Synovus announces earnings for third quarter 2024
Synovus Financial Corp. (NYSE: SNV) reported strong third quarter 2024 earnings, with diluted earnings per share of $1.18, up from $0.60 in 3Q23. Adjusted diluted EPS reached $1.23, compared to $0.84 in 3Q23. The company posted an adjusted return on average assets of 1.3% and adjusted return on tangible common equity of 17.1%.
Key highlights include:
- Net income available to common shareholders: $169.6 million
- Pre-provision net revenue: $251.0 million, up 28% year-over-year
- Net interest income increased 1% sequentially to $440.7 million
- Period-end loans rose $27.3 million from Q2 2024
- Core deposits increased $294.6 million sequentially to $45.1 billion
- Non-interest revenue grew 16% year-over-year to $124.0 million
- Provision for credit losses declined 68% year-over-year to $23.4 million
- Preliminary CET1 ratio improved to 10.65%
Synovus Financial Corp. (NYSE: SNV) ha riportato risultati solidi per il terzo trimestre 2024, con un utile per azione diluito di $1.18, in aumento rispetto a $0.60 nel 3Q23. L'EPS diluito rettificato ha raggiunto $1.23, rispetto a $0.84 nel 3Q23. L'azienda ha registrato un ritorno rettificato sugli attivi medi dell'1.3% e un ritorno rettificato sul patrimonio netto tangibile del 17.1%.
Principali punti salienti includono:
- Utile netto disponibile per gli azionisti comuni: $169.6 milioni
- Entrate nette pre-provision: $251.0 milioni, in aumento del 28% anno su anno
- Il reddito netto da interessi è aumentato dell'1% in sequenza, raggiungendo $440.7 milioni
- I prestiti alla fine del periodo sono aumentati di $27.3 milioni rispetto al 2T 2024
- I depositi core sono aumentati di $294.6 milioni in sequenza, raggiungendo $45.1 miliardi
- Le entrate non da interessi sono cresciute del 16% anno su anno, arrivando a $124.0 milioni
- Le accantonamenti per perdite su crediti sono diminuiti del 68% anno su anno a $23.4 milioni
- Il rapporto CET1 preliminare è migliorato al 10.65%
Synovus Financial Corp. (NYSE: SNV) reportó fuertes ganancias en el tercer trimestre de 2024, con ganancias por acción diluidas de $1.18, un aumento desde $0.60 en el 3Q23. El EPS diluido ajustado alcanzó $1.23, en comparación con $0.84 en el 3Q23. La compañía registró un retorno ajustado sobre los activos promedio del 1.3% y un retorno ajustado sobre el capital común tangible del 17.1%.
Los puntos destacados incluyen:
- Ingreso neto disponible para accionistas comunes: $169.6 millones
- Ingresos netos previos a provisiones: $251.0 millones, un aumento del 28% interanual
- Los ingresos netos por intereses aumentaron un 1% secuencialmente a $440.7 millones
- Los préstamos al final del período aumentaron en $27.3 millones desde el 2T 2024
- Los depósitos principales aumentaron en $294.6 millones secuencialmente a $45.1 mil millones
- Los ingresos no por intereses crecieron un 16% interanual a $124.0 millones
- La provisión para pérdidas crediticias disminuyó un 68% interanual a $23.4 millones
- El ratio CET1 preliminar mejoró al 10.65%
Synovus Financial Corp. (NYSE: SNV)는 2024년 3분기 강력한 실적을 보고했으며, 희석 주당 순이익(EPS)은 $1.18로, 3Q23의 $0.60에서 증가했습니다. 조정된 희석 주당 순이익은 $1.23에 도달했으며, 3Q23의 $0.84에 비해 상승했습니다. 이 회사는 평균 자산에 대한 조정된 수익률이 1.3%이고, 조정된 유동 자본에 대한 수익률이 17.1%로 나타났습니다.
주요 하이라이트는 다음과 같습니다:
- 일반 주주를 위한 순이익: $169.6 백만
- 충당금 전 순수익: $251.0 백만, 전년 동기 대비 28% 증가
- 순이자 수익이 전분기 대비 1% 증가하여 $440.7 백만
- 분기말 대출이 2024년 2분기 대비 $27.3 백만 증가
- 핵심 예금이 전분기 대비 $294.6 백만 증가하여 $45.1십억 달러에 도달
- 비이자 수익이 전년 대비 16% 증가하여 $124.0 백만
- 신용 손실 충당금이 전년 대비 68% 감소하여 $23.4 백만
- 예비 CET1 비율이 10.65%로 개선됨
Synovus Financial Corp. (NYSE: SNV) a annoncé de solides résultats pour le troisième trimestre 2024, avec un bénéfice par action dilué de $1.18, en hausse par rapport à $0.60 dans le 3T23. Le BPA dilué ajusté a atteint $1.23, contre $0.84 dans le 3T23. L'entreprise a affiché un retour ajusté sur les actifs moyens de 1,3 % et un retour ajusté sur les capitaux propres tangibles de 17,1 %.
Les points clés incluent :
- Bénéfice net disponible pour les actionnaires ordinaires : $169,6 millions
- Revenu net avant provisions : $251,0 millions, en hausse de 28 % d'une année sur l'autre
- Le revenu net d'intérêts a augmenté de 1 % par rapport au trimestre précédent, atteignant $440,7 millions
- Les prêts en fin de période ont augmenté de $27,3 millions par rapport au 2T 2024
- Les dépôts de base ont augmenté de $294,6 millions par rapport au trimestre précédent, atteignant $45,1 milliards
- Les revenus non liés aux intérêts ont augmenté de 16 % d'une année sur l'autre pour atteindre $124,0 millions
- Les provisions pour pertes sur créances ont diminué de 68 % d'une année sur l'autre, atteignant $23,4 millions
- Le ratio CET1 préliminaire a augmenté à 10,65 %
Synovus Financial Corp. (NYSE: SNV) hat für das dritte Quartal 2024 starke Ergebnisse gemeldet, mit einem verwässerten Gewinn pro Aktie von $1.18, ein Anstieg von $0.60 im 3Q23. Der bereinigte verwässerte EPS erreichte $1.23, verglichen mit $0.84 im 3Q23. Das Unternehmen verzeichnete eine bereinigte Gesamtkapitalrendite von 1,3 % und eine bereinigte Rendite auf das handlungsfähige Eigenkapital von 17,1 %.
Wichtige Höhepunkte sind:
- Nettoeinkommen verfügbar für gemeinsame Aktionäre: $169,6 Millionen
- Vor-Provision Nettoerträge: $251,0 Millionen, ein Anstieg von 28 % im Jahresvergleich
- Die Nett Zinseinnahmen stiegen sequenziell um 1 % auf $440,7 Millionen
- Die Ende des Zeitraums gewährten Kredite stiegen um $27,3 Millionen im Vergleich zum 2Q 2024
- Kern Einlagen stiegen sequenziell um $294,6 Millionen auf $45,1 Milliarden
- Non-Interest-Einnahmen wuchsen im Jahresvergleich um 16 % auf $124,0 Millionen
- Rücklagen für Kreditausfälle sanken um 68 % im Jahresvergleich auf $23,4 Millionen
- Der vorläufige CET1-Kennwert verbesserte sich auf 10,65 %
- Diluted EPS increased to $1.18 from $0.60 year-over-year
- Adjusted diluted EPS rose to $1.23 from $0.84 year-over-year
- Pre-provision net revenue grew 28% year-over-year to $251.0 million
- Net interest income increased 1% sequentially to $440.7 million
- Core deposits grew by $294.6 million sequentially to $45.1 billion
- Non-interest revenue increased 16% year-over-year to $124.0 million
- Provision for credit losses decreased 68% year-over-year to $23.4 million
- Preliminary CET1 ratio improved to 10.65%, highest in nine years
- Period-end loans only increased by $27.3 million from Q2 2024
- Net interest income decreased 1% year-over-year
- Non-interest-bearing deposits declined by $48.6 million sequentially
- Total deposits remained relatively flat compared to Q2 2024 and Q3 2023
Insights
Synovus Financial Corp. has delivered a strong performance in Q3 2024, with significant improvements across key metrics. The diluted EPS of $1.18 represents a substantial increase from $0.60 in Q3 2023, while the adjusted EPS of $1.23 is up from $0.84 year-over-year. This growth is particularly impressive given the challenging economic environment.
The bank's profitability metrics are noteworthy, with an adjusted return on average assets of 1.3% and an adjusted return on tangible common equity of 17.1%. These figures indicate efficient use of assets and strong returns for shareholders. The improvement in the adjusted tangible efficiency ratio to 53% suggests effective cost management.
Synovus has also strengthened its balance sheet, with the preliminary Common Equity Tier 1 ratio reaching its highest level in nine years. This, combined with reduced brokered deposits and lower net charge-offs, indicates a more robust financial position and reduced risk profile.
While loan growth was modest, the increase in core deposits and expansion of the net interest margin are positive signs. The bank's ability to maintain stable adjusted non-interest expense year-over-year, despite inflationary pressures, is commendable and reflects disciplined cost control.
Diluted earnings per share of
Adjusted diluted earnings per share of
"Our third quarter earnings results demonstrate strong fundamental trends. We posted an adjusted return on average assets of
Our thoughts are with those affected by the recent hurricanes across our markets and the broader southeast. We’re committed to supporting recovery and rebuilding efforts. Together, we’ll overcome these challenges and build a brighter future,” said Synovus Chairman, CEO and President Kevin Blair.
Third Quarter 2024 Highlights
-
Net income (loss) available to common shareholders was
$169.6 million $1.18 $(23.7) million $(0.16) $87.4 million $0.60 $8.7 million -
Adjusted net income available to common shareholders was
$177.1 million $1.23 $169.6 million $1.16 $122.8 million $0.84 -
Pre-provision net revenue was
$251.0 million $257 million 28% compared to third quarter 2023. Adjusted pre-provision net revenue of$262.3 million $17.7 million 7% , compared to third quarter 2023. -
Net interest income increased
$5.7 million 1% , compared to the prior quarter and was down$2.4 million 1% , compared to third quarter 2023. The net interest margin expanded 2 basis points to3.22% as a result of the May 2024 securities repositioning and higher asset yields somewhat offset by larger average cash balances and a deposit mix shift. -
Period-end loans rose
$27.3 million -
Period-end core deposits (excluding brokered deposits) were
$45.1 billion $294.6 million 2.72% , primarily due to a shift in the deposit mix. -
Non-interest revenue of
$124.0 million $252.8 million $16.8 million 16% , compared to third quarter 2023. Adjusted non-interest revenue of$121.9 million $5.3 million 4% , sequentially and increased$15.7 million 15% , compared to third quarter 2023. The sequential decline in adjusted non-interest revenue was largely from lower capital markets income partially offset by higher treasury and payment solutions and wealth revenue. Year-over-year growth came primarily from higher commercial treasury and payment solutions fees and capital markets income as well as greater commercial sponsorship income. -
On a sequential basis, non-interest expense was
$313.7 million $8.7 million 1% year over year due to disciplined expense control and a4% reduction in total headcount. -
Provision for credit losses of
$23.4 million 11% sequentially from$26.4 million 68% year over year compared to$72.6 million 1.24% was down 1 basis point from the prior quarter. -
The non-performing loan and asset ratios were both higher sequentially at
0.73% ; the net charge-off ratio for the third quarter 2024 was0.25% , down from0.32% in prior quarter while total past dues were0.23% of total loans outstanding. -
The preliminary CET1 ratio rose sequentially to
10.65% as core earnings accretion more than offset the impact of$100 million
Third Quarter Summary |
|||||||||||||||||||||||
|
Reported |
|
Adjusted |
||||||||||||||||||||
(dollars in thousands) |
|
3Q24 |
|
|
|
2Q24 |
|
|
|
3Q23 |
|
|
|
3Q24 |
|
|
|
2Q24 |
|
|
|
3Q23 |
|
Net income (loss) available to common shareholders |
$ |
169,628 |
|
|
$ |
(23,741 |
) |
|
$ |
87,423 |
|
|
$ |
177,120 |
|
|
$ |
169,617 |
|
|
$ |
122,770 |
|
Diluted earnings (loss) per share(1) |
|
1.18 |
|
|
|
(0.16 |
) |
|
|
0.60 |
|
|
|
1.23 |
|
|
|
1.16 |
|
|
|
0.84 |
|
Total revenue |
|
564,720 |
|
|
|
306,147 |
|
|
|
550,298 |
|
|
|
564,051 |
|
|
|
563,597 |
|
|
|
550,552 |
|
Total loans |
|
43,120,674 |
|
|
|
43,093,397 |
|
|
|
43,679,910 |
|
|
NA |
|
NA |
|
NA |
||||||
Total deposits |
|
50,193,740 |
|
|
|
50,195,778 |
|
|
|
50,203,890 |
|
|
NA |
|
NA |
|
NA |
||||||
Return on avg assets(2) |
|
1.2 |
% |
|
|
(0.1 |
)% |
|
|
0.6 |
% |
|
|
1.3 |
% |
|
|
1.2 |
% |
|
|
0.9 |
% |
Return on avg common equity(2) |
|
14.4 |
|
|
|
(2.1 |
) |
|
|
8.2 |
|
|
|
15.0 |
|
|
|
15.3 |
|
|
|
11.5 |
|
Return on avg tangible common equity(2) |
|
16.4 |
|
|
|
(2.2 |
) |
|
|
9.7 |
|
|
|
17.1 |
|
|
|
17.6 |
|
|
|
13.5 |
|
Net interest margin(3) |
|
3.22 |
% |
|
|
3.20 |
% |
|
|
3.11 |
% |
|
NA |
|
NA |
|
NA |
||||||
Efficiency ratio-TE(3)(4) |
|
55.41 |
|
|
|
98.15 |
|
|
|
64.11 |
|
|
|
52.97 |
|
|
|
53.05 |
|
|
|
55.01 |
|
NCO ratio-QTD |
|
0.25 |
|
|
|
0.32 |
|
|
|
0.61 |
|
|
NA |
|
NA |
|
NA |
||||||
NPA ratio |
|
0.73 |
|
|
|
0.60 |
|
|
|
0.64 |
|
|
NA |
|
NA |
|
NA |
||||||
(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 |
|
NA - not applicable |
||
Balance Sheet |
||||||||||||||||||||||
Loans* |
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(dollars in millions) |
|
3Q24 |
|
|
2Q24 |
|
Linked Quarter Change |
|
Linked Quarter % Change |
|
|
3Q23 |
|
Year/Year Change |
|
Year/Year % Change |
||||||
Commercial & industrial |
$ |
22,664.0 |
|
$ |
22,536.6 |
|
$ |
127.4 |
|
|
1 |
% |
|
$ |
22,781.0 |
|
$ |
(117.0 |
) |
|
(1 |
)% |
Commercial real estate |
|
12,177.5 |
|
|
12,215.5 |
|
|
(38.0 |
) |
|
— |
|
|
|
12,394.9 |
|
|
(217.4 |
) |
|
(2 |
) |
Consumer |
|
8,279.2 |
|
|
8,341.3 |
|
|
(62.1 |
) |
|
(1 |
) |
|
|
8,504.1 |
|
|
(224.9 |
) |
|
(3 |
) |
Total loans |
$ |
43,120.7 |
|
$ |
43,093.4 |
|
$ |
27.3 |
|
|
— |
% |
|
$ |
43,679.9 |
|
$ |
(559.3 |
) |
|
(1 |
)% |
*Amounts may not total due to rounding |
||||||||||||||||||||||
Deposits* |
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(dollars in millions) |
|
3Q24 |
|
|
2Q24 |
|
Linked Quarter Change |
|
Linked Quarter % Change |
|
|
3Q23 |
|
Year/Year Change |
|
Year/Year % Change |
||||||
Non-interest-bearing DDA |
$ |
11,129.1 |
|
$ |
11,177.7 |
|
$ |
(48.6 |
) |
|
— |
% |
|
$ |
12,395.1 |
|
$ |
(1,266.0 |
) |
|
(10 |
)% |
Interest-bearing DDA |
|
6,821.3 |
|
|
6,621.2 |
|
|
200.1 |
|
|
3 |
|
|
|
6,276.1 |
|
|
545.2 |
|
|
9 |
|
Money market |
|
11,031.5 |
|
|
10,747.9 |
|
|
283.6 |
|
|
3 |
|
|
|
10,786.3 |
|
|
245.2 |
|
|
2 |
|
Savings |
|
983.2 |
|
|
1,009.8 |
|
|
(26.7 |
) |
|
(3 |
) |
|
|
1,132.5 |
|
|
(149.3 |
) |
|
(13 |
) |
Public funds |
|
7,047.6 |
|
|
7,111.9 |
|
|
(64.3 |
) |
|
(1 |
) |
|
|
6,885.7 |
|
|
161.9 |
|
|
2 |
|
Time deposits |
|
8,075.7 |
|
|
8,125.2 |
|
|
(49.5 |
) |
|
(1 |
) |
|
|
6,506.4 |
|
|
1,569.3 |
|
|
24 |
|
Brokered deposits |
|
5,105.4 |
|
|
5,402.0 |
|
|
(296.6 |
) |
|
(5 |
) |
|
|
6,221.8 |
|
|
(1,116.3 |
) |
|
(18 |
) |
Total deposits |
$ |
50,193.7 |
|
$ |
50,195.8 |
|
$ |
(2.0 |
) |
|
— |
% |
|
$ |
50,203.9 |
|
$ |
(10.2 |
) |
|
— |
% |
*Amounts may not total due to rounding |
||||||||||||||||||||||
Income Statement Summary** |
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(in thousands, except per share data) |
|
3Q24 |
|
|
|
2Q24 |
|
|
Linked Quarter Change |
|
Linked Quarter % Change |
|
|
3Q23 |
|
|
Year/Year Change |
|
Year/Year % Change |
||||||
Net interest income |
$ |
440,740 |
|
|
$ |
434,998 |
|
|
$ |
5,742 |
|
|
1 |
% |
|
$ |
443,159 |
|
|
$ |
(2,419 |
) |
|
(1 |
)% |
Non-interest revenue |
|
123,980 |
|
|
|
(128,851 |
) |
|
|
252,831 |
|
|
NM |
|
|
|
107,139 |
|
|
|
16,841 |
|
|
16 |
|
Non-interest expense |
|
313,690 |
|
|
|
301,801 |
|
|
|
11,889 |
|
|
4 |
|
|
|
353,532 |
|
|
|
(39,842 |
) |
|
(11 |
) |
Provision for (reversal of) credit losses |
|
23,434 |
|
|
|
26,404 |
|
|
|
(2,970 |
) |
|
(11 |
) |
|
|
72,572 |
|
|
|
(49,138 |
) |
|
(68 |
) |
Income (loss) before taxes |
$ |
227,596 |
|
|
$ |
(22,058 |
) |
|
$ |
249,654 |
|
|
NM |
|
|
$ |
124,194 |
|
|
$ |
103,402 |
|
|
83 |
% |
Income tax expense (benefit) |
|
46,912 |
|
|
|
(7,378 |
) |
|
|
54,290 |
|
|
NM |
|
|
|
27,729 |
|
|
|
19,183 |
|
|
69 |
|
Net income (loss) |
|
180,684 |
|
|
|
(14,680 |
) |
|
|
195,364 |
|
|
NM |
|
|
|
96,465 |
|
|
|
84,219 |
|
|
87 |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
(871 |
) |
|
|
(652 |
) |
|
|
(219 |
) |
|
(34 |
) |
|
|
(630 |
) |
|
|
(241 |
) |
|
(38 |
) |
Net income (loss) attributable to Synovus Financial Corp. |
|
181,555 |
|
|
|
(14,028 |
) |
|
|
195,583 |
|
|
NM |
|
|
|
97,095 |
|
|
|
84,460 |
|
|
87 |
|
Less: Preferred stock dividends |
|
11,927 |
|
|
|
9,713 |
|
|
|
2,214 |
|
|
23 |
|
|
|
9,672 |
|
|
|
2,255 |
|
|
23 |
|
Net income (loss) available to common shareholders |
$ |
169,628 |
|
|
$ |
(23,741 |
) |
|
$ |
193,369 |
|
|
NM |
|
|
$ |
87,423 |
|
|
$ |
82,205 |
|
|
94 |
% |
Weighted average common shares outstanding, diluted |
|
143,979 |
|
|
|
145,565 |
|
|
|
(1,586 |
) |
|
(1 |
)% |
|
|
146,740 |
|
|
|
(2,761 |
) |
|
(2 |
)% |
Diluted earnings (loss) per share |
$ |
1.18 |
|
|
$ |
(0.16 |
) |
|
$ |
1.34 |
|
|
NM |
|
|
$ |
0.60 |
|
|
$ |
0.58 |
|
|
97 |
|
Adjusted diluted earnings per share(1) |
|
1.23 |
|
|
|
1.16 |
|
|
|
0.07 |
|
|
6 |
|
|
|
0.84 |
|
|
|
0.39 |
|
|
46 |
|
Effective tax rate |
|
20.61 |
% |
|
|
33.45 |
% |
|
|
|
|
|
|
22.33 |
% |
|
|
|
|
||||||
(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 |
|
||||
|
|
|
|
|
|
|
3Q24 |
|
2Q24 |
|
3Q23 |
Common Equity Tier 1 capital (CET1) ratio |
10.65 % |
(1) |
10.60 % |
|
10.13 % |
Tier 1 capital ratio |
11.77 |
(1) |
11.72 |
|
11.18 |
Total risk-based capital ratio |
13.62 |
(1) |
13.56 |
|
13.12 |
Tier 1 leverage ratio |
9.55 |
(1) |
9.44 |
|
9.38 |
Tangible common equity ratio |
7.28 |
|
6.76 |
|
5.90 |
(1) Ratios are preliminary. |
|||||
Third Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on Oct. 17, 2024. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 952762). 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, 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 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 (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 (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) |
|
3Q24 |
|
|
|
2Q24 |
|
|
|
3Q23 |
|
|
|
|
|
|
|
||||||
Adjusted non-interest revenue |
|
|
|
|
|
||||||
Total non-interest revenue |
$ |
123,980 |
|
|
$ |
(128,851 |
) |
|
$ |
107,139 |
|
Investment securities (gains) losses, net |
|
— |
|
|
|
256,660 |
|
|
|
— |
|
Gain on sale of GLOBALT |
|
— |
|
|
|
— |
|
|
|
(1,929 |
) |
Fair value adjustment on non-qualified deferred compensation |
|
(2,062 |
) |
|
|
(561 |
) |
|
|
1,035 |
|
Adjusted non-interest revenue |
$ |
121,918 |
|
|
$ |
127,248 |
|
|
$ |
106,245 |
|
|
|
|
|
|
|
||||||
Adjusted non-interest expense |
|
|
|
|
|
||||||
Total non-interest expense |
$ |
313,690 |
|
|
$ |
301,801 |
|
|
$ |
353,532 |
|
(Loss) gain on other loans held for sale |
|
— |
|
|
|
— |
|
|
|
(30,954 |
) |
Gain (loss) on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
526 |
|
Restructuring (charges) reversals |
|
(1,219 |
) |
|
|
658 |
|
|
|
(17,319 |
) |
Valuation adjustment to Visa derivative |
|
(8,700 |
) |
|
|
— |
|
|
|
(900 |
) |
Fair value adjustment on non-qualified deferred compensation |
|
(2,062 |
) |
|
|
(561 |
) |
|
|
1,035 |
|
Adjusted non-interest expense |
$ |
301,709 |
|
|
$ |
301,898 |
|
|
$ |
305,920 |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Reconciliation of Non-GAAP Financial Measures, continued |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(dollars in thousands) |
|
3Q24 |
|
|
|
2Q24 |
|
|
|
3Q23 |
|
Adjusted revenue (TE) and tangible efficiency ratio |
|
|
|
|
|
||||||
Adjusted non-interest expense |
$ |
301,709 |
|
|
$ |
301,898 |
|
|
$ |
305,920 |
|
Amortization of intangibles |
|
(2,907 |
) |
|
|
(2,907 |
) |
|
|
(3,042 |
) |
Adjusted tangible non-interest expense |
$ |
298,802 |
|
|
$ |
298,991 |
|
|
$ |
302,878 |
|
|
|
|
|
|
|
||||||
Net interest income |
$ |
440,740 |
|
|
$ |
434,998 |
|
|
$ |
443,159 |
|
Tax equivalent adjustment |
|
1,393 |
|
|
|
1,351 |
|
|
|
1,148 |
|
Net interest income (TE) |
|
442,133 |
|
|
|
436,349 |
|
|
|
444,307 |
|
|
|
|
|
|
|
||||||
Net interest income |
$ |
440,740 |
|
|
$ |
434,998 |
|
|
$ |
443,159 |
|
Total non-interest revenue |
|
123,980 |
|
|
|
(128,851 |
) |
|
|
107,139 |
|
Total revenue |
$ |
564,720 |
|
|
$ |
306,147 |
|
|
$ |
550,298 |
|
Tax equivalent adjustment |
|
1,393 |
|
|
|
1,351 |
|
|
|
1,148 |
|
Total TE revenue |
|
566,113 |
|
|
|
307,498 |
|
|
|
551,446 |
|
Investment securities losses (gains), net |
|
— |
|
|
|
256,660 |
|
|
|
— |
|
Gain on sale of GLOBALT |
|
— |
|
|
|
— |
|
|
|
(1,929 |
) |
Fair value adjustment on non-qualified deferred compensation |
|
(2,062 |
) |
|
|
(561 |
) |
|
|
1,035 |
|
Adjusted revenue (TE) |
$ |
564,051 |
|
|
$ |
563,597 |
|
|
$ |
550,552 |
|
Efficiency ratio-TE |
|
55.41 |
% |
|
|
98.15 |
% |
|
|
64.11 |
% |
Adjusted tangible efficiency ratio |
|
52.97 |
|
|
|
53.05 |
|
|
|
55.01 |
|
|
|
|
|
|
|
||||||
Adjusted pre-provision net revenue |
|
|
|
|
|
||||||
Net interest income |
$ |
440,740 |
|
|
$ |
434,998 |
|
|
$ |
443,159 |
|
Total non-interest revenue |
|
123,980 |
|
|
|
(128,851 |
) |
|
|
107,139 |
|
Total non-interest expense |
|
(313,690 |
) |
|
|
(301,801 |
) |
|
|
(353,532 |
) |
Pre-provision net revenue (PPNR) |
$ |
251,030 |
|
|
$ |
4,346 |
|
|
$ |
196,766 |
|
|
|
|
|
|
|
||||||
Adjusted revenue (TE) |
|
564,051 |
|
|
|
563,597 |
|
|
|
550,552 |
|
Adjusted non-interest expense |
|
(301,709 |
) |
|
|
(301,898 |
) |
|
|
(305,920 |
) |
Adjusted PPNR |
$ |
262,342 |
|
|
$ |
261,699 |
|
|
$ |
244,632 |
|
|
|
|
|
|
|
||||||
Reconciliation of Non-GAAP Financial Measures, continued |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
(dollars in thousands) |
|
3Q24 |
|
|
|
2Q24 |
|
|
|
3Q23 |
|
Adjusted return on average assets (annualized) |
|
|
|
|
|
||||||
Net income (loss) |
$ |
180,684 |
|
|
$ |
(14,680 |
) |
|
$ |
96,465 |
|
Loss (gain) on other loans held for sale |
|
— |
|
|
|
— |
|
|
|
30,954 |
|
(Gain) loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(526 |
) |
Gain on sale of GLOBALT |
|
— |
|
|
|
— |
|
|
|
(1,929 |
) |
Restructuring charges (reversals) |
|
1,219 |
|
|
|
(658 |
) |
|
|
17,319 |
|
Valuation adjustment to Visa derivative |
|
8,700 |
|
|
|
— |
|
|
|
900 |
|
Investment securities losses (gains), net |
|
— |
|
|
|
256,660 |
|
|
|
— |
|
Tax effect of adjustments(1) |
|
(2,427 |
) |
|
|
(62,644 |
) |
|
|
(11,371 |
) |
Adjusted net income |
$ |
188,176 |
|
|
$ |
178,678 |
|
|
$ |
131,812 |
|
Net income (loss) annualized |
$ |
718,808 |
|
|
$ |
(59,043 |
) |
|
$ |
382,714 |
|
Adjusted net income annualized |
$ |
748,613 |
|
|
$ |
718,639 |
|
|
$ |
522,950 |
|
Total average assets |
$ |
59,183,624 |
|
|
$ |
59,246,849 |
|
|
$ |
59,916,679 |
|
Return on average assets (annualized) |
|
1.2 |
% |
|
|
(0.1 |
)% |
|
|
0.6 |
% |
Adjusted return on average assets (annualized) |
|
1.3 |
|
|
|
1.2 |
|
|
|
0.9 |
|
|
|
|
|
|
|
||||||
Adjusted net income available to common shareholders and adjusted diluted earnings per share |
|
|
|
|
|
||||||
Net income (loss) available to common shareholders |
$ |
169,628 |
|
|
$ |
(23,741 |
) |
|
$ |
87,423 |
|
Gain on sale of GLOBALT |
|
— |
|
|
|
— |
|
|
|
(1,929 |
) |
Loss (gain) on other loans held for sale |
|
— |
|
|
|
— |
|
|
|
30,954 |
|
(Gain) loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(526 |
) |
Restructuring charges (reversals) |
|
1,219 |
|
|
|
(658 |
) |
|
|
17,319 |
|
Valuation adjustment to Visa derivative |
|
8,700 |
|
|
|
— |
|
|
|
900 |
|
Investment securities losses (gains), net |
|
— |
|
|
|
256,660 |
|
|
|
— |
|
Tax effect of adjustments(1) |
|
(2,427 |
) |
|
|
(62,644 |
) |
|
|
(11,371 |
) |
Adjusted net income available to common shareholders |
$ |
177,120 |
|
|
$ |
169,617 |
|
|
$ |
122,770 |
|
Weighted average common shares outstanding, diluted(2) |
|
143,979 |
|
|
|
145,565 |
|
|
|
146,740 |
|
Diluted earnings per share |
$ |
1.18 |
|
|
$ |
(0.16 |
) |
|
$ |
0.60 |
|
Adjusted diluted earnings per share |
|
1.23 |
|
|
|
1.16 |
|
|
|
0.84 |
|
(1) An assumed marginal tax rate of |
|
|
|
|
|||||||
(2) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share. |
|
|
|
|
|||||||
|
|
|
|
|
|
||||||
Reconciliation of Non-GAAP Financial Measures, continued |
|
|
|
|
|||||||
|
|
|
|
|
|
||||||
(dollars in thousands) |
|
3Q24 |
|
|
|
2Q24 |
|
|
|
3Q23 |
|
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 |
$ |
169,628 |
|
|
$ |
(23,741 |
) |
|
$ |
87,423 |
|
Loss (gain) on other loans held for sale |
|
— |
|
|
|
— |
|
|
|
30,954 |
|
(Gain) loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(526 |
) |
Gain on sale of GLOBALT |
|
— |
|
|
|
— |
|
|
|
(1,929 |
) |
Restructuring charges (reversals) |
|
1,219 |
|
|
|
(658 |
) |
|
|
17,319 |
|
Valuation adjustment to Visa derivative |
|
8,700 |
|
|
|
— |
|
|
|
900 |
|
Investment securities losses (gains), net |
|
— |
|
|
|
256,660 |
|
|
|
— |
|
Tax effect of adjustments(1) |
|
(2,427 |
) |
|
|
(62,644 |
) |
|
|
(11,371 |
) |
Adjusted net income available to common shareholders |
$ |
177,120 |
|
|
$ |
169,617 |
|
|
$ |
122,770 |
|
|
|
|
|
|
|
||||||
Adjusted net income available to common shareholders annualized |
$ |
704,630 |
|
|
$ |
682,196 |
|
|
$ |
487,077 |
|
Amortization of intangibles, tax effected, annualized |
|
8,735 |
|
|
|
8,831 |
|
|
|
9,131 |
|
Adjusted net income available to common shareholders excluding amortization of intangibles annualized |
$ |
713,365 |
|
|
$ |
691,027 |
|
|
$ |
496,208 |
|
|
|
|
|
|
|
||||||
Net income (loss) available to common shareholders annualized |
$ |
674,824 |
|
|
$ |
(95,486 |
) |
|
$ |
346,841 |
|
Amortization of intangibles, tax effected, annualized |
|
8,735 |
|
|
|
8,831 |
|
|
|
9,131 |
|
Net income (loss) available to common shareholders excluding amortization of intangibles annualized |
$ |
683,559 |
|
|
$ |
(86,655 |
) |
|
$ |
355,972 |
|
|
|
|
|
|
|
||||||
Total average Synovus Financial Corp. shareholders' equity less preferred stock |
$ |
4,692,722 |
|
|
$ |
4,455,198 |
|
|
$ |
4,223,422 |
|
Average goodwill |
|
(480,440 |
) |
|
|
(480,902 |
) |
|
|
(476,408 |
) |
Average other intangible assets, net |
|
(38,793 |
) |
|
|
(41,547 |
) |
|
|
(59,016 |
) |
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock |
$ |
4,173,489 |
|
|
$ |
3,932,749 |
|
|
$ |
3,687,998 |
|
Return on average common equity (annualized) |
|
14.4 |
% |
|
|
(2.1 |
)% |
|
|
8.2 |
% |
Adjusted return on average common equity (annualized) |
|
15.0 |
|
|
|
15.3 |
|
|
|
11.5 |
|
Return on average tangible common equity (annualized) |
|
16.4 |
|
|
|
(2.2 |
) |
|
|
9.7 |
|
Adjusted return on average tangible common equity (annualized) |
|
17.1 |
|
|
|
17.6 |
|
|
|
13.5 |
|
(1) An assumed marginal tax rate of |
|
|
|
|
|||||||
Reconciliation of Non-GAAP Financial Measures, continued |
|
|
|
|
|||||||
(dollars in thousands) |
September 30, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
||||||
Tangible common equity ratio |
|
|
|
|
|
||||||
Total assets |
$ |
59,589,628 |
|
|
$ |
59,809,534 |
|
|
$ |
59,342,930 |
|
Goodwill |
|
(480,440 |
) |
|
|
(480,440 |
) |
|
|
(479,851 |
) |
Other intangible assets, net |
|
(37,207 |
) |
|
|
(45,928 |
) |
|
|
(49,096 |
) |
Tangible assets |
$ |
59,071,981 |
|
|
$ |
59,283,166 |
|
|
$ |
58,813,983 |
|
Total Synovus Financial Corp. shareholders’ equity |
$ |
5,355,976 |
|
|
$ |
5,119,993 |
|
|
$ |
4,536,958 |
|
Goodwill |
|
(480,440 |
) |
|
|
(480,440 |
) |
|
|
(479,851 |
) |
Other intangible assets, net |
|
(37,207 |
) |
|
|
(45,928 |
) |
|
|
(49,096 |
) |
Preferred Stock, no par value |
|
(537,145 |
) |
|
|
(537,145 |
) |
|
|
(537,145 |
) |
Tangible common equity |
$ |
4,301,184 |
|
|
$ |
4,056,480 |
|
|
$ |
3,470,866 |
|
Total Synovus Financial Corp. shareholders’ equity to total assets ratio |
|
8.99 |
% |
|
|
8.56 |
% |
|
|
7.65 |
% |
Tangible common equity ratio |
|
7.28 |
|
|
|
6.84 |
|
|
|
5.90 |
|
|
|
|
|
|
|
||||||
Amounts may not total due to rounding |
|
|
|
|
|
||||||
|
Synovus |
|
Exhibit 99.2 |
||||||||
|
INCOME STATEMENT DATA |
|
|
|
|
|
|||||
|
(Unaudited) |
|
|
|
|
|
|||||
|
(Dollars in thousands, except per share data) |
Nine Months Ended September 30, |
|||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
'24 vs '23 |
|
|
|
|
|
% Change |
|||||||
|
Interest income |
$ |
2,394,459 |
|
|
$ |
2,262,061 |
|
|
6 |
% |
|
Interest expense |
|
1,099,876 |
|
|
|
882,619 |
|
|
25 |
|
|
Net interest income |
|
1,294,583 |
|
|
|
1,379,442 |
|
|
(6 |
) |
|
Provision for (reversal of) credit losses |
|
103,818 |
|
|
|
143,607 |
|
|
(28 |
) |
|
Net interest income after provision for credit losses |
|
1,190,765 |
|
|
|
1,235,835 |
|
|
(4 |
) |
|
Non-interest revenue: |
|
|
|
|
|
|||||
|
Service charges on deposit accounts |
|
68,403 |
|
|
|
67,836 |
|
|
1 |
|
|
Fiduciary and asset management fees |
|
58,455 |
|
|
|
59,928 |
|
|
(2 |
) |
|
Card fees |
|
57,343 |
|
|
|
51,485 |
|
|
11 |
|
|
Brokerage revenue |
|
63,974 |
|
|
|
68,043 |
|
|
(6 |
) |
|
Mortgage banking income |
|
11,395 |
|
|
|
12,138 |
|
|
(6 |
) |
|
Capital markets income |
|
31,988 |
|
|
|
32,589 |
|
|
(2 |
) |
|
Income from bank-owned life insurance |
|
23,886 |
|
|
|
21,106 |
|
|
13 |
|
|
Investment securities gains (losses), net |
|
(256,660 |
) |
|
|
1,030 |
|
|
nm |
|
|
Recovery of NPA |
|
— |
|
|
|
13,126 |
|
|
nm |
|
|
Other non-interest revenue |
|
55,233 |
|
|
|
25,260 |
|
|
119 |
|
|
Total non-interest revenue |
|
114,017 |
|
|
|
352,541 |
|
|
(68 |
) |
|
Non-interest expense: |
|
|
|
|
|
|||||
|
Salaries and other personnel expense |
|
552,742 |
|
|
|
551,667 |
|
|
— |
|
|
Net occupancy, equipment, and software expense |
|
140,200 |
|
|
|
131,435 |
|
|
7 |
|
|
Third-party processing and other services |
|
63,593 |
|
|
|
64,932 |
|
|
(2 |
) |
|
Professional fees |
|
34,140 |
|
|
|
28,707 |
|
|
19 |
|
|
FDIC insurance and other regulatory fees |
|
37,694 |
|
|
|
33,266 |
|
|
13 |
|
|
Restructuring charges (reversals) |
|
2,084 |
|
|
|
16,476 |
|
|
nm |
|
|
Loss on other loans held for sale |
|
— |
|
|
|
50,064 |
|
|
nm |
|
|
Other operating expenses |
|
107,779 |
|
|
|
106,019 |
|
|
2 |
|
|
Total non-interest expense |
|
938,232 |
|
|
|
982,566 |
|
|
(5 |
) |
|
Income before income taxes |
|
366,550 |
|
|
|
605,810 |
|
|
(39 |
) |
|
Income tax expense |
|
76,476 |
|
|
|
133,242 |
|
|
(43 |
) |
|
|
|
|
|
|
|
|||||
|
Net income |
|
290,074 |
|
|
|
472,568 |
|
|
(39 |
) |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
(1,960 |
) |
|
|
(796 |
) |
|
146 |
|
|
|
|
|
|
|
|
|||||
|
Net income attributable to Synovus Financial Corp. |
|
292,034 |
|
|
|
473,364 |
|
|
(38 |
) |
|
Less: Preferred stock dividends |
|
31,325 |
|
|
|
26,254 |
|
|
19 |
|
|
Net income available to common shareholders |
$ |
260,709 |
|
|
$ |
447,110 |
|
|
(42 |
)% |
|
Net income per common share, basic |
$ |
1.80 |
|
|
$ |
3.06 |
|
|
(41 |
)% |
|
Net income per common share, diluted |
|
1.79 |
|
|
|
3.05 |
|
|
(41 |
) |
|
Cash dividends declared per common share |
|
1.14 |
|
|
|
1.14 |
|
|
— |
|
|
Return on average assets * |
|
0.7 |
% |
|
|
1.0 |
% |
|
(30) bps |
|
|
Return on average common equity * |
|
7.6 |
|
|
|
14.2 |
|
|
nm |
|
|
Weighted average common shares outstanding, basic |
|
145,039 |
|
|
|
146,028 |
|
|
(1 |
)% |
|
Weighted average common shares outstanding, diluted |
|
145,718 |
|
|
|
146,683 |
|
|
(1 |
) |
|
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 |
|
|
Third Quarter |
|||||||||||
|
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
'24 vs '23 |
|||||||
|
|
|
|
|
|
% Change |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Interest income |
$ |
810,507 |
|
|
801,242 |
|
|
782,710 |
|
|
788,297 |
|
|
786,039 |
|
|
3 |
% |
|
Interest expense |
|
369,767 |
|
|
366,244 |
|
|
363,864 |
|
|
351,083 |
|
|
342,880 |
|
|
8 |
|
|
Net interest income |
|
440,740 |
|
|
434,998 |
|
|
418,846 |
|
|
437,214 |
|
|
443,159 |
|
|
(1 |
) |
|
Provision for (reversal of) credit losses |
|
23,434 |
|
|
26,404 |
|
|
53,980 |
|
|
45,472 |
|
|
72,572 |
|
|
(68 |
) |
|
Net interest income after provision for credit losses |
|
417,306 |
|
|
408,594 |
|
|
364,866 |
|
|
391,742 |
|
|
370,587 |
|
|
13 |
|
|
Non-interest revenue: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Service charges on deposit accounts |
|
23,683 |
|
|
22,907 |
|
|
21,813 |
|
|
22,260 |
|
|
21,385 |
|
|
11 |
|
|
Fiduciary and asset management fees |
|
19,714 |
|
|
19,728 |
|
|
19,013 |
|
|
18,149 |
|
|
20,205 |
|
|
(2 |
) |
|
Card fees |
|
18,439 |
|
|
19,418 |
|
|
19,486 |
|
|
20,872 |
|
|
18,602 |
|
|
(1 |
) |
|
Brokerage revenue |
|
20,810 |
|
|
20,457 |
|
|
22,707 |
|
|
21,961 |
|
|
21,387 |
|
|
(3 |
) |
|
Mortgage banking income |
|
4,033 |
|
|
3,944 |
|
|
3,418 |
|
|
3,019 |
|
|
3,671 |
|
|
10 |
|
|
Capital markets income |
|
10,284 |
|
|
15,077 |
|
|
6,627 |
|
|
6,456 |
|
|
7,980 |
|
|
29 |
|
|
Income from bank-owned life insurance |
|
8,442 |
|
|
8,097 |
|
|
7,347 |
|
|
10,324 |
|
|
6,965 |
|
|
21 |
|
|
Investment securities gains (losses), net |
|
— |
|
|
(256,660 |
) |
|
— |
|
|
(77,748 |
) |
|
— |
|
|
nm |
|
|
Other non-interest revenue |
|
18,575 |
|
|
18,181 |
|
|
18,477 |
|
|
26,175 |
|
|
6,944 |
|
|
167 |
|
|
Total non-interest revenue |
|
123,980 |
|
|
(128,851 |
) |
|
118,888 |
|
|
51,468 |
|
|
107,139 |
|
|
16 |
|
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Salaries and other personnel expense |
|
184,814 |
|
|
179,407 |
|
|
188,521 |
|
|
176,712 |
|
|
179,741 |
|
|
3 |
|
|
Net occupancy, equipment, and software expense |
|
46,977 |
|
|
46,415 |
|
|
46,808 |
|
|
48,146 |
|
|
45,790 |
|
|
3 |
|
|
Third-party processing and other services |
|
21,552 |
|
|
21,783 |
|
|
20,258 |
|
|
21,717 |
|
|
21,439 |
|
|
1 |
|
|
Professional fees |
|
10,854 |
|
|
15,655 |
|
|
7,631 |
|
|
11,147 |
|
|
10,147 |
|
|
7 |
|
|
FDIC insurance and other regulatory fees |
|
7,382 |
|
|
6,493 |
|
|
23,819 |
|
|
61,470 |
|
|
11,837 |
|
|
(38 |
) |
|
Restructuring charges (reversals) |
|
1,219 |
|
|
(658 |
) |
|
1,524 |
|
|
1,231 |
|
|
17,319 |
|
|
nm |
|
|
Loss on other loans held for sale |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30,954 |
|
|
nm |
|
|
Other operating expenses |
|
40,892 |
|
|
32,706 |
|
|
34,180 |
|
|
32,435 |
|
|
36,305 |
|
|
13 |
|
|
Total non-interest expense |
|
313,690 |
|
|
301,801 |
|
|
322,741 |
|
|
352,858 |
|
|
353,532 |
|
|
(11 |
) |
|
Income (loss) before income taxes |
|
227,596 |
|
|
(22,058 |
) |
|
161,013 |
|
|
90,352 |
|
|
124,194 |
|
|
83 |
|
|
Income tax expense (benefit) |
|
46,912 |
|
|
(7,378 |
) |
|
36,943 |
|
|
20,779 |
|
|
27,729 |
|
|
69 |
|
|
Net income (loss) |
|
180,684 |
|
|
(14,680 |
) |
|
124,070 |
|
|
69,573 |
|
|
96,465 |
|
|
87 |
|
|
Less: Net income (loss) attributable to noncontrolling interest |
|
(871 |
) |
|
(652 |
) |
|
(437 |
) |
|
(768 |
) |
|
(630 |
) |
|
38 |
|
|
Net income (loss) attributable to Synovus Financial Corp. |
|
181,555 |
|
|
(14,028 |
) |
|
124,507 |
|
|
70,341 |
|
|
97,095 |
|
|
87 |
|
|
Less: Preferred stock dividends |
|
11,927 |
|
|
9,713 |
|
|
9,685 |
|
|
9,696 |
|
|
9,672 |
|
|
23 |
|
|
Net income (loss) available to common shareholders |
$ |
169,628 |
|
|
(23,741 |
) |
|
114,822 |
|
|
60,645 |
|
|
87,423 |
|
|
94 |
% |
|
Net income (loss) per common share, basic |
$ |
1.19 |
|
|
(0.16 |
) |
|
0.78 |
|
|
0.41 |
|
|
0.60 |
|
|
98 |
% |
|
Net income (loss) per common share, diluted |
|
1.18 |
|
|
(0.16 |
) |
|
0.78 |
|
|
0.41 |
|
|
0.60 |
|
|
97 |
|
|
Cash dividends declared per common share |
|
0.38 |
|
|
0.38 |
|
|
0.38 |
|
|
0.38 |
|
|
0.38 |
|
|
— |
|
|
Return on average assets * |
|
1.2 |
% |
|
(0.1 |
) |
|
0.8 |
|
|
0.5 |
|
|
0.6 |
|
|
60 bps |
|
|
Return on average common equity * |
|
14.4 |
|
|
(2.1 |
) |
|
10.2 |
|
|
5.9 |
|
|
8.2 |
|
|
nm |
|
|
Weighted average common shares outstanding, basic |
|
143,144 |
|
|
145,565 |
|
|
146,430 |
|
|
146,372 |
|
|
146,170 |
|
|
(2 |
)% |
|
Weighted average common shares outstanding, diluted |
|
143,979 |
|
|
145,565 |
|
|
147,122 |
|
|
146,877 |
|
|
146,740 |
|
|
(2 |
) |
|
nm - not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
bps - basis points |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
* - ratios are annualized |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Amounts may not total due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Synovus |
|
|
|
||||||||
BALANCE SHEET DATA |
September 30, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||||
(Unaudited) |
|
|
|
||||||||
(In thousands, except share data) |
|
|
|
||||||||
ASSETS |
|
|
|
||||||||
Interest-earning deposits with banks and other cash and cash equivalents |
$ |
1,807,641 |
|
$ |
2,414,103 |
|
$ |
2,101,455 |
|
||
Federal funds sold and securities purchased under resale agreements |
|
45,971 |
|
|
37,323 |
|
|
36,176 |
|
||
Cash, cash equivalents, and restricted cash |
|
1,853,612 |
|
|
2,451,426 |
|
|
2,137,631 |
|
||
Investment securities held to maturity |
|
2,622,457 |
|
|
— |
|
|
— |
|
||
Investment securities available for sale |
|
7,554,168 |
|
|
9,788,662 |
|
|
9,237,191 |
|
||
Loans held for sale (includes |
|
121,470 |
|
|
52,768 |
|
|
66,558 |
|
||
Loans, net of deferred fees and costs |
|
43,120,674 |
|
|
43,404,490 |
|
|
43,679,910 |
|
||
Allowance for loan losses |
|
(484,985 |
) |
|
(479,385 |
) |
|
(477,532 |
) |
||
Loans, net |
|
42,635,689 |
|
|
42,925,105 |
|
|
43,202,378 |
|
||
Cash surrender value of bank-owned life insurance |
|
1,133,652 |
|
|
1,112,030 |
|
|
1,107,092 |
|
||
Premises, equipment, and software, net |
|
380,267 |
|
|
365,851 |
|
|
364,054 |
|
||
Goodwill |
|
480,440 |
|
|
480,440 |
|
|
479,851 |
|
||
Other intangible assets, net |
|
37,207 |
|
|
45,928 |
|
|
49,096 |
|
||
Other assets |
|
2,770,666 |
|
|
2,587,324 |
|
|
2,699,079 |
|||
Total assets |
$ |
59,589,628 |
$ |
59,809,534 |
$ |
59,342,930 |
|||||
LIABILITIES AND EQUITY |
|
|
|
||||||||
Liabilities: |
|
|
|
||||||||
Deposits: |
|
|
|
||||||||
Non-interest-bearing deposits |
$ |
11,561,626 |
|
$ |
12,507,616 |
|
$ |
12,976,574 |
|
||
Interest-bearing deposits |
|
38,632,114 |
|
|
38,231,569 |
|
|
37,227,316 |
|
||
Total deposits |
|
50,193,740 |
|
|
50,739,185 |
|
|
50,203,890 |
|
||
Federal funds purchased and securities sold under repurchase agreements |
|
94,055 |
|
|
189,074 |
|
|
98,270 |
|
||
Other short-term borrowings |
|
— |
|
|
3,496 |
|
|
2,362 |
|
||
Long-term debt |
|
2,021,050 |
|
|
1,932,534 |
|
|
2,704,701 |
|
||
Other liabilities |
|
1,902,612 |
|
|
1,801,097 |
|
|
1,772,139 |
|
||
Total liabilities |
|
54,211,457 |
|
|
54,665,386 |
|
|
54,781,362 |
|
||
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 - |
|
172,077 |
|
|
171,360 |
|
|
170,860 |
|
||
Additional paid-in capital |
|
3,976,706 |
|
|
3,955,819 |
|
|
3,940,507 |
|
||
Treasury stock, at cost; 30,079,894, 24,654,858 and 24,654,858 shares, respectively |
|
(1,167,130 |
) |
|
(944,484 |
) |
|
(944,484 |
) |
||
Accumulated other comprehensive income (loss), net |
|
(773,786 |
) |
|
(1,117,073 |
) |
|
(1,679,404 |
) |
||
Retained earnings |
|
2,610,964 |
|
|
2,517,226 |
|
|
2,512,334 |
|
||
Total Synovus Financial Corp. shareholders’ equity |
|
5,355,976 |
|
|
5,119,993 |
|
|
4,536,958 |
|
||
Noncontrolling interest in subsidiary |
|
22,195 |
|
|
24,155 |
|
|
24,610 |
|
||
Total equity |
|
5,378,171 |
|
|
5,144,148 |
|
|
4,561,568 |
|
||
Total liabilities and equity |
$ |
59,589,628 |
|
$ |
59,809,534 |
|
$ |
59,342,930 |
|
||
Synovus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES |
|||||||||||||||||||||||||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Third Quarter 2024 |
|
Second Quarter 2024 |
|
Third 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) |
$ |
34,610,296 |
|
|
$ |
592,142 |
|
6.81 |
% |
|
$ |
35,006,497 |
|
|
$ |
593,715 |
|
6.82 |
% |
|
$ |
34,990,459 |
|
|
$ |
579,177 |
|
6.57 |
% |
Consumer loans (1) (2) |
|
8,298,130 |
|
|
|
109,908 |
|
5.28 |
|
|
|
8,358,325 |
|
|
|
109,206 |
|
5.23 |
|
|
|
8,509,757 |
|
|
|
108,065 |
|
5.06 |
|
Less: Allowance for loan losses |
|
(482,863 |
) |
|
|
— |
|
— |
|
|
|
(492,640 |
) |
|
|
— |
|
— |
|
|
|
(461,385 |
) |
|
|
— |
|
— |
|
Loans, net |
|
42,425,563 |
|
|
|
702,050 |
|
6.59 |
|
|
|
42,872,182 |
|
|
|
702,921 |
|
6.59 |
|
|
|
43,038,831 |
|
|
|
687,242 |
|
6.34 |
|
Total investment securities(4) |
|
10,420,665 |
|
|
|
87,643 |
|
3.36 |
|
|
|
10,373,792 |
|
|
|
78,891 |
|
3.04 |
|
|
|
11,194,291 |
|
|
|
61,642 |
|
2.20 |
|
Trading account assets |
|
14,392 |
|
|
|
246 |
|
6.84 |
|
|
|
8,809 |
|
|
|
162 |
|
7.37 |
|
|
|
16,186 |
|
|
|
237 |
|
5.86 |
|
Other earning assets(5) |
|
1,408,415 |
|
|
|
18,803 |
|
5.24 |
|
|
|
1,271,953 |
|
|
|
16,800 |
|
5.23 |
|
|
|
1,237,445 |
|
|
|
16,369 |
|
5.17 |
|
FHLB and Federal Reserve Bank stock |
|
170,977 |
|
|
|
2,113 |
|
4.94 |
|
|
|
189,706 |
|
|
|
2,687 |
|
5.67 |
|
|
|
244,906 |
|
|
|
3,783 |
|
6.18 |
|
Mortgage loans held for sale |
|
34,890 |
|
|
|
612 |
|
7.01 |
|
|
|
37,364 |
|
|
|
666 |
|
7.13 |
|
|
|
53,904 |
|
|
|
879 |
|
6.52 |
|
Other loans held for sale |
|
83,492 |
|
|
|
433 |
|
2.03 |
|
|
|
96,180 |
|
|
|
466 |
|
1.92 |
|
|
|
881,067 |
|
|
|
17,035 |
|
7.57 |
|
Total interest earning assets |
|
54,558,394 |
|
|
|
811,900 |
|
5.92 |
% |
|
|
54,849,986 |
|
|
|
802,593 |
|
5.89 |
% |
|
|
56,666,630 |
|
|
|
787,187 |
|
5.51 |
% |
Cash and due from banks |
|
476,443 |
|
|
|
|
|
|
|
531,604 |
|
|
|
|
|
|
|
509,511 |
|
|
|
|
|
||||||
Premises and equipment |
|
380,003 |
|
|
|
|
|
|
|
376,293 |
|
|
|
|
|
|
|
365,568 |
|
|
|
|
|
||||||
Other real estate |
|
666 |
|
|
|
|
|
|
|
18,003 |
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||||
Cash surrender value of bank-owned life insurance |
|
1,128,877 |
|
|
|
|
|
|
|
1,121,764 |
|
|
|
|
|
|
|
1,102,626 |
|
|
|
|
|
||||||
Other assets(6) |
|
2,639,241 |
|
|
|
|
|
|
|
2,349,199 |
|
|
|
|
|
|
|
1,272,344 |
|
|
|
|
|
||||||
Total assets |
$ |
59,183,624 |
|
|
|
|
|
|
$ |
59,246,849 |
|
|
|
|
|
|
$ |
59,916,679 |
|
|
|
|
|
||||||
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand deposits |
$ |
10,834,829 |
|
|
|
71,786 |
|
2.64 |
% |
|
$ |
10,789,288 |
|
|
|
68,809 |
|
2.57 |
% |
|
$ |
10,114,171 |
|
|
|
52,983 |
|
2.08 |
% |
Money market accounts |
|
13,058,527 |
|
|
|
104,514 |
|
3.18 |
|
|
|
12,617,120 |
|
|
|
99,380 |
|
3.17 |
|
|
|
13,147,465 |
|
|
|
95,339 |
|
2.88 |
|
Savings deposits |
|
1,007,962 |
|
|
|
355 |
|
0.14 |
|
|
|
1,036,321 |
|
|
|
304 |
|
0.12 |
|
|
|
1,178,322 |
|
|
|
280 |
|
0.09 |
|
Time deposits |
|
8,437,861 |
|
|
|
93,052 |
|
4.39 |
|
|
|
8,382,774 |
|
|
|
93,431 |
|
4.48 |
|
|
|
6,180,584 |
|
|
|
59,972 |
|
3.85 |
|
Brokered deposits |
|
5,476,231 |
|
|
|
75,607 |
|
5.49 |
|
|
|
5,483,298 |
|
|
|
73,830 |
|
5.42 |
|
|
|
6,442,690 |
|
|
|
83,486 |
|
5.14 |
|
Federal funds purchased and securities sold under repurchase agreements |
|
94,629 |
|
|
|
369 |
|
1.53 |
|
|
|
114,595 |
|
|
|
570 |
|
1.97 |
|
|
|
73,344 |
|
|
|
296 |
|
1.58 |
|
Other short-term borrowings |
|
2,209 |
|
|
|
29 |
|
5.20 |
|
|
|
108,946 |
|
|
|
1,530 |
|
5.55 |
|
|
|
1,722 |
|
|
|
— |
|
— |
|
Long-term debt |
|
1,385,836 |
|
|
|
24,055 |
|
6.93 |
|
|
|
1,666,731 |
|
|
|
28,390 |
|
6.79 |
|
|
|
3,230,374 |
|
|
|
50,524 |
|
6.18 |
|
Total interest-bearing liabilities |
|
40,298,084 |
|
|
|
369,767 |
|
3.65 |
% |
|
|
40,199,073 |
|
|
|
366,244 |
|
3.66 |
% |
|
|
40,368,672 |
|
|
|
342,880 |
|
3.37 |
% |
Non-interest-bearing demand deposits |
|
11,665,661 |
|
|
|
|
|
|
|
12,099,256 |
|
|
|
|
|
|
|
13,049,343 |
|
|
|
|
|
||||||
Other liabilities |
|
1,967,351 |
|
|
|
|
|
|
|
1,932,822 |
|
|
|
|
|
|
|
1,713,131 |
|
|
|
|
|
||||||
Total equity |
|
5,252,528 |
|
|
|
|
|
|
|
5,015,698 |
|
|
|
|
|
|
|
4,785,533 |
|
|
|
|
|
||||||
Total liabilities and equity |
$ |
59,183,624 |
|
|
|
|
|
|
$ |
59,246,849 |
|
|
|
|
|
|
$ |
59,916,679 |
|
|
|
|
|
||||||
Net interest income and net interest margin, taxable equivalent (7) |
|
|
$ |
442,133 |
|
3.22 |
% |
|
|
|
$ |
436,349 |
|
3.20 |
% |
|
|
|
$ |
444,307 |
|
3.11 |
% |
||||||
Less: taxable-equivalent adjustment |
|
|
|
1,393 |
|
|
|
|
|
|
1,351 |
|
|
|
|
|
|
1,148 |
|
|
|||||||||
Net interest income |
|
|
$ |
440,740 |
|
|
|
|
|
$ |
434,998 |
|
|
|
|
|
$ |
443,159 |
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) |
Average loans are shown net of unearned income. NPLs are included. |
|
(2) |
Interest income includes fees as follows: Third Quarter 2024 — |
|
(3) |
Reflects taxable-equivalent adjustments, using the statutory federal tax rate of |
|
(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 |
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Nine Months Ended September 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) |
$ |
34,852,642 |
|
|
$ |
1,769,316 |
|
6.78 |
% |
|
$ |
35,216,487 |
|
|
$ |
1,672,529 |
|
6.35 |
% |
|
Consumer loans (1) (2) |
|
8,363,281 |
|
|
|
328,681 |
|
5.24 |
|
|
|
8,580,029 |
|
|
|
316,757 |
|
4.92 |
|
|
Less: Allowance for loan losses |
|
(485,540 |
) |
|
|
— |
|
— |
|
|
|
(457,818 |
) |
|
|
— |
|
— |
|
|
Loans, net |
|
42,730,383 |
|
|
|
2,097,997 |
|
6.56 |
|
|
|
43,338,698 |
|
|
|
1,989,286 |
|
6.14 |
|
|
Total investment securities(4) |
|
10,646,738 |
|
|
|
238,440 |
|
2.99 |
|
|
|
11,229,290 |
|
|
|
183,118 |
|
2.17 |
|
|
Trading account assets |
|
11,600 |
|
|
|
473 |
|
5.44 |
|
|
|
16,302 |
|
|
|
671 |
|
5.49 |
|
|
Other earning assets(5) |
|
1,302,499 |
|
|
|
51,776 |
|
5.23 |
|
|
|
1,398,211 |
|
|
|
51,660 |
|
4.87 |
|
|
FHLB and Federal Reserve Bank stock |
|
182,793 |
|
|
|
7,073 |
|
5.16 |
|
|
|
277,136 |
|
|
|
11,439 |
|
5.50 |
|
|
Mortgage loans held for sale |
|
34,012 |
|
|
|
1,773 |
|
6.95 |
|
|
|
48,398 |
|
|
|
2,297 |
|
6.33 |
|
|
Other loans held for sale |
|
66,109 |
|
|
|
982 |
|
1.95 |
|
|
|
625,262 |
|
|
|
26,995 |
|
5.69 |
|
|
Total interest earning assets |
|
54,974,134 |
|
|
$ |
2,398,514 |
|
5.83 |
% |
|
|
56,933,297 |
|
|
$ |
2,265,466 |
|
5.32 |
% |
|
Cash and due from banks |
|
510,807 |
|
|
|
|
|
|
|
593,023 |
|
|
|
|
|
|
||||
Premises and equipment |
|
375,574 |
|
|
|
|
|
|
|
367,332 |
|
|
|
|
|
|
||||
Other real estate |
|
6,223 |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
||||
Cash surrender value of bank-owned life insurance |
|
1,121,807 |
|
|
|
|
|
|
|
1,096,567 |
|
|
|
|
|
|
||||
Other assets(6) |
|
2,162,476 |
|
|
|
|
|
|
|
1,187,026 |
|
|
|
|
|
|
||||
Total assets |
$ |
59,151,021 |
|
|
|
|
|
|
$ |
60,177,245 |
|
|
|
|
|
|
||||
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing demand deposits |
$ |
10,738,505 |
|
|
$ |
206,010 |
|
2.56 |
% |
|
$ |
9,702,651 |
|
|
$ |
118,007 |
|
1.63 |
% |
|
Money market accounts |
|
12,834,830 |
|
|
|
307,024 |
|
3.20 |
|
|
|
13,665,672 |
|
|
|
253,351 |
|
2.48 |
|
|
Savings deposits |
|
1,033,696 |
|
|
|
946 |
|
0.12 |
|
|
|
1,274,142 |
|
|
|
771 |
|
0.08 |
|
|
Time deposits |
|
8,241,879 |
|
|
|
272,976 |
|
4.42 |
|
|
|
4,892,146 |
|
|
|
121,019 |
|
3.31 |
|
|
Brokered deposits |
|
5,565,332 |
|
|
|
226,778 |
|
5.44 |
|
|
|
6,116,392 |
|
|
|
214,627 |
|
4.69 |
|
|
Federal funds purchased and securities sold under repurchase agreements |
|
107,546 |
|
|
|
1,587 |
|
1.94 |
|
|
|
98,212 |
|
|
|
1,317 |
|
1.77 |
|
|
Other short-term borrowings |
|
60,763 |
|
|
|
2,514 |
|
5.44 |
|
|
|
705,292 |
|
|
|
24,559 |
|
4.59 |
|
|
Long-term debt |
|
1,604,966 |
|
|
|
82,041 |
|
6.80 |
|
|
|
3,400,156 |
|
|
|
148,968 |
|
5.80 |
|
|
Total interest-bearing liabilities |
|
40,187,517 |
|
|
$ |
1,099,876 |
|
3.66 |
% |
|
|
39,854,663 |
|
|
$ |
882,619 |
|
2.96 |
% |
|
Non-interest-bearing demand deposits |
|
11,944,508 |
|
|
|
|
|
|
|
13,972,152 |
|
|
|
|
|
|
||||
Other liabilities |
|
1,894,545 |
|
|
|
|
|
|
|
1,592,230 |
|
|
|
|
|
|
||||
Total equity |
|
5,124,451 |
|
|
|
|
|
|
|
4,758,200 |
|
|
|
|
|
|
||||
Total liabilities and equity |
$ |
59,151,021 |
|
|
|
|
|
|
$ |
60,177,245 |
|
|
|
|
|
|
||||
Net interest income, taxable equivalent net interest margin (7) |
|
|
$ |
1,298,638 |
|
3.16 |
% |
|
|
|
$ |
1,382,847 |
|
3.25 |
% |
|
||||
Less: taxable-equivalent adjustment |
|
|
|
4,055 |
|
|
|
|
|
|
3,405 |
|
|
|
||||||
Net interest income |
|
|
$ |
1,294,583 |
|
|
|
|
|
$ |
1,379,442 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) |
Average loans are shown net of unearned income. NPLs are included. |
|
(2) |
Interest income includes fees as follows: 2024 — |
|
(3) |
Reflects taxable-equivalent adjustments, using the statutory federal tax rate of |
|
(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 |
|
(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 |
|
September 30, 2024 |
|
June 30, 2024 |
|
% Change |
|
September 30, 2023 |
|
% Change |
|||||
Commercial, Financial, and Agricultural |
|
$ |
14,563,913 |
|
$ |
14,519,608 |
|
— |
% |
|
$ |
14,498,966 |
|
— |
% |
Owner-Occupied |
|
|
8,100,084 |
|
|
8,017,004 |
|
1 |
|
|
|
8,281,988 |
|
(2 |
) |
Total Commercial & Industrial |
|
|
22,663,997 |
|
|
22,536,612 |
|
1 |
|
|
|
22,780,954 |
|
(1 |
) |
Multi-Family |
|
|
4,379,459 |
|
|
4,288,436 |
|
2 |
|
|
|
3,930,617 |
|
11 |
|
Hotels |
|
|
1,738,068 |
|
|
1,802,076 |
|
(4 |
) |
|
|
1,790,094 |
|
(3 |
) |
Office Buildings |
|
|
1,778,698 |
|
|
1,801,945 |
|
(1 |
) |
|
|
1,911,095 |
|
(7 |
) |
Shopping Centers |
|
|
1,260,460 |
|
|
1,298,967 |
|
(3 |
) |
|
|
1,327,770 |
|
(5 |
) |
Warehouses |
|
|
837,145 |
|
|
865,359 |
|
(3 |
) |
|
|
985,723 |
|
(15 |
) |
Other Investment Property |
|
|
1,352,719 |
|
|
1,271,266 |
|
6 |
|
|
|
1,432,456 |
|
(6 |
) |
Total Investment Properties |
|
|
11,346,549 |
|
|
11,328,049 |
|
— |
|
|
|
11,377,755 |
|
— |
|
1-4 Family Construction |
|
|
190,705 |
|
|
171,335 |
|
11 |
|
|
|
224,091 |
|
(15 |
) |
1-4 Family Investment Mortgage |
|
|
337,425 |
|
|
381,212 |
|
(11 |
) |
|
|
396,813 |
|
(15 |
) |
Total 1-4 Family Properties |
|
|
528,130 |
|
|
552,547 |
|
(4 |
) |
|
|
620,904 |
|
(15 |
) |
Commercial Development |
|
|
48,948 |
|
|
65,994 |
|
(26 |
) |
|
|
64,212 |
|
(24 |
) |
Residential Development |
|
|
67,525 |
|
|
67,231 |
|
— |
|
|
|
92,209 |
|
(27 |
) |
Land Acquisition |
|
|
186,332 |
|
|
201,666 |
|
(8 |
) |
|
|
239,773 |
|
(22 |
) |
Land and Development |
|
|
302,805 |
|
|
334,891 |
|
(10 |
) |
|
|
396,194 |
|
(24 |
) |
Total Commercial Real Estate |
|
|
12,177,484 |
|
|
12,215,487 |
|
— |
|
|
|
12,394,853 |
|
(2 |
) |
Consumer Mortgages |
|
|
5,323,443 |
|
|
5,371,164 |
|
(1 |
) |
|
|
5,391,282 |
|
(1 |
) |
Home Equity |
|
|
1,809,286 |
|
|
1,812,940 |
|
— |
|
|
|
1,784,356 |
|
1 |
|
Credit Cards |
|
|
181,386 |
|
|
178,889 |
|
1 |
|
|
|
191,046 |
|
(5 |
) |
Other Consumer Loans |
|
|
965,078 |
|
|
978,305 |
|
(1 |
) |
|
|
1,137,419 |
|
(15 |
) |
Total Consumer |
|
|
8,279,193 |
|
|
8,341,298 |
|
(1 |
) |
|
|
8,504,103 |
|
(3 |
) |
Total |
|
$ |
43,120,674 |
|
$ |
43,093,397 |
|
— |
% |
|
$ |
43,679,910 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|||||
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 |
|
September 30, 2024 |
|
June 30, 2024 |
|
% Change |
|
September 30, 2023 |
|
% Change |
|||||
Commercial, Financial, and Agricultural |
|
$ |
107,004 |
|
$ |
120,107 |
|
(11 |
)% |
|
$ |
97,468 |
|
10 |
% |
Owner-Occupied |
|
|
48,390 |
|
|
50,977 |
|
(5 |
) |
|
|
84,505 |
|
(43 |
) |
Total Commercial & Industrial |
|
|
155,394 |
|
|
171,084 |
|
(9 |
) |
|
|
181,973 |
|
(15 |
) |
Multi-Family |
|
|
1,692 |
|
|
1,718 |
|
(2 |
) |
|
|
1,702 |
|
(1 |
) |
Office Buildings |
|
|
78,281 |
|
|
7,350 |
|
nm |
|
|
27,810 |
|
181 |
|
|
Shopping Centers |
|
|
523 |
|
|
541 |
|
(3 |
) |
|
|
653 |
|
(20 |
) |
Warehouses |
|
|
163 |
|
|
177 |
|
(8 |
) |
|
|
207 |
|
(21 |
) |
Other Investment Property |
|
|
1,612 |
|
|
1,782 |
|
(10 |
) |
|
|
572 |
|
182 |
|
Total Investment Properties |
|
|
82,271 |
|
|
11,568 |
|
nm |
|
|
30,944 |
|
166 |
|
|
1-4 Family Construction |
|
|
311 |
|
|
311 |
|
— |
|
|
|
— |
|
nm |
|
1-4 Family Investment Mortgage |
|
|
2,533 |
|
|
2,749 |
|
(8 |
) |
|
|
3,386 |
|
(25 |
) |
Total 1-4 Family Properties |
|
|
2,844 |
|
|
3,060 |
|
(7 |
) |
|
|
3,386 |
|
(16 |
) |
Residential Development |
|
|
268 |
|
|
303 |
|
(12 |
) |
|
|
267 |
|
— |
|
Land Acquisition |
|
|
1,422 |
|
|
606 |
|
135 |
|
|
|
538 |
|
164 |
|
Land and Development |
|
|
1,690 |
|
|
909 |
|
86 |
|
|
|
805 |
|
110 |
|
Total Commercial Real Estate |
|
|
86,805 |
|
|
15,537 |
|
459 |
|
|
|
35,135 |
|
147 |
|
Consumer Mortgages |
|
|
48,956 |
|
|
48,352 |
|
1 |
|
|
|
43,863 |
|
12 |
|
Home Equity |
|
|
15,837 |
|
|
14,947 |
|
6 |
|
|
|
11,620 |
|
36 |
|
Other Consumer Loans |
|
|
5,972 |
|
|
6,186 |
|
(3 |
) |
|
|
7,941 |
|
(25 |
) |
Total Consumer |
|
|
70,765 |
|
|
69,485 |
|
2 |
|
|
|
63,424 |
|
12 |
|
Total |
|
$ |
312,964 |
|
$ |
256,106 |
|
22 |
% |
|
$ |
280,532 |
|
12 |
% |
Synovus |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
CREDIT QUALITY DATA |
|
|
|||||||||||||
|
(Unaudited) |
|
|
|
|
|
|
|
|
|||||||
|
(Dollars in thousands) |
2024 |
|
2023 |
|
Third Quarter |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
'24 vs '23 |
|||
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
% Change |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-performing Loans (NPLs) |
|
$ |
312,964 |
|
|
256,106 |
|
350,450 |
|
288,177 |
|
280,532 |
|
12 |
% |
|
Other Real Estate and Other Assets |
|
|
386 |
|
|
823 |
|
21,210 |
|
— |
|
— |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-performing Assets (NPAs) |
|
|
313,350 |
|
|
256,929 |
|
371,660 |
|
288,177 |
|
280,532 |
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Allowance for Loan Losses (ALL) |
|
|
484,985 |
|
|
485,101 |
|
492,661 |
|
479,385 |
|
477,532 |
|
2 |
|
|
Reserve for Unfunded Commitments |
|
|
49,556 |
|
|
53,058 |
|
53,579 |
|
57,231 |
|
55,185 |
|
(10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Allowance for Credit Losses (ACL) |
|
|
534,541 |
|
|
538,159 |
|
546,240 |
|
536,616 |
|
532,717 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Net Charge-Offs - Quarter |
|
|
27,052 |
|
|
34,485 |
|
44,356 |
|
41,574 |
|
66,822 |
|
|
|
|
Net Charge-Offs - YTD |
|
|
105,893 |
|
|
78,841 |
|
44,356 |
|
153,342 |
|
111,768 |
|
|
|
|
Net Charge-Offs / Average Loans - Quarter (1) |
|
|
0.25 |
% |
|
0.32 |
|
0.41 |
|
0.38 |
|
0.61 |
|
|
|
|
Net Charge-Offs / Average Loans - YTD (1) |
|
|
0.33 |
|
|
0.36 |
|
0.41 |
|
0.35 |
|
0.34 |
|
|
|
|
NPLs / Loans |
|
|
0.73 |
|
|
0.59 |
|
0.81 |
|
0.66 |
|
0.64 |
|
|
|
|
NPAs / Loans, ORE and specific other assets |
|
|
0.73 |
|
|
0.60 |
|
0.86 |
|
0.66 |
|
0.64 |
|
|
|
|
ACL/Loans |
|
|
1.24 |
|
|
1.25 |
|
1.26 |
|
1.24 |
|
1.22 |
|
|
|
|
ALL/Loans |
|
|
1.12 |
|
|
1.13 |
|
1.14 |
|
1.10 |
|
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
ACL/NPLs |
|
|
170.80 |
|
|
210.13 |
|
155.87 |
|
186.21 |
|
189.90 |
|
|
|
|
ALL/NPLs |
|
|
154.96 |
|
|
189.41 |
|
140.58 |
|
166.35 |
|
170.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Past Due Loans over 90 days and Still Accruing |
|
$ |
4,359 |
|
|
4,460 |
|
3,748 |
|
5,053 |
|
3,792 |
|
15 |
|
|
As a Percentage of Loans Outstanding |
|
|
0.01 |
% |
|
0.01 |
|
0.01 |
|
0.01 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total Past Due Loans and Still Accruing |
|
$ |
97,229 |
|
|
129,759 |
|
54,814 |
|
59,099 |
|
54,974 |
|
77 |
|
|
As a Percentage of Loans Outstanding |
|
|
0.23 |
% |
|
0.30 |
|
0.13 |
|
0.14 |
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
(1) Ratio is annualized. |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
SELECTED CAPITAL INFORMATION (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
September 30, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Common Equity Tier 1 Capital Ratio |
|
|
10.65 |
% |
|
10.22 |
|
10.13 |
|
|
|
|
|
|
|
|
Tier 1 Capital Ratio |
|
|
11.77 |
|
|
11.28 |
|
11.18 |
|
|
|
|
|
|
|
|
Total Risk-Based Capital Ratio |
|
|
13.62 |
|
|
13.07 |
|
13.12 |
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
|
9.55 |
|
|
9.49 |
|
9.38 |
|
|
|
|
|
|
|
|
Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets |
|
|
8.99 |
|
|
8.56 |
|
7.65 |
|
|
|
|
|
|
|
|
Tangible Common Equity Ratio (2) (4) |
|
|
7.28 |
|
|
6.84 |
|
5.90 |
|
|
|
|
|
|
|
|
Book Value Per Common Share (3) |
|
$ |
33.94 |
|
|
31.24 |
|
27.36 |
|
|
|
|
|
|
|
|
Tangible Book Value Per Common Share (2) |
|
|
30.29 |
|
|
27.65 |
|
23.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
(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. |
|
|
|
|
|||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241016977149/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
What was Synovus' (SNV) diluted earnings per share for Q3 2024?
How did Synovus' (SNV) net income change in Q3 2024 compared to Q3 2023?
What was Synovus' (SNV) provision for credit losses in Q3 2024?
How did Synovus' (SNV) core deposits change in Q3 2024?
