EX-99.1 2 snv_09302025xex991xfilingx.htm EX-99.1
Exhibit 99.1

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

Synovus announces earnings for third quarter 2025
Diluted earnings per share of $1.33 versus $1.18 in 3Q24
Adjusted diluted earnings per share of $1.46 versus $1.23 in 3Q24
COLUMBUS, Ga., Oct. 15, 2025 - Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended Sept. 30, 2025.
"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.”
Third Quarter 2025 Highlights
•Net income available to common shareholders was $185.6 million, or $1.33 per diluted share, compared to $206.3 million, or $1.48, in second quarter 2025 and $169.6 million, or $1.18, in third quarter 2024.
•Adjusted net income available to common shareholders was $203.9 million, or $1.46 per diluted share, compared to $206.4 million, or $1.48, in second quarter 2025 and $177.1 million, or $1.23, in third quarter 2024.
•Pre-provision net revenue was $266.7 million, which declined 4% from second quarter 2025 and increased 6% year over year. Adjusted pre-provision net revenue of $292.6 million increased 5% on a linked quarter basis and rose 12% year over year.
•Net interest income grew $15.1 million, or 3%, from the second quarter and $34.0 million, or 8%, compared to third quarter 2024. On a linked quarter basis, the net interest margin expanded 4 basis points to 3.41% due to higher loan yields and hedge maturities, partially offset by higher cash balances.
•Average loans increased 1% from the prior quarter, driven by growth in structured lending and commercial real estate lines of business. Period-end, linked quarter loan growth was slower; loan production was healthy, but was partially offset by loan paydowns, a decline in corporate and investment banking loan utilization and delayed closings.
•Period-end core deposits (excluding brokered deposits) were $45.0 billion, a decrease of $230.4 million sequentially, primarily a result of a decline in public funds. Brokered deposits increased $309.2 million from the prior quarter. Average deposit balances were flat, while average deposit costs were relatively stable sequentially at 2.23%, despite a 25 basis point Fed Funds cut in September.

•Non-interest revenue of $140.7 million increased $6.6 million, or 5%, sequentially and was up $16.7 million, or 13%, compared to third quarter 2024. Adjusted non-interest revenue of $136.4 million rose $5.5 million, or 4%, sequentially and increased $14.4 million, or 12%, from third quarter 2024. Linked quarter growth was driven by wealth revenue and capital markets income, while year-over-year growth was more broad-based with higher core banking fees, capital markets income and wealth revenue.
•Non-interest expense and adjusted non-interest expense were $348.7 million and $320.2 million, respectively. Non-interest expense increased 10% sequentially and 11% from third quarter 2024. Adjusted non-interest expense increased 3% from second quarter 2025 and 6% from a year ago. Merger-related expense in the third quarter was $23.8 million, mostly related to accounting, investment banking, consulting and legal fees.
•Credit performance remained strong. The non-performing asset ratio improved to 0.53% compared to 0.59% in second quarter 2025, while the net charge-off ratio for third quarter 2025 was 0.14%, down from 0.17% in the prior quarter. Total past due loans were 0.10% of total loans outstanding compared to 0.24% in second quarter of 2025.
•Provision for credit losses declined 7% year over year, but increased sequentially due to net growth, economic conditions and qualitative factors, offset by improved portfolio performance. The allowance for credit losses ratio (to loans) of 1.19% increased from 1.18% in the prior quarter, while our reserve for credit losses coverage of non-performing loans rose to 249% in third quarter 2025 from 200% in the prior quarter.
•The preliminary Common Equity Tier 1 (CET1) ratio ended third quarter 2025 at 11.24%.
Pinnacle Financial Partners-Synovus Financial Corp. Pending Merger
•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.
•Our merger-related financial assumptions that we communicated in July are unchanged, but we now expect the company’s pro forma CET1 ratio to be approximately 10.1% at the closing of the merger as a result of a more favorable rate environment and strong third quarter 2025 capital generation. We plan to issue 2026 pro forma company guidance after the merger closes early next year.

Third Quarter Summary

| 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 |  |

(1) Annualized
(2) Taxable equivalent
(3) Adjusted tangible efficiency ratio
(4) Current period ratio preliminary
NA - not applicable
Balance Sheet

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 | %

*Amounts may not total due to rounding

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) |  |  | — | %

*Amounts may not total due to rounding

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% |  |  |  |

** Amounts may not total due to rounding
NM - not meaningful

Third Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call with an accompanying slide presentation at 8:30 a.m. ET on Oct. 16, 2025. The earnings call can be accessed with the listen-only dial-in phone number: 833-470-1428 (code: 826693). Shareholders and other interested parties may also listen to this conference call via simultaneous internet broadcast. For a link to the webcast, go to investor.synovus.com/event. The replay will be archived for at least 12 months and will be available approximately one hour after the call.
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with $60 billion in assets. Synovus provides 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 Sept. 30, 2025, Synovus has 244 branches in Georgia, Alabama, Florida, South Carolina and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at synovus.com.
Forward-Looking Statements
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.
Important Information About the Merger and Where to Find It
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:

| Synovus Financial Corp. |  | Pinnacle Financial Partners, Inc. |
| 33 West 14th Street |  | 21 Platform Way South |
| Columbus, GA 31901 |  | Nashville, TN 37203 |
| Attention: Investor Relations |  | Attention: Investor Relations |
| InvestorRelations@Synovus.com |  | Investor.Relations@pnfp.com |
| (706) 641-6500 |  | (615) 743-8219 |

Before making any voting or investment decision, investors and security holders of Synovus and Pinnacle are urged to read carefully the entire registration statement and definitive joint proxy statement/prospectus, including any amendments thereto, because they contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.
Participants in Solicitation
Synovus and Pinnacle and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from Synovus’ shareholders and Pinnacle’s shareholders in respect of the proposed transaction under the rules of the SEC. Information regarding Synovus’ directors

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.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

| 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 |  |  |

(1)Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: Third Quarter 2025 — $12.7 million, Second Quarter 2025 — $11.5 million, and Third Quarter 2024 — $12.7 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 $(350.4) million, $(394.9) million, and $(424.6) million for the Third Quarter 2025, Second Quarter 2025, and Third Quarter 2024, respectively.
(6)The net interest margin is calculated by dividing annualized net interest income-TE by average total interest earning assets.

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 |  |  |  |

(1)Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2025 — $37.5 million and 2024 — $35.7 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 $(405.8) million and $(836.6) million for the nine months ended September 30, 2025 and 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) |  | 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. |  |

Non-GAAP Financial Measures
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 |  |  |  |  |  |  |