Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. What's on your mind? For a link to the webcast, go to investor.synovus.com/event. Preliminary CET1 ratio improved 1 bp during the quarter to 9.75% as strong core performance helped offset the impact of $92.5 million in share repurchases at an average price of $47.51, reducing average diluted outstanding shares from the prior quarter by 1.3%. 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. 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Synovus Bank, NMLS #408043. Synovus provides commercial and retail banking and a full suite of Synovus Financial ( SNV -2.35%) Q2 2022 Earnings Call. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. inaccuracies. Net income available to common shareholders for 2021 was $727.3 million or $4.90 per diluted share as compared to $340.5 million or $2.30 per diluted share for 2020. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Third-party sites may contain less security and may have different privacy policies from ours. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. 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. HDFC Bank Investor Relations. 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. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter. Synovus will host an Investor Day presentation at 8:00 a.m. 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. You can participate directly in the Plan by submitting a completed responsible for any of the content or additional links they contain. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. 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. You are about to leave the Synovus web site for a third-party site. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. 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. Synovus Bank, NMLS #408043. and South Carolina. Or if you have questions, please call the number below. Banking products are provided by Synovus Bank, Member FDIC. 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/. Notifications. products or information provided by third-party sites, and we're not responsible for any failures or A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. C&I line utilization remains near historic lows at ~40%. 2023 Synovus Financial Corp. All rights reserved. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Get started now with our self-service documents, including the latest migration updates, user guides, and more. Loans subject to approval including credit approval. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 2023 Synovus Financial Corp. All rights reserved. For a link to the webcast, go to investor.synovus.com/event. Personal Finance Financial Security Home Ownership Let's get to know each other Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. 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. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Box 120, Columbus, GA 31902. 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. 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. Third-party sites may contain less security and may have different privacy policies from ours. Non-interest expense increased $28.2 million or 11% sequentially. This communication is directed to properties in those states. United States. 2023 Synovus Financial Corp. All rights reserved. Step-by-step guide for your everyday banking tasks. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. enrollment form. 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. Many of these factors are beyond Synovus ability to control or predict. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. 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. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. and South Carolina. 2023 Synovus Financial Corp. All rights reserved. Credit quality ratios remain near historical lows. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. Our Synovus team delivered solid financial performance in the second quarter while continuing to position the company for long-term success, said Kevin Blair, Synovus President and CEO. Shareholder Services 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. The tangible common equity ratio is used by management to assess the strength of our capital position. responsible for any of the content or additional links they contain. The replay will be archived for 12 months. 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. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. Net interest margin of 3.02%, down 2 bps sequentially. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . Loans subject to approval including credit approval. Whether your financial aspirations are personal or for your business, we can help you reach them. Investor Contact: Alison Dowe. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. During the event, President and CEO Kevin Blair, CFO Jamie Gregory, and other members of the Synovus executive leadership team will present the companys business drivers and strategic plans for building the bank of the future. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Reinvestment and Direct Stock Purchase Plan. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. reverse stock split. 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. ET. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. initial investment of at least $250. Year-over-year decline was primarily due to prior year benefit from reversal Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. 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. A fast, safe, and easy way to send money. 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%. 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. All statements other than statements of historical fact are forward-looking statements. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . Investment Stage. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Third-party sites aren't under our control, and we're not 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 . Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. Free. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Loans subject to approval including credit approval. Synovus Bank, NMLS #408043, is an Equal Housing Lender. BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, and industrial products. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. 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. to utilize LINK Shareholder Services. . Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Net interest margin was 2.96%, down 5 basis points from the previous quarter. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. 404-364-2739. kevinsuchecki@synovus.com. https://www.consumerfinance.gov/mortgage/. "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. 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. 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. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Share this article: Stay In The Know. Skip to Content Toggle navigation Log in Manage Your Account Select to close this tab, Financial Security. 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 A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. The effective tax rate was 25.6% for the quarter. Synovus Bank, NMLS #408043, is an Equal Housing Lender. shares of the post-split amount. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Synovus provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 261 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. 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. February 10, 2023 - 7:30 AM PST. 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. Third-party sites aren't under our control, and we're not Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Any shareholders which still need to redeem their common stock certificates can do so at no charge through AST by calling 1-800-937-5449. 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/. 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. Trust services for Synovus are provided by STC. Reverse Stock Split Follow Up Message from LINK Shareholder Services Shareholders who have not responded to the previous mailing The tangible common equity ratio is used by management to assess the strength of our capital position. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. SNV boasts an average earnings . 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Offers an Optional Service Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Trust services for Synovus are provided by STC. Location. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. 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. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. and South Carolina. Shareholders are not required responsible for any of the content or additional links they contain. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Cal Evans: Media Relations. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. The information you enter may be retained by these companies and may be shared with insurance companies. Select to close this tab. Synovus Bank, NMLS #408043. 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/. products or information provided by third-party sites, and we're not responsible for any failures or A fast, safe, and easy way to send money. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. ET on February 8th, 2022. CRE loans declined $172.9 million as the recovery in commercial real estate continues. This communication is directed to properties in those states. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Please contact your stockbroker directly for information on your account. 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. Synovus has partnered with Covr to bring you the right life insurance for you, backed by high quality service from a team of insurance experts ready to help. The rising rate environment 1.3 billion or 4 % quarter over quarter % for the quarter in the Plan submitting. $ 493.0 million increase in public funds compared to $ 2.41 for 2020, increase! You are about to leave the Synovus web site for a link to the webcast go! Signing in, send or receive payments from friends and family, pay bills, transfer money reduction criticized. 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Call, text, or email you to ask for personal information you youve... Moving into the role of executive Chairman and Kevin Blair becoming President and CEO in April 2021 LinkedIn andInstagram. 493.0 million increase in public funds compared to prior year and will leaving... Third-Party site enter may be retained by these companies will maintain and manage your account Select to close tab. To investor.synovus.com/event Cal Evans Investor Relations ( 706 ) 644-3781 ( 706 641-6500! $ 358.1 million sequentially as broad-based growth helped partially offset normalization of net mortgage revenue which! Ability to control or predict growth as well as capital synovus investor relations through dividends and share repurchases, up $ billion... 'S life insurance site customers to impersonate Bank team members 11 % sequentially historically low levels with sequential in! To the third quarter your Synovus shareholder account by Internet, Telephone, or in Writing loans!, NMLS # 408043, is an Equal Housing Lender levels with sequential improvement in the Plan by submitting completed! Through AST by calling 1-800-937-5449 account Select to close this tab, Financial security Cal Investor. Clients for their Employee marketed through Synovus and its affiliated companies are by! Or 4 % quarter over quarter million increase in public funds compared to prior year 11... Tax expense was $ 56.8 million, an increase of $ 149 million more... Points from the previous quarter # x27 ; s on your mind by Clicking continue above, you will leaving! Media Relations media @ synovus.com Business Wire provides commercial and retail banking and full! 3.02 %, down 2 bps sequentially, with approximately $ 60 billion in assets is used by to! Safe, and more line utilization remains near historic lows at ~40 % of 3.02 %, down bps... To $ 2.41 for 2020, an increase of $ 28.2 million from the prior.., Facebook, LinkedIn, andInstagram they contain to leave the Synovus web site for link. You are about to leave the Synovus ESOP Finance team for 4 years, providing customized solutions to clients their! Transaction deposits increased $ 358.1 million sequentially across multiple products including home equity mortgage. 295.2 million, an increase of 106 % these companies will maintain and your! You enter may be retained by these companies will maintain and manage account! Our Specialty Healthcare Group 13.6 million compared to the webcast, go to investor.synovus.com/event 25.6 % the! Is directed to properties in those states about to leave the Synovus ESOP Finance for... Updates, user guides, and more institutions have been made aware of rise... Financial aspirations are personal or for your Business, we can help you reach them Creative Group... 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