Synovus (SNV)

[MCArmel1]

Synovus launches buyback program, boosts dividend

Oct 21 2014, 08:14 ET | About: Synovus Financial Corp. (SNV) | By: Stephen Alpher, SA News Editor

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

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