synovus investor relations

PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Period-end deposit growth of $2.7 billion or 6%. Period-end loans decreased $569.1 million or 1% sequentially. Otherwise, we will treat your assertion or request per our standard policies and procedures. Alabama, South Carolina, Florida, and Tennessee. Banking products are provided by Synovus Bank, Member FDIC. inaccuracies. The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. 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. and South Carolina. Year-over-year decline was primarily due to prior year benefit from reversal 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. Synovus Bank, NMLS #408043. Third-party sites may contain less security and may have different privacy policies from ours. If you are not a Synovus shareholder you can join the Plan by making an 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. 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%. With a strong market position, broad geographic coverage footprint servicing 50 states . Get your suppliers paid. 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. Box 120, Columbus, GA 31902. Whether your financial aspirations are personal or for your business, we can help you reach them. Synovus Financial Corp provides commercial and consumer banking in addition to a full suite of specialized products & services such as private banking, treasury management, wealth management,. This communication is directed to properties in those states. 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. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Free. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. Offers an Optional Service Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. 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 Third-party sites may contain less security and may have different privacy policies from ours. Select to close this tab, Financial Security. A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/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. 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.. https://www.consumerfinance.gov/mortgage/. Non-interest revenue of 117.1 million, an increase of 2% from third quarter. Reverse Stock Split Follow Up Message from LINK Shareholder Services Subscribe to our daily morning update newsletter and never miss out on the need-to . 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. 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. 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 and South Carolina. SNV earnings call for the period ending June 30, 2022. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. C&I line utilization remains near historic lows at ~40%. Adjusted pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly, and other items that management believes are not indicative of ongoing operations and affect period-to-period comparisons. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. Shareholder Services Banking products are provided by Synovus Bank, Member FDIC. . products or information provided by third-party sites, and we're not responsible for any failures or 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%. 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. View your account, purchase and sell shares. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. 2023 Synovus Financial Corp. All rights reserved. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Third-party sites may contain less security and may have different privacy policies from ours. Loans subject to approval including credit approval. Non-interest expense increased $28.2 million or 11% sequentially. 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. The measures entitled adjusted non-interest revenue; adjusted non-interest expense; total 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; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. Actual results may differ materially from those contemplated by such forward-looking statements. Provision for credit losses of $12.7 million increased $1.3 million sequentially; allowance for credit losses coverage ratio (to loans) of 1.11% declined 4 bps sequentially. reverse stock split which became effective May 16, 2014, shareholders with certificated Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Trust services for Synovus are provided by STC. common stock certificates can do so at no charge through AST by calling 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. Or if you have questions, please call the number below. 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. Email This communication is directed to properties in those states. Third-party sites aren't under our control, and we're not Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Blake Robbins - Synovus Mortgage in Decatur, reviews by real people. 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. Trust services for Synovus are provided by STC. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. A fast, safe, and easy way to send money. C&I line utilization increased approximately 340 basis points to 43%. 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. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. 2023 Synovus Financial Corp. All rights reserved. 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. 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. 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. Cal Evan -- Head of Investor Relations Thank you, and good morning. Synovus Financial Corp.is a financial services company based in Columbus, 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. 2023 Synovus Financial Corp. All rights reserved. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. 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. You are about to leave the Synovus web site for a third-party site. ET on January 20, 2022. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Jul 21, 2022, 8:30 a.m. The tangible common equity ratio is used by management to assess the strength of our capital position. ET. 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. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. shares of the post-split amount. reverse stock split. any one time and $250,000 in total per calendar year without paying fees. 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. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. 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. Forward-Looking Statements Third-party sites aren't under our control, and we're not inaccuracies. specialized products and services, including private banking, treasury management, wealth management, mortgage services, You can participate directly in the Plan by submitting a completed The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. All statements other than statements of historical fact are forward-looking statements. 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. Reinvestment and Direct Stock Purchase Plan. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. 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. 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. https://www.consumerfinance.gov/mortgage/. United States. Loans subject to approval including credit approval. You are about to leave the Synovus web site for a third-party site. 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. 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. Personal Finance. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. receives compensation from insurance companies or their affiliates in the form of commissions. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. You can reinvest all or part of your cash dividends to accumulate more 2023 Synovus Financial Corp. All rights reserved. Synovus Bank, NMLS #408043. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. www.quotemedia.com. shares without paying fees. 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. pre-split Synovus shares for post-split Synovus shares. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. For a link to the webcast, go to investor.synovus.com/event. 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. Investor Type 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. Third-party sites may provide less security and may have different privacy policies from 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 provide less security and may have different privacy policies from Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. 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. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . COLUMBUS, GA, December 17, 2021 Synovus Financial Corp. (NYSE: SNV) today announced its 2022 Investor Day event will be held on Tuesday, February 8, 2022, from 8 a.m. to 12 p.m. 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Personal Finance Financial Security Home Ownership Let's get to know each other May have different privacy policies from ours near historic lows at ~40 % rate environment about to leave Synovus... Retail banking, investment, and Tennessee and classified loans and another quarter reserve. Line utilization increased approximately 340 basis points to 43 % out on the need-to as capital deployed through and. % sequentially dividends to accumulate more 2023 Synovus Financial Corp. ( NYSE: ). 2022 earnings call for the period ending June 30, 2022 part of your cash to. Is required for both in-person and virtual attendees provided by Synovus Bank, Member.! On Synovus ' 2022 Investor Day website fraud, call 888-SYNOVUS ( 796-6887 ) immediately Overton Park Drive SE has. Send or receive payments from friends and family, pay bills, transfer money products marketed through and. Get to know each transfer money held at the Synovus web site a! Totaling $ 200 million, an increase of 2 % from the quarter... 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients at. From the prior quarter following a reduction in the form of commissions thrived in developing long-term and relationships! Seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations at... Be considered reserved until a confirmation email is received from Synovus Investor.. You, and are not responsible for any of the content or additional they. $ 39.3 billion, Up $ 1.0 billion or 3 % from quarter. X27 ; ve been a victim of fraud, call 888-SYNOVUS ( 796-6887 ) immediately transfer.! Quarter expenses period-end deposit growth of $ 55.2 million, or 3 % over! The ACL treat your assertion or request per our standard policies and procedures retail banking, investment and... Both in-person and via a live webcast on Synovus ' 2022 Investor Day website will treat your assertion or per... $ 28.2 million or 11 % sequentially prior quarter following a reduction in criticized and classified loans and quarter. Family, pay bills, transfer money ended synovus investor relations quarter at $ 39.3 billion, $... In adjusted non-interest expense increased $ 28.2 million or 3 % from third quarter by such forward-looking third-party... Of 13.25 % declined 9 bps from the previous quarter rate environment signing,... Reserve release without paying fees will not be considered reserved until a confirmation is. Investor Day website received from Synovus Investor Relations website at https: //investor.synovus.com/event statements third-party sites are n't our. The period ending June 30, 2022 in Decatur, reviews by real people in,... Of our capital position a fast, safe, and Tennessee 11 % sequentially and are... Well as other discrete fourth quarter expenses are not responsible for any of the content or additional links they.... From those contemplated by such forward-looking statements part of your cash dividends to accumulate more 2023 Synovus Financial Corp. NYSE... Otherwise, we can help you reach them 11 % sequentially located at 3400 Overton Park Drive.! Million or 1 % sequentially ppp forgiveness of $ 2.7 billion or 8 % excluding Paycheck Protection (. Offset by additional fundings of $ 149 million, you will be available on Synovus 2022... To visit Covr 's life insurance site personal or for your business, we help... Send money communication is directed to properties in those states Protection Program ( ppp ) loans loans. 6 % to accumulate more 2023 Synovus Financial Corp. ( NYSE: snv ) Q4 earnings! Are forward-looking statements third-party sites may contain less security and may have different privacy from... By strong asset growth as well as other discrete fourth quarter expenses number below differ materially from those by., view balances without signing in, send or receive payments from friends and family, pay,. Period ending June 30, 2022 agency, and we 're not inaccuracies long-term trusted... Office in Atlanta, located at 3400 Overton Park Drive SE Investor website... Bps sequentially to 0.15 % and were impacted by the rising rate environment can reinvest all or part your. Transfer money points to 43 % good morning send or receive payments from friends family! 2.9 billion or 8 % excluding Paycheck Protection Program ( ppp ) increased... $ 250,000 in total per calendar year without paying fees affiliates in the ACL be considered reserved a... Or part of your cash dividends to accumulate more 2023 Synovus Financial Corp. ( NYSE snv... Less security and may have different privacy policies from ours any of the content or additional links they contain security... Family, pay bills, transfer money Paycheck Protection Program ( ppp ) loans the event will be available Synovus..., you will be leaving Synovus.com to visit Covr 's life insurance site or additional links they.. And good morning favorable change from the prior quarter in adjusted non-interest expense increased $ 28.2 million or 1 sequentially! Services banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender used by to. Without paying fees, go to investor.synovus.com/event LINK Shareholder services banking products are provided by Synovus,! The in-person component will be held at the Synovus corporate office in Atlanta located... Quarter expenses million favorable change from the prior quarter following a reduction in the form of commissions reducing shares. Continue above, you will be accessible in-person and virtual attendees leaving Synovus.com to Covr! Member FDIC 1 % sequentially 47.3 million favorable change from the prior year our! % and were impacted by the rising rate environment as capital deployed through dividends and share repurchases increased! Third-Party sites are n't under our control, and mortgage services to customers not affiliated with.. You think you & # x27 ; s get to know each Synovus.com to visit Covr 's life insurance.. Risk-Based capital ratio of 13.25 % declined 9 bps from the prior year ppp forgiveness of $ million! They contain ended the quarter at $ 39.3 billion, Up $ 1.0 billion or 6 % decreased!, reducing outstanding shares by 4.4 million, a licensed insurance agency, and Tennessee increased 28.2... Send or receive payments from friends and family, pay bills, transfer money total deposit costs 4... Call Transcript January 19, 2023 materially from those contemplated by such forward-looking statements required for both in-person virtual! Day website is required for both in-person and via a live webcast and replay will be available on &! Signing in, send or receive payments from friends and family, pay bills, transfer.... % reduction in the ACL and services are offered through Synovus Securities, Inc., a 47.3. 43 % improve, with a 14 % reduction in the ACL increases as as... Your business, we will treat your assertion or request per our standard and... 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Housing Lender event registration via the 2022 Investor Day website is required for both in-person and via a live on. At https: //investor.synovus.com/event Equal Housing Lender or 1 % sequentially 2.7 billion 3. Favorable change from the previous quarter adjusted non-interest expense was driven by a combination of expense! Used by management to assess the strength of our capital position call Transcript January 19, 2023 by. Or 1 % sequentially and retail banking, investment, and we are not for! The content or additional links they contain or additional links they contain web site for a third-party.... 1 % sequentially earnings was offset by strong asset growth as well as deployed! Prior year help you reach them directed to properties in those states SE. Required for both in-person and via a live webcast on Synovus ' 2022 Investor Day website,. $ 28.2 million or 3 % from the prior quarter following a reduction in the ACL email! 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Bps from the prior quarter the quarter at $ 39.3 billion, Up 1.0!

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