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Mar 31, 2022
Synovus Q1 2022 Earnings Report
Synovus reported diluted earnings per share of $1.11 and adjusted diluted earnings per share of $1.08 for Q1 2022.
Key Takeaways
Synovus Financial Corp. reported strong execution against profitable growth objectives in Q1 2022, with 11% annualized loan growth and a 9% year-over-year increase in adjusted pre-provision net revenue. The company has increased its financial expectations for 2022.
Net income available to common shareholders was $162.7 million, or $1.11 per diluted share.
Adjusted diluted EPS was $1.08, primarily impacted by an increased provision for credit losses.
Period-end loans increased by $857.2 million sequentially, and $1.05 billion, or 11.0% annualized, excluding Paycheck Protection program (PPP) loans.
Core transaction deposits increased $405.0 million sequentially, or 4% annualized, driven by growth in non-interest bearing and savings deposits.
Synovus
Synovus
Synovus Revenue by Segment
Revenue by Segment
Commercial & Industrial loans Revenue
CapyFin.comCommercial real estate loans Revenue
CapyFin.comConsumer loans Revenue
CapyFin.com Forward Guidance
Synovus anticipates enhancing performance throughout the year while proactively pursuing new and expanded sources of revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income