Our ongoing focus on growing core operating deposit relationships led to another quarter of account growth, as well as non-interest bearing deposit growth of $254 million. Loan products subject to credit approval. 2020 Synovus Financial Corp. All rights reserved. For a link to the webcast, go to investor.synovus.com/event. You are about to leave the Synovus web site for a third-party site. 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. 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. 2023 Synovus Financial Corp. All rights reserved. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. Period-end loans increased $1.04 billion sequentially, and $1.15 billion, or 12% annualized, excluding PPP loans. pre-split Synovus shares for post-split Synovus shares. Email By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. The event will be accessible in-person and via a live webcast on Synovus' 2022 Investor Day website. Synovus Financial Corp.is a financial services company based in Columbus, Credit quality metrics experienced broad based improvement. Adjusted non-interest expense increased $2.4 million sequentially as 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. What's on your mind? By Clicking continue above, you will be leaving Synovus.com to visit Covr's life insurance site. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Synovus provides commercial and retail banking and a full suite of Banking products are provided by Synovus Bank, Member FDIC. Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially. We don't endorse or gaurantee the Third-party sites aren't under our control, and we're not Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third 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. Synovus Bank, NMLS #408043. Blake Robbins - Synovus Mortgage in Decatur, reviews by real people. products or information provided by third-party sites, and we're not responsible for any failures or PPP fees of $3.7 million, down $3.2 million sequentially and down $16.7 million year-over-year. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year. Synovus provides commercial and retail 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, and international banking through 261 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Investing in Synovus stock is easy, convenient and more affordable with The Synovus Dividend You can reinvest all or part of your cash dividends to accumulate more 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 Bank, NMLS #408043, is an Equal Housing Lender. Credit quality ratios remain near historical lows. Investor Relations (706) 644-3781 (706) 641-6500: Synovus Announces Earnings for . You are about to leave the Synovus web site for a third-party site. 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. Synovus is honored to once again be named a Top Workplace in Atlanta by the AJC. Net interest income of $392.3 million an increase of 2% quarter over quarter. Non-interest expense increased $3.4 million, or 1% sequentially. Period-end deposit growth of $2.7 billion or 6%. specialized products and services, including private banking, treasury management, wealth management, mortgage services, Contacts Cal Evans Investor Relations. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Synovus is a financial services company that offers commercial and retail banking, investment, and mortgage services to customers. Email A fast, safe, and easy way to send money. PPP forgiveness of $927 million partially offset by additional fundings of $149 million. Cal Evan -- Head of Investor Relations Thank you, and good morning. C&I line utilization increased approximately 340 basis points to 43%. 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. Period-end loans decreased $569.1 million or 1% sequentially. Many of these factors are beyond Synovus ability to control or predict. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, Kevin has been engaged in the Synovus ESOP Finance team for 4 years, providing customized solutions to clients for their Employee . For a link to the webcast, go to investor.synovus.com/event. All statements other than statements of historical fact are forward-looking statements. 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. Investor Type Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, 706-641-6477 Or if you have questions, please call the number below. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. 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. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. Insurance products and services are offered through Synovus Securities,Inc., a licensed insurance agency,and are not available in all states. Streetholders (shares held by your broker) If you think youve been a victim of fraud, call 888-SYNOVUS (796-6887) immediately. ET. Any shareholders which still need to redeem their common stock certificates can do so at no charge through AST by calling 1-800-937-5449. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Otherwise, we will treat your assertion or request per our standard policies and procedures. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram. 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. Your key to world-class wealth management. Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year. Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital. 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%. Please contact your stockbroker directly for information on your account. Operator: Good morning, and welcome to the Synovus Fourth Quarter . 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. Reverse Stock Split Follow Up Message from LINK Shareholder Services Manage day-to-day banking Personal Debit Cards Easily access your money Savings Save for a rainy day Money Market Accounts Earn higher interest for higher balances Certificates of Deposit Grow savings over time Health Savings Account Prepare for health expenses Other Banking Services Enjoy flexible access Charge Borrow A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Increased approximately 340 basis points to 43 % deposit growth of $ 1.7 billion or 6.... 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