We’ve talked in the past that we’ve kind of doubled down in the commercial space, that’s where we’re winning market share, but when you go to the consumer side, we’re focused on the mass affluent and affluent segments where we believe that not only advice matters, but we have a personal touch that allows us to get a greater share of wallet, so that’s where we’re focused. It’s relationship banking 101, so it doesn’t sound real sexy but it comes down to delivery and how we do that, and that’s why we win things like JD Power and Greenwich, because we do it really, really well.
Jamie Gregory: Let me follow up on the JD Power and Greenwich, because a lot of this has to do with how do we fund that growth and our success with our retail network, our success with our commercial banking. Deposit production, when you look at the third quarter deposit production, we’re up about 70% year-over-year, and then when you decompose that, because clearly a lot of that comes from time deposits, from CD production, but even when you back that out and when you look at interest-bearing non-maturity deposit production, so now in MMA deposit production, those together are up over 10% year-over-year, so that’s a positive production trend that’s sustained. Then in the third quarter, we saw a reduction in account diminishment, so on the consumer side, the diminishment we saw in the third quarter relative to the second quarter down almost 60%.
On the commercial side, the same thing – down approximately 55%, and this has been the big headwind year-to-date, so it’s good to see the pressure reducing on this.
Stephen Scouten: Got it, that’s great color. Thanks a lot for the time, guys.
Kevin Blair: Thank you Steve.
Operator: Thank you Stephen. This concludes our question and answer session, and I would like to turn the conference back over to you, Mr. Kevin Blair, for any closing remarks. Thank you.
Kevin Blair: Thank you. As we close out today’s call, I want to thank everyone for their attendance and their interest in Synovus. Despite a more challenging operating environment, Synovus continues to demonstrate strength, resilience and flexibility. We’ve been proactive in executing on various initiatives to navigate the risks associated with the recent interest rate and economic environment. Through our completed balance sheet optimization and business simplification strategies, we’ve freed up capital, liquidity and operating expenses to pursue higher returning opportunities. With rates expected to stay higher for longer, fixed asset rate re-pricing should support a NIM trough in the fourth quarter and create a path to expansion in the second half of ’24.
Somewhat masked by the margin contraction, we are experiencing healthy steady growth in areas like CIB, middle market, wealth management and treasury and payment solutions. Continued growth in our core businesses coupled with traction on new sources of revenue, in 2024 we look forward to transitioning from a more defensive posture into one of growth. Most importantly, we continue to believe that our strong underwriting, monitoring and client selection, as well as actions taken through the years to generate diversification in an economically vibrant southeastern footprint will result in manageable levels of credit losses over this economic cycle. Lastly, the company will continue to maintain a very strong liquidity and capital position to allow for flexibility in ongoing uncertainty.
Thank you to our team members for your dedication and hard work each day. Synovus and our talented team members continue to be recognized nationally. We were recently ranked fifth in Bank Director’s Magazine’s Best U.S. Banks Over $50 Billion in Assets analysis. I have a lot of optimism. As certainty replaces uncertainty and we control what we can control, the outlook for NII is clearing up and we see a path to sustained repeatable balance sheet and revenue growth; but I want to conclude today’s session with a message of hope – hope for resolution, healing, and peace in the Middle East. This situation is deeply concerning for many reasons, including the effect is has on the lives of many across our region, many of whom are close friends and valued clients.
My thoughts and prayers are firmly with our Jewish community and others who are in peril, and in my hope, I hope to see signs of resolution that will lead to true healing and long term peace. With that, Operator, that concludes our third quarter 2023 earnings call.
Operator: Thank you all for joining. This does conclude our conference call. Please have a lovely rest of your day, and you may now disconnect your line.
