Diluted earnings per share of $1.22 vs. $1.25 in 4Q24
Adjusted diluted earnings per share of $1.45 vs. $1.25 in 4Q24
Surrender of $220 million of lower-yielding BOLI policies reduced 4Q25 diluted EPS by $0.10
COLUMBUS, Ga.--(BUSINESS WIRE)--January 21, 2026--
Pinnacle Financial Partners, Inc. (NYSE: PNFP) today reported financial results for Synovus Financial Corp. ("Synovus" or "legacy Synovus") for the quarter and year ended Dec. 31, 2025.
"Pinnacle and Synovus both delivered strong results in 2025, demonstrating our commitment to growth amid the pending merger," said Pinnacle President and CEO Kevin Blair. "Legacy Pinnacle grew diluted EPS by 35% and adjusted diluted EPS by 22%, while legacy Synovus achieved increases of 76% and 28%, respectively. These outcomes reflect our team's engagement, client focus and dedication to delivering value for shareholders. This momentum positions us for continued success in 2026 and strengthens our capacity to unify both organizations, building on similar legacies and shared values. Both firms prioritize client service, with legacy Pinnacle earning the No. 1 Net Promoter Score in our footprint and legacy Synovus earning No. 3. Pinnacle's proven operating model remains the foundation of our growth, while Synovus brings extensive expertise, broad reach and operational excellence. Together, we'll build a bank that combines scale with a clear purpose."
Pinnacle and Synovus Merger
The merger of Pinnacle Financial Partners, Inc. (which we may refer to as "legacy Pinnacle") and Synovus closed on Jan. 1, 2026. The combination creates one of the leading regional banks in the industry, positioned for accelerated growth by marrying the cultures of both banks with Pinnacle's proven recruiting model and incentive structures and Synovus' deep talent and capabilities. Integration teams have been working closely together to build the blueprint for Pinnacle's future. While bankers continue to serve clients and recruit top talent with little to no disruption, others will work behind the scenes to execute as seamless an integration effort as possible. Systems and brand conversions are expected in March 2027. Throughout, the primary goal will be to enhance our client's experience.
Synovus Financial Performance - Fourth Quarter 2025 Highlights
-- EPS was $1.22 per diluted share, down 8% sequentially, and down 2% from
the fourth quarter 2024. Adjusted diluted earnings per share in the
fourth quarter 2025 was $1.45, essentially stable from the third quarter
2025, and up 16% year over year.
-- Synovus surrendered $220 million of lower-yielding bank-owned life
insurance policies, with the proceeds expected to be redeployed into high
quality liquid assets at higher yields. This action reduced fourth
quarter 2025 diluted EPS by $14.2 million, or $0.10 per share.
-- Pre-provision net revenue of $280.1 million increased $13.4 million, or
5%, sequentially and was up $8.8 million, or 3%, compared to the fourth
quarter 2024.
-- Net interest income rose $9.9 million, or 2%, compared to the prior
quarter and was up $29.6 million, or 7%, compared to the fourth quarter
2024. The net interest margin expanded 4 basis points from the third
quarter 2025, supported by various factors including continued fixed
asset rate repricing and the funding benefits of core deposit growth.
-- Period-end loans rose $872.4 million, or 2%, from the third quarter
2025, driven by growth in middle market, corporate and investment banking
and specialty lending. Core deposits, which excludes brokered deposits,
increased $894.8 million, or 2%, sequentially. Total deposits ended the
quarter at $51.32 billion, an increase of $1.32 billion or 3%
sequentially, as a result of a focus on deposit production and public
funds and middle market account seasonality.
-- Non-interest revenue of $145.1 million rose 3% from the third quarter
2025 and increased $19.5 million, or 16%, compared to the fourth quarter
2024. Adjusted non-interest revenue of $144.3 million grew $7.9 million,
or 6%, sequentially and rose $19.6 million, or 16%, compared to the
fourth quarter 2024. Core banking fees, capital markets revenue and
wealth income drove sequential and year-over-year growth.
-- Non-interest expense of $349.6 million remained relatively stable, only
increasing by $865 thousand sequentially. Adjusted non-interest expense
rose 2% from the third quarter to $326.0 million. Compared to fourth
quarter 2024, non-interest expense increased 13%, and adjusted
non-interest expense rose 5%. Sequential non-interest expense growth was
impacted by an increase in incentives and charitable donations which more
than offset a FDIC special assessment reversal.
-- Credit quality remains healthy. The non-performing loan ratio was 0.57%,
the annualized net charge-off ratio for the fourth quarter 2025 was 0.22%,
and total past dues were 0.14% of total loans outstanding. Provision for
credit losses was $33.0 million, up $11.3 million sequentially and
relatively stable compared to $32.9 million in the fourth quarter 2024.
The allowance for credit losses ratio (to loans) of 1.19% was stable
compared to the third quarter 2025.
-- The Common Equity Tier 1 ratio1 increased 6 basis points from the third
quarter to 11.28%, as Synovus prepared the balance sheet for the merger
with Pinnacle, which closed on January 1, 2026.
Synovus Financial Performance - 2025 Highlights
-- Net income available to common shareholders for 2025 was $746.7 million,
or $5.33 per diluted share, compared to $439.6 million, or $3.03 per
diluted share in 2024. Adjusted EPS was $5.69 per diluted share compared
to $4.43 per diluted share in 2024. Growth was primary attributable to
higher revenue and lower provision for credit losses.
-- Pre-provision net revenue was $1.09 billion in 2025 compared to $741.6
million in 2024, largely due to growth in net interest income and
non-interest revenue.
-- Net interest income was $1.87 billion in 2025, up from $1.75 billion in
the prior year as a result of earning asset growth and net interest
margin expansion.
-- Period-end loans increased $2.02 billion, or 5%, in 2025, primarily
from growth in specialty and corporate and investment banking lending.
Period-end deposits were relatively stable, increasing by $228.6 million,
driven by growth in brokered, money market, and interest-bearing demand
deposits, partially offset by lower time deposits. Net interest margin
expansion was primarily a result of deposit cost improvement.
-- Non-interest revenue was $536.4 million, up 124% from 2024, primarily
due to a $256.7 million securities loss in the second quarter 2024.
Adjusted non-interest revenue of $528.8 million grew 8% in 2025, largely
driven by treasury management fees, capital markets income and wealth
revenue.
-- Non-interest expense was $1.32 billion in 2025, up 6% from 2024,
impacted primarily by merger expense, headcount additions, merit
increases, and higher incentives, partially offset by reversals related
to the FDIC special assessment, while adjusted non-interest expense
increased 3% year over year to $1.27 billion.
-- Credit quality remains healthy. Net charge-offs were 0.18% of average
loans compared to 0.31% in 2024. The provision for credit losses declined
to $68.9 million in 2025 compared to $136.7 million in the prior year.
The allowance for credit losses ratio (to loans) ended the year at 1.19%
compared to 1.27% at the end of 2024.
-- The year-end Common Equity Tier 1 ratio1 increased 44 basis points year
over year to 11.28%.
(1) Preliminary
Fourth Quarter 2025 Summary
Reported Adjusted
------------------------------------------------- ----------------------------------------
(dollars in thousands) 4Q25 3Q25 4Q24 4Q25 3Q25 4Q24
---------- ---------- ---------- ------- ------- -------
Net income available to
common shareholders $ 171,054 $ 185,590 $ 178,848 $202,551 $203,930 $178,331
Diluted earnings per
share 1.22 1.33 1.25 1.45 1.46 1.25
Total revenue 629,671 615,392 580,580 630,459 612,794 581,054
Total loans 44,625,627 43,753,234 42,609,028 NA NA NA
Total deposits 51,323,922 50,003,729 51,095,359 NA NA NA
Return on avg assets(1) 1.18% 1.30% 1.25% 1.39% 1.42% 1.25%
Return on avg common
equity(1) 12.62 14.36 14.75 14.94 15.78 14.71
Return on avg tangible
common equity(1) 14.09 16.11 16.72 16.66 17.69 16.67
Net interest margin(2) 3.45% 3.41% 3.28% NA NA NA
Efficiency
ratio-TE(2)(3) 55.38 56.51 53.15 51.29 51.83 52.69
NCO ratio-QTD 0.22 0.14 0.26 NA NA NA
NPA ratio 0.62 0.53 0.73 NA NA NA
CET1 ratio(4) 11.28 11.22 10.84 NA NA NA (1) Annualized (2) Taxable equivalent (3) Adjusted tangible efficiency ratio (4) Current period ratio preliminary NA- not applicable
Balance Sheet
Loans(*)
Linked Linked
Quarter Quarter Year/Year Year/Year
(dollars in millions) 4Q25 3Q25 Change % Change 4Q24 Change % Change
-------- -------- --------- ---------- -------- --------- -----------
Commercial &
industrial $24,288.7 $23,229.0 $1,059.7 5% $22,331.1 $1,957.5 9%
Commercial real estate 12,097.4 12,269.7 (172.3) (1) 12,014.6 82.8 1
Consumer 8,239.6 8,254.5 (15.0) -- 8,263.3 (23.7) --
-------- -------- ------- --- ----- -------- ------- --- ------
Total loans $44,625.6 $43,753.2 $ 872.4 2% $42,609.0 $2,016.6 5%
======== ======== ======= === ==== ======== ======= === =====
(*) Amounts may not total due to rounding
Deposits(*)
Linked Linked
Quarter Quarter Year/Year Year/Year
(dollars in millions) 4Q25 3Q25 Change % Change 4Q24 Change % Change
-------- -------- --------- ---------- -------- ----------- -----------
Non-interest-bearing
DDA $10,706.0 $10,707.8 $ (1.8) --% $10,974.6 $ (268.6) (2)%
Interest-bearing DDA 7,617.3 7,428.7 188.6 3 7,199.7 417.6 6
Money market 11,976.0 11,761.7 214.4 2 11,407.4 568.6 5
Savings 946.2 955.7 (9.5) (1) 971.1 (24.9) (3)
Public funds 7,885.5 7,350.3 535.2 7 7,987.5 (102.0) (1)
Time deposits 6,741.3 6,773.4 (32.0) -- 7,679.9 (938.6) (12)
Brokered deposits 5,451.6 5,026.2 425.4 8 4,875.2 576.4 12
-------- -------- ------- --- ----- -------- ------ ---- -----
Total deposits $51,323.9 $50,003.7 $1,320.2 3% $51,095.4 $ 228.6 --%
======== ======== ======= === ==== ======== ====== ==== ====
(*) Amounts may not total due to rounding
Income Statement Summary(*)
(in thousands, Linked Linked
except per Quarter Quarter Year/Year Year/Year
share data) 4Q25 3Q25 Change % Change 4Q24 Change % Change
------- ------- --------- ---------- ------- ----------- -----------
Net interest
income $484,577 $474,695 $ 9,882 2% $454,993 $ 29,584 7%
Non-interest
revenue 145,094 140,697 4,397 3 125,587 19,507 16
Non-interest
expense 349,594 348,729 865 -- 309,311 40,283 13
Provision for
(reversal of)
credit losses 33,015 21,690 11,325 52 32,867 148 --
------- ------- ------- ---- ---- ------- ------ --- ------
Income before
taxes $247,062 $244,973 $ 2,089 1% $238,402 $ 8,660 4%
Income tax
expense 65,366 48,468 16,898 35 49,025 16,341 33
------- ------- ------- ---- ---- ------- ------ --- ------
Net income 181,696 196,505 (14,809) (8) 189,377 (7,681) (4)
Less: Net
income (loss)
attributable
to
noncontrolling
interest (561) (489) (72) (15) (1,049) 488 47
------- ------- ------- ---- --- ------- ------ --- ------
Net income
attributable
to Synovus
Financial
Corp. 182,257 196,994 (14,737) (7) 190,426 (8,169) (4)
Less: Preferred
stock
dividends 11,203 11,404 (201) (2) 11,578 (375) (3)
------- ------- ------- ---- --- ------- ------ --- -----
Net income
available to
common
shareholders $171,054 $185,590 $(14,536) (8)% $178,848 $ (7,794) (4)%
======= ======= ======= ==== ======= ====== === ====
Weighted
average common
shares
outstanding,
diluted 139,733 139,612 121 -- 142,694 (2,961) (2)
Diluted
earnings per
share $ 1.22 $ 1.33 $ (0.11) (8)% $ 1.25 $ (0.03) (2)%
Adjusted
diluted
earnings per
share $ 1.45 $ 1.46 $ (0.01) (1)% $ 1.25 $ 0.20 16%
Effective tax
rate 26.46% 19.79% 20.56%
(*) Amounts may not total due to rounding
NM - not meaningful
Conference Call To Discuss Pinnacle and Synovus' Fourth Quarter Results
Pinnacle Financial Partners, Inc. will host a webcast and conference call at 8:30 a.m. ET on Jan. 22, 2026, to discuss legacy Pinnacle and legacy Synovus' standalone fourth quarter 2025 results and other matters. To access the call for audio only, please call 1-888-506-0062. For the presentation and streaming audio, please access the webcast on the investor relations page of Pinnacle's website at investors.pnfp.com. The replay will be archived for at least 12 months and will be available approximately one hour after the call.
Prior to consummation of the business combination transaction with legacy Pinnacle on Jan. 1, 2026, Synovus was a financial services company based in Columbus, Georgia, with $61 billion in assets. Synovus provided commercial and consumer banking and a full suite of specialized products and services, including wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. As of Dec. 31, 2025, Synovus had 244 branches in Georgia, Alabama, Florida, South Carolina and Tennessee.
Forward-Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Pinnacle's use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "should," "predicts," "could," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Pinnacle's future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations regarding the anticipated benefits and risks related to the recently-completed business combination with legacy Pinnacle, our future operating and financial performance; expectations on our intended strategies, initiatives, and other operational and execution goals; expectations on credit quality and performance; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Pinnacle to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Pinnacle's management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Pinnacle's ability to control or predict.
These forward-looking statements are based upon information presently known to management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024, under the captions "Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors" and in Synovus' quarterly reports on Form 10-Q, current reports on Form 8-K and other filings and reports filed with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.
Synovus
INCOME STATEMENT DATA
(Unaudited) Years Ended
(Dollars in thousands,
except per share data) December 31,
2025 2024 % Change
Interest income $3,116,167 $3,193,589 (2)%
Interest expense 1,242,950 1,444,012 (14)
--------- --------- ---- ---
Net interest income 1,873,217 1,749,577 7
Provision for (reversal
of) credit losses 68,871 136,685 (50)
--------- --------- ---- ---
Net interest income
after provision for
credit losses 1,804,346 1,612,892 12
--------- --------- ---- ----
Non-interest revenue:
Service charges on
deposit accounts 100,655 91,647 10
Fiduciary and asset
management fees 84,590 79,828 6
Card fees 82,529 76,920 7
Brokerage revenue 85,045 84,881 --
Mortgage banking
income 15,311 14,060 9
Capital markets
income 49,547 44,058 12
Income from
bank-owned life
insurance 38,399 34,429 12
Investment
securities gains
(losses), net 704 (256,660) nm
Other non-interest
revenue 79,612 70,441 13
--------- --------- ---- ----
Total non-interest
revenue 536,392 239,604 124
--------- --------- ---- ----
Non-interest expense:
Salaries and other
personnel expense 776,344 737,467 5
Net occupancy,
equipment, and
software expense 195,785 187,451 4
Third-party
processing and
other services 90,856 85,751 6
Professional fees 47,066 46,089 2
FDIC insurance and
other regulatory
fees 25,314 45,921 (45)
Restructuring
charges
(reversals) (2,305) 2,121 nm
Merger-related
expense 42,261 -- nm
Other operating
expenses 146,737 142,743 3
--------- --------- ---- ----
Total non-interest
expense 1,322,058 1,247,543 6
--------- --------- ---- ----
Income before income
taxes 1,018,680 604,953 68
Income tax expense 228,488 125,502 82
--------- --------- ---- ----
Net income 790,192 479,451 65
Less: Net income
(loss) attributable
to noncontrolling
interest (1,788) (3,009) 41
--------- --------- ---- ----
Net income
attributable to
Synovus Financial
Corp. 791,980 482,460 64
Less: Preferred stock
dividends 45,325 42,903 6
--------- --------- ---- ----
Net income available
to common
shareholders $ 746,655 $ 439,557 70%
========= ========= ==== ===
Net income per common
share, basic $ 5.36 $ 3.05 76%
Net income per common
share, diluted 5.33 3.03 76
Cash dividends
declared per common
share 1.56 1.52 3
Return on average
assets 1.31% 0.81% 50 bps
Return on average
common equity 14.73 9.50 523
Weighted average
common shares
outstanding, basic 139,296 144,164 (3)%
Weighted average
common shares
outstanding,
diluted 140,149 144,998 (3)
nm - not meaningful
bps - basis points
Amounts may not total
due to rounding
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, Fourth
except per share data) 2025 2024 Quarter
'25 vs '24
Fourth Third Second First Fourth
Quarter Quarter Quarter Quarter Quarter % Change
------------ ------------ ------------ ------------ ------------ -----------
Interest income $782,641 $795,119 $771,642 $766,765 $799,130 (2)%
Interest expense 298,064 320,424 312,081 312,381 344,137 (13)
------- ------- ------- ------- ------- ---- ----
Net interest income 484,577 474,695 459,561 454,384 454,993 7
Provision for (reversal
of) credit losses 33,015 21,690 3,245 10,921 32,867 --
------- ------- ------- ------- ------- ---- -----
Net interest income
after provision for
credit losses 451,562 453,005 456,316 443,463 422,126 7
------- ------- ------- ------- ------- ---- -----
Non-interest revenue:
Service charges on
deposit accounts 25,980 26,303 25,258 23,114 23,244 12
Fiduciary and asset
management fees 23,302 21,039 20,332 19,917 21,373 9
Card fees 21,276 19,894 20,132 21,227 19,577 9
Brokerage revenue 22,265 21,673 20,748 20,359 20,907 6
Mortgage banking
income 3,164 4,374 4,435 3,338 2,665 19
Capital markets
income 15,702 13,944 12,960 6,941 12,070 30
Income from
bank-owned life
insurance 10,408 9,628 10,279 8,084 10,543 (1)
Investment
securities gains
(losses), net (1,038) 1,742 -- -- -- nm
Other non-interest
revenue 24,035 22,100 19,991 13,486 15,208 58
------- ------- ------- ------- ------- ---- -----
Total non-interest
revenue 145,094 140,697 134,135 116,466 125,587 16
------- ------- ------- ------- ------- ---- -----
Non-interest expense:
Salaries and other
personnel expense 201,339 197,313 192,182 185,510 184,725 9
Net occupancy,
equipment, and
software expense 49,455 49,089 48,589 48,652 47,251 5
Third-party
processing and
other services 23,141 22,306 23,535 21,874 22,158 4
Professional fees 13,783 13,307 10,197 9,779 11,949 15
FDIC insurance and
other regulatory
fees 2,194 7,042 7,534 8,544 8,227 (73)
Restructuring
charges
(reversals) (338) (747) 72 (1,292) 37 nm
Merger-related
expense 18,504 23,757 -- -- -- nm
Other operating
expenses 41,516 36,662 33,592 34,967 34,964 19
------- ------- ------- ------- ------- ---- -----
Total non-interest
expense 349,594 348,729 315,701 308,034 309,311 13
------- ------- ------- ------- ------- ---- -----
Income before income
taxes 247,062 244,973 274,750 251,895 238,402 4
Income tax expense 65,366 48,468 57,631 57,023 49,025 33
------- ------- ------- ------- ------- ---- -----
Net income 181,696 196,505 217,119 194,872 189,377 (4)
Less: Net income (loss)
attributable to
noncontrolling
interest (561) (489) (596) (142) (1,049) 47
------- ------- ------- ------- ------- ---- -----
Net income attributable
to Synovus Financial
Corp. 182,257 196,994 217,715 195,014 190,426 (4)
Less: Preferred stock
dividends 11,203 11,404 11,395 11,323 11,578 (3)
------- ------- ------- ------- ------- ---- ----
Net income available to
common shareholders $171,054 $185,590 $206,320 $183,691 $178,848 (4)
======= ======= ======= ======= ======= ==== ====
Net income per common
share, basic $ 1.23 $ 1.34 $ 1.49 $ 1.31 $ 1.26 (2)%
Net income per common
share, diluted 1.22 1.33 1.48 1.30 1.25 (2)
Cash dividends declared
per common share 0.39 0.39 0.39 0.39 0.38 3
Return on average
assets* 1.18% 1.30% 1.46% 1.32% 1.25% (7) bps
Return on average
common equity* 12.62 14.36 16.71 15.48 14.75 (213)
Weighted average common
shares outstanding,
basic 138,832 138,803 138,891 140,684 141,555 (2)%
Weighted average common
shares outstanding,
diluted 139,733 139,612 139,502 141,775 142,694 (2)
nm - not meaningful
bps - basis points
* - ratios are
annualized
Amounts may not total
due to rounding
Synovus
December 31, September December 31,
BALANCE SHEET DATA 2025 30, 2025 2024
(Unaudited)
(In thousands, except share
data)
ASSETS
Interest-earning deposits with
banks and other cash and cash
equivalents $ 2,513,159 $ 2,239,915 $ 2,977,667
Federal funds sold and
securities purchased under
resale agreements 24,546 34,292 16,320
---------- ---------- ----------
Cash, cash equivalents,
and restricted cash 2,537,705 2,274,207 2,993,987
Investment securities held to
maturity 2,409,184 2,450,885 2,581,469
Investment securities
available for sale 7,411,072 7,575,468 7,551,018
Loans held for sale ($36,593,
$41,083 and $33,448 measured
at fair value, respectively) 106,221 147,811 90,111
Loans, net of deferred fees
and costs 44,625,627 43,753,234 42,609,028
Allowance for loan losses (477,934) (469,521) (486,845)
---------- ---------- ----------
Loans, net 44,147,693 43,283,713 42,122,183
---------- ---------- ----------
Cash surrender value of
bank-owned life insurance 941,448 1,156,297 1,139,988
Premises, equipment, and
software, net 377,940 376,013 383,724
Goodwill 480,440 480,440 480,440
Other intangible assets, net 23,809 26,436 34,318
Other assets 2,923,325 2,713,905 2,856,406
---------- ---------- ----------
Total assets $61,358,837 $60,485,175 $60,233,644
========== ========== ==========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities:
Deposits:
Non-interest-bearing
deposits $11,201,939 $11,053,423 $11,596,119
Interest-bearing
deposits 40,121,983 38,950,306 39,499,240
---------- ---------- ----------
Total deposits 51,323,922 50,003,729 51,095,359
Federal funds purchased and
securities sold under
repurchase agreements 48,848 62,467 131,728
Long-term debt 2,456,442 3,008,195 1,733,109
Other liabilities 1,516,218 1,571,580 2,007,197
---------- ---------- ----------
Total liabilities 55,345,430 54,645,971 54,967,393
---------- ---------- ----------
Shareholders' equity:
Preferred stock -- no par
value. Authorized
100,000,000 shares;
issued 22,000,000 537,145 537,145 537,145
Common stock -- $1.00 par
value. Authorized
342,857,142 shares;
issued 172,814,570,
172,734,160, and
172,185,507 respectively;
outstanding 138,893,470,
138,813,060, and
141,165,908 respectively 172,815 172,734 172,186
Additional paid-in capital 4,008,677 3,999,363 3,986,729
Treasury stock, at cost --
33,921,100, 33,921,100,
and 31,019,599 shares,
respectively (1,359,054) (1,359,096) (1,216,827)
Accumulated other
comprehensive income
(loss), net (628,261) (676,797) (970,765)
Retained earnings 3,261,845 3,145,388 2,736,089
---------- ---------- ----------
Total Synovus
Financial Corp.
shareholders' equity 5,993,167 5,818,737 5,244,557
Noncontrolling interest in
subsidiary 20,240 20,467 21,694
---------- ---------- ----------
Total equity 6,013,407 5,839,204 5,266,251
---------- ---------- ----------
Total liabilities and
shareholders' equity $61,358,837 $60,485,175 $60,233,644
========== ========== ==========
Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
2025 2024
---------------------------------- ----------------------------------
Average Yield/ Average Yield/
(dollars in thousands) Balance Interest Rate Balance Interest Rate
------------ ---------- -------- ------------ ---------- --------
Assets
Interest earning assets:
Commercial loans(1) (2) $34,807,591 $2,227,483 6.40% $34,708,207 $2,339,075 6.74%
Consumer loans(1) 8,256,440 432,796 5.23 8,336,996 436,188 5.23
Less: Allowance for loan
losses (470,524) -- -- (484,142) -- --
---------- --------- ---- ---------- --------- ----
Loans, net 42,593,507 2,660,279 6.25 42,561,061 2,775,263 6.52
---------- --------- ---- ---------- --------- ----
Total investment
securities(3) 10,548,772 367,544 3.48 10,641,008 329,478 3.10
Interest-earning deposits
with other banks 1,905,873 80,518 4.17 1,564,556 79,713 5.02
Federal funds sold and
securities purchased
under resale agreements 25,157 727 2.85 28,544 998 3.44
Mortgage loans held for
sale 32,466 2,051 6.32 33,125 2,293 6.92
Other loans held for sale 86,690 2,027 2.31 68,098 1,386 2.00
Other earning assets(4) 205,721 9,628 4.68 190,442 9,943 5.23
---------- --------- ---- ---------- --------- ----
Total interest
earning
assets 55,398,186 $3,122,774 5.64% 55,086,834 $3,199,074 5.81%
---------- --------- ---- ---------- --------- ----
Cash and due from banks 541,407 511,152
Premises and equipment 380,529 377,386
Cash surrender value of
bank-owned life
insurance 1,149,478 1,125,363
Other assets(5) 2,627,690 2,307,582
---------- ----------
Total assets $60,097,290 $59,408,317
========== ==========
Liabilities and
Shareholders' Equity
Interest-bearing
liabilities:
Interest-bearing demand
deposits $11,581,753 $ 249,674 2.16% $10,879,231 $ 273,480 2.51%
Money market accounts 14,209,490 380,369 2.68 13,069,507 408,087 3.12
Savings deposits 980,254 1,421 0.14 1,021,838 1,262 0.12
Time deposits 7,423,127 258,491 3.48 8,244,344 358,401 4.35
Brokered deposits 4,949,882 219,068 4.43 5,426,407 288,702 5.32
Federal funds purchased
and securities sold
under repurchase
agreements 67,736 774 1.13 109,088 1,909 1.72
Other short-term
borrowings -- -- -- 45,489 2,514 5.44
Long-term debt 2,173,586 133,153 6.11 1,607,048 109,657 6.80
---------- --------- ---- ---------- --------- ----
Total
interest-bearing
liabilities 41,385,828 $1,242,950 3.00% 40,402,952 $1,444,012 3.57%
---------- --------- ---- ---------- --------- ----
Non-interest-bearing
demand deposits 11,388,003 11,904,120
Other liabilities 1,696,451 1,911,827
Total equity 5,627,008 5,189,418
---------- ----------
Total liabilities
and
shareholders'
equity $60,097,290 $59,408,317
========== ==========
Net interest income,
taxable equivalent
net interest
margin(6) $1,879,824 3.39% $1,755,062 3.19%
Less:
taxable-equivalent
adjustment 6,607 5,485
--------- ---------
Net interest
income $1,873,217 $1,749,577
========= =========
(1) Average loans are shown net of unearned income. NPLs are included.
Interest income includes fees as follows: 2025 -- $50.7 million and
2024 -- $49.4 million.
(2) Reflects taxable-equivalent adjustments, using the statutory federal
tax rate of 21%, in adjusting interest on tax-exempt loans to a
taxable-equivalent basis.
(3) Securities are included on an amortized cost basis with yield and net
interest margin calculated accordingly.
(4) Includes trading account assets and FHLB and Federal Reserve Bank
stock.
(5) Includes average net unrealized gains/(losses) on investment securities
available for sale of $(369.8) million and $(724.8) million for the
years ended December 31, 2025 and 2024, respectively.
(6) The net interest margin is calculated by dividing net interest income -
TE by average total interest earning assets.
Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
Fourth Quarter 2025 Third Quarter 2025 Fourth Quarter 2024
-------------------------------- -------------------------------- --------------------------------
Average Yield/ Average Yield/ Average Yield/
(dollars in thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate
------------ -------- -------- ------------ -------- -------- ------------ -------- --------
Assets
Interest earning assets:
Commercial loans(1)(2) $35,372,195 $560,813 6.29% $35,041,225 $572,417 6.48% $34,278,042 $569,759 6.61%
Consumer loans(1) 8,244,603 107,987 5.21 8,258,139 109,760 5.29 8,258,712 107,507 5.19
Less: Allowance for loan
losses (463,611) -- -- (464,057) -- -- (479,980) -- --
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Loans, net 43,153,187 668,800 6.15 42,835,307 682,177 6.32 42,056,774 677,266 6.41
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Total investment
securities(3) 10,213,678 89,032 3.49 10,494,221 91,440 3.49 10,623,943 91,038 3.43
Interest-earning deposits
with other banks 2,241,149 22,152 3.86 1,796,065 19,668 4.29 2,437,414 28,726 4.61
Federal funds sold and
securities purchased
under resale agreements 25,946 169 2.55 24,695 208 3.30 21,177 210 3.88
Mortgage loans held for
sale 33,107 536 6.47 33,468 561 6.70 30,483 520 6.83
Other loans held for sale 92,796 549 2.32 96,203 577 2.35 74,019 404 2.13
Other earning assets(4) 219,339 3,035 5.53 227,966 2,224 3.90 178,676 2,396 5.37
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Total interest
earning assets 55,979,202 $784,273 5.56% 55,507,925 $796,855 5.70% 55,422,486 $800,560 5.75%
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Cash and due from banks 647,400 555,477 512,178
Premises and equipment 377,447 379,240 382,784
Other real estate 22,455 15,143 386
Cash surrender value of
bank-owned life
insurance 1,155,266 1,151,651 1,135,952
Other assets(5) 2,657,727 2,476,116 2,720,830
---------- ---------- ----------
Total assets $60,839,497 $60,085,552 $60,174,616
========== ========== ==========
Liabilities and
Shareholders' Equity
Interest-bearing
liabilities:
Interest-bearing demand
deposits $11,854,688 $ 60,173 2.01% $11,324,747 $ 63,034 2.21% $11,298,352 $ 67,470 2.38%
Money market accounts 14,302,985 89,499 2.48 14,306,362 99,698 2.76 13,768,434 101,063 2.92
Savings deposits 955,018 371 0.15 978,165 375 0.15 986,522 316 0.13
Time deposits 7,566,180 64,247 3.37 7,147,913 61,142 3.39 8,251,686 85,426 4.12
Brokered deposits 5,071,443 52,576 4.11 5,059,127 57,274 4.49 5,012,655 61,924 4.90
Federal funds purchased
and securities sold
under repurchase
agreements 59,747 147 0.96 73,507 233 1.24 113,681 322 1.11
Long-term debt 2,134,141 31,051 5.79 2,665,975 38,668 5.75 1,613,246 27,616 6.84
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Total
interest-bearing
liabilities 41,944,202 $298,064 2.82% 41,555,796 $320,424 3.06% 41,044,576 $344,137 3.34%
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Non-interest-bearing
demand deposits 11,419,711 11,340,508 11,783,834
Other liabilities 1,540,986 1,504,367 1,963,298
Total equity 5,934,598 5,684,881 5,382,908
---------- ---------- ----------
Total liabilities
and
shareholders'
equity $60,839,497 $60,085,552 $60,174,616
========== ========== ==========
Net interest income,
taxable equivalent
net interest
margin(6) $486,209 3.45% $476,431 3.41% $456,423 3.28%
Less:
taxable-equivalent
adjustment 1,632 1,736 1,430
------- ------- -------
Net interest
income $484,577 $474,695 $454,993
======= ======= =======
(1) Average loans are shown net of deferred fees and costs. NPLs are
included. Interest income includes fees as follows: Fourth Quarter 2025
-- $13.2 million, Third Quarter 2025 -- $12.7 million, and Fourth
Quarter 2024 --$13.7 million.
(2) Reflects taxable-equivalent adjustments, using the statutory federal
tax rate of 21%, in adjusting interest on tax-exempt loans to a
taxable-equivalent basis.
(3) Securities are included on an amortized cost basis with yield and net
interest margin calculated accordingly.
(4) Includes trading account assets and FHLB and Federal Reserve Bank
stock.
(5) Includes average net unrealized gains/(losses) on investment securities
available for sale of $(263.1) million, $(350.4) million, and $(391.6)
million for the Fourth Quarter 2025, Third Quarter 2025, and Fourth
Quarter 2024, respectively.
(6) The net interest margin is calculated by dividing annualized net
interest income - TE by average total interest earning assets.
Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
Linked
Total Loans Total Loans Quarter Total Loans Year/Year
December 31, September 30, December 31,
Loan Type 2025 2025 % Change 2024 % Change
--------------- ---------------- ---------------- ---------- ---------------- -----------
Commercial,
Financial, and
Agricultural $ 16,174,745 $ 15,360,223 5% $ 14,498,992 12%
Owner-Occupied 8,113,919 7,868,746 3 7,832,137 4
------------ ------------ ----- --- ------------ ---- -----
Total Commercial
& Industrial 24,288,664 23,228,969 5 22,331,129 9
Multi-Family 3,827,474 4,184,821 (9) 4,185,545 (9)
Hotels 1,933,245 1,804,352 7 1,769,384 9
Office Buildings 1,627,336 1,617,937 1 1,743,329 (7)
Shopping Centers 1,482,535 1,392,004 7 1,273,439 16
Warehouses 961,228 960,604 -- 846,025 14
Other Investment
Property 1,448,104 1,502,389 (4) 1,363,482 6
------------ ------------ ----- ------------ ---- -----
Total Investment
Properties 11,279,922 11,462,107 (2) 11,181,204 1
1-4 Family
Construction 216,392 218,582 (1) 212,226 2
1-4 Family
Investment
Mortgage 325,786 329,745 (1) 333,692 (2)
------------ ------------ ----- ------------ ---- ----
Total 1-4 Family
Properties 542,178 548,327 (1) 545,918 (1)
Commercial
Development 64,718 58,447 11 55,467 17
Residential
Development 98,803 79,943 24 77,581 27
Land Acquisition 111,774 120,916 (8) 154,449 (28)
------------ ------------ ----- ------------ ---- ----
Land and
Development 275,295 259,306 6 287,497 (4)
------------ ------------ ----- --- ------------ ---- ----
Total Commercial
Real Estate 12,097,395 12,269,740 (1) 12,014,619 1
------------ ------------ ----- ------------ ---- -----
Consumer
Mortgages 5,212,860 5,237,683 -- 5,288,776 (1)
Home Equity
Lines 1,844,991 1,842,126 -- 1,831,287 1
Credit Cards 185,828 176,367 5 185,871 --
Other Consumer
Loans 995,889 998,349 -- 957,346 4
------------ ------------ ----- --- ------------ ---- -----
Total Consumer 8,239,568 8,254,525 -- 8,263,280 --
------------ ------------ ----- --- ------------ ---- -----
Total $ 44,625,627 $ 43,753,234 2% $ 42,609,028 5%
============ ============ ===== ============ ==== ====
NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
Total Total Total
Non-performing Non-performing Linked Non-performing
Loans Loans Quarter Loans Year/Year
December 31, September 30, December 31,
Loan Type 2025 2025 % Change 2024 % Change
--------------- ---------------- ---------------- ---------- ---------------- -----------
Commercial,
Financial, and
Agricultural $ 125,295 $ 89,095 41% $ 122,874 2%
Owner-Occupied 26,197 9,777 168 34,380 (24)
------------ ------------ ----- --- ------------ ---- ----
Total Commercial
& Industrial 151,492 98,872 53 157,254 (4)
Multi-Family 113 114 (1) 112 1
Office Buildings 33,523 33,439 -- 72,430 (54)
Shopping Centers 1,496 1,534 (2) 515 190
Warehouses 114 120 (5) 153 (25)
Other Investment
Property 422 604 (30) 820 (49)
------------ ------------ ----- ------------ ---- ----
Total Investment
Properties 35,668 35,811 -- 74,030 (52)
1-4 Family
Construction 750 -- nm -- nm
1-4 Family
Investment
Mortgage 2,010 2,144 (6) 2,385 (16)
------------ ------------ ----- ------------ ---- ----
Total 1-4 Family
Properties 2,760 2,144 29 2,385 16
Commercial
Development 46 46 -- -- nm
Land Acquisition 136 666 (80) 1,389 (90)
------------ ------------ ----- ------------ ---- ----
Land and
Development 182 712 (74) 1,389 (87)
------------ ------------ ----- ------------ ---- ----
Total Commercial
Real Estate 38,610 38,667 -- 77,804 (50)
------------ ------------ ----- --- ------------ ---- ----
Consumer
Mortgages 46,972 44,993 4 50,834 (8)
Home Equity
Lines 13,187 20,800 (37) 17,365 (24)
Other Consumer
Loans 5,996 5,995 -- 5,907 2
------------ ------------ ----- --- ------------ ---- -----
Total Consumer 66,155 71,788 (8) 74,106 (11)
------------ ------------ ----- ------------ ---- ----
Total $ 256,257 $ 209,327 22% $ 309,164 (17)%
============ ============ ===== ============ ==== ===
Synovus
CREDIT QUALITY DATA
(Unaudited)
Fourth
(Dollars in thousands) 2025 2024 Quarter
Fourth Third Second First Fourth '25 vs '24
Quarter Quarter Quarter Quarter Quarter % Change
------------ ------------ ------------ ------------ ------------ ----------
Non-performing Loans
(NPL) $256,257 $209,327 $257,415 $286,629 $309,164 (17)%
Other Real Estate and
Other Assets 22,306 22,395 1,198 563 385 nm
------- ------- ------- ------- ------- --- -----
Non-performing Assets
(NPAs) $278,563 $231,722 $258,613 $287,192 $309,549 (10)
Allowance for Loan
Losses $(ALL)$ $477,934 $469,521 $464,831 $478,207 $486,845 (2)
Reserve for Unfunded
Commitments 51,536 50,748 48,975 50,655 52,462 (2)
------- ------- ------- ------- ------- --- ----
Allowance for Credit
Losses (ACL) $529,470 $520,269 $513,806 $528,862 $539,307 (2)
Net Charge-Offs -
Quarter 23,815 15,227 18,301 21,366 28,101
Net Charge-Offs - YTD 78,708 54,893 39,667 21,366 133,994
Net Charge-Offs /
Average Loans -
Quarter(1) 0.22% 0.14% 0.17% 0.20% 0.26%
Net Charge-Offs /
Average Loans - YTD(1) 0.18 0.17 0.19 0.20 0.31
NPLs / Loans 0.57 0.48 0.59 0.67 0.73
NPAs / Loans, ORE and
specific other assets 0.62 0.53 0.59 0.67 0.73
ACL/Loans 1.19 1.19 1.18 1.24 1.27
ALL/Loans 1.07 1.07 1.07 1.12 1.14
ACL/NPLs 206.62 248.54 199.60 184.51 174.44
ALL/NPLs 186.51 224.30 180.58 166.84 157.47
Past Due Loans over 90
days and Still
Accruing $ 4,281 $ 3,801 $ 40,065 $ 40,886 $ 48,592 (91)
As a Percentage of Loans
Outstanding 0.01% 0.01% 0.09% 0.10% 0.11%
Total Past Due Loans and
Still Accruing $ 62,704 $ 44,183 $104,267 $ 93,493 $108,878 (42)
As a Percentage of Loans
Outstanding 0.14% 0.10% 0.24% 0.22% 0.26%
(1) Ratio is
annualized.
Amounts may not total
due to rounding
SELECTED CAPITAL
INFORMATION(1)
(Unaudited)
(Dollars in thousands)
------------ ------------ ------------
December 31, September December 31,
2025 30, 2025 2024
------------ ------------ ------------
Common Equity Tier 1
Capital Ratio 11.28% 11.22% 10.84%
Tier 1 Capital Ratio 12.36 12.33 11.96
Total Risk-Based Capital
Ratio 14.68 14.05 13.81
Tier 1 Leverage Ratio 10.12 10.02 9.55
Total Synovus Financial
Corp. shareholders'
equity as a Percentage
of Total Assets 9.77 9.62 8.71
Tangible Common Equity
Ratio(2) 8.14 7.96 7.02
Book Value Per Common
Share(3) $ 39.28 38.05 33.35
Tangible Book Value Per
Common Share(2)(4) 35.65 34.40 29.70
(1) Current quarter regulatory capital information is preliminary.
(2) See "Non-GAAP Financial Measures" for applicable reconciliation.
(3) Book Value Per Common Share consists of Total Synovus Financial Corp.
shareholders' equity less Preferred Stock divided by total common shares
outstanding.
(4) Tangible Book Value Per Common Share consists of Total Synovus Financial
Corp. shareholders' equity less Preferred Stock and less the carrying value of
goodwill and other intangible assets divided by total common shares
outstanding.
Non-GAAP Financial Measures
The measures entitled adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted non-interest revenue, adjusted non-interest expense; adjusted revenue taxable equivalent $(TE)$; adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; tangible common equity ratio; and tangible book value per common share are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are net income available to common shareholders; diluted earnings per share; total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; return on average common equity; the ratio of total Synovus Financial Corp. shareholders' equity to total assets; and book value per common share, 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 net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, and adjusted return on average common equity are measures used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Adjusted non-interest revenue and adjusted revenue (TE) are measures used by management to evaluate non-interest revenue and total revenue exclusive of net investment securities gains (losses), 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. 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. Adjusted PPNR is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. The tangible common equity ratio is used by stakeholders to assess our capital position. Tangible book value per common share is used by stakeholders to assess our financial stability and value. The computations of these measures are set forth in the tables below.
Reconciliation of Non-GAAP Financial
Measures
(in thousands, except
per share data) 4Q25 3Q25 4Q24 2025 2024
------- ------- ------- ------- -------
Adjusted net income
available to common
shareholders and
adjusted net income
per common share,
diluted
Net income available
to common
shareholders $171,054 $185,590 $178,848 $746,655 $439,557
Valuation adjustment
on GLOBALT earnout (719) -- (719) (719) (719)
Restructuring charges
(reversals) (338) (747) 37 (2,305) 2,121
Valuation adjustment
to Visa derivative 2,940 2,911 -- 8,051 8,700
Loss (gain) on early
extinguishment of
debt 1,344 -- -- 1,344 --
Investment securities
(gains) losses, net 1,038 (1,742) -- (704) 256,660
Merger-related
expense(1) 18,504 23,757 -- 42,261 --
Tax on surrender of
bank-owned life
insurance policies 14,227 -- -- 14,227 --
Tax effect of
adjustments(2) (5,499) (5,839) 165 (11,575) (64,423)
------- ------- ------- ------- -------
Adjusted net
income
available to
common
shareholders $202,551 $203,930 $178,331 $797,235 $641,896
Weighted average
common shares
outstanding,
diluted 139,733 139,612 142,694 140,149 144,998
Net income per
common share,
diluted $ 1.22 $ 1.33 $ 1.25 $ 5.33 $ 3.03
Adjusted net
income per
common
share,
diluted 1.45 1.46 1.25 5.69 4.43
======= ======= ======= ======= =======
(1) As of the balance sheet date, a determination had not been made regarding
whether certain merger-related costs will be tax deductible or not; therefore,
merger-related expense has been tax effected.
(2) An assumed marginal tax rate of 24.2% was applied.
(dollars in thousands) 4Q25 3Q25 4Q24 2025 2024
------- ------- ------- --------- ---------
Adjusted non-interest
revenue
Total non-interest
revenue $145,094 $140,697 $125,587 $ 536,392 $ 239,604
Valuation adjustment on
GLOBALT earnout (719) -- (719) (719) (719)
Investment securities
(gains) losses, net 1,038 (1,742) -- (704) 256,660
Fair value adjustment
on non-qualified
deferred compensation (1,163) (2,592) (237) (6,214) (5,159)
------- ------- ------- --------- ---------
Adjusted
non-interest
revenue $144,250 $136,363 $124,631 $ 528,755 $ 490,386
======= ======= ======= ========= =========
Adjusted non-interest
expense
Total non-interest
expense $349,594 $348,729 $309,311 $1,322,058 $1,247,543
Merger-related expense (18,504) (23,757) -- (42,261) --
Restructuring (charges)
reversals 338 747 (37) 2,305 (2,121)
Valuation adjustment to
Visa derivative (2,940) (2,911) -- (8,051) (8,700)
(Loss) gain on early
extinguishment of
debt (1,344) -- -- (1,344) --
Fair value adjustment
on non-qualified
deferred compensation (1,163) (2,592) (237) (6,214) (5,159)
------- ------- ------- --------- ---------
Adjusted
non-interest
expense $325,981 $320,216 $309,037 $1,266,493 $1,231,563
======= ======= ======= ========= =========
Reconciliation of Non-GAAP Financial
Measures, continued
(dollars in thousands) 4Q25 3Q25 4Q24
-------- -------- --------
Adjusted revenue (TE)
and adjusted tangible
efficiency ratio
Adjusted non-interest
expense $ 325,981 $ 320,216 $ 309,037
Amortization of
intangibles (2,627) (2,627) (2,888)
-------- -------- --------
Adjusted tangible
non-interest
expense $ 323,354 $ 317,589 $ 306,149
======== ======== ========
Net interest income $ 484,577 $ 474,695 $ 454,993
Tax equivalent
adjustment 1,632 1,736 1,430
-------- -------- --------
Net interest income
(TE) $ 486,209 $ 476,431 $ 456,423
======== ======== ========
Net interest income $ 484,577 $ 474,695 $ 454,993
Total non-interest
revenue 145,094 140,697 125,587
-------- -------- --------
Total revenue 629,671 615,392 580,580
Tax equivalent
adjustment 1,632 1,736 1,430
-------- -------- --------
Total TE revenue $ 631,303 $ 617,128 $ 582,010
Valuation adjustment on
GLOBALT earnout (719) -- (719)
Investment securities
(gains) losses, net 1,038 (1,742) --
Fair value adjustment
on non-qualified
deferred compensation (1,163) (2,592) (237)
-------- -------- --------
Adjusted revenue
(TE) $ 630,459 $ 612,794 $ 581,054
======== ======== ========
Efficiency ratio-(TE) 55.38% 56.51% 53.15%
Adjusted tangible
efficiency ratio 51.29 51.83 52.69
======== ======== ========
Adjusted pre-provision
net revenue
Net interest income $ 484,577 $ 474,695 $ 454,993
Total non-interest
revenue 145,094 140,697 125,587
Total non-interest
expense (349,594) (348,729) (309,311)
-------- -------- --------
Pre-provision net
revenue (PPNR) $ 280,077 $ 266,663 $ 271,269
======== ======== ========
Adjusted revenue (TE) $ 630,459 $ 612,794 $ 581,054
Adjusted non-interest
expense (325,981) (320,216) (309,037)
-------- -------- --------
Adjusted PPNR $ 304,478 $ 292,578 $ 272,017
======== ======== ========
Reconciliation of
Non-GAAP Financial
Measures, continued
--------------- --------------- ---------------
(dollars in thousands) 4Q25 3Q25 4Q24
---------- ---------- ----------
Adjusted return on
average assets
(annualized)
Net income $ 181,696 $ 196,505 $ 189,377
Restructuring charges
(reversals) (338) (747) 37
Valuation adjustment on
GLOBALT earnout (719) -- (719)
Valuation adjustment to
Visa derivative 2,940 2,911 --
Loss (gain) on early
extinguishment of debt 1,344 -- --
Investment securities
(gains) losses, net 1,038 (1,742) --
Merger-related
expense(1) 18,504 23,757 --
Tax on surrender of
bank-owned life
insurance policies 14,227 -- --
Tax effect of
adjustments(2) (5,499) (5,839) 165
---------- ---------- ----------
Adjusted net income $ 213,193 $ 214,845 $ 188,860
Net income annualized $ 720,859 $ 779,612 $ 753,391
Adjusted net income
annualized $ 845,820 $ 852,374 $ 751,334
Total average assets $60,839,497 $60,085,552 $60,174,616
Return on average
assets (annualized) 1.18% 1.30% 1.25%
Adjusted return on
average assets
(annualized) 1.39 1.42 1.25
(1) As of the balance sheet date, a determination had not been made
regarding whether certain merger-related costs will be tax deductible or
not; therefore, merger-related expense has been tax effected.
(2) An assumed marginal tax rate of 24.2% was applied.
Reconciliation of
Non-GAAP Financial
Measures, continued
-------------- -------------- --------------
(dollars in thousands) 4Q25 3Q25 4Q24
--------- --------- ---------
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 $ 171,054 $ 185,590 $ 178,848
Restructuring charges
(reversals) (338) (747) 37
Valuation adjustment on
GLOBALT earnout (719) -- (719)
Valuation adjustment to
Visa derivative 2,940 2,911 --
Loss (gain) on early
extinguishment of debt 1,344 -- --
Investment securities
(gains) losses, net 1,038 (1,742) --
Merger-related
expense(1) 18,504 23,757 --
Tax on surrender of
bank-owned life
insurance policies 14,227 -- --
Tax effect of
adjustments(2) (5,499) (5,839) 165
--------- --------- ---------
Adjusted net
income
available to
common
shareholders $ 202,551 $ 203,930 $ 178,331
Adjusted net income
available to common
shareholders
annualized $ 803,599 $ 809,070 $ 709,447
Amortization of
intangibles, tax
effected, annualized 7,905 7,907 8,715
--------- --------- ---------
Adjusted net
income
available to
common
shareholders
excluding
amortization
of intangibles
annualized $ 811,504 $ 816,977 $ 718,162
Net income available to
common shareholders
annualized $ 678,638 $ 736,308 $ 711,504
Amortization of
intangibles, tax
effected, annualized 7,905 7,907 8,715
--------- --------- ---------
Net income
available to
common
shareholders
excluding
amortization
of intangibles
annualized $ 686,543 $ 744,215 $ 720,219
Total average Synovus
Financial Corp.
shareholders' equity
less preferred stock $5,377,147 $5,127,084 $4,824,003
Average goodwill (480,440) (480,440) (480,440)
Average other
intangible assets,
net (25,211) (27,665) (35,869)
--------- --------- ---------
Total average
Synovus
Financial
Corp. tangible
shareholders'
equity less
preferred
stock $4,871,496 $4,618,979 $4,307,694
Return on average
common equity
(annualized) 12.62% 14.36% 14.75%
Adjusted return
on average
common equity
(annualized) 14.94 15.78 14.71
Return on
average
tangible
common equity
(annualized) 14.09 16.11 16.72
Adjusted return
on average
tangible
common equity
(annualized) 16.66 17.69 16.67
========= ========= =========
(1) As of the balance sheet date, a determination had not been made
regarding whether certain merger-related costs will be tax
deductible or not; therefore, merger-related expense has been tax
effected.
(2) An assumed marginal tax rate of 24.2% was applied.
Reconciliation of
Non-GAAP Financial
Measures, continued
--------------- --------------- ---------------
December 31, September 30, December 31,
(dollars in thousands) 2025 2025 2024
---------- ---------- ----------
Tangible common equity
ratio and tangible book
value per common share
Total assets $61,358,837 $60,485,175 $60,233,644
Goodwill (480,440) (480,440) (480,440)
Other intangible
assets, net (23,809) (26,436) (34,318)
---------- ---------- ----------
Tangible
assets $60,854,588 $59,978,299 $59,718,886
========== ========== ==========
Total Synovus Financial
Corp. shareholders'
equity $ 5,993,167 $ 5,818,737 $ 5,244,557
Goodwill (480,440) (480,440) (480,440)
Other intangible
assets, net (23,809) (26,436) (34,318)
Preferred stock, no par
value (537,145) (537,145) (537,145)
---------- ---------- ----------
Tangible
common
equity $ 4,951,773 $ 4,774,716 $ 4,192,654
========== ========== ==========
Total Synovus
Financial Corp.
shareholders'
equity to total
assets ratio 9.77% 9.62% 8.71%
Tangible
common
equity
ratio 8.14 7.96 7.02
========== ========== ==========
Tangible common equity $ 4,951,773 $ 4,774,716 $ 4,192,654
Common shares
outstanding 138,894 138,813 141,166
Book value per
common share $ 39.28 $ 38.05 $ 33.35
Tangible book
value per
common share 35.65 34.40 29.70
========== ========== ==========
View source version on businesswire.com: https://www.businesswire.com/news/home/20260121647641/en/
CONTACT: Media Contact
Audria Belton
Media Relations
media@synovus.com
Investor Contact
Jennifer H. Demba, CFA
Investor Relations
investorrelations@synovus.com
(END) Dow Jones Newswires
January 21, 2026 16:50 ET (21:50 GMT)