Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. It offers a range of services including commercial and consumer banking, wealth management, and capital markets. For the fourth quarter of 2024, Synovus reported earnings reflecting a stable financial condition with some indicators of growth.

During the fourth quarter, Synovus reported a diluted earnings per share (EPS) of $1.25, representing a 6% increase from the prior quarter and a substantial increase from $0.41 in the same quarter of 2023. Adjusted EPS also rose 2% sequentially and 57% year-over-year. For the full year 2024, the EPS was $3.03, while adjusted EPS stood at $4.43.

Total revenue for the fourth quarter was $580.6 million, up 3% sequentially and increasing 19% compared to the previous year. Net interest income for the quarter was $455 million, a 3% increase from the prior quarter and 4% higher year-over-year. Meanwhile, the net interest margin (NIM) expanded to 3.28%, an increase from 3.22% in the third quarter, benefitting from lower deposit costs and favorable interest adjustments.

In terms of loan performance, period-end loans declined by $512 million, or 1%, from the previous quarter, affected by lower commercial line utilization and higher loan payoffs. However, overall loan production remained strong, with funded loan production significantly contributing to growth in the commercial and industrial lending segments that increased 4% year-over-year.

Deposits grew significantly, with period-end total deposits reported at $51.10 billion—up 2% quarter-over-quarter and 1% year-over-year. Core deposits totaled $46.22 billion, marking a 3% increase sequentially. The average cost of deposits also decreased by 26 basis points from the third quarter to 2.46%, illustrating improved funding efficiency.

Non-interest revenue for the quarter was $126 million, a 1% increase from the previous quarter and a notable 144% rise from the same quarter last year. Adjusted non-interest revenue rose 2% sequentially to $124.6 million. Key contributing areas included treasury management and capital markets.

Non-interest expenses for the fourth quarter totaled $309 million, down 1% from the previous quarter and down 12% year-over-year. Adjusted non-interest expense increased 2% sequentially but still maintained a notable decline from the previous year.

Credit quality metrics remained stable, with net charge-offs reported at $28 million or 0.26% of average loans. The allowance for credit losses ratio increased slightly to 1.27%. The Common Equity Tier 1 (CET1) ratio, a key measure of capital stability, improved by 62 basis points year-over-year to reach 10.84%, supported by a successful $50 million share repurchase program.

Overall, Synovus Financial Corp. showcased solid financial performance in the fourth quarter of 2024, bolstered by a combination of rising earnings, increasing revenues, and disciplined expense management.