Synovus Financial Corp. (NYSE:SNV) Q3 2022 Earnings Conference Call October 20, 2022 8:30 AM ET Company Participants Kevin Blair - President, Chief Executive Officer Jamie Gregory - Chief Financial Officer Robert Derrick - Chief Credit Officer Cal Evans - Senior Director, Investor Relations Conference Call Participants Brady Gailey - KBW Steven Alexopoulos - JP Morgan Jennifer Demba - Truist Securities Brad Milsaps - Piper Sandler Kevin Fitzsimmons - DA Davidson Jared Shaw - Wells Fargo Christopher Marina ...

Part I. [Financial Information](index=7&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Synovus Financial Corp.'s interim financial statements show stable total assets at $57.38 billion, Q2 2022 net income of $178.1 million, and reduced shareholders' equity [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets reached $57.38 billion, with a shift towards loans and a $712.4 million decline in shareholders' equity due to unrealized investment losses Consolidated Balance Sheet Summary | (in thousands) | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$57,382,745** | **$57,317,226** | | Loans, net | $40,796,943 | $38,884,361 | | Investment securities available for sale | $9,889,850 | $10,918,329 | | Total cash, cash equivalents, and restricted cash | $1,665,060 | $3,009,853 | | **Total Liabilities** | **$52,798,307** | **$52,020,426** | | Total deposits | $49,034,700 | $49,427,276 | | **Total Shareholders' Equity** | **$4,584,438** | **$5,296,800** | | Accumulated other comprehensive income (loss), net | $(1,026,705) | $(82,321) | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2022 net income decreased to $178.1 million due to a credit loss provision, despite an 11.4% increase in net interest income Consolidated Statements of Income Summary | (in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $425,388 | $381,860 | $817,635 | $755,716 | | Provision for (reversal of) credit losses | $12,688 | $(24,598) | $24,088 | $(43,173) | | Non-interest revenue | $97,266 | $107,087 | $202,600 | $218,043 | | Non-interest expense | $282,051 | $270,531 | $554,501 | $537,665 | | **Net income** | **$178,052** | **$186,200** | **$349,088** | **$373,292** | | Net income per common share, diluted | $1.16 | $1.19 | $2.27 | $2.38 | [Notes to Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Interim%20Consolidated%20Financial%20Statements) Detailed disclosures cover investment securities' unrealized losses, loan portfolio growth, goodwill reallocation, and updated segment reporting - The company reorganized its internal management structure, creating a new Consumer Banking segment, leading to goodwill reallocation[72](index=72&type=chunk)[127](index=127&type=chunk) - The allowance for credit losses (ACL) is estimated using a two-year forecast period, incorporating a **60% downside bias** to the baseline scenario[65](index=65&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights a net income decrease due to credit loss provisions, strong net interest income growth, robust loan expansion, and stable credit quality - Net income available to common shareholders for Q2 2022 was **$169.8 million**, down from **$177.9 million** in Q2 2021, primarily due to a **$12.7 million** provision for credit losses versus a **$24.6 million** reversal[150](index=150&type=chunk) - Net interest income for H1 2022 increased by **8%** to **$817.6 million**, and the net interest margin expanded by **8 bps** to **3.11%**, despite a **$34.7 million** decline in PPP fees[151](index=151&type=chunk)[152](index=152&type=chunk) - Loans, excluding PPP, grew **$2.21 billion (6%)** in the first half of 2022, with full-year 2022 loan growth expected at or above the upper end of **6% to 8%** guidance[154](index=154&type=chunk)[163](index=163&type=chunk) - Credit metrics remained strong with a non-performing assets (NPA) ratio of **0.33%** and a non-performing loans (NPL) ratio of **0.26%** as of June 30, 2022[155](index=155&type=chunk) [Loans](index=49&type=section&id=Loans) Total loans increased by $1.89 billion (5%) to $41.20 billion, driven by growth in commercial and consumer portfolios, partially offset by PPP loan forgiveness Loan Portfolio Summary | Loan Portfolio (in billions) | June 30, 2022 | Dec 31, 2021 | % Change | | :--- | :--- | :--- | :--- | | Commercial and industrial | $20.78 | $19.62 | 6% | | Commercial real estate | $11.50 | $11.02 | 4% | | Consumer | $8.92 | $8.67 | 3% | | **Total Loans** | **$41.20** | **$39.31** | **5%** | - Paycheck Protection Program (PPP) loan balances decreased by **78%** to **$86.7 million** as of June 30, 2022, from **$399.6 million** at year-end 2021, primarily due to **$316 million** in forgiveness[165](index=165&type=chunk)[166](index=166&type=chunk) [Deposits](index=52&type=section&id=Deposits) Total deposits slightly decreased to $49.03 billion, with a shift in composition towards non-interest-bearing demand deposits and rising deposit costs Deposit Composition Summary | Deposit Composition (in billions) | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Non-interest-bearing demand deposits | $15.78 | $15.24 | | Interest-bearing demand deposits | $6.33 | $6.35 | | Money market accounts | $13.79 | $14.89 | | Public funds | $5.86 | $6.28 | | Time deposits | $2.15 | $2.43 | | Brokered deposits | $3.62 | $2.84 | | **Total Deposits** | **$49.03** | **$49.43** | [Credit Quality](index=55&type=section&id=Credit%20Quality) Credit quality remained strong with non-performing loans at 0.26% and non-performing assets at 0.33%, reflecting stable trends despite economic uncertainty Credit Quality Metrics | Credit Metric | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Non-performing loans / Total loans | 0.26% | 0.33% | | Non-performing assets / Total loans, ORE, etc. | 0.33% | 0.40% | | Net charge-offs / Average loans (YTD) | 0.18% | 0.20% | | ACL / Total loans | 1.11% | 1.19% | - Criticized and classified loans decreased by **$113.9 million** to **$914.0 million**, representing **2.2%** of total loans[208](index=208&type=chunk)[209](index=209&type=chunk) [Capital Resources and Liquidity](index=57&type=section&id=Capital%20Resources%20and%20Liquidity) Capital and liquidity remained robust with a CET1 ratio of 9.46%, supported by diverse funding sources and a share repurchase program Capital Ratios Summary | Capital Ratios (Synovus Financial Corp.) | June 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | CET1 capital ratio | 9.46% | 9.50% | | Tier 1 risk-based capital ratio | 10.56% | 10.66% | | Total risk-based capital ratio | 12.43% | 12.61% | | Leverage ratio | 9.03% | 8.72% | - The Board of Directors authorized a **$300 million** share repurchase program for 2022, with **$13.0 million** of common stock repurchased through June 30, 2022[218](index=218&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Synovus is asset-sensitive to interest rate changes, with a 100 bps rate increase estimated to boost net interest income by 5.5%, while actively managing LIBOR transition Estimated Net Interest Income Sensitivity to Interest Rate Changes | Change in Interest Rates | Estimated % Change in Net Interest Income (Next 12 Months) | | :--- | :--- | | +200 bps | 11.0% | | +100 bps | 5.5% | - As of June 30, 2022, Synovus had approximately **$13 billion** in loans tied to LIBOR maturing after June 30, 2023, with active remediation underway[242](index=242&type=chunk) [Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that Synovus' disclosure controls and procedures were effective[252](index=252&type=chunk) Part II. [Other Information](index=61&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) Synovus is involved in various legal proceedings, with an estimated aggregate possible loss range of zero to $5 million beyond accrued amounts - For legal matters where a loss is reasonably possible, the estimated aggregate range of loss is from zero to **$5 million** in excess of amounts already accrued[125](index=125&type=chunk) [Risk Factors](index=61&type=page&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the company's 2021 Annual Report on Form 10-K - No material changes to the risk factors disclosed in the company's 2021 Form 10-K were reported for the period[257](index=257&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Synovus repurchased 78,000 shares for $3.3 million in Q2 2022 under its $300 million authorization, with $287.0 million remaining Common Stock Repurchases in Q2 2022 | Period (2022) | Total Shares Repurchased (in thousands) | Average Price Paid per Share | Total Cost (in millions) | | :--- | :--- | :--- | :--- | | April | 25 | $42.41 | $1.1 | | May | 53 | $42.85 | $2.3 | | June | 0 | N/A | $0.0 | | **Q2 Total** | **78** | **$42.71** | **$3.3** |

Second Quarter 2022 Results July 21, 2022 SYNOVUS® Forward-Looking Statements ©2022 Synovus. All Rights Reserved. 2 2 This slide presentation 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 historic ...

Synovus Financial Corp. (NYSE:SNV) Q2 2022 Earnings Conference Call July 21, 2022 8:30 AM ET Company Participants Cal Evans - Head of Investor Relations Kevin Blair - President and Chief Executive Officer Jamie Gregory - Chief Financial Officer Robert Derrick - Chief Credit Officer Conference Call Participants Jared Shaw - Wells Fargo Securities Kevin Fitzsimmons - D.A. Davidson & Co. Brady Gailey - Keefe, Bruyette, & Woods, Inc. Ebrahim Poonawala - BofA Securities Bradley Milsaps - Piper Sandler Jennifer D ...

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, 2022 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 2022 Earnings Conference Call April 21, 2022 8:30 AM ET Company Participants Cal Evans - Head of Investor Relations Kevin Blair - President and Chief Executive Officer Jamie Gregory - Chief Financial Officer Bob Derrick - Chief Credit Officer Conference Call Participants Ebrahim Poonawala - Bank of America Merrill Lynch Jennifer Demba - Truist Securities Steven Alexopoulos - JPMorgan Chase & Co. Brad Milsaps - Piper Sandler Brody Preston - Stephens Inc. Brady Gailey - K ...

Financial Performance - Net income available to common shareholders was $162746 thousand[7] - Adjusted net income available to common shareholders was $158368 thousand[7] - Adjusted pre-provision net revenue was $213 million, a 9% year-over-year increase[6] - Net interest income grew by $36 million, or 10% year-over-year, excluding PPP fees[6] Balance Sheet - Robust loan growth of $11 billion quarter-over-quarter, or 11% annualized, excluding a reduction of $197 million in PPP loans[6] - Total loans reached $40169 million[7] - Total deposits amounted to $48656 million[7] - Non-interest-bearing deposits grew by $284 million quarter-over-quarter[6] - Savings deposits grew by $72 million quarter-over-quarter[6] Credit Quality - The NPL ratio was 037% for the C&I portfolio[86, 92] - The NPL ratio was 010% for the CRE portfolio[86, 89] - The NPL ratio was 052% for the Consumer portfolio[86, 94] Updated Guidance - Loan growth (excluding PPP) is expected to be 6% to 8%[66] - Adjusted revenue is projected to increase by 9% to 11%[66] - Adjusted non-interest expense is anticipated to rise by 3% to 6%[66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-K _______________________ ☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 Commission file number 1-10312 _______________________ SYNOVUS FINANCIAL CORP. | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, $1.00 Par Value | SNV | New York Stock Exchange ...

Synovus Financial Corp. (NYSE:SNV) Q4 2021 Earnings Conference Call January 20, 2022 8:30 AM ET Company Participants Cal Evans - Head, Investor Relations Kevin Blair - President and CEO Jamie Gregory - Chief Financial Officer Conference Call Participants Steven Alexopoulos - JPMorgan Michael Rose - Raymond James Ebrahim Poonawala - Bank of America Brad Milsaps - Piper Sandler Jennifer Demba - Truist Securities Brody Preston - Stephens, Inc. Jared Shaw - Wells Fargo Securities Kevin Fitzsimmons - D.A. Davids ...

Fourth Quarter 2021 Results January 20, 2022 SYNOVUS Forward Looking Statements This slide presentation 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 ...