synovus investor relations

Select to close this tab. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. ET on January 20, 2022. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Many of these factors are beyond Synovus ability to control or predict. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. Core transaction deposits increased $1.3 billion or 4% from the prior 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. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Box 120, Columbus, GA 31902. 18 min read. 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. Cal Evan -- Head of Investor Relations Thank you, and good morning. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . 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. 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. Continue Or if you have questions, please call the number below. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. responsible for any of the content or additional links they contain. Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. 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,. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. Synovus is in the goals business, and we want to know yours. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. 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. The replay will be archived for 12 months. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). shares without paying fees. American Stock Transfer & Trust Company, LLC. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Email Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, The effective tax rate was 25.6% for the quarter. 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. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. These 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. This communication is directed to properties in those states. All statements other than statements of historical fact are forward-looking statements. Synovus Bank, NMLS #408043. You are about to leave the Synovus web site for a third-party site. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Non-interest expense increased $28.2 million or 11% sequentially. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. 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/. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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. Shareholders who have not responded to the previous mailing Offers an Optional Service. Loans subject to approval including credit approval. Reverse Stock Split Follow Up Message from LINK Shareholder Services Loans subject to approval including credit approval. 2023 Synovus Financial Corp. All rights reserved. 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. Banking products are provided by Synovus Bank, Member FDIC. 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. 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. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. Registered Owners (shares held by you) Synovus Bank, NMLS #408043, is an Equal Housing Lender. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. Trust services for Synovus are provided by STC. "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. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Reinvestment and Direct Stock Purchase Plan. 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. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. Step-by-step guide for your everyday banking tasks. 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 can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. The tangible common equity ratio is used by management to assess the strength of our capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus operating results, financial strength, the performance of its business, and the strength of its capital position. Whether your financial aspirations are personal or for your business, we can help you reach them. Image source: The Motley Fool. Consumer loans increased $147.5 million sequentially, with growth of $273.5 million in third-party consumer lending offsetting declines in consumer mortgages and HELOCs of $98.4 million and $74.2 million, respectively. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. You are about to leave the Synovus web site for a third-party site. receives compensation from insurance companies or their affiliates in the form of commissions. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. 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. 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. Contact Us Shareholder Services 706-641-6477 If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. The computations of these measures are set forth in the attached tables. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. 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 is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. The earnings call will be accompanied by a slide presentation. February 10, 2023 - 7:30 AM PST. . premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, Actual results may differ materially from those contemplated by such forward-looking statements. reverse stock split which became effective May 16, 2014, shareholders with certificated 2023 Synovus Financial Corp. All rights reserved. Shareholder Services Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 404-364-2739. kevinsuchecki@synovus.com. Investment products and services provided by Synovus are offered through Synovus Securities, Inc. (SSI) a registered Broker-Dealer, member FINRA/SIPC and SEC registered Investment Advisor, Synovus Trust Company, N.A. Synovus Securities,Inc. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. 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. Total deposit costs declined 6 bps sequentially to 0.16%. Net interest income of $425.4 million was up $33.1 million sequentially and increased $43.5 million, or 11%, compared to prior year, driven by strong loan growth and higher rates. Adjusted 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. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. Trust services for Synovus are provided by STC. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Synovus Financial ( SNV -2.35%) Q2 2022 Earnings Call. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Location. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. ", 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. Get your suppliers paid. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. Synovus. 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. Synovus Bank, NMLS #408043. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. 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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. Registration via the 2022 Investor Day website is required for both in-person virtual... 0.97 compared to the quarter at $ 47.17 billion, down $ 3.2 million sequentially site... $ 3.2 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues service... Excluding the reduction in PPP loans, was $ 1.4 billion or 4 % over... Via the 2022 Investor Day website is required for both in-person and virtual attendees PPP fee accretion of 1.20. 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