Financial Data and Key Metrics - Adjusted expenses for Q2 2024 were $306 million, excluding the FDIC reversal, and are expected to increase to around $310 million in Q3 2024, driven by higher personnel costs and infrastructure project spending [1] - The company expects a 1% increase in expenses from Q2 to Q3 2024, with similar levels holding in Q4 2024 [1] - For full-year 2024, expenses are expected to increase by 2% (midpoint of guidance), driven by merit increases, consolidation of Qualpay, and credit-related expenses [11] - The company's CET1 ratio is slightly above the target range of 10% to 10.5%, and management intends to manage capital at the higher end of this range due to economic uncertainty [12][132] Business Line Data and Key Metrics - Capital markets fee revenue surged 128% in Q2 2024 and is expected to remain elevated in the second half of the year, though there may be some quarter-to-quarter variability [7][18] - Loan production increased by 37% quarter-on-quarter in Q2 2024, reaching $1.3 billion, with pipelines up 8% quarter-on-quarter [62] - Senior housing loans declined by $196 million in Q2 2024, while national accounts and third-party consumer loans decreased by $223 million [101] - The company expects stable to higher total loans in the second half of 2024, driven by growth in key commercial segments [102] Market Data and Key Metrics - The southeastern U.S. economy is outperforming the broader U.S. economy, providing a favorable environment for the company's operations [34] - Deposit costs remained stable in Q2 2024, with a cycle-to-date total deposit cost beta of approximately 49% [104] - Non-interest-bearing deposit balances declined by $387 million in Q2 2024, but the pace of decline is slowing [103] Company Strategy and Industry Competition - The company is focusing on optimizing its balance sheet, reducing non-relationship lending, and prioritizing core client growth [101][122] - Investments in fraud detection, fraud prevention, and pricing analytics are ongoing, with some inflationary impacts expected [1] - The company is well-positioned for growth in its commercial and wealth management lines of business, with a strong value proposition for clients [80] Management Commentary on Operating Environment and Future Outlook - Management expects expenses to normalize in 2025, following efficiency efforts in 2023 that reduced costs and improved efficiency [3] - The company is optimistic about its ability to drive meaningful and sustainable growth, supported by a strong capital position and favorable economic conditions in its footprint [34][178] - Management anticipates net interest margin expansion in the second half of 2024, driven by fixed-rate asset repricing and the full impact of securities repositioning [127] Other Important Information - The company completed $91 million in share repurchases in Q2 2024 and plans to continue opportunistic buybacks to manage capital levels [92][130] - The allowance for credit losses (ACL) remained stable at $538 million, or 1.25% of loans, in Q2 2024 [128] - Net charge-offs declined to 32 basis points in Q2 2024, and management expects charge-offs to be flat to down in the second half of the year [129] Q&A Session Summary Question: Expense Drivers for 2025 - Management expects expenses to normalize in 2025, with 2024 benefiting from efficiency efforts in 2023 [3] Question: Capital Markets Fee Revenue Outlook - Capital markets fee revenue is expected to remain elevated in the second half of 2024, though there may be some quarter-to-quarter variability [7][18] Question: CET1 Ratio Management - The company intends to manage its CET1 ratio at the higher end of the 10% to 10.5% range due to economic uncertainty [12][132] Question: Loan Growth and Payoff Activity - Loan production increased significantly in Q2 2024, but payoffs and paydowns, particularly in senior housing and national accounts, offset this growth [62] Question: Deposit Trends - Non-interest-bearing deposit balances declined in Q2 2024, but the pace of decline is slowing, and deposit costs remain stable [103][104] Question: Credit Quality and Charge-Offs - Net charge-offs declined in Q2 2024, and management expects charge-offs to be flat to down in the second half of the year [129] Question: Fee Income Growth - Fee income growth is expected to be in the mid-single-digit range for 2024, with potential upside from capital markets and loan growth [147][150]

$43,310 $(195) $21 $(43) 1Q24 C&I CRE Consumer 2Q24 Loan Loss Provision and Net Charge-Offs ($ in millions) $39 $73 $45 $54 $26 $26 $67 $42 $44$34 2Q23 3Q23 4Q23 1Q24 2Q24 Provision for Credit Losses Net Charge-Offs Loan Sale Charge-Offs NCO Ratio: Amounts may not total due to rounding • Continue to expect flat to down NCOs/average loans in 2H24 versus 0.36% in 1H24 Allowance for Credit Losses $527 $533 $537 $546 $538 1.19% 1.22% 1.24% 2Q23 3Q23 4Q23 1Q24 2Q24 ($ in millions) Allowance for Credit Losses ACL ...

Provision for credit losses was $26.4 million, which decreased 32.1% year over year. Results benefited from a fall in expenses and provisions for credit losses, along with strong capital ratios. However, a decline in net interest income (NII) and lower loan and deposit balances were major headwinds. Total revenues in the second quarter were $306.1 million, plunging 46.1% from the prior-year quarter. Also, the top line missed the Zacks Consensus Estimate of $496.6 million. Non-interest revenues were a negati ...

Synovus Financial (SNV) reported $306.15 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 46.1%. EPS of $1.16 for the same period compares to $1.16 a year ago. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Here is how Synovus performed in the just reported quarter in terms o ...

Synovus Financial (SNV) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $0.96 per share. This compares to earnings of $1.16 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates just once. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on ...

| --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------|-------|------------------------|----------------------|-------------------------------------|-----------------------------------| | (Dollars in thousands, except per share data) \nInterest income | $ | 2024 1,583,952 | Six Months \n $ | Ended June 30, \n2023 1,476,022 | '24 vs '23 \n% Change 7 % | | Interest expense Net interest income Provisio ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. While many investors like to look for momen ...

Analysts on Wall Street project that Synovus Financial (SNV) will announce quarterly earnings of $0.96 per share in its forthcoming report, representing a decline of 17.2% year over year. Revenues are projected to reach $496.57 million, declining 12.6% from the same quarter last year. Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical res ...

The earnings report, which is expected to be released on July 17, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. This holding company for Synovus Bank is expected to post quarterly earnings of $0.96 per share in its upcoming report, which represents a year-over-year change of -17.2%. Estimate Revisions Trend The market expects Synovus Financial (SNV) to deliver a year-over-year decline in earnings on lower ...

The company benefits from high interest rates. Its net interest income (NII) has seen a steady uptrend in the past few years. Management expects NII to improve in the second half of 2024, backed by fixed-rate investment securities portfolio repositioning, high asset yields and a decline in funding costs. Decent loan demand will also offer support to NII, thus driving top-line growth. As of Mar 31, 2024, SNV's total debt was $2.03 billion while cash and cash equivalents were $2.42 billion. Thus, given the co ...