8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

April 24, 2020

Date of Report

(Date of Earliest Event Reported)

Synovus Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

Georgia	1-10312	58-1134883
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1111 Bay Avenue, Suite 500, Columbus, Georgia 31901

(Address of principal executive offices) (Zip Code)

(706) 641-6500

(Registrant’s telephone number, including area code)

________________________________________________

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

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1.00 Par Value	SNV	New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D	SNV-PrD	New York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E	SNV-PrE	New York Stock Exchange

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided

pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02	Results of Operations and Financial Condition
	On April 24, 2020, Synovus Financial Corp. (the "Company") issued a press release announcing the Company’s financial results for the three month period ended March 31, 2020.
	Pursuant to General Instruction F to Current Report on Form 8-K, the press release is attached to this Current Report as Exhibit 99.1 and only those portions of the press release related to the historical results of operations of the Company for the three month period March 31, 2020 are incorporated into this Item 2.02 by reference. The information contained in this Item 2.02, including the information set forth in the press release filed as Exhibit 99.1 to, and incorporated in, this Current Report is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in Exhibit 99.1 furnished pursuant to this Item 2.02 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 7.01	Regulation FD Disclosure
	On April 24, 2020, the Company made available the supplemental information (the "Supplemental Information") and slide presentation ("Slide Presentation") prepared for use with the press release. The investor call and webcast will be held at 8:30 a.m., ET, on April 24, 2020.
	The information contained in this Item 7.01 of this Current Report, including the information set forth in the Supplemental Information and the Slide Presentation filed as Exhibit 99.2 and Exhibit 99.3 to, and incorporated in, this Current Report, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.2 and Exhibit 99.3 furnished pursuant to this Item 7.01 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 9.01	Financial Statements and Exhibits
	(d)	Exhibits
	Exhibit No.	Description
	99.1	Synovus press release dated April 24, 2020
	99.2	Supplemental Information prepared for use with the press release
	99.3	Slide presentation prepared for use with the press release

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Synovus has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SYNOVUS FINANCIAL CORP.
Date: April 24, 2020	By: /s/ Allan E. Kamensky
	Name: Allan E. Kamensky
	Title: Executive Vice President and General Counsel

EX-99.1

Exhibit 99.1

Media Contact	Investor Contact
Lee Underwood	Kevin Brown
Media Relations	Investor Relations
(706) 644-0528	(706) 644-0948

Synovus Announces Earnings for the First Quarter 2020

Diluted Earnings per Share of $0.20 vs. $0.72 in 1Q19

Adjusted Diluted Earnings per Share of $0.21 vs. $0.98 in1Q19

COLUMBUS, Ga., April 24, 2020 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended March 31, 2020.

First Quarter 2020 Highlights

•Diluted EPS of $0.20; adjusted diluted EPS of $0.21.

•Period-end loan growth of $1.10 billion sequentially, or 11.9% annualized.

•Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $623.0 million sequentially, or 10.4% annualized. Core interest-bearing deposit (NOW/savings, money market, and time deposit) costs in March down 26 bps from 4Q19, excluding purchase accounting adjustments (PAA).

•Net interest margin of 3.37% vs. 3.65% in 4Q19; 3.35% vs. 3.40% in 4Q19 for net interest margin excluding PAA.

•Non-interest revenue increased $5.9 million sequentially and $24.5 million year-over-year.

•Adoption of Current Expected Credit Loss (CECL) on January 1, 2020, which resulted in a Day One reserve increase of $110.4 million, or 39.1% from 4Q19.

•Provision for credit losses of $158.7 million included significant economic stress due to COVID-19 healthcare crisis and the first quarter under CECL; allowance for credit losses to loan ratio of 1.39%.

•Credit quality metrics remain near historic lows, with the non-performing loan (NPL) ratio and net charge-off ratio of 0.41% and 0.21%, respectively.

•Paused share repurchase activity beyond the $16.2 million completed in the first quarter.

•Withdrew 2020 guidance and long-term goals announced with the 4Q19 earnings call.

•Funded approximately $2.0 billion in Paycheck Protection Program loans as of April 22, 2020.

•97%+ of branches operational as drive-thru and appointment only; 80%+ team members working remotely.

•Provided bonus pay for on-site hourly team members and additional paid leave for virus-related hardships.

•Shareholders approved the elimination of 10-for-1 voting and supermajority voting requirements at the 2020 Annual Meeting on April 22, 2020.

First Quarter Summary

	Reported									Adjusted
(dollars in thousands)	1Q20			4Q19			1Q19			1Q20			4Q19			1Q19
Net income available to common shareholders	$	30,230		$	143,393		$	117,036		$	30,708		$	140,069		$	160,155
Diluted earnings per share	0.20			0.97			0.72			0.21			0.94			0.98
Total loans	38,258,024			37,162,450			35,634,501			N/A			N/A			N/A
Total deposits	39,826,585			38,405,504			38,075,190			N/A			N/A			N/A
Total revenues	477,903			497,992			477,183			473,424			492,049			476,250
Return on avg assets	0.32		%	1.27		%	1.06		%	0.32		%	1.24		%	1.45		%
Return on avg common equity	2.75			13.08			10.98			2.79			12.78			15.03
Return on avg tangible common equity	3.34			15.18			12.88			3.39			14.84			17.52
Net interest margin	3.37			3.65			3.78			3.35			3.40			3.59
Efficiency ratio	57.81			53.44			61.28			56.72			53.20			50.24
NCO ratio	0.21			0.10			0.19			N/A			N/A			N/A
NPA ratio	0.50			0.37			0.44			N/A			N/A			N/A

“The first quarter of 2020 — especially our response to the COVID-19 crisis — demonstrates the resiliency we’ve built as an organization, and our ability to execute, innovate and rise to the occasion for team members, customers, and communities,” said Kessel D. Stelling, Synovus chairman and CEO. “Despite the challenging environment, the quarter reflected strong year-over-year growth in loans, core transaction deposits, and fee income as we continued to execute effectively on our strategic growth objectives. We enter this downturn from a position of strength, with robust capital and liquidity, strong credit quality, and solid operating fundamentals.

“In March, we immediately shifted focus to providing assistance and relief to customers, while ensuring the safety and wellness of our team members,” Stelling continued. “We are also proud to have secured funding to date of more than $2 billion in Paycheck Protection Program loans to small business customers. The intensity of demand for PPP and other assistance programs directly reflects the urgency of our customers’ needs based on current economic conditions, and we are grateful for the opportunity to support them in this time of crisis.”

Balance Sheet

Loans**
(dollars in millions)	1Q20		4Q19		Linked Quarter Change		Linked Quarter % Change*		1Q19		Year/Year Change		Year/Year % Change
Commercial & industrial	$	17,661.4	$	16,782.7	$	878.8	21.1	%	$	16,108.9	$	1,552.5	9.6	%
Commercial real estate	10,671.2		10,480.5		190.7		7.3		10,287.1		384.1		3.7
Consumer	9,950.9		9,924.7		26.3		1.1		9,262.1		688.8		7.4
Unearned income	(25.5)		(25.4)		(0.2)		2.7		(23.7)		(1.9)		7.9
Total loans	$	38,258.0	$	37,162.5	$	1,095.6	11.9	%	$	35,634.5	$	2,623.5	7.4	%

^* Annualized

^** Amounts may not total due to rounding

•Total loans ended the quarter at $38.26 billion, up $1.10 billion sequentially, or 11.9% annualized.

•Total funded loan production of $3.06 billion and existing revolver growth of approximately $300 million sequentially.

•Commercial and industrial loans increased $878.8 million sequentially, with broad-based growth across industries and line utilization up modestly from 46% to 50%, primarily in March.

•Commercial real estate loans increased by $190.7 million sequentially, largely due to the strong momentum gained from the fourth quarter.

•Consumer loans increased $26.3 million sequentially, with growth in HELOC and consumer mortgages more than offsetting declines in other consumer loans including lending partnerships.

Deposits**
(dollars in millions)	1Q20		4Q19		Linked Quarter Change		Linked Quarter % Change*		1Q19		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	8,968.8	$	8,661.2	$	307.5	14.3	%	$	8,440.5	$	528.2	6.3	%
Interest-bearing DDA	4,617.4		4,769.5		(152.1)		(12.8)		4,911.2		(293.8)		(6.0)
Money market	10,255.0		9,827.4		427.7		17.5		8,912.5		1,342.5		15.1
Savings	949.5		909.5		40.0		17.7		903.8		45.7		5.1
Public funds	5,261.4		4,622.3		639.1		55.6		4,630.0		631.4		13.6
Time deposits	5,786.6		6,185.6		(399.0)		(25.9)		7,568.1		(1,781.4)		(23.5)
Brokered deposits	3,987.9		3,430.0		558.0		65.4		2,709.0		1,278.9		47.2
Total deposits	$	39,826.6	$	38,405.5	$	1,421.1	14.9	%	$	38,075.2	$	1,751.4	4.6	%

^*Annualized

^** Amounts may not total due to rounding

•Total deposits ended the quarter at $39.83 billion, up $1.42 billion sequentially, or 14.9% annualized.

•Core transaction deposits and public funds increased $623.0 million and $639.1 million sequentially, respectively, while CDs declined by $399.0 million.

•Core interest-bearing deposit costs in March down 26 bps from 4Q19 (excluding PAA).

•The loan to deposit ratio for the quarter was 96.1% compared to 96.8% in the fourth quarter.

Income Statement Summary**
(in thousands, except per share data)	1Q20		4Q19		Linked Quarter Change		Linked Quarter % Change		1Q19		Year/Year Change		Year/Year % Change
Net interest income	$	373,260	$	399,268	$	(26,008)	(6.5)	%	$	397,175	$	(23,915)	(6.0)	%
Non-interest revenue	103,857		97,955		5,902		6.0		79,378		24,479		30.8
Non-interest expense	276,279		266,121		10,158		3.8		292,410		(16,131)		(5.5)
Provision for credit losses	158,722		24,470		134,252		548.6		23,569		135,153		573.4
Income before taxes	$	42,116	$	206,632	$	(164,516)	(79.6)	%	$	160,574	$	(118,458)	(73.8)	%
Income tax expense	3,595		54,948		(51,353)		(93.5)		40,388		(36,793)		(91.1)
Preferred stock dividends	8,291		8,291		—		—		3,150		5,141		163.2
Net income available to common shareholders	$	30,230	$	143,393	$	(113,163)	(78.9)	%	$	117,036	$	(86,806)	(74.2)	%
Weighted average common shares outstanding, diluted	148,401		148,529		(128)		(0.1)		162,760		(14,359)		(8.8)	%
Diluted earnings per share	$	0.20	$	0.97	$	(0.77)	(78.9)	%	$	0.72	$	(0.52)	(71.7)
Adjusted diluted earnings per share	$	0.21	$	0.94	$	(0.73)	(78.1)	%	$	0.98	$	(0.77)	(79.0)

^** Amounts may not total due to rounding

nm - not meaningful

Core Performance

•Total revenues were $477.9 million in the first quarter, down $20.1 million sequentially, including an expected decline of $24.8 million in PAA.

•Net interest income decreased $26.0 million, or 6.5% sequentially, including an expected decline of $24.8 million in PAA.

•Net interest margin was 3.37%, down 28 bps from the prior quarter. Excluding the impact of PAA, net interest margin was 3.35%, down 5 bps sequentially.

•Non-interest revenue increased $5.9 million, or 6.0% sequentially, and increased $24.5 million, or 30.8% year-over-year. Adjusted non-interest revenue increased $7.4 million, or 8.0% sequentially, and $20.9 million, or 26.7% year-over-year.

◦The sequential growth in net mortgage revenues of $2.9 million and capital markets income of $2.3 million more than offset a $1.7 million decline in core banking fees due to seasonality and impact from COVID-19 and fee waivers.

•Non-interest expense increased $10.2 million, or 3.8% sequentially. Adjusted non-interest expense increased $6.5 million, or 2.5% sequentially.

◦The increase in expenses resulted mainly from seasonally higher employment expense and COVID-related bonuses for front-line team members.

•Provision for credit losses was $158.7 million, a $134.3 million increase sequentially, primarily impacted by the significant economic stress due to the COVID-19 healthcare crisis and reflected the first quarter under CECL.

•The effective tax rate was 8.54% for the quarter, reflecting favorable discrete items.

Capital Ratios
	1Q20			4Q19		1Q19
Common equity Tier 1 capital (CET1) ratio	8.72	%	*	8.95	%	9.52	%
Tier 1 capital ratio	9.97		*	10.23		10.01
Total risk-based capital ratio	12.31		*	12.25		12.06
Tier 1 leverage ratio	8.94		*	9.16		8.81
Tangible common equity ratio	7.94			8.08		8.34

* Ratios are preliminary.

Capital

•CET1 ratio declined 23 bps during the quarter to 8.72%. The decline includes a reduction of 25 bps from risk-weighted asset growth, primarily from increases in loans. The March 31, 2020 ratios reflect Synovus' election of a five-year transition provision to delay for two years the estimated impact of CECL on regulatory capital, followed by a three year transition period.

•Repurchased $16.2 million in common stock, or 450 thousand shares, during the quarter. Share repurchase activity has been suspended.

First Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on April 24, 2020. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $51 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 299 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's “Most Reputable Banks” by American Banker and the Reputation Institute. Synovus is on the web at synovus.com, and on 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, our expectations regarding net interest income and net interest margin; expectations on our growth strategy, expense and revenue initiatives, capital management, liquidity and funding, 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 uncertainties related to the impact of the COVID-19 pandemic on Synovus' assets, business, liquidity, financial condition, prospects and results of operations, and 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, 2019, 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 income; adjusted non-interest expense; adjusted total revenues; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted earnings per diluted share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest income; total non-interest expense; total revenues; efficiency ratio-FTE; net income available to common shareholders; earnings per diluted common share; return on average assets; return on average common equity; and the ratio of total 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 total revenues and adjusted non-interest income are measures used by management to evaluate total revenues and non-interest income exclusive of net investment securities gains (losses) and gains on sales and changes in the fair value of private equity investments, net. 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 earnings per diluted share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	1Q20		4Q19		1Q19
Adjusted non-interest revenue
Total non-interest revenue	$	103,857	$	97,955	$	79,378
Subtract/add: Investment securities (gains) losses, net	(8,734)		2,157		(75)
Add/subtract: Fair value decrease (increase) of private equity investments	4,255		(8,100)		(858)
Adjusted non-interest revenue	$	99,378	$	92,012	$	78,445
Adjusted non-interest expense
Total non-interest expense	$	276,279	$	266,121	$	292,410
Add/subtract: Merger-related expense	—		913		(49,738)
Subtract: Restructuring charges, net	(3,220)		(1,259)		(19)
Subtract: Valuation adjustment to Visa derivative	—		(1,111)		—
Subtract: Loss on early extinguishment of debt, net	(1,904)		—		—
Adjusted non-interest expense	$	271,155	$	264,664	$	242,653

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	1Q20			4Q19			1Q19
Adjusted total revenues and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	271,155		$	264,664		$	242,653
Subtract: Amortization of intangibles	(2,640)			(2,901)			(3,392)
Adjusted tangible non-interest expense	$	268,515		$	261,763		$	239,261
Net interest income	$	373,260		$	399,268		$	397,175
Add: Tax equivalent adjustment	786			769			630
Add: Total non-interest revenue	103,857			97,955			79,378
Total FTE revenues	477,903			497,992			477,183
Subtract/add: Investment securities (gains)/losses, net	(8,734)			2,157			(75)
Add/subtract: Fair value decrease (increase) of private equity investments	4,255			(8,100)			(858)
Adjusted total revenues	$	473,424		$	492,049		$	476,250
Efficiency ratio-FTE	57.81		%	53.44		%	61.28		%
Adjusted tangible efficiency ratio	56.72			53.20			50.24

Adjusted return on average assets
Net income	$	38,521		$	151,684		$	120,186
Subtract/add: Merger-related expense	—			(913)			49,738
Add: Restructuring charges, net	3,220			1,259			19
Add: Valuation adjustment to Visa derivative	—			1,111			—
Add: Loss on early extinguishment of debt, net	1,904			—			—
Subtract/add: Investment securities (gains) losses, net	(8,734)			2,157			(75)
Add/subtract: Fair value decrease ( increase) of private equity investments	4,255			(8,100)			(858)
Subtract/add: Tax effect of adjustments	(167)			1,162			(5,705)
Adjusted net income	$	38,999		$	148,360		$	163,305
Net income annualized	$	154,931		$	601,790		$	487,421
Adjusted net income annualized	$	156,853		$	588,602		$	662,293
Total average assets	$	48,696,595		$	47,459,405		$	45,794,621
Return on average assets	0.32		%	1.27		%	1.06		%
Adjusted return on average assets	0.32			1.24			1.45
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	30,230		$	143,393		$	117,036
Subtract/add: Merger-related expense	—			(913)			49,738
Add: Restructuring charges, net	3,220			1,259			19
Add: Valuation adjustment to Visa derivative	—			1,111			—
Add: Loss on early extinguishment of debt, net	1,904			—			—
Subtract/add: Investment securities (gains) losses, net	(8,734)			2,157			(75)
Add/subtract: Fair value decrease ( increase) of private equity investments	4,255			(8,100)			(858)
Subtract/add: Tax effect of adjustments	(167)			1,162			(5,705)
Adjusted net income available to common shareholders	$	30,708		$	140,069		$	160,155
Weighted average common shares outstanding, diluted	148,401			148,529			162,760
Net income per common share, diluted	$	0.20		$	0.97		$	0.72
Adjusted net income per common share, diluted	0.21			0.94			0.98

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	1Q20			4Q19			1Q19
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity
Net income available to common shareholders	$	30,230		$	143,393		$	117,036
Subtract/add: Merger-related expense	—			(913)			49,738
Add: Restructuring charges, net	3,220			1,259			19
Add: Valuation adjustment to Visa derivative	—			1,111			—
Add: Loss on early extinguishment of debt, net	1,904			—			—
Subtract/add: Investment securities (gains) losses, net	(8,734)			2,157			(75)
Add/subtract: Fair value decrease (increase) of private equity investments	4,255			(8,100)			(858)
Subtract/add: Tax effect of adjustments	(167)			1,162			(5,705)
Adjusted net income available to common shareholders	$	30,708		$	140,069		$	160,155
Adjusted net income available to common shareholders annualized	$	123,507		$	555,709		$	649,518
Add: Amortization of intangibles	7,868			8,528			10,317
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	131,375		$	564,237		$	659,835
Net income available to common shareholders annualized	$	121,584		$	568,896		$	474,646
Add: Amortization of intangibles	7,868			8,528			10,317
Net income available to common shareholders excluding amortization of intangibles annualized	$	129,452		$	577,424		$	484,963
Total average shareholders' equity less preferred stock	$	4,424,278		$	4,348,250		$	4,321,561
Subtract: Goodwill	(497,267)			(488,223)			(480,215)
Subtract: Other intangible assets, net	(54,514)			(57,149)			(75,191)
Total average tangible shareholders' equity less preferred stock	$	3,872,497		$	3,802,878		$	3,766,155
Return on average common equity	2.75		%	13.08		%	10.98		%
Adjusted return on average common equity	2.79			12.78			15.03
Return on average tangible common equity	3.34			15.18			12.88
Adjusted return on average tangible common equity	3.39			14.84			17.52

	March 31, 2020			December 31, 2019			March 31, 2019
Tangible common equity ratio
Total assets	$	50,619,585		$	48,203,282		$	46,630,025
Subtract: Goodwill	(497,267)			(497,267)			(485,000)
Subtract: Other intangible assets, net	(53,032)			(55,671)			(74,683)
Tangible assets	$	50,069,286		$	47,650,344		$	46,070,342
Total shareholders’ equity	$	5,065,205		$	4,941,690		$	4,597,753
Subtract: Goodwill	(497,267)			(497,267)			(485,000)
Subtract: Other intangible assets, net	(53,032)			(55,671)			(74,683)
Subtract: Preferred Stock, no par value	(537,145)			(537,145)			(195,140)
Tangible common equity	$	3,977,761		$	3,851,607		$	3,842,930
Total shareholders’ equity to total assets ratio	10.01		%	10.25		%	9.86		%
Tangible common equity ratio	7.94			8.08			8.34

EX-99.2

Synovus								Exhibit 99.2
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2020			2019				First Quarter
		First Quarter			Fourth Quarter	Third Quarter	Second Quarter	First Quarter	'20 vs '19
									% Change
	Interest income	$	483,897		506,253	523,415	516,131	504,839	(4.1)	%
	Interest expense	110,637			106,985	121,318	118,869	107,664	2.8
	Net interest income	373,260			399,268	402,097	397,262	397,175	(6.0)
	Provision for credit losses	158,722			24,470	27,562	12,119	23,569	573.4
	Net interest income after provision for credit losses	214,538			374,798	374,535	385,143	373,606	(42.6)
	Non-interest revenue:
	Service charges on deposit accounts	20,689			22,385	22,952	21,994	20,859	(0.8)
	Fiduciary and asset management fees	15,174			15,645	14,686	14,478	13,578	11.8
	Card fees	10,950			11,325	12,297	11,161	10,877	0.7
	Brokerage revenue	12,398			11,106	11,071	10,052	9,379	32.2
	Mortgage banking income	12,227			9,287	10,351	7,907	5,054	141.9
	Capital markets income	11,243			8,972	7,396	8,916	5,245	114.4
	Income from bank-owned life insurance	6,038			5,620	5,139	5,176	5,290	14.1
	Investment securities gains/(losses), net	8,734			(2,157)	(3,731)	(1,845)	75	nm
	Fair value (decrease)/increase and gain on sale of private equity investments	(4,255)			8,100	1,194	1,455	858	nm
	Other non-interest revenue	10,659			7,672	7,405	10,513	8,163	30.6
	Total non-interest revenue	103,857			97,955	88,760	89,807	79,378	30.8
	Non-interest expense:
	Salaries and other personnel expense	149,678			145,084	142,516	143,009	139,427	7.4
	Net occupancy and equipment expense	42,194			42,644	41,017	39,851	38,394	9.9
	Third-party processing and other services	21,480			20,293	18,528	19,118	17,758	21.0
	Professional fees	10,675			9,921	9,719	9,312	6,348	68.2
	FDIC insurance and other regulatory fees	5,278			9,825	7,242	7,867	6,761	(21.9)
	Advertising expense	4,752			4,375	5,950	5,923	5,123	(7.2)
	Amortization of intangibles	2,640			2,901	2,901	2,410	3,392	(22.2)
	Merger-related expense	—			(913)	353	7,401	49,738	nm
	Earnout liability adjustments	—			—	10,457	—	—	nm
	Loss on early extinguishment of debt, net	1,904			—	4,592	—	—	nm
	Valuation adjustment to Visa derivative	—			1,111	2,500	—	—	nm
	Restructuring charges	3,220			1,259	(66)	18	19	nm
	Other operating expenses	34,458			29,621	30,601	29,217	25,450	35.4
	Total non-interest expense	276,279			266,121	276,310	264,126	292,410	(5.5)
	Income before income taxes	42,116			206,632	186,985	210,824	160,574	(73.8)
	Income tax expense	3,595			54,948	51,259	54,640	40,388	(91.1)
	Net income	38,521			151,684	135,726	156,184	120,186	(67.9)
	Less: Preferred stock dividends	8,291			8,291	8,291	3,150	3,150	163.2
	Net income available to common shareholders	$	30,230		143,393	127,435	153,034	117,036	(74.2)	%
	Net income per common share, basic	$	0.21		0.98	0.84	0.97	0.73	(71.8)	%
	Net income per common share, diluted	0.20			0.97	0.83	0.96	0.72	(71.7)
	Cash dividends declared per common share	0.33			0.30	0.30	0.30	0.30	10.0
	Return on average assets *	0.32		%	1.27	1.14	1.34	1.06	(74)	bps
	Return on average common equity *	2.75			13.08	11.36	13.90	10.98	(823)
	Weighted average common shares outstanding, basic	147,311			146,948	152,238	157,389	160,927	(8.5)	%
	Weighted average common shares outstanding, diluted	148,401			148,529	154,043	159,077	162,760	(8.8)
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	March 31, 2020		December 31, 2019		March 31, 2019
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	652,451	$	535,846	$	519,681
	Interest-bearing funds with Federal Reserve Bank	1,020,775		553,390		688,470
	Interest earning deposits with banks	20,717		20,635		24,147
	Federal funds sold and securities purchased under resale agreements	129,891		77,047		33,627
	Cash and cash equivalents	1,823,834		1,186,918		1,265,925
	Investment securities available for sale, at fair value	6,937,240		6,778,670		6,808,191
	Mortgage loans held for sale, at fair value	119,841		115,173		55,970
	Loans, net of deferred fees and costs	38,258,024		37,162,450		35,634,501
	Allowance for loan losses	(493,452)		(281,402)		(257,036)
	Loans, net	37,764,572		36,881,048		35,377,465
	Cash surrender value of bank-owned life insurance	1,031,544		775,665		761,098
	Premises and equipment, net	482,462		493,940		479,965
	Goodwill	497,267		497,267		485,000
	Other intangible assets	53,032		55,671		74,683
	Other assets	1,909,793		1,418,930		1,321,728
	Total assets	$	50,619,585	$	48,203,282	$	46,630,025
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	9,659,451	$	9,439,485	$	9,144,315
	Interest-bearing deposits	30,167,134		28,966,019		28,930,875
	Total deposits	39,826,585		38,405,504		38,075,190
	Federal funds purchased and securities sold under repurchase agreements	312,776		165,690		314,383
	Other short-term borrowings	1,175,000		1,753,560		853,000
	Long-term debt	3,152,339		2,153,897		2,106,037
	Other liabilities	1,087,680		782,941		683,662
	Total liabilities	45,554,380		43,261,592		42,032,272
	Shareholders' equity:
	Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000, 22,000,000, and 8,000,000	537,145		537,145		195,140
	Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 167,359,689, 166,800,623, and 165,929,349; outstanding 147,266,662, 147,157,596, and 157,454,007	167,360		166,801		165,929
	Additional paid-in capital	3,821,357		3,819,336		3,794,262
	Treasury stock, at cost – 20,093,027, 19,643,027, and 8,475,342 shares	(731,806)		(715,560)		(319,898)
	Accumulated other comprehensive income (loss), net	256,911		65,641		(18,342)
	Retained earnings	1,014,238		1,068,327		780,662
	Total shareholders’ equity	5,065,205		4,941,690		4,597,753
	Total liabilities and shareholders' equity	$	50,619,585	$	48,203,282	$	46,630,025

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)	2020			2019
	(Dollars in thousands)
		First			Fourth	Third	Second	First
		Quarter			Quarter	Quarter	Quarter	Quarter
	Interest Earning Assets
	Investment securities (2) (4)	$	6,680,047		6,696,768	6,831,036	6,955,386	6,536,199
	Yield	3.09		%	3.12	3.14	3.03	3.06
	Trading account assets (5)	$	6,306		7,986	5,519	4,853	2,049
	Yield	2.70		%	2.69	4.01	1.83	1.30
	Commercial loans (3) (4)	$	27,607,343		26,698,202	26,568,194	26,353,973	26,140,672
	Yield	4.57		%	4.82	5.09	5.13	5.16
	Consumer loans (3)	$	9,985,702		9,809,832	9,633,603	9,423,427	9,180,679
	Yield	4.60		%	5.07	5.08	5.17	5.10
	Allowance for loan losses	$	(368,033)		(269,052)	(258,024)	(259,284)	(252,815)
	Loans, net (3)	$	37,225,012		36,238,982	35,943,773	35,518,116	35,068,536
	Yield	4.62		%	4.93	5.13	5.17	5.17
	Mortgage loans held for sale	$	86,415		117,909	99,556	70,497	34,913
	Yield	3.67		%	3.77	3.93	4.27	4.48
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	652,130		514,635	513,160	511,488	679,477
	Yield	1.02		%	1.71	2.08	2.37	2.45
	Federal Home Loan Bank and Federal Reserve Bank Stock (5)	$	284,082		278,586	254,994	234,949	211,408
	Yield	3.38		%	2.85	3.85	3.29	4.82
	Total interest earning assets	$	44,933,992		43,854,866	43,648,038	43,295,289	42,532,582
	Yield	4.33		%	4.60	4.78	4.79	4.80
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	6,445,986		6,381,282	6,138,810	6,335,953	6,393,304
	Rate	0.51		%	0.60	0.69	0.71	0.68
	Money Market accounts	$	11,548,014		10,526,296	10,138,783	10,024,836	10,244,556
	Rate	1.00		%	1.13	1.26	1.23	1.18
	Savings deposits	$	926,822		915,640	900,366	904,183	901,059
	Rate	0.05		%	0.05	0.05	0.05	0.06
	Time deposits under $100,000	$	1,761,741		1,873,350	2,100,492	2,245,878	2,238,568
	Rate	1.64		%	1.27	1.39	1.39	1.24
	Time deposits over $100,000	$	5,051,705		5,198,266	5,957,691	6,331,665	6,211,067
	Rate	2.04		%	1.51	1.69	1.70	1.60
	Non-maturing brokered deposits	$	1,376,669		1,156,131	993,078	766,718	937,629
	Rate	1.42		%	1.84	2.47	2.46	2.60
	Brokered time deposits	$	2,166,496		2,121,069	2,119,149	1,985,589	1,845,819
	Rate	2.11		%	2.16	2.27	2.28	2.13
	Total interest-bearing deposits	$	29,277,433		28,172,034	28,348,369	28,594,822	28,772,002
	Rate	1.18		%	1.16	1.32	1.30	1.24
	Federal funds purchased and securities sold under repurchase agreements	$	167,324		192,731	221,045	300,168	233,076
	Rate	0.30		%	0.24	0.22	0.20	0.22
	Other short-term borrowings	$	1,384,362		1,565,507	1,307,370	1,090,581	517,456
	Rate	1.66		%	1.87	2.31	2.59	2.58
	Long-term debt	$	2,678,651		2,153,983	2,286,221	2,114,819	1,983,910
	Rate	2.78		%	3.07	3.32	3.53	3.33
	Total interest-bearing liabilities	$	33,507,770		32,084,255	32,163,005	32,100,390	31,506,444
	Rate	1.30		%	1.30	1.47	1.48	1.38
	Non-interest-bearing demand deposits	$	9,409,774		9,706,784	9,365,776	9,304,839	9,054,949
	Cost of funds	1.04		%	1.02	1.16	1.15	1.07
	Net interest margin	3.37		%	3.65	3.69	3.69	3.78
	Taxable equivalent adjustment (4)	$	786		769	819	811	630
	(1) Yields and rates are annualized.
	(2) Excludes net unrealized gains and losses.
	(3) Average loans are shown net of unearned income. Non-performing loans are included.
	(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
	(5) Included as a component of other assets on the consolidated balance sheet.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)
Loan Type	March 31, 2020		December 31, 2019		% Change (1)		March 31, 2019		% Change
Commercial, Financial, and Agricultural	$	11,018,155	$	10,252,859	30.0	%	$	9,566,403	15.2	%
Owner-Occupied	6,643,287		6,529,811		7.0		6,542,506		1.5
Total Commercial & Industrial	17,661,442		16,782,670		21.1		16,108,909		9.6
Multi-Family	2,137,757		2,023,769		22.7		2,004,473		6.6
Hotels	1,314,053		1,284,291		9.3		1,179,395		11.4
Office Buildings	2,264,844		2,255,308		1.7		2,309,215		(1.9)
Shopping Centers	1,718,513		1,762,598		(10.1)		1,654,971		3.8
Warehouses	761,863		713,602		27.2		725,862		5.0
Other Investment Property	1,060,761		1,003,111		23.1		979,578		8.3
Total Investment Properties	9,257,791		9,042,679		9.6		8,853,494		4.6
1-4 Family Construction	268,695		284,594		(22.5)		289,607		(7.2)
1-4 Family Investment Mortgage	482,773		495,421		(10.3)		549,120		(12.1)
Total 1-4 Family Properties	751,468		780,015		(14.7)		838,727		(10.4)
Commercial Development	107,351		109,862		(9.2)		147,516		(27.2)
Residential Development	289,769		269,377		30.4		215,814		34.3
Land Acquisition	264,822		278,551		(19.8)		231,595		14.3
Land and Development	661,942		657,790		2.5		594,925		11.3
Total Commercial Real Estate	10,671,201		10,480,484		7.3		10,287,146		3.7
Consumer Mortgages	5,608,121		5,546,368		4.5		5,365,635		4.5
Home Equity Lines	1,778,862		1,713,157		15.4		1,606,227		10.7
Credit Cards	261,581		268,841		(10.9)		252,762		3.5
Other Consumer Loans	2,302,349		2,396,294		(15.8)		2,037,477		13.0
Total Consumer	9,950,913		9,924,660		1.1		9,262,101		7.4
Unearned Income	(25,532)		(25,364)		2.7		(23,655)		7.9
Total	$	38,258,024	$	37,162,450	11.9	%	$	35,634,501	7.4	%
(1) Percentage change is annualized.
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	March 31, 2020		December 31, 2019		% Change		March 31, 2019		% Change
Commercial, Financial, and Agricultural	$	99,287	$	56,186	76.7	%	$	85,917	15.6	%
Owner-Occupied	17,357		9,780		77.5		13,813		25.7
Total Commercial & Industrial	116,644		65,966		76.8		99,730		17.0
Multi-Family	356		385		(7.5)		1,503		(76.3)
Hotels	—		—		-		7,346		nm
Office Buildings	836		600		39.3		221		278.3
Shopping Centers	712		718		(0.8)		676		5.3
Other Investment Property	308		321		(4.0)		—		nm
Total Investment Properties	2,212		2,024		9.3		9,746		(77.3)
1-4 Family Construction	278		698		(60.2)		445		(37.5)
1-4 Family Investment Mortgage	2,047		1,555		31.6		1,522		34.5
Total 1-4 Family Properties	2,325		2,253		3.2		1,967		18.2
Commercial Development	596		87		585.1		46		nm
Residential Development	561		395		42.0		1,569		(64.2)
Land Acquisition	1,043		628		66.1		1,035		0.8
Land and Development	2,200		1,110		98.2		2,650		(17.0)
Total Commercial Real Estate	6,737		5,387		25.1		14,363		(53.1)
Consumer Mortgages	13,571		12,545		8.2		11,556		17.4
Home Equity Lines	12,475		12,034		3.7		14,078		(11.4)
Other Consumer Loans	6,860		5,704		20.3		4,249		61.4
Total Consumer	32,906		30,283		8.7		29,883		10.1
Total	$	156,287	$	101,636	53.8	%	$	143,976	8.6	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2020			2019				First Quarter
		First			Fourth	Third	Second	First	'20 vs '19
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPLs)	$	156,287		101,636	115,915	124,083	143,976	8.6	%
	Other Real Estate and Other Assets	33,679			35,810	35,400	15,479	11,341	197.0
	Non-performing Assets (NPAs)	189,966			137,446	151,315	139,562	155,317	22.3
	Allowance for Loan Losses (ALL)	493,452			281,402	265,013	257,376	257,036	92.0
	Reserve for Unfunded Commitments	38,420			1,375	1,496	995	1,070	nm
	Allowance for Credit Losses (ACL)	531,872			282,777	266,509	258,371	258,106	106.1
	Net Charge-Offs - Quarter	20,061			8,821	19,925	11,778	17,088
	Net Charge-Offs / Average Loans - Quarter (1)	0.21		%	0.10	0.22	0.13	0.19
	NPLs / Loans	0.41			0.27	0.32	0.34	0.40
	NPAs / Loans, ORE and specific other assets	0.50			0.37	0.42	0.39	0.44
	ACL/Loans	1.39			0.76	0.73	0.71	0.72
	ALL/Loans	1.29			0.76	0.73	0.71	0.72
	ACL/NPLs	340.32			278.23	229.92	208.22	179.27
	ALL/NPLs	315.74			276.87	228.63	207.42	178.53
	Past Due Loans over 90 days and Still Accruing	$	6,398		15,943	15,660	5,851	4,486	42.6
	As a Percentage of Loans Outstanding	0.02		%	0.04	0.04	0.02	0.01
	Total Past Due Loans and Still Accruing	$	83,235		123,793	88,219	80,792	88,135	(5.6)
	As a Percentage of Loans Outstanding	0.22		%	0.33	0.24	0.22	0.25
	Accruing Troubled Debt Restructurings (TDRs)	$	160,128		133,145	130,019	126,369	112,205	42.7
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		March 31, 2020			December 31, 2019	March 31, 2019
	Tier 1 Capital	$	4,290,634		4,280,604	3,985,533
	Total Risk-Based Capital	5,298,113			5,123,381	4,803,639
	Common Equity Tier 1 Capital Ratio	8.72		%	8.95	9.52
	Tier 1 Capital Ratio	9.97			10.23	10.01
	Total Risk-Based Capital Ratio	12.31			12.25	12.06
	Tier 1 Leverage Ratio	8.94			9.16	8.81
	Common Equity as a Percentage of Total Assets (2)	8.95			9.14	9.44
	Tangible Common Equity Ratio (3) (5)	7.94			8.08	8.34
	Book Value Per Common Share (4)	$	30.75		29.93	27.96
	Tangible Book Value Per Common Share (3)	27.01			26.17	24.41
	(1) Current quarter regulatory capital information is preliminary.
	(2) Common equity consists of Total Shareholders' Equity less Preferred Stock.
	(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
	(5) See "Non-GAAP Financial Measures" of this report for applicable reconciliation.

EX-99.3

Exhibit 99.3 First Quarter 2020 Results April 24, 2020

Forward Looking Statements This slide presentation and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward- looking statements. You can identify these forward-looking statements through Synovus' use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "predicts," "could," "should," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, statements on our expectations related to (1) loan and deposit growth, loan yields and deposit pricing; (2) net interest income and net interest margin; (3) non-interest revenue; (4) adjusted expenses; (5) credit trends and key credit performance metrics; (6) our future operating and financial performance; (7) our strategy and initiatives for future growth, capital management, liquidity and funding, cost savings and revenue benefits; (8) future impact of CECL on our allowance for credit losses and our capital position; and (9) our assumptions underlying these expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation. Many of these factors are beyond Synovus' ability to control or predict. These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and uncertainties related to the impact of the COVID-19 pandemic on Synovus' assets, business, liquidity, financial condition, prospects and results of operations, and 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, 2019 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. Statements about the potential effects of the COVID-19 pandemic on Synovus' assets, business, liquidity, financial condition, prospects and results of operations may constitute forward-looking statements and are subject to the risks that the actual effects may differ, possibly materially, from what is reflected in these forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the depth, dispersion and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on customers, team members, third parties and Synovus. Use of Non-GAAP Financial Measures This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: adjusted diluted earnings per share; adjusted return on average assets; return on average tangible common equity; adjusted return on average tangible common equity; adjusted non- interest revenue; adjusted non-interest expense; adjusted tangible non-interest expense; adjusted tangible efficiency ratio; and tangible common equity ratio. The most comparable GAAP measures to these measures are diluted earnings per share; return on average assets; return on average common equity; total non-interest revenue; total non-interest expense; efficiency ratio; and total shareholders' equity to total assets ratio, respectively. Management uses these non-GAAP financial measures to assess the performance of Synovus' business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management, investors, and bank regulators in evaluating Synovus' operating results, financial strength, the performance of its business and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted diluted earnings per share and adjusted return on average assets are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period- to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Adjusted non-interest revenue is a measure used by management to evaluate non-interest revenue exclusive of net investment securities gains (losses) and net changes in the fair value of private equity investments. Adjusted non-interest expense, adjusted tangible non-interest expense, and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. The tangible common equity ratio is used by management and bank regulators to assess the strength of our capital position. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the Appendix to this slide presentation. 2

Team Members Grounded in Vision and Values: COVID-19 Response Team Members Customers Communities Customers Businesses Business continuity plan in 97% of branches Funded ~$2 billion in Financial contributions to place with 80%+ team operational with all Paycheck Protection more than a dozen members working from converted to drive-thru & Program SBA loans from organizations for COVID- home appointment-only April 3 through April 22 19 relief efforts Special bonus pay for on- Waived charges▪ Enhancedincluding risk managementImplemented a prudent ▪ ContinuedDollar- focusfor-dollar on executing employee site hourly team members NSF, monthlypractices, service & as well as significant& comprehensive Synovusmatching Forwardfor initiatives COVID-19 other chargesde-risking of the balancedeferment sheet program for donations to American Extended 10 days of since 2008 virus-impacted ▪ Share repurchasesRed Cross have been additional paid leave for Payment deferment businesses temporarily suspended virus-related hardships without credit▪ Ongoing bureau stress testing and Provided meal donations reporting forsensitivity virus- analyses inProvided key risks access to through local restaurants Telemedicine benefit impacted consumersareas – credit, capital,capital market, with businesses for first responders & available to all employees and liquidity drawing ~$300 million health care workers at no additional cost Substantially increased on revolvers in March mobile deposit & ATM Launched comprehensive Specific actions taken to cash withdrawal limits Continuing to lend COVID-19 web resource protect & support team without interruption to to educate communities members working in Uninterrupted customer qualified customers offices service with 20% increase in new digital enrollment Waived costs under health plans for COVID- diagnostic and other related expenses 3

First Quarter 2020 Highlights Reported Reported Adjusted Adjusted 1Q20 1Q19 1Q20 (1) 1Q19(1) Earnings per Share $0.20 $0.72 $0.21 $0.98 Return on Average Assets 0.32% 1.06% 0.32% 1.45% Return on Average Tangible Common Equity(1) 3.34% 12.88% 3.39% 17.52% Efficiency Ratio 57.81% 61.28% 56.72% 50.24% ▪ Diluted EPS of $0.20 and adjusted diluted EPS(1) of $0.21 ▪ Period-end loan growth of $1.1 billion or 11.9%(2) vs. 4Q19 ▪ Total funded loan production and existing revolver growth of $3.1 billion and $300 million, respectively ▪ Period-end deposits of $39.8 billion increased $1.4 billion or 14.9%(2) vs. 4Q19 ▪ Total core transaction deposits grew $623 million or 10.4%(2) sequentially ▪ Net interest margin of 3.37% vs. 3.65% in 4Q19; 3.35% vs. 3.40% in 4Q19, excluding purchase accounting adjustments (PAA) ▪ Non-interest revenue growth of $6 million vs. 4Q19; adjusted non-interest revenue(1) increased $7 million ▪ Growth led by net mortgage revenues and capital markets income ▪ Non-interest expense of $276 million grew $10 million vs. 4Q19, largely due to $5 million of increased seasonal employment expense ▪ Adjusted non-interest expense(1) of $271 million increased $6 million vs. 4Q19 ▪ Provision for credit losses of $159 million reflected significant economic stress due to the COVID-19 healthcare crisis and the first quarter of Current Expected Credit Losses (CECL) ▪ Allowance for credit losses (ACL) to loans ratio of 1.39% (1) Non-GAAP financial measure; see appendix for applicable reconciliation 4 (2) Annualized

Loans Period-end Loan Balances (in billions) ▪ Sequential quarter period-end growth of $1.1 billion or 11.9%(2) vs. 4Q19 $38.3(1) $37.2(1) $35.6(1) ▪ Total funded production of $3.1 billion ▪ Revolver utilization of $300 million 45.2% 46.2% ▪ C&I line utilization increased 45.2% from 46% to 50%, primarily in March ▪ Total average loan growth of $1.1 billion or 12.0%(2) vs. 4Q19 26.7% 26.0% 26.0% Loan Portfolio Rate Mix(3) 27.9% 28.8% 28.2% Amounts may not total due to rounding (1) Total loans are net of deferred fees, costs, discounts/premiums 5 (2) Annualized (3) Excludes derivative hedging

Deposits ▪ 1Q20 total period-end deposits increased Period-end Deposit Balances (2) (in billions) $1.4 billion or 14.9% vs. 4Q19 ▪ Core transaction deposits(1) up $39.8 $38.1 $38.4 $623 million, led by DDA growth 10.0% of $308 million 7.1% 9.0% ▪ Continued attrition in time 12.1% 12.0% 13.2% deposits down $399 million, offset by growth in lower priced brokered deposits, up $558 million 19.9% 16.1% 14.5% ▪ 1Q20 total average deposits increased $808 million or 8.6%(2) vs. 4Q19 ▪ Interest-bearing deposit cost in March down 30 bps vs. 4Q19 60.8% 62.9% 62.2% (3) 1.02% Amounts may not total due to rounding (1) Core transaction deposits consist of non-interest bearing, NOW/savings, and money market deposits excluding public funds and brokered 6 (2) Annualized (3) Excluding PAA

Net Interest Income (in millions) ▪ Net interest income of $373 million decreased $26 million or 6.5% vs. 4Q19 and $24 million or 6.0% vs. 1Q19 ▪ Net interest margin, excluding PAA, declined 5 bps to 3.35%(1) ▪ Approximately 2 of the 3 bps of NIM decline attributable to yield caused by lower than anticipated rate environment 1Q20 Change in NIM (excl. PAA) 3.40% -0.03% 3.35% -0.01% -0.01% (1) 4Q19 Yields Debt Other(2) 1Q20 Issuance (1) PAA are primarily comprised of loan accretion and deposit premium amortization. 1Q20 primarily included loan accretion of $2 million; 4Q19 primarily included $15 million of loan accretion and $11 million of deposit 7 premium amortization, and 1Q19 primarily included $7 million of loan accretion and $11 million of deposit premium amortization (2) Includes various unattributed factors, including day count

Non-interest Revenue (in millions) ▪ 1Q20 non-interest revenue of $104 million increased $6 million or 6.0% vs. 4Q19 and $24 million or 30.8% vs. 1Q19 ▪ Adjusted non-interest revenue(2) of $99 million $104 increased $7 million or 8.0% vs. 4Q19 and $21 $98 million or 26.7% vs. 1Q19 $79 ▪ Mortgage revenue up $3 million, driven by secondary gain on sale ▪ Capital markets income up $2 million ▪ Brokerage revenue up $1 million (3) (in billions) $48.7 $47.5 $47.2 $46.7 $45.8 (1) (3) Amounts may not total due to rounding (1) Include service charges on deposit accounts, card fees, letter of credit fees, ATM fee income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges (2) Non-GAAP financial measure; see appendix for applicable reconciliation 8 (3) Annualized

Non-interest Expense (in millions) ▪ 1Q20 non-interest expense of $276 million increased $10 million or 3.8% vs. 4Q19 and decreased $16 million or 5.5% vs. 1Q19 $262 $269 ▪ 1Q20 adjusted non-interest expense(1) of $271 $239 million increased $6 million or 2.5% vs. 4Q19 and $29 million or 11.7% vs. 1Q19 ▪ Employment expense up $5 million primarily due to seasonal payroll taxes and benefits ▪ FDIC expense down $5 million partially due to a $2 million reversal of additional expense accrued in 4Q19 ▪ COVID-19 impact included minimal additional technology expense and $1 1Q19 4Q19 1Q20 million in bonus pay for front-line Efficiency Ratio 61.28% 53.44% 57.81% team members Adjusted Tangible 50.24% 53.20% 56.72% Efficiency Ratio(1) 9 (1) Non-GAAP financial measure; see appendix for applicable reconciliation

Credit Quality (in millions) 0.50% 0.44% 0.42% 0.39% 0.37% ( 2 0.41% 0.40% 0.33% ) 0.25% 0.34% 0.32% 0.22% 0.22% 0.24% 0.27% 0.2 $17 $12 $20 $99% $20 0.0 7% 791% $493 $2 $281 7. 277% $257 $257 $265 138% 7 138% 103% ALL to NPLs: 179% 207% 229% 277% 316% 10

Current Expected Credit Losses (CECL) Synovus adopted CECL on January 1, 2020; capital impact to be phased-in over five years ▪ Discounted cash flow methodology using a one-year reasonable and supportable forecast horizon with a straight-line reversion over the second year; prepayments based on observed history ▪ Model development and governance processes consistent with those leveraged for stress testing Day One reserve increase of $110 million, or 39%, below the 40-60% guided previously ▪ Zero equity impact from the acquired Purchased Credit Impaired by Analogy loans of $62 million Day Two reserve increase of $139 million accounts for deterioration in economy that occurred after January 1, 2020, and is not captured in Day One impact ▪ Qualitative increase to allowance of $37 million (in thousands) $531,872 $393,211 (1) Reserve for Unfunded $1,375 $28,815 $38,420 Commitments: ACL/Loans: 0.76% 1.06% 1.39% 11 (1) Other includes growth, migration (including changes in specific reserves), reduction of qualitative loss factors, change in unfunded commitment reserves, etc.

Capital Ratios 1Q19 4Q19 1Q20 ▪ Pausing share repurchase activity with (1) CET1 below 9.0% and greater Common equity Tier 1 (CET1) ratio 9.52 8.95 8.72 economic uncertainty (1) Tier 1 capital ratio 10.01 10.23 9.97 ▪ Repurchased $16 million (450 (1) thousand shares) in common Total risk-based capital ratio 12.06 12.25 12.31 stock during the quarter (1) Leverage ratio 8.81 9.16 8.94 ▪ Total risk-based capital ratio increased (1) Tangible common equity ratio(2) 8.34 8.08 7.94 6 basis points to 12.31% despite risk-weighted asset growth, primarily due to Tier 2 qualifying allowance for credit losses 8.72% Net Income (1) Preliminary (2) Non-GAAP financial measure; see appendix for applicable reconciliation 12

Liquidity Brokered Time, 5% Interest-bearing Transaction, ▪ Maintain significant contingent liquidity via 43% Brokered Money Market, various funding sources which can be used to 4% further support client activities Short-term, 3% ▪ Increased FHLB availability in 1Q20 by $2B+ through expanded pledging effort (1) Long-term, Funding Profile 7% ▪ Intend to utilize the Federal Reserve's Paycheck Protection Program Liquidity Facility to support growth Time, 16% DDA, ▪ 21% Significant cash buffer at Parent Company; current position able to cover 150%+ of 12- month outflows (including preferred and common dividends)(3) Core transaction Borrowings Brokered Notable Liquidity Sources(2) Amount (in billions) Excess reserves at FRB $1.0 Unencumbered Securities $4.8 FHLB Borrowing Capacity $3.2 FRB Discount Window Capacity $4.6 Total ~$13.5 Amounts may not total due to rounding (1) Figures as of 03/31/2020 (2) Figures are approximate, as of 03/31/2020 and exclude Fed Funds market availability 13 (3) Based on estimates as of 03/31/2020, assuming a quarterly common dividend of $0.33/share

Loan Portfolio by Category Consumer Portfolio - $10.0 Billion CRE Portfolio - $10.7 Billion ▪ High quality Consumer Real Estate book ▪ 86% are income-producing ▪ Weighted average credit score of 786 and 775 ▪ Residential C&D and Land are 2% of total loans for HELOC and Mortgage, respectively ▪ No CRE loan > $50 million ▪ Average LTV ~75% and 76% for HELOC and ▪ Average loan size of $13 million Mortgage, respectively Resi. Constr, Dev, Land ▪ Diversity among property types and geographies 2.2% Consumer CRE 26.5% 28.6% C&I Portfolio - $17.7 Billion Consumer Other CRE Non-R/E Prop. Types 6.7% 6.3% ▪ Primarily direct middle market and commercial Multi-Family clients Consumer R/E 5.6% ▪ Syndications ~8% of total loans Related Office Bldg. 19.3% 5.9% ▪ C&I specialty lending includes Senior Housing and C&I Premium Finance Shopping Centers 4.5% 45.0% ▪ C&I industry mix aligned with economic and C&I Specialty Hotel demographic drivers Lending 3.4% 13.9% Direct Middle Market & Historical Balance 4Q08 1Q20 Change Commercial Banking Comparison Loan Loan Loan 32.2% (in millions) Balances Mix Balances Mix Balances Mix Investment Properties $4,759 17.3% $9,258 24.2% $4,499 6.9% Land & 1-4 Family $7,561 27.5% $1,413 3.7% $(6,148) (23.8)% Consumer Total CRE $12,320 44.9% $10,671 27.9% $(1,649) (17.0)% CRE Total C&I $11,247 41.0% $17,661 46.2% $6,414 5.2% C&I Total Consumer $4,390 16.0% $9,951 26.0% $5,561 10.0% (1) (1) Total Loans $27,446 100.0% $38,284 (1) 100.0% $10,838 —% Amounts may not total due to rounding (1) Total loans are net of deferred fees, costs, discounts/premiums 14

Industries Sensitive to COVID-19(1) $4.6 billion of balances in industries subject to enhanced monitoring Portfolio Balance Composition Hotels $1.3 billion or 3.4% of total loans mostly non-resort, franchised hotel properties 28.8% retail centers (excluding those with grocery, Shopping Centers $1.011.0% billion or 2.7% of total loans 22.8% pharmacy, or discount anchor tenant) Restaurants $800 million or 2.1% of total loans full-service and limited-service restaurants 20.1% Retail Trade 27.1% $717 million or 1.9% of total loans retailers (excluding gas and staples) (non-essential) 46.0% Arts, Entertainment, $461 million or 1.2% of total loans fitness centers, rec facilities, other high-density & Recreation entertainment facilities primarily related to transportation, operations, Oil-related $292 million or 0.8% of total loans and support; little-to-no exploration/production (1) See the appendix for additional information 15

Synovus Forward While COVID-19 has introduced new considerations and new “staging” for Synovus Forward, we remain committed to achieving $100 million in benefits from identified initiatives COVID-19 Response SYNOVUS NOW SYNOVUS FORWARD Mid March - Early April March - June June - Forward People first approach: Protect revenue, protect Adjusting existing strategies Team members, customers, risk, protect capital communities ▪ CARES Act execution (PPP, Main ▪ Re-launch organizational effectiveness, technology/operations and real estate ▪ COVID-19 task force Street) ▪ Product changes/enhancements efficiency initiatives ▪ Business continuity plan execution ▪ Third-party spend and discretionary cost reduction ▪ Re-sequencing pricing for value and revenue analytics workstream ▪ Team member policy and pay ▪ Capital and liquidity optimization considerations ▪ Credit management/mitigation strategies ▪ Social distancing/remote work Embrace the changes driven by ...and creating new opportunities adjustments the disruption ▪ Increased emphasis on efficiencies given ▪ Customer awareness/outreach ▪ Accelerating digital migration ▪ Aggressive post-COVID workforce current economic headwinds ▪ Branch and other channel service planning ▪ Balance sheet and business mix adjustments management opportunities to optimize Clear the Way returns ▪ Pausing non-essential projects ▪ New investments targeting highest ▪ Re-setting demand management returns with shortest payback periods ▪ Re-positioning teams to execute 16

Appendix

As customers practice social distancing, we are investing to drive deeper engagement Deployed major updates to My Synovus 1Q consumer activity down on 3/18 across both branch and digital ▪ Significantly enhanced bill pay and channels reflecting generally transfer experiences resulting in reduced financial activity marked improvement in app store ratings Synovus Enterprise Data Warehouse, All Consumer ▪ 4.5 rating for both Apple and Android Deposit Account Transactions, by week Jan 7 – Apr 13, 2020 However, emerging trends indicate potential channel shifting ▪ Mobile deposits up 7% in March ▪ Enrollment in My Synovus for existing customers is up 20% from 4Q Further investing to accelerate capabilities and engage ▪ Initial offerings for deposit online origination anticipated in May ▪ Account aggregation and Zelle targeted for summer ▪ Deploying new marketing, customer outreach, and engagement strategies to move slower adopters/adapters 18

Quarterly Highlights Trend 1Q19 2Q19 3Q19 4Q19 1Q20 Diluted EPS 0.72 0.96 0.83 0.97 0.20 Net interest margin 3.78 3.69 3.69 3.65 3.37 Efficiency ratio 61.28 54.14 56.20 53.44 57.81 Financial Performance Adjusted tangible efficiency ratio(1) 50.24 52.08 51.71 53.20 56.72 ROA(2) 1.06 1.34 1.14 1.27 0.32 Adjusted ROA(1)(2) 1.45 1.39 1.33 1.24 0.32 Total loans 37.3 5.7 3.1 8.1 11.9 Balance Sheet Growth(3) Total average deposits 40.5 0.8 (1.9) 1.7 8.6 NPA ratio 0.44 0.39 0.42 0.37 0.50 Credit Quality NCO ratio(2) 0.19 0.13 0.22 0.10 0.21 Common shares outstanding(4) 157,454 156,872 147,594 147,158 147,267 (5) CET1 ratio 9.52 9.61 8.96 8.95 8.72 Capital Tangible common equity ratio(1) 8.34 8.56 8.04 8.08 7.94 19 (1) Non-GAAP financial measure; see applicable reconciliation (2) Annualized (3) Sequential quarter growth, annualized except for 1Q19 (4) In thousands (5) Preliminary

Condensed Income Statement (in thousands, except per share data) 1Q20 4Q19 1Q19 Net interest income $ 373,260 $ 399,268 $ 397,175 Non-interest revenue 103,857 97,955 79,378 Non-interest expense 276,279 266,121 292,410 Provision for credit losses 158,722 24,470 23,569 Income before taxes 42,116 206,632 160,574 Income tax expense 3,595 54,948 40,388 Preferred stock dividends 8,291 8,291 3,150 Net income available to common shareholders $ 30,230 $ 143,393 $ 117,036 Weighted average common shares outstanding, diluted 148,401 148,529 162,760 Net income per diluted common share $ 0.20 $ 0.97 $ 0.72 20

Non-interest Revenue 1Q20 vs. 4Q19 1Q20 vs. 1Q19 (in thousands) 1Q20 4Q19 1Q19 % Change % Change Service charges on deposit accounts $ 20,689 $ 22,385 $ 20,859 (7.6) (0.8) Fiduciary and asset management fees 15,174 15,645 13,578 (3.0) 11.8 Brokerage revenue 12,398 11,106 9,379 11.6 32.2 Mortgage banking income 12,227 9,287 5,054 31.7 nm Card fees 10,950 11,325 10,877 (3.3) 0.7 Capital markets income 11,243 8,972 5,245 25.3 nm Income from bank-owned life insurance 6,038 5,620 5,290 7.4 14.1 Other non-interest revenue 10,659 7,672 8,163 38.9 30.6 Adjusted non-interest revenue $ 99,378 $ 92,012 $ 78,445 8.0 26.7 (Decrease)/increase in fair value of private equity investments, net (4,255) 8,100 858 nm nm Investment securities gains (losses), net 8,734 (2,157) 75 nm nm Total non-interest revenue $ 103,857 $ 97,955 $ 79,378 6.0 30.8 nm = not meaningful 21

Earning Assets Composition ( 2 ) (1) (1) Derivative Hedging Portfolio Net Interest Income Sensitivity Gradual change in short- Estimated % change in net term interest rates interest income (in bps) +100 1.89% -25 (0.74)% (1) Loan and investment yields include purchase accounting adjustments (PAA). Excluding the effect of PAA, loan and investment yields were 4.60% and 3.09%, respectively, in 1Q20; 4.75% and 3.10%, respectively, in 4Q19; 4.93% and 3.04%, respectively, in 3Q19; 5.04% and 3.02%, respectively, in 2Q19; and 5.02% and 3.03%, respectively, in 1Q19 22

Loan Composition and Growth (in millions) Composition Growth 4Q19 vs.1Q20 Annualized 4Q19 1Q20 Investment Properties $9,043 24.3% $9,258 24.2% $215 9.6% CRE Residential Properties $780 2.1% $751 2.0% $(29) (14.7)% 28.6% Land Acquisition & DevelopmentConsumer $658 1.8% $662 1.7% $4 2.5% Non-R/E Other CRE 7.3% Prop. Types Total CRE 6.3%$10,481 28.2% $10,671 27.9% $190 7.3% Multi-Family Consumer R/E 5.4% Related C&I 19.5% $16,783Office Bldg.45.0%45.2% $17,661 46.1% $879 21.1% C&I 6.1% Shopping Centers 4.6% Consumer $9,925 Hotel 26.7% $9,951 26.0% $26 1.1% C&I Specialty 3.5% Lending 14.6% Total Direct Middle Market$37,162 & 100.0% $38,258 100.0% $1,096 11.9% Commercial Banking 30.6% Amounts may not total due to rounding *Totals include net deferred fees/cost by category which are not displayed on this slide 23

Commercial Real Estate Composition of 1Q20 CRE Portfolio ▪ Investment Properties portfolio represents Total Portfolio $10.7 billion 86% of total CRE portfolio ▪ The portfolio is well diversified among the property types ▪ Credit quality in Investment Properties portfolio remains excellent ▪ As of 1Q20, Residential C&D and Land Acquisition Portfolios represent only 2.2% of total performing loans ▪ No single CRE loan above $50 million ▪ Average CRE loan size is $13 million Credit Indicator 1Q20 NPL Ratio 0.06% Net Charge-off Ratio (annualized) 0.02% 30+ Days Past Due Ratio 0.08% 90+ Days Past Due Ratio 0.00% 24

C&I Portfolio Diverse Industry Exposure Total C&I Portfolio $17.7 billion ▪ Wholesale Bank (includes Large Corporate, Middle Market, and Specialty Lines) represents 59.4% of C&I Balances ▪ Community/Retail Bank represents 40.4% of C&I balances Credit Indicator 1Q20 NPL Ratio 0.66% Net Charge-off Ratio (annualized) 0.31% 30+ Days Past Due Ratio 0.19% 90+ Days Past Due Ratio 0.01% 25

Consumer Portfolio Total Consumer Portfolio $10.0 billion Credit Indicator 1Q20 NPL Ratio 0.33% Net Charge-off Ratio * 0.26% 30+ Days Past Due Ratio 0.41% 90+ Days Past Due Ratio 0.04% ▪ Credit Card Portfolio continues to perform well ▪ Average utilization rate is 22.2% ▪ Average credit score is 723 Mortgage and HELOC, the two largest concentrations, have ▪ QTD net charge-offs 3.28% annualized strong credit indicators Credit Indicator HELOC Mortgage ▪ Lending Partnerships with GreenSky and SoFi Weighted Average Credit 790 775 Score of 1Q20 Originations ▪ Currently $1.9 billion in balances, or 4.9% of total loans Weighted average credit score 786 775 ▪ GreenSky is a point-of-sale program where of total portfolio the customer applies with home Average LTV 74.6% 75.7% improvement store, contractor, or other Average DTI 30.3% 31.2% merchant Utilization Rate 53.6% N/A * Annualized ▪ SoFi portfolio primarily consists of refinanced student loan debt *Annualized 26

Hotels and Shopping Centers ▪ Hotel Credit Quality: Hotels - 3.4% of total loans ▪ 1.9x DSC (in millions) Hotels ▪ 54% Average LTV ▪ Funded balances $1,314 0.00% NPL Ratio Unfunded commitments $241 ▪ 0.07% Past Dues ▪ 0.00% NCO Ratio(1) Total exposure $1,555 1.4% ▪ Construction comprises ~10% of outstanding balances; average equity of 33% 5.4% 20.1% ▪ ~ 85% of outstanding balances are franchised 27.1% hotels; top franchises include: 46.0% ▪ Hilton ▪ Marriott ▪ Hyatt Shopping Centers(2) - 2.7% of total loans ▪ Shopping Centers Credit Quality(2): $181 $229 ▪ 1.4x DSC (in millions) Shopping Centers ▪ 63% Average LTV ▪ 0.07% NPL Ratio Funded balances $1,014 ▪ 0.01% Past Dues $452 (1) Unfunded commitments $17 ▪ 0.00% NCO Ratio $762 Total exposure $1,031 ▪ Virtually no mall exposure; <15% in power centers ▪ Primarily densely populated infill locations in major metro areas (1) Quarter-to-date annualized (2) Excludes shopping centers with grocery, pharmacy, or discount anchor tenant 27

Restaurants and Retail Trade ▪ Restaurant Credit Quality: Restaurants - 2.1% of total loans ▪ 0.39% NPL Ratio (in millions) Restaurants ▪ 0.47% Past Dues (1) Funded balances $800 ▪ 0.22% NCO Ratio Unfunded commitments $202 ▪ 62% of restaurants are franchises; top franchises Total exposure $1,002 include: 1.6% ▪ McDonalds ▪ Cracker Barrel ▪ Zaxby's ▪ Panera Bread Co. ▪ Burger King 42.2% ▪ Drive-thru, curbside, and delivery options are 56.2% offered by many restaurants Non-Essential Retail Trade - 1.9% of total loans $181 $229 ▪ Non-Essential Retail Trade Credit Quality: ▪ 0.35% NPL Ratio (in millions) Retail Trade ▪ 0.44% Past Dues Funded balances $452 $717 ▪ 0.11% NCO Ratio(1) Unfunded commitments $762 $197 ▪ Includes all retail, except: Total exposure $914 ▪ Grocery ▪ Gas ▪ Other essentials (1) Quarter-to-date annualized 28

Arts, Entertainment, & Rec. and Oil-Related Arts, Entertainment, & Recreation - 1.2% of total loans (in millions) Arts, Entertainment, & Rec. ▪ Arts, Entertainment, & Rec. Credit Quality: Funded balances $461 ▪ 0.19% NPL Ratio ▪ 0.10% Past Dues Unfunded commitments $74 ▪ 0.25% NCO Ratio(1) Total exposure $535 ▪ Fitness centers, recreational facilities, other high-density entertainment facilities Oil-related - 0.8% of total loans ▪ Oil-related Credit Quality: (in millions) Oil-Related Industry Exposure ▪ 0.00% NPL Ratio ▪ 0.00% Past Dues Funded balances $292 ▪ 0.00% NCO Ratio(1) Unfunded commitments $185 ▪ Little-to-no exploration or production in the Total exposure $477 portfolio ▪ Primarily related to transportation, operations, and support (1) Quarter-to-date annualized 29

Senior Housing $2.1 billion, 5.5% of total loans ▪ Senior Housing portfolio resides in a vertical within (in millions) Senior Housing the Wholesale Bank, led by a seasoned team of industry experts Funded balances $2,105 Unfunded commitments $278 ▪ Combined 208 years experience among 12 team members Total exposure $2,383 ▪ Portfolio has not experienced any credit losses since its inception in 2011 ▪ Geographically diverse ▪ ~ 320 facilities in 33 states ▪ Minimal West Coast exposure ▪ 77% of the portfolio is private pay (1) ▪ Primarily focused on Independent Living, Assisted Living, and Memory Care; <25% is Skilled Nursing ▪ Population trends and anticipated future demand continue to make Senior Housing a viable business model ALF - Assisted Living Facility MC - Memory Care SNF - Skilled Nursing Facility IL - Independent Living CCRC - Continuing Care Retirement Community (1) Other includes 6% IL, 6% ALF, 4% MC, 3% IL/ALF, 2% SNF/ALF, and 2% ALF/MC/IL 30

Portfolio Risk Distribution (in millions) Composition Growth 4Q19 vs. 1Q20 Risk Category 4Q19 1Q20 Annualized Passing Grades $36,547 98.34% $37,618 98.34% $1,071 Special Mention 225 0.61% 218 0.57% (7) Substandard Accruing 289 0.78% 266 0.70% (23) Non-Performing Loans 102 0.27% 156 0.41% 54 Total Loans $37,162 100.00% $38,258 100.00% $1,096 Amounts may not total due to rounding 31

Non-GAAP Financial Measures (in thousands, except per share data) 1Q20 4Q19 1Q19 Net income available to common shareholders $ 30,230 143,393 117,036 Subtract/add: Merger-related expense — (913) 49,738 Add: Restructuring charges, net 3,220 1,259 19 Add: Valuation adjustment to Visa derivative — 1,111 — Add: Loss on early extinguishment of debt, net 1,904 — — Subtract/add: Investment securities (gains) losses, net (8,734) 2,157 (75) Add/subtract: Fair value decrease ( increase) of private equity investments 4,255 (8,100) (858) Subtract/add: Tax effect of adjustments (167) 1,162 (5,705) Adjusted net income available to common shareholders $ 30,708 $ 140,069 $ 160,155 Weighted average common shares outstanding, diluted 148,401 148,529 162,760 Net income per common share, diluted $ 0.20 $ 0.97 $ 0.72 Adjusted net income per common share, diluted $ 0.21 $ 0.94 $ 0.98 32

Non-GAAP Financial Measures, Continued (dollars in thousands) 1Q20 4Q19 3Q19 2Q19 1Q19 Net income $ 38,521 151,684 135,726 156,184 120,186 Add: Income tax expense, net related to State Tax Reform — — 4,402 — — Add: Earnout liability adjustments — — 10,457 — — Subtract/add: Merger-related expense — (913) 353 7,401 49,738 Add/subtract: Restructuring charges, net 3,220 1,259 (66) 18 19 Add: Valuation adjustment to Visa derivative — 1,111 2,500 — — Add: Loss on early extinguishment of debt, net 1,904 — 4,592 — — Subtract/add: Investment securities (gains) losses, net (8,734) 2,157 3,731 1,845 (75) Add/subtract: Fair value decrease ( increase) of private equity investments 4,255 (8,100) (1,194) (1,455) (858) Subtract/add: Tax effect of adjustments (167) 1,162 (2,478) (1,951) (5,705) Adjusted net income $ 38,999 148,360 158,023 162,042 163,305 Net income annualized $ 154,931 601,790 538,478 626,452 487,421 Adjusted net income annualized $ 156,853 588,602 626,939 649,949 662,293 Total average assets $ 48,696,595 47,459,405 47,211,206 46,679,769 45,794,621 Return on average assets 0.32 % 1.27 % 1.14 % 1.34 % 1.06 % Adjusted return on average assets 0.32 % 1.24 % 1.33 % 1.39 % 1.45 % 33

Non-GAAP Financial Measures, Continued (dollars in thousands) 1Q20 4Q19 1Q19 Net income available to common shareholders $ 30,230 143,393 117,036 Subtract/add: Merger-related expense — (913) 49,738 Add: Restructuring charges, net 3,220 1,259 19 Add: Valuation adjustment to Visa derivative — 1,111 — Add: Loss on early extinguishment of debt, net 1,904 — — Subtract/add: Investment securities (gains) losses, net (8,734) 2,157 (75) Add/subtract: Fair value decrease (increase) of private equity investments 4,255 (8,100) (858) Subtract/add: Tax effect of adjustments (167) 1,162 (5,705) Adjusted net income available to common shareholders $ 30,708 140,069 160,155 Adjusted net income available to common shareholders annualized 123,507 555,709 649,518 Add: Amortization of intangibles 7,868 8,528 10,317 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 131,375 564,237 659,835 Net income available to common shareholders annualized 121,584 568,896 474,646 Add: Amortization of intangibles 7,868 8,528 10,317 Net income available to common shareholders excluding amortization of intangibles annualized $ 129,452 577,424 484,963 Total average shareholders' equity less preferred stock 4,424,278 4,348,250 4,321,561 Subtract: Goodwill (497,267) (488,223) (480,215) Subtract: Other intangible assets, net (54,514) (57,149) (75,191) Total average tangible shareholders' equity less preferred stock $ 3,872,497 3,802,878 3,766,155 Return on average common equity 2.75 % 13.08 % 10.98 % Adjusted return on average common equity 2.79 % 12.78 % 15.03 % Return on average tangible common equity 3.34 % 15.18 % 12.88 % Adjusted return on average tangible common equity 3.39 % 14.84 % 17.52 % 34

Non-GAAP Financial Measures, Continued (dollars in thousands) 1Q20 4Q19 1Q19 Total non-interest revenue $ 103,857 97,955 79,378 Subtract/add: Investment securities (gains) losses, net (8,734) 2,157 (75) Add/subtract: Fair value decrease (increase) of private equity investments 4,255 (8,100) (858) Adjusted non-interest revenue $ 99,378 92,012 78,445 (dollars in thousands) 1Q20 4Q19 3Q19 2Q19 1Q19 Total non-interest expense $ 276,279 266,121 276,310 264,126 292,410 Subtract: Earnout liability adjustments — — (10,457) — — Add/subtract: Merger-related expense — 913 (353) (7,401) (49,738) Subtract/add: Restructuring charges, net (3,220) (1,259) 66 (18) (19) Subtract: Valuation adjustment to Visa derivative — (1,111) (2,500) — — Subtract: Loss on early extinguishment of debt, net (1,904) — (4,592) — — Adjusted non-interest expense $ 271,155 264,664 258,474 256,707 242,653 (dollars in thousands) 1Q20 4Q19 3Q19 2Q19 1Q19 Adjusted non-interest expense $ 271,155 264,664 258,474 256,707 242,653 Subtract: Amortization of intangibles (2,640) (2,901) (2,901) (2,410) (3,392) Adjusted tangible non-interest expense $ 268,515 261,763 255,573 254,297 239,261 Net interest income 373,260 399,268 402,097 397,262 397,175 Add: Tax equivalent adjustment 786 769 819 811 630 Add: Total non-interest revenue 103,857 97,955 88,760 89,807 79,378 Total FTE revenues 477,903 497,992 491,676 487,880 477,183 Subtract/add: Investment securities (gains)/losses, net (8,734) 2,157 3,731 1,845 (75) Add/subtract: Fair value decrease (increase) of private equity investments 4,255 (8,100) (1,194) (1,455) (858) Adjusted total revenues $ 473,424 492,049 494,213 488,270 476,250 Efficiency ratio-FTE 57.81 % 53.44 % 56.20 % 54.14 % 61.28 % Adjusted tangible efficiency ratio 56.72 % 53.20 % 51.71 % 52.08 % 50.24 % 35

Non-GAAP Financial Measures, Continued (dollars in thousands) March 31, December 31, September 30, June 30, March 31, 2020 2019 2019 2019 2019 Total assets $ 50,619,585 $ 48,203,282 $ 47,661,182 $ 47,318,203 $ 46,630,025 Subtract: Goodwill (497,267) (497,267) (487,865) (492,390) (485,000) Subtract: Other intangible assets, net (53,032) (55,671) (58,572) (61,473) (74,683) Tangible assets 50,069,286 47,650,344 47,114,745 46,764,340 46,070,342 Total shareholders’ equity 5,065,205 4,941,690 4,868,838 4,753,816 4,597,753 Subtract: Goodwill (497,267) (497,267) (487,865) (492,390) (485,000) Subtract: Other intangible assets, net (53,032) (55,671) (58,572) (61,473) (74,683) Subtract: Preferred Stock, no par value (537,145) (537,145) (536,550) (195,140) (195,140) Tangible common equity $ 3,977,761 3,851,607 3,785,851 4,004,813 3,842,930 Total shareholders’ equity to total assets ratio 10.01 % 10.25 % 10.22 % 10.05 % 9.86 % Tangible common equity ratio 7.94 % 8.08 % 8.04 % 8.56 % 8.34 % 36

XML

Cover Page	Apr. 24, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 24, 2020
Entity Registrant Name	Synovus Financial Corp
Entity Incorporation, State or Country Code	GA
Entity File Number	1-10312
Entity Tax Identification Number	58-1134883
Entity Address, Address Line One	1111 Bay Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Columbus
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31901
City Area Code	706
Local Phone Number	641-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000018349
Amendment Flag	false
Common Stock, $1.00 Par Value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	SNV
Security Exchange Name	NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Trading Symbol	SNV-PrD
Security Exchange Name	NYSE
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	SNV-PrE
Security Exchange Name	NYSE