initial investment of at least $250. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. 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. 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, is an Equal Housing Lender. 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, 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. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Email Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . Synovus. The computations of these measures are set forth in the attached tables. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. Period-end deposit growth of $1.7 billion or 4% from the third quarter. Actual results may differ materially from those contemplated by such forward-looking statements. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. Synovus will host an Investor Day presentation at 8:00 a.m. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Loans subject to approval including credit approval. 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 marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Shareholder Services 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. Third-party sites may contain less security and may have different privacy policies from ours. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. 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. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. 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. responsible for any of the content or additional links they contain. Free. 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. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. 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. ET on February 8th, 2022. Skip to Content Toggle navigation Log in Manage Your Account Non-interest revenue decreased $3.9 million, or 3% sequentially. 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/. 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. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. 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. You can purchase additional shares by investing between a minimum of $50 at Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. 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 Due to space and health limitations, there are a limited number of in-person seats available. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. 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. During today's call, we will reference the slides and press releases that are available within the investor relations. Synovus Financial ( SNV -2.35%) Q2 2022 Earnings Call. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. For a link to the webcast, go to investor.synovus.com/event. The tangible common equity ratio is used by management to assess the strength of our capital position. Investor Type Cal Evans: Media Relations. C&I line utilization remains near historic lows at ~40%. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. ours. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. Many of these factors are beyond Synovus ability to control or predict. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. reverse stock split which became effective May 16, 2014, shareholders with certificated 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. Trust services for Synovus are provided by STC. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the This communication is directed to properties in those states. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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%. Streetholders (shares held by your broker) Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. 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. 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. Continue Or if you have questions, please call the number below. pre-split Synovus shares for post-split Synovus shares. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. 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. 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. Manage day-to-day banking Personal Debit Cards Easily access your money Savings Save for a rainy day Money Market Accounts Earn higher interest for higher balances Certificates of Deposit Grow savings over time Health Savings Account Prepare for health expenses Other Banking Services Enjoy flexible access Charge Borrow Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. 706-641-6477 Non-interest revenue of 117.1 million, an increase of 2% from third quarter. News by QuoteMedia. Non-interest expense increased $3.4 million, or 1% sequentially. ours. Synovus provides commercial and retail banking and a full suite of 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. https://www.consumerfinance.gov/mortgage/. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Get yourself paid. For a link to the webcast, go to investor.synovus.com/event. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. https://www.consumerfinance.gov/mortgage/. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. Or if you have questions, please call the number below. www.quotemedia.com. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Georgia, with approximately $60 billion in assets. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Free. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Credit quality metrics remain relatively stable, near historical lows. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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 1-800-937-5449. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, compared to prior year. 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,. Email Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). Adjusted pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly, and other items that management believes are not indicative of ongoing operations and affect period-to-period comparisons. The tangible common equity ratio is used by management to assess the strength of our capital position. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. inaccuracies. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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. The effective tax rate was 21.88% for the quarter. 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. 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. Get your suppliers paid. Otherwise, we will treat your assertion or request per our standard policies and procedures. Get yourself paid. 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. Year-to-date effective tax rate of 22.56% before discrete items. Third-party sites may contain less security and may have different privacy policies from ours. 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. 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. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Reinvestment and Direct Stock Purchase Plan. 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. 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. 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. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. 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 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. Synovus Securities,Inc. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. Operator: Good morning, and welcome to the Synovus Fourth Quarter . Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. 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. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Core transaction deposits increased $1.3 billion or 4% from the prior 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. Your key to world-class wealth management. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. shares without paying fees. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. 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. Offers an Optional Service 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. 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. products or information provided by third-party sites, and we're not responsible for any failures or Net interest income of $392.3 million an increase of 2% quarter over quarter. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. 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