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

Synovus Announces Earnings for the Fourth Quarter 2021

Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter and year ended December 31, 2021.

2021 Highlights

Net income available to common shareholders for 2021 was $727.3 million or $4.90 per diluted share as compared to $340.5 million or $2.30 per diluted share for 2020.
- Adjusted earnings per diluted share for 2021 were $4.95 as compared to $2.41 for 2020, an increase of 106%.
Period-end loan growth of $2.9 billion or 8% excluding Paycheck Protection Program (PPP) loans.
- Processed and approved $1.0 billion in Round 2 PPP loans, supporting approximately 11,000 customers.
Period-end deposit growth of $2.7 billion or 6%.
- Core transaction deposits (non-interest bearing, interest bearing demand, NOW/savings, and money market deposits excluding public and brokered funds) increased $5.1 billion or 16%.
- Cost of deposits decreased 16 basis points to 0.12% in the fourth quarter of 2021 as compared to the fourth quarter of 2020.
Non-interest revenue, excluding securities gains, increased $23.3 million or 5% year over year, reflecting strong growth in core banking fees and wealth revenue, offset by the normalization of net mortgage revenue.
Well capitalized with preliminary year-end ratios of 9.49% for CET1 and 12.60% for total risk-based capital.
- Completed share repurchases totaling $200 million, reducing outstanding shares by 4.4 million, or 3% from the prior year.
Allowance for Credit Losses (ACL) decreased $184.0 million, and the ACL ratio decreased 52 basis points to 1.19%, or 1.21% excluding PPP loans, primarily due to a continued positive shift in the economic outlook.
Achieved pre-tax run rate benefit of approximately $110 million from Synovus Forward initiatives, driving positive operating leverage, ahead of schedule; remain on track for expected cumulative $175 million pre-tax benefit by the end of 2022.
Implemented executive succession plan with Kessel Stelling moving into the role of Executive Chairman and Kevin Blair becoming President and CEO in April 2021.

Fourth Quarter 2021 Highlights

Net income available to common shareholders was $192.1 million or $1.31 per diluted share as compared to $178.5 million or $1.21 in the prior quarter.
- Adjusted earnings per diluted share of $1.35, up 12% quarter over quarter and 25% year over year.
Period-end loan growth of $1.4 billion or 4% quarter over quarter, excluding the reduction in PPP loans.
- PPP loans declined $382.6 million quarter over quarter.
Period-end deposit growth of $1.7 billion or 4% from the third quarter.
- Core transaction deposits increased $1.3 billion or 4% quarter over quarter.
Net interest income of $392.3 million an increase of 2% quarter over quarter.
- Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $8.6 million quarter over quarter.
Non-interest revenue of 117.1 million, an increase of 2% from third quarter.
- Continued growth in wealth revenue and a one-time $8 million BOLI benefit in the fourth quarter were offset by a reduction in net mortgage revenue.
Non-interest expense of $295.2 million, an increase of $28.2 million from the third quarter.
- Adjusted non-interest expense of $285.6 million increased $18.5 million quarter over quarter due to recurring expense increases such as investments in Synovus Forward initiatives as well as other expense increases not expected to recur including a seed gift into a newly established donor advised fund and environment-driven health care costs.
Credit quality metrics experienced broad based improvement.
- Key metrics include a quarter-end non-performing loan ratio of 0.33%, non-performing asset ratio of 0.40% and a quarterly net charge-off ratio of 0.11%.

Fourth Quarter Summary

	Reported									Adjusted
(dollars in thousands)		4Q21			3Q21			4Q20			4Q21			3Q21			4Q20
Net income available to common shareholders	$	192,110		$	178,482		$	142,118		$	198,373		$	177,760		$	160,618
Diluted earnings per share		1.31			1.21			0.96			1.35			1.20			1.08
Total loans		39,311,958			38,341,030			38,252,984			N/A			N/A			N/A
Total deposits		49,427,276			47,688,419			46,691,571			N/A			N/A			N/A
Total TE⁽¹⁾ revenue		510,265			500,608			501,514			509,040			499,743			497,342
Return on avg assets		1.40	%		1.34	%		1.11	%		1.44	%		1.33	%		1.25	%
Return on avg common equity		16.11			14.96			12.31			16.64			14.90			13.91
Return on avg tangible common equity		18.14			16.85			14.00			18.72			16.79			15.79
Net interest margin		2.96			3.01			3.12			N/A			N/A			N/A
Efficiency ratio		57.85			53.34			60.32			55.64			52.96			54.43
Net charge-off ratio		0.11			0.22			0.23			N/A			N/A			N/A
NPA ratio		0.40			0.45			0.50			N/A			N/A			N/A
⁽¹⁾Taxable equivalent

"Our team closed out a strong 2021 as fourth quarter results showed sustained momentum headlined by broad-based loan growth during the quarter, and earnings per share of $1.31, which is up 37% from the fourth quarter 2020," said Synovus President and CEO Kevin Blair. "2021 was another challenging year, but our teams were able to navigate the uncertain environment to support our clients, contribute to our communities and deliver for our shareholders. Driven by record levels of loan production, continued growth in our fee income businesses and disciplined expense management, we generated 6% growth in adjusted pre-provision net revenue in 2021. Momentum as we enter 2022 is strong; coupled with the strategic investments we are making in talent and technology, we are extremely well-positioned to deliver outsized growth this year and in years to come."

Balance Sheet

Loans*

(dollars in millions)		4Q21		3Q21	Linked Quarter Change			Linked Quarter % Change			4Q20	Year/Year Change		Year/Year % Change
Commercial & industrial	$	19,561.2	$	18,934.8	$	626.4		3	%	$	19,520.2	$	41.0	?	%
Commercial real estate		10,981.5		10,540.3		441.2		4			10,325.7		655.8	6
Consumer		8,769.3		8,866.0		(96.7	)	(1	)		8,407.1		362.2	4
Total loans	$	39,312.0	$	38,341.0	$	970.9		3	%	$	38,253.0	$	1,059.0	3	%
* Amounts may not total due to rounding

Total loans ended the quarter at $39.3 billion, up $1.0 billion or 3% quarter over quarter.
- Loan growth, excluding PPP loans, was $1.4 billion or 4% quarter over quarter.
- Second consecutive quarter of record commercial loan production.
Commercial and industrial (C&I) loans increased $626.4 million or 3% from the prior quarter.
- C&I line utilization increased approximately 340 basis points to 43%.
Commercial real estate (CRE) loans increased by $441.2 million or 4% from the prior quarter as pay-off and pay-down activity normalized.
Consumer loans decreased by $96.7 million or 1% sequentially.

Deposits*

(dollars in millions)		4Q21		3Q21	Linked Quarter Change			Linked Quarter % Change			4Q20	Year/Year Change			Year/Year % Change
Non-interest-bearing DDA	$	15,242.8	$	14,832.9	$	409.9		3	%	$	12,382.7	$	2,860.1		23	%
Interest-bearing DDA		6,347.0		6,056.0		291.0		5			5,674.4		672.5		12
Money market		14,886.4		14,267.4		619.0		4			13,541.2		1,345.2		10
Savings		1,404.4		1,380.4		24.0		2			1,156.2		248.2		21
Public funds		6,284.6		5,791.6		493.0		9			6,760.6		(476.1	)	(7	)
Time deposits		2,427.1		2,579.3		(152.3	)	(6	)		3,605.9		(1,178.9	)	(33	)
Brokered deposits		2,835.0		2,780.7		54.3		2			3,570.4		(735.4	)	(21	)
Total deposits	$	49,427.3	$	47,688.4	$	1,738.9		4	%	$	46,691.6	$	2,735.7		6	%
* Amounts may not total due to rounding

Total deposits ended the quarter at $49.4 billion, an increase of $1.7 billion or 4% sequentially.
- Core transaction deposits increased $1.3 billion or 4% from the prior quarter.
- Strong seasonal inflows supported a $493.0 million increase in public funds compared to the third quarter.
Total deposit costs declined 1 basis point from the third quarter to 12 basis points.

Income Statement Summary*

(in thousands, except per share data)		4Q21			3Q21		Linked Quarter Change			Linked Quarter % Change			4Q20	Year/Year Change			Year/Year % Change
Net interest income	$	392,313		$	384,917		$	7,396		2	%	$	385,932	$	6,381		2	%
Non-interest revenue		117,068			114,955			2,113		2			114,761		2,307		2
Non-interest expense		295,207			267,032			28,175		11			302,498		(7,291	)	(2	)
(Reversal of) provision for credit losses		(55,210	)		(7,868	)		(47,342	)	602			11,066		(66,276	)	nm
Income before taxes	$	269,384		$	240,708		$	28,676		12	%	$	187,129	$	82,255		44	%
Income tax expense		68,983			53,935			15,048		28			36,720		32,263		88
Preferred stock dividends		8,291			8,291			?		?			8,291		?		?
Net income available to common shareholders	$	192,110		$	178,482		$	13,628		8	%	$	142,118	$	49,992		35	%
Weighted average common shares outstanding, diluted		146,793			147,701			(908	)	(1	)		148,725		(1,932	)	(1	)
Diluted earnings per share	$	1.31		$	1.21		$	0.10		8	%	$	0.96	$	0.35		37	%
Adjusted diluted earnings per share	$	1.35		$	1.20		$	0.15		12	%	$	1.08	$	0.27		25	%
* Amounts may not total due to rounding

Core Performance

Total taxable equivalent revenue was $510.3 million in the fourth quarter, up $9.7 million sequentially.
Net interest income increased $7.4 million or 2% compared to the prior quarter.
- Growth in core loans and securities portfolio offset reduction in PPP fee accretion of $12.7 million, down $8.6 million from the third quarter.
Net interest margin was 2.96%, down 5 basis points from the previous quarter.
- The margin was negatively impacted by a reduction of PPP fees which contributed 7 basis points to the quarter over quarter decline. This impact was offset by a 2 basis point positive impact from non-PPP related earning assets.
Non-interest revenue of $117.1 million increased $2.1 million or 2% compared to third quarter 2021.
- Continued growth in wealth revenue and one-time $8 million BOLI benefit offset declines in mortgage revenue.
Non-interest expense increased $28.2 million or 11% sequentially. Adjusted non-interest expense increased $18.5 million or 7% from the prior quarter.
- The increase in adjusted non-interest expense was driven by a combination of recurring expense increases as well as other discrete fourth quarter expenses.
Reversal of provision for credit losses of $55.2 million, a $47.3 million favorable change from the previous quarter.
- Included in the provision was net charge-offs of $10.5 million offset by a reduction in the ACL ratio to 1.19% at quarter-end, or 1.21% excluding PPP loans.
The effective tax rate was 25.6% for the quarter.

Capital Ratios

	4Q21			3Q21		4Q20
Common equity Tier 1 capital (CET1) ratio	9.49	%	*	9.58	%	9.66	%
Tier 1 capital ratio	10.65		*	10.79		10.95
Total risk-based capital ratio	12.60		*	12.92		13.42
Tier 1 leverage ratio	8.72		*	8.78		8.50
Tangible common equity ratio	7.52			7.68		7.66
* Ratios are preliminary

Capital

Preliminary CET1 ratio decreased 9 basis points sequentially to 9.49%.
- Capital generated from earnings was offset by strong asset growth as well as capital deployed through dividends and share repurchases.
Preliminary total risk-based capital ratio of 12.60% decreased 32 basis points from the prior quarter, primarily from strong asset growth and reduction in the allowance for credit losses.

Fourth Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. ET on January 20, 2022. 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 Investor Day

Synovus will host an Investor Day presentation at 8:00 a.m. ET on February 8th, 2022. 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.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $57 billion in assets. Synovus provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 279 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and 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; expectations on our growth strategy, expense and revenue initiatives, capital management, balance sheet management, and future profitability; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus' ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020, 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 revenue; adjusted non-interest expense; adjusted revenue; adjusted tangible efficiency ratio; adjusted net income available to common shareholders; adjusted diluted earnings per 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 adjusted pre-provision net revenue are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total TE revenue; efficiency ratio-TE; net income available to common shareholders; diluted earnings per share; return on average assets; return on average common equity; the ratio of total shareholders' equity to total assets; and income before income taxes, 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 revenue and adjusted non-interest revenue are measures used by management to evaluate total TE revenue and non-interest revenue exclusive of net investment securities gains (losses), gain on sale and changes in the fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Return on average tangible common equity and adjusted return on average tangible common equity are measures used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. Adjusted pre-provision net revenue is used by management to evaluate pre-tax earnings exclusive of (reversal of) provision for credit losses, which can vary significantly, and other items that management believes are not indicative of ongoing operations and affect period-to-period comparisons. The computations of these measures are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)		4Q21			3Q21			4Q20			2021			2020
Adjusted non-interest revenue
Total non-interest revenue	$	117,068		$	114,955		$	114,761		$	450,066		$	506,513
Subtract/add: Investment securities (gains) losses, net		(230	)		(962	)		(2,337	)		799			(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		?			?			(63	)		?			(4,775	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		(995	)		97			(1,772	)		(2,816	)		(2,310	)
Adjusted non-interest revenue	$	115,843		$	114,090		$	110,589		$	448,049		$	420,497

Adjusted non-interest expense
Total non-interest expense	$	295,207		$	267,032		$	302,498		$	1,099,904		$	1,179,574
Add/subtract: Earnout liability adjustments		?			243			?			(507	)		(4,908	)
Subtract: Goodwill impairment		?			?			?			?			(44,877	)
Subtract: Restructuring charges		(5,958	)		(319	)		(18,068	)		(7,223	)		(26,991	)
Subtract: Valuation adjustment to Visa derivative		(2,656	)		?			(890	)		(2,656	)		(890	)
Subtract: Loss on early extinguishment of debt		?			?			(8,409	)		?			(10,466	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		(995	)		97			(1,772	)		(2,816	)		(2,310	)
Adjusted non-interest expense	$	285,598		$	267,053		$	273,359		$	1,086,702		$	1,089,132

Adjusted revenue and adjusted tangible efficiency ratio
Adjusted non-interest expense	$	285,598		$	267,053		$	273,359		$	1,086,702		$	1,089,132
Subtract: Amortization of intangibles		(2,379	)		(2,379	)		(2,640	)		(9,516	)		(10,560	)
Adjusted tangible non-interest expense	$	283,219		$	264,674		$	270,719		$	1,077,186		$	1,078,572

Net interest income	$	392,313		$	384,917		$	385,932		$	1,532,947		$	1,512,748
Add: Tax equivalent adjustment		884			736			821			3,185			3,424
Add: Total non-interest revenue		117,068			114,955			114,761			450,066			506,513
Total TE revenue		510,265			500,608			501,514			1,986,198			2,022,685
Subtract/add: Investment securities (gains) losses, net		(230	)		(962	)		(2,337	)		799			(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		?			?			(63	)		?			(4,775	)
Subtract/add: Fair value adjustment on non-qualified deferred compensation		(995	)		97			(1,772	)		(2,816	)		(2,310	)
Adjusted revenue	$	509,040		$	499,743		$	497,342		$	1,984,181		$	1,936,669
Efficiency ratio-TE		57.85	%		53.34	%		60.32	%		55.38	%		58.32	%
Adjusted tangible efficiency ratio		55.64			52.96			54.43			54.29			55.69

Reconciliation of Non-GAAP Financial Measures, continued
(in thousands, except per share data)		4Q21			3Q21			4Q20			2021			2020
Adjusted return on average assets
Net income	$	200,401		$	186,773		$	150,409		$	760,467		$	373,695
Subtract/add: Earnout liability adjustments		?			(243	)		?			507			4,908
Add: Goodwill impairment		?			?			?			?			44,877
Add: Restructuring charges		5,958			319			18,068			7,223			26,991
Add: Valuation adjustment to Visa derivative		2,656			?			890			2,656			890
Add: Loss on early extinguishment of debt		?			?			8,409			?			10,466
Subtract/add: Investment securities (gains) losses, net		(230	)		(962	)		(2,337	)		799			(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		?			?			(63	)		?			(4,775	)
Subtract/add: Tax effect of adjustments⁽¹⁾		(2,121	)		164			(6,467	)		(2,702	)		11,748
Adjusted net income	$	206,664		$	186,051		$	168,909		$	768,950		$	389,869
Net income annualized	$	795,069		$	741,002		$	598,366		$	760,467		$	373,695
Adjusted net income annualized	$	819,917		$	738,137		$	671,964		$	768,950		$	389,869
Total average assets	$	56,911,929		$	55,326,260		$	53,833,909		$	55,368,481		$	52,138,038
Return on average assets		1.40	%		1.34	%		1.11	%		1.37	%		0.72	%
Adjusted return on average assets		1.44			1.33			1.25			1.39			0.75

Adjusted net income available to common shareholders and adjusted net income per common share, diluted
Net income available to common shareholders	$	192,110		$	178,482		$	142,118		$	727,304		$	340,532
Subtract/add: Earnout liability adjustments		?			(243	)		?			507			4,908
Add: Goodwill impairment		?			?			?			?			44,877
Add: Restructuring charges		5,958			319			18,068			7,223			26,991
Add: Valuation adjustment to Visa derivative		2,656			?			890			2,656			890
Add: Loss on early extinguishment of debt		?			?			8,409			?			10,466
Subtract/add: Investment securities (gains) losses, net		(230	)		(962	)		(2,337	)		799			(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		?			?			(63	)		?			(4,775	)
Subtract/add: Tax effect of adjustments⁽¹⁾		(2,121	)		164			(6,467	)		(2,702	)		11,748
Adjusted net income available to common shareholders	$	198,373		$	177,760		$	160,618		$	735,787		$	356,706
Weighted average common shares outstanding, diluted		146,793			147,701			148,725			148,495			148,210
Net income per common share, diluted	$	1.31		$	1.21		$	0.96		$	4.90		$	2.30
Adjusted net income per common share, diluted		1.35			1.20			1.08			4.95			2.41

Reconciliation of Non-GAAP Financial Measures, continued
(dollars in thousands)		4Q21			3Q21			4Q20			2021			2020

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	$	192,110		$	178,482		$	142,118		$	727,304		$	340,532
Subtract/add: Earnout liability adjustments		?			(243	)		?			507			4,908
Add: Goodwill impairment		?			?			?			?			44,877
Add: Restructuring charges		5,958			319			18,068			7,223			26,991
Add: Valuation adjustment to Visa derivative		2,656			?			890			2,656			890
Add: Loss on early extinguishment of debt		?			?			8,409			?			10,466
Subtract/add: Investment securities (gains) losses, net		(230	)		(962	)		(2,337	)		799			(78,931	)
Subtract: Gain on sale and fair value increase, net of private equity investments		?			?			(63	)		?			(4,775	)
Subtract/add: Tax effect of adjustments⁽¹⁾		(2,121	)		164			(6,467	)		(2,702	)		11,748
Adjusted net income available to common shareholders	$	198,373		$	177,760		$	160,618		$	735,787		$	356,706

Adjusted net income available to common shareholders annualized	$	787,023		$	705,243		$	638,980		$	735,787		$	356,706
Add: Amortization of intangibles, tax effected		7,050			7,050			7,782			7,108			7,825
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	794,073		$	712,293		$	646,762		$	742,895		$	364,531

Net income available to common shareholders annualized	$	762,176		$	708,108		$	565,382		$	727,304		$	340,532
Add: Amortization of intangibles, tax effected		7,050			7,050			7,782			7,108			7,825
Net income available to common shareholders excluding amortization of intangibles annualized	$	769,226		$	715,158		$	573,164		$	734,412		$	348,357

Total average shareholders' equity less preferred stock	$	4,730,828		$	4,734,754		$	4,594,199		$	4,674,833		$	4,534,935
Subtract: Goodwill		(452,390	)		(452,390	)		(452,390	)		(452,390	)		(485,987	)
Subtract: Other intangible assets, net		(36,805	)		(39,109	)		(46,511	)		(40,307	)		(50,427	)
Total average tangible shareholders' equity less preferred stock	$	4,241,633		$	4,243,255		$	4,095,298		$	4,182,136		$	3,998,521
Return on average common equity		16.11	%		14.96	%		12.31	%		15.56	%		7.51	%
Adjusted return on average common equity		16.64			14.90			13.91			15.74			7.87
Return on average tangible common equity		18.14			16.85			14.00			17.56			8.71
Adjusted return on average tangible common equity		18.72			16.79			15.79			17.76			9.12

Reconciliation of Non-GAAP Financial Measures, continued
	December 31,			September 30,			December 31,
(dollars in thousands)		2021			2021			2020
Tangible common equity ratio

Total assets	$	57,317,226		$	55,509,129		$	54,394,159
Subtract: Goodwill		(452,390	)		(452,390	)		(452,390	)
Subtract: Other intangible assets, net		(35,596	)		(37,975	)		(45,112	)
Tangible assets	$	56,829,240		$	55,018,764		$	53,896,657

Total shareholders' equity	$	5,296,800		$	5,252,802		$	5,161,334
Subtract: Goodwill		(452,390	)		(452,390	)		(452,390	)
Subtract: Other intangible assets, net		(35,596	)		(37,975	)		(45,112	)
Subtract: Preferred stock, no par value		(537,145	)		(537,145	)		(537,145	)
Tangible common equity	$	4,271,669		$	4,225,292		$	4,126,687
Total shareholders' equity to total assets ratio		9.24	%		9.46	%		9.49	%
Tangible common equity ratio		7.52			7.68			7.66


(dollars in thousands)		2021			2020
Adjusted pre-provision net revenue
Taxable equivalent net interest income	$	1,536,132		$	1,516,172
Add: Adjusted non-interest revenue		448,049			420,497
Subtract: Adjusted non-interest expense		1,086,702			1,089,132
Adjusted pre-provision net revenue	$	897,479		$	847,537

Income before income taxes	$	989,360		$	484,665

⁽¹⁾ An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied.

Synovus
INCOME STATEMENT DATA
(Unaudited)	Years Ended
(Dollars in thousands, except per share data)	December 31,
	2021			2020			% Change

Interest income	$	1,653,343		$	1,804,495		(8	) %
Interest expense		120,396			291,747		(59	)

Net interest income		1,532,947			1,512,748		1
(Reversal of) provision for credit losses		(106,251	)		355,022		nm

Net interest income after provision for credit losses		1,639,198			1,157,726		42

Non-interest revenue:
Service charges on deposit accounts		86,310			73,132		18
Fiduciary and asset management fees		77,147			63,251		22
Card fees		51,399			42,702		20
Brokerage revenue		56,439			44,781		26
Mortgage banking income		54,371			91,413		(41	)
Capital markets income		26,118			27,336		(4	)
Income from bank-owned life insurance		38,019			31,297		21
Investment securities (losses) gains, net		(799	)		78,931		nm
Other non-interest revenue		61,062			53,670		14

Total non-interest revenue		450,066			506,513		(11	)

Non-interest expense:
Salaries and other personnel expense		649,426			618,214		5
Net occupancy, equipment, and software expense		169,222			169,658		?
Third-party processing and other services		86,688			87,992		(1	)
Professional fees		32,785			56,899		(42	)
FDIC insurance and other regulatory fees		22,355			25,210		(11	)
Other operating expenses		139,428			221,601		(37	)

Total non-interest expense		1,099,904			1,179,574		(7	)

Income before income taxes		989,360			484,665		104
Income tax expense		228,893			110,970		106

Net income		760,467			373,695		103

Less: Preferred stock dividends		33,163			33,163		?

Net income available to common shareholders	$	727,304		$	340,532		114	%

Net income per common share, basic		4.95			2.31		114	%

Net income per common share, diluted		4.90			2.30		113

Cash dividends declared per common share		1.32			1.32		?

Return on average assets		1.37	%		0.72	%	65 bps
Return on average common equity		15.56			7.51		805

Weighted average common shares outstanding, basic		147,041			147,415		?	%
Weighted average common shares outstanding, diluted		148,495			148,210		?

nm - not meaningful
bps - basis points

Synovus
INCOME STATEMENT DATA
(Unaudited)

(Dollars in thousands, except per share data)	2021									2020	Fourth Quarter
	Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter	21 vs '20
	Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter	% Change

Interest income	$	418,279		412,504		412,743		409,817		433,479	(4	) %
Interest expense		25,966		27,587		30,883		35,960		47,547	(45	)

Net interest income		392,313		384,917		381,860		373,857		385,932	2
(Reversal of) provision for credit losses		(55,210	)	(7,868	)	(24,598	)	(18,575	)	11,066	nm

Net interest income after provision for credit losses		447,523		392,785		406,458		392,432		374,866	19

Non-interest revenue:
Service charges on deposit accounts		22,221		22,641		21,414		20,033		19,063	17
Fiduciary and asset management fees		20,602		19,786		18,805		17,954		17,242	19
Card fees		12,861		13,238		13,304		11,996		11,743	10
Brokerage revenue		14,795		14,745		13,926		12,974		11,794	25
Mortgage banking income		7,059		11,155		13,842		22,315		24,426	(71	)
Capital markets income		7,188		8,089		3,335		7,505		4,352	65
Income from bank-owned life insurance		15,168		6,820		7,188		8,843		9,725	56
Investment securities gains (losses), net		230		962		?		(1,990	)	2,337	nm
Other non-interest revenue		16,944		17,519		15,273		11,326		14,079	20

Total non-interest revenue		117,068		114,955		107,087		110,956		114,761	2

Non-interest expense:
Salaries and other personnel expense		167,018		160,364		160,567		161,477		153,946	8
Net occupancy, equipment, and software expense		42,780		43,483		41,825		41,134		44,183	(3	)
Third-party processing and other services		22,791		19,446		24,419		20,032		20,799	10
Professional fees		9,014		6,739		7,947		9,084		17,541	(49	)
FDIC insurance and other regulatory fees		6,016		5,212		5,547		5,579		6,288	(4	)
Other operating expenses		47,588		31,788		30,226		29,828		59,741	(20	)

Total non-interest expense		295,207		267,032		270,531		267,134		302,498	(2	)

Income before income taxes		269,384		240,708		243,014		236,254		187,129	44
Income tax expense		68,983		53,935		56,814		49,161		36,720	88

Net income		200,401		186,773		186,200		187,093		150,409	33

Less: Preferred stock dividends		8,291		8,291		8,291		8,291		8,291	?

Net income available to common shareholders	$	192,110		178,482		177,909		178,802		142,118	35

Net income per common share, basic	$	1.32		1.22		1.20		1.20		0.96	37	%

Net income per common share, diluted		1.31		1.21		1.19		1.19		0.96	37

Cash dividends declared per common share		0.33		0.33		0.33		0.33		0.33	?

Return on average assets *		1.40	%	1.34		1.36		1.40		1.11	29 bps
Return on average common equity *		16.11		14.96		15.40		15.77		12.31	380

Weighted average common shares outstanding, basic		145,316		146,308		148,113		148,467		147,744	(2	) %
Weighted average common shares outstanding, diluted		146,793		147,701		149,747		149,780		148,725	(1	)

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

Synovus
BALANCE SHEET DATA	December 31, 2021			September 30, 2021			December 31, 2020
(Unaudited)

(In thousands, except share data)

ASSETS
Cash and due from banks	$	432,925		$	483,035		$	531,579
Interest-bearing funds with Federal Reserve Bank		2,479,006			2,103,497			3,586,565
Interest earning deposits with banks		25,535			23,261			20,944
Federal funds sold and securities purchased under resale agreements		72,387			77,627			113,829
Cash and cash equivalents		3,009,853			2,687,420			4,252,917

Investment securities available for sale, at fair value		10,918,329			10,481,071			7,962,438
Loans held for sale ($108,198, $152,258, and $216,647 measured at fair value, respectively)		750,642			550,948			760,123

Loans, net of deferred fees and costs		39,311,958			38,341,030			38,252,984
Allowance for loan losses		(427,597	)		(492,243	)		(605,736	)
Loans, net		38,884,361			37,848,787			37,647,248

Cash surrender value of bank-owned life insurance		1,068,616			1,065,256			1,049,373
Premises, equipment, and software, net		407,241			423,933			463,959
Goodwill		452,390			452,390			452,390
Other intangible assets, net		35,596			37,975			45,112
Other assets		1,790,198			1,961,349			1,760,599
Total assets	$	57,317,226		$	55,509,129		$	54,394,159

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest-bearing deposits	$	16,392,653		$	15,787,882		$	13,477,854
Interest-bearing deposits		33,034,623			31,900,537			33,213,717

Total deposits		49,427,276			47,688,419			46,691,571

Federal funds purchased and securities sold under repurchase agreements		264,133			262,548			227,922
Other short-term borrowings		197			?			7,717
Long-term debt		1,204,229			1,203,761			1,202,494
Other liabilities		1,124,591			1,101,599			1,103,121
Total liabilities		52,020,426			50,256,327			49,232,825

Shareholders' equity:
Preferred stock ? no par value. Authorized 100,000,000 shares; issued 22,000,000		537,145			537,145			537,145
Common stock ? $1.00 par value. Authorized 342,857,143 shares; issued 169,383,758, 169,170,589, and 168,132,522 outstanding 145,010,086, 145,483,994, and 148,039,495		169,384			169,171			168,133
Additional paid-in capital		3,892,464			3,883,289			3,851,208
Treasury stock, at cost ? 24,373,672, 23,686,595, and 20,093,027 shares		(931,497	)		(898,707	)		(731,806	)
Accumulated other comprehensive (loss) income, net		(82,321	)		(5,462	)		158,635
Retained earnings		1,711,625			1,567,366			1,178,019
Total shareholders' equity		5,296,800			5,252,802			5,161,334
Total liabilities and shareholders' equity	$	57,317,226		$	55,509,129		$	54,394,159

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	2021							2020
(dollars in thousands)	Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate
Assets
Interest earning assets:
Taxable loans, net⁽¹⁾⁽²⁾	$	37,644,066		$	1,470,587	3.91	%	$	38,597,852		$	1,587,606	4.11	%
Tax-exempt loans, net^(1)(2)(3)		506,779			15,165	2.99			497,467			16,274	3.27
Less: Allowance for loan losses		(537,324	)		?	?			(513,743	)		?	?
Loans, net		37,613,521			1,485,752	3.95			38,581,576			1,603,880	4.16
Investment securities available for sale		9,603,343			140,077	1.46			7,006,894			178,582	2.55
Trading account assets		5,613			87	1.55			6,593			121	1.84
Other earning assets⁽⁴⁾		3,002,110			3,912	0.13			1,588,150			3,185	0.20
FHLB and Federal Reserve Bank stock		159,176			2,891	1.82			223,606			7,073	3.16
Mortgage loans held for sale		203,840			5,935	2.91			215,788			6,412	2.97
Other loans held for sale		580,162			17,874	3.04			265,764			8,666	3.21
Total interest earning assets		51,167,765		$	1,656,528	3.24	%		47,888,371		$	1,807,919	3.78	%
Cash and due from banks		561,170							531,963
Premises and equipment		445,333							481,371
Other real estate		1,522							9,740
Cash surrender value of bank-owned life insurance		1,058,966							1,003,560
Other assets⁽⁵⁾		2,133,725							2,223,033
Total assets	$	55,368,481						$	52,138,038
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	8,701,078		$	9,844	0.11	%	$	7,510,429		$	19,034	0.25	%
Money market accounts		17,496,230			31,391	0.18			14,690,298			72,312	0.49
Savings deposits		1,335,269			229	0.02			1,056,777			247	0.02
Time deposits		4,770,002			33,455	0.70			7,853,325			126,184	1.61
Federal funds purchased and securities sold under repurchase agreements		210,949			128	0.06			192,967			274	0.14
Other short-term borrowings		?			?	?			492,697			7,643	1.53
Long-term debt		1,203,282			45,349	3.77			2,322,717			66,053	2.83
Total interest-bearing liabilities		33,716,810		$	120,396	0.35	%		34,119,210		$	291,747	0.84	%
Non-interest-bearing demand deposits		15,304,120							11,925,114
Other liabilities		1,135,573							1,021,633
Shareholders' equity		5,211,978							5,072,081
Total liabilities and shareholders' equity	$	55,368,481						$	52,138,038
Net interest income, taxable equivalent net interest margin ⁽⁶⁾				$	1,536,132	3.01	%				$	1,516,172	3.18	%
Less: taxable-equivalent adjustment					3,185							3,424
Net interest income				$	1,532,947						$	1,512,748

^1.	Average loans are shown net of deferred fees and costs. NPLs are included.
^2.	Interest income includes net loan fees as follows: 2021 ? $115.5 million and 2020 ? $76.1 million.
^3.	Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
^4.	Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
^5.	Includes average net unrealized gains/(losses) on investment securities available for sale of $46.0 million and $197.5 million for the years ended December 31, 2021 and 2020, respectively.
^6.	The net interest margin is calculated by dividing net interest income-TE by average total interest earning assets.

Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Fourth Quarter 2021							Third Quarter 2021							Fourth Quarter 2020
(dollars in thousands)	Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate		Average Balance			Interest		Yield/ Rate
Assets
Interest earning assets:
Taxable loans, net⁽¹⁾⁽²⁾	$	37,820,821		$	366,141	3.86	%	$	37,055,648		$	366,554	3.84	%	$	38,379,396		$	383,766	4.04	%
Tax-exempt loans, net^(1)(2)(3)		544,776			4,208	3.06			478,485			3,505	2.91			505,155			3,908	3.08
Less: Allowance for loan losses		(474,972	)		?	?			(514,828	)		?	?			(595,547	)		?	?
Loans, net		37,890,625			370,349	3.88			37,019,305			370,059	3.97			38,289,004			387,674	4.03
Investment securities available for sale		10,884,571			41,447	1.52			9,876,651			35,876	1.45			7,493,822			38,792	2.07
Trading account assets		11,280			42	1.50			5,192			15	1.15			8,496			22	1.03
Other earning assets⁽⁴⁾		3,186,271			1,208	0.15			3,271,501			1,247	0.15			2,716,645			708	0.10
FHLB and Federal Reserve Bank stock		159,933			919	2.30			159,741			503	1.26			162,537			1,073	2.64
Mortgage loans held for sale		130,786			1,009	3.09			196,032			1,410	2.88			309,278			2,121	2.74
Other loans held for sale		518,992			4,189	3.16			527,736			4,130	3.06			544,301			3,910	2.81
Total interest earning assets		52,782,458		$	419,163	3.16	%		51,056,158		$	413,240	3.22	%		49,524,083		$	434,300	3.49	%
Cash and due from banks		541,788							611,783							529,447
Premises and equipment		421,577							447,046							468,208
Other real estate		1,351							1,513							3,878
Cash surrender value of bank-owned life insurance		1,067,004							1,061,478							1,046,216
Other assets⁽⁵⁾		2,097,751							2,148,282							2,262,077
Total assets	$	56,911,929						$	55,326,260						$	53,833,909
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	9,165,054		$	2,238	0.10	%	$	8,463,325		$	2,192	0.10	%	$	8,531,415		$	3,473	0.16	%
Money market accounts		17,842,425			6,523	0.15			17,460,069			7,079	0.16			16,390,253			10,513	0.26
Savings deposits		1,408,858			65	0.02			1,377,089			60	0.02			1,147,667			43	0.01
Time deposits		4,155,681			5,618	0.54			4,420,805			6,756	0.61			6,338,533			18,078	1.13
Federal funds purchased and securities sold under repurchase agreements		227,664			24	0.04			202,525			35	0.07			174,316			32	0.07
Other short-term borrowings		?			?	?			?			?	?			?			?	?
Long-term debt		1,203,959			11,498	3.82			1,203,500			11,465	3.81			1,552,791			15,408	3.96
Total interest-bearing liabilities		34,003,641		$	25,966	0.30	%		33,127,313		$	27,587	0.33	%		34,134,975		$	47,547	0.55	%
Non-interest-bearing demand deposits		16,545,203							15,755,929							13,566,112
Other liabilities		1,095,112							1,171,119							1,001,477
Shareholders' equity		5,267,973							5,271,899							5,131,345
Total liabilities and shareholders' equity	$	56,911,929						$	55,326,260						$	53,833,909
Net interest income, taxable equivalent net interest margin⁽⁶⁾				$	393,197	2.96	%				$	385,653	3.01	%				$	386,753	3.12	%
Less: taxable-equivalent adjustment					884							736							821
Net interest income				$	392,313						$	384,917						$	385,932

^1.	Average loans are shown net of deferred fees and costs. NPLs are included.
^2.	Interest income includes net loan fees as follows: Fourth Quarter 2021 ? $24.7 million, Third Quarter 2021 ? $33.2 million, and Fourth Quarter 2020 ? $9.3 million.
^3.	Reflects taxable-equivalent adjustments, using the statutory federal tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
^4.	Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements
^5.	Includes average net unrealized gains/(losses) on investment securities available for sale of $(34.2) million, $151.5 million, and $128.5 million for the Fourth Quarter 2021, Third Quarter 2021, and Fourth Quarter 2020, respectively.
^6.	The net interest margin is calculated by dividing annualized net interest income-TE by average total interest earning assets.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
Loan Type	December 31, 2021		September 30, 2021		% Change		December 31, 2020		% Change
Commercial, Financial, and Agricultural	$	12,052,475	$	11,771,037	2	%	$	12,410,152	(3	) %
Owner-Occupied		7,508,686		7,163,751	5			7,110,016	6
Total Commercial & Industrial		19,561,161		18,934,788	3			19,520,168	?

Multi-Family		2,129,424		2,197,139	(3	)		2,190,534	(3	)
Hotels		1,537,060		1,441,414	7			1,442,242	7
Office Buildings		2,511,058		2,341,316	7			2,207,744	14
Shopping Centers		1,655,465		1,570,020	5			1,644,519	1
Warehouses		801,639		687,496	17			700,050	15
Other Investment Property		1,234,509		1,211,078	2			918,290	34
Total Investment Properties		9,869,155		9,448,463	4			9,103,379	8

1-4 Family Construction		206,881		191,906	8			182,981	13
1-4 Family Investment Mortgage		438,588		421,968	4			445,714	(2	)
Total 1-4 Family Properties		645,469		613,874	5			628,695	3

Commercial Development		102,790		103,512	(1	)		130,678	(21	)
Residential Development		171,820		186,033	(8	)		245,170	(30	)
Land Acquisition		192,256		188,378	2			217,785	(12	)
Land and Development		466,866		477,923	(2	)		593,633	(21	)

Total Commercial Real Estate		10,981,490		10,540,260	4			10,325,707	6

Consumer Mortgages		5,069,039		5,108,499	(1	)		5,513,491	(8	)
Home Equity Lines		1,281,989		1,308,254	(2	)		1,537,726	(17	)
Credit Cards		299,556		293,026	2			281,018	7
Other Consumer Loans		2,118,723		2,156,203	(2	)		1,074,874	97
Total Consumer		8,769,307		8,865,982	(1	)		8,407,109	4

Total	$	39,311,958	$	38,341,030	3	%	$	38,252,984	3	%


NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year



Loan Type	December 31, 2021		September 30, 2021		% Change		December 31, 2020		% Change
Commercial, Financial, and Agricultural	$	61,787	$	77,349	(20	) %	$	77,386	(20	) %
Owner-Occupied		11,196		13,134	(15	)		20,019	(44	)
Total Commercial & Industrial		72,983		90,483	(19	)		97,405	(25	)

Multi-Family		2,380		2,396	(1	)		168	nm
Office Buildings		1,615		2,488	(35	)		1,134	42
Shopping Centers		915		932	(2	)		21,082	(96	)
Warehouses		223		302	(26	)		217	3
Other Investment Property		717		624	15			2,030	(65	)
Total Investment Properties		5,850		6,742	(13	)		24,631	(76	)

1-4 Family Construction		55		522	(89	)		1,236	(96	)
1-4 Family Investment Mortgage		4,508		2,364	91			2,383	89
Total 1-4 Family Properties		4,563		2,886	58			3,619	26

Commercial Development		449		463	(3	)		582	(23	)
Residential Development		446		449	(1	)		533	(16	)
Land Acquisition		1,023		1,024	?			1,048	(2	)
Land and Development		1,918		1,936	(1	)		2,163	(11	)

Total Commercial Real Estate		12,331		11,564	7			30,413	(59	)

Consumer Mortgages		29,078		37,541	(23	)		8,740	233
Home Equity Lines		9,760		8,688	12			12,145	(20	)
Other Consumer Loans		6,890		7,189	(4	)		2,376	190
Total Consumer		45,728		53,418	(14	)		23,261	97

Total	$	131,042	$	155,465	(16	) %	$	151,079	(13	) %

Synovus

CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)	2021						2020	Fourth Quarter
	Fourth			Third	Second	First	Fourth	21 vs '20
	Quarter			Quarter	Quarter	Quarter	Quarter	% Change

Non-performing Loans (NPL)	$	131,042		155,465	161,028	155,169	151,079	(13	) %
Impaired Loans Held for Sale		?		?	?	23,590	23,590	nm
Other Real Estate and Other Assets		27,137		16,883	16,806	16,849	17,394	56

Non-performing Assets (NPAs)		158,179		172,348	177,834	195,608	192,063	(18	)

Allowance for Loan Losses (ALL)		427,597		492,243	516,708	563,214	605,736	(29	)
Reserve for Unfunded Commitments		41,885		42,971	46,890	51,528	47,785	(12	)

Allowance for Credit Losses (ACL)		469,482		535,214	563,598	614,742	653,521	(28	)

Net Charge-Offs - Quarter		10,522		20,516	26,547	20,204	22,139
Net Charge-Offs - YTD		77,788		67,266	46,750	20,204	94,712
Net Charge-Offs / Average Loans - Quarter ⁽¹⁾		0.11	%	0.22	0.28	0.21	0.23
Net Charge-Offs / Average Loans - YTD ⁽¹⁾		0.20		0.24	0.24	0.21	0.24
NPLs / Loans		0.33		0.41	0.42	0.40	0.39
NPAs / Loans, ORE and specific other assets		0.40		0.45	0.46	0.50	0.50
ACL/Loans		1.19		1.40	1.47	1.58	1.71
ALL/Loans		1.09		1.28	1.35	1.45	1.58

ACL/NPLs		358.27		344.27	350.00	396.18	432.57
ALL/NPLs		326.31		316.63	320.88	362.97	400.94

Past Due Loans over 90 days and Still Accruing	$	6,770		5,960	4,415	3,804	4,117	64
As a Percentage of Loans Outstanding		0.02	%	0.02	0.01	0.01	0.01

Total Past Due Loans and Still Accruing	$	57,565		60,817	49,321	45,693	47,349	22
As a Percentage of Loans Outstanding		0.15	%	0.16	0.13	0.12	0.12

Accruing Troubled Debt Restructurings (TDRs)	$	119,804		126,055	124,528	129,776	134,972	(11	)


⁽¹⁾ Ratio is annualized.

SELECTED CAPITAL INFORMATION ⁽¹⁾
(Unaudited)
(Dollars in thousands)
	December 31, 2021			September 30, 2021	December 31, 2020


Tier 1 Capital	$	4,925,762		4,813,910	4,572,010
Total Risk-Based Capital		5,827,195		5,765,528	5,604,230
Common Equity Tier 1 Capital Ratio		9.49	%	9.58	9.66
Tier 1 Capital Ratio		10.65		10.79	10.95
Total Risk-Based Capital Ratio		12.60		12.92	13.42
Tier 1 Leverage Ratio		8.72		8.78	8.50
Common Equity as a Percentage of Total Assets ⁽²⁾		8.30		8.50	8.51
Tangible Common Equity Ratio ⁽³⁾		7.52		7.68	7.66
Book Value Per Common Share⁽⁴⁾	$	32.82		32.41	31.24
Tangible Book Value Per Common Share ⁽³⁾		29.46		29.04	27.88

⁽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.

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Synovus Announces Earnings for the Fourth Quarter 2021

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