Diluted earnings per share of $1.18 versus
$0.60 in 3Q23
Adjusted diluted earnings per share of $1.23
versus $0.84 in 3Q23
Synovus Financial Corp. (NYSE: SNV) today reported financial
results for the quarter ended Sept. 30, 2024.
"Our third quarter earnings results demonstrate strong
fundamental trends. We posted an adjusted return on average assets
of 1.3% and adjusted return on tangible common equity of 17.1%
while managing down our adjusted tangible efficiency ratio to 53%.
As we move to a more favorable environment, I remain optimistic
about our ability to accelerate growth given increased loan
production and sustained strong core fee generation. Additionally,
we have further de-risked our balance sheet this quarter, as
evidenced by lower net charge-offs, a reduction in brokered
deposits and a preliminary Common Equity Tier 1 ratio at its
highest in nine years.
Our thoughts are with those affected by the recent hurricanes
across our markets and the broader southeast. We’re committed to
supporting recovery and rebuilding efforts. Together, we’ll
overcome these challenges and build a brighter future,” said
Synovus Chairman, CEO and President Kevin Blair.
Third Quarter 2024 Highlights
- Net income (loss) available to common shareholders was $169.6
million, or $1.18 per diluted share, compared to $(23.7) million or
$(0.16) in second quarter 2024 and $87.4 million or $0.60 in third
quarter 2023. Earnings were impacted by an $8.7 million valuation
adjustment to Visa derivative.
- Adjusted net income available to common shareholders was $177.1
million, or $1.23 per diluted share, compared to $169.6 million or
$1.16 in second quarter 2024 and $122.8 million or $0.84 in third
quarter 2023.
- Pre-provision net revenue was $251.0 million, which was up
sharply as a result of a $257 million securities loss in second
quarter 2024 and up 28% compared to third quarter 2023. Adjusted
pre-provision net revenue of $262.3 million was stable sequentially
and increased $17.7 million, or 7%, compared to third quarter
2023.
- Net interest income increased $5.7 million, or 1%, compared to
the prior quarter and was down $2.4 million, or 1%, compared to
third quarter 2023. The net interest margin expanded 2 basis points
to 3.22% as a result of the May 2024 securities repositioning and
higher asset yields somewhat offset by larger average cash balances
and a deposit mix shift.
- Period-end loans rose $27.3 million from second quarter 2024 as
stronger loan production and core commercial lending growth was
offset by higher loan paydowns and strategic declines in certain
loan categories such as non-relationship syndicated lending and
third-party consumer lending.
- Period-end core deposits (excluding brokered deposits) were
$45.1 billion, an increase of $294.6 million sequentially,
primarily as a result of growth in money market and
interest-bearing demand deposits, offset by a decline in
non-interest-bearing deposits, savings and time deposits. Total
deposit costs increased 4 basis points from second quarter 2024 to
2.72%, primarily due to a shift in the deposit mix.
- Non-interest revenue of $124.0 million increased $252.8 million
sequentially and was up $16.8 million, or 16%, compared to third
quarter 2023. Adjusted non-interest revenue of $121.9 million
declined $5.3 million, or 4%, sequentially and increased $15.7
million, or 15%, compared to third quarter 2023. The sequential
decline in adjusted non-interest revenue was largely from lower
capital markets income partially offset by higher treasury and
payment solutions and wealth revenue. Year-over-year growth came
primarily from higher commercial treasury and payment solutions
fees and capital markets income as well as greater commercial
sponsorship income.
- On a sequential basis, non-interest expense was $313.7 million,
impacted by an $8.7 million valuation adjustment to Visa
derivative. Adjusted non-interest expense was flat sequentially and
declined 1% year over year due to disciplined expense control and a
4% reduction in total headcount.
- Provision for credit losses of $23.4 million declined 11%
sequentially from $26.4 million in second quarter 2024 and fell 68%
year over year compared to $72.6 million in third quarter 2023. The
allowance for credit losses ratio (to loans) of 1.24% was down 1
basis point from the prior quarter.
- The non-performing loan and asset ratios were both higher
sequentially at 0.73%; the net charge-off ratio for the third
quarter 2024 was 0.25%, down from 0.32% in prior quarter while
total past dues were 0.23% of total loans outstanding.
- The preliminary CET1 ratio rose sequentially to 10.65% as core
earnings accretion more than offset the impact of $100 million in
common stock repurchases.
Third Quarter Summary
Reported
Adjusted
(dollars in thousands)
3Q24
2Q24
3Q23
3Q24
2Q24
3Q23
Net income (loss) available to common
shareholders
$
169,628
$
(23,741
)
$
87,423
$
177,120
$
169,617
$
122,770
Diluted earnings (loss) per share(1)
1.18
(0.16
)
0.60
1.23
1.16
0.84
Total revenue
564,720
306,147
550,298
564,051
563,597
550,552
Total loans
43,120,674
43,093,397
43,679,910
NA
NA
NA
Total deposits
50,193,740
50,195,778
50,203,890
NA
NA
NA
Return on avg assets(2)
1.2
%
(0.1
)%
0.6
%
1.3
%
1.2
%
0.9
%
Return on avg common equity(2)
14.4
(2.1
)
8.2
15.0
15.3
11.5
Return on avg tangible common
equity(2)
16.4
(2.2
)
9.7
17.1
17.6
13.5
Net interest margin(3)
3.22
%
3.20
%
3.11
%
NA
NA
NA
Efficiency ratio-TE(3)(4)
55.41
98.15
64.11
52.97
53.05
55.01
NCO ratio-QTD
0.25
0.32
0.61
NA
NA
NA
NPA ratio
0.73
0.60
0.64
NA
NA
NA
(1)
Diluted shares of 146,034 (in thousands)
used to calculate 2Q24 adjusted diluted earnings per share.
(2)
Annualized
(3)
Taxable equivalent
(4)
Adjusted tangible efficiency ratio
NA - not applicable
Balance Sheet
Loans*
(dollars in millions)
3Q24
2Q24
Linked Quarter Change
Linked Quarter %
Change
3Q23
Year/Year Change
Year/Year % Change
Commercial & industrial
$
22,664.0
$
22,536.6
$
127.4
1
%
$
22,781.0
$
(117.0
)
(1
)%
Commercial real estate
12,177.5
12,215.5
(38.0
)
—
12,394.9
(217.4
)
(2
)
Consumer
8,279.2
8,341.3
(62.1
)
(1
)
8,504.1
(224.9
)
(3
)
Total loans
$
43,120.7
$
43,093.4
$
27.3
—
%
$
43,679.9
$
(559.3
)
(1
)%
*Amounts may not total due to rounding
Deposits*
(dollars in millions)
3Q24
2Q24
Linked Quarter Change
Linked Quarter %
Change
3Q23
Year/Year Change
Year/Year % Change
Non-interest-bearing DDA
$
11,129.1
$
11,177.7
$
(48.6
)
—
%
$
12,395.1
$
(1,266.0
)
(10
)%
Interest-bearing DDA
6,821.3
6,621.2
200.1
3
6,276.1
545.2
9
Money market
11,031.5
10,747.9
283.6
3
10,786.3
245.2
2
Savings
983.2
1,009.8
(26.7
)
(3
)
1,132.5
(149.3
)
(13
)
Public funds
7,047.6
7,111.9
(64.3
)
(1
)
6,885.7
161.9
2
Time deposits
8,075.7
8,125.2
(49.5
)
(1
)
6,506.4
1,569.3
24
Brokered deposits
5,105.4
5,402.0
(296.6
)
(5
)
6,221.8
(1,116.3
)
(18
)
Total deposits
$
50,193.7
$
50,195.8
$
(2.0
)
—
%
$
50,203.9
$
(10.2
)
—
%
*Amounts may not total due to rounding
Income Statement Summary**
(in thousands, except per share data)
3Q24
2Q24
Linked Quarter Change
Linked Quarter %
Change
3Q23
Year/Year Change
Year/Year % Change
Net interest income
$
440,740
$
434,998
$
5,742
1
%
$
443,159
$
(2,419
)
(1
)%
Non-interest revenue
123,980
(128,851
)
252,831
NM
107,139
16,841
16
Non-interest expense
313,690
301,801
11,889
4
353,532
(39,842
)
(11
)
Provision for (reversal of) credit
losses
23,434
26,404
(2,970
)
(11
)
72,572
(49,138
)
(68
)
Income (loss) before taxes
$
227,596
$
(22,058
)
$
249,654
NM
$
124,194
$
103,402
83
%
Income tax expense (benefit)
46,912
(7,378
)
54,290
NM
27,729
19,183
69
Net income (loss)
180,684
(14,680
)
195,364
NM
96,465
84,219
87
Less: Net income (loss) attributable to
noncontrolling interest
(871
)
(652
)
(219
)
(34
)
(630
)
(241
)
(38
)
Net income (loss) attributable to Synovus
Financial Corp.
181,555
(14,028
)
195,583
NM
97,095
84,460
87
Less: Preferred stock dividends
11,927
9,713
2,214
23
9,672
2,255
23
Net income (loss) available to common
shareholders
$
169,628
$
(23,741
)
$
193,369
NM
$
87,423
$
82,205
94
%
Weighted average common shares
outstanding, diluted
143,979
145,565
(1,586
)
(1
)%
146,740
(2,761
)
(2
)%
Diluted earnings (loss) per share
$
1.18
$
(0.16
)
$
1.34
NM
$
0.60
$
0.58
97
Adjusted diluted earnings per share(1)
1.23
1.16
0.07
6
0.84
0.39
46
Effective tax rate
20.61
%
33.45
%
22.33
%
(1)
Diluted shares of 146,034 (in thousands)
used to calculate 2Q24 adjusted diluted earnings per share.
**
Amounts may not total due to rounding
NM - not meaningful
Capital Ratios
3Q24
2Q24
3Q23
Common Equity Tier 1 capital (CET1)
ratio
10.65 %
(1)
10.60 %
10.13 %
Tier 1 capital ratio
11.77
(1)
11.72
11.18
Total risk-based capital ratio
13.62
(1)
13.56
13.12
Tier 1 leverage ratio
9.55
(1)
9.44
9.38
Tangible common equity ratio
7.28
6.76
5.90
(1) Ratios are preliminary.
Third Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call with an
accompanying slide presentation at 8:30 a.m. ET on Oct. 17, 2024.
The earnings call can be accessed with the listen-only dial-in
phone number: 833-470-1428 (code: 952762). Shareholders and other
interested parties may also listen to this conference call via
simultaneous internet broadcast. For a link to the webcast, go to
investor.synovus.com/event. The replay will be archived for at
least 12 months and will be available approximately one hour after
the call.
Synovus Financial Corp. is a financial services company
based in Columbus, Georgia, with approximately $60 billion in
assets. Synovus provides commercial and consumer banking and a full
suite of specialized products and services, including wealth
services, treasury management, mortgage services, premium finance,
asset-based lending, structured lending, capital markets and
international banking. As of Sept. 30, 2024, Synovus has 247
branches in Georgia, Alabama, Florida, South Carolina and
Tennessee. Synovus is a Great Place to Work-Certified Company.
Learn more about Synovus at synovus.com.
Forward-Looking Statements
This press release and certain of our other filings with the
Securities and Exchange Commission contain statements that
constitute “forward-looking statements” within the meaning of, and
subject to the protections of, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. All statements other than statements of
historical fact are forward-looking statements. You can identify
these forward-looking statements through Synovus’ use of words such
as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,”
“should,” “predicts,” “could,” “would,” “intends,” “targets,”
“estimates,” “projects,” “plans,” “potential” and other similar
words and expressions of the future or otherwise regarding the
outlook for Synovus’ future business and financial performance
and/or the performance of the banking industry and economy in
general. These forward-looking statements include, among others,
our expectations regarding our future operating and financial
performance; expectations on our growth strategy, expense and
revenue initiatives, capital management, balance sheet management,
and future profitability; expectations on credit quality and
performance; and the assumptions underlying our expectations.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks and uncertainties which may cause the
actual results, performance or achievements of Synovus to be
materially different from the future results, performance or
achievements expressed or implied by such forward-looking
statements. Forward-looking statements are based on the information
known to, and current beliefs and expectations of, Synovus’
management and are subject to significant risks and uncertainties.
Actual results may differ materially from those contemplated by
such forward-looking statements. A number of factors could cause
actual results to differ materially from those contemplated by the
forward-looking statements in this press release. Many of these
factors are beyond Synovus’ ability to control or predict.
These forward-looking statements are based upon information
presently known to Synovus’ management and are inherently
subjective, uncertain and subject to change due to any number of
risks and uncertainties, including, without limitation, the risks
and other factors set forth in Synovus’ filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended Dec. 31, 2023, under the captions “Cautionary
Notice Regarding Forward-Looking Statements” and “Risk Factors” and
in Synovus’ quarterly reports on Form 10-Q and current reports on
Form 8-K. We believe these forward-looking statements are
reasonable; however, undue reliance should not be placed on any
forward-looking statements, which are based on current expectations
and speak only as of the date that they are made. We do not assume
any obligation to update any forward-looking statements as a result
of new information, future developments or otherwise, except as
otherwise may be required by law.
Non-GAAP Financial Measures
The measures entitled adjusted non-interest revenue,
non-interest expense; adjusted revenue taxable equivalent (TE);
adjusted tangible efficiency ratio; adjusted pre-provision net
revenue (PPNR); adjusted return on average assets; adjusted net
income available to common shareholders; adjusted diluted earnings
per share; adjusted return on average common equity; return on
average tangible common equity; adjusted return on average tangible
common equity; and tangible common equity ratio are not measures
recognized under GAAP and therefore are considered non-GAAP
financial measures. The most comparable GAAP measures to these
measures are total non-interest revenue; total non-interest
expense; total revenue; efficiency ratio-TE; PPNR; return on
average assets; net income (loss) available to common shareholders;
diluted earnings (loss) per share; return on average common equity;
and the ratio of total Synovus Financial Corp. shareholders' equity
to total assets, respectively.
Management believes that these non-GAAP financial measures
provide meaningful additional information about Synovus to assist
management and investors in evaluating Synovus’ operating results,
financial strength, the performance of its business, and the
strength of its capital position. However, these non-GAAP financial
measures have inherent limitations as analytical tools and should
not be considered in isolation or as a substitute for analyses of
operating results or capital position as reported under GAAP. The
non-GAAP financial measures should be considered as additional
views of the way our financial measures are affected by significant
items and other factors, and since they are not required to be
uniformly applied, they may not be comparable to other similarly
titled measures at other companies. Adjusted non-interest revenue
and adjusted revenue (TE) are measures used by management to
evaluate non-interest revenue and total revenue exclusive of net
investment securities gains (losses), fair value adjustments on
non-qualified deferred compensation and other items not indicative
of ongoing operations that could impact period-to-period
comparisons. Adjusted non-interest expense and the adjusted
tangible efficiency ratio are measures utilized by management to
measure the success of expense management initiatives focused on
reducing recurring controllable operating costs. Adjusted net
income available to common shareholders, adjusted diluted earnings
per share, adjusted return on average assets, and adjusted return
on average common equity are measures used by management to
evaluate operating results exclusive of items that are not
indicative of ongoing operations and impact period-to-period
comparisons. Return on average tangible common equity and adjusted
return on average tangible common equity are measures used by
management to compare Synovus’ performance with other financial
institutions because it calculates the return available to common
shareholders without the impact of intangible assets and their
related amortization, thereby allowing management to evaluate the
performance of the business consistently. Adjusted PPNR is used by
management to evaluate PPNR exclusive of items that management
believes are not indicative of ongoing operations and impact
period-to-period comparisons. The tangible common equity ratio is
used by stakeholders to assess our capital position. The
computations of these measures are set forth in the tables
below.
Reconciliation of Non-GAAP Financial
Measures
(dollars in thousands)
3Q24
2Q24
3Q23
Adjusted non-interest revenue
Total non-interest revenue
$
123,980
$
(128,851
)
$
107,139
Investment securities (gains) losses,
net
—
256,660
—
Gain on sale of GLOBALT
—
—
(1,929
)
Fair value adjustment on non-qualified
deferred compensation
(2,062
)
(561
)
1,035
Adjusted non-interest revenue
$
121,918
$
127,248
$
106,245
Adjusted non-interest expense
Total non-interest expense
$
313,690
$
301,801
$
353,532
(Loss) gain on other loans held for
sale
—
—
(30,954
)
Gain (loss) on early extinguishment of
debt
—
—
526
Restructuring (charges) reversals
(1,219
)
658
(17,319
)
Valuation adjustment to Visa
derivative
(8,700
)
—
(900
)
Fair value adjustment on non-qualified
deferred compensation
(2,062
)
(561
)
1,035
Adjusted non-interest expense
$
301,709
$
301,898
$
305,920
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
3Q24
2Q24
3Q23
Adjusted revenue (TE) and tangible
efficiency ratio
Adjusted non-interest expense
$
301,709
$
301,898
$
305,920
Amortization of intangibles
(2,907
)
(2,907
)
(3,042
)
Adjusted tangible non-interest expense
$
298,802
$
298,991
$
302,878
Net interest income
$
440,740
$
434,998
$
443,159
Tax equivalent adjustment
1,393
1,351
1,148
Net interest income (TE)
442,133
436,349
444,307
Net interest income
$
440,740
$
434,998
$
443,159
Total non-interest revenue
123,980
(128,851
)
107,139
Total revenue
$
564,720
$
306,147
$
550,298
Tax equivalent adjustment
1,393
1,351
1,148
Total TE revenue
566,113
307,498
551,446
Investment securities losses (gains),
net
—
256,660
—
Gain on sale of GLOBALT
—
—
(1,929
)
Fair value adjustment on non-qualified
deferred compensation
(2,062
)
(561
)
1,035
Adjusted revenue (TE)
$
564,051
$
563,597
$
550,552
Efficiency ratio-TE
55.41
%
98.15
%
64.11
%
Adjusted tangible efficiency ratio
52.97
53.05
55.01
Adjusted pre-provision net
revenue
Net interest income
$
440,740
$
434,998
$
443,159
Total non-interest revenue
123,980
(128,851
)
107,139
Total non-interest expense
(313,690
)
(301,801
)
(353,532
)
Pre-provision net revenue (PPNR)
$
251,030
$
4,346
$
196,766
Adjusted revenue (TE)
564,051
563,597
550,552
Adjusted non-interest expense
(301,709
)
(301,898
)
(305,920
)
Adjusted PPNR
$
262,342
$
261,699
$
244,632
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
3Q24
2Q24
3Q23
Adjusted return on average assets
(annualized)
Net income (loss)
$
180,684
$
(14,680
)
$
96,465
Loss (gain) on other loans held for
sale
—
—
30,954
(Gain) loss on early extinguishment of
debt
—
—
(526
)
Gain on sale of GLOBALT
—
—
(1,929
)
Restructuring charges (reversals)
1,219
(658
)
17,319
Valuation adjustment to Visa
derivative
8,700
—
900
Investment securities losses (gains),
net
—
256,660
—
Tax effect of adjustments(1)
(2,427
)
(62,644
)
(11,371
)
Adjusted net income
$
188,176
$
178,678
$
131,812
Net income (loss) annualized
$
718,808
$
(59,043
)
$
382,714
Adjusted net income annualized
$
748,613
$
718,639
$
522,950
Total average assets
$
59,183,624
$
59,246,849
$
59,916,679
Return on average assets (annualized)
1.2
%
(0.1
)%
0.6
%
Adjusted return on average assets
(annualized)
1.3
1.2
0.9
Adjusted net income available to common
shareholders and adjusted diluted earnings per share
Net income (loss) available to common
shareholders
$
169,628
$
(23,741
)
$
87,423
Gain on sale of GLOBALT
—
—
(1,929
)
Loss (gain) on other loans held for
sale
—
—
30,954
(Gain) loss on early extinguishment of
debt
—
—
(526
)
Restructuring charges (reversals)
1,219
(658
)
17,319
Valuation adjustment to Visa
derivative
8,700
—
900
Investment securities losses (gains),
net
—
256,660
—
Tax effect of adjustments(1)
(2,427
)
(62,644
)
(11,371
)
Adjusted net income available to common
shareholders
$
177,120
$
169,617
$
122,770
Weighted average common shares
outstanding, diluted(2)
143,979
145,565
146,740
Diluted earnings per share
$
1.18
$
(0.16
)
$
0.60
Adjusted diluted earnings per share
1.23
1.16
0.84
(1) An assumed marginal tax rate of 24.5%
for 3Q24 and 2Q24 and 24.3% for 3Q23 was applied.
(2) Diluted shares of 146,034 (in
thousands) used to calculate 2Q24 adjusted diluted earnings per
share.
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
3Q24
2Q24
3Q23
Adjusted return on average common
equity, return on average tangible common equity, and adjusted
return on average tangible common equity (annualized)
Net income (loss) available to common
shareholders
$
169,628
$
(23,741
)
$
87,423
Loss (gain) on other loans held for
sale
—
—
30,954
(Gain) loss on early extinguishment of
debt
—
—
(526
)
Gain on sale of GLOBALT
—
—
(1,929
)
Restructuring charges (reversals)
1,219
(658
)
17,319
Valuation adjustment to Visa
derivative
8,700
—
900
Investment securities losses (gains),
net
—
256,660
—
Tax effect of adjustments(1)
(2,427
)
(62,644
)
(11,371
)
Adjusted net income available to common
shareholders
$
177,120
$
169,617
$
122,770
Adjusted net income available to common
shareholders annualized
$
704,630
$
682,196
$
487,077
Amortization of intangibles, tax effected,
annualized
8,735
8,831
9,131
Adjusted net income available to common
shareholders excluding amortization of intangibles annualized
$
713,365
$
691,027
$
496,208
Net income (loss) available to common
shareholders annualized
$
674,824
$
(95,486
)
$
346,841
Amortization of intangibles, tax effected,
annualized
8,735
8,831
9,131
Net income (loss) available to common
shareholders excluding amortization of intangibles annualized
$
683,559
$
(86,655
)
$
355,972
Total average Synovus Financial Corp.
shareholders' equity less preferred stock
$
4,692,722
$
4,455,198
$
4,223,422
Average goodwill
(480,440
)
(480,902
)
(476,408
)
Average other intangible assets, net
(38,793
)
(41,547
)
(59,016
)
Total average Synovus Financial Corp.
tangible shareholders' equity less preferred stock
$
4,173,489
$
3,932,749
$
3,687,998
Return on average common equity
(annualized)
14.4
%
(2.1
)%
8.2
%
Adjusted return on average common equity
(annualized)
15.0
15.3
11.5
Return on average tangible common equity
(annualized)
16.4
(2.2
)
9.7
Adjusted return on average tangible common
equity (annualized)
17.1
17.6
13.5
(1) An assumed marginal tax rate of 24.5%
for 3Q24 and 2Q24 and 24.3% for 3Q23 was applied.
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
September 30, 2024
December 31, 2023
September 30, 2023
Tangible common equity ratio
Total assets
$
59,589,628
$
59,809,534
$
59,342,930
Goodwill
(480,440
)
(480,440
)
(479,851
)
Other intangible assets, net
(37,207
)
(45,928
)
(49,096
)
Tangible assets
$
59,071,981
$
59,283,166
$
58,813,983
Total Synovus Financial Corp.
shareholders’ equity
$
5,355,976
$
5,119,993
$
4,536,958
Goodwill
(480,440
)
(480,440
)
(479,851
)
Other intangible assets, net
(37,207
)
(45,928
)
(49,096
)
Preferred Stock, no par value
(537,145
)
(537,145
)
(537,145
)
Tangible common equity
$
4,301,184
$
4,056,480
$
3,470,866
Total Synovus Financial Corp.
shareholders’ equity to total assets ratio
8.99
%
8.56
%
7.65
%
Tangible common equity ratio
7.28
6.84
5.90
Amounts may not total due to rounding
Synovus
Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share
data)
Nine Months Ended September
30,
2024
2023
'24 vs '23
% Change
Interest income
$
2,394,459
$
2,262,061
6
%
Interest expense
1,099,876
882,619
25
Net interest income
1,294,583
1,379,442
(6
)
Provision for (reversal of) credit
losses
103,818
143,607
(28
)
Net interest income after provision for
credit losses
1,190,765
1,235,835
(4
)
Non-interest revenue:
Service charges on deposit accounts
68,403
67,836
1
Fiduciary and asset management fees
58,455
59,928
(2
)
Card fees
57,343
51,485
11
Brokerage revenue
63,974
68,043
(6
)
Mortgage banking income
11,395
12,138
(6
)
Capital markets income
31,988
32,589
(2
)
Income from bank-owned life insurance
23,886
21,106
13
Investment securities gains (losses),
net
(256,660
)
1,030
nm
Recovery of NPA
—
13,126
nm
Other non-interest revenue
55,233
25,260
119
Total non-interest revenue
114,017
352,541
(68
)
Non-interest expense:
Salaries and other personnel expense
552,742
551,667
—
Net occupancy, equipment, and software
expense
140,200
131,435
7
Third-party processing and other
services
63,593
64,932
(2
)
Professional fees
34,140
28,707
19
FDIC insurance and other regulatory
fees
37,694
33,266
13
Restructuring charges (reversals)
2,084
16,476
nm
Loss on other loans held for sale
—
50,064
nm
Other operating expenses
107,779
106,019
2
Total non-interest expense
938,232
982,566
(5
)
Income before income taxes
366,550
605,810
(39
)
Income tax expense
76,476
133,242
(43
)
Net income
290,074
472,568
(39
)
Less: Net income (loss) attributable to
noncontrolling interest
(1,960
)
(796
)
146
Net income attributable to Synovus
Financial Corp.
292,034
473,364
(38
)
Less: Preferred stock dividends
31,325
26,254
19
Net income available to common
shareholders
$
260,709
$
447,110
(42
)%
Net income per common share, basic
$
1.80
$
3.06
(41
)%
Net income per common share, diluted
1.79
3.05
(41
)
Cash dividends declared per common
share
1.14
1.14
—
Return on average assets *
0.7
%
1.0
%
(30) bps
Return on average common equity *
7.6
14.2
nm
Weighted average common shares
outstanding, basic
145,039
146,028
(1
)%
Weighted average common shares
outstanding, diluted
145,718
146,683
(1
)
nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share
data)
2024
2023
Third Quarter
Third
Quarter
Second Quarter
First Quarter
Fourth Quarter
Third Quarter
'24 vs '23
% Change
Interest income
$
810,507
801,242
782,710
788,297
786,039
3
%
Interest expense
369,767
366,244
363,864
351,083
342,880
8
Net interest income
440,740
434,998
418,846
437,214
443,159
(1
)
Provision for (reversal of) credit
losses
23,434
26,404
53,980
45,472
72,572
(68
)
Net interest income after provision for
credit losses
417,306
408,594
364,866
391,742
370,587
13
Non-interest revenue:
Service charges on deposit accounts
23,683
22,907
21,813
22,260
21,385
11
Fiduciary and asset management fees
19,714
19,728
19,013
18,149
20,205
(2
)
Card fees
18,439
19,418
19,486
20,872
18,602
(1
)
Brokerage revenue
20,810
20,457
22,707
21,961
21,387
(3
)
Mortgage banking income
4,033
3,944
3,418
3,019
3,671
10
Capital markets income
10,284
15,077
6,627
6,456
7,980
29
Income from bank-owned life insurance
8,442
8,097
7,347
10,324
6,965
21
Investment securities gains (losses),
net
—
(256,660
)
—
(77,748
)
—
nm
Other non-interest revenue
18,575
18,181
18,477
26,175
6,944
167
Total non-interest revenue
123,980
(128,851
)
118,888
51,468
107,139
16
Non-interest expense:
Salaries and other personnel expense
184,814
179,407
188,521
176,712
179,741
3
Net occupancy, equipment, and software
expense
46,977
46,415
46,808
48,146
45,790
3
Third-party processing and other
services
21,552
21,783
20,258
21,717
21,439
1
Professional fees
10,854
15,655
7,631
11,147
10,147
7
FDIC insurance and other regulatory
fees
7,382
6,493
23,819
61,470
11,837
(38
)
Restructuring charges (reversals)
1,219
(658
)
1,524
1,231
17,319
nm
Loss on other loans held for sale
—
—
—
—
30,954
nm
Other operating expenses
40,892
32,706
34,180
32,435
36,305
13
Total non-interest expense
313,690
301,801
322,741
352,858
353,532
(11
)
Income (loss) before income taxes
227,596
(22,058
)
161,013
90,352
124,194
83
Income tax expense (benefit)
46,912
(7,378
)
36,943
20,779
27,729
69
Net income (loss)
180,684
(14,680
)
124,070
69,573
96,465
87
Less: Net income (loss) attributable to
noncontrolling interest
(871
)
(652
)
(437
)
(768
)
(630
)
38
Net income (loss) attributable to Synovus
Financial Corp.
181,555
(14,028
)
124,507
70,341
97,095
87
Less: Preferred stock dividends
11,927
9,713
9,685
9,696
9,672
23
Net income (loss) available to common
shareholders
$
169,628
(23,741
)
114,822
60,645
87,423
94
%
Net income (loss) per common share,
basic
$
1.19
(0.16
)
0.78
0.41
0.60
98
%
Net income (loss) per common share,
diluted
1.18
(0.16
)
0.78
0.41
0.60
97
Cash dividends declared per common
share
0.38
0.38
0.38
0.38
0.38
—
Return on average assets *
1.2
%
(0.1
)
0.8
0.5
0.6
60 bps
Return on average common equity *
14.4
(2.1
)
10.2
5.9
8.2
nm
Weighted average common shares
outstanding, basic
143,144
145,565
146,430
146,372
146,170
(2
)%
Weighted average common shares
outstanding, diluted
143,979
145,565
147,122
146,877
146,740
(2
)
nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding
Synovus
BALANCE SHEET DATA
September 30, 2024
December 31, 2023
September 30, 2023
(Unaudited)
(In thousands, except share data)
ASSETS
Interest-earning deposits with banks and
other cash and cash equivalents
$
1,807,641
$
2,414,103
$
2,101,455
Federal funds sold and securities
purchased under resale agreements
45,971
37,323
36,176
Cash, cash equivalents, and restricted
cash
1,853,612
2,451,426
2,137,631
Investment securities held to maturity
2,622,457
—
—
Investment securities available for
sale
7,554,168
9,788,662
9,237,191
Loans held for sale (includes $36,943,
$47,338 and $48,994 measured at fair value, respectively)
121,470
52,768
66,558
Loans, net of deferred fees and costs
43,120,674
43,404,490
43,679,910
Allowance for loan losses
(484,985
)
(479,385
)
(477,532
)
Loans, net
42,635,689
42,925,105
43,202,378
Cash surrender value of bank-owned life
insurance
1,133,652
1,112,030
1,107,092
Premises, equipment, and software, net
380,267
365,851
364,054
Goodwill
480,440
480,440
479,851
Other intangible assets, net
37,207
45,928
49,096
Other assets
2,770,666
2,587,324
2,699,079
Total assets
$
59,589,628
$
59,809,534
$
59,342,930
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits
$
11,561,626
$
12,507,616
$
12,976,574
Interest-bearing deposits
38,632,114
38,231,569
37,227,316
Total deposits
50,193,740
50,739,185
50,203,890
Federal funds purchased and securities
sold under repurchase agreements
94,055
189,074
98,270
Other short-term borrowings
—
3,496
2,362
Long-term debt
2,021,050
1,932,534
2,704,701
Other liabilities
1,902,612
1,801,097
1,772,139
Total liabilities
54,211,457
54,665,386
54,781,362
Equity:
Shareholders' equity:
Preferred stock - no par value. Authorized
100,000,000 shares; issued 22,000,000
537,145
537,145
537,145
Common stock - $1.00 par value. Authorized
342,857,142 shares; issued 172,077,277, 171,360,188 and 170,859,506
respectively; outstanding 141,997,383, 146,705,330 and 146,204,648
respectively
172,077
171,360
170,860
Additional paid-in capital
3,976,706
3,955,819
3,940,507
Treasury stock, at cost; 30,079,894,
24,654,858 and 24,654,858 shares, respectively
(1,167,130
)
(944,484
)
(944,484
)
Accumulated other comprehensive income
(loss), net
(773,786
)
(1,117,073
)
(1,679,404
)
Retained earnings
2,610,964
2,517,226
2,512,334
Total Synovus Financial Corp.
shareholders’ equity
5,355,976
5,119,993
4,536,958
Noncontrolling interest in subsidiary
22,195
24,155
24,610
Total equity
5,378,171
5,144,148
4,561,568
Total liabilities and equity
$
59,589,628
$
59,809,534
$
59,342,930
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
Third Quarter 2024
Second Quarter 2024
Third Quarter 2023
(dollars in thousands)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
$
34,610,296
$
592,142
6.81
%
$
35,006,497
$
593,715
6.82
%
$
34,990,459
$
579,177
6.57
%
Consumer loans (1) (2)
8,298,130
109,908
5.28
8,358,325
109,206
5.23
8,509,757
108,065
5.06
Less: Allowance for loan losses
(482,863
)
—
—
(492,640
)
—
—
(461,385
)
—
—
Loans, net
42,425,563
702,050
6.59
42,872,182
702,921
6.59
43,038,831
687,242
6.34
Total investment securities(4)
10,420,665
87,643
3.36
10,373,792
78,891
3.04
11,194,291
61,642
2.20
Trading account assets
14,392
246
6.84
8,809
162
7.37
16,186
237
5.86
Other earning assets(5)
1,408,415
18,803
5.24
1,271,953
16,800
5.23
1,237,445
16,369
5.17
FHLB and Federal Reserve Bank stock
170,977
2,113
4.94
189,706
2,687
5.67
244,906
3,783
6.18
Mortgage loans held for sale
34,890
612
7.01
37,364
666
7.13
53,904
879
6.52
Other loans held for sale
83,492
433
2.03
96,180
466
1.92
881,067
17,035
7.57
Total interest earning assets
54,558,394
811,900
5.92
%
54,849,986
802,593
5.89
%
56,666,630
787,187
5.51
%
Cash and due from banks
476,443
531,604
509,511
Premises and equipment
380,003
376,293
365,568
Other real estate
666
18,003
—
Cash surrender value of bank-owned life
insurance
1,128,877
1,121,764
1,102,626
Other assets(6)
2,639,241
2,349,199
1,272,344
Total assets
$
59,183,624
$
59,246,849
$
59,916,679
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
10,834,829
71,786
2.64
%
$
10,789,288
68,809
2.57
%
$
10,114,171
52,983
2.08
%
Money market accounts
13,058,527
104,514
3.18
12,617,120
99,380
3.17
13,147,465
95,339
2.88
Savings deposits
1,007,962
355
0.14
1,036,321
304
0.12
1,178,322
280
0.09
Time deposits
8,437,861
93,052
4.39
8,382,774
93,431
4.48
6,180,584
59,972
3.85
Brokered deposits
5,476,231
75,607
5.49
5,483,298
73,830
5.42
6,442,690
83,486
5.14
Federal funds purchased and securities
sold under repurchase agreements
94,629
369
1.53
114,595
570
1.97
73,344
296
1.58
Other short-term borrowings
2,209
29
5.20
108,946
1,530
5.55
1,722
—
—
Long-term debt
1,385,836
24,055
6.93
1,666,731
28,390
6.79
3,230,374
50,524
6.18
Total interest-bearing liabilities
40,298,084
369,767
3.65
%
40,199,073
366,244
3.66
%
40,368,672
342,880
3.37
%
Non-interest-bearing demand deposits
11,665,661
12,099,256
13,049,343
Other liabilities
1,967,351
1,932,822
1,713,131
Total equity
5,252,528
5,015,698
4,785,533
Total liabilities and equity
$
59,183,624
$
59,246,849
$
59,916,679
Net interest income and net interest
margin, taxable equivalent (7)
$
442,133
3.22
%
$
436,349
3.20
%
$
444,307
3.11
%
Less: taxable-equivalent adjustment
1,393
1,351
1,148
Net interest income
$
440,740
$
434,998
$
443,159
(1)
Average loans are shown net of unearned
income. NPLs are included.
(2)
Interest income includes fees as follows:
Third Quarter 2024 — $12.7 million, Second Quarter 2024 — $12.3
million, and Third Quarter 2023 — $11.8 million.
(3)
Reflects taxable-equivalent adjustments,
using the statutory federal tax rate of 21%, in adjusting interest
on tax-exempt loans to a taxable-equivalent basis.
(4)
Securities are included on an amortized
cost basis with yield and net interest margin calculated
accordingly.
(5)
Includes interest-bearing funds with
Federal Reserve Bank, interest earning deposits with banks, and
federal funds sold and securities purchased under resale
agreements.
(6)
Includes average net unrealized gains
(losses) on investment securities available for sale of $(424.6)
million, $(727.6) million, and $(1.60) billion for the Third
Quarter 2024, Second Quarter 2024, and Third Quarter 2023,
respectively.
(7)
The net interest margin is calculated by
dividing annualized net interest income- TE by average total
interest earning assets.
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
Nine Months Ended September
30,
2024
2023
(dollars in thousands)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
$
34,852,642
$
1,769,316
6.78
%
$
35,216,487
$
1,672,529
6.35
%
Consumer loans (1) (2)
8,363,281
328,681
5.24
8,580,029
316,757
4.92
Less: Allowance for loan losses
(485,540
)
—
—
(457,818
)
—
—
Loans, net
42,730,383
2,097,997
6.56
43,338,698
1,989,286
6.14
Total investment securities(4)
10,646,738
238,440
2.99
11,229,290
183,118
2.17
Trading account assets
11,600
473
5.44
16,302
671
5.49
Other earning assets(5)
1,302,499
51,776
5.23
1,398,211
51,660
4.87
FHLB and Federal Reserve Bank stock
182,793
7,073
5.16
277,136
11,439
5.50
Mortgage loans held for sale
34,012
1,773
6.95
48,398
2,297
6.33
Other loans held for sale
66,109
982
1.95
625,262
26,995
5.69
Total interest earning assets
54,974,134
$
2,398,514
5.83
%
56,933,297
$
2,265,466
5.32
%
Cash and due from banks
510,807
593,023
Premises and equipment
375,574
367,332
Other real estate
6,223
—
Cash surrender value of bank-owned life
insurance
1,121,807
1,096,567
Other assets(6)
2,162,476
1,187,026
Total assets
$
59,151,021
$
60,177,245
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
10,738,505
$
206,010
2.56
%
$
9,702,651
$
118,007
1.63
%
Money market accounts
12,834,830
307,024
3.20
13,665,672
253,351
2.48
Savings deposits
1,033,696
946
0.12
1,274,142
771
0.08
Time deposits
8,241,879
272,976
4.42
4,892,146
121,019
3.31
Brokered deposits
5,565,332
226,778
5.44
6,116,392
214,627
4.69
Federal funds purchased and securities
sold under repurchase agreements
107,546
1,587
1.94
98,212
1,317
1.77
Other short-term borrowings
60,763
2,514
5.44
705,292
24,559
4.59
Long-term debt
1,604,966
82,041
6.80
3,400,156
148,968
5.80
Total interest-bearing liabilities
40,187,517
$
1,099,876
3.66
%
39,854,663
$
882,619
2.96
%
Non-interest-bearing demand deposits
11,944,508
13,972,152
Other liabilities
1,894,545
1,592,230
Total equity
5,124,451
4,758,200
Total liabilities and equity
$
59,151,021
$
60,177,245
Net interest income, taxable equivalent
net interest margin (7)
$
1,298,638
3.16
%
$
1,382,847
3.25
%
Less: taxable-equivalent adjustment
4,055
3,405
Net interest income
$
1,294,583
$
1,379,442
(1)
Average loans are shown net of unearned
income. NPLs are included.
(2)
Interest income includes fees as follows:
2024 — $35.7 million and 2023 — $34.6 million.
(3)
Reflects taxable-equivalent adjustments,
using the statutory federal tax rate of 21%, in adjusting interest
on tax-exempt loans to a taxable-equivalent basis.
(4)
Securities are included on an amortized
cost basis with yield and net interest margin calculated
accordingly.
(5)
Includes interest-bearing funds with
Federal Reserve Bank, interest earning deposits with banks, and
federal funds sold and securities purchased under resale
agreements.
(6)
Includes average net unrealized
gains/(losses) on investment securities available for sale of
$(836.6) million and $(1.53) billion for the nine months ended
September 30, 2024 and 2023, respectively.
(7)
The net interest margin is calculated by
dividing annualized net interest income - TE by average total
interest earning assets.
Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
Total Loans
Total Loans
Linked Quarter
Total Loans
Year/Year
(Dollars in thousands)
Loan Type
September 30, 2024
June 30, 2024
% Change
September 30, 2023
% Change
Commercial, Financial, and
Agricultural
$
14,563,913
$
14,519,608
—
%
$
14,498,966
—
%
Owner-Occupied
8,100,084
8,017,004
1
8,281,988
(2
)
Total Commercial &
Industrial
22,663,997
22,536,612
1
22,780,954
(1
)
Multi-Family
4,379,459
4,288,436
2
3,930,617
11
Hotels
1,738,068
1,802,076
(4
)
1,790,094
(3
)
Office Buildings
1,778,698
1,801,945
(1
)
1,911,095
(7
)
Shopping Centers
1,260,460
1,298,967
(3
)
1,327,770
(5
)
Warehouses
837,145
865,359
(3
)
985,723
(15
)
Other Investment Property
1,352,719
1,271,266
6
1,432,456
(6
)
Total Investment Properties
11,346,549
11,328,049
—
11,377,755
—
1-4 Family Construction
190,705
171,335
11
224,091
(15
)
1-4 Family Investment Mortgage
337,425
381,212
(11
)
396,813
(15
)
Total 1-4 Family Properties
528,130
552,547
(4
)
620,904
(15
)
Commercial Development
48,948
65,994
(26
)
64,212
(24
)
Residential Development
67,525
67,231
—
92,209
(27
)
Land Acquisition
186,332
201,666
(8
)
239,773
(22
)
Land and Development
302,805
334,891
(10
)
396,194
(24
)
Total Commercial Real Estate
12,177,484
12,215,487
—
12,394,853
(2
)
Consumer Mortgages
5,323,443
5,371,164
(1
)
5,391,282
(1
)
Home Equity
1,809,286
1,812,940
—
1,784,356
1
Credit Cards
181,386
178,889
1
191,046
(5
)
Other Consumer Loans
965,078
978,305
(1
)
1,137,419
(15
)
Total Consumer
8,279,193
8,341,298
(1
)
8,504,103
(3
)
Total
$
43,120,674
$
43,093,397
—
%
$
43,679,910
(1
)%
NON-PERFORMING LOANS
COMPOSITION
(Unaudited)
Total
Non-performing Loans
Total
Non-performing Loans
Linked Quarter
Total
Non-performing Loans
Year/Year
(Dollars in thousands)
Loan Type
September 30, 2024
June 30, 2024
% Change
September 30, 2023
% Change
Commercial, Financial, and
Agricultural
$
107,004
$
120,107
(11
)%
$
97,468
10
%
Owner-Occupied
48,390
50,977
(5
)
84,505
(43
)
Total Commercial &
Industrial
155,394
171,084
(9
)
181,973
(15
)
Multi-Family
1,692
1,718
(2
)
1,702
(1
)
Office Buildings
78,281
7,350
nm
27,810
181
Shopping Centers
523
541
(3
)
653
(20
)
Warehouses
163
177
(8
)
207
(21
)
Other Investment Property
1,612
1,782
(10
)
572
182
Total Investment Properties
82,271
11,568
nm
30,944
166
1-4 Family Construction
311
311
—
—
nm
1-4 Family Investment Mortgage
2,533
2,749
(8
)
3,386
(25
)
Total 1-4 Family Properties
2,844
3,060
(7
)
3,386
(16
)
Residential Development
268
303
(12
)
267
—
Land Acquisition
1,422
606
135
538
164
Land and Development
1,690
909
86
805
110
Total Commercial Real Estate
86,805
15,537
459
35,135
147
Consumer Mortgages
48,956
48,352
1
43,863
12
Home Equity
15,837
14,947
6
11,620
36
Other Consumer Loans
5,972
6,186
(3
)
7,941
(25
)
Total Consumer
70,765
69,485
2
63,424
12
Total
$
312,964
$
256,106
22
%
$
280,532
12
%
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2024
2023
Third Quarter
Third
Second
First
Fourth
Third
'24 vs '23
Quarter
Quarter
Quarter
Quarter
Quarter
% Change
Non-performing Loans (NPLs)
$
312,964
256,106
350,450
288,177
280,532
12
%
Other Real Estate and Other Assets
386
823
21,210
—
—
nm
Non-performing Assets (NPAs)
313,350
256,929
371,660
288,177
280,532
12
Allowance for Loan Losses (ALL)
484,985
485,101
492,661
479,385
477,532
2
Reserve for Unfunded Commitments
49,556
53,058
53,579
57,231
55,185
(10
)
Allowance for Credit Losses (ACL)
534,541
538,159
546,240
536,616
532,717
—
Net Charge-Offs - Quarter
27,052
34,485
44,356
41,574
66,822
Net Charge-Offs - YTD
105,893
78,841
44,356
153,342
111,768
Net Charge-Offs / Average Loans - Quarter
(1)
0.25
%
0.32
0.41
0.38
0.61
Net Charge-Offs / Average Loans - YTD
(1)
0.33
0.36
0.41
0.35
0.34
NPLs / Loans
0.73
0.59
0.81
0.66
0.64
NPAs / Loans, ORE and specific other
assets
0.73
0.60
0.86
0.66
0.64
ACL/Loans
1.24
1.25
1.26
1.24
1.22
ALL/Loans
1.12
1.13
1.14
1.10
1.09
ACL/NPLs
170.80
210.13
155.87
186.21
189.90
ALL/NPLs
154.96
189.41
140.58
166.35
170.22
Past Due Loans over 90 days and Still
Accruing
$
4,359
4,460
3,748
5,053
3,792
15
As a Percentage of Loans Outstanding
0.01
%
0.01
0.01
0.01
0.01
Total Past Due Loans and Still
Accruing
$
97,229
129,759
54,814
59,099
54,974
77
As a Percentage of Loans Outstanding
0.23
%
0.30
0.13
0.14
0.13
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION
(1)
(Unaudited)
(Dollars in thousands)
September 30, 2024
December 31, 2023
September 30, 2023
Common Equity Tier 1 Capital Ratio
10.65
%
10.22
10.13
Tier 1 Capital Ratio
11.77
11.28
11.18
Total Risk-Based Capital Ratio
13.62
13.07
13.12
Tier 1 Leverage Ratio
9.55
9.49
9.38
Total Synovus Financial Corp.
shareholders' equity as a Percentage of Total Assets
8.99
8.56
7.65
Tangible Common Equity Ratio (2) (4)
7.28
6.84
5.90
Book Value Per Common Share (3)
$
33.94
31.24
27.36
Tangible Book Value Per Common Share
(2)
30.29
27.65
23.74
(1) Current quarter regulatory capital
information is preliminary.
(2) Excludes the carrying value of
goodwill and other intangible assets from common equity and total
assets.
(3) Book Value Per Common Share consists
of Total Synovus Financial Corp. shareholders’ equity less
Preferred stock divided by total common shares outstanding.
(4) See "Non-GAAP Financial Measures" for
applicable reconciliation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241016977149/en/
Media Contact Audria Belton Media Relations
media@synovus.com
Investor Contact Jennifer H. Demba, CFA Investor
Relations investorrelations@synovus.com
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