Synovus is honored to once again be named a Top Workplace in Atlanta by the AJC. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Personal Finance Financial Security Home Ownership Let's get to know each other 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 Announces Earnings for the Second Quarter 2022 - Synovus Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Shareholders who have not responded to the previous mailing Manage day-to-day banking Personal Debit Cards Easily access your money Savings Save for a rainy day Money Market Accounts Earn higher interest for higher balances Certificates of Deposit Grow savings over time Health Savings Account Prepare for health expenses Other Banking Services Enjoy flexible access Charge Borrow Adjusted non-interest expense increased $2.4 million, or 1% sequentially. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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 Financial ( SNV -2.35%) Q2 2022 Earnings Call. 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 computations of these measures are set forth in the attached tables. Loans subject to approval including credit approval. 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. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. Free. 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. CRE loans declined $172.9 million as the recovery in commercial real estate continues. Synovus Securities,Inc. Non-interest revenue, excluding securities gains, increased $23.3 million or 5% year over year, reflecting strong growth in core banking fees and wealth revenue, offset by the normalization of net mortgage revenue. Third-party sites aren't under our control, and we're not Third-party sites aren't under our control, and we're not 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. Get yourself paid. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Trust services for Synovus are provided by STC. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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 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 Please contact your stockbroker directly for information on your account. You are about to leave the Synovus web site for a third-party site. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Core transaction deposits increased $702.4 million or 2% sequentially. Net interest margin was 3.02%, down 2 bps sequentially. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. 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. Shareholders are not required . Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. 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. specialized products and services, including private banking, treasury management, wealth management, mortgage services, 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. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. Cal Evans: Media Relations. Banking products are provided by Synovus Bank, Member FDIC. Whether your financial aspirations are personal or for your business, we can help you reach them. Trust services for Synovus are provided by STC. Synovus will host an Investor Day presentation at 8:00 a.m. We don't endorse or gaurantee the Or if you have questions, please call the number below. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. Get your suppliers paid. United States. HDFC Bank Investor Relations. and South Carolina. The replay will be archived for 12 months and will be available 30-45 minutes after the call. The earnings call will be accompanied by a slide presentation. inaccuracies. reverse stock split. Loans subject to approval including credit approval. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Adjusted non-interest expense of $285.6 million increased $18.5 million quarter over quarter due to recurring expense increases such as investments in Synovus Forward initiatives as well as other expense increases not expected to recur including a seed gift into a newly established donor advised fund and environment-driven health care costs. Registered Owners (shares held by you) Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Third-party sites aren't under our control, and we're not The information you enter may be retained by these companies and may be shared with insurance companies. 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. 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. Investor Relations investorrelations@synovus.com Synovus Financial Corp. NYSE:SNV Release Summary Synovus Chairman, CEO and President Kevin Blair will participate at the BofA Securities. 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. Cal Evan -- Head of Investor Relations Thank you, and good morning. The computations of these measures are set forth in the attached tables. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. Non-interest expense increased $3.4 million, or 1% sequentially. 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. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Third-party sites may contain less security and may have different privacy policies from ours. Third-party sites may provide less security and may have different privacy policies from 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. For a link to the webcast, go to investor.synovus.com/event. Non-interest expense increased $28.2 million or 11% sequentially. Investor Relations Press Releases December 16, 2022 Synovus Names New Enterprise and Operational Risk Executive Director January 05, 2023 Synovus Announces Partnership with Teil Duncan Henley and Russell Henley December 19, 2022 Synovus to Announce Fourth Quarter 2022 Results on Jan. 19, 2023 December 16, 2022 reverse stock split which became effective May 16, 2014, shareholders with certificated SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. Non-interest revenue decreased $3.9 million, or 3% sequentially. Synovus Securities,Inc. Investor Type 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 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. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. A fast, safe, and easy way to send money. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. https://www.consumerfinance.gov/mortgage/. Notifications. Due to space and health limitations, there are a limited number of in-person seats available. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. 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. You can participate directly in the Plan by submitting a completed 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.. 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. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. Investor Contact: Alison Dowe. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . Or if you have questions, please call the number below. View your account, purchase and sell shares. receives compensation from insurance companies or their affiliates in the form of commissions. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. Actual results may differ materially from those contemplated by such forward-looking statements. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 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. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. What's on your mind? 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. The measures entitled adjusted non-interest revenue; adjusted non-interest expense; 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; tangible common equity ratio; and adjusted pre-provision net revenue are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. Senior Vice President, ESOP Finance. Credit quality metrics experienced broad based improvement. products or information provided by third-party sites, and we're not responsible for any failures or 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 . Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. All statements other than statements of historical fact are forward-looking statements. View source version on businesswire.com:. 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. Net income available to common shareholders was $192.1 million or $1.31 per diluted share as compared to $178.5 million or $1.21 in the prior quarter. Investment Stage. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . 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. The replay will be archived for 12 months and will be available 30-45 minutes after the call. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Credit quality metrics remain relatively stable, near historical lows. Leave the Synovus web site for a link to the webcast, go to...., near historical lows recovery in commercial real estate continues your information in accordance with their and. 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