C&I line utilization increased approximately 340 basis points to 43%. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Non-interest expense increased $28.2 million or 11% sequentially. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. 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 SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. Notifications. The information you enter may be retained by these companies and may be shared with insurance companies. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Many of these factors are beyond Synovus ability to control or predict. Location. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . Year-to-date effective tax rate of 22.56% before discrete items. 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. 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. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. The tangible common equity ratio is used by management to assess the strength of our capital position. Email You are about to leave the Synovus web site for a third-party site. All statements other than statements of historical fact are forward-looking statements. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. All statements other than statements of historical fact are forward-looking statements. 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. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. 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. Trust services for Synovus are provided by STC. You can participate directly in the Plan by submitting a completed 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. Synovus Bank, NMLS #408043. Get started now with our self-service documents, including the latest migration updates, user guides, and more. Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. responsible for any of the content or additional links they contain. Forward-Looking Statements 2023 Synovus Financial Corp. All rights reserved. With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. American Stock Transfer & Trust Company, LLC. PPP loans declined $382.6 million quarter over quarter. Continue Or if you have questions, please call the number below. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. Or if you have questions, please call the number below. 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 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. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. receives compensation from insurance companies or their affiliates in the form of commissions. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. 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. 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. Image source: The Motley Fool. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. Offers an Optional Service. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. 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. shares were previously notified by American Stock Transfer (AST) to exchange those shares for the 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. COLUMBUS, Ga., July21, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June30, 2022. 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,. Trust services for Synovus are provided by STC. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. 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. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. 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. Period-end deposit growth of $2.7 billion or 6%. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005070/en/ CONTACT: Media Contact Audria Belton Media Relations media@synovus.comInvestor Contact Cal Evans Investor Relations Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. 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. In-person seats will not be considered reserved until a confirmation email is received from Synovus Investor Relations. 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. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Credit quality metrics remain relatively stable, near historical lows. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. 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. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. Your key to world-class wealth management. 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. The effective tax rate was 25.6% for the quarter. 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.. The earnings call will be accompanied by a slide presentation. 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. 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. Were building a bank that stays in step with our customers as they pursue greater financial freedom and security. Loans subject to approval including credit approval. 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. Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Continue Or if you have questions, please call the number below. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. 2023 Synovus Financial Corp. All rights reserved. Adjusted non-interest expense increased $2.4 million sequentially as 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. Banking products are provided by Synovus Bank, Member FDIC. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Preliminary CET1 ratio increased 1 bp sequentially to 9.75%, with strong core earnings helping offset the decline from $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%. We don't endorse or gaurantee the 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. products or information provided by third-party sites, and we're not responsible for any failures or Synovus will host an Investor Day presentation at 8:00 a.m. February 10, 2023 - 7:30 AM PST. Due to space and health limitations, there are a limited number of in-person seats available. Trust services for Synovus are provided by STC. Select to close this tab, Financial Security. 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. 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. Free. 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/. ET on January 20, 2022. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Otherwise, we will treat your assertion or request per our standard policies and procedures. Investor Type You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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/. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Net interest income of $392.3 million an increase of 2% quarter over quarter. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Core transaction deposits increased $702.4 million or 2% sequentially. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. This communication is directed to properties in those states. 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 . Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. 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. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. You are about to leave the Synovus web site for a third-party site. The computations of these measures are set forth in the attached tables. any one time and $250,000 in total per calendar year without paying fees. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Loans subject to approval including credit approval. We don't endorse or gaurantee the responsible for any of the content or additional links they contain. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Provision for credit losses of $12.7 million increased $1.3 million sequentially; allowance for credit losses coverage ratio (to loans) of 1.11% declined 4 bps sequentially. Synovus Securities,Inc. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Year-over-year decline was primarily due to prior year benefit from reversal Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. 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. We don't endorse or gaurantee the 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Actual results may differ materially from those contemplated by such forward-looking statements. 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/. Third-party sites aren't under our control, and we're not (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. and South Carolina. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $12.7 million, down $8.6 million from the third quarter. 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 enrollment form. . 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. 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. 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. Banking products are provided by Synovus Bank, Member FDIC. "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.

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