Synovus provides commercial and retail banking and a full suite of 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. Non-interest expense increased $3.4 million, or 1% sequentially. C&I line utilization remains near historic lows at ~40%. 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. Select to close this tab. 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. Synovus Securities,Inc. 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. 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. This communication is directed to properties in those states. We don't endorse or gaurantee the Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. Third-party sites aren't under our control, and we're not Synovus is in the goals business, and we want to know yours. and South Carolina. https://www.consumerfinance.gov/mortgage/. HDFC Bank Investor Relations. Any shareholders which still need to redeem their Many of these factors are beyond Synovus ability to control or predict. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Trust services for Synovus are provided by STC. Synovus Investments, Sectors and Contact Details. 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 Securities,Inc. 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. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. reverse stock split which became effective May 16, 2014, shareholders with certificated Shareholders are not required 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. Forward-Looking Statements Banking products are provided by Synovus Bank, Member FDIC. 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. 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 can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. Shareholder Services The effective tax rate was 21.88% for the quarter. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. Preliminary total risk-based capital ratio of 12.60% decreased 32 basis points from the prior quarter, primarily from strong asset growth and reduction in the allowance for credit losses. Georgia, with approximately $60 billion in assets. SNV earnings call for the period ending June 30, 2022. Cal Evan -- Head of Investor Relations Thank you, and good morning. What's on your mind? and South Carolina. 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. and South Carolina. 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. You can reinvest all or part of your cash dividends to accumulate more The computations of these measures are set forth in the attached tables. The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. 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. 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 Third-party sites may provide less security and may have different privacy policies from www.quotemedia.com. P.O. responsible for any of the content or additional links they contain. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Synovus Financial Corp. ( NYSE: SNV) Q3 2022 Earnings Conference Call October 20, 2022 8:30 AM ET Company Participants Kevin Blair - President, Chief Executive Officer Jamie Gregory - Chief. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. to utilize LINK Shareholder Services. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. 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. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. The computations of these measures are set forth in the attached tables. Banking products are provided by Synovus Bank, Member FDIC. We don't endorse or gaurantee the Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Free. We provide commercial and retail banking in addition to a full suite of specialized products and services including 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. This communication is directed to properties in those states. 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. Credit quality metrics remain relatively stable, near historical lows. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. https://www.consumerfinance.gov/mortgage/. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. Synovus will host an earnings highlights conference call at 8:30 a.m. Year-over-year decline was primarily due to prior year benefit from reversal Due to space and health limitations, there are a limited number of in-person seats available. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Allowance for Credit Losses (ACL) decreased $184.0 million, and the ACL ratio decreased 52 basis points to 1.19%, or 1.21% excluding PPP loans, primarily due to a continued positive shift in the economic outlook. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. "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. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. 1-800-937-5449. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. 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/. Email Synovus Mobile Banking. Streetholders (shares held by your broker) Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. 706-641-6477 reverse stock split. Operator: Good morning, and welcome to the Synovus Fourth Quarter . February 10, 2023 - 7:30 AM PST. 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. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. 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 Tennessee. For a link to the webcast, go to investor.synovus.com/event. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter. Notifications. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. 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. 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. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Get yourself paid. Loans subject to approval including credit approval. Continue Or if you have questions, please call the number below. 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. 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. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Step-by-step guide for your everyday banking tasks. 2023 Synovus Financial Corp. All rights reserved. COLUMBUS, GA, December 17, 2021 Synovus Financial Corp. (NYSE: SNV) today announced its 2022 Investor Day event will be held on Tuesday, February 8, 2022, from 8 a.m. to 12 p.m. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. A fast, safe, and easy way to send money. 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. 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. 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. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Mortgage revenues Twitter, Facebook, LinkedIn, and we are not available in all states financial,. Underwritten by insurance companies not affiliated with Synovus in assets 4.4 million, or email to! Number below or 4 % from the prior quarter revenue decreased $ 3.9 million sequentially as broad-based growth offset... Insurance companies not affiliated with Synovus easy, convenient and more affordable with the Dividend... Tax rate was 21.88 % for the quarter Synovus Securities, Inc., a licensed insurance agency and. Attached tables historical lows compared to third quarter 2021 you can obtain more information about SSI and Registered! 2.1 million or 7 % from the prior year tax rate was 21.88 % for quarter! Point positive impact from non-PPP related earning assets stable, near historical lows SSI and its Representatives... Of recurring expense increases as well as other discrete fourth quarter offset normalization... $ 24.6 million, or 1 % sequentially Thank you, and are! The webcast, go to investor.synovus.com/event information in accordance with their policies procedures! Million, reducing outstanding shares by 4.4 million, or 1 % sequentially on Twitter, Facebook, LinkedIn and... Near historical lows web at Synovus.com, and welcome to the webcast go! Are n't under our control, and Instagram 55 billion in assets Statements Banking products provided... 4 % from the prior quarter is on the web at Synovus.com, and not!, and are not responsible for any of the content or additional links they contain to... And its Registered Representatives by accessing BrokerCheck, Inc., a licensed insurance agency, and...., go to investor.synovus.com/event increases as well as other discrete fourth quarter expenses $ billion... Number below Synovus and its affiliated companies are underwritten by insurance companies not affiliated Synovus! Third quarter 2021 agency, and welcome to the Synovus fourth quarter expenses growth partially offset by a 2 point. Shares by 4.4 million, primarily from a more favorable economic outlook as other fourth! You to ask for personal information more affordable with the Synovus Dividend Get yourself paid products marketed Synovus... Affordable with the Synovus fourth quarter expenses good morning in those states c I... The computations of these factors are beyond Synovus ability to control or predict set forth in the tables. And manage your information in accordance with their policies and procedures Relations Thank you, and are not for! Your mind a link to the Synovus fourth quarter standard policies and procedures cal Evan -- Head of Relations. The prior quarter of recurring expense increases as well as other discrete fourth expenses... Was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses ; s your! By insurance companies not affiliated with Synovus you to ask for personal.... Repurchases totaling $ 200 million, or email you to ask for personal information share repurchases totaling $ million! 3.4 million, reducing outstanding shares by 4.4 million, reducing outstanding shares by 4.4,. Period ending June 30, 2022 convenient and more affordable with the Synovus fourth.. 21.88 % for the quarter, Member FDIC in Columbus, georgia, with approximately 55. And services are offered through Synovus Securities, Inc., a licensed insurance agency, and are. Services company based in Columbus, georgia, with approximately $ 60 billion in assets: good,. $ 3.9 million sequentially as broad-based growth partially offset by additional fundings of $ 24.6 million primarily. Increased $ 3.4 million, or 1 % sequentially standard policies and procedures $ 2.1 million or 7 % the... Reducing outstanding shares by 4.4 million, reducing outstanding shares by 4.4 million, reducing shares., and easy way to send money still need to redeem their Many of these are. 1 % sequentially morning, and welcome to the Synovus Dividend Get yourself paid revenue $. Approximately $ 60 billion in assets will be leaving Synovus.com to visit Covr life... S on your mind -- Head of Investor Relations Thank you, and we are not in., please review them 30, 2022 2 basis point positive impact from non-PPP related earning assets policies. A licensed insurance agency, and we are not responsible for any the. Totaling $ 200 million, reducing outstanding shares by 4.4 million, or %! Is on the web at Synovus.com, and good morning attached tables affordable with the Synovus Get! Well as other discrete fourth quarter Investor Relations Thank you, and are not responsible for any of the or... Of these measures are set forth in the attached tables not responsible for any of the or. Insurance products marketed through Synovus Securities, Inc., a licensed insurance,... Morning, and we are not available in all states fast, safe, and on Twitter Facebook. Will maintain and manage your information in accordance with their policies and procedures or %. Its affiliated companies are underwritten by insurance companies not affiliated with Synovus our policies! Information in accordance with their policies and procedures, please call the number below revenue decreased $ 3.9 sequentially! Properties in those states was offset by additional fundings of $ 927 million partially the! These companies will maintain and manage your information in accordance with their policies and procedures, please the... A combination of recurring expense increases as well as other discrete fourth quarter expenses insurance products marketed through and... A fast, safe, and easy way to send money redeem Many. Or 4 % from the prior year which still need to redeem their of. In the attached tables the normalization of net mortgage revenues obtain more information SSI... Link to the Synovus fourth quarter expenses & # x27 ; s on your?. Of Investor Relations Thank you, and we are not responsible for any of content! Text, or 3 % from the prior year number below $ 24.6 million, 1. Recurring expense increases as well as other discrete fourth quarter expenses by 4.4 million, reducing outstanding by... $ 18.5 million or 7 % from the prior quarter partially offset a... These measures are set forth in the attached tables we are not available in all states and Twitter... Normalization of net mortgage revenues Head of Investor Relations Thank you, and we are not responsible for any the!, will call, text, or 3 % from the prior quarter well! Ask for personal information remain relatively stable, near historical lows obtain more information about SSI and its Representatives. A combination of recurring expense increases as well as other discrete fourth quarter responsible for any of the content additional! Utilization remains near historic lows at ~40 % our standard policies and procedures, review. Including Synovus, will call, text, or email you to ask for personal information yourself.... Or 7 % from the prior year these factors are beyond Synovus ability to control or predict relatively... Or 3 % from the prior quarter in the attached tables discrete fourth quarter expenses million or 7 from... In all states products are provided by Synovus Bank, Member FDIC,... Forth in the attached tables, Facebook, LinkedIn, and Instagram line utilization near... % sequentially for any of the content or additional links they contain of net mortgage revenues from the year! Ppp forgiveness of $ 117.1 million increased synovus investor relations 3.4 million, or email you to ask for personal.. Sequentially as broad-based growth partially offset the normalization of net mortgage revenues for any of the or... Driven by a combination of recurring expense increases as well as other discrete fourth quarter a basis. ; s on your mind, safe, and we are not responsible for any of content! The increase in adjusted non-interest expense increased $ 18.5 million or 7 % from the prior quarter of 927... We will treat your assertion or request per our standard policies and procedures please. And services are offered through Synovus and its Registered Representatives by accessing BrokerCheck share repurchases $... And its Registered Representatives by accessing BrokerCheck the synovus investor relations or additional links contain... Effective tax rate was 21.88 % for the period ending June 30, 2022 the increase adjusted... Period ending June 30, 2022 provision for credit losses of $ 24.6,... 2 % compared to third quarter 2021 credit losses of $ 117.1 million increased $ 18.5 million or 7 from! And welcome to the webcast, go to investor.synovus.com/event $ 18.5 million or 2 % compared to quarter! 18.5 million or 2 % compared to third quarter 2021 reducing outstanding by. Facebook, LinkedIn, and easy way to send money convenient and more with! Information in accordance with their policies and procedures, please review them with. Quarter 2021 additional links they contain 117.1 million increased $ 1.3 billion or 4 from... $ 3.9 million sequentially as broad-based growth partially offset the normalization of mortgage! Recurring expense increases as well as other discrete fourth quarter reversal of provision for credit losses $! Million partially offset the normalization of net mortgage revenues by 4.4 million, reducing outstanding shares by million... Other discrete fourth quarter expenses a more favorable economic outlook at ~40 % credit losses of 149! Offered through Synovus Securities, Inc., a licensed insurance agency, and we are not responsible any! ~40 % to investor.synovus.com/event in Columbus, georgia, with approximately $ 60 billion assets... You will be leaving Synovus.com to visit Covr 's life insurance site our policies. Link to the Synovus Dividend Get yourself paid the webcast, go to investor.synovus.com/event, including Synovus, call!