Synovus announces earnings for the fourth quarter 2025

Diluted earnings per share of $1.22 vs. $1.25 in 4Q24
Adjusted diluted earnings per share of $1.45 vs. $1.25 in 4Q24

Surrender of $220 million of lower-yielding BOLI policies reduced 4Q25 diluted EPS by $0.10

COLUMBUS, Ga.--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (NYSE: PNFP) today reported financial results for Synovus Financial Corp. (“Synovus” or “legacy Synovus”) for the quarter and year ended Dec. 31, 2025.

“Pinnacle and Synovus both delivered strong results in 2025, demonstrating our commitment to growth amid the pending merger,” said Pinnacle President and CEO Kevin Blair. “Legacy Pinnacle grew diluted EPS by 35% and adjusted diluted EPS by 22%, while legacy Synovus achieved increases of 76% and 28%, respectively. These outcomes reflect our team’s engagement, client focus and dedication to delivering value for shareholders. This momentum positions us for continued success in 2026 and strengthens our capacity to unify both organizations, building on similar legacies and shared values. Both firms prioritize client service, with legacy Pinnacle earning the No. 1 Net Promoter Score in our footprint and legacy Synovus earning No. 3. Pinnacle’s proven operating model remains the foundation of our growth, while Synovus brings extensive expertise, broad reach and operational excellence. Together, we’ll build a bank that combines scale with a clear purpose.”

Pinnacle and Synovus Merger

The merger of Pinnacle Financial Partners, Inc. (which we may refer to as “legacy Pinnacle”) and Synovus closed on Jan. 1, 2026. The combination creates one of the leading regional banks in the industry, positioned for accelerated growth by marrying the cultures of both banks with Pinnacle’s proven recruiting model and incentive structures and Synovus’ deep talent and capabilities. Integration teams have been working closely together to build the blueprint for Pinnacle’s future. While bankers continue to serve clients and recruit top talent with little to no disruption, others will work behind the scenes to execute as seamless an integration effort as possible. Systems and brand conversions are expected in March 2027. Throughout, the primary goal will be to enhance our client’s experience.

Synovus Financial Performance - Fourth Quarter 2025 Highlights

• EPS was $1.22 per diluted share, down 8% sequentially, and down 2% from the fourth quarter 2024. Adjusted diluted earnings per share in the fourth quarter 2025 was $1.45, essentially stable from the third quarter 2025, and up 16% year over year.
• Synovus surrendered $220 million of lower-yielding bank-owned life insurance policies, with the proceeds expected to be redeployed into high quality liquid assets at higher yields. This action reduced fourth quarter 2025 diluted EPS by $14.2 million, or $0.10 per share.
• Pre-provision net revenue of $280.1 million increased $13.4 million, or 5%, sequentially and was up $8.8 million, or 3%, compared to the fourth quarter 2024.
• Net interest income rose $9.9 million, or 2%, compared to the prior quarter and was up $29.6 million, or 7%, compared to the fourth quarter 2024. The net interest margin expanded 4 basis points from the third quarter 2025, supported by various factors including continued fixed asset rate repricing and the funding benefits of core deposit growth.
• Period-end loans rose $872.4 million, or 2%, from the third quarter 2025, driven by growth in middle market, corporate and investment banking and specialty lending. Core deposits, which excludes brokered deposits, increased $894.8 million, or 2%, sequentially. Total deposits ended the quarter at $51.32 billion, an increase of $1.32 billion or 3% sequentially, as a result of a focus on deposit production and public funds and middle market account seasonality.
• Non-interest revenue of $145.1 million rose 3% from the third quarter 2025 and increased $19.5 million, or 16%, compared to the fourth quarter 2024. Adjusted non-interest revenue of $144.3 million grew $7.9 million, or 6%, sequentially and rose $19.6 million, or 16%, compared to the fourth quarter 2024. Core banking fees, capital markets revenue and wealth income drove sequential and year-over-year growth.
• Non-interest expense of $349.6 million remained relatively stable, only increasing by $865 thousand sequentially. Adjusted non-interest expense rose 2% from the third quarter to $326.0 million. Compared to fourth quarter 2024, non-interest expense increased 13%, and adjusted non-interest expense rose 5%. Sequential non-interest expense growth was impacted by an increase in incentives and charitable donations which more than offset a FDIC special assessment reversal.
• Credit quality remains healthy. The non-performing loan ratio was 0.57%, the annualized net charge-off ratio for the fourth quarter 2025 was 0.22%, and total past dues were 0.14% of total loans outstanding. Provision for credit losses was $33.0 million, up $11.3 million sequentially and relatively stable compared to $32.9 million in the fourth quarter 2024. The allowance for credit losses ratio (to loans) of 1.19% was stable compared to the third quarter 2025.
• The Common Equity Tier 1 ratio¹ increased 6 basis points from the third quarter to 11.28%, as Synovus prepared the balance sheet for the merger with Pinnacle, which closed on January 1, 2026.

Synovus Financial Performance - 2025 Highlights

• Net income available to common shareholders for 2025 was $746.7 million, or $5.33 per diluted share, compared to $439.6 million, or $3.03 per diluted share in 2024. Adjusted EPS was $5.69 per diluted share compared to $4.43 per diluted share in 2024. Growth was primary attributable to higher revenue and lower provision for credit losses.
• Pre-provision net revenue was $1.09 billion in 2025 compared to $741.6 million in 2024, largely due to growth in net interest income and non-interest revenue.
• Net interest income was $1.87 billion in 2025, up from $1.75 billion in the prior year as a result of earning asset growth and net interest margin expansion.
• Period-end loans increased $2.02 billion, or 5%, in 2025, primarily from growth in specialty and corporate and investment banking lending. Period-end deposits were relatively stable, increasing by $228.6 million, driven by growth in brokered, money market, and interest-bearing demand deposits, partially offset by lower time deposits. Net interest margin expansion was primarily a result of deposit cost improvement.
• Non-interest revenue was $536.4 million, up 124% from 2024, primarily due to a $256.7 million securities loss in the second quarter 2024. Adjusted non-interest revenue of $528.8 million grew 8% in 2025, largely driven by treasury management fees, capital markets income and wealth revenue.
• Non-interest expense was $1.32 billion in 2025, up 6% from 2024, impacted primarily by merger expense, headcount additions, merit increases, and higher incentives, partially offset by reversals related to the FDIC special assessment, while adjusted non-interest expense increased 3% year over year to $1.27 billion.
• Credit quality remains healthy. Net charge-offs were 0.18% of average loans compared to 0.31% in 2024. The provision for credit losses declined to $68.9 million in 2025 compared to $136.7 million in the prior year. The allowance for credit losses ratio (to loans) ended the year at 1.19% compared to 1.27% at the end of 2024.
• The year-end Common Equity Tier 1 ratio¹ increased 44 basis points year over year to 11.28%.

^1Preliminary

Fourth Quarter 2025 Summary

	Reported									Adjusted
(dollars in thousands)		4Q25			3Q25			4Q24			4Q25			3Q25			4Q24
Net income available to common shareholders	$	171,054		$	185,590		$	178,848		$	202,551		$	203,930		$	178,331
Diluted earnings per share		1.22			1.33			1.25			1.45			1.46			1.25
Total revenue		629,671			615,392			580,580			630,459			612,794			581,054
Total loans		44,625,627			43,753,234			42,609,028			NA			NA			NA
Total deposits		51,323,922			50,003,729			51,095,359			NA			NA			NA
Return on avg assets^(1)		1.18	%		1.30	%		1.25	%		1.39	%		1.42	%		1.25	%
Return on avg common equity^(1)		12.62			14.36			14.75			14.94			15.78			14.71
Return on avg tangible common equity^(1)		14.09			16.11			16.72			16.66			17.69			16.67
Net interest margin^(2)		3.45	%		3.41	%		3.28	%		NA			NA			NA
Efficiency ratio-TE^(2)(3)		55.38			56.51			53.15			51.29			51.83			52.69
NCO ratio-QTD		0.22			0.14			0.26			NA			NA			NA
NPA ratio		0.62			0.53			0.73			NA			NA			NA
CET1 ratio^(4)		11.28			11.22			10.84			NA			NA			NA
^(1)Annualized
^(2)Taxable equivalent
^(3)Adjusted tangible efficiency ratio
^(4)Current period ratio preliminary
NA- not applicable

Balance Sheet

Loans^*
(dollars in millions)		4Q25		3Q25	Linked 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.

Synovus
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