On July 17, 2019, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Synovus Financial Corp. (the “Company”) approved certain increases in base salaries for the named executive officers set forth in the table below. The base salaries for these named executive officers, after giving effect to this increase, are as follows:
On July 16, 2019, the Company filed with the Securities and Exchange Commission a Current Report on Form 8-K in connection with the Company’s issuance of a press release announcing the Company’s financial results for the three and six-month period ended June 30, 2019. The Company has determined that there was an error related to certain average balances during the quarter contained in the press release and slide presentation, which affected some of the reported performance ratios. Specifically, for the quarter ended June 30, 2019, the return on average assets was 1.34% on a GAAP basis (1.39% on an adjusted basis); the return on average common equity was 13.90% on a GAAP basis (14.43% on an adjusted basis); and the return on average tangible common equity was 16.09% (16.70% on an adjusted basis). A reconciliation of the foregoing non-GAAP measures is attached hereto as Exhibit 99.1. All remaining financial data and ratios contained in the press release and slide presentation were accurate at the time the data were furnished.
to General Instruction F to Current Report on Form 8-K, the information contained in this Item 7.01 of this Current Report, including Exhibit 99.1,>is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.1,>shall not be incorporated by reference into any registration statement or other documents to the Securities Act of 1933, as amended, or into any filing or other document to the Exchange Act except as otherwise expressly stated in any such filing.
SYNOVUS FINANCIAL CORP ExhibitEX-99.1 2 exhibit991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Non-GAAP Financial MeasuresThe measures entitled adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; and adjusted return on average tangible common equity are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are return on average assets and return on average common equity,…
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About Synovus Financial Corp. (NYSE:SNV)
Synovus Financial Corp. is a financial services and a bank holding company. The Company provides integrated financial services, including commercial and retail banking, financial management, insurance and mortgage services to its customers through over 30 locally branded banking divisions of its subsidiary bank, Synovus Bank, and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus Bank offers commercial banking services and retail banking services. Its commercial banking services include cash management, asset management, capital markets services, institutional trust services and commercial, financial and real estate loans. Its retail banking services include accepting customary types of demand and savings deposits accounts; mortgage, installment and other retail loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet-based banking services, and bank credit card services.
