Pinnacle-Synovus Merger: Q1 Numbers Soar

Pinnacle Financials first quarter post-merger with Synovus showcases impressive results: $2.39 adjusted diluted earnings per share, over $2 billion organic loan growth, and nearly $2 billion in core deposits. Net interest margin climbed to 3.53%, and adjusted noninterest revenue surged by over 20%. Hiring is robust, with 50 experienced revenue producers added and 37 more offers in April. Integration is ahead of schedule, and credit remains strong with net charge-offs at 23 basis points. The merger has positively impacted client and team satisfaction, with both legacy Pinnacle and Synovus ranking high in national awards. Pinnacle also joined the KBW NASDAQ Bank Index, enhancing their investor reputation. The outlook remains unchanged, with projected loan growth of 9-11%, deposit growth of 8-10%, and revenue of $5-5.2 billion. Expenses are expected to be $2.675-2.775 billion, with 40% merger savings this year. Capital build targets a 10.25% CET1 ratio, and credit charge-offs are projected at 20-25 basis points. The combined entity is well-positioned for top-tier growth, cycle after cycle. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a3f2208b436c2585