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Section 1: 10-Q (10-Q)

syn-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
 
FORM 10-Q
 
______________________________
Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
Commission file number 1-10312
 
______________________________
404887413_syn-20200630_g1.jpg
SYNOVUS FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
______________________________
 
Georgia58-1134883
(State or other jurisdiction of incorporation or organization)
   (I.R.S. Employer Identification No.)

1111 Bay Avenue, Suite 500

Columbus,
Georgia
31901
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (706641-6500
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 Par ValueSNVNew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series DSNV - PrDNew York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series ESNV - PrENew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
As of August 4, 2020, 147,312,937 shares of the registrant's common stock, $1.00 par value, were outstanding.





Table of Contents

Page
Financial Information
Index of Defined Terms
Item 1.Financial Statements (Unaudited)
Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019
Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2020 and 2019
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019
Notes to Unaudited Interim Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Item 4.Controls and Procedures
Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
Signatures






SYNOVUS FINANCIAL CORP.
INDEX OF DEFINED TERMS

Throughout this discussion, references to "Synovus", "we", "our", "us", "the Company" and similar terms refer to the consolidated entity consisting of Synovus Financial Corp. and its subsidiaries unless the context indicates that we refer only to the Parent Company, Synovus Financial Corp. When we refer to the "Bank" or "Synovus Bank" we mean our only bank subsidiary, Synovus Bank.
ACL – Allowance for credit losses (ALL, reserve on unfunded loan commitments, and reserve, if required, on debt securities)
ALCO – Synovus' Asset Liability Management Committee
ALL – Allowance for loan losses
AOCI – Accumulated other comprehensive income
Acquisition Date – Effective January 1, 2019, Synovus completed its acquisition of FCB Financial Holdings, Inc.
ARRC – Alternative Reference Rates Committee
ASC – Accounting Standards Codification
ASC 310-30 loans – Loans accounted for in accordance with ASC 310 – 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality
ASU – Accounting Standards Update
ATM – Automatic teller machine
Azalea Merger Sub – Azalea Merger Sub Corp., a wholly-owned subsidiary of Synovus which was formed for the express and limited purpose of the Merger
Basel III – The third Basel Accord developed by the Basel Committee on Banking Supervision to strengthen existing regulatory capital requirements
BOLI – Bank-owned life insurance
bp(s) – Basis point(s)
C&I – Commercial and industrial
CARES Act – The Coronavirus Aid, Relief, and Economic Security Act
CECL Current expected credit losses
CET1 – Common Equity Tier 1 Capital defined by Basel III capital rules
CMO – Collateralized mortgage obligation
Code – Internal Revenue Code
Company – Synovus Financial Corp. and its wholly-owned subsidiaries, except where the context requires otherwise
Covered Litigation – Certain Visa litigation for which Visa is indemnified by Visa USA members
COVID-19 – Coronavirus disease 2019
CRA – Community Reinvestment Act
CRE – Commercial real estate
DCF – Discounted cash flow
Dodd-Frank Act – The Dodd-Frank Wall Street Reform and Consumer Protection Act
EVE – Economic value of equity
Exchange Act – Securities Exchange Act of 1934, as amended
FASB – Financial Accounting Standards Board
FCA – Financial Conduct Authority
i


FCB – FCB Financial Holdings, Inc. and its wholly-owned subsidiaries, except where the context requires otherwise
FDIC – Federal Deposit Insurance Corporation
Federal Reserve Bank – The 12 banks that are the operating arms of the U.S. central bank. They implement the policies of the Federal Reserve Board and also conduct economic research
Federal Reserve Board – The 7-member Board of Governors that oversees the Federal Reserve System, establishes monetary policy (interest rates, credit, etc.), and monitors the economic health of the country. Its members are appointed by the President subject to Senate confirmation, and serve 14-year terms
Federal Reserve System – The 12 Federal Reserve Banks, with each one serving member banks in its own district. This system, supervised by the Federal Reserve Board, has broad regulatory powers over the money supply and the credit structure
FFIEC – Federal Financial Institutions Examination Council
FFIEC Retail Credit Classification Policy – FFIEC Uniform Retail Credit Classification and Account Management Policy
FHLB – Federal Home Loan Bank
FICO – Fair Isaac Corporation
FMS – Financial Management Services, a division of Synovus Bank
FTE – Fully taxable-equivalent
FTP – Funds transfer pricing
GA DBF – Georgia Department of Banking and Finance
GAAP – Generally Accepted Accounting Principles in the United States of America
GDP – Gross domestic product
GGL – Government guaranteed loans
Global One – Entaire Global Companies, Inc., the parent company of Global One Financial, Inc., as acquired by Synovus on October 1, 2016. Throughout this Report, we refer to this acquired entity as "Global One"
HELOC – Home equity line of credit
Interagency Supervisory Guidance – Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties
LGD – Loss given default
LIBOR – London Interbank Offered Rate
LIHTC – Low Income Housing Tax Credit
LTV – Loan-to-collateral value ratio
MBS – Mortgage-backed security
Merger Agreement – Agreement and Plan of Merger by and among Synovus, FCB and Azalea Merger Sub Corp. dated as of July 23, 2018
Merger – The January 1, 2019 merger of Azalea Merger Sub with and into FCB and immediately thereafter, the merger of FCB with and into Synovus, with Synovus continuing as the surviving entity pursuant to the terms and conditions of the Merger Agreement
MLO – Mortgage loan originator
MPS – Merchant processing servicer(s)
MRSU – Market Restricted Share Unit
NAICS – North American Industry Classification System
nm – not meaningful
NPA – Non-performing assets
NPL – Non-performing loans
ii


NSF – Non-sufficient funds
OCI – Other comprehensive income
ORE – Other real estate
PAA – Purchase accounting adjustments
Parent Company – Synovus Financial Corp.
PCD – Purchased Credit Deteriorated
PCI – Purchased Credit Impaired
PD – Probability of Default
PPP Paycheck Protection Program established as part of the CARES Act and launched on April 3, 2020 by the SBA and Treasury
PSU – Performance Share Unit
RSU – Restricted Share Unit
SBA – Small Business Administration
SBIC – Small Business Investment Company
SEC – U.S. Securities and Exchange Commission
Securities Act – Securities Act of 1933, as amended
Series D Preferred Stock – Synovus' Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, $25 liquidation preference
Series E Preferred Stock – Synovus' Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, $25 liquidation preference
SOFR – Secured Overnight Financing Rate
Synovus – Synovus Financial Corp.
Synovus Bank – A Georgia state-chartered bank and wholly-owned subsidiary of Synovus, through which Synovus conducts its banking operations
Synovus' 2019 Form 10-K – Synovus' Annual Report on Form 10-K for the year ended December 31, 2019
Synovus Securities – Synovus Securities, Inc., a wholly-owned subsidiary of Synovus
Synovus Trust – Synovus Trust Company, N.A., a wholly-owned subsidiary of Synovus Bank
TDR – Troubled debt restructuring (as defined in ASC 310-40)
TJCA – U.S. Tax Cuts and Jobs Act of 2017
TSR – Total shareholder return
UPB – Unpaid principal balance
Visa – The Visa U.S.A., Inc. card association or its affiliates, collectively
Visa Class A shares – Class A shares of common stock issued by Visa are publicly traded shares which are not subject to restrictions on sale
Visa Class B shares – Class B shares of common stock issued by Visa which are subject to restrictions with respect to sale until all of the Covered Litigation has been settled. Class B shares will be convertible into Visa Class A shares using a then-current conversion ratio upon the lifting of restrictions with respect to sale of Visa Class B shares
Visa Derivative – A derivative contract with the purchaser of Visa Class B shares which provides for settlements between the purchaser and Synovus based upon a change in the ratio for conversion of Visa Class B shares into Visa Class A shares

iii


PART I. FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
SYNOVUS FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share and per share data)June 30, 2020December 31, 2019
ASSETS
Cash and due from banks$572,169  $535,846  
Interest-bearing funds with Federal Reserve Bank860,289  553,390  
Interest earning deposits with banks20,719  20,635  
Federal funds sold and securities purchased under resale agreements118,048  77,047  
     Total cash, cash equivalents, restricted cash, and restricted cash equivalents1,571,225  1,186,918  
Investment securities available for sale, at fair value7,197,493  6,778,670  
Loans held for sale (includes $266,306 and $115,173 measured at fair value, respectively)
900,936  115,173  
Loans, net of deferred fees and costs39,914,297  37,162,450  
Allowance for loan losses(588,648) (281,402) 
Loans, net39,325,649  36,881,048  
Cash surrender value of bank-owned life insurance1,038,049  775,665  
Premises and equipment, net481,716  493,940  
Goodwill497,267  497,267  
Other intangible assets, net50,392  55,671  
Receivable on unsettled securities sales1,289,116    
Other assets1,770,146  1,418,930  
Total assets$54,121,989  $48,203,282  
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits:
Non-interest-bearing deposits$12,555,714  $9,439,485  
Interest-bearing deposits31,638,866  28,966,019  
Total deposits44,194,580  38,405,504  
Federal funds purchased and securities sold under repurchase agreements
225,576  165,690  
Other short-term borrowings300,000  1,753,560  
Long-term debt2,327,921  2,153,897  
Due on unsettled securities purchases922,952    
Other liabilities1,097,992  782,941  
Total liabilities49,069,021  43,261,592  
Shareholders' Equity
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000
537,145  537,145  
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 167,405,730 and 166,800,623; outstanding 147,312,703 and 147,157,596
167,406  166,801  
Additional paid-in capital3,826,726  3,819,336  
Treasury stock, at cost; 20,093,027 and 19,643,027 shares
(731,806) (715,560) 
Accumulated other comprehensive income, net202,970  65,641  
Retained earnings1,050,527  1,068,327  
Total shareholders’ equity
5,052,968  4,941,690  
Total liabilities and shareholders' equity$54,121,989  $48,203,282  
See accompanying notes to unaudited interim consolidated financial statements.
1


SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2020201920202019
Interest income:
Loans, including fees
$401,997  $457,564  $829,334  $905,333  
Investment securities available for sale
44,935  52,794  96,588  102,732  
Loans held for sale
1,914  752  2,706  1,165  
Federal Reserve Bank balances
394  2,701  1,902  6,371  
Other earning assets
2,329  2,320  4,936  5,369  
Total interest income
451,569  516,131  935,466  1,020,970  
Interest expense:
Deposits
56,474  92,700  142,476  180,383  
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings
1,778  7,294  7,710  10,757  
Long-term debt
16,751  18,875  35,454  35,392  
Total interest expense
75,003  118,869  185,640  226,532  
Net interest income
376,566  397,262  749,826  794,438  
Provision for credit losses(1)
141,851  12,119  300,573  35,688  
Net interest income after provision for credit losses
234,715  385,143  449,253  758,750  
Non-interest revenue:
Service charges on deposit accounts
15,567  21,994  36,255  42,853  
Fiduciary and asset management fees
14,950  14,478  30,124  28,057  
Card fees
9,186  11,161  20,136  22,037  
Brokerage revenue
9,984  10,052  22,383  19,431  
Mortgage banking income
23,530  7,907  35,757  12,962  
Capital markets income
6,050  8,916  17,294  14,161  
Income from bank-owned life insurance
7,756  5,176  13,794  10,466  
Investment securities gains (losses), net
69,409  (1,845) 78,144  (1,771) 
Other non-interest revenue
17,052  11,968  23,454  20,989  
Total non-interest revenue
173,484  89,807  277,341  169,185  
Non-interest expense:
Salaries and other personnel expense
159,597  143,009  309,274  282,436  
Net occupancy, equipment, and software expense
41,727  39,851  83,921  78,245  
Third-party processing and other services
21,366  19,118  42,846  36,875  
Professional fees
15,305  9,312  25,980  15,660  
FDIC insurance and other regulatory fees
6,851  7,867  12,129  14,629  
Merger-related expense
  7,401    57,140  
Other operating expenses
39,295  37,568  86,271  71,552  
Total non-interest expense
284,141  264,126  560,421  556,537  
Income before income taxes
124,058  210,824  166,173  371,398  
Income tax expense
30,866