Consumer loans decreased by $96.7 million or 1% sequentially. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. products or information provided by third-party sites, and we're not responsible for any failures or Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Reverse Stock Split Follow Up Message from LINK Shareholder Services Shareholder Services Year-over-year decline was primarily due to prior year benefit from reversal 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. The information you enter may be retained by these companies and may be shared with insurance companies. Banking products are provided by Synovus Bank, Member FDIC. You can reinvest all or part of your cash dividends to accumulate more Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus Financial Corp provides commercial and consumer banking in addition to a full suite of specialized products & services such as private banking, treasury management, wealth management,. Offers an Optional Service 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. receives compensation from insurance companies or their affiliates in the form of commissions. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. A fast, safe, and easy way to send money. receives compensation from insurance companies or their affiliates in the form of commissions. Non-interest revenue, excluding securities gains, increased $23.3 million or 5% year over year, reflecting strong growth in core banking fees and wealth revenue, offset by the normalization of net mortgage revenue. Second consecutive quarter of record commercial loan production. 18 min read. 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%. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. 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. This communication is directed to properties in those states. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Continue Or if you have questions, please call the number below. reverse stock split which became effective May 16, 2014, shareholders with certificated SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. This communication is directed to properties in those states. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Period-end loans decreased $569.1 million or 1% sequentially. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Operator: Good morning, and welcome to the Synovus Fourth Quarter . 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%. 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Synovus Bank, NMLS #408043. Third-party sites may contain less security and may have different privacy policies from ours. All statements other than statements of historical fact are forward-looking statements. 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 261 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. 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. C&I line utilization increased approximately 340 basis points to 43%. 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 Financial Corp.is a financial services company based in Columbus, Actual results may differ materially from those contemplated by such forward-looking statements. Despite the increasing uncertainty presented by economic risks, we have continued to prudently invest in our core businesses as well as new business initiatives, which will serve as ongoing sources of growth. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Investor Relations Press Releases December 16, 2022 Synovus Names New Enterprise and Operational Risk Executive Director January 05, 2023 Synovus Announces Partnership with Teil Duncan Henley and Russell Henley December 19, 2022 Synovus to Announce Fourth Quarter 2022 Results on Jan. 19, 2023 December 16, 2022 Investor Relations investorrelations@synovus.com Synovus Financial Corp. NYSE:SNV Release Summary Synovus Chairman, CEO and President Kevin Blair will participate at the BofA Securities. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. The computations of these measures are set forth in the attached tables. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. We don't endorse or gaurantee the Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. SNV earnings call for the period ending June 30, 2022. The earnings call will be accompanied by a slide presentation. 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. Free. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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 information you enter may be retained by these companies and may be shared with insurance companies. Synovus Bank, NMLS #408043. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. https://www.consumerfinance.gov/mortgage/. . Synovus Financial ( SNV -2.35%) Q2 2022 Earnings Call. 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. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. Personal Finance. 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.. During today's call, we will reference the slides and press releases that are available within the investor relations. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . 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 credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. The tangible common equity ratio is used by management to assess the strength of our capital position. Credit quality metrics experienced broad based improvement. Total deposits ended the quarter at $49.03 billion, up $378.5 million sequentially, impacted by seasonal effects and rate-driven outflows of $803.9 million and $358.3 million, respectively, in money-market and interest-bearing demand deposit accounts and offset by the use of brokered deposits as a cost-effective balance sheet and liquidity management tool. This communication is directed to properties in those states. The earnings call will be accompanied by a slide presentation. Banking products are provided by Synovus Bank, Member FDIC. and South Carolina. 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. We don't endorse or gaurantee the Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. "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. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Third-party sites may contain less security and may have different privacy policies from ours. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Notifications. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. Any shareholders which still need to redeem their 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. Location. responsible for any of the content or additional links they contain. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. We don't endorse or gaurantee the Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Get your suppliers paid. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. ours. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. HDFC Bank Investor Relations. 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. Shareholders who have not responded to the previous mailing 1-800-937-5449. 706-641-6477 Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. 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 can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. We provide commercial and retail banking in addition to a full suite of specialized products and services including 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Alabama, South Carolina, Florida, and Tennessee. inaccuracies. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Continue Or if you have questions, please call the number below. 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 279 branches in Georgia, Alabama, South Carolina, Florida, and For a link to the webcast, go to investor.synovus.com/event. Senior Vice President, ESOP Finance. 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. Jul 21, 2022, 8:30 a.m. Reinvestment and Direct Stock Purchase Plan. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Total deposit costs declined 6 bps sequentially to 0.16%. 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. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. PPP loans declined $382.6 million quarter over quarter. Synovus provides commercial and retail banking and a full suite of You are about to leave the Synovus web site for a third-party site. A fast, safe, and easy way to send money. 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. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. 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. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . Forward-Looking Statements Core transaction deposits increased $702.4 million or 2% sequentially. 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. and South Carolina. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, . And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. Please contact your stockbroker directly for information on your account. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Get yourself paid. Cal Evan -- Head of Investor Relations Thank you, and good morning. 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. This communication is directed to properties in those states. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. You can participate directly in the Plan by submitting a completed Contacts Cal Evans Investor Relations. Skip to Content Toggle navigation Log in Manage Your Account 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Non-interest revenue of 117.1 million, an increase of 2% from third quarter. initial investment of at least $250. Third-party sites aren't under our control, and we're not Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. and South Carolina. 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. COLUMBUS, Ga., February 10, 2023 -- ( BUSINESS WIRE )--Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will present at the Raymond James & Associates 44 th Annual. Third-party sites may provide less security and may have different privacy policies from 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. https://www.consumerfinance.gov/mortgage/. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Notifications, one-for-seven Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Banking products are provided by Synovus Bank, Member FDIC. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. receives compensation from insurance companies or their affiliates in the form of commissions. 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. ET. Net interest income increased $7.4 million or 2% compared to the prior quarter. CRE loans declined $172.9 million as the recovery in commercial real estate continues. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, compared to prior year. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. 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. 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. If you are not a Synovus shareholder you can join the Plan by making an 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. Streetholders (shares held by your broker) Synovus Mobile Banking. of provision for credit losses. The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. Actual results may differ materially from those contemplated by such forward-looking statements. SNV boasts an average earnings . ET on February 8th, 2022. 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. Banking products are provided by Synovus Bank, Member FDIC. The most comparable GAAP measures to these measures are total non-interest expense; efficiency ratio-TE; 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. 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. Free. 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. inaccuracies. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Cal Evan -- Head of Investor Relations stockbroker directly for information on your account Blair becoming President and CEO April. Statements core transaction deposits increased $ 7.4 million or 1 % sequentially billion in assets Financial services company based Columbus! 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