Tue, Apr. 21, 8:37 AM
- Q1 income of $51.4M or $0.38 per share vs. $45.9M and $0.33 one year ago.
- Total average loans up 5.1% year-over-year. Average core deposits up 2.7%.
- Adjusted pre-tax, pre-credit costs income of $101M up 4.7% from a year ago.
- $59.1M of stock repurchased during quarter. Total bought back from October to yesterday of $160M, reducing the float by 6M shares or 4.3%.
- Net interest income of $203.3M up 1.4% Y/Y, with NIM of 3.28% down 11 basis points.
- Adjusted noninterest income of $65.1M up 3.3% Y/Y. Mortgage banking income up 32.5% from Q4, with 18.6% increase in production.
- Noninterest expense of $178.9M down 2.9% Y/Y.
- CET1 ratio of 10.78%.
- Earnings call is just underway.
- Previously: Synovus beats by $0.02, revenue in-line (April 21)
- SNV flat premarket
Tue, Apr. 21, 6:34 AM
Mon, Apr. 20, 5:30 PM
Tue, Jan. 27, 8:05 AM
- Q4 adjusted EPS of $0.39 in Q4 vs. $0.37 in Q3.
- Net interest income of $207.5M vs. $206.3M in Q3, with NIM of 3.34% down three basis points.
- Noninterest income of $64.5M up 0.9% from Q3. Core banking fees of $33M up 0.6%. Mortgage banking income up 4.9%.
- Adjusted noninterest expense of $172.4M up 3.4% from Q3.
- Total loans up at an annualized pace of 9.8% during quarter. Total average deposits of $21.34B up at an annualized 7.5$ pace.
- Nonperforming loans of $197.8M fell 18.4% from Q3, and 52.5% from a year ago. NPL ratio of 0.94% down from 1.18% in Q3, 2.08% a year ago.
- Tier 1 common equity ratio of 10.28% slips from 10.6% in Q3.
- Earnings call at 8:30 ET
- Previously: Synovus beats by $0.01, revenue in-line (Jan. 27)
- SNV flat premarket
Tue, Jan. 27, 7:18 AM
Tue, Jan. 27, 7:03 AM
Mon, Jan. 26, 5:30 PM
Oct. 21, 2014, 8:14 AM
- Q3 net income of $44.2M or $0.32 per share vs. $44.3M and $0.32 in Q2. Excluding net litigation-related expenses, restructuring charges, and Visa indemnification charges, net income was $51.3M or $0.37 per share.
- Net interest income of $206.3M vs. $205.1M in Q2, with NIM of 3.37% down four basis points.
- Noninterest income of $64M vs. $63.4M in Q2, with mortgage banking income off 11.7% thanks to lower gains on sale. Mortgage origination volume of $197M vs. $188M.
- Noninterest expense of $193.7M up $11.6M on the quarter thanks to litigation-related expenses. Adjusted out, noninterest expense of $166.8M slipped 1.6%.
- Total credit costs of $15.7M fell 7.2% Q/Q and 29.8% Y/Y. Net charge-offs of $12.3M fell 65.4% from Q2.
- Tier 1 Common Equity ratio of 10.6% up 18 basis points.
- $250M share repurchase program announced, along with an increase in the dividend to $0.10 from $0.07.
- Conference call at 8:30 ET
- Previously: Synovus EPS in-line, misses on revenue
- SNV flat premarket
Oct. 21, 2014, 7:04 AM
Oct. 20, 2014, 5:30 PM
Jul. 22, 2014, 8:27 AM
Jul. 21, 2014, 5:30 PM
Apr. 22, 2014, 10:24 AM
- 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."
- Press release, Q1 results
- Presentation slides
- SNV +1.2%
Apr. 22, 2014, 7:04 AM
Apr. 22, 2014, 12:05 AM
Apr. 21, 2014, 5:30 PM
SNV vs. ETF Alternatives
Synovus Financial Corp is a financial services company and a registered bank holding company. It provides integrated financial services including commercial and retail banking, financial management, insurance and mortgage services.
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