Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. inaccuracies. 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, 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. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. . Synovus Bank, NMLS #408043. Adjusted non-interest revenue decreased $6.2 million. Trust services for Synovus are provided by STC. 2023 Synovus Financial Corp. All rights reserved. Year-over-year decline was primarily due to prior year benefit from reversal Third-party sites may provide less security and may have different privacy policies from
Your key to world-class wealth management. A fast, safe, and easy way to send money. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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 are about to leave the Synovus web site for a third-party site. "Revenues of $523 million, up 7 percent year-over-year, were driven by our fourth consecutive quarter of annualized double-digit loan growth, excluding PPP, and 22 basis points of margin expansion during the quarter. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total TE revenue; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and income before income taxes, respectively. Blake Robbins - Synovus Mortgage in Decatur, reviews by real people. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. 2021 was another challenging year, but our teams were able to navigate the uncertain environment to support our clients, contribute to our communities and deliver for our shareholders. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. Synovus Bank, NMLS #408043, is an Equal Housing Lender. A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. Please contact your stockbroker directly for information on your account. Synovus Mobile Banking. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. 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. 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. Third-party sites may contain less security and may have different privacy policies from ours. 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 Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. The computations of these measures are set forth in the attached tables. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. 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. 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/. Third-party sites may provide less security and may have different privacy policies from
The replay will be archived for 12 months and will be available 30-45 minutes after the call. Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. 404-364-2739. kevinsuchecki@synovus.com. Non-interest revenue of 117.1 million, an increase of 2% from third quarter. Synovus Investments, Sectors and Contact Details. 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. 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. 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. Net interest income of $392.3 million an increase of 2% quarter over quarter. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005070/en/ CONTACT: Media Contact Audria Belton Media Relations media@synovus.comInvestor Contact Cal Evans Investor Relations Second consecutive quarter of record commercial loan production. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. 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. The information you enter may be retained by these companies and may be shared with insurance companies. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Notifications. ET. 2023 Synovus Financial Corp. All rights reserved. You are about to leave the Synovus web site for a third-party site. 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 lending, structured lending, capital markets and international banking. Synovus Bank, NMLS #408043. 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. Senior Vice President, ESOP Finance. 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. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. 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. Reverse Stock Split Follow Up Message from LINK Shareholder Services
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. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Banking products are provided by Synovus Bank, Member FDIC. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. 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 experienced broad based improvement. 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. common stock certificates can do so at no charge through AST by calling
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. 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 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. and South Carolina. 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/. Reinvestment and Direct Stock Purchase Plan. 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 Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Cal Evan -- Head of Investor Relations Thank you, and good morning. You can participate directly in the Plan by submitting a completed
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. Synovus Securities,Inc. 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. Synovus will host an Investor Day presentation at 8:00 a.m. Shareholder Services
SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Synovus is honored to once again be named a Top Workplace in Atlanta by the AJC. This communication is directed to properties in those states. responsible for any of the content or additional links they contain. Any shareholders which still need to redeem their
Synovus Securities,Inc. You are about to leave the Synovus web site for a third-party site. 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/. 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. https://www.consumerfinance.gov/mortgage/. 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. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. SNV earnings call for the period ending June 30, 2022. Net interest margin was 3.02%, down 2 bps sequentially. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Synovus. https://www.consumerfinance.gov/mortgage/. 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. Subscribe to our daily morning update newsletter and never miss out on the need-to . These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Get started now with our self-service documents, including the latest migration updates, user guides, and more. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . https://www.consumerfinance.gov/mortgage/. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. receives compensation from insurance companies or their affiliates in the form of commissions. Period-end deposit growth of $1.7 billion or 4% from the third quarter. receives compensation from insurance companies or their affiliates in the form of commissions. 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. Alabama, South Carolina, Florida, and Tennessee. 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. inaccuracies. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Synovus Securities,Inc. Loans subject to approval including credit approval. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. View source version on businesswire.com:. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. 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 279 branches in Georgia, Alabama, South Carolina, Florida, and Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter. 706-641-6477
Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Notifications, one-for-seven
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. SNV boasts an average earnings . Synovus Bank, NMLS #408043, is an Equal Housing Lender. Select to close this tab. 2023 Synovus Financial Corp. All rights reserved. Our Investor Relations site is for informational purposes only, speaks only as of the particular date or dates of that information, and is provided "as is." Certain content contained herein, such as transcripts, have been prepared or produced by outside parties who are not affiliated with Regions ("Third Party Content"). Net interest margin was 2.96%, down 5 basis points from the previous quarter. 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. Non-interest revenue decreased $3.9 million, or 3% sequentially. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. Third-party sites aren't under our control, and we're not
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