Ratings and Outlook - Moody's affirmed Synovus Bank's long-term issuer rating at Baa3 and maintained its long- and short-term local currency deposit ratings at A3 and Prime-2, respectively [1] - The outlook for Synovus Bank's long-term issuer and deposit ratings remains stable [2][10] - Synovus Bank's Baseline Credit Assessment (BCA) and adjusted BCA of baa2, as well as its long- and short-term Counterparty Risk Ratings, were also affirmed [11] Financial Performance and Risk Management - Synovus Bank's capitalization, measured by TCE/risk-weighted assets (RWA), increased to 10.3% as of Mar 31, 2024, up from 9.7% a year earlier [12] - The bank's profitability is relatively strong, with an average net income to tangible assets ratio of 0.97% between 2019 and 2023 [4] - Synovus Bank has taken strategic initiatives, such as shifting its investment portfolio, to boost asset yields [13] - The bank's core deposit funding is about 68% insured or collateralized, which mitigates funding constraints [5] - Synovus Bank's liquidity profile is considered a strength, with 20.5% liquid banking assets to tangible banking assets as of Mar 31, 2024 [14] Commercial Real Estate (CRE) Concentration - Synovus Bank faces credit headwinds due to significant concentration in commercial real estate (CRE) loans [3] - The bank's higher level of capitalization and competent credit risk management help mitigate CRE concentration risks [4] - The recent sale of medical office building loans has strengthened the bank's resilience against CRE concentration risks [12] Potential Rating Changes - A deterioration in asset quality, increased risk appetite, or capital levels below 9.5% TCE/RWA could negatively impact Synovus Bank's ratings [6] - A continuous decline in profitability to a net income/tangible assets ratio of 0.6% or a steep decline in deposits and balance sheet liquidity levels could also pressure ratings [6] - An upgrade in the BCA is possible if Synovus maintains a TCE/RWA ratio well over 11%, significantly lowers asset risk, and improves pre-provision profitability and liquidity profile [15] Industry Comparison - Synovus Financial Corp's (SNV) shares have gained 0.3% year to date, compared with a 2.3% decline in the industry [16] - Truist Financial's (TFC) long-term senior unsecured debt rating was downgraded to Baa1 from A3 in May 2024 [18] - New York Community Bancorp, Inc's (NYCB) Long-Term Issuer Default Ratings were downgraded to BB from BB+ by Fitch Ratings in May 2024, though the outlook remains stable [19]

______________________________ ☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 Commission file number 1-10312 ______________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q SYNOVUS FINANCIAL CORP. Georgia 58-1134883 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1111 Bay Avenue, Suite 500 ...

Synovus Financial Corp. (NYSE:SNV) Q1 2024 Earnings Call Transcript April 18, 2024 8:30 AM ET Company Participants Jennifer Demba - Head of Investor Relations Kevin Blair - Chairman, President and CEO Jamie Gregory - CFO Robert Derrick - Chief Credit Officer Conference Call Participants Jon Arfstrom - RBC Capital Markets Ebrahim Poonawala - Bank of America Steven Alexopoulos - JP Morgan Catherine Mealor - KBW Gary Tenner - D.A. Davidson Jared Shaw - Wells Fargo Michael Rose - Raymond James Stephen Scouten - ...

Synovus Exhibit 99.2 INCOME STATEMENT DATA (Unaudited) | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|-------|--------------------|------------------|----------------------|------------------|------------------|---------------------------------------------| | (Dollars in thousands, except per share data) | First | 2024 \n Quarter | Fourth Quarter | 2023 \nThird Quarter | \nSecond Quarter | First Quarter | First Quarter \n'24 ...

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, 2023 Commission file number 1-10312 _______________________ SYNOVUS FINANCIAL CORP. (Exact name of registrant as specified in its charter) _______________________ (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificatio ...

Synovus Financial Corp. (NYSE:SNV) Q4 2023 Earnings Call Transcript January 18, 2024 8:30 AM ET Company Participants Jennifer Demba - Director of IR Kevin Blair - Chairman, President and CEO Jamie Gregory - CFO Bob Derrick - Chief Credit Officer Conference Call Participants Jon Arfstrom - RBC Capital Markets Michael Rose - Raymond James Steven Alexopoulos - JP Morgan Brady Gailey - KBW Brandon King - Truist Securities Timur Braziler - Wells Fargo Christopher Marinac - Janney Montgomery Scott Russell Gunther ...

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 ...

Synovus Financial Corporation (NYSE:SNV) Q3 2023 Earnings Conference Call October 19, 2023 8:30 AM ET Company Participants Jennifer Demba - Head of Investor Relations Kevin Blair - Chairman, President, Chief Executive Officer Jamie Gregory - Chief Financial Officer Bob Derrick - Chief Credit Officer Conference Call Participants Ebrahim Poonawala - Bank of America Steven Alexopoulos - JP Morgan Michael Rose - Raymond James Brady Gailey - KBW Christopher Marinac - Janney Montgomery Scott Brandon King - Truist ...

• 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 ...