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

July 21, 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 July 21, 2020, Synovus Financial Corp. (the "Company") issued a press release announcing the Company’s financial results for the three and six month period ended June 30, 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 and six month period June 30, 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 July 21, 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 July 21, 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 July 21, 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: July 21, 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 Second Quarter 2020

Diluted Earnings per Share of $0.57 vs. $0.96 in 2Q19

Adjusted Diluted Earnings per Share of $0.23 vs. $1.00 in2Q19

COLUMBUS, Ga., July 21, 2020 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2020.

Second Quarter 2020 Highlights

•Diluted EPS of $0.57; adjusted diluted EPS of $0.23.

•Period-end loan growth of $1.66 billion or 4.3% sequentially; funded approximately $2.9 billion in Paycheck Protection Program (PPP) loans, supporting more than 19,000 customers.

•Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $4.63 billion or 18.7% sequentially.

•Interest-bearing deposit (NOW/savings, money market, and time deposit) costs down 45 bps from the first quarter.

•Net interest income growth of $3.3 million sequentially; net interest margin of 3.13% vs. 3.37% in 1Q20.

•Non-interest revenue increased $69.6 million sequentially and $83.7 million compared to prior year, largely due to investment gains of $78.1 million.

•Provision for credit losses of $141.9 million reflected significant economic stress due to the COVID-19 healthcare crisis; allowance for credit losses coverage ratio (to loans) of 1.63%, or 1.74% excluding PPP loans.

•Credit quality metrics remain stable, with the non-performing loan ratio and net charge-off ratio of 0.37% and 0.24%, respectively.

•CET1 ratio improved 20 bps to 8.90% and Total Risk Based Capital ratio increased 41 bps to 12.70%.

Second Quarter Summary

	Reported									Adjusted
(dollars in thousands)	2Q20			1Q20			2Q19			2Q20			1Q20			2Q19
Net income available to common shareholders	$	84,901		$	30,230		$	153,034		$	34,015		$	30,708		$	158,892
Diluted earnings per share	0.57			0.20			0.96			0.23			0.21			1.00
Total loans	39,914,297			38,258,024			36,138,561			N/A			N/A			N/A
Total deposits	44,194,580			39,826,585			37,966,722			N/A			N/A			N/A
Total revenues	550,911			477,903			487,880			472,795			473,424			488,270
Return on avg assets	0.71		%	0.32		%	1.34		%	0.32		%	0.32		%	1.39		%
Return on avg common equity	7.48			2.75			13.90			3.00			2.79			14.43
Return on avg tangible common equity	8.69			3.34			16.09			3.60			3.39			16.70
Net interest margin	3.13			3.37			3.69			3.11			3.35			3.48
Efficiency ratio	51.58			57.81			54.14			57.91			56.72			52.08
NCO ratio	0.24			0.21			0.13			N/A			N/A			N/A
NPA ratio	0.44			0.50			0.39			N/A			N/A			N/A

“Our performance in the second quarter demonstrates the key role we play as a financial resource and community partner in the markets we serve,” said Kessel D. Stelling, Synovus Chairman and CEO. “We delivered approximately $3 billion in Paycheck Protection Program loans to more than 19,000 customers and originated a record $1.4 billion in consumer mortgages. Through strong operating performance and effective balance sheet management, we further improved both our capital and liquidity levels during the quarter. As we navigate an uncertain economic environment, we continue to invest in the future while accelerating many Synovus Forward initiatives focused on efficiencies, digital enhancements, and customer experience. And as our communities manage through the challenges of the pandemic and longstanding racial inequalities, we are fully committed to do our part to bring strength and positive change.”

Balance Sheet

Loans*
(dollars in millions)	2Q20		1Q20		Linked Quarter Change		Linked Quarter % Change		2Q19		Year/Year Change		Year/Year % Change
Commercial & industrial	$	19,938.3	$	17,661.4	$	2,276.8	12.9	%	$	16,228.7	$	3,709.5	22.9	%
Commercial real estate	10,827.5		10,671.2		156.3		1.5		10,367.2		460.3		4.4
Consumer	9,246.7		9,950.9		(704.2)		(7.1)		9,566.1		(319.5)		(3.3)
Unearned income	(98.2)		(25.5)		(72.7)		nm		(23.6)		(74.6)		316.8
Total loans	$	39,914.3	$	38,258.0	$	1,656.3	4.3	%	$	36,138.6	$	3,775.7	10.4	%

^*Amounts may not total due to rounding

nm = not meaningful

•Total loans ended the quarter at $39.91 billion, up $1.66 billion or 4.3% sequentially.

•Commercial and industrial (C&I) loans sequential growth of $2.28 billion led by net growth of $2.71 billion in PPP loans, offsetting C&I line utilization of 41% compared to 50% in the prior quarter.

•Consumer loans decreased by $704.2 million sequentially, primarily as a result of transitioning lending partnership assets to held-for-sale, partially offset by record portfolio mortgage production of $800.5 million, up $510.5 million sequentially.

Deposits*
(dollars in millions)	2Q20		1Q20		Linked Quarter Change		Linked Quarter % Change		2Q19		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	11,830.7	$	8,968.8	$	2,861.9	31.9	%	$	8,577.6	$	3,253.1	37.9	%
Interest-bearing DDA	5,057.2		4,617.4		439.9		9.5		4,847.2		210.0		4.3
Money market	11,457.2		10,255.0		1,202.2		11.7		8,952.9		2,504.3		28.0
Savings	1,080.1		949.5		130.6		13.8		891.2		188.9		21.2
Public funds	5,347.4		5,261.4		86.0		1.6		4,351.3		996.0		22.9
Time deposits	5,131.7		5,786.6		(655.0)		(11.3)		7,343.0		(2,211.3)		(30.1)
Brokered deposits	4,290.3		3,987.9		302.4		7.6		3,003.5		1,286.8		42.8
Total deposits	$	44,194.6	$	39,826.6	$	4,368.0	11.0	%	$	37,966.7	$	6,227.9	16.4	%

^*Amounts may not total due to rounding

•Total deposits ended the quarter at $44.19 billion, up $4.37 billion or 11.0% sequentially.

•Core transaction deposits increased $4.63 billion or 18.7% sequentially, led by non-interest-bearing DDA growth of $2.86 billion.

•Broad-based growth in NOW, MMA, and savings deposits more than offset a $655.0 million decline in time deposits.

•2Q20 interest-bearing deposit costs declined 45 bps from 1Q20.

Income Statement Summary**
(in thousands, except per share data)	2Q20		1Q20		Linked Quarter Change		Linked Quarter % Change		2Q19		Year/Year Change		Year/Year % Change
Net interest income	$	376,566	$	373,260	$	3,306	0.9	%	$	397,262	$	(20,696)	(5.2)	%
Non-interest revenue	173,484		103,857		69,627		67.0		89,807		83,677		93.2
Non-interest expense	284,141		276,279		7,862		2.8		264,126		20,015		7.6
Provision for credit losses	141,851		158,722		(16,871)		(10.6)		12,119		129,732		nm
Income before taxes	$	124,058	$	42,116	$	81,942	194.6	%	$	210,824	$	(86,766)	(41.2)	%
Income tax expense	30,866		3,595		27,271		nm		54,640		(23,774)		(43.5)
Preferred stock dividends	8,291		8,291		—		—		3,150		5,141		163.2
Net income available to common shareholders	$	84,901	$	30,230	$	54,671	180.9	%	$	153,034	$	(68,133)	(44.5)	%
Weighted average common shares outstanding, diluted	147,733		148,401		(668)		(0.5)	%	159,077		(11,344)		(7.1)	%
Diluted earnings per share	$	0.57	$	0.20	$	0.37	182.1		$	0.96	$	(0.39)	(40.3)
Adjusted diluted earnings per share	0.23		0.21		0.02		11.3		1.00		(0.77)		(77.0)

^** Amounts may not total due to rounding

nm - not meaningful

Core Performance

•Total revenues were $550.9 million in the second quarter, up $73.0 million sequentially.

•Net interest income increased $3.3 million, or 0.9% sequentially, benefiting from prudent deposit pricing, growth in PPP loan balances, and $9.2 million of PPP fees recognized in the quarter.

•Net interest margin was 3.13%, down 24 bps from the prior quarter.

•Non-interest revenue increased $69.6 million, or 67.0% sequentially, and increased $83.7 million, or 93.2% year-over-year. The sequential increase was largely attributable to $69.4 million of securities gains as a result of repositioning the investment portfolio.

•Adjusted non-interest revenue decreased $4.0 million, or 4.0% sequentially, and increased $5.2 million, or 5.7% year-over-year. Mortgage revenue increased $11.3 million compared to the prior quarter on record production.

•Non-interest expense increased $7.9 million, or 2.8% sequentially. Adjusted non-interest expense increased $5.3 million, or 1.9% sequentially.

◦The increase in expenses reflected a $7.1 million increase in mortgage commissions. Additionally, the second quarter included $6.7 million of professional fees associated with the implementation of Synovus Forward initiatives and $6.6 million of COVID-19 related expenses, partially offset by a $6.9 million reduction in benefits and payroll tax expense.

•Provision for credit losses of $141.9 million reflected significant economic stress due to the COVID-19 healthcare crisis; allowance for credit losses coverage ratio (to loans) of 1.63%, or 1.74% excluding PPP loans.

•Tax expense was $30.9 million, an increase of $27.3 million driven by higher pre-tax income and favorable discrete items in the first quarter; year-to-date effective tax rate of 20.74%.

Capital Ratios
	2Q20			1Q20		2Q19
Common equity Tier 1 capital (CET1) ratio	8.90	%	*	8.70	%	9.61	%
Tier 1 capital ratio	10.15		*	9.95		10.09
Total risk-based capital ratio	12.70		*	12.29		12.11
Tier 1 leverage ratio	8.38		*	8.92		8.89
Tangible common equity ratio	7.41			7.94		8.56

* Ratios are preliminary.

Capital

•CET1 ratio increased 20 bps during the quarter to 8.90%, benefiting from higher net income and a reduction of $68.9 million in risk-weighted assets sequentially.

•Total risk-based capital of 12.70% is the highest since 2Q18 and reflects continued allowance build.

Second Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 21, 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 $54 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 294 branches in Alabama, Florida, Georgia, South Carolina, 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 revenue; 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 revenue; 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 revenue are measures used by management to evaluate total revenues and non-interest revenue 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)	2Q20		1Q20		2Q19
Adjusted non-interest revenue
Total non-interest revenue	$	173,484	$	103,857	$	89,807
Subtract/add: Investment securities (gains) losses, net	(69,409)		(8,734)		1,845
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,707)		4,255		(1,455)
Adjusted non-interest revenue	$	95,368	$	99,378	$	90,197
Adjusted non-interest expense
Total non-interest expense	$	284,141	$	276,279	$	264,126
Subtract: Earnout liability adjustments	(4,908)		—		—
Subtract: Merger-related expense	—		—		(7,401)
Subtract: Restructuring charges, net	(2,822)		(3,220)		(18)
Subtract: Loss on early extinguishment of debt, net	—		(1,904)		—
Adjusted non-interest expense	$	276,411	$	271,155	$	256,707

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	2Q20			1Q20			2Q19
Adjusted total revenues and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	276,411		$	271,155		$	256,707
Subtract: Amortization of intangibles	(2,640)			(2,640)			(2,410)
Adjusted tangible non-interest expense	$	273,771		$	268,515		$	254,297
Net interest income	$	376,566		$	373,260		$	397,262
Add: Tax equivalent adjustment	861			786			811
Add: Total non-interest revenue	173,484			103,857			89,807
Total FTE revenues	550,911			477,903			487,880
Subtract/add: Investment securities (gains)/losses, net	(69,409)			(8,734)			1,845
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,707)			4,255			(1,455)
Adjusted total revenues	$	472,795		$	473,424		$	488,270
Efficiency ratio-FTE	51.58		%	57.81		%	54.14		%
Adjusted tangible efficiency ratio	57.91			56.72			52.08

Adjusted return on average assets
Net income	$	93,192		$	38,521		$	156,184
Add: Earnout liability adjustments	4,908			—			—
Add: Merger-related expense	—			—			7,401
Add: Restructuring charges, net	2,822			3,220			18
Add: Loss on early extinguishment of debt, net	—			1,904			—
Subtract/add: Investment securities (gains) losses, net	(69,409)			(8,734)			1,845
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,707)			4,255			(1,455)
Add/subtract: Tax effect of adjustments	19,500			(167)			(1,951)
Adjusted net income	$	42,306		$	38,999		$	162,042
Net income annualized	$	374,816		$	154,931		$	626,452
Adjusted net income annualized	$	170,154		$	156,853		$	649,949
Total average assets	$	52,853,685		$	48,696,595		$	46,679,769
Return on average assets	0.71		%	0.32		%	1.34		%
Adjusted return on average assets	0.32			0.32			1.39
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	84,901		$	30,230		$	153,034
Add: Earnout liability adjustments	4,908			—			—
Add: Merger-related expense	—			—			7,401
Add: Restructuring charges, net	2,822			3,220			18
Add: Loss on early extinguishment of debt, net	—			1,904			—
Subtract/add: Investment securities (gains) losses, net	(69,409)			(8,734)			1,845
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,707)			4,255			(1,455)
Add/subtract: Tax effect of adjustments	19,500			(167)			(1,951)
Adjusted net income available to common shareholders	$	34,015		$	30,708		$	158,892
Weighted average common shares outstanding, diluted	147,733			148,401			159,077
Net income per common share, diluted	$	0.57		$	0.20		$	0.96
Adjusted net income per common share, diluted	0.23			0.21			1.00

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	2Q20			1Q20			2Q19
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	$	84,901		$	30,230		$	153,034
Add: Earnout liability adjustments	4,908			—			—
Add: Merger-related expense	—			—			7,401
Add: Restructuring charges, net	2,822			3,220			18
Add: Loss on early extinguishment of debt, net	—			1,904			—
Subtract/add: Investment securities (gains) losses, net	(69,409)			(8,734)			1,845
Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments	(8,707)			4,255			(1,455)
Add/subtract: Tax effect of adjustments	19,500			(167)			(1,951)
Adjusted net income available to common shareholders	$	34,015		$	30,708		$	158,892
Adjusted net income available to common shareholders annualized	$	136,808		$	123,507		$	637,314
Add: Amortization of intangibles	7,868			7,868			7,250
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	144,676		$	131,375		$	644,564
Net income available to common shareholders annualized	$	341,470		$	121,584		$	613,818
Add: Amortization of intangibles	7,868			7,868			7,250
Net income available to common shareholders excluding amortization of intangibles annualized	$	349,338		$	129,452		$	621,068
Total average shareholders' equity less preferred stock	$	4,567,254		$	4,424,278		$	4,416,705
Subtract: Goodwill	(497,267)			(497,267)			(487,601)
Subtract: Other intangible assets, net	(51,667)			(54,514)			(69,853)
Total average tangible shareholders' equity less preferred stock	$	4,018,320		$	3,872,497		$	3,859,251
Return on average common equity	7.48		%	2.75		%	13.90		%
Adjusted return on average common equity	3.00			2.79			14.43
Return on average tangible common equity	8.69			3.34			16.09
Adjusted return on average tangible common equity	3.60			3.39			16.70

	June 30, 2020			March 31, 2020			June 30, 2019
Tangible common equity ratio
Total assets	$	54,121,989		$	50,619,585		$	47,318,203
Subtract: Goodwill	(497,267)			(497,267)			(492,390)
Subtract: Other intangible assets, net	(50,392)			(53,032)			(61,473)
Tangible assets	$	53,574,330		$	50,069,286		$	46,764,340
Total shareholders’ equity	$	5,052,968		$	5,065,205		$	4,753,816
Subtract: Goodwill	(497,267)			(497,267)			(492,390)
Subtract: Other intangible assets, net	(50,392)			(53,032)			(61,473)
Subtract: Preferred Stock, no par value	(537,145)			(537,145)			(195,140)
Tangible common equity	$	3,968,164		$	3,977,761		$	4,004,813
Total shareholders’ equity to total assets ratio	9.34		%	10.01		%	10.05		%
Tangible common equity ratio	7.41			7.94			8.56

EX-99.2

				Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)							Second Quarter
	2020			2019			'20 vs '19
							% Change
Interest income	$	935,466		$	1,020,970		(8.4)	%
Interest expense	185,640			226,532			(18.1)
Net interest income	749,826			794,438			(5.6)
Provision for credit losses	300,573			35,688			742.2
Net interest income after provision for credit losses	449,253			758,750			(40.8)
Non-interest revenue:
Service charges on deposit accounts	36,255			42,853			(15.4)
Fiduciary and asset management fees	30,124			28,057			7.4
Card fees	20,136			22,037			(8.6)
Brokerage revenue	22,383			19,431			15.2
Mortgage banking income	35,757			12,962			175.9
Capital markets income	17,294			14,161			22.1
Income from bank-owned life insurance	13,794			10,466			31.8
Investment securities gains/(losses), net	78,144			(1,771)			nm
Gain on sale and fair value increase, net, of private equity investments	4,452			2,313			nm
Other non-interest revenue	19,002			18,676			1.7
Total non-interest revenue	277,341			169,185			63.9
Non-interest expense:
Salaries and other personnel expense	309,274			282,436			9.5
Net occupancy, equipment, and software expense	83,921			78,245			7.3
Third-party processing and other services	42,846			36,875			16.2
Professional fees	25,980			15,660			65.9
FDIC insurance and other regulatory fees	12,129			14,629			(17.1)
Amortization of intangibles	5,280			5,802			(9.0)
Merger-related expense	—			57,140			nm
Earnout liability adjustments	4,908			—			nm
Loss on early extinguishment of debt, net	1,904			—			nm
Restructuring charges	6,042			37			nm
Other operating expenses	68,137			65,713			3.7
Total non-interest expense	560,421			556,537			0.7
Income before income taxes	166,173			371,398			(55.3)
Income tax expense	34,461			95,028			(63.7)
Net income	131,712			276,370			(52.3)
Less: Preferred stock dividends	16,581			6,300			163.2
Net income available to common shareholders	$	115,131		$	270,070		(57.4)	%
Net income per common share, basic	$	0.78		$	1.70		(53.9)	%
Net income per common share, diluted	0.78			1.68			(53.7)
Cash dividends declared per common share	0.66			0.60			10.0
Return on average assets *	0.52		%	1.21		%	(69)	bps
Return on average common equity *	5.15			12.46			(731)
Weighted average common shares outstanding, basic	147,300			159,148			(7.4)	%
Weighted average common shares outstanding, diluted	148,067			160,908			(8.0)
nm - not meaningful
bps - basis points
* - ratios are annualized

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2020				2019			Second Quarter
		Second Quarter			First Quarter	Fourth Quarter	Third Quarter	Second Quarter	'20 vs '19
									% Change
	Interest income	$	451,569		483,897	506,253	523,415	516,131	(12.5)	%
	Interest expense	75,003			110,637	106,985	121,318	118,869	(36.9)
	Net interest income	376,566			373,260	399,268	402,097	397,262	(5.2)
	Provision for credit losses	141,851			158,722	24,470	27,562	12,119	nm
	Net interest income after provision for credit losses	234,715			214,538	374,798	374,535	385,143	(39.1)
	Non-interest revenue:
	Service charges on deposit accounts	15,567			20,689	22,385	22,952	21,994	(29.2)
	Fiduciary and asset management fees	14,950			15,174	15,645	14,686	14,478	3.3
	Card fees	9,186			10,950	11,325	12,297	11,161	(17.7)
	Brokerage revenue	9,984			12,398	11,106	11,071	10,052	(0.7)
	Mortgage banking income	23,530			12,227	9,287	10,351	7,907	197.6
	Capital markets income	6,050			11,243	8,972	7,396	8,916	(32.1)
	Income from bank-owned life insurance	7,756			6,038	5,620	5,139	5,176	49.8
	Investment securities gains/(losses), net	69,409			8,734	(2,157)	(3,731)	(1,845)	nm
	Gain on sale and fair value increase/(decrease) of private equity investments	8,707			(4,255)	8,100	1,194	1,455	nm
	Other non-interest revenue	8,345			10,659	7,672	7,405	10,513	(20.6)
	Total non-interest revenue	173,484			103,857	97,955	88,760	89,807	93.2
	Non-interest expense:
	Salaries and other personnel expense	159,597			149,678	145,084	142,516	143,009	11.6
	Net occupancy, equipment, and software expense	41,727			42,194	42,644	41,017	39,851	4.7
	Third-party processing and other services	21,366			21,480	20,293	18,528	19,118	11.8
	Professional fees	15,305			10,675	9,921	9,719	9,312	64.4
	FDIC insurance and other regulatory fees	6,851			5,278	9,825	7,242	7,867	(12.9)
	Amortization of intangibles	2,640			2,640	2,901	2,901	2,410	9.5
	Merger-related expense	—			—	(913)	353	7,401	nm
	Earnout liability adjustments	4,908			—	—	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	2,822			3,220	1,259	(66)	18	nm
	Other operating expenses	28,925			39,210	33,996	36,551	35,140	(17.7)
	Total non-interest expense	284,141			276,279	266,121	276,310	264,126	7.6
	Income before income taxes	124,058			42,116	206,632	186,985	210,824	(41.2)
	Income tax expense	30,866			3,595	54,948	51,259	54,640	(43.5)
	Net income	93,192			38,521	151,684	135,726	156,184	(40.3)
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	3,150	163.2
	Net income available to common shareholders	$	84,901		30,230	143,393	127,435	153,034	(44.5)	%
	Net income per common share, basic	$	0.58		0.21	0.98	0.84	0.97	(40.7)	%
	Net income per common share, diluted	0.57			0.20	0.97	0.83	0.96	(40.3)
	Cash dividends declared per common share	0.33			0.33	0.30	0.30	0.30	10.0
	Return on average assets *	0.71		%	0.32	1.27	1.14	1.34	(63)	bps
	Return on average common equity *	7.48			2.75	13.08	11.36	13.90	(642)
	Weighted average common shares outstanding, basic	147,288			147,311	146,948	152,238	157,389	(6.4)	%
	Weighted average common shares outstanding, diluted	147,733			148,401	148,529	154,043	159,077	(7.1)
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	June 30, 2020		December 31, 2019		June 30, 2019
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	572,169	$	535,846	$	549,616
	Interest-bearing funds with Federal Reserve Bank	860,289		553,390		531,488
	Interest earning deposits with banks	20,719		20,635		20,271
	Federal funds sold and securities purchased under resale agreements	118,048		77,047		49,946
	Cash and cash equivalents	1,571,225		1,186,918		1,151,321
	Investment securities available for sale, at fair value	7,197,493		6,778,670		7,007,012
	Loans held for sale ($266,306, $115,173, $81,855 measured at fair value, respectively)	900,936		115,173		86,716
	Loans, net of deferred fees and costs	39,914,297		37,162,450		36,138,561
	Allowance for loan losses	(588,648)		(281,402)		(257,376)
	Loans, net	39,325,649		36,881,048		35,881,185
	Cash surrender value of bank-owned life insurance	1,038,049		775,665		766,287
	Premises and equipment, net	481,716		493,940		490,644
	Goodwill	497,267		497,267		492,390
	Other intangible assets, net	50,392		55,671		61,473
	Receivable on unsettled securities sales	1,289,116		—		—
	Other assets	1,770,146		1,418,930		1,381,175
	Total assets	$	54,121,989	$	48,203,282	$	47,318,203
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	12,555,714	$	9,439,485	$	9,205,066
	Interest-bearing deposits	31,638,866		28,966,019		28,761,656
	Total deposits	44,194,580		38,405,504		37,966,722
	Federal funds purchased and securities sold under repurchase agreements	225,576		165,690		273,481
	Other short-term borrowings	300,000		1,753,560		1,330,000
	Long-term debt	2,327,921		2,153,897		2,306,072
	Due on unsettled securities purchases	922,952		—		—
	Other liabilities	1,097,992		782,941		688,112
	Total liabilities	49,069,021		43,261,592		42,564,387
	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 167,405,730, 166,800,623, and 166,079,543; outstanding 147,312,703, 147,157,596, and 156,872,026	167,406		166,801		166,080
	Additional paid-in capital	3,826,726		3,819,336		3,801,748
	Treasury stock, at cost – 20,093,027, 19,643,027, and 9,207,517 shares	(731,806)		(715,560)		(344,901)
	Accumulated other comprehensive income, net	202,970		65,641		49,289
	Retained earnings	1,050,527		1,068,327		886,460
	Total shareholders’ equity	5,052,968		4,941,690		4,753,816
	Total liabilities and shareholders' equity	$	54,121,989	$	48,203,282	$	47,318,203

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)	2020				2019
	(Dollars in thousands)
		Second			First	Fourth	Third	Second
		Quarter			Quarter	Quarter	Quarter	Quarter
	Interest Earning Assets
	Investment securities (2) (4)	$	6,618,533		6,680,047	6,696,768	6,831,036	6,955,386
	Yield	2.72		%	3.09	3.12	3.14	3.03
	Trading account assets (5)	$	6,173		6,306	7,986	5,519	4,853
	Yield	2.19		%	2.70	2.69	4.01	1.83
	Commercial loans (3) (4)	$	30,236,919		27,607,343	26,698,202	26,567,719	26,353,701
	Yield	3.95		%	4.57	4.82	5.09	5.13
	Consumer loans (3)	$	9,899,172		9,985,702	9,809,832	9,633,603	9,423,427
	Yield	4.34		%	4.60	5.07	5.08	5.17
	Allowance for loan losses	$	(498,545)		(368,033)	(269,052)	(258,024)	(259,284)
	Loans, net (3)	$	39,637,546		37,225,012	36,238,982	35,943,298	35,517,844
	Yield	4.08		%	4.62	4.93	5.13	5.17
	Mortgage loans held for sale	$	221,157		86,415	117,909	99,556	70,497
	Yield	3.09		%	3.67	3.77	3.93	4.27
	Other loans held for sale	$	19,246		—	—	475	272
	Yield	4.19		%	—	—	—	—
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	1,709,086		652,130	514,635	513,160	511,488
	Yield	0.11		%	1.02	1.71	2.08	2.37
	Federal Home Loan Bank and Federal Reserve Bank Stock (5)	$	247,801		284,082	278,586	254,994	234,949
	Yield	3.60		%	3.38	2.85	3.85	3.29
	Total interest earning assets	$	48,459,542		44,933,992	43,854,866	43,648,038	43,295,289
	Yield	3.75		%	4.33	4.60	4.78	4.79
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	7,260,940		6,445,986	6,381,282	6,138,810	6,335,953
	Rate	0.21		%	0.51	0.60	0.69	0.71
	Money Market accounts	$	12,238,479		11,548,014	10,526,296	10,138,783	10,024,836
	Rate	0.46		%	1.00	1.13	1.26	1.23
	Savings deposits	$	1,036,024		926,822	915,640	900,366	904,183
	Rate	0.02		%	0.05	0.05	0.05	0.05
	Time deposits under $100,000	$	1,621,943		1,761,741	1,873,350	2,100,492	2,245,878
	Rate	1.43		%	1.64	1.27	1.39	1.39
	Time deposits over $100,000	$	4,772,555		5,051,705	5,198,266	5,957,691	6,331,665
	Rate	1.80		%	2.04	1.51	1.69	1.70
	Other brokered deposits	$	1,998,571		1,376,669	1,156,131	993,078	766,718
	Rate	0.25		%	1.42	1.84	2.47	2.46
	Brokered time deposits	$	2,244,429		2,166,496	2,121,069	2,119,149	1,985,589
	Rate	1.86		%	2.11	2.16	2.27	2.28
	Total interest-bearing deposits	$	31,172,941		29,277,433	28,172,034	28,348,369	28,594,822
	Rate	0.73		%	1.18	1.16	1.32	1.30
	Federal funds purchased and securities sold under repurchase agreements	$	250,232		167,324	192,731	221,045	300,168
	Rate	0.12		%	0.30	0.24	0.22	0.20
	Other short-term borrowings	$	550,000		1,384,362	1,565,507	1,307,370	1,090,581
	Rate	1.23		%	1.66	1.87	2.31	2.59
	Long-term debt	$	2,834,188		2,678,651	2,153,983	2,286,221	2,114,819
	Rate	2.36		%	2.78	3.07	3.32	3.53
	Total interest-bearing liabilities	$	34,807,361		33,507,770	32,084,255	32,163,005	32,100,390
	Rate	0.86		%	1.30	1.30	1.47	1.48
	Non-interest-bearing demand deposits	$	11,923,534		9,409,774	9,706,784	9,365,776	9,304,839
	Cost of funds	0.65		%	1.04	1.02	1.16	1.15
	Net interest margin	3.13		%	3.37	3.65	3.69	3.69
	Taxable equivalent adjustment (4)	$	861		786	769	819	811
	(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	June 30, 2020		March 31, 2020		% Change		June 30, 2019		% Change
Commercial, Financial, and Agricultural	$	13,136,696	$	11,018,155	19.2	%	$	9,716,939	35.2	%
Owner-Occupied	6,801,580		6,643,287		2.4		6,511,805		4.4
Total Commercial & Industrial	19,938,276		17,661,442		12.9		16,228,744		22.9
Multi-Family	2,252,820		2,108,360		6.9		2,023,061		11.4
Hotels	1,364,511		1,314,053		3.8		1,244,519		9.6
Office Buildings	2,297,721		2,264,844		1.5		2,297,515		—
Shopping Centers	1,738,504		1,741,557		(0.2)		1,682,283		3.3
Warehouses	781,252		761,863		2.5		686,827		13.7
Other Investment Property	1,012,392		1,027,757		(1.5)		980,787		3.2
Total Investment Properties	9,447,200		9,218,434		2.5		8,914,992		6.0
1-4 Family Construction	229,999		255,005		(9.8)		276,068		(16.7)
1-4 Family Investment Mortgage	466,809		482,773		(3.3)		528,358		(11.6)
Total 1-4 Family Properties	696,808		737,778		(5.6)		804,426		(13.4)
Commercial Development	112,539		107,351		4.8		138,840		(18.9)
Residential Development	270,952		303,459		(10.7)		213,823		26.7
Land Acquisition	300,036		304,179		(1.4)		295,165		1.7
Land and Development	683,527		714,989		(4.4)		647,828		5.5
Total Commercial Real Estate	10,827,535		10,671,201		1.5		10,367,246		4.4
Consumer Mortgages	5,811,376		5,608,121		3.6		5,407,762		7.5
Home Equity Lines	1,710,264		1,778,862		(3.9)		1,650,745		3.6
Credit Cards	250,448		261,581		(4.3)		258,283		(3.0)
Other Consumer Loans	1,474,583		2,302,349		(36.0)		2,249,337		(34.4)
Total Consumer	9,246,671		9,950,913		(7.1)		9,566,127		(3.3)
Unearned Income	(98,185)		(25,532)		284.6		(23,556)		316.8
Total	$	39,914,297	$	38,258,024	4.3	%	$	36,138,561	10.4	%
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	June 30, 2020		March 31, 2020		% Change		June 30, 2019		% Change
Commercial, Financial, and Agricultural	$	83,000	$	99,287	(16.4)	%	$	72,934	13.8	%
Owner-Occupied	19,605		17,357		13.0		13,465		45.6
Total Commercial & Industrial	102,605		116,644		(12.0)		86,399		18.8
Multi-Family	—		356		(100.0)		—		nm
Hotels	—		—		nm		—		nm
Office Buildings	836		836		—		300		178.7
Shopping Centers	409		712		(42.6)		671		(39.0)
Other Investment Property	393		308		27.6		7		nm
Total Investment Properties	1,638		2,212		(25.9)		978		67.5
1-4 Family Construction	2,593		278		832.7		208		nm
1-4 Family Investment Mortgage	1,844		2,047		(9.9)		1,637		12.6
Total 1-4 Family Properties	4,437		2,325		90.8		1,845		140.5
Commercial Development	840		596		40.9		—		nm
Residential Development	685		561		22.1		1,253		(45.3)
Land Acquisition	1,042		1,043		(0.1)		1,482		(29.7)
Land and Development	2,567		2,200		16.7		2,735		(6.1)
Total Commercial Real Estate	8,642		6,737		28.3		5,558		55.5
Consumer Mortgages	17,438		13,571		28.5		13,628		28.0
Home Equity Lines	14,200		12,475		13.8		13,830		2.7
Other Consumer Loans	4,552		6,860		(33.6)		4,667		(2.5)
Total Consumer	36,190		32,906		10.0		32,125		12.7
Total	$	147,437	$	156,287	(5.7)	%	$	124,082	18.8	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2020				2019			Second Quarter
		Second			First	Fourth	Third	Second	'20 vs '19
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPLs)	$	147,437		156,287	101,636	115,915	124,083	18.8	%
	Other Real Estate and Other Assets	30,242			33,679	35,810	35,400	15,479	95.4
	Non-performing Assets (NPAs)	177,679			189,966	137,446	151,315	139,562	27.3
	Allowance for Loan Losses (ALL)	588,648			493,452	281,402	265,013	257,376	128.7
	Reserve for Unfunded Commitments	61,029			38,420	1,375	1,496	995	nm
	Allowance for Credit Losses (ACL)	649,677			531,872	282,777	266,509	258,371	151.5
	Net Charge-Offs - Quarter	24,045			20,061	8,821	19,925	11,779
	Net Charge-Offs - YTD	44,106			20,061	57,612	48,791	28,867
	Net Charge-Offs / Average Loans - Quarter (1)	0.24		%	0.21	0.10	0.22	0.13
	Net Charge-Offs / Average Loans - YTD (1)	0.23			0.21	0.16	0.18	0.16
	NPLs / Loans	0.37			0.41	0.27	0.32	0.34
	NPAs / Loans, ORE and specific other assets	0.44			0.50	0.37	0.42	0.39
	ACL/Loans	1.63			1.39	0.76	0.73	0.71
	ALL/Loans	1.47			1.29	0.76	0.73	0.71
	ACL/NPLs	440.65			340.32	278.23	229.92	208.22
	ALL/NPLs	399.25			315.74	276.87	228.63	207.42
	Past Due Loans over 90 days and Still Accruing	$	8,391		6,398	15,943	15,660	5,851	43.4
	As a Percentage of Loans Outstanding	0.02		%	0.02	0.04	0.04	0.02
	Total Past Due Loans and Still Accruing	$	46,390		83,235	123,793	88,219	80,792	(42.6)
	As a Percentage of Loans Outstanding	0.12		%	0.22	0.33	0.24	0.22
	Accruing Troubled Debt Restructurings (TDRs)	$	166,461		160,128	133,145	130,019	126,369	31.7
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		June 30, 2020			December 31, 2019	June 30, 2019
	Tier 1 Capital	$	4,364,077		4,280,604	4,094,672
	Total Risk-Based Capital	5,459,271			5,123,381	4,913,043
	Common Equity Tier 1 Capital Ratio	8.90		%	8.95	9.61
	Tier 1 Capital Ratio	10.15			10.23	10.09
	Total Risk-Based Capital Ratio	12.70			12.25	12.11
	Tier 1 Leverage Ratio	8.38			9.16	8.89
	Common Equity as a Percentage of Total Assets (2)	8.34			9.14	9.63
	Tangible Common Equity Ratio (3) (5)	7.41			8.08	8.56
	Book Value Per Common Share (4)	$	30.65		29.93	29.06
	Tangible Book Value Per Common Share (3)	26.94			26.17	25.53
	(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 Second Quarter 2020 Results July 21, 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, line utilization and deposit pricing; (2) net interest income and net interest margin; (3) non-interest revenue; (4) non-interest expense; (5) credit trends and key credit performance metrics, including loan deferrals; (6) our future operating and financial performance; (7) our liquidity position; (8) our strategy and initiatives for future growth, balance sheet management, capital management, liquidity, expense savings and revenue benefits; and (8) 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 gains on sales 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

Second Quarter 2020 Highlights Reported Reported Adjusted Adjusted 2Q20 2Q19 2Q20(1) 2Q19(1) Earnings per Share $0.57 $0.96 $0.23 $1.00 Return on Average Assets 0.71% 1.34% 0.32% 1.39% Return on Average Tangible Common Equity(1) 8.69% 16.09% 3.60% 16.70% Efficiency Ratio 51.58% 54.14% 57.91% 52.08% ▪ Diluted EPS of $0.57 and adjusted diluted EPS(1) of $0.23 ▪ Period-end loan growth of $1.7 billion or 4.3% vs. 1Q20 includes $2.7 billion of Paycheck Protection Program (PPP) loans ▪ Period-end deposits of $44.2 billion increased $4.4 billion or 11.0% vs. 1Q20 ▪ Total core transaction deposits(2) grew $4.6 billion or 18.7% vs. 1Q20 ▪ Net interest income growth of $3 million vs. 1Q20; net interest margin of 3.13% vs. 3.37% in 1Q20 ▪ Non-interest revenue growth of $70 million vs. 1Q20; adjusted non-interest revenue(1) decreased $4 million ▪ Net mortgage revenue of $24 million, an increase of $11 million vs. 1Q20 on record production ▪ Non-interest expense of $284 million up $8 million vs. 1Q20; adjusted non-interest expense(1) of $276 million up $5 million vs. 1Q20 ▪ Adjusted non-interest expense(1) includes $7 million increase in mortgage commissions, $7 million of fees associated with the implementation of Synovus Forward initiatives, and $7 million of COVID-19 related expenses partially offset by a $7 million reduction in benefits and payroll tax expense ▪ Provision for credit losses of $142 million reflected significant economic stress due to the COVID-19 healthcare crisis ▪ Allowance for credit losses (ACL) coverage ratio (to loans) of 1.63%; 1.74% excluding PPP loans ▪ Credit quality metrics remain stable, with the non-performing loan ratio and net charge-off ratio of 0.37% and 0.24%, respectively ▪ CET1 ratio increased 20 bps during the quarter to 8.90%; total risk-based capital ratio increased 41 bps to 12.70% , a two-year high (1) Non-GAAP financial measure; see appendix for applicable reconciliation (2) Core transaction deposits consist of non-interest bearing, NOW/savings, and money market deposits excluding public funds and brokered 3

Loans Period-end Loan Balances (in billions) $39.9(1) ▪ Sequential quarter period-end growth of $1.7 billion (1) $38.3 $2.7 or 4.3% vs. 1Q20 $36.1(1) ▪ Significant C&I growth led by $2.7 billion in PPP loan growth; fundings of $2.9 billion 46.2% 50.0% ▪ Notable reversal in C&I line utilization, 44.9% from roughly 50% in 1Q20 to 41% ▪ $704 million decline in Consumer, primarily the result of a reduction in lending partnerships 23.2% 26.5% 26.0% ▪ Moved $535 million of student loans to Held-for-Sale ▪ Reduced GreenSky balances by $266 million 27.1% 28.6% 27.9% C&I QoQ Δ Consumer QoQ Δ (in millions) (in millions) Amounts may not total due to rounding (1) Total loans are net of deferred fees, costs, discounts/premiums 4

Deposits Period-end Deposit Balances (in billions) ▪ Period-end deposits increased $4.4 billion or 11.0% vs. 1Q20 $44.2 ▪ Core transaction deposits(1) up $4.6 $39.8 9.7% billion, led by DDA growth of $2.9 $38.0 10.0% billion 7.9% 12.1% ▪ Broad-based growth across NOW, 13.2% 11.5% MMA, savings; offset by continued 11.6% decline in time deposits 19.3% 14.5% ▪ 2Q20 interest-bearing deposit costs down 45 bps vs. 1Q20 ▪ ~$3 billion of core time deposits 66.6% maturing in 2H20 61.3% 62.2% Deposit Costs: Prior Cycle Lows vs. Today 3Q14 June 2020 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 5

Net Interest Income (in millions) ▪ Net interest income of $377 million increased $397 $373 $377 $3 million or 0.9% vs. 1Q20 $9 ▪ Net interest income benefited from prudent deposit pricing and significant growth in PPP loan balances ▪ Recognized $9 million of PPP fees in 2Q20 ▪ PPP processing fees totaled $95 million 2Q20 NIM: Primary Drivers ▪ Net interest margin declined 24 bps vs. 1Q20 to 3.13% 3.13% ▪ Primary drivers of reduction in NIM include the short-term rate cuts in March and excess liquidity ▪ Significant deposit growth resulted in excess funding position; expect partial reversal in 3Q20 6

Non-interest Revenue (in millions) ▪ 2Q20 non-interest revenue of $173 million increased $70 million or 67.0% vs. 1Q20 and $84 million or 93.2% vs. 2Q19 $173 ▪ Investment gains of $78 million ▪ Adjusted non-interest revenue(2) of $95 million decreased $4 million or 4.0% vs. 1Q20 and increased $5 million or 5.7% vs. 2Q19 $104 ▪ Mortgage revenue up $11 million $90 sequentially, driven by record production (in millions) (1) 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 7

Non-interest Expense (in millions) ▪ 2Q20 non-interest expense of $284 million increased $8 million or 2.8% vs. 1Q20 and $20 $274 million or 7.6% vs. 2Q19 $269 $254 ▪ Additional $5 million earnout liability is indicative of the continued success of the Global One enterprise ▪ Expenses of $3 million in real estate rationalization; payback < 2 years ▪ 2Q20 adjusted non-interest expense(1) of $276 million increased $5 million or 1.9% vs. 1Q20 and $20 million or 7.7% vs. 2Q19 ▪ $23 million in commissions, up $7 million from prior quarter on record mortgage production 2Q19 1Q20 2Q20 ▪ $7 million in expenses related to implementation of Synovus Forward, Efficiency Ratio 54.14% 57.81% 51.58% up $4 million from prior quarter Adjusted Tangible 52.08% 56.72% 57.91% Efficiency Ratio(1) ▪ $7 million in COVID related expenses 8 (1) Non-GAAP financial measure; see appendix for applicable reconciliation

Credit Quality (in millions) 0.50% 0.42% 0.44% 0.39% 0.37% 0.33% ( 0.41% 2 0.34% 0.32% ) 0.37% 0.24% 0.27% 0.22% 0.22% 0.12% 0.2 $12 $20 $9 $209% $24 0.0 7% $159 $142 $650 $61 $532 $38 1.63%(1) $2 791% 7. 590% $258 $267 $283 $287 $24 103% $12 138% 277% 9 (1) 2Q20 ACL coverage ratio (to loans) was 1.74% excluding PPP loans of $2.7 billion

Capital Ratios ▪ QoQ improvement of 20 bps in CET1; Total Capital increased to 12.70%, highest level in 2 years ▪ Sizeable 2Q20 provision more than offset by core PPNR ▪ 3Q20 settlement of pending securities and loan sales expected to contribute ~20bps to CET1 (1) ▪ No share repurchases in 2H20 8.90% Pre-tax Income (1) Preliminary 10

Industries Sensitive to COVID-19(1) As of July 14th, 2.3% of the total loan portfolio was in a P&I deferral status Portfolio Balance Current Credit Statistics Round 2 Deferral Range (2) Hotels 1.9x DSC; 55% LTV mostly non-resort, $1,365 million 0.00% NPL Ratio $400-$550 million franchised hotel properties 3.4% of total loans 0.00% Past Dues 30-40% 28.8% 0.16% NCO Ratio(3) Shopping Centers 1.5x DSC; 61% LTV retail centers (excluding those 11.0%$1,071 million 0.04% NPL Ratio $215-$325 million with grocery, pharmacy, or 22.8% 2.7% of total loans 0.00% Past Dues 20-30% discount anchor tenant) 0.05% NCO Ratio(3) Restaurants 0.47% NPL Ratio $150-$240 million full-service and limited-service $787 million 0.02% Past Dues 20-30% restaurants 2.0% of total loans 0.18% NCO Ratio(3) 20.1% 27.1% 0.50% NPL Ratio Retail Trade $724 million 0.08% Past Dues $70-$145 million 1.8% of total loans (non-essential) 46.0% 0.34% NCO Ratio(3) 10-20% retailers (excluding gas & staples) Arts, Entertainment, 0.11% NPL Ratio $462 million & Recreation 0.00% Past Dues $25-$50 million 1.2% of total loans fitness centers, rec facilities, golf 0.32% NCO Ratio(3) 5-10% courses/country clubs Oil-related 0.00% NPL Ratio primarily related to transportation, $265 million 0.00% Past Dues $0-$15 million operations, and support; little-to-no 0.7% of total loans exploration/production 0.00% NCO Ratio(3) 0-5% Note: Balances exclude PPP loans (1) See the appendix for additional information 11 (2) Includes the percentage of total balances expected to receive a second 90-day deferral of principal and interest based on analysis/activity to-date (3) Quarter-to-date annualized

COVID-19 Impact on Cash Inflows COVID Impact - Total COVID Impact - Month-by-Month (cash inflows, YOY change) (cash inflows, YOY change) Mar - May Mar - June Mar Apr May Jun 1.4% Total Book 0 -6.4% -12.2% -17.0% -8.3% -9.2% Deferred 0 -2.6% -12.3% -17.7% -19.8% -22.9% -31.5% 2.4% Not Deferred 0 -4.9% -9.4% -5.8% -6.5% -13.2% Note: For 'total' impact, top and bottom 3% outliers are excluded; for 'month-by-month', top and bottom 5% are excluded. Cash inflow changes are simple averages for 12 customers with sufficient operating account coverage (covering ~65% of loan exposures)

Synovus Forward Initiatives ▪ Completed diagnostic review in 1Q20 Process ▪ Identified revenue and expense opportunities across bank ▪ Execution on first wave of initiatives underway ▪ ~$100M run-rate benefit by year-end 2021 Outcomes ▪ Improved growth, profitability and efficiency ▪ Best-in-class franchise for customers, employees, and shareholders ▪ Diversified work teams, supported by third-parties Success ▪ Quarterly updates on program progress ▪ This is a top priority: executive management owns this work Expense Initiatives Real estate % of total optimization ▪ Executing on $25M+ third-party expense savings Organizational Tech & ops efficiency & identified efficiency effectiveness $45-65M ▪ Organizational efficiency programs estimated to curtail expense growth and drive $20M in savings ▪ Real estate consolidation expected to generate $10M in Third-party spend savings Revenue Initiatives Accelerate growth in % of total high potential segments ▪ Analytics and sales capability enhancement expected to generate incremental revenues of $20M+ Deepen client Expand product relationships offerings and ▪ Optimization of pricing tools and execution expected $35-55M capabilities to deliver ~$15M in benefit ▪ Targeted growth opportunities through talent and product expansion projected to drive $10M in growth Improve pricing performance 13

Appendix

Allowance for Credit Losses (in thousands) $649,677 (1) Economic Factors ACL/Loans: 1.39% 1.63% ACL/Loans 1.39% 1.74% excl. PPP(2): 3 Economic Assumptions: 1 2 3 Unemployment rate of Moderate economic expansion approximately 10% at the Estimated impact of following the spikes in real GDP end of 2020 & remaining enacted stimulus expected in the 2nd and 3rd elevated throughout 2021 quarter of the year (1) Other includes growth, migration (including changes in specific reserves), etc. 15 (2) 2Q20 ACL coverage ratio (to loans) was 1.74% excluding PPP loans of $2.7 billion

Paycheck Protection Program (PPP) ▪ Average loan size of ~$153,000 April 3-16 April 17-26 April 27-June 30 ~8,300 loans Period between ~10,880 loans ▪ Businesses receiving PPP loans employ ~$2 billion rounds ~$900 million more than 335,000 individuals Application process opened April 10 to the self-employed and independent contractors ▪ 176 loans totaling $97 million have paid off as of June 14, 2020 ▪ ~30% of PPP funds distributed to low-to- Percentage of Total PPP Loans by Industry moderate income areas Percentage of PPP loan 75% amounts of $150,000 or less 17% 17% 17% 17% 17% Percentage of PPP loan amounts of $25,000 or less 35% 16

Quarterly Highlights Trend 2Q19 3Q19 4Q19 1Q20 2Q20 Diluted EPS 0.96 0.83 0.97 0.20 0.57 Net interest margin 3.69 3.69 3.65 3.37 3.13 Efficiency ratio 54.14 56.20 53.44 57.81 51.58 Financial Performance Adjusted tangible efficiency ratio(1) 52.08 51.71 53.20 56.72 57.91 ROA(2) 1.34 1.14 1.27 0.32 0.71 Adjusted ROA(1)(2) 1.39 1.33 1.24 0.32 0.32 Total loans 5.7 3.1 8.1 11.9 4.3 Balance Sheet Growth(3) Total average deposits 0.8 (1.9) 1.7 8.6 11.0 NPA ratio 0.39 0.42 0.37 0.50 0.44 Credit Quality NCO ratio(2) 0.13 0.22 0.10 0.21 0.24 Common shares outstanding(4) 156,872 147,594 147,158 147,267 147,313 (5) Leverage ratio 8.89 9.02 9.16 8.92 8.38 Capital Tangible common equity ratio(1) 8.56 8.04 8.08 7.94 7.41 17 (1) Non-GAAP financial measure; see applicable reconciliation (2) Annualized (3) Sequential quarter growth annualized, except for 2Q20 (4) In thousands (5) Preliminary

Condensed Income Statement (in thousands, except per share data) 2Q20 1Q20 2Q19 Net interest income $ 376,566 $ 373,260 $ 397,262 Non-interest revenue 173,484 103,857 89,807 Non-interest expense 284,141 276,279 264,126 Provision for credit losses 141,851 158,722 12,119 Income before taxes 124,058 42,116 210,824 Income tax expense 30,866 3,595 54,640 Preferred stock dividends 8,291 8,291 3,150 Net income available to common shareholders $ 84,901 $ 30,230 $ 153,034 Weighted average common shares outstanding, diluted 147,733 148,401 159,077 Net income per diluted common share $ 0.57 $ 0.20 $ 0.96 18

Non-interest Revenue 2Q20 vs. 1Q20 2Q20 vs. 2Q19 (in thousands) 2Q20 1Q20 2Q19 % Change % Change Service charges on deposit accounts $ 15,567 $ 20,689 $ 21,994 (24.8) (29.2) Fiduciary and asset management fees 14,950 15,174 14,478 (1.5) 3.3 Brokerage revenue 9,984 12,398 10,052 (19.5) (0.7) Mortgage banking income 23,530 12,227 7,907 92.4 197.6 Card fees 9,186 10,950 11,161 (16.1) (17.7) Capital markets income 6,050 11,243 8,916 (46.2) (32.1) Income from bank-owned life insurance 7,756 6,038 5,176 28.5 49.8 Other non-interest revenue 8,345 10,659 10,513 (21.7) (20.6) Adjusted non-interest revenue $ 95,368 $ 99,378 $ 90,197 (4.0) 5.7 Gain on sale and fair value increase/(decrease) of private equity investments, net 8,707 (4,255) 1,455 nm nm Investment securities gains (losses), net 69,409 8,734 (1,845) nm nm Total non-interest revenue $ 173,484 $ 103,857 $ 89,807 67.0 93.2 nm = not meaningful 19

Earning Assets Composition Loan Portfolio Rate Mix and Yield ( 2 ) (1) Net Interest Income Sensitivity(2) Gradual change in short- Estimated % change in net term interest rates interest income (in bps) (1) +100 1.79% -25 (0.24)% (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; and 5.04% and 3.02%, respectively, in 2Q19 (2) Declining rate sensitivity includes flooring of market rates at 0% 20

Loan Portfolio by Category Consumer Portfolio - $9.3 Billion CRE Portfolio - $10.8 Billion ▪ High quality Consumer Real Estate book ▪ 87% are income-producing ▪ Weighted average credit score of 789 and 778 for ▪ Residential C&D and Land are 2% of total loans HELOC and Mortgage, respectively ▪ No CRE loan > $50 million ▪ Average LTV of ~75% for both HELOC and Mortgage ▪ Average loan size of $13 million Consumer Non-R/E Resi. Constr, Dev, Land ▪ Diversity among property types and geographies 4.3% 2.0% Consumer CRE 26.5% 28.6% C&I Portfolio - $19.9 Billion Multi-Family 5.6% ▪ Primarily direct middle market and commercial Consumer R/E Office Bldg. clients Related 5.8% ▪ 18.9% Syndications ~7% of total loans ▪ C&I specialty lending includes Senior Housing and Hotel C&I Premium Finance 3.4% 45.0% ▪ C&I industry mix aligned with economic and demographic drivers C&I Specialty Lending 13.7% Direct Middle Market & Commercial Banking 36.3% Portfolio Characteristics Consumer CRE C&I NPL Ratio 0.39% 0.08% 0.51% Consumer QTD Net Charge-off Ratio (annualized) 0.16% 0.01% 0.41% 30+ Days Past Due Ratio 0.29% 0.04% 0.08% CRE 90+ Days Past Due Ratio 0.04% 0.01% 0.02% C&I Amounts may not total due to rounding 21

Commercial Real Estate Composition of 2Q20 CRE Portfolio ▪ Investment Properties portfolio represents 87% of Total Portfolio $10.8 billion total CRE portfolio ▪ The portfolio is well diversified among the 2.1% property types 2.5% 1.0% 2.8% ▪ Credit quality in Investment Properties portfolio remains excellent 4.3% 21.2% ▪ As of 2Q20, Residential C&D and Land Acquisition 7.2% Portfolios represent only 2.2% of total performing loans 9.4% 20.8% ▪ No single CRE loan above $50 million 12.6% 16.1% ▪ Average CRE loan size is $13 million ▪ Average construction equity has remained consistent around 30% over the past year Land, Development, and Investment Properties Residential Properties Portfolio Other Construction, Characteristics Office Multi- Shopping Investment 1-4 Family Development, (as of June 30, 2020) building family Centers Hotels Properties Warehouse Perm/Mini-Perm & Land Balance (in millions) $2,298 $2,253 $1,738 $1,365 $1,012 $781 $467 $914 NPL Ratio 0.04% 0.00% 0.02% 0.00% 0.04% 0.00% 0.40% 0.56% Net Charge-off Ratio* 0.00% 0.00% 0.00% 0.16% (0.11)% (0.02)% (0.09)% (0.05)% 30+ Days Past Due Ratio 0.00% 0.00% 0.00% 0.00% 0.05% 0.04% 0.58% 0.06% 90+ Days Past Due Ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.26% 0.01% Amounts may not total due to rounding 22

C&I Portfolio Diverse Industry Exposure Total C&I Portfolio $19.9 billion ▪ Wholesale Bank (includes Large Corporate, Middle Market, and Specialty Lines) represents 51.7% of C&I Balances ▪ Community/Retail Bank represents 34.4% of C&I balances Credit Indicator 2Q20 NPL Ratio 0.51% Net Charge-off Ratio (annualized) 0.41% 30+ Days Past Due Ratio 0.08% 90+ Days Past Due Ratio 0.02% Amounts may not total due to rounding 23

Consumer Portfolio Total Consumer Portfolio $9.3 billion Credit Indicator 2Q20 NPL Ratio 0.39% Net Charge-off Ratio * 0.16% 30+ Days Past Due Ratio 0.29% 90+ Days Past Due Ratio 0.04% *Annualized ▪ Credit Card Portfolio continues to perform well ▪ Average utilization rate is 20.6% ▪ Average credit score is 730 ▪ QTD net charge-offs below industry average Mortgage and HELOC, the two largest concentrations, have of 3.19% annualized strong credit indicators Credit Indicator HELOC Mortgage Weighted Average Credit 797 781 ▪ Lending Partnerships with GreenSky and SoFi Score of 2Q20 Originations ▪ Currently $1.1 billion in balances, or 2.8% of total Loans Weighted average credit score 789 778 of total portfolio ▪ GreenSky is a point-of-sale program where the Average LTV 68.6% 78.2% customer applies for a small loan with a home improvement store, contractor, or other Average DTI 31.2% 29.7% merchant Utilization Rate 50.5% N/A * Annualized 24 Amounts may not total due to rounding

Senior Housing $2.2 billion, 5.5% of total loans ▪ Peak month-end P&I deferral rate of 4% (in millions) Senior Housing ▪ Portfolio attributes: Funded balances $2,203 ▪ 63% weighted average loan-to-value Unfunded commitments $263 ▪ No non-accruals, past dues, or losses since inception of portfolio in 2011 Total exposure $2,466 ▪ 79% of the portfolio is private pay, primarily focused on Independent Living, Assisted Living, and Memory Care ▪ 21% of the portfolio is Skilled Nursing ▪ Quality operators; sponsorship with strong liquidity to provide: ▪ Frequent testing of staff and patients ▪ Full staffing with quality medical care ▪ Ability to space out residents/change layouts ▪ Enhanced cleaning and filtration ▪ Amenities to curb impact of lockdown on residents (1) ▪ Led by a seasoned team of industry experts, with a combined 208 years of experience among 12 team members ALF - Assisted Living Facility MC - Memory Care SNF - Skilled Nursing Facility IL - Independent Living CCRC - Continuing Care Retirement Community Amounts may not total due to rounding 25 (1) Other includes 5% IL, 4% ALF, 4% MC, 4% IL/ALF, 2% SNF/ALF, 2% ALF/MC/IL, and 1% CCRC

Hotels and Shopping Centers ▪ Hotel Credit Quality: Hotels - 3.4% of total loans ▪ 1.9x DSC (in millions) Hotels ▪ 55% Average LTV ▪ Funded balances $1,365 0.00% NPL Ratio Unfunded commitments $209 ▪ 0.00% Past Dues ▪ 0.16% NCO Ratio(1) Total exposure $1,574 1% ▪ Construction comprises ~14% of outstanding balances; average equity of 33% 6% 20% ▪ ~ 85% of outstanding balances are franchised 27% hotels; top franchises include: ▪ Hilton 46% ▪ Marriott ▪ Hyatt Shopping Centers(2) - 2.7% of total loans ▪ Shopping Centers Credit Quality(2): ▪ 1.5x DSC (in millions) Shopping Centers ▪ 61% Average LTV ▪ 0.04% NPL Ratio Funded balances $1,071 ▪ 0.00% Past Dues (1) Unfunded commitments $0 ▪ 0.05% NCO Ratio Total exposure $1,071 ▪ 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 26

Restaurants and Retail Trade ▪ Restaurant Credit Quality: Restaurants - 2.0% of total loans ▪ 0.47% NPL Ratio (in millions) Restaurants ▪ 0.02% Past Dues (1) Funded balances $787 ▪ 0.18% NCO Ratio Unfunded commitments $174 ▪ >60% of restaurants are franchises; top franchises Total exposure $961 include: 2% ▪ McDonalds ▪ Cracker Barrel ▪ Zaxby's ▪ Panera Bread Co. ▪ Burger King 56% 42% Non-Essential Retail Trade - 1.8% of total loans ▪ Non-Essential Retail Trade Credit Quality: ▪ 0.50% NPL Ratio (in millions) Retail Trade ▪ 0.08% Past Dues Funded balances $724 ▪ 0.34% NCO Ratio(1) Unfunded commitments $231 ▪ Includes all retail, except: Total exposure $955 ▪ Grocery ▪ Gas ▪ Other essentials Note: Balances exclude PPP loans (1) Quarter-to-date annualized 27

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 $462 ▪ 0.11% NPL Ratio ▪ 0.00% Past Dues Unfunded commitments $83 ▪ 0.32% NCO Ratio(1) Total exposure $545 ▪ Fitness centers, recreational facilities, golf courses/country clubs, etc. Oil-related - 0.7% of total loans ▪ Oil-related Credit Quality: (in millions) Oil-Related Industry Exposure ▪ 0.00% NPL Ratio ▪ 0.00% Past Dues Funded balances $265 ▪ 0.00% NCO Ratio(1) Unfunded commitments $165 ▪ Little-to-no exploration or production in the Total exposure $430 portfolio ▪ Primarily related to transportation, operations, and support Note: Balances exclude PPP loans (1) Quarter-to-date annualized 28

Portfolio Risk Distribution (in millions) Composition Growth 1Q20 vs. 2Q20 Risk Category 1Q20 2Q20 Passing Grades $37,618 98.34% $39,197 98.20% $1,579 Special Mention 218 0.57% 259 0.65% 41 Substandard Accruing 266 0.70% 311 0.78% 45 Non-Performing Loans 156 0.41% 147 0.37% (9) Total Loans $38,258 100.00% $39,914 100.00% $1,656 Amounts may not total due to rounding 29

Non-GAAP Financial Measures (in thousands, except per share data) 2Q20 1Q20 2Q19 Net income available to common shareholders $ 84,901 30,230 153,034 Add: Earnout liability adjustments 4,908 — — Add: Merger-related expense — — 7,401 Add: Restructuring charges, net 2,822 3,220 18 Add: Loss on early extinguishment of debt, net — 1,904 — Subtract/add: Investment securities (gains) losses, net (69,409) (8,734) 1,845 Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments (8,707) 4,255 (1,455) Add/subtract: Tax effect of adjustments 19,500 (167) (1,951) Adjusted net income available to common shareholders $ 34,015 $ 30,708 $ 158,892 Weighted average common shares outstanding, diluted 147,733 148,401 159,077 Net income per common share, diluted $ 0.57 $ 0.20 $ 0.96 Adjusted net income per common share, diluted $ 0.23 $ 0.21 $ 1.00 30

Non-GAAP Financial Measures, Continued (dollars in thousands) 2Q20 1Q20 4Q19 3Q19 2Q19 Net income $ 93,192 38,521 151,684 135,726 156,184 Add: Income tax expense, net related to State Tax Reform — — — 4,402 — Add: Earnout liability adjustments 4,908 — — 10,457 — Subtract/add: Merger-related expense — — (913) 353 7,401 Add/subtract: Restructuring charges, net 2,822 3,220 1,259 (66) 18 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 (69,409) (8,734) 2,157 3,731 1,845 Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments (8,707) 4,255 (8,100) (1,194) (1,455) Add/subtract: Tax effect of adjustments 19,500 (167) 1,162 (2,478) (1,951) Adjusted net income $ 42,306 38,999 148,360 158,023 162,042 Net income annualized $ 374,816 154,931 601,790 538,478 626,452 Adjusted net income annualized $ 170,154 156,853 588,602 626,939 649,949 Total average assets $ 52,853,685 48,696,595 47,459,405 47,211,026 46,679,769 Return on average assets 0.71 % 0.32 % 1.27 % 1.14 % 1.34 % Adjusted return on average assets 0.32 % 0.32 % 1.24 % 1.33 % 1.39 % 31

Non-GAAP Financial Measures, Continued (dollars in thousands) 2Q20 1Q20 2Q19 Net income available to common shareholders $ 84,901 30,230 153,034 Add: Earnout liability adjustments 4,908 — — Add: Merger-related expense — — 7,401 Add: Restructuring charges, net 2,822 3,220 18 Add: Loss on early extinguishment of debt, net — 1,904 — Subtract/add: Investment securities (gains) losses, net (69,409) (8,734) 1,845 Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments (8,707) 4,255 (1,455) Add/subtract: Tax effect of adjustments 19,500 (167) (1,951) Adjusted net income available to common shareholders $ 34,015 30,708 158,892 Adjusted net income available to common shareholders annualized 136,808 123,507 637,314 Add: Amortization of intangibles 7,868 7,868 7,250 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 144,676 131,375 644,564 Net income available to common shareholders annualized 341,470 121,584 613,818 Add: Amortization of intangibles 7,868 7,868 7,250 Net income available to common shareholders excluding amortization of intangibles annualized $ 349,338 129,452 621,068 Total average shareholders' equity less preferred stock 4,567,254 4,424,278 4,416,705 Subtract: Goodwill (497,267) (497,267) (487,601) Subtract: Other intangible assets, net (51,667) (54,514) (69,853) Total average tangible shareholders' equity less preferred stock $ 4,018,320 3,872,497 3,859,251 Return on average common equity 7.48 % 2.75 % 13.90 % Adjusted return on average common equity 3.00 % 2.79 % 14.43 % Return on average tangible common equity 8.69 % 3.34 % 16.09 % Adjusted return on average tangible common equity 3.60 % 3.39 % 16.70 % 32

Non-GAAP Financial Measures, Continued (dollars in thousands) 2Q20 1Q20 2Q19 Total non-interest revenue $ 173,484 103,857 89,807 Subtract/add: Investment securities (gains) losses, net (69,409) (8,734) 1,845 Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments (8,707) 4,255 (1,455) Adjusted non-interest revenue $ 95,368 99,378 90,197 (dollars in thousands) 2Q20 1Q20 4Q19 3Q19 2Q19 Total non-interest expense $ 284,141 276,279 266,121 276,310 264,126 Subtract: Earnout liability adjustments (4,908) — — (10,457) — Add/subtract: Merger-related expense — — 913 (353) (7,401) Subtract/add: Restructuring charges, net (2,822) (3,220) (1,259) 66 (18) 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 $ 276,411 271,155 264,664 258,474 256,707 (dollars in thousands) 2Q20 1Q20 4Q19 3Q19 2Q19 Adjusted non-interest expense $ 276,411 271,155 264,664 258,474 256,707 Subtract: Amortization of intangibles (2,640) (2,640) (2,901) (2,901) (2,410) Adjusted tangible non-interest expense $ 273,771 268,515 261,763 255,573 254,297 Net interest income 376,566 373,260 399,268 402,097 397,262 Add: Tax equivalent adjustment 861 786 769 819 811 Add: Total non-interest revenue 173,484 103,857 97,955 88,760 89,807 Total FTE revenues 550,911 477,903 497,992 491,676 487,880 Subtract/add: Investment securities (gains)/losses, net (69,409) (8,734) 2,157 3,731 1,845 Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments (8,707) 4,255 (8,100) (1,194) (1,455) Adjusted total revenues $ 472,795 473,424 492,049 494,213 488,270 Efficiency ratio-FTE 51.58 % 57.81 % 53.44 % 56.20 % 54.14 % Adjusted tangible efficiency ratio 57.91 % 56.72 % 53.20 % 51.71 % 52.08 % 33

Non-GAAP Financial Measures, Continued (dollars in thousands) June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 Total assets $ 54,121,989 $ 50,619,585 $ 48,203,282 $ 47,661,182 $ 47,318,203 Subtract: Goodwill (497,267) (497,267) (497,267) (487,865) (492,390) Subtract: Other intangible assets, net (50,392) (53,032) (55,671) (58,572) (61,473) Tangible assets 53,574,330 50,069,286 47,650,344 47,114,745 46,764,340 Total shareholders’ equity 5,052,968 5,065,205 4,941,690 4,868,838 4,753,816 Subtract: Goodwill (497,267) (497,267) (497,267) (487,865) (492,390) Subtract: Other intangible assets, net (50,392) (53,032) (55,671) (58,572) (61,473) Subtract: Preferred Stock, no par value (537,145) (537,145) (537,145) (536,550) (195,140) Tangible common equity $ 3,968,164 3,977,761 3,851,607 3,785,851 4,004,813 Total shareholders’ equity to total assets ratio 9.34 % 10.01 % 10.25 % 10.22 % 10.05 % Tangible common equity ratio 7.41 % 7.94 % 8.08 % 8.04 % 8.56 % 34

XML

Cover Page	Jul. 21, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 21, 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