Synovus Announces Earnings for First Quarter 2025

4/16/25 5:24:00 PM ET

$SNV

Major Banks

Finance

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Diluted earnings per share of $1.30 versus $0.78 in 1Q24

Adjusted diluted earnings per share of $1.30 versus $0.79 in 1Q24

Synovus Financial Corp. (NYSE:SNV) today reported financial results for the quarter ended March 31, 2025.

"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 2025 Highlights

Net income available to common shareholders was $183.7 million, or $1.30 per diluted share, compared to $178.8 million or $1.25 in fourth quarter 2024 and $114.8 million or $0.78 in first quarter 2024.
Adjusted net income available to common shareholders was $184.4 million, or $1.30 per diluted share, compared to $178.3 million or $1.25 in fourth quarter 2024 and $116.0 million or $0.79 in first quarter 2024.
Pre-provision net revenue was $262.8 million, which fell 3% from fourth quarter 2024 but was up 22% from first quarter 2024. Adjusted pre-provision net revenue of $265.3 million declined 2% from fourth quarter 2024 and increased $47.5 million, or 22%, compared to first quarter 2024. Year-over-year growth was the result of a healthy increase in net interest income and a decline in non-interest expense.
Net interest income was flat sequentially in the first quarter and increased $35.5 million, or 8%, compared to first quarter 2024. On a linked quarter basis, the net interest margin expanded 7 basis points to 3.35% as a result of effective deposit repricing, a lower cash position, hedge maturities and a stable Fed Funds environment, which more than offset a full quarter impact of the $500 million senior debt issuance in fourth quarter 2024.
Period-end loans increased $39.7 million from fourth quarter 2024 as stronger loan production and core commercial lending growth was mostly offset by elevated loan payoffs and paydowns.
Period-end core deposits (excluding brokered deposits) were $46.0 billion, a decline of $223.8 million sequentially. Seasonality in middle market deposits drove the majority of the decline. Average deposit costs declined 20 basis points sequentially to 2.26%.
Non-interest revenue of $116.5 million declined $9.1 million sequentially and fell $2.4 million, or 2%, compared to first quarter 2024. Adjusted non-interest revenue of $117.3 million declined $7.3 million, or 6%, sequentially and increased $693 thousand, or 1%, compared to first quarter 2024. The sequential decline in adjusted non-interest revenue was largely from lower capital markets income and seasonally weaker commercial sponsorship fees. The year-over-year growth was primarily attributable to higher core banking fees and capital markets income.
Non-interest expense and adjusted non-interest expense were $308.0 million and $307.9 million, respectively, both of which were relatively stable from the prior quarter. Non-interest expense declined 5% from first quarter 2024. Adjusted non-interest expense fell 3% year over year due to disciplined expense control and a $12.2 million decline in the FDIC special assessment. Excluding the FDIC special assessment, adjusted non-interest expense was flat year over year.
Provision for credit losses of $10.9 million declined 67% sequentially and fell 80% compared to $54.0 million in first quarter 2024. The allowance for credit losses ratio (to loans) of 1.24% was down from 1.27% in the prior quarter, while our coverage of non-performing loans improved to 185% in first quarter 2025 from 174% in the prior quarter.
The non-performing loan and asset ratios improved to 0.67% compared to 0.73% in fourth quarter 2024, while the net charge-off ratio for first quarter 2025 was 0.20%, down from 0.26% in the prior quarter. Total past due loans were 0.22% of total loans outstanding.
The preliminary Common Equity Tier 1 ratio ended first quarter 2025 at 10.75% as core earnings accretion offset the impact of $120 million in common stock repurchases.

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
⁽¹⁾ Annualized
⁽²⁾ Taxable equivalent
⁽³⁾ Adjusted tangible efficiency ratio
⁽⁴⁾ Current period ratio preliminary
NA - not applicable

Balance Sheet

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	)%
^*Amounts may not total due to rounding

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	%
^*Amounts may not total due to rounding

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	%
^**Amounts may not total due to rounding
NM - not meaningful

First Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on April 17, 2025. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 659807). Shareholders and other interested parties may also 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 March 31, 2025, 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 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
	First Quarter			Fourth Quarter		Third Quarter		Second Quarter		First Quarter		% 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

⁽¹⁾	Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: First Quarter 2025 — $13.2 million, Fourth Quarter 2024 — $13.7 million, and First Quarter 2024 — $10.6 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 trading account assets and FHLB and Federal Reserve Bank Stock.
⁽⁵⁾	Includes average net unrealized gains (losses) on investment securities available for sale of $(473.3) million, $(391.6) million, and $(1.36) billion for the First Quarter 2025, Fourth Quarter 2024, and First Quarter 2024, 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)	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.

Non-GAAP Financial Measures

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

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