Synovus Announces Earnings for the Fourth Quarter 2019 and a 10% Increase in Common Stock Dividend

Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2019. The Board of Directors also approved a 10% increase in the Company’s quarterly common stock dividend from $0.30 to $0.33 per share, effective with the quarterly dividend payable in April 2020.

2019 Highlights

• Net income available to common shareholders for 2019 was $540.9 million or $3.47 per diluted share as compared to $410.5 million or $3.47 per diluted share for 2018.
  • Adjusted earnings per diluted share for 2019 were $3.90 as compared to $3.64 for 2018, an increase of 7.3%.
• Loans up $11.2 billion, or 43.2%, from 2018.  
• Deposits up $11.7 billion, or 43.7%, from 2018.
• Non-interest income was $355.9 million, an increase of $75.8 million from 2018. 
• Non-interest expense was $1.1 billion in 2019, an increase of $269.5 million from 2018.
• Net interest margin of 3.70%, a decline of 16 basis points from the previous year. Excluding the impact of purchase accounting adjustments (PAA), net interest margin was 3.47%, down 39 basis points from the prior year.
• Credit quality was strong, with the non-performing loan (NPL) ratio declining 14 basis points from year-end 2018 to 0.27% and the non-performing asset (NPA) ratio declining 7 basis points from the prior year to 0.37%. The net charge-off ratio was 0.16% in 2019 compared to 0.20% in the prior year.
• Completed integration of Florida Community Bank (FCB) and introduced new teams and products in legacy FCB markets.
• Following the FCB acquisition, the Company returned $893 million to common shareholders during the year with repurchases of $725 million in common stock and $168 million in common dividends.
• Total share count declined 10.9% from January 1, 2019. 

Fourth Quarter 2019 Highlights

• Diluted EPS of $0.97; adjusted diluted EPS of $0.94, down 3.0% sequentially and up 3.1% year-over-year.
• Period-end loan growth of $744.6 million, or 8.1% annualized, from prior quarter on total funded loan production of $3.55 billion.
• Period-end deposit growth of $972.4 million, or 10.3% annualized, from third quarter 2019.
  • Core transaction deposits increased $373.0 million from the prior quarter.
  • Total deposit costs declined 13 basis points from the previous quarter.
• Net interest margin of 3.65%, a decline of 4 basis points from the previous quarter. Excluding the impact of purchase accounting adjustments (PAA), net interest margin was 3.40%, down 2 basis points from the prior quarter.
• Non-interest income was $98.0 million in the fourth quarter, an increase of $9.2 million from the third quarter and $30.0 million from the prior-year quarter.
• Non-interest expense was $266.1 million in the fourth quarter, a decrease of $10.2 million from the third quarter and an increase of $56.2 million from the prior-year quarter.
• Credit quality metrics remained solid, with the NPL ratio and the NPA ratio each declining by 5 basis points, to 0.27% and 0.37%, respectively. The net charge-off ratio was 0.10%.
• Repurchased $36.5 million in common stock (1.1 million shares) during the quarter.

Fourth Quarter Summary

	Reported												Adjusted
(dollars in thousands)	4Q19				3Q19				4Q18				4Q19				3Q19				4Q18
Net income available to common shareholders	$	143,393			$	127,435			$	101,919			$	140,069			$	149,732			$	107,001
Diluted earnings per share	0.97				0.83				0.87				0.94				0.97				0.91
Total loans		37,162,450				36,417,826				25,946,573			N/A				N/A				N/A
Total deposits	38,405,504				37,433,070				26,720,322				N/A				N/A				N/A
Total revenues	497,992				491,676				366,105				492,049				494,213				368,189
Return on avg assets	1.27		%		1.14		%		1.29		%		1.24		%		1.33		%		1.36		%
Return on avg common equity	13.08				11.36				14.25				12.78				13.35				14.96
Return on avg tangible common equity	15.18				13.19				14.63				14.84				15.46				15.36
Net interest margin	3.65				3.69				3.92				3.40				3.42				N/A
Efficiency ratio	53.44				56.20				57.34				53.20				51.71				55.98
Net charge-off ratio	0.10				0.22				0.20				N/A				N/A				N/A
NPA ratio	0.37				0.42				0.44				N/A				N/A				N/A

“The successful integration of Florida Community Bank (FCB), broad-based growth across multiple business lines throughout our five-state footprint, and continued strength in credit quality highlight our accomplishments in 2019,” said Kessel D. Stelling, Synovus Chairman and CEO. “In addition, strong growth in fee-based revenue reflects our success in attracting and retaining top talent and expanding customer relationships. We enter 2020 with considerable momentum, focused on expanding revenue sources and improving efficiencies that strengthen our company and create long-term shareholder value.”

Balance Sheet

Loans**
(dollars in millions)	4Q19				3Q19				Linked Quarter Change				Linked Quarter % Change*			4Q18				Year/Year Change				Year/Year % Change
Commercial & industrial	$	16,782.7			$	16,418.3			$	364.4			8.8	%		$	12,781.2			$	4,001.5			31.3	%
Commercial real estate	10,480.5				10,313.0				167.5				6.4			6,564.5				3,916.0				59.7
Consumer	9,924.7				9,709.2				215.5				8.8			6,625.0				3,299.6				49.8
Unearned income	(25.4		)		(22.7		)		(2.7		)		47.2			(24.1		)		(1.2		)		5.1
Total loans	$	37,162.5			$	36,417.8			$	744.6			8.1	%		$	25,946.6			$	11,215.9			43.2	%
* Annualized
** Amounts may not total due to rounding

• Total funded loan production in the quarter was approximately $3.55 billion.
• Commercial and industrial loans increased $364.4 million, or 8.8%, from the prior quarter, with broad-based growth across industries and geographies.
• Consumer loans grew $215.5 million, or 8.8%, from the third quarter 2019, with increases in all four categories.
• Commercial real estate loans increased by $167.5 million, or 6.4%, from the prior quarter, with growth in 7 of 10 asset classes.

Deposits**
(dollars in millions)	4Q19				3Q19				Linked Quarter Change				Linked Quarter % Change*			4Q18				Year/Year Change				Year/Year % Change
Non-interest-bearing DDA	$	8,661.2			$	8,970.2			$	(309.0	)		(13.7	)%		$	6,926.5			$	1,734.7			25.0	%
Interest-bearing DDA	4,769.5				4,714.8				54.7				4.6			3,690.7				1,078.8				29.2
Money market	9,827.4				9,212.1				615.2				26.5			7,681.8				2,145.5				27.9
Savings	909.5				897.3				12.2				5.4			812.5				97.0				11.9
Public funds	4,622.3				3,795.3				827.0				86.4			2,374.9				2,247.4				94.6
Time deposits	6,185.6				6,647.8				(462.2		)		(27.6	)		3,685.9				2,499.7				67.8
Brokered deposits	3,430.0				3,195.5				234.5				29.1			1,548.0				1,882.0				121.6
Total deposits	$	38,405.5			$	37,433.1			$	972.4			10.3	%		$	26,720.3			$	11,685.2			43.7	%
* Annualized
** Amounts may not total due to rounding

• Deposit costs improved in the quarter, as intentional run-off of higher cost deposits were replaced with lower cost options.
• Total deposit costs declined 13 basis points from the third quarter and 18 basis points from the July 2019 peak.
• The loan to deposit ratio was 96.8% in the fourth quarter, compared to 97.3% in the third quarter 2019.

Income Statement Summary**
(in thousands, except per share data)	4Q19				3Q19				Linked Quarter Change				Linked Quarter % Change			4Q18				Year/Year Change				Year/Year % Change
Net interest income	$	399,268			$	402,097			$	(2,829	)		(0.7	)%		$	297,933			$	101,335			34.0	%
Non-interest income	97,955				88,760				9,195				10.4	%		67,991				29,964				44.1
Non-interest expense	266,121				276,310				(10,189		)		(3.7	)		209,922				56,199				26.8
Provision expense	24,470				27,562				(3,092		)		(11.2	)		12,148				12,322				101.4
Income before taxes	$	206,632			$	186,985			$	19,647			10.5	%		$	143,854			$	62,778			43.6	%
Income tax expense	54,948				51,259				3,689				7.2			38,784				16,164				41.7
Preferred stock dividends	8,291				8,291				—				—			3,151				5,140				163.1
Net income available to common shareholders	$	143,393			$	127,435			$	15,958			12.5	%		$	101,919			$	41,474			40.7	%
Weighted average common shares outstanding, diluted	148,529				154,043				(5,514		)		(3.6	)		116,986				31,543				27.0	%
Diluted earnings per share	$	0.97			$	0.83			$	0.14			16.7	%		$	0.87			$	0.09			10.8
Adjusted diluted earnings per share	$	0.94			$	0.97			$	(0.03	)		(3.0	)%		$	0.91			$	0.03			3.1
** Amounts may not total due to rounding

Core Performance

• Total revenues were $498.0 million in the fourth quarter, up $6.3 million from the previous quarter.
• Net interest income decreased $2.8 million or 0.7% compared to the prior quarter.
• Net interest margin was 3.65%, down 4 basis points from the previous quarter, and favorably impacted by $15.1 million of loan accretion and $11.0 million of deposit premium amortization.
  • Excluding the impact of PAA, net interest margin was 3.40%, down 2 basis points from the prior quarter.
  • The sequential decrease in net interest margin was driven by a decline of 18 basis points in total earning asset yields and a decrease of 14 basis points in the effective cost of funds.
• Non-interest income increased $9.2 million, or 10.4% from the prior quarter, and increased $30.0 million, or 44.1%, compared to fourth quarter 2018.
  • Sequential growth was led by capital markets fee income, fiduciary activities, and impacts from fair value adjustments.
  • Assets under management of $17.0 billion increased 4.9% from the prior quarter and 21.2% from the fourth quarter 2018.
• Non-interest expense decreased $10.2 million or 3.7% from the previous quarter. Adjusted non-interest expense increased $6.2 million or 2.4%, from the prior quarter.
  • The increase in adjusted expenses included a $3 million increase in FDIC expense associated with a reclassification of certain loan categories over the past four years, higher salaries expense, higher commissions associated with increases in non-interest income, and higher servicing expense related to a renegotiated lending partnership contract that was more than offset with an increase in net interest income.
• Provision expense was $24.5 million, a $3.1 million decrease from the previous quarter, primarily resulting from lower charge-offs, which were 10 basis points.
• The effective tax rate was 26.6% for the quarter.

Capital Ratios
	4Q19				3Q19			4Q18
Common equity Tier 1 capital (CET1) ratio	8.95	%	(1)		8.96	%		9.95	%
Tier 1 capital ratio	10.24		(1)		10.27			10.61
Total risk-based capital ratio	12.25		(1)		12.30			12.37
Tier 1 leverage ratio	9.16		(1)		9.02			9.60
Tangible common equity ratio(2)	8.08				8.04			8.81
(1) Ratios are preliminary
(2) Non-GAAP measure; see applicable reconciliation

Capital

• The Company repurchased $36.5 million in common stock (1.1 million shares) during the quarter. Year-to-date repurchases totaled $725 million, or 19.9 million shares. Share count has declined by 10.9% from January 1, 2019.

Fourth Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on January 24, 2020. 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 $48 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 298 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was named one of American Banker’s “Best Banks to Work For” in 2018 and has been recognized as one of the country's “Most Reputable Banks” by American Banker and the Reputation Institute. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

Forward-Looking Statements

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

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2018, 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 expense; adjusted total revenues; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted earnings per diluted share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and common equity Tier 1 capital (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 expense; total revenues; efficiency ratio-FTE; net income available to common shareholders; earnings per diluted common share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and the CET1 capital 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 is a measure used by management to evaluate total revenues exclusive of net investment securities gains (losses) and gains on sales and changes in the fair value of private equity investments, net. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio and common equity Tier 1 capital (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)	4Q19				3Q19				4Q18				2019				2018
Adjusted non-interest expense
Total non-interest expense	$	266,121			$	276,310			$	209,922			$	1,098,968			$	829,455
Subtract: Earnout liability adjustments	—				(10,457		)		—				(10,457		)		(11,652		)
Add/subtract: Merger-related expense	913				(353		)		(3,381		)		(56,580		)		(10,065		)
Subtract/add: Restructuring charges, net	(1,259		)		66				(140		)		(1,230		)		51
Subtract: Valuation adjustment to Visa derivative	(1,111		)		(2,500		)		—				(3,611		)		(2,328		)
Add: Litigation settlement/contingency expense	—				—				—				—				4,026
Subtract: Loss on early extinguishment of debt, net	—				(4,592		)		—				(4,592		)		—
Adjusted non-interest expense	$	264,664			$	258,474			$	206,401			$	1,022,498			$	809,487
Adjusted total revenues and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	264,664			$	258,474			$	206,401			$	1,022,498			$	809,487
Subtract: Amortization of intangibles	(2,901		)		(2,901		)		(292		)		(11,603		)		(1,167		)
Adjusted tangible non-interest expense	$	261,763			$	255,573			$	206,109			$	1,010,895			$	808,320
Net interest income	$	399,268			$	402,097			$	297,933			$	1,595,803			$	1,148,413
Add: Tax equivalent adjustment	769				819				181				3,025				553
Add: Total non-interest income	97,955				88,760				67,991				355,900				280,093
Total FTE revenues	497,992				491,676				366,105				1,954,728				1,429,059
Add: Investment securities losses, net	2,157				3,731				—				7,659				1,296
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,100		)		(1,194		)		2,084				(11,607		)		4,743
Adjusted total revenues	$	492,049			$	494,213			$	368,189			$	1,950,780			$	1,435,098
Efficiency ratio-FTE	53.44		%		56.20		%		57.34		%		56.22		%		58.04		%
Adjusted tangible efficiency ratio	53.20				51.71				55.98				51.82				56.33

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)	4Q19				3Q19				4Q18				2019				2018
Adjusted Return on Average Assets
Net income	$	151,684			$	135,726			$	105,070			$	563,780			$	428,476
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118	—				4,402				—				4,402				(9,148		)
Add: Earnout liability adjustments	—				10,457				—				10,457				11,652
Subtract/add: Merger-related expense	(913		)		353				3,381				56,580				10,065
Add/subtract: Restructuring charges, net	1,259				(66		)		140				1,230				(51		)
Add: Valuation adjustment to Visa derivative	1,111				2,500				—				3,611				2,328
Subtract: Litigation settlement/contingency expense	—				—				—				—				(4,026		)
Add: Loss on early extinguishment of debt, net	—				4,592				—				4,592				—
Add: Investment securities losses, net	2,157				3,731				—				7,659				1,296
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,100		)		(1,194		)		2,084				(11,607		)		4,743
Add/subtract: Tax effect of adjustments	1,162				(2,478		)		(523		)		(9,343		)		(1,008		)
Adjusted net income	$	148,360			$	158,023			$	110,152			$	631,361			$	444,327
Net income annualized	$	601,790			$	538,478			$	416,854			$	563,780			$	428,476
Adjusted net income annualized	$	588,602			$	626,939			$	437,016			$	631,361			$	444,327
Total average assets	$	47,459,405			$	47,211,026			$	32,190,303			$	46,791,930			$	31,668,847
Return on average assets	1.27		%		1.14		%		1.29		%		1.20		%		1.35		%
Adjusted return on average assets	1.24				1.33				1.36				1.35				1.40
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	143,393			$	127,435			$	101,919			$	540,899			$	410,478
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118	—				4,402				—				4,402				(9,148		)
Add: Earnout liability adjustments	—				10,457				—				10,457				11,652
Add: Preferred stock redemption charge	—				—				—				—				4,020
Subtract/Add: Merger-related expense	(913		)		353				3,381				56,580				10,065
Add/subtract: Restructuring charges, net	1,259				(66		)		140				1,230				(51		)
Add: Valuation adjustment to Visa derivative	1,111				2,500				—				3,611				2,328
Subtract: Litigation settlement/contingency expense	—				—				—				—				(4,026		)
Add: Loss on early extinguishment of debt, net	—				4,592				—				4,592				—
Add: Investment securities losses, net	2,157				3,731				—				7,659				1,296
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,100		)		(1,194		)		2,084				(11,607		)		4,743
Add/subtract: Tax effect of adjustments	1,162				(2,478		)		(523		)		(9,343		)		(1,008		)
Adjusted net income available to common shareholders	$	140,069			$	149,732			$	107,001			$	608,480			$	430,349
Weighted average common shares outstanding, diluted	148,529				154,043				116,986				156,058				118,378
Net income per common share, diluted	$	0.97			$	0.83			$	0.87			$	3.47			$	3.47
Adjusted net income per common share, diluted	0.94				0.97				0.91				3.90				3.64

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	4Q19				3Q19				4Q18				2019				2018
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity
Net income available to common shareholders	$	143,393			$	127,435			$	101,919			$	540,899			$	410,478
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118	—				4,402				—				4,402				(9,148		)
Add: Earnout liability adjustments	—				10,457				—				10,457				11,652
Add: Preferred stock redemption charge	—				—				—				—				4,020
Subtract/Add: Merger-related expense	(913		)		353				3,381				56,580				10,065
Add/subtract: Restructuring charges, net	1,259				(66		)		140				1,230				(51		)
Add: Valuation adjustment to Visa derivative	1,111				2,500				—				3,611				2,328
Subtract: Litigation settlement/contingency expense	—				—				—				—				(4,026		)
Add: Loss on early extinguishment of debt, net	—				4,592				—				4,592				—
Add: Investment securities losses, net	2,157				3,731				—				7,659				1,296
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,100		)		(1,194		)		2,084				(11,607		)		4,743
Add/subtract: Tax effect of adjustments	1,162				(2,478		)		(523		)		(9,343		)		(1,008		)
Adjusted net income available to common shareholders	$	140,069			$	149,732			$	107,001			$	608,480			$	430,349
Adjusted net income available to common shareholders annualized	$	555,709			$	594,045			$	424,515			$	608,480			$	430,349
Add: Amortization of intangibles	8,528				8,632				893				8,598				893
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	564,237			$	602,677			$	425,408			$	617,078			$	431,242
Net income available to common shareholders annualized	$	568,896			$	505,585			$	404,353			$	540,899			$	410,478
Add: Amortization of intangibles	8,528				8,632				893				8,598				893
Net income available to common shareholders excluding amortization of intangibles annualized	$	577,424			$	514,217			$	405,246			$	549,497			$	411,371
Total average shareholders' equity less preferred stock	$	4,348,250			$	4,450,301			$	2,837,740			$	4,384,458			$	2,821,311
Subtract: Goodwill	(488,223		)		(492,320		)		(57,315		)		(487,126		)		(57,315		)
Subtract: Other intangible assets, net	(57,149		)		(60,278		)		(9,972		)		(65,553		)		(10,424		)
Total average tangible shareholders' equity less preferred stock	$	3,802,878			$	3,897,703			$	2,770,453			$	3,831,779			$	2,753,572
Return on average common equity	13.08		%		11.36		%		14.25		%		12.34		%		14.55		%
Adjusted return on average common equity	12.78				13.35				14.96				13.88				15.25
Return on average tangible common equity	15.18				13.19				14.63				14.34				14.94
Adjusted return on average tangible common equity	14.84				15.46				15.36				16.10				15.66

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,				September 30,				December 31,
(dollars in thousands)	2019				2019				2018
Tangible Common Equity Ratio
Total assets	$	48,203,282			$	47,661,182			$	32,669,192
Subtract: Goodwill	(497,267		)		(487,865		)		(57,315		)
Subtract: Other intangible assets, net	(55,671		)		(58,572		)		(9,875		)
Tangible assets	$	47,650,344			$	47,114,745			$	32,602,002
Total shareholders’ equity	$	4,941,690			$	4,868,838			$	3,133,602
Subtract: Goodwill	(497,267		)		(487,865		)		(57,315		)
Subtract: Other intangible assets, net	(55,671		)		(58,572		)		(9,875		)
Subtract: Preferred Stock, no par value	(537,145		)		(536,550		)		(195,140		)
Tangible common equity	$	3,851,607			$	3,785,851			$	2,871,272
Total shareholders’ equity to total assets ratio	10.25		%		10.22		%		9.59		%
Tangible common equity ratio	8.08				8.04				8.81

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,
(dollars in thousands)	2019
CET1 capital ratio (fully phased-in)
CET1 capital	$	3,743,448
Total risk-weighted assets	$	41,822,767
Total risk-weighted assets (fully phased-in)	$	41,891,173
CET1 capital ratio	8.95		%
CET1 capital ratio (fully phased-in)	8.94

Synovus
INCOME STATEMENT DATA
(Unaudited)		Years Ended
(Dollars in thousands, except per share data)		December 31,
		2019				2018				% Change
Interest income		$	2,050,638			$	1,344,305			52.5	%
Interest expense		454,835				195,892				132.2
Net interest income		1,595,803				1,148,413				39.0
Provision for loan losses		87,720				51,697				69.7
Net interest income after provision for loan losses		1,508,083				1,096,716				37.5
Non-interest income:
Service charges on deposit accounts		88,190				80,840				9.1
Fiduciary and asset management fees		58,388				54,685				6.8
Card fees		45,659				42,503				7.4
Brokerage revenue		41,608				35,366				17.6
Mortgage banking income		32,599				18,958				72.0
Capital markets income		30,529				5,803				426.1
Income from bank-owned life insurance		21,226				15,403				37.8
Investment securities losses, net		(7,659		)		(1,296		)		nm
Gain on sale and fair value increase/(decrease) of private equity investments		11,607				(4,743		)		nm
Other non-interest income		33,753				32,574				3.6
Total non-interest income		355,900				280,093				27.1
Non-interest expense:
Salaries and other personnel expense		570,036				453,420				25.7
Net occupancy and equipment expense		161,906				130,482				24.1
Third-party processing and other services		75,696				58,625				29.1
Professional fees		35,300				26,737				32.0
FDIC insurance and other regulatory fees		31,696				24,494				29.4
Advertising expense		21,371				20,881				2.3
Amortization of intangibles		11,603				1,167				894.3
Merger-related expense		56,580				10,065				nm
Earnout liability adjustments		10,457				11,652				nm
Loss on early extinguishment of debt, net		4,592				—				nm
Valuation adjustment to Visa derivative		3,611				2,328				nm
Litigation settlement/contingency expense		—				(4,026		)		nm
Restructuring charges, net		1,230				(51		)		nm
Other operating expenses		114,890				93,681				22.6
Total non-interest expense		1,098,968				829,455				32.5
Income before income taxes		765,015				547,354				39.8
Income tax expense		201,235				118,878				69.3
Net income		563,780				428,476				31.6
Less: Preferred stock dividends and redemption charge		22,881				17,998				27.1
Net income available to common shareholders		$	540,899			$	410,478			31.8	%
Net income per common share, basic		$	3.50			3.49				0.4	%
Net income per common share, diluted		3.47				3.47				—
Cash dividends declared per common share		1.20				1.00				20.0
Return on average assets*		1.20		%		1.35		%		(15	)bps
Return on average common equity*		12.34				14.55				(221	)
Weighted average common shares outstanding, basic		154,331				117,644				31.2	%
Weighted average common shares outstanding, diluted		156,058				118,378				31.8
nm - not meaningful
bps - basis points
* - ratios are annualized

Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)	2019													2018			Fourth Quarter
	Fourth Quarter				Third Quarter			Second Quarter			First Quarter			Fourth Quarter			'19 vs '18
																	% Change
Interest income	$	506,253			523,415			516,131			504,839			357,394			41.7	%
Interest expense	106,985				121,318			118,869			107,664			59,461			79.9
Net interest income		399,268			402,097			397,262			397,175			297,933			34.0
Provision for loan losses	24,470				27,562			12,119			23,569			12,148			101.4
Net interest income after provision for loan losses		374,798			374,535			385,143			373,606			285,785			31.1
Non-interest income:
Service charges on deposit accounts	22,385				22,952			21,994			20,859			20,320			10.2
Fiduciary and asset management fees	15,645				14,686			14,478			13,578			13,805			13.3
Card fees	11,325				12,297			11,161			10,877			10,862			4.3
Brokerage revenue	11,106				11,071			10,052			9,379			9,241			20.2
Mortgage banking income	9,287				10,351			7,907			5,054			3,781			145.6
Capital markets income	8,972				7,396			8,916			5,245			1,977			353.8
Income from bank-owned life insurance	5,620				5,139			5,176			5,290			3,682			52.6
Investment securities (losses)/gains, net	(2,157		)		(3,731	)		(1,845	)		75			—			nm
Gain on sale and fair value increase/(decrease) of private equity investments	8,100				1,194			1,455			858			(2,084	)		nm
Other non-interest income	7,672				7,405			10,513			8,163			6,407			19.7
Total non-interest income	97,955				88,760			89,807			79,378			67,991			44.1
Non-interest expense:
Salaries and other personnel expense	145,084				142,516			143,009			139,427			113,496			27.8
Net occupancy and equipment expense	42,644				41,017			39,851			38,394			34,260			24.5
Third-party processing and other services	20,293				18,528			19,118			17,758			14,803			37.1
Professional Fees	9,921				9,719			9,312			6,348			8,650			14.7
FDIC insurance and other regulatory fees	9,825				7,242			7,867			6,761			4,728			107.8
Advertising expense	4,375				5,950			5,923			5,123			6,834			(36.0	)
Amortization of intangibles	2,901				2,901			2,410			3,392			292			893.5
Merger-related expense	(913		)		353			7,401			49,738			3,381			nm
Earnout liability adjustments	—				10,457			—			—			—			nm
Loss on early extinguishment of debt, net	—				4,592			—			—			—			nm
Valuation adjustment to Visa derivative	1,111				2,500			—			—			—			nm
Restructuring charges, net	1,259				(66	)		18			19			140			nm
Other operating expenses	29,621				30,601			29,217			25,450			23,338			26.9
Total non-interest expense	266,121				276,310			264,126			292,410			209,922			26.8
Income before income taxes	206,632				186,985			210,824			160,574			143,854			43.6
Income tax expense	54,948				51,259			54,640			40,388			38,784			41.7
Net income	151,684				135,726			156,184			120,186			105,070			44.4
Less: Preferred stock dividends	8,291				8,291			3,150			3,150			3,151			163.1
Net income available to common shareholders	$	143,393			127,435			153,034			117,036			101,919			40.7	%
Net income per common share, basic	$	0.98			0.84			0.97			0.73			0.88			11.4	%
Net income per common share, diluted	0.97				0.83			0.96			0.72			0.87			10.8
Cash dividends declared per common share	0.30				0.30			0.30			0.30			0.25			20.0
Return on average assets *	1.27		%		1.14			1.34			1.06			1.29			(2	)bps
Return on average common equity *	13.08				11.36			13.90			10.98			14.25			(117	)
Weighted average common shares outstanding, basic	146,948				152,238			157,389			160,927			116,303			26.3	%
Weighted average common shares outstanding, diluted	148,529				154,043			159,077			162,760			116,986			27.0
nm - not meaningful
bps - basis points
* - ratios are annualized

Synovus
BALANCE SHEET DATA		December 31, 2019				September 30, 2019				December 31, 2018
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks		$	535,846			$	611,496			$	468,426
Interest-bearing funds with Federal Reserve Bank		553,390				480,913				641,476
Interest earning deposits with banks		20,635				20,086				19,841
Federal funds sold and securities purchased under resale agreements		77,047				69,975				13,821
Cash and cash equivalents		1,186,918				1,182,470				1,143,564
Investment securities available for sale, at fair value		6,778,670				6,892,162				3,991,632
Mortgage loans held for sale, at fair value		115,173				129,415				37,129
Loans		37,162,450				36,417,826				25,946,573
Allowance for loan losses		(281,402		)		(265,013		)		(250,555		)
Loans, net		36,881,048				36,152,813				25,696,018
Cash surrender value of bank-owned life insurance		775,665				771,458				554,134
Premises and equipment, net		493,940				487,053				434,307
Goodwill		497,267				487,865				57,315
Other intangible assets		55,671				58,572				9,875
Other assets		1,418,930				1,499,374				745,218
Total assets		$	48,203,282			$	47,661,182			$	32,669,192
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits		$	9,439,485			$	9,586,148			$	7,650,967
Interest-bearing deposits		28,966,019				27,846,922				19,069,355
Total deposits		38,405,504				37,433,070				26,720,322
Federal funds purchased and securities sold under repurchase agreements		165,690				197,419				237,692
Other short-term borrowings		1,753,560				2,233,593				650,000
Long-term debt		2,153,897				2,153,600				1,657,157
Other liabilities		782,941				774,662				270,419
Total liabilities		43,261,592				42,792,344				29,535,590
Shareholders' equity:
Preferred Stock – no par value; authorized 100,000,000 shares; 22,000,000 issued and outstanding at December 31, 2019 and September 30, 2019, and 8,000,000 issued and outstanding at December 31, 2018		537,145				536,550				195,140
Common stock – $1.00 par value. Authorized 342,857,143 shares; 166,800,623 issued at December 31, 2019, 166,201,048 issued at September 30, 2019, and 143,300,449 issued at December 31, 2018; 147,157,596 outstanding at December 31, 2019, 147,594,000 outstanding at September 30, 2019, and 115,865,510 outstanding at December 31, 2018		166,801				166,201				143,300
Additional paid-in capital		3,819,336				3,801,158				3,060,561
Treasury stock, at cost – 19,643,027 shares at December 31, 2019, 18,607,048 shares at September 30, 2019, and 27,434,939 shares at December 31, 2018		(715,560		)		(680,081		)		(1,014,746		)
Accumulated other comprehensive income (loss), net		65,641				75,933				(94,420		)
Retained earnings		1,068,327				969,077				843,767
Total shareholders’ equity		4,941,690				4,868,838				3,133,602
Total liabilities and shareholders' equity		$	48,203,282			$	47,661,182			$	32,669,192

Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
		2019										2018
		Fourth			Third		Second		First			Fourth
		Quarter			Quarter		Quarter		Quarter			Quarter
Interest Earning Assets
Investment securities (2) (4)		$	6,696,768		6,831,036		6,955,386		6,536,199			4,073,685
Yield		3.12		%	3.14		3.03		3.06			2.45
Trading account assets (5)		$	7,986		5,519		4,853		2,049			7,493
Yield		2.69		%	4.01		1.83		1.30			1.90
Commercial loans (3) (4)		$	26,698,202		26,568,194		26,353,973		26,140,672			19,150,252
Yield		4.82		%	5.09		5.13		5.16			5.13
Consumer loans (3)		$	9,809,832		9,633,603		9,423,427		9,180,679			6,476,026
Yield		5.07			5.08		5.17		5.10			4.85
Allowance for loan losses		$	(269,052	)	(258,024	)	(259,284	)	(252,815	)		(251,098	)
Loans, net (3)		$	36,238,982		35,943,773		35,518,116		35,068,536			25,375,180
Yield		4.93		%	5.13		5.17		5.17			5.11
Mortgage loans held for sale		$	117,909		99,556		70,497		34,913			36,477
Yield		3.77		%	3.93		4.27		4.48			4.79
Federal funds sold, due from Federal Reserve Bank, and other short-term investments		$	514,635		513,160		511,488		679,477			641,832
Yield		1.71		%	2.08		2.37		2.45			2.20
Federal Home Loan Bank and Federal Reserve Bank Stock (5)		$	278,586		254,994		234,949		211,408			162,369
Yield		2.85		%	3.85		3.29		4.82			4.31
Total interest earning assets		$	43,854,866		43,648,038		43,295,289		42,532,582			30,297,036
Yield		4.60		%	4.78		4.79		4.80			4.69
Interest-Bearing Liabilities
Interest-bearing demand deposits		$	6,381,282		6,138,810		6,335,953		6,393,304			4,692,804
Rate		0.60		%	0.69		0.71		0.68			0.41
Money Market accounts		$	10,526,296		10,138,783		10,024,836		10,244,556			8,050,732
Rate		1.13		%	1.26		1.23		1.18			0.89
Savings deposits		$	915,640		900,366		904,183		901,059			815,588
Rate		0.05		%	0.05		0.05		0.06			0.04
Time deposits under $100,000		$	1,873,350		2,100,492		2,245,878		2,238,568			1,242,811
Rate		1.27		%	1.39		1.39		1.24			1.16
Time deposits over $100,000		$	5,198,266		5,957,691		6,331,665		6,211,067			2,478,649
Rate		1.51		%	1.69		1.70		1.60			1.67
Non-maturing brokered deposits		$	1,156,131		993,078		766,718		937,629			349,480
Rate		1.84		%	2.47		2.46		2.60			2.46
Brokered time deposits		$	2,121,069		2,119,149		1,985,589		1,845,819			1,275,276
Rate		2.16		%	2.27		2.28		2.13			2.03
Total interest-bearing deposits		$	28,172,034		28,348,369		28,594,822		28,772,002			18,905,340
Rate		1.16		%	1.32		1.30		1.24			0.96
Federal funds purchased and securities sold under repurchase agreements		$	192,731		221,045		300,168		233,076			194,370
Rate		0.24		%	0.22		0.20		0.22			0.18
Other short-term borrowings		$	1,565,507		1,307,370		1,090,581		517,456			112,228
Rate		1.87		%	2.31		2.59		2.58			2.51
Long-term debt		$	2,153,983		2,286,221		2,114,819		1,983,910			1,657,022
Rate		3.07		%	3.32		3.53		3.33			3.06
Total interest-bearing liabilities		$	32,084,255		32,163,005		32,100,390		31,506,444			20,868,960
Rate		1.30		%	1.47		1.48		1.38			1.12
Non-interest-bearing demand deposits		$	9,706,784		9,365,776		9,304,839		9,054,949			8,014,761
Cost of funds		1.02		%	1.16		1.15		1.07			0.81
Net interest margin		3.65		%	3.69		3.69		3.78			3.92
Taxable equivalent adjustment		$	769		819		811		630			181
(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 21%, 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
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
		Total Loans				Total Originated Loans				Total Acquired Loans (1)				Total Loans (1)				Linked Quarter			Total Loans				Year/Year
Loan Type		December 31, 2019				December 31, 2019				December 31, 2019				September 30, 2019				% Change (2)			December 31, 2018				% Change
Commercial, Financial, and Agricultural		$	10,252,859			$	8,587,087			$	1,665,772			$	9,846,830			16.4	%		$	7,449,698			37.6	%
Owner-Occupied		6,529,811				5,610,592				919,219				6,571,486				(2.5	)		5,331,508				22.5
Total Commercial & Industrial		16,782,670				14,197,679				2,584,991				16,418,316				8.8			12,781,206				31.3
Multi-Family		2,023,769				1,581,791				441,978				2,098,365				(14.1	)		1,208,033				67.5
Hotels		1,284,291				784,594				499,697				1,267,790				5.2			704,319				82.3
Office Buildings		2,255,308				1,578,445				676,863				2,161,258				17.3			1,451,048				55.4
Shopping Centers		1,762,598				1,017,140				745,458				1,693,985				16.1			808,540				118.0
Warehouses		713,602				610,929				102,673				683,662				17.4			627,353				13.7
Other Investment Property		1,003,111				923,004				80,107				977,253				10.5			761,658				31.7
Total Investment Properties		9,042,679				6,495,903				2,546,776				8,882,313				7.2			5,560,951				62.6
1-4 Family Construction		284,594				173,570				111,024				288,897				(5.9	)		174,259				63.3
1-4 Family Investment Mortgage		495,421				453,612				41,809				516,859				(16.5	)		505,611				(2.0	)
Total 1-4 Family Properties		780,015				627,182				152,833				805,756				(12.7	)		679,870				14.7
Commercial Development		109,862				62,965				46,897				124,213				(45.8	)		60,675				81.1
Residential Development		269,377				182,234				87,143				224,662				79.0			93,166				189.1
Land Acquisition		278,551				216,492				62,059				276,045				3.6			169,829				64.0
Land and Development		657,790				461,691				196,099				624,920				20.9			323,670				103.2
Total Commercial Real Estate		10,480,484				7,584,776				2,895,708				10,312,989				6.4			6,564,491				59.7
Consumer Mortgages		5,546,368				3,629,633				1,916,735				5,470,730				5.5			2,934,235				89.0
Home Equity Lines		1,713,157				1,655,096				58,061				1,675,092				9.0			1,515,796				13.0
Credit Cards		268,841				268,841				—				267,874				1.4			258,245				4.1
Other Consumer Loans		2,396,294				2,387,749				8,545				2,295,486				17.4			1,916,743				25.0
Total Consumer		9,924,660				7,941,319				1,983,341				9,709,182				8.8			6,625,019				49.8
Unearned Income		(25,364		)		(25,364		)		—				(22,661		)		47.3			(24,143		)		5.1
Total		$	37,162,450			$	29,698,410			$	7,464,040			$	36,417,826			8.1	%		$	25,946,573			43.2	%
(1) On 1/1/19 $9.29 B of loans (at fair value) were acquired from FCB. The amounts presented in these columns are net of paydowns and payoffs since acquisition date.
(2) Percentage change is annualized.
NON-PERFORMING LOANS COMPOSITION (1)
(Unaudited)
(Dollars in thousands)		Total Non-performing Loans				Total Originated Non-performing Loans				Total Acquired Non-performing Loans (2)				Total Non-performing Loans (3)				Linked Quarter			Total Non-performing Loans				Year/Year
Loan Type		December 31, 2019				December 31, 2019				December 31, 2019				September 30, 2019				% Change			December 31, 2018				% Change
Commercial, Financial, and Agricultural		$	56,186			$	54,483			$	1,703			$	73,672			(23.7	)%		$	69,295			(18.9	)%
Owner-Occupied		9,780				9,780				—				9,222				6.1			8,971				9.0
Total Commercial & Industrial		65,966				64,263				1,703				82,894				(20.4	)		78,266				(15.7	)
Multi-Family		385				—				385				—				nm			237				62.4
Office Buildings		600				542				58				290				106.9			165				263.6
Shopping Centers		718				718				—				140				412.9			89				706.7
Other Investment Property		321				321				—				—				nm			1,890				(83.0	)
Total Investment Properties		2,024				1,581				443				430				370.7			2,381				(15.0	)
1-4 Family Construction		698				698				—				698				—			—				nm
1-4 Family Investment Mortgage		1,555				1,555				—				1,520				2.3			2,381				(34.7	)
Total 1-4 Family Properties		2,253				2,253				—				2,218				1.6			2,381				(5.4	)
Commercial Development		87				87				—				87				—			93				(6.5	)
Residential Development		395				395				—				1,526				(74.1	)		1,444				(72.6	)
Land Acquisition		628				628				—				1,419				(55.7	)		1,416				(55.6	)
Land and Development		1,110				1,110				—				3,032				(63.4	)		2,953				(62.4	)
Total Commercial Real Estate		5,387				4,944				443				5,680				(5.2	)		7,715				(30.2	)
Consumer Mortgages		12,545				11,808				737				10,015				25.3			4,949				153.5
Home Equity Lines		12,034				12,034				—				12,590				(4.4	)		12,114				(0.7	)
Other Consumer Loans		5,704				5,704				—				4,736				20.4			3,689				54.6
Total Consumer		30,283				29,546				737				27,341				10.8			20,752				45.9
Total		$	101,636			$	98,753			$	2,883			$	115,915			(12.3	)%		$	106,733			(4.8	)%
(1) For purposes of this table, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
(2) Represents loans acquired from FCB and designated as non-accrual, net of payments and dispositions since acquisition date
(3) September 30, 2019 total non-performing loans included $8.8 million of acquired non-performing loans, net of payments and dispositions since acquisition date.

Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)		2019													2018			Fourth Quarter
		Fourth				Third			Second			First			Fourth			'19 vs '18
		Quarter				Quarter			Quarter			Quarter			Quarter			% Change
Non-performing Loans (1)		$	101,636			115,915			124,083			143,976			106,733			(4.8	)%
Other Real Estate and Other Assets		35,810				35,400			15,479			11,341			7,726			363.5	%
Non-performing Assets (1)		137,446				151,315			139,562			155,317			114,459			20.1
Allowance for Loan Losses		281,402				265,013			257,376			257,036			250,555			12.3
Net Charge-Offs - Quarter		8,821				19,924			11,778			17,088			13,044
Net Charge-Offs - YTD		57,612				48,791			28,867			17,088			50,410
Net Charge-Offs / Average Loans - Quarter (2)		0.10		%		0.22			0.13			0.19			0.20
Net Charge-Offs / Average Loans - YTD (2)		0.16				0.18			0.16			0.19			0.20
Non-performing Loans / Loans (1)		0.27				0.32			0.34			0.40			0.41
Non-performing Assets / Loans, ORE and specific other assets (1)		0.37				0.42			0.39			0.44			0.44
Allowance / Loans		0.76				0.73			0.71			0.72			0.97
Allowance / Non-performing Loans (1)		276.87				228.63			207.42			178.53			234.75
Allowance / Non-performing Loans excluding impaired and acquired loans with no reserve (1)		361.20				363.63			282.51			291.62			297.68
Past Due Loans over 90 days and Still Accruing (1)		$	15,943			15,660			5,851			4,486			3,798			319.8
As a Percentage of Loans Outstanding		0.04		%		0.04			0.02			0.01			0.01
Total Past Due Loans and Still Accruing (1)		$	123,793			88,219			80,792			88,135			56,927			117.5
As a Percentage of Loans Outstanding		0.33		%		0.24			0.22			0.25			0.22
Accruing Troubled Debt Restructurings (TDRs)		$	133,145			130,019			126,369			112,205			115,588			15.2
(1) For purposes of this table, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
(2) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
		December 31, 2019				September 30, 2019			December 31, 2018
Tier 1 Capital		$	4,280,593			4,196.628			3,090,416
Total Risk-Based Capital		5,123,371				5,023.138			3,601,376
Common Equity Tier 1 Capital Ratio		8.95		%		8.96			9.95
Common Equity Tier 1 Ratio (fully phased-in) (5)		8.94				8.94			9.92
Tier 1 Capital Ratio		10.24				10.27			10.61
Total Risk-Based Capital Ratio		12.25				12.30			12.37
Tier 1 Leverage Ratio		9.16				9.02			9.60
Common Equity as a Percentage of Total Assets (2)		9.14				9.09			8.99
Tangible Common Equity Ratio (3) (5)		8.08				8.04			8.81
Book Value Per Common Share (4)		$	29.93			29.35			25.36
Tangible Book Value Per Common Share (3)		26.17				25.65			24.78
(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.
(5) See "Non-GAAP Financial Measures" of this report for applicable reconciliation.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200124005100/en/