We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Synovus Financial Corporation | NYSE:SNV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.27 | 0.68% | 39.79 | 40.00 | 39.51 | 39.99 | 419,087 | 20:17:54 |
Diluted Earnings per Share of $0.23 vs. $0.54 in 4Q16
Adjusted Diluted Earnings per Share of $0.72 vs. $0.54 in 4Q16
Synovus Financial Corp. (NYSE: 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
“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
Core Performance
Credit Quality
Capital Ratios
Capital Management
Fourth Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on January 23, 2018. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months and will be available 30-45 minutes after the call.
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $31 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 250 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was recognized as the “Most Reputable Bank” by American Banker and the Reputation Institute in 2017. Synovus is on the web at synovus.com, on Twitter @synovus, and on LinkedIn at http://linkedin.com/company/synovus.
1 Certain components related to Federal tax reform impact are considered reasonable estimates or provisional amounts as defined by SEC Staff Accounting Bulletin No. 118. These amounts could be adjusted during the measurement period ending December 31, 2018.
2 Consist of non-interest bearing, NOW/Savings, and money market deposits excluding SCMs.
3 Include service charges on deposit accounts, bankcard fees, letter of credit fees, ATM fee income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges.
Forward-Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding deposits, loan growth and the net interest margin; expectations on our growth strategy, expense initiatives, capital management and future profitability; expectations on credit trends and key credit metrics; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.
These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2016, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.
Non-GAAP Financial Measures
The measures entitled adjusted non-interest income; adjusted non-interest expense; adjusted total revenues; adjusted efficiency ratio; adjusted net income per common share, diluted; adjusted return on average assets; adjusted return on average common equity; adjusted return on average tangible common equity; average core deposits; average core transaction deposits; tangible common equity to tangible assets ratio; and common equity Tier 1 (CET1) ratio (fully phased-in); are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest income; total non-interest expense; total revenues; efficiency ratio; net income per common share, diluted; return on average assets; return on average common equity; total average deposits; the ratio of total shareholders' equity to total assets; and the CET1 ratio; respectively.
Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted total revenues and adjusted non-interest income are measures used by management to evaluate total revenue and non-interest income exclusive of net investment securities gains/losses, changes in fair value of private equity investments, net, and the Cabela's transaction fee. Adjusted non-interest expense and the adjusted efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income per common share, diluted, adjusted return on average assets, and adjusted return on average common equity are measurements used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Average core deposits and average core transaction deposits are measures used by management to evaluate organic growth of deposits and the quality of deposits as a funding source. The adjusted return on average tangible common equity is a measure used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity to tangible assets ratio and common equity Tier 1 (CET1) ratio (fully phased-in) are used by management and bank regulators to assess the strength of our capital position. The computations of these measures are set forth in the tables below.
Reconciliation of Non-GAAP Financial Measures(dollars in thousands)
4Q17
3Q17
4Q16
2017
2016
Adjusted non-interest income
Total non-interest income $ 69,352 135,435 74,006 345,327 273,194 Subtract: Cabela’s transaction fee - (75,000 ) - (75,000 ) - Add/subtract: Investment securities losses (gains), net - 7,956 (5,885 ) 289 (6,011 ) Subtract/add: (Increase)/decrease in fair value of private equity investments, net (100 ) 27 499 3,093 1,026 Adjusted non-interest income $ 69,252 68,418 68,620 273,709 268,209 Adjusted non-interest expense Total non-interest expense $ 226,534 205,646 193,209 821,313 755,923 Subtract: 3Q17 discounts to fair value for completed or planned ORE accelerated dispositions - (7,082 ) - (7,082 ) - Subtract: 3Q17 asset impairment charges related to accelerated disposition of corporate real estate and other properties - (1,168 ) - (1,168 ) - Subtract: Earnout liability adjustments (1,700 ) (2,059 ) - (3,759 ) - Add/subtract: Restructuring charges, net 29 (519 ) (42 ) (7,014 ) (8,267 ) Subtract: Loss on early extinguishment of debt, net (23,160 ) - - (23,160 ) (4,735 ) Subtract: Fair value adjustment to Visa derivative - - (4,716 ) - (5,795 ) Subtract: Litigation settlement/contingency expense (300 ) (401 ) - (701 ) (2,511 ) Subtract: Merger-related expense - (23 ) (1,086 ) (110 ) (1,636 ) Subtract: Amortization of intangibles (292 ) (292 ) (400 ) (1,059 ) (521 ) Adjusted non-interest expense $ 201,111 194,102 186,965 777,260 732,458Adjusted efficiency ratio
Adjusted non-interest expense $ 201,111 194,102 186,965 777,260 732,458 Net interest income 269,713 262,572 233,530 1,023,309 899,180 Add: Tax equivalent adjustment 234 283 322 1,124 1,285 Add: Total non-interest income 69,352 135,435 74,006 345,327 273,194 Add/subtract: Investment securities losses (gains), net - 7,956 (5,885 ) 289 (6,011 ) Total FTE revenues 339,299 406,246 301,973 1,370,049 1,167,648 Subtract: Cabela’s transaction fee - (75,000 ) - (75,000 ) - Subtract/add: (Increase)/decrease in fair value of private equity investments, net (100 ) 27 499 3,093 1,026 Adjusted total revenues $ 339,199 331,273 302,472 1,298,142 1,168,674 Efficiency ratio 66.77 % 50.62 63.98 59.95 64.74 Adjusted efficiency ratio 59.29 % 58.59 61.81 59.87 62.67Reconciliation of Non-GAAP Financial Measures,
continued
(dollars in thousands)
4Q17
3Q17
4Q16
2017
2016
Adjusted net income per common share, diluted Net income available to common shareholders $ 27,046 95,448 65,990 265,236 236,546 Add: Earnout liability adjustments 1,700 2,059 - 3,759 - Add: Income tax expense related to effect of Federal Tax Reform 47,181 - - 47,181 - Add: Merger-related expense - 23 1,086 110 1,636 Add: Fair value adjustment to VISA derivative - - 4,716 - 5,795 Add: Litigation settlement/contingency expense 300 401 - 701 2,511 Subtract/add: Restructuring charges, net (29) 519 42 7,014 8,267 Add: Amortization of intangibles 292 292 400 1,059 521 Add: Loss on early extinguishment of debt, net 23,160 - - 23,160 4,735 Add: 3Q17 provision expense on loans transferred to held-for-sale - 27,710 - 27,710 - Add: 3Q17 discounts to fair value for completed or planned ORE accelerated dispositions - 7,082 - 7,082 - Add: 3Q17 asset impairment charges related to accelerated disposition of corporate real estate and other properties - 1,168 - 1,168 - Add/subtract: Investment securities losses (gains), net - 7,956 (5,885) 289 (6,011) Subtract/add: (Increase)/decrease in fair value of private equity investments, net (100) 27 499 3,093 1,026 Subtract: Cabela’s transaction fee - (75,000) - (75,000) - Subtract: Income tax benefit related to pre-2017 R&D credits and state taxes (4,847) - - (4,847) - Add/subtract: Tax effect of adjustments (8,740) 11,034 (318) 1,337 (6,838) Adjusted net income $ 85,963 78,719 66,530 309,052 248,188 Weighted average common shares outstanding- diluted 120,182 121,814 123,187 122,012 125,078 Adjusted net income per common share, diluted $ 0.72 0.65 0.54 2.53 1.98Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)
4Q17
3Q17
4Q16
2017
2016
Adjusted return on average assets Net income $ 29,605 98,007 68,549 275,474 246,784 Add: Earnout liability adjustments 1,700 2,059 - 3,759 - Add: Income tax expense related to effect of Federal Tax Reform 47,181 - - 47,181 - Add: Merger-related expense - 23 1,086 110 1,636 Add: Fair value adjustment to VISA derivative - - 4,716 - 5,795 Add: Litigation settlement/contingency expense 300 401 - 701 2,511 Subtract/add: Restructuring charges, net (29 ) 519 42 7,014 8,267 Add: Amortization of intangibles 292 292 400 1,059 521 Add: Loss on early extinguishment of debt, net 23,160 - - 23,160 4,735 Add: 3Q17 provision expense on loans transferred to held-for-sale - 27,710 - 27,710 - Add: 3Q17 discounts to fair value for completed or planned ORE accelerated dispositions - 7,082 - 7,082 - Add: 3Q17 asset impairment charges related to accelerated disposition of corporate real estate and other properties - 1,168 - 1,168 - Subtract/add: Investment securities losses (gains), net - 7,956 (5,885 ) 289 (6,011 ) Subtract/add: (Increase)/decrease in fair value of private equity investments, net (100 ) 27 499 3,093 1,026 Subtract: Cabela’s transaction fee - (75,000 ) - (75,000 ) - Subtract: Income tax benefit related to pre-2017 R&D credits and state taxes (4,847 ) - - (4,847 ) - Subtract/add: Tax effect of adjustments (8,740 ) 11,034 (318 ) 1,337 (6,838 ) Adjusted net income $ 88,522 81,278 69,089 319,290 258,426 Net income annualized $ 351,201 322,462 274,854 319,290 258,426 Total average assets $ 31,388,724 30,678,388 30,207,257 30,787,289 29,480,972 Adjusted return on average assets 1.12 % 1.05 0.91 1.04 0.88 Reconciliation of Non-GAAP Financial Measures, continued(dollars in thousands)
4Q17
3Q17
4Q16
2017
2016
Adjusted return on average common equity Net income available to common shareholders $ 27,046 95,448 65,990 265,236 236,546 Add: Earnout liability adjustments 1,700 2,059 - 3,759 - Add: Income tax expense related to effect of Federal Tax Reform 47,181 - - 47,181 - Add: Merger-related expense - 23 1,086 110 1,636 Add: Fair value adjustment to VISA derivative - - 4,716 - 5,795 Add/subtract: Litigation settlement/ contingency expense 300 401 - 701 2,511 Subtract/add: Restructuring charges, net (29 ) 519 42 7,014 8,267 Add: Amortization of intangibles 292 292 400 1,059 521 Add: Loss on early extinguishment of debt, net 23,160 - - 23,160 4,735 Add: 3Q17 provision expense on loans transferred to held-for-sale - 27,710 - 27,710 - Add: 3Q17 discounts to fair value for completed or planned ORE accelerated dispositions 7,082 - 7,082 - Add: 3Q17 asset impairment charges related to accelerated disposition of corporate real estate and other properties - 1,168 - 1,168 - Add/subtract: Investment securities losses (gains), net - 7,956 (5,885 ) 289 (6,011 ) Subtract/add: (Increase)/decrease in fair value of private equity investments, net (100 ) 27 499 3,093 1,026 Subtract: Cabela’s transaction fee - (75,000 ) - (75,000 ) - Subtract: Income tax benefit related to pre-2017 R&D credits and state taxes (4,847 ) - - (4,847 ) - Add/subtract: Tax effect of adjustments (8,740 ) 11,034 (318 ) 1,337 (6,838 ) Adjusted net income $ 85,963 78,719 66,530 309,052 248,188 Net income annualized $ 341,049 312,309 264,674 309,052 248,188 Total average shareholders’ equity less preferred stock $ 2,851,523 2,859,491 2,786,707 2,844,570 2,813,526 Subtract: Goodwill (57,315 ) (57,167 ) (55,144 ) (57,779 ) (32,151 )Subtract: Other intangibles assets, net
(11,353 ) (11,648 ) (233 ) (12,030 ) (269 ) Total average tangible shareholders’ equity less preferred stock $ 2,782,855 2,790,676 2,731,330 2,774,761 2,781,106 Adjusted return on average common equity11.96
%
10.92
9.50
10.86
8.82
Adjusted return on average tangible common equity12.26
%
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 % 0.845
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 18,720Federal 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 24,648,060Federal funds purchased and securities sold under repurchase agreements
161,190 141,539 159,699 Long-term debt 1,706,138 1,882,607 2,160,881 Other liabilities 245,043 434,671 207,438 Total liabilities 28,260,271 28,645,045 27,176,078 Shareholders' equity: Series C Preferred Stock - no par value, 5,200,000 shares outstanding at December 31, 2017, September 30, 2017, and December 31, 2016 125,980 125,980 125,980 Common stock - $1.00 par value. 118,897,295 shares outstanding at December 31, 2017, 119,566,625 shares outstanding at September 30, 2017, and 122,266,106 shares outstanding at December 31, 2016 142,678 142,525 142,026 Additional paid-in capital 3,043,129 3,033,682 3,028,405 Treasury stock, at cost - 23,780,154 shares at December 31, 2017, 22,958,514 shares at September 30, 2017, and 19,759,614 shares at December 31, 2016 (839,674 ) (800,509 ) (664,595 ) Accumulated other comprehensive loss (54,754 ) (39,596 ) (55,659 ) Retained earnings 544,207 534,996 351,767 Total shareholders' equity 2,961,566 2,997,078 2,927,924 Total liabilities and shareholders' equity $ 31,221,837 31,642,123 30,104,002 Synovus AVERAGE BALANCES AND YIELDS/RATES (1) (Unaudited) (Dollars in thousands) 2017 2016 Fourth Third Second First Fourth Quarter Quarter Quarter Quarter Quarter Interest Earning Assets Taxable investment securities (2) $ 3,937,278 3,786,436 3,844,688 3,841,556 3,643,510 Yield 2.29 % 2.11 2.11 2.06 1.92 Tax-exempt investment securities (2) (4) $ 180 259 340 2,730 2,824 Yield (taxable equivalent) 7.97 % 7.86 6.87 5.81 5.82 Trading account assets $ 7,360 7,823 3,667 6,443 6,799 Yield 2.78 % 2.09 2.28 1.72 2.63 Commercial loans (3) (4) $ 18,935,774 19,059,936 19,137,733 19,043,384 18,812,659 Yield 4.49 % 4.41 4.27 4.16 4.05 Consumer loans (3) $ 5,704,629 5,440,765 5,215,258 4,992,683 4,911,149 Yield 4.54 % 4.55 4.49 4.40 4.27 Allowance for loan losses $ (252,319) (249,248) (251,219) (253,927) (253,713) Loans, net (3) $ 24,388,084 24,251,453 24,101,772 23,782,140 23,470,095 Yield 4.55 % 4.49 4.36 4.25 4.14 Mortgage loans held for sale $ 45,353 52,177 52,224 46,554 77,652 Yield 3.96 % 3.88 3.87 4.01 3.51Federal funds sold, due from Federal Reserve Bank, and other short-term investments
$ 922,296 543,556 561,503 654,322 982,355 Yield 1.31 % 1.23 1.00 0.77 0.49 Federal Home Loan Bank and Federal Reserve Bank stock (5) $ 159,455 175,263 177,323 170,844 121,079 Yield 4.03 % 3.50 2.99 3.42 3.75 Total interest earning assets $ 29,460,006 28,816,967 28,741,517 28,504,589 28,304,314 Yield 4.15 % 4.11 3.99 3.88 3.73 Interest Bearing Liabilities Interest bearing demand deposits $ 4,976,239 4,868,372 4,837,053 4,784,329 4,488,135 Rate 0.28 % 0.27 0.23 0.19 0.16 Money market accounts $ 7,514,992 7,528,036 7,427,562 7,424,627 7,359,067 Rate 0.36 % 0.34 0.32 0.31 0.29 Savings deposits $ 804,853 803,184 805,019 909,660 908,725 Rate 0.03 % 0.03 0.04 0.11 0.12 Time deposits under $100,000 $ 1,166,413 1,183,582 1,202,746 1,215,593 1,229,809 Rate 0.70 % 0.68 0.67 0.64 0.64 Time deposits over $100,000 $ 2,004,031 2,067,347 2,040,924 2,029,713 2,014,564 Rate 0.99 % 0.97 0.94 0.92 0.90 Non maturing brokered deposits $ 546,413 547,466 564,043 619,627 638,779 Rate 0.81 % 0.73 0.54 0.41 0.31 Brokered time deposits $ 1,651,920 983,423 815,515 761,159 742,153 Rate 1.63 % 1.16 0.94 0.92 0.90 Total interest bearing deposits $ 18,664,861 17,981,410 17,692,862 17,744,708 17,381,232 Rate 0.54 % 0.46 0.41 0.39 0.37Federal funds purchased and securities sold under repurchase agreements
$ 184,369 191,585 183,400 176,854 219,429 Rate 0.15 % 0.08 0.10 0.09 0.08 Long-term debt $ 1,713,982 1,985,175 2,270,452 2,184,072 2,190,716 Rate 2.67 % 2.81 2.83 2.83 2.65 Total interest bearing liabilities $ 20,563,212 20,158,170 20,146,714 20,105,634 19,791,377 Rate 0.72 % 0.69 0.68 0.65 0.62 Non-interest bearing demand deposits $ 7,621,147 7,305,508 7,298,845 7,174,146 7,280,033 Effective cost of funds 0.50 % 0.48 0.48 0.46 0.44 Net interest margin 3.65 % 3.63 3.51 3.42 3.29 Taxable equivalent adjustment $ 234 283 298 309 322 (1) Yields and rates are annualized. (2) Excludes net unrealized gains and losses. (3) Average loans are shown net of unearned income. Non-performing loans are included.(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 35%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
(5) Included as a component of Other Assets on the consolidated balance sheetSynovus
NON-PERFORMING LOANS COMPOSITION (Unaudited) (Dollars in thousands) Total Total Total Non-performing Non-performing 4Q17 vs. 3Q17 Non-performing 4Q17 vs. 4Q16 Loan Type Loans Loans % change Loans % change December 31, 2017 September 30, 2017 December 31, 2016 Multi-Family $ 1,241 1,096 13.2 % $ 1,853 (33.0 ) % Hotels - - - 335 nm Office Buildings 1,532 234 nm 1,380 11.0 Shopping Centers 165 327 (49.5 ) 354 (53.4 ) Warehouses 226 38 494.7 592 (61.8 ) Other Investment Property 640 367 74.4 754 (15.1 )Total Investment Properties 3,804 2,062 84.5 5,268 (27.8 ) 1-4 Family Construction - - - 305 nm 1-4 Family Investment Mortgage 2,849 2,712 5.1 8,809 (67.7 ) Total 1-4 Family Properties 2,849 2,712 5.1 9,114 (68.7 ) Commercial Development 45 47 (4.3 ) 168 (73.2 ) Residential Development 3,257 4,720 (31.0 ) 8,994 (63.8 ) Land Acquisition 2,495 2,161 15.5 7,071 (64.7 ) Land and Development 5,797 6,928 (16.3 ) 16,233 (64.3 ) Total Commercial Real Estate 12,450 11,702 6.4 30,615 (59.3 ) Commercial, Financial, and Agricultural 70,130 58,139 20.6 59,074 18.7 Owner-Occupied 6,654 3,960 68.0 16,503 (59.7 ) Total Commercial & Industrial 76,784 62,099 23.6 75,577 1.6 Home Equity Lines 17,455 15,638 11.6 21,551 (19.0 ) Consumer Mortgages 7,203 6,332 13.8 22,681 (68.2 ) Other Consumer Loans 1,669 2,067 (19.3 ) 2,954 (43.5 )
Total Consumer 26,327 24,037 9.5 47,186 (44.2 )
Total $ 115,561 97,838 18.1 % $ 153,378 (24.7 ) % LOANS OUTSTANDING BY TYPE COMPARISON (Unaudited) (Dollars in thousands) Total Loans Total Loans 4Q17 vs. 3Q17 Total Loans 4Q17 vs. 4Q16 Loan Type December 31, 2017 September 30, 2017
% change (1)
December 31, 2016 % change Multi-Family $ 1,492,159 1,636,449 (35.0 ) % $ 1,568,234 (4.9 ) % Hotels 741,703 832,990 (43.5 ) 748,951 (1.0 ) Office Buildings 1,499,834 1,548,317 (12.4 ) 1,539,516 (2.6 ) Shopping Centers 791,311 840,367 (23.2 ) 964,325 (17.9 ) Warehouses 581,410 522,925 44.4 515,112 12.9 Other Investment Property 563,648 544,049 14.3 533,123 5.7 Total Investment Properties 5,670,065 5,925,097 (17.1 ) 5,869,261 (3.4 ) 1-4 Family Construction 198,200 195,273 5.9 190,477 4.1 1-4 Family Investment Mortgage 583,419 600,535 (11.3 ) 698,076 (16.4 ) Total 1-4 Family Properties 781,619 795,808 (7.1 ) 888,553 (12.0 ) Commercial Development 70,062 66,521 21.1 70,250 (0.3 ) Residential Development 114,079 117,878 (12.8 ) 136,514 (16.4 ) Land Acquisition 299,463 322,813 (28.7 ) 409,534 (26.9 ) Land and Development 483,604 507,212 (18.5 ) 616,298 (21.5 ) Total Commercial Real Estate 6,935,288 7,228,117 (16.1 ) 7,374,112 (6.0 ) Commercial, Financial, and Agricultural 7,179,487 6,961,709 12.4 6,909,036 3.9 Owner-Occupied 4,844,163 4,764,240 6.7 4,634,770 4.5 Total Commercial & Industrial 12,023,650 11,725,949 10.1 11,543,806 4.2 Home Equity Lines 1,514,227 1,528,889 (3.8 ) 1,617,265 (6.4 ) Consumer Mortgages 2,633,503 2,557,680 11.8 2,296,604 14.7 Credit Cards 232,676 225,725 12.2 232,413 0.1 Other Consumer Loans 1,473,451 1,245,278 72.7 818,182 80.1 Total Consumer 5,853,857 5,557,572 21.2 4,964,464 17.9 Unearned Income (25,331 ) (24,278 ) 17.2 (25,991 ) (2.5 ) Total $ 24,787,464 24,487,360 4.9 % $ 23,856,391 3.9 %(1) Percentage change is annualized.
Synovus CREDIT QUALITY DATA (Unaudited) (Dollars in thousands) 2017 2016 4th Quarter Fourth Third Second First Fourth '17 vs. '16 Quarter Quarter Quarter Quarter Quarter Change Non-performing Loans $ 115,561 97,838 159,317 158,366 153,378 (24.7) % Impaired Loans Held for Sale (1) 11,278 30,197 127 8,442 - nm Other Real Estate 3,758 10,551 19,476 20,425 22,308 (83.2) Non-performing Assets 130,597 138,586 178,920 187,233 175,686 (25.7) Allowance for loan losses 249,268 249,683 248,095 253,514 251,758 (1.0) Net Charge-Offs - Quarter 8,979 38,099 15,678 6,919 8,319 Net Charge-Offs - YTD 69,675 60,695 22,597 6,919 28,739 Net Charge-Offs / Average Loans - Quarter (2) 0.15 % 0.62 0.26 0.12 0.14 Net Charge-Offs / Average Loans - YTD (2) 0.29 0.33 0.19 0.12 0.12 Non-performing Loans / Loans 0.47 0.40 0.65 0.65 0.64 Non-performing Assets / Loans, Other Loans Held for Sale & ORE 0.53 0.57 0.73 0.77 0.74 Allowance / Loans 1.01 1.02 1.02 1.05 1.06 Allowance / Non-performing Loans 215.70 255.20 155.72 160.08 164.14 Allowance / Non-performing Loans (3) 238.44 336.35 217.07 204.94 202.01 Past Due Loans over 90 days and Still Accruing $ 4,414 5,685 4,550 2,777 3,135 40.8 As a Percentage of Loans Outstanding 0.02 % 0.02 0.02 0.01 0.01 Total Past Due Loans and Still Accruing $ 52,032 84,853 66,788 62,137 65,106 (20.1) As a Percentage of Loans Outstanding 0.21 % 0.35 0.27 0.26 0.27 Accruing Troubled Debt Restructurings (TDRs) $ 151,271 166,918 167,395 172,421 195,776 (22.7)(1) Represent only impaired loans that have been specifically identified to be sold. Impaired loans held for sale are carried at the lower of cost or fair value, less costs to sell, based primarily on estimated sales proceeds net of selling costs.
(2) Ratio is annualized. (3) Excludes non-performing loans for which the expected loss has been charged off. SELECTED CAPITAL INFORMATION (1) (Unaudited) (Dollars in thousands)December 31,2017
September 30,2017
December 31,2016
Tier 1 Capital $ 2,872,003 2,849,580 2,685,880 Total Risk-Based Capital 3,383,083 3,362,127 3,201,268 Common Equity Tier 1 Ratio (transitional) 9.99 % 10.06 9.96 Common Equity Tier 1 Ratio (fully phased-in) 9.88 9.88 9.51 Tier 1 Capital Ratio 10.38 10.43 10.07 Total Risk-Based Capital Ratio 12.23 12.30 12.01 Tier 1 Leverage Ratio 9.19 9.34 8.99 Common Equity as a Percentage of Total Assets (2) 9.08 9.07 9.31 Tangible Common Equity as a Percentage of Tangible Assets (3) 8.88 8.88 9.09 Tangible Common Equity as a Percentage of Risk Weighted Assets (3) 10.00 10.24 10.24 Book Value Per Common Share (4) $ 23.85 24.01 22.92 Tangible Book Value Per Common Share (3) 23.27 23.44 22.32 (1) Current quarter regulatory capital information is preliminary. (2) Common equity consists of Total Shareholders' Equity less Preferred Stock. (3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets. (4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180123005597/en/
Synovus Financial Corp.Media ContactLee Underwood, 706-644-0528Media RelationsorInvestor ContactSteve Adams, 706-641-6462Investor Relations
1 Year Synovus Financial Chart |
1 Month Synovus Financial Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions