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

October 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) 641-6500

(Registrant’s telephone number, including area code)

________________________________________________

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02	Results of Operations and Financial Condition
	On October 20, 2022, Synovus Financial Corp. (the "Company") issued a press release announcing the Company’s financial results for the three and nine month period ended September 30, 2022.
	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 nine month period ended September 30, 2022 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 October 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 October 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 October 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: October 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
Audria Belton	Cal Evans
Media Relations	Investor Relations
media@synovus.com	investorrelations@synovus.com

Synovus Announces Earnings for the Third Quarter 2022

Diluted Earnings per Share of $1.33 vs. $1.21 in 3Q21

Adjusted Diluted Earnings per Share of $1.34 vs. $1.20 in3Q21

COLUMBUS, Ga., Oct. 20, 2022 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended Sept. 30, 2022. “We demonstrated ongoing progress this quarter as we continue to execute our strategic growth plan,” said Synovus President and CEO Kevin Blair. “Our strong third quarter performance is a result of increased productivity, deepened, more profitable client relationships as well as prudent expense management. Pre-provision net revenue of $288 million, up 24% year over year, was driven by broad-based loan growth and robust margin expansion. Credit quality was solid in the third quarter, and capital remained at targeted levels as we continued to utilize our strong earnings to support client loan growth. We are confident in and committed to our path forward by investing in our core and new business initiatives while prioritizing credit, capital and liquidity management as we face economic uncertainty ahead.”

Third Quarter 2022 Highlights

•Net income available to common shareholders of $194.8 million, or $1.33 per diluted share, up $0.17 sequentially and up $0.12 compared to prior year.

•Total revenue of $582.2 million increased $59.6 million sequentially, or 11%, and increased $82.3 million, or 16%, compared to prior year, driven by strong loan growth and higher interest rates.

•Pre-provision net revenue of $288.2 million increased $47.6 million sequentially, or 20%, and increased $55.4 million, or 24%, compared to prior year.

•Period-end loans increased $1.37 billion sequentially, or 13% annualized, with growth diversified across asset classes and commercial business lines.

•Total deposits declined $1.34 billion sequentially, or 3%, primarily resulting from higher-rate, non-bank liquidity alternatives for clients, seasonality, and excess liquidity deployment.

•Credit quality metrics continue to remain at strong levels with sequential improvement in the NPA ratio, stable NPL and criticized/classified loan ratios, and a historically low net charge-off ratio.

•Maintained preliminary CET1 ratio of 9.51% as robust capital generation continued to support client loan growth.

Third Quarter Summary

	Reported									Adjusted
(dollars in thousands)	3Q22			2Q22			3Q21			3Q22			2Q22			3Q21
Net income available to common shareholders	$	194,753		$	169,761		$	178,482		$	195,481		$	171,018		$	177,760
Diluted earnings per share	1.33			1.16			1.21			1.34			1.17			1.20
Total revenue	582,217			522,654			499,872			N/A			N/A			N/A
Total loans	42,571,458			41,204,780			38,341,030			N/A			N/A			N/A
Total deposits	47,697,564			49,034,700			47,688,419			N/A			N/A			N/A
Return on avg assets	1.39		%	1.26		%	1.34		%	1.39		%	1.27		%	1.33		%
Return on avg common equity	18.66			16.48			14.96			18.73			16.60			14.90
Return on avg tangible common equity	21.29			18.84			16.85			21.37			18.98			16.79
Net interest margin	3.49			3.22			3.01			N/A			N/A			N/A
Efficiency ratio-TE(1)(2)	50.41			53.87			53.34			49.98			53.43			52.96
NCO ratio-QTD	0.04			0.16			0.22			N/A			N/A			N/A
NPA ratio	0.32			0.33			0.45			N/A			N/A			N/A

(1) Taxable equivalent

(2) Adjusted tangible efficiency ratio

Balance Sheet

Loans*
(dollars in millions)	3Q22		2Q22		Linked Quarter Change		Linked Quarter % Change		3Q21		Year/Year Change		Year/Year % Change
Commercial & industrial**	$	21,212.5	$	20,778.3	$	434.2	2	%	$	18,994.3	$	2,218.2	12	%
Commercial real estate	12,288.0		11,503.4		784.5		7		10,574.1		1,713.9		16
Consumer	9,071.0		8,923.0		147.9		2		8,772.7		298.3		3
Total loans	$	42,571.5	$	41,204.8	$	1,366.7	3	%	$	38,341.0	$	4,230.4	11	%

*Amounts may not total due to rounding

**Includes PPP balances of $42.8 million, $86.7 million, and $782.2 million at 3Q22, 2Q22, and 3Q21, respectively.

•Total loans ended the quarter at $42.57 billion, up $1.37 billion sequentially, or 13% annualized.

•Commercial and industrial (C&I) loans increased $434.2 million sequentially, led by broad based growth within our Wholesale Banking segment and higher utilization from commitments.

•CRE loans increased $784.5 million sequentially, led by growth in multi-family loans and our Specialty Healthcare group in addition to the impact of a slowdown in payoffs.

•Consumer loans increased $147.9 million sequentially led by home equity and mortgage.

Deposits*
(dollars in millions)	3Q22		2Q22		Linked Quarter Change		Linked Quarter % Change		3Q21		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	15,373.7	$	15,781.1	$	(407.4)	(3)	%	$	14,832.9	$	540.8	4	%
Interest-bearing DDA	5,776.8		6,327.1		(550.3)		(9)		6,056.0		(279.2)		(5)
Money market	12,918.6		13,793.0		(874.5)		(6)		14,267.4		(1,348.9)		(9)
Savings	1,470.1		1,498.7		(28.6)		(2)		1,380.4		89.7		6
Public funds	5,549.7		5,863.9		(314.2)		(5)		5,791.6		(241.9)		(4)
Time deposits	2,110.9		2,147.8		(36.8)		(2)		2,579.3		(468.4)		(18)
Brokered deposits	4,497.8		3,623.1		874.7		24		2,780.7		1,717.1		62
Total deposits	$	47,697.6	$	49,034.7	$	(1,337.1)	(3)	%	$	47,688.4	$	9.1	—	%

*Amounts may not total due to rounding

•Total deposits ended the quarter at $47.70 billion, down $1.34 billion sequentially, impacted by higher-rate, non-bank liquidity alternatives for clients, seasonality, and excess liquidity deployment.

•Total deposit costs increased 23 bps sequentially to 0.38% and were primarily impacted by the rising rate environment.

Income Statement Summary**
(in thousands, except per share data)	3Q22			2Q22			Linked Quarter Change		Linked Quarter % Change		3Q21			Year/Year Change		Year/Year % Change
Net interest income	$	477,919		$	425,388		$	52,531	12	%	$	384,917		$	93,002	24	%
Non-interest revenue	104,298			97,266			7,032		7		114,955			(10,657)		(9)
Non-interest expense	294,010			282,051			11,959		4		267,032			26,978		10
Provision for (reversal of) credit losses	25,581			12,688			12,893		102		(7,868)			33,449		nm
Income before taxes	$	262,626		$	227,915		$	34,711	15	%	$	240,708		$	21,918	9	%
Income tax expense	59,582			49,863			9,719		19		53,935			5,647		10
Preferred stock dividends	8,291			8,291			—		—		8,291			—		—
Net income available to common shareholders	$	194,753		$	169,761		$	24,992	15	%	$	178,482		$	16,271	9	%
Weighted average common shares outstanding, diluted	146,418			146,315			103		—	%	147,701			(1,283)		(1)	%
Diluted earnings per share	$	1.33		$	1.16		$	0.17	15		$	1.21		$	0.12	10
Adjusted diluted earnings per share	1.34			1.17			0.17		15		1.20			0.14		12
Effective tax rate	22.69		%	21.88		%					22.41		%

**    Amounts may not total due to rounding

Core Performance

•Net interest income of $477.9 million was up $52.5 million sequentially, or 12%, and increased $93.0 million, or 24%, compared to prior year, driven by strong loan growth and higher rates.

◦Net interest margin was 3.49%, up 27 bps sequentially, aided by higher interest rates and deposit pricing discipline.

•Non-interest revenue increased $7.0 million, or 7%, sequentially and decreased $10.7 million, or 9%, compared to prior year.

◦The quarter-over-quarter increase was largely due to a prior quarter $7 million write-down on a minority fintech investment.

◦Year-over-year decline was primarily related to the continued challenging residential mortgage banking environment and prior year gains on equity investments, partially offset by increases in wealth revenue, brokerage revenue, and card fee income categories.

•Non-interest expense increased $12.0 million, or 4%, sequentially and increased $27.0 million, or 10%, compared to prior year. Adjusted non-interest expense increased $10.5 million, or 4%, sequentially and increased $27.1 million, or 10%, compared to prior year.

◦Increases were primarily due to higher performance-based incentives, merit-related salary increases, and operating costs related to realized revenue growth and investments in new growth initiatives.

•Credit quality ratios remain historically strong. The non-performing loan and asset ratios were 0.29% and 0.32%, respectively; the net charge-off ratio for the quarter was 0.04%, and total past dues were 0.15% of total loans outstanding.

•Provision for credit losses of $25.6 million increased $12.9 million sequentially and increased $33.4 million compared to prior year. Drivers of the increase included loan growth and a modest increase in the allowance for credit losses coverage ratio (to loans) of 2 bps sequentially, a result of deteriorating economic conditions mostly offset by continued strong credit quality.

Capital Ratios
	3Q22			2Q22		3Q21
Common equity Tier 1 capital (CET1) ratio	9.51	%	*	9.46	%	9.58	%
Tier 1 capital ratio	10.58		*	10.56		10.79
Total risk-based capital ratio	12.44		*	12.43		12.92
Tier 1 leverage ratio	9.04		*	9.03		8.78
Tangible common equity ratio	5.52			6.26		7.68

* Ratios are preliminary.

Capital

•Preliminary CET1 ratio improved 5 bps during the quarter to 9.51%, and the preliminary total risk-based capital ratio of 12.44% improved 1 bps from the previous quarter as capital generated through earnings helped offset the impact of loan growth.

Third Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on October 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 Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $59 billion in assets. Synovus provides commercial and consumer 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, capital markets and international banking. Synovus has 254 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, 2021, 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 expense; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest expense; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; and the ratio of total shareholders' equity to total assets, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	3Q22		2Q22		3Q21
Adjusted non-interest expense
Total non-interest expense	$	294,010	$	282,051	$	267,032
Subtract: Earnout liability adjustments	—		—		243
Subtract/add: Restructuring charges	(956)		1,850		(319)
Subtract: Valuation adjustment to Visa derivative	—		(3,500)		—
Subtract/add: Fair value adjustment on non-qualified deferred compensation	1,076		3,240		97
Adjusted non-interest expense	$	294,130	$	283,641	$	267,053

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	3Q22			2Q22			3Q21
Adjusted tangible efficiency ratio
Adjusted non-interest expense	$	294,130		$	283,641		$	267,053
Subtract: Amortization of intangibles	(2,118)			(2,118)			(2,379)
Adjusted tangible non-interest expense	$	292,012		$	281,523		$	264,674
Net interest income	$	477,919		$	425,388		$	384,917
Add: Tax equivalent adjustment	972			960			736
Add: Total non-interest revenue	104,298			97,266			114,955
Total TE revenue	583,189			523,614			500,608
Add/subtract: Investment securities losses (gains), net	—			—			(962)
Subtract/add: Fair value adjustment on non-qualified deferred compensation	1,076			3,240			97
Total adjusted revenue	$	584,265		$	526,854		$	499,743
Efficiency ratio-TE	50.41		%	53.87		%	53.34		%
Adjusted tangible efficiency ratio	49.98			53.43			52.96

Adjusted return on average assets
Net income	$	203,044		$	178,052		$	186,773
Add: Earnout liability adjustments	—			—			(243)
Add/subtract: Restructuring charges	956			(1,850)			319
Add: Valuation adjustment to Visa derivative	—			3,500			—
Add/subtract: Investment securities losses (gains), net	—			—			(962)
Add/subtract: Tax effect of adjustments (1)	(228)			(393)			164
Adjusted net income	$	203,772		$	179,309		$	186,051
Net income annualized	$	805,555		$	714,165		$	741,002
Adjusted net income annualized	$	808,443		$	719,206		$	738,137
Total average assets	$	58,055,979		$	56,536,940		$	55,326,260
Return on average assets	1.39		%	1.26		%	1.34		%
Adjusted return on average assets	1.39			1.27			1.33
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	194,753		$	169,761		$	178,482
Add: Earnout liability adjustments	—			—			(243)
Add/subtract: Restructuring charges	956			(1,850)			319
Add: Valuation adjustment to Visa derivative	—			3,500			—
Add/subtract: Investment securities losses (gains), net	—			—			(962)
Add/subtract: Tax effect of adjustments (1)	(228)			(393)			164
Adjusted net income available to common shareholders	$	195,481		$	171,018		$	177,760
Weighted average common shares outstanding, diluted	146,418			146,315			147,701
Diluted earnings per share	$	1.33		$	1.16		$	1.21
Adjusted diluted earnings per share	1.34			1.17			1.20

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	3Q22			2Q22			3Q21
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	$	194,753		$	169,761		$	178,482
Subtract/add: Earnout liability adjustments	—			—			(243)
Add/subtract: Restructuring charges	956			(1,850)			319
Add: Valuation adjustment to Visa derivative	—			3,500			—
Add/subtract: Investment securities losses (gains), net	—			—			(962)
Add/subtract: Tax effect of adjustments (1)	(228)			(393)			164
Adjusted net income available to common shareholders	$	195,481		$	171,018		$	177,760
Adjusted net income available to common shareholders annualized	$	775,550		$	685,951		$	705,243
Add: Amortization of intangibles, annualized net of tax	6,401			6,471			7,050
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	781,951		$	692,422		$	712,293
Net income available to common shareholders annualized	$	772,661		$	680,910		$	708,108
Add: Amortization of intangibles, annualized net of tax	6,401			6,471			7,050
Net income available to common shareholders excluding amortization of intangibles annualized	$	779,062		$	687,381		$	715,158
Total average shareholders' equity less preferred stock	$	4,141,516		$	4,132,536		$	4,734,754
Subtract: Goodwill	(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(30,214)			(32,387)			(39,109)
Total average tangible shareholders' equity less preferred stock	$	3,658,912		$	3,647,759		$	4,243,255
Return on average common equity	18.66		%	16.48		%	14.96		%
Adjusted return on average common equity	18.73			16.60			14.90
Return on average tangible common equity	21.29			18.84			16.85
Adjusted return on average tangible common equity	21.37			18.98			16.79

(dollars in thousands)	September 30, 2022			June 30, 2022			December 31, 2021			September 30, 2021
Tangible common equity ratio
Total assets	$	58,639,522		$	57,382,745		$	57,317,226		$	55,509,129
Subtract: Goodwill	(452,390)			(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(29,242)			(31,360)			(35,596)			(37,975)
Tangible assets	$	58,157,890		$	56,898,995		$	56,829,240		$	55,018,764
Total shareholders’ equity	$	4,229,715		$	4,584,438		$	5,296,800		$	5,252,802
Subtract: Goodwill	(452,390)			(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(29,242)			(31,360)			(35,596)			(37,975)
Subtract: Preferred Stock, no par value	(537,145)			(537,145)			(537,145)			(537,145)
Tangible common equity	$	3,210,938		$	3,563,543		$	4,271,669		$	4,225,292
Total shareholders’ equity to total assets ratio	7.21		%	7.99		%	9.24		%	9.46		%
Tangible common equity ratio	5.52			6.26			7.52			7.68
(1) An assumed marginal tax rate of 23.8% for 2022 and 25.3% for 2021 was applied.

EX-99.2

Synovus				Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)	Nine Months Ended September 30,
	2022			2021			22 vs '21
							% Change
Interest income	$	1,421,133		$	1,235,064		15	%
Interest expense	125,578			94,430			33
Net interest income	1,295,555			1,140,634			14
Provision for (reversal of) credit losses	49,669			(51,041)			nm
Net interest income after provision for credit losses	1,245,886			1,191,675			5
Non-interest revenue:
Service charges on deposit accounts	69,428			64,089			8
Fiduciary and asset management fees	59,577			56,545			5
Card fees	45,946			38,538			19
Brokerage revenue	47,038			41,644			13
Mortgage banking income	14,922			47,312			(68)
Capital markets income	19,704			18,929			4
Income from bank-owned life insurance	22,514			22,851			(1)
Investment securities gains (losses), net	—			(1,028)			nm
Other non-interest revenue	27,768			44,117			(37)
Total non-interest revenue	306,897			332,997			(8)
Non-interest expense:
Salaries and other personnel expense	499,081			482,408			3
Net occupancy, equipment, and software expense	129,538			126,442			2
Third-party processing and other services	65,486			63,897			2
Professional fees	26,094			23,771			10
FDIC insurance and other regulatory fees	20,851			16,338			28
Restructuring charges	(7,318)			1,265			nm
Other operating expenses	114,779			90,576			27
Total non-interest expense	848,511			804,697			5
Income before income taxes	704,272			719,975			(2)
Income tax expense	152,140			159,910			(5)
Net income	552,132			560,065			(1)
Less: Preferred stock dividends	24,872			24,872			—
Net income available to common shareholders	$	527,260		$	535,193		(1)	%
Net income per common share, basic	$	3.63		$	3.63		0	%
Net income per common share, diluted	3.60			3.59			0
Cash dividends declared per common share	1.02			0.99			3
Return on average assets *	1.29		%	1.37		%	(8)	bps
Return on average common equity *	16.37			15.37			100
Weighted average common shares outstanding, basic	145,329			147,622			(2)	%
Weighted average common shares outstanding, diluted	146,465			149,069			(2)
nm - not meaningful
bps - basis points
* - ratios are annualized

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2022					2021		Third Quarter
		Third Quarter			Second Quarter	First Quarter	Fourth Quarter	Third Quarter	'22 vs '21
									% Change
	Interest income	$	551,299		453,772	416,062	418,279	412,504	34	%
	Interest expense	73,380			28,384	23,814	25,966	27,587	166
	Net interest income	477,919			425,388	392,248	392,313	384,917	24
	Provision for (reversal of) credit losses	25,581			12,688	11,400	(55,210)	(7,868)	nm
	Net interest income after provision for credit losses	452,338			412,700	380,848	447,523	392,785	15
	Non-interest revenue:
	Service charges on deposit accounts	23,398			23,491	22,539	22,221	22,641	3
	Fiduciary and asset management fees	19,201			20,100	20,277	20,602	19,786	(3)
	Card fees	15,101			16,089	14,756	12,861	13,238	14
	Brokerage revenue	17,140			15,243	14,655	14,795	14,745	16
	Mortgage banking income	5,065			3,904	5,953	7,059	11,155	(55)
	Capital markets income	6,839			7,393	5,472	7,188	8,089	(15)
	Income from bank-owned life insurance	6,792			9,165	6,556	15,168	6,820	—
	Investment securities gains (losses), net	—			—	—	230	962	nm
	Other non-interest revenue	10,762			1,881	15,126	16,944	17,519	(39)
	Total non-interest revenue	104,298			97,266	105,334	117,068	114,955	(9)
	Non-interest expense:
	Salaries and other personnel expense	173,334			161,063	164,684	167,018	160,364	8
	Net occupancy, equipment, and software expense	43,462			43,199	42,877	42,780	43,483	—
	Third-party processing and other services	22,539			21,952	20,996	22,791	19,446	16
	Professional fees	6,755			10,865	8,474	9,014	6,739	—
	FDIC insurance and other regulatory fees	7,707			6,894	6,250	6,016	5,212	48
	Restructuring charges	956			(1,850)	(6,424)	5,958	319	nm
	Other operating expenses	39,257			39,928	35,593	41,630	31,469	25
	Total non-interest expense	294,010			282,051	272,450	295,207	267,032	10
	Income before income taxes	262,626			227,915	213,732	269,384	240,708	9
	Income tax expense	59,582			49,863	42,695	68,983	53,935	10
	Net income	203,044			178,052	171,037	200,401	186,773	9
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	8,291	—
	Net income available to common shareholders	$	194,753		169,761	162,746	192,110	178,482	9	%
	Net income per common share, basic	$	1.34		1.17	1.12	1.32	1.22	10	%
	Net income per common share, diluted	1.33			1.16	1.11	1.31	1.21	10
	Cash dividends declared per common share	0.34			0.34	0.34	0.33	0.33	3
	Return on average assets *	1.39		%	1.26	1.22	1.40	1.34	5	bps
	Return on average common equity *	18.66			16.48	14.20	16.11	14.96	370
	Weighted average common shares outstanding, basic	145,386			145,328	145,273	145,316	146,308	(1)	%
	Weighted average common shares outstanding, diluted	146,418			146,315	146,665	146,793	147,701	(1)
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	September 30, 2022		December 31, 2021		September 30, 2021
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	516,163	$	432,925	$	483,035
	Interest-bearing funds with Federal Reserve Bank	1,260,748		2,479,006		2,103,497
	Interest earning deposits with banks	32,445		25,535		23,261
	Federal funds sold and securities purchased under resale agreements	58,448		72,387		77,627
	Cash, cash equivalents, and restricted cash	1,867,804		3,009,853		2,687,420
	Investment securities available for sale, at fair value	9,587,508		10,918,329		10,481,071
	Loans held for sale ($56,517, $108,198, and $152,258 measured at fair value, respectively)	696,450		750,642		550,948
	Loans, net of deferred fees and costs	42,571,458		39,311,958		38,341,030
	Allowance for loan losses	(421,359)		(427,597)		(492,243)
	Loans, net	42,150,099		38,884,361		37,848,787
	Cash surrender value of bank-owned life insurance	1,084,060		1,068,616		1,065,256
	Premises, equipment, and software, net	376,823		407,241		423,933
	Goodwill	452,390		452,390		452,390
	Other intangible assets, net	29,242		35,596		37,975
	Other assets	2,395,146		1,790,198		1,961,349
	Total assets	$	58,639,522	$	57,317,226	$	55,509,129
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	16,359,551	$	16,392,653	$	15,787,882
	Interest-bearing deposits	31,338,013		33,034,623		31,900,537
	Total deposits	47,697,564		49,427,276		47,688,419
	Federal funds purchased and securities sold under repurchase agreements	240,210		264,133		262,548
	Long-term debt	4,434,327		1,204,229		1,203,761
	Other liabilities	2,037,706		1,124,788		1,101,599
	Total liabilities	54,409,807		52,020,426		50,256,327
	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 170,097,791, 169,383,758, and 169,170,589; outstanding 145,442,933, 145,010,086, and 145,483,994	170,098		169,384		169,171
	Additional paid-in capital	3,916,729		3,894,109		3,883,289
	Treasury stock, at cost – 24,654,858, 24,373,672, and 23,686,595 shares	(944,484)		(931,497)		(898,707)
	Accumulated other comprehensive income (loss), net	(1,534,314)		(82,321)		(5,462)
	Retained earnings	2,084,541		1,709,980		1,567,366
	Total shareholders’ equity	4,229,715		5,296,800		5,252,802
	Total liabilities and shareholders' equity	$	58,639,522	$	57,317,226	$	55,509,129

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Third Quarter 2022						Second Quarter 2022						Third Quarter 2021
(dollars in thousands)	Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)	$	32,836,799	$	384,995	4.65	%	$	31,870,387	$	308,442	3.88	%	$	28,984,837	$	285,445	3.91	%
Consumer loans (1) (2)	8,931,573		94,425		4.21		8,720,488		83,826		3.86		8,549,296		84,615		3.94
Less: Allowance for loan losses	(419,160)		—		—		(415,372)		—		—		(514,828)		—		—
Loans, net	41,349,212		479,420		4.60		40,175,503		392,268		3.92		37,019,305		370,060		3.97
Investment securities available for sale	11,126,705		53,550		1.93		11,153,091		50,312		1.81		9,876,651		35,876		1.45
Trading account assets	16,771		81		1.93		11,987		73		2.44		5,192		15		1.15
Other earning assets(4)	1,012,717		5,791		2.24		813,028		1,660		0.81		3,271,501		1248		0.15
FHLB and Federal Reserve Bank stock	244,879		1,412		2.31		179,837		1,820		4.05		159,741		501		1.26
Mortgage loans held for sale	66,601		862		5.18		85,299		921		4.32		196,032		1,410		2.88
Other loans held for sale	892,805		11,155		4.89		725,762		7,678		4.19		527,736		4,130		3.06
Total interest earning assets	54,709,690		$	552,271	4.01	%	53,144,507		$	454,732	3.43	%	51,056,158		$	413,240	3.22	%
Cash and due from banks	557,537						538,647						611,783
Premises and equipment	383,189						385,457						447,046
Other real estate	2,398						11,439						1,513
Cash surrender value of bank-owned life insurance	1,080,914						1,077,231						1,061,478
Other assets(5)	1,322,251						1,379,659						2,148,282
Total assets	$	58,055,979					$	56,536,940					$	55,326,260
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	8,436,922	$	5,782	0.27	%	$	9,513,334	$	3,598	0.15	%	$	8,463,325	$	2,192	0.10	%
Money market accounts	15,411,450		20,696		0.53		15,328,395		6,850		0.18		15,597,723		6,081		0.15
Savings deposits	1,508,312		84		0.02		1,506,195		72		0.02		1,377,089		60		0.02
Time deposits	2,270,163		2,428		0.42		2,829,684		1,688		0.24		3,424,028		3,572		0.41
Brokered deposits	3,899,669		17,927		1.82		2,878,536		6,293		0.88		2,859,123		4,181		0.58
Federal funds purchased and securities sold under repurchase agreements	240,412		641		1.04		246,737		219		0.35		202,525		36		0.07
Other short-term borrowings	702,443		3,666		2.04		478,469		896		0.74		—		—		—
Long-term debt	2,656,939		22,156		3.29		878,413		8,768		3.99		1,203,500		11,465		3.81
Total interest-bearing liabilities	35,126,310		$	73,380	0.81	%	33,659,763		$	28,384	0.33	%	33,127,313		$	27,587	0.33	%
Non-interest-bearing demand deposits	16,904,353						16,959,850						15,755,929
Other liabilities	1,346,655						1,247,646						1,171,119
Shareholders' equity	4,678,661						4,669,681						5,271,899
Total liabilities and shareholders' equity	$	58,055,979					$	56,536,940					$	55,326,260
Net interest income and net interest margin, taxable equivalent (6)			$	478,891	3.49	%			$	426,348	3.22	%			$	385,653	3.01	%
Less: taxable-equivalent adjustment			972						960						736
Net interest income			$	477,919					$	425,388					$	384,917

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

(2)Interest income includes net loan fees as follows: Third Quarter 2022 — $11.9 million, Second Quarter 2022 — $13.0 million, and Third Quarter 2021 — $30.4million.

(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 $(1.06) billion, $(923.1) million, and $66.6 million for the Third Quarter 2022, Second Quarter 2022, and Third Quarter 2021, respectively.

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

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Nine Months Ended September 30,
	2022						2021
(dollars in thousands)	Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)	$	31,828,932	$	974,024	4.09	%	$	29,611,970	$	864,322	3.90	%
Consumer loans (1) (2)	8,749,927		259,619		3.95		8,466,505		251,081		3.95
Less: Allowance for loan losses	(419,478)						(558,336)
Loans, net	40,159,381		1,233,643		4.11		37,520,139		1,115,403		3.97
Investment securities available for sale	11,179,378		151,111		1.80		9,171,573		98,631		1.43
Trading account assets	12,640		193		2.04		3,703		44		1.60
Other earning assets(4)	1,245,102		8,267		0.88		2,940,049		2,705		0.12
FHLB and Federal Reserve Bank stock	195,238		3,917		2.67		158,921		1,971		1.65
Mortgage loans held for sale	85,126		2,665		4.17		228,458		4,926		2.87
Other loans held for sale	739,627		24,133		4.30		600,776		13,685		3.00
Total interest earning assets	53,616,492		$	1,423,929	3.55	%	50,623,619		$	1,237,365	3.27	%
Cash and due from banks	548,322						567,702
Premises and equipment	389,083						453,339
Other real estate	8,498						1,579
Cash surrender value of bank-owned life insurance	1,076,381						1,056,257
Other assets(5)	1,515,226						2,145,850
Total assets	$	57,154,002					$	54,848,346
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,162,519	$	11,752	0.17	%	$	8,544,720	$	7,606	0.12	%
Money market accounts	15,592,834		32,896		0.28		15,475,212		21,994		0.19
Savings deposits	1,491,893		223		0.02		1,310,470		164		0.02
Time deposits	2,700,505		6,254		0.31		3,787,892		15,507		0.55
Brokered deposits	3,192,848		27,952		1.17		3,093,485		15,204		0.66
Federal funds purchased and securities sold under repurchase agreements	227,335		871		0.51		205,316		104		0.07
Other short-term borrowings	397,744		4,561		1.51		—		—		—
Long-term debt	1,512,059		41,069		3.61		1,203,054		33,851		3.75
Total interest-bearing liabilities	34,277,737		$	125,578	0.48	%	33,620,149		$	94,430	0.37	%
Non-interest-bearing demand deposits	16,786,794						14,885,880
Other liabilities	1,247,020						1,149,209
Shareholders' equity	4,842,451						5,193,108
Total liabilities and shareholders' equity	$	57,154,002					$	54,848,346
Net interest income, taxable equivalent net interest margin (6)			$	1,298,351	3.24	%			$	1,142,935	3.02	%
Less: taxable-equivalent adjustment			2,796						2,301
Net interest income			$	1,295,555					$	1,140,634

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

(2)Interest income includes net loan fees as follows: 2022 — $45.6 million and 2021 — $90.8 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 $(747.7) million and $73.1 million for the nine months ended September 30, 2022 and 2021, respectively.

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

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)
Loan Type	September 30, 2022		June 30, 2022		% Change		September 30, 2021		% Change
Commercial, Financial, and Agricultural	$	13,254,966	$	13,018,089	2	%	$	11,864,362	12	%
Owner-Occupied	7,957,550		7,760,236		3		7,129,926		12
Total Commercial & Industrial	21,212,516		20,778,325		2		18,994,288		12
Multi-Family	2,949,172		2,547,706		16		2,197,139		34
Hotels	1,712,016		1,597,930		7		1,441,414		19
Office Buildings	2,945,771		2,680,399		10		2,341,316		26
Shopping Centers	1,441,385		1,458,902		(1)		1,570,020		(8)
Warehouses	943,961		811,738		16		687,496		37
Other Investment Property	1,246,099		1,311,373		(5)		1,244,904		—
Total Investment Properties	11,238,404		10,408,048		8		9,482,289		19
1-4 Family Construction	249,840		234,379		7		191,906		30
1-4 Family Investment Mortgage	389,787		407,476		(4)		421,968		(8)
Total 1-4 Family Properties	639,627		641,855		—		613,874		4
Commercial Development	92,159		109,764		(16)		103,512		(11)
Residential Development	119,019		156,816		(24)		186,033		(36)
Land Acquisition	198,756		186,934		6		188,378		6
Land and Development	409,934		453,514		(10)		477,923		(14)
Total Commercial Real Estate	12,287,965		11,503,417		7		10,574,086		16
Consumer Mortgages	5,166,928		5,124,523		1		5,108,457		1
Home Equity	1,708,246		1,579,218		8		1,359,688		26
Credit Cards	197,978		194,290		2		199,700		(1)
Other Consumer Loans	1,997,825		2,025,007		(1)		2,104,811		(5)
Total Consumer	9,070,977		8,923,038		2		8,772,656		3
Total	$	42,571,458	$	41,204,780	3	%	$	38,341,030	11	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
(Dollars in thousands)
Loan Type	September 30, 2022		June 30, 2022		% Change		September 30, 2021		% Change
Commercial, Financial, and Agricultural	$	59,275	$	48,601	22	%	$	77,349	(23)	%
Owner-Occupied	8,433		11,398		(26)		13,134		(36)
Total Commercial & Industrial	67,708		59,999		13		90,483		(25)
Multi-Family	2,550		2,598		(2)		2,396		6
Office Buildings	884		1,796		(51)		2,488		(64)
Shopping Centers	742		750		(1)		932		(20)
Warehouses	223		924		(76)		302		(26)
Other Investment Property	641		1,302		(51)		624		3
Total Investment Properties	5,040		7,370		(32)		6,742		(25)
1-4 Family Construction	55		55		—		522		(89)
1-4 Family Investment Mortgage	3,036		3,063		(1)		2,364		28
Total 1-4 Family Properties	3,091		3,118		(1)		2,886		7
Commercial Development	422		432		(2)		463		(9)
Residential Development	267		399		(33)		449		(41)
Land Acquisition	980		1,093		(10)		1,024		(4)
Land and Development	1,669		1,924		(13)		1,936		(14)
Total Commercial Real Estate	9,800		12,412		(21)		11,564		(15)
Consumer Mortgages	32,527		22,857		42		37,541		(13)
Home Equity	7,121		8,100		(12)		8,702		(18)
Other Consumer Loans	4,938		5,656		(13)		7,175		(31)
Total Consumer	44,586		36,613		22		53,418		(17)
Total	$	122,094	$	109,024	12	%	$	155,465	(21)	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2022					2021		Third Quarter
		Third			Second	First	Fourth	Third	'22 vs '21
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPLs)	$	122,094		109,024	132,131	131,042	155,465	(21)	%
	Impaired Loans Held for Sale	447			—	—	—	—	nm
	Other Real Estate and Other Assets	15,320			26,759	26,759	27,137	16,883	(9)
	Non-performing Assets (NPAs)	137,861			135,783	158,890	158,179	172,348	(20)
	Allowance for Loan Losses (ALL)	421,359			407,837	414,956	427,597	492,243	(14)
	Reserve for Unfunded Commitments	57,936			50,559	47,317	41,885	42,971	35
	Allowance for Credit Losses (ACL)	479,295			458,396	462,273	469,482	535,214	(10)
	Net Charge-Offs - Quarter	4,682			16,565	18,609	10,522	20,516
	Net Charge-Offs - YTD	39,856			35,174	18,609	77,788	67,266
	Net Charge-Offs / Average Loans - Quarter (1)	0.04		%	0.16	0.19	0.11	0.22
	Net Charge-Offs / Average Loans - YTD (1)	0.13			0.18	0.19	0.20	0.24
	NPLs / Loans	0.29			0.26	0.33	0.33	0.41
	NPAs / Loans, ORE and specific other assets	0.32			0.33	0.40	0.40	0.45
	ACL/Loans	1.13			1.11	1.15	1.19	1.40
	ALL/Loans	0.99			0.99	1.03	1.09	1.28
	ACL/NPLs	392.56			420.45	349.86	358.27	344.27
	ALL/NPLs	345.11			374.08	314.05	326.31	316.63
	Past Due Loans over 90 days and Still Accruing	$	3,443		2,251	3,067	6,770	5,960	(42)
	As a Percentage of Loans Outstanding	0.01		%	0.01	0.01	0.02	0.02
	Total Past Due Loans and Still Accruing	$	63,545		56,160	45,385	57,565	60,817	4
	As a Percentage of Loans Outstanding	0.15		%	0.14	0.11	0.15	0.16
	Accruing Troubled Debt Restructurings (TDRs)	$	118,755		164,101	145,957	119,804	126,055	(6)
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		September 30, 2022			December 31, 2021	September 30, 2021
	Common Equity Tier 1 Capital Ratio	9.51		%	9.50	9.58
	Tier 1 Capital Ratio	10.58			10.66	10.79
	Total Risk-Based Capital Ratio	12.44			12.61	12.92
	Tier 1 Leverage Ratio	9.04			8.72	8.78
	Total Shareholders' Equity as a Percentage of Total Assets	7.21			9.24	9.46
	Tangible Common Equity Ratio (2) (4)	5.52			7.52	7.68
	Book Value Per Common Share (3)	$	25.39		32.82	32.41
	Tangible Book Value Per Common Share (2)	22.08			29.46	29.04
	(1) Current quarter regulatory capital information is preliminary.
	(2) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	(3) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
	(4) See "Non-GAAP Financial Measures" of this report for applicable reconciliation.

EX-99.3

October 20, 2022 Third Quarter 2022 Results 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; (2) deposit growth, pricing, and betas; (3) net interest income and net interest margin; (4) revenue growth; (5) non- interest expense; (6) credit trends and key credit performance metrics; (7) capital position; (8) our future operating and financial performance; (9) our strategy and initiatives for future revenue growth, balance sheet management, capital management, expense savings, and technology; (10) our effective tax rate; 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, 2021 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 non-interest expense; adjusted tangible efficiency ratio; tangible common equity ratio, and adjusted pre-provision net revenue (PPNR) x Payment Protection Plan (PPP) revenue. 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 non-interest expense; efficiency ratio-TE; total shareholders' equity to total assets ratio; and PPNR, 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 is a measure used by management to evaluate non-interest revenue exclusive of net investment securities gains (losses) 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. The tangible common equity ratio is used by management and bank regulators to assess the strength of our capital position. Adjusted PPNR x PPP revenue is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons including PPP revenue. 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 2

Third Quarter 2022 Financial Highlights • Net Income(1) growth of 9% YoY ◦ PPNR(2) of $288 million, a 24% YoY increase ◦ Total revenue of $582 million, a 16% YoY increase ▪ Net interest income growth of 24% YoY • Loan growth of $1.4 billion, or 3% QoQ ◦ Growth is diversified across asset classes and commercial business lines • Total deposits down $1.3 billion, or 3% QoQ ◦ Account diminishment(3) drove deposit declines despite QoQ increases in net deposit production • Credit quality metrics continue to remain strong ◦ Charge-off ratio of 0.04% at historically low levels ◦ NPA/NPL and Criticized and Classified ratios remained stable quarter over quarter ◦ ACL ratio stable at 1.13% • Maintained CET1 ratio of 9.51% ◦ Robust capital generation used to support client loan growth Key Performance Metrics Reported Adjusted(4) Net Income Available to Common Shareholders(5) $194,753 $195,481 Diluted Earnings Per Share $1.33 $1.34 Return on Average Assets 1.39% 1.39% Return on Average Tangible Common Equity 21.3% 21.4% Efficiency Ratio-TE(6) 50.4% 50.0% Balance Sheet (Period-end, $ in millions) Total Loans, Net of Unearned $42,571 Deposits $47,698 (1) Available to common shareholders; (2) Pre-provision net revenue equals total revenue less non interest expense (3) Diminishment refers to accounts that remain open despite balance declines; (4) Non-GAAP financial measure; see appendix for applicable reconciliation; (5) In thousands; (6) Taxable equivalent; (7) Adjusted tangible efficiency ratio. 3 (7)

Total Loans 4 • 13% annualized loan growth QoQ ◦ Continued high credit quality commercial production, slowdown in CRE payoffs and an increase in the C&I utilization rate contributed to higher balances ◦ Higher utilization from C&I commitments existing at the end of 2Q22 contributed ~$170 million to 3Q22 loan growth ◦ Deceleration in CRE payoffs relative to 1H22 levels contributed ~$350 million to loan growth in 3Q22 • All business segments contributed to QoQ growth 10% 14% 11% 12% 14% 3Q21 4Q21 1Q22 2Q22 3Q22 QoQ Annualized % Change in Loans, ex. PPP Continued Loan Growth MomentumSummary Total C&I Revolving Commitments and Line Utilization $42.6 billion Loan Growth Attribution $42,571 $41,205 $785 $434 $148 2Q22 CRE C&I Consumer 3Q22 Change in Ending Loan Balances ($ in millions) (1) Amounts may not total due to rounding; (1) Includes changes in third-party consumer balances. ($ in millions) $12,373 $13,301 $13,873 46.1% 47.1% 47.3% Total Commitments C&I Line Utilization 1Q22 2Q22 3Q22

$(1,156) $(431) $(723) Total Deposits Non- interest Bearing Interest Bearing • Total deposits declined $1.3 billion, or 3% QoQ • Consumer non-interest bearing (NIB) deposits increased QoQ while seasonality and excess liquidity deployment led to commercial NIB decline • Non-bank deposit alternatives contributed to diminishment(1) in consumer and commercial interest bearing(2) accounts • Continued to see strong levels of new balance production, the result of focused relationship deepening and new customer acquisition 5 Total Deposits Summary QoQ Change in Ending Balances ($ in millions) Amounts may not total due to rounding; (1) Diminishment refers to accounts that remain open despite balance declines; (2) Interest bearing deposit accounts include savings, NOW, MMA, and time. $(742) $24 $(766) Total Deposits Non- interest Bearing Interest Bearing $47.7 billion 15% Total Deposit Beta Through September 0.25% 2.37% 2.75% 4Q21 3Q22 Sept 22 0.12% 0.38% 0.50% 4Q21 3Q22 Sept 22 Fed Target Average Total Deposit Cost 4Q21 vs. Month of September 2022 +250 bps +38 bps $875 Brokered Consumer Deposits Commercial Deposits (Ex Public Funds) (2) (2) $(314) Public Funds

55% 54% 55% 58% 59% 60% 61% 4Q16 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 $385 $425 $478 3.01% 3.22% 3.49% Net Interest Income Net Interest Margin 3Q21 2Q22 3Q22 3.49% 3.22% 0.05% 0.53% (0.19)% (0.13)% 0.03% 2Q22 Cash/Securities Yields Loan Yields Deposit Cost Wholesale Funding Other 3Q22 Net Interest Income NII Growth NIM Expansion ($ in millions) 3Q22 NIM: Primary Drivers of Change(1) Amounts may not total due to rounding; (1) Estimated impact; (2) Excluding brokered deposits which are included in wholesale funding; (3) 'Other' includes various unattributed items. 6 $478 million (2) Summary • NII growth of $93 million or 24% YoY ◦ Growth of $53 million or 12% QoQ • NII was supported by both loan growth and net interest margin expansion ◦ Margin expansion of 27 bps QoQ, aided by higher interest rates and deposit pricing discipline (3) Floating Rate Loan Portfolio Mix

$37 $13 $39 $15 3Q21 3Q22 Wealth Management Fees Card Fees Wealth Management and Card Fees Remain Strong Summary Fee Income Non-Interest Revenue ($ in millions) 3Q22 QoQ Δ YoY Δ Core Banking Fees(1) $44 (3)% 0% Wealth Revenue(2) $39 2% 5% Capital Markets Income $7 (7)% (15)% Net Mortgage Revenue $5 30% (55)% Total Other Income(3) $11 83% (23)% Total Adjusted Non-Interest Revenue(4) $105 5% (8)% Total Non-Interest Revenue $104 7% (9)% Amounts may not total due to rounding; (1) Include service charges on deposit accounts, card fees, letter of credit fees, ATM fee income, line of credit non-usage fee, gains (losses) from sales of SBA loans, and miscellaneous other service charges; (2) Consists of fiduciary/asset management, brokerage, and insurance revenues; (3) Includes earnings on equity method investments, income from BOLI, and other miscellaneous income; (4) Non-GAAP financial measure; see appendix for applicable reconciliation. 7 $104 million 14% • Card fees down QoQ due to seasonal trends, however up YoY due to account growth and increased spend levels • Wealth Revenue increased 5% YoY ◦ Non-market based advisory fees and short- term cash management products drove fee income • Net Mortgage Revenue continues to be impacted by the challenging residential mortgage environment 5% ($ in millions)

$267 $9 $8 $5 $2 $3 $294 Adjusted 3Q21 Performance Related Expense Hiring/ Compensation New Business Initiatives Infrastructure Expenses Other Adjusted 3Q22 $284 $4 $3 $3 $1 $294 Adjusted 2Q22 Performance Related Expense New Business Initiatives Hiring/ Compensation Other Adjusted 3Q22 QoQ Cost Drivers ($ in millions) 3Q22 QoQ Δ YoY Δ Total Employment $174 6% 9% Total Other $76 0% 21% Total Occupancy, Equipment, and Software $43 1% 0% Total Adjusted Non-Interest Expense(1) $294 4% 10% Total Non-Interest Expense $294 5% 10% Summary Expense YoY Cost Drivers Amounts may not total due to rounding; (1) Non-GAAP financial measure; see appendix for applicable reconciliation; (2) Performance related expense includes loan origination, FDIC expense, travel and entertainment, and incentives; (3) New business initiatives includes Maast, CIB, and expense related to other new growth initiatives; (4) Expenses associated with technology and operational upgrades; these expenses are included in 'Other' on the QoQ comparison chart. Non-Interest Expense 8 ($ in millions) ($ in millions) • Employment expense increases largely the result of higher salaries and performance based incentives • YoY increase in Other Expense reflects resumption of normal business activities post-COVID, operating costs directly related to realized revenue growth and investments in new growth initiatives $294 million (4) (2) (3) (3)(2)

NPA, NPL and Past Due Ratios $535 $469 $462 $458 $479 1.40% 1.19% 1.15% 1.11% 1.13% Allowance for Credit Losses ACL Coverage Ratio 3Q21 4Q21 1Q22 2Q22 3Q22 0.45% 0.40% 0.40% 0.33% 0.32% 0.41% 0.33% 0.33% 0.26% 0.29% 0.16% 0.15% 0.11% 0.14% 0.15% NPA Ratio NPL Ratio Total Past Dues > 30 Days Ratio 3Q21 4Q21 1Q22 2Q22 3Q22 $(8) $(55) $11 $13 $26$21 $11 $19 $17 $5 Provision for Credit Losses Net Charge-Offs 3Q21 4Q21 1Q22 2Q22 3Q22 Allowance for Credit Losses Amounts may not total due to rounding. 9 ($ in millions)($ in millions) 0.22% 0.11% 0.19% 0.16% 0.04%NCO Ratio:344% 358% 350% 420% 393%ACL to NPLs: • Stable overall credit metrics • Net Charge-offs remain at historic lows • ACL stable as loan portfolio credit improvements were offset by higher probability of downside economic scenarios Summary Credit Quality Provision and Net Charge-Offs

9.51%9.46% 0.39% (0.27)% (0.10)% 0.00% 0.03% Beginning CET1 Ratio (2Q22) Net Income Available to Common Shareholders Risk-Weighted Assets Common Dividends Share Repurchases Other Ending CET1 Ratio (3Q22) 9.58% 9.46% 9.51% Common Equity Tier 1 Tier 1 Tier 2 3Q21 2Q22 3Q22 Summary Capital Metrics Capital Ratios Capital Deployment Targeted Towards Organic Growth Amounts may not total due to rounding; (1) 3Q22 capital ratios are preliminary; (2) Includes changes in intangible assets and applicability of deferred tax assets. 10 (1) 10.56% 12.92% 12.43% 10.79% Total payout ratio: 25% (1) (2) • Stable capital ratios in 3Q22 as capital generated through earnings retained for core client growth • In 4Q22, expect to build capital through continued strong earnings and slower pace of loan growth ◦ In the current economic environment, plan to manage CET1 in the upper half of the established operating range of 9.25% to 9.75% 12.44% 10.58%

2022 Updated Guidance (1) Guidance provided during July 21, 2022 earnings call; (2) The 2021 baseline number for loan growth (ex. PPP) is $38.9 billion; (3) The 2021 adjusted revenue baseline number is $1.984 billion less PPP revenue of $95 million, or $1.889 billion; PPP revenue estimate of $14 million for 2022 ($13 million recognized through 3Q22); (4) The 2021 baseline number for adjusted non-interest expense is $1.087 billion; (5) Non-GAAP financial measure; see appendix for applicable reconciliation; (6) The 2021 baseline number for the PPNR calculation is 2021 adjusted revenue of $1.984 billion less PPP revenue of $95 million (PPP revenue estimate of $14 million for 2022); the 2021 baseline number for adjusted NIE is $1.087 billion. 11 Latest Guidance(1) Updated Loan Growth (ex. PPP)(2) Adjusted Revenue Growth (ex. PPP)(3)(5) Adjusted NIE Growth(4)(5) Adjusted PPNR Growth (ex. PPP)(5)(6) Ending CET1 Ratio Synovus Forward Effective Tax Rate At or above 8% Considerably above 11 % At or slightly above 6% Mid-20% 9.25% to 9.75% $175MM run-rate benefit by year-end 21% to 23% 15% - 16% ~ 11% 7% - 8% 25% - 27% 9.50% to 9.75% On track to achieve 21% to 22%

Appendix

Growth Initiatives Update 13 • Onboarding end-users with first pilot client • Testing and capability enhancements will continue through 2022 • Full product launch expected in first half of 2023 Syndicated Finance • Traction across our Wholesale and CIB sub-business lines • Planning to expand talent and augment technology in 2023 Treasury & Payment Solutions • Enhanced Foreign Exchange (FX) platform expected to launch in 4Q22 • MVP for Integrated Payments targeted for early 2023 Middle Market • Increased producer headcount 20%+ since the beginning of the year • Continue to focus on build-out in high growth markets (Central and South Florida, Atlanta, Nashville) Restaurant Vertical • QSR-focused funded loan balances greater than $500 million as of 3Q22 Financial Institutions (FIG) Technology, Media, and Communications (TMC) Healthcare Services Practice Leader in place Practice Leader in place Practice Leader in place • Closed first transactions in 3Q22 • Current CIB loan pipeline of more than $100mm Senior credit executive, managing director of DCM, and several credit and product support staff onboarded Corporate & Investment Banking (CIB)

($ in thousands) Allowance for Credit Losses ACL/Loans: Economic Scenario Assumptions and Weightings 1.11% 1.13% 1 $479,295 $458,396 $17,106 $13,086 $(11,829) $2,536 2Q22 Economic Factors Growth Performance Other Factors 3Q22 14 (1) (1) Other factors include the impact of dispositions, sub-pool changes, etc.; (2) Downside scenarios carry a total weighting of 70%, and correspond to Moody's August 2022 "S5" Slow Growth scenario and "S3" Downside 90th Percentile scenario; (3) Upside refers to Moody's August 2022 "S1" Upside 10th Percentile scenario; (4) 3rd quarter model estimates. 3rd Quarter Change from 2022(4) 2023(4) Scenario Model Weighting Previous Quarter GDP Unemployment GDP Unemployment Slow Growth(2) 55% +10% 1.6% 3.7% 1.0% 4.7% Consensus Baseline 25% -10% 1.7% 3.6% 1.3% 3.9% Downside(2) 15% NC 1.5% 4.2% (1.9)% 7.3% Upside(3) 5% NC 1.9% 3.6% 4.2% 3.3%

46.3% 45.3% 41.5% 35.7% 31.2% 6.7% 12.8% 18.1% 2.7% 2.9%8.6% 8.7% 8.3% 8.6% 8.3% 44.7% 42.3% 41.3% 40.2% 39.5% 3.97% 3.88% 3.76% 3.92% 4.60% LIBOR SOFR BSBY/Other Prime Fixed rate Yield 3Q21 4Q21 1Q22 2Q22 3Q22 Earning Assets Composition $10,494 $10,992 $11,158 $11,014 $11,077 1.45% 1.52% 1.68% 1.81% 1.93% Securities Yield 3Q21 4Q21 1Q22 2Q22 3Q22 $4,100 $4,750 $5,250 $4,250 $4,250 $4,100 $3,100 $3,100 $3,100 $2,350 1.21% 1.30% 1.39% 1.42% 1.42% 1.42% 1.37% 1.37% 1.37% 1.50% Notional Effective Rate 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 (1) Represents Total Notional outstanding of cash-flow loan hedges, along with the estimated effective fixed-rate for the respective period; (2) Amortized cost. 15 0.4% 1.5% 2.2% 2.2% ($ in millions) Loan Hedge Portfolio(1) Loan Portfolio Rate Mix and Yield Total Securities Portfolio Size(2) 4.3% 3.1% 1.9% 0.6% ~30% ~40% ~50% ~60% NII Sensitivity: +100 bps Scenario N II Se ns it iv it y vs . C yc le B et a Total Deposit Beta:

2Q22 3Q22 September 2022 ($ in millions; rates annualized) Avg. Balance Avg. Rate Avg. Balance Avg. Rate Avg. Rate Non-interest-bearing $16,960 N/A $16,904 N/A N/A Interest-bearing non-maturity (NMD) $26,348 0.16% $25,357 0.42% 0.51% Time $2,830 0.24% $2,270 0.42% 0.55% Brokered $2,879 0.88% $3,900 1.82% 2.27% Total interest-bearing $32,056 0.23% $31,527 0.59% 0.76% Total deposits $49,016 0.15% $48,431 0.38% 0.50% Average Deposit Costs 16

Loan Portfolio by Category • 92% are income-producing properties • Diversity among property types and geographies • Specialty lending(2) is well-diversified among multiple lines-of-business • C&I industry mix aligned with economic and demographic drivers • Weighted average credit score of 792 and 778 for Home Equity and Mortgage, respectively • Weighted average LTV of 73.6% and 73.1% for Home Equity and Mortgage, respectively(1) Consumer Portfolio - $9.1 billion CRE Portfolio - $12.3 billion C&I Portfolio - $21.2 billion Consumer R/E Related 16.1% C&I Specialty Lending(2) 22.9% Middle Market & Commercial Banking 26.9% Hotel 4.0% Shop ping C enter s 3.4% Of fic e B ldg . 6.9 % M ul ti- Fa m ily 6. 9%O th er C RE Pr op . T yp es 6. 4% Resi. Constr, Dev, Land 1.3% Consumer CRE C&I Portfolio Characteristics Consumer CRE C&I NPL Ratio 0.49% 0.08% 0.32% QTD Net Charge-off Ratio (annualized) 0.23% (0.01)% 0.00% 30+ Days Past Due Ratio 0.45% 0.02% 0.10% 90+ Days Past Due Ratio 0.02% 0.00% 0.01% Consu mer Non-R /E 5.2% 17 Amounts may not total due to rounding; (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the sum of the 9/30/2022 commitment amount and any existing senior lien; (2) Specialty lending is primarily comprised of our senior housing portfolio, national accounts, structured lending (primarily lender finance) and insurance premium finance.

Commercial Real Estate Composition of 3Q22 CRE Portfolio Total Portfolio $12.3 billion Investment Properties Land, Development and Residential Properties Portfolio Characteristics (as of September 30, 2022) Office Building Multi- family Shopping Centers Hotels Other Investment Properties Warehouse Residential Properties(1) Development & Land Balance (in millions) $2,946 $2,949 $1,441 $1,712 $1,246 $944 $640 $410 Weighted Average LTV(2) 54.5% 54.8% 52.5% 56.0% 57.1% 54.0% N/A N/A NPL Ratio 0.03% 0.09% 0.05% 0.00% 0.05% 0.02% 0.48% 0.41% Net Charge-off Ratio (annualized) 0.00% 0.00% (0.01)% 0.00% (0.04)% 0.00% (0.01)% (0.10)% 30+ Days Past Due Ratio 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.22% 0.03% 90+ Days Past Due Ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Investment Properties portfolio represent 92% of total CRE portfolio • The portfolio is well diversified among property types • Credit quality in Investment Properties portfolio remains excellent CRE Credit Quality • 0.08% NPL Ratio • (0.01)% Net Charge-Off Ratio (annualized) • 0.02% 30+ Day Past Due Ratio • 0.00% 90+ Day Past Due Ratio Amounts may not total due to rounding; (1) Includes 1-4 Family Construction and 1-4 Family Perm/Mini-Perm (primarily rental homes); (2) LTV calculated by dividing most recent appraisal (typically at origination) on non-construction component of portfolio by the 9/30/22 commitment amount. 18 18 2.0% 1.0% 1.6% 0.7% Office Building Multi-Family Hotels Shopping Center Other Investment Properties Warehouses 1-4 Family Perm/Mini-Perm 1-4 Family Construction Residential Development Land Acquisition Commercial Development 24.0%11.7% 13.9% 10.1% 24.0%7.7% 3.2%

C&I Portfolio Credit Indicator 3Q22 NPL Ratio 0.32% Net Charge-off Ratio (annualized) 0.00% 30+ Days Past Due Ratio 0.10% 90+ Days Past Due Ratio 0.01% • Wholesale Bank (includes Large Corporate, Middle Market, and Specialty Lines) represents 71% of C&I balances • Finance/Insurance predominantly represented by secured lender finance portfolio • Senior Housing consists of 85% private pay facilities Diverse Industry Exposure Total C&I Portfolio $21.2 billion 16.0% 14.7% 6.7% 6.7% 6.5% 5.7% 5.6% 5.1% 5.1% 4.5% 4.5% 4.0% 3.6% 2.9% 2.1% 2.0% 1.9% 1.2% 1.2% Finance/Insurance Senior Housing Health Care Manufacturing Accom. & Food Svcs. Wholesale Trade R/E Other Retail Trade Construction Prof., Scientific, Tech. Svcs. Other Services Transport/Warehousing R/E Leasing All Other Arts, Entertainment, & Rec. Educational Svcs. Public Administration Ag, Forestry, Fishing Admin., Support, Waste Mgmt. Amounts may not total due to rounding; (1) These segments are not two digit NAICS industry divisions; Senior Housing is a subset of NAICS 62 Health Care and Social Assistance, and R/E other and R/E leasing together comprise NAICS 53 Real Estate, Rental, and Leasing. 19 (1) (1) (1)

Consumer Portfolio Credit Indicator 3Q22 NPL Ratio 0.49% Net Charge-off Ratio (annualized) 0.23% 30+ Days Past Due Ratio 0.45% 90+ Days Past Due Ratio 0.02% • 76% of Consumer portfolio is backed by residential real estate • Other Consumer includes secured and unsecured products • Average consumer card utilization rate is 22% Total Consumer Portfolio $9.1 billion Credit Indicator Home Equity Mortgage Weighted Average Credit Score of 3Q22 Originations 789 768 Weighted Average Credit Score of Total Portfolio 792 778 Weighted Average LTV(1) 73.6% 73.1% Average DTI(2) 34.2% 32.1% Utilization Rate 37.7% N/A 57.0% 18.8% 17.4% 4.6% 2.2% Consumer Mortgage Home Equity Third-Party 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 sum of the 9/30/2022 commitment amount and any existing senior lien; (2) Average DTI of 3Q22 originations. Consumer Credit Quality 20

Third-Party Consumer 10.23% Core Transaction Deposits $1,721 $1,644 $1,618 $1,601 $1,580 $399 $642 $612 $841 $639 Held-for-Investment (HFI) Held-for-Sale (HFS) 3Q21 4Q21 1Q22 2Q22 3Q22 37% 10% 28% 24% Auto/RV/Marine Home Improvement Personal Student HFI Portfolio Composition 3Q22 ($ in millions) Auto/RV/ Marine Home Improvement Personal Student Loan Balance $590 $160 $447 $383 Weighted Avg. FICO Score 749 767 751 778 NPL Ratio 0.49% nm 0.26% 0.10% Net Charge-off Ratio (annualized) 0.78% nm 1.30% 0.34% 30+ Day Past Due Ratio 2.23% nm 0.69% 0.09% • Diversity among asset types; primarily fixed-rate loans • Credit Quality for HFI loans: ◦ Weighted Average FICO of 759 ◦ NPL Ratio of 0.28% ◦ Annualized Net Charge-off Ratio of 0.74% ◦ 30+ Day Past Due Ratio of 1.18% ($ in millions) 21Note: "nm" -- credit metrics not meaningful due to application of credit enhancements. Amounts may not total due to rounding.

Risk Distribution ($ in millions) Composition Change Risk Category 3Q22 2Q22 3Q22 vs. 2Q22 Passing Grades $41,643 $40,291 $1,352 Special Mention 389 392 (3) Substandard Accruing 418 413 5 Non-Performing Loans 122 109 13 Total Loans $42,572 $41,205 $1,367 Amounts may not total due to rounding. 22 $1,222 $1,028 $1,032 $914 $929 3.2% 2.6% 2.6% 2.2% 2.2% Criticized and Classified Loans % of Total Loans 3Q21 4Q21 1Q22 2Q22 3Q22 Portfolio Risk DistributionCriticized & Classified Loans

3Q21 4Q21 1Q22 2Q22 3Q22 Financial Performance Diluted EPS $1.21 $1.31 $1.11 $1.16 $1.33 Net interest margin 3.01% 2.96% 3.00% 3.22% 3.49% Efficiency ratio-TE 53.34% 57.85% 54.66% 53.87% 50.41% Adjusted tangible efficiency ratio(1) 52.96% 55.64% 55.50% 53.43% 49.98% ROAA(2) 1.34% 1.40% 1.22% 1.26% 1.39% Adjusted ROAA(1)(2) 1.33% 1.44% 1.19% 1.27% 1.39% Balance Sheet QoQ Growth Total loans —% 3% 2% 3% 3% Total deposits 1% 4% (2)% 1% (3)% Credit Quality NPA ratio 0.45% 0.40% 0.40% 0.33% 0.32% NCO ratio(2) 0.22% 0.11% 0.19% 0.16% 0.04% Capital Common shares outstanding(3) 145,484 145,010 145,335 145,358 145,443 Leverage ratio 8.78% 8.72% 8.87% 9.03% 9.04% Tangible common equity ratio(1) 7.68% 7.52% 6.80% 6.26% 5.52% Quarterly Highlights Trend (1) Non-GAAP financial measure; see applicable reconciliation; (2) Annualized; (3) In thousands; (4) Preliminary. (4) ©2022 Synovus. All Rights Reserved. 23 23

Condensed Income Statement ($ in thousands, except per share data) 3Q22 2Q22 3Q21 Net interest income $477,919 $425,388 $384,917 Non-interest revenue 104,298 97,266 114,955 Non-interest expense 294,010 282,051 267,032 Provision for (reversal of) credit losses 25,581 12,688 (7,868) Income before income taxes $262,626 $227,915 $240,708 Income tax expense 59,582 49,863 53,935 Preferred stock dividends 8,291 8,291 8,291 Net income available to common shareholders $194,753 $169,761 $178,482 Weighted average common shares outstanding, diluted 146,418 146,315 147,701 Net income per common share, diluted $1.33 $1.16 $1.21 24

($ in thousands, except per share data) 3Q22 2Q22 3Q21 Net income available to common shareholders $194,753 $169,761 $178,482 Add/subtract: Restructuring charges 956 (1,850) 319 Add/subtract: Investment securities losses (gains), net — — (962) Add: Valuation adjustment to Visa derivative — 3,500 — Add: Earnout liability adjustments — — (243) Add/subtract: Tax effect of adjustments(1) (228) (393) 164 Adjusted net income available to common shareholders $195,481 $171,018 $177,760 Weighted average common shares outstanding, diluted 146,418 146,315 147,701 Net income per common share, diluted $1.33 $1.16 $1.21 Adjusted net income per common share, diluted $1.34 $1.17 $1.20 Non-GAAP Financial Measures (1) An assumed marginal tax rate of 23.8% for 2022 and 25.3% for 2021 was applied. 25

Non-GAAP Financial Measures, Continued ($ in thousands) 3Q21 4Q21 1Q22 2Q22 3Q22 Net income $186,773 $200,401 $171,037 $178,052 $203,044 Add/subtract: Earnout liability adjustments (243) — — — — Add/subtract: Restructuring charges 319 5,958 (6,424) (1,850) 956 Add: Valuation adjustment to Visa derivative — 2,656 — 3,500 — Add: Loss on early extinguishment of debt — — 677 — — Add/subtract: Investment securities losses (gains), net (962) (230) — — — Add/subtract: Tax effect of adjustments(1) 164 (2,121) 1,369 (393) (228) Adjusted net income $186,051 $206,664 $166,659 $179,309 $203,772 Net income annualized $741,002 $795,069 $693,650 $714,165 $805,555 Adjusted net income annualized $738,137 $819,917 $675,895 $719,206 $808,443 Total average assets $55,326,260 $56,911,929 $56,855,898 $56,536,940 $58,055,979 Return on average assets 1.34% 1.40% 1.22% 1.26% 1.39% Adjusted return on average assets 1.33% 1.44% 1.19% 1.27% 1.39% (1) An assumed marginal tax rate of 23.8% for 2022 and 25.3% for 2021 was applied. 26

Non-GAAP Financial Measures, Continued ($ in thousands) 3Q22 2Q22 3Q21 Net income available to common shareholders $194,753 $169,761 $178,482 Add/subtract: Restructuring charges 956 (1,850) 319 Add: Valuation adjustment to Visa derivative — 3,500 — Subtract/add: Earnout liability adjustments — — (243) Add/subtract: Investment securities losses (gains), net — — (962) Add/subtract: Tax effect of adjustments(1) (228) (393) 164 Adjusted net income available to common shareholders $195,481 $171,018 $177,760 Adjusted net income available to common shareholders annualized $775,550 $685,951 $705,243 Add: Amortization of intangibles, annualized net of tax $6,401 $6,471 $7,050 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $781,951 $692,422 $712,293 Net income available to common shareholders annualized $772,661 $680,910 $708,108 Add: Amortization of intangibles, annualized net of tax $6,401 $6,471 $7,050 Net income available to common shareholders excluding amortization of intangibles annualized $779,062 $687,381 $715,158 Total average shareholders' equity less preferred stock $4,141,516 $4,132,536 $4,734,754 Subtract: Goodwill $(452,390) $(452,390) $(452,390) Subtract: Other intangible assets, net $(30,214) $(32,387) $(39,109) Total average tangible shareholders' equity less preferred stock $3,658,912 $3,647,759 $4,243,255 Return on average common equity 18.66% 16.48% 14.96% Adjusted return on average common equity 18.73% 16.60% 14.90% Return on average tangible common equity 21.29% 18.84% 16.85% Adjusted return on average tangible common equity 21.37% 18.98% 16.79% (1) An assumed marginal tax rate of 23.8% for 2022 and 25.3% for 2021 was applied. 27

Non-GAAP Financial Measures, Continued ($ in thousands) 3Q22 2Q22 3Q21 Total non-interest revenue $104,298 $97,266 $114,955 Subtract/add: Investment securities (gains) losses, net — — (962) Subtract/add: Fair value adjustment on non-qualified deferred compensation 1,076 3,240 97 Adjusted non-interest revenue $105,374 $100,506 $114,090 28 ($ in thousands) 2021 Net interest income $1,532,947 Add: Tax equivalent adjustment 3,185 FTE net interest income 1,536,132 Total non-interest revenue 450,066 Subtract/add: Investment securities (gains) losses, net 799 Subtract/add: Fair value adjustment on non-qualified deferred compensation (2,816) Adjusted non-interest revenue 448,049 Adjusted revenue 1,984,181 Subtract: PPP revenue 94,733 Adjusted revenue x PPP revenue 1,889,448 Total non-interest expense 1,099,904 Subtract: Earning liability adjustments (507) Subtract: Restructuring charges (7,223) Subtract: Valuation adjustment to Visa derivative (2,656) Subtract/add: Fair value adjustment on non-qualified deferred compensation (2,816) Adjusted non-interest expense 1,086,702 Pre-provision net revenue (PPNR) 883,109 Adjusted PPNR x PPP revenue 802,746

Non-GAAP Financial Measures, Continued ($ in thousands) 3Q21 4Q21 1Q22 2Q22 3Q22 Total non-interest expense $267,032 $295,207 $272,450 $282,051 $294,010 Subtract/add: Earnout liability adjustments 243 — — — — Subtract/add: Restructuring charges (319) (5,958) 6,424 1,850 (956) Subtract/add: Fair value adjustment on non-qualified deferred compensation 97 (995) 1,295 3,240 1,076 Subtract: Valuation adjustment to Visa derivative — (2,656) — (3,500) — Subtract: Loss on early extinguishment of debt — — (677) — — Adjusted non-interest expense $267,053 $285,598 $279,492 $283,641 $294,130 Subtract: Amortization of intangibles (2,379) (2,379) (2,118) (2,118) (2,118) Adjusted tangible non-interest expense $264,674 $283,219 $277,374 $281,523 $292,012 Net interest income $384,917 $392,313 $392,248 $425,388 $477,919 Add: Tax equivalent adjustment 736 884 865 960 972 Add: Total non-interest revenue 114,955 117,068 105,334 97,266 104,298 Total TE revenue $500,608 $510,265 $498,447 $523,614 $583,189 Subtract/add: Investment securities losses (gains), net (962) (230) — — — Subtract/add: Fair value adjustment on non-qualified deferred compensation 97 (995) 1,295 3,240 1,076 Total adjusted revenue $499,743 $509,040 $499,742 $526,854 $584,265 Efficiency ratio-TE 53.3% 57.9% 54.7% 53.9% 50.4% Adjusted tangible efficiency ratio 53.0% 55.6% 55.5% 53.4% 50.0% 29

Non-GAAP Financial Measures, Continued ($ in thousands) 3Q21 4Q21 1Q22 2Q22 3Q22 Total assets $55,509,129 $57,317,226 $56,419,549 $57,382,745 $58,639,522 Subtract: Goodwill (452,390) (452,390) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (37,975) (35,596) (33,478) (31,360) (29,242) Tangible assets $55,018,764 $56,829,240 $55,933,681 $56,898,995 $58,157,890 Total shareholders’ equity $5,252,802 $5,296,800 $4,824,635 $4,584,438 $4,229,715 Subtract: Goodwill (452,390) (452,390) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (37,975) (35,596) (33,478) (31,360) (29,242) Subtract: Preferred Stock, no par value (537,145) (537,145) (537,145) (537,145) (537,145) Tangible common equity $4,225,292 $4,271,669 $3,801,622 $3,563,543 $3,210,938 Total shareholders’ equity to total assets ratio 9.46% 9.24% 8.55% 7.99% 7.21% Tangible common equity ratio 7.68% 7.52% 6.80% 6.26% 5.52% 30

XML

Cover Page	Oct. 20, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 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	641-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000018349
Amendment Flag	false
Common Stock, $1.00 Par Value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	SNV
Security Exchange Name	NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Trading Symbol	SNV-PrD
Security Exchange Name	NYSE
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	SNV-PrE
Security Exchange Name	NYSE