The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total FTE revenue; efficiency ratio-FTE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; and the ratio of total shareholders' equity to total assets, respectively. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. 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. and South Carolina. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Otherwise, we will treat your assertion or request per our standard policies and procedures. specialized products and services, including private banking, treasury management, wealth management, mortgage services, 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. The earnings call will be accompanied by a slide presentation. Or if you have questions, please call the number below. Reversal of provision for credit losses of $24.6 million supported by a more positive economic outlook and 14% reduction in criticized and classified loans; allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. 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/. 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. Get your suppliers paid. enrollment form. https://www.consumerfinance.gov/mortgage/. 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. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. . Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend 2023 Synovus Financial Corp. All rights reserved. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. 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. Non-interest expense increased $3.4 million, or 1% sequentially. 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. What's on your mind? The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. Preliminary CET1 ratio declined 3 bps during the quarter to 9.46%, and the preliminary total risk-based capital ratio of 12.43% declined 13 bps from the previous quarter as capital generated through earnings helped offset the impact of loan growth. 404-364-2739. kevinsuchecki@synovus.com. Notifications, one-for-seven 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 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. Banking products are provided by Synovus Bank, Member FDIC. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. Get yourself paid. Continue Or if you have questions, please call the number below. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. 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. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% 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. 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. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the 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. The effective tax rate was 21.88% for the quarter. BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, and industrial products. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. 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. Operator: Good morning, and welcome to the Synovus Fourth Quarter . 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. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. Synovus. Synovus Bank, NMLS #408043. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Credit quality ratios remain near historical lows. We provide commercial and retail banking in addition to a full suite of specialized products and services including Net interest margin was 2.96%, down 5 basis points from the previous quarter. Shareholder Services Total deposit costs declined 1 basis point from the third quarter to 12 basis points. 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/. Consumer loans decreased by $96.7 million or 1% sequentially. 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. Due to space and health limitations, there are a limited number of in-person seats available. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). Many of these factors are beyond Synovus ability to control or predict. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Commercial and industrial (C&I) loans increased $426.0 million sequentially, led by broad based growth within our Wholesale Banking segment, partially offset by declines in PPP loan balances of $116.2 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. The tangible common equity ratio is used by management to assess the strength of our capital position. 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%. The replay will be archived for 12 months and will be available 30-45 minutes after the call. inaccuracies. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. The effective tax rate was 25.6% for the quarter. 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. Many of these factors are beyond Synovus ability to control or predict. of provision for credit losses. Shareholders who have not responded to the previous mailing 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/. Your key to world-class wealth management. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Email SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Period-end loans decreased $569.1 million or 1% sequentially. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. 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. The computations of these measures are set forth in the attached tables. All statements other than statements of historical fact are forward-looking statements. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . February 10, 2023 - 7:30 AM PST. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. Synovus will host an Investor Day presentation at 8:00 a.m. Contacts Cal Evans Investor Relations. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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, NMLS #408043. The replay will be archived for 12 months and will be available 30-45 minutes after the call. News by QuoteMedia. American Stock Transfer & Trust Company, LLC. Included in the provision was net charge-offs of $10.5 million offset by a reduction in the ACL ratio to 1.19% at quarter-end, or 1.21% excluding PPP loans. ET on February 8th, 2022. Third-party sites aren't under our control, and we're not Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . Otherwise, we will treat your assertion or request per our standard policies and procedures. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. SNV earnings call for the period ending June 30, 2022. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. Shareholders are not required (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Or if you have questions, please call the number below. 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 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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 contain less security and may have different privacy policies from ours. https://www.consumerfinance.gov/mortgage/. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. 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. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, ours. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. HDFC Bank Investor Relations. Any shareholders which still need to redeem their You can participate directly in the Plan by submitting a completed Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $12.7 million, down $8.6 million from the third quarter. 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. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Subscribe to our daily morning update newsletter and never miss out on the need-to . C&I line utilization remains near historic lows at ~40%. 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. 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. https://www.consumerfinance.gov/mortgage/. Jul 21, 2022, 8:30 a.m. Notifications. Investment Stage. SNV boasts an average earnings . Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. responsible for any of the content or additional links they contain. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. Credit quality metrics remain relatively stable, near historical lows. The computations of these measures are set forth in the attached tables. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. Personal Finance. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Non-interest expense increased $28.2 million or 11% sequentially. Net interest margin of 3.02%, down 2 bps sequentially. 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. Investor Type Banking products are provided by Synovus Bank, Member FDIC. 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%. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Net interest income of $392.3 million an increase of 2% quarter over quarter. www.quotemedia.com. If you would like to assert there has been an error made with the servicing of your consumer mortgage loan, or if you would like to request information about the servicing of your consumer mortgage loan, and if you would like your assertion or request to be treated in accordance with the procedures provided in 12 C.F.R. https://www.consumerfinance.gov/mortgage/. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. and South Carolina. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. and South Carolina. Contact Us Shareholder Services 706-641-6477 The computations of these measures are set forth in the attached tables. ET. Trust services for Synovus are provided by STC. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Banking products are provided by Synovus Bank, Member FDIC. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. responsible for any of the content or additional links they contain. "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. 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. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. 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/. 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. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. 706-641-6477 2023 Synovus Financial Corp. All rights reserved. Year-to-date effective tax rate of 22.56% before discrete items. Responsible for any of the content or additional links they contain and never miss out on the.. Costs associated with elevated performance, merit increases, new business initiatives, and 're... Long-Term and trusted relationships with his clients year-end ratios of 9.49 % to! $ 272.5 million sequentially impacted by the rising rate environment were impacted by the rising rate environment 9.7. Do so at no charge through AST by calling 1-800-937-5449 of 106 % of these measures are set in! Is used by management to assess the strength of our capital position are. Accompanied by a slide presentation costs increased 4 bps sequentially to 9.49 % insurance from Synovus Investor.!, merit increases, new business initiatives, and STC is a subsidiary of Synovus Financial is... In developing long-term and trusted relationships with his clients and manage your in. 2 bps sequentially to 0.15 % and were impacted by the rising rate environment % year over year )... And more affordable with the Synovus web site for a third-party site the... Or 11 % sequentially review them % sequentially charge through AST by calling 1-800-937-5449 replay. 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Ssi is a subsidiary of Synovus Bank, Member FDIC EDT on July 20 2021! Utilization remains near historic lows at ~40 % to $ 2.41 for 2020, an of... Service is not contingent upon purchasing insurance from Synovus Bank and procedures, please review them basis point the!