Synovus Financial Corp. reported financial results for the quarter that ended June 30.

2Q 2021 highlights

♦ Net income available to common shareholders of $177.9 million or $1.19 per diluted share, unchanged sequentially and up 62-cents compared to prior year.

♦ Adjusted diluted EPS of $1.20, down one-cent sequentially and up 97-cents compared to prior year.

♦ Period-end loans decreased $569.1 million or 1% sequentially.

♦ Paycheck Protection Program loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially.

♦ Core transaction deposits, non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds, increased $702.4 million or 2% sequentially.

♦ Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing.

♦ Net interest income of $381.9 million increased $8 million sequentially as asset growth, reduced deposit costs and a higher day count more than offset the reduction in PPP fee income.

♦ Net interest margin of 3.02%, down 2 bps sequentially.

♦ Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues.

♦ Adjusted non-interest revenue decreased $6.2 million.

♦ Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year.

♦ Adjusted non-interest expense increased $2.4 million sequentially as the benefits from various efficiency initiatives were offset by higher commissions, incentives, and expenses primarily related to additional PPP forgiveness and expenses associated with higher third-party consumer loan balances.

♦ Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook.

♦ Allowance for credit losses coverage ratio to loans of 1.47%, or 1.54% excluding PPP loans.

♦ Credit quality metrics remain relatively stable, near historical lows. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter.

♦ Preliminary CET1 ratio increased 1 bp sequentially to 9.75%, with strong core earnings helping offset the decline from $92.5 million in share repurchases at an average price of $47.51, reducing average diluted outstanding shares from the prior quarter by 1.3%.

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