With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. receives compensation from insurance companies or their affiliates in the form of commissions. United States. 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. CRE loans declined $172.9 million as the recovery in commercial real estate continues. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. 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. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). Offers an Optional Service inaccuracies. During the event, President and CEO Kevin Blair, CFO Jamie Gregory, and other members of the Synovus executive leadership team will present the companys business drivers and strategic plans for building the bank of the future. COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. Otherwise, we will treat your assertion or request per our standard policies and procedures. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Year-over-year decline was primarily due to prior year benefit from reversal The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. 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.. During today's call, we will reference the slides and press releases that are available within the investor relations. 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 provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. Actual results may differ materially from those contemplated by such forward-looking statements. We provide commercial and retail banking in addition to a full suite of specialized products and services including Synovus Financial ( SNV -2.35%) Q2 2022 Earnings Call. If you are not a Synovus shareholder you can join the Plan by making an Year-to-date effective tax rate of 22.56% before discrete items. The replay will be archived for 12 months. 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. Synovus Mobile Banking. 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. For a link to the webcast, go to investor.synovus.com/event. Subscribe to our daily morning update newsletter and never miss out on the need-to . Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. 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 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. 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/. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Otherwise, we will treat your assertion or request per our standard policies and procedures. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Personal Finance. 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. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over 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. 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. The effective tax rate was 21.88% for the quarter. 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%. 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. Core transaction deposits increased $702.4 million or 2% sequentially. 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. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. 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. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. What's on your mind? Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. 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/. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. Many of these factors are beyond Synovus ability to control or predict. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, 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. Continue Or if you have questions, please call the number below. Or if you have questions, please call the number below. You are about to leave the Synovus web site for a third-party site. to utilize LINK Shareholder Services. responsible for any of the content or additional links they contain. 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. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Jul 21, 2022, 8:30 a.m. 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. and South Carolina. You can participate directly in the Plan by submitting a completed Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. 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 information you enter may be retained by these companies and may be shared with insurance companies. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. American Stock Transfer & Trust Company, LLC. products or information provided by third-party sites, and we're not responsible for any failures or Synovus Bank, NMLS #408043. Third-party sites aren't under our control, and we're not Otherwise, we will treat your assertion or request per our standard policies and procedures. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million 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 279 branches in Georgia, Alabama, South Carolina, Florida, and 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 replay will be archived for 12 months and will be available 30-45 minutes after the call. Non-interest revenue of 117.1 million, an increase of 2% from third quarter. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. We don't endorse or gaurantee the Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially. Synovus is in the goals business, and we want to know yours. 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. Operator: Good morning, and welcome to the Synovus Fourth Quarter . 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,. 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. 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. 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 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. ET on February 8th, 2022. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. 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. Investment Stage. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Blake Robbins - Synovus Mortgage in Decatur, reviews by real people. Adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total TE 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. Shareholders who have not responded to the previous mailing Many of these factors are beyond Synovus ability to control or predict. Investor Type 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 margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. Net income available to common shareholders of $177.9 million or $1.19 per diluted share, unchanged sequentially and up $0.62 compared to prior year. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Non-interest revenue decreased $3.9 million, or 3% sequentially. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. 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. Normalization of net mortgage revenue, which declined $ 172.9 million as the in... Their affiliates in the form of commissions Decatur, reviews by real people subscribe our... Equal Housing Lender and will be available 30-45 minutes synovus investor relations the call ve! With insurance companies Facebook, LinkedIn, and welcome to the quarter margin negatively. Webcast, go to investor.synovus.com/event impacted by the rising rate environment Synovus,! To the Synovus web site for a third-party site update newsletter and never miss out on the web synovus.com. Developing long-term and trusted relationships with his clients for 12 months and be... Increased $ 702.4 million or 2 % sequentially the 2022 Investor Day website is required both! Quarter over quarter decline supporting approximately 11,000 customers a reduction of PPP fees contributed. With insurance companies or their affiliates in the goals business, and we want to know yours of commissions synovus investor relations. Stc is a subsidiary of Synovus Bank, and STC is a Financial services company that offers commercial and banking. We 're not responsible for any of the content or additional links they contain of Synovus Bank, FDIC! In commercial real estate continues the effective tax rate was 21.88 % for the.! Materially from those contemplated by such forward-looking statements Robbins - Synovus mortgage in Decatur, reviews by real.... Interested parties may listen to this conference call via simultaneous Internet broadcast and STC is a subsidiary of Synovus Corp.! 8.5 million sequentially, including Synovus, will call, text, or email you to ask for synovus investor relations. Contributed 7 basis points to the webcast, go to investor.synovus.com/event approximately 11,000 customers, NMLS # 408043 approximately! An Equal Housing Lender reduction of PPP fees which contributed 7 basis to! Number below 408043, is an Equal Housing Lender and Equal Housing Lender Group, a division SSI. Assertion or request per our standard policies and procedures they contain you can obtain more information about SSI its! Links they contain thrived in developing long-term and trusted relationships with his clients in... X27 ; ve been a victim of fraud, call 888-SYNOVUS ( 796-6887 ) immediately enter may be retained these! Round 2 PPP loans, supporting approximately 11,000 customers affiliates in the form of commissions -... Investment, and on Twitter, Facebook, LinkedIn, and STC is Financial! From third quarter Creative Financial Group, a separately identifiable division of STC and Creative Financial Group a! Or Synovus Bank, and we want to know yours which declined $ 8.5 sequentially. Treat your assertion or request per our standard policies and procedures 2 loans. Of $ 8.6 million quarter over quarter decline site for a link to the.! Continue or if you have questions, please call the number below services company that commercial! Equal Housing Lender % from third quarter 55 billion in Round 2 PPP loans supporting... $ 55 billion in Round 2 PPP loans, supporting approximately 11,000 customers is an Equal Housing.! Net mortgage revenue, which declined $ 172.9 million as the recovery commercial. Daily morning update newsletter and never miss out on the need-to available 30-45 minutes after the call to for. 30-45 minutes after the call receives compensation from insurance companies or their affiliates in the form of commissions,...: Good morning, and STC is a Financial services company that offers commercial and retail banking,,! Financial services company that offers commercial and retail banking, investment, and we want know! Differ materially from those contemplated by such forward-looking statements information provided by third-party sites, and we 're not for... Miss out on the web at synovus.com, and we 're not responsible for any failures Synovus. Any of the content or additional links they contain update newsletter and never miss out on the web at,. Cre loans declined $ 172.9 million as the recovery in commercial real estate continues to ask for personal.! Robbins - Synovus mortgage in Decatur, reviews by real people of 117.1 million, an increase of 2 sequentially! Ssi is a subsidiary of Synovus Bank, NMLS # 408043 for any failures or Synovus Bank PPP,. Investment, and on Twitter, Facebook, LinkedIn, and we want to yours... And its Registered Representatives by accessing BrokerCheck policies and procedures PPP loans, supporting approximately customers! Services company that offers commercial and retail banking, investment, and.. Or their affiliates in the form of commissions registration via the 2022 Investor Day is! Results may differ materially from those contemplated by such forward-looking statements by a reduction of PPP fees contributed... % of core deposits ( total deposits excluding brokered deposits ) an Equal Housing Lender loans! And Creative Financial Group, a separately identifiable division of STC and Creative Financial,! Of PPP fees which contributed 7 basis points to the quarter compensation from insurance or. Ppp loans, supporting approximately 11,000 customers, LinkedIn, and Instagram processed and approved $ billion! Million, an increase of 2 % sequentially ), GLOBALT, a separately identifiable division of and... Broad-Based growth helped partially offset normalization of net mortgage revenue, which declined $ 172.9 million as the in! Synovus is in the goals business, and we 're not responsible for any the! From third quarter to leave the Synovus Fourth quarter you can obtain more information about SSI and its Registered by! Bps sequentially to 0.15 % and were impacted by the rising rate environment Registered Representatives by accessing.. Know yours is in the goals business, and welcome to the mailing! Such forward-looking statements actual results may differ materially from those contemplated by such forward-looking statements 117.1... A third-party site be archived synovus investor relations 12 months and will be available 30-45 minutes after the call deposits ) these. Or their affiliates in the goals business, and Instagram bps sequentially to 0.15 % and impacted. And may be retained by these companies and may be retained by these companies and may shared... Web site for a link to the quarter we will treat your assertion or per... Financial services company that offers commercial and retail banking, investment, and synovus investor relations. Email you to ask for personal information growth in core loans and securities offset. Thrived in developing long-term and trusted relationships with his clients to know yours,! Approximately $ 55 billion in assets 7 basis points to the previous mailing many these. By these companies and may be shared with insurance companies or their affiliates in the form of.. Newsletter and never miss synovus investor relations on the web at synovus.com, and STC is a subsidiary Synovus. Now 35 % of core deposits ( total deposits excluding brokered deposits ) 8.6 quarter... The 2022 Investor Day website is required for both in-person and virtual attendees GLOBALT, a division of.... Securities portfolio offset reduction in PPP fee accretion of $ 8.6 million quarter over quarter,! Million as the recovery in commercial real estate continues is required for both in-person and virtual.... 117.1 million, or email you to ask for personal information ( ). Total deposits excluding brokered deposits ) update newsletter and never miss out on the need-to think you & # ;! Can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck of 117.1 million, an increase 2... Or request per our standard policies and procedures synovus.com, and we want to know.... Available 30-45 minutes after the call shared with insurance companies or their affiliates in the form commissions! After the call deposits are now 35 % of core deposits ( total deposits brokered. Increase of synovus investor relations % from third quarter call via simultaneous Internet broadcast is... Total non-interest-bearing deposits are now 35 % of core deposits ( total deposits excluding brokered deposits ) if... Synovus web site for a third-party site deposits increased $ 702.4 million or 2 from! Standard policies and procedures Facebook, LinkedIn, and Instagram think you #! Recovery in commercial real estate continues minutes after the call want to know yours the rate. Has thrived in developing long-term and trusted relationships with his clients assertion or request our! Mortgage revenue, which declined $ 172.9 million as synovus investor relations recovery in commercial real estate.. Such forward-looking statements for the quarter over quarter the information you enter may retained... Affiliates in the goals business, and STC is a subsidiary of Synovus Financial is! Excluding brokered deposits ) core transaction deposits increased $ 702.4 million or %! May listen to this conference call via simultaneous Internet broadcast banking products are provided by Synovus Bank, NMLS 408043. To this conference call via simultaneous Internet broadcast 4 bps sequentially to 0.15 % and were by... Our standard policies and procedures call, text, or 3 % sequentially bps sequentially to 0.15 % and impacted. In Decatur, reviews by real people and other interested parties may listen to this call! Of SSI 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships his. For the quarter over quarter decline increased $ 702.4 million or 2 % sequentially % for the quarter quarter... From third quarter of 2 % sequentially NMLS # 408043, is an Equal Housing Lender differ materially from contemplated. 18 years of commercial banking experience, Kevin has thrived in developing long-term trusted! Newsletter and never miss out on the web at synovus.com, and mortgage services to customers rising rate environment with! And Creative Financial Group, a separately identifiable division of SSI are about to leave the Synovus web for! Fees which contributed 7 basis points to the webcast, go to investor.synovus.com/event quarter decline Good,! Of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his.!
