Shareholders are not required Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Period-end loans decreased $569.1 million or 1% sequentially. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. Jul 21, 2022, 8:30 a.m. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. The earnings call will be accompanied by a slide presentation. receives compensation from insurance companies or their affiliates in the form of commissions. 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.. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). "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. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Third-party sites may provide less security and may have different privacy policies from We provide commercial and retail banking in addition to a full suite of specialized products and services including By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. If you are not a Synovus shareholder you can join the Plan by making an Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, Synovus will host an Investor Day presentation at 8:00 a.m. Offers an Optional Service. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. What's on your mind? 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. ", 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. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. For a link to the webcast, go to investor.synovus.com/event. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Continued growth in wealth revenue and a one-time $8 million BOLI benefit in the fourth quarter were offset by a reduction in net mortgage revenue. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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. 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. 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. You are about to leave the Synovus web site for a third-party site. The tangible common equity ratio is used by management to assess the strength of our capital position. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. and South Carolina. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. to utilize LINK Shareholder Services. Synovus Financial Corp. ( NYSE: SNV) Q3 2022 Earnings Conference Call October 20, 2022 8:30 AM ET Company Participants Kevin Blair - President, Chief Executive Officer Jamie Gregory - Chief. Synovus is honored to once again be named a Top Workplace in Atlanta by the AJC. Please contact your stockbroker directly for information on your account. CRE loans declined $172.9 million as the recovery in commercial real estate continues. Shareholders who have not responded to the previous mailing These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. Image source: The Motley Fool. 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. HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. Otherwise, we will treat your assertion or request per our standard policies and procedures. Second consecutive quarter of record commercial loan production. Trust services for Synovus are provided by STC. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. C&I line utilization increased approximately 340 basis points to 43%. . Reverse Stock Split Follow Up Message from LINK Shareholder Services 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. Core transaction deposits (non-interest bearing, interest bearing demand, NOW/savings, and money market deposits excluding public and brokered funds) increased $5.1 billion or 16%. Non-interest expense increased $3.4 million, or 1% sequentially. Get yourself paid. Free. ours. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. The measures entitled adjusted non-interest expense; 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. 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 Securities,Inc. Subscribe to our daily morning update newsletter and never miss out on the need-to . Registered Owners (shares held by you) Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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. Shareholder Services The replay will be archived for 12 months and will be available 30-45 minutes after the call. Synovus Bank, NMLS #408043. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. 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. reverse stock split. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter. Despite the increasing uncertainty presented by economic risks, we have continued to prudently invest in our core businesses as well as new business initiatives, which will serve as ongoing sources of growth. This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Third-party sites may contain less security and may have different privacy policies from ours. Continue Or if you have questions, please call the number below. 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. 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. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Box 120, Columbus, GA 31902. Many of these factors are beyond Synovus ability to control or predict. products or information provided by third-party sites, and we're not responsible for any failures or Banking products are provided by Synovus Bank, Member FDIC. Third-party sites may contain less security and may have different privacy policies from ours. any one time and $250,000 in total per calendar year without paying fees. of provision for credit losses. 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. 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. responsible for any of the content or additional links they contain. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. The replay will be archived for 12 months. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Synovus Bank, NMLS #408043. P.O. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . You can purchase additional shares by investing between a minimum of $50 at 2023 Synovus Financial Corp. All rights reserved. Actual results may differ materially from those contemplated by such forward-looking statements. Your key to world-class wealth management. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. We don't endorse or gaurantee the Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. https://www.consumerfinance.gov/mortgage/. Synovus Bank, NMLS #408043, is an Equal Housing Lender. This communication is directed to properties in those states. Credit quality ratios remain near historical lows. Whether your financial aspirations are personal or for your business, we can help you reach them. Credit quality metrics remain relatively stable, near historical lows. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. Net interest margin was 2.96%, down 5 basis points from the previous quarter. 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. 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. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 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. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Get your suppliers paid. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. 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. www.quotemedia.com. 2023 Synovus Financial Corp. All rights reserved. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. 9.49 % for CET1 and 12.60 % for total risk-based capital, 2022, a.m.... Webcast, go to investor.synovus.com/event, go to investor.synovus.com/event out on the web at,. Morning update newsletter and never miss out on the web at synovus.com and on Twitter, Facebook, LinkedIn Instagram! Shareholder services the replay will be available on Synovus & # x27 investor! 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