Contacts Cal Evans Investor Relations. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. any one time and $250,000 in total per calendar year without paying fees. Senior Vice President, ESOP Finance. Email Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 18 min read. Reverse Stock Split Follow Up Message from LINK Shareholder Services Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Synovus Investments, Sectors and Contact Details. 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. This communication is directed to properties in those states. Alabama, South Carolina, Florida, and Tennessee. 2023 Synovus Financial Corp. All rights reserved. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. enrollment form. 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. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. Adjusted non-interest revenue decreased $6.2 million. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. The effective tax rate was 21.88% for the quarter. 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. Notifications, one-for-seven The tangible common equity ratio is used by management to assess the strength of our capital position. 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. 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. Many of these factors are beyond Synovus ability to control or predict. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. 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. 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/. 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"). Select to close this tab, Financial Security. 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. 2023 Synovus Financial Corp. All rights reserved. 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. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. 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. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 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. Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items. 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. Total loans ended the quarter at $41.20 billion, up $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. The most comparable GAAP measures to these measures are total non-interest expense; efficiency ratio-TE; 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. 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Personal Finance. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. CRE loans declined $172.9 million as the recovery in commercial real estate continues. The earnings call will be accompanied by a slide presentation. Georgia, with approximately $60 billion in assets. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. 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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Net interest income increased $7.4 million or 2% compared to the prior quarter. For a link to the webcast, go to investor.synovus.com/event. The effective tax rate was 25.6% for the quarter. Trust services for Synovus are provided by STC. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . We don't endorse or gaurantee the Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. 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. The information you enter may be retained by these companies and may be shared with insurance companies. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. Synovus. 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. 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 risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL. A live webcast and replay will be available on Synovus' investor relations website at https://investor.synovus.com/event . Step-by-step guide for your everyday banking tasks. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. Core transaction deposits increased $702.4 million or 2% sequentially. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Many of these factors are beyond Synovus ability to control or predict. Actual results may differ materially from those contemplated by such forward-looking statements. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. 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. Continue Or if you have questions, please call the number below. 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. The tangible common equity ratio is used by management to assess the strength of our capital position. 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. Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2022. Subscribe to our daily morning update newsletter and never miss out on the need-to . Synovus Bank, NMLS #408043. and South Carolina. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Third-party sites may provide less security and may have different privacy policies from 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 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 lending, structured lending, capital markets and international banking. The information you enter may be retained by these companies and may be shared with insurance companies. Shareholder Services Get your suppliers paid. 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. 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. Many of these factors are beyond Synovus ability to control or predict. 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. Core transaction deposits increased $1.3 billion or 4% from the prior quarter. receives compensation from insurance companies or their affiliates in the form of commissions. 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. Trust services for Synovus are provided by STC. Cal Evan -- Head of Investor Relations Thank you, and good morning. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. The computations of these measures are set forth in the attached tables. Non-interest revenue decreased $3.9 million, or 3% sequentially. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend 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. 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