Core Insights - Synovus has made a donation of $50,000 to Feeding America® to support communities in the Southeast that are experiencing food insecurity [1] Company Actions - The donation aims to assist in addressing food insecurity issues in the Southeast region [1]

Core Insights - Synovus Financial's Q3 2025 adjusted earnings per share reached $1.46, exceeding the Zacks Consensus Estimate of $1.36 and showing a year-over-year increase from $1.23 [2][3] - The company's total revenues for the quarter were $611.1 million, an 8.2% increase from the prior year, and also surpassed the Zacks Consensus Estimate by 1% [4] - Non-interest revenues rose 13% year-over-year to $140.7 million, driven by higher core banking fees, wealth management income, and capital markets income [5] Financial Performance - Net interest income (NII) increased by 8% year-over-year to $474.7 million, with the net interest margin expanding by 4 basis points to 3.41% [4] - Non-interest expenses rose 11% year-over-year to $348.7 million, primarily due to higher merger-related expenses of $23.8 million [5] - The adjusted tangible efficiency ratio improved to 51.8%, down from 53% in the previous year, indicating increased profitability [5] Loan and Deposit Trends - Total loans as of September 30, 2025, were $43.8 billion, showing a slight increase from the previous quarter [6] - Total core deposits were $44.9 billion, reflecting a slight decline from the previous quarter [6] Credit Quality - Non-performing loans decreased by 33% year-over-year to $209.3 million, and total non-performing assets fell by 26% to $231.7 million [7] - The provision for credit losses was $21.7 million, down 7% year-over-year, with the non-performing assets ratio improving to 0.53% from 0.73% [7] Capital and Profitability Ratios - As of September 30, 2025, the Tier 1 capital ratio was 12.34%, and the total risk-based capital ratio was 14.07%, both showing improvement from the previous year [9] - Adjusted return on average assets increased to 1.42%, up from 1.26% in the prior year, while adjusted return on average common equity rose to 15.78% from 15.02% [9] Future Outlook - Management anticipates stable net charge-offs and expects adjusted non-interest expenses to be between $320-$325 million for Q4 [10] - For 2025, loan growth is projected at 4.5%, with core deposits expected to rise by 0.5% [11] - Adjusted revenues are anticipated to increase by 6.5% from 2024, while adjusted non-interest expenses are expected to rise by 2.5% [11] Industry Context - Synovus operates within the Zacks Banks - Southeast industry, where competitor Hancock Whitney reported a revenue increase of 4.9% year-over-year [15][16] - Hancock Whitney's EPS for the last quarter was $1.49, compared to $1.33 a year ago, with a projected EPS of $1.46 for the current quarter [16]

Core Points - Synovus Financial Corp. will participate in a joint fireside chat with Pinnacle Financial Partners at the Goldman Sachs 2025 U.S. Financial Services Conference on December 9, 2025, discussing the pending merger between the two companies [1] - Synovus Financial Corp. is based in Columbus, Georgia, and has approximately $60 billion in assets, offering a range of financial services including commercial and consumer banking, wealth services, and international banking [3] Company Overview - Synovus Financial Corp. provides a full suite of specialized products and services, including treasury management, mortgage services, premium finance, asset-based lending, structured lending, and capital markets [3] - The company operates branches in Georgia, Alabama, Florida, South Carolina, and Tennessee [3] - Synovus is recognized as a Great Place to Work-Certified Company [3]

Core Insights - Pinnacle Financial Partners and Synovus Financial Corp. will participate in a joint fireside chat at the Goldman Sachs 2025 U.S. Financial Services Conference to discuss their pending merger [1] - Pinnacle Financial Partners is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA and has grown market share in 22 out of 27 MSAs measured [2] - Pinnacle Financial Partners has approximately $56.0 billion in assets as of September 30, 2025, and is the second-largest bank holding company headquartered in Tennessee [3] Company Overview - Pinnacle Financial Partners provides a comprehensive range of banking, investment, trust, mortgage, and insurance products and services [2] - The firm has been recognized as one of America's Best Banks to Work For for 12 consecutive years and ranked No. 9 on FORTUNE magazine's 2025 list of 100 Best Companies to Work For [2] - Pinnacle Financial Partners has been named in the top five nationwide in FORTUNE magazine's 2025 list of the Best Workplaces for Women, ranking No. 4, up from No. 8 in 2024 [6] Financial Performance - Pinnacle Financial Partners announced a cash dividend of $0.24 per share to be paid on November 28, 2025, to common shareholders of record as of November 7, 2025 [7] - The board also approved a quarterly dividend of approximately $3.8 million, or $16.88 per share, on its 6.75 percent Series B Non-Cumulative Preferred Stock [7] Shareholder Approval - Shareholders of Pinnacle Financial Partners and Synovus Financial Corp. voted in favor of the proposed merger, with approximately 91.5 percent of votes cast in favor at the Synovus special meeting [5]

Core Viewpoint - Pinnacle Financial Partners and Synovus Financial announced an all-stock transaction to combine, creating a regional bank with a focus on high-growth markets in the Southeast, with combined assets of $116 billion [1]. Group 1: Company Overview - Pinnacle Financial Partners was founded in 2000, with Terry Turner serving as President and CEO since its inception [2]. - Synovus Financial's leadership includes Kevin Blair, who became CEO and President in 2021 and Chairman in 2023, having held various roles since joining in 2016 [2]. Group 2: Financial Projections - The combined entity is expected to achieve top quartile revenue and net income growth, along with the best efficiency ratio among its peers by 2027 [1].

Core Insights - Pinnacle Financial Partners and Synovus Financial announced an agreement to combine in an all-stock transaction, creating a regional bank with combined assets of $116 billion focused on the Southeast markets [1] Group 1: Company Overview - The merger aims to create a high-performing regional bank targeting the fastest-growing markets in the Southeast [1] - On a pro forma basis, the combined entity is expected to achieve top quartile revenue and net income growth, along with the best efficiency ratio among its peer group by 2027 [2] Group 2: Leadership - Terry Turner serves as the President and CEO of Pinnacle Financial Partners since its founding in 2000 [3] - Kevin Blair has been with Synovus since 2016, holding various roles including CFO and Chief Operating Officer, and was named CEO and President in 2021, and Chairman in 2023 [3]

Summary of Synovus Financial and Pinnacle Financial Partners Conference Call Industry and Companies Involved - **Industry**: Banking and Financial Services - **Companies**: Synovus Financial (NYSE: SNV) and Pinnacle Financial Partners Key Points and Arguments Merger Announcement and Shareholder Support - In July, Synovus and Pinnacle announced a merger agreement in an all-stock transaction, creating a regional bank with combined assets of $116 billion [1][4] - Shareholder meetings showed strong support, with approximately 79% of votes cast at Pinnacle and 93% in favor, while Synovus had around 75%-76% votes with 69%-70% affirmative [3][4] Employee and Client Retention - Both companies reported a 95% retention rate for employees since the merger announcement, indicating stability and confidence among staff [5][6] - The merger has attracted new revenue producers, with both sides successfully hiring despite the merger discussions [6][9] Merger Strategy and Organizational Structure - The merger is expected to succeed due to minimal market overlap (only 6% of pro forma deposits) and both companies being high-performing [10][11] - A commitment to transparency and early communication about organizational structure has been made to reduce uncertainty and turnover [12][13] Operational Conversion and Growth Targets - The operational conversion is scheduled for March 2027, with a focus on ensuring service quality during the transition [33][34] - Pro forma annualized balance sheet growth is targeted at high single digits to low double digits, leveraging the strengths of both companies [39][40] Cost and Revenue Synergies - Expected cost synergies amount to $250 million, with 50% realized in 2026 and 75% by 2027 [41][42] - Revenue synergies are projected to be between $100 million and $130 million over the next several years, driven by core revenue growth and full utilization of both companies' capabilities [43][44] Capital Management and Stock Repurchase - The company anticipates having sufficient capital to support growth and potentially repurchase stock, with a CET1 ratio estimated at 10.1% at the close of the merger [46][47] Regulatory Environment and Compliance - The tone of regulatory discussions has been constructive, with both companies having strong track records in risk management and community development [79][80] - Compliance with enhanced prudential standards will require significant investment, estimated at $35 million in run rate and $45 million in upfront costs [71][72] Market Sentiment and Execution - There is skepticism in the market regarding the merger, with a focus on execution as the key to proving the merger's value [68][76] - The leadership emphasizes the importance of delivering results in the upcoming quarters to build confidence among investors [77][78] Additional Important Insights - The merger is seen as a "prove it story," with both companies committed to demonstrating their ability to execute the merger successfully [76] - The integration of BHG (Bankers Healthcare Group) is viewed positively, with expectations for sustainable contributions to revenue [80][81] This summary encapsulates the key discussions and insights from the conference call, highlighting the strategic direction and expectations for the combined entity of Synovus and Pinnacle.

Core Points - Shareholders of Pinnacle Financial Partners and Synovus Financial Corp. have approved the merger, with 92.2% and 91.5% of votes in favor respectively [1][2] - The merger is expected to create a leading regional bank focused on sustainable revenue and EPS growth, enhancing shareholder returns [2] - The merger is anticipated to close in the first quarter of 2026, pending regulatory approvals and other customary closing conditions [3][4] Pinnacle Financial Partners - Pinnacle Financial Partners has approximately $56.0 billion in assets as of September 30, 2025, and is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA according to 2025 FDIC deposit data [5][6] - The firm has been recognized as one of America's Best Banks to Work For for 12 consecutive years and ranked No. 9 on FORTUNE magazine's 2025 list of 100 Best Companies to Work For [5] - Pinnacle began operations in October 2000 and has grown significantly, operating in several urban markets across the Southeast [6] Synovus Financial Corp. - Synovus Financial Corp. has approximately $60 billion in assets and operates 244 branches across five states [8] - The company offers a full suite of financial services, including commercial and consumer banking, wealth services, and capital markets [8] - Synovus is recognized as a Great Place to Work-Certified Company [8]

Summary of Synovus Financial Corporation Special Meeting Company and Industry - **Company**: Synovus Financial Corporation - **Industry**: Regional Banking Core Points and Arguments 1. **Merger Proposal**: The special meeting was convened to vote on the proposed merger between Synovus Financial Corporation and Pinnacle Financial Partners, Incorporated [1][2] 2. **Strategic and Financial Rationale**: The merger is described as strategically and financially compelling, aiming to create the fastest-growing and most profitable regional bank in the U.S. [2] 3. **Shared Principles**: Both companies share foundational principles of team member engagement and client loyalty, which have historically driven strong financial results [2] 4. **Growth and Market Expansion**: The merger is expected to expand Synovus's footprint in attractive markets and deepen its presence in existing ones, enhancing growth through Pinnacle's talent acquisition model [2][3] 5. **Technological Advancements**: The merger will provide additional scale for developing new tools and technology, improving client experiences and driving organic revenue growth [3] 6. **Regulatory Compliance**: The merger supports Synovus's multi-year investments to meet regulatory requirements as it transitions to a $100 billion-plus asset institution [3] 7. **Board Recommendation**: The Board of Directors has approved the merger agreement and recommends shareholders vote in favor of it [3] Important but Overlooked Content 1. **Voting Details**: Proxies representing over 76% of the votes entitled to be cast were present, confirming a quorum for the meeting [8] 2. **Voting Results**: The merger proposal was approved by over 69% of the votes cast, while the advisory approval for merger-related compensation payments received over 51% [11][12] 3. **Adjournment Not Required**: The meeting did not require adjournment as the merger proposal was approved [12] 4. **Inspector of Elections**: Jane Costello was appointed as the Inspector of Elections, ensuring the integrity of the voting process [6]

Financial Performance - Synovus Financial Corp. reported significant financial performance trends for the three and nine months ended September 30, 2025, compared to the same periods in 2024[164]. - Net income available to common shareholders for Q3 2025 was $185.6 million, or $1.33 per diluted share, up from $169.6 million, or $1.18 per diluted share, in Q3 2024[169]. - Net interest income for the nine months ended September 30, 2025, was $1.39 billion, an increase of $94.1 million, or 7%, compared to the same period in 2024[170]. - Non-interest revenue for Q3 2025 was $140.7 million, up $16.7 million, or 13%, compared to the prior year, driven by higher core banking fees and capital markets income[171]. - Non-interest expense for Q3 2025 was $348.7 million, an increase of $35.0 million, or 11%, including $23.8 million in merger-related expenses[172]. - The company expects adjusted revenue growth of approximately 6.5% and adjusted non-interest expense growth of approximately 2.5% for the upcoming year[183]. - Adjusted net income available to common shareholders for the three months ended September 30, 2025, was $203.9 million, compared to $177.1 million for the same period in 2024, reflecting a year-over-year increase of 15.2%[288]. - Adjusted net income available to common shareholders for the nine months ended September 30, 2025, was $594,684,000, up from $462,709,000 in 2024, reflecting a growth of 28.5%[290]. Loan and Deposit Trends - Loans, net of deferred fees and costs, increased to $43.75 billion, up $1.14 billion from December 31, 2024, primarily due to growth in C&I loans[173]. - Total period-end deposits decreased by $1.09 billion compared to December 31, 2024, primarily due to a decline in core deposits[175]. - Total loans increased to $43.75 billion at September 30, 2025, compared to $42.61 billion at December 31, 2024[234]. - Total period-end deposits as of September 30, 2025, were $50.00 billion, down $1.09 billion, or 2%, from December 31, 2024, primarily due to a $1.24 billion decrease in core deposits[204]. - Core deposits as of September 30, 2025, were $44.98 billion, representing 89.9% of total deposits, down from $46.22 billion, or 90.5%, as of December 31, 2024[204]. Capital and Asset Quality - CET1 capital ratio improved to 11.22% as of September 30, 2025, up 38 bps from December 31, 2024[176]. - The allowance for loan losses (ALL) was $469.5 million at September 30, 2025, a decrease from $486.8 million at December 31, 2024[239]. - Non-performing assets (NPAs) decreased by $77.8 million, or 25%, to $231.7 million at September 30, 2025, primarily due to the resolution of non-performing loan relationships[234]. - Criticized and classified loans decreased by $201.6 million to $1.48 billion at September 30, 2025, compared to December 31, 2024, due to upward migration and paydowns of commercial credits[236]. - The provision for credit losses was $21.7 million for the three months ended September 30, 2025, down from $23.4 million in the same period in 2024, reflecting improved performance[238]. Mergers and Strategic Initiatives - The company is focused on strategic initiatives, including the integration of Pinnacle's operations following a pending merger, which may lead to cost savings and synergies[159]. - The pending merger with Pinnacle Financial Partners is expected to close in Q1 2026, with integration planning actively underway[181]. - Synovus is exploring acquisition opportunities to support its growth strategy, although successful execution may depend on favorable terms and market conditions[160]. - Merger-related expenses for the three months ended September 30, 2025, amounted to $23,757,000, with no expenses recorded in the same period of 2024[290]. Market and Economic Conditions - Synovus anticipates potential challenges from economic downturns, including inflation and interest rate fluctuations, which could impact capital and credit quality[160]. - The company is facing competition from nontraditional banking institutions, which may affect its market position and profitability[160]. - Synovus is actively managing liquidity risks and capital resources to ensure operational stability amid regulatory scrutiny and market conditions[160]. Employee and Operational Metrics - The company emphasizes the importance of attracting and retaining key employees to support its strategic initiatives[160]. - The total headcount as of September 30, 2025, was 4,923, an increase of 117 employees, or 2%, compared to the same date in 2024[221]. - Salaries and other personnel expenses increased by 7% year-over-year for Q3 2025, totaling $197.31 million, driven by headcount additions and merit increases[219][221].