Synovus announces earnings for second quarter 2024

By: Synovus Financial Corp. via Business Wire

July 17, 2024 at 17:03 PM EDT

Diluted earnings (loss) per share of $(0.16) vs. $1.13 in 2Q23

Adjusted diluted earnings per share of $1.16 vs. $1.16 in 2Q23

Securities loss of $257 million impacts 2Q24 EPS, adjusted EPS up 47% from 1Q24

Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2024.

“Our core second quarter results reflect a significant increase in earnings driven by margin expansion, strong fee income generation and reduced credit costs. Our focus remains firmly on execution while minimizing uncertainty in performance associated with the net interest margin and credit costs. Our results for the quarter demonstrate our progress toward these goals. The dedication of our team in providing unparalleled service to our clients and communities contributes to our strategic efforts to grow the bank and progress in key initiatives, further strengthening our relationship-centered banking approach,” said Synovus Chairman, CEO and President Kevin Blair.

Second Quarter 2024 Highlights

Net income (loss) available to common shareholders was $(23.7) million, or $(0.16) per diluted share, compared to $114.8 million or $0.78 in the first quarter 2024 and $165.8 million or $1.13 in second quarter 2023.
Adjusted net income available to common shareholders was $169.6 million, or $1.16 per diluted share, compared to $116.0 million or $0.79 in the first quarter 2024 and $169.5 million or $1.16 in second quarter 2023.
Adjusted second quarter 2024 earnings per share excludes a $257 million loss on the sale of securities. The company completed a securities repositioning following a risk-weighted asset optimization exercise that was performed during the second quarter.
Pre-provision net revenue was $4.3 million, which was down 98% sequentially and 98% compared to second quarter 2023. Adjusted pre-provision net revenue of $261.7 million increased $43.9 million, or 20%, sequentially and was down $5.0 million, or 2%, compared to second quarter 2023.
Net interest income increased $16.2 million, or 4%, compared to the prior quarter and was down $20.5 million, or 5%, compared to second quarter 2023. The sequential increase in net interest income was primarily attributable to a healthy increase in earning asset yields and more stable cost of funds.
The NIM expanded by 16 basis points to 3.20% as a result of the recent securities repositioning, the reclassification of $3.4 billion in securities from Available for Sale to Held to Maturity, as well as fixed-rate asset repricing and more stable deposit costs.
Period-end loans declined $216.5 million from the first quarter 2024 as stronger loan production and core commercial lending growth was more than offset by higher loan paydowns and strategic declines in certain loan categories such as non-relationship syndicated lending and third-party consumer lending. Commercial and industrial loans declined $194.7 million or 1% from the prior quarter and grew $5.4 million from second quarter 2023.
Period-end core deposits were $44.8 billion, a decline of $67.6 million from the first quarter primarily as a result of a drop in non-interest bearing deposits, partially offset by an increase in time deposits. Total deposit cost increased 1 basis point from the first quarter 2024 to 2.68%.
Non-interest revenue of $(128.9) million declined $247.7 million, or 208%, sequentially and was down $241.1 million, or 215%, compared to second quarter 2023. Adjusted non-interest revenue of $127.2 million grew $10.7 million, or 9%, sequentially and increased $16.6 million, or 15%, compared to the second quarter 2023. Sequential growth was largely from higher capital markets fees. Year-over-year growth came primarily from higher treasury and payment solutions and capital markets fees and greater commercial sponsorship income.
On a sequential basis, non-interest expense of $301.8 million declined 6% while adjusted non-interest expense declined 5% to $301.9 million. Adjusted non-interest expense was relatively stable year over year due to disciplined expense control and a 7% reduction in total headcount.
Provision for credit losses of $26.4 million declined 51% sequentially and compares to $38.9 million in second quarter 2023. The allowance for credit losses ratio (to loans) of 1.25% was down 1 basis point from the prior quarter.
The non-performing loan and asset ratios were lower sequentially at 0.59% and 0.60%, respectively; the net charge-off ratio for the quarter was 0.32%, down from 0.41% in prior quarter, while total past dues were 0.30% of total loans outstanding.
The preliminary CET1 ratio rose sequentially to 10.62% as core earnings accretion and risk-weighted asset optimization more than offset the impact of $91 million in common stock repurchases and the securities repositioning.

Second Quarter Summary

	Reported									Adjusted
(dollars in thousands)		2Q24			1Q24			2Q23			2Q24			1Q24			2Q23
Net income (loss) available to common shareholders	$	(23,741	)	$	114,822		$	165,819		$	169,617		$	115,973		$	169,526
Diluted earnings (loss) per share⁽¹⁾		(0.16	)		0.78			1.13			1.16			0.79			1.16
Total revenue		306,147			537,734			567,807			563,597			536,745			567,347
Total loans		43,093,397			43,309,877			44,353,537			N/A			N/A			N/A
Total deposits		50,195,778			50,580,242			50,080,392			N/A			N/A			N/A
Return on avg assets⁽²⁾		(0.10	)%		0.85	%		1.15	%		1.21	%		0.85	%		1.18	%
Return on avg common equity⁽²⁾		(2.1	)		10.2			15.5			15.3			10.3			15.8
Return on avg tangible common equity⁽²⁾		(2.2	)		11.7			17.7			17.6			11.8			18.1
Net interest margin⁽³⁾		3.20	%		3.04	%		3.20	%		N/A			N/A			N/A
Efficiency ratio-TE⁽³⁾⁽⁴⁾		98.15			59.87			53.99			53.05			58.88			52.57
NCO ratio-QTD		0.32			0.41			0.24			N/A			N/A			N/A
NPA ratio		0.60			0.86			0.59			N/A			N/A			N/A
(1) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share. (2) Annualized (3) Taxable equivalent (4) Adjusted tangible efficiency ratio N/A - not applicable

Balance Sheet

Loans^*

(dollars in millions)		2Q24		1Q24	Linked Quarter Change			Linked Quarter % Change			2Q23	Year/Year Change			Year/Year % Change
Commercial & industrial	$	22,536.6	$	22,731.3	$	(194.7	)	(1	)%	$	22,531.2	$	5.4		—	%
Commercial real estate		12,215.5		12,194.0		21.5		—			13,293.9		(1,078.4	)	(8	)
Consumer		8,341.3		8,384.6		(43.3	)	(1	)		8,528.4		(187.1	)	(2	)
Total loans	$	43,093.4	$	43,309.9	$	(216.5	)	—	%	$	44,353.5	$	(1,260.1	)	(3	)%

^*Amounts may not total due to rounding

Deposits^*

(dollars in millions)		2Q24		1Q24	Linked Quarter Change			Linked Quarter % Change			2Q23	Year/Year Change			Year/Year % Change
Non-interest-bearing DDA	$	11,177.7	$	11,515.4	$	(337.7	)	(3	)%	$	12,945.5	$	(1,767.8	)	(14	)%
Interest-bearing DDA		6,621.2		6,478.8		142.4		2			6,255.3		365.9		6
Money market		10,747.9		10,712.7		35.2		—			10,803.7		(55.7	)	(1	)
Savings		1,009.8		1,045.1		(35.2	)	(3	)		1,222.9		(213.0	)	(17	)
Public funds		7,111.9		7,270.4		(158.5	)	(2	)		7,031.4		80.5		1
Time deposits		8,125.2		7,838.9		286.3		4			5,291.8		2,833.3		54
Brokered deposits		5,402.0		5,718.9		(316.9	)	(6	)		6,529.8		(1,127.7	)	(17	)
Total deposits	$	50,195.8	$	50,580.2	$	(384.5	)	(1	)%	$	50,080.4	$	115.4		—	%

^*Amounts may not total due to rounding

Income Statement Summary^**

(in thousands, except per share data)		2Q24			1Q24		Linked Quarter Change			Linked Quarter % Change			2Q23		Year/Year Change			Year/Year % Change
Net interest income	$	434,998		$	418,846		$	16,152		4	%	$	455,531		$	(20,533	)	(5	)%
Non-interest revenue		(128,851	)		118,888			(247,739	)	(208	)		112,276			(241,127	)	(215	)
Non-interest expense		301,801			322,741			(20,940	)	(6	)		307,181			(5,380	)	(2	)
Provision for (reversal of) credit losses		26,404			53,980			(27,576	)	(51	)		38,881			(12,477	)	(32	)
Income (loss) before taxes	$	(22,058	)	$	161,013		$	(183,071	)	(114	)%	$	221,745		$	(243,803	)	(110	)%
Income tax expense (benefit)		(7,378	)		36,943			(44,321	)	(120	)		47,801			(55,179	)	(115	)
Net income (loss)		(14,680	)		124,070			(138,750	)	(112	)		173,944			(188,624	)	(108	)
Less: Net income (loss) attributable to noncontrolling interest		(652	)		(437	)		(215	)	49			(166	)		(486	)	293
Net income (loss) attributable to Synovus Financial Corp.		(14,028	)		124,507			(138,535	)	(111	)		174,110			(188,138	)	(108	)
Less: Preferred stock dividends		9,713			9,685			28		—			8,291			1,422		17
Net income (loss) available to common shareholders	$	(23,741	)	$	114,822		$	(138,563	)	(121	)%	$	165,819		$	(189,560	)	(114	)%
Weighted average common shares outstanding, diluted		145,565			147,122			(1,557	)	(1	)%		146,550			(985	)	(1	)%
Diluted earnings (loss) per share	$	(0.16	)	$	0.78		$	(0.94	)	(121	)	$	1.13		$	(1.29	)	(114	)
Adjusted diluted earnings per share⁽¹⁾		1.16			0.79			0.37		47			1.16			—		—
Effective tax rate		33.45	%		22.94	%							21.56	%
⁽¹⁾ Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share. ^**Amounts may not total due to rounding NM - not meaningful

Capital Ratios

	2Q24			1Q24			2Q23
Common equity Tier 1 capital (CET1) ratio	10.62	%	(1)	10.38	%		9.86	%
Tier 1 capital ratio	11.74		(1)	11.45			10.89
Total risk-based capital ratio	13.59		(1)	13.24		(2)	12.80
Tier 1 leverage ratio	9.44		(1)	9.62			9.23
Tangible common equity ratio	6.76			6.67			6.17
(1) Ratios are preliminary. (2) As amended

Second Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on July 18, 2024. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for at least 12 months and will be available approximately one hour after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has 247 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at synovus.com.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue; adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; net income (loss) available to common shareholders; diluted earnings (loss) per share; return on average common equity; and the ratio of total Synovus Financial Corp. shareholders' equity to total assets, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest revenue and adjusted revenue are measures used by management to evaluate non-interest revenue and total revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. The tangible common equity ratio is used by stakeholders to assess our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)		2Q24			1Q24			2Q23

Adjusted non-interest revenue
Total non-interest revenue	$	(128,851	)	$	118,888		$	112,276
Investment securities (gains) losses, net		256,660			—			—
Fair value adjustment on non-qualified deferred compensation		(561	)		(2,299	)		(1,598	)
Adjusted non-interest revenue	$	127,248		$	116,589		$	110,678

Adjusted non-interest expense
Total non-interest expense	$	301,801		$	322,741		$	307,181
(Loss) gain on other loans held for sale		—			—			(2,360	)
Gain (loss) on early extinguishment of debt		—			—			377
Restructuring (charges) reversals		658			(1,524	)		110
Valuation adjustment to Visa derivative		—			—			(3,027	)
Fair value adjustment on non-qualified deferred compensation		(561	)		(2,299	)		(1,598	)
Adjusted non-interest expense	$	301,898		$	318,918		$	300,683


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)		2Q24			1Q24			2Q23
Adjusted revenue and tangible efficiency ratio
Adjusted non-interest expense	$	301,898		$	318,918		$	300,683
Amortization of intangibles		(2,907	)		(2,907	)		(2,420	)
Adjusted tangible non-interest expense	$	298,991		$	316,011		$	298,263

Net interest income	$	434,998		$	418,846		$	455,531
Tax equivalent adjustment		1,351			1,310			1,138
Net interest income taxable equivalent		436,349			420,156			456,669

Net interest income	$	434,998		$	418,846		$	455,531
Total non-interest revenue		(128,851	)		118,888			112,276
Total revenue	$	306,147		$	537,734		$	567,807
Tax equivalent adjustment		1,351			1,310			1,138
Total TE revenue		307,498			539,044			568,945
Investment securities losses (gains), net		256,660			—			—
Fair value adjustment on non-qualified deferred compensation		(561	)		(2,299	)		(1,598	)
Adjusted revenue	$	563,597		$	536,745		$	567,347
Efficiency ratio-TE		98.15	%		59.87	%		53.99	%
Adjusted tangible efficiency ratio		53.05			58.88			52.57

Adjusted pre-provision net revenue
Net interest income	$	434,998		$	418,846		$	455,531
Total non-interest revenue		(128,851	)		118,888			112,276
Total non-interest expense		(301,801	)		(322,741	)		(307,181	)
Pre-provision net revenue (PPNR)	$	4,346		$	214,993		$	260,626

Adjusted revenue		563,597			536,745			567,347
Adjusted non-interest expense		(301,898	)		(318,918	)		(300,683	)
Adjusted PPNR	$	261,699		$	217,827		$	266,664

Adjusted return on average assets (annualized)
Net income (loss)	$	(14,680	)	$	124,070		$	173,944
Loss (gain) on other loans held for sale		—			—			2,360
(Gain) loss on early extinguishment of debt		—			—			(377	)
Restructuring charges (reversals)		(658	)		1,524			(110	)
Valuation adjustment to Visa derivative		—			—			3,027
Investment securities losses (gains), net		256,660			—			—
Tax effect of adjustments⁽¹⁾		(62,644	)		(373	)		(1,193	)
Adjusted net income	$	178,678		$	125,221		$	177,651
Net income (loss) annualized	$	(59,043	)	$	499,007		$	697,687
Adjusted net income annualized	$	718,639		$	503,636		$	712,556
Total average assets	$	59,246,849		$	59,022,231		$	60,515,077
Return on average assets (annualized)		(0.10	)%		0.85	%		1.15	%
Adjusted return on average assets (annualized)		1.21			0.85			1.18

Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)		2Q24			1Q24			2Q23
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income (loss) available to common shareholders	$	(23,741	)	$	114,822		$	165,819
Loss (gain) on other loans held for sale		—			—			2,360
(Gain) loss on early extinguishment of debt		—			—			(377	)
Restructuring charges (reversals)		(658	)		1,524			(110	)
Valuation adjustment to Visa derivative		—			—			3,027
Investment securities losses (gains), net		256,660			—			—
Tax effect of adjustments⁽¹⁾		(62,644	)		(373	)		(1,193	)
Adjusted net income available to common shareholders	$	169,617		$	115,973		$	169,526
Weighted average common shares outstanding, diluted⁽²⁾		145,565			147,122			146,550
Diluted earnings per share	$	(0.16	)	$	0.78		$	1.13
Adjusted diluted earnings per share		1.16			0.79			1.16
⁽¹⁾ An assumed marginal tax rate of 24.5% for 2Q24 and 1Q24 and 24.3% for 2Q23 was applied.
⁽²⁾ Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.



		2Q24			1Q24			2Q23
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income (loss) available to common shareholders	$	(23,741	)	$	114,822		$	165,819
Loss (gain) on other loans held for sale		—			—			2,360
(Gain) loss on early extinguishment of debt		—			—			(377	)
Restructuring charges (reversals)		(658	)		1,524			(110	)
Valuation adjustment to Visa derivative		—			—			3,027
Investment securities losses (gains), net		256,660			—			—
Tax effect of adjustments⁽¹⁾		(62,644	)		(373	)		(1,193	)
Adjusted net income available to common shareholders	$	169,617		$	115,973		$	169,526

Adjusted net income available to common shareholders annualized	$	682,196		$	466,441		$	679,967
Amortization of intangibles, tax effected, annualized		8,831			8,831			7,344
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	691,027		$	475,272		$	687,311

Net income (loss) available to common shareholders annualized	$	(95,486	)	$	461,812		$	665,098
Amortization of intangibles, tax effected, annualized		8,831			8,831			7,344
Net income (loss) available to common shareholders excluding amortization of intangibles annualized	$	(86,655	)	$	470,643		$	672,442

Total average Synovus Financial Corp. shareholders' equity less preferred stock	$	4,455,198		$	4,542,616		$	4,303,722
Average goodwill		(480,902	)		(480,440	)		(460,118	)
Average other intangible assets, net		(41,547	)		(44,497	)		(36,738	)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock	$	3,932,749		$	4,017,679		$	3,806,866
Return on average common equity (annualized)		(2.1	)%		10.2	%		15.5	%
Adjusted return on average common equity (annualized)		15.3			10.3			15.8
Return on average tangible common equity (annualized)		(2.2	)		11.7			17.7
Adjusted return on average tangible common equity (annualized)		17.6			11.8			18.1
⁽¹⁾ An assumed marginal tax rate of 24.5% for 2Q24 and 1Q24 and 24.3% for 2Q23 was applied.

Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	June 30, 2024			December 31, 2023			June 30, 2023

Tangible common equity ratio
Total assets	$	59,606,343		$	59,809,534		$	60,655,591
Goodwill		(480,440	)		(480,440	)		(475,573	)
Other intangible assets, net		(40,114	)		(45,928	)		(61,538	)
Tangible assets	$	59,085,789		$	59,283,166		$	60,118,480

Total Synovus Financial Corp. shareholders’ equity	$	5,053,606		$	5,119,993		$	4,782,528
Goodwill		(480,440	)		(480,440	)		(475,573	)
Other intangible assets, net		(40,114	)		(45,928	)		(61,538	)
Preferred Stock, no par value		(537,145	)		(537,145	)		(537,145	)
Tangible common equity	$	3,995,907		$	4,056,480		$	3,708,272
Total Synovus Financial Corp. shareholders’ equity to total assets ratio		8.48	%		8.56	%		7.88	%
Tangible common equity ratio		6.76			6.84			6.17

Amounts may not total due to rounding

Synovus

INCOME STATEMENT DATA
(Unaudited)

(Dollars in thousands, except per share data)	Six Months Ended June 30,

		2024			2023		'24 vs '23
		2024			2023		% Change

Interest income	$	1,583,952		$	1,476,022		7	%
Interest expense		730,108			539,739		35

Net interest income		853,844			936,283		(9	)
Provision for (reversal of) credit losses		80,384			71,035		13

Net interest income after provision for credit losses		773,460			865,248		(11	)

Non-interest revenue:
Service charges on deposit accounts		44,720			46,451		(4	)
Fiduciary and asset management fees		38,741			39,723		(2	)
Card fees		38,904			32,884		18
Brokerage revenue		43,164			46,655		(7	)
Mortgage banking income		7,362			8,467		(13	)
Capital markets income		21,704			24,609		(12	)
Income from bank-owned life insurance		15,444			14,140		9
Investment securities gains (losses), net		(256,660	)		1,030		nm
Recovery of NPA		—			13,126		nm
Other non-interest revenue		36,658			18,317		100

Total non-interest revenue		(9,963	)		245,402		(104	)

Non-interest expense:
Salaries and other personnel expense		367,928			371,926		(1	)
Net occupancy, equipment, and software expense		93,223			85,645		9
Third-party processing and other services		42,041			43,493		(3	)
Professional fees		23,286			18,560		25
FDIC insurance and other regulatory fees		30,312			21,429		41
Restructuring charges (reversals)		866			(843	)	nm
Loss on other loans held for sale		—			19,110		nm
Other operating expenses		66,886			69,714		(4	)

Total non-interest expense		624,542			629,034		(1	)

Income (loss) before income taxes		138,955			481,616		(71	)
Income tax expense (benefit)		29,565			105,513		(72	)

Net income (loss)		109,390			376,103		(71	)

Less: Net income (loss) attributable to noncontrolling interest		(1,089	)		(166	)	556

Net income (loss) attributable to Synovus Financial Corp.		110,479			376,269		(71	)

Less: Preferred stock dividends		19,398			16,581		17

Net income (loss) available to common shareholders	$	91,081		$	359,688		(75	)%

Net income (loss) per common share, basic	$	0.62		$	2.46		(75	)%

Net income (loss) per common share, diluted		0.62			2.45		(75	)

Cash dividends declared per common share		0.76			0.76		—

Return on average assets *		0.37	%		1.26	%	(89) bps
Return on average common equity *		4.1			17.3		(76	)

Weighted average common shares outstanding, basic		145,998			145,957		—	%
Weighted average common shares outstanding, diluted		146,568			146,644		—

nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding

Synovus

	INCOME STATEMENT DATA
	(Unaudited)

	(Dollars in thousands, except per share data)	2024				2023						Second Quarter

		Second Quarter			First Quarter	Fourth Quarter		Third Quarter		Second Quarter		'24 vs '23
		Second Quarter			First Quarter	Fourth Quarter		Third Quarter		Second Quarter		% Change

	Interest income	$	801,242		782,710	788,297		786,039		759,143		6	%
	Interest expense		366,244		363,864	351,083		342,880		303,612		21

	Net interest income		434,998		418,846	437,214		443,159		455,531		(5	)
	Provision for (reversal of) credit losses		26,404		53,980	45,472		72,572		38,881		(32	)

	Net interest income after provision for credit losses		408,594		364,866	391,742		370,587		416,650		(2	)

	Non-interest revenue:
	Service charges on deposit accounts		22,907		21,813	22,260		21,385		23,477		(2	)
	Fiduciary and asset management fees		19,728		19,013	18,149		20,205		20,027		(1	)
	Card fees		19,418		19,486	20,872		18,602		17,059		14
	Brokerage revenue		20,457		22,707	21,961		21,387		22,451		(9	)
	Mortgage banking income		3,944		3,418	3,019		3,671		4,609		(14	)
	Capital markets income		15,077		6,627	6,456		7,980		9,482		59
	Income from bank-owned life insurance		8,097		7,347	10,324		6,965		6,878		18
	Investment securities gains (losses), net		(256,660	)	—	(77,748	)	—		—		nm
	Other non-interest revenue		18,181		18,477	26,175		6,944		8,293		119

	Total non-interest revenue		(128,851	)	118,888	51,468		107,139		112,276		(215	)

	Non-interest expense:
	Salaries and other personnel expense		179,407		188,521	176,712		179,741		183,001		(2	)
	Net occupancy, equipment, and software expense		46,415		46,808	48,146		45,790		42,785		8
	Third-party processing and other services		21,783		20,258	21,717		21,439		21,659		1
	Professional fees		15,655		7,631	11,147		10,147		9,597		63
	FDIC insurance and other regulatory fees		6,493		23,819	61,470		11,837		11,162		(42	)
	Restructuring charges (reversals)		(658	)	1,524	1,231		17,319		(110	)	nm
	Loss on other loans held for sale		—		—	—		30,954		2,360		nm
	Other operating expenses		32,706		34,180	32,435		36,305		36,727		(11	)

	Total non-interest expense		301,801		322,741	352,858		353,532		307,181		(2	)

	Income (loss) before income taxes		(22,058	)	161,013	90,352		124,194		221,745		(110	)
	Income tax expense (benefit)		(7,378	)	36,943	20,779		27,729		47,801		(115	)

	Net income (loss)		(14,680	)	124,070	69,573		96,465		173,944		(108	)

	Less: Net income (loss) attributable to noncontrolling interest		(652	)	(437)	(768	)	(630	)	(166	)	293

	Net income (loss) attributable to Synovus Financial Corp.		(14,028	)	124,507	70,341		97,095		174,110		(108	)

	Less: Preferred stock dividends		9,713		9,685	9,696		9,672		8,291		17

	Net income (loss) available to common shareholders	$	(23,741	)	114,822	60,645		87,423		165,819		(114	)%

	Net income (loss) per common share, basic	$	(0.16	)	0.78	0.41		0.60		1.13		(114	)%

	Net income (loss) per common share, diluted		(0.16	)	0.78	0.41		0.60		1.13		(114	)

	Cash dividends declared per common share		0.38		0.38	0.38		0.38		0.38		—

	Return on average assets *		(0.10	)%	0.85	0.47		0.64		1.15		(125) bps
	Return on average common equity *		(2.1	)	10.2	5.9		8.2		15.5		(114	)

	Weighted average common shares outstanding, basic		145,565		146,430	146,372		146,170		146,113		—	%
	Weighted average common shares outstanding, diluted		145,565		147,122	146,877		146,740		146,550		(1	)

	nm - not meaningful
	bps - basis points
	* - ratios are annualized
	Amounts may not total due to rounding

Synovus

	BALANCE SHEET DATA	June 30, 2024			December 31, 2023			June 30, 2023
	(Unaudited)

	(In thousands, except share data)

	ASSETS
	Interest-earning deposits with banks and other cash and cash equivalents	$	2,263,545		$	2,414,103		$	2,018,363
	Federal funds sold and securities purchased under resale agreements		31,063			37,323			35,788
	Cash, cash equivalents, and restricted cash		2,294,608			2,451,426			2,054,151

	Investment securities held to maturity		2,668,068			—			—
	Investment securities available for sale		7,043,681			9,788,662			9,621,175
	Loans held for sale (includes $41,823, $47,338 and $62,616 measured at fair value, respectively)		139,323			52,768			514,450

	Loans, net of deferred fees and costs		43,093,397			43,404,490			44,353,537
	Allowance for loan losses		(485,101	)		(479,385	)		(471,238	)
	Loans, net		42,608,296			42,925,105			43,882,299

	Cash surrender value of bank-owned life insurance		1,125,928			1,112,030			1,100,114
	Premises, equipment, and software, net		375,455			365,851			365,443
	Goodwill		480,440			480,440			475,573
	Other intangible assets, net		40,114			45,928			61,538
	Other assets		2,830,430			2,587,324			2,580,848
	Total assets	$	59,606,343		$	59,809,534		$	60,655,591

	LIABILITIES AND EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	11,655,811		$	12,507,616		$	13,565,602
	Interest-bearing deposits		38,539,967			38,231,569			36,514,790

	Total deposits		50,195,778			50,739,185			50,080,392

	Federal funds purchased and securities sold under repurchase agreements		94,484			189,074			83,384
	Other short-term borrowings		2,536			3,496			1,461
	Long-term debt		2,283,767			1,932,534			4,021,411
	Other liabilities		1,953,106			1,801,097			1,661,175
	Total liabilities		54,529,671			54,665,386			55,847,823

	Equity:
	Shareholders' equity:
	Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000		537,145			537,145			537,145
	Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 171,935,817, 171,360,188 and 170,808,134 respectively; outstanding 144,149,614, 146,705,330 and 146,153,276 respectively		171,936			171,360			170,808
	Additional paid-in capital		3,965,751			3,955,819			3,933,548
	Treasury stock, at cost; 27,786,203, 24,654,858 and 24,654,858 shares, respectively		(1,066,239	)		(944,484	)		(944,484	)
	Accumulated other comprehensive income (loss), net		(1,050,374	)		(1,117,073	)		(1,395,175	)
	Retained earnings		2,495,387			2,517,226			2,480,686
	Total Synovus Financial Corp. shareholders’ equity		5,053,606			5,119,993			4,782,528
	Noncontrolling interest in subsidiary		23,066			24,155			25,240
	Total equity		5,076,672			5,144,148			4,807,768
	Total liabilities and equity	$	59,606,343		$	59,809,534		$	60,655,591

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Second Quarter 2024							First Quarter 2024							Second Quarter 2023
(dollars in thousands)	Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans ^{(1) (2) (3)}	$	35,006,497		$	593,715	6.82	%	$	34,943,797		$	583,459	6.72	%	$	35,628,637		$	566,823	6.38	%
Consumer loans ^{(1) (2)}		8,358,325			109,206	5.23			8,434,105			109,566	5.21			8,470,478			104,545	4.94
Less: Allowance for loan losses		(492,640	)		—	—			(481,146	)		—	—			(466,700	)		—	—
Loans, net		42,872,182			702,921	6.59			42,896,756			693,025	6.49			43,632,415			671,368	6.17
Total investment securities⁽⁴⁾		10,373,792			78,891	3.04			11,148,242			71,906	2.58			11,200,717			60,421	2.16
Trading account assets		8,809			162	7.37			11,567			65	2.25			21,328			309	5.80
Other earning assets⁽⁵⁾		1,271,953			16,800	5.23			1,218,090			16,173	5.25			1,446,425			18,081	4.95
FHLB and Federal Reserve Bank stock		189,706			2,687	5.67			187,825			2,273	4.84			280,248			4,301	6.14
Mortgage loans held for sale		37,364			666	7.13			29,773			495	6.65			54,603			852	6.24
Other loans held for sale		96,180			466	1.92			18,465			83	1.77			546,224			4,949	3.58
Total interest earning assets		54,849,986			802,593	5.89	%		55,510,718			784,020	5.68	%		57,181,960			760,281	5.33	%
Cash and due from banks		531,604							532,624							646,066
Premises and equipment		376,293							370,376							369,039
Other real estate		18,003							61							—
Cash surrender value of bank-owned life insurance		1,121,764							1,114,703							1,095,866
Other assets⁽⁶⁾		2,349,199							1,493,749							1,222,146
Total assets	$	59,246,849						$	59,022,231						$	60,515,077
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	10,789,288			68,809	2.57	%	$	10,590,340			65,415	2.48	%	$	9,891,375			41,803	1.70	%
Money market accounts		12,617,120			99,380	3.17			12,826,385			103,129	3.23			13,468,210			85,397	2.54
Savings deposits		1,036,321			304	0.12			1,057,087			287	0.11			1,276,040			281	0.09
Time deposits		8,382,774			93,431	4.48			7,902,850			86,493	4.40			4,866,221			39,551	3.26
Brokered deposits		5,483,298			73,830	5.42			5,737,445			77,342	5.42			6,342,751			74,748	4.73
Federal funds purchased and securities sold under repurchase agreements		114,595			570	1.97			113,558			648	2.26			88,591			351	1.57
Other short-term borrowings		108,946			1,530	5.55			71,775			955	5.26			455,050			5,566	4.84
Long-term debt		1,666,731			28,390	6.79			1,764,740			29,595	6.69			3,821,126			55,915	5.82
Total interest-bearing liabilities		40,199,073			366,244	3.66	%		40,064,180			363,864	3.65	%		40,209,364			303,612	3.03	%
Non-interest-bearing demand deposits		12,099,256							12,071,670							13,874,482
Other liabilities		1,932,822							1,782,659							1,556,863
Total equity		5,015,698							5,103,722							4,874,368
Total liabilities and equity	$	59,246,849						$	59,022,231						$	60,515,077
Net interest income and net interest margin, taxable equivalent⁽⁷⁾				$	436,349	3.20	%				$	420,156	3.04	%				$	456,669	3.20	%
Less: taxable-equivalent adjustment					1,351							1,310							1,138
Net interest income				$	434,998						$	418,846						$	455,531

⁽¹⁾ Average loans are shown net of unearned income. NPLs are included. ⁽²⁾ Interest income includes fees as follows: Second Quarter 2024 — $12.3 million, First Quarter 2024 — $10.6 million, and Second Quarter 2023 — $11.3 million. ⁽³⁾ Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis. ⁽⁴⁾ Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. ⁽⁵⁾ Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements. ⁽⁶⁾ Includes average net unrealized gains (losses) on investment securities available for sale of $(727.6) million, $(1.36) billion, and $(1.46) billion for the Second Quarter 2024, First Quarter 2024, and Second Quarter 2023, respectively. ⁽⁷⁾ The net interest margin is calculated by dividing annualized net interest income- TE by average total interest earning assets.

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Six Months Ended June 30,
	2024							2023
(dollars in thousands)	Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans ^{(1) (2) (3)}	$	34,975,147		$	1,177,174	6.77	%	$	35,331,375		$	1,093,352	6.24	%
Consumer loans ^{(1) (2)}		8,396,215			218,773	5.23			8,615,748			208,693	4.87
Less: Allowance for loan losses		(486,893	)		—	—			(456,005	)		—	—
Loans, net		42,884,469			1,395,947	6.54			43,491,118			1,302,045	6.03
Total investment securities⁽⁴⁾		10,761,017			150,797	2.80			11,247,080			121,475	2.16
Trading account assets		10,188			227	4.47			16,360			434	5.30
Other earning assets⁽⁵⁾		1,248,958			32,973	5.23			1,479,926			35,292	4.74
FHLB and Federal Reserve Bank stock		188,766			4,960	5.26			293,518			7,656	5.22
Mortgage loans held for sale		33,569			1,161	6.92			45,600			1,418	6.22
Other loans held for sale		57,323			549	1.89			495,240			9,960	4.00
Total interest earning assets		55,184,290		$	1,586,614	5.78	%		57,068,842		$	1,478,280	5.22	%
Cash and due from banks		528,178							644,791
Premises and equipment		373,335							369,654
Other real estate		9,032							—
Cash surrender value of bank-owned life insurance		1,118,233							1,093,486
Other assets⁽⁶⁾		1,921,473							1,148,600
Total assets	$	59,134,541						$	60,325,373
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	10,689,814		$	134,224	2.53	%	$	9,493,481		$	65,024	1.38	%
Money market accounts		12,721,753			202,509	3.20			13,929,069			158,012	2.29
Savings deposits		1,046,704			591	0.11			1,322,846			491	0.07
Time deposits		8,142,812			179,924	4.44			4,237,249			61,047	2.91
Brokered deposits		5,610,371			151,172	5.42			5,950,539			131,141	4.44
Federal funds purchased and securities sold under repurchase agreements		114,076			1,218	2.11			110,852			1,021	1.83
Other short-term borrowings		90,361			2,485	5.44			1,062,908			24,559	4.60
Long-term debt		1,715,736			57,985	6.74			3,486,453			98,444	5.63
Total interest-bearing liabilities		40,131,627		$	730,108	3.66	%		39,593,397		$	539,739	2.75	%
Non-interest-bearing demand deposits		12,085,463							14,441,205
Other liabilities		1,857,741							1,539,939
Total equity		5,059,710							4,750,832
Total liabilities and equity	$	59,134,541						$	60,325,373
Net interest income, taxable equivalent net interest margin ⁽⁷⁾				$	856,506	3.12	%				$	938,541	3.32	%
Less: taxable-equivalent adjustment					2,662							2,258
Net interest income				$	853,844						$	936,283

⁽¹⁾ Average loans are shown net of unearned income. NPLs are included. ⁽²⁾ Interest income includes fees as follows: 2024 — $22.9 million and 2023 — $22.8 million. ⁽³⁾ Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis. ⁽⁴⁾ Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. ⁽⁵⁾ Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements. ⁽⁶⁾ Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.04) billion and $(1.49) billion for the six months ended June 30, 2024 and 2023, respectively. ⁽⁷⁾ The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earning assets.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)

Loan Type	June 30, 2024		March 31, 2024		% Change		June 30, 2023		% Change
Commercial, Financial, and Agricultural	$	14,519,608	$	14,616,902	(1	)%	$	14,166,890	2	%
Owner-Occupied		8,017,004		8,114,394	(1	)		8,364,342	(4	)
Total Commercial & Industrial		22,536,612		22,731,296	(1	)		22,531,232	—
Multi-Family		4,288,436		4,199,435	2			3,597,497	19
Hotels		1,802,076		1,790,505	1			1,771,381	2
Office Buildings		1,801,945		1,852,208	(3	)		3,031,806	(41	)
Shopping Centers		1,298,967		1,302,754	—			1,329,492	(2	)
Warehouses		865,359		871,662	(1	)		1,068,734	(19	)
Other Investment Property		1,271,266		1,294,317	(2	)		1,471,356	(14	)
Total Investment Properties		11,328,049		11,310,881	—			12,270,266	(8	)
1-4 Family Construction		171,335		194,146	(12	)		205,459	(17	)
1-4 Family Investment Mortgage		381,212		385,992	(1	)		410,267	(7	)
Total 1-4 Family Properties		552,547		580,138	(5	)		615,726	(10	)
Commercial Development		65,994		66,000	—			60,910	8
Residential Development		67,231		72,024	(7	)		98,229	(32	)
Land Acquisition		201,666		164,976	22			248,767	(19	)
Land and Development		334,891		303,000	11			407,906	(18	)
Total Commercial Real Estate		12,215,487		12,194,019	—			13,293,898	(8	)
Consumer Mortgages		5,371,164		5,384,602	—			5,379,284	—
Home Equity		1,812,940		1,804,348	—			1,773,987	2
Credit Cards		178,889		180,663	(1	)		187,677	(5	)
Other Consumer Loans		978,305		1,014,949	(4	)		1,187,459	(18	)
Total Consumer		8,341,298		8,384,562	(1	)		8,528,407	(2	)
Total	$	43,093,397	$	43,309,877	—	%	$	44,353,537	(3	)%

NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
(Dollars in thousands)

Loan Type	June 30, 2024		March 31, 2024		% Change		June 30, 2023		% Change
Commercial, Financial, and Agricultural	$	120,107	$	192,693	(38	)%	$	144,415	(17	)%
Owner-Occupied		50,977		80,218	(36	)		22,197	130
Total Commercial & Industrial		171,084		272,911	(37	)		166,612	3
Multi-Family		1,718		2,077	(17	)		1,748	(2	)
Office Buildings		7,350		7,630	(4	)		28,024	(74	)
Shopping Centers		541		547	(1	)		699	(23	)
Warehouses		177		188	(6	)		218	(19	)
Other Investment Property		1,782		1,784	—			664	168
Total Investment Properties		11,568		12,226	(5	)		31,353	(63	)
1-4 Family Construction		311		—	nm			632	(51	)
1-4 Family Investment Mortgage		2,749		2,300	20			3,525	(22	)
Total 1-4 Family Properties		3,060		2,300	33			4,157	(26	)
Residential Development		303		478	(37	)		267	13
Land Acquisition		606		540	12			871	(30	)
Land and Development		909		1,018	(11	)		1,138	(20	)
Total Commercial Real Estate		15,537		15,544	—			36,648	(58	)
Consumer Mortgages		48,352		42,563	14			41,877	15
Home Equity		14,947		12,451	20			9,936	50
Other Consumer Loans		6,186		6,981	(11	)		6,433	(4	)
Total Consumer		69,485		61,995	12			58,246	19
Total	$	256,106	$	350,450	(27	)%	$	261,506	(2	)%

Synovus

	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2024				2023			Second Quarter

		Second			First	Fourth	Third	Second	'24 vs '23
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change

	Non-performing Loans (NPLs)	$	256,106		350,450	288,177	280,532	261,506	(2	)%
	Other Real Estate and Other Assets		823		21,210	—	—	—	nm

	Non-performing Assets (NPAs)		256,929		371,660	288,177	280,532	261,506	(2	)

	Allowance for Loan Losses (ALL)		485,101		492,661	479,385	477,532	471,238	3
	Reserve for Unfunded Commitments		53,058		53,579	57,231	55,185	55,729	(5	)

	Allowance for Credit Losses (ACL)		538,159		546,240	536,616	532,717	526,967	2

	Net Charge-Offs - Quarter		34,485		44,356	41,574	66,822	26,396
	Net Charge-Offs - YTD		78,841		44,356	153,342	111,768	44,946
	Net Charge-Offs / Average Loans - Quarter ⁽¹⁾		0.32	%	0.41	0.38	0.61	0.24
	Net Charge-Offs / Average Loans - YTD ⁽¹⁾		0.36		0.41	0.35	0.34	0.20
	NPLs / Loans		0.59		0.81	0.66	0.64	0.59
	NPAs / Loans, ORE and specific other assets		0.60		0.86	0.66	0.64	0.59
	ACL/Loans		1.25		1.26	1.24	1.22	1.19
	ALL/Loans		1.13		1.14	1.10	1.09	1.06

	ACL/NPLs		210.13		155.87	186.21	189.90	201.51
	ALL/NPLs		189.41		140.58	166.35	170.22	180.20

	Past Due Loans over 90 days and Still Accruing	$	4,460		3,748	5,053	3,792	3,643	22
	As a Percentage of Loans Outstanding		0.01	%	0.01	0.01	0.01	0.01

	Total Past Due Loans and Still Accruing	$	129,759		54,814	59,099	54,974	84,946	53
	As a Percentage of Loans Outstanding		0.30	%	0.13	0.14	0.13	0.19

	⁽¹⁾ Ratio is annualized.



	SELECTED CAPITAL INFORMATION ⁽¹⁾
	(Unaudited)
	(Dollars in thousands)
		June 30, 2024			December 31, 2023	June 30, 2023


	Common Equity Tier 1 Capital Ratio		10.62	%	10.22	9.86
	Tier 1 Capital Ratio		11.74		11.28	10.89
	Total Risk-Based Capital Ratio		13.59		13.07	12.80
	Tier 1 Leverage Ratio		9.44		9.49	9.23
	Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets		8.48		8.56	7.88
	Tangible Common Equity Ratio ^{(2) (4)}		6.76		6.84	6.17
	Book Value Per Common Share⁽³⁾	$	31.33		31.24	29.05
	Tangible Book Value Per Common Share ⁽²⁾		27.72		27.65	25.37

	⁽¹⁾ Current quarter regulatory capital information is preliminary.
	⁽²⁾ Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	⁽³⁾ Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred stock divided by total common shares outstanding.
	⁽⁴⁾ See "Non-GAAP Financial Measures" for applicable reconciliation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240717291791/en/

Contacts

Media Contact

Audria Belton

Media Relations

media@synovus.com

Investor Contact

Jennifer H. Demba, CFA

Investor Relations

investorrelations@synovus.com