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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. 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, Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. 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. Or if you have questions, please call the number below. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Email Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Reinvestment and Direct Stock Purchase Plan. Third-party sites aren't under our control, and we're not Banking products are provided by Synovus Bank, Member FDIC. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. This communication is directed to properties in those states. Reverse Stock Split Follow Up Message from LINK Shareholder Services Otherwise, we will treat your assertion or request per our standard policies and procedures. The information you enter may be retained by these companies and may be shared with insurance companies. 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. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. pre-split Synovus shares for post-split Synovus shares. Net income available to common shareholders was $192.1 million or $1.31 per diluted share as compared to $178.5 million or $1.21 in the prior quarter. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. 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 . 2023 Synovus Financial Corp. All rights reserved. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. 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. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. Loans subject to approval including credit approval. For fiscal 2023, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $5.20 per share. 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. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Notifications. Year-to-date effective tax rate of 22.56% before discrete items. 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. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. 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. Senior Vice President, ESOP Finance. Loans subject to approval including credit approval. 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. View source version on businesswire.com:. Get your suppliers paid. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Non-interest revenue decreased $3.9 million, or 3% sequentially. Banking products are provided by Synovus Bank, Member FDIC. Step-by-step guide for your everyday banking tasks. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. ET on January 20, 2022. HDFC Bank Investor Relations. Synovus provides commercial and retail banking and a full suite of 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. You are about to leave the Synovus web site for a third-party site. Share this article: Stay In The Know. The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, compared to prior year. Banking products are provided by Synovus Bank, Member FDIC. The computations of these measures are set forth in the attached tables. Preliminary CET1 ratio declined 3 bps during the quarter to 9.46%, and the preliminary total risk-based capital ratio of 12.43% declined 13 bps from the previous quarter as capital generated through earnings helped offset the impact of loan growth. 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. 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. Net interest income of $392.3 million an increase of 2% quarter over quarter. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. products or information provided by third-party sites, and we're not responsible for any failures or Investor Type Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. Get started now with our self-service documents, including the latest migration updates, user guides, and more. 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. With a strong market position, broad geographic coverage footprint servicing 50 states . 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 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 261 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. responsible for any of the content or additional links they contain. All statements other than statements of historical fact are forward-looking statements. Synovus Bank, NMLS #408043. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Whether your financial aspirations are personal or for your business, we can help you reach them. 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. 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. 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. 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. 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. Adjusted non-interest revenue decreased $6.2 million. If you are not a Synovus shareholder you can join the Plan by making an 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. United States. Third-party sites may provide less security and may have different privacy policies from Actual results may differ materially from those contemplated by such forward-looking statements. Banking products are provided by Synovus Bank, Member FDIC. A fast, safe, and easy way to send money. 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. CRE loans declined $172.9 million as the recovery in commercial real estate continues. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Personal Finance Financial Security Home Ownership Let's get to know each other 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. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. Third-party sites may contain less security and may have different privacy policies from ours. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. 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, During the event, President and CEO Kevin Blair, CFO Jamie Gregory, and other members of the Synovus executive leadership team will present the companys business drivers and strategic plans for building the bank of the future. Continue Or if you have questions, please call the number below. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. 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. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. common stock certificates can do so at no charge through AST by calling Offers an Optional Service Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. ours. You can reinvest all or part of your cash dividends to accumulate more Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. 2023 Synovus Financial Corp. All rights reserved. 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/. Reverse Stock Split Follow Up Message from LINK Shareholder Services Net interest margin was 2.96%, down 5 basis points from the previous quarter. 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. 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. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. For a link to the webcast, go to investor.synovus.com/event. Synovus is in the goals business, and we want to know yours. Notifications. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. 2023 Synovus Financial Corp. All rights reserved. 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. Cal Evans: Media Relations. Preliminary CET1 ratio improved 1 bp during the quarter to 9.75% as strong core performance helped offset the impact of $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%. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Many of these factors are beyond Synovus ability to control or predict. A fast, safe, and easy way to send money. initial investment of at least $250. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Investor Contact: Alison Dowe. Contact Us Shareholder Services 706-641-6477 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 Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. Loans subject to approval including credit approval. 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. 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. 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 December31, 2021, 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. C&I line utilization remains near historic lows at ~40%. 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. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Synovus Securities,Inc. products or information provided by third-party sites, and we're not responsible for any failures or Operator: Good morning, and welcome to the Synovus Fourth Quarter . Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. 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. Consumer loans decreased by $96.7 million or 1% sequentially. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Get your suppliers paid. 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. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. This communication is directed to properties in those states. 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. . Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. 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/. 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