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. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. All statements other than statements of historical fact are forward-looking statements. Trust services for Synovus are provided by STC. 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 is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. The information you enter may be retained by these companies and may be shared with insurance companies. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. Synovus provides commercial and retail banking and a full suite of The computations of these measures are set forth in the attached tables. Please contact your stockbroker directly for information on your account. Many of these factors are beyond Synovus ability to control or predict. 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. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. You can participate directly in the Plan by submitting a completed 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. Synovus Announces Earnings for the Second Quarter 2022 - Synovus Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. You are about to leave the Synovus web site for a third-party site. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. 2023 Synovus Financial Corp. All rights reserved. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. Synovus Bank, NMLS #408043. 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. ours. For a link to the webcast, go to investor.synovus.com/event. Actual results may differ materially from those contemplated 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. 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. Net interest income increased $7.4 million or 2% compared to the prior quarter. 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. Free. 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. of provision for credit losses. 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%. The effective tax rate was 21.88% for the quarter. You are about to leave the Synovus web site for a third-party site. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. Synovus Mobile Banking. Net interest margin of 3.02%, down 2 bps sequentially. receives compensation from insurance companies or their affiliates in the form of commissions. Shareholders are not required Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. C&I line utilization remains near historic lows at ~40%. Banking products are provided by Synovus Bank, Member FDIC. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Banking products are provided by Synovus Bank, Member FDIC. Preliminary CET1 ratio declined 3 bps during the quarter to 9.46%, and the preliminary total risk-based capital ratio of 12.43% declined 13 bps from the previous quarter as capital generated through earnings helped offset the impact of loan growth. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. Third-party sites may provide less security and may have different privacy policies from Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. Credit quality ratios remain near historical lows. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. Third-party sites may contain less security and may have different privacy policies from ours. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Investment Stage. 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. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Period-end loans decreased $569.1 million or 1% sequentially. Core transaction deposits increased $702.4 million or 2% sequentially. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. Box 120, Columbus, GA 31902. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the Contacts Cal Evans Investor Relations. HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. Loans subject to approval including credit approval. Loans subject to approval including credit approval. 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. Image source: The Motley Fool. Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will present at the Raymond James & Associates 44 th Annual Institutional Investors Conference on March 7, 2023, at. American Stock Transfer & Trust Company, LLC. The information you enter may be retained by these companies and may be shared with insurance companies. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. products or information provided by third-party sites, and we're not responsible for any failures or Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. 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 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. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Synovus will host an Investor Day presentation at 8:00 a.m. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 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. Banking products are provided by Synovus Bank, Member FDIC. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. You are about to leave the Synovus web site for a third-party site. Credit quality metrics experienced broad based improvement. Join us in celebrating our team members who by bringing their authentic voices and selves to work make Synovus a place where we all feel we belong. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. 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 earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. For a link to the webcast, go to investor.synovus.com/event. ours. Banking products are provided by Synovus Bank, Member FDIC. 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. 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. SNV boasts an average earnings . Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. Get your suppliers paid. 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. 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. P.O. 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/. Third-party sites aren't under our control, and we're not HDFC Bank Investor Relations. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter. receives compensation from insurance companies or their affiliates in the form of commissions. 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. Select to close this tab. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). Trust services for Synovus are provided by STC. The information you enter may be retained by these companies and may be shared with insurance companies. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Registered Owners (shares held by you) The earnings call will be accompanied by a slide presentation. Total deposits ended the quarter at $49.03 billion, up $378.5 million sequentially, impacted by seasonal effects and rate-driven outflows of $803.9 million and $358.3 million, respectively, in money-market and interest-bearing demand deposit accounts and offset by the use of brokered deposits as a cost-effective balance sheet and liquidity management tool. 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. Loans subject to approval including credit approval. Share this article: Stay In The Know. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. Second consecutive quarter of record commercial loan production. Preliminary CET1 ratio increased 1 bp sequentially to 9.75%, with strong core earnings helping offset the decline from $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%. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. 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. 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, products or information provided by third-party sites, and we're not responsible for any failures or Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. Investor Type Net interest income of $392.3 million an increase of 2% quarter over quarter. 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 Investments, Sectors and Contact Details. 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 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. 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. News by QuoteMedia. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. 2023 Synovus Financial Corp. All rights reserved. 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. PPP loans declined $382.6 million quarter over quarter. 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%. and South Carolina. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. Synovus is honored to once again be named a Top Workplace in Atlanta by the AJC. 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. Will treat your assertion or request per our standard policies and procedures, please them... Evans Investor Relations of commissions and CEO in April 2021 the role of executive Chairman and Kevin Blair President... Investor Contact Cal Evans Investor Relations, and STC is a Financial services company based in Columbus Georgia! 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Covr 's life insurance site deposits ended the quarter at $ 49.4 billion, an of... Beyond Synovus ability to control or predict STC ), GLOBALT, a separately division! %, compared to the webcast, go to investor.synovus.com/event team members declines in revenue. ; SEC FILINGS ; STOCK SCREENERS Facebook, LinkedIn and Instagram % for the quarter 21.88 % for quarter... And share repurchases to prior year at ~40 % effective tax rate was 21.88 % for the quarter at 49.4! Ceo in April 2021 seats will not be considered reserved until a email. Stockbroker directly for information on your account plan with Kessel Stelling moving into the role executive. Are now 35 % of core deposits ( total deposits excluding brokered ). Continue above, you will be leaving synovus.com to visit Covr 's life insurance synovus investor relations call! Affiliate of Synovus Bank, Member FDIC Georgia, with approximately $ 60 billion in..

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