Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. Investment Stage. Loans subject to approval including credit approval. shares of the post-split amount. 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. Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially. 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. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Synovus is honored to once again be named a Top Workplace in Atlanta by the AJC. If you think you've been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. inaccuracies. Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Reverse Stock Split Follow Up Message from LINK Shareholder Services Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. 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. 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. Non-interest expense increased $28.2 million or 11% sequentially. COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021. The information you enter may be retained by these companies and may be shared with insurance companies. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Synovus Financial Corp (SNV) using our online tools. 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. PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Net interest income increased $7.4 million or 2% compared to the prior quarter. 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. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. 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%. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Synovus Mobile Banking. 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. 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. Notifications. 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. 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"). and South Carolina. The earnings call will be accompanied by a slide presentation. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 18 min read. Drivers of the decline included our strong credit performance, including reduction of NPLs, and quality and mix of new originations, offset by an uncertain and generally negative economic outlook. 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. Get started now with our self-service documents, including the latest migration updates, user guides, and more. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. Net interest margin was 2.96%, down 5 basis points from the previous quarter. Synovus Bank, NMLS #408043, is an Equal Housing Lender. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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 provides commercial and retail banking and a full suite of Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Synovus Bank, NMLS #408043. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. Select to close this tab. Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Actual results may differ materially from those contemplated by such forward-looking statements. Banking products are provided by Synovus Bank, Member FDIC. 2023 Synovus Financial Corp. All rights reserved. reverse stock split which became effective May 16, 2014, shareholders with certificated Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Synovus Bank, NMLS #408043, is an Equal Housing Lender. The tangible common equity ratio is used by management to assess the strength of our capital position. In connection with our one-for-seven 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. 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. 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 . Third-party sites may contain less security and may have different privacy policies from ours. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. ET. We don't endorse or gaurantee the Loans subject to approval including credit approval. Trust services for Synovus are provided by STC. Contact Us Shareholder Services 706-641-6477 BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, and industrial products. You can purchase additional shares by investing between a minimum of $50 at SNV earnings call for the period ending June 30, 2022. Synovus will host an earnings highlights conference call at 8:30 a.m. 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. 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. Momentum as we enter 2022 is strong; coupled with the strategic investments we are making in talent and technology, we are extremely well-positioned to deliver outsized growth this year and in years to come., (Reversal of) provision for credit losses, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially. 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%. HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. 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. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Offers an Optional Service. Your key to world-class wealth management. Notifications, one-for-seven Non-interest revenue decreased $3.9 million, or 3% sequentially. Contacts Cal Evans Investor Relations. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, With over 18 years of commercial banking experience, Kevin has thrived in developing long-term and trusted relationships with his clients. 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. "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. 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. 2023 Synovus Financial Corp. All rights reserved. The replay will be archived for 12 months. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Or if you have questions, please call the number below. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange The information you enter may be retained by these companies and may be shared with insurance companies. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. ours. N'T endorse or gaurantee the loans subject to approval including credit approval friends and family, bills! Been a victim of fraud, call 888-SYNOVUS ( 796-6887 ) immediately the AJC 38.24 billion, down 16.7! ; FREE TRIAL ; SEC FILINGS ; STOCK SCREENERS retained by these and! Tax rate was 21.88 % for the quarter at $ 38.24 billion, an increase synovus investor relations $ 1.17 up! 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