Synovus Financial Corporation (NYSE:SNV) Q4 2019 Earnings Conference Call - Final Transcript
Jan 24, 2020 • 08:30 am ET
Hello, and welcome to Synovus Financial Corp. Fourth Quarter 2019 Results Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to your host today, Kevin Brown. Please go ahead.
Thank you and good morning. During the call today, we'll be referencing slides and press release that are available within the Investor Relations section of our website, synovus.com. Kessel Stelling, Chairman and Chief Executive Officer, will begin the call; followed by Jamie Gregory, Chief Financial Officer who'll be providing more detailed comments on the fourth quarter; and then, President, Chief Operating Officer, Kevin Blair, who will talk about our 2020 outlook and long-term goals.
Our executive management team is available to answer your questions at the end of the call. Due to the number of callers, we ask that you limit yourself to two questions.
Before we get started, let me remind you that our comments may include forward-looking statements. These statements are subject to risks and uncertainties and the actual results could vary materially. We list these factors that might cause results to differ materially in our press release and in our SEC filings, which are available on our website.
We do not assume any obligation to update any forward-looking statements as a result of new information, early developments or otherwise, except as may be required by law.
During the call, we will reference non-GAAP financial measures related to the company's performance. You may see the reconciliation of these measures in the appendix to our presentation.
And now, here is Kessel Stelling.
Kessel D. Stelling Jr.
Thank you, Kevin, and good morning everyone and welcome to our fourth quarter and year-end 2019 earnings call. Before I'll offer a few additional comments on the year and the quarter, I want to take a moment to congratulate Kevin Blair, who was recently named President of Synovus, adding to his responsibilities as COO that he took on just a year ago.
I also want to thank our entire leadership team for the work they have done and will continue to do in the year ahead as we carve new paths for growth and efficiency, work that will be both rewarding and challenging for our team.
In that regard, we have recently partnered with a third-party to assist us in identifying new revenue and efficiency opportunities designed to improve ongoing performance as well as the customer experience. I've asked Kevin to serve as Executive Sponsor of this initiative and he'll provide more comments on this important work later in the presentation.
Before I turn the call over to Jamie, I'll briefly walk us through the highlights of the fourth quarter noted on Slide 3. Diluted earnings per share were $0.97, or $0.94 adjusted. Adjusted EPS was down 3% sequentially and up 3.1% year-over-year. Period-end loan growth was $745 million or 8.1% annualized resulting from total funded loan production of $3.6 billion.
Period-end deposit growth was $972 million or 10.3% annualized. Core transaction deposits increased $373 million and total