Diluted earnings (loss) per share of $1.48 versus $(0.16) in 2Q24
Adjusted diluted earnings per share of $1.48 versus $1.16 in 2Q24
COLUMBUS, Ga.–(BUSINESS WIRE)–Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2025.
“Synovus delivered impressive 28% year-over-year growth in adjusted earnings per share in the second quarter — an achievement driven by exceptional financial discipline, strategic execution and a steadfast commitment to operational excellence. Funded loan production surged 60% year over year, driving 8% annualized loan growth. Moreover, this quarter’s positive operating leverage further strengthened our top-quartile efficiency ratio and profitability. Credit quality improved across all categories, and our Common Equity Tier 1 capital ratio reached the highest level in our company’s history. Despite the continuing economic and global uncertainty, our performance reflects the strength of our strategy, resilience of our team and the trust of our clients. With this strong performance and conviction in our strategy, we’ve confidently raised our full-year 2025 earnings guidance,” said Synovus Chairman, CEO and President Kevin Blair.
Second Quarter 2025 Highlights
- Net income available to common shareholders was $206.3 million, or $1.48 per diluted share, compared to $183.7 million, or $1.30, in first quarter 2025 and $(23.7) million, or $(0.16), in second quarter 2024.
- Adjusted net income available to common shareholders was $206.4 million, or $1.48 per diluted share, compared to $184.4 million, or $1.30, in first quarter 2025 and $169.6 million, or $1.16, in second quarter 2024. Adjusted second quarter 2024 earnings per share excludes a $257 million loss on the sale of securities from a bond portfolio repositioning.
- Pre-provision net revenue was $278.0 million, which increased 6% from first quarter 2025 but was up sharply from second quarter 2024 as a result of the $257 million securities loss in the year ago period. Adjusted pre-provision net revenue of $279.7 million increased 5% on a linked quarter basis and rose 7% year over year.
- Net interest income grew 1% from the first quarter and $24.6 million, or 6%, compared to second quarter 2024. On a linked quarter basis, the net interest margin expanded by 2 basis points to 3.37% as a result of a decline in deposit costs, fixed-rate asset repricing, hedge maturities, lower cash balances and a stable Fed Funds environment.
- Period-end loans increased $888.0 million, or 2%, from first quarter 2025 fueled by specialty lending, corporate and investment banking lending and commercial banking.
- Period-end core deposits (excluding brokered deposits) were $45.2 billion, a decline of $788.4 million sequentially, which included a $405 million drop in public funds quarter over quarter. Time deposits and interest-bearing demand deposits declined, partially offset by an increase in non-interest bearing deposits. Brokered deposits declined $129.6 million from the prior quarter. Average deposit costs fell 4 basis points sequentially to 2.22%.
- Non-interest revenue of $134.1 million increased $17.7 million, or 15%, sequentially and was up sharply compared to second quarter 2024. Adjusted non-interest revenue of $130.9 million increased $13.6 million, or 12%, sequentially and increased $3.6 million, or 3%, from second quarter 2024. The sequential increase in adjusted non-interest revenue was primarily attributable to higher core banking fees, wealth management income, capital markets income, commercial sponsorship fees and a bank-owned life insurance gain. Year-over-year growth was impacted by lower capital markets income, which was more than offset by growth in core banking fees and wealth management income.
- Non-interest expense and adjusted non-interest expense were $315.7 million and $312.4 million, respectively. Adjusted non-interest expense increased 1% from first quarter 2025 and 3% from a year ago, primarily due to higher employment expense. Excluding the FDIC special assessment reversals in second quarter 2024 and second quarter 2025, adjusted non-interest expense rose 2% year over year.
- The non-performing loan and asset ratios improved to 0.59% compared to 0.67% in first quarter 2025, while the net charge-off ratio for second quarter 2025 was 0.17%, down from 0.20% in the prior quarter. Total past due loans were 0.24% of total loans outstanding.
- Provision for credit losses of $3.2 million declined 70% sequentially and fell 88% compared to $26.4 million in second quarter 2024. The allowance for credit losses ratio (to loans) of 1.18% was down from 1.24% in the prior quarter, while our reserve coverage of non-performing loans improved to 200% in second quarter 2025 from 185% in the prior quarter.
- The preliminary Common Equity Tier 1 ratio ended first quarter 2025 at 10.91% as core earnings accretion offset the impact of approximately $21 million in common stock repurchases.
|
Second Quarter Summary |
|||||||||||||||||||||||
|
|
Reported |
|
Adjusted |
||||||||||||||||||||
|
(dollars in thousands) |
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
|
|
2Q25 |
|
|
|
1Q25 |
|
|
|
2Q24 |
|
|
Net income (loss) available to common shareholders |
$ |
206,320 |
|
|
$ |
183,691 |
|
|
$ |
(23,741 |
) |
|
$ |
206,375 |
|
|
$ |
184,380 |
|
|
$ |
169,617 |
|
|
Diluted earnings per share |
|
1.48 |
|
|
|
1.30 |
|
|
|
(0.16 |
) |
|
|
1.48 |
|
|
|
1.30 |
|
|
|
1.16 |
|
|
Total revenue |
|
593,696 |
|
|
|
570,850 |
|
|
|
306,147 |
|
|
|
592,083 |
|
|
|
573,243 |
|
|
|
563,597 |
|
|
Total loans |
|
43,536,716 |
|
|
|
42,648,738 |
|
|
|
43,093,397 |
|
|
NA |
|
NA |
|
NA |
||||||
|
Total deposits |
|
49,925,007 |
|
|
|
50,843,061 |
|
|
|
50,195,778 |
|
|
NA |
|
NA |
|
NA |
||||||
|
Return on avg assets(1) |
|
1.46 |
% |
|
|
1.32 |
% |
|
|
(0.10 |
)% |
|
|
1.46 |
% |
|
|
1.32 |
% |
|
|
1.21 |
% |
|
Return on avg common equity(1) |
|
16.71 |
|
|
|
15.48 |
|
|
|
(2.14 |
) |
|
|
16.71 |
|
|
|
15.54 |
|
|
|
15.31 |
|
|
Return on avg tangible common equity(1) |
|
18.81 |
|
|
|
17.52 |
|
|
|
(2.20 |
) |
|
|
18.82 |
|
|
|
17.58 |
|
|
|
17.57 |
|
|
Net interest margin(2) |
|
3.37 |
|
|
|
3.35 |
|
|
|
3.20 |
|
|
NA |
|
NA |
|
NA |
||||||
|
Efficiency ratio-TE(2)(3) |
|
53.03 |
|
|
|
53.81 |
|
|
|
98.15 |
|
|
|
52.31 |
|
|
|
53.26 |
|
|
|
53.05 |
|
|
NCO ratio-QTD |
|
0.17 |
|
|
|
0.20 |
|
|
|
0.32 |
|
|
NA |
|
NA |
|
NA |
||||||
|
NPA ratio |
|
0.59 |
|
|
|
0.67 |
|
|
|
0.60 |
|
|
NA |
|
NA |
|
NA |
||||||
|
Common Equity Tier 1 capital (CET1) ratio(4) |
|
10.91 |
|
|
|
10.77 |
|
|
|
10.60 |
|
|
NA |
|
NA |
|
NA |
||||||
|
(1) Annualized |
|||||||||||||||||||||||
|
(2) Taxable equivalent |
|||||||||||||||||||||||
|
(3) Adjusted tangible efficiency ratio |
|||||||||||||||||||||||
|
(4) Current period ratio preliminary |
|||||||||||||||||||||||
|
NA – not applicable |
|||||||||||||||||||||||
|
Balance Sheet |
|||||||||||||||||||||
|
Loans* |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(dollars in millions) |
2Q25 |
|
1Q25 |
|
Linked Quarter Change |
|
Linked Quarter % Change |
|
2Q24 |
|
Year/Year Change |
|
Year/Year % Change |
||||||||
|
Commercial & industrial |
$ |
23,098.3 |
|
$ |
22,313.3 |
|
$ |
785.0 |
|
4 |
% |
|
$ |
22,536.6 |
|
$ |
561.7 |
|
|
2 |
% |
|
Commercial real estate |
|
12,139.7 |
|
|
12,071.6 |
|
|
68.1 |
|
1 |
|
|
|
12,215.5 |
|
|
(75.8 |
) |
|
(1 |
) |
|
Consumer |
|
8,298.7 |
|
|
8,263.8 |
|
|
34.8 |
|
— |
|
|
|
8,341.3 |
|
|
(42.6 |
) |
|
(1 |
) |
|
Total loans |
$ |
43,536.7 |
|
$ |
42,648.7 |
|
$ |
888.0 |
|
2 |
% |
|
$ |
43,093.4 |
|
$ |
443.3 |
|
|
1 |
% |
|
*Amounts may not total due to rounding |
|||||||||||||||||||||
|
Deposits* |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
(dollars in millions) |
2Q25 |
|
1Q25 |
|
Linked Quarter Change |
|
Linked Quarter % Change |
|
2Q24 |
|
Year/Year Change |
|
Year/Year % Change |
|||||||||
|
Non-interest-bearing DDA |
$ |
11,219.8 |
|
$ |
11,095.8 |
|
$ |
124.0 |
|
|
1 |
% |
|
$ |
11,177.7 |
|
$ |
42.1 |
|
|
— |
% |
|
Interest-bearing DDA |
|
7,124.8 |
|
|
7,272.0 |
|
|
(147.2 |
) |
|
(2 |
) |
|
|
6,621.2 |
|
|
503.6 |
|
|
8 |
|
|
Money market |
|
11,441.1 |
|
|
11,424.7 |
|
|
16.4 |
|
|
— |
|
|
|
10,747.9 |
|
|
693.1 |
|
|
6 |
|
|
Savings |
|
971.9 |
|
|
1,000.4 |
|
|
(28.5 |
) |
|
(3 |
) |
|
|
1,009.8 |
|
|
(38.0 |
) |
|
(4 |
) |
|
Public funds |
|
7,719.9 |
|
|
8,125.0 |
|
|
(405.0 |
) |
|
(5 |
) |
|
|
7,111.9 |
|
|
608.0 |
|
|
9 |
|
|
Time deposits |
|
6,730.4 |
|
|
7,078.5 |
|
|
(348.1 |
) |
|
(5 |
) |
|
|
8,125.2 |
|
|
(1,394.8 |
) |
|
(17 |
) |
|
Brokered deposits |
|
4,717.1 |
|
|
4,846.7 |
|
|
(129.6 |
) |
|
(3 |
) |
|
|
5,402.0 |
|
|
(685.0 |
) |
|
(13 |
) |
|
Total deposits |
$ |
49,925.0 |
|
$ |
50,843.1 |
|
$ |
(918.1 |
) |
|
(2 |
)% |
|
$ |
50,195.8 |
|
$ |
(270.8 |
) |
|
(1 |
)% |
|
*Amounts may not total due to rounding |
||||||||||||||||||||||
|
Income Statement Summary** |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
(in thousands, except per share data) |
2Q25 |
|
1Q25 |
|
Linked Quarter Change |
|
Linked Quarter % Change |
|
2Q24 |
|
Year/Year Change |
|
Year/Year % Change |
||||||||||||
|
Net interest income |
$ |
459,561 |
|
|
$ |
454,384 |
|
|
$ |
5,177 |
|
|
1 |
% |
|
$ |
434,998 |
|
|
$ |
24,563 |
|
|
6 |
% |
|
Non-interest revenue |
|
134,135 |
|
|
|
116,466 |
|
|
|
17,669 |
|
|
15 |
|
|
|
(128,851 |
) |
|
|
262,986 |
|
|
204 |
|
|
Non-interest expense |
|
315,701 |
|
|
|
308,034 |
|
|
|
7,667 |
|
|
2 |
|
|
|
301,801 |
|
|
|
13,900 |
|
|
5 |
|
|
Provision for (reversal of) credit losses |
|
3,245 |
|
|
|
10,921 |
|
|
|
(7,676 |
) |
|
(70 |
) |
|
|
26,404 |
|
|
|
(23,159 |
) |
|
(88 |
) |
|
Income before taxes |
$ |
274,750 |
|
|
$ |
251,895 |
|
|
$ |
22,855 |
|
|
9 |
% |
|
$ |
(22,058 |
) |
|
$ |
296,808 |
|
|
nm |
|
|
Income tax expense (benefit) |
|
57,631 |
|
|
|
57,023 |
|
|
|
608 |
|
|
1 |
|
|
|
(7,378 |
) |
|
|
65,009 |
|
|
nm |
|
|
Net income (loss) |
|
217,119 |
|
|
|
194,872 |
|
|
|
22,247 |
|
|
11 |
|
|
|
(14,680 |
) |
|
|
231,799 |
|
|
nm |
|
|
Less: Net income (loss) attributable to noncontrolling interest |
|
(596 |
) |
|
|
(142 |
) |
|
|
(454 |
) |
|
(320 |
) |
|
|
(652 |
) |
|
|
56 |
|
|
9 |
|
|
Net income (loss) attributable to Synovus Financial Corp. |
|
217,715 |
|
|
|
195,014 |
|
|
|
22,701 |
|
|
12 |
|
|
|
(14,028 |
) |
|
|
231,743 |
|
|
nm |
|
|
Less: Preferred stock dividends |
|
11,395 |
|
|
|
11,323 |
|
|
|
72 |
|
|
1 |
|
|
|
9,713 |
|
|
|
1,682 |
|
|
17 |
|
|
Net income (loss) available to common shareholders |
$ |
206,320 |
|
|
$ |
183,691 |
|
|
$ |
22,629 |
|
|
12 |
% |
|
$ |
(23,741 |
) |
|
$ |
230,061 |
|
|
nm |
|
|
Weighted average common shares outstanding, diluted |
|
139,502 |
|
|
|
141,775 |
|
|
|
(2,273 |
) |
|
(2 |
)% |
|
|
145,565 |
|
|
|
(6,063 |
) |
|
(4 |
)% |
|
Diluted earnings (loss) per share |
$ |
1.48 |
|
|
$ |
1.30 |
|
|
$ |
0.18 |
|
|
14 |
|
|
$ |
(0.16 |
) |
|
$ |
1.64 |
|
|
nm |
|
|
Adjusted diluted earnings per share(1) |
|
1.48 |
|
|
|
1.30 |
|
|
|
0.18 |
|
|
14 |
|
|
|
1.16 |
|
|
|
0.32 |
|
|
28 |
|
|
Effective tax rate |
|
20.98 |
% |
|
|
22.64 |
% |
|
|
|
|
|
|
33.45 |
% |
|
|
|
|
||||||
|
(1) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share. |
|||||||||||||||||||||||||
|
** Amounts may not total due to rounding |
|||||||||||||||||||||||||
|
NM – not meaningful |
|||||||||||||||||||||||||
Second Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on July 17, 2025. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 937395). Shareholders and other interested parties may also 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 $61 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 June 30, 2025, 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 growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; 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 Dec. 31, 2024, 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.
|
Synovus |
||||||||||
|
|
|
|
|
|
|
|||||
|
INCOME STATEMENT DATA |
||||||||||
|
(Unaudited) |
||||||||||
|
|
|
|
|
|
|
|||||
|
(Dollars in thousands, except per share data) |
Six Months Ended June 30, |
|||||||||
|
|
|
|
|
|
|
|
||||
|
|
|
2025 |
|
|
|
2024 |
|
|
’25 vs ’24 |
|
|
|
|
|
% Change |
|||||||
|
|
|
|
|
|
|
|||||
|
Interest income |
$ |
1,538,407 |
|
|
$ |
1,583,952 |
|
|
(3 |
)% |
|
Interest expense |
|
624,462 |
|
|
|
730,108 |
|
|
(14 |
) |
|
|
|
|
|
|
|
|||||
|
Net interest income |
|
913,945 |
|
|
|
853,844 |
|
|
7 |
|
|
Provision for (reversal of) credit losses |
|
14,166 |
|
|
|
80,384 |
|
|
(82 |
) |
|
|
|
|
|
|
|
|||||
|
Net interest income after provision for credit losses |
|
899,779 |
|
|
|
773,460 |
|
|
16 |
|
|
|
|
|
|
|
|
|||||
|
Non-interest revenue: |
|
|
|
|
|
|||||
|
Service charges on deposit accounts |
|
48,372 |
|
|
|
44,720 |
|
|
8 |
|
|
Fiduciary and asset management fees |
|
40,249 |
|
|
|
38,741 |
|
|
4 |
|
|
Card fees |
|
41,359 |
|
|
|
38,904 |
|
|
6 |
|
|
Brokerage revenue |
|
41,107 |
|
|
|
43,164 |
|
|
(5 |
) |
|
Mortgage banking income |
|
7,773 |
|
|
|
7,362 |
|
|
6 |
|
|
Capital markets income |
|
19,901 |
|
|
|
21,704 |
|
|
(8 |
) |
|
Income from bank-owned life insurance |
|
18,363 |
|
|
|
15,444 |
|
|
19 |
|
|
Investment securities gains (losses), net |
|
— |
|
|
|
(256,660 |
) |
|
nm |
|
|
Other non-interest revenue |
|
33,477 |
|
|
|
36,658 |
|
|
(9 |
) |
|
|
|
|
|
|
|
|||||
|
Total non-interest revenue |
|
250,601 |
|
|
|
(9,963 |
) |
|
nm |
|
|
|
|
|
|
|
|
|||||
|
Non-interest expense: |
|
|
|
|
|
|||||
|
Salaries and other personnel expense |
|
377,692 |
|
|
|
367,928 |
|
|
3 |
|
|
Net occupancy, equipment, and software expense |
|
97,241 |
|
|
|
93,223 |
|
|
4 |
|
|
Third-party processing and other services |
|
45,409 |
|
|
|
42,041 |
|
|
8 |
|
|
Professional fees |
|
19,976 |
|
|
|
23,286 |
|
|
(14 |
) |
|
FDIC insurance and other regulatory fees |
|
16,078 |
|
|
|
30,312 |
|
|
(47 |
) |
|
Restructuring charges (reversals) |
|
(1,220 |
) |
|
|
866 |
|
|
nm |
|
|
Other operating expenses |
|
68,559 |
|
|
|
66,886 |
|
|
3 |
|
|
|
|
|
|
|
|
|||||
|
Total non-interest expense |
|
623,735 |
|
|
|
624,542 |
|
|
— |
|
|
|
|
|
|
|
|
|||||
|
Income before income taxes |
|
526,645 |
|
|
|
138,955 |
|
|
279 |
|
|
Income tax expense |
|
114,654 |
|
|
|
29,565 |
|
|
288 |
|
|
|
|
|
|
|
|
|||||
|
Net income |
|
411,991 |
|
|
|
109,390 |
|
|
277 |
|
|
|
|
|
|
|
|
|||||
|
Less: Net income (loss) attributable to noncontrolling interest |
|
(738 |
) |
|
|
(1,089 |
) |
|
32 |
|
|
|
|
|
|
|
|
|||||
|
Net income attributable to Synovus Financial Corp. |
|
412,729 |
|
|
|
110,479 |
|
|
274 |
|
|
|
|
|
|
|
|
|||||
|
Less: Preferred stock dividends |
|
22,718 |
|
|
|
19,398 |
|
|
17 |
|
|
|
|
|
|
|
|
|||||
|
Net income available to common shareholders |
$ |
390,011 |
|
|
$ |
91,081 |
|
|
328 |
% |
|
|
|
|
|
|
|
|||||
|
Net income per common share, basic |
$ |
2.79 |
|
|
$ |
0.62 |
|
|
350 |
% |
|
|
|
|
|
|
|
|||||
|
Net income per common share, diluted |
|
2.77 |
|
|
|
0.62 |
|
|
347 |
|
|
|
|
|
|
|
|
|||||
|
Cash dividends declared per common share |
|
0.78 |
|
|
|
0.76 |
|
|
3 |
|
|
|
|
|
|
|
|
|||||
|
Return on average assets * |
|
1.39 |
% |
|
|
0.37 |
% |
|
102 bps |
|
|
Return on average common equity * |
|
16.11 |
|
|
|
4.07 |
|
|
nm |
|
|
|
|
|
|
|
|
|||||
|
Weighted average common shares outstanding, basic |
|
139,783 |
|
|
|
145,998 |
|
|
(4 |
)% |
|
Weighted average common shares outstanding, diluted |
|
140,770 |
|
|
|
146,568 |
|
|
(4 |
) |
|
|
|
|
|
|
|
|||||
|
nm – not meaningful |
||||||||||
|
bps – basis points |
||||||||||
|
* – ratios are annualized |
||||||||||
|
Amounts may not total due to rounding |
||||||||||
|
Synovus |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
INCOME STATEMENT DATA |
||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
(Dollars in thousands, except per share data) |
2025 |
|
2024 |
|
Second Quarter |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|
Second Quarter |
|
’25 vs ’24 |
|||||||
|
|
|
|
|
|
% Change |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Interest income |
$ |
771,642 |
|
|
766,765 |
|
|
799,130 |
|
|
810,507 |
|
|
801,242 |
|
|
(4 |
)% |
|
Interest expense |
|
312,081 |
|
|
312,381 |
|
|
344,137 |
|
|
369,767 |
|
|
366,244 |
|
|
(15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net interest income |
|
459,561 |
|
|
454,384 |
|
|
454,993 |
|
|
440,740 |
|
|
434,998 |
|
|
6 |
|
|
Provision for (reversal of) credit losses |
|
3,245 |
|
|
10,921 |
|
|
32,867 |
|
|
23,434 |
|
|
26,404 |
|
|
(88 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net interest income after provision for credit losses |
|
456,316 |
|
|
443,463 |
|
|
422,126 |
|
|
417,306 |
|
|
408,594 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-interest revenue: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Service charges on deposit accounts |
|
25,258 |
|
|
23,114 |
|
|
23,244 |
|
|
23,683 |
|
|
22,907 |
|
|
10 |
|
|
Fiduciary and asset management fees |
|
20,332 |
|
|
19,917 |
|
|
21,373 |
|
|
19,714 |
|
|
19,728 |
|
|
3 |
|
|
Card fees |
|
20,132 |
|
|
21,227 |
|
|
19,577 |
|
|
18,439 |
|
|
19,418 |
|
|
4 |
|
|
Brokerage revenue |
|
20,748 |
|
|
20,359 |
|
|
20,907 |
|
|
20,810 |
|
|
20,457 |
|
|
1 |
|
|
Mortgage banking income |
|
4,435 |
|
|
3,338 |
|
|
2,665 |
|
|
4,033 |
|
|
3,944 |
|
|
12 |
|
|
Capital markets income |
|
12,960 |
|
|
6,941 |
|
|
12,070 |
|
|
10,284 |
|
|
15,077 |
|
|
(14 |
) |
|
Income from bank-owned life insurance |
|
10,279 |
|
|
8,084 |
|
|
10,543 |
|
|
8,442 |
|
|
8,097 |
|
|
27 |
|
|
Investment securities gains (losses), net |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(256,660 |
) |
|
nm |
|
|
Other non-interest revenue |
|
19,991 |
|
|
13,486 |
|
|
15,208 |
|
|
18,575 |
|
|
18,181 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total non-interest revenue |
|
134,135 |
|
|
116,466 |
|
|
125,587 |
|
|
123,980 |
|
|
(128,851 |
) |
|
204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Salaries and other personnel expense |
|
192,182 |
|
|
185,510 |
|
|
184,725 |
|
|
184,814 |
|
|
179,407 |
|
|
7 |
|
|
Net occupancy, equipment, and software expense |
|
48,589 |
|
|
48,652 |
|
|
47,251 |
|
|
46,977 |
|
|
46,415 |
|
|
5 |
|
|
Third-party processing and other services |
|
23,535 |
|
|
21,874 |
|
|
22,158 |
|
|
21,552 |
|
|
21,783 |
|
|
8 |
|
|
Professional fees |
|
10,197 |
|
|
9,779 |
|
|
11,949 |
|
|
10,854 |
|
|
15,655 |
|
|
(35 |
) |
|
FDIC insurance and other regulatory fees |
|
7,534 |
|
|
8,544 |
|
|
8,227 |
|
|
7,382 |
|
|
6,493 |
|
|
16 |
|
|
Restructuring charges (reversals) |
|
72 |
|
|
(1,292 |
) |
|
37 |
|
|
1,219 |
|
|
(658 |
) |
|
nm |
|
|
Other operating expenses |
|
33,592 |
|
|
34,967 |
|
|
34,964 |
|
|
40,892 |
|
|
32,706 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total non-interest expense |
|
315,701 |
|
|
308,034 |
|
|
309,311 |
|
|
313,690 |
|
|
301,801 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Income (loss) before income taxes |
|
274,750 |
|
|
251,895 |
|
|
238,402 |
|
|
227,596 |
|
|
(22,058 |
) |
|
nm |
|
|
Income tax expense (benefit) |
|
57,631 |
|
|
57,023 |
|
|
49,025 |
|
|
46,912 |
|
|
(7,378 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income (loss) |
|
217,119 |
|
|
194,872 |
|
|
189,377 |
|
|
180,684 |
|
|
(14,680 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Less: Net income (loss) attributable to noncontrolling interest |
|
(596 |
) |
|
(142 |
) |
|
(1,049 |
) |
|
(871 |
) |
|
(652 |
) |
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income (loss) attributable to Synovus Financial Corp. |
|
217,715 |
|
|
195,014 |
|
|
190,426 |
|
|
181,555 |
|
|
(14,028 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Less: Preferred stock dividends |
|
11,395 |
|
|
11,323 |
|
|
11,578 |
|
|
11,927 |
|
|
9,713 |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income (loss) available to common shareholders |
$ |
206,320 |
|
|
183,691 |
|
|
178,848 |
|
|
169,628 |
|
|
(23,741 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income (loss) per common share, basic |
$ |
1.49 |
|
|
1.31 |
|
|
1.26 |
|
|
1.19 |
|
|
(0.16 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net income (loss) per common share, diluted |
|
1.48 |
|
|
1.30 |
|
|
1.25 |
|
|
1.18 |
|
|
(0.16 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Cash dividends declared per common share |
|
0.39 |
|
|
0.39 |
|
|
0.38 |
|
|
0.38 |
|
|
0.38 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Return on average assets * |
|
1.46 |
% |
|
1.32 |
|
|
1.25 |
|
|
1.21 |
|
|
(0.10 |
) |
|
156 bps |
|
|
Return on average common equity * |
|
16.71 |
|
|
15.48 |
|
|
14.75 |
|
|
14.38 |
|
|
(2.14 |
) |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Weighted average common shares outstanding, basic |
|
138,891 |
|
|
140,684 |
|
|
141,555 |
|
|
143,144 |
|
|
145,565 |
|
|
(5 |
)% |
|
Weighted average common shares outstanding, diluted |
|
139,502 |
|
|
141,775 |
|
|
142,694 |
|
|
143,979 |
|
|
145,565 |
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
nm – not meaningful |
||||||||||||||||||
|
bps – basis points |
||||||||||||||||||
|
* – ratios are annualized |
||||||||||||||||||
|
Amounts may not total due to rounding |
||||||||||||||||||
|
Synovus |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
BALANCE SHEET DATA |
|
June 30, 2025 |
|
December 31, 2024 |
|
June 30, 2024 |
||||||
|
|
|
|
|
|
|
|
||||||
|
(Unaudited) |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
(In thousands, except share data) |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
ASSETS |
|
|
|
|
|
|
||||||
|
Interest-earning deposits with banks and other cash and cash equivalents |
|
$ |
2,820,054 |
|
|
$ |
2,977,667 |
|
|
$ |
2,263,545 |
|
|
Federal funds sold and securities purchased under resale agreements |
|
|
32,262 |
|
|
|
16,320 |
|
|
|
31,063 |
|
|
Cash, cash equivalents, and restricted cash |
|
|
2,852,316 |
|
|
|
2,993,987 |
|
|
|
2,294,608 |
|
|
|
|
|
|
|
|
|
||||||
|
Investment securities held to maturity |
|
|
2,502,639 |
|
|
|
2,581,469 |
|
|
|
2,668,068 |
|
|
Investment securities available for sale |
|
|
7,798,824 |
|
|
|
7,551,018 |
|
|
|
7,043,681 |
|
|
Loans held for sale (includes $45,136, $33,448 and $41,823 measured at fair value, respectively) |
|
|
153,037 |
|
|
|
90,111 |
|
|
|
139,323 |
|
|
|
|
|
|
|
|
|
||||||
|
Loans, net of deferred fees and costs |
|
|
43,536,716 |
|
|
|
42,609,028 |
|
|
|
43,093,397 |
|
|
Allowance for loan losses |
|
|
(464,831 |
) |
|
|
(486,845 |
) |
|
|
(485,101 |
) |
|
Loans, net |
|
|
43,071,885 |
|
|
|
42,122,183 |
|
|
|
42,608,296 |
|
|
|
|
|
|
|
|
|
||||||
|
Cash surrender value of bank-owned life insurance |
|
|
1,150,853 |
|
|
|
1,139,988 |
|
|
|
1,125,928 |
|
|
Premises, equipment, and software, net |
|
|
378,739 |
|
|
|
383,724 |
|
|
|
375,455 |
|
|
Goodwill |
|
|
480,440 |
|
|
|
480,440 |
|
|
|
480,440 |
|
|
Other intangible assets, net |
|
|
29,063 |
|
|
|
34,318 |
|
|
|
40,114 |
|
|
Other assets |
|
|
2,638,989 |
|
|
|
2,856,406 |
|
|
|
2,830,430 |
|
|
Total assets |
|
$ |
61,056,785 |
|
|
$ |
60,233,644 |
|
|
$ |
59,606,343 |
|
|
|
|
|
|
|
|
|
||||||
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||||||
|
Liabilities: |
|
|
|
|
|
|
||||||
|
Deposits: |
|
|
|
|
|
|
||||||
|
Non-interest-bearing deposits |
|
$ |
11,658,129 |
|
|
$ |
11,596,119 |
|
|
$ |
11,655,811 |
|
|
Interest-bearing deposits |
|
|
38,266,878 |
|
|
|
39,499,240 |
|
|
|
38,539,967 |
|
|
|
|
|
|
|
|
|
||||||
|
Total deposits |
|
|
49,925,007 |
|
|
|
51,095,359 |
|
|
|
50,195,778 |
|
|
|
|
|
|
|
|
|
||||||
|
Federal funds purchased and securities sold under repurchase agreements, and other short-term borrowings |
|
|
85,327 |
|
|
|
131,728 |
|
|
|
97,020 |
|
|
Long-term debt |
|
|
3,909,478 |
|
|
|
1,733,109 |
|
|
|
2,283,767 |
|
|
Other liabilities |
|
|
1,498,331 |
|
|
|
2,007,197 |
|
|
|
1,953,106 |
|
|
Total liabilities |
|
|
55,418,143 |
|
|
|
54,967,393 |
|
|
|
54,529,671 |
|
|
|
|
|
|
|
|
|
||||||
|
Equity: |
|
|
|
|
|
|
||||||
|
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 172,702,630, 172,185,507 and 171,935,817 respectively; outstanding 138,781,530, 141,165,908 and 144,149,614 respectively |
|
|
172,703 |
|
|
|
172,186 |
|
|
|
171,936 |
|
|
Additional paid-in capital |
|
|
3,992,061 |
|
|
|
3,986,729 |
|
|
|
3,965,751 |
|
|
Treasury stock, at cost; 33,921,100, 31,019,599, and 27,786,203 shares, respectively |
|
|
(1,359,113 |
) |
|
|
(1,216,827 |
) |
|
|
(1,066,239 |
) |
|
Accumulated other comprehensive income (loss), net |
|
|
(739,221 |
) |
|
|
(970,765 |
) |
|
|
(1,050,374 |
) |
|
Retained earnings |
|
|
3,014,111 |
|
|
|
2,736,089 |
|
|
|
2,495,387 |
|
|
Total Synovus Financial Corp. shareholders’ equity |
|
|
5,617,686 |
|
|
|
5,244,557 |
|
|
|
5,053,606 |
|
|
Noncontrolling interest in subsidiary |
|
|
20,956 |
|
|
|
21,694 |
|
|
|
23,066 |
|
|
Total equity |
|
|
5,638,642 |
|
|
|
5,266,251 |
|
|
|
5,076,672 |
|
|
Total liabilities and equity |
|
$ |
61,056,785 |
|
|
$ |
60,233,644 |
|
|
$ |
59,606,343 |
|
|
Synovus |
|||||||||||||||||||||||||||||
|
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES |
|||||||||||||||||||||||||||||
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Second Quarter 2025 |
|
First Quarter 2025 |
|
Second Quarter 2024 |
||||||||||||||||||||||||
|
(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) |
$ |
34,539,952 |
|
|
$ |
550,768 |
|
6.39 |
% |
|
$ |
34,262,226 |
|
|
$ |
543,485 |
|
6.43 |
% |
|
$ |
35,006,497 |
|
|
$ |
593,715 |
|
6.82 |
% |
|
Consumer loans(1) |
|
8,278,835 |
|
|
|
108,705 |
|
5.26 |
|
|
|
8,244,161 |
|
|
|
106,344 |
|
5.19 |
|
|
|
8,358,325 |
|
|
|
109,206 |
|
5.23 |
|
|
Less: Allowance for loan losses |
|
(474,658 |
) |
|
|
— |
|
— |
|
|
|
(480,023 |
) |
|
|
— |
|
— |
|
|
|
(492,640 |
) |
|
|
— |
|
— |
|
|
Loans, net |
|
42,344,129 |
|
|
|
659,473 |
|
6.25 |
|
|
|
42,026,364 |
|
|
|
649,829 |
|
6.26 |
|
|
|
42,872,182 |
|
|
|
702,921 |
|
6.59 |
|
|
Total investment securities(3) |
|
10,734,276 |
|
|
|
93,720 |
|
3.49 |
|
|
|
10,759,512 |
|
|
|
93,352 |
|
3.47 |
|
|
|
10,373,792 |
|
|
|
78,891 |
|
3.04 |
|
|
Interest-earning deposits with other banks |
|
1,531,139 |
|
|
|
16,525 |
|
4.27 |
|
|
|
2,054,292 |
|
|
|
22,172 |
|
4.32 |
|
|
|
1,248,460 |
|
|
|
16,641 |
|
5.28 |
|
|
Federal funds sold and securities purchased under resale agreements |
|
29,766 |
|
|
|
219 |
|
2.91 |
|
|
|
20,162 |
|
|
|
131 |
|
2.60 |
|
|
|
23,493 |
|
|
|
159 |
|
2.68 |
|
|
Mortgage loans held for sale |
|
38,913 |
|
|
|
582 |
|
5.98 |
|
|
|
24,267 |
|
|
|
373 |
|
6.15 |
|
|
|
37,364 |
|
|
|
666 |
|
7.13 |
|
|
Other loans held for sale |
|
88,348 |
|
|
|
516 |
|
2.31 |
|
|
|
69,049 |
|
|
|
384 |
|
2.23 |
|
|
|
96,180 |
|
|
|
466 |
|
1.92 |
|
|
Other earning assets(4) |
|
196,539 |
|
|
|
2,269 |
|
4.61 |
|
|
|
178,344 |
|
|
|
2,101 |
|
4.71 |
|
|
|
198,515 |
|
|
|
2,849 |
|
5.75 |
|
|
Total interest earning assets |
|
54,963,110 |
|
|
|
773,304 |
|
5.64 |
% |
|
|
55,131,990 |
|
|
|
768,342 |
|
5.65 |
% |
|
|
54,849,986 |
|
|
|
802,593 |
|
5.89 |
% |
|
Cash and due from banks |
|
461,767 |
|
|
|
|
|
|
|
499,201 |
|
|
|
|
|
|
|
531,604 |
|
|
|
|
|
||||||
|
Premises and equipment |
|
381,260 |
|
|
|
|
|
|
|
384,258 |
|
|
|
|
|
|
|
376,293 |
|
|
|
|
|
||||||
|
Cash surrender value of bank-owned life insurance |
|
1,147,894 |
|
|
|
|
|
|
|
1,142,943 |
|
|
|
|
|
|
|
1,121,764 |
|
|
|
|
|
||||||
|
Other assets(5) |
|
2,623,082 |
|
|
|
|
|
|
|
2,718,154 |
|
|
|
|
|
|
|
2,367,202 |
|
|
|
|
|
||||||
|
Total assets |
$ |
59,577,113 |
|
|
|
|
|
|
$ |
59,876,546 |
|
|
|
|
|
|
$ |
59,246,849 |
|
|
|
|
|
||||||
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest-bearing demand deposits |
$ |
11,534,256 |
|
|
|
63,656 |
|
2.21 |
% |
|
$ |
11,613,495 |
|
|
|
62,811 |
|
2.19 |
% |
|
$ |
10,789,288 |
|
|
|
68,809 |
|
2.57 |
% |
|
Money market accounts |
|
14,322,197 |
|
|
|
98,275 |
|
2.75 |
|
|
|
13,900,933 |
|
|
|
92,897 |
|
2.71 |
|
|
|
12,617,120 |
|
|
|
99,380 |
|
3.17 |
|
|
Savings deposits |
|
994,159 |
|
|
|
355 |
|
0.14 |
|
|
|
994,127 |
|
|
|
320 |
|
0.13 |
|
|
|
1,036,321 |
|
|
|
304 |
|
0.12 |
|
|
Time deposits |
|
7,205,998 |
|
|
|
62,047 |
|
3.45 |
|
|
|
7,777,767 |
|
|
|
71,055 |
|
3.71 |
|
|
|
8,382,774 |
|
|
|
93,431 |
|
4.48 |
|
|
Brokered deposits |
|
4,760,027 |
|
|
|
53,976 |
|
4.55 |
|
|
|
4,905,909 |
|
|
|
55,242 |
|
4.57 |
|
|
|
5,483,298 |
|
|
|
73,830 |
|
5.42 |
|
|
Federal funds purchased and securities sold under repurchase agreements |
|
62,543 |
|
|
|
186 |
|
1.17 |
|
|
|
75,252 |
|
|
|
208 |
|
1.11 |
|
|
|
114,595 |
|
|
|
570 |
|
1.97 |
|
|
Other short-term borrowings |
|
— |
|
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
— |
|
|
|
108,946 |
|
|
|
1,530 |
|
5.55 |
|
|
Long-term debt |
|
2,111,647 |
|
|
|
33,586 |
|
6.35 |
|
|
|
1,773,203 |
|
|
|
29,848 |
|
6.74 |
|
|
|
1,666,731 |
|
|
|
28,390 |
|
6.79 |
|
|
Total interest-bearing liabilities |
|
40,990,827 |
|
|
|
312,081 |
|
3.05 |
% |
|
|
41,040,686 |
|
|
|
312,381 |
|
3.09 |
% |
|
|
40,199,073 |
|
|
|
366,244 |
|
3.66 |
% |
|
Non-interest-bearing demand deposits |
|
11,386,117 |
|
|
|
|
|
|
|
11,406,048 |
|
|
|
|
|
|
|
12,099,256 |
|
|
|
|
|
||||||
|
Other liabilities |
|
1,689,533 |
|
|
|
|
|
|
|
2,058,727 |
|
|
|
|
|
|
|
1,932,822 |
|
|
|
|
|
||||||
|
Total equity |
|
5,510,636 |
|
|
|
|
|
|
|
5,371,085 |
|
|
|
|
|
|
|
5,015,698 |
|
|
|
|
|
||||||
|
Total liabilities and equity |
$ |
59,577,113 |
|
|
|
|
|
|
$ |
59,876,546 |
|
|
|
|
|
|
$ |
59,246,849 |
|
|
|
|
|
||||||
|
Net interest income and net interest margin, taxable equivalent(6) |
|
|
$ |
461,223 |
|
3.37 |
% |
|
|
|
$ |
455,961 |
|
3.35 |
% |
|
|
|
$ |
436,349 |
|
3.20 |
% |
||||||
|
Less: taxable-equivalent adjustment |
|
|
|
1,662 |
|
|
|
|
|
|
1,577 |
|
|
|
|
|
|
1,351 |
|
|
|||||||||
|
Net interest income |
|
|
$ |
459,561 |
|
|
|
|
|
$ |
454,384 |
|
|
|
|
|
$ |
434,998 |
|
|
|||||||||
Contacts
Media Contact
Audria Belton
Media Relations
[email protected]
Investor Contact
Jennifer H. Demba, CFA
Investor Relations
[email protected]
