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Amplify Energy Schedules First Quarter 2023 Earnings Release and Conference Call

HOUSTON, April 19, 2023 (GLOBE NEWSWIRE) — Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that it will report first quarter 2023 financial and operating results after the U.S. financial markets close on May 3, 2023. Management will host a conference call at 10:00 a.m. CT on May 4, 2023 to discuss the Company’s results. Interested parties are invited to participate in the conference call by dialing (800) 225-9448 (Conference ID: AEC1Q23) at least 15 minutes prior to the start of the call. A replay of the call will be available by phone at (800) 654-1563 (Access Code: 44231417) for a fourteen-day period following the call.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

Investor Relations Contacts

James Frew – SVP & Chief Financial Officer
(832) 219-9044
[email protected]

Michael Jordan – Director, Finance and Treasurer
(832) 219-9051
[email protected]



Posted on

SAI.TECH Reports Fiscal Year 2022 Annual Report on Form 20-F

SINGAPORE, April 19, 2023 (GLOBE NEWSWIRE) — SAI.TECH Global Corporation (“SAI.TECH” OR the “Company”, NASDAQ: SAI), a global energy-saving bitcoin mining operator and a clean-tech company that integrates bitcoin mining, heating, and power industries, today reported its audited financial results for the fiscal year ended December 31, 2022, and filed with the Securities and Exchange Commission its Annual Report on Form 20-F for the fiscal year ended December 31, 2022.

The Annual Report is available on the Company’s investor relations website at https://ir.sai.tech. The Company will provide a hard copy of the Annual Report containing the audited consolidated financial statements of the Company, free of charge, to a shareholder of the Company’s Class A ordinary shares upon written request.

About SAI.TECH

SAI.TECH is an energy-saving bitcoin mining operator and a clean-tech company that integrates the bitcoin mining, power, and heating industries. SAI.TECH uses proprietary liquid cooling and waste heat recovery technology for its digital asset mining machines, utilizing waste heat to provide recycled energy and heating to potential customers while lowering mining operating costs. SAI.TECH strives to become the most cost-efficient digital asset mining operations company globally while simultaneously promoting the clean transition of the bitcoin mining, power, and heating industries.

In May 2022, SAI became a publicly trading company under the new ticker symbol “SAI” on the Nasdaq Stock Market (NASDAQ) through a merger with TradeUP Global Corporation (“TradeUP”).

For more information on SAI.TECH, please visit https://sai.tech/.

Forward-Looking Statements:

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements including, but not limited to, statements concerning SAI.TECH and the Company’s operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. SAI.TECH cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in China including those discussed in SAI.TECH’s Form 20-F under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date it is made and SAI.TECH specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future. 

Media Contact

[email protected]

Investor Relations Contact

[email protected]



Posted on

Synovus announces earnings for the first quarter 2023

Synovus announces earnings for the first quarter 2023

Diluted earnings per share of $1.32 vs. $1.11 in 1Q22

Adjusted diluted earnings per share of $1.33 vs. $1.08 in1Q22

COLUMBUS, Ga.–(BUSINESS WIRE)–
Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended March 31, 2023. “Our first quarter results reflect a disciplined approach to execution, with pre-provision net revenue of $292 million, a 30% increase year over year,” said Synovus Chairman, CEO and President Kevin Blair. “Our stable deposit base and record deposit production are testaments to the quality of our clients and ability to expand existing and attract new relationships even in this environment. The recent J.D. Power recognition as the Southeast’s number one bank in retail client satisfaction and trust affirms the value of our commitment to tailored solutions, local market presence and personal relationships. Our team continues to exercise prudence and perseverance as we focus on profitable growth and meet the future needs of clients and communities we serve.”

First Quarter 2023 Highlights

  • Net income available to common shareholders of $193.9 million, or $1.32 per diluted share, up $0.21 compared to the first quarter 2022.

  • Total revenue of $613.9 million increased $116.3 million, or 23%, compared to the first quarter 2022, driven by loan growth and higher interest rates, in addition to growth in core client fee income, excluding mortgage, of 19% year over year.

  • Pre-provision net revenue of $292.0 million increased $66.9 million, or 30%, compared to the first quarter 2022.

  • Period-end loans increased $328.6 million sequentially, primarily driven by new commercial production offset by a decline in third-party consumer loans from both runoff and a move to held-for-sale of $424 million.

  • Total deposits increased $1.08 billion sequentially, or 2%, a result of growth in both core as well as brokered deposits.

  • Fortified our liquidity position and currently maintain over $25 billion(1) of contingent liquidity across a diverse set of sources.

  • Credit quality metrics continue to remain at strong levels with a net charge-off ratio of 0.17% and a modest increase in the ACL ratio to 1.17%. The NPL and NPA ratios both moved to 0.41%.

  • Preliminary CET1 ratio of 9.76% increased 13 bps sequentially as capital generation continued to support client loan growth while also buffering capital levels given economic and regulatory uncertainty.

(1) As of April 17, 2023

First Quarter Summary

 

Reported

 

Adjusted

(dollars in thousands)

 

1Q23

 

 

 

4Q22

 

 

 

1Q22

 

 

 

1Q23

 

 

 

4Q22

 

 

 

1Q22

 

Net income available to common shareholders

$

193,868

 

 

$

197,479

 

 

$

162,746

 

 

$

195,276

 

 

$

197,576

 

 

$

158,368

 

Diluted earnings per share

 

1.32

 

 

 

1.35

 

 

 

1.11

 

 

 

1.33

 

 

 

1.35

 

 

 

1.08

 

Total revenue

 

613,877

 

 

 

603,785

 

 

 

497,582

 

 

 

599,469

 

 

 

603,359

 

 

 

499,742

 

Total loans

 

44,044,939

 

 

 

43,716,353

 

 

 

40,169,150

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Total deposits

 

49,953,936

 

 

 

48,871,559

 

 

 

48,656,244

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Return on avg assets

 

1.36

%

 

 

1.38

%

 

 

1.22

%

 

 

1.37

%

 

 

1.39

%

 

 

1.19

%

Return on avg common equity

 

19.23

 

 

 

20.93

 

 

 

14.20

 

 

 

19.37

 

 

 

20.94

 

 

 

13.82

 

Return on avg tangible common equity

 

21.94

 

 

 

24.21

 

 

 

16.02

 

 

 

22.09

 

 

 

24.22

 

 

 

15.59

 

Net interest margin(1)

 

3.43

 

 

 

3.56

 

 

 

3.01

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

Efficiency ratio-TE(2)(3)

 

52.33

 

 

 

51.08

 

 

 

54.66

 

 

 

50.48

 

 

 

50.58

 

 

 

55.50

 

NCO ratio-QTD

 

0.17

 

 

 

0.12

 

 

 

0.19

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

NPA ratio

 

0.41

 

 

 

0.33

 

 

 

0.40

 

 

 

N/A

 

 

 

N/A

 

 

 

N/A

 

(1) NIM reflects Actual/Actual day count and includes other immaterial adjustments versus NIM previously reported.

(2) Taxable equivalent

(3) Adjusted tangible efficiency ratio

Balance Sheet

Loans*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

1Q23

 

 

4Q22

 

Linked

Quarter

Change

 

Linked

Quarter %

Change

 

 

1Q22

 

Year/Year

Change

 

Year/Year

% Change

Commercial & industrial

$

22,600.2

 

$

22,066.7

 

$

533.5

 

 

2

%

 

$

20,352.3

 

$

2,247.9

 

 

11

%

Commercial real estate

 

12,996.8

 

 

12,650.3

 

 

346.4

 

 

3

 

 

 

11,145.3

 

 

1,851.4

 

 

17

 

Consumer

 

8,448.0

 

 

8,999.4

 

 

(551.4

)

 

(6

)

 

 

8,671.5

 

 

(223.5

)

 

(3

)

Total loans

$

44,044.9

 

$

43,716.4

 

$

328.6

 

 

1

%

 

$

40,169.2

 

$

3,875.8

 

 

10

%

*Amounts may not total due to rounding
  • Total loans ended the quarter at $44.04 billion, up $328.6 million sequentially.

  • Commercial and industrial (C&I) loans increased $533.5 million sequentially, led by broad-based growth within our Wholesale Banking segment across multiple industries and business lines.

  • CRE loans increased $346.4 million sequentially as low levels of production were more than offset by slower payoffs and draws related to existing commitments.

  • Consumer loans decreased $551.4 million sequentially, largely a result of third-party decline from both runoff and a $424 million move to held-for-sale.

Deposits*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in millions)

 

1Q23

 

 

4Q22

 

Linked

Quarter

Change

 

Linked

Quarter %

Change

 

 

1Q22

 

Year/Year

Change

 

Year/Year

% Change

Non-interest-bearing DDA

$

13,827.6

 

$

14,574.5

 

$

(746.9

)

 

(5

)%

 

$

15,526.7

 

$

(1,699.1

)

 

(11

)%

Interest-bearing DDA

 

5,837.0

 

 

5,761.4

 

 

75.7

 

 

1

 

 

 

6,685.4

 

 

(848.3

)

 

(13

)

Money market

 

11,780.0

 

 

12,480.7

 

 

(700.8

)

 

(6

)

 

 

14,596.9

 

 

(2,816.9

)

 

(19

)

Savings

 

1,312.7

 

 

1,396.4

 

 

(83.8

)

 

(6

)

 

 

1,476.7

 

 

(164.0

)

 

(11

)

Public funds

 

6,888.2

 

 

6,635.6

 

 

252.6

 

 

4

 

 

 

6,048.7

 

 

839.5

 

 

14

 

Time deposits

 

4,060.3

 

 

2,724.1

 

 

1,336.2

 

 

49

 

 

 

2,284.2

 

 

1,776.1

 

 

78

 

Brokered deposits

 

6,248.3

 

 

5,299.0

 

 

949.2

 

 

18

 

 

 

2,037.7

 

 

4,210.6

 

 

207

 

Total deposits

$

49,953.9

 

$

48,871.6

 

$

1,082.4

 

 

2

%

 

$

48,656.2

 

$

1,297.7

 

 

3

%

*Amounts may not total due to rounding
  • Total deposits ended the quarter at $49.95 billion, up $1.08 billion sequentially and resulted from relationship-based production in addition to increased brokered deposits as a result of proactive management of our liquidity position, partially offset by the impact of non-interest bearing DDAs decline due to commercial seasonality, normal cash deployment, and to a lesser extent, continued rate pressures.

  • Total deposit costs increased 56 bps sequentially to 1.44% and were primarily impacted by the continued rising rate environment and aforementioned mix shift.

Income Statement Summary**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

1Q23

 

 

 

4Q22

 

 

Linked

Quarter

Change

 

Linked

Quarter %

Change

 

 

1Q22

 

 

Year/Year

Change

 

Year/Year

% Change

Net interest income

$

480,751

 

 

$

501,346

 

 

$

(20,595

)

 

(4

)%

 

$

392,248

 

 

$

88,503

 

23

%

Non-interest revenue

 

133,126

 

 

 

102,439

 

 

 

30,687

 

 

30

 

 

 

105,334

 

 

 

27,792

 

26

 

Non-interest expense

 

321,852

 

 

 

308,996

 

 

 

12,856

 

 

4

 

 

 

272,450

 

 

 

49,402

 

18

 

Provision for (reversal of) credit losses

 

32,154

 

 

 

34,884

 

 

 

(2,730

)

 

(8

)

 

 

11,400

 

 

 

20,754

 

182

 

Income before taxes

$

259,871

 

 

$

259,905

 

 

$

(34

)

 

—

%

 

$

213,732

 

 

$

46,139

 

22

%

Income tax expense

 

57,712

 

 

 

54,135

 

 

 

3,577

 

 

7

 

 

 

42,695

 

 

 

15,017

 

35

 

Preferred stock dividends

 

8,291

 

 

 

8,291

 

 

 

—

 

 

—

 

 

 

8,291

 

 

 

—

 

—

 

Net income available to common shareholders

$

193,868

 

 

$

197,479

 

 

$

(3,611

)

 

(2

)%

 

$

162,746

 

 

$

31,122

 

19

%

Weighted average common shares outstanding, diluted

 

146,727

 

 

 

146,528

 

 

 

199

 

 

—

%

 

 

146,665

 

 

 

62

 

—

%

Diluted earnings per share

$

1.32

 

 

$

1.35

 

 

$

(0.03

)

 

(2

)

 

$

1.11

 

 

$

0.21

 

19

 

Adjusted diluted earnings per share

 

1.33

 

 

 

1.35

 

 

 

(0.02

)

 

(1

)

 

 

1.08

 

 

 

0.25

 

23

 

Effective tax rate

 

22.21

%

 

 

20.83

%

 

 

 

 

 

 

19.98

%

 

 

 

 

** Amounts may not total due to rounding

Core Performance

  • Net interest income of $480.8 million was down $20.6 million sequentially, or 4%, and increased $88.5 million, or 23%, compared to the first quarter 2022.

    • The quarter-over-quarter decline was largely driven by lower day count, increases in deposit costs, and negative remixing from non-interest DDA deposits partially offset by higher asset yields and earning asset growth.

      • Net interest margin was 3.43%, down 13 bps sequentially, impacted by the same factors mentioned above as well as higher cash balances due to precautionary March liquidity actions.

    • The year-over-year increase resulted primarily from loan growth and interest rate increases somewhat offset by higher deposit costs and negative remixing from non-interest DDA deposits.

  • Non-interest revenue increased $30.7 million, or 30%, sequentially and increased $27.8 million, or 26%, compared to the first quarter 2022 and was impacted by a $13.1 million one-time benefit from the recovery of a non-performing asset related to the regulatory approval of our Qualpay investment. Adjusted non-interest revenue increased $16.7 million, or 17%, sequentially and increased $11.0 million, or 10%, compared to the first quarter 2022.

    • Increases primarily related to strong capital markets income from syndication fees and interest rate management products and higher wealth revenue from diverse sources including fees from short-term liquidity management products.

  • Non-interest expense increased $12.9 million, or 4%, sequentially and increased $49.4 million, or 18%, compared to the first quarter 2022 and was impacted by a $16.8 million loss associated with the move of third-party consumer loans to held-for-sale. Adjusted non-interest expense decreased $2.8 million, or 1%, sequentially and increased $25.0 million, or 9%, compared to the first quarter 2022.

    • The quarter-over-quarter increase was largely due to normal, seasonal personnel expense and planned increases in FDIC insurance expense and healthcare costs offset by lower performance-related expense and well-managed operating costs.

    • The year-over-year increase primarily resulted from new business initiatives, core operating costs including investments in and expansion of our workforce, and costs associated with the industrywide increase in FDIC insurance and healthcare costs.

  • Overall credit performance and the credit quality of our recent originations remain strong. The non-performing loan and asset ratios both moved to 0.41%; the net charge-off ratio for the quarter was 0.17%, and total past dues were 0.12% of total loans outstanding.

  • Provision for credit losses of $32.2 million decreased $2.7 million sequentially and increased $20.8 million compared to the first quarter 2022. Drivers of the year-over-year increase included loan growth and a modest increase in the allowance for credit losses coverage ratio (to loans) of 2 bps, a result of deterioration in forecasted economic scenarios mostly offset by continued strong loan portfolio performance.

Capital Ratios

 

 

 

 

 

 

 

 

1Q23

 

 

4Q22

 

 

1Q22

 

Common equity Tier 1 capital (CET1) ratio

9.76

%

*

9.63

%

 

9.49

%

Tier 1 capital ratio

10.79

 

*

10.68

 

 

10.63

 

Total risk-based capital ratio

12.69

 

*

12.54

 

 

12.56

 

Tier 1 leverage ratio

9.14

 

*

9.07

 

 

8.87

 

Tangible common equity ratio

6.12

 

 

5.84

 

 

6.80

 

* Ratios are preliminary.

Capital

  • Preliminary CET1 ratio improved 13 bps during the quarter to 9.76%, and the preliminary total risk-based capital ratio of 12.69% increased 15 bps from the previous quarter as core earnings continued to support robust capital generation.

First Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on April 20, 2023. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may 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 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $62 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has 245 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram.

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 December 31, 2022, 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.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; 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 TE revenue; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; and the ratio of total 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 are measures used by management to evaluate non-interest revenue and TE revenue exclusive of net investment securities gains (losses), fair value adjustment 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. The tangible common equity ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

1Q23

 

4Q22

 

1Q22

 

 

 

 

 

 

Adjusted non-interest revenue

 

 

 

 

 

Total non-interest revenue

$

133,126

 

 

$

102,439

 

 

$

105,334

 

Investment securities (gains) losses, net

 

(1,030

)

 

 

—

 

 

 

—

 

Recovery of NPA

 

(13,126

)

 

 

—

 

 

 

—

 

Fair value adjustment on non-qualified deferred compensation

 

(1,371

)

 

 

(1,557

)

 

1,295

 

Adjusted non-interest revenue

$

117,599

 

 

$

100,882

 

 

$

106,629

 

 

 

 

 

 

 

Adjusted non-interest expense

 

 

 

 

 

Total non-interest expense

$

321,852

 

 

$

308,996

 

 

$

272,450

 

Loss on other loans held for sale

 

(16,750

)

 

 

—

 

 

 

—

 

Loss on early extinguishment of debt

 

—

 

 

 

—

 

 

 

(677

)

Restructuring (charges) reversals

 

733

 

 

 

2,372

 

 

 

6,424

 

Valuation adjustment to Visa derivative

 

—

 

 

 

(2,500

)

 

 

—

 

Fair value adjustment on non-qualified deferred compensation

 

(1,371

)

 

 

(1,557

)

 

 

1,295

 

Adjusted non-interest expense

$

304,464

 

 

$

307,311

 

 

$

279,492

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

1Q23

 

4Q22

 

1Q22

Adjusted revenue and tangible efficiency ratio

 

 

 

 

 

Adjusted non-interest expense

$

304,464

 

 

$

307,311

 

 

$

279,492

 

Amortization of intangibles

 

(1,857

)

 

 

(2,118

)

 

 

(2,118

)

Adjusted tangible non-interest expense

$

302,607

 

 

$

305,193

 

 

$

277,374

 

 

 

 

 

 

 

Net interest income

$

480,751

 

 

$

501,346

 

 

$

392,248

 

Tax equivalent adjustment

 

1,119

 

 

 

1,131

 

 

 

865

 

Total non-interest revenue

 

133,126

 

 

 

102,439

 

 

 

105,334

 

Total TE revenue

$

614,996

 

 

$

604,916

 

 

$

498,447

 

Recovery of NPA

 

(13,126

)

 

 

—

 

 

 

—

 

Investment securities losses (gains), net

 

(1,030

)

 

 

—

 

 

 

—

 

Fair value adjustment on non-qualified deferred compensation

 

(1,371

)

 

 

(1,557

)

 

 

1,295

 

Adjusted revenue

$

599,469

 

 

$

603,359

 

 

$

499,742

 

Efficiency ratio-TE

 

52.33

%

 

 

51.08

%

 

 

54.66

%

Adjusted tangible efficiency ratio

 

50.48

 

 

 

50.58

 

 

 

55.50

 

 

 

 

 

 

 

Adjusted return on average assets

 

 

 

 

 

Net income

$

202,159

 

 

$

205,770

 

 

$

171,037

 

Recovery of NPA

 

(13,126

)

 

 

—

 

 

 

—

 

Loss on other loans held for sale

 

16,750

 

 

 

—

 

 

 

—

 

Loss on early extinguishment of debt

 

—

 

 

 

—

 

 

 

677

 

Restructuring charges (reversals)

 

(733

)

 

 

(2,372

)

 

 

(6,424

)

Valuation adjustment to Visa derivative

 

—

 

 

 

2,500

 

 

 

—

 

Investment securities losses (gains), net

 

(1,030

)

 

 

—

 

 

 

—

 

Tax effect of adjustments(1)

 

(453

)

 

 

(31

)

 

 

1,369

 

Adjusted net income

$

203,567

 

 

$

205,867

 

 

$

166,659

 

Net income annualized

$

819,867

 

 

$

816,370

 

 

$

693,650

 

Adjusted net income annualized

$

825,577

 

 

$

816,755

 

 

$

675,895

 

Total average assets

$

60,133,561

 

 

$

58,963,417

 

 

$

56,855,898

 

Return on average assets

 

1.36

%

 

 

1.38

%

 

 

1.22

%

Adjusted return on average assets

 

1.37

 

 

 

1.39

 

 

 

1.19

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Net income available to common shareholders

$

193,868

 

 

$

197,479

 

 

$

162,746

 

Recovery of NPA

 

(13,126

)

 

 

—

 

 

 

—

 

Loss on other loans held for sale

 

16,750

 

 

 

—

 

 

 

—

 

Loss on early extinguishment of debt

 

—

 

 

 

—

 

 

 

677

 

Restructuring charges (reversals)

 

(733

)

 

 

(2,372

)

 

 

(6,424

)

Valuation adjustment to Visa derivative

 

—

 

 

 

2,500

 

 

 

—

 

Investment securities losses (gains), net

 

(1,030

)

 

 

—

 

 

 

—

 

Tax effect of adjustments(1)

 

(453

)

 

 

(31

)

 

 

1,369

 

Adjusted net income available to common shareholders

$

195,276

 

 

$

197,576

 

 

$

158,368

 

Weighted average common shares outstanding, diluted

 

146,727

 

 

 

146,528

 

 

 

146,665

 

Diluted earnings per share

$

1.32

 

 

$

1.35

 

 

$

1.11

 

Adjusted diluted earnings per share

 

1.33

 

 

 

1.35

 

 

 

1.08

 

Reconciliation of Non-GAAP Financial Measures, continued

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

1Q23

 

4Q22

 

1Q22

Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity

 

 

 

 

 

Net income available to common shareholders

$

193,868

 

 

$

197,479

 

 

$

162,746

 

Recovery of NPA

 

(13,126

)

 

 

—

 

 

 

—

 

Loss on other loans held for sale

 

16,750

 

 

 

—

 

 

 

—

 

Loss on early extinguishment of debt

 

—

 

 

 

—

 

 

 

677

 

Restructuring charges (reversals)

 

(733

)

 

 

(2,372

)

 

 

(6,424

)

Valuation adjustment to Visa derivative

 

—

 

 

 

2,500

 

 

 

—

 

Investment securities losses (gains), net

 

(1,030

)

 

 

—

 

 

 

—

 

Tax effect of adjustments(1)

 

(453

)

 

 

(31

)

 

 

1,369

 

Adjusted net income available to common shareholders

$

195,276

 

 

$

197,576

 

 

$

158,368

 

 

 

 

 

 

 

Adjusted net income available to common shareholders annualized

$

791,953

 

 

$

783,861

 

 

$

642,270

 

Amortization of intangibles, tax effected, annualized

 

5,699

 

 

 

6,358

 

 

 

6,543

 

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

$

797,652

 

 

$

790,219

 

 

$

648,813

 

 

 

 

 

 

 

Net income available to common shareholders annualized

$

786,242

 

 

$

783,476

 

 

$

660,025

 

Amortization of intangibles, tax effected, annualized

 

5,699

 

 

 

6,358

 

 

 

6,543

 

Net income available to common shareholders excluding amortization of intangibles annualized

$

791,941

 

 

$

789,834

 

 

$

666,568

 

 

 

 

 

 

 

Total average shareholders’ equity less preferred stock

$

4,088,777

 

 

$

3,742,927

 

 

$

4,647,426

 

Average goodwill

 

(452,390

)

 

 

(452,390

)

 

 

(452,390

)

Average other intangible assets, net

 

(26,245

)

 

 

(28,174

)

 

 

(34,576

)

Total average tangible shareholders’ equity less preferred stock

$

3,610,142

 

 

$

3,262,363

 

 

$

4,160,460

 

Return on average common equity

 

19.23

%

 

 

20.93

%

 

 

14.20

%

Adjusted return on average common equity

 

19.37

 

 

 

20.94

 

 

 

13.82

 

Return on average tangible common equity

 

21.94

 

 

 

24.21

 

 

 

16.02

 

Adjusted return on average tangible common equity

 

22.09

 

 

 

24.22

 

 

 

15.59

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

March 31,

2023

 

December 31,

2022

 

March 31,

2022

 

 

 

 

 

 

Tangible common equity ratio

 

 

 

 

 

Total assets

$

61,840,025

 

 

$

59,731,378

 

 

$

56,419,549

 

Goodwill

 

(452,390

)

 

 

(452,390

)

 

 

(452,390

)

Other intangible assets, net

 

(25,267

)

 

 

(27,124

)

 

 

(33,478

)

Tangible assets

$

61,362,368

 

 

$

59,251,864

 

 

$

55,933,681

 

 

 

 

 

 

 

Total shareholders’ equity

$

4,770,130

 

 

$

4,475,801

 

 

$

4,824,635

 

Goodwill

 

(452,390

)

 

 

(452,390

)

 

 

(452,390

)

Other intangible assets, net

 

(25,267

)

 

 

(27,124

)

 

 

(33,478

)

Preferred Stock, no par value

 

(537,145

)

 

 

(537,145

)

 

 

(537,145

)

Tangible common equity

$

3,755,328

 

 

$

3,459,142

 

 

$

3,801,622

 

Total shareholders’ equity to total assets ratio

 

7.71

%

 

 

7.49

%

 

 

8.55

%

Tangible common equity ratio

 

6.12

 

 

 

5.84

 

 

 

6.80

 

 

 

 

 

 

 

(1) An assumed marginal tax rate of 24.3% for 1Q23 and 4Q22 and 23.8% for 1Q22 was applied.

 

 

 

 

 

Synovus

 

 

 

 

 

INCOME STATEMENT DATA

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

2023

 

2022

 

First Quarter

 

First

Quarter

Fourth

Quarter

Third

Quarter

Second

Quarter

First

Quarter

’23 vs ’22

 

% Change

 

 

 

 

 

 

 

Interest income

$

716,879

 

654,654

 

551,299

453,772

 

416,062

 

72

%

Interest expense

 

236,128

 

153,308

 

73,380

 

28,384

 

23,814

 

892

 

 

 

 

 

 

 

 

Net interest income

 

480,751

 

501,346

 

477,919

 

425,388

 

392,248

 

23

 

Provision for (reversal of) credit losses

 

32,154

 

34,884

 

25,581

 

12,688

 

11,400

 

182

 

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

448,597

 

466,462

 

452,338

 

412,700

 

380,848

 

18

 

 

 

 

 

 

 

 

Non-interest revenue:

 

 

 

 

 

 

Service charges on deposit accounts

 

22,974

 

23,639

 

23,398

 

23,491

 

22,539

 

2

 

Fiduciary and asset management fees

 

19,696

 

18,836

 

19,201

 

20,100

 

20,277

 

(3

)

Card fees

 

15,824

 

15,887

 

15,101

 

16,089

 

14,756

 

7

 

Brokerage revenue

 

22,558

 

19,996

 

17,140

 

15,243

 

14,655

 

54

 

Mortgage banking income

 

3,858

 

2,554

 

5,065

 

3,904

 

5,953

 

(35

)

Capital markets income

 

13,725

 

6,998

 

6,839

 

7,393

 

5,472

 

151

 

Income from bank-owned life insurance

 

7,262

 

7,206

 

6,792

 

9,165

 

6,556

 

11

 

Investment securities gains (losses), net

 

1,030

 

—

 

—

 

—

 

—

 

nm

 

Recovery of NPA

 

13,126

 

—

 

—

 

—

 

—

 

nm

 

Other non-interest revenue

 

13,073

 

7,323

 

10,762

 

1,881

 

15,126

 

(14

)

 

 

 

 

 

 

 

Total non-interest revenue

 

133,126

 

102,439

 

104,298

 

97,266

 

105,334

 

26

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

Salaries and other personnel expense

 

188,924

 

182,629

 

173,334

 

161,063

 

164,684

 

15

 

Net occupancy, equipment, and software expense

 

42,860

 

45,192

 

43,462

 

43,199

 

42,877

 

—

 

Third-party processing and other services

 

21,833

 

23,130

 

22,539

 

21,952

 

20,996

 

4

 

Professional fees

 

8,963

 

11,096

 

6,755

 

10,865

 

8,474

 

6

 

FDIC insurance and other regulatory fees

 

10,268

 

8,232

 

7,707

 

6,894

 

6,250

 

64

 

Restructuring charges (reversals)

 

(733

)

(2,372

)

956

 

(1,850

)

(6,424

)

nm

 

Loss on other loans held for sale

 

16,750

 

—

 

—

 

—

 

—

 

nm

 

Other operating expenses

 

32,987

 

41,089

 

39,257

 

39,928

 

35,593

 

(7

)

 

 

 

 

 

 

 

Total non-interest expense

 

321,852

 

308,996

 

294,010

 

282,051

 

272,450

 

18

 

 

 

 

 

 

 

 

Income before income taxes

 

259,871

 

259,905

 

262,626

 

227,915

 

213,732

 

22

 

Income tax expense

 

57,712

 

54,135

 

59,582

 

49,863

 

42,695

 

35

 

 

 

 

 

 

 

 

Net income

 

202,159

 

205,770

 

203,044

 

178,052

 

171,037

 

18

 

 

 

 

 

 

 

 

Less: Preferred stock dividends

 

8,291

 

8,291

 

8,291

 

8,291

 

8,291

 

—

 

 

 

 

 

 

 

 

Net income available to common shareholders

$

193,868

 

197,479

 

194,753

 

169,761

 

162,746

 

19

%

 

 

 

 

 

 

 

Net income per common share, basic

$

1.33

 

1.36

 

1.34

 

1.17

 

1.12

 

19

%

 

 

 

 

 

 

 

Net income per common share, diluted

 

1.32

 

1.35

 

1.33

 

1.16

 

1.11

 

19

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

0.38

 

0.34

 

0.34

 

0.34

 

0.34

 

12

 

 

 

 

 

 

 

 

Return on average assets *

 

1.36

%

1.38

 

1.39

 

1.26

 

1.22

 

14

bps

Return on average common equity *

 

19.23

 

20.93

 

18.66

 

16.48

 

14.20

 

503

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

145,799

 

145,467

 

145,386

 

145,328

 

145,273

 

—

%

Weighted average common shares outstanding, diluted

 

146,727

 

146,528

 

146,418

 

146,315

 

146,665

 

—

 

 

 

 

 

 

 

 

nm – not meaningful

 

 

 

 

 

 

bps – basis points

 

 

 

 

 

 

* – ratios are annualized

 

 

 

 

 

 

Synovus

 

 

 

BALANCE SHEET DATA

March 31,

2023

December 31,

2022

March 31,

2022

(Unaudited)

 

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

ASSETS

 

 

 

Cash and due from banks

$

638,150

 

$

624,097

 

$

557,178

 

Interest-bearing funds with Federal Reserve Bank

 

2,656,953

 

 

1,280,684

 

 

941,272

 

Interest earning deposits with banks

 

34,779

 

 

34,632

 

 

27,411

 

Federal funds sold and securities purchased under resale agreements

 

35,518

 

 

38,367

 

 

27,642

 

Cash, cash equivalents, and restricted cash

 

3,365,400

 

 

1,977,780

 

 

1,553,503

 

 

 

 

 

Investment securities available for sale, at fair value

 

9,732,618

 

 

9,678,103

 

 

10,463,101

 

Loans held for sale (includes $44,400, $51,136 and $111,992 measured at fair value, respectively)

 

669,447

 

 

391,502

 

 

723,921

 

 

 

 

 

Loans, net of deferred fees and costs

 

44,044,939

 

 

43,716,353

 

 

40,169,150

 

Allowance for loan losses

 

(457,010

)

 

(443,424

)

 

(414,956

)

Loans, net

 

43,587,929

 

 

43,272,929

 

 

39,754,194

 

 

 

 

 

Cash surrender value of bank-owned life insurance

 

1,094,072

 

 

1,089,280

 

 

1,075,175

 

Premises, equipment, and software, net

 

367,089

 

 

370,632

 

 

386,631

 

Goodwill

 

452,390

 

 

452,390

 

 

452,390

 

Other intangible assets, net

 

25,267

 

 

27,124

 

 

33,478

 

Other assets

 

2,545,813

 

 

2,471,638

 

 

1,977,156

 

Total assets

$

61,840,025

 

$

59,731,378

 

$

56,419,549

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Liabilities:

 

 

 

Deposits:

 

 

 

Non-interest-bearing deposits

$

14,642,677

 

$

15,639,899

 

$

16,611,344

 

Interest-bearing deposits

 

35,311,259

 

 

33,231,660

 

 

32,044,900

 

 

 

 

 

Total deposits

 

49,953,936

 

 

48,871,559

 

 

48,656,244

 

 

 

 

 

Federal funds purchased and securities sold under repurchase agreements

 

195,695

 

 

146,588

 

 

501,124

 

Other short-term borrowings

 

253,152

 

 

603,384

 

 

400,389

 

Long-term debt

 

5,146,252

 

 

4,109,597

 

 

805,259

 

Other liabilities

 

1,520,860

 

 

1,524,449

 

 

1,231,898

 

Total liabilities

 

57,069,895

 

 

55,255,577

 

 

51,594,914

 

 

 

 

 

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 342,857,143 shares; issued 170,713,864, 170,141,492 and 169,912,021 respectively; outstanding 146,059,006, 145,486,634 and 145,334,763 respectively

 

170,714

 

 

170,141

 

 

169,912

 

Additional paid-in capital

 

3,925,449

 

 

3,920,346

 

 

3,899,269

 

Treasury stock, at cost; 24,654,858, 24,654,858, and 24,577,258 shares, respectively

 

(944,484

)

 

(944,484

)

 

(941,168

)

Accumulated other comprehensive income (loss), net

 

(1,289,327

)

 

(1,442,117

)

 

(662,065

)

Retained earnings

 

2,370,633

 

 

2,234,770

 

 

1,821,542

 

Total shareholders’ equity

 

4,770,130

 

 

4,475,801

 

 

4,824,635

 

Total liabilities and shareholders’ equity

$

61,840,025

 

$

59,731,378

 

$

56,419,549

 

Synovus

 

 

 

 

 

 

 

 

AVERAGE BALANCES, INTEREST, AND YIELDS/RATES

(Unaudited)

 

 

 

 

 

 

 

 

 

 

First Quarter 2023

Fourth Quarter 2022

First Quarter 2022

(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) (3)

$

35,030,809

 

$

526,529

6.10

%

$

34,103,384

 

$

474,439

5.52

%

$

30,756,752

 

$

280,588

3.70

%

Consumer loans (1) (2)

 

8,762,631

 

 

104,147

 

4.78

 

 

9,041,520

 

 

101,905

 

4.50

 

 

8,594,009

 

 

81,368

 

3.81

 

Less: Allowance for loan losses

 

(445,192

)

 

—

 

—

 

 

(427,525

)

 

—

 

—

 

 

(423,953

)

 

—

 

—

 

Loans, net

 

43,348,248

 

 

630,676

 

5.89

 

 

42,717,379

 

 

576,344

 

5.36

 

 

38,926,808

 

 

361,956

 

3.76

 

Investment securities available for sale

 

11,293,958

 

 

61,054

 

2.16

 

 

11,296,449

 

 

58,840

 

2.08

 

 

11,259,800

 

 

47,250

 

1.68

 

Trading account assets

 

11,338

 

 

124

 

4.39

 

 

15,552

 

 

68

 

1.75

 

 

9,078

 

 

39

 

1.73

 

Other earning assets(4)

 

1,513,800

 

 

17,212

 

4.55

 

 

1,148,099

 

 

10,490

 

3.58

 

 

1,919,531

 

 

815

 

0.17

 

FHLB and Federal Reserve Bank stock

 

306,935

 

 

3,355

 

4.37

 

 

270,822

 

 

2,805

 

4.14

 

 

160,065

 

 

685

 

1.71

 

Mortgage loans held for sale

 

36,497

 

 

566

 

6.20

 

 

46,240

 

 

688

 

5.95

 

 

103,887

 

 

882

 

3.40

 

Other loans held for sale

 

443,690

 

 

5,011

 

4.52

 

 

514,811

 

 

6,550

 

4.98

 

 

597,062

 

 

5,300

 

3.55

 

Total interest earning assets

 

56,954,466

 

$

717,998

 

5.11

%

 

56,009,352

 

$

655,785

 

4.65

%

 

52,976,231

 

$

416,927

 

3.19

%

Cash and due from banks

 

643,502

 

 

 

 

651,189

 

 

 

 

548,684

 

 

 

Premises and equipment

 

370,275

 

 

 

 

375,352

 

 

 

 

398,774

 

 

 

Other real estate

 

—

 

 

 

 

—

 

 

 

 

11,759

 

 

 

Cash surrender value of bank-owned life insurance

 

1,091,080

 

 

 

 

1,085,394

 

 

 

 

1,070,886

 

 

 

Other assets(5)

 

1,074,238

 

 

 

 

842,130

 

 

 

 

1,849,564

 

 

 

Total assets

$

60,133,561

 

 

 

$

58,963,417

 

 

 

$

56,855,898

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

$

9,088,533

 

$

23,218

 

1.04

%

$

8,627,386

 

$

14,160

 

0.65

%

$

9,549,527

 

$

2,372

 

0.10

%

Money market accounts

 

14,397,683

 

 

72,618

 

2.05

 

 

14,771,308

 

 

46,671

 

1.25

 

 

16,045,627

 

 

5,349

 

0.14

 

Savings deposits

 

1,370,173

 

 

211

 

0.06

 

 

1,450,153

 

 

176

 

0.05

 

 

1,460,648

 

 

67

 

0.02

 

Time deposits

 

3,601,288

 

 

21,496

 

2.42

 

 

2,567,979

 

 

7,648

 

1.18

 

 

3,009,795

 

 

2,138

 

0.29

 

Brokered deposits

 

5,553,970

 

 

56,392

 

4.12

 

 

4,986,542

 

 

39,500

 

3.14

 

 

2,788,124

 

 

3,733

 

0.54

 

Federal funds purchased and securities sold under repurchase agreements

 

133,360

 

 

670

 

2.01

 

 

141,707

 

 

437

 

1.21

 

 

194,352

 

 

11

 

0.02

 

Other short-term borrowings

 

1,677,519

 

 

18,994

 

4.53

 

 

660,295

 

 

6,383

 

3.78

 

 

4,773

 

 

—

 

—

 

Long-term debt

 

3,148,062

 

 

42,529

 

5.41

 

 

3,446,306

 

 

38,333

 

4.39

 

 

982,423

 

 

10,144

 

4.13

 

Total interest-bearing liabilities

 

38,970,588

 

$

236,128

 

2.46

%

 

36,651,676

 

$

153,308

 

1.66

%

 

34,035,269

 

$

23,814

 

0.28

%

Non-interest-bearing demand deposits

 

15,014,224

 

 

 

 

16,569,275

 

 

 

 

16,491,643

 

 

 

Other liabilities

 

1,522,827

 

 

 

 

1,462,394

 

 

 

 

1,144,415

 

 

 

Shareholders’ equity

 

4,625,922

 

 

 

 

4,280,072

 

 

 

 

5,184,571

 

 

 

Total liabilities and shareholders’ equity

$

60,133,561

 

 

 

$

58,963,417

 

 

 

$

56,855,898

 

 

 

Net interest income and net interest margin, taxable equivalent (6) (7)

 

$

481,870

 

3.43

%

 

$

502,477

 

3.56

%

 

$

393,113

 

3.01

%

Less: taxable-equivalent adjustment

 

 

1,119

 

 

 

 

1,131

 

 

 

 

865

 

 

Net interest income

 

$

480,751

 

 

 

$

501,346

 

 

 

$

392,248

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Average loans are shown net of deferred fees and costs. NPLs are included.

(2)

Interest income includes net loan fees as follows: First Quarter 2023 — $11.5 million, Fourth Quarter 2022 — $11.7 million, and First Quarter 2022 — $20.7 million.

(3)

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

(4)

Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.

(5)

Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.52) billion, $(1.69) billion, and $(247.4) million for the First Quarter 2023, Fourth Quarter 2022, and First Quarter 2022, respectively.

(6)

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

(7)

Net interest margin reflects Actual/Actual day count and includes other immaterial adjustments versus NIM previously reported.

Synovus

 

 

 

 

 

 

 

 

 

 

LOANS OUTSTANDING BY TYPE

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

Total Loans

 

Total Loans

 

Linked Quarter

 

Total Loans

 

Year/Year

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Loan Type

 

March 31,

2023

 

December 31,

2022

 

%

Change

 

March 31,

2022

 

%

Change

Commercial, Financial, and Agricultural

 

$

14,201,398

 

$

13,874,416

 

2

%

 

$

12,659,611

 

12

%

Owner-Occupied

 

 

8,398,778

 

 

 

8,192,240

 

 

3

 

 

 

7,692,714

 

 

9

 

Total Commercial & Industrial

 

 

22,600,176

 

 

 

22,066,656

 

 

2

 

 

 

20,352,325

 

 

11

 

Multi-Family

 

 

3,374,129

 

 

 

3,134,571

 

 

8

 

 

 

2,288,497

 

 

47

 

Hotels

 

 

1,737,163

 

 

 

1,708,194

 

 

2

 

 

 

1,593,983

 

 

9

 

Office Buildings

 

 

3,071,236

 

 

 

3,011,911

 

 

2

 

 

 

2,521,381

 

 

22

 

Shopping Centers

 

 

1,332,078

 

 

 

1,403,928

 

 

(5

)

 

 

1,500,768

 

 

(11

)

Warehouses

 

 

1,020,921

 

 

 

1,035,152

 

 

(1

)

 

 

814,756

 

 

25

 

Other Investment Property

 

 

1,441,303

 

 

 

1,350,291

 

 

7

 

 

 

1,327,760

 

 

9

 

Total Investment Properties

 

 

11,976,830

 

 

 

11,644,047

 

 

3

 

 

 

10,047,145

 

 

19

 

1-4 Family Construction

 

 

201,896

 

 

 

229,263

 

 

(12

)

 

 

229,038

 

 

(12

)

1-4 Family Investment Mortgage

 

 

394,754

 

 

 

387,670

 

 

2

 

 

 

391,636

 

 

1

 

Total 1-4 Family Properties

 

 

596,650

 

 

 

616,933

 

 

(3

)

 

 

620,674

 

 

(4

)

Commercial Development

 

 

63,004

 

 

 

79,889

 

 

(21

)

 

 

102,757

 

 

(39

)

Residential Development

 

 

106,872

 

 

 

108,661

 

 

(2

)

 

 

193,580

 

 

(45

)

Land Acquisition

 

 

253,399

 

 

 

200,783

 

 

26

 

 

 

181,162

 

 

40

 

Land and Development

 

 

423,275

 

 

 

389,333

 

 

9

 

 

 

477,499

 

 

(11

)

Total Commercial Real Estate

 

 

12,996,755

 

 

 

12,650,313

 

 

3

 

 

 

11,145,318

 

 

17

 

Consumer Mortgages

 

 

5,246,640

 

 

 

5,214,443

 

 

1

 

 

 

5,052,003

 

 

4

 

Home Equity

 

 

1,757,250

 

 

 

1,757,038

 

 

—

 

 

 

1,416,341

 

 

24

 

Credit Cards

 

 

184,595

 

 

 

203,612

 

 

(9

)

 

 

188,247

 

 

(2

)

Other Consumer Loans

 

 

1,259,523

 

 

 

1,824,291

 

 

(31

)

 

 

2,014,916

 

 

(37

)

Total Consumer

 

 

8,448,008

 

 

 

8,999,384

 

 

(6

)

 

 

8,671,507

 

 

(3

)

Total

 

$

44,044,939

 

 

$

43,716,353

 

 

1

%

 

$

40,169,150

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

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,

2023

 

December 31,

2022

 

%

Change

 

March 31,

2022

 

%

Change

Commercial, Financial, and Agricultural

 

$

94,196

 

 

$

59,307

 

 

59

%

 

$

64,888

 

 

45

%

Owner-Occupied

 

 

25,591

 

 

 

10,104

 

 

153

 

 

 

10,854

 

 

136

 

Total Commercial & Industrial

 

 

119,787

 

 

 

69,411

 

 

73

 

 

 

75,742

 

 

58

 

Multi-Family

 

 

1,806

 

 

 

1,857

 

 

(3

)

 

 

2,639

 

 

(32

)

Office Buildings

 

 

190

 

 

 

309

 

 

(39

)

 

 

2,205

 

 

(91

)

Shopping Centers

 

 

727

 

 

 

735

 

 

(1

)

 

 

915

 

 

(21

)

Warehouses

 

 

222

 

 

 

223

 

 

—

 

 

 

482

 

 

(54

)

Other Investment Property

 

 

668

 

 

 

349

 

 

91

 

 

 

1,047

 

 

(36

)

Total Investment Properties

 

 

3,613

 

 

 

3,473

 

 

4

 

 

 

7,288

 

 

(50

)

1-4 Family Construction

 

 

—

 

 

 

55

 

 

(100

)

 

 

55

 

 

(100

)

1-4 Family Investment Mortgage

 

 

3,515

 

 

 

3,067

 

 

15

 

 

 

2,187

 

 

61

 

Total 1-4 Family Properties

 

 

3,515

 

 

 

3,122

 

 

13

 

 

 

2,242

 

 

57

 

Commercial Development

 

 

—

 

 

 

—

 

 

nm

 

 

 

625

 

 

(100

)

Residential Development

 

 

267

 

 

 

267

 

 

—

 

 

 

407

 

 

(34

)

Land Acquisition

 

 

886

 

 

 

891

 

 

(1

)

 

 

1,021

 

 

(13

)

Land and Development

 

 

1,153

 

 

 

1,158

 

 

—

 

 

 

2,053

 

 

(44

)

Total Commercial Real Estate

 

 

8,281

 

 

 

7,753

 

 

7

 

 

 

11,583

 

 

(29

)

Consumer Mortgages

 

 

39,536

 

 

 

36,847

 

 

7

 

 

 

29,997

 

 

32

 

Home Equity

 

 

7,967

 

 

 

6,830

 

 

17

 

 

 

8,854

 

 

(10

)

Other Consumer Loans

 

 

6,889

 

 

 

7,220

 

 

(5

)

 

 

5,955

 

 

16

 

Total Consumer

 

 

54,392

 

 

 

50,897

 

 

7

 

 

 

44,806

 

 

21

 

Total

 

$

182,460

 

 

$

128,061

 

 

42

%

 

$

132,131

 

 

38

%

Synovus

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY DATA

 

(Unaudited)

 

 

 

 

(Dollars in thousands)

2023

 

2022

 

First Quarter

 

First

 

Fourth

 

Third

 

Second

 

First

 

’23 vs ’22

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

% Change

 

 

 

 

 

 

 

Non-performing Loans (NPLs)

$

182,460

 

128,061

122,094

109,024

132,131

38

%

Impaired Loans Held for Sale

 

—

 

—

 

447

 

—

 

—

 

nm

 

Other Real Estate and Other Assets

 

—

 

15,320

 

15,320

 

26,759

 

26,759

 

(100

)

 

 

 

 

 

 

 

Non-performing Assets (NPAs)

 

182,460

 

143,381

 

137,861

 

135,783

 

158,890

 

15

 

 

 

 

 

 

 

 

Allowance for Loan Losses (ALL)

 

457,010

 

443,424

 

421,359

 

407,837

 

414,956

 

10

 

Reserve for Unfunded Commitments

 

57,473

 

57,455

 

57,936

 

50,559

 

47,317

 

21

 

 

 

 

 

 

 

 

Allowance for Credit Losses (ACL)

 

514,483

 

500,879

 

479,295

 

458,396

 

462,273

 

11

 

 

 

 

 

 

 

 

Net Charge-Offs – Quarter

 

18,550

 

13,300

 

4,682

 

16,565

 

18,609

 

 

Net Charge-Offs – YTD

 

18,550

 

53,156

 

39,856

 

35,174

 

18,609

 

 

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

 

0.17

%

0.12

 

0.04

 

0.16

 

0.19

 

 

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

 

0.17

 

0.13

 

0.13

 

0.18

 

0.19

 

 

NPLs / Loans

 

0.41

 

0.29

 

0.29

 

0.26

 

0.33

 

 

NPAs / Loans, ORE and specific other assets

 

0.41

 

0.33

 

0.32

 

0.33

 

0.40

 

 

ACL/Loans

 

1.17

 

1.15

 

1.13

 

1.11

 

1.15

 

 

ALL/Loans

 

1.04

 

1.01

 

0.99

 

0.99

 

1.03

 

 

 

 

 

 

 

 

 

ACL/NPLs

 

281.97

 

391.13

 

392.56

 

420.45

 

349.86

 

 

ALL/NPLs

 

250.47

 

346.26

 

345.11

 

374.08

 

314.05

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days and Still Accruing

$

3,529

 

3,373

 

3,443

 

2,251

 

3,067

 

15

 

As a Percentage of Loans Outstanding

 

0.01

%

0.01

 

0.01

 

0.01

 

0.01

 

 

 

 

 

 

 

 

 

Total Past Due Loans and Still Accruing

$

55,053

 

65,568

 

63,545

 

56,160

 

45,385

 

21

 

As a Percentage of Loans Outstanding

 

0.12

%

0.15

 

0.15

 

0.14

 

0.11

 

 

 

 

 

 

 

 

 

(1) Ratio is annualized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED CAPITAL INFORMATION (1)

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

March 31,

2023

December 31,

2022

March 31,

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital Ratio

 

9.76

%

9.63

 

9.49

 

 

 

 

Tier 1 Capital Ratio

 

10.79

 

10.68

 

10.63

 

 

 

 

Total Risk-Based Capital Ratio

 

12.69

 

12.54

 

12.56

 

 

 

 

Tier 1 Leverage Ratio

 

9.14

 

9.07

 

8.87

 

 

 

 

Total Shareholders’ Equity as a Percentage of Total Assets

 

7.71

 

7.49

 

8.55

 

 

 

 

Tangible Common Equity Ratio (2) (4)

 

6.12

 

5.84

 

6.80

 

 

 

 

Book Value Per Common Share (3)

$

28.98

 

27.07

 

29.50

 

 

 

 

Tangible Book Value Per Common Share (2)

 

25.71

 

23.78

 

26.16

 

 

 

 

 

 

 

 

 

 

 

(1) Current quarter regulatory capital information is preliminary.

 

 

 

(2) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.

 

 

(3) Book Value Per Common Share consists of Total Shareholders’ Equity less Preferred Stock divided by total common shares outstanding.

 

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

 

 

 

Media Contact

Audria Belton

Media Relations

[email protected]

Investor Contact

Cal Evans

Investor Relations

[email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Black Stone Minerals, L.P. Declares First Quarter 2023 Distribution for Common Units and Schedules Earnings Call to Discuss First Quarter 2023 Results

Black Stone Minerals, L.P. Declares First Quarter 2023 Distribution for Common Units and Schedules Earnings Call to Discuss First Quarter 2023 Results

HOUSTON–(BUSINESS WIRE)–
Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today declared the distribution attributable to the first quarter of 2023. Additionally, the Partnership announced the date of its first quarter 2023 earnings call.

Common Distribution

The Board of Directors of the general partner has approved a cash distribution for common units attributable to the first quarter of 2023 of $0.475 per unit. The $0.475 per unit maintains the distribution level with the fourth quarter of 2022 and represents an increase of 19% over the common distribution paid with respect to the first quarter of 2022. Distributions will be payable on May 19, 2023 to unitholders of record on May 12, 2023.

Earnings Conference Call

The Partnership is scheduled to release details regarding its results for the first quarter of 2023 after the close of trading on May 1, 2023. A conference call to discuss these results is scheduled for May 2, 2023 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 the Company’s investor relations website at www.blackstoneminerals.com. If you would like to ask a question, the dial-in number for the conference call is (800) 267-6316 for domestic participants and (203) 518-9783 for international participants. The conference ID for the call is BSMQ123. 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 the Company’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 Company 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

Evan Kiefer

Interim Chief Financial Officer and Treasurer

Telephone: (713) 445-3200

[email protected]

KEYWORDS: Texas United States North America

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

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WisdomTree Files Preliminary Proxy Statement

WisdomTree Files Preliminary Proxy Statement

Stockholders Will Have the Opportunity to Vote for Six Highly Qualified WisdomTree Board Nominees at 2023 Annual Meeting of Stockholders

Proxy Statement Highlights WisdomTree’s Continued Commitment to Board Refreshment and Diversity

NEW YORK–(BUSINESS WIRE)–
WisdomTree, Inc. (NYSE: WT) (“WisdomTree” or the “Company”), a global financial innovator, today announced that it has filed preliminary proxy materials on Schedule 14A with the Securities and Exchange Commission (“SEC”) in connection with WisdomTree’s 2023 Annual Meeting of Stockholders (“2023 Annual Meeting”). At this meeting, WisdomTree stockholders will have the opportunity to vote to elect six highly qualified nominees to the Company’s nine-member Board of Directors (“Board”), and on other important matters.

The Board’s six highly qualified nominees standing for election bring extensive experience relevant to WisdomTree’s business strategy, including global financial, accounting, compliance, cybersecurity and digital expertise, and many years in senior leadership positions in the investment management and financial services industry:

  • Lynn S. Blake: New independent director since May 2022 with decades of experience in the ETF industry, asset management and ESG
  • Daniela Mielke: New independent director since September 2022 with decades of experience growing financial services, payments and fintech companies
  • Shamla Naidoo: New independent director nominee who will bring to WisdomTree deep expertise in digital transformation and cybersecurity
  • Win Neuger: Independent investor and consultant who contributes to the Board a stockholder perspective with investment expertise
  • Frank Salerno: Independent Chair of the Board who possesses extensive corporate governance and asset management expertise
  • Jonathan Steinberg: CEO and Founder of WisdomTree, responsible for the creation and development of WisdomTree’s proprietary index methodology, and growing the Company into a leading global financial innovator with approximately $91.9 billion in assets under management

In the preliminary proxy statement, the Company describes the expertise and background of its nominees standing for election, and outlines the significant efforts taken by the Board and its Nominating and Governance Committee to bring fresh perspectives to the boardroom, including the addition of five new directors since January 2021.

Frank Salerno, Chair of the WisdomTree Board of Directors, said, “We are excited to introduce stockholders to Shamla Naidoo, an extraordinarily well-qualified director with expertise in cybersecurity and digital innovation that is a perfect match for our strategy. She will be extremely additive as WisdomTree continues its expansion into the rapidly growing digital financial services sector, including the upcoming launch of WisdomTree Prime™, and further capitalizes on our first mover status. We are fortunate to be able to continue to add directors of such high caliber as Shamla Naidoo, Daniela Mielke and Lynn Blake, as well as Smita Conjeevaram and Harold Singleton III. The Board remains committed to ongoing Board refreshment, as well as prioritizing diversity.”

Shamla Naidoo is a technology industry veteran with experience helping businesses across diverse sectors and cultures use technology more effectively. She has successfully embraced and led digital strategy in executive leadership roles, including Chief Information Security Officer (CISO), at companies such as International Business Machines Corp. (IBM), Elevance Health, Inc. (previously WellPoint, Inc.), Marriott International, Inc. (previously Starwood Hotels & Resorts, Inc.) and Northern Trust Corporation.

Shamla has helped organizations in over 20 countries recognize the impact of digital transformation globally and advise their stakeholders on predicting and navigating the necessary changes in laws and regulations. In addition, she has worked with intelligence communities to use digital and cyber within their organizations to protect businesses and society from technology misuse.

WisdomTree stockholder ETFS Capital Limited (“ETFS Capital”) owns shares with the right to vote 10.2% of the Company’s common stock at the 2023 Annual Meeting and has nominated three individuals to the Company’s Board: Bruce E. Aust, Tonia Pankopf and ETFS Capital’s chairman Graham Tuckwell AO. After evaluating ETFS Capital’s nominees in accordance with its established protocols, the WisdomTree Board does not view Mr. Tuckwell as a suitable addition to the Board. He misunderstands the Company’s business and vision and lacks the track record, public company experience and temperament to serve as a public company director or enhance the Board. Mr. Tuckwell also has significant conflicts of interest that put him at odds with the interests of other WisdomTree stockholders. The Board further believes that Mr. Aust and Ms. Pankopf would not add any skills or competencies to the Board that the current Board members collectively do not already possess.

Under the SEC’s universal proxy card rules, the WisdomTree nominees will appear on the Company’s proxy card along with the three individuals nominated by dissident stockholder ETFS Capital. Stockholders will be able to decide which director nominees will best represent their interests and guide the Company forward.

Advisors

BofA Securities is serving as financial advisor, and Goodwin Procter LLP is serving as legal counsel to WisdomTree. Innisfree M&A is serving as proxy solicitor and H/Advisors Abernathy is serving as strategic communications advisor.

About WisdomTree

WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models and solutions. We empower investors to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on our heritage of innovation, we are also developing next-generation digital products and structures, including digital funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime™.

WisdomTree currently has approximately $91.9 billion in assets under management globally.

WisdomTree® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.

Cautionary Statement Regarding Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” “views,” and similar expressions. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, the impact and contributions of the slate of director nominees WisdomTree has nominated, and WisdomTree’s ability to achieve its financial and business plans, goals and objectives and drive stockholder value, including with respect to its ability to successfully implement its strategy relating to WisdomTree Prime™, and other risk factors discussed from time to time in WisdomTree’s filings with the SEC, including those factors discussed under the caption “Risk Factors” in its most recent annual report on Form 10-K, filed with the SEC on February 28, 2023, and in subsequent reports filed with or furnished to the SEC. WisdomTree assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today’s date.

Important Additional Information and Where to Find It

WisdomTree intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card and other relevant documents with the SEC in connection with such solicitation of proxies from WisdomTree stockholders for WisdomTree’s 2023 Annual Meeting. WISDOMTREE STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ WISDOMTREE’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING WHITE PROXY CARD, AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the definitive proxy statement and other documents that WisdomTree files with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge on WisdomTree’s Investor Relations website at https://ir.wisdomtree.com/sec-filings or by contacting Jeremy Campbell, Head of Investor Relations, at [email protected], as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

Certain Information Regarding Participants in the Solicitation

WisdomTree, its directors and certain of its executive officers may be deemed participants in the solicitation of proxies from WisdomTree stockholders by WisdomTree in connection with matters to be considered at WisdomTree’s 2023 Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of WisdomTree’s directors and executive officers, in WisdomTree is included in WisdomTree’s definitive proxy statement on Schedule 14A for its 2022 annual meeting of stockholders, filed with the SEC on June 10, 2022, WisdomTree’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023, and in WisdomTree’s Current Reports on Form 8-K filed with the SEC from time to time. Changes to the direct or indirect interests of WisdomTree’s directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 and Annual Statements of Changes in Beneficial Ownership of Securities on Form 5. These documents are available free of charge as described above. Updated information regarding the identities of potential participants and their direct or indirect interests, by security holdings or otherwise, in WisdomTree will be set forth in WisdomTree’s definitive proxy statement for WisdomTree’s 2023 Annual Meeting and other relevant documents to be filed with the SEC, if and when they become available.

Category: Business Update

Investor Relations

WisdomTree, Inc.

Jeremy Campbell

+1.646.522.2602

[email protected]

or

Innisfree M&A Incorporated

Jonathan Salzberger / Scott Winter

+1.212.750.5833

[email protected] / [email protected]

Media Relations

WisdomTree, Inc.

Jessica Zaloom

+1.917.267.3735

[email protected] / [email protected]

or

H/Advisors Abernathy

Jeremy Jacobs / Dana Gorman

+1.202.774.5600 / +1.212.371.5999

[email protected] / [email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Finance Consulting Business Banking Professional Services

MEDIA:

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Rambus Accelerates AI Performance with Industry-Leading 24 Gb/s GDDR6 PHY

Rambus Accelerates AI Performance with Industry-Leading 24 Gb/s GDDR6 PHY

Highlights:

  • Delivers high-bandwidth, low-latency memory interface solution for AI/ML, graphics and networking applications
  • Offers complete memory interface subsystem with the Rambus GDDR6 Controller IP
  • Expands comprehensive portfolio of high-performance memory solutions including state-of-the-art HBM3 interface solution

SAN JOSE, Calif.–(BUSINESS WIRE)–Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced a new product milestone for GDDR6 memory interface performance. The Rambus GDDR6 PHY delivers a market-leading data rate of up to 24 Gigabits per second (Gb/s), providing 96 Gigabytes per second (GB/s) of bandwidth per GDDR6 memory device. As part of a system-level solution, the Rambus GDDR6 offering enables cost-efficient, high-bandwidth memory performance for AI/ML, graphics and networking applications.

“With the new level of performance achieved by our GDDR6 PHY, designers can deliver the bandwidth needed by the most demanding workloads,” said Sean Fan, chief operating officer at Rambus. “As with our industry-leading HBM3 memory interface, this latest achievement demonstrates our continued commitment to advancing state-of-the-art memory performance to meet the needs of advanced computing applications such as generative AI.”

In addition to industry-leading performance of 24 Gb/s, the Rambus GDDR6 PHY has been fully optimized to meet the needs of AI/ML and other advanced applications that require a high-bandwidth, low latency memory solution. Achieving operation at 24 Gb/s relies on Rambus renowned expertise in signal integrity and power integrity (SI/PI) for design of the PHY, chip package and PCB. The Rambus GDDR6 PHY can be combined with Rambus GDDR6 digital controller IP to provide a complete GDDR6 memory interface subsystem solution.

“With the most advanced speed and bandwidth, the Rambus GDDR6 PHY will offer a considerable boost in performance for next-generation graphics,” said Soo-Kyoum Kim, vice president, memory semiconductors at IDC.

Key features of the Rambus GDDR6 PHY IP:

  • Delivers data rate of up to 24 Gb/s for a maximum bandwidth of 96 GB/s

  • Offers a complete memory subsystem solution when combined with the Rambus GDDR6 digital controller IP

  • Features LabStation™ development environment that enables quick system bring-up, characterization and debug

  • Builds on Rambus 30-year leadership in high-speed signal integrity, power integrity (SI/PI) expertise

  • Reference design and support for packaging and PCB

More Information:

Learn more about the Rambus GDDR6 PHY at www.rambus.com/interface-ip/ddrn-phys/gddr6/.

Follow Rambus:

Company website: rambus.com

Rambus blog: rambus.com/blog

Twitter: @rambusinc

LinkedIn: www.linkedin.com/company/rambus

Facebook: www.facebook.com/RambusInc

About Rambus Inc.

Rambus is a provider of industry-leading chips and silicon IP making data faster and safer. With over 30 years of advanced semiconductor experience, we are a pioneer in high-performance memory subsystems that solve the bottleneck between memory and processing for data-intensive systems. Whether in the cloud, at the edge or in your hand, real-time and immersive applications depend on data throughput and integrity. Rambus products and innovations deliver the increased bandwidth, capacity and security required to meet the world’s data needs and drive ever-greater end-user experiences. For more information, visit rambus.com.

Cori Pasinetti

Rambus Corporate Communications

t: (650) 309-6226

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Data Management Semiconductor Technology Software Networks Artificial Intelligence Hardware

MEDIA:

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Century Aluminum Sets Date for First Quarter 2023 Earnings Announcement

CHICAGO, April 19, 2023 (GLOBE NEWSWIRE) — Century Aluminum Company (NASDAQ: CENX) will report first quarter 2023 earnings on Monday, May 8, 2023 after the close of market trading. The news release will be issued through GlobeNewswire.

The company will hold a follow-up conference call on Monday, May 8, 2023 at 5:00 p.m. Eastern time.

The earnings call will be webcast live on the Century Aluminum Company website, located at www.centuryaluminum.com. Plan to begin the registration process at least 10 minutes before the live call is scheduled to begin. A replay of the webcast will be archived and available for replay approximately two hours following the live call.

Contact:

Peter Trpkovski (investors and media)
[email protected]
(312) 696-3132



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Arlo Technologies Schedules First Quarter 2023 Results Conference Call

Arlo Technologies Schedules First Quarter 2023 Results Conference Call

SAN JOSE, Calif.–(BUSINESS WIRE)–
Arlo Technologies, Inc. (NYSE: ARLO), a leading smart home security brand, today announced that it will hold a conference call with investors and analysts on Thursday, May 11, 2023 at 5:00 p.m. ET (2:00 p.m. PT) to discuss the Company’s first quarter 2023 results. The news release announcing the first quarter 2023 results will be disseminated on May 11, 2023 after the market closes.

The toll-free dial-in number for the live audio call beginning at 5:00 p.m. ET (2:00 p.m. PT) on May 11, 2023 is (888) 660-6387. The international dial-in number for the live audio call is (929) 203-1909. The conference ID for the call is 7749064. A live webcast of the conference call will be available on Arlo’s Investor Relations website at http://investor.arlo.com. A replay of the call will be available via the web at http://investor.arlo.com.

About Arlo Technologies, Inc.

Arlo is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo’s deep expertise in product design, wireless connectivity, cloud infrastructure, and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. The company’s cloud-based platform provides users with visibility, insight, and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, software and services, including wire-free smart Wi-Fi and LTE-enabled security cameras, audio and video doorbells, a floodlight, the Arlo App and Arlo Secure, an AI-based subscription service designed to maximize security through personalized notifications and emergency services for quicker help during a crisis.

With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to supporting industry standards for data protection designed to keep users’ personal information private and in their control. Arlo does not monetize personal data. Arlo provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.

© 2023 Arlo Technologies, Inc., Arlo and the Arlo logo are trademarks and/or registered trademarks of Arlo Technologies, Inc. and/or certain of its affiliates in the United States and/or other countries. Other brand and product names are for identification purposes only and may be trademarks or registered trademarks of their respective holder(s). The information contained herein is subject to change without notice. Arlo shall not be liable for technical or editorial errors or omissions contained herein. All rights reserved.

Source: Arlo-F

Media Relations:

[email protected]

949-438-1088

Investors:

Arlo Investor Relations

Erik Bylin

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Security Software Internet Hardware IOT (Internet of Things) Artificial Intelligence Consumer Electronics

MEDIA:

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FCPT Announces Acquisition of a WellNow Urgent Care Property for $2.4 million

FCPT Announces Acquisition of a WellNow Urgent Care Property for $2.4 million

MILL VALLEY, Calif.–(BUSINESS WIRE)–
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a WellNow Urgent Care property for $2.4 million. The property is newly constructed and located in a strong retail corridor in Indiana and is corporate-operated under a net lease. The transaction was priced at a cap rate in range with previous FCPT transactions.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Retail Restaurant/Bar Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property REIT

MEDIA:

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Vitru Limited to Report First Quarter 2023 Financial Results on May 11, 2023

FLORIANÓPOLIS, Brazil, April 19, 2023 (GLOBE NEWSWIRE) — Vitru Limited, or Vitru (Nasdaq: VTRU), today announced that it will report its first quarter 2023 financial results after the market closes on Thursday, May 11, 2023. Vitru will host a corresponding webcast at 5:00 p.m. Eastern time on that day.

1Q23 Results Presentation

(Live webcast in English via Zoom click here)
May 11, 2023
5:00 p.m. EST

The event will be webcast live, and the audio and associated slides will be available on the News & Events section of Vitru’s Investor Relations website at https://investors.vitru.com.br.

About Vitru

Vitru is the leading pure distance learning education group in the postsecondary distance learning market in Brazil. Through its invested companies, Vitru provides a complete pedagogical ecosystem focused on hybrid distance learning experience for undergraduates and continuing education students.

Vitru’s mission is to democratize access to education in Brazil through a digital ecosystem and empower every student to create their own successful story.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements speak only as of the date hereof and are based on Vitru’s current plans, estimates of future events, expectations and trends that affect or may affect our business, financial condition, results of operations, cash flow, liquidity, prospects and the trading price of Vitru’s common shares, and are subject to several known and unknown uncertainties and risks, many of which are beyond Vitru’s control. As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this press release. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented. Vitru does not undertake any obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information, future events or other factors.



Contact:

Carlos Henrique Boquimpani de Freitas, Chief Financial and Investor Relations Officer
e-mail: [email protected]
website: https://investors.vitru.com.br/