SNV 10-Q Quarterly Report March 31, 2024 | Alphaminr
SYNOVUS FINANCIAL CORP

SNV 10-Q Quarter ended March 31, 2024

SYNOVUS FINANCIAL CORP
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 10-Q
______________________________
Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2024
Commission file number 1-10312
______________________________
financialappendix930a89.jpg
SYNOVUS FINANCIAL CORP .
(Exact name of registrant as specified in its charter)
______________________________
Georgia 58-1134883
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1111 Bay Avenue, Suite 500

Columbus,
Georgia
31901
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: ( 706 ) 641-6500
______________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 Par Value SNV New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D SNV - PrD New York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E SNV - PrE New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of April 29, 2024, 146,439,885 shares of the registrant's common stock, $1.00 par value, were outstanding.





Table of Contents
Page
Financial Information
Index of Defined Terms
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023
Notes to Unaudited Interim Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Item 4. Controls and Procedures
Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures





SYNOVUS FINANCIAL CORP.
INDEX OF DEFINED TERMS

Throughout this discussion, references to "Synovus", "we", "our", "us", "the Company" and similar terms refer to the consolidated entity consisting of Synovus Financial Corp. and its subsidiaries unless the context indicates that we refer only to the Parent Company, Synovus Financial Corp. When we refer to the "Bank" or "Synovus Bank" we mean our only bank subsidiary, Synovus Bank.
ACL – Allowance for credit losses (ALL, reserve on unfunded loan commitments, and reserve, if required, on debt securities and other receivables)
AFS – Available for sale
ALCO – Synovus' Asset Liability Management Committee
ALL – Allowance for loan losses
AOCI – Accumulated other comprehensive income (loss)
ASC – Accounting Standards Codification
ASU – Accounting Standards Update
ATM – Automatic teller machine
Basel III – The third Basel Accord developed by the Basel Committee on Banking Supervision to strengthen existing regulatory capital requirements
BOLI – Bank-owned life insurance policies
bp(s) – Basis point(s)
C&I – Commercial and industrial
CECL Current expected credit losses
CET1 – Common Equity Tier 1 Capital defined by Basel III capital rules
CIB Corporate and Investment Banking
CMO – Collateralized mortgage obligation
Code – Internal Revenue Code, as amended
Company – Synovus Financial Corp. and its wholly-owned subsidiaries, except where the context requires otherwise
Covered Litigation – Certain Visa litigation for which Visa is indemnified by Visa USA members
CRA – Community Reinvestment Act
CRE – Commercial real estate
DCF – Discounted cash flow
DIF Deposit Insurance Fund
ESG – Environmental, social, and governance
EVE – Economic value of equity
Exchange Act – Securities Exchange Act of 1934, as amended
FASB – Financial Accounting Standards Board
FDIC – Federal Deposit Insurance Corporation
FDM – Financial Difficulty Modification
Federal Reserve Bank – One of the 12 banks that are the operating arms of the U.S. central bank. They implement the policies of the Federal Reserve Board, supervise bank holding companies and certain banking institutions, and also conduct economic research
i


Federal Reserve Board – The 7-member Board of Governors that oversees the Federal Reserve System, establishes monetary policy (interest rates, credit, etc.), and monitors the economic health of the country. Its members are appointed by the President subject to Senate confirmation, and serve 14-year terms
Federal Reserve System or Federal Reserve – The Federal Reserve Board plus 12 Federal Reserve Banks, with each one serving member banks in its own district. The Federal Reserve has broad regulatory powers over the money supply and the credit structure of the economy
FFIEC – Federal Financial Institutions Examination Council
FFIEC Retail Credit Classification Policy – FFIEC Uniform Retail Credit Classification and Account Management Policy
FHLB – Federal Home Loan Bank
FICO – Fair Isaac Corporation
FOMC Federal Open Market Committee
FRB – Federal Reserve Bank
FTP – Funds transfer pricing
GA DBF – Georgia Department of Banking and Finance
GAAP – Generally Accepted Accounting Principles in the United States of America
HTC – Historic tax credit
HTM – Held to maturity
Interagency Supervisory Guidance – Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties
ITC – Investment tax credits
LIHTC – Low Income Housing Tax Credit
LTV – Loan-to-collateral value ratio
MBS – Mortgage-backed security
MPS – Merchant processing servicer(s)
NAICS – North American Industry Classification System
nm – not meaningful
NPA – Non-performing assets
NPL – Non-performing loans
NSF – Non-sufficient funds
OCI – Other comprehensive income (loss)
ORE – Other real estate
Parent Company – Synovus Financial Corp.
PPNR Pre-provision net revenue
Qualpay Qualpay, Inc.
Report This Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024
SBA – Small Business Administration
SBIC – Small Business Investment Company
SEC – U.S. Securities and Exchange Commission
Securities Act – Securities Act of 1933, as amended
Series D Preferred Stock – Synovus' Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, $25 liquidation preference
ii


Series E Preferred Stock – Synovus' Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, $25 liquidation preference
SOFR – Secured Overnight Financing Rate
Synovus – Synovus Financial Corp.
Synovus Bank – A Georgia state-chartered bank and wholly-owned subsidiary of Synovus, through which Synovus conducts its banking operations
Synovus' 2023 Form 10-K – Synovus' Annual Report on Form 10-K for the year ended December 31, 2023
Synovus Securities – Synovus Securities, Inc., a wholly-owned subsidiary of Synovus
Synovus Trust – Synovus Trust Company, N.A., a wholly-owned subsidiary of Synovus Bank
TE – Taxable equivalent
Treasury – United States Department of Treasury
UPB – Unpaid principal balance
U.S. – United States
Visa – The Visa U.S.A., Inc. card association or its affiliates, collectively
Visa Class A shares – Class A shares of common stock issued by Visa are publicly traded shares which are not subject to restrictions on sale
Visa Class B shares – Class B shares of common stock issued by Visa which are subject to restrictions with respect to sale until all of the Covered Litigation has been settled. Class B shares will be convertible into Visa Class A shares using a then-current conversion ratio upon the lifting of restrictions with respect to sale of Visa Class B shares
Visa derivative – A derivative contract with the purchaser of Visa Class B shares which provides for settlements between the purchaser and Synovus based upon a change in the ratio for conversion of Visa Class B shares into Visa Class A shares

iii



PART I. FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
SYNOVUS FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share and per share data) March 31, 2024 December 31, 2023
ASSETS
Interest-earning deposits with banks and other cash and cash equivalents $ 2,379,778 $ 2,414,103
Federal funds sold and securities purchased under resale agreements 43,722 37,323
Total cash, cash equivalents, and restricted cash 2,423,500 2,451,426
Investment securities available for sale, at fair value 9,694,515 9,788,662
Loans held for sale (includes $ 36,698 and $ 47,338 measured at fair value, respectively)
130,586 52,768
Loans, net of deferred fees and costs 43,309,877 43,404,490
Allowance for loan losses ( 492,661 ) ( 479,385 )
Loans, net 42,817,216 42,925,105
Cash surrender value of bank-owned life insurance 1,119,379 1,112,030
Premises, equipment, and software, net 375,315 365,851
Goodwill 480,440 480,440
Other intangible assets, net 43,021 45,928
Other assets 2,751,148 2,587,324
Total assets $ 59,835,120 $ 59,809,534
LIABILITIES AND EQUITY
Liabilities
Deposits:
Non-interest-bearing deposits $ 12,042,353 $ 12,507,616
Interest-bearing deposits 38,537,889 38,231,569
Total deposits 50,580,242 50,739,185
Federal funds purchased and securities sold under repurchase agreements 128,244 189,074
Other short-term borrowings 252,469 3,496
Long-term debt 2,031,735 1,932,534
Other liabilities 1,800,794 1,801,097
Total liabilities 54,793,484 54,665,386
Equity
Shareholders' equity:
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000
537,145 537,145
Common stock - $ 1.00 par value; authorized 342,857,143 shares; issued 171,873,265 and 171,360,188 , respectively; outstanding 146,418,407 and 146,705,330 , respectively
171,873 171,360
Additional paid-in capital 3,957,576 3,955,819
Treasury stock, at cost; 25,454,858 and 24,654,858 shares, respectively
( 974,499 ) ( 944,484 )
Accumulated other comprehensive income (loss), net ( 1,248,194 ) ( 1,117,073 )
Retained earnings 2,574,017 2,517,226
Total Synovus Financial Corp. shareholders' equity 5,017,918 5,119,993
Noncontrolling interest in subsidiary 23,718 24,155
Total equity 5,041,636 5,144,148
Total liabilities and equity $ 59,835,120 $ 59,809,534
See accompanying notes to unaudited interim consolidated financial statements.

1



SYNOVUS FINANCIAL CORP.
CONSOLIDATE D STATEMENTS OF INCOME
(unaudited)
Three Months Ended March 31,
(in thousands, except per share data) 2024 2023
Interest income:
Loans, including fees
$ 691,715 $ 629,557
Investment securities available for sale
71,906 61,054
Loans held for sale
578 5,577
Federal Reserve Bank balances
15,031 16,818
Other earning assets
3,480 3,873
Total interest income
782,710 716,879
Interest expense:
Deposits
332,666 173,935
Long-term debt
29,595 42,529
Other borrowings
1,603 19,664
Total interest expense
363,864 236,128
Net interest income
418,846 480,751
Provision for (reversal of) credit losses
53,980 32,154
Net interest income after provision for (reversal of) credit losses
364,866 448,597
Non-interest revenue:
Service charges on deposit accounts
21,813 22,974
Fiduciary and asset management fees
19,013 19,696
Card fees
19,486 15,824
Brokerage revenue
22,707 24,204
Mortgage banking income
3,418 3,858
Capital markets income
6,627 15,127
Income from bank-owned life insurance
7,347 7,262
Investment securities gains (losses), net
1,030
Recovery of NPA 13,126
Other non-interest revenue
18,477 10,025
Total non-interest revenue
118,888 133,126
Non-interest expense:
Salaries and other personnel expense
188,521 188,924
Net occupancy, equipment, and software expense
46,808 42,860
Third-party processing and other services
20,258 21,833
Professional fees
7,631 8,963
FDIC insurance and other regulatory fees
23,819 10,268
Restructuring charges (reversals) 1,524 ( 733 )
Loss on other loans held for sale 16,750
Other operating expense
34,180 32,987
Total non-interest expense
322,741 321,852
Income before income taxes
161,013 259,871
Income tax expense
36,943 57,712
Net income
124,070 202,159
Less: Net income (loss) attributable to noncontrolling interest ( 437 )
Net income attributable to Synovus Financial Corp. 124,507 202,159
Less: Preferred stock dividends
9,685 8,291
Net income available to common shareholders
$ 114,822 $ 193,868
Net income per common share, basic
$ 0.78 $ 1.33
Net income per common share, diluted
0.78 1.32
Weighted average common shares outstanding, basic
146,430 145,799
Weighted average common shares outstanding, diluted
147,122 146,727
See accompanying notes to unaudited interim consolidated financial statements.

2



SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
Three Months Ended March 31,
2024 2023
(in thousands)
Before-tax Amount Income Tax Net of Tax Amount Before-tax Amount Income Tax Net of Tax Amount
Net income
$ 161,013 $ ( 36,943 ) $ 124,070 $ 259,871 $ ( 57,712 ) $ 202,159
Unrealized gains (losses) on investment securities available for sale:
Net unrealized gains (losses) arising during the period
( 155,636 ) 37,586 ( 118,050 ) 153,081 ( 37,260 ) 115,821
Reclassification adjustment for realized (gains) losses included in net income
( 1,030 ) 251 ( 779 )
Net change
( 155,636 ) 37,586 ( 118,050 ) 152,051 ( 37,009 ) 115,042
Unrealized gains (losses) on derivative instruments designated as cash flow hedges:
Net unrealized gains (losses) arising during the period
( 57,056 ) 13,779 ( 43,277 ) 10,000 ( 2,434 ) 7,566
Reclassification adjustment for realized (gains) losses included in net income 39,823 ( 9,617 ) 30,206 39,892 ( 9,710 ) 30,182
Net change ( 17,233 ) 4,162 ( 13,071 ) 49,892 ( 12,144 ) 37,748
Total other comprehensive income (loss)
$ ( 172,869 ) $ 41,748 $ ( 131,121 ) $ 201,943 $ ( 49,153 ) $ 152,790
Comprehensive income (loss)
( 7,051 ) 354,949
Less: comprehensive income (loss) attributable to noncontrolling interest ( 437 )
Comprehensive income (loss) attributable to Synovus Financial Corp. $ ( 6,614 ) $ 354,949
See accompanying notes to unaudited interim consolidated financial statements.

3



SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)
Synovus Financial Corp. Shareholders' Equity
(in thousands, except per share data) Preferred Stock Common
Stock
Additional
Paid-in
Capital
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Retained Earnings Noncontrolling Interest Total
Balance at December 31, 2023 $ 537,145 $ 171,360 $ 3,955,819 $ ( 944,484 ) $ ( 1,117,073 ) $ 2,517,226 24,155 $ 5,144,148
Net income (loss) 124,507 ( 437 ) 124,070
Other comprehensive income (loss), net of income taxes ( 131,121 ) ( 131,121 )
Cash dividends declared on common stock - $ 0.38 per share
( 55,639 ) ( 55,639 )
Cash dividends declared on preferred stock (1)
( 9,685 ) ( 9,685 )
Repurchases of common stock including costs to repurchase ( 30,015 ) ( 30,015 )
Restricted share unit vesting and taxes paid related to net share settlement 460 ( 8,492 ) ( 2,392 ) ( 10,424 )
Stock options exercised, net 53 1,280 1,333
Share-based compensation expense 8,969 8,969
Balance at March 31, 2024 $ 537,145 $ 171,873 $ 3,957,576 $ ( 974,499 ) $ ( 1,248,194 ) $ 2,574,017 $ 23,718 $ 5,041,636
Balance at December 31, 2022 $ 537,145 $ 170,141 $ 3,920,346 $ ( 944,484 ) $ ( 1,442,117 ) $ 2,234,770 $ $ 4,475,801
Cumulative-effect of change in accounting principle for ASU 2023-02 ( 297 ) ( 297 )
Net income (loss) 202,159 202,159
Other comprehensive income (loss), net of income taxes 152,790 152,790
Cash dividends declared on common stock - $ 0.38 per share
( 55,502 ) ( 55,502 )
Cash dividends declared on preferred stock (2)
( 8,291 ) ( 8,291 )
Restricted share unit vesting and taxes paid related to net share settlement 383 ( 8,280 ) ( 2,206 ) ( 10,103 )
Stock options exercised, net 190 3,307 3,497
Share-based compensation expense 10,076 10,076
Balance at March 31, 2023 $ 537,145 $ 170,714 $ 3,925,449 $ ( 944,484 ) $ ( 1,289,327 ) $ 2,370,633 $ $ 4,770,130
(1) For the three months ended March 31, 2024, dividends per share were $ 0.57 for Series D and $ 0.37 for Series E Preferred Stock.
(2) For the three months ended March 31, 2023, dividends per share were $ 0.39 for Series D and $ 0.37 for Series E Preferred Stock.

See accompanying notes to unaudited interim consolidated financial statements.

4



SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended March 31,
(in thousands) 2024 2023
Operating Activities
Net income
$ 124,070 $ 202,159
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for (reversal of) credit losses
53,980 32,154
Depreciation, amortization, and accretion, net
17,854 20,088
Deferred income tax expense (benefit)
2,446 706
Originations of loans held for sale
( 468,414 ) ( 143,149 )
Proceeds from sales and payments on loans held for sale
392,753 275,274
Gain on sales of loans held for sale, net
( 2,419 ) ( 2,716 )
(Increase) decrease in other assets
( 81,810 ) ( 63,174 )
Increase (decrease) in other liabilities
( 22,298 ) 25,417
Investment securities (gains) losses, net
( 1,030 )
Share-based compensation expense
7,914 8,711
Net cash provided by (used in) operating activities
24,076 354,440
Investing Activities
Proceeds from maturities and principal collections of investment securities available for sale
196,020 205,098
Proceeds from sales of investment securities available for sale
82,595
Purchases of investment securities available for sale
( 258,482 ) ( 193,009 )
Net proceeds from sales of loans
2,548 1,505
Net (increase) decrease in loans
28,830 ( 773,103 )
Net (purchases) redemptions of Federal Home Loan Bank stock
( 16,626 ) ( 7,439 )
Net (purchases) redemptions of Federal Reserve Bank stock
( 12,144 ) ( 7,108 )
Net proceeds from settlement (purchases) of bank-owned life insurance policies
2,514
Net increase in premises, equipment and software
( 18,490 ) ( 6,519 )
Other 3,015
Net cash provided by (used in) investing activities
( 78,344 ) ( 692,451 )
Financing Activities
Net increase (decrease) in deposits
( 157,277 ) 1,070,206
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements
( 60,830 ) 49,107
Net increase (decrease) in other short-term borrowings 248,973 ( 350,232 )
Proceeds from long-term debt, net 100,000 1,020,912
Dividends paid to common shareholders
( 55,733 ) ( 49,465 )
Dividends paid to preferred shareholders
( 9,685 ) ( 8,291 )
Repurchases of common stock
( 30,015 )
Issuances, net of taxes paid, under equity compensation plans
( 9,091 ) ( 6,606 )
Net cash provided by (used in) financing activities
26,342 1,725,631
Increase (decrease) in cash and cash equivalents including restricted cash
( 27,926 ) 1,387,620
Cash, cash equivalents, and restricted cash, at beginning of period
2,451,426 1,977,780
Cash, cash equivalents, and restricted cash at end of period
$ 2,423,500 $ 3,365,400
Supplemental Disclosures:
Income taxes paid $ 28,798 $ 52,157
Interest paid 385,188 206,624
Non-cash Activities
Loans foreclosed and transferred to other real estate 21,210
See accompanying notes to unaudited interim consolidated financial statements.

5



Notes to Unaudited Interim Consolidated Financial Statements
Note 1 - Basis of Presentation and Accounting Policies
General
The accompanying unaudited interim consolidated financial statements of Synovus Financial Corp. include the accounts of the Parent Company and its consolidated subsidiaries. Synovus Financial Corp. is a financial services company based in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and consumer banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, and international banking. Synovus also provides financial planning and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities.
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income (loss), and cash flows in conformity with GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this Report have been included. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Synovus' 2023 Form 10-K.
Reclassifications
Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
Use of Estimates in the Preparation of Financial Statements
In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenue and expense for the periods presented. Actual results could differ significantly from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the ACL, estimates of fair value, income taxes, and contingent liabilities.

6



Recent Accounting Pronouncements
The following table provides a brief description of accounting standards adopted or issued in 2024 and the estimated effect on the Company’s financial statements.
Standard Description Required date of adoption Effect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted)
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07 to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so.
January 1, 2024 The Company adopted the new disclosure requirements for the annual period beginning on January 1, 2024, and interim periods starting on January 1, 2025. The Company is currently evaluating the impact of the incremental segment information that will be required to be disclosed as well as the impact to the Segment Reporting footnote disclosed in the Form 10-K.
Standard Description Required date of adoption Effect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted. January 1, 2025 The Company will adopt the new disclosures for the annual periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed as well as the impact to the Income Taxes footnote in the Form 10-K.

7



Note 2 - Investment Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at March 31, 2024 and December 31, 2023 are summarized below.
March 31, 2024
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
U.S. Treasury securities $ 616,037 $ 505 $ ( 1,133 ) $ 615,409
U.S. Government agency securities 29,993 ( 1,210 ) 28,783
Mortgage-backed securities issued by U.S. Government agencies 1,022,881 1,119 ( 112,082 ) 911,918
Mortgage-backed securities issued by U.S. Government sponsored enterprises 7,383,405 328 ( 1,200,822 ) 6,182,911
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 676,772 ( 111,832 ) 564,940
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 1,414,621 5,512 ( 38,403 ) 1,381,730
Corporate debt securities and other debt securities 9,034 ( 210 ) 8,824
Total investment securities available for sale (1)
$ 11,152,743 $ 7,464 $ ( 1,465,692 ) $ 9,694,515
December 31, 2023
(in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
U.S. Treasury securities $ 588,082 $ 9,547 $ $ 597,629
U.S. Government agency securities 29,993 ( 1,053 ) 28,940
Mortgage-backed securities issued by U.S. Government agencies 1,021,612 2,037 ( 97,985 ) 925,664
Mortgage-backed securities issued by U.S. Government sponsored enterprises 7,523,399 1,192 ( 1,094,212 ) 6,430,379
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 692,487 ( 104,892 ) 587,595
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 1,226,672 18,764 ( 35,653 ) 1,209,783
Corporate debt securities and other debt securities 9,009 ( 337 ) 8,672
Total investment securities available for sale (1)
$ 11,091,254 $ 31,540 $ ( 1,334,132 ) $ 9,788,662
(1) The amounts reported exclude accrued interest receivable on investment securities available for sale of $ 28.7 million and $ 26.6 million at March 31, 2024 and December 31, 2023, respectively, which is presented as a component of other assets on the consolidated balance sheets.
At March 31, 2024 and December 31, 2023, investment securities with a carrying value of $ 5.02 billion and $ 5.19 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
On April 1, 2024, Synovus transferred $ 3.42 billion of mortgage-backed securities from available for sale to held to maturity, and AOCI included a pre-tax unrealized loss of $ 708.5 million on the investment securities at the date of the transfer. See Note 10 - Subsequent Event in this Report for additional information on the transfer of mortgage-backed securities from available for sale to held to maturity.

8



Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023 are presented below.
March 31, 2024
Less than 12 Months 12 Months or Longer Total
(in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
U.S. Treasury securities $ 465,387 $ ( 1,133 ) $ $ $ 465,387 $ ( 1,133 )
U.S. Government agency securities 28,783 ( 1,210 ) 28,783 ( 1,210 )
Mortgage-backed securities issued by U.S. Government agencies 132,795 ( 712 ) 696,870 ( 111,370 ) 829,665 ( 112,082 )
Mortgage-backed securities issued by U.S. Government sponsored enterprises 129,505 ( 2,158 ) 6,005,861 ( 1,198,664 ) 6,135,366 ( 1,200,822 )
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 564,940 ( 111,832 ) 564,940 ( 111,832 )
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 360,736 ( 1,874 ) 274,840 ( 36,529 ) 635,576 ( 38,403 )
Corporate debt securities and other debt securities 8,824 ( 210 ) 8,824 ( 210 )
Total $ 1,088,423 $ ( 5,877 ) $ 7,580,118 $ ( 1,459,815 ) $ 8,668,541 $ ( 1,465,692 )
December 31, 2023
Less than 12 Months 12 Months or Longer Total
(in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
U.S. Government agency securities $ $ $ 28,940 $ ( 1,053 ) $ 28,940 $ ( 1,053 )
Mortgage-backed securities issued by U.S. Government agencies 159,402 ( 1,268 ) 565,358 ( 96,717 ) 724,760 ( 97,985 )
Mortgage-backed securities issued by U.S. Government sponsored enterprises 215,917 ( 1,193 ) 6,045,914 ( 1,093,019 ) 6,261,831 ( 1,094,212 )
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 587,595 ( 104,892 ) 587,595 ( 104,892 )
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 34,406 ( 205 ) 276,675 ( 35,448 ) 311,081 ( 35,653 )
Corporate debt securities and other debt securities 8,672 ( 337 ) 8,672 ( 337 )
Total $ 409,725 $ ( 2,666 ) $ 7,513,154 $ ( 1,331,466 ) $ 7,922,879 $ ( 1,334,132 )
As of March 31, 2024, Synovus had 29 investment securities in a loss position for less than 12 months and 353 investment securities in a loss position for 12 months or longer and did not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, as of March 31, 2024, Synovus was not aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. As such, no write-downs to the amortized cost basis of the portfolio were recorded for the period.

9



At March 31, 2024, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. U.S. Treasury and agency securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise.
The amortized cost and fair value by contractual maturity of investment securities available for sale at March 31, 2024 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
Distribution of Maturities at March 31, 2024
(in thousands) Within One
Year
1 to 5
Years
5 to 10
Years
More Than
10 Years
Total
Amortized Cost
U.S. Treasury securities $ 25,923 $ 258,854 $ 331,260 $ $ 616,037
U.S. Government agency securities 29,993 29,993
Mortgage-backed securities issued by U.S. Government agencies 60 3 1,022,818 1,022,881
Mortgage-backed securities issued by U.S. Government sponsored enterprises 10,552 7,372,853 7,383,405
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 41 9,865 666,866 676,772
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 66,440 783,017 547,840 17,324 1,414,621
Corporate debt securities and other debt securities 9,034 9,034
Total amortized cost $ 92,363 $ 1,080,999 $ 899,520 $ 9,079,861 $ 11,152,743
Fair Value
U.S. Treasury securities $ 25,923 $ 258,488 $ 330,998 $ $ 615,409
U.S. Government agency securities 28,783 28,783
Mortgage-backed securities issued by U.S. Government agencies 58 3 911,857 911,918
Mortgage-backed securities issued by U.S. Government sponsored enterprises 9,766 6,173,145 6,182,911
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 40 9,491 555,409 564,940
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 66,750 775,293 524,691 14,996 1,381,730
Corporate debt securities and other debt securities 8,824 8,824
Total fair value $ 92,673 $ 1,071,486 $ 874,949 $ 7,655,407 $ 9,694,515
Gross gains and gross losses on sales of securities available for sale for the three months ended March 31, 2024 and 2023 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.
Three Months Ended March 31,
(in thousands) 2024 2023
Gross realized gains on sales $ $ 1,030
Gross realized losses on sales
Investment securities gains (losses), net $ $ 1,030

10



Note 3 - Loans and Allowance for Loan Losses
Aging and Non-Accrual Analysis
The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of March 31, 2024 and December 31, 2023.
March 31, 2024
(in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total
Commercial, financial and agricultural $ 14,415,219 $ 7,323 $ 1,667 $ 8,990 $ 173,435 $ 19,258 $ 14,616,902
Owner-occupied 8,027,707 6,312 157 6,469 49,821 30,397 8,114,394
Total commercial and industrial 22,442,926 13,635 1,824 15,459 223,256 49,655 22,731,296
Investment properties 11,298,410 245 245 10,630 1,596 11,310,881
1-4 family properties 576,878 940 20 960 1,958 342 580,138
Land and development 301,651 331 331 1,018 303,000
Total commercial real estate 12,176,939 1,516 20 1,536 13,606 1,938 12,194,019
Consumer mortgages 5,333,982 8,057 8,057 42,563 5,384,602
Home equity 1,778,768 13,129 13,129 12,451 1,804,348
Credit cards 177,054 1,705 1,904 3,609 180,663
Other consumer loans 994,944 13,024 13,024 6,981 1,014,949
Total consumer 8,284,748 35,915 1,904 37,819 61,995 8,384,562
Loans, net of deferred fees and costs (1)
$ 42,904,613 $ 51,066 $ 3,748 $ 54,814 $ 298,857 $ 51,593 $ 43,309,877
December 31, 2023
(in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Total Accruing Past Due Non-accrual with an ALL Non-accrual without an ALL Total
Commercial, financial and agricultural $ 14,355,414 $ 12,264 $ 1,797 $ 14,061 $ 66,400 $ 23,470 $ 14,459,345
Owner-occupied 8,041,573 6,056 149 6,205 70,784 20,586 8,139,148
Total commercial and industrial 22,396,987 18,320 1,946 20,266 137,184 44,056 22,598,493
Investment properties 11,322,516 740 278 1,018 12,796 26,974 11,363,304
1-4 family properties 595,359 87 87 2,605 451 598,502
Land and development 353,477 671 671 804 354,952
Total commercial real estate 12,271,352 1,498 278 1,776 16,205 27,425 12,316,758
Consumer mortgages 5,359,153 6,462 6,462 46,108 5,411,723
Home equity 1,785,836 10,374 716 11,090 10,473 1,807,399
Credit cards 190,299 1,818 2,024 3,842 194,141
Other consumer loans 1,053,587 15,574 89 15,663 6,697 29 1,075,976
Total consumer 8,388,875 34,228 2,829 37,057 63,278 29 8,489,239
Loans, net of deferred fees and costs (1)
$ 43,057,214 $ 54,046 $ 5,053 $ 59,099 $ 216,667 $ 71,510 $ 43,404,490
(1) The amortized cost basis of loans, net of deferred fees and costs excludes accrued interest receivable of $ 248.0 million and $ 256.3 million at March 31, 2024 and December 31, 2023, respectively, which is presented as a component of other assets on the consolidated balance sheets.

Pledged Loans
Loans with carrying values of $ 24.79 billion and $ 24.31 billion, respectively, were pledged as collateral for borrowings and capacity at March 31, 2024 and December 31, 2023, respectively, to the FHLB and Federal Reserve Bank.

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Portfolio Segment Risk Factors
The risk characteristics and collateral information of each portfolio segment are as follows:
Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process, which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment.
Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year . Properties securing these loans are substantially within markets served by Synovus, and our preference is to obtain some level of recourse from project sponsors. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s).
Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network, including first and second residential mortgages, home equity, and consumer credit card loans, as well as home improvement loans, student, and personal loans from third-party lending ("other consumer loans"). Together, consumer mortgages and home equity comprise the majority of Synovus' consumer loans and are secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s).
Credit Quality Indicators
The credit quality of the loan portfolio is reviewed and updated no less frequently than annually using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups: Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows:
Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral.
Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification.
Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful - loans which have all the weaknesses inherent in loans categorized as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values.
Loss - loans which are considered by management to be uncollectible and of such little value that their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. Synovus fully reserves for any loans rated as Loss.
In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and home equity) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of any associated senior liens with other financial institutions.

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The following table summarizes each loan portfolio class by risk grade and origination year as of March 31, 2024 and December 31, 2023 as required under CECL.
March 31, 2024
Term Loans Amortized Cost Basis by Origination Year Revolving Loans
(in thousands) 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Converted to Term Loans Total
Commercial, financial and agricultural
Pass $ 268,543 $ 1,131,289 $ 951,139 $ 1,374,948 $ 759,640 $ 1,791,712 $ 7,642,905 $ 62,340 $ 13,982,516
Special Mention 6,489 31,616 18,630 926 11,096 144,154 1,865 214,776
Substandard 4,091 20,133 12,763 16,678 40,428 105,084 181,232 4,460 384,869
Doubtful 20,676 225 13,206 34,107
Loss 634 634
Total commercial, financial and agricultural 272,634 1,157,911 995,518 1,430,932 801,219 1,907,892 7,982,131 68,665 14,616,902
Current YTD Period:
Gross charge-offs 15,893 2,699 617 592 1,394 9,577 30,772
Owner-occupied
Pass 151,179 910,990 1,534,357 1,455,287 917,280 2,055,182 685,510 7,709,785
Special Mention 1,911 6,835 22,203 29,121 30,108 42,918 133,096
Substandard 198 4,248 35,101 29,861 59,296 90,503 35,900 255,107
Doubtful 16,406 16,406
Total owner-occupied 151,377 917,149 1,576,293 1,507,351 1,005,697 2,175,793 780,734 8,114,394
Current YTD Period:
Gross charge-offs 76 1,131 5,964 7,171
Total commercial and industrial 424,011 2,075,060 2,571,811 2,938,283 1,806,916 4,083,685 8,762,865 68,665 22,731,296
Current YTD Period:
Gross charge-offs $ $ 15,969 $ 2,699 $ 617 $ 1,723 $ 7,358 $ 9,577 $ $ 37,943
Investment properties
Pass 73,903 659,935 3,247,783 2,867,625 982,612 2,771,003 208,975 10,811,836
Special Mention 75,686 97,938 43,937 81,937 299,498
Substandard 2,186 2,993 128,672 2,067 56,528 192,446
Doubtful 7,096 7,096
Loss 5 5
Total investment properties 73,903 662,121 3,326,462 3,094,235 1,028,616 2,916,569 208,975 11,310,881
Current YTD Period:
Gross charge-offs 3,608 3,608
1-4 family properties
Pass 38,726 147,560 130,546 109,133 30,807 71,238 44,211 572,221
Special Mention 1,015 959 994 378 181 308 3,835
Substandard 832 62 1,109 355 1,679 45 4,082
Total 1-4 family properties 39,741 149,351 131,602 110,620 31,343 73,225 44,256 580,138
Current YTD Period:
Gross charge-offs 103 103

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March 31, 2024
Term Loans Amortized Cost Basis by Origination Year Revolving Loans
(in thousands) 2024 2023 2022 2021 2020 Prior Amortized Cost Basis Converted to Term Loans Total
Land and development
Pass 9,357 105,680 72,386 30,945 9,348 70,900 298,616
Special Mention 490 31 1,258 1,779
Substandard 569 42 372 1,622 2,605
Total land and development 9,357 106,249 72,876 31,018 9,720 73,780 303,000
Current YTD Period:
Gross charge-offs
Total commercial real estate 123,001 917,721 3,530,940 3,235,873 1,069,679 3,063,574 253,231 12,194,019
Current YTD Period:
Gross charge-offs $ $ 103 $ $ $ $ 3,608 $ $ $ 3,711
Consumer mortgages
Pass 103,248 753,144 754,846 1,021,620 1,193,450 1,499,082 314 5,325,704
Substandard 12 562 2,891 5,682 16,334 33,375 58,856
Loss 42 42
Total consumer mortgages 103,260 753,706 757,737 1,027,302 1,209,784 1,532,499 314 5,384,602
Current YTD Period:
Gross charge-offs 3 102 105
Home equity
Pass 1,315,317 474,095 1,789,412
Substandard 9,462 5,221 14,683
Loss 169 84 253
Total home equity 1,324,948 479,400 1,804,348
Current YTD Period:
Gross charge-offs 32 32
Credit cards
Pass 178,762 178,762
Substandard 648 648
Loss 1,253 1,253
Total credit cards 180,663 180,663
Current YTD Period:
Gross charge-offs 2,055 2,055
Other consumer loans
Pass 39,619 110,171 163,968 195,667 103,235 125,442 268,696 1,006,798
Substandard 1,095 791 3,903 1,425 833 79 8,126
Loss 25 25
Total other consumer loans 39,619 111,266 164,759 199,570 104,660 126,275 268,800 1,014,949
Current YTD Period:
Gross charge-offs 692 1,664 2,402 704 603 657 6,722
Total consumer 142,879 864,972 922,496 1,226,872 1,314,444 1,658,774 1,774,725 479,400 8,384,562
Current YTD Period:
Gross charge-offs $ $ 692 $ 1,664 $ 2,402 $ 707 $ 705 $ 2,712 $ 32 $ 8,914
Loans, net of deferred fees and costs $ 689,891 $ 3,857,753 $ 7,025,247 $ 7,401,028 $ 4,191,039 $ 8,806,033 $ 10,790,821 $ 548,065 $ 43,309,877
Current YTD Period:
Gross charge-offs $ $ 16,764 $ 4,363 $ 3,019 $ 2,430 $ 11,671 $ 12,289 $ 32 $ 50,568


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December 31, 2023
Term Loans Amortized Cost Basis by Origination Year Revolving Loans
(in thousands) 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Converted to Term Loans Total
Commercial, financial and agricultural
Pass $ 1,078,790 $ 1,040,742 $ 1,408,178 $ 782,069 $ 636,341 $ 1,236,433 $ 7,623,255 $ 46,908 $ 13,852,716
Special Mention 5,298 8,276 20,027 1,950 2,552 8,412 141,580 188,095
Substandard 36,557 14,742 35,744 37,186 88,940 21,032 182,069 1,685 417,955
Loss 355 224 579
Total commercial, financial and agricultural 1,120,645 1,063,760 1,463,949 821,205 727,833 1,266,232 7,947,128 48,593 14,459,345
Current YTD Period:
Gross charge-offs 9,367 3,436 8,175 19,532 1,165 2,071 30,696 203 74,645
Owner-occupied
Pass 859,887 1,521,469 1,501,405 958,620 710,634 1,401,416 782,180 7,735,611
Special Mention 1,709 9,114 22,562 2,593 4,689 48,640 79,031 168,338
Substandard 4,388 24,760 13,616 59,478 17,702 87,306 27,949 235,199
Total owner-occupied 865,984 1,555,343 1,537,583 1,020,691 733,025 1,537,362 889,160 8,139,148
Current YTD Period:
Gross charge-offs 433 6,836 1,544 2,862 11,675
Total commercial and industrial 1,986,629 2,619,103 3,001,532 1,841,896 1,460,858 2,803,594 8,836,288 48,593 22,598,493
Current YTD Period:
Gross charge-offs $ 9,367 $ 3,436 $ 8,608 $ 26,368 $ 2,709 $ 4,933 $ 30,696 $ 203 $ 86,320
Investment properties
Pass 593,540 3,140,041 2,863,327 1,161,697 1,052,638 1,900,744 261,737 10,973,724
Special Mention 1,616 169,550 48,429 33,903 253,498
Substandard 2,083 4,070 41,278 1,455 1,622 75,850 126,358
Doubtful 9,714 9,714
Loss 10 10
Total investment properties 595,623 3,145,727 3,074,155 1,163,152 1,102,689 2,020,221 261,737 11,363,304
Current YTD Period:
Gross charge-offs (1)
546 7,685 5,668 3,801 1,893 22,647 3,109 45,349
1-4 family properties
Pass 167,729 142,930 119,054 31,928 29,740 55,243 42,099 588,723
Special Mention 3,104 947 184 311 1 4,547
Substandard 1,721 822 643 465 324 1,212 45 5,232
Total 1-4 family properties 172,554 144,699 119,697 32,577 30,064 56,766 42,145 598,502
Current YTD Period:
Gross charge-offs 24 24
Land and development
Pass 105,609 84,962 35,993 16,131 18,616 59,605 888 321,804
Special Mention 496 774 1,270
Substandard 29,204 411 74 593 1,596 31,878
Total land and development 134,813 85,869 36,067 16,131 19,209 61,975 888 354,952
Current YTD Period:
Gross charge-offs 77 77
Total commercial real estate 902,990 3,376,295 3,229,919 1,211,860 1,151,962 2,138,962 304,770 12,316,758
Current YTD Period:
Gross charge-offs $ 546 $ 7,685 $ 5,668 $ 3,878 $ 1,893 $ 22,671 $ 3,109 $ $ 45,450

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December 31, 2023
Term Loans Amortized Cost Basis by Origination Year Revolving Loans
(in thousands) 2023 2022 2021 2020 2019 Prior Amortized Cost Basis Converted to Term Loans Total
Consumer mortgages
Pass $ 757,485 $ 784,898 $ 1,044,442 $ 1,219,397 $ 410,511 $ 1,136,541 $ 35 $ $ 5,353,309
Substandard 564 2,810 5,517 15,913 9,478 23,662 57,944
Loss 470 470
Total consumer mortgages 758,049 787,708 1,049,959 1,235,310 419,989 1,160,673 35 5,411,723
Current YTD Period:
Gross charge-offs 108 251 403 402 965 5 2,134
Home equity
Pass 1,308,934 482,679 1,791,613
Substandard 10,231 5,297 15,528
Loss 174 84 258
Total home equity 1,319,339 488,060 1,807,399
Current YTD Period:
Gross charge-offs 79 819 229 1,127
Credit cards
Pass 192,217 192,217
Substandard 702 702
Loss 1,222 1,222
Total credit cards 194,141 194,141
Current YTD Period:
Gross charge-offs 7,165 7,165
Other consumer loans
Pass 134,969 181,455 219,415 114,006 28,256 112,724 277,368 1,068,193
Substandard 573 963 3,811 1,182 568 494 192 7,783
Total other consumer loans 135,542 182,418 223,226 115,188 28,824 113,218 277,560 1,075,976
Current YTD Period:
Gross charge-offs (1)
627 6,040 24,231 3,625 1,971 2,026 2,358 40,878
Total consumer 893,591 970,126 1,273,185 1,350,498 448,813 1,273,891 1,791,075 488,060 8,489,239
Current YTD Period:
Gross charge-offs $ 627 $ 6,148 $ 24,482 $ 4,028 $ 2,373 $ 3,070 $ 10,347 $ 229 $ 51,304
Loans, net of deferred fees and costs $ 3,783,210 $ 6,965,524 $ 7,504,636 $ 4,404,254 $ 3,061,633 $ 6,216,447 $ 10,932,133 $ 536,653 $ 43,404,490
Current YTD Period:
Gross charge-offs $ 10,540 $ 17,269 $ 38,758 $ 34,274 $ 6,975 $ 30,674 $ 44,152 $ 432 $ 183,074
(1) Includes $ 31.3 million in gross charge-offs related to the transfer of certain loans to held for sale that sold during 2023.

Collateral-Dependent Loans
We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate.
There were no material changes in the extent to which collateral secures our collateral-dependent loans during the three months ended March 31, 2024.

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Rollforward of Allowance for Loan Losses
The following tables detail the changes in the ALL by loan segment for the three months ended March 31, 2024 and 2023. During the three months ended March 31, 2024, Synovus had no significant transfers to loans held for sale. During the three months ended March 31, 2023, Synovus charged-off $ 6.6 million in previously established reserves for credit losses associated with the transfer of $ 424.1 million in certain third-party consumer loans to held for sale as part of our overall balance sheet management strategy.
As Of and For the Three Months Ended March 31, 2024
(in thousands) Commercial & Industrial Commercial Real Estate Consumer Total
Allowance for loan losses:
Beginning balance at December 31, 2023 $ 218,970 $ 133,758 $ 126,657 $ 479,385
Charge-offs ( 37,943 ) ( 3,711 ) ( 8,914 ) ( 50,568 )
Recoveries 3,288 767 2,157 6,212
Provision for (reversal of) loan losses 29,167 21,813 6,652 57,632
Ending balance at March 31, 2024 $ 213,482 $ 152,627 $ 126,552 $ 492,661
As Of and For the Three Months Ended March 31, 2023
(in thousands) Commercial & Industrial Commercial Real Estate Consumer Total
Allowance for loan losses:
Beginning balance at December 31, 2022 $ 161,550 $ 143,575 $ 138,299 $ 443,424
Charge-offs ( 7,873 ) ( 96 ) ( 17,366 ) ( 25,335 )
Recoveries 3,476 284 3,025 6,785
Provision for (reversal of) loan losses 1,535 16,629 13,972 32,136
Ending balance at March 31, 2023 $ 158,688 $ 160,392 $ 137,930 $ 457,010
The ALL of $ 492.7 million and the reserve for unfunded commitments of $ 53.6 million, which is recorded in other liabilities, comprise the total ACL of $ 546.2 million at March 31, 2024. The ACL increased $ 9.6 million compared to the December 31, 2023 ACL of $ 536.6 million, which consisted of the ALL of $ 479.4 million and the reserve for unfunded commitments of $ 57.2 million. The ACL to loans coverage ratio was 1.26 % at March 31, 2024, compared to 1.24 % at December 31, 2023. The increase in the ACL from December 31, 2023 resulted primarily from credit performance that included downward migration and a qualitative adjustment that offset improved economic inputs and net charge-offs.
The ACL is estimated using a two-year reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reverts on a straight-line basis back to the historical rates over a one-year period. Synovus utilizes multiple economic forecast scenarios sourced from a reputable third-party provider that are probability-weighted internally. The current scenarios include a consensus baseline forecast, an upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and an additional adverse scenario that assumes consistent slow growth that is less optimistic than the baseline. At March 31, 2024, the unemployment rate is the input that most significantly impacts our estimate. The multi-scenario forecast used in our estimate includes a weighted average unemployment rate of 4.4 % over the forecasted period at March 31, 2024, compared to 4.5 % at December 31, 2023.
Financial Difficulty Modifications
When borrowers are experiencing financial difficulty, Synovus may make certain loan modifications as part of its loss mitigation strategies to maximize expected payment. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2023 Form 10-K for additional information regarding accounting policies for FDMs.

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The following tables present the amortized cost of FDM loans by loan portfolio class that were modified during the three months ended March 31, 2024 and 2023.
Three Months Ended March 31, 2024
(in thousands) Interest Rate Reduction Term Extension Payment Delay Interest Rate Reduction and Term Extension Total Percentage of Total by Financing Class
Commercial, financial and agricultural $ $ 1,374 $ $ 8,142 $ 9,516 0.1 %
Owner-occupied 198 198
Total commercial and industrial 1,572 8,142 9,714
Investment properties 2,244 2,244
1-4 family properties
Land and development
Total commercial real estate 2,244 2,244
Consumer mortgages 123 210 333
Home equity 11 11
Credit cards
Other consumer loans 121 257 3 381
Total consumer 244 268 210 3 725
Total FDMs $ 244 $ 4,084 $ 210 $ 8,145 $ 12,683 %
Three Months Ended March 31, 2023
(in thousands) Interest Rate Reduction Term Extension Interest Rate Reduction and Term Extension Total Percentage of Total by Financing Class
Commercial, financial and agricultural $ 49 $ 16,321 $ 247 $ 16,617 0.1 %
Owner-occupied 1,468 41,263 42,731 0.5
Total commercial and industrial 49 17,789 41,510 59,348 0.3
Investment properties
1-4 family properties 1,339 1,339 0.2
Land and development
Total commercial real estate 1,339 1,339
Consumer mortgages 113 113
Home equity 88 15 103
Credit cards
Other consumer loans 64 141 231 436
Total consumer 177 229 246 652
Total FDMs $ 226 $ 19,357 $ 41,756 $ 61,339 0.1 %


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The following tables present the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023.
Three Months Ended March 31, 2024
(Dollars in thousands) Weighted Average Interest Rate Reduction Weighted Average Term Extension
(in months)
Weighted Average Payment Deferral
(in months)
Commercial, financial and agricultural % 18
Owner-occupied 60
Investment properties 12
Consumer mortgages 2.3 7
Home equity 243
Other consumer loans 2.5 75
Three Months Ended March 31, 2023
(Dollars in thousands) Weighted Average Interest Rate Reduction Weighted Average Term Extension
(in months)
Commercial, financial and agricultural 3.3 % 8
Owner-occupied 1.7 9
1-4 family properties 12
Consumer mortgages 2.2
Home equity 1.1 334
Other consumer loans 3.5 68
During the three months ended March 31, 2024, commercial, financial and agricultural loans of $ 71.6 million defaulted that were previously modified in the prior 12 months by receiving a term extension. Defaults are defined as the earlier of the FDM being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments. During the three months ended March 31, 2023, there were no FDMs that subsequently defaulted. As of March 31, 2024 and December 31, 2023, there were no commitments to lend a material amount of additional funds to any borrower whose loan was classified as a FDM.

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Synovus monitors the performance of FDMs to understand the effectiveness of its modification efforts. The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that have been modified during the 12 months prior to March 31, 2024.
As of March 31, 2024
(in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due Non-accrual Total
Commercial, financial and agricultural $ 54,662 $ 79 $ $ 79,810 $ 134,551
Owner-occupied 33,829 751 34,580
Total commercial and industrial 88,491 79 80,561 169,131
Investment properties 3,130 3,130
1-4 family properties 65 342 407
Land and development 1,117 1,117
Total commercial real estate 4,312 342 4,654
Consumer mortgages 1,230 187 1,370 2,787
Home equity 618 618
Credit cards
Other consumer loans 1,032 245 247 1,524
Total consumer 2,880 432 1,617 4,929
Total FDMs $ 95,683 $ 511 $ $ 82,520 $ 178,714
The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that were modified on or after January 1, 2023, the date Synovus adopted ASU 2022-02, through March 31, 2023.
As of March 31, 2023
(in thousands) Current Accruing 30-89 Days Past Due Accruing 90 Days or Greater Past Due
Non-accrual (1)
Total
Commercial, financial and agricultural $ 16,028 $ $ $ 589 $ 16,617
Owner-occupied 42,731 42,731
Total commercial and industrial 58,759 589 59,348
Investment properties
1-4 family properties 1,339 1,339
Land and development
Total commercial real estate 1,339 1,339
Consumer mortgages 113 113
Home equity 103 103
Credit cards
Other consumer loans 22 414 436
Total consumer 125 527 652
Total FDMs $ 60,223 $ $ $ 1,116 $ 61,339
(1) Loans were on non-accrual when modified and subsequently classified as FDMs.

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Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss)
Repurchases of Common Stock
Synovus announced on January 18, 2024 that its Board of Directors authorized share repurchases of up to $ 300 million of common stock and $ 50 million of preferred stock in 2024. During the three months ended March 31, 2024, Synovus repurchased 800 thousand shares of common stock at an average price of $ 37.36 per share via open market transactions.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)
Net unrealized gains (losses) on investment securities available for sale (1)
Net unrealized gains (losses) on cash flow hedges (1)
Total
Balance at December 31, 2023 $ ( 998,259 ) $ ( 118,814 ) $ ( 1,117,073 )
Other comprehensive income (loss) before reclassifications ( 118,050 ) ( 43,277 ) ( 161,327 )
Amounts reclassified from AOCI 30,206 30,206
Net current period other comprehensive income (loss) ( 118,050 ) ( 13,071 ) ( 131,121 )
Balance at March 31, 2024 $ ( 1,116,309 ) $ ( 131,885 ) $ ( 1,248,194 )
Balance at December 31, 2022 $ ( 1,220,263 ) $ ( 221,854 ) $ ( 1,442,117 )
Other comprehensive income (loss) before reclassifications 115,821 7,566 123,387
Amounts reclassified from AOCI ( 779 ) 30,182 29,403
Net current period other comprehensive income (loss) 115,042 37,748 152,790
Balance at March 31, 2023 $ ( 1,105,221 ) $ ( 184,106 ) $ ( 1,289,327 )
(1) For March 31, 2024, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $ 10.2 million and $ 11.6 million, respectively, related to residual tax effects remaining in OCI primarily due to previously established deferred tax asset valuation allowances in 2010 and 2011 and state rate changes. For March 31, 2023, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $ 13.3 million and $ 12.1 million , respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.

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Note 5 - Fair Value Accounting
See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2023 Form 10-K for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis.
The following table presents assets and liabilities measured at estimated fair value on a recurring basis.
March 31, 2024 December 31, 2023
(in thousands) Level 1 Level 2 Level 3 Total Estimated Fair Value Level 1 Level 2 Level 3 Total Estimated Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises $ $ 2,914 $ $ 2,914 $ $ 2,910 $ $ 2,910
Other mortgage-backed securities 2,149 2,149
State and municipal securities 72 72
Asset-backed securities 4,425 4,425 7,839 7,839
Total trading securities $ $ 7,411 $ $ 7,411 $ $ 12,898 $ $ 12,898
Investment securities available for sale:
U.S. Treasury securities $ 615,409 $ $ $ 615,409 $ 597,629 $ $ $ 597,629
U.S. Government agency securities 28,783 28,783 28,940 28,940
Mortgage-backed securities issued by U.S. Government agencies 911,918 911,918 925,664 925,664
Mortgage-backed securities issued by U.S. Government sponsored enterprises 6,182,911 6,182,911 6,430,379 6,430,379
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 564,940 564,940 587,595 587,595
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises 1,381,730 1,381,730 1,209,783 1,209,783
Corporate debt securities and other debt securities 8,824 8,824 8,672 8,672
Total investment securities available for sale $ 615,409 $ 9,079,106 $ $ 9,694,515 $ 597,629 $ 9,191,033 $ $ 9,788,662
Mortgage loans held for sale $ $ 36,698 $ $ 36,698 $ $ 47,338 $ $ 47,338
Other investments 13,115 13,115 12,560 12,560
Mutual funds and mutual funds held in rabbi trusts 59,649 59,649 53,742 53,742
Derivative assets 103,589 103,589 94,903 94,903
Liabilities
Securities sold short $ 2,469 $ $ $ 2,469 $ 3,496 $ $ $ 3,496
Mutual funds held in rabbi trusts 44,759 44,759 38,735 38,735
Derivative liabilities 286,094 286,094 259,650 259,650
Fair Value Option
Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program.

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The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to instrument-specific credit risk.
Mortgage Loans Held for Sale
(in thousands) As of March 31, 2024 As of December 31, 2023
Fair value $ 36,698 $ 47,338
Unpaid principal balance 35,793 45,627
Fair value less aggregate unpaid principal balance $ 905 $ 1,711
Changes in Fair Value Included in Net Income Three Months Ended March 31, Location in Consolidated Statements of Income
(in thousands) 2024 2023
Mortgage loans held for sale $ ( 806 ) $ 303 Mortgage banking income
Activity for Level 3 Assets and Liabilities
See "Part II - Item 8. Financial Statements and Supplementary Data - Note 12 - Fair Value Accounting" of Synovus' 2023 Form 10-K for a description of the valuation techniques and significant inputs for Level 3 assets and liabilities that are measured at fair value on a recurring and non-recurring basis. During the three months ended March 31, 2024 and 2023, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. The following tables provide rollforwards of Level 3 assets measured at fair value on a recurring basis.
Three Months Ended March 31, 2024
(in thousands) Other Investments
Beginning balance at December 31, 2023 $ 12,560
Total gains (losses) realized/unrealized:
Included in earnings ( 21 )
Additions 576
Ending balance at March 31, 2024 $ 13,115
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at March 31, 2024 $ ( 21 )
Three Months Ended March 31, 2023
(in thousands) Other Investments
Beginning balance at December 31, 2022 $ 11,172
Total gains (losses) realized/unrealized:
Included in earnings ( 28 )
Additions 511
Ending balance at March 31, 2023 $ 11,655
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at March 31, 2023 $ ( 28 )

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The following table presents assets measured at fair value on a non-recurring basis, as of the dates indicated, for which there was a fair value adjustment.
March 31, 2024
Fair Value Adjustments for the Three Months Ended March 31, 2024
Location in Consolidated Statements of Income
(in thousands) Level 1 Level 2 Level 3
Loans (1)
$ $ $ 117,571 $ 15,328 Provision for (reversal of) credit losses
March 31, 2023
Fair Value Adjustments for the Three Months Ended March 31, 2023
Location in Consolidated Statements of Income
Level 1 Level 2 Level 3
Loans (1)
$ $ $ 49 $ 50 Provision for (reversal of) credit losses
Other loans held for sale 391,157 16,750 Loss on other loans held for sale
Qualpay receivable 31,109 15,789
Recovery of NPA; Other operating expense (2)
Other assets held for sale 450 50 Other operating expense
(1) Collateral-dependent loans that were written down to fair value of collateral.
(2) Recovery of NPA amount was $ 13.1 million in non-interest revenue while other operating expense amount was a reversal of $ 2.7 million .
Fair Value of Financial Instruments
The following tables present the carrying and estimated fair values of financial instruments at March 31, 2024 and December 31, 2023. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2023 Form 10-K for a description of how fair value measurements are determined.
March 31, 2024
(in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3
Financial assets
Total cash, cash equivalents, and restricted cash $ 2,423,500 $ 2,423,500 $ 2,423,500 $ $
Trading securities 7,411 7,411 7,411
Investment securities available for sale 9,694,515 9,694,515 615,409 9,079,106
Loans held for sale 130,586 130,496 36,698 93,798
Other investments 13,115 13,115 13,115
Mutual funds and mutual funds held in rabbi trusts 59,649 59,649 59,649
Loans, net (1)
42,817,216 41,124,811 41,124,811
FRB and FHLB stock 213,713 213,713 213,713
Derivative assets 103,589 103,589 103,589
Financial liabilities
Non-interest-bearing deposits $ 12,042,353 $ 12,042,353 $ $ 12,042,353 $
Non-time interest-bearing deposits 27,348,773 27,348,773 27,348,773
Time deposits 11,189,116 11,160,289 11,160,289
Total deposits (2)
$ 50,580,242 $ 50,551,415 $ $ 50,551,415 $
Federal funds purchased and securities sold under repurchase agreements 128,244 128,244 128,244
Securities sold short 2,469 2,469 2,469
Short-term FHLB advances 250,000 250,000 250,000
Long-term debt 2,031,735 2,006,557 2,006,557
Mutual funds held in rabbi trusts 44,759 44,759 44,759
Derivative liabilities 286,094 286,094 286,094
(1) Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.
(2) The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.

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December 31, 2023
(in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3
Financial assets
Total cash, cash equivalents, and restricted cash $ 2,451,426 $ 2,451,426 $ 2,451,426 $ $
Trading securities 12,898 12,898 12,898
Investment securities available for sale 9,788,662 9,788,662 597,629 9,191,033
Loans held for sale 52,768 52,770 47,338 5,432
Other investments 12,560 12,560 12,560
Mutual funds and mutual funds held in rabbi trusts 53,742 53,742 53,742
Loans, net (1)
42,925,105 41,298,149 41,298,149
FRB and FHLB stock 184,944 184,944 184,944
Derivative assets 94,903 94,903 94,903
Financial liabilities
Non-interest-bearing deposits $ 12,507,616 $ 12,507,616 $ $ 12,507,616 $
Non-time interest-bearing deposits 27,449,088 27,449,088 27,449,088
Time deposits 10,782,481 10,769,002 10,769,002
Total deposits (2)
$ 50,739,185 $ 50,725,706 $ $ 50,725,706 $
Federal funds purchased and securities sold under repurchase agreements 189,074 189,074 189,074
Securities sold short 3,496 3,496 3,496
Long-term debt 1,932,534 1,939,604 1,939,604
Mutual funds held in rabbi trusts 38,735 38,735 38,735
Derivative liabilities 259,650 259,650 259,650
(1) Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.
(2) The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.
Note 6 - Derivative Instruments and Hedging Activities
Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate client transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan clients, commitments to sell fixed-rate mortgage loans, and foreign currency exchange forwards. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial clients to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. Synovus enters into risk participation agreements with financial institution counterparties where we are either a participant or a lead bank so that the risk of default on the interest rate swaps is shared. Synovus either pays or receives a fee depending on the participation type. Synovus is party to master netting arrangements with its dealer counterparties; however, Synovus does not offset assets and liabilities under these arrangements for financial statement presentation purposes. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2023 Form 10-K for additional information regarding accounting policies for derivatives.
Hedging Derivatives
Cash flow hedging relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Synovus has entered into interest rate swap contracts to manage overall cash flow changes related to interest rate risk exposure on index-based variable rate commercial loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps.
For cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge relationship is discontinued but the hedged cash flows,

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or forecasted transactions, are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods in which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the remaining accumulated amounts in OCI for the impacted cash flow hedges are immediately recognized in earnings.
Synovus recorded no unrealized gains (losses) during the three months ended March 31, 2024 and 2023 related to terminated cash flow hedges. Synovus recognized a pre-tax loss of $ 5.6 million during the three months ended March 31, 2024 and pre-tax loss of $ 5.4 million for the three months ended March 31, 2023, related to the amortization of terminated cash flow hedges. Amounts related to the amortization of terminated cash flow hedges are being recognized into earnings in conjunction with the effective terms of the original swaps through the third quarter of 2026.
As of March 31, 2024, Synovus expects to reclassify into earnings approximately $ 116 million in pre-tax loss due to the receipt or payment of interest payments on all cash flow hedges within the next 12 months. Included in this amount is approximately $ 20 million in pre-tax loss related to the amortization of terminated cash flow hedges. As of March 31, 2024, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the first quarter of 2028.
Fair value hedging relationships mitigate exposure to the change in fair value of an asset or liability. Synovus has entered into receive-fixed, pay-variable interest rate swap contracts to hedge the change in the fair value due to fluctuations in market interest rates for outstanding fixed-rate long-term debt and fixed-rate term interest-bearing deposits. The changes in fair value of the fair value hedges are recorded through earnings with an offset against changes in the fair value of the hedged item within interest expense in the consolidated statements of income. All components of each derivative instrument’s gain/(loss) are included in the assessment of hedge effectiveness.
Derivatives not designated as hedges include those that are entered into as either economic hedges to facilitate client needs or as part of Synovus' overall risk management strategy. Economic hedges are those that do not qualify to be treated as a fair value hedge or cash flow hedge for accounting purposes but are necessary to economically manage the risk exposure associated with the assets and liabilities of Synovus. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.
Counterparty Credit Risk and Collateral
Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the client swap portfolio, which management deems to be of higher risk than dealer counterparties. Collateral is secured at origination and credit related fair value adjustments are recorded against the asset value of the derivative as deemed necessary based upon an analysis, which includes consideration of the current asset value of the swap, client risk rating, collateral value, and client standing with regards to its swap contractual obligations and other related matters. Such asset values fluctuate based upon changes in interest rates regardless of changes in notional amounts and changes in client specific risk.
Collateral Requirements
Certain derivative transactions have collateral requirements, both at the inception of the trade and as the value of each derivative position changes. As of March 31, 2024 and December 31, 2023, Synovus had recorded the right to reclaim cash collateral of $ 46.9 million and $ 69.7 million, respectively. As of both March 31, 2024 and December 31, 2023, Synovus had recorded the obligation to return cash collateral of $ 5.7 million.
For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the consolidated balance sheets and related disclosures.

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The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.
March 31, 2024 December 31, 2023
Estimated Fair Value Estimated Fair Value
(in thousands) Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts $ 4,600,000 $ $ 4,337 $ 5,600,000 $ $ 7,527
Total cash flow hedges $ $ 4,337 $ $ 7,527
Derivatives in fair value hedging relationships:
Interest rate contracts $ 2,728,580 $ $ 7,593 $ 2,563,504 $ $ 12,891
Total fair value hedges $ $ 7,593 $ $ 12,891
Total derivatives designated as hedging instruments $ $ 11,930 $ $ 20,418
Derivatives not designated
as hedging instruments:
Interest rate contracts $ 12,377,962 $ 102,302 $ 274,055 $ 11,888,152 $ 94,208 $ 238,134
Mortgage derivatives - interest rate lock commitments 60,402 1,095 40,642 695
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans 82,519 105 60,906 567
Risk participation agreements 781,904 4 732,682 3
Foreign exchange contracts 64,043 192 41,603 528
Visa derivative 439 589
Total derivatives not designated as hedging instruments $ 103,589 $ 274,603 $ 94,903 $ 239,821


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The following table presents the effect of hedging derivative instruments in the consolidated statements of income and the total amounts for the respective line item affected for the three months ended March 31, 2024 and 2023 .
Three Months Ended March 31, 2024
Interest Income Interest Expense
(in thousands) Loans, including fees Deposits Long-term debt
Total interest income/expense amounts presented in the consolidated statements of income $ 691,715 $ 332,666 $ 29,595
Gain/(loss) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ ( 39,823 ) $ $
Pre-tax income (loss) recognized on cash flow hedges $ ( 39,823 ) $ $
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives $ $ ( 6,238 ) $ ( 3,724 )
Recognized on derivatives ( 2,067 ) ( 1,918 )
Recognized on hedged items 2,067 1,918
Pre-tax income (loss) recognized on fair value hedges $ $ ( 6,238 ) $ ( 3,724 )
Three Months Ended March 31, 2023
Interest Income Interest Expense
(in thousands) Loans, including fees Deposits Long-term debt
Total interest income/expense amounts presented in the consolidated statements of income $ 629,557 $ 173,935 $ 42,529
Gain/(loss) on cash flow hedging relationships: (1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ ( 39,892 ) $ $
Pre-tax income (loss) recognized on cash flow hedges $ ( 39,892 ) $ $
Gain/(loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives $ $ ( 3,371 ) $ ( 2,721 )
Recognized on derivatives ( 12,057 ) ( 3,952 )
Recognized on hedged items 12,057 3,952
Pre-tax income (loss) recognized on fair value hedges $ $ ( 3,371 ) $ ( 2,721 )
(1) See Note 4 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for gain (loss) recognized on cash flow hedging relationships in AOCI.
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
March 31, 2024 December 31, 2023
Hedged Items Currently Designated Hedged Items No Longer Designated Hedged Items Currently Designated Hedged Items No Longer Designated
(in thousands) Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment Carrying Amount of Assets/(Liabilities) Hedge Accounting Basis Adjustment
Interest-bearing deposits $ ( 1,975,613 ) $ 17,583 $ 866 $ ( 2,013,504 ) $ ( 8,711 ) $ 1,267
Long-term debt ( 749,119 ) 15,280 9,042 ( 546,872 ) ( 5,986 ) 9,638

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The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments in the consolidated statements of income for the three months ended March 31, 2024 and 2023 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
Three Months Ended March 31,
(in thousands)
Location in Consolidated Statements of Income
2024 2023
Derivatives not designated
as hedging instruments:
Interest rate contracts (1)
Capital markets income $ ( 160 ) $ 18
Mortgage derivatives - interest rate lock commitments Mortgage banking income 400 1,109
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans Mortgage banking income 462 ( 328 )
Risk participation agreements Capital markets income ( 1 ) 3
Foreign exchange contracts Capital markets income 720 529
Total derivatives not designated as hedging instruments
$ 1,421 $ 1,331
(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.
Note 7 - Net Income Per Common Share
The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three months ended March 31, 2024 and 2023. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock.
Three Months Ended March 31,
(in thousands, except per share data) 2024 2023
Basic Net Income Per Common Share:
Net income available to common shareholders $ 114,822 $ 193,868
Weighted average common shares outstanding 146,430 145,799
Net income per common share, basic $ 0.78 $ 1.33
Diluted Net Income Per Common Share:
Net income available to common shareholders $ 114,822 $ 193,868
Weighted average common shares outstanding 146,430 145,799
Effect of dilutive outstanding equity-based awards 692 928
Weighted average diluted common shares 147,122 146,727
Net income per common share, diluted $ 0.78 $ 1.32
For both the three months ended March 31, 2024 and 2023, there were 21 thousand potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding. These potentially dilutive shares were not included in the computation of diluted net income per common share because the effect would be anti-dilutive.
Note 8 - Commitments and Contingencies
In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its clients. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain tax credits, CRA partnerships, and other investments.
The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not

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necessarily represent future cash requirements. Additionally, certain commitments (primarily consumer) can generally be canceled by providing notice to the borrower.
The ACL associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. At March 31, 2024 and December 31, 2023, the ACL for unfunded commitments was $ 53.6 million and $ 57.2 million, respectively. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets.
Synovus also invests in tax credit partnerships, CRA partnerships, including SBIC programs, and other investments. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.
(in thousands) March 31, 2024 December 31, 2023
Letters of credit (1)
$ 176,324 $ 200,269
Commitments to fund commercial and industrial loans 9,748,389 10,313,880
Commitments to fund commercial real estate, construction, and land development loans 2,189,478 2,496,656
Commitments under home equity lines of credit 2,128,208 2,135,120
Unused credit card lines 456,177 453,303
Other loan commitments 636,373 654,396
Total letters of credit and unfunded lending commitments $ 15,334,949 $ 16,253,624
Tax credits, CRA partnerships, and other investments:
Carrying amount included in other assets (2)
$ 571,976 $ 573,992
Permanent and short-term construction loans and letter of credit commitments (3)
160,723 205,659
Funded portion of permanent and short-term loans and letters of credit (4)
227,180 211,921
(1) Represents the contractual amount net of risk participations purchased of approximately $ 18.4 million and $ 22.8 million at March 31, 2024 and December 31, 2023, respectively.
(2) Future funding commitment amounts included in carrying amount within other liabilities of $ 263.1 million and $ 293.3 million at March 31, 2024 and December 31, 2023, respectively.
(3) Represents the contractual amount net of risk participations of $ 7.1 million and $ 9.7 million at March 31, 2024 and December 31, 2023, respectively.
(4) Represents the contractual amount net of risk participations of $ 6.6 million and $ 4.0 million at March 31, 2024 and December 31, 2023, respectively.
Merchant Services
In accordance with credit and debit card association rules, Synovus provides merchant processing services for clients with a contractual arrangement under which certain sales and processing support are provided through an outside merchant services provider with Synovus owning the merchant contract relationship. In addition, Synovus sponsors various third-party MPS businesses that process credit and debit card transactions on behalf of merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the MPS, which is primarily liable for any losses on covered transactions. However, if a sponsored MPS fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the three months ended March 31, 2024 and 2023, Synovus and the sponsored entities processed and settled $ 27.89 billion and $ 30.12 billion of transactions, respectively.
Legal Proceedings
Synovus and its subsidiaries are subject to various legal proceedings, claims, and disputes that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory and governmental examinations, information gathering requests, inquiries, and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include, but are not limited to, mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, allegations of violations of state and federal laws, and regulations relating to banking practices, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur.
At least quarterly, Synovus carefully examines and considers each legal matter using then available information, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is considered to be probable if the future event is

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likely to occur. In the absence of a determination that a loss contingency is both probable and reasonably estimable, no accrual is made. Once established, accruals are adjusted to reflect developments related to these matters. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel, and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of March 31, 2024 are adequate.
In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus considers whether it is able to estimate the total reasonably possible loss or range of loss. Under GAAP, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely,” and an event is “remote” if the “chance of the future event or events occurring is slight." In many situations, Synovus may be unable to estimate reasonably possible losses due to the difficulty of predicting outcome of legal matters and the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this range does not represent our maximum loss exposure. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $ 10 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations, or cash flows. However, in light of the significant uncertainties involved and the large or indeterminate damages sought in some of these matters, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations or financial condition for any particular period.
Any estimate or determination relating to the future resolution of litigation, regulatory or governmental examinations, information gathering requests, inquiries, investigations, or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations, and other actions conducted or brought by regulatory and governmental agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments, and actual outcomes will differ from our estimates. These differences may be material.
Synovus intends to vigorously pursue all available defenses to these legal matters but will also consider other alternatives, including settlement, in situations where there is an opportunity to resolve such legal matters on terms that Synovus considers to be favorable, including in light of the continued expense and distraction of defending such legal matters. Synovus maintains insurance coverage, which may be available to cover legal fees, or potential losses that might be incurred in connection with such legal matters. The above-noted estimated range of reasonably possible losses does not take into consideration insurance coverage which may or may not be available for the respective legal matters.
Note 9 - Segment Reporting
Synovus' business segments are based on the products and services provided or the clients served and reflect the manner in which financial information is evaluated by the chief operating decision maker. Synovus has four major reportable business segments: Wholesale Banking, Community Banking, Consumer Banking, and Financial Management Services. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions.
The Wholesale Banking business segment serves primarily larger corporate and governmental clients by providing commercial lending, deposit, and capital markets services through specialty teams including middle market, CRE, senior housing, premium finance, structured lending, asset-based lending, public finance, restaurant services, community investment capital, and capital markets.
The Community Banking business segment primarily serves small and medium-sized commercial clients as well as individual private wealth clients using a relationship-based approach. The commercial component of this segment focuses on locally owned and operated businesses. Private wealth services are delivered to the individuals operating the businesses as well

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as other individuals in the communities in which Community Banking operates. A comprehensive set of banking products are offered to the client set, including a full suite of lending, payments, and depository products as well as financial planning services.
The Consumer Banking business segment serves individual and small business clients through its branch and ATM network, in addition to digital and telephone channels. This segment provides individuals and small businesses with an array of comprehensive banking products and services, including depository accounts, credit and debit cards, payment solutions, goal-based planning, home equity and other consumer loans, and small business lending solutions.
The Financial Management Services business segment serves its clients by providing mortgage, trust services, professional portfolio management for fixed-income securities, securities underwriting and distribution, the execution of securities transactions as a broker/dealer, asset management, financial planning, and family office services, as well as the provision of individual investment advice on equity and other securities.
Functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, are included in Treasury and Corporate Other. In addition, certain assets, liabilities, revenue, and expense not allocated or attributable to a particular business segment, such as Synovus' third-party consumer loans and loans held for sale, as well as CIB, are included in Treasury and Corporate Other.
Synovus uses a centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury and Corporate Other function, where it can be centrally monitored and managed. Treasury and Corporate Other charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The process for determining FTP is based on a number of factors and assumptions, including prevailing market interest rates, the expected lives of various assets and liabilities, and the Company's broader funding profile.
The following tables present certain financial information for each reportable business segment for the three months ended March 31, 2024 and 2023. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients and relationship managers between segments; however, prior period loan and deposit balances and any related net interest income and FTP are not adjusted for transfers.
Three Months Ended March 31, 2024
(in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Net interest income $ 183,666 $ 99,023 $ 138,627 $ 23,220 $ ( 25,690 ) $ 418,846
Non-interest revenue 11,325 16,679 17,947 46,870 26,067 118,888
Non-interest expense 34,729 40,815 52,358 39,948 154,891 322,741
Pre-provision net revenue (PPNR) $ 160,262 $ 74,887 $ 104,216 $ 30,142 $ ( 154,514 ) $ 214,993
Three Months Ended March 31, 2023
(in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Net interest income $ 199,100 $ 111,405 $ 154,631 $ 16,547 $ ( 932 ) $ 480,751
Non-interest revenue 15,900 25,540 20,728 53,206 17,752 133,126
Non-interest expense 33,848 33,382 49,267 44,046 161,309 321,852
Pre-provision net revenue (PPNR) $ 181,152 $ 103,563 $ 126,092 $ 25,707 $ ( 144,489 ) $ 292,025

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March 31, 2024
(dollars in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Loans, net of deferred fees and costs $ 25,483,782 $ 7,938,581 $ 2,781,016 $ 5,349,128 $ 1,757,370 $ 43,309,877
Total deposits $ 13,196,663 $ 10,565,568 $ 18,921,093 $ 1,633,914 $ 6,263,004 $ 50,580,242
Total full-time equivalent employees 331 563 1,510 573 1,755 4,732
December 31, 2023
(dollars in thousands) Wholesale Banking Community Banking Consumer Banking Financial Management Services Treasury and Corporate Other Synovus Consolidated
Loans, net of deferred fees and costs $ 25,506,870 $ 7,966,794 $ 2,825,411 $ 5,374,280 $ 1,731,135 $ 43,404,490
Total deposits $ 13,847,833 $ 10,198,357 $ 18,698,298 $ 1,488,090 $ 6,506,607 $ 50,739,185
Total full-time equivalent employees 334 576 1,522 604 1,762 4,798
Note 10 - Subsequent Event
On April 1, 2024, Synovus transferred $ 3.42 billion of mortgage-backed securities from available for sale to held to maturity, and AOCI included a pre-tax unrealized loss of $ 708.5 million on the investment securities at the date of the transfer. Transfers of investment securities from AFS to HTM are non-cash transactions and are recorded at fair value. Unrealized losses at the date of transfer of these investment securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the investment securities. This amortization will offset the effect on interest income of the amortization of the discount resulting from the transfer recorded at fair value.

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ITEM 2. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In this Report, the words “Synovus,” “the Company,” “we,” “us,” and “our” refer to Synovus Financial Corp. together with Synovus Bank and Synovus' other wholly-owned subsidiaries, except where the context requires otherwise.
FORWARD-LOOKING STATEMENTS
Certain statements made or incorporated by reference in this Report which are not statements of historical fact, including those under “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Report, constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include statements with respect to Synovus' beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, many of which are beyond Synovus' control and which may cause Synovus' actual results, performance or achievements or the financial services industry or economy generally, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus' use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “predicts,” “could,” “should,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the financial services industry and economy in general. Forward-looking statements are based on the 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 document. Many of these factors are beyond Synovus' ability to control or predict. These factors include, but are not limited to:
(1) competition in the financial services industry, including competition from nontraditional banking institutions such as Fintechs;
(2) our ability to realize the expected benefits from our strategic initiatives or other operational and execution goals in the time period expected, which could negatively affect our future profitability;
(3) an economic downturn and contraction, including a recession, and the resulting effects on our capital, financial condition, credit quality, results of operations and future growth, including that the strength of the current economic environment could be further weakened by prolonged periods of inflation and interest rate fluctuations;
(4) changes in the cost and availability of funding due to changes in the deposit market and credit market;
(5) restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Synovus Bank;
(6) the impacts of recent adverse developments in the banking industry, highlighted by high-profile bank failures, on client confidence, liquidity, and regulatory responses to these developments (including increases in the cost of our deposit insurance assessments and increased regulatory scrutiny), our ability to effectively manage our liquidity risk and any growth plans, and the availability of capital and funding;
(7) our ability to attract and retain employees and the impact of senior leadership transitions that are key to our strategic initiatives;
(8) our strategic implementation of new lines of business, new products and services, and new technologies and the expansion of our existing business opportunities with a renewed focus on innovation;
(9) prolonged periods of high inflation and their effects on our business, profitability, and our stock price as well as the impact on our clients (including the velocity and levels of deposit withdrawals and loan repayment);
(10) changes in the interest rate environment, including changes to the federal funds rate, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income;
(11) the impact of recent, proposed, and potential changes in governmental policy, laws, and regulations, potential, proposed, and recently enacted changes in monetary policy and in the regulation and taxation of banks and financial institutions, or the interpretation or application thereof and the uncertainty of future implementation and enforcement of these regulations, including inflationary pressures and potential interest rate fluctuations;
(12) we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services industry;
(13) our current and future information technology system enhancements and operational initiatives may not be successfully implemented, which could negatively impact our operations;

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(14) our business relationships with, and reliance upon, third parties that have strategic partnerships with us or that provide key components of our business infrastructure, including the costs of services and products provided to us by third parties, and disruptions in service or financial difficulties with a third-party vendor or business relationship;
(15) our enterprise risk management framework, our compliance program, or our corporate governance and supervisory oversight functions may not identify or address risks adequately, which may result in unexpected losses;
(16) our asset quality may deteriorate or that our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures;
(17) the ability of our operational framework to identify and manage risks associated with our business, such as credit risk, compliance risk, reputational risk, and operational risk, including by virtue of our relationships with third-party business partners, as well as our relationships with third-party vendors and other service providers;
(18) we may be exposed to potential losses in the event of fraud and/or theft, or in the event that a third-party vendor, obligor, or business partner fails to pay amounts due to us under that relationship or under any arrangement that we enter into with them;
(19) if economic conditions worsen or regulatory capital rules are modified, we may be required to undertake initiatives to improve or conserve our capital position;
(20) our ability to identify and address cyber-security risks (including those impacting our vendors and other third parties) such as data security breaches, malware, "denial of service" attacks, "hacking", and identity theft, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption, or damage of our systems, increased costs, significant losses, or adverse effects to our reputation;
(21) the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives;
(22) our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions;
(23) our ESG strategies and initiatives, the scope and pace of which could alter our reputation and shareholder, employee, client, and third-party relationships;
(24) we could realize losses if we sell assets and the proceeds we receive are lower than the carrying value of such assets;
(25) our ability to obtain regulatory approval to take certain actions, including any dividends on our common or preferred stock, any repurchases of common or preferred stock, or any other issuance or redemption of any other regulatory capital instruments, as well as any applications in respect to strategic initiatives;
(26) we may not be able to identify suitable bank and non-bank acquisition opportunities as part of our growth strategy and even if we are able to identify attractive acquisition opportunities, we may not be able to complete such transactions on favorable terms or realize the anticipated benefits from such acquisitions;
(27) our concentrated operations in the Southeastern U.S. make us vulnerable to local economic conditions, local weather catastrophes, public health issues, and other external events;
(28) the costs and effects of litigation, investigations, or similar matters, or adverse facts and developments related thereto;
(29) the fluctuation in our stock price and general volatility in the stock market;
(30) the effects of any damages to our reputation resulting from developments related to any of the items identified above; and
(31) other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in "Part II - Item 1A. Risk Factors" of this Report.
For a discussion of these and other risks that may cause actual results to differ from expectations, refer to “Part I - Item 1A. Risk Factors” and other information contained in Synovus' 2023 Form 10-K and our other periodic filings, including quarterly reports on Form 10-Q and current reports on Form 8-K, that we file from time to time with the SEC. All written or oral forward-looking statements that are made by or are attributable to Synovus are expressly qualified by this cautionary notice. You should not place undue reliance on any forward-looking statements since those statements speak only as of the date on which the statements are made. Synovus undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of new information or unanticipated events, except as may otherwise be required by law.
INTRODUCTION AND CORPORATE PROFILE
Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and consumer banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium

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finance, asset-based lending, structured lending, capital markets, and international banking. Synovus also provides financial planning and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities.
Synovus Bank is positioned in some of the highest growth markets in the Southeast, with 246 branches and 357 ATMs in Alabama, Florida, Georgia, South Carolina, and Tennessee.
The following financial review summarizes the significant trends, changes in our business, transactions, and other matters affecting Synovus’ results of operations for the three months ended March 31, 2024 compared to the same period in 2023 and financial condition as of March 31, 2024 compared to December 31, 2023. This discussion supplements, and should be read in conjunction with, the unaudited interim consolidated financial statements and notes thereto contained elsewhere in this Report and the consolidated financial statements of Synovus, the notes thereto, and management’s discussion and analysis contained in Synovus' 2023 Form 10-K.
Management's Discussion and Analysis of Financial Condition and Results of Operations consists of:
Discussion of Results of Operations - Reviews Synovus' financial performance, as well as selected balance sheet items, items from the statements of income, significant transactions, and certain key ratios that illustrate Synovus' performance.

Credit Quality, Capital Resources and Liquidity - Discusses credit quality, market risk, capital resources, and liquidity, as well as performance trends. It also includes a discussion of liquidity policies, how Synovus obtains funding, and related performance.

Additional Disclosures - Discusses additional important matters, including critical accounting policies and non-GAAP financial measures.
A reading of each section is important to fully understand our financial performance.

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DISCUSSION OF RESULTS OF OPERATIONS
Table 1 - Consolidated Financial Highlights
Three Months Ended March 31,
(dollars in thousands, except per share data) 2024 2023 Change
Net interest income
$ 418,846 $ 480,751 (13) %
Provision for (reversal of) credit losses
53,980 32,154 68
Non-interest revenue
118,888 133,126 (11)
Total revenue
537,734 613,877 (12)
Non-interest expense
322,741 321,852
Income before income taxes
161,013 259,871 (38)
Net income attributable to Synovus Financial Corp. 124,507 202,159 (38)
Net income available to common shareholders
114,822 193,868 (41)
Net income per common share, basic
0.78 1.33 (41)
Net income per common share, diluted
0.78 1.32 (41)
Net interest margin (1)
3.04 3.43 (39) bps
Net charge-off ratio (1)
0.41 0.17 24
Return on average assets (1)
0.85 1.36 (51)
Return on average common equity (1)
10.2 19.2 (900)
Efficiency ratio-TE
59.87 52.33 754
(1) Annualized
March 31, 2024 December 31, 2023 Sequential Quarter Change March 31, 2023 Year-Over-Year Change
(dollars in thousands)
Loans, net of deferred fees and costs $ 43,309,877 $ 43,404,490 $ (94,613) $ 44,044,939 $ (735,062)
Total average loans 43,377,902 43,597,400 (219,498) 43,793,440 (415,538)
Total deposits 50,580,242 50,739,185 (158,943) 49,953,936 626,306
Core deposits (excludes brokered deposits)
44,861,313 44,696,186 165,127 43,705,682 1,155,631
Total average deposits
50,185,777 50,586,540 (400,763) 49,025,871 1,159,906
Non-performing assets ratio 0.86 % 0.66 % 20 bps 0.41 % 45 bps
Non-performing loans ratio 0.81 0.66 15 0.41 40
Past due loans over 90 days (as a % of loans) 0.01 0.01 0.01
ACL to loans coverage ratio 1.26 1.24 2 1.17 9
CET1 capital ratio 10.38 10.22 16 9.77 61
Tier 1 capital ratio 11.45 11.28 17 10.81 64
Total risk-based capital ratio 13.32 13.07 25 12.72 60
Total Synovus Financial Corp. shareholders’ equity to total assets ratio
8.39 8.56 (17) 7.71 68
Economic Environment and Recent Events
Many of the key economic drivers of 2023 – inflation, economic uncertainty, geopolitical pressures, and changes in monetary policy, among others – remain relevant in 2024.
Inflation remains a key economic concern, evidenced by the Federal Reserve tightening monetary policy by raising market interest rates by 100 bps in 2023. Future actions by the Federal Reserve are uncertain as FOMC policy rate decisions are highly dependent on the level of inflation and strength of the labor market. The specific timing of interest rate cuts is paramount as higher rates continue to pressure asset valuations and make potential refinancing more problematic.
Outside of inflation, the economic uncertainty and market disruptions of 2023 remain in 2024, including geopolitical tensions from conflict in the Middle East, Russia’s prolonged war in Ukraine, and the strained relationship between the U.S. and China. Moreover, 2024 is an election year, and there are specific risks and uncertainties related to the election and any change in administration that could impact the economy and fiscal and regulatory policy by varying degrees. Multiple mixed

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signals make navigating the way ahead difficult as evidenced by the volatility in capital markets, variance in interpretation of the Fed's messaging, and wide ranges of multiple economic outlooks.
U.S. fiscal policy has been expansionary in recent years, leaving a significant federal deficit which will most likely continue to grow, exacerbated in the near term by the election cycle. The Inflation Reduction Act, signed into law in August 2022, raised federal revenue by imposing an alternative corporate minimum tax if certain thresholds are met and a non-deductible excise tax on corporate share repurchases.
The bank failures in March and May of 2023 and the subsequent response by both the banking industry and the Federal Reserve served to mitigate the risks of such failures becoming more systemic. However, the residual impacts on the banking industry and the broader economic environment remain and have generally presented a more challenging outlook for the banking industry and for Synovus. These bank failures resulted in FDIC special assessment expenses, increased regulatory scrutiny, expectations for future regulatory changes, and continued pressure on deposits and liquidity.
Despite the headwinds discussed above, we believe our presence in strong Southeastern U.S. growth markets positions Synovus to execute on our 2024 updated fundamental guidance outlined below by making prudent decisions around business mix, balance sheet optimization, and operating expenses, all of which will support enhanced financial performance and a return to growth as we proceed through 2024.
Executive Summary
Net income available to common shareholders for the first quarter of 2024 was $114.8 million, or $0.78 per diluted common share, compared to $193.9 million, or $1.32 per diluted common share, for the first quarter of 2023.
The year-over-year change was primarily impacted by lower net interest income from continued increases in funding costs and negative deposit remixing, in addition to lower non-interest revenue as the prior year was favorably impacted by a $13.1 million one-time benefit from the recovery of a non-performing asset related to the regulatory approval of our Qualpay investment. Provision for credit losses was also higher compared to the same period in 2023, driven by increased net charge-offs and downward risk migration, partially offset by improved economic forecasts.
Net interest income for the three months ended March 31, 2024 was $418.8 million, down $61.9 million, or 13%, compared to the same period in 2023. Net interest margin for the first quarter of 2024 was down 39 bps over the comparable three - month period in 2023 to 3.04% as the benefits of our asset sensitive balance sheet were offset by continued increases in funding costs and negative deposit remixing. Net interest margin was down 7 bps on a linked quarter basis, as the asset side of our balance sheet continued to benefit from higher rates, but the impact from higher deposit pricing combined with negative deposit remixing resulted in margin compression.
Non-interest revenue for the first quarter of 2024 was $118.9 million, down $14.2 million, or 11%, compared to the same period in 2023, as the prior year was favorably impacted by a $13.1 million one-time benefit from the recovery of a non-performing asset related to the regulatory approval of our Qualpay investment.
Non-interest expense for the first quarter of 2024 was $322.7 million, up $889 thousand compared to the same period in 2023, and included a $12.8 million additional accrual for the FDIC special assessment and continued technology investments. The comparable period in 2023 was negatively impacted by a $16.8 million loss associated with $424.1 million of third-party consumer loans moved to held for sale.
At March 31, 2024, loans, net of deferred fees and costs, of $43.31 billion, decreased $94.6 million, from December 31, 2023. Growth in C&I loans was in key strategic business lines, even as we continue to focus on strategically reducing non-relationship loans. CRE loans declined largely due to increased transactions from client property sales and refinancings. The decrease in consumer loans resulted primarily from the continued strategic runoff of the third-party lending portfolio.
Credit metrics continue to migrate from historically low levels with NPAs and NPLs at 86 bps and 81 bps, respectively, and total past due loans at 13 bps as a percentage of total loans at March 31, 2024. Net charge-offs for the first quarter of 2024 were $44.4 million, or 41 bps annualized, and were impacted by one large C&I loan relationship that accounted for $18.0 million of net charge-offs. The ACL at March 31, 2024 totaled $546.2 million, an increase of $9.6 million from December 31, 2023, and the ACL to loans coverage ratio at March 31, 2024 of 1.26% increased 2 bps compared to December 31, 2023.
Total period-end deposits at March 31, 2024 decreased $158.9 million compared to December 31, 2023, as a $324.1 million decline in brokered deposits, resulting from continued proactive management of our balance sheet position, was somewhat offset by a $165.1 million increase in core deposits. The growth in core deposits was primarily due to continued client demand for time deposits partially offset by a decline in non-interest-bearing demand deposits and seasonality. Average deposit costs of 2.67%, which equate to a cycle-to-date total deposit beta of 49% through the first quarter of 2024, increased 17 bps and 123 bps, from the prior quarter and prior year comparable period, respectively, primarily due to the aforementioned continued client demand for time deposits along with remixing of non-interest-bearing demand deposits.

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At March 31, 2024, Synovus' CET1 ratio of 10.38% improved 16 bps and 61 bps compared to December 31, 2023 and March 31, 2023, respectively, as our organic earnings continue to support capital accretion.
More detail on Synovus' financial results for the three months ended March 31, 2024 may be found in subsequent sections of "Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Report. See also "Part 1 – Item 1A. – Risk Factors" of Synovus' 2023 Form 10-K.
2024 Updated Fundamental Guidance
Updated fundamental guidance for 2024, compared to 2023, is based on our current forecast, which incorporates our strategic objectives and assumes stable economic conditions:
end of period loan growth of 0% to 3%
end of period core deposit (1) growth of 2% to 6%
adjusted revenue (decline) growth (2)(3) of (3)% to 1% (low-end)
adjusted non-interest expense (2)(3)(4) (decline) growth (relatively flat excluding FDIC special assessment)
CET1 ratio of 10.0% to 10.5% (high-end)
effective income tax rate of 21% to 22% (high-end)

(1) Excludes brokered deposits.
(2) See "Table 13 - Reconciliation of Non-GAAP Financial Measures” of this Report for applicable reconciliation to the most comparable GAAP measure.
(3) Guidance based on 2023 baseline: adjusted revenue baseline of $2.28 billion and adjusted non-interest expense of $1.26 billion. Excluding the FDIC special assessment, the amount is $1.21 billion.
(4) Recorded accruals for $12.8 million and $51.0 million during the first quarter of 2024 and the fourth quarter of 2023, respectively, related to the FDIC special assessment.

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Changes in Financial Condition
During the three months ended March 31, 2024, total assets increased $25.6 million compared to December 31, 2023 to $59.84 billion. Total loans decreased $94.6 million compared to December 31, 2023, as declines in CRE and consumer loans were partially offset by growth in C&I loans. Deposits decreased $158.9 million compared to December 31, 2023, as a $324.1 million decline in brokered deposits, resulting from continued proactive management of our balance sheet position, was somewhat offset by a $165.1 million increase in core deposits. The loan to deposit ratio was 85.6% at March 31, 2024 as compared to 85.5% at December 31, 2023. Long-term debt has increased $99.2 million from December 31, 2023, driven by $100.0 million higher long-term FHLB advances while other short-term borrowings also increased $249.0 million, primarily as a result of $250.0 million of short-term FHLB advances.
Total Synovus Financial Corp. shareholders' equity at March 31, 2024 decreased $102.1 million compared to December 31, 2023, driven by growth in retained earnings, which included net income attributable to Synovus Financial Corp. of $124.5 million mostly offset by common and preferred stock dividends of $55.6 million and $9.7 million, respectively, as well as an increase in after-tax net unrealized losses on investment securities available for sale of $118.1 million and 800 thousand shares of common stock repurchases at an average price of $37.36 per share.
Loans
The following table compares the composition of the loan portfolio at March 31, 2024, December 31, 2023, and March 31, 2023.
Table 2 - Loans by Portfolio Class
March 31, 2024 vs. December 31, 2023 Change March 31, 2024 vs. March 31, 2023 Change
(dollars in thousands) March 31, 2024 December 31, 2023 March 31, 2023
Commercial, financial and agricultural $ 14,616,902 33.8 % $ 14,459,345 33.3 % $ 157,557 1 % $ 14,201,398 32.2 % $ 415,504 3 %
Owner-occupied 8,114,394 18.7 8,139,148 18.7 (24,754) 8,398,778 19.1 (284,384) (3)
Total commercial and industrial 22,731,296 52.5 22,598,493 52.0 132,803 1 22,600,176 51.3 131,120 1
Investment properties 11,310,881 26.1 11,363,304 26.2 (52,423) 11,976,830 27.2 (665,949) (6)
1-4 family properties 580,138 1.4 598,502 1.4 (18,364) (3) 596,650 1.3 (16,512) (3)
Land and development 303,000 0.7 354,952 0.8 (51,952) (15) 423,275 1.0 (120,275) (28)
Total commercial real estate 12,194,019 28.2 12,316,758 28.4 (122,739) (1) 12,996,755 29.5 (802,736) (6)
Consumer mortgages 5,384,602 12.4 5,411,723 12.5 (27,121) (1) 5,246,640 11.9 137,962 3
Home equity 1,804,348 4.2 1,807,399 4.2 (3,051) 1,757,250 4.0 47,098 3
Credit cards 180,663 0.4 194,141 0.4 (13,478) (7) 184,595 0.4 (3,932) (2)
Other consumer loans 1,014,949 2.3 1,075,976 2.5 (61,027) (6) 1,259,523 2.9 (244,574) (19)
Total consumer 8,384,562 19.3 8,489,239 19.6 (104,677) (1) 8,448,008 19.2 (63,446) (1)
Loans, net of deferred fees and costs $ 43,309,877 100.0 % $ 43,404,490 100.0 % $ (94,613) % $ 44,044,939 100.0 % $ (735,062) (2) %
At March 31, 2024, loans, net of deferred fees and costs of $43.31 billion, decreased $94.6 million from December 31, 2023. Growth in C&I loans was in key strategic business lines, even as we continue to focus on strategically reducing non-relationship loans. CRE loans declined largely due to increased transactions from client property sales and refinancings. The decrease in consumer loans resulted primarily from the continued strategic runoff of the third-party lending portfolio.
C&I loans remain the largest component of our loan portfolio, representing 52.5% of total loans, while CRE and consumer loans represent 28.2% and 19.3%, respectively. Our portfolio composition is guided by our strategic growth plan, in conjunction with a comprehensive concentration management policy which sets limits for C&I, CRE, and consumer loan levels as well as sub-categories therein.
Commercial Loans
Total commercial loans (which are comprised of C&I and CRE loans) at March 31, 2024 were $34.93 billion, or 80.7% of the total loan portfolio, compared to $34.92 billion, or 80.4%, at December 31, 2023.
Commercial and Industrial Loans
The C&I loan portfolio represents the largest category of Synovus' loan portfolio and is primarily comprised of general middle market and commercial banking clients across a diverse set of industries as well as certain specialized lending verticals. The following table shows the composition of the C&I loan portfolio aggregated by NAICS code. In accordance with Synovus'

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lending policy, each loan undergoes a detailed underwriting process, which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. As of both March 31, 2024 and December 31, 2023, 94.8% of Synovus' C&I loans are secured by real estate, business equipment, inventory, and other types of collateral. C&I loans at March 31, 2024 grew $132.8 million, or 1%, from December 31, 2023, and resulted primarily from growth in key business lines, led by middle market, CIB, and specialty finance, partially offset by continued strategic decline from credit-only lending relationships.
Table 3 - Commercial and Industrial Loans by Industry
March 31, 2024 December 31, 2023
(dollars in thousands) NAICS Code Amount
% (1)
Amount
% (1)
Health care and social assistance 62 $ 4,659,175 20.5 % $ 4,742,370 21.0 %
Finance and insurance 52 4,505,677 19.8 4,429,716 19.6
Accommodation and food services 72 1,500,104 6.6 1,455,283 6.4
Manufacturing 31-33 1,370,852 6.0 1,369,012 6.1
Lessors of real estate 5311 1,285,469 5.7 1,250,031 5.5
Wholesale trade 42 1,164,505 5.1 1,129,905 5.0
Retail trade 44-45 1,127,254 5.0 1,111,225 4.9
Construction 23 1,037,680 4.6 1,041,783 4.6
Professional, scientific, and technical services 54 918,877 4.0 890,119 3.9
Transportation and warehousing 48-49 913,365 4.0 937,368 4.2
Other services 81 874,357 3.8 876,233 3.9
Other industries
(2)
867,616 3.9 836,338 3.7
Real estate and rental and leasing other 53 783,409 3.4 785,811 3.5
Arts, entertainment, and recreation 71 589,789 2.6 585,097 2.6
Public administration 92 479,928 2.1 487,089 2.2
Educational services 61 422,184 1.9 415,885 1.8
Administration, support, waste management, and remediation 56 231,055 1.0 255,228 1.1
Total commercial and industrial loans $ 22,731,296 100.0 % $ 22,598,493 100.0 %
(1) Loan balance in each category expressed as a percentage of total C&I loans.
(2) Comprised of NAICS industries that are less than 1% of total C&I loans at March 31, 2024.
At March 31, 2024, $14.62 billion of C&I loans, or 33.8% of the total loan portfolio, represented loans originated for the purpose of financing commercial, financial and agricultural business activities. The primary source of repayment on these loans is revenue generated from products or services offered by the business or organization. The secondary source of repayment is the collateral, which consists primarily of equipment, inventory, accounts receivable, time deposits, cash surrender value of life insurance, and other business assets.
At March 31, 2024, $8.11 billion of C&I loans, or 18.7% of the total loan portfolio, represented loans originated for the purpose of financing owner-occupied properties. The financing of owner-occupied facilities is considered a C&I loan even though there is improved real estate as collateral such as senior housing facilities. This treatment is a result of the credit decision process, which focuses on cash flow from operations of the business to repay the debt. The secondary source of repayment on these loans is the underlying real estate. These loans are predominantly secured by owner-occupied and other real estate and, to a lesser extent, other types of collateral.
Commercial Real Estate Loans
CRE loans consist primarily of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. In accordance with our lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight relative to the type of property, as well as the size and complexity of the deal. Total CRE loans of $12.19 billion decreased $122.7 million, or 1%, from December 31, 2023, primarily due to elevated levels of transaction activity from client property sales and refinancings.
Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. Total investment properties loans as of March 31, 2024 were $11.31 billion, or 92.8% of the CRE loan portfolio, and decreased $52.4 million from December 31, 2023.

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The following table shows the principal categories of the investment properties loan portfolio at March 31, 2024 and December 31, 2023.
Table 4 - Investment Properties Loan Portfolio
March 31, 2024 December 31, 2023
(dollars in thousands) Amount
% (1)
Weighted Average LTV % (2)
Amount
% (1)
Weighted Average LTV % (2)
Multi-Family $ 4,199,435 37.1 % 53.0 % $ 4,098,188 36.1 % 53.6 %
Hotels 1,790,505 15.8 57.5 1,803,102 15.9 58.0
Office Buildings 1,852,208 16.4 57.0 1,891,587 16.6 58.1
Shopping Centers 1,302,754 11.5 56.2 1,319,049 11.6 55.0
Warehouses 871,662 7.7 53.6 854,475 7.5 54.3
Other investment property 1,294,317 11.5 55.1 1,396,903 12.3 59.3
Total investment properties loans $ 11,310,881 100.0 % $ 11,363,304 100.0 %
(1) Loan balance in each category expressed as a percentage of total investment properties loans.
(2) LTV calculated by dividing most recent appraisal (typically at origination) on non-construction component of portfolio by the respective March 31, 2024 and December 31, 2023 commitment amount and senior lien.

1-4 Family Properties Loans
1-4 family properties loans include construction loans to home builders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. At March 31, 2024, 1-4 family properties loans totaled $580.1 million, or 4.8% of the CRE loan portfolio, and decreased slightly from December 31, 2023.
Land and Development Loans
Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s). Land and development loans of $303.0 million at March 31, 2024 decreased $52.0 million from December 31, 2023.
Consumer Loans
The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network, including first and second residential mortgages, home equity and consumer credit card loans, as well as both secured and unsecured loans from third-party lending. As of March 31, 2024, weighted-average FICO scores within the residential real estate portfolio based on committed balances were 782 for consumer mortgages and 795 for home equity, consistent with year-end 2023 scores.
Consumer loans at March 31, 2024 of $8.38 billion decreased $104.7 million, or 1%, compared to December 31, 2023. Mortgage loans decreased $27.1 million from December 31, 2023 largely due to lower production as a result of continued elevated mortgage interest rates along with seasonality. Other consumer loans decreased $61.0 million from December 31, 2023, primarily due to continued strategic runoff of the third-party lending portfolio.

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Deposits
Deposits provide the most significant funding source for interest earning assets. The following table shows the composition of period-end deposits as of the dates indicated. See Table 11 - Quarter-to-Date Net Interest Income and Rate/Volume Analysis in this Report for information on average deposits including average rates.
Table 5 - Composition of Period-end Deposits
(dollars in thousands) March 31, 2024
% (1)
December 31, 2023
% (1)
March 31, 2023
% (1)
Non-interest-bearing demand deposits (2)
$ 11,515,372 22.8 % $ 11,801,194 23.3 % $ 13,827,552 27.7 %
Interest-bearing demand deposits (2)
6,478,834 12.8 6,540,977 12.9 5,837,023 11.7
Money market accounts (2)
10,712,716 21.2 10,819,709 21.3 11,779,951 23.6
Savings deposits (2)
1,045,084 2.0 1,062,619 2.1 1,312,671 2.6
Public funds 7,270,407 14.4 7,349,505 14.5 6,888,182 13.8
Time deposits (2)
7,838,900 15.5 7,122,182 14.0 4,060,303 8.1
Brokered deposits 5,718,929 11.3 6,042,999 11.9 6,248,254 12.5
Total deposits $ 50,580,242 100.0 % $ 50,739,185 100.0 % $ 49,953,936 100.0 %
Core deposits (3)
$ 44,861,313 88.7 % $ 44,696,186 88.1 % $ 43,705,682 87.5 %
Brokered time deposits $ 2,994,602 5.9 % $ 3,248,088 6.4 % $ 3,807,038 7.6 %
Public funds time deposits $ 355,614 0.7 % $ 412,211 0.8 % $ 270,786 0.5 %
(1) Deposits balance in each category expressed as percentage of total deposits.
(2) Excluding any public funds or brokered deposits.
(3) Core deposits exclude brokered deposits.

Total period-end deposits at March 31, 2024 decreased $158.9 million compared to December 31, 2023 as a $324.1 million decline in brokered deposits, resulting from continued proactive management of our balance sheet position, was somewhat offset by a $165.1 million increase in core deposits. The growth in core deposits was primarily due to continued client demand for time deposits partially offset by a decline in non-interest-bearing demand deposits and seasonality.
Average deposit costs of 2.67%, which equate to a cycle-to-date total deposit beta of 49% through the first quarter of 2024, increased 17 bps and 123 bps, from the prior quarter and prior year comparable period, respectively, primarily due to the aforementioned continued client demand for time deposits along with remixing of non-interest-bearing demand deposits.
As of March 31, 2024 and December 31, 2023, $23.74 billion and $23.77 billion, respectively, of our deposit portfolio was uninsured. The uninsured amounts are estimated based on the methodologies and assumptions used for the Bank's regulatory reporting requirements. At March 31, 2024, approximately 85% of our deposits are either insured (54%), collateralized (14%), or could be insured by switching to our insured cash sweep program, which has existing capacity (17%).

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Non-interest Revenue
The following table shows the principal components of non-interest revenue.
Table 6 - Non-interest Revenue
Three Months Ended March 31,
(dollars in thousands) 2024 2023 $ Change % Change
Service charges on deposit accounts $ 21,813 $ 22,974 $ (1,161) (5) %
Fiduciary and asset management fees 19,013 19,696 (683) (3)
Card fees 19,486 15,824 3,662 23
Brokerage revenue 22,707 24,204 (1,497) (6)
Mortgage banking income 3,418 3,858 (440) (11)
Capital markets income 6,627 15,127 (8,500) (56)
Income from bank-owned life insurance 7,347 7,262 85 1
Insurance revenue 218 539 (321) (60)
Investment securities gains (losses), net 1,030 (1,030) nm
Recovery of NPA 13,126 (13,126) nm
Other non-interest revenue 18,259 9,486 8,773 92
Total non-interest revenue $ 118,888 $ 133,126 $ (14,238) (11) %
Core banking fees (1)
$ 47,443 $ 45,102 $ 2,341 5 %
Wealth revenue (2)
$ 41,938 $ 44,439 $ (2,501) (6) %
(1) Core banking fees consist of service charges on deposit accounts, card fees, and several other non-interest revenue components including line of credit non-usage fees, letter of credit fees, ATM fee income, and miscellaneous other service charges.
(2) Wealth revenue consists of fiduciary and asset management, brokerage, and insurance revenue.
Three Months Ended March 31, 2024 compared to March 31, 2023
Non-interest revenue for the first quarter of 2024 was $118.9 million, down $14.2 million, or 11%, compared to the same period in 2023, as the prior year was favorably impacted by a $13.1 million one-time benefit from the recovery of a non-performing asset related to the regulatory approval of our Qualpay investment.
Service charges on deposit accounts, consisting of account analysis fees, NSF fees, and all other service charges declined over the prior year comparable period. The largest category of service charges, account analysis fees, were up $927 thousand, or 9%, compared to the first quarter of 2023. NSF/overdraft fees were down $1.9 million, or 28%, primarily due to the impact of NSF/overdraft fee program changes implemented in the third quarter of 2023. All other service charges on deposit accounts, which consist primarily of monthly fees on consumer demand deposits and small business accounts, for the three months ended March 31, 2024 were down $230 thousand, or 4%, compared to the same period in 2023.
Fiduciary and asset management fees are derived from providing estate administration, personal trust, corporate trust, corporate bond, investment management, financial planning, and family office services. Fiduciary and asset management fees were down, primarily driven by a decline in asset management income impacted by the sale of GLOBALT on September 30, 2023.
Card fees consist primarily of credit card interchange fees, debit card interchange fees, and merchant revenue. Card fees are reported net of certain associated expense items, including client loyalty program expenses and network expenses. Merchant revenue relates to the fees that are charged to merchant clients based on a percentage of their credit or debit card transaction volume amounts. Card fees for the three months ended March 31, 2024 were up compared to the same period in 2023, primarily due to increased merchant fees largely driven by our Qualpay investment.
Brokerage revenue consists primarily of brokerage commissions as well as advisory fees earned from the management of client assets. Brokerage revenue for the three months ended March 31, 2024 decreased 6% over the prior year comparable period, as the prior year largely benefited from client activity, including movement into short-term liquidity products such as repurchase agreements due to the rate environment.
Mortgage banking income, consisting of net gains on loan origination/sales activities, was lower for the three months ended March 31, 2024, compared to the same period in 2023, primarily due to a higher rate environment, reducing refinance and purchase volumes, driving down the pipeline, partially offset by a $603 thousand increase in gains on sale with loans sold of $113.2 million, which were slightly lower than the first quarter of 2023. Secondary market production was $104.9 million for the three months ended March 31, 2024, a decline of $844 thousand compared to the first quarter of 2023.

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Capital markets income primarily includes fee income from client derivative transactions, debt capital market transactions, foreign exchange, gains (losses) from sales of SBA loans, as well as other miscellaneous income from capital market transactions. The decline in the first quarter of 2024 compared to higher results in the first quarter of 2023 and primarily resulted in a $4.7 million decrease in fees on client derivative transactions, $3.0 million lower loan syndication arranger fees, and $778 thousand lower fee income from debt capital market transactions.
The main components of other non-interest revenue are fees for letters of credit and unused lines of credit, safe deposit box fees, access fees for ATM use, other service charges and loan servicing fees, earnings on equity method investments, commercial sponsorship fees, and other miscellaneous items. The three months ended March 31, 2024 increase compared to the prior year was largely due to $7.3 million higher commercial sponsorship fees, and a $928 thousand increase in the fair value of non-qualified deferred compensation plan assets (offset in non-interest expense).
Non-interest Expense
The following table summarizes the components of non-interest expense.
Table 7 - Non-interest Expense
Three Months Ended March 31,
(dollars in thousands) 2024 2023 $ Change % Change
Salaries and other personnel expense $ 188,521 $ 188,924 $ (403) %
Net occupancy, equipment, and software expense 46,808 42,860 3,948 9
Third-party processing and other services 20,258 21,833 (1,575) (7)
Professional fees 7,631 8,963 (1,332) (15)
FDIC insurance and other regulatory fees 23,819 10,268 13,551 132
Amortization of intangibles 2,907 1,857 1,050 57
Restructuring charges (reversals) 1,524 (733) 2,257 nm
Loss on other loans held for sale 16,750 (16,750) nm
Other operating expense 31,273 31,130 143
Total non-interest expense $ 322,741 $ 321,852 $ 889 %
Three Months Ended March 31, 2024 compared to March 31, 2023
Non-interest expense for the first quarter of 2024 was $322.7 million, up $889 thousand compared to the same period in 2023, and included a $12.8 million additional accrual for the FDIC special assessment and continued technology investments while the comparable period in 2023 was negatively impacted by a $16.8 million loss associated with $424.1 million of third-party consumer loans moved to held for sale.
Salaries and other personnel expense decreased slightly for the three months ended March 31, 2024 primarily due to the impact of headcount reductions, partially offset by unfavorable deferred loan origination costs due to lower loan production and a $928 thousand unfavorable change in the fair value of the non-qualified deferred compensation liability (offset in non-interest revenue). Total headcount of 4,812 was down by 349, or 7%, compared to March 31, 2023 primarily as a result of the voluntary early retirement program offered to certain qualified employees in 2023, in addition to strategic reductions in areas primarily impacted by production volume declines.
Net occupancy, equipment, and software expense increased compared to the three months ended March 31, 2023 primarily due to continued investments in technology.
Third-party processing and other services expense includes all third-party core operating system and processing charges as well as third-party loan servicing charges. Third-party processing expense decreased compared to the same period in 2023 largely due to lower servicing fees associated with decreased third-party consumer loans.
Professional fees were down for the three months ended March 31, 2024 largely due to lower consulting fees primarily related to strategic and infrastructure investments partially offset by increased legal fees from various transaction-related matters.
FDIC insurance and other regulatory fees increased for the three months ended March 31, 2024, largely due to an additional $12.8 million accrual for the FDIC special assessment, which brings the total accrual to $63.8 million. The final FDIC rule imposed a special assessment at an annual rate of approximately 13.4 bps on a bank's uninsured deposits balance, in excess of $5 billion, as of December 31, 2022, payable in eight quarterly installments beginning in the first quarter of 2024, to

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cover losses incurred by the DIF due to bank failures in March and May of 2023. In February 2024, the FDIC informed banks that the estimated losses attributable to the protection of uninsured depositors at the failed banks had increased from the estimate described in the final rule, and the $12.8 million accrual in the current quarter is management's estimate of Synovus' share of the additional obligation. The FDIC plans to provide an updated estimate of each institution's quarterly and total special assessment expense with the first quarter 2024 special assessment invoices, to be released in June 2024.
Amortization of intangibles increased for the three months ended March 31, 2024 due to Synovus' acquisition of Qualpay in the second quarter of 2023.
During the three months ended March 31, 2024, restructuring charges (reversals) primarily consisted of $1.3 million in asset impairment/lease termination and common area maintenance charges related to corporate offices while the restructuring charges (reversals) for the three months ended March 31, 2023 included $1.4 million in gains on the sale of three branches partially offset by $636 thousand of severance and branch-related asset impairment/lease termination charges.
Other operating expense includes advertising, travel, insurance, network and communication, other taxes, subscriptions and dues, other loan and ORE expense, postage and freight, training, business development, supplies, donations, and other miscellaneous expense. Other operating expense was up slightly for the three months ended March 31, 2024 largely due to the impact from the reversal of a $2.7 million impairment charge related to Qualpay recorded in the first quarter of 2023 mostly offset by fewer donations due to timing of commitments in addition to decreases that included travel and training expense.
Income Tax Expense
Income tax expense was $36.9 million for the three months ended March 31, 2024, compared to $57.7 million for the three months ended March 31, 2023, representing effective tax rates of 22.9% and 22.2%, respectively.
The effective tax rate was higher for the three months ended March 31, 2024, primarily due to a change in the timing and mix of discrete tax items recognized in the comparable periods. These items include excess tax expense/ benefits from vesting of share-based compensation awards, the accrual and release of valuation allowances and reserves for uncertain tax positions, and accounting for changes in tax laws, all of which can vary significantly and affect comparability from period to period.
CREDIT QUALITY, CAPITAL RESOURCES AND LIQUIDITY
Credit Quality
Synovus diligently monitors the quality of its loan portfolio by industry, property type, and geography through a thorough portfolio review process and our analytical risk management tools. Credit metrics continue to migrate from historically low levels with NPAs and NPLs at 86 bps and 81 bps, respectively, and total past due loans at 13 bps as a percentage of total loans at March 31, 2024. Net charge-offs were $44.4 million, or 41 bps annualized, for the three months ended March 31, 2024 and were impacted by one large C&I loan relationship that accounted for $18.0 million of net charge-offs.

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The table below includes selected credit quality metrics.
Table 8 - Credit Quality Metrics
(dollars in thousands) March 31, 2024 December 31, 2023 March 31, 2023
Non-performing loans
$ 350,450 $ 288,177 $ 182,460
ORE and other assets
21,210
Non-performing assets
$ 371,660 $ 288,177 $ 182,460
Total loans
$ 43,309,877 $ 43,404,490 $ 44,044,939
Non-performing loans as a % of total loans
0.81 % 0.66 % 0.41 %
Non-performing assets as a % of total loans, ORE, and specific other assets
0.86 0.66 0.41
Loans 90 days past due and still accruing
$ 3,748 $ 5,053 $ 3,529
As a % of total loans
0.01 % 0.01 % 0.01 %
Total past due loans and still accruing
$ 54,814 $ 59,099 $ 55,053
As a % of total loans
0.13 % 0.14 % 0.12 %
FDMs $ 178,714 $ 249,529 $ 61,339
Net charge-offs, quarter 44,356 41,574 18,550
Net charge-offs/average loans, quarter (annualized) 0.41 % 0.38 % 0.17 %
Provision for (reversal of) loan losses, quarter $ 57,632 $ 43,427 $ 32,136
Provision for (reversal of) unfunded commitments, quarter (3,652) 2,045 18
Provision for (reversal of) credit losses, quarter $ 53,980 $ 45,472 $ 32,154
Allowance for loan losses $ 492,661 $ 479,385 $ 457,010
Reserve for unfunded commitments 53,579 57,231 57,473
Allowance for credit losses $ 546,240 $ 536,616 $ 514,483
ACL to loans coverage ratio
1.26 % 1.24 % 1.17 %
ALL to loans coverage ratio
1.14 1.10 1.04
ACL/NPLs 155.87 186.21 281.97
ALL/NPLs 140.58 166.35 250.47
Non-performing Assets
Total NPAs were $371.7 million at March 31, 2024, an $83.5 million, or 29%, increase from December 31, 2023 primarily due to the designation of a few large commercial relationships as non-performing, which have undergone impairment testing and have been appropriately charged down or reserved.
Criticized and Classified Loans
Our loan ratings are aligned to federal banking regulators' definitions of pass and criticized categories, which include special mention, substandard, doubtful, and loss. Substandard accruing and non-accruing loans, doubtful, and loss loans are often collectively referred to as classified. Special mention, substandard, doubtful, and loss loans are often collectively referred to as criticized and classified loans. The following table presents a summary of criticized and classified loans. Criticized and classified loans at March 31, 2024 increased $107.6 million compared to December 31, 2023, primarily due to the downward migration of several commercial credits.
Table 9 - Criticized and Classified Loans
(dollars in thousands) March 31, 2024 December 31, 2023
Special mention $ 652,984 $ 615,748
Substandard 921,422 898,579
Doubtful 57,609 9,714
Loss 2,212 2,539
Criticized and Classified loans $ 1,634,227 $ 1,526,580
As a % of total loans
3.8 % 3.5 %

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Provision for (Reversal of) Credit Losses and Allowance for Credit Losses
The provision for credit losses was $54.0 million for the three months ended March 31, 2024, compared to a provision of $32.2 million for the three months ended March 31, 2023. The increase was driven by increased net charge-offs and downward risk migration, partially offset by improved economic forecasts. Net charge-offs for the three months ended March 31, 2024 were $44.4 million compared to $18.6 million for the three months ended March 31, 2023.
The ALL of $492.7 million and the reserve for unfunded commitments of $53.6 million, which is recorded in other liabilities, comprise the total ACL of $546.2 million at March 31, 2024. The ACL increased $9.6 million compared to the December 31, 2023 ACL of $536.6 million, which consisted of an ALL of $479.4 million and the reserve for unfunded commitments of $57.2 million. The ACL to loans coverage ratio of 1.26% at March 31, 2024 increased 2 bps compared to December 31, 2023. The increase in the ACL from December 31, 2023 resulted primarily from credit performance that included downward migration and a qualitative adjustment that offset improved economic inputs and net charge-offs.
Capital Resources
Synovus and Synovus Bank are required to comply with capital adequacy standards established by our primary federal regulator, the Federal Reserve. Synovus and Synovus Bank measure capital adequacy using the standardized approach under Basel III. At March 31, 2024, Synovus and Synovus Bank's capital levels remained strong and exceeded well-capitalized requirements currently in effect. The following table presents certain ratios used to measure Synovus and Synovus Bank's capitalization.
Table 10 - Capital Ratios
(dollars in thousands) March 31, 2024 December 31, 2023
CET1 capital
Synovus Financial Corp. $ 5,223,898 $ 5,206,521
Synovus Bank 5,572,017 5,559,624
Tier 1 risk-based capital
Synovus Financial Corp. 5,761,043 5,743,666
Synovus Bank 5,572,017 5,559,624
Total risk-based capital
Synovus Financial Corp. 6,700,738 6,654,224
Synovus Bank 6,290,658 6,249,947
CET1 capital ratio
Synovus Financial Corp. 10.38 % 10.22 %
Synovus Bank 11.09 10.93
Tier 1 risk-based capital ratio
Synovus Financial Corp. 11.45 11.28
Synovus Bank 11.09 10.93
Total risk-based capital to risk-weighted assets ratio
Synovus Financial Corp. 13.32 13.07
Synovus Bank 12.52 12.29
Leverage ratio
Synovus Financial Corp. 9.62 9.49
Synovus Bank 9.32 9.21
At March 31, 2024, Synovus' CET1 ratio of 10.38% improved 16 bps compared to December 31, 2023, as our organic earnings continue to support capital accretion. Additionally, efforts to rationalize growth in certain categories resulted in a modest decline in risk-weighted-assets, which further supported the increase in our capital ratios. During April 2024, Synovus commenced risk-weighted asset optimization efforts that include analyzing and documenting eligibility of certain loans for reduced risk weighting. These results are expected to be reflected in the June 30, 2024 regulatory filings . We will continue to target a CET1 ratio within a range of 10.0% to 10.5% and aim to maintain a robust capital position against what remains an uncertain macroeconomic environment. For additional information on regulatory capital requirements, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Regulatory Capital" to the consolidated financial statements of Synovus' 2023 Form 10-K. Management reviews the Company's capital position on an on-going basis and believes, based on internal capital analyses and earnings projections, that Synovus is well positioned to meet relevant regulatory capital standards.

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The Company announced on January 18, 2024 that its Board of Directors authorized share repurchases of up to $300 million of common stock and $50 million of preferred stock in 2024. During the three months ended March 31, 2024, Synovus repurchased 800 thousand shares of common stock at an average price of $37.36 per share via open market transactions.
On August 26, 2020, the federal banking regulators issued a final rule that allowed electing banking organizations that adopted CECL during 2020 to mitigate the estimated effects of CECL on regulatory capital for two years, followed by a three-year phase-in transition period. Synovus adopted CECL on January 1, 2020, and the March 31, 2024 regulatory capital ratios reflect Synovus' election of the five-year transition provision. At March 31, 2024, $14.6 million, or a cumulative 3 bps benefit to CET1, was deferred.
Dividends
Synovus has historically paid a quarterly cash dividend to the holders of its common stock. Management and the Board of Directors closely monitor current and projected capital levels, liquidity (including dividends from subsidiaries), financial markets and other economic trends, as well as regulatory requirements regarding the payment of dividends.
Synovus' ability to pay dividends on its common stock and preferred stock is primarily dependent upon dividends and distributions that it receives from its bank and non-banking subsidiaries, which are restricted by various regulations administered by federal and state bank regulatory authorities.
Synovus declared common stock dividends of $55.6 million, or $0.38 per common share, for the three months ended March 31, 2024, compared to $55.5 million, or $0.38 per common share, for the three months ended March 31, 2023. In addition, Synovus declared dividends on its preferred stock of $9.7 million for the three months ended March 31, 2024 compared to $8.3 million for the three months ended March 31, 2023.
Liquidity
Liquidity represents the extent to which Synovus has readily available sources of funding to meet the needs of depositors, borrowers, and creditors; to support asset growth; and to otherwise sustain operations of Synovus and its subsidiaries, at a reasonable cost, on a timely basis, and without adverse consequences. ALCO monitors Synovus' economic, competitive, and regulatory environment and is responsible for measuring, monitoring, and reporting on liquidity and funding risk as well as market risk.
In accordance with Synovus policies and regulatory guidance, ALCO evaluates contractual and anticipated cash flows under normal and stressed conditions to properly manage the Company’s liquidity profile. Synovus places an emphasis on maintaining numerous sources of current and contingent liquidity to meet its obligations to depositors, borrowers, and creditors on a timely basis. Liquidity is generated through various sources, including, but not limited to, maturities and repayments of loans by clients, maturities and sales of investment securities, and growth in core and wholesale deposits.
Synovus Bank also generates liquidity through the issuance of brokered certificates of deposit and money market accounts. Synovus Bank accesses funds from a broad geographic base to diversify its sources of funding and liquidity. Synovus Bank also has the capacity to access funding through its membership in the FHLB system and the Federal Reserve. Management continuously monitors and maintains appropriate levels of liquidity so as to provide adequate funding sources to manage client deposit withdrawals, loan requests, and other funding demands.
Total deposits at March 31, 2024 decreased $158.9 million compared to December 31, 2023, as a $324.1 million decline in brokered deposits, resulting from continued proactive management of our balance sheet position, was somewhat offset by a $165.1 million increase in core deposits. The growth in core deposits was primarily due to continued client demand for time deposits partially offset by a decline in non-interest-bearing demand deposits and seasonality. Synovus continues to proactively manage its liquidity position, which has included the level of brokered deposits, and robust contingent liquidity is maintained across a diverse set of sources which include immediately available funds as well as funds we expect to be available within short notice. Contingent liquidity sources include primary sources such as FHLB borrowing capacity, FRB cash reserves, unencumbered securities, and third-party consumer loans, which includes our decision to sell loans from this portfolio and strategic runoff, while secondary sources consist of the Federal Reserve discount window, Fed Funds lines, and other sources. At March 31, 2024, contingent sources of liquidity totaled approximately $26.9 billion, and based on currently pledged collateral, Synovus Bank had access to FHLB funding of $7.39 billion, subject to FHLB credit policies.
In addition to bank level liquidity management, Synovus must manage liquidity at the Parent Company level for various operating needs, including the servicing of debt, the payment of dividends on our common stock and preferred stock, payment of general corporate expense, and potential capital infusions into subsidiaries. The primary source of liquidity for Synovus consists of dividends from Synovus Bank, which is governed by certain rules and regulations of the GA DBF and the Federal Reserve Bank. Synovus' ability to receive dividends from Synovus Bank in future periods will depend on a number of factors, including, without limitation, Synovus Bank's future profits, asset quality, liquidity, and overall condition. In addition, both the GA DBF and Federal Reserve Bank may require approval to pay dividends, based on certain regulatory statutes and limitations.

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Synovus presently believes that the sources of liquidity discussed above, including existing liquid funds on hand, are sufficient to meet its anticipated funding needs. However, if economic conditions were to significantly deteriorate, regulatory capital requirements for Synovus or Synovus Bank were to increase as a result of directives or otherwise, or Synovus believes it is prudent to enhance current liquidity levels, then Synovus may seek additional liquidity from external sources. See "Part I – Item 1A. Risk Factors - Market and Other General Risk - Recent negative developments affecting the banking industry, and resulting media coverage, have eroded client confidence in the banking system , and Credit and Liquidity Risk - Changes in the cost and availability of funding due to changes in the deposit market and credit market may adversely affect our capital resources, liquidity and financial results , " of Synovus' 2023 Form 10-K. Furthermore, Synovus may, from time to time, take advantage of attractive market opportunities to refinance, retire, or repurchase its existing debt, redeem its preferred stock, repurchase shares, or strengthen its liquidity or capital position.
Earning Assets and Sources of Funds
Average earning assets decreased $1.44 billion in the first three months of 2024 compared to the same period in 2023. The decrease in average earning assets primarily resulted from an average other loans held for sale decline of $425.2 million, an average total loans, net of unearned income, decrease of $415.5 million, $346.4 million lower average interest-bearing funds held at the Federal Reserve Bank due to an elevated cash position amidst banking industry uncertainty that began near the end of the first quarter of 2023, and a $145.7 million decrease in average investment securities available for sale (amortized cost basis). The decline in average other loans held for sale was primarily attributable to sales of third-party consumer loans while the decrease in average total loans, net of unearned income, was largely due to a decline in third-party consumer loans from continued run-off and a $424.1 million transfer to held for sale near the end of the first quarter of 2023.
Average interest-bearing liabilities increased $1.09 billion, or 3%, for the first three months of 2024 compared to the same period in 2023. The increase in average interest-bearing liabilities largely resulted from increases of $4.30 billion and $1.50 billion in average time deposits and average interest-bearing demand deposits, respectively, partially offset by decreases of $1.61 billion, $1.57 billion, and $1.38 billion in average other short-term borrowings, average money market accounts, and average long-term debt, respectively. The increases in time deposits and interest-bearing demand deposits and decrease in money market accounts were correlated as fluctuations between these categories have been driven by the rate environment. The decreases in other short-term borrowings and long-term debt were largely due to the ongoing management of our liquidity position. Average non-interest-bearing demand deposits decreased $2.94 billion for the first three months of 2024 compared to the same period in 2023 primarily due to the continued pressures from the rate environment and client deployment of excess funds.
Net interest income for the three months ended March 31, 2024 was $418.8 million, down $61.9 million, or 13%, compared to the same period in 2023. Net interest margin was down 39 bps over the comparable period to 3.04% as the benefits of our asset sensitive balance sheet were offset by continued increases in funding costs and negative deposit remixing.
On a sequential quarter basis, net interest income was down $18.4 million, or 4%, impacted largely by continued higher deposit costs partially offset by lower day count and benefits of available for sale investment securities repositioning in the fourth quarter of 2023. Net interest margin for the first quarter of 2024 was down 7 bps compared to the fourth quarter of 2023, as the asset side of our balance sheet continued to benefit from higher rates, but the impact from higher deposit pricing combined with negative deposit remixing resulted in margin compression. We expect net interest margin to be relatively stable in the second quarter of 2024 and higher in the second half of 2024, supported by fixed-rate asset repricing and hedge maturities.

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Net Interest Income and Rate/Volume Analysis
The following table sets forth the major components of net interest income and the related annualized yields and rates for the three months ended March 31, 2024 and 2023, as well as the variances between the periods caused by changes in interest rates versus changes in volume.
Table 11 - Quarter-to-Date Net Interest Income and Rate/Volume Analysis
Three Months Ended March 31, 2024 Compared to 2023
2024 2023
Change due to (1)
(dollars in thousands)
Average Balance Interest Yield/
Rate
Average Balance Interest Yield/
Rate

Volume
Yield/ Rate Increase (Decrease)
Assets
Interest earning assets:
Commercial loans (2) (3)
$ 34,943,797 $ 583,459 6.72 % $ 35,030,809 $ 526,529 6.10 % $ (1,320) $ 58,250 $ 56,930
Consumer loans (2)
8,434,105 109,566 5.21 8,762,631 104,147 4.78 (3,905) 9,324 5,419
Less: Allowance for loan losses
(481,146) (445,192)
Loans, net
42,896,756 693,025 6.49 43,348,248 630,676 5.89 (5,225) 67,574 62,349
Investment securities available for sale
11,148,242 71,906 2.58 11,293,958 61,054 2.16 (782) 11,634 10,852
Trading account assets
11,567 65 2.25 11,338 124 4.39 2 (61) (59)
Other earning assets (4)
1,218,090 16,173 5.25 1,513,800 17,212 4.55 (3,338) 2,299 (1,039)
FHLB and Federal Reserve Bank stock
187,825 2,273 4.84 306,935 3,355 4.37 (1,294) 212 (1,082)
Mortgage loans held for sale
29,773 495 6.65 36,497 566 6.20 (104) 33 (71)
Other loans held for sale 18,465 83 1.77 443,690 5,011 4.52 (4,779) (149) (4,928)
Total interest earning assets
$ 55,510,718 $ 784,020 5.68 % $ 56,954,466 $ 717,998 5.11 % $ (15,520) $ 81,542 $ 66,022
Cash and due from banks
532,624 643,502
Premises and equipment
370,376 370,275
Other real estate
61
Cash surrender value of bank-owned life insurance
1,114,703 1,091,080
Other assets (5)
1,493,749 1,074,238
Total assets
$ 59,022,231 $ 60,133,561
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand deposits
$ 10,590,340 $ 65,415 2.48 % $ 9,088,533 $ 23,218 1.04 % $ 3,883 $ 38,314 $ 42,197
Money market accounts
12,826,385 103,129 3.23 14,397,683 72,618 2.05 (8,009) 38,520 30,511
Savings deposits
1,057,087 287 0.11 1,370,173 211 0.06 (47) 123 76
Time deposits
7,902,850 86,493 4.40 3,601,288 21,496 2.42 25,882 39,115 64,997
Brokered deposits 5,737,445 77,342 5.42 5,553,970 56,392 4.12 1,879 19,071 20,950
Federal funds purchased and securities sold under repurchase agreements
113,558 648 2.26 133,360 670 2.01 (99) 77 (22)
Other short-term borrowings
71,775 955 5.26 1,677,519 18,994 4.53 (18,086) 47 (18,039)
Long-term debt
1,764,740 29,595 6.69 3,148,062 42,529 5.41 (18,607) 5,673 (12,934)
Total interest-bearing liabilities
40,064,180 $ 363,864 3.65 % 38,970,588 $ 236,128 2.46 % $ (13,204) $ 140,940 $ 127,736
Non-interest-bearing demand deposits
12,071,670 15,014,224
Other liabilities
1,782,659 1,522,827
Total equity
5,103,722 4,625,922
Total liabilities and shareholders' equity
$ 59,022,231 $ 60,133,561
Net interest income and net interest margin, taxable equivalent (6)
$ 420,156 3.04 % $ 481,870 3.43 % $ (2,316) $ (59,398) $ (61,714)
Less: taxable-equivalent adjustment
1,310 1,119
Net interest income
$ 418,846 $ 480,751
(1) Changes in rate/volume will equal the increase/ (decrease) in interest income/expense.
(2) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2024 - $10.6 million, 2023 - $11.5 million.
(3) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans 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 $(1.36) billion and $(1.52) billion for the three months ended March 31, 2024 and 2023, respectively.
(6) The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earnings assets.

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Market Risk Analysis
Interest rate risk is the primary market risk to which Synovus is potentially exposed. Synovus measures the sensitivity of net interest income to changes in market interest rates through the use of simulation modeling, which incorporates all of Synovus’ earning assets and liabilities. These simulations are used to determine a baseline net interest income projection and the sensitivity of the income profile based on changes in interest rates. These simulations incorporate assumptions and factors, including, but not limited to, changes in market rates, in the size or composition of the balance sheet, and in repricing characteristics as well as client behaviors for both loans and deposits. This includes estimates for deposit repricing characteristics which, for purposes of the sensitivity estimates provided below, relies upon a constant, through-the-cycle total deposit cost beta of approximately 40%- 45% as of the most recently reported period. This process is reviewed and updated on an on-going basis in a manner consistent with Synovus’ ALCO governance framework.
Synovus has modeled its baseline net interest income forecast assuming a relatively flat interest rate environment, with the federal funds rate at the Federal Reserve’s targeted range of 5.25% to 5.50% as of March 31, 2024 and the prime rate of 8.50% as of March 31, 2024. Synovus has modeled the impact of an immediate change in market interest rates across the yield curve of 100 and 200 bps to determine the sensitivity of net interest income for the next 12 months. As illustrated in the table below, the net interest income sensitivity derived from this simulation suggests that net interest income is projected to increase by 3.2% and 1.6% if interest rates increased by 200 and 100 bps, respectively. Net interest income is projected to decrease by 1.7% and 3.6% if interest rates decreased by 100 and 200 bps, respectively.
The following table represents the estimated sensitivity of net interest income at March 31, 2024, with comparable information for December 31, 2023.
Table 12 - 12 Month Net Interest Income Sensitivity
Estimated % Change in Net Interest Income as Compared to Unchanged Rates (for the next 12 months)
Change in Interest Rates (in bps) March 31, 2024 December 31, 2023
+200 3.2% 3.7%
+100 1.6 1.9
-100 (1.7) (2.0)
-200 (3.6) (4.1)
While all of the above estimates are reflective of the general interest rate sensitivity of Synovus, local market conditions, the realized growth and remixing of the balance sheet, as well as the broader macroeconomic environment could all have a significant impact on both the sensitivity and realized level of net interest income. Additionally, should there be differences between realized deposit betas for a given level of rates as compared to the Company's estimates for through-the-cycle betas, this may also have a significant impact on our reported sensitivity and the realized level of net interest income.
The net interest income simulation model is the primary tool utilized to evaluate potential interest rate risks over a shorter-term time horizon. Synovus also evaluates potential longer-term interest rate risk through modeling and evaluation of the sensitivity of the Company's EVE. The EVE measurement process estimates the net fair value of assets, liabilities, and off-balance sheet financial instruments under various interest rate scenarios. Management uses EVE sensitivity analyses as an additional means of measuring interest rate risk and incorporates this form of analysis within its governance and limits framework.
Synovus is also subject to market risk in certain of its fee income business lines. Financial management services revenue, which include trust, brokerage, and asset management fees, can be affected by risk in the securities markets, primarily the equity securities market. A significant portion of the fees in this unit are determined based upon a percentage of asset values. Weaker securities markets and lower equity values have an adverse impact on the fees generated by these operations. Trading account assets, maintained to facilitate brokerage client activity, are also subject to market risk; however, trading activities are limited and subject to risk policy limits. Additionally, Synovus utilizes various tools to measure and manage price risk in its trading portfolio.
Mortgage banking income is also subject to market risk. Mortgage loan originations are sensitive to levels of mortgage interest rates and therefore, mortgage banking income can be negatively impacted during periods of rising interest rates as we have been experiencing through-the-cycle. The extension of commitments to clients to fund mortgage loans also subjects Synovus to market risk. This risk is primarily created by the time periods between making the commitment, closing, and delivering the loan. Synovus seeks to minimize its exposure by utilizing various risk management tools, including forward sales commitments and other economic hedges.

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Derivative Instruments for Interest Rate Risk Management
Synovus utilizes derivative instruments to manage its exposure to various types of structural interest rate risks by executing end-user derivative transactions designated as hedges. Hedging relationships may be designated as either a cash flow hedge, which mitigates risk exposure to the variability of future cash flows or other forecasted transactions, or a fair value hedge, which mitigates risk exposure to adverse changes in the fair market value of a fixed rate asset or liability due to changes in market interest rates.
As of March 31, 2024 and December 31, 2023, Synovus had $4.60 billion and $5.60 billion, respectively, in notional amounts outstanding of both effective and forward-starting interest rate swaps designated as cash flow hedging instruments to hedge its exposure to contractually specified interest rate risk associated with floating rate loans.
As of March 31, 2024 and December 31, 2023, Synovus had $2.73 billion and $2.56 billion, respectively, in notional amounts outstanding of receive-fixed, pay-variable interest rate swaps designated as fair value hedging instruments to hedge its exposure to the change in the fair value due to fluctuations in market interest rates for outstanding fixed-rate long-term debt and fixed-rate interest-bearing deposits.
Critical Accounting Policies
The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Synovus has identified certain of its accounting policies as “critical accounting policies,” consisting of those related to the allowance for credit losses and income taxes. In determining which accounting policies are critical in nature, Synovus has identified the policies that require significant judgment or involve complex estimates. It is management's practice to discuss critical accounting policies with the Board of Directors' Audit Committee on a periodic basis, including the development, selection, implementation, and disclosure of the critical accounting policies. The application of these policies has a significant impact on Synovus’ unaudited interim consolidated financial statements. Synovus’ financial results could differ significantly if different judgments or estimates are used in the application of these policies. All accounting policies described in "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2023 Form 10-K should be reviewed for a greater understanding of how we record and report our financial performance. There have been no significant changes to the accounting policies, estimates, and assumptions, or the judgments affecting the application of these estimates and assumptions from those disclosed in Synovus' 2023 Form 10-K.
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 net income per common share, diluted, adjusted return on average assets, adjusted return on average common equity, return on average tangible common equity, adjusted return on average tangible common equity, and tangible common equity ratio, 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 revenue, efficiency ratio-TE, net income available to common shareholders, net income per common share, diluted, return on average assets, return on average common equity, and the ratio of total shareholders' equity to total assets, 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 revenue and non-interest revenue exclusive of net investment securities gains (losses), and fair value adjustments on non-qualified deferred compensation, and other items not indicative of ongoing operations that could impact period-to-period comparisons. 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 net income per common share, diluted, adjusted return on average assets, and adjusted return on average common equity are measurements used by management to evaluate operating results exclusive of items that management believes 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 computations of these

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measures are set forth in the tables below.
Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of Synovus’ control, or cannot be reasonably predicted. For the same reasons, Synovus’ management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Table 13 - Reconciliation of Non-GAAP Financial Measures
Three Months Ended
(in thousands) March 31, 2024 March 31, 2023
Adjusted non-interest revenue
Total non-interest revenue $ 118,888 $ 133,126
Investment securities (gains) losses, net (1,030)
Recovery of NPA (13,126)
Fair value adjustment on non-qualified deferred compensation (2,299) (1,371)
Adjusted non-interest revenue $ 116,589 $ 117,599
Adjusted non-interest expense
Total non-interest expense $ 322,741 $ 321,852
(Loss) gain on other loans held for sale (16,750)
Restructuring (charges) reversals (1,524) 733
Fair value adjustment on non-qualified deferred compensation (2,299) (1,371)
Adjusted non-interest expense $ 318,918 $ 304,464
Adjusted revenue and adjusted tangible efficiency ratio
Adjusted non-interest expense $ 318,918 $ 304,464
Amortization of intangibles (2,907) (1,857)
Adjusted tangible non-interest expense $ 316,011 $ 302,607
Net interest income $ 418,846 $ 480,751
Total non-interest revenue 118,888 133,126
Total revenue $ 537,734 $ 613,877
Tax equivalent adjustment 1,310 1,119
Total TE revenue $ 539,044 $ 614,996
Recovery of NPA (13,126)
Investment securities (gains) losses, net (1,030)
Fair value adjustment on non-qualified deferred compensation (2,299) (1,371)
Adjusted revenue $ 536,745 $ 599,469
Efficiency ratio-TE 59.87 % 52.33 %
Adjusted tangible efficiency ratio 58.88 50.48

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Table 13 - Reconciliation of Non-GAAP Financial Measures, continued
Three Months Ended
(in thousands, except per share data) March 31, 2024 March 31, 2023
Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders $ 114,822 $ 193,868
Recovery of NPA (13,126)
Loss (gain) on other loans held for sale 16,750
Restructuring charges (reversals) 1,524 (733)
Investment securities (gains) losses, net (1,030)
Tax effect of adjustments (1)
(373) (453)
Adjusted net income available to common shareholders $ 115,973 $ 195,276
Weighted average common shares outstanding, diluted 147,122 146,727
Net income per common share, diluted $ 0.78 $ 1.32
Adjusted net income per common share, diluted 0.79 1.33
(1) An assumed marginal tax rate of 24.5% for 1Q24, and 24.3% for 1Q23 was applied.
Three Months Ended
(dollars in thousands) March 31, 2024 March 31, 2023
Adjusted return on average assets (annualized)
Net income $ 124,070 $ 202,159
Recovery of NPA (13,126)
Loss (gain) on other loans held for sale 16,750
Restructuring charges (reversals) 1,524 (733)
Investment securities (gains) losses, net (1,030)
Tax effect of adjustments (1)
(373) (453)
Adjusted net income $ 125,221 $ 203,567
Net income annualized $ 499,007 $ 819,867
Adjusted net income annualized $ 503,636 $ 825,577
Total average assets $ 59,022,231 $ 60,133,561
Return on average assets (annualized) 0.85 % 1.36 %
Adjusted return on average assets (annualized) 0.85 1.37
(1) An assumed marginal tax rate of 24.5% for 1Q24, and 24.3% for 1Q23 was applied.

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Table 13 - Reconciliation of Non-GAAP Financial Measures, continued
Three Months Ended
(dollars in thousands) March 31, 2024 March 31, 2023
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized)
Net income available to common shareholders $ 114,822 $ 193,868
Recovery of NPA (13,126)
Loss (gain) on other loans held for sale 16,750
Restructuring charges (reversals) 1,524 (733)
Investment securities (gains) losses, net (1,030)
Tax effect of adjustments (1)
(373) (453)
Adjusted net income available to common shareholders $ 115,973 $ 195,276
Adjusted net income available to common shareholders annualized $ 466,441 $ 791,953
Amortization of intangibles, annualized net of tax 8,831 5,699
Adjusted net income available to common shareholders excluding amortization of intangibles annualized $ 475,272 $ 797,652
Net income available to common shareholders annualized $ 461,812 $ 786,242
Amortization of intangibles, annualized net of tax 8,831 5,699
Net income available to common shareholders excluding amortization of intangibles $ 470,643 $ 791,941
Total average Synovus Financial Corp. shareholders' equity less preferred stock $ 4,542,616 $ 4,088,777
Average goodwill (480,440) (452,390)
Average other intangible assets, net (44,497) (26,245)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock $ 4,017,679 $ 3,610,142
Return on average common equity (annualized) 10.2 % 19.2 %
Adjusted return on average common equity (annualized) 10.3 19.4
Return on average tangible common equity (annualized) 11.7 21.9
Adjusted return on average tangible common equity (annualized) 11.8 22.1
(1) An assumed marginal tax rate of 24.5% for 1Q24, and 24.3% for 1Q23 was applied.
(dollars in thousands) March 31, 2024 December 31, 2023 March 31, 2023
Tangible common equity ratio
Total assets $ 59,835,120 $ 59,809,534 $ 61,840,025
Goodwill (480,440) (480,440) (452,390)
Other intangible assets, net (43,021) (45,928) (25,267)
Tangible assets $ 59,311,659 $ 59,283,166 $ 61,362,368
Total Synovus Financial Corp. shareholders' equity $ 5,017,918 $ 5,119,993 $ 4,770,130
Goodwill (480,440) (480,440) (452,390)
Other intangible assets, net (43,021) (45,928) (25,267)
Preferred stock, no par value (537,145) (537,145) (537,145)
Tangible common equity $ 3,957,312 $ 4,056,480 $ 3,755,328
Total Synovus Financial Corp. shareholders' equity to total assets ratio 8.39 % 8.56 % 7.71 %
Tangible common equity ratio 6.67 6.84 6.12


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ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The information presented in the Market Risk Analysis section of the Management's Discussion and Analysis of Financial Condition and Results of Operations section of this Report is incorporated herein by reference.
ITEM 4. – CONTROLS AND PROCEDURES
In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Synovus' management, with the participation of Synovus' Chief Executive Officer and Chief Financial Officer, of the effectiveness of Synovus' disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. Based on that evaluation, Synovus' Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2024, Synovus' disclosure controls and procedures were effective.
There have been no material changes in Synovus' internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, Synovus' internal control over financial reporting.


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PART II. – OTHER INFORMATION
ITEM 1. – LEGAL PROCEEDINGS
See "Part I - Item 1. Financial Statements and Supplementary Data - Note 8 - Commitments and Contingencies" of this Report.
ITEM 1A. – RISK FACTORS
In addition to the other information set forth in this Report, in evaluating an investment in the Company's securities, investors should consider carefully, among other things, the risk factors previously disclosed in "Part I - Item IA - Risk Factors” of Synovus' 2023 Form 10-K which could materially affect the Company's business, financial position, results of operations, cash flows, or future results. Please be aware that these risks may change over time and other risks may prove to be important in the future. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they may affect our business, financial condition or results of operations, or the trading price of our securities.
There are no material changes during the period covered by this Report to the risk factors previously disclosed in our 2023 Form 10-K.
ITEM 2. – UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS
(a) None.
(b) None.
(c) Issuer Purchases of Equity Securities:
The Company announced on January 18, 2024 that its Board of Directors authorized share repurchases of up to $300 million of common stock and $50 million of preferred stock in 2024.

Table 14 - Share Repurchases
(in thousands, except per share data) Total Number of Shares Repurchased
Average Price Paid per Share (1)
Total Number
of Shares Repurchased as
Part of
Publicly Announced
Plans or Programs
Maximum Approximate
Dollar Value
of Shares
that May Yet Be
Purchased Under the
Plans or Programs
January 2024 340 $ 38.70 340 $ 299,660
February 2024 460 36.37 460 299,200
March 2024 299,200
Total 800 $ 37.36 800
(1) The average price paid per share is calculated on a trade date basis for all open market transactions and excludes commissions and other transaction expenses.
The foregoing common stock repurchases during the first quarter of 2024 were purchased through open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.

ITEM 3. – DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. – MINE SAFETY DISCLOSURES
None.
ITEM 5. – OTHER INFORMATION
(a)    None.
(b)    None.
(c)    Pursuant to Item 408(a) of Regulation S-K, none of the Company's directors or executive officers adopted , terminated or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2024.

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ITEM 6. – EXHIBITS
Exhibit
Number
Description
3.1
3.2
10.1
31.1
31.2
32
101 Interactive Data File
104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

SYNOVUS FINANCIAL CORP.
May 2, 2024 By: /s/ Andrew J. Gregory, Jr.
Date Andrew J. Gregory, Jr.
Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)


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TABLE OF CONTENTS
Part I. Financial InformationprintItem 1. - Financial StatementsprintNote 1 - Basis Of Presentation and Accounting PoliciesprintNote 2 - Investment Securities Available For SaleprintNote 3 - Loans and Allowance For Loan LossesprintNote 4 - Shareholders' Equity and Other Comprehensive Income (loss)printNote 5 - Fair Value AccountingprintNote 6 - Derivative Instruments and Hedging ActivitiesprintNote 7 - Net Income Per Common ShareprintNote 8 - Commitments and ContingenciesprintNote 9 - Segment ReportingprintNote 10 - Subsequent EventprintItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsprintItem 3. Quantitative and Qualitative Disclosures About Market RiskprintItem 4. Controls and ProceduresprintPart II. Other InformationprintItem 1. Legal ProceedingsprintItem 1A. Risk FactorsprintItem 2. Unregistered Sales Of Securities and Use Of ProceedsprintItem 3. Defaults Upon Senior SecuritiesprintItem 4. Mine Safety DisclosuresprintItem 5. Other InformationprintItem 6. Exhibitsprint

Exhibits

3.1 Restated Articles of Incorporation of Synovus, incorporated by reference to Exhibit 3.1 of Synovus Current Report on Form 8-K dated April 22, 2020, as filed with the SEC on April 24, 2020. 3.2 Restated Bylaws of Synovus, incorporated by reference to Exhibit 3.2 of Synovus' Current Report on Form 8-K dated April 22, 2020, as filed with the SEC on April 24, 2020. 10.1 Summary of Board of Directors Compensation. 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.