Document

"In the first quarter, we delivered 67% year-over-year earnings per share growth, fueled by net interest margin expansion, a lower provision for credit losses and excellent expense management. We also continued to build momentum, as funded loan production was at the highest level since the fourth quarter of 2022, and our credit losses declined to the lowest level in more than three years. As the quarter progressed, borrowers and investors grew more cautious amid concerns surrounding the sustainability of consumer spending and potential impacts from higher tariffs and federal government layoffs. While the economic outlook and interest rate environment remains uncertain, we’re confident in our trajectory and the strength and resilience of our balance sheet and business model, as evidenced by our updated guidance for the year," said Synovus Chairman, CEO and President Kevin Blair.

First Quarter Summary


	Reported									Adjusted
(dollars in thousands)	1Q25			4Q24			1Q24			1Q25			4Q24			1Q24
Net income available to common shareholders	$	183,691		$	178,848		$	114,822		$	184,380		$	178,331		$	115,973
Diluted earnings per share	1.30			1.25			0.78			1.30			1.25			0.79
Total revenue	570,850			580,580			537,734			573,243			581,054			536,745
Total loans	42,648,738			42,609,028			43,309,877			NA			NA			NA
Total deposits	50,843,061			51,095,359			50,580,242			NA			NA			NA
Return on avg assets(1)	1.32		%	1.25		%	0.85		%	1.32		%	1.25		%	0.85		%
Return on avg common equity(1)	15.48			14.75			10.17			15.54			14.71			10.27
Return on avg tangible common equity(1)	17.52			16.72			11.71			17.58			16.67			11.83
Net interest margin(2)	3.35			3.28			3.04			NA			NA			NA
Efficiency ratio-TE(2)(3)	53.81			53.15			59.87			53.26			52.69			58.88
NCO ratio-QTD	0.20			0.26			0.41			NA			NA			NA
NPA ratio	0.67			0.73			0.86			NA			NA			NA
Common Equity Tier 1 capital (CET1) ratio(4)	10.75			10.84			10.38			NA			NA			NA


Deposits*

(dollars in millions)	1Q25		4Q24		Linked Quarter Change		Linked Quarter % Change		1Q24		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	11,095.8	$	10,974.6	$	121.2	1	%	$	11,515.4	$	(419.6)	(4)	%
Interest-bearing DDA	7,272.0		7,199.7		72.4		1		6,478.8		793.2		12
Money market	11,424.7		11,407.4		17.2		—		10,712.7		711.9		7
Savings	1,000.4		971.1		29.3		3		1,045.1		(44.7)		(4)
Public funds	8,125.0		7,987.5		137.5		2		7,270.4		854.6		12
Time deposits	7,078.5		7,679.9		(601.4)		(8)		7,838.9		(760.4)		(10)
Brokered deposits	4,846.7		4,875.2		(28.5)		(1)		5,718.9		(872.2)		(15)
Total deposits	$	50,843.1	$	51,095.4	$	(252.3)	—	%	$	50,580.2	$	262.8	1	%


Income Statement Summary**

(in thousands, except per share data)	1Q25		4Q24		Linked Quarter Change		Linked Quarter % Change		1Q24		Year/Year Change		Year/Year % Change
Net interest income	$	454,384	$	454,993	$	(609)	—	%	$	418,846	$	35,538	8	%
Non-interest revenue	116,466		125,587		(9,121)		(7)		118,888		(2,422)		(2)
Non-interest expense	308,034		309,311		(1,277)		—		322,741		(14,707)		(5)
Provision for (reversal of) credit losses	10,921		32,867		(21,946)		(67)		53,980		(43,059)		(80)
Income before taxes	$	251,895	$	238,402	$	13,493	6	%	$	161,013	$	90,882	56	%
Income tax expense (benefit)	57,023		49,025		7,998		16		36,943		20,080		54
Net income	194,872		189,377		5,495		3		124,070		70,802		57
Less: Net income (loss) attributable to noncontrolling interest	(142)		(1,049)		907		86		(437)		295		68
Net income attributable to Synovus Financial Corp.	195,014		190,426		4,588		2		124,507		70,507		57
Less: Preferred stock dividends	11,323		11,578		(255)		(2)		9,685		1,638		17
Net income available to common shareholders	$	183,691	$	178,848	$	4,843	3	%	$	114,822	$	68,869	60	%
Weighted average common shares outstanding, diluted	141,775		142,694		(919)		(1)	%	147,122		(5,347)		(4)	%
Diluted earnings per share	$	1.30	$	1.25	$	0.05	4		$	0.78	$	0.52	67
Adjusted diluted earnings per share	1.30		1.25		0.05		4		0.79		0.51		65
Effective tax rate	22.64%		20.56%						22.94%

This press release 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. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding our future operating and financial performance; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended Dec. 31, 2024, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.


Synovus

	INCOME STATEMENT DATA
	(Unaudited)

	(Dollars in thousands, except per share data)	2025			2024				First Quarter

		First Quarter			Fourth Quarter	Third Quarter	Second Quarter	First Quarter	'25 vs '24
									% Change

	Interest income	$	766,765		799,130	810,507	801,242	782,710	(2)	%
	Interest expense	312,381			344,137	369,767	366,244	363,864	(14)

	Net interest income	454,384			454,993	440,740	434,998	418,846	8
	Provision for (reversal of) credit losses	10,921			32,867	23,434	26,404	53,980	(80)

	Net interest income after provision for credit losses	443,463			422,126	417,306	408,594	364,866	22

	Non-interest revenue:
	Service charges on deposit accounts	23,114			23,244	23,683	22,907	21,813	6
	Fiduciary and asset management fees	19,917			21,373	19,714	19,728	19,013	5
	Card fees	21,227			19,577	18,439	19,418	19,486	9
	Brokerage revenue	20,359			20,907	20,810	20,457	22,707	(10)
	Mortgage banking income	3,338			2,665	4,033	3,944	3,418	(2)
	Capital markets income	6,941			12,070	10,284	15,077	6,627	5
	Income from bank-owned life insurance	8,084			10,543	8,442	8,097	7,347	10
	Investment securities gains (losses), net	—			—	—	(256,660)	—	nm

	Other non-interest revenue	13,486			15,208	18,575	18,181	18,477	(27)

	Total non-interest revenue	116,466			125,587	123,980	(128,851)	118,888	(2)

	Non-interest expense:
	Salaries and other personnel expense	185,510			184,725	184,814	179,407	188,521	(2)
	Net occupancy, equipment, and software expense	48,652			47,251	46,977	46,415	46,808	4
	Third-party processing and other services	21,874			22,158	21,552	21,783	20,258	8
	Professional fees	9,779			11,949	10,854	15,655	7,631	28
	FDIC insurance and other regulatory fees	8,544			8,227	7,382	6,493	23,819	(64)
	Restructuring charges (reversals)	(1,292)			37	1,219	(658)	1,524	nm

	Other operating expenses	34,967			34,964	40,892	32,706	34,180	2

	Total non-interest expense	308,034			309,311	313,690	301,801	322,741	(5)

	Income (loss) before income taxes	251,895			238,402	227,596	(22,058)	161,013	56
	Income tax expense (benefit)	57,023			49,025	46,912	(7,378)	36,943	54

	Net income (loss)	194,872			189,377	180,684	(14,680)	124,070	57

	Less: Net income (loss) attributable to noncontrolling interest	(142)			(1,049)	(871)	(652)	(437)	68

	Net income (loss) attributable to Synovus Financial Corp.	195,014			190,426	181,555	(14,028)	124,507	57

	Less: Preferred stock dividends	11,323			11,578	11,927	9,713	9,685	17

	Net income (loss) available to common shareholders	$	183,691		178,848	169,628	(23,741)	114,822	60	%

	Net income (loss) per common share, basic	$	1.31		1.26	1.19	(0.16)	0.78	68	%

	Net income (loss) per common share, diluted	1.30			1.25	1.18	(0.16)	0.78	67

	Cash dividends declared per common share	0.39			0.38	0.38	0.38	0.38	3

	Return on average assets *	1.32		%	1.25	1.21	(0.10)	0.85	47	bps
	Return on average common equity *	15.48			14.75	14.38	(2.14)	10.17	nm

	Weighted average common shares outstanding, basic	140,684			141,555	143,144	145,565	146,430	(4)	%
	Weighted average common shares outstanding, diluted	141,775			142,694	143,979	145,565	147,122	(4)

	nm - not meaningful
	bps - basis points
	* - ratios are annualized
	Amounts may not total due to rounding


Synovus


	BALANCE SHEET DATA	March 31, 2025		December 31, 2024		March 31, 2024

	(Unaudited)

	(In thousands, except share data)

	ASSETS
	Interest-earning deposits with banks and other cash and cash equivalents	$	2,675,110	$	2,977,667	$	2,379,778
	Federal funds sold and securities purchased under resale agreements	31,123		16,320		43,722
	Cash, cash equivalents, and restricted cash	2,706,233		2,993,987		2,423,500

	Investment securities held to maturity	2,546,741		2,581,469		—
	Investment securities available for sale	7,840,385		7,551,018		9,694,515
	Loans held for sale (includes $34,859, $33,448 and $36,698 measured at fair value, respectively)	121,669		90,111		130,586

	Loans, net of deferred fees and costs	42,648,738		42,609,028		43,309,877
	Allowance for loan losses	(478,207)		(486,845)		(492,661)
	Loans, net	42,170,531		42,122,183		42,817,216

	Cash surrender value of bank-owned life insurance	1,148,075		1,139,988		1,119,379
	Premises, equipment, and software, net	381,925		383,724		375,315
	Goodwill	480,440		480,440		480,440
	Other intangible assets, net	31,691		34,318		43,021
	Other assets	2,911,431		2,856,406		2,751,148
	Total assets	$	60,339,121	$	60,233,644	$	59,835,120

	LIABILITIES AND EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	11,543,123	$	11,596,119	$	12,042,353
	Interest-bearing deposits	39,299,938		39,499,240		38,537,889

	Total deposits	50,843,061		51,095,359		50,580,242

	Federal funds purchased and securities sold under repurchase agreements	83,002		131,728		128,244
	Other short-term borrowings	—		—		252,469
	Long-term debt	2,096,918		1,733,109		2,031,735
	Other liabilities	1,903,837		2,007,197		1,800,794
	Total liabilities	54,926,818		54,967,393		54,793,484

	Equity:
	Shareholders' equity:
	Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000	537,145		537,145		537,145
	Common stock - $1.00 par value. Authorized 342,857,142 shares; issued 172,659,603, 172,185,507 and 171,873,265 respectively; outstanding 139,214,132, 141,165,908 and 146,418,407 respectively	172,660		172,186		171,873
	Additional paid-in capital	3,983,395		3,986,729		3,957,576
	Treasury stock, at cost; 33,445,471, 31,019,599, and 25,454,858 shares, respectively	(1,337,676)		(1,216,827)		(974,499)
	Accumulated other comprehensive income (loss), net	(826,718)		(970,765)		(1,248,194)
	Retained earnings	2,861,945		2,736,089		2,574,017
	Total Synovus Financial Corp. shareholders’ equity	5,390,751		5,244,557		5,017,918
	Noncontrolling interest in subsidiary	21,552		21,694		23,718
	Total equity	5,412,303		5,266,251		5,041,636
	Total liabilities and equity	$	60,339,121	$	60,233,644	$	59,835,120


Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	First Quarter 2025						Fourth Quarter 2024						First Quarter 2024
(dollars in thousands)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans (1) (2)	$	34,262,226	$	543,485	6.43	%	$	34,278,042	$	569,759	6.61	%	$	34,943,797	$	583,459	6.72	%
Consumer loans (1)	8,244,161		106,344		5.19		8,258,712		107,507		5.19		8,434,105		109,566		5.21
Less: Allowance for loan losses	(480,023)		—		—		(479,980)		—		—		(481,146)		—		—
Loans, net	42,026,364		649,829		6.26		42,056,774		677,266		6.41		42,896,756		693,025		6.49
Total investment securities(3)	10,759,512		93,352		3.47		10,623,943		91,038		3.43		11,148,242		71,906		2.58
Interest-earning deposits with other banks	2,054,292		22,172		4.32		2,437,414		28,726		4.61		1,182,412		15,907		5.33
Federal funds sold and securities purchased under resale agreements	20,162		131		2.60		21,177		210		3.88		35,678		266		2.95
Mortgage loans held for sale	24,267		373		6.15		30,483		520		6.83		29,773		495		6.65
Other loans held for sale	69,049		384		2.23		74,019		404		2.13		18,465		83		1.77
Other earning assets(4)	178,344		2,101		4.71		178,676		2,396		5.37		199,392		2,338		4.69
Total interest earning assets	55,131,990		768,342		5.65	%	55,422,486		800,560		5.75	%	55,510,718		784,020		5.68	%
Cash and due from banks	499,201						512,178						532,624
Premises and equipment	384,258						382,784						370,376
Other real estate	261						386						61
Cash surrender value of bank-owned life insurance	1,142,943						1,135,952						1,114,703
Other assets(5)	2,717,893						2,720,830						1,493,749
Total assets	$	59,876,546					$	60,174,616					$	59,022,231
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	11,613,495	62,811		2.19	%	$	11,298,352	67,470		2.38	%	$	10,590,340	65,415		2.48	%
Money market accounts	13,900,933		92,897		2.71		13,768,434		101,063		2.92		12,826,385		103,129		3.23
Savings deposits	994,127		320		0.13		986,522		316		0.13		1,057,087		287		0.11
Time deposits	7,777,767		71,055		3.71		8,251,686		85,426		4.12		7,902,850		86,493		4.40
Brokered deposits	4,905,909		55,242		4.57		5,012,655		61,924		4.91		5,737,445		77,342		5.42
Federal funds purchased and securities sold under repurchase agreements	75,252		208		1.11		113,681		322		1.11		113,558		648		2.26
Other short-term borrowings	—		—		—		—		—		—		71,775		955		5.26
Long-term debt	1,773,203		29,848		6.74		1,613,246		27,616		6.84		1,764,740		29,595		6.69
Total interest-bearing liabilities	41,040,686		312,381		3.09	%	41,044,576		344,137		3.34	%	40,064,180		363,864		3.65	%
Non-interest-bearing demand deposits	11,406,048						11,783,834						12,071,670
Other liabilities	2,058,727						1,963,298						1,782,659
Synovus Financial Corp. shareholders' equity	5,371,085						5,382,908						5,103,722


Total liabilities and equity	$	59,876,546					$	60,174,616					$	59,022,231
Net interest income and net interest margin, taxable equivalent (6)			$	455,961	3.35	%			$	456,423	3.28	%			$	420,156	3.04	%
Less: taxable-equivalent adjustment			1,577						1,430						1,310
Net interest income			$	454,384					$	454,993					$	418,846


Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)

Loan Type	March 31, 2025		December 31, 2024		% Change		March 31, 2024		% Change
Commercial, Financial, and Agricultural	$	14,611,712	$	14,498,992	1	%	$	14,616,902	—	%
Owner-Occupied	7,701,627		7,832,137		(2)		8,114,394		(5)
Total Commercial & Industrial	22,313,339		22,331,129		—		22,731,296		(2)
Multi-Family	4,182,886		4,185,545		—		4,199,435		—
Hotels	1,831,937		1,769,384		4		1,790,505		2
Office Buildings	1,724,113		1,743,329		(1)		1,852,208		(7)
Shopping Centers	1,268,683		1,273,439		—		1,302,754		(3)
Warehouses	848,530		846,025		—		871,662		(3)
Other Investment Property	1,409,752		1,363,482		3		1,294,317		9
Total Investment Properties	11,265,901		11,181,204		1		11,310,881		—
1-4 Family Construction	189,027		212,226		(11)		194,146		(3)
1-4 Family Investment Mortgage	324,411		333,692		(3)		385,992		(16)
Total 1-4 Family Properties	513,438		545,918		(6)		580,138		(11)
Commercial Development	68,227		55,467		23		66,000		3
Residential Development	75,240		77,581		(3)		72,024		4
Land Acquisition	148,752		154,449		(4)		164,976		(10)
Land and Development	292,219		287,497		2		303,000		(4)
Total Commercial Real Estate	12,071,558		12,014,619		—		12,194,019		(1)
Consumer Mortgages	5,269,505		5,288,776		—		5,384,602		(2)
Home Equity	1,839,185		1,831,287		—		1,804,348		2
Credit Cards	178,522		185,871		(4)		180,663		(1)
Other Consumer Loans	976,629		957,346		2		1,014,949		(4)
Total Consumer	8,263,841		8,263,280		—		8,384,562		(1)
Total	$	42,648,738	$	42,609,028	—	%	$	43,309,877	(2)	%

NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
(Dollars in thousands)

Loan Type	March 31, 2025		December 31, 2024		% Change		March 31, 2024		% Change
Commercial, Financial, and Agricultural	$	125,570	$	122,874	2	%	$	192,693	(35)	%
Owner-Occupied	18,226		34,380		(47)		80,218		(77)
Total Commercial & Industrial	143,796		157,254		(9)		272,911		(47)
Multi-Family	112		112		—		2,077		(95)
Office Buildings	64,423		72,430		(11)		7,630		nm
Shopping Centers	511		515		(1)		547		(7)
Warehouses	145		153		(5)		188		(23)
Other Investment Property	885		820		8		1,784		(50)
Total Investment Properties	66,076		74,030		(11)		12,226		440
1-4 Family Construction	145		—		nm		—		nm
1-4 Family Investment Mortgage	2,432		2,385		2		2,300		6
Total 1-4 Family Properties	2,577		2,385		8		2,300		12
Commercial Development	48		—		nm		—		nm
Residential Development	—		—		nm		478		(100)
Land Acquisition	1,363		1,389		(2)		540		152
Land and Development	1,411		1,389		2		1,018		39
Total Commercial Real Estate	70,064		77,804		(10)		15,544		351
Consumer Mortgages	48,859		50,834		(4)		42,563		15
Home Equity	18,302		17,365		5		12,451		47
Other Consumer Loans	5,608		5,907		(5)		6,981		(20)
Total Consumer	72,769		74,106		(2)		61,995		17
Total	$	286,629	$	309,164	(7)	%	$	350,450	(18)	%


Synovus

	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2025			2024					First Quarter

		First			Fourth	Third		Second	First	'25 vs '24
		Quarter			Quarter	Quarter		Quarter	Quarter	% Change

	Non-performing Loans (NPLs)	$	286,629		309,164	312,964		256,106	350,450	(18)	%

	Other Real Estate and Other Assets	563			385	386		823	21,210	(97)

	Non-performing Assets (NPAs)	287,192			309,549	313,350		256,929	371,660	(23)

	Allowance for Loan Losses (ALL)	478,207			486,845	484,985		485,101	492,661	(3)
	Reserve for Unfunded Commitments	50,655			52,462	49,556		53,058	53,579	(5)

	Allowance for Credit Losses (ACL)	528,862			539,307	534,541		538,159	546,240	(3)

	Net Charge-Offs - Quarter	21,366			28,101	27,052		34,485	44,356
	Net Charge-Offs - YTD	21,366			133,994	105,893		78,841	44,356
	Net Charge-Offs / Average Loans - Quarter (1)	0.20		%	0.26	0.25		0.32	0.41
	Net Charge-Offs / Average Loans - YTD (1)	0.20			0.31	0.33		0.36	0.41
	NPLs / Loans	0.67			0.73	0.73		0.59	0.81
	NPAs / Loans, ORE and specific other assets	0.67			0.73	0.73		0.60	0.86
	ACL/Loans	1.24			1.27	1.24		1.25	1.26
	ALL/Loans	1.12			1.14	1.12		1.13	1.14

	ACL/NPLs	184.51			174.44	170.80		210.13	155.87
	ALL/NPLs	166.84			157.47	154.96		189.41	140.58

	Past Due Loans over 90 days and Still Accruing	$	40,886		48,592	4,359		4,460	3,748	nm
	As a Percentage of Loans Outstanding	0.10		%	0.11	0.01		0.01	0.01

	Total Past Due Loans and Still Accruing	$	93,493		108,878	97,229		129,759	54,814	71
	As a Percentage of Loans Outstanding	0.22		%	0.26	0.23		0.30	0.13

	(1) Ratio is annualized.





	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		March 31, 2025			December 31, 2024	March 31, 2024


	Common Equity Tier 1 Capital Ratio	10.75		%	10.84	10.38
	Tier 1 Capital Ratio	11.87			11.96	11.45
	Total Risk-Based Capital Ratio	13.65			13.81	13.24	(2)
	Tier 1 Leverage Ratio	9.56			9.55	9.62
	Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets	8.93			8.71	8.39
	Tangible Common Equity Ratio (3)	7.26			7.02	6.67
	Book Value Per Common Share (4)	$	34.86		33.35	30.60
	Tangible Book Value Per Common Share (5)	31.19			29.70	27.03

	(1) Current quarter regulatory capital information is preliminary.
	(2) As amended.
	(3) See "Non-GAAP Financial Measures" for applicable reconciliation.

	(4) Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred Stock divided by total common shares outstanding.
	(5) Tangible Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred Stock and less the carrying value of goodwill and other intangible assets divided by total common shares outstanding.

The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); 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 are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; net income available to common shareholders; diluted earnings per share; return on average common equity; and the ratio of total Synovus Financial Corp. shareholders' equity to total assets, respectively.

Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted non-interest revenue and adjusted revenue (TE) are measures used by management to evaluate non-interest revenue and total revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus’ performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. The tangible common equity ratio is used by stakeholders to assess our capital position. The computations of these measures are set forth in the tables below.


Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)	1Q25		4Q24		1Q24

Adjusted non-interest revenue
Total non-interest revenue	$	116,466	$	125,587	$	118,888



Valuation adjustment on GLOBALT earnout	—		(719)		—
Fair value adjustment on non-qualified deferred compensation	816		(237)		(2,299)
Adjusted non-interest revenue	$	117,282	$	124,631	$	116,589

Adjusted non-interest expense
Total non-interest expense	$	308,034	$	309,311	$	322,741



Restructuring (charges) reversals	1,292		(37)		(1,524)
Valuation adjustment to Visa derivative	(2,200)		—		—
Fair value adjustment on non-qualified deferred compensation	816		(237)		(2,299)
Adjusted non-interest expense	$	307,942	$	309,037	$	318,918


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	1Q25			4Q24			1Q24
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense	$	307,942		$	309,037		$	318,918
Amortization of intangibles	(2,627)			(2,888)			(2,907)
Adjusted tangible non-interest expense	$	305,315		$	306,149		$	316,011

Net interest income	$	454,384		$	454,993		$	418,846
Tax equivalent adjustment	1,577			1,430			1,310
Net interest income (TE)	455,961			456,423			420,156

Net interest income	$	454,384		$	454,993		$	418,846
Total non-interest revenue	116,466			125,587			118,888
Total revenue	$	570,850		$	580,580		$	537,734
Tax equivalent adjustment	1,577			1,430			1,310
Total TE revenue	572,427			582,010			539,044
Valuation adjustment on GLOBALT earnout	—			(719)			—



Fair value adjustment on non-qualified deferred compensation	816			(237)			(2,299)
Adjusted revenue (TE)	$	573,243		$	581,054		$	536,745
Efficiency ratio-TE	53.81		%	53.15		%	59.87		%
Adjusted tangible efficiency ratio	53.26			52.69			58.88

Adjusted pre-provision net revenue
Net interest income	$	454,384		$	454,993		$	418,846
Total non-interest revenue	116,466			125,587			118,888
Total non-interest expense	(308,034)			(309,311)			(322,741)
Pre-provision net revenue (PPNR)	$	262,816		$	271,269		$	214,993

Adjusted revenue (TE)	$	573,243		$	581,054		$	536,745
Adjusted non-interest expense	(307,942)			(309,037)			(318,918)
Adjusted PPNR	$	265,301		$	272,017		$	217,827


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	1Q25			4Q24			1Q24
Adjusted return on average assets (annualized)
Net income	$	194,872		$	189,377		$	124,070





Valuation adjustment on GLOBALT earnout	—			(719)			—
Restructuring charges (reversals)	(1,292)			37			1,524
Valuation adjustment to Visa derivative	2,200			—			—

Tax effect of adjustments(1)	(219)			165			(373)
Adjusted net income	$	195,561		$	188,860		$	125,221
Net income annualized	$	790,314		$	753,391		$	499,007
Adjusted net income annualized	$	793,109		$	751,334		$	503,636
Total average assets	$	59,876,546		$	60,174,616		$	59,022,231
Return on average assets (annualized)	1.32		%	1.25		%	0.85		%
Adjusted return on average assets (annualized)	1.32			1.25			0.85




Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	183,691		$	178,848		$	114,822


Valuation adjustment on GLOBALT earnout	—			(719)			—



Restructuring charges (reversals)	(1,292)			37			1,524
Valuation adjustment to Visa derivative	2,200			—			—

Tax effect of adjustments(1)	(219)			165			(373)
Adjusted net income available to common shareholders	$	184,380		$	178,331		$	115,973
Weighted average common shares outstanding, diluted	141,775			142,694			147,122
Diluted earnings per share	$	1.30		$	1.25		$	0.78
Adjusted diluted earnings per share	1.30			1.25			0.79
(1) An assumed marginal tax rate of 24.2% for 1Q25 and 4Q24 and 24.5% for 1Q24 was applied.


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	1Q25			4Q24			1Q24
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders	$	183,691		$	178,848		$	114,822





Valuation adjustment on GLOBALT earnout	—			(719)			—
Restructuring charges (reversals)	(1,292)			37			1,524
Valuation adjustment to Visa derivative	2,200			—			—

Tax effect of adjustments(1)	(219)			165			(373)
Adjusted net income available to common shareholders	$	184,380		$	178,331		$	115,973

Adjusted net income available to common shareholders annualized	$	747,763		$	709,447		$	466,441
Amortization of intangibles, tax effected, annualized	8,082			8,715			8,831
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	755,845		$	718,162		$	475,272

Net income available to common shareholders annualized	$	744,969		$	711,504		$	461,812
Amortization of intangibles, tax effected, annualized	8,082			8,715			8,831
Net income available to common shareholders excluding amortization of intangibles annualized	$	753,051		$	720,219		$	470,643

Total average Synovus Financial Corp. shareholders' equity less preferred stock	$	4,812,279		$	4,824,003		$	4,542,616
Average goodwill	(480,440)			(480,440)			(480,440)
Average other intangible assets, net	(32,966)			(35,869)			(44,497)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock	$	4,298,873		$	4,307,694		$	4,017,679
Return on average common equity (annualized)	15.48		%	14.75		%	10.17		%
Adjusted return on average common equity (annualized)	15.54			14.71			10.27
Return on average tangible common equity (annualized)	17.52			16.72			11.71
Adjusted return on average tangible common equity (annualized)	17.58			16.67			11.83
(1) An assumed marginal tax rate of 24.2% for 1Q25 and 4Q24 and 24.5% for 1Q24 was applied.




(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Tangible common equity ratio
Total assets	$	60,339,121		$	60,233,644		$	59,835,120
Goodwill	(480,440)			(480,440)			(480,440)
Other intangible assets, net	(31,691)			(34,318)			(43,021)
Tangible assets	$	59,826,990		$	59,718,886		$	59,311,659

Total Synovus Financial Corp. shareholders’ equity	$	5,390,751		$	5,244,557		$	5,017,918
Goodwill	(480,440)			(480,440)			(480,440)
Other intangible assets, net	(31,691)			(34,318)			(43,021)
Preferred Stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	4,341,475		$	4,192,654		$	3,957,312
Total Synovus Financial Corp. shareholders’ equity to total assets ratio	8.93		%	8.71		%	8.39		%
Tangible common equity ratio	7.26			7.02			6.67

Amounts may not total due to rounding


Media Contact						Investor Contact
Audria Belton						Jennifer H. Demba, CFA
Media Relations						Investor Relations
media@synovus.com						investorrelations@synovus.com


Loans*

(dollars in millions)	1Q25		4Q24		Linked Quarter Change		Linked Quarter % Change		1Q24		Year/Year Change		Year/Year % Change
Commercial & industrial	$	22,313.3	$	22,331.1	$	(17.8)	—	%	$	22,731.3	$	(418.0)	(2)	%
Commercial real estate	12,071.6		12,014.6		56.9		—		12,194.0		(122.5)		(1)
Consumer	8,263.8		8,263.3		0.6		—		8,384.6		(120.7)		(1)
Total loans	$	42,648.7	$	42,609.0	$	39.7	—	%	$	43,309.9	$	(661.2)	(2)	%