Synovus Financial (SNV) 8-K Synovus Announces Earnings for the Third Quarter 2021

				Exhibit 99.2
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)	Nine Months Ended
	2021			2020			21 vs '20
							% Change
Interest income	$	1,235,064		$	1,371,016		(10)	%
Interest expense	94,430			244,200			(61)
Net interest income	1,140,634			1,126,816			1
(Reversal of) provision for credit losses	(51,041)			343,956			nm
Net interest income after provision for credit losses	1,191,675			782,860			52
Non-interest revenue:
Service charges on deposit accounts	64,089			54,069			19
Fiduciary and asset management fees	56,545			46,009			23
Card fees	38,538			30,959			24
Brokerage revenue	41,644			32,987			26
Mortgage banking income	47,312			66,987			(29)
Capital markets income	18,929			22,984			(18)
Income from bank-owned life insurance	22,851			21,572			6
Investment securities (losses) gains, net	(1,028)			76,594			nm
Other non-interest revenue	44,117			39,591			11
Total non-interest revenue	332,997			391,752			(15)
Non-interest expense:
Salaries and other personnel expense	482,408			464,268			4
Net occupancy, equipment, and software expense	126,442			125,475			1
Third-party processing and other services	63,897			67,193			(5)
Professional fees	23,771			39,358			(40)
FDIC insurance and other regulatory fees	16,338			18,922			(14)
Other operating expenses	91,841			161,860			(43)
Total non-interest expense	804,697			877,076			(8)
Income before income taxes	719,975			297,536			142
Income tax expense	159,910			74,250			115
Net income	560,065			223,286			151
Less: Preferred stock dividends	24,872			24,872			—
Net income available to common shareholders	$	535,193		$	198,414		170	%
Net income per common share, basic	$	3.63		$	1.35		169	%
Net income per common share, diluted	3.59			1.34			168
Cash dividends declared per common share	0.99			0.99			—
Return on average assets *	1.37		%	0.58		%	79	bps
Return on average common equity *	15.37			5.87			950
Weighted average common shares outstanding, basic	147,622			147,304			0	%
Weighted average common shares outstanding, diluted	149,069			148,037			1
nm - not meaningful
bps - basis points
* - ratios are annualized

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(Dollars in thousands, except per share data)	2021					2020		Third Quarter
		Third Quarter			Second Quarter	First Quarter	Fourth Quarter	Third Quarter	'21 vs '20
									% Change
	Interest income	$	412,504		412,743	409,817	433,479	435,550	(5)	%
	Interest expense	27,587			30,883	35,960	47,547	58,560	(53)
	Net interest income	384,917			381,860	373,857	385,932	376,990	2
	(Reversal of) provision for credit losses	(7,868)			(24,598)	(18,575)	11,066	43,383	nm
	Net interest income after provision for credit losses	392,785			406,458	392,432	374,866	333,607	18
	Non-interest revenue:
	Service charges on deposit accounts	22,641			21,414	20,033	19,063	17,813	27
	Fiduciary and asset management fees	19,786			18,805	17,954	17,242	15,885	25
	Card fees	13,238			13,304	11,996	11,743	10,823	22
	Brokerage revenue	14,745			13,926	12,974	11,794	10,604	39
	Mortgage banking income	11,155			13,842	22,315	24,426	31,229	(64)
	Capital markets income	8,089			3,335	7,505	4,352	5,690	42
	Income from bank-owned life insurance	6,820			7,188	8,843	9,725	7,778	(12)
	Investment securities gains (losses), net	962			—	(1,990)	2,337	(1,550)	nm
	Other non-interest revenue	17,519			15,273	11,326	14,079	16,139	9
	Total non-interest revenue	114,955			107,087	110,956	114,761	114,411	—
	Non-interest expense:
	Salaries and other personnel expense	160,364			160,567	161,477	153,946	154,994	3
	Net occupancy, equipment, and software expense	43,483			41,825	41,134	44,183	41,554	5
	Third-party processing and other services	19,446			24,419	20,032	20,799	21,827	(11)
	Professional fees	6,739			7,947	9,084	17,541	13,377	(50)
	FDIC insurance and other regulatory fees	5,212			5,547	5,579	6,288	6,793	(23)
	Other operating expenses	31,788			30,226	29,828	59,741	78,110	(59)
	Total non-interest expense	267,032			270,531	267,134	302,498	316,655	(16)
	Income before income taxes	240,708			243,014	236,254	187,129	131,363	83
	Income tax expense	53,935			56,814	49,161	36,720	39,789	36
	Net income	186,773			186,200	187,093	150,409	91,574	104
	Less: Preferred stock dividends	8,291			8,291	8,291	8,291	8,291	—
	Net income available to common shareholders	$	178,482		177,909	178,802	142,118	83,283	114	%
	Net income per common share, basic	$	1.22		1.20	1.20	0.96	0.57	114	%
	Net income per common share, diluted	1.21			1.19	1.19	0.96	0.56	116
	Cash dividends declared per common share	0.33			0.33	0.33	0.33	0.33	—
	Return on average assets *	1.34		%	1.36	1.40	1.11	0.69	65	bps
	Return on average common equity *	14.96			15.40	15.77	12.31	7.28	768
	Weighted average common shares outstanding, basic	146,308			148,113	148,467	147,744	147,314	(1)	%
	Weighted average common shares outstanding, diluted	147,701			149,747	149,780	148,725	147,976	—
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	September 30, 2021		December 31, 2020		September 30, 2020
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	483,035	$	531,579	$	578,026
	Interest-bearing funds with Federal Reserve Bank	2,103,497		3,586,565		1,266,313
	Interest earning deposits with banks	23,261		20,944		20,929
	Federal funds sold and securities purchased under resale agreements	77,627		113,829		120,095
	Cash, cash equivalents, and restricted cash	2,687,420		4,252,917		1,985,363
	Investment securities available for sale, at fair value	10,481,071		7,962,438		7,566,525
	Loans held for sale ($152,258, $216,647, and $285,899 measured at fair value, respectively)	550,948		760,123		745,160
	Loans, net of deferred fees and costs	38,341,030		38,252,984		39,549,847
	Allowance for loan losses	(492,243)		(605,736)		(603,800)
	Loans, net	37,848,787		37,647,248		38,946,047
	Cash surrender value of bank-owned life insurance	1,065,256		1,049,373		1,044,046
	Premises, equipment, and software, net	441,605		463,959		471,208
	Goodwill	452,390		452,390		452,390
	Other intangible assets, net	37,975		45,112		47,752
	Other assets	1,943,677		1,760,599		1,782,047
	Total assets	$	55,509,129	$	54,394,159	$	53,040,538
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	15,787,882	$	13,477,854	$	13,075,081
	Interest-bearing deposits	31,900,537		33,213,717		31,590,823
	Total deposits	47,688,419		46,691,571		44,665,904
	Federal funds purchased and securities sold under repurchase agreements	262,548		227,922		202,344
	Other short-term borrowings	—		7,717		400,000
	Long-term debt	1,203,761		1,202,494		1,628,385
	Other liabilities	1,101,599		1,103,121		1,079,363
	Total liabilities	50,256,327		49,232,825		47,975,996
	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 169,170,589, 168,132,522, and 167,410,950; outstanding 145,483,994, 148,039,495, and 147,317,923	169,171		168,133		167,411
	Additional paid-in capital	3,883,289		3,851,208		3,832,142
	Treasury stock, at cost – 23,686,595, 20,093,027, and 20,093,027 shares	(898,707)		(731,806)		(731,806)
	Accumulated other comprehensive (loss) income, net	(5,462)		158,635		174,914
	Retained earnings	1,567,366		1,178,019		1,084,736
	Total shareholders’ equity	5,252,802		5,161,334		5,064,542
	Total liabilities and shareholders' equity	$	55,509,129	$	54,394,159	$	53,040,538

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)	2021					2020
	(Dollars in thousands)
		Third			Second	First	Fourth	Third
		Quarter			Quarter	Quarter	Quarter	Quarter
	Interest Earning Assets
	Investment securities (2) (4)	$	9,876,651		9,184,691	8,437,563	7,493,822	7,227,400
	Yield	1.45		%	1.45	1.40	2.07	2.39
	Trading account assets (5)	$	5,192		2,831	3,063	8,496	5,391
	Yield	1.15		%	1.15	2.81	1.03	1.69
	Commercial loans (3) (4)	$	28,891,164		29,849,029	29,844,491	30,363,102	30,730,135
	Yield	3.91		%	3.86	3.95	3.96	3.80
	Consumer loans (3)	$	8,642,969		8,647,448	8,367,776	8,521,449	9,032,437
	Yield	3.93		%	3.94	3.98	4.00	4.08
	Allowance for loan losses	$	(514,828)		(561,242)	(599,872)	(595,547)	(591,098)
	Loans, net (3)	$	37,019,305		37,935,235	37,612,395	38,289,004	39,171,474
	Yield	3.97		%	3.93	4.02	4.03	3.92
	Mortgage loans held for sale	$	196,032		242,940	246,962	309,278	244,952
	Yield	2.88		%	3.06	2.68	2.74	2.92
	Other loans held for sale	$	527,736		615,301	660,753	544,301	493,940
	Yield	3.06		%	3.05	2.91	2.81	3.61
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	3,271,501		2,705,819	2,838,063	2,716,645	1,265,880
	Yield	0.15		%	0.11	0.10	0.10	0.11
	Federal Home Loan Bank and Federal Reserve Bank Stock (5)	$	159,741		159,340	157,657	162,537	200,923
	Yield	1.26		%	2.01	1.69	2.64	2.73
	Total interest earning assets	$	51,056,158		50,846,157	49,956,456	49,524,083	48,609,960
	Yield	3.22		%	3.26	3.32	3.49	3.58
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	8,463,325		8,601,262	8,570,753	8,531,415	7,789,095
	Rate	0.10		%	0.11	0.14	0.16	0.19
	Money Market accounts	$	15,597,723		15,476,262	15,348,916	14,411,860	13,272,972
	Rate	0.15		%	0.19	0.23	0.26	0.36
	Savings deposits	$	1,377,089		1,333,297	1,219,288	1,147,667	1,114,956
	Rate	0.02		%	0.02	0.02	0.01	0.02
	Time deposits under $100,000	$	993,284		1,077,931	1,161,306	1,239,592	1,379,923
	Rate	0.33		%	0.41	0.56	0.74	1.03
	Time deposits over $100,000	$	2,430,744		2,714,451	2,993,996	3,302,959	3,863,821
	Rate	0.45		%	0.56	0.74	1.03	1.44
	Other brokered deposits	$	1,862,346		1,901,097	1,950,582	1,978,393	1,912,114
	Rate	0.21		%	0.19	0.20	0.23	0.23
	Brokered time deposits	$	996,777		1,156,510	1,418,751	1,795,982	2,232,940
	Rate	1.27		%	1.35	1.50	1.60	1.59
	Total interest-bearing deposits	$	31,721,288		32,260,810	32,663,592	32,407,868	31,565,821
	Rate	0.20		%	0.24	0.31	0.39	0.54
	Federal funds purchased and securities sold under repurchase agreements	$	202,525		204,053	209,448	174,316	180,342
	Rate	0.07		%	0.07	0.07	0.07	0.09
	Other short-term borrowings	$	—		—	—	—	46,739
	Rate	—		%	—	—	—	1.12
	Long-term debt	$	1,203,500		1,203,038	1,202,613	1,552,791	2,234,665
	Rate	3.81		%	3.82	3.63	3.96	2.71
	Total interest-bearing liabilities	$	33,127,313		33,667,901	34,075,653	34,134,975	34,027,567
	Rate	0.33		%	0.36	0.42	0.55	0.68
	Non-interest-bearing demand deposits	$	15,755,929		15,088,836	13,791,286	13,566,112	12,773,676
	Cost of funds	0.22		%	0.25	0.30	0.40	0.50
	Effective cost of funds(6)	0.21		%	0.24	0.28	0.37	0.48
	Net interest margin	3.01		%	3.02	3.04	3.12	3.10
	Taxable equivalent adjustment (4)	$	736		791	774	821	956
	(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.
	(6) Includes the impact of non-interest-bearing capital funding sources.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)
Loan Type	September 30, 2021		June 30, 2021		% Change		September 30, 2020		% Change
Commercial, Financial, and Agricultural	$	11,771,037	$	12,085,534	(3)	%	$	12,931,095	(9)	%
Owner-Occupied	7,163,751		7,064,599		1		7,192,543		—
Total Commercial & Industrial	18,934,788		19,150,133		(1)		20,123,638		(6)
Multi-Family	2,197,139		2,086,641		5		2,359,112		(7)
Hotels	1,441,414		1,411,443		2		1,407,238		2
Office Buildings	2,341,316		2,340,378		—		2,260,240		4
Shopping Centers	1,570,020		1,645,275		(5)		1,736,210		(10)
Warehouses	687,496		657,699		5		728,446		(6)
Other Investment Property	1,211,078		1,076,577		12		942,962		28
Total Investment Properties	9,448,463		9,218,013		2		9,434,208		—
1-4 Family Construction	191,906		174,009		10		180,277		6
1-4 Family Investment Mortgage	421,968		462,335		(9)		474,473		(11)
Total 1-4 Family Properties	613,874		636,344		(4)		654,750		(6)
Commercial Development	103,512		120,683		(14)		111,403		(7)
Residential Development	186,033		164,950		13		259,617		(28)
Land Acquisition	188,378		221,061		(15)		276,085		(32)
Land and Development	477,923		506,694		(6)		647,105		(26)
Total Commercial Real Estate	10,540,260		10,361,051		2		10,736,063		(2)
Consumer Mortgages	5,108,499		5,200,762		(2)		5,664,686		(10)
Home Equity Lines	1,308,254		1,358,211		(4)		1,629,482		(20)
Credit Cards	293,026		285,508		3		264,829		11
Other Consumer Loans	2,156,203		1,880,353		15		1,131,149		91
Total Consumer	8,865,982		8,724,834		2		8,690,146		2
Total	$	38,341,030	$	38,236,018	—	%	$	39,549,847	(3)	%
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, 2021		June 30, 2021		% Change		September 30, 2020		% Change
Commercial, Financial, and Agricultural	$	77,349	$	70,943	9	%	$	95,365	(19)	%
Owner-Occupied	13,134		13,155		—		20,261		(35)
Total Commercial & Industrial	90,483		84,098		8		115,626		(22)
Multi-Family	2,396		2,407		—		157		nm
Office Buildings	2,488		1,618		54		27,608		(91)
Shopping Centers	932		124		652		257		263
Warehouses	302		218		39		—		nm
Other Investment Property	624		407		53		238		162
Total Investment Properties	6,742		4,774		41		28,260		(76)
1-4 Family Construction	522		548		(5)		1,556		(66)
1-4 Family Investment Mortgage	2,364		1,927		23		1,815		30
Total 1-4 Family Properties	2,886		2,475		17		3,371		(14)
Commercial Development	463		560		(17)		833		(44)
Residential Development	449		451		—		648		(31)
Land Acquisition	1,024		1,029		—		910		13
Land and Development	1,936		2,040		(5)		2,391		(19)
Total Commercial Real Estate	11,564		9,289		24		34,022		(66)
Consumer Mortgages	37,541		51,376		(27)		7,433		405
Home Equity Lines	8,688		8,938		(3)		10,297		(16)
Other Consumer Loans	7,189		7,327		(2)		1,459		393
Total Consumer	53,418		67,641		(21)		19,189		178
Total	$	155,465	$	161,028	(3)	%	$	168,837	(8)	%

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2021					2020		Third Quarter
		Third			Second	First	Fourth	Third	'21 vs '20
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (NPLs)	$	155,465		161,028	155,169	151,079	168,837	(8)	%
	Impaired Loans Held for Sale	—			—	23,590	23,590	—	nm
	Other Real Estate and Other Assets	16,883			16,806	16,849	17,394	23,280	(27)
	Non-performing Assets (NPAs)	172,348			177,834	195,608	192,063	192,117	(10)
	Allowance for Loan Losses (ALL)	492,243			516,708	563,214	605,736	603,800	(18)
	Reserve for Unfunded Commitments	42,971			46,890	51,528	47,785	60,794	(29)
	Allowance for Credit Losses (ACL)	535,214			563,598	614,742	653,521	664,594	(19)
	Net Charge-Offs - Quarter	20,516			26,547	20,204	22,139	28,466
	Net Charge-Offs - YTD	67,266			46,750	20,204	94,712	72,573
	Net Charge-Offs / Average Loans - Quarter (1)	0.22		%	0.28	0.21	0.23	0.29
	Net Charge-Offs / Average Loans - YTD (1)	0.24			0.24	0.21	0.24	0.25
	NPLs / Loans	0.41			0.42	0.40	0.39	0.43
	NPAs / Loans, ORE and specific other assets	0.45			0.46	0.50	0.50	0.49
	ACL/Loans	1.40			1.47	1.58	1.71	1.68
	ALL/Loans	1.28			1.35	1.45	1.58	1.53
	ACL/NPLs	344.27			350.00	396.18	432.57	393.63
	ALL/NPLs	316.63			320.88	362.97	400.94	357.62
	Past Due Loans over 90 days and Still Accruing	$	5,960		4,415	3,804	4,117	7,512	(21)
	As a Percentage of Loans Outstanding	0.02		%	0.01	0.01	0.01	0.02
	Total Past Due Loans and Still Accruing	$	60,817		49,321	45,693	47,349	57,316	6
	As a Percentage of Loans Outstanding	0.16		%	0.13	0.12	0.12	0.14
	Accruing Troubled Debt Restructurings (TDRs)	$	126,055		124,528	129,776	134,972	163,511	(23)
	(1) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		September 30, 2021			December 31, 2020	September 30, 2020
	Tier 1 Capital	$	4,836,672		4,572,010	4,450,547
	Total Risk-Based Capital	5,788,290			5,604,230	5,536,918
	Common Equity Tier 1 Capital Ratio	9.63		%	9.66	9.30
	Tier 1 Capital Ratio	10.83			10.95	10.57
	Total Risk-Based Capital Ratio	12.96			13.42	13.16
	Tier 1 Leverage Ratio	8.82			8.50	8.48
	Common Equity as a Percentage of Total Assets (2)	8.50			8.51	8.54
	Tangible Common Equity Ratio (3) (5)	7.68			7.66	7.67
	Book Value Per Common Share (4)	$	32.41		31.24	30.73
	Tangible Book Value Per Common Share (3)	29.04			27.88	27.34
	(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.