Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. to utilize LINK Shareholder Services. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over 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. 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. 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. 2023 Synovus Financial Corp. All rights reserved. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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/. ours. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. Synovus provides commercial and retail banking and a full suite of ET on February 8th, 2022. Trust services for Synovus are provided by STC. We don't endorse or gaurantee the 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. Select to close this tab, Financial Security. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. 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/. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Third-party sites may contain less security and may have different privacy policies from ours. 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. C&I line utilization increased approximately 340 basis points to 43%. ET on January 20, 2022. 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. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. Synovus Mobile Banking. 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 computations of these measures are set forth in the attached tables. Period-end deposit growth of $2.7 billion or 6%. Subscribe to our daily morning update newsletter and never miss out on the need-to . Registered Owners (shares held by you) specialized products and services, including private banking, treasury management, wealth management, mortgage services, 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. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. pre-split Synovus shares for post-split Synovus shares. 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. 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. Net interest margin was 3.02%, down 2 bps sequentially. 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. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 2023 Synovus Financial Corp. All rights reserved. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Cal Evans: Media Relations. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. 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 event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. 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. Third-party sites may contain less security and may have different privacy policies from ours. The information you enter may be retained by these companies and may be shared with insurance companies. 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. 18 min read. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. "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. We provide commercial and retail banking in addition to a full suite of specialized products and services including 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. 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"). Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. The earnings call will be accompanied by a slide presentation. 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. 2023 Synovus Financial Corp. All rights reserved. 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. Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter. Synovus Securities,Inc. View source version on businesswire.com:. Offers an Optional Service. responsible for any of the content or additional links they contain. 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. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. You can purchase additional shares by investing between a minimum of $50 at Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. Notifications. Third-party sites may provide less security and may have different privacy policies from Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Blake Robbins - Synovus Mortgage in Decatur, reviews by real people. Non-interest revenue decreased $3.9 million, or 3% sequentially. 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.. Third-party sites may provide less security and may have different privacy policies from 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. View your account, purchase and sell shares. You can participate directly in the Plan by submitting a completed Banking products are provided by Synovus Bank, Member FDIC. 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. https://www.consumerfinance.gov/mortgage/. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Free. Email 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. Step-by-step guide for your everyday banking tasks. Consumer loans increased $147.5 million sequentially, with growth of $273.5 million in third-party consumer lending offsetting declines in consumer mortgages and HELOCs of $98.4 million and $74.2 million, respectively. Synovus Financial Corp.is a financial services company based in Columbus, You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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