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

January 20, 2022

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) 649-2311

(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 January 20, 2022, Synovus Financial Corp. (the "Company") issued a press release announcing the Company’s financial results for the three and twelve month periods ended December 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 and twelve month periods ended December 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 January 20, 2022, 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 January 20, 2022.
	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 January 20, 2022
	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: January 20, 2022	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
Alison Dowe	Cal Evans
Media Relations	Investor Relations
(706) 644-3781	(706) 641-6500

Synovus Announces Earnings for the Fourth Quarter 2021

Diluted Earnings per Share of $1.31 vs. $1.21 in 3Q21

Adjusted Diluted Earnings per Share of $1.35 vs. $1.20 in 3Q21

COLUMBUS, Ga., January 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021.

2021 Highlights

•Net income available to common shareholders for 2021 was $727.3 million or $4.90 per diluted share as compared to $340.5 million or $2.30 per diluted share for 2020.

◦Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%.

•Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans.

◦Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers.

•Period-end deposit growth of $2.7 billion or 6%.

◦Core transaction deposits (non-interest bearing, interest bearing demand, NOW/savings, and money market deposits excluding public and brokered funds) increased $5.1 billion or 16%.

◦Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020.

•Non-interest revenue, excluding securities gains, increased $23.3 million or 5% year over year, reflecting strong growth in core banking fees and wealth revenue, offset by the normalization of net mortgage revenue.

•Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital.

◦Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year.

•Allowance for Credit Losses (ACL) decreased $184.0 million, and the ACL ratio decreased 52 basis points to 1.19%, or 1.21% excluding PPP loans, primarily due to a continued positive shift in the economic outlook.

•Achieved pre-tax run rate benefit of approximately $110 million from Synovus Forward initiatives, driving positive operating leverage, ahead of schedule; remain on track for expected cumulative $175 million pre-tax benefit by the end of 2022.

•Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021.

Fourth Quarter 2021 Highlights

•Net income available to common shareholders was $192.1 million or $1.31 per diluted share as compared to $178.5 million or $1.21 in the prior quarter.

◦Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year.

•Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans.

◦PPP loans declined $382.6 million quarter over quarter.

•Period-end deposit growth of $1.7 billion or 4% from the third quarter.

◦Core transaction deposits increased $1.3 billion or 4% quarter over quarter.

•Net interest income of $392.3 million an increase of 2% quarter over quarter.

◦Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter.

•Non-interest revenue of 117.1 million, an increase of 2% from third quarter.

◦Continued growth in wealth revenue and a one-time $8 million BOLI benefit in the fourth quarter were offset by a reduction in net mortgage revenue.

•Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter.

◦Adjusted non-interest expense of $285.6 million increased $18.5 million quarter over quarter due to recurring expense increases such as investments in Synovus Forward initiatives as well as other expense increases not expected to recur including a seed gift into a newly established donor advised fund and environment-driven health care costs.

•Credit quality metrics experienced broad based improvement.

◦Key metrics include a quarter-end non-performing loan ratio of 0.33%, non-performing asset ratio of 0.40% and a quarterly net charge-off ratio of 0.11%.

Fourth Quarter Summary

	Reported									Adjusted
(dollars in thousands)	4Q21			3Q21			4Q20			4Q21			3Q21			4Q20
Net income available to common shareholders	$	192,110		$	178,482		$	142,118		$	198,373		$	177,760		$	160,618
Diluted earnings per share	1.31			1.21			0.96			1.35			1.20			1.08
Total loans	39,311,958			38,341,030			38,252,984			N/A			N/A			N/A
Total deposits	49,427,276			47,688,419			46,691,571			N/A			N/A			N/A
Total TE(1) revenue	510,265			500,608			501,514			509,040			499,743			497,342
Return on avg assets	1.40		%	1.34		%	1.11		%	1.44		%	1.33		%	1.25		%
Return on avg common equity	16.11			14.96			12.31			16.64			14.90			13.91
Return on avg tangible common equity	18.14			16.85			14.00			18.72			16.79			15.79
Net interest margin	2.96			3.01			3.12			N/A			N/A			N/A
Efficiency ratio	57.85			53.34			60.32			55.64			52.96			54.43
Net charge-off ratio	0.11			0.22			0.23			N/A			N/A			N/A
NPA ratio	0.40			0.45			0.50			N/A			N/A			N/A

(1)Taxable equivalent

“Our team closed out a strong 2021 as fourth quarter results showed sustained momentum headlined by broad-based loan growth during the quarter, and earnings per share of $1.31, which is up 37% from the fourth quarter 2020,” said Synovus President and CEO Kevin Blair. “2021 was another challenging year, but our teams were able to navigate the uncertain environment to support our clients, contribute to our communities and deliver for our shareholders. Driven by record levels of loan production, continued growth in our fee income businesses and disciplined expense management, we generated 6% growth in adjusted pre-provision net revenue in 2021. Momentum as we enter 2022 is strong; coupled with the strategic investments we are making in talent and technology, we are extremely well-positioned to deliver outsized growth this year and in years to come.”

Balance Sheet

Loans*
(dollars in millions)	4Q21		3Q21		Linked Quarter Change		Linked Quarter % Change		4Q20		Year/Year Change		Year/Year % Change
Commercial & industrial	$	19,561.2	$	18,934.8	$	626.4	3	%	$	19,520.2	$	41.0	—	%
Commercial real estate	10,981.5		10,540.3		441.2		4		10,325.7		655.8		6
Consumer	8,769.3		8,866.0		(96.7)		(1)		8,407.1		362.2		4
Total loans	$	39,312.0	$	38,341.0	$	970.9	3	%	$	38,253.0	$	1,059.0	3	%

*    Amounts may not total due to rounding

•Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter.

◦Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter.

◦Second consecutive quarter of record commercial loan production.

•Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter.

◦C&I line utilization increased approximately 340 basis points to 43%.

•Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized.

•Consumer loans decreased by $96.7 million or 1% sequentially.

Deposits*
(dollars in millions)	4Q21		3Q21		Linked Quarter Change		Linked Quarter % Change		4Q20		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	15,242.8	$	14,832.9	$	409.9	3	%	$	12,382.7	$	2,860.1	23	%
Interest-bearing DDA	6,347.0		6,056.0		291.0		5		5,674.4		672.5		12
Money market	14,886.4		14,267.4		619.0		4		13,541.2		1,345.2		10
Savings	1,404.4		1,380.4		24.0		2		1,156.2		248.2		21
Public funds	6,284.6		5,791.6		493.0		9		6,760.6		(476.1)		(7)
Time deposits	2,427.1		2,579.3		(152.3)		(6)		3,605.9		(1,178.9)		(33)
Brokered deposits	2,835.0		2,780.7		54.3		2		3,570.4		(735.4)		(21)
Total deposits	$	49,427.3	$	47,688.4	$	1,738.9	4	%	$	46,691.6	$	2,735.7	6	%

*    Amounts may not total due to rounding

•Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially.

◦Core transaction deposits increased $1.3 billion or 4% from the prior quarter.

◦Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter.

•Total deposit costs declined 1 basis point from the third quarter to 12 basis points.

Income Statement Summary*
(in thousands, except per share data)	4Q21		3Q21		Linked Quarter Change		Linked Quarter % Change		4Q20		Year/Year Change		Year/Year % Change
Net interest income	$	392,313	$	384,917	$	7,396	2	%	$	385,932	$	6,381	2	%
Non-interest revenue	117,068		114,955		2,113		2		114,761		2,307		2
Non-interest expense	295,207		267,032		28,175		11		302,498		(7,291)		(2)
(Reversal of) provision for credit losses	(55,210)		(7,868)		(47,342)		602		11,066		(66,276)		nm
Income before taxes	$	269,384	$	240,708	$	28,676	12	%	$	187,129	$	82,255	44	%
Income tax expense	68,983		53,935		15,048		28		36,720		32,263		88
Preferred stock dividends	8,291		8,291		—		—		8,291		—		—
Net income available to common shareholders	$	192,110	$	178,482	$	13,628	8	%	$	142,118	$	49,992	35	%
Weighted average common shares outstanding, diluted	146,793		147,701		(908)		(1)		148,725		(1,932)		(1)
Diluted earnings per share	$	1.31	$	1.21	$	0.10	8	%	$	0.96	$	0.35	37	%
Adjusted diluted earnings per share	$	1.35	$	1.20	$	0.15	12	%	$	1.08	$	0.27	25	%

*    Amounts may not total due to rounding

Core Performance

•Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially.

•Net interest income increased $7.4 million or 2% compared to the prior quarter.

◦Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $12.7 million, down $8.6 million from the third quarter.

•Net interest margin was 2.96%, down 5 basis points from the previous quarter.

◦The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets.

•Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021.

◦Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue.

•Non-interest expense increased $28.2 million or 11% sequentially. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter.

◦The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses.

•Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter.

◦Included in the provision was net charge-offs of $10.5 million offset by a reduction in the ACL ratio to 1.19% at quarter-end, or 1.21% excluding PPP loans.

•The effective tax rate was 25.6% for the quarter.

Capital Ratios
	4Q21			3Q21		4Q20
Common equity Tier 1 capital (CET1) ratio	9.49	%	*	9.58	%	9.66	%
Tier 1 capital ratio	10.65		*	10.79		10.95
Total risk-based capital ratio	12.60		*	12.92		13.42
Tier 1 leverage ratio	8.72		*	8.78		8.50
Tangible common equity ratio	7.52			7.68		7.66

*    Ratios are preliminary

Capital

•Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%.

◦Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases.

•Preliminary total risk-based capital ratio of 12.60% decreased 32 basis points from the prior quarter, primarily from strong asset growth and reduction in the allowance for credit losses.

Fourth Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on January 20, 2022. 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 Investor Day

Synovus will host an Investor Day presentation at 8:00 a.m. ET on February 8th, 2022. 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.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Synovus provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 279 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our 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; 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; tangible common equity ratio; and adjusted pre-provision net revenue 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 TE revenue; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and income before income taxes, 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 revenue and adjusted non-interest revenue are measures used by management to evaluate total TE revenue and non-interest revenue exclusive of net investment securities gains (losses), gain on sale and changes in the fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. 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. Adjusted pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly, and other items that management believes are not indicative of ongoing operations and affect period-to-period comparisons.The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	4Q21			3Q21			4Q20			2021			2020
Adjusted non-interest revenue
Total non-interest revenue	$	117,068		$	114,955		$	114,761		$	450,066		$	506,513
Subtract/add: Investment securities (gains) losses, net	(230)			(962)			(2,337)			799			(78,931)
Subtract: Gain on sale and fair value increase, net of private equity investments	—			—			(63)			—			(4,775)
Subtract/add: Fair value adjustment on non-qualified deferred compensation	(995)			97			(1,772)			(2,816)			(2,310)
Adjusted non-interest revenue	$	115,843		$	114,090		$	110,589		$	448,049		$	420,497
Adjusted non-interest expense
Total non-interest expense	$	295,207		$	267,032		$	302,498		$	1,099,904		$	1,179,574
Add/subtract: Earnout liability adjustments	—			243			—			(507)			(4,908)
Subtract: Goodwill impairment	—			—			—			—			(44,877)
Subtract: Restructuring charges	(5,958)			(319)			(18,068)			(7,223)			(26,991)
Subtract: Valuation adjustment to Visa derivative	(2,656)			—			(890)			(2,656)			(890)
Subtract: Loss on early extinguishment of debt	—			—			(8,409)			—			(10,466)
Subtract/add: Fair value adjustment on non-qualified deferred compensation	(995)			97			(1,772)			(2,816)			(2,310)
Adjusted non-interest expense	$	285,598		$	267,053		$	273,359		$	1,086,702		$	1,089,132
Adjusted revenue and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	285,598		$	267,053		$	273,359		$	1,086,702		$	1,089,132
Subtract: Amortization of intangibles	(2,379)			(2,379)			(2,640)			(9,516)			(10,560)
Adjusted tangible non-interest expense	$	283,219		$	264,674		$	270,719		$	1,077,186		$	1,078,572
Net interest income	$	392,313		$	384,917		$	385,932		$	1,532,947		$	1,512,748
Add: Tax equivalent adjustment	884			736			821			3,185			3,424
Add: Total non-interest revenue	117,068			114,955			114,761			450,066			506,513
Total TE revenue	510,265			500,608			501,514			1,986,198			2,022,685
Subtract/add: Investment securities (gains) losses, net	(230)			(962)			(2,337)			799			(78,931)
Subtract: Gain on sale and fair value increase, net of private equity investments	—			—			(63)			—			(4,775)
Subtract/add: Fair value adjustment on non-qualified deferred compensation	(995)			97			(1,772)			(2,816)			(2,310)
Adjusted revenue	$	509,040		$	499,743		$	497,342		$	1,984,181		$	1,936,669
Efficiency ratio-TE	57.85		%	53.34		%	60.32		%	55.38		%	58.32		%
Adjusted tangible efficiency ratio	55.64			52.96			54.43			54.29			55.69

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)	4Q21			3Q21			4Q20			2021			2020
Adjusted return on average assets
Net income	$	200,401		$	186,773		$	150,409		$	760,467		$	373,695
Subtract/add: Earnout liability adjustments	—			(243)			—			507			4,908
Add: Goodwill impairment	—			—			—			—			44,877
Add: Restructuring charges	5,958			319			18,068			7,223			26,991
Add: Valuation adjustment to Visa derivative	2,656			—			890			2,656			890
Add: Loss on early extinguishment of debt	—			—			8,409			—			10,466
Subtract/add: Investment securities (gains) losses, net	(230)			(962)			(2,337)			799			(78,931)
Subtract: Gain on sale and fair value increase, net of private equity investments	—			—			(63)			—			(4,775)
Subtract/add: Tax effect of adjustments(1)	(2,121)			164			(6,467)			(2,702)			11,748
Adjusted net income	$	206,664		$	186,051		$	168,909		$	768,950		$	389,869
Net income annualized	$	795,069		$	741,002		$	598,366		$	760,467		$	373,695
Adjusted net income annualized	$	819,917		$	738,137		$	671,964		$	768,950		$	389,869
Total average assets	$	56,911,929		$	55,326,260		$	53,833,909		$	55,368,481		$	52,138,038
Return on average assets	1.40		%	1.34		%	1.11		%	1.37		%	0.72		%
Adjusted return on average assets	1.44			1.33			1.25			1.39			0.75
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	192,110		$	178,482		$	142,118		$	727,304		$	340,532
Subtract/add: Earnout liability adjustments	—			(243)			—			507			4,908
Add: Goodwill impairment	—			—			—			—			44,877
Add: Restructuring charges	5,958			319			18,068			7,223			26,991
Add: Valuation adjustment to Visa derivative	2,656			—			890			2,656			890
Add: Loss on early extinguishment of debt	—			—			8,409			—			10,466
Subtract/add: Investment securities (gains) losses, net	(230)			(962)			(2,337)			799			(78,931)
Subtract: Gain on sale and fair value increase, net of private equity investments	—			—			(63)			—			(4,775)
Subtract/add: Tax effect of adjustments(1)	(2,121)			164			(6,467)			(2,702)			11,748
Adjusted net income available to common shareholders	$	198,373		$	177,760		$	160,618		$	735,787		$	356,706
Weighted average common shares outstanding, diluted	146,793			147,701			148,725			148,495			148,210
Net income per common share, diluted	$	1.31		$	1.21		$	0.96		$	4.90		$	2.30
Adjusted net income per common share, diluted	1.35			1.20			1.08			4.95			2.41

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	4Q21			3Q21			4Q20			2021			2020
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	$	192,110		$	178,482		$	142,118		$	727,304		$	340,532
Subtract/add: Earnout liability adjustments	—			(243)			—			507			4,908
Add: Goodwill impairment	—			—			—			—			44,877
Add: Restructuring charges	5,958			319			18,068			7,223			26,991
Add: Valuation adjustment to Visa derivative	2,656			—			890			2,656			890
Add: Loss on early extinguishment of debt	—			—			8,409			—			10,466
Subtract/add: Investment securities (gains) losses, net	(230)			(962)			(2,337)			799			(78,931)
Subtract: Gain on sale and fair value increase, net of private equity investments	—			—			(63)			—			(4,775)
Subtract/add: Tax effect of adjustments(1)	(2,121)			164			(6,467)			(2,702)			11,748
Adjusted net income available to common shareholders	$	198,373		$	177,760		$	160,618		$	735,787		$	356,706
Adjusted net income available to common shareholders annualized	$	787,023		$	705,243		$	638,980		$	735,787		$	356,706
Add: Amortization of intangibles, tax effected	7,050			7,050			7,782			7,108			7,825
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	794,073		$	712,293		$	646,762		$	742,895		$	364,531
Net income available to common shareholders annualized	$	762,176		$	708,108		$	565,382		$	727,304		$	340,532
Add: Amortization of intangibles, tax effected	7,050			7,050			7,782			7,108			7,825
Net income available to common shareholders excluding amortization of intangibles annualized	$	769,226		$	715,158		$	573,164		$	734,412		$	348,357
Total average shareholders' equity less preferred stock	$	4,730,828		$	4,734,754		$	4,594,199		$	4,674,833		$	4,534,935
Subtract: Goodwill	(452,390)			(452,390)			(452,390)			(452,390)			(485,987)
Subtract: Other intangible assets, net	(36,805)			(39,109)			(46,511)			(40,307)			(50,427)
Total average tangible shareholders' equity less preferred stock	$	4,241,633		$	4,243,255		$	4,095,298		$	4,182,136		$	3,998,521
Return on average common equity	16.11		%	14.96		%	12.31		%	15.56		%	7.51		%
Adjusted return on average common equity	16.64			14.90			13.91			15.74			7.87
Return on average tangible common equity	18.14			16.85			14.00			17.56			8.71
Adjusted return on average tangible common equity	18.72			16.79			15.79			17.76			9.12

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,			September 30,			December 31,
(dollars in thousands)	2021			2021			2020
Tangible common equity ratio
Total assets	$	57,317,226		$	55,509,129		$	54,394,159
Subtract: Goodwill	(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(35,596)			(37,975)			(45,112)
Tangible assets	$	56,829,240		$	55,018,764		$	53,896,657
Total shareholders’ equity	$	5,296,800		$	5,252,802		$	5,161,334
Subtract: Goodwill	(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(35,596)			(37,975)			(45,112)
Subtract: Preferred stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	4,271,669		$	4,225,292		$	4,126,687
Total shareholders’ equity to total assets ratio	9.24		%	9.46		%	9.49		%
Tangible common equity ratio	7.52			7.68			7.66
(dollars in thousands)	2021			2020
Adjusted pre-provision net revenue
Taxable equivalent net interest income	$	1,536,132		$	1,516,172
Add: Adjusted non-interest revenue	448,049			420,497
Subtract: Adjusted non-interest expense	1,086,702			1,089,132
Adjusted pre-provision net revenue	$	897,479		$	847,537
Income before income taxes	$	989,360		$	484,665
(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)	Years Ended
	(Dollars in thousands, except per share data)	December 31,
		2021			2020			% Change
	Interest income	$	1,653,343		$	1,804,495		(8)	%
	Interest expense	120,396			291,747			(59)
	Net interest income	1,532,947			1,512,748			1
	(Reversal of) provision for credit losses	(106,251)			355,022			nm
	Net interest income after provision for credit losses	1,639,198			1,157,726			42
	Non-interest revenue:
	Service charges on deposit accounts	86,310			73,132			18
	Fiduciary and asset management fees	77,147			63,251			22
	Card fees	51,399			42,702			20
	Brokerage revenue	56,439			44,781			26
	Mortgage banking income	54,371			91,413			(41)
	Capital markets income	26,118			27,336			(4)
	Income from bank-owned life insurance	38,019			31,297			21
	Investment securities (losses) gains, net	(799)			78,931			nm
	Other non-interest revenue	61,062			53,670			14
	Total non-interest revenue	450,066			506,513			(11)
	Non-interest expense:
	Salaries and other personnel expense	649,426			618,214			5
	Net occupancy, equipment, and software expense	169,222			169,658			—
	Third-party processing and other services	86,688			87,992			(1)
	Professional fees	32,785			56,899			(42)
	FDIC insurance and other regulatory fees	22,355			25,210			(11)
	Other operating expenses	139,428			221,601			(37)
	Total non-interest expense	1,099,904			1,179,574			(7)
	Income before income taxes	989,360			484,665			104
	Income tax expense	228,893			110,970			106
	Net income	760,467			373,695			103
	Less: Preferred stock dividends	33,163			33,163			—
	Net income available to common shareholders	$	727,304		$	340,532		114	%
	Net income per common share, basic	4.95			2.31			114	%
	Net income per common share, diluted	4.90			2.30			113
	Cash dividends declared per common share	1.32			1.32			—
	Return on average assets	1.37		%	0.72		%	65	bps
	Return on average common equity	15.56			7.51			805
	Weighted average common shares outstanding, basic	147,041			147,415			—	%
	Weighted average common shares outstanding, diluted	148,495			148,210			—
	nm - not meaningful
	bps - basis points

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2021						2020	Fourth Quarter
		Fourth Quarter			Third Quarter	Second Quarter	First Quarter	Fourth Quarter	'21 vs '20
									% Change
	Interest income	$	418,279		412,504	412,743	409,817	433,479	(4)	%
	Interest expense	25,966			27,587	30,883	35,960	47,547	(45)
	Net interest income	392,313			384,917	381,860	373,857	385,932	2
	(Reversal of) provision for credit losses	(55,210)			(7,868)	(24,598)	(18,575)	11,066	nm
	Net interest income after provision for credit losses	447,523			392,785	406,458	392,432	374,866	19
	Non-interest revenue:
	Service charges on deposit accounts	22,221			22,641	21,414	20,033	19,063	17
	Fiduciary and asset management fees	20,602			19,786	18,805	17,954	17,242	19
	Card fees	12,861			13,238	13,304	11,996	11,743	10
	Brokerage revenue	14,795			14,745	13,926	12,974	11,794	25
	Mortgage banking income	7,059			11,155	13,842	22,315	24,426	(71)
	Capital markets income	7,188			8,089	3,335	7,505	4,352	65
	Income from bank-owned life insurance	15,168			6,820	7,188	8,843	9,725	56
	Investment securities gains (losses), net	230			962	—	(1,990)	2,337	nm
	Other non-interest revenue	16,944			17,519	15,273	11,326	14,079	20
	Total non-interest revenue	117,068			114,955	107,087	110,956	114,761	2
	Non-interest expense:
	Salaries and other personnel expense	167,018			160,364	160,567	161,477	153,946	8
	Net occupancy, equipment, and software expense	42,780			43,483	41,825	41,134	44,183	(3)
	Third-party processing and other services	22,791			19,446	24,419	20,032	20,799	10
	Professional fees	9,014			6,739	7,947	9,084	17,541	(49)
	FDIC insurance and other regulatory fees	6,016			5,212	5,547	5,579	6,288	(4)
	Other operating expenses	47,588			31,788	30,226	29,828	59,741	(20)
	Total non-interest expense	295,207			267,032	270,531	267,134	302,498	(2)
	Income before income taxes	269,384			240,708	243,014	236,254	187,129	44
	Income tax expense	68,983			53,935	56,814	49,161	36,720	88
	Net income	200,401			186,773	186,200	187,093	150,409	33
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	8,291	—
	Net income available to common shareholders	$	192,110		178,482	177,909	178,802	142,118	35
	Net income per common share, basic	$	1.32		1.22	1.20	1.20	0.96	37	%
	Net income per common share, diluted	1.31			1.21	1.19	1.19	0.96	37
	Cash dividends declared per common share	0.33			0.33	0.33	0.33	0.33	—
	Return on average assets *	1.40		%	1.34	1.36	1.40	1.11	29	bps
	Return on average common equity *	16.11			14.96	15.40	15.77	12.31	380
	Weighted average common shares outstanding, basic	145,316			146,308	148,113	148,467	147,744	(2)	%
	Weighted average common shares outstanding, diluted	146,793			147,701	149,747	149,780	148,725	(1)
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	December 31, 2021		September 30, 2021		December 31, 2020
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	432,925	$	483,035	$	531,579
	Interest-bearing funds with Federal Reserve Bank	2,479,006		2,103,497		3,586,565
	Interest earning deposits with banks	25,535		23,261		20,944
	Federal funds sold and securities purchased under resale agreements	72,387		77,627		113,829
	Cash and cash equivalents	3,009,853		2,687,420		4,252,917
	Investment securities available for sale, at fair value	10,918,329		10,481,071		7,962,438
	Loans held for sale ($108,198, $152,258, and $216,647 measured at fair value, respectively)	750,642		550,948		760,123
	Loans, net of deferred fees and costs	39,311,958		38,341,030		38,252,984
	Allowance for loan losses	(427,597)		(492,243)		(605,736)
	Loans, net	38,884,361		37,848,787		37,647,248
	Cash surrender value of bank-owned life insurance	1,068,616		1,065,256		1,049,373
	Premises, equipment, and software, net	407,241		423,933		463,959
	Goodwill	452,390		452,390		452,390
	Other intangible assets, net	35,596		37,975		45,112
	Other assets	1,790,198		1,961,349		1,760,599
	Total assets	$	57,317,226	$	55,509,129	$	54,394,159
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	16,392,653	$	15,787,882	$	13,477,854
	Interest-bearing deposits	33,034,623		31,900,537		33,213,717
	Total deposits	49,427,276		47,688,419		46,691,571
	Federal funds purchased and securities sold under repurchase agreements	264,133		262,548		227,922
	Other short-term borrowings	197		—		7,717
	Long-term debt	1,204,229		1,203,761		1,202,494
	Other liabilities	1,124,591		1,101,599		1,103,121
	Total liabilities	52,020,426		50,256,327		49,232,825
	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 169,383,758, 169,170,589, and 168,132,522 outstanding 145,010,086, 145,483,994, and 148,039,495	169,384		169,171		168,133
	Additional paid-in capital	3,892,464		3,883,289		3,851,208
	Treasury stock, at cost – 24,373,672, 23,686,595, and 20,093,027 shares	(931,497)		(898,707)		(731,806)
	Accumulated other comprehensive (loss) income, net	(82,321)		(5,462)		158,635
	Retained earnings	1,711,625		1,567,366		1,178,019
	Total shareholders’ equity	5,296,800		5,252,802		5,161,334
	Total liabilities and shareholders' equity	$	57,317,226	$	55,509,129	$	54,394,159

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2021						2020
(dollars in thousands)	Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate
Assets
Interest earning assets:
Taxable loans, net(1)(2)	$	37,644,066	$	1,470,587	3.91	%	$	38,597,852	$	1,587,606	4.11	%
Tax-exempt loans, net(1)(2)(3)	506,779		15,165		2.99		497,467		16,274		3.27
Less: Allowance for loan losses	(537,324)		—		—		(513,743)		—		—
Loans, net	37,613,521		1,485,752		3.95		38,581,576		1,603,880		4.16
Investment securities available for sale	9,603,343		140,077		1.46		7,006,894		178,582		2.55
Trading account assets	5,613		87		1.55		6,593		121		1.84
Other earning assets(4)	3,002,110		3,912		0.13		1,588,150		3,185		0.20
FHLB and Federal Reserve Bank stock	159,176		2,891		1.82		223,606		7,073		3.16
Mortgage loans held for sale	203,840		5,935		2.91		215,788		6,412		2.97
Other loans held for sale	580,162		17,874		3.04		265,764		8,666		3.21
Total interest earning assets	51,167,765		$	1,656,528	3.24	%	47,888,371		$	1,807,919	3.78	%
Cash and due from banks	561,170						531,963
Premises and equipment	445,333						481,371
Other real estate	1,522						9,740
Cash surrender value of bank-owned life insurance	1,058,966						1,003,560
Other assets(5)	2,133,725						2,223,033
Total assets	$	55,368,481					$	52,138,038
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	8,701,078	$	9,844	0.11	%	$	7,510,429	$	19,034	0.25	%
Money market accounts	17,496,230		31,391		0.18		14,690,298		72,312		0.49
Savings deposits	1,335,269		229		0.02		1,056,777		247		0.02
Time deposits	4,770,002		33,455		0.70		7,853,325		126,184		1.61
Federal funds purchased and securities sold under repurchase agreements	210,949		128		0.06		192,967		274		0.14
Other short-term borrowings	—		—		—		492,697		7,643		1.53
Long-term debt	1,203,282		45,349		3.77		2,322,717		66,053		2.83
Total interest-bearing liabilities	33,716,810		$	120,396	0.35	%	34,119,210		$	291,747	0.84	%
Non-interest-bearing demand deposits	15,304,120						11,925,114
Other liabilities	1,135,573						1,021,633
Shareholders' equity	5,211,978						5,072,081
Total liabilities and shareholders' equity	$	55,368,481					$	52,138,038
Net interest income, taxable equivalent net interest margin (6)			$	1,536,132	3.01	%			$	1,516,172	3.18	%
Less: taxable-equivalent adjustment			3,185						3,424
Net interest income			$	1,532,947					$	1,512,748

(1)Average loans are shown net of deferred fees and costs. NPLs are included.

(2)Interest income includes net loan fees as follows: 2021 — $115.5 million and 2020 — $76.1 million.

(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

(4)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.

(5)Includes average net unrealized gains/(losses) on investment securities available for sale of $46.0 million and $197.5 million for the years ended December 31, 2021 and 2020, respectively.

(6)The net interest margin is calculated by dividing net interest income-TE by average total interest earning assets.

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Fourth Quarter 2021						Third Quarter 2021						Fourth Quarter 2020
(dollars in thousands)	Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate
Assets
Interest earning assets:
Taxable loans, net(1)(2)	$	37,820,821	$	366,141	3.86	%	$	37,055,648	$	366,554	3.84	%	$	38,379,396	$	383,766	4.04	%
Tax-exempt loans, net(1)(2)(3)	544,776		4,208		3.06		478,485		3,505		2.91		505,155		3,908		3.08
Less: Allowance for loan losses	(474,972)		—		—		(514,828)		—		—		(595,547)		—		—
Loans, net	37,890,625		370,349		3.88		37,019,305		370,059		3.97		38,289,004		387,674		4.03
Investment securities available for sale	10,884,571		41,447		1.52		9,876,651		35,876		1.45		7,493,822		38,792		2.07
Trading account assets	11,280		42		1.50		5,192		15		1.15		8,496		22		1.03
Other earning assets(4)	3,186,271		1,208		0.15		3,271,501		1,247		0.15		2,716,645		708		0.10
FHLB and Federal Reserve Bank stock	159,933		919		2.30		159,741		503		1.26		162,537		1,073		2.64
Mortgage loans held for sale	130,786		1,009		3.09		196,032		1,410		2.88		309,278		2,121		2.74
Other loans held for sale	518,992		4,189		3.16		527,736		4,130		3.06		544,301		3,910		2.81
Total interest earning assets	52,782,458		$	419,163	3.16	%	51,056,158		$	413,240	3.22	%	49,524,083		$	434,300	3.49	%
Cash and due from banks	541,788						611,783						529,447
Premises and equipment	421,577						447,046						468,208
Other real estate	1,351						1,513						3,878
Cash surrender value of bank-owned life insurance	1,067,004						1,061,478						1,046,216
Other assets(5)	2,097,751						2,148,282						2,262,077
Total assets	$	56,911,929					$	55,326,260					$	53,833,909
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,165,054	$	2,238	0.10	%	$	8,463,325	$	2,192	0.10	%	$	8,531,415	$	3,473	0.16	%
Money market accounts	17,842,425		6,523		0.15		17,460,069		7,079		0.16		16,390,253		10,513		0.26
Savings deposits	1,408,858		65		0.02		1,377,089		60		0.02		1,147,667		43		0.01
Time deposits	4,155,681		5,618		0.54		4,420,805		6,756		0.61		6,338,533		18,078		1.13
Federal funds purchased and securities sold under repurchase agreements	227,664		24		0.04		202,525		35		0.07		174,316		32		0.07
Other short-term borrowings	—		—		—		—		—		—		—		—		—
Long-term debt	1,203,959		11,498		3.82		1,203,500		11,465		3.81		1,552,791		15,408		3.96
Total interest-bearing liabilities	34,003,641		$	25,966	0.30	%	33,127,313		$	27,587	0.33	%	34,134,975		$	47,547	0.55	%
Non-interest-bearing demand deposits	16,545,203						15,755,929						13,566,112
Other liabilities	1,095,112						1,171,119						1,001,477
Shareholders' equity	5,267,973						5,271,899						5,131,345
Total liabilities and shareholders' equity	$	56,911,929					$	55,326,260					$	53,833,909
Net interest income, taxable equivalent net interest margin (6)			$	393,197	2.96	%			$	385,653	3.01	%			$	386,753	3.12	%
Less: taxable-equivalent adjustment			884						736						821
Net interest income			$	392,313					$	384,917					$	385,932

(1)Average loans are shown net of deferred fees and costs. NPLs are included.

(2)Interest income includes net loan fees as follows: Fourth Quarter 2021 — $24.7 million, Third Quarter 2021 — $33.2 million, and Fourth Quarter 2020 — $9.3million.

(3)Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

(4)Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements

(5)Includes average net unrealized gains/(losses) on investment securities available for sale of $(34.2) million, $151.5 million, and $128.5 million for the Fourth Quarter 2021, Third Quarter 2021, and Fourth Quarter 2020, respectively.

(6)The net interest margin is calculated by dividing annualized net interest income-TE by average total interest earning assets.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
Loan Type	December 31, 2021		September 30, 2021		% Change		December 31, 2020		% Change
Commercial, Financial, and Agricultural	$	12,052,475	$	11,771,037	2	%	$	12,410,152	(3)	%
Owner-Occupied	7,508,686		7,163,751		5		7,110,016		6
Total Commercial & Industrial	19,561,161		18,934,788		3		19,520,168		—
Multi-Family	2,129,424		2,197,139		(3)		2,190,534		(3)
Hotels	1,537,060		1,441,414		7		1,442,242		7
Office Buildings	2,511,058		2,341,316		7		2,207,744		14
Shopping Centers	1,655,465		1,570,020		5		1,644,519		1
Warehouses	801,639		687,496		17		700,050		15
Other Investment Property	1,234,509		1,211,078		2		918,290		34
Total Investment Properties	9,869,155		9,448,463		4		9,103,379		8
1-4 Family Construction	206,881		191,906		8		182,981		13
1-4 Family Investment Mortgage	438,588		421,968		4		445,714		(2)
Total 1-4 Family Properties	645,469		613,874		5		628,695		3
Commercial Development	102,790		103,512		(1)		130,678		(21)
Residential Development	171,820		186,033		(8)		245,170		(30)
Land Acquisition	192,256		188,378		2		217,785		(12)
Land and Development	466,866		477,923		(2)		593,633		(21)
Total Commercial Real Estate	10,981,490		10,540,260		4		10,325,707		6
Consumer Mortgages	5,069,039		5,108,499		(1)		5,513,491		(8)
Home Equity Lines	1,281,989		1,308,254		(2)		1,537,726		(17)
Credit Cards	299,556		293,026		2		281,018		7
Other Consumer Loans	2,118,723		2,156,203		(2)		1,074,874		97
Total Consumer	8,769,307		8,865,982		(1)		8,407,109		4
Total	$	39,311,958	$	38,341,030	3	%	$	38,252,984	3	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
Loan Type	December 31, 2021		September 30, 2021		% Change		December 31, 2020		% Change
Commercial, Financial, and Agricultural	$	61,787	$	77,349	(20)	%	$	77,386	(20)	%
Owner-Occupied	11,196		13,134		(15)		20,019		(44)
Total Commercial & Industrial	72,983		90,483		(19)		97,405		(25)
Multi-Family	2,380		2,396		(1)		168		nm
Office Buildings	1,615		2,488		(35)		1,134		42
Shopping Centers	915		932		(2)		21,082		(96)
Warehouses	223		302		(26)		217		3
Other Investment Property	717		624		15		2,030		(65)
Total Investment Properties	5,850		6,742		(13)		24,631		(76)
1-4 Family Construction	55		522		(89)		1,236		(96)
1-4 Family Investment Mortgage	4,508		2,364		91		2,383		89
Total 1-4 Family Properties	4,563		2,886		58		3,619		26
Commercial Development	449		463		(3)		582		(23)
Residential Development	446		449		(1)		533		(16)
Land Acquisition	1,023		1,024		—		1,048		(2)
Land and Development	1,918		1,936		(1)		2,163		(11)
Total Commercial Real Estate	12,331		11,564		7		30,413		(59)
Consumer Mortgages	29,078		37,541		(23)		8,740		233
Home Equity Lines	9,760		8,688		12		12,145		(20)
Other Consumer Loans	6,890		7,189		(4)		2,376		190
Total Consumer	45,728		53,418		(14)		23,261		97
Total	$	131,042	$	155,465	(16)	%	$	151,079	(13)	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2021						2020	Fourth Quarter
		Fourth			Third	Second	First	Fourth	'21 vs '20
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPL)	$	131,042		155,465	161,028	155,169	151,079	(13)	%
	Impaired Loans Held for Sale	—			—	—	23,590	23,590	nm
	Other Real Estate and Other Assets	27,137			16,883	16,806	16,849	17,394	56
	Non-performing Assets (NPAs)	158,179			172,348	177,834	195,608	192,063	(18)
	Allowance for Loan Losses (ALL)	427,597			492,243	516,708	563,214	605,736	(29)
	Reserve for Unfunded Commitments	41,885			42,971	46,890	51,528	47,785	(12)
	Allowance for Credit Losses (ACL)	469,482			535,214	563,598	614,742	653,521	(28)
	Net Charge-Offs - Quarter	10,522			20,516	26,547	20,204	22,139
	Net Charge-Offs - YTD	77,788			67,266	46,750	20,204	94,712
	Net Charge-Offs / Average Loans - Quarter (1)	0.11		%	0.22	0.28	0.21	0.23
	Net Charge-Offs / Average Loans - YTD (1)	0.20			0.24	0.24	0.21	0.24
	NPLs / Loans	0.33			0.41	0.42	0.40	0.39
	NPAs / Loans, ORE and specific other assets	0.40			0.45	0.46	0.50	0.50
	ACL/Loans	1.19			1.40	1.47	1.58	1.71
	ALL/Loans	1.09			1.28	1.35	1.45	1.58
	ACL/NPLs	358.27			344.27	350.00	396.18	432.57
	ALL/NPLs	326.31			316.63	320.88	362.97	400.94
	Past Due Loans over 90 days and Still Accruing	$	6,770		5,960	4,415	3,804	4,117	64
	As a Percentage of Loans Outstanding	0.02		%	0.02	0.01	0.01	0.01
	Total Past Due Loans and Still Accruing	$	57,565		60,817	49,321	45,693	47,349	22
	As a Percentage of Loans Outstanding	0.15		%	0.16	0.13	0.12	0.12
	Accruing Troubled Debt Restructurings (TDRs)	$	119,804		126,055	124,528	129,776	134,972	(11)
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		December 31, 2021			September 30, 2021	December 31, 2020
	Tier 1 Capital	$	4,925,762		4,813,910	4,572,010
	Total Risk-Based Capital	5,827,195			5,765,528	5,604,230
	Common Equity Tier 1 Capital Ratio	9.49		%	9.58	9.66
	Tier 1 Capital Ratio	10.65			10.79	10.95
	Total Risk-Based Capital Ratio	12.60			12.92	13.42
	Tier 1 Leverage Ratio	8.72			8.78	8.50
	Common Equity as a Percentage of Total Assets (2)	8.30			8.50	8.51
	Tangible Common Equity Ratio (3)	7.52			7.68	7.66
	Book Value Per Common Share (4)	$	32.82		32.41	31.24
	Tangible Book Value Per Common Share (3)	29.46			29.04	27.88
	(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.

EX-99.3

Fourth Quarter 2021 Results January 20, 2022 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) deposit mix and deposit costs; (3) net interest income and net interest margin; (4) non-interest revenue; (5) non-interest expense; (6) credit trends and key credit performance metrics; (7) effective tax rate; (8) capital position; (9) our future operating and financial performance (10) our strategy and initiatives for future revenue growth, balance sheet management, capital management, expense savings, and technology; 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; adjusted revenue; adjusted non-interest expense; adjusted tangible non-interest expense; adjusted tangible efficiency ratio; pre-provision net revenue; adjusted pre-provision net revenue; 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 TE revenue; total non-interest expense; efficiency ratio; income before income taxes; 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 adjusted revenue are measures used by management to evaluate non-interest revenue and total TE revenue exclusive of net investment securities gains (losses), gains on sales and net changes in the fair value of private equity investments, and fair value adjustment on non-qualified deferred compensation. 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. Pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly. Adjusted pre-provision net revenue is used by management to evaluate pre-provision net revenue exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. 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. ©2022 Synovus. All Rights Reserved. 2

3 2021 Key YoY Accomplishments (1) Non-GAAP financial measure; see appendix for applicable reconciliation(2) In thousands (3) Taxable equivalent; (4) Key guidance metrics as reported throughout 2021 (5) Period-end loan growth excluding PPP and third party consumer 5.2% Key Guidance Metrics(5) 2021 YoY Period-end Loan Growth (ex. PPP) 7.9%(6) Adjusted Revenue Growth(1) 2.5% Adjusted Non-Interest Expense(1) (0.2)% Capital Management 9.5% CET1 ratio Effective Tax Rate 23.1% Broad Based Commercial Loan Growth $2.5 B or 9% (ex. PPP) Robust Core Transaction Deposit(7) Growth $5.1 B or 16% Strong Fee Income Growth $23 MM or 5% (ex. securities gains) Positive Operating Leverage ~$110 MM of Synovus Forward benefit(8) realized PPP Origination and Forgiveness $1.0 B of Round 2 origination Total 2021 loan forgiveness of $2.9 B Key Performance Metrics 2021 Reported 2021 Adjusted(1) Net Income Available to Common Shareholders(2) $727,304 $735,787 Diluted Earnings Per Share $4.90 $4.95 Return on Average Assets 1.37% 1.39% Return on Average Tangible Common Equity(1) 17.6% 17.8% Efficiency Ratio-TE(3) 55.4% 54.3% (1) Non-GAAP financial measure; see appendix for applicable reconciliation; (2) In thousands; (3) Taxable equivalent; (4) Adjusted tangible efficiency ratio; (5) Key guidance metrics as reported throughout 2021; (6) $1.9 billion or 5.3% loan growth excluding PPP and third party consumer; (7) Core transaction deposits consists of non-interest bearing deposits, interest-bearing demand deposits, savings and money market deposits, excluding public funds and brokered, and; (8) End of year pre-tax run-rate benefit. (4) ©2022 Synovus. All Rights Reserved.

Fourth Quarter 2021 Highlights (1) Non-GAAP financial measure; see appendix for applicable reconciliation; (2) In thousands; (3) Taxable equivalent; (4) Adjusted tangible efficiency ratio. • Diversified loan growth (excluding reduction in PPP loans) of $1.4 billion, or 4% QoQ • Total core transaction deposits increase of $1.3 billion, or 4% QoQ • Improvement on credit metrics supported by positive economic and portfolio outlook • Net interest income growth (excluding reduction in PPP fees) of $16 million, or 4% QoQ driven by higher earning assets • QoQ wealth revenue growth of 3%, the 7th quarter of consecutive fee income growth • Executed $33 million of share repurchases; 9.5% ending CET1 ratio Key Performance Metrics Reported Adjusted(1) Net Income Available to Common Shareholders(2) $192,110 $198,373 Diluted Earnings Per Share $1.31 $1.35 Return on Average Assets 1.40% 1.44% Return on Average Tangible Common Equity(1) 18.1% 18.7% Efficiency Ratio-TE(3) 57.9% 55.6% Balance Sheet (Period-end, $ in millions) Total Loans, Net of Unearned $39,312 Deposits $49,427 4 (4) ©2022 Synovus. All Rights Reserved.

Strong Commercial Loan Production 5 Diversified Quarterly Commercial Loan Growth Quarterly Growth Led by C&I $1,009 $441 $(20) $(77) $(383) C&I (ex. PPP) CRE Consumer (ex. Third-Party Consumer) Third-Party Consumer PPP QoQ Change in Loans Loan Growth While Maintaining Credit Discipline Amounts may not total due to rounding (1) CRE is the name of an operating sub-business within our Wholesale Bank that primary originates commercial real estate loans. Commercial real estate loan originations for the entire bank are shown in the upper left table. ($ in millions) ($ in millions) ($ in millions) $39.3 billionTotal Loans Commercial Loan Payoffs Funded Commercial Loan Production 4Q20 1Q21 2Q21 3Q21 4Q21 $— $1,000 $2,000 $3,000 QoQ Growth by Key Business Type Total Commercial Loans, ex. PPP +$1.5 B $309 $291 $276 $231 $211 $119 $55 $38 C&I Loan Growth CRE Loan Growth Structured Financing Senior Housing CRE National Accounts Commercial Bank Specialty Healthcare Premium Finance Community Investment Capital • The weighted average internal risk rating for the commercial portfolio has improved YoY • Risk ratings for new production are consistent with the quality of our existing portfolio • The strength of our portfolio is evident in broad based improvement in key risk ratios including net charge offs and NPAs/NPLs(1) Production Up 30% ©2022 Synovus. All Rights Reserved.

Strong Quarterly Deposit Growth $410 $934 $(152) $54 $493 Core Non- Interest-Bearing Core Interest- Bearing Time Brokered Public Funds QoQ Change in Deposit Balances Continued Deposit Pricing Discipline Amounts may not total due to rounding (1) Core non-interest-bearing / core interest-bearing consist of savings and money market deposits, excluding public funds and brokered; (2) Core transaction deposits consists of non-interest bearing deposits, interest-bearing demand deposits, savings and money market deposits, excluding public funds and brokered. ($ in millions) $49.4 billionTotal Deposits 6 (1) $2,860 $2,266 $(1,179) $(735) $(476) Core Non- Interest-Bearing Core Interest- Bearing Time Brokered Public Funds YoY Change in Deposit Balances (1) • Continued growth in core transaction deposit(2) accounts, led by YoY non-interest-bearing deposits • 57% growth in core transaction deposits(2) over past two years ◦ Funds loan growth and enhances deposit remixing flexibility • Brokered deposits stable in 4Q21; expecting notable decline in 1Q22 Deposit Highlights Deposits 3Q21 4Q21 ($ in millions; rates annualized) Avg. Balance Rate Avg. Balance Rate Interest-bearing non-maturity $25,438 0.13% $26,572 0.12% Time $3,424 0.41% $3,163 0.33% Brokered $2,859 0.58% $2,837 0.56% Total interest-bearing $31,721 0.20% $32,572 0.18% Total deposits $47,477 0.13% $49,117 0.12% Annual Growth Led by Core Transaction Deposits ($ in millions) (1) (1) ©2022 Synovus. All Rights Reserved.

Net Interest Income Sensitivity(3) Improvement in Net Interest Income Loan Mix Supports Asset Sensitivity $386 $385 $392 $361 $364 $380 $25 $21 $13 3.12% 3.01% 2.96% Net Interest Income ex. PPP Fees PPP Fees Net Interest Margin 4Q20 3Q21 4Q21 NIM Pressure Driven by PPP Fee Decline 4Q21 NIM: Primary Drivers of Change(1) Amounts may not total due to rounding (1) Estimated impact; (2) 'Other' includes various unattributed items; (3) Assumes gradual or immediate, parallel shift in interest rates across the yield curve with dynamic balance sheet; (4) As of December 31, 2021. ($ in millions) $392 millionNet Interest Income 55% 52% 52% 54% 55% 58% 4Q16 4Q20 1Q21 2Q21 3Q21 4Q21 Floating Rate Loan Portfolio Mix 7 Change in Interest Rates(4) (in bps) Gradual Immediate +200 6.2% 14.5% +100 2.9% 6.5% 2.96% 3.01% 0.02% 0.01% (0.03)% (0.07)% 0.01% 3Q21 Earning Asset Yield Cost of Funds Securities Balance PPP Fees Other 4Q21 (2) ©2022 Synovus. All Rights Reserved.

Robust YoY Growth in Core Banking Fees $111 $114 $116 $37 $44 $42 $31 $37 $38 $24 $11 $7 $13 $14 $22 Other income Capital markets income Net mortgage revenue Wealth revenue Core banking fees 4Q20 3Q21 4Q21 Strong YoY Growth Despite Mortgage Headwinds Sustained Growth in Wealth Management Revenues Maintained Strong Fee Revenue Amounts may not total due to rounding; (1) Non-GAAP financial measure; see appendix for applicable reconciliation; (2) Includes one time BOLI increase of $8 million; (3) Wealth revenue consists of fiduciary/asset management, brokerage, and insurance revenues; (4) Include service charges on deposit accounts, card fees, letter of credit fees, ATM fees income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges; (5) Include other service charges on deposits, ATM fee income, rent on safe deposit boxes, other service charges, electronic payment processing services, and gain/(loss) from sale of SBA loans. $117 millionNon-Interest Revenue $28 $29 $26 $29 $31 $33 $36 $37 $38 $17 $15 $17 $18 $20 $21 $21 $21 $22 Wealth Revenue Assets Under Management 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 ($ in millions) (3) ($ in billions) 8 $138 $165 2020 2021 Core Banking Fees $428 $451 2020 2021 Wealth Revenue (4) (3) $115 $143 2020 2021 Reported NIR (ex. securities gains) ($ in millions) 20% 24% 5% $91 $54 2020 2021 Net Mortgage Revenue 41% ($ in millions) $26 $26 2020 2021 $29 $39 2020 2021 $43 $51 2020 2021 $41 $49 2020 2021 Other Core Banking Fees NSF Cash Management Card ($ in millions) (3) (4) Reported NIR (1) $8 (2) $7$4 $115 $115 $117 Adjusted NIR (5) ©2022 Synovus. All Rights Reserved. 34% 21% 20%

$267 $9 $10 $286 $10 $295 3Q21 Adjusted NIE Recurring Expense Increases Other Increases 4Q21 Adjusted NIE Adjusted Items 4Q21 Reported NIE $302 $267 $295 $273 $267 $286 $152 $160 $166 $44 $43 $43 $77 $63 $77 Total Employment Total Occupancy, Equipment, and Software Total Other 4Q20 3Q21 4Q21 2021 Expense Management Quarterly Expense Trends QoQ Cost Drivers Amounts may not total due to rounding (1) Non-GAAP financial measure; see appendix for applicable reconciliation. ($ in millions) Non-Interest Expense $295 million Reported NIE (1) 9 Notable Recurring Expense Increases: – $2 MM in Synovus Forward growth initiatives – $1 MM of additional FDIC expense – $1 MM related to normalization of travel and entertainment expense – $1 MM of investments in technology – $1 MM in risk infrastructure investment Other Increases: – $4 MM incremental performance based management bonuses – $4 MM seed gift into newly established donor advised fund – $2 MM insurance increase due to environment driven health costs Notable Adjusted Items: – $6 MM in branch related restructuring charges – $3 MM in VISA indemnification fair value adjustment Adjusted NIE $1,180 $1,089$1,100 $1,087 2020 2021 Reported NIE Adjusted NIE ($ in millions) (6.8)% Reported NIE (0.2)% Adjusted NIE(1) ($ in millions) (1) (1) (1) ©2022 Synovus. All Rights Reserved.

Strong Allowance Coverage and Improved OutlookReductions in Criticized and Classified Loans 0.50% 0.50% 0.46% 0.45% 0.40% 0.39% 0.40% 0.42% 0.41% 0.33% 0.12% 0.12% 0.13% 0.16% 0.15% NPA Ratio NPL Ratio Total Past Dues > 30 Days Ratio 4Q20 1Q21 2Q21 3Q21 4Q21 Provision and Net Charge-Offs $11 $(19) $(25) $(8) $(55) $22 $20 $27 $21 $11 Provision for Credit Losses Net Charge-Offs 4Q20 1Q21 2Q21 3Q21 4Q21 $654 $615 $564 $535 $469 1.71% 1.58% 1.47% 1.40% 1.19% Allowance for Credit Losses ACL Coverage Ratio 4Q20 1Q21 2Q21 3Q21 4Q21 Allowance for Credit Losses NPA, NPL, and Past Due Ratios Criticized and Classified Loans(1) Solid Credit Quality Metrics Continued Low Levels of Net Charge-Offs Amounts may not total due to rounding; (1) Criticized loans are loans graded special mention; classified loans are loans graded sub-standard accruing, doubtful, loss, and non-accruing loans; (2) ACL coverage ratio (to loans) was 1.21% in 4Q21 excluding PPP loans of $400 million, 1.42% in 3Q21 excluding PPP loans of $782 million; 1.54% in 2Q21 excluding PPP loans of $1.6 billion; 1.69% in 1Q21 excluding PPP loans of $2.4 billion; 1.81% in 4Q20 excluding PPP loans of $2.2 billion. ($ in millions) ($ in millions) 0.23% 0.21% 0.28% 0.22% 0.11%NCO Ratio: 433% 396% 350% 344% 358%ACL to NPLs: (2) Credit Quality 10 $1,567 $1,830 $1,569 $1,222 $1,028 $977 $1,107 $907 $617 $489 $590 $723 $662 $605 $539 Criticized Loans Classified Loans 4Q20 1Q21 2Q21 3Q21 4Q21 ©2022 Synovus. All Rights Reserved.

9.49%9.58% 0.46% 0.12% (0.13)% (0.35)% (0.12)% (0.07)% Beginning CET1 Ratio (3Q21) PPNR Provision Other (CECL Transition & Taxes) Risk-weighted Assets Dividends Share Repurchases Ending CET1 Ratio (4Q21) 9.66% 9.58% 9.49% Common Equity Tier 1 Tier 1 Tier 2 4Q20 3Q21 4Q21 Full Year Review & Outlook Maintaining an Efficient and Robust Capital Position Strong Operating Performance and Capital Management Supporting Outsized Growth 13.42% 12.92% Amounts may not total due to rounding (1) 4Q21 capital ratios are preliminary; (2) Pre-provision net revenue (PPNR) is a non-GAAP financial measure; see appendix for applicable reconciliation. 10.95% Capital Management 11 2021 • Quarterly dividend of $0.33/share • Total Payout Ratio of ~54%, including $200 million in share repurchases (3% of shares) • Year-end CET1 ratio at 2021 guidance of 9.5% 10.65% 12.60% 2022 • Increasing quarterly dividend to $0.34/share effective April 2022 • Continuing to prioritize capital to support organic growth • Focus on maintaining 9.25% to 9.75% CET1 10.79% (2) ©2022 Synovus. All Rights Reserved. (1)

(1) The 2021 baseline number for loans is $38.9 billion; (2) The baseline number for the PPNR calculation is 2021 revenue of $1.984 billion less PPP revenue of $95 million; the 2021 baseline number for adjusted NIE is $1.087 billion; (3)Non-GAAP financial measure; see appendix for applicable reconciliation; (4) Outlook excludes revenue associated with PPP in 2021 and 2022 for comparability purposes; see appendix for applicable reconciliation. 2022 Outlook 12 Metrics PPNR(2) Capital and Taxes Loans(1) 2022 Guidance Period-end loans, ex. PPP Adjusted revenue(3) Adjusted non-interest expense(3)(4) CET1 target Effective tax rate 4% to 7% 4% to 7% 2% to 5% 9.25% - 9.75% 22% to 24% Three FOMC hikes; relatively stable long-term rates (1.5 - 2.0%) Stable line utilization (low-40% range) and normalizing prepay activity Continued economic expansion with inflationary pressures Notable Assumptions ©2022 Synovus. All Rights Reserved.

Appendix

Expense ~$15-20 million of future benefits(1) Continued rationalization of third party spend Real estate optimization including further branch reductions and reduction of corporate real estate square footage Revenue ~$45-50 million of future benefits(1) SMART Tool implementation, pairing client analytics and high-touch service to deliver more advisory capabilities and expertise Enhancing customer experiences through additional business, products, and services Further targeted balance sheet opportunities to expand products and enhance returns Planned Additional ~$65 million(1) Synovus Forward ~$110M in pre-tax run rate benefit completed 4021 - remain on track for $175M by the end of 2022 14 Achieved ~$110 million(1) Revenue ~$55 million in benefit as of 4Q21(1) Recognized pricing for value benefits from Treasury and Payment Solution evaluation as well as market pricing initiatives Reduced overall cost of deposits below historical levels and better aligning with peer median Targeted balance sheet management improving risk-adusted returns Expense ~$55 million in benefit as of 4Q21(1) Prudent focus on organizational efficiency and cost savings Third-party spending discipline Branch and corporate real estate consolidation (1) Pre-tax run rate. ©2022 Synovus. All Rights Reserved.

ACL/Loans: ACL/Loans ex. PPP(2): 1.40% 1.19% 1.42% 1.21% Economic scenario weightings have a 43% downside bias 1 Baseline forecast includes unemployment rate decreasing to 3.7% by the end of 2022 (1) (1) Other factors include the impact of dispositions, sub-pool changes, etc; (2) ACL coverage ratio (to loans) was 1.21% in 4Q21 excluding PPP loans of $400 million; 1.42% in 3Q21 excluding PPP loans of $782 million. $469,482 $535,214 $(73,224) $4,617 $1,199 $1,676 3Q21 Performance, Economic Factors, and Net Growth Qualitative Factors Individual Analysis Other Factors 4Q21 Allowance for Credit Losses ($ in thousands) 15 Key Assumptions ©2022 Synovus. All Rights Reserved. 2

(1) Equals funding less forgiveness, pay-downs/pay-offs, and unearned net fees. 16 (as of December 31, 2021) Applications Loan Balances (in millions, except count data) Approximate Count Balance Fundings 4Q21 Forgiveness Total Life-to-Date Forgiveness End of Period, Net of Unearned Fees and Costs (1) Phase 1 - 2020 Originations 19,000 $2,958 $2,886 $45 $2,724 $47 Phase 2 - 2021 Originations 11,000 1,135 1,047 340 681 353 Total 30,000 $4,093 $3,933 $385 $3,405 $400 Note: Average balance, net of unearned, of $579 million 4Q21 vs. $1.9 billion 3Q21 ($ in millions) Total Net Fees Percent of Fundings 4Q21 Recognized Net Fees Total Recognized Net Fees Total Unrecognized or Remaining Net Fees Contractual Maturity Phase 1 - 2020 Originations $94.9 3.3% $0.3 $94.6 $0.3 2 years Phase 2 - 2021 Originations 43.6 4.2% 12.4 30.6 13.0 5 years Total $138.5 3.5% $12.7 $125.2 $13.3 Paycheck Protection Program ©2022 Synovus. All Rights Reserved.

Total Securities Portfolio Size $7,802 $8,828 $9,399 $10,494 $10,992 2.07% 1.40% 1.45% 1.45% 1.52% Securities Yield 4Q20 1Q21 2Q21 3Q21 4Q21 (1) Represents period-end Book Value of AFS positions (2) Represents Total Notional outstanding, including both forward and effective period hedges; (3) Effective fixed rate represents the weighted average coupon for effective notional positions. ( 2 ) 43.1% 43.7% 45.2% 46.3% 45.3% 9.1% 8.3% 8.5% 8.6% 8.7% 47.8% 48.0% 46.3% 44.7% 42.3% 4.03% 4.02% 3.93% 3.97% 3.88% LIBOR SOFR BSBY Prime Fixed rate Yield 4Q20 1Q21 2Q21 3Q21 4Q21 Loan Portfolio Rate Mix and Yield Earning Assets Composition Derivative Hedge Portfolio $3,600 $3,600 $2,600 $1,100 4Q21 4Q22 4Q23 4Q24 (2) ($ in millions) • Projected effective fixed rate(3) of 1.11% in 2022 17 0.4% 1.5% 2.2% (1) ©2022 Synovus. All Rights Reserved.

Consumer Portfolio - $8.8 Billion • 90% are income-producing • Residential C&D and Land are less than 2% of total loans • Diversity among property types and geographies • Direct Middle Market & Commercial Banking comprises 26.2% of Synovus total loans, while Specialty Lending comprises 23.6% • Specialty Lending is well-diversified among multiple lines-of-business • C&I industry mix aligned with economic and demographic drivers • High quality Consumer Real Estate book • Weighted average credit score of 792 and 777 for HELOC and Mortgage, respectively • Average LTV of ~75% for HELOC and Mortgage CRE Portfolio - $11.0 Billion C&I Portfolio - $19.6 Billion Consumer R/E Related 16.2% C&I Specialty Lending 23.6% Direct Middle Market & Commercial Banking 26.2% Hotel 3.9% Shop ping C enter s 4.2% Off ice Bld g. 6.4 % Mu lti- Fa mi ly 5.4 %O th er C RE Pr op . T yp es 6. 6% Resi. Constr, Dev, Land 1.5% Consumer CRE C&I Amounts may not total due to rounding Portfolio Characteristics Consumer CRE C&I NPL Ratio 0.52% 0.11% 0.37% QTD Net Charge-off Ratio (annualized) 0.19% (0.04)% 0.15% 30+ Days Past Due Ratio 0.38% 0.04% 0.10% 90+ Days Past Due Ratio 0.02% 0.01% 0.02% Loan Portfolio by Category Consu mer Non-R /E 6.2% 18©2022 Synovus. All Rights Reserved.

Composition of 4Q21 CRE Portfolio Total Portfolio $11 billion Office Building Multi-Family Shopping Centers Hotels Other Investment Properties Warehouse 1-4 Family Perm/Mini-Perm 1-4 Family Construction Land Acquisition Residential Development Commercial Development Investment Properties Land, Development, and Residential Properties Portfolio Characteristics (as of December 31, 2021) Office Building Multi-family Shopping Centers Hotels Other Investment Properties Warehouse Residential Properties(1) Development & Land Balance (in millions) $2,511 $2,129 $1,655 $1,537 $1,235 $802 $645 $467 NPL Ratio 0.06% 0.11% 0.06% 0.00% 0.06% 0.03% 0.71% 0.41% Net Charge-off Ratio (annualized) 0.07% 0.01% 0.00% 0.00% (0.01)% 0.00% (0.69)% (0.27)% 30+ Days Past Due Ratio 0.04% 0.00% 0.00% 0.00% 0.06% 0.03% 0.20% 0.21% 90+ Days Past Due Ratio 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.03% • Investment Properties portfolio represent 90% of total CRE portfolio ◦ The portfolio is well diversified among the property types ◦ Credit quality in Investment Properties portfolio remains excellent • Residential C&D and Land Acquisition Portfolios represent less than 2% of total performing loans 19.4% 15.1% 14.0% 11.2% 22.9%7.3% 4.0% 1.9% 1.8% 1.6% 0.9% Amounts may not total due to rounding (1) Includes 1-4 Family Construction and 1-4 Family Perm/Mini-Perm (primarily rental homes). Commercial Real Estate 19 CRE Credit Quality • 0.11% NPL Ratio • (0.04)% Net Charge-Off Ratio (annualized) • 0.04% 30+ Day Past Due Ratio • 0.01% 90+ Day Past Due Ratio ©2022 Synovus. All Rights Reserved.

Credit Indicator 4Q21 NPL Ratio 0.37% Net Charge-off Ratio (annualized) 0.15% 30+ Days Past Due Ratio 0.10% 90+ Days Past Due Ratio 0.02% • Wholesale Bank (includes Large Corporate, Middle Market, and Specialty Lines) represents 67% of C&I Balances • Community/Retail Bank represents 33% of C&I balances Diverse Industry Exposure Total C&I Portfolio $19.6 billion 14.4% 12.9% 7.2% 6.7% 6.3% 6.3% 5.9% 5.4% 5.2% 5.1% 4.7% 4.4% 3.8% 3.2% 2.7% 2.2% 2.1% 1.5% Senior Housing Finance/Insurance Health Care Manufacturing Accom. & Food Svcs. Retail Trade Wholesale Trade R/E Other Construction Other Services Prof., Scientific, Tech. Svcs. Transport/Warehousing R/E Leasing All Other Arts, Entertainment, & Rec. Educational Svcs. Public Administration Ag, Forestry, Fishing Amounts may not total due to rounding C&I Portfolio 20 $9,941 $10,673 $11,682 $12,194 46.1% 40.4% 39.4% 42.8% Total C&I Revolving Commitments C&I Line Utilization 4Q19 4Q20 3Q21 4Q21 Total C&I Revolving Commitments and Line Utilization ($ in millions) ©2022 Synovus. All Rights Reserved.

Credit Indicator 4Q21 NPL Ratio 0.52% Net Charge-off Ratio (annualized) 0.19% 30+ Days Past Due Ratio 0.38% 90+ Days Past Due Ratio 0.02% • Approximately 72% of Consumer portfolio is backed by residential real estate • Other Consumer includes secured and unsecured products • Average utilization rate for Credit Card of approximately 22% Total Consumer Portfolio $8.8 billion Credit Indicator HELOC Mortgage Weighted Average Credit Score of 4Q21 Originations 790 765 Weighted Average Credit Score of Total Portfolio 792 777 Weighted Average LTV(1) 73.7% 74.0% Average DTI(2) 32.7% 29.5% Utilization Rate 39.5% N/A 57.8% 18.7% 14.6% 5.4% 3.4% Consumer Mortgage Third-Party HELOC Other Consumer Credit Card Amounts may not total due to rounding (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the 12/31/2021 loan balance; (2) Average DTI of 4Q21 originations; (3) Credit card includes consumer and commercial balances. Consumer Credit Quality Consumer Portfolio 21 (3) ©2022 Synovus. All Rights Reserved.

Core Transaction Deposits $678 $1,182 $1,454 $1,721 $1,644 $494 $728 $549 $399 $642 Held-for-Investment (HFI) Held-for-Sale (HFS) 4Q20 1Q21 2Q21 3Q21 4Q21 51% 13% 22% 14% Auto/RV/Marine Home Improvement Personal Student HFI Portfolio Composition 4Q21 ($ in millions) Auto/RV/ Marine Home Improvement Personal Student Loan Balance $831 $211 $366 $236 Weighted Avg. FICO Score 744 767 753 778 NPL Ratio 0.21% nm(1) 0.32% 1.52% Net Charge-off Ratio* 0.95% nm(1) 0.75% 0.06% 30+ Day Past Due Ratio 1.80% nm(1) 0.51% 0.02% * Annualized Amounts may not total due to rounding (1) Credit metrics not meaningful due to application of credit enhancements. Third-Party Consumer ($ in millions) • Diversity among asset types • Yield of ~5.2% for HFI loans; primarily fixed-rate loans • Credit Quality for HFI loans: ◦ Weighted Average FICO of 754 ◦ NPL Ratio of 0.40% ◦ Annualized Net Charge-off Ratio of 0.66% ◦ 30+ Day Past Due Ratio of 1.20% 22 HFI Portfolio Composition ©2022 Synovus. All Rights Reserved.

Amounts may not total due to rounding Includes PPP Composition Growth Risk Category 4Q21 3Q21 4Q21 vs. 3Q21 Passing Grades $38,284 $37,119 $1,165 Special Mention 489 617 (128) Substandard Accruing 408 449 (42) Non-Performing Loans 131 155 (24) Total Loans $39,312 $38,341 $971 Portfolio Risk Distribution ($ in millions) 23©2022 Synovus. All Rights Reserved.

4Q20 1Q21 2Q21 3Q21 4Q21 Diluted EPS $0.96 $1.19 $1.19 $1.21 $1.31 Net interest margin 3.12 % 3.04 % 3.02 % 3.01 % 2.96 % Efficiency ratio-TE 60.32 55.01 55.24 53.34 57.85 Adjusted tangible efficiency ratio(1) 54.43 54.12 54.41 52.96 55.64 ROA(2) 1.11 1.40 1.36 1.34 1.40 Adjusted ROA(1)(2) 1.25 1.41 1.37 1.33 1.44 Total loans (3)% 1% (1)% —% 3% Total deposits 5 1 — 1 4 NPA ratio 0.50 % 0.50 % 0.46% 0.45 % 0.40 % NCO ratio(2) 0.23 0.21 0.28 0.22 0.11 Common shares outstanding(3) 148,039 148,889 147,072 145,484 145,010 Leverage ratio 8.50 % 8.80 % 8.72% 8.78 % 8.72 % Tangible common equity ratio(1) 7.66 7.55 7.73 7.68 7.52 Financial Performance (1) Non-GAAP financial measure; see applicable reconciliation; (2) Annualized; (3) In thousands; (4) Preliminary. (4) Quarterly Highlights Trend 24 Balance Sheet QoQ Growth Credit Quality Capital ©2022 Synovus. All Rights Reserved.

(in thousands, except per share data) 4Q21 3Q21 4Q20 Net interest income $ 392,313 $ 384,917 $ 385,932 Non-interest revenue 117,068 114,955 114,761 Non-interest expense 295,207 267,032 302,498 (Reversal of) provision for credit losses (55,210) (7,868) 11,066 Income before taxes 269,384 240,708 187,129 Income tax expense 68,983 53,935 36,720 Preferred stock dividends 8,291 8,291 8,291 Net income available to common shareholders $ 192,110 $ 178,482 $ 142,118 Weighted average common shares outstanding, diluted 146,793 147,701 148,725 Net income per diluted common share $ 1.31 $ 1.21 $ 0.96 Condensed Income Statement 25©2022 Synovus. All Rights Reserved. Amounts may not total due to rounding

nm = not meaningful (in thousands) 4Q21 3Q21 4Q20 4Q21 vs. 3Q21 % Change 4Q21 vs. 4Q20 % Change Service charges on deposit accounts $ 22,221 $ 22,641 $ 19,063 (2) 17 Fiduciary and asset management fees 20,602 19,786 17,242 4 19 Brokerage revenue 14,795 14,745 11,794 — 25 Mortgage banking income 7,059 11,155 24,426 (37) (71) Card fees 12,861 13,238 11,743 (3) 10 Capital markets income 7,188 8,089 4,352 (11) 65 Income from bank-owned life insurance 15,168 6,820 9,725 122 56 Other non-interest revenue 15,949 17,616 12,244 (9) 30 Adjusted non-interest revenue $ 115,843 $ 114,090 $ 110,589 2 5 Fair value increase of private equity investments, net — — 63 nm nm Fair value adjustment on non-qualified deferred compensation 995 (97) 1,772 nm nm Investment securities gains (losses), net 230 962 2,337 nm nm Total non-interest revenue $ 117,068 $ 114,955 $ 114,761 2 2 Non-Interest Revenue 26©2022 Synovus. All Rights Reserved. Amounts may not total due to rounding

(dollars in thousands) 4Q21 3Q21 4Q20 2021 2020 Net income available to common shareholders $ 192,110 178,482 142,118 727,304 340,532 Subtract/add: Earnout liability adjustments — (243) — 507 4,908 Add: Goodwill impairment — — — — 44,877 Add: Restructuring charges 5,958 319 18,068 7,223 26,991 Add: Valuation adjustment to Visa derivative 2,656 — 890 2,656 890 Add: Loss on early extinguishment of debt — — 8,409 — 10,466 Subtract/add: Investment securities (gains) losses, net (230) (962) (2,337) 799 (78,931) Subtract: Gain on sale and fair value increase, net of private equity investments — — (63) — (4,775) Subtract/add: Tax effect of adjustments(1) (2,121) 164 (6,467) (2,702) 11,748 Adjusted net income available to common shareholders $ 198,373 177,760 160,618 735,787 356,706 Weighted average common shares outstanding, diluted 146,793 147,701 148,725 148,495 148,210 Net income per common share, diluted $ 1.31 $ 1.21 $ 0.96 $ 4.90 $ 2.30 Adjusted net income per common share, diluted $ 1.35 $ 1.20 $ 1.08 $ 4.95 $ 2.41 Non-GAAP Financial Measures 27 Amounts may not total due to rounding (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020. ©2022 Synovus. All Rights Reserved.

(dollars in thousands) 4Q21 3Q21 2Q21 1Q21 4Q20 Net income $ 200,401 $ 186,773 $ 186,200 $ 187,093 $ 150,409 Subtract/add: Earnout liability adjustments — (243) 750 — — Add: Restructuring charges 5,958 319 415 531 18,068 Add: Valuation adjustment to Visa derivative 2,656 — — — 890 Add: Loss on early extinguishment of debt — — — — 8,409 Subtract/add: Investment securities (gains) losses, net (230) (962) — 1,990 (2,337) Subtract: Fair value increase of private equity investments — — — — (63) Subtract/add: Tax effect of adjustments(1) (2,121) 164 (105) (638) (6,467) Adjusted net income $ 206,664 186,051 187,260 188,976 168,909 Net income annualized $ 795,069 741,002 746,846 758,766 598,366 Adjusted net income annualized $ 819,917 738,137 751,098 766,403 671,964 Total average assets $ 56,911,929 55,326,260 55,017,771 54,188,504 53,833,909 Return on average assets 1.40 % 1.34 % 1.36 % 1.40 % 1.11 % Adjusted return on average assets 1.44 % 1.33 % 1.37 % 1.41 % 1.25 % Non-GAAP Financial Measures, Continued 28 Amounts may not total due to rounding (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020. ©2022 Synovus. All Rights Reserved.

(dollars in thousands) 2021 2020 Net income $ 760,467 373,695 Add: Earnout liability adjustments 507 4,908 Add: Goodwill impairment — 44,877 Add: Restructuring charges 7,223 26,991 Add: Valuation adjustment to Visa derivative 2,656 890 Add: Loss on early extinguishment of debt — 10,466 Add/subtract: Investment securities losses (gains), net 799 (78,931) Subtract: Gain on sale and fair value increase, net of private equity investments — (4,775) Subtract/add: Tax effect of adjustments(1) (2,702) 11,748 Adjusted net income 768,950 389,869 Total average assets 55,368,481 52,138,038 Return on average assets 1.37 % 0.72 % Adjusted return on average assets 1.39 % 0.75 % Non-GAAP Financial Measures, Continued 29 Amounts may not total due to rounding (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020. ©2022 Synovus. All Rights Reserved.

(dollars in thousands) 4Q21 3Q21 4Q20 Net income available to common shareholders $ 192,110 $ 178,482 $ 142,118 Subtract: Earnout liability adjustments — (243) — Add: Restructuring charges 5,958 319 18,068 Add: Valuation adjustment to Visa derivative 2,656 — 890 Add: Loss on early extinguishment of debt — — 8,409 Subtract: Investment securities gains, net (230) (962) (2,337) Subtract: Fair value increase, net of private equity investments — — (63) Subtract/add: Tax effect of adjustments(1) (2,121) 164 (6,467) Adjusted net income available to common shareholders $ 198,373 $ 177,760 $ 160,618 Adjusted net income available to common shareholders annualized $ 787,023 $ 705,243 $ 638,980 Add: Amortization of intangibles, tax effected 7,050 7,050 7,782 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 794,073 $ 712,293 $ 646,762 Net income available to common shareholders annualized $ 762,176 $ 708,108 $ 565,382 Add: Amortization of intangibles, tax effected 7,050 7,050 7,782 Net income available to common shareholders excluding amortization of intangibles annualized $ 769,226 $ 715,158 $ 573,164 Total average shareholders' equity less preferred stock $ 4,730,828 $ 4,734,754 $ 4,594,199 Subtract: Goodwill (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (36,805) (39,109) (46,511) Total average tangible shareholders' equity less preferred stock $ 4,241,633 $ 4,243,255 $ 4,095,298 Return on average common equity 16.11 % 14.96 % 12.31 % Adjusted return on average common equity 16.64 % 14.90 % 13.91 % Return on average tangible common equity 18.14 % 16.85 % 14.00 % Adjusted return on average tangible common equity 18.72 % 16.79 % 15.79 % Non-GAAP Financial Measures, Continued 30 Amounts may not total due to rounding (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020. ©2022 Synovus. All Rights Reserved.

(dollars in thousands) 2021 2020 Net income available to common shareholders $ 727,304 $ 340,532 Add: Earnout liability adjustments 507 4,908 Add: Goodwill impairment — 44,877 Add: Restructuring charges 7,223 26,991 Add: Valuation adjustment to Visa derivative 2,656 890 Add: Loss on early extinguishment of debt — 10,466 Add/subtract: Investment securities losses (gains), net 799 (78,931) Subtract: Gain on sale and fair value increase, net of private equity investments — (4,775) Subtract/add: Tax effect of adjustments(1) (2,702) 11,748 Adjusted net income available to common shareholders $ 735,787 $ 356,706 Add: Amortization of intangibles, tax effected 7,108 7,825 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 742,895 $ 364,531 Add: Amortization of intangibles, tax effected 7,108 7,825 Net income available to common shareholders excluding amortization of intangibles annualized $ 734,412 $ 348,357 Total average shareholders' equity less preferred stock $ 4,674,833 $ 4,534,935 Subtract: Goodwill (452,390) (485,987) Subtract: Other intangible assets, net (40,307) (50,427) Total average tangible shareholders' equity less preferred stock $ 4,182,136 $ 3,998,521 Return on average common equity 15.56 % 7.51 % Adjusted return on average common equity 15.74 % 7.87 % Return on average tangible common equity 17.56 % 8.71 % Adjusted return on average tangible common equity 17.76 % 9.12 % Non-GAAP Financial Measures, Continued 31 Amounts may not total due to rounding (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020. ©2022 Synovus. All Rights Reserved.

(dollars in thousands) 4Q21 3Q21 4Q20 Total non-interest revenue $ 117,068 $ 114,955 $ 114,761 Subtract: Investment securities gains, net (230) (962) (2,337) Subtract: Fair value increase, net of private equity investments — — (63) Subtract/add: Fair value adjustment on non-qualified deferred compensation (995) 97 (1,772) Adjusted non-interest revenue $ 115,843 $ 114,090 $ 110,589 (dollars in thousands) 4Q21 3Q21 2Q21 1Q21 4Q20 Total non-interest expense $ 295,207 267,032 270,531 267,134 302,498 Add/subtract: Earnout liability adjustments — 243 (750) — — Subtract: Restructuring charges (5,958) (319) (415) (531) (18,068) Subtract: Valuation adjustment to Visa derivative (2,656) — — — (890) Subtract: Loss on early extinguishment of debt — — — — (8,409) Subtract/add: Fair value adjustment on non-qualified deferred compensation (995) 97 (1,126) (792) (1,772) Adjusted non-interest expense $ 285,598 $ 267,053 $ 268,240 $ 265,811 $ 273,359 Adjusted non-interest expense $ 285,598 267,053 268,240 265,811 273,359 Subtract: Amortization of intangibles (2,379) (2,379) (2,379) (2,379) (2,640) Adjusted tangible non-interest expense $ 283,219 264,674 265,861 263,432 270,719 Net interest income $ 392,313 $ 384,917 $ 381,860 $ 373,857 $ 385,932 Add: Tax equivalent adjustment 884 736 791 774 821 Add: Total non-interest revenue 117,068 114,955 107,087 110,956 114,761 Total TE revenue $ 510,265 $ 500,608 $ 489,738 $ 485,587 $ 501,514 Subtract/add: Investment securities (gains) losses, net (230) (962) — 1,990 (2,337) Subtract: Fair value increase of private equity investments — — — — (63) Subtract/add: Fair value adjustment on non-qualified deferred compensation (995) 97 (1,126) (792) (1,772) Adjusted revenue $ 509,040 $ 499,743 $ 488,612 $ 486,785 $ 497,342 Efficiency ratio-TE 57.85 % 53.34 % 55.24 % 55.01 % 60.32 % Adjusted tangible efficiency ratio 55.64 % 52.96 % 54.41 % 54.12 % 54.43 % Non-GAAP Financial Measures, Continued 32©2022 Synovus. All Rights Reserved. Amounts may not total due to rounding

(dollars in thousands) 2021 2020 Total non-interest revenue $ 450,066 $ 506,513 Add/subtract: Investment securities losses (gains), net 799 (78,931) Subtract: Gain on sale and fair value increase, net of private equity investments — (4,775) Subtract: Fair value adjustment on non-qualified deferred compensation (2,816) (2,310) Adjusted non-interest revenue $ 448,049 $ 420,497 Total non-interest expense $ 1,099,904 $ 1,179,574 Subtract: Earnout liability adjustments (507) (4,908) Subtract: Goodwill impairment — (44,877) Subtract: Restructuring charges (7,223) (26,991) Subtract: Valuation adjustment to Visa derivative (2,656) (890) Subtract: Loss on early extinguishment of debt — (10,466) Subtract: Fair value adjustment on non-qualified deferred compensation (2,816) (2,310) Adjusted non-interest expense $ 1,086,702 $ 1,089,132 Adjusted non-interest expense $ 1,086,702 $ 1,089,132 Subtract: Amortization of intangibles (9,516) (10,560) Adjusted tangible non-interest expense $ 1,077,186 $ 1,078,572 Net interest income 1,532,947 1,512,748 Add: Tax equivalent adjustment 3,185 3,424 Add: Total non-interest revenue 450,066 506,513 Total TE revenue $ 1,986,198 $ 2,022,685 Add/subtract: Investment securities losses (gains), net 799 (78,931) Subtract: Gain on sale and fair value increase, net of private equity investments — (4,775) Subtract: Fair value adjustment on non-qualified deferred compensation (2,816) (2,310) Adjusted revenue $ 1,984,181 $ 1,936,669 Efficiency ratio-TE 55.38 % 58.32 % Adjusted tangible efficiency ratio 54.29 % 55.69 % Non-GAAP Financial Measures, Continued 33©2022 Synovus. All Rights Reserved. Amounts may not total due to rounding

($ in thousands) 2021 Taxable equivalent net interest income $ 1,536,132 Non-interest revenue 450,066 Non-interest expense 1,099,904 Pre-provision net revenue $ 886,294 Taxable equivalent net interest income 1,536,132 Adjusted non-interest revenue 448,049 Adjusted non-interest expense 1,086,702 Adjusted pre-provision net revenue $ 897,479 Income before income taxes $ 989,360 Non-GAAP Financial Measures, Continued 34©2022 Synovus. All Rights Reserved. Amounts may not total due to rounding

(dollars in thousands) December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 Total assets $ 57,317,226 $ 55,509,129 $ 54,938,659 $ 55,159,011 $ 54,394,159 Subtract: Goodwill (452,390) (452,390) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (35,596) (37,975) (40,354) (42,733) (45,112) Tangible assets $ 56,829,240 $ 55,018,764 $ 54,445,915 $ 54,663,888 $ 53,896,657 Total shareholders' equity $ 5,296,800 $ 5,252,802 $ 5,237,714 $ 5,161,717 $ 5,161,334 Subtract: Goodwill (452,390) (452,390) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (35,596) (37,975) (40,354) (42,733) (45,112) Subtract: Preferred stock, no par value (537,145) (537,145) (537,145) (537,145) (537,145) Tangible common equity $ 4,271,669 $ 4,225,292 $ 4,207,825 $ 4,129,449 $ 4,126,687 Total shareholders' equity to total assets ratio 9.24 % 9.46 % 9.53 % 9.36 % 9.49 % Tangible common equity ratio 7.52 % 7.68 % 7.73 % 7.55 % 7.66 % Non-GAAP Financial Measures, Continued 35©2022 Synovus. All Rights Reserved. Amounts may not total due to rounding

XML

Cover Page	Jan. 20, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 20, 2022
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	649-2311
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