Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. 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. 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. The information you enter may be retained by these companies and may be shared with insurance companies. 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. 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. Get yourself paid. View source version on businesswire.com:. ET on February 8th, 2022. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. 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. shares of the post-split amount. Net interest margin was 2.96%, down 5 basis points from the previous quarter. This communication is directed to properties in those states. 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. Any shareholders which still need to redeem their 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. Non-interest revenue, excluding securities gains, increased $23.3 million or 5% year over year, reflecting strong growth in core banking fees and wealth revenue, offset by the normalization of net mortgage revenue. 706-641-6477 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. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. 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. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. Many of these factors are beyond Synovus ability to control or predict. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. You can participate directly in the Plan by submitting a completed 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. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. 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. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. 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. Net interest income of $381.9 million increased $8.0 million sequentially as asset growth, reduced deposit costs, and a higher day count more than offset the reduction in PPP fee income. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. responsible for any of the content or additional links they contain. Or if you have questions, please call the number below. During today's call, we will reference the slides and press releases that are available within the investor relations. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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/. The information you enter may be retained by these companies and may be shared with insurance companies. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. For a link to the webcast, go to investor.synovus.com/event. 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. Included in the provision was net charge-offs of $10.5 million offset by a reduction in the ACL ratio to 1.19% at quarter-end, or 1.21% excluding PPP loans. Offers an Optional Service. https://www.consumerfinance.gov/mortgage/. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. ET. BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, and industrial products. Get your suppliers paid. Reinvestment and Direct Stock Purchase Plan. Our ongoing focus on growing core operating deposit relationships led to another quarter of account growth, as well as non-interest bearing deposit growth of $254 million. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Banking products are provided by Synovus Bank, Member FDIC. 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. https://www.consumerfinance.gov/mortgage/. 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. SNV earnings call for the period ending June 30, 2022. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. February 10, 2023 - 7:30 AM PST. Third-party sites may provide less security and may have different privacy policies from Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. receives compensation from insurance companies or their affiliates in the form of commissions. Or if you have questions, please call the number below. Net interest margin was 3.02%, down 2 bps sequentially. A fast, safe, and easy way to send money. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Third-party sites aren't under our control, and we're not A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . 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. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. 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/. Net interest income increased $7.4 million or 2% compared to the prior quarter. 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. Whether your financial aspirations are personal or for your business, we can help you reach them. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. 1-800-937-5449. 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. 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 Bank, NMLS #408043, is an Equal Housing Lender. 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. and South Carolina. Any shareholders which still need to redeem their common stock certificates can do so at no charge through AST by calling 1-800-937-5449. Second consecutive quarter of record commercial loan production. Period-end loans decreased $569.1 million or 1% sequentially. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. 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. The earnings call will be accompanied by a slide presentation. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. The tangible common equity ratio is used by management to assess the strength of our capital position. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. 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. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Notifications, one-for-seven 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. The tangible common equity ratio is used by management to assess the strength of our capital position. The effective tax rate was 21.88% for the quarter. Georgia, with approximately $60 billion in assets. Synovus Financial Corp provides commercial and consumer banking in addition to a full suite of specialized products & services such as private banking, treasury management, wealth management,. 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 . We don't endorse or gaurantee the You are about to leave the Synovus web site for a third-party site. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . A fast, safe, and easy way to send money. 404-364-2739. kevinsuchecki@synovus.com. any one time and $250,000 in total per calendar year without paying fees. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. Credit quality ratios remain near historical lows. The computations of these measures are set forth in the attached tables. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Third-party sites may provide less security and may have different privacy policies from and South Carolina. Allowance for Credit Losses (ACL) decreased $184.0 million, and the ACL ratio decreased 52 basis points to 1.19%, or 1.21% excluding PPP loans, primarily due to a continued positive shift in the economic outlook. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. The effective tax rate was 25.6% for the quarter. 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. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. Banking products are provided by Synovus Bank, Member FDIC. Select to close this tab. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. For fiscal 2023, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $5.20 per share. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. P.O. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. Location. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. You are about to leave the Synovus web site for a third-party site. 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