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

COLUMBUS, Ga.--(BUSINESS WIRE)--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.