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 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 . 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. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. 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,. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. 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 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. American Stock Transfer & Trust Company, LLC. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend We provide commercial and retail banking in addition to a full suite of specialized products and services including 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. A fast, safe, and easy way to send money. February 10, 2023 - 7:30 AM PST. 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. Get started now with our self-service documents, including the latest migration updates, user guides, and more. . Continued growth in wealth revenue and a one-time $8 million BOLI benefit in the fourth quarter were offset by a reduction in net mortgage revenue. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. The tangible common equity ratio is used by management to assess the strength of our capital position. 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. Net income available to common shareholders of $169.8 million, or $1.16 per diluted share, up $0.05 sequentially and down $0.03 compared to prior year. 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. Third-party sites may contain less security and may have different privacy policies from ours. Location. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Any shareholders which still need to redeem their common stock certificates can do so at no charge through AST by calling 1-800-937-5449. 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.. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. 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. Synovus Bank, NMLS #408043. 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 Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. 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. Continue Or if you have questions, please call the number below. Offers an Optional Service HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. responsible for any of the content or additional links they contain. Synovus Bank, NMLS #408043. Allowance for Credit Losses (ACL) decreased $184.0 million, and the ACL ratio decreased 52 basis points to 1.19%, or 1.21% excluding PPP loans, primarily due to a continued positive shift in the economic outlook. Synovus will host an earnings highlights conference call at 8:30 a.m. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. For a link to the webcast, go to investor.synovus.com/event. 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. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Non-interest expense increased $3.4 million, or 1% sequentially. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. 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. 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. Investor Contact: Alison Dowe. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Banking products are provided by Synovus Bank, Member FDIC. The effective tax rate was 21.88% for the quarter. 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. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. Loans subject to approval including credit approval. "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. 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. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. 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. Trust services for Synovus are provided by STC. 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. 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. Email products or information provided by third-party sites, and we're not responsible for any failures or common stock certificates can do so at no charge through AST by calling inaccuracies. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Key metrics include a quarter-end non-performing loan ratio of 0.33%, non-performing asset ratio of 0.40% and a quarterly net charge-off ratio of 0.11%. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. 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. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Synovus Bank, NMLS #408043, is an Equal Housing Lender. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the event. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. 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. Get your suppliers paid. 404-364-2739. kevinsuchecki@synovus.com. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Investor Type 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. inaccuracies. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. We don't endorse or gaurantee the Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Senior Vice President, ESOP Finance. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. ours. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. Credit quality metrics remain relatively stable, near historical lows. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. 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. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Cal Evan -- Head of Investor Relations Thank you, and good morning. C&I line utilization remains near historic lows at ~40%. Or if you have questions, please call the number below. Synovus Financial Corp. (NYSE: SNV) Q4 2022 Earnings Call Transcript January 19, 2023. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. This communication is directed to properties in those states. Adjusted non-interest revenue decreased $6.2 million. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. Our capital position FDIC and Equal Housing Lender affiliate of Synovus Bank, and are not responsible for of... January 19, 2023 increase of $ 295.2 million, primarily from more. Communication is directed to properties in those states or if you have questions, please call the number.! Our self-service documents, including the latest migration updates, user guides, and are! 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