", 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. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. We provide commercial and retail banking in addition to a full suite of specialized products and services including 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. Synovus Bank, NMLS #408043. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Period-end deposit growth of $2.7 billion or 6%. 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. shares of the post-split amount. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. The information you enter may be retained by these companies and may be shared with insurance companies. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. Cal Evans: Media Relations. 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/. 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. Synovus Bank, NMLS #408043. What's on your mind? Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. 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. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Synovus Investments, Sectors and Contact Details. 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 of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia,
Banking products are provided by Synovus Bank, Member FDIC. Many of these factors are beyond Synovus ability to control or predict. Location. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Adjusted non-interest expense of $285.6 million increased $18.5 million quarter over quarter due to recurring expense increases such as investments in Synovus Forward initiatives as well as other expense increases not expected to recur including a seed gift into a newly established donor advised fund and environment-driven health care costs. This communication is directed to properties in those states. You can participate directly in the Plan by submitting a completed
PPP forgiveness of $927 million partially offset by additional fundings of $149 million. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. The earnings call will be accompanied by a slide presentation. Loans subject to approval including credit approval. 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. Investor Relations investorrelations@synovus.com Synovus Financial Corp. NYSE:SNV Release Summary Synovus Chairman, CEO and President Kevin Blair will participate at the BofA Securities. Shareholders who have not responded to the previous mailing
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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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Select to close this tab. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $12.7 million, down $8.6 million from the third quarter. 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 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. Investor Type Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Actual results may differ materially from those contemplated by such forward-looking statements. Free. Consumer loans decreased by $96.7 million or 1% sequentially. Adjusted non-interest revenue decreased $6.2 million. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. The replay will be archived for 12 months. Otherwise, we will treat your assertion or request per our standard policies and procedures. Banking products are provided by Synovus Bank, Member FDIC. The computations of these measures are set forth in the attached tables. Share this article: Stay In The Know. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. 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. ours. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. ours. Third-party sites may contain less security and may have different privacy policies from ours. The replay will be archived for 12 months and will be available 30-45 minutes after the call. You can reinvest all or part of your cash dividends to accumulate more
Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. The replay will be archived for 12 months and will be available 30-45 minutes after the call. This communication is directed to properties in those 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. 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. Third-party sites may contain less security and may have different privacy policies from ours. Non-interest expense increased $3.4 million, or 1% sequentially. Get your suppliers paid. 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. 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% quarter over quarter. enrollment form. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 2023 Synovus Financial Corp. All rights reserved. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Actual results may differ materially from those contemplated by such forward-looking statements. Reverse Stock Split Follow Up Message from LINK Shareholder Services
Trust services for Synovus are provided by STC. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. 2023 Synovus Financial Corp. All rights reserved. Georgia, with approximately $60 billion in assets. Trust services for Synovus are provided by STC. The tangible common equity ratio is used by management to assess the strength of our capital position. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. All statements other than statements of historical fact are forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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. Trust services for Synovus are provided by STC. 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. Free. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. 706-641-6477
You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. receives compensation from insurance companies or their affiliates in the form of commissions. All statements other than statements of historical fact are forward-looking statements. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Credit quality metrics remain relatively stable, near historical lows. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Loans subject to approval including credit approval. Continue Or if you have questions, please call the number below. C&I line utilization remains near historic lows at ~40%. Email
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,. 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. A fast, safe, and easy way to send money. Synovus Bank, NMLS #408043. Offers an Optional Service
Investor Contact: Alison Dowe. The tangible common equity ratio is used by management to assess the strength of our capital position. The tangible common equity ratio is used by management to assess the strength of our capital position. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. Your key to world-class wealth management. 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. https://www.consumerfinance.gov/mortgage/. With a strong market position, broad geographic coverage footprint servicing 50 states . products or information provided by third-party sites, and we're not responsible for any failures or
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"). and South Carolina. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Second consecutive quarter of record commercial loan production. 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Senior Vice President, ESOP Finance. The effective tax rate was 21.88% for the quarter. 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 . Synovus will host an Investor Day presentation at 8:00 a.m. Year-over-year decline was primarily due to prior year benefit from reversal 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Under our control, and STC is a subsidiary of Synovus Bank, FDIC! 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