Synovus Announces Earnings for the Fourth Quarter 2022

Rhea-AI Summary

Synovus Financial Corp. (NYSE: SNV) reported its financial results for the quarter and year ended December 31, 2022. Net income was $724.7 million, or $4.95 per diluted share, slightly down from $727.3 million in 2021. Pre-provision net revenue rose 19% to $1.05 billion, bolstered by strong loan growth. However, period-end deposits decreased by $555.7 million, or 1%, due to pricing pressures. The company achieved a preliminary CET1 ratio of 9.63%. Despite a challenging economic outlook for 2023, the firm remains committed to growth and enhancing client relationships, emphasizing stability and credit quality throughout the organization.

Positive

• Net income available to common shareholders for 2022 was $724.7 million, or $4.95 per diluted share.
• Pre-provision net revenue increased by $165.6 million, or 19%, totaling $1.05 billion.
• Period-end loans rose by $4.79 billion, or 12%, demonstrating broad-based growth.
• Fourth quarter net income was $197.5 million, up 1% from the previous quarter.
• Preliminary CET1 ratio improved to 9.63%, supporting strong loan growth.

Negative

• Period-end deposits declined by $555.7 million, or 1%, indicating pricing pressures.
• Provision for credit losses increased to $84.6 million from a reversal of $106.3 million in the prior year, reflecting economic uncertainty.
• Non-interest revenue fell by $1.9 million, or 2%, sequentially.

Diluted Earnings per Share of $1.35 vs. $1.33 in 3Q22

Adjusted Diluted Earnings per Share of $1.35 vs. $1.34 in 3Q22

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended Dec. 31, 2022. "Our 2022 financial results validated the resiliency of our business model and our team's ability to successfully execute on key strategic growth initiatives while delivering top quartile returns and efficiency," said Kevin Blair, Synovus chairman, CEO and president. "With pre-provision net revenue up 19%, the year was shaped by broad-based growth and stability in our core banking franchise that enabled investments in new sources of growth and enhancements to the client experience. Our commonsense approach to expense, credit, and capital management positions us for continued growth while remaining flexible as economic volatility persists. 2023 is a year of focused execution that will continue to drive profitable growth, enhanced service quality, and deeper client relationships. And as we also navigate uncertain economic terrain, risk profile resiliency, broad-based deposit generation, and strong credit vigilance remain top priorities. We're confident in the strength of our footprint, talent, and ability to execute, which will translate into achieving our stated near-term and long-term financial targets."

2022 Highlights

• Net income available to common shareholders for 2022 was $724.7 million, or $4.95 per diluted share, as compared to $727.3 million, or $4.90 per diluted share, for 2021.
• Pre-provision net revenue of $1.05 billion increased $165.6 million, or 19%, largely driven by robust net interest income growth that was fueled by strong loan growth and an overall asset sensitive position given rising interest rates.
  • Adjusted pre-provision net revenue excluding Paycheck Protection Program (PPP) revenue of $1.04 billion increased $233.0 million, or 29%.
• Period-end loans increased $4.79 billion, or 12%, excluding PPP loans, with broad-based growth across asset classes led by commercial lines of business.
• Period-end deposits declined $555.7 million, or 1%, impacted by increasing pricing pressures; however, overall deposit costs benefited from prudent pricing strategy and an extended lag on deposit pricing.
• Credit metrics including non-performing loan, non-performing asset, and net charge-off ratios are at or near historically low levels.
• Provision for credit losses of $84.6 million in 2022 compared to a reversal of credit losses of $106.3 million for the prior year. 2022 results reflect a deterioration in the economic outlook for 2023 and 2024 and strong loan growth, while prior year results benefited from an improvement in the economic outlook as the effects of the COVID-19 pandemic began to subside.
• Preliminary year-end CET1 ratio of 9.63% increased to upper half of target operating range of 9.25% to 9.75%.
• Continued progress on key strategic initiatives as pre-tax run rate benefit of $175 million Synovus Forward initiative was achieved.

Fourth Quarter 2022 Highlights

• Net income available to common shareholders was $197.5 million, or $1.35 per diluted share, up $0.02 sequentially and up $0.04 compared to the fourth quarter 2021.
• Total revenue of $603.8 million increased $21.6 million, or 4%, sequentially and was up $94.4 million, or 19%, compared to the fourth quarter 2021.
• Pre-provision net revenue of $294.8 million increased $6.6 million, or 2%, sequentially and was up $80.6 million, or 38%, compared to the fourth quarter 2021.
• Period-end loans increased $1.14 billion, or 3%, representing a growth rate of 11% annualized, our sixth consecutive quarter of annualized double-digit loan growth.
• Period-end deposits grew $1.17 billion, or 2%, sequentially.
  • Core deposits increased $372.8 million, or 1%, sequentially.
• Credit quality metrics remained stable from the previous quarter and included a quarter-end non-performing loan ratio of 0.29%, non-performing asset ratio of 0.33%, and a quarterly net charge-off ratio of 0.12%.
• Preliminary CET1 ratio of 9.63% grew 11 bps sequentially as capital generation continued to support client loan growth.

Fourth Quarter 2022 Summary

	Reported												Adjusted
(dollars in thousands)	4Q22				3Q22				4Q21				4Q22				3Q22				4Q21
Net income available to common shareholders	$	197,479			$	194,753			$	192,110			$	197,576			$	195,481			$	198,373
Diluted earnings per share		1.35				1.33				1.31				1.35				1.34				1.35
Total revenue		603,785				582,217				509,381				N/A				N/A				N/A
Total loans		43,716,353				42,571,458				39,311,958				N/A				N/A				N/A
Total deposits		48,871,559				47,697,564				49,427,276				N/A				N/A				N/A
Return on avg assets		1.38	%			1.39	%			1.40	%			1.39	%			1.39	%			1.44	%
Return on avg common equity		20.93				18.66				16.11				20.94				18.73				16.64
Return on avg tangible common equity		24.21				21.29				18.14				24.22				21.37				18.72
Net interest margin		3.60				3.49				2.96				N/A				N/A				N/A
Efficiency ratio-TE(1)(2)		51.08				50.41				57.85				50.58				49.98				55.64
NCO ratio-QTD		0.12				0.04				0.11				N/A				N/A				N/A
NPA ratio		0.33				0.32				0.40				N/A				N/A				N/A
(1) Taxable equivalent (2) Adjusted tangible efficiency ratio

Balance Sheet

Loans*
(dollars in millions)		4Q22			3Q22		Linked Quarter Change				Linked Quarter % Change				4Q21		Year/Year Change			Year/Year % Change
Commercial & industrial**	$	22,066.7		$	21,212.5		$	854.1			4	%		$	19,622.9		$	2,443.7		12	%
Commercial real estate		12,650.3			12,288.0			362.3			3				11,015.1			1,635.2		15
Consumer		8,999.4			9,071.0			(71.6	)		(1	)			8,673.9			325.5		4
Total loans	$	43,716.4		$	42,571.5		$	1,144.9			3	%		$	39,311.9		$	4,404.4		11	%
* Amounts may not total due to rounding ** Includes PPP balances of $14.7 million, $42.8 million, and $399.6 million at 4Q22, 3Q22, and 4Q21, respectively.

• Total loans ended the quarter at $43.72 billion, up $1.14 billion sequentially, or 11% annualized, led by continued diversified growth from commercial lines of business across multiple industries and segments.

Deposits*
(dollars in millions)		4Q22			3Q22		Linked Quarter Change				Linked Quarter % Change				4Q21		Year/Year Change				Year/Year % Change
Non-interest-bearing DDA	$	14,574.5		$	15,373.7		$	(799.3	)		(5	)%		$	15,242.8		$	(668.4	)		(4	)%
Interest-bearing DDA		5,761.4			5,776.8			(15.4	)		—				6,347.0			(585.6	)		(9	)
Money market		12,480.7			12,918.6			(437.9	)		(3	)			14,886.4			(2,405.7	)		(16	)
Savings		1,396.4			1,470.1			(73.7	)		(5	)			1,404.4			(8.0	)		(1	)
Public funds		6,635.6			5,549.7			1,085.9			20				6,284.6			351.0			6
Time deposits		2,724.1			2,110.9			613.1			29				2,427.1			297.0			12
Brokered deposits		5,299.0			4,497.8			801.2			18				2,835.0			2,464.0			87
Total deposits	$	48,871.6		$	47,697.6		$	1,174.0			2	%		$	49,427.3		$	(555.7	)		(1	)%
* Amounts may not total due to rounding

• Total deposits ended the quarter at $48.87 billion, an increase of $1.17 billion, or 2%, sequentially as focus on new deposit production and seasonal benefit from public funds drove growth.
• Total deposit costs increased 50 bps from the third quarter 2022 to 88 bps.
  • Total deposit beta cycle to date through the fourth quarter 2022 of 21% reflects disciplined pricing strategy and benefit from lag in deposit repricing.

Income Statement Summary*
(in thousands, except per share data)		4Q22				3Q22			Linked Quarter Change				Linked Quarter % Change				4Q21			Year/Year Change				Year/Year % Change
Net interest income	$	501,346			$	477,919			$	23,427			5	%		$	392,313			$	109,033			28	%
Non-interest revenue		102,439				104,298				(1,859	)		(2	)			117,068				(14,629	)		(12	)
Non-interest expense		308,996				294,010				14,986			5				295,207				13,789			5
Provision for (reversal of) credit losses		34,884				25,581				9,303			36				(55,210	)			90,094			nm
Income before taxes	$	259,905			$	262,626			$	(2,721	)		(1	)%		$	269,384			$	(9,479	)		(4	)%
Income tax expense		54,135				59,582				(5,447	)		(9	)			68,983				(14,848	)		(22	)
Preferred stock dividends		8,291				8,291				—			—				8,291				—			—
Net income available to common shareholders	$	197,479			$	194,753			$	2,726			1	%		$	192,110			$	5,369			3	%
Weighted average common shares outstanding, diluted		146,528				146,418				110			—				146,793				(265	)		—
Diluted earnings per share	$	1.35			$	1.33			$	0.02			2	%		$	1.31			$	0.04			3	%
Adjusted diluted earnings per share	$	1.35			$	1.34			$	0.01			1	%		$	1.35			$	—			—	%
Effective tax rate		20.83	%			22.69	%										25.61	%
* Amounts may not total due to rounding

Core Performance

• Net interest income increased $23.4 million, or 5%, compared to the prior quarter and was up $109.0 million, or 28%, compared to the fourth quarter 2021, driven by loan growth, interest rate increases, and disciplined deposit pricing.
  • Net interest margin was 3.60%, up 11 bps from the previous quarter.
• Non-interest revenue of $102.4 million decreased $1.9 million, or 2%, sequentially and declined $14.6 million, or 12%, compared to the fourth quarter 2021.
  • Unfavorable valuation adjustments totaling $5.0 million for two tax equity investment partnerships and continued lower mortgage banking income from a challenging environment were somewhat offset by growth in wealth revenue and card fees.
• Non-interest expense increased $15.0 million, or 5%, sequentially and was up $13.8 million, or 5%, compared to the fourth quarter 2021.
  • Increases were primarily driven by a combination of performance-related costs which align with financial performance, investments in new business initiatives, and infrastructure spend.
• Credit quality ratios remain historically strong. The non-performing loan and asset ratios were stable at 0.29% and 0.33%, respectively; the net charge-off ratio for the quarter was 0.12%, in line with recent levels; and total past dues were 0.15% of total loans outstanding.
• Provision for credit losses of $34.9 million increased $9.3 million sequentially and compares to a reversal of credit losses for the fourth quarter 2021 of $55.2 million. The increases were impacted by uncertain economic conditions, loan growth, and the cessation of a third-party lending relationship.
  • The allowance for credit losses coverage ratio (to loans) of 1.15% was up 2 bps sequentially and down 4 bps compared to the prior year and reflects the positive performance in the loan portfolio offset by a negative bias influencing future economic scenario metrics.

Capital Ratios
	4Q22			3Q22			4Q21
Common equity Tier 1 capital (CET1) ratio	9.63	%	*	9.52	%		9.50	%
Tier 1 capital ratio	10.68		*	10.59			10.66
Total risk-based capital ratio	12.54		*	12.45			12.61
Tier 1 leverage ratio	9.07		*	9.04			8.72
Tangible common equity ratio	5.84			5.52			7.52
* Ratios are preliminary

Capital

• Preliminary CET1 ratio improved 11 bps sequentially to 9.63%, and the preliminary total risk-based capital ratio of 12.54% increased 9 bps from the prior quarter as capital generated from earnings supported continued strong loan growth.

Fourth Quarter 2022 Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on Jan. 19, 2023. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $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 246 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com and on Twitter, Facebook, LinkedIn, and Instagram.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our intended strategies, initiatives, and other operational and execution goals; 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, 2021, 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 tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and adjusted pre-provision net revenue (PPNR) excluding PPP revenue are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and PPNR, 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 tangible efficiency ratio is a measure utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. Adjusted PPNR ex. PPP revenue is used by management to evaluate pre-provision net revenue exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons including PPP revenue. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	4Q22				3Q22				4Q21
Adjusted tangible efficiency ratio
Total non-interest expense	$	308,996			$	294,010			$	295,207
Subtract/add: Restructuring charges		2,372				(956	)			(5,958	)
Subtract: Valuation adjustment to Visa derivative		(2,500	)			—				(2,656	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		(1,557	)			1,076				(995	)
Adjusted non-interest expense	$	307,311			$	294,130			$	285,598
Subtract: Amortization of intangibles		(2,118	)			(2,118	)			(2,379	)
Adjusted tangible non-interest expense	$	305,193			$	292,012			$	283,219
Net interest income	$	501,346			$	477,919			$	392,313
Add: Taxable equivalent adjustment		1,131				972				884
Add: Total non-interest revenue		102,439				104,298				117,068
Total TE revenue		604,916				583,189				510,265
Subtract/add: Investment securities (gains) losses, net		—				—				(230	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		(1,557	)			1,076				(995	)
Adjusted revenue	$	603,359			$	584,265			$	509,040
Efficiency ratio-TE		51.08	%			50.41	%			57.85	%
Adjusted tangible efficiency ratio		50.58				49.98				55.64

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)	4Q22				3Q22				4Q21
Adjusted return on average assets
Net income	$	205,770			$	203,044			$	200,401
Add/subtract: Restructuring charges		(2,372	)			956				5,958
Add: Valuation adjustment to Visa derivative		2,500				—				2,656
Subtract/add: Investment securities (gains) losses, net		—				—				(230	)
Subtract/add: Tax effect of adjustments(1)		(31	)			(228	)			(2,121	)
Adjusted net income	$	205,867			$	203,772			$	206,664
Net income annualized	$	816,370			$	805,555			$	795,069
Adjusted net income annualized	$	816,755			$	808,443			$	819,917
Total average assets	$	58,963,417			$	58,055,979			$	56,911,929
Return on average assets		1.38	%			1.39	%			1.40	%
Adjusted return on average assets		1.39				1.39				1.44
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	197,479			$	194,753			$	192,110
Add/subtract: Restructuring charges		(2,372	)			956				5,958
Add: Valuation adjustment to Visa derivative		2,500				—				2,656
Subtract/add: Investment securities (gains) losses, net		—				—				(230	)
Subtract/add: Tax effect of adjustments(1)		(31	)			(228	)			(2,121	)
Adjusted net income available to common shareholders	$	197,576			$	195,481			$	198,373
Weighted average common shares outstanding, diluted		146,528				146,418				146,793
Net income per common share, diluted	$	1.35			$	1.33			$	1.31
Adjusted net income per common share, diluted		1.35				1.34				1.35

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	4Q22				3Q22				4Q21
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity
Net income available to common shareholders	$	197,479			$	194,753			$	192,110
Add/subtract: Restructuring charges		(2,372	)			956				5,958
Add: Valuation adjustment to Visa derivative		2,500				—				2,656
Subtract/add: Investment securities (gains) losses, net		—				—				(230	)
Subtract/add: Tax effect of adjustments(1)		(31	)			(228	)			(2,121	)
Adjusted net income available to common shareholders	$	197,576			$	195,481			$	198,373
Adjusted net income available to common shareholders annualized	$	783,861			$	775,550			$	787,023
Add: Amortization of intangibles, tax effected, annualized		6,358				6,401				7,050
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	790,219			$	781,951			$	794,073
Net income available to common shareholders annualized	$	783,476			$	772,661			$	762,176
Add: Amortization of intangibles, tax effected, annualized		6,358				6,401				7,050
Net income available to common shareholders excluding amortization of intangibles annualized	$	789,834			$	779,062			$	769,226
Total average shareholders' equity less preferred stock	$	3,742,927			$	4,141,516			$	4,730,828
Subtract: Goodwill		(452,390	)			(452,390	)			(452,390	)
Subtract: Other intangible assets, net		(28,174	)			(30,214	)			(36,805	)
Total average tangible shareholders' equity less preferred stock	$	3,262,363			$	3,658,912			$	4,241,633
Return on average common equity		20.93	%			18.66	%			16.11	%
Adjusted return on average common equity		20.94				18.73				16.64
Return on average tangible common equity		24.21				21.29				18.14
Adjusted return on average tangible common equity		24.22				21.37				18.72

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,				September 30,				December 31,
(dollars in thousands)	2022				2022				2021
Tangible common equity ratio
Total assets	$	59,731,378			$	58,639,522			$	57,317,226
Subtract: Goodwill		(452,390	)			(452,390	)			(452,390	)
Subtract: Other intangible assets, net		(27,124	)			(29,242	)			(35,596	)
Tangible assets	$	59,251,864			$	58,157,890			$	56,829,240
Total shareholders’ equity	$	4,475,801			$	4,229,715			$	5,296,800
Subtract: Goodwill		(452,390	)			(452,390	)			(452,390	)
Subtract: Other intangible assets, net		(27,124	)			(29,242	)			(35,596	)
Subtract: Preferred stock, no par value		(537,145	)			(537,145	)			(537,145	)
Tangible common equity	$	3,459,142			$	3,210,938			$	4,271,669
Total shareholders’ equity to total assets ratio		7.49	%			7.21	%			9.24	%
Tangible common equity ratio		5.84				5.52				7.52
(1) An assumed marginal tax rate of 24.3% for 4Q22, 23.8% for 3Q22, and 25.3% for 4Q21 was applied.

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	2022				2021
Adjusted pre-provision net revenue (PPNR) ex. PPP revenue
Net interest income	$	1,796,900			$	1,532,947
Add: Total non-interest revenue		409,336				450,066
Subtract: Total non-interest expense		(1,157,506	)			(1,099,904	)
Pre-provision net revenue	$	1,048,730			$	883,109
Net interest income	$	1,796,900			$	1,532,947
Add: Taxable equivalent adjustment		3,927				3,185
TE net interest income		1,800,827				1,536,132
Add: Total non-interest revenue	$	409,336			$	450,066
Total TE revenue		2,210,163				1,986,198
Subtract/add: Investment securities (gains) losses, net		—				799
Subtract/add: Fair value adjustment on non-qualified deferred compensation		4,054				(2,816	)
Adjusted revenue	$	2,214,217			$	1,984,181
Subtract: PPP revenue		(13,866	)			(94,733	)
Adjusted revenue ex. PPP revenue	$	2,200,351			$	1,889,448
Total non-interest expense	$	1,157,506			$	1,099,904
Subtract: Earnout liability adjustments		—				(507	)
Subtract: Loss on early extinguishment of debt		(677	)			—
Subtract/add: Restructuring charges		9,690				(7,223	)
Subtract: Valuation adjustment to Visa derivative		(6,000	)			(2,656	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		4,054				(2,816	)
Adjusted non-interest expense	$	1,164,573			$	1,086,702
Adjusted revenue ex. PPP revenue	$	2,200,351			$	1,889,448
Subtract: Adjusted non-interest expense		(1,164,573	)			(1,086,702	)
Adjusted PPNR ex. PPP revenue	$	1,035,778			$	802,746

Synovus
	INCOME STATEMENT DATA
	(Unaudited)		Years Ended
	(Dollars in thousands, except per share data)		December 31,
			2022				2021				% Change
	Interest income		$	2,075,787			$	1,653,343			26	%
	Interest expense			278,887				120,396			132
	Net interest income			1,796,900				1,532,947			17
	Provision for (reversal of) credit losses			84,553				(106,251	)		nm
	Net interest income after provision for credit losses			1,712,347				1,639,198			4
	Non-interest revenue:
	Service charges on deposit accounts			93,067				86,310			8
	Fiduciary and asset management fees			78,414				77,147			2
	Card fees			61,833				51,399			20
	Brokerage revenue			67,034				56,439			19
	Mortgage banking income			17,476				54,371			(68	)
	Capital markets income			26,702				26,118			2
	Income from bank-owned life insurance			29,720				38,019			(22	)
	Investment securities gains (losses), net			—				(799	)		nm
	Other non-interest revenue			35,090				61,062			(43	)
	Total non-interest revenue			409,336				450,066			(9	)
	Non-interest expense:
	Salaries and other personnel expense			681,710				649,426			5
	Net occupancy, equipment, and software expense			174,730				169,222			3
	Third-party processing and other services			88,617				86,688			2
	Professional fees			37,189				32,785			13
	FDIC insurance and other regulatory fees			29,083				22,355			30
	Restructuring charges			(9,690	)			7,223			(234	)
	Other operating expenses			155,867				132,205			18
	Total non-interest expense			1,157,506				1,099,904			5
	Income before income taxes			964,177				989,360			(3	)
	Income tax expense			206,275				228,893			(10	)
	Net income			757,902				760,467			—
	Less: Preferred stock dividends			33,163				33,163			—
	Net income available to common shareholders		$	724,739			$	727,304			—	%
	Net income per common share, basic			4.99				4.95			1	%
	Net income per common share, diluted			4.95				4.90			1
	Cash dividends declared per common share			1.36				1.32			3
	Return on average assets			1.32	%			1.37	%		(5) bps
	Return on average common equity			17.41				15.56			185
	Weighted average common shares outstanding, basic			145,364				147,041			(1	)%
	Weighted average common shares outstanding, diluted			146,481				148,495			(1	)
	nm - not meaningful
	bps - basis points

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2022												2021			Fourth Quarter
		Fourth Quarter				Third Quarter		Second Quarter			First Quarter			Fourth Quarter			22 vs '21
																	% Change
	Interest income	$	654,654			551,299		453,772			416,062			418,279			57	%
	Interest expense		153,308			73,380		28,384			23,814			25,966			490
	Net interest income		501,346			477,919		425,388			392,248			392,313			28
	Provision for (reversal of) credit losses		34,884			25,581		12,688			11,400			(55,210	)		nm
	Net interest income after provision for credit losses		466,462			452,338		412,700			380,848			447,523			4
	Non-interest revenue:
	Service charges on deposit accounts		23,639			23,398		23,491			22,539			22,221			6
	Fiduciary and asset management fees		18,836			19,201		20,100			20,277			20,602			(9	)
	Card fees		15,887			15,101		16,089			14,756			12,861			24
	Brokerage revenue		19,996			17,140		15,243			14,655			14,795			35
	Mortgage banking income		2,554			5,065		3,904			5,953			7,059			(64	)
	Capital markets income		6,998			6,839		7,393			5,472			7,188			(3	)
	Income from bank-owned life insurance		7,206			6,792		9,165			6,556			15,168			(52	)
	Investment securities gains (losses), net		—			—		—			—			230			nm
	Other non-interest revenue		7,323			10,762		1,881			15,126			16,944			(57	)
	Total non-interest revenue		102,439			104,298		97,266			105,334			117,068			(12	)
	Non-interest expense:
	Salaries and other personnel expense		182,629			173,334		161,063			164,684			167,018			9
	Net occupancy, equipment, and software expense		45,192			43,462		43,199			42,877			42,780			6
	Third-party processing and other services		23,130			22,539		21,952			20,996			22,791			1
	Professional fees		11,096			6,755		10,865			8,474			9,014			23
	FDIC insurance and other regulatory fees		8,232			7,707		6,894			6,250			6,016			37
	Restructuring charges		(2,372	)		956		(1,850	)		(6,424	)		5,958			(140	)
	Other operating expenses		41,089			39,257		39,928			35,593			41,630			(1	)
	Total non-interest expense		308,996			294,010		282,051			272,450			295,207			5
	Income before income taxes		259,905			262,626		227,915			213,732			269,384			(4	)
	Income tax expense		54,135			59,582		49,863			42,695			68,983			(22	)
	Net income		205,770			203,044		178,052			171,037			200,401			3
	Less: Preferred stock dividends		8,291			8,291		8,291			8,291			8,291			—
	Net income available to common shareholders	$	197,479			194,753		169,761			162,746			192,110			3
	Net income per common share, basic	$	1.36			1.34		1.17			1.12			1.32			3	%
	Net income per common share, diluted		1.35			1.33		1.16			1.11			1.31			3
	Cash dividends declared per common share		0.34			0.34		0.34			0.34			0.33			3
	Return on average assets *		1.38	%		1.39		1.26			1.22			1.40			(2) bps
	Return on average common equity *		20.93			18.66		16.48			14.20			16.11			482
	Weighted average common shares outstanding, basic		145,467			145,386		145,328			145,273			145,316			—	%
	Weighted average common shares outstanding, diluted		146,528			146,418		146,315			146,665			146,793			—
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA		December 31, 2022				September 30, 2022				December 31, 2021
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks		$	624,097			$	516,163			$	432,925
	Interest-bearing funds with Federal Reserve Bank			1,280,684				1,260,748				2,479,006
	Interest earning deposits with banks			34,632				32,445				25,535
	Federal funds sold and securities purchased under resale agreements			38,367				58,448				72,387
	Cash and cash equivalents			1,977,780				1,867,804				3,009,853
	Investment securities available for sale, at fair value			9,678,103				9,587,508				10,918,329
	Loans held for sale ($51,136, $56,517, and $108,198 measured at fair value, respectively)			391,502				696,450				750,642
	Loans, net of deferred fees and costs			43,716,353				42,571,458				39,311,958
	Allowance for loan losses			(443,424	)			(421,359	)			(427,597	)
	Loans, net			43,272,929				42,150,099				38,884,361
	Cash surrender value of bank-owned life insurance			1,089,280				1,084,060				1,068,616
	Premises, equipment, and software, net			370,632				376,823				407,241
	Goodwill			452,390				452,390				452,390
	Other intangible assets, net			27,124				29,242				35,596
	Other assets			2,471,638				2,395,146				1,790,198
	Total assets		$	59,731,378			$	58,639,522			$	57,317,226
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits		$	15,639,899			$	16,359,551			$	16,392,653
	Interest-bearing deposits			33,231,660				31,338,013				33,034,623
	Total deposits			48,871,559				47,697,564				49,427,276
	Federal funds purchased and securities sold under repurchase agreements			146,588				240,210				264,133
	Other short-term borrowings			603,384				614,232				200
	Long-term debt			4,109,597				4,434,327				1,204,229
	Other liabilities			1,524,449				1,423,474				1,124,588
	Total liabilities			55,255,577				54,409,807				52,020,426
	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 170,141,492, 170,097,791, and 169,383,758; outstanding 145,486,634, 145,442,933, and 145,010,086			170,141				170,098				169,384
	Additional paid-in capital			3,920,346				3,916,729				3,894,109
	Treasury stock, at cost – 24,654,858, 24,654,858, and 24,373,672 shares			(944,484	)			(944,484	)			(931,497	)
	Accumulated other comprehensive income (loss), net			(1,442,117	)			(1,534,314	)			(82,321	)
	Retained earnings			2,234,770				2,084,541				1,709,980
	Total shareholders’ equity			4,475,801				4,229,715				5,296,800
	Total liabilities and shareholders' equity		$	59,731,378			$	58,639,522			$	57,317,226

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2022										2021
(dollars in thousands)	Average Balance				Interest			Yield/ Rate			Average Balance				Interest			Yield/ Rate
Assets
Interest earning assets:
Commercial loans (1) (2) (3)	$	32,402,218			$	1,448,463		4.47	%		$	29,630,598			$	1,150,835		3.88	%
Consumer loans (1) (2)		8,823,424				361,524		4.10				8,520,247				334,917		3.93
Less: Allowance for loan losses		(421,506	)			—		—				(537,324	)			—		—
Loans, net		40,804,136				1,809,987		4.44				37,613,521				1,485,752		3.95
Investment securities available for sale		11,208,886				209,951		1.87				9,603,343				140,077		1.46
Trading account assets		13,374				261		1.95				5,613				87		1.55
Other earning assets(4)		1,220,653				18,756		1.52				3,002,110				3,912		0.13
FHLB and Federal Reserve Bank stock		214,289				6,722		3.14				159,176				2,891		1.82
Mortgage loans held for sale		75,325				3,353		4.45				203,840				5,935		2.91
Other loans held for sale		682,961				30,684		4.43				580,162				17,874		3.04
Total interest earning assets		54,219,624			$	2,079,714		3.84	%			51,167,765			$	1,656,528		3.24	%
Cash and due from banks		574,250										561,170
Premises and equipment		385,622										445,333
Other real estate		6,356										1,522
Cash surrender value of bank-owned life insurance		1,078,653										1,058,966
Other assets(5)		1,345,568										2,133,725
Total assets	$	57,610,073									$	55,368,481
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,027,636			$	25,912		0.29	%		$	8,701,078			$	9,844		0.11	%
Money market accounts		15,385,765				79,567		0.52				15,607,034				27,556		0.18
Savings deposits		1,481,372				399		0.03				1,335,269				229		0.02
Time deposits		2,667,101				13,902		0.52				3,630,401				18,107		0.50
Brokered deposits		3,644,957				67,452		1.85				3,028,797				19,183		0.63
Federal funds purchased and securities sold under repurchase agreements		205,753				1,308		0.63				210,949				128		0.06
Other short-term borrowings		466,254				10,945		2.32				8				—		—
Long-term debt		1,999,595				79,402		3.95				1,203,282				45,349		3.77
Total interest-bearing liabilities		34,878,433			$	278,887		0.78	%			33,716,818			$	120,396		0.35	%
Non-interest-bearing demand deposits		16,731,967										15,304,120
Other liabilities		1,298,972										1,135,565
Shareholders' equity		4,700,701										5,211,978
Total liabilities and shareholders' equity	$	57,610,073									$	55,368,481
Net interest income, taxable equivalent net interest margin (6)					$	1,800,827		3.34	%						$	1,536,132		3.01	%
Less: taxable-equivalent adjustment						3,927										3,185
Net interest income					$	1,796,900									$	1,532,947
(1) Average loans are shown net of deferred fees and costs. NPLs are included.
(2) Interest income includes net loan fees as follows: 2022 — $57.3 million and 2021 — $115.5 million.
(3) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
(4) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(5) Includes average net unrealized gains/(losses) on investment securities available for sale of $(985.6) million and $46.0 million for the years ended December 31, 2022 and 2021, respectively.
(6) The net interest margin is calculated by dividing net interest income-taxable equivalent by average total interest earning assets.

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Fourth Quarter 2022										Third Quarter 2022										Fourth Quarter 2021
(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)	$	34,103,384			$	474,439		5.52	%		$	32,836,799			$	384,995		4.65	%		$	29,685,875			$	286,513		3.83	%
Consumer loans (1) (2)		9,041,520				101,905		4.50				8,931,573				94,425		4.21				8,679,722				83,836		3.85
Less: Allowance for loan losses		(427,525	)			—		—				(419,160	)			—		—				(474,972	)			—		—
Loans, net		42,717,379				576,344		5.36				41,349,212				479,420		4.60				37,890,625				370,349		3.88
Investment securities available for sale		11,296,449				58,840		2.09				11,126,705				53,550		1.93				10,884,571				41,447		1.52
Trading account assets		15,552				68		1.75				16,771				81		1.93				11,280				42		1.50
Other earning assets(4)		1,148,099				10,490		3.58				1,012,717				5,791		2.24				3,186,271				1,208		0.15
FHLB and Federal Reserve Bank stock		270,822				2,805		4.14				244,879				1,412		2.31				159,933				919		2.30
Mortgage loans held for sale		46,240				688		5.95				66,601				862		5.18				130,786				1,009		3.09
Other loans held for sale		514,811				6,550		4.98				892,805				11,155		4.89				518,992				4,189		3.16
Total interest earning assets		56,009,352			$	655,785		4.65	%			54,709,690			$	552,271		4.01	%			52,782,458			$	419,163		3.16	%
Cash and due from banks		651,189										557,537										541,788
Premises and equipment		375,352										383,189										421,577
Other real estate		—										2,398										1,351
Cash surrender value of bank-owned life insurance		1,085,394										1,080,914										1,067,004
Other assets(5)		842,130										1,322,251										2,097,751
Total assets	$	58,963,417									$	58,055,979									$	56,911,929
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	8,627,386			$	14,160		0.65	%		$	8,436,922			$	5,782		0.27	%		$	9,165,054			$	2,238		0.10	%
Money market accounts		14,771,308				46,671		1.25				15,411,450				20,696		0.53				15,998,203				5,562		0.14
Savings deposits		1,450,153				176		0.05				1,508,312				84		0.02				1,408,858				65		0.02
Time deposits		2,567,979				7,648		1.18				2,270,163				2,428		0.42				3,163,062				2,600		0.33
Brokered deposits		4,986,542				39,500		3.14				3,899,669				17,927		1.82				2,836,841				3,979		0.56
Federal funds purchased and securities sold under repurchase agreements		141,707				437		1.21				240,412				641		1.04				227,664				24		0.04
Other short-term borrowings		660,295				6,383		3.78				709,078				3,666		2.02				32				—		—
Long-term debt		3,446,306				38,333		4.39				2,656,939				22,156		3.29				1,203,959				11,498		3.82
Total interest-bearing liabilities		36,651,676			$	153,308		1.60	%			35,132,945			$	73,380		0.81	%			34,003,673			$	25,966		0.30	%
Non-interest-bearing demand deposits		16,569,275										16,904,353										16,545,203
Other liabilities		1,462,394										1,340,020										1,095,080
Shareholders' equity		4,280,072										4,678,661										5,267,973
Total liabilities and shareholders' equity	$	58,963,417									$	58,055,979									$	56,911,929
Net interest income, taxable equivalent net interest margin (6)					$	502,477		3.60	%						$	478,891		3.49	%						$	393,197		2.96	%
Less: taxable-equivalent adjustment						1,131										972										884
Net interest income					$	501,346									$	477,919									$	392,313
(1) Average loans are shown net of deferred fees and costs. NPLs are included. (2) Interest income includes net loan fees as follows: Fourth Quarter 2022 — $11.7 million, Third Quarter 2022 — $11.9 million, and Fourth Quarter 2021 — $24.7 million. (3) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis. (4) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements (5) Includes average net unrealized gains/(losses) on investment securities available for sale of $(1.69) billion, $(1.06) billion, and $(34.2) million for the Fourth Quarter 2022, Third Quarter 2022, and Fourth Quarter 2021, respectively. (6) The net interest margin is calculated by dividing annualized net interest income-taxable equivalent by average total interest earning assets.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
Loan Type		Total Loans December 31, 2022			Total Loans September 30, 2022			Linked Quarter % Change			Total Loans December 31, 2021			Year/Year % Change
Commercial, Financial, and Agricultural		$	13,874,416		$	13,254,966		5	%		$	12,147,858		14	%
Owner-Occupied			8,192,240			7,957,550		3				7,475,066		10
Total Commercial & Industrial			22,066,656			21,212,516		4				19,622,924		12
Multi-Family			3,134,571			2,949,172		6				2,129,424		47
Hotels			1,708,194			1,712,016		—				1,537,060		11
Office Buildings			3,011,911			2,945,771		2				2,511,058		20
Shopping Centers			1,403,928			1,441,385		(3	)			1,655,465		(15	)
Warehouses			1,035,152			943,961		10				801,639		29
Other Investment Property			1,350,291			1,246,099		8				1,268,130		6
Total Investment Properties			11,644,047			11,238,404		4				9,902,776		18
1-4 Family Construction			229,263			249,840		(8	)			206,881		11
1-4 Family Investment Mortgage			387,670			389,787		(1	)			438,588		(12	)
Total 1-4 Family Properties			616,933			639,627		(4	)			645,469		(4	)
Commercial Development			79,889			92,159		(13	)			102,790		(22	)
Residential Development			108,661			119,019		(9	)			171,820		(37	)
Land Acquisition			200,783			198,756		1				192,256		4
Land and Development			389,333			409,934		(5	)			466,866		(17	)
Total Commercial Real Estate			12,650,313			12,287,965		3				11,015,111		15
Consumer Mortgages			5,214,443			5,166,928		1				5,068,998		3
Home Equity Lines			1,757,038			1,708,246		3				1,361,419		29
Credit Cards			203,612			197,978		3				204,172		—
Other Consumer Loans			1,824,291			1,997,825		(9	)			2,039,334		(11	)
Total Consumer			8,999,384			9,070,977		(1	)			8,673,923		4
Total		$	43,716,353		$	42,571,458		3	%		$	39,311,958		11	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
Loan Type		Total Non-performing Loans December 31, 2022			Total Non-performing Loans September 30, 2022			Linked Quarter % Change			Total Non-performing Loans December 31, 2021			Year/Year % Change
Commercial, Financial, and Agricultural		$	59,307		$	59,275		—	%		$	61,787		(4	)%
Owner-Occupied			10,104			8,433		20				11,196		(10	)
Total Commercial & Industrial			69,411			67,708		3				72,983		(5	)
Multi-Family			1,857			2,550		(27	)			2,380		(22	)
Office Buildings			309			884		(65	)			1,615		(81	)
Shopping Centers			735			742		(1	)			915		(20	)
Warehouses			223			223		—				223		—
Other Investment Property			349			641		(46	)			717		(51	)
Total Investment Properties			3,473			5,040		(31	)			5,850		(41	)
1-4 Family Construction			55			55		—				55		—
1-4 Family Investment Mortgage			3,067			3,036		1				4,508		(32	)
Total 1-4 Family Properties			3,122			3,091		1				4,563		(32	)
Commercial Development			—			422		(100	)			449		(100	)
Residential Development			267			267		—				446		(40	)
Land Acquisition			891			980		(9	)			1,023		(13	)
Land and Development			1,158			1,669		(31	)			1,918		(40	)
Total Commercial Real Estate			7,753			9,800		(21	)			12,331		(37	)
Consumer Mortgages			36,847			32,527		13				29,078		27
Home Equity Lines			6,830			7,121		(4	)			9,773		(30	)
Other Consumer Loans			7,220			4,938		46				6,877		5
Total Consumer			50,897			44,586		14				45,728		11
Total		$	128,061		$	122,094		5	%		$	131,042		(2	)%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)		2022										2021		Fourth Quarter
			Fourth				Third		Second		First		Fourth		22 vs '21
			Quarter				Quarter		Quarter		Quarter		Quarter		% Change
	Non-performing Loans (NPL)		$	128,061			122,094		109,024		132,131		131,042		(2	)%
	Impaired Loans Held for Sale			—			447		—		—		—		nm
	Other Real Estate and Other Assets			15,320			15,320		26,759		26,759		27,137		(44	)
	Non-performing Assets (NPAs)			143,381			137,861		135,783		158,890		158,179		(9	)
	Allowance for Loan Losses (ALL)			443,424			421,359		407,837		414,956		427,597		4
	Reserve for Unfunded Commitments			57,455			57,936		50,559		47,317		41,885		37
	Allowance for Credit Losses (ACL)			500,879			479,295		458,396		462,273		469,482		7
	Net Charge-Offs - Quarter			13,300			4,682		16,565		18,609		10,522
	Net Charge-Offs - YTD			53,156			39,856		35,174		18,609		77,788
	Net Charge-Offs / Average Loans - Quarter (1)			0.12	%		0.04		0.16		0.19		0.11
	Net Charge-Offs / Average Loans - YTD (1)			0.13			0.13		0.18		0.19		0.20
	NPLs / Loans			0.29			0.29		0.26		0.33		0.33
	NPAs / Loans, ORE and specific other assets			0.33			0.32		0.33		0.40		0.40
	ACL/Loans			1.15			1.13		1.11		1.15		1.19
	ALL/Loans			1.01			0.99		0.99		1.03		1.09
	ACL/NPLs			391.13			392.56		420.45		349.86		358.27
	ALL/NPLs			346.26			345.11		374.08		314.05		326.31
	Past Due Loans over 90 days and Still Accruing		$	3,373			3,443		2,251		3,067		6,770		(50	)
	As a Percentage of Loans Outstanding			0.01	%		0.01		0.01		0.01		0.02
	Total Past Due Loans and Still Accruing		$	65,568			63,545		56,160		45,385		57,565		14
	As a Percentage of Loans Outstanding			0.15	%		0.15		0.14		0.11		0.15
	Accruing Troubled Debt Restructurings (TDRs)		$	146,840			118,755		164,101		145,957		119,804		23
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
			December 31, 2022				September 30, 2022		December 31, 2021
	Tier 1 Capital		$	5,463,338			5,306,324		4,925,763
	Total Risk-Based Capital			6,415,680			6,237,082		5,827,196
	Common Equity Tier 1 Capital Ratio			9.63	%		9.52		9.50
	Tier 1 Capital Ratio			10.68			10.59		10.66
	Total Risk-Based Capital Ratio			12.54			12.45		12.61
	Tier 1 Leverage Ratio			9.07			9.04		8.72
	Total Shareholders’ Equity to Total Assets Ratio			7.49			7.21		9.24
	Tangible Common Equity Ratio(2)(4)			5.84			5.52		7.52
	Book Value Per Common Share(3)		$	27.07			25.39		32.82
	Tangible Book Value Per Common Share(2)			23.78			22.08		29.46
	(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 Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
	(4) See "Non-GAAP Financial Measures" for applicable reconciliation.

 

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Media Contact

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Media Relations

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Investor Contact

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Investor Relations

investorrelations@synovus.com

Source: Synovus Financial Corp.

FAQ

What were Synovus Financial's earnings per share in 4Q22?

Synovus reported diluted earnings per share of $1.35 in the fourth quarter of 2022.

What were the main highlights of Synovus's financial results for 2022?

Key highlights include net income of $724.7 million, or $4.95 per diluted share, and a 19% increase in pre-provision net revenue.

How did Synovus Financial's loans and deposits perform in 4Q22?

In 4Q22, total loans increased by $1.14 billion, while total deposits grew by $1.17 billion.

What is Synovus Financial's outlook for 2023?

Synovus aims for focused execution to drive profitable growth despite navigating uncertain economic conditions.