and South Carolina. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. This communication is directed to properties in those states. Due to space and health limitations, there are a limited number of in-person seats available. Net interest margin was 2.96%, down 5 basis points from the previous 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. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. Synovus. 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. Continue Or if you have questions, please call the number below. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. Alabama, South Carolina, Florida, and Tennessee. Synovus Securities,Inc. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. You can reinvest all or part of your cash dividends to accumulate more A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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 is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Third-party sites may contain less security and may have different privacy policies from ours. Non-interest expense increased $28.2 million or 11% sequentially. 706-641-6477 A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Credit quality ratios remain near historical lows. Cal Evan -- Head of Investor Relations Thank you, and good morning. 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. Share this article: Stay In The Know. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. 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. Or if you have questions, please call the number below. 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. shares of the post-split amount. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. 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. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. SNV earnings call for the period ending June 30, 2022. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. 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. 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. Offers an Optional Service. and South Carolina. 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. 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. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Streetholders (shares held by your broker) Third-party sites aren't under our control, and we're not Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Step-by-step guide for your everyday banking tasks. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. This communication is directed to properties in those states. 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. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. 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. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. For a link to the webcast, go to investor.synovus.com/event. 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 Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. 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. Trust services for Synovus are provided by STC. Third-party sites may provide less security and may have different privacy policies from Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Get started now with our self-service documents, including the latest migration updates, user guides, and more. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. Reverse Stock Split Follow Up Message from LINK Shareholder Services Total deposit costs declined 6 bps sequentially to 0.16%. . Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. The earnings call will be accompanied by a slide presentation. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). 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. 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. 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. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. A fast, safe, and easy way to send money. Year-over-year decline was primarily due to prior year benefit from reversal 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 aren't under our control, and we are not responsible for any of the content or additional links they contain. Credit quality metrics experienced broad based improvement. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. 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 Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. 2023 Synovus Financial Corp. All rights reserved. Core transaction deposits increased $702.4 million or 2% sequentially. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Loans subject to approval including credit approval. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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%. If you are not a Synovus shareholder you can join the Plan by making an The earnings call will be accompanied by a slide presentation. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. 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. ", 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. Any shareholders which still need to redeem their You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Skip to Content Toggle navigation Log in Manage Your Account Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. The replay will be archived for 12 months and will be available 30-45 minutes after the call. The information you enter may be retained by these companies and may be shared with insurance companies. Adjusted non-interest expense of $285.6 million increased $18.5 million quarter over quarter due to recurring expense increases such as investments in Synovus Forward initiatives as well as other expense increases not expected to recur including a seed gift into a newly established donor advised fund and environment-driven health care costs. Box 120, Columbus, GA 31902. Email 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. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. shares without paying fees. Net interest income increased $7.4 million or 2% compared to the prior quarter. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . Third-party sites may provide less security and may have different privacy policies from During today's call, we will reference the slides and press releases that are available within the investor relations. The tangible common equity ratio is used by management to assess the strength of our capital position. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, You are about to leave the Synovus web site for a third-party site. P.O. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Loans subject to approval including credit approval. any one time and $250,000 in total per calendar year without paying fees. The replay will be archived for 12 months. Investment Stage. 18 min read. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 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 provide commercial and retail banking in addition to a full suite of specialized products and services including Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. This communication is directed to properties in those states. 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. With a strong market position, broad geographic coverage footprint servicing 50 states . https://www.consumerfinance.gov/mortgage/. 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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