©2022 Synovus. All Rights Reserved. 1 Welcome to Inspired Banking Synovus Investor Day 2022 February 8, 2022 Exhibit 99.1
©2022 Synovus. All Rights Reserved. 2 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 and deposit growth; (2) net interest income and net interest margin; (3) pre-provision net revenue, including non-interest revenue and non-interest expense; (4) credit trends and key credit performance metrics; (5) capital position; (6) our future operating and financial performance; (7) our strategy and initiatives for future revenue growth, balance sheet management, capital management, expense savings, and technology; and (8) 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. Forward Looking Statements 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 return on average assets; return on average tangible common equity; adjusted return on average tangible common equity; adjusted revenue; adjusted non-interest expense; adjusted tangible efficiency ratio; and adjusted pre- provision net revenue (PPNR). The most comparable GAAP measures to these measures are return on average assets; return on average common equity; total taxable equivalent revenue; total non-interest expense; efficiency ratio- taxable equivalent, and PPNR; respectively. Management uses these non-GAAP financial measures to assess the performance of Synovus' business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management, investors, and bank regulators in evaluating Synovus' operating results, financial strength, the performance of its business and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted return on average assets is a measure 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 revenue is a measure used by management to evaluate total taxable equivalent revenue exclusive of net investment securities gains (losses), net fair value changes in private equity investments, and fair value adjustments on non-qualified deferred compensation. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and affect period-to-period comparisons. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the Appendix to this slide presentation. Amounts on certain slides that follow may not total due to rounding.
©2022 Synovus. All Rights Reserved. 3 Company Overview & Strategy Kevin Blair President and Chief Executive Officer
©2022 Synovus. All Rights Reserved. 4 Why Synovus? C O M P A N Y O V E R V I E W & S T R A T E G Y A Strong Franchise Proven Performance Sustainable Growth Progressive Mindset Banking-as-a- Service- Technology Solid credit, robust capital and liquidity management Highly engaged and empowered team Attractive footprint Top quartile NPS Recognized by Greenwich and PAM Awards Synovus Forward: Achieving $175MM pre-tax run rate benefit by end of 2022 Above peer loan growth; strong fee revenue performance Enhancing productivity Investing in new businesses and talent Re-imagined client experience: Data, Analytics and Technology Best in class products and solutions Relationship approach leading to higher levels of PPNR to assets Modern money movement Next generation core ESG
©2022 Synovus. All Rights Reserved. 5 Synovus is built around its people, who are empowered and enabled to deliver C O M P A N Y O V E R V I E W & S T R A T E G Y (1) 2020 BAI Study (2) 2021 survey conducted by Perceptyx ~5,000 Team members strong Katherine Weislogel Head of Treasury & Payment Solutions Liz Wolverton Head of Consumer Banking and Brand Experience Named One of the Atlanta Journal Constitution’s Top Workplaces Top Quartile Engagement Score(2) Zack Bishop Head of Technology, Operations and Security 25% Lower Turnover vs Industry Averages(1) 84%
©2022 Synovus. All Rights Reserved. 6 Loyal customer base in attractive Southeastern footprint C O M P A N Y O V E R V I E W & S T R A T E G Y (1) For the year 2021 (2) Based on internal VOC research, 2021 vs. 2020 Net Promoter Score Top Quartile Among Top 50 Banks (1) 19 Greenwich Excellence and Best Brand Awards(1) 3 PAM Awards Synovus Family Office (1) Average 2.5 percentage point increase in mortgage experience satisfaction ratings(2) Mortgage
©2022 Synovus. All Rights Reserved. 7 Best in class banking, delivering solid financial performance C O M P A N Y O V E R V I E W & S T R A T E G Y (1) Includes service charges on deposit accounts, card fees, LOC fees, ATM fee income, LOC non-usage fees, gains from sale of government guaranteed loans, and miscellaneous other service charges (2) Non-GAAP financial measure; see Appendix for applicable reconciliation (3) Peers defined as proxy peer set 2021 YoY Fee Revenue Growth 2021 YoY Loan Growth (ex PPP) Total Loans 8% Top Quartile Performance vs. Peers(3) Adj. ROATCE(2) #11 #4 Adj. ROAA(2) #7 #2 Adj. Tangible Efficiency Ratio(2) #9 #2 Commercial Production 54% Core Banking (1) 20% Treasury & Payment Solutions 30% Wealth Management 24% 2021 2016
©2022 Synovus. All Rights Reserved. 8 Strong risk management oversight and capital position • Centralized credit management oversight and monitoring • Utilization of analytics for early-warning risk identification • Diversified balance sheet with lower risk commercial growth C O M P A N Y O V E R V I E W & S T R A T E G Y 20212009 IPRE(2) 1-4 Fam, Land & Dev. C&I Consumer 5.6% loss rate 3.4% loss rate Relative to the Great Financial Crisis, portfolio mix alone suggests a greatly improved credit profile(1) Optimized Portfolio Mix and Loss Distribution Stress Testing Supports Capital Adequacy (1) Loss rates by category from the Great Financial Crisis were annualized and applied to the current portfolio for purposes of illustrating the improved loss content in a stressed scenario (2) Investment Property Real Estate (3) Source: FRB 2021 Severely Adverse Scenario utilizing Synovus estimated loss rates 9.5% 4Q21 CET1 6.5% Well-Capitalized 1.9% 1.1% CET1 deterioration in severely adverse(3) Capital buffer NPA Ratio NPL Ratio Total Past Dues >30 Days Ratio 4Q11 4Q13 4Q15 4Q17 4Q19 4Q21 NPA, NPL and Past Due Ratios- - - - - - 6% 5% 4% 3% 2% 1%
©2022 Synovus. All Rights Reserved. 9 C O M P A N Y O V E R V I E W & S T R A T E G Y We are building the bank of the future from a position of strength, investing where we have a right to win and armed with an execution plan to achieve accelerated growth Reposition for Advantage Simplify and Streamline Adopt High-Tech Meets High-Touch Talent and Culture
©2022 Synovus. All Rights Reserved. 10 Reposition for Advantage C O M P A N Y O V E R V I E W & S T R A T E G Y $30B Loans Wholesale Bank $2.5MM Revenue per RM Community Bank $15MM+ PPNR CIB Total Fees Treasury & Payment Solutions $90MM 50% Digital Deposit Account Origination 15%+ Reduction in Branch Network 2024 Targets Top line growth Digitize and optimize Best in class products and solutionsBusiness line expansion Core performance Attract and retain top talent
©2022 Synovus. All Rights Reserved. 11 Simplify and Streamline C O M P A N Y O V E R V I E W & S T R A T E G Y • Employing automation-as-a- service solutions to create scale and drive value • Building momentum with standard banking use cases Prioritizing Commercial Credit Automation Center of Excellence Reimagine the Client Journey Best in Class Platforms
©2022 Synovus. All Rights Reserved. 12 Adopt High-Tech Meets High-Touch C O M P A N Y O V E R V I E W & S T R A T E G Y (1) Small and medium size business • Next best solution • Retention • Digital engagement • Financial wellness • Risk management $30MM+ 2024 PPNR Target Planned Partner Commercial and Consumer Analytics: Data, Insight, Action Serving the SMB(1) Segment Through “Banking-as-a-Service” ~$15MM 2024 PPNR Target
©2022 Synovus. All Rights Reserved. 13 Enhance Talent and Culture C O M P A N Y O V E R V I E W & S T R A T E G Y (1) 2021 survey conducted by Perceptyx Attraction and retention of key talent Development of leadership Focus on diversity, equity, and inclusion Future of work
©2022 Synovus. All Rights Reserved. 14 Disciplined Execution Elevated Growth Profile Top Quartile Operating Metrics Path Forward C O M P A N Y O V E R V I E W & S T R A T E G Y FY 2024 Targets Increasing Productivity Deepening Client Relationships Leveraging Strategic Investments Delivering Ongoing Efficiencies ROAA 1.3% - 1.4% Tangible Efficiency Ratio ~50% ROATCE(2) 16% - 17% Loan Growth Adjusted PPNR(2) Adjusted Revenue(2) (1) Illustration of forecasted 2-year CAGR for 2023/2024 (2) See slide 2 for definitions of non-GAAP financial measures and appendix for 2021 baseline (1) 2022 2023/24 2022 2023/24 2022 2023/24
©2022 Synovus. All Rights Reserved. 15 Company Overview and Strategy Kevin Blair President and Chief Executive Officer Human Capital Sharon Goodwine EVP, Chief Human Resources Officer The Community Bank Wayne Akins EVP, Chief Community Banking Officer The Wholesale Bank Kevin Howard EVP, Chief Wholesale Banking Officer Corporate & Investment Bank Tom Dierdorff EVP, Head of Corporate and Investment Banking Treasury & Payment Solutions Katherine Weislogel EVP, Head of Treasury and Payment Solutions The Consumer Bank Liz Wolverton EVP, Head of Consumer Banking and Brand Experience Technology and Operations Zack Bishop EVP, Head of Technology, Operations, and Security Top Quartile Financial Performance Jamie Gregory EVP, Chief Financial Officer Leading Today’s Discussion C O M P A N Y O V E R V I E W & S T R A T E G Y Credit Bob Derrick EVP, Chief Credit Officer
©2022 Synovus. All Rights Reserved. 16 C O M P A N Y O V E R V I E W & S T R A T E G Y
©2022 Synovus. All Rights Reserved. 17 Human Capital Sharon Goodwine EVP, Chief Human Resources Officer
©2022 Synovus. All Rights Reserved. 18 People drive our strategic growth and position us to win in the marketplace H U M A N C A P I T A L We attract the best bankers because we empower our team members We retain the best talent because we focus on development and opportunity We value diversity, equity and inclusion; it is foundational to a culture where everyone can succeed We have a highly engaged team who is committed to our success
©2022 Synovus. All Rights Reserved. 19 Enhance Talent and Culture (1) 2021 survey conducted by Perceptyx H U M A N C A P I T A L Attraction and retention of key talent Development of leadership Focus on diversity, equity, and inclusion (DEI) Team High Engagement 84%(1) Future of work
©2022 Synovus. All Rights Reserved. 20 88% 87% 84% 10% 10% 12% Favorable Neutral 2021 Engagement Survey Overwhelming majority of team members feel: • Work gives a sense of accomplishment • Optimistic about the future of the company • Synovus has a culture and effective systems to keep remote workers connected • Trust and respect for each other • Teams have a clear understanding of the needs of our clients H U M A N C A P I T A L (1) 2021 survey conducted by Perceptyx Overall Engagement 87% 84% Proud to Work for Company Diversity and Inclusion At the company, diversity is valued The company is committed to diversity and inclusion in the workplace My manager supports diversity and inclusion in the workplace Survey Results(1)
©2022 Synovus. All Rights Reserved. 21 Focus on Diversity, Equity, and Inclusion • Connect and inform team members through Employee Resource Groups • Recruit and engage with HBCUs and veteran organizations in our footprint • Focus on diverse talent pipeline for hiring, promotion and development • Review gender + ethnicity compensation • Diversity Symposium – Opportunity for prospective candidates to learn about career opportunities and DEI at Synovus H U M A N C A P I T A L 8% 15% 2017 2021 People of Color in Leadership 17% 56% 27% Generational Composition of Senior Leadership Team Millenial (b. 1981-1994) Generation X (b.1965-1980) Baby Boomers (b. 1946-1964) 32% 38% 2017 2021 Women in Leadership 66% 29% Overall Synovus Team People of Color Women
©2022 Synovus. All Rights Reserved. 22 Investing in Leadership Development • Empower and equip managers to produce excellence • Action-focused approach to succession and talent management • Individual development plans • Mentorship and sponsorship • Coaching and feedback • Increase rigor in performance management H U M A N C A P I T A L Ignite Program for first line managers focused on Synovus culture, leading a team, and study of inclusivity through “Unconscious Bias” Program focused on aligning leadership behaviors to drive business results and strategy
©2022 Synovus. All Rights Reserved. 23 Listening + Adaptation = Employer of Choice • Embrace the changing workplace • Focus on reskilling and upskilling • Use technology to drive collaboration • Recognize and reward • Align work purpose and personal values • Focus on mental and emotional well- being of team members H U M A N C A P I T A L On-site 69% Hybrid 8% Remote 23% Modernize workspaces to drive creativity and innovation Continuous introduction of benefits to meet the needs of team members and families Proactive and prudent focus on inflationary pressures Chairman Awards Here Matters Icons Synovus Impact More Choice in Ways of Working
©2022 Synovus. All Rights Reserved. 24 Focusing on talent positions us for success H U M A N C A P I T A L Top quartile engagement scores highlight team members who are trusted by clients to help them succeed and reach their full potential Ability to attract top-tier talent to our platform who bring differentiated experiences and market expertise Inclusive culture where new ideas are embraced and diversity brings greater perspective Investment in talent prepares team members for future opportunities Lower turnover as compared to peers Win for team members, clients, stakeholders and communities
©2022 Synovus. All Rights Reserved. 25 The Community Bank Wayne Akins EVP, Chief Community Banking Officer
©2022 Synovus. All Rights Reserved. 26 The Community Bank(1): Key Metrics (1) The Community Bank, as used in this slide deck, consists of SMB commercial clients; on a go-forward pro forma basis, this client set plus Private Wealth and other ancillary income will comprise The Community Bank segment T H E C O M M U N I T Y B A N K Loans $7.3B Deposits $8.5B Commercial Clients 16,500+ Headcount 480 As of 12/31/21
©2022 Synovus. All Rights Reserved. 27 Commercial Banking Continuum Serving the Full Life Cycle of the Commercial Client T H E C O M M U N I T Y B A N K Community The family-owned business connected to local communities Handles personal relationship of the business owner Traditional & SBA Lending Deposits Treasury Management Wealth Management Wholesale Bank CIB Product Need Evolution CRE Middle Market Specialty Capital Markets Agent Bank Capabilities Specialized Lending Expanding Access to Institutional Capital Private Capital/M&A Advisory National, Industry-Led Coverage Corporate, Sponsor-Backed and Emerging Growth Clients
©2022 Synovus. All Rights Reserved. 28 The Community Bank: Key Takeaways Deeply rooted among local Southeast communities that are well-positioned for growth Providing the optimal mix of relationship management and digital driven solutions for our clients Investing to deliver next generation bank products and capabilities for our clients … and our bankers T H E C O M M U N I T Y B A N K
©2022 Synovus. All Rights Reserved. 29 Connected and Capable (1) Top 10 desired online and mobile banking features according to Barlow Research Associates, 2021 Digital Business Banking Test Drive Survey No One Does Local Better T H E C O M M U N I T Y B A N K Empowered local leaders delivering when and where needed • 8 division CEOs, 33 market executives, and 350 tenured advisory directors with deep connections to their communities • Embedded leadership model empowers local leaders • Combining in-person, digital, and virtual experiences Full suite of solutions Desktop and Mobile platform % of key feature functionalities offered … Pre Gateway Launch (Oct '20) January 2022 +30%Synovus Industry Average Desktop Features 10/10 8.9 Mobile Features 9/10 7.8 Desktop and Mobile: Top 10 Desired Features Provided(1) Enrolled Online Banking Customers ~45K ~59K
©2022 Synovus. All Rights Reserved. 30 Enhancing traditional commercial banking with a better model • Sales process leveraging the SMART tool • A robust data model that provides relationship opportunity insights (Next Best Solution) • Resulted in over 2,000 additional client calls made during 2021 • Improved relationship manager productivity and efficiency via analytics-based portfolio management: • Analytical Risk Monitoring, which provides 20% gain in underwriting capacity • Community Relationship Center (CRC), which centralizes small business loan renewals, adding an estimated ten hours of productivity per branch each month • Committed to 2022 target operational model refinement and nCino implementation by 3Q22 T H E C O M M U N I T Y B A N K Analytical Risk Monitoring Streamlined Credit Process
©2022 Synovus. All Rights Reserved. 31 Continuing High Touch + Utilizing High Tech = Revenue Growth and Improved Operating Leverage (1) Community Bank staffing excludes underwriting and credit administration T H E C O M M U N I T Y B A N K 187 170 220 185 Production Support Optimized commercial staffing levels (16%) (9%) $90.4MM $104.7MM $116.1MM 2019 2020 2021 Leading to larger books of business per RM And greater RM efficiency $2.5MM $1.9MM$1.7MM Target Loan and Deposits per RM Revenue per RMCommercial Staffing(1) Retaining top RMs in markets that are best positioned to grow1 Leveraging analytics and a more efficient platform2 Generating efficiencies to reinvest in new tools3 Nov 2019 Dec 2021 2019 2024 Target2021
©2022 Synovus. All Rights Reserved. 32 Our high-touch / high-tech model yields strong financial results • Fee income growth driven by core capabilities like SBA, Treasury and Merchant • Continued enhancement in RM productivity • Strong deposit base complements our higher asset-growth specialty segments in Wholesale Banking and CIB T H E C O M M U N I T Y B A N K $9.5MM $10.4MM 2019 2021 Fee Income Growth 7% CAGR Funded Loan Production per RM 5% CAGR $6.0B $8.5B 2019 2021 Total Deposits Community Bank 19% CAGR (1) (1) Other income includes service charges on deposit accounts (excluding treasury analysis fees), debit card interchange, LC/LOC fees, non-usage fees, swap fees, and other miscellaneous income
©2022 Synovus. All Rights Reserved. 33 A “best in class” wealth solution for business owners • 44 Private Wealth Advisors (PWA) embedded in the market with local commercial RMs • Leverage data to target high priority opportunities • PWAs serve as the quarterback for complex planning and wealth needs • Engage clients in discovery conversation, leveraging resources like Synovus Trust, Synovus Family Office, Synovus Securities and GLOBALT T H E C O M M U N I T Y B A N K Massive Market Opportunity Fully-licensed and equipped wealth team poised to deliver holistic solutions 90% of commercial clients are wealth prospects ~20K ~2K Total Commercial Clients(1) Fully Served Wealth Opportunity 519 895 2020 2021 $0.9MM $1.2MM 2020 2021 72% Increase in Synovus Asset Navigator plans completed Growth in revenue per PWA28% (1) Non-retail commercial clients
©2022 Synovus. All Rights Reserved. 34 Key Forecasted Results 2022–2024(1) (1) Forecast is three-year period beginning in 2022 Strong market positioning yielding above market growth T H E C O M M U N I T Y B A N K Balanced Loan Growth Fee Income Upside Core C&I and CRE Clients 80%-100% self-funded through core deposit growth Selective addition of RMs in strong Southeast growth markets 4%+ Loan Growth Continued expansion of core banking fees through Treasury partnership Leveraging SBA Opportunity Expected growth independent of Maast and Private Wealth expansion opportunities 6%+ Fee Income Growth
©2022 Synovus. All Rights Reserved. 35 SMBs are Adopting Vertical Software Source: BCG analysis The service marks and trademarks used herein belong to their respective owners T H E C O M M U N I T Y B A N K Vertical Software Vendors are becoming increasingly important. Up to ~40% of SMBs are using vertical software to run their companies. Players in this segment pursue payments and financial services integration/monetization Restaurants Project Management Human Resources Marketing/Loyalty Real EstateHealthcareLeisure & Entertainment
©2022 Synovus. All Rights Reserved. 36 Serving the SMB segment through “Banking-as-a-Service” T H E C O M M U N I T Y B A N K Maast will make it simple for software companies to deepen customer relationships with elegantly embedded banking and payment services Payment acceptance, checking accounts and loans delivered through strategic partnerships Software providers and distributors (SaaS/ISVs) Small business end users Planned Partner
©2022 Synovus. All Rights Reserved. 37 The Wholesale Bank Kevin Howard EVP, Chief Wholesale Banking Officer
©2022 Synovus. All Rights Reserved. 38 The Wholesale Bank: Key Metrics T H E W H O L E S A L E B A N K Loans $21.5B Deposits $12.4B Clients 3,000 Headcount 287 Middle Market CRE Specialty As of 12/31/21
©2022 Synovus. All Rights Reserved. 39 Commercial Banking Continuum Serving the Full Life Cycle of the Commercial Client T H E W H O L E S A L E B A N K Community CRE Middle Market Specialty Capital Markets Agent Bank Capabilities Specialized Lending Wholesale Bank CIB Product Need Evolution The family-owned business connected to local communities Handles personal relationship of the business owner Traditional Lending & SBA Deposits Treasury Management Wealth Management National, Industry-Led Coverage Corporate, Sponsor-Backed and Emerging Growth Clients Expanding Access to Institutional Capital Private Capital/M&A Advisory
©2022 Synovus. All Rights Reserved. 40 Client Experience Cohesive Alignment Drives Short Cycle Delivery T H E W H O L E S A L E B A N K • Assess the needs of clients and provide seamless delivery of a full complement of product offerings • Expand brand presence through disciplined market coverage targeting priority prospects • Provide centralized banker support and dedicated best-in-class risk monitoring/sales support • Deepen relationships through key partnerships in Credit, Treasury, Community and Capital Markets • Adopt leading technology for commercial clients (nCino and SMART Tool)
©2022 Synovus. All Rights Reserved. 41 $28.9MM $26.4MM $34.6MM 2019 2020 2021 Proven Growth Engine T H E W H O L E S A L E B A N K $1.4B $1.8B $2.1B $3.0B $2.2B $3.9B $2.9B $3.2B $4.6B$7.4B $7.2B $10.6B 2019 2020 2021 Middle Market CRE Specialty $78.6MM $74.5MM $113.6MM $48.1MM $40.5MM $74.1MM 2019 2020 2021 Commitments / RM Fundings / RM $8.3B $12.0B $12.4B 2019 2020 2021 $17.6B $18.8B $21.5B 2019 2020 2021 10% CAGR Loan Production Loan Growth Loan Production per RM Deposit GrowthNon-Interest Revenue Growth 9% CAGR 22% CAGR 20% CAGR 20% CAGR
©2022 Synovus. All Rights Reserved. 42 Specialty Senior Housing Specialty Healthcare Insurance Premium Finance Syndications/National Accounts Structured Finance Restaurant Services Asset Based Lending Community Investment Capital Government Banking Solutions The Building Blocks of a Well-Balanced Franchise Numbers shown above are as of 12/31/2021 T H E W H O L E S A L E B A N K CRE Middle Market C&I National Reach Regional Focus $4.4B Loans | $3.6B Deposits $7.2B Loans | $1.8B Deposits $9.7B Loans | $7.0B Deposits
©2022 Synovus. All Rights Reserved. 43 Specialization Delivers Loan Growth Red bars represent loans outstanding at period end (1) Estimated tax credit by year based on investments made to date T H E W H O L E S A L E B A N K $5.6B $7.0B $9.7B 2019 2020 2021 $2.0B $2.5B $3.1B 2019 2020 2021 $0.1B $0.6B $1.3B 2019 2020 2021 $1.0B $1.3B $1.6B 2019 2020 2021 $20MM $33MM $48MM $65MM $71MM Anticipated Tax Credit(1) Senior Housing Community Investment CapitalInsurance Premium FinanceStructured Lending Total Specialty Lending 25% CAGR 242% CAGR 25% CAGR 38% CAGR 2021 2022 2023 2024 2025 31% CAGR
©2022 Synovus. All Rights Reserved. 44 Wholesale Bank Growth Initiatives T H E W H O L E S A L E B A N K Middle Market Expansion Restaurant Services Agent Bank CapabilitiesFintech Partnerships
©2022 Synovus. All Rights Reserved. 45 Adding Teams … T H E W H O L E S A L E B A N K Middle Market Expansion Restaurant Services • 50% of our middle market portfolio is located in Florida • Targeted expansion of middle market talent centered on the following regions • FL East – Orlando, Jacksonville, Daytona • FL West – Tampa, Ft. Myers • FL South – Miami, Ft. Lauderdale, Boca Raton, Naples • Targeting loan growth in Florida of $1B within 3 years, including strong treasury management and capital markets revenue $206B $245B $341B $375B $544B GA minus Atlanta SC + AL Metro Atlanta FL South FL East + West Top Wholesale Markets by Real GDP 3Q21 4Q21 1Q22 2Q22 3Q22 1 Team hired 2 $100MM funded 3 Profitable • Hired industry veterans to build out top tier restaurant lending franchise with quick serve restaurant focus • Strong loan growth resulted in immediate profitability in 4Q21
©2022 Synovus. All Rights Reserved. 46 … Adding Capabilities T H E W H O L E S A L E B A N K • Fintech partnerships are important as we evaluate optimal client solutions • Currently developing a white label equipment finance solution powered by a leading fintech • FX & trade enhancements • Integrated payments • Industry niche enhancements • Mobile virtual commercial card Fintech Partnerships Agent Bank Capabilities TPS Solutions • Banker participation in capital markets related revenues has increased 50% since 2019 • Added an industry veteran in 2021 to develop lead agent bank capabilities, resulting in immediate fee revenue realization
©2022 Synovus. All Rights Reserved. 47 The Road to $30 Billion(1) (1) Represents 2024 target for wholesale loans outstanding Driving Complementary and Sustainable Earnings T H E W H O L E S A L E B A N K Middle Market CRE Specialty $4B to $8B Growth with strong emphasis on risk weighting Targeting $1B+ of annual loan growth with 50% self funding Lead 4-5 club deals per year Continue to invest in front line and credit talent to enhance growth trajectory Enhance relationship profitability through niche CRE offerings Targeting $500MM+ of annual loan growth Balance between term and construction production Drive organic loan and deposit growth Targeting $1.2B of annual loan growth Create franchise expertise recognition Capitalize on industry expertise across niche market segments Onboarding 1 to 2 new specialties per year $7B to $9B $10B to $13B
©2022 Synovus. All Rights Reserved. 48 Corporate & Investment Bank Tom Dierdorff EVP, Head of Corporate & Investment Banking
©2022 Synovus. All Rights Reserved. 49 Commercial Banking Continuum Serving the Full Life Cycle of the Commercial Client C O R P O R A T E & I N V E S T M E N T B A N K Commercial The family-owned business connected to local communities Handles personal relationship of the business owner CRE Middle Market Specialty National, Industry-Led Coverage Corporate, Sponsor-Backed and Emerging Growth Clients Product Need Evolution Traditional Lending & SBA Deposits Treasury Management Wealth Management Capital Markets Agent Bank Capabilities Specialized Lending Expanding Access to Institutional Capital Private Capital/M&A Advisory Wholesale Bank CIB
©2022 Synovus. All Rights Reserved. 50 Why Corporate & Investment Banking at Synovus? C O R P O R A T E & I N V E S T M E N T B A N K A Strong Franchise Emerging Capabilities Culture Clear Growth Path Purpose built Targeting ISVs Highly engaged and empowered team Attractive footprint Strong commercial and middle market banking Broad wealth platform Capital Markets Treasury & Payment Solutions Nimble and responsive Entrepreneurial Technology forward Growth focus Structured Finance Business capital to deploy National opportunity Under- represented industries
©2022 Synovus. All Rights Reserved. 51 National Coverage Built Around Attractive Industries Capitalize on Industry Expertise to Drive Diversified Revenue C O R P O R A T E & I N V E S T M E N T B A N K Financial Institutions (FIG) Insurance Carriers, Insurance Agents and Brokers Asset and Wealth Managers Commercial and Consumer Finance Equipment Finance and Leasing Technology, Media, and Communications (TMC) Financial and Payments Technology Data Security/Cyber Tech-enabled Services Communications/Data Services Infrastructure Healthcare Healthcare Services and Staffing Medical Devices and HCIT Biotech and Pharmaceuticals Lab Services and Medical Technology Managed Care and Benefits
©2022 Synovus. All Rights Reserved. 52 Key Forecasted Results C O R P O R A T E & I N V E S T M E N T B A N K Period-end Funded Loans $1.5B $3.5B PPNR $15MM $60MM Fee Income / Total Revenue 20% > 25% Tangible Efficiency Ratio 50% < 40% 2024 2026
©2022 Synovus. All Rights Reserved. 53 Corporate & Investment Bank: Key Takeaways Broaden Synovus’ right to win new relationships and to grow existing relationships through deeper industry expertise Contribute multi-dimensional growth to Synovus through lending activities and fee-based services Build a highly productive and scalable platform that will be accretive to core corporate financial targets C O R P O R A T E & I N V E S T M E N T B A N K Reposition for Advantage
©2022 Synovus. All Rights Reserved. 54 Treasury & Payment Solutions Katherine Weislogel EVP, Head of Treasury & Payment Solutions
©2022 Synovus. All Rights Reserved. 55 Treasury & Payment Solutions: Key Metrics (1) Represents Synovus clients with Treasury services T R E A S U R Y & P A Y M E N T S O L U T I O N S 2021 Revenue Contribution $62MM Solutions Offered 61 Treasury Clients(1) 13,477 Headcount 112 As of 12/31/21 Treasury Services Commercial Card International
©2022 Synovus. All Rights Reserved. 56 TPS – Driving Value By Delivering Results (1) Production is new sales on a 12-month annualized basis for treasury, international and commercial card solutions T R E A S U R Y & P A Y M E N T S O L U T I O N S $2.4MM $4.2MM $14.4MM Treasury Production(1) $10.2MM Foundation Adoption Transformation Deliver $20.0MM 2018 2019 2020 2021 2022 Target Strong execution of strategy with continued positive momentum 80%+ CAGR
©2022 Synovus. All Rights Reserved. 57 What’s Beneath The Surface How the Team Achieved Results T R E A S U R Y & P A Y M E N T S O L U T I O N S Ø Consultative Solutions Ø Training & Approach Ø Organizational Structure = Results
©2022 Synovus. All Rights Reserved. 58 2018 Current State TPS – The Transformational Journey T R E A S U R Y & P A Y M E N T S O L U T I O N S New Capabilities: SMART analytics, best-in-class offerings and delivery through partnerships Formal sales approach with consultation, process review and client working capital model Top, proactive, industry leading talent with formalized specialty teams dedicated to bank verticals Limited solutions set Approach centered around fulfillment, operations and service Decentralized training and delivery Organizational Structure Consultative Solutions Training & Approach A transformational shift from transactional relationship to value-add advisory approach
©2022 Synovus. All Rights Reserved. 59 Consultative Approach Driving Client Engagement T R E A S U R Y & P A Y M E N T S O L U T I O N S Consultative Advisory Solution Delivery 01 02 03 Client Messaging Business Process Overview Working Capital Management Solutions Delivered Through a Focused Consultative Approach New Solution Launches TPS Rebrand/ Seismic Launch Price for Value Initiative Client Reviews using SMART Analytics
©2022 Synovus. All Rights Reserved. 60 TPS Transformation Journey Powered by a Consultative Approach T R E A S U R Y & P A Y M E N T S O L U T I O N S “Today’s meeting was unexpected … you are truly a consultant to our business.” – TPS Client
©2022 Synovus. All Rights Reserved. 61 Liv e Liv e Key Solution Gaps Closed in 2021 T R E A S U R Y & P A Y M E N T S O L U T I O N S Insured Cash Sweep for larger clients Digital Commercial Banking Platform/ Online Enrollment Console Synovus Gateway Export Lending Program International One Card / Digital Wallet Commercial Card Payroll & HR Solutions Liquidity Payroll Integrated Receivables powered by • Wholesale & Retail Lockboxes • Electronic Payments • BillPay/e-Lockbox • Remote Deposit Capture • Merchant Services • Payment Reassociation Accelerate AR Liv e Liv e Liv ei New key solutions have accelerated pipeline growth, and we are not done … Liv e
©2022 Synovus. All Rights Reserved. 62 2022 and Beyond Agile Innovation with Efficient Modular Approach T R E A S U R Y & P A Y M E N T S O L U T I O N S API Services Foreign Currency Accounts International Information Reporting Cash Positioning Tools Cross Border Receivables Fully Integrated Payments Hub Account Validation fintech innovation FedNow RPA Push to Card ERP Integrations emerging tech partnership FX & Trade enhanced platforms Virtual Accounts/ Sub- Accounting
©2022 Synovus. All Rights Reserved. 63 Generating Long Term Value Optimizing Fee Generation Through a Consultative Client-Focused Approach T R E A S U R Y & P A Y M E N T S O L U T I O N S $43MM Delivering results through industry leading talent, optimized processes and approach, technology advances and superior partnerships 2021 2024 Target $62MM $90MM Projected Total Fees 2018 13% CAGR
©2022 Synovus. All Rights Reserved. 64 T R E A S U R Y & P A Y M E N T S O L U T I O N S $90MM - The Opportunity is REAL Ü We will continue to drive enhancements along the journey to maximize our growth potential. • Maximize Accelerate AR suite of solutions • SMART – Currently over 14K+ leads • International enhancements • One Card / Digital Wallet • Integrated payment hub with advanced rails • Niche businesses and edgy solutions to support • Pricing for Value #forwardtogether
©2022 Synovus. All Rights Reserved. 65 Credit Bob Derrick EVP, Chief Credit Officer
©2022 Synovus. All Rights Reserved. 66 Rebuilt the Credit Organization C R E D I T Actions after Great Financial Crisis … Deployed forward-looking risk framework Built a centralized credit organization Implemented robust concentration management … Resulted in a Strong, Stable Credit Culture Credit metrics at or near historic lows Portfolio is well-balanced and diversified Policy, underwriting and monitoring discipline
©2022 Synovus. All Rights Reserved. 67 4Q08 4Q21 4Q08 4Q21 Remixed the Credit Portfolio C R E D I T 44% 40% 16% 28% 50% 22% Portfolio Rebalanced and Diversified CRE Portfolio – Investment Property Focus • CRE reduced from 44% to 28% of loan portfolio • C&I is diversified - over ~20 industries and multiple specialty lines of business • Consumer consists primarily of mortgage, HELOC and third-party lending • Residential and Land Acquisition and Development (A&D) reduced from 61% of CRE to 10% • Investment properties comprise 90% of CRE • Investment property category is diversified over seven property types and multiple specialty lines 39% 25% 36% 90% 6%4% Investment Properties Residential Properties Land A&DCRE C&I Consumer
©2022 Synovus. All Rights Reserved. 68 Transformed Credit Quality C R E D I T Credit Quality Metrics • NPAs declined from 5.50% to 0.40% • NPLs declined from 4.40% to 0.33% • Past Dues declined from 0.74% to 0.15% • Net Charge-Offs returned to near historic lows, at 0.20% for 2021 Provision and Net Charge-Offs 5% 6% 1% 2% 3% 4% (1) Synovus adopted CECL in 2020, which replaced the prior incurred loss impairment guidance with an expected credit loss methodology (1) 2011 2013 2015 2017 2019 2021
©2022 Synovus. All Rights Reserved. 69 Further evolved credit capabilities since 2020 • Completely reevaluated CRE portfolio • Hotel vertical with dedicated credit support • Credit resources assigned to portfolios • Enhanced market intelligence and industry-focused analytics • Ability to track industry recovery through cash inflow analysis • Visibility into primary and secondary market performance for each property type • Deployed credit resources into first line of defense C R E D I T Strengthened Credit Environment Market Intelligence Enhanced Analytics Real-time Industry Monitoring Credit Partnership with LOB
©2022 Synovus. All Rights Reserved. 70 • High quality Consumer Real Estate book • Weighted average credit score of 792 and 777 for HELOC and Mortgage, respectively • Average LTV of ~75% for HELOC and Mortgage CRE Portfolio — $11.0 Billion Portfolio Characteristics Consumer CRE C&I NPL Ratio 0.52% 0.11% 0.37% 2021 Net Charge-off Ratio 0.23% 0.08% 0.26% 30+ Days Past Due Ratio 0.38% 0.04% 0.10% 90+ Days Past Due Ratio 0.02% 0.01% 0.02% Credit Portfolio is Balanced and Strong All balances and credit metrics on this slide are as of 12/31/2021 C R E D I T C&I Portfolio — $19.6 Billion Consumer Portfolio — $8.8 Billion Res. Constr, Dev, Land, 1.5% Other CRE Prop. Types, 6.6% Multi-Family, 5.4% Office Bldg., 6.4% Shopping Centers, 4.2% Hotel, 3.9%Direct Middle Market & Commercial Banking, 26.2% C&I Specialty Lending, 23.6% Consumer R/E Related, 16.2% Consumer Non R/E Related, 6.2% • 90% are income-producing • Residential C&D and Land are less than 2% of total loans • Diversity among property types and geographies • Direct Middle Market & Commercial Banking comprise 26% of Synovus total loans, while Specialty Lending comprises 24% • Specialty Lending is well-diversified among multiple lines-of-business • C&I industry mix aligned with economic and demographic drivers Consumer CRE C&I
©2022 Synovus. All Rights Reserved. 71 Specialty Lending Adds Diversity to Portfolio (1) Balances as of 12/31/2021 C R E D I T Specialty Portfolio Composition $9.7B(1) specialty lending portfolio diversified among multiple business units • No credit losses in any specialty lending portfolio since inception • Specialty lines have uniquely strong credit profiles: o Senior Housing – proven strength, even through COVID; strong operators; low average loan-to-value o Syndications/National Accounts – emphasis on investment grade credit or equivalent o Insurance Premium Finance – primarily secured by cash value of life insurance o Structured Lending – strong underlying asset classes o Healthcare Banking – quality medical office with low average loan-to-value 22% 33%16% 14% 8% 7% National Accounts Senior Housing Premium Finance Structured Lending Healthcare Banking Other Specialty Lines
©2022 Synovus. All Rights Reserved. 72 C R E D I T Third Party Lending Complements Portfolio $1.6B(1) consumer HFI third party portfolio consists of multiple lending partners • Multi-year, successful partnerships • Strong economics with relatively short duration • Over 50% of the portfolio is secured by automobiles, watercraft or recreational vehicles Held for Investment (HFI) Portfolio Composition (1) Balances as of 12/31/2021 51% 13% 22% 14% Auto/RV/Marine Home Improvement Personal Student
©2022 Synovus. All Rights Reserved. 73 (1) Pro forma loss rates for 2021 and 2024 reflect the same losses by category as those experienced during the Great Financial Crisis (GFC) and are an illustrative view of losses. Actual losses in an adverse environment may differ from those shown above. (2) Represents annualized losses experienced during the worst nine quarter period of the GFC (beginning in 3Q09) (3) Losses based on 2021 FRB Severely Adverse scenario utilizing Synovus estimated loss rates C R E D I T 20212009 IPRE 1-4 Fam, Land & Dev. C&I Consumer 5.6%(2) loss rate 3.4% loss rate Applying historical loss rates from the Great Financial Crisis to today’s portfolio results in improved annualized loss rates from 5.6% to 3.4% in 2021 and 3.3% in 2024 forecast Optimized Portfolio Mix and Loss Distribution(1) 3.3% loss rate 2024 F 5.9% 5.5% 5.0% DFAST Median DFAST Top Quartile SNV Stress Test Stress Test - 9Q Losses Strong Stress Test Results Internal stress test results compare favorably to Fed published DFAST results High-Quality Growth (3)
©2022 Synovus. All Rights Reserved. 74 A Solid Foundation Built on Fundamental Credit Principles Supporting sustained growth through C R E D I T Proactive and forward-looking analysis A two “Lines of Defense” structure that connects nimble field analysts to a strong, centralized credit core Strong sponsorship and prudent loan structuring
©2022 Synovus. All Rights Reserved. 75 The Consumer Bank Liz Wolverton EVP, Head of Consumer Banking and Brand Experience
©2022 Synovus. All Rights Reserved. 76 Consumer Banking (1) Balances include all retail and small business products in our Consumer Banking segment on a pro forma go-forward basis. In addition, the numbers include balances from our consumer mortgage business which is part of our FMS segment. (2) Peer set based on 2021 JD Power Retail Banking Satisfaction Study T H E C O N S U M E R B A N K Deposits(1) $19.7B Loans(1) $7.6B Clients(1) >1.2MM accounts 785,000 Net Promoter Score 10 points higher than peer(2) average Loyal customers who are raving fans 44 The Consumer Bank plays a critical role in the Synovus business model • Reliable low-cost funding • Relationship artery across client segments • Small business sales force • Brand ambassador through market visibility and cross LOB-relationship delivery As of 12/31/21
©2022 Synovus. All Rights Reserved. 77 Same Purpose, New Playbook T H E C O N S U M E R B A N K Shift Delivery • Expect to reduce physical footprint by 15% and capture $12MM in run-rate savings in 2022 • Drive growth through targeted household acquisition • Enhance digital servicing capabilities Expand Digital Sales • Increase online consumer deposit origination to 50% • Achieve 100% digital sales enablement for consumer products • Modify training and incentives Advice at the Center • Deepen households through automated and personalized connection points • Leverage analytics to transform digital experience from transactional to relational • Drive $15MM+ in annual revenue from initial analytics use cases
©2022 Synovus. All Rights Reserved. 78 Repositioning for Advantage: Optimizing Our Branch Network T H E C O N S U M E R B A N K 2016 2017 2018 2019 2020 2021 800,000 750,000 700,000 650,000 600,000 550,000 500,000 Branch and Retail Deposit Accounts Trends 300 200 100 Legacy Synovus Branches Legacy FCB Branches Retail Deposit Accounts Retail Transaction Accounts 51 50 50 248 250 249 247 239 231 Br an ch es Accounts Closed 24% of branch network since 2013 Targeting closure of additional 15% by end of 2022 Strong account acquisition despite physical closures
©2022 Synovus. All Rights Reserved. 79 Data-based approach to footprint optimization • Expecting to close 9 branches in 1Q22 • Anticipating an even pace of closures each quarter in 2022 • Incorporating all lines of business into the assessment process • Initiating work to harden client relationships in closure markets • Revising go-to-market strategies T H E C O N S U M E R B A N K Evaluating Across Four Key Categories Performance Position Opportunity Competition
©2022 Synovus. All Rights Reserved. 80 69% 79% 85% 87% 87% 88% 89% 90% 91% 91% 92% 95% 96% BBVA U.S. Bank Citibank 5/3 Bank Wells Fargo Truist BOA PNC Regions TD Bank Chase Capital One Synovus Pr im ar y In st itu tio n Household acquisition remains important and is targeted at high opportunity segments • Continue to follow efficient acquisition approach: market free checking and leverage relationship programs and analytics to deepen wallet share • Prioritize growth in high-opportunity segments: mass affluent and small business customers (1) Consumer core banking fees excluding mortgage NIR (2) JD Power Retail Banking Satisfaction Study, 2021-06-14 to 2021-12-06, Synovus 5-State Footprint 26% 35% 17% 6% 16% NIB DDA MMA Interest Bearing Demand Savings Time 2021 6.2% Deposit Growth YOY 8.5% Core Banking NIR YOY(1) 51 bps reduction in core deposit funding cost in 2021 Solid Growth, Focus On Primacy 77% 72% 70% 66% 65% 65% 64% 64% 63% 60% 59% 59% 56% Synovus Regions 5/3 Bank Capital One Chase PNC TD Bank Truist Wells Fargo Citibank BOA U.S. Bank BBVA Pr im ar y In st itu tio n 80% 85% 85% 88% 88% 89% 90% 90% 91% 92% 92% 92% 95% BBVA U.S. Bank Citibank Wells Fargo BOA 5/3 Bank Truist PNC TD Bank Synovus Regions Chase Capital One Pr im ar y In st itu tio n % of customers who feel they have a personal relationship with their primary bank(2) Probably will or definitely will reuse(2) All Customers Mass Affluent84% Mass Affluent T H E C O N S U M E R B A N K
©2022 Synovus. All Rights Reserved. 81 20% 80% of targeted clients Strong Success with Relationship Programs Approximately 11% of consumer accounts have not been appended with segmentation data; therefore, excluded from this analysis. T H E C O N S U M E R B A N K Applying the increased potential per household to the 80% not-enrolled presents significant revenue opportunity Clients in our new Elevate relationship programs have 22% higher solutions per household and 22% higher on-us balances Launched Elevate relationship program in 2020, focused on emerging mass affluent and mass affluent including premium products, pricing and experience Portfolio mortgages remain a strong lead product for mass affluent and affluent households. Impact of combining portfolio mortgages with relationship offering: • 2X greater on-us balances • 3X more likely to have an investment relationship Enrolled today Opportunity Targeted Clients for relationship programs
©2022 Synovus. All Rights Reserved. 82 Strategic momentum should propel small business growth • Capitalize on the significant number of relationships initiated and strengthened through PPP • Exploit Synovus Gateway digital platform to further extend Treasury business • Leverage Community Relationship Center to streamline credit process and pursue additional client opportunities T H E C O N S U M E R B A N K 12,000 Clients newly enrolled to online banking since Gateway launch 28,000 PPP Loans 12 SMB Greenwich Awards 3% Account growth in 2021
©2022 Synovus. All Rights Reserved. 83 Our Digital Maturity Is Enabling the Consumer Delivery Shift T H E C O N S U M E R B A N K Today Tomorrow Equalize Monetize Humanize Innovate Establish the foundation • My Synovus, digital team, fintech partnership with Blend Refine user experience • Money movement UX • Deployment of Zelle® • Data cleansing • E-statement enhancements Deliver the capabilities to drive engagement (2022) • Expand online account origination product offerings including HELOC and white-label consumer lending • External FI account aggregation • Personalized insights and advice powered by analytics • Continued enhancements to servicing and alerts • Develop strategies for monetizing blockchain and crypto currency offerings in response to client needs > 50% adoption (up from 35% in 2019) 135% increase in P2P enrollment since launch of Zelle® >20% increase in super users in past 24 months Rapid integration of 4 fintechs to fully implement OAO for deposits within 6 months Enhancing digital engagement included in the $15MM+ annual run rate from analytics Crypto buy/sell/hold partnership projected for 2022, paving the way for new products
©2022 Synovus. All Rights Reserved. 84 Targeting Exponential Shift In Digital Sales (1) Pie charts are illustrative of availability of digital sales and servicing based on product volume T H E C O N S U M E R B A N K 50% Target % of consumer deposits originated online Digital Sales Enablement(1) 100% Target % of online origination enablement across deposit and loan products 100% Target % core operational servicing enablement Today Tomorrow Deposit Accounts Loans Deposit Accounts Loans Digital Servicing Enablement(1) Objectives • Lower cost to originate • Simplify the user experience • Grow younger generation accounts Keys to Success • Design the client journey to mimic OAO success in mortgage • Implement changes to branch team member training and incentives • Enhance marketing via analytics to quickly deepen and harden relationships • Increase average deposit balance for digitally- onboarded customers
©2022 Synovus. All Rights Reserved. 85 High Tech Meets High Touch: Advice at the Center T H E C O N S U M E R B A N K $15MM+ Expected annual run rate from initial use cases (personetics + curinos) Building a bigger portfolio of analytics programs • Hired Chief Analytics Officer in January 2022 • Building out infrastructure and prioritizing next use cases • Preparing for next phase that pulls bankers into the journey for follow-up Committed Value Insight to Action |Data to Insight | New Analytics Capabilities Launching in 2022 Ready to Build on Success Next Best Action Identifies clients with opportunities related to specific products/digital services and launches a connection and sales journey through digital marketing (checking, HELOC, mortgage, digital engagement) Launched January 27 Digital Engagement Identifies various insights and delivers recommendations, nudges, and education through digital experience Expected MVP – 2Q22
©2022 Synovus. All Rights Reserved. 86 Repositioning for Advantage (1) Consumer Core Banking NIR excludes Mortgage T H E C O N S U M E R B A N K Shift Delivery 15%+ branch reduction $12MM+ in expected run-rate savings Increase Digital Sales 50% deposit sales digitally 100% of products available through digital origination Advice at the Center Expand relationships via analytics $15MM+ in annual revenue 2%-3% CAGR (Loans, Deposits and Core Banking NIR(1)) Three points of focus 2024 Targets
©2022 Synovus. All Rights Reserved. 87 Technology and Operations Zack Bishop EVP, Head of Technology, Operations, and Security
©2022 Synovus. All Rights Reserved. 88 Technology and Operations (1) Anticipated values for 2022 T E C H N O L O G Y A N D O P E R A T I O N S % of 2022(1) Expense Operating Office 23% % of 2022(1) Expense Technology and Digital Only 12% 2022 Modernization(1) Project Hours 275,000 Headcount As of 12/31/2021 965 We’re building the bank of the future through a focus on the customer, modernization built upon automation, and an innovative approach to research and development
©2022 Synovus. All Rights Reserved. 89 Building the Bank of the Future Customer Journeys Technology Modernization Automate Everything Innovation, Research and Development T E C H N O L O G Y A N D O P E R A T I O N S
©2022 Synovus. All Rights Reserved. 90 Customer Journeys • Creates better quality services for all our customers • Provokes relationship expansion • Raises overall customer satisfaction • Builds a better bank for tomorrow T E C H N O L O G Y A N D O P E R A T I O N S Streamline and Simplify Commercial Lending Account Opening Money Movement Maintenance
©2022 Synovus. All Rights Reserved. 91 Technology Modernization Infrastructure Transformation Upskill and Reskill Team Members Core Modernization T E C H N O L O G Y A N D O P E R A T I O N S High Tech Meets High Touch
©2022 Synovus. All Rights Reserved. 92 Infrastructure Transformation: Building One of the Most Modern Technology Foundations in Regional Banking T E C H N O L O G Y A N D O P E R A T I O N S Authentication Identity DaaSO365 Intune SDWAN Application Migrations Commercial Lending API Modernization 2021 Core Modernization
©2022 Synovus. All Rights Reserved. 93 Upskill/Reskill Team Members • Official reskill process created • Transparent communication around direction • Team Members move through the “Transformation POD” • “Graduation” becomes part of our team members goals T E C H N O L O G Y A N D O P E R A T I O N S Enhance Talent and Culture
©2022 Synovus. All Rights Reserved. 94 Core Modernization • Gen-3 core assessments • Multiple POCs • Advanced internal skills • Established frameworks T E C H N O L O G Y A N D O P E R A T I O N S • Developed and launched standalone business capabilities in an open banking environment • Synovus technical current state core dependency architecture complete • Maast buildout • First MVP launch targeted 1Q22 Building for Tomorrow
©2022 Synovus. All Rights Reserved. 95 Automate Everything! • Intelligent automation • Flexibility meets capability • Automation-as-a-Service • Center of excellence T E C H N O L O G Y A N D O P E R A T I O N S Efficiency and Quality “Automation is a primary focus for us in 2022, but it’s not just about efficiency; it’s focused on increasing service levels, hardening processes, and preparing for growth.”
©2022 Synovus. All Rights Reserved. 96 $126MM $131MM $126MM $130MM 2019 2020 2021 2022 Allocated for Modernization Tech Investment History • Reallocated back-office dollars for innovation and transformation • Repurposed legacy technology spend for modernization • Growth is simpler - license additions are the primary requirement for growth • Business enablement is a primary focus and approval driver • Business and revenue generating innovation is a top priority T E C H N O L O G Y A N D O P E R A T I O N S (1) Values are 2022 targets 11.5% 11.2% 11.5% 12.4% 24.7% 22.8% 23.4% 23.0% 2019 2020 2021 2022 Tech & Digital Operating Office % of Expense $139MM (1) (1) Tech Spend
©2022 Synovus. All Rights Reserved. 97 Innovation, Research and Development T E C H N O L O G Y A N D O P E R A T I O N S Cryptocurrency Custody Services Expansion Lending on Digital Assets Digital Banking as a Service (dBaaS) Blockchain-Powered Solutions and Products Payments and Emerging Loyalty Models Stable Coin — Movement Design & ResearchMX: “Innovator of the Year” award Gonzo Banker: “The Bank Technology Award” for the bank of tomorrow tech stack MBCA: Open Banking Architecture, and Emerging Technology Chair Planning for the Future
©2022 Synovus. All Rights Reserved. 98 Top Quartile Financial Performance Jamie Gregory EVP, Chief Financial Officer
©2022 Synovus. All Rights Reserved. 99 Commitment to Top Quartile Performance T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Our Financial Objectives … Top quartile operating metrics Robust earnings growth Sustainable long-term profitability … Impact our Actions Focus on ROI Embed risk management in our core strategy Re-deploy capital toward organic growth
©2022 Synovus. All Rights Reserved. 100 Robust Earnings Growth T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E
©2022 Synovus. All Rights Reserved. 101 Recent performance shows our growth momentum is building • Robust production and loan growth • Strong fee growth T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E (1) Includes service charges on deposit accounts, card fees, LOC fees, ATM fee income, LOC non- usage fees, gains from sale of government guaranteed loans, and misc. other service charges 2021 - YoY Fee Revenue Growth Commercial Production 54% 2021 - YoY Loan Growth (ex PPP) 20% Core Banking(1) Treasury & Payment Solutions 30% Wealth Management 24% Total Loans 8%
©2022 Synovus. All Rights Reserved. 102 The Momentum Is Expected to Continue (1) Guidance previously disclosed 1/20/22 (during 4Q21 earnings release) (2) See slide 2 for definitions of non-GAAP financial measures and appendix for 2021 baseline. Adjusted revenue and expense applies to 2022 guidance. (3) Moody’s January 2022 U.S. Macroeconomic Outlook T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Key Considerations • 2023/2024 growth estimate represents the CAGR expected over the 2-year period • As rates rise, earnings should accelerate over the 2023/2024 forecast horizon • 2023/2024 assumes a stable tax rate and CET1 ratio within our stated operating range of 9.25% to 9.75% • Estimates utilize base case Moody’s assumptions with GDP growth moderating by 2024 and unemployment falling to 3.5%(3) 2022 Guidance(1) 2023/2024 Growth Estimate (2 Year Avg.) Loan Growth (ex. PPP) 4% to 7% 8%+ Adjusted Revenue(2) 4% to 7% 10%+ Adjusted Expense(2) 2% to 5% 5%+ Positive Op. Leverage A C C E L E R A T I N G G R O W T H 15% to 20% 2023/2024 PPNR Growth 12% to 15% 2023/2024 EPS Growth
©2022 Synovus. All Rights Reserved. 103 Our commercial business units are expected to drive high single digit loan growth through 2024 T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E (1) Starting point for growth forecast is 12/31/21 (2) Included within $10B+ of expected loan growth is $3.0B+ of expected growth from new initiatives Business/Product Loan Growth Contribution (2022 – 2024(1)) Wholesale (Specialty) CIB (Large Corporate) Community (SMB) Direct Consumer $10B+ Targeted 3-Year Core Loan Growth(2) Wholesale (Middle Market) Wholesale (CRE)
©2022 Synovus. All Rights Reserved. 104 97% 80% 2016 2021 Capital & Liquidity Available to Support Growth (1) CET1 range based on internally modeled scenario analysis (2) Represents primary liquidity sources (excludes Fed funds, repo lines, discount window, etc.) T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Use: 70-100% Organic Growth 40% - 70% Common Dividend 30% - 35% Use: 0%+ Core Earnings Inorganic Strategies Share Repurchases Sources & Uses of Capital – Target 9.25% to 9.75% CET1(1) Well-Positioned Liquidity Profile 100% Loan / Deposit Ratio Available Liquidity (Excess Cash, Unenc. Securities, FHLB)(2) Capital Source: Primary: Secondary: 10% 26% 2016 2021 % of Total Assets
©2022 Synovus. All Rights Reserved. 105 2.00% 2.25% 2023 2024 Revenue Growth Driven by Core Business Expansion (1) Represents percentage of overall 10%+ revenue growth forecasted for 2023/2024 (2) Rate environment at year-end used for NII forecast T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Treasury & Payment Solutions 10%+ Revenue Growth Attribution (2023/2024) 40% to 50%(1) NII From Balance Sheet Growth 10% to 20%(1) From Fee Income 35% to 45%(1) From Rate Environment Wealth Management Core Banking Fees New Initiatives 90% 10% 2.10% 2.30% 2023 2024 Fed Target Rate(2) Consumer Loans Commercial Loans 5-Year Treasury(2) 60%+ driven by core business growth
©2022 Synovus. All Rights Reserved. 106 Diverse Set of Revenue Growth Drivers T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Fast Growing Markets Growth Investments High Growth Businesses Atlanta Ft. Lauderdale Tampa Orlando Corporate & Investment Bank Software Solutions Specialty Lending Treasury & Payment Solutions (TPS) Atlanta MSA #3 nationally in population growth – 2015-2020(1) #1 - ’21 - ’26 projected household income growth for large SE MSAs(2) Florida #1 state for new business creation(3) #1 state for relocation(4) $62 $90 2021 2024 Target TPS Fees (in millions) $10 $13 2021 2024 Target Specialty Lending (in billions) Financial Institutions Tech, Media & Communications Healthcare (1) ESRI, (2) S&P Global, (3) US Census Bureau, (4) Move.org
©2022 Synovus. All Rights Reserved. 107 CIB Significant Contributions from New Initiatives T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Maast Agent Bank Restaurant Vertical Client Analytics $3.0B+ Incremental Loans New Initiatives - 2024 Targets Incremental Revenues (2/3rds NII, 1/3rd NIR) Incremental PPNR $120MM+ $70MM+ SNV Financial Impact
©2022 Synovus. All Rights Reserved. 108 Strong Operating Leverage, PPNR and EPS Growth T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E 5%+ Operating Leverage 15% to 20% PPNR Growth 12% to 15% EPS Growth ACL ratio approximates CECL Day 1 Expect total payout ratio < 50% Stable Effective Tax Rate 2023/2024 EPS Drivers
©2022 Synovus. All Rights Reserved. 109 Sustainable Long-Term Profitability T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E
©2022 Synovus. All Rights Reserved. 110 Stable Earnings Through Cycles (1) Year-end Fed Funds target for periods shown (2) Scenario based on a dynamic balance sheet and assumes an immediate 100bps parallel shift to interest rates which is sustained throughout the horizon (3) Cumulative 9Q loss rates are based on average loans during 9Q period. Financial crisis losses use most severe 9Q period (starting 3Q 2009). 2021 losses based on internal severe adverse scenarios (4) Total revenue excluding securities gains and losses Focus on generating sustainable profitability through revenue diversification, active interest rate management and stable credit performance T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E 6.5% 9.7% 12.4% 14.3% Year 1 Year 2 Year 3 Year 4 NII Impact - 100 bps Parallel Shift(2) … Positioned to Benefit as Rates Increase … Stable Revenue Profile Through Rate Cycles … … With Reduced Credit Exposure(3) $1.96B $1.94B $1.98B 2019 Total Revenue 2020 Total Revenue 2021 Total Revenue(4) FF Target(1) 1.75 .25 .25 12.7% 5.0% 9Q Losses Financial Crisis 9Q Losses 2021 Stress Test (4) (4)
©2022 Synovus. All Rights Reserved. 111 Top Quartile Operating Metrics T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E
©2022 Synovus. All Rights Reserved. 112 Our Segment Strategies Drive Performance T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Key Strategic Objectives 2024 Success Metrics/Goals Delivery channel modernization Digitally focused deposit generation Consumer Bank 15%+ reduction in branch network 50% online deposit account opening Wholesale Bank Specialty line expansion Deepening client wallet share 10%+ annual loan growth High single digit annual fee income growth Community Bank Client relationship deepening Next generation capability development 10%+ growth in revenue per RM 40+ ISVs on Maast platform FMS (Financial Advisory, Mortgage) Net asset inflows / AUM growth Deepen cross-business partnerships $175MM+ in Wealth fee revenue 80%+ Wealth fees from Trust & Advisory services Note: The table represents our key business operating segments on a pro forma go-forward basis.
©2022 Synovus. All Rights Reserved. 113 Continuous Focus on Top Quartile Operating Metrics (1) See slide 2 for definitions of non-GAAP financial measures and appendix for 2021 baseline T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Accretive Performance Drivers Environmental Drivers 200 bps 225 bps 2023 2024 Modeled Fed Funds Rate – Year End 1.30% to 1.40% ~50%16% to 17% ROATCE(1) Target ROAA Target Tangible Efficiency Ratio Target Cost Rationalization Relationship-Based Commercial Growth New Initiatives 1% – 2% of cost base redeployed annually Upper Teen Incremental ROEs Capital light fee generation FY 2024 Targets
©2022 Synovus. All Rights Reserved. 114 Synovus – 2016 Improving Performance Drives Strong Shareholder Returns Note: Peers include proxy peer set – BOK, Hancock Whitney, Huntington, NYCB, FNB, M&T, Associated Banc-Corp, Cullen/Frost, Comerica, First Horizon, Zions, Popular, BankUnited, Regions (1) Non-GAAP financial measure; see Appendix for applicable reconciliation (2) 3 and 5 Year TSR measured as of 1/26/2022 T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E Adj. Tangible Efficiency Ratio(1)Adj. ROATCE(1) Peer #7 Peer #1 Peer #2 Peer #3 Synovus – 2021 Peer #5 Peer #6 Synovus – 2016 Peer #15 #4 Adj. ROAA(1) 3 Year TSR(2) 60% 38% 35% 34% 5 Year TSR(2) Peer Median Peer #8 Peer #9 >> Peer #7 Peer #1 Peer #3 Peer #4 Synovus – 2021 Peer #5 Peer #6 Peer #15 #2 Peer #8 >> Peer #9 Synovus – 2016 Peer #7 Peer #1 Peer #4 Peer #5 Synovus – 2021 Peer #6 Peer #15 #2 Peer #8 >> Peer #9 Synovus Peer Median Synovus Peer #10 Peer #10 Peer #10 Peer #3 Peer #11 Peer #11 Peer #11
©2022 Synovus. All Rights Reserved. 115 T O P Q U A R T I L E F I N A N C I A L P E R F O R M A N C E … Resulting in top quartile performance Poised to continue robust growth … …While maintaining earnings stability…
©2022 Synovus. All Rights Reserved. 116 Appendix
©2022 Synovus. All Rights Reserved. 117 (dollars in thousands) 2021 2016 Net income $ 760,467 $ 246,784 Add: Earnout liability adjustments 507 — Add: Merger related expense — 1,636 Add: Restructuring charges 7,223 8,267 Add: Valuation adjustment to Visa derivative 2,656 5,795 Add: Loss on early extinguishment of debt — 4,735 Add: Litigation settlement/contingency expense — 2,511 Add/subtract: Investment securities (gains) losses, net 799 (6,011) Add: Fair value decrease, net of private equity investments — 1,026 Subtract: Tax effect of adjustments(1) (2,702) (6,647) Adjusted net income $ 768,950 258,096 Total average assets $ 55,368,481 29,480,950 Return on average assets 1.37 % 0.84 % Adjusted return on average assets 1.39 % 0.88 % Non-GAAP Financial Measures (1) An assumed marginal tax rate of 25.3% for 2021 and 37.0% for 2016
©2022 Synovus. All Rights Reserved. 118 (dollars in thousands) 2021 2016 Net income available to common shareholders $ 727,304 $ 236,546 Add: Earnout liability adjustments 507 — Add: Merger related expense — 1,636 Add: Restructuring charges 7,223 8,267 Add: Valuation adjustment to Visa derivative 2,656 5,795 Add: Loss on early extinguishment of debt — 4,735 Add: Litigation settlement/contingency expense — 2,511 Add/subtract: Investment securities (gains) losses, net 799 (6,011) Add: Fair value decrease, net of private equity investments — 1,026 Subtract: Tax effect of adjustments(1) (2,702) (6,646) Adjusted net income available to common shareholders $ 735,787 $ 247,858 Add: Amortization of intangibles, tax effected 7,108 328 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 742,895 $ 248,186 Net income available to common shareholders $ 727,304 $ 236,546 Add: Amortization of intangibles, tax effected 7,108 328 Net income available to common shareholders excluding amortization of intangibles annualized $ 734,412 $ 236,874 Total average shareholders' equity less preferred stock $ 4,674,833 $ 2,813,526 Subtract: Goodwill (452,390) (32,151) Subtract: Other intangible assets, net (40,307) (269) Total average tangible shareholders' equity less preferred stock $ 4,182,136 $ 2,781,106 Return on average common equity 15.56 % 8.41 % Adjusted return on average common equity 15.74 % 8.81 % Return on average tangible common equity 17.56 % 8.52 % Adjusted return on average tangible common equity 17.76 % 8.92 % Non-GAAP Financial Measures (1) An assumed marginal tax rate of 25.3% for 2021 and 37.0% for 2016
©2022 Synovus. All Rights Reserved. 119 (dollars in thousands) 2021 2016 Total non-interest revenue $ 450,066 $ 273,194 Add/subtract: Investment securities (gains) losses , net 799 (6,011) Add: Fair value decrease, net of private equity investments — 1,026 Subtract: Fair value adjustment on non-qualified deferred compensation (2,816) (811) Adjusted non-interest revenue $ 448,049 $ 267,398 Total non-interest expense $ 1,099,904 $ 755,923 Subtract: Earnout liability adjustments (507) — Subtract: Merger related expense — (1,636) Subtract: Restructuring charges (7,223) (8,267) Subtract: Valuation adjustment to Visa derivative (2,656) (5,795) Subtract: Loss on early extinguishment of debt — (4,735) Subtract: Litigation settlement/contingency expense — (2,511) Subtract: Fair value adjustment on non-qualified deferred compensation (2,816) (811) Adjusted non-interest expense $ 1,086,702 $ 732,168 Adjusted non-interest expense $ 1,086,702 $ 732,168 Subtract: Amortization of intangibles (9,516) (521) Adjusted tangible non-interest expense $ 1,077,186 731,647 Net interest income 1,532,947 899,180 Add: Tax equivalent adjustment 3,185 1,285 Add: Total non-interest revenue 450,066 273,194 Total TE revenue $ 1,986,198 $ 1,173,659 Add/subtract: Investment securities (gains) losses, net 799 (6,011) Add: Fair value decrease, net of private equity investments — 1,026 Subtract: Fair value adjustment on non-qualified deferred compensation (2,816) (811) Adjusted revenue $ 1,984,181 $ 1,167,863 Efficiency ratio-TE 55.38 % 64.41 % Adjusted tangible efficiency ratio 54.29 % 62.65 % Non-GAAP Financial Measures
©2022 Synovus. All Rights Reserved. 120 (dollars in thousands) 2021 Taxable equivalent net interest income $ 1,536,132 Adjusted non-interest revenue 448,049 Adjusted non-interest expense 1,086,702 Adjusted pre-provision net revenue $ 897,479 Pre-provision net revenue $ 883,109 Non-GAAP Financial Measures