(STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. Net interest income increased $7.4 million or 2% compared to the prior quarter. 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Direct Stock Purchase Plan Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend Reinvestment and Direct Stock Purchase Plan. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. Non-interest revenue of 117.1 million, an increase of 2% from third quarter. 2023 Synovus Financial Corp. All rights reserved. 1-800-937-5449. 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. Year-to-date effective tax rate of 22.56% before discrete items. 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. reverse stock split which became effective May 16, 2014, shareholders with certificated 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. 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. Core transaction deposits increased $702.4 million or 2% sequentially. Many of these factors are beyond Synovus ability to control or predict. CRE loans declined $172.9 million as the recovery in commercial real estate continues. Loans subject to approval including credit approval. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. 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%. View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005070/en/ CONTACT: Media Contact Audria Belton Media Relations media@synovus.comInvestor Contact Cal Evans 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. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. 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/. 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. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue. What's on your mind? 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. Many of these factors are beyond Synovus ability to control or predict. Preliminary CET1 ratio declined 3 bps during the quarter to 9.46%, and the preliminary total risk-based capital ratio of 12.43% declined 13 bps from the previous quarter as capital generated through earnings helped offset the impact of loan growth. Synovus will host an earnings highlights conference call at 8:30 a.m. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . 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. Investor Contact: Alison Dowe. 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/. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020. 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. responsible for any of the content or additional links they contain. 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. 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/. 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. Or if you have questions, please call the number below. Free. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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. Personal Finance. Reinvestment and Direct Stock Purchase Plan. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. ours. For a link to the webcast, go to investor.synovus.com/event. View your account, purchase and sell shares. 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. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Share this article: Stay In The Know. Non-interest revenue decreased $3.9 million, or 3% sequentially. Shareholders are not required Select to close this tab. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. You can purchase additional shares by investing between a minimum of $50 at Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. 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. 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. 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. We also acknowledge the strength of our client base, with credit metrics at historically low levels and average operating liquidity up more than 40 percent on average compared to pre-pandemic levels. 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. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. 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. 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. Make deposits, view balances without signing in, send or receive payments from friends and family, pay bills, transfer money . PPP loans declined $382.6 million quarter over quarter. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Get your suppliers paid. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans. Trust services for Synovus are provided by STC. Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter. 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. shares without paying fees. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. A fast, safe, and easy way to send money. Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. Net interest margin was 3.02%, down 2 bps sequentially. Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. and South Carolina. We expect our efforts to produce sustained profitable growth, positive operating leverage, and higher returns as we progress toward becoming a top quartile performing bank.. Total deposits ended the quarter at $47.17 billion, down $197.0 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 a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. of provision for credit losses. Reversal of provision for credit losses of $24.6 million supported by a more positive economic outlook and 14% reduction in criticized and classified loans; allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans. Synovus Bank, NMLS #408043. Synovus Bank, NMLS #408043. Synovus will host an Investor Day presentation at 8:00 a.m. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. 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. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. SNV boasts an average earnings . Otherwise, we will treat your assertion or request per our standard policies and procedures. Total non-interest-bearing deposits are now 35% of core deposits (total deposits excluding brokered deposits). 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. Offers an Optional Service. 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