Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Synovus Financial Corp. (NYSE:SNV)

Barclays 2013 Global Financial Services Conference Call

September 9, 2013 3:30 PM ET

Executives

Kessel Stelling - Chairman and CEO

Analysts

Unidentified Analyst

Good afternoon. Welcome to the final presentation for this afternoon. For that, we will be having Synovus. 2013 was a year of many milestones for Synovus, one of it being the DTA recapture and most recently TARP repayment. Here to talk about what’s in store for 2014 is CEO Kessel Stelling.

Kessel Stelling

Well, thank you very much. It’s a pleasure to be with all of you today, and we appreciate your interest in our company whether you're new to our story or have been down this journey with us. We appreciate your time this afternoon. I promise I won’t take long doing this, but I think to help put things in perspective, it will be helpful to kind of take you down a five-year journey, and I’m going to do that in five minutes. So I promise you I can take you through five years in five minutes. It felt like five decades to those of us that went through it, but I think it helps maybe frame the foundation that we were building throughout this crisis and gives you a pretty good idea of the view of our company going forward.

So we go back to 2008, simply because that's when we received our TARP funds. TARP has been so much a part of our story for the last certainly three years and this year. So again in 2008, we received $968 million in TARP funds. In 2009, we did the first of several equity transactions. We completed a $600 million equity offering. We were very pleased with the execution of that in 2009. In 2010 – in April-May of 2010, we completed a $1.1 billion equity offering to further bolster our balance sheet and solidify our foundation.

We also changed our operating model and consolidated 30 bank charters into one and began a very deep look at the operating structure of our company in terms of how we could get cost out, but keep that focus on customers as we moved into what we thought then was the near-term recovery stage of our company. We executed $573 million bulk sale in the December of 2010 which was at the time a real game changer for our company. It completed the sale of about $1.2 billion for the year, but the $573 million bulk sale that December I think really did clear the decks and allowed us to begin the real serious efforts to recovery.

But I think more importantly than just those efforts to stabilize the company, we began a process then of building that foundation for future that would allow us to grow revenue as we came out of the cycle, so we established our large corporate banking group led by Curtis Perry, who is among colleagues over here at the panel, and again knowing full well that as we came out, we would need to diversify and expand our different sources of revenue. We’ve been very pleased with that group which we will talk about just a little bit more.

In 2011, as I said, we in 2010 took that deep look in the first month of 2011, really the first week of the year we announced an efficiency initiative totaling over $100 million in cost cuts. It was a move that was considered by some to be counter to our culture at Synovus which to this day I’d say it was not because it was done in a fair and transparent and thoughtful way, but it allowed our company to take another step towards this road to recovery, and we did it, I think, very successfully, and in the actual results for 2011, we reduced adjusted non-interest expense by about $95 million. We had thought we could get $75 million out in 2011, and we got $95 million.

The big milestone in 2011 was the return to profitability in the third quarter ahead of many expectations, and at the time probably as bigger shot an energizer to our team as one could imagine may be topped only by the more recent events, but again as we were doing those basic things to return our company to a solid foundation and to an area of stability, we were taking steps then to prepare us for the future. We organized our treasury management group, reorganized, made some key additions to staff there as we shifted this focus from CRE to C&I and retail lending knowing we would have to sell deeper into our relationships.

We expanded our large corporate banking team to add senior housing team, I think, made up of some of the finest professionals in that space certainly in the South-Eastern United States, if not the country, they specialized in skilled nursing, assisted living, and independent living facilities. Great growth and great quality growth in that area, and we adopted a bank-wide unified sales platform system to allow these new units to communicate better with our existing bankers spread throughout our five-state footprint as we began to sell deeper and cross-sell opportunities throughout our footprint.

Take you to 2012, again we had maturing debt. We completed a $300 million debt offering in early 2012. And at the end of the year we executed another $545 million bulk sale and at the same time allowing us to recover our deferred tax assets. Distressed asset sales totaled $920 million for the year. And again we thought strategically it was the right thing to do to take – to do the sales, to take those losses and get the DTA back in the fourth quarter. It took our classified to capital ratio below 40%, a game changer for our company because it created what you'll see in a minute was tremendous dividend capacity to allow us to exit the TARP program. And again we decreased adjusted non-interest expense by an additional $25 million all the while adding to our corporate banking group, we established a corporate -- a large corporate real estate group and we enhanced to roll out additional mortgage products.

Well that’s five years in five minutes. Let’s talk about 2013, it’s been a pretty exciting year for our company. We started the year with announcing another $30 million in expense reductions. I think you'll see if you listened long enough expense containment is a way of life for our company and we continue to look for ways to cut so that we can reinvest. We announced $30 million at the start of the year, we announced in April and May the removal of MOUs that have been with us for a long time at both the parent and the holding company and the bank perspective. In May, we announced the FDIC assisted assumption of Sunrise Bank with the deposits only in the real estate no loans. But another public signal of the healing and recovery of our company. We were shortly thereafter upgraded by all three ratings agencies, I think three agencies in three days, Fitch Ratings, Moody’s and S&P in a three day period all upgraded their outlook on our company and in conjunction with that we completed common and preferred stock offerings and redeemed TARP in July of this year.

Again that was a big story of the -- probably the first half of the year but while that was going on, we reported loan growth of $240 million in the second quarter. I will talk a little bit about the second quarter in a minute. We continue to reposition our loan portfolio and I will get to that in just a little bit. But a great first half of the year for our company and we will talk about a few other events and then talk more importantly about the road ahead for Synovus.

Talk a little bit about TARP redemption, we talked a bit good about it in our one on ones today. We redeemed the TARP obligation on July 26. I think it’s a great investment by Treasury, we’ve worked the way it should for our company, and we were proud to exit on July 26, never being a day late or dollar short on the payment over $200 million in dividends backed treasury during the process. And again we were proud with the exit. The efficiency of the exit I think was appreciated by the market, maybe not everybody but I think the exit itself reflects the overall – we were pleased to see $680 million of the exit funded by our own cash. Again that dividend capacity created by the 2012 year-end actions allowed for that to happen.

The remaining third of the TARP obligation was paid through a $180 million common offering and $130 million preferring offering. The common offering represented about 19% of the overall TARP exit. The overall effect on earnings we estimate to be approximately $0.04 per share positive based on normalized 2Q -- annualized 2Q ’13 earnings. So all in all, we felt like it was a very good exit, a very efficient exit, maybe slightly ahead of some expectations of the market but certainly again as I mentioned the shot in the arm related to the previous event of returning profitability, I think this moving – this cloud and this overhang over our company was again a very significant game changer both on our employees, on our customers and hopefully on many of you who are our shareholders.

I will do a very quick review of 2Q ‘13 because we didn’t just talk a lot about it because on that call we were going into the market that night with an equity offering and just want to make sure we share with you how the quarter turned out. Net income available to common shareholders was about $31 million or $0.03 per diluted share. Pre-tax income was about $73 million, 56.6% up versus the first quarter. So significant lift there, strong improvement in credit quality. It was the story of our decline and it’s certainly been a story of our recovery as credit costs saw tremendous decline 51% versus the first quarter 66% versus the second-quarter 2012. I will graphically illustrate that in just a minute.

Balance sheet, as I said earlier, $240 million or 5% annualized. More importantly than that $240 million growth though I think it was the nature of growth of C&I and retail as CRE continued to decline as I will show that again in just a minute. We have guided for the back half of the year loan growth. We think the third quarter will be relatively flat plus or minus with growth in the fourth quarter. So we believe we will have growth in the back half of the year but certainly pockets of sluggishness throughput our footprint with stability and recovery defined most of our markets.

Core deposits grew $144 million from the first quarter, again a strong behaviour there. Net interest income was up slightly with a modest decline in margin. We think that will remain relatively stable for the back half of the year. Fee income was stable and mortgage banking income was actually strong in the second quarter. We like others believe that will trend down in the back half of the year, not as significant portion of our revenue as with some of our competitors but certainly will be challenged and we have some initiatives underway to combat that. Again adjusted non-interest expense down 6% versus the second quarter of 2012.

We talked about the graphic illustration. I think this does it well. You will see credit costs, net charge-offs, NPL inflows and NPLs all down very, very significantly. In addition to metrics, you will see on the screen just a couple of other metrics that I will mention, I think that are certainly worth mentioning, special mention loans declined over $600 million or 37% from the second quarter of 2012 and about $230 million linked quarter, and substandard accruing loans declined $457 million or 43% compared to the same quarter a year ago. So again tremendous improvement in credit for our company. Our pass rated loans increased $544 million from the first quarter ’13, now represent about 89% of our portfolio, up from 82% just a year ago. Again a tremendous improvement in the overall quality and mix of our loan portfolio.

Just a little bit on credit quality for the rest of the year, Kevin Howard, our senior credit officer is here with me and will be happy to join me and Tommy Prescott and Curtis in taking any questions when we conclude. We do think credit costs will be lower in the back half than they were in the first half of the year, the first half of ’13 credit costs were about $73.3 million. We see that declining in the back half.

Charge-off ratio, we believe will trend below 1% in the back half of the year, annualized was 0.90% in first half of the year. Distressed asset dispositions, again a big part of our story in 2010, 2011, and 2012, we think will stay in at $50 million to $75 million range, $67 million in the first quarter, about $61 million in the second, so in the same range there as we sell more and more assets to end users and local buyers and get good execution there. We think our NPA ratio gets below 3% by year-end, it was 3.21% at the end of the second quarter and then inflows continued their downward trend, second-quarter inflows $67 million, first quarter $84 million, there could be a bump along the road, certainly not like you’ve seen in the past. You may remember we showed a spike in the fourth quarter of last year as our – as one large credit relationship migrated, but it was something that we had expected and we don't think we see any surprises there in the loan portfolio.

So, I think again the driver of the story for the last couple of years and certainly so far this year has been the decline in credit costs, but that will only take you so far, and we will assume that credit costs and that you believe credit costs will normalize for our company, and so it will be more important to focus on those other areas without taking our eye off the ball on credit. So, I want to talk a little bit about the road ahead, I think to do so, they are just our views on the current banking environment, I hope nothing I say would be a surprise to anything you’ve heard from others today.

Expense management, as I said earlier, is a way of life for our industry. It certainly is for our company. We have been asked often, do we have the opportunity to go further, we do and we can and we will. It’s a lot more fun to focus on revenue, but it’s still the way of life for our company. Small business activity remains sluggish throughout our footprint, pockets of opportunity, but in general somewhat sluggish. Large corporate borrowers are active and we see good volume there and good opportunity there.

We see from our mid- and large-sized businesses they absolutely expect more value-added services, not just loans, and we believe that does help our company excel as our relationship brand of banking plays well into that market. Pricing pressure continues again, not a novel theme. I am sure today we see it every day. Fee income generation under pressure. All things that generate fee for banks are deemed to take advantage of somebody else, and so we struggle with that, but our team continues to look at ways to maximize fee income in areas where our customers see value in those fees, so pressure there.

Mortgage lending, obviously impacted by interest rates. We see some opportunity to combat that as we expand our presence in Florida through our mortgage group in some other areas, that's more variable cost related positions, and we think there’s certainly opportunity for us there. And then overall branch utilization is changing as customer behaviours migrate more and more to e-channels and other channels of mobile banking, and again just our thoughts on the industry, but what I hope to maybe leave you with today is that we are well-positioned for the future and I will just talk about maybe three main things, I could talk about a lot more, but I hope I will leave you with the story that we’re a very strong banking franchise and improving economy in a great area of the country in a five-state footprint that long-term has great promise for economic growth and it’s a great franchise in which to operate a banking company.

I hope I will leave you with a thought we have a strengthened balance sheet and a solid operating foundation well positioning this company for the challenges of today and those down the road and that we have a roadmap focused on execution. So, I want to walk you through this strong banking franchise. I think as I have said often it’s a testament to our customer base and our bankers that our company has come through this horrible recession in as good a shape as we did, and I know the new FDIC market share numbers will be out soon, so I won’t quote market share, but we've done a great job of retaining market share throughout our five-state footprint when many doubted us throughout the cycle and again a great testimony to our customers, to our bankers, and again I think to our style of banking which creates that stickiness through the relationships we form.

We will continue to target high potential consumers, business and larger corporate borrowers who really do see value in that relationship-based delivery model, we received numerous awards for customer service and retail and small business and middle market banking, we are proud of that. We want to make that even better as we continue to grow our company.

Our family asset management group, again recognized last week, a week before by Bloomberg as one of the top 50 family offices in the world. The base source fee income for our company but also a great source of other banking business through that family office. We’re committed to retention and expansion of market share in the South-eastern footprint. I mentioned the attractiveness, we believe we can grow and finish, we almost finished last a strategic review of all of our markets and all of our business lines, all of our specialty areas and challenges all of our CEOs with moving the needle on revenue growth and market share in newer area.

You may have also noticed Friday, we announced also part of an announcement by Iberia that we had exited from a retail standpoint the Memphis market, we felt like it was the right time for our company, we were not strong in market share in Memphis. It was geographically an outlier for our company and we felt like it was a good time for us to exit the Memphis market again from a retail standpoint and redeploy our time and our capital and our management attention into markets where we just felt like we had greater opportunity to move the needle any faster, there’s nothing wrong with the Memphis market, we have a great team there. We wish our competitors well in that market. Again it was just a reallocation of resources for our company and that transaction is expected to close in the fourth quarter this year and again we – I will talk a little bit about strategic new market and business line additions, but again a strong franchise, improving economy.

We’ve recently announced and launched new initiatives that I think again show the opportunity for our company. Metro Orlando, it was a logical next step expansion for our company, which in the Panhandle we’ve got a great operation in Tampa. We are smaller in Jacksonville, but more and more we saw opportunity in Orlando, one of the top locations for business growth and so we've added team of experienced commercial, private CRE bankers in Orlando. And we believe again that will complement our existing franchise there and we expect great things from our team there.

We've also launched an equipment finance initiative, hired a very strong group of 30 and 35 year experienced leadership and bankers to take advantage of large manufacturing presence in Southeast. We think that group gives us the opportunity to grow up to $1 billion over the next five years in the area, again it’s a natural complement to what we're doing in our large corporate banking group, so excited about Orlando and excited about the equipment finance group.

I talked about a strengthened balance sheet, just want to illustrate for you here again the stability that’s come from reduced exposure to higher risk assets and the addition of new high-quality relationships. You will see graphically, again we just took you back to 2008, 2008 C&I and retail represented about 56% of our portfolio, CRE was 44%, CRE had actually been higher than that a couple of years before and in the last five years that needle has moved to where C&I and retail now represent about 68% of our portfolio, CRE 32%. So a big shift, lot of people doubted if we could do that shift but it really does give us the stability and improves our overall financial performance. It allows us opportunities to sell very deep into relationships, again we decreased our exposure to large borrowers and we think this mix is life for our company and we will continue to keep a close eye on that.

And finally, we've kept in place a very disciplined approach to new customer acquisition across all of our lending products. I said to the groups earlier today that we expect the balance sheet to be relatively flat for the third quarter and growth in the fourth, we are willing to accept that, at the price we are paying for that, it’s just to remain disciplined through the process, I am not suggesting others aren’t but we’re going to stick to what we think we do well and we are going to stick to structures that we think survive over the long term. So again a very disciplined and I think Kevin and team and Curtis and team have done a very, very good job of keeping that discipline in place.

Talk about our solid operating foundation, I think this culture of expense management and control has served us well. I talked earlier about what we did in 2011 with the $100 million announcement, another $30 million announced this year and we expect the decline in adjusted non-interest expense during the second half of ‘13 from our 2Q run rate, so again a way of life for our company and again not a way of life, you always see translate to the bottom line, you will see it invested and reinvested in talent and in technology. We’ve made tremendous investment in IT and e-channel investments as our customer behaviors change and more importantly just to improve that overall experience and again as I’ve said on numerous occasions we have done a great job I think of acquiring and developing talent.

Talent, recruiting and actually retention of existing talent has been somewhat difficult over the last three years for our company. Again we think this TARP removal, this TARP overhang allows us to really play offense in much more demonstrative way as we come out of this post TARP environment, and finally, here is solid capital position, we disclosed this in our TARP exit but you will see here pro forma adjusted for TARP redemption tier 1 capital of 10.38%, tier 1 common 9.76, total risk based almost 13%, leverage ratio almost 9%, TCE at 10.62% and you also see the disallowed portion of our DTA of $675 million came back under our balance sheet for GAAP purposes but not through regulatory capital. So the accretion to capital over the coming quarters, I think, will clearly demonstrate solid capital and the ability to not only withstand a bump in the road but hopefully in the not-too-distant future the opportunity to look at ways to deploy that capital through return to shareholders, through share buybacks, through dividend increases, we’re not -- no breaking news today, we feel like it’s a little close to TARP exit to talk about ways to get it back but down the road if you believe in the model and you believe in the potential of the company and you follow the accounting of the DTA, capital will build in a substantial way and allow for some interesting decisions by board and management.

So as I said TARP redemption really does return us to an offensive position. And now it’s up to us to execute, I said to our team Friday, we exited TARP, I suggested to our team that we celebrate for about five minutes. The biggest risk to our company would be that some sense of complacency descended on our management team or our officers or our board or anyone else who could impact the results and that quite frankly now execution was going to be more important than ever before with our company. And I think our officers get that. It was -- before it was about TARP, it was about DTA, I said to our leaders last week in our strategic reviews that I was coming to this conference and in the three years if I've ever got to ask a question, all I had to do was talk about TARP, or DTA and I could lap the clock on any tough investor question but then nobody cared about that anymore, people cared about when is this company going to return to some sense of normalized earnings, how are they going to get there? And I hope that what we laid out are some initiatives that we think will get us there.

And again we’ve got a proven franchise that held up throughout the cycle and we think this offensive position that we now occupy will allow us to capitalize on that even more. We're expanding and solidly growing markets throughout the footprint. We’re adding talent throughout the footprint. Just recently we’ve made key additions to our large corporate banking groups in Nashville. We’ve added wealth teams in Naples, Fort Myers, Tampa and Charleston, South Carolina, we’ve got a lot of good things going on.

We've launched the Equipment Finance group that I just talked about. We expanded in Orlando both from a large corporate banking and from a core community banking basis, we are recruiting and adding mortgage originators, again variable costs throughout the state of Florida. We’re expanding our insurance efforts. So across the footprint we plan to capitalize on opportunities both to expand balance sheet and fee income opportunities and again continued enhancement of products and our delivery model as we focus that – intensify that focus on customers. Lot of cost cut, but a lot of improvement in process, we look at every customer facing process in our company to try and make the experience of investing into our company much more pleasant and I compliment our team on their efforts to do that.

So again before we go to questions, I know we have some prepared questions in advance, our company is well-positioned for the future. You see this map here and our five state footprint franchise has held up so well and as we come out of TARP putting all of our efforts to management attention back on offense. Never to take the eye off the ball on credit and never to take the eye off the ball in expense but getting that energy back in the offensive nature of our company that balance sheet which has been strengthened by the numerous capital actions I outlined but also the repositioning of that loan portfolio to better prepare for and allow us to sell deeper into relationships and that again at the end of the day a roadmap focused on execution, one that our team understands very, very well and I assure you every one at this table understands it very well.

TARP was, we referred to TARP repayment as the culmination of the journey but the journey is not over for our company and our team understands that very well. I said to them would TARP be able to allow us the opportunity to control our own destiny with a sense of urgency, again to restore our earnings to a rate of return that if you as investors have the confidence to hold and buy and own our stock. So we are focused, we’re excited, we’re not celebrating, we’re prepared for again a somewhat sluggish economy that we still see improvement throughout our footprint. We’re very optimistic about our ability to do everything we’ve laid out and so I will be happy to take questions. I don’t know if we can go right into the scripted questions. So I will turn it to you.

Unidentified Analyst

Thanks Kessel. Before we open up the Q&A we have a couple of questions, we would like to ask the audience. If you currently don’t own the shares of Synovus or on your way to stock, what would cause you to change your mind? One, acceleration in loan growth with the bottoming in CRE; two, stabilization and growth in non-provision net revenue; three, a share repurchase program; four, lower levels of non-performing loans; or five, need to see a pullback in the shares given its recent out-performance?

Question-and-Answer Session

Unidentified Analyst

So, it looks like 40% are looking for stabilization and growth in its pre-provision net revenue followed by a need to see a pullback in the shares given its recent out-performance. Maybe Kessel, do you want to address the stabilization in pre-provision net revenue?

Kessel Stelling

Well, we actually have a little wager among the management team to see where that would fall out and of the team represented here, there are five of us and 80% of our team thought this audience would choose number two. So, at least we are in sync with you. We understand and that's where our focus is. We believe that these initiatives that we've launched, that we’ve expanded, and that we continue to focus on will ultimately lead to acceleration, stabilization, and growth in that line. So, I am glad our messages or our thoughts are consistent with our audience here.

Unidentified Analyst

Next question. In your opinion, what is the best incremental use of capital for Synovus? One, retail bank acquisitions; two, non-bank acquisitions; three, the initiation of a share repurchase program; four, an increase in the dividend; or five, to hold it on the balance sheet as a buffer above required capital ratio?

It’s almost like three, the initiation of a share repurchase program, (inaudible) at 39%, interesting and nobody was looking for that in the prior question. So, it looks maybe people have changed a little bit. Any thoughts on your capital levels here?

Kessel Stelling

Well again, as I said earlier, I don’t want to – too closely on the heels of the TARP repayment where we were in agreement with our regulators on the appropriate stack, I don’t want to talk about how we get it back, but I certainly agree with the audience that disciplined approach to capital management in a very clear view on the appropriate ways to either utilize it through growth or through getting it back to our shareholders or through a share repurchase, again interesting response from the audience, and again we understand your concern about wealth, too much capital would be a good problem to have, most of our regulatory partners (inaudible) because they are listening don’t believe there is so much -- such things as too much capital, but certainly again as we improve earnings and the DTA accretes back in regulatory capital, it will be a good problem to have.

Unidentified Analyst

Next question. Should Synovus embark on another expense reduction program, yes or no?

So, over three-quarters, say yes, maybe just a little bit under a quarter, say no. Just any thoughts – we talked about the share – expense reduction program earlier in the year, and a timeline to get to your efficiency target?

Kessel Stelling

Yes, so we announced $30 million, but we didn’t stop there, and as I said it’s a way of life and I know some of our –some banks come up with names for the programs and some announced a series of initiatives. It’s an ongoing process for us. And so, to the extent we can quantify additional reductions over and above the $30 million if we are on track to get out, and again this is on top of $120 million from the past couple years, we will continue to be very clear, but it doesn't stop and it doesn’t need a name or a press release in our company to get the type of attention it needs. I can assure you that focus is there and we will continue to get costs out.

Unidentified Analyst

Anyone else in the audience have any questions that they like to ask?

Kessel Stelling

There was one more question, I don’t know if it’s still in here.

Unidentified Analyst

Okay. A reverse stock split would make the shares more attractive. True or false?

False. Almost again three-quarters looking for – they would now look for a reverse stock split. Any thoughts on that?

Kessel Stelling

Yes, and we said to the team earlier, we’ve really heard quite the opposite throughout the day from investors. And so our question as we came down here was – it’s a question worded in a way that is going to produce this answer, because does it make the shares more attractive if you're already a holder, I would assume you think no, it doesn’t in the same economics and -- but those – there have been some who are entering the stock, that say they can’t hold the stock $105 and just in general would like to see us do that transaction. So the answer is really what I anticipated. I wonder if the question were worded a little differently, what the reaction would be. But we’ve learned this about our investors, they all have strong opinions and we like to get that feedback but the one-on-one during the day was quite the opposite and it was why haven't you done this? So we take this and what we heard during the day and continue to look at ways to do what’s right again for the majority of our shareholders. Yes sir.

Unidentified Analyst

Just going back to one of that questions I was asked in terms of pre-tax pre-provision, the all-in share clearly is looking to see that go higher and you all anticipated that being a focus, the slides didn’t show a sort of roadmap as far as what your target is and how you plan on getting there. So one, what is your target as far as ROA and how do you plan on getting to that target whether it’s over the next two, three years or five years?

Kessel Stelling

Right. We get asked that question often in every way imaginable to get us to disclose more about information that we haven’t given public guidance on. I know that’s understood by many of you and frustrating to others but early in the cycle I was chastised by a lot of investors about you need to under promise and over deliver and I’ve just been reluctant to give guidance. I don’t think we can be as clear based on tangible results to date. So we will be more disclosive over time as we get further down this path as we benchmark these new initiatives with metrics to gauge their success and as we think that path gets clear, I actually think some others in the industry have done a very nice job of laying that out. We take note of that but we’re not ready to give public guidance as to the timeframe.

I think the path is exactly what we've said. It is credit normalizing, I think most of you agree will happen, we might differ as to when. I think it is getting more expense out, and I think it is creating a stability and growth both in balance sheet activities that we outlined several initiatives today and in fee income initiatives like equipment finance and some of the wealth and family asset management activity. So to the extent we can be clearer down the road we want to be but we want to be in a way that gives you as investors or potential investors comfort that there is data to back it up. So I will ask you to bear with us, because again I don’t want to give disclosure or guidance on a topic that I can’t lay out with some certainty, I can lay out a path but I can’t lay out a roadmap, and I can tell you that for three years we have been focused on execution, and we have executed against that plan, we will continue to do so.

Unidentified Analyst

Okay, that brings us about – enough time for this presentation. (inaudible) Capital and Synovus thanks for the presentation.

Kessel Stelling

Thank you very much.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Synovus Financial's CEO Presents at Barclays 2013 Global Financial Services Conference (Transcript)
This Transcript
All Transcripts