Diluted earnings per share of $1.25 vs.
$0.41 in 4Q23
Adjusted diluted earnings per share of $1.25
vs. $0.80 in 4Q23
Synovus Financial Corp. (NYSE: SNV) today reported financial
results for the quarter and year ended Dec. 31, 2024. "Over the
past year, Synovus has successfully implemented our
relationship-building strategies, resulting in strong growth across
core commercial lending, deposits and key fee-producing businesses.
We maintained strict control over operating expenses, saw
improvements in loan losses and increased our Common Equity Tier 1
ratio1 to the highest level in over 10 years. This momentum, as
well as our financial position and accelerated growth orientation,
positions us well for continued success in 2025 and beyond,” said
Synovus Chairman, CEO and President Kevin Blair.
2024 Highlights
- Net income available to common shareholders for 2024 was $439.6
million, or $3.03 per diluted share, compared to $507.8 million, or
$3.46 per diluted share in 2023. Adjusted EPS was $4.43 per diluted
share compared to $4.12 per diluted share in 2023.
- A $6 million FDIC special assessment incurred in 2024 reduced
reported and adjusted EPS by $0.03, while a $51 million FDIC
special assessment impacted 2023 reported and adjusted EPS by
$0.26.
- Pre-provision net revenue was $741.6 million in 2024 compared
to $885.2 million in 2023, primarily attributable to lower
non-interest revenue from a $257 million securities loss in the
second quarter 2024.
- Net interest income was $1.75 billion in 2024, down from $1.82
billion in the prior year, largely due to a decline in loan
balances.
- Period-end loans declined $795.5 million, or 2%, in 2024 as
line utilization declined, payoffs increased and non-relationship
credits were rationalized.
- Period-end deposits increased $356.2 million, or 1%, primarily
driven by growth in time deposits, money market, interest-bearing
demand deposits and public funds, partially offset by a decline in
non-interest-bearing deposits. Brokered deposits declined $1.17
billion, or 19%, in 2024.
- Non-interest revenue was $239.6 million, down 41% from 2023,
primarily from a $257 million securities loss in the second quarter
2024. However, adjusted non-interest revenue of $490.4 million grew
6% in 2024, primarily attributable to Treasury Management fees,
Capital Markets income and Wealth revenue, as well as revenue from
Commercial Sponsorship fees.
- Non-interest expense was $1.25 billion, down 7%, while adjusted
non-interest expense declined 3% year over year in 2024 to $1.23
billion, primarily due to a $51 million FDIC special assessment
incurred in fourth quarter 2023.
- Credit quality remains healthy. Net charge-offs were 0.31% of
average loans compared to 0.35% in 2023. The provision for credit
losses declined to $136.7 million in 2024 compared to $189.1
million in the prior year. The allowance for credit losses ended
the year at 1.27% compared to 1.24% at the end of 2023.
- The year-end CET1 ratio1 increased 62 basis points year over
year to 10.84%.
Fourth Quarter 2024 Highlights
- Net income available to common shareholders was $178.8 million,
or $1.25 per diluted share, up 6% sequentially, and up sharply from
$60.6 million in the fourth quarter 2023.
- Pre-provision net revenue of $271.3 million increased $20.2
million, or 8%, sequentially and was up $135.4 million, or 100%,
compared to the fourth quarter 2023.
- Net interest income increased $14.3 million, or 3%, compared to
the prior quarter and was up $17.8 million, or 4%, compared to the
fourth quarter 2023, primarily attributable to lower funding costs.
Net interest margin was 3.28%, which was up from the prior quarter
supported by lower funding costs and loan hedge maturities as well
as a non-recurring favorable interest adjustment which impacted the
NIM by 4 basis points.
- Period-end loans declined $512 million, or 1%, from the third
quarter, as loan production, excluding secondary mortgage, was more
than offset by lower line utilization, higher loan payoffs and
strategic declines in non-relationship syndicated lending and
third-party consumer lending.
- Core deposits, which excludes brokered deposits, increased
$1.13 billion, or 3%, sequentially. Total deposits ended the
quarter at $51.10 billion, an increase of $901.6 million or 2%
sequentially, as a result of the focus on deposit production,
public funds seasonality and middle market deposit growth. Total
deposit costs declined 26 basis points from the third quarter 2024
to 2.46%.
- Non-interest revenue of $125.6 million rose 1% from the third
quarter and increased $74.1 million, or 144%, compared to the
fourth quarter 2023. Adjusted non-interest revenue of $124.6
million increased $2.7 million, or 2%, sequentially and fell $1.5
million, or 1%, compared to the fourth quarter 2023. Core Banking
fees, Wealth revenue and Capital Markets income drove sequential
growth in non-interest revenue. Year over year growth in Treasury
Management fees, Capital Markets income, and Wealth revenue was
outweighed by elevated Commercial Sponsorship fees in the fourth
quarter of 2023.
- Non-interest expense of $309.3 million was down $4.4 million,
or 1% sequentially. Adjusted non-interest expense increased 2%
sequentially to $309.0 million. Compared to the prior year,
non-interest expense and adjusted non-interest expense were both
down 12% as a result of the $51 million FDIC special assessment in
2023. Headcount declined 2% year over year.
- Credit quality ratios remain healthy. The non-performing loan
and asset ratios were both stable at 0.73%; the net charge-off
ratio for the quarter was 0.26%, and total past dues were 0.26% of
total loans outstanding.
- Provision for credit losses was $32.9 million, up $9.4 million
sequentially and down from $45.5 million in the fourth quarter of
2023. The allowance for credit losses ratio (to loans) of 1.27% was
up 3 basis points sequentially and compared to the prior year.
- The CET1 ratio1 increased sequentially to 10.84% as strong
earnings accretion more than offset approximately $50 million in
common share repurchases during the fourth quarter.
________________________
1 Preliminary
Fourth Quarter 2024 Summary
Reported
Adjusted
(dollars in thousands)
4Q24
3Q24
4Q23
4Q24
3Q24
4Q23
Net income available to common
shareholders
$
178,848
$
169,628
$
60,645
$
178,331
$
177,120
$
116,901
Diluted earnings per share
1.25
1.18
0.41
1.25
1.23
0.80
Total revenue
580,580
564,720
488,682
581,054
564,051
564,593
Total loans
42,609,028
43,120,674
43,404,490
N/A
N/A
N/A
Total deposits
51,095,359
50,193,740
50,739,185
N/A
N/A
N/A
Return on avg assets (1)
1.25
%
1.21
%
0.47
%
1.25
%
1.26
%
0.84
%
Return on avg common equity(1)
14.75
14.38
5.88
14.71
15.02
11.34
Return on avg tangible common
equity(1)
16.72
16.38
7.02
16.67
17.09
13.28
Net interest margin
3.28
%
3.22
%
3.11
%
N/A
N/A
N/A
Efficiency ratio-TE(2)(3)
53.15
55.41
72.03
52.69
52.97
61.97
NCO ratio-QTD
0.26
0.25
0.38
N/A
N/A
N/A
NPA ratio
0.73
0.73
0.66
N/A
N/A
N/A
(1) Annualized
(2) Taxable equivalent
(3) Adjusted tangible efficiency ratio
N/A- not applicable
Balance Sheet
Loans*
(dollars in millions)
4Q24
3Q24
Linked Quarter Change
Linked Quarter %
Change
4Q23
Year/Year Change
Year/Year % Change
Commercial & industrial
$
22,331.1
$
22,664.0
$
(332.9
)
(1
)%
$
22,598.5
$
(267.4
)
(1
)%
Commercial real estate
12,014.6
12,177.5
(162.9
)
(1
)
12,316.8
(302.1
)
(2
)
Consumer
8,263.3
8,279.2
(15.9
)
—
8,489.2
(226.0
)
(3
)
Total loans
$
42,609.0
$
43,120.7
$
(511.6
)
(1
)%
$
43,404.5
$
(795.5
)
(2
)%
* Amounts may not total due to
rounding
Deposits*
(dollars in millions)
4Q24
3Q24
Linked Quarter Change
Linked Quarter %
Change
4Q23
Year/Year Change
Year/Year % Change
Non-interest-bearing DDA
$
10,974.6
$
11,129.1
$
(154.5
)
(1
)%
$
11,801.2
$
(826.6
)
(7
)%
Interest-bearing DDA
7,199.7
6,821.3
378.4
6
6,541.0
658.7
10
Money market
11,407.4
11,031.5
375.9
3
10,819.7
587.7
5
Savings
971.1
983.2
(12.1
)
(1
)
1,062.6
(91.5
)
(9
)
Public funds
7,987.5
7,047.6
939.9
13
7,349.5
638.0
9
Time deposits
7,679.9
8,075.7
(395.8
)
(5
)
7,122.2
557.7
8
Brokered deposits
4,875.2
5,105.4
(230.2
)
(5
)
6,043.0
(1,167.8
)
(19
)
Total deposits
$
51,095.4
$
50,193.7
$
901.6
2
%
$
50,739.2
$
356.2
1
%
* Amounts may not total due to
rounding
Income Statement Summary*
(in thousands, except per share data)
4Q24
3Q24
Linked Quarter Change
Linked Quarter %
Change
4Q23
Year/Year Change
Year/Year % Change
Net interest income
$
454,993
$
440,740
$
14,253
3
%
$
437,214
$
17,779
4
%
Non-interest revenue
125,587
123,980
1,607
1
51,468
74,119
144
Non-interest expense
309,311
313,690
(4,379
)
(1
)
352,858
(43,547
)
(12
)
Provision for (reversal of) credit
losses
32,867
23,434
9,433
40
45,472
(12,605
)
(28
)
Income before taxes
$
238,402
$
227,596
$
10,806
5
%
$
90,352
$
148,050
164
%
Income tax expense
49,025
46,912
2,113
5
20,779
28,246
136
Net income
189,377
180,684
8,693
5
69,573
119,804
172
Less: Net income (loss) attributable to
noncontrolling interest
(1,049
)
(871
)
(178
)
(20
)
(768
)
(281
)
(37
)
Net income (loss) attributable to Synovus
Financial Corp.
190,426
181,555
8,871
5
70,341
120,085
171
Less: Preferred stock dividends
11,578
11,927
(349
)
(3
)
9,696
1,882
19
Net income available to common
shareholders
$
178,848
$
169,628
$
9,220
5
%
$
60,645
$
118,203
195
%
Weighted average common shares
outstanding, diluted
142,694
143,979
(1,285
)
(1
)
146,877
(4,183
)
(3
)
Diluted earnings per share
$
1.25
$
1.18
$
0.07
6
%
$
0.41
$
0.84
204
%
Adjusted diluted earnings per share
$
1.25
$
1.23
$
0.02
2
%
$
0.80
$
0.45
56
%
Effective tax rate
20.56
%
20.61
%
23.00
%
* Amounts may not total due to
rounding
Capital Ratios
4Q24
3Q24
4Q23
Common equity Tier 1 capital (CET1)
ratio
10.84
%
*
10.64
%
10.22
%
Tier 1 capital ratio
11.96
*
11.76
11.28
Total risk-based capital ratio
13.80
*
13.60
13.07
Tier 1 leverage ratio
9.55
*
9.55
9.49
Tangible common equity ratio
7.02
7.28
6.84
* Ratios are preliminary
Fourth Quarter 2024 Earnings Conference Call
Synovus will host an earnings highlights conference call with an
accompanying slide presentation at 8:30 a.m. ET on Jan. 16, 2025.
The earnings call can be accessed with the listen-only dial-in
phone number: 833-470-1428 (code: 865307). Shareholders and other
interested parties may listen to this conference call via
simultaneous internet broadcast. For a link to the webcast, go to
investor.synovus.com/event. The replay will be archived for at
least 12 months and will be available approximately one hour after
the call.
Synovus Financial Corp. is a financial services company
based in Columbus, Georgia, with approximately $60 billion in
assets. Synovus provides commercial and consumer banking and a full
suite of specialized products and services, including wealth
services, treasury management, mortgage services, premium finance,
asset-based lending, structured lending, capital markets and
international banking. As of Dec. 31, 2024, Synovus has 244
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 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, 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 net income available to common
shareholders; adjusted diluted earnings per share; adjusted
non-interest revenue, adjusted non-interest expense; adjusted
revenue taxable equivalent (TE); adjusted tangible efficiency
ratio; adjusted pre-provision net revenue (PPNR); 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; PPNR;
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 (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. 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
(in thousands, except per share data)
4Q24
3Q24
4Q23
2024
2023
Adjusted net income available to common
shareholders and adjusted net income per common share,
diluted
Net income available to common
shareholders
$
178,848
$
169,628
$
60,645
$
439,557
$
507,755
Valuation adjustment on Globalt
earnout
(719
)
—
—
(719
)
—
(Gain) on sale of GLOBALT
—
—
—
—
(1,929
)
Restructuring charges (reversals)
37
1,219
1,231
2,121
17,707
Valuation adjustment to Visa
derivative
—
8,700
—
8,700
3,927
(Gain) on early extinguishment of debt
—
—
(4,497
)
—
(5,400
)
Recovery of NPA
—
—
—
—
(13,126
)
Loss on other loans held for sale
—
—
—
—
50,064
Investment securities (gains) losses,
net
—
—
77,748
256,660
76,718
Tax effect of adjustments(1)
165
(2,427
)
(18,226
)
(64,423
)
(31,312
)
Adjusted net income available to common
shareholders
$
178,331
$
177,120
$
116,901
$
641,896
$
604,404
Weighted average common shares
outstanding, diluted
142,694
143,979
146,877
144,998
146,734
Net income per common share, diluted
$
1.25
$
1.18
$
0.41
$
3.03
$
3.46
Adjusted net income per common share,
diluted
1.25
1.23
0.80
4.43
4.12
(1) An assumed marginal tax rate of 24.2%
for 4Q24 and 2024 and 24.5% for 3Q24, 4Q23, and 2023 was
applied.
(dollars in thousands)
4Q24
3Q24
4Q23
2024
2023
Adjusted non-interest revenue
Total non-interest revenue
$
125,587
$
123,980
$
51,468
$
239,604
$
404,010
Valuation adjustment on Globalt
earnout
(719
)
—
—
(719
)
—
(Gain) on sale of GLOBALT
—
—
—
—
(1,929
)
Recovery of NPA
—
—
—
—
(13,126
)
Investment securities (gains) losses,
net
—
—
77,748
256,660
76,718
Fair value adjustment on non-qualified
deferred compensation
(237
)
(2,062
)
(3,053
)
(5,159
)
(4,987
)
Adjusted non-interest revenue
$
124,631
$
121,918
$
126,163
$
490,386
$
460,686
Adjusted non-interest expense
Total non-interest expense
$
309,311
$
313,690
$
352,858
$
1,247,543
$
1,335,424
Loss on other loans held for sale
—
—
—
—
(50,064
)
Restructuring (charges) reversals
(37
)
(1,219
)
(1,231
)
(2,121
)
(17,707
)
Valuation adjustment to Visa
derivative
—
(8,700
)
—
(8,700
)
(3,927
)
Gain (loss) on early extinguishment of
debt
—
—
4,497
—
5,400
Fair value adjustment on non-qualified
deferred compensation
(237
)
(2,062
)
(3,053
)
(5,159
)
(4,987
)
Adjusted non-interest expense
$
309,037
$
301,709
$
353,071
$
1,231,563
$
1,264,139
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
4Q24
3Q24
4Q23
Adjusted revenue (TE) and adjusted
tangible efficiency ratio
Adjusted non-interest expense
$
309,037
$
301,709
$
353,071
Amortization of intangibles
(2,888
)
(2,907
)
(3,168
)
Adjusted tangible non-interest expense
$
306,149
$
298,802
$
349,903
Net interest income
$
454,993
$
440,740
$
437,214
Tax equivalent adjustment
1,430
1,393
1,216
Net interest income (TE)
$
456,423
$
442,133
$
438,430
Net interest income
$
454,993
$
440,740
$
437,214
Total non-interest revenue
125,587
123,980
51,468
Total revenue
580,580
564,720
488,682
Tax equivalent adjustment
1,430
1,393
1,216
Total TE revenue
$
582,010
$
566,113
$
489,898
Valuation adjustment on Globalt
earnout
(719
)
—
—
Investment securities (gains) losses,
net
—
—
77,748
Fair value adjustment on non-qualified
deferred compensation
(237
)
(2,062
)
(3,053
)
Adjusted revenue (TE)
$
581,054
$
564,051
$
564,593
Efficiency ratio-(TE)
53.15
%
55.41
%
72.03
%
Adjusted tangible efficiency ratio
52.69
52.97
61.97
Adjusted pre-provision net
revenue
Net interest income
$
454,993
$
440,740
$
437,214
Total non-interest revenue
125,587
123,980
51,468
Total non-interest expense
(309,311
)
(313,690
)
(352,858
)
Pre-provision net revenue (PPNR)
$
271,269
$
251,030
$
135,824
Adjusted revenue (TE)
$
581,054
$
564,051
$
564,593
Adjusted non-interest expense
(309,037
)
(301,709
)
(353,071
)
Adjusted PPNR
$
272,017
$
262,342
$
211,522
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
4Q24
3Q24
4Q23
Adjusted return on average assets
(annualized)
Net income
$
189,377
$
180,684
$
69,573
Restructuring charges (reversals)
37
1,219
1,231
Valuation adjustment on Globalt
earnout
(719
)
—
—
Valuation adjustment to Visa
derivative
—
8,700
—
(Gain) on early extinguishment of debt
—
—
(4,497
)
Investment securities (gains) losses,
net
—
—
77,748
Tax effect of adjustments(1)
165
(2,427
)
(18,226
)
Adjusted net income
$
188,860
$
188,176
$
125,829
Net income annualized
$
753,391
$
718,808
$
276,023
Adjusted net income annualized
$
751,334
$
748,613
$
499,213
Total average assets
$
60,174,616
$
59,183,624
$
59,164,065
Return on average assets (annualized)
1.25
%
1.21
%
0.47
%
Adjusted return on average assets
(annualized)
1.25
1.26
0.84
(1) An assumed marginal tax rate of 24.2%
for 4Q24 and 24.5% for 3Q24 and 4Q23 was applied.
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands)
4Q24
3Q24
4Q23
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
$
178,848
$
169,628
$
60,645
Restructuring charges (reversals)
37
1,219
1,231
Valuation adjustment on Globalt
earnout
(719
)
—
—
Valuation adjustment to Visa
derivative
—
8,700
—
(Gain) on early extinguishment of debt
—
—
(4,497
)
Investment securities (gains) losses,
net
—
—
77,748
Tax effect of adjustments(1)
165
(2,427
)
(18,226
)
Adjusted net income available to common
shareholders
$
178,331
$
177,120
$
116,901
Adjusted net income available to common
shareholders annualized
$
709,447
$
704,630
$
463,792
Amortization of intangibles, tax effected,
annualized
8,715
8,735
9,493
Adjusted net income available to common
shareholders excluding amortization of intangibles annualized
$
718,162
$
713,365
$
473,285
Net income available to common
shareholders annualized
$
711,504
$
674,824
$
240,602
Amortization of intangibles, tax effected,
annualized
8,715
8,735
9,493
Net income available to common
shareholders excluding amortization of intangibles annualized
$
720,219
$
683,559
$
250,095
Total average Synovus Financial Corp.
shareholders' equity less preferred stock
$
4,824,003
$
4,692,722
$
4,090,163
Average goodwill
(480,440
)
(480,440
)
(479,858
)
Average other intangible assets, net
(35,869
)
(38,793
)
(47,502
)
Total average Synovus Financial Corp.
tangible shareholders' equity less preferred stock
$
4,307,694
$
4,173,489
$
3,562,803
Return on average common equity
(annualized)
14.75
%
14.38
%
5.88
%
Adjusted return on average common equity
(annualized)
14.71
15.02
11.34
Return on average tangible common equity
(annualized)
16.72
16.38
7.02
Adjusted return on average tangible common
equity (annualized)
16.67
17.09
13.28
(1) An assumed marginal tax rate of 24.2%
for 4Q24 and 24.5% for 3Q24 and 4Q23 was applied.
Reconciliation of Non-GAAP Financial
Measures, continued
December 31,
September 30,
December 31,
(dollars in thousands)
2024
2024
2023
Tangible common equity ratio
Total assets
$
60,233,644
$
59,589,628
$
59,809,534
Goodwill
(480,440
)
(480,440
)
(480,440
)
Other intangible assets, net
(34,318
)
(37,207
)
(45,928
)
Tangible assets
$
59,718,886
$
59,071,981
$
59,283,166
Total Synovus Financial Corp.
shareholders' equity
$
5,244,557
$
5,355,976
$
5,119,993
Goodwill
(480,440
)
(480,440
)
(480,440
)
Other intangible assets, net
(34,318
)
(37,207
)
(45,928
)
Preferred stock, no par value
(537,145
)
(537,145
)
(537,145
)
Tangible common equity
$
4,192,654
$
4,301,184
$
4,056,480
Total Synovus Financial Corp.
shareholders’ equity to total assets ratio
8.71
%
8.99
%
8.56
%
Tangible common equity ratio
7.02
7.28
6.84
Synovus
Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
Years Ended
(Dollars in thousands, except per share
data)
December 31,
2024
2023
% Change
Interest income
$
3,193,589
$
3,050,358
5
%
Interest expense
1,444,012
1,233,703
17
Net interest income
1,749,577
1,816,655
(4
)
Provision for (reversal of) credit
losses
136,685
189,079
(28
)
Net interest income after provision for
credit losses
1,612,892
1,627,576
(1
)
Non-interest revenue:
Service charges on deposit accounts
91,647
90,096
2
Fiduciary and asset management fees
79,828
78,077
2
Card fees
76,920
72,357
6
Brokerage revenue
84,881
90,004
(6
)
Mortgage banking income
14,060
15,157
(7
)
Capital markets income
44,058
39,045
13
Income from bank-owned life insurance
34,429
31,429
10
Investment securities gains (losses),
net
(256,660
)
(76,718
)
(235
)
Recovery of NPA
—
13,126
nm
Other non-interest revenue
70,441
51,437
37
Total non-interest revenue
239,604
404,010
(41
)
Non-interest expense:
Salaries and other personnel expense
737,467
728,378
1
Net occupancy, equipment, and software
expense
187,451
179,581
4
Third-party processing and other
services
85,751
86,649
(1
)
Professional fees
46,089
39,854
16
FDIC insurance and other regulatory
fees
45,921
94,737
(52
)
Restructuring charges (reversals)
2,121
17,707
(88
)
Loss on other loans held for sale
—
50,064
nm
Other operating expenses
142,743
138,454
3
Total non-interest expense
1,247,543
1,335,424
(7
)
Income before income taxes
604,953
696,162
(13
)
Income tax expense
125,502
154,021
(19
)
Net income
479,451
542,141
(12
)
Less: Net income (loss) attributable to
noncontrolling interest
(3,009
)
(1,564
)
(92
)
Net income attributable to Synovus
Financial Corp.
482,460
543,705
(11
)
Less: Preferred stock dividends
42,903
35,950
19
Net income available to common
shareholders
$
439,557
$
507,755
(13
)%
Net income per common share, basic
3.05
3.48
(12
)%
Net income per common share, diluted
3.03
3.46
(12
)
Cash dividends declared per common
share
1.52
1.52
—
Return on average assets
0.81
%
0.90
%
(9)bps
Return on average common equity
9.50
12.17
(267
)
Weighted average common shares
outstanding, basic
144,164
146,115
(1
)%
Weighted average common shares
outstanding, diluted
144,998
146,734
(1
)
nm - not meaningful
bps - basis points
Amounts may not total due to rounding
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share
data)
2024
2023
Fourth Quarter
Fourth Quarter
Third Quarter
Second Quarter
First Quarter
Fourth Quarter
'24 vs '23 %
Change
Interest income
$
799,130
810,507
801,242
782,710
788,297
1
%
Interest expense
344,137
369,767
366,244
363,864
351,083
(2
)
Net interest income
454,993
440,740
434,998
418,846
437,214
4
Provision for (reversal of) credit
losses
32,867
23,434
26,404
53,980
45,472
(28
)
Net interest income after provision for
credit losses
422,126
417,306
408,594
364,866
391,742
8
Non-interest revenue:
Service charges on deposit accounts
23,244
23,683
22,907
21,813
22,260
4
Fiduciary and asset management fees
21,373
19,714
19,728
19,013
18,149
18
Card fees
19,577
18,439
19,418
19,486
20,872
(6
)
Brokerage revenue
20,907
20,810
20,457
22,707
21,961
(5
)
Mortgage banking income
2,665
4,033
3,944
3,418
3,019
(12
)
Capital markets income
12,070
10,284
15,077
6,627
6,456
87
Income from bank-owned life insurance
10,543
8,442
8,097
7,347
10,324
2
Investment securities gains (losses),
net
—
—
(256,660
)
—
(77,748
)
nm
Other non-interest revenue
15,208
18,575
18,181
18,477
26,175
(42
)
Total non-interest revenue
125,587
123,980
(128,851
)
118,888
51,468
144
Non-interest expense:
Salaries and other personnel expense
184,725
184,814
179,407
188,521
176,712
5
Net occupancy, equipment, and software
expense
47,251
46,977
46,415
46,808
48,146
(2
)
Third-party processing and other
services
22,158
21,552
21,783
20,258
21,717
2
Professional fees
11,949
10,854
15,655
7,631
11,147
7
FDIC insurance and other regulatory
fees
8,227
7,382
6,493
23,819
61,470
(87
)
Restructuring charges (reversals)
37
1,219
(658
)
1,524
1,231
(97
)
Other operating expenses
34,964
40,892
32,706
34,180
32,435
8
Total non-interest expense
309,311
313,690
301,801
322,741
352,858
(12
)
Income (loss) before income taxes
238,402
227,596
(22,058
)
161,013
90,352
164
Income tax expense (benefit)
49,025
46,912
(7,378
)
36,943
20,779
136
Net income (loss)
189,377
180,684
(14,680
)
124,070
69,573
172
Less: Net income (loss) attributable to
noncontrolling
(1,049
)
(871
)
(652
)
(437
)
(768
)
(37
)
Net income (loss) attributable to Synovus
Financial Corp.
190,426
181,555
(14,028
)
124,507
70,341
171
Less: Preferred stock dividends
11,578
11,927
9,713
9,685
9,696
19
Net income (loss) available to common
shareholders
$
178,848
169,628
(23,741
)
114,822
60,645
195
Net income (loss) per common share,
basic
$
1.26
1.19
(0.16
)
0.78
0.41
207
%
Net income (loss) per common share,
diluted
1.25
1.18
(0.16
)
0.78
0.41
204
Cash dividends declared per common
share
0.38
0.38
0.38
0.38
0.38
—
Return on average assets *
1.25
%
1.21
(0.10
)
0.85
0.47
78 bps
Return on average common equity *
14.75
14.38
(2.14
)
10.17
5.88
nm
Weighted average common shares
outstanding, basic
141,555
143,144
145,565
146,430
146,372
(3
)%
Weighted average common shares
outstanding, diluted
142,694
143,979
145,565
147,122
146,877
(3
)
nm - not meaningful bps - basis points
* - ratios are annualized
Amounts may not total due to rounding
Synovus
BALANCE SHEET DATA
December 31, 2024
September 30, 2024
December 31, 2023
(Unaudited)
(In thousands, except share data)
ASSETS
Interest-earning deposits with banks and
other cash and cash equivalents
$
2,977,667
$
1,807,641
$
2,414,103
Federal funds sold and securities
purchased under resale agreements
16,320
45,971
37,323
Cash, cash equivalents, and restricted
cash
2,993,987
1,853,612
2,451,426
Investment securities held to maturity
2,581,469
2,622,457
—
Investment securities available for
sale
7,551,018
7,554,168
9,788,662
Loans held for sale ($33,448, $36,943 and
$47,338 measured at fair value, respectively)
90,111
121,470
52,768
Loans, net of deferred fees and costs
42,609,028
43,120,674
43,404,490
Allowance for loan losses
(486,845
)
(484,985
)
(479,385
)
Loans, net
42,122,183
42,635,689
42,925,105
Cash surrender value of bank-owned life
insurance
1,139,988
1,133,652
1,112,030
Premises, equipment, and software, net
383,724
380,267
365,851
Goodwill
480,440
480,440
480,440
Other intangible assets, net
34,318
37,207
45,928
Other assets
2,856,406
2,770,666
2,587,324
Total assets
$
60,233,644
$
59,589,628
$
59,809,534
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits
$
11,596,119
$
11,561,626
$
12,507,616
Interest-bearing deposits
39,499,240
38,632,114
38,231,569
Total deposits
51,095,359
50,193,740
50,739,185
Federal funds purchased and securities
sold under repurchase agreements
131,728
94,055
189,074
Other short-term borrowings
—
—
3,496
Long-term debt
1,733,109
2,021,050
1,932,534
Other liabilities
2,007,197
1,902,612
1,801,097
Total liabilities
54,967,393
54,211,457
54,665,386
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 172,185,507, 172,077,277, and
171,360,188 respectively; outstanding
141,165,908, 141,997,383, and 146,705,330
respectively
172,186
172,077
171,360
Additional paid-in capital
3,986,729
3,976,706
3,955,819
Treasury stock, at cost – 31,019,599,
30,079,894, and 24,654,858 shares, respectively
(1,216,827
)
(1,167,130
)
(944,484
)
Accumulated other comprehensive income
(loss), net
(970,765
)
(773,786
)
(1,117,073
)
Retained earnings
2,736,089
2,610,964
2,517,226
Total Synovus Financial Corp.
shareholders' equity
5,244,557
5,355,976
5,119,993
Noncontrolling interest in subsidiary
21,694
22,195
24,155
Total equity
5,266,251
5,378,171
5,144,148
Total liabilities and shareholders'
equity
$
60,233,644
$
59,589,628
$
59,809,534
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
2024
2023
(dollars in thousands)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets
Interest earning assets:
Commercial loans (1) (2)
$
34,708,207
$
2,339,075
6.74
%
$
35,188,678
$
2,263,117
6.43
%
Consumer loans (1)
8,336,996
436,188
5.23
8,557,650
426,266
4.98
Less: Allowance for loan losses
(484,142
)
—
—
(463,493
)
—
—
Loans, net
42,561,061
2,775,263
6.52
43,282,835
2,689,383
6.21
Total investment securities (3)
10,641,008
329,478
3.10
11,212,956
248,294
2.21
Trading account assets
11,839
659
5.56
15,486
886
5.72
Other earning assets (4)
1,593,100
80,711
4.99
1,414,586
71,349
4.98
FHLB and Federal Reserve Bank stock
178,603
9,284
5.20
254,420
14,975
5.89
Mortgage loans held for sale
33,125
2,293
6.92
46,035
2,993
6.50
Other loans held for sale
68,098
1,386
2.00
469,689
27,099
5.69
Total interest earning assets
55,086,834
$
3,199,074
5.81
%
56,696,007
$
3,054,979
5.39
%
Cash and due from banks
511,152
575,370
Premises and equipment
377,386
367,159
Other real estate
4,756
—
Cash surrender value of bank-owned life
insurance
1,125,363
1,099,641
Other assets (5)
2,302,826
1,183,691
Total assets
$
59,408,317
$
59,921,868
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
10,879,231
$
273,480
2.51
%
$
9,884,039
$
176,595
1.79
%
Money market accounts
13,069,507
408,087
3.12
13,511,442
356,562
2.64
Savings deposits
1,021,838
1,262
0.12
1,229,975
1,046
0.09
Time deposits
8,244,344
358,401
4.35
5,473,405
196,481
3.59
Brokered deposits
5,426,407
288,702
5.32
6,104,461
296,071
4.85
Federal funds purchased and securities
sold under repurchase agreements
109,088
1,909
1.72
97,114
1,667
1.69
Other short-term borrowings
45,489
2,514
5.44
528,194
24,611
4.60
Long-term debt
1,607,048
109,657
6.80
3,027,746
180,670
5.92
Total interest-bearing liabilities
40,402,952
$
1,444,012
3.57
%
39,856,376
$
1,233,703
3.10
%
Non-interest-bearing demand deposits
11,904,120
13,662,660
Other liabilities
1,911,827
1,671,489
Shareholders' equity
5,189,418
4,731,343
Total liabilities and shareholders'
equity
$
59,408,317
$
59,921,868
Net interest income, taxable equivalent
net interest margin (6)
$
1,755,062
3.19
%
$
1,821,276
3.21
%
Less: taxable-equivalent adjustment
5,485
4,621
Net interest income
$
1,749,577
$
1,816,655
(1)
Average loans are shown net of unearned
income. NPLs are included. Interest income includes fees as
follows: 2024 — $49.4 million and 2023 — $47.7 million.
(2)
Reflects taxable-equivalent adjustments,
using the statutory federal tax rate of 21%, in adjusting interest
on tax-exempt loans to a taxable-equivalent basis.
(3)
Securities are included on an amortized
cost basis with yield and net interest margin calculated
accordingly.
(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
$(724.8) million and $(1.62) billion for the years ended December
31, 2024 and 2023, respectively.
(6)
The net interest margin is calculated by
dividing net interest income-TE by average total interest earning
assets.
Synovus
AVERAGE BALANCES, INTEREST, AND
YIELDS/RATES
(Unaudited)
Fourth Quarter 2024
Third Quarter 2024
Fourth 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)
$
34,278,042
$
569,759
6.61
%
$
34,610,296
$
592,142
6.81
%
$
35,106,156
$
590,588
6.67
%
Consumer loans (1)
8,258,712
107,507
5.19
8,298,130
109,908
5.28
8,491,244
109,509
5.14
Less: Allowance for loan losses
(479,980
)
—
—
(482,863
)
—
—
(480,332
)
—
—
Loans, net
42,056,774
677,266
6.41
42,425,563
702,050
6.59
43,117,068
700,097
6.45
Total investment securities (3)
10,623,943
91,038
3.43
10,420,665
87,643
3.36
11,164,487
65,176
2.33
Trading account assets
12,551
185
5.91
14,392
246
6.84
13,067
215
6.59
Other earning assets (4)
2,458,591
28,936
4.60
1,408,415
18,803
5.24
1,463,176
19,689
5.26
FHLB and Federal Reserve Bank stock
166,125
2,211
5.32
170,977
2,113
4.94
187,015
3,536
7.56
Mortgage loans held for sale
30,483
520
6.83
34,890
612
7.01
39,024
696
7.14
Other loans held for sale
74,019
404
2.13
83,492
433
2.03
8,044
104
5.06
Total interest earning assets
55,422,486
$
800,560
5.75
%
54,558,394
$
811,900
5.92
%
55,991,881
$
789,513
5.59
%
Cash and due from banks
512,178
476,443
522,986
Premises and equipment
382,784
380,003
366,647
Other real estate
386
666
—
Cash surrender value of bank-owned life
insurance
1,135,952
1,128,877
1,108,766
Other assets (5)
2,720,830
2,639,241
1,173,785
Total assets
$
60,174,616
$
59,183,624
$
59,164,065
Liabilities and Shareholders'
Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$
11,298,352
$
67,470
2.38
%
$
10,834,829
$
71,786
2.64
%
$
10,422,286
$
58,588
2.23
%
Money market accounts
13,768,434
101,063
2.92
13,058,527
104,514
3.18
13,053,781
103,211
3.14
Savings deposits
986,522
316
0.13
1,007,962
355
0.14
1,098,914
275
0.10
Time deposits
8,251,686
85,426
4.12
8,437,861
93,052
4.39
7,198,229
75,462
4.16
Brokered deposits
5,012,655
61,924
4.91
5,476,231
75,607
5.49
6,069,055
81,444
5.32
Federal funds purchased and securities
sold under repurchase agreements
113,681
322
1.11
94,629
369
1.53
93,854
350
1.46
Other short-term borrowings
—
—
—
2,209
29
5.20
2,672
51
7.50
Long-term debt
1,613,246
27,616
6.84
1,385,836
24,055
6.93
1,922,661
31,702
6.55
Total interest-bearing liabilities
41,044,576
$
344,137
3.34
%
40,298,084
$
369,767
3.65
%
39,861,452
$
351,083
3.49
%
Non-interest-bearing demand deposits
11,783,834
11,665,661
12,744,275
Other liabilities
1,963,298
1,967,351
1,906,686
Shareholders' equity
5,382,908
5,252,528
4,651,652
Total liabilities and shareholders'
equity
$
60,174,616
$
59,183,624
$
59,164,065
Net interest income, taxable equivalent
net interest margin (6)
$
456,423
3.28
%
$
442,133
3.22
%
$
438,430
3.11
%
Less: taxable-equivalent adjustment
1,430
1,393
1,216
Net interest income
$
454,993
$
440,740
$
437,214
(1)
Average loans are shown net of deferred
fees and costs. NPLs are included. Interest income includes fees as
follows: Fourth Quarter 2024 — $13.7 million, Third Quarter 2024 —
$12.7 million, and Fourth Quarter 2023 —$13.1 million.
(2)
Reflects taxable-equivalent adjustments,
using the statutory federal tax rate of 21%, in adjusting interest
on tax-exempt loans to a taxable-equivalent basis.
(3)
Securities are included on an amortized
cost basis with yield and net interest margin calculated
accordingly.
(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
$(391.6) million, $(424.6) million, and $(1.89) billion for the
Fourth Quarter 2024, Third Quarter 2024, and Fourth Quarter 2023,
respectively.
(6)
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)
(Dollars in thousands)
Total Loans
Total Loans
Linked Quarter
Total Loans
Year/Year
Loan Type
December 31, 2024
September 30, 2024
% Change
December 31, 2023
% Change
Commercial, Financial, and
Agricultural
$
14,498,992
$
14,563,913
—
%
$
14,459,345
—
%
Owner-Occupied
7,832,137
8,100,084
(3
)
8,139,148
(4
)
Total Commercial &
Industrial
22,331,129
22,663,997
(1
)
22,598,493
(1
)
Multi-Family
4,185,545
4,379,459
(4
)
4,098,188
2
Hotels
1,769,384
1,738,068
2
1,803,102
(2
)
Office Buildings
1,743,329
1,778,698
(2
)
1,891,587
(8
)
Shopping Centers
1,273,439
1,260,460
1
1,319,049
(3
)
Warehouses
846,025
837,145
1
854,475
(1
)
Other Investment Property
1,363,482
1,352,719
1
1,396,903
(2
)
Total Investment Properties
11,181,204
11,346,549
(1
)
11,363,304
(2
)
1-4 Family Construction
212,226
190,705
11
194,481
9
1-4 Family Investment Mortgage
333,692
337,425
(1
)
404,021
(17
)
Total 1-4 Family Properties
545,918
528,130
3
598,502
(9
)
Commercial Development
55,467
48,948
13
73,022
(24
)
Residential Development
77,581
67,525
15
79,961
(3
)
Land Acquisition
154,449
186,332
(17
)
201,969
(24
)
Land and Development
287,497
302,805
(5
)
354,952
(19
)
Total Commercial Real Estate
12,014,619
12,177,484
(1
)
12,316,758
(2
)
Consumer Mortgages
5,288,776
5,323,443
(1
)
5,411,723
(2
)
Home Equity Lines
1,831,287
1,809,286
1
1,807,399
1
Credit Cards
185,871
181,386
2
194,141
(4
)
Other Consumer Loans
957,346
965,078
(1
)
1,075,976
(11
)
Total Consumer
8,263,280
8,279,193
—
8,489,239
(3
)
Total
$
42,609,028
$
43,120,674
(1
)%
$
43,404,490
(2
)%
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, 2024
September 30, 2024
% Change
December 31, 2023
% Change
Commercial, Financial, and
Agricultural
$
122,874
$
107,004
15
%
$
89,870
37
%
Owner-Occupied
34,380
48,390
(29
)
91,370
(62
)
Total Commercial &
Industrial
157,254
155,394
1
181,240
(13
)
Multi-Family
112
1,692
(93
)
1,681
(93
)
Office Buildings
72,430
78,281
(7
)
35,338
105
Shopping Centers
515
523
(2
)
641
(20
)
Warehouses
153
163
(6
)
196
(22
)
Other Investment Property
820
1,612
(49
)
1,914
(57
)
Total Investment Properties
74,030
82,271
(10
)
39,770
86
1-4 Family Construction
—
311
(100
)
—
nm
1-4 Family Investment Mortgage
2,385
2,533
(6
)
3,056
(22
)
Total 1-4 Family Properties
2,385
2,844
(16
)
3,056
(22
)
Residential Development
—
268
(100
)
267
(100
)
Land Acquisition
1,389
1,422
(2
)
537
159
Land and Development
1,389
1,690
(18
)
804
73
Total Commercial Real Estate
77,804
86,805
(10
)
43,630
78
Consumer Mortgages
50,834
48,956
4
46,108
10
Home Equity Lines
17,365
15,837
10
10,473
66
Other Consumer Loans
5,907
5,972
(1
)
6,726
(12
)
Total Consumer
74,106
70,765
5
63,307
17
Total
$
309,164
$
312,964
(1
)%
$
288,177
7
%
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2024
2023
Fourth Quarter
Fourth
Third
Second
First
Fourth
'24 vs '23
Quarter
Quarter
Quarter
Quarter
Quarter
% Change
Non-performing Loans (NPL)
$
309,164
312,964
256,106
350,450
288,177
7
%
Other Real Estate and Other Assets
385
386
823
21,210
—
NM
Non-performing Assets (NPAs)
309,549
313,350
256,929
371,660
288,177
7
Allowance for Loan Losses (ALL)
486,845
484,985
485,101
492,661
479,385
2
Reserve for Unfunded Commitments
52,462
49,556
53,058
53,579
57,231
(8
)
Allowance for Credit Losses (ACL)
539,307
534,541
538,159
546,240
536,616
1
Net Charge-Offs - Quarter
28,101
27,052
34,485
44,356
41,574
Net Charge-Offs - YTD
133,994
105,893
78,841
44,356
153,342
Net Charge-Offs / Average Loans - Quarter
(1)
0.26
%
0.25
0.32
0.41
0.38
Net Charge-Offs / Average Loans - YTD
(1)
0.31
0.33
0.36
0.41
0.35
NPLs / Loans
0.73
0.73
0.59
0.81
0.66
NPAs / Loans, ORE and specific other
assets
0.73
0.73
0.60
0.86
0.66
ACL/Loans
1.27
1.24
1.25
1.26
1.24
ALL/Loans
1.14
1.12
1.13
1.14
1.10
ACL/NPLs
174.44
170.80
210.13
155.87
186.21
ALL/NPLs
157.47
154.96
189.41
140.58
166.35
Past Due Loans over 90 days and Still
Accruing
$
48,592
4,359
4,460
3,748
5,053
NM
As a Percentage of Loans Outstanding
0.11
%
0.01
0.01
0.01
0.01
Total Past Due Loans and Still
Accruing
$
108,878
97,229
129,759
54,814
59,099
84
As a Percentage of Loans Outstanding
0.26
%
0.23
0.30
0.13
0.14
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION
(1)
(Unaudited)
(Dollars in thousands)
December 31,
2024
September 30,
2024
December 31,
2023
Common Equity Tier 1 Capital Ratio
10.84
%
10.64
10.22
Tier 1 Capital Ratio
11.96
11.76
11.28
Total Risk-Based Capital Ratio
13.80
13.60
13.07
Tier 1 Leverage Ratio
9.55
9.55
9.49
Total Synovus Financial Corp.
shareholders’ equity as a Percentage of Total Assets
8.71
8.99
8.56
Tangible Common Equity Ratio(2)
7.02
7.28
6.84
Book Value Per Common Share(3)
$
33.35
33.94
31.24
Tangible Book Value Per Common
Share(4)
29.70
30.29
27.65
(1)
Current quarter regulatory capital
information is preliminary.
(2)
See "Non-GAAP Financial Measures" for
applicable reconciliation.
(3)
Book Value Per Common Share consists of
Total Synovus Financial Corp. shareholders' equity less Preferred
Stock divided by total common shares outstanding.
(4)
Tangible Book Value Per Common Share
consists of Total Synovus Financial Corp. shareholders' equity less
Preferred Stock and less the carrying value of goodwill and other
intangible assets divided by total common shares outstanding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250115917083/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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