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. Quarter-over-quarter and year-over-year declines were primarily related to a $7 million write-down on a minority fintech investment and a challenging mortgage banking environment, partially offset by increases in wealth revenue, capital markets, and card fee income categories. Subscribe to our daily morning update newsletter and never miss out on the need-to . Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. 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. 18 min read. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, 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%. 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 . 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. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . 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. 2023 Synovus Financial Corp. All rights reserved. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. 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. Free. Due to space and health limitations, there are a limited number of in-person seats available. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. The earnings call will be accompanied by a slide presentation. Preliminary total risk-based capital ratio of 12.60% decreased 32 basis points from the prior quarter, primarily from strong asset growth and reduction in the allowance for credit losses. Credit quality metrics remain relatively stable, near historical lows. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. ET. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. enrollment form. You can participate directly in the Plan by submitting a completed Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. shares without paying fees. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. https://www.consumerfinance.gov/mortgage/. Personal Finance Financial Security Home Ownership Let's get to know each other Net income available to common shareholders for 2021 was $727.3 million or $4.90 per diluted share as compared to $340.5 million or $2.30 per diluted share for 2020. All statements other than statements of historical fact are forward-looking statements. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. 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. Actual results may differ materially from those contemplated by such forward-looking statements. Shareholders are not required Banking products are provided by Synovus Bank, Member FDIC. ours. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. Synovus Investments, Sectors and Contact Details. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Email 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. 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/. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. 404-364-2739. kevinsuchecki@synovus.com. United States. For a link to the webcast, go to 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. You are about to leave the Synovus web site for a third-party site. Consumer loans decreased by $96.7 million or 1% sequentially. All statements other than statements of historical fact are forward-looking statements. Synovus Bank, NMLS #408043. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Third-party sites aren't under our control, and we're not 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. Box 120, Columbus, GA 31902. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. https://www.consumerfinance.gov/mortgage/. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. Trust services for Synovus are provided by STC. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Otherwise, we will treat your assertion or request per our standard policies and procedures. and South Carolina. The computations of these measures are set forth in the attached tables. 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 can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. 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. 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. C&I line utilization remains near historic lows at ~40%. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. Credit quality metrics experienced broad based improvement. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. 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 Bank, NMLS #408043. 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. View source version on businesswire.com:. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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,. 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. 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. any one time and $250,000 in total per calendar year without paying fees. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. 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/. Or if you have questions, please call the number below. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. Period-end deposit growth of $1.7 billion or 4% from the third quarter. 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. inaccuracies. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. Loans subject to approval including credit approval. ET on January 20, 2022. COLUMBUS, GA, December 17, 2021 Synovus Financial Corp. (NYSE: SNV) today announced its 2022 Investor Day event will be held on Tuesday, February 8, 2022, from 8 a.m. to 12 p.m. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Synovus Securities,Inc. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Synovus Securities,Inc. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. 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. 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. This communication is directed to properties in those 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. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Provision for credit losses of $12.7 million increased $1.3 million sequentially; allowance for credit losses coverage ratio (to loans) of 1.11% declined 4 bps sequentially. Third-party sites may provide less security and may have different privacy policies from The effective tax rate was 25.6% for the quarter. Trust services for Synovus are provided by STC. 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. Any shareholders which still need to redeem their A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . This communication is directed to properties in those states. We also acknowledge the strength of our client base, with credit metrics at historically low levels and average operating liquidity up more than 40 percent on average compared to pre-pandemic levels. Synovus is honored to once again be named a Top Workplace in Atlanta by the AJC. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. Year-to-date effective tax rate of 22.56% before discrete items. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Get your suppliers paid. Third-party sites may contain less security and may have different privacy policies from ours. 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 don't endorse or gaurantee the 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. Many of these factors are beyond Synovus ability to control or predict. Synovus Mobile Banking. Cal Evans: Media Relations. 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. Get yourself paid. 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. Cal Evan -- Head of Investor Relations Thank you, and good morning. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Loans subject to approval including credit approval. Core transaction deposits increased $702.4 million or 2% sequentially. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Continue Or if you have questions, please call the number below. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. You are about to leave the Synovus web site for a third-party site. Synovus. Trust services for Synovus are provided by STC. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Loans increased $ 626.4 million or 7 % from the prior quarter GLOBALT, a licensed insurance agency, good! 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