Financial Data and Key Metrics Changes - Pinnacle reported Q4 Adjusted EPS of $2.24, stable quarter-over-quarter and up 18% year-over-year [10] - Net interest income increased 3% from Q3 and 12% year-over-year [10] - Period-end loans grew 3% from the prior quarter and 10% year-over-year [10] - Core deposit growth was 3% quarter-over-quarter and 10% year-over-year [10] - Adjusted non-interest revenue declined 6% from Q3 but increased 25% year-over-year [10] - Synovus reported Q4 adjusted diluted EPS of $1.45, stable quarter-over-quarter and up 16% year-over-year [11] Business Line Data and Key Metrics Changes - Legacy Pinnacle's adjusted diluted EPS grew by 22% in 2025, while Legacy Synovus grew by 28% [7] - Pinnacle's adjusted non-interest revenue growth was driven by higher service charges, wealth management revenue, and income from BHG, which contributed $31 million in fee revenue [11] - Synovus's adjusted non-interest revenue grew 6% from the prior quarter and 16% year-over-year to $144 million [12] Market Data and Key Metrics Changes - The merger between Pinnacle and Synovus was completed on January 1st, 2025, demonstrating effective integration [8] - Both organizations have successfully completed key milestones over the past two quarters, reinforcing a solid foundation for continued growth [8] Company Strategy and Development Direction - Pinnacle aims to produce strong, above-peer revenue, earnings per share, and tangible book value growth [5] - The company plans to hire 250 total revenue producers in 2026, with expectations of loan growth to reach $91 billion-$93 billion, up 9%-11% from year-end 2025 [17] - The focus is on delivering exceptional client service and industry-leading loyalty, as verified by external sources [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving loan growth targets despite a competitive backdrop, citing a positive client sentiment and a constructive environment [44] - The company anticipates net charge-offs to be in the range of 20-25 basis points for the year, consistent with 2025 performance [20] - Management is optimistic about the revenue synergies from the merger, expecting to exceed the $100 million-$130 million target over the next three years [74] Other Important Information - The CET1 ratio ended the quarter at 10.88% for Pinnacle and 11.28% for Synovus, with expectations of approximately 10% at the end of Q1 2026 [15][14] - A $400 million common share repurchase program has been authorized to manage capital in multiple growth scenarios [21] Q&A Session Summary Question: What can the combined bank not do today that it will be able to do a year from now post-conversion? - Management indicated that the transition to the nCino platform will introduce new capabilities and products, enhancing revenue synergies [33] Question: When do you think you would actually initiate buybacks? - Management stated that they would reassess buybacks later in the year, with no purchases expected in Q1 or Q2 due to capital accretion considerations [38] Question: Can you walk us through your confidence in achieving the loan growth target? - Management highlighted that Q4 already showed 10% loan growth and emphasized the importance of existing team members and recent hires in driving future growth [44] Question: What is the outlook for fee income guidance for the capital markets business? - Management expressed optimism about capital markets as a significant area of opportunity, expecting strong growth in capital markets fees in 2026 [52] Question: How do you plan to handle higher loan growth before deposit growth? - Management confirmed that they would use higher-cost sources to fund growth if necessary, but this is already factored into their guidance [66]

Financial Data and Key Metrics Changes - Pinnacle reported Fourth Quarter adjusted EPS of $2.24, stable quarter over quarter and up 18% year over year [10] - Net interest income increased 3% from the third quarter and 12% year over year [10] - Period-end loans grew at a strong 3% from the prior quarter and 10% year over year [10] - Core deposit growth was healthy at 3% quarter over quarter and 10% year over year [10] - Adjusted non-interest revenue declined 6% from the third quarter but jumped 25% year over year [10] - Synovus reported strong Fourth Quarter adjusted diluted EPS of $1.45, stable quarter over quarter and increased 16% year over year [11] Business Line Data and Key Metrics Changes - Pinnacle's adjusted non-interest revenue growth was largely due to higher service charges, wealth management revenue, and income from BHG, which contributed $31 million in fee revenue [11] - Synovus generated healthy, consistent growth in adjusted non-interest revenue, which grew 6% from the prior quarter and 16% year over year to $144 million [12] Market Data and Key Metrics Changes - The merger between Pinnacle and Synovus was completed on January 1st, demonstrating the strengths of both companies and their resolve for swift integration [8] - The economic backdrop remains somewhat uncertain, but client sentiment is relatively constructive, with expectations for business activity to pick up over the next 12 months [46] Company Strategy and Development Direction - Pinnacle aims to produce strong, above-peer revenue, earnings per share, and tangible book value growth, focusing on exceptional client service and industry-leading loyalty [5][6] - The company plans to hire 250 total revenue producers in 2026, with loan growth expected to reach $91-$93 billion, up 9%-11% from year-end 2025 [17] - The adjusted revenue outlook for 2026 is projected at $5-$5.2 billion, with a net interest margin estimated in the 345-355 range [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving loan growth targets despite competitive pressures, citing a strong hiring model and existing team members' performance [44][46] - The company anticipates realizing 40% of its annualized merger-related expense savings in 2026, with underlying expense growth driven by revenue producer hiring and normal inflationary expenses [20] Other Important Information - The company retired $200 million of subordinated tier two notes in October before issuing $500 million in December [14] - A quarterly common equity dividend of $0.50 per share will begin in the first quarter [21] Q&A Session Summary Question: What can the combined bank not do today that it will be able to do a year from now post-conversion? - Management indicated that both companies will operate on their existing legacy platforms until the conversion, which will introduce new capabilities and products [33] Question: When do you think you would actually initiate buybacks? - Management expressed a desire to buy back stock at attractive prices but indicated that capital ratios would be assessed before initiating buybacks, likely not in the first quarter [36][38] Question: Can you walk us through your confidence in achieving the loan growth target? - Management highlighted that the pro forma company generated 10% loan growth in the fourth quarter and emphasized the importance of existing team members and recent hires in achieving future growth [44][46] Question: What is embedded in the fee income guidance for the capital markets business? - Management noted that both Pinnacle and Synovus have had success in growing fee revenue, with expectations for strong growth in capital markets fees in 2026 [52] Question: What is the outlook for some of the specialty businesses? - Management expressed excitement about the growth potential of specialty businesses, with joint efforts already underway to leverage capabilities across the combined organization [81]

Financial Data and Key Metrics Changes - Pinnacle reported Fourth Quarter adjusted EPS of $2.24, stable quarter over quarter and up 18% year over year [8] - Synovus reported Fourth Quarter adjusted diluted EPS of $1.45, stable quarter over quarter and increased 16% year over year [10] - Net interest income for Pinnacle increased 3% from the third quarter and 12% year over year, while Synovus saw a 2% quarter over quarter and 7% year over year increase [8][10] - Pinnacle's net interest margin increased one basis point to 3.27%, while Synovus' net interest margin expanded four basis points to 3.45% [8][10] - Pinnacle's CET1 ratio ended the quarter at 10.88%, and Synovus' CET1 ratio reached an all-time high of 11.28% [9][11] Business Line Data and Key Metrics Changes - Pinnacle's period-end loans grew 3% quarter over quarter and 10% year over year, while Synovus' period-end loans increased by 2% from the prior quarter and 5% from the previous year [8][10] - Pinnacle's adjusted non-interest revenue declined 6% from the third quarter but increased 25% year over year, driven by higher service charges and wealth management revenue [8][9] - Synovus generated healthy growth in adjusted non-interest revenue, which grew 6% from the prior quarter and 16% year over year to $144 million [10] Market Data and Key Metrics Changes - Both companies reported strong performance in their respective markets, with Pinnacle achieving a number one Net Promoter Score ranking and Synovus ranking third among top market share banks [5][6] - The merger between Pinnacle and Synovus was completed swiftly, demonstrating effective integration and operational excellence [6] Company Strategy and Development Direction - The company aims to produce strong, above-peer revenue, earnings per share, and tangible book value growth, focusing on exceptional client service and industry-leading loyalty [4][5] - The goal for 2026 includes hiring 250 total revenue producers, with expectations for period-end loans to grow to $91-$93 billion, representing a 9%-11% increase [14][15] - The company plans to target a common equity tier one ratio of 10.25%-10.75% and anticipates adjusted non-interest revenue of approximately $1.1 billion in 2026 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving loan growth targets despite a competitive backdrop, citing a constructive client sentiment and the ability to generate growth through hiring [38][39] - The company expects to realize 40% of its annualized merger-related expense savings in 2026, with underlying expense growth driven by revenue producer hiring and normal inflationary expenses [17] - Management acknowledged potential challenges in 2026 but emphasized readiness to tackle them, highlighting a strong earnings performance outlook [18] Other Important Information - The company has undertaken a significant repositioning within the legacy Synovus securities portfolio, selling approximately $4.4 billion and purchasing new securities with an average yield of 4.7% [12] - A $400 million common share repurchase program has been authorized to manage capital in multiple growth scenarios [18] Q&A Session Summary Question: What can the combined bank not do today that it will be able to do a year from now post-conversion? - The combined bank will move to an nCino platform that will provide new capabilities, functionality, and products, enhancing revenue synergies [28] Question: When do you think you would initiate buybacks? - The company is likely to accrete capital for a time period and reassess buybacks later in the year, with no purchases expected in the first quarter [31] Question: How confident are you in achieving the loan growth target given market conditions? - The company generated 10% loan growth in the fourth quarter and is confident in achieving the 9%-11% growth target based on existing team members and recent hires [36][39] Question: Can you provide updates on the timing for further build and liquidity in the bond portfolio? - The company completed a $4.4 billion repositioning of the securities portfolio, improving liquidity and reducing risk-weighted assets, with plans for additional debt issuances in 2026 [75]

Earnings Results Fourth Quarter 2025 Forward-Looking Statements This slide presentation 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 identi ...

Core Viewpoint - Synovus Financial has successfully merged with Pinnacle Financial Partners in an all-stock deal valued at $8.6 billion, aiming to create the highest-performing regional bank in the Southeast [1][6] Group 1: Merger Details - The merger was announced in July and has resulted in a combined holding company with $117.2 billion in assets, $95.7 billion in deposits, and $80.4 billion in loans as of September 30 [1] - The new holding company will be headquartered in Atlanta, Georgia, while the bank's operations will be based in Nashville, Tennessee, with plans to consolidate under the Pinnacle brand by early 2027 [2] Group 2: Shareholder Structure - The merger involved a fixed exchange ratio of 0.5237 Synovus shares for each Pinnacle share, translating to a Synovus share value of $61.18, resulting in Synovus shareholders owning approximately 48.5% and Pinnacle shareholders about 51.5% of the merged entity [3] Group 3: Leadership and Vision - Kevin Blair, the former CEO of Synovus, is now the president and CEO of the merged group, while Terry Turner, the former CEO of Pinnacle, chairs the board [4] - The leadership team aims to position the merged entity as the fastest-growing and most profitable regional bank in the nation, emphasizing the importance of long-term relationships and purposeful growth [5]

Core Viewpoint - The merger between Pinnacle Financial Partners, Inc. and Synovus Financial Corp. has been completed, creating a larger bank holding company with significant assets and a focus on growth and client relationships [1][2][3]. Company Overview - The newly combined bank holding company has an estimated pro forma combined asset total of $117.2 billion, with deposits of $95.7 billion and loans of $80.4 billion as of September 30, 2025 [2]. - The combined firm operates over 400 locations across nine states in the Southeast and Atlantic coast, with plans to consolidate under the Pinnacle brand by early 2027 [2][3]. Leadership and Integration - The leadership team aims to position the combined entity as the fastest-growing and most profitable regional bank in the nation, emphasizing the importance of long-term relationships [4][6]. - Integration teams are working to ensure a seamless transition, with systems and brand conversions expected in early 2027 [3][6]. Shareholder and Stock Information - Under the merger agreement, each share of legacy Pinnacle common stock was converted into an equal number of shares of the new Pinnacle, while each share of Synovus common stock was converted into 0.5237 shares of new Pinnacle [6]. - The new Pinnacle shares will begin trading on the New York Stock Exchange on January 2, 2026, with legacy Pinnacle and Synovus being delisted from their respective exchanges [6][7]. Historical Context - The merger was announced on July 24, 2025, with shareholder approval obtained on November 6 and regulatory approvals received shortly thereafter, leading to the completion of the merger on January 1, 2026 [7]. Market Position - Pinnacle Financial Partners is now the largest bank headquartered in Tennessee and the largest bank holding company headquartered in Georgia, holding the number one deposit market share in the Nashville MSA and fourth in the Atlanta MSA [8]. Recognition and Culture - Pinnacle has been recognized as a top employer, ranking ninth in FORTUNE magazine's 2025 list of 100 Best Companies to Work For in the U.S. and fourth among America's Best Banks to Work For [9].

Core Insights - Merger and acquisition activity among banks significantly increased in 2025, with over 170 deals announced, marking a rise of more than one-third from 2024 and nearly 80% from 2023 [6][3] - The total value of these deals reached approximately $47 billion, indicating a trend towards larger valuations compared to previous years [3][2] - A more favorable regulatory environment and expedited deal approval processes are expected to encourage further acquisitions in 2026 [6] Deal Highlights - Capital One Financial completed its acquisition of Discover Financial Services for $51.8 billion, creating a major player in the credit card market [4] - Fifth Third Bancorp's proposed acquisition of Comerica is set to create the ninth-largest U.S. commercial bank with $288 billion in assets, aiming for a close in Q1 2026 [8] - Pinnacle Financial Partners and Synovus Financial announced a merger of equals valued at $8.6 billion, expected to close on January 1, 2026 [14] - Huntington Bancshares is acquiring Cadence Bank for $7.4 billion, enhancing its presence in Texas and Southern markets, with a closing date anticipated around February 1, 2026 [20] - PNC Financial Services Group's purchase of FirstBank Holding Company for $4.1 billion is expected to close on January 5, 2026, significantly expanding PNC's footprint in Colorado [25] Market Reactions - Despite the increase in deal activity, not all transactions have been well-received by the market, with some leading to declines in stock prices for the involved banks [5] - The merger of Pinnacle and Synovus initially caused a 10% drop in stock prices due to concerns over the performance of mergers of equals [16] - PNC's stock experienced a 10% dip following the announcement of its acquisition of FirstBank, although it has since recovered [28]

Group 1 - The article provides a market analysis focusing on the S&P 500 index, highlighting its performance and trends [1] - Synovus Financial Corp is discussed in terms of its financial health and market position, indicating potential investment opportunities [1] - The iShares Core S&P Mid-Cap ETF is analyzed for its performance metrics and relevance in the current market environment [1] Group 2 - Pinnacle Financial Partners Inc. is evaluated regarding its growth prospects and competitive advantages within the financial sector [1]

Index Changes - UiPath Inc. (NYSE: PATH) will be added to the S&P MidCap 400, replacing Synovus Financial Corp. (NYSE: SNV), effective January 2, 2026 [1][4] - Versant Media Group Inc. (NASD: VSNT) will be added to the S&P SmallCap 600, replacing Brandywine Realty Trust (NYSE: BDN), effective January 6, 2026 [1][4] Corporate Actions - Pinnacle Financial Partners Inc. (NASD: PNFP) is acquiring Synovus Financial Corp., with the deal expected to be completed soon, pending final closing conditions [4] - Comcast Corp. (NASD: CMCSA) is spinning off Versant Media Group, with the transaction expected to be completed on January 5, 2026 [4]

Core Viewpoint - Pinnacle Financial Partners and Synovus Financial Corp. are set to merge in January 2026, with the combined firm expected to release its fourth quarter 2025 financial results on January 21, 2026, after market close [1] Group 1: Pinnacle Financial Partners - Pinnacle Financial Partners offers a comprehensive range of banking, investment, trust, mortgage, and insurance products and services tailored for businesses and individuals [3] - As of September 30, 2025, Pinnacle has approximately $56.0 billion in assets and is the second-largest bank holding company headquartered in Tennessee [4] - Pinnacle is recognized as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA based on 2025 deposit data from the FDIC and has been listed as one of America's Best Banks to Work For for 12 consecutive years [3][4] Group 2: Synovus Financial Corp. - Synovus Financial Corp. is based in Columbus, Georgia, with approximately $60 billion in assets, providing a wide range of financial services including commercial and consumer banking [5] - As of September 30, 2025, Synovus operates 244 branches across Georgia, Alabama, Florida, South Carolina, and Tennessee [5] - Synovus is recognized as a Great Place to Work-Certified Company, highlighting its commitment to employee satisfaction [5]