Synovus Financial (NYSE: SNV) Call for Q4 2020 Results January 26, 2021, 8:30 a.m. ET
- Prepared remarks
- Questions and answers
- Call the participants
Hello and welcome to Synovus’ fourth quarter and year-end 2020 results call. [Operator instructions] Please note that this event is being recorded. I would now like to turn the floor over to Kevin Brown, senior director of investor relations. Go for it.
Kevin Brown – Senior Director of Investor Relations
Thank you and hello. During today’s call, we will be referring to the slides and press release available in the investor relations section of our site Web, synovus.com. Kessel Stelling, President and CEO, will begin the call. He will be followed by Jamie Gregory, CFO; and Kevin Blair, President and Chief Operating Officer.
Our management team is available to answer your questions at the end of the call. [Operator instructions] Let me remind you that our comments may include forward-looking statements. These statements are subject to risks and uncertainties and actual results may vary significantly. We list these factors that could cause results to differ materially in our press release and in our filings with the SEC, which are available on our site Web.
We assume no obligation to update any forward-looking statements as a result of new information, early development or otherwise, except as required by law. When calling, we will be referring to non-GAAP financial measures related to business performance. You can see the reconciliation of these measures in the appendix to our presentation. And now here’s Kessel Stelling.
Kessel Stelling – Chairman and CEO
Thank you Kevin, and good morning everyone, and thank you for joining our call for fourth quarter and year-end 2020 results. This past year has been a year none of us will ever forget and certainly difficult for us. industry and for our company. From pandemic to social and political unrest, the year presented more intense challenges in a more concentrated period than at any point in my 40-plus banking career, including the financial crisis of a decade ago. is a little over ten years old. So I want to start by thanking the team members for their dedication and tireless efforts to help us get through another year of uncertainty and thanking clients and communities for trusting us to play an active role in them. helping to recover and rebuild.
Slide 3 shows some notable accomplishments of 2020, starting with the Paycheck Protection Program, through which we made approximately 19,000 loans totaling $ 2.9 billion to customers in the Southeast. P3 has been a truly Herculean effort on the part of our team to quickly deliver essential assistance to customers and communities in need. We also got off to a very good start with the latest round of P3s with approximately 5,000 loan applications submitted for a total of $ 700 million in new applications. We operate in one of the best geographic footprints in the banking industry.
And last year, we continued to improve our competitive positioning for 2021 and beyond. Last January, we announced our transformational Synovus Forward initiative. And we made significant progress throughout the year, executing our Phase 1 revenue and efficiency efforts. As previously discussed, we expect to achieve $ 100 million in current rate benefits before taxes by the end of this year.
And Kevin will provide more details later on the plans for an additional $ 75 million in benefits by the end of 2022. We’ve made additional investments …
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