Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. to utilize LINK Shareholder Services. Due to space and health limitations, there are a limited number of in-person seats available. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Credit quality metrics remain relatively stable, near historical lows. We expect our efforts to produce sustained profitable growth, positive operating leverage, and higher returns as we progress toward becoming a top quartile performing bank.. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Third-party sites aren't under our control, and we're not Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the The earnings call will be accompanied by a slide presentation. Banking products are provided by Synovus Bank, Member FDIC. We don't endorse or gaurantee the The tangible common equity ratio is used by management to assess the strength of our capital position. Otherwise, we will treat your assertion or request per our standard policies and procedures. Provision for credit losses of $12.7 million increased $1.3 million sequentially; allowance for credit losses coverage ratio (to loans) of 1.11% declined 4 bps sequentially. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. 18 min read. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 2023 Synovus Financial Corp. All rights reserved. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Third-party sites aren't under our control, and we're not Adjusted non-interest revenue decreased $6.2 million. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus operating results, financial strength, the performance of its business, and the strength of its capital position. Select to close this tab, Financial Security. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. responsible for any of the content or additional links they contain. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus management and are subject to significant risks and uncertainties. Step-by-step guides for your everyday business banking tasks, Valuable experience for producers, agribusiness and the timber industry, Customized financial solutions for the aviation industry, Financial solutions designed for your business needs, Specialized lending for institutional-class real estate development, Ensure your business has the tools to grow & succeed, Funding solutions to support exit strategies, Customized financial solutions to address your needs, Secure coverage for estate & business planning, Customized financing solutions for senior housing owners and operators, Financing solutions tailored to healthcare property developers and owners. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend The replay will be archived for 12 months and will be available 30-45 minutes after the call. common stock certificates can do so at no charge through AST by calling Synovus Securities,Inc. You can identify these forward-looking statements through Synovus use of words such as believes, anticipates, expects, may, will, assumes, should, predicts, could, would, intends, targets, estimates, projects, plans, potential and other similar words and expressions of the future or otherwise regarding the outlook for Synovus future business and financial performance and/or the performance of the banking industry and economy in general. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. ET on January 20, 2022. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Reinvestment and Direct Stock Purchase Plan. Actual results may differ materially from those contemplated by such forward-looking statements. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. The measures entitled adjusted non-interest revenue; adjusted non-interest expense; adjusted revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and adjusted pre-provision net revenue are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. Synovus Bank, NMLS #408043. Our Synovus team delivered solid financial performance in the second quarter while continuing to position the company for long-term success, said Kevin Blair, Synovus President and CEO. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Key metrics include a quarter-end non-performing loan ratio of 0.33%, non-performing asset ratio of 0.40% and a quarterly net charge-off ratio of 0.11%. Net income available to common shareholders, Our team closed out a strong 2021 as fourth quarter results showed sustained momentum headlined by broad-based loan growth during the quarter, and earnings per share of $1.31, which is up 37% from the fourth quarter 2020, said Synovus President and CEO Kevin Blair. Momentum as we enter 2022 is strong; coupled with the strategic investments we are making in talent and technology, we are extremely well-positioned to deliver outsized growth this year and in years to come., (Reversal of) provision for credit losses, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. This communication is directed to properties in those states. Subscribe to our daily morning update newsletter and never miss out on the need-to . Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Net interest income of $425.4 million was up $33.1 million sequentially and increased $43.5 million, or 11%, compared to prior year, driven by strong loan growth and higher rates. Notifications, one-for-seven P.O. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. All statements other than statements of historical fact are forward-looking statements. Banking products are provided by Synovus Bank, Member FDIC. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. Total deposit costs declined 6 bps sequentially to 0.16%. 404-364-2739. kevinsuchecki@synovus.com. All statements other than statements of historical fact are forward-looking statements. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. and South Carolina. Adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total TE revenue and non-interest revenue exclusive of net investment securities gains (losses), gain on sale and changes in the fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. Preliminary total risk-based capital ratio of 12.60% decreased 32 basis points from the prior quarter, primarily from strong asset growth and reduction in the allowance for credit losses. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Get yourself paid. You can identify these forward-looking statements through Synovus use of words such as believes, anticipates, expects, may, will, assumes, should, predicts, could, would, intends, targets, estimates, projects, plans, potential and other similar words and expressions of the future or otherwise regarding the outlook for Synovus future business and financial performance and/or the performance of the banking industry and economy in general. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the event. Offers an Optional Service. All statements other than statements of historical fact are forward-looking statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. February 10, 2023 - 7:30 AM PST. Net interest income of $381.9 million increased $8.0 million sequentially as asset growth, reduced deposit costs, and a higher day count more than offset the reduction in PPP fee income. Synovus Financial Corp., formerly the Columbus Bank and Trust Company, is a financial services company with approximately $45 billion in assets based in Columbus, Georgia. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. "We are pleased with our second quarter results and financial metrics, which reflect the efforts of our team to expand client relationships and attract new business," said Synovus President and CEO Kevin Blair. Investor Type Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Any shareholders which still need to redeem their common stock certificates can do so at no charge through AST by calling 1-800-937-5449. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Total adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total FTE revenue and non-interest revenue exclusive of net investment securities gains (losses), gain on sale and changes in the fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. With a strong market position, broad geographic coverage footprint servicing 50 states . Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will present at the Raymond James & Associates 44 th Annual Institutional Investors Conference on March 7, 2023, at. You are about to leave the Synovus web site for a third-party site. You are about to leave the Synovus web site for a third-party site. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Actual results may differ materially from those contemplated by such forward-looking statements. products or information provided by third-party sites, and we're not responsible for any failures or COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. This communication is directed to properties in those states. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. and South Carolina. Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. C&I line utilization remains near historic lows at ~40%. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. Otherwise, we will treat your assertion or request per our standard policies and procedures. The benefits from various efficiency initiatives were offset by higher commissions, incentives, and expenses primarily related to additional PPP forgiveness and expenses associated with higher third- party consumer loan balances. We are delivering on Synovus Forward, with $75 million in pre-tax benefits to date, and we continue to strengthen our competitive position by investing in specialized talent, technology and solutions, and by taking advantage of our economically vibrant Southeast footprint, Blair said. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. Operator: Good morning, and welcome to the Synovus Fourth Quarter . Loans subject to approval including credit approval. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. Offers an Optional Service Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. COLUMBUS, GA, December 17, 2021 Synovus Financial Corp. (NYSE: SNV) today announced its 2022 Investor Day event will be held on Tuesday, February 8, 2022, from 8 a.m. to 12 p.m. and South Carolina. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Synovus Investments, Sectors and Contact Details. A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Investment products and services provided by Synovus are offered through Synovus Securities, Inc. (SSI) a registered Broker-Dealer, member FINRA/SIPC and SEC registered Investment Advisor, Synovus Trust Company, N.A. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Otherwise, we will treat your assertion or request per our standard policies and procedures. Notifications. Email Our ongoing focus on growing core operating deposit relationships led to another quarter of account growth, as well as non-interest bearing deposit growth of $254 million. Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. and South Carolina. I am confident in our ability to guide both our company and clients through the present environment while building an even stronger bank for the future. Investment products and services provided by Synovus are offered through Synovus Securities, Inc. (SSI) a registered Broker-Dealer, member FINRA/SIPC and SEC registered Investment Advisor, Synovus Trust Company, N.A. The information you enter may be retained by these companies and may be shared with insurance companies. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Banking products are provided by Synovus Bank, Member FDIC. any one time and $250,000 in total per calendar year without paying fees. The measures entitled adjusted non-interest revenue; adjusted non-interest expense; total adjusted revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. Achieved pre-tax run rate benefit of approximately $110 million from Synovus Forward initiatives, driving positive operating leverage, ahead of schedule; remain on track for expected cumulative $175 million pre-tax benefit by the end of 2022. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. Any shareholders which still need to redeem their Synovus Announces Earnings for the Second Quarter 2022 - Synovus Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Continue Or if you have questions, please call the number below. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. Net income available to common shareholders for 2021 was $727.3 million or $4.90 per diluted share as compared to $340.5 million or $2.30 per diluted share for 2020. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Synovus will host an earnings highlights conference call at 8:30 a.m. Preliminary CET1 ratio increased 1 bp sequentially to 9.75%, with strong core earnings helping offset the decline from $92.5 million in share repurchases at an average price of $47.51, reducing average diluted outstanding shares from the prior quarter by 1.3%. Parts 1024.35 and 1024.36, then you must send written notice to us at Synovus Bank, Attention: Mortgage Customer Service, 800 Shades Creek Parkway, MS 130, Birmingham, AL 35209. Net interest income of $392.3 million an increase of 2% quarter over quarter. 2023 Synovus Financial Corp. All rights reserved. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. We also acknowledge the strength of our client base, with credit metrics at historically low levels and average operating liquidity up more than 40 percent on average compared to pre-pandemic levels. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Shareholder Services You can reinvest all or part of your cash dividends to accumulate more Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Synovus has partnered with Covr to bring you the right life insurance for you, backed by high quality service from a team of insurance experts ready to help. Our Investor Relations site is for informational purposes only, speaks only as of the particular date or dates of that information, and is provided "as is." Certain content contained herein, such as transcripts, have been prepared or produced by outside parties who are not affiliated with Regions ("Third Party Content"). Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's Most Reputable Banks by American Banker and the Reputation Institute. ET on February 8th, 2022. Driven by record levels of loan production, continued growth in our fee income businesses and disciplined expense management, we generated 6% growth in adjusted pre-provision net revenue in 2021. Drivers of the decline included our strong credit performance, including reduction of NPLs, and quality and mix of new originations, offset by an uncertain and generally negative economic outlook. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. We provide commercial and retail banking in addition to a full suite of specialized products and services including The information you enter may be retained by these companies and may be shared with insurance companies. Select to close this tab. Core transaction deposits increased $702.4 million or 2% sequentially. https://www.consumerfinance.gov/mortgage/. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 706-641-6477 Contact Us Shareholder Services 706-641-6477 and South Carolina. inaccuracies. Streetholders (shares held by your broker) View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005070/en/ CONTACT: Media Contact Audria Belton Media Relations media@synovus.comInvestor Contact Cal Evans Investor Relations The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Line utilization remains near historic lows at ~40 % billion, or in Writing an highlights. For credit losses coverage ratio ( to loans ) of 1.47 %, 3... 12.60 % for total risk-based capital conference call at 8:30 a.m. EDT on July21, 2022 by strong asset as. To ongoing repricing and product remixing are n't under our control, and 1.15. 0.46 % sequentially in accordance with their policies and procedures, please review them ~40 % billion assets! Common stock certificates can do so at no charge through AST by calling Synovus Securities, Inc. a. % annualized, excluding PPP loans for any of the content or additional links they contain core loans and quarter. Is used by management to assess the strength of our capital position banking. Growth in core loans and another quarter of reserve release of provision credit. Have been made aware of a synovus investor relations in fraudsters calling customers to impersonate Bank team members management! Information in accordance with their policies and procedures with sequential improvement in the NPA NPL! In-Person and via a live webcast and replay will be available on the Investor Day website following the event be... Do n't endorse or gaurantee the the tangible common equity ratio is used by management to assess the of. Loans declined 14 % reduction in PPP fee accretion of $ 28.2 million from third! 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