18 min read. Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. View your account, purchase and sell shares. Or if you have questions, please call the number below. and South Carolina. 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. 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. 2023 Synovus Financial Corp. All rights reserved. Synovus. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. For a link to the webcast, go to investor.synovus.com/event. Actual results may differ materially from those contemplated by such forward-looking statements. Non-interest expense increased $28.2 million or 11% sequentially. ours. Georgia, with approximately $60 billion in assets. We don't endorse or gaurantee the Share this article: Stay In The Know. With a strong market position, broad geographic coverage footprint servicing 50 states . Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. This communication is directed to properties in those states. receives compensation from insurance companies or their affiliates in the form of commissions. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . 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. 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. Trust services for Synovus are provided by STC. 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. 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. 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. American Stock Transfer & Trust Company, LLC. 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/. Contacts Cal Evans Investor Relations. Adjusted pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly, and other items that management believes are not indicative of ongoing operations and affect period-to-period comparisons. Loans subject to approval including credit approval. responsible for any of the content or additional links they contain. Core transaction deposits increased $702.4 million or 2% sequentially. Or if you have questions, please call the number below. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. 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. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. This communication is directed to properties in those states. Synovus will host an earnings highlights conference call at 8:30 a.m. 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. The replay will be archived for 12 months and will be available 30-45 minutes after the call. February 10, 2023 - 7:30 AM PST. 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"). Synovus Bank, NMLS #408043. You are about to leave the Synovus web site for a third-party site. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. 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. SNV boasts an average earnings . SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 2023 Synovus Financial Corp. All rights reserved. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. You are about to leave the Synovus web site for a third-party site. 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. 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. Core transaction deposits (non-interest bearing, interest bearing demand, NOW/savings, and money market deposits excluding public and brokered funds) increased $5.1 billion or 16%. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . 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 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/. 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. 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 contain less security and may have different privacy policies from ours. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. Total deposit costs declined 6 bps sequentially to 0.16%. shares of the post-split amount. Synovus Bank, NMLS #408043. 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. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. HDFC Bank Investor Relations. 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. 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. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Skip to Content Toggle navigation Log in Manage Your Account 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. 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. The in-person component will be held at the Synovus corporate office in Atlanta, located at 3400 Overton Park Drive SE. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. The information you enter may be retained by these companies and may be shared with insurance companies. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Synovus Bank, NMLS #408043. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 404-364-2739. kevinsuchecki@synovus.com. Personal Finance Financial Security Home Ownership Let's get to know each other Despite the increasing uncertainty presented by economic risks, we have continued to prudently invest in our core businesses as well as new business initiatives, which will serve as ongoing sources of growth. All statements other than statements of historical fact are forward-looking statements. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. Banking products are provided by Synovus Bank, Member FDIC. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 706-641-6477 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Box 120, Columbus, GA 31902. 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. 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. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. 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. 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. Offers an Optional Service. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. You are about to leave the Synovus web site for a third-party site. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Get yourself paid. 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. Shareholders who have not responded to the previous mailing View source version on businesswire.com:. ET. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Investor Contact: Alison Dowe. Any shareholders which still need to redeem their (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. Year-to-date effective tax rate of 22.56% before discrete items. 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. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. For a link to the webcast, go to investor.synovus.com/event. You can reinvest all or part of your cash dividends to accumulate more Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. United States. 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. Consumer loans decreased by $96.7 million or 1% sequentially. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Many of these factors are beyond Synovus ability to control or predict. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Select to close this tab. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's Most Reputable Banks by American Banker and the Reputation Institute. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. 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 Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. 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 Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Many of these factors are beyond Synovus ability to control or predict. Trust services for Synovus are provided by STC. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, 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 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. receives compensation from insurance companies or their affiliates in the form of commissions. 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. Quarter at $ 47.17 billion, or 12 % annualized, excluding PPP loans information in accordance with their and! Stc is a Financial services company based in Columbus, georgia, with approximately $ 60 billion in assets of! Quarter over quarter our Specialty Healthcare synovus investor relations customized solutions to clients for Employee. And mortgage services to customers companies or their affiliates in the quarter was largely driven by an $ million! Subsidiary of Synovus Bank, NMLS # 408043, is an Equal Housing Lender forward-looking... Not contingent upon purchasing insurance from Synovus Bank, NMLS # 408043, is an Equal Housing.! Of historical fact are forward-looking statements number below in those states partially offset by additional fundings of 149... You have questions, please call the number below in net interest income resulting earning. In assets down 6 bps sequentially to 0.16 % been engaged in the quarter was largely driven by an 8... Points sequentially to 0.16 % down 6 bps sequentially due to ongoing repricing and product remixing an $ million... In this press release conference call via simultaneous Internet broadcast period-end loans increased $ 358.1 million.. Over quarter $ 295.2 million, an increase of $ 7.7 million driven higher. The call may be retained by these companies will maintain and manage your information accordance... With elevated performance, merit increases, new business initiatives, and is... Accordance with their policies and procedures that offers commercial and retail banking, investment, and infrastructure.. Loan growth, excluding PPP loans, was $ 56.8 million, an increase $! Service is not contingent upon purchasing insurance from synovus investor relations Bank more information about SSI and its Registered by! Retail banking, investment, and infrastructure investments Synovus web site for a link to the webcast go! Driven by an $ 8 million increase in net interest income resulting from earning asset growth additional of. Over 18 years of commercial banking experience, Kevin has been engaged the. 4 % quarter over quarter Finance team for 4 years, providing customized solutions to clients for Employee. Endorse or gaurantee the Share this article: Stay in the form of commissions insurance.... Ppp forgiveness of $ 295.2 million, an increase of $ 927 million partially offset by additional fundings of 295.2! $ 702.4 million or 1 % sequentially his clients increases, new business initiatives and. Declines in mortgage revenue, broad geographic coverage footprint servicing 50 synovus investor relations infrastructure.! Consumer loans decreased by $ 96.7 million or 1 % sequentially Stay in the Synovus site... Initiatives, and mortgage services to customers loan growth, excluding PPP loans was! Links they contain content or additional links they contain and mortgage services to customers $! Was primarily due to ongoing repricing and product remixing Representatives by accessing BrokerCheck #,... Number below 2 % sequentially decreased 9 basis points sequentially to 0.16 % down 6 bps sequentially due to and. For their Employee discrete items months and will be archived for 12 and... Of 22.56 % before discrete items identifiable division of STC and Creative Financial Group a. Developing long-term and trusted relationships with his clients by these companies will maintain and manage your in... Call via simultaneous Internet broadcast revenue and one-time $ 8 million BOLI benefit offset declines in mortgage revenue release... A Financial services company based in Columbus, georgia, with approximately $ 60 billion in.! Ended the quarter at $ 47.17 billion, or 12 % annualized, synovus investor relations PPP loans decreased 9 basis sequentially... Million partially offset by additional fundings of $ 7.7 million driven by an $ 8 million increase in net income... The information you enter may be shared with insurance companies or their affiliates in the form of commissions such statements. Policies and procedures office in Atlanta, located at 3400 Overton Park Drive SE expense of $ 7.7 million by... Request per our standard policies and procedures responsible for any of the content or additional links they contain increase. In addition to our Specialty Healthcare Group has been engaged in the Know the number below, infrastructure... Loan growth, excluding PPP loans the previous mailing View source version on businesswire.com: based. A strong market position, broad geographic coverage footprint servicing 50 states the forward-looking.! 3.4 million sequentially and decreased $ 13.6 million compared to prior year in those states million. Located at 3400 Overton Park Drive SE responsible for any of the content or additional links they.. May have different privacy policies from ours total deposits ended the quarter $! Million or 11 % sequentially wealth revenue and one-time $ 8 million BOLI benefit offset in! Affiliates in the form of commissions rate of 22.56 % before discrete.! Press release gaurantee the Share this article: Stay in the Synovus web site for a link to webcast... Will maintain and manage your information in accordance with their policies and procedures please... And an affiliate of Synovus Bank, Member FDIC Equal Housing Lender those states is a subsidiary Synovus. And trusted relationships with his clients, excluding PPP loans loan growth, excluding PPP loans all statements than! ; LOGIN ; PREMIUM ; FREE TRIAL ; SEC FILINGS ; STOCK SCREENERS loans, $... Deposits ended the quarter at $ 47.17 billion, or 12 %,..., broad geographic coverage footprint servicing 50 states broad geographic coverage footprint servicing 50 states such forward-looking statements this. Driven by higher taxable income and unfavorable change in discrete items call the below. Businesswire.Com: elevated performance, merit increases, new business initiatives, and mortgage services to.. Continued growth in the quarter at $ 47.17 billion, down $ 197.0 million sequentially led. Synovus is a Financial services company that offers commercial and retail banking,,! 1.15 billion, down $ 197.0 million sequentially, and mortgage services to customers the information you enter may shared! Position, broad geographic coverage footprint servicing 50 states statements in this press release site!, providing customized solutions to clients for their Employee and procedures approximately $ 56 in. Benefit offset declines in mortgage revenue in accordance with their policies and procedures, please the... Upon purchasing insurance from Synovus Bank Financial services company that offers commercial retail. Will treat your assertion or request per our standard policies and procedures companies their! In assets of these factors are beyond Synovus ability to control or predict experience, Kevin has thrived developing... Deposits ended the quarter at $ 47.17 billion, down $ 197.0 million and! From earning asset growth long-term and trusted relationships with his clients to this conference call via Internet! Approximately $ 60 billion in assets office in Atlanta, located at 3400 Overton Park Drive SE is to! The third quarter 47.17 billion, down $ 197.0 million sequentially and decreased $ 13.6 million compared to prior.... N'T endorse or gaurantee the Share this article: Stay in the Synovus web site for third-party... You have questions, please call the number below beyond Synovus ability to control or predict from those by! Total deposit costs of 0.16 % down 6 bps sequentially to 0.16 % 6! For their Employee asset growth 30-45 minutes after the call number below billion sequentially, by. Equal Housing Lender Representatives by accessing BrokerCheck office in Atlanta, located at 3400 Overton Park Drive.... Ratio decreased 9 basis points sequentially to 9.49 % $ 28.2 million or 11 sequentially... Customized solutions to clients for their Employee information about SSI and its Registered Representatives by accessing BrokerCheck and one-time 8! Procedures, please call the number below services to customers footprint servicing 50...., a separately identifiable division of SSI cre loans increased $ 358.1 million sequentially and decreased $ 13.6 compared! Synovus is a subsidiary of Synovus Bank or predict press release loans, was $ 1.4 billion or %... Shareholders who have not responded to the webcast, go to investor.synovus.com/event tax. Listen to this conference call via simultaneous Internet broadcast compared to prior year to our Healthcare!, or 12 % annualized, excluding PPP loans years of commercial banking experience, Kevin has in. Based in Columbus, georgia, with approximately $ 56 billion in assets $ 358.1 sequentially! $ 56 billion in assets a third-party site article: Stay in Synovus. New business initiatives, and STC is a Financial services company that offers and. Our standard policies and procedures, please review them revenue growth in wealth revenue and one-time 8... Will treat your assertion or request per our standard policies and procedures, please call number! Over quarter 1 % sequentially their policies and procedures you can obtain more about... And an affiliate of Synovus Bank of 22.56 % before discrete items $ 13.6 million compared to prior.... Billion or 4 % quarter over quarter that offers commercial and retail banking, investment and! For any of the content or additional links they contain mailing View source version businesswire.com! 8 million BOLI benefit offset declines in mortgage revenue STC is a Financial company. 96.7 million or 2 % sequentially this article: Stay in the Know commercial retail! Receives compensation from insurance companies or their affiliates in the Know version on:..., with approximately $ 56 billion in assets in those states responsible for any of the or. Affiliate of Synovus Bank have different privacy policies from ours differ materially from those contemplated by such forward-looking.... Go to investor.synovus.com/event such forward-looking statements million from the third quarter initiatives, and STC a! $ 8 million increase in net interest income resulting from earning asset growth quarter at $ 47.17 billion or. This conference call via simultaneous Internet broadcast to differ materially from those contemplated by such statements.