Exhibit 99.2


SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FINANCIAL SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited, in millions, except per share statistics)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
Twelve months ended
 
 
 
 
Dec 31,
2014
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
 
4Q'14 vs. 4Q'13
 
Dec 31,
2014
 
Dec 31,
2013
 
YTD'14 vs. YTD'13
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
$
2,978

 
$
2,879

 
$
2,720

 
$
2,743

 
$
2,849

 
$
129

4.5
 %
 
$
11,320

 
$
10,571

 
$
749

7.1
 %
Retailer share arrangements
(698
)
 
(693
)
 
(590
)
 
(594
)
 
(662
)
 
(36
)
5.4
 %
 
(2,575
)
 
(2,373
)
 
(202
)
8.5
 %
Net interest income, after retailer share arrangements
2,280

 
2,186

 
2,130

 
2,149

 
2,187

 
93

4.3
 %
 
8,745

 
8,198

 
547

6.7
 %
Provision for loan losses
797

 
675

 
681

 
764

 
818

 
(21
)
(2.6
)%
 
2,917

 
3,072

 
(155
)
(5.0
)%
Net interest income, after retailer share arrangements and provision for loan losses
1,483

 
1,511

 
1,449

 
1,385

 
1,369

 
114

8.3
 %
 
5,828

 
5,126

 
702

13.7
 %
Other income
162

 
96

 
112

 
115

 
130

 
32

24.6
 %
 
485

 
500

 
(15
)
(3.0
)%
Other expense
792

 
728

 
797

 
610

 
807

 
(15
)
(1.9
)%
 
2,927

 
2,484

 
443

17.8
 %
Earnings before provision for income taxes
853

 
879

 
764

 
890

 
692

 
161

23.3
 %
 
3,386

 
3,142

 
244

7.8
 %
Provision for income taxes
322

 
331

 
292

 
332

 
249

 
73

29.3
 %
 
1,277

 
1,163

 
114

9.8
 %
Net earnings
$
531

 
$
548

 
$
472

 
$
558

 
$
443

 
$
88

19.9
 %
 
$
2,109

 
$
1,979

 
$
130

6.6
 %
Net earnings attributable to common stockholders
$
531

 
$
548

 
$
472

 
$
558

 
$
443

 
$
88

19.9
 %
 
$
2,109


$
1,979


$
130

6.6
 %
 


 


 


 
 
 
 
 
 
 
 


 


 


 
COMMON SHARE STATISTICS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic EPS
$
0.64

 
$
0.70

 
$
0.67

 
$
0.79

 
$
0.63

 
$
0.01

1.6
 %
 
$
2.78

 
$
2.81

 
$
(0.03
)
(1.1
)%
Diluted EPS
$
0.64

 
$
0.70

 
$
0.67

 
$
0.79

 
$
0.63

 
$
0.01

1.6
 %
 
$
2.78

 
$
2.81

 
$
(0.03
)
(1.1
)%
Common stock price
$
29.75

 
$
24.55

 
n/a

 
n/a

 
n/a

 
$
29.75

n/a

 
$
29.75

 
n/a

 
$
29.75

n/a

Book value per share
$
12.57

 
$
11.92

 
$
9.06

 
$
8.57

 
$
8.45

 
$
4.12

48.8
 %
 
$
12.57

 
$
8.45

 
$
4.12

48.8
 %
Tangible book value per share(1)
$
10.81

 
$
10.25

 
$
7.06

 
$
6.56

 
$
6.68

 
$
4.13

61.8
 %
 
$
10.81

 
$
6.68

 
$
4.13

61.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning common shares outstanding
833.8

 
705.3

 
705.3

 
705.3

 
705.3

 
128.5

18.2
 %
 
705.3

 
705.3

 
—

—
 %
Issuance of common shares through initial public offering
—

 
128.5

 
—

 
—

 
—

 
—

NM

 
128.5

 
—

 
128.5

NM

Shares repurchased
—

 
—

 
—

 
—

 
—

 
—

NM

 
—

 
—

 
—

NM

Ending common shares outstanding
833.8

 
833.8

 
705.3

 
705.3

 
705.3

 
128.5

18.2
 %
 
833.8

 
705.3

 
128.5

18.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
833.8

 
781.8

 
705.3

 
705.3

 
705.3

 
128.5

18.2
 %
 
757.4

 
705.3

 
52.1

7.4
 %
Weighted average common shares outstanding (fully diluted)
834.3

 
781.9

 
705.3

 
705.3

 
705.3

 
129.0

18.3
 %
 
757.6

 
705.3

 
52.3

7.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

1


SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited, $ in millions, except account data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
Twelve months ended
 
 
 
 
Dec 31,
2014
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
 
4Q'14 vs. 4Q'13
 
Dec 31,
2014
 
Dec 31,
2013
 
YTD'14 vs. YTD'13
PERFORMANCE METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on assets(1)
2.7
%
 
3.2
%
 
3.1
%
 
3.9
%
 
3.0
%
 


(0.3
)%
 
3.2
%
 
3.5
%
 


(0.3
)%
Return on equity(2)
20.2
%
 
26.8
%
 
29.9
%
 
35.3
%
 
31.1
%
 


(10.9
)%
 
26.7
%
 
38.6
%
 


(11.9
)%
Return on tangible common equity(3)
23.4
%
 
32.4
%
 
38.5
%
 
44.2
%
 
40.0
%
 


(16.6
)%
 
32.4
%
 
51.1
%
 


(18.7
)%
Net interest margin(4)
15.60
%
 
17.11
%
 
17.84
%
 
18.83
%
 
19.30
%
 


(3.70
)%
 
17.20
%
 
18.78
%
 


(1.58
)%
Efficiency ratio(5)
32.4
%
 
31.9
%
 
35.5
%
 
26.9
%
 
34.8
%
 


(2.4
)%
 
31.7
%
 
28.6
%
 


3.1
 %
Other expense as a % of average loan receivables, including held for sale
5.16
%
 
5.09
%
 
5.77
%
 
4.51
%
 
5.77
%
 


(0.61
)%
 
5.13
%
 
4.74
%
 


0.39
 %
Effective income tax rate
37.7
%
 
37.7
%
 
38.2
%
 
37.3
%
 
36.0
%
 


1.7
 %
 
37.7
%
 
37.0
%
 


0.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CREDIT QUALITY METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs as a % of average loan receivables, including held for sale
4.32
%
 
4.05
%
 
4.88
%
 
4.86
%
 
5.13
%
 


(0.81
)%
 
4.51
%
 
4.68
%
 


(0.17
)%
30+ days past due as a % of period-end loan receivables
4.14
%
 
4.26
%
 
3.82
%
 
4.09
%
 
4.35
%
 


(0.21
)%
 
4.14
%
 
4.35
%
 


(0.21
)%
90+ days past due as a % of period-end loan receivables
1.90
%
 
1.85
%
 
1.65
%
 
1.93
%
 
1.96
%
 


(0.06
)%
 
1.90
%
 
1.96
%
 


(0.06
)%
Net charge-offs
$
663

 
$
579

 
$
673

 
$
658

 
$
718

 
$
(55
)
(7.7
)%
 
$
2,573

 
$
2,454

 
$
119

4.8
 %
Loan receivables delinquent over 30 days
$
2,536

 
$
2,416

 
$
2,097

 
$
2,220

 
$
2,488

 
$
48

1.9
 %
 
$
2,536

 
$
2,488

 
$
48

1.9
 %
Loan receivables delinquent over 90 days
$
1,162

 
$
1,051

 
$
908

 
$
1,046

 
$
1,121

 
$
41

3.7
 %
 
$
1,162

 
$
1,121

 
$
41

3.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses (period-end)
$
3,236

 
$
3,102

 
$
3,006

 
$
2,998

 
$
2,892

 
$
344

11.9
 %
 
$
3,236

 
$
2,892

 
$
344

11.9
 %
Allowance coverage ratio(6)
5.28
%
 
5.46
%
 
5.48
%
 
5.52
%
 
5.05
%
 


0.23
 %
 
5.28
%
 
5.05
%
 


0.23
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BUSINESS METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchase volume(7)
$
30,081

 
$
26,004

 
$
25,978

 
$
21,086

 
$
27,002

 
$
3,079

11.4
 %
 
$
103,149

 
$
93,858

 
$
9,291

9.9
 %
Period-end loan receivables
$
61,286

 
$
56,767

 
$
54,873

 
$
54,285

 
$
57,254

 
$
4,032

7.0
 %
 
$
61,286

 
$
57,254

 
$
4,032

7.0
 %
Credit cards
$
58,880

 
$
54,263

 
$
52,406

 
$
52,008

 
$
54,958

 
$
3,922

7.1
 %
 
$
58,880

 
$
54,958

 
$
3,922

7.1
 %
Consumer installment loans
$
1,063

 
$
1,081

 
$
1,047

 
$
963

 
$
965

 
$
98

10.2
 %
 
$
1,063

 
$
965

 
$
98

10.2
 %
Commercial credit products
$
1,320

 
$
1,404

 
$
1,405

 
$
1,299

 
$
1,317

 
$
3

0.2
 %
 
$
1,320

 
$
1,317

 
$
3

0.2
 %
Other
$
23

 
$
19

 
$
15

 
$
15

 
$
14

 
$
9

64.3
 %
 
$
23

 
$
14

 
$
9

64.3
 %
Average loan receivables, including held for sale
$
59,547

 
$
57,391

 
$
55,363

 
$
55,495

 
$
54,895

 
$
4,652

8.5
 %
 
$
57,101

 
$
52,407

 
$
4,694

9.0
 %
Period-end active accounts (in thousands)(8)
64,286

 
60,489

 
59,248

 
57,349

 
61,957

 
2,329

3.8
 %
 
64,286

 
61,957

 
2,329

3.8
 %
Average active accounts (in thousands)(8)
61,667

 
59,907

 
58,386

 
59,342

 
58,402

 
3,265

5.6
 %
 
60,009

 
56,253

 
3,756

6.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIQUIDITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liquid assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
11,828

 
$
14,808

 
$
6,782

 
$
5,331

 
$
2,319

 
$
9,509

NM

 
$
11,828

 
$
2,319

 
$
9,509

NM

Total liquid assets
$
12,942

 
$
14,077

 
$
6,119

 
$
4,806

 
$
2,058

 
$
10,884

NM

 
$
12,942

 
$
2,058

 
$
10,884

NM

Undrawn credit facilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undrawn committed securitization financings
$
6,100

 
$
5,650

 
$
5,650

 
$
450

 
$
—

 
$
6,100

NM

 
$
6,100

 
$
—

 
$
6,100

NM

Total liquid assets and undrawn credit facilities
$
19,042

 
$
19,727

 
$
11,769

 
$
5,256

 
$
2,058

 
$
16,984

NM

 
$
19,042

 
$
2,058

 
$
16,984

NM

Liquid assets % of total assets
17.09
%
 
19.16
%
 
9.69
%
 
8.11
%
 
3.48
%
 


13.61
 %
 
17.09
%
 
3.48
%
 


13.61
 %
Liquid assets including undrawn committed securitization financings % of total assets
25.15
%
 
26.85
%
 
18.63
%
 
8.87
%
 
3.48
%
 


21.67
 %
 
25.15
%
 
3.48
%
 


21.67
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Return on assets represents net earnings as a percentage of average total assets.
(2) Return on equity represents net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents net earnings as a percentage of average tangible common equity. Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a
GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Net interest margin represents net interest income divided by average interest earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, after retailer share arrangements, plus other income.
(6) Allowance coverage ratio represents allowance for loan losses divided by total period-end loan receivables.
(7) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(8) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

2


SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENTS OF EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited, $ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
Twelve months ended
 
 
 
 
Dec 31,
2014
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
 
4Q'14 vs. 4Q'13
 
Dec 31,
2014
 
Dec 31,
2013
 
YTD'14 vs. YTD'13
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
3,252

 
$
3,116

 
$
2,920

 
$
2,928

 
$
3,032

 
$
220

7.3
 %
 
$
12,216

 
$
11,295

 
$
921

8.2
 %
Interest on investment securities
8

 
7

 
6

 
5

 
5

 
3

60.0
 %
 
26

 
18

 
8

44.4
 %
Total interest income
3,260

 
3,123

 
2,926

 
2,933

 
3,037

 
223

7.3
 %
 
12,242

 
11,313

 
929

8.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
139

 
126

 
109

 
96

 
93

 
46

49.5
 %
 
470

 
374

 
96

25.7
 %
Interest on borrowings of consolidated securitization entities
57

 
57

 
54

 
47

 
49

 
8

16.3
 %
 
215

 
211

 
4

1.9
 %
Interest on third party debt
78

 
46

 
—

 
—

 
—

 
78

NM

 
124

 
—

 
124

NM

Interest on related party debt
8

 
15

 
43

 
47

 
46

 
(38
)
(82.6
)%
 
113

 
157

 
(44
)
(28.0
)%
Total interest expense
282

 
244

 
206

 
190

 
188

 
94

50.0
 %
 
922

 
742

 
180

24.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
2,978

 
2,879

 
2,720

 
2,743

 
2,849

 
129

4.5
 %
 
11,320

 
10,571

 
749

7.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retailer share arrangements
(698
)
 
(693
)
 
(590
)
 
(594
)
 
(662
)
 
(36
)
5.4
 %
 
(2,575
)
 
(2,373
)
 
(202
)
8.5
 %
Net interest income, after retailer share arrangements
2,280

 
2,186

 
2,130

 
2,149

 
2,187

 
93

4.3
 %
 
8,745

 
8,198

 
547

6.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for loan losses
797

 
675

 
681

 
764

 
818

 
(21
)
(2.6
)%
 
2,917

 
3,072

 
(155
)
(5.0
)%
Net interest income, after retailer share arrangements and provision for loan losses
1,483

 
1,511

 
1,449

 
1,385

 
1,369

 
114

8.3
 %
 
5,828

 
5,126

 
702

13.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interchange revenue
120

 
101

 
92

 
76

 
89

 
31

34.8
 %
 
389

 
324

 
65

20.1
 %
Debt cancellation fees
67

 
68

 
70

 
70

 
88

 
(21
)
(23.9
)%
 
275

 
324

 
(49
)
(15.1
)%
Loyalty programs
(91
)
 
(84
)
 
(63
)
 
(43
)
 
(57
)
 
(34
)
59.6
 %
 
(281
)
 
(213
)
 
(68
)
31.9
 %
Other
66

 
11

 
13

 
12

 
10

 
56

NM

 
102

 
65

 
37

56.9
 %
Total other income
162

 
96

 
112

 
115

 
130

 
32

24.6
 %
 
485

 
500

 
(15
)
(3.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee costs
227

 
239

 
207

 
193

 
190

 
37

19.5
 %
 
866

 
698

 
168

24.1
 %
Professional fees
152

 
159

 
155

 
141

 
157

 
(5
)
(3.2
)%
 
607

 
486

 
121

24.9
 %
Marketing and business development
165

 
115

 
97

 
83

 
117

 
48

41.0
 %
 
460

 
269

 
191

71.0
 %
Information processing
60

 
47

 
53

 
52

 
52

 
8

15.4
 %
 
212

 
193

 
19

9.8
 %
Other
188

 
168

 
285

 
141

 
291

 
(103
)
(35.4
)%
 
782

 
838

 
(56
)
(6.7
)%
Total other expense
792

 
728

 
797

 
610

 
807

 
(15
)
(1.9
)%
 
2,927

 
2,484

 
443

17.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before provision for income taxes
853

 
879

 
764

 
890

 
692

 
161

23.3
 %
 
3,386

 
3,142

 
244

7.8
 %
Provision for income taxes
322

 
331

 
292

 
332

 
249

 
73

29.3
 %
 
1,277

 
1,163

 
114

9.8
 %
Net earnings attributable to common shareholders
$
531

 
$
548

 
$
472

 
$
558

 
$
443

 
$
88

19.9
 %
 
$
2,109

 
$
1,979

 
$
130

6.6
 %

3


SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENTS OF FINANCIAL POSITION
 
 
 
 
 
 
 
 
 
 
(unaudited, $ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
Dec 31,
2014
 
Sep 30,
2014
 
Jun 30,
2014
 
Mar 31,
2014
 
Dec 31,
2013
 
Dec 31, 2014 vs.
Dec 31, 2013
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
11,828

 
$
14,808

 
$
6,782

 
$
5,331

 
$
2,319

 
$
9,509

NM

Investment securities
1,598

 
325

 
298

 
265

 
236

 
1,362

NM

Loan receivables:
 
 
 
 
 
 
 
 
 
 
 
 
Unsecuritized loans held for investment
34,335

 
30,474

 
28,280

 
29,101

 
31,183

 
3,152

10.1
 %
Restricted loans of consolidated securitization entities
26,951

 
26,293

 
26,593

 
25,184

 
26,071

 
880

3.4
 %
Total loan receivables
61,286

 
56,767

 
54,873

 
54,285

 
57,254

 
4,032

7.0
 %
Less: Allowance for loan losses
(3,236
)
 
(3,102
)
 
(3,006
)
 
(2,998
)
 
(2,892
)
 
(344
)
11.9
 %
Loan receivables, net
58,050

 
53,665

 
51,867

 
51,287

 
54,362

 
3,688

6.8
 %
Loan receivables held for sale
332

 
1,493

 
1,458

 
—

 
—

 
332

NM

Goodwill
949

 
949

 
949

 
949

 
949

 
—

—
 %
Intangible assets, net
519

 
449

 
463

 
464

 
300

 
219

73.0
 %
Other assets
2,431

 
1,780

 
1,358

 
949

 
919

 
1,512

164.5
 %
Total assets
$
75,707

 
$
73,469

 
$
63,175

 
$
59,245

 
$
59,085

 
$
16,622

28.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposit accounts
$
34,847

 
$
32,480

 
$
30,258

 
$
27,123

 
$
25,360

 
$
9,487

37.4
 %
Non-interest-bearing deposit accounts
108

 
209

 
204

 
235

 
359

 
(251
)
(69.9
)%
Total deposits
34,955

 
32,689

 
30,462

 
27,358

 
25,719

 
9,236

35.9
 %
Borrowings:
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings of consolidated securitization entities
14,967

 
15,091

 
15,114

 
14,642

 
15,362

 
(395
)
(2.6
)%
Bank term loan facility
8,245

 
7,495

 
—

 
—

 
—

 
8,245

NM

Senior unsecured notes
3,593

 
3,593

 
—

 
—

 
—

 
3,593

NM

Related party debt
655

 
1,405

 
7,859

 
8,062

 
8,959

 
(8,304
)
(92.7
)%
Total borrowings
27,460

 
27,584

 
22,973

 
22,704

 
24,321

 
3,139

12.9
 %
Accrued expenses and other liabilities
2,814

 
3,255

 
3,347

 
3,141

 
3,085

 
(271
)
(8.8
)%
Total liabilities
65,229

 
63,528

 
56,782

 
53,203

 
53,125

 
12,104

22.8
 %
Equity:
 
 
 
 
 
 
 
 
 
 
 
 
Parent’s net investment
—

 
—

 
—

 
6,052

 
5,973

 
(5,973
)
(100.0
)%
Common stock
1

 
1

 
1

 
—

 
—

 
1

NM

Additional paid-in-capital
9,408

 
9,401

 
6,399

 
—

 
—

 
9,408

NM

Retained earnings
1,079

 
548

 
—

 
—

 
—

 
1,079

NM

Accumulated other comprehensive income:
(10
)
 
(9
)
 
(7
)
 
(10
)
 
(13
)
 
3

(23.1
)%
Total equity
10,478

 
9,941

 
6,393

 
6,042

 
5,960

 
4,518

75.8
 %
Total liabilities and equity
$
75,707

 
$
73,469

 
$
63,175

 
$
59,245

 
$
59,085

 
$
16,622

28.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 

4


SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited, $ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Dec 31, 2014
 
Sep 30, 2014
 
Jun 30, 2014
 
Mar 31, 2014
 
Dec 31, 2013
 
 
Interest
 
Average
 
 
Interest
 
Average
 
 
Interest
 
Average
 
 
 
Interest
 
Average
 
 
 
Interest
 
Average
 
Average
 
Income/
 
Yield/
 
Average
 
Income/
 
Yield/
 
Average
 
Income/
 
Yield/
 
Average
 
Income/
 
Yield/
 
Average
 
Income/
 
Yield/
 
Balance
 
Expense
 
Rate
 
Balance
 
Expense
 
Rate
 
Balance
 
Expense
 
Rate
 
Balance
 
Expense
 
Rate
 
Balance
 
Expense
 
Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning cash and equivalents
$
13,631

 
$
7

 
0.20
%
 
$
9,793

 
$
4

 
0.16
%
 
$
5,489

 
$
3

 
0.22
%
 
$
4,001

 
$
2

 
0.21
%
 
$
2,792

 
$
2

 
0.28
%
Securities available for sale
962

 
1

 
0.40
%
 
309

 
3

 
3.89
%
 
285

 
3

 
4.22
%
 
250

 
3

 
4.92
%
 
237

 
3

 
4.97
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit cards, including held for sale
57,075

 
3,186

 
21.68
%
 
54,891

 
3,054

 
22.32
%
 
52,957

 
2,860

 
21.66
%
 
53,211

 
2,867

 
22.10
%
 
52,271

 
2,963

 
22.25
%
Consumer installment loans
1,072

 
27

 
9.78
%
 
1,070

 
25

 
9.37
%
 
1,004

 
24

 
9.59
%
 
959

 
23

 
9.84
%
 
1,249

 
29

 
9.11
%
Commercial credit products
1,379

 
38

 
10.70
%
 
1,412

 
37

 
10.51
%
 
1,387

 
36

 
10.41
%
 
1,311

 
38

 
11.89
%