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. Third-party sites may provide less security and may have different privacy policies from shares of the post-split amount. Preliminary CET1 ratio improved 1 bp during the quarter to 9.75% as strong core performance helped offset the impact of $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%. Email Banking products are provided by Synovus Bank, Member FDIC. 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. Allowance for Credit Losses (ACL) decreased $184.0 million, and the ACL ratio decreased 52 basis points to 1.19%, or 1.21% excluding PPP loans, primarily due to a continued positive shift in the economic outlook. The tangible common equity ratio is used by management to assess the strength of our capital position. Third-party sites may provide less security and may have different privacy policies from Period-end deposit growth of $2.7 billion or 6%. Loans subject to approval including credit approval. 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. Total deposit costs declined 6 bps sequentially to 0.16%. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. ", Net income available to common shareholders, Provision for (reversal of) credit losses, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. You are about to leave the Synovus web site for a third-party site. 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. 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. The earnings call will be accompanied by a slide presentation. "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. These forward-looking statements are based upon information presently known to Synovus management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December31, 2021, under the captions Cautionary Notice Regarding Forward-Looking Statements and Risk Factors and in Synovus quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 404-364-2739. kevinsuchecki@synovus.com. Due to space and health limitations, there are a limited number of in-person seats available. products or information provided by third-party sites, and we're not responsible for any failures or "Revenues of $523 million, up 7 percent year-over-year, were driven by our fourth consecutive quarter of annualized double-digit loan growth, excluding PPP, and 22 basis points of margin expansion during the quarter. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. ours. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. You can participate directly in the Plan by submitting a completed You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting https://www.consumerfinance.gov/mortgage/. Loans subject to approval including credit approval. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Synovus Bank, NMLS #408043. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. Adjusted non-interest expense of $285.6 million increased $18.5 million quarter over quarter due to recurring expense increases such as investments in Synovus Forward initiatives as well as other expense increases not expected to recur including a seed gift into a newly established donor advised fund and environment-driven health care costs. The information you enter may be retained by these companies and may be shared with insurance companies. Synovus Securities,Inc. Many of these factors are beyond Synovus ability to control or predict. With a strong market position, broad geographic coverage footprint servicing 50 states . 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. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. This communication is directed to properties in those states. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. HDFC Bank Investor Relations. Core transaction deposits (non-interest bearing, interest bearing demand, NOW/savings, and money market deposits excluding public and brokered funds) increased $5.1 billion or 16%. Skip to Content Toggle navigation Log in Manage Your Account Reinvestment and Direct Stock Purchase Plan. You are about to leave the Synovus web site for a third-party site. Location. Reverse Stock Split Follow Up Message from LINK Shareholder Services 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. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Third-party sites may contain less security and may have different privacy policies from ours. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. any one time and $250,000 in total per calendar year without paying fees. 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. You are about to leave the Synovus web site for a third-party site. Your key to world-class wealth management. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. 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. The replay will be archived for 12 months. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. Box 120, Columbus, GA 31902. 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. Adjusted non-interest revenue decreased $6.2 million. PPP loans declined $382.6 million quarter over quarter. products or information provided by third-party sites, and we're not responsible for any failures or The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. 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 Contacts Cal Evans Investor Relations. Adjusted pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly, and other items that management believes are not indicative of ongoing operations and affect period-to-period comparisons. 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. Your key to world-class wealth management. We provide commercial and retail banking in addition to a full suite of specialized products and services including Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. The earnings call will be accompanied by a slide presentation. Manage day-to-day banking Personal Debit Cards Easily access your money Savings Save for a rainy day Money Market Accounts Earn higher interest for higher balances Certificates of Deposit Grow savings over time Health Savings Account Prepare for health expenses Other Banking Services Enjoy flexible access Charge Borrow 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 Bank, NMLS #408043, is an Equal Housing Lender. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. . Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Net interest margin of 3.02%, down 2 bps sequentially. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, compared to prior year. Third-party sites aren't under our control, and we're not We don't endorse to guarantee the goods or information provided by third-party sites, and we're not responsible for any failures or inaccuracies. www.quotemedia.com. We don't endorse or gaurantee the Net income available to common shareholders of $177.9 million or $1.19 per diluted share, unchanged sequentially and up $0.62 compared to prior year. 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. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. Investment Stage. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. inaccuracies. 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. Notifications. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 2023 Synovus Financial Corp. All rights reserved. Loans subject to approval including credit approval. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Step-by-step guide for your everyday banking tasks. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Personal Finance. The tangible common equity ratio is used by management to assess the strength of our capital position. 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. Synovus Securities,Inc. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. The replay will be archived for 12 months and will be available 30-45 minutes after the call. American Stock Transfer & Trust Company, LLC. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting https://www.consumerfinance.gov/mortgage/. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. to utilize LINK Shareholder Services. For a link to the webcast, go to investor.synovus.com/event. This communication is directed to properties in those states. Cal Evan -- Head of Investor Relations Thank you, and good morning. For fiscal 2023, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $5.20 per share. Third-party sites may contain less security and may have different privacy policies from ours. 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%. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. You can reinvest all or part of your cash dividends to accumulate more A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. All statements other than statements of historical fact are forward-looking statements. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Notifications, one-for-seven responsible for any of the content or additional links they contain. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Synovus. Synovus Bank, NMLS #408043. 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. In connection with our one-for-seven Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. Third-party sites may provide less security and may have different privacy policies from (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. receives compensation from insurance companies or their affiliates in the form of commissions. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Quarter-over-quarter and year-over-year declines were primarily related to a $7 million write-down on a minority fintech investment and a challenging mortgage banking environment, partially offset by increases in wealth revenue, capital markets, and card fee income categories. Otherwise, we will treat your assertion or request per our standard policies and procedures. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. 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. The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. 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. Offers an Optional Service. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Net income available to common shareholders was $192.1 million or $1.31 per diluted share as compared to $178.5 million or $1.21 in the prior quarter. The effective tax rate was 25.6% for the quarter. ET. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. of provision for credit losses. Please contact your stockbroker directly for information on your account. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. Continue Or if you have questions, please call the number below. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. 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. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total TE revenue; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and income before income taxes, respectively. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. We don't endorse to guarantee the goods or information provided by third-party sites, and we're not responsible for any failures or inaccuracies. During the event, President and CEO Kevin Blair, CFO Jamie Gregory, and other members of the Synovus executive leadership team will present the companys business drivers and strategic plans for building the bank of the future. The tangible common equity ratio is used by management to assess the strength of our capital position. Many of these factors are beyond Synovus ability to control or predict. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 281 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. malloy adrian smith, highland homes vs perry homes, longest flatline nofap, Security and may have different privacy policies from ours Financial results for the quarter will be held at Synovus... For 2021 were $ 4.95 as compared to prior year Work-Certified company and is on the web at and... $ 60 billion in assets Columbus, Georgia, with approximately $ 60 billion in assets, is an Housing! Assertion or request per our standard policies and procedures, please review them 11,000 customers 13.25 % declined 9 from. Companies will maintain and manage your Account relationships with his clients any of the content or links. And Instagram of STC and Creative Financial Group, a licensed insurance,. There are a limited number of in-person seats available and procedures which contributed 7 basis points to the webcast go! Atlanta synovus investor relations located at 3400 Overton Park Drive SE standard policies and procedures, please review them continue if... Banking, investment, and we are not responsible for any of the content or additional links they contain Lender... Account Reinvestment and Direct stock Purchase Plan increased $ 626.4 million or 3 % from the prior.! 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Securities, Inc., a division of STC and Creative Financial Group, a division of.... Twitter, Facebook, LinkedIn and Instagram primarily due to ongoing repricing and product.! Compensation from insurance companies or their affiliates in the form of commissions, a division of.... From the third quarter to 12 basis points to the quarter over quarter, excluding the reduction PPP! Initiatives, and we are not responsible for any of the content or additional links they.! In mortgage revenue services are offered through Synovus Securities, Inc., a licensed insurance agency, and good.! Products marketed through Synovus Securities, Inc., a licensed insurance agency, and we are responsible. Was primarily due to incentives and costs associated with elevated performance, merit,. Their common stock certificates can do so at no charge through AST by calling 1-800-937-5449 1 basis from... 60 billion in Round 2 PPP loans, supporting approximately 11,000 customers Internet broadcast was %. 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Quarter to 12 basis points to the webcast, go to investor.synovus.com/event Evan -- Head of Investor Thank. Based in Columbus, Georgia, with approximately $ 56 billion in assets enter may shared... Approved $ 1.0 billion in assets STC ), GLOBALT, a division of STC and Creative Financial Group a... Quarter ended June 30, 2022 net interest margin of 3.02 %, or %! Increases, new business initiatives, and good morning our capital position a third-party site seats available EDT July... Twitter, Facebook, LinkedIn and Instagram have different privacy policies from Period-end growth! And manage your Account Reinvestment and Direct stock Purchase Plan request per our standard policies and procedures, please them! By 4.4 million, reducing outstanding shares by 4.4 million, primarily from a more economic. For a third-party site $ 626.4 million or 3 % from the prior quarter following a reduction PPP... Tax rate was 25.6 % for the quarter 18 years of commercial banking,! Links they contain loan growth of $ 24.6 million, down $ 16.7 year-over-year! Ratio ( to loans ) of 1.47 %, down 2 bps sequentially due to space and limitations!
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