Exhibit 99.1

Media Contact						Investor Contact
Audria Belton						Jennifer Demba
Media Relations						Investor Relations
media@synovus.com						investorrelations@synovus.com

Adjusted diluted earnings per share of $1.16 vs. $1.17 in 2Q22

COLUMBUS, Ga., July 19, 2023 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2023. “Our second quarter financial performance reflects the strength and resiliency of our team, with pre-provision net revenue growing 8% year over year and adjusted return on tangible common equity at 18%,” said Synovus Chairman, CEO and President Kevin Blair. “Strong deposit production, increased capital levels and stability in credit metrics, as we saw during the second quarter, all serve as mitigants to the risks of an environment with heightened levels of volatility and uncertainty. And as we position the company for sustainable, long-term growth, we’re proactively optimizing the balance sheet, we’ve adjusted revenue expectations in response to slower economic growth trends and deposit remixing, and we’ve significantly reduced expense growth. Even as we execute amid lingering challenging market conditions, we remain fully dedicated to providing reliable and innovative financial solutions to our clients. Their trust and confidence in our institution have been paramount to our growth and sustained performance.”

•Total revenue of $567.8 million increased $45.2 million, or 9%, compared to the second quarter 2022, driven by net interest income growth of 7%, in addition to growth in core client fee income, excluding mortgage, of 7% year-over-year.

•Pre-provision net revenue of $260.6 million increased $20.0 million, or 8%, compared to the second quarter 2022.

•Period-end loans increased $308.6 million sequentially, primarily driven by fundings of existing CRE commitments and growth in consumer loans, somewhat offset by lower utilization from C&I commitments.

•Total deposits increased $126.5 million sequentially and included remixing due to the rate environment.

•Credit quality metrics at solid levels with a net charge-off ratio of 0.24%, a modest increase in the ACL ratio to 1.19%, and broader stable performance across the loan portfolio, asset types, and industries.

•Preliminary CET1 ratio of 9.85% increased 8 bps sequentially as capital generation continued to support client loan growth while also buffering capital levels given economic uncertainty.

(1) Taxable equivalent

(2) Adjusted tangible efficiency ratio

•Total loans ended the quarter at $44.35 billion, up $308.6 million sequentially.

•Commercial and industrial (C&I) loans decreased $68.9 million sequentially, primarily driven by lower utilization from existing commitments and a strategic decline in syndicated loans.

•CRE loans increased $297.1 million sequentially, mostly due to draws on existing multi-family commitments and continued low levels of pay-offs.

•Consumer loans increased $80.4 million sequentially, largely a result of growth in portfolio mortgages somewhat offset by continued third-party decline from runoff.

•Total deposits ended the quarter at $50.08 billion, up $126.5 million sequentially

◦ Money market deposits were primarily impacted by the continued shifting to time deposits.

◦Non-interest-bearing DDAs were impacted by pressures from seasonal cash deployment of excess funds and continued pressures from the higher rate environment.

•Total deposit costs increased 51 bps sequentially to 1.95% and were impacted by the anticipated pricing lags on core interest-bearing deposits (excludes brokered deposits) as well as the decline in non-interest-bearing DDAs.

**    Amounts may not total due to rounding

•Net interest income of $455.5 million was down $25.2 million sequentially, or 5%, and increased $30.1 million, or 7%, compared to the second quarter 2022.

◦The quarter-over-quarter decline was largely driven by increases in deposit costs and negative re-mixing in non-interest-bearing DDA deposits partially offset by higher asset yields and earning asset growth.

▪Net interest margin was 3.20%, down 23 bps sequentially, impacted by the same factors mentioned above.

◦The year-over-year increase resulted primarily from loan growth and interest rate increases somewhat offset by higher deposit costs and negative remixing from non-interest DDA deposits.

•Non-interest revenue decreased $20.9 million, or 16%, sequentially and increased $15.0 million, or 15%, compared to the second quarter 2022. Adjusted non-interest revenue decreased $6.9 million, or 6%, sequentially and increased $10.2 million, or 10%, compared to the second quarter 2022.

◦The quarter-over-quarter decrease was impacted by the prior quarter's $13.1 million one-time benefit from the recovery of a non-performing asset related to the regulatory approval of our Qualpay investment and strong growth in capital markets income in the first quarter 2023, which normalized this quarter.

◦The year-over-year increase primarily related to higher wealth revenue from diverse sources including fees from short-term liquidity management products and a $7 million write-down in the second quarter 2022 on a minority tech investment.

•Non-interest expense decreased $14.7 million, or 5%, sequentially and increased $25.1 million, or 9%, compared to the second quarter 2022. Adjusted non-interest expense decreased $3.8 million, or 1%, sequentially and increased $17.0 million, or 6%, compared to the second quarter 2022.

◦The quarter-over-quarter decrease was largely due to the previous quarter's $16.8 million loss associated with the move of third-party consumer loans to held for sale in addition to seasonally elevated personnel expense in the first quarter 2023.

◦The year-over-year increase primarily resulted from new business initiatives and infrastructure investments as well as investments in our workforce and higher FDIC insurance and healthcare costs.

•Overall credit performance and the credit quality of our recent originations was solid. The non-performing loan and asset ratios both moved to 0.59%; the net charge-off ratio for the quarter was 0.24%, and total past dues were 0.19% of total loans outstanding.

•Provision for credit losses of $38.9 million increased $6.7 million sequentially and increased $26.2 million compared to the second quarter 2022.

◦Drivers of the quarter-over-quarter increase included higher net charge-offs and a modest increase of 2 bps in the allowance for credit losses coverage ratio (to loans).

◦Drivers of the year-over-year increase largely included an 8 bps increase in the allowance for credit losses coverage ratio (to loans), which resulted from deterioration in forecasted economic scenarios mostly offset by continued solid loan portfolio performance, and higher net charge-offs.

* Ratios are preliminary.

•Preliminary CET1 ratio improved 8 bps during the quarter to 9.85%, and the preliminary total risk-based capital ratio of 12.79% increased 7 bps from the previous quarter as core earnings continued to support capital generation.

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on July 20, 2023. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $61 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has 246 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn and Instagram.

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

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022, 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.

The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; 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 total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; 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 non-interest revenue and adjusted revenue are measures used by management to evaluate non-interest revenue and total revenue revenue exclusive of net investment securities gains (losses), fair value adjustment on non-qualified deferred compensation, and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)			2Q23						1Q23						2Q22
Adjusted revenue and tangible efficiency ratio
Adjusted non-interest expense			$	300,683					$	304,464					$	283,641
Amortization of intangibles			(2,420)						(1,857)						(2,118)
Adjusted tangible non-interest expense			$	298,263					$	302,607					$	281,523
Net interest income			$	455,531					$	480,751					$	425,388
Total non-interest revenue			112,276						133,126						97,266
Total revenue			$	567,807					$	613,877					$	522,654
Tax equivalent adjustment			1,138						1,119						960
Total TE revenue			568,945						614,996						523,614
Recovery of NPA			—						(13,126)						—
Investment securities losses (gains), net			—						(1,030)						—
Fair value adjustment on non-qualified deferred compensation			(1,598)						(1,371)						3,240
Adjusted revenue			$	567,347					$	599,469					$	526,854
Efficiency ratio-TE			53.99		%				52.33		%				53.87		%
Adjusted tangible efficiency ratio			52.57						50.48						53.43

Adjusted return on average assets
Net income			$	173,944					$	202,159					$	178,052
Recovery of NPA			—						(13,126)						—
Loss (gain) on other loans held for sale			2,360						16,750						—
(Gain) loss on early extinguishment of debt			(377)						—						—
Restructuring charges (reversals)			(110)						(733)						(1,850)
Valuation adjustment to Visa derivative			3,027						—						3,500
Investment securities losses (gains), net			—						(1,030)						—
Tax effect of adjustments(1)			(1,193)						(453)						(393)
Adjusted net income			$	177,651					$	203,567					$	179,309
Net income annualized			$	697,687					$	819,867					$	714,165
Adjusted net income annualized			$	712,556					$	825,577					$	719,206
Total average assets			$	60,515,077					$	60,133,561					$	56,536,940
Return on average assets			1.15		%				1.36		%				1.26		%
Adjusted return on average assets			1.18						1.37						1.27
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders			$	165,819					$	193,868					$	169,761
Recovery of NPA			—						(13,126)						—
Loss (gain) on other loans held for sale			2,360						16,750						—
(Gain) loss on early extinguishment of debt			(377)						—						—
Restructuring charges (reversals)			(110)						(733)						(1,850)
Valuation adjustment to Visa derivative			3,027						—						3,500
Investment securities losses (gains), net			—						(1,030)						—
Tax effect of adjustments(1)			(1,193)						(453)						(393)
Adjusted net income available to common shareholders			$	169,526					$	195,276					$	171,018
Weighted average common shares outstanding, diluted			146,550						146,727						146,315
Diluted earnings per share			$	1.13					$	1.32					$	1.16
Adjusted diluted earnings per share			1.16						1.33						1.17

(1)Average loans are shown net of deferred fees and costs. NPLs are included.

(2)Interest income includes net loan fees as follows: Second Quarter 2023 — $11.3 million, First Quarter 2023 — $11.5 million, and Second Quarter 2022 — $13.0 million.

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

(4)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 $(1.46) billion, $(1.52) billion, and $(923.1) million for the Second Quarter 2023, First Quarter 2023, and Second Quarter 2022, respectively.

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

(1)Average loans are shown net of deferred fees and costs. NPLs are included.

(2)Interest income includes net loan fees as follows: 2023 — $22.8 million and 2022 — $33.7 million.

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

(4)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 $(1.49) billion and $(587.1) million for the six months ended June 30, 2023 and 2022, respectively.

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

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)						Total Loans						Total Loans						Linked Quarter						Total Loans						Year/Year
(Dollars in thousands)
Loan Type						June 30, 2023						March 31, 2023						% Change						June 30, 2022						% Change
Commercial, Financial, and Agricultural						$	14,166,890					$	14,201,398					—		%				$	13,018,089					9		%
Owner-Occupied						8,364,342						8,398,778						—						7,760,236						8
Total Commercial & Industrial						22,531,232						22,600,176						—						20,778,325						8
Multi-Family						3,597,497						3,374,129						7						2,547,706						41
Hotels						1,771,381						1,737,163						2						1,597,930						11
Office Buildings						3,031,806						3,071,236						(1)						2,680,399						13
Shopping Centers						1,329,492						1,332,078						—						1,458,902						(9)
Warehouses						1,068,734						1,020,921						5						811,738						32
Other Investment Property						1,471,356						1,441,303						2						1,311,373						12
Total Investment Properties						12,270,266						11,976,830						2						10,408,048						18
1-4 Family Construction						205,459						201,896						2						234,379						(12)
1-4 Family Investment Mortgage						410,267						394,754						4						407,476						1
Total 1-4 Family Properties						615,726						596,650						3						641,855						(4)
Commercial Development						60,910						63,004						(3)						109,764						(45)
Residential Development						98,229						106,872						(8)						156,816						(37)
Land Acquisition						248,767						253,399						(2)						186,934						33
Land and Development						407,906						423,275						(4)						453,514						(10)
Total Commercial Real Estate						13,293,898						12,996,755						2						11,503,417						16
Consumer Mortgages						5,379,284						5,246,640						3						5,124,523						5
Home Equity						1,773,987						1,757,250						1						1,579,218						12
Credit Cards						187,677						184,595						2						194,290						(3)
Other Consumer Loans						1,187,459						1,259,523						(6)						2,025,007						(41)
Total Consumer						8,528,407						8,448,008						1						8,923,038						(4)
Total						$	44,353,537					$	44,044,939					1		%				$	41,204,780					8		%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)						Total Non-performing Loans						Total Non-performing Loans						Linked Quarter						Total Non-performing Loans						Year/Year
(Dollars in thousands)
Loan Type						June 30, 2023						March 31, 2023						% Change						June 30, 2022						% Change
Commercial, Financial, and Agricultural						$	144,415					$	94,196					53		%				$	48,601					197		%
Owner-Occupied						22,197						25,591						(13)						11,398						95
Total Commercial & Industrial						166,612						119,787						39						59,999						178
Multi-Family						1,748						1,806						(3)						2,598						(33)
Office Buildings						28,024						190						nm						1,796						nm
Shopping Centers						699						727						(4)						750						(7)
Warehouses						218						222						(2)						924						(76)
Other Investment Property						664						668						(1)						1,302						(49)
Total Investment Properties						31,353						3,613						768						7,370						325
1-4 Family Construction						632						—						nm						55						nm
1-4 Family Investment Mortgage						3,525						3,515						—						3,063						15
Total 1-4 Family Properties						4,157						3,515						18						3,118						33
Commercial Development						—						—						nm						432						(100)
Residential Development						267						267						—						399						(33)
Land Acquisition						871						886						(2)						1,093						(20)
Land and Development						1,138						1,153						(1)						1,924						(41)
Total Commercial Real Estate						36,648						8,281						343						12,412						195
Consumer Mortgages						41,877						39,536						6						22,857						83
Home Equity						9,936						7,967						25						8,100						23
Other Consumer Loans						6,433						6,889						(7)						5,656						14
Total Consumer						58,246						54,392						7						36,613						59
Total						$	261,506					$	182,460					43		%				$	109,024					140		%