Synovus Financial (SNV)2025-04-16 20:40Financial Performance - Diluted earnings per share for Q1 2025 was $1.30, a 67% increase year-over-year from $0.78 in Q1 2024[2][4] - Net income available to common shareholders was $183.7 million, compared to $114.8 million in Q1 2024, reflecting strong financial performance[4][5] - Net income attributable to Synovus Financial Corp. rose by 57% to $195,014 in Q1 2025, up from $124,507 in Q1 2024[10] - Adjusted net income for Q1 2025 was $195,561,000, up from $188,860,000 in Q4 2024 and $125,221,000 in Q1 2024, representing a year-over-year increase of 56.0%[27] Revenue and Income - Pre-provision net revenue was $262.8 million, up 22% from $216.3 million in Q1 2024, driven by increased net interest income[4][7] - Non-interest revenue was $116.5 million, down 2% from Q1 2024, primarily due to lower capital markets income[7] - Adjusted revenue for Q1 2025 was $573,243,000, compared to $581,054,000 in Q4 2024 and $536,745,000 in Q1 2024, reflecting a year-over-year increase of 6.8%[26] - Total revenue for Q1 2025 was $570,850,000, compared to $580,580,000 in Q4 2024 and $537,734,000 in Q1 2024, showing a year-over-year increase of 6.1%[26] Net Interest Income - Net interest income increased by $35.5 million, or 8%, year-over-year, with a net interest margin of 3.35%[4][5] - Net interest income for Q1 2025 was $454,384, an increase of 8% year-over-year from $418,846 in Q1 2024[10] - Net interest income for Q1 2025 was $454,384,000, slightly down from $454,993,000 in Q4 2024 but up from $418,846,000 in Q1 2024, indicating a year-over-year growth of 8.5%[26] Credit Quality - Provision for credit losses decreased by 80% year-over-year to $10.9 million, indicating improved credit quality[7] - Provision for credit losses significantly decreased by 80% to $10,921 in Q1 2025 from $53,980 in Q1 2024[10] - Non-performing loans (NPLs) decreased by 18% year-over-year to $286,629 from $350,450[21] - The allowance for loan losses (ALL) was $478,207, a 3% decrease from $492,661 year-over-year[21] Expenses and Efficiency - Total non-interest expense decreased by 5% to $308,034 in Q1 2025 from $322,741 in Q1 2024[10] - The efficiency ratio improved to 53.81%, down from 59.87% in Q1 2024, demonstrating better expense management[5][7] - Total non-interest expense for Q1 2025 was $308,034, down from $322,741 in Q1 2024, indicating improved cost management[25] Assets and Liabilities - Total assets increased to $60.34 billion as of March 31, 2025, compared to $60.23 billion at the end of 2024, reflecting a growth of 0.18%[16] - Total loans at the end of Q1 2025 were $42.65 billion, a decrease of 2% from $43.31 billion in Q1 2024[5][8] - Total deposits were $50.84 billion, reflecting a slight increase of 1% year-over-year[5][9] - Interest-bearing liabilities totaled $41.04 billion, with a net interest margin of 3.35% for the first quarter of 2025[17] Capital Ratios - The Common Equity Tier 1 ratio was 10.75%, indicating a strong capital position[7] - The common equity tier 1 capital ratio stood at 10.75%, slightly down from 10.84% in the previous quarter[22] - The total risk-based capital ratio was 13.65%, down from 13.81% in the previous quarter[22] Returns - Return on average assets improved to 1.32% in Q1 2025, up from 0.85% in Q1 2024[15] - Return on average common equity increased to 15.48% in Q1 2025, compared to 10.17% in Q1 2024[15] - Adjusted return on average common equity (annualized) for Q1 2025 was 15.54%, compared to 14.71% in Q4 2024 and 10.27% in Q1 2024[28] Branch and Asset Information - Synovus operates 244 branches across five states as of March 31, 2025[12] - The company has approximately $60 billion in assets as of the latest reporting date[12]