Fourth Quarter 2023 Results Forward-Looking Statements Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of Synovus' control, or cannot be reasonably pred ...

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 ...