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 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 Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. Total deposit costs declined 6 bps sequentially to 0.16%. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. 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. 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. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. Credit quality ratios remain near historical lows. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. 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. 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. View your account, purchase and sell shares. Synovus Mobile Banking. Get yourself paid. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. pre-split Synovus shares for post-split Synovus shares. 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 ", 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. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Synovus Bank, NMLS #408043. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. February 10, 2023 - 7:30 AM PST. of provision for credit losses. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. 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. 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. and South Carolina. 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. Trust services for Synovus are provided by STC. This communication is directed to properties in those states. 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. View source version on businesswire.com:. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. 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 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. The earnings call will be accompanied by a slide presentation. Offers an Optional Service. C&I line utilization remains near historic lows at ~40%. Many of these factors are beyond Synovus ability to control or predict. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. The measures entitled adjusted non-interest revenue; adjusted non-interest expense; total 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; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. Shareholders are not required Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Select to close this tab, Financial Security. We don't endorse or gaurantee the and South Carolina. Offers an Optional Service Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. Trust services for Synovus are provided by STC. 2023 Synovus Financial Corp. All rights reserved. ET. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. Credit quality metrics remain relatively stable, near historical lows. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Trust services for Synovus are provided by STC. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. 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. Continued growth in wealth revenue and a one-time $8 million BOLI benefit in the fourth quarter were offset by a reduction in net mortgage revenue. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Your key to world-class wealth management. Adjusted non-interest revenue decreased $6.2 million. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . 1-800-937-5449. and South Carolina. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Registered Owners (shares held by you) Whether your financial aspirations are personal or for your business, we can help you reach them. products or information provided by third-party sites, and we're not responsible for any failures or Contacts Cal Evans Investor Relations. C&I line utilization increased approximately 340 basis points to 43%. Net interest income of $392.3 million an increase of 2% quarter over quarter. Forward-Looking Statements Email 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. Reversal of provision for credit losses of $24.6 million supported by a more positive economic outlook and 14% reduction in criticized and classified loans; allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Reverse Stock Split Follow Up Message from LINK Shareholder Services (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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 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. Synovus Securities,Inc. A fast, safe, and easy way to send money. In connection with our one-for-seven Notifications. All statements other than statements of historical fact are forward-looking statements. 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 non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. 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. 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. 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. 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/. All statements other than statements of historical fact are 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. Alabama, South Carolina, Florida, and Tennessee. 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,. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. 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, Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. Synovus Securities,Inc. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. Free. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. With a strong market position, broad geographic coverage footprint servicing 50 states . By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. For a link to the webcast, go to investor.synovus.com/event. Synovus. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. Senior Vice President, ESOP Finance. The information you enter may be retained by these companies and may be shared with insurance companies. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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.. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, News by QuoteMedia. and South Carolina. Skip to Content Toggle navigation Log in Manage Your Account Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. ET on February 8th, 2022. Second consecutive quarter of record commercial loan production. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. https://www.consumerfinance.gov/mortgage/. 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. Georgia, with approximately $60 billion in assets. Banking products are provided by Synovus Bank, Member FDIC. Otherwise, we will treat your assertion or request per our standard policies and procedures. The replay will be archived for 12 months. Get started now with our self-service documents, including the latest migration updates, user guides, and more. The computations of these measures are set forth in the attached tables. responsible for any of the content or additional links they contain. Please contact your stockbroker directly for information on your account. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. You are about to leave the Synovus web site for a third-party site. products or information provided by third-party sites, and we're not responsible for any failures or Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. You are about to leave the Synovus web site for a third-party site. 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