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 Synovus Announces Earnings for the Fourth Quarter 2017 and a 67% Increase in Quarterly Common Dividend
   Tuesday, January 23, 2018 6:30:01 AM ET

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

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

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



2017 Highlights

-- Net income available to common shareholders for 2017 was $265.2 million or $2.17 per diluted share as compared to $236.5 million or $1.89 per diluted share for 2016. Diluted EPS grew 15.0% for 2017 compared to 2016. -- Adjusted earnings per diluted share for 2017 was $2.53 as compared to $1.98 for 2016, an increase of 27.7%.

-- Return on average assets for 2017 was 0.89%, an increase of 5 basis points from 2016. -- Adjusted return on average assets for 2017 was 1.04%, an increase of 16 basis points from 2016.

-- Return on average common equity for 2017 was 9.32%, an increase of 91 basis points from 2016. -- Adjusted return on average common equity for 2017 was 10.86%, an increase of 204 basis points from 2016.

-- Total average loans for the year grew $1.28 billion or 5.5% as compared to 2016. -- Total loans ended the year at $24.79 billion, a $931.1 million or 3.9% increase from 2016.

-- Total average deposits grew $1.49 billion or 6.3% as compared to 2016.

-- Efficiency ratio of 59.95% improved 479 basis points from 2016. -- Adjusted efficiency ratio of 59.87% improved 280 basis points from 2016.

-- Non-performing loans of $115.6 million at December 31, 2017, declined 24.7% from December 31, 2016, and the non-performing loan ratio declined 17 basis points from December 31, 2016, to 0.47% at December 31, 2017.

-- Returned $244.5 million to common shareholders during 2017 through $175.1 million in common share repurchases and $69.4 million in common stock dividends.

-- Common Equity Tier 1 ratio was 9.99% at December 31, 2017, compared to 9.96% at December 31, 2016.

-- Completed the Cabela’s transaction effective September 25, 2017.

-- Completed the transition to a single-bank operating environment and began transitioning to a single brand -- Synovus -- across all markets.

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

Fourth Quarter Financial Results

Balance Sheet

-- Total loans ended the quarter at $24.79 billion, up $300.1 million or 4.9% annualized from the previous quarter and up $931.1 million or 3.9% as compared to the fourth quarter 2016. -- Commercial and industrial loans grew by $297.7 million or 10.1% annualized from the previous quarter and $479.8 million or 4.2% as compared to the fourth quarter 2016.

-- Consumer loans grew by $296.3 million or 21.2% annualized from the previous quarter and $889.4 million or 17.9% as compared to the fourth quarter 2016.

-- Commercial real estate loans declined by $292.8 million or 16.1% annualized from the previous quarter and $438.8 million or 6.0% as compared to the fourth quarter 2016.

-- Total average deposits for the quarter were $26.29 billion, up $999.1 million or 15.7% annualized from the previous quarter and up $1.62 billion or 6.6% as compared to the fourth quarter 2016. -- Average core transaction accounts(2) grew by $188.6 million or 4.0% annualized from the previous quarter and $1.02 billion or 5.7% as compared to the fourth quarter 2016.

Core Performance

-- Total revenues were $339.1 million compared to $398.0 million the previous quarter and $307.5 million for the fourth quarter 2016. -- Total adjusted revenues were $339.2 million, up $7.9 million or 2.4% from the previous quarter and up 12.1% from the fourth quarter 2016.

-- Net interest income was $269.7 million, up $7.1 million or 2.7% from the previous quarter and up 15.5% from the fourth quarter 2016.

-- Net interest margin was 3.65%, up 2 basis points from the previous quarter. Yield on earning assets was 4.15%, up 4 basis points from the previous quarter, and the effective cost of funds was 0.50%, up 2 basis points from the previous quarter.

-- Total non-interest income was $69.4 million, down $66.1 million from the previous quarter and down $4.7 million from the fourth quarter 2016. -- Third quarter 2017 non-interest income included the $75.0 million Cabela’s transaction fee, partially offset by $8.0 million in investment securities losses. Fourth quarter 2016 non-interest income included investment securities gains of $5.9 million.

-- Adjusted non-interest income was $69.3 million, an increase of $835 thousand or 1.2% from the previous quarter and up 0.9% as compared to the fourth quarter 2016. -- Core banking fees(3) were $33.0 million, down $121 thousand or 0.4% from the previous quarter and down 6.9% from the fourth quarter 2016.

-- Fiduciary and asset management fees, brokerage revenue, and insurance revenues were $21.8 million, up $599 thousand or 2.8% from the previous quarter and 7.1% as compared to the fourth quarter 2016.

-- Mortgage banking income was $5.6 million, up $42 thousand or 0.7% from the previous quarter and up 2.6% as compared to the fourth quarter 2016.

-- Total non-interest expense was $226.5 million, up $20.9 million or 10.2% from the previous quarter and up 17.2% as compared to the fourth quarter 2016. -- Fourth quarter 2017 total non-interest expense includes a $23.2 million loss from the redemption of $300 million senior debt. Third quarter 2017 included other real estate and other impairment charges totaling $8.8 million.

-- Efficiency ratio for the fourth quarter 2017 was 66.77% as compared to 50.62% in the previous quarter and 63.98% in the fourth quarter 2016.

-- Adjusted non-interest expense was $201.1 million, up $7.0 million or 3.6% from the previous quarter and up 7.6% as compared to the fourth quarter 2016. -- The sequential quarter increase includes a $4.5 million increase in advertising, a one-time $1 thousand cash award to non-bonus plan participants totaling $3.3 million, and asset impairment charges on held for sale assets of $2.5 million.

-- Adjusted efficiency ratio for the fourth quarter 2017 was 59.29% as compared to 58.59% in the previous quarter and 61.81% in the fourth quarter 2016.

Credit Quality

-- Non-performing loans were $115.6 million at December 31, 2017, up $17.7 million or 18.1% from the previous quarter and down $37.8 million or 24.7% from December 31, 2016. The non-performing loan ratio was 0.47% at December 31, 2017, as compared to 0.40% at the end of the previous quarter and 0.64% at December 31, 2016.

-- Total non-performing assets were $130.6 million at December 31, 2017, down $8.0 million or 5.8% from the previous quarter and down $45.1 million or 25.7% from December 31, 2016. The non-performing asset ratio was 0.53% at December 31, 2017, as compared to 0.57% at the end of the previous quarter and 0.74% at December 31, 2016.

-- Net charge-offs were $9.0 million in the fourth quarter 2017, down $29.1 million or 76.4% from $38.1 million in the previous quarter. The annualized net charge-off ratio was 0.15% in the fourth quarter as compared to 0.62% in the previous quarter. -- Third quarter 2017 net charge-offs included $34.2 million related to loans transferred to held-for-sale.

-- Total delinquencies (consisting of loans 30 or more days past due and still accruing) declined to 0.21% of total loans at December 31, 2017, as compared to 0.35% the previous quarter and 0.27% at December 31, 2016.

Capital Ratios

-- Common Equity Tier 1 ratio was 9.99% at December 31, 2017, compared to 10.06% at September 30, 2017.

-- Tier 1 Capital ratio was 10.38% at December 31, 2017, compared to 10.43% at September 30, 2017.

-- Total Risk Based Capital ratio was 12.23% at December 31, 2017, compared to 12.30% at September 30, 2017.

-- Tier 1 Leverage ratio was 9.19% at December 31, 2017, compared to 9.34% at September 30, 2017.

-- Tangible Common Equity ratio was 8.88% at December 31, 2017, unchanged from September 30, 2017.

Capital Management

-- During the fourth quarter, the Company repurchased $39.2 million in common stock as part of the $200 million share repurchase program authorized in the fourth quarter 2016. Share repurchases in 2017 totaled $175.1 million and resulted in a reduction of 4.0 million shares, a 3.3% share count reduction from December 31, 2016.

-- Additionally, the Board of Directors authorized a new share repurchase program of up to $150 million of the Company’s common stock to be executed during 2018.

-- The Board of Directors also approved a 67% increase in the Company’s quarterly common stock dividend from $0.15 to $0.25 per share, effective with the quarterly dividend payable in April 2018.

Fourth Quarter Earnings Conference Call

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

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

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

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

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

Forward-Looking Statements

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

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

Non-GAAP Financial Measures

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

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

                                                                                                                                                                                                                                  
Reconciliation of Non-GAAP Financial Measures
                                                                                                                                                                                                                                                                                                                                                                                                                                  
(dollars in thousands)                                                                                                               4Q17                                                                             3Q17                                                                   4Q16                                                                    2017                                                                      2016
                                                                                                              -----------------------------------------------                                             ---------------------------                                            ---------------------------                                            -----------------------------                                            ------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Adjusted non-interest income
Total non-interest income                                                                                                        $  69,352                                                                135,435                                                                 74,006                                                                  345,327                                                                   273,194
Subtract: Cabela’s transaction fee                                                                            -                                                                (75,000 )                                                                    -                                                                  (75,000 )                                                                       -
Add/subtract: Investment securities losses (gains), net                                                                                  -                                                                  7,956                                                                 (5,885 )                                                                    289                                                                    (6,011 )
Subtract/add: (Increase)/decrease in fair value of private equity                                                  (100 )                                                                   27                                                 499                                                 3,093                                                  1,026  
investments, net
                                                                                                              -------------------- ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           --------- --------------------                                           ---------- --------------------
   Adjusted non-interest income                                                                                                  $  69,252                                              68,418                                              68,620                                               273,709                                                268,209  
                                                                                                              ==================== ======= ====================                                           ======= ====================                                           ======= ====================                                           ========= ====================                                           ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Adjusted non-interest expense
Total non-interest expense                                                                                                       $ 226,534                                                                205,646                                                                193,209                                                                  821,313                                                                   755,923
Subtract: 3Q17 discounts to fair value for completed or planned ORE                                                                      -                                                                 (7,082 )                                                                    -                                                                   (7,082 )                                                                       -
accelerated dispositions
Subtract: 3Q17 asset impairment charges related to accelerated                                                                           -                                                                 (1,168 )                                                                    -                                                                   (1,168 )                                                                       -
disposition of corporate real estate and other properties
Subtract: Earnout liability adjustments                                                                                             (1,700 )                                                               (2,059 )                                                                    -                                                                   (3,759 )                                                                       -
Add/subtract: Restructuring charges, net                                                                                                29                                                                   (519 )                                                                  (42 )                                                                 (7,014 )                                                                  (8,267 )
Subtract: Loss on early extinguishment of debt, net                                                                                (23,160 )                                                                    -                                                                      -                                                                  (23,160 )                                                                  (4,735 )
Subtract: Fair value adjustment to Visa derivative                                                                                       -                                                                      -                                                                 (4,716 )                                                                      -                                                                    (5,795 )
Subtract: Litigation settlement/contingency expense                                                                                   (300 )                                                                 (401 )                                                                    -                                                                     (701 )                                                                  (2,511 )
Subtract: Merger-related expense                                                                                                         -                                                                    (23 )                                                               (1,086 )                                                                   (110 )                                                                  (1,636 )
Subtract: Amortization of intangibles                                                                              (292 )                                                                 (292 )                                                                 (400 )                                                                 (1,059 )                                                                    (521 )
                                                                                                              -------------------- ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           --------- --------------------                                           ---------- --------------------
      Adjusted non-interest expense                                                                                              $ 201,111                                             194,102                                             186,965                                               777,260                                                732,458  
                                                                                                              ==================== ======= ====================                                           ======= ====================                                           ======= ====================                                           ========= ====================                                           ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                             
Adjusted efficiency ratio
Adjusted non-interest expense                                                                                                    $ 201,111                                                                194,102                                                                186,965                                                                  777,260                                                                   732,458
Net interest income                                                                                                                269,713                                                                262,572                                                                233,530                                                                1,023,309                                                                   899,180
Add: Tax equivalent adjustment                                                                                                         234                                                                    283                                                                    322                                                                    1,124                                                                     1,285
Add: Total non-interest income                                                                                                      69,352                                                                135,435                                                                 74,006                                                                  345,327                                                                   273,194
Add/subtract: Investment securities losses (gains), net                                                               -                                               7,956                                              (5,885 )                                                                    289                                                 (6,011 )
                                                                                                              -------------------- ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           --------- --------------------                                           ---------- --------------------
Total FTE revenues                                                                                                                 339,299                                                                406,246                                                                301,973                                                                1,370,049                                                                 1,167,648
Subtract: Cabela’s transaction fee                                                                            -                                                                (75,000 )                                                                    -                                                                  (75,000 )                                                                       -
Subtract/add: (Increase)/decrease in fair value of private equity                                                  (100 )                                                                   27                                                 499                                                 3,093                                                  1,026  
investments, net
                                                                                                              -------------------- ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           --------- --------------------                                           ---------- --------------------
Adjusted total revenues                                                                                                          $ 339,199                                                                331,273                                                                302,472                                                                1,298,142                                                                 1,168,674
   Efficiency ratio                                                                                                                  66.77 %                                                                50.62                                                                  63.98                                                                    59.95                                                                     64.74
   Adjusted efficiency ratio                                                                                      59.29 %                                                                58.59                                               61.81                                                 59.87                                                  62.67  
                                                                                                              ==================== ======= ====================                                           ======= ====================                                           ======= ====================                                           ========= ====================                                           ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                            
Reconciliation of Non-GAAP Financial Measures,
continued
 
(dollars in thousands)                                                                                                  4Q17                                                         3Q17                                               4Q16                                              2017                                                     2016
                                                                                                            ---------------------------                                            --------                                           -------                                           --------                                           --------------------
                                                                                                                                                                                                                                                                                                                                            
Adjusted net income per common share, diluted
Net income available to common shareholders                                                                                    $  27,046                                             95,448                                            65,990                                            265,236                                                        236,546
Add: Earnout liability adjustments                                                                                                 1,700                                              2,059                                                 -                                              3,759                                                              -
Add: Income tax expense related to effect of Federal Tax Reform                                                                   47,181                                                  -                                                 -                                             47,181                                                              -
Add: Merger-related expense                                                                                                            -                                                 23                                             1,086                                                110                                                          1,636
Add: Fair value adjustment to VISA derivative                                                                                          -                                                  -                                             4,716                                                  -                                                          5,795
Add: Litigation settlement/contingency expense                                                                                       300                                                401                                                 -                                                701                                                          2,511
Subtract/add: Restructuring charges, net                                                                                            (29)                                                519                                                42                                              7,014                                                          8,267
Add: Amortization of intangibles                                                                                                     292                                                292                                               400                                              1,059                                                            521
Add: Loss on early extinguishment of debt, net                                                                                    23,160                                                  -                                                 -                                             23,160                                                          4,735
Add: 3Q17 provision expense on loans transferred to held-for-sale                                                                      -                                             27,710                                                 -                                             27,710                                                              -
Add: 3Q17 discounts to fair value for completed or planned ORE                                                                         -                                              7,082                                                 -                                              7,082                                                              -
accelerated dispositions
Add: 3Q17 asset impairment charges related to accelerated                                                                              -                                              1,168                                                 -                                              1,168                                                              -
disposition of corporate real estate and other properties
Add/subtract: Investment securities losses (gains), net                                                                                -                                              7,956                                           (5,885)                                                289                                                        (6,011)
Subtract/add: (Increase)/decrease in fair value of private equity                                                                  (100)                                                 27                                               499                                              3,093                                                          1,026
investments, net
Subtract: Cabela’s transaction fee                                                                          -                                           (75,000)                                                 -                                           (75,000)                                                              -
Subtract: Income tax benefit related to pre-2017 R&D credits and                                                                 (4,847)                                                  -                                                 -                                            (4,847)                                                              -
state taxes
Add/subtract: Tax effect of adjustments                                                                       (8,740)                                             11,034                                             (318)                                              1,337                                                        (6,838)
                                                                                                            -------------------- -------                                           --------                                           -------                                           --------                                           --------------------
Adjusted net income                                                                                                            $  85,963                                             78,719                                            66,530                                            309,052                                                        248,188
 Weighted average common shares outstanding- diluted                                                                             120,182                                            121,814                                           123,187                                            122,012                                                        125,078
                                                                                                                                                                                                                                                                                                                                            
     Adjusted net income per common share, diluted                                                                             $    0.72                                               0.65                                              0.54                                               2.53                                                           1.98
                                                                                                            ==================== =======                                           ========                                           =======                                           ========                                           ====================
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                       
Reconciliation of Non-GAAP Financial Measures, continued
                                                                                                                                                                                                                                                                                                                                                                                                                       
(dollars in thousands)                                                                                                     4Q17                                                                       3Q17                                                                      4Q16                                                                      2017                                                                      2016
                                                                                                            -------------------------------                                             ------------------------------                                            ------------------------------                                            ------------------------------                                            ------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                       
Adjusted return on average assets
Net income                                                                                                                     $     29,605                                                 98,007                                                                    68,549                                                                   275,474                                                                   246,784
Add: Earnout liability adjustments                                                                                                    1,700                                                  2,059                                                                         -                                                                     3,759                                                                         -
Add: Income tax expense related to effect of Federal Tax Reform                                                                      47,181                                                      -                                                                         -                                                                    47,181                                                                         -
Add: Merger-related expense                                                                                                               -                                                     23                                                                     1,086                                                                       110                                                                     1,636
Add: Fair value adjustment to VISA derivative                                                                                             -                                                      -                                                                     4,716                                                                         -                                                                     5,795
Add: Litigation settlement/contingency expense                                                                                          300                                                    401                                                                         -                                                                       701                                                                     2,511
Subtract/add: Restructuring charges, net                                                                                                (29 )                                                  519                                                                        42                                                                     7,014                                                                     8,267
Add: Amortization of intangibles                                                                                                        292                                                    292                                                                       400                                                                     1,059                                                                       521
Add: Loss on early extinguishment of debt, net                                                                                       23,160                                                      -                                                                         -                                                                    23,160                                                                     4,735
Add: 3Q17 provision expense on loans transferred to held-for-sale                                                                         -                                                 27,710                                                                         -                                                                    27,710                                                                         -
Add: 3Q17 discounts to fair value for completed or planned ORE                                                                            -                                                  7,082                                                                         -                                                                     7,082                                                                         -
accelerated dispositions
Add: 3Q17 asset impairment charges related to accelerated                                                                                 -                                                  1,168                                                                         -                                                                     1,168                                                                         -
disposition of corporate real estate and other properties
Subtract/add: Investment securities losses (gains), net                                                                                   -                                                  7,956                                                                    (5,885 )                                                                     289                                                                    (6,011 )
Subtract/add: (Increase)/decrease in fair value of private equity                                                                      (100 )                                                   27                                                                       499                                                                     3,093                                                                     1,026
investments, net
Subtract: Cabela’s transaction fee                                                                             -                                                (75,000 )                                                                       -                                                                   (75,000 )                                                                       -
Subtract: Income tax benefit related to pre-2017 R&D credits and                                                                     (4,847 )                                                    -                                                                         -                                                                    (4,847 )                                                                       -
state taxes
Subtract/add: Tax effect of adjustments                                                                           (8,740 )                                               11,034                                                   (318 )                                                                   1,337                                                 (6,838 )
                                                                                                            -------------------- ---------- -                                           ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------
Adjusted net income                                                                                                            $     88,522                                                 81,278                                                                    69,089                                                                   319,290                                                                   258,426
 Net income annualized                                                                                                         $    351,201                                                322,462                                                                   274,854                                                                   319,290                                                                   258,426
                                                                                                                                                                                                                                                                                                                                                                                                                                  
Total average assets                                                                                                           $ 31,388,724                                             30,678,388                                                                30,207,257                                                                30,787,289                                                                29,480,972
     Adjusted return on average assets                                                                              1.12 %                                                 1.05                                                   0.91                                                   1.04                                                   0.88  
                                                                                                            ==================== ========== =                                           ========== ====================                                           ========== ====================                                           ========== ====================                                           ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                
Reconciliation of Non-GAAP Financial Measures, continued
 
(dollars in thousands)                                                                                                                              4Q17                                                                       3Q17                                                                      4Q16                                                                      2017                                                                      2016
                                                                                                                                      ------------------------------                                             ------------------------------                                            ------------------------------                                            ------------------------------                                            ------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                
Adjusted return on average common equity
Net income available to common shareholders                                                                                                              $    27,046                                                 95,448                                                                    65,990                                                                   265,236                                                                   236,546
Add: Earnout liability adjustments                                                                                                                             1,700                                                  2,059                                                                         -                                                                     3,759                                                                         -
Add: Income tax expense related to effect of Federal Tax Reform                                                                                               47,181                                                      -                                                                         -                                                                    47,181                                                                         -
Add: Merger-related expense                                                                                                                                        -                                                     23                                                                     1,086                                                                       110                                                                     1,636
Add: Fair value adjustment to VISA derivative                                                                                                                      -                                                      -                                                                     4,716                                                                         -                                                                     5,795
Add/subtract: Litigation settlement/ contingency expense                                                                                                         300                                                    401                                                                         -                                                                       701                                                                     2,511
Subtract/add: Restructuring charges, net                                                                                                                         (29 )                                                  519                                                                        42                                                                     7,014                                                                     8,267
Add: Amortization of intangibles                                                                                                                                 292                                                    292                                                                       400                                                                     1,059                                                                       521
Add: Loss on early extinguishment of debt, net                                                                                                                23,160                                                      -                                                                         -                                                                    23,160                                                                     4,735
Add: 3Q17 provision expense on loans transferred to held-for-sale                                                                                                  -                                                 27,710                                                                         -                                                                    27,710                                                                         -
Add: 3Q17 discounts to fair value for completed or planned ORE                                                                                                                                                        7,082                                                                         -                                                                     7,082                                                                         -
accelerated dispositions
Add: 3Q17 asset impairment charges related to accelerated                                                                                                          -                                                  1,168                                                                         -                                                                     1,168                                                                         -
disposition of corporate real estate and other properties
Add/subtract: Investment securities losses (gains), net                                                                                                            -                                                  7,956                                                                    (5,885 )                                                                     289                                                                    (6,011 )
Subtract/add: (Increase)/decrease in fair value of private equity                                                                                               (100 )                                                   27                                                                       499                                                                     3,093                                                                     1,026
investments, net
Subtract: Cabela’s transaction fee                                                                                                      -                                                (75,000 )                                                                       -                                                                   (75,000 )                                                                       -
Subtract: Income tax benefit related to pre-2017 R&D credits and                                                                                              (4,847 )                                                    -                                                                         -                                                                    (4,847 )                                                                       -
state taxes
Add/subtract: Tax effect of adjustments                                                                                                    (8,740 )                                               11,034                                                   (318 )                                                                   1,337                                                 (6,838 )
                                                                                                                                      -------------------- --------- -                                           ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------
Adjusted net income                                                                                                                                      $    85,963                                                 78,719                                                                    66,530                                                                   309,052                                                                   248,188
                                                                                                                                                                                                                                                                                                                                                                                                                                                
 Net income annualized                                                                                                                                   $   341,049                                                312,309                                                                   264,674                                                                   309,052                                                                   248,188
Total average shareholders’ equity less preferred stock                                                                       $ 2,851,523                                              2,859,491                                                                 2,786,707                                                                 2,844,570                                                                 2,813,526
Subtract: Goodwill                                                                                                                                           (57,315 )                                              (57,167 )                                                                 (55,144 )                                                                 (57,779 )                                                                 (32,151 )
Subtract: Other intangibles assets, net                                                                                                   (11,353 )                                              (11,648 )                                                                    (233 )                                                                 (12,030 )                                                                    (269 )
                                                                                                                                      -------------------- --------- -                                           ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------
Total average tangible shareholders’ equity less preferred stock                                                              $ 2,782,855                                              2,790,676                                                                 2,731,330                                                                 2,774,761                                                                 2,781,106
Adjusted return on average common equity                                                                                                                       11.96 %                                                10.92                                                                      9.50                                                                     10.86                                                                      8.82
Adjusted return on average tangible common equity                                                                                           12.26 %                                                11.19                                                   9.69                                                  11.14                                                   8.92  
                                                                                                                                      ==================== ========= =                                           ========== ====================                                           ========== ====================                                           ========== ====================                                           ========== ====================
                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                            
Reconciliation of Non-GAAP Financial Measures,
continued
 
(dollars in thousands)                                                                                                                        4Q17                                                                                 3Q17                                                                      4Q16
                                                                                                                      --------------------------------------------------                                             ------------------------------                                            ------------------------------
                                                                                                                                                                                                                                                                                                
Tangible common equity to tangible assets ratio
Total assets                                                                                                                             $ 31,221,837                                                                31,642,123                                                                30,104,002
Subtract: Goodwill                                                                                                                            (57,315 )                                                                 (57,315 )                                                                 (59,678 )
Subtract: Other intangible assets, net                                                                                     (11,254 )                                                                 (11,548 )                                                                 (13,223 )
                                                                                                                      -------------------- ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------
   Tangible assets                                                                                                                       $ 31,153,268                                             31,573,260                                             30,031,101  
                                                                                                                      ==================== ========== ====================                                           ========== ====================                                           ========== ====================
                                                                                                                                                                                                                                                                                                
Total shareholders’ equity                                                                                    $  2,961,566                                                                 2,997,078                                                                 2,927,924
Subtract: Goodwill                                                                                                                            (57,315 )                                                                 (57,315 )                                                                 (59,678 )
Subtract: Other intangible assets, net                                                                                                        (11,254 )                                                                 (11,548 )                                                                 (13,223 )
Subtract: Series C Preferred Stock                                                                                        (125,980 )                                                                (125,980 )                                                                (125,980 )
                                                                                                                      -------------------- ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------
 Tangible common equity                                                                                                                  $  2,767,017                                              2,802,235                                              2,729,043  
                                                                                                                      ==================== ========== ====================                                           ========== ====================                                           ========== ====================
Total shareholder’s equity to total assets ratio                                                                      9.49 %                                                                    9.47                                                                      9.73
    Tangible common equity to tangible assets ratio                                                                                              8.88 %                                                                    8.88                                                                      9.09
 
 
Average core deposits and average core transaction deposits
Total average deposits                                                                                                                   $ 26,286,009                                                                25,286,919                                                                24,661,265
Subtract: Average brokered deposits                                                                                     (2,198,333 )                                                              (1,530,889 )                                                              (1,380,931 )
                                                                                                                      -------------------- ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------
    Average core deposits                                                                                                                  24,087,676                                                                23,756,030                                                                23,280,334
Subtract: Average time deposits excluding average SCM time deposits                                                                        (3,084,272 )                                                              (3,160,915 )                                                              (3,147,620 )
Subtract: Average state, county, and municipal (SCM) deposits                                                           (2,211,686 )                                                              (1,991,954 )                                                              (2,356,567 )
                                                                                                                      -------------------- ---------- --------------------                                           ---------- --------------------                                           ---------- --------------------
    Average core transaction deposits                                                                                                    $ 18,791,718                                             18,603,161                                             17,776,147  
                                                                                                                      ==================== ========== ====================                                           ========== ====================                                           ========== ====================
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                
Common equity Tier 1 (CET1) ratio (fully phased-in)
Common Equity Tier 1 (CET1)                                                                                                              $  2,763,170
Subtract: Adjustment related to capital components                                                                         (17,147 )
                                                                                                                      -------------------- ---------- --------------------
CET1 (fully phased-in)                                                                                                                   $  2,746,023  
                                                                                                                      ==================== ========== ====================
Total risk-weighted assets                                                                                                               $ 27,672,344
Total risk-weighted assets (fully phased-in)                                                                                             $ 27,787,437
Common equity Tier 1 (CET 1) ratio                                                                                                               9.99 %
   Common Equity Tier 1 (CET1) ratio (fully phased-in)                                                                                           9.88 %
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                 
Synovus
 
                     INCOME STATEMENT DATA                                                                                                                                                                             Twelve Months Ended
                     (Unaudited)
                     (Dollars in thousands, except per share data)                                                                                                                                                        December 31,
                                                                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                     2017                                         2016                  Change  
                                                                                                                             ------------------------------------------------------------------------ -------------------- --------------------------------------------------- -------------------- ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                            
                     Interest income                                                                                                            $ 1,162,497                                                                1,022,803                                                                  13.7 %
                     Interest expense                                                                                            139,188                                               123,623                                               12.6  
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Net interest income                                                                                                          1,023,309                                                                  899,180                                                                  13.8
                     Provision for loan losses                                                                                    67,185                                                28,000                                              139.9  
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Net interest income after provision for loan losses                                                         956,124                                               871,180                                                9.8  
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Non-interest income:
                         Service charges on deposit accounts                                                                                         79,801                                                                   81,425                                                                  (2.0 )
                         Fiduciary and asset management fees                                                                                         50,485                                                                   46,594                                                                   8.4
                         Brokerage revenue                                                                                                           29,705                                                                   27,028                                                                   9.9
                         Mortgage banking income                                                                                                     22,798                                                                   24,259                                                                  (6.0 )
                         Bankcard fees                                                                                                               32,232                                                                   33,318                                                                  (3.3 )
                         Cabela’s transaction fee                                                                                                    75,000                                                                        -                                                                    nm
                         Investment securities (losses) gains, net                                                                                     (289 )                                                                  6,011                                                                    nm
                         Decrease in fair value of private equity investments, net                                                                   (3,093 )                                                                 (1,026 )                                                                  nm
                         Other fee income                                                                                                            20,168                                                                   20,220                                                                  (0.3 )
                         Other non-interest income                                                                                38,520                                                35,365                                                8.9  
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Total non-interest income                                                                                   345,327                                               273,194                                               26.4  
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Non-interest expense:
                        Salaries and other personnel expense                                                                                        433,321                                                                  402,026                                                                   7.8
                        Net occupancy and equipment expense                                                                                         119,964                                                                  109,347                                                                   9.7
                        Third-party processing expense                                                                                               54,708                                                                   46,320                                                                  18.1
                        FDIC insurance and other regulatory fees                                                                                     27,011                                                                   26,714                                                                   1.1
                        Professional fees                                                                                                            26,232                                                                   26,698                                                                  (1.7 )
                        Advertising expense                                                                                                          22,948                                                                   20,264                                                                  13.2
                        Foreclosed real estate expense, net                                                                                          12,540                                                                   12,838                                                                  (2.3 )
                        Earnout liability adjustments                                                                                                 5,466                                                                        -                                                                    nm
                        Merger-related expense                                                                                                          110                                                                    1,636                                                                    nm
                        Amortization of intangibles                                                                                                   1,059                                                                      521                                                                    nm
                        Fair value adjustment to Visa derivative                                                                                          -                                                                    5,795                                                                    nm
                        Loss on early extinguishment of debt, net                                                                                    23,160                                                                    4,735                                                                    nm
                        Litigation settlement/contingency expense                                                                                       701                                                                    2,511                                                                    nm
                        Restructuring charges, net                                                                                                    7,014                                                                    8,267                                                                 (15.2 )
                        Other operating expenses                                                                                  87,079                                                88,251                                               (1.3 )
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Total non-interest expense                                                                                  821,313                                               755,923                                                8.7  
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Income before income taxes                                                                                                     480,138                                                                  388,451                                                                  23.6
                     Income tax expense                                                                                          204,664                                               141,667                                               44.5  
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Net income                                                                                                                     275,474                                                                  246,784                                                                  11.6
                                                                                                                                                                                                                                                                                                            
                     Dividends on preferred stock                                                                                 10,238                                                10,238                                                  -  
                                                                                                                             -------------------- --------- --------------------                                           --------- --------------------                                           ------ -----------------------
                                                                                                                                                                                                                                                                                                            
                     Net income available to common shareholders                                                                                $   265,236                                               236,546                                               12.1 %
                                                                                                                             ==================== ========= ====================                                           ========= ====================                                           ====== =======================
                                                                                                                                                                                                                                                                                                            
                     Net income per common share, basic                                                                                         $      2.19                                                                     1.90                                                                  15.1 %
                                                                                                                                                                                                                                                                                                            
                     Net income per common share, diluted                                                                                              2.17                                                                     1.89                                                                  14.9
                                                                                                                                                                                                                                                                                                            
                     Cash dividends declared per common share                                                                                          0.60                                                                     0.48                                                                  25.0
                                                                                                                                                                                                                                                                                                            
                     Return on average assets                                                                                                          0.89 %                                                                   0.84                                                                     5  bps
                     Return on average common equity                                                                                                   9.32                                                                     8.41                                                                    91
                                                                                                                                                                                                                                                                                                            
                     Weighted average common shares outstanding, basic                                                                              121,162                                                                  124,389                                                                  (2.6 )%
                     Weighted average common shares outstanding, diluted                                                                            122,012                                                                  125,078                                                                  (2.5 )
                                                                                                                                                                                                                                                                                                            
                      nm - not meaningful
                      bps - basis points
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                           
Synovus
 
                     INCOME STATEMENT DATA
                     (Unaudited)
                     (In thousands, except per share data)                                                                                                                                                                                                       2017                                                                                                                                       2016                 Fourth Quarter  
                                                                                                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- ------------------------------------------------- -------------------- -------------- --------------------
                                                                                                                                                     Fourth                                                                  Third                                                                 Second                                                                  First                                                                 Fourth                                                        ’17 vs. ’16
                                                                                                                                                     Quarter                          Quarter                          Quarter                          Quarter                          Quarter                   Change      
                                                                                                                                          ------------------------------------------------- -------------------- ------------------------------------------------- -------------------- ------------------------------------------------- -------------------- ------------------------------------------------- -------------------- ------------------------------------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Interest income                                                                                                    $ 306,934                                                                297,652                                                                285,510                                                                272,401                                                                264,534                                                                          16.0                      %
                     Interest expense                                                                                                      37,221                                              35,080                                              34,413                                              32,474                                              31,004                                                       20.1  
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Net interest income                                                                                                  269,713                                                                262,572                                                                251,097                                                                239,927                                                                233,530                                                                          15.5
                     Provision for loan losses                                                                                              8,565                                              39,686                                              10,260                                               8,674                                               6,259                                                       36.8  
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Net interest income after provision for loan losses                                                                  261,148                                             222,886                                             240,837                          231,253                          227,271                                                       14.9  
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- -------------------- --------------------                      ------- -------------------- --------------------                      ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Non-interest income:
                         Service charges on deposit accounts                                                                               19,952                                                                 20,255                                                                 19,820                                                                 19,774                                                                 20,653                                                                          (3.4 )
                         Fiduciary and asset management fees                                                                               13,195                                                                 12,615                                                                 12,524                                                                 12,151                                                                 11,903                                                                          10.9
                         Brokerage revenue                                                                                                  7,758                                                                  7,511                                                                  7,210                                                                  7,226                                                                  7,009                                                                          10.7
                         Mortgage banking income                                                                                            5,645                                                                  5,603                                                                  5,784                                                                  5,766                                                                  5,504                                                                           2.6
                         Bankcard fees                                                                                                      7,893                                                                  7,901                                                                  8,253                                                                  8,185                                                                  8,330                                                                          (5.2 )
                         Cabela’s transaction fee                                                                                               -                                                                 75,000                                                                      -                                                                      -                                                                      -                                                                            nm
                         Investment securities (losses) gains, net                                                                              -                                                                 (7,956 )                                                                   (1 )                                                                7,668                                                                  5,885                                                                            nm
                         Increase/(decrease) in fair value of private equity investments, net                                                 100                                                                    (27 )                                                               (1,352 )                                                               (1,814 )                                                                 (499 )                                                                          nm
                         Other fee income                                                                                                   4,042                                                                  5,094                                                                  6,164                                                                  4,868                                                                  4,965                                                                         (18.6 )
                         Other non-interest income                                                                                         10,767                                               9,439                                              10,299                                               8,015                                              10,256                                                        5.0  
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Total non-interest income                                                                                             69,352                                             135,435                                              68,701                           71,839                           74,006                                                       (6.3 )
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- -------------------- --------------------                      ------- -------------------- --------------------                      ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Non-interest expense:
                        Salaries and other personnel expense                                                                              111,243                                                                109,675                                                                105,213                                                                107,191                                                                101,662                                                                           9.4
                        Net occupancy and equipment expense                                                                                30,126                                                                 30,573                                                                 29,933                                                                 29,331                                                                 27,867                                                                           8.1
                        Third-party processing expense                                                                                     14,827                                                                 13,659                                                                 13,620                                                                 12,603                                                                 12,287                                                                          20.7
                        FDIC insurance and other regulatory fees                                                                            6,288                                                                  7,078                                                                  6,875                                                                  6,770                                                                  6,614                                                                          (4.9 )
                        Professional fees                                                                                                   6,183                                                                  7,141                                                                  7,551                                                                  5,355                                                                  6,904                                                                         (10.4 )
                        Advertising expense                                                                                                 8,081                                                                  3,610                                                                  5,346                                                                  5,912                                                                  4,905                                                                          64.8
                        Foreclosed real estate expense, net                                                                                 1,693                                                                  7,265                                                                  1,448                                                                  2,134                                                                  2,840                                                                         (40.4 )
                        Earnout liability adjustments                                                                                       1,700                                                                  2,059                                                                  1,707                                                                      -                                                                      -                                                                            nm
                        Merger-related expense                                                                                                  -                                                                     23                                                                      -                                                                     86                                                                  1,086                                                                            nm
                        Amortization of intangibles                                                                                           292                                                                    292                                                                    292                                                                    183                                                                    400                                                                         (27.0 )
                        Fair value adjustment to Visa derivative                                                                                -                                                                      -                                                                      -                                                                      -                                                                  4,716                                                                            nm
                        Loss on early extinguishment of debt                                                                               23,160                                                                      -                                                                      -                                                                      -                                                                      -                                                                            nm
                        Litigation settlement expense                                                                                         300                                                                    401                                                                      -                                                                      -                                                                      -                                                                            nm
                        Restructuring charges, net                                                                                            (29 )                                                                  519                                                                     13                                                                  6,511                                                                     42                                                                            nm
                        Other operating expenses                                                                                           22,670                                              23,351                                              19,749                                              21,312                                              23,886                                                       (5.1 )
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Total non-interest expense                                                                                           226,534                                             205,646                                             191,747                          197,388                          193,209                                                       17.2  
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- -------------------- --------------------                      ------- -------------------- --------------------                      ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Income before income taxes                                                                                           103,966                                                                152,675                                                                117,791                                                                105,704                                                                108,068                                                                          (3.8 )
                     Income tax expense                                                                                                    74,361                                              54,668                                              41,788                                              33,847                                              39,519                                                       88.2  
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Net income                                                                                                            29,605                                                                 98,007                                                                 76,003                                                                 71,857                                                                 68,549                                                                         (56.8 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Dividends on preferred stock                                                                                           2,559                                               2,559                                               2,559                                               2,559                                               2,559                                                          -  
                                                                                                                                          ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           ------- --------------------                                           -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Net income available to common shareholders                                                                        $  27,046                                              95,448                                              73,444                                              69,298                                              65,990                                                      (59.0 )                    %
                                                                                                                                          ======= ====================                                           ======= ====================                                           ======= ====================                                           ======= ====================                                           ======= ====================                                           ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Net income per common share, basic                                                                                 $    0.23                                                                   0.79                                                                   0.60                                                                   0.57                                                                   0.54                                                                         (58.0 )                    %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Net income per common share, diluted                                                                                    0.23                                                                   0.78                                                                   0.60                                                                   0.56                                                                   0.54                                                                         (58.0 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Cash dividends declared per common share                                                                                0.15                                                                   0.15                                                                   0.15                                                                   0.15                                                                   0.12                                                                          25.0
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Return on average assets *                                                                                              0.37                                           %                       1.27                                                                   1.00                                                                   0.96                                                                   0.90                                                                           (53 )                     bps
                     Return on average common equity *                                                                                       3.76                                                                  13.24                                                                  10.34                                                                   9.97                                                                   9.42                                                                          (566 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                     Weighted average common shares outstanding, basic                                                                    119,282                                                                120,900                                                                122,203                                                                122,300                                                                122,341                                                                          (2.5 )                    %
                     Weighted average common shares outstanding, diluted                                                                  120,182                                                                121,814                                                                123,027                                                                123,059                                                                123,187                                                                          (2.4 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
nm - not meaningful
bps - basis points
* - ratios are annualized
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                   
Synovus
                                                                                                                                                  
                                                                                                --------------------------------                     --------------------------------                     --------------------------------
                     BALANCE SHEET DATA                                                                 December 31, 2017                                   September 30, 2017                                    December 31, 2016
                                                                                                --------------------------------                     --------------------------------                     --------------------------------
                     (Unaudited)
                                                                                                                                                                                                           
                     (In thousands, except share data)
                                                                                                                                                                                                           
                     ASSETS
                     Cash and cash equivalents                                                $    397,848                                              386,459                                              395,175
                     Interest bearing funds with Federal Reserve Bank                              460,928                                            1,297,581                                              527,090
                     Interest earning deposits with banks                                           26,311                                                6,047                                               18,720
                     Federal funds sold and securities purchased under resale agreements            47,846                                               48,820                                               58,060
                     Trading account assets, at fair value                                           3,820                                               12,329                                                9,314
                     Mortgage loans held for sale, at fair value                                    48,024                                               54,072                                               51,545
                     Other loans held for sale                                                      11,356                                               31,253                                                    -
                     Investment securities available for sale, at fair value                     3,987,069                                            3,825,443                                            3,718,195
                                                                                                                                                                                                           
                     Loans, net of deferred fees and costs                                      24,787,464                                           24,487,360                                           23,856,391
                     Allowance for loan losses                                                    (249,268 )                                           (249,683 )                                           (251,758 )
                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                           Loans, net                                                           24,538,196                        24,237,677                        23,604,633  
                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                                                                                           
                     Premises and equipment, net                                                   426,813                                              423,245                                              417,485
                     Goodwill                                                                       57,315                                               57,315                                               59,678
                     Other intangible assets                                                        11,254                                               11,548                                               13,223
                     Other real estate                                                               3,758                                               10,551                                               22,308
                     Deferred tax asset, net                                                       165,788                                              272,052                                              395,356
                     Other assets                                                                1,035,511                           967,731                           813,220  
                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                                                                                           
                           Total assets                                                       $ 31,221,837                        31,642,123                        30,104,002  
                                                                                                ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                                                                                                           
                     LIABILITIES AND SHAREHOLDERS’ EQUITY
                     Liabilities:
                        Deposits:
                           Non-interest bearing deposits                                      $  7,686,339                                            7,302,682                                            7,085,804
                           Interest bearing deposits, excluding brokered deposits               16,500,436                                           16,420,319                                           16,183,273
                           Brokered deposits                                                     1,961,125                         2,463,227                         1,378,983  
                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                                                                                           
                           Total deposits                                                       26,147,900                                           26,186,228                                           24,648,060
                                                                                                                                                                                                           
                     Federal funds purchased and securities sold under repurchase                  161,190                                              141,539                                              159,699
                     agreements
                     Long-term debt                                                              1,706,138                                            1,882,607                                            2,160,881
                     Other liabilities                                                             245,043                           434,671                           207,438  
                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                                                                                           
                           Total liabilities                                                    28,260,271                        28,645,045                        27,176,078  
                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                                                                                           
                                                                                                                                                                                                           
                     Shareholders’ equity:
                           Series C Preferred Stock - no par value, 5,200,000 shares               125,980                                              125,980                                              125,980
                           outstanding at December 31, 2017, September 30, 2017, and December
                           31, 2016
                           Common stock - $1.00 par value. 118,897,295 shares outstanding at       142,678                                              142,525                                              142,026
                           December 31, 2017, 119,566,625 shares outstanding at September 30,
                           2017, and 122,266,106 shares outstanding at December 31, 2016
                           Additional paid-in capital                                            3,043,129                                            3,033,682                                            3,028,405
                           Treasury stock, at cost - 23,780,154 shares at December 31, 2017,      (839,674 )                                           (800,509 )                                           (664,595 )
                           22,958,514 shares at September 30, 2017, and 19,759,614 shares at
                           December 31, 2016
                                                                                                                                                                                                           
                           Accumulated other comprehensive loss                                    (54,754 )                                            (39,596 )                                            (55,659 )
                           Retained earnings                                                       544,207                           534,996                           351,767  
                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                           Total shareholders’ equity                                            2,961,566                         2,997,078                         2,927,924  
                                                                                                ---------- --------------------                      ---------- --------------------                      ---------- --------------------
                                                                                                                                                                                                           
                            Total liabilities and shareholders’ equity                        $ 31,221,837                        31,642,123                        30,104,002  
                                                                                                ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                                                                                                           
Synovus                                                                                                                                                                                                                   
   
                     AVERAGE BALANCES AND YIELDS/RATES (1)
                     (Unaudited)
                     (Dollars in thousands)
                                                                                                                                                                                            2017                                                                                            2016
                                                                                                        -------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------
                                                                                                                                    Fourth                                                          Third                                    Second                                     First                                    Fourth
                                                                                                                 Quarter                  Quarter                Quarter                Quarter                Quarter
                                                                                                        -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                     Interest Earning Assets
                     --------------------------------------------------------------
                     Taxable investment securities (2)                                                                     $            3,937,278                                                      3,786,436                                 3,844,688                                 3,841,556                                 3,643,510
                                                    Yield                                                                                    2.29 %                                                         2.11                                      2.11                                      2.06                                      1.92
                                                                                                                                                                                                                                                                                                                           
                     Tax-exempt investment securities (2) (4)                                                              $                  180                                                            259                                       340                                     2,730                                     2,824
                                                    Yield (taxable equivalent)                                                               7.97 %                                                         7.86                                      6.87                                      5.81                                      5.82
                                                                                                                                                                                                                                                                                                                           
                     Trading account assets                                                                                $                7,360                                                          7,823                                     3,667                                     6,443                                     6,799
                                                    Yield                                                                                    2.78 %                                                         2.09                                      2.28                                      1.72                                      2.63
                                                                                                                                                                                                                                                                                                                           
                     Commercial loans (3) (4)                                                                              $           18,935,774                                                     19,059,936                                19,137,733                                19,043,384                                18,812,659
                                                    Yield                                                                                    4.49 %                                                         4.41                                      4.27                                      4.16                                      4.05
                                                                                                                                                                                                                                                                                                                           
                     Consumer loans (3)                                                                                    $            5,704,629                                                      5,440,765                                 5,215,258                                 4,992,683                                 4,911,149
                                                    Yield                                                                                    4.54 %                                                         4.55                                      4.49                                      4.40                                      4.27
                                                                                                                                                                                                                                                                                                                           
                     Allowance for loan losses                                                                             $            (252,319)                (249,248)              (251,219)              (253,927)              (253,713)
                                                                                                                             -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                           
                     Loans, net (3)                                                                                        $           24,388,084                                                     24,251,453                                24,101,772                                23,782,140                                23,470,095
                                                    Yield                                                                                    4.55 %                                                         4.49                                      4.36                                      4.25                                      4.14
                                                                                                                                                                                                                                                                                                                           
                     Mortgage loans held for sale                                                                          $               45,353                                                         52,177                                    52,224                                    46,554                                    77,652
                                                    Yield                                                                                    3.96 %                                                         3.88                                      3.87                                      4.01                                      3.51
                                                                                                                                                                                                                                                                                                                           
                     Federal funds sold, due from Federal Reserve Bank, and other                                          $              922,296                                                        543,556                                   561,503                                   654,322                                   982,355
                     short-term investments
                                                    Yield                                                                                    1.31 %                                                         1.23                                      1.00                                      0.77                                      0.49
                                                                                                                                                                                                                                                                                                                           
                     Federal Home Loan Bank and Federal Reserve Bank stock (5)                                             $              159,455                                                        175,263                                   177,323                                   170,844                                   121,079
                                                    Yield                                                                                    4.03 %                                                         3.50                                      2.99                                      3.42                                      3.75
                                                                    
                     ------------------------------ ------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                     Total interest earning assets                                                                         $           29,460,006                                                     28,816,967                                28,741,517                                28,504,589                                28,304,314
                                                    Yield                                                                                    4.15 %                                                         4.11                                      3.99                                      3.88                                      3.73
                                                                    
                     ------------------------------ ------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                           
                     Interest Bearing Liabilities
                                  
                     ------------------------------ ------------------------------
                                                                                                                                                                                                                                                                                                                           
                     Interest bearing demand deposits                                                                      $            4,976,239                                                      4,868,372                                 4,837,053                                 4,784,329                                 4,488,135
                                                    Rate                                                                                     0.28 %                                                         0.27                                      0.23                                      0.19                                      0.16
                                                                                                                                                                                                                                                                                                                           
                     Money market accounts                                                                                 $            7,514,992                                                      7,528,036                                 7,427,562                                 7,424,627                                 7,359,067
                                                    Rate                                                                                     0.36 %                                                         0.34                                      0.32                                      0.31                                      0.29
                                                                                                                                                                                                                                                                                                                           
                     Savings deposits                                                                                      $              804,853                                                        803,184                                   805,019                                   909,660                                   908,725
                                                    Rate                                                                                     0.03 %                                                         0.03                                      0.04                                      0.11                                      0.12
                                                                                                                                                                                                                                                                                                                           
                     Time deposits under $100,000                                                                          $            1,166,413                                                      1,183,582                                 1,202,746                                 1,215,593                                 1,229,809
                                                    Rate                                                                                     0.70 %                                                         0.68                                      0.67                                      0.64                                      0.64
                                                                                                                                                                                                                                                                                                                           
                     Time deposits over $100,000                                                                           $            2,004,031                                                      2,067,347                                 2,040,924                                 2,029,713                                 2,014,564
                                                    Rate                                                                                     0.99 %                                                         0.97                                      0.94                                      0.92                                      0.90
                                                                                                                                                                                                                                                                                                                           
                     Non maturing brokered deposits                                                                        $              546,413                                                        547,466                                   564,043                                   619,627                                   638,779
                                                    Rate                                                                                     0.81 %                                                         0.73                                      0.54                                      0.41                                      0.31
                                                                                                                                                                                                                                                                                                                           
                     Brokered time deposits                                                                                $            1,651,920                                                        983,423                                   815,515                                   761,159                                   742,153
                                                    Rate                                                                                     1.63 %                                      1.16                   0.94                   0.92                   0.90
                                                                                                                             -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                           
                     Total interest bearing deposits                                                                       $           18,664,861                                                     17,981,410                                17,692,862                                17,744,708                                17,381,232
                                                    Rate                                                                                     0.54 %                                                         0.46                                      0.41                                      0.39                                      0.37
                                                                                                                                                                                                                                                                                                                           
                     Federal funds purchased and securities sold under repurchase                                          $              184,369                                                        191,585                                   183,400                                   176,854                                   219,429
                     agreements
                                                    Rate                                                                                     0.15 %                                                         0.08                                      0.10                                      0.09                                      0.08
                                                                                                                                                                                                                                                                                                                           
                     Long-term debt                                                                                        $            1,713,982                                                      1,985,175                                 2,270,452                                 2,184,072                                 2,190,716
                                                    Rate                                                                                     2.67 %                                                         2.81                                      2.83                                      2.83                                      2.65
                                                                    
                     ------------------------------ ------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                           
                     Total interest bearing liabilities                                                                    $           20,563,212                                                     20,158,170                                20,146,714                                20,105,634                                19,791,377
                                                    Rate                                                                                     0.72 %                                                         0.69                                      0.68                                      0.65                                      0.62
                                                                    
                     ------------------------------ ------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                           
                     Non-interest bearing demand deposits                                                                  $            7,621,147                                                      7,305,508                                 7,298,845                                 7,174,146                                 7,280,033
                                                                                                                                                                                                                                                                                                                           
                     Effective cost of funds                                                                                                 0.50 %                                                         0.48                                      0.48                                      0.46                                      0.44
                                                                    
                     ------------------------------ ------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                           
                     Net interest margin                                                               3.65 %                                      3.63                   3.51                   3.42                   3.29
                     ---------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                           
                     Taxable equivalent adjustment                                                                         $                  234                                                            283                                       298                                       309                                       322
                                                                                                                                                                                                                                                                                                                           
                     (1) Yields and rates are annualized.
                     (2) Excludes net unrealized gains and losses.
                     (3) Average loans are shown net of unearned income. Non-performing
                     loans are included.
                     (4) Reflects taxable-equivalent adjustments, using the statutory
                     federal income tax rate of 35%, in adjusting interest on
                     tax-exempt loans and investment securities to a taxable-equivalent
                     basis.
                     (5) Included as a component of Other Assets on the consolidated
                     balance sheet
                                                                                                                                                                                                              
Synovus
                                                                                                                                                                                                                                                                                                                                                                                                          
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
                                                                                                                                                                                                                                                                                                                 
                                                                                       --------------------------------                                          --------------------------------                                          ------------------------------------------                           --------------------------------                                          -------------------- --------------------
                                                                                                     Total                                                                     Total                                                                                                                                          Total
                                                                                                Non-performing                                                            Non-performing                                                                  4Q17 vs. 3Q17                                                  Non-performing                                                       4Q17 vs. 4Q16
                                      Loan Type                                                      Loans                                                                     Loans                                                                        % change                                                          Loans                                                             % change
                                                                            December 31, 2017                                                        September 30, 2017                                                                                        December 31, 2016                                                    
                     -----------------------------------------                         --------------------------------                                          --------------------------------                                          -------------------- --------------------                            --------------------------------                                          -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Multi-Family                                                  $      1,241                                                                     1,096                                                                                13.2                      %                        $      1,853                                                                               (33.0 )                    %
                       Hotels                                                                   -                                                                         -                                                                                   -                                                        335                                                                                  nm
                       Office Buildings                                                     1,532                                                                       234                                                                                  nm                                                      1,380                                                                                11.0
                       Shopping Centers                                                       165                                                                       327                                                                               (49.5 )                                                      354                                                                               (53.4 )
                       Warehouses                                                             226                                                                        38                                                                               494.7                                                        592                                                                               (61.8 )
                       Other Investment Property                                              640                                                    367                                                             74.4                                     754                                                            (15.1 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                           
                       Total Investment Properties                                          3,804                                                                     2,062                                                                                84.5                                                      5,268                                                                               (27.8 )
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       1-4 Family Construction                                                  -                                                                         -                                                                                   -                                                        305                                                                                  nm
                       1-4 Family Investment Mortgage                                       2,849                                                  2,712                                                              5.1                                   8,809                                                            (67.7 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Total 1-4 Family Properties                                          2,849                                                                     2,712                                                                                 5.1                                                      9,114                                                                               (68.7 )
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Commercial Development                                                  45                                                                        47                                                                                (4.3 )                                                      168                                                                               (73.2 )
                       Residential Development                                              3,257                                                                     4,720                                                                               (31.0 )                                                    8,994                                                                               (63.8 )
                       Land Acquisition                                                     2,495                                                  2,161                                                             15.5                                   7,071                                                            (64.7 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Land and Development                                                 5,797                                                  6,928                                                            (16.3 )                                                   16,233                                                            (64.3 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Total Commercial Real Estate                                        12,450                                                 11,702                                                              6.4                                  30,615                                                            (59.3 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Commercial, Financial, and Agricultural                             70,130                                                                    58,139                                                                                20.6                                                     59,074                                                                                18.7
                       Owner-Occupied                                                       6,654                                                  3,960                                                             68.0                                  16,503                                                            (59.7 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Total Commercial & Industrial                                       76,784                                                 62,099                                                             23.6                                  75,577                                                              1.6  
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Home Equity Lines                                                   17,455                                                                    15,638                                                                                11.6                                                     21,551                                                                               (19.0 )
                       Consumer Mortgages                                                   7,203                                                                     6,332                                                                                13.8                                                     22,681                                                                               (68.2 )
                       Other Consumer Loans                                                 1,669                                                  2,067                                                            (19.3 )                                                    2,954                                                            (43.5 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                           
                       Total Consumer                                                      26,327                                                 24,037                                                              9.5                                  47,186                                                            (44.2 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                          Total                                                      $    115,561                                                 97,838                                                             18.1   %                        $    153,378                                                            (24.7 )                    %
                                                                                       ========== ====================                                           ========== ====================                                           ==================== ====================                            ========== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                     
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                  Total Loans                                                               Total Loans                                                                   4Q17 vs. 3Q17                                                    Total Loans                                                        4Q17 vs. 4Q16
                     Loan Type                                                                 December 31, 2017                                                        September 30, 2017                                                                % change (1)                                                  December 31, 2016                                                       % change
                                                                                                                                                                                                                                                                           
                     -----------------------------------------                         --------------------------------                                          --------------------------------                                          -------------------- --------------------                            --------------------------------                                          -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Multi-Family                                                  $  1,492,159                                                                 1,636,449                                                                               (35.0 )                    %                        $  1,568,234                                                                                (4.9 )                    %
                       Hotels                                                             741,703                                                                   832,990                                                                               (43.5 )                                                  748,951                                                                                (1.0 )
                       Office Buildings                                                 1,499,834                                                                 1,548,317                                                                               (12.4 )                                                1,539,516                                                                                (2.6 )
                       Shopping Centers                                                   791,311                                                                   840,367                                                                               (23.2 )                                                  964,325                                                                               (17.9 )
                       Warehouses                                                         581,410                                                                   522,925                                                                                44.4                                                    515,112                                                                                12.9
                       Other Investment Property                                          563,648                                                544,049                                                             14.3                                 533,123                                                              5.7  
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                       Total Investment Properties                                      5,670,065                                                                 5,925,097                                                                               (17.1 )                                                5,869,261                                                                                (3.4 )
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       1-4 Family Construction                                            198,200                                                                   195,273                                                                                 5.9                                                    190,477                                                                                 4.1
                       1-4 Family Investment Mortgage                                     583,419                                                600,535                                                            (11.3 )                                                  698,076                                                            (16.4 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                       Total 1-4 Family Properties                                        781,619                                                                   795,808                                                                                (7.1 )                                                  888,553                                                                               (12.0 )
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Commercial Development                                              70,062                                                                    66,521                                                                                21.1                                                     70,250                                                                                (0.3 )
                       Residential Development                                            114,079                                                                   117,878                                                                               (12.8 )                                                  136,514                                                                               (16.4 )
                       Land Acquisition                                                   299,463                                                322,813                                                            (28.7 )                                                  409,534                                                            (26.9 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                       Land and Development                                               483,604                                                507,212                                                            (18.5 )                                                  616,298                                                            (21.5 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Total Commercial Real Estate                                     6,935,288                                              7,228,117                                                            (16.1 )                                                7,374,112                                                             (6.0 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Commercial, Financial, and Agricultural                          7,179,487                                                                 6,961,709                                                                                12.4                                                  6,909,036                                                                                 3.9
                       Owner-Occupied                                                   4,844,163                                              4,764,240                                                              6.7                               4,634,770                                                              4.5  
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                       Total Commercial & Industrial                                   12,023,650                                             11,725,949                                                             10.1                              11,543,806                                                              4.2  
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                       Home Equity Lines                                                1,514,227                                                                 1,528,889                                                                                (3.8 )                                                1,617,265                                                                                (6.4 )
                       Consumer Mortgages                                               2,633,503                                                                 2,557,680                                                                                11.8                                                  2,296,604                                                                                14.7
                       Credit Cards                                                       232,676                                                                   225,725                                                                                12.2                                                    232,413                                                                                 0.1
                       Other Consumer Loans                                             1,473,451                                              1,245,278                                                             72.7                                 818,182                                                             80.1  
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                       Total Consumer                                                   5,853,857                                              5,557,572                                                             21.2                               4,964,464                                                             17.9  
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                       Unearned Income                                                    (25,331 )                                                                 (24,278 )                                                                              17.2                                 (25,991 )                                                                              (2.5 )
                                                                                       ---------- --------------------                                           ---------- --------------------                                           -------------------- --------------------                            ---------- --------------------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                     
                          Total                                                      $ 24,787,464                                             24,487,360                                                              4.9   %                        $ 23,856,391                                                              3.9   %
                                                                                       ========== ====================                                           ========== ====================                                           ==================== ====================                            ========== ====================                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                     
(1) Percentage change is annualized.
                                                                                                                                                                                                                                                                                                                                                                                                          
Synovus
                                                                                                                                                                                                 
                     CREDIT QUALITY DATA
                     (Unaudited)
                     (Dollars in thousands)                                                                                                                                                                                 2017                                                                                                                                   2016                                                     4th Quarter
                                                                                                                                      ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -------                                           ----------------------------
                                                                                                                                        Fourth                                                Third                                                    Second                                                    First                                            Fourth                                                    ’17 vs. ’16
                                                                                                                                        Quarter                           Quarter                                Quarter                               Quarter                                           Quarter                                                     Change
                                                                                                                                      ---------- --------------------                      ---------- --------------------                      -------------------- --------------------                      -------                                           -------                                           ----------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Non-performing Loans                                                                                           $    115,561                                               97,838                                                        159,317                                           158,366                                           153,378                                           (24.7) %
                     Impaired Loans Held for Sale (1)                                                                                     11,278                                               30,197                                                            127                                             8,442                                                 -                                               nm
                     Other Real Estate                                                                                                     3,758                                               10,551                                                         19,476                                            20,425                                            22,308                                           (83.2)  
                                                                                                                                      ----------                                           ----------                                           --------------------                                           -------                                           -------                                           ------ --------------------
                     Non-performing Assets                                                                                               130,597                                              138,586                                                        178,920                                           187,233                                           175,686                                           (25.7)
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Allowance for loan losses                                                                                           249,268                                              249,683                                                        248,095                                           253,514                                           251,758                                            (1.0)
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Net Charge-Offs - Quarter                                                                                             8,979                                               38,099                                                         15,678                                             6,919                                             8,319
                     Net Charge-Offs - YTD                                                                                                69,675                                               60,695                                                         22,597                                             6,919                                            28,739
                     Net Charge-Offs / Average Loans - Quarter (2)                                                                          0.15 %                                               0.62                                                           0.26                                              0.12                                              0.14
                     Net Charge-Offs / Average Loans - YTD (2)                                                                              0.29                                                 0.33                                                           0.19                                              0.12                                              0.12
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Non-performing Loans / Loans                                                                                           0.47                                                 0.40                                                           0.65                                              0.65                                              0.64
                     Non-performing Assets / Loans, Other Loans Held for Sale & ORE                                                         0.53                                                 0.57                                                           0.73                                              0.77                                              0.74
                     Allowance / Loans                                                                                                      1.01                                                 1.02                                                           1.02                                              1.05                                              1.06
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Allowance / Non-performing Loans                                                                                     215.70                                               255.20                                                         155.72                                            160.08                                            164.14
                     Allowance / Non-performing Loans (3)                                                                                 238.44                                               336.35                                                         217.07                                            204.94                                            202.01
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Past Due Loans over 90 days and Still Accruing                                                                 $      4,414                                                5,685                                                          4,550                                             2,777                                             3,135                                             40.8
                     As a Percentage of Loans Outstanding                                                                                   0.02 %                                               0.02                                                           0.02                                              0.01                                              0.01
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Total Past Due Loans and Still Accruing                                                                        $     52,032                                               84,853                                                         66,788                                            62,137                                            65,106                                           (20.1)
                     As a Percentage of Loans Outstanding                                                                                   0.21 %                                               0.35                                                           0.27                                              0.26                                              0.27
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Accruing Troubled Debt Restructurings (TDRs)                                                                   $    151,271                                              166,918                                                        167,395                                           172,421                                           195,776                                           (22.7)
                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     (1) Represent only impaired loans that have been specifically
                     identified to be sold. Impaired loans held for sale are carried at
                     the lower of cost or fair value, less costs to sell, based
                     primarily on estimated sales proceeds net of selling costs.
                     (2) Ratio is annualized.
                     (3) Excludes non-performing loans for which the expected loss has
                     been charged off.
                                                                                                                                                                                                                                                                                                                                                                                                                           
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     SELECTED CAPITAL INFORMATION (1)
                     (Unaudited)
                     (Dollars in thousands)
                                                                                                                                                                                                           
                                                                                                                                      --------------------------------                     --------------------------------                     --------------------
                                                                                                                                                December 31,                                         September 30,                                  December 31,
                                                                                                                                                    2017                                                 2017                                           2016
                                                                                                                                      ------------------------------                       ------------------------------                       --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     Tier 1 Capital                                                                                                 $  2,872,003                                            2,849,580                                                      2,685,880
                     Total Risk-Based Capital                                                                                          3,383,083                                            3,362,127                                                      3,201,268
                     Common Equity Tier 1 Ratio (transitional)                                                                              9.99 %                                              10.06                                                           9.96
                     Common Equity Tier 1 Ratio (fully phased-in)                                                                           9.88                                                 9.88                                                           9.51
                     Tier 1 Capital Ratio                                                                                                  10.38                                                10.43                                                          10.07
                     Total Risk-Based Capital Ratio                                                                                        12.23                                                12.30                                                          12.01
                     Tier 1 Leverage Ratio                                                                                                  9.19                                                 9.34                                                           8.99
                     Common Equity as a Percentage of Total Assets (2)                                                                      9.08                                                 9.07                                                           9.31
                     Tangible Common Equity as a Percentage of Tangible Assets (3)                                                          8.88                                                 8.88                                                           9.09
                     Tangible Common Equity as a Percentage of Risk Weighted Assets (3)                                                    10.00                                                10.24                                                          10.24
                     Book Value Per Common Share (4)                                                                                $      23.85                                                24.01                                                          22.92
                     Tangible Book Value Per Common Share (3)                                                                              23.27                                                23.44                                                          22.32
                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                           
                     (1) Current quarter regulatory capital information is preliminary.
                     (2) Common equity consists of Total Shareholders’ Equity less
                     Preferred Stock.
                     (3) Excludes the carrying value of goodwill and other intangible
                     assets from common equity and total assets.
                     (4) Book Value Per Common Share consists of Total Shareholders’
                     Equity less Preferred Stock divided by total common shares
                     outstanding.
                      

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180123005597r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180123005597/en/

SOURCE: Synovus Financial Corp.

Synovus Financial Corp. 
Media Contact 
Lee Underwood, 706-644-0528 
Media Relations 
or 
Investor Contact 
Steve Adams, 706-641-6462 
Investor Relations


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