Diluted earnings per share of $0.41 vs.
$1.35 in 4Q22
Adjusted diluted earnings per share of $0.80
vs. $1.35 in 4Q22
$51 million FDIC special assessment reduced
4Q23 reported and adjusted EPS by $0.26
Synovus Financial Corp. (NYSE: SNV) today reported financial
results for the quarter and year ended Dec. 31, 2023. “Synovus'
2023 financial performance is a testament to our resilience and the
strength of our business model,” said Synovus Chairman, CEO and
President Kevin Blair. “Amid a challenging economic landscape in
2023, we broadened client relationships, further diversified our
business mix, streamlined expenses and took strategic actions to
optimize the balance sheet. Our strong banking footprint and
ongoing investments in talent, capabilities, functionalities and
new revenue sources fuel the bank’s path to solid growth. We
persist in bolstering our core deposit generation, enriching
lending diversification, enhancing expense efficiency and
delivering world-class client service. As we execute our plan,
we're confident momentum will build throughout 2024 and beyond for
Synovus.”
2023 Highlights
- Net income available to common shareholders for 2023 was $507.8
million, or $3.46 per diluted share, compared to $724.7 million, or
$4.95 per diluted share in 2022. Adjusted EPS for 2023 was $4.12
per diluted share compared to $4.93 per diluted share in 2022.
- The $51 million FDIC special assessment incurred during the
fourth quarter 2023 reduced reported and adjusted EPS by
$0.26.
- Pre-provision net revenue was $885.2 million in 2023 compared
to $1.05 billion in 2022.
- Net interest income was $1.82 billion in 2023, up from $1.80
billion in the prior year, largely attributable to average loan
growth and higher earning asset yields, which combined to more than
offset rising funding costs.
- During 2023, Synovus sold $422 million in third-party consumer
loans and $1.2 billion in medical office building loans with the
proceeds used to pay down wholesale borrowings.
- Period-end loans declined $311.9 million, or 1%, in 2023 as
commercial and industrial growth was more than offset by declines
in commercial real estate and consumer loans.
- Period-end deposits increased $1.87 billion, or 4%, primarily
driven by growth in time deposits and interest-bearing demand
deposits, partially offset by a decline in non-interest-bearing
deposits. Brokered deposits increased $744.0 million, or 14%, in
2023.
- During the fourth quarter 2023, Synovus repositioned its
securities portfolio by selling $1.3 billion of bonds, which
resulted in securities losses of $78 million. The proceeds have
been reinvested in other high-quality liquid assets with better
yields, which should augment 2024 net interest income by an
estimated $28 million.
- Non-interest revenue was $404.0 million, down 1% from 2022.
Adjusted non-interest revenue of $460.7 million grew 11% in 2023,
primarily attributable to fee income related to treasury and
payment solutions, capital markets and wealth management, as well
as fees from banking as a service.
- Non-interest expense was $1.34 billion, up 15%, and adjusted
non-interest expense increased 9% year over year in 2023 to $1.26
billion, but was significantly impacted by the $51 million FDIC
special assessment.
- Credit quality remains healthy. Net charge-offs were 0.35% of
average loans or 0.28%, excluding the loan sales in the third
quarter, compared to 0.13% in 2022. The provision for credit losses
was $189.1 million in 2023 compared to a provision of $84.6 million
for the prior year. The allowance for credit losses ended the year
at 1.24% compared to 1.15% at the end of 2022.
- The preliminary year-end CET1 ratio increased 59 basis points
year over year to 10.22%, which is within our target operating
range of 10.00% to 10.50%.
Fourth Quarter 2023 Highlights
- Net income available to common shareholders was $60.6 million,
or $0.41 per diluted share, down $0.19 sequentially and down $0.94
compared to the fourth quarter 2022.
- The $51 million FDIC special assessment impacted fourth quarter
2023 reported and adjusted EPS by $0.26.
- Pre-provision net revenue of $135.8 million declined $60.9
million, or 31%, sequentially and was down $159.0 million, or 54%,
compared to the fourth quarter 2022.
- Net interest income declined $5.9 million, or 1%, compared to
the prior quarter and was down $64.1 million, or 13%, compared to
the fourth quarter 2022, primarily attributable to a decline in
average earnings assets and higher funding costs. Net interest
margin was 3.11%, which was stable from the third quarter supported
by rising asset yields, lower than expected core interest-bearing
deposit cost and a decline in borrowings.
- Period-end loans declined $275.4 million, or 1%, from the third
quarter as core commercial lending growth was more than offset by
softer overall loan production, higher loan paydowns and strategic
declines in certain loan categories such as non-relationship
syndicated lending and third-party consumer lending.
- Core deposits increased $714.1 million, or 2%, sequentially.
Total deposits ended the quarter at $50.74 billion, an increase of
$535.3 million, or 1%, sequentially as a result of the focus on
deposit production and seasonally higher commercial deposits and
public funds.
- Total deposit costs increased 19 basis points from the third
quarter 2023 to 2.50%. The bank's total deposit beta cycle to date
through the fourth quarter 2023 has been 45%.
- Non-interest revenue of $51.5 million declined $55.7 million,
or 52.0%, sequentially and decreased $51.0 million, or 50%,
compared to the fourth quarter 2022. Non-interest revenue was
impacted by $78 million in securities losses. Adjusted non-interest
revenue of $126.2 million rose $19.9 million, or 19%, sequentially
and increased $25.3 million, or 25%, compared to the fourth quarter
2022. The growth was primarily attributable to higher GreenSky
income as well as stronger treasury and payment solutions and
non-GLOBALT wealth management fees.
- On a sequential quarter basis, non-interest expense of $352.9
million was flat while adjusted non-interest expense increased 15%
to $353.1 million, and compared to the prior year, non-interest
expense and adjusted non-interest expense were up 14% and 15%,
respectively. All comparisons were significantly impacted by the
$51 million FDIC special assessment. Headcount declined 2%
sequentially and 5% year over year.
- Credit quality ratios remain healthy. The non-performing loan
and asset ratios were slightly higher at 0.66% and 0.66%,
respectively; the net charge-off ratio for the quarter was 0.38%,
and total past dues were 0.14% of total loans outstanding.
- Provision for credit losses of $45.5 million declined $27.1
million sequentially and compares to $72.6 million in the third
quarter of 2023.
- The allowance for credit losses ratio (to loans) of 1.24% was
up 2 basis points sequentially and up 9 basis points compared to
the prior year. The quarter over quarter increase primarily
reflects loan performance during the fourth quarter.
- The preliminary CET1 ratio rose sequentially to 10.22% as core
earnings accretion more than offset the impact of the $51 million
FDIC special assessment and $78 million in securities losses during
the fourth quarter.
Fourth Quarter 2023 Summary
Reported
Adjusted
(dollars in thousands)
4Q23
3Q23
4Q22
4Q23
3Q23
4Q22
Net income available to common
shareholders
$
60,645
$
87,423
$
197,479
$
116,901
$
122,770
$
197,576
Diluted earnings per share
0.41
0.60
1.35
0.80
0.84
1.35
Total revenue
488,682
550,298
603,785
564,593
550,552
603,359
Total loans
43,404,490
43,679,910
43,716,353
N/A
N/A
N/A
Total deposits
50,739,185
50,203,890
48,871,559
N/A
N/A
N/A
Return on avg assets
0.47
%
0.64
%
1.38
%
0.84
%
0.87
%
1.39
%
Return on avg common equity
5.9
8.2
20.9
11.3
11.5
20.9
Return on avg tangible common equity
7.0
9.7
24.2
13.3
13.5
24.2
Net interest margin
3.11
%
3.11
%
3.56
%
N/A
N/A
N/A
Efficiency ratio-TE(1)(2)
72.03
64.11
51.08
61.97
55.01
50.58
NCO ratio-QTD
0.38
0.61
0.12
N/A
N/A
N/A
NPA ratio
0.66
0.64
0.33
N/A
N/A
N/A
(1) Taxable equivalent
(2) Adjusted tangible efficiency ratio
Balance Sheet
Loans*
(dollars in millions)
4Q23
3Q23
Linked Quarter Change
Linked Quarter %
Change
4Q22
Year/Year Change
Year/Year % Change
Commercial & industrial
$
22,598.5
$
22,781.0
$
(182.5
)
(1
)%
$
22,066.7
$
531.8
2
%
Commercial real estate
12,316.8
12,394.9
(78.1
)
(1
)
12,650.3
(333.6
)
(3
)
Consumer
8,489.2
8,504.1
(14.9
)
—
8,999.4
(510.1
)
(6
)
Total loans
$
43,404.5
$
43,679.9
$
(275.4
)
(1
)%
$
43,716.4
$
(311.9
)
(1
)%
* Amounts may not total due to
rounding
Deposits*
(dollars in millions)
4Q23
3Q23
Linked Quarter Change
Linked Quarter %
Change
4Q22
Year/Year Change
Year/Year % Change
Non-interest-bearing DDA
$
11,801.2
$
12,395.1
$
(593.9
)
(5)%
$
14,574.5
$
(2,773.3
)
(19
)%
Interest-bearing DDA
6,541.0
6,276.1
264.9
4
5,761.4
779.6
14
Money market
10,819.7
10,786.3
33.5
—
12,480.7
(1,661.0
)
(13
)
Savings
1,062.6
1,132.5
(69.9
)
(6
)
1,396.4
(333.8
)
(24
)
Public funds
7,349.5
6,885.7
463.8
7
6,635.6
714.0
11
Time deposits
7,122.2
6,506.4
615.8
9
2,724.1
4,398.1
161
Brokered deposits
6,043.0
6,221.8
(178.8
)
(3
)
5,299.0
744.0
14
Total deposits
$
50,739.2
$
50,203.9
$
535.3
1
%
$
48,871.6
$
1,867.6
4
%
* Amounts may not total due to
rounding
Income Statement Summary*
(in thousands, except per share data)
4Q23
3Q23
Linked Quarter Change
Linked Quarter %
Change
4Q22
Year/Year Change
Year/Year % Change
Net interest income
$
437,214
$
443,159
$
(5,945
)
(1
)%
$
501,346
$
(64,132
)
(13
)%
Non-interest revenue
51,468
107,139
(55,671
)
(52
)
102,439
(50,971
)
(50
)
Non-interest expense
352,858
353,532
(674
)
—
308,996
43,862
14
Provision for (reversal of) credit
losses
45,472
72,572
(27,100
)
(37
)
34,884
10,588
30
Income before taxes
$
90,352
$
124,194
$
(33,842
)
(27
)%
$
259,905
$
(169,553
)
(65
)%
Income tax expense
20,779
27,729
(6,950
)
(25
)
54,135
(33,356
)
(62
)
Net income
69,573
96,465
(26,892
)
(28
)
205,770
(136,197
)
(66
)
Less: Net income (loss) attributable to
noncontrolling interest
(768
)
(630
)
(138
)
22
—
(768
)
nm
Net income attributable to Synovus
Financial Corp.
70,341
97,095
(26,754
)
(28
)
205,770
(135,429
)
(66
)
Less: Preferred stock dividends
9,696
9,672
24
—
8,291
1,405
17
Net income available to common
shareholders
$
60,645
$
87,423
$
(26,778
)
(31
)%
$
197,479
$
(136,834
)
(69
)%
Weighted average common shares
outstanding, diluted
146,877
146,740
137
—
146,528
349
—
Diluted earnings per share
$
0.41
$
0.60
$
(0.19
)
(32
)%
$
1.35
$
(0.94
)
(70
)%
Adjusted diluted earnings per share
$
0.80
$
0.84
$
(0.04
)
(5
)
$
1.35
$
(0.55
)
(41
) %
Effective tax rate
23.00
%
22.33
%
20.83
%
* Amounts may not total due to
rounding
Capital Ratios
4Q23
3Q23
4Q22
Common equity Tier 1 capital (CET1)
ratio
10.22
%
*
10.13
%
9.63
%
Tier 1 capital ratio
11.28
*
11.18
10.68
Total risk-based capital ratio
13.07
*
13.12
12.54
Tier 1 leverage ratio
9.49
*
9.38
9.07
Tangible common equity ratio
6.84
5.90
5.84
* Ratios are preliminary
Fourth Quarter 2023 Earnings Conference Call
Synovus will host an earnings highlights conference call at 8:30
a.m. ET on Jan. 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/events. 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 intended strategies, initiatives,
and other operational and execution goals; 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, 2022, 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 net income available to common
shareholders; adjusted diluted earnings per share; adjusted
non-interest revenue, adjusted non-interest expense; adjusted
revenue; adjusted tangible efficiency ratio; 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 net income available to common shareholders; diluted
earnings per share; total non-interest revenue; total non-interest
expense; total revenue; efficiency ratio-TE; 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 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. 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. 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
(in thousands, except per share data)
4Q23
3Q23
4Q22
2023
2022
Adjusted net income available to common
shareholders and adjusted net income per common share,
diluted
Net income available to common
shareholders
$
60,645
$
87,423
$
197,479
$
507,755
$
724,739
(Gain) on sale of GLOBALT
—
(1,929
)
—
(1,929
)
—
Restructuring charges (reversals)
1,231
17,319
(2,372
)
17,707
(9,690
)
Valuation adjustment to Visa
derivative
—
900
2,500
3,927
6,000
(Gain) loss on early extinguishment of
debt
(4,497
)
(526
)
—
(5,400
)
677
Recovery of NPA
—
—
—
(13,126
)
—
Loss on other loans held for sale
—
30,954
—
50,064
—
Investment securities (gains) losses,
net
77,748
—
—
76,718
—
Tax effect of adjustments(1)
(18,226
)
(11,371
)
(31
)
(31,312
)
733
Adjusted net income available to common
shareholders
$
116,901
$
122,770
$
197,576
$
604,404
$
722,459
Weighted average common shares
outstanding, diluted
146,877
146,740
146,528
146,734
146,481
Net income per common share, diluted
$
0.41
$
0.60
$
1.35
$
3.46
$
4.95
Adjusted net income per common share,
diluted
0.80
0.84
1.35
4.12
4.93
(1) An assumed marginal tax rate of 24.5%
for 4Q23 and 2023 and 24.3% for 3Q23, 4Q22, and 2022 was
applied.
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
4Q23
3Q23
4Q22
2023
2022
Adjusted non-interest revenue
Total non-interest revenue
$
51,468
$
107,139
$
102,439
$
404,010
$
409,336
(Gain) on sale of GLOBALT
—
(1,929
)
—
(1,929
)
—
Recovery of NPA
—
—
—
(13,126
)
—
Investment securities (gains) losses,
net
77,748
—
—
76,718
—
Fair value adjustment on non-qualified
deferred compensation
(3,053
)
1,035
(1,557
)
(4,987
)
4,054
Adjusted non-interest revenue
$
126,163
$
106,245
$
100,882
$
460,686
$
413,390
Adjusted non-interest expense
Total non-interest expense
$
352,858
$
353,532
$
308,996
$
1,335,424
$
1,157,506
(Loss) gain on other loans held for
sale
—
(30,954
)
—
(50,064
)
—
Restructuring (charges) reversals
(1,231
)
(17,319
)
2,372
(17,707
)
9,690
Valuation adjustment to Visa
derivative
—
(900
)
(2,500
)
(3,927
)
(6,000
)
Gain (loss) on early extinguishment of
debt
4,497
526
—
5,400
(677
)
Fair value adjustment on non-qualified
deferred compensation
(3,053
)
1,035
(1,557
)
(4,987
)
4,054
Adjusted non-interest expense
$
353,071
$
305,920
$
307,311
$
1,264,139
$
1,164,573
(dollars in thousands)
4Q23
3Q23
4Q22
Adjusted revenue and tangible
efficiency ratio
Adjusted non-interest expense
$
353,071
$
305,920
$
307,311
Amortization of intangibles
(3,168
)
(3,042
)
(2,118
)
Adjusted tangible non-interest expense
$
349,903
$
302,878
$
305,193
Net interest income
$
437,214
$
443,159
$
501,346
Total non-interest revenue
51,468
107,139
102,439
Total revenue
488,682
550,298
603,785
Tax equivalent adjustment
1,216
1,148
1,131
Total TE revenue
489,898
551,446
604,916
(Gain) on sale of GLOBALT
—
(1,929
)
—
Recovery of NPA
—
—
—
Investment securities (gains) losses,
net
77,748
—
—
Fair value adjustment on non-qualified
deferred compensation
(3,053
)
1,035
(1,557
)
Adjusted revenue
$
564,593
$
550,552
$
603,359
Efficiency ratio-TE
72.03
%
64.11
%
51.08
%
Adjusted tangible efficiency ratio
61.97
55.01
50.58
Reconciliation of Non-GAAP Financial
Measures, continued
(in thousands, except per share data)
4Q23
3Q23
4Q22
Adjusted return on average assets
(annualized)
Net income
$
69,573
$
96,465
$
205,770
Loss on other loans held for sale
—
30,954
—
Restructuring charges (reversals)
1,231
17,319
(2,372
)
(Gain) on sale of GLOBALT
—
(1,929
)
—
Valuation adjustment to Visa
derivative
—
900
2,500
(Gain) on early extinguishment of debt
(4,497
)
(526
)
—
Investment securities (gains) losses,
net
77,748
—
—
Tax effect of adjustments(1)
(18,226
)
(11,371
)
(31
)
Adjusted net income
$
125,829
$
131,812
$
205,867
Net income annualized
$
276,023
$
382,714
$
816,370
Adjusted net income annualized
$
499,213
$
522,950
$
816,755
Total average assets
$
59,164,065
$
59,916,679
$
58,963,417
Return on average assets (annualized)
0.47
%
0.64
%
1.38
%
Adjusted return on average assets
(annualized)
0.84
0.87
1.39
(1) An assumed marginal tax rate of 24.5%
for 4Q23 and 24.3% for both 3Q23 and 4Q22 was applied.
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
4Q23
3Q23
4Q22
Adjusted return on average common
equity, return on average tangible common equity, and adjusted
return on average tangible common equity (annualized)
Net income available to common
shareholders
$
60,645
$
87,423
$
197,479
Loss on other loans held for sale
—
30,954
—
Restructuring charges (reversals)
1,231
17,319
(2,372
)
(Gain) on sale of GLOBALT
—
(1,929
)
—
Valuation adjustment to Visa
derivative
—
900
2,500
(Gain) on early extinguishment of debt
(4,497
)
(526
)
—
Subtract/add: Investment securities
(gains) losses, net
77,748
—
—
Subtract/add: Tax effect of
adjustments(1)
(18,226
)
(11,371
)
(31
)
Adjusted net income available to common
shareholders
$
116,901
$
122,770
$
197,576
Adjusted net income available to common
shareholders annualized
$
463,792
$
487,077
$
783,861
Amortization of intangibles, tax effected,
annualized
9,493
9,131
6,358
Adjusted net income available to common
shareholders excluding amortization of intangibles annualized
$
473,285
$
496,208
$
790,219
Net income available to common
shareholders annualized
$
240,602
$
346,841
$
783,476
Amortization of intangibles, tax effected,
annualized
9,493
9,131
6,358
Net income available to common
shareholders excluding amortization of intangibles annualized
$
250,095
$
355,972
$
789,834
Total average Synovus Financial Corp.
shareholders' equity less preferred stock
$
4,090,163
$
4,223,422
$
3,742,927
Average goodwill
(479,858
)
(476,408
)
(452,390
)
Average other intangible assets, net
(47,502
)
(59,016
)
(28,174
)
Total average Synovus Financial Corp.
tangible shareholders' equity less preferred stock
$
3,562,803
$
3,687,998
$
3,262,363
Return on average common equity
(annualized)
5.9
%
8.2
%
20.9
%
Adjusted return on average common equity
(annualized)
11.3
11.5
20.9
Return on average tangible common equity
(annualized)
7.0
9.7
24.2
Adjusted return on average tangible common
equity (annualized)
13.3
13.5
24.2
(1) An assumed marginal tax rate of 24.5%
for 4Q23 and 24.3% for both 3Q23 and 4Q22 was applied.
Reconciliation of Non-GAAP Financial
Measures, continued
December 31,
September 30,
December 31,
(dollars in thousands)
2023
2023
2022
Tangible common equity ratio
Total assets
$
59,809,534
$
59,342,930
$
59,731,378
Goodwill
(480,440
)
(479,851
)
(452,390
)
Other intangible assets, net
(45,928
)
(49,096
)
(27,124
)
Tangible assets
$
59,283,166
$
58,813,983
$
59,251,864
Total Synovus Financial Corp.
shareholders' equity
$
5,119,993
$
4,536,958
$
4,475,801
Goodwill
(480,440
)
(479,851
)
(452,390
)
Other intangible assets, net
(45,928
)
(49,096
)
(27,124
)
Preferred stock, no par value
(537,145
)
(537,145
)
(537,145
)
Tangible common equity
$
4,056,480
$
3,470,866
$
3,459,142
Total Synovus Financial Corp.
shareholders’ equity to total assets ratio
8.56
%
7.65
%
7.49
%
Tangible common equity ratio
6.84
5.90
5.84
Synovus
INCOME STATEMENT DATA
(Unaudited)
Years Ended
(Dollars in thousands, except per share
data)
December 31,
2023
2022
% Change
Interest income
$
3,050,358
$
2,075,787
47
%
Interest expense
1,233,703
278,887
342
Net interest income
1,816,655
1,796,900
1
Provision for (reversal of) credit
losses
189,079
84,553
124
Net interest income after provision for
credit losses
1,627,576
1,712,347
(5
)
Non-interest revenue:
Service charges on deposit accounts
90,096
93,067
(3
)
Fiduciary and asset management fees
78,077
78,414
—
Card fees
72,357
61,833
17
Brokerage revenue
83,431
67,034
24
Mortgage banking income
15,157
17,476
(13
)
Capital markets income
32,181
26,702
21
Income from bank-owned life insurance
31,429
29,720
6
Investment securities gains (losses),
net
(76,718
)
—
nm
Recovery of NPA
13,126
—
nm
Other non-interest revenue
64,874
35,090
85
Total non-interest revenue
404,010
409,336
(1
)
Non-interest expense:
Salaries and other personnel expense
728,378
681,710
7
Net occupancy, equipment, and software
expense
179,581
174,730
3
Third-party processing and other
services
86,649
88,617
(2
)
Professional fees
39,854
37,189
7
FDIC insurance and other regulatory
fees
94,737
29,083
226
Restructuring charges (reversals)
17,707
(9,690
)
(283
)
Loss on other loans held for sale
50,064
—
nm
Other operating expenses
138,454
155,867
(11
)
Total non-interest expense
1,335,424
1,157,506
15
Income before income taxes
696,162
964,177
(28
)
Income tax expense
154,021
206,275
(25
)
Net income
542,141
757,902
(28
)
Less: Net income (loss) attributable to
noncontrolling interest
(1,564
)
—
nm
Net income attributable to Synovus
Financial Corp.
543,705
757,902
(28
)
Less: Preferred stock dividends
35,950
33,163
8
Net income available to common
shareholders
$
507,755
$
724,739
(30
)%
Net income per common share, basic
3.48
4.99
(30
)%
Net income per common share, diluted
3.46
4.95
(30
)
Cash dividends declared per common
share
1.52
1.36
12
Return on average assets
0.90
%
1.32
%
(42)
bps
Return on average common equity
12.17
17.41
(524
)
Weighted average common shares
outstanding, basic
146,115
145,364
1
%
Weighted average common shares
outstanding, diluted
146,734
146,481
—
nm - not meaningful
bps - basis points
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share
data)
2023
2022
Fourth Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
23 vs '22
% Change
Interest income
$
788,297
786,039
759,143
716,879
654,654
20
%
Interest expense
351,083
342,880
303,612
236,128
153,308
129
Net interest income
437,214
443,159
455,531
480,751
501,346
(13
)
Provision for (reversal of) credit
losses
45,472
72,572
38,881
32,154
34,884
30
Net interest income after provision for
credit losses
391,742
370,587
416,650
448,597
466,462
(16
)
Non-interest revenue:
Service charges on deposit accounts
22,260
21,385
23,477
22,974
23,639
(6
)
Fiduciary and asset management fees
18,149
20,205
20,027
19,696
18,836
(4
)
Card fees
20,872
18,602
17,059
15,824
15,887
31
Brokerage revenue
19,727
20,237
20,908
22,558
19,996
(1
)
Mortgage banking income
3,019
3,671
4,609
3,858
2,554
18
Capital markets income
5,104
6,377
6,975
13,725
6,998
(27
)
Income from bank-owned life insurance
10,324
6,965
6,878
7,262
7,206
43
Investment securities gains (losses),
net
(77,748
)
—
—
1,030
—
nm
Recovery of NPA
—
—
—
13,126
—
nm
Other non-interest revenue
29,761
9,697
12,343
13,073
7,323
306
Total non-interest revenue
51,468
107,139
112,276
133,126
102,439
(50
)
Non-interest expense:
Salaries and other personnel expense
176,712
179,741
183,001
188,924
182,629
(3
)
Net occupancy, equipment, and software
expense
48,146
45,790
42,785
42,860
45,192
7
Third-party processing and other
services
21,717
21,439
21,659
21,833
23,130
(6
)
Professional fees
11,147
10,147
9,597
8,963
11,096
—
FDIC insurance and other regulatory
fees
61,470
11,837
11,162
10,268
8,232
647
Restructuring charges (reversals)
1,231
17,319
(110
)
(733
)
(2,372
)
(152
)
Loss on other loans held for sale
—
30,954
2,360
16,750
—
nm
Other operating expenses
32,435
36,305
36,727
32,987
41,089
(21
)
Total non-interest expense
352,858
353,532
307,181
321,852
308,996
14
Income before income taxes
90,352
124,194
221,745
259,871
259,905
(65
)
Income tax expense
20,779
27,729
47,801
57,712
54,135
(62
)
Net income
69,573
96,465
173,944
202,159
205,770
(66
)
Less: Net income (loss) attributable to
noncontrolling
(768
)
(630
)
(166
)
—
—
nm
Net income attributable to Synovus
Financial Corp.
70,341
97,095
174,110
202,159
205,770
(66
)
Less: Preferred stock dividends
9,696
9,672
8,291
8,291
8,291
17
Net income available to common
shareholders
$
60,645
87,423
165,819
193,868
197,479
(69
)
Net income per common share, basic
$
0.41
0.60
1.13
1.33
1.36
(69
)%
Net income per common share, diluted
0.41
0.60
1.13
1.32
1.35
(69
)
Cash dividends declared per common
share
0.38
0.38
0.38
0.38
0.34
12
Return on average assets *
0.47
%
0.64
1.15
1.36
1.38
(91)
bps
Return on average common equity *
5.88
8.21
15.45
19.23
20.93
nm
Weighted average common shares
outstanding, basic
146,372
146,170
146,113
145,799
145,467
1
%
Weighted average common shares
outstanding, diluted
146,877
146,740
146,550
146,727
146,528
—
nm - not meaningful
bps - basis points
* - ratios are annualized
Synovus
BALANCE SHEET DATA
December 31, 2023
September 30, 2023
December 31, 2022
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks
$
601,188
$
604,631
$
624,097
Interest-bearing funds with Federal
Reserve Bank
1,741,059
1,431,356
1,280,684
Interest earning deposits with banks
71,856
65,468
34,632
Federal funds sold and securities
purchased under resale agreements
37,323
36,176
38,367
Cash and cash equivalents
2,451,426
2,137,631
1,977,780
Investment securities available for sale,
at fair value
9,788,662
9,237,191
9,678,103
Loans held for sale ($47,338, $48,994 and
$51,136 measured at fair value,
respectively)
52,768
66,558
391,502
Loans, net of deferred fees and costs
43,404,490
43,679,910
43,716,353
Allowance for loan losses
(479,385
)
(477,532
)
(443,424
)
Loans, net
42,925,105
43,202,378
43,272,929
Cash surrender value of bank-owned life
insurance
1,112,030
1,107,092
1,089,280
Premises, equipment, and software, net
365,851
364,054
370,632
Goodwill
480,440
479,851
452,390
Other intangible assets, net
45,928
49,096
27,124
Other assets
2,587,324
2,699,079
2,471,638
Total assets
$
59,809,534
$
59,342,930
$
59,731,378
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits
$
12,507,616
$
12,976,574
$
15,639,899
Interest-bearing deposits
38,231,569
37,227,316
33,231,660
Total deposits
50,739,185
50,203,890
48,871,559
Federal funds purchased and securities
sold under repurchase agreements
189,074
98,270
146,588
Other short-term borrowings
3,496
2,362
603,384
Long-term debt
1,932,534
2,704,701
4,109,597
Other liabilities
1,801,097
1,772,139
1,524,449
Total liabilities
54,665,386
54,781,362
55,255,577
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 171,360,188, 170,859,506, and
170,141,492 respectively; outstanding 146,705,330, 146,204,648, and
145,486,634 respectively
171,360
170,860
170,141
Additional paid-in capital
3,955,819
3,940,507
3,920,346
Treasury stock, at cost – 24,654,858
shares
(944,484
)
(944,484
)
(944,484
)
Accumulated other comprehensive income
(loss), net
(1,117,073
)
(1,679,404
)
(1,442,117
)
Retained earnings
2,517,226
2,512,334
2,234,770
Total Synovus Financial Corp.
shareholders' equity
5,119,993
4,536,958
4,475,801
Noncontrolling interest in subsidiary
24,155
24,610
—
Total equity
5,144,148
4,561,568
4,475,801
Total liabilities and shareholders'
equity
$
59,809,534
$
59,342,930
$
59,731,378
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
2023
2022
(dollars in thousands)
Average Balance
Interest
Yield/ Rate
Average Balance
Interest
Yield/ Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
$
35,188,678
$
2,263,117
6.43
%
$
32,402,218
$
1,448,463
4.47
%
Consumer loans (1) (2)
8,557,650
426,266
4.98
8,823,424
361,524
4.10
Less: Allowance for loan losses
(463,493
)
(421,506
)
—
—
Loans, net
43,282,835
2,689,383
6.21
40,804,136
1,809,987
4.44
Investment securities available for
sale
11,212,956
248,294
2.21
11,208,886
209,951
1.87
Trading account assets
15,486
886
5.72
13,374
261
1.95
Other earning assets(4)
1,414,586
71,349
4.98
1,220,653
18,756
1.52
FHLB and Federal Reserve Bank stock
254,420
14,975
5.89
214,289
6,722
3.14
Mortgage loans held for sale
46,035
2,993
6.50
75,325
3,353
4.45
Other loans held for sale
469,689
27,099
5.69
682,961
30,684
4.43
Total interest earning assets
56,696,007
$
3,054,979
5.39
%
54,219,624
$
2,079,714
3.84
%
Cash and due from banks
575,370
574,250
Premises and equipment
367,159
385,622
Other real estate
—
6,356
Cash surrender value of bank-owned life
insurance
1,099,641
1,078,653
Other assets(5)
1,183,691
1,345,568
Total assets
$
59,921,868
$
57,610,073
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
9,884,039
$
176,595
1.79
%
$
9,027,636
$
25,912
0.29
%
Money market accounts
13,511,442
356,562
2.64
15,385,765
79,567
0.52
Savings deposits
1,229,975
1,046
0.09
1,481,372
399
0.03
Time deposits
5,473,405
196,481
3.59
2,667,101
13,902
0.52
Brokered deposits
6,104,461
296,071
4.85
3,644,957
67,452
1.85
Federal funds purchased and securities
sold under repurchase agreements
97,114
1,667
1.69
205,753
1,308
0.63
Other short-term borrowings
528,194
24,611
4.60
466,254
10,945
2.32
Long-term debt
3,027,746
180,670
5.92
1,999,595
79,402
3.95
Total interest-bearing liabilities
39,856,376
$
1,233,703
3.10
%
34,878,433
$
278,887
0.80
%
Non-interest-bearing demand deposits
13,662,660
16,731,967
Other liabilities
1,671,489
1,298,972
Shareholders' equity
4,731,343
4,700,701
Total liabilities and shareholders'
equity
$
59,921,868
$
57,610,073
Net interest income, taxable equivalent
net interest margin (6)
$
1,821,276
3.21
%
$
1,800,827
3.32
%
Less: taxable-equivalent adjustment
4,621
3,927
Net interest income
$
1,816,655
$
1,796,900
(1)
Average loans are shown net of deferred
fees and costs. NPLs are included.
(2)
Interest income includes net loan fees as
follows: 2023 — $47.7 million and 2022 — $57.3 million.
(3)
Reflects taxable-equivalent adjustments,
using the statutory federal tax rate of 21%, in adjusting interest
on tax-exempt loans and investment securities 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
$(1.62) billion and $(985.6) million for the years ended December
31, 2023 and 2022, respectively.
(6)
The net interest margin is calculated by
dividing net interest income-taxable equivalent by average total
interest earning assets.
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
Fourth Quarter 2023
Third Quarter 2023
Fourth Quarter 2022
(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)
$
35,106,156
$
590,588
6.67
%
$
34,990,459
$
579,177
6.57
%
$
34,103,384
$
474,439
5.52
%
Consumer loans (1) (2)
8,491,244
109,509
5.14
8,509,757
108,065
5.06
9,041,520
101,905
4.50
Less: Allowance for loan losses
(480,332
)
(461,385
)
(427,525
)
Loans, net
43,117,068
700,097
6.45
43,038,831
687,242
6.34
42,717,379
576,344
5.36
Investment securities available for
sale
11,164,487
65,176
2.33
11,194,291
61,642
2.20
11,296,449
58,840
2.08
Trading account assets
13,067
215
6.59
16,186
237
5.86
15,552
68
1.75
Other earning assets(4)
1,463,176
19,689
5.26
1,237,445
16,369
5.17
1,148,099
10,490
3.58
FHLB and Federal Reserve Bank stock
187,015
3,536
7.56
244,906
3,783
6.18
270,822
2,805
4.14
Mortgage loans held for sale
39,024
696
7.14
53,904
879
6.52
46,240
688
5.95
Other loans held for sale
8,044
104
5.06
881,067
17,035
7.57
514,811
6,550
4.98
Total interest earning assets
55,991,881
$
789,513
5.59
%
56,666,630
$
787,187
5.51
%
56,009,352
$
655,785
4.65
%
Cash and due from banks
522,986
509,511
651,189
Premises and equipment
366,647
365,568
375,352
Other real estate
—
—
—
Cash surrender value of bank-owned life
insurance
1,108,766
1,102,626
1,085,394
Other assets(5)
1,173,785
1,272,344
842,130
Total assets
$
59,164,065
$
59,916,679
$
58,963,417
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
10,422,286
$
58,588
2.23
%
$
10,114,171
$
52,983
2.08
%
$
8,627,386
$
14,160
0.65
%
Money market accounts
13,053,781
103,211
3.14
13,147,465
95,339
2.88
14,771,308
46,671
1.25
Savings deposits
1,098,914
275
0.10
1,178,322
280
0.09
1,450,153
176
0.05
Time deposits
7,198,229
75,462
4.16
6,180,584
59,972
3.85
2,567,979
7,648
1.18
Brokered deposits
6,069,055
81,444
5.32
6,442,690
83,486
5.14
4,986,542
39,500
3.14
Federal funds purchased and securities
sold under repurchase agreements
93,854
350
1.46
73,344
296
1.58
141,707
437
1.21
Other short-term borrowings
2,672
51
7.50
1,722
—
—
660,295
6,383
3.78
Long-term debt
1,922,661
31,702
6.55
3,230,374
50,524
6.18
3,446,306
38,333
4.39
Total interest-bearing liabilities
39,861,452
$
351,083
3.49
%
40,368,672
$
342,880
3.37
%
36,651,676
$
153,308
1.66
%
Non-interest-bearing demand deposits
12,744,275
13,049,343
16,569,275
Other liabilities
1,906,686
1,713,131
1,462,394
Shareholders' equity
4,651,652
4,785,533
4,280,072
Total liabilities and shareholders'
equity
$
59,164,065
$
59,916,679
$
58,963,417
Net interest income, taxable equivalent
net interest margin (6)
$
438,430
3.11
%
$
444,307
3.11
%
$
502,477
3.56
%
Less: taxable-equivalent adjustment
1,216
1,148
1,131
Net interest income
$
437,214
$
443,159
$
501,346
(1)
Average loans are shown net of deferred
fees and costs. NPLs are included.
(2)
Interest income includes net loan fees as
follows: Fourth Quarter 2023 — $13.1 million, Third Quarter 2023 —
$11.8 million, and Fourth Quarter 2022 —$11.9 million.
(3)
Reflects taxable-equivalent adjustments,
using the statutory federal tax rate of 21%, in adjusting interest
on tax-exempt loans and investment securities 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
$(1.89) billion, $(1.60) billion, and $(1.69) billion for the
Fourth Quarter 2023, Third Quarter 2023, and Fourth Quarter 2022,
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
December 31, 2023
September 30, 2023
% Change
December 31, 2022
% Change
Commercial, Financial, and
Agricultural
$
14,459,345
$
14,498,966
—
%
$
13,874,416
4
%
Owner-Occupied
8,139,148
8,281,988
(2
)
8,192,240
(1
)
Total Commercial &
Industrial
22,598,493
22,780,954
(1
)
22,066,656
2
Multi-Family
4,098,188
3,930,617
4
3,134,571
31
Hotels
1,803,102
1,790,094
1
1,708,194
6
Office Buildings
1,891,587
1,911,095
(1
)
3,011,911
(37
)
Shopping Centers
1,319,049
1,327,770
(1
)
1,403,928
(6
)
Warehouses
854,475
985,723
(13
)
1,035,152
(17
)
Other Investment Property
1,396,903
1,432,456
(2
)
1,350,291
3
Total Investment Properties
11,363,304
11,377,755
—
11,644,047
(2
)
1-4 Family Construction
194,481
224,091
(13
)
229,263
(15
)
1-4 Family Investment Mortgage
404,021
396,813
2
387,670
4
Total 1-4 Family Properties
598,502
620,904
(4
)
616,933
(3
)
Commercial Development
73,022
64,212
14
79,889
(9
)
Residential Development
79,961
92,209
(13
)
108,661
(26
)
Land Acquisition
201,969
239,773
(16
)
200,783
1
Land and Development
354,952
396,194
(10
)
389,333
(9
)
Total Commercial Real Estate
12,316,758
12,394,853
(1
)
12,650,313
(3
)
Consumer Mortgages
5,411,723
5,391,282
—
5,214,443
4
Home Equity Lines
1,807,399
1,784,356
1
1,757,038
3
Credit Cards
194,141
191,046
2
203,612
(5
)
Other Consumer Loans
1,075,976
1,137,419
(5
)
1,824,291
(41
)
Total Consumer
8,489,239
8,504,103
—
8,999,384
(6
)
Total
$
43,404,490
$
43,679,910
(1
)
$
43,716,353
(1
)
NON-PERFORMING LOANS
COMPOSITION
(Unaudited)
(Dollars in thousands)
Total
Non-performing Loans
Total
Non-performing Loans
Linked Quarter
Total
Non-performing Loans
Year/Year
Loan Type
December 31, 2023
September 30, 2023
% Change
December 31, 2022
% Change
Commercial, Financial, and
Agricultural
$
89,870
$
97,468
(8
)
$
59,307
52
%
Owner-Occupied
91,370
84,505
8
10,104
nm
Total Commercial &
Industrial
181,240
181,973
—
69,411
161
Multi-Family
1,681
1,702
(1
)
1,857
(9
)
Office Buildings
35,338
27,810
27
309
nm
Shopping Centers
641
653
(2
)
735
(13
)
Warehouses
196
207
(5
)
223
(12
)
Other Investment Property
1,914
572
235
349
448
Total Investment Properties
39,770
30,944
29
3,473
nm
1-4 Family Construction
—
—
nm
55
(100
)
1-4 Family Investment Mortgage
3,056
3,386
(10
)
3,067
—
Total 1-4 Family Properties
3,056
3,386
(10
)
3,122
(2
)
Commercial Development
—
—
nm
—
nm
Residential Development
267
267
—
267
—
Land Acquisition
537
538
—
891
(40
)
Land and Development
804
805
—
1,158
(31
)
Total Commercial Real Estate
43,630
35,135
24
7,753
463
Consumer Mortgages
46,108
43,863
5
36,847
25
Home Equity Lines
10,473
11,620
(10
)
6,830
53
Other Consumer Loans
6,726
7,941
(15
)
7,220
(7
)
Total Consumer
63,307
63,424
—
50,897
24
Total
$
288,177
$
280,532
3
%
$
128,061
125
%
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2023
2022
Fourth
Quarter
Fourth
Third
Second
First
Fourth
23 vs '22
Quarter
Quarter
Quarter
Quarter
Quarter
% Change
Non-performing Loans (NPL)
$
288,177
280,532
261,506
182,460
128,061
125
%
Other Real Estate and Other Assets
—
—
—
—
15,320
(100
)
Non-performing Assets (NPAs)
288,177
280,532
261,506
182,460
143,381
101
Allowance for Loan Losses (ALL)
479,385
477,532
471,238
457,010
443,424
8
Reserve for Unfunded Commitments
57,230
55,185
55,729
57,473
57,455
—
Allowance for Credit Losses (ACL)
536,615
532,717
526,967
514,483
500,879
7
Net Charge-Offs - Quarter
41,574
66,822
26,396
18,550
13,300
Net Charge-Offs - YTD
153,342
111,768
44,946
18,550
53,156
Net Charge-Offs / Average Loans - Quarter
(1)
0.38
%
0.61
0.24
0.17
0.12
Net Charge-Offs / Average Loans - YTD
(1)
0.35
0.34
0.20
0.17
0.13
NPLs / Loans
0.66
0.64
0.59
0.41
0.29
NPAs / Loans, ORE and specific other
assets
0.66
0.64
0.59
0.41
0.33
ACL/Loans
1.24
1.22
1.19
1.17
1.15
ALL/Loans
1.10
1.09
1.06
1.04
1.01
ACL/NPLs
186.21
189.90
201.51
281.97
391.13
ALL/NPLs
166.35
170.22
180.20
250.47
346.26
Past Due Loans over 90 days and Still
Accruing
$
5,053
3,792
3,643
3,529
3,373
50
As a Percentage of Loans Outstanding
0.01
%
0.01
0.01
0.01
0.01
Total Past Due Loans and Still
Accruing
$
59,099
54,974
84,946
55,053
65,568
(10
)
As a Percentage of Loans Outstanding
0.14
%
0.13
0.19
0.12
0.15
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION
(1)
(Unaudited)
(Dollars in thousands)
December 31, 2023
September 30, 2023
December 31, 2022
Common Equity Tier 1 Capital Ratio
10.22
%
10.13
9.63
Tier 1 Capital Ratio
11.28
11.18
10.68
Total Risk-Based Capital Ratio
13.07
13.12
12.54
Tier 1 Leverage Ratio
9.49
9.38
9.07
Total Synovus Financial Corp.
shareholders’ equity as a Percentage of Total Assets
8.56
7.65
7.49
Tangible Common Equity Ratio(2)(4)
6.84
5.90
5.84
Book Value Per Common Share(3)
$
31.24
27.36
27.07
Tangible Book Value Per Common
Share(2)
27.65
23.74
23.78
(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/20240117039916/en/
Media Contact Audria Belton Media Relations
media@synovus.com
Investor Contact Jennifer H. Demba, CFA Investor
Relations investorrelations@synovus.com
Synovus Financial (NYSE:SNV)
Historical Stock Chart
From Oct 2024 to Nov 2024
Synovus Financial (NYSE:SNV)
Historical Stock Chart
From Nov 2023 to Nov 2024
