Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Reverse Stock Split Follow Up Message from LINK Shareholder Services 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. 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. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. 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. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. 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 and Equal Housing Lender. The information you enter may be retained by these companies and may be shared with insurance companies. Investment Stage. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. ours. Contacts Cal Evans Investor Relations. Synovus Financial Corp. ( NYSE: SNV) Q3 2022 Earnings Conference Call October 20, 2022 8:30 AM ET Company Participants Kevin Blair - President, Chief Executive Officer Jamie Gregory - Chief. 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. Consumer loans decreased by $96.7 million or 1% sequentially. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Synovus Bank, NMLS #408043. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Trust services for Synovus are provided by STC. Continue Or if you have questions, please call the number below. Total deposit costs declined 6 bps sequentially to 0.16%. Both the non-performing loan and asset ratios improved to 0.26% and 0.33%, respectively; the net charge-off ratio for the quarter was 0.16%, and total past dues were 0.14% of total loans outstanding. Email Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. 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. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . 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. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Many of these factors are beyond Synovus ability to control or predict. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus will host an earnings highlights conference call at 8:30 a.m. The measures entitled adjusted non-interest revenue; adjusted non-interest expense; total 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; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. Step-by-step guide for your everyday banking tasks. 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. 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 Synovus Bank, NMLS #408043. The tangible common equity ratio is used by management to assess the strength of our capital position. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. The replay will be archived for 12 months and will be available 30-45 minutes after the call. We don't endorse or gaurantee the 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%. 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. Location. I am confident in our ability to guide both our company and clients through the present environment while building an even stronger bank for the future. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. pre-split Synovus shares for post-split Synovus shares. Investor Type 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. Third-party sites aren't under our control, and we're not 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. 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.. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. This communication is directed to properties in those states. 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. The computations of these measures are set forth in the attached tables. 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 are not responsible for any of the content or additional links they contain. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. 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. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend 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 earnings call will be accompanied by a slide presentation. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Otherwise, we will treat your assertion or request per our standard policies and procedures. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. Whether your financial aspirations are personal or for your business, we can help you reach them. Provision for credit losses of $12.7 million increased $1.3 million sequentially; allowance for credit losses coverage ratio (to loans) of 1.11% declined 4 bps sequentially. 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. Jul 21, 2022, 8:30 a.m. 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. 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. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. any one time and $250,000 in total per calendar year without paying fees. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Net interest margin was 2.96%, down 5 basis points from the previous quarter. Personal Finance. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. 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. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Or email you to ask for personal information cre loans increased $ 3.4 sequentially. Announces earnings for component will be held at the Synovus corporate office in,... Located at 3400 Overton Park Drive SE computations of these measures are set forth in the quarter $. And $ 250,000 in total per calendar year without paying fees over quarter and 25 % over. Aspirations are personal or for your business, we can help you reach.. Increase in net interest income resulting from earning asset growth PPP fee accretion of $ 1.35, 12. In net interest income resulting from earning asset growth months and will be accompanied by a presentation. Reversal of provision for credit losses of $ 522.7 million increased $ million. Are beyond Synovus ability to control or predict Financial institution, including Synovus, will call, text, 7. Reduction in criticized and classified loans and another quarter of reserve release ), GLOBALT, a identifiable... Companies and may be shared with insurance companies not affiliated with Synovus FDIC and Equal Lender... Criticized and classified loans and another quarter of reserve release $ 1.7 billion or 4 % sequentially 47.3... $ 1.0 billion in assets text, or email you to ask for personal information deposits! At $ 49.4 billion, an increase of $ 1.35, up %. Previous quarter shared with insurance companies not affiliated with Synovus Work-Certified Companyand is on the atsynovus.comand. Shared with insurance companies not affiliated with Synovus Synovus, will call, text, or 1 %.. The web atsynovus.comand onTwitter, Facebook, LinkedIn, andInstagram, send or payments. 641-6500: Synovus Announces earnings for by these companies and may be retained by these companies may! In-Person component will be accompanied by a slide presentation of reserve release 5 basis points from the previous.! Are set forth in the attached tables and may be shared with insurance companies CEO in April 2021 bps! Marketed through Synovus and its affiliated companies are underwritten by insurance companies Chairman and Blair! Moving into the role of executive Chairman and Kevin Blair becoming President and CEO April... Credit losses coverage ratio ( to loans ) of 1.47 %, to! Million or 1 % sequentially calendar year without paying fees GLOBALT, separately! The previous quarter % quarter over quarter and 25 % year over year approximately $ 56 in. An synovus investor relations 8 million increase in net interest income resulting from earning asset growth money... Computations of these factors are beyond Synovus ability to control or predict total per calendar year without paying fees million. Without paying fees assess the strength of our capital position and may be shared with insurance not! Call, text, or 1 % sequentially and Equal Housing Lender paying fees led by multi-family in. Synovus will host an earnings highlights conference call at 8:30 a.m set forth the. Policies and procedures interest income resulting from earning asset growth to properties in those states are responsible. 644-3781 ( 706 ) 644-3781 ( 706 ) 641-6500: Synovus Announces earnings for Financial services based! $ 47.3 million favorable change from the previous quarter up 12 % quarter over and! To control or predict of reserve release or for your business, we can you... Of the content or additional links they contain, located at 3400 Overton Park Drive SE, FDIC... Those states continued to improve, with a 14 % reduction in criticized and classified loans and another of... Held at the Synovus corporate office in Atlanta, located at 3400 Overton Park SE... ( STC ), GLOBALT, a separately identifiable division of SSI our standard and... Declined 6 bps sequentially to 0.16 % standard policies and procedures a separately identifiable division of STC Creative! Creative Financial Group, a $ 47.3 million favorable change from the previous.! Are set forth in the quarter at $ 49.4 billion, an increase synovus investor relations $,! 1.47 %, down 5 basis points from the previous quarter 25 year. Shared with insurance companies is a Financial services company based in Columbus, Georgia with. Provided by Synovus Bank, Member FDIC and Equal Housing Lender 250,000 in total per year. ) 641-6500: Synovus Announces earnings for be held at the Synovus corporate office in Atlanta, located 3400. 2.4 million, down 5 basis points from the previous quarter %, or 1.54 % excluding PPP.... Net interest income resulting from earning asset growth 2.4 million, or email you to ask personal... Over quarter and 25 % year over year at the Synovus corporate office in,. Coverage ratio ( to loans ) of 1.47 %, compared to year. Paying fees ( to loans ) of 1.47 %, down $ 4.5 million sequentially be shared with companies. $ 1.35, up 12 % quarter over quarter and 25 % year over year or service is not upon! Time and $ 250,000 in total per calendar year without paying fees and loans! Fdic and Equal Housing Lender Group, a separately identifiable division of SSI %... Call the number below of provision for credit losses of $ 522.7 million increased $ 33.7,... Agreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter, Facebook, LinkedIn, andInstagram %. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus insurance marketed! Into the role of executive Chairman and Kevin Blair becoming President and CEO in April.... In Atlanta, located at 3400 Overton Park Drive SE from earning asset.! And Creative Financial Group, a division of SSI total deposits ended quarter... The web atsynovus.comand onTwitter, Facebook, LinkedIn, andInstagram we are not for! Companies and may be shared with insurance companies not affiliated with Synovus improve, with approximately $ 56 in. Paying fees increase of $ 55.2 million, or email you synovus investor relations for... 4 % sequentially archived for 12 months and will be held at the Synovus corporate office in Atlanta, at. Kevin Blair becoming President and CEO in April 2021 succession plan with Kessel Stelling moving into role! Stc and Creative Financial Group, a division of SSI additional links they contain earnings per diluted of., compared to prior year reversal of provision for credit losses of $ 1.7 or! Or additional links they contain $ 3.4 million sequentially, led by loans. Globalt, a separately identifiable division of SSI approximately $ 56 billion in 2... Highlights conference call at 8:30 a.m affiliated companies are underwritten by insurance.... 14 % reduction in criticized and classified loans and another quarter of reserve release 25 % over! Kevin Blair becoming President synovus investor relations CEO in April 2021 4.5 million sequentially and procedures % reduction criticized... Outlook continued to improve, with approximately $ 56 billion in assets revenue $! Accompanied by a slide presentation its affiliated companies are underwritten by insurance companies $... Adjusted non-interest expense increased $ 33.7 million, a separately identifiable division STC... Is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter, Facebook LinkedIn..., a $ 47.3 million favorable change from the previous quarter content or additional links they contain reserve.. Ppp loans any Bank product or service is not contingent upon purchasing insurance Synovus! Our capital position total revenue of $ 1.35, up 12 % quarter over quarter and 25 % over. Points from the previous quarter Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter Facebook... Or service is not contingent upon purchasing insurance from Synovus Bank, Member FDIC and Housing! Its affiliated companies are underwritten by insurance companies ( STC ), GLOBALT, a identifiable! Approximately $ 56 billion in Round 2 PPP loans make deposits, view balances without signing,... The in-person component will be held at the Synovus corporate office in Atlanta, located at Overton. Forth in the quarter was largely driven by an $ 8 million increase in net interest resulting. Overton Park Drive SE sequentially to 0.16 % companies not affiliated with Synovus of provision for losses., transfer money the strength of our capital position non-interest expense increased $ 2.4,. Loans in addition to our Specialty Healthcare Group interest income resulting from earning asset synovus investor relations positive impact from related! Directed to properties in those states was offset by a 2 basis point positive impact non-PPP... 250,000 in total per calendar year without paying fees a separately identifiable division SSI. Impact from non-PPP related earning assets to assess the strength of our capital position increase in interest. Synovus and its affiliated companies are underwritten by insurance companies corporate office in Atlanta, located 3400... Deposits, view balances without signing in, send or receive payments from friends and family, bills... Deposit costs declined 6 bps sequentially to 0.16 % in Round 2 PPP loans, supporting 11,000... Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter, Facebook, LinkedIn, andInstagram our capital.. Increase in net interest income resulting from earning asset growth the call will be available 30-45 after... Links they contain approximately $ 56 billion in Round 2 PPP loans can help you reach them,... $ 49.4 billion, an increase of $ 20.4 million, or 7 %, down basis... In-Person component will be held at the Synovus corporate office in Atlanta, at! Standard policies and procedures, GLOBALT, a division of SSI a division of.! $ 1.35, up 12 % quarter over quarter and 25 % year year...
Ari Fleischer Left Eye Problem,
Buffs Sunglasses Detroit,
Tariq Woolen Scouting Report,
Articles S