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Synovus announces earnings for the first quarter 2024

Diluted earnings per share of $0.78 vs. $1.32 in 1Q23

Adjusted diluted earnings per share of $0.79 vs. $1.33 in 1Q23

$12.8 million FDIC Special Assessment reduced 1Q24 reported and adjusted EPS by $0.07

Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended March 31, 2024.

“Our first quarter results demonstrate tangible progress on our strategic priorities, including key commercial category loan and core deposit growth, client non-interest revenue growth and excellent operating expense control. We remain focused on raising the bar on service and deepening client relationships, all while building a more risk-resilient bank, which was evidenced by our highest common equity tier 1 capital ratios in several years and an over 30% decline in wholesale funding versus last year," said Synovus Chairman, CEO and President Kevin Blair.

First Quarter 2024 Highlights

  • Net income available to common shareholders was $114.8 million, or $0.78 per diluted share, compared to $60.6 million or $0.41 in the fourth quarter 2023 and $193.9 million or $1.32 in first quarter 2023.
  • An incremental $12.8 million FDIC Special Assessment reduced first quarter 2024 reported and adjusted EPS by $0.07. A $51.0 million FDIC Special Assessment impacted fourth quarter 2023 reported and adjusted EPS by $0.26.
  • Pre-provision net revenue of $215.0 million increased $79.2 million, or 58%, sequentially and was down $77.0 million, or 26%, compared to first quarter 2023.
  • Net interest income declined $18.4 million, or 4%, compared to the prior quarter and was down $61.9 million, or 13%, compared to first quarter 2023, primarily attributable to a decline in average earnings assets and higher funding costs. Net interest margin was 3.04% which compressed from the fourth quarter 2023 as higher deposit costs more than offset an increase in earning asset yields.
  • Period-end loans declined $94.6 million from the fourth quarter 2023 as core commercial lending growth was more than offset by soft loan demand, 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 increased $132.8 million or 1% from the prior quarter and $131.1 million or 1% from first quarter 2023.
  • Period-end core deposits ended the quarter at $44.9 billion, an increase of $165.1 million sequentially primarily as a result of time deposit growth, partially offset by a decline in non-interest bearing deposits. Total deposit costs increased 17 basis points from the fourth quarter 2023 to 2.67%.
  • Non-interest revenue of $118.9 million increased $67.4 million, or 131%, sequentially and declined $14.2 million, or 11%, compared to first quarter 2023. Adjusted non-interest revenue of $116.6 million fell $9.6 million, or 8%, sequentially and declined $1.0 million, or 1%, compared to the first quarter 2023. Year-over-year pressure was the result of the consumer checking program changes and GLOBALT divestiture in 2023. The company experienced year-over-year growth in core banking fees and commercial sponsorship income.
  • On a sequential basis, non-interest expense of $322.7 million declined 9% while adjusted non-interest expense declined 10% to $318.9 million. Compared to the prior year, non-interest expense and adjusted non-interest expense was flat and increased 5%, respectively. All comparisons were significantly impacted by the FDIC Special Assessments in fourth quarter 2023 and first quarter 2024. Headcount declined 1% sequentially and 7% year over year. Excluding the first quarter 2024 FDIC Special Assessment, adjusted non-interest expense was relatively stable compared to first quarter 2023.
  • Provision for credit losses of $54.0 million increased 19% sequentially and compares to $32.2 million in first quarter 2023. The allowance for credit losses ratio (to loans) of 1.26% was up 2 basis points from the fourth quarter 2023.
  • The non-performing loan and asset ratios were slightly higher at 0.81% and 0.86%, respectively; the net charge-off ratio for the quarter was 0.41%, and total past dues were 0.13% of total loans outstanding. Approximately 0.17% of first quarter 2024 net charge-offs were attributable to an $18 million loss from a commercial and industrial loan relationship that is expected to be resolved later this month.
  • The preliminary CET1 ratio rose sequentially to 10.38% as core earnings accretion more than offset the impact of $29.9 million in common stock repurchases during the first quarter 2024.

First Quarter Summary

 

Reported

 

Adjusted

(dollars in thousands)

1Q24

 

4Q23

 

1Q23

 

1Q24

 

4Q23

 

1Q23

Net income available to common shareholders

$

114,822

 

 

$

60,645

 

 

$

193,868

 

 

$

115,973

 

 

$

116,901

 

 

$

195,276

 

Diluted earnings per share

 

0.78

 

 

 

0.41

 

 

 

1.32

 

 

 

0.79

 

 

 

0.80

 

 

 

1.33

 

Total revenue

 

537,734

 

 

 

488,682

 

 

 

613,877

 

 

 

536,745

 

 

 

564,593

 

 

 

599,469

 

Total loans

 

43,309,877

 

 

 

43,404,490

 

 

 

44,044,939

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Total deposits

 

50,580,242

 

 

 

50,739,185

 

 

 

49,953,936

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Return on avg assets

 

0.85

%

 

 

0.47

%

 

 

1.36

%

 

 

0.85

%

 

 

0.84

%

 

 

1.37

%

Return on avg common equity

 

10.2

 

 

 

5.9

 

 

 

19.2

 

 

 

10.3

 

 

 

11.3

 

 

 

19.4

 

Return on avg tangible common equity

 

11.7

 

 

 

7.0

 

 

 

21.9

 

 

 

11.8

 

 

 

13.3

 

 

 

22.1

 

Net interest margin

 

3.04

%

 

 

3.11

%

 

 

3.43

%

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Efficiency ratio-TE(1)(2)

 

59.87

 

 

 

72.03

 

 

 

52.33

 

 

 

58.88

 

 

 

61.97

 

 

 

50.48

 

NCO ratio-QTD

 

0.41

 

 

 

0.38

 

 

 

0.17

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

NPA ratio

 

0.86

 

 

 

0.66

 

 

 

0.41

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

(1) Taxable equivalent

(2) Adjusted tangible efficiency ratio

N/A - not applicable

Balance Sheet

Loans*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

1Q24

 

4Q23

 

Linked Quarter Change

 

Linked Quarter % Change

 

1Q23

 

Year/Year Change

 

Year/Year % Change

Commercial & industrial

$

22,731.3

 

$

22,598.5

 

$

132.8

 

 

1

%

 

$

22,600.2

 

$

131.1

 

 

1

%

Commercial real estate

 

12,194.0

 

 

12,316.8

 

 

(122.7

)

 

(1

)

 

 

12,996.8

 

 

(802.7

)

 

(6

)

Consumer

 

8,384.6

 

 

8,489.2

 

 

(104.7

)

 

(1

)

 

 

8,448.0

 

 

(63.4

)

 

(1

)

Total loans

$

43,309.9

 

$

43,404.5

 

$

(94.6

)

 

%

 

$

44,044.9

 

$

(735.0

)

 

(2

)%

*Amounts may not total due to rounding

Deposits*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

1Q24

 

4Q23

 

Linked Quarter Change

 

Linked Quarter % Change

 

1Q23

 

Year/Year Change

 

Year/Year % Change

Non-interest-bearing DDA

$

11,515.4

 

$

11,801.2

 

$

(285.8

)

 

(2

)%

 

$

13,827.6

 

$

(2,312.2

)

 

(17

)%

Interest-bearing DDA

 

6,478.8

 

 

6,541.0

 

 

(62.1

)

 

(1

)

 

 

5,837.0

 

 

641.8

 

 

11

 

Money market

 

10,712.7

 

 

10,819.7

 

 

(107.0

)

 

(1

)

 

 

11,780.0

 

 

(1,067.2

)

 

(9

)

Savings

 

1,045.1

 

 

1,062.6

 

 

(17.5

)

 

(2

)

 

 

1,312.7

 

 

(267.6

)

 

(20

)

Public funds

 

7,270.4

 

 

7,349.5

 

 

(79.1

)

 

(1

)

 

 

6,888.2

 

 

382.2

 

 

6

 

Time deposits

 

7,838.9

 

 

7,122.2

 

 

716.7

 

 

10

 

 

 

4,060.3

 

 

3,778.6

 

 

93

 

Brokered deposits

 

5,718.9

 

 

6,043.0

 

 

(324.1

)

 

(5

)

 

 

6,248.3

 

 

(529.3

)

 

(8

)

Total deposits

$

50,580.2

 

$

50,739.2

 

$

(158.9

)

 

%

 

$

49,953.9

 

$

626.3

 

 

1

%

*Amounts may not total due to rounding

Income Statement Summary**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

1Q24

 

4Q23

 

Linked Quarter Change

 

Linked Quarter % Change

 

1Q23

 

Year/Year Change

 

Year/Year % Change

Net interest income

$

418,846

 

 

$

437,214

 

 

$

(18,368

)

 

(4

)%

 

$

480,751

 

 

$

(61,905

)

 

(13

)%

Non-interest revenue

 

118,888

 

 

 

51,468

 

 

 

67,420

 

 

131

 

 

 

133,126

 

 

 

(14,238

)

 

(11

)

Non-interest expense

 

322,741

 

 

 

352,858

 

 

 

(30,117

)

 

(9

)

 

 

321,852

 

 

 

889

 

 

 

Provision for (reversal of) credit losses

 

53,980

 

 

 

45,472

 

 

 

8,508

 

 

19

 

 

 

32,154

 

 

 

21,826

 

 

68

 

Income before taxes

$

161,013

 

 

$

90,352

 

 

$

70,661

 

 

78

%

 

$

259,871

 

 

$

(98,858

)

 

(38

)%

Income tax expense

 

36,943

 

 

 

20,779

 

 

 

16,164

 

 

78

 

 

 

57,712

 

 

 

(20,769

)

 

(36

)

Net income

 

124,070

 

 

 

69,573

 

 

 

54,497

 

 

78

 

 

 

202,159

 

 

 

(78,089

)

 

(39

)

Less: Net income (loss) attributable to noncontrolling interest

 

(437

)

 

 

(768

)

 

 

331

 

 

(43

)

 

 

 

 

 

(437

)

 

NM

 

Net income attributable to Synovus Financial Corp.

 

124,507

 

 

 

70,341

 

 

 

54,166

 

 

77

 

 

 

202,159

 

 

 

(77,652

)

 

(38

)

Less: Preferred stock dividends

 

9,685

 

 

 

9,696

 

 

 

(11

)

 

 

 

 

8,291

 

 

 

1,394

 

 

17

 

Net income available to common shareholders

$

114,822

 

 

$

60,645

 

 

$

54,177

 

 

89

%

 

$

193,868

 

 

$

(79,046

)

 

(41

)%

Weighted average common shares outstanding, diluted

 

147,122

 

 

 

146,877

 

 

 

245

 

 

%

 

 

146,727

 

 

 

395

 

 

%

Diluted earnings per share

$

0.78

 

 

$

0.41

 

 

$

0.37

 

 

90

 

 

$

1.32

 

 

$

(0.54

)

 

(41

)

Adjusted diluted earnings per share

 

0.79

 

 

 

0.80

 

 

 

(0.01

)

 

(1

)

 

 

1.33

 

 

 

(0.54

)

 

(41

)

Effective tax rate

 

22.94

%

 

 

23.00

%

 

 

 

 

 

 

22.21

%

 

 

 

 

** Amounts may not total due to rounding

NM - not meaningful

Capital Ratios

 

 

 

 

 

 

 

1Q24

 

4Q23

 

1Q23

Common equity Tier 1 capital (CET1) ratio

10.38

%

*

10.22

%

 

9.77

%

Tier 1 capital ratio

11.44

 

*

11.28

 

 

10.81

 

Total risk-based capital ratio

13.31

 

*

13.07

 

 

12.72

 

Tier 1 leverage ratio

9.62

 

*

9.49

 

 

9.14

 

Tangible common equity ratio

6.67

 

 

6.84

 

 

6.12

* Ratios are preliminary.

First Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on April 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 12 months and will be available 30-45 minutes 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 246 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on X, formerly known as Twitter, Facebook, LinkedIn and Instagram.

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 net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; 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; net income available to common shareholders; diluted earnings per share; return on average assets; 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 fair value adjustment 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. The tangible common equity ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

1Q24

 

4Q23

 

1Q23

 

 

 

 

 

 

Adjusted non-interest revenue

 

 

 

 

 

Total non-interest revenue

$

118,888

 

 

$

51,468

 

 

$

133,126

 

Investment securities (gains) losses, net

 

 

 

 

77,748

 

 

 

(1,030

)

Recovery of NPA

 

 

 

 

 

 

 

(13,126

)

Fair value adjustment on non-qualified deferred compensation

 

(2,299

)

 

 

(3,053

)

 

 

(1,371

)

Adjusted non-interest revenue

$

116,589

 

 

$

126,163

 

 

$

117,599

 

 

 

 

 

 

 

Adjusted non-interest expense

 

 

 

 

 

Total non-interest expense

$

322,741

 

 

$

352,858

 

 

$

321,852

 

(Loss) gain on other loans held for sale

 

 

 

 

 

 

 

(16,750

)

Gain (loss) on early extinguishment of debt

 

 

 

 

4,497

 

 

 

 

Restructuring (charges) reversals

 

(1,524

)

 

 

(1,231

)

 

 

733

 

Fair value adjustment on non-qualified deferred compensation

 

(2,299

)

 

 

(3,053

)

 

 

(1,371

)

Adjusted non-interest expense

$

318,918

 

 

$

353,071

 

 

$

304,464

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

1Q24

 

4Q23

 

1Q23

Adjusted revenue and tangible efficiency ratio

 

 

 

 

 

Adjusted non-interest expense

$

318,918

 

 

$

353,071

 

 

$

304,464

 

Amortization of intangibles

 

(2,907

)

 

 

(3,168

)

 

 

(1,857

)

Adjusted tangible non-interest expense

$

316,011

 

 

$

349,903

 

 

$

302,607

 

 

 

 

 

 

 

Net interest income

$

418,846

 

 

$

437,214

 

 

$

480,751

 

Total non-interest revenue

 

118,888

 

 

 

51,468

 

 

 

133,126

 

Total revenue

$

537,734

 

 

$

488,682

 

 

$

613,877

 

Tax equivalent adjustment

 

1,310

 

 

 

1,216

 

 

 

1,119

 

Total TE revenue

 

539,044

 

 

 

489,898

 

 

 

614,996

 

Recovery of NPA

 

 

 

 

 

 

 

(13,126

)

Investment securities losses (gains), net

 

 

 

 

77,748

 

 

 

(1,030

)

Fair value adjustment on non-qualified deferred compensation

 

(2,299

)

 

 

(3,053

)

 

 

(1,371

)

Adjusted revenue

$

536,745

 

 

$

564,593

 

 

$

599,469

 

Efficiency ratio-TE

 

59.87

%

 

 

72.03

%

 

 

52.33

%

Adjusted tangible efficiency ratio

 

58.88

 

 

 

61.97

 

 

 

50.48

 

 

 

 

 

 

 

Adjusted return on average assets

 

 

 

 

 

Net income

$

124,070

 

 

$

69,573

 

 

$

202,159

 

Recovery of NPA

 

 

 

 

 

 

 

(13,126

)

Loss (gain) on other loans held for sale

 

 

 

 

 

 

 

16,750

 

(Gain) loss on early extinguishment of debt

 

 

 

 

(4,497

)

 

 

 

Restructuring charges (reversals)

 

1,524

 

 

 

1,231

 

 

 

(733

)

Investment securities losses (gains), net

 

 

 

 

77,748

 

 

 

(1,030

)

Tax effect of adjustments(1)

 

(373

)

 

 

(18,226

)

 

 

(453

)

Adjusted net income

$

125,221

 

 

$

125,829

 

 

$

203,567

 

Net income annualized

$

499,007

 

 

$

276,023

 

 

$

819,867

 

Adjusted net income annualized

$

503,636

 

 

$

499,213

 

 

$

825,577

 

Total average assets

$

59,022,231

 

 

$

59,164,065

 

 

$

60,133,561

 

Return on average assets

 

0.85

%

 

 

0.47

%

 

 

1.36

%

Adjusted return on average assets

 

0.85

 

 

 

0.84

 

 

 

1.37

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Net income available to common shareholders

$

114,822

 

 

$

60,645

 

 

$

193,868

 

Recovery of NPA

 

 

 

 

 

 

 

(13,126

)

Loss (gain) on other loans held for sale

 

 

 

 

 

 

 

16,750

 

(Gain) loss on early extinguishment of debt

 

 

 

 

(4,497

)

 

 

 

Restructuring charges (reversals)

 

1,524

 

 

 

1,231

 

 

 

(733

)

Investment securities losses (gains), net

 

 

 

 

77,748

 

 

 

(1,030

)

Tax effect of adjustments(1)

 

(373

)

 

 

(18,226

)

 

 

(453

)

Adjusted net income available to common shareholders

$

115,973

 

 

$

116,901

 

 

$

195,276

 

Weighted average common shares outstanding, diluted

 

147,122

 

 

 

146,877

 

 

 

146,727

 

Diluted earnings per share

$

0.78

 

 

$

0.41

 

 

$

1.32

 

Adjusted diluted earnings per share

 

0.79

 

 

 

0.80

 

 

 

1.33

 

(1) An assumed marginal tax rate of 24.5% for 1Q24 and 4Q23 and 24.3% for 1Q23 was applied.

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

1Q24

 

4Q23

 

1Q23

Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity

 

 

 

 

 

Net income available to common shareholders

$

114,822

 

 

$

60,645

 

 

$

193,868

 

Recovery of NPA

 

 

 

 

 

 

 

(13,126

)

Loss (gain) on other loans held for sale

 

 

 

 

 

 

 

16,750

 

(Gain) loss on early extinguishment of debt

 

 

 

 

(4,497

)

 

 

 

Restructuring charges (reversals)

 

1,524

 

 

 

1,231

 

 

 

(733

)

Investment securities losses (gains), net

 

 

 

 

77,748

 

 

 

(1,030

)

Tax effect of adjustments(1)

 

(373

)

 

 

(18,226

)

 

 

(453

)

Adjusted net income available to common shareholders

$

115,973

 

 

$

116,901

 

 

$

195,276

 

 

 

 

 

 

 

Adjusted net income available to common shareholders annualized

$

466,441

 

 

$

463,792

 

 

$

791,953

 

Amortization of intangibles, tax effected, annualized

 

8,831

 

 

 

9,493

 

 

 

5,699

 

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

$

475,272

 

 

$

473,285

 

 

$

797,652

 

 

 

 

 

 

 

Net income available to common shareholders annualized

$

461,812

 

 

$

240,602

 

 

$

786,242

 

Amortization of intangibles, tax effected, annualized

 

8,831

 

 

 

9,493

 

 

 

5,699

 

Net income available to common shareholders excluding amortization of intangibles annualized

$

470,643

 

 

$

250,095

 

 

$

791,941

 

 

 

 

 

 

 

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

$

4,542,616

 

 

$

4,090,163

 

 

$

4,088,777

 

Average goodwill

 

(480,440

)

 

 

(479,858

)

 

 

(452,390

)

Average other intangible assets, net

 

(44,497

)

 

 

(47,502

)

 

 

(26,245

)

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

$

4,017,679

 

 

$

3,562,803

 

 

$

3,610,142

 

Return on average common equity

 

10.2

%

 

 

5.9

%

 

 

19.2

%

Adjusted return on average common equity

 

10.3

 

 

 

11.3

 

 

 

19.4

 

Return on average tangible common equity

 

11.7

 

 

 

7.0

 

 

 

21.9

 

Adjusted return on average tangible common equity

 

11.8

 

 

 

13.3

 

 

 

22.1

 

(1) An assumed marginal tax rate of 24.5% for 1Q24 and 4Q23 and 24.3% for 1Q23 was applied.

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

March 31, 2024

 

December 31, 2023

 

March 31, 2023

 

 

 

 

 

 

Tangible common equity ratio

 

 

 

 

 

Total assets

$

59,835,120

 

 

$

59,809,534

 

 

$

61,840,025

 

Goodwill

 

(480,440

)

 

 

(480,440

)

 

 

(452,390

)

Other intangible assets, net

 

(43,021

)

 

 

(45,928

)

 

 

(25,267

)

Tangible assets

$

59,311,659

 

 

$

59,283,166

 

 

$

61,362,368

 

 

 

 

 

 

 

Total Synovus Financial Corp. shareholders’ equity

$

5,017,918

 

 

$

5,119,993

 

 

$

4,770,130

 

Goodwill

 

(480,440

)

 

 

(480,440

)

 

 

(452,390

)

Other intangible assets, net

 

(43,021

)

 

 

(45,928

)

 

 

(25,267

)

Preferred Stock, no par value

 

(537,145

)

 

 

(537,145

)

 

 

(537,145

)

Tangible common equity

$

3,957,312

 

 

$

4,056,480

 

 

$

3,755,328

 

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

 

8.39

%

 

 

8.56

%

 

 

7.71

%

Tangible common equity ratio

 

6.67

 

 

 

6.84

 

 

 

6.12

 

 

 

 

 

 

 

Amounts may not total due to rounding

 

 

 

 

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT DATA

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

2024

 

2023

 

First Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

Fourth Quarter

 

Third Quarter

 

Second Quarter

 

First Quarter

 

'24 vs '23

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

782,710

 

 

788,297

 

 

786,039

 

 

759,143

 

 

716,879

 

 

9

%

Interest expense

 

363,864

 

 

351,083

 

 

342,880

 

 

303,612

 

 

236,128

 

 

54

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

418,846

 

 

437,214

 

 

443,159

 

 

455,531

 

 

480,751

 

 

(13

)

Provision for (reversal of) credit losses

 

53,980

 

 

45,472

 

 

72,572

 

 

38,881

 

 

32,154

 

 

68

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

364,866

 

 

391,742

 

 

370,587

 

 

416,650

 

 

448,597

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest revenue:

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

21,813

 

 

22,260

 

 

21,385

 

 

23,477

 

 

22,974

 

 

(5

)

Fiduciary and asset management fees

 

19,013

 

 

18,149

 

 

20,205

 

 

20,027

 

 

19,696

 

 

(3

)

Card fees

 

19,486

 

 

20,872

 

 

18,602

 

 

17,059

 

 

15,824

 

 

23

 

Brokerage revenue

 

22,707

 

 

21,961

 

 

21,387

 

 

22,451

 

 

24,204

 

 

(6

)

Mortgage banking income

 

3,418

 

 

3,019

 

 

3,671

 

 

4,609

 

 

3,858

 

 

(11

)

Capital markets income

 

6,627

 

 

6,456

 

 

7,980

 

 

9,482

 

 

15,127

 

 

(56

)

Income from bank-owned life insurance

 

7,347

 

 

10,324

 

 

6,965

 

 

6,878

 

 

7,262

 

 

1

 

Investment securities gains (losses), net

 

 

 

(77,748

)

 

 

 

 

 

1,030

 

 

nm

Recovery of NPA

 

 

 

 

 

 

 

 

 

13,126

 

 

nm

Other non-interest revenue

 

18,477

 

 

26,175

 

 

6,944

 

 

8,293

 

 

10,025

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest revenue

 

118,888

 

 

51,468

 

 

107,139

 

 

112,276

 

 

133,126

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

Salaries and other personnel expense

 

188,521

 

 

176,712

 

 

179,741

 

 

183,001

 

 

188,924

 

 

 

Net occupancy, equipment, and software expense

 

46,808

 

 

48,146

 

 

45,790

 

 

42,785

 

 

42,860

 

 

9

 

Third-party processing and other services

 

20,258

 

 

21,717

 

 

21,439

 

 

21,659

 

 

21,833

 

 

(7

)

Professional fees

 

7,631

 

 

11,147

 

 

10,147

 

 

9,597

 

 

8,963

 

 

(15

)

FDIC insurance and other regulatory fees

 

23,819

 

 

61,470

 

 

11,837

 

 

11,162

 

 

10,268

 

 

132

 

Restructuring charges (reversals)

 

1,524

 

 

1,231

 

 

17,319

 

 

(110

)

 

(733

)

 

nm

Loss on other loans held for sale

 

 

 

 

 

30,954

 

 

2,360

 

 

16,750

 

 

nm

Other operating expenses

 

34,180

 

 

32,435

 

 

36,305

 

 

36,727

 

 

32,987

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense

 

322,741

 

 

352,858

 

 

353,532

 

 

307,181

 

 

321,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

161,013

 

 

90,352

 

 

124,194

 

 

221,745

 

 

259,871

 

 

(38

)

Income tax expense

 

36,943

 

 

20,779

 

 

27,729

 

 

47,801

 

 

57,712

 

 

(36

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

124,070

 

 

69,573

 

 

96,465

 

 

173,944

 

 

202,159

 

 

(39

)

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income (loss) attributable to noncontrolling interest

 

(437

)

 

(768

)

 

(630

)

 

(166

)

 

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Synovus Financial Corp.

 

124,507

 

 

70,341

 

 

97,095

 

 

174,110

 

 

202,159

 

 

(38

)

 

 

 

 

 

 

 

 

 

 

 

 

Less: Preferred stock dividends

 

9,685

 

 

9,696

 

 

9,672

 

 

8,291

 

 

8,291

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

$

114,822

 

 

60,645

 

 

87,423

 

 

165,819

 

 

193,868

 

 

(41

)%

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, basic

$

0.78

 

 

0.41

 

 

0.60

 

 

1.13

 

 

1.33

 

 

(41

)%

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share, diluted

 

0.78

 

 

0.41

 

 

0.60

 

 

1.13

 

 

1.32

 

 

(41

)

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

0.38

 

 

0.38

 

 

0.38

 

 

0.38

 

 

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets *

 

0.85

%

 

0.47

 

 

0.64

 

 

1.15

 

 

1.36

 

 

(51) bps

Return on average common equity *

 

10.2

 

 

5.9

 

 

8.2

 

 

15.5

 

 

19.2

 

 

(900

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

146,430

 

 

146,372

 

 

146,170

 

 

146,113

 

 

145,799

 

 

%

Weighted average common shares outstanding, diluted

 

147,122

 

 

146,877

 

 

146,740

 

 

146,550

 

 

146,727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

bps - basis points

* - ratios are annualized

Amounts may not total due to rounding

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET DATA

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

 

(Unaudited)

 

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

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

 

$

2,379,778

 

 

$

2,414,103

 

 

$

3,329,882

 

Federal funds sold and securities purchased under resale agreements

 

 

43,722

 

 

 

37,323

 

 

 

35,518

 

Cash, cash equivalents, and restricted cash

 

 

2,423,500

 

 

 

2,451,426

 

 

 

3,365,400

 

 

 

 

 

 

 

 

Investment securities available for sale, at fair value

 

 

9,694,515

 

 

 

9,788,662

 

 

 

9,732,618

 

Loans held for sale (includes $36,698, $47,338 and $44,400 measured at fair value, respectively)

 

 

130,586

 

 

 

52,768

 

 

 

669,447

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs

 

 

43,309,877

 

 

 

43,404,490

 

 

 

44,044,939

 

Allowance for loan losses

 

 

(492,661

)

 

 

(479,385

)

 

 

(457,010

)

Loans, net

 

 

42,817,216

 

 

 

42,925,105

 

 

 

43,587,929

 

 

 

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

 

1,119,379

 

 

 

1,112,030

 

 

 

1,094,072

 

Premises, equipment, and software, net

 

 

375,315

 

 

 

365,851

 

 

 

367,089

 

Goodwill

 

 

480,440

 

 

 

480,440

 

 

 

452,390

 

Other intangible assets, net

 

 

43,021

 

 

 

45,928

 

 

 

25,267

 

Other assets

 

 

2,751,148

 

 

 

2,587,324

 

 

 

2,545,813

 

Total assets

 

$

59,835,120

 

 

$

59,809,534

 

 

$

61,840,025

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest-bearing deposits

 

$

12,042,353

 

 

$

12,507,616

 

 

$

14,642,677

 

Interest-bearing deposits

 

 

38,537,889

 

 

 

38,231,569

 

 

 

35,311,259

 

 

 

 

 

 

 

 

Total deposits

 

 

50,580,242

 

 

 

50,739,185

 

 

 

49,953,936

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold under repurchase agreements

 

 

128,244

 

 

 

189,074

 

 

 

195,695

 

Other short-term borrowings

 

 

252,469

 

 

 

3,496

 

 

 

253,152

 

Long-term debt

 

 

2,031,735

 

 

 

1,932,534

 

 

 

5,146,252

 

Other liabilities

 

 

1,800,794

 

 

 

1,801,097

 

 

 

1,520,860

 

Total liabilities

 

 

54,793,484

 

 

 

54,665,386

 

 

 

57,069,895

 

 

 

 

 

 

 

 

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 171,873,265, 171,360,188 and 170,713,864 respectively; outstanding 146,418,407, 146,705,330 and 146,059,006 respectively

 

 

171,873

 

 

 

171,360

 

 

 

170,714

 

Additional paid-in capital

 

 

3,957,576

 

 

 

3,955,819

 

 

 

3,925,449

 

Treasury stock, at cost; 25,454,858, 24,654,858 and 24,654,858 shares, respectively

 

 

(974,499

)

 

 

(944,484

)

 

 

(944,484

)

Accumulated other comprehensive income (loss), net

 

 

(1,248,194

)

 

 

(1,117,073

)

 

 

(1,289,327

)

Retained earnings

 

 

2,574,017

 

 

 

2,517,226

 

 

 

2,370,633

 

Total Synovus Financial Corp. shareholders’ equity

 

 

5,017,918

 

 

 

5,119,993

 

 

 

4,770,130

 

Noncontrolling interest in subsidiary

 

 

23,718

 

 

 

24,155

 

 

 

 

Total equity

 

 

5,041,636

 

 

 

5,144,148

 

 

 

4,770,130

 

Total liabilities and equity

 

$

59,835,120

 

 

$

59,809,534

 

 

$

61,840,025

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES, INTEREST, AND YIELDS/RATES

(Unaudited)

 

First Quarter 2024

 

Fourth Quarter 2023

 

First 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)

$

34,943,797

 

 

$

583,459

 

6.72

%

 

$

35,106,156

 

 

$

590,588

 

6.67

%

 

$

35,030,809

 

 

$

526,529

 

6.10

%

Consumer loans (1) (2)

 

8,434,105

 

 

 

109,566

 

5.21

 

 

 

8,491,244

 

 

 

109,509

 

5.14

 

 

 

8,762,631

 

 

 

104,147

 

4.78

 

Less: Allowance for loan losses

 

(481,146

)

 

 

 

 

 

 

(480,332

)

 

 

 

 

 

 

(445,192

)

 

 

 

 

Loans, net

 

42,896,756

 

 

 

693,025

 

6.49

 

 

 

43,117,068

 

 

 

700,097

 

6.45

 

 

 

43,348,248

 

 

 

630,676

 

5.89

 

Investment securities available for sale

 

11,148,242

 

 

 

71,906

 

2.58

 

 

 

11,164,487

 

 

 

65,176

 

2.33

 

 

 

11,293,958

 

 

 

61,054

 

2.16

 

Trading account assets

 

11,567

 

 

 

65

 

2.25

 

 

 

13,067

 

 

 

215

 

6.59

 

 

 

11,338

 

 

 

124

 

4.39

 

Other earning assets(4)

 

1,218,090

 

 

 

16,173

 

5.25

 

 

 

1,463,176

 

 

 

19,689

 

5.26

 

 

 

1,513,800

 

 

 

17,212

 

4.55

 

FHLB and Federal Reserve Bank stock

 

187,825

 

 

 

2,273

 

4.84

 

 

 

187,015

 

 

 

3,536

 

7.56

 

 

 

306,935

 

 

 

3,355

 

4.37

 

Mortgage loans held for sale

 

29,773

 

 

 

495

 

6.65

 

 

 

39,024

 

 

 

696

 

7.14

 

 

 

36,497

 

 

 

566

 

6.20

 

Other loans held for sale

 

18,465

 

 

 

83

 

1.77

 

 

 

8,044

 

 

 

104

 

5.06

 

 

 

443,690

 

 

 

5,011

 

4.52

 

Total interest earning assets

 

55,510,718

 

 

784,020

 

5.68

%

 

 

55,991,881

 

 

789,513

 

5.59

%

 

 

56,954,466

 

 

717,998

 

5.11

%

Cash and due from banks

 

532,624

 

 

 

 

 

 

 

522,986

 

 

 

 

 

 

 

643,502

 

 

 

 

 

Premises and equipment

 

370,376

 

 

 

 

 

 

 

366,647

 

 

 

 

 

 

 

370,275

 

 

 

 

 

Other real estate

 

61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

1,114,703

 

 

 

 

 

 

 

1,108,766

 

 

 

 

 

 

 

1,091,080

 

 

 

 

 

Other assets(5)

 

1,493,749

 

 

 

 

 

 

 

1,173,785

 

 

 

 

 

 

 

1,074,238

 

 

 

 

 

Total assets

$

59,022,231

 

 

 

 

 

 

$

59,164,065

 

 

 

 

 

 

$

60,133,561

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

10,590,340

 

 

65,415

 

2.48

%

 

$

10,422,286

 

 

58,588

 

2.23

%

 

$

9,088,533

 

 

23,218

 

1.04

%

Money market accounts

 

12,826,385

 

 

 

103,129

 

3.23

 

 

 

13,053,781

 

 

 

103,211

 

3.14

 

 

 

14,397,683

 

 

 

72,618

 

2.05

 

Savings deposits

 

1,057,087

 

 

 

287

 

0.11

 

 

 

1,098,914

 

 

 

275

 

0.10

 

 

 

1,370,173

 

 

 

211

 

0.06

 

Time deposits

 

7,902,850

 

 

 

86,493

 

4.40

 

 

 

7,198,229

 

 

 

75,462

 

4.16

 

 

 

3,601,288

 

 

 

21,496

 

2.42

 

Brokered deposits

 

5,737,445

 

 

 

77,342

 

5.42

 

 

 

6,069,055

 

 

 

81,444

 

5.32

 

 

 

5,553,970

 

 

 

56,392

 

4.12

 

Federal funds purchased and securities sold under repurchase agreements

 

113,558

 

 

 

648

 

2.26

 

 

 

93,854

 

 

 

350

 

1.46

 

 

 

133,360

 

 

 

670

 

2.01

 

Other short-term borrowings

 

71,775

 

 

 

955

 

5.26

 

 

 

2,672

 

 

 

51

 

7.50

 

 

 

1,677,519

 

 

 

18,994

 

4.53

 

Long-term debt

 

1,764,740

 

 

 

29,595

 

6.69

 

 

 

1,922,661

 

 

 

31,702

 

6.55

 

 

 

3,148,062

 

 

 

42,529

 

5.41

 

Total interest-bearing liabilities

 

40,064,180

 

 

363,864

 

3.65

%

 

 

39,861,452

 

 

351,083

 

3.49

%

 

 

38,970,588

 

 

236,128

 

2.46

%

Non-interest-bearing demand deposits

 

12,071,670

 

 

 

 

 

 

 

12,744,275

 

 

 

 

 

 

 

15,014,224

 

 

 

 

 

Other liabilities

 

1,782,659

 

 

 

 

 

 

 

1,906,686

 

 

 

 

 

 

 

1,522,827

 

 

 

 

 

Total equity

 

5,103,722

 

 

 

 

 

 

 

4,651,652

 

 

 

 

 

 

 

4,625,922

 

 

 

 

 

Total liabilities and equity

$

59,022,231

 

 

 

 

 

 

$

59,164,065

 

 

 

 

 

 

$

60,133,561

 

 

 

 

 

Net interest income and net interest margin, taxable equivalent (6)

 

 

$

420,156

 

3.04

%

 

 

 

$

438,430

 

3.11

%

 

 

 

$

481,870

 

3.43

%

Less: taxable-equivalent adjustment

 

 

 

1,310

 

 

 

 

 

 

1,216

 

 

 

 

 

 

1,119

 

 

Net interest income

 

 

$

418,846

 

 

 

 

 

$

437,214

 

 

 

 

 

$

480,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Average loans are shown net of deferred fees and costs. NPLs are included.

(2)

Interest income includes net loan fees as follows: First Quarter 2024 — $10.6 million, Fourth Quarter 2023 — $13.1 million, and First Quarter 2023 — $11.5 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)

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

(5)

Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.36) billion, $(1.89) billion, and $(1.52) billion for the First Quarter 2024, Fourth Quarter 2023, and First Quarter 2023, respectively.

(6)

The net interest margin is calculated by dividing annualized net interest income-taxable equivalent by average total interest earning assets.

Synovus

LOANS OUTSTANDING BY TYPE

(Unaudited)

(Dollars in thousands)

 

 

Total Loans

 

Total Loans

 

Linked Quarter

 

Total Loans

 

Year/Year

Loan Type

 

March 31, 2024

 

December 31, 2023

 

% Change

 

March 31, 2023

 

% Change

Commercial, Financial, and Agricultural

 

$

14,616,902

 

$

14,459,345

 

1

%

 

$

14,201,398

 

3

%

Owner-Occupied

 

 

8,114,394

 

 

8,139,148

 

 

 

 

8,398,778

 

(3

)

Total Commercial & Industrial

 

 

22,731,296

 

 

22,598,493

 

1

 

 

 

22,600,176

 

1

 

Multi-Family

 

 

4,199,435

 

 

4,098,188

 

2

 

 

 

3,374,129

 

24

 

Hotels

 

 

1,790,505

 

 

1,803,102

 

(1

)

 

 

1,737,163

 

3

 

Office Buildings

 

 

1,852,208

 

 

1,891,587

 

(2

)

 

 

3,071,236

 

(40

)

Shopping Centers

 

 

1,302,754

 

 

1,319,049

 

(1

)

 

 

1,332,078

 

(2

)

Warehouses

 

 

871,662

 

 

854,475

 

2

 

 

 

1,020,921

 

(15

)

Other Investment Property

 

 

1,294,317

 

 

1,396,903

 

(7

)

 

 

1,441,303

 

(10

)

Total Investment Properties

 

 

11,310,881

 

 

11,363,304

 

 

 

 

11,976,830

 

(6

)

1-4 Family Construction

 

 

194,146

 

 

194,481

 

 

 

 

201,896

 

(4

)

1-4 Family Investment Mortgage

 

 

385,992

 

 

404,021

 

(4

)

 

 

394,754

 

(2

)

Total 1-4 Family Properties

 

 

580,138

 

 

598,502

 

(3

)

 

 

596,650

 

(3

)

Commercial Development

 

 

66,000

 

 

73,022

 

(10

)

 

 

63,004

 

5

 

Residential Development

 

 

72,024

 

 

79,961

 

(10

)

 

 

106,872

 

(33

)

Land Acquisition

 

 

164,976

 

 

201,969

 

(18

)

 

 

253,399

 

(35

)

Land and Development

 

 

303,000

 

 

354,952

 

(15

)

 

 

423,275

 

(28

)

Total Commercial Real Estate

 

 

12,194,019

 

 

12,316,758

 

(1

)

 

 

12,996,755

 

(6

)

Consumer Mortgages

 

 

5,384,602

 

 

5,411,723

 

(1

)

 

 

5,246,640

 

3

 

Home Equity

 

 

1,804,348

 

 

1,807,399

 

 

 

 

1,757,250

 

3

 

Credit Cards

 

 

180,663

 

 

194,141

 

(7

)

 

 

184,595

 

(2

)

Other Consumer Loans

 

 

1,014,949

 

 

1,075,976

 

(6

)

 

 

1,259,523

 

(19

)

Total Consumer

 

 

8,384,562

 

 

8,489,239

 

(1

)

 

 

8,448,008

 

(1

)

Total

 

$

43,309,877

 

$

43,404,490

 

%

 

$

44,044,939

 

(2

)%

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

 

 

Total

 

Total

 

 

 

Total

 

 

 

 

Non-performing Loans

 

Non-performing Loans

 

Linked Quarter

 

Non-performing Loans

 

Year/Year

Loan Type

 

March 31, 2024

 

December 31, 2023

 

% Change

 

March 31, 2023

 

% Change

Commercial, Financial, and Agricultural

 

$

192,693

 

$

89,870

 

114

%

 

$

94,196

 

105

%

Owner-Occupied

 

 

80,218

 

 

91,370

 

(12

)

 

 

25,591

 

213

 

Total Commercial & Industrial

 

 

272,911

 

 

181,240

 

51

 

 

 

119,787

 

128

 

Multi-Family

 

 

2,077

 

 

1,681

 

24

 

 

 

1,806

 

15

 

Office Buildings

 

 

7,630

 

 

35,338

 

(78

)

 

 

190

 

nm

Shopping Centers

 

 

547

 

 

641

 

(15

)

 

 

727

 

(25

)

Warehouses

 

 

188

 

 

196

 

(4

)

 

 

222

 

(15

)

Other Investment Property

 

 

1,784

 

 

1,914

 

(7

)

 

 

668

 

167

 

Total Investment Properties

 

 

12,226

 

 

39,770

 

(69

)

 

 

3,613

 

238

 

1-4 Family Investment Mortgage

 

 

2,300

 

 

3,056

 

(25

)

 

 

3,515

 

(35

)

Total 1-4 Family Properties

 

 

2,300

 

 

3,056

 

(25

)

 

 

3,515

 

(35

)

Residential Development

 

 

478

 

 

267

 

79

 

 

 

267

 

79

 

Land Acquisition

 

 

540

 

 

537

 

1

 

 

 

886

 

(39

)

Land and Development

 

 

1,018

 

 

804

 

27

 

 

 

1,153

 

(12

)

Total Commercial Real Estate

 

 

15,544

 

 

43,630

 

(64

)

 

 

8,281

 

88

 

Consumer Mortgages

 

 

42,563

 

 

46,108

 

(8

)

 

 

39,536

 

8

 

Home Equity

 

 

12,451

 

 

10,473

 

19

 

 

 

7,967

 

56

 

Other Consumer Loans

 

 

6,981

 

 

6,726

 

4

 

 

 

6,889

 

1

 

Total Consumer

 

 

61,995

 

 

63,307

 

(2

)

 

 

54,392

 

14

 

Total

 

$

350,450

 

$

288,177

 

22

%

 

$

182,460

 

92

%

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

2024

 

2023

 

First Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

Fourth

 

Third

 

Second

 

First

 

'24 vs '23

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing Loans (NPLs)

 

$

350,450

 

 

288,177

 

280,532

 

261,506

 

182,460

 

92

%

Other Real Estate and Other Assets

 

 

21,210

 

 

 

 

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing Assets (NPAs)

 

 

371,660

 

 

288,177

 

280,532

 

261,506

 

182,460

 

104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses (ALL)

 

 

492,661

 

 

479,385

 

477,532

 

471,238

 

457,010

 

8

 

Reserve for Unfunded Commitments

 

 

53,579

 

 

57,231

 

55,185

 

55,729

 

57,473

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses (ACL)

 

 

546,240

 

 

536,616

 

532,717

 

526,967

 

514,483

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Charge-Offs - Quarter

 

 

44,356

 

 

41,574

 

66,822

 

26,396

 

18,550

 

 

Net Charge-Offs - YTD

 

 

44,356

 

 

153,342

 

111,768

 

44,946

 

18,550

 

 

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

 

 

0.41

%

 

0.38

 

0.61

 

0.24

 

0.17

 

 

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

 

 

0.41

 

 

0.35

 

0.34

 

0.20

 

0.17

 

 

NPLs / Loans

 

 

0.81

 

 

0.66

 

0.64

 

0.59

 

0.41

 

 

NPAs / Loans, ORE and specific other assets

 

 

0.86

 

 

0.66

 

0.64

 

0.59

 

0.41

 

 

ACL/Loans

 

 

1.26

 

 

1.24

 

1.22

 

1.19

 

1.17

 

 

ALL/Loans

 

 

1.14

 

 

1.10

 

1.09

 

1.06

 

1.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACL/NPLs

 

 

155.87

 

 

186.21

 

189.90

 

201.51

 

281.97

 

 

ALL/NPLs

 

 

140.58

 

 

166.35

 

170.22

 

180.20

 

250.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days and Still Accruing

 

$

3,748

 

 

5,053

 

3,792

 

3,643

 

3,529

 

6

 

As a Percentage of Loans Outstanding

 

 

0.01

%

 

0.01

 

0.01

 

0.01

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Past Due Loans and Still Accruing

 

$

54,814

 

 

59,099

 

54,974

 

84,946

 

55,053

 

 

As a Percentage of Loans Outstanding

 

 

0.13

%

 

0.14

 

0.13

 

0.19

 

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Ratio is annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED CAPITAL INFORMATION (1)

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital Ratio

 

 

10.38

%

 

10.22

 

9.77

 

 

 

 

 

 

Tier 1 Capital Ratio

 

 

11.44

 

 

11.28

 

10.81

 

 

 

 

 

 

Total Risk-Based Capital Ratio

 

 

13.31

 

 

13.07

 

12.72

 

 

 

 

 

 

Tier 1 Leverage Ratio

 

 

9.62

 

 

9.49

 

9.14

 

 

 

 

 

 

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

 

 

8.39

 

 

8.56

 

7.71

 

 

 

 

 

 

Tangible Common Equity Ratio (2) (4)

 

 

6.67

 

 

6.84

 

6.12

 

 

 

 

 

 

Book Value Per Common Share (3)

 

$

30.60

 

 

31.24

 

28.98

 

 

 

 

 

 

Tangible Book Value Per Common Share (2)

 

 

27.03

 

 

27.65

 

25.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

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