EXHIBIT 12.1

SYNOVUS FINANCIAL CORP.

RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended June 30, 2018			Years Ended December 31,
(dollars in thousands)				2017			2016			2015			2014			2013
Ratio 1 – Including interest on deposits
Earnings:
Income before income taxes	$	275,494		$	480,138		$	388,450		$	358,573		$	302,559		$	252,628
Fixed charges excluding preferred stock dividends and accretion	88,313			146,511			130,745			126,355			117,001			126,379
Total	$	363,807		$	626,649		$	519,195		$	484,928		$	419,560		$	379,007
Fixed charges:
Interest on deposits	$	58,975		$	81,325		$	64,206		$	65,534		$	55,179		$	64,392
Interest on short-term borrowings	310			198			200			168			220			324
Interest on long-term debt	24,822			57,665			59,217			52,942			54,009			54,106
Portion of rents representative of the interest factor (1/3) of expense	4,207			7,323			7,121			7,711			7,593			7,557
Preferred stock dividends and accretion	5,119			10,238			10,238			10,238			10,238			40,830
Total fixed charges including preferred stock dividends and accretion	$	93,433		$	156,749		$	140,982		$	136,593		$	127,239		$	167,209
Ratio of earnings to fixed charges	3.89		x	4.00		x	3.68		x	3.55		x	3.30		x	2.27x
Ratio 2 – Excluding interest on deposits
Earnings:
Income before income taxes	$	275,494		$	480,138		$	388,450		$	358,573		$	302,559		$	252,628
Fixed charges excluding preferred stock dividends and accretion	29,339			65,186			66,539			60,821			61,822			61,987
Total	$	304,833		$	545,324		$	454,989		$	419,394		$	364,381		$	314,615
Fixed charges:
Interest on short-term borrowings	$	310		$	198		$	200		$	168		$	220		$	324
Interest on long-term debt	24,822			57,665			59,217			52,942			54,009			54,106
Portion of rents representative of the interest factor (1/3) of expense	4,207			7,323			7,121			7,711			7,593			7,557
Preferred stock dividends and accretion	5,119			10,238			10,238			10,238			10,238			40,830
Total fixed charges including preferred stock dividends and accretion	$	34,458		$	75,424		$	76,776		$	71,059		$	72,060		$	102,817
Ratio of earnings to fixed charges	8.85		x	7.23		x	5.93		x	5.90		x	5.06		x	3.06x