Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. "We are pleased with our second quarter results and financial metrics, which reflect the efforts of our team to expand client relationships and attract new business," said Synovus President and CEO Kevin Blair. Step-by-step guide for your everyday banking tasks. ET on February 8th, 2022. Credit quality metrics remain relatively stable, near historical lows. Get your suppliers paid. For a link to the webcast, go to investor.synovus.com/event. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. 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. Synovus will host an Investor Day presentation at 8:00 a.m. Synovus Bank, NMLS #408043. 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. 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. Cal Evans: Media Relations. Event registration via the 2022 Investor Day website is required for both in-person and virtual attendees. 1-800-937-5449. Net interest income of $392.3 million an increase of 2% quarter over quarter. 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. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Continue Or if you have questions, please call the number below. The earnings call will be accompanied by a slide presentation. 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. "Revenues of $523 million, up 7 percent year-over-year, were driven by our fourth consecutive quarter of annualized double-digit loan growth, excluding PPP, and 22 basis points of margin expansion during 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. Reverse Stock Split Follow Up Message from LINK Shareholder Services Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. Commercial and industrial (C&I) loans increased $426.0 million sequentially, led by broad based growth within our Wholesale Banking segment, partially offset by declines in PPP loan balances of $116.2 million. 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/. 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/. . Core transaction deposits increased $1.3 billion or 4% from the prior quarter. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. News by QuoteMedia. Otherwise, we will treat your assertion or request per our standard policies and procedures. Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Total revenue of $522.7 million increased $33.7 million, or 7%, compared to prior year. 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. enrollment form. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. reverse stock split which became effective May 16, 2014, shareholders with certificated (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. 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. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020. 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. Trust services for Synovus are provided by STC. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Total deposit costs increased 4 bps sequentially to 0.15% and were impacted by the rising rate environment. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Actual results may differ materially from those contemplated by such forward-looking statements. Synovus Bank, NMLS #408043. 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. receives compensation from insurance companies or their affiliates in the form of commissions. 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. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Non-interest revenue of 117.1 million, an increase of 2% from third quarter. 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. Credit quality metrics experienced broad based improvement. receives compensation from insurance companies or their affiliates in the form of commissions. 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. ", Net income available to common shareholders, Provision for (reversal of) credit losses, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. 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 $38.24 billion, down $569.1 million or 1% sequentially. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. Trust services for Synovus are provided by STC. Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. 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. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . Continue Or if you have questions, please call the number below. ours. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. The computations of these measures are set forth in the attached tables. 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 . Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . Synovus Mobile Banking. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 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. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. In connection with our one-for-seven 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. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. 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. 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