Every material Form 8-K Synchrony Financial filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Synchrony Financial reported third quarter 2024 net earnings of $789 million, or $1.94 per diluted share, up from $628 million, or $1.48 per diluted share, a year earlier. Net revenue rose 9.8% to $3.8 billion, but credit quality weakened, with net charge-offs at 6.06% of average loan receivables compared with 4.60% a year earlier.
Net earnings rose 26% to $789 million from $628 million in the third quarter of 2023.
Diluted EPS was $1.94, compared with $1.48 a year earlier.
Net charge-offs were 6.06% of average loan receivables, compared with 4.60% a year earlier; loans 30+ days past due were 4.78%, compared with 4.40%.
The company returned $399 million to shareholders, including $300 million of share repurchases, and had $700 million of repurchase authorization remaining as of September 30, 2024.
Synchrony Financial's board elected Daniel Colao, a retired financial services executive, as a director, effective October 1, 2024. He will serve on the Risk and Technology Committees and will be paid under the same program as the company's other independent non-management directors, and the board will have eleven members.
Board elected Colao on September 12, 2024, effective October 1, 2024, and he will serve on the Risk and Technology Committees
Annual director pay of $265,000: $100,000 in cash and $165,000 in restricted stock units, plus $20,000 cash for Risk Committee service and $15,000 for Technology Committee service
Colao was previously a Synchrony director from February 2014 to November 2015 and was chief financial officer and executive advisor of GE Capital from 2017 until retiring in June 2021
Synchrony Financial reported second quarter 2024 net earnings of $643 million, or $1.55 per diluted share, up from $569 million, or $1.32 per diluted share, a year earlier. Loan receivables grew 8% to $102.3 billion, but higher credit losses and provisions were a drag, and the company returned $400 million to shareholders in the quarter.
Net earnings of $643 million compared with $569 million in the second quarter of 2023, an increase of 13%.
Net revenue rose $418 million, or 12.7%, to $3.7 billion, while the provision for credit losses rose $308 million to $1.7 billion.
Net charge-offs were 6.42% of average loan receivables, compared with 4.75% a year earlier.
The company returned $400 million to shareholders, including $300 million of share repurchases, and had a remaining $1 billion repurchase authorization as of June 30, 2024.
Synchrony Financial said Chief Accounting Officer and Controller David P. Melito will retire effective July 2, 2024. The company appointed Amy Tiliakos, previously of American Express, as Senior Vice President, Chief Accounting Officer and Controller, effective August 1, 2024. Until then, CFO Brian J. Wenzel will serve as interim principal accounting officer through July 31, 2024, without additional compensation.
David P. Melito retires as Chief Accounting Officer and Controller effective July 2, 2024
Amy Tiliakos appointed June 28, 2024; starts August 1, 2024, joining from American Express Company
Brian J. Wenzel, EVP and CFO, serves as interim principal accounting officer through July 31, 2024
Tiliakos is a Certified Public Accountant and will receive a base salary, incentive pay and sign-on awards
At its June 11, 2024 annual meeting, Synchrony Financial stockholders approved a new 2024 Long-Term Incentive Plan reserving 27,500,000 shares of common stock, and a charter amendment extending officer exculpation under recent Delaware law changes. Stockholders also re-elected all ten directors nominated and ratified KPMG LLP as auditor for 2024.
2024 Long-Term Incentive Plan replaces the Amended and Restated 2014 plan and reserves 27,500,000 shares of common stock
Officer exculpation amendment to the Certificate of Incorporation was approved with 310,932,035 votes for and 32,778,357 against
Advisory vote on named executive compensation passed with 210,277,912 for and 132,618,868 against
KPMG LLP ratified as independent registered public accounting firm for 2024 with 352,966,907 votes for
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Synchrony Financial filing is on SEC EDGAR ↗. 8-K briefs of other companies →