Synovus Financial Corp. (NYSE:SNV) Q2 2024 Earnings Conference Call July 18, 2024 8:30 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

Ebrahim Poonawala - Bank of America
Steven Alexopoulos - JPMorgan
Jared Shaw - Barclays Capital
Manan Gosalia - Morgan Stanley
Brandon King - Truist Securities
Timur Braziler - Wells Fargo
Michael Rose - Raymond James
Catherine Mealor - KBW
Michael Rose - Raymond James
Christopher Marinac - Janney Montgomery Scott
Samuel Varga - UBS

Operator

Good morning, and welcome to the Synovus Second 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. Jennifer, 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 second quarter 2024 earnings call. Synovus reported a loss of $0.16 in the second quarter of 2024 which included a previously announced $256 million loss from the recent securities re-positioning that was executed as a result of the capital benefits derived from our risk weighted asset optimization exercise, however, adjusted earnings per share were $1.16 compared to $0.79 in the first quarter. While adjusted pre provision net revenue rose 20% from the prior quarter to $262 million.