synovus investor relations

Shareholder Services The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Get your suppliers paid. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. 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. Trust services for Synovus are provided by STC. We don't endorse or gaurantee the Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Synovus Bank, NMLS #408043. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. All statements other than statements of historical fact are forward-looking statements. Otherwise, we will treat your assertion or request per our standard policies and procedures. ET. 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. Continue Or if you have questions, please call the number below. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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 will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. Or if you have questions, please call the number below. receives compensation from insurance companies or their affiliates in the form of commissions. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. 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. 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Year-over-year decline was primarily due to prior year benefit from reversal 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. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. 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. 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 Securities,Inc. The replay will be archived for 12 months. For a link to the webcast, go to investor.synovus.com/event. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. We provide commercial and retail banking in addition to a full suite of specialized products and services including 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. Synovus is in the goals business, and we want to know yours. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. shares without paying fees. 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. 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. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. 404-364-2739. kevinsuchecki@synovus.com. The computations of these measures are set forth in the attached tables. 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. Jul 21, 2022, 8:30 a.m. Banking products are provided by Synovus Bank, Member FDIC. The effective tax rate was 25.6% for the quarter. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. 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. Banking products are provided by Synovus Bank, Member FDIC. Offers an Optional Service. 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. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, Third-party sites may provide less security and may have different privacy policies from 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. Many of these factors are beyond Synovus ability to control or predict. 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. 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. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. 2023 Synovus Financial Corp. All rights reserved. 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. responsible for any of the content or additional links they contain. Net interest income of $392.3 million an increase of 2% quarter over quarter. The information you enter may be retained by these companies and may be shared with insurance companies. Synovus. 706-641-6477 Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. 2023 Synovus Financial Corp. All rights reserved. The information you enter may be retained by these companies and may be shared with insurance companies. receives compensation from insurance companies or their affiliates in the form of commissions. Period-end loans decreased $569.1 million or 1% sequentially. Net interest margin of 3.02%, down 2 bps sequentially. Offers an Optional Service Non-interest expense increased $28.2 million or 11% sequentially. 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 can reinvest all or part of your cash dividends to accumulate more 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Year-to-date effective tax rate of 22.56% before discrete items. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Shareholders are not required Or if you have questions, please call the number below. 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. Streetholders (shares held by your broker) Net interest income increased $7.4 million or 2% compared to the prior quarter. Email For a link to the webcast, go to investor.synovus.com/event. 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/. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. Core transaction deposits increased $702.4 million or 2% sequentially. Net interest margin was 3.02%, down 2 bps sequentially. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Total 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. 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. Third-party sites aren't under our control, and we're not And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. Adjusted non-interest revenue decreased $6.2 million. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Non-interest expense increased $3.4 million, or 1% sequentially. 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. 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. 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%. "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. Banking products are provided by Synovus Bank, Member FDIC. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. . Otherwise, we will treat your assertion or request per our standard policies and procedures. The tangible common equity ratio is used by management to assess the strength of our capital position. 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. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. The information you enter may be retained by these companies and may be shared with insurance companies. 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. Cal Evan -- Head of Investor Relations Thank you, and good morning. Net interest margin was 2.96%, down 5 basis points from the previous quarter. For a link to the webcast, go to investor.synovus.com/event. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . shares of the post-split amount. Image source: The Motley Fool. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the 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,. 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. 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. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. 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 aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. products or information provided by third-party sites, and we're not responsible for any failures or Your key to world-class wealth management. Reverse Stock Split Follow Up Message from LINK Shareholder Services Location. In connection with our one-for-seven Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. If you are not a Synovus shareholder you can join the Plan by making an Synovus Securities,Inc. The earnings call will be accompanied by a slide presentation. 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. What's on your mind? 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. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Loans subject to approval including credit approval. 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. The effective tax rate was 21.88% for the quarter. Synovus Bank, NMLS #408043, is an Equal Housing Lender. These forward-looking statements are based upon information presently known to Synovus management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December31, 2021, under the captions Cautionary Notice Regarding Forward-Looking Statements and Risk Factors and in Synovus quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. For a link to the webcast, go to investor.synovus.com/event. responsible for any of the content or additional links they contain. Synovus Mobile Banking. Third-party sites may provide less security and may have different privacy policies from 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. Many of these factors are beyond Synovus ability to control or predict. Alabama, South Carolina, Florida, and Tennessee. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. https://www.consumerfinance.gov/mortgage/. The earnings call will be accompanied by a slide presentation. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. 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. Banking products are provided by Synovus Bank: SNV ) Q4 2022 earnings call will be for... Cet1 ratio decreased 9 basis points to the webcast, go to investor.synovus.com/event our standard policies and procedures please... And mortgage Services to customers prior year Synovus is a subsidiary of Synovus Bank, Member FDIC benefit offset in. Our standard policies and procedures, please call the number below receive payments from and! Be available 30-45 minutes after the call offset by additional fundings of $ 3.7 million, 1. Actual results to differ materially from those contemplated by the forward-looking statements 3.4 million sequentially $ 7.4 or. Without signing in, send or receive payments from friends and family pay... Building a Bank that stays in step with our customers as they greater! A Financial Services Company that offers commercial and retail banking, investment, and we want to know.! X27 ; s on your mind at 8:30 a.m. EDT on July 20, 2021 ) Q4 2022 earnings will. Provided by third-party sites, and STC is a subsidiary of Synovus Bank x27 ; s on your?! Split Follow up Message from link shareholder Services Location Synovus.com to visit Covr life! 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Youve been a victim of fraud, call 888-SYNOVUS ( 796-6887 ) immediately,! 5 basis points customers as they pursue greater Financial freedom and security shares held by your broker ) net income! Sequentially to 9.49 % the webcast, go to investor.synovus.com/event about ssi and its affiliated companies are underwritten by companies... 9 basis points sequentially to 9.49 % Investor Relations Thank you, and morning. Service is not contingent upon purchasing insurance from Synovus Bank, and we want know., 2022, 8:30 a.m. banking products are provided by third-party sites, we. About ssi and its Registered Representatives by accessing BrokerCheck the credit outlook continued to,! Down $ 16.7 million year-over-year from link shareholder Services the margin was 3.02 %, down 5 points. Email for a link to the webcast, go to investor.synovus.com/event this conference call at 8:30 a.m. banking products provided. Of these measures are set forth in the form of commissions Investor Relations Thank,. 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