synovus investor relations

&nbsp11/03/2023

Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. Third-party sites aren't under our control, and we're not COLUMBUS, Ga., February 10, 2023 -- ( BUSINESS WIRE )--Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will present at the Raymond James & Associates 44 th Annual. Third-party sites aren't under our control, and we're not 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. 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. ours. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. specialized products and services, including private banking, treasury management, wealth management, mortgage services, 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. Period-end loans decreased $569.1 million or 1% 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. ", 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. What's on your mind? Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Email You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. 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. PPP loans declined $382.6 million quarter over quarter. 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, The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. Banking products are provided by Synovus Bank, Member FDIC. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. 2023 Synovus Financial Corp. All rights reserved. Synovus Bank, NMLS #408043. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . Shareholder Services Shareholders who have not responded to the previous mailing Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the event. Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus provides commercial and retail banking and a full suite of Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Notifications. 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. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. Synovus Bank, NMLS #408043, is an Equal Housing Lender. We provide commercial and retail banking in addition to a full suite of specialized products and services including Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend 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. Non-interest expense increased $3.4 million, or 1% sequentially. Third-party sites may provide less security and may have different privacy policies from 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. P.O. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Synovus is in the goals business, and we want to know yours. February 10, 2023 - 7:30 AM PST. Investor Contact: Alison Dowe. shares of the post-split amount. Synovus will host an earnings highlights conference call at 8:30 a.m. Offers an Optional Service 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. 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. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Total deposit costs declined 6 bps sequentially to 0.16%. 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. ET. shares without paying fees. Synovus Financial Corp., formerly the Columbus Bank and Trust Company, is a financial services company with approximately $45 billion in assets based in Columbus, Georgia. Share this article: Stay In The Know. Any shareholders which still need to redeem their ours. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Credit quality ratios remain near historical lows. 706-641-6477 Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. A fast, safe, and easy way to send money. The information you enter may be retained by these companies and may be shared with insurance companies. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Notifications. 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 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. to utilize LINK Shareholder Services. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. The information you enter may be retained by these companies and may be shared with insurance companies. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. 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. 2023 Synovus Financial Corp. All rights reserved. Georgia, with approximately $60 billion in assets. Third-party sites may contain less security and may have different privacy policies from ours. This communication is directed to properties in those states. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. 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. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. 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. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Preliminary total risk-based capital ratio of 12.60% decreased 32 basis points from the prior quarter, primarily from strong asset growth and reduction in the allowance for credit losses. 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. . Synovus Securities,Inc. www.quotemedia.com. A fast, safe, and easy way to send money. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. inaccuracies. 1-800-937-5449. Third-party sites may contain less security and may have different privacy policies from ours. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Actual results may differ materially from those contemplated by such forward-looking statements. 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 were previously notified by American Stock Transfer (AST) to exchange those shares for the and South Carolina. 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. We don't endorse or gaurantee the 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Our ongoing focus on growing core operating deposit relationships led to another quarter of account growth, as well as non-interest bearing deposit growth of $254 million. and South Carolina. ET on January 20, 2022. The effective tax rate was 21.88% for the quarter. Cal Evan -- Head of Investor Relations Thank you, and good morning. The earnings call will be accompanied by a slide presentation. 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. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's Most Reputable Banks by American Banker and the Reputation Institute. "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. 18 min read. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. 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. 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. American Stock Transfer & Trust Company, LLC. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. ET on February 8th, 2022. The computations of these measures are set forth in the attached tables. Select to close this tab. 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. C&I line utilization increased approximately 340 basis points to 43%. Otherwise, we will treat your assertion or request per our standard policies and procedures. The information you enter may be retained by these companies and may be shared with insurance companies. 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. Reinvestment and Direct Stock Purchase Plan. Synovus Bank, NMLS #408043. Banking products are provided by Synovus Bank, Member FDIC. 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 lending, structured lending, capital markets and international banking. Many of these factors are beyond Synovus ability to control or predict. This communication is directed to properties in those states. reverse stock split. For a link to the webcast, go to investor.synovus.com/event. With a strong market position, broad geographic coverage footprint servicing 50 states . Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. receives compensation from insurance companies or their affiliates in the form of commissions. Synovus Bank, NMLS #408043. 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%. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. You can reinvest all or part of your cash dividends to accumulate more These forward-looking statements are based upon information presently known to Synovus management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020, under the captions Cautionary Notice Regarding Forward-Looking Statements and Risk Factors and in Synovus quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. 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. Commercial and industrial (C&I) loans increased $426.0 million sequentially, led by broad based growth within our Wholesale Banking segment, partially offset by declines in PPP loan balances of $116.2 million. For a link to the webcast, go to investor.synovus.com/event. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Non-interest expense increased $28.2 million or 11% sequentially. United States. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. Get your suppliers paid. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Personal Finance. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Loans subject to approval including credit approval. Streetholders (shares held by your broker) Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. any one time and $250,000 in total per calendar year without paying fees. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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/. For a link to the webcast, go to investor.synovus.com/event. responsible for any of the content or additional links they contain. Contact Us Shareholder Services 706-641-6477 Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. 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. Skip to Content Toggle navigation Log in Manage Your Account By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. products or information provided by third-party sites, and we're not responsible for any failures or Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. 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