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 18, 2023

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 January 18, 2023, 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, 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 twelve month periods ended December 31, 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 January 18, 2023, 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 19, 2023.
	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 18, 2023
	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 18, 2023	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 Fourth Quarter 2022

Diluted Earnings per Share of $1.35 vs. $1.33 in 3Q22

Adjusted Diluted Earnings per Share of $1.35 vs. $1.34 in 3Q22

COLUMBUS, Ga., Jan. 18, 2023 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended Dec. 31, 2022. "Our 2022 financial results validated the resiliency of our business model and our team's ability to successfully execute on key strategic growth initiatives while delivering top quartile returns and efficiency," said Kevin Blair, Synovus chairman, CEO and president. "With pre-provision net revenue up 19%, the year was shaped by broad-based growth and stability in our core banking franchise that enabled investments in new sources of growth and enhancements to the client experience. Our commonsense approach to expense, credit, and capital management positions us for continued growth while remaining flexible as economic volatility persists. 2023 is a year of focused execution that will continue to drive profitable growth, enhanced service quality, and deeper client relationships. And as we also navigate uncertain economic terrain, risk profile resiliency, broad-based deposit generation, and strong credit vigilance remain top priorities. We're confident in the strength of our footprint, talent, and ability to execute, which will translate into achieving our stated near-term and long-term financial targets."

2022 Highlights

•Net income available to common shareholders for 2022 was $724.7 million, or $4.95 per diluted share, as compared to $727.3 million, or $4.90 per diluted share, for 2021.

•Pre-provision net revenue of $1.05 billion increased $165.6 million, or 19%, largely driven by robust net interest income growth that was fueled by strong loan growth and an overall asset sensitive position given rising interest rates.

◦Adjusted pre-provision net revenue excluding Paycheck Protection Program (PPP) revenue of $1.04 billion increased $233.0 million, or 29%.

•Period-end loans increased $4.79 billion, or 12%, excluding PPP loans, with broad-based growth across asset classes led by commercial lines of business.

•Period-end deposits declined $555.7 million, or 1%, impacted by increasing pricing pressures; however, overall deposit costs benefited from prudent pricing strategy and an extended lag on deposit pricing.

•Credit metrics including non-performing loan, non-performing asset, and net charge-off ratios are at or near historically low levels.

•Provision for credit losses of $84.6 million in 2022 compared to a reversal of credit losses of $106.3 million for the prior year. 2022 results reflect a deterioration in the economic outlook for 2023 and 2024 and strong loan growth, while prior year results benefited from an improvement in the economic outlook as the effects of the COVID-19 pandemic began to subside.

•Preliminary year-end CET1 ratio of 9.63% increased to upper half of target operating range of 9.25% to 9.75%.

•Continued progress on key strategic initiatives as pre-tax run rate benefit of $175 million Synovus Forward initiative was achieved.

Fourth Quarter 2022 Highlights

•Net income available to common shareholders was $197.5 million, or $1.35 per diluted share, up $0.02 sequentially and up $0.04 compared to the fourth quarter 2021.

•Total revenue of $603.8 million increased $21.6 million, or 4%, sequentially and was up $94.4 million, or 19%, compared to the fourth quarter 2021.

•Pre-provision net revenue of $294.8 million increased $6.6 million, or 2%, sequentially and was up $80.6 million, or 38%, compared to the fourth quarter 2021.

•Period-end loans increased $1.14 billion, or 3%, representing a growth rate of 11%annualized, our sixth consecutive quarter of annualized double-digit loan growth.

•Period-end deposits grew $1.17 billion, or 2%, sequentially.

◦Core deposits increased $372.8 million, or 1%, sequentially.

•Credit quality metrics remained stable from the previous quarter and included a quarter-end non-performing loan ratio of 0.29%, non-performing asset ratio of 0.33%, and a quarterly net charge-off ratio of 0.12%.

•Preliminary CET1 ratio of 9.63% grew 11 bps sequentially as capital generation continued to support client loan growth.

Fourth Quarter 2022 Summary

	Reported									Adjusted
(dollars in thousands)	4Q22			3Q22			4Q21			4Q22			3Q22			4Q21
Net income available to common shareholders	$	197,479		$	194,753		$	192,110		$	197,576		$	195,481		$	198,373
Diluted earnings per share	1.35			1.33			1.31			1.35			1.34			1.35
Total revenue	603,785			582,217			509,381			N/A			N/A			N/A
Total loans	43,716,353			42,571,458			39,311,958			N/A			N/A			N/A
Total deposits	48,871,559			47,697,564			49,427,276			N/A			N/A			N/A
Return on avg assets	1.38		%	1.39		%	1.40		%	1.39		%	1.39		%	1.44		%
Return on avg common equity	20.93			18.66			16.11			20.94			18.73			16.64
Return on avg tangible common equity	24.21			21.29			18.14			24.22			21.37			18.72
Net interest margin	3.60			3.49			2.96			N/A			N/A			N/A
Efficiency ratio-TE(1)(2)	51.08			50.41			57.85			50.58			49.98			55.64
NCO ratio-QTD	0.12			0.04			0.11			N/A			N/A			N/A
NPA ratio	0.33			0.32			0.40			N/A			N/A			N/A

(1) Taxable equivalent

(2) Adjusted tangible efficiency ratio

Balance Sheet

Loans*
(dollars in millions)	4Q22		3Q22		Linked Quarter Change		Linked Quarter % Change		4Q21		Year/Year Change		Year/Year % Change
Commercial & industrial**	$	22,066.7	$	21,212.5	$	854.1	4	%	$	19,622.9	$	2,443.7	12	%
Commercial real estate	12,650.3		12,288.0		362.3		3		11,015.1		1,635.2		15
Consumer	8,999.4		9,071.0		(71.6)		(1)		8,673.9		325.5		4
Total loans	$	43,716.4	$	42,571.5	$	1,144.9	3	%	$	39,311.9	$	4,404.4	11	%

*    Amounts may not total due to rounding

**    Includes PPP balances of $14.7 million, $42.8 million, and $399.6 million at 4Q22, 3Q22, and 4Q21, respectively.

•Total loans ended the quarter at $43.72 billion, up $1.14 billion sequentially, or 11% annualized, led by continued diversified growth from commercial lines of business across multiple industries and segments.

Deposits*
(dollars in millions)	4Q22		3Q22		Linked Quarter Change		Linked Quarter % Change		4Q21		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	14,574.5	$	15,373.7	$	(799.3)	(5)	%	$	15,242.8	$	(668.4)	(4)	%
Interest-bearing DDA	5,761.4		5,776.8		(15.4)		—		6,347.0		(585.6)		(9)
Money market	12,480.7		12,918.6		(437.9)		(3)		14,886.4		(2,405.7)		(16)
Savings	1,396.4		1,470.1		(73.7)		(5)		1,404.4		(8.0)		(1)
Public funds	6,635.6		5,549.7		1,085.9		20		6,284.6		351.0		6
Time deposits	2,724.1		2,110.9		613.1		29		2,427.1		297.0		12
Brokered deposits	5,299.0		4,497.8		801.2		18		2,835.0		2,464.0		87
Total deposits	$	48,871.6	$	47,697.6	$	1,174.0	2	%	$	49,427.3	$	(555.7)	(1)	%

*    Amounts may not total due to rounding

•Total deposits ended the quarter at $48.87 billion, an increase of $1.17 billion, or 2%, sequentially as focus on new deposit production and seasonal benefit from public funds drove growth.

•Total deposit costs increased 50 bps from the third quarter 2022 to 88 bps.

◦Total deposit beta cycle to date through the fourth quarter 2022 of 21% reflects disciplined pricing strategy and benefit from lag in deposit repricing.

Income Statement Summary*
(in thousands, except per share data)	4Q22			3Q22			Linked Quarter Change		Linked Quarter % Change		4Q21			Year/Year Change		Year/Year % Change
Net interest income	$	501,346		$	477,919		$	23,427	5	%	$	392,313		$	109,033	28	%
Non-interest revenue	102,439			104,298			(1,859)		(2)		117,068			(14,629)		(12)
Non-interest expense	308,996			294,010			14,986		5		295,207			13,789		5
Provision for (reversal of) credit losses	34,884			25,581			9,303		36		(55,210)			90,094		nm
Income before taxes	$	259,905		$	262,626		$	(2,721)	(1)	%	$	269,384		$	(9,479)	(4)	%
Income tax expense	54,135			59,582			(5,447)		(9)		68,983			(14,848)		(22)
Preferred stock dividends	8,291			8,291			—		—		8,291			—		—
Net income available to common shareholders	$	197,479		$	194,753		$	2,726	1	%	$	192,110		$	5,369	3	%
Weighted average common shares outstanding, diluted	146,528			146,418			110		—		146,793			(265)		—
Diluted earnings per share	$	1.35		$	1.33		$	0.02	2	%	$	1.31		$	0.04	3	%
Adjusted diluted earnings per share	$	1.35		$	1.34		$	0.01	1	%	$	1.35		$	—	—	%
Effective tax rate	20.83		%	22.69		%					25.61		%

*    Amounts may not total due to rounding

Core Performance

•Net interest income increased $23.4 million, or 5%, compared to the prior quarter and was up $109.0 million, or 28%, compared to the fourth quarter 2021, driven by loan growth, interest rate increases, and disciplined deposit pricing.

◦Net interest margin was 3.60%, up 11 bps from the previous quarter.

•Non-interest revenue of $102.4 million decreased $1.9 million, or 2%, sequentially and declined $14.6 million, or 12%, compared to the fourth quarter 2021.

◦Unfavorable valuation adjustments totaling $5.0 million for two tax equity investment partnerships and continued lower mortgage banking income from a challenging environment were somewhat offset by growth in wealth revenue and card fees.

•Non-interest expense increased $15.0 million, or 5%, sequentially and was up $13.8 million, or 5%, compared to the fourth quarter 2021.

◦Increases were primarily driven by a combination of performance-related costs which align with financial performance, investments in new business initiatives, and infrastructure spend.

•Credit quality ratios remain historically strong. The non-performing loan and asset ratios were stable at 0.29% and 0.33%, respectively; the net charge-off ratio for the quarter was 0.12%, in line with recent levels; and total past dues were 0.15% of total loans outstanding.

•Provision for credit losses of $34.9 million increased $9.3 million sequentially and compares to a reversal of credit losses for the fourth quarter 2021 of $55.2 million. The increases were impacted by uncertain economic conditions, loan growth, and the cessation of a third-party lending relationship.

◦The allowance for credit losses coverage ratio (to loans) of 1.15% was up 2 bps sequentially and down 4 bps compared to the prior year and reflects the positive performance in the loan portfolio offset by a negative bias influencing future economic scenario metrics.

Capital Ratios
	4Q22			3Q22		4Q21
Common equity Tier 1 capital (CET1) ratio	9.63	%	*	9.52	%	9.50	%
Tier 1 capital ratio	10.68		*	10.59		10.66
Total risk-based capital ratio	12.54		*	12.45		12.61
Tier 1 leverage ratio	9.07		*	9.04		8.72
Tangible common equity ratio	5.84			5.52		7.52

*    Ratios are preliminary

Capital

•Preliminary CET1 ratio improved 11 bps sequentially to 9.63%, and the preliminary total risk-based capital ratio of 12.54% increased 9 bps from the prior quarter as capital generated from earnings supported continued strong loan growth.

Fourth Quarter 2022Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on Jan. 19, 2023. 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 $60 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 246

branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Companyand 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 intended strategies, initiatives, and other operational and execution goals; 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 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 (PPNR) excluding PPP revenue are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are 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 PPNR, 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 tangible efficiency ratio is a measure 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 PPNR ex. PPP 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 including PPP revenue. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	4Q22			3Q22			4Q21
Adjusted tangible efficiency ratio
Total non-interest expense	$	308,996		$	294,010		$	295,207
Subtract/add: Restructuring charges	2,372			(956)			(5,958)
Subtract: Valuation adjustment to Visa derivative	(2,500)			—			(2,656)
Subtract/add: Fair value adjustment on non-qualified deferred compensation	(1,557)			1,076			(995)
Adjusted non-interest expense	$	307,311		$	294,130		$	285,598
Subtract: Amortization of intangibles	(2,118)			(2,118)			(2,379)
Adjusted tangible non-interest expense	$	305,193		$	292,012		$	283,219
Net interest income	$	501,346		$	477,919		$	392,313
Add: Taxable equivalent adjustment	1,131			972			884
Add: Total non-interest revenue	102,439			104,298			117,068
Total TE revenue	604,916			583,189			510,265
Subtract/add: Investment securities (gains) losses, net	—			—			(230)
Subtract/add: Fair value adjustment on non-qualified deferred compensation	(1,557)			1,076			(995)
Adjusted revenue	$	603,359		$	584,265		$	509,040
Efficiency ratio-TE	51.08		%	50.41		%	57.85		%
Adjusted tangible efficiency ratio	50.58			49.98			55.64

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)	4Q22			3Q22			4Q21
Adjusted return on average assets
Net income	$	205,770		$	203,044		$	200,401
Add/subtract: Restructuring charges	(2,372)			956			5,958
Add: Valuation adjustment to Visa derivative	2,500			—			2,656
Subtract/add: Investment securities (gains) losses, net	—			—			(230)
Subtract/add: Tax effect of adjustments(1)	(31)			(228)			(2,121)
Adjusted net income	$	205,867		$	203,772		$	206,664
Net income annualized	$	816,370		$	805,555		$	795,069
Adjusted net income annualized	$	816,755		$	808,443		$	819,917
Total average assets	$	58,963,417		$	58,055,979		$	56,911,929
Return on average assets	1.38		%	1.39		%	1.40		%
Adjusted return on average assets	1.39			1.39			1.44
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	197,479		$	194,753		$	192,110
Add/subtract: Restructuring charges	(2,372)			956			5,958
Add: Valuation adjustment to Visa derivative	2,500			—			2,656
Subtract/add: Investment securities (gains) losses, net	—			—			(230)
Subtract/add: Tax effect of adjustments(1)	(31)			(228)			(2,121)
Adjusted net income available to common shareholders	$	197,576		$	195,481		$	198,373
Weighted average common shares outstanding, diluted	146,528			146,418			146,793
Net income per common share, diluted	$	1.35		$	1.33		$	1.31
Adjusted net income per common share, diluted	1.35			1.34			1.35

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	4Q22			3Q22			4Q21
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	$	197,479		$	194,753		$	192,110
Add/subtract: Restructuring charges	(2,372)			956			5,958
Add: Valuation adjustment to Visa derivative	2,500			—			2,656
Subtract/add: Investment securities (gains) losses, net	—			—			(230)
Subtract/add: Tax effect of adjustments(1)	(31)			(228)			(2,121)
Adjusted net income available to common shareholders	$	197,576		$	195,481		$	198,373
Adjusted net income available to common shareholders annualized	$	783,861		$	775,550		$	787,023
Add: Amortization of intangibles, tax effected, annualized	6,358			6,401			7,050
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	790,219		$	781,951		$	794,073
Net income available to common shareholders annualized	$	783,476		$	772,661		$	762,176
Add: Amortization of intangibles, tax effected, annualized	6,358			6,401			7,050
Net income available to common shareholders excluding amortization of intangibles annualized	$	789,834		$	779,062		$	769,226
Total average shareholders' equity less preferred stock	$	3,742,927		$	4,141,516		$	4,730,828
Subtract: Goodwill	(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(28,174)			(30,214)			(36,805)
Total average tangible shareholders' equity less preferred stock	$	3,262,363		$	3,658,912		$	4,241,633
Return on average common equity	20.93		%	18.66		%	16.11		%
Adjusted return on average common equity	20.94			18.73			16.64
Return on average tangible common equity	24.21			21.29			18.14
Adjusted return on average tangible common equity	24.22			21.37			18.72

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,			September 30,			December 31,
(dollars in thousands)	2022			2022			2021
Tangible common equity ratio
Total assets	$	59,731,378		$	58,639,522		$	57,317,226
Subtract: Goodwill	(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(27,124)			(29,242)			(35,596)
Tangible assets	$	59,251,864		$	58,157,890		$	56,829,240
Total shareholders’ equity	$	4,475,801		$	4,229,715		$	5,296,800
Subtract: Goodwill	(452,390)			(452,390)			(452,390)
Subtract: Other intangible assets, net	(27,124)			(29,242)			(35,596)
Subtract: Preferred stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	3,459,142		$	3,210,938		$	4,271,669
Total shareholders’ equity to total assets ratio	7.49		%	7.21		%	9.24		%
Tangible common equity ratio	5.84			5.52			7.52
(1) An assumed marginal tax rate of 24.3% for 4Q22, 23.8% for 3Q22, and 25.3% for 4Q21 was applied.

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	2022		2021
Adjusted pre-provision net revenue (PPNR) ex. PPP revenue
Net interest income	$	1,796,900	$	1,532,947
Add: Total non-interest revenue	409,336		450,066
Subtract: Total non-interest expense	(1,157,506)		(1,099,904)
Pre-provision net revenue	$	1,048,730	$	883,109
Net interest income	$	1,796,900	$	1,532,947
Add: Taxable equivalent adjustment	3,927		3,185
TE net interest income	1,800,827		1,536,132
Add: Total non-interest revenue	$	409,336	$	450,066
Total TE revenue	2,210,163		1,986,198
Subtract/add: Investment securities (gains) losses, net	—		799
Subtract/add: Fair value adjustment on non-qualified deferred compensation	4,054		(2,816)
Adjusted revenue	$	2,214,217	$	1,984,181
Subtract: PPP revenue	(13,866)		(94,733)
Adjusted revenue ex. PPP revenue	$	2,200,351	$	1,889,448
Total non-interest expense	$	1,157,506	$	1,099,904
Subtract: Earnout liability adjustments	—		(507)
Subtract: Loss on early extinguishment of debt	(677)		—
Subtract/add: Restructuring charges	9,690		(7,223)
Subtract: Valuation adjustment to Visa derivative	(6,000)		(2,656)
Subtract/add: Fair value adjustment on non-qualified deferred compensation	4,054		(2,816)
Adjusted non-interest expense	$	1,164,573	$	1,086,702
Adjusted revenue ex. PPP revenue	$	2,200,351	$	1,889,448
Subtract: Adjusted non-interest expense	(1,164,573)		(1,086,702)
Adjusted PPNR ex. PPP revenue	$	1,035,778	$	802,746

EX-99.2

Synovus								Exhibit 99.2
	INCOME STATEMENT DATA
	(Unaudited)	Years Ended
	(Dollars in thousands, except per share data)	December 31,
		2022			2021			% Change
	Interest income	$	2,075,787		$	1,653,343		26	%
	Interest expense	278,887			120,396			132
	Net interest income	1,796,900			1,532,947			17
	Provision for (reversal of) credit losses	84,553			(106,251)			nm
	Net interest income after provision for credit losses	1,712,347			1,639,198			4
	Non-interest revenue:
	Service charges on deposit accounts	93,067			86,310			8
	Fiduciary and asset management fees	78,414			77,147			2
	Card fees	61,833			51,399			20
	Brokerage revenue	67,034			56,439			19
	Mortgage banking income	17,476			54,371			(68)
	Capital markets income	26,702			26,118			2
	Income from bank-owned life insurance	29,720			38,019			(22)
	Investment securities gains (losses), net	—			(799)			nm
	Other non-interest revenue	35,090			61,062			(43)
	Total non-interest revenue	409,336			450,066			(9)
	Non-interest expense:
	Salaries and other personnel expense	681,710			649,426			5
	Net occupancy, equipment, and software expense	174,730			169,222			3
	Third-party processing and other services	88,617			86,688			2
	Professional fees	37,189			32,785			13
	FDIC insurance and other regulatory fees	29,083			22,355			30
	Restructuring charges	(9,690)			7,223			(234)
	Other operating expenses	155,867			132,205			18
	Total non-interest expense	1,157,506			1,099,904			5
	Income before income taxes	964,177			989,360			(3)
	Income tax expense	206,275			228,893			(10)
	Net income	757,902			760,467			—
	Less: Preferred stock dividends	33,163			33,163			—
	Net income available to common shareholders	$	724,739		$	727,304		—	%
	Net income per common share, basic	4.99			4.95			1	%
	Net income per common share, diluted	4.95			4.90			1
	Cash dividends declared per common share	1.36			1.32			3
	Return on average assets	1.32		%	1.37		%	(5)	bps
	Return on average common equity	17.41			15.56			185
	Weighted average common shares outstanding, basic	145,364			147,041			(1)	%
	Weighted average common shares outstanding, diluted	146,481			148,495			(1)
	nm - not meaningful
	bps - basis points

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2022						2021	Fourth Quarter
		Fourth Quarter			Third Quarter	Second Quarter	First Quarter	Fourth Quarter	'22 vs '21
									% Change
	Interest income	$	654,654		551,299	453,772	416,062	418,279	57	%
	Interest expense	153,308			73,380	28,384	23,814	25,966	490
	Net interest income	501,346			477,919	425,388	392,248	392,313	28
	Provision for (reversal of) credit losses	34,884			25,581	12,688	11,400	(55,210)	nm
	Net interest income after provision for credit losses	466,462			452,338	412,700	380,848	447,523	4
	Non-interest revenue:
	Service charges on deposit accounts	23,639			23,398	23,491	22,539	22,221	6
	Fiduciary and asset management fees	18,836			19,201	20,100	20,277	20,602	(9)
	Card fees	15,887			15,101	16,089	14,756	12,861	24
	Brokerage revenue	19,996			17,140	15,243	14,655	14,795	35
	Mortgage banking income	2,554			5,065	3,904	5,953	7,059	(64)
	Capital markets income	6,998			6,839	7,393	5,472	7,188	(3)
	Income from bank-owned life insurance	7,206			6,792	9,165	6,556	15,168	(52)
	Investment securities gains (losses), net	—			—	—	—	230	nm
	Other non-interest revenue	7,323			10,762	1,881	15,126	16,944	(57)
	Total non-interest revenue	102,439			104,298	97,266	105,334	117,068	(12)
	Non-interest expense:
	Salaries and other personnel expense	182,629			173,334	161,063	164,684	167,018	9
	Net occupancy, equipment, and software expense	45,192			43,462	43,199	42,877	42,780	6
	Third-party processing and other services	23,130			22,539	21,952	20,996	22,791	1
	Professional fees	11,096			6,755	10,865	8,474	9,014	23
	FDIC insurance and other regulatory fees	8,232			7,707	6,894	6,250	6,016	37
	Restructuring charges	(2,372)			956	(1,850)	(6,424)	5,958	(140)
	Other operating expenses	41,089			39,257	39,928	35,593	41,630	(1)
	Total non-interest expense	308,996			294,010	282,051	272,450	295,207	5
	Income before income taxes	259,905			262,626	227,915	213,732	269,384	(4)
	Income tax expense	54,135			59,582	49,863	42,695	68,983	(22)
	Net income	205,770			203,044	178,052	171,037	200,401	3
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	8,291	—
	Net income available to common shareholders	$	197,479		194,753	169,761	162,746	192,110	3
	Net income per common share, basic	$	1.36		1.34	1.17	1.12	1.32	3	%
	Net income per common share, diluted	1.35			1.33	1.16	1.11	1.31	3
	Cash dividends declared per common share	0.34			0.34	0.34	0.34	0.33	3
	Return on average assets *	1.38		%	1.39	1.26	1.22	1.40	(2)	bps
	Return on average common equity *	20.93			18.66	16.48	14.20	16.11	482
	Weighted average common shares outstanding, basic	145,467			145,386	145,328	145,273	145,316	—	%
	Weighted average common shares outstanding, diluted	146,528			146,418	146,315	146,665	146,793	—
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

`

Synovus
	BALANCE SHEET DATA	December 31, 2022		September 30, 2022		December 31, 2021
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	624,097	$	516,163	$	432,925
	Interest-bearing funds with Federal Reserve Bank	1,280,684		1,260,748		2,479,006
	Interest earning deposits with banks	34,632		32,445		25,535
	Federal funds sold and securities purchased under resale agreements	38,367		58,448		72,387
	Cash and cash equivalents	1,977,780		1,867,804		3,009,853
	Investment securities available for sale, at fair value	9,678,103		9,587,508		10,918,329
	Loans held for sale ($51,136, $56,517, and $108,198 measured at fair value, respectively)	391,502		696,450		750,642
	Loans, net of deferred fees and costs	43,716,353		42,571,458		39,311,958
	Allowance for loan losses	(443,424)		(421,359)		(427,597)
	Loans, net	43,272,929		42,150,099		38,884,361
	Cash surrender value of bank-owned life insurance	1,089,280		1,084,060		1,068,616
	Premises, equipment, and software, net	370,632		376,823		407,241
	Goodwill	452,390		452,390		452,390
	Other intangible assets, net	27,124		29,242		35,596
	Other assets	2,471,638		2,395,146		1,790,198
	Total assets	$	59,731,378	$	58,639,522	$	57,317,226
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	15,639,899	$	16,359,551	$	16,392,653
	Interest-bearing deposits	33,231,660		31,338,013		33,034,623
	Total deposits	48,871,559		47,697,564		49,427,276
	Federal funds purchased and securities sold under repurchase agreements	146,588		240,210		264,133
	Other short-term borrowings	603,384		614,232		200
	Long-term debt	4,109,597		4,434,327		1,204,229
	Other liabilities	1,524,449		1,423,474		1,124,588
	Total liabilities	55,255,577		54,409,807		52,020,426
	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 170,141,492, 170,097,791, and 169,383,758; outstanding 145,486,634, 145,442,933, and 145,010,086	170,141		170,098		169,384
	Additional paid-in capital	3,920,346		3,916,729		3,894,109
	Treasury stock, at cost – 24,654,858, 24,654,858, and 24,373,672 shares	(944,484)		(944,484)		(931,497)
	Accumulated other comprehensive income (loss), net	(1,442,117)		(1,534,314)		(82,321)
	Retained earnings	2,234,770		2,084,541		1,709,980
	Total shareholders’ equity	4,475,801		4,229,715		5,296,800
	Total liabilities and shareholders' equity	$	59,731,378	$	58,639,522	$	57,317,226

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2022						2021
(dollars in thousands)	Average Balance		Interest		Yield/    Rate		Average Balance		Interest		Yield/    Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)	$	32,402,218	$	1,448,463	4.47	%	$	29,630,598	$	1,150,835	3.88	%
Consumer loans (1) (2)	8,823,424		361,524		4.10		8,520,247		334,917		3.93
Less: Allowance for loan losses	(421,506)		—		—		(537,324)		—		—
Loans, net	40,804,136		1,809,987		4.44		37,613,521		1,485,752		3.95
Investment securities available for sale	11,208,886		209,951		1.87		9,603,343		140,077		1.46
Trading account assets	13,374		261		1.95		5,613		87		1.55
Other earning assets(4)	1,220,653		18,756		1.52		3,002,110		3,912		0.13
FHLB and Federal Reserve Bank stock	214,289		6,722		3.14		159,176		2,891		1.82
Mortgage loans held for sale	75,325		3,353		4.45		203,840		5,935		2.91
Other loans held for sale	682,961		30,684		4.43		580,162		17,874		3.04
Total interest earning assets	54,219,624		$	2,079,714	3.84	%	51,167,765		$	1,656,528	3.24	%
Cash and due from banks	574,250						561,170
Premises and equipment	385,622						445,333
Other real estate	6,356						1,522
Cash surrender value of bank-owned life insurance	1,078,653						1,058,966
Other assets(5)	1,345,568						2,133,725
Total assets	$	57,610,073					$	55,368,481
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,027,636	$	25,912	0.29	%	$	8,701,078	$	9,844	0.11	%
Money market accounts	15,385,765		79,567		0.52		15,607,034		27,556		0.18
Savings deposits	1,481,372		399		0.03		1,335,269		229		0.02
Time deposits	2,667,101		13,902		0.52		3,630,401		18,107		0.50
Brokered deposits	3,644,957		67,452		1.85		3,028,797		19,183		0.63
Federal funds purchased and securities sold under repurchase agreements	205,753		1,308		0.63		210,949		128		0.06
Other short-term borrowings	466,254		10,945		2.32		8		—		—
Long-term debt	1,999,595		79,402		3.95		1,203,282		45,349		3.77
Total interest-bearing liabilities	34,878,433		$	278,887	0.78	%	33,716,818		$	120,396	0.35	%
Non-interest-bearing demand deposits	16,731,967						15,304,120
Other liabilities	1,298,972						1,135,565
Shareholders' equity	4,700,701						5,211,978
Total liabilities and shareholders' equity	$	57,610,073					$	55,368,481
Net interest income, taxable equivalent net interest margin (6)			$	1,800,827	3.34	%			$	1,536,132	3.01	%
Less: taxable-equivalent adjustment			3,927						3,185
Net interest income			$	1,796,900					$	1,532,947

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

(2)Interest income includes net loan fees as follows: 2022 — $57.3 million and 2021 — $115.5 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 $(985.6) million and $46.0 million for the years ended December 31, 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
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Fourth Quarter 2022						Third Quarter 2022						Fourth 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)	$	34,103,384	$	474,439	5.52	%	$	32,836,799	$	384,995	4.65	%	$	29,685,875	$	286,513	3.83	%
Consumer loans (1) (2)	9,041,520		101,905		4.50		8,931,573		94,425		4.21		8,679,722		83,836		3.85
Less: Allowance for loan losses	(427,525)		—		—		(419,160)		—		—		(474,972)		—		—
Loans, net	42,717,379		576,344		5.36		41,349,212		479,420		4.60		37,890,625		370,349		3.88
Investment securities available for sale	11,296,449		58,840		2.09		11,126,705		53,550		1.93		10,884,571		41,447		1.52
Trading account assets	15,552		68		1.75		16,771		81		1.93		11,280		42		1.50
Other earning assets(4)	1,148,099		10,490		3.58		1,012,717		5,791		2.24		3,186,271		1,208		0.15
FHLB and Federal Reserve Bank stock	270,822		2,805		4.14		244,879		1,412		2.31		159,933		919		2.30
Mortgage loans held for sale	46,240		688		5.95		66,601		862		5.18		130,786		1,009		3.09
Other loans held for sale	514,811		6,550		4.98		892,805		11,155		4.89		518,992		4,189		3.16
Total interest earning assets	56,009,352		$	655,785	4.65	%	54,709,690		$	552,271	4.01	%	52,782,458		$	419,163	3.16	%
Cash and due from banks	651,189						557,537						541,788
Premises and equipment	375,352						383,189						421,577
Other real estate	—						2,398						1,351
Cash surrender value of bank-owned life insurance	1,085,394						1,080,914						1,067,004
Other assets(5)	842,130						1,322,251						2,097,751
Total assets	$	58,963,417					$	58,055,979					$	56,911,929
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	8,627,386	$	14,160	0.65	%	$	8,436,922	$	5,782	0.27	%	$	9,165,054	$	2,238	0.10	%
Money market accounts	14,771,308		46,671		1.25		15,411,450		20,696		0.53		15,998,203		5,562		0.14
Savings deposits	1,450,153		176		0.05		1,508,312		84		0.02		1,408,858		65		0.02
Time deposits	2,567,979		7,648		1.18		2,270,163		2,428		0.42		3,163,062		2,600		0.33
Brokered deposits	4,986,542		39,500		3.14		3,899,669		17,927		1.82		2,836,841		3,979		0.56
Federal funds purchased and securities sold under repurchase agreements	141,707		437		1.21		240,412		641		1.04		227,664		24		0.04
Other short-term borrowings	660,295		6,383		3.78		709,078		3,666		2.02		32		—		—
Long-term debt	3,446,306		38,333		4.39		2,656,939		22,156		3.29		1,203,959		11,498		3.82
Total interest-bearing liabilities	36,651,676		$	153,308	1.60	%	35,132,945		$	73,380	0.81	%	34,003,673		$	25,966	0.30	%
Non-interest-bearing demand deposits	16,569,275						16,904,353						16,545,203
Other liabilities	1,462,394						1,340,020						1,095,080
Shareholders' equity	4,280,072						4,678,661						5,267,973
Total liabilities and shareholders' equity	$	58,963,417					$	58,055,979					$	56,911,929
Net interest income, taxable equivalent net interest margin (6)			$	502,477	3.60	%			$	478,891	3.49	%			$	393,197	2.96	%
Less: taxable-equivalent adjustment			1,131						972						884
Net interest income			$	501,346					$	477,919					$	392,313

(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 2022 — $11.7 million, Third Quarter 2022 — $11.9 million, and Fourth Quarter 2021 — $24.7million.

(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 $(1.69) billion, $(1.06) billion, and $(34.2) million for the Fourth Quarter 2022, Third Quarter 2022, and Fourth 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
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
Loan Type	December 31, 2022		September 30, 2022		% Change		December 31, 2021		% Change
Commercial, Financial, and Agricultural	$	13,874,416	$	13,254,966	5	%	$	12,147,858	14	%
Owner-Occupied	8,192,240		7,957,550		3		7,475,066		10
Total Commercial & Industrial	22,066,656		21,212,516		4		19,622,924		12
Multi-Family	3,134,571		2,949,172		6		2,129,424		47
Hotels	1,708,194		1,712,016		—		1,537,060		11
Office Buildings	3,011,911		2,945,771		2		2,511,058		20
Shopping Centers	1,403,928		1,441,385		(3)		1,655,465		(15)
Warehouses	1,035,152		943,961		10		801,639		29
Other Investment Property	1,350,291		1,246,099		8		1,268,130		6
Total Investment Properties	11,644,047		11,238,404		4		9,902,776		18
1-4 Family Construction	229,263		249,840		(8)		206,881		11
1-4 Family Investment Mortgage	387,670		389,787		(1)		438,588		(12)
Total 1-4 Family Properties	616,933		639,627		(4)		645,469		(4)
Commercial Development	79,889		92,159		(13)		102,790		(22)
Residential Development	108,661		119,019		(9)		171,820		(37)
Land Acquisition	200,783		198,756		1		192,256		4
Land and Development	389,333		409,934		(5)		466,866		(17)
Total Commercial Real Estate	12,650,313		12,287,965		3		11,015,111		15
Consumer Mortgages	5,214,443		5,166,928		1		5,068,998		3
Home Equity Lines	1,757,038		1,708,246		3		1,361,419		29
Credit Cards	203,612		197,978		3		204,172		—
Other Consumer Loans	1,824,291		1,997,825		(9)		2,039,334		(11)
Total Consumer	8,999,384		9,070,977		(1)		8,673,923		4
Total	$	43,716,353	$	42,571,458	3	%	$	39,311,958	11	%
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, 2022		September 30, 2022		% Change		December 31, 2021		% Change
Commercial, Financial, and Agricultural	$	59,307	$	59,275	—	%	$	61,787	(4)	%
Owner-Occupied	10,104		8,433		20		11,196		(10)
Total Commercial & Industrial	69,411		67,708		3		72,983		(5)
Multi-Family	1,857		2,550		(27)		2,380		(22)
Office Buildings	309		884		(65)		1,615		(81)
Shopping Centers	735		742		(1)		915		(20)
Warehouses	223		223		—		223		—
Other Investment Property	349		641		(46)		717		(51)
Total Investment Properties	3,473		5,040		(31)		5,850		(41)
1-4 Family Construction	55		55		—		55		—
1-4 Family Investment Mortgage	3,067		3,036		1		4,508		(32)
Total 1-4 Family Properties	3,122		3,091		1		4,563		(32)
Commercial Development	—		422		(100)		449		(100)
Residential Development	267		267		—		446		(40)
Land Acquisition	891		980		(9)		1,023		(13)
Land and Development	1,158		1,669		(31)		1,918		(40)
Total Commercial Real Estate	7,753		9,800		(21)		12,331		(37)
Consumer Mortgages	36,847		32,527		13		29,078		27
Home Equity Lines	6,830		7,121		(4)		9,773		(30)
Other Consumer Loans	7,220		4,938		46		6,877		5
Total Consumer	50,897		44,586		14		45,728		11
Total	$	128,061	$	122,094	5	%	$	131,042	(2)	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2022						2021	Fourth Quarter
		Fourth			Third	Second	First	Fourth	'22 vs '21
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPL)	$	128,061		122,094	109,024	132,131	131,042	(2)	%
	Impaired Loans Held for Sale	—			447	—	—	—	nm
	Other Real Estate and Other Assets	15,320			15,320	26,759	26,759	27,137	(44)
	Non-performing Assets (NPAs)	143,381			137,861	135,783	158,890	158,179	(9)
	Allowance for Loan Losses (ALL)	443,424			421,359	407,837	414,956	427,597	4
	Reserve for Unfunded Commitments	57,455			57,936	50,559	47,317	41,885	37
	Allowance for Credit Losses (ACL)	500,879			479,295	458,396	462,273	469,482	7
	Net Charge-Offs - Quarter	13,300			4,682	16,565	18,609	10,522
	Net Charge-Offs - YTD	53,156			39,856	35,174	18,609	77,788
	Net Charge-Offs / Average Loans - Quarter (1)	0.12		%	0.04	0.16	0.19	0.11
	Net Charge-Offs / Average Loans - YTD (1)	0.13			0.13	0.18	0.19	0.20
	NPLs / Loans	0.29			0.29	0.26	0.33	0.33
	NPAs / Loans, ORE and specific other assets	0.33			0.32	0.33	0.40	0.40
	ACL/Loans	1.15			1.13	1.11	1.15	1.19
	ALL/Loans	1.01			0.99	0.99	1.03	1.09
	ACL/NPLs	391.13			392.56	420.45	349.86	358.27
	ALL/NPLs	346.26			345.11	374.08	314.05	326.31
	Past Due Loans over 90 days and Still Accruing	$	3,373		3,443	2,251	3,067	6,770	(50)
	As a Percentage of Loans Outstanding	0.01		%	0.01	0.01	0.01	0.02
	Total Past Due Loans and Still Accruing	$	65,568		63,545	56,160	45,385	57,565	14
	As a Percentage of Loans Outstanding	0.15		%	0.15	0.14	0.11	0.15
	Accruing Troubled Debt Restructurings (TDRs)	$	146,840		118,755	164,101	145,957	119,804	23
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		December 31, 2022			September 30, 2022	December 31, 2021
	Tier 1 Capital	$	5,463,338		5,306,324	4,925,763
	Total Risk-Based Capital	6,415,680			6,237,082	5,827,196
	Common Equity Tier 1 Capital Ratio	9.63		%	9.52	9.50
	Tier 1 Capital Ratio	10.68			10.59	10.66
	Total Risk-Based Capital Ratio	12.54			12.45	12.61
	Tier 1 Leverage Ratio	9.07			9.04	8.72
	Total Shareholders’ Equity to Total Assets Ratio	7.49			7.21	9.24
	Tangible Common Equity Ratio(2)(4)	5.84			5.52	7.52
	Book Value Per Common Share(3)	$	27.07		25.39	32.82
	Tangible Book Value Per Common Share(2)	23.78			22.08	29.46
	(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" for applicable reconciliation.

EX-99.3

Fourth Quarter 2022 Results January 19, 2023 Exhibit 99.3

2 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," "growth 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 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) our effective tax rate; (8) our capital position; (9) our future operating and financial performance, including our outlook for 2023; (10) our intended strategies, initiatives, and other operational and execution goals; 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 revenue; adjusted non-interest expense; adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted PPNR excluding Payment Protection Plan (PPP) 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; taxable equivalent (TE) revenue; total non-interest expense; efficiency ratio; PPNR; 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 TE 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. Adjusted PPNR 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. Adjusted PPNR ex. PPP 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 including PPP revenue. 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. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of Synovus’ control, or cannot be reasonably predicted. For the same reasons, Synovus’ management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Key Performance Metrics Reported Adjusted(5) Net Income Available to Common Shareholders(6) $724,739 $722,459 Diluted Earnings Per Share $4.95 $4.93 Return on Average Assets 1.32% 1.31% Return on Average Tangible Common Equity 19.9% 19.8% Efficiency Ratio-TE(7) 52.4% 52.2% (8) Key Guidance Metrics 2022 YoY Period-end Loan Growth (ex. PPP) 12% Adjusted Revenue Growth (ex. PPP)(5) 16% Adjusted Non-Interest Expense Growth(5) 7% Adjusted PPNR Growth, (ex. PPP)(5) 29% CET1 Ratio 9.6% Effective Tax Rate 21.4% Top tier operating metrics • Top quartile ROAA and Efficiency Ratio(1) Robust Revenue and PPNR(2) growth • 17% NII growth driven by loan growth and asset sensitivity • Excluding mortgage, core client fee income(3) growth of 8% Diversified loan growth • Commercial LOBs led loan growth of 12%, ex. PPP • Widened spreads while maintaining credit discipline Continued adherence to guiding credit and capital principles • NPA, NPL, and Net Charge-off ratios all improved YoY • Grew CET1 ratio to upper half of target operating range Well-managed deposit costs • 21% cycle to date beta through 4Q22 Deepened core client relationships • Overall deposit production(4) up 30% • 27% increase in treasury solutions sold • 59% increase in syndication fees Continued progress on key strategic initiatives • Exceeded $175 million Synovus Forward initiative target 2022 Full Year Financial Highlights (1) Top quartile LTM through 3Q22 vs proxy peers; (2) Pre-provision net revenue equals total revenue less non interest expense; (3) Includes core banking fees, wealth management revenue, and capital market income; (4) Includes balances associated with new accounts originated including the impact of existing customers switching account types; (5) Non-GAAP financial measure; see appendix for applicable reconciliation; (6) In thousands; (7) Taxable equivalent; (8) Adjusted tangible efficiency ratio. 3

Key Performance Metrics Reported Adjusted(5) Net Income Available to Common Shareholders(6) $197,479 $197,576 Diluted Earnings Per Share $1.35 $1.35 Return on Average Assets 1.38% 1.39% Return on Average Tangible Common Equity 24.2% 24.2% Efficiency Ratio-TE(7) 51.1% 50.6% Balance Sheet (Period-end, $ in millions) Total Loans, Net of Unearned $43,716 Deposits $48,872 Fourth Quarter 2022 Financial Highlights (1) Pre-provision net revenue equals total revenue less non interest expense; (2) Excludes brokered; (3) Includes balances associated with new accounts originated in the quarter including the impact of existing customers switching account types; (4) 4Q22 capital ratios are preliminary; (5) Non-GAAP financial measure; see appendix for applicable reconciliation; (6) In thousands; (7) Taxable equivalent; (8) Adjusted tangible efficiency ratio. 4 (8) • Total revenue of $604 million, an increase of 19% YoY and 4% QoQ: ◦ PPNR(1) increased $81 million, or 38%, YoY and 2% QoQ ◦ NII increased 28% YoY and 5% QoQ ◦ NIM expanded 11 bps to 3.60% in 4Q22 • Loan growth of $1.1 billion, or 3% QoQ ◦ Growth continues to be diversified across business lines ◦ Floating rate commercial loans spreads continued to expand QoQ • Total deposits up $1.2 billion, or 2% QoQ ◦ Core deposits(2) up 1% QoQ ◦ Deposit production(3) up 50%+ QoQ • Credit quality metrics continue to remain strong ◦ NPA, NPL, and Net Charge-Off ratios remained near historical lows ◦ ACL ratio stable at 1.15% • Grew CET1 ratio to 9.63%(4) ◦ Prioritize capital deployment towards client growth

5 Total Loans • 3% loan growth, or 11% annualized, QoQ ◦ Overall payoffs remain low relative to historical levels ◦ Higher utilization on existing commitments contributed ~$100 million to QoQ growth • Broad based-contribution to loan growth ◦ Consumer, FMS, and Wholesale segments all grew loans ◦ All Wholesale sub-businesses experienced growth 10% 14% 11% 12% 14% 11% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 QoQ Annualized % Change in Loans, ex. PPP Consistent Loan GrowthSummary Total C&I Revolving Commitments and Line UtilizationLoan Growth Attribution $43,716 $42,571 $362 $854 $83 $(154) 3Q22 CRE C&I Direct Consumer Third-Party Consumer 4Q22 Change in Ending Loan Balances ($ in millions) ($ in millions) $12,194 $13,301 $13,873 $14,289 42.8% 47.1% 47.3% 48.6% Total Commitments C&I Line Utilization 4Q21 2Q22 3Q22 4Q22 $44 billion Amounts may not total due to rounding.

0.12% 0.38% 0.88% 1.08% 4Q21 3Q22 4Q22 Dec 22 6 Total Deposits QoQ Change in Ending Balances(3) ($ in millions) $49 billion Cumulative Total Deposit Beta of 21% through 4Q22 0.25% 2.39% 3.84% 4.29% 4Q21 3Q22 4Q22 Dec 22 Fed Target Average Total Deposit Cost $(719) $(73) $475 $62 $629 $801 Non-Interest- Bearing Savings NOW MMA Time Brokered Deposit Production Focus $1.3 $0.9 $1.1 $1.4 $2.2 4Q21 1Q22 2Q22 3Q22 4Q22 ($ in billions) • Total deposits increased $1.2 billion, or 2% QoQ ◦ Core Deposit(1) growth of $373 million QoQ ◦ Growth in Time deposits a result of mix shift from MMA as well as new deposit production efforts ◦ Seasonality benefited Public Fund deposit balances • Strong production offset diminishment headwinds from price sensitive clients and liquidity deployment ◦ Deposit production(2) increased over 50% from 3Q22 to 4Q22, and all lines of business saw QoQ production increases (1) Excludes brokered; (2) Includes balances associated with new accounts originated in the quarter including the impact of existing customers switching account types; (3) Balances in bar chart include the public funds changes QoQ seen below the chart; (4) Excluding public funds deposits due to seasonal benefits and including production resulting from existing relationships changing account type. Total Deposit Production(4) Public Funds QoQ Growth: 4Q21 vs. 4Q22 $80 $1 $490 $500 $16 +359 bps +76 bps Summary

$392 $392 $425 $478 $501 2.96% 3.00% 3.22% 3.49% 3.60% Net Interest Income Net Interest Margin 4Q21 1Q22 2Q22 3Q22 4Q22 Net Interest Income NII Growth NIM Expansion ($ in millions) 7 $501 million Summary • NII growth of $109 million, or 28% YoY ◦ Growth of $23 million, or 5% QoQ • NII was supported by both loan growth and net interest margin expansion ◦ Margin expansion of 11 bps QoQ, aided by higher interest rates, deposit pricing discipline, and deposit beta lags 58% 61% 62% 4Q21 3Q22 4Q22 Loan Mix and Yield Performance Floating Rate Loan Portfolio Mix Change in Loan Yield vs Peers(1) Cycle to Date 3Q YTD Peer Average 73 bps 4Q YTD SNV 3.60%3.49% 0.58% 0.06% (0.24)% (0.22)% (0.02)% 3Q22 Loan Yields Cash/Securities Yields Deposit Cost Wholesale Funding Other 4Q22 4Q22 NIM: Primary Drivers of Change(2) Amounts may not total due to rounding; (1) Peers includes proxy peer set; change in loan yield from 4Q21 through 3Q22 sourced from call report data and includes impact of loan hedge program; (2) Estimated impact; (3) Excluding brokered deposits which are included in wholesale funding; (4) 'Other' includes various unattributed items. (3) (4)3Q YTD SNV 75 bps 148 bps

$335 $15 $10 $1 $361 2021 Core Banking Fees Wealth Revenue Capital Markets Income 2022 Summary Fee Income Non-Interest Revenue ($ in millions) 4Q22 QoQ Δ YoY Δ Core Banking Fees(1) $46 4% 10% Wealth Revenue(2) $40 5% 7% Capital Markets Income $7 2% (3)% Net Mortgage Revenue $3 (50)% (64)% Total Other Income(3) $5 (53)% (78)% Total Adjusted Non-Interest Revenue(4) $101 (4)% (13)% Total Non-Interest Revenue $102 (2)% (12)% 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. 8 $102 million • Core Banking Fees - Card fees up 24% from the same quarter in prior year due to strong consumer and commercial spend • Wealth Revenue - Increase driven by repo revenue, a result of facilitating off-balance sheet investment options • Capital Markets - Income up QoQ as core commercial clients drove swap and syndication fees in 4Q22 • Other Income - 4Q22 negative tax-related valuation adjustments of approximately $5 million 161% increase in Repo revenue Family Office clients up 11% YoY Crossed $1 billion in Commercial Card spend 22% increase in Payment Partnerships revenue Syndication fees increased 59% Core Client Fee Income growth ex Mortgage of 8% (2)(1) Highlights Core Banking Fees, Wealth Revenue and Capital Markets Income 2022 vs. 2021

• QoQ and YoY increases in performance related costs highlights alignment between financial performance and expense growth • Top quartile efficiency ratio(1) a result of prudent expense management while investing in new business initiatives and infrastructure/projects • Fair value adjustment to Visa indemnification agreement resulted in $2.5 million 4Q22 expense(2) $307 $286 $7 $4 $7 $6 $(2) Adjusted 4Q21 Performance Related Expense New Business Initiatives Infrastructure Expenses Merit/ Compensation Other Adjusted 4Q22 $307 $294 $4 $2 $5 $3 Adjusted 3Q22 Performance Related Expense New Business Initiatives Infrastructure Initiatives Other Adjusted 4Q22 Adjusted NIE - QoQ Cost Drivers ($ in millions) 4Q22 QoQ Δ YoY Δ Total Employment $181 4% 9% Total Other $81 6% 6% Total Occupancy, Equipment, and Software $45 4% 6% Total Adjusted Non-Interest Expense(2)(3) $307 4% 8% Total Non-Interest Expense $309 5% 5% Expense Trends Adjusted NIE - YoY Cost Drivers Amounts may not total due to rounding; (1) LTM through 3Q22 vs. proxy peers; (2) VISA is not reflected in adjusted non-interest expense; (3) Non-GAAP financial measure; see appendix for applicable reconciliation; (4) Performance related expense includes loan origination, FDIC expense, travel and entertainment, and incentives; (5) New business initiatives includes Maast, CIB, and expense related to other new growth initiatives; (6) Expenses associated with technology and operational upgrades. Non-Interest Expense 9 ($ in millions) ($ in millions) $309 million (6) (4) (5) (5)(4) (6) Summary

NPA, NPL, and Past Due Ratios $469 $462 $458 $479 $501 1.19% 1.15% 1.11% 1.13% 1.15% Allowance for Credit Losses ACL Coverage Ratio 4Q21 1Q22 2Q22 3Q22 4Q22 0.40% 0.40% 0.33% 0.32% 0.33% 0.33% 0.33% 0.26% 0.29% 0.29% 0.15% 0.11% 0.14% 0.15% 0.15% NPA Ratio NPL Ratio Total Past Dues > 30 Days Ratio 4Q21 1Q22 2Q22 3Q22 4Q22 $(55) $11 $13 $26 $35 $11 $19 $17 $5 $13 Provision for Credit Losses Net Charge-Offs 4Q21 1Q22 2Q22 3Q22 4Q22 Allowance for Credit Losses Amounts may not total due to rounding. 10 ($ in millions)($ in millions) 0.11% 0.19% 0.16% 0.04% 0.12%NCO Ratio:358% 350% 420% 393% 391%ACL to NPLs: • Credit metrics remain strong overall and near historic lows • ACL stable as positive loan portfolio credit performance was offset by declining economic outlook Credit Quality Provision and Net Charge-Offs Summary

11 9.63%9.50% 1.42% (1.03)% (0.39)% (0.03)% 0.16% Beginning CET1 Ratio (4Q21) Net Income Available to Common Shareholders Risk- Weighted Assets Common Dividends Share Repurchases Other Ending CET1 Ratio (4Q22) 9.50% 9.52% 9.63% Common Equity Tier 1 Tier 1 Tier 2 4Q21 3Q22 4Q22 Summary Capital Metrics Capital Ratios Capital Deployment Targeted Towards Organic Growth (2) 12.61% 10.66% Total Payout Ratio: 29% (2) • Continued to deploy capital toward core client growth while maintaining strong capital position ◦ CET1 ratio up +11bps QoQ; within upper half of planned target range • Expect consistent capital management approach for 2023; maintain priorities laid out during 2022 Investor Day ◦ 2023 capital plan includes a planned increase of quarterly common dividend to $0.38/share, effective April 2023 12.54% 10.68% 2022 2023 Full Year Review & Outlook • Deployed 70%+ of earnings generation to core asset growth • Quarterly dividend of $0.34/share • Maintained stable CET1 ratio throughout year, near mid-point of 9.25% to 9.75% target • Maintain target 9.25% to 9.75% CET1 range • Planned increase of quarterly dividend to $0.38/share (effective April 2023) • $300 million share repurchase authorization (1) YoY Capital Deployment 10.59% 12.45% Amounts may not total due to rounding; (1) Includes changes in intangible assets and applicability of deferred tax assets; (2) 4Q22 capital ratios are preliminary.

• Growth from newer business lines and recent hires, offset by third-party rundown and slowing economy • Assumes Fed reaches and holds near 5% and current long-term rates remain stable • Lower and upper end of range predominately impacted by deposit beta, timing of deposit repricing and deposit mix; total deposit beta range remains 35 - 40% with modest levels of NIB/IB remixing expected • Assumes more balanced monetary policy and liquidity environment • Increased core operating costs and new initiative investments collectively represent 80% of overall expense increase • Lower and upper end of range aligned to overall company performance • Commitment to YoY positive operating leverage • Continue to operate within current target range with a bias towards mid to upper half of range • Positively impacted by tax driven business lines (CIC) and tax credit investments (solar, new market), offset by higher non-deductible FDIC expense and slightly higher state tax apportionment (1) Not adjusting for PPP loans or PPP revenue in 2023 outlook given relatively immaterial impact to 2022 and 2023 forecasted results; (2) Non-GAAP financial measure; see cautionary language on slide 2 and appendix for applicable reconciliation. 12 Key Assumptions EOP Loan Growth(1) Adjusted Revenue Growth(1)(2) Adjusted NIE Growth(2) Adjusted PPNR Growth(1)(2) Effective Tax Rate CET1 Operating Range 8 - 12% 5 - 9% 11 - 15% 21 - 23% 9.25 - 9.75% 5 - 9% Guidance 2023 Outlook $2.21B $1.16B $1.05B $43.72B 2022 Baseline 9.63% 21.4%

Safety and Soundness Contribution from New Growth Initiatives Continued Execution within Core Businesses 2023: A Year of Focused Execution • Key focus on liquidity and deposit generation across all LOBs • Maintain strong credit performance and overall credit vigilance • Continue to enhance industry and sector monitoring tools that can provide early indicators of financial stress • Manage capital levels consistent with current capital management approach outlined at 2022 Investor Day • Expect broad cross-LOB relationship growth with focus on deposit retention and generation • Expansion of Treasury & Payment Solutions to support deposit efforts via Accelerate line of product offerings • Continued growth in syndication and distribution capabilities • Streamlined client experiences through new technology and process enhancements • Consumer client relationship deepening through enhanced analytics and digital capabilities • Broader launch and adoption of Maast • Expansion of loan and depository relationships and increased fee income contributions from CIB • Build-out of Private Wealth offerings to better serve business owners across all commercial LOBs • Expansion of frontline team members in key growth markets – Atlanta, Nashville, Orlando, Tampa, and Miami 13

Appendix

Synovus Forward 2020 - 2022 Key Strategic BenefitsOverall Results ~45%~45% ~10% Balance Sheet Management Expense Initiatives Revenue Initiatives ~$180MM Pre-tax run rate benefit Revenue • Launched two new sub-business lines - Community Investment Capital & Restaurant Vertical • Adopted commercial and consumer analytics to aid with client retention and relationship deepening • Implemented enhanced deposit pricing tools and operating framework Expense • Reduced real estate square footage by ~20% • Streamlined back office operations resulting in ~18% increase in revenue/FTE from 2019 - 2022 • Reduced third party spend - $20+ million in annual saves • Implemented over 60 IT automations and client journeys • Embedded core expense management into operating philosophy Balance Sheet Management • Enhanced yields through asset allocation strategies 15

($ in thousands) Allowance for Credit Losses ACL/Loans: Economic Scenario Assumptions and Weightings 1.13% 1.15% 1 $500,879 $479,295 $18,610 $10,648 $(14,790) $7,116 3Q22 Economic Factors Growth Performance Other Factors 4Q22 16 (1) (1) Other factors include the addition to the ACL associated with the cessation of a third-party lending relationships and expected decline in that portfolio in 2023 as well as the impact of dispositions, sub-pool changes, etc.; (2) Downside scenarios carry a total weighting of 50%, and correspond to Moody's November 2022 "S5" Slow Growth scenario and "S3" Downside 90th Percentile scenario; (3) Upside refers to Moody's November 2022 "S1" Upside 10th Percentile scenario; (4) 4th quarter model estimates. 4th Quarter Change from 2023(4) 2024(4) Scenario Model Weighting Previous Quarter GDP Unemployment GDP Unemployment Consensus Baseline 40% +15% 0.4% 4.3% 1.4% 4.5% Slow Growth(2) 35% -20% 0.5% 4.5% 1.3% 5.1% Downside(2) 15% NC (1.5)% 6.8% 0.2% 7.3% Upside(3) 10% +5% 3.4% 3.4% 2.9% 3.4% Weighted Average 0.5% 4.7% 1.3% 5.0%

45.3% 41.5% 35.7% 31.2% 24.0% 6.7% 12.8% 18.1% 25.2% 8.7% 8.3% 8.6% 8.3% 8.3% 42.3% 41.3% 40.2% 39.5% 38.2% 3.88% 3.76% 3.92% 4.60% 5.36% LIBOR SOFR BSBY/Other Prime Fixed rate Yield 4Q21 1Q22 2Q22 3Q22 4Q22 Earning Assets Composition $10,992 $11,158 $11,014 $11,277 $11,273 1.52% 1.68% 1.80% 1.93% 2.09% Securities Yield 4Q21 1Q22 2Q22 3Q22 4Q22 $4,150 $4,650 $4,250 $4,250 $4,100 $3,100 $3,100 $3,100 $2,350 $2,100 1.38% 1.47% 1.82% 1.82% 1.83% 1.91% 1.91% 1.91% 2.22% 2.27% Notional Effective Rate 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 (1) Amortized cost; (2) Represents Total Notional outstanding of cash-flow loan hedges, along with the estimated effective fixed-rate for the respective period; (3) Reported sensitivities assume a dynamic balance sheet and a through the cycle total deposit cost beta of mid-30% as reported in our 10-Q/10-K. 17 1.5% 2.2% 2.2% ($ in millions) Loan Hedge Portfolio(2) Loan Portfolio Rate Mix and Yield Total Securities Portfolio Size(1) 2.7% 2.9% 4.3% 3.1% 1.9% 0.8% (0.4)% (1.5)% 35% 40% 45% 50% 55% NII Sensitivity: +100 bps Scenario(3) Total Deposit Beta:

3Q22 4Q22 December 2022 ($ in millions; rates annualized) Avg. Balance Avg. Rate Avg. Balance Avg. Rate Avg. Rate Non-interest-bearing $16,904 N/A $16,569 N/A N/A Interest-bearing non-maturity (NMD) $25,357 0.42% $24,849 0.97% 1.20% Time $2,270 0.42% $2,568 1.18% 1.58% Brokered $3,900 1.82% $4,987 3.14% 3.60% Total interest-bearing $31,527 0.59% $32,403 1.32% 1.61% Total deposits $48,431 0.38% $48,973 0.88% 1.08% Average Deposit Costs 18

(1) In millions; balances as of 12/31/2022; (2) Senior Housing LTVs are based on total economic value of an operating facility; (3) 75% is the maximum LTV necessary for a HUD permanent takeout, the primary senior housing exit strategy. 19 Well-Positioned in Recession Sensitive Sectors Senior HousingOffice Hotel Retail Small Business Balance: $3,012(1) LTV: 53.3% % of Loans >70% LTV: 7.9% Balance: $1,708(1) LTV: 56.2% % of Loans >70% LTV: 3.2% Balance: $1,404(1) LTV: 52.0% % of Loans >70% LTV: 9.0% Balance: $3,794(1) LTV: 60.1%(2) % of Loans >75% LTV(3): 4.7% Balance: $980(1) >50% 98% 76% 85% 66%of Office portfolio is medical in nature of Hotel portfolio is Upper-Midscale and above of Retail collateral is occupied by a credit rated tenant or necessity provider of Sr Housing portfolio is private pay of the Small Business portfolio is secured by real estate This matters because: • Health related spending has increased 25% since 2Q20 and comprises 20% of US GDP This matters because: • Recent weakness in hotel performance has been confined to lower quality tiers This matters because: • Necessity providers are excellent recession hedges and are less susceptible to online competition This matters because: • Private pay facilities absorb rent increases more easily and are less constrained by reimbursements This matters because: • Real estate-secured Small Business loans are less likely to default 2014 0 97% 0 73%Average effective age of office collateral Losses in the portfolio since the pandemic Single Tenant retail occupants are credit rated tenants Losses since the inception of vertical in 2011 Of Synovus Small Business Customers report equal or higher business activity in 4Q22 This matters because: • Vintage is a large determinant of value • In general, office properties built prior to 2000 trade at a discount to newer offices This matters because: • Demonstrates a portfolio well- positioned for less-than-optimal economic conditions This matters because: • National credit-rated tenant collection rates are above 95% • Single credit tenant retail properties are backed by large corporate guarantees This matters because: • Demonstrates expertise of management team and quality of operators This matters because: • Our small business customers are showing resilience in the face of a potential downturn

Loan Portfolio by Category • 92% are income-producing properties • Diversity among property types and geographies • National C&I 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 793 and 780 for Home Equity and Mortgage, respectively • Weighted average LTV of 73.6% and 72.5% for Home Equity and Mortgage, respectively(1) Consumer Portfolio - $9.0 billion CRE Portfolio - $12.7 billion C&I Portfolio - $22.1 billion Consumer R/E Related 16.0% National C&I Specialty Lending(2) 24.0% In-Footprint Middle Market & Commercial Banking 26.5% Hotel 3.9% Shop ping Cent ers 3 .2% Of fic e B ldg . 6.9 % M ul ti- Fa m ily 7. 2%O th er C RE Pr op . T yp es 6. 5% Resi, Constr, Dev, Land 1.2% Consumer CRE C&I Portfolio Characteristics Consumer CRE C&I NPL Ratio 0.57% 0.06% 0.31% QTD Net Charge-off Ratio (annualized) 0.39% 0.00% 0.08% 30+ Days Past Due Ratio 0.52% 0.01% 0.08% 90+ Days Past Due Ratio 0.02% 0.00% 0.01% Consum er N on-R/E 4.6% 20 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 12/31/2022 commitment amount and any existing senior lien; (2) National C&I specialty lending is primarily comprised of our senior housing portfolio, national accounts, structured lending (primarily lender finance), insurance premium finance and CIB portfolios.

21 Commercial Real Estate Composition of 4Q22 CRE Portfolio Total Portfolio $12.7 billion Investment Properties Land, Development and Residential Properties Portfolio Characteristics (as of December 31, 2022) Office Building Multi-family Shopping Centers Hotels Other Investment Properties Warehouse Residential Properties(1) Development & Land Balance (in millions) $3,012 $3,135 $1,404 $1,708 $1,350 $1,035 $617 $389 Weighted Average LTV(2) 53.3% 54.1% 52.0% 56.2% 56.0% 56.4% N/A N/A NPL Ratio 0.01% 0.06% 0.05% 0.00% 0.03% 0.02% 0.51% 0.30% Net Charge-off Ratio (annualized) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.10% (0.17)% 30+ Days Past Due Ratio 0.00% 0.02% 0.02% 0.00% 0.02% 0.00% 0.12% 0.02% 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 • 0.06% NPL Ratio • 0.00% Net Charge-Off Ratio (annualized) • 0.01% 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 12/31/22 commitment amount. 1.8% 0.9% 1.6% 0.6% 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 24.8%11.1% 13.5% 10.7% 23.8% 8.2% 3.1%

C&I Portfolio Credit Indicator 4Q22 NPL Ratio 0.31% Net Charge-off Ratio (annualized) 0.08% 30+ Days Past Due Ratio 0.08% 90+ Days Past Due Ratio 0.01% • Wholesale Bank (includes Middle Market and Specialty Lines) represents 72% 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 $22.1 billion 16.9% 15.2% 6.6% 6.6% 6.2% 5.6% 5.5% 5.0% 4.9% 4.3% 4.2% 4.0% 3.6% 2.7% 2.2% 2.2% 1.9% 1.2% 1.1% Finance/Insurance Senior Housing Health Care Manufacturing Accom. & Food Svcs. R/E Other Wholesale Trade Construction Retail Trade Prof., Scientific, Tech. Svcs. Other Services Transport/Warehousing R/E Leasing All Other Arts, Entertainment, & Rec. Public Administration Educational Svcs. Admin., Support, Waste Mgmt. Ag, Forestry, Fishing 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. 22 (1) (1) (1)

Consumer Portfolio Credit Indicator 4Q22 NPL Ratio 0.57% Net Charge-off Ratio (annualized) 0.39% 30+ Days Past Due Ratio 0.52% 90+ Days Past Due Ratio 0.02% • 77% of Consumer portfolio is secured by residential real estate • Other Consumer includes secured and unsecured products • Average consumer card utilization rate is 23% Total Consumer Portfolio $9.0 billion Credit Indicator Home Equity Mortgage Weighted Average Credit Score of 4Q22 Originations 791 765 Weighted Average Credit Score of Total Portfolio 793 780 Weighted Average LTV(1) 73.6% 72.5% Average DTI(2) 34.3% 33.2% Utilization Rate 37.3% N/A 57.9% 19.5% 15.9% 4.4% 2.3% 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 4Q22 originations. Consumer Credit Quality 23

Third-Party Consumer 10.23% Core Transaction Deposits $1,644 $1,618 $1,601 $1,580 $1,426 $642 $612 $841 $639 $340 Held-for-Investment (HFI) Held-for-Sale (HFS) 4Q21 1Q22 2Q22 3Q22 4Q22 38% 10% 26% 26% Auto/RV/Marine Home Improvement Personal Student HFI Portfolio Composition 4Q22 ($ in millions) Auto/RV/ Marine Home Improvement Personal Student Loan Balance $536 $149 $373 $367 Weighted Avg. FICO Score 749 767 751 777 NPL Ratio 0.66% nm 0.66% 0.22% Net Charge-off Ratio (annualized) 1.33% nm 3.03% 0.27% 30+ Day Past Due Ratio 2.34% 1.37% 1.11% 0.19% • Diversity among asset types; primarily fixed-rate loans • Credit Quality for HFI loans: ◦ Weighted Average FICO of 759 ◦ NPL Ratio of 0.48% ◦ Annualized Net Charge-off Ratio of 1.39% ◦ 30+ Day Past Due Ratio of 1.36% ($ in millions) 24Note: "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 4Q22 3Q22 4Q22 vs. 3Q22 Passing Grades $42,774 $41,643 $1,131 Special Mention 313 388 (75) Substandard Accruing 501 418 83 Non-Performing Loans 128 122 6 Total Loans $43,716 $42,571 $1,145 Amounts may not total due to rounding. 25 $1,028 $1,032 $914 $929 $942 2.6% 2.6% 2.2% 2.2% 2.2% Criticized and Classified Loans % of Total Loans 4Q21 1Q22 2Q22 3Q22 4Q22 Portfolio Risk DistributionCriticized & Classified Loans

26 4Q21 1Q22 2Q22 3Q22 4Q22 Diluted EPS $1.31 $1.11 $1.16 $1.33 $1.35 Net interest margin 2.96% 3.00% 3.22% 3.49% 3.60% Efficiency ratio-TE 57.85 54.66 53.87 50.41 51.08 Adjusted tangible efficiency ratio(1) 55.64 55.50 53.43 49.98 50.58 ROAA(2) 1.40 1.22 1.26 1.39 1.38 Adjusted ROAA(1)(2) 1.44 1.19 1.27 1.39 1.39 Total loans 3% 2% 3% 3% 3% Total deposits 4% (2)% 1% (3)% 2% NPA ratio 0.40% 0.40% 0.33% 0.32% 0.33% NCO ratio(2) 0.11 0.19 0.16 0.04 0.12 Common shares outstanding(3) 145,010 145,335 145,358 145,443 145,487 Leverage ratio 8.72% 8.87% 9.03% 9.04% 9.07% Tangible common equity ratio(1) 7.52 6.80 6.26 5.52 5.84 Financial Performance (1) Non-GAAP financial measure; see applicable reconciliation; (2) Annualized; (3) In thousands; (4) Preliminary. (4) Quarterly Highlights Trend Balance Sheet QoQ Growth Credit Quality Capital

27 (in thousands, except per share data) 4Q22 3Q22 4Q21 Net interest income $501,346 $477,919 $392,313 Non-interest revenue 102,439 104,298 117,068 Non-interest expense 308,996 294,010 295,207 Provision for (reversal of) credit losses 34,884 25,581 (55,210) Income before income taxes 259,905 262,626 269,384 Income tax expense 54,135 59,582 68,983 Preferred stock dividends 8,291 8,291 8,291 Net income available to common shareholders $197,479 $194,753 $192,110 Weighted average common shares outstanding, diluted 146,528 146,418 146,793 Net income per diluted common share $1.35 $1.33 $1.31 Condensed Income Statement Amounts may not total due to rounding.

28 (dollars in thousands) 4Q22 3Q22 4Q21 2022 2021 Net income available to common shareholders $197,479 194,753 192,110 724,739 727,304 Subtract/add: Earnout liability adjustments — — — — 507 Add/subtract: Restructuring charges (2,372) 956 5,958 (9,690) 7,223 Add: Valuation adjustment to Visa derivative 2,500 — 2,656 6,000 2,656 Add: Loss on early extinguishment of debt — — — 677 — Subtract/add: Investment securities (gains) losses, net — — (230) — 799 Subtract/add: Tax effect of adjustments(1) (31) (228) (2,121) 733 (2,702) Adjusted net income available to common shareholders $197,576 195,481 198,373 722,459 735,787 Weighted average common shares outstanding, diluted 146,528 146,418 146,793 146,481 148,495 Net income per common share, diluted $1.35 $1.33 $1.31 $4.95 $4.90 Adjusted net income per common share, diluted $1.35 $1.34 $1.35 $4.93 $4.95 Non-GAAP Financial Measures Amounts may not total due to rounding; (1) An assumed marginal tax rate of 24.3% for 4Q22; 23.8% for 3Q22; and 25.3% for 4Q21.For 2022, it was 24.3%, and for 2021, it was 25.3%.

29 (dollars in thousands) 4Q22 3Q22 2Q22 1Q22 4Q21 Net income $205,770 $203,044 $178,052 $171,037 $200,401 Add/subtract: Restructuring charges (2,372) 956 (1,850) (6,424) 5,958 Add: Valuation adjustment to Visa derivative 2,500 — 3,500 — 2,656 Add: Loss on early extinguishment of debt — — — 677 — Subtract/add: Investment securities (gains) losses, net — — — — (230) Subtract/add: Tax effect of adjustments(1) (31) (228) (393) 1,369 (2,121) Adjusted net income $205,867 203,772 179,309 166,659 206,664 Net income annualized $816,370 805,555 714,165 693,650 795,069 Adjusted net income annualized $816,755 808,443 719,206 675,895 819,917 Total average assets $58,963,417 58,055,979 56,536,940 56,855,898 56,911,929 Return on average assets 1.38% 1.39% 1.26% 1.22% 1.40% Adjusted return on average assets 1.39% 1.39% 1.27% 1.19% 1.44% Amounts may not total due to rounding; (1) An assumed marginal tax rate of 24.3% for 4Q22; 23.8% for 3Q22, 2Q22, and 1Q22; and 25.3% for 4Q21. Non-GAAP Financial Measures, Continued

30 (dollars in thousands) 2022 2021 Net income $757,902 760,467 Add: Earnout liability adjustments — 507 Add/subtract: Restructuring charges (9,690) 7,223 Add: Valuation adjustment to Visa derivative 6,000 2,656 Add: Loss on early extinguishment of debt 677 — Add/subtract: Investment securities losses (gains), net — 799 Subtract/add: Tax effect of adjustments(1) 733 (2,702) Adjusted net income 755,622 768,950 Total average assets 57,610,074 55,368,481 Return on average assets 1.32% 1.37% Adjusted return on average assets 1.31% 1.39% Amounts may not total due to rounding; (1) An assumed marginal tax rate of 24.3% for 2022 and 25.3% for 2021. Non-GAAP Financial Measures, Continued

31 (dollars in thousands) 4Q22 3Q22 4Q21 Net income available to common shareholders $197,479 $194,753 $192,110 Add/subtract: Restructuring charges (2,372) 956 5,958 Add: Valuation adjustment to Visa derivative 2,500 — 2,656 Add/subtract: Investment securities losses (gains), net — — (230) Subtract/add: Tax effect of adjustments(1) (31) (228) (2,121) Adjusted net income available to common shareholders $197,576 $195,481 $198,373 Adjusted net income available to common shareholders annualized $783,861 $775,550 $787,023 Add: Amortization of intangibles, tax effected, annualized 6,358 6,401 7,050 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $790,219 $781,951 $794,073 Net income available to common shareholders annualized $783,476 $772,661 $762,176 Add: Amortization of intangibles, tax effected, annualized 6,358 6,401 7,050 Net income available to common shareholders excluding amortization of intangibles annualized $789,834 $779,062 $769,226 Total average shareholders' equity less preferred stock $3,742,927 $4,141,516 $4,730,828 Subtract: Goodwill (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (28,174) (30,214) (36,805) Total average tangible shareholders' equity less preferred stock $3,262,363 $3,658,912 $4,241,633 Return on average common equity 20.9% 18.7% 16.1% Adjusted return on average common equity 20.9% 18.7% 16.6% Return on average tangible common equity 24.2% 21.3% 18.1% Adjusted return on average tangible common equity 24.2% 21.4% 18.7% Amounts may not total due to rounding; (1) An assumed marginal tax rate of 24.3% for 4Q22; 23.8% for 3Q22, 2Q22, and 1Q22; and 25.3% for 4Q21. Non-GAAP Financial Measures, Continued

32 (dollars in thousands) 2022 2021 Net income available to common shareholders $724,739 $727,304 Add: Earnout liability adjustments — 507 Add/subtract: Restructuring charges (9,690) 7,223 Add: Valuation adjustment to Visa derivative 6,000 2,656 Add: Loss on early extinguishment of debt 677 — Add/subtract: Investment securities losses (gains), net — 799 Subtract/add: Tax effect of adjustments(1) $733 $(2,702) Adjusted net income available to common shareholders $722,459 $735,787 Add: Amortization of intangibles, tax effected $6,410 $7,108 Adjusted net income available to common shareholders excluding amortization of intangibles $728,869 $742,895 Net income available to common shareholders excluding amortization of intangibles $731,149 $734,412 Total average shareholders' equity less preferred stock $4,163,556 $4,674,833 Subtract: Goodwill (452,390) (452,390) Subtract: Other intangible assets, net (31,317) (40,307) Total average tangible shareholders' equity less preferred stock $3,679,849 $4,182,136 Return on average common equity 17.4% 15.6% Adjusted return on average common equity 17.4% 15.7% Return on average tangible common equity 19.9% 17.6% Adjusted return on average tangible common equity 19.8% 17.8% Amounts may not total due to rounding; (1) An assumed marginal tax rate of 24.3% for 2022 and 25.3% for 2021. Non-GAAP Financial Measures, Continued

33 (dollars in thousands) 4Q22 3Q22 4Q21 Total non-interest revenue $102,439 $104,298 $117,068 Subtract: Investment securities gains, net — — (230) Subtract/add: Fair value adjustment on non-qualified deferred compensation (1,557) 1,076 (995) Adjusted non-interest revenue $100,882 $105,374 $115,843 (dollars in thousands) 4Q22 3Q22 2Q22 1Q22 4Q21 Total non-interest expense $308,996 294,010 282,051 272,450 295,207 Subtract/add: Restructuring charges 2,372 (956) 1,850 6,424 (5,958) Subtract: Valuation adjustment to Visa derivative (2,500) — (3,500) — (2,656) Subtract: Loss on early extinguishment of debt — — — (677) — Subtract/add: Fair value adjustment on non-qualified deferred compensation (1,557) 1,076 3,240 1,295 (995) Adjusted non-interest expense $307,311 $294,130 $283,641 $279,492 $285,598 Adjusted non-interest expense $307,311 294,130 283,641 279,492 285,598 Subtract: Amortization of intangibles (2,118) (2,118) (2,118) (2,118) (2,379) Adjusted tangible non-interest expense $305,193 292,012 281,523 277,374 283,219 Net interest income $501,346 $477,919 $425,388 $392,248 $392,313 Add: Taxable equivalent (TE) adjustment 1,131 972 960 865 884 Add: Total non-interest revenue 102,439 104,298 97,266 105,334 117,068 Total TE revenue $604,916 $583,189 $523,614 $498,447 $510,265 Subtract/add: Investment securities (gains) losses, net — — — — (230) Subtract/add: Fair value adjustment on non-qualified deferred compensation (1,557) 1,076 3,240 1,295 (995) Adjusted revenue $603,359 $584,265 $526,854 $499,742 $509,040 Efficiency ratio-TE 51.1% 50.4% 53.9% 54.7% 57.9% Adjusted tangible efficiency ratio 50.6% 50.0% 53.4% 55.5% 55.6% Non-GAAP Financial Measures, Continued

34 (dollars in thousands) 2022 2021 Total non-interest revenue $409,336 $450,066 Add/subtract: Investment securities losses (gains), net — 799 Subtract: Fair value adjustment on non-qualified deferred compensation 4,054 (2,816) Adjusted non-interest revenue $413,390 $448,049 Total non-interest expense $1,157,506 $1,099,904 Subtract: Earnout liability adjustments — (507) Subtract/add: Restructuring charges 9,690 (7,223) Subtract: Valuation adjustment to Visa derivative (6,000) (2,656) Subtract: Loss on early extinguishment of debt (677) — Subtract: Fair value adjustment on non-qualified deferred compensation 4,054 (2,816) Adjusted non-interest expense $1,164,573 $1,086,702 Adjusted non-interest expense $1,164,573 $1,086,702 Subtract: Amortization of intangibles (8,472) (9,516) Adjusted tangible non-interest expense $1,156,101 $1,077,186 Net interest income 1,796,900 1,532,947 Add: Taxable equivalent adjustment 3,927 3,185 Add: Total non-interest revenue 409,336 450,066 Total TE revenue $2,210,163 $1,986,198 Add/subtract: Investment securities losses (gains), net — 799 Subtract: Fair value adjustment on non-qualified deferred compensation 4,054 (2,816) Adjusted revenue $2,214,217 $1,984,181 Efficiency ratio-TE 52.4% 55.4% Adjusted tangible efficiency ratio 52.2% 54.3% Amounts may not total due to rounding. Non-GAAP Financial Measures, Continued

35 ($ in thousands) 2022 2021 Net interest income $1,796,900 $1,532,947 Add: Total non-interest revenue 409,336 450,066 Subtract: Total non-interest expense (1,157,506) (1,099,904) Pre-provision net revenue (PPNR) $1,048,730 $883,109 Net interest income $1,796,900 $1,532,947 Add: Taxable equivalent adjustment 3,927 3,185 TE net interest income 1,800,827 1,536,132 Add: Total non-interest revenue $409,336 $450,066 Total TE revenue 2,210,163 1,986,198 Subtract/add: Investment securities (gains) losses, net — 799 Subtract/add: Fair value adjustment on non-qualified deferred compensation 4,054 (2,816) Adjusted revenue $2,214,217 $1,984,181 Subtract: PPP revenue (13,866) (94,733) Adjusted revenue ex. PPP revenue $2,200,351 $1,889,448 Total non-interest expense $1,157,506 $1,099,904 Subtract: Earnout liability adjustments — (507) Subtract: Loss on early extinguishment of debt (677) — Subtract: Restructuring charges 9,690 (7,223) Subtract: Valuation adjustment to Visa derivative (6,000) (2,656) Subtract/add: Fair value adjustment on non-qualified deferred compensation 4,054 (2,816) Adjusted non-interest expense $1,164,573 $1,086,702 Adjusted revenue ex. PPP revenue $2,200,351 $1,889,448 Subtract: Adjusted non-interest expense (1,164,573) (1,086,702) Adjusted PPNR ex. PPP revenue $1,035,778 $802,746 Adjusted revenue $2,214,217 $1,984,181 Subtract: Adjusted non-interest expense (1,164,573) (1,086,702) Adjusted PPNR $1,049,644 $897,479 Non-GAAP Financial Measures, Continued Amounts may not total due to rounding.

36 (dollars in thousands) December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Total assets $59,731,378 $58,639,522 $57,382,745 $56,419,549 $57,317,226 Subtract: Goodwill (452,390) (452,390) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (27,124) (29,242) (31,360) (33,478) (35,596) Tangible assets $59,251,864 $58,157,890 $56,898,995 $55,933,681 $56,829,240 Total shareholders' equity $4,475,801 $4,229,715 $4,584,438 $4,824,635 $5,296,800 Subtract: Goodwill (452,390) (452,390) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (27,124) (29,242) (31,360) (33,478) (35,596) Subtract: Preferred stock, no par value (537,145) (537,145) (537,145) (537,145) (537,145) Tangible common equity $3,459,142 $3,210,938 $3,563,543 $3,801,622 $4,271,669 Total shareholders' equity to total assets ratio 7.49% 7.21% 7.99% 8.55% 9.24% Tangible common equity ratio 5.84% 5.52% 6.26% 6.80% 7.52% Non-GAAP Financial Measures, Continued Amounts may not total due to rounding.

XML

Cover Page	Jan. 18, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 18, 2023
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