Achieved pre-tax run rate benefit of approximately $110 million from Synovus Forward initiatives, driving positive operating leverage, ahead of schedule; remain on track for expected cumulative $175 million pre-tax benefit by the end of 2022. responsible for any of the content or additional links they contain. 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/. 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 are not responsible for any of the content or additional links they contain. Registered Owners (shares held by you) 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. Third-party sites may contain less security and may have different privacy policies from ours. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. 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 . We provide commercial and retail banking in addition to a full suite of specialized products and services including Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. News by QuoteMedia. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Jul 21, 2022, 8:30 a.m. 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. COLUMBUS, GA, December 17, 2021 Synovus Financial Corp. (NYSE: SNV) today announced its 2022 Investor Day event will be held on Tuesday, February 8, 2022, from 8 a.m. to 12 p.m. This communication is directed to properties in those states. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. 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 The effective tax rate was 25.6% for the quarter. Cal Evans: Media Relations. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus management and are subject to significant risks and uncertainties. Otherwise, we will treat your assertion or request per our standard policies and procedures. Year-to-date effective tax rate of 22.56% before discrete items. Email COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. 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/. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. The tangible common equity ratio is used by management to assess the strength of our capital position. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Senior Vice President, ESOP Finance. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Consumer loans decreased by $96.7 million or 1% sequentially. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. 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. This communication is directed to properties in those states. Loans subject to approval including credit approval. 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. shares of the post-split amount. 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. 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. Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Actual results may differ materially from those contemplated by such forward-looking statements. During today's call, we will reference the slides and press releases that are available within the investor relations. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Total revenue, excluding Paycheck Protection program (PPP) fees, of $519.0 million increased $50.4 million, or 11%, compared to prior year. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. 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. Credit quality metrics experienced broad based improvement. Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. 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. Adjusted non-interest revenue decreased $6.2 million. Email Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Synovus is in the goals business, and we want to know yours. Share this article: Stay In The Know. 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. Banking products are provided by Synovus Bank, Member FDIC. Synovus Bank, NMLS #408043, is an Equal Housing Lender. products or information provided by third-party sites, and we're not responsible for any failures or products or information provided by third-party sites, and we're not responsible for any failures or Core transaction deposits increased $702.4 million or 2% sequentially. 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. 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. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. Otherwise, we will treat your assertion or request per our standard policies and procedures. Otherwise, we will treat your assertion or request per our standard policies and procedures. Reverse Stock Split Follow Up Message from LINK Shareholder Services Synovus Bank, NMLS #408043. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. ET on January 20, 2022. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. Or if you have questions, please call the number below. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. 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. 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. and South Carolina. 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. 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. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Investor Type 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. 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. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Net interest income of $392.3 million an increase of 2% quarter over quarter. You are about to leave the Synovus web site for a third-party site. Synovus. Location. Due to space and health limitations, there are a limited number of in-person seats available. If you are not a Synovus shareholder you can join the Plan by making an Trust services for Synovus are provided by STC. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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 Financial Corp.is a financial services company based in Columbus, Many of these factors are beyond Synovus ability to control or predict. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, . 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. Total deposit costs declined 6 bps sequentially to 0.16%. Get your suppliers paid. Investor Contact: Alison Dowe. ET. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. 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. 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. Step-by-step guide for your everyday banking tasks. Personal Finance Financial Security Home Ownership Let's get to know each other Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. Allowance for Credit Losses (ACL) decreased $184.0 million, and the ACL ratio decreased 52 basis points to 1.19%, or 1.21% excluding PPP loans, primarily due to a continued positive shift in the economic outlook. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. 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. 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. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. We are delivering on Synovus Forward, with $75 million in pre-tax benefits to date, and we continue to strengthen our competitive position by investing in specialized talent, technology and solutions, and by taking advantage of our economically vibrant Southeast footprint, Blair said. Net interest margin was 2.96%, down 5 basis points from the previous quarter. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. You are about to leave the Synovus web site for a third-party site. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. receives compensation from insurance companies or their affiliates in the form of commissions. Synovus will host an Investor Day presentation at 8:00 a.m. 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. Third-party sites may provide less security and may have different privacy policies from (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Select to close this tab. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. ours. With a strong market position, broad geographic coverage footprint servicing 50 states . (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 2023 Synovus Financial Corp. All rights reserved. What's on your mind? Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. 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