More on Synovus Q1 earnings

|About: Synovus Financial Corp. (SNV)|By:, SA News Editor

Net income of $45.9M or $0.05 per share compares to $14.8M or $0.02 one year ago.

Excluding the sale of Memphis' One Bank, total loans grew at a 3.9% annualized pace in Q1. Credit costs of $17.6M fell from $22.3M in Q4, and $49.3M a year ago. Net charge-offs of $15.2M fell from $25.1M in Q4, $42.1M a year ago. Nonperforming loan inflows of $35M vs. $83.9M a year ago.

Net interest income of $200.5M fell a bit from Q4 thanks to two fewer calendar days. NIM of 3.39% rose one basis point. Noninterest income of $70.2M rose $10M from Q4, with most of that coming from gain on Memphis sale and gain on a branch property sale. Mortgage banking income gained $599K Q/Q.

Adjusted noninterest expense of $167.1M fell from $167.9M in Q4.

Tier 1 Common Equity ratio of 10.24% up from 9.93% at 2013's end.

CEO Kessel Stelling: "We expect continued loan growth, further improvement in credit quality, and a continued push on expense reductions."

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