株探米国株
日本語 英語
エドガーで原本を確認する
0000018349false00000183492024-10-162024-10-160000018349us-gaap:CommonStockMember2024-10-162024-10-160000018349us-gaap:SeriesDPreferredStockMember2024-10-162024-10-160000018349us-gaap:SeriesEPreferredStockMember2024-10-162024-10-16

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

October 16, 2024
Date of Report
(Date of Earliest Event Reported)

Synovus Financial Corp.
(Exact Name of Registrant as Specified in its Charter)
Georgia 1-10312 58-1134883
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)

1111 Bay Avenue, Suite 500, Columbus, Georgia 31901
(Address of principal executive offices) (Zip Code)

(706) 641-6500
(Registrant’s telephone number, including area code)

________________________________________________
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $1.00 Par Value
SNV
New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
SNV-PrD
New York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
SNV-PrE
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition
On October 16, 2024, Synovus Financial Corp. (the "Company") issued a press release announcing the Company’s financial results for the three and nine month period ended September 30, 2024.
Pursuant to General Instruction F to Current Report on Form 8-K, the press release is attached to this Current Report as Exhibit 99.1 and only those portions of the press release related to the historical results of operations of the Company for the three and nine month period ended September 30, 2024 are incorporated into this Item 2.02 by reference. The information contained in this Item 2.02, including the information set forth in the press release filed as Exhibit 99.1 to, and incorporated in, this Current Report is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in Exhibit 99.1 furnished pursuant to this Item 2.02 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.
Item 7.01 Regulation FD Disclosure
On October 16, 2024, the Company made available the supplemental information (the "Supplemental Information") and slide presentation ("Slide Presentation") prepared for use with the press release. The investor call and webcast will be held at 8:30 a.m., ET, on October 17, 2024.
The information contained in this Item 7.01 of this Current Report, including the information set forth in the Supplemental Information and the Slide Presentation filed as Exhibit 99.2 and Exhibit 99.3 to, and incorporated in, this Current Report, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.2 and Exhibit 99.3 furnished pursuant to this Item 7.01 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1
99.2
99.3



Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Synovus has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SYNOVUS FINANCIAL CORP.
Date: October 16, 2024
By: /s/ Allan E. Kamensky
Name: Allan E. Kamensky
Title: Executive Vice President and General Counsel
         


EX-99.1 2 snv_09302024xex991xfilingx.htm EX-99.1 Document

Exhibit 99.1
synovusa04a.jpg
Media Contact
 Investor Contact
Audria Belton
 Jennifer H. Demba, CFA
Media Relations
 Investor Relations
media@synovus.com
investorrelations@synovus.com

Synovus announces earnings for third quarter 2024
Diluted earnings per share of $1.18 versus $0.60 in 3Q23
Adjusted diluted earnings per share of $1.23 versus $0.84 in 3Q23

COLUMBUS, Ga., Oct. 16, 2024 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended Sept. 30, 2024.

"Our third quarter earnings results demonstrate strong fundamental trends. We posted an adjusted return on average assets of 1.3% and adjusted return on tangible common equity of 17.1% while managing down our adjusted tangible efficiency ratio to 53%. As we move to a more favorable environment, I remain optimistic about our ability to accelerate growth given increased loan production and sustained strong core fee generation. Additionally, we have further de-risked our balance sheet this quarter, as evidenced by lower net charge-offs, a reduction in brokered deposits and a preliminary Common Equity Tier 1 ratio at its highest in nine years.

Our thoughts are with those affected by the recent hurricanes across our markets and the broader southeast. We’re committed to supporting recovery and rebuilding efforts. Together, we’ll overcome these challenges and build a brighter future,” said Synovus Chairman, CEO and President Kevin Blair.


Third Quarter 2024 Highlights

•Net income (loss) available to common shareholders was $169.6 million, or $1.18 per diluted share, compared to $(23.7) million or $(0.16) in second quarter 2024 and $87.4 million or $0.60 in third quarter 2023. Earnings were impacted by an $8.7 million valuation adjustment to Visa derivative.
•Adjusted net income available to common shareholders was $177.1 million, or $1.23 per diluted share, compared to $169.6 million or $1.16 in second quarter 2024 and $122.8 million or $0.84 in third quarter 2023.
•Pre-provision net revenue was $251.0 million, which was up sharply as a result of a $257 million securities loss in second quarter 2024 and up 28% compared to third quarter 2023. Adjusted pre-provision net revenue of $262.3 million was stable sequentially and increased $17.7 million, or 7%, compared to third quarter 2023.
•Net interest income increased $5.7 million, or 1%, compared to the prior quarter and was down $2.4 million, or 1%, compared to third quarter 2023. The net interest margin expanded 2 basis points to 3.22% as a result of the May 2024 securities repositioning and higher asset yields somewhat offset by larger average cash balances and a deposit mix shift.
•Period-end loans rose $27.3 million from second quarter 2024 as stronger loan production and core commercial lending growth was offset by higher loan paydowns and strategic declines in certain loan categories such as non-relationship syndicated lending and third-party consumer lending.
•Period-end core deposits (excluding brokered deposits) were $45.1 billion, an increase of $294.6 million sequentially, primarily as a result of growth in money market and interest-bearing demand deposits, offset by a decline in non-interest-bearing deposits, savings and time deposits. Total deposit costs increased 4 basis points from second quarter 2024 to 2.72%, primarily due to a shift in the deposit mix.




•Non-interest revenue of $124.0 million increased $252.8 million sequentially and was up $16.8 million, or 16%, compared to third quarter 2023. Adjusted non-interest revenue of $121.9 million declined $5.3 million, or 4%, sequentially and increased $15.7 million, or 15%, compared to third quarter 2023. The sequential decline in adjusted non-interest revenue was largely from lower capital markets income partially offset by higher treasury and payment solutions and wealth revenue. Year-over-year growth came primarily from higher commercial treasury and payment solutions fees and capital markets income as well as greater commercial sponsorship income.
•On a sequential basis, non-interest expense was $313.7 million, impacted by an $8.7 million valuation adjustment to Visa derivative. Adjusted non-interest expense was flat sequentially and declined 1% year over year due to disciplined expense control and a 4% reduction in total headcount.
•Provision for credit losses of $23.4 million declined 11% sequentially from $26.4 million in second quarter 2024 and fell 68% year over year compared to $72.6 million in third quarter 2023. The allowance for credit losses ratio (to loans) of 1.24% was down 1 basis point from the prior quarter.
•The non-performing loan and asset ratios were both higher sequentially at 0.73%; the net charge-off ratio for the third quarter 2024 was 0.25%, down from 0.32% in prior quarter while total past dues were 0.23% of total loans outstanding.
•The preliminary CET1 ratio rose sequentially to 10.65% as core earnings accretion more than offset the impact of $100 million in common stock repurchases.

Third Quarter Summary
Reported Adjusted
(dollars in thousands) 3Q24 2Q24 3Q23 3Q24 2Q24 3Q23
Net income (loss) available to common shareholders $ 169,628  $ (23,741) $ 87,423  $ 177,120  $ 169,617  $ 122,770 
Diluted earnings (loss) per share(1)
 1.18  (0.16) 0.60  1.23  1.16  0.84 
Total revenue 564,720  306,147  550,298  564,051 563,597 550,552
Total loans 43,120,674  43,093,397  43,679,910  NA NA NA
Total deposits 50,193,740  50,195,778  50,203,890  NA NA NA
Return on avg assets(2)
 1.2  % (0.1) % 0.6  % 1.3  % 1.2  % 0.9  %
Return on avg common equity(2)
 14.4  (2.1) 8.2  15.0  15.3  11.5 
Return on avg tangible common equity(2)
 16.4  (2.2) 9.7  17.1  17.6  13.5 
Net interest margin(3)
 3.22  % 3.20  % 3.11  % NA NA NA
Efficiency ratio-TE(3)(4)
 55.41  98.15  64.11  52.97  53.05  55.01 
NCO ratio-QTD 0.25  0.32  0.61  NA NA NA
NPA ratio 0.73  0.60  0.64  NA NA NA
(1) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.
(2) Annualized
(3) Taxable equivalent
(4) Adjusted tangible efficiency ratio
NA - not applicable


Balance Sheet
Loans*
(dollars in millions) 3Q24 2Q24 Linked Quarter Change Linked Quarter % Change 3Q23 Year/Year Change Year/Year % Change
Commercial & industrial $ 22,664.0  $ 22,536.6  $ 127.4  1  % $ 22,781.0  $ (117.0) (1) %
Commercial real estate 12,177.5  12,215.5  (38.0) —  12,394.9  (217.4) (2)
Consumer 8,279.2  8,341.3  (62.1) (1) 8,504.1  (224.9) (3)
Total loans $ 43,120.7  $ 43,093.4  $ 27.3  —  % $ 43,679.9  $ (559.3) (1) %

*Amounts may not total due to rounding


Deposits*
(dollars in millions) 3Q24 2Q24 Linked Quarter Change Linked Quarter % Change 3Q23 Year/Year Change Year/Year % Change
Non-interest-bearing DDA $ 11,129.1  $ 11,177.7  $ (48.6) —  % $ 12,395.1  $ (1,266.0) (10) %
Interest-bearing DDA 6,821.3  6,621.2  200.1  3  6,276.1  545.2  9 
Money market 11,031.5  10,747.9  283.6  3  10,786.3  245.2  2 
Savings 983.2  1,009.8  (26.7) (3) 1,132.5  (149.3) (13)
Public funds 7,047.6  7,111.9  (64.3) (1) 6,885.7  161.9  2 
Time deposits 8,075.7  8,125.2  (49.5) (1) 6,506.4  1,569.3  24 
Brokered deposits 5,105.4  5,402.0  (296.6) (5) 6,221.8  (1,116.3) (18)
Total deposits $ 50,193.7  $ 50,195.8  $ (2.0) —  % $ 50,203.9  $ (10.2) —  %

*Amounts may not total due to rounding


Income Statement Summary**
(in thousands, except per share data) 3Q24 2Q24 Linked Quarter Change Linked Quarter % Change 3Q23 Year/Year Change Year/Year % Change
Net interest income $ 440,740 $ 434,998 $ 5,742  1  % $ 443,159 $ (2,419) (1) %
Non-interest revenue 123,980 (128,851) 252,831  NM 107,139 16,841  16 
Non-interest expense 313,690 301,801 11,889  4  353,532 (39,842) (11)
Provision for (reversal of) credit losses 23,434 26,404 (2,970) (11) 72,572 (49,138) (68)
Income (loss) before taxes $ 227,596 $ (22,058) $ 249,654  NM $ 124,194 $ 103,402  83  %
Income tax expense (benefit) 46,912 (7,378) 54,290  NM 27,729 19,183  69 
Net income (loss) 180,684 (14,680) 195,364  NM 96,465 84,219  87 
Less: Net income (loss) attributable to noncontrolling interest (871) (652) (219) (34) (630) (241) (38)
Net income (loss) attributable to Synovus Financial Corp. 181,555 (14,028) 195,583  NM 97,095 84,460  87 
Less: Preferred stock dividends 11,927 9,713 2,214  23  9,672 2,255  23 
Net income (loss) available to common shareholders $ 169,628 $ (23,741) $ 193,369  NM $ 87,423 $ 82,205  94  %
Weighted average common shares outstanding, diluted 143,979 145,565 (1,586) (1) % 146,740 (2,761) (2) %
Diluted earnings (loss) per share $ 1.18 $ (0.16) $ 1.34  NM $ 0.60 $ 0.58  97 
Adjusted diluted earnings per share(1)
 1.23 1.16 0.07  6  0.84 0.39  46 
Effective tax rate 20.61% 33.45% 22.33%
(1) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.
**    Amounts may not total due to rounding
NM - not meaningful





Capital Ratios
3Q24 2Q24 3Q23
Common Equity Tier 1 capital (CET1) ratio 10.65  %
(1)
 10.60  % 10.13  %
Tier 1 capital ratio 11.77 
(1)
 11.72  11.18 
Total risk-based capital ratio 13.62 
(1)
 13.56  13.12 
Tier 1 leverage ratio 9.55 
(1)
 9.44  9.38 
Tangible common equity ratio 7.28  6.76  5.90 
(1) Ratios are preliminary.



Third Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on Oct. 17, 2024. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 952762). Shareholders and other interested parties may also 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 Sept. 30, 2024, Synovus has 247 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 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 Dec. 31, 2023, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.


Non-GAAP Financial Measures

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

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest revenue and adjusted revenue (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. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. The tangible common equity ratio is used by stakeholders to assess our capital position. The computations of these measures are set forth in the tables below.
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands) 3Q24 2Q24 3Q23
Adjusted non-interest revenue
Total non-interest revenue $ 123,980  $ (128,851) $ 107,139 
Investment securities (gains) losses, net —  256,660  — 
Gain on sale of GLOBALT —  —  (1,929)
Fair value adjustment on non-qualified deferred compensation (2,062) (561) 1,035 
Adjusted non-interest revenue $ 121,918  $ 127,248  $ 106,245 
Adjusted non-interest expense
Total non-interest expense $ 313,690  $ 301,801  $ 353,532 
(Loss) gain on other loans held for sale —  —  (30,954)
Gain (loss) on early extinguishment of debt —  —  526 
Restructuring (charges) reversals (1,219) 658  (17,319)
Valuation adjustment to Visa derivative (8,700) —  (900)
Fair value adjustment on non-qualified deferred compensation (2,062) (561) 1,035 
Adjusted non-interest expense
 $ 301,709  $ 301,898  $ 305,920 


Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands) 3Q24 2Q24 3Q23
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense
 $ 301,709  $ 301,898  $ 305,920 
Amortization of intangibles (2,907) (2,907) (3,042)
Adjusted tangible non-interest expense
 $ 298,802  $ 298,991  $ 302,878 
Net interest income
 $ 440,740  $ 434,998  $ 443,159 
Tax equivalent adjustment 1,393  1,351  1,148 
Net interest income (TE) 442,133  436,349  444,307 
Net interest income $ 440,740  $ 434,998  $ 443,159 
Total non-interest revenue
 123,980  (128,851) 107,139 
Total revenue
 $ 564,720  $ 306,147  $ 550,298 
Tax equivalent adjustment 1,393  1,351  1,148 
Total TE revenue 566,113  307,498  551,446 
Investment securities losses (gains), net —  256,660  — 
Gain on sale of GLOBALT —  —  (1,929)
Fair value adjustment on non-qualified deferred compensation (2,062) (561) 1,035 
Adjusted revenue (TE)
 $ 564,051  $ 563,597  $ 550,552 
Efficiency ratio-TE
 55.41  % 98.15  % 64.11  %
Adjusted tangible efficiency ratio
 52.97  53.05  55.01 
Adjusted pre-provision net revenue
Net interest income $ 440,740  $ 434,998  $ 443,159 
Total non-interest revenue 123,980  (128,851) 107,139 
Total non-interest expense (313,690) (301,801) (353,532)
Pre-provision net revenue (PPNR) $ 251,030  $ 4,346  $ 196,766 
Adjusted revenue (TE)
 564,051  563,597  550,552 
Adjusted non-interest expense
 (301,709) (301,898) (305,920)
Adjusted PPNR $ 262,342  $ 261,699  $ 244,632 


Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands) 3Q24 2Q24 3Q23
Adjusted return on average assets (annualized)
Net income (loss) $ 180,684  $ (14,680) $ 96,465 
Loss (gain) on other loans held for sale —  —  30,954 
(Gain) loss on early extinguishment of debt —  —  (526)
Gain on sale of GLOBALT —  —  (1,929)
Restructuring charges (reversals) 1,219  (658) 17,319 
Valuation adjustment to Visa derivative 8,700  —  900 
Investment securities losses (gains), net —  256,660  — 
Tax effect of adjustments(1)
 (2,427) (62,644) (11,371)
Adjusted net income $ 188,176  $ 178,678  $ 131,812 
Net income (loss) annualized $ 718,808  $ (59,043) $ 382,714 
Adjusted net income annualized $ 748,613  $ 718,639  $ 522,950 
Total average assets $ 59,183,624  $ 59,246,849  $ 59,916,679 
Return on average assets (annualized) 1.2  % (0.1) % 0.6  %
Adjusted return on average assets (annualized) 1.3  1.2  0.9 
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income (loss) available to common shareholders $ 169,628  $ (23,741) $ 87,423 
Gain on sale of GLOBALT —  —  (1,929)
Loss (gain) on other loans held for sale —  —  30,954 
(Gain) loss on early extinguishment of debt —  —  (526)
Restructuring charges (reversals) 1,219  (658) 17,319 
Valuation adjustment to Visa derivative 8,700  —  900 
Investment securities losses (gains), net —  256,660  — 
Tax effect of adjustments(1)
 (2,427) (62,644) (11,371)
Adjusted net income available to common shareholders $ 177,120  $ 169,617  $ 122,770 
Weighted average common shares outstanding, diluted(2)
 143,979  145,565  146,740 
Diluted earnings per share $ 1.18  $ (0.16) $ 0.60 
Adjusted diluted earnings per share 1.23  1.16  0.84 
(1) An assumed marginal tax rate of 24.5% for 3Q24 and 2Q24 and 24.3% for 3Q23 was applied.
(2) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.


Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands) 3Q24 2Q24 3Q23
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income (loss) available to common shareholders $ 169,628  $ (23,741) $ 87,423 
Loss (gain) on other loans held for sale —  —  30,954 
(Gain) loss on early extinguishment of debt —  —  (526)
Gain on sale of GLOBALT —  —  (1,929)
Restructuring charges (reversals) 1,219  (658) 17,319 
Valuation adjustment to Visa derivative 8,700  —  900 
Investment securities losses (gains), net —  256,660  — 
Tax effect of adjustments(1)
 (2,427) (62,644) (11,371)
Adjusted net income available to common shareholders
 $ 177,120  $ 169,617  $ 122,770 
Adjusted net income available to common shareholders annualized
 $ 704,630  $ 682,196  $ 487,077 
Amortization of intangibles, tax effected, annualized
 8,735  8,831  9,131 
Adjusted net income available to common shareholders excluding amortization of intangibles annualized
 $ 713,365  $ 691,027  $ 496,208 
Net income (loss) available to common shareholders annualized
 $ 674,824  $ (95,486) $ 346,841 
Amortization of intangibles, tax effected, annualized 8,735  8,831  9,131 
Net income (loss) available to common shareholders excluding amortization of intangibles annualized $ 683,559  $ (86,655) $ 355,972 
Total average Synovus Financial Corp. shareholders' equity less preferred stock $ 4,692,722  $ 4,455,198  $ 4,223,422 
Average goodwill (480,440) (480,902) (476,408)
Average other intangible assets, net (38,793) (41,547) (59,016)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock $ 4,173,489  $ 3,932,749  $ 3,687,998 
Return on average common equity (annualized) 14.4  % (2.1) % 8.2  %
Adjusted return on average common equity (annualized) 15.0  15.3  11.5 
Return on average tangible common equity (annualized) 16.4  (2.2) 9.7 
Adjusted return on average tangible common equity (annualized) 17.1  17.6  13.5 
(1) An assumed marginal tax rate of 24.5% for 3Q24 and 2Q24 and 24.3% for 3Q23 was applied.


Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands) September 30, 2024 December 31, 2023 September 30, 2023
Tangible common equity ratio
Total assets $ 59,589,628  $ 59,809,534  $ 59,342,930 
Goodwill (480,440) (480,440) (479,851)
Other intangible assets, net (37,207) (45,928) (49,096)
Tangible assets $ 59,071,981  $ 59,283,166  $ 58,813,983 
Total Synovus Financial Corp. shareholders’ equity $ 5,355,976  $ 5,119,993  $ 4,536,958 
Goodwill (480,440) (480,440) (479,851)
Other intangible assets, net (37,207) (45,928) (49,096)
Preferred Stock, no par value
 (537,145) (537,145) (537,145)
Tangible common equity $ 4,301,184  $ 4,056,480  $ 3,470,866 
Total Synovus Financial Corp. shareholders’ equity to total assets ratio
 8.99  % 8.56  % 7.65  %
Tangible common equity ratio 7.28  6.84  5.90 
Amounts may not total due to rounding

EX-99.2 3 snv_09302024xex992xfilingx.htm EX-99.2 Document

Synovus Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data) Nine Months Ended September 30,
2024 2023  '24 vs '23
% Change
Interest income $ 2,394,459  $ 2,262,061  6  %
Interest expense 1,099,876  882,619  25 
Net interest income 1,294,583  1,379,442  (6)
Provision for (reversal of) credit losses 103,818  143,607  (28)
Net interest income after provision for credit losses 1,190,765  1,235,835  (4)
Non-interest revenue:
Service charges on deposit accounts 68,403  67,836  1 
Fiduciary and asset management fees 58,455  59,928  (2)
Card fees 57,343  51,485  11 
Brokerage revenue 63,974  68,043  (6)
Mortgage banking income 11,395  12,138  (6)
Capital markets income 31,988  32,589  (2)
Income from bank-owned life insurance 23,886  21,106  13 
Investment securities gains (losses), net (256,660) 1,030  nm
Recovery of NPA —  13,126  nm
Other non-interest revenue 55,233  25,260  119 
Total non-interest revenue 114,017  352,541  (68)
Non-interest expense:
Salaries and other personnel expense 552,742  551,667  — 
Net occupancy, equipment, and software expense 140,200  131,435  7 
Third-party processing and other services 63,593  64,932  (2)
Professional fees 34,140  28,707  19 
FDIC insurance and other regulatory fees 37,694  33,266  13 
Restructuring charges (reversals) 2,084  16,476  nm
Loss on other loans held for sale —  50,064  nm
Other operating expenses 107,779  106,019  2 
Total non-interest expense 938,232  982,566  (5)
Income before income taxes 366,550  605,810  (39)
Income tax expense 76,476  133,242  (43)
Net income 290,074  472,568  (39)
Less: Net income (loss) attributable to noncontrolling interest (1,960) (796) 146 
Net income attributable to Synovus Financial Corp. 292,034  473,364  (38)
Less: Preferred stock dividends 31,325  26,254  19 
Net income available to common shareholders $ 260,709  $ 447,110  (42) %
Net income per common share, basic $ 1.80  $ 3.06  (41) %
Net income per common share, diluted 1.79  3.05  (41)
Cash dividends declared per common share 1.14  1.14  — 
Return on average assets * 0.7  % 1.0  % (30)  bps
Return on average common equity * 7.6  14.2  nm
Weighted average common shares outstanding, basic 145,039  146,028  (1) %
Weighted average common shares outstanding, diluted 145,718  146,683  (1)
nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding



Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data) 2024 2023 Third Quarter
Third Quarter Second Quarter First Quarter Fourth Quarter Third Quarter  '24 vs '23
% Change
Interest income $ 810,507  801,242  782,710  788,297  786,039  3  %
Interest expense 369,767  366,244  363,864  351,083  342,880  8 
Net interest income 440,740  434,998  418,846  437,214  443,159  (1)
Provision for (reversal of) credit losses 23,434  26,404  53,980  45,472  72,572  (68)
Net interest income after provision for credit losses 417,306  408,594  364,866  391,742  370,587  13 
Non-interest revenue:
Service charges on deposit accounts 23,683  22,907  21,813  22,260  21,385  11 
Fiduciary and asset management fees 19,714  19,728  19,013  18,149  20,205  (2)
Card fees 18,439  19,418  19,486  20,872  18,602  (1)
Brokerage revenue 20,810  20,457  22,707  21,961  21,387  (3)
Mortgage banking income 4,033  3,944  3,418  3,019  3,671  10 
Capital markets income 10,284  15,077  6,627  6,456  7,980  29 
Income from bank-owned life insurance 8,442  8,097  7,347  10,324  6,965  21 
Investment securities gains (losses), net —  (256,660) —  (77,748) —  nm
Other non-interest revenue 18,575  18,181  18,477  26,175  6,944  167 
Total non-interest revenue 123,980  (128,851) 118,888  51,468  107,139  16 
Non-interest expense:
Salaries and other personnel expense 184,814  179,407  188,521  176,712  179,741  3 
Net occupancy, equipment, and software expense 46,977  46,415  46,808  48,146  45,790  3 
Third-party processing and other services 21,552  21,783  20,258  21,717  21,439  1 
Professional fees 10,854  15,655  7,631  11,147  10,147  7 
FDIC insurance and other regulatory fees 7,382  6,493  23,819  61,470  11,837  (38)
Restructuring charges (reversals) 1,219  (658) 1,524  1,231  17,319  nm
Loss on other loans held for sale —  —  —  —  30,954  nm
Other operating expenses 40,892  32,706  34,180  32,435  36,305  13 
Total non-interest expense 313,690  301,801  322,741  352,858  353,532  (11)
Income (loss) before income taxes 227,596  (22,058) 161,013  90,352  124,194  83 
Income tax expense (benefit) 46,912  (7,378) 36,943  20,779  27,729  69 
Net income (loss) 180,684  (14,680) 124,070  69,573  96,465  87 
Less: Net income (loss) attributable to noncontrolling interest (871) (652) (437) (768) (630) 38 
Net income (loss) attributable to Synovus Financial Corp. 181,555  (14,028) 124,507  70,341  97,095  87 
Less: Preferred stock dividends 11,927  9,713  9,685  9,696  9,672  23 
Net income (loss) available to common shareholders $ 169,628  (23,741) 114,822  60,645  87,423  94  %
Net income (loss) per common share, basic $ 1.19  (0.16) 0.78  0.41  0.60  98  %
Net income (loss) per common share, diluted 1.18  (0.16) 0.78  0.41  0.60  97 
Cash dividends declared per common share 0.38  0.38  0.38  0.38  0.38  — 
Return on average assets * 1.2  % (0.1) 0.8  0.5  0.6  60   bps
Return on average common equity * 14.4  (2.1) 10.2  5.9  8.2  nm
Weighted average common shares outstanding, basic 143,144  145,565  146,430  146,372  146,170  (2) %
Weighted average common shares outstanding, diluted 143,979  145,565  147,122  146,877  146,740  (2)
 nm - not meaningful
 bps - basis points
* - ratios are annualized
Amounts may not total due to rounding






Synovus
BALANCE SHEET DATA September 30, 2024 December 31, 2023 September 30, 2023
(Unaudited)
(In thousands, except share data)
ASSETS
Interest-earning deposits with banks and other cash and cash equivalents $ 1,807,641  $ 2,414,103  $ 2,101,455 
Federal funds sold and securities purchased under resale agreements 45,971  37,323  36,176 
Cash, cash equivalents, and restricted cash 1,853,612  2,451,426  2,137,631 
Investment securities held to maturity 2,622,457  —  — 
Investment securities available for sale 7,554,168  9,788,662  9,237,191 
Loans held for sale (includes $36,943, $47,338 and $48,994 measured at fair value, respectively)
 121,470  52,768  66,558 
Loans, net of deferred fees and costs 43,120,674  43,404,490  43,679,910 
Allowance for loan losses (484,985) (479,385) (477,532)
Loans, net 42,635,689  42,925,105  43,202,378 
Cash surrender value of bank-owned life insurance 1,133,652  1,112,030  1,107,092 
Premises, equipment, and software, net 380,267  365,851  364,054 
Goodwill 480,440  480,440  479,851 
Other intangible assets, net 37,207  45,928  49,096 
Other assets 2,770,666  2,587,324  2,699,079 
Total assets $ 59,589,628  $ 59,809,534  $ 59,342,930 
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits $ 11,561,626  $ 12,507,616  $ 12,976,574 
Interest-bearing deposits 38,632,114  38,231,569  37,227,316 
Total deposits 50,193,740  50,739,185  50,203,890 
Federal funds purchased and securities sold under repurchase agreements 94,055  189,074  98,270 
Other short-term borrowings —  3,496  2,362 
Long-term debt 2,021,050  1,932,534  2,704,701 
Other liabilities 1,902,612  1,801,097  1,772,139 
Total liabilities 54,211,457  54,665,386  54,781,362 
Equity:
Shareholders' equity:
Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000 537,145  537,145  537,145 
Common stock - $1.00 par value. Authorized 342,857,142 shares; issued 172,077,277, 171,360,188 and 170,859,506 respectively; outstanding 141,997,383, 146,705,330 and 146,204,648 respectively
 172,077  171,360  170,860 
Additional paid-in capital 3,976,706  3,955,819  3,940,507 
Treasury stock, at cost; 30,079,894, 24,654,858 and 24,654,858 shares, respectively (1,167,130) (944,484) (944,484)
Accumulated other comprehensive income (loss), net (773,786) (1,117,073) (1,679,404)
Retained earnings 2,610,964  2,517,226  2,512,334 
Total Synovus Financial Corp. shareholders’ equity 5,355,976  5,119,993  4,536,958 
Noncontrolling interest in subsidiary 22,195  24,155  24,610 
Total equity 5,378,171  5,144,148  4,561,568 
Total liabilities and equity $ 59,589,628  $ 59,809,534  $ 59,342,930 




Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
Third Quarter 2024 Second Quarter 2024 Third Quarter 2023
(dollars in thousands)
 Average Balance Interest   Yield/
   Rate		 Average Balance Interest   Yield/
   Rate		 Average Balance Interest   Yield/
   Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
 $ 34,610,296  $ 592,142  6.81  % $ 35,006,497  $ 593,715  6.82  % $ 34,990,459  $ 579,177  6.57  %
Consumer loans (1) (2)
 8,298,130  109,908  5.28  8,358,325  109,206  5.23  8,509,757  108,065  5.06 
Less: Allowance for loan losses
 (482,863) —  —  (492,640) —  —  (461,385) —  — 
Loans, net
 42,425,563  702,050  6.59  42,872,182  702,921  6.59  43,038,831  687,242  6.34 
Total investment securities(4)
 10,420,665  87,643  3.36  10,373,792  78,891  3.04  11,194,291  61,642  2.20 
Trading account assets
 14,392  246  6.84  8,809  162 7.37  16,186  237 5.86 
Other earning assets(5)
 1,408,415  18,803  5.24  1,271,953  16,800  5.23  1,237,445  16,369  5.17 
FHLB and Federal Reserve Bank stock    
 170,977  2,113  4.94  189,706  2,687  5.67  244,906  3,783  6.18 
Mortgage loans held for sale
 34,890  612  7.01  37,364  666  7.13  53,904  879  6.52 
Other loans held for sale 83,492  433  2.03  96,180  466  1.92  881,067  17,035  7.57 
Total interest earning assets
 54,558,394  811,900  5.92  % 54,849,986  802,593  5.89  % 56,666,630  787,187  5.51  %
Cash and due from banks
 476,443  531,604  509,511 
Premises and equipment
 380,003  376,293  365,568 
Other real estate
 666  18,003  — 
Cash surrender value of bank-owned life insurance
 1,128,877  1,121,764  1,102,626 
Other assets(6)    
 2,639,241  2,349,199  1,272,344 
Total assets
 $ 59,183,624  $ 59,246,849  $ 59,916,679 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits    
 $ 10,834,829  71,786  2.64  % $ 10,789,288  68,809  2.57  % $ 10,114,171  52,983  2.08  %
Money market accounts
 13,058,527  104,514  3.18  12,617,120  99,380  3.17  13,147,465  95,339  2.88 
Savings deposits
 1,007,962  355  0.14  1,036,321  304  0.12  1,178,322  280  0.09 
Time deposits
 8,437,861  93,052  4.39  8,382,774  93,431  4.48  6,180,584  59,972  3.85 
Brokered deposits 5,476,231  75,607  5.49  5,483,298  73,830  5.42  6,442,690  83,486  5.14 
Federal funds purchased and securities sold under repurchase agreements    
 94,629  369  1.53  114,595  570  1.97  73,344  296  1.58 
Other short-term borrowings
 2,209  29  5.20  108,946  1,530  5.55  1,722  —  — 
Long-term debt
 1,385,836  24,055  6.93  1,666,731  28,390  6.79  3,230,374  50,524  6.18 
Total interest-bearing liabilities
 40,298,084  369,767  3.65  % 40,199,073  366,244  3.66  % 40,368,672  342,880  3.37  %
Non-interest-bearing demand deposits
 11,665,661  12,099,256  13,049,343 
Other liabilities
 1,967,351  1,932,822  1,713,131 
Total equity 5,252,528  5,015,698  4,785,533 
Total liabilities and equity
 $ 59,183,624  $ 59,246,849  $ 59,916,679 
Net interest income and net interest margin, taxable equivalent (7)
 $ 442,133  3.22  % $ 436,349  3.20  % $ 444,307  3.11  %
Less: taxable-equivalent adjustment
 1,393  1,351  1,148 
Net interest income
 $ 440,740  $ 434,998  $ 443,159 
(1)Average loans are shown net of unearned income. NPLs are included.
(2)Interest income includes fees as follows: Third Quarter 2024 — $12.7 million, Second Quarter 2024 — $12.3 million, and Third Quarter 2023 — $11.8 million.
(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.
(4)Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
(5)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(6)Includes average net unrealized gains (losses) on investment securities available for sale of $(424.6) million, $(727.6) million, and $(1.60) billion for the Third Quarter 2024, Second Quarter 2024, and Third Quarter 2023, respectively.
(7)The net interest margin is calculated by dividing annualized net interest income- TE by average total interest earning assets.



Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
Nine Months Ended September 30,
2024 2023
(dollars in thousands)
 Average Balance Interest   Yield/
   Rate		 Average Balance Interest   Yield/
   Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)
 $ 34,852,642  $ 1,769,316  6.78  % $ 35,216,487  $ 1,672,529  6.35  %
Consumer loans (1) (2)
 8,363,281  328,681  5.24  8,580,029  316,757  4.92 
Less: Allowance for loan losses
 (485,540) —  —  (457,818) —  — 
Loans, net
 42,730,383  2,097,997  6.56  43,338,698  1,989,286  6.14 
Total investment securities(4)
 10,646,738  238,440  2.99  11,229,290  183,118  2.17 
Trading account assets
 11,600  473  5.44  16,302  671  5.49 
Other earning assets(5)
 1,302,499  51,776  5.23  1,398,211  51,660  4.87 
FHLB and Federal Reserve Bank stock    
 182,793  7,073  5.16  277,136  11,439  5.50 
Mortgage loans held for sale
 34,012  1,773  6.95  48,398  2,297  6.33 
Other loans held for sale 66,109  982  1.95  625,262  26,995  5.69 
Total interest earning assets
 54,974,134  $ 2,398,514  5.83  % 56,933,297  $ 2,265,466  5.32  %
Cash and due from banks
 510,807  593,023 
Premises and equipment
 375,574  367,332 
Other real estate
 6,223  — 
Cash surrender value of bank-owned life insurance
 1,121,807  1,096,567 
Other assets(6)    
 2,162,476  1,187,026 
Total assets
 $ 59,151,021  $ 60,177,245 
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits    
 $ 10,738,505  $ 206,010  2.56  % $ 9,702,651  $ 118,007  1.63  %
Money market accounts
 12,834,830  307,024  3.20  13,665,672  253,351  2.48 
Savings deposits
 1,033,696  946  0.12  1,274,142  771  0.08 
Time deposits
 8,241,879  272,976  4.42  4,892,146  121,019  3.31 
Brokered deposits 5,565,332  226,778  5.44  6,116,392  214,627  4.69 
Federal funds purchased and securities sold under repurchase agreements    
 107,546  1,587  1.94  98,212  1,317  1.77 
Other short-term borrowings
 60,763  2,514  5.44  705,292  24,559  4.59 
Long-term debt
 1,604,966  82,041  6.80  3,400,156  148,968  5.80 
Total interest-bearing liabilities
 40,187,517  $ 1,099,876  3.66  % 39,854,663  $ 882,619  2.96  %
Non-interest-bearing demand deposits
 11,944,508  13,972,152 
Other liabilities
 1,894,545  1,592,230 
Total equity 5,124,451  4,758,200 
Total liabilities and equity
 $ 59,151,021  $ 60,177,245 
Net interest income, taxable equivalent net interest margin (7)
 $ 1,298,638  3.16  % $ 1,382,847  3.25  %
Less: taxable-equivalent adjustment
 4,055  3,405 
Net interest income
 $ 1,294,583  $ 1,379,442 
(1)Average loans are shown net of unearned income. NPLs are included.
(2)Interest income includes fees as follows: 2024 — $35.7 million and 2023 — $34.6 million.
(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.
(4)Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
(5)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(6)Includes average net unrealized gains/(losses) on investment securities available for sale of $(836.6) million and $(1.53) billion for the nine months ended September 30, 2024 and 2023, respectively.
(7)The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earning assets.




Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited) Total Loans Total Loans Linked Quarter Total Loans Year/Year
(Dollars in thousands)
Loan Type September 30, 2024 June 30, 2024 % Change September 30, 2023 % Change
Commercial, Financial, and Agricultural $ 14,563,913  $ 14,519,608  —  % $ 14,498,966  —  %
Owner-Occupied 8,100,084  8,017,004  1  8,281,988  (2)
Total Commercial & Industrial 22,663,997  22,536,612  1  22,780,954  (1)
Multi-Family 4,379,459  4,288,436  2  3,930,617  11 
Hotels 1,738,068  1,802,076  (4) 1,790,094  (3)
Office Buildings 1,778,698  1,801,945  (1) 1,911,095  (7)
Shopping Centers 1,260,460  1,298,967  (3) 1,327,770  (5)
Warehouses 837,145  865,359  (3) 985,723  (15)
Other Investment Property 1,352,719  1,271,266  6  1,432,456  (6)
Total Investment Properties 11,346,549  11,328,049  —  11,377,755  — 
1-4 Family Construction 190,705  171,335  11  224,091  (15)
1-4 Family Investment Mortgage 337,425  381,212  (11) 396,813  (15)
Total 1-4 Family Properties 528,130  552,547  (4) 620,904  (15)
Commercial Development 48,948  65,994  (26) 64,212  (24)
Residential Development 67,525  67,231  —  92,209  (27)
Land Acquisition 186,332  201,666  (8) 239,773  (22)
Land and Development 302,805  334,891  (10) 396,194  (24)
Total Commercial Real Estate 12,177,484  12,215,487  —  12,394,853  (2)
Consumer Mortgages 5,323,443  5,371,164  (1) 5,391,282  (1)
Home Equity 1,809,286  1,812,940  —  1,784,356  1 
Credit Cards 181,386  178,889  1  191,046  (5)
Other Consumer Loans 965,078  978,305  (1) 1,137,419  (15)
Total Consumer 8,279,193  8,341,298  (1) 8,504,103  (3)
Total $ 43,120,674  $ 43,093,397  —  % $ 43,679,910  (1) %
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 September 30, 2024 June 30, 2024 % Change September 30, 2023 % Change
Commercial, Financial, and Agricultural $ 107,004  $ 120,107  (11) % $ 97,468  10  %
Owner-Occupied 48,390  50,977  (5) 84,505  (43)
Total Commercial & Industrial 155,394  171,084  (9) 181,973  (15)
Multi-Family 1,692  1,718  (2) 1,702  (1)
Office Buildings 78,281  7,350  nm 27,810  181
Shopping Centers 523  541  (3) 653  (20)
Warehouses 163  177  (8) 207  (21)
Other Investment Property 1,612  1,782  (10) 572  182 
Total Investment Properties 82,271  11,568  nm 30,944  166 
1-4 Family Construction 311  311  — —  nm
1-4 Family Investment Mortgage 2,533  2,749  (8) 3,386  (25)
Total 1-4 Family Properties 2,844  3,060  (7) 3,386  (16)
Residential Development 268  303  (12) 267  — 
Land Acquisition 1,422  606  135  538  164 
Land and Development 1,690  909  86  805  110 
Total Commercial Real Estate 86,805  15,537  459  35,135  147 
Consumer Mortgages 48,956  48,352  1  43,863  12 
Home Equity 15,837  14,947  6  11,620  36 
Other Consumer Loans 5,972  6,186  (3) 7,941  (25)
Total Consumer 70,765  69,485  2  63,424  12 
Total $ 312,964  $ 256,106  22  % $ 280,532  12  %



Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands) 2024 2023 Third Quarter
Third Second First Fourth Third  '24 vs '23
Quarter Quarter Quarter Quarter Quarter % Change
Non-performing Loans (NPLs) $ 312,964  256,106  350,450  288,177  280,532  12  %
Other Real Estate and Other Assets 386  823  21,210  —  —  nm
Non-performing Assets (NPAs) 313,350  256,929  371,660  288,177  280,532  12 
Allowance for Loan Losses (ALL) 484,985  485,101  492,661  479,385  477,532  2 
Reserve for Unfunded Commitments 49,556  53,058  53,579  57,231  55,185  (10)
Allowance for Credit Losses (ACL)
 534,541  538,159  546,240  536,616  532,717  — 
Net Charge-Offs - Quarter 27,052  34,485  44,356  41,574  66,822 
Net Charge-Offs - YTD 105,893  78,841  44,356  153,342  111,768 
Net Charge-Offs / Average Loans - Quarter (1)
 0.25  % 0.32  0.41  0.38  0.61 
Net Charge-Offs / Average Loans - YTD (1)
 0.33  0.36  0.41  0.35  0.34 
NPLs / Loans 0.73  0.59  0.81  0.66  0.64 
NPAs / Loans, ORE and specific other assets 0.73  0.60  0.86  0.66  0.64 
ACL/Loans 1.24  1.25  1.26  1.24  1.22 
ALL/Loans 1.12  1.13  1.14  1.10  1.09 
ACL/NPLs 170.80  210.13  155.87  186.21  189.90 
ALL/NPLs 154.96  189.41  140.58  166.35  170.22 
Past Due Loans over 90 days and Still Accruing $ 4,359  4,460  3,748  5,053  3,792  15 
As a Percentage of Loans Outstanding 0.01  % 0.01  0.01  0.01  0.01 
Total Past Due Loans and Still Accruing $ 97,229  129,759  54,814  59,099  54,974  77 
As a Percentage of Loans Outstanding 0.23  % 0.30  0.13  0.14  0.13 
(1) Ratio is annualized.
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
September 30, 2024 December 31, 2023 September 30, 2023
Common Equity Tier 1 Capital Ratio 10.65  % 10.22  10.13 
Tier 1 Capital Ratio 11.77  11.28  11.18 
Total Risk-Based Capital Ratio 13.62  13.07  13.12 
Tier 1 Leverage Ratio 9.55  9.49  9.38 
Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets 8.99  8.56  7.65 
Tangible Common Equity Ratio (2) (4)
 7.28  6.84  5.90 
Book Value Per Common Share (3)
 $ 33.94  31.24  27.36 
Tangible Book Value Per Common Share (2)
 30.29  27.65  23.74 
(1) Current quarter regulatory capital information is preliminary.
(2) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
(3) Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred stock divided by total common shares outstanding.
(4) See "Non-GAAP Financial Measures" for applicable reconciliation.


EX-99.3 4 snv_09302024xex993xfilin.htm EX-99.3 snv_09302024xex993xfilin
Earnings Results Third 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; (2) deposit growth and deposit 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 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 non-interest revenue CAGR (Compound Annual Growth Rate) growth per share (diluted common share); adjusted 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 diluted earnings (loss) per share; return on average assets; return on average common equity; total non-interest revenue; total non-interest revenue (CAGR) growth per share; 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 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 revenue are measures used by management to evaluate non-interest revenue and total revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation, and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest revenue CAGR growth per share is a measure used to evaluate total non-interest revenue CAGR growth per share (diluted common share) 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 Third Quarter 2024 Key Messages Core Deposits(2) Up 1% QoQ and Brokered Deposits Declined Further – Improved profitability ratios to 1.2%, 14.4%, and 16.4%, respectively Metrics Highlights ROAA, ROCE and ROTCE(1) Net Interest Income Non-Interest Revenue Non-Interest Expense Credit Quality Capital – Operating expense control remains excellent – Net interest margin expanded – Non-Interest bearing deposits stable – Deposit products repricing as expected post-FOMC cut – Continued YoY non-interest revenue growth supported by Treasury & Payment Solutions, Capital Markets, and Commercial Sponsorship(2) – NCOs/average loans declined to 0.25% annualized – Capital ratios moved higher inclusive of $100MM in share repurchases (1) Non-GAAP financial measure; see appendix for applicable reconciliation; (2) Commercial Sponsorship income includes GreenSky income (within other income) and ISO sponsorship NIR (within service charges on deposit accounts and card fees in core banking fees and other income)

 
4 Income Statement Summary (GAAP) ($ in thousands, except per share data) 3Q24 % Change QoQ % Change YoY Net Interest Income $440,740 1% (1)% Provision for Loan Losses $23,434 (11)% (68)% Non-Interest Revenue $123,980 NM(1) 16% Revenue $564,720 84% 3% Non-Interest Expense $313,690 4% (11)% Pre-Provision Net Revenue $251,030 NM(1) 28% Diluted EPS $1.18 NM(1) 97% (1) NM - Not Meaningful; (2) Non-GAAP financial measures; see appendix for applicable reconciliations; (3) TE - Taxable Equivalent; (4) NA - Not Applicable Third Quarter 2024 Financial Highlights Income Statement Summary (Adjusted)(2) ($ in thousands, except per share data) 3Q24 % Change QoQ % Change YoY Net Interest Income (TE)(3) $442,133 1% —% Provision for Loan Losses NA(4) NA(4) NA(4) Adjusted Non-Interest Revenue $121,918 (4)% 15% Adjusted Revenue (TE)(3) $564,051 —% 2% Adjusted Non-Interest Expense $301,709 —% (1)% Adjusted Pre-Provision Net Revenue $262,342 —% 7% Adjusted Diluted EPS $1.23 6% 46%

 
5 Period-End Balance Sheet Growth ($ in millions) 3Q24 % Change QoQ % Change YoY Loans $43,121 —% (1)% Deposits $50,194 —% —% Core Deposits(1) $45,088 1% 3% Non-Interest Bearing Deposits $11,562 (1)% (11)% (1) Excludes brokered; (2) Annualized; (3) Non-GAAP financial measure; see appendix for applicable reconciliation; (4) TE - Taxable equivalent; (5) 3Q23 NCOs exclude loan sales; (6) 3Q24 capital ratios are preliminary Third Quarter 2024 Financial Highlights Profitability Metrics 3Q24 2Q24 3Q23 ROAA(2) 1.2% (0.1)% 0.6% Adjusted ROAA(2)(3) 1.3% 1.2% 0.9% ROCE(2) 14.4% (2.1)% 8.2% ROTCE(2)(3) 16.4% (2.2)% 9.7% Adjusted ROTCE(2)(3) 17.1% 17.6% 13.5% Net Interest Margin(2) 3.22% 3.20% 3.11% Efficiency Ratio - TE(4) 55.41% 98.15% 64.11% Adjusted Efficiency Ratio(3) 52.97% 53.05% 55.01% Credit & Capital Metrics 3Q24 2Q24 3Q23 NCOs/Average Loans(2)(5) 0.25% 0.32% 0.40% NPLs/Loans 0.73% 0.59% 0.64% Allowance for Credit Losses % 1.24% 1.25% 1.22% CET1 Ratio(6) 10.65% 10.60% 10.13%

 
6 • Period end loans up $27 million QoQ as growth in strategic categories was offset by strategic rationalization, consumer softness and CRE payoffs/paydowns • Strategic Growth Vertical loans up $604 million or 5% YTD • Loan production rose 8% QoQ(1) driven by commercial lines of business activity • C&I line utilization relatively stable Loans $43,093 $127 $(38) $(62) $43,121 2Q24 C&I CRE Consumer 3Q24 Loan Growth Attribution ($ in millions) Total Loans: $43 billion Amounts may not total due to rounding; (1) Excluding secondary mortgage production; (2) Categories exclude decline of ~$250 million of net balance change from lines of business not listed; (3) Includes all loan types from the following verticals: Asset Based Lending, Structured Lending (Asset-Backed Finance), Insurance Premium Finance, and Restaurant Services; (4) Primarily non-core syndicated lending Middle Market, CIB and Specialty Lending(3) Third-Party Consumer Strategic Rationalization National Accounts(4) - $427 Million 2024 Year-to-Date Loan Growth Drivers(2) $1,280 $823 $795 $1,255 $1,356 3Q23 4Q23 1Q24 2Q24 3Q24 Quarterly Loan Production(1) ($ in millions) Market Activity-Related Decline Senior Housing + $604 Million Institutional CRE Strategic Growth Verticals - $212 Million

 
7 $50,196 $(94) $179 $(26) $258 $(22) $(297) $50,194 2Q24 Non- Interest- Bearing NOW Savings MMA Time Brokered 3Q24 Deposits • Period end core deposits(1) up $295 million QoQ, driven by core commercial business lines • Total cost of deposits rose 4 bps QoQ to 2.72%, primarily due to a mix shift • Non-interest bearing deposits relatively stable versus end of 2Q24 • Brokered deposits fell $297 million, the fifth consecutive quarter of decline • Deposit repricing progressing in line with prior guidance of 40-45% beta QoQ Change in Deposit Balances(2) ($ in millions) Amounts may not total due to rounding; (1) Excludes brokered; (2) Balances in bar chart include public funds changes QoQ; (3) Approximations, as of 9/30/24; (4) Includes related fair value hedges Public Funds QoQ Growth: $(46) (21) $0 $(26) Total Deposits: $50 billion $27 Deposit Beta Information as of September 30, 2024(3) Continued Improvement in Non-Interest Bearing Deposit Diminishment(2) ($ in millions) $(589) $(469) $(465) $(387) $(94) 3Q23 4Q23 1Q24 2Q24 3Q24 Deposit Portfolio (as of 9/30/24) % of Deposits Approx. Beta in Easing Cycle 3Q24 Update Non-Interest Bearing Deposits ~23% NA Stable NIB Balances vs. 6/30 Core Time Deposits ~17% 70%-80% Going-on rates in last week of Sept. ~ 40bps lower than June Brokered Deposits ~10% 75%-85% ~80% repricing to daily rates(4) Low-Beta/Standard Non- Maturity Deposits ~25% 15%-25% ~10% beta executed thru 9/30 Higher-Beta Non- Maturity Deposits ~25% 70%-80% ~70% beta executed thru 9/30 Total Deposits 100% 40%-45%

 
8 $443 $437 $419 $435 $441 3.11% 3.11% 3.04% 3.20% 3.22% Net Interest Income Net Interest Margin 3Q23 4Q23 1Q24 2Q24 3Q24 Amounts may not total due to rounding; Note: all references to NIM are taxable equivalent and NIM Attribution reflects estimates and includes both attributed and unattributed items; (1) Hedges mature throughout 4Q at an average fixed rate of 0.95%; (2) Annualized Net Interest Income Net Interest Income and Net Interest Margin Trends ($ in millions) • Net interest income rose 1% QoQ and NIM expanded 2 bps; both were supported by a full quarter impact of the 2Q24 securities repositioning • 4Q24 will benefit from $750 million of loan hedge maturities(1) Net Interest Income: $441 million 2Q24 NIM 3.20% difference QoQ 2Q24 Security Repositioning +0.04% Earning Asset Yields +0.01% Higher Cash Balance -0.01% Deposit Mix -0.03% 3Q24 NIM 3.22% Net Interest Margin Attribution (2)

 
9 $293 $345 $374 $413 2020 2021 2022 2023 2024E ($ in millions) 3Q24 QoQ Δ YoY Δ Core Banking Fees(2) $48 0% 6% Wealth Revenue(3) $41 1% (2)% Capital Markets Income $10 (32)% 29% Net Mortgage Revenue $4 2% 10% Other Income(4)(5) $19 (4)% 152% Total Adjusted Non-Interest Revenue(6) $122 (4)% 15% Total Non-Interest Revenue $124 NM 16% Amounts may not total due to rounding; (1) Commercial Sponsorship income includes GreenSky income (within other income) and ISO sponsorship NIR (within service charges on deposit accounts and card fees in core banking fees and other income); (2) Includes service charges on deposit accounts, card fees, and several other non-interest revenue components including line of credit non-usage fees, letter of credit fees, ATM fee income, and miscellaneous other service charges; (3) Consists of fiduciary/asset management, brokerage, and insurance revenues; (4) Includes earnings on equity method investments, income from BOLI, Commercial Sponsorship, and other miscellaneous income; (5) Excludes adjusted NIR items. See appendix for adjusted NIR non-GAAP reconciliation; (6) Non-GAAP financial measure; see appendix for applicable reconciliation; (7) Source: S&P Capital; (8) LTM is inclusive of 3Q23-2Q24; (9) Core Client NIR (ex. Mortgage) primarily includes Core Banking Fees, Wealth Revenue, Capital Markets income, Commercial Sponsorship, and other miscellaneous income; (10) Reclassification of Core Client NIR performed in 1Q24 Non-Interest Revenue Consistent Growth in Core Client Non-Interest Revenue(9)(10) ($ in millions) Non-Interest Revenue Non-Interest Revenue: $124 million $435MM - $440MM • QoQ comparison impacted by elevated 2Q24 capital markets fees • Continued strength in Treasury and Payment Solutions and wealth revenue in 3Q24 • Healthy YoY growth driven by higher core commercial Treasury and Payments Solutions fees, capital markets expansion and commercial sponsorship income(1) Top Quartile Adjusted Non-Interest Revenue Per Share Growth(6)(7) (17)% 9% 9% 3% SNV (GAAP) SNV (Adj) Proxy Peer Top Quartile (Adj) Proxy Peer Median (Adj) 2019-LTM Non-Interest Revenue CAGR Per Share Impacted by securities losses from bond restructurings ~12% CAGR (6) (8)

 
10 Non-Interest Expense ($ in millions) 3Q24 QoQ Δ YoY Δ Total Employment $183 2% 1% Total Other $72 (6)% (9)% Total Occupancy, Equipment, and Software $47 1% 3% Total Adjusted Non-Interest Expense(1) $302 —% (1)% Total Non-Interest Expense $314 4% (11)% Non-Interest Expense Non-Interest Expense: $314 million • Non-interest expense was $314 million, while adjusted non-interest expense was $302 million • Non-interest expense impacted by $8.7 million valuation adjustment to Visa derivative • Lower credit related costs supported QoQ adjusted non-interest expense stability • Adjusted non-interest expense(1) decline from 3Q23 supported by 4% improvement in headcount 4,997 4,879 4,812 4,805 4,806 3Q23 4Q23 1Q24 2Q24 3Q24 Headcount Down 4% Year-Over-Year 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), and ($1.7MM) for 4Q23, 1Q24, 2Q24, and 3Q24 respectively Excluding FDIC Special Assessment, Adjusted Non-Interest Expense Stable ($ in millions) $306 $353 $319 $302 $302 $306 $302 $306 $306 $303 Adjusted Non-Interest Expense Adjusted Non-Interest Expense, ex FDIC Special Assessment 3Q23 4Q23 1Q24 2Q24 3Q24 (1) (2)

 
11 Credit Quality • NCOs and provision for credit losses declined QoQ and YoY • ACL was relatively unchanged from improved overall performance, offset by individually analyzed loans • Non-performing loan ratio increased to 0.73% of loans, primarily from an office loan relationship • Expect 0.25% - 0.35% NCOs/average loans over the near term versus 0.33% YTD $73 $45 $54 $26 $23 $67 $42 $44 $34 $27 Provision for Credit Losses Net Charge-Offs 3Q23 4Q23 1Q24 2Q24 3Q24 0.61% 0.38% 0.41% 0.32% 0.25% 0.40% 0.38% 0.41% 0.32% 0.25% NCO Ratio(1): Provision for Credit Losses and Net Charge-Offs ($ in millions) NCO Ratio(1): (Ex. Loan Sales) Amounts may not total due to rounding; (1) Annualized $533 $537 $546 $538 $535 1.22% 1.24% 1.26% 1.25% 1.24% Allowance for Credit Losses ACL Coverage Ratio 3Q23 4Q23 1Q24 2Q24 3Q24 190% 186% 156% 210% 171% ACL to NPLs: Allowance for Credit Losses ($ in millions) 0.64% 0.66% 0.81% 0.59% 0.73% 3.4% 3.5% 3.8% 3.7% 3.9% Non Performing Loan Ratio Criticized & Classified Loans as a % of Total Loans 3Q23 4Q23 1Q24 2Q24 3Q24 Nonperforming and Criticized & Classified Loans

 
12 10.13% 10.22% 10.38% 10.60% 10.65% Common Equity Tier 1 Tier 1 Tier 2 3Q23 4Q23 1Q24 2Q24 3Q24 • 3Q24 CET1 Ratio(1) up 5 basis points QoQ to 10.65%, the highest level in 9 years • Will continue to prudently manage capital at or around current levels • Share repurchases of ~$100 million in 3Q24 • Expect ~$80 million in share repurchases in 4Q24 under remaining 2024 Board authorization Amounts may not total due to rounding; (1) 3Q24 capital ratios are preliminary; (2) As amended (1) 11.45% 13.24% 13.56% 11.72% Capital Capital Ratios 13.12% 11.18% Common Equity Tier 1 Above Top-End of Operating Range 10.60% 0.35% (0.01)% (0.11)% (0.21)% 0.04% 10.65% Beginning CET1 Ratio (2Q24) Net Income To Common Shareholders Risk-Weighted Asset Impact Common Dividends Share Repurchases Other Ending CET1 Ratio (3Q24) Third Quarter 2024 CET1 Change (1) 13.07% 11.28% (2) 11.77% 13.62%

 
13 Updated Fourth Quarter and 2024 Year Guidance Key Guidance Assumptions Period End Loan Growth Period End Core Deposit(1) Growth Adjusted Revenue(2)(3) Adjusted NIE(2)(3)(4) 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 2023 baseline: adjusted revenue baseline of $2.28 billion and adjusted NIE of $1.26 billion, excluding the FDIC Special Assessment, the amount is $1.21 billion; (4) SNV incurred $51 million, $13 million, ($4) million, and ($2) million of FDIC Special Assessments in 4Q23, 1Q24, 2Q24, 3Q24, respectively • Expect 4Q24 growth in strategic C&I categories offset by CRE and Senior Housing payoff/ paydown activity • 4Q24 growth in core deposits(1) supported by seasonal benefits and core C&I business line expansion • Expect relatively stable CET1 ratio in 4Q24, assuming modest loan growth and further share repurchase activity • Supported by tax credit investments • Guidance assumes 50 bps of additional FOMC rate cuts in 4Q24 (25 bps each in November and December) • Expect relatively stable NIM in 4Q24; easing cycle lags represent a headwind vs. benefits from fixed rate asset repricing and hedge maturities • Deposit pricing progressing as planned which is expected to result in short term NII headwinds but relatively neutral long-term impacts • Expect 4Q24 adjusted non-interest revenue(2) of $120 million - $125 million • Modest QoQ increase associated with hiring, technology investments and occupancy expense 4Q24 Guidance $560MM - $575MM $305MM - $310MM Stable ~21% - 22% Net-Charge Offs 0.25% - 0.35% • In-line with prior guidance • Assumes stable economic conditions 1% - 3% QoQ 2024 Full Year (1.0%) - 0% (2.5%) - (2.0%) ~1% (Ex FDIC Special Assessments) ~10.6% ~21% 0.30% - 0.35% 2% - 4% Relatively Flat

 
Appendix

 
15 Loan Trends $43,680 $43,404 $43,310 $43,093 $43,121 $22,781 $22,598 $22,731 $22,537 $22,664 $12,395 $12,317 $12,194 $12,215 $12,178 $8,504 $8,489 $8,385 $8,341 $8,279 C&I CRE Consumer 3Q23 4Q23 1Q24 2Q24 3Q24 Period End Loans ($ in millions) $43,500 $43,597 $43,378 $43,364 $42,908 $22,478 $22,743 $22,665 $22,728 $22,469 $12,512 $12,363 $12,279 $12,278 $12,141 $8,510 $8,491 $8,434 $8,358 $8,298 C&I CRE Consumer 3Q23 4Q23 1Q24 2Q24 3Q24 Average Loans ($ in millions) Amounts may not total due to rounding

 
16 $50,204 $50,739 $50,580 $50,196 $50,194 $12,977 $12,508 $12,042 $11,656 $11,562 $10,051 $10,681 $10,644 $10,781 $10,960 $12,989 $12,902 $12,925 $12,854 $13,112 $1,140 $1,071 $1,055 $1,021 $995 $6,825 $7,534 $8,195 $8,482 $8,460 $6,222 $6,043 $5,719 $5,402 $5,105 NIB DDA IB DDA MMA Savings Time Brokered 3Q23 4Q23 1Q24 2Q24 3Q24 Deposit Trends Period End Deposits ($ in millions) Average Deposits ($ in millions) $50,113 $50,587 $50,186 $50,408 $50,481 $13,049 $12,744 $12,072 $12,099 $11,666 $10,114 $10,422 $10,590 $10,789 $10,835 $13,147 $13,054 $12,826 $12,617 $13,059 $1,178 $1,099 $1,057 $1,036 $1,008 $6,181 $7,198 $7,903 $8,383 $8,438 $6,443 $6,069 $5,737 $5,483 $5,476 NIB DDA IB DDA MMA Savings Time Brokered 3Q23 4Q23 1Q24 2Q24 3Q24 Amounts may not total due to rounding

 
17 ACL/Loans: 1.25% 1.24% Economic Scenario Assumptions and Weightings 3rd Quarter Change from 2025(3) 2026(3) Scenario Model Weighting Previous Quarter GDP Unemployment GDP Unemployment Consensus Baseline 50% (5)% 1.8% 4.2% 1.9% 4.0% Slow Growth(4) 30% 5% 1.2% 5.0% 1.4% 4.9% Downside(4) 10% NC (1.5)% 7.6% 1.3% 7.3% Upside(5) 10% NC 3.3% 3.1% 2.4% 3.3% Weighted Average 1.4% 4.7% 1.7% 4.5% $538 $5 $(3) $(3) $(3) $535 2Q24 Economic Uncertainty and Other Qualitatives Performance Net Growth Other 3Q24 (2) (1) Amounts may not total due to rounding; (1) Represents the mix of loan production offset by the mix of loans paying off/down; (2) Other includes the impact of dispositions, sub-pool changes, etc.; (3) August 2024 model estimates; (4) Downside scenarios carry a total weighting of 40% and correspond to Moody’s August 2024 "S5" Slow Growth scenario and "S3" Downside 90th Percentile scenario; (5) Upside refers to Moody’s August 2024 "S1" Upside 10th Percentile scenario ($ in millions) Allowance for Credit Losses

 
18 Risk Distribution ($ in millions) Composition Change Risk Category 3Q24 2Q24 3Q24 vs. 2Q24 Passing Grades $41,427 $41,504 $(76) Special Mention 732 639 $94 Substandard Accruing 648 695 $(47) Non-Performing Loans 313 256 $57 Total Loans $43,121 $43,093 $27 Amounts may not total due to rounding $1,222 $1,028 $1,032 $914 $929 $942 $1,086 $1,333 $1,484$1,527 $1,634 $1,590 $1,693 3.2% 2.6% 2.6% 2.2% 2.2% 2.2% 2.5% 3.0% 3.4% 3.5% 3.8% 3.7% 3.9% Criticized & Classified Loans % of Total Loans 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 Portfolio Risk DistributionCriticized & Classified Loans

 
19 Consumer Portfolio $8.3 billion CRE Portfolio $12.2 billion C&I Portfolio $22.7 billion 3Q24 Portfolio Characteristics C&I CRE Consumer NPL Ratio 0.69% 0.71% 0.85% QTD Net Charge-off Ratio (annualized) 0.29% 0.18% 0.25% 30+ Days Past Due Ratio 0.26% 0.04% 0.41% 90+ Days Past Due Ratio 0.01% 0.01% 0.02% Amounts may not total due to rounding; (1) Industry-focused C&I is comprised of senior housing, structured lending (asset-backed finance), insurance premium finance, CIB, restaurant finance, and public funds portfolios; (2) LTV is calculated by dividing the sum of the 9/30/2024 commitment amount and any existing senior lien by the most recent appraisal value (typically at origination). Loan Portfolio by Category 27% 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 (1) • C&I portfolio is well-diversified among multiple lines-of-business • Diverse C&I industry mix aligned with economic and demographic drivers • SNCs total $4.9 billion, ~10% of which is agented by SNV • 93% are income-producing properties • Diversity among property types and geographies • 83% of NPL balance comprised of one office relationship • Weighted average credit score of 796 and 783 for Home Equity and Mortgage, respectively • Weighted average LTV of 72.5% and 69.6% for Home Equity and Mortgage, respectively(2)

 
20 Credit Indicator 3Q24 NPL Ratio 0.69% Net Charge-off Ratio (annualized) 0.29% 30+ Days Past Due Ratio 0.26% 90+ Days Past Due Ratio 0.01% • Asset-Backed Finance portfolio represents 55% of Finance/ Insurance (see slide 22 for more details) ◦ 0.00% NPL Ratio ◦ 0.01% Net Charge-Off Ratio (annualized) ◦ 0.00% 30+ Day Past Due Ratio • Senior Housing consists of 90% private pay assisted living/ independent living facilities Diverse Industry Exposure Total C&I Portfolio $22.7 billion 20.4% 13.7% 6.9% 6.5% 5.8% 5.7% 5.6% 4.9% 4.5% 3.9% 3.8% 3.7% 3.5% 3.1% 2.4% 2.0% 1.9% 0.9% 0.9% Finance/Insurance Senior Housing Accom. & Food Svcs. Health Care Lessors of R/E Manufacturing Wholesale Trade Retail Trade Construction Other Services Prof., Scientific, Tech. Svcs. Transport/Warehousing Other R/E and Rental & Leasing All Other Arts, Entertainment, & Rec. Public Administration Educational Svcs. Admin., Support, Waste Mgmt. Ag, Forestry, Fishing 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 (1) (1) (1) C&I Loan Portfolio

 
21 ◦ $3.5 billion in outstandings(1) ◦ 87% Assisted Living/Mixed Facility; 3% Independent Living Facility; 10% Skilled Nursing Facility ◦ 90% Private Pay and10% Medicare/Managed Care ◦ 75% Institutional Grade Equity Partners ◦ Total Value Weighted LTV: 58% ◦ 90% Pass Risk Rated ◦ 0.5% NPL Ratio Note: 1) Includes approximately $3.1b in C&I loans and $400mm in CRE loans; 2) Balances as of 9/30/2024 (3) Industry data taken from National Investment Center 1Q24 Seniors Housing Market Fundamentals report Senior Housing Loan Portfolio Portfolio Stats ◦ Senior Housing occupancy rate up to 86.5% in 3Q24 ◦ All Senior Housing elements saw occupancy increase over 3Q24 and all have seen consistent recovery over the past three years ◦ Senior Housing rent growth has increased 4.2% on an annualized basis ◦ Annual absorption rates are outpacing supply growth 3.9% to 1.1% ◦ Starts vs. Inventory level of 1.0% is below historical norms and should support continued recovery Industry Data 80+ Population Growth Materially Exceeds Inventory Growth

 
22 ◦ $2.6 billion funded portfolio balance ◦ Largely "lender finance" receivables plus other highly secured receivables ◦ Diverse asset types securing the portfolio ◦ No past dues, NPLs, or losses since inception in 2019 ◦ 100% pass-rated portfolio Asset-Backed Finance Portfolio Portfolio Characteristics Credit Quality Metrics % Non-Performing Loans 0.00% QTD Net Charge-Offs 0.00% 30+ Days Past Due 0.00% 90+ Days Past Due 0.00% Distribution of Asset Types 33% 23% 11% 11% 6% 6% 4% 6% Middle Market Loans Legal/Litigation-Related BSL, Other Corporate Risk Cons./Comm. Spec. Finance Assets Small Business Loans Consumer Receivables Insurance Receivables Other Note: Asset-Backed Finance refers to a line-of-business (Structured Finance) comprised of lender finance and other asset-backed finance receivables

 
23 Commercial Real Estate Loan Portfolio Composition of 3Q24 CRE Portfolio Total CRE Portfolio $12.2 billion Investment Properties Land, Development and Residential Properties Portfolio Characteristics                (as of September 30, 2024) Office Building Multi-family Shopping Centers Hotels Other Investment Properties Warehouse Residential Properties(1) Development & Land Balance (in millions) $1,779 $4,379 $1,260 $1,738 $1,353 $837 $528 $303 Weighted Average LTV(2) 54.8% 52.2% 52.4% 56.0% 53.4% 51.3% NA NA NPL Ratio 4.40% 0.04% 0.04% 0.00% 0.12% 0.02% 0.54% 0.56% Net Charge-off Ratio (annualized) 1.24% 0.00% 0.00% 0.00% 0.05% 0.00% (0.20)% 0.00% 30+ Days Past Due Ratio 0.14% 0.00% 0.00% 0.00% 0.05% 0.05% 0.19% 0.33% 90+ Days Past Due Ratio 0.00% 0.00% 0.00% 0.00% 0.05% 0.00% 0.03% 0.00% Investment Properties portfolio represent 93% of total CRE portfolio ◦ The portfolio is well diversified among property types CRE Credit Quality ◦ 0.71% NPL Ratio ◦ 0.18% Net Charge-Off Ratio (annualized) ◦ 0.04% 30+ Day Past Due Ratio ◦ 0.01% 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 the 9/30/24 commitment amount and any senior lien by the most recent appraisal (typically at origination) 36.0% 14.6% 14.3% 11.1% 10.4% 6.9% 2.8% 2.5% 1.6% Multi-Family Office Building Hotels Other Investment Properties Shopping Center Warehouses 1-4 Family Perm/Mini-Perm Land Acquisition & Dev. 1-4 Family Construction

 
24 46% 21% 22% 11% Basic Suburban CBD/Core MOB Suburban LDD $256 $233 $231 $182 $142 $73 $72 $59 $53 $44 Atlanta, GA Charleston, SC Miami-Ft. Lauderdale Charlotte, NC Tampa, FL Jacksonville, FL Orlando, FL Birmingham, AL Virginia Beach, VA St. Louis, MO-IL 63% 31% 6% Class A Class B Class C 51% 6% 43% Low-Rise Mid-Rise High-Rise 20% 80% Medical Office Non-Medical Office Collateral Type Property Subtype Asset Class Location Segment $113 $116 $86 $156 $26 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Top 10 MSAs by Note Current Balance + Unfunded Commitment, with Weighted Average LTV 54.8%(1) ($ in millions) $1.85 Billion Note Current Balance of $1.78B + Unfunded Commitment of $72MM 4.40% NPL Ratio 1.24% 3Q24 NCO Ratio 54.8% Weighted Average LTV 0.00% 90 DPD Ratio Office Loan Portfolio (at September 30, 2024) 231 # Loans 257 # Properties Note: Key metrics above represent loans > $1 million and include total commitments, except for portfolio balance, unfunded commitment, and credit ratios; MOB = Medical Office Building; Sub LDD = Suburban Large Demand; (1) LTV calculated by dividing the 9/30/24 commitment amount and any senior lien by the most recent appraisal (typically at origination) ($ in millions) 56.2% 59.0% 55.6% 55.8% 50.3% 63.5% 49.1% 53.5% 51.9% 71.9% Maturity 28% Matures in 2025 $6.5 Million Average Loan Size

 
25 35% 23% 42% Construction Lease-Up Stabilized $466 $460 $447 $394 $229 $209 $209 $168 $164 $152 Orlando, FL Miami-Ft. Lauderdale Atlanta Tampa, FL Charlotte, NC Jacksonville, FL Nashville, TN Greenville, SC Huntsville, AL Columbus, GA 86% 11% 3% Class A Class B Class C 6% 44% 48% 2% Build-to-Rent Garden Mid-Rise High-Rise 81% 9% 10% Multifamily Student Housing Low-Income Housing Tax Credit Collateral Type Property Subtype Asset Class Project Status Maturity 40% Matures in 2025 $356 $501 $573 $429 $651 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Multi-Family Loan Portfolio (at September 30, 2024) Top 10 MSAs by Note Current Balance + Unfunded Commitment, with Weighted Average LTV 52.2%(1) ($ in millions) Note: Key metrics above represent loans > $1 million and include total commitments, except for portfolio balance, unfunded commitment, and credit ratios; (1) LTV calculated by dividing the 9/30/24 commitment amount and any senior lien by the most recent appraisal (typically at origination) ($ in millions) 51.7% 52.8% 46.6% 51.3% 52.2% 50.9% 44.1% 47.8% 52.3% 48.1% $5.23 Billion Note Current Balance of $4.38B + Unfunded Commitment of $855MM 0.04% NPL Ratio 0.00% 3Q24 NCO Ratio 0.00% 90 DPD Ratio 247 # Loans 254 # Properties 52.2% Weighted Average LTV $20.3 Million Average Loan Size

 
26 Credit Indicator 3Q24 NPL Ratio 0.85% Net Charge-off Ratio (annualized) 0.25% 30+ Days Past Due Ratio 0.41% 90+ Days Past Due Ratio 0.02% Total Consumer Portfolio $8.3 billion Credit Indicator Home Equity Mortgage Weighted Average Credit Score of 3Q24 Originations 790 773 Weighted Average Credit Score of Total Portfolio 796 783 Weighted Average LTV(1) 72.5% 69.6% Average DTI(2) 34.9% 29.6% Utilization Rate 38.4% N/A 64.3% 21.9% 7.4% 4.3% 2.2% Consumer Mortgage Home Equity Third-Party HFI Other Consumer Credit Card Amounts may not total due to rounding; (1) LTV calculated by dividing the 9/30/24 commitment amount and any senior lien by the most recent appraisal (typically at origination); (2) Average DTI of 3Q24 originations Consumer Credit Quality • ~86% of Consumer portfolio is backed by residential real estate • Other Consumer includes secured and unsecured products • Average consumer card utilization rate is 22.5% • Third party HFI portfolio of $623 million Consumer Loan Portfolio

 
27 $4,100 $3,350 $3,350 $3,350 $2,850 $2,600 $2,100 $2,100 $1,600 $250 $500 $500 $500 $500 $500 $500 2.37% 2.68% 2.78% 2.98% 3.16% 3.38% 3.60% 3.60% 3.59% Notional Forward Starting Effective Rate 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 62% 62% 62% 62% 63% 38% 38% 38% 38% 37% 6.34% 6.45% 6.49% 6.59% 6.59% Floating Rate Fixed Rate Yield 3Q23 4Q23 1Q24 2Q24 3Q24 Note: Amounts may not total due to rounding; (1) Represents projected notional outstanding for effective cash-flow loan hedges, along with the estimated effective fixed-rate at the end of the respective period; (2) NII sensitivity estimates reflect a dynamic balance sheet; beta sensitivity estimates represent approximations, based on total deposit cost betas Derivative Hedge Portfolio(1)Loan Portfolio Rate Mix and Yield Earning Assets Composition ($ in millions) 12-Month Net Interest Income Sensitivity: Rates & Betas(2) Parallel Shock % NII Impact +100bps 1.6% -100bps (1.6)% +100 Shock % NII Impact ~35 Beta 4.3% ~45 Beta 1.6% ~55 Beta (1.2)%

 
28 Securities Portfolio $11,175 $11,091 $11,153 $10,240 $10,449 $2,668 $2,623 2.20% 2.33% 2.58% 3.04% 3.36% AFS HTM Yield 3Q23 4Q23 1Q24 2Q24 3Q24 Securities Portfolio(1) ($ in millions) Securities & Cash Flow Hedges: Estimated Unrealized Loss in AOCI (After-Tax)(2) ($ in billions) $0.8 $0.6 $0.5 $0.2 $0.2 $0.1 $0.5 $0.4 $0.4 AFS AOCI HTM AOCI Swap AOCI 3Q24 3Q25E 3Q26E Note: Amounts may not total due to rounding; (1) Amortized cost; decline of approx. -$700MM in 2Q24 due to transfer cost associated with HTM reclassification on 4/1/24 (2) AOCI unrealized loss projections are based on the forward interest rate curve as of 9/30/24 and incorporate various assumptions, including those related to prepayments and tax rates Securities Portfolio Composition Agency MBS (AFS) 37% Agency CMO (AFS) 6% Agency CMBS (AFS) 20% US Treasury (AFS) 11% Other (AFS) 0% Agency MBS (HTM) 26%

 
29 2Q24 3Q24 ($ in millions; rates annualized) Avg. Balance Avg. Rate Avg. Balance Avg. Rate Non-interest-bearing $12,099 N/A $11,666 N/A Interest-bearing non-maturity (NMD) $24,443 2.77% $24,901 2.82% Time $8,383 4.48% $8,438 4.39% Brokered $5,483 5.42% $5,476 5.49% Total interest-bearing $38,309 3.53% $38,815 3.54% Total deposits $50,408 2.68% $50,481 2.72% Total Average Deposit Costs

 
30 3Q23 4Q23 1Q24 2Q24 3Q24 Financial Performance Diluted EPS $0.60 $0.41 $0.78 $(0.16) $1.18 Net interest margin 3.11% 3.11% 3.04% 3.20% 3.22% Efficiency ratio-TE 64.11% 72.03% 59.87% 98.15% 55.41% Adjusted tangible efficiency ratio(1) 55.01% 61.97% 58.88% 53.05% 52.97% ROAA(2) 0.6% 0.5% 0.8% (0.1)% 1.2% Adjusted ROAA(1)(2) 0.9% 0.8% 0.9% 1.2% 1.3% Balance Sheet QoQ Growth Total loans (2)% (1)% —% —% —% Total deposits —% 1% —% (1)% —% Credit Quality NPA ratio 0.64% 0.66% 0.86% 0.60% 0.73% NCO ratio(2) 0.61% 0.38% 0.41% 0.32% 0.25% Capital Common shares outstanding(3) 146,205 146,705 146,418 144,150 141,997 Leverage ratio 9.38% 9.49% 9.62% 9.44% 9.55% Tangible common equity ratio(1) 5.90% 6.84% 6.67% 6.76% 7.28% Amounts may not total due to rounding; (1) Non-GAAP financial measure; see applicable reconciliation; (2) Annualized; (3) In thousands; (4) Preliminary (4) Quarterly Highlights Trend

 
31 ($ and shares in thousands, except per share data) 3Q23 2Q24 3Q24 Net income (loss) available to common shareholders $87,423 $(23,741) $169,628 Investment securities losses (gains), net — 256,660 — Loss (gain) on other loans held for sale 30,954 — — Restructuring charges (reversals) 17,319 (658) 1,219 Gain on sale of GLOBALT (1,929) — — (Gain) loss on early extinguishment of debt (526) — — Valuation adjustment to Visa derivative 900 — 8,700 Tax effect of adjustments(1) (11,371) (62,644) (2,427) Adjusted net income available to common shareholders $122,770 $169,617 $177,120 Weighted average common shares outstanding, diluted 146,740 145,565 143,979 Net income (loss) per common share, diluted $0.60 $(0.16) $1.18 Adjusted net income per common share, diluted $0.84 $1.16 $1.23 Amounts may not total due to rounding; (1) An assumed marginal tax rate of 24.3% for 3Q23 and 24.5% for 2Q24 and 3Q24 was applied; (2) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted EPS Non-GAAP Financial Measures (2)

 
32 ($ in thousands) 3Q23 4Q23 1Q24 2Q24 3Q24 Net income (loss) $96,465 $69,573 $124,070 $(14,680) $180,684 Loss (gain) on other loans held for sale 30,954 — — — — Restructuring charges (reversals) 17,319 1,231 1,524 (658) 1,219 Gain on sale of GLOBALT (1,929) — — — — Valuation adjustment to Visa derivative 900 — — — 8,700 Gain (loss) on early extinguishment of debt (526) (4,497) — — — Investment securities losses (gains), net — 77,748 — 256,660 — Tax effect of adjustments(1) (11,371) (18,226) (373) (62,644) (2,427) Adjusted net income $131,812 $125,829 $125,221 $178,678 $188,176 Net income (loss) annualized $382,714 $276,023 $499,007 $(59,043) $718,808 Adjusted net income annualized $522,950 $499,213 $503,636 $718,639 $748,613 Total average assets $59,916,679 $59,164,065 $59,022,231 $59,246,849 $59,183,624 Return on average assets (annualized) 0.6% 0.5% 0.8% (0.1)% 1.2% Adjusted return on average assets (annualized) 0.9% 0.8% 0.9% 1.2% 1.3% Amounts may not total due to rounding; (1) An assumed marginal tax rate of 24.3% for 3Q23 and 24.5% for 4Q23, 1Q24, 2Q24, and 3Q24 was applied Non-GAAP Financial Measures, Continued

 
33 ($ in thousands) 3Q23 2Q24 3Q24 Net income (loss) available to common shareholders $87,423 $(23,741) $169,628 Loss (gain) on other loans held for sale 30,954 — — Restructuring charges (reversals) 17,319 (658) 1,219 Valuation adjustment to Visa derivative 900 — 8,700 Gain (loss) on early extinguishment of debt (526) — — Investment securities losses (gains), net — 256,660 — Tax effect of adjustments(1) (11,371) (62,644) (2,427) Adjusted net income available to common shareholders $122,770 $169,617 $177,120 Adjusted net income available to common shareholders annualized $487,077 $682,196 $704,630 Amortization of intangibles, tax effected, annualized 9,131 8,831 8,735 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $496,208 $691,027 $713,365 Net income (loss) available to common shareholders annualized $346,841 $(95,486) $674,824 Amortization of intangibles, tax effected, annualized 9,131 8,831 8,735 Net income (loss) available to common shareholders excluding amortization of intangibles annualized $355,972 $(86,655) $683,559 Total average Synovus Financial Corp. shareholders' equity less preferred stock $4,223,422 $4,455,198 $4,692,722 Average goodwill (476,408) (480,902) (480,440) Average other intangible assets, net (59,016) (41,547) (38,793) Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock $3,687,998 $3,932,749 $4,173,489 Return on average common equity (annualized) 8.2% (2.1)% 14.4% Adjusted return on average common equity (annualized) 11.5% 15.3% 15.0% Return on average tangible common equity (annualized) 9.7% (2.2)% 16.4% Adjusted return on average tangible common equity (annualized) 13.5% 17.6% 17.1% Non-GAAP Financial Measures, Continued Amounts may not total due to rounding; (1) An assumed marginal tax rate of 24.3% for 3Q23 and 24.5% for 2Q24 and 3Q24 was applied

 
34 Non-GAAP Financial Measures, Continued ($ in thousands) 3Q23 4Q23 1Q24 2Q24 3Q24 Total non-interest revenue $107,139 $51,468 $118,888 $(128,851) $123,980 Gain on sale of GLOBALT (1,929) — — — — Investment securities (gains) losses, net — 77,748 — 256,660 — Fair value adjustment on non-qualified deferred compensation 1,035 (3,053) (2,299) (561) (2,062) Adjusted non-interest revenue $106,245 $126,163 $116,589 $127,248 $121,918 Total non-interest expense $353,532 $352,858 $322,741 $301,801 $313,690 Loss on other loans held for sale (30,954) — — — — Restructuring (charges) reversals (17,319) (1,231) (1,524) 658 (1,219) Fair value adjustment on non-qualified deferred compensation 1,035 (3,053) (2,299) (561) (2,062) Valuation adjustment to Visa derivative (900) — — — (8,700) Gain (loss) on early extinguishment of debt 526 4,497 — — — Adjusted non-interest expense $305,920 $353,071 $318,918 $301,898 $301,709 Amounts may not total due to rounding

 
35 Non-GAAP Financial Measures, Continued ($ and shares in thousands) 2019 2020 2021 2022 2023 LTM (3Q23-2Q24)* Total non-interest revenue $355,900 $506,513 $450,066 $409,336 $404,010 $148,644 Gain on sale and increase in fair value of private equity investments, net (11,607) (4,775) — — — — Recovery of NPA — — — — (13,126) — Gain on sale of GLOBALT — — — — (1,929) (1,929) Investment securities (gains) losses, net 7,659 (78,931) 799 — 76,718 334,408 Fair value adjustment on non-qualified deferred compensation (2,797) (2,310) (2,816) 4,054 (4,987) (4,878) Adjusted non-interest revenue $349,155 $420,497 $448,049 $413,390 $460,686 $476,245 Weighted average common shares outstanding, diluted 156,058 148,210 148,495 146,481 146,734 146,576 Total non-interest revenue per diluted common share 228% 342% 303% 279% 275% 101% Adjusted non-interest revenue per diluted common share 224% 284% 302% 282% 314% 325% Non-interest revenue CAGR (Compound Annual Growth Rate) growth per share (2019-LTM) (17)% Adjusted non-interest revenue CAGR growth per share (2019- LTM) 9% Amounts may not total due to rounding; * - for detail on LTM individual quarter components (3Q23-2Q24) related to non-interest revenue and adjusted non-interest revenue, see slide 34. For weighted average common shares outstanding, diluted, an average was taken of the LTM 3Q23-2Q24 quarters. Weighed average common shares outstanding, diluted were as follows (in thousands): 3Q23 146,740; 4Q23 146,877; 1Q24 147,122; 2Q24 145,565

 
36 ($ in thousands) 3Q23 4Q23 1Q24 2Q24 3Q24 Adjusted non-interest expense $305,920 $353,071 $318,918 $301,898 $301,709 Amortization of intangibles (3,042) (3,168) (2,907) (2,907) (2,907) Adjusted tangible non-interest expense $302,878 $349,903 $316,011 $298,991 $298,802 Net interest income $443,159 $437,214 $418,846 $434,998 $440,740 Total non-interest revenue 107,139 51,468 118,888 (128,851) 123,980 Total revenue 550,298 488,682 537,734 306,147 564,720 Net interest income $443,159 $437,214 $418,846 $434,998 $440,740 Tax equivalent adjustment 1,148 1,216 1,310 1,351 1,393 Net interest income (TE) $444,307 $438,430 $420,156 $436,349 $442,133 Total non-interest revenue 107,139 51,468 118,888 (128,851) 123,980 Total revenue (TE) 551,446 489,898 539,044 307,498 566,113 Investment securities losses (gains), net — 77,748 — 256,660 — Gain on sale of GLOBALT (1,929) — — — — Fair value adjustment on non-qualified deferred compensation 1,035 (3,053) (2,299) (561) (2,062) Adjusted revenue (TE) $550,552 $564,593 $536,745 $563,597 $564,051 Efficiency ratio-TE 64.11% 72.03% 59.87% 98.15% 55.41% Adjusted tangible efficiency ratio 55.01% 61.97% 58.88% 53.05% 52.97% Non-GAAP Financial Measures, Continued Amounts may not total due to rounding

 
37 Non-GAAP Financial Measures, Continued Amounts may not total due to rounding ($ in thousands) 3Q23 2Q24 3Q24 Net interest income $443,159 $434,998 $440,740 Total non-interest revenue 107,139 (128,851) 123,980 Total non-interest expense (353,532) (301,801) (313,690) Pre-provision net revenue (PPNR) $196,766 $4,346 $251,030 Net interest income $443,159 $434,998 $440,740 Total non-interest revenue 107,139 (128,851) 123,980 Total revenue $550,298 $306,147 $564,720 Tax equivalent adjustment 1,148 1,351 1,393 Total revenue (TE) 551,446 307,498 566,113 Gain on sale of GLOBALT (1,929) — — Investment securities losses (gains), net — 256,660 — Fair value adjustment on non-qualified deferred compensation 1,035 (561) (2,062) Adjusted revenue (TE) $550,552 $563,597 $564,051 Total non-interest expense $353,532 $301,801 $313,690 Loss on other loans held for sale (30,954) — — Restructuring (charges) reversals (17,319) 658 (1,219) Fair value adjustment on non-qualified deferred compensation 1,035 (561) (2,062) Valuation adjustment to Visa derivative (900) — (8,700) Gain (loss) on early extinguishment of debt 526 — — Adjusted non-interest expense $305,920 $301,898 $301,709 Adjusted revenue (TE) $550,552 $563,597 $564,051 Adjusted non-interest expense (305,920) (301,898) (301,709) Adjusted PPNR $244,632 $261,699 $262,342 Non-G P Financial Mea ures, Continued

 
38 ($ in thousands) 3Q23 4Q23 1Q24 2Q24 3Q24 Total assets $59,342,930 $59,809,534 $59,835,120 $59,606,343 $59,589,628 Goodwill (479,851) (480,440) (480,440) (480,440) (480,440) Other intangible assets, net (49,096) (45,928) (43,021) (40,114) (37,207) Tangible assets $58,813,983 $59,283,166 $59,311,659 $59,085,789 $59,071,981 Total Synovus Financial Corp. shareholders’ equity $4,536,958 $5,119,993 $5,017,918 $5,053,606 $5,355,976 Goodwill (479,851) (480,440) (480,440) (480,440) (480,440) Other intangible assets, net (49,096) (45,928) (43,021) (40,114) (37,207) Preferred Stock, no par value (537,145) (537,145) (537,145) (537,145) (537,145) Tangible common equity $3,470,866 $4,056,480 $3,957,312 $3,995,907 $4,301,184 Total Synovus Financial Corp. shareholders’ equity to total assets ratio 7.65% 8.56% 8.39% 8.48% 8.99% Tangible common equity ratio 5.90% 6.84% 6.67% 6.76% 7.28% Non-GAAP Financial Measures, Continued Amounts may not total due to rounding