Synovus Financial (SNV) - 2024 Q4 - Annual Results

Financial Performance - Interest income for 2024 increased to $3,193,589 thousand, a 5$3,050,358 thousand in 2023[2] - Net interest income after provision for credit losses decreased by 1% to $1,612,892 thousand from$1,627,576 thousand[2] - Total non-interest revenue dropped significantly by 41% to $239,604 thousand compared to$404,010 thousand in 2023[2] - Net income attributable to Synovus Financial Corp. decreased by 11% to $482,460 thousand from$543,705 thousand[2] - Net income available to common shareholders fell by 13% to $439,557 thousand from$507,755 thousand[2] - Net income per common share, basic, decreased by 12% to $3.05 from$3.48[2] - Return on average assets declined to 0.81%, down 9 basis points from 0.90%[2] - Return on average common equity decreased to 9.50%, down 267 basis points from 12.17%[2] - Non-interest expense reduced by 7% to $1,247,543 thousand from$1,335,424 thousand[2] Asset and Liability Management - Total assets increased to $60,233,644 thousand as of December 31, 2024, up from$59,589,628 thousand in the previous quarter[4] - Net loans decreased slightly to $42,122,183 thousand from$42,635,689 thousand quarter-over-quarter[4] - Total deposits rose to $51,095,359 thousand, compared to$50,193,740 thousand in the prior quarter, reflecting a growth of 1.8%[4] - Total shareholders' equity decreased to $5,266,251 thousand from$5,378,171 thousand quarter-over-quarter[4] - Average interest-earning assets decreased to $55,086,834 thousand in 2024 from$56,696,007 thousand in 2023[5] - Total interest-bearing liabilities were $41,044,576 thousand, with a total interest expense of$344,137 thousand, resulting in an average rate of 3.34%[1] Interest Income and Yield - Net interest income for 2024 was $1,749,577 thousand, compared to$1,816,655 thousand in 2023, indicating a decrease of 3.7%[5] - The yield on commercial loans increased to 6.74% in 2024 from 6.43% in 2023, while consumer loans rose to 5.23% from 4.98%[5] - The net interest margin for 2024 was 3.19%, slightly down from 3.21% in 2023[5] - Total interest earning assets for Q4 2024 were $55,422,486 thousand, with net interest income of$454,993 thousand, resulting in a net interest margin of 3.28%[6] - Commercial loans averaged $34,278,042 thousand in Q4 2024, generating interest income of$569,759 thousand at a yield of 6.61%[1] - Total investment securities were $10,623,943 thousand in Q4 2024, with an interest income of$91,038 thousand and a yield of 3.43%[1] - Interest-bearing demand deposits increased to $11,298,352 thousand in Q4 2024, with an interest expense of$67,470 thousand at a rate of 2.38%[1] Loan Performance and Credit Quality - The allowance for loan losses was $486,845 thousand, slightly up from$484,985 thousand in the previous quarter[4] - Non-performing loans (NPL) totaled $309,164 thousand, a 7$288,177 thousand[12] - The allowance for loan losses (ALL) increased to $486,845 thousand, up 2$479,385 thousand year-over-year[12] - Total non-performing assets (NPAs) reached $309,549 thousand, reflecting a 7$288,177 thousand year-over-year[12] - The net charge-offs for the quarter were $28,101 thousand, with a year-to-date total of$133,994 thousand[12] - The total commercial real estate non-performing loans decreased by 10% quarter-over-quarter to $77,804 thousand[12] - The total consumer non-performing loans increased by 5$74,106 thousand[12] - Past due loans over 90 days and still accruing increased significantly to $48,592 thousand, compared to$5,053 thousand in the previous year[12] Capital Ratios and Shareholder Value - The common equity tier 1 capital ratio improved to 10.84%, compared to 10.22% a year ago[13] - The Tier 1 capital ratio rose to 11.96%, up from 11.28% year-over-year[13] - The book value per common share increased to $33.35, compared to$31.24 a year ago[13] - Cash dividends declared per common share remained stable at $1.52[2] - The net unrealized losses on investment securities available for sale were$(391.6) million in Q4 2024, an improvement from $(424.6) million in Q3 2024[8]