Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended September 30, 2016.
Third Quarter Highlights
-
Net income available to common shareholders for the third quarter 2016
was $62.7 million or $0.51 per diluted share as compared to $57.9
million or $0.46 per diluted share for the previous quarter and $55.4
million or $0.42 per diluted share for the third quarter 2015.
- Adjusted diluted earnings per share of $0.52 grew 23.0% from $0.42 for the third quarter 2015.
- Return on average assets improved to 0.88% from 0.83% in the previous quarter and 0.81% in the third quarter 2015.
- Total revenues1 of $294.1 million grew $4.8 million or 1.6% from the previous quarter and 7.0% from the third quarter 2015.
- Synovus continued to achieve positive operating leverage which resulted in an improved adjusted efficiency ratio of 60.55% in the third quarter as compared to 61.54% in the previous quarter and 61.83% in the third quarter 2015.
- Total loans grew $202.0 million or 3.5% annualized from the previous quarter and $1.40 billion or 6.4% as compared to the third quarter 2015.
- Total average deposits grew $422.3 million or 7.1% annualized from the previous quarter and $1.17 billion or 5.1% as compared to the third quarter 2015.
- Credit quality metrics improved with the NPL ratio declining to 0.64% from 0.67% in the previous quarter and 0.72% in the third quarter 2015.
- Return on average common equity improved to 8.89% from 8.26% in the previous quarter and 7.64% in the third quarter 2015.
- Return on average tangible common equity improved to 8.96% from 8.33% in the previous quarter and 7.70% in the third quarter 2015.
- Effective September 29, 2016, the company entered into an accelerated share repurchase agreement (ASR) to repurchase $50 million of Synovus common stock. Upon settlement of the ASR scheduled on or before December 28, 2016, the $300 million share repurchase program will be complete.
“We were pleased with our third quarter performance, marked by strong earnings per share and revenue growth,” said Kessel Stelling, Synovus Chairman and CEO. “We continued to drive diversified loan growth in the quarter and, with the successful closing of the Entaire acquisition in October, we gained an additional entry point for expanded C&I relationships in the future. With another solid quarter behind us, our team remains committed to deepening customer relationships and enhancing profitability.”
Consolidated Financial Results
Balance Sheet
-
Total loans ended the quarter at $23.26 billion, up $202.0 million or
3.5% annualized from the previous quarter and up $1.40 billion or 6.4%
as compared to the third quarter 2015.
- Retail loans grew by $182.1 million or 15.7% annualized from the previous quarter and $648.3 million or 15.6% as compared to the third quarter 2015.
- Commercial and industrial loans grew by $60.6 million or 2.2% annualized from the previous quarter and $490.0 million or 4.7% as compared to the third quarter 2015.
- Commercial real estate loans declined by $42.1 million or 2.2% annualized from the previous quarter and grew $258.1 million or 3.6% as compared to the third quarter 2015.
-
Total average deposits for the quarter were $24.03 billion, and grew
by $422.3 million or 7.1% annualized from the previous quarter and
$1.17 billion or 5.1% as compared to the third quarter 2015.
- Average core transaction accounts2 grew by $512.7 million or 12.1% annualized from the previous quarter and $1.26 billion or 7.8% as compared to the third quarter 2015.
Core Performance
- Total revenues1 of $294.1 million grew $4.8 million or 1.6% from the previous quarter and 7.0% from the third quarter 2015.
- Net interest income was $226.0 million, up $4.6 million or 2.1% from the previous quarter and 8.8% as compared to the third quarter 2015.
- Net interest margin was 3.27%, unchanged from the previous quarter. Yield on earning assets was 3.71% and the effective cost of funds was 0.44%, both of which declined two basis points from the previous quarter.
-
Total non-interest income was $68.2 million, up $269 thousand or 0.4%
compared to the previous quarter and 1.6% as compared to the third
quarter 2015.
- Core banking fees3 were $34.8 million, up $989 thousand or 2.9% from the previous quarter and down 0.6% as compared to the third quarter 2015.
- Fiduciary and asset management fees, brokerage revenue, and insurance revenues of $19.6 million were down $250 thousand or 1.3% from the previous quarter and up 2.0% as compared to the third quarter 2015.
- Mortgage banking income of $7.3 million was up $1.4 million or 23.4% from the previous quarter and 22.9% as compared to the third quarter 2015.
- Total non-interest expense for the third quarter 2016 was $185.9 million, down $2.7 million or 1.5% from the previous quarter and up $8.0 million or 4.5% as compared to the third quarter 2015.
-
Adjusted non-interest expense for the third quarter 2016 was $183.9
million, up $1.5 million or 0.8% from the previous quarter and up $6.4
million or 3.6% as compared to the third quarter 2015.
- Employment expense of $101.9 million increased $4.9 million or 5.0% from the previous quarter.
- Advertising expense of $5.6 million decreased $1.8 million from the previous quarter.
- Adjusted efficiency ratio for the third quarter was 60.55% as compared to 61.54% in the previous quarter and 61.83% in the third quarter 2015.
- Efficiency ratio for the third quarter was 63.13% as compared to 65.11% in the previous quarter and 64.65% in the third quarter 2015.
- On a year-to-date basis, adjusted non-interest expense of $545.6 million increased $16.5 million or 3.1% as compared to a year ago.
Credit Quality
- Non-performing loans were $148.2 million at September 30, 2016, down $5.9 million or 3.8% from the previous quarter and down $9.5 million or 6.0% from September 30, 2015. The non-performing loan ratio was 0.64% at September 30, 2016, as compared to 0.67% at the end of the previous quarter and 0.72% at September 30, 2015.
- Total non-performing assets were $179.1 million at September 30, 2016, down $8.3 million or 4.4% from the previous quarter and down $42.9 million or 19.3% from September 30, 2015. The non-performing asset ratio was 0.77% at September 30, 2016, as compared to 0.81% at the end of the previous quarter and 1.01% at September 30, 2015.
- Net charge-offs were $6.9 million in the third quarter 2016, up $797 thousand or 13.0% from $6.1 million in the previous quarter. The annualized net charge-off ratio was 0.12% in the third quarter as compared to 0.11% in the previous quarter.
- Total delinquencies (consisting of loans 30 or more days past due and still accruing) remain low at 0.27% of total loans at September 30, 2016 as compared to 0.24% the previous quarter and 0.18% at September 30, 2015.
Capital Ratios
- Common Equity Tier 1 ratio was 9.97% at September 30, 2016 compared to 10.01% at June 30, 2016.
- Tier 1 Capital ratio was 10.06% at September 30, 2016, unchanged from June 30, 2016.
- Total Risk Based Capital ratio was 12.05% at September 30, 2016, unchanged from June 30, 2016.
- Tier 1 Leverage ratio was 8.98% at September 30, 2016 compared to 9.10% at June 30, 2016.
- Tangible Common Equity ratio was 9.28% at September 30, 2016 compared to 9.52% at June 30, 2016.
Third Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on October 18, 2016. 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.
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $30 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services to customers through 28 locally-branded divisions, 250 branches, and 332 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was recognized as one of America's Most Reputable Banks by American Banker and the Reputation Institute in 2016 and 2015. Synovus is on the web at synovus.com, on Twitter @synovus, and on LinkedIn at http://linkedin.com/company/synovus.
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, 2015 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.
Use of Non-GAAP Financial Measures
The measures entitled adjusted diluted earnings per share; return on average tangible common equity; average core transaction deposit accounts; adjusted non-interest expense; adjusted efficiency ratio; tangible common equity ratio; and common equity Tier 1 (CET1) ratio (fully phased-in) are not measures recognized under U.S. generally accepted accounting principles (GAAP) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are net income per common share, diluted; return on average common equity; total average deposits; total non-interest expense; efficiency ratio and total shareholders’ equity to total assets ratio, respectively.
Synovus believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management, investors, and bank regulators in evaluating Synovus’ capital strength and the performance of its core business. Adjusted diluted earnings per share is a measure used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to- period comparisons. The return on average tangible common equity is 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. Average core transaction deposit accounts are a measure used by management to evaluate organic growth of deposits and the quality of deposits as a funding source. 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. The tangible common equity 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. These non-GAAP financial measures should not be considered as substitutes for net income per diluted common share; return on average common equity; total average deposits; total non-interest income; total non-interest expense; efficiency ratio; and total shareholders’ equity to total assets ratio determined in accordance with GAAP and may not be comparable to other similarly titled measures at other companies.
The computations of adjusted diluted earnings per share; return on average tangible common equity; average core transaction deposit accounts; adjusted non-interest expense; adjusted efficiency ratio; tangible common equity ratio; and common equity Tier 1 (CET1) ratio (fully phased-in) and the reconciliation of these measures to net income per diluted common share; return on average common equity; total average deposits; total non-interest expense; efficiency ratio; and total shareholders’ equity to total assets ratio are set forth in the tables below.
1 Consists of net interest income and non-interest income excluding investment securities gains, net
2 Consists of non-interest bearing, NOW/Savings, and money market deposits
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
Reconciliation of Non-GAAP Financial Measures | ||||||||||
(dollars in thousands) | 3Q16 | 2Q16 | 3Q15 | |||||||
Adjusted Diluted Earnings per Share | ||||||||||
Net income available to common shareholders | $ | 62,686 | 57,898 | 55,369 | ||||||
(Subtract)/Add: Litigation contingency/settlement (recovery) expense* | (189 | ) | - | - | ||||||
Add: Restructuring charges | 1,243 | 5,841 | 69 | |||||||
Add: Merger-related expenses | 550 | - | - | |||||||
Tax effect of adjustments | (587 | ) | (2,138 | ) | (25 | ) | ||||
Adjusted net income available to common shareholders | $ | 63,703 | 61,601 | 55,413 | ||||||
Weighted average common shares outstanding - diluted | 123,604 | 125,699 | 132,297 | |||||||
Adjusted diluted earnings per share | $ | 0.52 | 0.49 | 0.42 | ||||||
Return on Average Tangible Common Equity | ||||||||||
Total average shareholders’ equity | $ | 2,932,513 | 2,946,697 | 3,002,428 | ||||||
Subtract: Average goodwill | (24,431 | ) | (24,431 | ) | (24,431 | ) | ||||
Subtract: Average other intangible assets, net | (226 | ) | (249 | ) | (758 | ) | ||||
Subtract: Average Series C Preferred Stock, no par value | (125,980 | ) | (125,980 | ) | (125,980 | ) | ||||
Average tangible common equity | $ | 2,781,876 | 2,796,037 | 2,851,259 | ||||||
Net income available to common shareholders annualized | $ | 249,377 | 232,866 | 219,671 | ||||||
Return on average tangible common equity | 8.96 | % | 8.33 | 7.70 | ||||||
Average Core Transaction Deposit Accounts | ||||||||||
Total average deposits | $ | 24,030,291 | 23,608,027 | 22,860,019 | ||||||
Subtract: Average brokered deposits | (1,409,740 | ) | (1,337,001 | ) | (1,357,163 | ) | ||||
Subtract: Average time deposits excluding average SCM time deposits | (3,153,366 | ) | (3,141,621 | ) | (3,274,406 | ) | ||||
Subtract: Average state, county, and municipal (SCM) deposits | (2,105,126 | ) | (2,280,038 | ) | (2,124,812 | ) | ||||
Average core transaction deposit accounts | $ | 17,362,059 | 16,849,367 | 16,103,638 | ||||||
Reconciliation of Non-GAAP Financial Measures, continued | ||||||||||
(dollars in thousands) | 3Q16 | 2Q16 | 3Q15 | |||||||
Adjusted Non-interest Expense | ||||||||||
Total non-interest expense | $ | 185,871 | 188,611 | 177,907 | ||||||
Subtract: Restructuring charges | (1,243 | ) | (5,841 | ) | (69 | ) | ||||
Subtract: Visa indemnification charges | (360 | ) | (360 | ) | (363 | ) | ||||
Add/(Subtract): Litigation contingency/settlement recovery (expense)* | 189 | - | - | |||||||
Subtract: Merger-related expenses | (550 | ) | - | - | ||||||
Adjusted non-interest expense | $ | 183,907 | 182,410 | 177,475 | ||||||
Adjusted Efficiency Ratio | ||||||||||
Adjusted non-interest expense | $ | 183,907 | 182,410 | 177,475 | ||||||
Subtract: Foreclosed real estate expense | (2,725 | ) | (4,588 | ) | (4,503 | ) | ||||
Subtract: Other credit costs | (2,913 | ) | 445 | (2,842 | ) | |||||
Adjusted non-interest expense excluding total credit costs | $ | 178,269 | 178,267 | 170,130 | ||||||
Net interest income | 226,007 | 221,449 | 207,790 | |||||||
Add: Tax equivalent adjustment | 330 | 329 | 315 | |||||||
Add: Total non-interest income | 68,155 | 67,886 | 67,059 | |||||||
Subtract: Investment securities gains, net | (59 | ) | - | - | ||||||
Total revenues | $ | 294,433 | 289,664 | 275,164 | ||||||
Adjusted efficiency ratio | 60.55 | % | 61.54 | 61.83 | ||||||
Tangible common equity ratio | ||||||||||
Total assets | $ | 29,727,096 | 29,459,691 | 28,167,135 | ||||||
Subtract: Goodwill | (24,431 | ) | (24,431 | ) | (24,431 | ) | ||||
Subtract: Other intangible assets, net | (225 | ) | (228 | ) | (667 | ) | ||||
Tangible assets | $ | 29,702,440 | 29,435,032 | 28,142,037 | ||||||
Total shareholders’ equity | $ | 2,906,659 | 2,951,659 | 3,017,116 | ||||||
Subtract: Goodwill | (24,431 | ) | (24,431 | ) | (24,431 | ) | ||||
Subtract: Other intangible assets, net | (225 | ) | (228 | ) | (667 | ) | ||||
Subtract: Series C Preferred Stock, no par value | (125,980 | ) | (125,980 | ) | (125,980 | ) | ||||
Tangible common equity | $ | 2,756,023 | 2,801,020 | 2,866,038 | ||||||
Total shareholders’ equity to total assets ratio | 9.78 | % | 10.02 | % | 10.71 | |||||
Tangible common equity ratio | 9.28 | % | 9.52 | % | 10.18 | |||||
Common Equity Tier 1 (CET1) ratio (fully phased-in) | ||||||||||
Common Equity Tier 1 (CET1) | $ | 2,596,233 | 2,616,181 | 2,637,462 | ||||||
Subtract: Adjustment related to capital components | (101,843 | ) | (114,588 | ) | (128,481 | ) | ||||
CET1 (fully phased-in) | $ | 2,494,390 | 2,501,593 | 2,508,981 | ||||||
Total risk-weighted assets (fully phased-in) | $ | 26,289,626 | 26,373,430 | 25,142,523 | ||||||
Common Equity Tier 1 (CET1) ratio (fully phased-in) | 9.49 | % | 9.49 | 9.98 | ||||||
* Amounts for other periods presented herein are not reported separately as amounts are not material.
Synovus | |||||||||||
INCOME STATEMENT DATA | Nine Months Ended | ||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | September 30, | ||||||||||
2016 | 2015 | Change | |||||||||
Interest income | $ | 758,270 | 703,148 | 7.8 | % | ||||||
Interest expense | 92,620 | 88,450 | 4.7 | ||||||||
Net interest income | 665,650 | 614,698 | 8.3 | ||||||||
Provision for loan losses | 21,741 | 13,990 | 55.4 | ||||||||
Net interest income after provision for loan losses | 643,909 | 600,708 | 7.2 | ||||||||
Non-interest income: | |||||||||||
Service charges on deposit accounts | 60,772 | 59,621 | 1.9 | ||||||||
Fiduciary and asset management fees | 34,691 | 34,722 | (0.1 | ) | |||||||
Brokerage revenue | 20,019 | 20,978 | (4.6 | ) | |||||||
Mortgage banking income | 18,755 | 19,960 | (6.0 | ) | |||||||
Bankcard fees | 24,988 | 24,910 | 0.3 | ||||||||
Investment securities gains, net | 126 | 2,710 | (95.4 | ) | |||||||
Other fee income | 15,255 | 15,371 | (0.8 | ) | |||||||
Other non-interest income | 24,582 | 23,474 | 4.7 | ||||||||
Total non-interest income | 199,188 | 201,746 | (1.3 | ) | |||||||
Non-interest expense: | |||||||||||
Salaries and other personnel expense | 300,364 | 285,394 | 5.2 | ||||||||
Net occupancy and equipment expense | 81,480 | 79,650 | 2.3 | ||||||||
Third-party processing expense | 34,033 | 31,858 | 6.8 | ||||||||
FDIC insurance and other regulatory fees | 20,100 | 20,315 | (1.1 | ) | |||||||
Professional fees | 19,794 | 18,382 | 7.7 | ||||||||
Advertising expense | 15,358 | 11,797 | 30.2 | ||||||||
Foreclosed real estate expense, net | 9,998 | 18,350 | (45.5 | ) | |||||||
Merger-related expense | 550 | - | nm | ||||||||
Visa indemnification charges | 1,079 | 1,092 | (1.2 | ) | |||||||
Loss on early extinguishment of debt | 4,735 | - | nm | ||||||||
Litigation settlement/contingency expense | 2,511 | 4,400 | (42.9 | ) | |||||||
Restructuring charges, net | 8,225 | (33 | ) | nm | |||||||
Other operating expenses | 64,489 | 63,416 | 1.7 | ||||||||
Total non-interest expense | 562,716 | 534,621 | 5.3 | ||||||||
Income before income taxes | 280,381 | 267,833 | 4.7 | ||||||||
Income tax expense | 102,148 | 100,149 | 2.0 | ||||||||
Net income | 178,233 | 167,684 | 6.3 | ||||||||
Dividends on preferred stock | 7,678 | 7,678 | - | ||||||||
Net income available to common shareholders | $ | 170,555 | 160,006 | 6.6 | % | ||||||
Net income per common share, basic | $ | 1.36 | 1.20 | 13.4 | % | ||||||
Net income per common share, diluted | 1.36 | 1.20 | 13.5 | ||||||||
Cash dividends declared per common share | 0.36 | 0.30 | 20.0 | ||||||||
Return on average assets | 0.81 | % | 0.80 | 1 | bp | ||||||
Return on average common equity | 8.07 | 7.40 | 67 | ||||||||
Weighted average common shares outstanding, basic | 125,076 | 133,120 | (6.0 | ) | % | ||||||
Weighted average common shares outstanding, diluted | 125,712 | 133,876 | (6.1 | ) | |||||||
nm - not meaningful | |||||||||||
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Synovus | |||||||||||||||||
INCOME STATEMENT DATA | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(In thousands, except per share data) | 2016 | 2015 | 3rd Quarter | ||||||||||||||
Third | Second | First | Fourth | Third | '16 vs. '15 | ||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | ||||||||||||
Interest income | $ | 256,554 | 252,393 | 249,323 | 242,814 | 238,093 | 7.8 | % | |||||||||
Interest expense | 30,547 | 30,944 | 31,130 | 30,194 | 30,303 | 0.8 | |||||||||||
Net interest income | 226,007 | 221,449 | 218,193 | 212,620 | 207,790 | 8.8 | |||||||||||
Provision for loan losses | 5,671 | 6,693 | 9,377 | 5,021 | 2,956 | 91.8 | |||||||||||
Net interest income after provision for loan losses | 220,336 | 214,756 | 208,816 | 207,599 | 204,834 | 7.6 | |||||||||||
Non-interest income: | |||||||||||||||||
Service charges on deposit accounts | 20,822 | 20,240 | 19,710 | 20,522 | 20,692 | 0.6 | |||||||||||
Fiduciary and asset management fees | 11,837 | 11,580 | 11,274 | 11,206 | 11,308 | 4.7 | |||||||||||
Brokerage revenue | 6,199 | 7,338 | 6,483 | 6,877 | 6,946 | (10.8 | ) | ||||||||||
Mortgage banking income | 7,329 | 5,941 | 5,484 | 4,136 | 5,965 | 22.9 | |||||||||||
Bankcard fees | 8,269 | 8,346 | 8,372 | 8,262 | 8,334 | (0.8 | ) | ||||||||||
Investment securities gains, net | 59 | - | 67 | 58 | - | nm | |||||||||||
Other fee income | 5,171 | 5,280 | 4,804 | 5,798 | 5,521 | (6.3 | ) | ||||||||||
Other non-interest income | 8,469 | 9,161 | 6,953 | 9,316 | 8,293 | 2.1 | |||||||||||
Total non-interest income | 68,155 | 67,886 | 63,147 | 66,175 | 67,059 | 1.6 | |||||||||||
Non-interest expense: | |||||||||||||||||
Salaries and other personnel expense | 101,945 | 97,061 | 101,358 | 95,524 | 94,341 | 8.1 | |||||||||||
Net occupancy and equipment expense | 28,120 | 26,783 | 26,577 | 27,816 | 26,937 | 4.4 | |||||||||||
Third-party processing expense | 11,219 | 11,698 | 11,116 | 10,993 | 10,844 | 3.5 | |||||||||||
FDIC insurance and other regulatory fees | 6,756 | 6,625 | 6,719 | 6,776 | 6,591 | 2.5 | |||||||||||
Professional fees | 6,486 | 6,938 | 6,369 | 8,265 | 6,371 | 1.8 | |||||||||||
Advertising expense | 5,597 | 7,351 | 2,410 | 3,680 | 5,488 | 2.0 | |||||||||||
Foreclosed real estate expense, net | 2,725 | 4,588 | 2,684 | 4,454 | 4,503 | (39.5 | ) | ||||||||||
Merger-related expense | 550 | - | - | - | - | nm | |||||||||||
Visa indemnification charges | 360 | 360 | 360 | 371 | 363 | (0.8 | ) | ||||||||||
Loss on early extinguishment of debt | - | - | 4,735 | 1,533 | - | - | |||||||||||
Litigation contingency/settlement (recovery) expense | (189 | ) | - | 2,700 | 710 | - | nm | ||||||||||
Restructuring charges, net | 1,243 | 5,841 | 1,140 | 69 | 69 | nm | |||||||||||
Other operating expenses | 21,059 | 21,366 | 22,065 | 22,842 | 22,400 | (6.0 | ) | ||||||||||
Total non-interest expense | 185,871 | 188,611 | 188,233 | 183,033 | 177,907 | 4.5 | |||||||||||
Income before income taxes | 102,620 | 94,031 | 83,730 | 90,741 | 93,986 | 9.2 | |||||||||||
Income tax expense | 37,375 | 33,574 | 31,199 | 32,343 | 36,058 | 3.7 | |||||||||||
Net income | 65,245 | 60,457 | 52,531 | 58,398 | 57,928 | 12.6 | |||||||||||
Dividends on preferred stock | 2,559 | 2,559 | 2,559 | 2,559 | 2,559 | - | |||||||||||
Net income available to common shareholders | $ | 62,686 | 57,898 | 49,972 | 55,839 | 55,369 | 13.2 | % | |||||||||
Net income per common share, basic | $ | 0.51 | 0.46 | 0.39 | 0.43 | 0.42 | 21.1 | % | |||||||||
Net income per common share, diluted | 0.51 | 0.46 | 0.39 | 0.43 | 0.42 | 21.2 | |||||||||||
Cash dividends declared per common share | 0.12 | 0.12 | 0.12 | 0.12 | 0.10 | 20.0 | |||||||||||
Return on average assets * | 0.88 | % | 0.83 | 0.73 | 0.81 | 0.81 | 7 | bps | |||||||||
Return on average common equity * | 8.89 | 8.26 | 7.06 | 7.67 | 7.64 | 125 | |||||||||||
Weighted average common shares outstanding, basic | 122,924 | 125,100 | 127,227 | 130,354 | 131,516 | (6.5 | ) | % | |||||||||
Weighted average common shares outstanding, diluted | 123,604 | 125,699 | 127,857 | 131,197 | 132,297 | (6.6 | ) | ||||||||||
nm - not meaningful | |||||||||||||||||
bps - basis points | |||||||||||||||||
* - ratios are annualized | |||||||||||||||||
Synovus | |||||||||||
BALANCE SHEET DATA | September 30, 2016 | December 31, 2015 | September 30, 2015 | ||||||||
(Unaudited) | |||||||||||
(In thousands, except share data) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 367,342 | 367,092 | 329,396 | |||||||
Interest bearing funds with Federal Reserve Bank | 985,776 | 829,887 | 837,641 | ||||||||
Interest earning deposits with banks | 18,375 | 17,387 | 21,170 | ||||||||
Federal funds sold and securities purchased under resale agreements | 71,753 | 69,819 | 69,732 | ||||||||
Trading account assets, at fair value | 7,309 | 5,097 | 5,844 | ||||||||
Mortgage loans held for sale, at fair value | 95,769 | 59,275 | 73,623 | ||||||||
Investment securities available for sale, at fair value | 3,603,153 | 3,587,818 | 3,487,332 | ||||||||
Loans, net of deferred fees and costs | 23,262,887 | 22,429,565 | 21,864,309 | ||||||||
Allowance for loan losses | (253,817 | ) | (252,496 | ) | (250,900 | ) | |||||
Loans, net | 23,009,070 | 22,177,069 | 21,613,409 | ||||||||
Premises and equipment, net | 418,091 | 445,155 | 449,078 | ||||||||
Goodwill | 24,431 | 24,431 | 24,431 | ||||||||
Other real estate | 28,438 | 47,030 | 64,346 | ||||||||
Deferred tax asset, net | 395,795 | 511,948 | 526,492 | ||||||||
Other assets | 701,794 | 650,645 | 664,641 | ||||||||
Total assets | $ | 29,727,096 | 28,792,653 | 28,167,135 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Non-interest bearing deposits | $ | 7,059,059 | 6,732,970 | 6,570,227 | |||||||
Interest bearing deposits, excluding brokered deposits | 15,817,596 | 15,434,171 | 14,961,387 | ||||||||
Brokered deposits | 1,315,348 | 1,075,520 | 1,245,798 | ||||||||
Total deposits | 24,192,003 | 23,242,661 | 22,777,412 | ||||||||
Federal funds purchased and securities sold under repurchase agreements | 195,025 | 177,025 | 135,475 | ||||||||
Long-term debt | 2,160,985 | 2,186,893 | 2,038,028 | ||||||||
Other liabilities | 272,424 | 185,878 | 199,104 | ||||||||
Total liabilities | 26,820,437 | 25,792,457 | 25,150,019 | ||||||||
Shareholders' equity: | |||||||||||
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at September 30, 2016, December 31, 2015, and September 30, 2015 | 125,980 | 125,980 | 125,980 | ||||||||
Common stock - $1.00 par value. 121,453,772 shares outstanding at September 30, 2016, 129,547,032 shares outstanding at December 31, 2015 and 130,632,731 shares outstanding at September 30, 2015 | 141,066 | 140,592 | 140,526 | ||||||||
Additional paid-in capital | 2,987,760 | 2,989,981 | 2,986,333 | ||||||||
Treasury stock, at cost - 19,612,435 shares at September 30, 2016, 11,045,377 shares at December 31, 2015, and 9,892,877 shares at September 30, 2015 | (654,014 | ) | (401,511 | ) | (364,428 | ) | |||||
Accumulated other comprehensive gain (loss) | 5,165 | (29,819 | ) | (6,092 | ) | ||||||
Retained earnings | 300,702 | 174,973 | 134,797 | ||||||||
Total shareholders' equity | 2,906,659 | 3,000,196 | 3,017,116 | ||||||||
Total liabilities and shareholders' equity | $ | 29,727,096 | 28,792,653 | 28,167,135 | |||||||
Synovus | |||||||||||||||||||
AVERAGE BALANCES AND YIELDS/RATES (1) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
Third | Second | First | Fourth | Third | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||
Interest Earning Assets | |||||||||||||||||||
Taxable investment securities (2) | $ | 3,544,933 | 3,529,030 | 3,537,131 | 3,481,184 | 3,380,543 | |||||||||||||
Yield | 1.83 | % | 1.89 | 1.91 | 1.85 | 1.76 | |||||||||||||
Tax-exempt investment securities (2) (4) | $ | 2,943 | 3,491 | 4,091 | 4,352 | 4,509 | |||||||||||||
Yield (taxable equivalent) | 5.96 | % | 6.08 | 6.37 | 6.16 | 6.21 | |||||||||||||
Trading account assets | $ | 5,493 | 3,803 | 5,216 | 8,067 | 7,278 | |||||||||||||
Yield | 0.93 | % | 1.27 | 1.65 | 2.24 | 1.84 | |||||||||||||
Commercial loans (3) (4) | $ | 18,419,484 | 18,433,638 | 18,253,169 | 17,884,661 | 17,522,735 | |||||||||||||
Yield | 4.03 | % | 4.04 | 4.03 | 3.97 | 3.99 | |||||||||||||
Consumer loans (3) | $ | 4,720,082 | 4,497,147 | 4,334,817 | 4,233,061 | 4,105,639 | |||||||||||||
Yield | 4.30 | % | 4.32 | 4.37 | 4.27 | 4.31 | |||||||||||||
Allowance for loan losses | $ | (255,675 | ) | (251,101 | ) | (258,097 | ) | (252,049 | ) | (256,102 | ) | ||||||||
Loans, net (3) | $ | 22,883,891 | 22,679,684 | 22,329,889 | 21,865,673 | 21,372,272 | |||||||||||||
Yield | 4.14 | % | 4.15 | 4.15 | 4.08 | 4.10 | |||||||||||||
Mortgage loans held for sale | $ | 87,524 | 72,477 | 63,339 | 50,668 | 69,438 | |||||||||||||
Yield | 3.32 | % | 3.59 | 3.72 | 3.84 | 3.82 | |||||||||||||
Federal funds sold, due from Federal Reserve Bank, | |||||||||||||||||||
and other short-term investments | $ | 998,565 | 907,615 | 885,939 | 1,081,604 | 1,380,686 | |||||||||||||
Yield | 0.48 | % | 0.47 | 0.47 | 0.27 | 0.24 | |||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (5) | $ | 70,570 | 77,571 | 80,679 | 66,790 | 71,852 | |||||||||||||
Yield | 4.99 | % | 5.15 | 3.82 | 5.08 | 4.71 | |||||||||||||
Total interest earning assets | $ | 27,593,919 | 27,273,670 | 26,906,284 | 26,558,338 | 26,286,578 | |||||||||||||
Yield | 3.71 | % | 3.73 | 3.73 | 3.63 | 3.60 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||
Interest bearing demand deposits | $ | 4,274,117 | 4,233,310 | 4,198,738 | 4,117,116 | 3,955,803 | |||||||||||||
Rate | 0.16 | % | 0.18 | 0.17 | 0.17 | 0.18 | |||||||||||||
Money market accounts | $ | 7,227,030 | 7,082,759 | 7,095,778 | 7,062,517 | 6,893,563 | |||||||||||||
Rate | 0.29 | % | 0.31 | 0.32 | 0.35 | 0.36 | |||||||||||||
Savings deposits | $ | 797,961 | 746,225 | 722,172 | 692,536 | 685,813 | |||||||||||||
Rate | 0.07 | % | 0.06 | 0.07 | 0.06 | 0.06 | |||||||||||||
Time deposits under $100,000 | $ | 1,248,294 | 1,262,280 | 1,279,811 | 1,307,601 | 1,338,994 | |||||||||||||
Rate | 0.64 | % | 0.64 | 0.65 | 0.65 | 0.66 | |||||||||||||
Time deposits over $100,000 | $ | 2,030,242 | 2,016,116 | 2,006,302 | 2,033,193 | 2,086,851 | |||||||||||||
Rate | 0.88 | % | 0.89 | 0.89 | 0.88 | 0.88 | |||||||||||||
Non maturing brokered deposits | $ | 634,596 | 451,398 | 315,006 | 297,925 | 221,817 | |||||||||||||
Rate | 0.29 | % | 0.39 | 0.48 | 0.31 | 0.31 | |||||||||||||
Brokered time deposits | $ | 775,143 | 885,603 | 780,232 | 887,168 | 1,135,346 | |||||||||||||
Rate | 0.88 | % | 0.85 | 0.83 | 0.76 | 0.71 | |||||||||||||
Total interest bearing deposits | $ | 16,987,383 | 16,677,691 | 16,398,039 | 16,398,056 | 16,318,187 | |||||||||||||
Rate | 0.37 | % | 0.39 | 0.39 | 0.40 | 0.42 | |||||||||||||
Federal funds purchased and securities sold under | |||||||||||||||||||
repurchase agreements | $ | 247,378 | 221,276 | 177,921 | 158,810 | 207,894 | |||||||||||||
Rate | 0.09 | % | 0.09 | 0.10 | 0.08 | 0.09 | |||||||||||||
Long-term debt | $ | 2,114,193 | 2,279,043 | 2,361,973 | 2,007,924 | 2,072,455 | |||||||||||||
Rate | 2.71 | % | 2.55 | 2.55 | 2.63 | 2.46 | |||||||||||||
Total interest bearing liabilities | $ | 19,348,954 | 19,178,010 | 18,937,933 | 18,564,790 | 18,598,536 | |||||||||||||
Rate | 0.63 | % | 0.65 | 0.66 | 0.65 | 0.65 | |||||||||||||
Non-interest bearing demand deposits | $ | 7,042,908 | 6,930,336 | 6,812,223 | 6,846,200 | 6,541,832 | |||||||||||||
Effective cost of funds | 0.44 | % | 0.46 | 0.46 | 0.45 | 0.46 | |||||||||||||
Net interest margin | 3.27 | % | 3.27 | 3.27 | 3.18 | 3.14 | |||||||||||||
Taxable equivalent adjustment | $ | 330 | 329 | 305 | 311 | 315 | |||||||||||||
(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 | 3Q16 vs. 2Q16 | Non-performing | 3Q16 vs. 3Q15 | |||||||||||||||||
Loan Type | Loans | Loans | % change (1) | Loans | % change | ||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | |||||||||||||||||||
Multi-Family | $ | 3,912 | 4,070 | (15.4 | ) | % | $ | 221 | nm | ||||||||||||
Hotels | 346 | 5,052 | (370.6 | ) | 392 | (11.7 | ) | % | |||||||||||||
Office Buildings | 931 | 2,563 | (253.3 | ) | 355 | 162.3 | |||||||||||||||
Shopping Centers | 354 | 358 | (4.4 | ) | - | nm | |||||||||||||||
Warehouses | 1,108 | 1,128 | (7.1 | ) | 397 | 179.1 | |||||||||||||||
Other Investment Property | 2,233 | 978 | nm | 9,217 | (75.8 | ) | |||||||||||||||
Total Investment Properties | 8,884 | 14,149 | (148.0 | ) | 10,582 | (16.0 | ) | ||||||||||||||
1-4 Family Construction | 304 | 304 | - | - | nm | ||||||||||||||||
1-4 Family Investment Mortgage | 7,658 | 7,994 | (16.7 | ) | 7,287 | 5.1 | |||||||||||||||
Residential Development | 9,190 | 9,571 | (15.8 | ) | 9,707 | (5.3 | ) | ||||||||||||||
Total 1-4 Family Properties | 17,152 | 17,869 | (16.0 | ) | 16,994 | 0.9 | |||||||||||||||
Land Acquisition | 6,672 | 7,610 | (49.0 | ) | 19,010 | (64.9 | ) | ||||||||||||||
Total Commercial Real Estate | 32,708 | 39,628 | (69.5 | ) | 46,586 | (29.8 | ) | ||||||||||||||
Commercial, Financial, and Agricultural | 49,874 | 55,821 | (42.4 | ) | 50,656 | (1.5 | ) | ||||||||||||||
Owner-Occupied | 21,443 | 17,118 | 100.5 | 18,148 | 18.2 | ||||||||||||||||
Total Commercial & Industrial | 71,317 | 72,939 | (8.8 | ) | 68,804 | 3.7 | |||||||||||||||
Home Equity Lines | 19,815 | 16,912 | 68.3 | 16,263 | 21.8 | ||||||||||||||||
Consumer Mortgages | 21,284 | 21,895 | (11.1 | ) | 24,154 | (11.9 | ) | ||||||||||||||
Credit Cards | - | - | - | - | - | ||||||||||||||||
Other Retail Loans | 3,031 | 2,698 | 49.1 | 1,833 | 65.4 | ||||||||||||||||
Total Retail | 44,130 | 41,505 | 25.2 | 42,250 | 4.4 | ||||||||||||||||
Total | $ | 148,155 | 154,072 | (15.3 | ) | % | $ | 157,640 | (6.0 | ) | % | ||||||||||
(1) Percentage change is annualized. | |||||||||||||||||||||
LOANS OUTSTANDING BY TYPE COMPARISON | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Total Loans | Total Loans | 3Q16 vs. 2Q16 | Total Loans | 3Q16 vs. 3Q15 | |||||||||||||||||
Loan Type | September 30, 2016 | June 30, 2016 | % change (1) | September 30, 2015 | % change | ||||||||||||||||
Multi-Family | $ | 1,553,275 | 1,528,192 | 6.5 | % | $ | 1,345,687 | 15.4 | % | ||||||||||||
Hotels | 774,873 | 746,397 | 15.2 | 684,105 | 13.3 | ||||||||||||||||
Office Buildings | 1,575,190 | 1,559,631 | 4.0 | 1,388,965 | 13.4 | ||||||||||||||||
Shopping Centers | 917,284 | 926,147 | (3.8 | ) | 944,690 | (2.9 | ) | ||||||||||||||
Warehouses | 522,170 | 535,889 | (10.2 | ) | 545,346 | (4.2 | ) | ||||||||||||||
Other Investment Property | 626,674 | 624,405 | 1.4 | 648,783 | (3.4 | ) | |||||||||||||||
Total Investment Properties | 5,969,466 | 5,920,661 | 3.3 | 5,557,576 | 7.4 | ||||||||||||||||
1-4 Family Construction | 193,791 | 208,871 | (28.7 | ) | 176,442 | 9.8 | |||||||||||||||
1-4 Family Investment Mortgage | 727,897 | 758,463 | (16.0 | ) | 777,196 | (6.3 | ) | ||||||||||||||
Residential Development | 149,366 | 160,446 | (27.5 | ) | 158,120 | (5.5 | ) | ||||||||||||||
Total 1-4 Family Properties | 1,071,054 | 1,127,780 | (20.0 | ) | 1,111,758 | (3.7 | ) | ||||||||||||||
Land Acquisition | 425,058 | 459,254 | (29.6 | ) | 538,127 | (21.0 | ) | ||||||||||||||
Total Commercial Real Estate | 7,465,578 | 7,507,695 | (2.2 | ) | 7,207,461 | 3.6 | |||||||||||||||
Commercial, Financial, and Agricultural | 6,544,629 | 6,596,835 | (3.1 | ) | 6,260,563 | 4.5 | |||||||||||||||
Owner-Occupied | 4,471,365 | 4,358,595 | 10.3 | 4,265,409 | 4.8 | ||||||||||||||||
Total Commercial & Industrial | 11,015,994 | 10,955,430 | 2.2 | 10,525,972 | 4.7 | ||||||||||||||||
Home Equity Lines | 1,638,844 | 1,657,109 | (4.4 | ) | 1,684,046 | (2.7 | ) | ||||||||||||||
Consumer Mortgages | 2,243,154 | 2,132,114 | 20.7 | 1,888,456 | 18.8 | ||||||||||||||||
Credit Cards | 232,309 | 236,034 | (6.3 | ) | 241,315 | (3.7 | ) | ||||||||||||||
Other Retail Loans | 693,204 | 600,153 | 61.7 | 345,426 | 100.7 | ||||||||||||||||
Total Retail | 4,807,511 | 4,625,410 | 15.7 | 4,159,243 | 15.6 | ||||||||||||||||
Unearned Income | (26,196 | ) | (27,627 | ) | (20.6 | ) | (28,367 | ) | (7.7 | ) | |||||||||||
Total | $ | 23,262,887 | 23,060,908 | 3.5 | % | $ | 21,864,309 | 6.4 | % | ||||||||||||
(1) Percentage change is annualized. | |||||||||||||||||||||
Synovus | ||||||||||||||||
CREDIT QUALITY DATA | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Dollars in thousands) | 2016 | 2015 | 3rd Quarter | |||||||||||||
Third | Second | First | Fourth | Third | '16 vs. '15 | |||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||
Non-performing Loans | $ | 148,155 | 154,072 | 178,167 | 168,370 | 157,640 | (6.0) | % | ||||||||
Impaired Loans Held for Sale (1) | 2,473 | - | - | - | - | nm | ||||||||||
Other Real Estate | 28,438 | 33,289 | 38,462 | 47,030 | 64,346 | (55.8) | ||||||||||
Non-performing Assets | 179,066 | 187,361 | 216,629 | 215,400 | 221,986 | (19.3) | ||||||||||
Allowance for loan losses | 253,817 | 255,076 | 254,516 | 252,496 | 250,900 | 1.2 | ||||||||||
Net Charge-Offs - Quarter | 6,930 | 6,133 | 7,357 | 3,425 | 6,758 | 2.5 | ||||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 0.12 | % | 0.11 | 0.13 | 0.06 | 0.12 | ||||||||||
Non-performing Loans / Loans | 0.64 | 0.67 | 0.78 | 0.75 | 0.72 | |||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE | 0.77 | 0.81 | 0.95 | 0.96 | 1.01 | |||||||||||
Allowance / Loans | 1.09 | 1.11 | 1.12 | 1.13 | 1.15 | |||||||||||
Allowance / Non-performing Loans | 171.32 | 165.56 | 142.85 | 149.96 | 159.16 | |||||||||||
Allowance / Non-performing Loans (3) | 198.94 | 195.25 | 173.64 | 189.47 | 205.90 | |||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 5,358 | 5,964 | 3,214 | 2,621 | 2,998 | 78.7 | |||||||||
As a Percentage of Loans Outstanding | 0.02 | % | 0.03 | 0.01 | 0.01 | 0.01 | ||||||||||
Total Past Due Loans and Still Accruing | $ | 61,781 | 55,716 | 63,852 | 47,912 | 39,350 | 57.0 | |||||||||
As a Percentage of Loans Outstanding | 0.27 | % | 0.24 | 0.28 | 0.21 | 0.18 | ||||||||||
Accruing Troubled Debt Restructurings (TDRs) | $ | 201,896 | 205,165 | 209,159 | 223,873 | 240,370 | (16.0) | |||||||||
(1) Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value, less costs to sell. | ||||||||||||||||
(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) | |||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | |||||
Tier 1 Capital | $ | 2,620,379 | 2,627,572 | 2,637,462 | |||
Total Risk-Based Capital | 3,136,814 | 3,146,897 | 2,990,099 | ||||
Common Equity Tier 1 Ratio (transitional) | 9.97 | % | 10.01 | 10.60 | |||
Common Equity Tier 1 Ratio (fully phased-in) | 9.49 | 9.49 | 9.98 | ||||
Tier 1 Capital Ratio | 10.07 | 10.06 | 10.60 | ||||
Total Risk-Based Capital Ratio | 12.05 | 12.05 | 12.02 | ||||
Tier 1 Leverage Ratio | 8.98 | 9.10 | 9.45 | ||||
Common Equity as a Percentage of Total Assets (2) | 9.35 | 9.59 | 10.26 | ||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 9.28 | 9.52 | 10.18 | ||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 10.58 | 10.72 | 11.52 | ||||
Book Value Per Common Share (4) | 22.89 | 22.78 | 22.13 | ||||
Tangible Book Value Per Common Share (3) | 22.69 | 22.58 | 21.91 | ||||
(1) Current quarter regulatory capital information is preliminary. | |||||||
(2) Common equity consists of Total Shareholders' Equity less Preferred Stock. | |||||||
(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets | |||||||
(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding. | |||||||
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