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 20, 2021

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 20, 2021, Synovus Financial Corp. (the "Company") issued a press release announcing the Company’s financial results for the three month period ended March 31, 2021.
	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 ended March 31, 2021 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 20, 2021, 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 20, 2021.
	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 20, 2021
	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 20, 2021	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 2021

Diluted Earnings per Share of $1.19 vs. $0.20 in 1Q20

Adjusted Diluted Earnings per Share of $1.21 vs. $0.21 in1Q20

COLUMBUS, Ga., April 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended March 31, 2021.

First Quarter 2021 Highlights

•Net income available to common shareholders of $178.8 million or $1.19 per diluted share, up $0.23 sequentially and $0.99 compared to prior year.

◦Adjusted diluted EPS of $1.21, up $0.13 sequentially and $1.00 compared to prior year.

•Period-end loans increased $552.1 million or 1% sequentially.

◦Paycheck Protection Program (PPP) loans increased $170.1 million and third-party consumer loan balances, including a prime auto purchase of $476 million, increased $503.2 million sequentially.

•Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $2.05 billion or 6% sequentially.

•Total deposit costs of 0.22% down 6 bps sequentially due to ongoing repricing and product remixing.

•Net interest income of $373.9 million declined $12.1 million sequentially as lower deposit costs and deployment of excess liquidity partially offset a lower day count, continued fixed-rate asset repricing, and accelerated prepayment activity.

◦Net interest margin of 3.04% vs 3.12% sequentially.

•Non-interest revenue declined $3.8 million sequentially and increased $7.1 million compared to prior year.

◦Adjusted non-interest revenue increased $0.6 million sequentially as broad-based growth helped offset normalization of net mortgage revenue.

•Non-interest expense declined $35.4 million sequentially and $9.1 million compared to prior year.

◦Adjusted non-interest expense declined $8.5 million sequentially led by reduction in professional fees, partially offset by seasonal increases in payroll taxes and benefits.

•Reversal of provision for credit losses of $18.6 million, primarily from a more favorable economic outlook.

◦Allowance for credit losses coverage ratio (to loans) of 1.58%, or 1.69% excluding PPP loans.

•Credit quality metrics remain relatively stable with a net charge-off ratio of 0.21%; non-performing assets, non-performing loans, and past dues remained near prior cycle lows.

•Preliminary CET1 ratio increased 8 bps sequentially to 9.74%, with strong core earnings helping offset a $1.20 billion increase in risk-weighted assets.

•In April, executed share repurchases of approximately $10 million as part of the $200 million authorization for 2021.

First Quarter Summary

	Reported									Adjusted
(dollars in thousands)	1Q21			4Q20			1Q20			1Q21			4Q20			1Q20
Net income available to common shareholders	$	178,802		$	142,118		$	30,230		$	180,685		$	160,618		$	30,708
Diluted earnings per share	1.19			0.96			0.20			1.21			1.08			0.21
Total loans	38,805,101			38,252,984			38,258,024			N/A			N/A			N/A
Total deposits	47,368,951			46,691,571			39,826,585			N/A			N/A			N/A
Total FTE revenue	485,587			501,514			477,903			487,577			499,114			473,424
Return on avg assets	1.40		%	1.11		%	0.32		%	1.41		%	1.25		%	0.32		%
Return on avg common equity	15.77			12.31			2.75			15.93			13.91			2.79
Return on avg tangible common equity	17.85			14.00			3.34			18.04			15.79			3.39
Net interest margin	3.04			3.12			3.37			N/A			N/A			N/A
Efficiency ratio	55.01			60.32			57.81			54.19			54.60			56.72
NCO ratio	0.21			0.23			0.21			N/A			N/A			N/A
NPA ratio	0.50			0.50			0.50			N/A			N/A			N/A

“Our results in the first quarter of 2021 reflect strong financial performance as we continue to position the company for long-term growth,” said Kessel Stelling, Synovus Chairman and CEO. “Solid earnings drove capital growth, core transaction deposits grew $2 billion from the previous quarter, credit quality remained strong, and our efficiency initiatives enabled additional investments in improving the customer experience. We continued to support our customers and communities through the Paycheck Protection Program in the first quarter, including approximately $1 billion in phase two fundings. As the economic recovery accelerates and Kevin Blair steps in as CEO, the energy and optimism among our team are high, and I have never been more confident in our future.”

Kevin Blair, Synovus President and COO, said, “I’m honored for the opportunity to lead this exceptional team, and to build upon our strong foundation in driving growth as we deliver differentiated, value-adding solutions and advice to attract and build relationships with our clients.”

Balance Sheet

Loans*
(dollars in millions)	1Q21		4Q20		Linked Quarter Change		Linked Quarter % Change		1Q20		Year/Year Change		Year/Year % Change
Commercial & industrial	$	19,693.8	$	19,520.2	$	173.7	1	%	$	17,810.3	$	1,883.5	11	%
Commercial real estate	10,533.9		10,325.7		208.2		2		10,475.4		58.6		1
Consumer	8,577.3		8,407.1		170.2		2		9,972.3		(1,395.0)		(14)
Total loans	$	38,805.1	$	38,253.0	$	552.1	1	%	$	38,258.0	$	547.1	1	%

*Amounts may not total due to rounding

•Total loans ended the quarter at $38.81 billion, up $552.1 million or 1% sequentially.

•Commercial and industrial (C&I) loan growth of $173.7 million sequentially.

◦Total PPP loans increased by $170.1 million.

▪Phase 1 forgiveness of $711 million, or $687 million net of unearned, and Phase 2 fundings of $894 million, or $857 million net of unearned.

◦C&I line utilization remains near historic lows ~40%.

•CRE loans increased $208.2 million as the recovery in commercial real estate continues.

•Consumer loans increased $170.2 million sequentially, with a prime auto portfolio purchase of $476 million partially offset by declines in consumer mortgages and HELOCs of $214.3 million and $105.4 million, respectively.

Deposits*
(dollars in millions)	1Q21		4Q20		Linked Quarter Change		Linked Quarter % Change		1Q20		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	13,742.1	$	12,382.7	$	1,359.4	11	%	$	8,968.8	$	4,773.3	53	%
Interest-bearing DDA	5,841.7		5,674.4		167.3		3		4,617.4		1,224.4		27
Money market	13,943.7		13,541.2		402.5		3		10,255.0		3,688.7		36
Savings	1,277.0		1,156.2		120.8		10		949.5		327.6		35
Public funds	6,154.9		6,760.6		(605.7)		(9)		5,261.4		893.6		17
Time deposits	3,214.8		3,605.9		(391.2)		(11)		5,786.6		(2,571.9)		(44)
Brokered deposits	3,194.7		3,570.4		(375.7)		(11)		3,987.9		(793.3)		(20)
Total deposits	$	47,369.0	$	46,691.6	$	677.4	1	%	$	39,826.6	$	7,542.4	19	%

*Amounts may not total due to rounding

•Total deposits ended the quarter at $47.37 billion, up $677.4 million or 1% sequentially.

•Core transaction deposits increased $2.05 billion or 6% sequentially.

◦Broad-based growth in all categories including MMA, DDA, NOW, and savings supported declines in higher cost deposits.

•Total deposit costs declined 6 bps to 0.22% sequentially.

Income Statement Summary**
(in thousands, except per share data)	1Q21		4Q20		Linked Quarter Change		Linked Quarter % Change		1Q20		Year/Year Change		Year/Year % Change
Net interest income	$	373,857	$	385,932	$	(12,075)	(3)	%	$	373,260	$	597	—	%
Non-interest revenue	110,956		114,761		(3,805)		(3)		103,857		7,099		7
Non-interest expense	267,134		302,498		(35,364)		(12)		276,279		(9,145)		(3)
(Reversal of) provision for credit losses	(18,575)		11,066		(29,641)		nm		158,722		(177,297)		nm
Income before taxes	$	236,254	$	187,129	$	49,125	26	%	$	42,116	$	194,138	461	%
Income tax expense	49,161		36,720		12,441		34		3,595		45,566		nm
Preferred stock dividends	8,291		8,291		—		—		8,291		—		—
Net income available to common shareholders	$	178,802	$	142,118	$	36,684	26	%	$	30,230	$	148,572	491	%
Weighted average common shares outstanding, diluted	149,780		148,725		1,055		1	%	148,401		1,379		1	%
Diluted earnings per share	$	1.19	$	0.96	$	0.23	25		$	0.20	$	0.99	486
Adjusted diluted earnings per share	1.21		1.08		0.13		12		0.21		1.00		483

**    Amounts may not total due to rounding

Core Performance

•Net interest income of $373.9 million in the first quarter, down $12.1 million sequentially as lower deposit costs and deployment of excess liquidity helped offset declines from continued fixed-rate repricing and accelerated prepayment activity.

◦Net PPP fee accretion of $24.9 million, up $0.1 million sequentially.

◦Net interest margin was 3.04%, down 8 bps sequentially.

•Non-interest revenue decreased $3.8 million, or 3% sequentially, and increased $7.1 million, or 7% compared to prior year. Adjusted non-interest revenue increased $0.6 million, or 1% sequentially, and $13.6 million, or 14% compared to prior year.

◦Broad-based growth including $3.2 million in capital markets income helped offset normalization of net mortgage revenue, which declined $2.1 million sequentially.

•Non-interest expense decreased $35.4 million, or 12% sequentially. Adjusted non-interest expense decreased $8.5 million, or 3% sequentially.

◦Seasonal increases in employment-related expenses such as payroll taxes and benefits more than offset by lower headcount and day count as well as lower professional fees associated with Synovus Forward and COVID/PPP.

•Reversal of provision for credit losses of $18.6 million; allowance for credit losses coverage ratio (to loans) of 1.58%, or 1.69% excluding PPP loans.

•Tax expense was $49.2 million, an increase of $12.4 million driven by higher taxable income.

◦Effective tax rate of 20.81%.

Capital Ratios
	1Q21			4Q20		1Q20
Common equity Tier 1 capital (CET1) ratio	9.74	%	*	9.66	%	8.70	%
Tier 1 capital ratio	10.99		*	10.95		9.95
Total risk-based capital ratio	13.34		*	13.42		12.29
Tier 1 leverage ratio	8.80		*	8.50		8.92
Tangible common equity ratio	7.55			7.66		7.94

* Ratios are preliminary.

Capital

•CET1 ratio improved 8 bps during the quarter to 9.74% as strong core performance helped offset a $1.20 billion increase in risk-weighted assets.

•Total risk-based capital ratio of 13.34% declined 8 bps from the prior quarter following a reduction in the ACL.

First Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on April 20, 2021. 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 $55 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 288 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, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020, 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; total adjusted revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per 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 FTE revenue; efficiency ratio-FTE; net income available to common shareholders; diluted earnings per 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. Total adjusted revenue and adjusted non-interest revenue are measures used by management to evaluate total FTE revenue and non-interest revenue exclusive of net investment securities gains (losses) 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 diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. 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)	1Q21		4Q20		1Q20
Adjusted non-interest revenue
Total non-interest revenue	$	110,956	$	114,761	$	103,857
Add/subtract: Investment securities losses (gains), net	1,990		(2,337)		(8,734)
Subtract/add: Fair value (increase) decrease of private equity investments	—		(63)		4,255
Adjusted non-interest revenue	$	112,946	$	112,361	$	99,378
Adjusted non-interest expense
Total non-interest expense	$	267,134	$	302,498	$	276,279
Subtract: Restructuring charges	(531)		(18,068)		(3,220)
Subtract: Valuation adjustment to Visa derivative	—		(890)		—
Subtract: Loss on early extinguishment of debt	—		(8,409)		(1,904)
Adjusted non-interest expense	$	266,603	$	275,131	$	271,155

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	1Q21			4Q20			1Q20
Total adjusted revenue and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	266,603		$	275,131		$	271,155
Subtract: Amortization of intangibles	(2,379)			(2,640)			(2,640)
Adjusted tangible non-interest expense	$	264,224		$	272,491		$	268,515
Net interest income	$	373,857		$	385,932		$	373,260
Add: Tax equivalent adjustment	774			821			786
Add: Total non-interest revenue	110,956			114,761			103,857
Total FTE revenue	485,587			501,514			477,903
Add/subtract: Investment securities losses (gains), net	1,990			(2,337)			(8,734)
Subtract/add: Fair value (increase) decrease of private equity investments	—			(63)			4,255
Total adjusted revenue	$	487,577		$	499,114		$	473,424
Efficiency ratio-FTE	55.01		%	60.32		%	57.81		%
Adjusted tangible efficiency ratio	54.19			54.60			56.72

Adjusted return on average assets
Net income	$	187,093		$	150,409		$	38,521
Add: Restructuring charges	531			18,068			3,220
Add: Valuation adjustment to Visa derivative	—			890			—
Add: Loss on early extinguishment of debt	—			8,409			1,904
Add/subtract: Investment securities losses (gains), net	1,990			(2,337)			(8,734)
Subtract/add: Fair value (increase) decrease of private equity investments	—			(63)			4,255
Subtract: Tax effect of adjustments (1)	(638)			(6,467)			(167)
Adjusted net income	$	188,976		$	168,909		$	38,999
Net income annualized	$	758,766		$	598,366		$	154,931
Adjusted net income annualized	$	766,403		$	671,964		$	156,853
Total average assets	$	54,188,504		$	53,833,909		$	48,696,595
Return on average assets	1.40		%	1.11		%	0.32		%
Adjusted return on average assets	1.41			1.25			0.32
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	178,802		$	142,118		$	30,230
Add: Restructuring charges	531			18,068			3,220
Add: Valuation adjustment to Visa derivative	—			890			—
Add: Loss on early extinguishment of debt	—			8,409			1,904
Add/subtract: Investment securities losses (gains), net	1,990			(2,337)			(8,734)
Subtract/add: Fair value (increase) decrease of private equity investments	—			(63)			4,255
Subtract: Tax effect of adjustments (1)	(638)			(6,467)			(167)
Adjusted net income available to common shareholders	$	180,685		$	160,618		$	30,708
Weighted average common shares outstanding, diluted	149,780			148,725			148,401
Diluted earnings per share	$	1.19		$	0.96		$	0.20
Adjusted diluted earnings per share	1.21			1.08			0.21

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	1Q21			4Q20			1Q20
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	$	178,802		$	142,118		$	30,230
Add: Restructuring charges	531			18,068			3,220
Add: Valuation adjustment to Visa derivative	—			890			—
Add: Loss on early extinguishment of debt	—			8,409			1,904
Add/subtract: Investment securities losses (gains), net	1,990			(2,337)			(8,734)
Subtract/add: Fair value (increase) decrease of private equity investments	—			(63)			4,255
Subtract: Tax effect of adjustments (1)	(638)			(6,467)			(167)
Adjusted net income available to common shareholders	$	180,685		$	160,618		$	30,708
Adjusted net income available to common shareholders annualized	$	732,778		$	638,980		$	123,507
Add: Amortization of intangibles, annualized net of tax	7,207			7,782			7,868
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	739,985		$	646,762		$	131,375
Net income available to common shareholders annualized	$	725,141		$	565,382		$	121,584
Add: Amortization of intangibles, annualized net of tax	7,207			7,782			7,868
Net income available to common shareholders excluding amortization of intangibles annualized	$	732,348		$	573,164		$	129,452
Total average shareholders' equity less preferred stock	$	4,599,076		$	4,594,199		$	4,424,278
Subtract: Goodwill	(452,390)			(452,390)			(497,267)
Subtract: Other intangible assets, net	(44,005)			(46,511)			(54,514)
Total average tangible shareholders' equity less preferred stock	$	4,102,681		$	4,095,298		$	3,872,497
Return on average common equity	15.77		%	12.31		%	2.75		%
Adjusted return on average common equity	15.93			13.91			2.79
Return on average tangible common equity	17.85			14.00			3.34
Adjusted return on average tangible common equity	18.04			15.79			3.39

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	March 31, 2021			December 31, 2020			March 31, 2020
Tangible common equity ratio
Total assets	$	55,159,011		$	54,394,159		$	50,619,585
Subtract: Goodwill	(452,390)			(452,390)			(497,267)
Subtract: Other intangible assets, net	(42,733)			(45,112)			(53,032)
Tangible assets	$	54,663,888		$	53,896,657		$	50,069,286
Total shareholders’ equity	$	5,161,717		$	5,161,334		$	5,065,205
Subtract: Goodwill	(452,390)			(452,390)			(497,267)
Subtract: Other intangible assets, net	(42,733)			(45,112)			(53,032)
Subtract: Preferred Stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	4,129,449		$	4,126,687		$	3,977,761
Total shareholders’ equity to total assets ratio	9.36		%	9.49		%	10.01		%
Tangible common equity ratio	7.55			7.66			7.94
(1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied.

EX-99.2

Synovus								Exhibit 99.2
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2021			2020				First Quarter
		First Quarter			Fourth Quarter	Third Quarter	Second Quarter	First Quarter	'21 vs '20
									% Change
	Interest income	$	409,817		433,479	435,550	451,569	483,897	(15)	%
	Interest expense	35,960			47,547	58,560	75,003	110,637	(67)
	Net interest income	373,857			385,932	376,990	376,566	373,260	—
	(Reversal of) provision for credit losses	(18,575)			11,066	43,383	141,851	158,722	nm
	Net interest income after provision for credit losses	392,432			374,866	333,607	234,715	214,538	83
	Non-interest revenue:
	Service charges on deposit accounts	20,033			19,063	17,813	15,567	20,689	(3)
	Fiduciary and asset management fees	17,954			17,242	15,885	14,950	15,174	18
	Card fees	11,996			11,743	10,823	9,186	10,950	10
	Brokerage revenue	12,974			11,794	10,604	9,984	12,398	5
	Mortgage banking income	22,315			24,426	31,229	23,530	12,227	83
	Capital markets income	7,505			4,352	5,690	6,050	11,243	(33)
	Income from bank-owned life insurance	8,843			9,725	7,778	7,756	6,038	46
	Investment securities (losses)/gains, net	(1,990)			2,337	(1,550)	69,409	8,734	nm
	Gain on sale and fair value increase/(decrease) on private equity investments	—			63	260	8,707	(4,255)	nm
	Other non-interest revenue	11,326			14,016	15,879	8,345	10,659	6
	Total non-interest revenue	110,956			114,761	114,411	173,484	103,857	7
	Non-interest expense:
	Salaries and other personnel expense	161,477			153,946	154,994	159,597	149,678	8
	Net occupancy, equipment, and software expense	41,134			44,183	41,554	41,727	42,194	(3)
	Third-party processing and other services	20,032			20,799	21,827	22,666	22,700	(12)
	Professional fees	9,084			17,541	13,377	15,305	10,675	(15)
	FDIC insurance and other regulatory fees	5,579			6,288	6,793	6,851	5,278	6
	Amortization of intangibles	2,379			2,640	2,640	2,640	2,640	(10)
	Goodwill impairment	—			—	44,877	—	—	nm
	Restructuring charges	531			18,068	2,882	2,822	3,220	nm
	Loss on early extinguishment of debt	—			8,409	154	—	1,904	nm
	Earnout liability adjustments	—			—	—	4,908	—	nm
	Other operating expenses	26,918			30,624	27,557	27,625	37,990	(29)
	Total non-interest expense	267,134			302,498	316,655	284,141	276,279	(3)
	Income before income taxes	236,254			187,129	131,363	124,058	42,116	461
	Income tax expense	49,161			36,720	39,789	30,866	3,595	nm
	Net income	187,093			150,409	91,574	93,192	38,521	386
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	8,291	—
	Net income available to common shareholders	$	178,802		142,118	83,283	84,901	30,230	491	%
	Net income per common share, basic	$	1.20		0.96	0.57	0.58	0.21	487	%
	Net income per common share, diluted	1.19			0.96	0.56	0.57	0.20	486
	Cash dividends declared per common share	0.33			0.33	0.33	0.33	0.33	—
	Return on average assets *	1.40		%	1.11	0.69	0.71	0.32	108	bps
	Return on average common equity *	15.77			12.31	7.28	7.48	2.75	1,302
	Weighted average common shares outstanding, basic	148,467			147,744	147,314	147,288	147,311	1	%
	Weighted average common shares outstanding, diluted	149,780			148,725	147,976	147,733	148,401	1
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	March 31, 2021		December 31, 2020		March 31, 2020
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	493,645	$	531,625	$	652,451
	Interest-bearing funds with Federal Reserve Bank	2,722,100		3,586,565		1,020,775
	Interest earning deposits with banks	23,969		20,944		20,717
	Federal funds sold and securities purchased under resale agreements	88,552		113,783		129,891
	Cash and cash equivalents	3,328,266		4,252,917		1,823,834
	Investment securities available for sale, at fair value	8,825,757		7,962,438		6,937,240
	Loans held for sale ($242,010, $216,647, and $119,841 measured at fair value, respectively)	993,887		760,123		119,841
	Loans, net of deferred fees and costs	38,805,101		38,252,984		38,258,024
	Allowance for loan losses	(563,214)		(605,736)		(493,452)
	Loans, net	38,241,887		37,647,248		37,764,572
	Cash surrender value of bank-owned life insurance	1,054,475		1,049,373		1,031,544
	Premises, equipment and software, net	454,911		463,959		482,462
	Goodwill	452,390		452,390		497,267
	Other intangible assets, net	42,733		45,112		53,032
	Other assets	1,764,705		1,760,599		1,909,793
	Total assets	$	55,159,011	$	54,394,159	$	50,619,585
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	14,660,287	$	13,477,854	$	9,659,451
	Interest-bearing deposits	32,708,664		33,213,717		30,167,134
	Total deposits	47,368,951		46,691,571		39,826,585
	Federal funds purchased and securities sold under repurchase agreements	293,659		227,922		312,776
	Other short-term borrowings	—		7,717		1,175,000
	Long-term debt	1,202,825		1,202,494		3,152,339
	Other liabilities	1,131,859		1,103,121		1,087,680
	Total liabilities	49,997,294		49,232,825		45,554,380
	Shareholders' equity:
	Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000	537,145		537,145		537,145
	Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 168,978,380, 168,132,522, and 167,359,689; outstanding 148,888,513, 148,039,495, and 147,266,662	168,978		168,133		167,360
	Additional paid-in capital	3,864,281		3,851,208		3,821,357
	Treasury stock, at cost – 20,089,867, 20,093,027, and 20,093,027 shares	(731,690)		(731,806)		(731,806)
	Accumulated other comprehensive income, net	15,278		158,635		256,911
	Retained earnings	1,307,725		1,178,019		1,014,238
	Total shareholders’ equity	5,161,717		5,161,334		5,065,205
	Total liabilities and shareholders' equity	$	55,159,011	$	54,394,159	$	50,619,585

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)	2021			2020
	(Dollars in thousands)
		First			Fourth	Third	Second	First
		Quarter			Quarter	Quarter	Quarter	Quarter
	Interest Earning Assets
	Investment securities (2) (4)	$	8,437,563		7,493,822	7,227,400	6,618,533	6,680,047
	Yield	1.40		%	2.07	2.39	2.72	3.09
	Trading account assets (5)	$	3,063		8,496	5,391	6,173	6,306
	Yield	2.81		%	1.03	1.69	2.19	2.70
	Commercial loans (3) (4)	$	29,844,491		30,363,102	30,730,135	30,236,919	27,607,343
	Yield	3.95		%	3.96	3.80	3.95	4.57
	Consumer loans (3)	$	8,367,776		8,521,449	9,032,437	9,899,172	9,985,702
	Yield	3.98		%	4.00	4.08	4.34	4.60
	Allowance for loan losses	$	(599,872)		(595,547)	(591,098)	(498,545)	(368,033)
	Loans, net (3)	$	37,612,395		38,289,004	39,171,474	39,637,546	37,225,012
	Yield	4.02		%	4.03	3.92	4.08	4.62
	Mortgage loans held for sale	$	246,962		309,278	244,952	221,157	86,415
	Yield	2.68		%	2.74	2.92	3.09	3.67
	Other loans held for sale	$	660,753		544,301	493,940	19,246	—
	Yield	2.91		%	2.81	3.61	4.19	—
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	2,838,021		2,716,645	1,265,880	1,709,086	652,130
	Yield	0.10		%	0.10	0.11	0.11	1.02
	Federal Home Loan Bank and Federal Reserve Bank Stock (5)	$	157,657		162,537	200,923	247,801	284,082
	Yield	1.69		%	2.64	2.73	3.60	3.38
	Total interest earning assets	$	49,956,414		49,524,083	48,609,960	48,459,542	44,933,992
	Yield	3.32		%	3.49	3.58	3.75	4.33
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	8,570,753		8,531,415	7,789,095	7,260,940	6,445,986
	Rate	0.14		%	0.16	0.19	0.21	0.51
	Money Market accounts	$	15,348,916		14,411,860	13,272,972	12,238,479	11,548,014
	Rate	0.23		%	0.26	0.36	0.46	1.00
	Savings deposits	$	1,219,288		1,147,667	1,114,956	1,036,024	926,822
	Rate	0.02		%	0.01	0.02	0.02	0.05
	Time deposits under $100,000	$	1,161,306		1,239,592	1,379,923	1,621,943	1,761,741
	Rate	0.56		%	0.74	1.03	1.43	1.64
	Time deposits over $100,000	$	2,993,996		3,302,959	3,863,821	4,772,555	5,051,705
	Rate	0.74		%	1.03	1.44	1.80	2.04
	Other brokered deposits	$	1,950,582		1,978,393	1,912,114	1,998,571	1,376,669
	Rate	0.20		%	0.23	0.23	0.25	1.42
	Brokered time deposits	$	1,418,751		1,795,982	2,232,940	2,244,429	2,166,496
	Rate	1.50		%	1.60	1.59	1.86	2.11
	Total interest-bearing deposits	$	32,663,592		32,407,868	31,565,821	31,172,941	29,277,433
	Rate	0.31		%	0.39	0.54	0.73	1.18
	Federal funds purchased and securities sold under repurchase agreements	$	209,448		174,316	180,342	250,232	167,324
	Rate	0.07		%	0.07	0.09	0.12	0.30
	Other short-term borrowings	$	—		—	46,739	550,000	1,384,362
	Rate	—		%	—	1.12	1.23	1.66
	Long-term debt	$	1,202,613		1,552,791	2,234,665	2,834,188	2,678,651
	Rate	3.63		%	3.96	2.71	2.36	2.78
	Total interest-bearing liabilities	$	34,075,653		34,134,975	34,027,567	34,807,361	33,507,770
	Rate	0.42		%	0.55	0.68	0.86	1.30
	Non-interest-bearing demand deposits	$	13,791,286		13,566,112	12,773,676	11,923,534	9,409,774
	Cost of funds	0.30		%	0.40	0.50	0.65	1.04
	Effective cost of funds(6)	0.28		%	0.37	0.48	0.62	0.96
	Net interest margin	3.04		%	3.12	3.10	3.13	3.37
	Taxable equivalent adjustment (4)	$	774		821	956	861	786
	(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.
	(6) Includes the impact of non-interest-bearing capital funding sources.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)
Loan Type	March 31, 2021		December 31, 2020		% Change		March 31, 2020		% Change
Commercial, Financial, and Agricultural	$	12,662,329	$	12,410,152	2	%	$	10,902,455	16	%
Owner-Occupied	7,031,505		7,110,016		(1)		6,907,893		2
Total Commercial & Industrial	19,693,834		19,520,168		1		17,810,348		11
Multi-Family	2,220,939		2,190,534		1		2,103,566		6
Hotels	1,462,370		1,442,242		1		1,311,614		11
Office Buildings	2,280,053		2,207,744		3		2,211,525		3
Shopping Centers	1,662,158		1,644,519		1		1,778,627		(7)
Warehouses	692,267		700,050		(1)		759,858		(9)
Other Investment Property	1,017,938		918,290		11		859,726		18
Total Investment Properties	9,335,725		9,103,379		3		9,024,916		3
1-4 Family Construction	189,626		182,981		4		254,495		(25)
1-4 Family Investment Mortgage	449,328		445,714		1		482,442		(7)
Total 1-4 Family Properties	638,954		628,695		2		736,937		(13)
Commercial Development	142,380		130,678		9		107,219		33
Residential Development	196,653		245,170		(20)		302,516		(35)
Land Acquisition	220,216		217,785		1		303,770		(28)
Land and Development	559,249		593,633		(6)		713,505		(22)
Total Commercial Real Estate	10,533,928		10,325,707		2		10,475,358		1
Consumer Mortgages	5,299,175		5,513,491		(4)		5,613,997		(6)
Home Equity Lines	1,432,367		1,537,726		(7)		1,793,486		(20)
Credit Cards	267,371		281,018		(5)		261,581		2
Other Consumer Loans	1,578,426		1,074,874		47		2,303,254		(31)
Total Consumer	8,577,339		8,407,109		2		9,972,318		(14)
Total	$	38,805,101	$	38,252,984	1	%	$	38,258,024	1	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
(Dollars in thousands)
Loan Type	March 31, 2021		December 31, 2020		% Change		March 31, 2020		% Change
Commercial, Financial, and Agricultural	$	76,460	$	77,386	(1)	%	$	99,287	(23)	%
Owner-Occupied	17,192		20,019		(14)		17,357		(1)
Total Commercial & Industrial	93,652		97,405		(4)		116,644		(20)
Multi-Family	2,698		168		nm		356		658
Office Buildings	1,645		1,134		45		836		97
Shopping Centers	20,138		21,082		(4)		712		nm
Warehouses	221		217		2		—		nm
Other Investment Property	887		2,030		(56)		308		188
Total Investment Properties	25,589		24,631		4		2,212		nm
1-4 Family Construction	1,291		1,236		4		278		364
1-4 Family Investment Mortgage	2,760		2,383		16		2,047		35
Total 1-4 Family Properties	4,051		3,619		12		2,325		74
Commercial Development	567		582		(3)		596		(5)
Residential Development	452		533		(15)		561		(19)
Land Acquisition	782		1,048		(25)		1,043		(25)
Land and Development	1,801		2,163		(17)		2,200		(18)
Total Commercial Real Estate	31,441		30,413		3		6,737		367
Consumer Mortgages	11,201		8,740		28		13,571		(17)
Home Equity Lines	12,191		12,145		—		12,475		(2)
Other Consumer Loans	6,684		2,376		181		6,860		(3)
Total Consumer	30,076		23,261		29		32,906		(9)
Total	$	155,169	$	151,079	3	%	$	156,287	(1)	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2021			2020				First Quarter
		First			Fourth	Third	Second	First	'21 vs '20
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPLs)	$	155,169		151,079	168,837	147,437	156,287	(1)	%
	Impaired Loans Held for Sale	23,590			23,590	—	—	—	nm
	Other Real Estate and Other Assets	16,849			17,394	23,280	30,242	33,679	(50)
	Non-performing Assets (NPAs)	195,608			192,063	192,117	177,679	189,966	3
	Allowance for Loan Losses (ALL)	563,214			605,736	603,800	588,648	493,452	14
	Reserve for Unfunded Commitments	51,528			47,785	60,794	61,029	38,420	34
	Allowance for Credit Losses (ACL)	614,742			653,521	664,594	649,677	531,872	16
	Net Charge-Offs - Quarter	20,204			22,139	28,466	24,046	20,061
	Net Charge-Offs / Average Loans - Quarter (1)	0.21		%	0.23	0.29	0.24	0.21
	NPLs / Loans	0.40			0.39	0.43	0.37	0.41
	NPAs / Loans, ORE and specific other assets	0.50			0.50	0.49	0.44	0.50
	ACL/Loans	1.58			1.71	1.68	1.63	1.39
	ALL/Loans	1.45			1.58	1.53	1.47	1.29
	ACL/NPLs	396.18			432.57	393.63	440.65	340.32
	ALL/NPLs	362.97			400.94	357.62	399.25	315.74
	Past Due Loans over 90 days and Still Accruing	$	3,804		4,117	7,512	8,391	6,398	(41)
	As a Percentage of Loans Outstanding	0.01		%	0.01	0.02	0.02	0.02
	Total Past Due Loans and Still Accruing	$	45,693		47,349	57,316	46,390	83,235	(45)
	As a Percentage of Loans Outstanding	0.12		%	0.12	0.14	0.12	0.22
	Accruing Troubled Debt Restructurings (TDRs)	$	129,776		134,972	163,511	166,461	160,128	(19)
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		March 31, 2021			December 31, 2020	March 31, 2020
	Tier 1 Capital	$	4,721,859		4,572,010	4,281,560
	Total Risk-Based Capital	5,733,955			5,604,230	5,289,039
	Common Equity Tier 1 Capital Ratio	9.74		%	9.66	8.70
	Tier 1 Capital Ratio	10.99			10.95	9.95
	Total Risk-Based Capital Ratio	13.34			13.42	12.29
	Tier 1 Leverage Ratio	8.80			8.50	8.92
	Common Equity as a Percentage of Total Assets (2)	8.38			8.51	8.95
	Tangible Common Equity Ratio (3) (5)	7.55			7.66	7.94
	Book Value Per Common Share (4)	$	31.06		31.24	30.75
	Tangible Book Value Per Common Share (3)	27.74			27.88	27.01
	(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

First Quarter 2021 Results April 20, 2021 Exhibit 99.3

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 growth and line utilization; (2) net interest income and net interest margin; (3) total adjusted revenue; (4) adjusted non-interest expense; (5) credit trends and key credit performance metrics; (6) effective tax rate; (7) capital position; (8) our future operating and financial performance; (9) our strategy and initiatives for future revenue growth, balance sheet management, capital management, and expense savings; (10) executive succession; and (11) 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 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, 2020 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. 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 net income available to common shareholders; 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; total adjusted 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 net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; total non-interest revenue; total FTE 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 net income available to common shareholders, 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 and total adjusted revenue are measures used by management to evaluate non-interest revenue and total FTE 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

3 Positioned for Success Delivering a Superior Customer Experience Committed to Profitable Growth Reported Adjusted(1) ($ in thousands, except per share data) 1Q21 4Q20 1Q20 1Q21 4Q20 1Q20 Net Income Available to Common Shareholders $178,802 $142,118 $30,230 $180,685 $160,618 $30,708 Diluted Earnings per Share $1.19 $0.96 $0.20 $1.21 $1.08 $0.21 Return on Average Assets 1.40% 1.11% 0.32% 1.41% 1.25% 0.32% Return on Average Tangible Common Equity(1) 17.85% 14.00% 3.34% 18.04% 15.79% 3.39% Efficiency Ratio 55.01% 60.32% 57.81% 54.19% 54.60% 56.72% (1) Non-GAAP financial measure; see appendix for applicable reconciliation First Quarter 2021 Highlights

4 • Total loans increased $552 million or 1% vs. 4Q20 • Total PPP loans increased by $170 million • Phase 1 forgiveness of $711 million(2) and Phase 2 fundings of $894 million(2) • Third-party consumer loans increased $503 million vs. 4Q20, due largely to prime auto purchase of $476 million • Third-party consumer loans held for sale increased $234 million vs. 4Q20 • C&I line utilization remains near historic lows of ~40% • CRE loans increased $208 million as the recovery in commercial real estate continues QoQ Change in Total Loans (in millions) % change vs prior quarter: 0% 8% (4)% 74% 2% Total Consumer $170 or 2% 50.8% 27.1% 22.1% 51.0% 27.0% 22.0% 46.6% 26.1% 27.4% CRE $208 or 2% Total C&I $174 or 1% $38.3 $38.3 $38.8 Loans(1) Period-end Loan Balances (in billions) Amounts may not total due to rounding (1) Total loans are net of deferred fees, costs, and discounts/premiums (2) Phase 1 forgiveness of $711 million, or $687 million net of unearned, and Phase 2 fundings of $894 million, or $857 million net of unearned

5 • Total deposits increased $677 million or 1% vs. 4Q20 • Continued growth in core transaction deposits(1) of $2.0 billion or 6% vs. 4Q20 • Core non-interest bearing deposit growth of $1.4 billion or 11% vs 4Q20 • Public funds decline of $606 million or 9% vs. 4Q20 • Brokered CD decline of $309 million or 19% vs. 4Q20 • Total deposit costs down 6 bps vs. 4Q20, below prior cycle lows from continued remixing and repricing • Total non-interest bearing deposits represent 31% of deposits • Money market rates of 0.23%, down 3 bps vs. 4Q20 Deposit Costs: Total 4 bps below prior cycle low of 3Q14 $39.9 10.0% 13.0% 6.7% 7.7% 14.5% 6.8% 70.2% $47.4 73.5% 7.6% $46.7 13.2% 14.5% 62.2% (2)(1) Deposits Period-end Deposit Balances (in billions) 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; (2) Includes brokered deposits

6 • Net interest income of $374 million decreased $12 million vs. 4Q20 • Approximately $7 million associated with lower day count • $25 million in net PPP fee accretion, flat vs. 4Q20 • $24 million associated with Phase 1; $1 million from Phase 2 • $61 million in net fees remain; $25 million from Phase 1 and $36 million from Phase 2 • Net interest margin of 3.04%, a decrease of 8 bps vs. 4Q20 • Lower book yield on securities portfolio, largely due to accelerated prepayment activity • Headwinds from fixed-rate repricing partially offset by interest-bearing liabilities 1Q21 NIM: Primary Drivers(1) $373 $386 $374 $25 $25 Net Interest Income (in millions) Amounts may not total due to rounding (1) Estimated impact; other includes various unattributed items

7 • 1Q21 non-interest revenue of $111 million decreased $4 million or 3% vs. 4Q20 and increased $7 million or 7% vs. 1Q20 • 1Q21 security losses of $2 million compared to gains of $2 million in 4Q20 and $9 million in 1Q20 • Adjusted non-interest revenue(2) of $113 million increased $1 million or 1% vs. 4Q20 and $14 million or 14% vs. 1Q20 • Implementation of Pricing for Value initiative leading account analysis fee increase of $2 million or 23% vs. 4Q20 and $2 million or 32% vs. 1Q20 • Assets under management of $20.6 billion up 2% vs. 4Q20 and 35% vs. 1Q20 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 Secondary Mortgage Production (in millions) Non-Interest Revenue (in millions) (1)

8 1Q20 4Q20 1Q21 Efficiency Ratio 57.8% 60.3% 55.0% Adjusted Tangible Efficiency Ratio(1) 56.7% 54.6% 54.2% • 1Q21 non-interest expense of $267 million decreased $35 million or 12% vs. 4Q20 and $9 million or 3% vs. 1Q20 • 1Q21 adjusted non-interest expense(1) of $267 million decreased $9 million or 3% vs. 4Q20 and $5 million or 2% vs. 1Q20 • $8 million increase in total employment vs. 4Q20, primarily from seasonal payroll taxes and benefits • Headcount reduction of 72 led by voluntary early retirement program and branch closures • $8 million reduction in total professional fees vs. 4Q20, primarily from less Synovus Forward and PPP related expenses $269 $272 $264 Non-Interest Expense (in millions) $27 $3$3 $2 $1$5 (1) (1) Amounts may not total due to rounding (1) Non-GAAP financial measure; see appendix for applicable reconciliation

9 Amounts may not total due to rounding; nm - not meaningful (1) Criticized loans are loans graded special mention; classified loans are loans graded sub-standard accruing and non-accruing loans; (2) ACL coverage ratio (to loans) was 1.69% in 1Q21 excluding PPP loans of $2.4 billion; 1.81% in 4Q20 excluding PPP loans of $2.2 billion; 1.80% in 3Q20 excluding PPP loans of $2.7 billion; and 1.74% in 2Q20 excluding PPP loans of $2.7 billion ( 2 ) 0.2 9% 0. 07 % $2 7. 7 138% 277% 791% 590% 0.21% 0.24% 0.29% 0.23% 0.21% 791% 590% 152% 50% nm NCO Ratio: Provision/NCO: ACL to NPLs: 340% 441% 394% 433% 396% Allowance for Credit Losses (1) Credit Quality (in millions) ACL Coverage Ratio(2) Allowance for Credit Losses

Primary Organic loan growth -Core relationships Competitive dividend -Long-term dividend payout ratio of 30%-40% Secondary Share repurchases Non-core growth -Third-party consumer loans -Portfolio acquisitions Bank and non-bank M&A 10 Amounts may not total due to rounding (1) Preliminary Pre-tax Income • CET1 of 9.74%(1) up 8 bps vs. 4Q20 and 104 bps vs. 1Q20 • Total Capital of 13.34%(1) down 8 bps vs. 4Q20, up 105 bps vs. 1Q20 • Risk-weighted assets increased $1.2 billion vs. 4Q20 and decreased $0.1 billion vs. 1Q20 • In April, executed share repurchases of approximately $10 million as part of the $200 million authorization for 2021 8.70% 9.74% 13.34% 12.29 % 10.99% 9.95% Capital Deployment Priorities 9.66% 10.95% 13.42% Capital Ratios (1) (1)

11 and Securities... with Third-party Consumer Loans... Retaining Capacity for Expected Growth 8.95% 10.23% 12.25% Managing Excess Liquidity... Interest Bearing Funds with Federal Reserve Bank (in millions) Loan-to-Deposit Ratio Third-party Consumer Loan Balances (in millions) Securities-to-Assets Ratio Liquidity: Effective Balance Sheet Management

2021 Outlook: Committed to Deliver Sustainable, Top-Quartile Performance 12 The Bank We’ve Always Been, but Better Positioned for Success Delivering a Superior Customer Experience Committed to Profitable Growth Attractive, Growth- Oriented Southeastern Markets Strong Capital and Liquidity Position Prudent Risk Management Enhancing Digital Offerings Process Optimization Data, Analytics and Proactive Touchpoints Solid Loan Production and Pipeline Growth Fee Income Business Expansion Continued Investments in Revenue Producing Talent

13 Becoming more efficient… Continuing to strengthen relationships and profitability… Investing in technology to improve customer experience and growth… Organizational efficiency Executed voluntary retirement program with payback of less than two years Third-party spend Ongoing reductions in new and existing contracts and partnerships with third-parties Branch/real estate optimization 13 branch closures in 2020 and 4 additional closures scheduled 2Q21; evaluating non-branch opportunities ~$40M in pre-tax run rate benefit as of 1Q21; $45-50M remaining Customer analytics Receiving and closing actionable leads with the SMART tool Pricing for value Realizing meaningful increase in revenues from Treasury and Payment Solutions New products and solutions Merchant solution exceeding expectations; 2021 offerings to include international export financing, integrated payables and receivables, ERP integrations, real time payments, and a one card digital wallet solution ~$10M in pre-tax run rate benefit as of 1Q21; $75-80M remaining Expanded online account origination capabilities Ongoing enhancements to depository and lending origination fulfillment channels Strengthen user enrollment and utilization with better customer experience Simplifying processes and enhancing the customer experience with greater functionality Enhanced technology and advisory services Offering Synovus Gateway to new customers following successful migration of existing customers Synovus Forward ~$50M in pre-tax run rate benefit completed 1Q21 - remain on track for $175M by the end of 2022

Appendix

2021 Outlook: Remain Confident with Existing Guidance Capital management Effective tax rate Capital and Taxes Loans 9.5% CET1 ratio target 23% to 25% Pre-provision net revenue -1% to -4% -2% to -5% Total adjusted revenue(1) Adjusted non-interest expense(1)(2) Metrics Outlook 2% to 4%Period-end loans, excl. PPP 15 (1) Non-GAAP financial measure; see appendix for applicable reconciliation (2) Outlook does not include fees associated with additional phases of Synovus Forward

Strong History, Resilient Team Rebuild 16 Stabilize Rebuild Invest Accelerate 2010-2011 2012-2013 2014-2015 2016-2020 Completed $1.1 billion equity offering Consolidated 30 bank charters Established Corporate Banking Group Launched efficiency initiative; reduced non-interest expense by over $100 million Returned to profitability Added Senior Housing team Recaptured deferred tax asset and recorded associated income tax benefit Completed FDIC-assisted assumption of Sunrise Bank deposits Completed common and preferred stock offerings Redeemed Troubled Asset Relief Program (TARP) Upgraded by all three major rating agencies Launched Synovus “Bank of Here” branding campaign Announced share repurchase program and increase in the quarterly common stock dividend Significantly repositioned talent to maximize retail and commercial sales success Executed capital optimization efforts and returned capital to shareholders Upgraded to Investment Grade Completed acquisition and integration of Global One Launched enhanced website and a new suite of credit card products Received $75 million for completion of Cabela’s transaction Completed transition of separately branded banks to the Synovus name Completed acquisition and integration of Florida Community Bank Successfully delivered PPP loans, funding $2.9 billion and adding ~2,000 new customers

ACL/Loans: ACL/Loans excl. PPP(2): Key Assumptions: 3 1.71% 1.58% 1.81% 1.69% 1 Economic scenario weightings have a 40% downside bias 2 3 Includes estimated impact of stimulus measures 1 Baseline forecast includes unemployment rate gradually decreasing to 4.5% over 2-year reasonable and supportable period (1) 17 Allowance for Credit Losses (in thousands) (1) Other factors include the impact of dispositions, sub-pool changes, etc. (2) ACL coverage ratio (to loans) was 1.69% in 1Q21 excluding PPP loans of $2.4 billion;1.81% in 4Q20 excluding PPP loans of $2.2 billion

18 (as of March 31, 2021) Applications Loan Balances Count Balance Fundings 1Q21 Forgiveness Total Life-to-Date Forgiveness 1Q21 End of Period, Net of Unearned Phase 1 - 2020 Originations ~19,000 $3.1 billion $2.9 billion $0.7 billion $1.3 billion $1.5 billion Phase 2 - 2021 Originations ~10,000 $1.1 billion $0.9 billion $— $— $0.9 billion Total ~29,000 $4.2 billion $3.8 billion $0.7 billion $1.3 billion $2.4 billion Note: Average balance, net of unearned, of $2.2 billion 1Q21 vs. $2.6 billion 4Q20 (as of March 31, 2021) Net Fees in $ and % of Fundings 1Q21 Recognized Net Fees Total Recognized Net Fees Total Unrecognized or Remaining Net Fees Contractual Maturity Phase 1 - 2020 Originations $95 million 3.3% $24 million $70 million $25 million 2 years Phase 2 - 2021 Originations $37 million 4.2% $1 million $1 million $36 million 5 years Total $132 million 3.5% $25 million $71 million $61 million Note: Gross fees as of March 31, 2021, of $95 million for Phase 1 and $41 million for Phase 2 exclude deferred loan origination costs Paycheck Protection Program (PPP)

Month-by-Month (cash inflows, YOY change) 19 (1)(1) (1)(1) (Hotel and Other Lodging) (Excl. full-service restaurants & bars) -January positively impacted by governmental stimulus -February negatively impacted by one less day/Saturday 2020 2021 COVID-19 Impact on Cash Inflows Note: For 'month-by-month', top and bottom 5% outliers are excluded. Cash inflow changes are simple averages for customers with sufficient operating account coverage (covering ~55-75% of loan exposures) (1) NAICS code for cash flows

( 2 ) 1.32% 1.40% 20 ( 2 ) Loan Portfolio Rate Mix and Yield (1) Earning Assets Composition (2) (1) Effective notional includes positions as of period-end which are accruing or scheduled to accrue in the subsequent quarter; forward starting positions represent executed hedges whose effective date is beyond the next quarter (2) Weighted average fixed-rate for effective notional positions

21 • 89% are income-producing • Residential C&D and Land are <2% of total loans • No single CRE loan > $50 million • Average loan size of $15 million • Diversity among property types and geographies • Primarily direct middle market and commercial clients • Syndications 7% of total loans • C&I specialty lending includes Senior Housing and Premium Finance • C&I industry mix aligned with economic and demographic drivers ▪ High quality Consumer Real Estate book ▪ Weighted average credit score of 790 and 773 for HELOC and Mortgage, respectively ▪ Average LTV of ~75% for HELOC and Mortgage Consumer Portfolio - $8.6 Billion CRE Portfolio - $10.5 Billion C&I Portfolio - $19.7 Billion Consumer R/E Related 17.3% C&I Specialty Lending 18.8% Direct Middle Market & Commercial Banking 31.9% Hotel 3.8% Office Bldg. 5.9% Multi-Family 5.7% Resi. Constr, Dev, Land 1.6% Consumer CRE C&I Portfolio Characteristics Consumer CRE C&I NPL Ratio 0.35% 0.30% 0.48% QTD Net Charge-off Ratio (annualized) 0.20% 0.36% 0.14% 30+ Days Past Due Ratio 0.22% 0.09% 0.09% 90+ Days Past Due Ratio 0.03% 0.01% 0.00% Consumer Non-R/E 4.8% Loan Portfolio by Category Amounts may not total due to rounding

22 Composition of 1Q21 CRE Portfolio Total Portfolio $10.5 billion Investment Properties Land, Development, and Residential Properties Portfolio Characteristics (as of March 31, 2021) Office building Multi-family Shopping Centers Hotels Other Investment Properties Warehouse Residential Properties(1) Construction, Development & Land Balance (in millions) $2,280 $2,221 $1,662 $1,462 $1,018 $692 $639 $559 NPL Ratio 0.07% 0.12% 1.21% 0.00% 0.09% 0.03% 0.63% 0.32% Net Charge-off Ratio (annualized) 0.00% 0.01% 2.36% 0.00% 0.20% (0.02)% (0.11)% (0.48)% 30+ Days Past Due Ratio 0.02% 0.11% 0.02% 0.00% 0.16% 0.01% 0.15% 0.67% 90+ Days Past Due Ratio 0.00% 0.02% 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% • Investment Properties portfolio represents 89% of total CRE portfolio • The portfolio is well diversified among the property types • Credit quality in Investment Properties portfolio remains excellent • As of 1Q21, Residential C&D and Land Acquisition Portfolios represents less than 2% of total performing loans • No single CRE loan above $50 million • Average CRE loan size is $15 million 21.6% 15.8% 13.9% 9.7% 21.1%6.6% 4.3% 1.9% 2.1% 1.8% 1.4% Commercial Real Estate Amounts may not total due to rounding (1) Includes 1-4 Family Construction and 1-4 Family Perm/Mini-Perm (primarily rental homes)

23 Credit Indicator 1Q21 NPL Ratio 0.48% Net Charge-off Ratio (annualized) 0.14% 30+ Days Past Due Ratio 0.09% 90+ Days Past Due Ratio 0.00% • Wholesale Bank (includes Large Corporate, Middle Market, and Specialty Lines) represents 56% of C&I Balances • Community/Retail Bank represents 44% of C&I balances Diverse Industry Exposure Total C&I Portfolio $19.7 billion C&I Portfolio Amounts may not total due to rounding

24 * Annualized Credit Indicator 1Q21 NPL Ratio 0.35% Net Charge-off Ratio * 0.20% 30+ Days Past Due Ratio 0.22% 90+ Days Past Due Ratio 0.03% • Credit Card Portfolio continues to perform well • Average utilization rate is 21% • Average credit score is 731 • QTD net charge-off ratio of 2.32% Total Consumer Portfolio $8.6 billion Credit Indicator Mortgage HELOC Weighted Average Credit Score of 1Q21 Originations 782 799 Weighted Average Credit Score of Total Portfolio 773 790 Weighted Average LTV(1) 75.1% 73.6% Average DTI(2) 30.7% 30.5% Utilization Rate N/A 45.0% Mortgage and HELOC have strong credit indicators • Third-Party Consumer loan balances of $1.2 billion *Annualized Consumer Portfolio $299 $883 *Includes prime automobile purchase of $476 million 1Q21 Consumer Credit Quality Amounts may not total due to rounding (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the 3/31/2021 loan balance (2) Average DTI of 1Q21 originations

Hotel Exposure 25 • Hotel Credit Quality: • 55% Average LTV(1) • 0.00% NPL Ratio • 0.00% Past Dues • 0.00% NCO Ratio(2) • < 10% of hotel portfolio consists of construction loans • ~90% of the hotel portfolio has recourse • Considerable geographic diversity: hotel loans in over 45 markets across 9 states • < 5% dependent on convention/group travel • < 5% airport locations • < 8% non-flag • ~50% select or limited-service; ~23% extended stay • Current data shows significant improvement in hotel occupancy in the Southeast, driven by Florida markets Hotel Weighted LTV % by Geography (in millions) Hotels Funded balances $1,462 Unfunded commitments $107 Total exposure $1,569 3.6% of total loans Note: Balances exclude PPP loans (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the 3/31/2021 loan balance (2) Quarter-to-date annualized

26 (in millions) Limited-Service Restaurants Full-Service Restaurants Total Restaurant Portfolio Funded balances $441 $275 $716 Unfunded commitments $73 $47 $120 Total exposure $514 $322 $836 38% • >65% of restaurants are franchises; top franchises include: • Restaurant revenues have generally recovered to levels at or above those pre-COVID, based on the most recent data; March food and beverage sales were up 13.4% nationwide ▪ McDonalds ▪ Zaxby's ▪ Burger King ▪ Panera Bread Co. 62% • 0.68% NPL Ratio • 0.00% Past Dues • 0.00% NCO Ratio(1) • 0.69% NPL Ratio • 0.10% Past Dues • 0.04% NCO Ratio(1) Limited-Service Restaurant Credit Quality: Full-Service Restaurant Credit Quality: Restaurant Portfolio Note: Balances exclude PPP loans (1) Quarter-to-date annualized 1.8% of total loans

Composition Growth Risk Category 1Q21 4Q20 1Q21 vs. 4Q20 Passing Grades $36,975 95.28% $36,687 95.92% $288 Special Mention 1,107 2.85% 976 2.55% 131 Substandard Accruing 567 1.46% 439 1.15% 128 Non-Performing Loans 155 0.40% 151 0.39% 4 Total Loans $38,805 100.00% $38,253 100.00% $552 (in millions) 27 Portfolio Risk Distribution Amounts may not total due to rounding

1Q20 2Q20 3Q20 4Q20 1Q21 Diluted EPS $0.20 $0.57 $0.56 $0.96 $1.19 Financial Performance Net interest margin 3.37% 3.13% 3.10% 3.12% 3.04% Efficiency ratio 57.81 51.58 64.31 60.32 55.01 Adjusted tangible efficiency ratio(1) 56.72 57.91 53.91 54.60 54.19 ROA(2) 0.32 0.71 0.69 1.11 1.40 Adjusted ROA(1)(2) 0.32 0.32 1.05 1.25 1.41 Balance Sheet Growth Total loans 3% 4% (1)% (3)% 1% Total average deposits 2 11 3 4 1 Credit Quality NPA ratio 0.50% 0.44% 0.49% 0.50% 0.50% NCO ratio(2) 0.21 0.24 0.29 0.23 0.21 Capital Common shares outstanding(3) 147,267 147,313 147,318 148,039 148,889 Leverage ratio 8.92% 8.38% 8.48% 8.50% 8.80% Tangible common equity ratio(1) 7.94 7.41 7.67 7.66 7.55 (4) 28 Quarterly Highlights Trend (4) (1) Non-GAAP financial measure; see applicable reconciliation (2) Annualized (3) In thousands (4) Preliminary

(in thousands, except per share data) 1Q21 4Q20 1Q20 Net interest income $373,857 $385,932 $373,260 Non-interest revenue 110,956 114,761 103,857 Non-interest expense 267,134 302,498 276,279 (Reversal of) provision for credit losses (18,575) 11,066 158,722 Income before taxes 236,254 187,129 42,116 Income tax expense 49,161 36,720 3,595 Preferred stock dividends 8,291 8,291 8,291 Net income available to common shareholders $178,802 $142,118 $30,230 Weighted average common shares outstanding, diluted 149,780 148,725 148,401 Diluted earnings per share $1.19 $0.96 $0.20 29 Condensed Income Statement

(in thousands) 1Q21 4Q20 1Q20 Service charges on deposit accounts $20,033 $19,063 $20,689 Fiduciary and asset management fees 17,954 17,242 15,174 Brokerage revenue 12,974 11,794 12,398 Mortgage banking income 22,315 24,426 12,227 Card fees 11,996 11,743 10,950 Capital markets income 7,505 4,352 11,243 Income from bank-owned life insurance 8,843 9,725 6,038 Other non-interest revenue 11,326 14,016 10,659 Adjusted non-interest revenue $112,946 $112,361 $99,378 Fair value increase/(decrease) of private equity investments, net — 63 (4,255) Investment securities (losses) gains, net (1,990) 2,337 8,734 Total non-interest revenue $110,956 $114,761 $103,857 30 Non-Interest Revenue

(in thousands, except per share data) 1Q21 4Q20 1Q20 Net income available to common shareholders $178,802 $142,118 $30,230 Add: Restructuring charges 531 18,068 3,220 Add: Valuation adjustment to Visa derivative — 890 — Add: Loss on early extinguishment of debt — 8,409 1,904 Add/subtract: Investment securities losses (gains), net 1,990 (2,337) (8,734) Subtract/add: Fair value (increase) decrease of private equity investments — (63) 4,255 Subtract: Tax effect of adjustments (1) (638) (6,467) (167) Adjusted net income available to common shareholders $180,685 $160,618 $30,708 Weighted average common shares outstanding, diluted 149,780 148,725 148,401 Diluted earnings per share $1.19 $0.96 $0.20 Adjusted diluted earnings per share $1.21 $1.08 $0.21 31 (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied Non-GAAP Financial Measures

(dollars in thousands) 1Q20 2Q20 3Q20 4Q20 1Q21 Net income 38,521 93,192 91,574 150,409 $187,093 Add: Earnout liability adjustments — 4,908 — — — Add: Goodwill impairment — — 44,877 — — Add: Restructuring charges 3,220 2,822 2,882 18,068 531 Add: Valuation adjustment to Visa derivative — — — 890 — Add: Loss on early extinguishment of debt 1,904 — 154 8,409 — Subtract/add: Investment securities (gains) losses, net (8,734) (69,409) 1,550 (2,337) 1,990 Add/subtract: Gain on sale and fair value decrease (increase) of private equity investments 4,255 (8,707) (260) (63) — Subtract/add: Tax effect of adjustments(1) (167) 19,500 (1,122) (6,467) (638) Adjusted net income 38,999 42,306 139,655 168,909 188,976 Net income annualized 154,931 374,816 364,305 598,366 758,766 Adjusted net income annualized 156,853 170,154 555,584 671,964 766,403 Total average assets 48,696,595 52,853,685 53,138,334 53,833,909 54,188,504 Return on average assets 0.32% 0.71% 0.69% 1.11% 1.40% Adjusted return on average assets 0.32% 0.32% 1.05% 1.25% 1.41% 32 Non-GAAP Financial Measures, Continued (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied

(dollars in thousands) 1Q21 4Q20 1Q20 Net income available to common shareholders $178,802 $142,118 $30,230 Add: Restructuring charges 531 18,068 3,220 Add: Valuation adjustment to Visa derivative — 890 — Add: Loss on early extinguishment of debt — 8,409 1,904 Add/subtract: Investment securities losses (gains), net 1,990 (2,337) (8,734) Subtract/add: Fair value (increase) decrease of private equity investments — (63) 4,255 Subtract: Tax effect of adjustments (1) (638) (6,467) (167) Adjusted net income available to common shareholders 180,685 160,618 30,708 Adjusted net income available to common shareholders annualized 732,778 638,980 123,507 Add: Amortization of intangibles, annualized net of tax 7,207 7,782 7,868 Adjusted net income available to common shareholders excluding amortization of intangibles annualized 739,985 646,762 131,375 Net income available to common shareholders annualized 725,141 565,382 121,584 Add: Amortization of intangibles, annualized net of tax 7,207 7,782 7,868 Net income available to common shareholders excluding amortization of intangibles annualized 732,348 573,164 129,452 Total average shareholders' equity less preferred stock 4,599,076 4,594,199 4,424,278 Subtract: Goodwill (452,390) (452,390) (497,267) Subtract: Other intangible assets, net (44,005) (46,511) (54,514) Total average tangible shareholders' equity less preferred stock 4,102,681 4,095,298 3,872,497 Return on average common equity 15.77% 12.31% 2.75% Adjusted return on average common equity 15.93% 13.91% 2.79% Return on average tangible common equity 17.85% 14.00% 3.34% Adjusted return on average tangible common equity 18.04% 15.79% 3.39% 33 (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied Non-GAAP Financial Measures, Continued

(dollars in thousands) 1Q21 4Q20 1Q20 Total non-interest revenue $110,956 $114,761 $103,857 Add/subtract: Investment securities losses (gains), net 1,990 (2,337) (8,734) Subtract/add: Fair value (increase) decrease of private equity investments — (63) 4,255 Adjusted non-interest revenue $112,946 $112,361 $99,378 34 Non-GAAP Financial Measures, Continued

(dollars in thousands) 1Q20 2Q20 3Q20 4Q20 1Q21 Total non-interest expense $276,279 $284,141 $316,655 $302,498 $267,134 Subtract: Earnout liability adjustments — (4,908) — — — Subtract: Goodwill impairment — — (44,877) — — Subtract: Restructuring charges (3,220) (2,822) (2,882) (18,068) (531) Subtract: Valuation adjustment to Visa derivative — — — (890) — Subtract: Loss on early extinguishment of debt (1,904) — (154) (8,409) — Adjusted non-interest expense 271,155 276,411 268,742 275,131 266,603 Subtract: Amortization of intangibles (2,640) (2,640) (2,640) (2,640) (2,379) Adjusted tangible non-interest expense 268,515 273,771 266,102 272,491 264,224 Net interest income 373,260 376,566 376,990 385,932 373,857 Add: Tax equivalent adjustment 786 861 956 821 774 Add: Total non-interest revenue 103,857 173,484 114,411 114,761 110,956 Total FTE revenue 477,903 550,911 492,357 501,514 485,587 Subtract/add: Investment securities (gains) losses, net (8,734) (69,409) 1,550 (2,337) 1,990 Add/subtract: Gain on sale and fair value decrease (increase) of private equity investments 4,255 (8,707) (260) (63) — Total adjusted revenue 473,424 472,795 493,647 499,114 487,577 Efficiency ratio-FTE 57.81% 51.58% 64.31% 60.32% 55.01% Adjusted tangible efficiency ratio 56.72% 57.90% 53.91% 54.60% 54.19% 35 Non-GAAP Financial Measures, Continued

(dollars in thousands) 1Q20 2Q20 3Q20 4Q20 1Q21 Total assets $50,619,585 $54,121,989 $53,040,538 $54,394,159 $55,159,011 Subtract: Goodwill (497,267) (497,267) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (53,032) (50,392) (47,752) (45,112) (42,733) Tangible assets 50,069,286 53,574,330 52,540,396 53,896,657 54,663,888 Total shareholders’ equity 5,065,205 5,052,968 5,064,542 5,161,334 5,161,717 Subtract: Goodwill (497,267) (497,267) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (53,032) (50,392) (47,752) (45,112) (42,733) Subtract: Preferred Stock, no par value (537,145) (537,145) (537,145) (537,145) (537,145) Tangible common equity 3,977,761 3,968,164 4,027,255 4,126,687 4,129,449 Total shareholders’ equity to total assets ratio 10.01% 9.34% 9.55% 9.49% 9.36% Tangible common equity ratio 7.94% 7.41% 7.67% 7.66% 7.55% 36 Non-GAAP Financial Measures, Continued

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Cover Page	Apr. 20, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 20, 2021
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