SNV - Synovus Financial Corp. (SNV) Q1 2024 Earnings Call Transcript
2024-04-18 13:25:20 ET
Synovus Financial Corp. (SNV)
Q1 2024 Earnings Call Transcript
April 18, 2024 08:30 AM ET
Company Participants
Jennifer Demba - Head of Investor Relations
Kevin Blair - Chairman, President and CEO
Jamie Gregory - CFO
Robert Derrick - Chief Credit Officer
Conference Call Participants
Jon Arfstrom - RBC Capital Markets
Ebrahim Poonawala - Bank of America
Steven Alexopoulos - JP Morgan
Catherine Mealor - KBW
Gary Tenner - D.A. Davidson
Jared Shaw - Wells Fargo
Michael Rose - Raymond James
Stephen Scouten - Piper Sandler
Brian Wilczynski - Morgan Stanley
Timur Braziler - Wells Fargo
Russell Gunther - Stephens
Christopher Marinac - Janney Montgomery Scott
Brandon King - Truist Securities
Presentation
Operator
Good morning, and welcome to the Synovus First Quarter 2024 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.
I will now turn the call over to Jennifer Demba, Head of Investor Relations. Please go ahead.
Jennifer Demba
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 update any forward-looking statements because of new information, early developments, or otherwise, except as maybe required by law.
During the call, we will reference non-GAAP financial measures related to the company's performance. You may see the reconciliation of these measures in the appendix to our presentation.
And now Kevin Blair will provide an overview of the quarter.
Kevin Blair
Thank you, Jennifer. Good morning, everyone, and thank you for joining us for our first quarter 2024 earnings call. Our first quarter results demonstrate tangible progress on the strategic priorities that we have outlined for you over the last several quarters. Synovus produced steady loan growth in key commercial categories such as middle-market, corporate and investment banking, and specialty C&I, as well as continued rationalization in loan portfolios where we have less meaningful deposit or fee relationships.
We generated core deposit growth in a seasonally weaker quarter and are seeing improving trends in non-interest-bearing deposit diminishment, as well as continued contraction in higher-cost broker deposits. Core non-interest revenue categories continue to grow on a year-over-year basis, while operating expense control remains disciplined with investments in key areas continuing, while keeping total expenses roughly flat.
Our quarterly loan losses remain stable and our balance sheet continues to strengthen with further improvement in key safety and soundness metrics, highlighted by lower wholesale funding and higher capital ratios. Our financial success is a direct result of how well we are meeting the needs and expectations of our clients through trusted advice and valued service. In that regard, Synovus and our talented team members continue to be nationally recognized for service excellence....
Synovus Financial Corp. (SNV) Q1 2024 Earnings Call Transcript