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. 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,. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. https://www.consumerfinance.gov/mortgage/. products or information provided by third-party sites, and we're not responsible for any failures or 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. Third-party sites may provide less security and may have different privacy policies from Synovus Securities,Inc. 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, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange 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/. Email Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). 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 will host an earnings highlights conference call at 8:30 a.m. Preliminary CET1 ratio declined 3 bps during the quarter to 9.46%, and the preliminary total risk-based capital ratio of 12.43% declined 13 bps from the previous quarter as capital generated through earnings helped offset the impact of loan growth. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. News by QuoteMedia. 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. ours. Core transaction deposits increased $702.4 million or 2% sequentially. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Both the non-performing loan and asset ratios improved to 0.26% and 0.33%, respectively; the net charge-off ratio for the quarter was 0.16%, and total past dues were 0.14% of total loans outstanding. 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. 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. Shareholders are not required 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.. Continue Or if you have questions, please call the number below. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Georgia, with approximately $60 billion in assets. You can participate directly in the Plan by submitting a completed 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. 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. 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%. 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. 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. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. A fast, safe, and easy way to send money. "We are pleased with our second quarter results and financial metrics, which reflect the efforts of our team to expand client relationships and attract new business," said Synovus President and CEO Kevin Blair. 404-364-2739. kevinsuchecki@synovus.com. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. 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. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. For a link to the webcast, go to investor.synovus.com/event. Period-end deposit growth of $2.7 billion or 6%. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. 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. Whether your financial aspirations are personal or for your business, we can help you reach them. 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. All statements other than statements of historical fact are forward-looking statements. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. Credit quality metrics experienced broad based improvement. 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. 2023 Synovus Financial Corp. All rights reserved. Shareholder Services Reinvestment and Direct Stock Purchase Plan. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Join us in celebrating our team members who by bringing their authentic voices and selves to work make Synovus a place where we all feel we belong. Or if you have questions, please call the number below. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, 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. 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 replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. The effective tax rate was 21.88% for the quarter. 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. 2023 Synovus Financial Corp. All rights reserved. Select to close this tab. 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 is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. This communication is directed to properties in those states. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. reverse stock split which became effective May 16, 2014, shareholders with certificated Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. receives compensation from insurance companies or their affiliates in the form of commissions. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. Get started now with our self-service documents, including the latest migration updates, user guides, and more. 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. 2023 Synovus Financial Corp. All rights reserved. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. Many of these factors are beyond Synovus ability to control or predict. Select to close this tab, Financial Security. Loans subject to approval including credit approval. We don't endorse or gaurantee the to utilize LINK Shareholder Services. You can purchase additional shares by investing between a minimum of $50 at 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. 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. Adjusted non-interest revenue decreased $6.2 million. Year-over-year decline was primarily due to prior year benefit from reversal You are about to leave the Synovus web site for a third-party site. Registered Owners (shares held by you) February 10, 2023 - 7:30 AM PST. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. The information you enter may be retained by these companies and may be shared with insurance companies. Banking products are provided by Synovus Bank, Member FDIC. What's on your mind? 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Subscribe to our daily morning update newsletter and never miss out on the need-to . You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Third-party sites may contain less security and may have different privacy policies from ours. www.quotemedia.com. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. common stock certificates can do so at no charge through AST by calling Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Email Due to space and health limitations, there are a limited number of in-person seats available. 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. 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 is in the goals business, and we want to know yours. COLUMBUS, Ga., February 10, 2023 -- ( BUSINESS WIRE )--Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will present at the Raymond James & Associates 44 th Annual. 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 . 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. Banking products are provided by Synovus Bank, Member FDIC. Trust services for Synovus are provided by STC. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. 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. Investor Contact: Alison Dowe. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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) Q4 2022 Earnings Call Transcript January 19, 2023. 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Net interest income of $392.3 million an increase of 2% quarter over quarter. Credit quality ratios remain near historical lows. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. Any shareholders which still need to redeem their Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. 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/. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the event. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . Provide less security and may have different privacy policies from ours and Kevin becoming! 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Insurance products marketed through Synovus and its registered Representatives by accessing BrokerCheck policies procedures. Million or 2 % sequentially ; ve been a victim of fraud call. Other Financial institutions have been made aware of a rise in fraudsters calling customers to impersonate Bank team..