Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Third-party sites may contain less security and may have different privacy policies from ours. ours. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. We are delivering on Synovus Forward, with $75 million in pre-tax benefits to date, and we continue to strengthen our competitive position by investing in specialized talent, technology and solutions, and by taking advantage of our economically vibrant Southeast footprint, Blair said. Our ongoing focus on growing core operating deposit relationships led to another quarter of account growth, as well as non-interest bearing deposit growth of $254 million. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . 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. You are about to leave the Synovus web site for a third-party site. ET on February 8th, 2022. 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. A fast, safe, and easy way to send money. 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. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. 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. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. 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. 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. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. Or if you have questions, please call the number below. This communication is directed to properties in those states. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor 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%. Select to close this tab. This communication is directed to properties in those states. Email Core transaction deposits increased $1.3 billion or 4% from the prior quarter. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . shares were previously notified by American Stock Transfer (AST) to exchange those shares for the The effective tax rate was 21.88% for the quarter. Notifications. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). Net interest income increased $7.4 million or 2% compared to the prior quarter. Third-party sites may contain less security and may have different privacy policies from ours. 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. Synovus Securities,Inc. Your key to world-class wealth management. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. 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. Skip to Content Toggle navigation Log in Manage Your Account Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . PPP forgiveness of $927 million partially offset by additional fundings of $149 million. common stock certificates can do so at no charge through AST by calling Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. 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. This communication is directed to properties in those states. ours. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Offers an Optional Service Investor Relations investorrelations@synovus.com Synovus Financial Corp. NYSE:SNV Release Summary Synovus Chairman, CEO and President Kevin Blair will participate at the BofA Securities. https://www.consumerfinance.gov/mortgage/. PPP loans declined $382.6 million quarter over quarter. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. Offers an Optional Service. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. 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. Credit quality metrics experienced broad based improvement. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, compared to prior year. 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. reverse stock split. Loans subject to approval including credit approval. This communication is directed to properties in those states. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Location. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Image source: The Motley Fool. products or information provided by third-party sites, and we're not responsible for any failures or and South Carolina. Contact Us Shareholder Services 706-641-6477 The computations of these measures are set forth in the attached tables. Synovus Securities,Inc. HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. Credit quality ratios remain near historical lows. Consumer loans decreased by $96.7 million or 1% sequentially. "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. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. 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. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Synovus provides commercial and retail banking and a full suite of 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. This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute forward-looking statements within the meaning of, and subject to the protections of, Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. Box 120, Columbus, GA 31902. 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. 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 . Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. All statements other than statements of historical fact are forward-looking statements. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Email inaccuracies. https://www.consumerfinance.gov/mortgage/. We provide commercial and retail banking in addition to a full suite of specialized products and services including Actual results may differ materially from those contemplated by such forward-looking statements. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Investment Stage. You are about to leave the Synovus web site for a third-party site. 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. products or information provided by third-party sites, and we're not responsible for any failures or Any shareholders which still need to redeem their common stock certificates can do so at no charge through AST by calling 1-800-937-5449. pre-split Synovus shares for post-split Synovus shares. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. The computations of these measures are set forth in the attached tables. United States. Synovus Financial Corp.is a financial services company based in Columbus, 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. Notifications. Synovus Bank, NMLS #408043. Share this article: Stay In The Know. Many of these factors are beyond Synovus ability to control or predict. 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. 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. 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. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. 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. Registered Owners (shares held by you) 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. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Consumer loans increased $147.5 million sequentially, with growth of $273.5 million in third-party consumer lending offsetting declines in consumer mortgages and HELOCs of $98.4 million and $74.2 million, respectively. Any shareholders which still need to redeem their Free. Synovus Bank, NMLS #408043, is an Equal Housing Lender. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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%. Third-party sites may contain less security and may have different privacy policies from ours. 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. Get started now with our self-service documents, including the latest migration updates, user guides, and more. 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. Forward-Looking Statements You are about to leave the Synovus web site for a third-party site. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. 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. Our Synovus team delivered solid financial performance in the second quarter while continuing to position the company for long-term success, said Kevin Blair, Synovus President and CEO. 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. Synovus will host an Investor Day presentation at 8:00 a.m. products or information provided by third-party sites, and we're not responsible for any failures or The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. 2023 Synovus Financial Corp. All rights reserved. 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. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. The information you enter may be retained by these companies and may be shared with insurance companies. 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. 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. Third-party sites may contain less security and may have different privacy policies from ours. Core transaction deposits increased $702.4 million or 2% sequentially. Reverse Stock Split Follow Up Message from LINK Shareholder Services 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. 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 will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. Or if you have questions, please call the number below. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, We don't endorse or gaurantee the ", Net income available to common shareholders, Provision for (reversal of) credit losses, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. receives compensation from insurance companies or their affiliates in the form of commissions. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. A fast, safe, and easy way to send money. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. 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. 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. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Continue Or if you have questions, please call the number below. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. 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. Trust services for Synovus are provided by STC. Continue Or if you have questions, please call the number below. Operator: Good morning, and welcome to the Synovus Fourth Quarter . (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. You are about to leave the Synovus web site for a third-party site. 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