Synovus Q3 2021 Earnings Report

Synovus reported diluted earnings per share of $1.21 and adjusted diluted earnings per share of $1.20 for Q3 2021.

Key Takeaways

Synovus Financial Corp. reported strong financial results for the third quarter of 2021, with net income available to common shareholders of $178.5 million, or $1.21 per diluted share. The company saw growth in loans (excluding PPP), core transaction deposits, and pre-provision net revenue. Synovus also achieved a pre-tax run rate benefit of approximately $100 million from its Synovus Forward initiatives.

Net income available to common shareholders was $178.5 million, or $1.21 per diluted share.

Loans increased by $105.0 million sequentially, or $922.7 million excluding Paycheck Protection program (PPP) loans.

Core transaction deposits increased $1.03 billion, or 3% sequentially.

Synovus Forward initiatives reached a pre-tax run rate benefit of approximately $100 million by quarter end.