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Georgia
|
|
58-1134883
|
(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)
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock, $1.00 Par Value
Series B Participating Cumulative Preferred Stock Purchase Rights
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C
|
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
|
|
|
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
Class
|
|
|
|
April 30, 2016
|
|
Common Stock, $1.00 Par Value
|
|
|
|
125,500,300
|
|
|
|
|
|
Page
|
Part I
.
|
Financial Information
|
|
||
|
|
Index of Defined Terms
|
||
|
Item 1.
|
Financial Statements (Unaudited)
|
|
|
|
|
Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015
|
||
|
|
Consolidated Statements of Income for the Three Months Ended March 31, 2016 and 2015
|
||
|
|
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2016 and 2015
|
||
|
|
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2016 and 2015
|
||
|
|
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2016 and 2015
|
||
|
|
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
|
||
|
|
|
|
|
Part II
.
|
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
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per share data)
|
March 31, 2016
|
|
December 31, 2015
|
|||
ASSETS
|
|
|
|
|||
Cash and cash equivalents
|
$
|
352,060
|
|
|
367,092
|
|
Interest bearing funds with Federal Reserve Bank
|
908,527
|
|
|
829,887
|
|
|
Interest earning deposits with banks
|
21,686
|
|
|
17,387
|
|
|
Federal funds sold and securities purchased under resale agreements
|
76,300
|
|
|
69,819
|
|
|
Trading account assets, at fair value
|
4,801
|
|
|
5,097
|
|
|
Mortgage loans held for sale, at fair value
|
62,867
|
|
|
59,275
|
|
|
Investment securities available for sale, at fair value
|
3,582,244
|
|
|
3,587,818
|
|
|
Loans, net of deferred fees and costs
|
22,758,203
|
|
|
22,429,565
|
|
|
Allowance for loan losses
|
(254,516
|
)
|
|
(252,496
|
)
|
|
Loans, net
|
$
|
22,503,687
|
|
|
22,177,069
|
|
Premises and equipment, net
|
439,122
|
|
|
445,155
|
|
|
Goodwill
|
24,431
|
|
|
24,431
|
|
|
Other real estate
|
38,462
|
|
|
47,030
|
|
|
Deferred tax asset, net
|
464,242
|
|
|
511,948
|
|
|
Other assets
|
692,828
|
|
|
650,645
|
|
|
Total assets
|
$
|
29,171,257
|
|
|
28,792,653
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|||
Liabilities
|
|
|
|
|||
Deposits:
|
|
|
|
|||
Non-interest bearing deposits
|
$
|
6,896,547
|
|
|
6,732,970
|
|
Interest bearing deposits, excluding brokered deposits
|
15,348,864
|
|
|
15,434,171
|
|
|
Brokered deposits
|
1,204,517
|
|
|
1,075,520
|
|
|
Total deposits
|
23,449,928
|
|
|
23,242,661
|
|
|
Federal funds purchased and securities sold under repurchase agreements
|
203,979
|
|
|
177,025
|
|
|
Long-term debt
|
2,360,865
|
|
|
2,186,893
|
|
|
Other liabilities
|
203,217
|
|
|
185,878
|
|
|
Total liabilities
|
$
|
26,217,989
|
|
|
25,792,457
|
|
Shareholders' Equity
|
|
|
|
|||
Series C Preferred Stock – no par value. Authorized 100,000,000 shares; 5,200,000 shares issued and outstanding at March 31, 2016 and December 31, 2015
|
125,980
|
|
|
125,980
|
|
|
Common stock - $1.00 par value. Authorized 342,857,143 shares; 140,793,916 issued at March 31, 2016 and 140,592,409 issued at December 31, 2015; 125,849,939 outstanding at March 31, 2016 and 129,547,032 outstanding at December 31, 2015
|
140,794
|
|
|
140,592
|
|
|
Additional paid-in capital
|
2,989,854
|
|
|
2,989,981
|
|
|
Treasury stock, at cost – 14,943,977 shares at March 31, 2016 and 11,045,377 shares at December 31, 2015
|
(512,496
|
)
|
|
(401,511
|
)
|
|
Accumulated other comprehensive loss, net
|
(740
|
)
|
|
(29,819
|
)
|
|
Retained earnings
|
209,876
|
|
|
174,973
|
|
|
Total shareholders’ equity
|
2,953,268
|
|
|
3,000,196
|
|
|
Total liabilities and shareholders' equity
|
$
|
29,171,257
|
|
|
28,792,653
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands, except per share data)
|
2016
|
|
2015
|
|||
Interest income:
|
|
|
|
|||
Loans, including fees
|
$
|
229,917
|
|
|
215,269
|
|
Investment securities available for sale
|
16,972
|
|
|
13,943
|
|
|
Trading account assets
|
22
|
|
|
107
|
|
|
Mortgage loans held for sale
|
588
|
|
|
632
|
|
|
Federal Reserve Bank balances
|
999
|
|
|
645
|
|
|
Other earning assets
|
825
|
|
|
805
|
|
|
Total interest income
|
249,323
|
|
|
231,401
|
|
|
Interest expense:
|
|
|
|
|||
Deposits
|
16,015
|
|
|
14,819
|
|
|
Federal funds purchased and securities sold under repurchase agreements
|
45
|
|
|
43
|
|
|
Long-term debt
|
15,070
|
|
|
13,276
|
|
|
Total interest expense
|
31,130
|
|
|
28,138
|
|
|
Net interest income
|
218,193
|
|
|
203,263
|
|
|
Provision for loan losses
|
9,377
|
|
|
4,397
|
|
|
Net interest income after provision for loan losses
|
208,816
|
|
|
198,866
|
|
|
Non-interest income:
|
|
|
|
|||
Service charges on deposit accounts
|
19,710
|
|
|
19,133
|
|
|
Fiduciary and asset management fees
|
11,274
|
|
|
11,571
|
|
|
Brokerage revenue
|
6,483
|
|
|
7,251
|
|
|
Mortgage banking income
|
5,484
|
|
|
6,484
|
|
|
Bankcard fees
|
8,372
|
|
|
8,077
|
|
|
Investment securities gains, net
|
67
|
|
|
725
|
|
|
Other fee income
|
4,804
|
|
|
5,246
|
|
|
Other non-interest income
|
6,953
|
|
|
7,367
|
|
|
Total non-interest income
|
63,147
|
|
|
65,854
|
|
|
Non-interest expense:
|
|
|
|
|||
Salaries and other personnel expense
|
101,358
|
|
|
96,488
|
|
|
Net occupancy and equipment expense
|
26,577
|
|
|
26,172
|
|
|
Third-party processing expense
|
11,116
|
|
|
10,343
|
|
|
FDIC insurance and other regulatory fees
|
6,719
|
|
|
6,957
|
|
|
Professional fees
|
6,369
|
|
|
5,594
|
|
|
Advertising expense
|
2,410
|
|
|
3,443
|
|
|
Foreclosed real estate expense, net
|
2,684
|
|
|
9,496
|
|
|
Loss on early extinguishment of debt
|
4,735
|
|
|
—
|
|
|
Restructuring charges, net
|
1,140
|
|
|
(107
|
)
|
|
Other operating expenses
|
25,125
|
|
|
20,522
|
|
|
Total non-interest expense
|
188,233
|
|
|
178,908
|
|
|
Income before income taxes
|
83,730
|
|
|
85,812
|
|
|
Income tax expense
|
31,199
|
|
|
31,849
|
|
|
Net income
|
52,531
|
|
|
53,963
|
|
|
Dividends on preferred stock
|
2,559
|
|
|
2,559
|
|
|
Net income available to common shareholders
|
$
|
49,972
|
|
|
51,404
|
|
Net income per common share, basic
|
$
|
0.39
|
|
|
0.38
|
|
Net income per common share, diluted
|
0.39
|
|
|
0.38
|
|
|
Weighted average common shares outstanding, basic
|
127,227
|
|
|
134,933
|
|
|
Weighted average common shares outstanding, diluted
|
127,857
|
|
|
135,744
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||
(in thousands)
|
Before-tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax Amount
|
|
Before-tax Amount
|
|
Tax (Expense) Benefit
|
|
Net of Tax Amount
|
||||||||
Net income
|
$
|
83,730
|
|
|
(31,199
|
)
|
|
52,531
|
|
|
85,812
|
|
|
(31,849
|
)
|
|
53,963
|
|
|
Net change related to cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustment for losses realized in net income
|
273
|
|
|
(105
|
)
|
|
168
|
|
|
112
|
|
|
(43
|
)
|
|
69
|
|
||
Net unrealized gains on investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustment for net gains realized in net income
|
(67
|
)
|
|
26
|
|
|
(41
|
)
|
|
(725
|
)
|
|
281
|
|
|
(444
|
)
|
||
Net unrealized gains arising during the period
|
47,172
|
|
|
(18,162
|
)
|
|
29,010
|
|
|
15,211
|
|
|
(5,856
|
)
|
|
9,355
|
|
||
Net unrealized gains
|
47,105
|
|
|
(18,136
|
)
|
|
28,969
|
|
|
14,486
|
|
|
(5,575
|
)
|
|
8,911
|
|
||
Post-retirement unfunded health benefit:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustment for gains realized in net income
|
(94
|
)
|
|
36
|
|
|
(58
|
)
|
|
(42
|
)
|
|
16
|
|
|
(26
|
)
|
||
Net unrealized gains
|
$
|
(94
|
)
|
|
36
|
|
|
(58
|
)
|
|
(42
|
)
|
|
16
|
|
|
(26
|
)
|
|
Other comprehensive income
|
$
|
47,284
|
|
|
(18,205
|
)
|
|
29,079
|
|
|
14,556
|
|
|
(5,602
|
)
|
|
8,954
|
|
|
Comprehensive income
|
|
|
|
|
$
|
81,610
|
|
|
|
|
|
|
62,917
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data)
|
Series C Preferred Stock
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained Earnings
|
|
Total
|
||||||||
Balance at December 31, 2014
|
$
|
125,980
|
|
|
139,950
|
|
|
2,960,825
|
|
|
(187,774
|
)
|
|
(12,605
|
)
|
|
14,894
|
|
|
3,041,270
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,963
|
|
|
53,963
|
|
|
Other comprehensive income, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,954
|
|
|
—
|
|
|
8,954
|
|
|
Cash dividends declared on common stock - $0.10 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,434
|
)
|
|
(13,434
|
)
|
|
Cash dividends paid on Series C Preferred Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,559
|
)
|
|
(2,559
|
)
|
|
Repurchases and completion of ASR agreement to repurchase shares of common stock
|
—
|
|
|
—
|
|
|
14,515
|
|
|
(73,628
|
)
|
|
—
|
|
|
—
|
|
|
(59,113
|
)
|
|
Restricted share unit activity
|
—
|
|
|
274
|
|
|
(4,325
|
)
|
|
—
|
|
|
—
|
|
|
(367
|
)
|
|
(4,418
|
)
|
|
Stock options exercised
|
—
|
|
|
105
|
|
|
1,587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,692
|
|
|
Share-based compensation net tax benefit
|
—
|
|
|
—
|
|
|
1,046
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,046
|
|
|
Share-based compensation expense
|
—
|
|
|
—
|
|
|
3,234
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,234
|
|
|
Balance at March 31, 2015
|
$
|
125,980
|
|
|
140,329
|
|
|
2,976,882
|
|
|
(261,402
|
)
|
|
(3,651
|
)
|
|
52,497
|
|
|
3,030,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2015
|
$
|
125,980
|
|
|
140,592
|
|
|
2,989,981
|
|
|
(401,511
|
)
|
|
(29,819
|
)
|
|
174,973
|
|
|
3,000,196
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,531
|
|
|
52,531
|
|
|
Other comprehensive income, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,079
|
|
|
—
|
|
|
29,079
|
|
|
Cash dividends declared on common stock - $0.12 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,069
|
)
|
|
(15,069
|
)
|
|
Cash dividends paid on Series C Preferred Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,559
|
)
|
|
(2,559
|
)
|
|
Repurchases of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(110,985
|
)
|
|
—
|
|
|
—
|
|
|
(110,985
|
)
|
|
Restricted share unit activity
|
—
|
|
|
175
|
|
|
(2,993
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,818
|
)
|
|
Stock options exercised
|
—
|
|
|
27
|
|
|
429
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
456
|
|
|
Share-based compensation net tax deficiency
|
—
|
|
|
—
|
|
|
(900
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(900
|
)
|
|
Share-based compensation expense
|
—
|
|
|
—
|
|
|
3,337
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,337
|
|
|
Balance at March 31, 2016
|
$
|
125,980
|
|
|
140,794
|
|
|
2,989,854
|
|
|
(512,496
|
)
|
|
(740
|
)
|
|
209,876
|
|
|
2,953,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2016
|
|
2015
|
|||
Operating Activities
|
|
|
|
|||
Net income
|
52,531
|
|
|
53,963
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|||
Provision for loan losses
|
9,377
|
|
|
4,397
|
|
|
Depreciation, amortization, and accretion, net
|
13,785
|
|
|
13,799
|
|
|
Deferred income tax expense
|
28,601
|
|
|
28,718
|
|
|
Decrease (increase) in trading account assets
|
296
|
|
|
(6,139
|
)
|
|
Originations of mortgage loans held for sale
|
(138,695
|
)
|
|
(207,530
|
)
|
|
Proceeds from sales of mortgage loans held for sale
|
138,677
|
|
|
184,712
|
|
|
Gain on sales of mortgage loans held for sale, net
|
(3,424
|
)
|
|
(4,202
|
)
|
|
(Increase) in other assets
|
(39,363
|
)
|
|
(6,103
|
)
|
|
Increase (decrease) in other liabilities
|
17,341
|
|
|
(30,818
|
)
|
|
Investment securities gains, net
|
(67
|
)
|
|
(725
|
)
|
|
Losses and write-downs on other real estate, net
|
2,098
|
|
|
7,275
|
|
|
Losses and write-downs on other assets held for sale, net
|
1,270
|
|
|
—
|
|
|
Loss on early extinguishment of debt
|
4,735
|
|
|
—
|
|
|
Share-based compensation expense
|
3,337
|
|
|
3,234
|
|
|
Net cash provided by operating activities
|
$
|
90,499
|
|
|
40,581
|
|
Investing Activities
|
|
|
|
|||
Net (increase) decrease in interest earning deposits with banks
|
(4,299
|
)
|
|
4,939
|
|
|
Net increase in federal funds sold and securities purchased under resale agreements
|
(6,481
|
)
|
|
(7,661
|
)
|
|
Net increase in interest bearing funds with Federal Reserve Bank
|
(78,640
|
)
|
|
(542,524
|
)
|
|
Proceeds from maturities and principal collections of investment securities available for sale
|
168,039
|
|
|
155,005
|
|
|
Proceeds from sales of investment securities available for sale
|
243,609
|
|
|
32,419
|
|
|
Purchases of investment securities available for sale
|
(363,788
|
)
|
|
(265,707
|
)
|
|
Proceeds from sales of loans and principal repayments on other loans held for sale
|
4,259
|
|
|
12,507
|
|
|
Proceeds from sales of other real estate
|
10,798
|
|
|
8,785
|
|
|
Net increase in loans
|
(344,159
|
)
|
|
(36,336
|
)
|
|
Net increase in premises and equipment
|
(7,830
|
)
|
|
(5,221
|
)
|
|
Proceeds from sales of other assets held for sale
|
—
|
|
|
351
|
|
|
Net cash used in investing activities
|
$
|
(378,492
|
)
|
|
(643,443
|
)
|
|
|
|
|
|||
Financing Activities
|
|
|
|
|||
Net increase in demand and savings deposits
|
110,837
|
|
|
411,991
|
|
|
Net increase in certificates of deposit
|
96,212
|
|
|
164,184
|
|
|
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements
|
26,954
|
|
|
(1,593
|
)
|
|
Repayments on long-term debt
|
(830,067
|
)
|
|
(375,039
|
)
|
|
Proceeds from issuance of long-term debt
|
1,000,000
|
|
|
425,000
|
|
|
Dividends paid to common shareholders
|
(15,069
|
)
|
|
(13,434
|
)
|
|
Dividends paid to preferred shareholders
|
(2,559
|
)
|
|
(2,559
|
)
|
|
Stock options exercised
|
456
|
|
|
1,692
|
|
|
Repurchases of common stock
|
(110,985
|
)
|
|
(59,113
|
)
|
|
Restricted stock activity
|
(2,818
|
)
|
|
(4,418
|
)
|
|
Net cash provided by financing activities
|
$
|
272,961
|
|
|
546,711
|
|
Decrease in cash and cash equivalents
|
(15,032
|
)
|
|
(56,151
|
)
|
|
Cash and cash equivalents at beginning of period
|
367,092
|
|
|
485,489
|
|
|
Cash and cash equivalents at end of period
|
$
|
352,060
|
|
|
429,338
|
|
|
|
|
|
|||
Supplemental Cash Flow Information
|
|
|
|
|||
Cash paid (received) during the period for:
|
|
|
|
Income tax payments (refunds), net
|
(656
|
)
|
|
338
|
|
|
Interest paid
|
32,141
|
|
|
27,875
|
|
|
Non-cash Activities
|
|
|
|
|||
Premises and equipment transferred to other assets held for sale
|
4,828
|
|
|
—
|
|
|
Loans foreclosed and transferred to other real estate
|
4,328
|
|
|
5,378
|
|
|
Loans transferred to other loans held for sale at fair value
|
3,834
|
|
|
10,100
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|||||||||||
(in thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|||||
U.S. Treasury securities
|
|
$
|
43,147
|
|
|
559
|
|
|
—
|
|
|
43,706
|
|
U.S. Government agency securities
|
|
13,016
|
|
|
534
|
|
|
—
|
|
|
13,550
|
|
|
Securities issued by U.S. Government sponsored enterprises
|
|
126,305
|
|
|
297
|
|
|
—
|
|
|
126,602
|
|
|
Mortgage-backed securities issued by U.S. Government agencies
|
|
191,386
|
|
|
2,653
|
|
|
(143
|
)
|
|
193,896
|
|
|
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
|
2,599,118
|
|
|
24,787
|
|
|
(1,771
|
)
|
|
2,622,134
|
|
|
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
|
542,761
|
|
|
7,687
|
|
|
(393
|
)
|
|
550,055
|
|
|
State and municipal securities
|
|
3,964
|
|
|
76
|
|
|
(1
|
)
|
|
4,039
|
|
|
Equity securities
|
|
3,228
|
|
|
4,976
|
|
|
—
|
|
|
8,204
|
|
|
Other investments
|
|
20,194
|
|
|
286
|
|
|
(422
|
)
|
|
20,058
|
|
|
Total investment securities available for sale
|
|
$
|
3,543,119
|
|
|
41,855
|
|
|
(2,730
|
)
|
|
3,582,244
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
December 31, 2015
|
|||||||||||
(in thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|||||
U.S. Treasury securities
|
|
$
|
43,125
|
|
|
232
|
|
|
—
|
|
|
43,357
|
|
U.S. Government agency securities
|
|
13,087
|
|
|
536
|
|
|
—
|
|
|
13,623
|
|
|
Securities issued by U.S. Government sponsored enterprises
|
|
126,520
|
|
|
389
|
|
|
—
|
|
|
126,909
|
|
|
Mortgage-backed securities issued by U.S. Government agencies
|
|
209,785
|
|
|
1,340
|
|
|
(1,121
|
)
|
|
210,004
|
|
|
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
|
2,645,107
|
|
|
7,874
|
|
|
(22,562
|
)
|
|
2,630,419
|
|
|
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
|
530,426
|
|
|
2,396
|
|
|
(3,225
|
)
|
|
529,597
|
|
|
State and municipal securities
|
|
4,343
|
|
|
92
|
|
|
(1
|
)
|
|
4,434
|
|
|
Equity securities
|
|
3,228
|
|
|
6,444
|
|
|
—
|
|
|
9,672
|
|
|
Other investments
|
|
20,177
|
|
|
—
|
|
|
(374
|
)
|
|
19,803
|
|
|
Total investment securities available for sale
|
|
$
|
3,595,798
|
|
|
19,303
|
|
|
(27,283
|
)
|
|
3,587,818
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|||||||||||||||||
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
|||||||||||||
(in thousands)
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|||||||
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
—
|
|
|
11,938
|
|
|
143
|
|
|
11,938
|
|
|
143
|
|
|
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
559,661
|
|
|
1,602
|
|
|
29,281
|
|
|
169
|
|
|
588,942
|
|
|
1,771
|
|
|
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
—
|
|
|
71,875
|
|
|
393
|
|
|
71,875
|
|
|
393
|
|
|
State and municipal securities
|
—
|
|
|
—
|
|
|
51
|
|
|
1
|
|
|
51
|
|
|
1
|
|
|
Other investments
|
—
|
|
|
—
|
|
|
4,771
|
|
|
422
|
|
|
4,771
|
|
|
422
|
|
|
Total
|
$
|
559,661
|
|
|
1,602
|
|
|
117,916
|
|
|
1,128
|
|
|
677,577
|
|
|
2,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, 2015
|
|||||||||||||||||
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
|||||||||||||
(in thousands)
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|
Fair
Value
|
|
Gross Unrealized
Losses
|
|||||||
Mortgage-backed securities issued by U.S. Government agencies
|
122,626
|
|
|
639
|
|
|
18,435
|
|
|
482
|
|
|
141,061
|
|
|
1,121
|
|
|
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
1,656,194
|
|
|
12,874
|
|
|
489,971
|
|
|
9,688
|
|
|
2,146,165
|
|
|
22,562
|
|
|
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
196,811
|
|
|
963
|
|
|
72,366
|
|
|
2,262
|
|
|
269,177
|
|
|
3,225
|
|
|
State and municipal securities
|
—
|
|
|
—
|
|
|
50
|
|
|
1
|
|
|
50
|
|
|
1
|
|
|
Other investments
|
14,985
|
|
|
15
|
|
|
4,818
|
|
|
359
|
|
|
19,803
|
|
|
374
|
|
|
Total
|
$
|
1,990,616
|
|
|
14,491
|
|
|
585,640
|
|
|
12,792
|
|
|
2,576,256
|
|
|
27,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution of Maturities at March 31, 2016
|
|||||||||||||||||
(in thousands)
|
Within One
Year
|
|
1 to 5
Years
|
|
5 to 10
Years
|
|
More Than
10 Years
|
|
No Stated
Maturity
|
|
Total
|
|||||||
Amortized Cost
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Treasury securities
|
$
|
18,256
|
|
|
24,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,147
|
|
U.S. Government agency securities
|
—
|
|
|
6,614
|
|
|
6,402
|
|
|
—
|
|
|
—
|
|
|
13,016
|
|
|
Securities issued by U.S. Government sponsored enterprises
|
80,240
|
|
|
46,065
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126,305
|
|
|
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
—
|
|
|
17,447
|
|
|
173,939
|
|
|
—
|
|
|
191,386
|
|
|
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
—
|
|
|
566
|
|
|
1,333,864
|
|
|
1,264,688
|
|
|
—
|
|
|
2,599,118
|
|
|
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
—
|
|
|
—
|
|
|
542,761
|
|
|
—
|
|
|
542,761
|
|
|
State and municipal securities
|
1,037
|
|
|
350
|
|
|
—
|
|
|
2,577
|
|
|
—
|
|
|
3,964
|
|
|
Equity securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,228
|
|
|
3,228
|
|
|
Other investments
|
—
|
|
|
—
|
|
|
15,000
|
|
|
2,000
|
|
|
3,194
|
|
|
20,194
|
|
|
Total amortized cost
|
$
|
99,533
|
|
|
78,486
|
|
|
1,372,713
|
|
|
1,985,965
|
|
|
6,422
|
|
|
3,543,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Treasury securities
|
$
|
18,256
|
|
|
25,450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,706
|
|
U.S. Government agency securities
|
—
|
|
|
6,849
|
|
|
6,701
|
|
|
—
|
|
|
—
|
|
|
13,550
|
|
|
Securities issued by U.S. Government sponsored enterprises
|
80,398
|
|
|
46,204
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126,602
|
|
|
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
—
|
|
|
17,810
|
|
|
176,086
|
|
|
—
|
|
|
193,896
|
|
|
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
—
|
|
|
588
|
|
|
1,341,168
|
|
|
1,280,378
|
|
|
—
|
|
|
2,622,134
|
|
|
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
—
|
|
|
—
|
|
|
550,055
|
|
|
—
|
|
|
550,055
|
|
|
State and municipal securities
|
1,049
|
|
|
352
|
|
|
—
|
|
|
2,638
|
|
|
—
|
|
|
4,039
|
|
|
Equity securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,204
|
|
|
8,204
|
|
|
Other investments
|
—
|
|
|
—
|
|
|
15,287
|
|
|
1,638
|
|
|
3,133
|
|
|
20,058
|
|
|
Total fair value
|
$
|
99,703
|
|
|
79,443
|
|
|
1,380,966
|
|
|
2,010,795
|
|
|
11,337
|
|
|
3,582,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
|
2016
|
|
2015
|
|||
Proceeds from sales of investment securities available for sale
|
|
$
|
243,609
|
|
|
32,419
|
|
Gross realized gains
|
|
954
|
|
|
725
|
|
|
Gross realized losses
|
|
(887
|
)
|
|
—
|
|
|
Investment securities gains, net
|
|
$
|
67
|
|
|
725
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2016
|
|
2015
|
|||
Lease termination charges
|
$
|
44
|
|
|
—
|
|
Asset impairment charges
|
1,045
|
|
|
—
|
|
|
Gain on sale of assets held for sale, net
|
—
|
|
|
(157
|
)
|
|
Professional fees and other charges
|
51
|
|
|
50
|
|
|
Total restructuring charges, net
|
$
|
1,140
|
|
|
(107
|
)
|
|
|
|
|
(in thousands)
|
Severance Charges
|
|
Lease Termination Charges
|
|
Total
|
||||
Balance at December 31, 2015
|
$
|
1,930
|
|
|
4,687
|
|
|
6,617
|
|
Accruals for lease terminations
|
—
|
|
|
44
|
|
|
44
|
|
|
Payments
|
(397
|
)
|
|
(186
|
)
|
|
(583
|
)
|
|
Balance at March 31, 2016
|
$
|
1,533
|
|
|
4,545
|
|
|
6,078
|
|
|
|
|
|
|
|
(in thousands)
|
Severance Charges
|
|
Lease Termination Charges
|
|
Total
|
||||
Balance at December 31, 2014
|
$
|
3,291
|
|
|
5,539
|
|
|
8,830
|
|
Payments
|
(521
|
)
|
|
(221
|
)
|
|
(742
|
)
|
|
Balance at March 31, 2015
|
$
|
2,770
|
|
|
5,318
|
|
|
8,088
|
|
|
|
|
|
|
|
Current, Accruing Past Due, and Non-accrual Loans
|
|
|||||||||||||||||||
|
March 31, 2016
|
|
||||||||||||||||||
(in thousands)
|
Current
|
|
Accruing 30-89 Days Past Due
|
|
Accruing 90 Days or Greater Past Due
|
|
Total Accruing Past Due
|
|
Non-accrual
|
|
Total
|
|
||||||||
Investment properties
|
$
|
5,954,011
|
|
|
9,484
|
|
|
—
|
|
|
9,484
|
|
|
23,749
|
|
|
5,987,244
|
|
|
|
1-4 family properties
|
1,113,140
|
|
|
3,860
|
|
|
234
|
|
|
4,094
|
|
|
17,358
|
|
|
1,134,592
|
|
|
||
Land acquisition
|
453,042
|
|
|
2,424
|
|
|
—
|
|
|
2,424
|
|
|
14,416
|
|
|
469,882
|
|
|
||
Total commercial real estate
|
7,520,193
|
|
|
15,768
|
|
|
234
|
|
|
16,002
|
|
|
55,523
|
|
|
7,591,718
|
|
|
||
Commercial, financial and agricultural
|
6,477,031
|
|
|
18,403
|
|
|
425
|
|
|
18,828
|
|
|
63,312
|
|
|
6,559,171
|
|
|
||
Owner-occupied
|
4,246,794
|
|
|
6,581
|
|
|
261
|
|
|
6,842
|
|
|
18,582
|
|
|
4,272,218
|
|
|
||
Total commercial and industrial
|
10,723,825
|
|
|
24,984
|
|
|
686
|
|
|
25,670
|
|
|
81,894
|
|
|
10,831,389
|
|
|
||
Home equity lines
|
1,647,483
|
|
|
5,321
|
|
|
170
|
|
|
5,491
|
|
|
16,432
|
|
|
1,669,406
|
|
|
||
Consumer mortgages
|
1,937,378
|
|
|
10,415
|
|
|
644
|
|
|
11,059
|
|
|
21,756
|
|
|
1,970,193
|
|
|
||
Credit cards
|
229,613
|
|
|
1,470
|
|
|
1,471
|
|
|
2,941
|
|
|
—
|
|
|
232,554
|
|
|
||
Other retail loans
|
487,023
|
|
|
2,680
|
|
|
9
|
|
|
2,689
|
|
|
2,562
|
|
|
492,274
|
|
|
||
Total retail
|
4,301,497
|
|
|
19,886
|
|
|
2,294
|
|
|
22,180
|
|
|
40,750
|
|
|
4,364,427
|
|
|
||
Total loans
|
$
|
22,545,515
|
|
|
60,638
|
|
|
3,214
|
|
|
63,852
|
|
|
178,167
|
|
|
22,787,534
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2015
|
|
||||||||||||||||||
(in thousands)
|
Current
|
|
Accruing 30-89 Days Past Due
|
|
Accruing 90 Days or Greater Past Due
|
|
Total Accruing Past Due
|
|
Non-accrual
|
|
Total
|
|
||||||||
Investment properties
|
$
|
5,726,307
|
|
|
2,284
|
|
|
—
|
|
|
2,284
|
|
|
23,040
|
|
|
5,751,631
|
|
|
|
1-4 family properties
|
1,086,612
|
|
|
6,300
|
|
|
103
|
|
|
6,403
|
|
|
16,839
|
|
|
1,109,854
|
|
|
||
Land acquisition
|
495,542
|
|
|
639
|
|
|
32
|
|
|
671
|
|
|
17,768
|
|
|
513,981
|
|
|
||
Total commercial real estate
|
7,308,461
|
|
|
9,223
|
|
|
135
|
|
|
9,358
|
|
|
57,647
|
|
|
7,375,466
|
|
|
||
Commercial, financial and agricultural
|
6,410,338
|
|
|
12,222
|
|
|
785
|
|
|
13,007
|
|
|
49,137
|
|
|
6,472,482
|
|
|
||
Owner-occupied
|
4,293,308
|
|
|
5,254
|
|
|
95
|
|
|
5,349
|
|
|
20,293
|
|
|
4,318,950
|
|
|
||
Total commercial and industrial
|
10,703,646
|
|
|
17,476
|
|
|
880
|
|
|
18,356
|
|
|
69,430
|
|
|
10,791,432
|
|
|
||
Home equity lines
|
1,667,552
|
|
|
5,882
|
|
|
—
|
|
|
5,882
|
|
|
16,480
|
|
|
1,689,914
|
|
|
||
Consumer mortgages
|
1,907,644
|
|
|
8,657
|
|
|
134
|
|
|
8,791
|
|
|
22,248
|
|
|
1,938,683
|
|
|
||
Credit cards
|
237,742
|
|
|
1,663
|
|
|
1,446
|
|
|
3,109
|
|
|
—
|
|
|
240,851
|
|
|
||
Other retail loans
|
418,337
|
|
|
2,390
|
|
|
26
|
|
|
2,416
|
|
|
2,565
|
|
|
423,318
|
|
|
||
Total retail
|
4,231,275
|
|
|
18,592
|
|
|
1,606
|
|
|
20,198
|
|
|
41,293
|
|
|
4,292,766
|
|
|
||
Total loans
|
$
|
22,243,382
|
|
|
45,291
|
|
|
2,621
|
|
|
47,912
|
|
|
168,370
|
|
|
22,459,664
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio Credit Exposure by Risk Grade
|
|
||||||||||||||||||
|
March 31, 2016
|
|
|||||||||||||||||
(in thousands)
|
Pass
|
|
Special
Mention
|
|
Substandard
(1)
|
|
Doubtful
(2)
|
|
Loss
|
|
Total
|
|
|||||||
Investment properties
|
$5,810,969
|
|
104,404
|
|
|
71,871
|
|
|
—
|
|
|
—
|
|
|
5,987,244
|
|
|
||
1-4 family properties
|
1,011,558
|
|
|
56,557
|
|
|
59,284
|
|
|
7,193
|
|
|
—
|
|
|
1,134,592
|
|
|
|
Land acquisition
|
397,821
|
|
|
44,868
|
|
|
26,857
|
|
|
336
|
|
|
—
|
|
|
469,882
|
|
|
|
Total commercial real estate
|
7,220,348
|
|
|
205,829
|
|
|
158,012
|
|
|
7,529
|
|
|
—
|
|
|
7,591,718
|
|
|
|
Commercial, financial and agricultural
|
6,301,436
|
|
|
131,577
|
|
|
107,164
|
|
|
18,155
|
|
|
839
|
|
(3)
|
6,559,171
|
|
|
|
Owner-occupied
|
4,083,220
|
|
|
72,771
|
|
|
114,341
|
|
|
1,427
|
|
|
459
|
|
(3)
|
4,272,218
|
|
|
|
Total commercial and industrial
|
10,384,656
|
|
|
204,348
|
|
|
221,505
|
|
|
19,582
|
|
|
1,298
|
|
|
10,831,389
|
|
|
|
Home equity lines
|
1,645,741
|
|
|
—
|
|
|
20,906
|
|
|
1,109
|
|
|
1,650
|
|
(3)
|
1,669,406
|
|
|
|
Consumer mortgages
|
1,941,082
|
|
|
—
|
|
|
27,167
|
|
|
1,697
|
|
|
247
|
|
(3)
|
1,970,193
|
|
|
|
Credit cards
|
231,083
|
|
|
—
|
|
|
603
|
|
|
—
|
|
|
868
|
|
(4)
|
232,554
|
|
|
|
Other retail loans
|
487,912
|
|
|
—
|
|
|
4,278
|
|
|
—
|
|
|
84
|
|
(3)
|
492,274
|
|
|
|
Total retail
|
4,305,818
|
|
|
—
|
|
|
52,954
|
|
|
2,806
|
|
|
2,849
|
|
|
4,364,427
|
|
|
|
Total loans
|
21,910,822
|
|
|
410,177
|
|
|
432,471
|
|
|
29,917
|
|
|
4,147
|
|
|
22,787,534
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, 2015
|
|
|||||||||||||||||
(in thousands)
|
Pass
|
|
Special
Mention
|
|
Substandard
(1)
|
|
Doubtful
(2)
|
|
Loss
|
|
Total
|
|
|||||||
Investment properties
|
$5,560,595
|
|
114,705
|
|
|
76,331
|
|
|
—
|
|
|
—
|
|
|
5,751,631
|
|
|
||
1-4 family properties
|
976,601
|
|
|
64,325
|
|
|
61,726
|
|
|
7,202
|
|
|
—
|
|
|
1,109,854
|
|
|
|
Land acquisition
|
436,835
|
|
|
46,208
|
|
|
30,574
|
|
|
364
|
|
|
—
|
|
|
513,981
|
|
|
|
Total commercial real estate
|
6,974,031
|
|
|
225,238
|
|
|
168,631
|
|
|
7,566
|
|
|
—
|
|
|
7,375,466
|
|
|
|
Commercial, financial and agricultural
|
6,203,481
|
|
|
152,189
|
|
|
100,658
|
|
|
13,330
|
|
|
2,824
|
|
(3)
|
6,472,482
|
|
|
|
Owner-occupied
|
4,118,631
|
|
|
78,490
|
|
|
121,272
|
|
|
98
|
|
|
459
|
|
(3)
|
4,318,950
|
|
|
|
Total commercial and industrial
|
10,322,112
|
|
|
230,679
|
|
|
221,930
|
|
|
13,428
|
|
|
3,283
|
|
|
10,791,432
|
|
|
|
Home equity lines
|
1,666,586
|
|
|
—
|
|
|
20,456
|
|
|
1,206
|
|
|
1,666
|
|
(3)
|
1,689,914
|
|
|
|
Consumer mortgages
|
1,910,649
|
|
|
—
|
|
|
26,041
|
|
|
1,700
|
|
|
293
|
|
(3)
|
1,938,683
|
|
|
|
Credit cards
|
239,405
|
|
|
—
|
|
|
480
|
|
|
—
|
|
|
966
|
|
(4)
|
240,851
|
|
|
|
Other retail loans
|
418,929
|
|
|
—
|
|
|
4,315
|
|
|
—
|
|
|
74
|
|
(3)
|
423,318
|
|
|
|
Total retail
|
4,235,569
|
|
|
—
|
|
|
51,292
|
|
|
2,906
|
|
|
2,999
|
|
|
4,292,766
|
|
|
|
Total loans
|
21,531,712
|
|
|
455,917
|
|
|
441,853
|
|
|
23,900
|
|
|
6,282
|
|
|
22,459,664
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses and Recorded Investment in Loans
|
|||||||||||||||
|
As Of and For The Three Months Ended March 31, 2016
|
||||||||||||||
(in thousands)
|
Commercial Real Estate
|
|
Commercial & Industrial
|
|
Retail
|
|
Total
|
||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
87,133
|
|
|
122,989
|
|
|
42,374
|
|
|
252,496
|
|
|||
Charge-offs
|
(1,822
|
)
|
|
(5,525
|
)
|
|
(3,968
|
)
|
|
(11,315
|
)
|
||||
Recoveries
|
1,293
|
|
|
1,264
|
|
|
1,401
|
|
|
3,958
|
|
||||
Provision for loan losses
|
(2,047
|
)
|
|
6,150
|
|
|
5,274
|
|
|
9,377
|
|
||||
Ending balance
(1)
|
$
|
84,557
|
|
|
124,878
|
|
|
45,081
|
|
|
254,516
|
|
|||
Ending balance: individually evaluated for impairment
|
17,603
|
|
|
14,033
|
|
|
1,337
|
|
|
32,973
|
|
||||
Ending balance: collectively evaluated for impairment
|
$
|
66,954
|
|
|
110,845
|
|
|
43,744
|
|
|
221,543
|
|
|||
Loans:
|
|
|
|
|
|
|
|
||||||||
Ending balance: total loans
(1)(2)
|
$
|
7,591,718
|
|
|
10,831,389
|
|
|
4,364,427
|
|
|
22,787,534
|
|
|||
Ending balance: individually evaluated for impairment
|
136,826
|
|
|
123,557
|
|
|
37,402
|
|
|
297,785
|
|
||||
Ending balance: collectively evaluated for impairment
|
$
|
7,454,892
|
|
|
10,707,832
|
|
|
4,327,025
|
|
|
22,489,749
|
|
|||
|
|
|
|
|
|
|
|
||||||||
|
As Of and For The Three Months Ended March 31, 2015
|
||||||||||||||
(in thousands)
|
Commercial Real Estate
|
|
Commercial & Industrial
|
|
Retail
|
|
Total
|
||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
101,471
|
|
|
118,110
|
|
|
41,736
|
|
|
261,317
|
|
|||
Charge-offs
|
(7,440
|
)
|
|
(5,272
|
)
|
|
(7,912
|
)
|
|
(20,624
|
)
|
||||
Recoveries
|
3,941
|
|
|
2,266
|
|
|
2,074
|
|
|
8,281
|
|
||||
Provision for loan losses
|
(3,764
|
)
|
|
2,702
|
|
|
5,459
|
|
|
4,397
|
|
||||
Ending balance
(1)
|
$
|
94,208
|
|
|
$
|
117,806
|
|
|
$
|
41,357
|
|
|
$
|
253,371
|
|
Ending balance: individually evaluated for impairment
|
18,558
|
|
|
9,411
|
|
|
1,037
|
|
|
29,006
|
|
||||
Ending balance: collectively evaluated for impairment
|
$
|
75,650
|
|
|
108,395
|
|
|
40,320
|
|
|
224,365
|
|
|||
Loans:
|
|
|
|
|
|
|
|
||||||||
Ending balance: total loans
(1)(3)
|
6,898,159
|
|
|
10,316,689
|
|
|
3,920,733
|
|
|
21,135,581
|
|
||||
Ending balance: individually evaluated for impairment
|
237,167
|
|
|
130,197
|
|
|
41,321
|
|
|
408,685
|
|
||||
Ending balance: collectively evaluated for impairment
|
$
|
6,660,992
|
|
|
10,186,492
|
|
|
3,879,412
|
|
|
20,726,896
|
|
|||
|
|
|
|
|
|
|
|
Impaired Loans (including accruing TDRs)
|
|||||||||||||||
|
March 31, 2016
|
|
Three Months Ended March 31, 2016
|
||||||||||||
(in thousands)
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||
With no related allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||
Investment properties
|
$
|
8,557
|
|
|
11,192
|
|
|
—
|
|
|
9,359
|
|
|
—
|
|
1-4 family properties
|
1,504
|
|
|
5,525
|
|
|
—
|
|
|
1,505
|
|
|
—
|
|
|
Land acquisition
|
3,991
|
|
|
10,554
|
|
|
—
|
|
|
6,005
|
|
|
—
|
|
|
Total commercial real estate
|
14,052
|
|
|
27,271
|
|
|
—
|
|
|
16,869
|
|
|
—
|
|
|
Commercial, financial and agricultural
|
6,185
|
|
|
8,585
|
|
|
—
|
|
|
5,715
|
|
|
—
|
|
|
Owner-occupied
|
9,492
|
|
|
11,033
|
|
|
—
|
|
|
8,570
|
|
|
—
|
|
|
Total commercial and industrial
|
15,677
|
|
|
19,618
|
|
|
—
|
|
|
14,285
|
|
|
—
|
|
|
Home equity lines
|
1,044
|
|
|
1,044
|
|
|
—
|
|
|
1,035
|
|
|
—
|
|
|
Consumer mortgages
|
814
|
|
|
2,065
|
|
|
—
|
|
|
814
|
|
|
—
|
|
|
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other retail loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total retail
|
1,858
|
|
|
3,109
|
|
|
—
|
|
|
1,849
|
|
|
—
|
|
|
Total impaired loans with no
related allowance recorded
|
$
|
31,587
|
|
|
49,998
|
|
|
—
|
|
|
33,003
|
|
|
—
|
|
With allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||
Investment properties
|
$
|
53,449
|
|
|
53,475
|
|
|
9,158
|
|
|
58,015
|
|
|
656
|
|
1-4 family properties
|
49,048
|
|
|
49,048
|
|
|
5,899
|
|
|
49,434
|
|
|
117
|
|
|
Land acquisition
|
20,277
|
|
|
23,094
|
|
|
2,546
|
|
|
23,088
|
|
|
128
|
|
|
Total commercial real estate
|
122,774
|
|
|
125,617
|
|
|
17,603
|
|
|
130,537
|
|
|
901
|
|
|
Commercial, financial and agricultural
|
58,312
|
|
|
61,865
|
|
|
12,399
|
|
|
49,547
|
|
|
189
|
|
|
Owner-occupied
|
49,568
|
|
|
49,760
|
|
|
1,634
|
|
|
49,404
|
|
|
444
|
|
|
Total commercial and industrial
|
107,880
|
|
|
111,625
|
|
|
14,033
|
|
|
98,951
|
|
|
633
|
|
|
Home equity lines
|
9,772
|
|
|
9,772
|
|
|
165
|
|
|
9,618
|
|
|
116
|
|
|
Consumer mortgages
|
21,224
|
|
|
21,224
|
|
|
1,029
|
|
|
21,821
|
|
|
262
|
|
|
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other retail loans
|
4,548
|
|
|
4,548
|
|
|
143
|
|
|
4,679
|
|
|
72
|
|
|
Total retail
|
35,544
|
|
|
35,544
|
|
|
1,337
|
|
|
36,118
|
|
|
450
|
|
|
Total impaired loans with
allowance recorded
|
$
|
266,198
|
|
|
272,786
|
|
|
32,973
|
|
|
265,606
|
|
|
1,984
|
|
Total impaired loans
|
|
|
|
|
|
|
|
|
|
||||||
Investment properties
|
$
|
62,006
|
|
|
64,667
|
|
|
9,158
|
|
|
67,374
|
|
|
656
|
|
1-4 family properties
|
50,552
|
|
|
54,573
|
|
|
5,899
|
|
|
50,939
|
|
|
117
|
|
|
Land acquisition
|
24,268
|
|
|
33,648
|
|
|
2,546
|
|
|
29,093
|
|
|
128
|
|
|
Total commercial real estate
|
136,826
|
|
|
152,888
|
|
|
17,603
|
|
|
147,406
|
|
|
901
|
|
|
Commercial, financial and agricultural
|
64,497
|
|
|
70,450
|
|
|
12,399
|
|
|
55,262
|
|
|
189
|
|
|
Owner-occupied
|
59,060
|
|
|
60,793
|
|
|
1,634
|
|
|
57,974
|
|
|
444
|
|
|
Total commercial and industrial
|
123,557
|
|
|
131,243
|
|
|
14,033
|
|
|
113,236
|
|
|
633
|
|
|
Home equity lines
|
10,816
|
|
|
10,816
|
|
|
165
|
|
|
10,653
|
|
|
116
|
|
|
Consumer mortgages
|
22,038
|
|
|
23,289
|
|
|
1,029
|
|
|
22,635
|
|
|
262
|
|
|
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other retail loans
|
4,548
|
|
|
4,548
|
|
|
143
|
|
|
4,679
|
|
|
72
|
|
|
Total retail
|
37,402
|
|
|
38,653
|
|
|
1,337
|
|
|
37,967
|
|
|
450
|
|
|
Total impaired loans
|
$
|
297,785
|
|
|
322,784
|
|
|
32,973
|
|
|
298,609
|
|
|
1,984
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans (including accruing TDRs)
|
|||||||||||||||
|
December 31, 2015
|
|
Year Ended December 31, 2015
|
||||||||||||
(in thousands)
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||
With no related allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||
Investment properties
|
$
|
10,051
|
|
|
12,946
|
|
|
—
|
|
|
11,625
|
|
|
—
|
|
1-4 family properties
|
1,507
|
|
|
5,526
|
|
|
—
|
|
|
2,546
|
|
|
—
|
|
|
Land acquisition
|
8,551
|
|
|
39,053
|
|
|
—
|
|
|
13,897
|
|
|
—
|
|
|
Total commercial real estate
|
20,109
|
|
|
57,525
|
|
|
—
|
|
|
28,068
|
|
|
—
|
|
|
Commercial, financial and agricultural
|
4,393
|
|
|
7,606
|
|
|
—
|
|
|
5,737
|
|
|
—
|
|
|
Owner-occupied
|
8,762
|
|
|
11,210
|
|
|
—
|
|
|
14,657
|
|
|
—
|
|
|
Total commercial and industrial
|
13,155
|
|
|
18,816
|
|
|
—
|
|
|
20,394
|
|
|
—
|
|
|
Home equity lines
|
1,030
|
|
|
1,030
|
|
|
—
|
|
|
573
|
|
|
—
|
|
|
Consumer mortgages
|
814
|
|
|
941
|
|
|
—
|
|
|
995
|
|
|
—
|
|
|
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other retail loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total retail
|
1,844
|
|
|
1,971
|
|
|
—
|
|
|
1,568
|
|
|
—
|
|
|
Total impaired loans with no
related allowance recorded
|
$
|
35,108
|
|
|
78,312
|
|
|
—
|
|
|
50,030
|
|
|
—
|
|
With allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||
Investment properties
|
$
|
62,305
|
|
|
62,305
|
|
|
10,070
|
|
|
73,211
|
|
|
2,131
|
|
1-4 family properties
|
51,376
|
|
|
51,376
|
|
|
6,184
|
|
|
61,690
|
|
|
1,618
|
|
|
Land acquisition
|
24,168
|
|
|
24,738
|
|
|
2,715
|
|
|
34,793
|
|
|
936
|
|
|
Total commercial real estate
|
137,849
|
|
|
138,419
|
|
|
18,969
|
|
|
169,694
|
|
|
4,685
|
|
|
Commercial, financial and agricultural
|
42,914
|
|
|
44,374
|
|
|
8,339
|
|
|
43,740
|
|
|
1,125
|
|
|
Owner-occupied
|
49,530
|
|
|
49,688
|
|
|
2,138
|
|
|
55,323
|
|
|
1,814
|
|
|
Total commercial and industrial
|
92,444
|
|
|
94,062
|
|
|
10,477
|
|
|
99,063
|
|
|
2,939
|
|
|
Home equity lines
|
9,575
|
|
|
9,575
|
|
|
206
|
|
|
8,318
|
|
|
346
|
|
|
Consumer mortgages
|
22,173
|
|
|
23,297
|
|
|
651
|
|
|
26,044
|
|
|
1,229
|
|
|
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other retail loans
|
4,651
|
|
|
4,651
|
|
|
132
|
|
|
5,105
|
|
|
323
|
|
|
Total retail
|
36,399
|
|
|
37,523
|
|
|
989
|
|
|
39,467
|
|
|
1,898
|
|
|
Total impaired loans with
allowance recorded
|
$
|
266,692
|
|
|
270,004
|
|
|
30,435
|
|
|
308,224
|
|
|
9,522
|
|
Total impaired loans
|
|
|
|
|
|
|
|
|
|
||||||
Investment properties
|
$
|
72,356
|
|
|
75,251
|
|
|
10,070
|
|
|
84,836
|
|
|
2,131
|
|
1-4 family properties
|
52,883
|
|
|
56,902
|
|
|
6,184
|
|
|
64,236
|
|
|
1,618
|
|
|
Land acquisition
|
32,719
|
|
|
63,791
|
|
|
2,715
|
|
|
48,690
|
|
|
936
|
|
|
Total commercial real estate
|
157,958
|
|
|
195,944
|
|
|
18,969
|
|
|
197,762
|
|
|
4,685
|
|
|
Commercial, financial and agricultural
|
47,307
|
|
|
51,980
|
|
|
8,339
|
|
|
49,477
|
|
|
1,125
|
|
|
Owner-occupied
|
58,292
|
|
|
60,898
|
|
|
2,138
|
|
|
69,980
|
|
|
1,814
|
|
|
Total commercial and industrial
|
105,599
|
|
|
112,878
|
|
|
10,477
|
|
|
119,457
|
|
|
2,939
|
|
|
Home equity lines
|
10,605
|
|
|
10,605
|
|
|
206
|
|
|
8,891
|
|
|
346
|
|
|
Consumer mortgages
|
22,987
|
|
|
24,238
|
|
|
651
|
|
|
27,039
|
|
|
1,229
|
|
|
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other retail loans
|
4,651
|
|
|
4,651
|
|
|
132
|
|
|
5,105
|
|
|
323
|
|
|
Total retail
|
38,243
|
|
|
39,494
|
|
|
989
|
|
|
41,035
|
|
|
1,898
|
|
|
Total impaired loans
|
$
|
301,800
|
|
|
348,316
|
|
|
30,435
|
|
|
358,254
|
|
|
9,522
|
|
|
|
|
|
|
|
|
|
|
|
TDRs by Concession Type
|
|
|
|||||||||||||||
|
Three Months Ended March 31, 2016
|
|
|||||||||||||||
(in thousands, except contract data)
|
Number of Contracts
|
|
Principal Forgiveness
|
|
Below Market Interest Rate
|
|
Term Extensions
and/or Other Concessions
|
|
Total
|
|
|||||||
Investment properties
|
2
|
|
|
$
|
—
|
|
|
437
|
|
|
148
|
|
|
585
|
|
|
|
1-4 family properties
|
7
|
|
|
—
|
|
|
395
|
|
|
840
|
|
|
1,235
|
|
|
||
Land acquisition
|
6
|
|
|
—
|
|
|
—
|
|
|
535
|
|
|
535
|
|
|
||
Total commercial real estate
|
15
|
|
|
—
|
|
|
832
|
|
|
1,523
|
|
|
2,355
|
|
|
||
Commercial, financial and agricultural
|
30
|
|
|
—
|
|
|
12,014
|
|
|
3,387
|
|
|
15,401
|
|
|
||
Owner-occupied
|
4
|
|
|
—
|
|
|
1,535
|
|
|
448
|
|
|
1,983
|
|
|
||
Total commercial and industrial
|
34
|
|
|
—
|
|
|
13,549
|
|
|
3,835
|
|
|
17,384
|
|
|
||
Home equity lines
|
2
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
196
|
|
|
||
Consumer mortgages
|
3
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
154
|
|
|
||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||
Other retail loans
|
7
|
|
|
—
|
|
|
230
|
|
|
85
|
|
|
315
|
|
|
||
Total retail
|
12
|
|
|
—
|
|
|
580
|
|
|
85
|
|
|
665
|
|
|
||
Total TDRs
|
61
|
|
|
$
|
—
|
|
|
14,961
|
|
|
5,443
|
|
|
20,404
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
TDRs by Concession Type
|
|
|
|||||||||||||||
|
Three Months Ended March 31, 2015
|
|
|||||||||||||||
(in thousands, except contract data)
|
Number of Contracts
|
|
Principal Forgiveness
|
|
Below Market Interest Rate
|
|
Term Extensions
and/or Other Concessions
|
|
Total
|
|
|||||||
Investment properties
|
3
|
|
|
$
|
—
|
|
|
16,932
|
|
|
3,604
|
|
|
20,536
|
|
|
|
1-4 family properties
|
13
|
|
|
14,823
|
|
|
2,856
|
|
|
150
|
|
|
17,829
|
|
|
||
Land acquisition
|
3
|
|
|
—
|
|
|
255
|
|
|
708
|
|
|
963
|
|
|
||
Total commercial real estate
|
19
|
|
|
14,823
|
|
|
20,043
|
|
|
4,462
|
|
|
39,328
|
|
|
||
Commercial, financial and agricultural
|
25
|
|
|
—
|
|
|
1,015
|
|
|
1,890
|
|
|
2,905
|
|
|
||
Owner-occupied
|
2
|
|
|
—
|
|
|
1,739
|
|
|
—
|
|
|
1,739
|
|
|
||
Total commercial and industrial
|
27
|
|
|
—
|
|
|
2,754
|
|
|
1,890
|
|
|
4,644
|
|
|
||
Home equity lines
|
11
|
|
|
—
|
|
|
975
|
|
|
135
|
|
|
1,110
|
|
|
||
Consumer mortgages
|
11
|
|
|
—
|
|
|
245
|
|
|
786
|
|
|
1,031
|
|
|
||
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||
Other retail loans
|
6
|
|
|
—
|
|
|
257
|
|
|
64
|
|
|
321
|
|
|
||
Total retail
|
28
|
|
|
—
|
|
|
1,477
|
|
|
985
|
|
|
2,462
|
|
|
||
Total TDRs
|
74
|
|
|
$
|
14,823
|
|
|
24,274
|
|
|
7,337
|
|
|
46,434
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
|
||||||||||||
(in thousands)
|
Net unrealized gains (losses) on cash flow hedges
|
|
Net unrealized gains (losses) on investment securities available for sale
|
|
Post-retirement unfunded health benefit
|
|
Total
|
|||||
Balance at December 31, 2015
|
$
|
(12,504
|
)
|
|
(18,222
|
)
|
|
907
|
|
|
(29,819
|
)
|
Other comprehensive income before reclassifications
|
—
|
|
|
29,010
|
|
|
—
|
|
|
29,010
|
|
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
168
|
|
|
(41
|
)
|
|
(58
|
)
|
|
69
|
|
|
Net current period other comprehensive income
|
168
|
|
|
28,969
|
|
|
(58
|
)
|
|
29,079
|
|
|
Balance as of March 31, 2016
|
$
|
(12,336
|
)
|
|
10,747
|
|
|
849
|
|
|
(740
|
)
|
|
|
|
|
|
|
|
|
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
|
|||||||||||||||
(in thousands)
|
Net unrealized gains (losses) on cash flow hedges
|
|
Net unrealized gains (losses) on investment securities available for sale
|
|
Post-retirement unfunded health benefit
|
|
Total
|
||||||||
Balance at December 31, 2014
|
$
|
(12,824
|
)
|
|
(713
|
)
|
|
932
|
|
|
(12,605
|
)
|
|||
Other comprehensive income before reclassifications
|
—
|
|
|
9,355
|
|
|
—
|
|
|
9,355
|
|
||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
69
|
|
|
(444
|
)
|
|
(26
|
)
|
|
(401
|
)
|
||||
Net current period other comprehensive income
|
69
|
|
|
8,911
|
|
|
(26
|
)
|
|
8,954
|
|
||||
Balance as of March 31, 2015
|
$
|
(12,755
|
)
|
|
$
|
8,198
|
|
|
$
|
906
|
|
|
$
|
(3,651
|
)
|
|
|
|
|
|
|
|
|
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
|
||||||||
Details About
Accumulated Other Comprehensive Income (Loss) Components
|
|
Amount Reclassified from
Accumulated Other
Comprehensive Income (Loss)
|
Affected Line Item
in the Statement Where
Net Income is Presented
|
|||||
|
|
For the Three Months Ended March 31,
|
|
|||||
|
|
2016
|
|
2015
|
|
|||
Net unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
|||
Amortization of deferred losses
|
|
$
|
(76
|
)
|
|
(112
|
)
|
Interest expense
|
Amortization of deferred losses
|
|
(197
|
)
|
|
—
|
|
Loss on early extinguishment of debt
|
|
|
|
105
|
|
|
43
|
|
Income tax (expense) benefit
|
|
|
|
$
|
(168
|
)
|
|
(69
|
)
|
Reclassifications, net of income taxes
|
|
|
|
|
|
|
|||
Net unrealized gains on investment securities available for sale:
|
|
|
|
|
|
|||
Realized gain on sale of securities
|
|
$
|
67
|
|
|
725
|
|
Investment securities gains, net
|
|
|
(26
|
)
|
|
(281
|
)
|
Income tax (expense) benefit
|
|
|
|
$
|
41
|
|
|
444
|
|
Reclassifications, net of income taxes
|
Post-retirement unfunded health benefit:
|
|
|
|
|
|
|||
Amortization of actuarial gains
|
|
$
|
94
|
|
|
42
|
|
Salaries and other personnel expense
|
|
|
(36
|
)
|
|
(16
|
)
|
Income tax (expense) benefit
|
|
|
|
$
|
58
|
|
|
26
|
|
Reclassifications, net of income taxes
|
|
|
|
|
|
|
Level 1
|
Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued. Level 1 assets include marketable equity securities, U.S. Treasury securities, and mutual funds.
|
Level 2
|
Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined by using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. U.S. Government sponsored agency securities, mortgage-backed securities issued by U.S. Government sponsored enterprises and agencies, obligations of states and municipalities, collateralized mortgage obligations issued by U.S. Government sponsored enterprises, and mortgage loans held-for-sale are generally included in this category. Certain private equity investments that invest in publicly traded companies are also considered Level 2 assets.
|
Level 3
|
Unobservable inputs that are supported by little, if any, market activity for the asset or liability. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow models and similar techniques, and may also include the use of market prices of assets or liabilities that are not directly comparable to the subject asset or liability. These methods of valuation may result in a significant portion of the fair value being derived from unobservable assumptions that reflect Synovus' own estimates for assumptions that market participants would use in pricing the asset or liability. This category primarily includes collateral-dependent impaired loans, other real estate, certain equity investments, and private equity investments.
|
|
March 31, 2016
|
|||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets and Liabilities at Fair Value
|
|||||
Assets
|
|
|
|
|
|
|
|
|||||
Trading securities:
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
2,727
|
|
|
—
|
|
|
2,727
|
|
|
Collateralized mortgage obligations issued by
U.S. Government sponsored enterprises
|
—
|
|
|
395
|
|
|
—
|
|
|
395
|
|
|
State and municipal securities
|
—
|
|
|
1,481
|
|
|
—
|
|
|
1,481
|
|
|
Other investments
|
15
|
|
|
183
|
|
|
—
|
|
|
198
|
|
|
Total trading securities
|
$
|
15
|
|
|
4,786
|
|
|
—
|
|
|
4,801
|
|
Mortgage loans held for sale
|
—
|
|
|
62,867
|
|
|
—
|
|
|
62,867
|
|
|
Investment securities available for sale:
|
|
|
|
|
|
|
|
|||||
U.S. Treasury securities
|
43,706
|
|
|
—
|
|
|
—
|
|
|
43,706
|
|
|
U.S. Government agency securities
|
—
|
|
|
13,550
|
|
|
—
|
|
|
13,550
|
|
|
Securities issued by U.S. Government sponsored enterprises
|
—
|
|
|
126,602
|
|
|
—
|
|
|
126,602
|
|
|
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
193,896
|
|
|
—
|
|
|
193,896
|
|
|
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
—
|
|
|
2,622,134
|
|
|
—
|
|
|
2,622,134
|
|
|
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
550,055
|
|
|
—
|
|
|
550,055
|
|
|
State and municipal securities
|
—
|
|
|
4,039
|
|
|
—
|
|
|
4,039
|
|
|
Equity securities
|
8,204
|
|
|
—
|
|
|
—
|
|
|
8,204
|
|
|
Other investments
(1)
|
3,134
|
|
|
15,286
|
|
|
1,638
|
|
|
20,058
|
|
|
Total investment securities available for sale
|
$
|
55,044
|
|
|
3,525,562
|
|
|
1,638
|
|
|
3,582,244
|
|
Private equity investments
|
—
|
|
|
750
|
|
|
26,757
|
|
|
27,507
|
|
|
Mutual funds held in rabbi trusts
|
11,035
|
|
|
—
|
|
|
—
|
|
|
11,035
|
|
|
Derivative assets:
|
|
|
|
|
|
|
|
|||||
Interest rate contracts
|
—
|
|
|
33,788
|
|
|
—
|
|
|
33,788
|
|
|
Mortgage derivatives
(2)
|
—
|
|
|
2,170
|
|
|
—
|
|
|
2,170
|
|
|
Total derivative assets
|
$
|
—
|
|
|
35,958
|
|
|
—
|
|
|
35,958
|
|
Liabilities
|
|
|
|
|
|
|
|
|||||
Trading account liabilities
|
—
|
|
|
1,573
|
|
|
—
|
|
|
1,573
|
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|||||
Interest rate contracts
|
—
|
|
|
34,232
|
|
|
—
|
|
|
34,232
|
|
|
Mortgage derivatives
(2)
|
—
|
|
|
762
|
|
|
—
|
|
|
762
|
|
|
Visa derivative
|
—
|
|
|
—
|
|
|
1,415
|
|
|
1,415
|
|
|
Total derivative liabilities
|
$
|
—
|
|
|
34,994
|
|
|
1,415
|
|
|
36,409
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Assets and Liabilities at Fair Value
|
|||||
Assets
|
|
|
|
|
|
|
|
|||||
Trading securities:
|
|
|
|
|
|
|
|
|||||
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
2,922
|
|
|
—
|
|
|
2,922
|
|
|
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises
|
—
|
|
|
1,078
|
|
|
—
|
|
|
1,078
|
|
|
State and municipal securities
|
—
|
|
|
1,097
|
|
|
—
|
|
|
1,097
|
|
|
Total trading securities
|
$
|
—
|
|
|
5,097
|
|
|
—
|
|
|
5,097
|
|
Mortgage loans held for sale
|
—
|
|
|
59,275
|
|
|
—
|
|
|
59,275
|
|
|
Investment securities available for sale:
|
|
|
|
|
|
|
|
|||||
U.S. Treasury securities
|
43,357
|
|
|
—
|
|
|
—
|
|
|
43,357
|
|
|
U.S. Government agency securities
|
—
|
|
|
13,623
|
|
|
—
|
|
|
13,623
|
|
|
Securities issued by U.S. Government sponsored enterprises
|
—
|
|
|
126,909
|
|
|
—
|
|
|
126,909
|
|
|
Mortgage-backed securities issued by U.S. Government agencies
|
—
|
|
|
210,004
|
|
|
—
|
|
|
210,004
|
|
|
Mortgage-backed securities issued by U.S. Government sponsored enterprises
|
—
|
|
|
2,630,419
|
|
|
—
|
|
|
2,630,419
|
|
|
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
|
—
|
|
|
529,597
|
|
|
—
|
|
|
529,597
|
|
|
State and municipal securities
|
—
|
|
|
4,434
|
|
|
—
|
|
|
4,434
|
|
|
Equity securities
|
9,672
|
|
|
—
|
|
|
—
|
|
|
9,672
|
|
|
Other investments
(1)
|
3,073
|
|
|
14,985
|
|
|
1,745
|
|
|
19,803
|
|
|
Total investment securities available for sale
|
$
|
56,102
|
|
|
3,529,971
|
|
|
1,745
|
|
|
3,587,818
|
|
Private equity investments
|
—
|
|
|
870
|
|
|
27,148
|
|
|
28,018
|
|
|
Mutual funds held in rabbi trusts
|
10,664
|
|
|
—
|
|
|
—
|
|
|
10,664
|
|
|
Derivative assets:
|
|
|
|
|
|
|
|
|||||
Interest rate contracts
|
—
|
|
|
25,580
|
|
|
—
|
|
|
25,580
|
|
|
Mortgage derivatives
(2)
|
—
|
|
|
1,559
|
|
|
—
|
|
|
1,559
|
|
|
Total derivative assets
|
$
|
—
|
|
|
27,139
|
|
|
—
|
|
|
27,139
|
|
|
|
|
|
|
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|||||
Trading account liabilities
|
—
|
|
|
1,032
|
|
|
—
|
|
|
1,032
|
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|||||
Interest rate contracts
|
—
|
|
|
26,030
|
|
|
—
|
|
|
26,030
|
|
|
Visa derivative
|
—
|
|
|
—
|
|
|
1,415
|
|
|
1,415
|
|
|
Total derivative liabilities
|
$
|
—
|
|
|
26,030
|
|
|
1,415
|
|
|
27,445
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Included in Net Income
|
|
|
|
|||
|
For the Three Months Ended March 31,
|
|||||
(in thousands)
|
2016
|
|
2015
|
|||
Mortgage loans held for sale
|
$
|
971
|
|
|
410
|
|
|
|
|
|
Mortgage Loans Held for Sale
|
|
|||||
(in thousands)
|
As of March 31, 2016
|
|
As of December 31, 2015
|
|||
Fair value
|
$
|
62,867
|
|
|
59,275
|
|
Unpaid principal balance
|
60,798
|
|
|
58,177
|
|
|
Fair value less aggregate unpaid principal balance
|
2,069
|
|
|
1,098
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|||||||||||||||||
|
2016
|
|
2015
|
|||||||||||||||
(in thousands)
|
Investment Securities Available for Sale
|
|
Private Equity Investments
|
|
Visa Derivative
|
|
Investment Securities Available for Sale
|
|
Private Equity Investments
|
|
Visa Derivative
|
|||||||
Beginning balance, January 1,
|
$
|
1,745
|
|
|
27,148
|
|
|
(1,415
|
)
|
|
1,645
|
|
|
27,367
|
|
|
(1,401
|
)
|
Total gains (losses) realized/unrealized:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Included in earnings
|
—
|
|
|
(391
|
)
|
|
(360
|
)
|
|
—
|
|
|
(286
|
)
|
|
(375
|
)
|
|
Unrealized gains (losses) included in other comprehensive income
|
(107
|
)
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
Settlements
|
—
|
|
|
—
|
|
|
360
|
|
|
—
|
|
|
—
|
|
|
351
|
|
|
Ending balance, March 31,
|
$
|
1,638
|
|
|
26,757
|
|
|
(1,415
|
)
|
|
1,654
|
|
|
27,081
|
|
|
(1,425
|
)
|
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at March 31,
|
$
|
—
|
|
|
(391
|
)
|
|
(360
|
)
|
|
—
|
|
|
(286
|
)
|
|
(375
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
|
Valuation Technique
|
Significant Unobservable Input
|
Range
(Weighted Average)
(1)
|
|
Range
(Weighted Average)
(1)
|
Assets measured at fair
value on a recurring basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities Available for Sale:
|
|
|
|
|
|
|
Other Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust preferred securities
|
|
Discounted cash flow analysis
|
Credit spread embedded in discount rate
|
475-575 bps (524 bps)
|
|
427-527 bps (477 bps)
|
|
|
|
|
|
|
|
|
|
|
Discount for lack of marketability
(2)
|
0%-10% (0%)
|
|
0%-10% (0%)
|
|
|
|
|
|
|
|
Private equity investments
|
|
Individual analysis of each investee company
|
Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
Visa derivative liability
|
|
Internal valuation
|
Estimated future cumulative deposits to the litigation escrow for settlement of the Covered Litigation, and estimated future monthly fees payable to the derivative counterparty
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Impaired loans
*
|
$
|
—
|
|
|
—
|
|
|
$
|
4,452
|
|
|
4,452
|
|
|
—
|
|
|
—
|
|
|
11,264
|
|
|
11,264
|
|
Other loans held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
425
|
|
|
425
|
|
||
Other real estate
|
—
|
|
|
—
|
|
|
11,910
|
|
|
11,910
|
|
|
—
|
|
|
—
|
|
|
23,519
|
|
|
23,519
|
|
||
Other assets held for sale
|
—
|
|
|
—
|
|
|
1,200
|
|
|
1,200
|
|
|
—
|
|
|
—
|
|
|
3,425
|
|
|
3,425
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2016
|
|
2015
|
|||
Impaired loans
*
|
$
|
1,270
|
|
|
1,045
|
|
Other real estate
|
1,643
|
|
|
6,681
|
|
|
Other assets held for sale
|
1,032
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
|
Valuation Technique
|
Significant Unobservable Input
|
Range
(Weighted Average)
(1)
|
|
Range
(Weighted Average)
(1)
|
Assets measured at fair
value on a non-recurring basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral dependent impaired loans
|
|
Third-party appraised value of collateral less estimated selling costs
|
Discount to appraised value
(2)
Estimated selling costs
|
0% - 83% (29%)
0% - 10% (7%)
|
|
0%-100% (51%)
0%-10% (7%)
|
|
|
|
|
|
|
|
Other loans held for sale
|
|
Third-party appraised value of collateral less estimated selling costs
|
Discount to appraised value
(2)
Estimated selling costs
|
|
|
0%-11% (7%)
0%-10% (7%)
|
|
|
|
|
|
|
|
Other real estate
|
|
Third-party appraised value of collateral less estimated selling costs
|
Discount to appraised value
(2)
Estimated selling costs
|
0% - 10% (7%)
0% - 10% (7%)
|
|
0%-20% (7%)
0%-10% (7%)
|
|
|
|
|
|
|
|
Other assets held for sale
|
|
Third-party appraised value of collateral less estimated selling costs or BOV
|
Discount to appraised value
(2)
Estimated selling costs
|
0%-100% (85%) 0%-10% (7%)
|
|
0%-75% (42%)
0%-10% (7%)
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|||||||||||||
(in thousands)
|
Carrying Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||
Financial assets
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
352,060
|
|
|
352,060
|
|
|
352,060
|
|
|
—
|
|
|
—
|
|
Interest bearing funds with Federal Reserve Bank
|
908,527
|
|
|
908,527
|
|
|
908,527
|
|
|
—
|
|
|
—
|
|
Interest earning deposits with banks
|
21,686
|
|
|
21,686
|
|
|
21,686
|
|
|
—
|
|
|
—
|
|
Federal funds sold and securities purchased under resale agreements
|
76,300
|
|
|
76,300
|
|
|
76,300
|
|
|
—
|
|
|
—
|
|
Trading account assets
|
4,801
|
|
|
4,801
|
|
|
15
|
|
|
4,786
|
|
|
—
|
|
Mortgage loans held for sale
|
62,867
|
|
|
62,867
|
|
|
—
|
|
|
62,867
|
|
|
—
|
|
Investment securities available for sale
|
3,582,244
|
|
|
3,582,244
|
|
|
55,044
|
|
|
3,525,562
|
|
|
1,638
|
|
Private equity investments
|
27,507
|
|
|
27,507
|
|
|
—
|
|
|
750
|
|
|
26,757
|
|
Mutual funds held in rabbi trusts
|
11,035
|
|
|
11,035
|
|
|
11,035
|
|
|
—
|
|
|
—
|
|
Loans, net of deferred fees and costs
|
22,758,203
|
|
|
22,480,492
|
|
|
—
|
|
|
—
|
|
|
22,480,492
|
|
Derivative assets
|
35,958
|
|
|
35,958
|
|
|
—
|
|
|
35,958
|
|
|
—
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|||||
Trading account liabilities
|
1,573
|
|
|
1,573
|
|
|
—
|
|
|
1,573
|
|
|
—
|
|
Non-interest bearing deposits
|
6,896,547
|
|
|
6,896,547
|
|
|
—
|
|
|
6,896,547
|
|
|
—
|
|
Interest bearing deposits
|
16,553,381
|
|
|
16,559,165
|
|
|
—
|
|
|
16,559,165
|
|
|
—
|
|
Federal funds purchased and securities sold under repurchase agreements
|
203,979
|
|
|
203,979
|
|
|
203,979
|
|
|
—
|
|
|
—
|
|
Long-term debt
|
2,360,865
|
|
|
2,458,126
|
|
|
—
|
|
|
2,458,126
|
|
|
—
|
|
Derivative liabilities
|
36,409
|
|
|
36,409
|
|
|
—
|
|
|
34,994
|
|
|
1,415
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
||||||||||||||
(in thousands)
|
Carrying Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
367,092
|
|
|
367,092
|
|
|
367,092
|
|
|
—
|
|
|
—
|
|
Interest bearing funds with Federal Reserve Bank
|
829,887
|
|
|
829,887
|
|
|
829,887
|
|
|
—
|
|
|
—
|
|
|
Interest earning deposits with banks
|
17,387
|
|
|
17,387
|
|
|
17,387
|
|
|
—
|
|
|
—
|
|
|
Federal funds sold and securities purchased under resale agreements
|
69,819
|
|
|
69,819
|
|
|
69,819
|
|
|
—
|
|
|
—
|
|
|
Trading account assets
|
5,097
|
|
|
5,097
|
|
|
|
|
5,097
|
|
|
—
|
|
||
Mortgage loans held for sale
|
59,275
|
|
|
59,275
|
|
|
|
|
59,275
|
|
|
—
|
|
||
Other loans held for sale
|
425
|
|
|
425
|
|
|
—
|
|
|
—
|
|
|
425
|
|
|
Investment securities available for sale
|
3,587,818
|
|
|
3,587,818
|
|
|
56,102
|
|
|
3,529,971
|
|
|
1,745
|
|
|
Private equity investments
|
28,018
|
|
|
28,018
|
|
|
—
|
|
|
870
|
|
|
27,148
|
|
|
Mutual funds held in rabbi trusts
|
10,664
|
|
|
10,664
|
|
|
10,664
|
|
|
—
|
|
|
—
|
|
|
Loans, net of deferred fees and costs
|
22,429,565
|
|
|
22,192,903
|
|
|
—
|
|
|
—
|
|
|
22,192,903
|
|
|
Derivative assets
|
27,139
|
|
|
27,139
|
|
|
—
|
|
|
27,139
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||
Trading account liabilities
|
1,032
|
|
|
1,032
|
|
|
—
|
|
|
1,032
|
|
|
—
|
|
|
Non-interest bearing deposits
|
6,732,970
|
|
|
6,732,970
|
|
|
—
|
|
|
6,732,970
|
|
|
—
|
|
|
Interest bearing deposits
|
16,509,691
|
|
|
16,516,222
|
|
|
—
|
|
|
16,516,222
|
|
|
—
|
|
|
Federal funds purchased and securities sold under repurchase agreements
|
177,025
|
|
|
177,025
|
|
|
177,025
|
|
|
—
|
|
|
—
|
|
|
Long-term debt
|
2,186,893
|
|
|
2,244,376
|
|
|
—
|
|
|
2,244,376
|
|
|
—
|
|
|
Derivative liabilities
|
$
|
27,445
|
|
|
27,445
|
|
|
—
|
|
|
26,030
|
|
|
1,415
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value of Derivative Assets
|
|
Fair Value of Derivative Liabilities
|
|||||||||||||
(in thousands)
|
Location on Consolidated Balance Sheet
|
|
March 31, 2016
|
|
December 31, 2015
|
|
Location on Consolidated Balance Sheet
|
|
March 31, 2016
|
|
December 31, 2015
|
|||||
Derivatives not designated
as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate contracts
|
Other assets
|
|
$
|
33,788
|
|
|
25,580
|
|
|
Other liabilities
|
|
34,232
|
|
|
26,030
|
|
Mortgage derivatives
|
Other assets
|
|
2,170
|
|
|
1,559
|
|
|
Other liabilities
|
|
762
|
|
|
—
|
|
|
Visa derivative
|
|
|
—
|
|
|
—
|
|
|
Other liabilities
|
|
1,415
|
|
|
1,415
|
|
|
Total derivatives not
designated as hedging
instruments
|
|
|
$
|
35,958
|
|
|
27,139
|
|
|
|
|
36,409
|
|
|
27,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss) Recognized in Income
|
|||||
(in thousands)
|
|
|
|
Three Months Ended March 31,
|
|||||
Derivatives not designated as hedging instruments
|
|
Location of Gain (Loss) Recognized in Income
|
|
2016
|
|
2015
|
|||
Interest rate contracts
(1)
|
|
Other non-interest income
|
|
$
|
6
|
|
|
(179
|
)
|
Mortgage derivatives
(2)
|
|
Mortgage banking income
|
|
(151
|
)
|
|
1,102
|
|
|
Total
|
|
|
|
$
|
(145
|
)
|
|
923
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except per share data)
|
2016
|
|
2015
|
||||
Basic Net Income Per Common Share:
|
|
|
|
||||
Net income available to common shareholders
|
$
|
49,972
|
|
|
$
|
51,404
|
|
Weighted average common shares outstanding
|
127,227
|
|
|
134,933
|
|
||
Net income per common share, basic
|
0.39
|
|
|
0.38
|
|
||
Diluted Net Income Per Common Share:
|
|
|
|
||||
Net income available to common shareholders
|
$
|
49,972
|
|
|
$
|
51,404
|
|
Weighted average common shares outstanding
|
127,227
|
|
|
134,933
|
|
||
Potentially dilutive shares from outstanding equity-based awards
|
630
|
|
|
811
|
|
||
Weighted average diluted common shares
|
127,857
|
|
|
135,744
|
|
||
Net income per common share, diluted
|
0.39
|
|
|
0.38
|
|
||
|
|
|
|
(in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|||
Letters of credit*
|
$
|
191,766
|
|
|
166,936
|
|
Commitments to fund commercial real estate, construction, and land development loans
|
1,852,670
|
|
|
1,882,130
|
|
|
Unused credit card lines
|
1,057,833
|
|
|
1,055,181
|
|
|
Commitments under home equity lines of credit
|
1,073,028
|
|
|
1,051,386
|
|
|
Commitments to fund commercial and industrial loans
|
4,168,486
|
|
|
4,094,809
|
|
|
Other loan commitments
|
294,357
|
|
|
284,706
|
|
|
Total unfunded lending commitments and letters of credit
|
$
|
8,638,140
|
|
|
8,535,148
|
|
|
|
|
|
(1)
|
|
the risk that competition in the financial services industry may adversely affect our future earnings and growth;
|
(2)
|
|
the risk that we may not realize the expected benefits from our efficiency and growth initiatives, which will negatively
affect our future profitability; |
(3)
|
|
the risk that our enterprise risk management framework may not identify or address risks adequately, which may result in unexpected losses;
|
(4)
|
|
the risk that our allowance for loan losses may prove to be inadequate or may be negatively affected by credit risk exposures;
|
(5)
|
|
the risk that any future economic downturn could have a material adverse effect on our capital, financial condition, results of operations and future growth;
|
(6)
|
|
changes in the interest rate environment, including changes to the federal funds rate, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income;
|
(7)
|
|
the risk that we may be required to make substantial expenditures to keep pace with the rapid technological changes in the financial services market;
|
(8)
|
|
risks related to a failure in or breach of our operational or security systems of our infrastructure, or those of our third-party vendors and other service providers, including as a result of cyber-attacks, which could disrupt our businesses, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs or cause losses;
|
(9)
|
|
risks related to our reliance on third parties to provide key components of our business infrastructure, including the costs of services and products provided to us by third parties, and risks related to disruptions in service or financial difficulties of a third-party vendor;
|
(10)
|
|
our ability to attract and retain key employees;
|
(11)
|
|
the risk that we could realize losses if we determine to sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets;
|
(12)
|
|
the risk that we may not be able to identify suitable acquisition targets as part of our growth strategy and even if we are able to identify suitable acquisition targets, we may not be able to complete such acquisitions or successfully integrate bank or nonbank acquisitions into our existing operations;
|
(13)
|
|
the impact of the recent and proposed changes in governmental policy, laws and regulations, including proposed and recently enacted changes in the regulation of banks and financial institutions, or the interpretation or application thereof, including restrictions, increased capital requirements, limitations and/or penalties arising from banking, securities and insurance laws, enhanced regulations and examinations and restrictions on compensation;
|
(14)
|
|
the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives;
|
(15)
|
|
the risks that if economic conditions worsen or regulatory capital rules are modified, or the results of mandated “stress testing” do not satisfy certain criteria, we may be required to undertake initiatives to improve our capital position;
|
(16)
|
|
changes in the cost and availability of funding due to changes in the deposit market and credit market, or the way in which we are perceived in such markets, may adversely affect our capital resources, liquidity and financial results;
|
(17)
|
|
restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Synovus Bank;
|
(18)
|
|
the risk that we may be unable to pay dividends on our common stock or Series C Preferred Stock or obtain any applicable regulatory approval to take certain capital actions, including any increases in dividends on our common stock, any repurchases of common stock or any other issuance or redemption of any other regulatory capital instruments;
|
(19)
|
|
our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions;
|
(20)
|
|
the risk that further downgrades of U.S. government securities by one or more of the credit ratings agencies could have a material effect on our operations, earnings, and financial condition;
|
(21)
|
|
risks related to recent and proposed changes in the mortgage banking industry, including the risk that we may be required to repurchase mortgage loans sold to third parties and the impact of the “ability to pay” and “qualified mortgage” rules on our loan origination process and foreclosure proceedings;
|
(22)
|
|
the risk that for our deferred tax assets, we may be required to increase the valuation allowance in future periods, or we may not be able to realize all of the deferred tax assets in the future;
|
(23)
|
|
the risk that we could have an “ownership change” under Section 382 of the Code, which could impair our ability to timely and fully utilize our net operating losses and built-in losses that may exist when such “ownership change” occurs;
|
(24)
|
|
the costs and effects of litigation, investigations, inquiries or similar matters, or adverse facts and developments related thereto;
|
(25)
|
|
risks related to the fluctuation in our stock price;
|
(26)
|
|
the effects of any damages to our reputation resulting from developments related to any of the items identified above; and
|
(27)
|
|
other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in "Part I - Item 1A.- Risk Factors" of Synovus' 2015 Form 10-K.
|
|
Three Months Ended March 31,
|
||||||||
(dollars in thousands, except per share data)
|
2016
|
|
2015
|
|
Change
|
||||
Net interest income
|
$
|
218,193
|
|
|
203,263
|
|
|
7.3%
|
|
Provision for loan losses
|
9,377
|
|
|
4,397
|
|
|
113.3
|
|
|
Non-interest income
|
63,147
|
|
|
65,854
|
|
|
(4.1
|
)
|
|
Adjusted non-interest income
(1)
|
63,080
|
|
|
65,129
|
|
|
(3.1
|
)
|
|
Non-interest expense
|
188,233
|
|
|
178,908
|
|
|
5.2
|
|
|
Adjusted non-interest expense
(1)
|
179,298
|
|
|
178,640
|
|
|
0.4
|
|
|
Income before income taxes
|
83,730
|
|
|
85,812
|
|
|
(2.4
|
)
|
|
Net income
|
52,531
|
|
|
53,963
|
|
|
(2.7
|
)
|
|
Net income available to common shareholders
|
49,972
|
|
|
51,404
|
|
|
(2.8
|
)
|
|
Net income per common share, basic
|
0.39
|
|
|
0.38
|
|
|
3.1
|
|
|
Net income per common share, diluted
|
0.39
|
|
|
0.38
|
|
|
3.2
|
|
|
Net interest margin
|
3.27
|
%
|
|
3.28
|
|
|
(1) bp
|
|
|
Net charge-off ratio (annualized)
|
0.13
|
|
|
0.23
|
|
|
(10) bps
|
|
|
|
|
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
Sequential Quarter Change
|
|
March 31, 2015
|
|
Year-Over-Year Change
|
|||||||
(dollars in thousands, except per share data)
|
||||||||||||||||
Loans, net of deferred fees and costs
|
$
|
22,758,203
|
|
|
22,429,565
|
|
|
328,638
|
|
|
$
|
21,106,213
|
|
|
1,651,990
|
|
Total deposits
|
23,449,928
|
|
|
23,242,661
|
|
|
207,267
|
|
|
22,107,849
|
|
|
1,342,079
|
|||
Total average deposits
|
23,210,263
|
|
|
23,244,256
|
|
|
(33,993
|
)
|
|
21,615,049
|
|
|
1,595,214
|
|||
Average core deposits
(1)
|
22,115,024
|
|
|
22,059,163
|
|
|
55,861
|
|
|
20,020,227
|
|
|
2,094,797
|
|||
Average core deposits excluding average state, county, and municipal (SCM) deposits
(1)
|
19,674,275
|
|
|
19,755,885
|
|
|
(81,610
|
)
|
|
17,796,034
|
|
|
1,878,241
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
Non-performing assets ratio
|
0.95
|
%
|
|
0.96
|
|
|
(1) bp
|
|
|
1.28
|
%
|
|
(33) bps
|
|
||
Non-performing loans ratio
|
0.78
|
|
|
0.75
|
|
|
3 bps
|
|
|
0.92
|
|
|
(14) bps
|
|
||
Past due loans over 90 days
|
0.01
|
|
|
0.01
|
|
|
—
|
|
|
0.02
|
|
|
(1) bp
|
|
||
|
|
|
|
|
|
|
|
|
|
|||||||
Tier 1 capital
|
$
|
2,609,191
|
|
|
2,660,016
|
|
|
(50,825
|
)
|
|
$
|
2,592,618
|
|
|
16,573
|
|
Common equity Tier 1 capital (transitional)
|
2,609,191
|
|
|
2,660,016
|
|
|
(50,825)
|
|
2,592,618
|
|
|
16,573
|
||||
Total risk-based capital
|
3,183,901
|
|
|
3,255,758
|
|
|
(71,857
|
)
|
|
3,039,552
|
|
|
144,349
|
|||
Tier 1 capital ratio
|
10.04%
|
|
|
10.37
|
|
|
(33) bps
|
|
|
10.80
|
%
|
|
(76) bps
|
|
||
Common equity Tier 1 capital ratio (transitional)
|
10.04
|
|
|
10.37
|
|
|
(33) bps
|
|
|
10.80
|
|
|
(76) bps
|
|
||
Total risk-based capital ratio
|
12.25
|
|
|
12.70
|
|
|
(45) bps
|
|
|
12.66
|
|
|
(41) bps
|
|
||
Total shareholders’ equity to total assets ratio
|
10.12
|
|
|
10.42
|
|
|
(30) bps
|
|
|
10.97
|
|
|
(85) bps
|
|
||
Tangible common equity to tangible assets ratio
(1)
|
9.62
|
|
|
9.90
|
|
|
(28) bps
|
|
|
10.43
|
|
|
(81) bps
|
|
||
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2016 vs. December 31, 2015 % Change
(1)
|
|
March 31, 2015
|
|
March 31, 2016 vs. March 31, 2015
% Change
|
|||||||
Investment properties
|
$
|
5,987,244
|
|
|
5,751,631
|
|
|
16.5
|
%
|
|
$
|
5,216,894
|
|
|
14.8
|
%
|
1-4 family properties
|
1,134,592
|
|
|
1,109,854
|
|
|
9.0
|
|
|
1,111,616
|
|
|
2.1
|
|
||
Land acquisition
|
469,882
|
|
|
513,981
|
|
|
(34.5
|
)
|
|
569,649
|
|
|
(17.5
|
)
|
||
Total commercial real estate
|
7,591,718
|
|
|
7,375,466
|
|
|
11.8
|
|
|
6,898,159
|
|
|
10.1
|
|
||
Commercial, financial and agricultural
|
6,559,171
|
|
|
6,472,482
|
|
|
5.4
|
|
|
6,175,460
|
|
|
6.2
|
|
||
Owner-occupied
|
4,272,218
|
|
|
4,318,950
|
|
|
(4.4
|
)
|
|
4,141,229
|
|
|
3.2
|
|
||
Total commercial and industrial
|
10,831,389
|
|
|
10,791,432
|
|
|
1.5
|
|
|
10,316,689
|
|
|
5.0
|
|
||
Home equity lines
|
1,669,406
|
|
|
1,689,914
|
|
|
(4.9
|
)
|
|
1,672,038
|
|
|
(0.2
|
)
|
||
Consumer mortgages
|
1,970,193
|
|
|
1,938,683
|
|
|
6.5
|
|
|
1,702,388
|
|
|
15.7
|
|
||
Credit cards
|
232,554
|
|
|
240,851
|
|
|
(13.9
|
)
|
|
242,257
|
|
|
(4.0
|
)
|
||
Other retail loans
|
492,274
|
|
|
423,318
|
|
|
65.5
|
|
|
304,050
|
|
|
61.9
|
|
||
Total retail
|
4,364,427
|
|
|
4,292,766
|
|
|
6.7
|
|
|
3,920,733
|
|
|
11.3
|
|
||
Total loans
|
22,787,534
|
|
|
22,459,664
|
|
|
5.9
|
|
|
21,135,581
|
|
|
7.8
|
|
||
Deferred fees and costs, net
|
(29,331
|
)
|
|
(30,099
|
)
|
|
(10.3
|
)
|
|
(29,368
|
)
|
|
(0.1
|
)
|
||
Total loans, net of deferred fees and costs
|
$
|
22,758,203
|
|
|
22,429,565
|
|
|
5.9
|
%
|
|
$
|
21,106,213
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial Loans by Industry
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||
(dollars in thousands)
|
Amount
|
|
%
(1)
|
|
Amount
|
|
%
(1)
|
||||||
Health care and social assistance
|
$
|
2,288,007
|
|
|
21.1
|
%
|
|
2,242,852
|
|
|
20.8
|
%
|
|
Manufacturing
|
947,741
|
|
|
8.7
|
|
|
880,010
|
|
|
8.1
|
|
||
Retail trade
|
875,202
|
|
|
8.1
|
|
|
868,834
|
|
|
8.0
|
|
||
Real estate and rental and leasing
|
729,903
|
|
|
6.7
|
|
|
736,492
|
|
|
6.8
|
|
||
Finance and insurance
|
666,550
|
|
|
6.2
|
|
|
672,167
|
|
|
6.2
|
|
||
Wholesale trade
|
659,814
|
|
|
6.1
|
|
|
685,310
|
|
|
6.4
|
|
||
Professional, scientific, and technical services
|
637,883
|
|
|
5.9
|
|
|
628,626
|
|
|
5.8
|
|
||
Real estate other
|
504,472
|
|
|
4.7
|
|
|
506,328
|
|
|
4.7
|
|
||
Accommodation and food services
|
488,994
|
|
|
4.5
|
|
|
490,626
|
|
|
4.5
|
|
||
Construction
|
433,701
|
|
|
4.0
|
|
|
425,589
|
|
|
3.9
|
|
||
Agriculture, forestry, fishing, and hunting
|
383,629
|
|
|
3.5
|
|
|
394,587
|
|
|
3.7
|
|
||
Transportation and warehousing
|
330,204
|
|
|
3.0
|
|
|
336,048
|
|
|
3.1
|
|
||
Information
|
235,875
|
|
|
2.2
|
|
|
234,893
|
|
|
2.2
|
|
||
Administration, support, waste management, and remediation
|
217,716
|
|
|
2.0
|
|
|
211,227
|
|
|
2.0
|
|
||
Educational services
|
201,354
|
|
|
1.9
|
|
|
210,656
|
|
|
2.0
|
|
||
Other services
|
834,125
|
|
|
7.7
|
|
|
859,315
|
|
|
8.0
|
|
||
Other industries
|
396,219
|
|
|
3.7
|
|
|
407,872
|
|
|
3.8
|
|
||
Total commercial and industrial loans
|
$
|
10,831,389
|
|
|
100.0
|
%
|
|
$
|
10,791,432
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
Composition of Average Deposits
|
||||||||||||||||
|
Three Months Ended
|
|
||||||||||||||
(dollars in thousands)
|
March 31, 2016
|
|
%
(1)
|
|
December 31, 2015
|
|
%
(1)
|
|
March 31, 2015
|
|
%
(1)
|
|
||||
Non-interest bearing demand deposits
|
$
|
6,812,223
|
|
|
29.4
|
|
6,846,200
|
|
|
29.5
|
|
6,108,558
|
|
|
28.3
|
|
Interest bearing demand deposits
|
4,198,738
|
|
|
18.1
|
|
4,117,116
|
|
|
17.7
|
|
3,800,476
|
|
|
17.6
|
|
|
Money market accounts, excluding brokered deposits
|
7,095,778
|
|
|
30.6
|
|
7,062,517
|
|
|
30.4
|
|
6,210,704
|
|
|
28.7
|
|
|
Savings deposits
|
722,172
|
|
|
3.1
|
|
692,536
|
|
|
3.0
|
|
649,597
|
|
|
3.0
|
|
|
Time deposits, excluding brokered deposits
|
3,286,113
|
|
|
14.1
|
|
3,340,794
|
|
|
14.3
|
|
3,250,892
|
|
|
15.0
|
|
|
Brokered deposits
|
1,095,239
|
|
|
4.7
|
|
1,185,093
|
|
|
5.1
|
|
1,594,822
|
|
|
7.4
|
|
|
Total average deposits
|
$
|
23,210,263
|
|
|
100.0
|
|
23,244,256
|
|
|
100.0
|
|
21,615,049
|
|
|
100.0
|
|
Average core deposits
(2)
|
22,115,024
|
|
|
95.3
|
|
22,059,163
|
|
|
94.9
|
|
20,020,227
|
|
|
92.6
|
|
|
Average core deposits excluding average SCM deposits
(2)
|
$
|
19,674,275
|
|
|
84.8
|
|
19,755,885
|
|
|
85.0
|
|
17,796,034
|
|
|
82.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income
|
Three Months Ended March 31,
|
||||||||
(in thousands)
|
2016
|
|
2015
|
|
% Change
|
||||
Service charges on deposit accounts
|
$
|
19,710
|
|
|
19,133
|
|
|
3.0
|
%
|
Fiduciary and asset management fees
|
11,274
|
|
|
11,571
|
|
|
(2.6
|
)
|
|
Brokerage revenue
|
6,483
|
|
|
7,251
|
|
|
(10.6
|
)
|
|
Mortgage banking income
|
5,484
|
|
|
6,484
|
|
|
(15.4
|
)
|
|
Bankcard fees
|
8,372
|
|
|
8,077
|
|
|
3.7
|
|
|
Investment securities gains, net
|
67
|
|
|
725
|
|
|
(90.8
|
)
|
|
Other fee income
|
4,804
|
|
|
5,246
|
|
|
(8.4
|
)
|
|
Other non-interest income
|
6,953
|
|
|
7,367
|
|
|
(5.6
|
)
|
|
Total non-interest income
|
$
|
63,147
|
|
|
65,854
|
|
|
(4.1
|
)%
|
|
|
|
|
|
|
Non-interest Expense
|
|
|
|
|
|
||||
|
Three Months Ended March 31,
|
||||||||
(in thousands)
|
2016
|
|
2015
|
|
% Change
|
||||
Salaries and other personnel expense
|
$
|
101,358
|
|
|
96,488
|
|
|
5.0
|
%
|
Net occupancy and equipment expense
|
26,577
|
|
|
26,172
|
|
|
1.5
|
|
|
Third-party processing expense
|
11,116
|
|
|
10,343
|
|
|
7.5
|
|
|
FDIC insurance and other regulatory fees
|
6,719
|
|
|
6,957
|
|
|
(3.4
|
)
|
|
Professional fees
|
6,369
|
|
|
5,594
|
|
|
13.9
|
|
|
Advertising expense
|
2,410
|
|
|
3,443
|
|
|
(30.0
|
)
|
|
Foreclosed real estate expense, net
|
2,684
|
|
|
9,496
|
|
|
(71.7
|
)
|
|
Loss on early extinguishment of debt
|
4,735
|
|
|
—
|
|
|
nm
|
|
|
Restructuring charges, net
|
1,140
|
|
|
(107
|
)
|
|
nm
|
|
|
Other operating expenses
|
25,125
|
|
|
20,522
|
|
|
22.4
|
|
|
Total non-interest expense
|
$
|
188,233
|
|
|
178,908
|
|
|
5.2
|
%
|
|
|
|
|
|
|
Credit Quality Metrics
|
As of and for the Three Months Ended,
|
||||||||
(dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
||||
Non-performing loans
|
$
|
178,167
|
|
|
168,370
|
|
|
194,232
|
|
Impaired loans held for sale
(1)
|
—
|
|
|
—
|
|
|
1,082
|
|
|
Other real estate
|
38,462
|
|
|
47,030
|
|
|
74,791
|
|
|
Non-performing assets
|
$
|
216,629
|
|
|
215,400
|
|
|
270,105
|
|
Non-performing loans as a % of total loans
|
0.78
|
%
|
|
0.75
|
|
|
0.92
|
|
|
Non-performing assets as a % of total loans, other loans held for sale, and ORE
|
0.95
|
|
|
0.96
|
|
|
1.28
|
|
|
Loans 90 days past due and still accruing
|
$
|
3,214
|
|
|
2,621
|
|
|
5,025
|
|
As a % of total loans
|
0.01
|
%
|
|
0.01
|
|
|
0.02
|
|
|
Total past due loans and still accruing
|
$
|
63,852
|
|
|
47,912
|
|
|
57,443
|
|
As a % of total loans
|
0.28
|
%
|
|
0.21
|
|
|
0.27
|
|
|
Net charge-offs
|
$
|
7,357
|
|
|
3,425
|
|
|
12,343
|
|
Net charge-offs/average loans
|
0.13
|
%
|
|
0.06
|
|
|
0.23
|
|
|
Provision for loan losses
|
$
|
9,377
|
|
|
5,021
|
|
|
4,397
|
|
Allowance for loan losses
|
254,516
|
|
|
252,496
|
|
|
253,371
|
|
|
Allowance for loan losses as a % of total loans
|
1.12
|
%
|
|
1.13
|
|
|
1.20
|
|
|
|
|
|
|
|
|
Accruing TDRs by Risk Grade
|
March 31, 2016
|
|
December 31, 2015
|
March 31, 2015
|
||||||||||||||
(dollars in thousands)
|
Amount
|
|
%
|
|
Amount
|
|
%
|
Amount
|
%
|
|||||||||
Pass
|
$
|
66,478
|
|
|
31.8
|
%
|
|
$
|
75,015
|
|
|
33.5
|
%
|
$
|
75,451
|
|
24.1
|
%
|
Special Mention
|
32,979
|
|
|
15.8
|
|
|
40,365
|
|
|
18.0
|
|
52,658
|
|
16.8
|
|
|||
Substandard accruing
|
109,702
|
|
|
52.4
|
|
|
108,493
|
|
|
48.5
|
|
185,253
|
|
59.1
|
|
|||
Total accruing TDRs
|
$
|
209,159
|
|
|
100.0
|
%
|
|
$
|
223,873
|
|
|
100.0
|
%
|
$
|
313,362
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Accruing TDRs Aging and Allowance for Loan Losses by Portfolio Class
|
|||||||||||||||
|
March 31, 2016
|
||||||||||||||
(in thousands)
|
Current
|
|
30-89 Days Past Due
|
|
90+ Days Past Due
|
|
Total
|
|
Allowance for Loan Losses
|
||||||
Investment properties
|
$
|
41,341
|
|
|
—
|
|
|
—
|
|
|
41,341
|
|
|
3,943
|
|
1-4 family properties
|
40,468
|
|
|
66
|
|
|
—
|
|
|
40,534
|
|
|
2,498
|
|
|
Land acquisition
|
14,602
|
|
|
380
|
|
|
—
|
|
|
14,982
|
|
|
640
|
|
|
Total commercial real estate
|
96,411
|
|
|
446
|
|
|
—
|
|
|
96,857
|
|
|
7,081
|
|
|
Commercial, financial and agricultural
|
28,198
|
|
|
1,304
|
|
|
90
|
|
|
29,592
|
|
|
2,413
|
|
|
Owner-occupied
|
47,692
|
|
|
414
|
|
|
—
|
|
|
48,106
|
|
|
1,581
|
|
|
Total commercial and industrial
|
75,890
|
|
|
1,718
|
|
|
90
|
|
|
77,698
|
|
|
3,994
|
|
|
Home equity lines
|
9,377
|
|
|
395
|
|
|
—
|
|
|
9,772
|
|
|
165
|
|
|
Consumer mortgages
|
19,720
|
|
|
564
|
|
|
—
|
|
|
20,284
|
|
|
842
|
|
|
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other retail loans
|
4,224
|
|
|
324
|
|
|
—
|
|
|
4,548
|
|
|
143
|
|
|
Total retail
|
33,321
|
|
|
1,283
|
|
|
—
|
|
|
34,604
|
|
|
1,150
|
|
|
Total accruing TDRs
|
$
|
205,622
|
|
|
3,447
|
|
|
90
|
|
|
209,159
|
|
|
12,225
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
December 31, 2015
|
||||||||||||||
(in thousands)
|
Current
|
|
30-89 Days Past Due
|
|
90+ Days Past Due
|
|
Total
|
|
Allowance for Loan Losses
|
||||||
Investment properties
|
$
|
51,080
|
|
|
—
|
|
|
—
|
|
|
51,080
|
|
|
4,820
|
|
1-4 family properties
|
43,764
|
|
|
—
|
|
|
—
|
|
|
43,764
|
|
|
2,665
|
|
|
Land acquisition
|
19,929
|
|
|
380
|
|
|
—
|
|
|
20,309
|
|
|
899
|
|
|
Total commercial real estate
|
114,773
|
|
|
380
|
|
|
—
|
|
|
115,153
|
|
|
8,384
|
|
|
Commercial, financial and agricultural
|
24,934
|
|
|
592
|
|
|
208
|
|
|
25,734
|
|
|
1,257
|
|
|
Owner-occupied
|
47,141
|
|
|
387
|
|
|
—
|
|
|
47,528
|
|
|
1,995
|
|
|
Total commercial and industrial
|
72,075
|
|
|
979
|
|
|
208
|
|
|
73,262
|
|
|
3,252
|
|
|
Home equity lines
|
9,575
|
|
|
—
|
|
|
—
|
|
|
9,575
|
|
|
206
|
|
|
Consumer mortgages
|
20,520
|
|
|
712
|
|
|
—
|
|
|
21,232
|
|
|
581
|
|
|
Credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other retail loans
|
4,459
|
|
|
192
|
|
|
—
|
|
|
4,651
|
|
|
132
|
|
|
Total retail
|
34,554
|
|
|
904
|
|
|
—
|
|
|
35,458
|
|
|
919
|
|
|
Total accruing TDRs
|
$
|
221,402
|
|
|
2,263
|
|
|
208
|
|
|
223,873
|
|
|
12,555
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
|
|
|
|
|||
(dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|||
|
|
|
|
|||
Tier 1 capital
|
|
|
|
|||
Synovus Financial Corp.
|
$
|
2,609,191
|
|
|
2,660,016
|
|
Synovus Bank
|
3,143,411
|
|
|
3,136,132
|
||
Common equity Tier 1 capital (transitional)
|
|
|
|
|||
Synovus Financial Corp.
|
2,609,191
|
|
|
2,660,016
|
||
Synovus Bank
|
3,143,411
|
|
|
3,136,132
|
||
Total risk-based capital
|
|
|
|
|||
Synovus Financial Corp.
|
3,183,901
|
|
|
3,255,758
|
|
|
Synovus Bank
|
$
|
3,400,196
|
|
|
3,390,764
|
|
Tier 1 capital ratio
|
|
|
|
|||
Synovus Financial Corp.
|
10.04
|
%
|
|
10.37
|
|
|
Synovus Bank
|
12.11
|
|
|
12.25
|
|
|
Common equity Tier 1 ratio (transitional)
|
|
|
|
|||
Synovus Financial Corp.
|
10.04
|
|
|
10.37
|
|
|
Synovus Bank
|
12.11
|
|
|
12.25
|
|
|
Total risk-based capital to risk-weighted assets ratio
|
|
|
|
|||
Synovus Financial Corp.
|
12.25
|
|
|
12.70
|
|
|
Synovus Bank
|
13.10
|
|
|
13.25
|
|
|
Leverage ratio
|
|
|
|
|||
Synovus Financial Corp.
|
9.15
|
|
|
9.43
|
|
|
Synovus Bank
|
11.04
|
|
|
11.15
|
%
|
|
Tangible common equity to tangible assets ratio
(1)
|
|
|
|
|||
Synovus Financial Corp.
|
9.62
|
|
|
9.90
|
|
|
|
|
|
|
Average Balances, Interest, and Yields
|
2016
|
|
2015
|
|
||||||||||||||
(dollars in thousands) (yields and rates annualized)
|
First Quarter
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
|
||||||||
Interest Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable investment securities
(1)
|
$
|
3,537,131
|
|
|
3,481,184
|
|
|
3,380,543
|
|
|
$
|
3,165,513
|
|
|
$
|
2,998,597
|
|
|
Yield
|
1.91
|
%
|
|
1.85
|
|
|
1.76
|
|
|
1.79
|
|
|
1.85
|
|
|
|||
Tax-exempt investment securities
(1)(3)
|
$
|
4,091
|
|
|
4,352
|
|
|
4,509
|
|
|
$
|
4,595
|
|
|
$
|
4,967
|
|
|
Yield (taxable equivalent)
(3)
|
6.37
|
%
|
|
6.16
|
|
|
6.21
|
|
|
6.15
|
|
|
6.21
|
|
|
|||
Trading account assets
|
$
|
5,216
|
|
|
8,067
|
|
|
7,278
|
|
|
$
|
12,564
|
|
|
$
|
14,188
|
|
|
Yield
|
1.65
|
%
|
|
2.24
|
|
|
1.84
|
|
|
3.72
|
|
|
3.02
|
|
|
|||
Commercial loans
(2)(3)
|
$
|
18,253,169
|
|
|
17,884,661
|
|
|
17,522,735
|
|
|
$
|
17,297,130
|
|
|
$
|
17,176,641
|
|
|
Yield
|
4.03
|
%
|
|
3.97
|
|
|
3.99
|
|
|
4.01
|
|
|
4.06
|
|
|
|||
Consumer loans
(2)
|
$
|
4,334,817
|
|
|
4,233,061
|
|
|
4,105,639
|
|
|
$
|
3,986,151
|
|
|
$
|
3,929,188
|
|
|
Yield
|
4.37
|
%
|
|
4.27
|
|
|
4.31
|
|
|
4.37
|
|
|
4.45
|
|
|
|||
Allowance for loan losses
|
$
|
(258,097
|
)
|
|
(252,049
|
)
|
|
(256,102
|
)
|
|
$
|
(254,177
|
)
|
|
$
|
(257,167
|
)
|
|
Loans, net
(2)
|
$
|
22,329,889
|
|
|
21,865,673
|
|
|
21,372,272
|
|
|
21,029,104
|
|
|
20,848,662
|
|
|
||
Yield
|
4.15
|
%
|
|
4.08
|
|
|
4.10
|
|
|
4.14
|
|
|
4.19
|
|
|
|||
Mortgage loans held for sale
|
$
|
63,339
|
|
|
50,668
|
|
|
69,438
|
|
|
$
|
90,419
|
|
|
64,507
|
|
|
|
Yield
|
3.72
|
%
|
|
3.84
|
|
|
3.82
|
|
|
3.39
|
|
|
3.92
|
|
|
|||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments
|
$
|
885,938
|
|
|
1,081,604
|
|
|
1,380,686
|
|
|
$
|
1,590,114
|
|
|
1,123,250
|
|
|
|
Yield
|
0.47
|
%
|
|
0.27
|
|
|
0.24
|
|
|
0.24
|
|
|
0.24
|
|
|
|||
Federal Home Loan Bank and Federal Reserve Bank Stock
(4)
|
$
|
80,679
|
|
|
66,790
|
|
|
71,852
|
|
|
$
|
76,091
|
|
|
$
|
80,813
|
|
|
Yield
|
3.82
|
%
|
|
5.08
|
|
|
4.71
|
|
|
4.57
|
|
|
3.90
|
|
|
|||
Total interest earning assets
|
$
|
26,906,283
|
|
|
26,558,338
|
|
|
26,286,578
|
|
|
25,968,400
|
|
|
25,134,984
|
|
|
||
Yield
|
3.73
|
%
|
|
3.63
|
|
|
3.60
|
|
|
3.61
|
|
|
3.73
|
|
|
|||
Interest Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest bearing demand deposits
|
$
|
4,198,738
|
|
|
4,117,116
|
|
|
3,955,803
|
|
|
3,919,401
|
|
|
3,800,476
|
|
|
||
Rate
|
0.17
|
%
|
|
0.17
|
|
|
0.18
|
|
|
0.18
|
|
|
0.19
|
|
|
|||
Money Market accounts
|
$
|
7,095,778
|
|
|
7,062,517
|
|
|
6,893,563
|
|
|
6,466,610
|
|
|
6,210,704
|
|
|
||
Rate
|
0.32
|
%
|
|
0.35
|
|
|
0.36
|
|
|
0.35
|
|
|
0.32
|
|
|
|||
Savings deposits
|
$
|
722,172
|
|
|
692,536
|
|
|
685,813
|
|
|
675,260
|
|
|
649,597
|
|
|
||
Rate
|
0.07
|
%
|
|
0.06
|
|
|
0.06
|
|
|
0.06
|
|
|
0.05
|
|
|
|||
Time deposits under $100,000
|
$
|
1,279,811
|
|
|
1,307,601
|
|
|
1,338,994
|
|
|
1,351,299
|
|
|
1,324,513
|
|
|
||
Rate
|
0.65
|
%
|
|
0.65
|
|
|
0.66
|
|
|
0.68
|
|
|
0.61
|
|
|
|||
Time deposits over $100,000
|
$
|
2,006,302
|
|
|
2,033,193
|
|
|
2,086,851
|
|
|
2,061,434
|
|
|
1,926,380
|
|
|
||
Rate
|
0.89
|
%
|
|
0.88
|
|
|
0.88
|
|
|
0.88
|
|
|
0.80
|
|
|
|||
Brokered money market accounts
|
$
|
315,006
|
|
|
297,925
|
|
|
221,817
|
|
|
185,909
|
|
|
181,754
|
|
|
||
Rate
|
0.48
|
%
|
|
0.31
|
|
|
0.31
|
|
|
0.31
|
|
|
0.30
|
|
|
|||
Brokered time deposits
|
$
|
780,233
|
|
|
887,168
|
|
|
1,135,346
|
|
|
1,370,022
|
|
|
1,413,068
|
|
|
||
Rate
|
0.83
|
%
|
|
0.76
|
|
|
0.71
|
|
|
0.67
|
|
|
0.63
|
|
|
|||
Total interest bearing deposits
|
$
|
16,398,040
|
|
|
16,398,056
|
|
|
16,318,187
|
|
|
16,029,935
|
|
|
15,506,492
|
|
|
||
Rate
|
0.39
|
%
|
|
0.40
|
|
|
0.42
|
|
|
0.42
|
|
|
0.39
|
|
|
|||
Federal funds purchased and other short-term liabilities
|
$
|
177,921
|
|
|
158,810
|
|
|
207,894
|
|
|
232,531
|
|
|
222,658
|
|
|
||
Rate
|
0.10
|
%
|
|
0.08
|
|
|
0.09
|
|
|
0.08
|
|
|
0.08
|
|
|
|||
Long-term debt
|
$
|
2,361,973
|
|
|
2,007,924
|
|
|
2,072,455
|
|
|
2,172,765
|
|
|
2,206,284
|
|
|
||
Rate
|
2.55
|
%
|
|
2.63
|
|
|
2.51
|
|
|
2.39
|
|
|
2.41
|
|
|
|||
Total interest bearing liabilities
|
$
|
18,937,934
|
|
|
18,564,790
|
|
|
18,598,536
|
|
|
18,435,231
|
|
|
17,935,434
|
|
|
||
Rate
|
0.66
|
%
|
|
0.65
|
|
|
0.65
|
|
|
0.65
|
|
|
0.63
|
|
|
|||
Non-interest bearing demand deposits
|
$
|
6,812,223
|
|
|
6,846,200
|
|
|
6,541,832
|
|
|
6,436,167
|
|
|
6,108,558
|
|
|
Effective cost of funds
|
0.46
|
%
|
|
0.45
|
|
|
0.46
|
|
|
0.46
|
|
|
0.45
|
|
|
|||
Net interest margin
|
3.27
|
%
|
|
3.18
|
|
|
3.14
|
|
|
3.15
|
|
|
3.28
|
|
|
|||
Taxable equivalent adjustment
(3)
|
$
|
305
|
|
|
311
|
|
|
315
|
|
|
330
|
|
|
349
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Rate/Volume Analysis
|
||||||||||||||||||||||||||||||
|
Three Months Ended March 31,
|
|
2016 Compared to 2015
|
|||||||||||||||||||||||||||
|
Average Balances
|
|
Interest
|
|
Annualized Yield/Rate
|
|
Change due to
|
|
Increase (Decrease)
|
|||||||||||||||||||||
(dollars in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Volume
|
|
Rate
|
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Taxable investment securities
|
$
|
3,537,131
|
|
|
2,998,597
|
|
|
$
|
16,930
|
|
|
13,893
|
|
|
1.91
|
%
|
|
1.85
|
|
|
$
|
2,477
|
|
|
561
|
|
|
$
|
3,038
|
|
Tax-exempt investment securities
(2)
|
4,091
|
|
|
4,967
|
|
|
65
|
|
|
77
|
|
|
6.37
|
|
|
6.21
|
|
|
(13
|
)
|
|
1
|
|
|
(12
|
)
|
||||
Total investment securities
|
3,541,222
|
|
|
3,003,564
|
|
|
16,995
|
|
|
13,970
|
|
|
1.92
|
|
|
1.86
|
|
|
2,464
|
|
|
562
|
|
|
3,026
|
|
||||
Trading account assets
|
5,216
|
|
|
14,188
|
|
|
22
|
|
|
107
|
|
|
1.65
|
|
|
3.02
|
|
|
(67
|
)
|
|
(18
|
)
|
|
(85
|
)
|
||||
Taxable loans, net
(1)
|
22,518,309
|
|
|
21,027,659
|
|
|
229,393
|
|
|
214,672
|
|
|
4.04
|
|
|
4.14
|
|
|
15,344
|
|
|
(623
|
)
|
|
14,721
|
|
||||
Tax-exempt loans, net
(1)(2)
|
69,677
|
|
|
78,170
|
|
|
806
|
|
|
920
|
|
|
4.65
|
|
|
4.77
|
|
|
(101
|
)
|
|
(13
|
)
|
|
(114
|
)
|
||||
Allowance for loan losses
|
(258,097
|
)
|
|
(257,167
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loans, net
|
22,329,889
|
|
|
20,848,662
|
|
|
230,199
|
|
|
215,592
|
|
|
4.15
|
|
|
4.19
|
|
|
15,243
|
|
|
(636
|
)
|
|
14,607
|
|
||||
Mortgage loans held for sale
|
63,339
|
|
|
64,507
|
|
|
588
|
|
|
632
|
|
|
3.72
|
|
|
3.92
|
|
|
(11
|
)
|
|
(33
|
)
|
|
(44
|
)
|
||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments
|
885,938
|
|
|
1,123,250
|
|
|
1,054
|
|
|
661
|
|
|
0.47
|
|
|
0.24
|
|
|
(136
|
)
|
|
529
|
|
|
393
|
|
||||
Federal Home Loan Bank and Federal Reserve Bank stock
|
80,679
|
|
|
80,813
|
|
|
770
|
|
|
788
|
|
|
3.82
|
|
|
3.90
|
|
|
(1
|
)
|
|
(17
|
)
|
|
(18
|
)
|
||||
Total interest earning assets
|
$
|
26,906,283
|
|
|
25,134,984
|
|
|
$
|
249,628
|
|
|
231,750
|
|
|
3.73
|
%
|
|
3.73
|
|
|
$
|
17,492
|
|
|
387
|
|
|
$
|
17,879
|
|
Cash and due from banks
|
408,486
|
|
|
449,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Premises and equipment, net
|
444,558
|
|
|
454,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other real estate
|
43,608
|
|
|
85,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other assets
(3)
|
1,121,173
|
|
|
1,204,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets
|
$
|
28,924,108
|
|
|
27,328,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest-bearing demand deposits
|
$
|
4,198,738
|
|
|
3,800,476
|
|
|
$
|
1,810
|
|
|
1,748
|
|
|
0.17
|
%
|
|
0.19
|
|
|
$
|
188
|
|
|
(126
|
)
|
|
$
|
62
|
|
Money market accounts
|
7,410,784
|
|
|
6,392,458
|
|
|
5,972
|
|
|
4,971
|
|
|
0.32
|
|
|
0.32
|
|
|
810
|
|
|
191
|
|
|
1,001
|
|
||||
Savings deposits
|
722,172
|
|
|
649,597
|
|
|
126
|
|
|
88
|
|
|
0.07
|
|
|
0.05
|
|
|
9
|
|
|
29
|
|
|
38
|
|
||||
Time deposits
|
4,066,346
|
|
|
4,663,961
|
|
|
8,106
|
|
|
8,012
|
|
|
0.68
|
|
|
0.70
|
|
|
(1,040
|
)
|
|
1,134
|
|
|
94
|
|
||||
Federal funds purchased and securities sold under repurchase agreements
|
177,921
|
|
|
222,658
|
|
|
45
|
|
|
43
|
|
|
0.10
|
|
|
0.08
|
|
|
(9
|
)
|
|
11
|
|
|
2
|
|
||||
Long-term debt
|
2,361,973
|
|
|
2,206,284
|
|
|
15,070
|
|
|
13,276
|
|
|
2.55
|
|
|
2.41
|
|
|
933
|
|
|
861
|
|
|
1,794
|
|
||||
Total interest-bearing liabilities
|
$
|
18,937,934
|
|
|
17,935,434
|
|
|
$
|
31,129
|
|
|
28,138
|
|
|
0.66
|
|
|
0.63
|
|
|
$
|
891
|
|
|
2,100
|
|
|
$
|
2,991
|
|
Non-interest bearing deposits
|
6,812,223
|
|
|
6,108,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other liabilities
|
207,454
|
|
|
246,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders' equity
|
2,966,497
|
|
|
3,037,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total liabilities and equity
|
$
|
28,924,108
|
|
|
27,328,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate spread
|
|
|
|
|
|
|
|
|
3.07
|
|
|
3.10
|
|
|
|
|
|
|
|
|||||||||||
Net interest income - FTE/margin
(4)
|
|
|
|
|
218,499
|
|
|
203,612
|
|
|
3.27
|
%
|
|
3.28
|
|
|
$
|
16,601
|
|
|
(1,713
|
)
|
|
$
|
14,888
|
|
||||
Taxable equivalent adjustment
|
|
|
|
|
305
|
|
|
349
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income, actual
|
|
|
|
|
$
|
218,194
|
|
|
203,263
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated % Change in Net Interest Income as Compared to Unchanged Rates (for the next twelve months)
|
|||
Change in Short-term Interest Rates (in basis points)
|
|
March 31, 2016
|
|
December 31, 2015
|
|
+200
|
|
5.6%
|
|
6.4%
|
|
+100
|
|
3.6%
|
|
3.8%
|
|
Flat
|
|
—%
|
|
—%
|
|
-25
|
|
-1.9%
|
|
-2.6%
|
|
|
|
|
|
|
|
|
As of March 31, 2016
|
||
Change in Short-term Interest Rates (in basis points)
|
|
Base Scenario
|
|
15% Increase in Average Repricing Beta
|
+200
|
|
5.6%
|
|
3.8%
|
+100
|
|
3.6%
|
|
2.6%
|
|
|
|
|
|
|
|
Estimated Change in EVE
|
||
Immediate Change in Interest Rates (in basis points)
|
|
March 31, 2016
|
|
December 31, 2015
|
+200
|
|
5.3%
|
|
3.2%
|
+100
|
|
4.5%
|
|
3.4%
|
-25
|
|
-3.1%
|
|
-3.5%
|
|
|
|
|
|
•
|
Applying judgment and estimating.
|
•
|
Managing the complexities of data collection, storage, and maintenance.
|
•
|
Enhancing information technology systems to ensure their ability to perform the calculations necessary for compliance with reporting requirements.
|
•
|
Refining internal controls and other business processes related to leases.
|
•
|
Determining whether debt covenants are likely to be affected and, if so, working with lenders to avoid violations.
|
•
|
Addressing any income tax implications.
|
Reconciliation of Non-GAAP Financial Measures
|
Three Months Ended
|
||||||||
(in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
||||
Adjusted Net Income Per Common Share, Diluted
|
|
|
|
|
|
||||
Net income available to common shareholders
|
$
|
49,972
|
|
|
55,839
|
|
|
51,404
|
|
Add: Litigation contingency/settlement expenses (after-tax)
|
1,712
|
|
|
457
|
|
|
—
|
|
|
Add: Restructuring charges (after-tax)
|
723
|
|
|
44
|
|
|
(67
|
)
|
|
Add: Loss on early extinguishment of debt (after-tax)
|
3,002
|
|
|
988
|
|
|
—
|
|
|
Adjusted net income available to common shareholders
|
$
|
55,409
|
|
|
57,328
|
|
|
51,337
|
|
Weighted average common shares outstanding - diluted
|
127,857
|
|
|
131,197
|
|
|
135,744
|
|
|
Adjusted net income per common share, diluted
|
$
|
0.43
|
|
|
0.44
|
|
0.38
|
||
Adjusted Non-interest Income
|
|
|
|
|
|
||||
Total non-interest income
|
$
|
63,147
|
|
|
66,175
|
|
|
65,854
|
|
Less: Investment securities gains, net
|
(67
|
)
|
|
(58
|
)
|
|
(725
|
)
|
|
Adjusted non-interest income
|
$
|
63,080
|
|
|
66,117
|
|
|
65,129
|
|
Adjusted Non-interest Expense
|
|
|
|
|
|
||||
Total non-interest expense
|
$
|
188,233
|
|
|
183,033
|
|
|
178,908
|
|
Less: Restructuring charges
|
(1,140
|
)
|
|
(69
|
)
|
|
107
|
|
|
Less: Visa indemnification charges
|
(360
|
)
|
|
(371
|
)
|
|
(375
|
)
|
|
Less: Litigation contingency/settlement expenses
|
(2,700
|
)
|
|
(710
|
)
|
|
—
|
|
|
Less: Loss on early extinguishment of debt
|
(4,735
|
)
|
|
(1,533
|
)
|
|
—
|
|
|
Adjusted non-interest expense
|
$
|
179,298
|
|
|
180,350
|
|
|
178,640
|
|
|
|
|
|
|
|
||||
Adjusted Efficiency Ratio
|
|
|
|
|
|
||||
Adjusted non-interest expense excluding credit costs
|
$
|
174,348
|
|
|
173,486
|
|
|
167,367
|
|
Net interest income
|
218,193
|
|
|
212,620
|
|
|
203,263
|
|
|
Tax equivalent adjustment
|
305
|
|
|
311
|
|
|
349
|
|
|
Total non-interest income
|
63,147
|
|
|
66,175
|
|
|
65,854
|
|
|
Investment securities gains, net
|
(67
|
)
|
|
(58
|
)
|
|
(725
|
)
|
|
Total revenues
|
281,578
|
|
|
279,048
|
|
|
268,741
|
|
|
Adjusted efficiency ratio
|
61.92
|
%
|
|
62.17
|
%
|
|
62.28
|
%
|
|
|
|
|
|
|
|
|
||||||||||
Reconciliation of Non-GAAP Financial Measures, continued
|
Three Months Ended
|
|
||||||||
(dollars in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
|
||||
Average Core Deposits and Average Core Deposits Excluding Average State, County, and Municipal Deposits
|
|
|
|
|
|
|
||||
Average total deposits
|
$
|
23,210,263
|
|
|
23,244,256
|
|
|
21,615,049
|
|
|
Less: Average brokered deposits
|
(1,095,239
|
)
|
|
(1,185,093
|
)
|
|
(1,594,822
|
)
|
|
|
Average core deposits
|
22,115,024
|
|
|
22,059,163
|
|
|
20,020,227
|
|
|
|
Less: Average SCM deposits
|
(2,440,749
|
)
|
|
(2,303,278
|
)
|
|
(2,224,193
|
)
|
|
|
Average core deposits excluding average SCM deposits
|
19,674,275
|
|
|
19,755,885
|
|
|
17,796,034
|
|
|
|
Core Deposits and Core Deposits Excluding State, County, and Municipal Deposits
|
|
|
|
|
|
|
||||
Total deposits
|
$
|
23,449,928
|
|
|
23,242,661
|
|
|
22,107,849
|
|
|
Less: Brokered deposits
|
(1,204,517
|
)
|
|
(1,075,520
|
)
|
|
(1,604,946
|
)
|
|
|
Core deposits
|
22,245,411
|
|
|
22,167,141
|
|
|
20,502,903
|
|
|
|
Less: State, county, and municipal deposits
|
(2,344,361
|
)
|
|
(2,504,315
|
)
|
|
(2,207,935
|
)
|
|
|
Core deposits excluding state, county, and municipal deposits
|
$
|
19,901,050
|
|
|
19,662,826
|
|
|
18,294,968
|
|
|
Tangible Common Equity to Tangible Assets Ratio
|
|
|
|
|
|
|
||||
Total assets
|
$
|
29,171,257
|
|
|
28,792,653
|
|
|
27,633,784
|
|
|
Less: Goodwill
|
(24,431
|
)
|
|
(24,431
|
)
|
|
(24,431
|
)
|
|
|
Less: Other intangible assets, net
|
(277
|
)
|
|
(471
|
)
|
|
(1,061
|
)
|
|
|
Tangible assets
|
$
|
29,146,549
|
|
|
28,767,751
|
|
|
27,608,292
|
|
|
Total shareholders' equity
|
$
|
2,953,268
|
|
|
3,000,196
|
|
|
3,030,635
|
|
|
Less: Goodwill
|
(24,431
|
)
|
|
(24,431
|
)
|
|
(24,431
|
)
|
|
|
Less: Other intangible assets, net
|
(277
|
)
|
|
(471
|
)
|
|
(1,061
|
)
|
|
|
Less: Series C Preferred Stock, no par value
|
(125,980
|
)
|
|
(125,980
|
)
|
|
(125,980
|
)
|
|
|
Tangible common equity
|
$
|
2,802,580
|
|
|
2,849,314
|
|
|
2,879,163
|
|
|
Total shareholders' equity to total assets ratio
|
10.12
|
%
|
|
10.42
|
|
|
10.97
|
|
|
|
Tangible common equity to tangible assets ratio
|
9.62
|
%
|
|
9.90
|
|
|
10.43
|
|
|
|
Common Equity Tier 1 (CET1) Ratio (fully phased-in)
|
|
|
|
|
|
|
||||
Common equity Tier 1 (CET1)
|
$
|
2,609,191
|
|
|
$2,660,016
|
|
2,592,618
|
|
|
|
Adjustment related to capital components
|
(125,980
|
)
|
|
(128,480
|
)
|
|
(128,480
|
)
|
|
|
CET1 (fully phased-in)
|
$
|
2,483,211
|
|
|
2,531,536
|
|
|
2,464,138
|
|
|
Total risk-weighted assets (fully phased-in)
|
$
|
26,231,764
|
|
|
25,915,650
|
|
|
24,307,203
|
|
|
Common equity Tier 1 (CET1) ratio (fully phased-in)
|
9.47
|
%
|
|
9.77
|
%
|
|
10.14
|
%
|
|
|
|
|
|
|
|
|
|
Share Repurchases
|
|
Total Number of Shares Repurchased
|
|
Average Price Paid per Share
(1)
|
|
Total Number
of Shares Repurchased as
Part of
Publicly Announced
Plans or Programs
|
|
Maximum Approximate
Dollar Value
of Shares
that May Yet Be
Purchased Under the
Plans or Programs
|
||||||
|
|
|
|
|
||||||||||
January 2016
|
|
1,615,700
|
|
|
$
|
29.72
|
|
|
1,615,700
|
|
|
$
|
214,923,133
|
|
February 2016
|
|
1,967,900
|
|
|
27.62
|
|
|
1,967,900
|
|
|
160,571,125
|
|
||
March 2016
|
|
315,000
|
|
|
27.11
|
|
|
315,000
|
|
|
152,030,746
|
|
||
Total
|
|
3,898,600
|
|
|
$
|
28.45
|
|
|
3,898,600
|
|
|
$
|
152,030,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
||
3.1
|
|
|
Amended and Restated Articles of Incorporation of Synovus, as amended, incorporated by reference to Exhibit 3.1 of Synovus’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, as filed with the SEC on August 9, 2010.
|
|
|
||
3.2
|
|
|
Articles of Amendment to the Amended and Restated Articles of Incorporation of Synovus with respect to the Series C Preferred Stock, incorporated by reference to Exhibit 3.1 to Synovus' Current Report on Form 8-K dated July 25, 2013, as filed with the SEC on July 25, 2013.
|
|
|
|
|
3.3
|
|
|
Articles of Amendment to the Amended and Restated Articles of Incorporation of Synovus, incorporated by reference to Exhibit 3.1 to Synovus' Current Report on Form 8-K dated April 29, 2014, as filed with the SEC on April 29, 2014.
|
|
|
|
|
3.4
|
|
|
Articles of Amendment to the Amended and Restated Articles of Incorporation of Synovus, incorporated by reference to Exhibit 3.1 to Synovus' Current Report on Form 8-K dated May 19, 2014, as filed with the SEC on May 19, 2014.
|
|
|
|
|
3.5
|
|
|
Bylaws, as amended, of Synovus, incorporated by reference to Exhibit 3.1 of Synovus' Current Report on Form 8-K dated November 8, 2010, as filed with the SEC on November 9, 2010.
|
|
|
||
4.1
|
|
|
Amendment No. 3 dated as of April 20, 2016 to Shareholder Rights Plan between Synovus and American Stock Transfer and Trust Company, LLC, incorporated by reference to Exhibit 4.1 of Synovus' Current Report on Form 8-K dated April 20, 2016, as filed with the SEC on April 21, 2016.
|
|
|
|
|
10.1
|
|
|
Summary of Board of Directors Compensation.
|
|
|
|
|
12.1
|
|
|
Ratio of Earnings to Fixed Charges.
|
|
|
|
|
31.1
|
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
31.2
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
32
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
101
|
|
|
Interactive Data File
|
|
|
|
|
SYNOVUS FINANCIAL CORP.
|
||
|
|
|
|
May 6, 2016
|
By:
|
|
/s/ Thomas J. Prescott
|
Date
|
|
|
Thomas J. Prescott
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Duly Authorized Officer and Principal Financial Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|