Synovus Financial Corp. - SNV STOCK NEWS

Synovus Bank has appointed Darron Burnette as the new president of Synovus Mortgage, effective July 15. Burnette, who previously served as division CEO for South Georgia and North Florida markets, will lead a cross-functional team to drive strategic execution of mortgage lending operations. His role focuses on delivering growth, customized solutions, and exceptional client experience across the bank's markets. Burnette reports to Wayne Akins, Executive Vice President and Chief Community Banking and Wealth Services Officer.

Burnette's leadership skills and ability to navigate change successfully were highlighted as key factors in his appointment. He is actively involved in various community initiatives, including chairing the Georgia Banking School and supporting the Blue Mile Revitalization effort in Statesboro, Georgia. Burnette has received several civic and leadership awards, showcasing his commitment to both the banking industry and community service.

Synovus Bank has promoted Blake Thrasher to Tuscaloosa market executive. Thrasher, who joined Synovus in 2021 as senior executive vice president and commercial banker, will lead banking teams to provide tailored financial solutions, drive business development, and support community outreach initiatives. He will report to Alabama Division CEO Nelson Bean.

Thrasher brings over two decades of financial services experience and strong community connections. He earned his bachelor's degree from the University of Alabama, where he played collegiate basketball. Currently, he coaches varsity boys basketball at American Christian Academy and serves on its board of directors.

Synovus Bank, a Georgia-chartered, FDIC-insured bank, offers commercial and consumer banking services across Georgia, Alabama, South Carolina, Florida, and Tennessee. The bank is recognized as a Great Place to Work-Certified Company.

Synovus Financial Corp. (NYSE: SNV) reported Q2 2024 financial results, with a diluted loss per share of $(0.16) compared to $1.13 in Q2 2023. Adjusted diluted earnings per share remained stable at $1.16. The quarter was impacted by a $257 million securities loss, while adjusted EPS increased 47% from Q1 2024. Key highlights include:

- Net interest income increased 4% sequentially but decreased 5% year-over-year
- Net interest margin expanded by 16 basis points to 3.20%
- Period-end loans declined $216.5 million from Q1 2024
- Core deposits decreased $67.6 million to $44.8 billion
- Adjusted non-interest revenue grew 9% sequentially and 15% year-over-year
- Provision for credit losses declined 51% sequentially
- Preliminary CET1 ratio rose to 10.62%

Synovus Financial Corp. (NYSE: SNV) will release its second quarter 2024 earnings results after market close on July 17, 2024. A conference call will follow at 8:30 a.m. ET on July 18, 2024. The live audio webcast and accompanying slides will be available at Synovus' investor website. A replay will be accessible for 12 months.

Synovus, headquartered in Columbus, Georgia, holds approximately $60 billion in assets and offers a wide range of financial services, including commercial and consumer banking, private banking, wealth management, and more. The company operates branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is recognized as a Great Place to Work-Certified company.

Synovus Financial Corp. (NYSE: SNV) announced its quarterly dividends. The company declared a dividend of $0.38 per share on common stock, payable on July 1, 2024, to shareholders of record as of June 20, 2024.

Additionally, it declared $0.57159 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, payable on June 21, 2024, to shareholders of record as of June 15, 2024. The Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, will have a dividend of $0.3671875 per share, payable on July 1, 2024, to shareholders of record as of June 15, 2024.

Synovus, based in Columbus, Georgia, holds approximately $60 billion in assets and provides a wide range of financial services across several states.

Synovus Financial Corp. (NYSE: SNV) reported first quarter 2024 earnings with diluted earnings per share of $0.78 vs. $1.32 in 1Q23. Adjusted diluted earnings per share were $0.79 vs. $1.33 in 1Q23. The $12.8 million FDIC Special Assessment reduced 1Q24 reported and adjusted EPS by $0.07. Net income available to common shareholders was $114.8 million, showing progress in key areas like commercial loan growth, core deposit growth, and expense control.

Synovus Financial Corp. (SNV) has released its 2023 Annual Report, showcasing progress on strategic priorities, investments, and client-centric approach. CEO Kevin Blair emphasizes commitment to clients amidst challenges.

Synovus launches AccelerateTM Pay, a new payment solution for commercial banking clients, offering various payment types while reducing check usage. Clients can choose payment methods, including checks and e-checks. The solution simplifies business-to-business payments, integrates with existing systems, and provides fraud mitigation. Synovus partners with Echo Health Inc. and DPX Payments for this offering.

Synovus Financial Corp. (SNV) will announce its first quarter 2024 earnings results, with a conference call scheduled for April 18, 2024. The company, based in Columbus, Georgia, has around $60 billion in assets, offering a range of financial services across multiple states.