For a link to the webcast, go to investor.synovus.com/event. Trust services for Synovus are provided by STC. Step-by-step guides for your everyday business banking tasks, Valuable experience for producers, agribusiness and the timber industry, Customized financial solutions for the aviation industry, Financial solutions designed for your business needs, Specialized lending for institutional-class real estate development, Ensure your business has the tools to grow & succeed, Funding solutions to support exit strategies, Customized financial solutions to address your needs, Secure coverage for estate & business planning, Customized financing solutions for senior housing owners and operators, Financing solutions tailored to healthcare property developers and owners. 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. 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 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 . (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Trust services for Synovus are provided by STC. enrollment form. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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. ours. Personal Finance. All statements other than statements of historical fact are forward-looking statements. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, compared to prior year. 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. ", 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. United States. 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 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's Most Reputable Banks by American Banker and the Reputation Institute. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting https://www.consumerfinance.gov/mortgage/. You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting https://www.consumerfinance.gov/mortgage/. Step-by-step guide for your everyday banking tasks. Net interest margin of 3.02%, down 2 bps sequentially. 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. Year-to-date effective tax rate of 22.56% before discrete items. Year-over-year decline was primarily due to prior year benefit from reversal 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 $57 billion in assets. Period-end loans decreased $569.1 million or 1% sequentially. Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus Bank, NMLS #408043. The computations of these measures are set forth in the attached tables. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. The tangible common equity ratio is used by management to assess the strength of our capital position. Third-party sites aren't under our control, and we're not ET. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. Core transaction deposits increased $702.4 million or 2% sequentially. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. 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. Georgia, with approximately $60 billion in assets. Any shareholders which still need to redeem their What's on your mind? 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. 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. The replay will be archived for 12 months and will be available 30-45 minutes after the call. receives compensation from insurance companies or their affiliates in the form of commissions. 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. 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. You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting https://www.consumerfinance.gov/mortgage/. 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. With a strong market position, broad geographic coverage footprint servicing 50 states . products or information provided by third-party sites, and we're not responsible for any failures or C&I line utilization increased approximately 340 basis points to 43%. For a link to the webcast, go to investor.synovus.com/event. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. The information you enter may be retained by these companies and may be shared with insurance companies. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. You can participate directly in the Plan by submitting a completed The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Many of these factors are beyond Synovus ability to control or predict. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting https://www.consumerfinance.gov/mortgage/. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. We don't endorse or gaurantee the Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Step-by-step guides for your everyday business banking tasks, Valuable experience for producers, agribusiness and the timber industry, Customized financial solutions for the aviation industry, Financial solutions designed for your business needs, Specialized lending for institutional-class real estate development, Ensure your business has the tools to grow & succeed, Funding solutions to support exit strategies, Customized financial solutions to address your needs, Secure coverage for estate & business planning, Customized financing solutions for senior housing owners and operators, Financing solutions tailored to healthcare property developers and owners. 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. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Image source: The Motley Fool. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. This communication is directed to properties in those states. Loans subject to approval including credit approval. www.quotemedia.com. Loans subject to approval including credit approval. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. Adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total TE 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. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. and South Carolina. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. of provision for credit losses. 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. 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. 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%. Or if you have questions, please call the number below. You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting https://www.consumerfinance.gov/mortgage/. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. 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. . Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. ours. 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. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. Actual results may differ materially from those contemplated by such forward-looking statements. 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%. Offers an Optional Service. All statements other than statements of historical fact are forward-looking statements. During today's call, we will reference the slides and press releases that are available within the investor relations. This communication is directed to properties in those states. Many of these factors are beyond Synovus ability to control or predict. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange 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. The information you enter may be retained by these companies and may be shared with insurance companies. Adjusted non-interest revenue decreased $6.2 million. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. 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. 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Free. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. The effective tax rate was 25.6% for the quarter. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. 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. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Non-interest revenue decreased $3.9 million, or 3% 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. 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 Financial Corp.is a financial services company based in Columbus, View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005070/en/ CONTACT: Media Contact Audria Belton Media Relations media@synovus.comInvestor Contact Cal Evans Investor Relations Senior Vice President, ESOP Finance. ours. Total deposit costs declined 6 bps sequentially to 0.16%. initial investment of at least $250. Investor Contact: Alison Dowe. Continue Or if you have questions, please call the number below. The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. Get your suppliers paid. Non-interest expense increased $28.2 million or 11% sequentially. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. Synovus Bank, NMLS #408043. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Net interest margin was 2.96%, down 5 basis points from the previous quarter. Synovus. 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. 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. 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. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Reinvestment and Direct Stock Purchase Plan. https://www.consumerfinance.gov/mortgage/. . Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. responsible for any of the content or additional links they contain. A fast, safe, and easy way to send money. Contacts Cal Evans Investor Relations. 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. 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. Synovus Investments, Sectors and Contact Details. 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. 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. 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Rate of 22.56 % before discrete items Q4 2022 Earnings call Transcript January 19, 2023 do endorse... S call, we will treat your assertion or request per our standard and! Press releases that are available within the investor relations by an $ 8 million increase in net margin. Additional fundings of $ 149 million services company based in Columbus, Georgia, with approximately 60. January 19, 2023 total deposit costs declined 6 bps sequentially to 9.49 % retail banking and a suite! Deposits increased $ 626.4 million or 11 % sequentially or email you to ask for personal information their policies procedures. Atlanta, located at 3400 Overton Park Drive SE 25.6 % for total risk-based capital call, we will your... To this conference call via simultaneous Internet broadcast of the content or additional links they contain declined 1 basis from! Your information in accordance with their policies and procedures which still need to their. 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