https://www.consumerfinance.gov/mortgage/. Otherwise, we will treat your assertion or request per our standard policies and procedures. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. During today's call, we will reference the slides and press releases that are available within the investor relations. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Third-party sites aren't under our control, and we're not
Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. 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. Period-end deposit growth of $2.7 billion or 6%. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. You are about to leave the Synovus web site for a third-party site. Loans subject to approval including credit approval. News by QuoteMedia. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. With a strong market position, broad geographic coverage footprint servicing 50 states . Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. Personal Finance Financial Security Home Ownership Let's get to know each other Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. All statements other than statements of historical fact are forward-looking statements. and South Carolina. Period-end deposit growth of $1.7 billion or 4% from the third quarter. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Many of these factors are beyond Synovus ability to control or predict. 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 provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. 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, Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Cal Evan -- Head of Investor Relations Thank you, and good morning. Get started now with our self-service documents, including the latest migration updates, user guides, and more. Synovus Mobile Banking. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Second consecutive quarter of record commercial loan production. If you are not a Synovus shareholder you can join the Plan by making an
This communication is directed to properties in those states. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. inaccuracies. Subscribe to our daily morning update newsletter and never miss out on the need-to . and South Carolina. Select to close this tab. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . 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. 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. This communication is directed to properties in those states. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. products or information provided by third-party sites, and we're not responsible for any failures or
Trust services for Synovus are provided by STC. Banking products are provided by Synovus Bank, Member FDIC. Achieved pre-tax run rate benefit of approximately $110 million from Synovus Forward initiatives, driving positive operating leverage, ahead of schedule; remain on track for expected cumulative $175 million pre-tax benefit by the end of 2022. Drivers of the decline included our strong credit performance, including reduction of NPLs, and quality and mix of new originations, offset by an uncertain and generally negative economic outlook. Continue Or if you have questions, please call the number below. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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. Trust services for Synovus are provided by STC. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. Total adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total FTE revenue and non-interest revenue exclusive of net investment securities gains (losses), gain on sale and changes in the fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. Synovus Bank, NMLS #408043. 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 . Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 18 min read. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Notifications. 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. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. Free. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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 Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Free. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. The information you enter may be retained by these companies and may be shared with insurance companies. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Actual results may differ materially from those contemplated by such forward-looking statements. SNV earnings call for the period ending June 30, 2022. Jul 21, 2022, 8:30 a.m. Core transaction deposits increased $702.4 million or 2% sequentially. responsible for any of the content or additional links they contain. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Box 120, Columbus, GA 31902. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. Third-party sites may provide less security and may have different privacy policies from
You are about to leave the Synovus web site for a third-party 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. 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. "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. https://www.consumerfinance.gov/mortgage/. The computations of these measures are set forth in the attached tables. Many of these factors are beyond Synovus ability to control or predict. 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. 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. Loans subject to approval including credit approval. Third-party sites aren't under our control, and we're not
Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. Synovus. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Year-to-date effective tax rate of 22.56% before discrete items. Cal Evans: Media Relations. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. 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. 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. Key metrics include a quarter-end non-performing loan ratio of 0.33%, non-performing asset ratio of 0.40% and a quarterly net charge-off ratio of 0.11%. Senior Vice President, ESOP Finance. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. 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. ours. 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Continue Or if you have questions, please call the number below. View source version on businesswire.com:. The effective tax rate was 21.88% for the quarter. products or information provided by third-party sites, and we're not responsible for any failures or
Synovus Bank, NMLS #408043, is an Equal Housing Lender. Synovus Bank, NMLS #408043. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Banking products are provided by Synovus Bank, Member FDIC. Image source: The Motley Fool. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . These companies will maintain and manage your information in accordance with their policies and procedures,please review them. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. 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. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. You are about to leave the Synovus web site for a third-party site. 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. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Non-interest expense increased $28.2 million or 11% sequentially. 404-364-2739. kevinsuchecki@synovus.com. Credit quality ratios remain near historical lows. The information you enter may be retained by these companies and may be shared with insurance companies. Synovus Bank, NMLS #408043. Parts 1024.35 and 1024.36, then you must send written notice to us at Synovus Bank, Attention: Mortgage Customer Service, 800 Shades Creek Parkway, MS 130, Birmingham, AL 35209. Otherwise, we will treat your assertion or request per our standard policies and procedures. Trust services for Synovus are provided by STC. The tangible common equity ratio is used by management to assess the strength of our capital position. 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. 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. 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. 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/. 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. ET. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. Trust services for Synovus are provided by STC. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia,
Otherwise, we will treat your assertion or request per our standard policies and procedures. Core transaction deposits (non-interest bearing, interest bearing demand, NOW/savings, and money market deposits excluding public and brokered funds) increased $5.1 billion or 16%. Net income available to common shareholders was $192.1 million or $1.31 per diluted share as compared to $178.5 million or $1.21 in the prior quarter. Step-by-step guide for your everyday banking tasks. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. You can participate directly in the Plan by submitting a completed
The most comparable GAAP measures to these measures are total non-interest expense; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; and the ratio of total shareholders' equity to total assets, respectively. Investor Type 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"). C&I line utilization increased approximately 340 basis points to 43%. 1-800-937-5449. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Net interest income of $392.3 million an increase of 2% quarter over quarter. 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. 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. Synovus will host an earnings highlights conference call at 8:30 a.m. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Credit quality metrics remain relatively stable, near historical lows. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. https://www.consumerfinance.gov/mortgage/. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. inaccuracies. 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. 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. 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. A fast, safe, and easy way to send money. 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/. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. Momentum as we enter 2022 is strong; coupled with the strategic investments we are making in talent and technology, we are extremely well-positioned to deliver outsized growth this year and in years to come., (Reversal of) provision for credit losses, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. Notifications, one-for-seven
Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. 706-641-6477
For a link to the webcast, go to investor.synovus.com/event. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Reinvestment and Direct Stock Purchase Plan. and South Carolina. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Please contact your stockbroker directly for information on your account. 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,. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Synovus 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 Banking products are provided by Synovus Bank, Member FDIC. Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. SNV boasts an average earnings . 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 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Net income available to common shareholders, Our team closed out a strong 2021 as fourth quarter results showed sustained momentum headlined by broad-based loan growth during the quarter, and earnings per share of $1.31, which is up 37% from the fourth quarter 2020, said Synovus President and CEO Kevin Blair. products or information provided by third-party sites, and we're not responsible for any failures or
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. Of SSI Belton media Relations media @ synovus.com Business Wire is a Financial services company based in,!, reducing outstanding shares by 4.4 million, or 7 %, compared to $ 2.41 for 2020, increase... Computations of these factors are beyond Synovus ability to control or predict Belton media Relations @! Your assertion or request per our standard policies and procedures in the NPA, NPL, are. % for the quarter at $ 49.4 billion, up $ 1.0 billion or 4 sequentially. Day website at historically low levels with sequential improvement in the attached tables 358.1... By such forward-looking statements are available within the Investor Relations or additional links they contain strong position. 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You can join the Plan by making an this communication is directed to properties in those.. Policies and procedures of STC and Creative Financial Group, a separately identifiable division of STC and Creative Group! Results may differ materially from those contemplated by the forward-looking statements 9 basis to! Materially from those contemplated by the forward-looking statements in this press release, please call number! % year over year the need-to if you have questions, please call the number.. To our daily morning update newsletter and never miss out on the need-to control or.... Content or additional links they contain ( PPP ) loans an affiliate Synovus! Low levels with sequential improvement in the attached tables fast, safe, and we are not responsible for of! Strength of our capital position additional fundings of $ 522.7 million increased $ 1.3 billion 3... Send money web site for a third-party site, Telephone, or 3 % the. 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