Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

Synovus Announces Earnings for the Third Quarter 2019

Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended September 30, 2019.

Third Quarter 2019 Highlights

Diluted EPS of $0.83; adjusted diluted EPS of $0.97, down 2.7% sequentially and up 2.9% year-over-year.
Period-end loan growth of $279.3 million, or 3.1% annualized, from prior quarter.
Non-interest-bearing deposits excluding public funds increased $392.6 million sequentially or 18.2% annualized.
Net interest margin of 3.69%, unchanged from the previous quarter. Excluding the impact of purchase accounting adjustments (PAA), net interest margin was 3.42%, down 6 basis points from the prior quarter.
Non-interest income declined by $1.0 million from the second quarter but grew $1.1 million or 1.2% sequentially on an adjusted basis.
Credit quality metrics remained solid, with non-performing loan (NPL) ratio declining 2 basis points and the non-performing asset (NPA) ratio increasing 3 basis points.
Repurchased $343.5 million in common stock during the quarter; year-to-date repurchases total $688.5 million of the $725 million repurchase authorization.
Completed $350 million Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E offering on July 1.

Third Quarter Summary

	Reported									Adjusted
(dollars in thousands)	3Q19			2Q19			3Q18			3Q19			2Q19			3Q18
Net income available to common shareholders	$	127,435		$	153,034		$	99,330		$	149,732		$	158,892		$	111,504
Diluted earnings per share	0.83			0.96			0.84			0.97			1.00			0.94
Total loans	36,417,826			36,138,561			25,577,116			N/A			N/A			N/A
Total deposits	37,433,070			37,966,722			26,433,658			N/A			N/A			N/A
Total revenues	491,676			487,880			363,423			494,213			488,270			362,989
Return on avg assets	1.14		%	1.34		%	1.36		%	1.33		%	1.39		%	1.47		%
Return on avg common equity	11.36			13.90			13.95			13.35			14.43			15.66
Return on avg tangible common equity	13.19			16.09			14.33			15.46			16.70			16.08
Net interest margin	3.69			3.69			3.89			3.42			3.48			N/A
Efficiency ratio	56.20			54.14			60.62			51.71			52.08			55.55
Net charge-off ratio	0.22			0.13			0.24			N/A			N/A			N/A
NPA ratio	0.42			0.39			0.46			N/A			N/A			N/A

"Our team continues to execute on our strategic priorities, with core transaction deposit growth of $525.5 million, strong funded loan production of $2.6 billion, and solid fee income growth led by our mortgage, wealth, and capital markets teams," said Kessel D. Stelling, Synovus chairman and CEO. "Credit quality remains strong, and we continue to focus on efficiency and expense management, the crisp execution of our FCB acquisition, talent and technology, and growth in our core business and specialty lines."

Balance Sheet

Loans^**

(dollars in millions)	3Q19			2Q19			Linked Quarter Change			Linked Quarter % Change*		3Q18			Year/Year Change		Year/Year % Change
Commercial & industrial	$	16,445.3		$	16,247.5		$	197.7		4.8	%	$	12,503.3		$	3,942.0	31.5	%
Commercial real estate	10,286.0			10,348.4			(62.4		)	(2.4	)	6,712.4			3,573.6		53.2
Consumer	9,709.2			9,566.1			143.1			5.9		6,385.2			3,324.0		52.1
Unearned income	(22.7		)	(23.6		)	0.9			(15.1	)	(23.8		)	1.1		(4.7	)
Total loans	$	36,417.8		$	36,138.6		$	279.3		3.1	%	$	25,577.1		$	10,840.7	42.4	%
^*Annualized
^**Amounts may not total due to rounding

Total loans ended the quarter at $36.42 billion, up $279.3 million or 3.1% annualized from the previous quarter.
Total funded loan production in the quarter was approximately $2.6 billion.
Commercial and industrial loans increased $197.7 million from the second quarter, with contributions from middle market, senior housing, health care, premium finance, and ABL teams.
Commercial real estate loans declined by $62.4 million from the prior quarter, as payoff activity accelerated.
Consumer loan growth was broad-based, with meaningful contributions from mortgage, lending partnerships, and HELOC growth.

Deposits^**

(dollars in millions)	3Q19		2Q19		Linked Quarter Change			Linked Quarter % Change*		3Q18		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	8,970.2	$	8,577.6	$	392.6		18.2	%	$	6,936.7	$	2,033.5	29.3	%
Interest-bearing DDA	4,714.8		4,847.2		(132.4		)	(10.8	)	3,943.2		771.6		19.6
Money market	9,212.1		8,952.9		259.3			11.5		7,536.2		1,675.9		22.2
Savings	897.3		891.2		6.1			2.7		816.5		80.8		9.9
Public funds	3,795.3		4,351.3		(556.0		)	(50.7	)	2,024.7		1,770.6		87.5
Time deposits	6,647.8		7,343.0		(695.2		)	(37.6	)	3,492.5		3,155.3		90.3
Brokered deposits	3,195.5		3,003.5		192.0			25.4		1,683.8		1,511.7		89.8
Total deposits	$	37,433.1	$	37,966.7	$	(533.7	)	(5.6	)%	$	26,433.7	$	10,999.4	41.6	%
^* Annualized
^**Amounts may not total due to rounding

Total deposits ended the quarter at $37.43 billion, down $533.7 million or 5.6% annualized from second quarter 2019.
Deposit costs and mix improved in the quarter, with core transaction deposits increasing $525.5 million, while public funds and CDs declined by $556.0 million and $695.2 million, respectively. Core transaction deposits consist of non-interest bearing, NOW/savings, and money market deposits excluding public and brokered funds.
Deposit costs peaked in July; core deposit costs, excluding brokered deposits and PAA, declined 1 basis point from the prior quarter to 0.99%.
On a period-end basis, non-interest bearing demand deposit accounts grew $392.6 million, or 18.2% annualized from the second quarter, while money market accounts increased $259.3 million, or 11.5% sequentially. Brokered deposits increased $192.0 million from the prior quarter.
The loan to deposit ratio for the quarter was 97.3%, up from 95.2% in the prior quarter, and within our targeted range.

Income Statement Summary^**

(in thousands, except per share data)	3Q19		2Q19		Linked Quarter Change			Linked Quarter % Change		3Q18		Year/Year Change			Year/Year % Change
Net interest income	$	402,097	$	397,262	$	4,835		1.2	%	$	291,619	$	110,478		37.9	%
Non-interest income	88,760		89,807		(1,047		)	(1.2	)%	71,668		17,092			23.8
Non-interest expense	276,310		264,126		12,184			4.6		220,297		56,013			25.4
Provision expense	27,562		12,119		15,443			127.4		14,982		12,580			84.0
Income before taxes	$	186,985	$	210,824	$	(23,839	)	(11.3	)%	$	128,008	$	58,977		46.1	%
Income tax expense	51,259		54,640		(3,381		)	(6.2	)	18,949		32,310			170.5
Preferred stock dividends	8,291		3,150		5,141			163.2		9,729		(1,438		)	(14.8	)
Net income available to common shareholders	$	127,435	$	153,034	$	(25,599	)	(16.7	)%	$	99,330	$	28,105		28.3	%
Weighted average common shares outstanding, diluted	154,043		159,077		(5,034		)	(3.2	)	118,095		35,948			30.4	%
Diluted earnings per share	$	0.83	$	0.96	$	(0.13	)	(14.0	)%	$	0.84	$	(0.01	)	(1.6	)
Adjusted diluted earnings per share	$	0.97	$	1.00	$	(0.03	)	(2.7	)%	$	0.94	$	0.03		2.9
^**Amounts may not total due to rounding
nm - not meaningful

Core Performance

Total revenues were $491.7 million in the third quarter, up $3.8 million from the previous quarter.
Net interest income increased $4.8 million or 1.2% compared to the prior quarter.
Net interest margin was 3.69%, unchanged from the previous quarter, and favorably impacted by $16.1 million of loan accretion, $1.7 million of investment securities accretion, and $11.0 million of deposit premium amortization. Excluding the impact of PAA, net interest margin was 3.42%, down 6 basis points from the prior quarter.
- The sequential decrease in net interest margin was driven by an 8 basis points decline in total earning asset yields and a 2 basis points decrease in the effective cost of funds.
Non-interest income decreased $1.0 million or 1.2% from the prior quarter and increased $17.1 million or 23.8% compared to third quarter 2018. Adjusted non-interest income increased $1.1 million or 1.2% from the second quarter and $20.1 million or 28.2% year-over-year.
- Capital markets fee income in the quarter was $7.4 million, up $6.2 million from the third quarter of 2018. Mortgage revenues in the quarter were $10.4 million, up $2.4 million or 30.9% from the previous quarter and up $5.1 million or 95.7% year-over-year.
Non-interest expense increased $12.2 million or 4.6% from the second quarter due primarily to a $10.5 million increase in the earnout liability associated with our 2016 Global One acquisition and a $4.6 million loss on early extinguishment of debt. Adjusted non-interest expense increased $1.8 million or 0.7% from the prior quarter.
- The increase in adjusted expenses resulted mainly from merit raises and commission expenses, higher occupancy and equipment expenses, amortization of intangibles, and professional expenses.
Provision expense was $27.6 million, a $15.4 million increase from the previous quarter, primarily resulting from charge-offs and the impact of gross loan production.
The effective tax rate was 27.4% for the quarter and included a $4.4 million discrete tax item associated with state tax reform.

Capital Ratios

	3Q19			2Q19		3Q18
Common equity Tier 1 capital (CET1) ratio	8.96	%	⁽¹⁾	9.61	%	9.90	%
Tier 1 capital ratio	10.27		⁽¹⁾	10.09		10.57
Total risk-based capital ratio	12.30		⁽¹⁾	12.11		12.36
Tier 1 leverage ratio	9.02		⁽¹⁾	8.89		9.58
Tangible common equity ratio⁽²⁾	8.04			8.56		8.68
⁽¹⁾Ratios are preliminary
⁽²⁾Non-GAAP measure; see applicable reconciliation

Capital

Capital ratios remained strong.
As a result of capital actions during the quarter, the Total Risk Based capital ratio increased to 12.30% and the CET1 ratio decreased to 8.96%, consistent with the low end of our operating range.
Repurchased $343.5 million in common stock, or 9.6 million shares, during the quarter; year-to-date repurchases total $688.5 million, or 18.8 million shares, of the $725 million repurchase authorization.
- Share count has declined by 10.7% from January 1, 2019.
Completed $350 million Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E offering on July 1.

Third Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on October 22, 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 $48 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 298 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 "Most Reputable Banks" by American Banker and the Reputation Institute. 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 our future operating and financial performance, including our outlook for future growth; our expectations regarding net interest income and net interest margin; expectations on our growth strategy, strategic transactions, expense initiatives, capital management and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus' ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2018, 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 tangible efficiency ratio; adjusted net income available to common shareholders; adjusted earnings per diluted share; adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and common equity Tier 1 capital (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-FTE; net income available to common shareholders; 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 capital 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) and gains on sales and changes in the fair value of private equity investments, net. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted 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. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio and common equity Tier 1 capital (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)	3Q19			2Q19			3Q18
Adjusted non-interest income
Total non-interest income	$	88,760		$	89,807		$	71,668
Add: Investment securities losses, net	3,731			1,845			?
Subtract: Gain on sale and fair value increase of private equity investments	(1,194		)	(1,455		)	(434		)
Adjusted non-interest income	$	91,297		$	90,197		$	71,234

Adjusted non-interest expense
Total non-interest expense	$	276,310		$	264,126		$	220,297
Subtract: Earnout liability adjustments	(10,457		)	?			(11,652		)
Subtract: Merger-related expense	(353		)	(7,401		)	(6,684		)
Add/subtract: Restructuring charges, net	66			(18		)	(21		)
Subtract: Valuation adjustment to Visa derivative	(2,500		)	?			?
Subtract: Loss on early extinguishment of debt, net	(4,592		)	?			?
Adjusted non-interest expense	$	258,474		$	256,707		$	201,940

Adjusted total revenues and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	258,474		$	256,707		$	201,940
Subtract: Amortization of intangibles	(2,901		)	(2,410		)	(292		)
Adjusted tangible non-interest expense	$	255,573		$	254,297		$	201,648

Net interest income	$	402,097		$	397,262		$	291,619
Add: Tax equivalent adjustment	819			811			136
Add: Total non-interest income	88,760			89,807			71,668
Total FTE revenues	491,676			487,880			363,423
Add: Investment securities losses, net	3,731			1,845			?
Subtract: Gain on sale and fair value increase of private equity investments	(1,194		)	(1,455		)	(434		)
Adjusted total revenues	$	494,213		$	488,270		$	362,989
Efficiency ratio-FTE	56.20		%	54.14		%	60.62		%
Adjusted tangible efficiency ratio	51.71			52.08			55.55

Reconciliation of Non-GAAP Financial Measures, continued

(in thousands, except per share data)	3Q19			2Q19			3Q18
Adjusted Return on Average Assets
Net income	$	135,726		$	156,184		$	109,059
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118	4,402			?			(9,865		)
Add: Earnout liability adjustments	10,457			?			11,652
Add: Merger-related expense	353			7,401			6,684
Subtract/add: Restructuring charges, net	(66		)	18			21
Add: Valuation adjustment to Visa derivative	2,500			?			?
Add: Loss on early extinguishment of debt, net	4,592			?			?
Add: Investment securities losses, net	3,731			1,845			?
Subtract: Gain on sale and fair value increase of private equity investments	(1,194		)	(1,455		)	(434		)
Subtract/add: Tax effect of adjustments	(2,478		)	(1,951		)	96
Adjusted net income	$	158,023		$	162,042		$	117,213
Net income annualized	$	538,478		$	626,452		$	432,680
Adjusted net income annualized	$	626,939		$	649,949		$	465,030
Total average assets	$	47,211,026		$	46,679,769		$	31,725,604
Return on average assets	1.14		%	1.34		%	1.36		%
Adjusted return on average assets	1.33			1.39			1.47

Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	127,435		$	153,034		$	99,330
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118	4,402			?			(9,865		)
Add: Earnout liability adjustments	10,457			?			11,652
Add: Preferred stock redemption charge	?			?			4,020
Add: Merger-related expense	353			7,401			6,684
Subtract/add: Restructuring charges, net	(66		)	18			21
Add: Valuation adjustment to Visa derivative	2,500			?			?
Add: Loss on early extinguishment of debt, net	4,592			?			?
Add: Investment securities losses, net	3,731			1,845			?
Subtract: Gain on sale and fair value increase of private equity investments	(1,194		)	(1,455		)	(434		)
Subtract/add: Tax effect of adjustments	(2,478		)	(1,951		)	96
Adjusted net income available to common shareholders	$	149,732		$	158,892		$	111,504
Weighted average common shares outstanding, diluted	154,043			159,077			118,095
Net income per common share, diluted	$	0.83		$	0.96		$	0.84
Adjusted net income per common share, diluted	0.97			1.00			0.94

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)	3Q19			2Q19			3Q18

Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity
Net income available to common shareholders	$	127,435		$	153,034		$	99,330
Add/subtract: Income tax expense (benefit), net related to State Tax Reform and SAB 118	4,402			?			(9,865		)
Add: Earnout liability adjustments	10,457			?			11,652
Add: Preferred stock redemption charge	?			?			4,020
Add: Merger-related expense	353			7,401			6,684
Subtract/add: Restructuring charges, net	(66		)	18			21
Add: Valuation adjustment to Visa derivative	2,500			?			?
Add: Loss on early extinguishment of debt, net	4,592			?			?
Add: Investment securities losses, net	3,731			1,845			?
Subtract: Gain on sale and fair value increase of private equity investments	(1,194		)	(1,455		)	(434		)
Subtract/add: Tax effect of adjustments	(2,478		)	(1,951		)	96
Adjusted net income available to common shareholders	$	149,732		$	158,892		$	111,504

Adjusted net income available to common shareholders annualized	$	594,045		$	637,314		$	442,379
Add: Amortization of intangibles	8,632			7,250			886
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	602,677		$	644,564		$	443,265

Net income available to common shareholders annualized	$	505,585		$	613,818		$	394,081
Add: Amortization of intangibles	8,632			7,250			886
Net income available to common shareholders excluding amortization of intangibles annualized	$	514,217		$	621,068		$	394,967

Total average shareholders' equity less preferred stock	$	4,450,301		$	4,416,705		$	2,824,707
Subtract: Goodwill	(492,320		)	(487,601		)	(57,315		)
Subtract: Other intangible assets, net	(60,278		)	(69,853		)	(10,265		)
Total average tangible shareholders' equity less preferred stock	$	3,897,703		$	3,859,251		$	2,757,127
Return on average common equity	11.36		%	13.90		%	13.95		%
Adjusted return on average common equity	13.35			14.43			15.66
Return on average tangible common equity	13.19			16.09			14.33
Adjusted return on average tangible common equity	15.46			16.70			16.08

Reconciliation of Non-GAAP Financial Measures, continued
	September 30,			June 30,			September 30,
(dollars in thousands)	2019			2019			2018
Tangible Common Equity Ratio

Total assets	$	47,661,182		$	47,318,203		$	32,075,120
Subtract: Goodwill	(487,865		)	(492,390		)	(57,315		)
Subtract: Other intangible assets, net	(58,572		)	(61,473		)	(10,166		)
Tangible assets	$	47,114,745		$	46,764,340		$	32,007,639

Total shareholders' equity	$	4,868,838		$	4,753,816		$	3,040,073
Subtract: Goodwill	(487,865		)	(492,390		)	(57,315		)
Subtract: Other intangible assets, net	(58,572		)	(61,473		)	(10,166		)
Subtract: Preferred Stock, no par value	(536,550		)	(195,140		)	(195,138		)
Tangible common equity	$	3,785,851		$	4,004,813		$	2,777,454
Total shareholders' equity to total assets ratio	10.22		%	10.05		%	9.48		%
Tangible common equity ratio	8.04			8.56			8.68

Reconciliation of Non-GAAP Financial Measures, continued
	September 30,
(dollars in thousands)	2019
CET1 capital ratio (fully phased-in)
CET1 capital	$	3,660,078
Total risk-weighted assets	$	40,844,402
Total risk-weighted assets (fully phased-in)	$	40,912,808
CET1 capital ratio	8.96		%
CET1 capital ratio (fully phased-in)	8.95

Synovus

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

	2019			2018			% Change


Interest income	$	1,544,385		$	986,911		56.5	%
Interest expense	347,850			136,431			155.0


Net interest income	1,196,535			850,480			40.7
Provision for loan losses	63,250			39,548			59.9

Net interest income after provision for loan losses	1,133,285			810,932			39.8


Non-interest income:
Service charges on deposit accounts	65,805			60,521			8.7
Fiduciary and asset management fees	42,743			40,881			4.6
Card fees	34,334			31,640			8.5
Brokerage revenue	30,502			26,125			16.8
Mortgage banking income	23,313			15,177			53.6
Capital markets income	21,557			3,826			463.4
Income from bank-owned life insurance	15,605			11,720			33.1
Investment securities losses, net	(5,502		)	(1,296		)	nm
Gain on sale and fair value increase/(decrease) of private equity investments	3,507			(2,659		)	nm
Other non-interest income	26,081			26,166			(0.3	)

Total non-interest income	257,945			212,101			21.6



Non-interest expense:
Salaries and other personnel expense	424,952			339,924			25.0
Net occupancy and equipment expense	119,262			96,222			23.9
Third-party processing expense	55,403			43,822			26.4
Professional fees	25,379			18,087			40.3
FDIC insurance and other regulatory fees	21,872			19,765			10.7
Advertising expense	16,996			14,046			21.0
Amortization of intangibles	8,702			875			nm
Merger-related expense	57,493			6,684			nm
Earnout liability adjustments	10,457			11,652			(10.3	)
Loss on early extinguishment of debt, net	4,592			?			nm
Valuation adjustment to Visa derivative	2,500			2,328			7.4
Other operating expenses	85,239			66,126			28.9

Total non-interest expense	832,847			619,531			34.4



Income before income taxes	558,383			403,502			38.4
Income tax expense	146,287			80,095			82.6

Net income	412,096			323,407			27.4

Less: Preferred stock dividends and redemption charge	14,591			14,848			(1.7	)

Net income available to common shareholders	$	397,505		$	308,559		28.8	%

Net income per common share, basic	2.53			2.61			(3.0	)%

Net income per common share, diluted	2.51			2.60			(3.5	)

Cash dividends declared per common share	0.90			0.75			20.0

Return on average assets*	1.18		%	1.37			(19	)bps
Return on average common equity*	12.09			14.65			(256	)

Weighted average common shares outstanding, basic	156,819			118,096			32.8	%
Weighted average common shares outstanding, diluted	158,595			118,847			33.4

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

Synovus

INCOME STATEMENT DATA
(Unaudited)

(Dollars in thousands, except per share data)	2019						2018			Third Quarter
	Third Quarter			Second Quarter		First Quarter	Fourth Quarter		Third Quarter	'19 vs '18
	Third Quarter			Second Quarter		First Quarter	Fourth Quarter		Third Quarter	% Change

Interest income	$	523,415		516,131		504,839	357,394		343,942	52.2	%
Interest expense	121,318			118,869		107,664	59,461		52,323	131.9


Net interest income	402,097			397,262		397,175	297,933		291,619	37.9
Provision for loan losses	27,562			12,119		23,569	12,148		14,982	84.0

Net interest income after provision for loan losses	374,535			385,143		373,606	285,785		276,637	35.4


Non-interest income:
Service charges on deposit accounts	22,952			21,994		20,859	20,320		20,582	11.5
Fiduciary and asset management fees	14,686			14,478		13,578	13,805		13,462	9.1
Card fees	12,297			11,161		10,877	10,862		10,608	15.9
Brokerage revenue	11,071			10,052		9,379	9,241		9,041	22.5
Mortgage banking income	10,351			7,907		5,054	3,781		5,290	95.7
Capital markets income	7,396			8,916		5,245	1,977		1,155	540.3
Income from bank-owned life insurance	5,139			5,176		5,290	3,682		3,771	36.3
Investment securities (losses)/gains, net	(3,731		)	(1,845	)	75	?		?	nm
Gain on sale and fair value increase/(decrease) of private equity investments	1,194			1,455		858	(2,084	)	434	nm
Other non-interest income	7,405			10,513		8,163	6,407		7,325	1.1

Total non-interest income	88,760			89,807		79,378	67,991		71,668	23.8



Non-interest expense:
Salaries and other personnel expense	142,516			143,009		139,427	113,496		114,341	24.6
Net occupancy and equipment expense	41,017			39,851		38,394	34,260		32,088	27.8
Third-party processing expense	18,528			19,118		17,758	14,803		14,810	25.1
Professional Fees	9,719			9,312		6,348	8,650		6,298	54.3
FDIC insurance and other regulatory fees	7,242			7,867		6,761	4,728		6,430	12.6
Advertising expense	5,950			5,923		5,123	6,834		3,735	59.3
Amortization of intangibles	2,901			2,410		3,392	292		292	nm
Merger-related expense	353			7,401		49,738	3,381		6,684	nm
Earnout liability adjustments	10,457			?		?	?		11,652	(10.3	)
Loss on early extinguishment of debt, net	4,592			?		?	?		?	nm
Valuation adjustment to Visa derivative	2,500			?		?	?		?	nm
Other operating expenses	30,535			29,235		25,469	23,478		23,967	27.4

Total non-interest expense	276,310			264,126		292,410	209,922		220,297	25.4



Income before income taxes	186,985			210,824		160,574	143,854		128,008	46.1
Income tax expense	51,259			54,640		40,388	38,784		18,949	170.5

Net income	135,726			156,184		120,186	105,070		109,059	24.5

Less: Preferred stock dividends and redemption charge	8,291			3,150		3,150	3,151		9,729	(14.8	)

Net income available to common shareholders	$	127,435		153,034		117,036	101,919		99,330	28.3

Net income per common share, basic	$	0.84		0.97		0.73	0.88		0.85	(1.2	)%

Net income per common share, diluted	0.83			0.96		0.72	0.87		0.84	(1.6	)

Cash dividends declared per common share	0.30			0.30		0.30	0.25		0.25	20.0

Return on average assets *	1.14		%	1.34		1.06	1.29		1.36	(22	)bps
Return on average common equity *	11.36			13.90		10.98	14.25		13.95	(259	)

Weighted average common shares outstanding, basic	152,238			157,389		160,927	116,303		117,241	29.9	%
Weighted average common shares outstanding, diluted	154,043			159,077		162,760	116,986		118,095	30.4

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

Synovus


BALANCE SHEET DATA	September 30, 2019			December 31, 2018			September 30, 2018

(Unaudited)

(In thousands, except share data)

ASSETS
Cash and due from banks	$	611,496		$	468,426		$	436,540
Interest-bearing funds with Federal Reserve Bank	480,913			641,476			515,493
Interest earning deposits with banks	20,086			19,841			34,470
Federal funds sold and securities purchased under resale agreements	69,975			13,821			25,430
Cash and cash equivalents	1,182,470			1,143,564			1,011,933

Investment securities available for sale, at fair value	6,892,162			3,991,632			3,883,574
Mortgage loans held for sale, at fair value	129,415			37,129			37,276

Loans	36,417,826			25,946,573			25,577,116
Allowance for loan losses	(265,013		)	(250,555		)	(251,450		)
Loans, net	36,152,813			25,696,018			25,325,666

Cash surrender value of bank-owned life insurance	771,458			554,134			551,061
Premises and equipment, net	487,053			434,307			431,012
Goodwill	487,865			57,315			57,315
Other intangible assets	58,572			9,875			10,166
Other assets	1,499,374			745,218			767,117
Total assets	$	47,661,182		$	32,669,192		$	32,075,120

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits	$	9,586,148		$	7,650,967		$	7,628,736
Interest-bearing deposits	27,846,922			19,069,355			18,804,922

Total deposits	37,433,070			26,720,322			26,433,658

Federal funds purchased and securities sold under repurchase agreements	197,419			237,692			191,145
Other short-term borrowings	2,233,593			650,000			478,540
Long-term debt	2,153,600			1,657,157			1,656,909
Other liabilities	774,662			270,419			274,795
Total liabilities	42,792,344			29,535,590			29,035,047

Shareholders' equity:
Preferred stock - no par value. Authorized 100,000,000 shares; 22,000,000 shares issued and outstanding at September 30, 2019, 8,000,000 shares issued and outstanding at December 31, 2018 and September 30, 2018	536,550			195,140			195,138
Common stock - $1.00 par value. Authorized 342,857,143 shares; 166,201,048 issued at September 30, 2019, 143,300,449 issued at December 31, 2018, and 143,093,317 issued at September 30, 2018; 147,594,000 outstanding at September 30, 2019, 115,865,510 outstanding at December 31, 2018, and 116,714,463 outstanding at September 30, 2018	166,201			143,300			143,093
Additional paid-in capital	3,801,158			3,060,561			3,049,233
Treasury stock, at cost ? 18,607,048 shares at September 30, 2019, 27,434,939 shares at December 31, 2018, and 26,378,854 shares at September 30, 2018	(680,081		)	(1,014,746		)	(974,478		)
Accumulated other comprehensive income (loss), net	75,933			(94,420		)	(143,720		)
Retained earnings	969,077			843,767			770,807
Total shareholders' equity	4,868,838			3,133,602			3,040,073
Total liabilities and shareholders' equity	$	47,661,182		$	32,669,192		$	32,075,120

Synovus

AVERAGE BALANCES AND YIELDS/RATES⁽¹⁾
(Unaudited)
(Dollars in thousands)
	2019							2018
	Third			Second		First		Fourth		Third
	Quarter			Quarter		Quarter		Quarter		Quarter
Interest Earning Assets
Investment securities^{(2) (4)}	$	6,831,036		6,955,386		6,536,199		4,073,685		4,061,328
Yield	3.14		%	3.03		3.06		2.45		2.39
Trading account assets ⁽⁵⁾	$	5,519		4,853		2,049		7,493		16,646
Yield	4.01		%	1.83		1.30		1.90		2.52
Commercial loans ^{(3) (4)}	$	26,568,194		26,353,973		26,140,672		19,150,252		19,025,830
Yield	5.09		%	5.13		5.16		5.13		4.98
Consumer loans ⁽³⁾	$	9,633,603		9,423,427		9,180,679		6,476,026		6,298,643
Yield	5.08		%	5.17		5.10		4.85		4.80
Allowance for loan losses	$	(258,024	)	(259,284	)	(252,815	)	(251,098	)	(251,684	)
Loans, net ⁽³⁾	$	35,943,773		35,518,116		35,068,536		25,375,180		25,072,789
Yield	5.13		%	5.17		5.17		5.11		4.99
Mortgage loans held for sale	$	99,556		70,497		34,913		36,477		49,030
Yield	3.93		%	4.27		4.48		4.79		4.71
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	513,160		511,488		679,477		641,832		544,704
Yield	2.08		%	2.37		2.45		2.20		1.90
Federal Home Loan Bank and Federal Reserve Bank Stock ⁽⁵⁾	$	254,994		234,949		211,408		162,369		163,568
Yield	3.85		%	3.29		4.82		4.31		4.41
Total interest earning assets	$	43,648,038		43,295,289		42,532,582		30,297,036		29,908,065
Yield	4.78		%	4.79		4.80		4.69		4.58
Interest-Bearing Liabilities
Interest-bearing demand deposits	$	6,138,810		6,335,953		6,393,304		4,692,804		4,701,204
Rate	0.69		%	0.71		0.68		0.41		0.38
Money Market accounts	$	10,138,783		10,024,836		10,244,556		8,050,732		7,936,621
Rate	1.26		%	1.23		1.18		0.89		0.72
Savings deposits	$	900,366		904,183		901,059		815,588		824,935
Rate	0.05		%	0.05		0.06		0.04		0.03
Time deposits under $100,000	$	2,100,492		2,245,878		2,238,568		1,242,811		1,205,987
Rate	1.39		%	1.39		1.24		1.16		0.99
Time deposits over $100,000	$	5,957,691		6,331,665		6,211,067		2,478,649		2,273,582
Rate	1.69		%	1.70		1.60		1.67		1.46
Non-maturing brokered deposits	$	993,078		766,718		937,629		349,480		358,277
Rate	2.47		%	2.46		2.60		2.46		2.10
Brokered time deposits	$	2,119,149		1,985,589		1,845,819		1,275,276		1,414,700
Rate	2.27		%	2.28		2.13		2.03		1.94
Total interest-bearing deposits	$	28,348,369		28,594,822		28,772,002		18,905,340		18,715,306
Rate	1.32		%	1.30		1.24		0.96		0.83
Federal funds purchased and securities sold under repurchase agreements	$	221,045		300,168		233,076		194,370		230,504
Rate	0.22		%	0.20		0.22		0.18		0.25
Other short-term borrowings	$	1,307,370		1,090,581		517,456		112,228		146,794
Rate	2.31		%	2.59		2.58		2.51		2.12
Long-term debt	$	2,286,221		2,114,819		1,983,910		1,657,022		1,656,743
Rate	3.32		%	3.53		3.33		3.06		2.87
Total interest-bearing liabilities	$	32,163,005		32,100,390		31,506,444		20,868,960		20,749,347
Rate	1.47		%	1.48		1.38		1.12		0.99
Non-interest-bearing demand deposits	$	9,365,776		9,304,839		9,054,949		8,014,761		7,672,006
Cost of funds	1.16		%	1.15		1.07		0.81		0.73
Net interest margin	3.69		%	3.69		3.78		3.92		3.89
Taxable equivalent adjustment	$	819		811		630		181		136

⁽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 21%, 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 Originated Loans			Total Acquired Loans ⁽¹⁾		Total Loans ⁽¹⁾			Linked Quarter		Total Loans			Year/Year
Loan Type	September 30, 2019			September 30, 2019			September 30, 2019		June 30, 2019			% Change ⁽²⁾		September 30, 2018			% Change
Commercial, Financial, and Agricultural	$	9,855,881		$	8,085,060		$	1,770,821	$	9,717,746		5.6	%	$	7,281,466		35.4	%
Owner-Occupied	6,589,391			5,588,970			1,000,421		6,529,797			3.6		5,221,828			26.2
Total Commercial & Industrial	16,445,272			13,674,030			2,771,242		16,247,543			4.8		12,503,294			31.5

Multi-Family	2,164,629			1,446,034			718,595		2,113,938			9.5		1,330,006			62.8
Hotels	1,267,790			778,882			488,908		1,244,512			7.4		760,885			66.6
Office Buildings	2,157,186			1,420,951			736,235		2,291,617			(23.3	)	1,368,608			57.6
Shopping Centers	1,683,848			939,346			744,502		1,677,555			1.5		815,696			106.4
Warehouses	676,202			580,015			96,187		696,692			(11.7	)	679,184			(0.4	)
Other Investment Property	985,108			893,131			91,977		980,786			1.7		711,311			38.5
Total Investment Properties	8,934,763			6,058,359			2,876,404		9,005,100			(3.1	)	5,665,690			57.7

1-4 Family Construction	221,905			168,918			52,987		219,032			5.2		183,044			21.2
1-4 Family Investment Mortgage	516,859			471,206			45,653		528,358			(8.6	)	524,152			(1.4	)
Total 1-4 Family Properties	738,764			640,124			98,640		747,390			(4.6	)	707,196			4.5

Commercial Development	124,213			61,209			63,004		138,840			(41.8	)	61,608			101.6
Residential Development	224,662			138,704			85,958		218,850			10.5		91,578			145.3
Land Acquisition	263,631			207,921			55,710		238,267			42.2		186,334			41.5
Land and Development	612,506			407,834			204,672		595,957			11.0		339,520			80.4

Total Commercial Real Estate	10,286,033			7,106,317			3,179,716		10,348,447			(2.4	)	6,712,406			53.2

Consumer Mortgages	5,470,730			3,398,720			2,072,010		5,407,762			4.6		2,843,244			92.4
Home Equity Lines	1,675,092			1,616,063			59,029		1,650,745			5.9		1,465,419			14.3
Credit Cards	267,874			267,874			?		258,283			14.7		245,149			9.3
Other Consumer Loans	2,295,486			2,285,319			10,167		2,249,337			8.1		1,831,385			25.3
Total Consumer	9,709,182			7,567,976			2,141,206		9,566,127			5.9		6,385,197			52.1

Unearned Income	(22,661		)	(22,661		)	?		(23,556		)	(15.1	)	(23,781		)	(4.7	)

Total	$	36,417,826		$	28,325,662		$	8,092,164	$	36,138,561		3.1	%	$	25,577,116		42.4	%

⁽¹⁾On 1/1/19 $9.29 B of loans (at fair value) were acquired from FCB. The amounts presented in these columns are net of paydowns and payoffs since acquisition date.
⁽²⁾ Percentage change is annualized.

NON-PERFORMING LOANS COMPOSITION ⁽¹⁾
(Unaudited)
(Dollars in thousands)	Total Non-performing Loans			Total Originated Non-performing Loans			Total Acquired Non-performing Loans ⁽²⁾		Total Non-performing Loans ⁽³⁾			Linked Quarter		Total Non-performing Loans			Year/Year



Loan Type	September 30, 2019			September 30, 2019			September 30, 2019		June 30, 2019			% Change		September 30, 2018			% Change
Commercial, Financial, and Agricultural	$	73,672		$	64,912		$	8,760	$	72,934		1.0	%	$	69,010		6.8	%
Owner-Occupied	9,222			9,222			?		13,465			(31.5	)	5,708			61.6
Total Commercial & Industrial	82,894			74,134			8,760		86,399			(4.1	)	74,718			10.9

Multi-Family	?			?			?		?			?		234			nm
Hotels	?			?			?		?			?		?			?
Office Buildings	290			238			52		300			(3.3	)	166			74.7
Shopping Centers	140			140			?		671			(79.1	)	89			57.3
Warehouses	?			?			?		?			?		?			?
Other Investment Property	?			?			?		7			nm		1,666			nm
Total Investment Properties	430			378			52		978			(56.0	)	2,155			(80.0	)

1-4 Family Construction	698			698			?		208			235.6		?			nm
1-4 Family Investment Mortgage	1,520			1,520			?		1,637			(7.1	)	3,139			(51.6	)
Total 1-4 Family Properties	2,218			2,218			?		1,845			20.2		3,139			(29.3	)

Commercial Development	87			87			?		?			?		42			107.1
Residential Development	1,526			1,526			?		1,253			21.8		3,184			(52.1	)
Land Acquisition	1,419			1,419			?		1,482			(4.3	)	1,603			(11.5	)
Land and Development	3,032			3,032			?		2,735			10.9		4,829			(37.2	)

Total Commercial Real Estate	5,680			5,628			52		5,558			2.2		10,123			(43.9	)

Consumer Mortgages	10,015			10,015			?		13,628			(26.5	)	5,313			88.5
Home Equity Lines	12,590			12,590			?		13,830			(9.0	)	14,498			(13.2	)
Other Consumer Loans	4,736			4,736			?		4,668			1.5		3,773			25.5
Total Consumer	27,341			27,341			?		32,126			(14.9	)	23,584			15.9

Total	$	115,915		$	107,103		$	8,812	$	124,083		(6.6	)%	$	108,425		6.9	%

(1) For purposes of this table, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
(2) Represents loans acquired from FCB and designated as non-accrual, net of payments and dispositions since acquisition date
(3) June 30, 2019 total non-performing loans included $7.0 million of acquired non-performing loans, net of payments and dispositions since acquisition date.


Synovus

CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)	2019					2018		Third Quarter
	Third			Second	First	Fourth	Third	'19 vs '18
	Quarter			Quarter	Quarter	Quarter	Quarter	% Change

Non-performing Loans ⁽¹⁾	$	115,915		124,083	143,976	106,733	108,425	6.9	%
Other Real Estate and Other Assets	35,400			15,479	11,341	7,726	8,554	313.8	%

Non-performing Assets ⁽¹⁾	151,315			139,562	155,317	114,459	116,979	29.4

Allowance for Loan Losses	265,013			257,376	257,036	250,555	251,450	5.4

Net Charge-Offs - Quarter	19,924			11,778	17,088	13,044	15,257
Net Charge-Offs - YTD	48,791			28,867	17,088	50,410	37,366
Net Charge-Offs / Average Loans - Quarter ⁽²⁾	0.22		%	0.13	0.19	0.20	0.24
Net Charge-Offs / Average Loans - YTD ⁽²⁾	0.18			0.16	0.19	0.20	0.20

Non-performing Loans / Loans ⁽¹⁾	0.32			0.34	0.40	0.41	0.42
Non-performing Assets / Loans, ORE and specific other assets ⁽¹⁾	0.42			0.39	0.44	0.44	0.46
Allowance / Loans	0.73			0.71	0.72	0.97	0.98

Allowance / Non-performing Loans ⁽¹⁾	228.63			207.42	178.53	234.75	231.91
Allowance / Non-performing Loans excluding impaired and acquired loans with no reserve ⁽¹⁾	363.63			282.51	291.62	297.68	288.21

Past Due Loans over 90 days and Still Accruing ⁽¹⁾	$	15,660		5,851	4,486	3,798	4,856	222.5
As a Percentage of Loans Outstanding	0.04		%	0.02	0.01	0.01	0.02

Total Past Due Loans and Still Accruing ⁽¹⁾	$	88,219		80,792	88,135	56,927	78,323	12.6
As a Percentage of Loans Outstanding	0.24		%	0.22	0.25	0.22	0.31

Accruing Troubled Debt Restructurings (TDRs)	$	130,019		126,369	112,205	115,588	114,740	13.3

⁽¹⁾ For purposes of this table, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
⁽²⁾ Ratio is annualized.

SELECTED CAPITAL INFORMATION ⁽¹⁾
(Unaudited)
(Dollars in thousands)
	September 30, 2019			December 31, 2018	September 30, 2018

Tier 1 Capital	$	4,196,628		3,090,416	3,038,768
Total Risk-Based Capital	5,023,138			3,601,376	3,550,686
Common Equity Tier 1 Capital Ratio	8.96		%	9.95	9.90
Common Equity Tier 1 Ratio (fully phased-in) ⁽⁵⁾	8.95			9.92	9.86
Tier 1 Capital Ratio	10.27			10.61	10.57
Total Risk-Based Capital Ratio	12.30			12.37	12.36
Tier 1 Leverage Ratio	9.02			9.60	9.58
Common Equity as a Percentage of Total Assets ⁽²⁾	9.09			8.99	8.87
Tangible Common Equity Ratio ^{(3) (5)}	8.04			8.81	8.68
Book Value Per Common Share⁽⁴⁾	$	29.35		25.36	24.38
Tangible Book Value Per Common Share ⁽³⁾	25.65			24.78	23.80

⁽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.

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