Core Insights - Pinnacle Financial Partners, Inc. is a regional bank with $119.1 billion in assets, offering a comprehensive range of banking, investment, trust, mortgage, and insurance services [1] - The firm has a significant market presence, being the largest bank headquartered in Tennessee and the largest bank holding company in Georgia, with a strong deposit market share in Nashville and Atlanta [1] Company Recognition - Pinnacle is ranked No. 9 in FORTUNE magazine's 2025 list of 100 Best Companies to Work For in the U.S., marking its ninth consecutive year on the list [2] - The firm has been recognized as No. 4 among America's Best Banks to Work For in 2025 by American Banker, achieving this for the 13th consecutive year and ranking No. 1 among banks with over $10 billion in assets [2] Preferred Stock Dividends - The company announced three preferred stock dividends: - $0.45617 per share for Series A, payable on March 23, 2026, to shareholders of record as of March 15, 2026 [3] - $0.52481 per share for Series B, payable on April 1, 2026, to shareholders of record as of March 15, 2026 [3] - $16.88 per share for Series C, payable on March 1, 2026, to shareholders of record as of February 14, 2026 [3]

Company Overview - Pinnacle Financial Partners, Inc. is a regional bank with assets totaling $119.1 billion, offering a comprehensive range of banking, investment, trust, mortgage, and insurance products and services for both commercial and consumer clients [2] - The firm is the largest bank headquartered in Tennessee and the largest bank holding company in Georgia, with a significant presence in multiple states including Florida, North Carolina, South Carolina, Alabama, Kentucky, Virginia, and Maryland [2] - Pinnacle holds the No. 1 position in deposit market share in the Nashville MSA and ranks No. 4 in the Atlanta MSA as of June 30, 2025, according to FDIC data [2] Recent Developments - The Board of Directors of Pinnacle Financial Partners has approved a cash dividend of $0.50 per share, which is set to be paid on February 27, 2026, to shareholders of record as of the close of business on February 6, 2026 [1] Recognition and Workplace Culture - Pinnacle is recognized as an employer of choice, ranking No. 9 in FORTUNE magazine's 2025 list of 100 Best Companies to Work For in the U.S., marking its ninth consecutive appearance on the list [3] - The firm was also acknowledged by American Banker as No. 4 among America's Best Banks to Work For in 2025, achieving this recognition for the 13th consecutive year, and is ranked No. 1 among banks with more than $10 billion in assets [3]

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Core Insights - Pinnacle Financial Partners and Synovus Financial Corp reported strong financial results for 2025, with legacy Pinnacle achieving a 35% increase in diluted EPS and legacy Synovus a 76% increase, reflecting a commitment to growth amid their merger [2][3] Financial Performance - For the fourth quarter of 2025, Synovus reported net income available to common shareholders of $171.1 million, a decrease of 8% sequentially and 4% year-over-year [11] - The diluted earnings per share for Synovus in Q4 2025 was $1.22, down 8% from Q3 2025 and down 2% from Q4 2024, while adjusted diluted EPS was stable at $1.45, up 16% year-over-year [7][12] - Total revenue for Synovus in Q4 2025 was $629.7 million, an increase of 2% from Q3 2025 and 7% from Q4 2024 [6][11] Balance Sheet Highlights - Total loans for Synovus at the end of Q4 2025 were $44.63 billion, a 2% increase from Q3 2025 and a 5% increase year-over-year [9] - Total deposits reached $51.32 billion, up 3% sequentially and relatively stable year-over-year [10] Non-Interest Revenue and Expenses - Non-interest revenue for Synovus in Q4 2025 was $145.1 million, a 3% increase from Q3 2025 and a 16% increase year-over-year [11] - Non-interest expense remained stable at $349.6 million, with a slight increase of 2% from Q3 2025 and a 13% increase year-over-year [11] Credit Quality - Synovus maintained healthy credit quality, with a non-performing loan ratio of 0.57% and an annualized net charge-off ratio of 0.22% for Q4 2025 [7][11] - The provision for credit losses was $33.0 million, up from $21.7 million in Q3 2025, but stable compared to $32.9 million in Q4 2024 [11] Merger Insights - The merger between Pinnacle and Synovus closed on January 1, 2026, creating a leading regional bank poised for accelerated growth [3] - Integration teams are working to ensure a seamless transition, with systems and brand conversions expected by March 2027 [3]

Financial Data and Key Metrics Changes - The company reported a third quarter linked quarter annualized growth rate of 14.5% for non-interest-bearing deposits, 10.6% for core deposits, 8.9% for loans, 31.5% for revenue, and 54% for adjusted EPS [9] - The net interest margin (NIM) increased by three basis points to 3.26% in the third quarter, with expectations for further increases in the fourth quarter due to anticipated rate cuts [21][22] - The estimated growth range for net interest income has been increased to approximately 13% to 14% over 2024 results [22] Business Line Data and Key Metrics Changes - End-of-period loans increased by 8.9% linked quarter annualized, with an adjusted outlook for loan growth set at 9% to 10% for the year [19] - Non-interest income guidance has been increased from 12% to 15% growth to now 20% to 22% growth for the year, driven by strong performance in banking fees and wealth management [26] Market Data and Key Metrics Changes - The company has successfully increased market share in key markets, with notable gains in Nashville, Chattanooga, Knoxville, and Memphis, where competitors have lost significant market share [10][11] - The company is targeting additional market share in southeastern markets, with significant share losses noted among competitors in cities like Greensboro and Atlanta [11] Company Strategy and Development Direction - The company aims to build a "Southeast Growth Champion" through strategic hiring and market share acquisition, leveraging the merger with Synovus Financial Corp. to enhance growth potential [29][30] - The focus remains on recruiting and retaining market-leading revenue producers to sustain balance sheet growth and shareholder returns [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain momentum post-merger, with hiring rates and financial performance remaining strong [15][28] - The outlook for 2025 is optimistic, with expectations for continued growth in revenue and earnings, despite potential economic uncertainties [28] Other Important Information - The company reported a decrease in net charge-offs to 18 basis points in the third quarter, with an unchanged outlook for net charge-offs for the full year [24] - BHG's exceptional performance contributed over $40 million in fee revenues, with expectations for continued strong growth in 2025 [25] Q&A Session Summary Question: Are there 300 RMs that fit the Pinnacle model in the market? - Management indicated that while there may not be 300 RMs available immediately, the hiring strategy has historically proven successful in attracting talent over time [34] Question: How does the pro forma balance sheet affect BHG's use case? - Management stated that BHG's growth is expected to remain consistent, with no significant changes anticipated in the approach post-merger [38] Question: Will the hiring strategy change post-deal close? - Management expressed confidence that the existing hiring strategy will continue to be effective, emphasizing a unique recruitment model that differs from competitors [49] Question: What are the risks associated with the merger? - Management noted that there are no significant risks identified at this time, with a focus on hard work to integrate the companies and maintain high associate retention rates [64] Question: What is the outlook for credit quality? - Management indicated that credit quality remains strong, with a focus on monitoring specific credits, particularly in healthcare [82]

Financial Data and Key Metrics Changes - The company reported a 14.5% linked quarter annualized growth rate for non-interest-bearing deposits, 10.6% for core deposits, 8.9% for loans, 31.5% for revenue, and 54% for adjusted EPS in Q3 2025 [9] - The net interest margin (NIM) increased by three basis points to 3.26% in Q3 2025, with expectations for further increases in Q4 2025 [19][20] - The estimated growth range for net interest income has been increased to approximately 13% to 14% over 2024 results [20] Business Line Data and Key Metrics Changes - End-of-period loans increased by 8.9% linked quarter annualized, with an adjusted outlook for end-of-period loan growth now set at 9% to 10% for the year [17] - Non-interest income guidance has been increased from 12% to 15% growth to now 20% to 22% growth for the year, driven by strong performance in banking fees and wealth management [24] Market Data and Key Metrics Changes - The company has gained market share in key markets, with significant share losses noted among competitors in Nashville, Chattanooga, Knoxville, and Memphis [10][11] - The company is positioned to capitalize on competitive vulnerabilities in other southeastern markets, with notable share losses in Greensboro, Raleigh, Greenville, Charleston, and Atlanta [11] Company Strategy and Development Direction - The company aims to build a "Southeast Growth Champion" through continuous recruitment and retention of market-leading revenue producers, which has historically led to sustainable balance sheet growth [8][27] - The merger with Synovus Financial Corp. is expected to enhance the company's competitive position, allowing for accelerated revenue and EPS growth [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining hiring momentum and achieving strong financial performance post-merger, with a focus on leveraging the combined strengths of Pinnacle and Synovus [14][26] - The company anticipates 2025 to be one of the best years in its history, driven by ongoing hiring, revenue growth, and the integration of Synovus [26] Other Important Information - The company reported a decrease in net charge-offs by 18 basis points in Q3 2025, with an unchanged outlook for net charge-offs for the full year [21] - BHG's fee revenues exceeded $40 million in Q3 2025, with expectations for approximately $30 million in Q4 2025 [22] Q&A Session Summary Question: Are there 300 RMs that fit the Pinnacle model in the market? - Management indicated that while there may not be 300 RMs currently available, there will be over time, and the hiring strategy has proven successful historically [31] Question: How does the pro forma balance sheet change the use case for BHG? - Management stated that BHG's growth is expected to remain consistent, with strong production and demand for their products [34] Question: Is there any incremental risk identified post-merger? - Management noted that there are no significant risks identified, and the focus remains on integrating the two companies effectively [55] Question: What is the outlook for hiring strategy post-deal close? - Management expressed confidence that the existing hiring strategy will continue to be successful, emphasizing a unique approach compared to competitors [43] Question: What are the expectations for fee income growth post-merger? - Management believes that the merger will create significant revenue synergies, enhancing fee income growth opportunities [40]