Synovus announces earnings for the fourth quarter 2023

Diluted earnings per share of $0.41 vs. $1.35 in 4Q22

Adjusted diluted earnings per share of $0.80 vs. $1.35 in 4Q22

$51 million FDIC special assessment reduced 4Q23 reported and adjusted EPS by $0.26

COLUMBUS, Ga.--(BUSINESS WIRE)--Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended Dec. 31, 2023. “Synovus' 2023 financial performance is a testament to our resilience and the strength of our business model,” said Synovus Chairman, CEO and President Kevin Blair. “Amid a challenging economic landscape in 2023, we broadened client relationships, further diversified our business mix, streamlined expenses and took strategic actions to optimize the balance sheet. Our strong banking footprint and ongoing investments in talent, capabilities, functionalities and new revenue sources fuel the bank’s path to solid growth. We persist in bolstering our core deposit generation, enriching lending diversification, enhancing expense efficiency and delivering world-class client service. As we execute our plan, we're confident momentum will build throughout 2024 and beyond for Synovus.”

2023 Highlights

• Net income available to common shareholders for 2023 was $507.8 million, or $3.46 per diluted share, compared to $724.7 million, or $4.95 per diluted share in 2022. Adjusted EPS for 2023 was $4.12 per diluted share compared to $4.93 per diluted share in 2022.
• The $51 million FDIC special assessment incurred during the fourth quarter 2023 reduced reported and adjusted EPS by $0.26.
• Pre-provision net revenue was $885.2 million in 2023 compared to $1.05 billion in 2022.
• Net interest income was $1.82 billion in 2023, up from $1.80 billion in the prior year, largely attributable to average loan growth and higher earning asset yields, which combined to more than offset rising funding costs.
• During 2023, Synovus sold $422 million in third-party consumer loans and $1.2 billion in medical office building loans with the proceeds used to pay down wholesale borrowings.
• Period-end loans declined $311.9 million, or 1%, in 2023 as commercial and industrial growth was more than offset by declines in commercial real estate and consumer loans.
• Period-end deposits increased $1.87 billion, or 4%, primarily driven by growth in time deposits and interest-bearing demand deposits, partially offset by a decline in non-interest-bearing deposits. Brokered deposits increased $744.0 million, or 14%, in 2023.
• During the fourth quarter 2023, Synovus repositioned its securities portfolio by selling $1.3 billion of bonds, which resulted in securities losses of $78 million. The proceeds have been reinvested in other high-quality liquid assets with better yields, which should augment 2024 net interest income by an estimated $28 million.
• Non-interest revenue was $404.0 million, down 1% from 2022. Adjusted non-interest revenue of $460.7 million grew 11% in 2023, primarily attributable to fee income related to treasury and payment solutions, capital markets and wealth management, as well as fees from banking as a service.
• Non-interest expense was $1.34 billion, up 15%, and adjusted non-interest expense increased 9% year over year in 2023 to $1.26 billion, but was significantly impacted by the $51 million FDIC special assessment.
• Credit quality remains healthy. Net charge-offs were 0.35% of average loans or 0.28%, excluding the loan sales in the third quarter, compared to 0.13% in 2022. The provision for credit losses was $189.1 million in 2023 compared to a provision of $84.6 million for the prior year. The allowance for credit losses ended the year at 1.24% compared to 1.15% at the end of 2022.
• The preliminary year-end CET1 ratio increased 59 basis points year over year to 10.22%, which is within our target operating range of 10.00% to 10.50%.

Fourth Quarter 2023 Highlights

• Net income available to common shareholders was $60.6 million, or $0.41 per diluted share, down $0.19 sequentially and down $0.94 compared to the fourth quarter 2022.
• The $51 million FDIC special assessment impacted fourth quarter 2023 reported and adjusted EPS by $0.26.
• Pre-provision net revenue of $135.8 million declined $60.9 million, or 31%, sequentially and was down $159.0 million, or 54%, compared to the fourth quarter 2022.
• Net interest income declined $5.9 million, or 1%, compared to the prior quarter and was down $64.1 million, or 13%, compared to the fourth quarter 2022, primarily attributable to a decline in average earnings assets and higher funding costs. Net interest margin was 3.11%, which was stable from the third quarter supported by rising asset yields, lower than expected core interest-bearing deposit cost and a decline in borrowings.
• Period-end loans declined $275.4 million, or 1%, from the third quarter as core commercial lending growth was more than offset by softer overall loan production, higher loan paydowns and strategic declines in certain loan categories such as non-relationship syndicated lending and third-party consumer lending.
• Core deposits increased $714.1 million, or 2%, sequentially. Total deposits ended the quarter at $50.74 billion, an increase of $535.3 million, or 1%, sequentially as a result of the focus on deposit production and seasonally higher commercial deposits and public funds.
• Total deposit costs increased 19 basis points from the third quarter 2023 to 2.50%. The bank's total deposit beta cycle to date through the fourth quarter 2023 has been 45%.
• Non-interest revenue of $51.5 million declined $55.7 million, or 52.0%, sequentially and decreased $51.0 million, or 50%, compared to the fourth quarter 2022. Non-interest revenue was impacted by $78 million in securities losses. Adjusted non-interest revenue of $126.2 million rose $19.9 million, or 19%, sequentially and increased $25.3 million, or 25%, compared to the fourth quarter 2022. The growth was primarily attributable to higher GreenSky income as well as stronger treasury and payment solutions and non-GLOBALT wealth management fees.
• On a sequential quarter basis, non-interest expense of $352.9 million was flat while adjusted non-interest expense increased 15% to $353.1 million, and compared to the prior year, non-interest expense and adjusted non-interest expense were up 14% and 15%, respectively. All comparisons were significantly impacted by the $51 million FDIC special assessment. Headcount declined 2% sequentially and 5% year over year.
• Credit quality ratios remain healthy. The non-performing loan and asset ratios were slightly higher at 0.66% and 0.66%, respectively; the net charge-off ratio for the quarter was 0.38%, and total past dues were 0.14% of total loans outstanding.
• Provision for credit losses of $45.5 million declined $27.1 million sequentially and compares to $72.6 million in the third quarter of 2023.
• The allowance for credit losses ratio (to loans) of 1.24% was up 2 basis points sequentially and up 9 basis points compared to the prior year. The quarter over quarter increase primarily reflects loan performance during the fourth quarter.
• The preliminary CET1 ratio rose sequentially to 10.22% as core earnings accretion more than offset the impact of the $51 million FDIC special assessment and $78 million in securities losses during the fourth quarter.

Fourth Quarter 2023 Summary

	Reported									Adjusted
(dollars in thousands)		4Q23			3Q23			4Q22			4Q23			3Q23			4Q22
Net income available to common shareholders	$	60,645		$	87,423		$	197,479		$	116,901		$	122,770		$	197,576
Diluted earnings per share		0.41			0.60			1.35			0.80			0.84			1.35
Total revenue		488,682			550,298			603,785			564,593			550,552			603,359
Total loans		43,404,490			43,679,910			43,716,353			N/A			N/A			N/A
Total deposits		50,739,185			50,203,890			48,871,559			N/A			N/A			N/A
Return on avg assets		0.47	%		0.64	%		1.38	%		0.84	%		0.87	%		1.39	%
Return on avg common equity		5.9			8.2			20.9			11.3			11.5			20.9
Return on avg tangible common equity		7.0			9.7			24.2			13.3			13.5			24.2
Net interest margin		3.11	%		3.11	%		3.56	%		N/A			N/A			N/A
Efficiency ratio-TE^(1)(2)		72.03			64.11			51.08			61.97			55.01			50.58
NCO ratio-QTD		0.38			0.61			0.12			N/A			N/A			N/A
NPA ratio		0.66			0.64			0.33			N/A			N/A			N/A
^(1)Taxable equivalent ^(2)Adjusted tangible efficiency ratio

Balance Sheet

Loans^*
(dollars in millions)		4Q23		3Q23	Linked Quarter Change			Linked Quarter % Change			4Q22	Year/Year Change			Year/Year % Change
Commercial & industrial	$	22,598.5	$	22,781.0	$	(182.5	)	(1	)%	$	22,066.7	$	531.8		2	%
Commercial real estate		12,316.8		12,394.9		(78.1	)	(1	)		12,650.3		(333.6	)	(3	)
Consumer		8,489.2		8,504.1		(14.9	)	—			8,999.4		(510.1	)	(6	)
Total loans	$	43,404.5	$	43,679.9	$	(275.4	)	(1	)%	$	43,716.4	$	(311.9	)	(1	)%
^*Amounts may not total due to rounding

Deposits^*
(dollars in millions)		4Q23		3Q23	Linked Quarter Change			Linked Quarter % Change			4Q22	Year/Year Change			Year/Year % Change
Non-interest-bearing DDA	$	11,801.2	$	12,395.1	$	(593.9	)	(5)%		$	14,574.5	$	(2,773.3	)	(19	)%
Interest-bearing DDA		6,541.0		6,276.1		264.9		4			5,761.4		779.6		14
Money market		10,819.7		10,786.3		33.5		—			12,480.7		(1,661.0	)	(13	)
Savings		1,062.6		1,132.5		(69.9	)	(6	)		1,396.4		(333.8	)	(24	)
Public funds		7,349.5		6,885.7		463.8		7			6,635.6		714.0		11
Time deposits		7,122.2		6,506.4		615.8		9			2,724.1		4,398.1		161
Brokered deposits		6,043.0		6,221.8		(178.8	)	(3	)		5,299.0		744.0		14
Total deposits	$	50,739.2	$	50,203.9	$	535.3		1	%	$	48,871.6	$	1,867.6		4	%
^*Amounts may not total due to rounding

Income Statement Summary^*
(in thousands, except per share data)		4Q23			3Q23		Linked Quarter Change			Linked Quarter % Change			4Q22		Year/Year Change			Year/Year % Change
Net interest income	$	437,214		$	443,159		$	(5,945	)	(1	)%	$	501,346		$	(64,132	)	(13	)%
Non-interest revenue		51,468			107,139			(55,671	)	(52	)		102,439			(50,971	)	(50	)
Non-interest expense		352,858			353,532			(674	)	—			308,996			43,862		14
Provision for (reversal of) credit losses		45,472			72,572			(27,100	)	(37	)		34,884			10,588		30
Income before taxes	$	90,352		$	124,194		$	(33,842	)	(27	)%	$	259,905		$	(169,553	)	(65	)%
Income tax expense		20,779			27,729			(6,950	)	(25	)		54,135			(33,356	)	(62	)
Net income		69,573			96,465			(26,892	)	(28	)		205,770			(136,197	)	(66	)
Less: Net income (loss) attributable to noncontrolling interest		(768	)		(630	)		(138	)	22			—			(768	)	nm
Net income attributable to Synovus Financial Corp.		70,341			97,095			(26,754	)	(28	)		205,770			(135,429	)	(66	)
Less: Preferred stock dividends		9,696			9,672			24		—			8,291			1,405		17
Net income available to common shareholders	$	60,645		$	87,423		$	(26,778	)	(31	)%	$	197,479		$	(136,834	)	(69	)%
Weighted average common shares outstanding, diluted		146,877			146,740			137		—			146,528			349		—
Diluted earnings per share	$	0.41		$	0.60		$	(0.19	)	(32	)%	$	1.35		$	(0.94	)	(70	)%
Adjusted diluted earnings per share	$	0.80		$	0.84		$	(0.04	)	(5	)	$	1.35		$	(0.55	)	(41	) %
Effective tax rate		23.00	%		22.33	%							20.83	%
^*Amounts may not total due to rounding

Capital Ratios
	4Q23			3Q23		4Q22
Common equity Tier 1 capital (CET1) ratio	10.22	%	*	10.13	%	9.63	%
Tier 1 capital ratio	11.28		*	11.18		10.68
Total risk-based capital ratio	13.07		*	13.12		12.54
Tier 1 leverage ratio	9.49		*	9.38		9.07
Tangible common equity ratio	6.84			5.90		5.84
^*Ratios are preliminary

Fourth Quarter 2023 Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on Jan. 18, 2024. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/events. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has 246 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on X, formerly known as Twitter, Facebook, LinkedIn and Instagram.

Forward-Looking Statements

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

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Non-GAAP Financial Measures

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

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

Reconciliation of Non-GAAP Financial Measures
(in thousands, except per share data)		4Q23			3Q23			4Q22			2023			2022
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	60,645		$	87,423		$	197,479		$	507,755		$	724,739
(Gain) on sale of GLOBALT		—			(1,929	)		—			(1,929	)		—
Restructuring charges (reversals)		1,231			17,319			(2,372	)		17,707			(9,690	)
Valuation adjustment to Visa derivative		—			900			2,500			3,927			6,000
(Gain) loss on early extinguishment of debt		(4,497	)		(526	)		—			(5,400	)		677
Recovery of NPA		—			—			—			(13,126	)		—
Loss on other loans held for sale		—			30,954			—			50,064			—
Investment securities (gains) losses, net		77,748			—			—			76,718			—
Tax effect of adjustments^(1)		(18,226	)		(11,371	)		(31	)		(31,312	)		733
Adjusted net income available to common shareholders	$	116,901		$	122,770		$	197,576		$	604,404		$	722,459
Weighted average common shares outstanding, diluted		146,877			146,740			146,528			146,734			146,481
Net income per common share, diluted	$	0.41		$	0.60		$	1.35		$	3.46		$	4.95
Adjusted net income per common share, diluted		0.80			0.84			1.35			4.12			4.93
^(1) An assumed marginal tax rate of 24.5% for 4Q23 and 2023 and 24.3% for 3Q23, 4Q22, and 2022 was applied.

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)		4Q23			3Q23			4Q22			2023			2022
Adjusted non-interest revenue
Total non-interest revenue	$	51,468		$	107,139		$	102,439		$	404,010		$	409,336
(Gain) on sale of GLOBALT		—			(1,929	)		—			(1,929	)		—
Recovery of NPA		—			—			—			(13,126	)		—
Investment securities (gains) losses, net		77,748			—			—			76,718			—
Fair value adjustment on non-qualified deferred compensation		(3,053	)		1,035			(1,557	)		(4,987	)		4,054
Adjusted non-interest revenue	$	126,163		$	106,245		$	100,882		$	460,686		$	413,390
Adjusted non-interest expense
Total non-interest expense	$	352,858		$	353,532		$	308,996		$	1,335,424		$	1,157,506
(Loss) gain on other loans held for sale		—			(30,954	)		—			(50,064	)		—
Restructuring (charges) reversals		(1,231	)		(17,319	)		2,372			(17,707	)		9,690
Valuation adjustment to Visa derivative		—			(900	)		(2,500	)		(3,927	)		(6,000	)
Gain (loss) on early extinguishment of debt		4,497			526			—			5,400			(677	)
Fair value adjustment on non-qualified deferred compensation		(3,053	)		1,035			(1,557	)		(4,987	)		4,054
Adjusted non-interest expense	$	353,071		$	305,920		$	307,311		$	1,264,139		$	1,164,573

(dollars in thousands)		4Q23			3Q23			4Q22
Adjusted revenue and tangible efficiency ratio
Adjusted non-interest expense	$	353,071		$	305,920		$	307,311
Amortization of intangibles		(3,168	)		(3,042	)		(2,118	)
Adjusted tangible non-interest expense	$	349,903		$	302,878		$	305,193
Net interest income	$	437,214		$	443,159		$	501,346
Total non-interest revenue		51,468			107,139			102,439
Total revenue		488,682			550,298			603,785
Tax equivalent adjustment		1,216			1,148			1,131
Total TE revenue		489,898			551,446			604,916
(Gain) on sale of GLOBALT		—			(1,929	)		—
Recovery of NPA		—			—			—
Investment securities (gains) losses, net		77,748			—			—
Fair value adjustment on non-qualified deferred compensation		(3,053	)		1,035			(1,557	)
Adjusted revenue	$	564,593		$	550,552		$	603,359
Efficiency ratio-TE		72.03	%		64.11	%		51.08	%
Adjusted tangible efficiency ratio		61.97			55.01			50.58

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)		4Q23			3Q23			4Q22
Adjusted return on average assets (annualized)
Net income	$	69,573		$	96,465		$	205,770
Loss on other loans held for sale		—			30,954			—
Restructuring charges (reversals)		1,231			17,319			(2,372	)
(Gain) on sale of GLOBALT		—			(1,929	)		—
Valuation adjustment to Visa derivative		—			900			2,500
(Gain) on early extinguishment of debt		(4,497	)		(526	)		—
Investment securities (gains) losses, net		77,748			—			—
Tax effect of adjustments^(1)		(18,226	)		(11,371	)		(31	)
Adjusted net income	$	125,829		$	131,812		$	205,867
Net income annualized	$	276,023		$	382,714		$	816,370
Adjusted net income annualized	$	499,213		$	522,950		$	816,755
Total average assets	$	59,164,065		$	59,916,679		$	58,963,417
Return on average assets (annualized)		0.47	%		0.64	%		1.38	%
Adjusted return on average assets (annualized)		0.84			0.87			1.39
^(1) An assumed marginal tax rate of 24.5% for 4Q23 and 24.3% for both 3Q23 and 4Q22 was applied.

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)		4Q23			3Q23			4Q22
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders	$	60,645		$	87,423		$	197,479
Loss on other loans held for sale		—			30,954			—
Restructuring charges (reversals)		1,231			17,319			(2,372	)
(Gain) on sale of GLOBALT		—			(1,929	)		—
Valuation adjustment to Visa derivative		—			900			2,500
(Gain) on early extinguishment of debt		(4,497	)		(526	)		—
Subtract/add: Investment securities (gains) losses, net		77,748			—			—
Subtract/add: Tax effect of adjustments^(1)		(18,226	)		(11,371	)		(31	)
Adjusted net income available to common shareholders	$	116,901		$	122,770		$	197,576
Adjusted net income available to common shareholders annualized	$	463,792		$	487,077		$	783,861
Amortization of intangibles, tax effected, annualized		9,493			9,131			6,358
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	473,285		$	496,208		$	790,219
Net income available to common shareholders annualized	$	240,602		$	346,841		$	783,476
Amortization of intangibles, tax effected, annualized		9,493			9,131			6,358
Net income available to common shareholders excluding amortization of intangibles annualized	$	250,095		$	355,972		$	789,834
Total average Synovus Financial Corp. shareholders' equity less preferred stock	$	4,090,163		$	4,223,422		$	3,742,927
Average goodwill		(479,858	)		(476,408	)		(452,390	)
Average other intangible assets, net		(47,502	)		(59,016	)		(28,174	)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock	$	3,562,803		$	3,687,998		$	3,262,363
Return on average common equity (annualized)		5.9	%		8.2	%		20.9	%
Adjusted return on average common equity (annualized)		11.3			11.5			20.9
Return on average tangible common equity (annualized)		7.0			9.7			24.2
Adjusted return on average tangible common equity (annualized)		13.3			13.5			24.2
^(1) An assumed marginal tax rate of 24.5% for 4Q23 and 24.3% for both 3Q23 and 4Q22 was applied.

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,			September 30,			December 31,
(dollars in thousands)		2023			2023			2022
Tangible common equity ratio
Total assets	$	59,809,534		$	59,342,930		$	59,731,378
Goodwill		(480,440	)		(479,851	)		(452,390	)
Other intangible assets, net		(45,928	)		(49,096	)		(27,124	)
Tangible assets	$	59,283,166		$	58,813,983		$	59,251,864
Total Synovus Financial Corp. shareholders' equity	$	5,119,993		$	4,536,958		$	4,475,801
Goodwill		(480,440	)		(479,851	)		(452,390	)
Other intangible assets, net		(45,928	)		(49,096	)		(27,124	)
Preferred stock, no par value		(537,145	)		(537,145	)		(537,145	)
Tangible common equity	$	4,056,480		$	3,470,866		$	3,459,142
Total Synovus Financial Corp. shareholders’ equity to total assets ratio		8.56	%		7.65	%		7.49	%
Tangible common equity ratio		6.84			5.90			5.84

Synovus
	INCOME STATEMENT DATA
	(Unaudited)	Years Ended
	(Dollars in thousands, except per share data)	December 31,
			2023			2022		% Change
	Interest income	$	3,050,358		$	2,075,787		47	%
	Interest expense		1,233,703			278,887		342
	Net interest income		1,816,655			1,796,900		1
	Provision for (reversal of) credit losses		189,079			84,553		124
	Net interest income after provision for credit losses		1,627,576			1,712,347		(5	)
	Non-interest revenue:
	Service charges on deposit accounts		90,096			93,067		(3	)
	Fiduciary and asset management fees		78,077			78,414		—
	Card fees		72,357			61,833		17
	Brokerage revenue		83,431			67,034		24
	Mortgage banking income		15,157			17,476		(13	)
	Capital markets income		32,181			26,702		21
	Income from bank-owned life insurance		31,429			29,720		6
	Investment securities gains (losses), net		(76,718	)		—		nm
	Recovery of NPA		13,126			—		nm
	Other non-interest revenue		64,874			35,090		85
	Total non-interest revenue		404,010			409,336		(1	)
	Non-interest expense:
	Salaries and other personnel expense		728,378			681,710		7
	Net occupancy, equipment, and software expense		179,581			174,730		3
	Third-party processing and other services		86,649			88,617		(2	)
	Professional fees		39,854			37,189		7
	FDIC insurance and other regulatory fees		94,737			29,083		226
	Restructuring charges (reversals)		17,707			(9,690	)	(283	)
	Loss on other loans held for sale		50,064			—		nm
	Other operating expenses		138,454			155,867		(11	)
	Total non-interest expense		1,335,424			1,157,506		15
	Income before income taxes		696,162			964,177		(28	)
	Income tax expense		154,021			206,275		(25	)
	Net income		542,141			757,902		(28	)
	Less: Net income (loss) attributable to noncontrolling interest		(1,564	)		—		nm
	Net income attributable to Synovus Financial Corp.		543,705			757,902		(28	)
	Less: Preferred stock dividends		35,950			33,163		8
	Net income available to common shareholders	$	507,755		$	724,739		(30	)%
	Net income per common share, basic		3.48			4.99		(30	)%
	Net income per common share, diluted		3.46			4.95		(30	)
	Cash dividends declared per common share		1.52			1.36		12
	Return on average assets		0.90	%		1.32	%	(42)	bps
	Return on average common equity		12.17			17.41		(524	)
	Weighted average common shares outstanding, basic		146,115			145,364		1	%
	Weighted average common shares outstanding, diluted		146,734			146,481		—
	nm - not meaningful
	bps - basis points

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2023									2022		Fourth Quarter
		Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter		23 vs '22
													% Change
	Interest income	$	788,297		786,039		759,143		716,879		654,654		20	%
	Interest expense		351,083		342,880		303,612		236,128		153,308		129
	Net interest income		437,214		443,159		455,531		480,751		501,346		(13	)
	Provision for (reversal of) credit losses		45,472		72,572		38,881		32,154		34,884		30
	Net interest income after provision for credit losses		391,742		370,587		416,650		448,597		466,462		(16	)
	Non-interest revenue:
	Service charges on deposit accounts		22,260		21,385		23,477		22,974		23,639		(6	)
	Fiduciary and asset management fees		18,149		20,205		20,027		19,696		18,836		(4	)
	Card fees		20,872		18,602		17,059		15,824		15,887		31
	Brokerage revenue		19,727		20,237		20,908		22,558		19,996		(1	)
	Mortgage banking income		3,019		3,671		4,609		3,858		2,554		18
	Capital markets income		5,104		6,377		6,975		13,725		6,998		(27	)
	Income from bank-owned life insurance		10,324		6,965		6,878		7,262		7,206		43
	Investment securities gains (losses), net		(77,748	)	—		—		1,030		—		nm
	Recovery of NPA		—		—		—		13,126		—		nm
	Other non-interest revenue		29,761		9,697		12,343		13,073		7,323		306
	Total non-interest revenue		51,468		107,139		112,276		133,126		102,439		(50	)
	Non-interest expense:
	Salaries and other personnel expense		176,712		179,741		183,001		188,924		182,629		(3	)
	Net occupancy, equipment, and software expense		48,146		45,790		42,785		42,860		45,192		7
	Third-party processing and other services		21,717		21,439		21,659		21,833		23,130		(6	)
	Professional fees		11,147		10,147		9,597		8,963		11,096		—
	FDIC insurance and other regulatory fees		61,470		11,837		11,162		10,268		8,232		647
	Restructuring charges (reversals)		1,231		17,319		(110	)	(733	)	(2,372	)	(152	)
	Loss on other loans held for sale		—		30,954		2,360		16,750		—		nm
	Other operating expenses		32,435		36,305		36,727		32,987		41,089		(21	)
	Total non-interest expense		352,858		353,532		307,181		321,852		308,996		14
	Income before income taxes		90,352		124,194		221,745		259,871		259,905		(65	)
	Income tax expense		20,779		27,729		47,801		57,712		54,135		(62	)
	Net income		69,573		96,465		173,944		202,159		205,770		(66	)
	Less: Net income (loss) attributable to noncontrolling		(768	)	(630	)	(166	)	—		—		nm
	Net income attributable to Synovus Financial Corp.		70,341		97,095		174,110		202,159		205,770		(66	)
	Less: Preferred stock dividends		9,696		9,672		8,291		8,291		8,291		17
	Net income available to common shareholders	$	60,645		87,423		165,819		193,868		197,479		(69	)
	Net income per common share, basic	$	0.41		0.60		1.13		1.33		1.36		(69	)%
	Net income per common share, diluted		0.41		0.60		1.13		1.32		1.35		(69	)
	Cash dividends declared per common share		0.38		0.38		0.38		0.38		0.34		12
	Return on average assets *		0.47	%	0.64		1.15		1.36		1.38		(91)	bps
	Return on average common equity *		5.88		8.21		15.45		19.23		20.93		nm
	Weighted average common shares outstanding, basic		146,372		146,170		146,113		145,799		145,467		1	%
	Weighted average common shares outstanding, diluted		146,877		146,740		146,550		146,727		146,528		—
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	December 31, 2023			September 30, 2023			December 31, 2022
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	601,188		$	604,631		$	624,097
	Interest-bearing funds with Federal Reserve Bank		1,741,059			1,431,356			1,280,684
	Interest earning deposits with banks		71,856			65,468			34,632
	Federal funds sold and securities purchased under resale agreements		37,323			36,176			38,367
	Cash and cash equivalents		2,451,426			2,137,631			1,977,780
	Investment securities available for sale, at fair value		9,788,662			9,237,191			9,678,103
	Loans held for sale ($47,338, $48,994 and $51,136 measured at fair value, respectively)		52,768			66,558			391,502
	Loans, net of deferred fees and costs		43,404,490			43,679,910			43,716,353
	Allowance for loan losses		(479,385	)		(477,532	)		(443,424	)
	Loans, net		42,925,105			43,202,378			43,272,929
	Cash surrender value of bank-owned life insurance		1,112,030			1,107,092			1,089,280
	Premises, equipment, and software, net		365,851			364,054			370,632
	Goodwill		480,440			479,851			452,390
	Other intangible assets, net		45,928			49,096			27,124
	Other assets		2,587,324			2,699,079			2,471,638
	Total assets	$	59,809,534		$	59,342,930		$	59,731,378
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	12,507,616		$	12,976,574		$	15,639,899
	Interest-bearing deposits		38,231,569			37,227,316			33,231,660
	Total deposits		50,739,185			50,203,890			48,871,559
	Federal funds purchased and securities sold under repurchase agreements		189,074			98,270			146,588
	Other short-term borrowings		3,496			2,362			603,384
	Long-term debt		1,932,534			2,704,701			4,109,597
	Other liabilities		1,801,097			1,772,139			1,524,449
	Total liabilities		54,665,386			54,781,362			55,255,577
	Shareholders' equity:
	Preferred stock – no par value. Authorized 100,000,000 shares; issued 22,000,000		537,145			537,145			537,145
	Common stock – $1.00 par value. Authorized 342,857,143 shares; issued 171,360,188, 170,859,506, and 170,141,492 respectively; outstanding 146,705,330, 146,204,648, and 145,486,634 respectively		171,360			170,860			170,141
	Additional paid-in capital		3,955,819			3,940,507			3,920,346
	Treasury stock, at cost – 24,654,858 shares		(944,484	)		(944,484	)		(944,484	)
	Accumulated other comprehensive income (loss), net		(1,117,073	)		(1,679,404	)		(1,442,117	)
	Retained earnings		2,517,226			2,512,334			2,234,770
	Total Synovus Financial Corp. shareholders' equity		5,119,993			4,536,958			4,475,801
	Noncontrolling interest in subsidiary		24,155			24,610			—
	Total equity		5,144,148			4,561,568			4,475,801
	Total liabilities and shareholders' equity	$	59,809,534		$	59,342,930		$	59,731,378

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2023							2022
(dollars in thousands)	Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans ^(1) (2) (3)	$	35,188,678		$	2,263,117	6.43	%	$	32,402,218		$	1,448,463	4.47	%
Consumer loans ^(1) (2)		8,557,650			426,266	4.98			8,823,424			361,524	4.10
Less: Allowance for loan losses		(463,493	)						(421,506	)		—	—
Loans, net		43,282,835			2,689,383	6.21			40,804,136			1,809,987	4.44
Investment securities available for sale		11,212,956			248,294	2.21			11,208,886			209,951	1.87
Trading account assets		15,486			886	5.72			13,374			261	1.95
Other earning assets^(4)		1,414,586			71,349	4.98			1,220,653			18,756	1.52
FHLB and Federal Reserve Bank stock		254,420			14,975	5.89			214,289			6,722	3.14
Mortgage loans held for sale		46,035			2,993	6.50			75,325			3,353	4.45
Other loans held for sale		469,689			27,099	5.69			682,961			30,684	4.43
Total interest earning assets		56,696,007		$	3,054,979	5.39	%		54,219,624		$	2,079,714	3.84	%
Cash and due from banks		575,370							574,250
Premises and equipment		367,159							385,622
Other real estate		—							6,356
Cash surrender value of bank-owned life insurance		1,099,641							1,078,653
Other assets^(5)		1,183,691							1,345,568
Total assets	$	59,921,868						$	57,610,073
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,884,039		$	176,595	1.79	%	$	9,027,636		$	25,912	0.29	%
Money market accounts		13,511,442			356,562	2.64			15,385,765			79,567	0.52
Savings deposits		1,229,975			1,046	0.09			1,481,372			399	0.03
Time deposits		5,473,405			196,481	3.59			2,667,101			13,902	0.52
Brokered deposits		6,104,461			296,071	4.85			3,644,957			67,452	1.85
Federal funds purchased and securities sold under repurchase agreements		97,114			1,667	1.69			205,753			1,308	0.63
Other short-term borrowings		528,194			24,611	4.60			466,254			10,945	2.32
Long-term debt		3,027,746			180,670	5.92			1,999,595			79,402	3.95
Total interest-bearing liabilities		39,856,376		$	1,233,703	3.10	%		34,878,433		$	278,887	0.80	%
Non-interest-bearing demand deposits		13,662,660							16,731,967
Other liabilities		1,671,489							1,298,972
Shareholders' equity		4,731,343							4,700,701
Total liabilities and shareholders' equity	$	59,921,868						$	57,610,073
Net interest income, taxable equivalent net interest margin ^(6)				$	1,821,276	3.21	%				$	1,800,827	3.32	%
Less: taxable-equivalent adjustment					4,621							3,927
Net interest income				$	1,816,655						$	1,796,900

^(1)	Average loans are shown net of deferred fees and costs. NPLs are included.
^(2)	Interest income includes net loan fees as follows: 2023 — $47.7 million and 2022 — $57.3 million.
^(3)	Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
^(4)	Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
^(5)	Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.62) billion and $(985.6) million for the years ended December 31, 2023 and 2022, respectively.
^(6)	The net interest margin is calculated by dividing net interest income-taxable equivalent by average total interest earning assets.

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Fourth Quarter 2023							Third Quarter 2023							Fourth Quarter 2022
(dollars in thousands)	Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans ^(1) (2) (3)	$	35,106,156		$	590,588	6.67	%	$	34,990,459		$	579,177	6.57	%	$	34,103,384		$	474,439	5.52	%
Consumer loans ^(1) (2)		8,491,244			109,509	5.14			8,509,757			108,065	5.06			9,041,520			101,905	4.50
Less: Allowance for loan losses		(480,332	)						(461,385	)						(427,525	)
Loans, net		43,117,068			700,097	6.45			43,038,831			687,242	6.34			42,717,379			576,344	5.36
Investment securities available for sale		11,164,487			65,176	2.33			11,194,291			61,642	2.20			11,296,449			58,840	2.08
Trading account assets		13,067			215	6.59			16,186			237	5.86			15,552			68	1.75
Other earning assets^(4)		1,463,176			19,689	5.26			1,237,445			16,369	5.17			1,148,099			10,490	3.58
FHLB and Federal Reserve Bank stock		187,015			3,536	7.56			244,906			3,783	6.18			270,822			2,805	4.14
Mortgage loans held for sale		39,024			696	7.14			53,904			879	6.52			46,240			688	5.95
Other loans held for sale		8,044			104	5.06			881,067			17,035	7.57			514,811			6,550	4.98
Total interest earning assets		55,991,881		$	789,513	5.59	%		56,666,630		$	787,187	5.51	%		56,009,352		$	655,785	4.65	%
Cash and due from banks		522,986							509,511							651,189
Premises and equipment		366,647							365,568							375,352
Other real estate		—							—							—
Cash surrender value of bank-owned life insurance		1,108,766							1,102,626							1,085,394
Other assets^(5)		1,173,785							1,272,344							842,130
Total assets	$	59,164,065						$	59,916,679						$	58,963,417
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	10,422,286		$	58,588	2.23	%	$	10,114,171		$	52,983	2.08	%	$	8,627,386		$	14,160	0.65	%
Money market accounts		13,053,781			103,211	3.14			13,147,465			95,339	2.88			14,771,308			46,671	1.25
Savings deposits		1,098,914			275	0.10			1,178,322			280	0.09			1,450,153			176	0.05
Time deposits		7,198,229			75,462	4.16			6,180,584			59,972	3.85			2,567,979			7,648	1.18
Brokered deposits		6,069,055			81,444	5.32			6,442,690			83,486	5.14			4,986,542			39,500	3.14
Federal funds purchased and securities sold under repurchase agreements		93,854			350	1.46			73,344			296	1.58			141,707			437	1.21
Other short-term borrowings		2,672			51	7.50			1,722			—	—			660,295			6,383	3.78
Long-term debt		1,922,661			31,702	6.55			3,230,374			50,524	6.18			3,446,306			38,333	4.39
Total interest-bearing liabilities		39,861,452		$	351,083	3.49	%		40,368,672		$	342,880	3.37	%		36,651,676		$	153,308	1.66	%
Non-interest-bearing demand deposits		12,744,275							13,049,343							16,569,275
Other liabilities		1,906,686							1,713,131							1,462,394
Shareholders' equity		4,651,652							4,785,533							4,280,072
Total liabilities and shareholders' equity	$	59,164,065						$	59,916,679						$	58,963,417
Net interest income, taxable equivalent net interest margin^(6)				$	438,430	3.11	%				$	444,307	3.11	%				$	502,477	3.56	%
Less: taxable-equivalent adjustment					1,216							1,148							1,131
Net interest income				$	437,214						$	443,159						$	501,346

^(1)	Average loans are shown net of deferred fees and costs. NPLs are included.
^(2)	Interest income includes net loan fees as follows: Fourth Quarter 2023 — $13.1 million, Third Quarter 2023 — $11.8 million, and Fourth Quarter 2022 —$11.9 million.
^(3)	Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
^(4)	Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements
^(5)	Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.89) billion, $(1.60) billion, and $(1.69) billion for the Fourth Quarter 2023, Third Quarter 2023, and Fourth Quarter 2022, respectively.
^(6)	The net interest margin is calculated by dividing annualized net interest income-taxable equivalent by average total interest earning assets.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
Loan Type	December 31, 2023		September 30, 2023		% Change		December 31, 2022		% Change
Commercial, Financial, and Agricultural	$	14,459,345	$	14,498,966	—	%	$	13,874,416	4	%
Owner-Occupied		8,139,148		8,281,988	(2	)		8,192,240	(1	)
Total Commercial & Industrial		22,598,493		22,780,954	(1	)		22,066,656	2
Multi-Family		4,098,188		3,930,617	4			3,134,571	31
Hotels		1,803,102		1,790,094	1			1,708,194	6
Office Buildings		1,891,587		1,911,095	(1	)		3,011,911	(37	)
Shopping Centers		1,319,049		1,327,770	(1	)		1,403,928	(6	)
Warehouses		854,475		985,723	(13	)		1,035,152	(17	)
Other Investment Property		1,396,903		1,432,456	(2	)		1,350,291	3
Total Investment Properties		11,363,304		11,377,755	—			11,644,047	(2	)
1-4 Family Construction		194,481		224,091	(13	)		229,263	(15	)
1-4 Family Investment Mortgage		404,021		396,813	2			387,670	4
Total 1-4 Family Properties		598,502		620,904	(4	)		616,933	(3	)
Commercial Development		73,022		64,212	14			79,889	(9	)
Residential Development		79,961		92,209	(13	)		108,661	(26	)
Land Acquisition		201,969		239,773	(16	)		200,783	1
Land and Development		354,952		396,194	(10	)		389,333	(9	)
Total Commercial Real Estate		12,316,758		12,394,853	(1	)		12,650,313	(3	)
Consumer Mortgages		5,411,723		5,391,282	—			5,214,443	4
Home Equity Lines		1,807,399		1,784,356	1			1,757,038	3
Credit Cards		194,141		191,046	2			203,612	(5	)
Other Consumer Loans		1,075,976		1,137,419	(5	)		1,824,291	(41	)
Total Consumer		8,489,239		8,504,103	—			8,999,384	(6	)
Total	$	43,404,490	$	43,679,910	(1	)	$	43,716,353	(1	)
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
Loan Type	December 31, 2023		September 30, 2023		% Change		December 31, 2022		% Change
Commercial, Financial, and Agricultural	$	89,870	$	97,468	(8	)	$	59,307	52	%
Owner-Occupied		91,370		84,505	8			10,104	nm
Total Commercial & Industrial		181,240		181,973	—			69,411	161
Multi-Family		1,681		1,702	(1	)		1,857	(9	)
Office Buildings		35,338		27,810	27			309	nm
Shopping Centers		641		653	(2	)		735	(13	)
Warehouses		196		207	(5	)		223	(12	)
Other Investment Property		1,914		572	235			349	448
Total Investment Properties		39,770		30,944	29			3,473	nm
1-4 Family Construction		—		—	nm			55	(100	)
1-4 Family Investment Mortgage		3,056		3,386	(10	)		3,067	—
Total 1-4 Family Properties		3,056		3,386	(10	)		3,122	(2	)
Commercial Development		—		—	nm			—	nm
Residential Development		267		267	—			267	—
Land Acquisition		537		538	—			891	(40	)
Land and Development		804		805	—			1,158	(31	)
Total Commercial Real Estate		43,630		35,135	24			7,753	463
Consumer Mortgages		46,108		43,863	5			36,847	25
Home Equity Lines		10,473		11,620	(10	)		6,830	53
Other Consumer Loans		6,726		7,941	(15	)		7,220	(7	)
Total Consumer		63,307		63,424	—			50,897	24
Total	$	288,177	$	280,532	3	%	$	128,061	125	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2023						2022	Fourth
									Quarter
		Fourth			Third	Second	First	Fourth	23 vs '22
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPL)	$	288,177		280,532	261,506	182,460	128,061	125	%
	Other Real Estate and Other Assets		—		—	—	—	15,320	(100	)
	Non-performing Assets (NPAs)		288,177		280,532	261,506	182,460	143,381	101
	Allowance for Loan Losses (ALL)		479,385		477,532	471,238	457,010	443,424	8
	Reserve for Unfunded Commitments		57,230		55,185	55,729	57,473	57,455	—
	Allowance for Credit Losses (ACL)		536,615		532,717	526,967	514,483	500,879	7
	Net Charge-Offs - Quarter		41,574		66,822	26,396	18,550	13,300
	Net Charge-Offs - YTD		153,342		111,768	44,946	18,550	53,156
	Net Charge-Offs / Average Loans - Quarter ^(1)		0.38	%	0.61	0.24	0.17	0.12
	Net Charge-Offs / Average Loans - YTD ^(1)		0.35		0.34	0.20	0.17	0.13
	NPLs / Loans		0.66		0.64	0.59	0.41	0.29
	NPAs / Loans, ORE and specific other assets		0.66		0.64	0.59	0.41	0.33
	ACL/Loans		1.24		1.22	1.19	1.17	1.15
	ALL/Loans		1.10		1.09	1.06	1.04	1.01
	ACL/NPLs		186.21		189.90	201.51	281.97	391.13
	ALL/NPLs		166.35		170.22	180.20	250.47	346.26
	Past Due Loans over 90 days and Still Accruing	$	5,053		3,792	3,643	3,529	3,373	50
	As a Percentage of Loans Outstanding		0.01	%	0.01	0.01	0.01	0.01
	Total Past Due Loans and Still Accruing	$	59,099		54,974	84,946	55,053	65,568	(10	)
	As a Percentage of Loans Outstanding		0.14	%	0.13	0.19	0.12	0.15
	^(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION ^(1)
	(Unaudited)
	(Dollars in thousands)
		December 31, 2023			September 30, 2023	December 31, 2022
	Common Equity Tier 1 Capital Ratio		10.22	%	10.13	9.63
	Tier 1 Capital Ratio		11.28		11.18	10.68
	Total Risk-Based Capital Ratio		13.07		13.12	12.54
	Tier 1 Leverage Ratio		9.49		9.38	9.07
	Total Synovus Financial Corp. shareholders’ equity as a Percentage of Total Assets		8.56		7.65	7.49
	Tangible Common Equity Ratio^(2)(4)		6.84		5.90	5.84
	Book Value Per Common Share^(3)	$	31.24		27.36	27.07
	Tangible Book Value Per Common Share^(2)		27.65		23.74	23.78
	^(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.