SYNOVUS FINANCIAL CORP - Synovus press release dated July 16, 2025

“Synovus delivered impressive 28% year-over-year growth in adjusted earnings per share in the second quarter — an achievement driven by exceptional financial discipline, strategic execution and a steadfast commitment to operational excellence. Funded loan production surged 60% year over year, driving 8% annualized loan growth. Moreover, this quarter's positive operating leverage further strengthened our top-quartile efficiency ratio and profitability. Credit quality improved across all categories, and our Common Equity Tier 1 capital ratio reached the highest level in our company's history. Despite the continuing economic and global uncertainty, our performance reflects the strength of our strategy, resilience of our team and the trust of our clients. With this strong performance and conviction in our strategy, we've confidently raised our full-year 2025 earnings guidance," said Synovus Chairman, CEO and President Kevin Blair.

•Non-interest revenue of $134.1 million increased $17.7 million, or 15%, sequentially and was up sharply compared to second quarter 2024. Adjusted non-interest revenue of $130.9 million increased $13.6 million, or 12%, sequentially and increased $3.6 million, or 3%, from second quarter 2024. 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. Year-over-year growth was impacted by lower capital markets income, which was more than offset by growth in core banking fees and wealth management income.

Second Quarter Summary


	Reported									Adjusted
(dollars in thousands)	2Q25			1Q25			2Q24			2Q25			1Q25			2Q24
Net income (loss) available to common shareholders	$	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	593,696			570,850			306,147			592,083			573,243			563,597
Total loans	43,536,716			42,648,738			43,093,397			NA			NA			NA
Total deposits	49,925,007			50,843,061			50,195,778			NA			NA			NA
Return on avg assets(1)	1.46		%	1.32		%	(0.10)		%	1.46		%	1.32		%	1.21		%
Return on avg common equity(1)	16.71			15.48			(2.14)			16.71			15.54			15.31
Return on avg tangible common equity(1)	18.81			17.52			(2.20)			18.82			17.58			17.57
Net interest margin(2)	3.37			3.35			3.20			NA			NA			NA
Efficiency ratio-TE(2)(3)	53.03			53.81			98.15			52.31			53.26			53.05
NCO ratio-QTD	0.17			0.20			0.32			NA			NA			NA
NPA ratio	0.59			0.67			0.60			NA			NA			NA
Common Equity Tier 1 capital (CET1) ratio(4)	10.91			10.77			10.60			NA			NA			NA


Deposits*

(dollars 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)	%


Income Statement Summary**

(in thousands, except per share data)	2Q25		1Q25		Linked Quarter Change		Linked Quarter % Change		2Q24		Year/Year Change		Year/Year % Change
Net interest income	$	459,561	$	454,384	$	5,177	1	%	$	434,998	$	24,563	6	%
Non-interest revenue	134,135		116,466		17,669		15		(128,851)		262,986		204
Non-interest expense	315,701		308,034		7,667		2		301,801		13,900		5
Provision for (reversal of) credit losses	3,245		10,921		(7,676)		(70)		26,404		(23,159)		(88)
Income before taxes	$	274,750	$	251,895	$	22,855	9	%	$	(22,058)	$	296,808	nm
Income tax expense (benefit)	57,631		57,023		608		1		(7,378)		65,009		nm
Net income (loss)	217,119		194,872		22,247		11		(14,680)		231,799		nm
Less: Net income (loss) attributable to noncontrolling interest	(596)		(142)		(454)		(320)		(652)		56		9
Net income (loss) attributable to Synovus Financial Corp.	217,715		195,014		22,701		12		(14,028)		231,743		nm
Less: Preferred stock dividends	11,395		11,323		72		1		9,713		1,682		17
Net income (loss) available to common shareholders	$	206,320	$	183,691	$	22,629	12	%	$	(23,741)	$	230,061	nm
Weighted average common shares outstanding, diluted	139,502		141,775		(2,273)		(2)	%	145,565		(6,063)		(4)	%
Diluted earnings (loss) per share	$	1.48	$	1.30	$	0.18	14		$	(0.16)	$	1.64	nm
Adjusted diluted earnings per share (1)	1.48		1.30		0.18		14		1.16		0.32		28
Effective tax rate	20.98%		22.64%						33.45%

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)	Six Months Ended June 30,

	2025			2024			'25 vs '24
							% Change

Interest income	$	1,538,407		$	1,583,952		(3)	%
Interest expense	624,462			730,108			(14)

Net interest income	913,945			853,844			7
Provision for (reversal of) credit losses	14,166			80,384			(82)

Net interest income after provision for credit losses	899,779			773,460			16

Non-interest revenue:
Service charges on deposit accounts	48,372			44,720			8
Fiduciary and asset management fees	40,249			38,741			4
Card fees	41,359			38,904			6
Brokerage revenue	41,107			43,164			(5)
Mortgage banking income	7,773			7,362			6
Capital markets income	19,901			21,704			(8)
Income from bank-owned life insurance	18,363			15,444			19
Investment securities gains (losses), net	—			(256,660)			nm

Other non-interest revenue	33,477			36,658			(9)

Total non-interest revenue	250,601			(9,963)			nm

Non-interest expense:
Salaries and other personnel expense	377,692			367,928			3
Net occupancy, equipment, and software expense	97,241			93,223			4
Third-party processing and other services	45,409			42,041			8
Professional fees	19,976			23,286			(14)
FDIC insurance and other regulatory fees	16,078			30,312			(47)
Restructuring charges (reversals)	(1,220)			866			nm

Other operating expenses	68,559			66,886			3

Total non-interest expense	623,735			624,542			—

Income before income taxes	526,645			138,955			279
Income tax expense	114,654			29,565			288

Net income	411,991			109,390			277

Less: Net income (loss) attributable to noncontrolling interest	(738)			(1,089)			32

Net income attributable to Synovus Financial Corp.	412,729			110,479			274

Less: Preferred stock dividends	22,718			19,398			17

Net income available to common shareholders	$	390,011		$	91,081		328	%

Net income per common share, basic	$	2.79		$	0.62		350	%

Net income per common share, diluted	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

Weighted average common shares outstanding, basic	139,783			145,998			(4)	%
Weighted average common shares outstanding, diluted	140,770			146,568			(4)

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


Synovus

	INCOME STATEMENT DATA
	(Unaudited)

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

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

	Interest income	$	771,642		766,765	799,130	810,507	801,242	(4)	%
	Interest expense	312,081			312,381	344,137	369,767	366,244	(15)

	Net interest income	459,561			454,384	454,993	440,740	434,998	6
	Provision for (reversal of) credit losses	3,245			10,921	32,867	23,434	26,404	(88)

	Net interest income after provision for credit losses	456,316			443,463	422,126	417,306	408,594	12

	Non-interest revenue:
	Service charges on deposit accounts	25,258			23,114	23,244	23,683	22,907	10
	Fiduciary and asset management fees	20,332			19,917	21,373	19,714	19,728	3
	Card fees	20,132			21,227	19,577	18,439	19,418	4
	Brokerage revenue	20,748			20,359	20,907	20,810	20,457	1
	Mortgage banking income	4,435			3,338	2,665	4,033	3,944	12
	Capital markets income	12,960			6,941	12,070	10,284	15,077	(14)
	Income from bank-owned life insurance	10,279			8,084	10,543	8,442	8,097	27
	Investment securities gains (losses), net	—			—	—	—	(256,660)	nm

	Other non-interest revenue	19,991			13,486	15,208	18,575	18,181	10

	Total non-interest revenue	134,135			116,466	125,587	123,980	(128,851)	204

	Non-interest expense:
	Salaries and other personnel expense	192,182			185,510	184,725	184,814	179,407	7
	Net occupancy, equipment, and software expense	48,589			48,652	47,251	46,977	46,415	5
	Third-party processing and other services	23,535			21,874	22,158	21,552	21,783	8
	Professional fees	10,197			9,779	11,949	10,854	15,655	(35)
	FDIC insurance and other regulatory fees	7,534			8,544	8,227	7,382	6,493	16
	Restructuring charges (reversals)	72			(1,292)	37	1,219	(658)	nm

	Other operating expenses	33,592			34,967	34,964	40,892	32,706	3

	Total non-interest expense	315,701			308,034	309,311	313,690	301,801	5

	Income (loss) before income taxes	274,750			251,895	238,402	227,596	(22,058)	nm
	Income tax expense (benefit)	57,631			57,023	49,025	46,912	(7,378)	nm

	Net income (loss)	217,119			194,872	189,377	180,684	(14,680)	nm

	Less: Net income (loss) attributable to noncontrolling interest	(596)			(142)	(1,049)	(871)	(652)	9

	Net income (loss) attributable to Synovus Financial Corp.	217,715			195,014	190,426	181,555	(14,028)	nm

	Less: Preferred stock dividends	11,395			11,323	11,578	11,927	9,713	17

	Net income (loss) available to common shareholders	$	206,320		183,691	178,848	169,628	(23,741)	nm

	Net income (loss) per common share, basic	$	1.49		1.31	1.26	1.19	(0.16)	nm

	Net income (loss) per common share, diluted	1.48			1.30	1.25	1.18	(0.16)	nm

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

	Return on average assets *	1.46		%	1.32	1.25	1.21	(0.10)	156	bps
	Return on average common equity *	16.71			15.48	14.75	14.38	(2.14)	nm

	Weighted average common shares outstanding, basic	138,891			140,684	141,555	143,144	145,565	(5)	%
	Weighted average common shares outstanding, diluted	139,502			141,775	142,694	143,979	145,565	(4)

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


Synovus


	BALANCE SHEET DATA	June 30, 2025		December 31, 2024		June 30, 2024

	(Unaudited)

	(In thousands, except share data)

	ASSETS
	Interest-earning deposits with banks and other cash and cash equivalents	$	2,820,054	$	2,977,667	$	2,263,545
	Federal funds sold and securities purchased under resale agreements	32,262		16,320		31,063
	Cash, cash equivalents, and restricted cash	2,852,316		2,993,987		2,294,608

	Investment securities held to maturity	2,502,639		2,581,469		2,668,068
	Investment securities available for sale	7,798,824		7,551,018		7,043,681
	Loans held for sale (includes $45,136, $33,448 and $41,823 measured at fair value, respectively)	153,037		90,111		139,323

	Loans, net of deferred fees and costs	43,536,716		42,609,028		43,093,397
	Allowance for loan losses	(464,831)		(486,845)		(485,101)
	Loans, net	43,071,885		42,122,183		42,608,296

	Cash surrender value of bank-owned life insurance	1,150,853		1,139,988		1,125,928
	Premises, equipment, and software, net	378,739		383,724		375,455
	Goodwill	480,440		480,440		480,440
	Other intangible assets, net	29,063		34,318		40,114
	Other assets	2,638,989		2,856,406		2,830,430
	Total assets	$	61,056,785	$	60,233,644	$	59,606,343

	LIABILITIES AND EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	11,658,129	$	11,596,119	$	11,655,811
	Interest-bearing deposits	38,266,878		39,499,240		38,539,967

	Total deposits	49,925,007		51,095,359		50,195,778

	Federal funds purchased and securities sold under repurchase agreements, and other short-term borrowings	85,327		131,728		97,020

	Long-term debt	3,909,478		1,733,109		2,283,767
	Other liabilities	1,498,331		2,007,197		1,953,106
	Total liabilities	55,418,143		54,967,393		54,529,671

	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 172,702,630, 172,185,507 and 171,935,817 respectively; outstanding 138,781,530, 141,165,908 and 144,149,614 respectively	172,703		172,186		171,936
	Additional paid-in capital	3,992,061		3,986,729		3,965,751
	Treasury stock, at cost; 33,921,100, 31,019,599, and 27,786,203 shares, respectively	(1,359,113)		(1,216,827)		(1,066,239)
	Accumulated other comprehensive income (loss), net	(739,221)		(970,765)		(1,050,374)
	Retained earnings	3,014,111		2,736,089		2,495,387
	Total Synovus Financial Corp. shareholders’ equity	5,617,686		5,244,557		5,053,606
	Noncontrolling interest in subsidiary	20,956		21,694		23,066
	Total equity	5,638,642		5,266,251		5,076,672
	Total liabilities and equity	$	61,056,785	$	60,233,644	$	59,606,343


Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Second Quarter 2025						First Quarter 2025						Second 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)	$	34,539,952	$	550,768	6.39	%	$	34,262,226	$	543,485	6.43	%	$	35,006,497	$	593,715	6.82	%
Consumer loans (1)	8,278,835		108,705		5.26		8,244,161		106,344		5.19		8,358,325		109,206		5.23
Less: Allowance for loan losses	(474,658)		—		—		(480,023)		—		—		(492,640)		—		—
Loans, net	42,344,129		659,473		6.25		42,026,364		649,829		6.26		42,872,182		702,921		6.59
Total investment securities(3)	10,734,276		93,720		3.49		10,759,512		93,352		3.47		10,373,792		78,891		3.04
Interest-earning deposits with other banks	1,531,139		16,525		4.27		2,054,292		22,172		4.32		1,248,460		16,641		5.28
Federal funds sold and securities purchased under resale agreements	29,766		219		2.91		20,162		131		2.60		23,493		159		2.68
Mortgage loans held for sale	38,913		582		5.98		24,267		373		6.15		37,364		666		7.13
Other loans held for sale	88,348		516		2.31		69,049		384		2.23		96,180		466		1.92
Other earning assets(4)	196,539		2,269		4.61		178,344		2,101		4.71		198,515		2,849		5.75
Total interest earning assets	54,963,110		773,304		5.64	%	55,131,990		768,342		5.65	%	54,849,986		802,593		5.89	%
Cash and due from banks	461,767						499,201						531,604
Premises and equipment	381,260						384,258						376,293

Cash surrender value of bank-owned life insurance	1,147,894						1,142,943						1,121,764
Other assets(5)	2,623,082						2,718,154						2,367,202
Total assets	$	59,577,113					$	59,876,546					$	59,246,849
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	11,534,256	63,656		2.21	%	$	11,613,495	62,811		2.19	%	$	10,789,288	68,809		2.57	%
Money market accounts	14,322,197		98,275		2.75		13,900,933		92,897		2.71		12,617,120		99,380		3.17
Savings deposits	994,159		355		0.14		994,127		320		0.13		1,036,321		304		0.12
Time deposits	7,205,998		62,047		3.45		7,777,767		71,055		3.71		8,382,774		93,431		4.48
Brokered deposits	4,760,027		53,976		4.55		4,905,909		55,242		4.57		5,483,298		73,830		5.42
Federal funds purchased and securities sold under repurchase agreements	62,543		186		1.17		75,252		208		1.11		114,595		570		1.97
Other short-term borrowings	—		—		—		—		—		—		108,946		1,530		5.55
Long-term debt	2,111,647		33,586		6.35		1,773,203		29,848		6.74		1,666,731		28,390		6.79
Total interest-bearing liabilities	40,990,827		312,081		3.05	%	41,040,686		312,381		3.09	%	40,199,073		366,244		3.66	%
Non-interest-bearing demand deposits	11,386,117						11,406,048						12,099,256
Other liabilities	1,689,533						2,058,727						1,932,822


Total equity	5,510,636						5,371,085						5,015,698
Total liabilities and equity	$	59,577,113					$	59,876,546					$	59,246,849
Net interest income and net interest margin, taxable equivalent (6)			$	461,223	3.37	%			$	455,961	3.35	%			$	436,349	3.20	%
Less: taxable-equivalent adjustment			1,662						1,577						1,351
Net interest income			$	459,561					$	454,384					$	434,998


Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Six Months Ended June 30,
	2025						2024
(dollars in thousands)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans (1) (2)	$	34,401,857	$	1,094,253	6.41	%	$	34,975,147	$	1,177,174	6.77	%
Consumer loans (1)	8,261,594		215,049		5.23		8,396,215		218,773		5.23
Less: Allowance for loan losses	(477,326)		—		—		(486,893)		—		—
Loans, net	42,186,125		1,309,302		6.25		42,884,469		1,395,947		6.54
Total investment securities(3)	10,746,824		187,072		3.48		10,761,017		150,797		2.80
Interest-earning deposits with other banks	1,791,271		38,697		4.30		1,219,372		32,548		5.28
Federal funds sold and securities purchased under resale agreements	24,990		350		2.78		29,586		425		2.84
Mortgage loans held for sale	31,631		955		6.04		33,569		1,161		6.92
Other loans held for sale	78,752		900		2.27		57,323		549		1.89
Other earning assets(4)	187,492		4,370		4.66		198,954		5,187		5.23
Total interest earning assets	55,047,085		$	1,541,646	5.65	%	55,184,290		$	1,586,614	5.78	%
Cash and due from banks	480,381						528,178
Premises and equipment	382,751						373,335

Cash surrender value of bank-owned life insurance	1,145,432						1,118,233
Other assets(5)	2,670,354						1,930,505
Total assets	$	59,726,003					$	59,134,541
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	11,573,656	$	126,467	2.20	%	$	10,689,814	$	134,224	2.53	%
Money market accounts	14,112,729		191,172		2.73		12,721,753		202,509		3.20
Savings deposits	994,143		675		0.14		1,046,704		591		0.11
Time deposits	7,490,303		133,102		3.58		8,142,812		179,924		4.44
Brokered deposits	4,832,565		109,218		4.56		5,610,371		151,172		5.42
Federal funds purchased and securities sold under repurchase agreements	68,863		394		1.14		114,076		1,218		2.11
Other short-term borrowings	—		—		—		90,361		2,485		5.44
Long-term debt	1,943,360		63,434		6.53		1,715,736		57,985		6.74
Total interest-bearing liabilities	41,015,619		$	624,462	3.07	%	40,131,627		$	730,108	3.66	%
Non-interest-bearing demand deposits	11,396,028						12,085,463
Other liabilities	1,873,110						1,857,741


Total equity	5,441,246						5,059,710
Total liabilities and equity	$	59,726,003					$	59,134,541
Net interest income, taxable equivalent net interest margin (6)			$	917,184	3.36	%			$	856,506	3.12	%
Less: taxable-equivalent adjustment			3,239						2,662
Net interest income			$	913,945					$	853,844


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

Loan Type	June 30, 2025		March 31, 2025		% Change		June 30, 2024		% Change
Commercial, Financial, and Agricultural	$	15,238,812	$	14,611,712	4	%	$	14,519,608	5	%
Owner-Occupied	7,859,532		7,701,627		2		8,017,004		(2)
Total Commercial & Industrial	23,098,344		22,313,339		4		22,536,612		2
Multi-Family	4,162,623		4,182,886		—		4,288,436		(3)
Hotels	1,822,720		1,831,937		(1)		1,802,076		1
Office Buildings	1,677,966		1,724,113		(3)		1,801,945		(7)
Shopping Centers	1,325,773		1,268,683		4		1,298,967		2
Warehouses	883,586		848,530		4		865,359		2
Other Investment Property	1,436,852		1,409,752		2		1,271,266		13
Total Investment Properties	11,309,520		11,265,901		—		11,328,049		—
1-4 Family Construction	209,509		189,027		11		171,335		22
1-4 Family Investment Mortgage	327,369		324,411		1		381,212		(14)
Total 1-4 Family Properties	536,878		513,438		5		552,547		(3)
Commercial Development	58,627		68,227		(14)		65,994		(11)
Residential Development	77,001		75,240		2		67,231		15
Land Acquisition	157,664		148,752		6		201,666		(22)
Land and Development	293,292		292,219		—		334,891		(12)
Total Commercial Real Estate	12,139,690		12,071,558		1		12,215,487		(1)
Consumer Mortgages	5,246,940		5,269,505		—		5,371,164		(2)
Home Equity	1,852,884		1,839,185		1		1,812,940		2
Credit Cards	194,630		178,522		9		178,889		9
Other Consumer Loans	1,004,228		976,629		3		978,305		3
Total Consumer	8,298,682		8,263,841		—		8,341,298		(1)
Total	$	43,536,716	$	42,648,738	2	%	$	43,093,397	1	%

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	June 30, 2025		March 31, 2025		% Change		June 30, 2024		% Change
Commercial, Financial, and Agricultural	$	110,181	$	125,570	(12)	%	$	120,107	(8)	%
Owner-Occupied	19,128		18,226		5		50,977		(62)
Total Commercial & Industrial	129,309		143,796		(10)		171,084		(24)
Multi-Family	211		112		88		1,718		(88)
Office Buildings	55,634		64,423		(14)		7,350		nm
Shopping Centers	503		511		(2)		541		(7)
Warehouses	131		145		(10)		177		(26)
Other Investment Property	1,044		885		18		1,782		(41)
Total Investment Properties	57,523		66,076		(13)		11,568		397
1-4 Family Construction	—		145		nm		311		nm
1-4 Family Investment Mortgage	2,386		2,432		(2)		2,749		(13)
Total 1-4 Family Properties	2,386		2,577		(7)		3,060		(22)
Commercial Development	47		48		(2)		—		nm
Residential Development	—		—		nm		303		(100)
Land Acquisition	1,307		1,363		(4)		606		116
Land and Development	1,354		1,411		(4)		909		49
Total Commercial Real Estate	61,263		70,064		(13)		15,537		294
Consumer Mortgages	43,476		48,859		(11)		48,352		(10)
Home Equity	17,713		18,302		(3)		14,947		19
Other Consumer Loans	5,654		5,608		1		6,186		(9)
Total Consumer	66,843		72,769		(8)		69,485		(4)
Total	$	257,415	$	286,629	(10)	%	$	256,106	1	%


Synovus

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

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

	Non-performing Loans (NPLs)	$	257,415		286,629	309,164	312,964	256,106	1	%

	Other Real Estate and Other Assets	1,198			563	385	386	823	46

	Non-performing Assets (NPAs)	258,613			287,192	309,549	313,350	256,929	1

	Allowance for Loan Losses (ALL)	464,831			478,207	486,845	484,985	485,101	(4)
	Reserve for Unfunded Commitments	48,975			50,655	52,462	49,556	53,058	(8)

	Allowance for Credit Losses (ACL)	513,806			528,862	539,307	534,541	538,159	(5)

	Net Charge-Offs - Quarter	18,301			21,366	28,101	27,052	34,485
	Net Charge-Offs - YTD	39,667			21,366	133,994	105,893	78,841
	Net Charge-Offs / Average Loans - Quarter (1)	0.17		%	0.20	0.26	0.25	0.32
	Net Charge-Offs / Average Loans - YTD (1)	0.19			0.20	0.31	0.33	0.36
	NPLs / Loans	0.59			0.67	0.73	0.73	0.59
	NPAs / Loans, ORE and specific other assets	0.59			0.67	0.73	0.73	0.60
	ACL/Loans	1.18			1.24	1.27	1.24	1.25
	ALL/Loans	1.07			1.12	1.14	1.12	1.13

	ACL/NPLs	199.60			184.51	174.44	170.80	210.13
	ALL/NPLs	180.58			166.84	157.47	154.96	189.41

	Past Due Loans over 90 days and Still Accruing	$	40,065		40,886	48,592	4,359	4,460	nm
	As a Percentage of Loans Outstanding	0.09		%	0.10	0.11	0.01	0.01

	Total Past Due Loans and Still Accruing	$	104,267		93,493	108,878	97,229	129,759	(20)
	As a Percentage of Loans Outstanding	0.24		%	0.22	0.26	0.23	0.30

	(1) Ratio is annualized.





	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		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 (2)	7.55			7.02	6.76
	Book Value Per Common Share (3)	$	36.61		33.35	31.33
	Tangible Book Value Per Common Share (4)	32.94			29.70	27.72

	(1) Current quarter regulatory capital information is preliminary.

	(2) See "Non-GAAP Financial Measures" for applicable reconciliation.

	(3) Book Value Per Common Share consists of Total Synovus Financial Corp. shareholders’ equity less Preferred Stock divided by total common shares outstanding.
	(4) 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, adjusted return on average common equity, and adjusted PPNR 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. 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)	2Q25		1Q25		2Q24

Adjusted non-interest revenue
Total non-interest revenue	$	134,135	$	116,466	$	(128,851)
Investment securities (gains) losses, net	—		—		256,660



Fair value adjustment on non-qualified deferred compensation	(3,275)		816		(561)
Adjusted non-interest revenue	$	130,860	$	117,282	$	127,248

Adjusted non-interest expense
Total non-interest expense	$	315,701	$	308,034	$	301,801



Restructuring (charges) reversals	(72)		1,292		658
Valuation adjustment to Visa derivative	—		(2,200)		—
Fair value adjustment on non-qualified deferred compensation	(3,275)		816		(561)
Adjusted non-interest expense	$	312,354	$	307,942	$	301,898


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	2Q25			1Q25			2Q24
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense	$	312,354		$	307,942		$	301,898
Amortization of intangibles	(2,627)			(2,627)			(2,907)
Adjusted tangible non-interest expense	$	309,727		$	305,315		$	298,991

Net interest income	$	459,561		$	454,384		$	434,998
Tax equivalent adjustment	1,662			1,577			1,351
Net interest income (TE)	461,223			455,961			436,349

Net interest income	$	459,561		$	454,384		$	434,998
Total non-interest revenue	134,135			116,466			(128,851)
Total revenue	$	593,696		$	570,850		$	306,147
Tax equivalent adjustment	1,662			1,577			1,351
Total TE revenue	595,358			572,427			307,498


Investment securities losses (gains), net	—			—			256,660

Fair value adjustment on non-qualified deferred compensation	(3,275)			816			(561)
Adjusted revenue (TE)	$	592,083		$	573,243		$	563,597
Efficiency ratio-TE	53.03		%	53.81		%	98.15		%
Adjusted tangible efficiency ratio	52.31			53.26			53.05

Adjusted pre-provision net revenue
Net interest income	$	459,561		$	454,384		$	434,998
Total non-interest revenue	134,135			116,466			(128,851)
Total non-interest expense	(315,701)			(308,034)			(301,801)
Pre-provision net revenue (PPNR)	$	277,995		$	262,816		$	4,346

Adjusted revenue (TE)	$	592,083		$	573,243		$	563,597
Adjusted non-interest expense	(312,354)			(307,942)			(301,898)
Adjusted PPNR	$	279,729		$	265,301		$	261,699


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	2Q25			1Q25			2Q24
Adjusted return on average assets (annualized)
Net income (loss)	$	217,119		$	194,872		$	(14,680)






Restructuring charges (reversals)	72			(1,292)			(658)
Valuation adjustment to Visa derivative	—			2,200			—
Investment securities losses (gains), net	—			—			256,660
Tax effect of adjustments(1)	(17)			(219)			(62,644)
Adjusted net income	$	217,174		$	195,561		$	178,678
Net income (loss) annualized	$	870,862		$	790,314		$	(59,043)
Adjusted net income annualized	$	871,083		$	793,109		$	718,639
Total average assets	$	59,577,113		$	59,876,546		$	59,246,849
Return on average assets (annualized)	1.46		%	1.32		%	(0.10)		%
Adjusted return on average assets (annualized)	1.46			1.32			1.21




Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income (loss) available to common shareholders	$	206,320		$	183,691		$	(23,741)






Restructuring charges (reversals)	72			(1,292)			(658)
Valuation adjustment to Visa derivative	—			2,200			—
Investment securities losses (gains), net	—			—			256,660
Tax effect of adjustments(1)	(17)			(219)			(62,644)
Adjusted net income available to common shareholders	$	206,375		$	184,380		$	169,617
Weighted average common shares outstanding, diluted(2)	139,502			141,775			145,565
Diluted earnings per share	$	1.48		$	1.30		$	(0.16)
Adjusted diluted earnings per share	1.48			1.30			1.16
(1) An assumed marginal tax rate of 24.2% for 2Q25 and 1Q25 and 24.5% for 2Q24 was applied.
(2) Diluted shares of 146,034 (in thousands) used to calculate 2Q24 adjusted diluted earnings per share.


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	2Q25			1Q25			2Q24
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income (loss) available to common shareholders	$	206,320		$	183,691		$	(23,741)






Restructuring charges (reversals)	72			(1,292)			(658)
Valuation adjustment to Visa derivative	—			2,200			—
Investment securities losses (gains), net	—			—			256,660
Tax effect of adjustments(1)	(17)			(219)			(62,644)
Adjusted net income available to common shareholders	$	206,375		$	184,380		$	169,617

Adjusted net income available to common shareholders annualized	$	827,768		$	747,763		$	682,196
Amortization of intangibles, tax effected, annualized	7,993			8,082			8,831
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	835,761		$	755,845		$	691,027

Net income (loss) available to common shareholders annualized	$	827,547		$	744,969		$	(95,486)
Amortization of intangibles, tax effected, annualized	7,993			8,082			8,831
Net income (loss) available to common shareholders excluding amortization of intangibles annualized	$	835,540		$	753,051		$	(86,655)

Total average Synovus Financial Corp. shareholders' equity less preferred stock	$	4,952,297		$	4,812,279		$	4,455,198
Average goodwill	(480,440)			(480,440)			(480,902)
Average other intangible assets, net	(30,398)			(32,966)			(41,547)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock	$	4,441,459		$	4,298,873		$	3,932,749
Return on average common equity (annualized)	16.71		%	15.48		%	(2.14)		%
Adjusted return on average common equity (annualized)	16.71			15.54			15.31
Return on average tangible common equity (annualized)	18.81			17.52			(2.20)
Adjusted return on average tangible common equity (annualized)	18.82			17.58			17.57
(1) An assumed marginal tax rate of 24.2% for 2Q25 and 1Q25 and 24.5% for 2Q24 was applied.




(dollars in thousands)	June 30, 2025			December 31, 2024			June 30, 2024

Tangible common equity ratio
Total assets	$	61,056,785		$	60,233,644		$	59,606,343
Goodwill	(480,440)			(480,440)			(480,440)
Other intangible assets, net	(29,063)			(34,318)			(40,114)
Tangible assets	$	60,547,282		$	59,718,886		$	59,085,789

Total Synovus Financial Corp. shareholders’ equity	$	5,617,686		$	5,244,557		$	5,053,606
Goodwill	(480,440)			(480,440)			(480,440)
Other intangible assets, net	(29,063)			(34,318)			(40,114)
Preferred Stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	4,571,038		$	4,192,654		$	3,995,907
Total Synovus Financial Corp. shareholders’ equity to total assets ratio	9.20		%	8.71		%	8.48		%
Tangible common equity ratio	7.55			7.02			6.76

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)	2Q25		1Q25		Linked Quarter Change		Linked Quarter % Change		2Q24		Year/Year Change		Year/Year % Change
Commercial & industrial	$	23,098.3	$	22,313.3	$	785.0	4	%	$	22,536.6	$	561.7	2	%
Commercial real estate	12,139.7		12,071.6		68.1		1		12,215.5		(75.8)		(1)
Consumer	8,298.7		8,263.8		34.8		—		8,341.3		(42.6)		(1)
Total loans	$	43,536.7	$	42,648.7	$	888.0	2	%	$	43,093.4	$	443.3	1	%