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. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. 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. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. . The replay will be archived for 12 months and will be available 30-45 minutes after the call. 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. shares of the post-split amount. Otherwise, we will treat your assertion or request per our standard policies and procedures. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. A fast, safe, and easy way to send money. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. The computations of these measures are set forth in the attached tables. 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. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. No reputable financial institution, including Synovus, will call, text, or email you to ask for personal information. Any shareholders which still need to redeem their common stock certificates can do so at no charge through AST by calling 1-800-937-5449. All statements other than statements of historical fact are forward-looking statements. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. Synovus Securities,Inc. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). 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. 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. Shareholder Services Notifications, one-for-seven Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook. 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. HDFC Bank Investor Relations. 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. 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. 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. Third-party sites may provide less security and may have different privacy policies from 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/. 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. ours. 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. Third-party sites may provide less security and may have different privacy policies from Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Reverse Stock Split Follow Up Message from LINK Shareholder Services 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 is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. Synovus Bank, NMLS #408043. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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/. Net PPP fee accretion of $20.4 million, down $4.5 million sequentially. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. 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. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. The tangible common equity ratio is used by management to assess the strength of our capital position. During today's call, we will reference the slides and press releases that are available within the investor relations. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. C&I line utilization remains near historic lows at ~40%. 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%. Select to close this tab. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus Investments, Sectors and Contact Details. inaccuracies. Period-end deposit growth of $2.7 billion or 6%. The information you enter may be retained by these companies and may be shared with insurance companies. Many of these factors are beyond Synovus ability to control or predict. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. Year-to-date effective tax rate of 22.56% before discrete items. 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. This communication is directed to properties in those states. Streetholders (shares held by your broker) reverse stock split which became effective May 16, 2014, shareholders with certificated Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized. Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million. 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. You are about to leave the Synovus web site for a third-party site. Despite the increasing uncertainty presented by economic risks, we have continued to prudently invest in our core businesses as well as new business initiatives, which will serve as ongoing sources of growth. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. 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. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. Net interest income of $425.4 million was up $33.1 million sequentially and increased $43.5 million, or 11%, compared to prior year, driven by strong loan growth and higher rates. Synovus is in the goals business, and we want to know yours. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. Continue Or if you have questions, please call the number below. Second consecutive quarter of record commercial loan production. receives compensation from insurance companies or their affiliates in the form of commissions. 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. 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