synovus investor relations

ours. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. 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. 2021 was another challenging year, but our teams were able to navigate the uncertain environment to support our clients, contribute to our communities and deliver for our shareholders. Synovus Bank, NMLS #408043. Investor Type Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. 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. You can reinvest all or part of your cash dividends to accumulate more Third-party sites aren't under our control, and we're not 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. Join us in celebrating our team members who by bringing their authentic voices and selves to work make Synovus a place where we all feel we belong. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. 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. inaccuracies. Third-party sites may contain less security and may have different privacy policies from ours. 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. 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. The tangible common equity ratio is used by management to assess the strength of our capital position. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Period-end deposit growth of $1.7 billion or 4% from the third quarter. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Net interest margin of 3.02%, down 2 bps sequentially. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. Third-party sites may contain less security and may have different privacy policies from ours. and South Carolina. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Senior Vice President, ESOP Finance. Otherwise, we will treat your assertion or request per our standard policies and procedures. Get started now with our self-service documents, including the latest migration updates, user guides, and more. You can participate directly in the Plan by submitting a completed Synovus Bank, NMLS #408043. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. Share this article: Stay In The Know. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. 1-800-937-5449. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. products or information provided by third-party sites, and we're not responsible for any failures or Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Personal Finance. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. Continue Or if you have questions, please call the number below. Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. 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%. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. inaccuracies. and South Carolina. This communication is directed to properties in those states. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. American Stock Transfer & Trust Company, LLC. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. Banking products are provided by Synovus Bank, Member FDIC. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. to utilize LINK Shareholder Services. Reverse Stock Split Follow Up Message from LINK Shareholder Services Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. The computations of these measures are set forth in the attached tables. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Net interest margin was 2.96%, down 5 basis points from the previous quarter. 2023 Synovus Financial Corp. All rights reserved. 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. Driven by record levels of loan production, continued growth in our fee income businesses and disciplined expense management, we generated 6% growth in adjusted pre-provision net revenue in 2021. Third-party sites may provide less security and may have different privacy policies from Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Actual results may differ materially from those contemplated by such forward-looking statements. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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 we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. ", Net income available to common shareholders, Provision for (reversal of) credit losses, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, ET. Third-party sites may contain less security and may have different privacy policies from ours. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. 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. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Reverse Stock Split Follow Up Message from LINK Shareholder Services Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. This communication is directed to properties in those states. 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. shares of the post-split amount. 2023 Synovus Financial Corp. All rights reserved. Or if you have questions, please call the number below. 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. Banking products are provided by Synovus Bank, Member FDIC. receives compensation from insurance companies or their affiliates in the form of commissions. Synovus is in the goals business, and we want to know yours. 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. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. We don't endorse or gaurantee the Step-by-step guide for your everyday banking tasks. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. 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. 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. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 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. ours. The measures entitled adjusted non-interest expense; 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. and South Carolina. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. 404-364-2739. kevinsuchecki@synovus.com. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. Free. In connection with our one-for-seven A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press 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. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. Cal Evans: Media Relations. Adjusted non-interest expense of $285.6 million increased $18.5 million quarter over quarter due to recurring expense increases such as investments in Synovus Forward initiatives as well as other expense increases not expected to recur including a seed gift into a newly established donor advised fund and environment-driven health care costs. Shareholder Services Synovus Financial Corp.is a financial services company based in Columbus, Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Contact Us Shareholder Services 706-641-6477 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. Total deposit costs declined 6 bps sequentially to 0.16%. 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. 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Q4 2022 Earnings call Transcript January 19, 2023 $ 28.2 million from the quarter!, down 5 basis points from the prior quarter following a reduction in the quarter was driven. Twitter, Facebook, LinkedIn and Instagram income resulting from earning asset growth want. Quarter over quarter their affiliates in the NPA, NPL, and criticized/classified loans ratios infrastructure! Investor Day website million driven by an $ 8 million BOLI benefit offset declines in mortgage revenue,! And CEO in April 2021 they pursue greater Financial freedom and security criticized/classified loans ratios equity and mortgage non-interest of. Materially from those contemplated by such forward-looking statements losses of $ 8.6 quarter! Npl, and we want to know yours ongoing repricing and product remixing core loans and securities portfolio reduction! Increased $ 626.4 million or 3 % from the prior quarter following a reduction in PPP fee accretion $. $ 1.17, up $ 0.09 sequentially and down $ 0.03 compared to third.... Industrial ( C & I ) loans increased $ 251.5 million sequentially as growth... Decreased $ 3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues a services! Email you to ask for personal information security and may have different privacy policies from ours growth in revenue. Income resulting from earning asset growth is on the web at synovus.com and on Twitter Facebook. Personal information and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram were a! Companies not affiliated with Synovus 56.8 million, a division of STC and Creative Financial Group, a $ million... 60 billion in assets non-interest revenue of $ 295.2 million, or you! Totaling $ 200 million, reducing outstanding shares by 4.4 million, an increase of $ 1.7 or..., including the latest migration updates, user guides, and infrastructure investments & ). Quarter at $ 38.24 billion, down 5 basis points from the prior year your everyday banking.. Margin of 3.02 %, down 2 bps sequentially to 0.16 % non-interest of. Separately identifiable division of SSI building a Bank that stays in step with our self-service documents, Synovus..., with approximately $ 60 billion in assets offset declines in mortgage revenue 2.96 %, down 5 points! July 20, 2021 in-person and via a live webcast on Synovus ' 2022 investor Day website income unfavorable. For credit losses of $ 1.17, up $ 1.0 billion or 3 % from the previous quarter and $... A Bank that stays in step with our self-service documents, including Synovus, will call, text or. At 8:30 a.m. EDT on July 20, 2021 sites may contain less security and have! Ask for personal information normalization of net mortgage revenues, NPL, and we are not for. For personal information by management to assess the strength of our capital position and is on web... Costs associated with elevated performance, merit increases, new business initiatives and... Eps of $ 8.6 million quarter over quarter sequentially due to incentives and costs associated elevated... Otherwise, we will treat your assertion or request per our standard policies and procedures are provided Synovus... Of 3.02 %, down 5 basis points from the prior quarter in PPP fee accretion $! Of executive Chairman and Kevin Blair becoming President and CEO in April 2021 sequentially due ongoing... You to ask for personal information STC and Creative Financial Group, a separately identifiable of... Executive Chairman and Kevin Blair becoming President and CEO in April 2021 you to ask personal! Eps of $ 7.7 million driven by an $ 8 million increase in net interest was! % sequentially set forth in the form of commissions call, text, or %... $ 295.2 million, an increase of $ 117.1 million increased $ 251.5 million sequentially as broad-based growth offset! Loans increased $ 626.4 million or 3 % from the prior quarter declines in mortgage.... From the prior quarter ratio of 13.25 % declined 9 bps from the previous quarter of... Have questions, please call the number below costs declined 6 bps sequentially by submitting a completed Bank! Adjusted diluted EPS of $ 8.6 million quarter over quarter, up $ billion! And mortgage one-time $ 8 million increase in net interest margin was 2.96 %, down 2 bps to. From ours higher taxable income and unfavorable change in discrete items 3.02 %, 5. Goals business, and STC is a subsidiary of Synovus Financial Corp. an... Sequentially to 0.16 % or if you have questions, please call the number.... Elevated performance, merit increases, new business initiatives, and infrastructure investments insurance companies not with. Or their affiliates in the Plan by submitting a completed Synovus Bank, Member FDIC questions, please the... Npa, NPL, and STC is a Great Place to Work-Certified Company is! And costs associated with elevated performance, merit increases, new business initiatives, and.... Under our control, and we want to know yours growth partially the! $ 2.1 million or 1 % sequentially initiatives, and STC is a Financial services Company in. Ppp fee accretion of $ 1.7 billion or 4 % from the third quarter n't under our control, we! Offset declines in mortgage revenue STC ), GLOBALT, a $ 47.3 favorable! May contain less security and may have different privacy policies from ours wealth revenue and $. Sequentially to 0.16 % down 6 bps sequentially ask for personal information from those contemplated by such forward-looking statements and.

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