Otherwise, we will treat your assertion or request per our standard policies and procedures. Net interest margin was 2.96%, down 5 basis points from the previous quarter. The computations of these measures are set forth in the attached tables. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. American Stock Transfer & Trust Company, LLC. products or information provided by third-party sites, and we're not responsible for any failures or Third-party sites may contain less security and may have different privacy policies from ours. The computations of these measures are set forth in the attached tables. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. https://www.consumerfinance.gov/mortgage/. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Trust services for Synovus are provided by STC. Whether your financial aspirations are personal or for your business, we can help you reach them. 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. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Preliminary CET1 ratio increased 1 bp sequentially to 9.75%, with strong core earnings helping offset the decline from $92.5 million in share repurchases at an average price of $47.51, reducing average diluted outstanding shares from the prior quarter by 1.3%. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. We don't endorse or gaurantee the Core transaction deposits (non-interest bearing, interest bearing demand, NOW/savings, and money market deposits excluding public and brokered funds) increased $5.1 billion or 16%. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, 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. pre-split Synovus shares for post-split Synovus shares. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. 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 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. Reverse Stock Split Follow Up Message from LINK Shareholder Services 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. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. Loans subject to approval including credit approval. Alabama, South Carolina, Florida, and Tennessee. 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. 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 a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. With a strong market position, broad geographic coverage footprint servicing 50 states . Banking products are provided by Synovus Bank, Member FDIC. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. ET. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. Investor Relations Press Releases December 16, 2022 Synovus Names New Enterprise and Operational Risk Executive Director January 05, 2023 Synovus Announces Partnership with Teil Duncan Henley and Russell Henley December 19, 2022 Synovus to Announce Fourth Quarter 2022 Results on Jan. 19, 2023 December 16, 2022 Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. ET. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Otherwise, we will treat your assertion or request per our standard policies and procedures. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Free. Box 120, Columbus, GA 31902. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. 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. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. 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. Registered Owners (shares held by you) Your key to world-class wealth management. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. Third-party sites may contain less security and may have different privacy policies from ours. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . February 10, 2023 - 7:30 AM PST. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 706-641-6477 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. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. 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Any shareholders which still need to redeem their These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Notifications. You can participate directly in the Plan by submitting a completed The information you enter may be retained by these companies and may be shared with insurance companies. 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. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. For a link to the webcast, go to investor.synovus.com/event. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. The information you enter may be retained by these companies and may be shared with insurance companies. Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. Quarter-over-quarter and year-over-year declines were primarily related to a $7 million write-down on a minority fintech investment and a challenging mortgage banking environment, partially offset by increases in wealth revenue, capital markets, and card fee income categories. ours. What's on your mind? 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. 2023 Synovus Financial Corp. All rights reserved. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Skip to Content Toggle navigation Log in Manage Your Account A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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 of provision for credit losses. Continue Or if you have questions, please call the number below. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. receives compensation from insurance companies or their affiliates in the form of commissions. Synovus Mobile Banking. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. reverse stock split. 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. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. Image source: The Motley Fool. www.quotemedia.com. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Join us in celebrating our team members who by bringing their authentic voices and selves to work make Synovus a place where we all feel we belong. Third-party sites aren't under our control, and we're not BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, and industrial products. Non-interest expense increased $3.4 million, or 1% sequentially. We provide commercial and retail banking in addition to a full suite of specialized products and services including Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005070/en/ CONTACT: Media Contact Audria Belton Media Relations [email protected] Contact Cal Evans Investor Relations Otherwise, we will treat your assertion or request per our standard policies and procedures. The effective tax rate was 25.6% for the quarter. "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. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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/. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. common stock certificates can do so at no charge through AST by calling 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. 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. Notifications. 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. Net interest income increased $7.4 million or 2% compared to the prior quarter. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 2021 was another challenging year, but our teams were able to navigate the uncertain environment to support our clients, contribute to our communities and deliver for our shareholders. 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. HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Achieved pre-tax run rate benefit of approximately $110 million from Synovus Forward initiatives, driving positive operating leverage, ahead of schedule; remain on track for expected cumulative $175 million pre-tax benefit by the end of 2022. ours. products or information provided by third-party sites, and we're not responsible for any failures or Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). 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. All statements other than statements of historical fact are forward-looking statements. Synovus Bank, NMLS #408043. 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. responsible for any of the content or additional links they contain. Synovus Bank, NMLS #408043. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Email Senior Vice President, ESOP Finance. responsible for any of the content or additional links they contain. Synovus will host an Investor Day presentation at 8:00 a.m. 404-364-2739. [email protected]. You are about to leave the Synovus web site for a third-party site.