Quartergate

Document 1

EX-99.1 2 snv_ex991x12312024newsrele.htm EX-99.1 Document

Exhibit 99.1


Media Contact						Investor Contact
Audria Belton						Jennifer H. Demba, CFA
Media Relations						Investor Relations
[email protected]						[email protected]

Synovus announces earnings for the fourth quarter 2024

Diluted earnings per share of $1.25 vs. $0.41 in 4Q23

Adjusted diluted earnings per share of $1.25 vs. $0.80 in 4Q23

COLUMBUS, Ga., Jan. 15, 2025 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended Dec. 31, 2024. "Over the past year, Synovus has successfully implemented our relationship-building strategies, resulting in strong growth across core commercial lending, deposits and key fee-producing businesses. We maintained strict control over operating expenses, saw improvements in loan losses and increased our Common Equity Tier 1 ratio1 to the highest level in over 10 years. This momentum, as well as our financial position and accelerated growth orientation, positions us well for continued success in 2025 and beyond,” said Synovus Chairman, CEO and President Kevin Blair.

2024 Highlights

•Net income available to common shareholders for 2024 was $439.6 million, or $3.03 per diluted share, compared to $507.8 million, or $3.46 per diluted share in 2023. Adjusted EPS was $4.43 per diluted share compared to $4.12 per diluted share in 2023.

•A $6 million FDIC special assessment incurred in 2024 reduced reported and adjusted EPS by $0.03, while a $51 million FDIC special assessment impacted 2023 reported and adjusted EPS by $0.26.

•Pre-provision net revenue was $741.6 million in 2024 compared to $885.2 million in 2023, primarily attributable to lower non-interest revenue from a $257 million securities loss in the second quarter 2024.

•Net interest income was $1.75 billion in 2024, down from $1.82 billion in the prior year, largely due to a decline in loan balances.

•Period-end loans declined $795.5 million, or 2%, in 2024 as line utilization declined, payoffs increased and non-relationship credits were rationalized.

•Period-end deposits increased $356.2 million, or 1%, primarily driven by growth in time deposits, money market, interest-bearing demand deposits and public funds, partially offset by a decline in non-interest-bearing deposits. Brokered deposits declined $1.17 billion, or 19%, in 2024.

•Non-interest revenue was $239.6 million, down 41% from 2023, primarily from a $257 million securities loss in the second quarter 2024. However, adjusted non-interest revenue of $490.4 million grew 6% in 2024, primarily attributable to Treasury Management fees, Capital Markets income and Wealth revenue, as well as revenue from Commercial Sponsorship fees.

•Non-interest expense was $1.25 billion, down 7%, while adjusted non-interest expense declined 3% year over year in 2024 to $1.23 billion, primarily due to a $51 million FDIC special assessment incurred in fourth quarter 2023.

•Credit quality remains healthy. Net charge-offs were 0.31% of average loans compared to 0.35% in 2023. The provision for credit losses declined to $136.7 million in 2024 compared to $189.1 million in the prior year. The allowance for credit losses ended the year at 1.27% compared to 1.24% at the end of 2023.

•The year-end CET1 ratio1 increased 62 basis points year over year to 10.84%.

1Preliminary

Fourth Quarter 2024 Highlights

•Net income available to common shareholders was $178.8 million, or $1.25 per diluted share, up 6% sequentially, and up sharply from $60.6 million in the fourth quarter 2023.

•Pre-provision net revenue of $271.3 million increased $20.2 million, or 8%, sequentially and was up $135.4 million, or 100%, compared to the fourth quarter 2023.

•Net interest income increased $14.3 million, or 3%, compared to the prior quarter and was up $17.8 million, or 4%, compared to the fourth quarter 2023, primarily attributable to lower funding costs. Net interest margin was 3.28%, which was up from the prior quarter supported by lower funding costs and loan hedge maturities as well as a non-recurring favorable interest adjustment which impacted the NIM by 4 basis points.

•Period-end loans declined $512 million, or 1%, from the third quarter, as loan production, excluding secondary mortgage, was more than offset by lower line utilization, higher loan payoffs and strategic declines in non-relationship syndicated lending and third-party consumer lending.

•Core deposits, which excludes brokered deposits, increased $1.13 billion, or 3%, sequentially. Total deposits ended the quarter at $51.10 billion, an increase of $901.6 million or 2% sequentially, as a result of the focus on deposit production, public funds seasonality and middle market deposit growth. Total deposit costs declined 26 basis points from the third quarter 2024 to 2.46%.

•Non-interest revenue of $125.6 million rose 1% from the third quarter and increased $74.1 million, or 144%, compared to the fourth quarter 2023. Adjusted non-interest revenue of $124.6 million increased $2.7 million, or 2%, sequentially and fell $1.5 million, or 1%, compared to the fourth quarter 2023. Core Banking fees, Wealth revenue and Capital Markets income drove sequential growth in non-interest revenue. Year over year growth in Treasury Management fees, Capital Markets income, and Wealth revenue was outweighed by elevated Commercial Sponsorship fees in the fourth quarter of 2023.

•Non-interest expense of $309.3 million was down $4.4 million, or 1% sequentially. Adjusted non-interest expense increased 2% sequentially to $309.0 million. Compared to the prior year, non-interest expense and adjusted non-interest expense were both down 12% as a result of the $51 million FDIC special assessment in 2023. Headcount declined 2% year over year.

•Credit quality ratios remain healthy. The non-performing loan and asset ratios were both stable at 0.73%; the net charge-off ratio for the quarter was 0.26%, and total past dues were 0.26% of total loans outstanding.

•Provision for credit losses was $32.9 million, up $9.4 million sequentially and down from $45.5 million in the fourth quarter of 2023. The allowance for credit losses ratio (to loans) of 1.27% was up 3 basis points sequentially and compared to the prior year.

•The CET1 ratio1 increased sequentially to 10.84% as strong earnings accretion more than offset approximately $50 million in common share repurchases during the fourth quarter.

1Preliminary

Fourth Quarter 2024 Summary


	Reported									Adjusted
(dollars in thousands)	4Q24			3Q24			4Q23			4Q24			3Q24			4Q23
Net income available to common shareholders	$	178,848		$	169,628		$	60,645		$	178,331		$	177,120		$	116,901
Diluted earnings per share	1.25			1.18			0.41			1.25			1.23			0.80
Total revenue	580,580			564,720			488,682			581,054			564,051			564,593
Total loans	42,609,028			43,120,674			43,404,490			N/A			N/A			N/A
Total deposits	51,095,359			50,193,740			50,739,185			N/A			N/A			N/A
Return on avg assets (1)	1.25		%	1.21		%	0.47		%	1.25		%	1.26		%	0.84		%
Return on avg common equity(1)	14.75			14.38			5.88			14.71			15.02			11.34
Return on avg tangible common equity(1)	16.72			16.38			7.02			16.67			17.09			13.28
Net interest margin	3.28		%	3.22		%	3.11		%	N/A			N/A			N/A
Efficiency ratio-TE(2)(3)	53.15			55.41			72.03			52.69			52.97			61.97
NCO ratio-QTD	0.26			0.25			0.38			N/A			N/A			N/A
NPA ratio	0.73			0.73			0.66			N/A			N/A			N/A

(1) Annualized

(2) Taxable equivalent

(3) Adjusted tangible efficiency ratio

N/A- not applicable

Balance Sheet


Loans*

(dollars in millions)	4Q24		3Q24		Linked Quarter Change		Linked Quarter % Change		4Q23		Year/Year Change		Year/Year % Change
Commercial & industrial	$	22,331.1	$	22,664.0	$	(332.9)	(1)	%	$	22,598.5	$	(267.4)	(1)	%
Commercial real estate	12,014.6		12,177.5		(162.9)		(1)		12,316.8		(302.1)		(2)
Consumer	8,263.3		8,279.2		(15.9)		—		8,489.2		(226.0)		(3)

Total loans	$	42,609.0	$	43,120.7	$	(511.6)	(1)	%	$	43,404.5	$	(795.5)	(2)	%

* Amounts may not total due to rounding


Deposits*

(dollars in millions)	4Q24		3Q24		Linked Quarter Change		Linked Quarter % Change		4Q23		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	10,974.6	$	11,129.1	$	(154.5)	(1)	%	$	11,801.2	$	(826.6)	(7)	%
Interest-bearing DDA	7,199.7		6,821.3		378.4		6		6,541.0		658.7		10
Money market	11,407.4		11,031.5		375.9		3		10,819.7		587.7		5
Savings	971.1		983.2		(12.1)		(1)		1,062.6		(91.5)		(9)
Public funds	7,987.5		7,047.6		939.9		13		7,349.5		638.0		9
Time deposits	7,679.9		8,075.7		(395.8)		(5)		7,122.2		557.7		8
Brokered deposits	4,875.2		5,105.4		(230.2)		(5)		6,043.0		(1,167.8)		(19)
Total deposits	$	51,095.4	$	50,193.7	$	901.6	2	%	$	50,739.2	$	356.2	1	%

* Amounts may not total due to rounding


Income Statement Summary*

(in thousands, except per share data)	4Q24			3Q24			Linked Quarter Change		Linked Quarter % Change		4Q23			Year/Year Change		Year/Year % Change
Net interest income	$	454,993		$	440,740		$	14,253	3	%	$	437,214		$	17,779	4	%
Non-interest revenue	125,587			123,980			1,607		1		51,468			74,119		144
Non-interest expense	309,311			313,690			(4,379)		(1)		352,858			(43,547)		(12)
Provision for (reversal of) credit losses	32,867			23,434			9,433		40		45,472			(12,605)		(28)
Income before taxes	$	238,402		$	227,596		$	10,806	5	%	$	90,352		$	148,050	164	%
Income tax expense	49,025			46,912			2,113		5		20,779			28,246		136
Net income	189,377			180,684			8,693		5		69,573			119,804		172
Less: Net income (loss) attributable to noncontrolling interest	(1,049)			(871)			(178)		(20)		(768)			(281)		(37)
Net income (loss) attributable to Synovus Financial Corp.	190,426			181,555			8,871		5		70,341			120,085		171
Less: Preferred stock dividends	11,578			11,927			(349)		(3)		9,696			1,882		19
Net income available to common shareholders	$	178,848		$	169,628		$	9,220	5	%	$	60,645		$	118,203	195	%
Weighted average common shares outstanding, diluted	142,694			143,979			(1,285)		(1)		146,877			(4,183)		(3)
Diluted earnings per share	$	1.25		$	1.18		$	0.07	6	%	$	0.41		$	0.84	204	%
Adjusted diluted earnings per share	$	1.25		$	1.23		$	0.02	2	%	$	0.80		$	0.45	56	%
Effective tax rate	20.56		%	20.61		%					23.00		%

* Amounts may not total due to rounding


Capital Ratios

	4Q24			3Q24		4Q23
Common equity Tier 1 capital (CET1) ratio	10.84	%	*	10.64	%	10.22	%
Tier 1 capital ratio	11.96		*	11.76		11.28
Total risk-based capital ratio	13.80		*	13.60		13.07
Tier 1 leverage ratio	9.55		*	9.55		9.49
Tangible common equity ratio	7.02			7.28		6.84

* Ratios are preliminary

Fourth Quarter 2024Earnings Conference Call

Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on Jan. 16, 2025. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 865307). 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 wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. As of December 31, 2024, Synovus has 244 branches in Georgia, Alabama, Florida, South Carolina, 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 intended strategies, initiatives, and other operational and execution goals; 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 net income available to common shareholders; adjusted diluted earnings per share; adjusted non-interest revenue, adjusted non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; 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 net income available to common shareholders; diluted earnings per share; total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; 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 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. Adjusted non-interest revenue and adjusted revenue (TE) 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. 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

(in thousands, except per share data)	4Q24		3Q24		4Q23		2024		2023
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	178,848	$	169,628	$	60,645	$	439,557	$	507,755


Valuation adjustment on Globalt earnout	(719)		—		—		(719)		—
(Gain) on sale of GLOBALT	—		—		—		—		(1,929)
Restructuring charges (reversals)	37		1,219		1,231		2,121		17,707
Valuation adjustment to Visa derivative	—		8,700		—		8,700		3,927
(Gain) on early extinguishment of debt	—		—		(4,497)		—		(5,400)
Recovery of NPA	—		—		—		—		(13,126)
Loss on other loans held for sale	—		—		—		—		50,064
Investment securities (gains) losses, net	—		—		77,748		256,660		76,718

Tax effect of adjustments(1)	165		(2,427)		(18,226)		(64,423)		(31,312)
Adjusted net income available to common shareholders	$	178,331	$	177,120	$	116,901	$	641,896	$	604,404
Weighted average common shares outstanding, diluted	142,694		143,979		146,877		144,998		146,734
Net income per common share, diluted	$	1.25	$	1.18	$	0.41	$	3.03	$	3.46
Adjusted net income per common share, diluted	1.25		1.23		0.80		4.43		4.12
(1)An assumed marginal tax rate of 24.2% for 4Q24 and 2024 and 24.5% for 3Q24, 4Q23, and 2023 was applied.




(dollars in thousands)	4Q24		3Q24		4Q23		2024		2023
Adjusted non-interest revenue
Total non-interest revenue	$	125,587	$	123,980	$	51,468	$	239,604	$	404,010
Valuation adjustment on Globalt earnout	(719)		—		—		(719)		—
(Gain) on sale of GLOBALT	—		—		—		—		(1,929)
Recovery of NPA	—		—		—		—		(13,126)
Investment securities (gains) losses, net	—		—		77,748		256,660		76,718

Fair value adjustment on non-qualified deferred compensation	(237)		(2,062)		(3,053)		(5,159)		(4,987)
Adjusted non-interest revenue	$	124,631	$	121,918	$	126,163	$	490,386	$	460,686

Adjusted non-interest expense
Total non-interest expense	$	309,311	$	313,690	$	352,858	$	1,247,543	$	1,335,424

Loss on other loans held for sale	—		—		—		—		(50,064)

Restructuring (charges) reversals	(37)		(1,219)		(1,231)		(2,121)		(17,707)
Valuation adjustment to Visa derivative	—		(8,700)		—		(8,700)		(3,927)
Gain (loss) on early extinguishment of debt	—		—		4,497		—		5,400
Fair value adjustment on non-qualified deferred compensation	(237)		(2,062)		(3,053)		(5,159)		(4,987)
Adjusted non-interest expense	$	309,037	$	301,709	$	353,071	$	1,231,563	$	1,264,139


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	4Q24			3Q24			4Q23





















Adjusted revenue (TE) and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	309,037		$	301,709		$	353,071
Amortization of intangibles	(2,888)			(2,907)			(3,168)
Adjusted tangible non-interest expense	$	306,149		$	298,802		$	349,903

Net interest income	$	454,993		$	440,740		$	437,214
Tax equivalent adjustment	1,430			1,393			1,216
Net interest income (TE)	$	456,423		$	442,133		$	438,430

Net interest income	$	454,993		$	440,740		$	437,214
Total non-interest revenue	125,587			123,980			51,468
Total revenue	580,580			564,720			488,682
Tax equivalent adjustment	1,430			1,393			1,216
Total TE revenue	$	582,010		$	566,113		$	489,898
Valuation adjustment on Globalt earnout	(719)			—			—


Investment securities (gains) losses, net	—			—			77,748

Fair value adjustment on non-qualified deferred compensation	(237)			(2,062)			(3,053)
Adjusted revenue (TE)	$	581,054		$	564,051		$	564,593
Efficiency ratio-(TE)	53.15		%	55.41		%	72.03		%
Adjusted tangible efficiency ratio	52.69			52.97			61.97

Adjusted pre-provision net revenue
Net interest income	$	454,993		$	440,740		$	437,214
Total non-interest revenue	125,587			123,980			51,468
Total non-interest expense	(309,311)			(313,690)			(352,858)
Pre-provision net revenue (PPNR)	$	271,269		$	251,030		$	135,824

Adjusted revenue (TE)	$	581,054		$	564,051		$	564,593
Adjusted non-interest expense	(309,037)			(301,709)			(353,071)
Adjusted PPNR	$	272,017		$	262,342		$	211,522


Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	4Q24			3Q24			4Q23
Adjusted return on average assets (annualized)
Net income	$	189,377		$	180,684		$	69,573



Restructuring charges (reversals)	37			1,219			1,231
Valuation adjustment on Globalt earnout	(719)			—			—

Valuation adjustment to Visa derivative	—			8,700			—
(Gain) on early extinguishment of debt	—			—			(4,497)
Investment securities (gains) losses, net	—			—			77,748

Tax effect of adjustments(1)	165			(2,427)			(18,226)
Adjusted net income	$	188,860		$	188,176		$	125,829
Net income annualized	$	753,391		$	718,808		$	276,023
Adjusted net income annualized	$	751,334		$	748,613		$	499,213
Total average assets	$	60,174,616		$	59,183,624		$	59,164,065
Return on average assets (annualized)	1.25		%	1.21		%	0.47		%
Adjusted return on average assets (annualized)	1.25			1.26			0.84
(1)An assumed marginal tax rate of 24.2% for 4Q24 and 24.5% for 3Q24 and 4Q23 was applied.


Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	4Q24			3Q24			4Q23

Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders	$	178,848		$	169,628		$	60,645



Restructuring charges (reversals)	37			1,219			1,231
Valuation adjustment on Globalt earnout	(719)			—			—

Valuation adjustment to Visa derivative	—			8,700			—
(Gain) on early extinguishment of debt	—			—			(4,497)
Investment securities (gains) losses, net	—			—			77,748

Tax effect of adjustments(1)	165			(2,427)			(18,226)
Adjusted net income available to common shareholders	$	178,331		$	177,120		$	116,901

Adjusted net income available to common shareholders annualized	$	709,447		$	704,630		$	463,792
Amortization of intangibles, tax effected, annualized	8,715			8,735			9,493
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	718,162		$	713,365		$	473,285

Net income available to common shareholders annualized	$	711,504		$	674,824		$	240,602
Amortization of intangibles, tax effected, annualized	8,715			8,735			9,493
Net income available to common shareholders excluding amortization of intangibles annualized	$	720,219		$	683,559		$	250,095

Total average Synovus Financial Corp. shareholders' equity less preferred stock	$	4,824,003		$	4,692,722		$	4,090,163
Average goodwill	(480,440)			(480,440)			(479,858)
Average other intangible assets, net	(35,869)			(38,793)			(47,502)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock	$	4,307,694		$	4,173,489		$	3,562,803
Return on average common equity (annualized)	14.75		%	14.38		%	5.88		%
Adjusted return on average common equity (annualized)	14.71			15.02			11.34
Return on average tangible common equity (annualized)	16.72			16.38			7.02
Adjusted return on average tangible common equity (annualized)	16.67			17.09			13.28
(1)An assumed marginal tax rate of 24.2% for 4Q24 and 24.5% for 3Q24 and 4Q23 was applied.


Reconciliation of Non-GAAP Financial Measures, continued
	December 31,			September 30,			December 31,
(dollars in thousands)	2024			2024			2023
Tangible common equity ratio

Total assets	$	60,233,644		$	59,589,628		$	59,809,534
Goodwill	(480,440)			(480,440)			(480,440)
Other intangible assets, net	(34,318)			(37,207)			(45,928)
Tangible assets	$	59,718,886		$	59,071,981		$	59,283,166

Total Synovus Financial Corp. shareholders' equity	$	5,244,557		$	5,355,976		$	5,119,993
Goodwill	(480,440)			(480,440)			(480,440)
Other intangible assets, net	(34,318)			(37,207)			(45,928)
Preferred stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	4,192,654		$	4,301,184		$	4,056,480
Total Synovus Financial Corp. shareholders’ equity to total assets ratio	8.71		%	8.99		%	8.56		%
Tangible common equity ratio	7.02			7.28			6.84

Document 1

EX-99.2 3 snv_ex992x12312024prtables.htm EX-99.2 Document


Synovus								Exhibit 99.2

	INCOME STATEMENT DATA
	(Unaudited)	Years Ended
	(Dollars in thousands, except per share data)	December 31,


		2024			2023			% Change


	Interest income	$	3,193,589		$	3,050,358		5	%
	Interest expense	1,444,012			1,233,703			17


	Net interest income	1,749,577			1,816,655			(4)
	Provision for (reversal of) credit losses	136,685			189,079			(28)

	Net interest income after provision for credit losses	1,612,892			1,627,576			(1)


	Non-interest revenue:
	Service charges on deposit accounts	91,647			90,096			2
	Fiduciary and asset management fees	79,828			78,077			2
	Card fees	76,920			72,357			6
	Brokerage revenue	84,881			90,004			(6)
	Mortgage banking income	14,060			15,157			(7)
	Capital markets income	44,058			39,045			13
	Income from bank-owned life insurance	34,429			31,429			10
	Investment securities gains (losses), net	(256,660)			(76,718)			(235)
	Recovery of NPA	—			13,126			nm
	Other non-interest revenue	70,441			51,437			37

	Total non-interest revenue	239,604			404,010			(41)



	Non-interest expense:
	Salaries and other personnel expense	737,467			728,378			1
	Net occupancy, equipment, and software expense	187,451			179,581			4
	Third-party processing and other services	85,751			86,649			(1)
	Professional fees	46,089			39,854			16
	FDIC insurance and other regulatory fees	45,921			94,737			(52)
	Restructuring charges (reversals)	2,121			17,707			(88)
	Loss on other loans held for sale	—			50,064			nm
	Other operating expenses	142,743			138,454			3

	Total non-interest expense	1,247,543			1,335,424			(7)



	Income before income taxes	604,953			696,162			(13)
	Income tax expense	125,502			154,021			(19)

	Net income	479,451			542,141			(12)

	Less: Net income (loss) attributable to noncontrolling interest	(3,009)			(1,564)			(92)

	Net income attributable to Synovus Financial Corp.	482,460			543,705			(11)

	Less: Preferred stock dividends	42,903			35,950			19

	Net income available to common shareholders	$	439,557		$	507,755		(13)	%

	Net income per common share, basic	3.05			3.48			(12)	%

	Net income per common share, diluted	3.03			3.46			(12)

	Cash dividends declared per common share	1.52			1.52			—

	Return on average assets	0.81		%	0.90		%	(9)	bps
	Return on average common equity	9.50			12.17			(267)

	Weighted average common shares outstanding, basic	144,164			146,115			(1)	%
	Weighted average common shares outstanding, diluted	144,998			146,734			(1)

	nm - not meaningful
	bps - basis points
	Amounts may not total due to rounding


Synovus

	INCOME STATEMENT DATA
	(Unaudited)

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

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

	Interest income	$	799,130		810,507	801,242	782,710	788,297	1	%
	Interest expense	344,137			369,767	366,244	363,864	351,083	(2)


	Net interest income	454,993			440,740	434,998	418,846	437,214	4
	Provision for (reversal of) credit losses	32,867			23,434	26,404	53,980	45,472	(28)

	Net interest income after provision for credit losses	422,126			417,306	408,594	364,866	391,742	8


	Non-interest revenue:
	Service charges on deposit accounts	23,244			23,683	22,907	21,813	22,260	4
	Fiduciary and asset management fees	21,373			19,714	19,728	19,013	18,149	18
	Card fees	19,577			18,439	19,418	19,486	20,872	(6)
	Brokerage revenue	20,907			20,810	20,457	22,707	21,961	(5)
	Mortgage banking income	2,665			4,033	3,944	3,418	3,019	(12)
	Capital markets income	12,070			10,284	15,077	6,627	6,456	87
	Income from bank-owned life insurance	10,543			8,442	8,097	7,347	10,324	2
	Investment securities gains (losses), net	—			—	(256,660)	—	(77,748)	nm

	Other non-interest revenue	15,208			18,575	18,181	18,477	26,175	(42)

	Total non-interest revenue	125,587			123,980	(128,851)	118,888	51,468	144



	Non-interest expense:
	Salaries and other personnel expense	184,725			184,814	179,407	188,521	176,712	5
	Net occupancy, equipment, and software expense	47,251			46,977	46,415	46,808	48,146	(2)
	Third-party processing and other services	22,158			21,552	21,783	20,258	21,717	2
	Professional fees	11,949			10,854	15,655	7,631	11,147	7
	FDIC insurance and other regulatory fees	8,227			7,382	6,493	23,819	61,470	(87)
	Restructuring charges (reversals)	37			1,219	(658)	1,524	1,231	(97)

	Other operating expenses	34,964			40,892	32,706	34,180	32,435	8

	Total non-interest expense	309,311			313,690	301,801	322,741	352,858	(12)



	Income (loss) before income taxes	238,402			227,596	(22,058)	161,013	90,352	164
	Income tax expense (benefit)	49,025			46,912	(7,378)	36,943	20,779	136

	Net income (loss)	189,377			180,684	(14,680)	124,070	69,573	172

	Less: Net income (loss) attributable to noncontrolling interest	(1,049)			(871)	(652)	(437)	(768)	(37)

	Net income (loss) attributable to Synovus Financial Corp.	190,426			181,555	(14,028)	124,507	70,341	171

	Less: Preferred stock dividends	11,578			11,927	9,713	9,685	9,696	19

	Net income (loss) available to common shareholders	$	178,848		169,628	(23,741)	114,822	60,645	195

	Net income (loss) per common share, basic	$	1.26		1.19	(0.16)	0.78	0.41	207	%

	Net income (loss) per common share, diluted	1.25			1.18	(0.16)	0.78	0.41	204

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

	Return on average assets *	1.25		%	1.21	(0.10)	0.85	0.47	78	bps
	Return on average common equity *	14.75			14.38	(2.14)	10.17	5.88	nm

	Weighted average common shares outstanding, basic	141,555			143,144	145,565	146,430	146,372	(3)	%
	Weighted average common shares outstanding, diluted	142,694			143,979	145,565	147,122	146,877	(3)

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


Synovus


	BALANCE SHEET DATA	December 31, 2024		September 30, 2024		December 31, 2023

	(Unaudited)

	(In thousands, except share data)

	ASSETS
	Interest-earning deposits with banks and other cash and cash equivalents	$	2,977,667	$	1,807,641	$	2,414,103


	Federal funds sold and securities purchased under resale agreements	16,320		45,971		37,323
	Cash, cash equivalents, and restricted cash	2,993,987		1,853,612		2,451,426

	Investment securities held to maturity	2,581,469		2,622,457		—

	Investment securities available for sale	7,551,018		7,554,168		9,788,662
	Loans held for sale ($33,448, $36,943 and $47,338 measured at fair value, respectively)	90,111		121,470		52,768

	Loans, net of deferred fees and costs	42,609,028		43,120,674		43,404,490
	Allowance for loan losses	(486,845)		(484,985)		(479,385)
	Loans, net	42,122,183		42,635,689		42,925,105

	Cash surrender value of bank-owned life insurance	1,139,988		1,133,652		1,112,030
	Premises, equipment, and software, net	383,724		380,267		365,851
	Goodwill	480,440		480,440		480,440
	Other intangible assets, net	34,318		37,207		45,928
	Other assets	2,856,406		2,770,666		2,587,324
	Total assets	$	60,233,644	$	59,589,628	$	59,809,534

	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	11,596,119	$	11,561,626	$	12,507,616
	Interest-bearing deposits	39,499,240		38,632,114		38,231,569

	Total deposits	51,095,359		50,193,740		50,739,185

	Federal funds purchased and securities sold under repurchase agreements	131,728		94,055		189,074
	Other short-term borrowings	—		—		3,496
	Long-term debt	1,733,109		2,021,050		1,932,534
	Other liabilities	2,007,197		1,902,612		1,801,097
	Total liabilities	54,967,393		54,211,457		54,665,386

	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 342,857,142 shares; issued 172,185,507, 172,077,277, and 171,360,188 respectively; outstanding 141,165,908, 141,997,383, and 146,705,330 respectively	172,186		172,077		171,360
	Additional paid-in capital	3,986,729		3,976,706		3,955,819
	Treasury stock, at cost – 31,019,599, 30,079,894, and 24,654,858 shares, respectively	(1,216,827)		(1,167,130)		(944,484)
	Accumulated other comprehensive income (loss), net	(970,765)		(773,786)		(1,117,073)
	Retained earnings	2,736,089		2,610,964		2,517,226
	Total Synovus Financial Corp. shareholders' equity	5,244,557		5,355,976		5,119,993
	Noncontrolling interest in subsidiary	21,694		22,195		24,155
	Total equity	5,266,251		5,378,171		5,144,148
	Total liabilities and shareholders' equity	$	60,233,644	$	59,589,628	$	59,809,534


Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2024						2023
(dollars in thousands)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans (1) (2)	$	34,708,207	$	2,339,075	6.74	%	$	35,188,678	$	2,263,117	6.43	%
Consumer loans (1)	8,336,996		436,188		5.23		8,557,650		426,266		4.98
Less: Allowance for loan losses	(484,142)		—		—		(463,493)		—		—
Loans, net	42,561,061		2,775,263		6.52		43,282,835		2,689,383		6.21
Total investment securities (3)	10,641,008		329,478		3.10		11,212,956		248,294		2.21
Trading account assets	11,839		659		5.56		15,486		886		5.72
Other earning assets (4)	1,593,100		80,711		4.99		1,414,586		71,349		4.98
FHLB and Federal Reserve Bank stock	178,603		9,284		5.20		254,420		14,975		5.89
Mortgage loans held for sale	33,125		2,293		6.92		46,035		2,993		6.50
Other loans held for sale	68,098		1,386		2.00		469,689		27,099		5.69
Total interest earning assets	55,086,834		$	3,199,074	5.81	%	56,696,007		$	3,054,979	5.39	%
Cash and due from banks	511,152						575,370
Premises and equipment	377,386						367,159
Other real estate	4,756						—
Cash surrender value of bank-owned life insurance	1,125,363						1,099,641
Other assets (5)	2,302,826						1,183,691
Total assets	$	59,408,317					$	59,921,868
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	10,879,231	$	273,480	2.51	%	$	9,884,039	$	176,595	1.79	%
Money market accounts	13,069,507		408,087		3.12		13,511,442		356,562		2.64
Savings deposits	1,021,838		1,262		0.12		1,229,975		1,046		0.09
Time deposits	8,244,344		358,401		4.35		5,473,405		196,481		3.59
Brokered deposits	5,426,407		288,702		5.32		6,104,461		296,071		4.85
Federal funds purchased and securities sold under repurchase agreements	109,088		1,909		1.72		97,114		1,667		1.69
Other short-term borrowings	45,489		2,514		5.44		528,194		24,611		4.60
Long-term debt	1,607,048		109,657		6.80		3,027,746		180,670		5.92
Total interest-bearing liabilities	40,402,952		$	1,444,012	3.57	%	39,856,376		$	1,233,703	3.10	%
Non-interest-bearing demand deposits	11,904,120						13,662,660
Other liabilities	1,911,827						1,671,489
Shareholders' equity	5,189,418						4,731,343
Total liabilities and shareholders' equity	$	59,408,317					$	59,921,868
Net interest income, taxable equivalent net interest margin (6)			$	1,755,062	3.19	%			$	1,821,276	3.21	%
Less: taxable-equivalent adjustment			5,485						4,621
Net interest income			$	1,749,577					$	1,816,655

(1)Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2024 — $49.4 million and 2023 — $47.7 million.

(2)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.

(3)Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(4)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.

(5)Includes average net unrealized gains/(losses) on investment securities available for sale of $(724.8) million and $(1.62) billion for the years ended December 31, 2024 and 2023, respectively.

(6)The net interest margin is calculated by dividing net interest income-TE by average total interest earning assets.


Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Fourth Quarter 2024						Third Quarter 2024						Fourth 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)	$	34,278,042	$	569,759	6.61	%	$	34,610,296	$	592,142	6.81	%	$	35,106,156	$	590,588	6.67	%
Consumer loans (1)	8,258,712		107,507		5.19		8,298,130		109,908		5.28		8,491,244		109,509		5.14
Less: Allowance for loan losses	(479,980)		—		—		(482,863)		—		—		(480,332)		—		—
Loans, net	42,056,774		677,266		6.41		42,425,563		702,050		6.59		43,117,068		700,097		6.45
Total investment securities (3)	10,623,943		91,038		3.43		10,420,665		87,643		3.36		11,164,487		65,176		2.33
Trading account assets	12,551		185		5.91		14,392		246		6.84		13,067		215		6.59
Other earning assets (4)	2,458,591		28,936		4.60		1,408,415		18,803		5.24		1,463,176		19,689		5.26
FHLB and Federal Reserve Bank stock	166,125		2,211		5.32		170,977		2,113		4.94		187,015		3,536		7.56
Mortgage loans held for sale	30,483		520		6.83		34,890		612		7.01		39,024		696		7.14
Other loans held for sale	74,019		404		2.13		83,492		433		2.03		8,044		104		5.06
Total interest earning assets	55,422,486		$	800,560	5.75	%	54,558,394		$	811,900	5.92	%	55,991,881		$	789,513	5.59	%
Cash and due from banks	512,178						476,443						522,986
Premises and equipment	382,784						380,003						366,647
Other real estate	386						666						—
Cash surrender value of bank-owned life insurance	1,135,952						1,128,877						1,108,766
Other assets (5)	2,720,830						2,639,241						1,173,785
Total assets	$	60,174,616					$	59,183,624					$	59,164,065
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	11,298,352	$	67,470	2.38	%	$	10,834,829	$	71,786	2.64	%	$	10,422,286	$	58,588	2.23	%
Money market accounts	13,768,434		101,063		2.92		13,058,527		104,514		3.18		13,053,781		103,211		3.14
Savings deposits	986,522		316		0.13		1,007,962		355		0.14		1,098,914		275		0.10
Time deposits	8,251,686		85,426		4.12		8,437,861		93,052		4.39		7,198,229		75,462		4.16
Brokered deposits	5,012,655		61,924		4.91		5,476,231		75,607		5.49		6,069,055		81,444		5.32
Federal funds purchased and securities sold under repurchase agreements	113,681		322		1.11		94,629		369		1.53		93,854		350		1.46
Other short-term borrowings	—		—		—		2,209		29		5.20		2,672		51		7.50
Long-term debt	1,613,246		27,616		6.84		1,385,836		24,055		6.93		1,922,661		31,702		6.55
Total interest-bearing liabilities	41,044,576		$	344,137	3.34	%	40,298,084		$	369,767	3.65	%	39,861,452		$	351,083	3.49	%
Non-interest-bearing demand deposits	11,783,834						11,665,661						12,744,275
Other liabilities	1,963,298						1,967,351						1,906,686
Shareholders' equity	5,382,908						5,252,528						4,651,652
Total liabilities and shareholders' equity	$	60,174,616					$	59,183,624					$	59,164,065
Net interest income, taxable equivalent net interest margin (6)			$	456,423	3.28	%			$	442,133	3.22	%			$	438,430	3.11	%
Less: taxable-equivalent adjustment			1,430						1,393						1,216
Net interest income			$	454,993					$	440,740					$	437,214

(1)Average loans are shown net of deferred fees and costs. NPLs are included. Interest income includes fees as follows: Fourth Quarter 2024 — $13.7 million, Third Quarter 2024 — $12.7 million, and Fourth Quarter 2023 —$13.1 million.

(2)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.

(3)Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.

(4)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements

(5)Includes average net unrealized gains/(losses) on investment securities available for sale of $(391.6) million, $(424.6) million, and $(1.89) billion for the Fourth Quarter 2024, Third Quarter 2024, and Fourth Quarter 2023, respectively.

(6)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)
(Dollars in thousands)
	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
Loan Type	December 31, 2024		September 30, 2024		% Change		December 31, 2023		% Change
Commercial, Financial, and Agricultural	$	14,498,992	$	14,563,913	—	%	$	14,459,345	—	%
Owner-Occupied	7,832,137		8,100,084		(3)		8,139,148		(4)
Total Commercial & Industrial	22,331,129		22,663,997		(1)		22,598,493		(1)

Multi-Family	4,185,545		4,379,459		(4)		4,098,188		2
Hotels	1,769,384		1,738,068		2		1,803,102		(2)
Office Buildings	1,743,329		1,778,698		(2)		1,891,587		(8)
Shopping Centers	1,273,439		1,260,460		1		1,319,049		(3)
Warehouses	846,025		837,145		1		854,475		(1)
Other Investment Property	1,363,482		1,352,719		1		1,396,903		(2)
Total Investment Properties	11,181,204		11,346,549		(1)		11,363,304		(2)

1-4 Family Construction	212,226		190,705		11		194,481		9
1-4 Family Investment Mortgage	333,692		337,425		(1)		404,021		(17)
Total 1-4 Family Properties	545,918		528,130		3		598,502		(9)

Commercial Development	55,467		48,948		13		73,022		(24)
Residential Development	77,581		67,525		15		79,961		(3)
Land Acquisition	154,449		186,332		(17)		201,969		(24)
Land and Development	287,497		302,805		(5)		354,952		(19)

Total Commercial Real Estate	12,014,619		12,177,484		(1)		12,316,758		(2)

Consumer Mortgages	5,288,776		5,323,443		(1)		5,411,723		(2)
Home Equity Lines	1,831,287		1,809,286		1		1,807,399		1
Credit Cards	185,871		181,386		2		194,141		(4)
Other Consumer Loans	957,346		965,078		(1)		1,075,976		(11)
Total Consumer	8,263,280		8,279,193		—		8,489,239		(3)

Total	$	42,609,028	$	43,120,674	(1)	%	$	43,404,490	(2)	%




NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
Loan Type	December 31, 2024		September 30, 2024		% Change		December 31, 2023		% Change
Commercial, Financial, and Agricultural	$	122,874	$	107,004	15	%	$	89,870	37	%
Owner-Occupied	34,380		48,390		(29)		91,370		(62)
Total Commercial & Industrial	157,254		155,394		1		181,240		(13)

Multi-Family	112		1,692		(93)		1,681		(93)
Office Buildings	72,430		78,281		(7)		35,338		105
Shopping Centers	515		523		(2)		641		(20)
Warehouses	153		163		(6)		196		(22)
Other Investment Property	820		1,612		(49)		1,914		(57)
Total Investment Properties	74,030		82,271		(10)		39,770		86

1-4 Family Construction	—		311		(100)		—		nm
1-4 Family Investment Mortgage	2,385		2,533		(6)		3,056		(22)
Total 1-4 Family Properties	2,385		2,844		(16)		3,056		(22)


Residential Development	—		268		(100)		267		(100)
Land Acquisition	1,389		1,422		(2)		537		159
Land and Development	1,389		1,690		(18)		804		73

Total Commercial Real Estate	77,804		86,805		(10)		43,630		78

Consumer Mortgages	50,834		48,956		4		46,108		10
Home Equity Lines	17,365		15,837		10		10,473		66
Other Consumer Loans	5,907		5,972		(1)		6,726		(12)
Total Consumer	74,106		70,765		5		63,307		17

Total	$	309,164	$	312,964	(1)	%	$	288,177	7	%


Synovus

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

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

	Non-performing Loans (NPL)	$	309,164		312,964	256,106	350,450	288,177	7	%

	Other Real Estate and Other Assets	385			386	823	21,210	—	NM

	Non-performing Assets (NPAs)	309,549			313,350	256,929	371,660	288,177	7

	Allowance for Loan Losses (ALL)	486,845			484,985	485,101	492,661	479,385	2
	Reserve for Unfunded Commitments	52,462			49,556	53,058	53,579	57,231	(8)

	Allowance for Credit Losses (ACL)	539,307			534,541	538,159	546,240	536,616	1

	Net Charge-Offs - Quarter	28,101			27,052	34,485	44,356	41,574
	Net Charge-Offs - YTD	133,994			105,893	78,841	44,356	153,342
	Net Charge-Offs / Average Loans - Quarter (1)	0.26		%	0.25	0.32	0.41	0.38
	Net Charge-Offs / Average Loans - YTD (1)	0.31			0.33	0.36	0.41	0.35
	NPLs / Loans	0.73			0.73	0.59	0.81	0.66
	NPAs / Loans, ORE and specific other assets	0.73			0.73	0.60	0.86	0.66
	ACL/Loans	1.27			1.24	1.25	1.26	1.24
	ALL/Loans	1.14			1.12	1.13	1.14	1.10

	ACL/NPLs	174.44			170.80	210.13	155.87	186.21
	ALL/NPLs	157.47			154.96	189.41	140.58	166.35

	Past Due Loans over 90 days and Still Accruing	$	48,592		4,359	4,460	3,748	5,053	NM
	As a Percentage of Loans Outstanding	0.11		%	0.01	0.01	0.01	0.01

	Total Past Due Loans and Still Accruing	$	108,878		97,229	129,759	54,814	59,099	84
	As a Percentage of Loans Outstanding	0.26		%	0.23	0.30	0.13	0.14




	(1) Ratio is annualized.



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




	Common Equity Tier 1 Capital Ratio	10.84		%	10.64	10.22
	Tier 1 Capital Ratio	11.96			11.76	11.28
	Total Risk-Based Capital Ratio	13.80			13.60	13.07
	Tier 1 Leverage Ratio	9.55			9.55	9.49
	Total Synovus Financial Corp. shareholders’ equity as a Percentage of Total Assets	8.71			8.99	8.56
	Tangible Common Equity Ratio(2)	7.02			7.28	6.84
	Book Value Per Common Share(3)	$	33.35		33.94	31.24
	Tangible Book Value Per Common Share(4)	29.70			30.29	27.65


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

Document 1

EX-99.3 4 snv_ex993presentation.htm EX-99.3 snv_ex993presentation

1 Earnings Results Fourth Quarter 2024 Exhibit 99.3

2 This slide presentation 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," "predicts," "could," "should," "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, statements on our expectations related to (1) loan growth and loan mix; (2) deposit growth, mix, pricing, and costs; (3) net interest income and net interest margin; (4) revenue growth; (5) non-interest expense; (6) credit trends and key credit performance metrics; (7) our future operating and financial performance; (8) our strategy and initiatives for future revenue growth, balance sheet optimization, capital management, and expense management; (9) our effective tax rate; and (10) our assumptions underlying these 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 presentation. 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. This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; return on average tangible common equity; adjusted return on average tangible common equity; adjusted non-interest revenue; adjusted total revenue taxable equivalent (TE); adjusted non-interest expense; adjusted tangible efficiency ratio; tangible common equity ratio; and adjusted pre-provision net revenue (PPNR). The most comparable GAAP measures to these measures are net income available to common shareholders; diluted earnings (loss) per share; return on average assets; return on average common equity; total non-interest revenue; total revenue; total non-interest expense; efficiency ratio-TE; total Synovus Financial Corp. shareholders' equity to total assets ratio; and PPNR, 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 net income available to common shareholders, adjusted diluted earnings per share and adjusted return on average assets 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 non-interest revenue and adjusted total revenue TE 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. The tangible common equity ratio is used by stakeholders to assess our capital position. 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 computations of the non-GAAP financial measures used in this slide presentation are set forth in the appendix to this slide presentation. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of Synovus’ control, or cannot be reasonably predicted. For the same reasons, Synovus’ management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Forward-Looking Statements Use of Non-GAAP Financial Measures

3 Executed Key Strategies in 2024 Improved Profitability Strengthened Balance Sheet Supported Growth with Investments and New Initiatives • Improved NCOs Year over Year • Deepened and Expanded Relationships as Core Client Fees(1) Grew 7% YoY • Executed Company-Wide Expense Initiative Leading to Top Quartile Efficiency Ratio • Securities Repositioning / Active Deposit Pricing Management Aided NIM Expansion in 2H24 • Risk-Weighted Asset (RWA) Optimization Funded $2bn+ RWA Reduction • Grew Non-Public Funds Core Deposits by 2% • Reduced Wholesale Funding Ratio(2) to 11.0%, a 255 bps YoY Improvement • Rationalized Non-Relationship Credits in Syndicated Commercial and Third Party Consumer Lending • Increased CET1 Ratio(3) by 62 bps to 10.84% While Repurchasing $270 Million of Common Stock • Issued $500 Million of Senior Notes • Grew Middle Market, CIB, and Specialty Loans(4) $485 MM or 4% • Hired 11 New Middle Market Bankers • Launched New Legal Industry Deposit Vertical • Continued Growth in Treasury and Payment Solutions(5) Fees and Product Offerings • Implemented New Capital Markets Syndication Platform • Fully Onboarded New GreenSky Relationship and Expanded Commercial Sponsorship Fees(6) by 66% YoY • Added 236 New BOWs(7) Clients with Annual Revenue of $3 MM+ (1) Core Client Fees (ex. Mortgage) primarily include Core Banking Fees, Wealth Revenue, Capital Markets income, Commercial Sponsorship, and other miscellaneous income; (2) Defined as brokered deposits, long-term debt, and other borrowings (including other short-term borrowings and fed funds purchased) divided by total assets; (3) 4Q24 CET1 ratio is preliminary; (4) Includes Asset Based Lending, Structured Lending, Life Finance, and Restaurant Services; (5) Treasury and Payment Solutions includes Treasury Management, Commercial Card, International, and Letter of Credit fees; (6) Commercial Sponsorship income includes Greensky income (within other income) and ISO sponsorship NIR (within services charges on deposit accounts and card fees in core banking fees and other income); (7) BOWs = Business Owner Wealth Strategy

4 Fourth Quarter 2024 Key Messages Core Deposits(2) Up 1% QoQ and Brokered Deposits Declined Further – Diluted EPS up 6% QoQ and adjusted diluted EPS(1) up 2% – Profitability ratios(2) were 1.25%, 14.75%, and 16.72%, respectively Metrics Highlights Earnings Per Share and ROAA, ROCE and ROTCE(1) Net Interest Income Non-Interest Revenue Non-Interest Expense Credit Quality Capital – Operating expense control remains excellent with an efficiency ratio of 53.15% and adjusted tangible efficiency ratio(1) of 52.69% – Increased charitable contributions by $2.5 MM QoQ – Non-interest revenue up 1% QoQ – Adjusted non-interest revenue(1) up 2% QoQ, largely from growth in core banking, capital markets and wealth revenue – NCOs/average loans in line with expectations at $28 million or 0.26% annualized – CET1 Ratio(3) moved higher to 10.84% inclusive of ~$50 MM in share repurchases Note: Our recent guidance at an investor conference, as filed with the SEC on December 10, 2024, included an expected $7MM in 4Q24 tax expense related to a discrete state tax matter that was not resolved as of 12/31/2024. (1) Non-GAAP financial measure; see appendix for applicable reconciliation; (2) Annualized; (3) 4Q24 CET1 Ratio is preliminary – Net interest income increased 3% QoQ, while the NIM(2) expanded 6 bps – Core deposits rose $1.1 billion from public funds seasonality and middle market commercial growth – Cost of deposits down 26 bps from 3Q24 to 2.46% (~42% beta QoQ)

5 Note:Our recent guidance at an investor conference, as filed with the SEC on December 10, 2024, included an expected $7MM in 4Q24 tax expense related to a discrete state tax matter that was not resolved by 12/31/2024. (1) Annualized; (2) Non-GAAP financial measures; see appendix for applicable reconciliations; (3) TE - Taxable Equivalent Fourth Quarter 2024 Financial Highlights Profitability Metrics 4Q24 3Q24 4Q23 ROAA(1) 1.25% 1.21% 0.47% Adjusted ROAA(1)(2) 1.25% 1.26% 0.84% ROCE(1) 14.75% 14.38% 5.88% ROTCE(1)(2) 16.72% 16.38% 7.02% Adjusted ROTCE(1)(2) 16.67% 17.09% 13.28% Net Interest Margin(1) 3.28% 3.22% 3.11% Efficiency Ratio - TE(3) 53.15% 55.41% 72.03% Adjusted Efficiency Ratio(2) 52.69% 52.97% 61.97% Income Statement Summary (GAAP) ($ in thousands, except per share data) 4Q24 % Change QoQ % Change YoY Net Interest Income $454,993 3% 4% Provision for Credit Losses $32,867 40% (28)% Non-Interest Revenue $125,587 1% 144% Total Revenue $580,580 3% 19% Non-Interest Expense $309,311 (1)% (12)% Pre-Provision Net Revenue $271,269 8% 100% Net Income Available to Common Shareholders $178,848 5% 195% Diluted EPS $1.25 6% 204%

6 $4,796 $5,341 $706 $1,260 High Growth Vertical All Other 2023 2024 $1,476 $1,844 $141 $488 High Growth Vertical All Other 4Q23 4Q24 $4,647 $4,702 $1,855 $1,982 High Growth Vertical All Other 2023 2024 • Period end loans down $512 million or 1% QoQ, impacted by lower C&I utilization, strategic rationalization and elevated loan payoffs • Loan production(1) remained strong driven by commercial lines of business activity • High Growth Vertical(2) loans increased $485 million or 4% in 2024 Loans Total Loans: $43 billion Amounts may not total due to rounding; (1) Excluding secondary mortgage production; (2) See page 14 for definition of "High Growth Verticals"; (3) Certain immaterial loan portfolios are not reflected; (4) Excluding wholesale healthcare production as LOB was exited and portfolio sold in 2023 Loan Production(1) and Loan Payoffs(3) Accelerated in 2024 ($ in millions) Fourth Quarter 2024 Loan Growth Drivers ($ in millions) $823 $1,295 $247 $473 High Growth Vertical All Other 4Q23 4Q24 $43,121 $(339) $(157) $(16) $42,609 3Q24 C&I CRE Consumer 4Q24 (4) (2) (2) (2)(2) Production ProductionPayoffs Payoffs

7 Deposits • Core deposit(1) growth driven by middle market commercial business lines and seasonal increase in public funds • Brokered deposits fell $230 million, the sixth consecutive quarter of decline • Cost of deposits declined 26 bps QoQ to 2.46% • Deposit repricing progressing in line with prior guidance of 40-45% beta over the easing cycle QoQ Change in Deposit Balances(3) ($ in millions) Amounts may not total due to rounding; (1) Excludes brokered; (2) Period-end; (3) Deposit balances in bar chart include the public funds changes QoQ seen below the chart; (4) Upper band of FOMC Target Policy Rate Total Deposits: $51 billion Non-Interest Bearing Deposits Have Stabilized(2) ($ in billions) $15.6 $14.6 $13.6 $13.0 $12.5 $12.0 $11.7 $11.6 $11.6 $14.6 $13.8 $12.9 $12.4 $11.8 $11.5 $11.2 $11.1 $11.0 Non-Interest Bearing Deposits NIB Public Funds 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 3.84% 4.69% 5.16% 5.43% 5.50% 5.50% 5.50% 5.43% 4.81% 0.88% 1.44% 1.95% 2.31% 2.50% 2.67% 2.68% 2.72% 2.46% Fed Target Rate SNV Cost of Deposits 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 —% 1.50% 3.00% 4.50% 6.00% Average Quarterly Fed Target Rate(4) vs. SNV Cost of Deposits $50,194 $34 $557 $(12) $945 $(392) $(230) $51,095 3Q24 NIB NOW Savings MMA Time Brokered 4Q24 Public Funds QoQ Growth: $189 $178 $— $569 $4 (4)

8 3.22% (0.06)% 0.03% 0.03% (0.22)% 0.24% (0.01)% 0.02% 0.04% 3.28% 3Q24 NIM Higher Cash Balance Hedge Maturities Fixed Asset Repricing Other Asset Repricing Deposit & Other Funding Costs Debt Issuance Deposit Mix Other/ Non- Recurring 4Q24 NIM $437 $419 $435 $441 $455 3.11% 3.04% 3.20% 3.22% 3.28% Net Interest Income Net Interest Margin 4Q23 1Q24 2Q24 3Q24 4Q24 Amounts may not total due to rounding; Note: all references to NIM are taxable equivalent and annualized. (1) NIM Attribution reflects estimates and includes both attributed and unattributed items; (2) Includes non-recurring favorable interest adjustment in 4Q as well as other unattributed items Net Interest Income Net Interest Income and Net Interest Margin Trends ($ in millions) • Net interest income rose 3% QoQ on 6 bps of NIM expansion • NIM supported by effective deposit cost management and hedge maturities ◦ Approx. +4bps of non-recurring interest in 4Q24 Net Interest Income: $455 million Net Interest Margin Attribution(1) (2) Assets (-22 bps) Liabilities (+25 bps)

9 $384 $399 $391 $428 $455 $293 $345 $374 $413 $441 Core Client Non-Interest Revenue (ex. Mortgage) Mortgage Revenue 2020 2021 2022 2023 2024 7% 10% 14% Capital Markets Wealth Revenue Treasury Management ($ in millions) 4Q24 QoQ Δ YoY Δ Core Banking Fees(3) $49 3% 1% Wealth Revenue(4) $43 4% 5% Capital Markets Income $12 17% 87% Net Mortgage Revenue $3 (34)% (12)% Other Income(5)(6) $18 (4)% (35)% Total Adjusted Non-Interest Revenue(7) $125 2% (1)% Total Non-Interest Revenue $126 1% 144% Amounts may not total due to rounding; (1) Includes Core Commercial Account Analysis and Other Miscellaneous Deposit Fees; (2) Commercial Sponsorship income includes Greensky income (within other income) and ISO sponsorship NIR (within services charges on deposit accounts and card fees in core banking fees and other income); (3) Includes service charges on deposit accounts, card fees, and other non-interest revenue components including line of credit non-usage fees, letter of credit fees, ATM fee income, and miscellaneous other service charges; (4) Consists of fiduciary/asset management, brokerage, and insurance revenues; (5) Includes earnings on equity method investments, income from BOLI, Commercial Sponsorship, and other miscellaneous income; (6) Excludes adjusted NIR items; See appendix for adjusted NIR non-GAAP reconciliation; (7) Non-GAAP financial measure; see appendix for applicable reconciliation; (8) Core Client NIR (ex. Mortgage) primarily includes Core Banking Fees, Wealth Revenue, Capital Markets income, Commercial Sponsorship, and other miscellaneous income; (9) Reclassification of Core Client NIR performed in 1Q24 Non-Interest Revenue Consistent Growth in Total Core Client Non-Interest Revenue(8)(9) ($ in millions) Non-Interest Revenue Non-Interest Revenue: $126 million Healthy 4-Year CAGR in Core Fee Categories 11% CAGR ex Mortgage (4) 11% CAGR ex Globalt due to sale in 2023 • Core Banking Fees, Wealth Revenue, and Capital Markets Income drove QoQ growth in non- interest revenue • Treasury Management(1) income drove YoY growth in core banking fees • Elevated Commercial Sponsorship(2) fees in 4Q23 impacted the YoY Other Income comparison (1)

10 Adjusted Non-Interest Expense, ex FDIC Special Assessment $353 $319 $302 $302 $309 $302 $306 $306 $303 $310 4Q23 1Q24 2Q24 3Q24 4Q24 Non-Interest Expense ($ in millions) 4Q24 QoQ Δ YoY Δ Total Employment $184 1% 6% Total Other $77 7% (41)% Total Occupancy, Equipment, and Software $47 1% (2)% Total Adjusted Non-Interest Expense(1) $309 2% (12)% Total Non-Interest Expense $309 (1)% (12)% Non-Interest Expense Non-Interest Expense: $309 million • Non-interest expense declined 1% QoQ • Higher personnel cost, FDIC premiums, charitable contributions and technology initiatives drove the QoQ increase in adjusted non-interest expense(1) ◦ Charitable giving was up $2.5 MM QoQ • Reported and adjusted non-interest expense(1) declined 12% YoY as a result of $51 million FDIC Special Assessment in 4Q23 5,389 5,247 4,998 5,114 4,879 4,775 2019 2020 2021 2022 2023 2024 Headcount Down 11% Since 2019 Amounts may not total due to rounding; (1) Non-GAAP financial measure; see appendix for applicable reconciliation; (2) FDIC Special Assessment of $51.0MM, $12.8MM, $(3.9MM), $(1.7MM) and,$(0.8MM) for 4Q23, 1Q24, 2Q24, 3Q24 and 4Q24 respectively Adjusted Non-Interest Expense Has Been Relatively Stable (ex FDIC Special Assessment)(1)(2) ($ in millions) $1,264 $1,232 $1,213 $1,225 2023 2024 (2) Adjusted Non-Interest Expense

11 Credit Quality • NCOs were relatively stable at $28 million or 0.26%(1) in 4Q24 • ACL increased 3 bps to 1.27% as stronger loan production was partially offset by elevated payoffs which impacted the duration of the portfolio • Continue to expect 0.25% - 0.35% NCOs/average loans in 1H25 versus 0.31% in 2024 $45 $54 $26 $23 $33 $42 $44 $34 $27 $28 Provision for Credit Losses Net Charge-Offs 4Q23 1Q24 2Q24 3Q24 4Q24 0.38% 0.41% 0.32% 0.25% 0.26%NCO Ratio(1): Provision for Credit Losses and Net Charge-Offs ($ in millions) Amounts may not total due to rounding; (1) Annualized. $537 $546 $538 $535 $539 1.24% 1.26% 1.25% 1.24% 1.27% Allowance for Credit Losses ACL Coverage Ratio 4Q23 1Q24 2Q24 3Q24 4Q24 186% 156% 210% 171% 174% ACL to NPLs: Allowance for Credit Losses ($ in millions) 0.66% 0.81% 0.59% 0.73% 0.73% 3.5% 3.8% 3.7% 3.9% 3.9% Non Performing Loan Ratio Criticized & Classified Loans as a % of Total Loans 4Q23 1Q24 2Q24 3Q24 4Q24 Nonperforming and Criticized & Classified Loans

12 10.22% 10.38% 10.60% 10.64% 10.84% Common Equity Tier 1 Tier 1 Total Risk-Based Capital 4Q23 1Q24 2Q24 3Q24 4Q24 Amounts may not total due to rounding; (1) 4Q24 capital ratios are preliminary; (2) Declaration of common dividends remains subject to Board approval; (3) As amended (1) 11.45% 13.24%(3) Capital Capital Ratio Trend Common Equity Tier 1 Ratio(1) At Highest Level in 10+ Years 10.64% 0.37% (0.11)% (0.10)% —% 0.04% 10.84% Beginning CET1 Ratio (3Q24) Net Income To Common Shareholders Common Dividends Share Repurchases RWA Other Ending CET1 Ratio (4Q24) Fourth Quarter 2024 CET1 Change 13.07% 11.28% 2024 Capital Actions 2025 Capital Plan • Grew CET1 Ratio(1) by 62 bps • Performed risk-weighted asset optimization which funded a securities repositioning in 2Q24 • Paid quarterly dividend of $0.38/share • Repurchased $270 million of common stock • Maintain relatively stable CET1 Ratio • Planned increase of quarterly dividend to $0.39/share (effective April 2025)(2) • Recently approved $400 million common share repurchase authorization 13.56% 11.72% (1) 13.60% 11.76% 13.80% 11.96%

13 2025 Guidance Key Guidance Assumptions Period End Loan Growth Period End Core Deposit(1) Growth Adjusted Revenue(2)(3) Adjusted NIE(2)(3) Effective Tax Rate CET1 Ratio (1) Excludes brokered; (2) Non-GAAP financial measure; see cautionary language on slide 2 and appendix for applicable reconciliation; (3) Guidance based on the 2024 adjusted revenue of $2.25 billion and adjusted NIE of $1.23 billion • Driven by growth in strategic C&I loan categories, while headwinds abate from recent market-related activity and rationalization of targeted portfolios • Expect full-year growth in core deposits(1) supported by broad based LOB contributions • Assumes relatively stable NIB balances • 1Q25 core deposits should decline QoQ from public funds and large corporate depositor seasonality • Expect to manage CET1 Ratio near current levels; will continue to prioritize capital for core client growth • Supported by continued tax credit investments • Includes expected resolution of a state tax matter based on continued correspondence • Base case assumes the FOMC easing cycle continues in 1H25, achieving a policy rate of 4.00%; reasonably stable long-term rates expectation • Expect mid-3.20's NIM in early 2025 • Assumes that the core deposit portfolio composition remains relatively stable • Expect 2025 adjusted non-interest revenue(2) of $500 million - $520 million • Expense growth associated with inflationary costs (e.g., merit, occupancy), strategic growth initiatives such as relationship manager expansion and technology-related infrastructure investments Net-Charge Offs • Assumes relatively stable economic conditions 2025 Full Year 3% - 6% 3% - 7% Relatively Stable - 22% 0.25% - 0.35% in 1H25 3% - 6% 3% - 7%

14 Drivers of 2025E Loan Growth 2024A Growth High Growth Middle Market Specialty(1) CIB ~4% 10% - 15% ~$12B Moderate Growth Commercial Banking Private Wealth Senior Housing ~(5%) 0% - 5% ~$12B Rationalized National Accounts Third-Party Lending ~(21%) (5%) - 0% ~$2B Note: Businesses highlighted are the primary businesses within these categories; Combined balances are as of 12/31/2024; Certain immaterial loan portfolios are not reflected in balances above; (1) Includes Asset Based Lending, Structured Lending, Life Finance, and Restaurant Services Low Growth Institutional CRE Consumer Lending Relatively Stable ~$17B ~(2%) 2025E Growth

15 2025 Strategic Priorities Winning in the Southeast Maintain Top Quartile Profitability Target Sustainable Returns • Accelerate Loan, Core Deposit and Fee Growth – Grow Relationship Managers by 20-30% in Middle Market, Commercial, and Wealth Services from 2025-2027 – Expand Structured Lending Team – Expand CIB FIG Industry Offering – Enhance Deposit Verticals to Support Core Funding Growth * Legal Industry Deposit Vertical • Continue Interest Rate Risk Management Which Reduces Revenue Volatility • Maintain Strong Asset Quality Metrics • Continue Enhancements to Risk Framework Amid Heightened Expectations • Continue Highly Disciplined Expense Management • Maintain Key Technology Investments • Leverage More Robust Product Set – Treasury and Payment Solutions (1) – Capital Markets – Wealth Strategy • Refine Delivery Models – Third Party Payments * Accelerate Sponsorship * Enhance Merchant Offering – Consumer Bank * Accelerate Small Business Revenue Growth – Wealth Services * Continued Focus on BOWs(2) Expansion 1 32 (1) Treasury and Payment Solutions includes Treasury Management, Commercial Card, International, and Letter of Credit fees; (2) BOWs = Business Owner Wealth Strategy

Appendix

17 Income Statement Summary (GAAP) ($ in thousands, except per share data) 2024 % Change YoY Net Interest Income $1,749,577 (4)% Provision for Credit Losses $136,685 (28)% Non-Interest Revenue $239,604 (41)% Total Revenue $1,989,181 (10)% Non-Interest Expense $1,247,543 (7)% Pre-Provision Net Revenue $741,638 (16)% Net Income Available to Common Shareholders $439,557 (13)% Diluted EPS $3.03 (12)% Note: Our recent guidance at an investor conference, as filed with the SEC on December 10, 2024, included an expected $7MM in 4Q24 tax expense related to a discrete state tax matter that was not resolved as of 12/31/2024. (1) Non-GAAP financial measures; see appendix for applicable reconciliations; (2) TE - Taxable Equivalent 2024 Financial Highlights Income Statement Summary (Adjusted)(1) ($ in thousands, except per share data) 2024 % Change YoY Net Interest Income (TE)(2) $1,755,062 (4)% Adjusted Non-Interest Revenue $490,386 6% Adjusted Total Revenue (TE)(2) $2,245,448 (2)% Adjusted Non-Interest Expense $1,231,563 (3)% Adjusted Pre-Provision Net Revenue $1,013,885 —% Adjusted Net Income Available to Common Shareholders $641,896 6% Adjusted Diluted EPS $4.43 7%

18 Period-End Balance Sheet Growth ($ in millions) 2024 % Change YoY Loans $42,609 (2)% Deposits $51,095 1% Core Deposits(1) $46,220 3% Non-Interest Bearing Deposits $11,596 (7)% Note: Our recent guidance at an investor conference, as filed with the SEC on December 10, 2024, included an expected $7MM in 4Q24 tax expense related to a discrete state tax matter that was not resolved as of 12/31/2024. (1) Excludes brokered; (2) Non-GAAP financial measure; see appendix for applicable reconciliation; (3) TE - Taxable equivalent; (4) 2023 NCO ratio excluding loan sales was 0.28%; (5) 2024 CET1 ratio is preliminary. 2024 Financial Highlights Profitability Metrics 2024 2023 ROAA 0.81% 0.90% Adjusted ROAA(2) 1.15% 1.07% ROCE 9.50% 12.17% ROTCE(2) 10.91% 14.11% Adjusted ROTCE(2) 15.84% 16.76% Net Interest Margin 3.19% 3.21% Efficiency Ratio - TE(3) 62.54% 60.01% Adjusted Efficiency Ratio(2) 54.33% 54.94% Credit & Capital Metrics 2024 2023 NCOs/Average Loans(4) 0.31% 0.35% NPLs/Loans 0.73% 0.66% Allowance for Credit Losses % 1.27% 1.24% CET1 Ratio(5) 10.84% 10.22%

19 Income Statement Summary (GAAP) ($ in thousands, except per share data) 4Q24 % Change QoQ % Change YoY Net Interest Income $454,993 3% 4% Provision for Credit Losses $32,867 40% (28)% Non-Interest Revenue $125,587 1% 144% Total Revenue $580,580 3% 19% Non-Interest Expense $309,311 (1)% (12)% Pre-Provision Net Revenue $271,269 8% 100% Net Income Available to Common Shareholders $178,848 5% 195% Diluted EPS $1.25 6% 204% Note: Our recent guidance at an investor conference, as filed with the SEC on December 10, 2024, included an expected $7MM in 4Q24 tax expense related to a discrete state tax matter that was not resolved as of 12/31/2024. (1) Non-GAAP financial measures; see appendix for applicable reconciliations; (2) TE - Taxable Equivalent Fourth Quarter 2024 Financial Highlights Income Statement Summary (Adjusted)(1) ($ in thousands, except per share data) 4Q24 % Change QoQ % Change YoY Net Interest Income (TE)(2) $456,423 3% 4% Adjusted Non-Interest Revenue $124,631 2% (1)% Adjusted Total Revenue (TE)(2) $581,054 3% 3% Adjusted Non-Interest Expense $309,037 2% (12)% Adjusted Pre-Provision Net Revenue $272,017 4% 29% Adjusted Net Income Available to Common Shareholders $178,331 1% 53% Adjusted Diluted EPS $1.25 2% 57%

20 Period-End Balance Sheet Growth ($ in millions) 4Q24 % Change QoQ % Change YoY Loans $42,609 (1)% (2)% Deposits $51,095 2% 1% Core Deposits(1) $46,220 3% 3% Non-Interest Bearing Deposits $11,596 (1)% (7)% Note: Our recent guidance at an investor conference, as filed with the SEC on December 10, 2024, included an expected $7MM in 4Q24 tax expense related to a discrete state tax matter that was not resolved as of 12/31/2024. (1) Excludes brokered; (2) Annualized; (3) Non-GAAP financial measure; see appendix for applicable reconciliation; (4) TE - Taxable equivalent;; (5) 4Q24 capital ratios are preliminary Fourth Quarter 2024 Financial Highlights Profitability Metrics 4Q24 3Q24 4Q23 ROAA(2) 1.25% 1.21% 0.47% Adjusted ROAA(2)(3) 1.25% 1.26% 0.84% ROCE(2) 14.75% 14.38% 5.88% ROTCE(2)(3) 16.72% 16.38% 7.02% Adjusted ROTCE(2)(3) 16.67% 17.09% 13.28% Net Interest Margin(2) 3.28% 3.22% 3.11% Efficiency Ratio - TE(4) 53.15% 55.41% 72.03% Adjusted Efficiency Ratio(3) 52.69% 52.97% 61.97% Credit & Capital Metrics 4Q24 3Q24 4Q23 NCOs/Average Loans(2) 0.26% 0.25% 0.38% NPLs/Loans 0.73% 0.73% 0.66% Allowance for Credit Losses % 1.27% 1.24% 1.24% CET1 Ratio(5) 10.84% 10.64% 10.22%

21 Loan Trends $43,597 $43,378 $43,364 $42,908 $42,537 $22,744 $22,665 $22,729 $22,470 $22,257 $12,363 $12,278 $12,278 $12,140 $12,021 $8,491 $8,434 $8,358 $8,298 $8,259 C&I CRE Consumer 4Q23 1Q24 2Q24 3Q24 4Q24 $43,404 $43,310 $43,093 $43,121 $42,609 $22,598 $22,731 $22,537 $22,664 $22,331 $12,317 $12,194 $12,215 $12,177 $12,015 $8,489 $8,385 $8,341 $8,279 $8,263 C&I CRE Consumer 4Q23 1Q24 2Q24 3Q24 4Q24 Period End Loans ($ in millions) Average Loans ($ in millions) Amounts may not total due to rounding

22 $50,739 $50,580 $50,196 $50,194 $51,095 $12,508 $12,042 $11,656 $11,562 $11,596 $10,681 $10,644 $10,781 $10,960 $11,517 $12,902 $12,925 $12,854 $13,112 $14,056 $1,071 $1,055 $1,021 $995 $982 $7,534 $8,195 $8,482 $8,460 $8,068 $6,043 $5,719 $5,402 $5,105 $4,875 NIB DDA NOW MMA Savings Time Brokered 4Q23 1Q24 2Q24 3Q24 4Q24 Deposit Trends Period End Deposits ($ in millions) Average Deposits ($ in millions) $50,587 $50,186 $50,408 $50,481 $51,101 $12,744 $12,072 $12,099 $11,666 $11,784 $10,422 $10,590 $10,789 $10,835 $11,298 $13,054 $12,826 $12,617 $13,059 $13,768 $1,099 $1,057 $1,036 $1,008 $987 $7,198 $7,903 $8,383 $8,438 $8,252 $6,069 $5,737 $5,483 $5,476 $5,013 NIB DDA NOW MMA Savings Time Brokered 4Q23 1Q24 2Q24 3Q24 4Q24 Amounts may not total due to rounding

23 ACL/Loans: Economic Scenario Assumptions and Weightings 1.24% 1.27% $539 $535 $2 $2 $— $— 3Q24 Net Growth Performance Economic Uncertainty and Other Qualitatives Other Factors 4Q24(1) (1) Other factors include the addition to the ACL associated with the cessation of a third-party lending relationships and decline in that portfolio in 2023 as well as the impact of dispositions, etc.; (2) Downside scenarios carry a total weighting of 35%, and correspond to Moody's November 2024 "S5" Slow Growth scenario and "S3" Downside 10th Percentile scenario; (3) Upside refers to Moody's November 2024 "S1" Upside 10th Percentile scenario; (4) Corresponds to Moody's November scenarios 4th Quarter Change from 2025(4) 2026(4) Scenario Model Weighting Previous Quarter GDP Unemployment GDP Unemployment Consensus Baseline 55% +5% 2.0% 4.4% 2.0% 4.2% Slow Growth(2) 25% (5)% 1.5% 4.8% 1.3% 5.0% Downside(2) 10% NC (1.0)% 7.3% 0.5% 7.9% Upside(3) 10% NC 3.2% 3.3% 2.7% 3.2% Weighted Average 1.7% 4.7% 1.7% 4.7% Allowance for Credit Losses ($ in millions)

24 Risk Distribution ($ in millions) Composition Change Risk Category 4Q24 3Q24 4Q24 vs. 3Q24 Passing Grades $40,929 $41,427 $(499) Special Mention 755 732 23 Substandard Accruing 616 648 (32) Non-Performing Loans 309 313 (4) Total Loans $42,609 $43,121 $(512) Amounts may not total due to rounding. $1,032 $914 $929 $942 $1,086 $1,333 $1,484 $1,527 $1,634 $1,590 $1,693 $1,680 2.6% 2.2% 2.2% 2.2% 2.5% 3.0% 3.4% 3.5% 3.8% 3.7% 3.9% 3.9% Criticized and Classified Loans % of Total Loans 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Portfolio Risk DistributionCriticized & Classified Loans

25 • 93% are income-producing properties • Diversity among property types and geographies • Industry Focused C&I(2) is well-diversified among multiple lines of business • C&I industry mix aligned with economic and demographic drivers • SNCs total $5.0 billion, ~$574 million of which is agented by SNV • Weighted average credit score of 797 and 785 for Home Equity and Mortgage, respectively • Weighted average LTV of 72.5% and 69.2% for Home Equity and Mortgage, respectively(1) Consumer Portfolio $8.3 billion CRE Portfolio $12.0 billion C&I Portfolio $22.3 billion 4Q24 Portfolio Characteristics C&I CRE Consumer NPL Ratio 0.70% 0.65% 0.90% QTD Net Charge-off Ratio (annualized) 0.38% 0.00% 0.32% 30+ Days Past Due Ratio 0.30% 0.04% 0.45% 90+ Days Past Due Ratio 0.21% 0.00% 0.02% Amounts may not total due to rounding; (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the sum of the 12/31/2024 commitment amount and any existing senior lien; (2) Industry Focused C&I is primarily comprised of our senior housing portfolio, national accounts, structured lending (primarily lender finance) and insurance premium finance Loan Portfolio by Category 26% 22% 4% 10% 6% 4% 4% 3% 1% 17% 3% Market Based C&I Industry Focused C&I Other C&I Multi-Family Other CRE Hotel Office Retail Residential C&D & Land Consumer Real Estate Consumer Non-Real Estate Highly Diverse Loan Mix

26 Credit Indicator 4Q24 NPL Ratio 0.70% Net Charge-off Ratio (annualized) 0.38% 30+ Days Past Due Ratio 0.30% 90+ Days Past Due Ratio 0.21% • Wholesale Bank (includes, Market Based and Industry Focused Lines) represents 69% of C&I balances • Finance/Insurance predominantly represented by secured lender finance portfolio ◦ 0.00% NPL Ratio ◦ 0.00% Net Charge-Off Ratio (annualized) ◦ 0.19% 30+ Day Past Due Ratio Diverse Industry Exposure 4Q24 Total C&I Portfolio $22.3 billion Amounts may not total due to rounding; (1) These segments are not two-digit NAICS industry divisions; Senior Housing is a subset of NAICS 62 Health Care and Social Assistance, and R/E other and R/E leasing together comprise NAICS 53 Real Estate, Rental, and Leasing C&I Loan Portfolio 20.4% 13.2% 7.1% 6.6% 5.8% 5.4% 5.2% 4.7% 4.4% 4.0% 3.9% 3.8% 3.8% 3.4% 2.4% 2.0% 2.1% 1.0% 0.9% Finance/Insurance Senior Housing Accom. & Food Svcs. Health Care R/E Other Manufacturing Wholesale Trade Retail Trade Construction Other Services Prof., Scientific, Tech. Svcs. Transport/Warehousing R/E Leasing All Other Arts, Entertainment, & Rec. Public Administration Educational Svcs. Ag, Forestry, Fishing Admin., Support, Waste Mgmt. (1) (1) (1)

27 Commercial Real Estate Loan Portfolio Composition of 4Q24 CRE Portfolio Total Portfolio $12.0 billion Investment Properties Land, Development and Residential Properties Portfolio Characteristics (as of December 31, 2024) Office Building Multi-family Shopping Centers Hotels Other Investment Properties Warehouse Residential Properties(1) Development & Land Balance (in millions) $1,743 $4,186 $1,273 $1,769 $1,363 $846 $546 $287 Weighted Average LTV(2)(3) 54.2% 52.2% 53.0% 54.7% 51.8% 51.7% N/A N/A NPL Ratio 4.15% 0.00% 0.04% 0.00% 0.06% 0.02% 0.44% 0.48% Net Charge-off Ratio (annualized) (0.07)% 0.00% 0.00% 0.00% 0.10% 0.00% (0.01)% (0.01)% 30+ Days Past Due Ratio 0.01% 0.01% 0.00% 0.00% 0.10% 0.00% 0.30% 0.46% 90+ Days Past Due Ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% Investment Properties portfolio represent 93% of total CRE portfolio ◦ The portfolio is well diversified among property types CRE Credit Quality ◦ 0.65% NPL Ratio ◦ 0.00% Net Charge-Off Ratio (annualized) ◦ 0.04% 30+ Day Past Due Ratio ◦ 0.00% 90+ Day Past Due Ratio Amounts may not total due to rounding; (1) Includes 1-4 Family Construction and 1-4 Family Perm/Mini-Perm (primarily rental homes); (2) LTV calculated by dividing most recent appraisal (typically at origination) on non-construction component of portfolio by the 12/31/24 commitment amount and any senior lien. (3) Methodology for calculated LTV differs from LTV’s noted on other CRE slides 34.8% 14.7% 14.5% 11.3% 10.6% 7.0% 2.8% 2.4% 1.8% Multi-Family Hotels Office Building Other Investment Properties Shopping Center Warehouses 1-4 Family Perm/Mini-Perm Land Acquisition & Dev. 1-4 Family Construction

28 Credit Indicator 4Q24 NPL Ratio 0.90% Net Charge-off Ratio (annualized) 0.32% 30+ Days Past Due Ratio 0.45% 90+ Days Past Due Ratio 0.02% 4Q24 Total Consumer Portfolio $8.3 billion Credit Indicator Home Equity Mortgage Weighted Average Credit Score of 4Q24 Originations 792 774 Weighted Average Credit Score of Total Portfolio 797 785 Weighted Average LTV(1) 72.5% 69.2% Weighted Average DTI(2) 33.6% 36.7% Utilization Rate 38.6% N/A Amounts may not total due to rounding; (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the sum of the 12/31/2024 commitment amount and any existing senior lien; (2) Weighted Average DTI of 4Q24 originations Consumer Credit Quality Consumer Loan Portfolio • 86% of Consumer portfolio is backed by residential real estate • Other Consumer includes secured and unsecured products • Average consumer card utilization rate is 23% • Third-party HFI portfolio $606 million 64.0% 22.2% 7.3% 4.2% 2.2% Consumer Mortgage Home Equity Third-Party HFI Other Consumer Credit Card

29 $3,350 $3,350 $3,350 $2,850 $2,600 $2,350 $2,350 $2,100 $1,600 $250 $500 $500 $500 $750 $750 $1,000 $1,000 2.68% 2.78% 2.98% 3.16% 3.38% 3.62% 3.62% 3.64% 3.60% Effective Forward Starting Effective Rate 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 62% 62% 62% 63% 63% 38% 38% 38% 37% 37% 6.45% 6.49% 6.59% 6.59% 6.41% Floating Rate Fixed rate Yield 4Q23 1Q24 2Q24 3Q24 4Q24 Note: Amounts may not total due to rounding; (1) Represents projected notional outstanding for effective cash-flow loan hedges, along with the estimated effective fixed-rate for the respective period; (2) NII sensitivity estimates reflect a dynamic balance sheet Derivative Hedge Portfolio(1)Loan Portfolio Rate Mix and Yield Earning Assets Composition ($ in millions) 12-Month Net Interest Income Sensitivity(2) Parallel Shock % NII Impact +100bps 2.0% -100bps (2.0)%

30 $1.0 $0.8 $0.7 $0.9 $0.8 $0.7 Securities AOCI Swap AOCI 4Q24 4Q25E 4Q26E Securities Portfolio $11,091 $11,153 $10,240 $10,449 $10,661 $2,668 $2,623 $2,582 2.33% 2.58% 3.04% 3.36% 3.43% AFS HTM Yield 4Q23 1Q24 2Q24 3Q24 4Q24 Total Securities Portfolio(1) AFS Securities & Cash Flow Hedges: Est. Unrealized Loss in AOCI (After-Tax)(2) ($ in millions) Note: Amounts may not total due to rounding; (1) Amortized cost; (2) AOCI unrealized loss projections are based on the forward interest rate curve as of 12/31/24 and incorporate various assumptions, including those related to prepayments and tax rates. ($ in billions)

31 Repricing Term Rate Structure 3 mos or less 3-12 mos 1-3 Years 3-5 Years 5-15 Years Over 15 Years Total Variable Rate Fixed Rate Non-real estate $ 11,686 $ 485 $ 502 $ 764 $ 627 $ 223 $ 14,287 $ 11,752 $ 2,535 Owner occupied 1,055 190 648 713 1,152 5 3,763 1,058 2,705 Commercial & Industrial 12,741 675 1,150 1,477 1,779 228 18,050 12,810 5,240 Construction, A&D 2,098 91 145 137 98 0 2,569 2,044 525 Income producing 9,881 487 1,435 956 439 9 13,207 9,860 3,347 Commercial Real Estate 11,979 578 1,580 1,093 537 9 15,776 11,904 3,872 Residential mortgages 1,530 147 253 343 829 4,389 7,491 1,487 6,004 Other consumer 476 33 182 180 348 73 1,292 473 819 Total $ 26,726 $ 1,433 $ 3,165 $ 3,093 $ 3,493 $ 4,699 $ 42,609 26,674 15,935 % of Total 63 % 3 % 7 % 7 % 8 % 11 % Loans - Repricing and Maturity ($ in thousands) Amounts are preliminary and may not total due to rounding. Note: Loan category totals are based on Fed call codes related to regulatory reporting Call Report instructions for Synovus Bank.

32 ($ in millions;rates annualized) December 2024 4Q24 3Q24 Avg. Rate Avg. Balance Avg. Rate Avg. Balance Avg. Rate Non-interest-bearing N/A $11,784 N/A $11,666 N/A Interest-bearing non-maturity (NMD) 2.51% $26,053 2.62% $24,901 2.82% Time 4.01% $8,252 4.12% $8,438 4.39% Brokered 4.75% $5,013 4.91% $5,476 5.49% Total interest-bearing 3.10% $39,318 3.20% $38,815 3.54% Total deposits 2.39% $51,101 2.46% $50,481 2.72% Total Average Deposit Costs

33 4Q24 3Q24 2Q24 1Q24 4Q23 Diluted EPS $1.25 $1.18 $(0.16) $0.78 $0.41 Net interest margin(1) 3.28% 3.22% 3.20% 3.04% 3.11% Efficiency ratio-TE 53.15 55.41 98.15 59.87 72.03 Adjusted tangible efficiency ratio(2) 52.69 52.97 53.05 58.88 61.97 ROAA(1) 1.25 1.21 (0.10) 0.85 0.47 Adjusted ROAA(1)(2) 1.25 1.26 1.21 0.85 0.84 ROCE(1) 14.75 14.38 (2.14) 10.17 5.88 ROTCE(1)(2) 16.72 16.38 (2.20) 11.71 7.02 Adjusted ROTCE(1)(2) 16.67 17.09 17.57 11.83 13.28 Total loans (1)% —% —% —% (1)% Total deposits 2% —% (1)% —% 1% NPA ratio 0.73% 0.73% 0.60% 0.86% 0.66% NCO ratio(1) 0.26 0.25 0.32 0.41 0.38 Common shares outstanding(3) 141,166 141,997 144,150 146,418 146,705 Common Equity Tier 1 capital ratio 10.84% 10.64% 10.60% 10.38% 10.22% Tier 1 ratio 11.96% 11.76% 11.72% 11.45% 11.28% Leverage ratio 9.55% 9.55% 9.44% 9.62% 9.49% Tangible common equity ratio(2) 7.02 7.28 6.76 6.67 6.84 Financial Performance (1) Annualized; (2) Non-GAAP financial measure; see applicable reconciliation; (3) In thousands; (4) Preliminary (4) Balance Sheet QoQ Growth Credit Quality Capital Quarterly Highlights Trend (4) (4)

34 ($ in thousands) 4Q24 3Q24 4Q23 2024 2023 Net income available to common shareholders $178,848 $169,628 $60,645 $439,557 $507,755 Restructuring charges (reversals) 37 1,219 1,231 2,121 17,707 Valuation adjustment on Globalt earnout (719) — — (719) — Valuation adjustment to Visa derivative — 8,700 — 8,700 3,927 (Gain) loss on early extinguishment of debt — — (4,497) — (5,400) (Gain) on sale of GLOBALT — — — — (1,929) Recovery of NPA — — — — (13,126) Loss on other loans held for sale — — — — 50,064 Investment securities (gains) losses, net — — 77,748 256,660 76,718 Tax effect of adjustments(1) 165 (2,427) (18,226) (64,423) (31,312) Adjusted net income available to common shareholders $178,331 $177,120 $116,901 $641,896 $604,404 Weighted average common shares outstanding, diluted 142,694 143,979 146,877 144,998 146,734 Net income per common share, diluted $1.25 $1.18 $0.41 $3.03 $3.46 Adjusted net income per common share, diluted $1.25 $1.23 $0.80 $4.43 $4.12 Amounts may not total due to rounding; (1) Assumed marginal tax rate of 24.2% for 4Q24 and 2024 and 24.5% for 3Q24, 4Q23, and 2023. Non-GAAP Financial Measures

35 ($ in thousands) 4Q24 3Q24 4Q23 2024 2023 Net interest income $454,993 $440,740 $437,214 $1,749,577 $1,816,655 Total non-interest revenue 125,587 123,980 51,468 239,604 404,010 Total non-interest expense (309,311) (313,690) (352,858) (1,247,543) (1,335,424) Pre-provision net revenue (PPNR) $271,269 $251,030 $135,824 $741,638 $885,241 Net interest income $454,993 $440,740 $437,214 $1,749,577 $1,816,655 Taxable equivalent adjustment 1,430 1,393 1,216 5,485 4,621 TE net interest income 456,423 442,133 438,430 1,755,062 1,821,276 Total non-interest revenue 125,587 123,980 51,468 239,604 404,010 Total TE revenue 582,010 566,113 489,898 1,994,666 2,225,286 Valuation adjustment on Globalt earnout (719) — — (719) — (Gain) on sale of GLOBALT — — — — (1,929) Recovery of NPA — — — — (13,126) Investment securities (gains) losses, net — — 77,748 256,660 76,718 Fair value adjustment on non-qualified deferred compensation (237) (2,062) (3,053) (5,159) (4,987) Adjusted total revenue (TE) $581,054 $564,051 $564,593 $2,245,448 $2,281,962 Total non-interest expense $309,311 $313,690 $352,858 $1,247,543 $1,335,424 Loss on other loans held for sale — — — — (50,064) Restructuring (charges) reversals (37) (1,219) (1,231) (2,121) (17,707) Gain (loss) on early extinguishment of debt — — 4,497 — 5,400 Valuation adjustment to Visa derivative — (8,700) — (8,700) (3,927) Fair value adjustment on non-qualified deferred compensation (237) (2,062) (3,053) (5,159) (4,987) Adjusted non-interest expense $309,037 $301,709 $353,071 $1,231,563 $1,264,139 Adjusted revenue (TE) $581,054 $564,051 $564,593 $2,245,448 $2,281,962 Adjusted non-interest expense (309,037) (301,709) (353,071) (1,231,563) (1,264,139) Adjusted PPNR $272,017 $262,342 $211,522 $1,013,885 $1,017,823 Amounts may not total due to rounding. Non-GAAP Financial Measures, Continued

36 ($ in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 Net income (loss) $189,377 $180,684 $(14,680) $124,070 $69,573 Restructuring charges (reversals) 37 1,219 (658) 1,524 1,231 Valuation adjustment on Globalt earnout (719) — — — — Valuation adjustment to Visa derivative — 8,700 — — — (Gain) loss on early extinguishment of debt — — — — (4,497) Investment securities (gains) losses, net — — 256,660 — 77,748 Tax effect of adjustments(1) 165 (2,427) (62,644) (373) (18,226) Adjusted net income $188,860 $188,176 $178,678 $125,221 $125,829 Net income annualized $753,391 $718,808 $(59,043) $499,007 $276,023 Adjusted net income annualized $751,334 $748,613 $718,639 $503,636 $499,213 Total average assets $60,174,616 $59,183,624 $59,246,849 $59,022,231 $59,164,065 Return on average assets (annualized) 1.25% 1.21% (0.10)% 0.85% 0.47% Adjusted return on average assets (annualized) 1.25% 1.26% 1.21% 0.85% 0.84% Amounts may not total due to rounding; (1) Assumed marginal tax rate of 24.2% for 4Q24 and 24.5% for 3Q24, 2Q24, 1Q24, and 4Q23. Non-GAAP Financial Measures, Continued

37 ($ in thousands) 2024 2023 Net income $479,451 $542,141 Restructuring charges (reversals) 2,121 17,707 Valuation adjustment to Visa derivative 8,700 3,927 Valuation adjustment on Globalt earnout (719) — (Gain) loss on early extinguishment of debt — (5,400) (Gain) on sale of GLOBALT — (1,929) Recovery of NPA — (13,126) Loss on other loans held for sale — 50,064 Investment securities losses (gains), net 256,660 76,718 Tax effect of adjustments(1) (64,423) (31,312) Adjusted net income $681,790 $638,790 Total average assets $59,408,317 $59,921,868 Return on average assets 0.81% 0.90% Adjusted return on average assets 1.15% 1.07% Amounts may not total due to rounding; (1) Assumed marginal tax rate of 24.2% for 2024 and 24.5% for 2023. Non-GAAP Financial Measures, Continued

38 ($ in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 Net income (loss) available to common shareholders $178,848 $169,628 $(23,741) $114,822 $60,645 Restructuring charges (reversals) 37 1,219 (658) 1,524 1,231 Valuation adjustment on Globalt earnout (719) — — — — (Gain) on early extinguishment of debt — — — — (4,497) Valuation adjustment to Visa derivative — 8,700 — — — Investment securities losses (gains), net — — 256,660 — 77,748 Tax effect of adjustments(1) 165 (2,427) (62,644) (373) (18,226) Adjusted net income available to common shareholders $178,331 $177,120 $169,617 $115,973 $116,901 Adjusted net income available to common shareholders annualized $709,447 $704,630 $682,196 $466,441 $463,792 Amortization of intangibles, tax effected, annualized 8,715 8,735 8,831 8,831 9,493 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $718,162 $713,365 $691,027 $475,272 $473,285 Net income (loss) available to common shareholders annualized $711,504 $674,824 $(95,486) $461,812 $240,602 Amortization of intangibles, tax effected, annualized 8,715 8,735 8,831 8,831 9,493 Net income (loss) available to common shareholders excluding amortization of intangibles annualized $720,219 $683,559 $(86,655) $470,643 $250,095 Total average Synovus Financial Corp. shareholders' equity less preferred stock $4,824,003 $4,692,722 $4,455,198 $4,542,616 $4,090,163 Average goodwill (480,440) (480,440) (480,902) (480,440) (479,858) Average other intangible assets, net (35,869) (38,793) (41,547) (44,497) (47,502) Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock $4,307,694 $4,173,489 $3,932,749 $4,017,679 $3,562,803 Return on average common equity (annualized) 14.75% 14.38% (2.14)% 10.17% 5.88% Adjusted return on average common equity (annualized) 14.71% 15.02% 15.31% 10.27% 11.34% Return on average tangible common equity (annualized) 16.72% 16.38% (2.20)% 11.71% 7.02% Adjusted return on average tangible common equity (annualized) 16.67% 17.09% 17.57% 11.83% 13.28% Amounts may not total due to rounding; (1) Assumed marginal tax rate of 24.2% for 4Q24 and 24.5% for 3Q24, 2Q24,1Q24, and 4Q23. Non-GAAP Financial Measures, Continued

39 ($ in thousands) 2024 2023 Net income available to common shareholders $439,557 $507,755 Restructuring charges (reversals) 2,121 17,707 Valuation adjustment to Visa derivative 8,700 3,927 Valuation adjustment on Globalt earnout (719) — (Gain) on early extinguishment of debt — (5,400) (Gain) on sale of GLOBALT — (1,929) Recovery of NPA — (13,126) Loss on other loans held for sale — 50,064 Investment securities losses (gains), net 256,660 76,718 Tax effect of adjustments(1) (64,423) (31,312) Adjusted net income available to common shareholders $641,896 $604,404 Amortization of intangibles, tax effected $8,806 $7,921 Adjusted net income available to common shareholders excluding amortization of intangibles $650,702 $612,325 Net income available to common shareholders 439,557 507,755 Amortization of intangibles, tax effected $8,806 $7,921 Net income available to common shareholders excluding amortization of intangibles $448,363 $515,676 Total average Synovus Financial Corp. shareholders' equity less preferred stock $4,629,343 $4,173,417 Average goodwill (480,555) (471,084) Average other intangible assets, net (40,161) (48,812) Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock $4,108,627 $3,653,521 Return on average common equity 9.50% 12.17% Adjusted return on average common equity 13.87% 14.48% Return on average tangible common equity 10.91% 14.11% Adjusted return on average tangible common equity 15.84% 16.76% Amounts may not total due to rounding; (1) Assumed marginal tax rate of 24.2% for 2024 and 24.5% for 2023. Non-GAAP Financial Measures, Continued

40 ($ in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 2024 2023 Total non-interest revenue $125,587 $123,980 $(128,851) $118,888 $51,468 $239,604 $404,010 (Gain) on sale of GLOBALT — — — — — — (1,929) Valuation adjustment on Globalt earnout (719) — — — — (719) — Investment securities gains, net — — 256,660 — 77,748 256,660 76,718 Recovery of NPA — — — — — — (13,126) Fair value adjustment on non-qualified deferred compensation (237) (2,062) (561) (2,299) (3,053) (5,159) (4,987) Adjusted non-interest revenue $124,631 $121,918 $127,248 $116,589 $126,163 $490,386 $460,686 Non-GAAP Financial Measures, Continued Amounts may not total due to rounding

41 ($ in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 Total non-interest expense $309,311 $313,690 $301,801 $322,741 $352,858 Loss on other loans held for sale — — — — — Restructuring (charges) reversals (37) (1,219) 658 (1,524) (1,231) Valuation adjustment to Visa derivative — (8,700) — — — Gain (loss) on early extinguishment of debt — — — — 4,497 Fair value adjustment on non-qualified deferred compensation (237) (2,062) (561) (2,299) (3,053) Adjusted non-interest expense $309,037 $301,709 $301,898 $318,918 $353,071 Adjusted non-interest expense $309,037 $301,709 $301,898 $318,918 $353,071 Amortization of intangibles (2,888) (2,907) (2,907) (2,907) (3,168) Adjusted tangible non-interest expense $306,149 298,802 298,991 316,011 349,903 Net interest income $454,993 $440,740 $434,998 $418,846 $437,214 Taxable equivalent (TE) adjustment 1,430 1,393 1,351 1,310 1,216 Total non-interest revenue 125,587 123,980 (128,851) 118,888 51,468 Total TE revenue $582,010 $566,113 $307,498 $539,044 $489,898 Recovery of NPA — — — — — Investment securities (gains) losses, net — — 256,660 — 77,748 (Gain) on sale of GLOBALT — — — — — Valuation adjustment on Globalt earnout (719) — — — — Fair value adjustment on non-qualified deferred compensation (237) (2,062) (561) (2,299) (3,053) Adjusted total revenue (TE) $581,054 $564,051 $563,597 $536,745 $564,593 Efficiency ratio-(TE) 53.15% 55.41% 98.15% 59.87% 72.03% Adjusted tangible efficiency ratio 52.69% 52.97% 53.05% 58.88% 61.97% Non-GAAP Financial Measures, Continued Amounts may not total due to rounding

42 ($ in thousands) 2024 2023 Total non-interest revenue $239,604 $404,010 Valuation adjustment on Globalt earnout (719) — (Gain) on sale of GLOBALT — (1,929) Recovery of NPA — (13,126) Investment securities losses (gains), net 256,660 76,718 Fair value adjustment on non-qualified deferred compensation (5,159) (4,987) Adjusted non-interest revenue $490,386 $460,686 Total non-interest expense $1,247,543 $1,335,424 Restructuring (charges) reversals (2,121) (17,707) Valuation adjustment to Visa derivative (8,700) (3,927) Gain (loss) on early extinguishment of debt — 5,400 Fair value adjustment on non-qualified deferred compensation (5,159) (4,987) Loss on other loans held for sale — (50,064) Adjusted non-interest expense $1,231,563 $1,264,139 Adjusted non-interest expense $1,231,563 $1,264,139 Amortization of intangibles (11,609) (10,487) Adjusted tangible non-interest expense $1,219,954 $1,253,652 Net interest income 1,749,577 1,816,655 Tax equivalent adjustment 5,485 4,621 Total non-interest revenue 239,604 404,010 Total TE revenue $1,994,666 $2,225,286 Valuation adjustment on Globalt earnout (719) — (Gain) on sale of GLOBALT — (1,929) Recovery of NPA — (13,126) Investment securities losses (gains), net 256,660 76,718 Fair value adjustment on non-qualified deferred compensation (5,159) (4,987) Adjusted total revenue (TE) $2,245,448 $2,281,962 Efficiency ratio-(TE) 62.54% 60.01% Adjusted tangible efficiency ratio 54.33% 54.94% Amounts may not total due to rounding. Non-GAAP Financial Measures, Continued

43 ($ in thousands) 4Q24 3Q24 2Q24 1Q24 4Q23 Total assets $60,233,644 $59,589,628 $59,606,343 $59,835,120 $59,809,534 Goodwill (480,440) (480,440) (480,440) (480,440) (480,440) Other intangible assets, net (34,318) (37,207) (40,114) (43,021) (45,928) Tangible assets $59,718,886 $59,071,981 $59,085,789 $59,311,659 $59,283,166 Total Synovus Financial Corp. shareholders’ equity $5,244,557 $5,355,976 $5,053,606 $5,017,918 $5,119,993 Goodwill (480,440) (480,440) (480,440) (480,440) (480,440) Other intangible assets, net (34,318) (37,207) (40,114) (43,021) (45,928) Preferred Stock, no par value (537,145) (537,145) (537,145) (537,145) (537,145) Tangible common equity $4,192,654 $4,301,184 $3,995,907 $3,957,312 $4,056,480 Total Synovus Financial Corp. shareholders’ equity to total assets ratio 8.71% 8.99% 8.48% 8.39% 8.56% Tangible common equity ratio 7.02% 7.28% 6.76% 6.67% 6.84% Amounts may not total due to rounding. Non-GAAP Financial Measures, Continued