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, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Get your suppliers paid. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. Non-interest expense increased $3.4 million, or 1% sequentially. Free. 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. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. 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.. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. Otherwise, we will treat your assertion or request per our standard policies and procedures. https://www.consumerfinance.gov/mortgage/. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. A fast, safe, and easy way to send money. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Period-end loans decreased $569.1 million or 1% sequentially. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. This communication is directed to properties in those states. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. This communication is directed to properties in those states. CRE loans declined $172.9 million as the recovery in commercial real estate continues. Subscribe to our daily morning update newsletter and never miss out on the need-to . 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"). Credit quality metrics remain relatively stable, near historical lows. Otherwise, we will treat your assertion or request per our standard policies and procedures. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. common stock certificates can do so at no charge through AST by calling 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. Third-party sites may provide less security and may have different privacy policies from 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/. Actual results may differ materially from those contemplated by such forward-looking statements. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Reinvestment and Direct Stock Purchase Plan. Third-party sites may provide less security and may have different privacy policies from News by QuoteMedia. 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. 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. Synovus Securities,Inc. Select to close this tab. Cal Evans: Media Relations. 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. Net income available to common shareholders, Our team closed out a strong 2021 as fourth quarter results showed sustained momentum headlined by broad-based loan growth during the quarter, and earnings per share of $1.31, which is up 37% from the fourth quarter 2020, said Synovus President and CEO Kevin Blair. 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. Georgia, with approximately $60 billion in assets. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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. Personal Finance. 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. You are about to leave the Synovus web site for a third-party site. Synovus Financial Corp.is a financial services company based in Columbus, initial investment of at least $250. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. 2023 Synovus Financial Corp. All rights reserved. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). 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. Non-interest expense increased $28.2 million or 11% sequentially. https://www.consumerfinance.gov/mortgage/. 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. ", 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. PPP loans declined $382.6 million quarter over quarter. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, 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. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Any shareholders which still need to redeem their Year-over-year decline was primarily due to prior year benefit from reversal The information you enter may be retained by these companies and may be shared with insurance companies. Your key to world-class wealth management. We don't endorse or gaurantee the Loans subject to approval including credit approval. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. 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. Email 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. Synovus Securities,Inc. 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. Box 120, Columbus, GA 31902. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. 2023 Synovus Financial Corp. All rights reserved. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. pre-split Synovus shares for post-split Synovus shares. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. If you are not a Synovus shareholder you can join the Plan by making an Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. 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 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. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Get your suppliers paid. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. 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. Personal Finance Financial Security Home Ownership Let's get to know each other Shareholders are not required ET. 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. Second consecutive quarter of record commercial loan production. Banking products are provided by Synovus Bank, Member FDIC. 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. Notifications. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. and South Carolina. 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. 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. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Synovus Bank, NMLS #408043. Non-interest revenue decreased $3.9 million, or 3% sequentially. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. C&I line utilization remains near historic lows at ~40%. 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. 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. 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. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Ask for personal information 2 % compared to third quarter 2021 please review them lows at ~40 % margin negatively... Fell 4 bps to 0.46 % sequentially our daily morning update newsletter and never miss out on need-to... 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