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Synovus announces earnings for the fourth quarter 2024

1. Net income for 2024 reached $439.6 million, down from $507.8 million. 2. CET1 ratio improved to 10.84%, the highest level in over a decade. 3. Non-interest revenue decreased by 41% from 2023 due to securities losses. 4. Loan balances fell by $795.5 million, indicating declining line utilization. 5. Deposits increased by $356.2 million, driven by public funds and time deposits.

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Why Neutral?

While there are operational improvements, the drop in net income may concern investors. For instance, a similar decline in earnings in previous quarters has historically led to stock price volatility for financial institutions.

How important is it?

The information directly affects investor sentiment towards Synovus' financial health and outlook, largely determining near-term stock performance.

Why Short Term?

The decline in revenue and earnings could affect stock performance in the upcoming quarter, but positive loan quality trends may stabilize prices later.

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COLUMBUS, Ga.--(BUSINESS WIRE)--Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended Dec. 31, 2024. "Over the past year, Synovus has successfully implemented our relationship-building strategies, resulting in strong growth across core commercial lending, deposits and key fee-producing businesses. We maintained strict control over operating expenses, saw improvements in loan losses and increased our Common Equity Tier 1 ratio1 to the highest level in over 10 years. This momentum, as well as our financial position and accelerated growth orientation, positions us well for continued success in 2025 and beyond,” said Synovus Chairman, CEO and President Kevin Blair. 2024 Highlights Net income available to common shareholders for 2024 was $439.6 million, or $3.03 per diluted share, compared to $507.8 million, or $3.46 per diluted share in 2023. Adjusted EPS was $4.43 per diluted share compared to $4.12 per diluted share in 2023. A $6 million FDIC special assessment incurred in 2024 reduced reported and adjusted EPS by $0.03, while a $51 million FDIC special assessment impacted 2023 reported and adjusted EPS by $0.26. Pre-provision net revenue was $741.6 million in 2024 compared to $885.2 million in 2023, primarily attributable to lower non-interest revenue from a $257 million securities loss in the second quarter 2024. Net interest income was $1.75 billion in 2024, down from $1.82 billion in the prior year, largely due to a decline in loan balances. Period-end loans declined $795.5 million, or 2%, in 2024 as line utilization declined, payoffs increased and non-relationship credits were rationalized. Period-end deposits increased $356.2 million, or 1%, primarily driven by growth in time deposits, money market, interest-bearing demand deposits and public funds, partially offset by a decline in non-interest-bearing deposits. Brokered deposits declined $1.17 billion, or 19%, in 2024. Non-interest revenue was $239.6 million, down 41% from 2023, primarily from a $257 million securities loss in the second quarter 2024. However, adjusted non-interest revenue of $490.4 million grew 6% in 2024, primarily attributable to Treasury Management fees, Capital Markets income and Wealth revenue, as well as revenue from Commercial Sponsorship fees. Non-interest expense was $1.25 billion, down 7%, while adjusted non-interest expense declined 3% year over year in 2024 to $1.23 billion, primarily due to a $51 million FDIC special assessment incurred in fourth quarter 2023. Credit quality remains healthy. Net charge-offs were 0.31% of average loans compared to 0.35% in 2023. The provision for credit losses declined to $136.7 million in 2024 compared to $189.1 million in the prior year. The allowance for credit losses ended the year at 1.27% compared to 1.24% at the end of 2023. The year-end CET1 ratio1 increased 62 basis points year over year to 10.84%. Fourth Quarter 2024 Highlights Net income available to common shareholders was $178.8 million, or $1.25 per diluted share, up 6% sequentially, and up sharply from $60.6 million in the fourth quarter 2023. Pre-provision net revenue of $271.3 million increased $20.2 million, or 8%, sequentially and was up $135.4 million, or 100%, compared to the fourth quarter 2023. Net interest income increased $14.3 million, or 3%, compared to the prior quarter and was up $17.8 million, or 4%, compared to the fourth quarter 2023, primarily attributable to lower funding costs. Net interest margin was 3.28%, which was up from the prior quarter supported by lower funding costs and loan hedge maturities as well as a non-recurring favorable interest adjustment which impacted the NIM by 4 basis points. Period-end loans declined $512 million, or 1%, from the third quarter, as loan production, excluding secondary mortgage, was more than offset by lower line utilization, higher loan payoffs and strategic declines in non-relationship syndicated lending and third-party consumer lending. Core deposits, which excludes brokered deposits, increased $1.13 billion, or 3%, sequentially. Total deposits ended the quarter at $51.10 billion, an increase of $901.6 million or 2% sequentially, as a result of the focus on deposit production, public funds seasonality and middle market deposit growth. Total deposit costs declined 26 basis points from the third quarter 2024 to 2.46%. Non-interest revenue of $125.6 million rose 1% from the third quarter and increased $74.1 million, or 144%, compared to the fourth quarter 2023. Adjusted non-interest revenue of $124.6 million increased $2.7 million, or 2%, sequentially and fell $1.5 million, or 1%, compared to the fourth quarter 2023. Core Banking fees, Wealth revenue and Capital Markets income drove sequential growth in non-interest revenue. Year over year growth in Treasury Management fees, Capital Markets income, and Wealth revenue was outweighed by elevated Commercial Sponsorship fees in the fourth quarter of 2023. Non-interest expense of $309.3 million was down $4.4 million, or 1% sequentially. Adjusted non-interest expense increased 2% sequentially to $309.0 million. Compared to the prior year, non-interest expense and adjusted non-interest expense were both down 12% as a result of the $51 million FDIC special assessment in 2023. Headcount declined 2% year over year. Credit quality ratios remain healthy. The non-performing loan and asset ratios were both stable at 0.73%; the net charge-off ratio for the quarter was 0.26%, and total past dues were 0.26% of total loans outstanding. Provision for credit losses was $32.9 million, up $9.4 million sequentially and down from $45.5 million in the fourth quarter of 2023. The allowance for credit losses ratio (to loans) of 1.27% was up 3 basis points sequentially and compared to the prior year. The CET1 ratio1 increased sequentially to 10.84% as strong earnings accretion more than offset approximately $50 million in common share repurchases during the fourth quarter. ________________________ 1 Preliminary Fourth Quarter 2024 Summary Reported Adjusted (dollars in thousands) 4Q24 3Q24 4Q23 4Q24 3Q24 4Q23 Net income available to common shareholders $ 178,848 $ 169,628 $ 60,645 $ 178,331 $ 177,120 $ 116,901 Diluted earnings per share 1.25 1.18 0.41 1.25 1.23 0.80 Total revenue 580,580 564,720 488,682 581,054 564,051 564,593 Total loans 42,609,028 43,120,674 43,404,490 N/A N/A N/A Total deposits 51,095,359 50,193,740 50,739,185 N/A N/A N/A Return on avg assets (1) 1.25 % 1.21 % 0.47 % 1.25 % 1.26 % 0.84 % Return on avg common equity(1) 14.75 14.38 5.88 14.71 15.02 11.34 Return on avg tangible common equity(1) 16.72 16.38 7.02 16.67 17.09 13.28 Net interest margin 3.28 % 3.22 % 3.11 % N/A N/A N/A Efficiency ratio-TE(2)(3) 53.15 55.41 72.03 52.69 52.97 61.97 NCO ratio-QTD 0.26 0.25 0.38 N/A N/A N/A NPA ratio 0.73 0.73 0.66 N/A N/A N/A (1) Annualized (2) Taxable equivalent (3) Adjusted tangible efficiency ratio N/A- not applicable Balance Sheet Loans* (dollars in millions) 4Q24 3Q24 Linked Quarter Change Linked Quarter % Change 4Q23 Year/Year Change Year/Year % Change Commercial & industrial $ 22,331.1 $ 22,664.0 $ (332.9 ) (1 )% $ 22,598.5 $ (267.4 ) (1 )% Commercial real estate 12,014.6 12,177.5 (162.9 ) (1 ) 12,316.8 (302.1 ) (2 ) Consumer 8,263.3 8,279.2 (15.9 ) — 8,489.2 (226.0 ) (3 ) Total loans $ 42,609.0 $ 43,120.7 $ (511.6 ) (1 )% $ 43,404.5 $ (795.5 ) (2 )% * Amounts may not total due to rounding Deposits* (dollars in millions) 4Q24 3Q24 Linked Quarter Change Linked Quarter % Change 4Q23 Year/Year Change Year/Year % Change Non-interest-bearing DDA $ 10,974.6 $ 11,129.1 $ (154.5 ) (1 )% $ 11,801.2 $ (826.6 ) (7 )% Interest-bearing DDA 7,199.7 6,821.3 378.4 6 6,541.0 658.7 10 Money market 11,407.4 11,031.5 375.9 3 10,819.7 587.7 5 Savings 971.1 983.2 (12.1 ) (1 ) 1,062.6 (91.5 ) (9 ) Public funds 7,987.5 7,047.6 939.9 13 7,349.5 638.0 9 Time deposits 7,679.9 8,075.7 (395.8 ) (5 ) 7,122.2 557.7 8 Brokered deposits 4,875.2 5,105.4 (230.2 ) (5 ) 6,043.0 (1,167.8 ) (19 ) Total deposits $ 51,095.4 $ 50,193.7 $ 901.6 2 % $ 50,739.2 $ 356.2 1 % * Amounts may not total due to rounding Income Statement Summary* (in thousands, except per share data) 4Q24 3Q24 Linked Quarter Change Linked Quarter % Change 4Q23 Year/Year Change Year/Year % Change Net interest income $ 454,993 $ 440,740 $ 14,253 3 % $ 437,214 $ 17,779 4 % Non-interest revenue 125,587 123,980 1,607 1 51,468 74,119 144 Non-interest expense 309,311 313,690 (4,379 ) (1 ) 352,858 (43,547 ) (12 ) Provision for (reversal of) credit losses 32,867 23,434 9,433 40 45,472 (12,605 ) (28 ) Income before taxes $ 238,402 $ 227,596 $ 10,806 5 % $ 90,352 $ 148,050 164 % Income tax expense 49,025 46,912 2,113 5 20,779 28,246 136 Net income 189,377 180,684 8,693 5 69,573 119,804 172 Less: Net income (loss) attributable to noncontrolling interest (1,049 ) (871 ) (178 ) (20 ) (768 ) (281 ) (37 ) Net income (loss) attributable to Synovus Financial Corp. 190,426 181,555 8,871 5 70,341 120,085 171 Less: Preferred stock dividends 11,578 11,927 (349 ) (3 ) 9,696 1,882 19 Net income available to common shareholders $ 178,848 $ 169,628 $ 9,220 5 % $ 60,645 $ 118,203 195 % Weighted average common shares outstanding, diluted 142,694 143,979 (1,285 ) (1 ) 146,877 (4,183 ) (3 ) Diluted earnings per share $ 1.25 $ 1.18 $ 0.07 6 % $ 0.41 $ 0.84 204 % Adjusted diluted earnings per share $ 1.25 $ 1.23 $ 0.02 2 % $ 0.80 $ 0.45 56 % Effective tax rate 20.56 % 20.61 % 23.00 % * Amounts may not total due to rounding Capital Ratios 4Q24 3Q24 4Q23 Common equity Tier 1 capital (CET1) ratio 10.84 % * 10.64 % 10.22 % Tier 1 capital ratio 11.96 * 11.76 11.28 Total risk-based capital ratio 13.80 * 13.60 13.07 Tier 1 leverage ratio 9.55 * 9.55 9.49 Tangible common equity ratio 7.02 7.28 6.84 * Ratios are preliminary Fourth Quarter 2024 Earnings Conference Call Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on Jan. 16, 2025. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 865307). Shareholders and other interested parties may listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for at least 12 months and will be available approximately one hour after the call. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus 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. As of Dec. 31, 2024, Synovus has 244 branches in Georgia, Alabama, Florida, South Carolina, and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at synovus.com. Forward-Looking Statements 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 intended strategies, initiatives, and other operational and execution goals; 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 December 31, 2023, 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. Non-GAAP Financial Measures The measures entitled adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted non-interest revenue, adjusted non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; 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 net income available to common shareholders; diluted earnings per share; total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; 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 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. 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. 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 (in thousands, except per share data) 4Q24 3Q24 4Q23 2024 2023 Adjusted net income available to common shareholders and adjusted net income per common share, diluted Net income available to common shareholders $ 178,848 $ 169,628 $ 60,645 $ 439,557 $ 507,755 Valuation adjustment on Globalt earnout (719 ) — — (719 ) — (Gain) on sale of GLOBALT — — — — (1,929 ) Restructuring charges (reversals) 37 1,219 1,231 2,121 17,707 Valuation adjustment to Visa derivative — 8,700 — 8,700 3,927 (Gain) on early extinguishment of debt — — (4,497 ) — (5,400 ) Recovery of NPA — — — — (13,126 ) Loss on other loans held for sale — — — — 50,064 Investment securities (gains) losses, net — — 77,748 256,660 76,718 Tax effect of adjustments(1) 165 (2,427 ) (18,226 ) (64,423 ) (31,312 ) Adjusted net income available to common shareholders $ 178,331 $ 177,120 $ 116,901 $ 641,896 $ 604,404 Weighted average common shares outstanding, diluted 142,694 143,979 146,877 144,998 146,734 Net income per common share, diluted $ 1.25 $ 1.18 $ 0.41 $ 3.03 $ 3.46 Adjusted net income per common share, diluted 1.25 1.23 0.80 4.43 4.12 (1) An assumed marginal tax rate of 24.2% for 4Q24 and 2024 and 24.5% for 3Q24, 4Q23, and 2023 was applied. (dollars in thousands) 4Q24 3Q24 4Q23 2024 2023 Adjusted non-interest revenue Total non-interest revenue $ 125,587 $ 123,980 $ 51,468 $ 239,604 $ 404,010 Valuation adjustment on Globalt earnout (719 ) — — (719 ) — (Gain) on sale of GLOBALT — — — — (1,929 ) Recovery of NPA — — — — (13,126 ) Investment securities (gains) losses, net — — 77,748 256,660 76,718 Fair value adjustment on non-qualified deferred compensation (237 ) (2,062 ) (3,053 ) (5,159 ) (4,987 ) Adjusted non-interest revenue $ 124,631 $ 121,918 $ 126,163 $ 490,386 $ 460,686 Adjusted non-interest expense Total non-interest expense $ 309,311 $ 313,690 $ 352,858 $ 1,247,543 $ 1,335,424 Loss on other loans held for sale — — — — (50,064 ) Restructuring (charges) reversals (37 ) (1,219 ) (1,231 ) (2,121 ) (17,707 ) Valuation adjustment to Visa derivative — (8,700 ) — (8,700 ) (3,927 ) Gain (loss) on early extinguishment of debt — — 4,497 — 5,400 Fair value adjustment on non-qualified deferred compensation (237 ) (2,062 ) (3,053 ) (5,159 ) (4,987 ) Adjusted non-interest expense $ 309,037 $ 301,709 $ 353,071 $ 1,231,563 $ 1,264,139 Reconciliation of Non-GAAP Financial Measures, continued (dollars in thousands) 4Q24 3Q24 4Q23 Adjusted revenue (TE) and adjusted tangible efficiency ratio Adjusted non-interest expense $ 309,037 $ 301,709 $ 353,071 Amortization of intangibles (2,888 ) (2,907 ) (3,168 ) Adjusted tangible non-interest expense $ 306,149 $ 298,802 $ 349,903 Net interest income $ 454,993 $ 440,740 $ 437,214 Tax equivalent adjustment 1,430 1,393 1,216 Net interest income (TE) $ 456,423 $ 442,133 $ 438,430 Net interest income $ 454,993 $ 440,740 $ 437,214 Total non-interest revenue 125,587 123,980 51,468 Total revenue 580,580 564,720 488,682 Tax equivalent adjustment 1,430 1,393 1,216 Total TE revenue $ 582,010 $ 566,113 $ 489,898 Valuation adjustment on Globalt earnout (719 ) — — Investment securities (gains) losses, net — — 77,748 Fair value adjustment on non-qualified deferred compensation (237 ) (2,062 ) (3,053 ) Adjusted revenue (TE) $ 581,054 $ 564,051 $ 564,593 Efficiency ratio-(TE) 53.15 % 55.41 % 72.03 % Adjusted tangible efficiency ratio 52.69 52.97 61.97 Adjusted pre-provision net revenue Net interest income $ 454,993 $ 440,740 $ 437,214 Total non-interest revenue 125,587 123,980 51,468 Total non-interest expense (309,311 ) (313,690 ) (352,858 ) Pre-provision net revenue (PPNR) $ 271,269 $ 251,030 $ 135,824 Adjusted revenue (TE) $ 581,054 $ 564,051 $ 564,593 Adjusted non-interest expense (309,037 ) (301,709 ) (353,071 ) Adjusted PPNR $ 272,017 $ 262,342 $ 211,522 Reconciliation of Non-GAAP Financial Measures, continued (dollars in thousands) 4Q24 3Q24 4Q23 Adjusted return on average assets (annualized) Net income $ 189,377 $ 180,684 $ 69,573 Restructuring charges (reversals) 37 1,219 1,231 Valuation adjustment on Globalt earnout (719 ) — — Valuation adjustment to Visa derivative — 8,700 — (Gain) on early extinguishment of debt — — (4,497 ) Investment securities (gains) losses, net — — 77,748 Tax effect of adjustments(1) 165 (2,427 ) (18,226 ) Adjusted net income $ 188,860 $ 188,176 $ 125,829 Net income annualized $ 753,391 $ 718,808 $ 276,023 Adjusted net income annualized $ 751,334 $ 748,613 $ 499,213 Total average assets $ 60,174,616 $ 59,183,624 $ 59,164,065 Return on average assets (annualized) 1.25 % 1.21 % 0.47 % Adjusted return on average assets (annualized) 1.25 1.26 0.84 (1) An assumed marginal tax rate of 24.2% for 4Q24 and 24.5% for 3Q24 and 4Q23 was applied. Reconciliation of Non-GAAP Financial Measures, continued (dollars in thousands) 4Q24 3Q24 4Q23 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 $ 178,848 $ 169,628 $ 60,645 Restructuring charges (reversals) 37 1,219 1,231 Valuation adjustment on Globalt earnout (719 ) — — Valuation adjustment to Visa derivative — 8,700 — (Gain) on early extinguishment of debt — — (4,497 ) Investment securities (gains) losses, net — — 77,748 Tax effect of adjustments(1) 165 (2,427 ) (18,226 ) Adjusted net income available to common shareholders $ 178,331 $ 177,120 $ 116,901 Adjusted net income available to common shareholders annualized $ 709,447 $ 704,630 $ 463,792 Amortization of intangibles, tax effected, annualized 8,715 8,735 9,493 Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 718,162 $ 713,365 $ 473,285 Net income available to common shareholders annualized $ 711,504 $ 674,824 $ 240,602 Amortization of intangibles, tax effected, annualized 8,715 8,735 9,493 Net income available to common shareholders excluding amortization of intangibles annualized $ 720,219 $ 683,559 $ 250,095 Total average Synovus Financial Corp. shareholders' equity less preferred stock $ 4,824,003 $ 4,692,722 $ 4,090,163 Average goodwill (480,440 ) (480,440 ) (479,858 ) Average other intangible assets, net (35,869 ) (38,793 ) (47,502 ) Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock $ 4,307,694 $ 4,173,489 $ 3,562,803 Return on average common equity (annualized) 14.75 % 14.38 % 5.88 % Adjusted return on average common equity (annualized) 14.71 15.02 11.34 Return on average tangible common equity (annualized) 16.72 16.38 7.02 Adjusted return on average tangible common equity (annualized) 16.67 17.09 13.28 (1) An assumed marginal tax rate of 24.2% for 4Q24 and 24.5% for 3Q24 and 4Q23 was applied. Reconciliation of Non-GAAP Financial Measures, continued December 31, September 30, December 31, (dollars in thousands) 2024 2024 2023 Tangible common equity ratio Total assets $ 60,233,644 $ 59,589,628 $ 59,809,534 Goodwill (480,440 ) (480,440 ) (480,440 ) Other intangible assets, net (34,318 ) (37,207 ) (45,928 ) Tangible assets $ 59,718,886 $ 59,071,981 $ 59,283,166 Total Synovus Financial Corp. shareholders' equity $ 5,244,557 $ 5,355,976 $ 5,119,993 Goodwill (480,440 ) (480,440 ) (480,440 ) Other intangible assets, net (34,318 ) (37,207 ) (45,928 ) Preferred stock, no par value (537,145 ) (537,145 ) (537,145 ) Tangible common equity $ 4,192,654 $ 4,301,184 $ 4,056,480 Total Synovus Financial Corp. shareholders’ equity to total assets ratio 8.71 % 8.99 % 8.56 % Tangible common equity ratio 7.02 7.28 6.84 Synovus Exhibit 99.2 INCOME STATEMENT DATA (Unaudited) Years Ended (Dollars in thousands, except per share data) December 31, 2024 2023 % Change Interest income $ 3,193,589 $ 3,050,358 5 % Interest expense 1,444,012 1,233,703 17 Net interest income 1,749,577 1,816,655 (4 ) Provision for (reversal of) credit losses 136,685 189,079 (28 ) Net interest income after provision for credit losses 1,612,892 1,627,576 (1 ) Non-interest revenue: Service charges on deposit accounts 91,647 90,096 2 Fiduciary and asset management fees 79,828 78,077 2 Card fees 76,920 72,357 6 Brokerage revenue 84,881 90,004 (6 ) Mortgage banking income 14,060 15,157 (7 ) Capital markets income 44,058 39,045 13 Income from bank-owned life insurance 34,429 31,429 10 Investment securities gains (losses), net (256,660 ) (76,718 ) (235 ) Recovery of NPA — 13,126 nm Other non-interest revenue 70,441 51,437 37 Total non-interest revenue 239,604 404,010 (41 ) Non-interest expense: Salaries and other personnel expense 737,467 728,378 1 Net occupancy, equipment, and software expense 187,451 179,581 4 Third-party processing and other services 85,751 86,649 (1 ) Professional fees 46,089 39,854 16 FDIC insurance and other regulatory fees 45,921 94,737 (52 ) Restructuring charges (reversals) 2,121 17,707 (88 ) Loss on other loans held for sale — 50,064 nm Other operating expenses 142,743 138,454 3 Total non-interest expense 1,247,543 1,335,424 (7 ) Income before income taxes 604,953 696,162 (13 ) Income tax expense 125,502 154,021 (19 ) Net income 479,451 542,141 (12 ) Less: Net income (loss) attributable to noncontrolling interest (3,009 ) (1,564 ) (92 ) Net income attributable to Synovus Financial Corp. 482,460 543,705 (11 ) Less: Preferred stock dividends 42,903 35,950 19 Net income available to common shareholders $ 439,557 $ 507,755 (13 )% Net income per common share, basic 3.05 3.48 (12 )% Net income per common share, diluted 3.03 3.46 (12 ) Cash dividends declared per common share 1.52 1.52 — Return on average assets 0.81 % 0.90 % (9)bps Return on average common equity 9.50 12.17 (267 ) Weighted average common shares outstanding, basic 144,164 146,115 (1 )% Weighted average common shares outstanding, diluted 144,998 146,734 (1 )   nm - not meaningful bps - basis points Amounts may not total due to rounding Synovus INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data) 2024 2023 Fourth Quarter   Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter '24 vs '23 % Change   Interest income $ 799,130 810,507 801,242 782,710 788,297 1 % Interest expense 344,137 369,767 366,244 363,864 351,083 (2 ) Net interest income 454,993 440,740 434,998 418,846 437,214 4 Provision for (reversal of) credit losses 32,867 23,434 26,404 53,980 45,472 (28 ) Net interest income after provision for credit losses 422,126 417,306 408,594 364,866 391,742 8 Non-interest revenue: Service charges on deposit accounts 23,244 23,683 22,907 21,813 22,260 4 Fiduciary and asset management fees 21,373 19,714 19,728 19,013 18,149 18 Card fees 19,577 18,439 19,418 19,486 20,872 (6 ) Brokerage revenue 20,907 20,810 20,457 22,707 21,961 (5 ) Mortgage banking income 2,665 4,033 3,944 3,418 3,019 (12 ) Capital markets income 12,070 10,284 15,077 6,627 6,456 87 Income from bank-owned life insurance 10,543 8,442 8,097 7,347 10,324 2 Investment securities gains (losses), net — — (256,660 ) — (77,748 ) nm Other non-interest revenue 15,208 18,575 18,181 18,477 26,175 (42 ) Total non-interest revenue 125,587 123,980 (128,851 ) 118,888 51,468 144 Non-interest expense: Salaries and other personnel expense 184,725 184,814 179,407 188,521 176,712 5 Net occupancy, equipment, and software expense 47,251 46,977 46,415 46,808 48,146 (2 ) Third-party processing and other services 22,158 21,552 21,783 20,258 21,717 2 Professional fees 11,949 10,854 15,655 7,631 11,147 7 FDIC insurance and other regulatory fees 8,227 7,382 6,493 23,819 61,470 (87 ) Restructuring charges (reversals) 37 1,219 (658 ) 1,524 1,231 (97 ) Other operating expenses 34,964 40,892 32,706 34,180 32,435 8 Total non-interest expense 309,311 313,690 301,801 322,741 352,858 (12 ) Income (loss) before income taxes 238,402 227,596 (22,058 ) 161,013 90,352 164 Income tax expense (benefit) 49,025 46,912 (7,378 ) 36,943 20,779 136 Net income (loss) 189,377 180,684 (14,680 ) 124,070 69,573 172 Less: Net income (loss) attributable to noncontrolling (1,049 ) (871 ) (652 ) (437 ) (768 ) (37 ) Net income (loss) attributable to Synovus Financial Corp. 190,426 181,555 (14,028 ) 124,507 70,341 171 Less: Preferred stock dividends 11,578 11,927 9,713 9,685 9,696 19 Net income (loss) available to common shareholders $ 178,848 169,628 (23,741 ) 114,822 60,645 195 Net income (loss) per common share, basic $ 1.26 1.19 (0.16 ) 0.78 0.41 207 % Net income (loss) per common share, diluted 1.25 1.18 (0.16 ) 0.78 0.41 204 Cash dividends declared per common share 0.38 0.38 0.38 0.38 0.38 — Return on average assets * 1.25 % 1.21 (0.10 ) 0.85 0.47 78 bps Return on average common equity * 14.75 14.38 (2.14 ) 10.17 5.88  nm Weighted average common shares outstanding, basic 141,555 143,144 145,565 146,430 146,372 (3 )% Weighted average common shares outstanding, diluted 142,694 143,979 145,565 147,122 146,877 (3 )   nm - not meaningful bps - basis points * - ratios are annualized Amounts may not total due to rounding Synovus BALANCE SHEET DATA December 31, 2024 September 30, 2024 December 31, 2023 (Unaudited) (In thousands, except share data) ASSETS Interest-earning deposits with banks and other cash and cash equivalents $ 2,977,667 $ 1,807,641 $ 2,414,103 Federal funds sold and securities purchased under resale agreements 16,320 45,971 37,323 Cash, cash equivalents, and restricted cash 2,993,987 1,853,612 2,451,426 Investment securities held to maturity 2,581,469 2,622,457 — Investment securities available for sale 7,551,018 7,554,168 9,788,662 Loans held for sale ($33,448, $36,943 and $47,338 measured at fair value, respectively) 90,111 121,470 52,768 Loans, net of deferred fees and costs 42,609,028 43,120,674 43,404,490 Allowance for loan losses (486,845 ) (484,985 ) (479,385 ) Loans, net 42,122,183 42,635,689 42,925,105 Cash surrender value of bank-owned life insurance 1,139,988 1,133,652 1,112,030 Premises, equipment, and software, net 383,724 380,267 365,851 Goodwill 480,440 480,440 480,440 Other intangible assets, net 34,318 37,207 45,928 Other assets 2,856,406 2,770,666 2,587,324 Total assets $ 60,233,644 $ 59,589,628 $ 59,809,534 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Non-interest-bearing deposits $ 11,596,119 $ 11,561,626 $ 12,507,616 Interest-bearing deposits 39,499,240 38,632,114 38,231,569 Total deposits 51,095,359 50,193,740 50,739,185 Federal funds purchased and securities sold under repurchase agreements 131,728 94,055 189,074 Other short-term borrowings — — 3,496 Long-term debt 1,733,109 2,021,050 1,932,534 Other liabilities 2,007,197 1,902,612 1,801,097 Total liabilities 54,967,393 54,211,457 54,665,386 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 172,185,507, 172,077,277, and 171,360,188 respectively; outstanding 141,165,908, 141,997,383, and 146,705,330 respectively 172,186 172,077 171,360 Additional paid-in capital 3,986,729 3,976,706 3,955,819 Treasury stock, at cost – 31,019,599, 30,079,894, and 24,654,858 shares, respectively (1,216,827 ) (1,167,130 ) (944,484 ) Accumulated other comprehensive income (loss), net (970,765 ) (773,786 ) (1,117,073 ) Retained earnings 2,736,089 2,610,964 2,517,226 Total Synovus Financial Corp. shareholders' equity 5,244,557 5,355,976 5,119,993 Noncontrolling interest in subsidiary 21,694 22,195 24,155 Total equity 5,266,251 5,378,171 5,144,148 Total liabilities and shareholders' equity $ 60,233,644 $ 59,589,628 $ 59,809,534 Synovus AVERAGE BALANCES, INTEREST, AND YIELDS/RATES (Unaudited) 2024 2023 (dollars in thousands) Average Balance Interest Yield/ Rate Average Balance Interest Yield/ Rate Assets Interest earning assets: Commercial loans (1) (2) $ 34,708,207 $ 2,339,075 6.74 % $ 35,188,678 $ 2,263,117 6.43 % Consumer loans (1) 8,336,996 436,188 5.23 8,557,650 426,266 4.98 Less: Allowance for loan losses (484,142 ) — — (463,493 ) — — Loans, net 42,561,061 2,775,263 6.52 43,282,835 2,689,383 6.21 Total investment securities (3) 10,641,008 329,478 3.10 11,212,956 248,294 2.21 Trading account assets 11,839 659 5.56 15,486 886 5.72 Other earning assets (4) 1,593,100 80,711 4.99 1,414,586 71,349 4.98 FHLB and Federal Reserve Bank stock 178,603 9,284 5.20 254,420 14,975 5.89 Mortgage loans held for sale 33,125 2,293 6.92 46,035 2,993 6.50 Other loans held for sale 68,098 1,386 2.00 469,689 27,099 5.69 Total interest earning assets 55,086,834 $ 3,199,074 5.81 % 56,696,007 $ 3,054,979 5.39 % Cash and due from banks 511,152 575,370 Premises and equipment 377,386 367,159 Other real estate 4,756 — Cash surrender value of bank-owned life insurance 1,125,363 1,099,641 Other assets (5) 2,302,826 1,183,691 Total assets $ 59,408,317 $ 59,921,868 Liabilities and Shareholders' Equity Interest-bearing liabilities: Interest-bearing demand deposits $ 10,879,231 $ 273,480 2.51 % $ 9,884,039 $ 176,595 1.79 % Money market accounts 13,069,507 408,087 3.12 13,511,442 356,562 2.64 Savings deposits 1,021,838 1,262 0.12 1,229,975 1,046 0.09 Time deposits 8,244,344 358,401 4.35 5,473,405 196,481 3.59 Brokered deposits 5,426,407 288,702 5.32 6,104,461 296,071 4.85 Federal funds purchased and securities sold under repurchase agreements 109,088 1,909 1.72 97,114 1,667 1.69 Other short-term borrowings 45,489 2,514 5.44 528,194 24,611 4.60 Long-term debt 1,607,048 109,657 6.80 3,027,746 180,670 5.92 Total interest-bearing liabilities 40,402,952 $ 1,444,012 3.57 % 39,856,376 $ 1,233,703 3.10 % Non-interest-bearing demand deposits 11,904,120 13,662,660 Other liabilities 1,911,827 1,671,489 Shareholders' equity 5,189,418 4,731,343 Total liabilities and shareholders' equity $ 59,408,317 $ 59,921,868 Net interest income, taxable equivalent net interest margin (6) $ 1,755,062 3.19 % $ 1,821,276 3.21 % Less: taxable-equivalent adjustment 5,485 4,621 Net interest income $ 1,749,577 $ 1,816,655 (1) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2024 — $49.4 million and 2023 — $47.7 million. (2) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis. (3) Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. (4) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements. (5) Includes average net unrealized gains/(losses) on investment securities available for sale of $(724.8) million and $(1.62) billion for the years ended December 31, 2024 and 2023, respectively. (6) The net interest margin is calculated by dividing net interest income-TE by average total interest earning assets. Synovus AVERAGE BALANCES, INTEREST, AND YIELDS/RATES (Unaudited) Fourth Quarter 2024 Third Quarter 2024 Fourth Quarter 2023 (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) $ 34,278,042 $ 569,759 6.61 % $ 34,610,296 $ 592,142 6.81 % $ 35,106,156 $ 590,588 6.67 % Consumer loans (1) 8,258,712 107,507 5.19 8,298,130 109,908 5.28 8,491,244 109,509 5.14 Less: Allowance for loan losses (479,980 ) — — (482,863 ) — — (480,332 ) — — Loans, net 42,056,774 677,266 6.41 42,425,563 702,050 6.59 43,117,068 700,097 6.45 Total investment securities (3) 10,623,943 91,038 3.43 10,420,665 87,643 3.36 11,164,487 65,176 2.33 Trading account assets 12,551 185 5.91 14,392 246 6.84 13,067 215 6.59 Other earning assets (4) 2,458,591 28,936 4.60 1,408,415 18,803 5.24 1,463,176 19,689 5.26 FHLB and Federal Reserve Bank stock 166,125 2,211 5.32 170,977 2,113 4.94 187,015 3,536 7.56 Mortgage loans held for sale 30,483 520 6.83 34,890 612 7.01 39,024 696 7.14 Other loans held for sale 74,019 404 2.13 83,492 433 2.03 8,044 104 5.06 Total interest earning assets 55,422,486 $ 800,560 5.75 % 54,558,394 $ 811,900 5.92 % 55,991,881 $ 789,513 5.59 % Cash and due from banks 512,178 476,443 522,986 Premises and equipment 382,784 380,003 366,647 Other real estate 386 666 — Cash surrender value of bank-owned life insurance 1,135,952 1,128,877 1,108,766 Other assets (5) 2,720,830 2,639,241 1,173,785 Total assets $ 60,174,616 $ 59,183,624 $ 59,164,065 Liabilities and Shareholders' Equity Interest-bearing liabilities: Interest-bearing demand deposits $ 11,298,352 $ 67,470 2.38 % $ 10,834,829 $ 71,786 2.64 % $ 10,422,286 $ 58,588 2.23 % Money market accounts 13,768,434 101,063 2.92 13,058,527 104,514 3.18 13,053,781 103,211 3.14 Savings deposits 986,522 316 0.13 1,007,962 355 0.14 1,098,914 275 0.10 Time deposits 8,251,686 85,426 4.12 8,437,861 93,052 4.39 7,198,229 75,462 4.16 Brokered deposits 5,012,655 61,924 4.91 5,476,231 75,607 5.49 6,069,055 81,444 5.32 Federal funds purchased and securities sold under repurchase agreements 113,681 322 1.11 94,629 369 1.53 93,854 350 1.46 Other short-term borrowings — — — 2,209 29 5.20 2,672 51 7.50 Long-term debt 1,613,246 27,616 6.84 1,385,836 24,055 6.93 1,922,661 31,702 6.55 Total interest-bearing liabilities 41,044,576 $ 344,137 3.34 % 40,298,084 $ 369,767 3.65 % 39,861,452 $ 351,083 3.49 % Non-interest-bearing demand deposits 11,783,834 11,665,661 12,744,275 Other liabilities 1,963,298 1,967,351 1,906,686 Shareholders' equity 5,382,908 5,252,528 4,651,652 Total liabilities and shareholders' equity $ 60,174,616 $ 59,183,624 $ 59,164,065 Net interest income, taxable equivalent net interest margin (6) $ 456,423 3.28 % $ 442,133 3.22 % $ 438,430 3.11 % Less: taxable-equivalent adjustment 1,430 1,393 1,216 Net interest income $ 454,993 $ 440,740 $ 437,214 (1) Average loans are shown net of deferred fees and costs. NPLs are included. Interest income includes fees as follows: Fourth Quarter 2024 — $13.7 million, Third Quarter 2024 — $12.7 million, and Fourth Quarter 2023 —$13.1 million. (2) Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis. (3) Securities are included on an amortized cost basis with yield and net interest margin calculated accordingly. (4) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements (5) Includes average net unrealized gains/(losses) on investment securities available for sale of $(391.6) million, $(424.6) million, and $(1.89) billion for the Fourth Quarter 2024, Third Quarter 2024, and Fourth Quarter 2023, respectively. (6) The net interest margin is calculated by dividing annualized net interest income-TE by average total interest earning assets. Synovus   LOANS OUTSTANDING BY TYPE (Unaudited) (Dollars in thousands) Total Loans Total Loans Linked Quarter Total Loans Year/Year Loan Type December 31, 2024 September 30, 2024 % Change December 31, 2023 % Change Commercial, Financial, and Agricultural $ 14,498,992 $ 14,563,913 — % $ 14,459,345 — % Owner-Occupied 7,832,137 8,100,084 (3 ) 8,139,148 (4 ) Total Commercial & Industrial 22,331,129 22,663,997 (1 ) 22,598,493 (1 ) Multi-Family 4,185,545 4,379,459 (4 ) 4,098,188 2 Hotels 1,769,384 1,738,068 2 1,803,102 (2 ) Office Buildings 1,743,329 1,778,698 (2 ) 1,891,587 (8 ) Shopping Centers 1,273,439 1,260,460 1 1,319,049 (3 ) Warehouses 846,025 837,145 1 854,475 (1 ) Other Investment Property 1,363,482 1,352,719 1 1,396,903 (2 ) Total Investment Properties 11,181,204 11,346,549 (1 ) 11,363,304 (2 ) 1-4 Family Construction 212,226 190,705 11 194,481 9 1-4 Family Investment Mortgage 333,692 337,425 (1 ) 404,021 (17 ) Total 1-4 Family Properties 545,918 528,130 3 598,502 (9 ) Commercial Development 55,467 48,948 13 73,022 (24 ) Residential Development 77,581 67,525 15 79,961 (3 ) Land Acquisition 154,449 186,332 (17 ) 201,969 (24 ) Land and Development 287,497 302,805 (5 ) 354,952 (19 ) Total Commercial Real Estate 12,014,619 12,177,484 (1 ) 12,316,758 (2 ) Consumer Mortgages 5,288,776 5,323,443 (1 ) 5,411,723 (2 ) Home Equity Lines 1,831,287 1,809,286 1 1,807,399 1 Credit Cards 185,871 181,386 2 194,141 (4 ) Other Consumer Loans 957,346 965,078 (1 ) 1,075,976 (11 ) Total Consumer 8,263,280 8,279,193 — 8,489,239 (3 ) Total $ 42,609,028 $ 43,120,674 (1 )% $ 43,404,490 (2 )% NON-PERFORMING LOANS COMPOSITION (Unaudited) (Dollars in thousands) Total Non-performing Loans Total Non-performing Loans Linked Quarter Total Non-performing Loans Year/Year Loan Type December 31, 2024 September 30, 2024 % Change December 31, 2023 % Change Commercial, Financial, and Agricultural $ 122,874 $ 107,004 15 % $ 89,870 37 % Owner-Occupied 34,380 48,390 (29 ) 91,370 (62 ) Total Commercial & Industrial 157,254 155,394 1 181,240 (13 ) Multi-Family 112 1,692 (93 ) 1,681 (93 ) Office Buildings 72,430 78,281 (7 ) 35,338 105 Shopping Centers 515 523 (2 ) 641 (20 ) Warehouses 153 163 (6 ) 196 (22 ) Other Investment Property 820 1,612 (49 ) 1,914 (57 ) Total Investment Properties 74,030 82,271 (10 ) 39,770 86 1-4 Family Construction — 311 (100 ) — nm 1-4 Family Investment Mortgage 2,385 2,533 (6 ) 3,056 (22 ) Total 1-4 Family Properties 2,385 2,844 (16 ) 3,056 (22 ) Residential Development — 268 (100 ) 267 (100 ) Land Acquisition 1,389 1,422 (2 ) 537 159 Land and Development 1,389 1,690 (18 ) 804 73 Total Commercial Real Estate 77,804 86,805 (10 ) 43,630 78 Consumer Mortgages 50,834 48,956 4 46,108 10 Home Equity Lines 17,365 15,837 10 10,473 66 Other Consumer Loans 5,907 5,972 (1 ) 6,726 (12 ) Total Consumer 74,106 70,765 5 63,307 17 Total $ 309,164 $ 312,964 (1 )% $ 288,177 7 % Synovus CREDIT QUALITY DATA (Unaudited) (Dollars in thousands) 2024 2023 Fourth Quarter Fourth Third Second First Fourth '24 vs '23 Quarter Quarter Quarter Quarter Quarter % Change Non-performing Loans (NPL) $ 309,164 312,964 256,106 350,450 288,177 7 % Other Real Estate and Other Assets 385 386 823 21,210 — NM Non-performing Assets (NPAs) 309,549 313,350 256,929 371,660 288,177 7 Allowance for Loan Losses (ALL) 486,845 484,985 485,101 492,661 479,385 2 Reserve for Unfunded Commitments 52,462 49,556 53,058 53,579 57,231 (8 ) Allowance for Credit Losses (ACL) 539,307 534,541 538,159 546,240 536,616 1 Net Charge-Offs - Quarter 28,101 27,052 34,485 44,356 41,574 Net Charge-Offs - YTD 133,994 105,893 78,841 44,356 153,342 Net Charge-Offs / Average Loans - Quarter (1) 0.26 % 0.25 0.32 0.41 0.38 Net Charge-Offs / Average Loans - YTD (1) 0.31 0.33 0.36 0.41 0.35 NPLs / Loans 0.73 0.73 0.59 0.81 0.66 NPAs / Loans, ORE and specific other assets 0.73 0.73 0.60 0.86 0.66 ACL/Loans 1.27 1.24 1.25 1.26 1.24 ALL/Loans 1.14 1.12 1.13 1.14 1.10 ACL/NPLs 174.44 170.80 210.13 155.87 186.21 ALL/NPLs 157.47 154.96 189.41 140.58 166.35 Past Due Loans over 90 days and Still Accruing $ 48,592 4,359 4,460 3,748 5,053 NM As a Percentage of Loans Outstanding 0.11 % 0.01 0.01 0.01 0.01 Total Past Due Loans and Still Accruing $ 108,878 97,229 129,759 54,814 59,099 84 As a Percentage of Loans Outstanding 0.26 % 0.23 0.30 0.13 0.14 (1) Ratio is annualized.   SELECTED CAPITAL INFORMATION (1) (Unaudited) (Dollars in thousands) December 31, 2024 September 30, 2024 December 31, 2023 Common Equity Tier 1 Capital Ratio 10.84 % 10.64 10.22 Tier 1 Capital Ratio 11.96 11.76 11.28 Total Risk-Based Capital Ratio 13.80 13.60 13.07 Tier 1 Leverage Ratio 9.55 9.55 9.49 Total Synovus Financial Corp. shareholders’ equity as a Percentage of Total Assets 8.71 8.99 8.56 Tangible Common Equity Ratio(2) 7.02 7.28 6.84 Book Value Per Common Share(3) $ 33.35 33.94 31.24 Tangible Book Value Per Common Share(4) 29.70 30.29 27.65 (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.

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