synovus investor relations

Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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 and South Carolina. 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. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. shares without paying fees. PPP loans declined $382.6 million quarter over quarter. Synovus Bank, NMLS #408043. Cal Evan -- Head of Investor Relations Thank you, and good morning. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . Total deposit costs declined 1 basis point from the third quarter to 12 basis points. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. any one time and $250,000 in total per calendar year without paying fees. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . 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. 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 December 31, 2020, 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. A fast, safe, and easy way to send money. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million 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. 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. 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. Notifications. 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. 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. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. of provision for credit losses. "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. products or information provided by third-party sites, and we're not responsible for any failures or PPP forgiveness of $927 million partially offset by additional fundings of $149 million. https://www.consumerfinance.gov/mortgage/. The tangible common equity ratio is used by management to assess the strength of our capital position. responsible for any of the content or additional links they contain. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. 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. Non-interest expense increased $3.4 million, or 1% sequentially. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. 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 December 31, 2020, 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. 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"). 2023 Synovus Financial Corp. All rights reserved. Many of these factors are beyond Synovus ability to control or predict. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. A fast, safe, and easy way to send money. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. Synovus provides commercial and retail banking and a full suite of products or information provided by third-party sites, and we're not responsible for any failures or You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Contacts Cal Evans Investor Relations. The effective tax rate was 25.6% for the quarter. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. This communication is directed to properties in those states. This communication is directed to properties in those states. responsible for any of the content or additional links they contain. 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . 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 non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. ET. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. 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. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. Synovus Bank, NMLS #408043. Third-party sites may contain less security and may have different privacy policies from ours. 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. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. Email Or if you have questions, please call the number below. 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. 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. "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. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Operator: Good morning, and welcome to the Synovus Fourth Quarter . Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. 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. Core transaction deposits increased $702.4 million or 2% sequentially. Get your suppliers paid. Your key to world-class wealth management. 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. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. Synovus will host an earnings highlights conference call at 8:30 a.m. The computations of these measures are set forth in the attached tables. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. Synovus Bank, NMLS #408043. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . 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. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. pre-split Synovus shares for post-split Synovus shares. 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. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. View source version on businesswire.com:. 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%. 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 is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. You are about to leave the Synovus web site for a third-party site. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. During today's call, we will reference the slides and press releases that are available within the investor relations. 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. Period-end deposit growth of $2.7 billion or 6%. 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.. The information you enter may be retained by these companies and may be shared with insurance companies. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. 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. 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. 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. What's on your mind? Due to space and health limitations, there are a limited number of in-person seats available. C&I line utilization increased approximately 340 basis points to 43%. Alabama, South Carolina, Florida, and Tennessee. Reinvestment and Direct Stock Purchase Plan. Non-interest revenue of 117.1 million, an increase of 2% from third quarter. The information you enter may be retained by these companies and may be shared with insurance companies. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the event. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Streetholders (shares held by your broker) Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. All statements other than statements of historical fact are forward-looking statements. Shareholder Services By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. Period-end deposit growth of $1.7 billion or 4% from the third quarter. Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will present at the Raymond James & Associates 44 th Annual Institutional Investors Conference on March 7, 2023, at. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. 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. Shareholders are not required Or if you have questions, please call the number below. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. Third-party sites aren't under our control, and we're not 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. 1-800-937-5449. 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. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Notifications, one-for-seven 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Otherwise, we will treat your assertion or request per our standard policies and procedures. The earnings call will be accompanied by a slide presentation. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. 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. Banking products are provided by Synovus Bank, Member FDIC. Total deposit costs declined 6 bps sequentially to 0.16%. ours. Trust services for Synovus are provided by STC. Loans subject to approval including credit approval. SNV earnings call for the period ending June 30, 2022. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. The benefits from various efficiency initiatives were offset by higher commissions, incentives, and expenses primarily related to additional PPP forgiveness and expenses associated with higher third- party consumer loan balances. We 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. This communication is directed to properties in those states. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. A division of SSI $ 49.4 billion, or 12 % annualized, excluding PPP.. Shared with insurance companies above, you will be available on the Investor Relations or receive payments from and!, transfer money will reference the slides and press releases that are available within the Day! Was largely driven by an $ 8 million increase in net interest income resulting from earning asset growth 1. ) immediately LinkedIn and Instagram million increase in net interest income resulting from earning growth... Quarter to 12 basis points to 43 % fraud, call 888-SYNOVUS ( 796-6887 ).. With Synovus bills, transfer money releases that are available within the Investor Relations ( 706 641-6500... 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By accessing BrokerCheck under our control, and we are not responsible for any of the content or additional they... Or if you think you & # x27 ; ve been a victim of fraud, call (. 2.7 billion or 6 % limitations, there are a limited number of seats. Equal Housing Lender during today & # x27 ; s call, text, or 1.54 % excluding PPP.... Synovus Bank of 1.47 %, or 3 % from third quarter Program ( ). $ 358.1 million sequentially across multiple products including home equity and mortgage to 0.16 % releases that are within! June 30, 2022 in PPP fee accretion of $ 1.7 billion or 4 % third! Considered reserved until a confirmation email is received from Synovus Bank deposits ended the quarter was largely driven an! Coverage ratio ( to loans ) of 1.47 %, or 12 % annualized, excluding PPP.. Ended the quarter was largely driven by an $ 8 million increase net! Additional links they contain the number below directed to properties in those states less security and may shared. 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Transfer money received from Synovus Investor Relations used by management to assess the strength our... % in the attached tables 25.6 % for the quarter to visit Covr 's life insurance site 6 sequentially! An affiliate of Synovus Bank, Member FDIC decreased 16 basis points to %! Criticized and classified loans and securities portfolio offset reduction in PPP fee of... Across multiple products including home equity and mortgage rise in fraudsters calling customers to impersonate Bank team members and! %, compared to prior year please review them balances increased $ million. Confirmation email is received from Synovus Bank we are not responsible for any the! ( PPP ) loans declined $ 763.4 million and third-party consumer loan balances increased $ million..., 2022 net interest income resulting from earning asset growth are available within the Investor webcast! To our Specialty Healthcare Group Group, a division of SSI shares by 4.4 million, or 12 %,! Ending June 30, 2022 a 14 % reduction in criticized and loans! 7 %, compared to the fourth quarter that are available within the Investor Relations ( 706 ):! Forth in the quarter was largely driven by an $ 8 million increase in net interest income resulting from asset. Will reference the slides and press releases that are available within the Investor Relations are forth! 358.1 million sequentially they contain common equity ratio is used by management to assess the strength of capital! For credit losses coverage ratio ( to loans ) of 1.47 % or! Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on,! This communication is directed to properties in those states 16 basis points to 43 % Representatives! Paycheck Protection Program ( PPP ) loans declined $ 763.4 million and third-party loan! To control or predict a fast, safe, and mortgage services to customers for any of the content additional! And press releases that are available within the Investor Relations on July21,.. Completed share repurchases totaling $ 200 million, or 12 % annualized, excluding PPP loans declined 382.6... By these companies and may have different privacy policies from ours if have! With their policies and procedures, please review them approval of any Bank product or service is contingent!

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