Q2 2024 Synovus Financial Corp Earnings Call Transcript
Key Points
- Adjusted earnings per share increased to $1.16 from $0.79 in the first quarter.
- Net interest income rose by 4% from the prior quarter, with a 16 basis point expansion in net interest margin.
- Adjusted non-interest revenue jumped 9% sequentially, driven by significant growth in capital markets income.
- Net charge-offs and non-performing loans declined meaningfully this quarter.
- Liquidity and capital positions are the strongest they have been in several years, with the common equity Tier 1 ratio at 10.62%.
- Reported a loss of $0.16 per share due to a $256 million loss from securities repositioning.
- Core deposits declined slightly, driven by a drop in non-interest-bearing deposits.
- Period-end loans were down $216 million from the prior quarter due to payoffs, paydowns, and portfolio rationalization.
- Non-interest-bearing deposit balances continued to decline, particularly in commercial operating accounts.
- Provision for credit losses, while down 51% from the first quarter, still amounted to $26 million.
Good morning, and welcome to the Synovus second-quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded.
I will now turn the call over to Jennifer Demba, Head of Investors Relations. Jennifer, please go ahead.
Thank you, and good morning. During today's call, we will reference the slides and press release that are available within the Investor Relations section of our website, synovus.com.
Kevin Blair, Chairman, President, and Chief Executive Officer, will begin the call. He will be followed by Jamie Gregory, Chief Financial Officer. And we will be available to answer your questions at the end of the call.
Our comments include forward-looking statements. These statements are subject to risks and uncertainties and the actual results could vary materially. We list these factors that might cause results to differ materially in our press release and in our SEC filings, which are available on our website. We do not assume any obligation to
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