Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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.. Reverse Stock Split Follow Up Message from LINK Shareholder Services
The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. 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 . Continue Or if you have questions, please call the number below. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Get yourself paid. receives compensation from insurance companies or their affiliates in the form of commissions. Net interest income of $392.3 million an increase of 2% quarter over quarter. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. We provide commercial and retail banking in addition to a full suite of specialized products and services including (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Total adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total FTE revenue and non-interest revenue exclusive of net investment securities gains (losses), gain on sale and changes in the fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. 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. Any shareholders which still need to redeem their
Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North 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/. We don't endorse or gaurantee the
If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Otherwise, we will treat your assertion or request per our standard policies and procedures. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. ours. 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. 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. Year-over-year decline was primarily due to prior year benefit from reversal Cal Evans: Media Relations. You are about to leave the Synovus web site for a third-party site. 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. 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. 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. C&I line utilization increased approximately 340 basis points to 43%. 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 Tennessee. Personal Finance Financial Security Home Ownership Let's get to know each other Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Reversal of provision for credit losses of $24.6 million supported by a more positive economic outlook and 14% reduction in criticized and classified loans; allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. 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. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Credit quality metrics remain relatively stable, near historical lows. Step-by-step guide for your everyday banking tasks. Offers an Optional Service. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Actual results may differ materially from those contemplated by such forward-looking statements. Period-end loans decreased $569.1 million or 1% sequentially. 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/. 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. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Credit quality ratios remain near historical lows. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Actual results may differ materially from those contemplated by such forward-looking statements. 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. CRE loans declined $172.9 million as the recovery in commercial real estate continues. 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"). Cal Evan -- Head of Investor Relations Thank you, and good morning. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. 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. responsible for any of the content or additional links they contain. Core transaction deposits increased $702.4 million or 2% sequentially. Synovus will host an earnings highlights conference call at 8:30 a.m. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . February 10, 2023 - 7:30 AM PST. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. 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%. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. https://www.consumerfinance.gov/mortgage/. Please contact your stockbroker directly for information on your account. and South Carolina. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. 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. A fast, safe, and easy way to send money. 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. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. Synovus. Contacts Cal Evans Investor Relations. 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. shares without paying fees. ours. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. 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. 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. 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. 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. 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. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 18 min read. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Synovus Bank, NMLS #408043. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. Synovus. Third-party sites aren't under our control, and we're not
Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Select to close this tab. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. Loans subject to approval including credit approval. The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. Many of these factors are beyond Synovus ability to control or predict. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. SNV boasts an average earnings . https://www.consumerfinance.gov/mortgage/. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Continue Or if you have questions, please call the number below. Loans subject to approval including credit approval. inaccuracies. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Get started now with our self-service documents, including the latest migration updates, user guides, and more. 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. of provision for credit losses. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Synovus Mobile Banking. 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 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. The computations of these measures are set forth in the attached tables. 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. 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