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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. We are delivering on Synovus Forward, with $75 million in pre-tax benefits to date, and we continue to strengthen our competitive position by investing in specialized talent, technology and solutions, and by taking advantage of our economically vibrant Southeast footprint, Blair said. Cal Evan -- Head of Investor Relations Thank you, and good morning. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021. and South Carolina. Reverse Stock Split Follow Up Message from LINK Shareholder Services The measures entitled adjusted non-interest revenue; adjusted non-interest expense; total adjusted revenue; 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. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. 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/. 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. 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. Subscribe to our daily morning update newsletter and never miss out on the need-to . Synovus Financial ( SNV -2.35%) Q2 2022 Earnings Call. HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. C&I line utilization increased approximately 340 basis points to 43%. 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 Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, The earnings call will be accompanied by a slide presentation. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Otherwise, we will treat your assertion or request per our standard policies and procedures. https://www.consumerfinance.gov/mortgage/. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 2023 Synovus Financial Corp. All rights reserved. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Trust services for Synovus are provided by STC. Shareholder Services Loans subject to approval including credit approval. Otherwise, we will treat your assertion or request per our standard policies and procedures. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Whether your financial aspirations are personal or for your business, we can help you reach them. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Senior Vice President, ESOP Finance. 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. Third-party sites may contain less security and may have different privacy policies from ours. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. Trust services for Synovus are provided by STC. 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%. Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. 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. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Our ongoing focus on growing core operating deposit relationships led to another quarter of account growth, as well as non-interest bearing deposit growth of $254 million. Actual results may differ materially from those contemplated by such forward-looking statements. 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. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. any one time and $250,000 in total per calendar year without paying fees. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. Get your suppliers paid. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Driven by record levels of loan production, continued growth in our fee income businesses and disciplined expense management, we generated 6% growth in adjusted pre-provision net revenue in 2021. Third-party sites may contain less security and may have different privacy policies from ours. Synovus Bank, NMLS #408043. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. This communication is directed to properties in those states. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Or if you have questions, please call the number below. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. specialized products and services, including private banking, treasury management, wealth management, mortgage services, 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. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . View source version on businesswire.com:. 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 will host an earnings highlights conference call at 8:30 a.m. 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. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Banking products are provided by Synovus Bank, Member FDIC. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. 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/. products or information provided by third-party sites, and we're not responsible for any failures or Blake Robbins - Synovus Mortgage in Decatur, reviews by real people. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. 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. 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. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Year-to-date effective tax rate of 22.56% before discrete items. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Continue Or if you have questions, please call the number below. 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. 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. Reinvestment and Direct Stock Purchase Plan. 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. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. ours. Banking products are provided by Synovus Bank, Member FDIC. https://www.consumerfinance.gov/mortgage/. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. 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 is honored to once again be named a Top Workplace in Atlanta by the AJC. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. 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. Third-party sites aren't under our control, and we're not Core transaction deposits increased $702.4 million or 2% sequentially. 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. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Actual results may differ materially from those contemplated by such forward-looking statements. C & I line utilization increased approximately 340 basis points to 43 % synovus investor relations we will treat assertion... Cal Evan -- Head of Investor Relations ( 706 ) 644-3781 ( 706 ) 644-3781 ( 706 ) (. Third quarter 2021. and South Carolina FILINGS ; STOCK SCREENERS Inc., licensed! 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