[Executive Summary](index=1&type=section&id=Executive%20Summary) Synovus delivered strong Q2 2025 results with significant EPS growth, improved operational efficiency, and strengthened capital, leading to raised full-year guidance [Overall Performance and Strategic Highlights](index=1&type=section&id=Overall%20Performance%20and%20Strategic%20Highlights) Synovus achieved strong Q2 2025 results with **28% adjusted EPS growth**, **8% annualized loan growth**, improved efficiency, and record CET1 ratio, leading to raised full-year guidance - **Adjusted diluted earnings per share grew 28% year-over-year**[4](index=4&type=chunk) - **Funded loan production surged 60% year over year**, driving **8% annualized loan growth**[4](index=4&type=chunk) - Achieved **positive operating leverage**, strengthening top-quartile efficiency ratio and profitability[4](index=4&type=chunk) - **Credit quality improved** across all categories[4](index=4&type=chunk) - **Common Equity Tier 1 capital ratio reached the highest level** in company's history[4](index=4&type=chunk) - Full-year 2025 earnings guidance was confidently raised[4](index=4&type=chunk) [Second Quarter 2025 Key Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Key%20Financial%20Highlights) Synovus reported **$206.3 million net income** and **$1.48 adjusted diluted EPS** for Q2 2025, with sequential growth in loans, net interest income, and improved credit quality Key Financial Highlights (Reported vs. Adjusted) | Metric | 2Q25 Reported | 1Q25 Reported | 2Q24 Reported | 2Q25 Adjusted | 1Q25 Adjusted | 2Q24 Adjusted | | :--------------------------------- | :-------------- | :-------------- | :-------------- | :-------------- | :-------------- | :-------------- | | Net income (loss) available to common shareholders (in thousands) | $206,320 | $183,691 | $(23,741) | $206,375 | $184,380 | $169,617 | | Diluted earnings per share | $1.48 | $1.30 | $(0.16) | $1.48 | $1.30 | $1.16 | | Total revenue (in thousands) | $593,696 | $570,850 | $306,147 | $592,083 | $573,243 | $563,597 | | Net interest margin | 3.37% | 3.35% | 3.20% | NA | NA | NA | | Efficiency ratio-TE | 53.03% | 53.81% | 98.15% | 52.31% | 53.26% | 53.05% | | Common Equity Tier 1 capital (CET1) ratio | 10.91% | 10.77% | 10.60% | NA | NA | NA | - **Pre-provision net revenue was $278.0 million**, up **6% from 1Q25**; Adjusted pre-provision net revenue of **$279.7 million increased 5%** on a linked quarter basis and rose **7% year over year**[5](index=5&type=chunk) - **Net interest income grew 1% from 1Q25 and 6% compared to 2Q24**[5](index=5&type=chunk) - **Net interest margin expanded by 2 basis points to 3.37%** due to a decline in deposit costs, fixed-rate asset repricing, hedge maturities, lower cash balances, and a stable Fed Funds environment[5](index=5&type=chunk) - **Period-end loans increased $888.0 million, or 2%**, from 1Q25, fueled by specialty lending, corporate and investment banking lending, and commercial banking[5](index=5&type=chunk) - Period-end core deposits (excluding brokered deposits) were **$45.2 billion**, a decline of **$788.4 million sequentially**; average deposit costs fell **4 basis points sequentially to 2.22%**[5](index=5&type=chunk) - **Non-performing loan and asset ratios improved to 0.59%** compared to 0.67% in 1Q25, while the **net charge-off ratio for 2Q25 was 0.17%**, down from 0.20% in the prior quarter[8](index=8&type=chunk) - **Provision for credit losses of $3.2 million declined 70% sequentially** and fell **88% compared to $26.4 million in 2Q24**[8](index=8&type=chunk) - The preliminary **Common Equity Tier 1 ratio ended 1Q25 at 10.91%** as core earnings accretion offset the impact of approximately **$21 million in common stock repurchases**[8](index=8&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) Synovus Financial Corp. is a Georgia-based financial services company with approximately **$61 billion in assets**, offering diverse banking products across five Southeastern states [Company Profile](index=5&type=section&id=Company%20Profile) Synovus Financial Corp. is a Georgia-based financial services company with approximately **$61 billion in assets**, offering a comprehensive range of commercial and consumer banking products and specialized services across **244 branches** in five Southeastern states - Synovus Financial Corp. is based in Columbus, Georgia, with approximately **$61 billion in assets**[13](index=13&type=chunk) - 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[13](index=13&type=chunk) - As of June 30, 2025, Synovus has **244 branches** in Georgia, Alabama, Florida, South Carolina, and Tennessee[13](index=13&type=chunk) [Financial Results Overview](index=4&type=section&id=Financial%20Results%20Overview) Synovus reported a significant turnaround in Q2 2025 net income, driven by increased net interest income, substantial non-interest revenue growth, and sharply reduced credit loss provisions [Consolidated Income Statement - Second Quarter](index=4&type=section&id=Consolidated%20Income%20Statement%20-%20Second%20Quarter) Synovus reported a **net income of $217.1 million** for Q2 2025, a significant turnaround from a loss in 2Q24, driven by increased net interest income and a substantial rise in non-interest revenue, while provision for credit losses decreased sharply Income Statement Summary (2Q25 vs 1Q25 vs 2Q24) | Metric (in thousands) | 2Q25 | 1Q25 | 2Q24 | Linked Quarter % Change | Year/Year % Change | | :--------------------------------------- | :------- | :------- | :------- | :---------------------- | :------------------- | | Net interest income | $459,561 | $454,384 | $434,998 | 1% | 6% | | Non-interest revenue | $134,135 | $116,466 | $(128,851) | 15% | 204% | | Non-interest expense | $315,701 | $308,034 | $301,801 | 2% | 5% | | Provision for (reversal of) credit losses | $3,245 | $10,921 | $26,404 | (70)% | (88)% | | Income before taxes | $274,750 | $251,895 | $(22,058) | 9% | nm | | Net income (loss) | $217,119 | $194,872 | $(14,680) | 11% | nm | | Net income (loss) available to common shareholders | $206,320 | $183,691 | $(23,741) | 12% | nm | | Diluted earnings (loss) per share | $1.48 | $1.30 | $(0.16) | 14% | nm | [Net Interest Income and Margin](index=4&type=section&id=Net%20Interest%20Income%20and%20Margin) Synovus's net interest income grew **1% sequentially to $459.6 million** in Q2 2025, with net interest margin expanding to **3.37%** due to lower deposit costs and asset repricing - **Net interest income was $459.6 million in 2Q25**, increasing **1% sequentially and 6% year-over-year**[5](index=5&type=chunk)[11](index=11&type=chunk)[17](index=17&type=chunk) - **Net interest margin expanded by 2 basis points to 3.37% in 2Q25**, up from 3.35% in 1Q25 and 3.20% in 2Q24[5](index=5&type=chunk)[6](index=6&type=chunk)[17](index=17&type=chunk) - The expansion in net interest margin was a result of a **decline in deposit costs**, fixed-rate asset repricing, hedge maturities, lower cash balances, and a stable Fed Funds environment[5](index=5&type=chunk) [Non-Interest Revenue](index=4&type=section&id=Non-Interest%20Revenue) Non-interest revenue increased **15% sequentially to $134.1 million** in Q2 2025, driven by higher core banking fees, wealth management, and capital markets income - **Non-interest revenue was $134.1 million in 2Q25**, an increase of **$17.7 million (15%) sequentially**[8](index=8&type=chunk)[11](index=11&type=chunk)[17](index=17&type=chunk) - **Adjusted non-interest revenue of $130.9 million increased $13.6 million (12%) sequentially** and **$3.6 million (3%) from 2Q24**[8](index=8&type=chunk) - The sequential increase in adjusted non-interest revenue was primarily attributable to higher core banking fees, wealth management income, capital markets income, commercial sponsorship fees, and a bank-owned life insurance gain[8](index=8&type=chunk) - Investment securities gains (losses), net was **$0 in 2Q25** compared to **$(256.7) million in 2Q24**[11](index=11&type=chunk)[17](index=17&type=chunk) [Non-Interest Expense](index=4&type=section&id=Non-Interest%20Expense) Non-interest expense rose **2% sequentially to $315.7 million** in Q2 2025, primarily due to employment costs, while the efficiency ratio improved to **53.03%** - **Non-interest expense was $315.7 million in 2Q25**, increasing **$7.7 million (2%) sequentially** and **$13.9 million (5%) year-over-year**[11](index=11&type=chunk)[17](index=17&type=chunk) - **Adjusted non-interest expense was $312.4 million**, increasing **1% from 1Q25 and 3% from a year ago**, primarily due to higher employment expense[8](index=8&type=chunk) - The **efficiency ratio-TE improved to 53.03% in 2Q25** from 53.81% in 1Q25 and 98.15% in 2Q24[6](index=6&type=chunk)[11](index=11&type=chunk) - The **adjusted tangible efficiency ratio improved to 52.31% in 2Q25** from 53.26% in 1Q25[6](index=6&type=chunk)[11](index=11&type=chunk) [Provision for Credit Losses](index=4&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses significantly decreased by **70% sequentially to $3.2 million** in Q2 2025, reflecting improved credit quality - **Provision for credit losses was $3.2 million in 2Q25**, declining **70% sequentially from $10.9 million** and **88% year-over-year from $26.4 million**[8](index=8&type=chunk)[11](index=11&type=chunk)[17](index=17&type=chunk) [Net Income and Earnings Per Share](index=4&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share) Net income available to common shareholders increased **12% sequentially to $206.3 million** in Q2 2025, with diluted EPS rising to **$1.48** - **Net income available to common shareholders was $206.3 million in 2Q25**, up **12% sequentially**[5](index=5&type=chunk)[11](index=11&type=chunk)[17](index=17&type=chunk) - **Diluted earnings per share was $1.48 in 2Q25**, up **14% sequentially**[5](index=5&type=chunk)[11](index=11&type=chunk)[17](index=17&type=chunk) - **Adjusted diluted earnings per share was $1.48 in 2Q25**, up **14% sequentially and 28% year-over-year**[5](index=5&type=chunk)[11](index=11&type=chunk)[17](index=17&type=chunk) [Consolidated Income Statement - Year-to-Date](index=6&type=section&id=Consolidated%20Income%20Statement%20-%20Year-to-Date) For the six months ended June 30, 2025, Synovus reported a **net income available to common shareholders of $390.0 million**, a **328% increase** from the prior year, with **diluted EPS of $2.77** Income Statement Data (Six Months Ended June 30, 2025 vs 2024) | Metric (in thousands) | 2025 | 2024 | % Change | | :--------------------------------------- | :------- | :------- | :------- | | Net interest income | $913,945 | $853,844 | 7% | | Provision for (reversal of) credit losses | $14,166 | $80,384 | (82)% | | Total non-interest revenue | $250,601 | $(9,963) | nm | | Total non-interest expense | $623,735 | $624,542 | —% | | Income before income taxes | $526,645 | $138,955 | 279% | | Net income | $411,991 | $109,390 | 277% | | Net income available to common shareholders | $390,011 | $91,081 | 328% | | Diluted earnings per share | $2.77 | $0.62 | 347% | | Cash dividends declared per common share | $0.78 | $0.76 | 3% | | Return on average assets | 1.39% | 0.37% | 102 bps | | Return on average common equity | 16.11% | 4.07% | nm | [Balance Sheet Overview](index=3&type=section&id=Balance%20Sheet%20Overview) Synovus's balance sheet at June 30, 2025, shows total assets of **$61.06 billion**, with sequential growth in loans and investment securities, while deposits experienced a slight decline [Loans Outstanding](index=3&type=section&id=Loans%20Outstanding) Total loans increased by **$888.0 million, or 2%**, sequentially to **$43.5 billion** at June 30, 2025, primarily driven by growth in commercial & industrial loans and other investment properties Loans Outstanding by Type (2Q25 vs 1Q25 vs 2Q24) | Loan Type (in millions) | June 30, 2025 | March 31, 2025 | Linked Quarter % Change | June 30, 2024 | Year/Year % Change | | :-------------------------------- | :-------------- | :--------------- | :---------------------- | :-------------- | :------------------- | | Commercial & industrial | $23,098.3 | $22,313.3 | 4% | $22,536.6 | 2% | | Commercial real estate | $12,139.7 | $12,071.6 | 1% | $12,215.5 | (1)% | | Consumer | $8,298.7 | $8,263.8 | —% | $8,341.3 | (1)% | | **Total loans** | **$43,536.7** | **$42,648.7** | **2%** | **$43,093.4** | **1%** | - **Commercial & industrial loans increased by 4% sequentially and 2% year-over-year**[9](index=9&type=chunk)[21](index=21&type=chunk) - **Other Investment Property loans increased 2% sequentially and 13% year-over-year**[21](index=21&type=chunk) - **1-4 Family Construction loans increased 11% sequentially and 22% year-over-year**[21](index=21&type=chunk) [Deposits](index=3&type=section&id=Deposits) Total deposits decreased by **$918.1 million, or 2%**, sequentially to **$49.9 billion** at June 30, 2025, primarily due to declines in public funds, time deposits, and interest-bearing DDA, partially offset by an increase in non-interest-bearing DDA Deposits by Type (2Q25 vs 1Q25 vs 2Q24) | Deposit Type (in millions) | 2Q25 | 1Q25 | Linked Quarter Change | Linked Quarter % Change | 2Q24 | Year/Year Change | Year/Year % Change | | :------------------------- | :------- | :------- | :-------------------- | :---------------------- | :------- | :--------------- | :----------------- | | Non-interest-bearing DDA | $11,219.8 | $11,095.8 | $124.0 | 1% | $11,177.7 | $42.1 | —% | | Interest-bearing DDA | $7,124.8 | $7,272.0 | $(147.2) | (2)% | $6,621.2 | $503.6 | 8% | | Money market | $11,441.1 | $11,424.7 | $16.4 | —% | $10,747.9 | $693.1 | 6% | | Savings | $971.9 | $1,000.4 | $(28.5) | (3)% | $1,009.8 | $(38.0) | (4)% | | Public funds | $7,719.9 | $8,125.0 | $(405.0) | (5)% | $7,111.9 | $608.0 | 9% | | Time deposits | $6,730.4 | $7,078.5 | $(348.1) | (5)% | $8,125.2 | $(1,394.8) | (17)% | | Brokered deposits | $4,717.1 | $4,846.7 | $(129.6) | (3)% | $5,402.0 | $(685.0) | (13)% | | **Total deposits** | **$49,925.0** | **$50,843.1** | **$(918.1)** | **(2)%** | **$50,195.8** | **$(270.8)** | **(1)%** | - **Average deposit costs fell 4 basis points sequentially to 2.22%**[5](index=5&type=chunk) [Consolidated Balance Sheet](index=8&type=section&id=Consolidated%20Balance%20Sheet) Total assets for Synovus increased to **$61.06 billion** at June 30, 2025, up from **$60.23 billion** at December 31, 2024, primarily driven by an increase in loans and investment securities Consolidated Balance Sheet (June 30, 2025 vs Dec 31, 2024 vs June 30, 2024) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :--------------------------------------- | :-------------- | :---------------- | :-------------- | | Total assets | $61,056,785 | $60,233,644 | $59,606,343 | | Total deposits | $49,925,007 | $51,095,359 | $50,195,778 | | Long-term debt | $3,909,478 | $1,733,109 | $2,283,767 | | Total liabilities | $55,418,143 | $54,967,393 | $54,529,671 | | Total Synovus Financial Corp. shareholders' equity | $5,617,686 | $5,244,557 | $5,053,606 | - **Loans, net increased to $43.07 billion** at June 30, 2025, from **$42.12 billion** at December 31, 2024[18](index=18&type=chunk) - **Investment securities available for sale increased to $7.80 billion** at June 30, 2025, from **$7.55 billion** at December 31, 2024[18](index=18&type=chunk) [Average Balances, Interest, and Yields/Rates](index=9&type=section&id=Average%20Balances,%20Interest,%20and%20Yields/Rates) For Q2 2025, average interest-earning assets were **$54.96 billion** with a yield of **5.64%**, while average interest-bearing liabilities were **$40.99 billion** with a cost of **3.05%**, resulting in a net interest margin of **3.37%** Average Balances, Interest, and Yields/Rates (2Q25 vs 1Q25 vs 2Q24) | Metric | 2Q25 Average Balance (in thousands) | 2Q25 Yield/Rate | 1Q25 Average Balance (in thousands) | 1Q25 Yield/Rate | 2Q24 Average Balance (in thousands) | 2Q24 Yield/Rate | | :--------------------------------------- | :-------------------------------- | :-------------- | :-------------------------------- | :-------------- | :-------------------------------- | :-------------- | | Total interest earning assets | $54,963,110 | 5.64% | $55,131,990 | 5.65% | $54,849,986 | 5.89% | | Total interest-bearing liabilities | $40,990,827 | 3.05% | $41,040,686 | 3.09% | $40,199,073 | 3.66% | | Net interest income and net interest margin, taxable equivalent | NA | 3.37% | NA | 3.35% | NA | 3.20% | - **Commercial loans yield decreased to 6.39% in 2Q25** from 6.43% in 1Q25 and 6.82% in 2Q24[19](index=19&type=chunk) - **Time deposits rate decreased to 3.45% in 2Q25** from 3.71% in 1Q25 and 4.48% in 2Q24[19](index=19&type=chunk) [Asset Quality](index=11&type=section&id=Asset%20Quality) Synovus demonstrated improved asset quality in Q2 2025, with non-performing loans and assets decreasing, a lower net charge-off ratio, and enhanced reserve coverage [Non-Performing Loans and Assets](index=11&type=section&id=Non-Performing%20Loans%20and%20Assets) Non-performing loans (NPLs) decreased by **10% sequentially to $257.4 million** at June 30, 2025, while non-performing assets (NPAs) also saw a similar decline, with the NPL ratio remaining stable at **0.59%** year-over-year Non-Performing Loans Composition (2Q25 vs 1Q25 vs 2Q24) | Loan Type (in thousands) | June 30, 2025 | March 31, 2025 | Linked Quarter % Change | June 30, 2024 | Year/Year % Change | | :-------------------------------- | :-------------- | :--------------- | :---------------------- | :-------------- | :------------------- | | Commercial & Industrial | $129,309 | $143,796 | (10)% | $171,084 | (24)% | | Commercial Real Estate | $61,263 | $70,064 | (13)% | $15,537 | 294% | | Consumer | $66,843 | $72,769 | (8)% | $69,485 | (4)% | | **Total Non-performing Loans** | **$257,415** | **$286,629** | **(10)%** | **$256,106** | **1%** | - **Non-performing assets (NPAs) were $258.6 million in 2Q25**, down from $287.2 million in 1Q25[24](index=24&type=chunk) - The **NPLs / Loans ratio was 0.59% in 2Q25**, down from 0.67% in 1Q25, and stable compared to 0.59% in 2Q24[24](index=24&type=chunk) - The **NPAs / Loans, ORE and specific other assets ratio was 0.59% in 2Q25**, down from 0.67% in 1Q25, and stable compared to 0.60% in 2Q24[24](index=24&type=chunk) [Credit Loss Allowance and Net Charge-Offs](index=12&type=section&id=Credit%20Loss%20Allowance%20and%20Net%20Charge-Offs) The allowance for credit losses (ACL) decreased to **$513.8 million**, with the ACL to loans ratio at **1.18%**, while net charge-offs (NCOs) declined significantly to **0.17%** of average loans for the quarter, and reserve coverage of non-performing loans improved to **200%** - **Allowance for Credit Losses (ACL) was $513.8 million in 2Q25**, down from $528.9 million in 1Q25[24](index=24&type=chunk) - **Allowance for Loan Losses (ALL) was $464.8 million in 2Q25**, down from $478.2 million in 1Q25[24](index=24&type=chunk) - **Net Charge-Offs / Average Loans - Quarter was 0.17% in 2Q25**, down from 0.20% in 1Q25 and 0.32% in 2Q24[24](index=24&type=chunk) - The **ACL / Loans ratio was 1.18% in 2Q25**, down from 1.24% in 1Q25[24](index=24&type=chunk) - **Reserve coverage of non-performing loans (ACL/NPLs) improved to 199.60% in 2Q25** from 184.51% in 1Q25[8](index=8&type=chunk)[24](index=24&type=chunk) [Capital Adequacy](index=12&type=section&id=Capital%20Adequacy) Synovus achieved a record-high preliminary **Common Equity Tier 1 capital ratio of 10.91%** at June 30, 2025, reflecting strong core earnings accretion and improved tangible common equity [Regulatory Capital Ratios and Equity](index=12&type=section&id=Regulatory%20Capital%20Ratios%20and%20Equity) Synovus's **Common Equity Tier 1 (CET1) capital ratio reached a preliminary 10.91%** at June 30, 2025, the highest in the company's history, reflecting strong core earnings accretion, with the tangible common equity ratio also improving to **7.55%** Selected Capital Information (June 30, 2025 vs Dec 31, 2024 vs June 30, 2024) | Metric | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :--------------------------------------- | :------------ | :------------------ | :------------ | | Common Equity Tier 1 Capital Ratio | 10.91% | 10.84% | 10.60% | | Tier 1 Capital Ratio | 12.01% | 11.96% | 11.72% | | Total Risk-Based Capital Ratio | 13.74% | 13.81% | 13.56% | | Tier 1 Leverage Ratio | 9.86% | 9.55% | 9.44% | | Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets | 9.20% | 8.71% | 8.48% | | Tangible Common Equity Ratio | 7.55% | 7.02% | 6.76% | | Book Value Per Common Share | $36.61 | $33.35 | $31.33 | | Tangible Book Value Per Common Share | $32.94 | $29.70 | $27.72 | - The preliminary **Common Equity Tier 1 ratio ended 1Q25 at 10.91%**, the highest level in the company's history, as core earnings accretion offset the impact of common stock repurchases[4](index=4&type=chunk)[8](index=8&type=chunk)[25](index=25&type=chunk) [Non-GAAP Financial Measures](index=13&type=section&id=Non-GAAP%20Financial%20Measures) Synovus utilizes non-GAAP financial measures to provide additional insights into its operating results and financial strength, with comprehensive reconciliations to GAAP [Non-GAAP Measures and Reconciliations](index=13&type=section&id=Non-GAAP%20Measures%20and%20Reconciliations) Synovus provides non-GAAP financial measures, including adjusted non-interest revenue, adjusted non-interest expense, and adjusted tangible efficiency ratio, to offer additional insights into its operating results and financial strength, with detailed reconciliations to GAAP measures - Non-GAAP financial measures provide meaningful additional information to evaluate operating results, financial strength, business performance, and capital position, by excluding items not indicative of ongoing operations[27](index=27&type=chunk) - Reconciliations are provided for adjusted non-interest revenue, adjusted non-interest expense, adjusted revenue (TE), adjusted tangible efficiency ratio, adjusted pre-provision net revenue, adjusted return on average assets, adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average common equity, return on average tangible common equity, adjusted return on average tangible common equity, and tangible common equity ratio[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [Additional Information](index=5&type=section&id=Additional%20Information) This section provides details on the upcoming earnings conference call and important disclosures regarding forward-looking statements and associated risks [Earnings Conference Call Details](index=5&type=section&id=Earnings%20Conference%20Call%20Details) Synovus will host an earnings conference call with a slide presentation on July 17, 2025, at 8:30 a.m. ET, with access details for dial-in or webcast and replay information provided - Earnings highlights conference call with accompanying slide presentation scheduled for **July 17, 2025, at 8:30 a.m. ET**[12](index=12&type=chunk) - Access via listen-only dial-in phone number: **833-470-1428 (code: 937395)** or simultaneous internet broadcast at **investor.synovus.com/event**[12](index=12&type=chunk) - Replay will be archived for at least 12 months and available approximately one hour after the call[12](index=12&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements regarding future performance and strategy, which are subject to known and unknown risks and uncertainties detailed in SEC filings, with no obligation to update - Statements constitute 'forward-looking statements' regarding future operating and financial performance, growth strategy, expense and revenue initiatives, capital management, balance sheet management, future profitability, and credit quality[14](index=14&type=chunk) - Forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause actual results to be materially different[14](index=14&type=chunk) - Risks and other factors are set forth in Synovus's filings with the SEC, including its Annual Report on Form 10-K and quarterly reports on Form 10-Q and current reports on Form 8-K[15](index=15&type=chunk) - The company does not assume any obligation to update any forward-looking statements, except as may be required by law[15](index=15&type=chunk)

Synovus Financial Corp. SNV will release earnings results for the second quarter, after the closing bell on Wednesday, July 16. Analysts expect the Columbus, Georgia-based company to report quarterly earnings at $1.25 per share, up from $1.16 per share in the year-ago period. Synovus Financial projects to report quarterly revenue of $585.99 million, compared to $306.15 million a year earlier, according to data from Benzinga Pro. On April 16, Synovus posted better-than-expected earnings for the first quarter ...

Core Viewpoint - Analysts forecast that Synovus Financial (SNV) will report quarterly earnings of $1.25 per share, reflecting a year-over-year increase of 7.8%, with revenues expected to reach $583.84 million, a 90.7% increase compared to the previous year [1] Earnings Projections - Over the last 30 days, there has been a 1% upward revision in the consensus EPS estimate for the quarter, indicating analysts' reassessment of their initial forecasts [2] - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3] Key Metrics Forecast - Analysts project the 'Net interest margin, taxable equivalent' to be 3.3%, up from 3.2% in the same quarter last year [5] - The 'Efficiency ratio - TE' is expected to be 53.6%, a significant improvement from 98.2% reported in the same quarter last year [5] - The estimated 'Average Balance - Total interest earning assets' is $55.51 billion, compared to $54.85 billion in the same quarter last year [6] - 'Non-performing Assets (NPAs)' are projected to reach $289.74 million, up from $256.93 million a year ago [6] - 'Non-performing Loans (NPLs)' are expected to be $288.95 million, compared to $256.11 million in the same quarter last year [7] - The 'Tier 1 Capital Ratio' is forecasted at 11.3%, down from 11.7% reported in the same quarter last year [7] Income Estimates - The consensus estimate for 'Net interest income taxable equivalent' is $466.25 million, compared to $436.35 million in the same quarter last year [8] - 'Net Interest Income' is expected to be $462.13 million, up from $435.00 million in the same quarter last year [8] - 'Mortgage banking income' is projected at $4.47 million, compared to $3.94 million in the same quarter last year [9] - 'Service charges on deposit accounts' are expected to be $23.38 million, up from $22.91 million a year ago [9] - 'Fiduciary and asset management fees' are estimated at $20.08 million, compared to $19.73 million last year [10] - 'Capital markets income' is forecasted at $8.37 million, down from $15.08 million in the same quarter last year [10] Stock Performance - Over the past month, Synovus shares have returned +13.5%, outperforming the Zacks S&P 500 composite's +4.1% change, indicating a likely performance that aligns with the overall market in the upcoming period [11]

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Financial Performance & Growth - Synovus' diluted Earnings Per Share (EPS) increased from $189 in 2016 to $399 in Q1 2019, representing a 26% Compound Annual Growth Rate (CAGR)[39] - Adjusted Return on Average Tangible Common Equity (ROATCE) increased by 860 basis points from 852% in 2016 to 1752% in Q1 2019[39] - Synovus is targeting a sustained 10+% CAGR in EPS growth, with a Return on Assets (ROA) of approximately 145%, an adjusted tangible efficiency ratio of approximately 50%, and a Return on Tangible Common Equity (ROTCE) of approximately 170%[47, 48] - The company reported adjusted diluted EPS of $098 in Q1 2019, a 151% increase year-over-year[50] Merger & Acquisition - The merger with Florida Community Bank (FCB) significantly strengthens Synovus' Florida footprint, making it >1/3 of the pro forma franchise[34] - Synovus expects to surpass $30 million in FCB-related cost savings in 2019 and complete the full conversion in Q2 2019[63] - The FCB merger is projected to result in a ~17% Internal Rate of Return (IRR) and a ~17% ROATCE[124] Balance Sheet & Credit Quality - As of Q1 2019, Synovus had total assets of $47 billion and loans of $36 billion[22] - The company's loan growth in Q1 2019, including FCB, annualized to 46%, compared to a standalone Synovus loan growth of 16% in Q1 2018[128] - The Net Charge-Off (NCO) ratio was 019% in Q1 2019[55] 2019 Outlook - Synovus anticipates loan growth of 55% to 75% and revenue growth of 55% to 75% for 2019[60] - The company projects adjusted non-interest expense growth of 2% to 4% in 2019, excluding amortization of intangibles of approximately $14 million[60]

Financial Performance & Position - Synovus' total assets reached $53.0 billion[8] and loans amounted to $39.5 billion[8] as of 9/30/2020 - Deposits totaled $44.7 billion[8] and the market capitalization was $4.9 billion[8] as of 12/04/2020 - The company reported a return on average assets of 0.69% and an adjusted return on average assets of 1.05%[18,47] - YTD 3Q20 adjusted net interest income was $1,120.635 million, compared to $1,128.035 million in YTD 3Q19[10,48] - YTD 3Q20 adjusted non-interest revenue was $310.446 million, compared to $259.940 million in YTD 3Q19[10,48] Strategic Initiatives & Efficiencies - Synovus is committed to approximately $100 million run-rate benefit by year-end 2021 through Synovus Forward initiatives[38] - The company anticipates a $25 million pre-tax benefit from third-party spend optimization[32] - Customer analytics are expected to generate over $20 million in pre-tax benefits[39] - Branch and real estate optimization is projected to yield $12 million in pre-tax benefits, with 13 branch closures in 2020[39] Credit Quality & Capital - Allowance for credit losses was $665 million, representing 1.80% of loans excluding Paycheck Protection Program (PPP) loans[29] - Full principal and interest deferrals were less than 1% of total loans[29]

Strategic Pillars - Synovus is focusing on four strategic pillars: adopting high-tech meets high-touch, simplifying and streamlining processes, repositioning for advantage, and enhancing talent and culture[28, 29, 30, 33, 34] - Synovus aims to close an additional 15% of its branch network by the end of 2022, estimating run rate savings of $12 million from these closures[65] - Synovus launched a Structured Lending Division in 2019, adding $1 billion in loans and approximately $20 million in pre-provision net revenue (PPNR) within 2 years[53] Financial Performance & Metrics - Synovus' 3Q21 Year-to-Date (YTD) total loan growth, excluding PPP loans, was 42%, compared to a peer average of -05%[145] - Synovus' 3Q21 Year-to-Date (YTD) C&I loan growth, excluding PPP loans, was 48%, compared to a peer average of 16%[145] - Synovus' efficiency ratio (taxable-equivalent % of total assets) in 3Q21 was 552%, compared to a peer median of 577%[147] - Synovus' Risk Adjusted Net Interest Margin (NIM) in 3Q21 was 279%, while peers averaged 254%[149] - Synovus' Non-Interest Revenue (NIR) for 3Q21 Year-to-Date (YTD) was $333 million, with an adjusted NIR of $332 million[149] Investments & Initiatives - Synovus estimates expenses of $4-6 million for Corporate & Investment Banking (CIB) in 2022[59] - Synovus estimates expenses of $3-4 million for refining user experience in 2022[72] - Synovus estimates expenses of $4-6 million for client journeys in commercial credit reimagined in 2022[95] - Synovus estimates expenses of $3-4 million for SMART Next Best Action and SMART Retention in 2022[121] - Synovus estimates expenses of $10+ million for Banking-as-a-service in 2022[127]

Financial Performance Highlights - Diluted EPS increased by 259% year-over-year, reaching $043 in 4Q16[9] - Adjusted diluted EPS increased by 222% compared to 4Q15[14] - Total revenues increased by 82% year-over-year, reaching $3017 million in 4Q16[9] - Adjusted efficiency ratio improved by 181 basis points year-over-year to 6032% in 4Q16[9] Balance Sheet Growth - Total average loans grew by 73% year-over-year, reaching $2324 billion in 4Q16[12] - Total average deposits grew by 61% year-over-year in 4Q16[12] - Sequential quarter loan growth was $5935 million, representing a 101% increase[17] Credit Quality and Capital Management - NPL ratio improved by 11 basis points year-over-year in 4Q16[12] - Return on Average Tangible Common Equity (ROATCE) increased by 188 basis points year-over-year in 4Q16[12] - Completed a $300 million share repurchase program[14]

Financial Performance - Diluted EPS was $023 in 4Q17, compared to $078 in 3Q17 and $054 in 4Q16[20] - Adjusted diluted EPS was $072, up 107% vs 3Q17 and 324% vs 4Q16[20] - Return on Average Assets (ROA) was 037%, down 90 b p s vs 3Q17 and 53 b p s vs 4Q16[20] - Adjusted ROA was 112%, up 7 b p s vs 3Q17 and 21 b p s vs 4Q16[20] - Adjusted Return on Average Common Equity (ROE) of 1196% increased 246 b p s vs 4Q16[20] Balance Sheet Growth - Total average loans grew by $1117 million or 18% vs 3Q17 and $8887 million or 37% vs 4Q16[20] - Total average deposits grew by $9990 million or 157% vs 3Q17 and $162 billion or 66% vs 4Q16[20] - 4Q17 total average deposits of $2629 billion increased $9991 million or 157% vs 3Q17[32] Credit Quality and Capital Management - Non-Performing Assets (NPA) ratio of 053% improved 21 b p s from 4Q16[20] - Completed $392 million in common share repurchases during the quarter and $1751 million for the year[54] - The Board of Directors approved a 67% increase in the quarterly common stock dividend to $025 per share, effective with the quarterly dividend payable in April 2018[57, 74]

Company Overview - Synovus has a 135-year history of commercial and retail banking in the Southeast U S [6] - The company has $59 billion in assets, $44 billion in loans, and $50 billion in deposits [6] - Synovus completed the transition to a singularly branded Synovus name and platform in 2018 [6] Growth and Market Position - Growth markets account for 55% of loans outstanding and 42% of core deposits [16] - The company is expanding its presence in growing Southeast markets [17] - Since 2019, the company has increased RM count in Corporate & Investment Banking by 24% [45] Financial Performance and Strategy - The company is focused on long-term shareholder value creation [19] - Recent strategies are PPNR accretive and supportive to growth [27] - Wholesale Funding/Assets decreased by 14% from 2Q23 to 3Q23 [28] - Office CRE Loans/Total Loans decreased by 36% from 2Q23 to 3Q23 [28] - The company anticipates relatively flat adjusted expenses in 2024, with a 2022 baseline of $116 billion and a 2023 estimate of $122 billion [38]