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. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Personal Finance. 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 . Second consecutive quarter of record commercial loan production. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total FTE revenue; efficiency ratio-FTE; 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. Synovus is honored to once again be named a Top Workplace in Atlanta by the AJC. Total deposit costs declined 6 bps sequentially to 0.16%. 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. Core transaction deposits increased $702.4 million or 2% sequentially. 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. products or information provided by third-party sites, and we're not responsible for any failures or Get your suppliers paid. 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%. 2023 Synovus Financial Corp. All rights reserved. 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%. You are about to leave the Synovus web site for a third-party site. You are about to leave the Synovus web site for a third-party site. Loans subject to approval including credit approval. Email . You are about to leave the Synovus web site for a third-party site. CRE loans declined $172.9 million as the recovery in commercial real estate continues. 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.. Actual results may differ materially from those contemplated by such forward-looking statements. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. The computations of these measures are set forth in the attached tables. Free. 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. 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. We don't endorse or gaurantee the Third-party sites may provide less security and may have different privacy policies from 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. Registered Owners (shares held by you) Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Banking products are provided by Synovus Bank, Member FDIC. 706-641-6477 With a strong market position, broad geographic coverage footprint servicing 50 states . Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Offers an Optional Service. Net interest margin was 3.02%, down 2 bps sequentially. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. Loans subject to approval including credit approval. The replay will be archived for 12 months and will be available 30-45 minutes after the call. of provision for credit losses. Trust services for Synovus are provided by STC. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. products or information provided by third-party sites, and we're not responsible for any failures or Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Image source: The Motley Fool. 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. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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. Year-to-date effective tax rate of 22.56% before discrete items. Skip to Content Toggle navigation Log in Manage Your Account The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. SNV earnings call for the period ending June 30, 2022. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. ours. Blake Robbins - Synovus Mortgage in Decatur, reviews by real people. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Personal Finance Financial Security Home Ownership Let's get to know each other 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. ET. 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/. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third 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. Synovus. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. This communication is directed to properties in those states. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. 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. 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. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . Otherwise, we will treat your assertion or request per our standard policies and procedures. www.quotemedia.com. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. Shareholder Services Your key to world-class wealth management. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. The information you enter may be retained by these companies and may be shared with insurance companies. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. Synovus Financial ( SNV -2.35%) Q2 2022 Earnings Call. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Otherwise, we will treat your assertion or request per our standard policies and procedures. specialized products and services, including private banking, treasury management, wealth management, mortgage services, and South Carolina. The earnings call will be accompanied by a slide presentation. 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 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. Investment Stage. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. A fast, safe, and easy way to send money. 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 provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. 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. inaccuracies. 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. Third-party sites aren't under our control, and we're not You can access your Synovus shareholder account by Internet, Telephone, or in Writing. 2023 Synovus Financial Corp. All rights reserved. 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. receives compensation from insurance companies or their affiliates in the form of commissions. Third-party sites may contain less security and may have different privacy policies from ours. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. any one time and $250,000 in total per calendar year without paying fees. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Trust services for Synovus are provided by STC. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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/. 2023 Synovus Financial Corp. All rights reserved. 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. For a link to the webcast, go to investor.synovus.com/event. 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Contacts Cal Evans Investor Relations. 18 min read. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. The tangible common equity ratio is used by management to assess the strength of our capital position. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 2021 was another challenging year, but our teams were able to navigate the uncertain environment to support our clients, contribute to our communities and deliver for our shareholders. ET on January 20, 2022. Actual results may differ materially from those contemplated by such forward-looking statements. 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 taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. ET. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Non-interest expense increased $3.4 million, or 1% sequentially. shares without paying fees. Investor Type A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Adjusted non-interest revenue decreased $6.2 million. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. 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