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

July 20, 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) 641-6500

(Registrant’s telephone number, including area code)

________________________________________________

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02	Results of Operations and Financial Condition
	On July 20, 2021, Synovus Financial Corp. (the "Company") issued a press release announcing the Company’s financial results for the three and six month period ended June 30, 2021.
	Pursuant to General Instruction F to Current Report on Form 8-K, the press release is attached to this Current Report as Exhibit 99.1 and only those portions of the press release related to the historical results of operations of the Company for the three and six month period ended June 30, 2021 are incorporated into this Item 2.02 by reference. The information contained in this Item 2.02, including the information set forth in the press release filed as Exhibit 99.1 to, and incorporated in, this Current Report is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in Exhibit 99.1 furnished pursuant to this Item 2.02 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 7.01	Regulation FD Disclosure
	On July 20, 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 July 20, 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 July 20, 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: July 20, 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) 641-6500

Synovus Announces Earnings for the Second Quarter 2021

Diluted Earnings per Share of $1.19 vs. $0.57 in 2Q20

Adjusted Diluted Earnings per Share of $1.20 vs. $0.23 in2Q20

COLUMBUS, Ga., July 20, 2021 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2021.

Second Quarter 2021 Highlights

•Net income available to common shareholders of $177.9 million or $1.19 per diluted share, unchanged sequentially and up $0.62 compared to prior year.

◦Adjusted diluted EPS of $1.20, down $0.01 sequentially and up $0.97 compared to prior year.

•Period-end loans decreased $569.1 million or 1% sequentially.

◦Paycheck Protection Program (PPP) loans declined $763.4 million and third-party consumer loan balances increased $272.5 million sequentially.

•Core transaction deposits (non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds) increased $702.4 million or 2% sequentially.

•Total deposit costs of 0.16% down 6 bps sequentially due to ongoing repricing and product remixing.

•Net interest income of $381.9 million increased $8.0 million sequentially as asset growth, reduced deposit costs, and a higher day count more than offset the reduction in PPP fee income.

◦Net interest margin of 3.02%, down 2 bps sequentially.

•Non-interest revenue decreased $3.9 million sequentially as broad-based growth partially offset the normalization of net mortgage revenues.

◦Adjusted non-interest revenue decreased $6.2 million.

•Non-interest expense increased $3.4 million sequentially and decreased $13.6 million compared to prior year.

◦Adjusted non-interest expense increased $2.4 million sequentially as the benefits from various efficiency initiatives were offset by higher commissions, incentives, and expenses primarily related to additional PPP forgiveness and expenses associated with higher third-party consumer loan balances.

•Reversal of provision for credit losses of $24.6 million, primarily from a more favorable economic outlook.

◦Allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans.

•Credit quality metrics remain relatively stable, near historical lows. The non-performing asset ratio fell 4 bps to 0.46% sequentially; criticized and classified loans declined 14% compared to prior quarter.

•Preliminary CET1 ratio increased 1 bp sequentially to 9.75%, with strong core earnings helping offset the decline from $92.5 million in share repurchases at an average price of $47.51, reducing average diluted outstanding shares from the prior quarter by 1.3%.

Second Quarter Summary

	Reported									Adjusted
(dollars in thousands)	2Q21			1Q21			2Q20			2Q21			1Q21			2Q20
Net income available to common shareholders	$	177,909		$	178,802		$	84,901		$	178,969		$	180,685		$	34,015
Diluted earnings per share	1.19			1.19			0.57			1.20			1.21			0.23
Total loans	38,236,018			38,805,101			39,914,297			N/A			N/A			N/A
Total deposits	47,171,962			47,368,951			44,194,580			N/A			N/A			N/A
Total FTE revenue	489,738			485,587			550,911			488,612			486,785			470,659
Return on avg assets	1.36		%	1.40		%	0.71		%	1.37		%	1.41		%	0.32		%
Return on avg common equity	15.40			15.77			7.48			15.50			15.93			3.00
Return on avg tangible common equity	17.41			17.85			8.69			17.52			18.04			3.60
Net interest margin	3.02			3.04			3.13			N/A			N/A			N/A
Efficiency ratio	55.24			55.01			51.58			54.41			54.12			57.71
NCO ratio	0.28			0.21			0.24			N/A			N/A			N/A
NPA ratio	0.46			0.50			0.44			N/A			N/A			N/A

“Our Synovus team delivered solid financial performance in the second quarter while continuing to position the company for long-term success,” said Kevin Blair, Synovus President and CEO. “Revenue growth in the quarter was largely driven by an $8 million increase in net interest income resulting from earning asset growth. The credit outlook continued to improve, with a 14% reduction in criticized and classified loans and another quarter of reserve release. And we remained focused on growth drivers in the quarter while maintaining discipline around expenses, which declined 5% from the second quarter of 2020.

“We are delivering on Synovus Forward, with $75 million in pre-tax benefits to date, and we continue to strengthen our competitive position by investing in specialized talent, technology and solutions, and by taking advantage of our economically vibrant Southeast footprint,” Blair said. “We expect our efforts to produce sustained profitable growth, positive operating leverage, and higher returns as we progress toward becoming a top quartile performing bank.”

Balance Sheet

Loans*
(dollars in millions)	2Q21		1Q21		Linked Quarter Change		Linked Quarter % Change		2Q20		Year/Year Change		Year/Year % Change
Commercial & industrial	$	19,150.1	$	19,693.8	$	(543.7)	(3)	%	$	20,031.6	$	(881.5)	(4)	%
Commercial real estate	10,361.1		10,533.9		(172.9)		(2)		10,614.2		(253.1)		(2)
Consumer	8,724.8		8,577.3		147.5		2		9,268.5		(543.6)		(6)
Total loans	$	38,236.0	$	38,805.1	$	(569.1)	(1)	%	$	39,914.3	$	(1,678.2)	(4)	%

*Amounts may not total due to rounding

•Total loans ended the quarter at $38.24 billion, down $569.1 million or 1% sequentially.

•Commercial and industrial (C&I) loans declined $543.7 million sequentially, led by a decline in PPP loan balances of $763.4 million.

◦PPP forgiveness of $927 million partially offset by additional fundings of $149 million.

◦C&I line utilization remains near historic lows at ~40%.

•CRE loans declined $172.9 million as the recovery in commercial real estate continues.

•Consumer loans increased $147.5 million sequentially, with growth of $273.5 million in third-party consumer lending offsetting declines in consumer mortgages and HELOCs of $98.4 million and $74.2 million, respectively.

Deposits*
(dollars in millions)	2Q21		1Q21		Linked Quarter Change		Linked Quarter % Change		2Q20		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	14,342.6	$	13,742.1	$	600.5	4	%	$	11,830.7	$	2,511.9	21	%
Interest-bearing DDA	5,839.8		5,841.7		(1.9)		—		5,057.2		782.6		15
Money market	13,983.1		13,943.7		39.4		—		11,457.2		2,525.9		22
Savings	1,341.5		1,277.0		64.4		5		1,080.1		261.3		24
Public funds	5,804.9		6,154.9		(350.0)		(6)		5,347.4		457.6		9
Time deposits	2,891.1		3,214.8		(323.6)		(10)		5,131.7		(2,240.6)		(44)
Brokered deposits	2,969.0		3,194.7		(225.7)		(7)		4,290.3		(1,321.3)		(31)
Total deposits	$	47,172.0	$	47,369.0	$	(197.0)	—	%	$	44,194.6	$	2,977.4	7	%

*Amounts may not total due to rounding

•Total deposits ended the quarter at $47.17 billion, down $197.0 million sequentially.

•Core transaction deposits increased $702.4 million or 2% sequentially.

•Total deposit costs declined 6 bps sequentially to 0.16%.

Income Statement Summary**
(in thousands, except per share data)	2Q21		1Q21		Linked Quarter Change		Linked Quarter % Change		2Q20		Year/Year Change		Year/Year % Change
Net interest income	$	381,860	$	373,857	$	8,003	2	%	$	376,566	$	5,294	1	%
Non-interest revenue	107,087		110,956		(3,869)		(3)		173,484		(66,397)		(38)
Non-interest expense	270,531		267,134		3,397		1		284,141		(13,610)		(5)
(Reversal of) provision for credit losses	(24,598)		(18,575)		(6,023)		(32)		141,851		(166,449)		nm
Income before taxes	$	243,014	$	236,254	$	6,760	3	%	$	124,058	$	118,956	96	%
Income tax expense	56,814		49,161		7,653		16		30,866		25,948		84
Preferred stock dividends	8,291		8,291		—		—		8,291		—		—
Net income available to common shareholders	$	177,909	$	178,802	$	(893)	—	%	$	84,901	$	93,008	110	%
Weighted average common shares outstanding, diluted	149,747		149,780		(33)		—	%	147,733		2,014		1	%
Diluted earnings per share	$	1.19	$	1.19	$	—	—		$	0.57	$	0.62	109
Adjusted diluted earnings per share	1.20		1.21		(0.01)		(1)		0.23		0.97		421

**    Amounts may not total due to rounding

Core Performance

•Net interest income of $381.9 million increased $8.0 million sequentially as asset growth, reduced deposit costs, and a higher day count more than offset the reduction in PPP fee income.

◦Net PPP fee accretion of $20.4 million, down $4.5 million sequentially.

◦Net interest margin was 3.02%, down 2 bps sequentially.

•Non-interest revenue decreased $3.9 million, or 3% sequentially. Adjusted non-interest revenue decreased $6.2 million, or 6% sequentially, and increased $12.7 million, or 14% compared to prior year.

◦Broad-based growth helped partially offset normalization of net mortgage revenue, which declined $8.5 million sequentially.

•Non-interest expense increased $3.4 million, or 1% sequentially. Adjusted non-interest expense increased $2.4 million, or 1% sequentially.

◦The benefits from various efficiency initiatives were offset by higher commissions, incentives, and expenses primarily related to additional PPP forgiveness and expenses associated with higher third-party consumer loan balances.

•Reversal of provision for credit losses of $24.6 million supported by a more positive economic outlook and 14% reduction in criticized and classified loans; allowance for credit losses coverage ratio (to loans) of 1.47%, or 1.54% excluding PPP loans.

•Tax expense was $56.8 million, an increase of $7.7 million driven by higher taxable income and unfavorable change in discrete items.

◦Year-to-date effective tax rate of 22.56% before discrete items.

Capital Ratios
	2Q21			1Q21		2Q20
Common equity Tier 1 capital (CET1) ratio	9.75	%	*	9.74	%	8.90	%
Tier 1 capital ratio	10.99		*	10.99		10.15
Total risk-based capital ratio	13.25		*	13.34		12.70
Tier 1 leverage ratio	8.72		*	8.80		8.38
Tangible common equity ratio	7.73			7.55		7.41

* Ratios are preliminary.

Capital

•Preliminary CET1 ratio improved 1 bp during the quarter to 9.75% as strong core performance helped offset the impact of $92.5 million in share repurchases at an average price of $47.51, reducing average diluted outstanding shares from the prior quarter by 1.3%.

•Total risk-based capital ratio of 13.25% declined 9 bps from the prior quarter following a reduction in the ACL.

Second Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 20, 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 $55 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 285 branches in Alabama, Florida, Georgia, South Carolina, 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; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Non-GAAP Financial Measures

The measures entitled adjusted non-interest revenue; adjusted non-interest expense; total adjusted revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; 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 FTE revenue; efficiency ratio-FTE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; and the ratio of total shareholders' equity to total assets, respectively.

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

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	2Q21		1Q21		2Q20
Adjusted non-interest revenue
Total non-interest revenue	$	107,087	$	110,956	$	173,484
Add/subtract: Investment securities losses (gains), net	—		1,990		(69,409)
Subtract: Gain on sale and fair value increase of private equity investments	—		—		(8,707)
Subtract: Fair value adjustment on non-qualified deferred compensation	(1,126)		(792)		(2,136)
Adjusted non-interest revenue	$	105,961	$	112,154	$	93,232
Adjusted non-interest expense
Total non-interest expense	$	270,531	$	267,134	$	284,141
Subtract: Earnout liability adjustment	(750)		—		(4,908)
Subtract: Restructuring charges	(415)		(531)		(2,822)
Subtract: Fair value adjustment on non-qualified deferred compensation	(1,126)		(792)		(2,136)
Adjusted non-interest expense	$	268,240	$	265,811	$	274,275

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	2Q21			1Q21			2Q20
Total adjusted revenue and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	268,240		$	265,811		$	274,275
Subtract: Amortization of intangibles	(2,379)			(2,379)			(2,640)
Adjusted tangible non-interest expense	$	265,861		$	263,432		$	271,635
Net interest income	$	381,860		$	373,857		$	376,566
Add: Tax equivalent adjustment	791			774			861
Add: Total non-interest revenue	107,087			110,956			173,484
Total FTE revenue	489,738			485,587			550,911
Add/subtract: Investment securities losses (gains), net	—			1,990			(69,409)
Subtract: Gain on sale and fair value increase of private equity investments	—			—			(8,707)
Subtract: Fair value adjustment on non-qualified deferred compensation	(1,126)			(792)			(2,136)
Total adjusted revenue	$	488,612		$	486,785		$	470,659
Efficiency ratio-FTE	55.24		%	55.01		%	51.58		%
Adjusted tangible efficiency ratio	54.41			54.12			57.71

Adjusted return on average assets
Net income	$	186,200		$	187,093		$	93,192
Add: Earnout liability adjustment	750			—			4,908
Add: Restructuring charges	415			531			2,822
Add/subtract: Investment securities losses (gains), net	—			1,990			(69,409)
Subtract: Gain on sale and fair value increase of private equity investments	—			—			(8,707)
Subtract/add: Tax effect of adjustments (1)	(105)			(638)			19,500
Adjusted net income	$	187,260		$	188,976		$	42,306
Net income annualized	$	746,846		$	758,766		$	374,816
Adjusted net income annualized	$	751,098		$	766,403		$	170,154
Total average assets	$	55,017,771		$	54,188,504		$	52,853,685
Return on average assets	1.36		%	1.40		%	0.71		%
Adjusted return on average assets	1.37			1.41			0.32
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	177,909		$	178,802		$	84,901
Add: Earnout liability adjustment	750			—			4,908
Add: Restructuring charges	415			531			2,822
Add/subtract: Investment securities losses (gains), net	—			1,990			(69,409)
Subtract: Gain on sale and fair value increase of private equity investments	—			—			(8,707)
Subtract/add: Tax effect of adjustments (1)	(105)			(638)			19,500
Adjusted net income available to common shareholders	$	178,969		$	180,685		$	34,015
Weighted average common shares outstanding, diluted	149,747			149,780			147,733
Diluted earnings per share	$	1.19		$	1.19		$	0.57
Adjusted diluted earnings per share	1.20			1.21			0.23

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	2Q21			1Q21			2Q20
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	$	177,909		$	178,802		$	84,901
Add: Earnout liability adjustment	750			—			4,908
Add: Restructuring charges	415			531			2,822
Add/subtract: Investment securities losses (gains), net	—			1,990			(69,409)
Subtract: Gain on sale and fair value increase of private equity investments	—			—			(8,707)
Subtract/add: Tax effect of adjustments (1)	(105)			(638)			19,500
Adjusted net income available to common shareholders	$	178,969		$	180,685		$	34,015
Adjusted net income available to common shareholders annualized	$	717,843		$	732,778		$	136,808
Add: Amortization of intangibles, annualized net of tax	7,128			7,207			7,868
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	724,971		$	739,985		$	144,676
Net income available to common shareholders annualized	$	713,591		$	725,141		$	341,470
Add: Amortization of intangibles, annualized net of tax	7,128			7,207			7,868
Net income available to common shareholders excluding amortization of intangibles annualized	$	720,719		$	732,348		$	349,338
Total average shareholders' equity less preferred stock	$	4,632,568		$	4,599,076		$	4,567,254
Subtract: Goodwill	(452,390)			(452,390)			(497,267)
Subtract: Other intangible assets, net	(41,399)			(44,005)			(51,667)
Total average tangible shareholders' equity less preferred stock	$	4,138,779		$	4,102,681		$	4,018,320
Return on average common equity	15.40		%	15.77		%	7.48		%
Adjusted return on average common equity	15.50			15.93			3.00
Return on average tangible common equity	17.41			17.85			8.69
Adjusted return on average tangible common equity	17.52			18.04			3.60

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	June 30, 2021			March 31, 2021			June 30, 2020
Tangible common equity ratio
Total assets	$	54,938,659		$	55,159,011		$	54,121,989
Subtract: Goodwill	(452,390)			(452,390)			(497,267)
Subtract: Other intangible assets, net	(40,354)			(42,733)			(50,392)
Tangible assets	$	54,445,915		$	54,663,888		$	53,574,330
Total shareholders’ equity	$	5,237,714		$	5,161,717		$	5,052,968
Subtract: Goodwill	(452,390)			(452,390)			(497,267)
Subtract: Other intangible assets, net	(40,354)			(42,733)			(50,392)
Subtract: Preferred Stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	4,207,825		$	4,129,449		$	3,968,164
Total shareholders’ equity to total assets ratio	9.53		%	9.36		%	9.34		%
Tangible common equity ratio	7.73			7.55			7.41
(1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied.

EX-99.2

				Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)	Six Months Ended
	2021			2020			'21 vs '20
							% Change
Interest income	$	822,560		$	935,466		(12)	%
Interest expense	66,844			185,640			(64)
Net interest income	755,716			749,826			1
(Reversal of) provision for credit losses	(43,173)			300,573			nm
Net interest income after provision for credit losses	798,889			449,253			78
Non-interest revenue:
Service charges on deposit accounts	41,448			36,255			14
Fiduciary and asset management fees	36,759			30,124			22
Card fees	25,300			20,136			26
Brokerage revenue	26,899			22,383			20
Mortgage banking income	36,157			35,757			1
Capital markets income	10,840			17,294			(37)
Income from bank-owned life insurance	16,031			13,794			16
Investment securities (losses) gains, net	(1,990)			78,144			nm
Other non-interest revenue	26,599			23,454			13
Total non-interest revenue	218,043			277,341			(21)
Non-interest expense:
Salaries and other personnel expense	322,044			309,274			4
Net occupancy, equipment, and software expense	82,959			83,921			(1)
Third-party processing and other services	44,451			45,366			(2)
Professional fees	17,031			25,980			(34)
FDIC insurance and other regulatory fees	11,127			12,129			(8)
Other operating expenses	60,053			83,751			(28)
Total non-interest expense	537,665			560,421			(4)
Income before income taxes	479,267			166,173			188
Income tax expense	105,975			34,461			208
Net income	373,292			131,712			183
Less: Preferred stock dividends	16,581			16,581			—
Net income available to common shareholders	$	356,711		$	115,131		210	%
Net income per common share, basic	$	2.41		$	0.78		208	%
Net income per common share, diluted	2.38			0.78			206
Cash dividends declared per common share	0.66			0.66			—
Return on average assets *	1.38		%	0.52		%	86	bps
Return on average common equity *	15.58			5.15			1,043
Weighted average common shares outstanding, basic	148,289			147,300			1	%
Weighted average common shares outstanding, diluted	149,764			148,067			1
nm - not meaningful
bps - basis points
* - ratios are annualized

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2021				2020			Second Quarter
		Second Quarter			First Quarter	Fourth Quarter	Third Quarter	Second Quarter	'21 vs '20
									% Change
	Interest income	$	412,743		409,817	433,479	435,550	451,569	(9)	%
	Interest expense	30,883			35,960	47,547	58,560	75,003	(59)
	Net interest income	381,860			373,857	385,932	376,990	376,566	1
	(Reversal of) provision for credit losses	(24,598)			(18,575)	11,066	43,383	141,851	nm
	Net interest income after provision for credit losses	406,458			392,432	374,866	333,607	234,715	73
	Non-interest revenue:
	Service charges on deposit accounts	21,414			20,033	19,063	17,813	15,567	38
	Fiduciary and asset management fees	18,805			17,954	17,242	15,885	14,950	26
	Card fees	13,304			11,996	11,743	10,823	9,186	45
	Brokerage revenue	13,926			12,974	11,794	10,604	9,984	39
	Mortgage banking income	13,842			22,315	24,426	31,229	23,530	(41)
	Capital markets income	3,335			7,505	4,352	5,690	6,050	(45)
	Income from bank-owned life insurance	7,188			8,843	9,725	7,778	7,756	(7)
	Investment securities (losses)/gains, net	—			(1,990)	2,337	(1,550)	69,409	nm
	Other non-interest revenue	15,273			11,326	14,079	16,139	17,052	(10)
	Total non-interest revenue	107,087			110,956	114,761	114,411	173,484	(38)
	Non-interest expense:
	Salaries and other personnel expense	160,567			161,477	153,946	154,994	159,597	1
	Net occupancy, equipment, and software expense	41,825			41,134	44,183	41,554	41,727	—
	Third-party processing and other services	24,419			20,032	20,799	21,827	22,666	8
	Professional fees	7,947			9,084	17,541	13,377	15,305	(48)
	FDIC insurance and other regulatory fees	5,547			5,579	6,288	6,793	6,851	(19)
	Other operating expenses	30,226			29,828	59,741	78,110	37,995	(20)
	Total non-interest expense	270,531			267,134	302,498	316,655	284,141	(5)
	Income before income taxes	243,014			236,254	187,129	131,363	124,058	96
	Income tax expense	56,814			49,161	36,720	39,789	30,866	84
	Net income	186,200			187,093	150,409	91,574	93,192	100
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	8,291	—
	Net income available to common shareholders	$	177,909		178,802	142,118	83,283	84,901	110	%
	Net income per common share, basic	$	1.20		1.20	0.96	0.57	0.58	107	%
	Net income per common share, diluted	1.19			1.19	0.96	0.56	0.57	109	%
	Cash dividends declared per common share	0.33			0.33	0.33	0.33	0.33	—
	Return on average assets *	1.36		%	1.40	1.11	0.69	0.71	65	bps
	Return on average common equity *	15.40			15.77	12.31	7.28	7.48	792
	Weighted average common shares outstanding, basic	148,113			148,467	147,744	147,314	147,288	1	%
	Weighted average common shares outstanding, diluted	149,747			149,780	148,725	147,976	147,733	1
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	June 30, 2021		December 31, 2020		June 30, 2020
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	560,396	$	531,579	$	572,169
	Interest-bearing funds with Federal Reserve Bank	2,598,213		3,586,565		860,289
	Interest earning deposits with banks	21,513		20,944		20,719
	Federal funds sold and securities purchased under resale agreements	82,554		113,829		118,048
	Cash, cash equivalents, and restricted cash	3,262,676		4,252,917		1,571,225
	Investment securities available for sale, at fair value	9,442,170		7,962,438		7,197,493
	Loans held for sale ($202,216, $216,647, and $266,306 measured at fair value, respectively)	750,916		760,123		900,936
	Loans, net of deferred fees and costs	38,236,018		38,252,984		39,914,297
	Allowance for loan losses	(516,708)		(605,736)		(588,648)
	Loans, net	37,719,310		37,647,248		39,325,649
	Cash surrender value of bank-owned life insurance	1,059,235		1,049,373		1,038,049
	Premises, equipment, and software, net	446,447		463,959		481,716
	Goodwill	452,390		452,390		497,267
	Other intangible assets, net	40,354		45,112		50,392
	Receivable on unsettled securities sales	—		—		1,289,116
	Other assets	1,765,161		1,760,599		1,770,146
	Total assets	$	54,938,659	$	54,394,159	$	54,121,989
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	15,345,629	$	13,477,854	$	12,555,714
	Interest-bearing deposits	31,826,333		33,213,717		31,638,866
	Total deposits	47,171,962		46,691,571		44,194,580
	Federal funds purchased and securities sold under repurchase agreements	194,786		227,922		225,576
	Other short-term borrowings	—		7,717		300,000
	Long-term debt	1,203,293		1,202,494		2,327,921
	Due on unsettled securities purchases	48,795		—		922,952
	Other liabilities	1,082,109		1,103,121		1,097,992
	Total liabilities	49,700,945		49,232,825		49,069,021
	Shareholders' equity:
	Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000	537,145		537,145		537,145
	Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 169,107,609, 168,132,522, and 167,405,730; outstanding 147,071,532, 148,039,495, and 147,312,703	169,108		168,133		167,406
	Additional paid-in capital	3,872,949		3,851,208		3,826,726
	Treasury stock, at cost – 22,036,077, 20,093,027, and 20,093,027 shares	(824,197)		(731,806)		(731,806)
	Accumulated other comprehensive income, net	45,726		158,635		202,970
	Retained earnings	1,436,983		1,178,019		1,050,527
	Total shareholders’ equity	5,237,714		5,161,334		5,052,968
	Total liabilities and shareholders' equity	$	54,938,659	$	54,394,159	$	54,121,989

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)	2021				2020
	(Dollars in thousands)
		Second			First	Fourth	Third	Second
		Quarter			Quarter	Quarter	Quarter	Quarter
	Interest Earning Assets
	Investment securities (2) (4)	$	9,184,691		8,437,563	7,493,822	7,227,400	6,618,533
	Yield	1.45		%	1.40	2.07	2.39	2.72
	Trading account assets (5)	$	2,831		3,063	8,496	5,391	6,173
	Yield	1.15		%	2.81	1.03	1.69	2.19
	Commercial loans (3) (4)	$	29,849,029		29,844,491	30,363,102	30,730,135	30,236,919
	Yield	3.86		%	3.95	3.96	3.80	3.95
	Consumer loans (3)	$	8,647,448		8,367,776	8,521,449	9,032,437	9,899,172
	Yield	3.94		%	3.98	4.00	4.08	4.34
	Allowance for loan losses	$	(561,242)		(599,872)	(595,547)	(591,098)	(498,545)
	Loans, net (3)	$	37,935,235		37,612,395	38,289,004	39,171,474	39,637,546
	Yield	3.93		%	4.02	4.03	3.92	4.08
	Mortgage loans held for sale	$	242,940		246,962	309,278	244,952	221,157
	Yield	3.06		%	2.68	2.74	2.92	3.09
	Other loans held for sale	$	615,301		660,753	544,301	493,940	19,246
	Yield	3.05		%	2.91	2.81	3.61	4.19
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	2,705,819		2,838,063	2,716,645	1,265,880	1,709,086
	Yield	0.11		%	0.10	0.10	0.11	0.11
	Federal Home Loan Bank and Federal Reserve Bank Stock (5)	$	159,340		157,657	162,537	200,923	247,801
	Yield	2.01		%	1.69	2.64	2.73	3.60
	Total interest earning assets	$	50,846,157		49,956,456	49,524,083	48,609,960	48,459,542
	Yield	3.26		%	3.32	3.49	3.58	3.75
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	8,601,262		8,570,753	8,531,415	7,789,095	7,260,940
	Rate	0.11		%	0.14	0.16	0.19	0.21
	Money Market accounts	$	15,476,262		15,348,916	14,411,860	13,272,972	12,238,479
	Rate	0.19		%	0.23	0.26	0.36	0.46
	Savings deposits	$	1,333,297		1,219,288	1,147,667	1,114,956	1,036,024
	Rate	0.02		%	0.02	0.01	0.02	0.02
	Time deposits under $100,000	$	1,077,931		1,161,306	1,239,592	1,379,923	1,621,943
	Rate	0.41		%	0.56	0.74	1.03	1.43
	Time deposits over $100,000	$	2,714,451		2,993,996	3,302,959	3,863,821	4,772,555
	Rate	0.56		%	0.74	1.03	1.44	1.80
	Other brokered deposits	$	1,901,097		1,950,582	1,978,393	1,912,114	1,998,571
	Rate	0.19		%	0.20	0.23	0.23	0.25
	Brokered time deposits	$	1,156,510		1,418,751	1,795,982	2,232,940	2,244,429
	Rate	1.35		%	1.50	1.60	1.59	1.86
	Total interest-bearing deposits	$	32,260,810		32,663,592	32,407,868	31,565,821	31,172,941
	Rate	0.24		%	0.31	0.39	0.54	0.73
	Federal funds purchased and securities sold under repurchase agreements	$	204,053		209,448	174,316	180,342	250,232
	Rate	0.07		%	0.07	0.07	0.09	0.12
	Other short-term borrowings	$	—		—	—	46,739	550,000
	Rate	—		%	—	—	1.12	1.23
	Long-term debt	$	1,203,038		1,202,613	1,552,791	2,234,665	2,834,188
	Rate	3.82		%	3.63	3.96	2.71	2.36
	Total interest-bearing liabilities	$	33,667,901		34,075,653	34,134,975	34,027,567	34,807,361
	Rate	0.36		%	0.42	0.55	0.68	0.86
	Non-interest-bearing demand deposits	$	15,088,836		13,791,286	13,566,112	12,773,676	11,923,534
	Cost of funds	0.25		%	0.30	0.40	0.50	0.65
	Effective cost of funds(6)	0.24		%	0.28	0.37	0.48	0.62
	Net interest margin	3.02		%	3.04	3.12	3.10	3.13
	Taxable equivalent adjustment (4)	$	791		774	821	956	861
	(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.
	(6) Includes the impact of non-interest-bearing capital funding sources.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)
Loan Type	June 30, 2021		March 31, 2021		% Change		June 30, 2020		% Change
Commercial, Financial, and Agricultural	$	12,085,534	$	12,662,329	(5)	%	$	12,947,164	(7)	%
Owner-Occupied	7,064,599		7,031,505		—		7,084,481		—
Total Commercial & Industrial	19,150,133		19,693,834		(3)		20,031,645		(4)
Multi-Family	2,086,641		2,220,939		(6)		2,247,959		(7)
Hotels	1,411,443		1,462,370		(3)		1,362,183		4
Office Buildings	2,340,378		2,280,053		3		2,244,366		4
Shopping Centers	1,645,275		1,662,158		(1)		1,775,638		(7)
Warehouses	657,699		692,267		(5)		779,109		(16)
Other Investment Property	1,076,577		1,017,938		6		826,302		30
Total Investment Properties	9,218,013		9,335,725		(1)		9,235,557		—
1-4 Family Construction	174,009		189,626		(8)		229,806		(24)
1-4 Family Investment Mortgage	462,335		449,328		3		466,577		(1)
Total 1-4 Family Properties	636,344		638,954		—		696,383		(9)
Commercial Development	120,683		142,380		(15)		112,426		7
Residential Development	164,950		196,653		(16)		270,145		(39)
Land Acquisition	221,061		220,216		—		299,659		(26)
Land and Development	506,694		559,249		(9)		682,230		(26)
Total Commercial Real Estate	10,361,051		10,533,928		(2)		10,614,170		(2)
Consumer Mortgages	5,200,762		5,299,175		(2)		5,817,525		(11)
Home Equity Lines	1,358,211		1,432,367		(5)		1,724,973		(21)
Credit Cards	285,508		267,371		7		250,448		14
Other Consumer Loans	1,880,353		1,578,426		19		1,475,536		27
Total Consumer	8,724,834		8,577,339		2		9,268,482		(6)
Total	$	38,236,018	$	38,805,101	(1)	%	$	39,914,297	(4)	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
(Dollars in thousands)
Loan Type	June 30, 2021		March 31, 2021		% Change		June 30, 2020		% Change
Commercial, Financial, and Agricultural	$	70,943	$	76,460	(7)	%	$	83,000	(15)	%
Owner-Occupied	13,155		17,192		(23)		19,605		(33)
Total Commercial & Industrial	84,098		93,652		(10)		102,605		(18)
Multi-Family	2,407		2,698		(11)		—		nm
Office Buildings	1,618		1,645		(2)		836		94
Shopping Centers	124		20,138		(99)		409		(70)
Warehouses	218		221		(1)		—		nm
Other Investment Property	407		887		(54)		393		4
Total Investment Properties	4,774		25,589		(81)		1,638		191
1-4 Family Construction	548		1,291		(58)		2,593		(79)
1-4 Family Investment Mortgage	1,927		2,760		(30)		1,844		5
Total 1-4 Family Properties	2,475		4,051		(39)		4,437		(44)
Commercial Development	560		567		(1)		840		(33)
Residential Development	451		452		—		685		(34)
Land Acquisition	1,029		782		32		1,042		(1)
Land and Development	2,040		1,801		13		2,567		(21)
Total Commercial Real Estate	9,289		31,441		(70)		8,642		7
Consumer Mortgages	51,376		11,201		359		17,438		195
Home Equity Lines	8,938		12,191		(27)		14,200		(37)
Other Consumer Loans	7,327		6,684		10		4,552		61
Total Consumer	67,641		30,076		125		36,190		87
Total	$	161,028	$	155,169	4	%	$	147,437	9	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2021				2020			Second Quarter
		Second			First	Fourth	Third	Second	'21 vs '20
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPLs)	$	161,028		155,169	151,079	168,837	147,437	9	%
	Impaired Loans Held for Sale	—			23,590	23,590	—	—	nm
	Other Real Estate and Other Assets	16,806			16,849	17,394	23,280	30,242	(44)
	Non-performing Assets (NPAs)	177,834			195,608	192,063	192,117	177,679	—
	Allowance for Loan Losses (ALL)	516,708			563,214	605,736	603,800	588,648	(12)
	Reserve for Unfunded Commitments	46,890			51,528	47,785	60,794	61,029	(23)
	Allowance for Credit Losses (ACL)	563,598			614,742	653,521	664,594	649,677	(13)
	Net Charge-Offs - Quarter	26,547			20,204	22,139	28,466	24,046
	Net Charge-Offs - YTD	46,750			20,204	94,712	72,573	44,107
	Net Charge-Offs / Average Loans - Quarter (1)	0.28		%	0.21	0.23	0.29	0.24
	Net Charge-Offs / Average Loans - YTD (1)	0.24			0.21	0.24	0.25	0.23
	NPLs / Loans	0.42			0.40	0.39	0.43	0.37
	NPAs / Loans, ORE and specific other assets	0.46			0.50	0.50	0.49	0.44
	ACL/Loans	1.47			1.58	1.71	1.68	1.63
	ALL/Loans	1.35			1.45	1.58	1.53	1.47
	ACL/NPLs	350.00			396.18	432.57	393.63	440.65
	ALL/NPLs	320.88			362.97	400.94	357.62	399.25
	Past Due Loans over 90 days and Still Accruing	$	4,415		3,804	4,117	7,512	8,391	(47)
	As a Percentage of Loans Outstanding	0.01		%	0.01	0.01	0.02	0.02
	Total Past Due Loans and Still Accruing	$	49,321		45,693	47,349	57,316	46,390	6
	As a Percentage of Loans Outstanding	0.13		%	0.12	0.12	0.14	0.12
	Accruing Troubled Debt Restructurings (TDRs)	$	124,528		129,776	134,972	163,511	166,461	(25)
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		June 30, 2021			December 31, 2020	June 30, 2020
	Tier 1 Capital	$	4,751,865		4,572,010	4,364,374
	Total Risk-Based Capital	5,725,176			5,604,230	5,459,568
	Common Equity Tier 1 Capital Ratio	9.75		%	9.66	8.90
	Tier 1 Capital Ratio	10.99			10.95	10.15
	Total Risk-Based Capital Ratio	13.25			13.42	12.70
	Tier 1 Leverage Ratio	8.72			8.50	8.38
	Common Equity as a Percentage of Total Assets (2)	8.56			8.51	8.34
	Tangible Common Equity Ratio (3) (5)	7.73			7.66	7.41
	Book Value Per Common Share (4)	$	31.96		31.24	30.65
	Tangible Book Value Per Common Share (3)	28.61			27.88	26.94
	(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

Second Quarter 2021 Results July 20, 2021 Exhibit 99.3

Forward-Looking Statements This slide presentation and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus' use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "predicts," "could," "should," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, statements on our expectations related to (1) loan growth and line utilization (including, without limitation, as a function of improvement in Synovus' loan pipeline); (2) deposit costs; (3) net interest income and net interest margin; (4) total adjusted revenue; (5) total adjusted non-interest expense; (6) credit trends and key credit performance metrics; (7) effective tax rate; (8) capital position; (9) our future operating and financial performance; (10) our strategy and initiatives for future revenue growth, balance sheet management, capital management, expense savings, and technology; and (11) our assumptions underlying these expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation. Many of these factors are beyond Synovus' ability to control or predict. These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020 under the captions "Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors" and in Synovus' quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Use of Non-GAAP Financial Measures This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; return on average tangible common equity; adjusted return on average tangible common equity; adjusted non- interest revenue; total adjusted revenue; adjusted 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 FTE 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 and total adjusted revenue are measures used by management to evaluate non-interest revenue and total FTE revenue exclusive of net investment securities gains (losses), gain on sale and net changes in the fair value of private equity investments, and fair value adjustment on non-qualified deferred compensation. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. The tangible common equity ratio is used by management and bank regulators to assess the strength of our capital position. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the Appendix to this slide presentation. 2

3 (1) Non-GAAP financial measure; see appendix for applicable reconciliation (2) In thousands Second Quarter 2021 Highlights • Commercial loan pipelines returning to Pre-COVID levels • Further reductions in total deposit costs and optimization of mix supporting stabilization of the margin • Actively deploying excess liquidity and returning capital to shareholders • Cumulative $75 million pre-tax run rate benefit in Synovus Forward initiatives • Stable credit metrics and a more positive economic outlook supporting allowance releases • Delivering superior customer experience with ongoing enhancements in talent and technology Key Performance Metrics Reported Adjusted(1) Net Income Available to Common Shareholders(2) $177,909 $178,969 Diluted Earnings Per Share $1.19 $1.20 Return on Average Assets 1.36% 1.37% Return on Average Tangible Common Equity 17.4% 17.5% Efficiency Ratio 55.2% 54.4% Balance Sheet ($ in millions) Total Loans, Net of Unearned $38,236 Deposits $47,172

And Steady Growth in Commitments... Loan Growth Led by C&I and Third-Party Consumer... $4 $208 $(333) $170 $503 $220 $(173) $(125) $(763) $273 1Q21 2Q21 C&I - ex. PPP CRE Consumer (ex-Third-Party Consumer) PPP Third-Party Consumer 10.23% 12.25% With Increasing Commercial Production and Pipeline(1)... QoQ Change in Loans (18)% 9% (9)% 19% 22% Commercial Loan Pipeline QoQ % Funded Commercial Loan Production 2Q20 3Q20 4Q20 1Q21 2Q21 $1,000 $2,000 4 Earning Assets(2) 1Q21 2Q21 ($ in millions; yields annualized) Avg. Balance Yield Avg. Balance Yield Investment securities $8,438 1.40% $9,185 1.45% Loans, net of unearned $37,612 4.02% $37,935 3.93% Interest-bearing funds with Federal Reserve Bank $2,838 0.10% $2,706 0.11% Loans held for sale $908 2.85% $858 3.06% Total interest earning assets $49,956 3.32% $50,846 3.26% While Managing Through a Low Rate Environment Amounts may not total due to rounding (1) Loan pipelines are self-reported estimates for commitment growth identified as having a 75% or greater likelihood of closing. Change in our pipeline may not be indicative of loan production. (2) Excludes net realized gains and losses. Average loans are shown net of unearned income. Non-performing loans are included. 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. $48,695 $50,907 $51,790 $36,139 $37,204 $36,636 $12,556 $13,703 $15,154 46.8% 41.4% 40.1% Total Loans, Ex PPP Unfunded Commitments C&I Line Utilization 2Q19 2Q20 2Q21 ($ in millions) ($ in millions) ($ in millions) $50.8 billionEarning Assets

$(391) $(606) $(376) $677$702 $(324) $(350) $(226) $(197) 1Q21 2Q21 Core Transaction Time Public Funds Brokered Total Deposits 10.23% 12.25% Loans to DepositsQoQ Change in Deposit Balances Results in a More Favorable Deposit Mix… While Funding Remains Abundant…Continued Optimization of Deposits... Core Transaction Deposits 2Q20 2Q21 94% 95% 97% 97% 96% 90% 89% 82% 82% 81% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 45% 30% 12% 6% 6% 40% 27% 12% 12% 10% 5 Deposits 1Q21 2Q21 ($ in millions; rates annualized) Avg. Balance Rate Avg. Balance Rate Interest-bearing non-maturity $25,139 0.19% $25,411 0.15% Time $4,155 0.69% $3,792 0.52% Brokered $3,369 0.75% $3,058 0.63% Total interest-bearing $32,664 0.31% $32,261 0.24% Total deposits $46,455 0.22% $47,350 0.16% And Further Reductions in Total Deposit Costs $2,050 Amounts may not total due to rounding (1) Core interest bearing consist of NOW/savings, and money market deposits excluding public funds and brokered (2) Includes brokered deposits ($ in millions) $47.2 billionTotal Deposits Core interest-bearing (1) Core non-interest-bearing Public Funds Time Brokered (2)

Impacted by Paycheck Protection Program Improvement in Net Interest Income... 3.02% 3.04% (0.02)% 0.03% (0.04)% 0.01% 1Q21 Rates - Assets Rates - Liabilities P3 Fees Mix/Other 2Q21 And Greater Net Interest Income Sensitivity(2)... $377 $374 $382 3.13% 3.04% 3.02% Net Interest Income ex. PPP Fees PPP Fees Net interest margin 2Q20 1Q21 2Q21 6 Change in Interest Rates (in bps) March 31, 2021 June 30, 2021 +200 4.9% 6.3% +100 2.4% 3.2% -25 (0.3)% (0.5)% With Stabilization of the Margin... (as of June 30, 2021) ($ in millions) 1Q21 Recognized Net Fees 2Q21 Recognized Net Fees Total Remaining Net Fees Phase 1- 2020 Originations $24 $16 $9 Phase 2- 2021 Originations $1 $4 $38 Total $25 $20 $47 2Q21 NIM: Primary Drivers of Change(1) Amounts may not total due to rounding (1) Estimated impact; other includes various unattributed items (2) Assumes gradual change in interest rates across the yield curve with dynamic balance sheet ($ in millions) $382 millionNet Interest Income

With Growth in Core Banking Fees... $29 $38 $41 $26 $33 $36 $24 $22 $14$8 $12 $11 Other income Capital markets income Net mortgage revenue Fiduciary revenues Core banking fees 2Q20 1Q21 2Q21 As Net Mortgage Revenue Continues to Normalize $5 $8 $10 $9 $12 $24 $31 $24 $22 $14 $127 $217 $283 $270 $255 $635 $654 $679 $573 $422 Net Mortgage Revenue Secondary Production 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 7 And Expanded Wealth and Fee Business... Continued Focus on Fee Revenues... $24 $26 $27 $28 $29 $26 $29 $31 $33 $36 $15 $16 $16 $17 $15 $17 $18 $20 $21 $21 Fiducuary and Asset Management Brokerage Insurance Assets Under Management 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 (Fees in millions; AUM in billions) $10 $5 $6 2Q19 2Q20 2Q21 $7 $7 $10 2Q19 2Q20 2Q21 $11 $9 $13 2Q19 2Q20 2Q21 $10 $9 $12 2Q19 2Q20 2Q21 36% 37% 19% 18% Amounts may not total due to rounding; (1) Non-GAAP financial measure; see appendix for applicable reconciliation; (2) Fiduciary revenues consist of fiduciary/asset management, brokerage, and insurance revenues; (3) Include service charges on deposit accounts, card fees, letter of credit fees, ATM fees income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges; (4) Other core banking fees includes other service charges on deposits, ATM fee income, rent on safe deposit boxes, other service charges, electronic payment processing services, and gain/(loss) from sale of SBA Loans ($ in millions; % change from 2019 to 2021) NIR ($ in millions) ($ in millions) NSF Account Analysis Card Other Core Banking $173 $93 $111 $112 $107 $106 $3$8 $6 (2) (3) $107 million Adjusted NIR (1) Non-Interest Revenue

5,428 5,087 2Q20 2Q21 (2)% (1)% (3)% Operational Efficiency Real Estate Optimization Third-Party Spend 8 $157 $161 $159 $42 $41 $42 $75 $64 $67 Total Employment Total Occupancy, Equipment, and Software Total Other 2Q20 1Q21 2Q21 Resulting in More Efficient Operations Ongoing Focus On Prudent Expense Management… While Executing Synovus Forward Efficiency Initiatives... Amounts may not total due to rounding (1) Non-GAAP financial measure; see appendix for applicable reconciliation (2) Source: peer data; proxy peer set Salaries Total Occupancy, Equipment, and Software Other YTD % 2021 vs 2020($ in millions) NIE $284 $267 $271 $274 $266 $268 57.8% 55.0% 55.2% 59.4% 60.9% SNV Median - Peers Maintaining Front-Line Staffing & Investing in Key Talent... ~85% of headcount reduction vs. 2Q20 from back-office support functions Non-Interest Expense (2) Efficiency Ratio 1Q20 1Q21 2Q21 (15)% $271 million Adjusted NIE (1) 6% Total Adjusted Non-Interest Expense (1)

0.44% 0.49% 0.50% 0.50% 0.46% 0.37% 0.43% 0.39% 0.40% 0.42% 0.12% 0.14% 0.12% 0.12% 0.13% NPA Ratio NPL Ratio Total Past Dues > 30 Days Ratio 2Q20 3Q20 4Q20 1Q21 2Q21 Lead to Reduction in Life of Loan Loss EstimateWith Improving Trends... Provision and Net Charge-Offs 9 $142 $43 $11 $(19) $(25) $24 $28 $22 $20 $27 Provision for Credit Losses Net Charge-Offs 2Q20 3Q20 4Q20 1Q21 2Q21 $718 $1,583 $1,567 $1,830 $1,568 $259 $990 $977 $1,107 $907 $458 $593 $590 $723 $662 Criticized Loans Classified Loans 2Q20 3Q20 4Q20 1Q21 2Q21 $650 $665 $654 $615 $564 1.63% 1.68% 1.71% 1.58% 1.47% Allowance for Credit Losses ACL Coverage Ratio 2Q20 3Q20 4Q20 1Q21 2Q21 Allowance for Credit Losses NPA, NPL, and Past Due Ratios Criticized and Classified Loans(1) Stable Credit Metrics... And a More Positive Economic Outlook... Amounts may 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 1.54% in 2Q21 excluding PPP loans of $1.6 billion; 1.69% in 1Q21 excluding PPP loans of $2.4 billion; 1.81% in 4Q20 excluding PPP loans of $2.2 billion; 1.80% in 3Q20 excluding PPP loans of $2.7 billion; and 1.74% in 2Q20 excluding PPP loans of $2.7 billion. ($ in millions) ($ in millions) ($ in millions) 0.24% 0.29% 0.23% 0.21% 0.28%NCO Ratio: 441% 394% 433% 396% 350%ACL to NPLs: (2) Credit Quality

9.75%9.74% 0.51% 0.06% (0.16)% (0.06)% (0.13)% (0.21)% Beginning CET1 Ratio (1Q21) PPNR Provision Other (CECL Transition & Taxes) Risk-weighted Assets Dividends Share Repurchases Ending CET1 Ratio (2Q21) Total shareholder payout of $141 million in 2Q21: • $92 million of share repurchase activity • $49 million common shareholder dividend 8.90% 9.74% 9.75% Common Equity Tier 1 Tier 1 Tier 2 2Q20 1Q21 2Q21 While Strategically Deploying Capital and Liquidity... Maintaining Strong Capital Ratios... With Capacity to Achieve Strategic Growth Objectives $7.2 $8.0 $9.4 Securities 2Q20 4Q20 2Q21 ($ in billions, % change from 2019 to 2021) $1.1 $0.7 $1.5 Third-Party Consumer Loans 2Q20 4Q20 2Q21 31 % 36 %10.99% 10.99% 12.70% 13.34% 13.25% Amounts may not total due to rounding (1) 2Q21 capital ratios are preliminary 10.15% Capital Ratios1 10

Achieved Planned Revenue ~$25 million in pre-tax run rate benefit as of 2Q21 Recognized pricing for value benefits from Treasury and Payment Solution evaluation as well as market pricing initiatives Reduced overall cost of deposits below historical levels and better aligning with peer median Expanded merchant and sponsorship businesses to deepen client relationships Expense ~$50 million in pre-tax run rate benefit as of 2Q21 Prudent focus on organizational efficiency and cost savings Third-party spending discipline Branch and corporate real estate consolidation Expense ~30-40% of future pre-tax run rate benefits Reduce employment expense through process improvements and a change in prescription benefits providers Real estate optimization including further branch reductions and reduction of corporate real estate square footage Tax strategies to reduce marginal tax rate Revenue ~60-70% of future pre-tax run rate benefits SMART Tool implementation, pairing client analytics and high-touch service to deliver more advisory capabilities and expertise Enhancing customer experiences through additional products and services while maintaining competitive pricing Monetize excess liquidity through disciplined balance sheet management Synovus Forward ~$75 million pre-tax run rate benefit completed as of 2Q21 - remain on track for $175 million by the end of 2022 11

Capital management Effective tax rate Capital and Taxes Loans 9.5% CET1 ratio target 23% to 25% Pre-Provision Net Revenue -1% to -4% -2% to -5% Total adjusted revenue(2) Adjusted non-interest expense(2)(3) Metrics 2% to 4% Period-end loans, excl. PPP and third-party consumer loans (1) Current expectation is low end of range (2) Non-GAAP financial measure; see appendix for applicable reconciliation (3) Outlook does not include fees associated with additional phases of Synovus Forward or significant changes to expenses from non-core balance sheet activity Outlook 2% to 4%(1) -1% to 1% -1% to -2% > 9.5% 22% to 24% Updated Guidance 2021: Updates Reflect Strategic Actions and Favorable Economic Outlook 12

Appendix

Synovus Gateway Phase 2 Completed the transition of approximately 25,000 business clients to Synovus Gateway, our new digital platform for business and commercial banking, with more client transitions arriving later in 2021. Synovus Gateway provides a single point of access to a growing suite of digital treasury and payments solutions to simplify treasury management and keep businesses and organizations in control of their finances, domestically and internationally. SMART Tool Through predictive analytics, the Sales Management And Risk Tool — SMART — systematically provides relationship managers and partners with targeted information to deepen and enhance client relationships by suggesting the most appropriate Synovus solutions. Embedded into our existing sales tools and platforms, SMART also helps manage client attrition and credit risks. Synovus Accelerate AR Treasury and Payment Solutions launched Synovus Accelerate AR, an integrated receivables suite enabling businesses to accelerate access to working capital and reduce exceptions with straight-through processing across all payment channels. Accelerate AR anticipates the rapidly evolving requirements of organizations to accelerate the capture of payments, improve the cash conversion cycle, and make better business decisions. Human Digitization: High Touch Meets High Tech New Digital Suite; Helping Elevate Customers To New Level 14

ACL/Loans: ACL/Loans excl. PPP(2): Key Assumptions: 3 1.58% 1.47% 1.69% 1.54% 1 Economic scenario weightings have a 40% downside bias 2 3 Includes estimated impact of stimulus measures 1 Baseline forecast includes unemployment rate decreasing to 4.5% by the end of 2021 (1) (1) Other factors include the impact of dispositions, sub-pool changes, etc. (2) ACL coverage ratio (to loans) was 1.54% in 2Q21 excluding PPP loans of $1.6 billion; 1.69% in 1Q21 excluding PPP loans of $2.4 billion $563,585 $614,743 $(49,499) $(532) $(7,365) $6,238 1Q21 Performance, Economic Factors, and Net Growth Qualitative Factors Individual Analysis Other Factors 2Q21 Allowance for Credit Losses ($ in thousands) 15

(as of June 30, 2021) Applications Loan Balances Count Balance Fundings 2Q21 Forgiveness Total Life-to-Date Forgiveness 2Q21 End of Period, Net of Unearned Phase 1 - 2020 Originations ~19,000 $3.1 billion $2.9 billion $0.88 billion $2.13 billion $0.6 billion Phase 2 - 2021 Originations ~11,000 $1.1 billion $1.0 billion $0.05 billion $0.05 billion $1.0 billion Total ~30,000 $4.2 billion $3.9 billion $0.9 billion $2.2 billion $1.6 billion Note: Average balance, net of unearned, of $2.1 billion 2Q21 vs. $2.2 billion 1Q21 (as of June 30, 2021) Net Fees in $ and % of Fundings 2Q21 Recognized Net Fees Total Recognized Net Fees Total Unrecognized or Remaining Net Fees Contractual Maturity Phase 1 - 2020 Originations $95 million 3.3% $16 million $86 million $9 million 2 years Phase 2 - 2021 Originations $43 million 4.2% $4 million $5 million $38 million 5 years Total $138 million 3.5% $20 million $91 million $47 million Note: Gross fees as of June 30, 2021, of $95 million for Phase 1 and $48 million for Phase 2 exclude deferred loan origination costs Paycheck Protection Program 16

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 Total Book (50)% —% 50% Accommodation (721) Retail Trade (44) Food Services (722) Other Services (81) (50)% —% 50% Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May (1)(1) (1)(1) (Hotel and Other Lodging) (Excl. full-service restaurants & bars) vs. Prior Year 2021 vs. 2019 COVID-19 Impact on Cash Inflows Monthly comparison to prior year except for March-May 2021 2020 2021 17

( 2 ) 1.32% (1) Effective notional includes positions as of quarter-end which are accruing (2) Effective fixed rate represents the weighted average coupon for effective notional positions ( 2 ) Investment Securities Portfolio 2.5 2.9 2.5 4.2 3.6 2.72% 2.39% 2.07% 1.40% 1.45% Duration (in years) Yield 2Q20 3Q20 4Q20 1Q21 2Q21 50.7% 49.5% 47.8% 48.0% 46.3% 9.6% 9.2% 9.1% 8.3% 8.5% 39.7% 41.3% 43.1% 43.7% 45.2% 4.08% 3.92% 4.03% 4.02% 3.93% Fixed rate Prime floating rate LIBOR floating rate Yield 2Q20 3Q20 4Q20 1Q21 2Q21 Loan Portfolio Rate Mix and Yield Earning Assets Composition 18 • As of 2Q21, approximately 28% of outstanding variable rate loans had floors which were above the equivalent of 0.25% on overnight rates Derivative Hedge Portfolio $3,250 $3,250 $3,250 $2,250 $750 $2,750 $2,750 $3,250 $2,250 $750 $500 $500 Effective Notional Forward Starting 2Q21 4Q21 4Q22 4Q23 4Q24 ($ in millions) (1) • Effective fixed rate of 1.21% as of 2Q21; projected average fixed rate of 1.14% throughout 2022

• 89% are income-producing • Residential C&D and Land are 1.5% of total loans • Average loan size of $15 million • Diversity among property types and geographies • Primarily direct middle market and commercial clients • Syndications 8% 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 792 and 777 for HELOC and Mortgage, respectively • Average LTV of ~74% for HELOC and Mortgage Consumer Portfolio - $8.7 Billion CRE Portfolio - $10.4 Billion C&I Portfolio - $19.2 Billion Consumer R/E Related 17.2% C&I Specialty Lending 19.8% Direct Middle Market & Commercial Banking 30.3% Hotel 3.7% Shop ping C enter s 4.3% Of fic e B ldg . 6.1 % M ul ti- Fa m ily 5. 5%O th er C RE Pr op . T yp es 6. 1% Resi. Constr, Dev, Land 1.5% Consumer CRE C&I Amounts may not total due to rounding Portfolio Characteristics Consumer CRE C&I NPL Ratio 0.78% 0.09% 0.44% QTD Net Charge-off Ratio (annualized) 0.27% 0.13% 0.35% 30+ Days Past Due Ratio 0.29% 0.09% 0.08% 90+ Days Past Due Ratio 0.03% 0.00% 0.01% Consumer Non-R/E 5.5% Loan Portfolio by Category 19

Composition of 2Q21 CRE Portfolio Total Portfolio $10.4 billion Office Building Multi-Family Shopping Centers Hotels Other Investment Properties Warehouse 1-4 Family Perm/Mini-Perm Land Acquisition 1-4 Family Construction Residential Development Commercial Development Investment Properties Land, Development, and Residential Properties Portfolio Characteristics (as of March 31, 2021) Office Building Multi-family Shopping Centers Hotels Other Investment Properties Warehouse Residential Properties(1) Development & Land Balance (in millions) $2,340 $2,087 $1,645 $1,411 $1,077 $658 $636 $507 NPL Ratio 0.07% 0.12% 0.01% 0.00% 0.04% 0.03% 0.39% 0.40% Net Charge-off Ratio (annualized) 0.03% 0.00% 0.76% 0.00% 0.01% (0.02)% 0.19% (0.06)% 30+ Days Past Due Ratio 0.02% 0.02% 0.04% 0.00% 0.10% 0.75% 0.23% 0.08% 90+ Days Past Due Ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06% 0.02% • Investment Properties portfolio represent 89% of total CRE portfolio • The portfolio is well diversified among the property types • Credit quality in Investment Properties portfolio remains excellent • As of 2Q21, Residential C&D and Land Acquisition Portfolios represent less than 1.5% of total performing loans • Average CRE loan size is $15 million20.1% 15.9% 13.6% 10.4% 22.6%6.3% 4.5% 2.1% 1.7% 1.6% 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 2Q21 NPL Ratio 0.44% Net Charge-off Ratio (annualized) 0.35% 30+ Days Past Due Ratio 0.08% 90+ Days Past Due Ratio 0.01% • Wholesale Bank (includes Large Corporate, Middle Market, and Specialty Lines) represents 67% of C&I Balances • Community/Retail Bank represents 33% of C&I balances Diverse Industry Exposure Total C&I Portfolio $19.2 billion 13.0% 10.0% 7.7% 6.5% 6.4% 6.3% 5.8% 5.7% 5.6% 5.5% 5.3% 5.1% 4.6% 3.6% 3.6% 2.2% 1.7% 1.7% Senior Housing Finance/Insurance Health Care Retail Trade Accom. & Food Svcs. Manufacturing Wholesale Trade R/E Other Prof., Scientific, Tech. Svcs. Other Services Construction Transport/Warehousing All Other R/E Leasing Arts, Entertainment, & Rec. Educational Svcs. Admin., Support, Waste Mgmt. Ag, Forestry, Fishing Amounts may not total due to rounding C&I Portfolio 21

Credit Indicator 2Q21 NPL Ratio 0.78% Net Charge-off Ratio (annualized) 0.27% 30+ Days Past Due Ratio 0.29% 90+ Days Past Due Ratio 0.03% Credit Card Portfolio continues to perform well • Average utilization rate is 21.5% • Average credit score is 738 • QTD net charge-off ratio of 1.89% (annualized) Total Consumer Portfolio $8.7 billion Credit Indicator Mortgage HELOC Weighted Average Credit Score of 2Q21 Originations 783 795 Weighted Average Credit Score of Total Portfolio 777 792 Weighted Average LTV(1) 74.5% 73.4% Average DTI(2) 35.1% 30.3% Utilization Rate N/A 43.0% Mortgage and HELOC have strong credit indicators 59.6% 16.6% 15.6% 4.9% 3.3% Consumer Mortgage Third-Party HELOC Other Consumer Credit Card Amounts may not total due to rounding (1) LTV is calculated by dividing the most recent appraisal value (typically at origination) by the 6/31/2021 loan balance (2) Average DTI of 2Q21 originations $299 Consumer Credit Quality Consumer Portfolio 22

23 10.23% Core Transaction Deposits Third-Party Consumer (HFI) 2Q21 ($ in millions) Auto/RV/Marine Home Improvement Personal Student Loan Balance $741 $262 $357 $111 Weighted Avg. FICO Score 754 752 758 776 NPL Ratio 0.12% nm(1) 0.56% 4.09% Net Charge-off Ratio* 0.29% nm(1) 1.81% 0.02% 30+ Day Past Due Ratio 1.17% nm(1) 0.62% 0.06% Third-Party Consumer ($ in millions) • Diversity among asset types • Yield of ~5.9% for HFI loans; primarily fixed-rate loans • Credit Quality for HFI loans: • Weighted Average FICO of 754 • NPL Ratio of 0.51% • Annualized Net Charge-off Ratio of 0.58% • 30+ Day Past Due Ratio of 0.90% *Annualized (1) Credit metrics not meaningful due to application of credit enhancements

Composition Growth Risk Category 2Q21 1Q21 2Q21 vs. 1Q21 Passing Grades $36,668 95.9% $36,975 95.3% $(308) Special Mention 907 2.4% 1,107 2.9% (201) Substandard Accruing 501 1.3% 567 1.5% (67) Non-Performing Loans 161 0.4% 155 0.4% 6 Total Loans $38,236 100% $38,805 100% $(569) Amounts may not total due to rounding Portfolio Risk Distribution ($ in millions) 24

2Q20 3Q20 4Q20 1Q21 2Q21 Financial Performance Diluted EPS $0.57 $0.56 $0.96 $1.19 $1.19 Net income available to common shareholders(1) $84,901 $83,283 $142,118 $178,802 $177,909 Net interest margin 3.13% 3.10% 3.12% 3.04% 3.02% Efficiency ratio 51.58% 64.31% 60.32% 55.01% 55.24% Adjusted tangible efficiency ratio(2) 57.71% 53.83% 54.43% 54.12% 54.41% ROA(3) 0.71% 0.69% 1.11% 1.40% 1.36% Adjusted ROA(2)(3) 0.32% 1.05% 1.25% 1.41% 1.37% Balance Sheet Growth Total loans 4% (1)% (3)% 1% (1)% Total average deposits 11% 3% 4% 1% 2% Credit Quality NPA ratio 0.44% 0.49% 0.50% 0.50% 0.46% NCO ratio(3) 0.24% 0.29% 0.23% 0.21% 0.28% Capital Common shares outstanding(1) 147,313 147,318 148,039 148,889 147,072 Leverage ratio 8.38% 8.48% 8.50% 8.80% 8.72% Tangible common equity ratio(2) 7.41% 7.67% 7.66% 7.55% 7.73% (4) (4) Quarterly Highlights Trend 25 (1) In thousands; (2) Non-GAAP financial measure; see applicable reconciliation; (3) Annualized; (4) Preliminary

($ in thousands, except per share data) 2Q21 1Q21 2Q20 Net interest income $381,860 $373,857 $376,566 Non-interest revenue 107,087 110,956 173,484 Non-interest expense 270,531 267,134 284,141 (Reversal of) provision for credit losses (24,598) (18,575) 141,851 Income before taxes 243,014 236,254 124,058 Income tax expense 56,814 49,161 30,866 Preferred stock dividends 8,291 8,291 8,291 Net income available to common shareholders $177,909 $178,802 $84,901 Weighted average common shares outstanding, diluted 149,747 149,780 147,733 Diluted earnings per share $1.19 $1.19 $0.57 Condensed Income Statement 26

($ in thousands) 2Q21 1Q21 2Q20 Service charges on deposit accounts $21,414 $20,033 $15,567 Fiduciary and asset management fees 18,805 17,954 14,950 Brokerage revenue 13,926 12,974 9,984 Mortgage banking income 13,842 22,315 23,530 Card fees 13,304 11,996 9,186 Capital markets income 3,335 7,505 6,050 Income from bank-owned life insurance 7,188 8,843 7,756 Other non-interest revenue 14,147 10,534 6,209 Adjusted non-interest revenue $105,961 $112,154 $93,232 Gain on sale and fair value increase of private equity investments, net — — 8,707 Fair value adjustment on non-qualified deferred compensation 1,126 792 2,136 Investment securities (losses) gains, net — (1,990) 69,409 Total non-interest revenue $107,087 $110,956 $173,484 Non-Interest Revenue 27

($ in thousands, except per share data) 2Q21 1Q21 2Q20 Net income available to common shareholders $177,909 $178,802 $84,901 Add: Earnout liability adjustment 750 — 4,908 Add: Restructuring charges 415 531 2,822 Add/subtract: Investment securities losses (gains), net — 1,990 (69,409) Subtract: Gain on sale and fair value increase of private equity investments — — (8,707) Subtract/add: Tax effect of adjustments (1) (105) (638) 19,500 Adjusted net income available to common shareholders $178,969 $180,685 $34,015 Weighted average common shares outstanding, diluted 149,747 149,780 147,733 Diluted earnings per share — — — Adjusted diluted earnings per share $1.20 $1.21 $0.23 Non-GAAP Financial Measures 28 (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied.

($ in thousands) 2Q20 3Q20 4Q20 1Q21 2Q21 Net income $93,192 $91,574 $150,409 $187,093 $186,200 Add: Earnout liability adjustments 4,908 — — — 750 Add: Goodwill impairment — 44,877 — — — Add: Restructuring charges 2,822 2,882 18,068 531 415 Add: Valuation adjustment to Visa derivative — — 890 — — Add: Loss on early extinguishment of debt — 154 8,409 — — Subtract/add: Investment securities (gains) losses, net (69,409) 1,550 (2,337) 1,990 — Subtract: Gain on sale and fair value increase of private equity investments (8,707) (260) (63) — — Add/subtract: Tax effect of adjustments(1) 19,500 (1,122) (6,467) (638) (105) Adjusted net income $42,306 $139,655 $168,909 $188,976 Net income annualized 374,816 364,305 598,366 758,766 Adjusted net income annualized 170,154 555,584 671,964 766,403 Total average assets $52,853,685 $53,138,334 $53,833,909 $54,188,504 Return on average assets 0.71% 0.69% 1.11% 1.40% Adjusted return on average assets 0.32% 1.05% 1.25% 1.41% $187,260 746,846 751,098 $55,017,771 1 1.36% 1.37% Non-GAAP Financial Measures, Continued 29 (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied.

($ in thousands) 2Q21 1Q21 2Q20 Net income available to common shareholders $177,909 $178,802 $84,901 Add: Earnout liability adjustment 750 — 4,908 Add: Restructuring charges 415 531 2,822 Add/subtract: Investment securities losses (gains), net — 1,990 (69,409) Subtract: Gain on sale and fair value increase of private equity investments — — (8,707) Subtract/add: Tax effect of adjustments(1) (105) (638) 19,500 Adjusted net income available to common shareholders 178,969 180,685 34,015 Adjusted net income available to common shareholders annualized 717,843 732,778 136,808 Add: Amortization of intangibles, annualized net of tax 7,128 7,207 7,868 Adjusted net income available to common shareholders excluding amortization of intangibles annualized 724,971 739,985 144,676 Net income available to common shareholders annualized 713,591 725,141 341,470 Add: Amortization of intangibles, annualized net of tax 7,128 7,207 7,868 Net income available to common shareholders excluding amortization of intangibles annualized 720,719 732,348 349,338 Total average shareholders' equity less preferred stock 4,632,568 4,599,076 4,567,254 Subtract: Goodwill (452,390) (452,390) (497,267) Subtract: Other intangible assets, net (41,399) (44,005) (51,667) Total average tangible shareholders' equity less preferred stock $4,138,779 $4,102,681 $4,018,320 Return on average common equity 15.4% 15.8% 7.5% Adjusted return on average common equity 15.5% 15.9% 3.0% Return on average tangible common equity 17.4% 17.9% 8.7% Adjusted return on average tangible common equity 17.5% 18.0% 3.6% Non-GAAP Financial Measures, Continued 30 (1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied.

($ in thousands) 2Q21 1Q21 2Q20 Total non-interest revenue $107,087 $110,956 $173,484 Add/subtract: Investment securities losses (gains), net — 1,990 (69,409) Subtract: Gain on sale and fair value increase of private equity investments — — (8,707) Subtract: Fair value adjustment on non-qualified deferred compensation (1,126) (792) (2,136) Adjusted non-interest revenue $105,961 $112,154 $93,232 Non-GAAP Financial Measures, Continued 31

($ in thousands) 2Q20 3Q20 4Q20 1Q21 2Q21 Total non-interest expense $284,141 $316,655 $302,498 $267,134 $270,531 Subtract: Earnout liability adjustments (4,908) — — — (750) Subtract: Goodwill impairment — (44,877) — — — Subtract: Restructuring charges (2,822) (2,882) (18,068) (531) (415) Subtract: Fair value adjustment on non-qualified deferred compensation (2,136) (796) (1,772) (792) (1,126) Subtract: Valuation adjustment to Visa derivative — — (890) — — Subtract: Loss on early extinguishment of debt — (154) (8,409) — — Adjusted non-interest expense 274,275 267,946 273,359 265,811 268,240 Subtract: Amortization of intangibles (2,640) (2,640) (2,640) (2,379) (2,379) Adjusted tangible non-interest expense 271,635 265,306 270,719 263,432 265,861 Net interest income 376,566 376,990 385,932 373,857 381,860 Add: Tax equivalent adjustment 861 956 821 774 791 Add: Total non-interest revenue 173,484 114,411 114,761 110,956 107,087 Total FTE revenue 550,911 492,357 501,514 485,587 489,738 Subtract/add: Investment securities (gains) losses, net (69,409) 1,550 (2,337) 1,990 — Subtract: Gain on sale and fair value increase of private equity investments (8,707) (260) (63) — — Subtract: Fair value adjustment on non-qualified deferred compensation (2,136) (796) (1,772) (792) (1,126) Total adjusted revenue $470,659 $492,851 $497,342 $486,785 $488,612 Efficiency ratio-FTE 51.6% 64.3% 60.3% 55.0% 55.2% Adjusted tangible efficiency ratio 57.7% 53.8% 54.4% 54.1% 54.4% Non-GAAP Financial Measures, Continued 32

($ in thousands) 2Q20 3Q20 4Q20 1Q21 2Q21 Total assets $54,121,989 $53,040,538 $54,394,159 $55,159,011 $54,938,659 Subtract: Goodwill (497,267) (452,390) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (50,392) (47,752) (45,112) (42,733) (40,354) Tangible assets 53,574,330 52,540,396 53,896,657 54,663,888 54,445,915 Total shareholders’ equity 5,052,968 5,064,542 5,161,334 5,161,717 5,237,714 Subtract: Goodwill (497,267) (452,390) (452,390) (452,390) (452,390) Subtract: Other intangible assets, net (50,392) (47,752) (45,112) (42,733) (40,354) Subtract: Preferred Stock, no par value (537,145) (537,145) (537,145) (537,145) (537,145) Tangible common equity $3,968,164 $4,027,255 $4,126,687 $4,129,449 $4,207,825 Total shareholders’ equity to total assets ratio 9.34% 9.55% 9.49% 9.36% 9.53% Tangible common equity ratio 7.41% 7.67% 7.66% 7.55% 7.73% Non-GAAP Financial Measures, Continued 33

XML

Cover Page	Jul. 20, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 20, 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	641-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000018349
Amendment Flag	false
Common Stock, $1.00 Par Value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	SNV
Security Exchange Name	NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Trading Symbol	SNV-PrD
Security Exchange Name	NYSE
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	SNV-PrE
Security Exchange Name	NYSE