Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Credit quality ratios remain near historical lows. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Non-interest revenue decreased $3.9 million, or 3% sequentially. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. The computations of these measures are set forth in the attached tables. Location. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Second consecutive quarter of record commercial loan production. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. products or information provided by third-party sites, and we're not responsible for any failures or 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. 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 Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. The information you enter may be retained by these companies and may be shared with insurance companies. Adjusted non-interest revenue decreased $6.2 million. Cal Evan -- Head of Investor Relations Thank you, and good morning. Registered Owners (shares held by you) 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 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 Loans subject to approval including credit approval. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. 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. 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. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Box 120, Columbus, GA 31902. ours. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the 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. Period-end deposit growth of $2.7 billion or 6%. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. ours. 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. reverse stock split which became effective May 16, 2014, shareholders with certificated Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. 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 . 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. Driven by record levels of loan production, continued growth in our fee income businesses and disciplined expense management, we generated 6% growth in adjusted pre-provision net revenue in 2021. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 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. Share this article: Stay In The Know. This communication is directed to properties in those states. Synovus Bank, NMLS #408043, is an Equal Housing Lender. enrollment form. inaccuracies. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. Commercial and industrial (C&I) loans increased $426.0 million sequentially, led by broad based growth within our Wholesale Banking segment, partially offset by declines in PPP loan balances of $116.2 million. Synovus Investments, Sectors and Contact Details. 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. Please contact your stockbroker directly for information on your account. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Select to close this tab, Financial Security. Get your suppliers paid. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Or if you have questions, please call the number below. Reinvestment and Direct Stock Purchase Plan. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. 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. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. 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%. specialized products and services, including private banking, treasury management, wealth management, mortgage services, With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. Synovus Bank, NMLS #408043. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. Or if you have questions, please call the number below. PPP loans declined $382.6 million quarter over quarter. Whether your financial aspirations are personal or for your business, we can help you reach them. 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., 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. Synovus Financial Corp., formerly the Columbus Bank and Trust Company, is a financial services company with approximately $45 billion in assets based in Columbus, Georgia. 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. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. Many of these factors are beyond Synovus ability to control or predict. 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. Any shareholders which still need to redeem their Trust services for Synovus are provided by STC. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. 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. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Shareholders are not required 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. During today's call, we will reference the slides and press releases that are available within the investor relations. The computations of these measures are set forth in the attached tables. Synovus Bank, NMLS #408043. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. 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. 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. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. Investor Contact: Alison Dowe. 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. 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. 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. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. View source version on businesswire.com:. This communication is directed to properties in those states. Banking products are provided by Synovus Bank, Member FDIC. A fast, safe, and easy way to send money. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Total deposit costs declined 6 bps sequentially to 0.16%. Net interest income increased $7.4 million or 2% compared to the prior quarter. Step-by-step guide for your everyday banking tasks. The earnings call will be accompanied by a slide presentation. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Momentum as we enter 2022 is strong; coupled with the strategic investments we are making in talent and technology, we are extremely well-positioned to deliver outsized growth this year and in years to come., (Reversal of) provision for credit losses, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. CRE loans declined $172.9 million as the recovery in commercial real estate continues. Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. Core transaction deposits increased $702.4 million or 2% sequentially. A fast, safe, and easy way to send money. The tangible common equity ratio is used by management to assess the strength of our capital position. Georgia, with approximately $60 billion in assets. Offers an Optional Service. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Synovus. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. "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. Continue Or if you have questions, please call the number below. 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/. Cal Evans: Media Relations. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. responsible for any of the content or additional links they contain. 1-800-937-5449. and South Carolina. 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. 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. Third-party sites aren't under our control, and we're not Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. 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 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/. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. United States. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. All statements other than statements of historical fact are forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Free. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. American Stock Transfer & Trust Company, LLC. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. Third-party sites aren't under our control, and we're not products or information provided by third-party sites, and we're not responsible for any failures or SNV earnings call for the period ending June 30, 2022. 2023 Synovus Financial Corp. All rights reserved. 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