Synovus (SNV)

[MCArmel1]

Synovus misses by $0.13, beats on revenue

Jul 22 2014, 08:27 ET | About: Synovus Financial Corp. (SNV)

Synovus (NYSE:SNV): Q2 EPS of $0.35 misses by $0.13.
Revenue of $268.43M (+1.0% Y/Y) beats by $1.9M.
Press Release

http://seekingalpha.com/news/1856535-synovus-misses-by-0_13-beats-on-revenue?uprof=45


Synovus Reports Earnings for the Second Quarter of 2014
Tue July 22, 2014 8:21 AM|Business Wire | About: SNV

Diluted Earnings per Share of $0.32; $0.35 Excluding Restructuring Charges

Results driven by loan growth of 5.9%, increase in net interest income, and growth in fee income from core business

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus Financial Corp. (SNV) today reported financial results for the quarter ended June 30, 2014.

Second Quarter Highlights
• Net income available to common shareholders for the second quarter of 2014 was $44.3 million or $0.32 per diluted share.
• Excluding restructuring charges of $7.7 million, net income available to common shareholders for the second quarter of 2014 was $49.0 million or $0.35 per diluted share, a 6.9% increase compared to $0.331 as reported for the first quarter of 2014.
• Net income available to common shareholders for the first quarter of 2014 was $45.9 million, or $0.331 per diluted share. For the second quarter of 2013, net income available to common shareholders was $30.7 million, or $0.241 per diluted share. • The first quarter of 2014 results included restructuring charges of $8.6 million, a $5.8 million net gain from the Memphis transaction, and a $3.1 million gain on a branch property sale.
• The second quarter of 2013 results included restructuring charges of $1.8 million.

• Total revenues were $268.4 million for the second quarter of 2014. Excluding the impact of the first quarter of 2014 net gain from the Memphis transaction, the gain on the branch property sale, and investment securities gains, total revenues were up $8.0 million or 3.1% vs. the prior quarter.
• Total loans grew $296.8 million sequentially or 5.9% annualized, driven by growth in C&I and retail loans.
• Credit quality improved significantly with a 32.5% sequential quarter decline in nonperforming loans. The NPL ratio declined to 1.27% at June 30, 2014 from 1.91% at March 31, 2014 and 2.47% a year ago.
• All Tier 1 capital ratios continued to expand with the Tier 1 common equity ratio ending the quarter at 10.41%, up 17 basis points from the prior quarter.

We are pleased with our performance for the second quarter, which includes earnings per share of $0.35 excluding restructuring charges, said Kessel D. Stelling, Synovus Chairman and CEO. We reported solid loan growth of 5.9% annualized, with C&I and retail reporting 7.2% and 14.3% growth,

http://seekingalpha.com/pr/10532005-synovus-reports-earnings-for-the-second-quarter-of-2014