synovus investor relations
Third-party sites may contain less security and may have different privacy policies from ours. 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%. Step-by-step guide for your everyday banking tasks. C&I line utilization increased approximately 340 basis points to 43%. Get your suppliers paid. Free. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. Third-party sites may contain less security and may have different privacy policies from ours. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. We don't endorse or gaurantee the Non-interest expense increased $28.2 million or 11% sequentially. 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. Period-end deposit growth of $1.7 billion or 4% from the third quarter. Both the non-performing loan and asset ratios improved to 0.26% and 0.33%, respectively; the net charge-off ratio for the quarter was 0.16%, and total past dues were 0.14% of total loans outstanding. American Stock Transfer & Trust Company, LLC. 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. . These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Synovus Bank, NMLS #408043. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. Email Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. CRE loans declined $172.9 million as the recovery in commercial real estate continues. For a link to the webcast, go to investor.synovus.com/event. 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. Year-over-year decline was primarily due to prior year benefit from reversal You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. 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. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, 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. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Step-by-step guide for your everyday banking tasks. 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. You are about to leave the Synovus web site for a third-party site. 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. You can purchase additional shares by investing between a minimum of $50 at Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. specialized products and services, including private banking, treasury management, wealth management, mortgage services, Many of these factors are beyond Synovus ability to control or predict. ours. Otherwise, we will treat your assertion or request per our standard policies and procedures. "We are pleased with our second quarter results and financial metrics, which reflect the efforts of our team to expand client relationships and attract new business," said Synovus President and CEO Kevin Blair. You are about to leave the Synovus web site for a third-party site. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. The tangible common equity ratio is used by management to assess the strength of our capital position. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. https://www.consumerfinance.gov/mortgage/. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. 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. 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.. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Consumer loans decreased by $96.7 million or 1% sequentially. 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. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. 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. Synovus Announces Earnings for the Second Quarter 2022 - Synovus Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. 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. The replay will be archived for 12 months and will be available 30-45 minutes after the call. The earnings call will be accompanied by a slide presentation. Forward-Looking Statements 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. Select to close this tab. A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. reverse stock split which became effective May 16, 2014, shareholders with certificated of provision for credit losses. 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. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. Shareholder Services Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the event. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. 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. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. The information you enter may be retained by these companies and may be shared with insurance companies. Third-party sites may contain less security and may have different privacy policies from ours. ours. The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. United States. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. 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 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. Georgia, with approximately $60 billion in assets. Trust services for Synovus are provided by STC. 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