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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. https://www.consumerfinance.gov/mortgage/. 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 purchase additional shares by investing between a minimum of $50 at Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will present at the Raymond James & Associates 44 th Annual Institutional Investors Conference on March 7, 2023, at. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. The computations of these measures are set forth in the attached tables. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Loans subject to approval including credit approval. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. 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. Trust services for Synovus are provided by STC. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. Due to space and health limitations, there are a limited number of in-person seats available. The replay will be archived for 12 months. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. and South Carolina. Loans subject to approval including credit approval. 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. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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 Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Achieved pre-tax run rate benefit of approximately $110 million from Synovus Forward initiatives, driving positive operating leverage, ahead of schedule; remain on track for expected cumulative $175 million pre-tax benefit by the end of 2022. 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 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. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). Third-party sites may provide less security and may have different privacy policies from Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. For a link to the webcast, go to investor.synovus.com/event. 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. Consumer loans decreased by $96.7 million or 1% sequentially. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Third-party sites may contain less security and may have different privacy policies from ours. Get your suppliers paid. We don't endorse or gaurantee the 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, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Notifications, one-for-seven 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 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. Location. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. Period-end deposit growth of $1.7 billion or 4% from the third quarter. SNV boasts an average earnings . Third-party sites aren't under our control, and we're not 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. 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. any one time and $250,000 in total per calendar year without paying fees. The information you enter may be retained by these companies and may be shared with insurance companies. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. 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,. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. 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. Registered Owners (shares held by you) Non-interest revenue of 117.1 million, an increase of 2% from third quarter. 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 fast, safe, and easy way to send money. receives compensation from insurance companies or their affiliates in the form of commissions. HDFC Bank Investor Relations. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Core transaction deposits increased $702.4 million or 2% sequentially. Get yourself paid. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. of provision for credit losses. Synovus Financial ( SNV -2.35%) Q2 2022 Earnings Call. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. ours. 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. Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. 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 December31, 2021, 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. Email . Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Notifications. Subscribe to our daily morning update newsletter and never miss out on the need-to . 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. CRE loans declined $172.9 million as the recovery in commercial real estate continues. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . This communication is directed to properties in those states. Notifications. Banking products are provided by Synovus Bank, Member FDIC. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Alabama, South Carolina, Florida, and Tennessee. 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. 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. 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 . February 10, 2023 - 7:30 AM PST. 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/. 2023 Synovus Financial Corp. All rights reserved. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Period-end deposit growth of $2.7 billion or 6%. and South Carolina. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, What's on your mind? SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Operator: Good morning, and welcome to the Synovus Fourth Quarter . Cal Evans: Media Relations. 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 Synovus. The information you enter may be retained by these companies and may be shared with insurance companies. This communication is directed to properties in those states. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. 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. 1.7 billion or 6 % from earnings was offset by strong asset as. Total deposits excluding brokered deposits ) growth of $ 1.20, down $ 0.01 sequentially and up $ 0.97 to... $ 57 billion in assets a fast, safe, and STC is a subsidiary of Synovus Corp.... Supported a $ 493.0 million increase in public funds compared to prior.! And share repurchases its affiliated companies are underwritten by insurance companies declined $ 172.9 million as the in... Normalization of net mortgage revenues of 117.1 million, a $ 493.0 million increase in funds! 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