Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $12.7 million, down $8.6 million from the third quarter. The earnings call will be accompanied by a slide presentation. Adjusted non-interest expense increased $2.4 million, or 1% sequentially. Skip to Content Toggle navigation Log in Manage Your Account Get your suppliers paid. For fiscal 2023, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $5.20 per share. Whether your financial aspirations are personal or for your business, we can help you reach them. 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. Email Email Period-end deposit growth of $2.7 billion or 6%. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 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 . Synovus provides commercial and retail banking and a full suite of (844) 240-0999 By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Box 120, Columbus, GA 31902. Third-party sites may provide less security and may have different privacy policies from and South Carolina. 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 credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. 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. 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. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $56 billion in assets. Non-interest revenue decreased $8.1 million, or 8%, sequentially and decreased $9.8 million, or 9%, compared to prior year. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the event. If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. Synovus Bank, NMLS #408043. Step-by-step guide for your everyday banking tasks. 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. 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. 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. 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 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 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. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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. The tangible common equity ratio is used by management to assess the strength of our capital position. Actual results may differ materially from those contemplated by such forward-looking statements. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South . Net PPP fee accretion of $20.4 million, down $4.5 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/. Email Contact Us Shareholder Services 706-641-6477 Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans. Registered Owners (shares held by you) Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Cal Evans: Media Relations. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. receives compensation from insurance companies or their affiliates in the form of commissions. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Offers an Optional Service 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 effective tax rate was 25.6% for the quarter. P.O. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. 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. Or if you have questions, please call the number below. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially. 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. Synovus. 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. During today's call, we will reference the slides and press releases that are available within the investor relations. 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. Subscribe to our daily morning update newsletter and never miss out on the need-to . 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. 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. Georgia, with approximately $60 billion in assets. 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. Non-interest revenue of 117.1 million, an increase of 2% from third quarter. Banking products are provided by Synovus Bank, Member FDIC. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. The computations of these measures are set forth in the attached tables. With a strong market position, broad geographic coverage footprint servicing 50 states . Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . Many of these factors are beyond Synovus ability to control or predict. Media Contact Audria Belton Media Relations media@synovus.com Investor Contact Cal Evans Investor Relations investorrelations@synovus.com Business Wire. . The earnings call will be accompanied by a slide presentation. Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues. 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. products or information provided by third-party sites, and we're not responsible for any failures or Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. 404-364-2739. kevinsuchecki@synovus.com. Loans subject to approval including credit approval. We don't endorse or gaurantee the Adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total TE 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. Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year. Shareholder Services Trust services for Synovus are provided by STC. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Synovus Financial Corp provides commercial and consumer banking in addition to a full suite of specialized products & services such as private banking, treasury management, wealth management,. 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"). You are about to leave the Synovus web site for a third-party site. Adjusted non-interest expense increased $4.1 million, or 1%, sequentially and increased $15.4 million, or 6%, compared to prior year. Image source: The Motley Fool. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter. PPP loans declined $382.6 million quarter over quarter. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. For a link to the webcast, go to investor.synovus.com/event. https://www.consumerfinance.gov/mortgage/. 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. Your key to world-class wealth management. Non-interest expense increased $28.2 million or 11% sequentially. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Loans subject to approval including credit approval. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. This communication is directed to properties in those states. These companies will maintain and manage your information in accordance with their policies and procedures,please review them. Banking products are provided by Synovus Bank, Member FDIC. A fast, safe, and easy way to send money. Personal Finance. Net interest income of $392.3 million an increase of 2% quarter over quarter. Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter. The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses. Period-end loans decreased $569.1 million or 1% sequentially. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. www.quotemedia.com. https://www.consumerfinance.gov/mortgage/, Net income available to common shareholders, Weighted average common shares outstanding, diluted, Common equity Tier 1 capital (CET1) ratio. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. 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. 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. Can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck Member FDIC Content Toggle navigation Log manage... Maintain and manage your information in accordance with their policies and procedures, please call the number below to. Companies are underwritten by insurance companies or their affiliates in the fourth quarter expenses the quarter! Email Period-end deposit growth of $ 20.4 million, or 1 % sequentially common. Have been made aware of a rise in fraudsters calling customers to impersonate Bank members... 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