Strategic Pillars - Synovus is focusing on four strategic pillars: adopting high-tech meets high-touch, simplifying and streamlining processes, repositioning for advantage, and enhancing talent and culture[28, 29, 30, 33, 34] - Synovus aims to close an additional 15% of its branch network by the end of 2022, estimating run rate savings of $12 million from these closures[65] - Synovus launched a Structured Lending Division in 2019, adding $1 billion in loans and approximately $20 million in pre-provision net revenue (PPNR) within 2 years[53] Financial Performance & Metrics - Synovus' 3Q21 Year-to-Date (YTD) total loan growth, excluding PPP loans, was 42%, compared to a peer average of -05%[145] - Synovus' 3Q21 Year-to-Date (YTD) C&I loan growth, excluding PPP loans, was 48%, compared to a peer average of 16%[145] - Synovus' efficiency ratio (taxable-equivalent % of total assets) in 3Q21 was 552%, compared to a peer median of 577%[147] - Synovus' Risk Adjusted Net Interest Margin (NIM) in 3Q21 was 279%, while peers averaged 254%[149] - Synovus' Non-Interest Revenue (NIR) for 3Q21 Year-to-Date (YTD) was $333 million, with an adjusted NIR of $332 million[149] Investments & Initiatives - Synovus estimates expenses of $4-6 million for Corporate & Investment Banking (CIB) in 2022[59] - Synovus estimates expenses of $3-4 million for refining user experience in 2022[72] - Synovus estimates expenses of $4-6 million for client journeys in commercial credit reimagined in 2022[95] - Synovus estimates expenses of $3-4 million for SMART Next Best Action and SMART Retention in 2022[121] - Synovus estimates expenses of $10+ million for Banking-as-a-service in 2022[127]

Financial Performance Highlights - Diluted EPS increased by 259% year-over-year, reaching $043 in 4Q16[9] - Adjusted diluted EPS increased by 222% compared to 4Q15[14] - Total revenues increased by 82% year-over-year, reaching $3017 million in 4Q16[9] - Adjusted efficiency ratio improved by 181 basis points year-over-year to 6032% in 4Q16[9] Balance Sheet Growth - Total average loans grew by 73% year-over-year, reaching $2324 billion in 4Q16[12] - Total average deposits grew by 61% year-over-year in 4Q16[12] - Sequential quarter loan growth was $5935 million, representing a 101% increase[17] Credit Quality and Capital Management - NPL ratio improved by 11 basis points year-over-year in 4Q16[12] - Return on Average Tangible Common Equity (ROATCE) increased by 188 basis points year-over-year in 4Q16[12] - Completed a $300 million share repurchase program[14]

Financial Performance - Diluted EPS was $023 in 4Q17, compared to $078 in 3Q17 and $054 in 4Q16[20] - Adjusted diluted EPS was $072, up 107% vs 3Q17 and 324% vs 4Q16[20] - Return on Average Assets (ROA) was 037%, down 90 b p s vs 3Q17 and 53 b p s vs 4Q16[20] - Adjusted ROA was 112%, up 7 b p s vs 3Q17 and 21 b p s vs 4Q16[20] - Adjusted Return on Average Common Equity (ROE) of 1196% increased 246 b p s vs 4Q16[20] Balance Sheet Growth - Total average loans grew by $1117 million or 18% vs 3Q17 and $8887 million or 37% vs 4Q16[20] - Total average deposits grew by $9990 million or 157% vs 3Q17 and $162 billion or 66% vs 4Q16[20] - 4Q17 total average deposits of $2629 billion increased $9991 million or 157% vs 3Q17[32] Credit Quality and Capital Management - Non-Performing Assets (NPA) ratio of 053% improved 21 b p s from 4Q16[20] - Completed $392 million in common share repurchases during the quarter and $1751 million for the year[54] - The Board of Directors approved a 67% increase in the quarterly common stock dividend to $025 per share, effective with the quarterly dividend payable in April 2018[57, 74]

Company Overview - Synovus has a 135-year history of commercial and retail banking in the Southeast U S [6] - The company has $59 billion in assets, $44 billion in loans, and $50 billion in deposits [6] - Synovus completed the transition to a singularly branded Synovus name and platform in 2018 [6] Growth and Market Position - Growth markets account for 55% of loans outstanding and 42% of core deposits [16] - The company is expanding its presence in growing Southeast markets [17] - Since 2019, the company has increased RM count in Corporate & Investment Banking by 24% [45] Financial Performance and Strategy - The company is focused on long-term shareholder value creation [19] - Recent strategies are PPNR accretive and supportive to growth [27] - Wholesale Funding/Assets decreased by 14% from 2Q23 to 3Q23 [28] - Office CRE Loans/Total Loans decreased by 36% from 2Q23 to 3Q23 [28] - The company anticipates relatively flat adjusted expenses in 2024, with a 2022 baseline of $116 billion and a 2023 estimate of $122 billion [38]

Financial Performance & Strategy - Synovus is focused on long-term shareholder value creation[9] - Synovus completed the transition from multiple legacy banking platforms to a singularly branded Synovus name and platform[6] - Synovus launched Synovus Forward to further optimize revenue and reduce expenses[6] - Synovus is implementing a 4-pillar execution strategy[6] Loan Portfolio & Credit Quality - Synovus has a highly diverse loan mix as of 9/30/23, with Middle Market and Commercial loans comprising 29% of the portfolio[33, 34] - The company's total C&I portfolio was $228 billion as of 3Q23[62] - The CRE portfolio totaled $124 billion in 3Q23[70] - The consumer loan portfolio totaled $85 billion in 3Q23[80] 2024 Outlook & Guidance - Synovus anticipates NIM expansion of approximately +20 bps from 4Q23 to 4Q24[38] - The company expects adjusted non-interest expense to be relatively flat in 2024, excluding the impact of the 4Q23 FDIC special assessment[38, 41] - Synovus projects core deposit growth of 2%-6% for 2024[40]

Financial Performance & Growth - Middle market banker team grew by 7% YTD[18] - Middle Market, CIB and Specialty Lines generated 8% annualized loan growth[18] - Treasury and Payments Solutions revenue increased by 9% YTD[18] - CET1 Ratio increased by 38 bps to 1060% from 12/31/2023[18] Loan & Deposit Portfolio - Wholesale Bank core deposits increased by $257 million in "Go for the Gold" campaign[18] - Variable loans represent approximately 62% (~$26 billion) of the total loan portfolio as of June 30, 2024[21] - Non-Interest Bearing Deposits account for 23% of the total deposit portfolio as of June 30, 2024[21] Credit Quality & Risk Management - Net charge-offs/average loans contained at 036% YTD (annualized)[18] - Allowance for Credit Losses (ACL) increased modestly to 125% of loans from YE 2023[18] - Office Loans account for 42% of Total Loans[40] Guidance - Adjusted revenue is expected to be $555 - $560 million in 3Q24[49] - Adjusted non-interest revenue is projected to be $115 – $120 million in 3Q24[49] - Adjusted non-interest expense is guided to be $305 - $310 million in 3Q24[49]

Synovus' Transformation and Growth - Synovus has undergone a multi-year transformation, enhancing its ability to succeed [6] - The company is capitalizing on growth tailwinds with stronger loan growth, balanced core deposit growth, and continued healthy non-interest revenue growth [11, 21] - Synovus is focused on long-term shareholder value creation [14] Financial Performance and Guidance - The Common Equity Tier 1 Ratio decreased by 440 bps from 3Q22 [13] - Allowance For Credit Losses increased by 112 bps from 3Q22 [13] - Wholesale Funding/Assets increased by 11 bps from 3Q22 [13] - The company projects 3%-6% loan growth and 3%-6% core deposit growth for 2025 [35] - Synovus anticipates 3%-7% adjusted revenue growth and 3%-7% adjusted non-interest expense growth in 2025 [35] Strategic Initiatives - Synovus is targeting a 20-30% expansion of relationship managers over the next 3 years [26] - Strategic growth segments include Middle Market, Specialty Lending, and CIB [22]

Key Takeaways Synovus is expanding commercial and middle-market banking across South Carolina with seasoned hires. SNV plans a 20-30% hiring boost from 2025-2027 to grow loans, core deposits, and fee income. SNV is enhancing client relationships with talent focused on personalized, community-based banking.Synovus Financial (SNV) is reinforcing its presence in South Carolina by expanding its commercial and middle-market banking operations. The company is prioritizing relationship-driven banking, bringing i ...

Synovus Financial (SNV) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Individ ...

Investors might want to bet on Synovus Financial (SNV) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.The upward trend in estimate revisions for this holding company for Synovus Bank reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong ...