Synovus announces earnings for the fourth quarter 2025
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
Synovus Financial Performance - 2025 Highlights
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
Quarter
Change
Linked
Quarter
% Change
4Q24
Year/Year
Change
Year/Year
% 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 *
(dollars in millions)
4Q25
3Q25
Linked
Quarter
Change
Linked
Quarter
% Change
4Q24
Year/Year
Change
Year/Year
% 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, except per share data)
4Q25
3Q25
Linked
Quarter
Change
Linked
Quarter
% Change
4Q24
Year/Year
Change
Year/Year
% 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, except per share data)
2025
2024
Fourth
Quarter
Fourth
Quarter
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
'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
Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
2025
2024
(dollars in thousands)
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
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.
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
Fourth Quarter 2025
Third Quarter 2025
Fourth Quarter 2024
(dollars in thousands)
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/
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)
Total Loans
Total Loans
Linked
Quarter
Total Loans
Year/Year
Loan Type
December 31, 2025
September 30, 2025
% Change
December 31, 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
Non-performing
Loans
Total
Non-performing
Loans
Linked
Quarter
Total
Non-performing
Loans
Year/Year
Loan Type
December 31, 2025
September 30, 2025
% Change
December 31, 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)
(Dollars in thousands)
2025
2024
Fourth 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,
2025
September 30,
2025
December 31,
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