - ratios are annualized

Synovus
BALANCE SHEET DATA		December 31, 2021				September 30, 2021				December 31, 2020
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks		$	432,925			$	483,035			$	531,579
Interest-bearing funds with Federal Reserve Bank			2,479,006				2,103,497				3,586,565
Interest earning deposits with banks			25,535				23,261				20,944
Federal funds sold and securities purchased under resale agreements			72,387				77,627				113,829
Cash and cash equivalents			3,009,853				2,687,420				4,252,917
Investment securities available for sale, at fair value			10,918,329				10,481,071				7,962,438
Loans held for sale ($108,198, $152,258, and $216,647 measured at fair value, respectively)			750,642				550,948				760,123
Loans, net of deferred fees and costs			39,311,958				38,341,030				38,252,984
Allowance for loan losses			(427,597	)			(492,243	)			(605,736	)
Loans, net			38,884,361				37,848,787				37,647,248
Cash surrender value of bank-owned life insurance			1,068,616				1,065,256				1,049,373
Premises, equipment, and software, net			407,241				423,933				463,959
Goodwill			452,390				452,390				452,390
Other intangible assets, net			35,596				37,975				45,112
Other assets			1,790,198				1,961,349				1,760,599
Total assets		$	57,317,226			$	55,509,129			$	54,394,159
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits		$	16,392,653			$	15,787,882			$	13,477,854
Interest-bearing deposits			33,034,623				31,900,537				33,213,717
Total deposits			49,427,276				47,688,419				46,691,571
Federal funds purchased and securities sold under repurchase agreements			264,133				262,548				227,922
Other short-term borrowings			197				—				7,717
Long-term debt			1,204,229				1,203,761				1,202,494
Other liabilities			1,124,591				1,101,599				1,103,121
Total liabilities			52,020,426				50,256,327				49,232,825
Shareholders' equity:
Preferred stock – no par value. Authorized 100,000,000 shares; issued 22,000,000			537,145				537,145				537,145
Common stock – $1.00 par value. Authorized 342,857,143 shares; issued 169,383,758, 169,170,589, and 168,132,522 outstanding 145,010,086, 145,483,994, and 148,039,495			169,384				169,171				168,133
Additional paid-in capital			3,892,464				3,883,289				3,851,208
Treasury stock, at cost – 24,373,672, 23,686,595, and 20,093,027 shares			(931,497	)			(898,707	)			(731,806	)
Accumulated other comprehensive (loss) income, net			(82,321	)			(5,462	)			158,635
Retained earnings			1,711,625				1,567,366				1,178,019
Total shareholders’ equity			5,296,800				5,252,802				5,161,334
Total liabilities and shareholders' equity		$	57,317,226			$	55,509,129			$	54,394,159

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2021										2020
(dollars in thousands)	Average Balance				Interest			Yield/ Rate			Average Balance				Interest			Yield/ Rate
Assets
Interest earning assets:
Taxable loans, net(1)(2)	$	37,644,066			$	1,470,587		3.91	%		$	38,597,852			$	1,587,606		4.11	%
Tax-exempt loans, net(1)(2)(3)		506,779				15,165		2.99				497,467				16,274		3.27
Less: Allowance for loan losses		(537,324	)			—		—				(513,743	)			—		—
Loans, net		37,613,521				1,485,752		3.95				38,581,576				1,603,880		4.16
Investment securities available for sale		9,603,343				140,077		1.46				7,006,894				178,582		2.55
Trading account assets		5,613				87		1.55				6,593				121		1.84
Other earning assets(4)		3,002,110				3,912		0.13				1,588,150				3,185		0.20
FHLB and Federal Reserve Bank stock		159,176				2,891		1.82				223,606				7,073		3.16
Mortgage loans held for sale		203,840				5,935		2.91				215,788				6,412		2.97
Other loans held for sale		580,162				17,874		3.04				265,764				8,666		3.21
Total interest earning assets		51,167,765			$	1,656,528		3.24	%			47,888,371			$	1,807,919		3.78	%
Cash and due from banks		561,170										531,963
Premises and equipment		445,333										481,371
Other real estate		1,522										9,740
Cash surrender value of bank-owned life insurance		1,058,966										1,003,560
Other assets(5)		2,133,725										2,223,033
Total assets	$	55,368,481									$	52,138,038
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	8,701,078			$	9,844		0.11	%		$	7,510,429			$	19,034		0.25	%
Money market accounts		17,496,230				31,391		0.18				14,690,298				72,312		0.49
Savings deposits		1,335,269				229		0.02				1,056,777				247		0.02
Time deposits		4,770,002				33,455		0.70				7,853,325				126,184		1.61
Federal funds purchased and securities sold under repurchase agreements		210,949				128		0.06				192,967				274		0.14
Other short-term borrowings		—				—		—				492,697				7,643		1.53
Long-term debt		1,203,282				45,349		3.77				2,322,717				66,053		2.83
Total interest-bearing liabilities		33,716,810			$	120,396		0.35	%			34,119,210			$	291,747		0.84	%
Non-interest-bearing demand deposits		15,304,120										11,925,114
Other liabilities		1,135,573										1,021,633
Shareholders' equity		5,211,978										5,072,081
Total liabilities and shareholders' equity	$	55,368,481									$	52,138,038
Net interest income, taxable equivalent net interest margin (6)					$	1,536,132		3.01	%						$	1,516,172		3.18	%
Less: taxable-equivalent adjustment						3,185										3,424
Net interest income					$	1,532,947									$	1,512,748

1.	Average loans are shown net of deferred fees and costs. NPLs are included.
2.	Interest income includes net loan fees as follows: 2021 — $115.5 million and 2020 — $76.1 million.
3.	Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
4.	Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
5.	Includes average net unrealized gains/(losses) on investment securities available for sale of $46.0 million and $197.5 million for the years ended December 31, 2021 and 2020, respectively.
6.	The net interest margin is calculated by dividing net interest income-TE by average total interest earning assets.

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Fourth Quarter 2021										Third Quarter 2021										Fourth Quarter 2020
(dollars in thousands)	Average Balance				Interest			Yield/ Rate			Average Balance				Interest			Yield/ Rate			Average Balance				Interest			Yield/ Rate
Assets
Interest earning assets:
Taxable loans, net(1)(2)	$	37,820,821			$	366,141		3.86	%		$	37,055,648			$	366,554		3.84	%		$	38,379,396			$	383,766		4.04	%
Tax-exempt loans, net(1)(2)(3)		544,776				4,208		3.06				478,485				3,505		2.91				505,155				3,908		3.08
Less: Allowance for loan losses		(474,972	)			—		—				(514,828	)			—		—				(595,547	)			—		—
Loans, net		37,890,625				370,349		3.88				37,019,305				370,059		3.97				38,289,004				387,674		4.03
Investment securities available for sale		10,884,571				41,447		1.52				9,876,651				35,876		1.45				7,493,822				38,792		2.07
Trading account assets		11,280				42		1.50				5,192				15		1.15				8,496				22		1.03
Other earning assets(4)		3,186,271				1,208		0.15				3,271,501				1,247		0.15				2,716,645				708		0.10
FHLB and Federal Reserve Bank stock		159,933				919		2.30				159,741				503		1.26				162,537				1,073		2.64
Mortgage loans held for sale		130,786				1,009		3.09				196,032				1,410		2.88				309,278				2,121		2.74
Other loans held for sale		518,992				4,189		3.16				527,736				4,130		3.06				544,301				3,910		2.81
Total interest earning assets		52,782,458			$	419,163		3.16	%			51,056,158			$	413,240		3.22	%			49,524,083			$	434,300		3.49	%
Cash and due from banks		541,788										611,783										529,447
Premises and equipment		421,577										447,046										468,208
Other real estate		1,351										1,513										3,878
Cash surrender value of bank-owned life insurance		1,067,004										1,061,478										1,046,216
Other assets(5)		2,097,751										2,148,282										2,262,077
Total assets	$	56,911,929									$	55,326,260									$	53,833,909
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,165,054			$	2,238		0.10	%		$	8,463,325			$	2,192		0.10	%		$	8,531,415			$	3,473		0.16	%
Money market accounts		17,842,425				6,523		0.15				17,460,069				7,079		0.16				16,390,253				10,513		0.26
Savings deposits		1,408,858				65		0.02				1,377,089				60		0.02				1,147,667				43		0.01
Time deposits		4,155,681				5,618		0.54				4,420,805				6,756		0.61				6,338,533				18,078		1.13
Federal funds purchased and securities sold under repurchase agreements		227,664				24		0.04				202,525				35		0.07				174,316				32		0.07
Other short-term borrowings		—				—		—				—				—		—				—				—		—
Long-term debt		1,203,959				11,498		3.82				1,203,500				11,465		3.81				1,552,791				15,408		3.96
Total interest-bearing liabilities		34,003,641			$	25,966		0.30	%			33,127,313			$	27,587		0.33	%			34,134,975			$	47,547		0.55	%
Non-interest-bearing demand deposits		16,545,203										15,755,929										13,566,112
Other liabilities		1,095,112										1,171,119										1,001,477
Shareholders' equity		5,267,973										5,271,899										5,131,345
Total liabilities and shareholders' equity	$	56,911,929									$	55,326,260									$	53,833,909
Net interest income, taxable equivalent net interest margin (6)					$	393,197		2.96	%						$	385,653		3.01	%						$	386,753		3.12	%
Less: taxable-equivalent adjustment						884										736										821
Net interest income					$	392,313									$	384,917									$	385,932

1.	Average loans are shown net of deferred fees and costs. NPLs are included.
2.	Interest income includes net loan fees as follows: Fourth Quarter 2021 — $24.7 million, Third Quarter 2021 — $33.2 million, and Fourth Quarter 2020 — $9.3 million.
3.	Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
4.	Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements
5.	Includes average net unrealized gains/(losses) on investment securities available for sale of $(34.2) million, $151.5 million, and $128.5 million for the Fourth Quarter 2021, Third Quarter 2021, and Fourth Quarter 2020, respectively.
6.	The net interest margin is calculated by dividing annualized net interest income-TE by average total interest earning assets.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
		Total Loans			Total Loans			Linked Quarter			Total Loans			Year/Year
Loan Type		December 31, 2021			September 30, 2021			% Change			December 31, 2020			% Change
Commercial, Financial, and Agricultural		$	12,052,475		$	11,771,037		2	%		$	12,410,152		(3	) %
Owner-Occupied			7,508,686			7,163,751		5				7,110,016		6
Total Commercial & Industrial			19,561,161			18,934,788		3				19,520,168		—
Multi-Family			2,129,424			2,197,139		(3	)			2,190,534		(3	)
Hotels			1,537,060			1,441,414		7				1,442,242		7
Office Buildings			2,511,058			2,341,316		7				2,207,744		14
Shopping Centers			1,655,465			1,570,020		5				1,644,519		1
Warehouses			801,639			687,496		17				700,050		15
Other Investment Property			1,234,509			1,211,078		2				918,290		34
Total Investment Properties			9,869,155			9,448,463		4				9,103,379		8
1-4 Family Construction			206,881			191,906		8				182,981		13
1-4 Family Investment Mortgage			438,588			421,968		4				445,714		(2	)
Total 1-4 Family Properties			645,469			613,874		5				628,695		3
Commercial Development			102,790			103,512		(1	)			130,678		(21	)
Residential Development			171,820			186,033		(8	)			245,170		(30	)
Land Acquisition			192,256			188,378		2				217,785		(12	)
Land and Development			466,866			477,923		(2	)			593,633		(21	)
Total Commercial Real Estate			10,981,490			10,540,260		4				10,325,707		6
Consumer Mortgages			5,069,039			5,108,499		(1	)			5,513,491		(8	)
Home Equity Lines			1,281,989			1,308,254		(2	)			1,537,726		(17	)
Credit Cards			299,556			293,026		2				281,018		7
Other Consumer Loans			2,118,723			2,156,203		(2	)			1,074,874		97
Total Consumer			8,769,307			8,865,982		(1	)			8,407,109		4
Total		$	39,311,958		$	38,341,030		3	%		$	38,252,984		3	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)		Total Non-performing Loans			Total Non-performing Loans			Linked Quarter			Total Non-performing Loans			Year/Year
Loan Type		December 31, 2021			September 30, 2021			% Change			December 31, 2020			% Change
Commercial, Financial, and Agricultural		$	61,787		$	77,349		(20	) %		$	77,386		(20	) %
Owner-Occupied			11,196			13,134		(15	)			20,019		(44	)
Total Commercial & Industrial			72,983			90,483		(19	)			97,405		(25	)
Multi-Family			2,380			2,396		(1	)			168		nm
Office Buildings			1,615			2,488		(35	)			1,134		42
Shopping Centers			915			932		(2	)			21,082		(96	)
Warehouses			223			302		(26	)			217		3
Other Investment Property			717			624		15				2,030		(65	)
Total Investment Properties			5,850			6,742		(13	)			24,631		(76	)
1-4 Family Construction			55			522		(89	)			1,236		(96	)
1-4 Family Investment Mortgage			4,508			2,364		91				2,383		89
Total 1-4 Family Properties			4,563			2,886		58				3,619		26
Commercial Development			449			463		(3	)			582		(23	)
Residential Development			446			449		(1	)			533		(16	)
Land Acquisition			1,023			1,024		—				1,048		(2	)
Land and Development			1,918			1,936		(1	)			2,163		(11	)
Total Commercial Real Estate			12,331			11,564		7				30,413		(59	)
Consumer Mortgages			29,078			37,541		(23	)			8,740		233
Home Equity Lines			9,760			8,688		12				12,145		(20	)
Other Consumer Loans			6,890			7,189		(4	)			2,376		190
Total Consumer			45,728			53,418		(14	)			23,261		97
Total		$	131,042		$	155,465		(16	) %		$	151,079		(13	) %

Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)		2021										2020		Fourth Quarter
		Fourth				Third		Second		First		Fourth		21 vs '20
		Quarter				Quarter		Quarter		Quarter		Quarter		% Change
Non-performing Loans (NPL)		$	131,042			155,465		161,028		155,169		151,079		(13	) %
Impaired Loans Held for Sale			—			—		—		23,590		23,590		nm
Other Real Estate and Other Assets			27,137			16,883		16,806		16,849		17,394		56
Non-performing Assets (NPAs)			158,179			172,348		177,834		195,608		192,063		(18	)
Allowance for Loan Losses (ALL)			427,597			492,243		516,708		563,214		605,736		(29	)
Reserve for Unfunded Commitments			41,885			42,971		46,890		51,528		47,785		(12	)
Allowance for Credit Losses (ACL)			469,482			535,214		563,598		614,742		653,521		(28	)
Net Charge-Offs - Quarter			10,522			20,516		26,547		20,204		22,139
Net Charge-Offs - YTD			77,788			67,266		46,750		20,204		94,712
Net Charge-Offs / Average Loans - Quarter (1)			0.11	%		0.22		0.28		0.21		0.23
Net Charge-Offs / Average Loans - YTD (1)			0.20			0.24		0.24		0.21		0.24
NPLs / Loans			0.33			0.41		0.42		0.40		0.39
NPAs / Loans, ORE and specific other assets			0.40			0.45		0.46		0.50		0.50
ACL/Loans			1.19			1.40		1.47		1.58		1.71
ALL/Loans			1.09			1.28		1.35		1.45		1.58
ACL/NPLs			358.27			344.27		350.00		396.18		432.57
ALL/NPLs			326.31			316.63		320.88		362.97		400.94
Past Due Loans over 90 days and Still Accruing		$	6,770			5,960		4,415		3,804		4,117		64
As a Percentage of Loans Outstanding			0.02	%		0.02		0.01		0.01		0.01
Total Past Due Loans and Still Accruing		$	57,565			60,817		49,321		45,693		47,349		22
As a Percentage of Loans Outstanding			0.15	%		0.16		0.13		0.12		0.12
Accruing Troubled Debt Restructurings (TDRs)		$	119,804			126,055		124,528		129,776		134,972		(11	)
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
		December 31, 2021				September 30, 2021		December 31, 2020
Tier 1 Capital		$	4,925,762			4,813,910		4,572,010
Total Risk-Based Capital			5,827,195			5,765,528		5,604,230
Common Equity Tier 1 Capital Ratio			9.49	%		9.58		9.66
Tier 1 Capital Ratio			10.65			10.79		10.95
Total Risk-Based Capital Ratio			12.60			12.92		13.42
Tier 1 Leverage Ratio			8.72			8.78		8.50
Common Equity as a Percentage of Total Assets (2)			8.30			8.50		8.51
Tangible Common Equity Ratio (3)			7.52			7.68		7.66
Book Value Per Common Share (4)		$	32.82			32.41		31.24
Tangible Book Value Per Common Share (3)			29.46			29.04		27.88

(1) Current quarter regulatory capital information is preliminary.

(2) Common equity consists of Total Shareholders' Equity less Preferred Stock.

(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.

(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220119006156/en/

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Investor Relations

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Source: Synovus Financial Corp.

FAQ

What were Synovus' earnings per share for the fourth quarter of 2021 (SNV)?

Synovus reported diluted earnings per share of $1.31 and adjusted earnings per share of $1.35 for Q4 2021.

How much did Synovus' net income increase in 2021 (SNV)?

Synovus' net income was $727.3 million in 2021, a 114% increase compared to $340.5 million in 2020.

What is the loan growth reported by Synovus for the fourth quarter of 2021 (SNV)?

Synovus reported period-end loan growth of $1.4 billion, or 4%, quarter-over-quarter in Q4 2021.

What are the deposit growth figures for Synovus in the fourth quarter of 2021 (SNV)?

Deposits grew by $1.7 billion, or 4%, from the third quarter of 2021.

What was the CET1 ratio for Synovus at the end of 2021 (SNV)?

The Common Equity Tier 1 (CET1) ratio for Synovus at year-end 2021 was 9.49%.