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Teladoc Health to Announce First Quarter 2025 Financial Results

PURCHASE, NY, April 16, 2025 (GLOBE NEWSWIRE) — Teladoc Health Inc. (NYSE: TDOC), the global leader in virtual care, announced that it will release first quarter 2025 results on Wednesday, April 30, 2025, after the market closes. In conjunction, the company will host a conference call to review results at 4:30 p.m. ET on the same day.

Conference Call Details

The conference call can be accessed by dialing 1-833-470-1428 for U.S. participants and using the access code # 309585. For international participants, please visit the following link for global dial-in numbers: https://www.netroadshow.com/conferencing/global-numbers?confId=81196. A live audio webcast will also be available online at https://ir.teladoc.com/news-and-events/events-and-presentations/.

A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

About Teladoc Health

Teladoc Health empowers all people everywhere to live their healthiest lives by transforming the healthcare experience. As the world leader in virtual care, Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Teladoc Health leverages more than two decades of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals. For more information, please visit www.teladochealth.com.

Investors:

Michael Minchak
[email protected]
617-444-9612



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CenterPoint Energy adds new Board Members, Manuel Miranda and Laurie Fitch

PR Newswire

  • Election of new directors further advances CenterPoint’s utility and customer-focused strategy
  • New Directors bring deep experience in utility industry, operational rigor, infrastructure resiliency, hurricane and emergency response, and financing strategy


HOUSTON
, April 16, 2025 /PRNewswire/ — As part of its on-going refreshment process of its Board of Directors, CenterPoint Energy (NYSE: CNP) today announced that its shareholders elected two new members to its Board. Manuel (“Manny”) Miranda, a 40-year veteran of NextEra and Florida Power & Light and Laurie Fitch, senior advisor at PJT Partners, a global, advisory-focused investment bank, join CenterPoint’s Board effective April 16, 2025.

Consistent with its utility-focused strategy, CenterPoint has been delivering on its objective of divesting non-regulated and non-core businesses to invest in resilience, reliability and safety of its system and to fuel the company’s long-term growth potential, all for the benefit of its customers and communities. Today’s announcement continues to demonstrate progress on that strategy and particularly on the company’s vision to build the most resilient coastal grid in the country.

“We are witnessing the most transformational era in our industry in the last 80 years and our Board must reflect the experience needed to meet the opportunities and challenges that we will face in the next decade. Both Manny and Laurie are well-respected thought leaders in the energy industry. They both possess a wealth of experience, and they are a perfect fit for CenterPoint’s Board,” said Phillip R. Smith, CenterPoint Energy’s Independent Board Chair, “Each of them brings decades of relevant experience and knowledge in the utility and infrastructure sectors, especially when it comes to system reliability, infrastructure growth, climate resilience, and long-term financing strategy. We could not be more pleased to have them join us at this time.”

Regarding his appointment, Miranda said, “I am honored to be joining CenterPoint’s Board and bringing my perspective to the table on the critical resiliency work the company is delivering for their customers along the Gulf Coast. As we all work together to support the company’s goal of building and maintaining the most resilient coastal grid in the in the nation, I look forward to sharing my experience of helping harden grids and accelerating post-event restoration efforts in climate vulnerable states.”

Regarding her appointment, Fitch said, “CenterPoint has one of the strongest growth outlooks in the industry and I’m grateful to be joining the company at such pivotal time. I look forward to working with the other directors as we continue to support management in addressing the resiliency and growth opportunities of the business.”


About Manuel Miranda

A 40-year veteran of the utility industry, Manny played an integral role in driving growth and resiliency at Florida Power & Light. He led many of the efforts behind changing the company’s and industry’s approach to hurricane resiliency. He and his teams developed groundbreaking solutions that significantly improved the organization’s ability to withstand the impact of hurricanes along the Gulf Coast, including embarking on a 20-year journey to harden the overall Florida grid. During his career, he led planning, preparation and restoration efforts for 47 tropical storms and hurricanes from Hurricane Andrew (1992) to Hurricane Ian (2022). Manny’s expertise and contributions in the field have been recognized industrywide.

Manny holds a Bachelor of Science degree in mechanical engineering from the University of Miami and a Master of Business Administration from Nova Southeastern University (NSU). He previously served on the Board of Governors for NSU’s H. Wayne Huizenga School of Business and Entrepreneurship. Additionally, he has previously served as president of both the Southeastern Electric Exchange and the Association of Edison Illuminating Companies boards.


About Laurie Fitch


Laurie Fitch is a career investor-turned-advisor with a focus on the global power sector. She is a senior advisor at PJT Partners, having previously served as a partner. Prior to joining PJT Partners, Ms. Fitch worked for Morgan Stanley, most recently as co-head of the Global Industrials Group in Europe. Prior to Morgan Stanley, Ms. Fitch spent most of her career as an analyst and portfolio manager at Artisan Partners and TIAA-CREF, where she was one of the largest investors in the global industrials, utility and infrastructure sectors. Laurie is a Non-Executive Director of Man Group plc and EDPR. She previously served as Non-Executive Director of EDP.

Laurie holds a Bachelor of Arts in Arabic and Middle Eastern Studies and a Master of Arts from Georgetown University’s School of Foreign Service. She is also a trustee of The American University in Cairo.

About CenterPoint Energy, Inc. 
CenterPoint Energy, Inc. (NYSE: CNP) is a multi-state electric and natural gas delivery company serving approximately 7 million metered customers across Indiana, Minnesota, Ohio, and Texas. The company is headquartered in Houston and is the only Texas-domiciled investor-owned utility. As of December 31, 2024, the company had approximately $44 billion in assets. With approximately 8,300 employees, CenterPoint Energy and its predecessor companies have been serving customers for more than 150 years. For more information, visit CenterPointEnergy.com.

Forward-Looking Statement
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “target,” “will” or other similar words are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding our strategic, growth and capital plans, longer-term resiliency plans, and future performance and financial results, are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release or the date that such statement is made, as applicable. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) business strategies and strategic initiatives, restructurings, joint ventures, acquisitions or dispositions of assets or businesses involving CenterPoint Energy or its industry; (2) CenterPoint Energy’s ability to fund and invest planned capital, and the timely recovery of its investments; (3) financial market and general economic conditions; (4) the timing and impact of future regulatory, legislative and political actions or developments; and (5) other factors, risks and uncertainties discussed in CenterPoint Energy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission. 

For more information, contact


Communications



[email protected]

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/centerpoint-energy-adds-new-board-members-manuel-miranda-and-laurie-fitch-302430899.html

SOURCE CenterPoint Energy

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CenterPoint Energy Declares Regular Common Stock Dividend of $0.2200

PR Newswire


HOUSTON
, April 16, 2025 /PRNewswire/ — CenterPoint Energy, Inc.’s (NYSE: CNP) Board of Directors today declared a regular quarterly cash dividend of $0.2200 per share on the issued and outstanding shares of Common Stock payable on June 12, 2025, to shareholders of record at the close of business on May 15, 2025.

About CenterPoint Energy, Inc. 
CenterPoint Energy, Inc. (NYSE: CNP) is a multi-state electric and natural gas delivery company serving approximately 7 million metered customers across Indiana, Minnesota, Ohio, and Texas. The company is headquartered in Houston and is the only Texas-domiciled investor-owned utility.  As of December 31, 2024, the company had approximately $44 billion in assets. With approximately 8,300 employees, CenterPoint Energy and its predecessor companies have been serving customers for more than 150 years. For more information, visit CenterPointEnergy.com.

For more information, contact


Communications



[email protected]

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/centerpoint-energy-declares-regular-common-stock-dividend-of-0-2200–302430891.html

SOURCE CenterPoint Energy

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FOXO TECHNOLOGIES INC. ANNOUNCES FILING OF ITS ANNUAL REPORT ON FORM 10-K

WEST PALM BEACH, FL, April 16, 2025 (GLOBE NEWSWIRE) — FOXO Technologies Inc. (NYSE American: FOXO) (the “Company”) announces that it has filed its Annual Report on Form 10-K on April 15, 2025.

Pursuant to the disclosure requirements of the NYSE American Company Guidelines Sections 401(h) and 610(b), FOXO is reporting that its audited financial statements for the fiscal year ended December 31, 2024, included in FOXO’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, contains an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to FOXO’s ability to continue as a going concern. This announcement does not represent any change or amendment to the Company’s financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

“We are pleased to file our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission,” said Seamus Lagan, CEO of FOXO. “2024 was a transition year that saw FOXO surmount a number of challenges and complete the acquisitions of Myrtle Recovery Centers, Inc., a behavioral health business, and Rennova Community Health, Inc., which operates a rural hospital business in Tennessee. We believe the Company is well positioned for growth from existing operations and potential acquisitions in 2025.”

About FOXO Technologies Inc. (“FOXO”)

FOXO owns and operates three subsidiaries.

Rennova Community Health, Inc., owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical), a critical access designated (CAH) hospital in East Tennessee.

Myrtle Recovery Centers, Inc., a 30-bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services for MAT and OBOT Programs.

FOXO Labs, Inc. is a biotechnology company dedicated to improving human health and life span through the development of cutting-edge technology and product solutions for various industries.

For more information about FOXO, visit www.foxotechnologies.com.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the FOXO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to the risk of changes in the competitive and highly regulated industries in which FOXO operates; variations in operating performance across competitors or changes in laws and regulations affecting FOXO’s business; the ability to implement FOXO’s business plans, forecasts, and other expectations; the ability to obtain financing; the risk that FOXO has a history of losses and may not achieve or maintain profitability in the future; potential inability of FOXO to establish or maintain relationships required to advance its goals or to achieve its commercialization and development plans; the enforceability of FOXO’s intellectual property, including its patents and the potential infringement on the intellectual property rights of others; and the risk of downturns and a changing regulatory landscape in the highly competitive biotechnology industry or in the markets or industries in which FOXO operates. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties discussed in FOXO’s most recent reports on Forms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports, and in other documents FOXO has filed, or will file, with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FOXO assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:

Sebastien Sainsbury
[email protected]
(561) 485-0151



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AREXVY recommended for adults aged 50-59 at increased risk for severe respiratory syncytial virus (RSV) disease by US Advisory Committee on Immunization Practices

AREXVY recommended for adults aged 50-59 at increased risk for severe respiratory syncytial virus (RSV) disease by US Advisory Committee on Immunization Practices

  • Over 13 million adults aged 50-59 at increased risk in the US can potentially benefit from RSV immunization1
  • RSV causes an estimated 42,000 hospitalizations* each year in adults aged 50-64 years old in the US2

PHILADELPHIA–(BUSINESS WIRE)–
GSK plc (LSE/NYSE: GSK) is pleased that the Advisory Committee on Immunization Practices (ACIP) voted in favor of recommending the use of RSV vaccinesincluding GSK’sAREXVY(Respiratory Syncytial Virus Vaccine, Adjuvanted) in adults aged 50-59 who are at increased risk for severe RSV disease. This includes people with conditions like COPD, asthma, diabetes, heart disease and those in residential care3. This expands on ACIP’s previous vote in June 2024 to recommend RSV vaccines for adults aged 60-74 who are at increased risk and all adults aged 75 and older. AREXVY is indicated for the prevention of lower respiratory tract disease (LRTD) caused by RSV in individuals 60 years of age and older, as well as individuals 50 through 59 years of age who are at increased risk for LRTD caused by RSV.

A systematic review of studies in the US shows that RSV is estimated to cause 42,000 hospitalizations* each year in adults aged 50-64 years old.2 Adults with underlying medical conditions, such as chronic obstructive pulmonary disease (COPD), asthma, heart failure and diabetes are at increased risk from severe consequences from an RSV infection compared to those without these conditions.4,5 RSV can exacerbate these conditions and lead to pneumonia, hospitalization, or death.5

Tony Wood, Chief Scientific Officer, GSK: “We are pleased with ACIP’s recommendation to expand the benefits of RSV immunization to more than 13 million adults aged 50-59 who are at increased risk for the severe consequences of this virus. RSV can have a significant impact for those with underlying medical conditions. We look forward to helping protect more people with RSV vaccination.”

In making its recommendation, the ACIP considered positive results from a phase III trial [NCT05590403]6 evaluating the immune response and safety of GSK’s RSV vaccine in adults aged 50-59, including those at increased risk for RSV-LRTD due to certain underlying medical conditions compared to older adults aged 60 years and older where efficacy has been demonstrated after a single dose of GSK’s RSV vaccine.

The ACIP recommendations will be forwarded for review and approval. Once approved, the final recommendations will be published to advise healthcare providers on appropriate use of the vaccine and to inform insurance coverage.

About AREXVY (Respiratory Syncytial Virus Vaccine, Adjuvanted)

AREXVY contains recombinant RSV glycoprotein F stabilized in the prefusion conformation (RSVPreF3). This antigen is combined with GSK’s proprietary AS01E adjuvant.

The vaccine has been approved for the prevention of RSV-LRTD in individuals 60 years of age and older in 61 countries, including Europe, Japan and US. In addition, it is approved in the US, EU/EEA countries and Japan for use in individuals aged 50-59 who are at increased risk for lower respiratory disease caused by RSV due to certain underlying medical conditions. Regulatory reviews for this extended indication are ongoing in other countries.

The use of this vaccine should be in accordance with official recommendations. As with any vaccine, a protective immune response may not be elicited in all vaccinees.

The GSK proprietary AS01 adjuvant system contains STIMULON QS-21 adjuvant licensed from Antigenics Inc, a wholly owned subsidiary of Agenus Inc. STIMULON is a trademark of SaponiQx Inc., a subsidiary of Agenus.

Indication for AREXVY

AREXVY is a vaccine indicated for active immunization for the prevention of lower respiratory tract disease (LRTD) caused by respiratory syncytial virus (RSV) in:

  • Individuals 60 years of age and older;
  • Individuals 50 through 59 years of age who are at increased risk for LRTD caused by RSV.

Important Safety Information for AREXVY

  • AREXVY is contraindicated in anyone with a history of a severe allergic reaction (eg, anaphylaxis) to any component of AREXVY
  • The results of a postmarketing observational study suggest an increased risk of Guillain-Barré syndrome during the 42 days following vaccination with AREXVY
  • Appropriate medical treatment must be immediately available to manage potential anaphylactic reactions following administration of AREXVY
  • Syncope (fainting) may occur in association with administration of injectable vaccines, including AREXVY. Procedures should be in place to avoid injury from fainting
  • Immunocompromised persons, including those receiving immunosuppressive therapy, may have a diminished immune response to AREXVY​
  • In adults 60 years of age and older, the most commonly reported adverse reactions (≥10%) were injection site pain (60.9%), fatigue (33.6%), myalgia (28.9%), headache (27.2%), and arthralgia (18.1%)
  • In adults 50 through 59 years of age, the most commonly reported adverse reactions (≥10%) were injection site pain (75.8%), fatigue (39.8%), myalgia (35.6%), headache (31.7%), arthralgia (23.4%), erythema (13.2%), and swelling (10.4%)
  • There are no data on the use of AREXVY in pregnant or breastfeeding individuals. AREXVY is not approved for use in persons <50 years of age
  • Vaccination with AREXVY may not result in protection of all vaccine recipients

Please see full Prescribing Information for AREXVY.

About RSV in adults

RSV is a common contagious virus affecting the lungs and breathing passages. Adults can be at increased risk for RSV disease due to comorbidities, immune compromised status, or advanced age.5 RSV can exacerbate conditions, including COPD, asthma, and chronic heart failure and can lead to severe outcomes, such as pneumonia, hospitalization, and death.5 Each year, RSV is estimated to cause approximately 177,000 hospitalizations in adults 65 years and older7 and 42,000* in adults aged 50-64 years old in the US.2

About GSK

GSK is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at gsk.com.

Cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described in the “Risk Factors” section in GSK’s Annual Report on Form 20-F for 2024.

Registered in England & Wales:

No. 3888792

Registered Office:

79 New Oxford Street

London

WC1A 1DG

References
__________________________________

* adjusted for under-detection

1 Horn et al, “Disparities in Risk Factors for Severe Respiratory Syncytial Virus Disease among Adults in the United States”, Abstract presented at National Foundation for Infectious Diseases – 27 Annual Conference on Vaccinology Research – NFID 2024; May 8-10, 2024

2 McLaughlin JM et al, “Rates of Medically Attended RSV Among US Adults: A Systematic Review and Meta-analysis” in Open Forum Infectious Diseases, Volume 9, Issue 7, July 2022

3 Centers for Disease Control and Prevention (CDC), RSV vaccine guidance for older adults, August 2024. Available at: https://www.cdc.gov/rsv/hcp/vaccine-clinical-guidance/older-adults.html (Accessed April 2025)

4 Branche AR et al., “Incidence of Respiratory Syncytial Virus Infection Among Hospitalized Adults, 2017–2020” in Clinical Infectious Diseases, 2022:74:1004–1011

5 Centers for Disease Control and Prevention (CDC), RSV in Adults. Available at: https://www.cdc.gov/rsv/older-adults/index.html – accessed in April 2025

6 M. Ferguson, “Noninferior Immunogenicity and Consistent Safety of Respiratory Syncytial Virus Prefusion F Protein Vaccine in Adults 50-59 Years Compared to ≥60 Years of Age” in Clinical Infectious Diseases, 2024 Oct 15;79(4):1074-1084. doi: 10.1093/cid/ciae364.

7 Falsey, AR et al. “Respiratory syncytial virus infection in elderly and high-risk adults”, in New Engl J Med 2005; 352:1749-59

 

GSK enquiries

Media:

Tim Foley +44 (0) 20 8047 5502 (London)

Simon Moore +44 (0) 20 8047 5502 (London)

Kathleen Quinn +1 202 603 5003 (Washington DC)

Alison Hunt +1 540 742 3391 (Washington DC)

Investor Relations:

Annabel Brownrigg-Gleeson +44 (0) 7901 101944 (London)

James Dodwell +44 (0) 20 8047 2406 (London)

Mick Readey +44 (0) 7990 339653 (London)

Constantin Fest +44 (0) 7831 826525 (London)

Steph Mountifield +44 (0) 7796 707505 (London)

Jeff McLaughlin +1 215 751 7002 (Philadelphia)

Frannie DeFranco +1 215 751 4855 (Philadelphia)

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Seniors Biotechnology Pharmaceutical Managed Care Health Infectious Diseases Consumer Clinical Trials

MEDIA:

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Correction: Hercules Capital Receives Secured Debt Rating Upgrade to BBB from Fitch Ratings, Inc.

Correction: Hercules Capital Receives Secured Debt Rating Upgrade to BBB from Fitch Ratings, Inc.

SAN MATEO, Calif.–(BUSINESS WIRE)–
This press release corrects, replaces and entirely supersedes a prior version published on April 16, 2025. Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the largest and leading specialty financing provider to innovative venture, growth and established stage companies backed by some of the leading and top-tier venture capital and select private equity firms, today announced that Fitch Ratings, Inc. (“Fitch”) has upgraded Hercules’ senior secured debt rating to BBB from BBB-.

“We are very pleased that Fitch has upgraded our senior secured debt rating to BBB,” stated Seth Meyer, chief financial officer of Hercules. “We believe this rating reflects the scale and quality of our differentiated and diversified venture and growth stage lending business model, combined with our proven ability to deliver consistent shareholder returns through various cycles.”

According to Fitch, the upgraded BBB senior secured debt rating reflects the Company’s good recovery prospects in a stress scenario given its funding mix and available asset coverage. The rating action did not result in any changes to Hercules’ issuer default rating (“IDR”) or unsecured debt ratings, which remain at BBB-.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than $21 billion to over 670 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact [email protected] or call 650.289.3060.

Hercules, through its wholly owned subsidiary business, Hercules Adviser LLC (the “Adviser Subsidiary”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). The Adviser Subsidiary is registered as an investment adviser under the Investment Advisers Act of 1940.

Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and should not be relied upon in making any investment decision. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. While we cannot identify all such risks and uncertainties, we urge you to read the risks discussed in our Annual Report on Form 10-K and other materials that we publicly file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. Hercules assumes no obligation to update any such statements in the future.

View source version on businesswire.com:

https://www.businesswire.com/news/home/20250416650733/en/

Michael Hara

Investor Relations and Corporate Communications

Hercules Capital, Inc.

(650) 433-5578

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

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Black Stone Minerals, L.P. Announces Distribution and Schedules Earnings Call to Discuss First Quarter 2025 Results

Black Stone Minerals, L.P. Announces Distribution and Schedules Earnings Call to Discuss First Quarter 2025 Results

HOUSTON–(BUSINESS WIRE)–
Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Partnership”) today declared the distribution attributable to the first quarter of 2025. Additionally, the Partnership announced the date of its first quarter 2025 earnings call.

Common Distribution

The Board of Directors of the general partner has approved a cash distribution of $0.375 per common unit attributable to the first quarter of 2025, consistent with the prior quarter. Distributions will be payable on May 15, 2025, to unitholders of record on May 8, 2025.

Earnings Conference Call

The Partnership is scheduled to release details regarding its results for the first quarter of 2025 after the close of trading on May 5, 2025. A conference call to discuss these results is scheduled for May 6, 2025, at 9:00 a.m. Central time (10:00 a.m. Eastern time). The conference call will be broadcast live in listen-only mode on BSM’s investor relations website at https://investor.blackstoneminerals.com. If you would like to ask a question, the dial-in number for the conference call is (800) 715-9871 for domestic participants and (646) 307-1963 for international participants. The conference ID for the call is 8003975. Call participants are advised to call in 10 minutes in advance of the call start time.

A replay of the conference call will be available approximately two hours after the call through a link on BSM’s investor relations website.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Partnership owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Black Stone Minerals, L.P. Contacts

Taylor DeWalch

Senior Vice President, Chief Financial Officer, and Treasurer

Telephone: (713) 445-3200

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Energy Natural Resources Mining/Minerals Oil/Gas

MEDIA:

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GeoPark Publishes Its 2024 SPEED/Sustainability Report

GeoPark Publishes Its 2024 SPEED/Sustainability Report

28% REDUCTION IN SCOPE 1 AND 2 GREENHOUSE GAS EMISSIONS COMPARED TO 2020: STRONG PROGRESS TOWARDS 2025 TARGET

BOGOTA, Colombia–(BUSINESS WIRE)–
GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announces the publication of its 2024 SPEED/Sustainability Report (“the Report”).

The Report highlights GeoPark’s sustainability progress, showing how actively reducing energy intensity and environmental footprint strengthens operational resilience, efficiency, and value maximization that underpins a profitable, dependable and sustainable business model.

Presenting the report, Andrés Ocampo, CEO of GeoPark, said: “Sustainability is a core driver of our North Star strategy and long-term success. In 2024, we advanced across multiple fronts—cutting emissions, improving efficiencies, and delivering tangible value to our communities. Our SPEED System guides us to produce energy responsibly, power progress, and protect nature while generating competitive returns for our shareholders.”

2024 HIGHLIGHTS

  • 28% cumulative reduction in Scope 1 and 2 GHG emissions in 2024 versus 2020 baseline, while emissions intensity reached 10.3 kgCO₂e/BOE, reflecting improved operational performance, increased renewable energy use, and methane management via real-time digital systems
  • Six energy community projects structured with the Colombian Ministry of Mines and Energy to deliver clean, reliable power to rural areas in Casanare
  • Zero barrels of crude oil spilled per million barrels produced and zero environmental fines in our operations during 2024
  • 100% of employees with variable compensation linked to climate change KPIs, strengthening internal alignment with long-term environmental goals
  • 7.01% reduction in water consumption compared to 2023

INDUSTRY RECOGNITION AND LEADERSHIP

In 2024, GeoPark’s performance earned several distinctions:

  • AA rating from MSCI ESG Index for the second consecutive year, consolidating our position as an ESG Leader
  • Included in the S&P Sustainability Yearbook 2025, ranked among the top 15% in the global oil and gas sector, and recognized as the most improved ESG score in its peer group
  • Winner of the Hechos de Sostenibilidad Award by the Colombian Petroleum Association for climate action and circular economy strategies
  • Recipient of the Colombia’s National Business Association (ANDI by its Spanish acronym) Water and Biodiversity Award for data-driven conservation
  • Honored with the Schneider Electric Decarbonization Award for emissions management leadership

GeoPark’s SPEED/Sustainability Report adheres to leading international reporting frameworks including the Global Reporting Initiative (GRI) and its annex on the oil and gas sector, the Sustainability Accounting Standards Board (SASB), the Sustainability reporting guide of IPIECA, the Task Force on Climate-related Financial Disclosure (TCFD), the United Nations Global Compact, and the Sustainable Development Goals (SDGs).

Click here to access the 2024 SPEED/Sustainability Report.

NOTICE

Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, drilling campaign, production guidance, closing of acquisition transaction and production consolidation. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days.

For further information, please contact:

INVESTOR RELATIONS:

Maria Catalina Escobar

Shareholder Value and Capital Markets Director

[email protected]

Miguel Bello

Investor Relations Officer

[email protected]

Maria Alejandra Velez

Investor Relations Leader

[email protected]

MEDIA:

Communications Department

[email protected]

KEYWORDS: Latin America North America United States South America Colombia Florida

INDUSTRY KEYWORDS: Professional Services Environmental, Social and Governance (ESG) Environment Oil/Gas Sustainability Energy Climate Change

MEDIA:

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Posted on

SKK HOLDINGS LIMITED ANNOUNCES RECEIPT OF NASDAQ NOTIFICATION LETTER REGARDING MINIMUM PRICE DEFICIENCY

SINGAPORE, April 16, 2025 (GLOBE NEWSWIRE) — SKK Holdings Limited (“SKK” or the “Company”) (Nasdaq: SKK), a civil engineering service provider that specializes in subsurface utility works in Singapore, today announced that it received a notification letter from The Nasdaq Stock Market LLC (“Nasdaq”) dated April 14, 2025, notifying the Company that based on the closing bid price of the Company for the period from February 28, 2025 to April 11, 2025, the Company no longer meets the continued listing requirement of Nasdaq under Nasdaq Listing Rules 5550(a)(2), to maintain a minimum bid price of $1 per share.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of one hundred eighty (180) calendar days, or until October 13, 2025, to regain compliance with Nasdaq continued listing requirement. In the event that the Company does not regain compliance in the compliance period, the Company may be eligible for an additional 180 calendar days, should the Company meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and is able to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company’s securities will be subject to delisting.

The Nasdaq notification letter does not result in the immediate delisting of the Company’s ordinary shares, and the shares will continue to trade uninterrupted under the symbol “SKK.”

The Company is currently evaluating options to regain compliance and intends to timely regain compliance with Nasdaq’s continued listing requirement. Although the Company will use all reasonable efforts to achieve compliance with Rule 5550(a)(2), there can be no assurance that the Company will be able to regain compliance with that rule or will otherwise be in compliance with other Nasdaq continued listing requirement.

About SKK Holdings Limited

SKK Holdings Limited is a civil engineering service provider that specializes in subsurface utility works in Singapore. We seek to plan, construct and maintain various public works and infrastructure projects that serve the society and the environment. We have over 10 years of experience in providing civil engineering services to our customers in Singapore in numerous public utility projects, including but not limited to power and telecommunication cable laying works, water pipeline works and sewer rehabilitation works.

Safe Harbor Statement

This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors,” may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

Contact:

SKK Holdings Limited Contact:
Yee Yen Han
Chief Financial Officer
Telephone +65 6334 3831
[email protected]

Phaik Shya Koay
Financial Controller
Telephone +65 6334 3831
[email protected]



Posted on

Synovus Announces Earnings for First Quarter 2025

Synovus Announces Earnings for First Quarter 2025

Diluted earnings per share of $1.30 versus $0.78 in 1Q24

Adjusted diluted earnings per share of $1.30 versus $0.79 in1Q24

COLUMBUS, Ga.–(BUSINESS WIRE)–
Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended March 31, 2025.

“In the first quarter, we delivered 67% year-over-year earnings per share growth, fueled by net interest margin expansion, a lower provision for credit losses and excellent expense management. We also continued to build momentum, as funded loan production was at the highest level since the fourth quarter of 2022, and our credit losses declined to the lowest level in more than three years. As the quarter progressed, borrowers and investors grew more cautious amid concerns surrounding the sustainability of consumer spending and potential impacts from higher tariffs and federal government layoffs. While the economic outlook and interest rate environment remains uncertain, we’re confident in our trajectory and the strength and resilience of our balance sheet and business model, as evidenced by our updated guidance for the year,” said Synovus Chairman, CEO and President Kevin Blair.

First Quarter 2025 Highlights

  • Net income available to common shareholders was $183.7 million, or $1.30 per diluted share, compared to $178.8 million or $1.25 in fourth quarter 2024 and $114.8 million or $0.78 in first quarter 2024.
  • Adjusted net income available to common shareholders was $184.4 million, or $1.30 per diluted share, compared to $178.3 million or $1.25 in fourth quarter 2024 and $116.0 million or $0.79 in first quarter 2024.
  • Pre-provision net revenue was $262.8 million, which fell 3% from fourth quarter 2024 but was up 22% from first quarter 2024. Adjusted pre-provision net revenue of $265.3 million declined 2% from fourth quarter 2024 and increased $47.5 million, or 22%, compared to first quarter 2024. Year-over-year growth was the result of a healthy increase in net interest income and a decline in non-interest expense.
  • Net interest income was flat sequentially in the first quarter and increased $35.5 million, or 8%, compared to first quarter 2024. On a linked quarter basis, the net interest margin expanded 7 basis points to 3.35% as a result of effective deposit repricing, a lower cash position, hedge maturities and a stable Fed Funds environment, which more than offset a full quarter impact of the $500 million senior debt issuance in fourth quarter 2024.
  • Period-end loans increased $39.7 million from fourth quarter 2024 as stronger loan production and core commercial lending growth was mostly offset by elevated loan payoffs and paydowns.
  • Period-end core deposits (excluding brokered deposits) were $46.0 billion, a decline of $223.8 million sequentially. Seasonality in middle market deposits drove the majority of the decline. Average deposit costs declined 20 basis points sequentially to 2.26%.
  • Non-interest revenue of $116.5 million declined $9.1 million sequentially and fell $2.4 million, or 2%, compared to first quarter 2024. Adjusted non-interest revenue of $117.3 million declined $7.3 million, or 6%, sequentially and increased $693 thousand, or 1%, compared to first quarter 2024. The sequential decline in adjusted non-interest revenue was largely from lower capital markets income and seasonally weaker commercial sponsorship fees. The year-over-year growth was primarily attributable to higher core banking fees and capital markets income.
  • Non-interest expense and adjusted non-interest expense were $308.0 million and $307.9 million, respectively, both of which were relatively stable from the prior quarter. Non-interest expense declined 5% from first quarter 2024. Adjusted non-interest expense fell 3% year over year due to disciplined expense control and a $12.2 million decline in the FDIC special assessment. Excluding the FDIC special assessment, adjusted non-interest expense was flat year over year.
  • Provision for credit losses of $10.9 million declined 67% sequentially and fell 80% compared to $54.0 million in first quarter 2024. The allowance for credit losses ratio (to loans) of 1.24% was down from 1.27% in the prior quarter, while our coverage of non-performing loans improved to 185% in first quarter 2025 from 174% in the prior quarter.
  • The non-performing loan and asset ratios improved to 0.67% compared to 0.73% in fourth quarter 2024, while the net charge-off ratio for first quarter 2025 was 0.20%, down from 0.26% in the prior quarter. Total past due loans were 0.22% of total loans outstanding.
  • The preliminary Common Equity Tier 1 ratio ended first quarter 2025 at 10.75% as core earnings accretion offset the impact of $120 million in common stock repurchases.

First Quarter Summary

 

Reported

 

Adjusted

(dollars in thousands)

 

1Q25

 

 

 

4Q24

 

 

 

1Q24

 

 

 

1Q25

 

 

 

4Q24

 

 

 

1Q24

 

Net income available to common shareholders

$

183,691

 

 

$

178,848

 

 

$

114,822

 

 

$

184,380

 

 

$

178,331

 

 

$

115,973

 

Diluted earnings per share

 

1.30

 

 

 

1.25

 

 

 

0.78

 

 

 

1.30

 

 

 

1.25

 

 

 

0.79

 

Total revenue

 

570,850

 

 

 

580,580

 

 

 

537,734

 

 

 

573,243

 

 

 

581,054

 

 

 

536,745

 

Total loans

 

42,648,738

 

 

 

42,609,028

 

 

 

43,309,877

 

 

NA

 

NA

 

NA

Total deposits

 

50,843,061

 

 

 

51,095,359

 

 

 

50,580,242

 

 

NA

 

NA

 

NA

Return on avg assets(1)

 

1.32

%

 

 

1.25

%

 

 

0.85

%

 

 

1.32

%

 

 

1.25

%

 

 

0.85

%

Return on avg common equity(1)

 

15.48

 

 

 

14.75

 

 

 

10.17

 

 

 

15.54

 

 

 

14.71

 

 

 

10.27

 

Return on avg tangible common equity(1)

 

17.52

 

 

 

16.72

 

 

 

11.71

 

 

 

17.58

 

 

 

16.67

 

 

 

11.83

 

Net interest margin(2)

 

3.35

 

 

 

3.28

 

 

 

3.04

 

 

NA

 

NA

 

NA

Efficiency ratio-TE(2)(3)

 

53.81

 

 

 

53.15

 

 

 

59.87

 

 

 

53.26

 

 

 

52.69

 

 

 

58.88

 

NCO ratio-QTD

 

0.20

 

 

 

0.26

 

 

 

0.41

 

 

NA

 

 

NA

 

 

NA

NPA ratio

 

0.67

 

 

 

0.73

 

 

 

0.86

 

 

NA

 

 

NA

 

 

NA

Common Equity Tier 1 capital (CET1) ratio(4)

 

10.75

 

 

 

10.84

 

 

 

10.38

 

 

NA

 

 

NA

 

 

NA

(1) Annualized

(2) Taxable equivalent

(3) Adjusted tangible efficiency ratio

(4) Current period ratio preliminary

NA – not applicable

Balance Sheet

Loans*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

1Q25

 

 

4Q24

 

Linked

Quarter

Change

 

Linked

Quarter %

Change

 

 

1Q24

 

Year/Year

Change

 

Year/Year

% Change

Commercial & industrial

$

22,313.3

 

$

22,331.1

 

$

(17.8

)

 

—

%

 

$

22,731.3

 

$

(418.0

)

 

(2

)%

Commercial real estate

 

12,071.6

 

 

12,014.6

 

 

56.9

 

 

—

 

 

 

12,194.0

 

 

(122.5

)

 

(1

)

Consumer

 

8,263.8

 

 

8,263.3

 

 

0.6

 

 

—

 

 

 

8,384.6

 

 

(120.7

)

 

(1

)

Total loans

$

42,648.7

 

$

42,609.0

 

$

39.7

 

 

—

%

 

$

43,309.9

 

$

(661.2

)

 

(2

)%

*Amounts may not total due to rounding

Deposits*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

1Q25

 

 

4Q24

 

Linked

Quarter

Change

 

Linked

Quarter %

Change

 

 

1Q24

 

Year/Year

Change

 

Year/Year

% Change

Non-interest-bearing DDA

$

11,095.8

 

$

10,974.6

 

$

121.2

 

 

1

%

 

$

11,515.4

 

$

(419.6

)

 

(4

)%

Interest-bearing DDA

 

7,272.0

 

 

7,199.7

 

 

72.4

 

 

1

 

 

 

6,478.8

 

 

793.2

 

 

12

 

Money market

 

11,424.7

 

 

11,407.4

 

 

17.2

 

 

—

 

 

 

10,712.7

 

 

711.9

 

 

7

 

Savings

 

1,000.4

 

 

971.1

 

 

29.3

 

 

3

 

 

 

1,045.1

 

 

(44.7

)

 

(4

)

Public funds

 

8,125.0

 

 

7,987.5

 

 

137.5

 

 

2

 

 

 

7,270.4

 

 

854.6

 

 

12

 

Time deposits

 

7,078.5

 

 

7,679.9

 

 

(601.4

)

 

(8

)

 

 

7,838.9

 

 

(760.4

)

 

(10

)

Brokered deposits

 

4,846.7

 

 

4,875.2

 

 

(28.5

)

 

(1

)

 

 

5,718.9

 

 

(872.2

)

 

(15

)

Total deposits

$

50,843.1

 

$

51,095.4

 

$

(252.3

)

 

—

%

 

$

50,580.2

 

$

262.8

 

 

1

%

*Amounts may not total due to rounding

Income Statement Summary**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

1Q25

 

 

 

4Q24

 

 

Linked

Quarter

Change

 

Linked

Quarter %

Change

 

 

1Q24

 

 

Year/Year

Change

 

Year/Year

% Change

Net interest income

$

454,384

 

 

$

454,993

 

 

$

(609

)

 

—

%

 

$

418,846

 

 

$

35,538

 

 

8

%

Non-interest revenue

 

116,466

 

 

 

125,587

 

 

 

(9,121

)

 

(7

)

 

 

118,888

 

 

 

(2,422

)

 

(2

)

Non-interest expense

 

308,034

 

 

 

309,311

 

 

 

(1,277

)

 

—

 

 

 

322,741

 

 

 

(14,707

)

 

(5

)

Provision for (reversal of) credit losses

 

10,921

 

 

 

32,867

 

 

 

(21,946

)

 

(67

)

 

 

53,980

 

 

 

(43,059

)

 

(80

)

Income before taxes

$

251,895

 

 

$

238,402

 

 

$

13,493

 

 

6

%

 

$

161,013

 

 

$

90,882

 

 

56

%

Income tax expense (benefit)

 

57,023

 

 

 

49,025

 

 

 

7,998

 

 

16

 

 

 

36,943

 

 

 

20,080

 

 

54

 

Net income

 

194,872

 

 

 

189,377

 

 

 

5,495

 

 

3

 

 

 

124,070

 

 

 

70,802

 

 

57

 

Less: Net income (loss) attributable to noncontrolling interest

 

(142

)

 

 

(1,049

)

 

 

907

 

 

86

 

 

 

(437

)

 

 

295

 

 

68

 

Net income attributable to Synovus Financial Corp.

 

195,014

 

 

 

190,426

 

 

 

4,588

 

 

2

 

 

 

124,507

 

 

 

70,507

 

 

57

 

Less: Preferred stock dividends

 

11,323

 

 

 

11,578

 

 

 

(255

)

 

(2

)

 

 

9,685

 

 

 

1,638

 

 

17

 

Net income available to common shareholders

$

183,691

 

 

$

178,848

 

 

$

4,843

 

 

3

%

 

$

114,822

 

 

$

68,869

 

 

60

%

Weighted average common shares outstanding, diluted

 

141,775

 

 

 

142,694

 

 

 

(919

)

 

(1

)%

 

 

147,122

 

 

 

(5,347

)

 

(4

)%

Diluted earnings per share

$

1.30

 

 

$

1.25

 

 

$

0.05

 

 

4

 

 

$

0.78

 

 

$

0.52

 

 

67

 

Adjusted diluted earnings per share

 

1.30

 

 

 

1.25

 

 

 

0.05

 

 

4

 

 

 

0.79

 

 

 

0.51

 

 

65

 

Effective tax rate

 

22.64

%

 

 

20.56

%

 

 

 

 

 

 

22.94

%

 

 

 

 

** Amounts may not total due to rounding

NM – not meaningful

First Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on April 17, 2025. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 659807). Shareholders and other interested parties may also listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for at least 12 months and will be available approximately one hour after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. As of March 31, 2025, Synovus has 244 branches in Georgia, Alabama, Florida, South Carolina and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at synovus.com.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2024, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT DATA

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

2025

 

2024

 

First Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

First

Quarter

 

’25 vs ’24

 

 

 

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

766,765

 

 

799,130

 

 

810,507

 

 

801,242

 

 

782,710

 

 

(2

)%

Interest expense

 

312,381

 

 

344,137

 

 

369,767

 

 

366,244

 

 

363,864

 

 

(14

)

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

454,384

 

 

454,993

 

 

440,740

 

 

434,998

 

 

418,846

 

 

8

 

Provision for (reversal of) credit losses

 

10,921

 

 

32,867

 

 

23,434

 

 

26,404

 

 

53,980

 

 

(80

)

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

443,463

 

 

422,126

 

 

417,306

 

 

408,594

 

 

364,866

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest revenue:

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

23,114

 

 

23,244

 

 

23,683

 

 

22,907

 

 

21,813

 

 

6

 

Fiduciary and asset management fees

 

19,917

 

 

21,373

 

 

19,714

 

 

19,728

 

 

19,013

 

 

5

 

Card fees

 

21,227

 

 

19,577

 

 

18,439

 

 

19,418

 

 

19,486

 

 

9

 

Brokerage revenue

 

20,359

 

 

20,907

 

 

20,810

 

 

20,457

 

 

22,707

 

 

(10

)

Mortgage banking income

 

3,338

 

 

2,665

 

 

4,033

 

 

3,944

 

 

3,418

 

 

(2

)

Capital markets income

 

6,941

 

 

12,070

 

 

10,284

 

 

15,077

 

 

6,627

 

 

5

 

Income from bank-owned life insurance

 

8,084

 

 

10,543

 

 

8,442

 

 

8,097

 

 

7,347

 

 

10

 

Investment securities gains (losses), net

 

—

 

 

—

 

 

—

 

 

(256,660

)

 

—

 

 

nm

Other non-interest revenue

 

13,486

 

 

15,208

 

 

18,575

 

 

18,181

 

 

18,477

 

 

(27

)

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest revenue

 

116,466

 

 

125,587

 

 

123,980

 

 

(128,851

)

 

118,888

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

Salaries and other personnel expense

 

185,510

 

 

184,725

 

 

184,814

 

 

179,407

 

 

188,521

 

 

(2

)

Net occupancy, equipment, and software expense

 

48,652

 

 

47,251

 

 

46,977

 

 

46,415

 

 

46,808

 

 

4

 

Third-party processing and other services

 

21,874

 

 

22,158

 

 

21,552

 

 

21,783

 

 

20,258

 

 

8

 

Professional fees

 

9,779

 

 

11,949

 

 

10,854

 

 

15,655

 

 

7,631

 

 

28

 

FDIC insurance and other regulatory fees

 

8,544

 

 

8,227

 

 

7,382

 

 

6,493

 

 

23,819

 

 

(64

)

Restructuring charges (reversals)

 

(1,292

)

 

37

 

 

1,219

 

 

(658

)

 

1,524

 

 

nm

Other operating expenses

 

34,967

 

 

34,964

 

 

40,892

 

 

32,706

 

 

34,180

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense

 

308,034

 

 

309,311

 

 

313,690

 

 

301,801

 

 

322,741

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

251,895

 

 

238,402

 

 

227,596

 

 

(22,058

)

 

161,013

 

 

56

 

Income tax expense (benefit)

 

57,023

 

 

49,025

 

 

46,912

 

 

(7,378

)

 

36,943

 

 

54

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

194,872

 

 

189,377

 

 

180,684

 

 

(14,680

)

 

124,070

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income (loss) attributable to noncontrolling interest

 

(142

)

 

(1,049

)

 

(871

)

 

(652

)

 

(437

)

 

68

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Synovus Financial Corp.

 

195,014

 

 

190,426

 

 

181,555

 

 

(14,028

)

 

124,507

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Preferred stock dividends

 

11,323

 

 

11,578

 

 

11,927

 

 

9,713

 

 

9,685

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to common shareholders

$

183,691

 

 

178,848

 

 

169,628

 

 

(23,741

)

 

114,822

 

 

60

%

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share, basic

$

1.31

 

 

1.26

 

 

1.19

 

 

(0.16

)

 

0.78

 

 

68

%

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share, diluted

 

1.30

 

 

1.25

 

 

1.18

 

 

(0.16

)

 

0.78

 

 

67

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

0.39

 

 

0.38

 

 

0.38

 

 

0.38

 

 

0.38

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets *

 

1.32

%

 

1.25

 

 

1.21

 

 

(0.10

)

 

0.85

 

 

47 bps

Return on average common equity *

 

15.48

 

 

14.75

 

 

14.38

 

 

(2.14

)

 

10.17

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

140,684

 

 

141,555

 

 

143,144

 

 

145,565

 

 

146,430

 

 

(4

)%

Weighted average common shares outstanding, diluted

 

141,775

 

 

142,694

 

 

143,979

 

 

145,565

 

 

147,122

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

nm – not meaningful

bps – basis points

* – ratios are annualized

Amounts may not total due to rounding

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET DATA

 

March 31,

2025

 

December 31,

2024

 

March 31,

2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Interest-earning deposits with banks and other cash and cash equivalents

 

$

2,675,110

 

 

$

2,977,667

 

 

$

2,379,778

 

Federal funds sold and securities purchased under resale agreements

 

 

31,123

 

 

 

16,320

 

 

 

43,722

 

Cash, cash equivalents, and restricted cash

 

 

2,706,233

 

 

 

2,993,987

 

 

 

2,423,500

 

 

 

 

 

 

 

 

Investment securities held to maturity

 

 

2,546,741

 

 

 

2,581,469

 

 

 

—

 

Investment securities available for sale

 

 

7,840,385

 

 

 

7,551,018

 

 

 

9,694,515

 

Loans held for sale (includes $34,859, $33,448 and $36,698 measured at fair value, respectively)

 

 

121,669

 

 

 

90,111

 

 

 

130,586

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs

 

 

42,648,738

 

 

 

42,609,028

 

 

 

43,309,877

 

Allowance for loan losses

 

 

(478,207

)

 

 

(486,845

)

 

 

(492,661

)

Loans, net

 

 

42,170,531

 

 

 

42,122,183

 

 

 

42,817,216

 

 

 

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

 

1,148,075

 

 

 

1,139,988

 

 

 

1,119,379

 

Premises, equipment, and software, net

 

 

381,925

 

 

 

383,724

 

 

 

375,315

 

Goodwill

 

 

480,440

 

 

 

480,440

 

 

 

480,440

 

Other intangible assets, net

 

 

31,691

 

 

 

34,318

 

 

 

43,021

 

Other assets

 

 

2,911,431

 

 

 

2,856,406

 

 

 

2,751,148

 

Total assets

 

$

60,339,121

 

 

$

60,233,644

 

 

$

59,835,120

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest-bearing deposits

 

$

11,543,123

 

 

$

11,596,119

 

 

$

12,042,353

 

Interest-bearing deposits

 

 

39,299,938

 

 

 

39,499,240

 

 

 

38,537,889

 

 

 

 

 

 

 

 

Total deposits

 

 

50,843,061

 

 

 

51,095,359

 

 

 

50,580,242

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold under repurchase agreements

 

 

83,002

 

 

 

131,728

 

 

 

128,244

 

Other short-term borrowings

 

 

—

 

 

 

—

 

 

 

252,469

 

Long-term debt

 

 

2,096,918

 

 

 

1,733,109

 

 

 

2,031,735

 

Other liabilities

 

 

1,903,837

 

 

 

2,007,197

 

 

 

1,800,794

 

Total liabilities

 

 

54,926,818

 

 

 

54,967,393

 

 

 

54,793,484

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Preferred stock – no par value. Authorized 100,000,000 shares; issued 22,000,000

 

 

537,145

 

 

 

537,145

 

 

 

537,145

 

Common stock – $1.00 par value. Authorized 342,857,142 shares; issued 172,659,603, 172,185,507 and 171,873,265 respectively; outstanding 139,214,132, 141,165,908 and 146,418,407 respectively

 

 

172,660

 

 

 

172,186

 

 

 

171,873

 

Additional paid-in capital

 

 

3,983,395

 

 

 

3,986,729

 

 

 

3,957,576

 

Treasury stock, at cost; 33,445,471, 31,019,599, and 25,454,858 shares, respectively

 

 

(1,337,676

)

 

 

(1,216,827

)

 

 

(974,499

)

Accumulated other comprehensive income (loss), net

 

 

(826,718

)

 

 

(970,765

)

 

 

(1,248,194

)

Retained earnings

 

 

2,861,945

 

 

 

2,736,089

 

 

 

2,574,017

 

Total Synovus Financial Corp. shareholders’ equity

 

 

5,390,751

 

 

 

5,244,557

 

 

 

5,017,918

 

Noncontrolling interest in subsidiary

 

 

21,552

 

 

 

21,694

 

 

 

23,718

 

Total equity

 

 

5,412,303

 

 

 

5,266,251

 

 

 

5,041,636

 

Total liabilities and equity

 

$

60,339,121

 

 

$

60,233,644

 

 

$

59,835,120

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES, INTEREST, AND YIELDS/RATES

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter 2025

 

Fourth Quarter 2024

 

First Quarter 2024

(dollars in thousands)

Average

Balance

 

Interest

 

Yield/

Rate

 

Average

Balance

 

Interest

 

Yield/

Rate

 

Average

Balance

 

Interest

 

Yield/

Rate

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial loans (1) (2)

$

34,262,226

 

 

$

543,485

 

6.43

%

 

$

34,278,042

 

 

$

569,759

 

6.61

%

 

$

34,943,797

 

 

$

583,459

 

6.72

%

Consumer loans (1)

 

8,244,161

 

 

 

106,344

 

5.19

 

 

 

8,258,712

 

 

 

107,507

 

5.19

 

 

 

8,434,105

 

 

 

109,566

 

5.21

 

Less: Allowance for loan losses

 

(480,023

)

 

 

—

 

—

 

 

 

(479,980

)

 

 

—

 

—

 

 

 

(481,146

)

 

 

—

 

—

 

Loans, net

 

42,026,364

 

 

 

649,829

 

6.26

 

 

 

42,056,774

 

 

 

677,266

 

6.41

 

 

 

42,896,756

 

 

 

693,025

 

6.49

 

Total investment securities(3)

 

10,759,512

 

 

 

93,352

 

3.47

 

 

 

10,623,943

 

 

 

91,038

 

3.43

 

 

 

11,148,242

 

 

 

71,906

 

2.58

 

Interest-earning deposits with other banks

 

2,054,292

 

 

 

22,172

 

4.32

 

 

 

2,437,414

 

 

 

28,726

 

4.61

 

 

 

1,182,412

 

 

 

15,907

 

5.33

 

Federal funds sold and securities purchased under resale agreements

 

20,162

 

 

 

131

 

2.60

 

 

 

21,177

 

 

 

210

 

3.88

 

 

 

35,678

 

 

 

266

 

2.95

 

Mortgage loans held for sale

 

24,267

 

 

 

373

 

6.15

 

 

 

30,483

 

 

 

520

 

6.83

 

 

 

29,773

 

 

 

495

 

6.65

 

Other loans held for sale

 

69,049

 

 

 

384

 

2.23

 

 

 

74,019

 

 

 

404

 

2.13

 

 

 

18,465

 

 

 

83

 

1.77

 

Other earning assets(4)

 

178,344

 

 

 

2,101

 

4.71

 

 

 

178,676

 

 

 

2,396

 

5.37

 

 

 

199,392

 

 

 

2,338

 

4.69

 

Total interest earning assets

 

55,131,990

 

 

 

768,342

 

5.65

%

 

 

55,422,486

 

 

 

800,560

 

5.75

%

 

 

55,510,718

 

 

 

784,020

 

5.68

%

Cash and due from banks

 

499,201

 

 

 

 

 

 

 

512,178

 

 

 

 

 

 

 

532,624

 

 

 

 

 

Premises and equipment

 

384,258

 

 

 

 

 

 

 

382,784

 

 

 

 

 

 

 

370,376

 

 

 

 

 

Other real estate

 

261

 

 

 

 

 

 

 

386

 

 

 

 

 

 

 

61

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

1,142,943

 

 

 

 

 

 

 

1,135,952

 

 

 

 

 

 

 

1,114,703

 

 

 

 

 

Other assets(5)

 

2,717,893

 

 

 

 

 

 

 

2,720,830

 

 

 

 

 

 

 

1,493,749

 

 

 

 

 

Total assets

$

59,876,546

 

 

 

 

 

 

$

60,174,616

 

 

 

 

 

 

$

59,022,231

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

11,613,495

 

 

 

62,811

 

2.19

%

 

$

11,298,352

 

 

 

67,470

 

2.38

%

 

$

10,590,340

 

 

 

65,415

 

2.48

%

Money market accounts

 

13,900,933

 

 

 

92,897

 

2.71

 

 

 

13,768,434

 

 

 

101,063

 

2.92

 

 

 

12,826,385

 

 

 

103,129

 

3.23

 

Savings deposits

 

994,127

 

 

 

320

 

0.13

 

 

 

986,522

 

 

 

316

 

0.13

 

 

 

1,057,087

 

 

 

287

 

0.11

 

Time deposits

 

7,777,767

 

 

 

71,055

 

3.71

 

 

 

8,251,686

 

 

 

85,426

 

4.12

 

 

 

7,902,850

 

 

 

86,493

 

4.40

 

Brokered deposits

 

4,905,909

 

 

 

55,242

 

4.57

 

 

 

5,012,655

 

 

 

61,924

 

4.91

 

 

 

5,737,445

 

 

 

77,342

 

5.42

 

Federal funds purchased and securities sold under repurchase agreements

 

75,252

 

 

 

208

 

1.11

 

 

 

113,681

 

 

 

322

 

1.11

 

 

 

113,558

 

 

 

648

 

2.26

 

Other short-term borrowings

 

—

 

 

 

—

 

—

 

 

 

—

 

 

 

—

 

—

 

 

 

71,775

 

 

 

955

 

5.26

 

Long-term debt

 

1,773,203

 

 

 

29,848

 

6.74

 

 

 

1,613,246

 

 

 

27,616

 

6.84

 

 

 

1,764,740

 

 

 

29,595

 

6.69

 

Total interest-bearing liabilities

 

41,040,686

 

 

 

312,381

 

3.09

%

 

 

41,044,576

 

 

 

344,137

 

3.34

%

 

 

40,064,180

 

 

 

363,864

 

3.65

%

Non-interest-bearing demand deposits

 

11,406,048

 

 

 

 

 

 

 

11,783,834

 

 

 

 

 

 

 

12,071,670

 

 

 

 

 

Other liabilities

 

2,058,727

 

 

 

 

 

 

 

1,963,298

 

 

 

 

 

 

 

1,782,659

 

 

 

 

 

Synovus Financial Corp. shareholders’ equity

 

5,371,085

 

 

 

 

 

 

 

5,382,908

 

 

 

 

 

 

 

5,103,722

 

 

 

 

 

Total liabilities and equity

$

59,876,546

 

 

 

 

 

 

$

60,174,616

 

 

 

 

 

 

$

59,022,231

 

 

 

 

 

Net interest income and net interest margin, taxable equivalent (6)

 

 

$

455,961

 

3.35

%

 

 

 

$

456,423

 

3.28

%

 

 

 

$

420,156

 

3.04

%

Less: taxable-equivalent adjustment

 

 

 

1,577

 

 

 

 

 

 

1,430

 

 

 

 

 

 

1,310

 

 

Net interest income

 

 

$

454,384

 

 

 

 

 

$

454,993

 

 

 

 

 

$

418,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: First Quarter 2025 — $13.2 million, Fourth Quarter 2024 — $13.7 million, and First Quarter 2024 — $10.6 million.

(2)

Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.

(3)

Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(4)

Includes trading account assets and FHLB and Federal Reserve Bank Stock.

(5)

Includes average net unrealized gains (losses) on investment securities available for sale of $(473.3) million, $(391.6) million, and $(1.36) billion for the First Quarter 2025, Fourth Quarter 2024, and First Quarter 2024, respectively.

(6)

The net interest margin is calculated by dividing annualized net interest income- TE by average total interest earning assets.

Synovus

 

 

 

 

 

 

 

 

 

 

LOANS OUTSTANDING BY TYPE

(Unaudited)

 

Total Loans

 

Total Loans

 

Linked

Quarter

 

Total Loans

 

Year/Year

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Loan Type

 

March 31, 2025

 

December 31, 2024

 

% Change

 

March 31, 2024

 

% Change

Commercial, Financial, and Agricultural

 

$

14,611,712

 

$

14,498,992

 

1

%

 

$

14,616,902

 

—

%

Owner-Occupied

 

 

7,701,627

 

 

7,832,137

 

(2

)

 

 

8,114,394

 

(5

)

Total Commercial & Industrial

 

 

22,313,339

 

 

22,331,129

 

—

 

 

 

22,731,296

 

(2

)

Multi-Family

 

 

4,182,886

 

 

4,185,545

 

—

 

 

 

4,199,435

 

—

 

Hotels

 

 

1,831,937

 

 

1,769,384

 

4

 

 

 

1,790,505

 

2

 

Office Buildings

 

 

1,724,113

 

 

1,743,329

 

(1

)

 

 

1,852,208

 

(7

)

Shopping Centers

 

 

1,268,683

 

 

1,273,439

 

—

 

 

 

1,302,754

 

(3

)

Warehouses

 

 

848,530

 

 

846,025

 

—

 

 

 

871,662

 

(3

)

Other Investment Property

 

 

1,409,752

 

 

1,363,482

 

3

 

 

 

1,294,317

 

9

 

Total Investment Properties

 

 

11,265,901

 

 

11,181,204

 

1

 

 

 

11,310,881

 

—

 

1-4 Family Construction

 

 

189,027

 

 

212,226

 

(11

)

 

 

194,146

 

(3

)

1-4 Family Investment Mortgage

 

 

324,411

 

 

333,692

 

(3

)

 

 

385,992

 

(16

)

Total 1-4 Family Properties

 

 

513,438

 

 

545,918

 

(6

)

 

 

580,138

 

(11

)

Commercial Development

 

 

68,227

 

 

55,467

 

23

 

 

 

66,000

 

3

 

Residential Development

 

 

75,240

 

 

77,581

 

(3

)

 

 

72,024

 

4

 

Land Acquisition

 

 

148,752

 

 

154,449

 

(4

)

 

 

164,976

 

(10

)

Land and Development

 

 

292,219

 

 

287,497

 

2

 

 

 

303,000

 

(4

)

Total Commercial Real Estate

 

 

12,071,558

 

 

12,014,619

 

—

 

 

 

12,194,019

 

(1

)

Consumer Mortgages

 

 

5,269,505

 

 

5,288,776

 

—

 

 

 

5,384,602

 

(2

)

Home Equity

 

 

1,839,185

 

 

1,831,287

 

—

 

 

 

1,804,348

 

2

 

Credit Cards

 

 

178,522

 

 

185,871

 

(4

)

 

 

180,663

 

(1

)

Other Consumer Loans

 

 

976,629

 

 

957,346

 

2

 

 

 

1,014,949

 

(4

)

Total Consumer

 

 

8,263,841

 

 

8,263,280

 

—

 

 

 

8,384,562

 

(1

)

Total

 

$

42,648,738

 

$

42,609,028

 

—

%

 

$

43,309,877

 

(2

)%

 

 

 

 

 

 

 

 

 

 

 

NON-PERFORMING LOANS COMPOSITION

 

 

 

 

 

 

 

 

(Unaudited)

 

Total

Non-performing

Loans

 

Total

Non-performing

Loans

 

Linked

Quarter

 

Total

Non-performing

Loans

 

Year/Year

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Loan Type

 

March 31, 2025

 

December 31, 2024

 

% Change

 

March 31, 2024

 

% Change

Commercial, Financial, and Agricultural

 

$

125,570

 

$

122,874

 

2

%

 

$

192,693

 

(35

)%

Owner-Occupied

 

 

18,226

 

 

34,380

 

(47

)

 

 

80,218

 

(77

)

Total Commercial & Industrial

 

 

143,796

 

 

157,254

 

(9

)

 

 

272,911

 

(47

)

Multi-Family

 

 

112

 

 

112

 

—

 

 

 

2,077

 

(95

)

Office Buildings

 

 

64,423

 

 

72,430

 

(11

)

 

 

7,630

 

nm

Shopping Centers

 

 

511

 

 

515

 

(1

)

 

 

547

 

(7

)

Warehouses

 

 

145

 

 

153

 

(5

)

 

 

188

 

(23

)

Other Investment Property

 

 

885

 

 

820

 

8

 

 

 

1,784

 

(50

)

Total Investment Properties

 

 

66,076

 

 

74,030

 

(11

)

 

 

12,226

 

440

 

1-4 Family Construction

 

 

145

 

 

—

 

nm

 

 

—

 

nm

1-4 Family Investment Mortgage

 

 

2,432

 

 

2,385

 

2

 

 

 

2,300

 

6

 

Total 1-4 Family Properties

 

 

2,577

 

 

2,385

 

8

 

 

 

2,300

 

12

 

Commercial Development

 

 

48

 

 

—

 

nm

 

 

—

 

nm

Residential Development

 

 

—

 

 

—

 

nm

 

 

478

 

(100

)

Land Acquisition

 

 

1,363

 

 

1,389

 

(2

)

 

 

540

 

152

 

Land and Development

 

 

1,411

 

 

1,389

 

2

 

 

 

1,018

 

39

 

Total Commercial Real Estate

 

 

70,064

 

 

77,804

 

(10

)

 

 

15,544

 

351

 

Consumer Mortgages

 

 

48,859

 

 

50,834

 

(4

)

 

 

42,563

 

15

 

Home Equity

 

 

18,302

 

 

17,365

 

5

 

 

 

12,451

 

47

 

Other Consumer Loans

 

 

5,608

 

 

5,907

 

(5

)

 

 

6,981

 

(20

)

Total Consumer

 

 

72,769

 

 

74,106

 

(2

)

 

 

61,995

 

17

 

Total

 

$

286,629

 

$

309,164

 

(7

)%

 

$

350,450

 

(18

)%

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY DATA

 

 

(Unaudited)

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2025

 

 

2024

 

First

Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

Fourth

 

Third

 

Second

 

First

 

’25 vs ’24

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing Loans (NPLs)

 

$

286,629

 

 

309,164

 

312,964

 

 

256,106

 

350,450

 

(18

)%

Other Real Estate and Other Assets

 

 

563

 

 

385

 

386

 

 

823

 

21,210

 

(97

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-performing Assets (NPAs)

 

 

287,192

 

 

309,549

 

313,350

 

 

256,929

 

371,660

 

(23

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan Losses (ALL)

 

 

478,207

 

 

486,845

 

484,985

 

 

485,101

 

492,661

 

(3

)

Reserve for Unfunded Commitments

 

 

50,655

 

 

52,462

 

49,556

 

 

53,058

 

53,579

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Credit Losses (ACL)

 

 

528,862

 

 

539,307

 

534,541

 

 

538,159

 

546,240

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Charge-Offs – Quarter

 

 

21,366

 

 

28,101

 

27,052

 

 

34,485

 

44,356

 

 

Net Charge-Offs – YTD

 

 

21,366

 

 

133,994

 

105,893

 

 

78,841

 

44,356

 

 

Net Charge-Offs / Average Loans – Quarter (1)

 

 

0.20

%

 

0.26

 

0.25

 

 

0.32

 

0.41

 

 

Net Charge-Offs / Average Loans – YTD (1)

 

 

0.20

 

 

0.31

 

0.33

 

 

0.36

 

0.41

 

 

NPLs / Loans

 

 

0.67

 

 

0.73

 

0.73

 

 

0.59

 

0.81

 

 

NPAs / Loans, ORE and specific other assets

 

 

0.67

 

 

0.73

 

0.73

 

 

0.60

 

0.86

 

 

ACL/Loans

 

 

1.24

 

 

1.27

 

1.24

 

 

1.25

 

1.26

 

 

ALL/Loans

 

 

1.12

 

 

1.14

 

1.12

 

 

1.13

 

1.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACL/NPLs

 

 

184.51

 

 

174.44

 

170.80

 

 

210.13

 

155.87

 

 

ALL/NPLs

 

 

166.84

 

 

157.47

 

154.96

 

 

189.41

 

140.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days and Still Accruing

 

$

40,886

 

 

48,592

 

4,359

 

 

4,460

 

3,748

 

nm

As a Percentage of Loans Outstanding

 

 

0.10

%

 

0.11

 

0.01

 

 

0.01

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Past Due Loans and Still Accruing

 

$

93,493

 

 

108,878

 

97,229

 

 

129,759

 

54,814

 

71

 

As a Percentage of Loans Outstanding

 

 

0.22

%

 

0.26

 

0.23

 

 

0.30

 

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Ratio is annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED CAPITAL INFORMATION (1)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

2025

 

December 31,

2024

 

March 31,

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital Ratio

 

 

10.75

%

 

10.84

 

10.38

 

 

 

 

 

 

 

Tier 1 Capital Ratio

 

 

11.87

 

 

11.96

 

11.45

 

 

 

 

 

 

 

Total Risk-Based Capital Ratio

 

 

13.65

 

 

13.81

 

13.24

(2)

 

 

 

 

 

 

Tier 1 Leverage Ratio

 

 

9.56

 

 

9.55

 

9.62

 

 

 

 

 

 

 

Total Synovus Financial Corp. shareholders’ equity as a Percentage of Total Assets

 

 

8.93

 

 

8.71

 

8.39

 

 

 

 

 

 

 

Tangible Common Equity Ratio (3)

 

 

7.26

 

 

7.02

 

6.67

 

 

 

 

 

 

 

Book Value Per Common Share (4)

 

$

34.86

 

 

33.35

 

30.60

 

 

 

 

 

 

 

Tangible Book Value Per Common Share (5)

 

 

31.19

 

 

29.70

 

27.03

 

 

 

 

 

 

 

(1)

Current quarter regulatory capital information is preliminary.

(2)

As amended.

(3)

See “Non-GAAP Financial Measures” for applicable reconciliation.

(4)

Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred Stock divided by total common shares outstanding.

(5)

Tangible Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred Stock and less the carrying value of goodwill and other intangible assets divided by total common shares outstanding.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; net income available to common shareholders; diluted earnings per share; return on average common equity; and the ratio of total Synovus Financial Corp. shareholders’ equity to total assets, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest revenue and adjusted revenue (TE) are measures used by management to evaluate non-interest revenue and total revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. The tangible common equity ratio is used by stakeholders to assess our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

1Q25

 

4Q24

 

1Q24

 

 

 

 

 

 

Adjusted non-interest revenue

 

 

 

 

 

Total non-interest revenue

$ 116,466

 

$ 125,587

 

$ 118,888

Valuation adjustment on GLOBALT earnout

—

 

(719)

 

—

Fair value adjustment on non-qualified deferred compensation

816

 

(237)

 

(2,299)

Adjusted non-interest revenue

$ 117,282

 

$ 124,631

 

$ 116,589

 

 

 

 

 

 

Adjusted non-interest expense

 

 

 

 

 

Total non-interest expense

$ 308,034

 

$ 309,311

 

$ 322,741

Restructuring (charges) reversals

1,292

 

(37)

 

(1,524)

Valuation adjustment to Visa derivative

(2,200)

 

—

 

—

Fair value adjustment on non-qualified deferred compensation

816

 

(237)

 

(2,299)

Adjusted non-interest expense

$ 307,942

 

$ 309,037

 

$ 318,918

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

1Q25

 

4Q24

 

1Q24

Adjusted revenue (TE) and tangible efficiency ratio

 

 

 

 

 

Adjusted non-interest expense

$ 307,942

 

$ 309,037

 

$ 318,918

Amortization of intangibles

(2,627)

 

(2,888)

 

(2,907)

Adjusted tangible non-interest expense

$ 305,315

 

$ 306,149

 

$ 316,011

 

 

 

 

 

 

Net interest income

$ 454,384

 

$ 454,993

 

$ 418,846

Tax equivalent adjustment

1,577

 

1,430

 

1,310

Net interest income (TE)

455,961

 

456,423

 

420,156

 

 

 

 

 

 

Net interest income

$ 454,384

 

$ 454,993

 

$ 418,846

Total non-interest revenue

116,466

 

125,587

 

118,888

Total revenue

$ 570,850

 

$ 580,580

 

$ 537,734

Tax equivalent adjustment

1,577

 

1,430

 

1,310

Total TE revenue

572,427

 

582,010

 

539,044

Valuation adjustment on GLOBALT earnout

—

 

(719)

 

—

Fair value adjustment on non-qualified deferred compensation

816

 

(237)

 

(2,299)

Adjusted revenue (TE)

$ 573,243

 

$ 581,054

 

$ 536,745

Efficiency ratio-TE

53.81 %

 

53.15 %

 

59.87 %

Adjusted tangible efficiency ratio

53.26

 

52.69

 

58.88

 

 

 

 

 

 

Adjusted pre-provision net revenue

 

 

 

 

 

Net interest income

$ 454,384

 

$ 454,993

 

$ 418,846

Total non-interest revenue

116,466

 

125,587

 

118,888

Total non-interest expense

(308,034)

 

(309,311)

 

(322,741)

Pre-provision net revenue (PPNR)

$ 262,816

 

$ 271,269

 

$ 214,993

 

 

 

 

 

 

Adjusted revenue (TE)

$ 573,243

 

$ 581,054

 

$ 536,745

Adjusted non-interest expense

(307,942)

 

(309,037)

 

(318,918)

Adjusted PPNR

$ 265,301

 

$ 272,017

 

$ 217,827

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

1Q25

 

 

 

4Q24

 

 

 

1Q24

 

Adjusted return on average assets (annualized)

 

 

 

 

 

Net income

$

194,872

 

 

$

189,377

 

 

$

124,070

 

Valuation adjustment on GLOBALT earnout

 

—

 

 

 

(719

)

 

 

—

 

Restructuring charges (reversals)

 

(1,292

)

 

 

37

 

 

 

1,524

 

Valuation adjustment to Visa derivative

 

2,200

 

 

 

—

 

 

 

—

 

Tax effect of adjustments(1)

 

(219

)

 

 

165

 

 

 

(373

)

Adjusted net income

$

195,561

 

 

$

188,860

 

 

$

125,221

 

Net income annualized

$

790,314

 

 

$

753,391

 

 

$

499,007

 

Adjusted net income annualized

$

793,109

 

 

$

751,334

 

 

$

503,636

 

Total average assets

$

59,876,546

 

 

$

60,174,616

 

 

$

59,022,231

 

Return on average assets (annualized)

 

1.32

%

 

 

1.25

%

 

 

0.85

%

Adjusted return on average assets (annualized)

 

1.32

 

 

 

1.25

 

 

 

0.85

 

 

 

 

 

 

 

Adjusted net income available to common shareholders and adjusted diluted earnings per share

 

 

 

 

 

Net income available to common shareholders

$

183,691

 

 

$

178,848

 

 

$

114,822

 

Valuation adjustment on GLOBALT earnout

 

—

 

 

 

(719

)

 

 

—

 

Restructuring charges (reversals)

 

(1,292

)

 

 

37

 

 

 

1,524

 

Valuation adjustment to Visa derivative

 

2,200

 

 

 

—

 

 

 

—

 

Tax effect of adjustments(1)

 

(219

)

 

 

165

 

 

 

(373

)

Adjusted net income available to common shareholders

$

184,380

 

 

$

178,331

 

 

$

115,973

 

Weighted average common shares outstanding, diluted

 

141,775

 

 

 

142,694

 

 

 

147,122

 

Diluted earnings per share

$

1.30

 

 

$

1.25

 

 

$

0.78

 

Adjusted diluted earnings per share

 

1.30

 

 

 

1.25

 

 

 

0.79

 

(1) An assumed marginal tax rate of 24.2% for 1Q25 and 4Q24 and 24.5% for 1Q24 was applied.

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

1Q25

 

 

 

4Q24

 

 

 

1Q24

 

Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)

 

 

 

 

 

Net income available to common shareholders

$

183,691

 

 

$

178,848

 

 

$

114,822

 

Valuation adjustment on GLOBALT earnout

 

—

 

 

 

(719

)

 

 

—

 

Restructuring charges (reversals)

 

(1,292

)

 

 

37

 

 

 

1,524

 

Valuation adjustment to Visa derivative

 

2,200

 

 

 

—

 

 

 

—

 

Tax effect of adjustments(1)

 

(219

)

 

 

165

 

 

 

(373

)

Adjusted net income available to common shareholders

$

184,380

 

 

$

178,331

 

 

$

115,973

 

 

 

 

 

 

 

Adjusted net income available to common shareholders annualized

$

747,763

 

 

$

709,447

 

 

$

466,441

 

Amortization of intangibles, tax effected, annualized

 

8,082

 

 

 

8,715

 

 

 

8,831

 

Adjusted net income available to common shareholders excluding amortization of intangibles annualized

$

755,845

 

 

$

718,162

 

 

$

475,272

 

 

 

 

 

 

 

Net income available to common shareholders annualized

$

744,969

 

 

$

711,504

 

 

$

461,812

 

Amortization of intangibles, tax effected, annualized

 

8,082

 

 

 

8,715

 

 

 

8,831

 

Net income available to common shareholders excluding amortization of intangibles annualized

$

753,051

 

 

$

720,219

 

 

$

470,643

 

 

 

 

 

 

 

Total average Synovus Financial Corp. shareholders’ equity less preferred stock

$

4,812,279

 

 

$

4,824,003

 

 

$

4,542,616

 

Average goodwill

 

(480,440

)

 

 

(480,440

)

 

 

(480,440

)

Average other intangible assets, net

 

(32,966

)

 

 

(35,869

)

 

 

(44,497

)

Total average Synovus Financial Corp. tangible shareholders’ equity less preferred stock

$

4,298,873

 

 

$

4,307,694

 

 

$

4,017,679

 

Return on average common equity (annualized)

 

15.48

%

 

 

14.75

%

 

 

10.17

%

Adjusted return on average common equity (annualized)

 

15.54

 

 

 

14.71

 

 

 

10.27

 

Return on average tangible common equity (annualized)

 

17.52

 

 

 

16.72

 

 

 

11.71

 

Adjusted return on average tangible common equity (annualized)

 

17.58

 

 

 

16.67

 

 

 

11.83

 

(1) An assumed marginal tax rate of 24.2% for 1Q25 and 4Q24 and 24.5% for 1Q24 was applied.

 

 

 

 

 

 

(dollars in thousands)

March 31,

2025

 

December 31,

2024

 

March 31,

2024

 

 

 

 

 

 

Tangible common equity ratio

 

 

 

 

 

Total assets

$

60,339,121

 

 

$

60,233,644

 

 

$

59,835,120

 

Goodwill

 

(480,440

)

 

 

(480,440

)

 

 

(480,440

)

Other intangible assets, net

 

(31,691

)

 

 

(34,318

)

 

 

(43,021

)

Tangible assets

$

59,826,990

 

 

$

59,718,886

 

 

$

59,311,659

 

 

 

 

 

 

 

Total Synovus Financial Corp. shareholders’ equity

$

5,390,751

 

 

$

5,244,557

 

 

$

5,017,918

 

Goodwill

 

(480,440

)

 

 

(480,440

)

 

 

(480,440

)

Other intangible assets, net

 

(31,691

)

 

 

(34,318

)

 

 

(43,021

)

Preferred Stock, no par value

 

(537,145

)

 

 

(537,145

)

 

 

(537,145

)

Tangible common equity

$

4,341,475

 

 

$

4,192,654

 

 

$

3,957,312

 

Total Synovus Financial Corp. shareholders’ equity to total assets ratio

 

8.93

%

 

 

8.71

%

 

 

8.39

%

Tangible common equity ratio

 

7.26

 

 

 

7.02

 

 

 

6.67

 

 

 

 

 

 

 

Amounts may not total due to rounding

 

 

 

 

 

 

 

 

 

 

 

 

Media Contact

Audria Belton

Media Relations

[email protected]

Investor Contact

Jennifer H. Demba, CFA

Investor Relations

[email protected]

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: Finance Banking Professional Services Other Professional Services Asset Management

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