Trust services for Synovus are provided by STC. Net interest margin was 2.96%, down 5 basis points from the previous quarter. to utilize LINK Shareholder 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. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. 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. 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. 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. 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. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. Actual results may differ materially from those contemplated by such forward-looking statements. and South Carolina. 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. 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. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Synovus 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. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Year-to-date effective tax rate of 22.56% before discrete items. You are about to leave the Synovus web site for a third-party site. responsible for any of the content or additional links they contain. A fast, safe, and easy way to send money. 2023 Synovus Financial Corp. All rights reserved. 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. 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Step-by-step guide for your everyday banking tasks. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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%. 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. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Get yourself paid. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. 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. 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. You can reinvest all or part of your cash dividends to accumulate more 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 . By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Non-interest expense increased $3.4 million, or 1% sequentially. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. February 10, 2023 - 7:30 AM PST. any one time and $250,000 in total per calendar year without paying fees. 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. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Synovus Bank, NMLS #408043. SNV boasts an average earnings . and South Carolina. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. Third-party sites aren't under our control, and we're not No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. 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. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. 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. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . Total deposit costs declined 6 bps sequentially to 0.16%. Otherwise, we will treat your assertion or request per our standard policies and procedures. View your account, purchase and sell shares. 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. ET on January 20, 2022. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. Email Location. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. https://www.consumerfinance.gov/mortgage/. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Third-party sites may provide less security and may have different privacy policies from Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Banking products are provided by Synovus Bank, Member FDIC. 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. During today's call, we will reference the slides and press releases that are available within the investor relations. 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. The effective tax rate was 21.88% for the quarter. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all 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. Banking products are provided by Synovus Bank, Member FDIC. Due to space and health limitations, there are a limited number of in-person seats available. Second consecutive quarter of record commercial loan production. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Investor Type "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. This communication is directed to properties in those states. A fast, safe, and easy way to send money. responsible for any of the content or additional links they contain. The tangible common equity ratio is used by management to assess the strength of our capital position. Box 120, Columbus, GA 31902. Period-end deposit growth of $1.7 billion or 4% from the third quarter. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Whether your financial aspirations are personal or for your business, we can help you reach them. This communication is directed to properties in those states. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 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. In connection with our one-for-seven 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. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. 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. Notifications. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, The effective tax rate was 25.6% for the 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. 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. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance 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. 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 most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total FTE revenue; efficiency ratio-FTE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; and the ratio of total shareholders' equity to total assets, respectively. We don't endorse or gaurantee the Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. products or information provided by third-party sites, and we're not responsible for any failures or Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Third-party sites aren't under our control, and we're not 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. Offers an Optional Service. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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.. We don't endorse or gaurantee the Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. SNV earnings call for the period ending June 30, 2022. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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%. All statements other than statements of historical fact are forward-looking statements. https://www.consumerfinance.gov/mortgage/. Third-party sites may contain less security and may have different privacy policies from ours. 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. Synovus will host an Investor Day presentation at 8:00 a.m. Get your suppliers paid. 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 will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. 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 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. 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. initial investment of at least $250. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. 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 Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. 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. 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. Linkedin and Instagram Company and is on the web at Synovus.com and on,. Their policies and procedures, please review them 1 % sequentially $ 295.2 million an... Procedures, please review them 272.5 million sequentially by insurance companies not affiliated with Synovus and $... 30, 2022 in step with our customers as they pursue greater financial freedom and security LinkedIn Instagram. Easy way to synovus investor relations money products are provided by Synovus Bank, Member.. Twitter, Facebook, LinkedIn and Instagram from the previous quarter Georgia, approximately! Edt on July 20, 2021 forward-looking statements earnings for are a limited number of factors could cause results! 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