Document

"Synovus delivered solid third-quarter results, driven by continued net interest margin expansion, strong non-interest revenue growth and favorable credit trends,” said Synovus Chairman, CEO and President Kevin Blair. “While some may have anticipated that the merger announcement might distract from our near-term performance, our results this quarter tell a different story. We delivered continued strength in loan production, sustained momentum in fee generation and grew our team member base this quarter — all clear indicators of our focus, discipline and resilience. We feel highly confident that this momentum should continue in the final quarter of the year as we make great progress toward closing on our merger with Pinnacle Financial Partners in first quarter 2026.”

•We continue to expect our pending merger with Pinnacle to close in first quarter 2026, subject to the receipt of required regulatory approvals, approval by Pinnacle and Synovus shareholders and the satisfaction of other customary closing conditions. The Pinnacle and Synovus teams have demonstrated significant progress in our merger integration planning. The entire post-closing executive leadership team has been finalized and communicated and all headcount-related decisions and employee communications are expected to be completed in the fourth quarter. We have communicated retention packages for key employees at both Pinnacle and Synovus. There have been significant technology stack decisions made as well. Our integration planning management offices, which were established in August, are working together diligently to complete the required work streams that are needed before and after the closing of the transaction, including our Large Financial Institution readiness.


	Reported									Adjusted
(dollars in thousands)	3Q25			2Q25			3Q24			3Q25			2Q25			3Q24
Net income available to common shareholders	$	185,590		$	206,320		$	169,628		$	203,930		$	206,375		$	177,120
Diluted earnings per share	1.33			1.48			1.18			1.46			1.48			1.23
Total revenue	615,392			593,696			564,720			612,794			592,083			564,051
Total loans	43,753,234			43,536,716			43,120,674			NA			NA			NA
Total deposits	50,003,729			49,925,007			50,193,740			NA			NA			NA
Return on avg assets(1)	1.30		%	1.46		%	1.21		%	1.42		%	1.46		%	1.26		%
Return on avg common equity(1)	14.36			16.71			14.38			15.78			16.71			15.02
Return on avg tangible common equity(1)	16.11			18.81			16.38			17.69			18.82			17.09
Net interest margin(2)	3.41			3.37			3.22			NA			NA			NA
Efficiency ratio-TE(2)(3)	56.5			53.0			55.4			51.8			52.3			53.0
NCO ratio-QTD	0.14			0.17			0.25			NA			NA			NA
NPA ratio	0.53			0.59			0.73			NA			NA			NA
CET1 ratio(4)	11.24			10.96			10.64			NA			NA			NA


Income Statement Summary**

(in thousands, except per share data)	3Q25		2Q25		Linked Quarter Change		Linked Quarter % Change		3Q24		Year/Year Change		Year/Year % Change
Net interest income	$	474,695	$	459,561	$	15,134	3	%	$	440,740	$	33,955	8	%
Non-interest revenue	140,697		134,135		6,562		5		123,980		16,717		13
Non-interest expense	348,729		315,701		33,028		10		313,690		35,039		11
Provision for (reversal of) credit losses	21,690		3,245		18,445		NM		23,434		(1,744)		(7)
Income before taxes	$	244,973	$	274,750	$	(29,777)	(11)	%	$	227,596	$	17,377	8%
Income tax expense (benefit)	48,468		57,631		(9,163)		(16)		46,912		1,556		3
Net income	196,505		217,119		(20,614)		(9)		180,684		15,821		9
Less: Net income (loss) attributable to noncontrolling interest	(489)		(596)		107		18		(871)		382		44
Net income attributable to Synovus Financial Corp.	196,994		217,715		(20,721)		(10)		181,555		15,439		9
Less: Preferred stock dividends	11,404		11,395		9		—		11,927		(523)		(4)
Net income available to common shareholders	$	185,590	$	206,320	$	(20,730)	(10)	%	$	169,628	$	15,962	9%
Weighted average common shares outstanding, diluted	139,612		139,502		110		—	%	143,979		(4,367)		(3)	%
Diluted earnings per share	$	1.33	$	1.48	$	(0.15)	(10)		$	1.18	$	0.15	13
Adjusted diluted earnings per share	1.46		1.48		(0.02)		(1)		1.23		0.23		19
Effective tax rate	19.79%		20.98%						20.61%

This communication contains 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. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed transaction between Synovus Financial Corp. (“Synovus”) and Pinnacle Financial Partners, Inc. (“Pinnacle”), including future financial and operating results (including the anticipated impact of the proposed transaction on Synovus’ and Pinnacle’s respective earnings and tangible book value), statements related to the expected timing of the completion of the proposed transaction, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. You can identify these forward-looking statements through the 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 Synovus’, Pinnacle’s or combined company’s future businesses and financial performance and/or the performance of the banking industry and economy in general.

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 Synovus, Pinnacle or the combined company 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, Synovus or Pinnacle 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 communication. Many of these factors are beyond Synovus’, Pinnacle’s or the combined company’s ability to control or predict. These factors include, among others, (1) the risk that the cost savings and synergies from the proposed transaction may not be fully realized or may take longer than anticipated to be realized, (2) disruption to Synovus’ business and to Pinnacle’s business as a result of the announcement and pendency of the proposed transaction, (3) the risk that the integration of Pinnacle’s and Synovus’ respective businesses and operations will be materially delayed or will be more costly or difficult than expected, including as a result of unexpected factors or events, (4) the failure to obtain the necessary approvals by the shareholders of Synovus or Pinnacle, (5) the amount of the costs, fees, expenses and charges related to the transaction, (6) the ability by each of Synovus and Pinnacle to obtain required governmental approvals of the proposed transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company after the closing of the proposed transaction or adversely affect the expected benefits of the proposed transaction, (7) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the proposed transaction, (8) the failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (9) the dilution caused by the issuance of shares of the combined company’s common stock in the transaction, (10) the

possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (11) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the proposed transaction, (12) the possibility the combined company is subject to additional regulatory requirements as a result of the proposed transaction or expansion of the combined company’s business operations following the proposed transaction, (13) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Synovus, Pinnacle or the combined company and (14) general competitive, economic, political and market conditions and other factors that may affect future results of Synovus and Pinnacle including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; and capital management activities. Additional factors which could affect future results of Synovus and Pinnacle can be found in Synovus’ or Pinnacle’s filings with the Securities and Exchange Commission (the “SEC”), including in Synovus’ Annual Report on Form 10-K for the year ended December 31, 2024, under the captions “Forward-Looking Statements” and “Risk Factors,” and Synovus’ Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and Pinnacle’s Annual Report on Form 10-K for the year ended December 31, 2024, under the captions “Forward-Looking Statements” and “Risk Factors,” and in Pinnacle’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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. Synovus and Pinnacle 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.

Steel Newco Inc. (“Newco”) filed a registration statement on Form S-4 (File No. 333-289866) with the SEC on August 26, 2025, and an amendment on September 29, 2025, to register the shares of Newco common stock that will be issued to Pinnacle shareholders and Synovus shareholders in connection with the proposed transaction. The registration statement includes a joint proxy statement of Synovus and Pinnacle that also constitutes a prospectus of Newco. The registration statement was declared effective on September 30, 2025. Newco filed a prospectus on September 30, 2025, and Synovus and Pinnacle each filed a definitive proxy statement on September 30, 2025. Synovus and Pinnacle each commenced mailing of the definitive joint proxy statement/prospectus to their respective shareholders on or about September 30, 2025. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS (AND ANY OTHER DOCUMENTS THAT HAVE BEEN OR MAY BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Synovus, Pinnacle or Newco through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of Synovus or Pinnacle at:

and executive officers is available in Synovus’ proxy statement for its 2025 annual meeting of shareholders, filed with the SEC on March 12, 2025 (and available at https://www.sec.gov/ix?doc=/Archives/edgardata/0000018349/000001834925000057/syn-20250312.htm) (the “Synovus 2025 Proxy”), under the headings “Corporate Governance and Board Matters,” “Director Compensation,” “Proposal 1 Election of Directors,” “Executive Officers,” “Stock Ownership of Directors and Named Executive Officers,” “Executive Compensation,” “Compensation and Human Capital Committee Report,” “Summary Compensation Table,” and “Certain Relationships and Related Transactions,” and in Synovus’ Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025 (and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000018349/000001834925000049/syn-20241231.htm), and in other documents subsequently filed by Synovus with the SEC, which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of Synovus’ securities by Synovus’ directors or executive officers from the amounts described in the Synovus 2025 Proxy have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3 or on Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the Synovus 2025 Proxy and are available at the SEC’s website at www.sec.gov. Information regarding Pinnacle’s directors and executive officers is available in Pinnacle’s proxy statement for its 2025 annual meeting of shareholders, filed with the SEC on March 3, 2025 (and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1115055/000111505525000063/pnfp-20250303.htm) (the “Pinnacle 2025 Proxy”), under the headings “Environmental, Social and Corporate Governance,” “Proposal 1 Election of Directors,” “Information About Our Executive Officers,” “Executive Compensation,” “Security Ownership of Certain Beneficial Owners and Management,” and “Certain Relationships and Related Transactions,” and in Pinnacle’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025 (and available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1115055/000111505525000042/pnfp-20241231.htm), and in other documents subsequently filed by Pinnacle with the SEC, which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of Pinnacle’s securities by Pinnacle’s directors or executive officers from the amounts described in the Pinnacle 2025 Proxy have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3 or on Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the Pinnacle 2025 Proxy and are available at the SEC’s website at www.sec.gov. Additional information regarding the interests of such participants is included in the definitive joint proxy statement/prospectus and will be included in other relevant materials to be filed with the SEC.


Synovus

INCOME STATEMENT DATA
(Unaudited)

(Dollars in thousands, except per share data)	Nine Months Ended September 30,

	2025			2024			'25 vs '24
							% Change

Interest income	$	2,333,526		$	2,394,459		(3)	%
Interest expense	944,886			1,099,876			(14)

Net interest income	1,388,640			1,294,583			7
Provision for (reversal of) credit losses	35,855			103,818			(65)

Net interest income after provision for credit losses	1,352,785			1,190,765			14

Non-interest revenue:
Service charges on deposit accounts	74,675			68,403			9
Fiduciary and asset management fees	61,288			58,455			5
Card fees	61,253			57,343			7
Brokerage revenue	62,779			63,974			(2)
Mortgage banking income	12,147			11,395			7
Capital markets income	33,845			31,988			6
Income from bank-owned life insurance	27,991			23,886			17
Investment securities gains (losses), net	1,742			(256,660)			nm

Other non-interest revenue	55,577			55,233			1

Total non-interest revenue	391,297			114,017			243

Non-interest expense:
Salaries and other personnel expense	575,006			552,742			4
Net occupancy, equipment, and software expense	146,330			140,200			4
Third-party processing and other services	67,715			63,593			6
Professional fees	33,283			34,140			(3)
FDIC insurance and other regulatory fees	23,120			37,694			(39)
Restructuring charges (reversals)	(1,968)			2,084			nm

Merger-related expense	23,757			—			nm
Other operating expenses	105,221			107,779			(2)

Total non-interest expense	972,464			938,232			4

Income before income taxes	771,618			366,550			111
Income tax expense	163,122			76,476			113

Net income	608,496			290,074			110

Less: Net income (loss) attributable to noncontrolling interest	(1,227)			(1,960)			37

Net income attributable to Synovus Financial Corp.	609,723			292,034			109

Less: Preferred stock dividends	34,122			31,325			9

Net income available to common shareholders	$	575,601		$	260,709		121	%

Net income per common share, basic	$	4.13		$	1.80		129	%

Net income per common share, diluted	4.10			1.79			129

Cash dividends declared per common share	1.17			1.14			3

Return on average assets *	1.36		%	0.66		%	70	bps
Return on average common equity *	15.50			7.63			nm

Weighted average common shares outstanding, basic	139,452			145,039			(4)	%
Weighted average common shares outstanding, diluted	140,289			145,718			(4)

nm - not meaningful
bps - basis points
* - ratios are annualized
Amounts may not total due to rounding


Synovus

	INCOME STATEMENT DATA
	(Unaudited)

	(Dollars in thousands, except per share data)	2025					2024		Third Quarter

		Third Quarter			Second Quarter	First Quarter	Fourth Quarter	Third Quarter	'25 vs '24
									% Change

	Interest income	$	795,119		771,642	766,765	799,130	810,507	(2)	%
	Interest expense	320,424			312,081	312,381	344,137	369,767	(13)

	Net interest income	474,695			459,561	454,384	454,993	440,740	8
	Provision for (reversal of) credit losses	21,690			3,245	10,921	32,867	23,434	(7)

	Net interest income after provision for credit losses	453,005			456,316	443,463	422,126	417,306	9

	Non-interest revenue:
	Service charges on deposit accounts	26,303			25,258	23,114	23,244	23,683	11
	Fiduciary and asset management fees	21,039			20,332	19,917	21,373	19,714	7
	Card fees	19,894			20,132	21,227	19,577	18,439	8
	Brokerage revenue	21,673			20,748	20,359	20,907	20,810	4
	Mortgage banking income	4,374			4,435	3,338	2,665	4,033	8
	Capital markets income	13,944			12,960	6,941	12,070	10,284	36
	Income from bank-owned life insurance	9,628			10,279	8,084	10,543	8,442	14
	Investment securities gains (losses), net	1,742			—	—	—	—	nm

	Other non-interest revenue	22,100			19,991	13,486	15,208	18,575	19

	Total non-interest revenue	140,697			134,135	116,466	125,587	123,980	13

	Non-interest expense:
	Salaries and other personnel expense	197,313			192,182	185,510	184,725	184,814	7
	Net occupancy, equipment, and software expense	49,089			48,589	48,652	47,251	46,977	4
	Third-party processing and other services	22,306			23,535	21,874	22,158	21,552	3
	Professional fees	13,307			10,197	9,779	11,949	10,854	23
	FDIC insurance and other regulatory fees	7,042			7,534	8,544	8,227	7,382	(5)
	Restructuring charges (reversals)	(747)			72	(1,292)	37	1,219	nm

	Merger-related expense	23,757			—	—	—	—	nm
	Other operating expenses	36,662			33,592	34,967	34,964	40,892	(10)

	Total non-interest expense	348,729			315,701	308,034	309,311	313,690	11

	Income before income taxes	244,973			274,750	251,895	238,402	227,596	8
	Income tax expense	48,468			57,631	57,023	49,025	46,912	3

	Net income	196,505			217,119	194,872	189,377	180,684	9

	Less: Net income (loss) attributable to noncontrolling interest	(489)			(596)	(142)	(1,049)	(871)	44

	Net income attributable to Synovus Financial Corp.	196,994			217,715	195,014	190,426	181,555	9

	Less: Preferred stock dividends	11,404			11,395	11,323	11,578	11,927	(4)

	Net income available to common shareholders	$	185,590		206,320	183,691	178,848	169,628	9	%

	Net income per common share, basic	$	1.34		1.49	1.31	1.26	1.19	13	%

	Net income per common share, diluted	1.33			1.48	1.30	1.25	1.18	13

	Cash dividends declared per common share	0.39			0.39	0.39	0.38	0.38	3

	Return on average assets *	1.30		%	1.46	1.32	1.25	1.21	9	bps
	Return on average common equity *	14.36			16.71	15.48	14.75	14.38	(2)	bps

	Weighted average common shares outstanding, basic	138,803			138,891	140,684	141,555	143,144	(3)	%
	Weighted average common shares outstanding, diluted	139,612			139,502	141,775	142,694	143,979	(3)

	nm - not meaningful
	bps - basis points
	* - ratios are annualized
	Amounts may not total due to rounding


Synovus


	BALANCE SHEET DATA	September 30, 2025		December 31, 2024		September 30, 2024

	(Unaudited)

	(In thousands, except share data)

	ASSETS
	Interest-earning deposits with banks and other cash and cash equivalents	$	2,239,915	$	2,977,667	$	1,807,641
	Federal funds sold and securities purchased under resale agreements	34,292		16,320		45,971
	Cash, cash equivalents, and restricted cash	2,274,207		2,993,987		1,853,612

	Investment securities held to maturity	2,450,885		2,581,469		2,622,457
	Investment securities available for sale	7,575,468		7,551,018		7,554,168
	Loans held for sale (includes $41,083, $33,448 and $36,943 measured at fair value, respectively)	147,811		90,111		121,470

	Loans, net of deferred fees and costs	43,753,234		42,609,028		43,120,674
	Allowance for loan losses	(469,521)		(486,845)		(484,985)
	Loans, net	43,283,713		42,122,183		42,635,689

	Cash surrender value of bank-owned life insurance	1,156,297		1,139,988		1,133,652
	Premises, equipment, and software, net	376,013		383,724		380,267
	Goodwill	480,440		480,440		480,440
	Other intangible assets, net	26,436		34,318		37,207
	Other assets	2,713,905		2,856,406		2,770,666
	Total assets	$	60,485,175	$	60,233,644	$	59,589,628

	LIABILITIES AND EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	11,053,423	$	11,596,119	$	11,561,626
	Interest-bearing deposits	38,950,306		39,499,240		38,632,114

	Total deposits	50,003,729		51,095,359		50,193,740

	Federal funds purchased and securities sold under repurchase agreements, and other short-term borrowings	62,467		131,728		94,055

	Long-term debt	3,008,195		1,733,109		2,021,050
	Other liabilities	1,571,580		2,007,197		1,902,612
	Total liabilities	54,645,971		54,967,393		54,211,457

	Equity:
	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 172,734,160, 172,185,507 and 172,077,277 respectively; outstanding 138,813,060, 141,165,908 and 141,997,383 respectively	172,734		172,186		172,077
	Additional paid-in capital	3,999,363		3,986,729		3,976,706
	Treasury stock, at cost; 33,921,100, 31,019,599, and 30,079,894 shares, respectively	(1,359,096)		(1,216,827)		(1,167,130)
	Accumulated other comprehensive income (loss), net	(676,797)		(970,765)		(773,786)
	Retained earnings	3,145,388		2,736,089		2,610,964
	Total Synovus Financial Corp. shareholders’ equity	5,818,737		5,244,557		5,355,976
	Noncontrolling interest in subsidiary	20,467		21,694		22,195
	Total equity	5,839,204		5,266,251		5,378,171
	Total liabilities and equity	$	60,485,175	$	60,233,644	$	59,589,628


Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Third Quarter 2025						Second Quarter 2025						Third 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)	$	35,041,225	$	572,417	6.48	%	$	34,539,952	$	550,768	6.39	%	$	34,610,296	$	592,142	6.81	%
Consumer loans (1)	8,258,139		109,760		5.29		8,278,835		108,705		5.26		8,298,130		109,908		5.28
Less: Allowance for loan losses	(464,057)		—		—		(474,658)		—		—		(482,863)		—		—
Loans, net	42,835,307		682,177		6.32		42,344,129		659,473		6.25		42,425,563		702,050		6.59
Total investment securities(3)	10,494,221		91,440		3.49		10,734,276		93,720		3.49		10,420,665		87,643		3.36
Interest-earning deposits with other banks	1,796,065		19,668		4.29		1,531,139		16,525		4.27		1,374,565		18,440		5.26
Federal funds sold and securities purchased under resale agreements	24,695		208		3.30		29,766		219		2.91		33,850		363		4.20
Mortgage loans held for sale	33,468		561		6.70		38,913		582		5.98		34,890		612		7.01
Other loans held for sale	96,203		577		2.35		88,348		516		2.31		83,492		433		2.03
Other earning assets(4)	227,966		2,224		3.90		196,539		2,269		4.61		185,369		2,359		5.09
Total interest earning assets	55,507,925		796,855		5.70	%	54,963,110		773,304		5.64	%	54,558,394		811,900		5.92	%
Cash and due from banks	555,477						461,767						476,443
Premises and equipment	379,240						381,260						380,003
Other real estate	15,143						1,059						666
Cash surrender value of bank-owned life insurance	1,151,651						1,147,894						1,128,877
Other assets(5)	2,476,116						2,622,023						2,639,241
Total assets	$	60,085,552					$	59,577,113					$	59,183,624
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	11,324,747	63,034		2.21	%	$	11,534,256	63,656		2.21	%	$	10,834,829	71,786		2.64	%
Money market accounts	14,306,362		99,698		2.76		14,322,197		98,275		2.75		13,058,527		104,514		3.18
Savings deposits	978,165		375		0.15		994,159		355		0.14		1,007,962		355		0.14
Time deposits	7,147,913		61,142		3.39		7,205,998		62,047		3.45		8,437,861		93,052		4.39
Brokered deposits	5,059,127		57,274		4.49		4,760,027		53,976		4.55		5,476,231		75,607		5.49
Federal funds purchased and securities sold under repurchase agreements	73,507		233		1.24		62,543		186		1.17		94,629		369		1.53
Other short-term borrowings	—		—		—		—		—		—		2,209		29		5.20
Long-term debt	2,665,975		38,668		5.75		2,111,647		33,586		6.35		1,385,836		24,055		6.93
Total interest-bearing liabilities	41,555,796		320,424		3.06	%	40,990,827		312,081		3.05	%	40,298,084		369,767		3.65	%
Non-interest-bearing demand deposits	11,340,508						11,386,117						11,665,661
Other liabilities	1,504,367						1,689,533						1,967,351


Total equity	5,684,881						5,510,636						5,252,528
Total liabilities and equity	$	60,085,552					$	59,577,113					$	59,183,624
Net interest income and net interest margin, taxable equivalent (6)			$	476,431	3.41	%			$	461,223	3.37	%			$	442,133	3.22	%
Less: taxable-equivalent adjustment			1,736						1,662						1,393
Net interest income			$	474,695					$	459,561					$	440,740


Synovus
AVERAGE BALANCES, INTEREST, AND YIELDS/RATES
(Unaudited)
	Nine Months Ended September 30,
	2025						2024
(dollars in thousands)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets
Interest earning assets:
Commercial loans (1) (2)	$	34,617,321	$	1,666,671	6.44	%	$	34,852,642	$	1,769,316	6.78	%
Consumer loans (1)	8,260,429		324,808		5.25		8,363,281		328,681		5.24
Less: Allowance for loan losses	(472,854)		—		—		(485,540)		—		—
Loans, net	42,404,896		1,991,479		6.28		42,730,383		2,097,997		6.56
Total investment securities(3)	10,661,697		278,512		3.48		10,646,738		238,440		2.99
Interest-earning deposits with other banks	1,792,886		58,366		4.30		1,271,481		50,988		5.27
Federal funds sold and securities purchased under resale agreements	24,891		557		2.95		31,018		788		3.34
Mortgage loans held for sale	32,250		1,516		6.27		34,012		1,773		6.95
Other loans held for sale	84,633		1,478		2.30		66,109		982		1.95
Other earning assets(4)	201,132		6,593		4.37		194,393		7,546		5.19
Total interest earning assets	55,202,385		$	2,338,501	5.66	%	54,974,134		$	2,398,514	5.83	%
Cash and due from banks	505,688						510,807
Premises and equipment	381,568						375,574
Other real estate	5,542						6,223
Cash surrender value of bank-owned life insurance	1,147,528						1,121,807
Other assets(5)	2,604,458						2,162,476
Total assets	$	59,847,169					$	59,151,021
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing demand deposits	$	11,489,775	$	189,501	2.21	%	$	10,738,505	$	206,010	2.56	%
Money market accounts	14,177,981		290,870		2.74		12,834,830		307,024		3.20
Savings deposits	988,758		1,050		0.14		1,033,696		946		0.12
Time deposits	7,374,919		194,244		3.52		8,241,879		272,976		4.42
Brokered deposits	4,908,916		166,492		4.53		5,565,332		226,778		5.44
Federal funds purchased and securities sold under repurchase agreements	70,428		627		1.17		107,546		1,587		1.94
Other short-term borrowings	—		—		—		60,763		2,514		5.44
Long-term debt	2,186,879		102,102		6.21		1,604,966		82,041		6.80
Total interest-bearing liabilities	41,197,656		$	944,886	3.07	%	40,187,517		$	1,099,876	3.66	%
Non-interest-bearing demand deposits	11,377,318						11,944,508
Other liabilities	1,748,845						1,894,545


Total equity	5,523,350						5,124,451
Total liabilities and equity	$	59,847,169					$	59,151,021
Net interest income, taxable equivalent net interest margin (6)			$	1,393,615	3.38	%			$	1,298,638	3.16	%
Less: taxable-equivalent adjustment			4,975						4,055
Net interest income			$	1,388,640					$	1,294,583


Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)	Total Loans		Total Loans		Linked Quarter		Total Loans		Year/Year
(Dollars in thousands)

Loan Type	September 30, 2025		June 30, 2025		% Change		September 30, 2024		% Change
Commercial, Financial, and Agricultural	$	15,360,223	$	15,238,812	1	%	$	14,563,913	5	%
Owner-Occupied	7,868,746		7,859,532		—		8,100,084		(3)
Total Commercial & Industrial	23,228,969		23,098,344		1		22,663,997		2
Multi-Family	4,184,821		4,162,623		1		4,379,459		(4)
Hotels	1,804,352		1,822,720		(1)		1,738,068		4
Office Buildings	1,617,937		1,677,966		(4)		1,778,698		(9)
Shopping Centers	1,392,004		1,325,773		5		1,260,460		10
Warehouses	960,604		883,586		9		837,145		15
Other Investment Property	1,502,389		1,436,852		5		1,352,719		11
Total Investment Properties	11,462,107		11,309,520		1		11,346,549		1
1-4 Family Construction	218,582		209,509		4		190,705		15
1-4 Family Investment Mortgage	329,745		327,369		1		337,425		(2)
Total 1-4 Family Properties	548,327		536,878		2		528,130		4
Commercial Development	58,447		58,627		—		48,948		19
Residential Development	79,943		77,001		4		67,525		18
Land Acquisition	120,916		157,664		(23)		186,332		(35)
Land and Development	259,306		293,292		(12)		302,805		(14)
Total Commercial Real Estate	12,269,740		12,139,690		1		12,177,484		1
Consumer Mortgages	5,237,683		5,246,940		—		5,323,443		(2)
Home Equity	1,842,126		1,852,884		(1)		1,809,286		2
Credit Cards	176,367		194,630		(9)		181,386		(3)
Other Consumer Loans	998,349		1,004,228		(1)		965,078		3
Total Consumer	8,254,525		8,298,682		(1)		8,279,193		—
Total	$	43,753,234	$	43,536,716	—	%	$	43,120,674	1	%

NON-PERFORMING LOANS COMPOSITION
(Unaudited)	Total Non-performing Loans		Total Non-performing Loans		Linked Quarter		Total Non-performing Loans		Year/Year
(Dollars in thousands)

Loan Type	September 30, 2025		June 30, 2025		% Change		September 30, 2024		% Change
Commercial, Financial, and Agricultural	$	89,095	$	110,181	(19)	%	$	107,004	(17)	%
Owner-Occupied	9,777		19,128		(49)		48,390		(80)
Total Commercial & Industrial	98,872		129,309		(24)		155,394		(36)
Multi-Family	114		211		(46)		1,692		(93)
Office Buildings	33,439		55,634		(40)		78,281		(57)
Shopping Centers	1,534		503		205		523		193
Warehouses	120		131		(8)		163		(26)
Other Investment Property	604		1,044		(42)		1,612		(63)
Total Investment Properties	35,811		57,523		(38)		82,271		(56)
1-4 Family Construction	—		—		nm		311		nm
1-4 Family Investment Mortgage	2,144		2,386		(10)		2,533		(15)
Total 1-4 Family Properties	2,144		2,386		(10)		2,844		(25)
Commercial Development	46		47		(2)		—		nm
Residential Development	—		—		nm		268		nm
Land Acquisition	666		1,307		(49)		1,422		(53)
Land and Development	712		1,354		(47)		1,690		(58)
Total Commercial Real Estate	38,667		61,263		(37)		86,805		(55)
Consumer Mortgages	44,993		43,476		3		48,956		(8)
Home Equity	20,800		17,713		17		15,837		31
Other Consumer Loans	5,995		5,654		6		5,972		—
Total Consumer	71,788		66,843		7		70,765		1
Total	$	209,327	$	257,415	(19)	%	$	312,964	(33)	%


Synovus

	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2025					2024		Third Quarter

		Third			Second	First	Fourth	Third	'25 vs '24
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change

	Non-performing Loans (NPLs)	$	209,327		257,415	286,629	309,164	312,964	(33)	%

	Other Real Estate and Other Assets	22,395			1,198	563	385	386	nm

	Non-performing Assets (NPAs)	231,722			258,613	287,192	309,549	313,350	(26)

	Allowance for Loan Losses (ALL)	469,521			464,831	478,207	486,845	484,985	(3)
	Reserve for Unfunded Commitments	50,748			48,975	50,655	52,462	49,556	2

	Allowance for Credit Losses (ACL)	520,269			513,806	528,862	539,307	534,541	(3)

	Net Charge-Offs - Quarter	15,227			18,301	21,366	28,101	27,052
	Net Charge-Offs - YTD	54,894			39,667	21,366	133,994	105,893
	Net Charge-Offs / Average Loans - Quarter (1)	0.14		%	0.17	0.20	0.26	0.25
	Net Charge-Offs / Average Loans - YTD (1)	0.17			0.19	0.20	0.31	0.33
	NPLs / Loans	0.48			0.59	0.67	0.73	0.73
	NPAs / Loans, ORE and specific other assets	0.53			0.59	0.67	0.73	0.73
	ACL/Loans	1.19			1.18	1.24	1.27	1.24
	ALL/Loans	1.07			1.07	1.12	1.14	1.12

	ACL/NPLs	248.54			199.60	184.51	174.44	170.80
	ALL/NPLs	224.30			180.58	166.84	157.47	154.96

	Past Due Loans over 90 days and Still Accruing	$	3,801		40,065	40,886	48,592	4,359	(13)
	As a Percentage of Loans Outstanding	0.01		%	0.09	0.10	0.11	0.01

	Total Past Due Loans and Still Accruing	$	44,183		104,267	93,493	108,878	97,229	(55)
	As a Percentage of Loans Outstanding	0.10		%	0.24	0.22	0.26	0.23

	(1) Ratio is annualized.





	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		September 30, 2025			December 31, 2024	September 30, 2024


	Common Equity Tier 1 Capital Ratio	11.24		%	10.84	10.64
	Tier 1 Capital Ratio	12.34			11.96	11.76
	Total Risk-Based Capital Ratio	14.07			13.81	13.60
	Tier 1 Leverage Ratio	10.02			9.55	9.55
	Total Synovus Financial Corp. shareholders' equity as a Percentage of Total Assets	9.62			8.71	8.99
	Tangible Common Equity Ratio (2)	7.96			7.02	7.28
	Book Value Per Common Share (3)	$	38.05		33.35	33.94
	Tangible Book Value Per Common Share (4)	34.40			29.70	30.29

	(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.

The measures entitled adjusted non-interest revenue, non-interest expense; adjusted revenue taxable equivalent (TE); adjusted tangible efficiency ratio; adjusted pre-provision net revenue (PPNR); adjusted return on average assets; adjusted net income available to common shareholders; adjusted diluted earnings per share; adjusted return on average common equity; return on average tangible common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total revenue; efficiency ratio-TE; PPNR; return on average assets; net income available to common shareholders; diluted earnings per share; return on average common equity; and the ratio of total Synovus Financial Corp. shareholders' equity to total assets, 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 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. Adjusted net income available to common shareholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common equity, and adjusted PPNR 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. 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. The tangible common equity ratio is used by stakeholders to assess our capital position. The computations of these measures are set forth in the tables below.


Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)	3Q25		2Q25		3Q24

Adjusted non-interest revenue
Total non-interest revenue	$	140,697	$	134,135	$	123,980
Investment securities (gains) losses, net	(1,742)		—		—



Fair value adjustment on non-qualified deferred compensation	(2,592)		(3,275)		(2,062)
Adjusted non-interest revenue	$	136,363	$	130,860	$	121,918

Adjusted non-interest expense
Total non-interest expense	$	348,729	$	315,701	$	313,690



Merger-related expense	(23,757)		—		—
Restructuring (charges) reversals	747		(72)		(1,219)
Valuation adjustment to Visa derivative	(2,911)		—		(8,700)
Fair value adjustment on non-qualified deferred compensation	(2,592)		(3,275)		(2,062)
Adjusted non-interest expense	$	320,216	$	312,354	$	301,709



Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	3Q25			2Q25			3Q24
Adjusted revenue (TE) and tangible efficiency ratio
Adjusted non-interest expense	$	320,216		$	312,354		$	301,709
Amortization of intangibles	(2,627)			(2,627)			(2,907)
Adjusted tangible non-interest expense	$	317,589		$	309,727		$	298,802

Net interest income	$	474,695		$	459,561		$	440,740
Tax equivalent adjustment	1,736			1,662			1,393
Net interest income (TE)	476,431			461,223			442,133

Net interest income	$	474,695		$	459,561		$	440,740
Total non-interest revenue	140,697			134,135			123,980
Total revenue	$	615,392		$	593,696		$	564,720
Tax equivalent adjustment	1,736			1,662			1,393
Total TE revenue	617,128			595,358			566,113


Investment securities losses (gains), net	(1,742)			—			—

Fair value adjustment on non-qualified deferred compensation	(2,592)			(3,275)			(2,062)
Adjusted revenue (TE)	$	612,794		$	592,083		$	564,051
Efficiency ratio-TE	56.5		%	53.0		%	55.4		%
Adjusted tangible efficiency ratio	51.8			52.3			53.0

Adjusted pre-provision net revenue
Net interest income	$	474,695		$	459,561		$	440,740
Total non-interest revenue	140,697			134,135			123,980
Total non-interest expense	(348,729)			(315,701)			(313,690)
Pre-provision net revenue (PPNR)	$	266,663		$	277,995		$	251,030

Adjusted revenue (TE)	$	612,794		$	592,083		$	564,051
Adjusted non-interest expense	(320,216)			(312,354)			(301,709)
Adjusted PPNR	$	292,578		$	279,729		$	262,342


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	3Q25			2Q25			3Q24
Adjusted return on average assets (annualized)
Net income	$	196,505		$	217,119		$	180,684






Restructuring charges (reversals)	(747)			72			1,219
Valuation adjustment to Visa derivative	2,911			—			8,700
Investment securities losses (gains), net	(1,742)			—			—
Merger-related expense(1)	23,757			—			—
Tax effect of adjustments(2)	(5,839)			(17)			(2,427)
Adjusted net income	$	214,845		$	217,174		$	188,176
Net income annualized	$	779,612		$	870,862		$	718,808
Adjusted net income annualized	$	852,374		$	871,083		$	748,613
Total average assets	$	60,085,552		$	59,577,113		$	59,183,624
Return on average assets (annualized)	1.30		%	1.46		%	1.21		%
Adjusted return on average assets (annualized)	1.42			1.46			1.26




Adjusted net income available to common shareholders and adjusted diluted earnings per share
Net income available to common shareholders	$	185,590		$	206,320		$	169,628






Restructuring charges (reversals)	(747)			72			1,219
Valuation adjustment to Visa derivative	2,911			—			8,700
Investment securities losses (gains), net	(1,742)			—			—
Merger-related expense(1)	23,757			—			—
Tax effect of adjustments(2)	(5,839)			(17)			(2,427)
Adjusted net income available to common shareholders	$	203,930		$	206,375		$	177,120
Weighted average common shares outstanding, diluted	139,612			139,502			143,979
Diluted earnings per share	$	1.33		$	1.48		$	1.18
Adjusted diluted earnings per share	1.46			1.48			1.23
(1) Currently a determination has not been made regarding whether certain merger-related costs will be tax deductible or not, which depends on the ultimate success of the transaction; therefore, merger-related expense has been tax effected using the same marginal tax rate as other adjusted items.
(2) An assumed marginal tax rate of 24.2% for 3Q25 and 2Q25 and 24.5% for 3Q24 was applied.


Reconciliation of Non-GAAP Financial Measures, continued

(dollars in thousands)	3Q25			2Q25			3Q24
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	$	185,590		$	206,320		$	169,628






Restructuring charges (reversals)	(747)			72			1,219
Valuation adjustment to Visa derivative	2,911			—			8,700
Investment securities losses (gains), net	(1,742)			—			—
Merger-related expense(1)	23,757			—			—
Tax effect of adjustments(2)	(5,839)			(17)			(2,427)
Adjusted net income available to common shareholders	$	203,930		$	206,375		$	177,120

Adjusted net income available to common shareholders annualized	$	809,070		$	827,768		$	704,630
Amortization of intangibles, tax effected, annualized	7,907			7,993			8,735
Adjusted net income available to common shareholders excluding amortization of intangibles annualized	$	816,977		$	835,761		$	713,365

Net income available to common shareholders annualized	$	736,308		$	827,547		$	674,824
Amortization of intangibles, tax effected, annualized	7,907			7,993			8,735
Net income available to common shareholders excluding amortization of intangibles annualized	$	744,215		$	835,540		$	683,559

Total average Synovus Financial Corp. shareholders' equity less preferred stock	$	5,127,084		$	4,952,297		$	4,692,722
Average goodwill	(480,440)			(480,440)			(480,440)
Average other intangible assets, net	(27,665)			(30,398)			(38,793)
Total average Synovus Financial Corp. tangible shareholders' equity less preferred stock	$	4,618,979		$	4,441,459		$	4,173,489
Return on average common equity (annualized)	14.36		%	16.71		%	14.38		%
Adjusted return on average common equity (annualized)	15.78			16.71			15.02
Return on average tangible common equity (annualized)	16.11			18.81			16.38
Adjusted return on average tangible common equity (annualized)	17.69			18.82			17.09
(1) Currently a determination has not been made regarding whether certain merger-related costs will be tax deductible or not, which depends on the ultimate success of the transaction; therefore, merger-related expense has been tax effected using the same marginal tax rate as other adjusted items.
(2) An assumed marginal tax rate of 24.2% for 3Q25 and 2Q25 and 24.5% for 3Q24 was applied.




(dollars in thousands)	September 30, 2025			December 31, 2024			September 30, 2024

Tangible common equity ratio
Total assets	$	60,485,175		$	60,233,644		$	59,589,628
Goodwill	(480,440)			(480,440)			(480,440)
Other intangible assets, net	(26,436)			(34,318)			(37,207)
Tangible assets	$	59,978,299		$	59,718,886		$	59,071,981

Total Synovus Financial Corp. shareholders’ equity	$	5,818,737		$	5,244,557		$	5,355,976
Goodwill	(480,440)			(480,440)			(480,440)
Other intangible assets, net	(26,436)			(34,318)			(37,207)
Preferred Stock, no par value	(537,145)			(537,145)			(537,145)
Tangible common equity	$	4,774,716		$	4,192,654		$	4,301,184
Total Synovus Financial Corp. shareholders’ equity to total assets ratio	9.62		%	8.71		%	8.99		%
Tangible common equity ratio	7.96			7.02			7.28

Amounts may not total due to rounding


Media Contact						Investor Contact
Audria Belton						Jennifer H. Demba, CFA
Media Relations						Investor Relations
media@synovus.com						investorrelations@synovus.com


Loans*

(dollars in millions)	3Q25		2Q25		Linked Quarter Change		Linked Quarter % Change		3Q24		Year/Year Change		Year/Year % Change
Commercial & industrial	$	23,229.0	$	23,098.3	$	130.6	1	%	$	22,664.0	$	565.0	2	%
Commercial real estate	12,269.7		12,139.7		130.1		1		12,177.5		92.3		1
Consumer	8,254.5		8,298.7		(44.2)		(1)		8,279.2		(24.7)		—
Total loans	$	43,753.2	$	43,536.7	$	216.5	—	%	$	43,120.7	$	632.6	1	%


Deposits*

(dollars in millions)	3Q25		2Q25		Linked Quarter Change		Linked Quarter % Change		3Q24		Year/Year Change		Year/Year % Change
Non-interest-bearing DDA	$	10,707.8	$	11,219.8	$	(512.0)	(5)	%	$	11,129.1	$	(421.3)	(4)	%
Interest-bearing DDA	7,428.7		7,124.8		303.9		4		6,821.3		607.4		9
Money market	11,761.7		11,441.1		320.6		3		11,031.5		730.2		7
Savings	955.7		971.9		(16.2)		(2)		983.2		(27.5)		(3)
Public funds	7,350.3		7,719.9		(369.7)		(5)		7,047.6		302.7		4
Time deposits	6,773.4		6,730.4		43.0		1		8,075.7		(1,302.3)		(16)
Brokered deposits	5,026.2		4,717.1		309.2		7		5,105.4		(79.2)		(2)
Total deposits	$	50,003.7	$	49,925.0	$	78.7	—	%	$	50,193.7	$	(190.0)	—	%