I am confident in our ability to guide both our company and clients through the present environment while building an even stronger bank for the future. The Investor Relations website contains information about MRC Global Inc.'s business for stockholders, potential investors, and financial analysts. 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. Investor Contact: Alison Dowe. Credit quality metrics remain at historically low levels with sequential improvement in the NPA, NPL, and criticized/classified loans ratios. 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. Notifications. Net interest income of $381.9 million increased $8.0 million sequentially as asset growth, reduced deposit costs, and a higher day count more than offset the reduction in PPP fee income. enrollment form. Investor Relations; Careers; Media; Community outreach; COVID-19; Follow us: Banking products are provided by Synovus Bank, Member FDIC. Non-interest expense increased $28.2 million or 11% sequentially. Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially. reverse stock split. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. 1-800-937-5449. 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/. Alabama, South Carolina, Florida, and Tennessee. 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. Trust services for Synovus are provided by STC. You can access your Synovus shareholder account by Internet, Telephone, or in Writing. HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. 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. recently received a letter from LINK Shareholder Services LLC with instructions on how to exchange Third-party sites may contain less security and may have different privacy policies from ours. We don't endorse or gaurantee the 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. ours. 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. 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. Non-interest expense increased $9.6 million, or 4%, sequentially and increased $11.5 million, or 4%, compared to prior year. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. reverse stock split which became effective May 16, 2014, shareholders with certificated 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. Synovus is aGreat Place to Work-Certified Companyand is on the web atsynovus.comand onTwitter,Facebook,LinkedIn, andInstagram. Otherwise, we will treat your assertion or request per our standard policies and procedures. 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. 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. 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. 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,. CRE loans increased $358.1 million sequentially, led by multi-family loans in addition to our Specialty Healthcare group. Year-over-year increase was primarily due to incentives and costs associated with elevated performance, merit increases, new business initiatives, and infrastructure investments. 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%. pre-split Synovus shares for post-split Synovus shares. https://www.consumerfinance.gov/mortgage/. A recording of the 2022 Investor Day webcast will be available on the Investor Day website following the event. Fraud Alert: Synovus and other financial institutions have been made aware of a rise in fraudsters calling customers to impersonate bank team members. In connection with our one-for-seven Operator: Good morning, and welcome to the Synovus Fourth Quarter . 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. Continue Or if you have questions, please call the number below. You can reinvest all or part of your cash dividends to accumulate more You are about to leave the Synovus web site for a third-party site. 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. We provide commercial and retail banking in addition to a full suite of specialized products and services including 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. Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia, with approximately $59 billion in assets. 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. Select to close this tab, Financial Security. A fast, safe, and easy way to send money. Core transaction deposits increased $1.3 billion or 4% quarter over quarter. Image source: The Motley Fool. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. The effective tax rate was 21.88% for the quarter. Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter. Period-end loans decreased $569.1 million or 1% sequentially. common stock certificates can do so at no charge through AST by calling Driven by record levels of loan production, continued growth in our fee income businesses and disciplined expense management, we generated 6% growth in adjusted pre-provision net revenue in 2021. 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. The earnings call will be accompanied by a slide presentation. Yelp is a fun and easy way to find, recommend and talk about what's great and not so great in Decatur and beyond. Banking products are provided by Synovus Bank, Member FDIC and Equal Housing Lender. Third-party sites may contain less security and may have different privacy policies from ours. 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%. Box 120, Columbus, GA 31902. Third-party sites may contain less security and may have different privacy policies from ours. 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. 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. Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus will host an Investor Day presentation at 8:00 a.m. Step-by-step guide for your everyday banking tasks. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Trust services for Synovus are provided by STC. Reinvestment and Direct Stock Purchase Plan. 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. American Stock Transfer & Trust Company, LLC. Credit quality ratios remain near historical lows. Total deposit costs declined 1 basis point from the third quarter to 12 basis points. 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. 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. Personal Finance Financial Security Home Ownership Let's get to know each other Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. 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. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. Net interest margin was 3.22%, up 22 bps sequentially, aided by higher interest rates, lower cash balances, and slower deposit repricing. Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially. By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. 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 Financial Corp., formerly the Columbus Bank and Trust Company, is a financial services company with approximately $45 billion in assets based in Columbus, Georgia. 2023 Synovus Financial Corp. All rights reserved. Net interest margin was 3.02%, down 2 bps sequentially. Consumer loans increased $251.5 million sequentially across multiple products including home equity and mortgage. Quarter-over-quarter and year-over-year declines were primarily related to a $7 million write-down on a minority fintech investment and a challenging mortgage banking environment, partially offset by increases in wealth revenue, capital markets, and card fee income categories. Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. 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. Free. Adjusted diluted EPS of $1.17, up $0.09 sequentially and down $0.03 compared to prior year. 2023 Synovus Financial Corp. All rights reserved. A fast, safe, and easy way to send money. premium finance, asset-based lending, structured lending, and international banking through 246 branches in Georgia, Many of these factors are beyond Synovus ability to control or predict. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Consumer loans decreased by $96.7 million or 1% sequentially. Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021. ET on January 20, 2022. All statements other than statements of historical fact are forward-looking statements. Of net mortgage revenue, which declined $ 8.5 million sequentially to our Healthcare. By management to assess the strength of our capital position remain at historically low levels with sequential improvement in quarter. ( STC ), GLOBALT, a division of STC and Creative financial group, a identifiable... 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