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)–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%.
|
1Preliminary |
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* |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
(dollars in millions) |
|
4Q25 |
|
|
3Q25 |
|
Linked |
|
Linked |
|
|
4Q24 |
|
Year/Year |
|
Year/Year |
||||||||
|
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* |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
(dollars in millions) |
|
4Q25 |
|
|
3Q25 |
|
Linked |
|
Linked |
|
|
4Q24 |
|
Year/Year |
|
Year/Year |
||||||||
|
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, except per share data) |
|
4Q25 |
|
|
|
3Q25 |
|
|
Linked |
|
Linked |
|
|
4Q24 |
|
|
Year/Year |
|
Year/Year |
||||||
|
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, except per share data) |
2025 |
|
|
2024 |
|
Fourth |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
Fourth |
|
Third |
|
Second |
|
First |
|
Fourth |
|
’25 vs ’24 |
|||||||||||
|
|
|
|
|
% 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 |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
BALANCE SHEET DATA |
|
December 31, 2025 |
|
September 30, 2025 |
|
December 31, 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 |
|
Contacts
Media Contact
Audria Belton
Media Relations
[email protected]
Investor Contact
Jennifer H. Demba, CFA
Investor Relations
[email protected]
