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SYNOVUS NEWS RELEASE Media Contact Alison Dowe Media Relations ( 706 ) 641-3781 Investor Contact Kevin Brown Investor Relations Synovus Announces Earnings for the Third Quarter 2021 Diluted Earnings per Share of $ 1.21 vs. $ 0.56 in 3Q20 Adjusted Diluted Earnings per Share of $ 1.20 vs. $ 0.89 in 3Q20 ( 706 ) 641-6500 COLUMBUS , Ga . , October 19 , 2021 - Synovus Financial Corp. ( NYSE : SNV ) today reported financial results for the quarter ended September 30 , 2021 . Third Quarter 2021 Highlights • • • • • • • • • • • Net income available to common shareholders of $ 178.5 million or $ 1.21 per diluted share , up $ 0.02 sequentially and up $ 0.65 compared to prior year . ° Adjusted diluted EPS of $ 1.20 , unchanged sequentially and up $ 0.31 compared to prior year . Period - end loans increased $ 105.0 million sequentially , or $ 922.7 million excluding Paycheck Protection program ( PPP ) loans . ° PPP loans declined $ 817.7 million sequentially . Core transaction deposits ( non - interest bearing , NOW / savings , and money market deposits excluding public and brokered funds ) increased $ 1.03 billion or 3 % sequentially . Total deposit costs of 0.13 % down 3 bps sequentially due to ongoing repricing and product remixing . Net interest income of $ 384.9 million increased $ 3.1 million sequentially as asset growth , reduced deposit costs , and a higher day count more than offset continued fixed - rate repricing and the slight reduction in LIBOR . ° Net interest margin of 3.01 % , down 1 bp sequentially . Non - interest revenue increased $ 7.9 million as broad - based growth helped to offset continued normalization of net mortgage revenue . ° Adjusted non - interest revenue increased $ 8.1 million . Non - interest expense decreased $ 3.5 million sequentially as reductions in third - party processing and other services offset increases in other areas such as net occupancy , equipment , and software expense . Adjusted non - interest expense decreased $ 1.2 million sequentially . ° Pre - provision net revenue of $ 232.8 million increased $ 14.4 million sequentially as total revenue increased $ 10.9 million and non - interest expense decreased $ 3.5 million . ° Reversal of provision for credit losses of $ 7.9 million , primarily from a more favorable economic outlook . Allowance for credit losses coverage ratio ( to loans ) of 1.40 % , or 1.42 % excluding PPP loans . Credit quality metrics remain relatively stable , near historical lows . The net charge - off ratio declined 6 bps from prior quarter to 0.22 % ; the non - performing loan and asset ratios each fell 1 bp to 0.41 % and 0.45 % , respectively ; and criticized and classified loans declined 22 % . Preliminary CET1 ratio declined 12 bps sequentially to 9.63 % , with strong core earnings helping offset the decline from deploying capital for balance sheet growth and returning capital to shareholders . ° Includes $ 74.6 million in share repurchases at an average price of $ 42.00 . Achieved pre - tax run rate benefit of approximately $ 100 million at the end of the quarter from a combination of revenue and expense initiatives under Synovus Forward , which is designed to make Synovus a more efficient , profitable , and nimble organization . ° On track to achieve an aggregate $ 175 million pre - tax run rate benefit by the end of 2022 .