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Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. and South Carolina. products or information provided by third-party sites, and we're not responsible for any failures or Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Net interest margin was 3.02%, down 2 bps sequentially. 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. 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 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. Email C&I line utilization remains near historic lows at ~40%. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. 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. and South Carolina. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. 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. Actual results may differ materially from those contemplated by such forward-looking statements. 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. Loans subject to approval including credit approval. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Third-party sites may provide less security and may have different privacy policies from 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. reverse stock split which became effective May 16, 2014, shareholders with certificated Continue Or if you have questions, please call the number below. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Year-over-year decline was primarily due to prior year benefit from reversal Synovus Bank, NMLS #408043, is an Equal Housing Lender. Third-party sites may provide less security and may have different privacy policies from If you are not a Synovus shareholder you can join the Plan by making an Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Synovus Bank, NMLS #408043. SNV earnings call for the period ending June 30, 2022. Second consecutive quarter of record commercial loan production. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. Personal Finance Financial Security Home Ownership Let's get to know each other Adjusted non-interest expense increased $2.4 million, or 1% sequentially. Synovus. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. pre-split Synovus shares for post-split Synovus shares. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. Reinvestment and Direct Stock Purchase Plan. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. 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. 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 responsible for any of the content or additional links they contain. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. 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. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . During the event, President and CEO Kevin Blair, CFO Jamie Gregory, and other members of the Synovus executive leadership team will present the companys business drivers and strategic plans for building the bank of the future. Otherwise, we will treat your assertion or request per our standard policies and procedures. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. We don't endorse or gaurantee the Adjusted non-interest expense increased $2.4 million sequentially as 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. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter. 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. 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. "Revenues of $523 million, up 7 percent year-over-year, were driven by our fourth consecutive quarter of annualized double-digit loan growth, excluding PPP, and 22 basis points of margin expansion during the quarter. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. United States. Total adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total FTE revenue and non-interest revenue exclusive of net investment securities gains (losses), gain on sale and changes in the fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. Third-party sites aren't under our control, and we're not Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. This communication is directed to properties in those states. Synovus provides commercial and retail banking and a full suite of 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. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Period-end loans decreased $569.1 million or 1% sequentially. 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. Email Get started now with our self-service documents, including the latest migration updates, user guides, and more. Get your suppliers paid. 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. ET. Continue Or if you have questions, please call the number below. 2023 Synovus Financial Corp. All rights reserved. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Net income available to common shareholders for 2021 was $727.3 million or $4.90 per diluted share as compared to $340.5 million or $2.30 per diluted share for 2020. The computations of these measures are set forth in the attached tables. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Your key to world-class wealth management. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Actual results may differ materially from those contemplated by such forward-looking statements. shares without paying fees. 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. 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. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. 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. Synovus Bank, NMLS #408043. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Credit quality ratios remain near historical lows. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. The computations of these measures are set forth in the attached tables. Trust services for Synovus are provided by STC. Jul 21, 2022, 8:30 a.m. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Synovus Bank, NMLS #408043. 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. Cal Evans: Media Relations. Third-party sites may contain less security and may have different privacy policies from ours. Commercial and industrial (C&I) loans increased $426.0 million sequentially, led by broad based growth within our Wholesale Banking segment, partially offset by declines in PPP loan balances of $116.2 million. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. The most comparable GAAP measures to these measures are total non-interest expense; efficiency ratio-TE; 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. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). Registered Owners (shares held by you) Investor Contact: Alison Dowe. Adjusted non-interest revenue decreased $6.2 million. 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. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. Net interest income of $392.3 million an increase of 2% quarter over quarter. Georgia, with approximately $60 billion in assets. 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. February 10, 2023 - 7:30 AM PST. 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. A fast, safe, and easy way to send money. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Step-by-step guide for your everyday banking tasks. 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 expect our efforts to produce sustained profitable growth, positive operating leverage, and higher returns as we progress toward becoming a top quartile performing bank.. The tangible common equity ratio is used by management to assess the strength of our capital position. Notifications. Synovus Mobile Banking. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. All statements other than statements of historical fact are forward-looking statements. and South Carolina. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Location. Third-party sites aren't under our control, and we're not The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. 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. 18 min read. 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. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. www.quotemedia.com. 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. 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. ET on February 8th, 2022. Year-to-date effective tax rate of 22.56% before discrete items. Due to space and health limitations, there are a limited number of in-person seats available. Net interest income increased $7.4 million or 2% compared to the prior quarter. Trust services for Synovus are provided by STC. Personal Finance. Step-by-step guide for your everyday banking tasks. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. Investment products and services provided by Synovus are offered through Synovus Securities, Inc. 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