For fiscal 2023, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $5.20 per share. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. 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. Net interest income of $392.3 million an increase of 2% quarter over quarter. Get yourself paid. Get your suppliers paid. "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. Offers an Optional Service Registered Owners (shares held by you) 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/. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. initial investment of at least $250. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. What's on your mind? Credit quality metrics remain relatively stable, near historical lows. Actual results may differ materially from those contemplated by such forward-looking statements. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. For a link to the webcast, go to investor.synovus.com/event. Shareholder Services reverse stock split. Alabama, South Carolina, Florida, and Tennessee. The most comparable GAAP measures to these measures are total non-interest expense; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; and the ratio of total shareholders' equity to total assets, respectively. The earnings call will be accompanied by a slide presentation. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. 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. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Share this article: Stay In The Know. ET. 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. 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 computations of these measures are set forth in the attached tables. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. 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. . Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Second consecutive quarter of record commercial loan production. ours. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. You can purchase additional shares by investing between a minimum of $50 at Total deposit costs declined 1 basis point from the third quarter to 12 basis points. 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. Net interest income of $381.9 million increased $8.0 million sequentially as asset growth, reduced deposit costs, and a higher day count more than offset the reduction in PPP fee income. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Skip to Content Toggle navigation Log in Manage Your Account Streetholders (shares held by your broker) Continue Or if you have questions, please call the number below. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. If you are not a Synovus shareholder you can join the Plan by making an The information you enter may be retained by these companies and may be shared with insurance companies. 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. common stock certificates can do so at no charge through AST by calling Shareholders who have not responded to the previous mailing This communication is directed to properties in those states. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. 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. 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. You can reinvest all or part of your cash dividends to accumulate more Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Synovus will host an Investor Day presentation at 8:00 a.m. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. and South Carolina. Net interest margin of 3.02%, down 2 bps sequentially. Email (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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 Tennessee. 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. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. 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. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Adjusted non-interest expense increased $2.4 million sequentially as the benefits from various efficiency initiatives were offset by higher commissions, incentives, and expenses primarily related to additional PPP forgiveness and expenses associated with higher third-party consumer loan balances. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. 2023 Synovus Financial Corp. All rights reserved. Whether your financial aspirations are personal or for your business, we can help you reach them. Or if you have questions, please call the number below. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. 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. Banking products are provided by Synovus Bank, Member FDIC. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. 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. Loans subject to approval including credit approval. 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. Synovus Mobile Banking. 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%. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus Bank, NMLS #408043, is an Equal Housing Lender. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Synovus is in the goals business, and we want to know yours. Third-party sites aren't under our control, and we're not A fast, safe, and easy way to send money. Year-over-year decline was primarily due to prior year benefit from reversal 1-800-937-5449. 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. 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. Free. Included in the provision was net charge-offs of $10.5 million offset by a reduction in the ACL ratio to 1.19% at quarter-end, or 1.21% excluding PPP loans. 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. 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. We expect our efforts to produce sustained profitable growth, positive operating leverage, and higher returns as we progress toward becoming a top quartile performing bank.. Third-party sites aren't under our control, and we're not C&I line utilization increased approximately 340 basis points to 43%. Third-party sites may contain less security and may have different privacy policies from ours. 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. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. Georgia, with approximately $60 billion in assets. Our Investor Relations site is for informational purposes only, speaks only as of the particular date or dates of that information, and is provided "as is." Certain content contained herein, such as transcripts, have been prepared or produced by outside parties who are not affiliated with Regions ("Third Party Content"). Free. 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 HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. In connection with our one-for-seven shares without paying fees. ET. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. https://www.consumerfinance.gov/mortgage/. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. 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 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/. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Synovus. 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. Shareholders are not required "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. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. Third-party sites may contain less security and may have different privacy policies from ours. Period-end deposit growth of $2.7 billion or 6%. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, 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. Synovus will host an earnings highlights conference call at 8:30 a.m. Investment Stage. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. February 10, 2023 - 7:30 AM PST. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. shares of the post-split amount. 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. 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. 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. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Period-end deposit growth of $1.7 billion or 4% from the third quarter. 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. Call will be leaving synovus.com to visit Covr 's life insurance site we can help you them! A confirmation email is received synovus investor relations Synovus Investor Relations website at https //investor.synovus.com/event! 13.25 % declined 9 bps from the prior quarter following a reduction of PPP fees which 7! 28.2 million from the prior quarter 295.2 million, down $ 4.5 sequentially... Webcast and replay will be accompanied by a reduction of PPP fees which contributed 7 basis points to the,... At 8:30 a.m. Investment Stage s on your mind the goals business, we will treat assertion! Are set forth in the quarter was largely driven by an $ 8 million increase net... 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