Synovus Announces Earnings for First Quarter 2025
Synovus Financial Corp. (NYSE: SNV) reported strong Q1 2025 financial results with diluted earnings per share of $1.30, up 67% from $0.78 in Q1 2024. Net income available to common shareholders reached $183.7 million, compared to $114.8 million in Q1 2024.
Key highlights include:
- Net interest margin expanded to 3.35%, up 7 basis points from Q4 2024
- Period-end loans increased $39.7 million from Q4 2024
- Core deposits totaled $46.0 billion, declining $223.8 million sequentially
- Average deposit costs decreased 20 basis points to 2.26%
- Provision for credit losses decreased 80% year-over-year to $10.9 million
- Common Equity Tier 1 ratio stood at 10.75%
The bank completed $120 million in common stock repurchases while maintaining strong credit metrics, with non-performing loan ratio improving to 0.67% and net charge-off ratio declining to 0.20%.
Synovus Financial Corp. (NYSE: SNV) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile diluito per azione di 1,30$, in aumento del 67% rispetto a 0,78$ nel primo trimestre 2024. L'utile netto disponibile per gli azionisti comuni ha raggiunto 183,7 milioni di dollari, rispetto a 114,8 milioni nel primo trimestre 2024.
I punti salienti includono:
- Margine di interesse netto aumentato al 3,35%, in crescita di 7 punti base rispetto al quarto trimestre 2024
- I prestiti a fine periodo sono aumentati di 39,7 milioni di dollari rispetto al quarto trimestre 2024
- I depositi core hanno totalizzato 46,0 miliardi di dollari, con un calo sequenziale di 223,8 milioni
- I costi medi dei depositi sono diminuiti di 20 punti base, attestandosi al 2,26%
- Le accantonamenti per perdite su crediti sono calati dell'80% su base annua, a 10,9 milioni di dollari
- Il rapporto Common Equity Tier 1 si è attestato al 10,75%
La banca ha completato riacquisti di azioni ordinarie per 120 milioni di dollari, mantenendo forti indicatori creditizi, con un miglioramento del rapporto di prestiti non performanti al 0,67% e una riduzione del tasso di svalutazioni nette allo 0,20%.
Synovus Financial Corp. (NYSE: SNV) reportó sólidos resultados financieros en el primer trimestre de 2025 con ganancias diluidas por acción de 1,30$, un aumento del 67% respecto a 0,78$ en el primer trimestre de 2024. El ingreso neto disponible para accionistas comunes alcanzó los 183,7 millones de dólares, comparado con 114,8 millones en el primer trimestre de 2024.
Los aspectos destacados incluyen:
- El margen neto de interés se expandió a 3,35%, subiendo 7 puntos básicos desde el cuarto trimestre de 2024
- Los préstamos al cierre del período aumentaron 39,7 millones de dólares respecto al cuarto trimestre de 2024
- Los depósitos básicos totalizaron 46,0 mil millones de dólares, disminuyendo 223,8 millones secuencialmente
- El costo promedio de depósitos bajó 20 puntos básicos a 2,26%
- La provisión para pérdidas crediticias disminuyó un 80% interanual a 10,9 millones de dólares
- La ratio Common Equity Tier 1 se situó en 10,75%
El banco completó recompras de acciones comunes por 120 millones de dólares, manteniendo sólidos indicadores crediticios, con una mejora en la ratio de préstamos morosos al 0,67% y una reducción en la tasa neta de cancelaciones a 0,20%.
Synovus Financial Corp. (NYSE: SNV)는 2025년 1분기에 희석 주당순이익이 1.30달러로 2024년 1분기 0.78달러 대비 67% 증가한 강력한 실적을 보고했습니다. 보통주주에게 귀속되는 순이익은 1억 8,370만 달러로 2024년 1분기 1억 1,480만 달러에서 증가했습니다.
주요 내용은 다음과 같습니다:
- 순이자마진이 3.35%로 확대되어 2024년 4분기 대비 7bp 상승
- 기말 대출금이 2024년 4분기 대비 3,970만 달러 증가
- 핵심 예금은 460억 달러로 전분기 대비 2억 2,380만 달러 감소
- 평균 예금 비용이 20bp 하락하여 2.26% 기록
- 대손충당금이 전년 동기 대비 80% 감소하여 1,090만 달러
- 보통주 자기자본비율(Common Equity Tier 1)이 10.75% 유지
은행은 1억 2,000만 달러 규모의 보통주 자사주 매입을 완료했으며, 부실채권 비율이 0.67%로 개선되고 순대손비율이 0.20%로 하락하는 등 견고한 신용 지표를 유지했습니다.
Synovus Financial Corp. (NYSE : SNV) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice dilué par action de 1,30 $, en hausse de 67 % par rapport à 0,78 $ au premier trimestre 2024. Le résultat net attribuable aux actionnaires ordinaires a atteint 183,7 millions de dollars, contre 114,8 millions au premier trimestre 2024.
Les points clés incluent :
- La marge nette d’intérêt s’est établie à 3,35 %, en hausse de 7 points de base par rapport au quatrième trimestre 2024
- Les prêts à la fin de la période ont augmenté de 39,7 millions de dollars par rapport au quatrième trimestre 2024
- Les dépôts de base ont totalisé 46,0 milliards de dollars, en baisse de 223,8 millions séquentiellement
- Le coût moyen des dépôts a diminué de 20 points de base pour s’établir à 2,26 %
- La provision pour pertes sur prêts a diminué de 80 % en glissement annuel pour atteindre 10,9 millions de dollars
- Le ratio Common Equity Tier 1 s’est situé à 10,75 %
La banque a réalisé des rachats d’actions ordinaires pour un montant de 120 millions de dollars tout en maintenant de solides indicateurs de crédit, avec une amélioration du ratio de prêts non performants à 0,67 % et une baisse du taux net de créances irrécouvrables à 0,20 %.
Synovus Financial Corp. (NYSE: SNV) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem verwässerten Gewinn je Aktie von 1,30 $, was einem Anstieg von 67 % gegenüber 0,78 $ im ersten Quartal 2024 entspricht. Der auf Stammaktionäre entfallende Nettogewinn erreichte 183,7 Millionen Dollar gegenüber 114,8 Millionen Dollar im ersten Quartal 2024.
Wichtige Highlights umfassen:
- Nettozinsmarge stieg auf 3,35 %, ein Anstieg um 7 Basispunkte gegenüber dem vierten Quartal 2024
- Kreditvolumen zum Periodenende stieg um 39,7 Millionen Dollar gegenüber dem vierten Quartal 2024
- Kern-Einlagen beliefen sich auf 46,0 Milliarden Dollar, was einem Rückgang von 223,8 Millionen Dollar gegenüber dem Vorquartal entspricht
- Durchschnittliche Einlagenkosten sanken um 20 Basispunkte auf 2,26 %
- Rückstellungen für Kreditausfälle sanken im Jahresvergleich um 80 % auf 10,9 Millionen Dollar
- Die Common Equity Tier 1 Quote lag bei 10,75 %
Die Bank schloss Aktienrückkäufe im Wert von 120 Millionen Dollar ab und behielt dabei starke Kreditkennzahlen bei, mit einer Verbesserung der notleidenden Kredite auf 0,67 % und einem Rückgang der Nettoabschreibungsquote auf 0,20 %.
- 67% year-over-year increase in earnings per share to $1.30
- Net interest margin expansion of 7 basis points to 3.35%
- 80% reduction in provision for credit losses year-over-year
- Improvement in credit quality metrics with NPL ratio decreasing to 0.67%
- Strong capital position with CET1 ratio at 10.75%
- Period-end core deposits declined by $223.8 million sequentially
- Non-interest revenue fell 2% year-over-year to $116.5 million
- Total loans decreased 2% year-over-year
- Non-interest bearing deposits decreased 4% year-over-year
Insights
Synovus delivered exceptional Q1 results with 67% EPS growth, driven by margin expansion and credit improvement despite growing economic caution.
Synovus Financial Corp. (NYSE: SNV) has posted remarkably strong first quarter results, with diluted earnings per share of $1.30, representing a 67% year-over-year increase from $0.78 in Q1 2024. This substantial growth was primarily driven by three key factors: net interest margin expansion of 31 basis points year-over-year to 3.35%, a significantly reduced provision for credit losses of $10.9 million (down 80% from $54 million last year), and disciplined expense management.
The bank's net interest income increased 8% year-over-year to $454.4 million, demonstrating the effectiveness of its deposit repricing strategies in the current rate environment. Despite a flat sequential loan growth of just $39.7 million, the improved funding costs and NIM expansion have substantially boosted profitability metrics, with return on average tangible common equity reaching 17.52% compared to 11.71% a year ago.
Credit quality metrics show remarkable improvement. The non-performing loan ratio decreased to 0.67% from 0.86% a year ago, while the net charge-off ratio fell to 0.20% from 0.41% in Q1 2024. The allowance for credit losses stands at 1.24% of loans with a robust 185% coverage of non-performing loans.
Of particular note is the bank's effective capital management, maintaining a strong preliminary CET1 ratio of 10.75% even after repurchasing $120 million in common stock during the quarter. This demonstrates confidence in their capital position despite economic uncertainties.
Management's commentary suggests growing caution among borrowers and investors concerning consumer spending sustainability, potential tariff impacts, and federal government layoffs. However, these highlighted risks appear to be more forward-looking than immediate, as current performance metrics remain exceptionally strong across the board.
Synovus demonstrates banking sector resilience with superior margin management, credit improvement, and capital deployment while navigating economic uncertainty.
Synovus's Q1 performance represents a textbook example of effective banking management in a challenging interest rate environment. The 31 basis point year-over-year expansion in net interest margin to 3.35% is particularly impressive when many regional banks are still struggling with margin compression. This improvement stems from successful deposit repricing strategies, with average deposit costs declining 20 basis points sequentially to 2.26%, demonstrating the bank's pricing power and customer retention capability.
The deposit mix evolution reveals important trends: non-interest-bearing deposits declined 4% year-over-year to $11.1 billion, reflecting the broader industry challenge of deposit migration. However, Synovus has effectively offset this by growing interest-bearing DDA accounts by 12% and money market accounts by 7%. The bank has also reduced its reliance on brokered deposits by 15% year-over-year, a positive sign for funding stability.
The dramatic improvement in credit metrics is particularly noteworthy. The 80% reduction in provision expense to just $10.9 million signals strong confidence in the loan portfolio quality, while the decline in non-performing assets to 0.67% places Synovus among the stronger performers in the regional banking space. The sequential improvement in these metrics contradicts the cautionary economic outlook mentioned by management.
Capital deployment actions, including $120 million in share repurchases while maintaining a 10.75% CET1 ratio, demonstrate management's confidence in the bank's financial health and future prospects. This balanced approach to shareholder returns and capital preservation distinguishes Synovus from more cautious regional banking peers.
Management's comments about borrowers and investors growing "more cautious amid concerns surrounding the sustainability of consumer spending and potential impacts from higher tariffs and federal government layoffs" warrant attention, but haven't yet materialized in the bank's performance metrics, which show across-the-board improvement.
Diluted earnings per share of
Adjusted diluted earnings per share of
"In the first quarter, we delivered
First Quarter 2025 Highlights
-
Net income available to common shareholders was
$183.7 million $1.30 $178.8 million $1.25 $114.8 million $0.78 -
Adjusted net income available to common shareholders was
$184.4 million $1.30 $178.3 million $1.25 $116.0 million $0.79 -
Pre-provision net revenue was
$262.8 million 3% from fourth quarter 2024 but was up22% from first quarter 2024. Adjusted pre-provision net revenue of$265.3 million 2% from fourth quarter 2024 and increased$47.5 million 22% , compared to first quarter 2024. Year-over-year growth was the result of a healthy increase in net interest income and a decline in non-interest expense. -
Net interest income was flat sequentially in the first quarter and increased
$35.5 million 8% , compared to first quarter 2024. On a linked quarter basis, the net interest margin expanded 7 basis points to3.35% as a result of effective deposit repricing, a lower cash position, hedge maturities and a stable Fed Funds environment, which more than offset a full quarter impact of the$500 million -
Period-end loans increased
$39.7 million -
Period-end core deposits (excluding brokered deposits) were
$46.0 billion $223.8 million 2.26% . -
Non-interest revenue of
$116.5 million $9.1 million $2.4 million 2% , compared to first quarter 2024. Adjusted non-interest revenue of$117.3 million $7.3 million 6% , sequentially and increased$693 thousand 1% , compared to first quarter 2024. The sequential decline in adjusted non-interest revenue was largely from lower capital markets income and seasonally weaker commercial sponsorship fees. The year-over-year growth was primarily attributable to higher core banking fees and capital markets income. -
Non-interest expense and adjusted non-interest expense were
$308.0 million $307.9 million 5% from first quarter 2024. Adjusted non-interest expense fell3% year over year due to disciplined expense control and a$12.2 million -
Provision for credit losses of
$10.9 million 67% sequentially and fell80% compared to$54.0 million 1.24% was down from1.27% in the prior quarter, while our coverage of non-performing loans improved to185% in first quarter 2025 from174% in the prior quarter. -
The non-performing loan and asset ratios improved to
0.67% compared to0.73% in fourth quarter 2024, while the net charge-off ratio for first quarter 2025 was0.20% , down from0.26% in the prior quarter. Total past due loans were0.22% of total loans outstanding. -
The preliminary Common Equity Tier 1 ratio ended first quarter 2025 at
10.75% as core earnings accretion offset the impact of$120 million
First Quarter Summary
|
Reported |
|
Adjusted |
||||||||||||||||||||
(dollars in thousands) |
|
1Q25 |
|
|
|
4Q24 |
|
|
|
1Q24 |
|
|
|
1Q25 |
|
|
|
4Q24 |
|
|
|
1Q24 |
|
Net income available to common shareholders |
$ |
183,691 |
|
|
$ |
178,848 |
|
|
$ |
114,822 |
|
|
$ |
184,380 |
|
|
$ |
178,331 |
|
|
$ |
115,973 |
|
Diluted earnings per share |
|
1.30 |
|
|
|
1.25 |
|
|
|
0.78 |
|
|
|
1.30 |
|
|
|
1.25 |
|
|
|
0.79 |
|
Total revenue |
|
570,850 |
|
|
|
580,580 |
|
|
|
537,734 |
|
|
|
573,243 |
|
|
|
581,054 |
|
|
|
536,745 |
|
Total loans |
|
42,648,738 |
|
|
|
42,609,028 |
|
|
|
43,309,877 |
|
|
NA |
|
NA |
|
NA |
||||||
Total deposits |
|
50,843,061 |
|
|
|
51,095,359 |
|
|
|
50,580,242 |
|
|
NA |
|
NA |
|
NA |
||||||
Return on avg assets(1) |
|
1.32 |
% |
|
|
1.25 |
% |
|
|
0.85 |
% |
|
|
1.32 |
% |
|
|
1.25 |
% |
|
|
0.85 |
% |
Return on avg common equity(1) |
|
15.48 |
|
|
|
14.75 |
|
|
|
10.17 |
|
|
|
15.54 |
|
|
|
14.71 |
|
|
|
10.27 |
|
Return on avg tangible common equity(1) |
|
17.52 |
|
|
|
16.72 |
|
|
|
11.71 |
|
|
|
17.58 |
|
|
|
16.67 |
|
|
|
11.83 |
|
Net interest margin(2) |
|
3.35 |
|
|
|
3.28 |
|
|
|
3.04 |
|
|
NA |
|
NA |
|
NA |
||||||
Efficiency ratio-TE(2)(3) |
|
53.81 |
|
|
|
53.15 |
|
|
|
59.87 |
|
|
|
53.26 |
|
|
|
52.69 |
|
|
|
58.88 |
|
NCO ratio-QTD |
|
0.20 |
|
|
|
0.26 |
|
|
|
0.41 |
|
|
NA |
|
|
NA |
|
|
NA |
||||
NPA ratio |
|
0.67 |
|
|
|
0.73 |
|
|
|
0.86 |
|
|
NA |
|
|
NA |
|
|
NA |
||||
Common Equity Tier 1 capital (CET1) ratio(4) |
|
10.75 |
|
|
|
10.84 |
|
|
|
10.38 |
|
|
NA |
|
|
NA |
|
|
NA |
||||
(1) Annualized |
|||||||||||||||||||||||
(2) Taxable equivalent |
|||||||||||||||||||||||
(3) Adjusted tangible efficiency ratio |
|||||||||||||||||||||||
(4) Current period ratio preliminary |
|||||||||||||||||||||||
NA - not applicable |
|||||||||||||||||||||||
Balance Sheet
Loans* |
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(dollars in millions) |
|
1Q25 |
|
|
4Q24 |
|
Linked Quarter Change |
|
Linked
|
|
|
1Q24 |
|
Year/Year Change |
|
Year/Year
|
||||||
Commercial & industrial |
$ |
22,313.3 |
|
$ |
22,331.1 |
|
$ |
(17.8 |
) |
|
— |
% |
|
$ |
22,731.3 |
|
$ |
(418.0 |
) |
|
(2 |
)% |
Commercial real estate |
|
12,071.6 |
|
|
12,014.6 |
|
|
56.9 |
|
|
— |
|
|
|
12,194.0 |
|
|
(122.5 |
) |
|
(1 |
) |
Consumer |
|
8,263.8 |
|
|
8,263.3 |
|
|
0.6 |
|
|
— |
|
|
|
8,384.6 |
|
|
(120.7 |
) |
|
(1 |
) |
Total loans |
$ |
42,648.7 |
|
$ |
42,609.0 |
|
$ |
39.7 |
|
|
— |
% |
|
$ |
43,309.9 |
|
$ |
(661.2 |
) |
|
(2 |
)% |
*Amounts may not total due to rounding |
||||||||||||||||||||||
Deposits* |
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(dollars in millions) |
|
1Q25 |
|
|
4Q24 |
|
Linked Quarter Change |
|
Linked
|
|
|
1Q24 |
|
Year/Year Change |
|
Year/Year
|
||||||
Non-interest-bearing DDA |
$ |
11,095.8 |
|
$ |
10,974.6 |
|
$ |
121.2 |
|
|
1 |
% |
|
$ |
11,515.4 |
|
$ |
(419.6 |
) |
|
(4 |
)% |
Interest-bearing DDA |
|
7,272.0 |
|
|
7,199.7 |
|
|
72.4 |
|
|
1 |
|
|
|
6,478.8 |
|
|
793.2 |
|
|
12 |
|
Money market |
|
11,424.7 |
|
|
11,407.4 |
|
|
17.2 |
|
|
— |
|
|
|
10,712.7 |
|
|
711.9 |
|
|
7 |
|
Savings |
|
1,000.4 |
|
|
971.1 |
|
|
29.3 |
|
|
3 |
|
|
|
1,045.1 |
|
|
(44.7 |
) |
|
(4 |
) |
Public funds |
|
8,125.0 |
|
|
7,987.5 |
|
|
137.5 |
|
|
2 |
|
|
|
7,270.4 |
|
|
854.6 |
|
|
12 |
|
Time deposits |
|
7,078.5 |
|
|
7,679.9 |
|
|
(601.4 |
) |
|
(8 |
) |
|
|
7,838.9 |
|
|
(760.4 |
) |
|
(10 |
) |
Brokered deposits |
|
4,846.7 |
|
|
4,875.2 |
|
|
(28.5 |
) |
|
(1 |
) |
|
|
5,718.9 |
|
|
(872.2 |
) |
|
(15 |
) |
Total deposits |
$ |
50,843.1 |
|
$ |
51,095.4 |
|
$ |
(252.3 |
) |
|
— |
% |
|
$ |
50,580.2 |
|
$ |
262.8 |
|
|
1 |
% |
*Amounts may not total due to rounding |
||||||||||||||||||||||
Income Statement Summary**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands, except per share data) |
|
1Q25 |
|
|
|
4Q24 |
|
|
Linked Quarter Change |
|
Linked
|
|
|
1Q24 |
|
|
Year/Year Change |
|
Year/Year
|
||||||
Net interest income |
$ |
454,384 |
|
|
$ |
454,993 |
|
|
$ |
(609 |
) |
|
— |
% |
|
$ |
418,846 |
|
|
$ |
35,538 |
|
|
8 |
% |
Non-interest revenue |
|
116,466 |
|
|
|
125,587 |
|
|
|
(9,121 |
) |
|
(7 |
) |
|
|
118,888 |
|
|
|
(2,422 |
) |
|
(2 |
) |
Non-interest expense |
|
308,034 |
|
|
|
309,311 |
|
|
|
(1,277 |
) |
|
— |
|
|
|
322,741 |
|
|
|
(14,707 |
) |
|
(5 |
) |
Provision for (reversal of) credit losses |
|
10,921 |
|
|
|
32,867 |
|
|
|
(21,946 |
) |
|
(67 |
) |
|
|
53,980 |
|
|
|
(43,059 |
) |
|
(80 |
) |
Income before taxes |
$ |
251,895 |
|
|
$ |
238,402 |
|
|
$ |
13,493 |
|
|
6 |
% |
|
$ |
161,013 |
|
|
$ |
90,882 |
|
|
56 |
% |
Income tax expense (benefit) |
|
57,023 |
|
|
|
49,025 |
|
|
|
7,998 |
|
|
16 |
|
|
|
36,943 |
|
|
|
20,080 |
|
|
54 |
|
Net income |
|
194,872 |
|
|
|
189,377 |
|
|
|
5,495 |
|
|
3 |
|
|
|
124,070 |
|
|
|
70,802 |
|
|
57 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
(142 |
) |
|
|
(1,049 |
) |
|
|
907 |
|
|
86 |
|
|
|
(437 |
) |
|
|
295 |
|
|
68 |
|
Net income attributable to Synovus Financial Corp. |
|
195,014 |
|
|
|
190,426 |
|
|
|
4,588 |
|
|
2 |
|
|
|
124,507 |
|
|
|
70,507 |
|
|
57 |
|
Less: Preferred stock dividends |
|
11,323 |
|
|
|
11,578 |
|
|
|
(255 |
) |
|
(2 |
) |
|
|
9,685 |
|
|
|
1,638 |
|
|
17 |
|
Net income available to common shareholders |
$ |
183,691 |
|
|
$ |
178,848 |
|
|
$ |
4,843 |
|
|
3 |
% |
|
$ |
114,822 |
|
|
$ |
68,869 |
|
|
60 |
% |
Weighted average common shares outstanding, diluted |
|
141,775 |
|
|
|
142,694 |
|
|
|
(919 |
) |
|
(1 |
)% |
|
|
147,122 |
|
|
|
(5,347 |
) |
|
(4 |
)% |
Diluted earnings per share |
$ |
1.30 |
|
|
$ |
1.25 |
|
|
$ |
0.05 |
|
|
4 |
|
|
$ |
0.78 |
|
|
$ |
0.52 |
|
|
67 |
|
Adjusted diluted earnings per share |
|
1.30 |
|
|
|
1.25 |
|
|
|
0.05 |
|
|
4 |
|
|
|
0.79 |
|
|
|
0.51 |
|
|
65 |
|
Effective tax rate |
|
22.64 |
% |
|
|
20.56 |
% |
|
|
|
|
|
|
22.94 |
% |
|
|
|
|
||||||
** Amounts may not total due to rounding |
|||||||||||||||||||||||||
NM - not meaningful |
|||||||||||||||||||||||||
First Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on April 17, 2025. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 659807). Shareholders and other interested parties may also 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
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 Dec. 31, 2024, 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.
Synovus |
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INCOME STATEMENT DATA |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(Dollars in thousands, except per share data) |
2025 |
|
2024 |
|
First Quarter |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
'25 vs '24 |
|||||||
|
|
|
|
|
% Change |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest income |
$ |
766,765 |
|
|
799,130 |
|
|
810,507 |
|
|
801,242 |
|
|
782,710 |
|
|
(2 |
)% |
Interest expense |
|
312,381 |
|
|
344,137 |
|
|
369,767 |
|
|
366,244 |
|
|
363,864 |
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
454,384 |
|
|
454,993 |
|
|
440,740 |
|
|
434,998 |
|
|
418,846 |
|
|
8 |
|
Provision for (reversal of) credit losses |
|
10,921 |
|
|
32,867 |
|
|
23,434 |
|
|
26,404 |
|
|
53,980 |
|
|
(80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income after provision for credit losses |
|
443,463 |
|
|
422,126 |
|
|
417,306 |
|
|
408,594 |
|
|
364,866 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-interest revenue: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Service charges on deposit accounts |
|
23,114 |
|
|
23,244 |
|
|
23,683 |
|
|
22,907 |
|
|
21,813 |
|
|
6 |
|
Fiduciary and asset management fees |
|
19,917 |
|
|
21,373 |
|
|
19,714 |
|
|
19,728 |
|
|
19,013 |
|
|
5 |
|
Card fees |
|
21,227 |
|
|
19,577 |
|
|
18,439 |
|
|
19,418 |
|
|
19,486 |
|
|
9 |
|
Brokerage revenue |
|
20,359 |
|
|
20,907 |
|
|
20,810 |
|
|
20,457 |
|
|
22,707 |
|
|
(10 |
) |
Mortgage banking income |
|
3,338 |
|
|
2,665 |
|
|
4,033 |
|
|
3,944 |
|
|
3,418 |
|
|
(2 |
) |
Capital markets income |
|
6,941 |
|
|
12,070 |
|
|
10,284 |
|
|
15,077 |
|
|
6,627 |
|
|
5 |
|
Income from bank-owned life insurance |
|
8,084 |
|
|
10,543 |
|
|
8,442 |
|
|
8,097 |
|
|
7,347 |
|
|
10 |
|
Investment securities gains (losses), net |
|
— |
|
|
— |
|
|
— |
|
|
(256,660 |
) |
|
— |
|
|
nm |
|
Other non-interest revenue |
|
13,486 |
|
|
15,208 |
|
|
18,575 |
|
|
18,181 |
|
|
18,477 |
|
|
(27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total non-interest revenue |
|
116,466 |
|
|
125,587 |
|
|
123,980 |
|
|
(128,851 |
) |
|
118,888 |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Salaries and other personnel expense |
|
185,510 |
|
|
184,725 |
|
|
184,814 |
|
|
179,407 |
|
|
188,521 |
|
|
(2 |
) |
Net occupancy, equipment, and software expense |
|
48,652 |
|
|
47,251 |
|
|
46,977 |
|
|
46,415 |
|
|
46,808 |
|
|
4 |
|
Third-party processing and other services |
|
21,874 |
|
|
22,158 |
|
|
21,552 |
|
|
21,783 |
|
|
20,258 |
|
|
8 |
|
Professional fees |
|
9,779 |
|
|
11,949 |
|
|
10,854 |
|
|
15,655 |
|
|
7,631 |
|
|
28 |
|
FDIC insurance and other regulatory fees |
|
8,544 |
|
|
8,227 |
|
|
7,382 |
|
|
6,493 |
|
|
23,819 |
|
|
(64 |
) |
Restructuring charges (reversals) |
|
(1,292 |
) |
|
37 |
|
|
1,219 |
|
|
(658 |
) |
|
1,524 |
|
|
nm |
|
Other operating expenses |
|
34,967 |
|
|
34,964 |
|
|
40,892 |
|
|
32,706 |
|
|
34,180 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total non-interest expense |
|
308,034 |
|
|
309,311 |
|
|
313,690 |
|
|
301,801 |
|
|
322,741 |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income (loss) before income taxes |
|
251,895 |
|
|
238,402 |
|
|
227,596 |
|
|
(22,058 |
) |
|
161,013 |
|
|
56 |
|
Income tax expense (benefit) |
|
57,023 |
|
|
49,025 |
|
|
46,912 |
|
|
(7,378 |
) |
|
36,943 |
|
|
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income (loss) |
|
194,872 |
|
|
189,377 |
|
|
180,684 |
|
|
(14,680 |
) |
|
124,070 |
|
|
57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Less: Net income (loss) attributable to noncontrolling interest |
|
(142 |
) |
|
(1,049 |
) |
|
(871 |
) |
|
(652 |
) |
|
(437 |
) |
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income (loss) attributable to Synovus Financial Corp. |
|
195,014 |
|
|
190,426 |
|
|
181,555 |
|
|
(14,028 |
) |
|
124,507 |
|
|
57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Less: Preferred stock dividends |
|
11,323 |
|
|
11,578 |
|
|
11,927 |
|
|
9,713 |
|
|
9,685 |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income (loss) available to common shareholders |
$ |
183,691 |
|
|
178,848 |
|
|
169,628 |
|
|
(23,741 |
) |
|
114,822 |
|
|
60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income (loss) per common share, basic |
$ |
1.31 |
|
|
1.26 |
|
|
1.19 |
|
|
(0.16 |
) |
|
0.78 |
|
|
68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income (loss) per common share, diluted |
|
1.30 |
|
|
1.25 |
|
|
1.18 |
|
|
(0.16 |
) |
|
0.78 |
|
|
67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cash dividends declared per common share |
|
0.39 |
|
|
0.38 |
|
|
0.38 |
|
|
0.38 |
|
|
0.38 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Return on average assets * |
|
1.32 |
% |
|
1.25 |
|
|
1.21 |
|
|
(0.10 |
) |
|
0.85 |
|
|
47 bps |
|
Return on average common equity * |
|
15.48 |
|
|
14.75 |
|
|
14.38 |
|
|
(2.14 |
) |
|
10.17 |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding, basic |
|
140,684 |
|
|
141,555 |
|
|
143,144 |
|
|
145,565 |
|
|
146,430 |
|
|
(4 |
)% |
Weighted average common shares outstanding, diluted |
|
141,775 |
|
|
142,694 |
|
|
143,979 |
|
|
145,565 |
|
|
147,122 |
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
nm - not meaningful |
||||||||||||||||||
bps - basis points |
||||||||||||||||||
* - ratios are annualized |
||||||||||||||||||
Amounts may not total due to rounding |
||||||||||||||||||
Synovus |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
BALANCE SHEET DATA |
|
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
||||||
|
|
|
|
|
|
|
||||||
(Unaudited) |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
(In thousands, except share data) |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
ASSETS |
|
|
|
|
|
|
||||||
Interest-earning deposits with banks and other cash and cash equivalents |
|
$ |
2,675,110 |
|
|
$ |
2,977,667 |
|
|
$ |
2,379,778 |
|
Federal funds sold and securities purchased under resale agreements |
|
|
31,123 |
|
|
|
16,320 |
|
|
|
43,722 |
|
Cash, cash equivalents, and restricted cash |
|
|
2,706,233 |
|
|
|
2,993,987 |
|
|
|
2,423,500 |
|
|
|
|
|
|
|
|
||||||
Investment securities held to maturity |
|
|
2,546,741 |
|
|
|
2,581,469 |
|
|
|
— |
|
Investment securities available for sale |
|
|
7,840,385 |
|
|
|
7,551,018 |
|
|
|
9,694,515 |
|
Loans held for sale (includes |
|
|
121,669 |
|
|
|
90,111 |
|
|
|
130,586 |
|
|
|
|
|
|
|
|
||||||
Loans, net of deferred fees and costs |
|
|
42,648,738 |
|
|
|
42,609,028 |
|
|
|
43,309,877 |
|
Allowance for loan losses |
|
|
(478,207 |
) |
|
|
(486,845 |
) |
|
|
(492,661 |
) |
Loans, net |
|
|
42,170,531 |
|
|
|
42,122,183 |
|
|
|
42,817,216 |
|
|
|
|
|
|
|
|
||||||
Cash surrender value of bank-owned life insurance |
|
|
1,148,075 |
|
|
|
1,139,988 |
|
|
|
1,119,379 |
|
Premises, equipment, and software, net |
|
|
381,925 |
|
|
|
383,724 |
|
|
|
375,315 |
|
Goodwill |
|
|
480,440 |
|
|
|
480,440 |
|
|
|
480,440 |
|
Other intangible assets, net |
|
|
31,691 |
|
|
|
34,318 |
|
|
|
43,021 |
|
Other assets |
|
|
2,911,431 |
|
|
|
2,856,406 |
|
|
|
2,751,148 |
|
Total assets |
|
$ |
60,339,121 |
|
|
$ |
60,233,644 |
|
|
$ |
59,835,120 |
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||||||
Liabilities: |
|
|
|
|
|
|
||||||
Deposits: |
|
|
|
|
|
|
||||||
Non-interest-bearing deposits |
|
$ |
11,543,123 |
|
|
$ |
11,596,119 |
|
|
$ |
12,042,353 |
|
Interest-bearing deposits |
|
|
39,299,938 |
|
|
|
39,499,240 |
|
|
|
38,537,889 |
|
|
|
|
|
|
|
|
||||||
Total deposits |
|
|
50,843,061 |
|
|
|
51,095,359 |
|
|
|
50,580,242 |
|
|
|
|
|
|
|
|
||||||
Federal funds purchased and securities sold under repurchase agreements |
|
|
83,002 |
|
|
|
131,728 |
|
|
|
128,244 |
|
Other short-term borrowings |
|
|
— |
|
|
|
— |
|
|
|
252,469 |
|
Long-term debt |
|
|
2,096,918 |
|
|
|
1,733,109 |
|
|
|
2,031,735 |
|
Other liabilities |
|
|
1,903,837 |
|
|
|
2,007,197 |
|
|
|
1,800,794 |
|
Total liabilities |
|
|
54,926,818 |
|
|
|
54,967,393 |
|
|
|
54,793,484 |
|
|
|
|
|
|
|
|
||||||
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 - |
|
|
172,660 |
|
|
|
172,186 |
|
|
|
171,873 |
|
Additional paid-in capital |
|
|
3,983,395 |
|
|
|
3,986,729 |
|
|
|
3,957,576 |
|
Treasury stock, at cost; 33,445,471, 31,019,599, and 25,454,858 shares, respectively |
|
|
(1,337,676 |
) |
|
|
(1,216,827 |
) |
|
|
(974,499 |
) |
Accumulated other comprehensive income (loss), net |
|
|
(826,718 |
) |
|
|
(970,765 |
) |
|
|
(1,248,194 |
) |
Retained earnings |
|
|
2,861,945 |
|
|
|
2,736,089 |
|
|
|
2,574,017 |
|
Total Synovus Financial Corp. shareholders’ equity |
|
|
5,390,751 |
|
|
|
5,244,557 |
|
|
|
5,017,918 |
|
Noncontrolling interest in subsidiary |
|
|
21,552 |
|
|
|
21,694 |
|
|
|
23,718 |
|
Total equity |
|
|
5,412,303 |
|
|
|
5,266,251 |
|
|
|
5,041,636 |
|
Total liabilities and equity |
|
$ |
60,339,121 |
|
|
$ |
60,233,644 |
|
|
$ |
59,835,120 |
|
Synovus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES |
|||||||||||||||||||||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
First Quarter 2025 |
|
Fourth Quarter 2024 |
|
First Quarter 2024 |
||||||||||||||||||||||||
(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) |
$ |
34,262,226 |
|
|
$ |
543,485 |
|
6.43 |
% |
|
$ |
34,278,042 |
|
|
$ |
569,759 |
|
6.61 |
% |
|
$ |
34,943,797 |
|
|
$ |
583,459 |
|
6.72 |
% |
Consumer loans (1) |
|
8,244,161 |
|
|
|
106,344 |
|
5.19 |
|
|
|
8,258,712 |
|
|
|
107,507 |
|
5.19 |
|
|
|
8,434,105 |
|
|
|
109,566 |
|
5.21 |
|
Less: Allowance for loan losses |
|
(480,023 |
) |
|
|
— |
|
— |
|
|
|
(479,980 |
) |
|
|
— |
|
— |
|
|
|
(481,146 |
) |
|
|
— |
|
— |
|
Loans, net |
|
42,026,364 |
|
|
|
649,829 |
|
6.26 |
|
|
|
42,056,774 |
|
|
|
677,266 |
|
6.41 |
|
|
|
42,896,756 |
|
|
|
693,025 |
|
6.49 |
|
Total investment securities(3) |
|
10,759,512 |
|
|
|
93,352 |
|
3.47 |
|
|
|
10,623,943 |
|
|
|
91,038 |
|
3.43 |
|
|
|
11,148,242 |
|
|
|
71,906 |
|
2.58 |
|
Interest-earning deposits with other banks |
|
2,054,292 |
|
|
|
22,172 |
|
4.32 |
|
|
|
2,437,414 |
|
|
|
28,726 |
|
4.61 |
|
|
|
1,182,412 |
|
|
|
15,907 |
|
5.33 |
|
Federal funds sold and securities purchased under resale agreements |
|
20,162 |
|
|
|
131 |
|
2.60 |
|
|
|
21,177 |
|
|
|
210 |
|
3.88 |
|
|
|
35,678 |
|
|
|
266 |
|
2.95 |
|
Mortgage loans held for sale |
|
24,267 |
|
|
|
373 |
|
6.15 |
|
|
|
30,483 |
|
|
|
520 |
|
6.83 |
|
|
|
29,773 |
|
|
|
495 |
|
6.65 |
|
Other loans held for sale |
|
69,049 |
|
|
|
384 |
|
2.23 |
|
|
|
74,019 |
|
|
|
404 |
|
2.13 |
|
|
|
18,465 |
|
|
|
83 |
|
1.77 |
|
Other earning assets(4) |
|
178,344 |
|
|
|
2,101 |
|
4.71 |
|
|
|
178,676 |
|
|
|
2,396 |
|
5.37 |
|
|
|
199,392 |
|
|
|
2,338 |
|
4.69 |
|
Total interest earning assets |
|
55,131,990 |
|
|
|
768,342 |
|
5.65 |
% |
|
|
55,422,486 |
|
|
|
800,560 |
|
5.75 |
% |
|
|
55,510,718 |
|
|
|
784,020 |
|
5.68 |
% |
Cash and due from banks |
|
499,201 |
|
|
|
|
|
|
|
512,178 |
|
|
|
|
|
|
|
532,624 |
|
|
|
|
|
||||||
Premises and equipment |
|
384,258 |
|
|
|
|
|
|
|
382,784 |
|
|
|
|
|
|
|
370,376 |
|
|
|
|
|
||||||
Other real estate |
|
261 |
|
|
|
|
|
|
|
386 |
|
|
|
|
|
|
|
61 |
|
|
|
|
|
||||||
Cash surrender value of bank-owned life insurance |
|
1,142,943 |
|
|
|
|
|
|
|
1,135,952 |
|
|
|
|
|
|
|
1,114,703 |
|
|
|
|
|
||||||
Other assets(5) |
|
2,717,893 |
|
|
|
|
|
|
|
2,720,830 |
|
|
|
|
|
|
|
1,493,749 |
|
|
|
|
|
||||||
Total assets |
$ |
59,876,546 |
|
|
|
|
|
|
$ |
60,174,616 |
|
|
|
|
|
|
$ |
59,022,231 |
|
|
|
|
|
||||||
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand deposits |
$ |
11,613,495 |
|
|
|
62,811 |
|
2.19 |
% |
|
$ |
11,298,352 |
|
|
|
67,470 |
|
2.38 |
% |
|
$ |
10,590,340 |
|
|
|
65,415 |
|
2.48 |
% |
Money market accounts |
|
13,900,933 |
|
|
|
92,897 |
|
2.71 |
|
|
|
13,768,434 |
|
|
|
101,063 |
|
2.92 |
|
|
|
12,826,385 |
|
|
|
103,129 |
|
3.23 |
|
Savings deposits |
|
994,127 |
|
|
|
320 |
|
0.13 |
|
|
|
986,522 |
|
|
|
316 |
|
0.13 |
|
|
|
1,057,087 |
|
|
|
287 |
|
0.11 |
|
Time deposits |
|
7,777,767 |
|
|
|
71,055 |
|
3.71 |
|
|
|
8,251,686 |
|
|
|
85,426 |
|
4.12 |
|
|
|
7,902,850 |
|
|
|
86,493 |
|
4.40 |
|
Brokered deposits |
|
4,905,909 |
|
|
|
55,242 |
|
4.57 |
|
|
|
5,012,655 |
|
|
|
61,924 |
|
4.91 |
|
|
|
5,737,445 |
|
|
|
77,342 |
|
5.42 |
|
Federal funds purchased and securities sold under repurchase agreements |
|
75,252 |
|
|
|
208 |
|
1.11 |
|
|
|
113,681 |
|
|
|
322 |
|
1.11 |
|
|
|
113,558 |
|
|
|
648 |
|
2.26 |
|
Other short-term borrowings |
|
— |
|
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
— |
|
|
|
71,775 |
|
|
|
955 |
|
5.26 |
|
Long-term debt |
|
1,773,203 |
|
|
|
29,848 |
|
6.74 |
|
|
|
1,613,246 |
|
|
|
27,616 |
|
6.84 |
|
|
|
1,764,740 |
|
|
|
29,595 |
|
6.69 |
|
Total interest-bearing liabilities |
|
41,040,686 |
|
|
|
312,381 |
|
3.09 |
% |
|
|
41,044,576 |
|
|
|
344,137 |
|
3.34 |
% |
|
|
40,064,180 |
|
|
|
363,864 |
|
3.65 |
% |
Non-interest-bearing demand deposits |
|
11,406,048 |
|
|
|
|
|
|
|
11,783,834 |
|
|
|
|
|
|
|
12,071,670 |
|
|
|
|
|
||||||
Other liabilities |
|
2,058,727 |
|
|
|
|
|
|
|
1,963,298 |
|
|
|
|
|
|
|
1,782,659 |
|
|
|
|
|
||||||
Synovus Financial Corp. shareholders' equity |
|
5,371,085 |
|
|
|
|
|
|
|
5,382,908 |
|
|
|
|
|
|
|
5,103,722 |
|
|
|
|
|
||||||
Total liabilities and equity |
$ |
59,876,546 |
|
|
|
|
|
|
$ |
60,174,616 |
|
|
|
|
|
|
$ |
59,022,231 |
|
|
|
|
|
||||||
Net interest income and net interest margin, taxable equivalent (6) |
|
|
$ |
455,961 |
|
3.35 |
% |
|
|
|
$ |
456,423 |
|
3.28 |
% |
|
|
|
$ |
420,156 |
|
3.04 |
% |
||||||
Less: taxable-equivalent adjustment |
|
|
|
1,577 |
|
|
|
|
|
|
1,430 |
|
|
|
|
|
|
1,310 |
|
|
|||||||||
Net interest income |
|
|
$ |
454,384 |
|
|
|
|
|
$ |
454,993 |
|
|
|
|
|
$ |
418,846 |
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) |
Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: First Quarter 2025 — |
(2) |
Reflects taxable-equivalent adjustments, using the statutory federal tax rate of |
(3) |
Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. |
(4) |
Includes trading account assets and FHLB and Federal Reserve Bank Stock. |
(5) |
Includes average net unrealized gains (losses) on investment securities available for sale of |
(6) |
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 |
|
March 31, 2025 |
|
December 31, 2024 |
|
% Change |
|
March 31, 2024 |
|
% Change |
|||||
Commercial, Financial, and Agricultural |
|
$ |
14,611,712 |
|
$ |
14,498,992 |
|
1 |
% |
|
$ |
14,616,902 |
|
— |
% |
Owner-Occupied |
|
|
7,701,627 |
|
|
7,832,137 |
|
(2 |
) |
|
|
8,114,394 |
|
(5 |
) |
Total Commercial & Industrial |
|
|
22,313,339 |
|
|
22,331,129 |
|
— |
|
|
|
22,731,296 |
|
(2 |
) |
Multi-Family |
|
|
4,182,886 |
|
|
4,185,545 |
|
— |
|
|
|
4,199,435 |
|
— |
|
Hotels |
|
|
1,831,937 |
|
|
1,769,384 |
|
4 |
|
|
|
1,790,505 |
|
2 |
|
Office Buildings |
|
|
1,724,113 |
|
|
1,743,329 |
|
(1 |
) |
|
|
1,852,208 |
|
(7 |
) |
Shopping Centers |
|
|
1,268,683 |
|
|
1,273,439 |
|
— |
|
|
|
1,302,754 |
|
(3 |
) |
Warehouses |
|
|
848,530 |
|
|
846,025 |
|
— |
|
|
|
871,662 |
|
(3 |
) |
Other Investment Property |
|
|
1,409,752 |
|
|
1,363,482 |
|
3 |
|
|
|
1,294,317 |
|
9 |
|
Total Investment Properties |
|
|
11,265,901 |
|
|
11,181,204 |
|
1 |
|
|
|
11,310,881 |
|
— |
|
1-4 Family Construction |
|
|
189,027 |
|
|
212,226 |
|
(11 |
) |
|
|
194,146 |
|
(3 |
) |
1-4 Family Investment Mortgage |
|
|
324,411 |
|
|
333,692 |
|
(3 |
) |
|
|
385,992 |
|
(16 |
) |
Total 1-4 Family Properties |
|
|
513,438 |
|
|
545,918 |
|
(6 |
) |
|
|
580,138 |
|
(11 |
) |
Commercial Development |
|
|
68,227 |
|
|
55,467 |
|
23 |
|
|
|
66,000 |
|
3 |
|
Residential Development |
|
|
75,240 |
|
|
77,581 |
|
(3 |
) |
|
|
72,024 |
|
4 |
|
Land Acquisition |
|
|
148,752 |
|
|
154,449 |
|
(4 |
) |
|
|
164,976 |
|
(10 |
) |
Land and Development |
|
|
292,219 |
|
|
287,497 |
|
2 |
|
|
|
303,000 |
|
(4 |
) |
Total Commercial Real Estate |
|
|
12,071,558 |
|
|
12,014,619 |
|
— |
|
|
|
12,194,019 |
|
(1 |
) |
Consumer Mortgages |
|
|
5,269,505 |
|
|
5,288,776 |
|
— |
|
|
|
5,384,602 |
|
(2 |
) |
Home Equity |
|
|
1,839,185 |
|
|
1,831,287 |
|
— |
|
|
|
1,804,348 |
|
2 |
|
Credit Cards |
|
|
178,522 |
|
|
185,871 |
|
(4 |
) |
|
|
180,663 |
|
(1 |
) |
Other Consumer Loans |
|
|
976,629 |
|
|
957,346 |
|
2 |
|
|
|
1,014,949 |
|
(4 |
) |
Total Consumer |
|
|
8,263,841 |
|
|
8,263,280 |
|
— |
|
|
|
8,384,562 |
|
(1 |
) |
Total |
|
$ |
42,648,738 |
|
$ |
42,609,028 |
|
— |
% |
|
$ |
43,309,877 |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|||||
NON-PERFORMING LOANS COMPOSITION |
|
|
|
|
|
|
|
|
|||||||
(Unaudited) |
|
Total
|
|
Total
|
|
Linked Quarter |
|
Total
|
|
Year/Year |
|||||
(Dollars in thousands) |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
Loan Type |
|
March 31, 2025 |
|
December 31, 2024 |
|
% Change |
|
March 31, 2024 |
|
% Change |
|||||
Commercial, Financial, and Agricultural |
|
$ |
125,570 |
|
$ |
122,874 |
|
2 |
% |
|
$ |
192,693 |
|
(35 |
)% |
Owner-Occupied |
|
|
18,226 |
|
|
34,380 |
|
(47 |
) |
|
|
80,218 |
|
(77 |
) |
Total Commercial & Industrial |
|
|
143,796 |
|
|
157,254 |
|
(9 |
) |
|
|
272,911 |
|
(47 |
) |
Multi-Family |
|
|
112 |
|
|
112 |
|
— |
|
|
|
2,077 |
|
(95 |
) |
Office Buildings |
|
|
64,423 |
|
|
72,430 |
|
(11 |
) |
|
|
7,630 |
|
nm |
|
Shopping Centers |
|
|
511 |
|
|
515 |
|
(1 |
) |
|
|
547 |
|
(7 |
) |
Warehouses |
|
|
145 |
|
|
153 |
|
(5 |
) |
|
|
188 |
|
(23 |
) |
Other Investment Property |
|
|
885 |
|
|
820 |
|
8 |
|
|
|
1,784 |
|
(50 |
) |
Total Investment Properties |
|
|
66,076 |
|
|
74,030 |
|
(11 |
) |
|
|
12,226 |
|
440 |
|
1-4 Family Construction |
|
|
145 |
|
|
— |
|
nm |
|
|
— |
|
nm |
||
1-4 Family Investment Mortgage |
|
|
2,432 |
|
|
2,385 |
|
2 |
|
|
|
2,300 |
|
6 |
|
Total 1-4 Family Properties |
|
|
2,577 |
|
|
2,385 |
|
8 |
|
|
|
2,300 |
|
12 |
|
Commercial Development |
|
|
48 |
|
|
— |
|
nm |
|
|
— |
|
nm |
||
Residential Development |
|
|
— |
|
|
— |
|
nm |
|
|
478 |
|
(100 |
) |
|
Land Acquisition |
|
|
1,363 |
|
|
1,389 |
|
(2 |
) |
|
|
540 |
|
152 |
|
Land and Development |
|
|
1,411 |
|
|
1,389 |
|
2 |
|
|
|
1,018 |
|
39 |
|
Total Commercial Real Estate |
|
|
70,064 |
|
|
77,804 |
|
(10 |
) |
|
|
15,544 |
|
351 |
|
Consumer Mortgages |
|
|
48,859 |
|
|
50,834 |
|
(4 |
) |
|
|
42,563 |
|
15 |
|
Home Equity |
|
|
18,302 |
|
|
17,365 |
|
5 |
|
|
|
12,451 |
|
47 |
|
Other Consumer Loans |
|
|
5,608 |
|
|
5,907 |
|
(5 |
) |
|
|
6,981 |
|
(20 |
) |
Total Consumer |
|
|
72,769 |
|
|
74,106 |
|
(2 |
) |
|
|
61,995 |
|
17 |
|
Total |
|
$ |
286,629 |
|
$ |
309,164 |
|
(7 |
)% |
|
$ |
350,450 |
|
(18 |
)% |
Synovus |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CREDIT QUALITY DATA |
|
|
||||||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
||||||||
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
First Quarter |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
|
'25 vs '24 |
||||
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
% Change |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-performing Loans (NPLs) |
|
$ |
286,629 |
|
|
309,164 |
|
312,964 |
|
|
256,106 |
|
350,450 |
|
(18 |
)% |
Other Real Estate and Other Assets |
|
|
563 |
|
|
385 |
|
386 |
|
|
823 |
|
21,210 |
|
(97 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-performing Assets (NPAs) |
|
|
287,192 |
|
|
309,549 |
|
313,350 |
|
|
256,929 |
|
371,660 |
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for Loan Losses (ALL) |
|
|
478,207 |
|
|
486,845 |
|
484,985 |
|
|
485,101 |
|
492,661 |
|
(3 |
) |
Reserve for Unfunded Commitments |
|
|
50,655 |
|
|
52,462 |
|
49,556 |
|
|
53,058 |
|
53,579 |
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for Credit Losses (ACL) |
|
|
528,862 |
|
|
539,307 |
|
534,541 |
|
|
538,159 |
|
546,240 |
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Charge-Offs - Quarter |
|
|
21,366 |
|
|
28,101 |
|
27,052 |
|
|
34,485 |
|
44,356 |
|
|
|
Net Charge-Offs - YTD |
|
|
21,366 |
|
|
133,994 |
|
105,893 |
|
|
78,841 |
|
44,356 |
|
|
|
Net Charge-Offs / Average Loans - Quarter (1) |
|
|
0.20 |
% |
|
0.26 |
|
0.25 |
|
|
0.32 |
|
0.41 |
|
|
|
Net Charge-Offs / Average Loans - YTD (1) |
|
|
0.20 |
|
|
0.31 |
|
0.33 |
|
|
0.36 |
|
0.41 |
|
|
|
NPLs / Loans |
|
|
0.67 |
|
|
0.73 |
|
0.73 |
|
|
0.59 |
|
0.81 |
|
|
|
NPAs / Loans, ORE and specific other assets |
|
|
0.67 |
|
|
0.73 |
|
0.73 |
|
|
0.60 |
|
0.86 |
|
|
|
ACL/Loans |
|
|
1.24 |
|
|
1.27 |
|
1.24 |
|
|
1.25 |
|
1.26 |
|
|
|
ALL/Loans |
|
|
1.12 |
|
|
1.14 |
|
1.12 |
|
|
1.13 |
|
1.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ACL/NPLs |
|
|
184.51 |
|
|
174.44 |
|
170.80 |
|
|
210.13 |
|
155.87 |
|
|
|
ALL/NPLs |
|
|
166.84 |
|
|
157.47 |
|
154.96 |
|
|
189.41 |
|
140.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Past Due Loans over 90 days and Still Accruing |
|
$ |
40,886 |
|
|
48,592 |
|
4,359 |
|
|
4,460 |
|
3,748 |
|
nm |
|
As a Percentage of Loans Outstanding |
|
|
0.10 |
% |
|
0.11 |
|
0.01 |
|
|
0.01 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Past Due Loans and Still Accruing |
|
$ |
93,493 |
|
|
108,878 |
|
97,229 |
|
|
129,759 |
|
54,814 |
|
71 |
|
As a Percentage of Loans Outstanding |
|
|
0.22 |
% |
|
0.26 |
|
0.23 |
|
|
0.30 |
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Ratio is annualized. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SELECTED CAPITAL INFORMATION (1) |
||||||||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common Equity Tier 1 Capital Ratio |
|
|
10.75 |
% |
|
10.84 |
|
10.38 |
|
|
|
|
|
|
|
|
Tier 1 Capital Ratio |
|
|
11.87 |
|
|
11.96 |
|
11.45 |
|
|
|
|
|
|
|
|
Total Risk-Based Capital Ratio |
|
|
13.65 |
|
|
13.81 |
|
13.24 |
(2) |
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
|
9.56 |
|
|
9.55 |
|
9.62 |
|
|
|
|
|
|
|
|
Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets |
|
|
8.93 |
|
|
8.71 |
|
8.39 |
|
|
|
|
|
|
|
|
Tangible Common Equity Ratio (3) |
|
|
7.26 |
|
|
7.02 |
|
6.67 |
|
|
|
|
|
|
|
|
Book Value Per Common Share (4) |
|
$ |
34.86 |
|
|
33.35 |
|
30.60 |
|
|
|
|
|
|
|
|
Tangible Book Value Per Common Share (5) |
|
|
31.19 |
|
|
29.70 |
|
27.03 |
|
|
|
|
|
|
|
|
(1) |
Current quarter regulatory capital information is preliminary. |
(2) |
As amended. |
(3) |
See "Non-GAAP Financial Measures" for applicable reconciliation. |
(4) |
Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred Stock divided by total common shares outstanding. |
(5) |
Tangible Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred Stock and less the carrying value of goodwill and other intangible assets divided by total common shares outstanding. |
Non-GAAP Financial Measures
The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue taxable equivalent (TE); 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 available to common shareholders; diluted earnings 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 (TE) 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) |
1Q25 |
|
4Q24 |
|
1Q24 |
|
|
|
|
|
|
Adjusted non-interest revenue |
|
|
|
|
|
Total non-interest revenue |
|
|
|
|
|
Valuation adjustment on GLOBALT earnout |
— |
|
(719) |
|
— |
Fair value adjustment on non-qualified deferred compensation |
816 |
|
(237) |
|
(2,299) |
Adjusted non-interest revenue |
|
|
|
|
|
|
|
|
|
|
|
Adjusted non-interest expense |
|
|
|
|
|
Total non-interest expense |
|
|
|
|
|
Restructuring (charges) reversals |
1,292 |
|
(37) |
|
(1,524) |
Valuation adjustment to Visa derivative |
(2,200) |
|
— |
|
— |
Fair value adjustment on non-qualified deferred compensation |
816 |
|
(237) |
|
(2,299) |
Adjusted non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
1Q25 |
|
4Q24 |
|
1Q24 |
Adjusted revenue (TE) and tangible efficiency ratio |
|
|
|
|
|
Adjusted non-interest expense |
|
|
|
|
|
Amortization of intangibles |
(2,627) |
|
(2,888) |
|
(2,907) |
Adjusted tangible non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
Tax equivalent adjustment |
1,577 |
|
1,430 |
|
1,310 |
Net interest income (TE) |
455,961 |
|
456,423 |
|
420,156 |
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
Total non-interest revenue |
116,466 |
|
125,587 |
|
118,888 |
Total revenue |
|
|
|
|
|
Tax equivalent adjustment |
1,577 |
|
1,430 |
|
1,310 |
Total TE revenue |
572,427 |
|
582,010 |
|
539,044 |
Valuation adjustment on GLOBALT earnout |
— |
|
(719) |
|
— |
Fair value adjustment on non-qualified deferred compensation |
816 |
|
(237) |
|
(2,299) |
Adjusted revenue (TE) |
|
|
|
|
|
Efficiency ratio-TE |
53.81 % |
|
53.15 % |
|
59.87 % |
Adjusted tangible efficiency ratio |
53.26 |
|
52.69 |
|
58.88 |
|
|
|
|
|
|
Adjusted pre-provision net revenue |
|
|
|
|
|
Net interest income |
|
|
|
|
|
Total non-interest revenue |
116,466 |
|
125,587 |
|
118,888 |
Total non-interest expense |
(308,034) |
|
(309,311) |
|
(322,741) |
Pre-provision net revenue (PPNR) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue (TE) |
|
|
|
|
|
Adjusted non-interest expense |
(307,942) |
|
(309,037) |
|
(318,918) |
Adjusted PPNR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures, continued |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(dollars in thousands) |
|
1Q25 |
|
|
|
4Q24 |
|
|
|
1Q24 |
|
Adjusted return on average assets (annualized) |
|
|
|
|
|
||||||
Net income |
$ |
194,872 |
|
|
$ |
189,377 |
|
|
$ |
124,070 |
|
Valuation adjustment on GLOBALT earnout |
|
— |
|
|
|
(719 |
) |
|
|
— |
|
Restructuring charges (reversals) |
|
(1,292 |
) |
|
|
37 |
|
|
|
1,524 |
|
Valuation adjustment to Visa derivative |
|
2,200 |
|
|
|
— |
|
|
|
— |
|
Tax effect of adjustments(1) |
|
(219 |
) |
|
|
165 |
|
|
|
(373 |
) |
Adjusted net income |
$ |
195,561 |
|
|
$ |
188,860 |
|
|
$ |
125,221 |
|
Net income annualized |
$ |
790,314 |
|
|
$ |
753,391 |
|
|
$ |
499,007 |
|
Adjusted net income annualized |
$ |
793,109 |
|
|
$ |
751,334 |
|
|
$ |
503,636 |
|
Total average assets |
$ |
59,876,546 |
|
|
$ |
60,174,616 |
|
|
$ |
59,022,231 |
|
Return on average assets (annualized) |
|
1.32 |
% |
|
|
1.25 |
% |
|
|
0.85 |
% |
Adjusted return on average assets (annualized) |
|
1.32 |
|
|
|
1.25 |
|
|
|
0.85 |
|
|
|
|
|
|
|
||||||
Adjusted net income available to common shareholders and adjusted diluted earnings per share |
|
|
|
|
|
||||||
Net income available to common shareholders |
$ |
183,691 |
|
|
$ |
178,848 |
|
|
$ |
114,822 |
|
Valuation adjustment on GLOBALT earnout |
|
— |
|
|
|
(719 |
) |
|
|
— |
|
Restructuring charges (reversals) |
|
(1,292 |
) |
|
|
37 |
|
|
|
1,524 |
|
Valuation adjustment to Visa derivative |
|
2,200 |
|
|
|
— |
|
|
|
— |
|
Tax effect of adjustments(1) |
|
(219 |
) |
|
|
165 |
|
|
|
(373 |
) |
Adjusted net income available to common shareholders |
$ |
184,380 |
|
|
$ |
178,331 |
|
|
$ |
115,973 |
|
Weighted average common shares outstanding, diluted |
|
141,775 |
|
|
|
142,694 |
|
|
|
147,122 |
|
Diluted earnings per share |
$ |
1.30 |
|
|
$ |
1.25 |
|
|
$ |
0.78 |
|
Adjusted diluted earnings per share |
|
1.30 |
|
|
|
1.25 |
|
|
|
0.79 |
|
(1) An assumed marginal tax rate of |
|||||||||||
|
|
|
|
|
|
||||||
Reconciliation of Non-GAAP Financial Measures, continued |
|
|
|
|
|||||||
|
|
|
|
|
|
||||||
(dollars in thousands) |
|
1Q25 |
|
|
|
4Q24 |
|
|
|
1Q24 |
|
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized) |
|
|
|
|
|
||||||
Net income available to common shareholders |
$ |
183,691 |
|
|
$ |
178,848 |
|
|
$ |
114,822 |
|
Valuation adjustment on GLOBALT earnout |
|
— |
|
|
|
(719 |
) |
|
|
— |
|
Restructuring charges (reversals) |
|
(1,292 |
) |
|
|
37 |
|
|
|
1,524 |
|
Valuation adjustment to Visa derivative |
|
2,200 |
|
|
|
— |
|
|
|
— |
|
Tax effect of adjustments(1) |
|
(219 |
) |
|
|
165 |
|
|
|
(373 |
) |
Adjusted net income available to common shareholders |
$ |
184,380 |
|
|
$ |
178,331 |
|
|
$ |
115,973 |
|
|
|
|
|
|
|
||||||
Adjusted net income available to common shareholders annualized |
$ |
747,763 |
|
|
$ |
709,447 |
|
|
$ |
466,441 |
|
Amortization of intangibles, tax effected, annualized |
|
8,082 |
|
|
|
8,715 |
|
|
|
8,831 |
|
Adjusted net income available to common shareholders excluding amortization of intangibles annualized |
$ |
755,845 |
|
|
$ |
718,162 |
|
|
$ |
475,272 |
|
|
|
|
|
|
|
||||||
Net income available to common shareholders annualized |
$ |
744,969 |
|
|
$ |
711,504 |
|
|
$ |
461,812 |
|
Amortization of intangibles, tax effected, annualized |
|
8,082 |
|
|
|
8,715 |
|
|
|
8,831 |
|
Net income available to common shareholders excluding amortization of intangibles annualized |
$ |
753,051 |
|
|
$ |
720,219 |
|
|
$ |
470,643 |
|
|
|
|
|
|
|
||||||
Total average Synovus Financial Corp. shareholders' equity less preferred stock |
$ |
4,812,279 |
|
|
$ |
4,824,003 |
|
|
$ |
4,542,616 |
|
Average goodwill |
|
(480,440 |
) |
|
|
(480,440 |
) |
|
|
(480,440 |
) |
Average other intangible assets, net |
|
(32,966 |
) |
|
|
(35,869 |
) |
|
|
(44,497 |
) |
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock |
$ |
4,298,873 |
|
|
$ |
4,307,694 |
|
|
$ |
4,017,679 |
|
Return on average common equity (annualized) |
|
15.48 |
% |
|
|
14.75 |
% |
|
|
10.17 |
% |
Adjusted return on average common equity (annualized) |
|
15.54 |
|
|
|
14.71 |
|
|
|
10.27 |
|
Return on average tangible common equity (annualized) |
|
17.52 |
|
|
|
16.72 |
|
|
|
11.71 |
|
Adjusted return on average tangible common equity (annualized) |
|
17.58 |
|
|
|
16.67 |
|
|
|
11.83 |
|
(1) An assumed marginal tax rate of |
|||||||||||
|
|
|
|
|
|
||||||
(dollars in thousands) |
March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
||||||
|
|
|
|
|
|
||||||
Tangible common equity ratio |
|
|
|
|
|
||||||
Total assets |
$ |
60,339,121 |
|
|
$ |
60,233,644 |
|
|
$ |
59,835,120 |
|
Goodwill |
|
(480,440 |
) |
|
|
(480,440 |
) |
|
|
(480,440 |
) |
Other intangible assets, net |
|
(31,691 |
) |
|
|
(34,318 |
) |
|
|
(43,021 |
) |
Tangible assets |
$ |
59,826,990 |
|
|
$ |
59,718,886 |
|
|
$ |
59,311,659 |
|
|
|
|
|
|
|
||||||
Total Synovus Financial Corp. shareholders’ equity |
$ |
5,390,751 |
|
|
$ |
5,244,557 |
|
|
$ |
5,017,918 |
|
Goodwill |
|
(480,440 |
) |
|
|
(480,440 |
) |
|
|
(480,440 |
) |
Other intangible assets, net |
|
(31,691 |
) |
|
|
(34,318 |
) |
|
|
(43,021 |
) |
Preferred Stock, no par value |
|
(537,145 |
) |
|
|
(537,145 |
) |
|
|
(537,145 |
) |
Tangible common equity |
$ |
4,341,475 |
|
|
$ |
4,192,654 |
|
|
$ |
3,957,312 |
|
Total Synovus Financial Corp. shareholders’ equity to total assets ratio |
|
8.93 |
% |
|
|
8.71 |
% |
|
|
8.39 |
% |
Tangible common equity ratio |
|
7.26 |
|
|
|
7.02 |
|
|
|
6.67 |
|
|
|
|
|
|
|
||||||
Amounts may not total due to rounding |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250416000481/en/
Media Contact
Audria Belton
Media Relations
media@synovus.com
Investor Contact
Jennifer H. Demba, CFA
Investor Relations
investorrelations@synovus.com
Source: Synovus Financial Corp.
FAQ
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