Synovus announces earnings for second quarter 2024

Diluted earnings (loss) per share of $(0.16) vs. $1.13 in 2Q23

Adjusted diluted earnings per share of $1.16 vs. $1.16 in 2Q23

Securities loss of $257 million impacts 2Q24 EPS, adjusted EPS up 47% from 1Q24

COLUMBUS, Ga.--()--Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2024.

“Our core second quarter results reflect a significant increase in earnings driven by margin expansion, strong fee income generation and reduced credit costs. Our focus remains firmly on execution while minimizing uncertainty in performance associated with the net interest margin and credit costs. Our results for the quarter demonstrate our progress toward these goals. The dedication of our team in providing unparalleled service to our clients and communities contributes to our strategic efforts to grow the bank and progress in key initiatives, further strengthening our relationship-centered banking approach,” said Synovus Chairman, CEO and President Kevin Blair.

Second Quarter 2024 Highlights

  • Net income (loss) available to common shareholders was $(23.7) million, or $(0.16) per diluted share, compared to $114.8 million or $0.78 in the first quarter 2024 and $165.8 million or $1.13 in second quarter 2023.
  • Adjusted net income available to common shareholders was $169.6 million, or $1.16 per diluted share, compared to $116.0 million or $0.79 in the first quarter 2024 and $169.5 million or $1.16 in second quarter 2023.
  • Adjusted second quarter 2024 earnings per share excludes a $257 million loss on the sale of securities. The company completed a securities repositioning following a risk-weighted asset optimization exercise that was performed during the second quarter.
  • Pre-provision net revenue was $4.3 million, which was down 98% sequentially and 98% compared to second quarter 2023. Adjusted pre-provision net revenue of $261.7 million increased $43.9 million, or 20%, sequentially and was down $5.0 million, or 2%, compared to second quarter 2023.
  • Net interest income increased $16.2 million, or 4%, compared to the prior quarter and was down $20.5 million, or 5%, compared to second quarter 2023. The sequential increase in net interest income was primarily attributable to a healthy increase in earning asset yields and more stable cost of funds.
  • The NIM expanded by 16 basis points to 3.20% as a result of the recent securities repositioning, the reclassification of $3.4 billion in securities from Available for Sale to Held to Maturity, as well as fixed-rate asset repricing and more stable deposit costs.
  • Period-end loans declined $216.5 million from the first quarter 2024 as stronger loan production and core commercial lending growth was more than offset by higher loan paydowns and strategic declines in certain loan categories such as non-relationship syndicated lending and third-party consumer lending. Commercial and industrial loans declined $194.7 million or 1% from the prior quarter and grew $5.4 million from second quarter 2023.
  • Period-end core deposits were $44.8 billion, a decline of $67.6 million from the first quarter primarily as a result of a drop in non-interest bearing deposits, partially offset by an increase in time deposits. Total deposit cost increased 1 basis point from the first quarter 2024 to 2.68%.
  • Non-interest revenue of $(128.9) million declined $247.7 million, or 208%, sequentially and was down $241.1 million, or 215%, compared to second quarter 2023. Adjusted non-interest revenue of $127.2 million grew $10.7 million, or 9%, sequentially and increased $16.6 million, or 15%, compared to the second quarter 2023. Sequential growth was largely from higher capital markets fees. Year-over-year growth came primarily from higher treasury and payment solutions and capital markets fees and greater commercial sponsorship income.
  • On a sequential basis, non-interest expense of $301.8 million declined 6% while adjusted non-interest expense declined 5% to $301.9 million. Adjusted non-interest expense was relatively stable year over year due to disciplined expense control and a 7% reduction in total headcount.
  • Provision for credit losses of $26.4 million declined 51% sequentially and compares to $38.9 million in second quarter 2023. The allowance for credit losses ratio (to loans) of 1.25% was down 1 basis point from the prior quarter.
  • The non-performing loan and asset ratios were lower sequentially at 0.59% and 0.60%, respectively; the net charge-off ratio for the quarter was 0.32%, down from 0.41% in prior quarter, while total past dues were 0.30% of total loans outstanding.
  • The preliminary CET1 ratio rose sequentially to 10.62% as core earnings accretion and risk-weighted asset optimization more than offset the impact of $91 million in common stock repurchases and the securities repositioning.

Second Quarter Summary

 

Reported

 

Adjusted

(dollars in thousands)

 

2Q24

 

 

 

1Q24

 

 

 

2Q23

 

 

 

2Q24

 

 

 

1Q24

 

 

 

2Q23

 

Net income (loss) available to common shareholders

$

(23,741

)

 

$

114,822

 

 

$

165,819

 

 

$

169,617

 

 

$

115,973

 

 

$

169,526

 

Diluted earnings (loss) per share(1)

 

(0.16

)

 

 

0.78

 

 

 

1.13

 

 

 

1.16

 

 

 

0.79

 

 

 

1.16

 

Total revenue

 

306,147

 

 

 

537,734

 

 

 

567,807

 

 

 

563,597

 

 

 

536,745

 

 

 

567,347

 

Total loans

 

43,093,397

 

 

 

43,309,877

 

 

 

44,353,537

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Total deposits

 

50,195,778

 

 

 

50,580,242

 

 

 

50,080,392

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Return on avg assets(2)

 

(0.10

)%

 

 

0.85

%

 

 

1.15

%

 

 

1.21

%

 

 

0.85

%

 

 

1.18

%

Return on avg common equity(2)

 

(2.1

)

 

 

10.2

 

 

 

15.5

 

 

 

15.3

 

 

 

10.3

 

 

 

15.8

 

Return on avg tangible common equity(2)

 

(2.2

)

 

 

11.7

 

 

 

17.7

 

 

 

17.6

 

 

 

11.8

 

 

 

18.1

 

Net interest margin(3)

 

3.20

%

 

 

3.04

%

 

 

3.20

%

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Efficiency ratio-TE(3)(4)

 

98.15

 

 

 

59.87

 

 

 

53.99

 

 

 

53.05

 

 

 

58.88

 

 

 

52.57

 

NCO ratio-QTD

 

0.32

 

 

 

0.41

 

 

 

0.24

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

NPA ratio

 

0.60

 

 

 

0.86

 

 

 

0.59

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

(1) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.

(2) Annualized

(3) Taxable equivalent

(4) Adjusted tangible efficiency ratio

N/A - not applicable

Balance Sheet

Loans*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

2Q24

 

 

1Q24

 

Linked Quarter Change

 

Linked Quarter % Change

 

 

2Q23

 

Year/Year Change

 

Year/Year % Change

Commercial & industrial

$

22,536.6

 

$

22,731.3

 

$

(194.7

)

 

(1

)%

 

$

22,531.2

 

$

5.4

 

 

%

Commercial real estate

 

12,215.5

 

 

12,194.0

 

 

21.5

 

 

 

 

 

13,293.9

 

 

(1,078.4

)

 

(8

)

Consumer

 

8,341.3

 

 

8,384.6

 

 

(43.3

)

 

(1

)

 

 

8,528.4

 

 

(187.1

)

 

(2

)

Total loans

$

43,093.4

 

$

43,309.9

 

$

(216.5

)

 

%

 

$

44,353.5

 

$

(1,260.1

)

 

(3

)%

 

*Amounts may not total due to rounding

Deposits*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

2Q24

 

 

1Q24

 

Linked Quarter Change

 

Linked Quarter % Change

 

 

2Q23

 

Year/Year Change

 

Year/Year % Change

Non-interest-bearing DDA

$

11,177.7

 

$

11,515.4

 

$

(337.7

)

 

(3

)%

 

$

12,945.5

 

$

(1,767.8

)

 

(14

)%

Interest-bearing DDA

 

6,621.2

 

 

6,478.8

 

 

142.4

 

 

2

 

 

 

6,255.3

 

 

365.9

 

 

6

 

Money market

 

10,747.9

 

 

10,712.7

 

 

35.2

 

 

 

 

 

10,803.7

 

 

(55.7

)

 

(1

)

Savings

 

1,009.8

 

 

1,045.1

 

 

(35.2

)

 

(3

)

 

 

1,222.9

 

 

(213.0

)

 

(17

)

Public funds

 

7,111.9

 

 

7,270.4

 

 

(158.5

)

 

(2

)

 

 

7,031.4

 

 

80.5

 

 

1

 

Time deposits

 

8,125.2

 

 

7,838.9

 

 

286.3

 

 

4

 

 

 

5,291.8

 

 

2,833.3

 

 

54

 

Brokered deposits

 

5,402.0

 

 

5,718.9

 

 

(316.9

)

 

(6

)

 

 

6,529.8

 

 

(1,127.7

)

 

(17

)

Total deposits

$

50,195.8

 

$

50,580.2

 

$

(384.5

)

 

(1

)%

 

$

50,080.4

 

$

115.4

 

 

%

 

*Amounts may not total due to rounding

Income Statement Summary**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

2Q24

 

 

 

1Q24

 

 

Linked Quarter Change

 

Linked Quarter % Change

 

 

2Q23

 

 

Year/Year Change

 

Year/Year % Change

Net interest income

$

434,998

 

 

$

418,846

 

 

$

16,152

 

 

4

%

 

$

455,531

 

 

$

(20,533

)

 

(5

)%

Non-interest revenue

 

(128,851

)

 

 

118,888

 

 

 

(247,739

)

 

(208

)

 

 

112,276

 

 

 

(241,127

)

 

(215

)

Non-interest expense

 

301,801

 

 

 

322,741

 

 

 

(20,940

)

 

(6

)

 

 

307,181

 

 

 

(5,380

)

 

(2

)

Provision for (reversal of) credit losses

 

26,404

 

 

 

53,980

 

 

 

(27,576

)

 

(51

)

 

 

38,881

 

 

 

(12,477

)

 

(32

)

Income (loss) before taxes

$

(22,058

)

 

$

161,013

 

 

$

(183,071

)

 

(114

)%

 

$

221,745

 

 

$

(243,803

)

 

(110

)%

Income tax expense (benefit)

 

(7,378

)

 

 

36,943

 

 

 

(44,321

)

 

(120

)

 

 

47,801

 

 

 

(55,179

)

 

(115

)

Net income (loss)

 

(14,680

)

 

 

124,070

 

 

 

(138,750

)

 

(112

)

 

 

173,944

 

 

 

(188,624

)

 

(108

)

Less: Net income (loss) attributable to noncontrolling interest

 

(652

)

 

 

(437

)

 

 

(215

)

 

49

 

 

 

(166

)

 

 

(486

)

 

293

 

Net income (loss) attributable to Synovus Financial Corp.

 

(14,028

)

 

 

124,507

 

 

 

(138,535

)

 

(111

)

 

 

174,110

 

 

 

(188,138

)

 

(108

)

Less: Preferred stock dividends

 

9,713

 

 

 

9,685

 

 

 

28

 

 

 

 

 

8,291

 

 

 

1,422

 

 

17

 

Net income (loss) available to common shareholders

$

(23,741

)

 

$

114,822

 

 

$

(138,563

)

 

(121

)%

 

$

165,819

 

 

$

(189,560

)

 

(114

)%

Weighted average common shares outstanding, diluted

 

145,565

 

 

 

147,122

 

 

 

(1,557

)

 

(1

)%

 

 

146,550

 

 

 

(985

)

 

(1

)%

Diluted earnings (loss) per share

$

(0.16

)

 

$

0.78

 

 

$

(0.94

)

 

(121

)

 

$

1.13

 

 

$

(1.29

)

 

(114

)

Adjusted diluted earnings per share(1)

 

1.16

 

 

 

0.79

 

 

 

0.37

 

 

47

 

 

 

1.16

 

 

 

 

 

 

Effective tax rate

 

33.45

%

 

 

22.94

%

 

 

 

 

 

 

21.56

%

 

 

 

 

(1) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.

** Amounts may not total due to rounding

NM - not meaningful

Capital Ratios

 

 

 

 

 

 

 

 

2Q24

 

 

1Q24

 

 

2Q23

 

Common equity Tier 1 capital (CET1) ratio

10.62

%

(1)

10.38

%

 

9.86

%

Tier 1 capital ratio

11.74

 

(1)

11.45

 

 

10.89

 

Total risk-based capital ratio

13.59

 

(1)

13.24

 

(2)

12.80

 

Tier 1 leverage ratio

9.44

 

(1)

9.62

 

 

9.23

 

Tangible common equity ratio

6.76

 

 

6.67

 

 

6.17

 

(1) Ratios are preliminary.

(2) As amended

Second Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on July 18, 2024. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for at least 12 months and will be available approximately one hour after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. 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. Synovus has 247 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at synovus.com.

Forward-Looking Statements

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, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. 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. 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. 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. 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. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

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, 2023, 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. 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.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue; adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted net income available to common shareholders; adjusted diluted earnings per share; 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. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; net income (loss) available to common shareholders; diluted earnings (loss) per share; return on average common equity; and the ratio of total Synovus Financial Corp. shareholders' equity to total assets, respectively.

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. 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. 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. Adjusted non-interest revenue and adjusted revenue are measures used by management to evaluate non-interest revenue and total revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation and other items not indicative of ongoing operations that could impact period-to-period comparisons. 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. 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. 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. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. The tangible common equity ratio is used by stakeholders to assess our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

2Q24

 

 

 

1Q24

 

 

 

2Q23

 

 

 

 

 

 

 

Adjusted non-interest revenue

 

 

 

 

 

Total non-interest revenue

$

(128,851

)

 

$

118,888

 

 

$

112,276

 

Investment securities (gains) losses, net

 

256,660

 

 

 

 

 

 

 

Fair value adjustment on non-qualified deferred compensation

 

(561

)

 

 

(2,299

)

 

 

(1,598

)

Adjusted non-interest revenue

$

127,248

 

 

$

116,589

 

 

$

110,678

 

 

 

 

 

 

 

Adjusted non-interest expense

 

 

 

 

 

Total non-interest expense

$

301,801

 

 

$

322,741

 

 

$

307,181

 

(Loss) gain on other loans held for sale

 

 

 

 

 

 

 

(2,360

)

Gain (loss) on early extinguishment of debt

 

 

 

 

 

 

 

377

 

Restructuring (charges) reversals

 

658

 

 

 

(1,524

)

 

 

110

 

Valuation adjustment to Visa derivative

 

 

 

 

 

 

 

(3,027

)

Fair value adjustment on non-qualified deferred compensation

 

(561

)

 

 

(2,299

)

 

 

(1,598

)

Adjusted non-interest expense

$

301,898

 

 

$

318,918

 

 

$

300,683

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

2Q24

 

 

 

1Q24

 

 

 

2Q23

 

Adjusted revenue and tangible efficiency ratio

 

 

 

 

 

Adjusted non-interest expense

$

301,898

 

 

$

318,918

 

 

$

300,683

 

Amortization of intangibles

 

(2,907

)

 

 

(2,907

)

 

 

(2,420

)

Adjusted tangible non-interest expense

$

298,991

 

 

$

316,011

 

 

$

298,263

 

 

 

 

 

 

 

Net interest income

$

434,998

 

 

$

418,846

 

 

$

455,531

 

Tax equivalent adjustment

 

1,351

 

 

 

1,310

 

 

 

1,138

 

Net interest income taxable equivalent

 

436,349

 

 

 

420,156

 

 

 

456,669

 

 

 

 

 

 

 

Net interest income

$

434,998

 

 

$

418,846

 

 

$

455,531

 

Total non-interest revenue

 

(128,851

)

 

 

118,888

 

 

 

112,276

 

Total revenue

$

306,147

 

 

$

537,734

 

 

$

567,807

 

Tax equivalent adjustment

 

1,351

 

 

 

1,310

 

 

 

1,138

 

Total TE revenue

 

307,498

 

 

 

539,044

 

 

 

568,945

 

Investment securities losses (gains), net

 

256,660

 

 

 

 

 

 

 

Fair value adjustment on non-qualified deferred compensation

 

(561

)

 

 

(2,299

)

 

 

(1,598

)

Adjusted revenue

$

563,597

 

 

$

536,745

 

 

$

567,347

 

Efficiency ratio-TE

 

98.15

%

 

 

59.87

%

 

 

53.99

%

Adjusted tangible efficiency ratio

 

53.05

 

 

 

58.88

 

 

 

52.57

 

 

 

 

 

 

 

Adjusted pre-provision net revenue

 

 

 

 

 

Net interest income

$

434,998

 

 

$

418,846

 

 

$

455,531

 

Total non-interest revenue

 

(128,851

)

 

 

118,888

 

 

 

112,276

 

Total non-interest expense

 

(301,801

)

 

 

(322,741

)

 

 

(307,181

)

Pre-provision net revenue (PPNR)

$

4,346

 

 

$

214,993

 

 

$

260,626

 

 

 

 

 

 

 

Adjusted revenue

 

563,597

 

 

 

536,745

 

 

 

567,347

 

Adjusted non-interest expense

 

(301,898

)

 

 

(318,918

)

 

 

(300,683

)

Adjusted PPNR

$

261,699

 

 

$

217,827

 

 

$

266,664

 

 

 

 

 

 

 

Adjusted return on average assets (annualized)

 

 

 

 

 

Net income (loss)

$

(14,680

)

 

$

124,070

 

 

$

173,944

 

Loss (gain) on other loans held for sale

 

 

 

 

 

 

 

2,360

 

(Gain) loss on early extinguishment of debt

 

 

 

 

 

 

 

(377

)

Restructuring charges (reversals)

 

(658

)

 

 

1,524

 

 

 

(110

)

Valuation adjustment to Visa derivative

 

 

 

 

 

 

 

3,027

 

Investment securities losses (gains), net

 

256,660

 

 

 

 

 

 

 

Tax effect of adjustments(1)

 

(62,644

)

 

 

(373

)

 

 

(1,193

)

Adjusted net income

$

178,678

 

 

$

125,221

 

 

$

177,651

 

Net income (loss) annualized

$

(59,043

)

 

$

499,007

 

 

$

697,687

 

Adjusted net income annualized

$

718,639

 

 

$

503,636

 

 

$

712,556

 

Total average assets

$

59,246,849

 

 

$

59,022,231

 

 

$

60,515,077

 

Return on average assets (annualized)

 

(0.10

)%

 

 

0.85

%

 

 

1.15

%

Adjusted return on average assets (annualized)

 

1.21

 

 

 

0.85

 

 

 

1.18

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

2Q24

 

 

 

1Q24

 

 

 

2Q23

 

Adjusted net income available to common shareholders and adjusted diluted earnings per share

 

 

 

 

 

Net income (loss) available to common shareholders

$

(23,741

)

 

$

114,822

 

 

$

165,819

 

Loss (gain) on other loans held for sale

 

 

 

 

 

 

 

2,360

 

(Gain) loss on early extinguishment of debt

 

 

 

 

 

 

 

(377

)

Restructuring charges (reversals)

 

(658

)

 

 

1,524

 

 

 

(110

)

Valuation adjustment to Visa derivative

 

 

 

 

 

 

 

3,027

 

Investment securities losses (gains), net

 

256,660

 

 

 

 

 

 

 

Tax effect of adjustments(1)

 

(62,644

)

 

 

(373

)

 

 

(1,193

)

Adjusted net income available to common shareholders

$

169,617

 

 

$

115,973

 

 

$

169,526

 

Weighted average common shares outstanding, diluted(2)

 

145,565

 

 

 

147,122

 

 

 

146,550

 

Diluted earnings per share

$

(0.16

)

 

$

0.78

 

 

$

1.13

 

Adjusted diluted earnings per share

 

1.16

 

 

 

0.79

 

 

 

1.16

 

(1) An assumed marginal tax rate of 24.5% for 2Q24 and 1Q24 and 24.3% for 2Q23 was applied.

(2) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2Q24

 

 

 

1Q24

 

 

 

2Q23

 

Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)

 

 

 

 

 

Net income (loss) available to common shareholders

$

(23,741

)

 

$

114,822

 

 

$

165,819

 

Loss (gain) on other loans held for sale

 

 

 

 

 

 

 

2,360

 

(Gain) loss on early extinguishment of debt

 

 

 

 

 

 

 

(377

)

Restructuring charges (reversals)

 

(658

)

 

 

1,524

 

 

 

(110

)

Valuation adjustment to Visa derivative

 

 

 

 

 

 

 

3,027

 

Investment securities losses (gains), net

 

256,660

 

 

 

 

 

 

 

Tax effect of adjustments(1)

 

(62,644

)

 

 

(373

)

 

 

(1,193

)

Adjusted net income available to common shareholders

$

169,617

 

 

$

115,973

 

 

$

169,526

 

 

 

 

 

 

 

Adjusted net income available to common shareholders annualized

$

682,196

 

 

$

466,441

 

 

$

679,967

 

Amortization of intangibles, tax effected, annualized

 

8,831

 

 

 

8,831

 

 

 

7,344

 

Adjusted net income available to common shareholders excluding amortization of intangibles annualized

$

691,027

 

 

$

475,272

 

 

$

687,311

 

 

 

 

 

 

 

Net income (loss) available to common shareholders annualized

$

(95,486

)

 

$

461,812

 

 

$

665,098

 

Amortization of intangibles, tax effected, annualized

 

8,831

 

 

 

8,831

 

 

 

7,344

 

Net income (loss) available to common shareholders excluding amortization of intangibles annualized

$

(86,655

)

 

$

470,643

 

 

$

672,442

 

 

 

 

 

 

 

Total average Synovus Financial Corp. shareholders' equity less preferred stock

$

4,455,198

 

 

$

4,542,616

 

 

$

4,303,722

 

Average goodwill

 

(480,902

)

 

 

(480,440

)

 

 

(460,118

)

Average other intangible assets, net

 

(41,547

)

 

 

(44,497

)

 

 

(36,738

)

Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock

$

3,932,749

 

 

$

4,017,679

 

 

$

3,806,866

 

Return on average common equity (annualized)

 

(2.1

)%

 

 

10.2

%

 

 

15.5

%

Adjusted return on average common equity (annualized)

 

15.3

 

 

 

10.3

 

 

 

15.8

 

Return on average tangible common equity (annualized)

 

(2.2

)

 

 

11.7

 

 

 

17.7

 

Adjusted return on average tangible common equity (annualized)

 

17.6

 

 

 

11.8

 

 

 

18.1

 

(1) An assumed marginal tax rate of 24.5% for 2Q24 and 1Q24 and 24.3% for 2Q23 was applied.

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

June 30, 2024

 

December 31, 2023

 

June 30, 2023

 

 

 

 

 

 

Tangible common equity ratio

 

 

 

 

 

Total assets

$

59,606,343

 

 

$

59,809,534

 

 

$

60,655,591

 

Goodwill

 

(480,440

)

 

 

(480,440

)

 

 

(475,573

)

Other intangible assets, net

 

(40,114

)

 

 

(45,928

)

 

 

(61,538

)

Tangible assets

$

59,085,789

 

 

$

59,283,166

 

 

$

60,118,480

 

 

 

 

 

 

 

Total Synovus Financial Corp. shareholders’ equity

$

5,053,606

 

 

$

5,119,993

 

 

$

4,782,528

 

Goodwill

 

(480,440

)

 

 

(480,440

)

 

 

(475,573

)

Other intangible assets, net

 

(40,114

)

 

 

(45,928

)

 

 

(61,538

)

Preferred Stock, no par value

 

(537,145

)

 

 

(537,145

)

 

 

(537,145

)

Tangible common equity

$

3,995,907

 

 

$

4,056,480

 

 

$

3,708,272

 

Total Synovus Financial Corp. shareholders’ equity to total assets ratio

 

8.48

%

 

 

8.56

%

 

 

7.88

%

Tangible common equity ratio

 

6.76

 

 

 

6.84

 

 

 

6.17

 

 

 

 

 

 

 

Amounts may not total due to rounding

 

 

 

 

 

 

Synovus

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT DATA

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

2023

 

 

'24 vs '23

 

 

 

 

% Change

 

 

 

 

 

 

 

 

Interest income

$

1,583,952

 

 

$

1,476,022

 

 

7

%

 

Interest expense

 

730,108

 

 

 

539,739

 

 

35

 

 

 

 

 

 

 

 

 

Net interest income

 

853,844

 

 

 

936,283

 

 

(9

)

 

Provision for (reversal of) credit losses

 

80,384

 

 

 

71,035

 

 

13

 

 

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

773,460

 

 

 

865,248

 

 

(11

)

 

 

 

 

 

 

 

 

Non-interest revenue:

 

 

 

 

 

 

Service charges on deposit accounts

 

44,720

 

 

 

46,451

 

 

(4

)

 

Fiduciary and asset management fees

 

38,741

 

 

 

39,723

 

 

(2

)

 

Card fees

 

38,904

 

 

 

32,884

 

 

18

 

 

Brokerage revenue

 

43,164

 

 

 

46,655

 

 

(7

)

 

Mortgage banking income

 

7,362

 

 

 

8,467

 

 

(13

)

 

Capital markets income

 

21,704

 

 

 

24,609

 

 

(12

)

 

Income from bank-owned life insurance

 

15,444

 

 

 

14,140

 

 

9

 

 

Investment securities gains (losses), net

 

(256,660

)

 

 

1,030

 

 

nm

 

 

Recovery of NPA

 

 

 

 

13,126

 

 

nm

 

 

Other non-interest revenue

 

36,658

 

 

 

18,317

 

 

100

 

 

 

 

 

 

 

 

 

Total non-interest revenue

 

(9,963

)

 

 

245,402

 

 

(104

)

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

Salaries and other personnel expense

 

367,928

 

 

 

371,926

 

 

(1

)

 

Net occupancy, equipment, and software expense

 

93,223

 

 

 

85,645

 

 

9

 

 

Third-party processing and other services

 

42,041

 

 

 

43,493

 

 

(3

)

 

Professional fees

 

23,286

 

 

 

18,560

 

 

25

 

 

FDIC insurance and other regulatory fees

 

30,312

 

 

 

21,429

 

 

41

 

 

Restructuring charges (reversals)

 

866

 

 

 

(843

)

 

nm

 

 

Loss on other loans held for sale

 

 

 

 

19,110

 

 

nm

 

 

Other operating expenses

 

66,886

 

 

 

69,714

 

 

(4

)

 

 

 

 

 

 

 

 

Total non-interest expense

 

624,542

 

 

 

629,034

 

 

(1

)

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

138,955

 

 

 

481,616

 

 

(71

)

 

Income tax expense (benefit)

 

29,565

 

 

 

105,513

 

 

(72

)

 

 

 

 

 

 

 

 

Net income (loss)

 

109,390

 

 

 

376,103

 

 

(71

)

 

 

 

 

 

 

 

 

Less: Net income (loss) attributable to noncontrolling interest

 

(1,089

)

 

 

(166

)

 

556

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Synovus Financial Corp.

 

110,479

 

 

 

376,269

 

 

(71

)

 

 

 

 

 

 

 

 

Less: Preferred stock dividends

 

19,398

 

 

 

16,581

 

 

17

 

 

 

 

 

 

 

 

 

Net income (loss) available to common shareholders

$

91,081

 

 

$

359,688

 

 

(75

)%

 

 

 

 

 

 

 

 

Net income (loss) per common share, basic

$

0.62

 

 

$

2.46

 

 

(75

)%

 

 

 

 

 

 

 

 

Net income (loss) per common share, diluted

 

0.62

 

 

 

2.45

 

 

(75

)

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

0.76

 

 

 

0.76

 

 

 

 

 

 

 

 

 

 

 

Return on average assets *

 

0.37

%

 

 

1.26

%

 

(89) bps

 

Return on average common equity *

 

4.1

 

 

 

17.3

 

 

(76

)

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

145,998

 

 

 

145,957

 

 

%

 

Weighted average common shares outstanding, diluted

 

146,568

 

 

 

146,644

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

bps - basis points

 

* - ratios are annualized

 

Amounts may not total due to rounding

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT DATA

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

2024

 

2023

 

Second Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

'24 vs '23

 

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

801,242

 

 

782,710

 

788,297

 

 

786,039

 

 

759,143

 

 

6

%

 

Interest expense

 

366,244

 

 

363,864

 

351,083

 

 

342,880

 

 

303,612

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

434,998

 

 

418,846

 

437,214

 

 

443,159

 

 

455,531

 

 

(5

)

 

Provision for (reversal of) credit losses

 

26,404

 

 

53,980

 

45,472

 

 

72,572

 

 

38,881

 

 

(32

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

408,594

 

 

364,866

 

391,742

 

 

370,587

 

 

416,650

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

22,907

 

 

21,813

 

22,260

 

 

21,385

 

 

23,477

 

 

(2

)

 

Fiduciary and asset management fees

 

19,728

 

 

19,013

 

18,149

 

 

20,205

 

 

20,027

 

 

(1

)

 

Card fees

 

19,418

 

 

19,486

 

20,872

 

 

18,602

 

 

17,059

 

 

14

 

 

Brokerage revenue

 

20,457

 

 

22,707

 

21,961

 

 

21,387

 

 

22,451

 

 

(9

)

 

Mortgage banking income

 

3,944

 

 

3,418

 

3,019

 

 

3,671

 

 

4,609

 

 

(14

)

 

Capital markets income

 

15,077

 

 

6,627

 

6,456

 

 

7,980

 

 

9,482

 

 

59

 

 

Income from bank-owned life insurance

 

8,097

 

 

7,347

 

10,324

 

 

6,965

 

 

6,878

 

 

18

 

 

Investment securities gains (losses), net

 

(256,660

)

 

 

(77,748

)

 

 

 

 

 

nm

 

 

Other non-interest revenue

 

18,181

 

 

18,477

 

26,175

 

 

6,944

 

 

8,293

 

 

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest revenue

 

(128,851

)

 

118,888

 

51,468

 

 

107,139

 

 

112,276

 

 

(215

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and other personnel expense

 

179,407

 

 

188,521

 

176,712

 

 

179,741

 

 

183,001

 

 

(2

)

 

Net occupancy, equipment, and software expense

 

46,415

 

 

46,808

 

48,146

 

 

45,790

 

 

42,785

 

 

8

 

 

Third-party processing and other services

 

21,783

 

 

20,258

 

21,717

 

 

21,439

 

 

21,659

 

 

1

 

 

Professional fees

 

15,655

 

 

7,631

 

11,147

 

 

10,147

 

 

9,597

 

 

63

 

 

FDIC insurance and other regulatory fees

 

6,493

 

 

23,819

 

61,470

 

 

11,837

 

 

11,162

 

 

(42

)

 

Restructuring charges (reversals)

 

(658

)

 

1,524

 

1,231

 

 

17,319

 

 

(110

)

 

nm

 

 

Loss on other loans held for sale

 

 

 

 

 

 

30,954

 

 

2,360

 

 

nm

 

 

Other operating expenses

 

32,706

 

 

34,180

 

32,435

 

 

36,305

 

 

36,727

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense

 

301,801

 

 

322,741

 

352,858

 

 

353,532

 

 

307,181

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

(22,058

)

 

161,013

 

90,352

 

 

124,194

 

 

221,745

 

 

(110

)

 

Income tax expense (benefit)

 

(7,378

)

 

36,943

 

20,779

 

 

27,729

 

 

47,801

 

 

(115

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(14,680

)

 

124,070

 

69,573

 

 

96,465

 

 

173,944

 

 

(108

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income (loss) attributable to noncontrolling interest

 

(652

)

 

(437)

 

(768

)

 

(630

)

 

(166

)

 

293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Synovus Financial Corp.

 

(14,028

)

 

124,507

 

70,341

 

 

97,095

 

 

174,110

 

 

(108

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Preferred stock dividends

 

9,713

 

 

9,685

 

9,696

 

 

9,672

 

 

8,291

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to common shareholders

$

(23,741

)

 

114,822

 

60,645

 

 

87,423

 

 

165,819

 

 

(114

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share, basic

$

(0.16

)

 

0.78

 

0.41

 

 

0.60

 

 

1.13

 

 

(114

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share, diluted

 

(0.16

)

 

0.78

 

0.41

 

 

0.60

 

 

1.13

 

 

(114

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

0.38

 

 

0.38

 

0.38

 

 

0.38

 

 

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets *

 

(0.10

)%

 

0.85

 

0.47

 

 

0.64

 

 

1.15

 

 

(125) bps

 

Return on average common equity *

 

(2.1

)

 

10.2

 

5.9

 

 

8.2

 

 

15.5

 

 

(114

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

145,565

 

 

146,430

 

146,372

 

 

146,170

 

 

146,113

 

 

%

 

Weighted average common shares outstanding, diluted

 

145,565

 

 

147,122

 

146,877

 

 

146,740

 

 

146,550

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

bps - basis points

 

* - ratios are annualized

 

Amounts may not total due to rounding

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET DATA

 

June 30, 2024

 

December 31, 2023

 

June 30, 2023

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Interest-earning deposits with banks and other cash and cash equivalents

 

$

2,263,545

 

 

$

2,414,103

 

 

$

2,018,363

 

 

Federal funds sold and securities purchased under resale agreements

 

 

31,063

 

 

 

37,323

 

 

 

35,788

 

 

Cash, cash equivalents, and restricted cash

 

 

2,294,608

 

 

 

2,451,426

 

 

 

2,054,151

 

 

 

 

 

 

 

 

 

 

Investment securities held to maturity

 

 

2,668,068

 

 

 

 

 

 

 

 

Investment securities available for sale

 

 

7,043,681

 

 

 

9,788,662

 

 

 

9,621,175

 

 

Loans held for sale (includes $41,823, $47,338 and $62,616 measured at fair value, respectively)

 

 

139,323

 

 

 

52,768

 

 

 

514,450

 

 

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs

 

 

43,093,397

 

 

 

43,404,490

 

 

 

44,353,537

 

 

Allowance for loan losses

 

 

(485,101

)

 

 

(479,385

)

 

 

(471,238

)

 

Loans, net

 

 

42,608,296

 

 

 

42,925,105

 

 

 

43,882,299

 

 

 

 

 

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

 

1,125,928

 

 

 

1,112,030

 

 

 

1,100,114

 

 

Premises, equipment, and software, net

 

 

375,455

 

 

 

365,851

 

 

 

365,443

 

 

Goodwill

 

 

480,440

 

 

 

480,440

 

 

 

475,573

 

 

Other intangible assets, net

 

 

40,114

 

 

 

45,928

 

 

 

61,538

 

 

Other assets

 

 

2,830,430

 

 

 

2,587,324

 

 

 

2,580,848

 

 

Total assets

 

$

59,606,343

 

 

$

59,809,534

 

 

$

60,655,591

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

$

11,655,811

 

 

$

12,507,616

 

 

$

13,565,602

 

 

Interest-bearing deposits

 

 

38,539,967

 

 

 

38,231,569

 

 

 

36,514,790

 

 

 

 

 

 

 

 

 

 

Total deposits

 

 

50,195,778

 

 

 

50,739,185

 

 

 

50,080,392

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold under repurchase agreements

 

 

94,484

 

 

 

189,074

 

 

 

83,384

 

 

Other short-term borrowings

 

 

2,536

 

 

 

3,496

 

 

 

1,461

 

 

Long-term debt

 

 

2,283,767

 

 

 

1,932,534

 

 

 

4,021,411

 

 

Other liabilities

 

 

1,953,106

 

 

 

1,801,097

 

 

 

1,661,175

 

 

Total liabilities

 

 

54,529,671

 

 

 

54,665,386

 

 

 

55,847,823

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000

 

 

537,145

 

 

 

537,145

 

 

 

537,145

 

 

Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 171,935,817, 171,360,188 and 170,808,134 respectively; outstanding 144,149,614, 146,705,330 and 146,153,276 respectively

 

 

171,936

 

 

 

171,360

 

 

 

170,808

 

 

Additional paid-in capital

 

 

3,965,751

 

 

 

3,955,819

 

 

 

3,933,548

 

 

Treasury stock, at cost; 27,786,203, 24,654,858 and 24,654,858 shares, respectively

 

 

(1,066,239

)

 

 

(944,484

)

 

 

(944,484

)

 

Accumulated other comprehensive income (loss), net

 

 

(1,050,374

)

 

 

(1,117,073

)

 

 

(1,395,175

)

 

Retained earnings

 

 

2,495,387

 

 

 

2,517,226

 

 

 

2,480,686

 

 

Total Synovus Financial Corp. shareholders’ equity

 

 

5,053,606

 

 

 

5,119,993

 

 

 

4,782,528

 

 

Noncontrolling interest in subsidiary

 

 

23,066

 

 

 

24,155

 

 

 

25,240

 

 

Total equity

 

 

5,076,672

 

 

 

5,144,148

 

 

 

4,807,768

 

 

Total liabilities and equity

 

$

59,606,343

 

 

$

59,809,534

 

 

$

60,655,591

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES, INTEREST, AND YIELDS/RATES

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter 2024

 

First Quarter 2024

 

Second Quarter 2023

(dollars in thousands)

Average Balance

 

Interest

 

Yield/

Rate

 

Average Balance

 

Interest

 

Yield/

Rate

 

Average Balance

 

Interest

 

Yield/

Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (1) (2) (3)

$

35,006,497

 

 

$

593,715

 

6.82

%

 

$

34,943,797

 

 

$

583,459

 

6.72

%

 

$

35,628,637

 

 

$

566,823

 

6.38

%

Consumer loans (1) (2)

 

8,358,325

 

 

 

109,206

 

5.23

 

 

 

8,434,105

 

 

 

109,566

 

5.21

 

 

 

8,470,478

 

 

 

104,545

 

4.94

 

Less: Allowance for loan losses

 

(492,640

)

 

 

 

 

 

 

(481,146

)

 

 

 

 

 

 

(466,700

)

 

 

 

 

Loans, net

 

42,872,182

 

 

 

702,921

 

6.59

 

 

 

42,896,756

 

 

 

693,025

 

6.49

 

 

 

43,632,415

 

 

 

671,368

 

6.17

 

Total investment securities(4)

 

10,373,792

 

 

 

78,891

 

3.04

 

 

 

11,148,242

 

 

 

71,906

 

2.58

 

 

 

11,200,717

 

 

 

60,421

 

2.16

 

Trading account assets

 

8,809

 

 

 

162

 

7.37

 

 

 

11,567

 

 

 

65

 

2.25

 

 

 

21,328

 

 

 

309

 

5.80

 

Other earning assets(5)

 

1,271,953

 

 

 

16,800

 

5.23

 

 

 

1,218,090

 

 

 

16,173

 

5.25

 

 

 

1,446,425

 

 

 

18,081

 

4.95

 

FHLB and Federal Reserve Bank stock

 

189,706

 

 

 

2,687

 

5.67

 

 

 

187,825

 

 

 

2,273

 

4.84

 

 

 

280,248

 

 

 

4,301

 

6.14

 

Mortgage loans held for sale

 

37,364

 

 

 

666

 

7.13

 

 

 

29,773

 

 

 

495

 

6.65

 

 

 

54,603

 

 

 

852

 

6.24

 

Other loans held for sale

 

96,180

 

 

 

466

 

1.92

 

 

 

18,465

 

 

 

83

 

1.77

 

 

 

546,224

 

 

 

4,949

 

3.58

 

Total interest earning assets

 

54,849,986

 

 

 

802,593

 

5.89

%

 

 

55,510,718

 

 

 

784,020

 

5.68

%

 

 

57,181,960

 

 

 

760,281

 

5.33

%

Cash and due from banks

 

531,604

 

 

 

 

 

 

 

532,624

 

 

 

 

 

 

 

646,066

 

 

 

 

 

Premises and equipment

 

376,293

 

 

 

 

 

 

 

370,376

 

 

 

 

 

 

 

369,039

 

 

 

 

 

Other real estate

 

18,003

 

 

 

 

 

 

 

61

 

 

 

 

 

 

 

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

1,121,764

 

 

 

 

 

 

 

1,114,703

 

 

 

 

 

 

 

1,095,866

 

 

 

 

 

Other assets(6)

 

2,349,199

 

 

 

 

 

 

 

1,493,749

 

 

 

 

 

 

 

1,222,146

 

 

 

 

 

Total assets

$

59,246,849

 

 

 

 

 

 

$

59,022,231

 

 

 

 

 

 

$

60,515,077

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

10,789,288

 

 

 

68,809

 

2.57

%

 

$

10,590,340

 

 

 

65,415

 

2.48

%

 

$

9,891,375

 

 

 

41,803

 

1.70

%

Money market accounts

 

12,617,120

 

 

 

99,380

 

3.17

 

 

 

12,826,385

 

 

 

103,129

 

3.23

 

 

 

13,468,210

 

 

 

85,397

 

2.54

 

Savings deposits

 

1,036,321

 

 

 

304

 

0.12

 

 

 

1,057,087

 

 

 

287

 

0.11

 

 

 

1,276,040

 

 

 

281

 

0.09

 

Time deposits

 

8,382,774

 

 

 

93,431

 

4.48

 

 

 

7,902,850

 

 

 

86,493

 

4.40

 

 

 

4,866,221

 

 

 

39,551

 

3.26

 

Brokered deposits

 

5,483,298

 

 

 

73,830

 

5.42

 

 

 

5,737,445

 

 

 

77,342

 

5.42

 

 

 

6,342,751

 

 

 

74,748

 

4.73

 

Federal funds purchased and securities sold under repurchase agreements

 

114,595

 

 

 

570

 

1.97

 

 

 

113,558

 

 

 

648

 

2.26

 

 

 

88,591

 

 

 

351

 

1.57

 

Other short-term borrowings

 

108,946

 

 

 

1,530

 

5.55

 

 

 

71,775

 

 

 

955

 

5.26

 

 

 

455,050

 

 

 

5,566

 

4.84

 

Long-term debt

 

1,666,731

 

 

 

28,390

 

6.79

 

 

 

1,764,740

 

 

 

29,595

 

6.69

 

 

 

3,821,126

 

 

 

55,915

 

5.82

 

Total interest-bearing liabilities

 

40,199,073

 

 

 

366,244

 

3.66

%

 

 

40,064,180

 

 

 

363,864

 

3.65

%

 

 

40,209,364

 

 

 

303,612

 

3.03

%

Non-interest-bearing demand deposits

 

12,099,256

 

 

 

 

 

 

 

12,071,670

 

 

 

 

 

 

 

13,874,482

 

 

 

 

 

Other liabilities

 

1,932,822

 

 

 

 

 

 

 

1,782,659

 

 

 

 

 

 

 

1,556,863

 

 

 

 

 

Total equity

 

5,015,698

 

 

 

 

 

 

 

5,103,722

 

 

 

 

 

 

 

4,874,368

 

 

 

 

 

Total liabilities and equity

$

59,246,849

 

 

 

 

 

 

$

59,022,231

 

 

 

 

 

 

$

60,515,077

 

 

 

 

 

Net interest income and net interest margin, taxable equivalent (7)

 

 

$

436,349

 

3.20

%

 

 

 

$

420,156

 

3.04

%

 

 

 

$

456,669

 

3.20

%

Less: taxable-equivalent adjustment

 

 

 

1,351

 

 

 

 

 

 

1,310

 

 

 

 

 

 

1,138

 

 

Net interest income

 

 

$

434,998

 

 

 

 

 

$

418,846

 

 

 

 

 

$

455,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Average loans are shown net of unearned income. NPLs are included.

(2) Interest income includes fees as follows: Second Quarter 2024 — $12.3 million, First Quarter 2024 — $10.6 million, and Second Quarter 2023 — $11.3 million.

(3) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.

(4) Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(5) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.

(6) Includes average net unrealized gains (losses) on investment securities available for sale of $(727.6) million, $(1.36) billion, and $(1.46) billion for the Second Quarter 2024, First Quarter 2024, and Second Quarter 2023, respectively.

(7) The net interest margin is calculated by dividing annualized net interest income- TE by average total interest earning assets.

Synovus

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES, INTEREST, AND YIELDS/RATES

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

2024

 

2023

 

(dollars in thousands)

Average Balance

 

Interest

 

Yield/

Rate

 

Average Balance

 

Interest

 

Yield/

Rate

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (1) (2) (3)

$

34,975,147

 

 

$

1,177,174

 

6.77

%

 

$

35,331,375

 

 

$

1,093,352

 

6.24

%

 

Consumer loans (1) (2)

 

8,396,215

 

 

 

218,773

 

5.23

 

 

 

8,615,748

 

 

 

208,693

 

4.87

 

 

Less: Allowance for loan losses

 

(486,893

)

 

 

 

 

 

 

(456,005

)

 

 

 

 

 

Loans, net

 

42,884,469

 

 

 

1,395,947

 

6.54

 

 

 

43,491,118

 

 

 

1,302,045

 

6.03

 

 

Total investment securities(4)

 

10,761,017

 

 

 

150,797

 

2.80

 

 

 

11,247,080

 

 

 

121,475

 

2.16

 

 

Trading account assets

 

10,188

 

 

 

227

 

4.47

 

 

 

16,360

 

 

 

434

 

5.30

 

 

Other earning assets(5)

 

1,248,958

 

 

 

32,973

 

5.23

 

 

 

1,479,926

 

 

 

35,292

 

4.74

 

 

FHLB and Federal Reserve Bank stock

 

188,766

 

 

 

4,960

 

5.26

 

 

 

293,518

 

 

 

7,656

 

5.22

 

 

Mortgage loans held for sale

 

33,569

 

 

 

1,161

 

6.92

 

 

 

45,600

 

 

 

1,418

 

6.22

 

 

Other loans held for sale

 

57,323

 

 

 

549

 

1.89

 

 

 

495,240

 

 

 

9,960

 

4.00

 

 

Total interest earning assets

 

55,184,290

 

 

$

1,586,614

 

5.78

%

 

 

57,068,842

 

 

$

1,478,280

 

5.22

%

 

Cash and due from banks

 

528,178

 

 

 

 

 

 

 

644,791

 

 

 

 

 

 

Premises and equipment

 

373,335

 

 

 

 

 

 

 

369,654

 

 

 

 

 

 

Other real estate

 

9,032

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

1,118,233

 

 

 

 

 

 

 

1,093,486

 

 

 

 

 

 

Other assets(6)

 

1,921,473

 

 

 

 

 

 

 

1,148,600

 

 

 

 

 

 

Total assets

$

59,134,541

 

 

 

 

 

 

$

60,325,373

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

10,689,814

 

 

$

134,224

 

2.53

%

 

$

9,493,481

 

 

$

65,024

 

1.38

%

 

Money market accounts

 

12,721,753

 

 

 

202,509

 

3.20

 

 

 

13,929,069

 

 

 

158,012

 

2.29

 

 

Savings deposits

 

1,046,704

 

 

 

591

 

0.11

 

 

 

1,322,846

 

 

 

491

 

0.07

 

 

Time deposits

 

8,142,812

 

 

 

179,924

 

4.44

 

 

 

4,237,249

 

 

 

61,047

 

2.91

 

 

Brokered deposits

 

5,610,371

 

 

 

151,172

 

5.42

 

 

 

5,950,539

 

 

 

131,141

 

4.44

 

 

Federal funds purchased and securities sold under repurchase agreements

 

114,076

 

 

 

1,218

 

2.11

 

 

 

110,852

 

 

 

1,021

 

1.83

 

 

Other short-term borrowings

 

90,361

 

 

 

2,485

 

5.44

 

 

 

1,062,908

 

 

 

24,559

 

4.60

 

 

Long-term debt

 

1,715,736

 

 

 

57,985

 

6.74

 

 

 

3,486,453

 

 

 

98,444

 

5.63

 

 

Total interest-bearing liabilities

 

40,131,627

 

 

$

730,108

 

3.66

%

 

 

39,593,397

 

 

$

539,739

 

2.75

%

 

Non-interest-bearing demand deposits

 

12,085,463

 

 

 

 

 

 

 

14,441,205

 

 

 

 

 

 

Other liabilities

 

1,857,741

 

 

 

 

 

 

 

1,539,939

 

 

 

 

 

 

Total equity

 

5,059,710

 

 

 

 

 

 

 

4,750,832

 

 

 

 

 

 

Total liabilities and equity

$

59,134,541

 

 

 

 

 

 

$

60,325,373

 

 

 

 

 

 

Net interest income, taxable equivalent net interest margin (7)

 

 

$

856,506

 

3.12

%

 

 

 

$

938,541

 

3.32

%

 

Less: taxable-equivalent adjustment

 

 

 

2,662

 

 

 

 

 

 

2,258

 

 

 

Net interest income

 

 

$

853,844

 

 

 

 

 

$

936,283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Average loans are shown net of unearned income. NPLs are included.

(2) Interest income includes fees as follows: 2024 — $22.9 million and 2023 — $22.8 million.

(3) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.

(4) Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(5) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.

(6) Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.04) billion and $(1.49) billion for the six months ended June 30, 2024 and 2023, respectively.

(7) The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earning assets.

Synovus

LOANS OUTSTANDING BY TYPE

(Unaudited)

 

Total Loans

 

Total Loans

 

Linked Quarter

 

Total Loans

 

Year/Year

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Loan Type

 

June 30, 2024

 

March 31, 2024

 

% Change

 

June 30, 2023

 

% Change

Commercial, Financial, and Agricultural

 

$

14,519,608

 

$

14,616,902

 

(1

)%

 

$

14,166,890

 

2

%

Owner-Occupied

 

 

8,017,004

 

 

8,114,394

 

(1

)

 

 

8,364,342

 

(4

)

Total Commercial & Industrial

 

 

22,536,612

 

 

22,731,296

 

(1

)

 

 

22,531,232

 

 

Multi-Family

 

 

4,288,436

 

 

4,199,435

 

2

 

 

 

3,597,497

 

19

 

Hotels

 

 

1,802,076

 

 

1,790,505

 

1

 

 

 

1,771,381

 

2

 

Office Buildings

 

 

1,801,945

 

 

1,852,208

 

(3

)

 

 

3,031,806

 

(41

)

Shopping Centers

 

 

1,298,967

 

 

1,302,754

 

 

 

 

1,329,492

 

(2

)

Warehouses

 

 

865,359

 

 

871,662

 

(1

)

 

 

1,068,734

 

(19

)

Other Investment Property

 

 

1,271,266

 

 

1,294,317

 

(2

)

 

 

1,471,356

 

(14

)

Total Investment Properties

 

 

11,328,049

 

 

11,310,881

 

 

 

 

12,270,266

 

(8

)

1-4 Family Construction

 

 

171,335

 

 

194,146

 

(12

)

 

 

205,459

 

(17

)

1-4 Family Investment Mortgage

 

 

381,212

 

 

385,992

 

(1

)

 

 

410,267

 

(7

)

Total 1-4 Family Properties

 

 

552,547

 

 

580,138

 

(5

)

 

 

615,726

 

(10

)

Commercial Development

 

 

65,994

 

 

66,000

 

 

 

 

60,910

 

8

 

Residential Development

 

 

67,231

 

 

72,024

 

(7

)

 

 

98,229

 

(32

)

Land Acquisition

 

 

201,666

 

 

164,976

 

22

 

 

 

248,767

 

(19

)

Land and Development

 

 

334,891

 

 

303,000

 

11

 

 

 

407,906

 

(18

)

Total Commercial Real Estate

 

 

12,215,487

 

 

12,194,019

 

 

 

 

13,293,898

 

(8

)

Consumer Mortgages

 

 

5,371,164

 

 

5,384,602

 

 

 

 

5,379,284

 

 

Home Equity

 

 

1,812,940

 

 

1,804,348

 

 

 

 

1,773,987

 

2

 

Credit Cards

 

 

178,889

 

 

180,663

 

(1

)

 

 

187,677

 

(5

)

Other Consumer Loans

 

 

978,305

 

 

1,014,949

 

(4

)

 

 

1,187,459

 

(18

)

Total Consumer

 

 

8,341,298

 

 

8,384,562

 

(1

)

 

 

8,528,407

 

(2

)

Total

 

$

43,093,397

 

$

43,309,877

 

%

 

$

44,353,537

 

(3

)%

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING LOANS COMPOSITION

 

 

 

 

 

 

 

 

(Unaudited)

 

Total

Non-performing Loans

 

Total

Non-performing Loans

 

Linked Quarter

 

Total

Non-performing Loans

 

Year/Year

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Loan Type

 

June 30, 2024

 

March 31, 2024

 

% Change

 

June 30, 2023

 

% Change

Commercial, Financial, and Agricultural

 

$

120,107

 

$

192,693

 

(38

)%

 

$

144,415

 

(17

)%

Owner-Occupied

 

 

50,977

 

 

80,218

 

(36

)

 

 

22,197

 

130

 

Total Commercial & Industrial

 

 

171,084

 

 

272,911

 

(37

)

 

 

166,612

 

3

 

Multi-Family

 

 

1,718

 

 

2,077

 

(17

)

 

 

1,748

 

(2

)

Office Buildings

 

 

7,350

 

 

7,630

 

(4

)

 

 

28,024

 

(74

)

Shopping Centers

 

 

541

 

 

547

 

(1

)

 

 

699

 

(23

)

Warehouses

 

 

177

 

 

188

 

(6

)

 

 

218

 

(19

)

Other Investment Property

 

 

1,782

 

 

1,784

 

 

 

 

664

 

168

 

Total Investment Properties

 

 

11,568

 

 

12,226

 

(5

)

 

 

31,353

 

(63

)

1-4 Family Construction

 

 

311

 

 

 

nm

 

 

 

632

 

(51

)

1-4 Family Investment Mortgage

 

 

2,749

 

 

2,300

 

20

 

 

 

3,525

 

(22

)

Total 1-4 Family Properties

 

 

3,060

 

 

2,300

 

33

 

 

 

4,157

 

(26

)

Residential Development

 

 

303

 

 

478

 

(37

)

 

 

267

 

13

 

Land Acquisition

 

 

606

 

 

540

 

12

 

 

 

871

 

(30

)

Land and Development

 

 

909

 

 

1,018

 

(11

)

 

 

1,138

 

(20

)

Total Commercial Real Estate

 

 

15,537

 

 

15,544

 

 

 

 

36,648

 

(58

)

Consumer Mortgages

 

 

48,352

 

 

42,563

 

14

 

 

 

41,877

 

15

 

Home Equity

 

 

14,947

 

 

12,451

 

20

 

 

 

9,936

 

50

 

Other Consumer Loans

 

 

6,186

 

 

6,981

 

(11

)

 

 

6,433

 

(4

)

Total Consumer

 

 

69,485

 

 

61,995

 

12

 

 

 

58,246

 

19

 

Total

 

$

256,106

 

$

350,450

 

(27

)%

 

$

261,506

 

(2

)%

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY DATA

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

2024

 

2023

 

Second Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second

 

First

 

Fourth

 

Third

 

Second

 

'24 vs '23

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing Loans (NPLs)

 

$

256,106

 

 

350,450

 

288,177

 

280,532

 

261,506

 

(2

)%

 

Other Real Estate and Other Assets

 

 

823

 

 

21,210

 

 

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing Assets (NPAs)

 

 

256,929

 

 

371,660

 

288,177

 

280,532

 

261,506

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses (ALL)

 

 

485,101

 

 

492,661

 

479,385

 

477,532

 

471,238

 

3

 

 

Reserve for Unfunded Commitments

 

 

53,058

 

 

53,579

 

57,231

 

55,185

 

55,729

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses (ACL)

 

 

538,159

 

 

546,240

 

536,616

 

532,717

 

526,967

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Charge-Offs - Quarter

 

 

34,485

 

 

44,356

 

41,574

 

66,822

 

26,396

 

 

 

Net Charge-Offs - YTD

 

 

78,841

 

 

44,356

 

153,342

 

111,768

 

44,946

 

 

 

Net Charge-Offs / Average Loans - Quarter (1)

 

 

0.32

%

 

0.41

 

0.38

 

0.61

 

0.24

 

 

 

Net Charge-Offs / Average Loans - YTD (1)

 

 

0.36

 

 

0.41

 

0.35

 

0.34

 

0.20

 

 

 

NPLs / Loans

 

 

0.59

 

 

0.81

 

0.66

 

0.64

 

0.59

 

 

 

NPAs / Loans, ORE and specific other assets

 

 

0.60

 

 

0.86

 

0.66

 

0.64

 

0.59

 

 

 

ACL/Loans

 

 

1.25

 

 

1.26

 

1.24

 

1.22

 

1.19

 

 

 

ALL/Loans

 

 

1.13

 

 

1.14

 

1.10

 

1.09

 

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACL/NPLs

 

 

210.13

 

 

155.87

 

186.21

 

189.90

 

201.51

 

 

 

ALL/NPLs

 

 

189.41

 

 

140.58

 

166.35

 

170.22

 

180.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days and Still Accruing

 

$

4,460

 

 

3,748

 

5,053

 

3,792

 

3,643

 

22

 

 

As a Percentage of Loans Outstanding

 

 

0.01

%

 

0.01

 

0.01

 

0.01

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Past Due Loans and Still Accruing

 

$

129,759

 

 

54,814

 

59,099

 

54,974

 

84,946

 

53

 

 

As a Percentage of Loans Outstanding

 

 

0.30

%

 

0.13

 

0.14

 

0.13

 

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Ratio is annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED CAPITAL INFORMATION (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

December 31, 2023

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital Ratio

 

 

10.62

%

 

10.22

 

9.86

 

 

 

 

 

 

 

Tier 1 Capital Ratio

 

 

11.74

 

 

11.28

 

10.89

 

 

 

 

 

 

 

Total Risk-Based Capital Ratio

 

 

13.59

 

 

13.07

 

12.80

 

 

 

 

 

 

 

Tier 1 Leverage Ratio

 

 

9.44

 

 

9.49

 

9.23

 

 

 

 

 

 

 

Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets

 

 

8.48

 

 

8.56

 

7.88

 

 

 

 

 

 

 

Tangible Common Equity Ratio (2) (4)

 

 

6.76

 

 

6.84

 

6.17

 

 

 

 

 

 

 

Book Value Per Common Share (3)

 

$

31.33

 

 

31.24

 

29.05

 

 

 

 

 

 

 

Tangible Book Value Per Common Share (2)

 

 

27.72

 

 

27.65

 

25.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Current quarter regulatory capital information is preliminary.

 

(2) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.

 

(3) Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred stock divided by total common shares outstanding.

 

(4) See "Non-GAAP Financial Measures" for applicable reconciliation.

 

Contacts

Media Contact
Audria Belton
Media Relations
media@synovus.com

Investor Contact
Jennifer H. Demba, CFA
Investor Relations
investorrelations@synovus.com

Release Summary

Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2024.

Contacts

Media Contact
Audria Belton
Media Relations
media@synovus.com

Investor Contact
Jennifer H. Demba, CFA
Investor Relations
investorrelations@synovus.com