UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ______________________________ ☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 Commission file number 1-10312 ______________________________ SYNOVUS FINANCIAL CORP. (Exact name of registrant as specified in its charter) ______________________________ Georgia 58-1134883 (State or other jurisdiction of incor ...

Summary of Synovus Financial (SNV) 2023 Conference Call Company Overview - **Company**: Synovus Financial (SNV) - **Market Cap**: $4 billion - **Headquarters**: Southeast United States, with a history dating back to 1888 in the textile industry - **Current Stock Valuation**: Trading at tangible book value and seven times earnings [1][2] Core Points and Arguments Organizational Changes and Resilience - Synovus has transformed significantly since the Global Financial Crisis (GFC), showcasing resilience and agility in uncertain times [2][4] - The bank has unified its brand since 2018, consolidating 29 individual brands into one, enhancing synergy and service delivery [5][6] Employee Engagement and Recognition - 91% of team members are engaged, ranking in the top 5% of all companies surveyed [6] - Recognized by Greenwich and J.D. Power for service and trust, indicating strong client satisfaction [7][11] Market Position and Growth Strategy - Synovus operates in a high-growth Southeast market, with population growth projected to be double the national average over the next five years [12] - The bank has seen a 13-14% increase in loans and deposits in faster-growing markets, shifting focus from slower rural markets [13][14] Financial Performance Metrics - Over the past decade, Synovus has achieved a 17% CAGR in PPNR growth and an 18% CAGR in EPS [14] - Core deposits per share have grown by 7%, and dividends have increased by 18% annually [14][15] Risk Management and Strategic Actions - The bank has proactively managed its risk profile by divesting certain loan portfolios and cutting expenses, resulting in a net positive impact on PPNR [15][16] - Focus on maintaining high capital ratios and reducing reliance on wholesale funding [16][31] Future Outlook and Growth Areas - Anticipated growth in C&I and specialty lending, with a focus on core deposits [18] - Plans to optimize the balance sheet while continuing to grow in prudent areas [19][30] - Expectation of margin expansion in 2024 as deposit costs peak [28] Fee Income and New Business Initiatives - Significant growth in fee income from capital markets and treasury solutions, with a doubling of capital markets fees over five years [22] - Wealth management services have seen a 70% increase in fee income over the last five years [23] - New corporate and investment banking unit expected to generate $20 million in PPNR in 2024 [24] Technology and Innovation - Continuous investment in technology, including AI initiatives to enhance client experience and operational efficiency [59][62] - Development of a banking-as-a-service platform with high demand from software vendors [26][27] Important but Overlooked Content - The bank's competitive advantage lies in its personalized service combined with technological capabilities, allowing it to maintain strong client relationships [36][37] - Synovus is actively monitoring credit quality, particularly in small business lending, but has a low exposure to high-risk segments [67][70] - The bank's strategy emphasizes not just product sales but building comprehensive relationships with clients to enhance profitability [22][44] This summary encapsulates the key points discussed during the Synovus Financial conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Financial Data and Key Metrics Changes - The company reported a diluted EPS of $0.60 and adjusted EPS of $0.84 for Q3 2023, with net interest income of $443 million, down 7% year-over-year and 3% sequentially [53][45] - Total loan balances decreased by $674 million or 2% sequentially, impacted by the sale of a $1.2 billion medical office loan portfolio [24] - The common equity Tier 1 (CET-1) ratio ended the quarter at 10.13%, slightly above the targeted capital levels [23][60] Business Line Data and Key Metrics Changes - Core deposits increased by 1% or $432 million from the previous quarter, driven by a 23% increase in time deposits, while non-interest bearing deposits declined by 4% [55] - Loan growth is expected to be between 0% to 2% for 2023, with fourth quarter loan production anticipated to be similar to the third quarter [3] - Non-interest revenue was reported at $107 million, with adjusted non-interest revenue at $106 million, down $4 million from the previous quarter [46] Market Data and Key Metrics Changes - The average cost of deposits increased by 36 basis points to 2.31% in Q3, with a total deposit beta of 42% through the third quarter [44] - The company expects total deposit betas to reach 46% to 47% by year-end [28] Company Strategy and Development Direction - The company is focusing on optimizing its business mix and balance sheet, including the sale of its asset management firm, GLOBALT, to reallocate capital to higher returning fee income lines [15] - Discussions are ongoing to expand a partnership with GreenSky, which could provide additional revenue opportunities [16] - The company aims to maintain a strong capital position while navigating a volatile economic environment [23][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by higher interest rates and emphasized the importance of cost containment and balance sheet optimization [17] - The outlook for net interest margin (NIM) is expected to decline in Q4, stabilize in Q1 2024, and then expand due to fixed-rate asset re-pricing [29][32] - Management remains optimistic about the company's ability to grow core client businesses faster than the market [91] Other Important Information - Adjusted non-interest expense increased by 2% from the prior quarter, with a focus on maintaining expense discipline [21][56] - The company implemented a voluntary early retirement program, resulting in a nearly 4% reduction in headcount [49] Q&A Session Summary Question: Credit quality outlook and potential stress areas - Management discussed the normalization of credit costs and indicated that while there have been increases in non-performing loans, they remain manageable within expected ranges [71][70] Question: Update on initiatives and performance targets - Management provided updates on various initiatives, including the Maast banking platform, which has onboarded nine independent software vendors and is seeing significant interest [82][81] Question: Expectations for NIM expansion and risks - Management highlighted that Fed policy and deposit mix shifts are key risks to NIM expansion, with expectations for a gradual improvement in the coming quarters [126][128]

• Capital build and preservation is near-term priority given the uncertain economic outlook 12.45% 10.59% 10.89% 9.52% 9.63% 9.77% 9.86% 10.13% 3Q22 4Q22 1Q23 2Q23 3Q23 (1) 12.80% 13.12% 11.18% Common Equity Tier 1 Tier 1 Tier 2 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------| | | NTM PPNR Impact | | Third Party Auto Loan Sale • Benefit to liquid ...

PART I. FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) Synovus Financial Corp.'s unaudited interim consolidated financial statements and detailed accounting notes are presented for the periods ended June 30, 2023, and December 31, 2022 [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased due to loan and deposit growth, with non-interest-bearing deposits declining, while shareholders' equity rose from retained earnings and reduced unrealized losses | Metric (in thousands) | June 30, 2023 | December 31, 2022 | Change | % Change | | :-------------------- | :------------ | :---------------- | :----- | :------- | | Total assets | $60,655,591 | $59,731,378 | $924,213 | 1.55% | | Loans, net | $43,882,299 | $43,272,929 | $609,370 | 1.41% | | Total deposits | $50,080,392 | $48,871,559 | $1,208,833 | 2.47% | | Non-interest-bearing deposits | $13,565,602 | $15,639,899 | $(2,074,297) | -13.26% | | Interest-bearing deposits | $36,514,790 | $33,231,660 | $3,283,130 | 9.88% | | Total liabilities | $55,847,823 | $55,255,577 | $592,246 | 1.07% | | Total equity | $4,807,768 | $4,475,801 | $331,967 | 7.42% | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) Net interest income increased year-over-year, driven by higher interest income despite rising interest expense, with net income showing mixed results due to credit loss provisions and non-interest expenses | Metric (in thousands) | 3 Months Ended June 30, 2023 | 3 Months Ended June 30, 2022 | YoY Change | % YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | :----------- | | Total interest income | $759,143 | $453,772 | $305,371 | 67.29% | | Total interest expense | $303,612 | $28,384 | $275,228 | 969.65% | | Net interest income | $455,531 | $425,388 | $30,143 | 7.08% | | Provision for credit losses | $38,881 | $12,688 | $26,193 | 206.43% | | Total non-interest revenue | $112,276 | $97,266 | $15,010 | 15.43% | | Total non-interest expense | $307,181 | $282,051 | $25,130 | 8.91% | | Net income available to common shareholders | $165,819 | $169,761 | $(3,942) | -2.32% | | Net income per common share, diluted | $1.13 | $1.16 | $(0.03) | -2.59% | | Metric (in thousands) | 6 Months Ended June 30, 2023 | 6 Months Ended June 30, 2022 | YoY Change | % YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | :----------- | | Total interest income | $1,476,022 | $869,834 | $606,188 | 69.69% | | Total interest expense | $539,739 | $52,199 | $487,540 | 934.08% | | Net interest income | $936,283 | $817,635 | $118,648 | 14.51% | | Provision for credit losses | $71,035 | $24,088 | $46,947 | 195.07% | | Total non-interest revenue | $245,402 | $202,600 | $42,802 | 21.13% | | Total non-interest expense | $629,034 | $554,501 | $74,533 | 13.44% | | Net income available to common shareholders | $359,688 | $332,507 | $27,181 | 8.17% | | Net income per common share, diluted | $2.45 | $2.27 | $0.18 | 7.93% | [Consolidated Statements of Comprehensive Income (Loss)](index=9&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company reported comprehensive income for both periods, a significant improvement from prior year losses, primarily due to reduced net unrealized losses on investment securities and derivative instruments | Metric (in thousands) | 3 Months Ended June 30, 2023 | 3 Months Ended June 30, 2022 | YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | | Net income | $173,944 | $178,052 | $(4,108) | | Total other comprehensive income (loss) | $(105,848) | $(364,640) | $258,792 | | Comprehensive income (loss) | $68,096 | $(186,588) | $254,684 | | Metric (in thousands) | 6 Months Ended June 30, 2023 | 6 Months Ended June 30, 2022 | YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | | Net income | $376,103 | $349,088 | $27,015 | | Total other comprehensive income (loss) | $46,942 | $(944,384) | $991,326 | | Comprehensive income (loss) | $423,045 | $(595,296) | $1,018,341 | [Consolidated Statements of Changes in Shareholders' Equity](index=10&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased due to net income and positive other comprehensive income, partially offset by dividends and an acquisition of noncontrolling interest | Metric (in thousands) | June 30, 2023 | December 31, 2022 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Total Synovus Financial Corp. shareholders' equity | $4,782,528 | $4,475,801 | $306,727 | | Net income (loss) | $376,269 | $376,269 | $0 | | Other comprehensive income (loss), net of income taxes | $46,942 | $46,942 | $0 | | Cash dividends declared on common stock | $(111,038) | $(111,038) | $0 | | Cash dividends declared on preferred stock | $(16,581) | $(16,581) | $0 | | Acquisition of noncontrolling interest | $25,406 | $25,406 | $0 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated significant net cash inflow, while investing activities resulted in a net cash outflow, and financing activities provided net cash, driven by deposit increases and debt repayments | Metric (in thousands) | 6 Months Ended June 30, 2023 | 6 Months Ended June 30, 2022 | YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | | Net cash provided by (used in) operating activities | $714,099 | $210,994 | $503,105 | | Net cash provided by (used in) investing activities | $(978,017) | $(1,971,710) | $993,693 | | Net cash provided by (used in) financing activities | $340,289 | $415,923 | $(75,634) | | Increase (decrease) in cash and cash equivalents | $76,371 | $(1,344,793) | $1,421,164 | [Notes to Unaudited Interim Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Interim%20Consolidated%20Financial%20Statements) These notes provide detailed disclosures on Synovus' financial statements, covering accounting policies, asset and liability valuations, equity changes, and various commitments and contingencies [Note 1 - Basis of Presentation and Accounting Policies](index=13&type=section&id=Note%201%20-%20Basis%20of%20Presentation%20and%20Accounting%20Policies) Synovus' interim financial statements are prepared under SEC Form 10-Q and GAAP, with key updates including the Qualpay acquisition and early adoption of ASU 2023-02 for tax credit investments - Synovus acquired a **60% equity

Synovus Financial Corp. (NYSE:SNV) Q2 2023 Earnings Conference Call July 20, 2023 8:30 AM ET Company Participants Cal Evans - Head, Investor Relations Kevin Blair - Chairman, President and CEO Jamie Gregory - Chief Financial Officer Bob Derrick - Chief Credit Officer Conference Call Participants Steven Alexopoulos - J.P. Morgan Brady Gailey - KBW Stephen Scouten - Piper Sandler Kevin Fitzsimmons - D.A. Davidson Jared Shaw - Wells Fargo Manan Gosalia - Morgan Stanley Brandon King - Truist Securities Brody Pr ...

• YoY expense increase drivers include new initiative and infrastructure investments as well as investments in our workforce and FDIC/healthcare costs • Continue to move forward with key strategic investments while rationalizing overall spend in light of the current environment ◦ Headcount reduction of 86 in mortgage, technology and operations in 2Q23 ◦ Voluntary early retirement program to be completed in 3Q23, expected to impact ~125 team members ◦ Expect to receive long-term net benefit after role reallo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ______________________________ ☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 Commission file number 1-10312 ______________________________ SYNOVUS FINANCIAL CORP. (Exact name of registrant as specified in its charter) ______________________________ Georgia 58-1134883 (State or other jurisdiction of incorpora ...

Synovus Financial Corp. (NYSE:SNV) Q1 2023 Earnings Conference Call April 20, 2023 8:30 AM ET Company Participants Cal Evans - Senior Director, IR Kevin Blair - Chairman, President, and CEO Jamie Gregory - CFO Robert Derrick - CCO Conference Call Participants Bradley Milsaps - Piper Sandler Ebrahim Poonawala - Bank of America Securities Anthony Elian - J.P. Morgan Brady Gailey - Keefe, Bruyette, & Woods Michael Rose - Raymond James Jared Shaw - Wells Fargo Kevin Fitzsimmons - D.A. Davidson Christopher Marin ...

First Quarter 2023 Results 2 This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average assets; return on average tangible common equity; adjusted return on average tangible common equity; adjusted non-interest revenue; adjusted reven ...