Synovus announces earnings for third quarter 2024

Business Wire

Wed, Oct 16, 2024, 4:37 PM7 min read

In this article:

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., October 16, 2024--(BUSINESS WIRE)--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

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
		2024			2023		% 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
		Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter		% 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241016977149/en/

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Synovus announces earnings for third quarter 2024