Form 8-K SYNOVUS FINANCIAL CORP For: Jan 15

January 15, 2019 7:53 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

January 15, 2019

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 January 15, 2019, Synovus Financial Corp. (the “Company”) issued a press release announcing the Company’s financial results for the three and twelve month periods ended December 31, 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 twelve month periods ended December 31, 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 January 15, 2019, 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 January 15, 2019.

	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 Exhibit 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 January 15, 2019

	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: Janaury 15, 2019	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 Fourth Quarter 2018 and a 20% Increase in Common Stock Dividend

2018 Diluted Earnings per Share up 59.5% from 2017

COLUMBUS, Ga., Jan. 15, 2019 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2018.

Net income available to common shareholders for the fourth quarter 2018 was $101.9 million or $0.87 per diluted share as compared to $99.3 million or $0.84 per diluted share for the third quarter 2018 and $27.0 million or $0.23 per diluted share for the fourth quarter 2017. Adjusted earnings per diluted share for the fourth quarter 2018 was $0.92, down 3.1% from the third quarter 2018 and up 28.1% from the fourth quarter 2017.

Additionally, the Company announced plans to return approximately $500 million to common shareholders this year through a 20% dividend increase and additional share repurchases.

Fourth quarter and full year results do not include financial results of FCB Financial Holdings, Inc. (FCB), which Synovus acquired on January 1, 2019.

2018 Highlights


•	Net income available to common shareholders for 2018 was $410.5 million or $3.47 per diluted share as compared to $265.2 million or $2.17 per diluted share for 2017. Diluted EPS grew 59.5% for 2018 compared to 2017.


◦	Adjusted earnings per diluted share for 2018 was $3.64 as compared to $2.53 for 2017, an increase of 43.8%.


•	Return on average assets for 2018 was 1.35%, an increase of 46 basis points from 2017.


◦	Adjusted return on average assets for 2018 was 1.41%, an increase of 37 basis points from 2017.


•	Return on average common equity for 2018 was 14.55%, an increase of 523 basis points from 2017.


◦	Adjusted return on average common equity for 2018 was 15.29%, an increase of 443 basis points from 2017.


•	Total loans ended the year at $25.95 billion, an increase of $1.16 billion or 4.7% from 2017. Total average loans for the year grew $813.1 million or 3.3% as compared to 2017.


•	Total average deposits grew $969.7 million or 3.8% as compared to 2017.


•	Efficiency ratio of 57.99% improved 196 basis points from 2017.


◦	Adjusted efficiency ratio of 56.33% improved 354 basis points from 2017.


•	The non-performing asset ratio was 0.44% at December 31, 2018, compared to 0.53% at year-end 2017.


•	Common Equity Tier 1 ratio was 10.04% at December 31, 2018¹, compared to 9.99% at December 31, 2017.

¹ December 31, 2018 capital ratios are preliminary.


•	The Company returned $281 million to common shareholders during the year with repurchases of $175 million in common stock and $106 million in common dividends.


•	Synovus issued $200 million Series D preferred stock and redeemed $130 million Series C preferred stock.


•	The Company completed the transition to a single brand - Synovus - across all markets.


•	The acquisition of FCB was completed on January 1, 2019.

“Synovus became a stronger company in every respect in 2018,” said Kessel Stelling, Synovus chairman and CEO. “From completion of the single-brand transition, to the announcement and successful closing of the FCB acquisition, to surpassing all of our profitability and efficiency targets, we delivered outstanding operating and financial performance last year. These results will provide the opportunity to accelerate capital returns to shareholders in 2019 through a 20 percent increase in the common stock dividend and more than $300 million in additional share repurchases.

“As we begin the new year, we are excited to welcome the FCB team members and loyal customers to the Synovus family,” Stelling continued. “We are pleased with the integration results to date, and confident in the ability of our combined company to create value for customers, communities, and shareholders.”

Fourth Quarter Financial Results

Balance Sheet


•	Total loans ended the quarter at $25.95 billion, up $369.5 million or 5.7% annualized from the previous quarter and up $1.16 billion or 4.7% as compared to the fourth quarter 2017.


◦	Commercial and industrial loans grew by $277.9 million or 8.8% annualized from the previous quarter and $757.6 million or 6.3% as compared to the fourth quarter 2017.


◦	Consumer loans grew by $239.8 million or 14.9% annualized from the previous quarter and $771.2 million or 13.2% as compared to the fourth quarter 2017.


◦	Commercial real estate loans declined by $147.9 million or 8.7% annualized from the previous quarter and $370.8 million or 5.3% as compared to the fourth quarter 2017.


•	Total average loans were $25.63 billion, up $303.7 million or 4.8% annualized from the previous quarter and up $1.01 billion or 4.1% from the fourth quarter 2017.


•	Total average deposits for the quarter were $26.92 billion, up $532.8 million or 8.0% annualized from the previous quarter and up $634.1 million or 2.4% as compared to the fourth quarter 2017.


◦	Excluding average brokered deposits, average deposits increased $681.0 million or 11.0% annualized from the previous quarter and $1.21 billion or 5.0% compared to the fourth quarter 2017.

Core Performance


•	Total revenues were $365.9 million, up $2.6 million from the previous quarter and up $26.9 million or 7.9% from the fourth quarter 2017.


◦	Adjusted total revenues were $368.2 million, up $5.2 million or 1.4% from the previous quarter and up $29.0 million or 8.5% from the fourth quarter 2017.


•	Net interest income was $297.9 million, up $6.3 million or 2.2% from the previous quarter and up $28.2 million or 10.5% from the fourth quarter 2017.


•	Net interest margin was 3.92%, up 3 basis points from the previous quarter. Yield on earning assets was 4.69%, up 11 basis points from the previous quarter, and the cost of funds was 0.81%, up 8 basis points from the previous quarter.


•	Total non-interest income was $68.0 million, down $3.7 million from the previous quarter and down $1.4 million from the fourth quarter 2017.


◦	Adjusted non-interest income was $70.1 million, a decrease of 1.6% from the previous quarter and an increase of 1.2% from the prior-year quarter.


•	Core banking fees² were $36.8 million, an increase of $1.1 million or 3.1% from the previous quarter and up $1.2 million or 3.5% from the fourth quarter 2017.


•	Fiduciary and asset management fees, brokerage revenue, and insurance revenues were $24.6 million, an increase of $679 thousand or 2.8% from the prior quarter, and up $2.8 million or 13.0% as compared to the fourth quarter 2017.


•	Total non-interest expense was $209.9 million, down $10.4 million or 4.7% from the previous quarter, and down $16.6 million or 7.3% from the fourth quarter 2017. Third quarter 2018 included $11.7 million of earnout liability adjustments from the Global One acquisition and $6.7 million of FCB merger-related expense.


◦	Adjusted non-interest expense was $206.1 million, up $4.5 million or 2.2% from the previous quarter and up $5.0 million or 2.5% as compared to the fourth quarter 2017. The sequential quarter increase includes a $3.0 million increase in consulting fees and a $3.1 million increase in advertising expense, partially offset by a $1.7 million decline in FDIC insurance expense.


•	Efficiency ratio for the fourth quarter 2018 was 57.34% as compared to 60.62% in the previous quarter and 66.77% in the fourth quarter 2017.


◦	Adjusted efficiency ratio for the fourth quarter 2018 was 55.98% as compared to 55.55% in the previous quarter and 59.29% in the fourth quarter 2017.

Credit Quality


•	Non-performing loans were $106.7 million at December 31, 2018, down $1.7 million or 1.6% from the previous quarter and down $8.8 million or 7.6% from December 31, 2017. The non-performing loan ratio was 0.41% at December 31, 2018, as compared to 0.42% at the end of the previous quarter and 0.47% at December 31, 2017.


•	Total non-performing assets were $114.5 million at December 31, 2018, down $2.5 million or 2.2% from the previous quarter and down $16.1 million or 12.4% from December 31, 2017. The non-performing asset ratio was 0.44% at December 31, 2018, down 2 basis points from the previous quarter and down 9 basis points from December 31, 2017.


•	Net charge-offs were $13.0 million in the fourth quarter 2018, down $2.2 million or 14.5% from the previous quarter. The annualized net charge-off ratio was 0.20% in the fourth quarter as compared to 0.24% in the previous quarter.


•	Total delinquencies (consisting of loans 30 or more days past due and still accruing) were 0.22% of total loans at December 31, 2018, down 9 basis points from the previous quarter and up 1 basis point from December 31, 2017.

Capital Ratios¹


•	Common Equity Tier 1 ratio was 10.04% at December 31, 2018, compared to 9.90% at September 30, 2018.


•	Tier 1 Capital ratio was 10.70% at December 31, 2018, compared to 10.57% at September 30, 2018.


•	Total Risk-Based Capital ratio was 12.47% at December 31, 2018, compared to 12.36% at September 30, 2018.


•	Tier 1 Leverage ratio was 9.60% at December 31, 2018, compared to 9.58% at September 30, 2018.


•	Tangible Common Equity to Tangible Assets ratio was 8.81% at December 31, 2018, compared to 8.68% at September 30, 2018.

Capital Management


•	During the fourth quarter, the Company repurchased $40 million in common stock as part of the $25 million repurchase program announced in December 2018 and the $150 million share repurchase program announced in January 2018. Share repurchases in 2018 totaled $175 million and resulted in a reduction of 3.7 million shares, a 3.1% share count reduction from December 31, 2017.

² Include service charges on deposit accounts, bankcard 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.


•	Additionally, the Board of Directors authorized a new share repurchase program³of up to $400 million of the Company’s common stock to be executed during 2019. The company currently expects to repurchase $300-$350 million under this authorization in 2019.


•	The Board of Directors also approved a 20% increase in the Company’s quarterly common stock dividend from $0.25 to $0.30 per share, effective with the quarterly dividend³ payable in April 2019.

FCB Fourth Quarter Information


•	FCB reported net income of $41.8 million for the fourth quarter of 2018 and diluted earnings per share of $0.87.


•	Net interest income was $94.9 million in the quarter and non-interest income was $9.6 million.


•	Non-interest expense in the quarter was $38.2 million.


•	Net interest margin in the fourth quarter of 2018 was 3.15% and the efficiency ratio was 36.22%.


•	Return on average assets was 1.32% in the quarter.


•	Tangible common equity ratio in the quarter was 10.14%.


•	Total assets at December 31, 2018, were $12.53 billion, total loans were $9.42 billion, and total deposits were $10.89 billion.

Fourth Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on January 15, 2019. 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 $45 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 300 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 deposit growth, 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.

³ Capital actions expected in 2019 are subject to customary regulatory approval pursuant to Regulation Q: 12 CFR Part 217.20.

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 total revenues; adjusted efficiency ratio; adjusted earnings per diluted share; adjusted return on average assets; adjusted return on average common equity; tangible common equity to tangible assets 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; 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 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 tangible common equity to tangible assets 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)	4Q18			3Q18			4Q17			2018			2017
Adjusted non-interest income
Total non-interest income	$	67,991		$	71,668		$	69,353		$	280,093		$	345,327
Subtract: Cabela's Transaction Fee	—			—			—			—			(75,000		)
Add: Investment securities losses, net	—			—			—			1,296			289
Add/subtract: Decrease (increase) in fair value of private equity investments, net	2,084			(434		)	(100		)	4,743			3,093
Adjusted non-interest income	$	70,075		$	71,234		$	69,253		$	286,132		$	273,709

Adjusted non-interest expense
Total non-interest expense	$	209,922		$	220,297		$	226,533		$	829,455		$	821,313
Subtract: Discounts to fair value for 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		)	(1,700		)	(11,652		)	(3,759		)
Subtract: Merger-related expense	(3,381		)	(6,684		)	—			(10,065		)	(110		)
Subtract/add: Litigation settlement/contingency expense	—			—			(300		)	4,026			(701		)
Subtract/add: Restructuring charges, net	(140		)	(21		)	29			51			(7,014		)
Subtract: Amortization of intangibles	(292		)	(292		)	(292		)	(1,167		)	(1,059		)
Subtract: Fair value adjustment to Visa derivative	—			—			—			(2,328		)	—
Subtract: Loss on early extinguishment of debt	—			—			(23,160		)	—			(23,160		)
Adjusted non-interest expense	$	206,109		$	201,648		$	201,110		$	808,320		$	777,260

Adjusted total revenues and adjusted efficiency ratio
Adjusted non-interest expense	$	206,109		$	201,648		$	201,110		$	808,320		$	777,260
Net interest income	297,933			291,619			269,712			1,148,413			1,023,309
Add: Tax equivalent adjustment	181			136			234			553			1,124
Add: Total non-interest income	67,991			71,668			69,353			280,093			345,327
Add: Investment securities losses, net	—			—			—			1,296			289
Total FTE revenues	366,105			363,423			339,299			1,430,355			1,370,049
Subtract: Cabela's Transaction Fee	—			—			—			—			(75,000		)
Add/subtract: Decrease (increase) in fair value of private equity investments, net	2,084			(434		)	(100		)	4,743			3,093
Adjusted total revenues	$	368,189		$	362,989		$	339,199		$	1,435,098		$	1,298,142
Efficiency ratio	57.34		%	60.62		%	66.77		%	57.99		%	59.95		%
Adjusted efficiency ratio	55.98			55.55			59.29			56.33			59.87



Reconciliation of Non-GAAP Financial Measures, continued

(in thousands, except per share data)	4Q18			3Q18			4Q17			2018			2017
Adjusted Return on Average Assets
Net income	$	105,070		$	109,059		$	29,606		$	428,476		$	275,474
Subtract: Cabela's Transaction Fee	—			—			—			—			(75,000		)
Add: Provision expense on loans transferred to held-for-sale	—			—			—			—			27,710
Add: Discounts to fair value for ORE accelerated dispositions	—			—			—			—			7,082
Add: Asset impairment charges related to accelerated disposition of corporate real estate and other properties	—			—			—			—			1,168
Subtract/add: Income tax (benefit) expense, net related to Federal Tax Reform, SAB 118, State Tax Reform, and adjusted portion of other discrete items	—			(9,865		)	42,334			(9,148		)	42,334
Add: Earnout liability adjustments	—			11,652			1,700			11,652			3,759
Add: Merger-related expense	3,381			6,684			—			10,065			110
Add/subtract: Litigation settlement/contingency expense	—			—			300			(4,026		)	701
Add/subtract: Restructuring charges, net	140			21			(29		)	(51		)	7,014
Add: Amortization of intangibles	292			292			292			1,167			1,059
Add: Fair value adjustment to Visa derivative	—			—			—			2,328			—
Add: Loss on early extinguishment of debt	—			—			23,160			—			23,160
Add: Investment securities losses, net	—			—			—			1,296			289
Add/subtract: Decrease (increase) in fair value of private equity investments, net	2,084			(434		)	(100		)	4,743			3,093
Subtract/add: Tax effect of adjustments	(591		)	27			(8,740		)	(1,283		)	1,337
Adjusted net income	$	110,376		$	117,436		$	88,523		$	445,219		$	319,290
Net income annualized	$	416,854		$	432,680		$	117,459		$	—		$	—
Adjusted net income annualized	$	437,905		$	465,915		$	351,205		$	—		$	—
Total average assets	$	32,190,303		$	31,725,604		$	31,388,724		$	31,668,847		$	30,787,288
Return on average assets	1.29		%	1.36		%	0.37		%	1.35		%	0.89		%
Adjusted return on average assets	1.36			1.47			1.12			1.41			1.04



Reconciliation of Non-GAAP Financial Measures, continued

(in thousands, except per share data)	4Q18			3Q18			4Q17			2018			2017
Adjusted net income per common share, diluted and adjusted return on average common equity
Net income available to common shareholders	$	101,919		$	99,330		$	27,046		$	410,478		$	265,236
Subtract: Cabela's Transaction Fee	—			—			—			—			(75,000		)
Add: Provision expense on loans transferred to held-for-sale	—			—			—			—			27,710
Add: Discounts to fair value for ORE accelerated dispositions	—			—			—			—			7,082
Add: Asset impairment charges related to accelerated disposition of corporate real estate and other properties	—			—			—			—			1,168
Subtract/add: Income tax (benefit) expense, net related to Federal Tax Reform, SAB 118, State Tax Reform, and adjusted portion of other discrete items	—			(9,865		)	42,334			(9,148		)	42,334
Add: Preferred stock redemption charge	—			4,020			—			4,020			—
Add: Earnout liability adjustments	—			11,652			1,700			11,652			3,759
Add: Merger-related expense	3,381			6,684			—			10,065			110
Add/subtract: Litigation settlement/contingency expense	—			—			300			(4,026		)	701
Add/subtract: Restructuring charges, net	140			21			(29		)	(51		)	7,014
Add: Amortization of intangibles	292			292			292			1,167			1,059
Add: Fair value adjustment to Visa derivative	—			—			—			2,328			—
Add: Loss on early extinguishment of debt	—			—			23,160			—			23,160
Add: Investment securities losses, net	—			—			—			1,296			289
Add/subtract: Decrease (increase) in fair value of private equity investments, net	2,084			(434		)	(100		)	4,743			3,093
Subtract/add: Tax effect of adjustments	(591		)	27			(8,740		)	(1,283		)	1,337
Adjusted net income available to common shareholders	$	107,225		$	111,727		$	85,963		$	431,241		$	309,052
Weighted average common shares outstanding, diluted	116,986			118,095			120,182			118,378			122,012
Net income per common share, diluted	$	0.87		$	0.84		$	0.23		$	3.47		$	2.17
Adjusted net income per common share, diluted	0.92			0.95			0.72			3.64			2.53

Net income available to common shareholders' annualized	$	404,353		$	394,081		$	107,302		$	—		$	—
Adjusted net income available to common shareholders' annualized	$	425,404		$	443,265		$	341,049		$	—		$	—
Total average shareholders' equity less preferred stock	$	2,837,740		$	2,824,707		$	2,851,523		$	2,821,311		$	2,844,570
Return on average common equity	14.25		%	13.95		%	3.76		%	14.55		%	9.32		%
Adjusted return on average common equity	14.99			15.69			11.96			15.29			10.86



Reconciliation of Non-GAAP Financial Measures, continued
	December 31,			September 30,			December 31,
(dollars in thousands)	2018			2018			2017
Tangible Common Equity to Tangible Assets Ratio

Total assets	$	32,669,192		$	32,075,120		$	31,221,837
Subtract: Goodwill	(57,315		)	(57,315		)	(57,315		)
Subtract: Other intangible assets, net	(9,875		)	(10,166		)	(11,254		)
Tangible assets	$	32,602,002		$	32,007,639		$	31,153,268

Total shareholders’ equity	$	3,133,602		$	3,040,073		$	2,961,566
Subtract: Goodwill	(57,315		)	(57,315		)	(57,315		)
Subtract: Other intangible assets, net	(9,875		)	(10,166		)	(11,254		)
Subtract: Preferred Stock, no par value	(195,140		)	(195,138		)	(125,980		)
Tangible common equity	$	2,871,272		$	2,777,454		$	2,767,017
Total shareholders’ equity to total assets ratio	9.59		%	9.48		%	9.49		%
Tangible common equity to tangible assets ratio	8.81			8.68			8.88




	December 31,			September 30,			December 31,
(dollars in thousands)	2018			2018			2017
Common equity Tier 1 (CET1) ratio (fully phased-in)
Common equity Tier 1 (CET1)	$	2,897,998		$	2,846,416		$	2,763,168
Subtract: Adjustment related to capital components	(2,720		)	(2,784		)	(17,147		)
CET1 (fully phased-in)	$	2,895,278		$	2,843,632		$	2,746,021
Total risk-weighted assets	$	28,871,478		$	28,738,381		$	27,667,906
Total risk-weighted assets (fully phased-in)	$	28,948,308		$	28,844,942		$	27,791,929
Common equity Tier 1 (CET1) ratio	10.04		%	9.90		%	9.99		%
Common equity Tier 1 (CET1) ratio (fully phased-in)	10.00			9.86			9.88



Synovus							Exhibit 99.2

	INCOME STATEMENT DATA
	(Unaudited)	Twelve Months Ended
	(Dollars in thousands, except per share data)	December 31,


		2018			2017		% Change


	Interest income	$	1,344,305		1,162,497		15.6	%
	Interest expense	195,892			139,188		40.7


	Net interest income	1,148,413			1,023,309		12.2
	Provision for loan losses	51,697			67,185		(23.1	)

	Net interest income after provision for loan losses	1,096,716			956,124		14.7


	Non-interest income:
	Service charges on deposit accounts	80,840			81,419		(0.7	)
	Fiduciary and asset management fees	54,685			50,485		8.3
	Card fees	42,503			39,376		7.9
	Brokerage revenue	36,567			29,705		23.1
	Mortgage banking income	18,958			22,798		(16.8	)
	Income from bank-owned life insurance	15,403			13,460		14.4
	Cabela's Transaction Fee	—			75,000		nm
	Decrease in fair value of private equity investments, net	(4,743		)	(3,093	)	nm
	Investment securities losses, net	(1,296		)	(289	)	nm
	Other fee income	19,974			20,168		(1.0	)
	Other non-interest income	17,202			16,298		5.5

	Total non-interest income	280,093			345,327		(18.9	)



	Non-interest expense:
	Salaries and other personnel expense	453,420			433,321		4.6
	Net occupancy and equipment expense	130,482			119,964		8.8
	Third-party processing expense	58,625			54,708		7.2
	FDIC insurance and other regulatory fees	24,494			27,011		(9.3	)
	Professional fees	26,737			26,232		1.9
	Advertising expense	20,881			22,948		(9.0	)
	Foreclosed real estate expense, net	2,204			12,540		(82.4	)
	Loss on early extinguishment of debt	—			23,160		nm
	Earnout liability adjustments	11,652			5,466		113.2
	Merger-related expense	10,065			110		nm
	Amortization of intangibles	1,167			1,059		10.2
	Fair value adjustment to Visa derivative	2,328			—		nm
	Litigation settlement/contingency expense	(4,026		)	701		nm
	Restructuring charges, net	(51		)	7,014		nm
	Other operating expenses	91,477			87,079		5.1

	Total non-interest expense	829,455			821,313		1.0




	Income before income taxes	547,354			480,138		14.0
	Income tax expense	118,878			204,664		(41.9	)

	Net income	428,476			275,474		55.5

	Less: Preferred stock dividends and redemption charge	17,998			10,238		75.8


	Net income available to common shareholders	$	410,478		265,236		54.8


	Net income per common share, basic	$	3.49		2.19		59.4	%

	Net income per common share, diluted	3.47			2.17		59.5

	Cash dividends declared per common share	1.00			0.60		66.7

	Return on average assets*	1.35		%	0.89		46	bps
	Return on average common equity*	14.55			9.32		523


	Weighted average common shares outstanding, basic	117,644			121,162		(2.9	)%
	Weighted average common shares outstanding, diluted	118,378			122,012		(3.0	)

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



Synovus

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

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

	Interest income	$	357,394		343,942	329,834		313,134		306,934		16.4	%
	Interest expense	59,461			52,323	45,257		38,850		37,222		59.7


	Net interest income	297,933			291,619	284,577		274,284		269,712		10.5
	Provision for loan losses	12,148			14,982	11,790		12,776		8,565		41.8

	Net interest income after provision for loan losses	285,785			276,637	272,787		261,508		261,147		9.4


	Non-interest income:
	Service charges on deposit accounts	20,320			20,582	19,999		19,940		20,371		(0.3	)
	Fiduciary and asset management fees	13,805			13,462	13,983		13,435		13,195		4.6
	Card fees	10,862			10,608	10,833		10,199		9,762		11.3
	Brokerage revenue	9,643			9,329	8,900		8,695		7,758		24.3
	Mortgage banking income	3,781			5,290	4,839		5,047		5,647		(33.0	)
	Income from bank-owned life insurance	3,682			3,771	3,733		4,217		3,900		(5.6	)
	(Decrease)/increase in fair value of private equity investments, net	(2,084		)	434	(37	)	(3,056	)	100		nm
	Investment securities losses, net	—			—	(1,296	)	—		—		—
	Other fee income	5,587			4,510	5,259		4,618		4,041		38.3
	Other non-interest income	2,395			3,682	7,174		3,951		4,579		(47.7	)

	Total non-interest income	67,991			71,668	73,387		67,046		69,353		(2.0	)



	Non-interest expense:
	Salaries and other personnel expense	113,496			114,341	111,863		113,720		111,242		2.0
	Net occupancy and equipment expense	34,260			32,088	32,654		31,480		30,127		13.7
	Third-party processing expense	14,803			14,810	15,067		13,945		14,826		(0.2	)
	FDIC insurance and other regulatory fees	4,728			6,430	6,543		6,793		6,288		(24.8	)
	Professional fees	8,650			6,298	6,284		5,505		6,184		39.9
	Advertising expense	6,834			3,735	5,220		5,092		8,080		(15.4	)
	Foreclosed real estate expense, net	1,095			360	(107	)	856		1,693		(35.3	)
	Loss on early extinguishment of debt	—			—	—		—		23,160		nm
	Earnout liability adjustments	—			11,652	—		—		1,700		nm
	Merger-related expense	3,381			6,684	—		—		—		nm
	Amortization of intangibles	292			292	292		292		292		—
	Fair value adjustment to Visa derivative	—			—	2,328		—		—		—
	Litigation settlement/contingency expense	—			—	(1,400	)	(2,626	)	300		nm
	Restructuring charges, net	140			21	103		(315	)	(29	)	nm
	Other operating expenses	22,243			23,586	25,210		20,437		22,670		(1.9	)

	Total non-interest expense	209,922			220,297	204,057		195,179		226,533		(7.3	)



	Income before income taxes	143,854			128,008	142,117		133,375		103,967		38.4
	Income tax expense	38,784			18,949	30,936		30,209		74,361		(47.8	)

	Net income	105,070			109,059	111,181		103,166		29,606		254.9

	Less: Preferred stock dividends and redemption charge	3,151			9,729	2,559		2,559		2,560		23.1

	Net income available to common shareholders	$	101,919		99,330	108,622		100,607		27,046		276.8

	Net income per common share, basic	$	0.88		0.85	0.92		0.85		0.23		286.5	%

	Net income per common share, diluted	0.87			0.84	0.91		0.84		0.23		287.2

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

	Return on average assets *	1.29		%	1.36	1.42		1.34		0.37		92	bps
	Return on average common equity *	14.25			13.95	15.39		14.62		3.76		1,049

	Weighted average common shares outstanding, basic	116,303			117,241	118,397		118,666		119,282		(2.5	)%
	Weighted average common shares outstanding, diluted	116,986			118,095	119,139		119,321		120,182		(2.7	)

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



Synovus


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

	(Unaudited)

	(In thousands, except share data)

	ASSETS
	Cash and due from banks	$	468,426		436,540		397,848
	Interest-bearing funds with Federal Reserve Bank	641,476			515,493		460,928
	Interest earning deposits with banks	19,841			34,470		26,311
	Federal funds sold and securities purchased under resale agreements	13,821			25,430		47,846
	Cash and cash equivalents	1,143,564			1,011,933		932,933

	Mortgage loans held for sale, at fair value	37,129			37,276		48,024
	Investment securities available for sale, at fair value	3,991,632			3,883,574		3,987,069

	Loans, net of deferred fees and costs	25,946,573			25,577,116		24,787,464
	Allowance for loan losses	(250,555		)	(251,450	)	(249,268	)
	Loans, net	25,696,018			25,325,666		24,538,196

	Cash surrender value of bank-owned life insurance	554,134			551,061		540,958
	Premises and equipment, net	434,307			431,012		426,813
	Goodwill	57,315			57,315		57,315
	Other intangible assets	9,875			10,166		11,254
	Deferred tax assets, net	141,134			185,116		165,788
	Other assets	604,084			582,001		513,487

	Total assets	$	32,669,192		32,075,120		31,221,837

	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	7,650,967		7,628,736		7,686,339
	Interest-bearing deposits	19,069,355			18,804,922		18,461,561

	Total deposits	26,720,322			26,433,658		26,147,900

	Federal funds purchased and securities sold under repurchase agreements	237,692			191,145		161,190
	Other short-term borrowings	650,000			478,540		100,000
	Long-term debt	1,657,157			1,656,909		1,606,138
	Other liabilities	270,419			274,795		245,043

	Total liabilities	29,535,590			29,035,047		28,260,271


	Shareholders' equity:
	Series D Preferred Stock - no par value. Authorized 100,000,000 shares; 8,000,000 shares issued and outstanding at December 31,2018 and September 30, 2018	195,140			195,138		—

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

	Common stock - $1.00 par value. Authorized 342,857,143 shares; 143,300,449 issued at December 31, 2018, 143,093,317 issued at September 30, 2018, and 142,677,449 issued at December 31, 2017; 115,865,510 outstanding at December 31, 2018, 116,714,463 outstanding at September 30, 2018 and 118,897,295 outstanding at December 31, 2017	143,300			143,093		142,678

	Additional paid-in capital	3,060,561			3,049,233		3,043,129

	Treasury stock, at cost – 27,434,939 shares at December 31, 2018, 26,378,854 shares at September 30, 2018, and 23,780,154 shares at December 31. 2017	(1,014,746		)	(974,478	)	(839,674	)

	Accumulated other comprehensive loss, net	(94,420		)	(143,720	)	(54,754	)

	Retained Earnings	843,767			770,807		544,207

	Total shareholders’ equity	3,133,602			3,040,073		2,961,566

	Total liabilities and shareholders' equity	$	32,669,192		32,075,120		31,221,837



Synovus

	AVERAGE BALANCES AND YIELDS/RATES⁽¹⁾
	(Unaudited)
	(Dollars in thousands)
		2018									2017
		Fourth			Third		Second		First		Fourth
		Quarter			Quarter		Quarter		Quarter		Quarter
	Interest Earning Assets
	Taxable investment securities⁽²⁾	$	4,073,685		4,061,239		4,077,564		4,097,162		3,937,278
	Yield	2.45		%	2.38		2.34		2.34		2.29
	Tax-exempt investment securities⁽²⁾⁽⁴⁾	$	—		89		115		140		180
	Yield (taxable equivalent)	—		%	5.91		6.87		6.57		7.97
	Trading account assets⁽⁵⁾	$	7,493		16,646		23,772		8,167		7,360
	Yield	1.90		%	2.52		2.79		2.66		2.78
	Commercial loans⁽³⁾⁽⁴⁾	$	19,150,252		19,025,830		18,857,271		18,963,515		18,935,774
	Yield	5.13		%	4.98		4.85		4.64		4.49
	Consumer loans⁽³⁾	$	6,476,026		6,298,643		6,092,899		5,899,015		5,704,629
	Yield	4.85		%	4.80		4.76		4.71		4.54
	Allowance for loan losses	$	(251,098	)	(251,684	)	(257,966	)	(251,635	)	(252,319	)
	Loans, net⁽³⁾	$	25,375,180		25,072,789		24,692,204		24,610,895		24,388,084
	Yield	5.11		%	4.99		4.88		4.70		4.55
	Mortgage loans held for sale	$	36,477		49,030		50,366		38,360		45,353
	Yield	4.79		%	4.71		4.42		3.95		3.96
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	641,832		544,704		724,537		516,575		922,296
	Yield	2.20		%	1.90		1.77		1.48		1.31
	Federal Home Loan Bank and Federal Reserve Bank Stock⁽⁵⁾	$	162,369		163,568		165,845		177,381		159,455
	Yield	4.31		%	4.41		4.63		3.39		4.03
	Total interest earning assets	$	30,297,036		29,908,065		29,734,403		29,448,680		29,460,006
	Yield	4.69		%	4.58		4.47		4.31		4.15
	Interest Bearing Liabilities
	Interest bearing demand deposits	$	4,692,804		4,701,204		5,001,826		5,032,000		4,976,239
	Rate	0.41		%	0.38		0.35		0.31		0.28
	Money Market accounts	$	8,050,732		7,936,621		7,791,107		7,561,554		7,514,992
	Rate	0.89		%	0.72		0.55		0.43		0.36
	Savings deposits	$	815,588		824,935		829,800		811,587		804,853
	Rate	0.04		%	0.03		0.03		0.03		0.03
	Time deposits under $100,000	$	1,242,811		1,205,987		1,161,890		1,143,780		1,166,413
	Rate	1.16		%	0.99		0.82		0.71		0.70
	Time deposits over $100,000	$	2,478,649		2,273,582		2,021,084		1,895,545		2,004,031
	Rate	1.67		%	1.46		1.22		1.02		0.99
	Non-maturing brokered deposits	$	349,480		358,277		262,976		424,118		546,413
	Rate	2.46		%	2.10		1.94		1.14		0.81
	Brokered time deposits	$	1,275,276		1,414,700		1,659,941		1,527,793		1,651,920
	Rate	2.03		%	1.94		1.85		1.75		1.63
	Total interest-bearing deposits	$	18,905,340		18,715,306		18,728,624		18,396,377		18,664,861
	Rate	0.96		%	0.83		0.70		0.58		0.54
	Federal funds purchased and securities sold under repurchase agreements	$	194,370		230,504		207,655		202,226		184,369
	Rate	0.18		%	0.25		0.35		0.21		0.15
	Other short-term borrowings	$	112,228		146,794		3,024		394,056		3,261
	Rate	2.51		%	2.12		2.84		1.52		1.42
	Long-term debt	$	1,657,022		1,656,743		1,852,094		1,733,938		1,710,721
	Rate	3.06		%	2.87		2.66		2.51		2.67
	Total interest-bearing liabilities	$	20,868,960		20,749,347		20,791,397		20,726,597		20,563,212
	Rate	1.12		%	0.99		0.87		0.76		0.72
	Non-interest bearing demand deposits	$	8,014,761		7,672,006		7,539,451		7,391,695		7,621,147
	Cost of funds	0.81		%	0.73		0.64		0.56		0.52
	Net interest margin	3.92		%	3.89		3.86		3.78		3.65

	Taxable equivalent adjustment	$	181		136		120		116		234

	⁽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 of 35%, 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	December 31, 2018			September 30, 2018		% Change ⁽¹⁾		December 31, 2017			% Change

Commercial, Financial, and Agricultural	$	7,449,698		7,281,466		9.2	%	$	7,179,487		3.8	%
Owner-Occupied	5,331,508			5,221,828		8.3		4,844,163			10.1

Total Commercial & Industrial	12,781,206			12,503,294		8.8		12,023,650			6.3

Multi-Family	1,208,033			1,330,006		(36.4	)	1,492,159			(19.0	)
Hotels	704,319			760,885		(29.5	)	741,703			(5.0	)
Office Buildings	1,451,048			1,368,608		23.9		1,499,834			(3.3	)
Shopping Centers	808,540			815,696		(3.5	)	791,311			2.2
Warehouses	627,353			679,184		(30.3	)	581,410			7.9
Other Investment Property	761,658			711,311		28.1		563,648			35.1

Total Investment Properties	5,560,951			5,665,690		(7.3	)	5,670,065			(1.9	)

1-4 Family Construction	174,259			183,044		(19.0	)	198,200			(12.1	)
1-4 Family Investment Mortgage	505,611			524,152		(14.0	)	583,419			(13.3	)

Total 1-4 Family Properties	679,870			707,196		(15.3	)	781,619			(13.0	)

Commercial Development	60,675			61,608		(6.0	)	70,062			(13.4	)
Residential Development	93,166			91,578		6.9		114,079			(18.3	)
Land Acquisition	169,829			186,334		(35.1	)	299,463			(43.3	)

Land and Development	323,670			339,520		(18.5	)	483,604			(33.1	)

Total Commercial Real Estate	6,564,491			6,712,406		(8.7	)	6,935,288			(5.3	)

Consumer Mortgages	2,934,235			2,843,244		12.7		2,633,503			11.4
Home Equity Lines	1,515,796			1,465,419		13.6		1,514,227			0.1
Credit Cards	258,245			245,149		21.2		232,676			11.0
Other Consumer Loans	1,916,743			1,831,385		18.5		1,473,451			30.1

Total Consumer	6,625,019			6,385,197		14.9		5,853,857			13.2

Unearned Income	(24,143		)	(23,781	)	6.0		(25,331		)	(4.7	)

Total	$	25,946,573		25,577,116		5.7		$	24,787,464		4.7	%

⁽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
	December 31, 2018			September 30, 2018				December 31, 2017

Commercial, Financial, and Agricultural	$	69,295		69,010		0.4	%	$	70,130		(1.2	)%
Owner-Occupied	8,971			5,708		57.2		6,654			34.8

Total Commercial & Industrial	78,266			74,718		4.7		76,784			1.9

Multi-Family	237			234		1.3		1,241			(80.9	)
Hotels	—			—		—		—			—
Office Buildings	165			166		(0.6	)	1,532			(89.2	)
Shopping Centers	89			89		—		165			(46.1	)
Warehouses	—			—		—		226			(100.0	)
Other Investment Property	1,890			1,666		13.4		640			195.3

Total Investment Properties	2,381			2,155		10.5		3,804			(37.4	)

1-4 Family Investment Mortgage	2,381			3,139		(24.1	)	2,849			(16.4	)

Total 1-4 Family Properties	2,381			3,139		(24.1	)	2,849			(16.4	)

Commercial Development	93			42		121.4		45			106.7
Residential Development	1,444			3,184		(54.6	)	3,257			(55.7	)
Land Acquisition	1,416			1,603		(11.7	)	2,495			(43.2	)

Land and Development	2,953			4,829		(38.8	)	5,797			(49.1	)

Total Commercial Real Estate	7,715			10,123		(23.8	)	12,450			(38.0	)

Consumer Mortgages	4,949			5,313		(6.9	)	7,203			(31.3	)
Home Equity Lines	12,114			14,498		(16.4	)	17,455			(30.6	)
Other Consumer Loans	3,689			3,773		(2.2	)	1,669			121.0

Total Consumer	20,752			23,584		(12.0	)	26,327			(21.2	)

Total	$	106,733		108,425		(1.6	)%	$	115,561		(7.6	)%



Synovus

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

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

	Non-performing Loans	$	106,733		108,425	117,328	120,081	115,561	(7.6	)%
	Impaired Loans Held for Sale ⁽¹⁾	1,506			12	2,733	6,591	11,278	nm
	Other Real Estate	6,220			8,542	6,288	4,496	3,758	65.5

	Non-performing Assets	114,459			116,979	126,349	131,168	130,597	(12.4	)

	Allowance for loan losses	250,555			251,450	251,725	257,764	249,268	0.5

	Net Charge-Offs - Quarter	13,044			15,257	17,829	4,280	8,979
	Net Charge-Offs - YTD	50,410			37,366	22,109	4,280	69,675
	Net Charge-Offs / Average Loans - Quarter ⁽²⁾	0.20		%	0.24	0.29	0.07	0.15
	Net Charge-Offs / Average Loans - YTD ⁽²⁾	0.20			0.20	0.18	0.07	0.29

	Non-performing Loans / Loans	0.41			0.42	0.47	0.48	0.47
	Non-performing Assets / Loans, Impaired Loans Held for Sale, & ORE	0.44			0.46	0.50	0.53	0.53
	Allowance / Loans	0.97			0.98	1.00	1.04	1.01

	Allowance / Non-performing Loans	234.75			231.91	214.55	214.66	215.70
	Allowance / Non-performing Loans ⁽³⁾	297.68			288.21	262.99	241.49	238.44

	Past Due Loans over 90 days and Still Accruing	$	3,798		4,856	3,222	5,416	4,414	(14.0	)
	As a Percentage of Loans Outstanding	0.01		%	0.02	0.01	0.02	0.02

	Total Past Due Loans and Still Accruing	$	56,927		78,323	55,614	54,150	52,032	9.4
	As a Percentage of Loans Outstanding	0.22		%	0.31	0.22	0.22	0.21

	Accruing Troubled Debt Restructurings (TDRs)	$	115,588		114,740	125,310	129,394	151,271	(23.6	)


	⁽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)
		December 31, 2018			September 30, 2018	December 31, 2017


	Tier 1 Capital	$	3,090,418		3,038,768	2,872,001
	Total Risk-Based Capital	3,601,377			3,550,686	3,383,081
	Common Equity Tier 1 Ratio (transitional)	10.04		%	9.90	9.99
	Common Equity Tier 1 Ratio (fully phased-in) ⁽⁵⁾	10.00			9.86	9.88
	Tier 1 Capital Ratio	10.70			10.57	10.38
	Total Risk-Based Capital Ratio	12.47			12.36	12.23
	Tier 1 Leverage Ratio	9.60			9.58	9.19
	Common Equity as a Percentage of Total Assets ⁽²⁾	8.99			8.87	9.08
	Tangible Common Equity as a Percentage of Tangible Assets ^{(3) (5)}	8.81			8.68	8.88
	Book Value Per Common Share⁽⁴⁾	$	25.36		24.38	23.85
	Tangible Book Value Per Common Share ⁽³⁾	24.78			23.80	23.27


	⁽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 Fourth Quarter 2018 Results January 15, 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 revenue growth and net interest margin; (3) future non-interest expense levels and operating leverage; (4) future credit trends and key metrics; (5) future effective tax rates; (6) the FCB integration; (7) future capital return to common shareholders; (8) our strategy and initiatives for future growth, capital management, and strategic transactions, including the FCB transaction; (9) future long-term financial targets; and (10) 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 to tangible assets 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 to tangible assets ratio and CET1 ratio (fully phased-in) are 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

4Q18 Highlights Profitability . Diluted EPS of $0.87, vs. $0.84 in 3Q18 and $0.23 in Return on Average Assets 4Q17 Diluted EPS (1) . Adjusted diluted EPS of $0.92, down 3.1% vs. $0.95 $0.87 $0.92 3Q18 and up 28.1% vs. 4Q17 $0.84 $0.72 1.36% 1.47% 1.36% (1) 1.29% (1) . ROA of 1.29%, vs. 1.36% in 3Q18 and 0.37% in 4Q17 28.1% 1.12% 24 b.p.s YoY YoY . Adjusted ROA(1) of 1.36%, down 11 b.p.s vs. 3Q18 and up 24 b.p.s vs. 4Q17 $0.23 0.37% . Total revenues of $365.9 million, up $26.9 million or 7.9% vs. 4Q17 4Q17 3Q18 4Q18 4Q17 3Q18 4Q18 (1) (1)  Adjusted total revenues(1) of $368.2 million, up Reported Adjusted Reported Adjusted $29.0 million or 8.5% vs. 4Q17 Balance Sheet Growth Total Average Loans Total Average Deposits (in billions) (in billions) $26.92 . (2) $25.63 $26.29 $26.39 Total average loans grew $303.7 million or 4.8% vs. $25.32 3Q18 and grew $1.01 billion or 4.1% vs. 4Q17 $24.61 . Total average deposits increased $532.8 million or 4.1% 2.4% YoY 8.0%(2) vs. 3Q18 and increased $634.1 million or 2.4% YoY vs. 4Q17 4Q17 3Q18 4Q18 4Q17 3Q18 4Q18 Credit Quality and Capital Management NPA Ratio Return on Average Common Equity 15.69% 14.99% . NPA ratio of 0.44% improved 9 b.p.s from 4Q17 13.95% 14.25% 11.96% . Return on average common equity of 14.25% compared 0.53% 0.46% 9 b.p.s (1) to 3.76% in 4Q17 which included a 640 b.p.s. decline from 0.44% 303 b.p.s YoY Tax Reform effects 3.76% YoY . Adjusted ROE(1) of 14.99% increased 303 b.p.s vs. 4Q17 . Adjusted ROATCE(1) of 15.36% increased 310 b.p.s vs. 4Q17 3Q18 4Q18 4Q17 4Q17 3Q18 4Q18 (1) (1) Non-GAAP financial measure; see appendix for applicable reconciliation Reported Adjusted (2) Annualized 3

Loans Period-end Loan Balances  (in billions) Sequential quarter period-end growth of (2) (2) (1) $24.79(2) $25.58 $25.95 $369.5 million or 5.7% vs. 3Q18 12.50 12.78 12.02  C&I up $277.9 million or 8.8%(1)  Consumer up $239.8 million or 14.9%(1) 49.2% (1) 48.5% 48.9%  CRE down $147.9 million or 8.7%  Year-over-year period-end growth of $1.16 billion or 4.7%  5.85 6.39 6.63 C&I up $757.6 million or 6.3% 23.6% 24.9% 25.5%  Consumer up $771.2 million or 13.2%  CRE down $370.8 million or 5.3% 6.94 6.71 6.56  Total average loan growth of $303.7 million or 27.9% 26.2% 25.3% 4.8%(1) vs. 3Q18 and $1.01 billion or 4.1% vs. 4Q17 (in millions) 4Q17 3Q18 4Q18 Sequential quarter loan growth: $300.1 $443.1 $369.5 CRE Consumer C&I (1) Annualized (2) Total loans are net of deferred fees and costs 4

Deposits Total Average Deposits  4Q18 total average deposits of $26.92 billion (in billions) increased $532.8 million or 8.0%(1) vs. 3Q18 $26.29 $26.39 $26.92  Excluding average brokered deposits, 2.20 1.77 1.63 2.32 4Q18 average deposits increased $681.0 2.01 2.21 million or 11.0%(1) vs. 3Q18 3.08 3.39 3.60  State and county municipal (SCM) deposits increased $312.7 million or 61.8% vs. 3Q18  4Q18 total average deposits increased $634.1 million or 2.4% vs. 4Q17  4Q18 average brokered deposits represent 19.37 18.80 19.21 6.0% of total deposits compared to 6.7% in 3Q18 and 8.4% in 4Q17 4Q17 3Q18 4Q18 (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 5

Net interest income $297.9 (dollars in millions) $291.6  Net interest income of $297.9 million increased $6.3 million or 2.2% vs. 3Q18 and $28.2 million or 10.5% vs. 4Q17 $269.7  Net interest margin of 3.92% up 3 b.p.s vs. 3Q18  Yield on earning assets of 4.69% up 11 b.p.s from 3Q18 3.92% 3.89%  Yield on loans of 5.11% up 12 b.p.s from 3Q18 (1) 3.65%  Cost of funds of 0.81% up 8 b.p.s. from 3Q18  Cost of interest bearing core deposits(2) of 0.85% up 14 b.p.s from 3Q18 4Q17 3Q18 4Q18 Net Interest Income Net Interest Margin (1) See slide 29 in the appendix for computation (2) Non-GAAP financial measure; see appendix for applicable reconciliation 6

Non-interest income (in millions)  4Q18 non-interest income of $68.0 million decreased $3.7 million vs. 3Q18 and $1.4 million vs. 4Q17 $71.7 $69.4 $68.0  4Q18 adjusted non-interest income(1) of $70.1 6.4 6.8 2.8 5.3 3.8 million decreased $1.2 million or 1.6% vs. 3Q18 5.6 and increased $822 thousand or 1.2% vs. 4Q17  (2) 24.6 Core banking fees of $36.8 million increased 21.8 23.9 $1.1 million or 3.1% vs. 3Q18 and $1.2 million or 3.5% vs. 4Q17  Fiduciary/asset management, brokerage, and insurance revenues of $24.6 million increased $679 thousand or 2.8% vs. 3Q18 and $2.8 35.6 35.7 36.8 million or 13.0% vs. 4Q17  Assets under management of $14.03 billion increased 0.3% vs. 4Q17 4Q17 3Q18 4Q18 (3) Other income Mortgage banking income 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 7 (3) 4Q18 other income includes a $2.1 million fair value (mark-to-market) decrease

Non-interest expense  4Q18 non-interest expense of $209.9 million (dollars in millions) decreased $10.4 million or 4.7% vs. 3Q18 and $16.6 million or 7.3% vs. 4Q17 $226.5 $220.3  4Q18 adjusted non-interest expense(1) of $206.1 $6.7 million increased $4.5 million or 2.2% vs. 3Q18 and $209.9 $206.1 $201.1 $201.6 $3.4 $5.0 million or 2.5% vs. 4Q17  The sequential increase is driven by a $3.0 million increase in consulting fees and a $3.1 million increase in advertising expense, which was partially offset by a $1.7 million decrease in FDIC insurance expense  4Q18 efficiency ratio of 57.34%; compared to 60.62% in 3Q18 and 66.77% in 4Q17  4Q18 adjusted efficiency ratio(1) of 55.98%; compared to 55.55% in 3Q18 and 59.29% in 4Q17 4Q17 3Q18 4Q18 Reported – excl. merger related Adjusted Reported – merger related(2) Efficiency 66.77% 60.62% 57.34% Ratio Adjusted Efficiency 59.29% 55.55% 55.98% Ratio(1) (1) Non-GAAP financial measure; see appendix for applicable reconciliation 8 (2) Merger related expense related to FCB of $3.4 million and $6.7 million for 4Q18 and 3Q18, respectively

Credit Quality (dollars in millions) NPA, NPL, and Past Due Ratios Net Charge-offs(2) 0.53% 0.53% 0.50% 0.46% (2)0.44% 0.47% 0.48% 0.47% 0.42% 0.41% $17.8 0.31% $15.30.29% $13.0 0.21% 0.22% 0.22% 0.22% $9.0 $4.3 0.15% 0.07% 0.29% 0.24% 0.20% % 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 (1) NPA Ratio NPL Ratio Total Past Dues > 30 Days Ratio Provision Expense Allowance for Loan Losses 1.04% 1.00% 0.98% 0.97% $27.7 1.01% $257.8 $249.3 $251.7 $251.5 $250.6 $15.0 $12.8 $11.8 $12.1 $8.6 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 (1) Excludes impaired loans held for sale 9 (2) Net charge-off ratio is as a percentage of average total loans, annualized

Capital ratios 4Q17 3Q18 4Q18 (1) (2) Common equity Tier 1 ratio 9.99 9.90 10.04 (1) Tier 1 capital ratio 10.38 10.57 10.70 Total risk-based capital ratio 12.23 12.36 12.47 (1) Leverage ratio 9.19 9.58 9.60 (1) Tangible common equity to tangible assets ratio(3) 8.88 8.68 8.81  Repurchased $175 million in common stock (3.7 million shares)  Share count reduced by 3.1% 2018  Returned $281 million to common shareholders during the year with Capital repurchases of $175 million in common stock and $106 million in common Actions dividends  Issued $200 million Series D preferred stock and redeemed $130 million Series C preferred (1) Preliminary (2) Estimated at 10.00%(3) on a fully phased-in basis 10 (3) Non-GAAP financial measure; see appendix for applicable reconciliation

2018 Summary Return on Average Assets Growth and Profitability Diluted EPS 1.35% 1.41% $3.47 $3.64 . Diluted EPS of $3.47, up 59.5% 1.04% (1) $2.53 0.89% . Adjusted diluted EPS of $3.64, up 43.8% (1) (1) $2.17 43.8% 37 b.p.s . ROA of 1.35%, up 46 b.p.s YoY YoY . Adjusted ROA(1) of 1.41%, up 37 b.p.s 2017 2018 2017 2018 (1) (1) Reported Adjusted Reported Adjusted Total Average Loans Balance Sheet growth Total Average Deposits (In billions) (In billions) $26.34 $25.19 $25.37 . Total average loans grew $813.1 million or 3.3% $24.38 . Total average deposits grew $969.7 million or 3.8% 3.3% 3.8% YoY YoY 2017 2018 2017 2018 Credit quality and capital management NPA Ratio Return on Average Common Equity 15.29% 14.55% . NPA ratio of 0.44% improved 9 b.p.s 10.86% 9.32% . Return on average common equity of 14.55%, up 523 0.53% 9 b.p.s 0.44% 443 b.p.s(1) b.p.s YoY YoY . Adjusted ROE(1) of 15.29% increased 443 b.p.s . Adjusted ROATCE(1) of 15.66% increased 452 b.p.s 2017 2018 2017 2018 Reported Adjusted (1) (1) Non-GAAP financial measure; see appendix for applicable reconciliation 11

FCB Merger Update Team member Impact Customer Impact  Talent assessments and job offers extended for critical  Crisp execution resulting in merger closing on roles; key retention efforts successful January 1, 2019  Planned headcount reductions aligned with targeted  Select products and services have been made available to enhance the customer experience and expense savings mitigate attrition until full system and brand  Estimated $25 million expense savings in 2019 conversion by mid-2019   Customer and brand awareness communication Critical team member training and communication initiated through social media, mailings, in-branch efforts deployed marketing collateral and ATM messaging Full system and brand conversion readiness activities well under way 12

Five Key Opportunities for 2019 1 . Historical mid-single digit growth elevated by FCB Strong, Prudent . Growth expected across all categories: C&I, CRE and Consumer Loan and Deposit growth . Deploy Synovus retail, wealth and small business strategies in central and south Florida 2 . Higher net interest income Diverse Revenue Growth . Growth of fee-based wealth business . Enhanced consumer product offering 3 . Ongoing rationalization of core expense base Disciplined Expense Growth . Operating leverage within 1.5x to 2.0x range . Continued investment in talent and digital capabilities - MySynovus 4 . Capacity to issue Tier 2 equity instruments during 2019 Return Excess Capital drives higher share repurchase Above Internal Targets . Additional increase in common dividend 5 . Expected to surpass $25 million FCB related cost savings in 2019 Capitalize On a Successful . Complete full conversion in 2Q19 Merger with FCB . Generate quick-win revenue synergy opportunities 13

2019 Outlook Combined Baseline Metrics Effective 1/1/2019(1) 2019 Outlook Loan growth(2) $35.37 billion Balance 5.5% to 7.5% Sheet Deposit growth(2) $37.61 billion Revenue Revenue growth(3) $1.83 billion 5.5% to 7.5% Non- Adjusted non-interest expense growth(4) $956.9 million 2% to 4%(5) interest Expense and Taxes Effective tax rate 21.94% 23-24% Net charge-off ratio 19 b.p.s 15 to 20 b.p.s. Credit and Share repurchases $175 million $300 to $350 million Capital Common dividend per share (year) $1.00 Up 20% to $1.20 (1) Pro forma analysis based on 2018 results (2) Loan and deposit growth based on 12/31/2018 period end balance (3) No 2019 rate increases modeled; using the forward curve as of 12/31/2018 (4) Non-GAAP financial measure; see appendix for applicable reconciliation (5) Growth excludes preliminary quarterly amortization of intangibles of $5-6 million in 2019 14

2019 Capital Actions Synovus’ 2019 Capital Plan(1) is expected to return approximately $500 million to common shareholders over the next four quarters through a quarterly common stock dividend increase and common stock repurchases Common Dividend per share  The Board of Directors approved a 20% increase in (annual) the quarterly common stock dividend to $0.30 per 30.0% $1.20 share effective with the April 2019 dividend 4-yr CAGR $1.00  Expected capital return of $190-$200 million from $0.60 $0.48 common stock dividend increase $0.42 2015 2016 2017 2018 2019 Pro forma Ratios(2)  Optimization of capital through 11.5 – 12.5% issuance of Tier 2 qualifying instruments will support expected repurchase of $300-$350 million 9.5 – 10.5% 9.0 - 10.0%  Ultimate size of capital actions will be 11.67 8.5 – 9.5% 10.37 based upon economic environment, 9.88 9.33 loan growth, liquidity and capital optimization opportunity Common Equity Tier 1 Ratio Total Risk Based Tier 1 Leverage Tier 1 Ratio Capital Ratio Ratio (1) Capital actions expected in 2019 are subject to customary regulatory approval pursuant to Regulation Q: 12 CFR Part 217.20 (2) Pro forma ratios based on 9/30/2018 combined financial information using the acquisition method of accounting 15

Strategic areas of focus will drive sustained 10+% CAGR EPS growth and enhanced long-term targets Expanding Sources of Growth ROA ~ 1.45% Building High Performing Teams Differentiating Customer Experience ROTCE Transforming Digital ~ 17.0% Efficiency, Scale, and Modernization Tangible Leveraging Data as an Asset Efficiency Ratio ~ 50% 16

Appendix

Quarterly Highlights Trend - FCB (in thousands, except per share data) 4Q17 1Q18 2Q18 3Q18 4Q18 Income Statement: Net income 18,964 40,099 42,734 43,480 41,825 Net interest income 78,114 82,183 90,819 92,638 94,948 Noninterest income 7,731 7,223 7,954 8,764 9,551 Noninterest expense 36,119 39,161 40,926 42,328 38,217 Pre-tax net income 46,940 48,169 56,342 56,854 55,597 Diluted EPS ($) 0.41 0.84 0.87 0.89 0.87 Balance Sheet: Total assets 10,677,079 11,662,113 12,192,299 12,433,356 12,533,666 Total loans, net 7,930,639 8,655,179 8,871,003 9,263,660 9,373,263 Total deposits 8,673,927 9,486,276 9,858,185 10,156,115 10,888,173 Key Metrics: Net interest margin (%) 3.13 3.18 3.25 3.18 3.15 Efficiency ratio (%) 41.78 43.47 41.06 41.38 36.22 ROAA (%) 0.72 1.48 1.46 1.42 1.32 Tangible common equity to 10.33 10.04 9.88 10.02 10.14 tangible assets ratio (%)* 18 * Non-GAAP financial measure; see applicable reconciliation

Quarterly Highlights Trend - Synovus 4Q17 1Q18 2Q18 3Q18 4Q18 Diluted EPS 0.23 0.84 0.91 0.84 0.87 Net interest margin 3.65 3.78 3.86 3.89 3.92 Financial Efficiency ratio 66.77 57.16 56.78 60.62 57.34 Performance Adjusted efficiency ratio(1) 59.29 57.42 56.41 55.55 55.98 ROA(2) 0.37 1.34 1.42 1.36 1.29 Adjusted ROA(1)(2) 1.12 1.36 1.43 1.47 1.36 Balance Sheet Total loans 4.9 1.6 4.0 7.0 5.7 Growth(3) Total average deposits 15.7 (7.7) 7.5 1.8 8.0 NPA ratio 0.53 0.53 0.50 0.46 0.44 Credit Quality NCO ratio(2) 0.15 0.07 0.29 0.24 0.20 Common shares outstanding(4) 118,897 118,702 117,841 116,714 115,866 (5) CET1 ratio 9.99 10.09 10.12 9.90 10.04 Capital Tangible common equity to 8.88 8.79 8.77 8.68 8.81 tangible assets ratio(1) (1) Non-GAAP financial measure; see applicable reconciliation (2) Annualized (3) Sequential quarter growth, annualized (4) In thousands (5) Preliminary 19

Condensed Income Statement (in thousands, except per share data) 4Q18 3Q18 4Q17 Net interest income $297,933 $291,619 $269,712 Non-interest income 67,991 71,668 69,353 Non-interest expense (209,922) (220,297) (226,533) Provision expense (12,148) (14,982) (8,565) Income before taxes 143,854 128,008 103,967 Income tax expense 38,784 18,949 74,361 Preferred stock dividends and redemption charge 3,151 9,729 2,560 Net income available to common shareholders $101,919 $99,330 $27,046 Weighted average common shares outstanding, diluted 116,986 118,095 120,182 Net income per diluted common share $0.87 $0.84 $0.23 20

Non-interest Income 4Q18 3Q18 4Q17 4Q18 vs. 4Q18 vs. (in thousands) 3Q18 % 4Q17 % Change Change Service charges on deposit accounts $20,320 $20,582 $20,372 (1.3) (0.3) Fiduciary and asset management fees 13,805 13,462 13,195 2.5 4.6 Brokerage revenue 9,643 9,329 7,758 3.4 24.3 Mortgage banking income 3,781 5,290 5,645 (28.5) (33.0) Card fees 10,862 10,608 9,762 2.4 11.3 Other fee income 5,587 4,510 4,042 23.9 38.2 Income from bank-owned life insurance 3,682 3,771 3,900 (2.4) (5.6) Other non-interest income 2,395 3,682 4,579 (35.0) (47.7) Adjusted non-interest income $70,075 $71,234 $69,253 (1.6) 1.2 (Decrease) increase in fair value of private equity (2,084) 434 100 nm nm investments, net Total non-interest income $67,991 $71,668 $69,353 (5.1)% (2.0)% nm = not meaningful 21

Portfolio Yield Investment Securities Portfolio Loan Portfolio 4.3 4.3 1.5 4.1 4.1 1.4 3.8 1.4 1.3 1.4 5.11% 4.99% 2.45%(2) 4.88% 2.30% 2.34% 2.36% 2.39% 4.70% 4.55% 4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18 Duration (in years) Yield Duration (in years) Yield Loan Portfolio Rate Mix 37.0% 36.9% 36.7% 36.6% 35.9% 17.0% 17.0% 16.2% 15.7% 15.6% 46.0% 46.1% 47.1% 47.7% 48.5% 4Q17 1Q18 2Q18 3Q18 4Q18 Fixed rate Prime floating rate LIBOR floating rate 22

Portfolio Distribution by Type (dollars in millions) 4Q17 1Q18 2Q18 3Q18 4Q18 Investment Properties $5,670 22.9% $5,619 22.6% $5,510 21.9% $5,666 22.1% $5,561 21.4% Residential Properties 782 3.2 759 3.0 721 2.9 707 2.8 680 2.6 Land Acquisition 484 2.0 458 1.8 414 1.6 340 1.3 324 1.3 Total CRE $6,935 28.0% $6,836 27.5% $6,644 26.4% $6,712 26.2% $6,564 25.3% C&I 12,024 48.5 12,102 48.6 12,275 48.8 12,503 48.9 12,781 49.3 Consumer 5,854 23.6 5,969 24.0 6,237 24.8 6,385 24.9 6,625 25.5 Total Loans* $24,788 100.0% $24,883 100.0% $25,134 100.0% $25,577 100.0% $25,947 100.0% * Total loans are net of unearned deferred fees and costs, which are not displayed on this table 23

Commercial Real Estate Composition of 4Q18 Commercial Real Estate Portfolio • Investment Properties portfolio Total Portfolio $6.56 billion represents 85% of total CRE portfolio Residential Development • The portfolio is well diversified 1% Land Acquisition among the property types Commercial Development 3% 1% • Credit quality in Investment 1-4 Family Properties portfolio remains Construction 1-4 Family 3% Perm/Mini Perm excellent 8% • Continued reduction in non-strategic CRE Office Building 22% property types (Residential and Land) • As of 4Q18, Residential C&D and Land Hotels Acquisition Portfolios represent only 11% 1.7% of total performing loans Shopping Centers Commercial Real Estate 4Q18 Credit Metrics: 12% Multi-Family Credit Indicator CRE Total 18% NPL Ratio 0.12% Warehouses Net Charge-off Ratio* -0.11% Other Investment 10% Properties 30+ Days Past Due Ratio 0.08% 11% 90+ Days Past Due Ratio 0.00% *Annualized 24

C&I Portfolio Diverse Industry Exposure Total Portfolio $12.78 billion • Large Corporate/Middle Market/Specialty Lines represent 38.9% of C&I Balances 5.44% 2.23% • Community/Retail Bank represents 61.1% of 3.73% C&I balances 23.26% 4.99% Credit Indicator 4Q18 6.69% NPL Ratio 0.61% Net Charge-off Ratio * 0.30% 6.09% 6.83% 30+ Days Past Due Ratio 0.11% 90+ Days Past Due Ratio 0.00% 4.57% 4.78% 8.28% 6.76% 5.35% 6.22% 2.12% Health Care Finance/Insurance R/E Leasing 2.65% 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 25

Consumer Portfolio Total Consumer Portfolio $6.63 billion Other Consumer, 5% Credit Indicator 4Q18 NPL Ratio 0.31% Net Charge-off Ratio* 0.33% HELOC, 23% 30+ Days Past Due Ratio 0.58% Consumer Lending 90+ Days Past Due Ratio 0.05% Partnerships, 24% Credit • Credit Card Portfolio continues to perform well Card, 4% Consumer Mortgage, 44% • Average utilization rate is 23.6% • Average credit score is 727 • Charge-offs below industry average at 2.02% 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 788 764 • Currently $1.57 billion in balances, or 6.0% of of 4Q18 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 73.1% 74.2% improvement store, contractor, or other Average DTI 34.6% 31.6% merchant Utilization Rate 52.3% N/A • SoFi portfolio primarily consists of refinanced student loan debt * Annualized 26

Portfolio Risk Distribution (Dollars in millions) 4Q18 vs. 3Q18 4Q18 vs. 4Q17 Risk Category 4Q17 3Q18 4Q18 Change Change Passing Grades $24,197 $24,969 $25,435 $466 $1,238 Special Mention 284 296 233 (63) (51) Substandard Accruing 191 204 172 (32) (19) Non-Performing Loans 116 108 107 (1) (9) Total Loans $24,787 $25,577 $25,947 $370 $1,160 27

Loan Loss Reserve Coverage Trends (Dollars in millions) 1.04% 1.01% 1.00 % 0.98 % 0.97 % $258 $249 $252 $251 $251 298% 288% 263% 238% 241% 232% 235% 216% 215% 215% 4Q17 1Q18 2Q18 3Q18 4Q18 Loan Loss Reserve LLR to NPLs LLR to NPLs (Excluding NPLs for which the expected loss has been charged off) 28

Cost of funds calculation (dollars in thousands) 4Q18 3Q18 4Q17 Total interest expense $59,461 $52,323 $37,222 Total interest expense, annualized 234,750 206,386 147,674 Total average liabilities $28,883,721 $28,421,353 $28,184,359 Cost of funds (total interest expense, annualized, divided by 0.81% 0.73% 0.52% total average liabilities) 29

Non-GAAP Financial Measures 4Q18 3Q18 4Q17 2018 2017 (dollars in thousands) Net income available to common shareholders $101,919 99,330 27,046 410,478 265,236 Subtract: Cabela’s Transaction Fee - - - - (75,000) Add: Provision expense on loans transferred to held-for-sale - - - - 27,710 Add: Discounts to fair value for ORE accelerated dispositions - - - - 7,082 Add: Asset impairment charges related to accelerated - - - - 1,168 disposition of corporate real estate and other properties Add: Earnout liability adjustments - 11,652 1,700 11,652 3,759 Subtract/add: Income tax (benefit) expense, net related to Federal Tax Reform, SAB 118, State Tax Reform, and adjusted - (9,865) 42,334 (9,148) 42,334 portion of other discrete items Add: Loss on early extinguishment of debt - - 23,160 - 23,160 Add: Preferred stock redemption charge - 4,020 - 4,020 - Add: Merger-related expense 3,381 6,684 - 10,065 110 Add/subtract: Litigation settlement/contingency expense - - 300 (4,026) 701 Add/subtract: Restructuring charges, net 140 21 (29) (51) 7,014 Add: Amortization of intangibles 292 292 292 1,167 1,059 Add: Fair value adjustment to Visa derivative - - - 2,328 - Add: Investment securities losses, net - - - 1,296 289 Add/subtract: Decrease (increase) in fair value of private 2,084 (434) (100) 4,743 3,093 equity investments, net Subtract/add: Tax effects of adjustments (591) 27 (8,740) (1,283) 1,337 Adjusted net income available to common shareholders $107,225 111,727 85,963 431,241 309,052 Weighted average common shares outstanding, diluted 116,986 118,095 120,182 118,378 122,012 Net income per common share, diluted $0.87 0.84 0.23 3.47 2.17 Adjusted net income per common share, diluted $0.92 0.95 0.72 3.64 2.53 30

Non-GAAP Financial Measures, continued (dollars in thousands) 4Q18 3Q18 2Q18 1Q18 4Q17 Net income $105,070 109,059 111,181 103,166 29,606 Add: Earnout liability adjustments - 11,652 - - 1,700 Subtract/add: Income tax (benefit) expense, net related to Federal Tax Reform, SAB - (9,865) (608) 1,325 42,334 118, State Tax Reform, and adjusted portion of other discrete items Add: Merger-related expense 3,381 6,684 - - - Subtract/add: Litigation settlement/contingency expense - - (1,400) (2,626) 300 Add/subtract: Restructuring charges, net 140 21 103 (315) (29) Add: Fair value adjustment to Visa derivative - - 2,328 - - Add: Amortization of intangibles 292 292 292 292 292 Add: Loss on early extinguishment of debt - - - - 23,160 Add: Investment securities losses, net - - 1,296 - - Add/subtract: Decrease (increase) in fair value of private equity investments, net 2,084 (434) 37 3,056 (100) Subtract/add: Tax effects of adjustments (591) 27 (624) (96) (8,740) Adjusted net income $110,376 117,436 112,605 104,802 88,523 Net income annualized $416,854 432,680 445,949 418,395 117,459 Adjusted net income annualized $437,905 465,915 451,659 425,030 351,205 Total average assets $32,190,303 31,725,604 31,502,758 31,245,708 31,388,724 Return on average assets 1.29% 1.36 1.42 1.34 0.37 Adjusted return on average assets 1.36% 1.47 1.43 1.36 1.12 31

Non-GAAP Financial Measures, continued (dollars in thousands) 2018 2017 Net income 428,476 275,474 Subtract: Cabela’s Transaction Fee - (75,000) Add: Provision expense on loans transferred to held-for-sale - 27,710 Add: Discounts to fair value for ORE accelerated dispositions - 7,082 Add: Asset impairment charges related to accelerated dispositions of corporate real estate and other properties - 1,168 Add: Earnout liability adjustments 11,652 3,759 Subtract/add: Income tax (benefit) expense, net related to Federal Tax Reform, SAB 118, State Tax Reform, and (9,148) 42,334 adjusted portion of other discrete items Add: Merger-related expense 10,065 110 Subtract/add: Litigation settlement/contingency expense (4,026) 701 Subtract/add: Restructuring charges, net (51) 7,014 Add: Fair value adjustment to Visa derivative 2,328 - Add: Amortization of intangibles 1,167 1,059 Add: Loss on early extinguishment of debt - 23,160 Add: Investment securities losses, net 1,296 289 Add: Decrease in fair value of private equity investments, net 4,743 3,093 Subtract/add: Tax effects of adjustments (1,283) 1,337 Adjusted net income $445,219 319,290 Total average assets $31,668,847 30,787,288 Return on average assets 1.35% 0.89 Adjusted return on average assets 1.41 1.04 32

Non-GAAP Financial Measures, continued (dollars in thousands) 4Q18 3Q18 4Q17 2018 2017 Net income available to common shareholders $101,919 99,330 27,046 410,478 265,236 Subtract: Cabela’s Transaction Fee - - - - (75,000) Add: Provision expense on loans transferred to held-for-sale - - - - 27,710 Add: Discounts to fair value for ORE accelerated dispositions - - - - 7,082 Add: Asset impairment charges related to accelerated dispositions of corporate real estate - - - - 1,168 and other properties Add: Earnout liability adjustments - 11,652 1,700 11,652 3,759 Subtract/add: Income tax (benefit) expense, net related to Federal Tax Reform, SAB 118, - (9,865) 42,334 (9,148) 42,334 State Tax Reform, and adjusted portion of other discrete items Add: Merger-related expense 3,381 6,684 - 10,065 110 Add/subtract: Litigation settlement/contingency expense - - 300 (4,026) 701 Add: Preferred stock redemption charge - 4,020 - 4,020 - Add/subtract: Restructuring charges, net 140 21 (29) (51) 7,014 Add: Fair value adjustment to Visa derivative - - - 2,328 - Add: Amortization of intangibles 292 292 292 1,167 1,059 Add: Loss on early extinguishment of debt - - 23,160 - 23,160 Add: Investment securities losses, net - - - 1,296 289 Add/subtract: Decrease (increase) in fair value of private equity investments 2,084 (434) (100) 4,743 3,093 Subtract/add: Tax effects of adjustments (591) 27 (8,740) (1,283) 1,337 Adjusted net income available to common shareholders $107,225 111,727 85,963 431,241 309,052 Net income available to common shareholders annualized 404,353 394,081 107,302 - - Adjusted net income available to common shareholders annualized 425,404 443,265 341,049 - - Total average shareholders’ equity less preferred stock $2,837,740 2,824,707 2,851,523 2,821,311 2,844,570 Subtract: Goodwill (57,315) (57,315) (57,315) (57,315) (57,779) Subtract: Other intangible assets, net (9,972) (10,265) (11,353) (10,424) (12,030) Total average tangible shareholders’ equity less preferred stock $2,770,453 2,757,127 2,782,855 2,753,572 2,774,761 Return on average common equity 14.25% 13.95 3.76 14.55 9.32 Adjusted return on average common equity 14.99% 15.69 11.96 15.29 10.86 Adjusted return on average tangible common equity 15.36% 16.08 12.26 15.66 11.14 33

Non-GAAP Financial Measures, continued December 31, September 30, June 30, March 31, December 31, (dollars in thousands) 2018 2018 2018 2018 2017 Total assets $32,669,192 32,075,120 31,740,305 31,501,028 31,221,837 Subtract: Goodwill (57,315) (57,315) (57,315) (57,315) (57,315) Subtract: Other intangible assets, net (9,875) (10,166) (10,458) (10,750) (11,254) Tangible assets $32,602,002 32,007,639 31,672,532 31,432,963 31,153,268 Total shareholders’ equity $3,133,602 3,040,073 3,167,694 2,956,495 2,961,566 Subtract: Goodwill (57,315) (57,315) (57,315) (57,315) (57,315) Subtract: Other intangible assets, net (9,875) (10,166) (10,458) (10,750) (11,254) Subtract: Preferred Stock, no par value (195,140) (195,138) (321,118) (125,980) (125,980) Tangible common equity $2,871,272 2,777,454 2,778,803 2,762,450 2,767,017 Total shareholders’ equity to total assets ratio 9.59% 9.48 9.98 9.39 9.49 Tangible common equity to tangible assets ratio 8.81% 8.68 8.77 8.79 8.88 December 31, (dollars in thousands) 2018 Common equity Tier 1 (CET1) $2,897,998 Subtract: Adjustment related to capital components (2,720) Common equity Tier 1 (fully phased-in) $2,895,278 Total risk-weighted assets 28,871,478 Total risk-weighted assets (fully phased-in) 28,948,308 Common equity Tier 1 (CET1) ratio 10.04% Common equity Tier 1 (CET1) ratio (fully phased-in) 10.00% (dollars in thousands) 4Q18 3Q18 4Q17 2018 2017 Total non-interest income $67,991 71,668 69,353 280,093 345,327 Subtract: Cabela’s Transaction Fee - - - - (75,000) Add: Investment securities losses, net - - - 1,296 289 Add/subtract: Decrease (increase) in fair value of private equity investments, net 2,084 (434) (100) 4,743 3,093 Adjusted non-interest income $70,075 71,234 69,253 286,132 273,709 34

Non-GAAP Financial Measures, continued (dollars in thousands) 4Q18 3Q18 2Q18 1Q18 4Q17 Total non-interest expense $209,922 220,297 204,057 195,179 226,533 Subtract: Earnout liability adjustments - (11,652) - - (1,700) Subtract: Fair value adjustment to Visa derivative - - (2,328) - - Subtract/add: Restructuring charges, net (140) (21) (103) 315 29 Subtract: Loss on early extinguishment of debt - - - - (23,160) Add/subtract: Litigation settlement/contingency expense - - 1,400 2,626 (300) Subtract: Merger-related expense (3,381) (6,684) - - - Subtract: Amortization of intangibles (292) (292) (292) (292) (292) Adjusted non-interest expense $206,109 201,648 202,734 197,828 201,110 (dollars in thousands) 4Q18 3Q18 2Q18 1Q18 4Q17 Adjusted non-interest expense $206,109 201,648 202,734 197,828 201,110 Net interest income 297,933 291,619 284,577 274,284 269,712 Add: Tax equivalent adjustment 181 136 120 116 234 Add: Total non-interest income 67,991 71,668 73,387 67,046 69,353 Add: Investment securities losses, net - - 1,296 - - Total FTE revenues 366,105 363,423 359,380 341,446 339,299 Add/subtract: Decrease (increase) in fair value of private equity investments, 2,084 (434) 37 3,056 (100) net Adjusted total revenues $368,189 362,989 359,417 344,502 339,199 Efficiency Ratio 57.34% 60.62 56.78 57.16 66.77 Adjusted efficiency ratio 55.98% 55.55 56.41 57.42 59.29 35

Non-GAAP Financial Measures, continued (dollars in thousands) 2018 2017 Total non-interest expense 829,455 821,313 Subtract: Discounts to fair value for ORE accelerated dispositions - (7,082) Subtract: Asset impairment charges related to accelerated dispositions of corporate real - (1,168) estate and other properties Subtract: Earnout liability adjustments (11,652) (3,759) Subtract: Fair value adjustment to Visa derivative (2,328) - Add/subtract: Restructuring charges, net 51 (7,014) Subtract: Loss on early extinguishment of debt - (23,160) Add/subtract: Litigation settlement/contingency expense 4,026 (701) Subtract: Merger-related expense (10,065) (110) Subtract: Amortization of intangibles (1,167) (1,059) Adjusted non-interest expense $808,320 777,260 (dollars in thousands) 2018 2017 Adjusted non-interest expense 808,320 777,260 Net interest income 1,148,413 1,023,309 Add: Tax equivalent adjustment 553 1,124 Add: Total non-interest income 280,093 345,327 Add: Investment securities losses, net 1,296 289 Total FTE revenues 1,430,355 1,370,049 Subtract: Cabela’s Transaction Fee - (75,000) Add: Decrease in fair value of private equity investments, net 4,743 3,093 Adjusted total revenues $1,435,098 1,298,142 Efficiency ratio 57.99% 59.95 Adjusted efficiency ratio 56.33% 59.87 36

Non-GAAP Financial Measures, continued 4Q18 3Q18 (dollars in thousands) Total interest expense $59,461 52,323 Total interest expense, annualized 234,750 206,386 Total average interest bearing liabilities 20,868,960 20,749,347 Cost of funds rate 1.12% 0.99 Total interest expense $59,461 52,323 Subtract: Interest on long-term debt (12,975) (12,164) Subtract: Interest on brokered deposits (8,706) (8,802) Subtract: Interest on federal funds purchased, securities sold under repurchase agreements, (810) (940) and other short-term borrowings Interest expense on interest bearing core deposits $36,971 30,417 Interest expense on interest bearing core deposits, annualized 146,674 120,676 Total average interest bearing liabilities $20,868,960 20,749,347 Subtract: Average long-term debt (1,657,022) (1,656,743) Subtract: Average brokered deposits (1,624,756) (1,772,977) Subtract: Average federal funds purchased, securities sold under repurchase agreements, and (306,598) (377,298) other short-term borrowings Total average interest bearing core deposits $17,280,584 16,942,329 Cost of interest bearing core deposits 0.85% 0.71 37

Non-GAAP Financial Measures, continued 2018 2018 Synovus FCB Pro Forma (dollars in thousands) Combined Total non-interest expense $829,455 160,632 990,087 Subtract: Earnout liability adjustments (11,652) - (11,652) Subtract: Merger-related expense (10,065) (10,657) (20,722) Add: Litigation settlement/contingency expense 4,026 - 4,026 Add: Restructuring charges, net 51 - 51 Subtract: Amortization of intangibles (1,167) (1,405) (2,572) Subtract: Fair value adjustment to Visa derivative (2,328) - (2,328) Adjusted non-interest expense $808,320 148,570 956,890 FCB December 31, September 30, June 30, March 31, December 31, (dollars in thousands) 2018 2018 2018 2018 2017 Total assets $12,533,666 12,433,356 12,192,299 11,662,113 10,677,079 Subtract: Goodwill and other intangible assets (146,373) (146,742) (147,113) (147,738) (84,872) Tangible assets $12,387,293 12,286,614 12,045,186 11,514,375 10,592,207 Total shareholders’ equity $1,402,552 1,377,486 1,336,931 1,304,142 1,179,172 Subtract: Goodwill and other intangible assets (146,373) (146,742) (147,113) (147,738) (84,872) Tangible common equity $1,256,179 1,230,744 1,189,818 1,156,404 1,094,300 Total shareholders’ equity to total assets ratio 11.19% 11.08% 10.97 11.18 11.04 Tangible common equity to tangible assets ratio 10.14% 10.02 9.88 10.04 10.33 38

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