- Total deposits rose by 1.8% quarter-over-quarter to $51.10 billion, meeting the estimate of $50.81 billion.
- Total loans decreased by 1.2% quarter-over-quarter to $42.61 billion, slightly below the estimated $42.7 billion.
- The net interest margin increased to 3.28% from 3.22% quarter-over-quarter, exceeding the estimate of 3.22%.
- Net interest income grew by 3.2% quarter-over-quarter to $455.0 million, surpassing the expected $445.7 million.
- Non-interest revenue jumped significantly to $125.6 million compared to $51.5 million year-over-year.
- Non-interest expenses decreased by 12% year-over-year to $309.3 million, close to the estimate of $308.6 million.
- Total tangible equity revenue saw a substantial increase of 19% year-over-year to $582.0 million.
- Adjusted earnings per share (EPS) rose to $1.25 from 80 cents year-over-year, beating the estimate of $1.16.
- Reported EPS also increased to $1.25 from 41 cents year-over-year, higher than the estimate of $1.15.
- Provision for credit losses dropped by 28% year-over-year to $32.9 million, above the estimate of $30.7 million.
- Net charge-offs decreased by 32% year-over-year to $28.1 million, bettering the estimated $32.5 million.
- The efficiency ratio, based on total tangible equity, improved to 53.2% from 72% year-over-year, slightly better than the estimate of 54%.
- Cash, cash equivalents, and restricted cash increased by 22% year-over-year to $2.99 billion, surpassing the expected $2.12 billion.
- Analyst ratings include 11 buys, 6 holds, and no sells.
“`
A look at Synovus Financial Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 4 | |
| Growth | 3 | |
| Resilience | 3 | |
| Momentum | 5 | |
| OVERALL SMART SCORE | 3.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on Smartkarma Smart Scores, Synovus Financial shows a promising long-term outlook. With high scores in Value and Dividend, the company seems to offer good potential for investors looking for stable returns. Additionally, its Momentum score of 5 suggests strong positive market sentiment and performance trends for the company. Synovus Financial‘s focus on providing financial services in multiple states underlines its potential for growth and resilience in the market.
Synovus Financial Corp., a financial services holding company, operates with a strategic emphasis on commercial and retail banking, along with investment services. Catering to customers across several states including Georgia, Alabama, South Carolina, Florida, and Tennessee, the company demonstrates a commitment to serving a diverse customer base. With balanced scores across various factors, Synovus Financial appears well-positioned for long-term success in the financial services industry.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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