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• | Net interest income increased 9% from the third quarter of 2017 to $4.2 billion |
• | Loan receivables grew $11 billion, or 14%, from the third quarter of 2017 to $88 billion |
• | Purchase volume increased 11% from the third quarter of 2017 to $36 billion |
• | Deposits grew $8 billion, or 14%, from the third quarter of 2017 to $62 billion |
• | Completed the U.S. PayPal Credit financing program acquisition on July 2, 2018, acquiring $7.6 billion in receivables and making Synchrony the exclusive issuer of PayPal Credit in the U.S. |
• | Renewed relationships: Lowe’s, JCPenney, Associated Materials, and Generac |
• | Added new partnerships: Fred Meyer Jewelers and Eargo |
• | Expanded CareCredit network and enhanced mobile app capabilities |
• | Paid quarterly common stock dividend of $0.21 per share and repurchased $966 million of Synchrony Financial common stock |
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Synchrony Financial's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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We are also involved, from time to time, in reviews, investigations and proceedings both formal and informal by governmental agencies regarding our business collectively, regulatory matters , which could subject us to significant fines, penalties, obligations to change our business practices or other requirements resulting in increased expenses, diminished income and damage to our reputation.
Among other effects, such changes could result in incremental losses on loan receivables, future impairments of debt securities, goodwill and intangible assets, increases in reserves for contingencies, establishment of valuation allowances on deferred tax assets and increases in our tax liabilities.
If these conditions change from those expected, it is reasonably possible that these judgments and estimates could change, which may result in incremental losses on loan receivables and the establishment of valuation allowances on deferred tax assets and increases in our tax liabilities, among other effects.
However, in light of the uncertainties involved in such matters, the ultimate outcome of a particular matter could be material to our operating results for a particular period depending on, among other factors, the size of the loss or liability imposed and the level of our earnings for that period, and could adversely affect our business and reputation.
Interest expense increased by $131 million, or 36.7%, and $311 million, or 30.6%, for the three and nine months ended September 30, 2018, respectively, driven primarily by higher cost of funds and the growth in our deposit liabilities.
Downgrades in these credit ratings...Read more
The increases in average loan...Read more
Loan receivables increased 13.8% to...Read more
Loan receivables increased by $10,593...Read more
Retailer share arrangements increased 8.2%...Read more
Retailer share arrangements increased by...Read more
, respectively, which are classified...Read more
Interest income increased by $461...Read more
We presently do not intend...Read more
During the nine months ended...Read more
The amendments in this standard...Read more
In May 2018, we completed...Read more
A key part of our...Read more
On May 17, 2018, the...Read more
The increase was primarily driven...Read more
On May 17, 2018, the...Read more
These increases were primarily driven...Read more
Our allowance coverage ratio increased...Read more
Other expense increased by $96...Read more
Although our current estimates contemplate...Read more
Loan receivables increased by $5,574...Read more
Portion that, if recognized, would...Read more
All of our securitized financings...Read more
While we are evaluating the...Read more
On May 17, 2018, the...Read more
The legal proceedings and regulatory...Read more
The increase in liquid assets...Read more
In our CareCredit sales platform,...Read more
Legal proceedings and regulatory matters...Read more
Failure to meet minimum capital...Read more
The amount of unrecognized tax...Read more
Installment loans are closed-end credit...Read more
Amortization expense related to retail...Read more
These increases were primarily the...Read more
For a discussion of regulatory...Read more
Our delinquency rates and delinquent...Read more
In preparing our condensed consolidated...Read more
Other expense as a %...Read more
Our cost of funds increased...Read more
As a general matter, investments...Read more
In our Retail Card and...Read more
Allowance coverage ratio represents allowance...Read more
We adopted the guidance retrospectively...Read more
We plan to adopt the...Read more
The new revenue recognition guidance...Read more
This guidance will be effective...Read more
Customer-related intangible assets primarily relate...Read more
Although we generally do not...Read more
On July 2, 2018, we...Read more
On July 2, 2018, we...Read more
On July 2, 2018, we...Read more
are a premier consumer financial...Read more
This standard is effective for...Read more
This standard is effective for...Read more
Effective January 1, 2018, we...Read more
Interchange revenue increased in both...Read more
In addition, an early amortization...Read more
Total deposits increased 10.3% to...Read more
In determining whether we have...Read more
Amounts presented do not reflect...Read more
In addition to the seasonal...Read more
The new guidance did not...Read more
Retailer share arrangements increased by...Read more
The contingent consideration obligation has...Read more
Quantitative measures established by regulation...Read more
This standard is effective for...Read more
Basic earnings per share is...Read more
Unrecognized tax benefits, excluding related...Read more
Risk Factors Risks Relating to...Read more
See Risk Factors Risks Relating...Read more
The new program contributed to...Read more
Costs incurred to recover charged-off...Read more
The effective tax rate for...Read more
The effective tax rate for...Read more
We primarily offer private label,...Read more
Net charge-offs as a %...Read more
Failure to meet minimum capital...Read more
The allowance for loan losses...Read more
However, in accordance with the...Read more
This evaluation considers all relevant...Read more
Charge-offs are recorded as a...Read more
The higher end of this...Read more
The extent of the increase...Read more
The following table provides a...Read more
The following table presents the...Read more
Less: Allowance for loan losses...Read more
As a savings and loan...Read more
If we do not satisfy...Read more
In accordance with applicable accounting...Read more
Intangible assets, net Note 6...Read more
Our funding, liquidity and capital...Read more
We evaluate a range of...Read more
The above maturity table excludes...Read more
As a savings and loan...Read more
We believe that there are...Read more
Our VIEs are able to...Read more
Net increase decrease in loan...Read more
Excludes amounts attributable to any...Read more
We also extended our existing...Read more
Through the end of the...Read more
We also extended our existing...Read more
As a savings and loan...Read more
, also included applicable transition...Read more
During the nine months ended...Read more
Our estimate of reasonably possible...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Synchrony Financial provided additional information to their SEC Filing as exhibits
Ticker: SYF
CIK: 1601712
Form Type: 10-Q Quarterly Report
Accession Number: 0001601712-18-000265
Submitted to the SEC: Thu Oct 25 2018 12:21:03 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Finance Services