Synovus Financial (SNV) 8-K Synovus Announces Earnings for the Third Quarter 2020

				Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)							Third Quarter
	2020			2019			'20 vs '19
									% Change
Interest income	$	1,371,016		$	1,544,385		(11)	%
Interest expense	244,200			347,850			(30)
Net interest income	1,126,816			1,196,535			(6)
Provision for credit losses	343,956			63,250			444
Net interest income after provision for credit losses	782,860			1,133,285			(31)
Non-interest revenue:
Service charges on deposit accounts	54,069			65,805			(18)
Fiduciary and asset management fees	46,009			42,743			8
Card fees	30,959			34,334			(10)
Brokerage revenue	32,987			30,502			8
Mortgage banking income	66,987			23,313			187
Capital markets income	22,984			21,557			7
Income from bank-owned life insurance	21,572			15,605			38
Investment securities gains/(losses), net	76,594			(5,502)			nm
Gain on sale and fair value increase, net, on private equity investments	4,712			3,507			nm
Other non-interest revenue	34,879			26,081			34
Total non-interest revenue	391,752			257,945			52
Non-interest expense:
Salaries and other personnel expense	464,268			424,952			9
Net occupancy, equipment, and software expense	125,475			119,262			5
Third-party processing and other services	63,466			55,403			15
Professional fees	39,358			25,379			55
FDIC insurance and other regulatory fees	18,922			21,872			(13)
Amortization of intangibles	7,920			8,702			(9)
Goodwill impairment	44,877			—			nm
Merger-related expense	—			57,493			nm
Earnout liability adjustments	4,908			10,457			nm
Loss on early extinguishment of debt, net	2,057			4,592			nm
Valuation adjustment to Visa derivative	—			2,500			nm
Restructuring charges	8,924			(29)			nm
Other operating expenses	96,901			102,264			(5)
Total non-interest expense	877,076			832,847			5
Income before income taxes	297,536			558,383			(47)
Income tax expense	74,250			146,287			(49)
Net income	223,286			412,096			(46)
Less: Preferred stock dividends	24,872			14,591			70
Net income available to common shareholders	$	198,414		$	397,505		(50)	%
Net income per common share, basic	$	1.35		$	2.53		(47)	%
Net income per common share, diluted	1.34			2.51			(47)
Cash dividends declared per common share	0.99			0.90			10
Return on average assets *	0.58		%	1.18		%	(60)	bps
Return on average common equity *	5.87			12.09			(622)
Weighted average common shares outstanding, basic	147,304			156,819			(6)	%
Weighted average common shares outstanding, diluted	148,037			158,595			(7)
nm - not meaningful
bps - basis points
* - ratios are annualized

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2020							2019		Third Quarter
		Third Quarter			Second Quarter	First Quarter	Fourth Quarter	Third Quarter	'20 vs '19
												% Change
	Interest income	$	435,550		451,569	483,897	506,253	523,415	(17)	%
	Interest expense	58,560			75,003	110,637	106,985	121,318	(52)
	Net interest income	376,990			376,566	373,260	399,268	402,097	(6)
	Provision for credit losses	43,383			141,851	158,722	24,470	27,562	57
	Net interest income after provision for credit losses	333,607			234,715	214,538	374,798	374,535	(11)
	Non-interest revenue:
	Service charges on deposit accounts	17,813			15,567	20,689	22,385	22,952	(22)
	Fiduciary and asset management fees	15,885			14,950	15,174	15,645	14,686	8
	Card fees	10,823			9,186	10,950	11,325	12,297	(12)
	Brokerage revenue	10,604			9,984	12,398	11,106	11,071	(4)
	Mortgage banking income	31,229			23,530	12,227	9,287	10,351	202
	Capital markets income	5,690			6,050	11,243	8,972	7,396	(23)
	Income from bank-owned life insurance	7,778			7,756	6,038	5,620	5,139	51
	Investment securities (losses)/gains, net	(1,550)			69,409	8,734	(2,157)	(3,731)	nm
	Gain on sale and fair value increase/(decrease) on private equity investments	260			8,707	(4,255)	8,100	1,194	nm
	Other non-interest revenue	15,879			8,345	10,659	7,672	7,405	114
	Total non-interest revenue	114,411			173,484	103,857	97,955	88,760	29
	Non-interest expense:
	Salaries and other personnel expense	154,994			159,597	149,678	145,084	142,516	9
	Net occupancy, equipment, and software expense	41,554			41,727	42,194	42,644	41,017	1
	Third-party processing and other services	20,620			21,366	21,480	20,293	18,528	11
	Professional fees	13,377			15,305	10,675	9,921	9,719	38
	FDIC insurance and other regulatory fees	6,793			6,851	5,278	9,825	7,242	(6)
	Amortization of intangibles	2,640			2,640	2,640	2,901	2,901	(9)
	Goodwill impairment	44,877			—	—	—	—	nm
	Merger-related expense	—			—	—	(913)	353	nm
	Earnout liability adjustments	—			4,908	—	—	10,457	nm
	Loss on early extinguishment of debt, net	154			—	1,904	—	4,592	nm
	Valuation adjustment to Visa derivative	—			—	—	1,111	2,500	nm
	Restructuring charges	2,882			2,822	3,220	1,259	(66)	nm
	Other operating expenses	28,764			28,925	39,210	33,996	36,551	(21)
	Total non-interest expense	316,655			284,141	276,279	266,121	276,310	15
	Income before income taxes	131,363			124,058	42,116	206,632	186,985	(30)
	Income tax expense	39,789			30,866	3,595	54,948	51,259	(22)
	Net income	91,574			93,192	38,521	151,684	135,726	(33)
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	8,291	—
	Net income available to common shareholders	$	83,283		84,901	30,230	143,393	127,435	(35)	%
	Net income per common share, basic	$	0.57		0.58	0.21	0.98	0.84	(32)	%
	Net income per common share, diluted	0.56			0.57	0.20	0.97	0.83	(32)
	Cash dividends declared per common share	0.33			0.33	0.33	0.30	0.30	10
	Return on average assets *	0.69		%	0.71	0.32	1.27	1.14	(45)	bps
	Return on average common equity *	7.28			7.48	2.75	13.08	11.36	(408)
	Weighted average common shares outstanding, basic	147,314			147,288	147,311	146,948	152,238	(3)	%
	Weighted average common shares outstanding, diluted	147,976			147,733	148,401	148,529	154,043	(4)
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	September 30, 2020		December 31, 2019		September 30, 2019
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	578,026	$	535,846	$	611,496
	Interest-bearing funds with Federal Reserve Bank	1,266,313		553,390		480,913
	Interest earning deposits with banks	20,929		20,635		20,086
	Federal funds sold and securities purchased under resale agreements	120,095		77,047		69,975
	Cash and cash equivalents	1,985,363		1,186,918		1,182,470
	Investment securities available for sale, at fair value	7,566,525		6,778,670		6,892,162
	Loans held for sale ($285,899, $115,173, and $129,415 measured at fair value, respectively)	745,160		115,173		129,415
	Loans, net of deferred fees and costs	39,549,847		37,162,450		36,417,826
	Allowance for loan losses	(603,800)		(281,402)		(265,013)
	Loans, net	38,946,047		36,881,048		36,152,813
	Cash surrender value of bank-owned life insurance	1,044,046		775,665		771,458
	Premises and equipment, net	471,208		493,940		487,053
	Goodwill	452,390		497,267		487,865
	Other intangible assets, net	47,752		55,671		58,572
	Other assets	1,782,047		1,418,930		1,499,374
	Total assets	$	53,040,538	$	48,203,282	$	47,661,182
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	13,075,081	$	9,439,485	$	9,586,148
	Interest-bearing deposits	31,590,823		28,966,019		27,846,922
	Total deposits	44,665,904		38,405,504		37,433,070
	Federal funds purchased and securities sold under repurchase agreements	202,344		165,690		197,419
	Other short-term borrowings	400,000		1,753,560		2,233,593
	Long-term debt	1,628,385		2,153,897		2,153,600
	Other liabilities	1,079,363		782,941		774,662
	Total liabilities	47,975,996		43,261,592		42,792,344
	Shareholders' equity:
	Preferred stock - no par value. Authorized 100,000,000 shares; issued 22,000,000	537,145		537,145		536,550
	Common stock - $1.00 par value. Authorized 342,857,143 shares; issued 167,410,950, 166,800,623, and 166,201,048; outstanding 147,317,923, 147,157,596, and 147,594,000	167,411		166,801		166,201
	Additional paid-in capital	3,832,142		3,819,336		3,801,158
	Treasury stock, at cost – 20,093,027, 19,643,027, and 18,607,048 shares	(731,806)		(715,560)		(680,081)
	Accumulated other comprehensive income, net	174,914		65,641		75,933
	Retained earnings	1,084,736		1,068,327		969,077
	Total shareholders’ equity	5,064,542		4,941,690		4,868,838
	Total liabilities and shareholders' equity	$	53,040,538	$	48,203,282	$	47,661,182

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)	2020							2019
	(Dollars in thousands)
		Third			Second	First	Fourth	Third
		Quarter			Quarter	Quarter	Quarter	Quarter
	Interest Earning Assets
	Investment securities (2) (4)	$	7,227,400		6,618,533	6,680,047	6,696,768	6,831,036
	Yield	2.39		%	2.72	3.09	3.12	3.14
	Trading account assets (5)	$	5,391		6,173	6,306	7,986	5,519
	Yield	1.69		%	2.19	2.70	2.69	4.01
	Commercial loans (3) (4)	$	30,730,135		30,236,919	27,607,343	26,698,202	26,567,719
	Yield	3.80		%	3.95	4.57	4.82	5.09
	Consumer loans (3)	$	9,032,437		9,899,172	9,985,702	9,809,832	9,633,603
	Yield	4.08		%	4.34	4.60	5.07	5.08
	Allowance for loan losses	$	(591,098)		(498,545)	(368,033)	(269,052)	(258,024)
	Loans, net (3)	$	39,171,474		39,637,546	37,225,012	36,238,982	35,943,298
	Yield	3.92		%	4.08	4.62	4.93	5.13
	Mortgage loans held for sale	$	244,952		221,157	86,415	117,909	99,556
	Yield	2.92		%	3.09	3.67	3.77	3.93
	Other loans held for sale	$	493,940		19,246	—	—	475
	Yield	3.61		%	4.19	—	—	—
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	1,265,880		1,709,086	652,130	514,635	513,160
	Yield	0.11		%	0.11	1.02	1.71	2.08
	Federal Home Loan Bank and Federal Reserve Bank Stock (5)	$	200,923		247,801	284,082	278,586	254,994
	Yield	2.73		%	3.60	3.38	2.85	3.85
	Total interest earning assets	$	48,609,960		48,459,542	44,933,992	43,854,866	43,648,038
	Yield	3.58		%	3.75	4.33	4.60	4.78
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	7,789,095		7,260,940	6,445,986	6,381,282	6,138,810
	Rate	0.19		%	0.21	0.51	0.60	0.69
	Money Market accounts	$	13,272,972		12,238,479	11,548,014	10,526,296	10,138,783
	Rate	0.36		%	0.46	1.00	1.13	1.26
	Savings deposits	$	1,114,956		1,036,024	926,822	915,640	900,366
	Rate	0.02		%	0.02	0.05	0.05	0.05
	Time deposits under $100,000	$	1,379,923		1,621,943	1,761,741	1,873,350	2,100,492
	Rate	1.03		%	1.43	1.64	1.27	1.39
	Time deposits over $100,000	$	3,863,821		4,772,555	5,051,705	5,198,266	5,957,691
	Rate	1.44		%	1.80	2.04	1.51	1.69
	Other brokered deposits	$	1,912,114		1,998,571	1,376,669	1,156,131	993,078
	Rate	0.23		%	0.25	1.42	1.84	2.47
	Brokered time deposits	$	2,232,940		2,244,429	2,166,496	2,121,069	2,119,149
	Rate	1.59		%	1.86	2.11	2.16	2.27
	Total interest-bearing deposits	$	31,565,821		31,172,941	29,277,433	28,172,034	28,348,369
	Rate	0.54		%	0.73	1.18	1.16	1.32
	Federal funds purchased and securities sold under repurchase agreements	$	180,342		250,232	167,324	192,731	221,045
	Rate	0.09		%	0.12	0.30	0.24	0.22
	Other short-term borrowings	$	46,739		550,000	1,384,362	1,565,507	1,307,370
	Rate	1.12		%	1.23	1.66	1.87	2.31
	Long-term debt	$	2,234,665		2,834,188	2,678,651	2,153,983	2,286,221
	Rate	2.71		%	2.36	2.78	3.07	3.32
	Total interest-bearing liabilities	$	34,027,567		34,807,361	33,507,770	32,084,255	32,163,005
	Rate	0.68		%	0.86	1.30	1.30	1.47
	Non-interest-bearing demand deposits	$	12,773,676		11,923,534	9,409,774	9,706,784	9,365,776
	Cost of funds	0.50		%	0.65	1.04	1.02	1.16
	Net interest margin	3.10		%	3.13	3.37	3.65	3.69
	Taxable equivalent adjustment (4)	$	956		861	786	769	819
	(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)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)
Loan Type	September 30, 2020		June 30, 2020		% Change		September 30, 2019		% Change
Commercial, Financial, and Agricultural	$	13,120,038	$	13,136,696	—	%	$	9,846,830	33	%
Owner-Occupied	6,894,113		6,801,580		1		6,571,485		5
Total Commercial & Industrial	20,014,151		19,938,276		—		16,418,315		22
Multi-Family	2,365,118		2,252,820		5		2,063,808		15
Hotels	1,409,424		1,364,511		3		1,267,790		11
Office Buildings	2,313,346		2,297,721		1		2,161,258		7
Shopping Centers	1,698,993		1,738,504		(2)		1,699,656		—
Warehouses	730,253		781,252		(7)		673,780		8
Other Investment Property	1,145,313		1,012,392		13		977,253		17
Total Investment Properties	9,662,447		9,447,200		2		8,843,545		9
1-4 Family Construction	180,406		229,999		(22)		288,897		(38)
1-4 Family Investment Mortgage	474,632		466,809		2		516,859		(8)
Total 1-4 Family Properties	655,038		696,808		(6)		805,756		(19)
Commercial Development	111,493		112,539		(1)		124,213		(10)
Residential Development	260,313		270,952		(4)		218,991		19
Land Acquisition	276,584		300,036		(8)		320,485		(14)
Land and Development	648,390		683,527		(5)		663,689		(2)
Total Commercial Real Estate	10,965,875		10,827,535		1		10,312,990		6
Consumer Mortgages	5,658,525		5,811,376		(3)		5,470,730		3
Home Equity Lines	1,615,207		1,710,264		(6)		1,675,092		(4)
Credit Cards	264,829		250,448		6		267,874		(1)
Other Consumer Loans	1,130,237		1,474,583		(23)		2,295,486		(51)
Total Consumer	8,668,798		9,246,671		(6)		9,709,182		(11)
Unearned Income	(98,977)		(98,185)		1		(22,661)		337
Total	$	39,549,847	$	39,914,297	(1)	%	$	36,417,826	9	%
NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
(Dollars in thousands)
Loan Type	September 30, 2020		June 30, 2020		% Change		September 30, 2019		% Change
Commercial, Financial, and Agricultural	$	95,365	$	83,000	15	%	$	73,672	29	%
Owner-Occupied	20,261		19,605		3		9,222		120
Total Commercial & Industrial	115,626		102,605		13		82,894		39
Multi-Family	157		—		nm		—		nm
Office Buildings	27,608		836		nm		290		nm
Shopping Centers	257		409		(37)		140		84
Other Investment Property	238		393		(39)		—		nm
Total Investment Properties	28,260		1,638		nm		430		nm
1-4 Family Construction	1,556		2,593		(40)		698		123
1-4 Family Investment Mortgage	1,815		1,844		(2)		1,520		19
Total 1-4 Family Properties	3,371		4,437		(24)		2,218		52
Commercial Development	833		840		(1)		87		nm
Residential Development	648		685		(5)		1,526		(58)
Land Acquisition	910		1,042		(13)		1,419		(36)
Land and Development	2,391		2,567		(7)		3,032		(21)
Total Commercial Real Estate	34,022		8,642		294		5,680		499
Consumer Mortgages	7,433		17,438		(57)		10,015		(26)
Home Equity Lines	10,297		14,200		(27)		12,590		(18)
Other Consumer Loans	1,459		4,552		(68)		4,736		(69)
Total Consumer	19,189		36,190		(47)		27,341		(30)
Total	$	168,837	$	147,437	15	%	$	115,915	46	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)				2020							2019	Third Quarter
		Third				Second	First	Fourth	Third	'20 vs '19
		Quarter				Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPLs)	$	168,837			147,437	156,287	101,636	115,915	46	%
	Other Real Estate and Other Assets	23,280				30,242	33,679	35,810	35,400	(34)
	Non-performing Assets (NPAs)	192,117				177,679	189,966	137,446	151,315	27
	Allowance for Loan Losses (ALL)	603,800				588,648	493,452	281,402	265,013	128
	Reserve for Unfunded Commitments	60,794				61,029	38,420	1,375	1,496	nm
	Allowance for Credit Losses (ACL)	664,594				649,677	531,872	282,777	266,509	149
	Net Charge-Offs - Quarter	28,466				24,046	20,061	8,821	19,925
	Net Charge-Offs - YTD	72,573				44,107	20,061	57,612	48,792
	Net Charge-Offs / Average Loans - Quarter (1)	0.29		%		0.24	0.21	0.10	0.22
	Net Charge-Offs / Average Loans - YTD (1)	0.25				0.23	0.21	0.16	0.18
	NPLs / Loans	0.43				0.37	0.41	0.27	0.32
	NPAs / Loans, ORE and specific other assets	0.49				0.44	0.50	0.37	0.42
	ACL/Loans	1.68				1.63	1.39	0.76	0.73
	ALL/Loans	1.53				1.47	1.29	0.76	0.73
	ACL/NPLs	393.63				440.65	340.32	278.23	229.92
	ALL/NPLs	357.62				399.25	315.74	276.87	228.63
	Past Due Loans over 90 days and Still Accruing	$	5,157			8,391	6,398	15,943	15,660	(67)
	As a Percentage of Loans Outstanding	0.01		%		0.02	0.02	0.04	0.04
	Total Past Due Loans and Still Accruing	$	53,177			46,390	83,235	123,793	88,219	(40)
	As a Percentage of Loans Outstanding	0.13		%		0.12	0.22	0.33	0.24
	Accruing Troubled Debt Restructurings (TDRs)	$	163,511			166,461	160,128	133,145	130,019	26
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		September 30, 2020				December 31, 2019	September 30, 2019
	Tier 1 Capital	$	4,454,365			4,280,604	4,196,628
	Total Risk-Based Capital	5,541,385				5,123,381	5,023,138
	Common Equity Tier 1 Capital Ratio	9.30		%		8.95	8.96
	Tier 1 Capital Ratio	10.58				10.23	10.27
	Total Risk-Based Capital Ratio	13.16				12.25	12.30
	Tier 1 Leverage Ratio	8.49				9.16	9.02
	Common Equity as a Percentage of Total Assets (2)	8.54				9.14	9.09
	Tangible Common Equity Ratio (3) (5)	7.67				8.08	8.04
	Book Value Per Common Share (4)	$	30.73			29.93	29.35
	Tangible Book Value Per Common Share (3)	27.34				26.17	25.65
	(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.