Diluted earnings (loss) per share of $(0.16)
vs. $1.13 in 2Q23
Adjusted diluted earnings per share of $1.16
vs. $1.16 in 2Q23
Securities loss of $257 million impacts 2Q24
EPS, adjusted EPS up 47% from 1Q24
Synovus Financial Corp. (NYSE: SNV) today reported financial
results for the quarter ended June 30, 2024.
“Our core second quarter results reflect a significant increase
in earnings driven by margin expansion, strong fee income
generation and reduced credit costs. Our focus remains firmly on
execution while minimizing uncertainty in performance associated
with the net interest margin and credit costs. Our results for the
quarter demonstrate our progress toward these goals. The dedication
of our team in providing unparalleled service to our clients and
communities contributes to our strategic efforts to grow the bank
and progress in key initiatives, further strengthening our
relationship-centered banking approach,” said Synovus Chairman, CEO
and President Kevin Blair.
Second Quarter 2024 Highlights
- Net income (loss) available to common shareholders was $(23.7)
million, or $(0.16) per diluted share, compared to $114.8 million
or $0.78 in the first quarter 2024 and $165.8 million or $1.13 in
second quarter 2023.
- Adjusted net income available to common shareholders was $169.6
million, or $1.16 per diluted share, compared to $116.0 million or
$0.79 in the first quarter 2024 and $169.5 million or $1.16 in
second quarter 2023.
- Adjusted second quarter 2024 earnings per share excludes a $257
million loss on the sale of securities. The company completed a
securities repositioning following a risk-weighted asset
optimization exercise that was performed during the second
quarter.
- Pre-provision net revenue was $4.3 million, which was down 98%
sequentially and 98% compared to second quarter 2023. Adjusted
pre-provision net revenue of $261.7 million increased $43.9
million, or 20%, sequentially and was down $5.0 million, or 2%,
compared to second quarter 2023.
- Net interest income increased $16.2 million, or 4%, compared to
the prior quarter and was down $20.5 million, or 5%, compared to
second quarter 2023. The sequential increase in net interest income
was primarily attributable to a healthy increase in earning asset
yields and more stable cost of funds.
- The NIM expanded by 16 basis points to 3.20% as a result of the
recent securities repositioning, the reclassification of $3.4
billion in securities from Available for Sale to Held to Maturity,
as well as fixed-rate asset repricing and more stable deposit
costs.
- Period-end loans declined $216.5 million from the first quarter
2024 as stronger loan production and core commercial lending growth
was more than offset by higher loan paydowns and strategic declines
in certain loan categories such as non-relationship syndicated
lending and third-party consumer lending. Commercial and industrial
loans declined $194.7 million or 1% from the prior quarter and grew
$5.4 million from second quarter 2023.
- Period-end core deposits were $44.8 billion, a decline of $67.6
million from the first quarter primarily as a result of a drop in
non-interest bearing deposits, partially offset by an increase in
time deposits. Total deposit cost increased 1 basis point from the
first quarter 2024 to 2.68%.
- Non-interest revenue of $(128.9) million declined $247.7
million, or 208%, sequentially and was down $241.1 million, or
215%, compared to second quarter 2023. Adjusted non-interest
revenue of $127.2 million grew $10.7 million, or 9%, sequentially
and increased $16.6 million, or 15%, compared to the second quarter
2023. Sequential growth was largely from higher capital markets
fees. Year-over-year growth came primarily from higher treasury and
payment solutions and capital markets fees and greater commercial
sponsorship income.
- On a sequential basis, non-interest expense of $301.8 million
declined 6% while adjusted non-interest expense declined 5% to
$301.9 million. Adjusted non-interest expense was relatively stable
year over year due to disciplined expense control and a 7%
reduction in total headcount.
- Provision for credit losses of $26.4 million declined 51%
sequentially and compares to $38.9 million in second quarter 2023.
The allowance for credit losses ratio (to loans) of 1.25% was down
1 basis point from the prior quarter.
- The non-performing loan and asset ratios were lower
sequentially at 0.59% and 0.60%, respectively; the net charge-off
ratio for the quarter was 0.32%, down from 0.41% in prior quarter,
while total past dues were 0.30% of total loans outstanding.
- The preliminary CET1 ratio rose sequentially to 10.62% as core
earnings accretion and risk-weighted asset optimization more than
offset the impact of $91 million in common stock repurchases and
the securities repositioning.
Second Quarter Summary
Reported
Adjusted
(dollars in thousands)
2Q24
1Q24
2Q23
2Q24
1Q24
2Q23
Net income (loss) available to common
shareholders
$
(23,741
)
$
114,822
$
165,819
$
169,617
$
115,973
$
169,526
Diluted earnings (loss) per share(1)
(0.16
)
0.78
1.13
1.16
0.79
1.16
Total revenue
306,147
537,734
567,807
563,597
536,745
567,347
Total loans
43,093,397
43,309,877
44,353,537
N/A
N/A
N/A
Total deposits
50,195,778
50,580,242
50,080,392
N/A
N/A
N/A
Return on avg assets(2)
(0.10
)%
0.85
%
1.15
%
1.21
%
0.85
%
1.18
%
Return on avg common equity(2)
(2.1
)
10.2
15.5
15.3
10.3
15.8
Return on avg tangible common
equity(2)
(2.2
)
11.7
17.7
17.6
11.8
18.1
Net interest margin(3)
3.20
%
3.04
%
3.20
%
N/A
N/A
N/A
Efficiency ratio-TE(3)(4)
98.15
59.87
53.99
53.05
58.88
52.57
NCO ratio-QTD
0.32
0.41
0.24
N/A
N/A
N/A
NPA ratio
0.60
0.86
0.59
N/A
N/A
N/A
(1) Diluted shares of 146,034 (in
thousands) used to calculate 2Q24 adjusted diluted earnings per
share.
(2) Annualized
(3) Taxable equivalent
(4) Adjusted tangible efficiency ratio
N/A - not applicable
Balance Sheet
Loans*
(dollars in millions)
2Q24
1Q24
Linked Quarter Change
Linked Quarter %
Change
2Q23
Year/Year Change
Year/Year % Change
Commercial & industrial
$
22,536.6
$
22,731.3
$
(194.7
)
(1
)%
$
22,531.2
$
5.4
—
%
Commercial real estate
12,215.5
12,194.0
21.5
—
13,293.9
(1,078.4
)
(8
)
Consumer
8,341.3
8,384.6
(43.3
)
(1
)
8,528.4
(187.1
)
(2
)
Total loans
$
43,093.4
$
43,309.9
$
(216.5
)
—
%
$
44,353.5
$
(1,260.1
)
(3
)%
*Amounts may not total due to rounding
Deposits*
(dollars in millions)
2Q24
1Q24
Linked Quarter Change
Linked Quarter %
Change
2Q23
Year/Year Change
Year/Year % Change
Non-interest-bearing DDA
$
11,177.7
$
11,515.4
$
(337.7
)
(3
)%
$
12,945.5
$
(1,767.8
)
(14
)%
Interest-bearing DDA
6,621.2
6,478.8
142.4
2
6,255.3
365.9
6
Money market
10,747.9
10,712.7
35.2
—
10,803.7
(55.7
)
(1
)
Savings
1,009.8
1,045.1
(35.2
)
(3
)
1,222.9
(213.0
)
(17
)
Public funds
7,111.9
7,270.4
(158.5
)
(2
)
7,031.4
80.5
1
Time deposits
8,125.2
7,838.9
286.3
4
5,291.8
2,833.3
54
Brokered deposits
5,402.0
5,718.9
(316.9
)
(6
)
6,529.8
(1,127.7
)
(17
)
Total deposits
$
50,195.8
$
50,580.2
$
(384.5
)
(1
)%
$
50,080.4
$
115.4
—
%
*Amounts may not total due to rounding
Income Statement Summary**
(in thousands, except per share data)
2Q24
1Q24
Linked Quarter Change
Linked Quarter %
Change
2Q23
Year/Year Change
Year/Year % Change
Net interest income
$
434,998
$
418,846
$
16,152
4
%
$
455,531
$
(20,533
)
(5
)%
Non-interest revenue
(128,851
)
118,888
(247,739
)
(208
)
112,276
(241,127
)
(215
)
Non-interest expense
301,801
322,741
(20,940
)
(6
)
307,181
(5,380
)
(2
)
Provision for (reversal of) credit
losses
26,404
53,980
(27,576
)
(51
)
38,881
(12,477
)
(32
)
Income (loss) before taxes
$
(22,058
)
$
161,013
$
(183,071
)
(114
)%
$
221,745
$
(243,803
)
(110
)%
Income tax expense (benefit)
(7,378
)
36,943
(44,321
)
(120
)
47,801
(55,179
)
(115
)
Net income (loss)
(14,680
)
124,070
(138,750
)
(112
)
173,944
(188,624
)
(108
)
Less: Net income (loss) attributable to
noncontrolling interest
(652
)
(437
)
(215
)
49
(166
)
(486
)
293
Net income (loss) attributable to Synovus
Financial Corp.
(14,028
)
124,507
(138,535
)
(111
)
174,110
(188,138
)
(108
)
Less: Preferred stock dividends
9,713
9,685
28
—
8,291
1,422
17
Net income (loss) available to common
shareholders
$
(23,741
)
$
114,822
$
(138,563
)
(121
)%
$
165,819
$
(189,560
)
(114
)%
Weighted average common shares
outstanding, diluted
145,565
147,122
(1,557
)
(1
)%
146,550
(985
)
(1
)%
Diluted earnings (loss) per share
$
(0.16
)
$
0.78
$
(0.94
)
(121
)
$
1.13
$
(1.29
)
(114
)
Adjusted diluted earnings per share(1)
1.16
0.79
0.37
47
1.16
—
—
Effective tax rate
33.45
%
22.94
%
21.56
%
(1) Diluted shares of 146,034 (in
thousands) used to calculate 2Q24 adjusted diluted earnings per
share.
** Amounts may not total due to
rounding
NM - not meaningful
Capital Ratios
2Q24
1Q24
2Q23
Common equity Tier 1 capital (CET1)
ratio
10.62
%
(1)
10.38
%
9.86
%
Tier 1 capital ratio
11.74
(1)
11.45
10.89
Total risk-based capital ratio
13.59
(1)
13.24
(2)
12.80
Tier 1 leverage ratio
9.44
(1)
9.62
9.23
Tangible common equity ratio
6.76
6.67
6.17
(1) Ratios are preliminary.
(2) As amended
Second Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call at 8:30
a.m. ET on July 18, 2024. The earnings call will be accompanied by
a slide presentation. Shareholders and other interested parties may
listen to this conference call via simultaneous internet broadcast.
For a link to the webcast, go to investor.synovus.com/event. The replay will be
archived for at least 12 months and will be available approximately
one hour after the call.
Synovus Financial Corp. is a financial services company
based in Columbus, Georgia, with approximately $60 billion in
assets. Synovus provides commercial and consumer banking and a full
suite of specialized products and services, including private
banking, treasury management, wealth management, mortgage services,
premium finance, asset-based lending, structured lending, capital
markets and international banking. Synovus has 247 branches in
Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is
a Great Place to Work-Certified
Company. Learn more about Synovus at synovus.com.
Forward-Looking Statements
This press release and certain of our other filings with the
Securities and Exchange Commission contain statements that
constitute “forward-looking statements” within the meaning of, and
subject to the protections of, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. All statements other than statements of
historical fact are forward-looking statements. You can identify
these forward-looking statements through Synovus’ use of words such
as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,”
“should,” “predicts,” “could,” “would,” “intends,” “targets,”
“estimates,” “projects,” “plans,” “potential” and other similar
words and expressions of the future or otherwise regarding the
outlook for Synovus’ future business and financial performance
and/or the performance of the banking industry and economy in
general. These forward-looking statements include, among others,
our expectations regarding our future operating and financial
performance; expectations on our growth strategy, expense and
revenue initiatives, capital management, balance sheet management,
and future profitability; expectations on credit quality and
performance; and the assumptions underlying our expectations.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks and uncertainties which may cause the
actual results, performance or achievements of Synovus to be
materially different from the future results, performance or
achievements expressed or implied by such forward-looking
statements. Forward-looking statements are based on the information
known to, and current beliefs and expectations of, Synovus’
management and are subject to significant risks and uncertainties.
Actual results may differ materially from those contemplated by
such forward-looking statements. A number of factors could cause
actual results to differ materially from those contemplated by the
forward-looking statements in this press release. Many of these
factors are beyond Synovus’ ability to control or predict.
These forward-looking statements are based upon information
presently known to Synovus’ management and are inherently
subjective, uncertain and subject to change due to any number of
risks and uncertainties, including, without limitation, the risks
and other factors set forth in Synovus’ filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2023, under the captions
“Cautionary Notice Regarding Forward-Looking Statements” and “Risk
Factors” and in Synovus’ quarterly reports on Form 10-Q and current
reports on Form 8-K. We believe these forward-looking statements
are reasonable; however, undue reliance should not be placed on any
forward-looking statements, which are based on current expectations
and speak only as of the date that they are made. We do not assume
any obligation to update any forward-looking statements as a result
of new information, future developments or otherwise, except as
otherwise may be required by law.
Non-GAAP Financial Measures
The measures entitled adjusted non-interest revenue,
non-interest expense; adjusted revenue; adjusted tangible
efficiency ratio; adjusted pre-provision net revenue (PPNR);
adjusted return on average assets; adjusted net income available to
common shareholders; adjusted diluted earnings per share; adjusted
return on average common equity; return on average tangible common
equity; adjusted return on average tangible common equity; and
tangible common equity ratio are not measures recognized under GAAP
and therefore are considered non-GAAP financial measures. The most
comparable GAAP measures to these measures are total non-interest
revenue; total non-interest expense; total revenue; efficiency
ratio-TE; PPNR; return on average assets; net income (loss)
available to common shareholders; diluted earnings (loss) per
share; return on average common equity; and the ratio of total
Synovus Financial Corp. shareholders' equity to total assets,
respectively.
Management believes that these non-GAAP financial measures
provide meaningful additional information about Synovus to assist
management and investors in evaluating Synovus’ operating results,
financial strength, the performance of its business, and the
strength of its capital position. However, these non-GAAP financial
measures have inherent limitations as analytical tools and should
not be considered in isolation or as a substitute for analyses of
operating results or capital position as reported under GAAP. The
non-GAAP financial measures should be considered as additional
views of the way our financial measures are affected by significant
items and other factors, and since they are not required to be
uniformly applied, they may not be comparable to other similarly
titled measures at other companies. Adjusted non-interest revenue
and adjusted revenue are measures used by management to evaluate
non-interest revenue and total revenue exclusive of net investment
securities gains (losses), fair value adjustments on non-qualified
deferred compensation and other items not indicative of ongoing
operations that could impact period-to-period comparisons. Adjusted
non-interest expense and the adjusted tangible efficiency ratio are
measures utilized by management to measure the success of expense
management initiatives focused on reducing recurring controllable
operating costs. Adjusted net income available to common
shareholders, adjusted diluted earnings per share, adjusted return
on average assets, and adjusted return on average common equity are
measures used by management to evaluate operating results exclusive
of items that are not indicative of ongoing operations and impact
period-to-period comparisons. Return on average tangible common
equity and adjusted return on average tangible common equity are
measures used by management to compare Synovus’ performance with
other financial institutions because it calculates the return
available to common shareholders without the impact of intangible
assets and their related amortization, thereby allowing management
to evaluate the performance of the business consistently. Adjusted
PPNR is used by management to evaluate PPNR exclusive of items that
management believes are not indicative of ongoing operations and
impact period-to-period comparisons. The tangible common equity
ratio is used by stakeholders to assess our capital position. The
computations of these measures are set forth in the tables
below.
Reconciliation of Non-GAAP Financial
Measures
(dollars in thousands)
2Q24
1Q24
2Q23
Adjusted non-interest revenue
Total non-interest revenue
$
(128,851
)
$
118,888
$
112,276
Investment securities (gains) losses,
net
256,660
—
—
Fair value adjustment on non-qualified
deferred compensation
(561
)
(2,299
)
(1,598
)
Adjusted non-interest revenue
$
127,248
$
116,589
$
110,678
Adjusted non-interest expense
Total non-interest expense
$
301,801
$
322,741
$
307,181
(Loss) gain on other loans held for
sale
—
—
(2,360
)
Gain (loss) on early extinguishment of
debt
—
—
377
Restructuring (charges) reversals
658
(1,524
)
110
Valuation adjustment to Visa
derivative
—
—
(3,027
)
Fair value adjustment on non-qualified
deferred compensation
(561
)
(2,299
)
(1,598
)
Adjusted non-interest expense
$
301,898
$
318,918
$
300,683
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
2Q24
1Q24
2Q23
Adjusted revenue and tangible
efficiency ratio
Adjusted non-interest expense
$
301,898
$
318,918
$
300,683
Amortization of intangibles
(2,907
)
(2,907
)
(2,420
)
Adjusted tangible non-interest expense
$
298,991
$
316,011
$
298,263
Net interest income
$
434,998
$
418,846
$
455,531
Tax equivalent adjustment
1,351
1,310
1,138
Net interest income taxable equivalent
436,349
420,156
456,669
Net interest income
$
434,998
$
418,846
$
455,531
Total non-interest revenue
(128,851
)
118,888
112,276
Total revenue
$
306,147
$
537,734
$
567,807
Tax equivalent adjustment
1,351
1,310
1,138
Total TE revenue
307,498
539,044
568,945
Investment securities losses (gains),
net
256,660
—
—
Fair value adjustment on non-qualified
deferred compensation
(561
)
(2,299
)
(1,598
)
Adjusted revenue
$
563,597
$
536,745
$
567,347
Efficiency ratio-TE
98.15
%
59.87
%
53.99
%
Adjusted tangible efficiency ratio
53.05
58.88
52.57
Adjusted pre-provision net
revenue
Net interest income
$
434,998
$
418,846
$
455,531
Total non-interest revenue
(128,851
)
118,888
112,276
Total non-interest expense
(301,801
)
(322,741
)
(307,181
)
Pre-provision net revenue (PPNR)
$
4,346
$
214,993
$
260,626
Adjusted revenue
563,597
536,745
567,347
Adjusted non-interest expense
(301,898
)
(318,918
)
(300,683
)
Adjusted PPNR
$
261,699
$
217,827
$
266,664
Adjusted return on average assets
(annualized)
Net income (loss)
$
(14,680
)
$
124,070
$
173,944
Loss (gain) on other loans held for
sale
—
—
2,360
(Gain) loss on early extinguishment of
debt
—
—
(377
)
Restructuring charges (reversals)
(658
)
1,524
(110
)
Valuation adjustment to Visa
derivative
—
—
3,027
Investment securities losses (gains),
net
256,660
—
—
Tax effect of adjustments(1)
(62,644
)
(373
)
(1,193
)
Adjusted net income
$
178,678
$
125,221
$
177,651
Net income (loss) annualized
$
(59,043
)
$
499,007
$
697,687
Adjusted net income annualized
$
718,639
$
503,636
$
712,556
Total average assets
$
59,246,849
$
59,022,231
$
60,515,077
Return on average assets (annualized)
(0.10
)%
0.85
%
1.15
%
Adjusted return on average assets
(annualized)
1.21
0.85
1.18
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
2Q24
1Q24
2Q23
Adjusted net income available to common
shareholders and adjusted diluted earnings per share
Net income (loss) available to common
shareholders
$
(23,741
)
$
114,822
$
165,819
Loss (gain) on other loans held for
sale
—
—
2,360
(Gain) loss on early extinguishment of
debt
—
—
(377
)
Restructuring charges (reversals)
(658
)
1,524
(110
)
Valuation adjustment to Visa
derivative
—
—
3,027
Investment securities losses (gains),
net
256,660
—
—
Tax effect of adjustments(1)
(62,644
)
(373
)
(1,193
)
Adjusted net income available to common
shareholders
$
169,617
$
115,973
$
169,526
Weighted average common shares
outstanding, diluted(2)
145,565
147,122
146,550
Diluted earnings per share
$
(0.16
)
$
0.78
$
1.13
Adjusted diluted earnings per share
1.16
0.79
1.16
(1) An assumed marginal tax rate of 24.5%
for 2Q24 and 1Q24 and 24.3% for 2Q23 was applied.
(2) Diluted shares of 146,034 (in
thousands) used to calculate 2Q24 adjusted diluted earnings per
share.
2Q24
1Q24
2Q23
Adjusted return on average common
equity, return on average tangible common equity, and adjusted
return on average tangible common equity (annualized)
Net income (loss) available to common
shareholders
$
(23,741
)
$
114,822
$
165,819
Loss (gain) on other loans held for
sale
—
—
2,360
(Gain) loss on early extinguishment of
debt
—
—
(377
)
Restructuring charges (reversals)
(658
)
1,524
(110
)
Valuation adjustment to Visa
derivative
—
—
3,027
Investment securities losses (gains),
net
256,660
—
—
Tax effect of adjustments(1)
(62,644
)
(373
)
(1,193
)
Adjusted net income available to common
shareholders
$
169,617
$
115,973
$
169,526
Adjusted net income available to common
shareholders annualized
$
682,196
$
466,441
$
679,967
Amortization of intangibles, tax effected,
annualized
8,831
8,831
7,344
Adjusted net income available to common
shareholders excluding amortization of intangibles annualized
$
691,027
$
475,272
$
687,311
Net income (loss) available to common
shareholders annualized
$
(95,486
)
$
461,812
$
665,098
Amortization of intangibles, tax effected,
annualized
8,831
8,831
7,344
Net income (loss) available to common
shareholders excluding amortization of intangibles annualized
$
(86,655
)
$
470,643
$
672,442
Total average Synovus Financial Corp.
shareholders' equity less preferred stock
$
4,455,198
$
4,542,616
$
4,303,722
Average goodwill
(480,902
)
(480,440
)
(460,118
)
Average other intangible assets, net
(41,547
)
(44,497
)
(36,738
)
Total average Synovus Financial Corp.
tangible shareholders' equity less preferred stock
$
3,932,749
$
4,017,679
$
3,806,866
Return on average common equity
(annualized)
(2.1
)%
10.2
%
15.5
%
Adjusted return on average common equity
(annualized)
15.3
10.3
15.8
Return on average tangible common equity
(annualized)
(2.2
)
11.7
17.7
Adjusted return on average tangible common
equity (annualized)
17.6
11.8
18.1
(1) An assumed marginal tax rate of 24.5%
for 2Q24 and 1Q24 and 24.3% for 2Q23 was applied.
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
June 30, 2024
December 31, 2023
June 30, 2023
Tangible common equity ratio
Total assets
$
59,606,343
$
59,809,534
$
60,655,591
Goodwill
(480,440
)
(480,440
)
(475,573
)
Other intangible assets, net
(40,114
)
(45,928
)
(61,538
)
Tangible assets
$
59,085,789
$
59,283,166
$
60,118,480
Total Synovus Financial Corp.
shareholders’ equity
$
5,053,606
$
5,119,993
$
4,782,528
Goodwill
(480,440
)
(480,440
)
(475,573
)
Other intangible assets, net
(40,114
)
(45,928
)
(61,538
)
Preferred Stock, no par value
(537,145
)
(537,145
)
(537,145
)
Tangible common equity
$
3,995,907
$
4,056,480
$
3,708,272
Total Synovus Financial Corp.
shareholders’ equity to total assets ratio
8.48
%
8.56
%
7.88
%
Tangible common equity ratio
6.76
6.84
6.17
Amounts may not total due to rounding
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share
data)
Six Months Ended June
30,
2024
2023
'24 vs '23
% Change
Interest income
$
1,583,952
$
1,476,022
7
%
Interest expense
730,108
539,739
35
Net interest income
853,844
936,283
(9
)
Provision for (reversal of) credit
losses
80,384
71,035
13
Net interest income after provision for
credit losses
773,460
865,248
(11
)
Non-interest revenue:
Service charges on deposit accounts
44,720
46,451
(4
)
Fiduciary and asset management fees
38,741
39,723
(2
)
Card fees
38,904
32,884
18
Brokerage revenue
43,164
46,655
(7
)
Mortgage banking income
7,362
8,467
(13
)
Capital markets income
21,704
24,609
(12
)
Income from bank-owned life insurance
15,444
14,140
9
Investment securities gains (losses),
net
(256,660
)
1,030
nm
Recovery of NPA
—
13,126
nm
Other non-interest revenue
36,658
18,317
100
Total non-interest revenue
(9,963
)
245,402
(104
)
Non-interest expense:
Salaries and other personnel expense
367,928
371,926
(1
)
Net occupancy, equipment, and software
expense
93,223
85,645
9
Third-party processing and other
services
42,041
43,493
(3
)
Professional fees
23,286
18,560
25
FDIC insurance and other regulatory
fees
30,312
21,429
41
Restructuring charges (reversals)
866
(843
)
nm
Loss on other loans held for sale
—
19,110
nm
Other operating expenses
66,886
69,714
(4
)
Total non-interest expense
624,542
629,034
(1
)
Income (loss) before income taxes
138,955
481,616
(71
)
Income tax expense (benefit)
29,565
105,513
(72
)
Net income (loss)
109,390
376,103
(71
)
Less: Net income (loss) attributable to
noncontrolling interest
(1,089
)
(166
)
556
Net income (loss) attributable to Synovus
Financial Corp.
110,479
376,269
(71
)
Less: Preferred stock dividends
19,398
16,581
17
Net income (loss) available to common
shareholders
$
91,081
$
359,688
(75
)%
Net income (loss) per common share,
basic
$
0.62
$
2.46
(75
)%
Net income (loss) per common share,
diluted
0.62
2.45
(75
)
Cash dividends declared per common
share
0.76
0.76
—
Return on average assets *
0.37
%
1.26
%
(89) bps
Return on average common equity *
4.1
17.3
(76
)
Weighted average common shares
outstanding, basic
145,998
145,957
—
%
Weighted average common shares
outstanding, diluted
146,568
146,644
—
nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share
data)
2024
2023
Second Quarter
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
Second Quarter
'24 vs '23
% Change
Interest income
$
801,242
782,710
788,297
786,039
759,143
6
%
Interest expense
366,244
363,864
351,083
342,880
303,612
21
Net interest income
434,998
418,846
437,214
443,159
455,531
(5
)
Provision for (reversal of) credit
losses
26,404
53,980
45,472
72,572
38,881
(32
)
Net interest income after provision for
credit losses
408,594
364,866
391,742
370,587
416,650
(2
)
Non-interest revenue:
Service charges on deposit accounts
22,907
21,813
22,260
21,385
23,477
(2
)
Fiduciary and asset management fees
19,728
19,013
18,149
20,205
20,027
(1
)
Card fees
19,418
19,486
20,872
18,602
17,059
14
Brokerage revenue
20,457
22,707
21,961
21,387
22,451
(9
)
Mortgage banking income
3,944
3,418
3,019
3,671
4,609
(14
)
Capital markets income
15,077
6,627
6,456
7,980
9,482
59
Income from bank-owned life insurance
8,097
7,347
10,324
6,965
6,878
18
Investment securities gains (losses),
net
(256,660
)
—
(77,748
)
—
—
nm
Other non-interest revenue
18,181
18,477
26,175
6,944
8,293
119
Total non-interest revenue
(128,851
)
118,888
51,468
107,139
112,276
(215
)
Non-interest expense:
Salaries and other personnel expense
179,407
188,521
176,712
179,741
183,001
(2
)
Net occupancy, equipment, and software
expense
46,415
46,808
48,146
45,790
42,785
8
Third-party processing and other
services
21,783
20,258
21,717
21,439
21,659
1
Professional fees
15,655
7,631
11,147
10,147
9,597
63
FDIC insurance and other regulatory
fees
6,493
23,819
61,470
11,837
11,162
(42
)
Restructuring charges (reversals)
(658
)
1,524
1,231
17,319
(110
)
nm
Loss on other loans held for sale
—
—
—
30,954
2,360
nm
Other operating expenses
32,706
34,180
32,435
36,305
36,727
(11
)
Total non-interest expense
301,801
322,741
352,858
353,532
307,181
(2
)
Income (loss) before income taxes
(22,058
)
161,013
90,352
124,194
221,745
(110
)
Income tax expense (benefit)
(7,378
)
36,943
20,779
27,729
47,801
(115
)
Net income (loss)
(14,680
)
124,070
69,573
96,465
173,944
(108
)
Less: Net income (loss) attributable to
noncontrolling interest
(652
)
(437)
(768
)
(630
)
(166
)
293
Net income (loss) attributable to Synovus
Financial Corp.
(14,028
)
124,507
70,341
97,095
174,110
(108
)
Less: Preferred stock dividends
9,713
9,685
9,696
9,672
8,291
17
Net income (loss) available to common
shareholders
$
(23,741
)
114,822
60,645
87,423
165,819
(114
)%
Net income (loss) per common share,
basic
$
(0.16
)
0.78
0.41
0.60
1.13
(114
)%
Net income (loss) per common share,
diluted
(0.16
)
0.78
0.41
0.60
1.13
(114
)
Cash dividends declared per common
share
0.38
0.38
0.38
0.38
0.38
—
Return on average assets *
(0.10
)%
0.85
0.47
0.64
1.15
(125) bps
Return on average common equity *
(2.1
)
10.2
5.9
8.2
15.5
(114
)
Weighted average common shares
outstanding, basic
145,565
146,430
146,372
146,170
146,113
—
%
Weighted average common shares
outstanding, diluted
145,565
147,122
146,877
146,740
146,550
(1
)
nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding
Synovus
BALANCE SHEET DATA
June 30, 2024
December 31, 2023
June 30, 2023
(Unaudited)
(In thousands, except share data)
ASSETS
Interest-earning deposits with banks and
other cash and cash equivalents
$
2,263,545
$
2,414,103
$
2,018,363
Federal funds sold and securities
purchased under resale agreements
31,063
37,323
35,788
Cash, cash equivalents, and restricted
cash
2,294,608
2,451,426
2,054,151
Investment securities held to maturity
2,668,068
—
—
Investment securities available for
sale
7,043,681
9,788,662
9,621,175
Loans held for sale (includes $41,823,
$47,338 and $62,616 measured at fair value, respectively)
139,323
52,768
514,450
Loans, net of deferred fees and costs
43,093,397
43,404,490
44,353,537
Allowance for loan losses
(485,101
)
(479,385
)
(471,238
)
Loans, net
42,608,296
42,925,105
43,882,299
Cash surrender value of bank-owned life
insurance
1,125,928
1,112,030
1,100,114
Premises, equipment, and software, net
375,455
365,851
365,443
Goodwill
480,440
480,440
475,573
Other intangible assets, net
40,114
45,928
61,538
Other assets
2,830,430
2,587,324
2,580,848
Total assets
$
59,606,343
$
59,809,534
$
60,655,591
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits
$
11,655,811
$
12,507,616
$
13,565,602
Interest-bearing deposits
38,539,967
38,231,569
36,514,790
Total deposits
50,195,778
50,739,185
50,080,392
Federal funds purchased and securities
sold under repurchase agreements
94,484
189,074
83,384
Other short-term borrowings
2,536
3,496
1,461
Long-term debt
2,283,767
1,932,534
4,021,411
Other liabilities
1,953,106
1,801,097
1,661,175
Total liabilities
54,529,671
54,665,386
55,847,823
Equity:
Shareholders' equity:
Preferred stock - no par value. Authorized
100,000,000 shares; issued 22,000,000
537,145
537,145
537,145
Common stock - $1.00 par value. Authorized
342,857,143 shares; issued 171,935,817, 171,360,188 and 170,808,134
respectively; outstanding 144,149,614, 146,705,330 and 146,153,276
respectively
171,936
171,360
170,808
Additional paid-in capital
3,965,751
3,955,819
3,933,548
Treasury stock, at cost; 27,786,203,
24,654,858 and 24,654,858 shares, respectively
(1,066,239
)
(944,484
)
(944,484
)
Accumulated other comprehensive income
(loss), net
(1,050,374
)
(1,117,073
)
(1,395,175
)
Retained earnings
2,495,387
2,517,226
2,480,686
Total Synovus Financial Corp.
shareholders’ equity
5,053,606
5,119,993
4,782,528
Noncontrolling interest in subsidiary
23,066
24,155
25,240
Total equity
5,076,672
5,144,148
4,807,768
Total liabilities and equity
$
59,606,343
$
59,809,534
$
60,655,591
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
Second Quarter 2024
First Quarter 2024
Second Quarter 2023
(dollars in thousands)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
$
35,006,497
$
593,715
6.82
%
$
34,943,797
$
583,459
6.72
%
$
35,628,637
$
566,823
6.38
%
Consumer loans (1) (2)
8,358,325
109,206
5.23
8,434,105
109,566
5.21
8,470,478
104,545
4.94
Less: Allowance for loan losses
(492,640
)
—
—
(481,146
)
—
—
(466,700
)
—
—
Loans, net
42,872,182
702,921
6.59
42,896,756
693,025
6.49
43,632,415
671,368
6.17
Total investment securities(4)
10,373,792
78,891
3.04
11,148,242
71,906
2.58
11,200,717
60,421
2.16
Trading account assets
8,809
162
7.37
11,567
65
2.25
21,328
309
5.80
Other earning assets(5)
1,271,953
16,800
5.23
1,218,090
16,173
5.25
1,446,425
18,081
4.95
FHLB and Federal Reserve Bank stock
189,706
2,687
5.67
187,825
2,273
4.84
280,248
4,301
6.14
Mortgage loans held for sale
37,364
666
7.13
29,773
495
6.65
54,603
852
6.24
Other loans held for sale
96,180
466
1.92
18,465
83
1.77
546,224
4,949
3.58
Total interest earning assets
54,849,986
802,593
5.89
%
55,510,718
784,020
5.68
%
57,181,960
760,281
5.33
%
Cash and due from banks
531,604
532,624
646,066
Premises and equipment
376,293
370,376
369,039
Other real estate
18,003
61
—
Cash surrender value of bank-owned life
insurance
1,121,764
1,114,703
1,095,866
Other assets(6)
2,349,199
1,493,749
1,222,146
Total assets
$
59,246,849
$
59,022,231
$
60,515,077
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
10,789,288
68,809
2.57
%
$
10,590,340
65,415
2.48
%
$
9,891,375
41,803
1.70
%
Money market accounts
12,617,120
99,380
3.17
12,826,385
103,129
3.23
13,468,210
85,397
2.54
Savings deposits
1,036,321
304
0.12
1,057,087
287
0.11
1,276,040
281
0.09
Time deposits
8,382,774
93,431
4.48
7,902,850
86,493
4.40
4,866,221
39,551
3.26
Brokered deposits
5,483,298
73,830
5.42
5,737,445
77,342
5.42
6,342,751
74,748
4.73
Federal funds purchased and securities
sold under repurchase agreements
114,595
570
1.97
113,558
648
2.26
88,591
351
1.57
Other short-term borrowings
108,946
1,530
5.55
71,775
955
5.26
455,050
5,566
4.84
Long-term debt
1,666,731
28,390
6.79
1,764,740
29,595
6.69
3,821,126
55,915
5.82
Total interest-bearing liabilities
40,199,073
366,244
3.66
%
40,064,180
363,864
3.65
%
40,209,364
303,612
3.03
%
Non-interest-bearing demand deposits
12,099,256
12,071,670
13,874,482
Other liabilities
1,932,822
1,782,659
1,556,863
Total equity
5,015,698
5,103,722
4,874,368
Total liabilities and equity
$
59,246,849
$
59,022,231
$
60,515,077
Net interest income and net interest
margin, taxable equivalent (7)
$
436,349
3.20
%
$
420,156
3.04
%
$
456,669
3.20
%
Less: taxable-equivalent adjustment
1,351
1,310
1,138
Net interest income
$
434,998
$
418,846
$
455,531
(1) Average loans are shown net
of unearned income. NPLs are included.
(2) Interest income includes fees
as follows: Second Quarter 2024 — $12.3 million, First Quarter 2024
— $10.6 million, and Second Quarter 2023 — $11.3 million.
(3) Reflects taxable-equivalent
adjustments, using the statutory federal tax rate of 21%, in
adjusting interest on tax-exempt loans to a taxable-equivalent
basis.
(4) Securities are included on an
amortized cost basis with yield and net interest margin calculated
accordingly.
(5) Includes interest-bearing
funds with Federal Reserve Bank, interest earning deposits with
banks, and federal funds sold and securities purchased under resale
agreements.
(6) Includes average net
unrealized gains (losses) on investment securities available for
sale of $(727.6) million, $(1.36) billion, and $(1.46) billion for
the Second Quarter 2024, First Quarter 2024, and Second Quarter
2023, respectively.
(7) The net interest margin is
calculated by dividing annualized net interest income- TE by
average total interest earning assets.
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
Six Months Ended June
30,
2024
2023
(dollars in thousands)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
$
34,975,147
$
1,177,174
6.77
%
$
35,331,375
$
1,093,352
6.24
%
Consumer loans (1) (2)
8,396,215
218,773
5.23
8,615,748
208,693
4.87
Less: Allowance for loan losses
(486,893
)
—
—
(456,005
)
—
—
Loans, net
42,884,469
1,395,947
6.54
43,491,118
1,302,045
6.03
Total investment securities(4)
10,761,017
150,797
2.80
11,247,080
121,475
2.16
Trading account assets
10,188
227
4.47
16,360
434
5.30
Other earning assets(5)
1,248,958
32,973
5.23
1,479,926
35,292
4.74
FHLB and Federal Reserve Bank stock
188,766
4,960
5.26
293,518
7,656
5.22
Mortgage loans held for sale
33,569
1,161
6.92
45,600
1,418
6.22
Other loans held for sale
57,323
549
1.89
495,240
9,960
4.00
Total interest earning assets
55,184,290
$
1,586,614
5.78
%
57,068,842
$
1,478,280
5.22
%
Cash and due from banks
528,178
644,791
Premises and equipment
373,335
369,654
Other real estate
9,032
—
Cash surrender value of bank-owned life
insurance
1,118,233
1,093,486
Other assets(6)
1,921,473
1,148,600
Total assets
$
59,134,541
$
60,325,373
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
10,689,814
$
134,224
2.53
%
$
9,493,481
$
65,024
1.38
%
Money market accounts
12,721,753
202,509
3.20
13,929,069
158,012
2.29
Savings deposits
1,046,704
591
0.11
1,322,846
491
0.07
Time deposits
8,142,812
179,924
4.44
4,237,249
61,047
2.91
Brokered deposits
5,610,371
151,172
5.42
5,950,539
131,141
4.44
Federal funds purchased and securities
sold under repurchase agreements
114,076
1,218
2.11
110,852
1,021
1.83
Other short-term borrowings
90,361
2,485
5.44
1,062,908
24,559
4.60
Long-term debt
1,715,736
57,985
6.74
3,486,453
98,444
5.63
Total interest-bearing liabilities
40,131,627
$
730,108
3.66
%
39,593,397
$
539,739
2.75
%
Non-interest-bearing demand deposits
12,085,463
14,441,205
Other liabilities
1,857,741
1,539,939
Total equity
5,059,710
4,750,832
Total liabilities and equity
$
59,134,541
$
60,325,373
Net interest income, taxable equivalent
net interest margin (7)
$
856,506
3.12
%
$
938,541
3.32
%
Less: taxable-equivalent adjustment
2,662
2,258
Net interest income
$
853,844
$
936,283
(1) Average loans are shown net
of unearned income. NPLs are included.
(2) Interest income includes fees
as follows: 2024 — $22.9 million and 2023 — $22.8 million.
(3) Reflects taxable-equivalent
adjustments, using the statutory federal tax rate of 21%, in
adjusting interest on tax-exempt loans to a taxable-equivalent
basis.
(4) Securities are included on an
amortized cost basis with yield and net interest margin calculated
accordingly.
(5) Includes interest-bearing
funds with Federal Reserve Bank, interest earning deposits with
banks, and federal funds sold and securities purchased under resale
agreements.
(6) Includes average net
unrealized gains/(losses) on investment securities available for
sale of $(1.04) billion and $(1.49) billion for the six months
ended June 30, 2024 and 2023, respectively.
(7) The net interest margin is
calculated by dividing annualized net interest income - TE by
average total interest earning assets.
Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
Total Loans
Total Loans
Linked Quarter
Total Loans
Year/Year
(Dollars in thousands)
Loan Type
June 30, 2024
March 31, 2024
% Change
June 30, 2023
% Change
Commercial, Financial, and
Agricultural
$
14,519,608
$
14,616,902
(1
)%
$
14,166,890
2
%
Owner-Occupied
8,017,004
8,114,394
(1
)
8,364,342
(4
)
Total Commercial &
Industrial
22,536,612
22,731,296
(1
)
22,531,232
—
Multi-Family
4,288,436
4,199,435
2
3,597,497
19
Hotels
1,802,076
1,790,505
1
1,771,381
2
Office Buildings
1,801,945
1,852,208
(3
)
3,031,806
(41
)
Shopping Centers
1,298,967
1,302,754
—
1,329,492
(2
)
Warehouses
865,359
871,662
(1
)
1,068,734
(19
)
Other Investment Property
1,271,266
1,294,317
(2
)
1,471,356
(14
)
Total Investment Properties
11,328,049
11,310,881
—
12,270,266
(8
)
1-4 Family Construction
171,335
194,146
(12
)
205,459
(17
)
1-4 Family Investment Mortgage
381,212
385,992
(1
)
410,267
(7
)
Total 1-4 Family Properties
552,547
580,138
(5
)
615,726
(10
)
Commercial Development
65,994
66,000
—
60,910
8
Residential Development
67,231
72,024
(7
)
98,229
(32
)
Land Acquisition
201,666
164,976
22
248,767
(19
)
Land and Development
334,891
303,000
11
407,906
(18
)
Total Commercial Real Estate
12,215,487
12,194,019
—
13,293,898
(8
)
Consumer Mortgages
5,371,164
5,384,602
—
5,379,284
—
Home Equity
1,812,940
1,804,348
—
1,773,987
2
Credit Cards
178,889
180,663
(1
)
187,677
(5
)
Other Consumer Loans
978,305
1,014,949
(4
)
1,187,459
(18
)
Total Consumer
8,341,298
8,384,562
(1
)
8,528,407
(2
)
Total
$
43,093,397
$
43,309,877
—
%
$
44,353,537
(3
)%
NON-PERFORMING LOANS
COMPOSITION
(Unaudited)
Total
Non-performing Loans
Total
Non-performing Loans
Linked Quarter
Total
Non-performing Loans
Year/Year
(Dollars in thousands)
Loan Type
June 30, 2024
March 31, 2024
% Change
June 30, 2023
% Change
Commercial, Financial, and
Agricultural
$
120,107
$
192,693
(38
)%
$
144,415
(17
)%
Owner-Occupied
50,977
80,218
(36
)
22,197
130
Total Commercial &
Industrial
171,084
272,911
(37
)
166,612
3
Multi-Family
1,718
2,077
(17
)
1,748
(2
)
Office Buildings
7,350
7,630
(4
)
28,024
(74
)
Shopping Centers
541
547
(1
)
699
(23
)
Warehouses
177
188
(6
)
218
(19
)
Other Investment Property
1,782
1,784
—
664
168
Total Investment Properties
11,568
12,226
(5
)
31,353
(63
)
1-4 Family Construction
311
—
nm
632
(51
)
1-4 Family Investment Mortgage
2,749
2,300
20
3,525
(22
)
Total 1-4 Family Properties
3,060
2,300
33
4,157
(26
)
Residential Development
303
478
(37
)
267
13
Land Acquisition
606
540
12
871
(30
)
Land and Development
909
1,018
(11
)
1,138
(20
)
Total Commercial Real Estate
15,537
15,544
—
36,648
(58
)
Consumer Mortgages
48,352
42,563
14
41,877
15
Home Equity
14,947
12,451
20
9,936
50
Other Consumer Loans
6,186
6,981
(11
)
6,433
(4
)
Total Consumer
69,485
61,995
12
58,246
19
Total
$
256,106
$
350,450
(27
)%
$
261,506
(2
)%
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2024
2023
Second Quarter
Second
First
Fourth
Third
Second
'24 vs '23
Quarter
Quarter
Quarter
Quarter
Quarter
% Change
Non-performing Loans (NPLs)
$
256,106
350,450
288,177
280,532
261,506
(2
)%
Other Real Estate and Other Assets
823
21,210
—
—
—
nm
Non-performing Assets (NPAs)
256,929
371,660
288,177
280,532
261,506
(2
)
Allowance for Loan Losses (ALL)
485,101
492,661
479,385
477,532
471,238
3
Reserve for Unfunded Commitments
53,058
53,579
57,231
55,185
55,729
(5
)
Allowance for Credit Losses (ACL)
538,159
546,240
536,616
532,717
526,967
2
Net Charge-Offs - Quarter
34,485
44,356
41,574
66,822
26,396
Net Charge-Offs - YTD
78,841
44,356
153,342
111,768
44,946
Net Charge-Offs / Average Loans - Quarter
(1)
0.32
%
0.41
0.38
0.61
0.24
Net Charge-Offs / Average Loans - YTD
(1)
0.36
0.41
0.35
0.34
0.20
NPLs / Loans
0.59
0.81
0.66
0.64
0.59
NPAs / Loans, ORE and specific other
assets
0.60
0.86
0.66
0.64
0.59
ACL/Loans
1.25
1.26
1.24
1.22
1.19
ALL/Loans
1.13
1.14
1.10
1.09
1.06
ACL/NPLs
210.13
155.87
186.21
189.90
201.51
ALL/NPLs
189.41
140.58
166.35
170.22
180.20
Past Due Loans over 90 days and Still
Accruing
$
4,460
3,748
5,053
3,792
3,643
22
As a Percentage of Loans Outstanding
0.01
%
0.01
0.01
0.01
0.01
Total Past Due Loans and Still
Accruing
$
129,759
54,814
59,099
54,974
84,946
53
As a Percentage of Loans Outstanding
0.30
%
0.13
0.14
0.13
0.19
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION
(1)
(Unaudited)
(Dollars in thousands)
June 30, 2024
December 31, 2023
June 30, 2023
Common Equity Tier 1 Capital Ratio
10.62
%
10.22
9.86
Tier 1 Capital Ratio
11.74
11.28
10.89
Total Risk-Based Capital Ratio
13.59
13.07
12.80
Tier 1 Leverage Ratio
9.44
9.49
9.23
Total Synovus Financial Corp.
shareholders' equity as a Percentage of Total Assets
8.48
8.56
7.88
Tangible Common Equity Ratio (2) (4)
6.76
6.84
6.17
Book Value Per Common Share (3)
$
31.33
31.24
29.05
Tangible Book Value Per Common Share
(2)
27.72
27.65
25.37
(1) Current quarter regulatory capital
information is preliminary.
(2) Excludes the carrying value of
goodwill and other intangible assets from common equity and total
assets.
(3) Book Value Per Common Share consists
of Total Synovus Financial Corp. shareholders’ equity less
Preferred stock divided by total common shares outstanding.
(4) See "Non-GAAP Financial Measures" for
applicable reconciliation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240717291791/en/
Media Contact Audria Belton Media Relations
media@synovus.com Investor Contact Jennifer H. Demba, CFA
Investor Relations investorrelations@synovus.com
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