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Synchrony Financial (SYF) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Synchrony Financial

HISTORY TOOLS
CIK: 1601712 Ticker: SYF
Exhibit 99.1

syf1q16eprimage16.jpg
Investor Relations    Media Relations
Greg Ketron    Sue Bishop
(203) 585-6291    (203) 585-2802
For Immediate Release: July 21, 2020
Synchrony Reports Second Quarter Net Earnings of $48 Million or $0.06 Per Diluted Share
Increase in Provision for Credit Losses Includes CECL Impact of $483 Million or $0.63 Per Diluted Share

STAMFORD, Conn. – Synchrony Financial (NYSE: SYF) today announced second quarter 2020 earnings results amid the continuing Coronavirus (COVID-19) pandemic. Synchrony reported second quarter 2020 net earnings of $48 million, or $0.06 per diluted share; this includes an increase in the provision for credit losses as a result of CECL implementation earlier this year of $483 million, or $365 million after tax, which equates to an EPS reduction of $0.63. Highlights included*:
•
Loan receivables decreased 4% to $78.3 billion, or 3% on a Core** basis
•
Interest and fees on loans decreased 18% to $3.8 billion, or 7% on a Core basis
•
Purchase volume decreased 19% to $31.2 billion, or 13% on a Core basis
•
Average active accounts decreased 14% to 65 million, or 5% on a Core basis
•
Deposits decreased $1.5 billion, or 2%, to $64.1 billion
•
Successfully launched the new Verizon program
•
Established new relationships with Adorama, AdventHealth, Club Champion, Hisun, and Modani
•
Renewed and extended key relationships with CarX, Englert, Bernina, Hanks, Puronics, Vanderhall, and West Coast Dental
•
Returned $128 million in capital through common stock dividends

“We continue to support our employees, partners, customers and communities during the uncertainty of today’s health and economic crisis. In addition, our country is awakening to the need to meaningfully address racial injustice and equality. We continue to be guided by the principle of putting clients, partners, shareholders and communities at the forefront of all we do, and believe that the values which underpin our organization will empower us to become an even stronger, better company,” said Margaret Keane, Chief Executive Officer of Synchrony Financial. “As we navigate this new environment, we remain acutely focused on the future of our business. During the quarter, we successfully launched an exciting new program with Verizon and extended several programs, while also adding new partnerships. We believe we have an advantageous position as the shift to digital has accelerated—we will continue to prioritize investments to augment our digital assets and capabilities to meet the rapidly evolving needs of our cardholders and partners.”


1
The following information was filed by Synchrony Financial (SYF) on Tuesday, July 21, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Synchrony Financial's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Document
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Equity (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Earnings (Unaudited)
Condensed Consolidated Statements Of Financial Position
Condensed Consolidated Statements Of Financial Position Statement (Parenthetical)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Borrowings
Borrowings (Tables)
Borrowings - Borrowings Maturity Schedule (Details)
Borrowings - Borrowings Schedule (Details)
Borrowings - Narrative (Details)
Business Description
Debt Securities
Debt Securities (Tables)
Debt Securities - Continuous Unrealized Losses (Details)
Debt Securities - Contractual Maturities (Details)
Debt Securities - Schedule Of Available For Sale Securities (Details)
Deposits
Deposits (Tables)
Deposits - Maturity Schedule (Details)
Deposits - Narrative (Details)
Deposits - Schedule Of Deposit Liabilities (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Basic And Diluted Earnings Per Share (Details)
Earnings Per Share - Narrative (Details)
Fair Value Measurement - Fair Value Asset And Liabilities Carried At Other Than Fair Value (Details)
Fair Value Measurement - Recurring Fair Value Measurements (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Income Taxes
Income Taxes - Unrecognized Tax Benefits (Details)
Incomes Taxes (Tables)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Schedule Of Finite-Lived Intangible Assets (Details)
Intangible Assets Narrative (Details)
Legal Proceedings And Regulatory Matters
Loan Receivables And Allowance For Credit Losses
Loan Receivables And Allowance For Credit Losses (Tables)
Loan Receivables And Allowance For Credit Losses - Allowance For Credit Losses (Details)
Loan Receivables And Allowance For Credit Losses - Classified As Tdrs (Details)
Loan Receivables And Allowance For Credit Losses - Credit Quality Indicators (Details)
Loan Receivables And Allowance For Credit Losses - Delinquent And Non Accrual Status (Details)
Loan Receivables And Allowance For Credit Losses - Financial Effects Of Tdrs (Details)
Loan Receivables And Allowance For Credit Losses - Interest Income By Product (Details)
Loan Receivables And Allowance For Credit Losses - Loan Receivables (Details)
Loan Receivables And Allowance For Credit Losses - Loans Entered Into A Loan Modification Program (Details)
Loan Receivables And Allowance For Credit Losses - Narrative (Details)
Loan Receivables And Allowance For Credit Losses - Payment Defaults (Details)
Regulatory And Capital Adequacy
Regulatory And Capital Adequacy (Capital Amounts And Ratios) (Details)
Regulatory And Capital Adequacy (Tables)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Narrative (Details)
Variable Interest Entities - Summary Of Assets And Liabilities (Details)

Material Contracts, Statements, Certifications & more

Synchrony Financial provided additional information to their SEC Filing as exhibits

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: SYF
CIK: 1601712
Form Type: 10-Q Quarterly Report
Accession Number: 0001601712-20-000204
Submitted to the SEC: Thu Jul 23 2020 4:25:25 PM EST
Accepted by the SEC: Thu Jul 23 2020
Period: Tuesday, June 30, 2020
Industry: Finance Services

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