Form 8-K SYNOVUS FINANCIAL CORP For: Oct 23

October 23, 2018 7:24 AM

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

October 23, 2018

Date of Report

(Date of Earliest Event Reported)

Synovus Financial Corp.

(Exact Name of Registrant as Specified in its Charter)



Georgia (State of Incorporation)	1-10312 (Commission File Number)	58-1134883 (IRS Employer Identification No.)

1111 Bay Avenue, Suite 500, Columbus, Georgia 31901

(Address of principal executive offices) (Zip Code)

(706) 649-2311

(Registrant’s telephone number, including area code)

________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided

pursuant to Section 13(a) of the Exchange Act. □



Item 2.02	Results of Operations and Financial Condition

	On October 23, 2018, Synovus Financial Corp. (the “Company”) issued a press release announcing the Company’s financial results for the three and nine month period ended September 30, 2018.

	Pursuant to General Instruction F to Current Report on Form 8-K, the press release is attached to this Current Report as Exhibit 99.1 and only those portions of the press release related to the historical results of operations of the Company for the three and nine month period ended September 30, 2018 are incorporated into this Item 2.02 by reference. The information contained in this Item 2.02, including the information set forth in the press release filed as Exhibit 99.1 to, and incorporated in, this Current Report is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in Exhibit 99.1 furnished pursuant to this Item 2.02 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.



Item 7.01	Regulation FD Disclosure

	On October 23, 2018, the Company made available the supplemental information (the “Supplemental Information”) and slide presentation (“Slide Presentation”) prepared for use with the press release. The investor call and webcast will be held at 8:30 a.m., ET, on October 23, 2018.

	The information contained in this Item 7.01 of this Current Report, including the information set forth in the Supplemental Information and the Slide Presentation filed as Exhibits 99.2 and Exhibit 99.3 to, and incorporated in, this Current Report, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.2 and Exhibit 99.3 furnished pursuant to this Item 7.01 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.



Item 9.01	Financial Statements and Exhibits

	(d)	Exhibits

	Exhibit No.	Description

	99.1	Synovus press release dated October 23, 2018

	99.2	Supplemental Information prepared for use with the press release

	99.3	Slide presentation prepared for use with the press release

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Synovus has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SYNOVUS FINANCIAL CORP.

(“Synovus”)


Dated: October 23, 2018	By: /s/ Allan E. Kamensky

Allan E. Kamensky

Executive Vice President, General Counsel and Secretary

Exhibit 99.1



Media Contact		Investor Contact
Lee Underwood		Steve Adams
Media Relations		Investor Relations
(706) 644-0528		(706) 641-6462

Synovus Announces Earnings for the Third Quarter 2018

Diluted Earnings per Share of $0.84 vs. $0.78 in 3Q17

Adjusted Diluted Earnings per Share of $0.95, up 46% vs. 3Q17

COLUMBUS, Ga., October 23, 2018 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended September 30, 2018.

Third Quarter Highlights


•	Net income available to common shareholders was $99.3 million or $0.84 per diluted share as compared to $108.6 million or $0.91 per diluted share for the second quarter 2018 and $95.4 million or $0.78 per diluted share for the third quarter 2017.


•	Adjusted diluted earnings per share were $0.95 as compared to $0.92 for the second quarter 2018 and $0.65 for the third quarter 2017.


•	Return on average assets was 1.36% and adjusted return on average assets was 1.47%.


•	Return on average common equity was 13.95%, adjusted return on average common equity was 15.69%, and adjusted return on average tangible common equity was 16.08%.


•	Total loans ended the quarter at $25.58 billion, up $443.1 million or 7.0% annualized from the previous quarter and up $1.09 billion or 4.5% as compared to the third quarter 2017.


•	Total average deposits grew $119.2 million or 1.8% annualized from the previous quarter and $1.10 billion or 4.4% as compared to the third quarter 2017.


•	Net interest margin was 3.89%, up 3 basis points from the previous quarter and up 26 basis points from the third quarter 2017.


•	Efficiency ratio was 60.62%, compared to 56.78% in the second quarter 2018 and 50.62% in the prior-year quarter. Adjusted efficiency ratio was 55.55%, versus 56.41% in the previous quarter and 58.59% in the third quarter 2017.


•	Credit quality metrics remained favorable, with a non-performing asset ratio of 46 basis points, down 4 basis points from the previous quarter and down 11 basis points from the third quarter 2017.


•	The effective year-to-date tax rate through the third quarter 2018 was 19.8% compared to 34.6% in the prior-year quarter.

“Our team again delivered solid performance during the third quarter, achieving broad-based loan growth, margin expansion, and sustained positive operating leverage,” said Kessel Stelling, Synovus chairman and CEO. “We also celebrated the recent recognition of our company as one of American Banker’s Best Places to Work, driven by our people-centered culture. We expect a strong finish in 2018 as our investments in talent, capabilities, and specialized lines of business drive meaningful growth, and we look forward to welcoming Florida Community Bank customers and team members to Synovus early next year.”

Balance Sheet


•	Total loans ended the quarter at $25.58 billion, up $443.1 million or 7.0% annualized from the previous quarter and up $1.09 billion or 4.5% as compared to the third quarter 2017.


◦	Commercial and industrial loans grew by $227.8 million or 7.4% annualized from the previous quarter and $776.2 million or 6.6% as compared to the third quarter 2017.


◦	Consumer loans grew by $148.1 million or 9.4% annualized from the previous quarter and $827.6 million or 14.9% as compared to the third quarter 2017.


◦	Commercial real estate loans grew $68.2 million or 4.1% annualized from the previous quarter and declined $514.5 million or 7.1% as compared to the third quarter 2017.


•	Total average loans were $25.32 billion, up $376.3 million or 6.0% annualized from the previous quarter and up $822.7 million or 3.4% as compared to the third quarter 2017.


•	Total average deposits were $26.39 billion, up $119.2 million or 1.8% annualized from the previous quarter and up $1.10 billion or 4.4% as compared to the third quarter 2017.


◦	Excluding brokered deposits, average deposits increased $269.2 million or 4.4% annualized from the previous quarter.

Core Performance


•	Total revenues were $363.3 million, up $4.0 million from the previous quarter and down $34.7 million or 8.7% from the third quarter 2017.


◦	Adjusted total revenues were $363.0 million, up $3.6 million from the previous quarter and up $31.7 million or 9.6% from the third quarter 2017.


•	Net interest income was $291.6 million, up $7.0 million or 2.5% from the previous quarter and up 11.1% from the third quarter 2017.


•	Net interest margin was 3.89%, up 3 basis points from the previous quarter. Yield on earning assets was 4.58%, up 11 basis points from the previous quarter, and the effective cost of funds was 0.69%, up 8 basis points from the previous quarter.


•	Total non-interest income was $71.7 million, down $1.7 million from the previous quarter and down $63.7 million from the third quarter 2017, which included the $75 million Cabela’s transaction fee, partially offset by $8.0 million in investment securities losses.


◦	Adjusted non-interest income was $71.2 million, down $3.5 million or 4.7% from the previous quarter and up $2.8 million or 4.1% year-over-year.


•	Core banking fees¹ were $35.7 million, down $1.7 million or 4.7% from the previous quarter and flat from third quarter 2017.


•	Fiduciary and asset management fees, brokerage revenue, and insurance revenues were $23.9 million, down $825 thousand from the previous quarter and up $2.8 million or 13.0% from the prior-year quarter.


•	Mortgage banking income was $5.3 million, up 9.3% from the previous quarter and down 5.6% from the third quarter 2017.


•	Total non-interest expense was $220.3 million, up $16.2 million or 8.0% from the previous quarter and up 7.1% year-over-year.


◦	Adjusted non-interest expense was $201.6 million, a decline of $1.1 million from the previous quarter and an increase of $7.5 million or 3.9% from the third quarter 2017.


▪	Employment expense of $114.3 million increased 2.2% from the previous quarter and increased 4.3% from the third quarter 2017.


▪	Occupancy and equipment expense of $32.1 million declined 1.7% from the previous quarter and increased 5.0% from the prior-year quarter.


▪	Adjusted other expenses of $55.2 million decreased $3.0 million or 5.1% from the previous quarter and increased 2.5% from the third quarter 2017.


•	Efficiency ratio was 60.62%, compared to 56.78% in the second quarter 2018 and 50.62% in the prior-year quarter.


◦	Adjusted efficiency ratio was 55.55%, versus 56.41% in the previous quarter and 58.59% in the third quarter 2017.

Credit Quality


•	Non-performing loans were $108.4 million at September 30, 2018, down $8.9 million or 7.6% from June 30, 2018, and up $10.6 million or 10.8% from September 30, 2017. The non-performing loan ratio was 0.42% at September 30, 2018, compared to 0.47% at June 30, 2018, and 0.40% at September 30, 2017.


•	Total non-performing assets were $117.0 million at September 30, 2018, down $9.4 million or 7.4% from June 30, 2018, and down $21.6 million or 15.6% from September 30, 2017. The non-performing asset ratio was 0.46% at September 30, 2018, as compared to 0.50% at June 30, 2018, and 0.57% at September 30, 2017.


•	Net charge-offs were $15.3 million in the third quarter 2018, down $2.5 million from the previous quarter and down $23.2 million from $38.1 million in the third quarter 2017. The annualized net charge-off ratio was 0.24% in the third quarter as compared to 0.29% in the previous quarter.

^{________________________________}

¹ Core banking fees include service charges on deposit accounts, card fees, letter of credit fees, ATM fee income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges.


•	Total delinquencies (consisting of loans 30 or more days past due and still accruing) remained low at 0.31% of total loans at September 30, 2018, up from 0.22% in the previous quarter and down 4 basis points from September 30, 2017.

Capital Ratios


•	Ratios reflect repurchase of $58 million in common stock during the third quarter.


◦	We anticipate that the full share repurchase authorization of $150 million will be completed by October 26, 2018.


•	On August 1, 2018, Synovus redeemed all of its outstanding Series C Preferred Stock.


•	Common Equity Tier 1 ratio was 9.92% at September 30, 2018, compared to 10.06% at September 30, 2017.


•	Tier 1 Capital ratio was 10.59% at September 30, 2018, compared to 10.43% at September 30, 2017.


•	Total Risk Based Capital ratio was 12.37% at September 30, 2018, compared to 12.30% at September 30, 2017.


•	Tier 1 Leverage ratio was 9.58% at September 30, 2018, compared to 9.34% at September 30, 2017.


•	Tangible Common Equity ratio was 8.68% at September 30, 2018, compared to 8.88% at September 30, 2017.

Third Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on October 23, 2018. The earnings call will be accompanied by a slide presentation. 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 12 months and will be available 30-45 minutes after the call.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $32 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was named one of American Banker’s “Best Banks to Work For” in 2018 and has been recognized as one of the country’s 10 “Most Reputable Banks” by American Banker and the Reputation Institute for four consecutive years. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

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 deposits, loan growth and the net interest margin; expectations on our growth strategy, strategic transactions, expense initiatives, capital management and future profitability; expectations on credit trends and key credit metrics; 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, 2017, 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 non-interest income; adjusted non-interest expense; adjusted other expenses; adjusted total revenues; adjusted efficiency ratio; adjusted earnings per diluted share; adjusted return on average assets; adjusted return on average common equity; adjusted return on average tangible common equity; tangible common equity ratio; and common equity Tier 1 (CET1) ratio (fully phased-in) 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 income; total non-interest expense; other expenses; total revenues; efficiency ratio; earnings per diluted common share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and the CET1 ratio, 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 total revenues and adjusted non-interest income are measures used by management to evaluate total revenues and non-interest income exclusive of net investment securities gains (losses), changes in the fair value of private equity investments, net, and the Cabela’s Transaction Fee. Adjusted non-interest expense, adjusted other expenses, and the adjusted efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted earnings per diluted 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. The adjusted return on average tangible common equity is a measure 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 and common equity Tier 1 (CET1) ratio (fully phased-in) are used by management and bank regulators to assess the strength of our capital position. The computations of these measures are set forth in the tables below.



Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	3Q18			2Q18			3Q17
Adjusted non-interest income
Total non-interest income	$	71,668		$	73,387		$	135,435
Add: Investment securities losses, net	—			1,296			7,956
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(434		)	37			27
Subtract: Cabela's Transaction Fee	—			—			(75,000		)
Adjusted non-interest income	$	71,234		$	74,720		$	68,418

Adjusted non-interest expense and adjusted other expenses
Total non-interest expense	$	220,297		$	204,057		$	205,646
Add/subtract: Litigation settlement/contingency expense	—			1,400			(401		)
Subtract: Discounts to fair value for completed or planned ORE accelerated dispositions	—			—			(7,082		)
Subtract: Asset impairment charges related to accelerated disposition of corporate real estate and other properties	—			—			(1,168		)
Subtract: Earnout liability adjustments	(11,652		)	—			(2,059		)
Subtract: Restructuring charges, net	(21		)	(103		)	(519		)
Subtract: Amortization of intangibles	(292		)	(292		)	(292		)
Subtract: Merger-related expense	(6,684		)	—			(23		)
Subtract: Valuation adjustment to Visa derivative	—			(2,328		)	—
Adjusted non-interest expense	$	201,648		$	202,734		$	194,102
Subtract: Salaries and other personnel expense	(114,341		)	(111,863		)	(109,675		)
Subtract: Net occupancy and equipment expense	(32,088		)	(32,654		)	(30,573		)
Adjusted other expenses	$	55,219		$	58,217		$	53,854

Adjusted total revenues and adjusted efficiency ratio
Adjusted non-interest expense	$	201,648		$	202,734		$	194,102

Net interest income	291,619			284,577			262,572
Add: Tax equivalent adjustment	136			120			283
Add: Total non-interest income	71,668			73,387			135,435
Add: Investment securities losses, net	—			1,296			7,956
Total FTE revenues	$	363,423		$	359,380		$	406,246
Subtract/add: (Increase) decrease in fair value or private equity investments, net	(434		)	37			27
Subtract: Cabela's Transaction Fee	—			—			(75,000		)
Adjusted total revenues	$	362,989		$	359,417		$	331,273
Efficiency ratio	60.62		%	56.78		%	50.62		%
Adjusted efficiency ratio	55.55		%	56.41		%	58.59		%



Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)	3Q18			2Q18			3Q17

Adjusted earnings per diluted share
Net income available to common shareholders	$	99,330		$	108,622		$	95,448
Subtract: Income tax benefit related to effects of State Tax Reform	—			(608		)	—
Add: Earnout liability adjustments	11,652			—			2,059
Subtract: Income taxes	(9,865		)	—			—
Add: Preferred stock redemption	4,020			—			—
Add: Merger-related expense	6,684			—			23
Subtract/add: Litigation settlement/contingency expense	—			(1,400		)	401
Add: Provision expense on loans transferred to held-for-sale	—			—			27,710
Add: Discounts to fair value for completed or planned ORE accelerated dispositions	—			—			7,082
Add: Asset impairment charges related to accelerated disposition of corporate real estate and other properties	—			—			1,168
Add: Restructuring charges, net	21			103			519
Add: Amortization of intangibles	292			292			292
Add: Valuation adjustment to Visa derivative	—			2,328			—
Add: Investment securities losses, net	—			1,296			7,956
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(434		)	37			27
Subtract: Cabela's Transaction Fee	—			—			(75,000		)
Add/subtract: Tax effect of adjustments	27			(624		)	11,034
Adjusted net income available to common shareholders	$	111,727		$	110,046		$	78,719
Weighted average common shares outstanding, diluted	118,095			119,139			121,814
Adjusted earnings per common share, diluted	$	0.95		$	0.92		$	0.65



Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	3Q18			2Q18			3Q17
Adjusted return on average assets
Net income	$	109,059		$	111,181		$	98,007
Subtract: Income tax benefit related to effects of State Tax Reform	—			(608		)	—
Add: Earnout liability adjustments	11,652			—			2,059
Subtract: Income taxes	(9,865		)	—			—
Add: Merger-related expense	6,684			—			23
Subtract/add: Litigation settlement/contingency expense	—			(1,400		)	401
Add: Provision expense on loans transferred to held-for-sale	—			—			27,710
Add: Discounts to fair value for completed or planned ORE accelerated dispositions	—			—			7,082
Add: Asset impairment charges related to accelerated disposition of corporate real estate and other properties	—			—			1,168
Add: Restructuring charges, net	21			103			519
Add: Amortization of intangibles	292			292			292
Add: Valuation adjustment to Visa derivative	—			2,328			—
Add: Investment securities losses, net	—			1,296			7,956
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(434		)	37			27
Subtract: Cabela's Transaction Fee	—			—			(75,000		)
Add/subtract: Tax effect of adjustments	27			(624		)	11,034
Adjusted net income	$	117,436		$	112,605		$	81,278

Adjusted net income annualized	$	465,915		$	451,657		$	322,462
Total average assets	$	31,725,604		$	31,502,758		$	30,678,388
Adjusted return on average assets	1.47		%	1.43		%	1.05		%



Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	3Q18			2Q18			3Q17
Adjusted return on average common equity and adjusted return on average tangible common equity
Net income available to common shareholders	$	99,330		$	108,622		$	95,448
Subtract: Income tax benefit related to effects of State Tax Reform	—			(608		)	—
Add: Earnout liability adjustments	11,652			—			2,059
Subtract: Income taxes	(9,865		)	—			—
Add: Preferred stock redemption	4,020			—			—
Add: Merger-related expense	6,684			—			23
Subtract/add: Litigation settlement/contingency expense	—			(1,400		)	401
Add: Provision expense on loans transferred to held-for-sale	—			—			27,710
Add: Discounts to fair value for completed or planned ORE accelerated dispositions	—			—			7,082
Add: Asset impairment charges related to accelerated disposition of corporate real estate and other properties	—			—			1,168
Add: Restructuring charges, net	21			103			519
Add: Amortization of intangibles	292			292			292
Add: Valuation adjustment to Visa derivative	—			2,328			—
Add: Investment securities losses, net	—			1,296			7,956
Subtract/add: (Increase) decrease in fair value of private equity investments, net	(434		)	37			27
Subtract: Cabela's Transaction Fee	—			—			(75,000		)
Add/subtract: Tax effect of adjustments	27			(624		)	11,034
Adjusted net income available to common shareholders	$	111,727		$	110,046		$	78,719

Adjusted net income annualized	$	443,265		$	441,393		$	312,309

Total average shareholders' equity less preferred stock	$	2,824,707		$	2,831,368		$	2,859,491
Subtract: Goodwill	(57,315		)	(57,315		)	(57,167		)
Subtract: Other intangible assets, net	(10,265		)	(10,555		)	(11,648		)
Total average tangible shareholders' equity less preferred stock	$	2,757,127		$	2,763,498		$	2,790,676
Adjusted return on average common equity	15.69		%	15.59		%	10.92		%
Adjusted return on average tangible common equity	16.08		%	15.97		%	11.19		%



Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	3Q18			2Q18			3Q17

Tangible common equity ratio
Total assets	$	32,075,120		$	31,740,305		$	31,642,123
Subtract: Goodwill	(57,315		)	(57,315		)	(57,315		)
Subtract: Other intangible assets, net	(10,166		)	(10,458		)	(11,548		)
Tangible assets	$	32,007,639		$	31,672,532		$	31,573,260
Total shareholders' equity	$	3,040,073		$	3,167,694		$	2,997,078
Subtract: Goodwill	(57,315		)	(57,315		)	(57,315		)
Subtract: Other intangible assets, net	(10,166		)	(10,458		)	(11,548		)
Subtract: Preferred Stock	(195,138		)	(321,118		)	(125,980		)
Tangible common equity	$	2,777,454		$	2,778,803		$	2,802,235
Total shareholders' equity to total assets ratio	9.48		%	9.98		%	9.47		%
Tangible common equity ratio	8.68		%	8.77		%	8.88		%

Common equity Tier 1 (CET1) ratio (fully phased-in)
Common equity Tier 1 (CET1)	$	2,846,417
Subtract: Adjustment related to capital components	(2,785		)
CET1 (fully phased-in)	$	2,843,632
Total risk-weighted assets	$	28,701,637
Total risk-weighted assets (fully phased-in)	$	28,808,199
Common equity Tier 1 (CET1) ratio	9.92		%
Common equity Tier 1 (CET1) ratio (fully phased-in)	9.87		%



Synovus								Exhibit 99.2

	INCOME STATEMENT DATA
	(Unaudited)	Nine Months Ended
	(Dollars in thousands, except per share data)	September 30,


		2018			2017			% Change


	Interest income	$	986,911		$	855,563		15.4	%
	Interest expense	136,431			101,966			33.8


	Net interest income	850,480			753,597			12.9
	Provision for loan losses	39,548			58,620			(32.5	)

	Net interest income after provision for loan losses	810,932			694,977			16.7


	Non-interest income:
	Service charges on deposit accounts	60,521			61,048			(0.9	)
	Fiduciary and asset management fees	40,881			37,290			9.6
	Card fees	31,640			29,614			6.8
	Brokerage revenue	26,924			21,947			22.7
	Mortgage banking income	15,177			17,151			(11.5	)
	Income from bank-owned life insurance	11,720			9,560			22.6
	Cabela's Transaction Fee	—			75,000			nm
	Investment securities losses, net	(1,296		)	(289		)	nm
	Decrease in fair value of private equity investments, net	(2,659		)	(3,193		)	nm
	Other fee income	14,387			16,127			(10.8	)
	Other non-interest income	14,806			11,719			26.3

	Total non-interest income	212,101			275,974			(23.1	)



	Non-interest expense:
	Salaries and other personnel expense	339,924			322,079			5.5
	Net occupancy and equipment expense	96,222			89,837			7.1
	Third-party processing expense	43,822			39,882			9.9
	FDIC insurance and other regulatory fees	19,765			20,723			(4.6	)
	Professional fees	18,087			20,048			(9.8	)
	Advertising expense	14,046			14,868			(5.5	)
	Foreclosed real estate expense, net	1,110			10,847			(89.8	)
	Earnout liability adjustments	11,652			3,766			nm
	Merger-related expense	6,684			110			nm
	Amortization of intangibles	875			767			14.1
	Valuation adjustment to Visa derivative	2,328			—			nm
	Litigation settlement/contingency expense	(4,026		)	401			nm
	Restructuring charges, net	(191		)	7,043			nm
	Other operating expenses	69,233			64,409			7.5

	Total non-interest expense	619,531			594,780			4.2




	Income before income taxes	403,502			376,171			7.3
	Income tax expense	80,095			130,303			(38.5	)

	Net income	323,407			245,868			31.5

	Preferred stock dividends and redemption	14,848			7,678			93.4


	Net income available to common shareholders	$	308,559		238,190			29.5	%


	Net income per common share, basic	$	2.61		1.96			33.6	%

	Net income per common share, diluted	2.60			1.94			33.7

	Cash dividends declared per common share	0.75			0.45			66.7

	Return on average assets*	1.37		%	1.07			30	bps
	Return on average common equity*	14.65			11.20			345


	Weighted average common shares outstanding, basic	118,096			121,796			(3.0	)%
	Weighted average common shares outstanding, diluted	118,847			122,628			(3.1	)

	nm - not meaningful
	bps - basis points
	* - ratios are annualized



Synovus

	INCOME STATEMENT DATA
	(Unaudited)
	(In thousands, except per share data)	2018							2017

		Third			Second		First		Fourth		Third		Year/Year
		Quarter			Quarter		Quarter		Quarter		Quarter		% Change

	Interest income	$	343,942		329,834		313,134		306,934		297,652		15.6	%
	Interest expense	52,323			45,257		38,850		37,221		35,080		49.2


	Net interest income	291,619			284,577		274,284		269,713		262,572		11.1
	Provision for loan losses	14,982			11,790		12,776		8,565		39,686		(62.2	)

	Net interest income after provision for loan losses	276,637			272,787		261,508		261,148		222,886		24.1


	Non-interest income:
	Service charges on deposit accounts	20,582			19,999		19,940		20,372		20,678		(0.5	)
	Fiduciary and asset management fees	13,462			13,983		13,435		13,195		12,615		6.7
	Card fees	10,608			10,833		10,199		9,762		9,729		9.0
	Brokerage revenue	9,329			8,900		8,695		7,758		7,511		24.2
	Mortgage banking income	5,290			4,839		5,047		5,645		5,603		(5.6	)
	Income from bank-owned life insurance	3,771			3,733		4,217		3,900		3,232		16.7
	Cabela's Transaction Fee	—			—		—		—		75,000		nm
	Investment securities losses, net	—			(1,296	)	—		—		(7,956	)	nm
	Increase/(decrease) in fair value of private equity investments, net	434			(37	)	(3,056	)	100		(27	)	nm
	Other fee income	4,510			5,259		4,618		4,042		5,094		(11.5	)
	Other non-interest income	3,682			7,174		3,951		4,578		3,956		(6.9	)

	Total non-interest income	71,668			73,387		67,046		69,352		135,435		(47.1	)



	Non-interest expense:
	Salaries and other personnel expense	114,341			111,863		113,720		111,243		109,675		4.3
	Net occupancy and equipment expense	32,088			32,654		31,480		30,126		30,573		5.0
	Third-party processing expense	14,810			15,067		13,945		14,827		13,659		8.4
	FDIC insurance and other regulatory fees	6,430			6,543		6,793		6,288		7,078		(9.2	)
	Professional fees	6,298			6,284		5,505		6,183		7,141		(11.8	)
	Advertising expense	3,735			5,220		5,092		8,081		3,610		3.5
	Foreclosed real estate expense, net	360			(107	)	856		1,693		7,265		(95.0	)
	Earnout liability adjustments	11,652			—		—		1,700		2,059		nm
	Merger-related expense	6,684			—		—		—		23		nm
	Amortization of intangibles	292			292		292		292		292		—
	Valuation adjustment to Visa derivative	—			2,328		—		—		—		—
	Loss on early extinguishment of debt	—			—		—		23,160		—		—
	Litigation settlement/contingency expense	—			(1,400	)	(2,626	)	300		401		nm
	Restructuring charges, net	21			103		(315	)	(29	)	519		(96.0	)
	Other operating expenses	23,586			25,210		20,437		22,670		23,351		1.0

	Total non-interest expense	220,297			204,057		195,179		226,534		205,646		7.1



	Income before income taxes	128,008			142,117		133,375		103,966		152,675		(16.2	)
	Income tax expense	18,949			30,936		30,209		74,361		54,668		(65.3	)

	Net income	109,059			111,181		103,166		29,605		98,007		11.3

	Preferred stock dividends and redemption	9,729			2,559		2,559		2,559		2,559		nm

	Net income available to common shareholders	$	99,330		108,622		100,607		27,046		95,448		4.1	%

	Net income per common share, basic	$	0.85		0.92		0.85		0.23		0.79		7.3	%

	Net income per common share, diluted	0.84			0.91		0.84		0.23		0.78		7.3

	Cash dividends declared per common share	0.25			0.25		0.25		0.15		0.15		66.7

	Return on average assets *	1.36		%	1.42		1.34		0.37		1.27		9	bps
	Return on average common equity *	13.95			15.39		14.62		3.76		13.24		71

	Weighted average common shares outstanding, basic	117,241			118,397		118,666		119,282		120,900		(3.0	)%
	Weighted average common shares outstanding, diluted	118,095			119,139		119,321		120,182		121,814		(3.1	)

	nm - not meaningful
	bps - basis points
	* - ratios are annualized



Synovus


	BALANCE SHEET DATA	September 30, 2018			December 31, 2017		September 30, 2017

	(Unaudited)

	(In thousands, except share data)

	ASSETS
	Cash and due from banks	$	436,540		397,848		386,459
	Interest bearing funds with Federal Reserve Bank	515,493			460,928		1,297,581
	Interest earning deposits with banks	34,470			26,311		6,047
	Federal funds sold and securities purchased
	under resale agreements	25,430			47,846		48,820
	Cash and cash equivalents	1,011,933			932,933		1,738,907

	Mortgage loans held for sale, at fair value	37,276			48,024		54,072
	Investment securities available for sale, at fair value	3,883,574			3,987,069		3,825,443

	Loans, net of deferred fees and costs	25,577,116			24,787,464		24,487,360
	Allowance for loan losses	(251,450		)	(249,268	)	(249,683	)
	Loans, net	25,325,666			24,538,196		24,237,677

	Cash surrender value of bank-owned life insurance	551,061			540,958		536,985
	Premises and equipment, net	431,012			426,813		423,245
	Goodwill	57,315			57,315		57,315
	Other intangible assets	10,166			11,254		11,548
	Deferred tax asset, net	185,116			165,788		272,052
	Other assets	582,001			513,487		484,879

	Total assets	$	32,075,120		31,221,837		31,642,123

	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest bearing deposits	$	7,628,736		7,686,339		7,302,682
	Interest-bearing deposits	18,804,922			18,461,561		18,883,546

	Total deposits	26,433,658			26,147,900		26,186,228

	Federal funds purchased and securities sold under repurchase	191,145			161,190		141,539
	agreements
	Other short-term borrowings	478,540			100,000		—
	Long-term debt	1,656,909			1,606,138		1,882,607
	Other liabilities	274,795			245,043		434,671

	Total liabilities	29,035,047			28,260,271		28,645,045


	Shareholders' equity:
	Series D Preferred Stock - no par value. 8,000,000 shares outstanding at September 30, 2018	195,138			—		—

	Series C Preferred Stock - no par value. 5,200,000 shares outstanding at December 31, 2017 and September 30, 2017	—			125,980		125,980

	Common stock - $1.00 par value. 116,714,463 shares outstanding at September 30, 2018, 118,897,295 shares outstanding at December 31, 2017, and 119,566,625 shares outstanding at September 30, 2017	143,093			142,678		142,525

	Additional paid-in capital	3,049,233			3,043,129		3,033,682

	Treasury stock, at cost - 26,378,854 shares at September 30, 2018, 23,780,154 shares at December 31, 2017, and 22,958,514 shares at September 30, 2017	(974,478		)	(839,674	)	(800,509	)

	Accumulated other comprehensive loss	(143,720		)	(54,754	)	(39,596	)

	Retained earnings	770,807			544,207		534,996

	Total shareholders' equity	3,040,073			2,961,566		2,997,078

	Total liabilities and shareholders' equity	$	32,075,120		31,221,837		31,642,123



Synovus

	AVERAGE BALANCES AND YIELDS/RATES ⁽¹⁾
	(Unaudited)
	(Dollars in thousands)
		2018							2017
		Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter
	Interest Earning Assets
	Taxable investment securities⁽²⁾	$	4,061,239		4,077,564		4,097,162		3,937,278		3,786,436
	Yield	2.38		%	2.34		2.34		2.29		2.11
	Tax-exempt investment securities⁽²⁾⁽⁴⁾	$	89		115		140		180		259
	Yield (taxable equivalent)	5.91		%	6.87		6.57		7.97		7.86
	Trading account assets⁽⁵⁾	$	16,646		23,772		8,167		7,360		7,823
	Yield	2.52		%	2.79		2.66		2.78		2.09
	Commercial loans⁽³⁾⁽⁴⁾	$	19,025,830		18,857,271		18,963,515		18,935,774		19,059,936
	Yield	4.98		%	4.85		4.64		4.49		4.41
	Consumer loans⁽³⁾	$	6,298,643		6,092,899		5,899,015		5,704,629		5,440,765
	Yield	4.80		%	4.76		4.71		4.54		4.55
	Allowance for loan losses	$	(251,684	)	(257,966	)	(251,635	)	(252,319	)	(249,248	)
	Loans, net⁽³⁾	$	25,072,789		24,692,204		24,610,895		24,388,084		24,251,453
	Yield	4.99		%	4.88		4.70		4.55		4.49
	Mortgage loans held for sale	$	49,030		50,366		38,360		45,353		52,177
	Yield	4.71		%	4.42		3.95		3.96		3.88
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	544,704		724,537		516,575		922,296		543,556
	Yield	1.90		%	1.77		1.48		1.31		1.23
	Federal Home Loan Bank and Federal Reserve Bank Stock⁽⁵⁾	$	163,568		165,845		177,381		159,455		175,263
	Yield	4.41		%	4.63		3.39		4.03		3.50
	Total interest earning assets	$	29,908,065		29,734,403		29,448,680		29,460,006		28,816,967
	Yield	4.58		%	4.47		4.31		4.15		4.11

	Interest Bearing Liabilities
	Interest bearing demand deposits	$	4,701,204		5,001,826		5,032,000		4,976,239		4,868,372
	Rate	0.38		%	0.35		0.31		0.28		0.27
	Money Market accounts	$	7,936,621		7,791,107		7,561,554		7,514,992		7,528,036
	Rate	0.72		%	0.55		0.43		0.36		0.34
	Savings deposits	$	824,935		829,800		811,587		804,853		803,184
	Rate	0.03		%	0.03		0.03		0.03		0.03
	Time deposits under $100,000	$	1,205,987		1,161,890		1,143,780		1,166,413		1,183,582
	Rate	0.99		%	0.82		0.71		0.70		0.68
	Time deposits over $100,000	$	2,273,582		2,021,084		1,895,545		2,004,031		2,067,347
	Rate	1.46		%	1.22		1.02		0.99		0.97
	Non-maturing brokered deposits	$	358,277		262,976		424,118		546,413		547,466
	Rate	2.10		%	1.94		1.14		0.81		0.73
	Brokered time deposits	$	1,414,700		1,659,941		1,527,793		1,651,920		983,423
	Rate	1.94		%	1.85		1.75		1.63		1.16
	Total interest-bearing deposits	$	18,715,306		18,728,624		18,396,377		18,664,861		17,981,410
	Rate	0.83		%	0.70		0.58		0.54		0.46
	Federal funds purchased and securities sold under repurchase agreements	$	230,504		207,655		202,226		184,369		191,585
	Rate	0.25		%	0.35		0.21		0.15		0.08
	Other short-term borrowings	$	146,794		3,024		394,056		3,261		102,717
	Rate	2.12		%	2.84		1.52		1.42		1.16
	Long-term debt	$	1,656,743		1,852,094		1,733,938		1,710,721		1,882,458
	Rate	2.87		%	2.66		2.51		2.67		2.90
	Total interest-bearing liabilities	$	20,749,347		20,791,397		20,726,597		20,563,212		20,158,170
	Rate	0.99		%	0.87		0.76		0.72		0.69
	Non-interest bearing demand deposits	$	7,672,006		7,539,451		7,391,695		7,621,147		7,305,508
	Effective cost of funds	0.69		%	0.61		0.53		0.50		0.48
	Net interest margin	3.89		%	3.86		3.78		3.65		3.63

	Taxable equivalent adjustment	$	136		120		116		234		283

	⁽¹⁾Yields and rates are annualized.
	⁽²⁾ Excludes net unrealized gains and losses.
	⁽³⁾Average loans are shown net of unearned income. Non-performing loans are included.
	⁽⁴⁾Reflects taxable-equivalent adjustments, using the statutory federal income tax rate (21% in 2018 and 35% in 2017), in adjusting interest on tax-exempt loans and investment securities to a taxable equivalent basis.
	⁽⁵⁾Included as a component of Other Assets on the consolidated balance sheet.



Synovus

LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans			Total Loans		Linked Quarter		Total Loans			Year/Year
Loan Type	September 30, 2018			June 30, 2018		% Change ⁽¹⁾		September 30, 2017			% Change

Commercial, Financial, and Agricultural	$	7,281,466		7,271,080		0.6	%	$	6,961,709		4.6	%
Owner-Occupied	5,221,828			5,004,392		17.2		4,765,433			9.6

Total Commercial & Industrial	12,503,294			12,275,472		7.4		11,727,142			6.6

Multi-Family	1,330,006			1,358,211		(8.2	)	1,636,449			(18.7	)
Hotels	760,885			755,125		3.0		832,990			(8.7	)
Office Buildings	1,368,608			1,429,166		(16.8	)	1,576,672			(13.2	)
Shopping Centers	815,696			811,186		2.2		840,367			(2.9	)
Warehouses	679,184			602,707		50.3		494,570			37.3
Other Investment Property	711,311			553,201		113.4		544,048			30.7

Total Investment Properties	5,665,690			5,509,596		11.2		5,925,096			(4.4	)

1-4 Family Construction	183,044			177,140		13.2		195,273			(6.3	)
1-4 Family Investment Mortgage	524,152			543,570		(14.2	)	599,342			(12.5	)

Total 1-4 Family Properties	707,196			720,710		(7.4	)	794,615			(11.0	)

Commercial Development	61,608			61,375		1.5		66,521			(7.4	)
Residential Development	91,578			100,246		(34.3	)	117,878			(22.3	)
Land Acquisition	186,334			252,244		(103.7	)	322,814			(42.3	)

Land and Development	339,520			413,865		(71.3	)	507,213			(33.1	)

Total Commercial Real Estate	6,712,406			6,644,171		4.1		7,226,924			(7.1	)


Consumer Mortgages	2,843,244			2,750,935		13.3		2,557,680			11.2
Home Equity Lines	1,465,419			1,453,855		3.2		1,528,889			(4.2	)
Credit Cards	245,149			238,424		11.2		225,726			8.6
Other Consumer Loans	1,831,385			1,793,916		8.3		1,245,277			47.1

Total Consumer	6,385,197			6,237,130		9.4		5,557,572			14.9

Unearned Income	(23,781		)	(22,717	)	18.6		(24,278		)	(2.0	)

Total	$	25,577,116		25,134,056		7.0	%	$	24,487,360		4.5	%

(1) Percentage change is annualized.


NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)

	Total			Total				Total
	Non-performing			Non-performing		Linked Quarter		Non-performing			Year/Year
Loan Type	Loans			Loans		% Change		Loans			% Change
	September 30, 2018			June 30, 2018				September 30, 2017

Commercial, Financial, and Agricultural	$	69,010		81,231		(15.0	)%	$	58,139		18.7	%
Owner-Occupied	5,708			6,076		(6.1	)	3,960			44.1

Total Commercial & Industrial	74,718			87,307		(14.4	)	62,099			20.3

Multi-Family	234			176		33.0		1,096			(78.6	)
Hotels	—			—		—		—			—
Office Buildings	166			670		(75.2	)	234			(29.1	)
Shopping Centers	89			412		(78.4	)	327			(72.8	)
Warehouses	—			21		nm		38			nm
Other Investment Property	1,666			459		263.0		367			nm

Total Investment Properties	2,155			1,738		24.0		2,062			4.5

1-4 Family Investment Mortgage	3,139			3,247		(3.3	)	2,712			15.7

Total 1-4 Family Properties	3,139			3,247		(3.3	)	2,712			15.7

Commercial Development	42			42		—		47			(10.6	)
Residential Development	3,184			3,184		—		4,720			(32.5	)
Land Acquisition	1,603			1,398		14.7		2,161			(25.8	)

Land and Development	4,829			4,624		4.4		6,928			(30.3	)

Total Commercial Real Estate	10,123			9,609		5.3		11,702			(13.5	)


Consumer Mortgages	5,313			4,822		10.2		6,332			(16.1	)
Home Equity Lines	14,498			14,265		1.6		15,638			(7.3	)
Other Consumer Loans	3,773			1,325		184.8		2,067			82.5

Total Consumer	23,584			20,412		15.5		24,037			(1.9	)

Total	$	108,425		117,328		(7.6	)%	$	97,838		10.8	%



Synovus

	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2018					2017

		Third			Second	First	Fourth	Third	Year/Year % change
		Quarter			Quarter	Quarter	Quarter	Quarter	Year/Year % change

	Non-performing Loans	$	108,425		117,328	120,081	115,561	97,838	10.8	%
	Impaired Loans Held for Sale ⁽¹⁾	12			2,733	6,591	11,278	30,197	nm
	Other Real Estate	8,542			6,288	4,496	3,758	10,551	(19.0	)

	Non-performing Assets	116,979			126,349	131,168	130,597	138,586	(15.6	)

	Allowance for loan losses	251,450			251,725	257,764	249,268	249,683	0.7

	Net Charge-Offs - Quarter	15,257			17,829	4,280	8,979	38,099
	Net Charge-Offs - YTD	37,366			22,109	4,280	69,675	60,695
	Net Charge-Offs / Average Loans - Quarter ⁽²⁾	0.24		%	0.29	0.07	0.15	0.62
	Net Charge-Offs / Average Loans - YTD ⁽²⁾	0.20			0.18	0.07	0.29	0.33

	Non-performing Loans / Loans	0.42			0.47	0.48	0.47	0.40
	Non-performing Assets / Loans, Impaired Loans Held for Sale, & ORE	0.46			0.50	0.53	0.53	0.57
	Allowance / Loans	0.98			1.00	1.04	1.01	1.02

	Allowance / Non-performing Loans	231.91			214.55	214.66	215.70	255.20
	Allowance / Non-performing Loans ⁽³⁾	288.21			262.99	241.49	238.44	336.35

	Past Due Loans over 90 days and Still Accruing	$	4,856		3,222	5,416	4,414	5,685	(14.6	)
	As a Percentage of Loans Outstanding	0.02		%	0.01	0.02	0.02	0.02

	Total Past Due Loans and Still Accruing	$	78,323		55,614	54,150	52,032	84,853	(7.7	)
	As a Percentage of Loans Outstanding	0.31		%	0.22	0.22	0.21	0.35

	Accruing Troubled Debt Restructurings (TDRs)	$	114,740		125,310	129,394	151,271	166,918	(31.3	)


	(1) Represent impaired loans that have been specifically identified to be sold. Impaired loans held for sale are carried at the lower of cost or fair value, less costs to sell, based primarily on estimated sales proceeds net of selling costs.
	(2) Ratio is annualized.
	(3) Excludes non-performing loans for which the expected loss has been charged off.




	SELECTED CAPITAL INFORMATION ⁽¹⁾
	(Unaudited)
	(Dollars in thousands)
		September 30, 2018			December 31, 2017	September 30, 2017


	Tier 1 Capital	$	3,038,769		2,872,001	2,849,580
	Total Risk-Based Capital	3,550,687			3,383,081	3,362,127
	Common Equity Tier 1 Ratio (transitional)	9.92		%	9.99	10.06
	Common Equity Tier 1 Ratio (fully phased-in) ⁽⁵⁾	9.87			9.88	9.88
	Tier 1 Capital Ratio	10.59			10.38	10.43
	Total Risk-Based Capital Ratio	12.37			12.23	12.30
	Tier 1 Leverage Ratio	9.58			9.19	9.34
	Common Equity as a Percentage of Total Assets ⁽²⁾	8.87			9.08	9.07
	Tangible Common Equity as a Percentage of Tangible Assets ^{(3) (5)}	8.68			8.88	8.88
	Book Value Per Common Share⁽⁴⁾	$	24.38		23.85	24.01
	Tangible Book Value Per Common Share ⁽³⁾	23.80			23.27	23.44


	(1) Current quarter regulatory capital information is preliminary.
	(2) Common equity consists of Total Shareholders' Equity less Preferred Stock.
	(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
	(5) See "Non-GAAP Financial Measures" of this report for applicable reconciliation of GAAP measures.

Exhibit 99.3 Third Quarter 2018 Results October 23, 2018

Forward Looking Statements This slide presentation 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,” “predicts,” “could,” “should,” “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, statements on (1) future loan and deposit growth; (2) future net interest income and net interest margin; (3) future adjusted non-interest income; (4) future non-interest expense levels; (5) future credit trends and key metrics; (6) future effective tax rates; (7) future earnout payments; (8) our strategy and initiatives for future growth, capital management, and strategic transactions, including the FCB transaction; and (9) our assumptions underlying these 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 presentation. 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, 2017 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. Use of Non-GAAP Financial Measures This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: adjusted diluted earnings per share; adjusted return on average assets; adjusted return on average common equity; adjusted return on average tangible common equity; cost of interest bearing core deposits; adjusted non-interest income; adjusted non-interest expense; adjusted total revenues; adjusted efficiency ratio; tangible common equity ratio; and common equity Tier 1 (CET1) ratio (fully phased-in). The most comparable GAAP measures to these measures are diluted earnings per share; return on average assets; return on average common equity; cost of funds rate; total non-interest income; total non-interest expense; total revenues; efficiency ratio; total shareholders’ equity to total assets ratio; and CET1 ratio, respectively. Management uses these non-GAAP financial measures to assess the performance of Synovus’ business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management, investors, and bank regulators 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 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 return on average tangible common equity is a measure 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 cost of interest bearing core deposits is a measure used to evaluate the cost of deposits as a funding source exclusive of brokered deposits and deposits. Adjusted non-interest income and adjusted total revenues are measures used by management to evaluate total revenues and non-interest income exclusive of net investment securities gains (losses), net changes in the fair value of private equity investments, and the Cabela’s transaction fee. Adjusted non-interest expense and the adjusted efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. The tangible common equity ratio is used by management and bank regulators to assess the strength of our capital position. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the Appendix to this slide presentation. 2

Important Additional Information In connection with the proposed merger, Synovus filed with the SEC a Registration Statement on Form S-4 that includes the preliminary Joint Proxy Statement of Synovus and FCB and a Prospectus of Synovus. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A free copy of the Joint Proxy Statement/Prospectus, as well as other filings containing information about Synovus and FCB, may be obtained at the SEC’s Internet site (http://www.sec.gov). Copies of the Joint Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to Synovus Investor Relations at Investor Relations, Synovus Financial Corp., 1111 Bay Avenue, Suite 500, P.O. Box 120, Columbus, GA, 31901, by calling (888) SYNOVUS, or by sending an e-mail to [email protected] or to FCB Investor Relations at Investor Relations, FCB Financial Holdings, Inc., 2500 Weston Road, Suite 300, Weston, Florida 33331, by calling (305)-668-5420 or by sending an e-mail to [email protected]. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of Synovus shareholders and FCB stockholders in connection with the proposed transaction may be obtained by reading the Joint Proxy Statement/Prospectus. 3

3Q18 Highlights Profitability . Diluted EPS of $0.84, vs. $0.91 in 2Q18 and $0.78 in Diluted EPS Return on Average Assets 3Q17 . $0.95 Adjusted diluted EPS(1) of $0.95, up 2.4% vs. 2Q18 $0.91 $0.92 $0.84 $0.78 and 46.4% vs. 3Q17 1.42% 1.43% 1.47% $0.65 1.27% 1.36% (1) (1) . ROA of 1.36%, vs. 1.42% in 2Q18 and 1.27% in 3Q17 46.4% 1.05% 42 b.p.s YoY YoY . Adjusted ROA(1) of 1.47%, up 4 b.p.s vs. 2Q18 and 42 b.p.s vs. 3Q17 . Total revenues of $363.3 million, down $34.7 million 3Q17 2Q18 3Q18 or 8.7% vs. 3Q17, due to 3Q17 Cabela’s transaction 3Q17 2Q18 3Q18 (1)  Adjusted total revenues(1) of $363.0 million, up Reported Adjusted Reported Adjusted (1) $31.7 million or 9.6% vs. 3Q17 Balance Sheet Growth Total Average Loans Total Average Deposits (in billions) (in billions) . (2) $26.27 $26.39 Total average loans grew $376.3 million or 6.0% vs. $24.95 $25.32 $24.50 $25.29 2Q18 and grew $822.7 million or 3.4% vs. 3Q17 . Total average deposits increased $119.2 million or 3.4% 4.4% YoY 1.8%(2) vs. 2Q18 and increased $1.10 billion or 4.4% vs. YoY 3Q17 3Q17 2Q18 3Q18 3Q17 2Q18 3Q18 Credit Quality and Capital Management NPA Ratio Return on Average Common Equity 15.39% 15.59% 15.69% 13.95% . NPA ratio of 0.46% improved 11 b.p.s from 3Q17 13.24% 10.92% . Return on average common equity of 13.95% compared 0.57% 0.50% 0.46% 11 b.p.s 477 b.p.s (1) to 13.24% in 3Q17 YoY YoY . Adjusted ROE(1) of 15.69% increased 477 b.p.s vs. 3Q17 . Adjusted ROATCE(1) of 16.08% increased 489 b.p.s vs. 3Q17 3Q17 2Q18 3Q18 3Q17 2Q18 3Q18 (1) (1) Non-GAAP financial measure; see appendix for applicable reconciliation. Reported Adjusted (2) Annualized 4

3Q18 Adjustments to Net Income(1)/EPS (in thousands, except per share data) $(9,865) $11,652 $4,020 $(94) $111,727 $6,684 $99,330 3Q18 net income(1) Merger-related Earnout liability Preferred stock Income taxes Other 3Q18 adjusted expense adjustments redemption adjustments net income(1) EPS impact(2): $0.84 $0.06 $0.10 $0.03 $(0.08) $(0.00) $0.95 . Merger-related expense of $6.7 million associated with our pending acquisition of FCB Financial Holdings, Inc. (FCB) . $11.7 million increase in the earnout liability related to our 2016 Global One acquisition, due to increased earnings projections for that business . $4.0 million one-time, non-cash charge associated with our Series C Preferred Stock redemption . $9.9 million discrete tax benefit (non-core) related to the finalization of provisional adjustments associated with 2017 tax reform, as well as amendments to prior tax returns and other refinements of previous estimates (1) Available to common shareholders 5 (2) Dollar amounts and per-share impact are on after-tax basis. Amounts may not total due to rounding.

Loans Period-end Loan Balances  (in billions) Sequential quarter period-end growth of (2) (2) $443.1 million or 7.0%(1) vs. 2Q18 $24.49(2) $25.13 $25.58 12.28 12.50  11.73 C&I up $227.8 million or 7.4%(1)  Consumer up $148.1 million or 9.4%(1) 48.9%  (1) 47.8% 48.8% CRE up $68.2 million or 4.1%  Year-over-year period-end growth of $1.09 billion or 4.5%  5.56 6.24 6.39 C&I up $776.2 million or 6.6% 24.8%  22.7% 24.9% Consumer up $827.6 million or 14.9%  CRE down $514.5 million or 7.1% 7.23 6.64 6.71  Total average loan growth of $376.3 million or 29.5% 26.4% 26.2% 6.0%(1) vs. 2Q18 and $822.7 million or 3.4% vs. 3Q17 (in millions) 3Q17 2Q18 3Q18 Sequential quarter loan growth: $56.8 $251.0 $443.1 CRE Consumer C&I (1) Annualized (2) Total loans are net of deferred fees and costs. 6

Deposits  Total Average Deposits 3Q18 total average deposits of $26.39 billion (in billions) increased $119.2 million or 1.8%(1) vs. 2Q18 $26.27 $26.39  $25.29 Excluding brokered deposits, 3Q18 1.92 1.77 1.53 average deposits increased $269.2 million 2.01 1.99 2.13 or 4.4%(1) vs. 2Q18 3.39  3.16 3.11 3Q18 total average deposits increased $1.10 billion or 4.4% vs. 3Q17  3Q18 average brokered deposits represent 6.7% of total deposits compared to 7.3% in 2Q18 18.60 19.10 19.21 3Q17 2Q18 3Q18 (2) Core transaction deposits Time SCM Brokered (1) Annualized (2) Core transaction deposits consist of non-interest bearing, NOW/savings, and money market deposits excluding state and county municipal (SCM) deposits. 7

Net interest income  (dollars in millions) $291.6 Net interest income of $291.6 million increased $7.0 million or 2.5% vs. 2Q18 and $29.0 million $284.6 or 11.1% vs. 3Q17  Net interest margin of 3.89% up 3 b.p.s vs. 2Q18 $262.6  Yield on earning assets of 4.58% up 11 b.p.s from 2Q18 3.89%  3.86% Yield on loans of 4.99% up 11 b.p.s from 2Q18  Effective cost of funds of 0.69%(1) up 8 3.63% b.p.s. from 2Q18  Cost of interest bearing core deposits(2) of 0.71% up 14 b.p.s from 2Q18 3Q17 2Q18 3Q18 Net Interest Income Net Interest Margin (1) See slide 26 in the appendix for computation. (2) Non-GAAP financial measure; see appendix for applicable reconciliation. 8

Non-interest income (in millions)  3Q18 non-interest income of $71.7 million $135.4 decreased $1.7 million vs. 2Q18 and decreased $73.4 73.0 $71.7 $63.7 million vs. 3Q17 6.4 6.8  3Q17 includes the $75.0 million Cabela’s 4.8 5.3 transaction fee and other items, partially 5.6 offset by $8.0 million in investment securities losses 24.8 21.2 23.9  3Q18 adjusted non-interest income(1) of $71.2 million decreased $3.5 million or 4.7% vs. 2Q18 and increased $2.8 million or 4.1% vs. 3Q17  Core banking fees(2) of $35.7 million decreased $1.7 million or 4.7% vs. 2Q18 and were 35.6 37.4 35.7 essentially flat with 3Q17  Fiduciary/asset management, brokerage, and insurance revenues of $23.9 million decreased $825 thousand or 3.3% vs. 2Q18 and increased 3Q17 2Q18 3Q18 $2.8 million or 13.0% vs. 3Q17 (3) Other income  Assets under management of $15 billion Mortgage banking income increased 16% vs. 3Q17 Fiduciary/asset management, brokerage, and insurance revenues Core banking fees (1) Non-GAAP financial measure; see appendix for applicable reconciliation. (2) Include service charges on deposit accounts, card fees, letter of credit fees, ATM fee income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges. 9 (3) 3Q17 other income includes the $75.0 million Cabela’s transaction fee, as well as $8.0 million in investment securities losses.

Non-interest expense  3Q18 non-interest expense of $220.3 million (dollars in millions) increased $16.2 million or 8.0% vs. 2Q18 and increased $14.7 million or 7.1% vs. 3Q17 $220.3  3Q18 includes $11.7 million of earnout $6.7 liability adjustments from the Global One $205.6 $204.1 $202.7 $201.6 acquisition and $6.7 million of FCB merger- $194.1 related expense  3Q18 adjusted non-interest expense(1) of $201.6 million decreased $1.1 million or 0.5% vs. 2Q18 and increased $7.5 million or 3.9% vs. 3Q17  The sequential decline is driven by a $1.5 million decrease in advertising expense and a $1.7 million decrease in fixed-asset impairment charges, which was partially offset by an increase of $2.5 million in compensation expense 3Q17 2Q18 3Q18  3Q18 efficiency ratio of 60.62%; compared to Reported – excl. merger related Adjusted 56.78% in 2Q18 and 50.62% in 3Q17 Reported – merger related(2)  3Q18 adjusted efficiency ratio(1) of 55.55%; Efficiency 50.62% 56.78% 60.62% Ratio improved from 56.41% in 2Q18 and 58.59% in 3Q17 Adjusted Efficiency 58.59% 56.41% 55.55% Ratio(1) (1) Non-GAAP financial measure; see appendix for applicable reconciliation. 10 (2) Merger related expense of $6.7 million related to FCB.

Credit quality (dollars in millions) NPA, NPL, and Past Due Ratios Net Charge-offs(2) 0.57% 0.53% 0.53% $38.1 0.50% 0.46% 0.56% 0.56% 0.40% (2) 0.47% 0.48% 0.47% 0.42% 0.35% 0.56% $17.8 0.31% $15.3 $9.0 0.21% 0.22% 0.22% $4.3 0.29% 0.24% 0.15% 0.06% 0.07% 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 (1) NPA Ratio NPL Ratio Total Past Dues > 30 Days Ratio Held-for-Sale Transfers Provision Expense Allowance for Loan Losses $39.7 1.04% 1.00% 0.98% 1.02% 1.01% $257.8 $27.7 $27.7 $249.7 $249.3 $251.7 $251.5 27.7 $12.8 $11.8 $15.0 $12.0 $8.6 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Held-for-Sale Transfers (1) Excludes impaired loans held for sale 11 (2) Net charge-off ratio is as a percentage of average total loans, annualized.

Capital ratios 3Q17 2Q18 3Q18 Common equity Tier 1 ratio 10.06 10.12 9.92 (1) (1) Tier 1 capital ratio 10.43 11.25 10.59 Total risk-based capital ratio 12.30 13.08 12.37 (1) (1) Leverage ratio 9.34 10.03 9.58 Tangible common equity ratio(2) 8.88 8.77 8.68  On August 1, Synovus redeemed $130 million of Series C Preferred Stock  Including $58 million in share repurchases during 3Q18 and subsequent 4Q18 activity, we anticipate fully completing our $150 million share repurchase program by the end of this week. We estimate a 2.5% reduction in share count from December 31, 2017 as part of the $150 million authorization  3Q18 common equity Tier 1 ratio on a fully phased-in basis estimated at 9.87%(1)(2) (1) Preliminary (2) Non-GAAP financial measure; see appendix for applicable reconciliation. 12

2018 Outlook YTD through Original 9/30/18 Metrics 2018 Guidance Results (2) Average loan growth 4% to 6% 3.1% Balance Sheet (2) Average total deposit growth 4% to 6% 4.3% Net interest income growth 11% to 13% 12.9%(2) Revenue (2) Adjusted non-interest income(1) growth 4% to 6% 5.7% (2) Non-interest Total non-interest expense growth 0% to 3% 4.2% Expense and Taxes Effective tax rate 23% to 24% 19.8% Net charge-off ratio 15 to 25 b.p.s 20 b.p.s Credit and Share repurchases Up to $150 million $134.8 million Capital Common dividend per share (year) Up 67% to $1.00 $0.75 (1) Non-GAAP financial measure; see appendix for applicable reconciliation. 13 (2) Growth vs. YTD 9/30/17

FCB Acquisition Update Low risk transaction creates a strongercompany  6.5+% EPS Accretion Strategicallycompelling Earnback: <3years in 2020 Integration Progress  Executing on comprehensive integration plan  Overarching guiding principle of ensuring customer and team member experience is enhanced through merger  Progress in decisioning critical integration components  Focus on achieving closing and conversion milestones, while identifying “quick win” revenue synergies 14

Appendix

Condensed Income Statement (in thousands, except per share data) 3Q18 2Q18 3Q17 Net interest income $291,619 $284,577 $262,572 Adjusted non-interest income* 71,234 74,720 68,418 Adjusted non-interest expense* (201,648) (202,734) (194,102) Provision expense (14,982) (11,790) (39,686) Discounts to fair value – ORE dispositions - - (7,082) Asset impairment charges - - (1,168) Cabela’s transaction fee - - 75,000 Investment securities losses, net - (1,296) (7,956) Increase (decrease) in fair value of private equity investments, net 434 (37) (27) Restructuring charges, net (21) (103) (519) Litigation settlement/contingency expense - 1,400 (401) Earnout liability adjustments (11,652) - (2,059) Merger-related expense (6,684) - (23) Valuation adjustment to Visa derivative - (2,328) - Amortization of intangibles (292) (292) (292) Income before taxes 128,008 142,117 152,675 Income tax expense 18,949 30,936 54,668 Preferred stock dividends and redemption 9,729 2,559 2,559 Net income available to common shareholders $99,330 $108,622 $95,448 Net income per diluted common share $0.84 $0.91 $0.78 Weighted average diluted common shares 118,095 119,139 121,814 *Non-GAAP financial measure; see applicable reconciliation. 16

Quarterly Highlights Trend 3Q17 4Q17 1Q18 2Q18 3Q18 Diluted EPS 0.78 0.23 0.84 0.91 0.84 Net interest margin 3.63 3.65 3.78 3.86 3.89 Financial Efficiency ratio 50.62 66.77 57.16 56.78 60.62 Performance Adjusted efficiency ratio(1) 58.59 59.29 57.42 56.41 55.55 ROA(2) 1.27 0.37 1.34 1.42 1.36 Adjusted ROA(1)(2) 1.05 1.12 1.36 1.43 1.47 Balance Sheet Total loans 0.9 4.9 1.6 4.0 7.0 Growth(3) Total average deposits 4.7 15.7 (7.7) 7.5 1.8 NPA ratio 0.57 0.53 0.53 0.50 0.46 Credit Quality NCO ratio(2) 0.62 0.15 0.07 0.29 0.24 Common shares outstanding(4) 119,567 118,897 118,702 117,841 116,714 (5) Capital CET1 ratio 10.06 9.99 10.09 10.12 9.92 TCE ratio(1) 8.88 8.88 8.79 8.77 8.68 (1) Non-GAAP financial measure; see applicable reconciliation (2) Annualized (3) Sequential quarter growth, annualized (4) In thousands (5) Preliminary 17

Portfolio Yield and Sensitivity Investment Securities Portfolio Loan Portfolio 4.1 4.3 4.3 3.8 3.6 1.4 1.4 1.3 1.4 1.4 (2) 4.99% 2.30% 2.34% 2.36% 2.39% 4.88% 2.12% 4.70% 4.49% 4.55% 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Duration (in years) Yield Duration (in years) Yield Loan Portfolio Rate Mix Net Interest Income Sensitivity 37.4% 37.0% 36.9% 36.7% 36.6% Immediate change in Estimated % increase in short-term interest rates net interest income 16.8% 17.0% 17.0% 16.2% 15.7% (in b.p.s) 45.8% 46.0% 46.1% 47.1% 47.7% +100 2.33% +25 0.70% 3Q17 4Q17 1Q18 2Q18 3Q18 Fixed rate Prime floating rate LIBOR floating rate 18

Non-interest Income 3Q17 2Q18 3Q18 3Q18 vs. 3Q18 vs. (in thousands) 2Q18 % 3Q17 % Change Change Service charges on deposit accounts $20,678 $19,999 $20,582 2.9 (0.5) Fiduciary and asset management fees 12,615 13,983 13,462 (3.7) 6.7 Brokerage revenue 7,511 8,900 9,329 4.8 24.2 Mortgage banking income 5,603 4,839 5,290 9.3 (5.6) Card fees 9,729 10,833 10,608 (2.1) 9.0 Other fee income 5,094 5,259 4,510 (14.2) (11.5) Income from bank-owned life insurance 3,232 3,733 3,771 1.0 16.7 Other non-interest income 3,956 7,174 3,682 (48.7) (6.9) Adjusted non-interest income $68,418 $74,720 $71,234 (4.7) 4.1 Investment securities losses, net (7,956) (1,296) - nm nm (Decrease) increase in fair value of private equity (27) (37) 434 nm nm investments, net Cabela’s transaction fee 75,000 - - nm nm Total non-interest income $135,435 $73,387 $71,668 (2.3)% (47.1)% nm = not meaningful 19

Portfolio Distribution by Type (dollars in millions) 3Q17 4Q17 1Q18 2Q18 3Q18 Investment Properties $5,925 24.2% $5,670 22.8% $5,619 22.6% $5,510 21.9% $5,666 22.1% Residential Properties 795 3.2 782 3.1 759 3.1 721 2.9 707 2.8 Land Acquisition 507 2.1 484 2.0 457 1.8 414 1.6 340 1.3 Total CRE $7,227 29.5% $6,935 27.9% $6,836 27.5% $6,644 26.4% $6,712 26.2% C&I 11,727 47.8 12,024 48.5 12,102 48.5 12,275 48.8 12,503 48.9 Consumer 5,558 22.7 5,854 23.6 5,969 24.0 6,237 24.8 6,385 24.9 Total Loans* $24,487 100.0% $24,788 100.0% $24,883 100.0% $25,134 100.0% $25,577 100.0% * Total loans are net of unearned deferred fees and costs, which are not displayed on this table. 20

Commercial Real Estate Composition of 3Q18 Commercial Real Estate Portfolio • Investment Properties portfolio Total Portfolio $6.71 billion represents 84% of total CRE portfolio Residential Development 1% • The portfolio is well diversified Land Acquisition among the property types Commercial Development 3% 1% • Credit quality in Investment 1-4 Family Properties portfolio remains Construction 1-4 Family excellent 3% Perm/Mini Perm 8% • Continued reduction in non-strategic CRE Office Building 20% property types (Residential and Land) • As of 3Q18, Residential C&D and Land Acquisition Portfolios represent only Hotels 11% 1.8% of total performing loans Shopping Centers 12% Commercial Real Estate 3Q18 Credit Metrics: Credit Indicator CRE Total Multi-Family NPL Ratio 0.15% 20% Warehouses 10% Net Charge-off Ratio* 0.03% Other Investment 30+ Days Past Due Ratio 0.08% Properties 11% 90+ Days Past Due Ratio 0.00% *Annualized 21

C&I Portfolio Diverse Industry Exposure Total Portfolio $12.50 billion • Large Corporate/Middle Market/Specialty Lines represent 39.3% of C&I Balances 5.66% 2.13% • Community/Retail Bank represents 60.7% of 3.78% C&I balances 24.18% 4.95% Credit Indicator 3Q18 6.83% NPL Ratio 0.60% * Net Charge-off Ratio 0.40% 6.16% 6.23% 30+ Days Past Due Ratio 0.30% 90+ Days Past Due Ratio 0.02% 4.28% 4.66% 7.87% 6.82% 5.51% 6.11% 2.23% Health Care Finance/Insurance R/E Leasing 2.61% Retail Trade Wholesale Trade Prof., Scientific, Tech. Svcs Ag, Forestry, Fishing Admin., Support, Waste Mgmt., Remediation Manufacturing Construction Other Services R/E Other Accommoda. & Food Svcs. Transport. & Warehousing Educational Svcs. All Other * Annualized 22

Consumer Portfolio Total Consumer Portfolio $6.39 billion Other Consumer, 5% Credit Indicator 3Q18 NPL Ratio 0.37% Net Charge-off Ratio* 0.15% 30+ Days Past Due Ratio 0.56% HELOC, 23% Consumer Lending 90+ Days Past Due Ratio 0.04% Partnerships, 23% Credit • Credit Card Portfolio continues to perform well Card, 4% Consumer Mortgage, 45% • Average utilization rate is 22.6% • Average credit score is 729 • Charge-offs below industry average at 1.93% for Mortgage and HELOC, the two largest concentrations, have strong the year credit indicators Credit Indicator Heloc Mortgage • Lending Partnerships with GreenSky and SoFi Weighted Average Credit Score 787 767 • Currently $1.48 billion in balances, or 5.8% of of 3Q18 Originations total portfolio Weighted average credit score 785 786 • GreenSky is a point-of-sale program where of total portfolio the customer applies with home Average LTV 74.3% 75.7% improvement store, contractor, or other Average DTI 33.0% 32.4% merchant Utilization Rate 53.1% N/A • SoFi portfolio primarily consists of refinanced student loan debt * Annualized 23

Portfolio Risk Distribution (dollars in millions) 3Q18 vs. 2Q18 3Q18 vs. 3Q17 Risk Category 3Q17 2Q18 3Q18 Change Change Passing Grades $23,889 $24,546 $24,914 $368 $1,025 Special Mention 276 261 295 34 19 Substandard Accruing 225 210 204 (6) (21) Non-Performing Loans 98 117 108 (9) 10 Total Loans $24,487 $25,134 $25,577 $443 $1,090 24

Loan Loss Reserve Coverage Trends (dollars in millions) 1.04% 1.02% 1.01% 1.00% 0.98% $258 $250 $249 $252 $251 336% 288% 255% 263% 241% 238% 232% 216% 215% 215% 3Q17 4Q17 1Q18 2Q18 3Q18 Loan Loss Reserve LLR to NPLs LLR to NPLs (Excluding NPLs for which the expected loss has been charged off) 25

Effective cost of funds calculation (dollars in thousands) 3Q18 2Q18 3Q17 Total interest expense $52,323 $45,257 $35,080 Total interest expense, annualized 207,586 181,525 139,176 Total average interest earning assets $29,908,065 $29,734,403 $28,816,967 Effective cost of funds (total interest expense, annualized, 0.69% 0.61% 0.48% divided by total average interest earning assets) 26

Non-GAAP Financial Measures (dollars in thousands) 3Q18 2Q18 3Q17 Net income available to common shareholders $99,330 108,622 95,448 Add: Earnout liability adjustments 11,652 - 2,059 Subtract: Income taxes (9,865) - - Add: Preferred stock redemption 4,020 - - Subtract: Income tax benefit related to effects of State Tax Reform - (608) - Add: Merger-related expense 6,684 - 23 Subtract/add: Litigation settlement/contingency expense - (1,400) 401 Add: Provision expense on loans transferred to held-for-sale - - 27,710 Add: Discounts to fair value for completed or planned ORE - - 7,082 accelerated dispositions Add: Asset impairment charges related to accelerated disposition - - 1,168 of corporate real estate and other properties Add: Restructuring charges, net 21 103 519 Add: Amortization of intangibles 292 292 292 Add: Valuation adjustment to Visa derivative - 2,328 - Add: Investment securities losses, net - 1,296 7,956 Subtract/add: (Increase)/decrease in fair value of private equity (434) 37 27 investments, net Subtract: Cabela’s transaction fee - - (75,000) Add/subtract: Tax effects of adjustments 27 (624) 11,034 Adjusted net income available to common shareholders $111,727 110,046 78,719 Weighted average common shares outstanding-diluted 118,095 119,139 121,814 Adjusted diluted earnings per share $0.95 $0.92 $0.65 27

Non-GAAP Financial Measures, continued (dollars in thousands) 3Q18 2Q18 1Q18 4Q17 3Q17 Net income $109,059 111,181 103,166 29,605 98,007 Add: Earnout liability adjustments 11,652 - - 1,700 2,059 Subtract: Income taxes (9,865) - - - - Add: Income tax expense related to effects of Federal Tax Reform - - - 47,181 - Subtract/add: Income tax (benefit)/expense related to effects of State Tax Reform - (608) 1,325 - - Add: Merger-related expense 6,684 - - - 23 Subtract/add: Litigation settlement/contingency expense - (1,400) (2,626) 300 401 Add/subtract: Restructuring charges, net 21 103 (315) (29) 519 Add: Valuation adjustment to Visa derivative - 2,328 - - - Add: Amortization of intangibles 292 292 292 292 292 Add: Loss on early extinguishment of debt, net - - - 23,160 - Add: Provision expense on loans transferred to held-for-sale - - - - 27,710 Add: Discounts to fair value for completed or planned ORE accelerated dispositions - - - - 7,082 Add: Asset impairment charges related to accelerated disposition of corporate real - - - - 1,168 estate and other properties Add: Investment securities losses, net - 1,296 - - 7,956 Subtract/add: (Increase)/decrease in fair value of private equity investments, net (434) 37 3,056 (100) 27 Subtract: Cabela’s transaction fee - - - - (75,000) Subtract: Income tax benefit related to pre-2017 R&D credits and state taxes - - - (4,847) - Add/subtract: Tax effects of adjustments 27 (624) (96) (8,740) 11,034 Adjusted net income $117,436 112,605 104,802 88,522 81,278 Net income annualized $465,915 451,657 425,030 351,201 322,462 Total average assets $31,725,604 31,502,758 31,245,708 31,388,724 30,678,388 Adjusted return on average assets 1.47% 1.43 1.36 1.12 1.05 28

Non-GAAP Financial Measures, continued 3Q18 2Q18 3Q17 (dollars in thousands) Net income available to common shareholders $99,330 108,622 95,448 Add: Earnout liability adjustments 11,652 - 2,059 Subtract: Income taxes (9,865) - - Add: Preferred stock redemption 4,020 - - Subtract: Income tax benefit related to effects of State Tax Reform - (608) - Add: Merger-related expense 6,684 - 23 Subtract/add: Litigation settlement/contingency expense - (1,400) 401 Add: Provision expense on loans transferred to held-for-sale - - 27,710 Add: Discounts to fair value for completed or planned ORE accelerated dispositions - - 7,082 Add: Asset impairment charges related to accelerated disposition of corporate real - - 1,168 estate and other properties Add: Restructuring charges, net 21 103 519 Add: Amortization of intangibles 292 292 292 Add: Valuation adjustment to Visa derivative - 2,328 - Add: Investment securities losses, net - 1,296 7,956 Subtract/add: (Increase)/decrease in fair value of private equity investments, net (434) 37 27 Subtract: Cabela’s transaction fee - - (75,000) Add/subtract: Tax effects of adjustments 27 (624) 11,034 Adjusted net income available to common shareholders $111,727 110,046 78,719 Adjusted Net income annualized $443,265 441,393 312,309 Total average shareholders’ equity less preferred stock $2,824,707 2,831,368 2,859,491 Subtract: Goodwill (57,315) (57,315) (57,167) Subtract: Other intangible assets, net (10,265) (10,555) (11,648) Total average tangible shareholders’ equity less preferred stock $2,757,127 2,763,498 2,790,676 Adjusted return on average common equity 15.69% 15.59 10.92 Adjusted return on average tangible common equity 16.08% 15.97 11.19 29

Non-GAAP Financial Measures, continued 3Q18 2Q18 3Q17 (dollars in thousands) Total interest expense 52,323 45,257 35,080 Total interest expense, annualized 207,586 181,525 139,176 Total average interest bearing liabilities 20,749,347 20,791,397 20,158,170 Cost of funds rate 0.99% 0.87 0.69 Total interest expense $52,323 45,257 35,080 Subtract: Interest on long-term debt (12,164) (12,455) (13,934) Subtract: Interest on brokered deposits (8,802) (8,918) (3,872) Subtract: Interest on federal funds purchased, securities sold under repurchase agreements, and other (940) (203) (347) short-term borrowings Interest expense on interest bearing core deposits $30,417 23,681 16,926 Interest expense on interest bearing core deposits, annualized 120,676 94,984 67,152 Total average interest bearing liabilities $20,749,347 20,791,397 20,158,170 Subtract: Average long-term debt (1,656,743) (1,852,094) (1,882,458) Subtract: Average brokered deposits (1,772,976) (1,922,918) (1,530,889) Subtract: Average federal funds purchased, securities sold under repurchase agreements, and other short- (377,298) (210,680) (294,302) term borrowings Total average interest bearing core deposits $16,942,330 16,805,705 16,450,521 Cost of interest bearing core deposits 0.71% 0.57 0.41 30

Non-GAAP Financial Measures, continued (dollars in thousands) 3Q18 2Q18 3Q17 Total non-interest income $71,668 73,387 135,435 Add: Investment securities losses, net - 1,296 7,956 Subtract/add: (Increase)/decrease in fair value of private equity investments, net (434) 37 27 Subtract: Cabela’s transaction fee - - (75,000) Adjusted non-interest income $71,234 74,720 68,418 2018 Current Outlook – Increase (decrease) vs. 2017 (dollars in thousands) 2017 $ % Total non-interest income, as reported $345,327 $285 million - $290 million (16%) – (18%) Subtract: Cabela’s transaction fee (75,000) Add: Investment securities losses, net 289 Add: Decrease in fair value of private equity investments, net 3,093 Adjusted non-interest income $273,709 $285 million - $290 million 4% - 6% Nine Months Ended (dollars in thousands) September 30, 2018 September 30, 2017 Total non-interest income $212,101 275,974 Subtract: Cabela’s transaction fee - (75,000) Subtract/add: Investment securities (gains) losses, net 1,296 289 Add/subtract: Decrease/(increase) in fair value of private equity investments, net 2,659 3,193 Adjusted non-interest income $216,056 $204,456 31

Non-GAAP Financial Measures, continued (dollars in thousands) 3Q18 2Q18 3Q17 Total non-interest expense $220,297 204,057 205,646 Subtract: Earnout liability adjustments (11,652) - (2,059) Subtract: Restructuring charges, net (21) (103) (519) Subtract: Discounts to fair value for completed or planned ORE accelerated dispositions - - (7,082) Subtract: Asset impairment charges related to accelerated disposition of corporate real estate and other properties - - (1,168) Add/subtract: Litigation settlement/contingency expense - 1,400 (401) Subtract: Merger-related expense (6,684) - (23) Subtract: Valuation adjustment to Visa derivative - (2,328) - Subtract: Amortization of intangibles (292) (292) (292) Adjusted non-interest expense $201,648 202,734 194,102 Adjusted non-interest expense $201,648 202,734 194,102 Net interest income 291,619 284,577 262,572 Add: Tax equivalent adjustment 136 120 283 Add: Total non-interest income 71,668 73,387 135,435 Add: Investment securities losses, net - 1,296 7,956 Total FTE revenues 363,423 359,380 406,246 Subtract/add: (Increase)/decrease in fair value of private equity investments, net (434) 37 27 Subtract: Cabela’s transaction fee - - (75,000) Adjusted total revenues $362,989 359,417 331,273 Efficiency ratio 60.62% 56.78 50.62 Adjusted efficiency ratio 55.55% 56.41 58.59 32

Non-GAAP Financial Measures, continued (dollars in thousands) 3Q17 2Q18 3Q18 Total average deposits $25,286,919 26,268,074 26,387,312 Subtract: Average brokered deposits (1,530,889) (1,922,917) (1,772,977) Average core deposits $23,756,030 24,345,157 24,614,335 (dollars in thousands) 3Q17 4Q17 1Q18 2Q18 3Q18 Total assets 31,642,123 31,221,837 31,501,028 31,740,305 32,075,120 Subtract: Goodwill (57,315) (57,315) (57,315) (57,315) (57,315) Subtract: Other intangible assets, net (11,548) (11,254) (10,750) (10,458) (10,166) Tangible assets $31,573,260 $31,153,268 $31,432,963 $31,672,532 $32,007,639 Total shareholders’ equity $2,997,078 $2,961,566 $2,956,495 3,167,694 3,040,073 Subtract: Goodwill (57,315) (57,315) (57,315) (57,315) (57,315) Subtract: Other intangible assets, net (11,548) (11,254) (10,750) (10,458) (10,166) Subtract: Preferred Sock (125,980) (125,980) (125,980) (321,118) (195,138) Tangible common equity $2,802,235 $2,767,017 $2,762,450 $2,778,803 $2,777,454 Total shareholders’ equity to total assets ratio 9.47% 9.49% 9.39% 9.98% 9.48% Tangible Common Equity ratio 8.88% 8.88% 8.79% 8.77% 8.68% (dollars in thousands) 3Q18 Common equity Tier 1 (CET1) $2,846,417 Subtract: Adjustment related to capital components (2,785) Common equity Tier 1 (fully phased-in) $2,843,632 Total risk-weighted assets $28,701,637 Total risk-weighted assets (fully phased-in) $28,808,199 Common equity Tier 1 (CET1) ratio 9.92% Common equity Tier 1 (CET1) ratio (fully phased-in) 9.87% 33

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