Total deposits ended the quarter at $49.03 billion, up $378.5 million sequentially, impacted by seasonal effects and rate-driven outflows of $803.9 million and $358.3 million, respectively, in money-market and interest-bearing demand deposit accounts and offset by the use of brokered deposits as a cost-effective balance sheet and liquidity management tool. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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/. View source version on businesswire.com:. 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. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Operator: Good morning, and welcome to the Synovus Fourth Quarter . 2023 Synovus Financial Corp. All rights reserved. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus will host an earnings highlights conference call at 8:30 a.m. Contact Us Shareholder Services 706-641-6477 Adjusted pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly, and other items that management believes are not indicative of ongoing operations and affect period-to-period comparisons. Synovus Bank, NMLS #408043. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. and South Carolina. C&I line utilization increased approximately 340 basis points to 43%. Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Select to close this tab. Synovus Mobile Banking. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. Loans subject to approval including credit approval. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. Notifications. All statements other than statements of historical fact are forward-looking statements. With a strong market position, broad geographic coverage footprint servicing 50 states . COLUMBUS, Ga., February 10, 2023 -- ( BUSINESS WIRE )--Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will present at the Raymond James & Associates 44 th Annual. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Many of these factors are beyond Synovus ability to control or predict. This communication is directed to properties in those states. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. Synovus provides commercial and retail banking and a full suite of Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter. Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing. 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. initial investment of at least $250. The information you enter may be retained by these companies and may be shared with insurance companies. responsible for any of the content or additional links they contain. Loans subject to approval including credit approval. 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. Key metrics include a quarter-end non-performing loan ratio of 0.33%, non-performing asset ratio of 0.40% and a quarterly net charge-off ratio of 0.11%. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . 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 December31, 2021, 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. Trust services for Synovus are provided by STC. The tangible common equity ratio is used by management to assess the strength of our capital position. 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. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Many of these factors are beyond Synovus ability to control or predict. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. You are about to leave the Synovus web site for a third-party site. 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. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram . Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. 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. https://www.consumerfinance.gov/mortgage/. ET on February 8th, 2022. Offers an Optional Service 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, Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. 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. 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 will host an earnings highlights conference call at 8:30 a.m. EDT on July21, 2022. Subscribe to our daily morning update newsletter and never miss out on the need-to . Core transaction deposits increased $1.3 billion or 4% quarter over quarter. 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. 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. Reverse Stock Split Follow Up Message from LINK Shareholder Services products or information provided by third-party sites, and we're not responsible for any failures or 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. Free. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. 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. receives compensation from insurance companies or their affiliates in the form of commissions. 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"). 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. This communication is directed to properties in those states. 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. Net interest margin was 2.96%, down 5 basis points from the previous quarter. Your key to world-class wealth management. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. 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. A fast, safe, and easy way to send money. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. 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. You can reinvest all or part of your cash dividends to accumulate more Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 2021. Net interest margin of 3.02%, down 2 bps sequentially. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. 706-641-6477 COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021. Offers an Optional Service. Step-by-step guide for your everyday banking tasks. Net interest income of $392.3 million an increase of 2% quarter over quarter. Otherwise, we will treat your assertion or request per our standard policies and procedures. Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Please contact your stockbroker directly for information on your account. Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. 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. Your key to world-class wealth management. 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. Credit quality metrics remain relatively stable, near historical lows. CRE loans declined $172.9 million as the recovery in commercial real estate continues. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. 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/. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. Contingent upon purchasing insurance from Synovus Bank, NMLS # 408043, is an Equal Lender. 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