Synovus announces earnings for second quarter 2024

Rhea-AI Summary

Synovus Financial Corp. (NYSE: SNV) reported Q2 2024 financial results, with a diluted loss per share of $(0.16) compared to $1.13 in Q2 2023. Adjusted diluted earnings per share remained stable at $1.16. The quarter was impacted by a $257 million securities loss, while adjusted EPS increased 47% from Q1 2024. Key highlights include:

- Net interest income increased 4% sequentially but decreased 5% year-over-year
- Net interest margin expanded by 16 basis points to 3.20%
- Period-end loans declined $216.5 million from Q1 2024
- Core deposits decreased $67.6 million to $44.8 billion
- Adjusted non-interest revenue grew 9% sequentially and 15% year-over-year
- Provision for credit losses declined 51% sequentially
- Preliminary CET1 ratio rose to 10.62%

Positive

• Adjusted diluted earnings per share remained stable at $1.16
• Net interest income increased 4% sequentially
• Net interest margin expanded by 16 basis points to 3.20%
• Adjusted non-interest revenue grew 9% sequentially and 15% year-over-year
• Provision for credit losses declined 51% sequentially
• Preliminary CET1 ratio rose to 10.62%

Negative

• $257 million loss on the sale of securities
• Diluted loss per share of $(0.16) compared to $1.13 in Q2 2023
• Net interest income decreased 5% year-over-year
• Period-end loans declined $216.5 million from Q1 2024
• Core deposits decreased $67.6 million to $44.8 billion

Insights

Financial Analyst

Synovus Financial Corp.'s second-quarter earnings report presents a mixed bag for investors. The net income (loss) of $(23.7) million compared to a profit of $165.8 million in Q2 2023 signifies significant challenges. This substantial loss is primarily due to a $257 million securities loss, which led to a diluted loss per share of $(0.16) versus $1.13 a year ago. However, it's worth noting that adjusted earnings per share remained stable at $1.16, underscoring the company's efforts to stabilize core operations.

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One striking aspect is the 4% sequential increase in net interest income, which reached $435 million. This growth is attributable to higher asset yields and more stable funding costs, reflecting prudent asset-liability management amidst a rising interest rate environment. The net interest margin (NIM) expanded by 16 basis points to 3.20%, a positive sign of improving profitability from core lending activities.

,

The balance sheet highlights show a slight decline in loans and deposits, suggesting cautious lending practices and a focus on maintaining liquidity. The decline in non-interest-bearing deposits and a small increase in time deposits indicate a shift in deposit mix, potentially affecting future margins.

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Investors should be attentive to the credit quality metrics. The provision for credit losses declined 51% sequentially, suggesting improved loan performance. However, with non-performing assets and loan ratios still elevated, continuous monitoring of credit risk is prudent.

,

Overall, the earnings report reflects a mix of short-term challenges and long-term opportunities, balancing the impact of one-time losses with stable core earnings and improved interest margins. Investors should weigh these aspects carefully when assessing Synovus' future prospects.

Diluted earnings (loss) per share of $(0.16) vs. $1.13 in 2Q23

Adjusted diluted earnings per share of $1.16 vs. $1.16 in 2Q23

Securities loss of $257 million impacts 2Q24 EPS, adjusted EPS up 47% from 1Q24

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2024.

“Our core second quarter results reflect a significant increase in earnings driven by margin expansion, strong fee income generation and reduced credit costs. Our focus remains firmly on execution while minimizing uncertainty in performance associated with the net interest margin and credit costs. Our results for the quarter demonstrate our progress toward these goals. The dedication of our team in providing unparalleled service to our clients and communities contributes to our strategic efforts to grow the bank and progress in key initiatives, further strengthening our relationship-centered banking approach,” said Synovus Chairman, CEO and President Kevin Blair.

Second Quarter 2024 Highlights

• Net income (loss) available to common shareholders was $(23.7) million, or $(0.16) per diluted share, compared to $114.8 million or $0.78 in the first quarter 2024 and $165.8 million or $1.13 in second quarter 2023.
• Adjusted net income available to common shareholders was $169.6 million, or $1.16 per diluted share, compared to $116.0 million or $0.79 in the first quarter 2024 and $169.5 million or $1.16 in second quarter 2023.
• Adjusted second quarter 2024 earnings per share excludes a $257 million loss on the sale of securities. The company completed a securities repositioning following a risk-weighted asset optimization exercise that was performed during the second quarter.
• Pre-provision net revenue was $4.3 million, which was down 98% sequentially and 98% compared to second quarter 2023. Adjusted pre-provision net revenue of $261.7 million increased $43.9 million, or 20%, sequentially and was down $5.0 million, or 2%, compared to second quarter 2023.
• Net interest income increased $16.2 million, or 4%, compared to the prior quarter and was down $20.5 million, or 5%, compared to second quarter 2023. The sequential increase in net interest income was primarily attributable to a healthy increase in earning asset yields and more stable cost of funds.
• The NIM expanded by 16 basis points to 3.20% as a result of the recent securities repositioning, the reclassification of $3.4 billion in securities from Available for Sale to Held to Maturity, as well as fixed-rate asset repricing and more stable deposit costs.
• Period-end loans declined $216.5 million from the first quarter 2024 as stronger loan production and core commercial lending growth was more than offset by higher loan paydowns and strategic declines in certain loan categories such as non-relationship syndicated lending and third-party consumer lending. Commercial and industrial loans declined $194.7 million or 1% from the prior quarter and grew $5.4 million from second quarter 2023.
• Period-end core deposits were $44.8 billion, a decline of $67.6 million from the first quarter primarily as a result of a drop in non-interest bearing deposits, partially offset by an increase in time deposits. Total deposit cost increased 1 basis point from the first quarter 2024 to 2.68%.
• Non-interest revenue of $(128.9) million declined $247.7 million, or 208%, sequentially and was down $241.1 million, or 215%, compared to second quarter 2023. Adjusted non-interest revenue of $127.2 million grew $10.7 million, or 9%, sequentially and increased $16.6 million, or 15%, compared to the second quarter 2023. Sequential growth was largely from higher capital markets fees. Year-over-year growth came primarily from higher treasury and payment solutions and capital markets fees and greater commercial sponsorship income.
• On a sequential basis, non-interest expense of $301.8 million declined 6% while adjusted non-interest expense declined 5% to $301.9 million. Adjusted non-interest expense was relatively stable year over year due to disciplined expense control and a 7% reduction in total headcount.
• Provision for credit losses of $26.4 million declined 51% sequentially and compares to $38.9 million in second quarter 2023. The allowance for credit losses ratio (to loans) of 1.25% was down 1 basis point from the prior quarter.
• The non-performing loan and asset ratios were lower sequentially at 0.59% and 0.60%, respectively; the net charge-off ratio for the quarter was 0.32%, down from 0.41% in prior quarter, while total past dues were 0.30% of total loans outstanding.
• The preliminary CET1 ratio rose sequentially to 10.62% as core earnings accretion and risk-weighted asset optimization more than offset the impact of $91 million in common stock repurchases and the securities repositioning.

Second Quarter Summary

	Reported												Adjusted
(dollars in thousands)		2Q24				1Q24				2Q23				2Q24				1Q24				2Q23
Net income (loss) available to common shareholders	$	(23,741	)		$	114,822			$	165,819			$	169,617			$	115,973			$	169,526
Diluted earnings (loss) per share(1)		(0.16	)			0.78				1.13				1.16				0.79				1.16
Total revenue		306,147				537,734				567,807				563,597				536,745				567,347
Total loans		43,093,397				43,309,877				44,353,537				N/A				N/A				N/A
Total deposits		50,195,778				50,580,242				50,080,392				N/A				N/A				N/A
Return on avg assets(2)		(0.10	)%			0.85	%			1.15	%			1.21	%			0.85	%			1.18	%
Return on avg common equity(2)		(2.1	)			10.2				15.5				15.3				10.3				15.8
Return on avg tangible common equity(2)		(2.2	)			11.7				17.7				17.6				11.8				18.1
Net interest margin(3)		3.20	%			3.04	%			3.20	%			N/A				N/A				N/A
Efficiency ratio-TE(3)(4)		98.15				59.87				53.99				53.05				58.88				52.57
NCO ratio-QTD		0.32				0.41				0.24				N/A				N/A				N/A
NPA ratio		0.60				0.86				0.59				N/A				N/A				N/A
(1) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share. (2) Annualized (3) Taxable equivalent (4) Adjusted tangible efficiency ratio N/A - not applicable

Balance Sheet

Loans*
(dollars in millions)		2Q24			1Q24		Linked Quarter Change				Linked Quarter % Change				2Q23		Year/Year Change				Year/Year % Change
Commercial & industrial	$	22,536.6		$	22,731.3		$	(194.7	)		(1	)%		$	22,531.2		$	5.4			—	%
Commercial real estate		12,215.5			12,194.0			21.5			—				13,293.9			(1,078.4	)		(8	)
Consumer		8,341.3			8,384.6			(43.3	)		(1	)			8,528.4			(187.1	)		(2	)
Total loans	$	43,093.4		$	43,309.9		$	(216.5	)		—	%		$	44,353.5		$	(1,260.1	)		(3	)%
*Amounts may not total due to rounding

Deposits*
(dollars in millions)		2Q24			1Q24		Linked Quarter Change				Linked Quarter % Change				2Q23		Year/Year Change				Year/Year % Change
Non-interest-bearing DDA	$	11,177.7		$	11,515.4		$	(337.7	)		(3	)%		$	12,945.5		$	(1,767.8	)		(14	)%
Interest-bearing DDA		6,621.2			6,478.8			142.4			2				6,255.3			365.9			6
Money market		10,747.9			10,712.7			35.2			—				10,803.7			(55.7	)		(1	)
Savings		1,009.8			1,045.1			(35.2	)		(3	)			1,222.9			(213.0	)		(17	)
Public funds		7,111.9			7,270.4			(158.5	)		(2	)			7,031.4			80.5			1
Time deposits		8,125.2			7,838.9			286.3			4				5,291.8			2,833.3			54
Brokered deposits		5,402.0			5,718.9			(316.9	)		(6	)			6,529.8			(1,127.7	)		(17	)
Total deposits	$	50,195.8		$	50,580.2		$	(384.5	)		(1	)%		$	50,080.4		$	115.4			—	%
*Amounts may not total due to rounding

Income Statement Summary**
(in thousands, except per share data)		2Q24				1Q24			Linked Quarter Change				Linked Quarter % Change				2Q23			Year/Year Change				Year/Year % Change
Net interest income	$	434,998			$	418,846			$	16,152			4	%		$	455,531			$	(20,533	)		(5	)%
Non-interest revenue		(128,851	)			118,888				(247,739	)		(208	)			112,276				(241,127	)		(215	)
Non-interest expense		301,801				322,741				(20,940	)		(6	)			307,181				(5,380	)		(2	)
Provision for (reversal of) credit losses		26,404				53,980				(27,576	)		(51	)			38,881				(12,477	)		(32	)
Income (loss) before taxes	$	(22,058	)		$	161,013			$	(183,071	)		(114	)%		$	221,745			$	(243,803	)		(110	)%
Income tax expense (benefit)		(7,378	)			36,943				(44,321	)		(120	)			47,801				(55,179	)		(115	)
Net income (loss)		(14,680	)			124,070				(138,750	)		(112	)			173,944				(188,624	)		(108	)
Less: Net income (loss) attributable to noncontrolling interest		(652	)			(437	)			(215	)		49				(166	)			(486	)		293
Net income (loss) attributable to Synovus Financial Corp.		(14,028	)			124,507				(138,535	)		(111	)			174,110				(188,138	)		(108	)
Less: Preferred stock dividends		9,713				9,685				28			—				8,291				1,422			17
Net income (loss) available to common shareholders	$	(23,741	)		$	114,822			$	(138,563	)		(121	)%		$	165,819			$	(189,560	)		(114	)%
Weighted average common shares outstanding, diluted		145,565				147,122				(1,557	)		(1	)%			146,550				(985	)		(1	)%
Diluted earnings (loss) per share	$	(0.16	)		$	0.78			$	(0.94	)		(121	)		$	1.13			$	(1.29	)		(114	)
Adjusted diluted earnings per share(1)		1.16				0.79				0.37			47				1.16				—			—
Effective tax rate		33.45	%			22.94	%										21.56	%
(1) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share. ** Amounts may not total due to rounding NM - not meaningful

Capital Ratios
	2Q24			1Q24			2Q23
Common equity Tier 1 capital (CET1) ratio	10.62	%	(1)	10.38	%		9.86	%
Tier 1 capital ratio	11.74		(1)	11.45			10.89
Total risk-based capital ratio	13.59		(1)	13.24		(2)	12.80
Tier 1 leverage ratio	9.44		(1)	9.62			9.23
Tangible common equity ratio	6.76			6.67			6.17
(1) Ratios are preliminary. (2) As amended

Second Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on July 18, 2024. 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 at least 12 months and will be available approximately one hour after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has 247 branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at synovus.com.

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, 2023, 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, non-interest expense; adjusted revenue; adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted net income available to common shareholders; adjusted diluted earnings per share; 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 revenue; efficiency ratio-TE; PPNR; return on average assets; net income (loss) available to common shareholders; diluted earnings (loss) per share; return on average common equity; and the ratio of total Synovus Financial Corp. shareholders' equity to total assets, respectively.

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

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)		2Q24				1Q24				2Q23
Adjusted non-interest revenue
Total non-interest revenue	$	(128,851	)		$	118,888			$	112,276
Investment securities (gains) losses, net		256,660				—				—
Fair value adjustment on non-qualified deferred compensation		(561	)			(2,299	)			(1,598	)
Adjusted non-interest revenue	$	127,248			$	116,589			$	110,678
Adjusted non-interest expense
Total non-interest expense	$	301,801			$	322,741			$	307,181
(Loss) gain on other loans held for sale		—				—				(2,360	)
Gain (loss) on early extinguishment of debt		—				—				377
Restructuring (charges) reversals		658				(1,524	)			110
Valuation adjustment to Visa derivative		—				—				(3,027	)
Fair value adjustment on non-qualified deferred compensation		(561	)			(2,299	)			(1,598	)
Adjusted non-interest expense	$	301,898			$	318,918			$	300,683
Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)		2Q24				1Q24				2Q23
Adjusted revenue and tangible efficiency ratio
Adjusted non-interest expense	$	301,898			$	318,918			$	300,683
Amortization of intangibles		(2,907	)			(2,907	)			(2,420	)
Adjusted tangible non-interest expense	$	298,991			$	316,011			$	298,263
Net interest income	$	434,998			$	418,846			$	455,531
Tax equivalent adjustment		1,351				1,310				1,138
Net interest income taxable equivalent		436,349				420,156				456,669
Net interest income	$	434,998			$	418,846			$	455,531
Total non-interest revenue		(128,851	)			118,888				112,276
Total revenue	$	306,147			$	537,734			$	567,807
Tax equivalent adjustment		1,351				1,310				1,138
Total TE revenue		307,498				539,044				568,945
Investment securities losses (gains), net		256,660				—				—
Fair value adjustment on non-qualified deferred compensation		(561	)			(2,299	)			(1,598	)
Adjusted revenue	$	563,597			$	536,745			$	567,347
Efficiency ratio-TE		98.15	%			59.87	%			53.99	%
Adjusted tangible efficiency ratio		53.05				58.88				52.57
Adjusted pre-provision net revenue
Net interest income	$	434,998			$	418,846			$	455,531
Total non-interest revenue		(128,851	)			118,888				112,276
Total non-interest expense		(301,801	)			(322,741	)			(307,181	)
Pre-provision net revenue (PPNR)	$	4,346			$	214,993			$	260,626
Adjusted revenue		563,597				536,745				567,347
Adjusted non-interest expense		(301,898	)			(318,918	)			(300,683	)
Adjusted PPNR	$	261,699			$	217,827			$	266,664

Adjusted return on average assets (annualized)
Net income (loss)	$	(14,680	)		$	124,070			$	173,944
Loss (gain) on other loans held for sale		—				—				2,360
(Gain) loss on early extinguishment of debt		—				—				(377	)
Restructuring charges (reversals)		(658	)			1,524				(110	)
Valuation adjustment to Visa derivative		—				—				3,027
Investment securities losses (gains), net		256,660				—				—
Tax effect of adjustments(1)		(62,644	)			(373	)			(1,193	)
Adjusted net income	$	178,678			$	125,221			$	177,651
Net income (loss) annualized	$	(59,043	)		$	499,007			$	697,687
Adjusted net income annualized	$	718,639			$	503,636			$	712,556
Total average assets	$	59,246,849			$	59,022,231			$	60,515,077
Return on average assets (annualized)		(0.10	)%			0.85	%			1.15	%
Adjusted return on average assets (annualized)		1.21				0.85				1.18
Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)		2Q24				1Q24				2Q23
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income (loss) available to common shareholders	$	(23,741	)		$	114,822			$	165,819
Loss (gain) on other loans held for sale		—				—				2,360
(Gain) loss on early extinguishment of debt		—				—				(377	)
Restructuring charges (reversals)		(658	)			1,524				(110	)
Valuation adjustment to Visa derivative		—				—				3,027
Investment securities losses (gains), net		256,660				—				—
Tax effect of adjustments(1)		(62,644	)			(373	)			(1,193	)
Adjusted net income available to common shareholders	$	169,617			$	115,973			$	169,526
Weighted average common shares outstanding, diluted(2)		145,565				147,122				146,550
Diluted earnings per share	$	(0.16	)		$	0.78			$	1.13
Adjusted diluted earnings per share		1.16				0.79				1.16
(1) An assumed marginal tax rate of 24.5% for 2Q24 and 1Q24 and 24.3% for 2Q23 was applied.
(2) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.

		2Q24				1Q24				2Q23
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income (loss) available to common shareholders	$	(23,741	)		$	114,822			$	165,819
Loss (gain) on other loans held for sale		—				—				2,360
(Gain) loss on early extinguishment of debt		—				—				(377	)
Restructuring charges (reversals)		(658	)			1,524				(110	)
Valuation adjustment to Visa derivative		—				—				3,027
Investment securities losses (gains), net		256,660				—				—
Tax effect of adjustments(1)		(62,644	)			(373	)			(1,193	)
Adjusted net income available to common shareholders	$	169,617			$	115,973			$	169,526
Adjusted net income available to common shareholders annualized	$	682,196			$	466,441			$	679,967
Amortization of intangibles, tax effected, annualized		8,831				8,831				7,344
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	691,027			$	475,272			$	687,311
Net income (loss) available to common shareholders annualized	$	(95,486	)		$	461,812			$	665,098
Amortization of intangibles, tax effected, annualized		8,831				8,831				7,344
Net income (loss) available to common shareholders excluding amortization of intangibles annualized	$	(86,655	)		$	470,643			$	672,442
Total average Synovus Financial Corp. shareholders' equity less preferred stock	$	4,455,198			$	4,542,616			$	4,303,722
Average goodwill		(480,902	)			(480,440	)			(460,118	)
Average other intangible assets, net		(41,547	)			(44,497	)			(36,738	)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock	$	3,932,749			$	4,017,679			$	3,806,866
Return on average common equity (annualized)		(2.1	)%			10.2	%			15.5	%
Adjusted return on average common equity (annualized)		15.3				10.3				15.8
Return on average tangible common equity (annualized)		(2.2	)			11.7				17.7
Adjusted return on average tangible common equity (annualized)		17.6				11.8				18.1
(1) An assumed marginal tax rate of 24.5% for 2Q24 and 1Q24 and 24.3% for 2Q23 was applied.

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	June 30, 2024				December 31, 2023				June 30, 2023
Tangible common equity ratio
Total assets	$	59,606,343			$	59,809,534			$	60,655,591
Goodwill		(480,440	)			(480,440	)			(475,573	)
Other intangible assets, net		(40,114	)			(45,928	)			(61,538	)
Tangible assets	$	59,085,789			$	59,283,166			$	60,118,480
Total Synovus Financial Corp. shareholders’ equity	$	5,053,606			$	5,119,993			$	4,782,528
Goodwill		(480,440	)			(480,440	)			(475,573	)
Other intangible assets, net		(40,114	)			(45,928	)			(61,538	)
Preferred Stock, no par value		(537,145	)			(537,145	)			(537,145	)
Tangible common equity	$	3,995,907			$	4,056,480			$	3,708,272
Total Synovus Financial Corp. shareholders’ equity to total assets ratio		8.48	%			8.56	%			7.88	%
Tangible common equity ratio		6.76				6.84				6.17
Amounts may not total due to rounding

	Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	Six Months Ended June 30,
			2024				2023			'24 vs '23
										% Change
	Interest income	$	1,583,952			$	1,476,022			7	%
	Interest expense		730,108				539,739			35
	Net interest income		853,844				936,283			(9	)
	Provision for (reversal of) credit losses		80,384				71,035			13
	Net interest income after provision for credit losses		773,460				865,248			(11	)
	Non-interest revenue:
	Service charges on deposit accounts		44,720				46,451			(4	)
	Fiduciary and asset management fees		38,741				39,723			(2	)
	Card fees		38,904				32,884			18
	Brokerage revenue		43,164				46,655			(7	)
	Mortgage banking income		7,362				8,467			(13	)
	Capital markets income		21,704				24,609			(12	)
	Income from bank-owned life insurance		15,444				14,140			9
	Investment securities gains (losses), net		(256,660	)			1,030			nm
	Recovery of NPA		—				13,126			nm
	Other non-interest revenue		36,658				18,317			100
	Total non-interest revenue		(9,963	)			245,402			(104	)
	Non-interest expense:
	Salaries and other personnel expense		367,928				371,926			(1	)
	Net occupancy, equipment, and software expense		93,223				85,645			9
	Third-party processing and other services		42,041				43,493			(3	)
	Professional fees		23,286				18,560			25
	FDIC insurance and other regulatory fees		30,312				21,429			41
	Restructuring charges (reversals)		866				(843	)		nm
	Loss on other loans held for sale		—				19,110			nm
	Other operating expenses		66,886				69,714			(4	)
	Total non-interest expense		624,542				629,034			(1	)
	Income (loss) before income taxes		138,955				481,616			(71	)
	Income tax expense (benefit)		29,565				105,513			(72	)
	Net income (loss)		109,390				376,103			(71	)
	Less: Net income (loss) attributable to noncontrolling interest		(1,089	)			(166	)		556
	Net income (loss) attributable to Synovus Financial Corp.		110,479				376,269			(71	)
	Less: Preferred stock dividends		19,398				16,581			17
	Net income (loss) available to common shareholders	$	91,081			$	359,688			(75	)%
	Net income (loss) per common share, basic	$	0.62			$	2.46			(75	)%
	Net income (loss) per common share, diluted		0.62				2.45			(75	)
	Cash dividends declared per common share		0.76				0.76			—
	Return on average assets *		0.37	%			1.26	%		(89) bps
	Return on average common equity *		4.1				17.3			(76	)
	Weighted average common shares outstanding, basic		145,998				145,957			—	%
	Weighted average common shares outstanding, diluted		146,568				146,644			—
	nm - not meaningful
	bps - basis points
	* - ratios are annualized
	Amounts may not total due to rounding

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2024						2023									Second Quarter
		Second Quarter				First Quarter		Fourth Quarter			Third Quarter			Second Quarter			'24 vs '23
																	% Change
	Interest income	$	801,242			782,710		788,297			786,039			759,143			6	%
	Interest expense		366,244			363,864		351,083			342,880			303,612			21
	Net interest income		434,998			418,846		437,214			443,159			455,531			(5	)
	Provision for (reversal of) credit losses		26,404			53,980		45,472			72,572			38,881			(32	)
	Net interest income after provision for credit losses		408,594			364,866		391,742			370,587			416,650			(2	)
	Non-interest revenue:
	Service charges on deposit accounts		22,907			21,813		22,260			21,385			23,477			(2	)
	Fiduciary and asset management fees		19,728			19,013		18,149			20,205			20,027			(1	)
	Card fees		19,418			19,486		20,872			18,602			17,059			14
	Brokerage revenue		20,457			22,707		21,961			21,387			22,451			(9	)
	Mortgage banking income		3,944			3,418		3,019			3,671			4,609			(14	)
	Capital markets income		15,077			6,627		6,456			7,980			9,482			59
	Income from bank-owned life insurance		8,097			7,347		10,324			6,965			6,878			18
	Investment securities gains (losses), net		(256,660	)		—		(77,748	)		—			—			nm
	Other non-interest revenue		18,181			18,477		26,175			6,944			8,293			119
	Total non-interest revenue		(128,851	)		118,888		51,468			107,139			112,276			(215	)
	Non-interest expense:
	Salaries and other personnel expense		179,407			188,521		176,712			179,741			183,001			(2	)
	Net occupancy, equipment, and software expense		46,415			46,808		48,146			45,790			42,785			8
	Third-party processing and other services		21,783			20,258		21,717			21,439			21,659			1
	Professional fees		15,655			7,631		11,147			10,147			9,597			63
	FDIC insurance and other regulatory fees		6,493			23,819		61,470			11,837			11,162			(42	)
	Restructuring charges (reversals)		(658	)		1,524		1,231			17,319			(110	)		nm
	Loss on other loans held for sale		—			—		—			30,954			2,360			nm
	Other operating expenses		32,706			34,180		32,435			36,305			36,727			(11	)
	Total non-interest expense		301,801			322,741		352,858			353,532			307,181			(2	)
	Income (loss) before income taxes		(22,058	)		161,013		90,352			124,194			221,745			(110	)
	Income tax expense (benefit)		(7,378	)		36,943		20,779			27,729			47,801			(115	)
	Net income (loss)		(14,680	)		124,070		69,573			96,465			173,944			(108	)
	Less: Net income (loss) attributable to noncontrolling interest		(652	)		(437)		(768	)		(630	)		(166	)		293
	Net income (loss) attributable to Synovus Financial Corp.		(14,028	)		124,507		70,341			97,095			174,110			(108	)
	Less: Preferred stock dividends		9,713			9,685		9,696			9,672			8,291			17
	Net income (loss) available to common shareholders	$	(23,741	)		114,822		60,645			87,423			165,819			(114	)%
	Net income (loss) per common share, basic	$	(0.16	)		0.78		0.41			0.60			1.13			(114	)%
	Net income (loss) per common share, diluted		(0.16	)		0.78		0.41			0.60			1.13			(114	)
	Cash dividends declared per common share		0.38			0.38		0.38			0.38			0.38			—
	Return on average assets *		(0.10	)%		0.85		0.47			0.64			1.15			(125) bps
	Return on average common equity *		(2.1	)		10.2		5.9			8.2			15.5			(114	)
	Weighted average common shares outstanding, basic		145,565			146,430		146,372			146,170			146,113			—	%
	Weighted average common shares outstanding, diluted		145,565			147,122		146,877			146,740			146,550			(1	)
	nm - not meaningful
	bps - basis points
	* - ratios are annualized
	Amounts may not total due to rounding

Synovus
	BALANCE SHEET DATA		June 30, 2024				December 31, 2023				June 30, 2023
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Interest-earning deposits with banks and other cash and cash equivalents		$	2,263,545			$	2,414,103			$	2,018,363
	Federal funds sold and securities purchased under resale agreements			31,063				37,323				35,788
	Cash, cash equivalents, and restricted cash			2,294,608				2,451,426				2,054,151
	Investment securities held to maturity			2,668,068				—				—
	Investment securities available for sale			7,043,681				9,788,662				9,621,175
	Loans held for sale (includes $41,823, $47,338 and $62,616 measured at fair value, respectively)			139,323				52,768				514,450
	Loans, net of deferred fees and costs			43,093,397				43,404,490				44,353,537
	Allowance for loan losses			(485,101	)			(479,385	)			(471,238	)
	Loans, net			42,608,296				42,925,105				43,882,299
	Cash surrender value of bank-owned life insurance			1,125,928				1,112,030				1,100,114
	Premises, equipment, and software, net			375,455				365,851				365,443
	Goodwill			480,440				480,440				475,573
	Other intangible assets, net			40,114				45,928				61,538
	Other assets			2,830,430				2,587,324				2,580,848
	Total assets		$	59,606,343			$	59,809,534			$	60,655,591
	LIABILITIES AND EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits		$	11,655,811			$	12,507,616			$	13,565,602
	Interest-bearing deposits			38,539,967				38,231,569				36,514,790
	Total deposits			50,195,778				50,739,185				50,080,392
	Federal funds purchased and securities sold under repurchase agreements			94,484				189,074				83,384
	Other short-term borrowings			2,536				3,496				1,461
	Long-term debt			2,283,767				1,932,534				4,021,411
	Other liabilities			1,953,106				1,801,097				1,661,175
	Total liabilities			54,529,671				54,665,386				55,847,823
	Equity:
	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 171,935,817, 171,360,188 and 170,808,134 respectively; outstanding 144,149,614, 146,705,330 and 146,153,276 respectively			171,936				171,360				170,808
	Additional paid-in capital			3,965,751				3,955,819				3,933,548
	Treasury stock, at cost; 27,786,203, 24,654,858 and 24,654,858 shares, respectively			(1,066,239	)			(944,484	)			(944,484	)
	Accumulated other comprehensive income (loss), net			(1,050,374	)			(1,117,073	)			(1,395,175	)
	Retained earnings			2,495,387				2,517,226				2,480,686
	Total Synovus Financial Corp. shareholders’ equity			5,053,606				5,119,993				4,782,528
	Noncontrolling interest in subsidiary			23,066				24,155				25,240
	Total equity			5,076,672				5,144,148				4,807,768
	Total liabilities and equity		$	59,606,343			$	59,809,534			$	60,655,591

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Second Quarter 2024										First Quarter 2024										Second Quarter 2023
(dollars in thousands)	Average Balance				Interest			Yield/ Rate			Average Balance				Interest			Yield/ Rate			Average Balance				Interest			Yield/ Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)	$	35,006,497			$	593,715		6.82	%		$	34,943,797			$	583,459		6.72	%		$	35,628,637			$	566,823		6.38	%
Consumer loans (1) (2)		8,358,325				109,206		5.23				8,434,105				109,566		5.21				8,470,478				104,545		4.94
Less: Allowance for loan losses		(492,640	)			—		—				(481,146	)			—		—				(466,700	)			—		—
Loans, net		42,872,182				702,921		6.59				42,896,756				693,025		6.49				43,632,415				671,368		6.17
Total investment securities(4)		10,373,792				78,891		3.04				11,148,242				71,906		2.58				11,200,717				60,421		2.16
Trading account assets		8,809				162		7.37				11,567				65		2.25				21,328				309		5.80
Other earning assets(5)		1,271,953				16,800		5.23				1,218,090				16,173		5.25				1,446,425				18,081		4.95
FHLB and Federal Reserve Bank stock		189,706				2,687		5.67				187,825				2,273		4.84				280,248				4,301		6.14
Mortgage loans held for sale		37,364				666		7.13				29,773				495		6.65				54,603				852		6.24
Other loans held for sale		96,180				466		1.92				18,465				83		1.77				546,224				4,949		3.58
Total interest earning assets		54,849,986				802,593		5.89	%			55,510,718				784,020		5.68	%			57,181,960				760,281		5.33	%
Cash and due from banks		531,604										532,624										646,066
Premises and equipment		376,293										370,376										369,039
Other real estate		18,003										61										—
Cash surrender value of bank-owned life insurance		1,121,764										1,114,703										1,095,866
Other assets(6)		2,349,199										1,493,749										1,222,146
Total assets	$	59,246,849									$	59,022,231									$	60,515,077
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	10,789,288				68,809		2.57	%		$	10,590,340				65,415		2.48	%		$	9,891,375				41,803		1.70	%
Money market accounts		12,617,120				99,380		3.17				12,826,385				103,129		3.23				13,468,210				85,397		2.54
Savings deposits		1,036,321				304		0.12				1,057,087				287		0.11				1,276,040				281		0.09
Time deposits		8,382,774				93,431		4.48				7,902,850				86,493		4.40				4,866,221				39,551		3.26
Brokered deposits		5,483,298				73,830		5.42				5,737,445				77,342		5.42				6,342,751				74,748		4.73
Federal funds purchased and securities sold under repurchase agreements		114,595				570		1.97				113,558				648		2.26				88,591				351		1.57
Other short-term borrowings		108,946				1,530		5.55				71,775				955		5.26				455,050				5,566		4.84
Long-term debt		1,666,731				28,390		6.79				1,764,740				29,595		6.69				3,821,126				55,915		5.82
Total interest-bearing liabilities		40,199,073				366,244		3.66	%			40,064,180				363,864		3.65	%			40,209,364				303,612		3.03	%
Non-interest-bearing demand deposits		12,099,256										12,071,670										13,874,482
Other liabilities		1,932,822										1,782,659										1,556,863
Total equity		5,015,698										5,103,722										4,874,368
Total liabilities and equity	$	59,246,849									$	59,022,231									$	60,515,077
Net interest income and net interest margin, taxable equivalent (7)					$	436,349		3.20	%						$	420,156		3.04	%						$	456,669		3.20	%
Less: taxable-equivalent adjustment						1,351										1,310										1,138
Net interest income					$	434,998									$	418,846									$	455,531
(1) Average loans are shown net of unearned income. NPLs are included. (2) Interest income includes fees as follows: Second Quarter 2024 — $12.3 million, First Quarter 2024 — $10.6 million, and Second Quarter 2023 — $11.3 million. (3) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis. (4) Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. (5) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements. (6) Includes average net unrealized gains (losses) on investment securities available for sale of $(727.6) million, $(1.36) billion, and $(1.46) billion for the Second Quarter 2024, First Quarter 2024, and Second Quarter 2023, respectively. (7) The net interest margin is calculated by dividing annualized net interest income- TE by average total interest earning assets.

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Six Months Ended June 30,
	2024										2023
(dollars in thousands)	Average Balance				Interest			Yield/ Rate			Average Balance				Interest			Yield/ Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)	$	34,975,147			$	1,177,174		6.77	%		$	35,331,375			$	1,093,352		6.24	%
Consumer loans (1) (2)		8,396,215				218,773		5.23				8,615,748				208,693		4.87
Less: Allowance for loan losses		(486,893	)			—		—				(456,005	)			—		—
Loans, net		42,884,469				1,395,947		6.54				43,491,118				1,302,045		6.03
Total investment securities(4)		10,761,017				150,797		2.80				11,247,080				121,475		2.16
Trading account assets		10,188				227		4.47				16,360				434		5.30
Other earning assets(5)		1,248,958				32,973		5.23				1,479,926				35,292		4.74
FHLB and Federal Reserve Bank stock		188,766				4,960		5.26				293,518				7,656		5.22
Mortgage loans held for sale		33,569				1,161		6.92				45,600				1,418		6.22
Other loans held for sale		57,323				549		1.89				495,240				9,960		4.00
Total interest earning assets		55,184,290			$	1,586,614		5.78	%			57,068,842			$	1,478,280		5.22	%
Cash and due from banks		528,178										644,791
Premises and equipment		373,335										369,654
Other real estate		9,032										—
Cash surrender value of bank-owned life insurance		1,118,233										1,093,486
Other assets(6)		1,921,473										1,148,600
Total assets	$	59,134,541									$	60,325,373
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	10,689,814			$	134,224		2.53	%		$	9,493,481			$	65,024		1.38	%
Money market accounts		12,721,753				202,509		3.20				13,929,069				158,012		2.29
Savings deposits		1,046,704				591		0.11				1,322,846				491		0.07
Time deposits		8,142,812				179,924		4.44				4,237,249				61,047		2.91
Brokered deposits		5,610,371				151,172		5.42				5,950,539				131,141		4.44
Federal funds purchased and securities sold under repurchase agreements		114,076				1,218		2.11				110,852				1,021		1.83
Other short-term borrowings		90,361				2,485		5.44				1,062,908				24,559		4.60
Long-term debt		1,715,736				57,985		6.74				3,486,453				98,444		5.63
Total interest-bearing liabilities		40,131,627			$	730,108		3.66	%			39,593,397			$	539,739		2.75	%
Non-interest-bearing demand deposits		12,085,463										14,441,205
Other liabilities		1,857,741										1,539,939
Total equity		5,059,710										4,750,832
Total liabilities and equity	$	59,134,541									$	60,325,373
Net interest income, taxable equivalent net interest margin (7)					$	856,506		3.12	%						$	938,541		3.32	%
Less: taxable-equivalent adjustment						2,662										2,258
Net interest income					$	853,844									$	936,283
(1) Average loans are shown net of unearned income. NPLs are included. (2) Interest income includes fees as follows: 2024 — $22.9 million and 2023 — $22.8 million. (3) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis. (4) Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. (5) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements. (6) Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.04) billion and $(1.49) billion for the six months ended June 30, 2024 and 2023, respectively. (7) The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earning assets.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)		Total Loans			Total Loans			Linked Quarter			Total Loans			Year/Year
(Dollars in thousands)
Loan Type		June 30, 2024			March 31, 2024			% Change			June 30, 2023			% Change
Commercial, Financial, and Agricultural		$	14,519,608		$	14,616,902		(1	)%		$	14,166,890		2	%
Owner-Occupied			8,017,004			8,114,394		(1	)			8,364,342		(4	)
Total Commercial & Industrial			22,536,612			22,731,296		(1	)			22,531,232		—
Multi-Family			4,288,436			4,199,435		2				3,597,497		19
Hotels			1,802,076			1,790,505		1				1,771,381		2
Office Buildings			1,801,945			1,852,208		(3	)			3,031,806		(41	)
Shopping Centers			1,298,967			1,302,754		—				1,329,492		(2	)
Warehouses			865,359			871,662		(1	)			1,068,734		(19	)
Other Investment Property			1,271,266			1,294,317		(2	)			1,471,356		(14	)
Total Investment Properties			11,328,049			11,310,881		—				12,270,266		(8	)
1-4 Family Construction			171,335			194,146		(12	)			205,459		(17	)
1-4 Family Investment Mortgage			381,212			385,992		(1	)			410,267		(7	)
Total 1-4 Family Properties			552,547			580,138		(5	)			615,726		(10	)
Commercial Development			65,994			66,000		—				60,910		8
Residential Development			67,231			72,024		(7	)			98,229		(32	)
Land Acquisition			201,666			164,976		22				248,767		(19	)
Land and Development			334,891			303,000		11				407,906		(18	)
Total Commercial Real Estate			12,215,487			12,194,019		—				13,293,898		(8	)
Consumer Mortgages			5,371,164			5,384,602		—				5,379,284		—
Home Equity			1,812,940			1,804,348		—				1,773,987		2
Credit Cards			178,889			180,663		(1	)			187,677		(5	)
Other Consumer Loans			978,305			1,014,949		(4	)			1,187,459		(18	)
Total Consumer			8,341,298			8,384,562		(1	)			8,528,407		(2	)
Total		$	43,093,397		$	43,309,877		—	%		$	44,353,537		(3	)%
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, 2024			March 31, 2024			% Change			June 30, 2023			% Change
Commercial, Financial, and Agricultural		$	120,107		$	192,693		(38	)%		$	144,415		(17	)%
Owner-Occupied			50,977			80,218		(36	)			22,197		130
Total Commercial & Industrial			171,084			272,911		(37	)			166,612		3
Multi-Family			1,718			2,077		(17	)			1,748		(2	)
Office Buildings			7,350			7,630		(4	)			28,024		(74	)
Shopping Centers			541			547		(1	)			699		(23	)
Warehouses			177			188		(6	)			218		(19	)
Other Investment Property			1,782			1,784		—				664		168
Total Investment Properties			11,568			12,226		(5	)			31,353		(63	)
1-4 Family Construction			311			—		nm				632		(51	)
1-4 Family Investment Mortgage			2,749			2,300		20				3,525		(22	)
Total 1-4 Family Properties			3,060			2,300		33				4,157		(26	)
Residential Development			303			478		(37	)			267		13
Land Acquisition			606			540		12				871		(30	)
Land and Development			909			1,018		(11	)			1,138		(20	)
Total Commercial Real Estate			15,537			15,544		—				36,648		(58	)
Consumer Mortgages			48,352			42,563		14				41,877		15
Home Equity			14,947			12,451		20				9,936		50
Other Consumer Loans			6,186			6,981		(11	)			6,433		(4	)
Total Consumer			69,485			61,995		12				58,246		19
Total		$	256,106		$	350,450		(27	)%		$	261,506		(2	)%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)		2024						2023						Second Quarter
			Second				First		Fourth		Third		Second		'24 vs '23
			Quarter				Quarter		Quarter		Quarter		Quarter		% Change
	Non-performing Loans (NPLs)		$	256,106			350,450		288,177		280,532		261,506		(2	)%
	Other Real Estate and Other Assets			823			21,210		—		—		—		nm
	Non-performing Assets (NPAs)			256,929			371,660		288,177		280,532		261,506		(2	)
	Allowance for Loan Losses (ALL)			485,101			492,661		479,385		477,532		471,238		3
	Reserve for Unfunded Commitments			53,058			53,579		57,231		55,185		55,729		(5	)
	Allowance for Credit Losses (ACL)			538,159			546,240		536,616		532,717		526,967		2
	Net Charge-Offs - Quarter			34,485			44,356		41,574		66,822		26,396
	Net Charge-Offs - YTD			78,841			44,356		153,342		111,768		44,946
	Net Charge-Offs / Average Loans - Quarter (1)			0.32	%		0.41		0.38		0.61		0.24
	Net Charge-Offs / Average Loans - YTD (1)			0.36			0.41		0.35		0.34		0.20
	NPLs / Loans			0.59			0.81		0.66		0.64		0.59
	NPAs / Loans, ORE and specific other assets			0.60			0.86		0.66		0.64		0.59
	ACL/Loans			1.25			1.26		1.24		1.22		1.19
	ALL/Loans			1.13			1.14		1.10		1.09		1.06
	ACL/NPLs			210.13			155.87		186.21		189.90		201.51
	ALL/NPLs			189.41			140.58		166.35		170.22		180.20
	Past Due Loans over 90 days and Still Accruing		$	4,460			3,748		5,053		3,792		3,643		22
	As a Percentage of Loans Outstanding			0.01	%		0.01		0.01		0.01		0.01
	Total Past Due Loans and Still Accruing		$	129,759			54,814		59,099		54,974		84,946		53
	As a Percentage of Loans Outstanding			0.30	%		0.13		0.14		0.13		0.19
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
			June 30, 2024				December 31, 2023		June 30, 2023
	Common Equity Tier 1 Capital Ratio			10.62	%		10.22		9.86
	Tier 1 Capital Ratio			11.74			11.28		10.89
	Total Risk-Based Capital Ratio			13.59			13.07		12.80
	Tier 1 Leverage Ratio			9.44			9.49		9.23
	Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets			8.48			8.56		7.88
	Tangible Common Equity Ratio (2) (4)			6.76			6.84		6.17
	Book Value Per Common Share (3)		$	31.33			31.24		29.05
	Tangible Book Value Per Common Share (2)			27.72			27.65		25.37
	(1) Current quarter regulatory capital information is preliminary.
	(2) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	(3) Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred stock divided by total common shares outstanding.
	(4) See "Non-GAAP Financial Measures" for applicable reconciliation.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240717291791/en/

Media Contact

Audria Belton

Media Relations

media@synovus.com



Investor Contact

Jennifer H. Demba, CFA

Investor Relations

investorrelations@synovus.com

Source: Synovus Financial Corp.

FAQ

What was Synovus' (SNV) earnings per share in Q2 2024?

Synovus reported a diluted loss per share of $(0.16) in Q2 2024. However, adjusted diluted earnings per share were $1.16.

How did Synovus' (SNV) net interest margin change in Q2 2024?

Synovus' net interest margin expanded by 16 basis points to 3.20% in Q2 2024.

What was the impact of the securities loss on Synovus' (SNV) Q2 2024 results?

Synovus incurred a $257 million loss on the sale of securities, which significantly impacted the Q2 2024 results.

How did Synovus' (SNV) loan portfolio change in Q2 2024?

Synovus' period-end loans declined by $216.5 million from Q1 2024.

What was Synovus' (SNV) CET1 ratio in Q2 2024?

Synovus' preliminary CET1 ratio rose to 10.62% in Q2 2024.