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 26, 2021

Date of Report

(Date of Earliest Event Reported)

Synovus Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

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

1111 Bay Avenue, Suite 500, Columbus, Georgia 31901

(Address of principal executive offices) (Zip Code)

(706) 649-2311

(Registrant’s telephone number, including area code)

________________________________________________

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided

pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02	Results of Operations and Financial Condition
	On January 26, 2021, 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, 2020.
	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, 2020 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 26, 2021, the Company made available the supplemental information (the "Supplemental Information") and slide presentation ("Slide Presentation") prepared for use with the press release. The investor call and webcast will be held at 8:30 a.m., ET, on January 26, 2021.
	The information contained in this Item 7.01 of this Current Report, including the information set forth in the Supplemental Information and the Slide Presentation filed as Exhibit 99.2 and Exhibit 99.3 to, and incorporated in, this Current Report, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.2 and Exhibit 99.3 furnished pursuant to this Item 7.01 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 9.01	Financial Statements and Exhibits
	(d)	Exhibits
	Exhibit No.	Description
	99.1	Synovus press release dated January 26, 2021
	99.2	Supplemental Information prepared for use with the press release
	99.3	Slide presentation prepared for use with the press release

Signature

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

	SYNOVUS FINANCIAL CORP.
Date: January 26, 2021	By: /s/ Allan E. Kamensky
	Name: Allan E. Kamensky
	Title: Executive Vice President and General Counsel

EX-99.1

Exhibit 99.1

Media Contact	Investor Contact
Lee Underwood	Kevin Brown
Media Relations	Investor Relations
(706) 644-0528	(706) 644-0948

Synovus Announces Earnings for the Fourth Quarter 2020

Diluted Earnings per Share of $0.96 vs. $0.56 in 3Q20

Adjusted Diluted Earnings per Share of $1.08 vs. $0.89 in 3Q20

COLUMBUS, Ga., January 26, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2020.

2020 Highlights

•Net income available to common shareholders for 2020 was $340.5 million or $2.30 per diluted share as compared to $540.9 million or $3.47 per diluted share for 2019.

◦Adjusted earnings per diluted share for 2020 were $2.41 as compared to $3.90 for 2019, a decrease of 38%.

•CET1 ratio increased 72 basis points to 9.67%; total risk-based capital ratio of 13.43% the highest since 2014.

•Allowance for Credit Losses (ACL) increased $370.7 million or 105 basis points (to loans) to 1.81% year-over-year, excluding Paycheck Protection Program (PPP) loans.

◦Includes increase of $110.4 million or 30 basis points from the adoption of Current Expected Credit Losses on January 1, 2020.

•Processed and approved nearly $2.9 billion in PPP loans, supporting approximately 19,000 customers.

•Announced Synovus Forward in January, a plan expected to add $100 million pre-tax benefit with a combination of revenue and expense initiatives.

•In December, a CEO transition plan was announced, and Kevin Blair was named to the Board. In April 2021, Chairman and CEO Kessel Stelling will move into the role of Executive Chairman and Kevin Blair will become CEO.

Fourth Quarter 2020 Highlights

•Net income available to common shareholders was $142.1 million or $0.96 per diluted share as compared to $83.3 million or $0.56 in the prior quarter.

◦Adjusted earnings per diluted share of $1.08, up 22% sequentially and 15% year-over-year.

•Period-end loan decline of $1.30 billion or 3% sequentially.

◦Loans declined by $700 million or 2% from the third quarter, excluding PPP forgiveness of $540 million or $516 million, net of unearned fees, and lending partnership balance reductions of $81 million.

•Period-end deposit growth of $2.03 billion or 5% from the third quarter.

◦Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $1.77 billion or 6% sequentially.

◦Total deposit costs of 28 basis points declined 11 basis points from the third quarter.

•Net interest income of $385.9 million increased $8.9 million or 2% sequentially.

•Non-interest revenue of $114.8 million stable with the prior quarter and increased $16.8 million year-over-year.

•Non-interest expense of $302.5 million, a decrease of $14.2 million from the third quarter and an increase of $36.4 million from the prior-year quarter.

◦Adjusted non-interest expense of $275.1 million increased $6.4 million sequentially, primarily due to a $4.5 million increase in expenses related to Synovus Forward, PPP, and COVID.

•Credit quality metrics remained relatively stable, with a non-performing loan ratio of 0.39% and non-performing asset ratio of 0.50%; net charge-off ratio of 0.23%.

Fourth Quarter Summary

	Reported									Adjusted*
(dollars in thousands)	4Q20			3Q20			4Q19			4Q20			3Q20			4Q19
Net income available to common shareholders	$	142,118		$	83,283		$	143,393		$	160,618		$	131,364		$	140,069
Diluted earnings per share	0.96			0.56			0.97			1.08			0.89			0.94
Total loans	38,252,984			39,549,847			37,162,450			N/A			N/A			N/A
Total deposits	46,691,571			44,665,904			38,405,504			N/A			N/A			N/A
Total FTE revenues	501,514			492,357			497,992			499,114			493,647			492,049
Return on avg assets	1.11		%	0.69		%	1.27		%	1.25		%	1.05		%	1.24		%
Return on avg common equity	12.31			7.28			13.08			13.91			11.48			12.78
Return on avg tangible common equity	14.00			8.46			15.18			15.79			13.24			14.84
Net interest margin**	3.12			3.10			3.65			3.10			3.08			3.40
Efficiency ratio	60.32			64.31			53.44			54.60			53.91			53.20
Net charge-off ratio	0.23			0.29			0.10			N/A			N/A			N/A
NPA ratio	0.50			0.49			0.37			N/A			N/A			N/A

*    Non-GAAP measures; see applicable reconciliation

** Adjusted net interest margin excludes purchase accounting adjustments primarily comprised of loan accretion and deposit premium amortization

“In a year marked by extraordinary volatility, we drew on the strength of our relationship centered model to support

our team members, customers, and communities,” said Kessel Stelling, Synovus chairman and CEO. “During 2020,

we delivered approximately 19,000 PPP loans totaling $2.9 billion to small business customers throughout the

Southeast and grew core transaction deposits $8.6 billion. We also accelerated investments in several technology

initiatives that provided more convenience and a better digital experience as customers adapted to this highly virtual

environment. And at year end, our higher capital levels, improved liquidity, and strong credit quality further

demonstrated the strength and resiliency of our balance sheet in a challenging environment. In the year ahead, we

expect our Synovus Forward initiatives to produce additional revenue opportunities, expense savings, and

efficiencies that will further strengthen our bank. We continue to move forward with purpose, meeting the very real

needs of individuals and businesses, and remain committed to being a source of stability, unity, and value creation

for all we serve.”

Balance Sheet

Loans*
(dollars in millions)	4Q20		3Q20		Linked Quarter Change		Linked Quarter % Change		4Q19		Year/Year Change		Year/Year % Change
Commercial & industrial	$	19,373.7	$	20,014.2	$	(640.5)	(3)	%	$	16,769.4	$	2,604.3	16	%
Commercial real estate	10,570.4		10,965.9		(395.4)		(4)		10,493.8		76.7		1
Consumer	8,386.5		8,668.8		(282.3)		(3)		9,924.7		(1,538.1)		(15)
Unearned income	(77.7)		(99.0)		21.3		(22)		(25.4)		(52.3)		206
Total loans	$	38,253.0	$	39,549.8	$	(1,296.9)	(3)	%	$	37,162.5	$	1,090.5	3	%

*    Amounts may not total due to rounding

•Total loans ended the quarter at $38.25 billion, down $1.30 billion or 3% sequentially.

•Commercial and industrial (C&I) loans decreased $640.5 million or 3% from the prior quarter.

◦PPP forgiveness of $540 million, or $516 million, net of unearned fees, in the fourth quarter.

◦C&I line utilization remains near historic lows at 40%, down 6% year-over-year.

•Consumer loans decreased by $282.3 million or 3% sequentially.

◦Strategic declines in lending partnership balances of $81 million.

•Commercial real estate loans declined by $395.4 million or 4% from the prior quarter as pay-off and pay-down activity increased during the quarter.

Deposits*
(dollars in millions)	4Q20		3Q20		Linked Quarter Change		Linked Quarter % Change		4Q19		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	12,382.7	$	12,129.8	$	252.9	2	%	$	8,661.2	$	3,721.5	43	%
Interest-bearing DDA	5,674.4		5,291.1		383.3		7		4,769.5		904.9		19
Money market	13,541.2		12,441.3		1,099.9		9		9,827.4		3,713.9		38
Savings	1,156.2		1,126.0		30.3		3		909.5		246.7		27
Public funds	6,760.6		5,791.9		968.7		17		4,622.3		2,138.3		46
Time deposits	3,605.9		3,976.5		(370.5)		(9)		6,185.6		(2,579.7)		(42)
Brokered deposits	3,570.4		3,909.3		(338.9)		(9)		3,430.0		140.4		4
Total deposits	$	46,691.6	$	44,665.9	$	2,025.7	5	%	$	38,405.5	$	8,286.1	22	%

*    Amounts may not total due to rounding

•Total deposits ended the quarter at $46.69 billion up $2.03 billion or 5% sequentially.

◦Core transaction deposits increased $1.77 billion or 6% from the prior quarter.

◦Strong seasonal inflows supported a $968.7 million increase in public funds compared to the third quarter.

•Total deposit costs declined 11 basis points from the third quarter to 28 basis points.

Income Statement Summary*
(in thousands, except per share data)	4Q20		3Q20		Linked Quarter Change		Linked Quarter % Change		4Q19		Year/Year Change		Year/Year % Change
Net interest income	$	385,932	$	376,990	$	8,942	2	%	$	399,268	$	(13,336)	(3)	%
Non-interest revenue	114,761		114,411		350		—		97,955		16,806		17
Non-interest expense	302,498		316,655		(14,157)		(4)		266,121		36,377		14
Provision for credit losses	11,066		43,383		(32,317)		(74)		24,470		(13,404)		(55)
Income before taxes	$	187,129	$	131,363	$	55,766	42	%	$	206,632	$	(19,503)	(9)	%
Income tax expense	36,720		39,789		(3,069)		(8)		54,948		(18,228)		(33)
Preferred stock dividends	8,291		8,291		—		—		8,291		—		—
Net income available to common shareholders	$	142,118	$	83,283	$	58,835	71	%	$	143,393	$	(1,275)	(1)	%
Weighted average common shares outstanding, diluted	148,725		147,976		749		1		148,529		196		—
Diluted earnings per share	$	0.96	$	0.56	$	0.39	70	%	$	0.97	$	(0.01)	(1)	%
Adjusted diluted earnings per share**	$	1.08	$	0.89	$	0.19	22	%	$	0.94	$	0.14	15	%

*    Amounts may not total due to rounding

** Non-GAAP measure; see applicable reconciliation

Core Performance

•Total FTE revenues were $501.5 million in the fourth quarter up $9.2 million sequentially.

•Net interest income increased $8.9 million or 2% compared to the prior quarter, primarily due to PPP fee accretion of $24.8 million up $12.9 million from the third quarter.

•Net interest margin was 3.12% up 2 basis points from the previous quarter.

•Non-interest revenue of $114.8 million was stable with the third quarter and increased $16.8 million or 17% compared to fourth quarter 2019.

◦The fourth quarter included broad-based growth with increases in service charges, fiduciary and asset management, card fees, and brokerage offset by declines in capital markets and mortgage revenues.

•Non-interest expense decreased $14.2 million or 4% sequentially. Adjusted non-interest expense increased $6.4 million or 2% from the prior quarter.

◦Adjusted non-interest expense includes a $4.5 million increase in fees related to Synovus Forward, PPP, and COVID.

•Provision for credit losses was $11.1 million a $32.3 million decrease from the previous quarter.

◦The decrease includes net charge-offs of $22.1 million. Provision for credit losses other than net charge-offs reflects lower loan balances and a more favorable economic outlook.

•The effective tax rate was 19.6% for the quarter.

Capital Ratios
	4Q20			3Q20		4Q19
Common equity Tier 1 capital (CET1) ratio	9.67	%	(1)	9.30	%	8.95	%
Tier 1 capital ratio	10.95		(1)	10.57		10.23
Total risk-based capital ratio	13.43		(1)	13.16		12.25
Tier 1 leverage ratio	8.50		(1)	8.48		9.16
Tangible common equity ratio(2)	7.66			7.67		8.08

(1)    Ratios are preliminary

(2)    Non-GAAP measure; see applicable reconciliation

Capital

•CET1 ratio increased 37 basis points sequentially to 9.67%, above the higher end of the 9.0-9.5% operating range.

•Total risk-based capital ratio of 13.43% increased 27 basis points from the prior quarter and includes subordinated debt optimization efforts completed in the fourth quarter.

•The Board of Directors has authorized share repurchases of up to $200 million in 2021.

Fourth Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on January 26, 2021. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $54 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 289 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country's "Most Reputable Banks" by American Banker and The Reputation Institute. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,”

“potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance, including our outlook and long-term goals for future growth; our expectations regarding net interest margin; expectations on our growth strategy, expense management, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2019, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Non-GAAP Financial Measures

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

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted total revenues and adjusted non-interest revenue are measures used by management to evaluate total revenues exclusive of investment securities gains (losses), net and gain on sale and fair value increase, net 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. 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 ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	4Q20			3Q20			4Q19			2020			2019
Adjusted non-interest revenue
Total non-interest revenue	$	114,761		$	114,411		$	97,955		$	506,513		$	355,900
Subtract/add: Investment securities (gains) losses, net	(2,337)			1,550			2,157			(78,931)			7,659
Subtract: Gain on sale and fair value increase, net of private equity investments	(63)			(260)			(8,100)			(4,775)			(11,607)
Adjusted non-interest revenue	$	112,361		$	115,701		$	92,012		$	422,807		$	351,952
Adjusted non-interest expense
Total non-interest expense	$	302,498		$	316,655		$	266,121		$	1,179,574		$	1,098,968
Subtract: Earnout liability adjustments	—			—			—			(4,908)			(10,457)
Subtract: Goodwill impairment	—			(44,877)			—			(44,877)			—
Add/subtract: Merger-related expense	—			—			913			—			(56,580)
Subtract: Restructuring charges	(18,068)			(2,882)			(1,259)			(26,991)			(1,230)
Subtract: Valuation adjustment to Visa derivative	(890)			—			(1,111)			(890)			(3,611)
Subtract: Loss on early extinguishment of debt	(8,409)			(154)			—			(10,466)			(4,592)
Adjusted non-interest expense	$	275,131		$	268,742		$	264,664		$	1,091,442		$	1,022,498
Adjusted total revenues and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	275,131		$	268,742		$	264,664		$	1,091,442		$	1,022,498
Subtract: Amortization of intangibles	(2,640)			(2,640)			(2,901)			(10,560)			(11,603)
Adjusted tangible non-interest expense	$	272,491		$	266,102		$	261,763		$	1,080,882		$	1,010,895
Net interest income	$	385,932		$	376,990		$	399,268		$	1,512,748		$	1,595,803
Add: Tax equivalent adjustment	821			956			769			3,424			3,025
Add: Total non-interest revenue	114,761			114,411			97,955			506,513			355,900
Total FTE revenues	501,514			492,357			497,992			2,022,685			1,954,728
Subtract/add: Investment securities (gains) losses, net	(2,337)			1,550			2,157			(78,931)			7,659
Subtract: Gain on sale and fair value increase, net of private equity investments	(63)			(260)			(8,100)			(4,775)			(11,607)
Adjusted total revenues	$	499,114		$	493,647		$	492,049		$	1,938,979		$	1,950,780
Efficiency ratio-FTE	60.32		%	64.31		%	53.44		%	58.32		%	56.22		%
Adjusted tangible efficiency ratio	54.60			53.91			53.20			55.74			51.82

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)	4Q20			3Q20			4Q19			2020			2019
Adjusted return on average assets
Net income	$	150,409		$	91,574		$	151,684		$	373,695		$	563,780
Add: Income tax expense, net related to State Tax Reform	—			—			—			—			4,402
Add: Earnout liability adjustments	—			—			—			4,908			10,457
Add: Goodwill impairment	—			44,877			—			44,877			—
Subtract/add: Merger-related expense	—			—			(913)			—			56,580
Add: Restructuring charges	18,068			2,882			1,259			26,991			1,230
Add: Valuation adjustment to Visa derivative	890			—			1,111			890			3,611
Add: Loss on early extinguishment of debt	8,409			154			—			10,466			4,592
Subtract/add: Investment securities (gains) losses, net	(2,337)			1,550			2,157			(78,931)			7,659
Subtract: Gain on sale and fair value increase, net of private equity investments	(63)			(260)			(8,100)			(4,775)			(11,607)
Subtract/add: Tax effect of adjustments	(6,467)			(1,122)			1,162			11,748			(9,343)
Adjusted net income	$	168,909		$	139,655		$	148,360		$	389,869		$	631,361
Net income annualized	$	598,366		$	364,305		$	601,790		$	373,695		$	563,780
Adjusted net income annualized	$	671,964		$	555,584		$	588,602		$	389,869		$	631,361
Total average assets	$	53,833,909		$	53,138,334		$	47,459,405		$	52,138,038		$	46,791,930
Return on average assets	1.11		%	0.69		%	1.27		%	0.72		%	1.20		%
Adjusted return on average assets	1.25			1.05			1.24			0.75			1.35
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	142,118		$	83,283		$	143,393		$	340,532		$	540,899
Add: Income tax expense, net related to State Tax Reform	—			—			—			—			4,402
Add: Earnout liability adjustments	—			—			—			4,908			10,457
Add: Goodwill impairment	—			44,877			—			44,877			—
Subtract/add: Merger-related expense	—			—			(913)			—			56,580
Add: Restructuring charges	18,068			2,882			1,259			26,991			1,230
Add: Valuation adjustment to Visa derivative	890			—			1,111			890			3,611
Add: Loss on early extinguishment of debt	8,409			154			—			10,466			4,592
Subtract/add: Investment securities (gains) losses, net	(2,337)			1,550			2,157			(78,931)			7,659
Subtract: Gain on sale and fair value increase, net of private equity investments	(63)			(260)			(8,100)			(4,775)			(11,607)
Subtract/add: Tax effect of adjustments	(6,467)			(1,122)			1,162			11,748			(9,343)
Adjusted net income available to common shareholders	$	160,618		$	131,364		$	140,069		$	356,706		$	608,480
Weighted average common shares outstanding, diluted	148,725			147,976			148,529			148,210			156,058
Net income per common share, diluted	$	0.96		$	0.56		$	0.97		$	2.30		$	3.47
Adjusted net income per common share, diluted	1.08			0.89			0.94			2.41			3.90

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	4Q20			3Q20			4Q19			2020			2019
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	$	142,118		$	83,283		$	143,393		$	340,532		$	540,899
Add: Income tax expense, net related to State Tax Reform	—			—			—			—			4,402
Add: Earnout liability adjustments	—			—			—			4,908			10,457
Add: Goodwill impairment	—			44,877			—			44,877			—
Subtract/add: Merger-related expense	—			—			(913)			—			56,580
Add: Restructuring charges	18,068			2,882			1,259			26,991			1,230
Add: Valuation adjustment to Visa derivative	890			—			1,111			890			3,611
Add: Loss on early extinguishment of debt	8,409			154			—			10,466			4,592
Subtract/add: Investment securities (gains) losses, net	(2,337)			1,550			2,157			(78,931)			7,659
Subtract: Gain on sale and fair value increase, net of private equity investments	(63)			(260)			(8,100)			(4,775)			(11,607)
Subtract/add: Tax effect of adjustments	(6,467)			(1,122)			1,162			11,748			(9,343)
Adjusted net income available to common shareholders	$	160,618		$	131,364		$	140,069		$	356,706		$	608,480
Adjusted net income available to common shareholders annualized	$	638,980		$	522,600		$	555,709		$	356,706		$	608,480
Add: Amortization of intangibles	7,782			7,782			8,528			7,825			8,598
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	646,762		$	530,382		$	564,237		$	364,531		$	617,078
Net income available to common shareholders annualized	$	565,382		$	331,322		$	568,896		$	340,532		$	540,899
Add: Amortization of intangibles	7,782			7,782			8,528			7,825			8,598
Net income available to common shareholders excluding amortization of intangibles annualized	$	573,164		$	339,104		$	577,424		$	348,357		$	549,497
Total average shareholders' equity less preferred stock	$	4,594,199		$	4,553,159		$	4,348,250		$	4,534,935		$	4,384,458
Subtract: Goodwill	(452,390)			(497,267)			(488,223)			(485,987)			(487,126)
Subtract: Other intangible assets, net	(46,511)			(49,075)			(57,149)			(50,427)			(65,553)
Total average tangible shareholders' equity less preferred stock	$	4,095,298		$	4,006,817		$	3,802,878		$	3,998,521		$	3,831,779
Return on average common equity	12.31		%	7.28		%	13.08		%	7.51		%	12.34		%
Adjusted return on average common equity	13.91			11.48			12.78			7.87			13.88
Return on average tangible common equity	14.00			8.46			15.18			8.71			14.34
Adjusted return on average tangible common equity	15.79			13.24			14.84			9.12			16.10

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,			September 30,			December 31,
(dollars in thousands)	2020			2020			2019
Tangible common equity ratio
Total assets	$	54,366,086		$	53,040,538		$	48,203,282
Subtract: Goodwill	(452,390)			(452,390)			(497,267)
Subtract: Other intangible assets, net	(45,112)			(47,752)			(55,671)
Tangible assets	$	53,868,584		$	52,540,396		$	47,650,344
Total shareholders’ equity	$	5,161,334		$	5,064,542		$	4,941,690
Subtract: Goodwill	(452,390)			(452,390)			(497,267)
Subtract: Other intangible assets, net	(45,112)			(47,752)			(55,671)
Subtract: Preferred stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	4,126,687		$	4,027,255		$	3,851,607
Total shareholders’ equity to total assets ratio	9.49		%	9.55		%	10.25		%
Tangible common equity ratio	7.66			7.67			8.08

EX-99.2

Synovus								Exhibit 99.2
	INCOME STATEMENT DATA
	(Unaudited)	Years Ended
	(Dollars in thousands, except per share data)	December 31,
		2020			2019			% Change
	Interest income	$	1,804,495		$	2,050,638		(12)	%
	Interest expense	291,747			454,835			(36)
	Net interest income	1,512,748			1,595,803			(5)
	Provision for credit losses	355,022			87,720			305
	Net interest income after provision for credit losses	1,157,726			1,508,083			(23)
	Non-interest revenue:
	Service charges on deposit accounts	73,132			88,190			(17)
	Fiduciary and asset management fees	63,251			58,388			8
	Card fees	42,702			45,659			(6)
	Brokerage revenue	44,781			41,608			8
	Mortgage banking income	91,413			32,599			180
	Capital markets income	27,336			30,529			(10)
	Income from bank-owned life insurance	31,297			21,226			47
	Investment securities gains (losses), net	78,931			(7,659)			nm
	Gain on sale and fair value increase, net of private equity investments	4,775			11,607			nm
	Other non-interest revenue	48,895			33,753			45
	Total non-interest revenue	506,513			355,900			42
	Non-interest expense:
	Salaries and other personnel expense	618,214			570,036			8
	Net occupancy, equipment, and software expense	169,658			161,906			5
	Third-party processing and other services	83,034			75,696			10
	Professional fees	56,899			35,300			61
	FDIC insurance and other regulatory fees	25,210			31,696			(20)
	Amortization of intangibles	10,560			11,603			(9)
	Goodwill impairment	44,877			—			nm
	Restructuring charges	26,991			1,230			nm
	Loss on early extinguishment of debt	10,466			4,592			nm
	Earnout liability adjustments	4,908			10,457			nm
	Merger-related expense	—			56,580			nm
	Other operating expenses	128,757			139,872			(8)
	Total non-interest expense	1,179,574			1,098,968			7
	Income before income taxes	484,665			765,015			(37)
	Income tax expense	110,970			201,235			(45)
	Net income	373,695			563,780			(34)
	Less: Preferred stock dividends	33,163			22,881			45
	Net income available to common shareholders	$	340,532		$	540,899		(37)	%
	Net income per common share, basic	2.31			3.50			(34)	%
	Net income per common share, diluted	2.30			3.47			(34)
	Cash dividends declared per common share	1.32			1.20			10
	Return on average assets*	0.72		%	1.20		%	(48)	bps
	Return on average common equity*	7.51			12.34			(483)
	Weighted average common shares outstanding, basic	147,415			154,331			(4)	%
	Weighted average common shares outstanding, diluted	148,210			156,058			(5)
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2020						2019	Fourth Quarter
		Fourth Quarter			Third Quarter	Second Quarter	First Quarter	Fourth Quarter	'20 vs '19
									% Change
	Interest income	$	433,479		435,550	451,569	483,897	506,253	(14)	%
	Interest expense	47,547			58,560	75,003	110,637	106,985	(56)
	Net interest income	385,932			376,990	376,566	373,260	399,268	(3)
	Provision for credit losses	11,066			43,383	141,851	158,722	24,470	(55)
	Net interest income after provision for credit losses	374,866			333,607	234,715	214,538	374,798	—
	Non-interest revenue:
	Service charges on deposit accounts	19,063			17,813	15,567	20,689	22,385	(15)
	Fiduciary and asset management fees	17,242			15,885	14,950	15,174	15,645	10
	Card fees	11,743			10,823	9,186	10,950	11,325	4
	Brokerage revenue	11,794			10,604	9,984	12,398	11,106	6
	Mortgage banking income	24,426			31,229	23,530	12,227	9,287	163
	Capital markets income	4,352			5,690	6,050	11,243	8,972	(51)
	Income from bank-owned life insurance	9,725			7,778	7,756	6,038	5,620	73
	Investment securities gains (losses), net	2,337			(1,550)	69,409	8,734	(2,157)	nm
	Gain on sale and fair value increase/(decrease) of private equity investments	63			260	8,707	(4,255)	8,100	nm
	Other non-interest revenue	14,016			15,879	8,345	10,659	7,672	83
	Total non-interest revenue	114,761			114,411	173,484	103,857	97,955	17
	Non-interest expense:
	Salaries and other personnel expense	153,946			154,994	159,597	149,678	145,084	6
	Net occupancy, equipment, and software expense	44,183			41,554	41,727	42,194	42,644	4
	Third-party processing and other services	19,569			20,620	21,366	21,480	20,293	(4)
	Professional Fees	17,541			13,377	15,305	10,675	9,921	77
	FDIC insurance and other regulatory fees	6,288			6,793	6,851	5,278	9,825	(36)
	Amortization of intangibles	2,640			2,640	2,640	2,640	2,901	(9)
	Goodwill impairment	—			44,877	—	—	—	nm
	Restructuring charges	18,068			2,882	2,822	3,220	1,259	nm
	Loss on early extinguishment of debt	8,409			154	—	1,904	—	nm
	Earnout liability adjustments	—			—	4,908	—	—	nm
	Other operating expenses	31,854			28,764	28,925	39,210	34,194	(7)
	Total non-interest expense	302,498			316,655	284,141	276,279	266,121	14
	Income before income taxes	187,129			131,363	124,058	42,116	206,632	(9)
	Income tax expense	36,720			39,789	30,866	3,595	54,948	(33)
	Net income	150,409			91,574	93,192	38,521	151,684	(1)
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	8,291	—
	Net income available to common shareholders	$	142,118		83,283	84,901	30,230	143,393	(1)
	Net income per common share, basic	$	0.96		0.57	0.58	0.21	0.98	(1)	%
	Net income per common share, diluted	0.96			0.56	0.57	0.20	0.97	(1)
	Cash dividends declared per common share	0.33			0.33	0.33	0.33	0.30	10
	Return on average assets *	1.11		%	0.69	0.71	0.32	1.27	(16)	bps
	Return on average common equity *	12.31			7.28	7.48	2.75	13.08	(77)
	Weighted average common shares outstanding, basic	147,744			147,314	147,288	147,311	146,948	1	%
	Weighted average common shares outstanding, diluted	148,725			147,976	147,733	148,401	148,529	—
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	December 31, 2020		September 30, 2020		December 31, 2019
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	531,625	$	578,026	$	535,846
	Interest-bearing funds with Federal Reserve Bank	3,586,565		1,266,313		553,390
	Interest earning deposits with banks	20,944		20,929		20,635
	Federal funds sold and securities purchased under resale agreements	113,783		120,095		77,047
	Cash and cash equivalents	4,252,917		1,985,363		1,186,918
	Investment securities available for sale, at fair value	7,962,438		7,566,525		6,778,670
	Loans held for sale ($216,647, $285,899, and $115,173 measured at fair value, respectively)	760,123		745,160		115,173
	Loans, net of deferred fees and costs	38,252,984		39,549,847		37,162,450
	Allowance for loan losses	(605,736)		(603,800)		(281,402)
	Loans, net	37,647,248		38,946,047		36,881,048
	Cash surrender value of bank-owned life insurance	1,049,373		1,044,046		775,665
	Premises and equipment, net	463,959		471,208		493,940
	Goodwill	452,390		452,390		497,267
	Other intangible assets, net	45,112		47,752		55,671
	Other assets	1,732,526		1,782,047		1,418,930
	Total assets	$	54,366,086	$	53,040,538	$	48,203,282
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	13,477,854	$	13,075,081	$	9,439,485
	Interest-bearing deposits	33,213,717		31,590,823		28,966,019
	Total deposits	46,691,571		44,665,904		38,405,504
	Federal funds purchased and securities sold under repurchase agreements	227,922		202,344		165,690
	Other short-term borrowings	7,717		400,000		1,753,560
	Long-term debt	1,202,494		1,628,385		2,153,897
	Other liabilities	1,075,048		1,079,363		782,941
	Total liabilities	49,204,752		47,975,996		43,261,592
	Shareholders' equity:
	Preferred stock – no par value. Authorized 100,000,000 shares; issued 22,000,000	537,145		537,145		537,145
	Common stock – $1.00 par value. Authorized 342,857,143 shares; issued 168,132,522, 167,410,950, and 166,800,623; outstanding 148,039,495, 147,317,923, and 147,157,596	168,133		167,411		166,801
	Additional paid-in capital	3,851,208		3,832,142		3,819,336
	Treasury stock, at cost – 20,093,027, 20,093,027, and 19,643,027 shares	(731,806)		(731,806)		(715,560)
	Accumulated other comprehensive income, net	158,635		174,914		65,641
	Retained earnings	1,178,019		1,084,736		1,068,327
	Total shareholders’ equity	5,161,334		5,064,542		4,941,690
	Total liabilities and shareholders' equity	$	54,366,086	$	53,040,538	$	48,203,282

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)
	(Dollars in thousands)
		2020						2019
		Fourth			Third	Second	First	Fourth
		Quarter			Quarter	Quarter	Quarter	Quarter
	Interest Earning Assets
	Investment securities (2) (4)	$	7,493,822		7,227,400	6,618,533	6,680,047	6,696,768
	Yield	2.07		%	2.39	2.72	3.09	3.12
	Trading account assets (5)	$	8,496		5,391	6,173	6,306	7,986
	Yield	1.03		%	1.69	2.19	2.70	2.69
	Commercial loans (3) (4)	$	30,363,102		30,730,135	30,236,919	27,607,343	26,698,202
	Yield	3.96		%	3.80	3.95	4.57	4.82
	Consumer loans (3)	$	8,521,449		9,032,437	9,899,172	9,985,702	9,809,832
	Yield	4.00		%	4.08	4.34	4.60	5.07
	Allowance for loan losses	$	(595,547)		(591,098)	(498,545)	(368,033)	(269,052)
	Loans, net (3)	$	38,289,004		39,171,474	39,637,546	37,225,012	36,238,982
	Yield	4.03		%	3.92	4.08	4.62	4.93
	Mortgage loans held for sale	$	309,278		244,952	221,157	86,415	117,909
	Yield	2.74		%	2.92	3.09	3.67	3.77
	Other loans held for sale	$	544,301		493,940	19,246	—	—
	Yield	2.81		%	3.61	4.19	—	—
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	2,716,645		1,265,880	1,709,086	652,130	514,635
	Yield	0.10		%	0.11	0.11	1.02	1.71
	Federal Home Loan Bank and Federal Reserve Bank Stock (5)	$	162,537		200,923	247,801	284,082	278,586
	Yield	2.64		%	2.73	3.60	3.38	2.85
	Total interest earning assets	$	49,524,083		48,609,960	48,459,542	44,933,992	43,854,866
	Yield	3.49		%	3.58	3.75	4.33	4.60
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	8,531,415		7,789,095	7,260,940	6,445,986	6,381,282
	Rate	0.16		%	0.19	0.21	0.51	0.60
	Money Market accounts	$	14,411,860		13,272,972	12,238,479	11,548,014	10,526,296
	Rate	0.26		%	0.36	0.46	1.00	1.13
	Savings deposits	$	1,147,667		1,114,956	1,036,024	926,822	915,640
	Rate	0.01		%	0.02	0.02	0.05	0.05
	Time deposits under $100,000	$	1,239,592		1,379,923	1,621,943	1,761,741	1,873,350
	Rate	0.74		%	1.03	1.43	1.64	1.27
	Time deposits over $100,000	$	3,302,959		3,863,821	4,772,555	5,051,705	5,198,266
	Rate	1.03		%	1.44	1.80	2.04	1.51
	Other brokered deposits	$	1,978,393		1,912,114	1,998,571	1,376,669	1,156,131
	Rate	0.23		%	0.23	0.25	1.42	1.84
	Brokered time deposits	$	1,795,982		2,232,940	2,244,429	2,166,496	2,121,069
	Rate	1.60		%	1.59	1.86	2.11	2.16
	Total interest-bearing deposits	$	32,407,868		31,565,821	31,172,941	29,277,433	28,172,034
	Rate	0.39		%	0.54	0.73	1.18	1.16
	Federal funds purchased and securities sold under repurchase agreements	$	174,316		180,342	250,232	167,324	192,731
	Rate	0.07		%	0.09	0.12	0.30	0.24
	Other short-term borrowings	$	—		46,739	550,000	1,384,362	1,565,507
	Rate	—		%	1.12	1.23	1.66	1.87
	Long-term debt	$	1,552,791		2,234,665	2,834,188	2,678,651	2,153,983
	Rate	3.96		%	2.71	2.36	2.78	3.07
	Total interest-bearing liabilities	$	34,134,975		34,027,567	34,807,361	33,507,770	32,084,255
	Rate	0.55		%	0.68	0.86	1.30	1.30
	Non-interest-bearing demand deposits	$	13,566,112		12,773,676	11,923,534	9,409,774	9,706,784
	Cost of funds	0.40		%	0.50	0.65	1.04	1.02
	Net interest margin	3.12		%	3.10	3.13	3.37	3.65
	Taxable equivalent adjustment	$	821		956	861	786	769
	(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 Loans		Linked Quarter		Total Loans		Year/Year
Loan Type	December 31, 2020		September 30, 2020		% Change		December 31, 2019		% Change
Commercial, Financial, and Agricultural	$	12,574,899	$	13,120,038	(4)	%	$	10,239,559	23	%
Owner-Occupied	6,798,780		6,894,113		(1)		6,529,811		4
Total Commercial & Industrial	19,373,679		20,014,151		(3)		16,769,370		16
Multi-Family	2,197,942		2,365,118		(7)		1,989,096		10
Hotels	1,444,264		1,409,424		2		1,284,291		12
Office Buildings	2,261,253		2,313,346		(2)		2,255,308		—
Shopping Centers	1,607,223		1,698,993		(5)		1,785,616		(10)
Warehouses	702,020		730,253		(4)		703,705		—
Other Investment Property	1,133,828		1,145,313		(1)		986,311		15
Total Investment Properties	9,346,530		9,662,447		(3)		9,004,327		4
1-4 Family Construction	183,373		180,406		2		284,594		(36)
1-4 Family Investment Mortgage	445,795		474,632		(6)		495,421		(10)
Total 1-4 Family Properties	629,168		655,038		(4)		780,015		(19)
Commercial Development	130,802		111,493		17		103,643		26
Residential Development	245,776		260,313		(6)		282,677		(13)
Land Acquisition	218,158		276,584		(21)		323,122		(32)
Land and Development	594,736		648,390		(8)		709,442		(16)
Total Commercial Real Estate	10,570,434		10,965,875		(4)		10,493,784		1
Consumer Mortgages	5,507,700		5,658,525		(3)		5,546,368		(1)
Home Equity Lines	1,523,836		1,615,207		(6)		1,713,157		(11)
Credit Cards	281,018		264,829		6		268,841		5
Other Consumer Loans	1,073,989		1,130,237		(5)		2,396,294		(55)
Total Consumer	8,386,543		8,668,798		(3)		9,924,660		(15)
Unearned Income	(77,672)		(98,977)		(22)		(25,364)		206
Total	$	38,252,984	$	39,549,847	(3)	%	$	37,162,450	3	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
Loan Type	December 31, 2020		September 30, 2020		% Change		December 31, 2019		% Change
Commercial, Financial, and Agricultural	$	77,386	$	95,365	(19)	%	$	56,186	38	%
Owner-Occupied	20,019		20,261		(1)		9,780		105
Total Commercial & Industrial	97,405		115,626		(16)		65,966		48
Multi-Family	168		157		7		385		(56)
Office Buildings	1,134		27,608		(96)		600		89
Shopping Centers	21,082		257		nm		718		nm
Warehouses	217		—		nm		—		nm
Other Investment Property	2,030		238		753		321		532
Total Investment Properties	24,631		28,260		(13)		2,024		nm
1-4 Family Construction	1,236		1,556		(21)		698		77
1-4 Family Investment Mortgage	2,383		1,815		31		1,555		53
Total 1-4 Family Properties	3,619		3,371		7		2,253		61
Commercial Development	582		833		(30)		87		569
Residential Development	533		648		(18)		395		35
Land Acquisition	1,048		910		15		628		67
Land and Development	2,163		2,391		(10)		1,110		95
Total Commercial Real Estate	30,413		34,022		(11)		5,387		465
Consumer Mortgages	8,740		7,433		18		12,545		(30)
Home Equity Lines	12,145		10,297		18		12,034		1
Other Consumer Loans	2,376		1,459		63		5,704		(58)
Total Consumer	23,261		19,189		21		30,283		(23)
Total	$	151,079	$	168,837	(11)	%	$	101,636	49	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2020						2019	Fourth Quarter
		Fourth			Third	Second	First	Fourth	'20 vs '19
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPL)	$	151,079		168,837	147,437	156,287	101,636	49	%
	Impaired Loans Held for Sale	23,590			—	—	—	—	nm
	Other Real Estate and Other Assets	17,394			23,280	30,242	33,679	35,810	(51)
	Non-performing Assets (NPAs)	192,063			192,117	177,679	189,966	137,446	40
	Allowance for Loan Losses (ALL)	605,736			603,800	588,648	493,452	281,402	115
	Reserve for Unfunded Commitments	47,785			60,794	61,029	38,420	1,375	nm
	Allowance for Credit Losses (ACL)	653,521			664,594	649,677	531,872	282,777	131
	Net Charge-Offs - Quarter	22,139			28,466	24,046	20,061	8,821
	Net Charge-Offs - YTD	94,712			72,573	44,107	20,061	57,612
	Net Charge-Offs / Average Loans - Quarter (1)	0.23		%	0.29	0.24	0.21	0.10
	Net Charge-Offs / Average Loans - YTD (1)	0.24			0.25	0.23	0.21	0.16
	NPLs / Loans	0.39			0.43	0.37	0.41	0.27
	NPAs / Loans, ORE and specific other assets	0.50			0.49	0.44	0.50	0.37
	ACL/Loans	1.71			1.68	1.63	1.39	0.76
	ALL/Loans	1.58			1.53	1.47	1.29	0.76
	ACL/NPLs	432.57			393.63	440.65	340.32	278.23
	ALL/NPLs	400.94			357.62	399.25	315.74	276.87
	Past Due Loans over 90 days and Still Accruing	$	4,117		7,512	8,391	6,398	15,943	(74)
	As a Percentage of Loans Outstanding	0.01		%	0.02	0.02	0.02	0.04
	Total Past Due Loans and Still Accruing	$	47,349		57,316	46,390	83,235	123,793	(62)
	As a Percentage of Loans Outstanding	0.12		%	0.14	0.12	0.22	0.33
	Accruing Troubled Debt Restructurings (TDRs)	$	134,972		163,511	166,461	160,128	133,145	1
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		December 31, 2020			September 30, 2020	December 31, 2019
	Tier 1 Capital	$	4,572,173		4,450,547	4,280,604
	Total Risk-Based Capital	5,604,043			5,536,918	5,123,381
	Common Equity Tier 1 Capital Ratio	9.67		%	9.30	8.95
	Tier 1 Capital Ratio	10.95			10.57	10.23
	Total Risk-Based Capital Ratio	13.43			13.16	12.25
	Tier 1 Leverage Ratio	8.50			8.48	9.16
	Common Equity as a Percentage of Total Assets (2)	8.51			8.54	9.14
	Tangible Common Equity Ratio (3) (5)	7.66			7.67	8.08
	Book Value Per Common Share (4)	$	31.24		30.73	29.93
	Tangible Book Value Per Common Share (3)	27.88			27.34	26.17
	(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

Fourth Quarter 2020 Results January 26, 2021 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," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, statements on our expectations related to (1) loan growth; (2) net interest income and net interest margin; (3) total adjusted revenue; (4) adjusted non-interest expense; (5) credit trends and key credit performance metrics; (6) effective tax rate; (7) capital position; (8) our future operating and financial performance; (9) our strategy and initiatives for future growth, balance sheet management, capital management, and expense savings; (10) executive succession; and (11) our assumptions underlying these expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation. Many of these factors are beyond Synovus' ability to control or predict. These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2019 under the captions "Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors" and in Synovus' quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Use of Non-GAAP Financial Measures This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; return on average tangible common equity; adjusted return on average tangible common equity; adjusted non-interest revenue; adjusted non-interest expense; adjusted tangible non-interest expense; adjusted tangible efficiency ratio; and tangible common equity ratio. The most comparable GAAP measures to these measures are net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; total non-interest revenue; total non-interest expense; efficiency ratio; and total shareholders' equity to total assets ratio, respectively. Management uses these non-GAAP financial measures to assess the performance of Synovus' business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management, investors, and bank regulators in evaluating Synovus' operating results, financial strength, the performance of its business and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted net income available to common shareholders, adjusted diluted earnings per share and adjusted return on average assets are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Adjusted non-interest revenue is a measure used by management to evaluate non-interest revenue exclusive of net investment securities gains (losses) and gains on sales and net changes in the fair value of private equity investments. Adjusted non-interest expense, adjusted tangible non-interest expense, and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. The tangible common equity ratio is used by management and bank regulators to assess the strength of our capital position. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the Appendix to this slide presentation.

3 2020 Highlights ($ in thousands, except per share data) Reported 2020 Reported 2019 Adjusted 2020(1) Adjusted 2019(1) Net Income Available to Common Shareholders $340,532 $540,899 $356,706 $608,480 Earnings per Share $2.30 $3.47 $2.41 $3.90 Return on Average Assets 0.72% 1.20% 0.75% 1.35% Return on Average Tangible Common Equity(1) 8.71% 14.34% 9.12% 16.10% Efficiency Ratio 58.32% 56.22% 55.74% 51.82% ▪ Announced Synovus Forward in January, a plan expected to add $100 million pre-tax income benefit with a combination of revenue and expense initiatives ▪ Supported customers and team members during the global healthcare pandemic ▪ Processed and approved ~19,000 Paycheck Protection Program (PPP) loans totaling nearly $2.9 billion ▪ Implemented a comprehensive deferral program for COVID-impacted borrowers ▪ Retained capital and built allowance ratios to account for additional economic stress and uncertainty ▪ CET1 ratio increased 72 bps from 4Q19 to 9.67%(2); total risk-based capital of 13.43%(2) was the highest since 2014 ▪ Allowance for Credit Losses (ACL) increased $371 million or 105 bps (to loans) to 1.81% year-over-year, excluding PPP loans ▪ Enhanced digital capabilities that have improved the customer experience, expanded new account origination availability, and supported a more robust platform for future functionality ▪ Continued workplace diversity and inclusion advancements, increased community investments and outreach efforts, and enhanced reporting of ESG metrics ▪ In December, a CEO transition plan was announced, and Kevin Blair was named to the Board ▪ In April 2021, Chairman & CEO Kessel Stelling will move into the role of Executive Chairman and Kevin Blair will become CEO (1) Non-GAAP financial measure; see appendix for applicable reconciliation (2) Preliminary

4 Fourth Quarter 2020 Highlights ($ in thousands, except per share data) Reported 4Q20 Reported 3Q20 Reported 4Q19 Adjusted 4Q20(1) Adjusted 3Q20(1) Adjusted 4Q19(1) Net Income Available to Common Shareholders $142,118 $83,283 $143,393 $160,618 $131,364 $140,069 Earnings per Share $0.96 $0.56 $0.97 $1.08 $0.89 $0.94 Return on Average Assets 1.11% 0.69% 1.27% 1.25% 1.05% 1.24% Return on Average Tangible Common Equity(1) 14.00% 8.46% 15.18% 15.79% 13.24% 14.84% Efficiency Ratio 60.32% 64.31% 53.44% 54.60% 53.91% 53.20% ▪ Period-end loan decline of $1.3 billion or 3% vs. 3Q20 primarily due to PPP forgiveness of $516 million, net of unearned fees ▪ Excluding reductions from PPP and lending partnerships, loans declined by $700 million or 2% sequentially ▪ Period-end deposits of $46.7 billion increased $2.0 billion or 5% vs. 3Q20; total deposit costs declined 11 bps to 28 bps ▪ Total core transaction deposits(2) grew $1.8 billion or 6% vs. 3Q20, offsetting strategic declines in higher cost, single-service deposits ▪ Net interest income of $386 million increased $9 million or 2% vs. 3Q20 primarily due to effective deposit pricing and PPP forgiveness ▪ Net interest income down $4 million excluding PPP fee accretion ▪ Non-interest revenue of $115 million was stable with 3Q20; adjusted non-interest revenue(1) down $3 million vs. 3Q20 ▪ Non-interest expense of $302 million down $14 million vs. 3Q20; adjusted non-interest expense(1) of $275 million up $6 million vs. 3Q20 ▪ Adjusted non-interest expense(1) includes a $5 million increase in fees related to Synovus Forward, PPP, and COVID ▪ Provision for credit losses of $11 million down $32 million vs. 3Q20; ACL coverage ratio (to loans) of 1.71% or 1.81% excluding PPP loans ▪ Non-performing loan ratio of 0.39% and net charge-off ratio of 0.23% ▪ CET1 ratio increased 37 bps during the quarter to 9.67%(3); total risk-based capital ratio increased 27 bps to 13.43%(3) (1) Non-GAAP financial measure; see appendix for applicable reconciliation (2) Core transaction deposits consist of non-interest bearing, NOW/savings, and money market deposits excluding public funds and brokered (3) Preliminary

5 Amounts may not total due to rounding (1) Total loans are net of deferred fees, costs, discounts/premiums (2) Excludes change in unearned loan fees except for PPP $39.5(1) $37.2(1) 50.6% 27.7% 21.9% 45.1% 26.7% 28.2% ▪ Sequential quarter decline of $1.3 billion or 3% vs. 3Q20; decline of $700 million or 2% excluding PPP and lending partnerships ▪ PPP loans declined by $516 million, net of unearned fees, given accelerated forgiveness ▪ CRE declined by $395 million as pay-off and pay- down activity increased ▪ C&I line utilization remains near historic lows of ~40%, down 6% vs. 4Q19 QoQ Change in Total Loans(2) ($ in millions) $38.3(1) 50.7% 27.6% 21.9% C&I Consumer CRE (19.0)% (0.6)% (2.5)% (11.4)% (3.6)%% of category change: Loans Period-end Loan Balances (in billions)

6 $46.7 9.0% 16.1% 62.9% 70.2% 7.7% 14.5% 7.6% Deposit Costs: 2020 Trend 0.28%0.39% 0.53% 1.98% 1.41% 0.89% 1.13% 1.74% $44.7 69.4% 8.9% 13.0% 8.8% 12.0% $38.4 Deposits Period-end Deposit Balances (in billions) Amounts may not total due to rounding (1) Core transaction deposits consist of non-interest bearing, NOW/savings, and money market deposits excluding public funds and brokered (2) Includes brokered deposits ▪ Sequential quarter increase of $2.0 billion or 5% vs. 3Q20 ▪ Continued growth in core transaction deposits(1) of $1.8 billion partially offset by declines in time and brokered ▪ Strong seasonal inflows supported a $1.0 billion increase in public funds ▪ Deposit remixing and repricing continue to benefit overall funding costs ▪ Total deposit costs down 11 bps vs. 3Q20 ▪ Total deposit costs of 25 bps in December, below prior cycle low of 26 bps in 3Q14 (2)

7 Net Interest Income (in millions) (1) ▪ Net interest income of $386 million increased $9 million or 2% vs. 3Q20; reduction of $4 million excluding PPP fees ▪ $25 million in PPP fee accretion, an increase of $13 million from accelerated forgiveness ▪ $49 million in fees remain, with roughly $20 million in the forgiveness process ▪ Declines in asset yields largely offset by better than expected deposit repricing ▪ Net interest margin of 3.12%, an increase of 2 bps vs. 3Q20 ▪ Elevated cash balances have modest impact on NII, but pressure NIM ▪ PPP forgiveness supported 4Q20 NIM on acceleration of fees $386$377 $399 $25$12 $26 4Q20: NIM Primary Drivers Amounts may not total due to rounding (1) 4Q20 and 3Q20 primarily included loan accretion of $1 million and $2 million, respectively; 4Q19 primarily included loan accretion of $15 million and deposit premium amortization of $11 million (2) Other includes impact of day count, certain mix shifts, and other unattributed items (2) 3.12%

8 $53.1 $47.5 (1) 0.70% $98 $114 $115 (3) (3) $53.8 $18 Non-Interest Revenue /Average Assets ($ in billions) Non-Interest Revenue (in millions) ▪ 4Q20 non-interest revenue of $115 million was stable vs. 3Q20 and increased $17 million or 17% vs. 4Q19 ▪ Adjusted non-interest revenue(2) of $112 million decreased $3 million or 3% vs. 3Q20 and increased $20 million or 22% vs. 4Q19 ▪ A 4% sequential increase in secondary mortgage production was partially offset by lower margin and hedging activity Amounts may not total due to rounding (1) Include service charges on deposit accounts, card fees, letter of credit fees, ATM fee income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges (2) Non-GAAP financial measure; see appendix for applicable reconciliation (3) Annualized

9 (1) Non-GAAP financial measure; see appendix for applicable reconciliation 4Q19 3Q20 4Q20 Efficiency Ratio 53.4% 64.3% 60.3% Adjusted Tangible Efficiency Ratio(1) 53.2% 53.9% 54.6% Non-Interest Expense (in millions) ▪ 4Q20 non-interest expense of $302 million decreased $14 million or 4% vs. 3Q20 and increased $36 million or 14% vs. 4Q19 ▪ $14 million related to the voluntary early retirement program ▪ Run-rate savings of $7 million ▪ Primary driver of reduction in headcount of 100 vs. 3Q20 ▪ $8 million in loss on early extinguishment of debt ▪ $4 million associated with branch optimization ▪ 4Q20 adjusted non-interest expense(1) of $275 million increased $6 million or 2% vs. 3Q20 and $10 million or 4% vs. 4Q19 ▪ $7 million in professional fees associated with Synovus Forward, up $2 million vs. 3Q20 ▪ $5 million in PPP and COVID related expenses, up $3 million vs. 3Q20

10 Credit Quality (dollars in millions) ( 2 ) 0.2 9% 0.1 9% % $2 7. 7 (1) 0.10% 0.21% 0.24% 0.29% 0.23% 277% 791% 590% 152% 50% Provision/ NCO: NCO Ratio: 278% 340% 441% 394% 433% ACL to NPLs: Amounts many not total due to rounding (1) Criticized loans are loans graded special mention; classified loans are loans graded sub-standard accruing and non-accruing loans (2) ACL coverage ratio (to loans) was 1.81% in 4Q20 excluding PPP loans of $2.2 billion; 1.80% in 3Q20 and 1.74% in 2Q20 excluding PPP loans of $2.7 billion 0.33% 0.12% 0.12% $283 $532 $650 $665 $654 0.37% 0.27% 0.50% 0.39% (2) $1,567$1,583 $718$641$616

11 Capital Ratios (1) ▪ Continued improvement of capital position with CET1 up 37 bps vs. 3Q20 to 9.67%(1) ▪ Maintaining target at the higher end of our CET1 operating range of 9.0%-9.5% with heightened uncertainty in the current economic environment ▪ Total Capital increased to 13.43%(1) ▪ Includes optimization of subordinated debt completed in 4Q20 ▪ Share repurchase authorization of $200 million 8.95% 10.23% 12.25% 9.30% 10.57% 13.16% Amounts many not total due to rounding (1) Preliminary (1) Pre-tax Income 9.67% 10.95% 13.43% 9.67%

12 2020 1H21 2H21 2022 Becoming more efficient… Organizational efficiency $30M+ pre-tax benefit Voluntary retirement program with earn back of <2 years and savings of ~$7-8 million Back-Office efficiency Third-party spend $25M pre-tax benefit Branch/real estate optimization $12M pre-tax benefit 13 branch closures in 2020 with additional corporate real estate consolidation in 2021 Continuing to strengthen relationships and profitability… Customer analytics $20M+ pre-tax benefit Leveraging analytics to grow and deepen customer relationships Customer activity generates insights to incremental financial solutions Pricing for value $20M pre-tax benefit Optimize pricing for products and services New products and solutions $5M+ pre-tax benefit Investing in technology to improve customer experience and growth … Expanding online account origination capabilities Added depository and lending origination fulfillment channels Strengthening user enrollment and utilization with better customer experience Simplifying processes and continuously enhancing with new functionality Enhancing technology and advisory services Synovus Gateway, a new digital commercial banking platform, launched in November 2020 Workstreams in progress Cumulative pre-tax run-rate: ~$20M ~$60M ~$100M ~$175M Synovus Forward Note: All run-rate references are on an annualized basis

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

Appendix

15 $653,521 ACL/Loans: ACL/Loans excl. PPP(2): Key Assumptions: 3 1.68% 1.71% 1.80% 1.81% 1 Economic scenario weightings have a downside bias 2 3 Baseline includes moderate economic expansion with continued reductions in unemployment rate 1 Returned to 2-year reasonable and supportable period as economic uncertainty has moderated (1) (1) Other factors include the impact of dispositions, subpool changes, etc. (2) ACL coverage ratio (to loans) was 1.81% in 4Q20 excluding PPP loans of $2.2 billion; 1.80% in 3Q20 and 1.74% in 2Q20 excluding PPP loans of $2.7 billion Allowance for Credit Losses (in thousands)

16 COVID-19 Impact on Cash Inflows Note: For 'month-by-month', top and bottom 5% outliers are excluded. Cash inflow changes are simple averages for customers with sufficient operating account coverage (covering ~55-75% of loan exposures) (1) NAICS code for cash flows Mar Apr May Jun Jul Aug (1)(1) (1)(1) (Hotel and Other Lodging) (Excl. full-service restaurants & bars) Sep Oct Nov (5)% (16)% 1% (7)% Month-by-Month (cash inflows, YOY change)

17 ( 2 ) (1) (1) Loan Portfolio Rate Mix and Yield 1.40% 1.32% 1.52% 1.40% (2) (1) Excluding the effect of purchase accounting adjustments (PAA) in 2019, loan and investment yields were 4.75% and 3.10%, respectively, in 4Q19 (2) Effective notional is the notional of derivatives with accruing cash flows, as of the period-end Earning Assets Composition

18 Consumer 26.5% CRE 28.6% C&I 45.0% ▪ 88% are income-producing ▪ Residential C&D and Land are <1.7% of total loans ▪ No single CRE loan > $50 million ▪ Average loan size of $14 million ▪ Diversity among property types and geographies ▪ Primarily direct middle market and commercial clients ▪ Total Syndications 7.0% of total loans ▪ C&I specialty lending includes Senior Housing and Premium Finance ▪ C&I industry mix aligned with economic and demographic drivers ▪ High quality Consumer Real Estate book ▪ Weighted average credit score of 791 and 776 for HELOC and Mortgage, respectively ▪ Average LTV of ~75% for HELOC and Mortgage Consumer Portfolio - $8.4 Billion CRE Portfolio - $10.6 Billion C&I Portfolio - $19.4 Billion Consumer R/E Related 18.5% C&I Specialty Lending 17.1% Direct Middle Market & Commercial Banking 33.6% Hotel 3.8% Office Bldg. 5.9% Multi-Family 5.7% Resi. Constr, Dev, Land 1.7% Consumer CRE C&I Portfolio Characteristics Consumer CRE C&I NPL Ratio 0.28% 0.29% 0.50% QTD Net Charge-off Ratio (annualized) 0.20% 0.14% 0.28% 30+ Days Past Due Ratio 0.32% 0.07% 0.07% 90+ Days Past Due Ratio 0.03% 0.00% 0.01% Consumer Non-R/E 3.5% Amounts may not total due to rounding Loan Portfolio by Category

19 Composition of 4Q20 CRE Portfolio Total Portfolio $10.6 billion Investment Properties Land, Development, and Residential Properties Portfolio Characteristics (as of December 31, 2020) Office building Multi- family Shopping Centers Hotels Other Investment Properties Warehouse Residential Properties(1) Development & Land Balance (in millions) $2,261 $2,198 $1,607 $1,444 $1,134 $702 $629 $595 NPL Ratio 0.05% 0.01% 1.31% 0.00% 0.18% 0.03% 0.58% 0.36% Net Charge-off Ratio (annualized) 0.32% 0.00% 0.44% 0.00% 0.17% (0.02)% (0.18)% 0.06% 30+ Days Past Due Ratio 0.03% 0.06% 0.04% 0.00% 0.02% 0.00% 0.57% 0.07% 90+ Days Past Due Ratio 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00% ▪ Investment Properties portfolio represents 88% of total CRE portfolio ▪ The portfolio is well diversified among the property types ▪ Credit quality in Investment Properties portfolio remains excellent ▪ As of 4Q20, Residential C&D and Land Acquisition Portfolios represent 1.7% of total loans ▪ No single CRE loan above $50 million ▪ Average CRE loan size is $14 million 20.8% 15.2% 13.7% 10.7% 21.4%6.6% 4.2% 2.3% 2.1% 1.7% 1.2% Amounts may not total due to rounding (1) Includes 1-4 Family Construction and 1-4 Family Perm/Mini-Perm (primarily rental homes) Commercial Real Estate

20 Credit Indicator 4Q20 NPL Ratio 0.50% Net Charge-off Ratio (annualized) 0.28% 30+ Days Past Due Ratio 0.07% 90+ Days Past Due Ratio 0.01% ▪ Wholesale Bank (includes Large Corporate, Middle Market, and Specialty Lines) represents 55% of C&I Balances ▪ Community/Retail Bank represents 45% of C&I balances Diverse Industry Exposure Total Portfolio $19.4 billion Amounts may not total due to rounding (1) Includes PPP loans C&I Portfolio(1)

21 * Annualized Credit Indicator 4Q20 NPL Ratio 0.28% Net Charge-off Ratio * 0.20% 30+ Days Past Due Ratio 0.32% 90+ Days Past Due Ratio 0.03% ▪ Credit Card Portfolio continues to perform well ▪ Average utilization rate is 22% ▪ Average credit score is 734 ▪ QTD annualized net-charge off ratio of 2.45% Total Consumer Portfolio $8.4 billion Credit Indicator Heloc Mortgage Weighted Average Credit Score of 4Q20 Originations 792 769 Weighted average credit score of total portfolio 791 776 Weighted Average LTV(1) 73.9% 75.6% Average DTI(2) 31.8% 29.9% Utilization Rate 47.0% N/A Mortgage and HELOC, the two largest concentrations, have strong credit indicators ▪ Lending Partnerships with GreenSky and SoFi ▪ Currently $629 million in balances, or 1.6% of total loans ▪ GreenSky is a point-of-sale program where the customer applies with home improvement store, contractor, or other merchant *Annualized Amounts may not total due to rounding (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the 12/31/2020 loan balance (2) Average DTI of 4Q20 originations Consumer Portfolio

22 3.8% of total loans (in millions) Hotels Funded balances $1,444 Unfunded commitments $146 Total exposure $1,590 ▪ Hotel Credit Quality: ▪ 55% Average LTV(1) ▪ 0.00% NPL Ratio ▪ 0.00% Past Dues ▪ 0.00% NCO Ratio(2) ▪ Construction comprises 12% of outstanding balances ▪ ~ 85% of outstanding balances are franchised hotels; top franchises include: ▪ Hilton ▪ Marriott ▪ Hyatt ▪ No hotels in P&I deferral as of 12/31/2020 Note: Balances exclude PPP loans (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the 12/31/2020 loan balance (2) Quarter-to-date annualized 40% 30% 9% 19% 2% 56% 42% Hotel Portfolio

23 (in millions) Limited-Service Restaurants Full-Service Restaurants Total Restaurant Portfolio Funded balances $418 $286 $704 Unfunded commitments $83 $84 $167 Total exposure $501 $370 $871 41% ▪ >60% of restaurants are franchises; top franchises include: ▪ Internal cash flow data indicates that both full and limited-service restaurants have recovered to ~100% of pre-COVID levels ▪ No restaurants in P&I deferral as of 12/31/2020 ▪ McDonalds ▪ Zaxby's ▪ Burger King ▪ Cracker Barrel ▪ Panera Bread Co. 59% ▪ 0.76% NPL Ratio ▪ 0.02% Past Dues ▪ 0.00% NCO Ratio(1) ▪ 1.00% NPL Ratio ▪ 0.41% Past Dues ▪ 1.27% NCO Ratio(1) Limited-Service Restaurant Credit Quality: Full-Service Restaurant Credit Quality: Note: Balances exclude PPP loans (1) Quarter-to-date annualized 1.8% of total loans Restaurant Portfolio

24 Composition Growth Risk Category 3Q20 4Q20 3Q20 vs. 4Q20 Annualized Passing Grades $37,967 96.00% $36,686 95.90% $(1,281) Special Mention 990 2.50% 977 2.55% (13) Substandard Accruing 424 1.07% 439 1.15% 15 Non-Performing Loans 169 0.43% 151 0.39% (18) Total Loans $39,550 100.00% $38,253 100.00% $(1,297) Amounts may not total due to rounding Portfolio Risk Distribution (in millions)

25 4Q19 1Q20 2Q20 3Q20 4Q20 Diluted EPS $0.97 $0.20 $0.57 $0.56 $0.96 Financial Performance Net interest margin 3.65 % 3.37 % 3.13 % 3.10 % 3.12 % Efficiency ratio 53.44 57.81 51.58 64.31 60.32 Adjusted tangible efficiency ratio(1) 53.20 56.72 57.91 53.91 54.60 ROA(2) 1.27 0.32 0.71 0.69 1.11 Adjusted ROA(1)(2) 1.24 0.32 0.32 1.05 1.25 Balance Sheet Growth Total loans 2% 3% 4% (1)% (3)% Total average deposits — 2 11 3 4 Credit Quality NPA ratio 0.37 % 0.50 % 0.44% 0.49 % 0.50 % NCO ratio(2) 0.10 0.21 0.24 0.29 0.23 Capital Common shares outstanding(3) 147,158 147,267 147,313 147,318 148,039 Leverage ratio 9.16 % 8.92 % 8.38% 8.48 % 8.50 % Tangible common equity ratio(1) 8.08 7.94 7.41 7.67 7.66 (4) (1) Non-GAAP financial measure; see applicable reconciliation (2) Annualized (3) In thousands (4) Preliminary Quarterly Highlights Trend

26 (in thousands, except per share data) 4Q20 3Q20 4Q19 Net interest income $ 385,932 $ 376,990 $ 399,268 Non-interest revenue 114,761 114,411 97,955 Non-interest expense 302,498 316,655 266,121 Provision expense 11,066 43,383 24,470 Income before taxes 187,129 131,363 206,632 Income tax expense 36,720 39,789 54,948 Preferred stock dividends 8,291 8,291 8,291 Net income available to common shareholders $ 142,118 $ 83,283 $ 143,393 Weighted average common shares outstanding, diluted 148,725 147,976 148,529 Net income per diluted common share $ 0.96 $ 0.56 $ 0.97 Condensed Income Statement

27 (in thousands) 4Q20 3Q20 4Q19 4Q20 vs. 3Q20 % Change 4Q20 vs. 4Q19 % Change Service charges on deposit accounts $ 19,063 $ 17,813 $ 22,385 7 (15) Fiduciary and asset management fees 17,242 15,885 15,645 9 10 Brokerage revenue 11,794 10,604 11,106 11 6 Mortgage banking income 24,426 31,229 9,287 (22) 163 Card fees 11,743 10,823 11,325 9 4 Capital markets income 4,352 5,690 8,972 (24) (51) Income from bank-owned life insurance 9,725 7,778 5,620 25 73 Other non-interest revenue 14,016 15,879 7,672 (12) 83 Adjusted non-interest revenue $ 112,361 $ 115,701 $ 92,012 (3) 22 Gain on sale and fair value increase of private equtiy investments, net 63 260 8,100 nm nm Investment securities gains (losses), net 2,337 (1,550) (2,157) nm nm Total non-interest revenue $ 114,761 $ 114,411 $ 97,955 — 17 nm = not meaningful Non-Interest Revenue

28 (dollars in thousands) 4Q20 3Q20 4Q19 2020 2019 Net income available to common shareholders $ 142,118 83,283 143,393 340,532 540,899 Add: Income tax expense, net related to State Tax Reform — — — — 4,402 Add: Earnout liability adjustments — — — 4,908 10,457 Add: Goodwill impairment — 44,877 — 44,877 — Subtract/add: Merger-related expense — — (913) — 56,580 Add: Restructuring charges 18,068 2,882 1,259 26,991 1,230 Add: Valuation adjustment to Visa derivative 890 — 1,111 890 3,611 Add: Loss on early extinguishment of debt 8,409 154 — 10,466 4,592 Subtract/add: Investment securities (gains) losses, net (2,337) 1,550 2,157 (78,931) 7,659 Subtract: Gain on sale and fair value increase, net of private equity investments (63) (260) (8,100) (4,775) (11,607) Subtract/add: Tax effect of adjustments (6,467) (1,122) 1,162 11,748 (9,343) Adjusted net income available to common shareholders $ 160,618 131,364 140,069 356,706 608,480 Weighted average common shares outstanding, diluted 148,725 147,976 148,529 148,210 156,058 Net income per common share, diluted $ 0.96 $ 0.56 $ 0.97 $ 2.30 $ 3.47 Adjusted net income per common share, diluted $ 1.08 $ 0.89 $ 0.94 $ 2.41 $ 3.90 Non-GAAP Financial Measure

29 (dollars in thousands) 4Q20 3Q20 2Q20 1Q20 4Q19 Net income 150,409 91,574 93,192 38,521 151,684 Add: Earnout liability adjustments — — 4,908 — — Add: Goodwill impairment — 44,877 — — — Subtract: Merger-related expense — — — — (913) Add: Restructuring charges 18,068 2,882 2,822 3,220 1,259 Add: Valuation adjustment to Visa derivative 890 — — — 1,111 Add: Loss on early extinguishment of debt 8,409 154 — 1,904 — Subtract/add: Investment securities (gains) losses, net (2,337) 1,550 (69,409) (8,734) 2,157 Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments (63) (260) (8,707) 4,255 (8,100) Subtract/add: Tax effect of adjustments (6,467) (1,122) 19,500 (167) 1,162 Adjusted net income $ 168,909 139,655 42,306 38,999 148,360 Net income annualized $ 598,366 364,305 374,816 154,931 601,790 Adjusted net income annualized $ 671,964 555,584 170,154 156,853 588,602 Total average assets $ 53,833,909 53,138,334 52,853,685 48,696,595 47,459,405 Return on average assets 1.11 % 0.69 % 0.71 % 0.32 % 1.27 % Adjusted return on average assets 1.25 % 1.05 % 0.32 % 0.32 % 1.24 % Non-GAAP Financial Measure, continued

30 (dollars in thousands) 2020 2019 Net income $ 373,695 563,780 Add: Income tax expense, net related to State Tax Reform — 4,402 Add: Earnout liability adjustments 4,908 10,457 Add: Goodwill impairment 44,877 — Add: Merger-related expense — 56,580 Add: Restructuring charges 26,991 1,230 Add: Valuation adjustment to Visa derivative 890 3,611 Add: Loss on early extinguishment of debt 10,466 4,592 Subtract/add: Investment securities (gains) losses, net (78,931) 7,659 Subtract: Gain on sale and fair value increase, net of private equity investments (4,775) (11,607) Add/subtract: Tax effect of adjustments 11,748 (9,343) Adjusted net income 389,869 631,361 Total average assets 52,138,038 46,791,930 Return on average assets 0.72 % 1.20 % Adjusted return on average assets 0.75 % 1.35 % Non-GAAP Financial Measure, continued

31 (dollars in thousands) 4Q20 3Q20 4Q19 Net income available to common shareholders $ 142,118 83,283 143,393 Add: Goodwill impairment — 44,877 — Subtract: Merger-related expense — — (913) Add: Restructuring charges 18,068 2,882 1,259 Add: Valuation adjustment to Visa derivative 890 — 1,111 Add: Loss on early extinguishment of debt 8,409 154 — Subtract/add: Investment securities (gains) losses, net (2,337) 1,550 2,157 Subtract: Gain on sale and fair value increase, net of private equity investments (63) (260) (8,100) Subtract/add: Tax effect of adjustments (6,467) (1,122) 1,162 Adjusted net income available to common shareholders $ 160,618 131,364 140,069 Adjusted net income available to common shareholders annualized 638,980 522,600 555,709 Add: Amortization of intangibles 7,782 7,782 8,528 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 646,762 530,382 564,237 Net income available to common shareholders annualized 565,382 331,322 568,896 Add: Amortization of intangibles 7,782 7,782 8,528 Net income available to common shareholders excluding amortization of intangibles annualized $ 573,164 339,104 577,424 Total average shareholders' equity less preferred stock 4,594,199 4,553,159 4,348,250 Subtract: Goodwill (452,390) (497,267) (488,223) Subtract: Other intangible assets, net (46,511) (49,075) (57,149) Total average tangible shareholders' equity less preferred stock $ 4,095,298 4,006,817 3,802,878 Return on average common equity 12.31 % 7.28 % 13.08 % Adjusted return on average common equity 13.91 % 11.48 % 12.78 % Return on average tangible common equity 14.00 % 8.46 % 15.18 % Adjusted return on average tangible common equity 15.79 % 13.24 % 14.84 % Non-GAAP Financial Measure, continued

32 (dollars in thousands) 2020 2019 Net income available to common shareholders $ 340,532 540,899 Add: Income tax expense, net related to State Tax Reform — 4,402 Add: Earnout liability adjustments 4,908 10,457 Add: Goodwill impairment 44,877 — Add: Merger-related expense — 56,580 Add: Restructuring charges 26,991 1,230 Add: Valuation adjustment to Visa derivative 890 3,611 Add: Loss on early extinguishment of debt 10,466 4,592 Subtract/add: Investment securities (gains) losses, net (78,931) 7,659 Subtract: Gain on sale and fair value increase, net of private equity investments (4,775) (11,607) Add/subtract: Tax effect of adjustments 11,748 (9,343) Adjusted net income available to common shareholders $ 356,706 608,480 Add: Amortization of intangibles 7,825 8,598 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 364,531 617,078 Net income available to common shareholders annualized 340,532 540,899 Add: Amortization of intangibles 7,825 8,598 Net income available to common shareholders excluding amortization of intangibles annualized $ 348,357 $ 549,497 Total average shareholders' equity less preferred stock 4,534,935 4,384,458 Subtract: Goodwill (485,987) (487,126) Subtract: Other intangible assets, net (50,427) (65,553) Total average tangible shareholders' equity less preferred stock $ 3,998,521 $ 3,831,779 Return on average common equity 7.51 % 12.34 % Adjusted return on average common equity 7.87 % 13.88 % Return on average tangible common equity 8.71 % 14.34 % Adjusted return on average tangible common equity 9.12 % 16.10 % Non-GAAP Financial Measure, continued

33 (dollars in thousands) 4Q20 3Q20 4Q19 Total non-interest revenue $ 114,761 114,411 97,955 Subtract/add: Investment securities (gains) losses, net (2,337) 1,550 2,157 Subtract: Gain on sale and fair value increase, net of private equity investments (63) (260) (8,100) Adjusted non-interest revenue $ 112,361 115,701 92,012 (dollars in thousands) 4Q20 3Q20 2Q20 1Q20 4Q19 Total non-interest expense $ 302,498 316,655 284,141 276,279 266,121 Subtract: Earnout liability adjustments — — (4,908) — — Subtract: Goodwill impairment — (44,877) — — — Add: Merger-related expense — — — — 913 Subtract: Restructuring charges (18,068) (2,882) (2,822) (3,220) (1,259) Subtract: Valuation adjustment to Visa derivative (890) — — — (1,111) Subtract: Loss on early extinguishment of debt (8,409) (154) — (1,904) — Adjusted non-interest expense $ 275,131 268,742 276,411 271,155 264,664 (dollars in thousands) 4Q20 3Q20 2Q20 1Q20 4Q19 Adjusted non-interest expense $ 275,131 268,742 276,411 271,155 264,664 Subtract: Amortization of intangibles (2,640) (2,640) (2,640) (2,640) (2,901) Adjusted tangible non-interest expense $ 272,491 266,102 273,771 268,515 261,763 Net interest income 385,932 376,990 376,566 373,260 399,268 Add: Tax equivalent adjustment 821 956 861 786 769 Add: Total non-interest revenue 114,761 114,411 173,484 103,857 97,955 Total FTE revenues 501,514 492,357 550,911 477,903 497,992 Subtract/add: Investment securities (gains) losses, net (2,337) 1,550 (69,409) (8,734) 2,157 Subtract/add: Gain on sale and fair value (increase) decrease of private equity investments (63) (260) (8,707) 4,255 (8,100) Adjusted total revenues $ 499,114 493,647 472,795 473,424 492,049 Efficiency ratio-FTE 60.32 % 64.31 % 51.58 % 57.81 % 53.44 % Adjusted tangible efficiency ratio 54.60 % 53.91 % 57.90 % 56.72 % 53.20 % Non-GAAP Financial Measure, continued

34 (dollars in thousands) 2020 2019 Total non-interest revenue $ 506,513 355,900 Subtract/add: Investment securities (gains) losses, net (78,931) 7,659 Subtract: Gain on sale and fair value increase, net of private equity investments (4,775) (11,607) Adjusted non-interest revenue $ 422,807 351,952 (dollars in thousands) 2020 2019 Total non-interest expense $ 1,179,574 1,098,968 Subtract: Earnout liability adjustments (4,908) (10,457) Subtract: Goodwill impairment (44,877) — Subtract: Merger-related expense — (56,580) Subtract: Restructuring charges (26,991) (1,230) Subtract: Valuation adjustment to Visa derivative (890) (3,611) Subtract: Loss on early extinguishment of debt (10,466) (4,592) Adjusted non-interest expense $ 1,091,442 $ 1,022,498 (dollars in thousands) 2020 2019 Adjusted non-interest expense $ 1,091,442 1,022,498 Subtract: Amortization of intangibles (10,560) (11,603) Adjusted tangible non-interest expense $ 1,080,882 1,010,895 Net interest income 1,512,748 1,595,803 Add: Tax equivalent adjustment 3,424 3,025 Add: Total non-interest revenue 506,513 355,900 Total FTE revenues 2,022,685 1,954,728 Subtract/add: Investment securities (gains) losses, net (78,931) 7,659 Subtract: Gain on sale and fair value increase, net of private equity investments (4,775) (11,607) Adjusted total revenues $ 1,938,979 1,950,780 Efficiency ratio-FTE 58.32 % 56.22 % Adjusted tangible efficiency ratio 55.74 % 51.82 % Non-GAAP Financial Measure, continued

35 (dollars in thousands) December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Total assets $ 54,366,086 53,040,538 54,121,989 50,619,585 48,203,282 Subtract: Goodwill (452,390) (452,390) (497,267) (497,267) (497,267) Subtract: Other intangible assets, net (45,112) (47,752) (50,392) (53,032) (55,671) Tangible assets $ 53,868,584 52,540,396 53,574,330 50,069,286 47,650,344 Total shareholders' equity 5,161,334 5,064,542 5,052,968 5,065,205 4,941,690 Subtract: Goodwill (452,390) (452,390) (497,267) (497,267) (497,267) Subtract: Other intangible assets, net (45,112) (47,752) (50,392) (53,032) (55,671) Subtract: Preferred stock, no par value (537,145) (537,145) (537,145) (537,145) (537,145) Tangible common equity $ 4,126,687 4,027,255 3,968,164 3,977,761 3,851,607 Total shareholders' equity to total assets ratio 9.49 % 9.55 % 9.34 % 10.01 % 10.25 % Tangible common equity ratio 7.66 % 7.67 % 7.41 % 7.94 % 8.08 % Non-GAAP Financial Measure, continued

XML

Cover Page	Jan. 26, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 26, 2021
Entity Registrant Name	Synovus Financial Corp
Entity Incorporation, State or Country Code	GA
Entity File Number	1-10312
Entity Tax Identification Number	58-1134883
Entity Address, Address Line One	1111 Bay Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Columbus
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31901
City Area Code	706
Local Phone Number	649-2311
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000018349
Amendment Flag	false
Common Stock, $1.00 Par Value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	SNV
Security Exchange Name	NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Trading Symbol	SNV-PrD
Security Exchange Name	NYSE
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	SNV-PrE
Security Exchange Name	NYSE