Exhibit 99.2


SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
FINANCIAL SUMMARY
 
 
 
 
 
 
 
 
 
 
(unaudited, in millions, except per share statistics)
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
Mar 31,
2020
 
Dec 31,
2019
 
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
1Q'20 vs. 1Q'19
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
$
3,890

 
$
4,029

 
$
4,389

 
$
4,155

 
$
4,226

 
$
(336
)
(8.0
)%
Retailer share arrangements
(926
)
 
(1,029
)
 
(1,016
)
 
(859
)
 
(954
)
 
28

(2.9
)%
Provision for credit losses
1,677

 
1,104

 
1,019

 
1,198

 
859

 
818

95.2
 %
Net interest income, after retailer share arrangements and provision for credit losses
1,287

 
1,896

 
2,354

 
2,098

 
2,413

 
(1,126
)
(46.7
)%
Other income
97

 
104

 
85

 
90

 
92

 
5

5.4
 %
Other expense
1,002

 
1,079

 
1,064

 
1,059

 
1,043

 
(41
)
(3.9
)%
Earnings before provision for income taxes
382

 
921

 
1,375

 
1,129

 
1,462

 
(1,080
)
(73.9
)%
Provision for income taxes
96

 
190

 
319

 
276

 
355

 
(259
)
(73.0
)%
Net earnings
$
286

 
$
731

 
$
1,056

 
$
853

 
$
1,107

 
$
(821
)
(74.2
)%
Net earnings available to common stockholders
$
275

 
$
731

 
$
1,056

 
$
853

 
$
1,107

 
$
(832
)
(75.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


 


 
 
 
 
 
 
 
COMMON SHARE STATISTICS
 
 
 
 
 
 
 
 
 
 
 
 
Basic EPS
$
0.45

 
$
1.15

 
$
1.60

 
$
1.25

 
$
1.57

 
$
(1.12
)
(71.3
)%
Diluted EPS
$
0.45

 
$
1.15

 
$
1.60

 
$
1.24

 
$
1.56

 
$
(1.11
)
(71.2
)%
Dividend declared per share
$
0.22

 
$
0.22

 
$
0.22

 
$
0.21

 
$
0.21

 
$
0.01

4.8
 %
Common stock price
$
16.09

 
$
36.01

 
$
34.09

 
$
34.67

 
$
31.90

 
$
(15.81
)
(49.6
)%
Book value per share
$
19.27

 
$
23.31

 
$
23.13

 
$
22.03

 
$
21.35

 
$
(2.08
)
(9.7
)%
Tangible common equity per share(1)
$
15.35

 
$
19.50

 
$
19.68

 
$
18.60

 
$
17.96

 
$
(2.61
)
(14.5
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning common shares outstanding
615.9

 
653.7

 
668.9

 
688.8

 
718.8

 
(102.9
)
(14.3
)%
Issuance of common shares

 

 

 

 

 

 %
Stock-based compensation
0.9

 
0.6

 
0.4

 
1.2

 
0.9

 

 %
Shares repurchased
(33.6
)
 
(38.4
)
 
(15.6
)
 
(21.1
)
 
(30.9
)
 
(2.7
)
8.7
 %
Ending common shares outstanding
583.2

 
615.9

 
653.7

 
668.9

 
688.8

 
(105.6
)
(15.3
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
604.9

 
633.7

 
658.3

 
683.6

 
706.3

 
(101.4
)
(14.4
)%
Weighted average common shares outstanding (fully diluted)
607.4

 
637.7

 
661.7

 
686.5

 
708.9

 
(101.5
)
(14.3
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
(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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
 
Mar 31,
2020
 
Dec 31,
2019
 
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
1Q'20 vs. 1Q'19
 
PERFORMANCE METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
Return on assets(1)
1.1
%
 
2.7
%
 
3.9
%
 
3.3
%
 
4.3
%
 


(3.2
)%
 
Return on equity(2)
9.1
%
 
19.0
%
 
28.3
%
 
23.1
%
 
30.4
%
 


(21.3
)%
 
Return on tangible common equity(3)
11.6
%
 
23.0
%
 
33.4
%
 
27.4
%
 
35.8
%
 


(24.2
)%
 
Net interest margin(4)
15.15
%
 
15.01
%
 
16.29
%
 
15.75
%
 
16.08
%
 


(0.93
)%
 
Efficiency ratio(5)
32.7
%
 
34.8
%
 
30.8
%
 
31.3
%
 
31.0
%
 


1.7
 %
 
Other expense as a % of average loan receivables, including held for sale
4.77
%
 
5.01
%
 
4.66
%
 
4.78
%
 
4.71
%
 


0.06
 %
 
Effective income tax rate
25.1
%
 
20.6
%
 
23.2
%
 
24.4
%
 
24.3
%
 


0.8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CREDIT QUALITY METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs as a % of average loan receivables, including held for sale
5.36
%
 
5.15
%
 
5.35
%
 
6.01
%
 
6.06
%
 


(0.70
)%
 
30+ days past due as a % of period-end loan receivables(6)
4.24
%
 
4.44
%
 
4.47
%
 
4.43
%
 
4.92
%
 


(0.68
)%
 
90+ days past due as a % of period-end loan receivables(6)
2.10
%
 
2.15
%
 
2.07
%
 
2.16
%
 
2.51
%
 


(0.41
)%
 
Net charge-offs
$
1,125

 
$
1,109

 
$
1,221

 
$
1,331

 
$
1,344

 
$
(219
)
(16.3
)%
 
Loan receivables delinquent over 30 days(6)
$
3,500

 
$
3,874

 
$
3,723

 
$
3,625

 
$
3,957

 
$
(457
)
(11.5
)%
 
Loan receivables delinquent over 90 days(6)
$
1,735

 
$
1,877

 
$
1,723

 
$
1,768

 
$
2,019

 
$
(284
)
(14.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for credit losses (period-end)
$
9,175

 
$
5,602

 
$
5,607

 
$
5,809

 
$
5,942

 
$
3,233

54.4
 %
 
Allowance coverage ratio(7)
11.13
%
 
6.42
%
 
6.74
%
 
7.10
%
 
7.39
%
 


3.74
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BUSINESS METRICS
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchase volume(8)(9)
$
32,042

 
$
40,212

 
$
38,395

 
$
38,291

 
$
32,513

 
$
(471
)
(1.4
)%
 
Period-end loan receivables
$
82,469

 
$
87,215

 
$
83,207

 
$
81,796

 
$
80,405

 
$
2,064

2.6
 %
 
Credit cards
$
79,832

 
$
84,606

 
$
79,788

 
$
78,446

 
$
77,251

 
$
2,581

3.3
 %
 
Consumer installment loans
$
1,390

 
$
1,347

 
$
2,050

 
$
1,983

 
$
1,860

 
$
(470
)
(25.3
)%
 
Commercial credit products
$
1,203

 
$
1,223

 
$
1,317

 
$
1,328

 
$
1,256

 
$
(53
)
(4.2
)%
 
Other
$
44

 
$
39

 
$
52

 
$
39

 
$
38

 
$
6

15.8
 %
 
Average loan receivables, including held for sale
$
84,428

 
$
85,376

 
$
90,556

 
$
88,792

 
$
89,903

 
$
(5,475
)
(6.1
)%
 
Period-end active accounts (in thousands)(9)(10)
68,849

 
75,471

 
77,094

 
76,065

 
74,812

 
(5,963
)
(8.0
)%
 
Average active accounts (in thousands)(9)(10)
72,078

 
73,734

 
76,695

 
75,525

 
77,132

 
(5,054
)
(6.6
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIQUIDITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Liquid assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
13,704

 
$
12,147

 
$
11,461

 
$
11,755

 
$
12,963

 
$
741

5.7
 %
 
Total liquid assets
$
19,225

 
$
17,322

 
$
15,201

 
$
16,665

 
$
17,360

 
$
1,865

10.7
 %
 
Undrawn credit facilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Undrawn credit facilities
$
5,600

 
$
6,050

 
$
6,500

 
$
7,050

 
$
6,050

 
$
(450
)
(7.4
)%
 
Total liquid assets and undrawn credit facilities
$
24,825

 
$
23,372

 
$
21,701

 
$
23,715

 
$
23,410

 
$
1,415

6.0
 %
 
Liquid assets % of total assets
19.61
%
 
16.52
%
 
14.35
%
 
15.66
%
 
16.47
%
 


3.14
 %
 
Liquid assets including undrawn credit facilities % of total assets
25.32
%
 
22.30
%
 
20.48
%
 
22.29
%
 
22.21
%
 


3.11
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 available to common stockholders 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, plus other income, less retailer share arrangements.
 
(6) Based on customer statement-end balances extrapolated to the respective period-end date.
 
(7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.
 
(8) 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.
 
(9) Includes activity and accounts associated with loan receivables held for sale.
 
(10) 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
 
 
 
 
 
Mar 31,
2020
 
Dec 31,
2019
 
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
1Q'20 vs. 1Q'19
 
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
4,340

 
$
4,492

 
$
4,890

 
$
4,636

 
$
4,687

 
$
(347
)
(7.4
)%
 
Interest on cash and debt securities
67

 
93

 
91

 
102

 
99

 
(32
)
(32.3
)%
 
Total interest income
4,407

 
4,585

 
4,981

 
4,738

 
4,786

 
(379
)
(7.9
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
356

 
383

 
411

 
397

 
375

 
(19
)
(5.1
)%
 
Interest on borrowings of consolidated securitization entities
73

 
80

 
88

 
90

 
100

 
(27
)
(27.0
)%
 
Interest on senior unsecured notes
88

 
93

 
93

 
96

 
85

 
3

3.5
 %
 
Total interest expense
517

 
556

 
592

 
583

 
560

 
(43
)
(7.7
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
3,890

 
4,029

 
4,389

 
4,155

 
4,226

 
(336
)
(8.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retailer share arrangements
(926
)
 
(1,029
)
 
(1,016
)
 
(859
)
 
(954
)
 
28

(2.9
)%
 
Provision for credit losses
1,677

 
1,104

 
1,019

 
1,198

 
859

 
818

95.2
 %
 
Net interest income, after retailer share arrangements and provision for credit losses
1,287

 
1,896

 
2,354

 
2,098

 
2,413

 
(1,126
)
(46.7
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interchange revenue
161

 
192

 
197

 
194

 
165

 
(4
)
(2.4
)%
 
Debt cancellation fees
69

 
64

 
64

 
69

 
68

 
1

1.5
 %
 
Loyalty programs
(158
)
 
(181
)
 
(203
)
 
(192
)
 
(167
)
 
9

(5.4
)%
 
Other
25

 
29

 
27

 
19

 
26

 
(1
)
(3.8
)%
 
Total other income
97

 
104

 
85

 
90

 
92

 
5

5.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee costs
324

 
385

 
359

 
358

 
353

 
(29
)
(8.2
)%
 
Professional fees
197

 
199

 
205

 
231

 
232

 
(35
)
(15.1
)%
 
Marketing and business development
111

 
152

 
139

 
135

 
123

 
(12
)
(9.8
)%
 
Information processing
123

 
122

 
127

 
123

 
113

 
10

8.8
 %
 
Other
247

 
221

 
234

 
212

 
222

 
25

11.3
 %
 
Total other expense
1,002

 
1,079

 
1,064

 
1,059

 
1,043

 
(41
)
(3.9
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before provision for income taxes
382

 
921

 
1,375

 
1,129

 
1,462

 
(1,080
)
(73.9
)%
 
Provision for income taxes
96

 
190

 
319

 
276

 
355

 
(259
)
(73.0
)%
 
Net earnings
$
286

 
$
731

 
$
1,056

 
$
853

 
$
1,107

 
$
(821
)
(74.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings available to common stockholders
$
275

 
$
731

 
$
1,056

 
$
853

 
$
1,107

 
$
(832
)
(75.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 


3



SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENTS OF FINANCIAL POSITION
 
 
 
 
 
 
 
 
 
 
(unaudited, $ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
Mar 31,
2020
 
Dec 31,
2019
 
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Mar 31, 2020 vs. Mar 31, 2019
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and equivalents
$
13,704

 
$
12,147

 
$
11,461

 
$
11,755

 
$
12,963

 
$
741

5.7
 %
Debt securities
6,146

 
5,911

 
4,584

 
6,147

 
5,506

 
640

11.6
 %
Loan receivables:
 
 
 
 
 
 
 
 
 
 
 
 
Unsecuritized loans held for investment
54,765

 
58,398

 
56,220

 
55,178

 
54,907

 
(142
)
(0.3
)%
Restricted loans of consolidated securitization entities
27,704

 
28,817

 
26,987

 
26,618

 
25,498

 
2,206

8.7
 %
Total loan receivables
82,469

 
87,215

 
83,207

 
81,796

 
80,405

 
2,064

2.6
 %
Less: Allowance for credit losses(1)
(9,175
)
 
(5,602
)
 
(5,607
)
 
(5,809
)
 
(5,942
)
 
(3,233
)
54.4
 %
Loan receivables, net
73,294

 
81,613

 
77,600

 
75,987

 
74,463

 
(1,169
)
(1.6
)%
Loan receivables held for sale
5

 
725

 
8,182

 
8,096

 
8,052

 
(8,047
)
(99.9
)%
Goodwill
1,078

 
1,078

 
1,078

 
1,078

 
1,076

 
2

0.2
 %
Intangible assets, net
1,208

 
1,265

 
1,177

 
1,215

 
1,259

 
(51
)
(4.1
)%
Other assets
2,603

 
2,087

 
1,861

 
2,110

 
2,065

 
538

26.1
 %
Total assets
$
98,038

 
$
104,826

 
$
105,943

 
$
106,388

 
$
105,384

 
$
(7,346
)
(7.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposit accounts
$
64,302

 
$
64,877

 
$
65,677

 
$
65,382

 
$
63,787

 
$
515

0.8
 %
Non-interest-bearing deposit accounts
313

 
277

 
295

 
263

 
273

 
40

14.7
 %
Total deposits
64,615

 
65,154

 
65,972

 
65,645

 
64,060

 
555

0.9
 %
Borrowings:
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings of consolidated securitization entities
9,291

 
10,412

 
10,912

 
11,941

 
12,091

 
(2,800
)
(23.2
)%
Senior unsecured notes
7,957

 
9,454

 
9,451

 
9,303

 
9,800

 
(1,843
)
(18.8
)%
Total borrowings
17,248

 
19,866

 
20,363

 
21,244

 
21,891

 
(4,643
)
(21.2
)%
Accrued expenses and other liabilities
4,205

 
4,718

 
4,488

 
4,765

 
4,724

 
(519
)
(11.0
)%
Total liabilities
86,068

 
89,738

 
90,823

 
91,654

 
90,675

 
(4,607
)
(5.1
)%
Equity:
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
734

 
734

 

 

 

 
734

NM

Common stock
1

 
1

 
1

 
1

 
1

 

 %
Additional paid-in capital
9,523

 
9,537

 
9,520

 
9,500

 
9,489

 
34

0.4
 %
Retained earnings
9,960

 
12,117

 
11,533

 
10,627

 
9,939

 
21

0.2
 %
Accumulated other comprehensive income:
(49
)
 
(58
)
 
(44
)
 
(43
)
 
(56
)
 
7

(12.5
)%
Treasury stock
(8,199
)
 
(7,243
)
 
(5,890
)
 
(5,351
)
 
(4,664
)
 
(3,535
)
75.8
 %
Total equity
11,970

 
15,088

 
15,120

 
14,734

 
14,709

 
(2,739
)
(18.6
)%
Total liabilities and equity
$
98,038

 
$
104,826

 
$
105,943

 
$
106,388

 
$
105,384

 
$
(7,346
)
(7.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses ("CECL") that measures the allowance for credit losses based on management’s best estimate of expected credit losses for the life of our loan receivables. Prior periods presented reflect measurement of the allowance based on management’s estimate of probable incurred credit losses in accordance with the previous accounting guidance effective for those periods.

4



SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited, $ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Mar 31, 2020
 
Dec 31, 2019
 
Sep 30, 2019
 
Jun 30, 2019
 
Mar 31, 2019
 
 
 
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
$
12,902

 
$
42

 
1.31
%
 
$
16,269

 
$
68

 
1.66
%
 
$
10,947

 
$
59

 
2.14
%
 
$
10,989

 
$
66

 
2.41
%
 
$
11,033

 
$
65

 
2.39
%
Securities available for sale
5,954

 
25

 
1.69
%
 
4,828

 
25

 
2.05
%
 
5,389

 
32

 
2.36
%
 
6,010

 
36

 
2.40
%
 
5,640

 
34

 
2.44
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan receivables, including held for sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit cards
81,716

 
4,272

 
21.03
%
 
81,960

 
4,409

 
21.34
%
 
87,156

 
4,807

 
21.88
%
 
85,488

 
4,557

 
21.38
%
 
86,768

 
4,611

 
21.55
%
Consumer installment loans
1,432

 
35

 
9.83
%
 
2,058

 
48

 
9.25
%
 
2,022

 
48

 
9.42
%
 
1,924

 
44

 
9.17
%
 
1,844

 
42

 
9.24
%
Commercial credit products
1,243

 
33

 
10.68
%
 
1,311

 
34

 
10.29
%
 
1,329

 
35

 
10.45
%
 
1,330

 
34

 
10.25
%
 
1,252

 
34

 
11.01
%
Other
37

 

 
%
 
47

 
1

 
NM

 
49

 

 
%
 
50

 
1

 
NM

 
39

 

 
%
Total loan receivables, including held for sale
84,428

 
4,340

 
20.67
%
 
85,376

 
4,492

 
20.87
%
 
90,556

 
4,890

 
21.42
%
 
88,792

 
4,636

 
20.94
%
 
89,903

 
4,687

 
21.14
%
Total interest-earning assets
103,284

 
4,407

 
17.16
%
 
106,473

 
4,585

 
17.08
%
 
106,892

 
4,981

 
18.49
%
 
105,791

 
4,738

 
17.96
%
 
106,576

 
4,786

 
18.21
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
1,450

 
 
 
 
 
1,326

 
 
 
 
 
1,374

 
 
 
 
 
1,271

 
 
 
 
 
1,335

 
 
 
 
Allowance for credit losses
(8,708
)
 
 
 
 
 
(5,593
)
 
 
 
 
 
(5,773
)
 
 
 
 
 
(5,911
)
 
 
 
 
 
(6,341
)
 
 
 
 
Other assets
4,696

 
 
 
 
 
3,872

 
 
 
 
 
3,920

 
 
 
 
 
3,752

 
 
 
 
 
3,729

 
 
 
 
Total non-interest-earning assets
(2,562
)
 
 
 
 
 
(395
)
 
 
 
 
 
(479
)
 
 
 
 
 
(888
)
 
 
 
 
 
(1,277
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
100,722

 
 
 
 
 
$
106,078

 
 
 
 
 
$
106,413

 
 
 
 
 
$
104,903

 
 
 
 
 
$
105,299

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposit accounts
$
64,366

 
$
356

 
2.22
%
 
$
65,380

 
$
383

 
2.32
%
 
$
65,615

 
$
411

 
2.49
%
 
$
64,226

 
$
397

 
2.48
%
 
$
63,776

 
$
375

 
2.38
%
Borrowings of consolidated securitization entities
9,986

 
73

 
2.94
%
 
10,831

 
80

 
2.93
%
 
11,770

 
88

 
2.97
%
 
11,785

 
90

 
3.06
%
 
13,407

 
100

 
3.02
%
Senior unsecured notes
8,807

 
88

 
4.02
%
 
9,452

 
93

 
3.90
%
 
9,347

 
93

 
3.95
%
 
9,543

 
96

 
4.03
%
 
8,892

 
85

 
3.88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total interest-bearing liabilities
83,159

 
517

 
2.50
%
 
85,663

 
556

 
2.58
%
 
86,732

 
592

 
2.71
%
 
85,554

 
583

 
2.73
%
 
86,075

 
560

 
2.64
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest-bearing liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-interest-bearing deposit accounts
299

 
 
 
 
 
281

 
 
 
 
 
283

 
 
 
 
 
271

 
 
 
 
 
286

 
 
 
 
Other liabilities
4,672

 
 
 
 
 
4,906

 
 
 
 
 
4,570

 
 
 
 
 
4,260

 
 
 
 
 
4,148

 
 
 
 
Total non-interest-bearing liabilities
4,971

 
 
 
 
 
5,187

 
 
 
 
 
4,853

 
 
 
 
 
4,531

 
 
 
 
 
4,434

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
88,130

 
 
 
 
 
90,850

 
 
 
 
 
91,585

 
 
 
 
 
90,085

 
 
 
 
 
90,509

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total equity
12,592

 
 
 
 
 
15,228

 
 
 
 
 
14,828

 
 
 
 
 
14,818

 
 
 
 
 
14,790

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
$
100,722

 
 
 
 
 
$
106,078

 
 
 
 
 
$
106,413

 
 
 
 
 
$
104,903

 
 
 
 
 
$
105,299

 
 
 
 
Net interest income
 
 
$
3,890

 
 
 
 
 
$
4,029

 
 
 
 
 
$
4,389

 
 
 
 
 
$
4,155

 
 
 
 
 
$
4,226

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate spread(1)
 
 
 
 
14.66
%
 
 
 
 
 
14.50
%
 
 
 
 
 
15.78
%
 
 
 
 
 
15.23
%
 
 
 
 
 
15.57
%
Net interest margin(2)
 
 
 
 
15.15
%
 
 
 
 
 
15.01
%
 
 
 
 
 
16.29
%
 
 
 
 
 
15.75
%
 
 
 
 
 
16.08
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.

5



SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
BALANCE SHEET STATISTICS
 
 
 
 
 
 
 
 
 
 
 
 
(unaudited, $ in millions, except per share statistics)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
Mar 31,
2020
 
Dec 31,
2019
 
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
Mar 31, 2020 vs.
Mar 31, 2019
BALANCE SHEET STATISTICS
 
 
 
 
 
 
 
 
 
 
 
 
Total common equity
$
11,236

 
$
14,354

 
$
15,120

 
$
14,734

 
$
14,709

 
$
(3,473
)
(23.6
)%
Total common equity as a % of total assets
11.46
%
 
13.69
%
 
14.27
%
 
13.85
%
 
13.96
%
 

(2.50
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Tangible assets
$
95,752

 
$
102,483

 
$
103,688

 
$
104,095

 
$
103,049

 
$
(7,297
)
(7.1
)%
Tangible common equity(1)
$
8,950

 
$
12,011

 
$
12,865

 
$
12,441

 
$
12,374

 
$
(3,424
)
(27.7
)%
Tangible common equity as a % of tangible assets(1)
9.35
%
 
11.72
%
 
12.41
%
 
11.95
%
 
12.01
%
 

(2.66
)%
Tangible common equity per share(1)
$
15.35

 
$
19.50

 
$
19.68

 
$
18.60

 
$
17.96

 
$
(2.61
)
(14.5
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
REGULATORY CAPITAL RATIOS(2)(3)
 
 
 
 
 
 
 
 
 
 
 
 

Basel III - CECL Transition
 
Basel III
 
 
 
Total risk-based capital ratio(4)
16.5
%
 
16.3
%
 
15.8
%
 
15.6
%
 
15.8
%
 
 
 
Tier 1 risk-based capital ratio(5)
15.2
%
 
15.0
%
 
14.5
%
 
14.3
%
 
14.5
%
 
 
 
Tier 1 leverage ratio(6)
12.3
%
 
12.6
%
 
12.6
%
 
12.4
%
 
12.3
%
 
 
 
Common equity Tier 1 capital ratio
14.3
%
 
14.1
%
 
14.5
%
 
14.3
%
 
14.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Regulatory capital ratios at March 31, 2020 are preliminary and therefore subject to change.
(3) Capital ratios at March 31, 2020 reflect election to delay for two years an estimate of CECL’s effect on regulatory capital in accordance with the interim final rule issued by U.S. banking agencies in March 2020.
(4) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(5) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(6) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. Tier 1 leverage ratios are based upon the use of daily averages for all periods presented.



 
 
 
 
 
 
 
 
 
 
 
 
 

6



SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
 
PLATFORM RESULTS
 
 
 
 
 
(unaudited, $ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
 
 
Mar 31,
2020
 
Dec 31,
2019
 
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
 
1Q'20 vs. 1Q'19
RETAIL CARD
 
 
 
 
 
 
 
 
 
 
 
 
Purchase volume(1)(2)
$
24,008

 
$
30,968

 
$
29,282

 
$
29,530

 
$
24,660

 
$
(652
)
(2.6
)%
Period-end loan receivables
$
52,390

 
$
56,387

 
$
52,697

 
$
52,307

 
$
51,572

 
$
818

1.6
 %
Average loan receivables, including held for sale
$
53,820

 
$
54,505

 
$
60,660

 
$
59,861

 
$
60,964

 
$
(7,144
)
(11.7
)%
Average active accounts (in thousands)(2)(3)
53,018

 
54,662

 
58,082

 
57,212

 
58,632

 
(5,614
)
(9.6
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
3,037

 
$
3,143

 
$
3,570

 
$
3,390

 
$
3,454

 
$
(417
)
(12.1
)%
Other income
$
59

 
$
77

 
$
65

 
$
59

 
$
76

 
$
(17
)
(22.4
)%
Retailer share arrangements
$
(904
)
 
$
(988
)
 
$
(998
)
 
$
(836
)
 
$
(940
)
 
$
36

(3.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
PAYMENT SOLUTIONS
 
 
 
 
 
 
 
 
 
 
 
 
Purchase volume(1)(2)
$
5,375

 
$
6,402

 
$
6,281

 
$
5,948

 
$
5,249

 
$
126

2.4
 %
Period-end loan receivables
$
19,973

 
$
20,528

 
$
20,478

 
$
19,766

 
$
19,379

 
$
594

3.1
 %
Average loan receivables, including held for sale
$
20,344

 
$
20,701

 
$
20,051

 
$
19,409

 
$
19,497

 
$
847

4.3
 %
Average active accounts (in thousands)(2)(3)
12,681

 
12,713

 
12,384

 
12,227

 
12,406

 
275

2.2
 %
 

 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
706

 
$
737

 
$
721

 
$
685

 
$
686

 
$
20

2.9
 %
Other income
$
13

 
$
4

 
$
(1
)
 
$
11

 
$
1

 
$
12

NM

Retailer share arrangements
$
(18
)
 
$
(37
)
 
$
(15
)
 
$
(21
)
 
$
(12
)
 
$
(6
)
50.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
CARECREDIT
 
 
 
 
 
 
 
 
 
 
 
 
Purchase volume(1)
$
2,659

 
$
2,842

 
$
2,832

 
$
2,813

 
$
2,604

 
$
55

2.1
 %
Period-end loan receivables
$
10,106

 
$
10,300

 
$
10,032

 
$
9,723

 
$
9,454

 
$
652

6.9
 %
Average loan receivables, including held for sale
$
10,264

 
$
10,170

 
$
9,845

 
$
9,522

 
$
9,442

 
$
822

8.7
 %
Average active accounts (in thousands)(3)
6,379

 
6,359

 
6,229

 
6,086

 
6,094

 
285

4.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
597

 
$
612

 
$
599

 
$
561

 
$
547

 
$
50

9.1
 %
Other income
$
25

 
$
23

 
$
21

 
$
20

 
$
15

 
$
10

66.7
 %
Retailer share arrangements
$
(4
)
 
$
(4
)
 
$
(3
)
 
$
(2
)
 
$
(2
)
 
$
(2
)
100.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL SYF
 
 
 
 
 
 
 
 
 
 
 
 
Purchase volume(1)(2)
$
32,042

 
$
40,212

 
$
38,395

 
$
38,291

 
$
32,513

 
$
(471
)
(1.4
)%
Period-end loan receivables
$
82,469

 
$
87,215

 
$
83,207

 
$
81,796

 
$
80,405

 
$
2,064

2.6
 %
Average loan receivables, including held for sale
$
84,428

 
$
85,376

 
$
90,556

 
$
88,792

 
$
89,903

 
$
(5,475
)
(6.1
)%
Average active accounts (in thousands)(2)(3)
72,078

 
73,734

 
76,695

 
75,525

 
77,132

 
(5,054
)
(6.6
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
4,340

 
$
4,492

 
$
4,890

 
$
4,636

 
$
4,687

 
$
(347
)
(7.4
)%
Other income
$
97

 
$
104

 
$
85

 
$
90

 
$
92

 
$
5

5.4
 %
Retailer share arrangements
$
(926
)
 
$
(1,029
)
 
$
(1,016
)
 
$
(859
)
 
$
(954
)
 
$
28

(2.9
)%
(1) 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.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.



7



SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
 
 
(unaudited, $ in millions, except per share statistics)
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Mar 31,
2020
 
Dec 31,
2019
 
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
 
 
 
 
 
 
 
 
 
GAAP Total equity
$
11,970

 
$
15,088

 
$
15,120

 
$
14,734

 
$
14,709

Less: Preferred stock
(734
)
 
(734
)
 

 

 

Less: Goodwill
(1,078
)
 
(1,078
)
 
(1,078
)
 
(1,078
)
 
(1,076
)
Less: Intangible assets, net
(1,208
)
 
(1,265
)
 
(1,177
)
 
(1,215
)
 
(1,259
)
Tangible common equity
$
8,950

 
$
12,011

 
$
12,865

 
$
12,441

 
$
12,374

Add: CECL transition amount
2,417

 

 

 

 

 
 
 
 
 
 
 
 
 
 
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)
304

 
319

 
290

 
283

 
287

Common equity Tier 1
$
11,671

 
$
12,330

 
$
13,155

 
$
12,724

 
$
12,661

Preferred stock
734

 
734

 

 

 

Tier 1 capital
$
12,405

 
$
13,064

 
$
13,155

 
$
12,724

 
$
12,661

 
 
 
 
 
 
 
 
 
 
Add: Allowance for credit losses includible in risk-based capital
1,082

 
1,147

 
1,190

 
1,169

 
1,152

Total Risk-based capital
$
13,487

 
$
14,211

 
$
14,345

 
$
13,893

 
$
13,813

 
 
 
 
 
 
 
 
 
 
ASSET MEASURES(2)
 
 
 
 
 
 
 
 
 
Total average assets
$
100,722

 
$
106,078

 
$
106,413

 
$
104,903

 
$
105,299

Adjustments for:
 
 
 
 
 
 
 
 
 
Add: CECL transition amount
2,417

 

 

 

 

Disallowed goodwill and other disallowed intangible assets
(net of related deferred tax liabilities) and other
(2,010
)
 
(2,059
)
 
(1,975
)
 
(2,003
)
 
(2,039
)
Total assets for leverage purposes
$
101,129

 
$
104,019

 
$
104,438

 
$
102,900

 
$
103,260

 
 
 
 
 
 
 
 
 
 
Risk-weighted assets
$
81,639

 
$
87,302

 
$
90,772

 
$
88,890

 
$
87,331

 
 
 
 
 
 
 
 
 
 
CECL FULLY PHASED-IN CAPITAL MEASURES
 
 
 
 
 
 
 
 
 
Tier 1 capital
$
12,405

 
$
13,064

 
$
13,155

 
$
12,724

 
$
12,661

Less: CECL transition adjustment
(2,417
)
 

 

 

 

Tier 1 capital (CECL fully phased-in)
$
9,988

 
$
13,064

 
$
13,155

 
$
12,724

 
$
12,661

Add: Allowance for credit losses
9,175

 
5,602

 
5,607

 
5,809

 
5,942

Tier 1 capital (CECL fully phased-in) + Reserves for credit losses
$
19,163

 
$
18,666

 
$
18,762

 
$
18,533

 
$
18,603

 
 
 
 
 
 
 
 
 
 
Risk-weighted assets
$
81,639

 
$
87,302

 
$
90,772

 
$
88,890

 
$
87,331

Less: CECL transition adjustment
(2,204
)
 

 

 

 

Risk-weighted assets (CECL fully phased-in)
$
79,435

 
$
87,302

 
$
90,772

 
$
88,890

 
$
87,331

 
 
 
 
 
 
 
 
 
 
TANGIBLE COMMON EQUITY PER SHARE
 
 
 
 
 
 
 
 
 
GAAP book value per share
$
19.27

 
$
23.31

 
$
23.13

 
$
22.03

 
$
21.35

Less: Goodwill
(1.85
)
 
(1.75
)
 
(1.65
)
 
(1.61
)
 
(1.56
)
Less: Intangible assets, net
(2.07
)
 
(2.06
)
 
(1.80
)
 
(1.82
)
 
(1.83
)
Tangible common equity per share
$
15.35

 
$
19.50

 
$
19.68

 
$
18.60

 
$
17.96

 
 
 
 
 
 
 
 
 
 
(1) Regulatory measures at March 31, 2020 are presented on an estimated basis.
(2) Capital ratios at March 31, 2020 reflect election to delay for two years an estimate of CECL’s effect on regulatory capital in accordance with the interim final rule issued by U.S. banking agencies in March 2020.


8



SYNCHRONY FINANCIAL
 
 
 
 
 
 
 
 
 
RECONCILIATION OF NON-GAAP MEASURES (Continued)
 
 
(unaudited, $ in millions, except per share statistics)
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Mar 31,
2020
 
Dec 31,
2019
 
Sep 30,
2019
 
Jun 30,
2019
 
Mar 31,
2019
ALLOWANCE FOR LOAN LOSSES (1)
 
 
 
 
 
 
 
 
 
Allowance for credit losses
$
9,175

 
N/A

 
N/A

 
N/A

 
N/A

Less: Impact from CECL(2)
(3,122
)
 

 

 

 

Allowance for loan losses(1)
$
6,053

 
$
5,602

 
$
5,607

 
$
5,809

 
$
5,942

 
 
 
 
 
 
 
 
 
 
ALLOWANCE FOR LOAN LOSSES AS A % OF PERIOD-END LOAN RECEIVABLES
 
 
 
 
 
 
 
 
 
Allowance for credit losses as a % of period-end loan receivables
11.13
 %
 
N/A

 
N/A

 
N/A

 
N/A

Less: Impact from CECL(2)
(3.79
)%
 
%
 
%
 
%
 
%
Allowance for loan losses as a % of period-end loan receivables
7.34
 %
 
6.42
%
 
6.74
%
 
7.10
%
 
7.39
%
 
 
 
 
 
 
 
 
 
 
CORE PURCHASE VOLUME
 
 
 
 
 
 
 
 
 
Purchase Volume
$
32,042

 
$
40,212

 
$
38,395

 
$
38,291

 
$
32,513

Less: Walmart and Yamaha Purchase volume

 
(267
)
 
(2,381
)
 
(2,512
)
 
(2,151
)
Core Purchase volume
$
32,042

 
$
39,945

 
$
36,014

 
$
35,779

 
$
30,362

 
 
 
 
 
 
 
 
 
 
CORE LOAN RECEIVABLES
 
 
 
 
 
 
 
 
 
Loan receivables
$
82,469

 
$
87,215

 
$
83,207

 
$
81,796

 
$
80,405

Less: Walmart and Yamaha Loan receivables

 
(3
)
 
(872
)
 
(1,188
)
 
(1,420
)
Core Loan receivables
$
82,469

 
$
87,212

 
$
82,335

 
$
80,608

 
$
78,985

 
 
 
 
 
 
 
 
 
 
Retail Card Loan receivables
$
52,390

 
$
56,387

 
$
52,697

 
$
52,307

 
$
51,572

Less: Walmart Loan receivables

 

 
(112
)
 
(431
)
 
(692
)
Core Loan receivables
$
52,390

 
$
56,387

 
$
52,585

 
$
51,876

 
$
50,880

 
 
 
 
 
 
 
 
 
 
Payment Solutions Loan receivables
$
19,973

 
$
20,528

 
$
20,478

 
$
19,766

 
$
19,379

Less: Yamaha Loan receivables

 
(3
)
 
(760
)
 
(757
)
 
(728
)
Core Loan receivables
$
19,973

 
$
20,525

 
$
19,718

 
$
19,009

 
$
18,651

 
 
 
 
 
 
 
 
 
 
CORE AVERAGE ACTIVE ACCOUNTS (in thousands)
 
 
 
 
 
 
 
 
 
Average active accounts (in thousands)
72,078

 
73,734

 
76,695

 
75,525

 
77,132

Less: Walmart and Yamaha average Active accounts (in thousands)

 
(1,777
)
 
(7,001
)
 
(7,215
)
 
(7,618
)
Core Average active accounts (in thousands)
72,078

 
71,957

 
69,694

 
68,310

 
69,514

 
 
 
 
 
 
 
 
 
 
CORE INTEREST AND FEES ON LOANS
 
 
 
 
 
 
 
 
 
Interest and fees on loans
$
4,340

 
$
4,492

 
$
4,890

 
$
4,636

 
$
4,687

Less: Walmart and Yamaha Interest and fees on loans

 
(69
)
 
(531
)
 
(520
)
 
(549
)
Core Interest and fees on loans
$
4,340

 
$
4,423

 
$
4,359

 
$
4,116

 
$
4,138

 
 
 
 
 
 
 
 
 
 
(1) Beginning in 1Q'20, allowance for loan losses is calculated based upon accounting standards no longer effective, and as such is a Non-GAAP measure.
(2) Impact from CECL reflects the additional allowance for credit losses recorded in accordance with ASC 2016-13, as compared to the allowance for credit losses required had the prior accounting guidance been applied.


9