A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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 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 Get started now with our self-service documents, including the latest migration updates, user guides, and more. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Banking products are provided by Synovus Bank, Member FDIC. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. 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. Net income available to common shareholders of $169.8 million, or $1.16 per diluted share, up $0.05 sequentially and down $0.03 compared to prior year. 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. Share this article: Stay In The Know. 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. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. https://www.consumerfinance.gov/mortgage/. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Year-over-year decline was primarily due to prior year benefit from reversal Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. 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. Net interest margin was 2.96%, down 5 basis points from the previous quarter. The information you enter may be retained by these companies and may be shared with insurance companies. Synovus Bank, NMLS #408043, is an Equal Housing Lender. ET on February 8th, 2022. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. 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. 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 . 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. The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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/. Personal Finance Financial Security Home Ownership Let's get to know each other Credit quality metrics experienced broad based improvement. Many of these factors are beyond Synovus ability to control or predict. Continued growth in wealth revenue and a one-time $8 million BOLI benefit in the fourth quarter were offset by a reduction in net mortgage revenue. February 10, 2023 - 7:30 AM PST. 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. C&I line utilization increased approximately 340 basis points to 43%. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Third-party sites may contain less security and may have different privacy policies from ours. 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. Get yourself paid. 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/. 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 is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. reverse stock split which became effective May 16, 2014, shareholders with certificated Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. 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. This communication is directed to properties in those states. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. Non-interest revenue decreased $3.9 million, or 3% sequentially. The replay will be archived for 12 months and will be available 30-45 minutes after the call. 2023 Synovus Financial Corp. All rights reserved. Adjusted non-interest expense increased $2.4 million sequentially as 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. Total deposit costs declined 6 bps sequentially to 0.16%. Second consecutive quarter of record commercial loan production. 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. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, compared to prior year. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. 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. Synovus Financial Corp. ( NYSE: SNV) Q3 2022 Earnings Conference Call October 20, 2022 8:30 AM ET Company Participants Kevin Blair - President, Chief Executive Officer Jamie Gregory - Chief. 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 non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). 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. 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. The computations of these measures are set forth in the attached tables. 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. 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. 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. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, You are about to leave the Synovus web site for a third-party site. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. initial investment of at least $250. Synovus Bank, NMLS #408043. 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. 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. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. All statements other than statements of historical fact are forward-looking statements. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. Shareholder Services Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. products or information provided by third-party sites, and we're not responsible for any failures or Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. 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 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. 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. 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. 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 Core transaction deposits increased $702.4 million or 2% sequentially. 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 Tennessee. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. 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. 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 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. 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 increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Jul 21, 2022, 8:30 a.m. Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. . With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. This communication is directed to properties in those states. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, You are about to leave the Synovus web site for a third-party site. 404-364-2739. kevinsuchecki@synovus.com. Synovus will host an Investor Day presentation at 8:00 a.m. The earnings call will be accompanied by a slide presentation. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. products or information provided by third-party sites, and we're not responsible for any failures or You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Third-party sites may contain less security and may have different privacy policies from ours. Synovus Securities,Inc. 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 Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. to utilize LINK Shareholder Services. 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