Synovus announces earnings for the fourth quarter 2024

Business Wire

Wed, Jan 15, 2025, 4:22 PM 8 min read

COLUMBUS, Ga., January 15, 2025--(BUSINESS WIRE)--Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended Dec. 31, 2024. "Over the past year, Synovus has successfully implemented our relationship-building strategies, resulting in strong growth across core commercial lending, deposits and key fee-producing businesses. We maintained strict control over operating expenses, saw improvements in loan losses and increased our Common Equity Tier 1 ratio¹ to the highest level in over 10 years. This momentum, as well as our financial position and accelerated growth orientation, positions us well for continued success in 2025 and beyond," said Synovus Chairman, CEO and President Kevin Blair.

2024 Highlights

Net income available to common shareholders for 2024 was $439.6 million, or $3.03 per diluted share, compared to $507.8 million, or $3.46 per diluted share in 2023. Adjusted EPS was $4.43 per diluted share compared to $4.12 per diluted share in 2023.
A $6 million FDIC special assessment incurred in 2024 reduced reported and adjusted EPS by $0.03, while a $51 million FDIC special assessment impacted 2023 reported and adjusted EPS by $0.26.
Pre-provision net revenue was $741.6 million in 2024 compared to $885.2 million in 2023, primarily attributable to lower non-interest revenue from a $257 million securities loss in the second quarter 2024.
Net interest income was $1.75 billion in 2024, down from $1.82 billion in the prior year, largely due to a decline in loan balances.
Period-end loans declined $795.5 million, or 2%, in 2024 as line utilization declined, payoffs increased and non-relationship credits were rationalized.
Period-end deposits increased $356.2 million, or 1%, primarily driven by growth in time deposits, money market, interest-bearing demand deposits and public funds, partially offset by a decline in non-interest-bearing deposits. Brokered deposits declined $1.17 billion, or 19%, in 2024.
Non-interest revenue was $239.6 million, down 41% from 2023, primarily from a $257 million securities loss in the second quarter 2024. However, adjusted non-interest revenue of $490.4 million grew 6% in 2024, primarily attributable to Treasury Management fees, Capital Markets income and Wealth revenue, as well as revenue from Commercial Sponsorship fees.
Non-interest expense was $1.25 billion, down 7%, while adjusted non-interest expense declined 3% year over year in 2024 to $1.23 billion, primarily due to a $51 million FDIC special assessment incurred in fourth quarter 2023.
Credit quality remains healthy. Net charge-offs were 0.31% of average loans compared to 0.35% in 2023. The provision for credit losses declined to $136.7 million in 2024 compared to $189.1 million in the prior year. The allowance for credit losses ended the year at 1.27% compared to 1.24% at the end of 2023.
The year-end CET1 ratio¹increased 62 basis points year over year to 10.84%.

Fourth Quarter 2024 Highlights

Net income available to common shareholders was $178.8 million, or $1.25 per diluted share, up 6% sequentially, and up sharply from $60.6 million in the fourth quarter 2023.
Pre-provision net revenue of $271.3 million increased $20.2 million, or 8%, sequentially and was up $135.4 million, or 100%, compared to the fourth quarter 2023.
Net interest income increased $14.3 million, or 3%, compared to the prior quarter and was up $17.8 million, or 4%, compared to the fourth quarter 2023, primarily attributable to lower funding costs. Net interest margin was 3.28%, which was up from the prior quarter supported by lower funding costs and loan hedge maturities as well as a non-recurring favorable interest adjustment which impacted the NIM by 4 basis points.
Period-end loans declined $512 million, or 1%, from the third quarter, as loan production, excluding secondary mortgage, was more than offset by lower line utilization, higher loan payoffs and strategic declines in non-relationship syndicated lending and third-party consumer lending.
Core deposits, which excludes brokered deposits, increased $1.13 billion, or 3%, sequentially. Total deposits ended the quarter at $51.10 billion, an increase of $901.6 million or 2% sequentially, as a result of the focus on deposit production, public funds seasonality and middle market deposit growth. Total deposit costs declined 26 basis points from the third quarter 2024 to 2.46%.
Non-interest revenue of $125.6 million rose 1% from the third quarter and increased $74.1 million, or 144%, compared to the fourth quarter 2023. Adjusted non-interest revenue of $124.6 million increased $2.7 million, or 2%, sequentially and fell $1.5 million, or 1%, compared to the fourth quarter 2023. Core Banking fees, Wealth revenue and Capital Markets income drove sequential growth in non-interest revenue. Year over year growth in Treasury Management fees, Capital Markets income, and Wealth revenue was outweighed by elevated Commercial Sponsorship fees in the fourth quarter of 2023.
Non-interest expense of $309.3 million was down $4.4 million, or 1% sequentially. Adjusted non-interest expense increased 2% sequentially to $309.0 million. Compared to the prior year, non-interest expense and adjusted non-interest expense were both down 12% as a result of the $51 million FDIC special assessment in 2023. Headcount declined 2% year over year.
Credit quality ratios remain healthy. The non-performing loan and asset ratios were both stable at 0.73%; the net charge-off ratio for the quarter was 0.26%, and total past dues were 0.26% of total loans outstanding.
Provision for credit losses was $32.9 million, up $9.4 million sequentially and down from $45.5 million in the fourth quarter of 2023. The allowance for credit losses ratio (to loans) of 1.27% was up 3 basis points sequentially and compared to the prior year.
The CET1 ratio¹ increased sequentially to 10.84% as strong earnings accretion more than offset approximately $50 million in common share repurchases during the fourth quarter.

________________________

¹ Preliminary

Fourth Quarter 2024 Summary

	Reported									Adjusted
(dollars in thousands)		4Q24			3Q24			4Q23			4Q24			3Q24			4Q23
Net income available to common shareholders	$	178,848		$	169,628		$	60,645		$	178,331		$	177,120		$	116,901
Diluted earnings per share		1.25			1.18			0.41			1.25			1.23			0.80
Total revenue		580,580			564,720			488,682			581,054			564,051			564,593
Total loans		42,609,028			43,120,674			43,404,490			N/A			N/A			N/A
Total deposits		51,095,359			50,193,740			50,739,185			N/A			N/A			N/A
Return on avg assets ⁽¹⁾		1.25	%		1.21	%		0.47	%		1.25	%		1.26	%		0.84	%
Return on avg common equity⁽¹⁾		14.75			14.38			5.88			14.71			15.02			11.34
Return on avg tangible common equity⁽¹⁾		16.72			16.38			7.02			16.67			17.09			13.28
Net interest margin		3.28	%		3.22	%		3.11	%		N/A			N/A			N/A
Efficiency ratio-TE⁽²⁾⁽³⁾		53.15			55.41			72.03			52.69			52.97			61.97
NCO ratio-QTD		0.26			0.25			0.38			N/A			N/A			N/A
NPA ratio		0.73			0.73			0.66			N/A			N/A			N/A
⁽¹⁾Annualized ⁽²⁾Taxable equivalent ⁽³⁾Adjusted tangible efficiency ratio N/A- not applicable

Balance Sheet

Loans^*

(dollars in millions)		4Q24		3Q24	Linked Quarter Change			Linked Quarter % Change			4Q23	Year/Year Change			Year/Year % Change
Commercial & industrial	$	22,331.1	$	22,664.0	$	(332.9	)	(1	)%	$	22,598.5	$	(267.4	)	(1	)%
Commercial real estate		12,014.6		12,177.5		(162.9	)	(1	)		12,316.8		(302.1	)	(2	)
Consumer		8,263.3		8,279.2		(15.9	)	—			8,489.2		(226.0	)	(3	)
Total loans	$	42,609.0	$	43,120.7	$	(511.6	)	(1	)%	$	43,404.5	$	(795.5	)	(2	)%
^*Amounts may not total due to rounding

Deposits^*

(dollars in millions)		4Q24		3Q24	Linked Quarter Change			Linked Quarter % Change			4Q23	Year/Year Change			Year/Year % Change
Non-interest-bearing DDA	$	10,974.6	$	11,129.1	$	(154.5	)	(1	)%	$	11,801.2	$	(826.6	)	(7	)%
Interest-bearing DDA		7,199.7		6,821.3		378.4		6			6,541.0		658.7		10
Money market		11,407.4		11,031.5		375.9		3			10,819.7		587.7		5
Savings		971.1		983.2		(12.1	)	(1	)		1,062.6		(91.5	)	(9	)
Public funds		7,987.5		7,047.6		939.9		13			7,349.5		638.0		9
Time deposits		7,679.9		8,075.7		(395.8	)	(5	)		7,122.2		557.7		8
Brokered deposits		4,875.2		5,105.4		(230.2	)	(5	)		6,043.0		(1,167.8	)	(19	)
Total deposits	$	51,095.4	$	50,193.7	$	901.6		2	%	$	50,739.2	$	356.2		1	%
^*Amounts may not total due to rounding

Income Statement Summary^*

(in thousands, except per share data)		4Q24			3Q24		Linked Quarter Change			Linked Quarter % Change			4Q23		Year/Year Change			Year/Year % Change
Net interest income	$	454,993		$	440,740		$	14,253		3	%	$	437,214		$	17,779		4	%
Non-interest revenue		125,587			123,980			1,607		1			51,468			74,119		144
Non-interest expense		309,311			313,690			(4,379	)	(1	)		352,858			(43,547	)	(12	)
Provision for (reversal of) credit losses		32,867			23,434			9,433		40			45,472			(12,605	)	(28	)
Income before taxes	$	238,402		$	227,596		$	10,806		5	%	$	90,352		$	148,050		164	%
Income tax expense		49,025			46,912			2,113		5			20,779			28,246		136
Net income		189,377			180,684	...		8,693		5			69,573			119,804		172
Less: Net income (loss) attributable to noncontrolling interest		(1,049	)		(871	)		(178	)	(20	)		(768	)		(281	)	(37	)
Net income (loss) attributable to Synovus Financial Corp.		190,426			181,555			8,871		5			70,341			120,085		171
Less: Preferred stock dividends		11,578			11,927			(349	)	(3	)		9,696			1,882		19
Net income available to common shareholders	$	178,848		$	169,628		$	9,220		5	%	$	60,645		$	118,203		195	%
Weighted average common shares outstanding, diluted		142,694			143,979			(1,285	)	(1	)		146,877			(4,183	)	(3	)
Diluted earnings per share	$	1.25		$	1.18		$	0.07		6	%	$	0.41		$	0.84		204	%
Adjusted diluted earnings per share	$	1.25		$	1.23		$	0.02		2	%	$	0.80		$	0.45		56	%
Effective tax rate		20.56	%		20.61	%							23.00	%
^*Amounts may not total due to rounding

Capital Ratios

	4Q24			3Q24		4Q23
Common equity Tier 1 capital (CET1) ratio	10.84	%	*	10.64	%	10.22	%
Tier 1 capital ratio	11.96		*	11.76		11.28
Total risk-based capital ratio	13.80		*	13.60		13.07
Tier 1 leverage ratio	9.55		*	9.55		9.49
Tangible common equity ratio	7.02			7.28		6.84
^*Ratios are preliminary

Fourth Quarter 2024 Earnings Conference Call

Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on Jan. 16, 2025. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 865307). 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 wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. As of Dec. 31, 2024, Synovus has 244 branches in Georgia, Alabama, Florida, South Carolina, 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 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, 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 net income available to common shareholders; adjusted diluted earnings per share; adjusted non-interest revenue, adjusted non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are net income available to common shareholders; diluted earnings per share; total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; 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 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. Adjusted non-interest revenue and adjusted revenue (TE) 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. 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

(in thousands, except per share data)		4Q24			3Q24			4Q23			2024			2023
Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	178,848		$	169,628		$	60,645		$	439,557		$	507,755
Valuation adjustment on Globalt earnout		(719	)		—			—			(719	)		—
(Gain) on sale of GLOBALT		—			—			—			—			(1,929	)
Restructuring charges (reversals)		37			1,219			1,231			2,121			17,707
Valuation adjustment to Visa derivative		—			8,700			—			8,700			3,927
(Gain) on early extinguishment of debt		—			—			(4,497	)		—			(5,400	)
Recovery of NPA		—			—			—			—			(13,126	)
Loss on other loans held for sale		—			—			—			—			50,064
Investment securities (gains) losses, net		—			—			77,748			256,660			76,718
Tax effect of adjustments⁽¹⁾		165			(2,427	)		(18,226	)		(64,423	)		(31,312	)
Adjusted net income available to common shareholders	$	178,331		$	177,120		$	116,901		$	641,896		$	604,404
Weighted average common shares outstanding, diluted		142,694			143,979			146,877			144,998			146,734
Net income per common share, diluted	$	1.25		$	1.18		$	0.41		$	3.03		$	3.46
Adjusted net income per common share, diluted		1.25			1.23			0.80			4.43			4.12
⁽¹⁾ An assumed marginal tax rate of 24.2% for 4Q24 and 2024 and 24.5% for 3Q24, 4Q23, and 2023 was applied.


(dollars in thousands)		4Q24			3Q24			4Q23			2024			2023
Adjusted non-interest revenue
Total non-interest revenue	$	125,587		$	123,980		$	51,468		$	239,604		$	404,010
Valuation adjustment on Globalt earnout		(719	)		—			—			(719	)		—
(Gain) on sale of GLOBALT		—			—			—			—			(1,929	)
Recovery of NPA		—			—			—			—			(13,126	)
Investment securities (gains) losses, net		—			—			77,748			256,660			76,718
Fair value adjustment on non-qualified deferred compensation		(237	)		(2,062	)		(3,053	)		(5,159	)		(4,987	)
Adjusted non-interest revenue	$	124,631		$	121,918		$	126,163		$	490,386		$	460,686

Adjusted non-interest expense
Total non-interest expense	$	309,311		$	313,690		$	352,858		$	1,247,543		$	1,335,424
Loss on other loans held for sale		—			—			—			—			(50,064	)
Restructuring (charges) reversals		(37	)		(1,219	)		(1,231	)		(2,121	)		(17,707	)
Valuation adjustment to Visa derivative		—			(8,700	)		—			(8,700	)		(3,927	)
Gain (loss) on early extinguishment of debt		—			—			4,497			—			5,400
Fair value adjustment on non-qualified deferred compensation		(237	)		(2,062	)		(3,053	)		(5,159	)		(4,987	)
Adjusted non-interest expense	$	309,037		$	301,709		$	353,071		$	1,231,563		$	1,264,139

Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)		4Q24			3Q24			4Q23
Adjusted revenue (TE) and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	309,037		$	301,709		$	353,071
Amortization of intangibles		(2,888	)		(2,907	)		(3,168	)
Adjusted tangible non-interest expense	$	306,149		$	298,802		$	349,903

Net interest income	$	454,993		$	440,740		$	437,214
Tax equivalent adjustment		1,430			1,393			1,216
Net interest income (TE)	$	456,423		$	442,133		$	438,430

Net interest income	$	454,993		$	440,740		$	437,214
Total non-interest revenue		125,587			123,980			51,468
Total revenue		580,580			564,720			488,682
Tax equivalent adjustment		1,430			1,393			1,216
Total TE revenue	$	582,010		$	566,113		$	489,898
Valuation adjustment on Globalt earnout		(719	)		—			—
Investment securities (gains) losses, net		—			—			77,748
Fair value adjustment on non-qualified deferred compensation		(237	)		(2,062	)		(3,053	)
Adjusted revenue (TE)	$	581,054		$	564,051		$	564,593
Efficiency ratio-(TE)		53.15	%		55.41	%		72.03	%
Adjusted tangible efficiency ratio		52.69			52.97			61.97

Adjusted pre-provision net revenue
Net interest income	$	454,993		$	440,740		$	437,214
Total non-interest revenue		125,587			123,980			51,468
Total non-interest expense		(309,311	)		(313,690	)		(352,858	)
Pre-provision net revenue (PPNR)	$	271,269		$	251,030		$	135,824

Adjusted revenue (TE)	$	581,054		$	564,051		$	564,593
Adjusted non-interest expense		(309,037	)		(301,709	)		(353,071	)
Adjusted PPNR	$	272,017		$	262,342		$	211,522

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)		4Q24			3Q24			4Q23
Adjusted return on average assets (annualized)
Net income	$	189,377		$	180,684		$	69,573
Restructuring charges (reversals)		37			1,219			1,231
Valuation adjustment on Globalt earnout		(719	)		—			—
Valuation adjustment to Visa derivative		—			8,700			—
(Gain) on early extinguishment of debt		—			—			(4,497	)
Investment securities (gains) losses, net		—			—			77,748
Tax effect of adjustments⁽¹⁾		165			(2,427	)		(18,226	)
Adjusted net income	$	188,860		$	188,176		$	125,829
Net income annualized	$	753,391		$	718,808		$	276,023
Adjusted net income annualized	$	751,334		$	748,613		$	499,213
Total average assets	$	60,174,616		$	59,183,624		$	59,164,065
Return on average assets (annualized)		1.25	%		1.21	%		0.47	%
Adjusted return on average assets (annualized)		1.25			1.26			0.84
⁽¹⁾ An assumed marginal tax rate of 24.2% for 4Q24 and 24.5% for 3Q24 and 4Q23 was applied.

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)		4Q24			3Q24			4Q23

Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders	$	178,848		$	169,628		$	60,645
Restructuring charges (reversals)		37			1,219			1,231
Valuation adjustment on Globalt earnout		(719	)		—			—
Valuation adjustment to Visa derivative		—			8,700			—
(Gain) on early extinguishment of debt		—			—			(4,497	)
Investment securities (gains) losses, net		—			—			77,748
Tax effect of adjustments⁽¹⁾		165			(2,427	)		(18,226	)
Adjusted net income available to common shareholders	$	178,331		$	177,120		$	116,901

Adjusted net income available to common shareholders annualized	$	709,447		$	704,630		$	463,792
Amortization of intangibles, tax effected, annualized		8,715			8,735			9,493
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	718,162		$	713,365		$	473,285

Net income available to common shareholders annualized	$	711,504		$	674,824		$	240,602
Amortization of intangibles, tax effected, annualized		8,715			8,735			9,493
Net income available to common shareholders excluding amortization of intangibles annualized	$	720,219		$	683,559		$	250,095

Total average Synovus Financial Corp. shareholders' equity less preferred stock	$	4,824,003		$	4,692,722		$	4,090,163
Average goodwill		(480,440	)		(480,440	)		(479,858	)
Average other intangible assets, net		(35,869	)		(38,793	)		(47,502	)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock	$	4,307,694		$	4,173,489		$	3,562,803
Return on average common equity (annualized)		14.75	%		14.38	%		5.88	%
Adjusted return on average common equity (annualized)		14.71			15.02			11.34
Return on average tangible common equity (annualized)		16.72			16.38			7.02
Adjusted return on average tangible common equity (annualized)		16.67			17.09			13.28
⁽¹⁾ An assumed marginal tax rate of 24.2% for 4Q24 and 24.5% for 3Q24 and 4Q23 was applied.

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,			September 30,			December 31,
(dollars in thousands)		2024			2024			2023
Tangible common equity ratio

Total assets	$	60,233,644		$	59,589,628		$	59,809,534
Goodwill		(480,440	)		(480,440	)		(480,440	)
Other intangible assets, net		(34,318	)		(37,207	)		(45,928	)
Tangible assets	$	59,718,886		$	59,071,981		$	59,283,166

Total Synovus Financial Corp. shareholders' equity	$	5,244,557		$	5,355,976		$	5,119,993
Goodwill		(480,440	)		(480,440	)		(480,440	)
Other intangible assets, net		(34,318	)		(37,207	)		(45,928	)
Preferred stock, no par value		(537,145	)		(537,145	)		(537,145	)
Tangible common equity	$	4,192,654		$	4,301,184		$	4,056,480
Total Synovus Financial Corp. shareholders’ equity to total assets ratio		8.71	%		8.99	%		8.56	%
Tangible common equity ratio		7.02			7.28			6.84

Synovus							Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)				Years Ended
(Dollars in thousands, except per share data)				December 31,
		2024			2023		% Change
Interest income	$	3,193,589		$	3,050,358		5	%
Interest expense		1,444,012			1,233,703		17
Net interest income		1,749,577			1,816,655		(4	)
Provision for (reversal of) credit losses		136,685			189,079		(28	)
Net interest income after provision for credit losses		1,612,892			1,627,576		(1	)
Non-interest revenue:
Service charges on deposit accounts		91,647			90,096		2
Fiduciary and asset management fees		79,828			78,077		2
Card fees		76,920			72,357		6
Brokerage revenue		84,881			90,004		(6	)
Mortgage banking income		14,060			15,157		(7	)
Capital markets income		44,058			39,045		13
Income from bank-owned life insurance		34,429			31,429		10
Investment securities gains (losses), net		(256,660	)		(76,718	)	(235	)
Recovery of NPA		—			13,126		nm
Other non-interest revenue		70,441			51,437		37
Total non-interest revenue		239,604			404,010		(41	)

Non-interest expense:
Salaries and other personnel expense		737,467			728,378		1
Net occupancy, equipment, and software expense		187,451			179,581		4
Third-party processing and other services		85,751			86,649		(1	)
Professional fees		46,089			39,854		16
FDIC insurance and other regulatory fees		45,921			94,737		(52	)
Restructuring charges (reversals)		2,121			17,707		(88	)
Loss on other loans held for sale		—			50,064		nm
Other operating expenses		142,743			138,454		3
Total non-interest expense		1,247,543			1,335,424		(7	)
Income before income taxes		604,953			696,162		(13	)
Income tax expense		125,502			154,021		(19	)
Net income		479,451			542,141		(12	)
Less: Net income (loss) attributable to noncontrolling interest		(3,009	)		(1,564	)	(92	)
Net income attributable to Synovus Financial Corp.		482,460			543,705		(11	)
Less: Preferred stock dividends		42,903			35,950		19
Net income available to common shareholders	$	439,557		$	507,755		(13	)%
Net income per common share, basic		3.05			3.48		(12	)%
Net income per common share, diluted		3.03			3.46		(12	)
Cash dividends declared per common share		1.52			1.52		—
Return on average assets		0.81	%		0.90	%	(9)bps
Return on average common equity		9.50			12.17		(267	)
Weighted average common shares outstanding, basic		144,164			146,115		(1	)%
Weighted average common shares outstanding, diluted		144,998			146,734		(1	)

nm - not meaningful bps - basis points Amounts may not total due to rounding


Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)	2024									2023		Fourth Quarter

	Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter		'24 vs '23 % Change

Interest income	$	799,130		810,507		801,242		782,710		788,297		1	%
Interest expense		344,137		369,767		366,244		363,864		351,083		(2	)
Net interest income		454,993		440,740		434,998		418,846		437,214		4
Provision for (reversal of) credit losses		32,867		23,434		26,404		53,980		45,472		(28	)
Net interest income after provision for credit losses		422,126		417,306		408,594		364,866		391,742		8
Non-interest revenue:
Service charges on deposit accounts		23,244		23,683		22,907		21,813		22,260		4
Fiduciary and asset management fees		21,373		19,714		19,728		19,013		18,149		18
Card fees		19,577		18,439		19,418		19,486		20,872		(6	)
Brokerage revenue		20,907		20,810		20,457		22,707		21,961		(5	)
Mortgage banking income		2,665		4,033		3,944		3,418		3,019		(12	)
Capital markets income		12,070		10,284		15,077		6,627		6,456		87
Income from bank-owned life insurance		10,543		8,442		8,097		7,347		10,324		2
Investment securities gains (losses), net		—		—		(256,660	)	—		(77,748	)	nm
Other non-interest revenue		15,208		18,575		18,181		18,477		26,175		(42	)
Total non-interest revenue		125,587		123,980		(128,851	)	118,888		51,468		144

Non-interest expense:
Salaries and other personnel expense		184,725		184,814		179,407		188,521		176,712		5
Net occupancy, equipment, and software expense		47,251		46,977		46,415		46,808		48,146		(2	)
Third-party processing and other services		22,158		21,552		21,783		20,258		21,717		2
Professional fees		11,949		10,854		15,655		7,631		11,147		7
FDIC insurance and other regulatory fees		8,227		7,382		6,493		23,819		61,470		(87	)
Restructuring charges (reversals)		37		1,219		(658	)	1,524		1,231		(97	)
Other operating expenses		34,964		40,892		32,706		34,180		32,435		8
Total non-interest expense		309,311		313,690		301,801		322,741		352,858		(12	)
Income (loss) before income taxes		238,402		227,596		(22,058	)	161,013		90,352		164
Income tax expense (benefit)		49,025		46,912		(7,378	)	36,943		20,779		136
Net income (loss)		189,377		180,684		(14,680	)	124,070		69,573		172
Less: Net income (loss) attributable to noncontrolling		(1,049	)	(871	)	(652	)	(437	)	(768	)	(37	)
Net income (loss) attributable to Synovus Financial Corp.		190,426		181,555		(14,028	)	124,507		70,341		171
Less: Preferred stock dividends		11,578		11,927		9,713		9,685		9,696		19
Net income (loss) available to common shareholders	$	178,848		169,628		(23,741	)	114,822		60,645		195
Net income (loss) per common share, basic	$	1.26		1.19		(0.16	)	0.78		0.41		207	%
Net income (loss) per common share, diluted		1.25		1.18		(0.16	)	0.78		0.41		204
Cash dividends declared per common share		0.38		0.38		0.38		0.38		0.38		—
Return on average assets *		1.25	%	1.21		(0.10	)	0.85		0.47		78 bps
Return on average common equity *		14.75		14.38		(2.14	)	10.17		5.88		nm
Weighted average common shares outstanding, basic		141,555		143,144		145,565		146,430		146,372		(3	)%
Weighted average common shares outstanding, diluted		142,694		143,979		145,565		147,122		146,877		(3	)

nm - not meaningful bps - basis points * - ratios are annualized Amounts may not total due to rounding

Synovus
BALANCE SHEET DATA	December 31, 2024			September 30, 2024			December 31, 2023
(Unaudited)
(In thousands, except share data)
ASSETS
Interest-earning deposits with banks and other cash and cash equivalents	$	2,977,667		$	1,807,641		$	2,414,103
Federal funds sold and securities purchased under resale agreements		16,320			45,971			37,323
Cash, cash equivalents, and restricted cash		2,993,987			1,853,612			2,451,426
Investment securities held to maturity		2,581,469			2,622,457			—
Investment securities available for sale		7,551,018			7,554,168			9,788,662
Loans held for sale ($33,448, $36,943 and $47,338 measured at fair value, respectively)		90,111			121,470			52,768
Loans, net of deferred fees and costs		42,609,028			43,120,674			43,404,490
Allowance for loan losses		(486,845	)		(484,985	)		(479,385	)
Loans, net		42,122,183			42,635,689			42,925,105
Cash surrender value of bank-owned life insurance		1,139,988			1,133,652			1,112,030
Premises, equipment, and software, net		383,724			380,267			365,851
Goodwill		480,440			480,440			480,440
Other intangible assets, net		34,318			37,207			45,928
Other assets		2,856,406			2,770,666			2,587,324
Total assets	$	60,233,644		$	59,589,628		$	59,809,534

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits	$	11,596,119		$	11,561,626		$	12,507,616
Interest-bearing deposits		39,499,240			38,632,114			38,231,569
Total deposits		51,095,359			50,193,740			50,739,185
Federal funds purchased and securities sold under repurchase agreements		131,728			94,055			189,074
Other short-term borrowings		—			—			3,496
Long-term debt		1,733,109			2,021,050			1,932,534
Other liabilities		2,007,197			1,902,612			1,801,097
Total liabilities		54,967,393			54,211,457			54,665,386
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 342,857,142 shares; issued 172,185,507, 172,077,277, and 171,360,188 respectively; outstanding 141,165,908, 141,997,383, and 146,705,330 respectively		172,186			172,077			171,360
Additional paid-in capital		3,986,729			3,976,706			3,955,819
Treasury stock, at cost – 31,019,599, 30,079,894, and 24,654,858 shares, respectively		(1,216,827	)		(1,167,130	)		(944,484	)
Accumulated other comprehensive income (loss), net		(970,765	)		(773,786	)		(1,117,073	)
Retained earnings		2,736,089			2,610,964			2,517,226
Total Synovus Financial Corp. shareholders' equity		5,244,557			5,355,976			5,119,993
Noncontrolling interest in subsidiary		21,694			22,195			24,155
Total equity		5,266,251			5,378,171			5,144,148
Total liabilities and shareholders' equity	$	60,233,644		$	59,589,628		$	59,809,534

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2024							2023
(dollars in thousands)	Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans ^{(1) (2)}	$	34,708,207		$	2,339,075	6.74	%	$	35,188,678		$	2,263,117	6.43	%
Consumer loans ⁽¹⁾		8,336,996			436,188	5.23			8,557,650			426,266	4.98
Less: Allowance for loan losses		(484,142	)		—	—			(463,493	)		—	—
Loans, net		42,561,061			2,775,263	6.52			43,282,835			2,689,383	6.21
Total investment securities ⁽³⁾		10,641,008			329,478	3.10			11,212,956			248,294	2.21
Trading account assets		11,839			659	5.56			15,486			886	5.72
Other earning assets ⁽⁴⁾		1,593,100			80,711	4.99			1,414,586			71,349	4.98
FHLB and Federal Reserve Bank stock		178,603			9,284	5.20			254,420			14,975	5.89
Mortgage loans held for sale		33,125			2,293	6.92			46,035			2,993	6.50
Other loans held for sale		68,098			1,386	2.00			469,689			27,099	5.69
Total interest earning assets		55,086,834		$	3,199,074	5.81	%		56,696,007		$	3,054,979	5.39	%
Cash and due from banks		511,152							575,370
Premises and equipment		377,386							367,159
Other real estate		4,756							—
Cash surrender value of bank-owned life insurance		1,125,363							1,099,641
Other assets ⁽⁵⁾		2,302,826							1,183,691
Total assets	$	59,408,317						$	59,921,868
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	10,879,231		$	273,480	2.51	%	$	9,884,039		$	176,595	1.79	%
Money market accounts		13,069,507			408,087	3.12			13,511,442			356,562	2.64
Savings deposits		1,021,838			1,262	0.12			1,229,975			1,046	0.09
Time deposits		8,244,344			358,401	4.35			5,473,405			196,481	3.59
Brokered deposits		5,426,407			288,702	5.32			6,104,461			296,071	4.85
Federal funds purchased and securities sold under repurchase agreements		109,088			1,909	1.72			97,114			1,667	1.69
Other short-term borrowings		45,489			2,514	5.44			528,194			24,611	4.60
Long-term debt		1,607,048			109,657	6.80			3,027,746			180,670	5.92
Total interest-bearing liabilities		40,402,952		$	1,444,012	3.57	%		39,856,376		$	1,233,703	3.10	%
Non-interest-bearing demand deposits		11,904,120							13,662,660
Other liabilities		1,911,827							1,671,489
Shareholders' equity		5,189,418							4,731,343
Total liabilities and shareholders' equity	$	59,408,317						$	59,921,868
Net interest income, taxable equivalent net interest margin ⁽⁶⁾				$	1,755,062	3.19	%				$	1,821,276	3.21	%
Less: taxable-equivalent adjustment					5,485							4,621
Net interest income				$	1,749,577						$	1,816,655

⁽¹⁾	Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2024 — $49.4 million and 2023 — $47.7 million.
⁽²⁾	Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.
⁽³⁾	Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
⁽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 $(724.8) million and $(1.62) billion for the years ended December 31, 2024 and 2023, respectively.
⁽⁶⁾	The net interest margin is calculated by dividing net interest income-TE by average total interest earning assets.

Synovus AVERAGE BALANCES, INTEREST, AND YIELDS/RATES (Unaudited)
	Fourth Quarter 2024								Third Quarter 2024								Fourth 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⁾	$	34,278,042		$		569,759	6.61	%	$	34,610,296		$		592,142	6.81	%	$	35,106,156		$		590,588	6.67	%
Consumer loans ⁽¹⁾		8,258,712				107,507	5.19			8,298,130				109,908	5.28			8,491,244				109,509	5.14
Less: Allowance for loan losses		(479,980	)			—	—			(482,863	)			—	—			(480,332	)			—	—
Loans, net		42,056,774				677,266	6.41			42,425,563				702,050	6.59			43,117,068				700,097	6.45
Total investment securities ⁽³⁾		10,623,943				91,038	3.43			10,420,665				87,643	3.36			11,164,487				65,176	2.33
Trading account assets		12,551				185	5.91			14,392				246	6.84			13,067				215	6.59
Other earning assets ⁽⁴⁾		2,458,591				28,936	4.60			1,408,415				18,803	5.24			1,463,176				19,689	5.26
FHLB and Federal Reserve Bank stock		166,125				2,211	5.32			170,977				2,113	4.94			187,015				3,536	7.56
Mortgage loans held for sale		30,483				520	6.83			34,890				612	7.01			39,024				696	7.14
Other loans held for sale		74,019				404	2.13			83,492				433	2.03			8,044				104	5.06
Total interest earning assets		55,422,486		$		800,560	5.75	%		54,558,394		$		811,900	5.92	%		55,991,881		$		789,513	5.59	%
Cash and due from banks		512,178								476,443								522,986
Premises and equipment		382,784								380,003								366,647
Other real estate		386								666								—
Cash surrender value of bank-owned life insurance		1,135,952								1,128,877								1,108,766
Other assets ⁽⁵⁾		2,720,830								2,639,241								1,173,785
Total assets	$	60,174,616							$	59,183,624							$	59,164,065
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	11,298,352			$	67,470	2.38	%	$	10,834,829			$	71,786	2.64	%	$	10,422,286			$	58,588	2.23	%
Money market accounts		13,768,434				101,063	2.92			13,058,527				104,514	3.18			13,053,781				103,211	3.14
Savings deposits		986,522				316	0.13			1,007,962				355	0.14			1,098,914				275	0.10
Time deposits		8,251,686				85,426	4.12			8,437,861				93,052	4.39			7,198,229				75,462	4.16
Brokered deposits		5,012,655				61,924	4.91			5,476,231				75,607	5.49			6,069,055				81,444	5.32
Federal funds purchased and securities sold under repurchase agreements		113,681				322	1.11			94,629				369	1.53			93,854				350	1.46
Other short-term borrowings		—				—	—			2,209				29	5.20			2,672				51	7.50
Long-term debt		1,613,246				27,616	6.84			1,385,836				24,055	6.93			1,922,661				31,702	6.55
Total interest-bearing liabilities		41,044,576			$	344,137	3.34	%		40,298,084			$	369,767	3.65	%		39,861,452			$	351,083	3.49	%
Non-interest-bearing demand deposits		11,783,834								11,665,661								12,744,275
Other liabilities		1,963,298								1,967,351								1,906,686
Shareholders' equity		5,382,908								5,252,528								4,651,652
Total liabilities and shareholders' equity	$	60,174,616							$	59,183,624							$	59,164,065
Net interest income, taxable equivalent net interest margin ⁽⁶⁾					$	456,423	3.28	%					$	442,133	3.22	%					$	438,430	3.11	%
Less: taxable-equivalent adjustment						1,430								1,393								1,216
Net interest income					$	454,993							$	440,740							$	437,214

(1)	Average loans are shown net of deferred fees and costs. NPLs are included. Interest income includes fees as follows: Fourth Quarter 2024 — $13.7 million, Third Quarter 2024 — $12.7 million, and Fourth Quarter 2023 —$13.1 million.
(2)	Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.
(3)	Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly.
(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 $(391.6) million, $(424.6) million, and $(1.89) billion for the Fourth Quarter 2024, Third Quarter 2024, and Fourth Quarter 2023, respectively.
(6)	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)
(Dollars in thousands)
	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
Loan Type	December 31, 2024		September 30, 2024		% Change		December 31, 2023		% Change
Commercial, Financial, and Agricultural	$	14,498,992	$	14,563,913	—	%	$	14,459,345	—	%
Owner-Occupied		7,832,137		8,100,084	(3	)		8,139,148	(4	)
Total Commercial & Industrial		22,331,129		22,663,997	(1	)		22,598,493	(1	)
Multi-Family		4,185,545		4,379,459	(4	)		4,098,188	2
Hotels		1,769,384		1,738,068	2			1,803,102	(2	)
Office Buildings		1,743,329		1,778,698	(2	)		1,891,587	(8	)
Shopping Centers		1,273,439		1,260,460	1			1,319,049	(3	)
Warehouses		846,025		837,145	1			854,475	(1	)
Other Investment Property		1,363,482		1,352,719	1			1,396,903	(2	)
Total Investment Properties		11,181,204		11,346,549	(1	)		11,363,304	(2	)
1-4 Family Construction		212,226		190,705	11			194,481	9
1-4 Family Investment Mortgage		333,692		337,425	(1	)		404,021	(17	)
Total 1-4 Family Properties		545,918		528,130	3			598,502	(9	)
Commercial Development		55,467		48,948	13			73,022	(24	)
Residential Development		77,581		67,525	15			79,961	(3	)
Land Acquisition		154,449		186,332	(17	)		201,969	(24	)
Land and Development		287,497		302,805	(5	)		354,952	(19	)
Total Commercial Real Estate		12,014,619		12,177,484	(1	)		12,316,758	(2	)
Consumer Mortgages		5,288,776		5,323,443	(1	)		5,411,723	(2	)
Home Equity Lines		1,831,287		1,809,286	1			1,807,399	1
Credit Cards		185,871		181,386	2			194,141	(4	)
Other Consumer Loans		957,346		965,078	(1	)		1,075,976	(11	)
Total Consumer		8,263,280		8,279,193	—			8,489,239	(3	)
Total	$	42,609,028	$	43,120,674	(1	)%	$	43,404,490	(2	)%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
Loan Type	December 31, 2024		September 30, 2024		% Change		December 31, 2023		% Change
Commercial, Financial, and Agricultural	$	122,874	$	107,004	15	%	$	89,870	37	%
Owner-Occupied		34,380		48,390	(29	)		91,370	(62	)
Total Commercial & Industrial		157,254		155,394	1			181,240	(13	)
Multi-Family		112		1,692	(93	)		1,681	(93	)
Office Buildings		72,430		78,281	(7	)		35,338	105
Shopping Centers		515		523	(2	)		641	(20	)
Warehouses		153		163	(6	)		196	(22	)
Other Investment Property		820		1,612	(49	)		1,914	(57	)
Total Investment Properties		74,030		82,271	(10	)		39,770	86
1-4 Family Construction		—		311	(100	)		—	nm
1-4 Family Investment Mortgage		2,385		2,533	(6	)		3,056	(22	)
Total 1-4 Family Properties		2,385		2,844	(16	)		3,056	(22	)
Residential Development		—		268	(100	)		267	(100	)
Land Acquisition		1,389		1,422	(2	)		537	159
Land and Development		1,389		1,690	(18	)		804	73
Total Commercial Real Estate		77,804		86,805	(10	)		43,630	78
Consumer Mortgages		50,834		48,956	4			46,108	10
Home Equity Lines		17,365		15,837	10			10,473	66
Other Consumer Loans		5,907		5,972	(1	)		6,726	(12	)
Total Consumer		74,106		70,765	5			63,307	17
Total	$	309,164	$	312,964	(1	)%	$	288,177	7	%

Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)	2024						2023	Fourth Quarter
	Fourth			Third	Second	First	Fourth	'24 vs '23
	Quarter			Quarter	Quarter	Quarter	Quarter	% Change
Non-performing Loans (NPL)	$	309,164		312,964	256,106	350,450	288,177	7	%
Other Real Estate and Other Assets		385		386	823	21,210	—	NM
Non-performing Assets (NPAs)		309,549		313,350	256,929	371,660	288,177	7
Allowance for Loan Losses (ALL)		486,845		484,985	485,101	492,661	479,385	2
Reserve for Unfunded Commitments		52,462		49,556	53,058	53,579	57,231	(8	)
Allowance for Credit Losses (ACL)		539,307		534,541	538,159	546,240	536,616	1
Net Charge-Offs - Quarter		28,101		27,052	34,485	44,356	41,574
Net Charge-Offs - YTD		133,994		105,893	78,841	44,356	153,342
Net Charge-Offs / Average Loans - Quarter ⁽¹⁾		0.26	%	0.25	0.32	0.41	0.38
Net Charge-Offs / Average Loans - YTD ⁽¹⁾		0.31		0.33	0.36	0.41	0.35
NPLs / Loans		0.73		0.73	0.59	0.81	0.66
NPAs / Loans, ORE and specific other assets		0.73		0.73	0.60	0.86	0.66
ACL/Loans		1.27		1.24	1.25	1.26	1.24
ALL/Loans		1.14		1.12	1.13	1.14	1.10
ACL/NPLs		174.44		170.80	210.13	155.87	186.21
ALL/NPLs		157.47		154.96	189.41	140.58	166.35
Past Due Loans over 90 days and Still Accruing	$	48,592		4,359	4,460	3,748	5,053	NM
As a Percentage of Loans Outstanding		0.11	%	0.01	0.01	0.01	0.01
Total Past Due Loans and Still Accruing	$	108,878		97,229	129,759	54,814	59,099	84
As a Percentage of Loans Outstanding		0.26	%	0.23	0.30	0.13	0.14
⁽¹⁾ Ratio is annualized.

SELECTED CAPITAL INFORMATION ⁽¹⁾
(Unaudited)
(Dollars in thousands)
	December 31, 2024			September 30, 2024	December 31, 2023
Common Equity Tier 1 Capital Ratio		10.84	%	10.64	10.22
Tier 1 Capital Ratio		11.96		11.76	11.28
Total Risk-Based Capital Ratio		13.80		13.60	13.07
Tier 1 Leverage Ratio		9.55		9.55	9.49
Total Synovus Financial Corp. shareholders’ equity as a Percentage of Total Assets		8.71		8.99	8.56
Tangible Common Equity Ratio⁽²⁾		7.02		7.28	6.84
Book Value Per Common Share⁽³⁾	$	33.35		33.94	31.24
Tangible Book Value Per Common Share⁽⁴⁾		29.70		30.29	27.65

⁽¹⁾	Current quarter regulatory capital information is preliminary.
⁽²⁾	See "Non-GAAP Financial Measures" for applicable reconciliation.
⁽³⁾	Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders' equity less Preferred Stock divided by total common shares outstanding.
⁽⁴⁾	Tangible Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders' equity less Preferred Stock and less the carrying value of goodwill and other intangible assets divided by total common shares outstanding.