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SYNOVUS FINANCIAL CORP. REPORTS RECORD THIRD QUARTER; NET INCOME INCREASES 31.2 PERCENT

 SYNOVUS FINANCIAL CORP. REPORTS RECORD THIRD QUARTER;
 NET INCOME INCREASES 31.2 PERCENT
 COLUMBUS, Ga., Oct. 7 /PRNewswire/ -- Synovus Financial Corp. (NYSE: SNV), the Columbus, Ga.-based multi-financial services company, today announced record third quarter earnings for 1992.
 Net income for the quarter amounted to $13,737,000, up 31.2 percent over net income of $10,472,000 for the third quarter 1991. On a per share basis, net income was $.36, compared to $.28 for the third quarter of 1991. Return on assets for the quarter was 1.32 percent, return on equity was 17.09 percent and shareholders' equity equaled 7.77 percent of quarter-end assets.
 The record third quarter earnings were aided by an improved net interest margin and a strong increase in non-interest income. The net interest margin for the third quarter of 1992 was 4.98 percent and has steadily improved over the last three quarters. The net interest margin was 4.78 percent in the second quarter and 4.62 percent in the first quarter of 1992. The margin continues to benefit from declining interest rates and the transfer of maturing certificates of deposits into lower rate NOW and savings accounts. Non-interest income increased 16.0 percent in the third quarter to $49.0 million from $42.3 million in the third quarter of 1991. The strong non-interest income reflects an 18.4 percent increase in data processing income primarily as a result of another record quarter for Total System Services, Inc. (NYSE: TSS), the company's credit card processing affiliate. Also contributing to the increase was a 23.0 percent growth in trust income and a 13.4 percent growth in service charge income over the third quarter of 1991.
 Asset quality continued to be very strong in the third quarter. The non-performing assets at quarter end represented 1.51 percent of loans and other real estate compared to 1.55 percent one year ago. The reserve for loan losses ended the quarter at 1.53 percent of net loans and now provides coverage of 101 percent of all non-performing assets and 169 percent of all non-performing loans. On an annualized basis, net charge-offs for the quarter were .64 percent of loans compared to 1.03 percent a year ago. During the quarter, Synovus' provision for loan losses was $6,500,000 compared to $5,823,000 in the third quarter of 1991.
 James H. Blanchard, chairman of the board of Synovus Financial Corp., commented on Synovus' record quarter, stating: "The third quarter was simply a fabulous quarter for Synovus. Our performance continues to benefit from an improving net interest margin, strong asset quality and our efforts to maximize profitability. We are pleased with the improvement in our return on assets ratio. In the fourth quarter of 1991, the ROA was 1.07 percent. It improved to 1.14 percent for the first quarter of 1992, 1.24 percent for the second quarter and today, 1.32 percent for the third quarter. This is the key benchmark to measure our progress in achieving our 36 month business plan which targets among other key ratios, a 1.50 percent ROA goal. By all indications, 1992 will be a year we can be very proud of."
 Synovus Financial Corp. is a $4.2 billion asset, multi-financial services company composed of 26 banks, an 80.7 percent ownership of Total System Services, Inc., a bankcard data processing company, and Synovus Securities, Inc., a full-service brokerage firm.
 SYNOVUS FINANCIAL CORP.
 Consolidated Financial Information
 Sept. 30, 1992
 BALANCE SHEET
 (In thousands, except per share data)
 Sept. 30 1992 1991 Pct. chg.
 Total assets $4,165,298 $4,017,137 3.7
 Loans 2,946,007 2,778,641 6.0
 Less: Loan loss reserve 44,938 39,275 14.4
 Unearned income 14,546 18,996 -23.4
 Net loans 2,886,523 2,720,370 6.1
 Total deposits 3,474,272 3,421,833 1.5
 Demand deposits 452,877 429,711 5.4
 Certificates of deposit 1,768,040 1,954,728 -9.6
 Savings accounts 285,793 211,014 35.4
 NOW accounts 486,971 367,772 32.4
 Money Market 480,591 458,606 4.8
 Shareholders' equity 323,651 289,974 11.6
 Book value per share 8.57 7.70
 Equity to assets 7.77 pct. 7.22 pct.
 Loan to deposit ratio 84.38 pct. 80.65 pct.
 ASSET QUALITY
 9/30/92 As pct. of 9/30/91 As pct. of
 loans & ORE loans & ORE
 Nonperforming loans 26,594 0.90 26,413 0.95
 Other real estate 17,965 0.61 16,563 0.60
 Nonperforming assets 44,559 1.51 42,976 1.55
 Reserve for loan losses 44,938 1.53 39,275 1.42
 Reserve/nonperf. loans 168.98 pct. 148.69 pct.
 Reserve/nonperf. assets 100.85 pct. 91.39 pct.
 INCOME STATEMENT
 (In thousands, except per share data)
 3 mos. ended 9/30/92 9/30/91 Pct. chg.
 Interest income $ 82,449 $ 87,450 -5.7
 Interest expense 37,724 48,544 -22.3
 Net interest income 44,725 38,906 15.0
 Provision for loan losses 6,500 5,823 11.6
 Non-interest income 49,025 42,277 16.0
 Fees for trust services 1,692 1,376 23.0
 Service charges 9,809 8,652 13.4
 Data processing 33,230 28,075 18.4
 Securities gains 247 423 -41.6
 Other 4,047 3,751 7.9
 Non-interest expense 65,236 59,175 10.2
 Minority interest 859 707 21.5
 Income before taxes 21,155 15,478 36.7
 Income tax expense 7,418 5,006 48.2
 Net income $ 13,737 $ 10,472 31.2
 Net income per share $ 0.36 $ 0.28 28.3
 Return on assets 1.32 pct. 1.17 pct.
 Return on equity 17.09 pct. 15.32 pct.
 Net interest margin 4.98 pct. 4.84 pct.
 Net charge-offs 0.64 pct. 1.03 pct.
 Average shares outstanding 37,781 36,949
 9 mos. ended 9/30/92 9/30/91 Pct. chg.
 Interest income $251,059 $236,581 6.1
 Interest expense 123,253 132,547 -7.0
 Net interest income 127,806 104,034 22.9
 Provision for loan losses 16,439 13,310 23.5
 Non-interest income 136,789 118,350 15.6
 Fees for trust services 4,744 4,202 12.9
 Service charges 28,041 23,415 19.8
 Data processing 91,999 79,201 16.2
 Securities gains 912 1,205 -24.3
 Other 11,093 10,327 7.4
 Non-interest expense 188,509 163,830 15.1
 Minority interest 2,226 1,878 18.5
 Income before taxes 57,421 43,366 32.4
 Income tax expense 19,388 13,616 42.4
 Net income $ 38,033 $ 29,750 27.8
 Net income per share $ 1.01 $ 0.83 21.2
 Return on assets 1.23 pct. 1.21 pct.
 Return on equity 16.40 pct. 15.59 pct.
 Net interest margin 4.80 pct. 4.98 pct.
 Net charge-offs 0.57 pct. 0.78 pct.
 Average shares outstanding 37,754 35,795
 -0- 10/7/92
 /CONTACT: Richard B. Illges, director of investor relations of Synovus Financial, 706-649-5220/
 (SNV TSS) CO: Synovus Financial Corporation ST: Georgia IN: FIN SU: ERN


EA-BN -- AT005 -- 7526 10/07/92 14:52 EDT
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