8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

April 23, 2019

Date of Report

(Date of Earliest Event Reported)

Synovus Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

Georgia (State of Incorporation) 1-10312 (Commission File Number) 58-1134883 (IRS Employer Identification No.)

1111 Bay Avenue, Suite 500, Columbus, Georgia 31901

(Address of principal executive offices) (Zip Code)

(706) 649-2311

(Registrant’s telephone number, including area code)

________________________________________________

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

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

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

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

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

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

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 o

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. o

Item 2.02	Results of Operations and Financial Condition
	On April 23, 2019, Synovus Financial Corp. (the “Company”) issued a press release announcing the Company’s financial results for the three month period ended March 31, 2019.
	Pursuant to General Instruction F to Current Report on Form 8-K, the press release is attached to this Current Report as Exhibit 99.1 and only those portions of the press release related to the historical results of operations of the Company for the three month period March 31, 2019 are incorporated into this Item 2.02 by reference. The information contained in this Item 2.02, including the information set forth in the press release filed as Exhibit 99.1 to, and incorporated in, this Current Report is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in Exhibit 99.1 furnished pursuant to this Item 2.02 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 7.01	Regulation FD Disclosure
	On April 23, 2019, the Company made available the supplemental information (the “Supplemental Information”) and slide presentation (“Slide Presentation”) prepared for use with the press release. The investor call and webcast will be held at 8:30 a.m., ET, on April 23, 2019.
	The information contained in this Item 7.01 of this Current Report, including the information set forth in the Supplemental Information and the Slide Presentation filed as Exhibit 99.2 and Exhibit 99.3 to, and incorporated in, this Current Report, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.2 and Exhibit 99.3 furnished pursuant to this Item 7.01 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 9.01	Financial Statements and Exhibits
	(d)	Exhibits
	Exhibit No.	Description
	99.1	Synovus press release dated April 23, 2019
	99.2	Supplemental Information prepared for use with the press release
	99.3	Slide presentation prepared for use with the press release

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Synovus has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SYNOVUS FINANCIAL CORP.
Date: April 23, 2019	By: /s/ Allan E. Kamensky
	Name: Allan E. Kamensky
	Title: Executive Vice President, General Counsel
	and Secretary

EX-99.1

Exhibit 99.1

Media Contact	Investor Contact
Lee Underwood	Steve Adams
Media Relations	Investor Relations
(706) 644-0528	(706) 641-6462

Synovus Announces Earnings for the First Quarter2019

Diluted Earnings per Share of $0.72

Adjusted Diluted Earnings per Share of $0.98, up 15.1% from1Q18

COLUMBUS, Ga., April 23, 2019 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended March 31, 2019.

First Quarter 2019 Highlights

• Diluted EPS of $0.72; adjusted diluted EPS of $0.98, up 7.6% sequentially and 15.1% year over year.

• Organic loan and deposit growth¹ of $400.1 million and $423.7 million, respectively.

• Return on average assets (ROA) of 1.06%, adjusted ROA of 1.45%.

• Return on average common equity (ROE) of 10.98%, adjusted ROE of 15.03%.

• Adjusted return on average tangible common equity (ROATCE) of 17.52%.

• Non-performing asset (NPA) ratio of 0.44%.

• Efficiency ratio of 61.29%, adjusted tangible efficiency ratio of 50.24%.

• Completed acquisition of FCB Financial Holdings, Inc.; merger-related expenses impacting EPS by $0.27.

• Completed issuance of $300 million in subordinated debt.

• Executed share repurchases of $320 million or 8.5 million shares.

First Quarter Summary

	Reported									Adjusted
(dollars in thousands)	1Q19			4Q18			1Q18			1Q19			4Q18			1Q18
Net Income available to common shareholders	$	117,036		$	101,919		$	100,607		$	160,155		$	107,002		$	102,020
Diluted earnings per share	0.72			0.87			0.84			0.98			0.91			0.86
Total loans	35,634,501			25,946,573			24,883,037			N/A			N/A			N/A
Total deposits	38,075,190			26,720,322			26,253,507			N/A			N/A			N/A
Total revenues	476,478			365,924			341,330			476,250			368,189			344,502
Return on avg assets	1.06		%	1.29		%	1.34		%	1.45		%	1.36		%	1.36		%
Return on avg common equity	10.98			14.25			14.62			15.03			14.96			14.82
Return on avg tangible common equity	12.88			14.63			15.02			17.52			15.36			15.23
Net interest margin	3.78			3.92			3.78			3.59			N/A			N/A
Efficiency ratio	61.29			57.34			57.16			50.24			55.98			57.42
Net charge-off ratio	0.19			0.20			0.07			N/A			N/A			N/A
NPA ratio	0.44			0.44			0.53			N/A			N/A			N/A

“We are pleased with our first quarter results, with solid gains in earnings per share, balanced growth in loans and deposits, and strong contributions from our newly acquired FCB franchise,” said Kessel D. Stelling, Synovus chairman and CEO. “We continued to demonstrate prudent expense discipline while investing in a number of strategically important initiatives, including transforming our digital capabilities, improving the customer experience, and recruiting and investing in high-performing talent. We also continued our capital optimization program by executing $320 million in share repurchases.

“As the May 6 FCB conversion date approaches, we are very pleased with the crisp execution of the FCB integration, including seamless alignment of our teams into an efficient and synergistic operating model, successful retention of key customers and team members, and realization of merger-related cost savings ahead of plan,” Stelling concluded. 

Balance Sheet

• Total loans ended the quarter at $35.63 billion, up $9.69 billion or 37.3% from the previous quarter, including FCB-acquired loan balances of $9.29 billion.

◦ Fair value discount on acquired loans was $169 million.

◦ Excluding FCB-acquired balances, period-end loans increased $400.1 million from the fourth quarter of 2018, including:

• Commercial and industrial loans up $55.9 million

• Consumer loans up $184.7 million

• CRE loans up $151.5 million

◦ Legacy FCB contributed $213.7 million in organic loan growth in the first quarter.

• Total deposits ended the quarter at $38.08 billion, up $11.35 billion or 42.5% from fourth quarter2018, including FCB-acquired deposit balances of $10.93 billion.

◦ Excluding FCB-acquired deposit balances, period-end deposits increased $423.7 million from the fourth quarter of 2018, including:

▪ CDs up $614.6 million

▪ DDAs² up $77.4 million

▪ MMA/Savings down $169.1 million

▪ Brokered deposits down $99.2 million

• The loan to deposit ratio was 93.6%, down from 97.1% in the prior quarter.

Core Performance

• Results are impacted by the merger with FCB, which closed on January 1, 2019.

• Total revenues were $476.5 million in the first quarter, up $110.6 million or 30.2% from the previous quarter, and up $135.1 million or 39.6% in the first quarter2018.

• Net interest income was $397.2 million, up$99.2 million or 33.3% from the previous quarter and up$122.9 million or 44.8% from the first quarter2018.

• Net interest margin was 3.78%, down 14 basis points from the previous quarter, which includes $18.8 million or 19 basis points of purchase accounting accretion. Yield on earning assets was 4.80%, up 11 basis points from the previous quarter, and the effective cost of funds was 1.02%, up 25 basis points from the fourth quarter of 2018.

• Total non-interest income was $79.4 million, up$11.4 million from the previous quarter and up$12.3 million or 18.4% from first quarter2018.

◦ Non-interest income in the quarter included a favorable adjustment in the fair value of private equity investments of $858 thousand compared to an unfavorable adjustment of $2.1 million in the prior quarter. 

◦ Adjusted non-interest income was $78.4 million, up$8.4 million from the previous quarter.

▪ Legacy FCB contributed adjusted non-interest income of $7.3 million during the quarter.

◦ Core banking fees³ were $36.8 million, flat from the previous quarter, including $1.8 million in additional income from FCB.

◦ Fiduciary and asset management fees, brokerage revenue, and insurance revenues were $24.5 million, down $161 thousand from the previous quarter.

◦ Mortgage banking income was $5.1 million, up $1.3 million from the fourth quarter of 2018, including $204 thousand from FCB.

• Total non-interest expense was $292.4 million, up$82.5 million or 39.3% from the previous quarter and up49.8% from the first quarter2018.

◦ First quarter 2019 results included merger-related expenses of $49.7 million, which impacted EPS by $0.27.

◦ Adjusted non-interest expense was $242.7 million, up$36.3 million or 17.6% from the previous quarter and up$44.5 million or 22.5% from the first quarter2018.

▪ Non-interest expense associated with FCB was $26.8 million.

◦ Employment expense of $139.4 millionincreased$25.9 million or 22.8% from the previous quarter.

◦ Occupancy and equipment expense of $38.4 millionincreased$4.1 million or 12.1% from the fourth quarter of 2018.

◦ Amortization of intangibles was $3.1 million in the first quarter of 2019.

◦ Other expenses were $64.8 million in the quarter, up $6.2 million or 10.5% from the previous quarter and up $11.9 million or 22.5% from the first quarter2018.

• Efficiency ratio for the first quarter was 61.29% as compared to 57.34% in the previous quarter and 57.16% in the first quarter2018.

◦ Adjusted tangible efficiency ratio for the first quarter was 50.24% as compared to 55.98% in the previous quarter and 57.42% in the first quarter2018.

• As a result of non-deductible merger-related expenses, other disallowances, and increased state taxes, the effective tax rate was 25.2% in the quarter.

Credit Quality

• The non-performing loan ratio was 0.40% at March 31, 2019, compared to 0.41% at the end of the previous quarter and 0.48% at March 31, 2018.

• The non-performing asset ratio was 0.44% at March 31, 2019, unchanged from the previous quarter and down from 0.53% at March 31, 2018.

• The annualized net charge-off ratio was 0.19% in the first quarter as compared to 0.20% in the previous quarter and 0.07% in the first quarter2018.

• Total delinquencies (consisting of loans 30 or more days past due and still accruing) remain low at 0.25% of total loans at March 31, 2019, as compared to 0.22% in the previous quarter and 0.22% at March 31, 2018.

Capital

• First quarter 2019 includes the impact of $1.6 billion in stock consideration issued in the FCB acquisition.

• During the first quarter 2019, Synovus repurchased $320 million in common stock, as part of the previously announced share repurchase program. Additionally, Synovus declared common stock dividends of $0.30 per share, a 20% increase from the previous quarter.

• On February 7, Synovus completed a public offering of $300 million in subordinated debt.

• Common Equity Tier 1 ratio was 9.44% at March 31, 2019, down from 9.95% at December 31, 2018.

• Tier 1 Capital ratio was 9.93% at March 31, 2019, down from 10.61% at December 31, 2018.

• Total Risk Based Capital ratio was 11.98% at March 31, 2019, down from 12.37% at December 31, 2018.

• Tier 1 Leverage ratio was 8.77% at March 31, 2019, down from 9.60% at December 31, 2018.

• Tangible Common Equity ratio was 8.30% at March 31, 2019, compared to 8.81% at December 31, 2018.

¹ Organic loan and deposit growth excludes FCB-acquired balances of $9.29 billion and $10.93 billion, respectively.

² Includes interest-bearing and non-interest-bearing DDAs.

³Core banking fees include service charges on deposit accounts, card fees, letter of credit fees, ATM fee income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges.

First Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on April 23, 2019. 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 $47 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 300 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was named one of American Banker’s “Best Banks to Work For” in 2018 and has been recognized as one of the country’s 10 “Most Reputable Banks” by American Banker and the Reputation Institute for four consecutive years. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding deposit growth, loan growth and the net interest margin; expectations on our growth strategy, strategic transactions (including the FCB transaction), expense initiatives, capital management and future profitability; expectations on credit trends and key credit metrics; 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, 2018, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest income; adjusted non-interest expense; adjusted total revenues; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted earnings per diluted share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity to tangible assets ratio; and common equity Tier 1 (CET1) ratio (fully phased-in) are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest income; total non-interest expense; total revenues; efficiency ratio; net income available to common shareholders; earnings per diluted common share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and the CET1 ratio, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted total revenues and adjusted non-interest income are measures used by management to evaluate total revenues and non-interest income exclusive of net investment securities gains (losses) and changes in the fair value of private equity investments, net. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted earnings per diluted share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity to tangible assets ratio and common equity Tier 1 (CET1) ratio (fully phased-in) are used by management and bank regulators to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	1Q19			4Q18			1Q18
Adjusted non-interest income
Total non-interest income	$	79,378		$	67,991		$	67,046
Subtract: Investment securities gains, net	(75		)	—			—
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(858		)	2,084			3,056
Adjusted non-interest income	$	78,445		$	70,075		$	70,102
Adjusted non-interest expense
Total non-interest expense	$	292,410		$	209,922		$	195,179
Subtract: Merger-related expense	(49,738		)	(3,381		)	—
Add: Litigation settlement/contingency expense	—			—			2,626
Subtract/add: Restructuring charges, net	(19		)	(140		)	315
Adjusted non-interest expense	$	242,653		$	206,401		$	198,120
Adjusted total revenues and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	242,653		$	206,401		$	198,120
Subtract: Amortization of intangibles	(3,392		)	(292		)	(292		)
Adjusted tangible non-interest expense	$	239,261		$	206,109		$	197,828
Net interest income	$	397,175		$	297,933		$	274,284
Add: Tax equivalent adjustment	630			181			116
Add: Total non-interest income	79,378			67,991			67,046
Subtract: Investment securities gains, net	(75		)	—			—
Total FTE revenues	477,108			366,105			341,446
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(858		)	2,084			3,056
Adjusted total revenues	$	476,250		$	368,189		$	344,502
Efficiency ratio	61.29		%	57.34		%	57.16		%
Adjusted tangible efficiency ratio	50.24			55.98			57.42

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)	1Q19			4Q18			1Q18
Adjusted Return on Average Assets
Net income	$	120,186		$	105,070		$	103,166
Add: Income tax expense, net related to State Tax Reform	—			—			1,325
Add: Merger-related expense	49,738			3,381			—
Subtract: Litigation settlement/contingency expense	—			—			(2,626		)
Add/subtract: Restructuring charges, net	19			140			(315		)
Subtract: Investment securities gains, net	(75		)	—			—
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(858		)	2,084			3,056
Subtract: Tax effect of adjustments	(5,705		)	(522		)	(27		)
Adjusted net income	$	163,305		$	110,153		$	104,579
Net income annualized	$	487,421		$	416,854		$	418,395
Adjusted net income annualized	$	662,293		$	437,020		$	424,126
Total average assets	$	45,794,621		$	32,190,303		$	31,245,708
Return on average assets	1.06		%	1.29		%	1.34		%
Adjusted return on average assets	1.45			1.36			1.36
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	117,036		$	101,919		$	100,607
Add: Income tax expense, net related to State Tax Reform	—			—			1,325
Add: Merger-related expense	49,738			3,381			—
Subtract: Litigation settlement/contingency expense	—			—			(2,626		)
Add/subtract: Restructuring charges, net	19			140			(315		)
Subtract: Investment securities gains, net	(75		)	—			—
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(858		)	2,084			3,056
Subtract: Tax effect of adjustments	(5,705		)	(522		)	(27		)
Adjusted net income available to common shareholders	$	160,155		$	107,002		$	102,020
Weighted average common shares outstanding, diluted	162,760			116,986			119,321
Net income per common share, diluted	$	0.72		$	0.87		$	0.84
Adjusted net income per common share, diluted	0.98			0.91			0.86

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	1Q19			4Q18			1Q18
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	$	117,036		$	101,919		$	100,607
Add: Income tax expense, net related to State Tax Reform	—			—			1,325
Add: Merger-related expense	49,738			3,381			—
Subtract: Litigation settlement/contingency expense	—			—			(2,626		)
Add/subtract: Restructuring charges, net	19			140			(315		)
Subtract: Investment securities gains, net	(75		)	—			—
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(858		)	2,084			3,056
Subtract: Tax effect of adjustments	(5,705		)	(522		)	(27		)
Adjusted net income available to common shareholders	$	160,155		$	107,002		$	102,020
Adjusted net income available to common shareholders annualized	$	649,518		$	424,519		$	413,747
Add: Amortization of intangibles	10,317			886			906
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	659,835		$	425,405		$	414,653
Net income available to common shareholders annualized	$	474,646		$	404,353		$	408,017
Add: Amortization of intangibles	10,317			886			906
Net income available to common shareholders excluding amortization of intangibles annualized	$	484,963		$	405,239		$	408,923
Total average shareholders' equity less preferred stock	$	4,321,561		$	2,837,740		$	2,790,878
Subtract: Goodwill	(480,215		)	(57,315		)	(57,315		)
Subtract: Other intangible assets, net	(75,191		)	(9,972		)	(10,915		)
Total average tangible shareholders' equity less preferred stock	$	3,766,155		$	2,770,453		$	2,722,648
Return on average common equity	10.98		%	14.25		%	14.62		%
Adjusted return on average common equity	15.03			14.96			14.82
Return on average tangible common equity	12.88			14.63			15.02
Adjusted return on average tangible common equity	17.52			15.36			15.23

Reconciliation of Non-GAAP Financial Measures, continued
	March 31,			December 31,			March 31,
(dollars in thousands)	2019			2018			2018
Tangible Common Equity to Tangible Assets Ratio
Total assets	$	46,604,344		$	32,669,192		$	31,501,028
Subtract: Goodwill	(480,215		)	(57,315		)	(57,315		)
Subtract: Other intangible assets, net	(74,683		)	(9,875		)	(10,750		)
Tangible assets	$	46,049,446		$	32,602,002		$	31,432,963
Total shareholders’ equity	$	4,572,072		$	3,133,602		$	2,956,495
Subtract: Goodwill	(480,215		)	(57,315		)	(57,315		)
Subtract: Other intangible assets, net	(74,683		)	(9,875		)	(10,750		)
Subtract: Preferred Stock, no par value	(195,140		)	(195,140		)	(125,980		)
Tangible common equity	$	3,822,034		$	2,871,272		$	2,762,450
Total shareholders’ equity to total assets ratio	9.81		%	9.59		%	9.39		%
Tangible common equity to tangible assets ratio	8.30			8.81			8.79

Reconciliation of Non-GAAP Financial Measures, continued
	March 31,
(dollars in thousands)	2019
CET1 ratio (fully phased-in)
CET1	$	3,772,682
Total risk-weighted assets	$	39,954,750
Total risk-weighted assets (fully phased-in)	$	40,095,768
CET1 ratio	9.44		%
CET1 ratio (fully phased-in)	9.41

EX-99.2

Synovus										Exhibit 99.2
	INCOME STATEMENT DATA
	(Unaudited)
	(In thousands, except per share data)	2019			2018							First Quarter
		First Quarter			Fourth Quarter		Third Quarter	Second Quarter		First Quarter		'19 vs '18
												% Change
	Interest income	$	504,839		357,394		343,942	329,834		313,134		61.2	%
	Interest expense	107,664			59,461		52,323	45,257		38,850		177.1
	Net interest income	397,175			297,933		291,619	284,577		274,284		44.8
	Provision for loan losses	23,569			12,148		14,982	11,790		12,776		84.5
	Net interest income after provision for loan losses	373,606			285,785		276,637	272,787		261,508		42.9
	Non-interest income:
	Service charges on deposit accounts	20,859			20,320		20,582	19,999		19,940		4.6
	Fiduciary and asset management fees	13,578			13,805		13,462	13,983		13,435		1.1
	Card fees	10,877			10,862		10,608	10,833		10,199		6.6
	Brokerage revenue	9,406			9,643		9,329	8,900		8,695		8.2
	Mortgage banking income	5,054			3,781		5,290	4,839		5,047		0.1
	Income from bank-owned life insurance	5,290			3,682		3,771	3,733		4,217		25.4
	Swap fee income	4,778			1,128		516	1,003		690		nm
	Investment securities gains/(losses), net	75			—		—	(1,296	)	—		nm
	Increase/(decrease) in fair value of private equity investments, net	858			(2,084	)	434	(37	)	(3,056	)	nm
	Other non-interest income	8,603			6,854		7,676	11,430		7,879		9.2
	Total non-interest income	79,378			67,991		71,668	73,387		67,046		18.4
	Non-interest expense:
	Salaries and other personnel expense	139,427			113,496		114,341	111,863		113,720		22.6
	Net occupancy and equipment expense	38,394			34,260		32,088	32,654		31,480		22.0
	Third-party processing expense	17,758			14,803		14,810	15,067		13,945		27.3
	FDIC insurance and other regulatory fees	6,761			4,728		6,430	6,543		6,793		(0.5	)
	Professional fees	6,348			8,650		6,298	6,284		5,505		15.3
	Advertising expense	5,123			6,834		3,735	5,220		5,092		0.6
	Earnout liability adjustments	—			—		11,652	—		—		nm
	Merger-related expense	49,738			3,381		6,684	—		—		nm
	Amortization of intangibles	3,392			292		292	292		292		nm
	Other operating expenses	25,469			23,478		23,967	26,134		18,352		38.8
	Total non-interest expense	292,410			209,922		220,297	204,057		195,179		49.8
	Income before income taxes	160,574			143,854		128,008	142,117		133,375		20.4
	Income tax expense	40,388			38,784		18,949	30,936		30,209		33.7
	Net income	120,186			105,070		109,059	111,181		103,166		16.5
	Less: Preferred stock dividends and redemption charge	3,150			3,151		9,729	2,559		2,559		23.1
	Net income available to common shareholders	$	117,036		101,919		99,330	108,622		100,607		16.3
	Net income per common share, basic	$	0.73		0.88		0.85	0.92		0.85		(14.2	)%
	Net income per common share, diluted	0.72			0.87		0.84	0.91		0.84		(14.7	)
	Cash dividends declared per common share	0.30			0.25		0.25	0.25		0.25		20.0
	Return on average assets *	1.06		%	1.29		1.36	1.42		1.34		(28	)bps
	Return on average common equity *	10.98			14.25		13.95	15.39		14.62		(364	)
	Weighted average common shares outstanding, basic	160,927			116,303		117,241	118,397		118,666		35.6	%
	Weighted average common shares outstanding, diluted	162,760			116,986		118,095	119,139		119,321		36.4
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	March 31, 2019			December 31, 2018		March 31, 2018
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	519,681		468,426		348,027
	Interest-bearing funds with Federal Reserve Bank	688,470			641,476		636,947
	Interest earning deposits with banks	24,147			19,841		16,851
	Federal funds sold and securities purchased under resale agreements	33,627			13,821		57,192
	Cash and cash equivalents	1,265,925			1,143,564		1,059,017
	Mortgage loans held for sale, at fair value	55,970			37,129		50,439
	Investment securities available for sale, at fair value	6,808,191			3,991,632		3,990,978
	Loans	35,634,501			25,946,573		24,883,037
	Allowance for loan losses	(257,036		)	(250,555	)	(257,764	)
	Loans, net	35,377,465			25,696,018		24,625,273
	Cash surrender value of bank-owned life insurance	761,098			554,134		543,684
	Premises and equipment, net	479,965			434,307		424,342
	Goodwill	480,215			57,315		57,315
	Other intangible assets	74,683			9,875		10,750
	Other assets	1,300,832			745,218		739,230
	Total assets	$	46,604,344		32,669,192		31,501,028
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	9,144,315		7,650,967		7,381,070
	Interest-bearing deposits	28,930,875			19,069,355		18,872,437
	Total deposits	38,075,190			26,720,322		26,253,507
	Federal funds purchased and securities sold under repurchase agreements	314,383			237,692		185,531
	Other short-term borrowings	853,000			650,000		—
	Long-term debt	2,106,037			1,657,157		1,856,392
	Other liabilities	683,662			270,419		249,103
	Total liabilities	42,032,272			29,535,590		28,544,533
	Shareholders' equity:
	Series C Preferred Stock - no par value; 5,200,000 outstanding at March 31, 2018	—			—		125,980
	Series D Preferred Stock - no par value. Authorized 100,000,000 shares; 8,000,000 shares issued and outstanding at March 31, 2019 and December 31, 2018	195,140			195,140		—
	Common stock - $1.00 par value. Authorized 342,857,143 shares; 165,929,349 issued at March 31, 2019, 143,300,449 issued at December 31, 2018, and 143,017,301 issued at March 31, 2018; 157,454,007 outstanding at March 31, 2019, 115,865,510 outstanding at December 31, 2018, and 118,702,497 outstanding at March 31, 2018	165,929			143,300		143,017
	Additional paid-in capital	3,782,847			3,060,561		3,039,757
	Treasury stock, at cost – 8,475,342 shares at March 31, 2019, 27,434,939 shares at December 31, 2018, and 24,314,804 shares at March 31, 2018	(319,898		)	(1,014,746	)	(866,407	)
	Accumulated other comprehensive loss, net	(18,342		)	(94,420	)	(107,777	)
	Retained earnings	766,396			843,767		621,925
	Total shareholders’ equity	4,572,072			3,133,602		2,956,495
	Total liabilities and shareholders' equity	$	46,604,344		32,669,192		31,501,028

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)
	(Dollars in thousands)
		2019			2018
		First			Fourth		Third		Second		First
		Quarter			Quarter		Quarter		Quarter		Quarter
	Interest Earning Assets
	Taxable investment securities (2)	$	6,515,561		4,073,685		4,061,239		4,077,564		4,097,162
	Yield	3.05		%	2.45		2.38		2.34		2.34
	Tax-exempt investment securities(2)(4)	$	20,638		—		89		115		140
	Yield (taxable equivalent)	4.45		%	—		5.91		6.87		6.57
	Trading account assets(5)	$	2,049		7,493		16,646		23,772		8,167
	Yield	1.30		%	1.90		2.52		2.79		2.66
	Commercial loans(3)(4)	$	26,140,672		19,150,252		19,025,830		18,857,271		18,963,515
	Yield	5.16		%	5.13		4.98		4.85		4.64
	Consumer loans(3)	$	9,180,679		6,476,026		6,298,643		6,092,899		5,899,015
	Yield	5.10		%	4.85		4.80		4.76		4.71
	Allowance for loan losses	$	(252,815	)	(251,098	)	(251,684	)	(257,966	)	(251,635	)
	Loans, net(3)	$	35,068,536		25,375,180		25,072,789		24,692,204		24,610,895
	Yield	5.17		%	5.11		4.99		4.88		4.70
	Mortgage loans held for sale	$	34,913		36,477		49,030		50,366		38,360
	Yield	4.48		%	4.79		4.71		4.42		3.95
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	679,477		641,832		544,704		724,537		516,575
	Yield	2.45		%	2.20		1.90		1.77		1.48
	Federal Home Loan Bank and Federal Reserve Bank Stock(5)	$	211,408		162,369		163,568		165,845		177,381
	Yield	4.82		%	4.31		4.41		4.63		3.39
	Total interest earning assets	$	42,532,582		30,297,036		29,908,065		29,734,403		29,448,680
	Yield	4.80		%	4.69		4.58		4.47		4.31
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	6,393,304		4,692,804		4,701,204		5,001,826		5,032,000
	Rate	0.68		%	0.41		0.38		0.35		0.31
	Money Market accounts	$	10,244,556		8,050,732		7,936,621		7,791,107		7,561,554
	Rate	1.18		%	0.89		0.72		0.55		0.43
	Savings deposits	$	901,059		815,588		824,935		829,800		811,587
	Rate	0.06		%	0.04		0.03		0.03		0.03
	Time deposits under $100,000	$	2,238,568		1,242,811		1,205,987		1,161,890		1,143,780
	Rate	1.24		%	1.16		0.99		0.82		0.71
	Time deposits over $100,000	$	6,211,067		2,478,649		2,273,582		2,021,084		1,895,545
	Rate	1.60		%	1.67		1.46		1.22		1.02
	Non-maturing brokered deposits	$	937,629		349,480		358,277		262,976		424,118
	Rate	2.60		%	2.46		2.10		1.94		1.14
	Brokered time deposits	$	1,845,819		1,275,276		1,414,700		1,659,941		1,527,793
	Rate	2.13		%	2.03		1.94		1.85		1.75
	Total interest-bearing deposits	$	28,772,002		18,905,340		18,715,306		18,728,624		18,396,377
	Rate	1.24		%	0.96		0.83		0.70		0.58
	Federal funds purchased and securities sold under repurchase agreements	$	233,076		194,370		230,504		207,655		202,226
	Rate	0.22		%	0.18		0.25		0.35		0.21
	Other short-term borrowings	$	517,456		112,228		146,794		3,024		394,056
	Rate	2.58		%	2.51		2.12		2.84		1.52
	Long-term debt	$	1,983,910		1,657,022		1,656,743		1,852,094		1,733,938
	Rate	3.33		%	3.06		2.87		2.66		2.51
	Total interest-bearing liabilities	$	31,506,444		20,868,960		20,749,347		20,791,397		20,726,597
	Rate	1.38		%	1.12		0.99		0.87		0.76
	Non-interest-bearing demand deposits	$	9,054,949		8,014,761		7,672,006		7,539,451		7,391,695
	Cost of funds	1.07		%	0.81		0.73		0.64		0.56
	Net interest margin	3.78		%	3.92		3.89		3.86		3.78
	Taxable equivalent adjustment	$	630		181		136		120		116
	(1) Yields and rates are annualized.
	(2) Excludes net unrealized gains and losses.
	(3) Average loans are shown net of unearned income. Non-performing loans are included.
	(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
	(5) Included as a component of other assets on the consolidated balance sheet.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans			Total Originated Loans		Total Acquired Loans (1)	Total Loans		Linked Quarter		Total Loans			Year/Year
Loan Type	March 31, 2019			March 31, 2019		March 31, 2019	December 31, 2018		% Change		March 31, 2018			% Change
Commercial, Financial, and Agricultural	$	9,547,816		7,661,252		1,886,564	7,449,698		28.2	%	$	7,191,531		32.8	%
Owner-Occupied	6,560,681			5,375,678		1,185,003	5,331,508		23.1		4,910,386			33.6
Total Commercial & Industrial	16,108,497			13,036,930		3,071,567	12,781,206		26.0		12,101,917			33.1
Multi-Family	2,077,666			1,242,076		835,590	1,208,033		72.0		1,479,573			40.4
Hotels	1,179,395			704,057		475,338	704,319		67.5		751,232			57.0
Office Buildings	2,211,901			1,498,491		713,410	1,451,048		52.4		1,464,473			51.0
Shopping Centers	1,654,531			870,231		784,300	808,540		104.6		782,580			111.4
Warehouses	771,007			585,699		185,308	627,353		22.9		583,645			32.1
Other Investment Property	1,022,280			820,391		201,889	761,658		34.2		557,547			83.4
Total Investment Properties	8,916,780			5,720,945		3,195,835	5,560,951		60.3		5,619,050			58.7
1-4 Family Construction	215,881			172,631		43,250	174,259		23.9		188,939			14.3
1-4 Family Investment Mortgage	549,120			485,168		63,952	505,611		8.6		569,965			(3.7	)
Total 1-4 Family Properties	765,001			657,799		107,202	679,870		12.5		758,904			0.8
Commercial Development	149,944			70,576		79,368	60,675		147.1		65,371			129.4
Residential Development	211,501			116,942		94,559	93,166		127.0		104,137			103.1
Land Acquisition	219,146			155,669		63,477	169,829		29.0		288,265			(24.0	)
Land and Development	580,591			343,187		237,404	323,670		79.4		457,773			26.8
Total Commercial Real Estate	10,262,372			6,721,931		3,540,441	6,564,491		56.3		6,835,727			50.1
Consumer Mortgages	5,390,821			3,044,207		2,346,614	2,934,235		83.7		2,663,371			102.4
Home Equity Lines	1,606,227			1,540,726		65,501	1,515,796		6.0		1,472,471			9.1
Credit Cards	252,762			252,762		—	258,245		(2.1	)	226,713			11.5
Other Consumer Loans	2,037,477			2,023,693		13,784	1,916,743		6.3		1,606,799			26.8
Total Consumer	9,287,287			6,861,388		2,425,899	6,625,019		40.2		5,969,354			55.6
Unearned Income	(23,655		)	(23,655	)	—	(24,143	)	(2.0	)	(23,961		)	(1.3	)
Total	$	35,634,501		26,596,594		9,037,907	25,946,573		37.3	%	$	24,883,037		43.2	%
(1) Represents $9.29 billion (at fair value) of loans acquired from FCB, net of payments since acquisition date
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)	Total Non-performing Loans			Total Originated Non-performing Loans		Total Acquired Non-performing Loans(1) (2)	Total Non-performing Loans		Linked Quarter		Total Non-performing Loans			Year/Year
Loan Type	March 31, 2019			March 31, 2019		March 31, 2019	December 31, 2018		% Change		March 31, 2018			% Change
Commercial, Financial, and Agricultural	$	85,917		79,305		6,612	69,295		24.0	%	$	81,606		5.3	%
Owner-Occupied	13,813			11,239		2,574	8,971		54.0		4,067			239.6
Total Commercial & Industrial	99,730			90,544		9,186	78,266		27.4		85,673			16.4
Multi-Family	1,503			—		1,503	237		534.2		1,028			46.2
Hotels	7,346			—		7,346	—		nm		—			nm
Office Buildings	221			112		109	165		33.9		1,272			(82.6	)
Shopping Centers	676			614		62	89		659.6		89			659.6
Warehouses	—			—		—	—		-		—			-
Other Investment Property	—			—		—	1,890		nm		541			nm
Total Investment Properties	9,746			726		9,020	2,381		309.3		2,930			232.6
1-4 Family Construction	445			445		—	—		nm		—			nm
1-4 Family Investment Mortgage	1,522			1,277		245	2,381		(36.1	)	2,634			(42.2	)
Total 1-4 Family Properties	1,967			1,722		245	2,381		(17.4	)	2,634			(25.3	)
Commercial Development	46			46		—	93		(50.5	)	44			4.5
Residential Development	1,569			1,569		—	1,444		8.7		3,219			(51.3	)
Land Acquisition	1,035			1,035		—	1,416		(26.9	)	1,311			(21.1	)
Land and Development	2,650			2,650		—	2,953		(10.3	)	4,574			(42.1	)
Total Commercial Real Estate	14,363			5,098		9,265	7,715		86.2		10,138			41.7
Consumer Mortgages	11,556			6,856		4,700	4,949		133.5		7,708			49.9
Home Equity Lines	14,078			13,756		322	12,114		16.2		14,868			(5.3	)
Other Consumer Loans	4,249			4,249		—	3,689		15.2		1,694			150.8
Total Consumer	29,883			24,861		5,022	20,752		44.0		24,270			23.1
Total	$	143,976		120,503		23,473	106,733		34.9	%	$	120,081		19.9	%
(1) Represents loans acquired from FCB and designated as non-accrual, net of payments since acquisition date
(2) For purposes of this table, March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2019			2018				First Quarter
		First			Fourth	Third	Second	First	'19 vs '18
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (1)	143,976			106,733	108,425	117,328	120,081	19.9	%
	Impaired Loans Held for Sale (2)	12			1,506	12	2,733	6,591	(99.8	)%
	Other Real Estate	11,329			6,220	8,542	6,288	4,496	152.0
	Non-performing Assets (1)	155,317			114,459	116,979	126,349	131,168	18.4
	Allowance for loan losses	257,036			250,555	241,450	251,725	257,764	(0.3	)
	Net Charge-Offs - Quarter	17,088			13,044	15,257	17,829	4,280
	Net Charge-Offs / Average Loans - Quarter (3)	0.19		%	0.20	0.24	0.29	0.07
	Non-performing Loans / Loans (1)	0.40			0.41	0.42	0.47	0.48
	Non-performing Assets / Loans, Impaired Loans Held for Sale, & ORE (1)	0.44			0.44	0.46	0.50	0.53
	Allowance / Loans	0.72			0.97	0.98	1.00	1.04
	Allowance / Non-performing Loans (1)	178.53			234.75	231.91	214.55	214.66
	Allowance / Non-performing Loans excluding loans for which the expected loss has been charged off (1)	230.29			297.68	288.21	262.99	241.49
	Past Due Loans over 90 days and Still Accruing (1)	$	4,486		3,798	4,856	3,222	5,416	(17.2	)
	As a Percentage of Loans Outstanding	0.01		%	0.01	0.02	0.01	0.02
	Total Past Due Loans and Still Accruing (1)	$	88,135		56,927	78,323	55,614	54,150	62.8
	As a Percentage of Loans Outstanding	0.25		%	0.22	0.31	0.22	0.22
	Accruing Troubled Debt Restructurings (TDRs)	$	112,205		115,588	114,740	125,310	129,394	(13.3	)
	(1) For purposes of this table, March 31, 2019 non-performing loans and past due loans over 90 days exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
	(2) Represent impaired loans that have been specifically identified to be sold. Impaired loans held for sale are carried at the lower of cost or fair value, less costs to sell, based primarily on estimated sales proceeds net of selling costs.
	(3) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		March 31, 2019			December 31, 2018	March 31, 2018
	Tier 1 Capital	$	3,967,822		3,090,416	2,924,109
	Total Risk-Based Capital	4,785,928			3,601,376	3,442,921
	Common Equity Tier 1 Ratio (transitional)	9.44		%	9.95	10.13
	Common Equity Tier 1 Ratio (fully phased-in) (5)	9.41			9.92	10.03
	Tier 1 Capital Ratio	9.93			10.61	10.53
	Total Risk-Based Capital Ratio	11.98			12.37	12.39
	Tier 1 Leverage Ratio	8.77			9.60	9.37
	Common Equity as a Percentage of Total Assets (2)	9.39			8.99	8.98
	Tangible Common Equity as a Percentage of Tangible Assets (3) (5)	8.30			8.81	8.79
	Book Value Per Common Share (4)	$	27.80		25.36	23.85
	Tangible Book Value Per Common Share (3)	24.27			24.78	23.27
	(1) Current quarter regulatory capital information is preliminary.
	(2) Common equity consists of Total Shareholders' Equity less Preferred Stock.
	(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
	(5) See "Non-GAAP Financial Measures" of this report for applicable reconciliation.

EX-99.3

Exhibit 99.3 First Quarter 2019 Results April 23, 2019

Forward Looking Statements This slide presentation and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward- looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “predicts,” “could,” “should,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, statements on (1) future loan and deposit growth; (2) future revenue growth and net interest margin; (3) future non-interest expense levels and operating leverage; (4) future credit trends and key metrics; (5) future effective tax rates; (6) the FCB integration; (7) future capital return to common shareholders; (8) our strategy and initiatives for future growth, capital management, and strategic transactions, including the FCB transaction; (9) future long-term financial targets; and (10) 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, 2018 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 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; adjusted non-interest income; adjusted non-interest expense; adjusted tangible efficiency ratio; and tangible common equity to tangible assets ratio. The most comparable GAAP measures to these measures are diluted earnings per share; return on average assets; return on average common equity; total non-interest income; total non-interest expense; efficiency ratio; and total shareholders’ equity to total assets ratio, respectively. Management uses these non-GAAP financial measures to assess the performance of Synovus’ business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management, investors, and bank regulators in evaluating Synovus’ operating results, financial strength, the performance of its business and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted diluted earnings per share, 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. Adjusted non-interest income is a measure used by management to evaluate non-interest income exclusive of net investment securities gains (losses) and net changes in the fair value of private equity investments. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. The tangible common equity to tangible assets ratio is used by management and bank regulators to assess the strength of our capital position. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the Appendix to this slide presentation. 2

First Quarter 2019 Highlights Adjusted Reported Reported Adjusted Adjusted 1Q19 vs. 1Q19 1Q18 1Q19(1) 1Q18(1) 1Q18(1) Earnings per Share $0.72 $0.84 $0.98 $0.86 15.1% Return on Average Assets 1.06% 1.34% 1.45% 1.36% 9 b.p.s. Return on Average Common 10.98% 14.62% 15.03% 14.82% 21 b.p.s. Equity Return on Average Tangible (1) (1) 12.88% 15.02% 17.52% 15.23% 229 b.p.s. Common Equity Efficiency Ratio 61.29% 57.16% 50.24% 57.42% 718 b.p.s.  Results include the impact of merger with FCB Financial Holdings, Inc. (FCB), which closed on January 1, 2019  Strong earnings with diluted EPS of $0.72 and adjusted diluted EPS(1) of $0.98, up 7.6% sequentially and 15.1% year over year  Merger-related expenses impacted EPS by $0.27  Organic loan and deposit growth of $400.1 million and $423.7 million, respectively  Acquired loans and deposits(2) of $9.29 billion and $10.93 billion, respectively  Executed on our capital optimization plans, including the issuance of $300 million in subordinated debt and share repurchases totaling $320 million, or 8.5 million common shares  Continued stable credit environment with NPAs at 0.44%  Considerable progress on all previously announced long-term targets (1) Non-GAAP financial measure; see appendix for applicable reconciliation (2) At fair value 3

(1) Loans $35.63 Period-end Loan Balances  Total loans increased $9.69 billion or 37.3% vs. (in billions) 4Q18, including acquired loan balances from FCB of $9.29 billion (1) 16.11 45.2%  Fair value discount on acquired loans was (1) $25.95 $24.88 1.79%, in line with estimate on announcement date of 1.80%  Excluding acquired balances, period-end 12.78 49.2% 12.10 48.6% loans increased $400.1 million vs. 4Q18  C&I up $55.9 million 9.29 26.0%  Consumer up $184.7 million  CRE up $151.5 million 5.97 24.0% 6.63 25.5% 1Q19 1Q19 (3) 4Q18 Loans $ Change % Change 10.26 28.8% 6.84 27.4% 6.56 25.3% FCB $9,424,173 $213,720 9.20% SNV $25,946,573 $186,396 2.91% (in millions) 1Q18 4Q18 1Q19 Sequential (2) Total $35,370,746 $400,116 4.59% quarter loan $95.6 $369.5 $400.1 growth: CRE Consumer C&I Amounts may not total due to rounding (1) Total loans are net of deferred fees, costs, discounts/premiums (2) Excludes $9.29 billion of loans acquired from FCB 4 (3) Annualized

Deposits $38.08 2.71 Total Period-End Deposits 7.1%  Total period-end deposits increased $11.35 (in billions) 4.63 12.2% billion or 42.5% vs. 4Q18, including acquired FCB deposit balances of $10.93 billion $26.72  $26.25 7.57 19.9% Fair value premium on acquired deposits 1.55 5.8% 2.01 7.6% was $44 million 2.37 8.9% 2.17 8.3%  Excluding acquired balances, period-end 2.99 11.4% 3.69 13.8% deposits increased $423.7 million vs. 4Q18  CDs up $614.6 million  DDAs(2) up $77.4 million 23.17 60.8%  MMA/Savings down $169.1 million 19.08 72.7% 19.11 71.5%  Brokered down $99.2 million Core Deposits(5) 4Q18 1Q19 1Q19 (3) 1Q18 4Q18 1Q19 Core Deposits $ Change % Change Sequential FCB $9,627,957 $276,869 11.7% quarter deposit $105.6 $286.7 $423.7(4) growth: SNV $25,172,292 $246,057 4.0% (1) Core transaction deposits Time SCM Brokered Total $34,800,249 $522,926 6.1% Amounts may not total due to rounding (1) Core transaction deposits consist of non-interest bearing, NOW/savings, and money market deposits excluding state and county municipal (SCM) deposits (2) Including interest bearing and non-interest bearing DDA (3) Annualized (4) Excludes $10.93 billion of deposits acquired from FCB 5 (5) Core deposits consist of total deposits less brokered deposits

Net interest income (dollars in millions)  Net interest income of $397.2 million increased $99.2 million or 33.3% vs. 4Q18 and $122.9 $397.2 million or 44.8% vs. 1Q18, largely due to the FCB merger  Net interest margin of 3.78% down 14 b.p.s vs. $297.9 4Q18, which includes $18.8 million or 19 b.p.s. $274.3 of purchase accounting adjustments  The sequential decrease in NIM was driven 3.92% by the FCB merger, the issuance of sub- 3.78% 3.78% debt and continued deposit mix shift into CDs  Net interest margin excluding impact of purchase accounting adjustments was 3.59% 3.59% (1) Metric GAAP Excl. PAA Loan yield 5.17% 5.07% 1Q18 4Q18 1Q19 Earning assets yield 4.80% 4.71% Net Interest Income Effective cost of Net Interest Margin funds 1.02% 1.12% (1) Net Interest Margin (excl. PAA) Net Interest Margin 3.78% 3.59% (1) Purchase accounting adjustments (PAA) are primarily comprised of $7.4 million of loan accretion and $11.0 million of deposit premium amortization in 1Q 2019 6

Non-interest income (in millions)  1Q19 non-interest income of $79.4 million $79.4 increased $11.4 million vs. 4Q18 and $12.3 million vs. 1Q18 13.1  1Q19 adjusted non-interest income(1) of $78.4 $67.0 $68.0 million increased $8.4 million or 11.9% vs. 4Q18 2.8 2.8 3.8 5.0 5.0  Legacy FCB contributed adjusted non-interest income of $7.3 million during the quarter  Core banking fees(2) of $36.8 million were 24.6 24.5 23.3 essentially flat with 4Q18 including $1.8 million additional income from FCB  Excluding FCB, sequential quarter declines in core banking fees driven by seasonally lower service charges and card fees, as well as lower SBA gains 35.9 36.8 36.8  Mortgage banking income of $5.0 million was up $1.3 million vs. 4Q18 including $204 thousand from FCB  Other income of $13.1 million increased $10.3 1Q18 4Q18 1Q19 million vs. 4Q18 including $5.3 million attributed Other income to FCB  Fair value adjustments to private equity Mortgage banking income investments increased other income by $2.9 Fiduciary/asset management, brokerage, and insurance revenues million Core banking fees (1) Non-GAAP financial measure; see appendix for applicable reconciliation (2) Include service charges on deposit accounts, card fees, letter of credit fees, ATM fee income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges 7

Non-interest expense  1Q19 non-interest expense of $292.4 million (dollars in millions) $292.4 increased $82.5 million or 39.3% vs. 4Q18 and $97.2 million or 49.8% vs. 1Q18 $49.7 $242.7  1Q19 adjusted non-interest expense(1) of $242.7 million increased $36.3 million or 17.6% vs. 4Q18 $209.9 $206.4 $198.1 $195.2 $3.4  Non-interest expense associated with FCB of $26.8 million  The growth excluding FCB is primarily isolated to a seasonal increase in employment taxes and 401K expense, as well as an increase in amortization of intangibles  The FCB acquisition and subsequent cost savings have driven improvement in the tangible efficiency ratio 1Q18 4Q18 1Q19 Reported – excl. merger related Adjusted Reported – merger related(2) Efficiency 57.16% 57.34% 61.29% Ratio Adjusted Tangible 57.42% 55.98% 50.24% Efficiency Ratio(1) (1) Non-GAAP financial measure; see appendix for applicable reconciliation 8 (2) Merger related expense related to FCB of $49.7 million and $3.4 million for 1Q19 and 4Q18, respectively

Credit Quality (dollars in millions) NPA, NPL, and Past Due Ratios Net Charge-offs 0.53% 0.50% 0.46% 0.44% 0.44% 0.48% 0.47% 0.29% 0.42% 0.24% 0.41% (2)0.40% 0.20% 0.19% 0.31% 0.25% 0.22% 0.22% 0.22% 0.07% 0.29% $4.3 $17.8 $15.3 $13.0 $17.1 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19 (1) NPA Ratio NPL Ratio Total Past Dues > 30 Days Ratio 0.07% 0.29%Net Charge-offs0.24% NCO0.20% Ratio 0.19% % Provision Expense Allowance for Loan Losses Ratio $257.8 $251.7 $251.5 $250.6 1.04% 1.00% 299% $23.6 0.98% 0.97% $27.7 $257.0 0.72% $15.0 288% 298% 292% $12.8 $11.8 $12.1 241% 263% 138% 232% 235% 98% 93% 215% 215% 213% 66% 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19 Provision Expense Provision to Net Charge Offs Loan Loss Reserve LLR to NPLs(2) LLR to NPLs (3) (1) Excludes impaired loans held for sale. March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income (2) Excludes impaired loans with no reserve and FCB NPLs. March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income 9 (3) Excludes impaired loans held for sale and FCB NPLs. March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income

Capital ratios 1Q18 4Q18 1Q19 (1) Common equity Tier 1 ratio 10.13 9.95 9.44 Tier 1 capital ratio 10.53 10.61 9.93(1) (1) Total risk-based capital ratio 12.39 12.37 11.98 Leverage ratio 9.37 9.60 8.77 (1) Tangible common equity to tangible assets ratio(2) 8.79 8.81 8.30  1Q19 includes the impact of $1.6 billion in stock consideration issued in the FCB acquisition  Repurchased $320 million in common stock (8.5 million shares)  Share count reduced by 7.3% from January 1, 2019  On February 7, Synovus completed a public offering of $300 million in subordinated debt  The decline in capital ratios is primarily related to capital optimization activities and the acquisition of FCB (1) Preliminary (2) Non-GAAP financial measure; see appendix for applicable reconciliation 10

FCB Update: Executing Against Stated Targets People Growth  Organizational alignment complete and successfully  Merger provides elevated growth profile in 1Q19 operating within Synovus business lines $400.1  No meaningful loss of front-line team members or $213.7 customers $95.6 $186.4  Accelerated development of south Florida trust and wealth management team through 10 key hires YTD 1Q18 1Q19 in 2019 SNV FCB SNV standalone 1Q18 loan growth annualized = 1.6% SNV + FCB 1Q19 loan growth annualized = 4.6% Financial Integration Progress  Cost savings ahead of original schedule ~ $30  Network update 70% complete; conversion on track million expected in 2019 ($20 million modeled) for May 6th  Strong capital generation and robust returns  Branch sign installations are currently being completed  Financial Metrics (2020E)  Upgraded ATMs are adding substantial new EPS Accretion: ROATCE: IRR: capabilities for our Florida customers 6.5% ~17% ~17% On Track 11

2019 Outlook Combined Baseline Metrics Effective 1/1/2019(1) 2019 Outlook Loan growth(2) $35.37 billion Balance 5.5% to 7.5% Sheet Deposit growth(2) $37.61 billion Revenue Revenue growth(3) $1.83 billion 5.5% to 7.5% Non- Adjusted non-interest expense growth(4) $956.9 million 2% to 4%(5) interest Expense and Taxes Effective tax rate 21.94% 23-24% Net charge-off ratio 19 b.p.s 15 to 20 b.p.s. Credit and Share repurchases $175 million $300 to $350 million Capital Common dividend per share (year) $1.00 Up 20% to $1.20 (1) Pro forma analysis based on 2018 results (2) Loan and deposit growth based on 12/31/2018 combined period end balance (3) No 2019 rate increases modeled; using the forward curve as of 12/31/2018 (4) Non-GAAP financial measure; see appendix for applicable reconciliation (5) Growth excludes amortization of intangibles of approximately $14 million in 2019 12

Appendix

Quarterly Highlights Trend - Synovus 1Q18 2Q18 3Q18 4Q18 1Q19 Diluted EPS 0.84 0.91 0.84 0.87 0.72 Net interest margin 3.78 3.86 3.89 3.92 3.78 Financial Efficiency ratio 57.16 56.78 60.62 57.34 61.29 Performance Adjusted tangible efficiency ratio(1) 57.42 56.41 55.55 55.98 50.24 ROA(2) 1.34 1.42 1.36 1.29 1.06 Adjusted ROA(1)(2) 1.36 1.43 1.47 1.36 1.45 Balance Sheet Total loans 1.6 4.0 7.0 5.7 37.3 Growth(3) Total average deposits (7.7) 7.5 1.8 8.0 42.5 NPA ratio 0.53 0.50 0.46 0.44 0.44 Credit Quality NCO ratio(2) 0.07 0.29 0.24 0.20 0.19 Common shares outstanding(4) 118,702 117,841 116,714 115,866 157,454 (5) CET1 ratio 10.13 10.12 9.90 9.95 9.44 Capital Tangible common equity to tangible 8.79 8.77 8.68 8.81 8.30 assets ratio(1) (1) Non-GAAP financial measure; see applicable reconciliation (2) Annualized (3) Sequential quarter growth, annualized except for 1Q19 (4) In thousands (5) Preliminary 14

Condensed Income Statement (in thousands, except per share data) 1Q19 4Q18 1Q18 Net interest income $397,175 $297,933 $274,284 Non-interest income 79,378 67,991 67,046 Non-interest expense (292,410) (209,922) (195,179) Provision expense (23,569) (12,148) (12,776) Income before taxes 160,574 143,854 133,375 Income tax expense 40,388 38,784 30,209 Preferred stock dividends 3,150 3,151 2,559 Net income available to common shareholders $117,036 $101,919 $100,607 Weighted average common shares outstanding, diluted 162,760 116,986 119,321 Net income per diluted common share $0.72 $0.87 $0.84 15

Non-interest Income 1Q19 4Q18 1Q18 1Q19 vs. 1Q19 vs. (in thousands) 4Q18 % 1Q18 % Change Change Service charges on deposit accounts $20,859 $20,320 $19,940 2.7 4.6 Fiduciary and asset management fees 13,578 13,805 13,435 (1.6) 1.1 Brokerage revenue 9,406 9,643 8,695 (2.5) 8.2 Mortgage banking income 5,054 3,781 5,047 33.7 0.1 Card fees 10,877 10,862 10,199 0.1 6.6 Swap fee income 4,778 1,128 690 323.6 nm Income from bank-owned life insurance 5,290 3,682 4,217 43.6 25.4 Other non-interest income 8,603 6,854 7,879 25.5 9.2 Adjusted non-interest income $78,445 $70,075 $70,102 11.9 11.9 Increase (decrease) in fair value of private equity 858 (2,084) (3,056) nm nm investments, net Investment securities gains, net 75 - - nm nm Total non-interest income $79,378 $67,991 $67,046 16.7% 18.4% nm = not meaningful 16

Earning Assets Composition Loan Portfolio Investment Securities Portfolio 1.7 4.3 4.3 4.1 4.1 3.9 1.5 1.3 1.4 1.4 3.06% 2.34% 2.36% 2.39% 2.45% 5.11% 5.17% (2) 4.99% 4.88% 4.70% 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19 (1) (1) Duration (in years) Yield Duration (in years) Yield Loan Portfolio Rate Mix  Securities portfolio repositioning activity occurred during the quarter in order to better align with long- term liquidity objectives 36.9% 36.7% 36.6% 35.9% 37.0%  Repositioning included over $1.6 billion in sales and 17.0% 16.2% 15.7% 15.6% 12.0% over $2.2 billion in new purchases including scheduled cash flow reinvestment 46.1% 47.1% 47.7% 48.5% 51.0%  Resulting investment portfolio:  $6.8 billion in assets (~ 15% of average total assets)  Significant reduction in portfolio credit risk 1Q18 2Q18 3Q18 4Q18 1Q19  Treasuries and agency securities comprise over 90% of holdings Fixed rate Prime floating rate LIBOR floating rate  Minimal impact to earnings in current period (1) Loan and investment yields include Purchase Accounting Adjustments (PAA). Excluding the effect of PAA, loan and investment yields are 5.07% and 3.03%, respectively 17

Loan Growth (Dollars in millions) Acquired Linked Qtr. total 4Q18 Adjusted Growth Net of loans for Acquisitions Acquired 1Q19 4Q18 $ Change Loans Investment Properties $8,917 25.0% $5,560 21.4% $3,356 $3,154 $8,714 24.7% 202 9.4% Residential Properties 765 2.2 680 2.6 85 112 792 2.3% -27 -13.8% Land Acquisition & 581 1.6 324 1.3 257 280 605 1.7% -24 -16.1% Development Total CRE $10,262 28.8% $6,564 25.3% $3,698 $3,546 $10,111 28.7% 152 6.1% C&I 16,108 45.2 12,781 49.2 3,327 3,271 16,053 45.5% 56 1.4% Retail 9,287 26.0 6,625 25.5 2,662 2,478 9,102 25.8% 185 8.2% Total* $35,635 100.0% $25,946 100.0% $9,688 $9,288 $35,234 100.0% 400 4.6% *Totals include net deferred fees/cost which are not displayed by category on this slide. 18

Commercial Real Estate Composition of 1Q19 Commercial Real Estate Portfolio • Investment Properties portfolio represents Total Portfolio $10.26 billion 87% of total CRE portfolio • The portfolio is well diversified among the property types • Credit quality in Investment Properties Office building 22.00% portfolio remains excellent • Continued reduction in non-strategic CRE Multi-Family 20.00% property types (Residential and Land) • As of 1Q19, Residential C&D and Land shopping centers 16.00% Acquisition Portfolios represent only 1.8% Hotels 11.00% of total performing loans • No single CRE loan above $75 million Other Investment Properties 10.00% • Average CRE loan size is $9.7 million Warehouse 8.00% 1-4 Family Perm/Mini Perm 5.00% Credit Indicator 1Q19 NPL Ratio(1) 0.14% Land Acquisition 2.00% Net Charge-off Ratio (annualized) 0.04% Residential Development 2.00% 30+ Days Past Due Ratio 0.14% 1-4 Family Construction 2.00% 90+ Days Past Due Ratio 0.00% Commercial Development 1.00% (1) March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income 19

C&I Portfolio Diverse Industry Exposure Total Portfolio $16.11 billion Health Care 19.02% Manufacturing 7.87% Retail Trade 7.53% • Large Corporate/Middle Market/Specialty Lines Finance/Insurance 7.07% represent 38.2% of C&I Balances Wholesale Trade 6.84% • Community/Retail Bank represents 61.8% of C&I balances Other Services 5.67% R/E Other 5.51% Accom. & Food Svcs. 5.48% Credit Indicator 1Q19 Prof., Scientific, Tech. Svcs 5.39% NPL Ratio(1) 0.62% All Other 5.28% Net Charge-off Ratio (annualized) 0.30% 30+ Days Past Due Ratio 0.18% Arts, Entertainment & Rec. 5.27% 90+ Days Past Due Ratio 0.01% Transport/Warehousing 5.22% Construction 4.25% R/E Leasing 3.32% Educational Svcs. 2.11% Ag, Forestry, Fishing 2.11% Admin., Support, Waste… 2.08% 20 (1) March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income

Consumer Portfolio Total Consumer Portfolio $9.29 billion Credit Indicator 1Q19 NPL Ratio(1) 0.32% Consumer Mortgage 58.00% Net Charge-off Ratio (annualized) 0.25% Consumer Lending 18.00% 30+ Days Past Due Ratio 0.48% Partnerships 90+ Days Past Due Ratio 0.04% HELOC 17.00% Other Consumer 4.00% • Credit Card Portfolio continues to perform well Credit Card 3.00% • Average utilization rate is 22.9% • Average credit score is 725 • Charge-offs below industry average at 3.17% Consumer real estate portfolio continues to exhibit strong credit for the year indicators Credit Indicator HELOC Mortgage • Lending Partnerships with GreenSky and SoFi Weighted Average Credit Score 791 773 • Currently $1.70 billion in balances, or 4.8% of of 1Q19 Originations total portfolio Weighted average credit score 785 786 • GreenSky is a point-of-sale program where of total portfolio the customer applies with home Average LTV 77.5% 74.3% improvement store, contractor, or other Average DTI 32.0% 36.2% merchant Utilization Rate 51.4% N/A • SoFi portfolio primarily consists of refinanced student loan debt (1) March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income 21

Portfolio Risk Distribution (Dollars in millions) 1Q19 vs. 1Q18 Risk Category 4Q18 1Q19 Change Passing Grades $25,435 98.03% $35,030 98.30% $9,595 Special Mention 233 0.90% 245 0.69% 12 Substandard Accruing 172 0.66% 215 0.60% 43 Non-Performing Loans(1) 107 0.41% 144 0.40% 37 Total Loans $25,947 100.00% $35,635 100.00% $9,688 (1) March 31, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income 22

Non-GAAP Financial Measures 1Q19 4Q18 1Q18 (dollars in thousands) Net income available to common shareholders $117,036 101,919 100,607 Add: Income tax expense, net related to State Tax Reform - - 1,325 Add: Merger-related expense 49,738 3,381 - Subtract: Litigation settlement/contingency expense - - (2,626) Add/subtract: Restructuring charges, net 19 140 (315) Subtract: Investment securities gains, net (75) - - Subtract/add: (Increase) decrease in fair value of private equity investments, net (858) 2,084 3,056 Subtract: Tax effects of adjustments (5,705) (522) (27) Adjusted net income available to common shareholders $160,155 107,002 102,020 Weighted average common shares outstanding, diluted 162,760 116,986 119,321 Net income per common share, diluted $0.72 0.87 0.84 Adjusted net income per common share, diluted $0.98 0.91 0.86 23

Non-GAAP Financial Measures, continued (dollars in thousands) 1Q19 4Q18 3Q18 2Q18 1Q18 Net income $120,186 105,070 109,059 111,181 103,166 Add: Earnout liability adjustments - - 11,652 - - Subtract/add: Income tax (benefit) expense, net related to Federal Tax Reform, - - (9,865) (608) 1,325 SAB 118, State Tax Reform, and adjusted portion of other discrete items Add: Merger-related expense 49,738 3,381 6,684 - - Subtract: Litigation settlement/contingency expense - - - (1,400) (2,626) Add/subtract: Restructuring charges, net 19 140 21 103 (315) Add: Fair value adjustment to Visa derivative - - - 2,328 - Subtract/add: Investment securities (gains) losses, net (75) - - 1,296 - Subtract/add: (Increase) decrease in fair value of private equity investments, net (858) 2,084 (434) 37 3,056 Subtract/add: Tax effects of adjustments (5,705) (522) 27 (624) (27) Adjusted net income $163,305 110,153 117,144 112,313 104,579 Net income annualized $487,421 416,854 432,680 445,949 418,395 Adjusted net income annualized $662,293 437,020 464,756 450,486 424,126 Total average assets $45,794,621 32,190,303 31,725,604 31,502,758 31,245,708 Return on average assets 1.06% 1.29 1.36 1.42 1.34 Adjusted return on average assets 1.45% 1.36 1.47 1.43 1.36 24

Non-GAAP Financial Measures, continued (dollars in thousands) 1Q19 4Q18 1Q18 Net income available to common shareholders $117,036 101,919 100,607 Add: Income tax expense, net related to State Tax Reform - - 1,325 Add: Merger-related expense 49,738 3,381 - Subtract: Litigation settlement/contingency expense - - (2,626) Add/subtract: Restructuring charges, net 19 140 (315) Subtract: Investment securities gains, net (75) - - Subtract/add: (Increase) decrease in fair value of private equity investments, net (858) 2,084 3,056 Subtract: Tax effects of adjustments (5,705) (522) (27) Adjusted net income available to common shareholders $160,155 107,002 102,020 Adjusted net income available to common shareholders annualized $649,518 424,519 413,747 Add: Amortization of intangibles 10,317 886 906 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $659,835 425,405 414,653 Net income available to common shareholders annualized $474,646 404,353 408,017 Add: Amortization of intangibles 10,317 886 906 Net income available to common shareholders excluding amortization of intangibles annualized $484,963 405,239 408,923 Total average shareholders’ equity less preferred stock $4,321,561 2,837,740 2,790,878 Subtract: Goodwill (480,215) (57,315) (57,315) Subtract: Other intangible assets, net (75,191) (9,972) (10,915) Total average tangible shareholders’ equity less preferred stock $3,766,155 2,770,453 2,722,648 Return on average common equity 10.98% 14.25 14.62 Adjusted return on average common equity 15.03% 14.96 14.82 Return on average tangible common equity 12.88% 14.63 15.02 Adjusted return on average tangible common equity 17.52% 15.36 15.23 25

Non-GAAP Financial Measures, continued (dollars in thousands) 1Q19 4Q18 1Q18 Total non-interest income $79,378 67,991 67,046 Subtract: Investment securities gains, net (75) - - Subtract/add: (Increase) decrease in fair value of private equity investments, net (858) 2,084 3,056 Adjusted non-interest income $78,445 70,075 70,102 (dollars in thousands) 1Q19 4Q18 3Q18 2Q18 1Q18 Total non-interest expense $292,410 209,922 220,297 204,057 195,179 Subtract: Earnout liability adjustments - - (11,652) - - Subtract: Fair value adjustment to Visa derivative - - - (2,328) - Subtract: Merger-related expense (49,738) (3,381) (6,684) - - Add: Litigation settlement/contingency expense - - - 1,400 2,626 Subtract/add: Restructuring charges, net (19) (140) (21) (103) 315 Adjusted non-interest expense $242,653 206,401 201,940 203,026 198,120 (dollars in thousands) 1Q19 4Q18 3Q18 2Q18 1Q18 Adjusted non-interest expense $242,653 206,401 201,940 203,026 198,120 Subtract: Amortization of intangibles (3,392) (292) (292) (292) (292) Adjusted tangible non-interest expense $239,261 $206,109 $201,648 $202,734 $197,828 Net interest income 397,175 297,933 291,619 284,577 274,284 Add: Tax equivalent adjustment 630 181 136 120 116 Add: Total non-interest income 79,378 67,991 71,668 73,387 67,046 Subtract/add: Investment securities (gains)/losses, net (75) - - 1,296 - Total FTE revenues 477,108 366,105 363,423 359,380 341,446 Subtract/add: (Increase) decrease in fair value of private equity investments, net (858) 2,084 (434) 37 3,056 Adjusted total revenues $476,250 368,189 362,989 359,417 344,502 Efficiency Ratio 61.29% 57.34 60.62 56.78 57.16 Adjusted tangible efficiency ratio 50.24% 55.98 55.55 56.41 57.42 26

Non-GAAP Financial Measures, continued March 31, December 31, September 30, June 30, March 31, (dollars in thousands) 2019 2018 2018 2018 2018 Total assets $46,604,344 32,669,192 32,075,120 31,740,305 31,501,028 Subtract: Goodwill (480,215) (57,315) (57,315) (57,315) (57,315) Subtract: Other intangible assets, net (74,683) (9,875) (10,166) (10,458) (10,750) Tangible assets $46,049,446 32,602,002 32,007,639 31,672,532 31,432,963 Total shareholders’ equity $4,572,072 3,133,602 3,040,073 3,167,694 2,956,495 Subtract: Goodwill (480,215) (57,315) (57,315) (57,315) (57,315) Subtract: Other intangible assets, net (74,683) (9,875) (10,166) (10,458) (10,750) Subtract: Preferred Stock, no par value (195,140) (195,140) (195,138) (321,118) (125,980) Tangible common equity $3,822,034 2,871,272 2,777,454 2,778,803 2,762,450 Total shareholders’ equity to total assets ratio 9.81% 9.59 9.48 9.98 9.39 Tangible common equity to tangible assets ratio 8.30% 8.81 8.68 8.77 8.79 2018 2018 Synovus FCB Pro Forma (dollars in thousands) Combined Total non-interest expense $829,455 160,632 990,087 Subtract: Earnout liability adjustments (11,652) - (11,652) Subtract: Merger-related expense (10,065) (10,657) (20,722) Add: Litigation settlement/contingency expense 4,026 - 4,026 Add: Restructuring charges, net 51 - 51 Subtract: Amortization of intangibles (1,167) (1,405) (2,572) Subtract: Fair value adjustment to Visa derivative (2,328) - (2,328) Adjusted non-interest expense $808,320 148,570 956,890 27