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SYNOVUS EARNINGS UP 17.8 PERCENT

 COLUMBUS, Ga., Oct. 12 /PRNewswire/ -- Synovus Financial Corp. (NYSE: SNV), the Columbus, Ga., based multi-financial services company, today announced record third quarter earnings for 1993.
 Income before extraordinary item amounted to $19,027,000 up 17.8 percent over income of $16,154,000 for the third quarter of 1992. On a per share basis, income before extraordinary item increased 17.3 percent to $.29 compared to $.24 for the third quarter of 1992. Assets ended the quarter at $5.49 billion, up 8.7 percent from $5.05 billion in the third quarter of 1992. Return on assets for the quarter was 1.40 percent, return on equity was 16.90 percent. Shareholders' equity equaled 8.18 percent of quarter end assets.
 On Oct. 14, Synovus will issue 10-year, non-callable, Senior notes totaling $75 million priced to yield 6.125 percent. Proceeds from the issue will be used to pre-pay $45 million of long-term debt that carries a blended coupon of 9.51 percent. The remainder of the proceeds will be used to reduce short-term indebtedness and to retire debt scheduled to mature in the future. The pre-payment of the long-term debt resulted in a one-time, non-recurring penalty that totaled (after-tax) $2,912,000. The penalty is classified as an extraordinary item that was charged in the third quarter of 1993, resulting in net income after extraordinary item for the quarter of $16,115,000 ($.24 per share).
 Synovus continued to experience solid asset growth during the third quarter. Average total assets for the third quarter were $5.41 billion, an increase of 7.7 percent compared to the third quarter of 1992. The annualized growth in third quarter average assets was 9.3 percent, average deposits was 7.9 percent, and average loans was 7.3 percent. Synovus' growth continues to be diversified in different markets throughout the company.
 Synovus' asset quality continued to improve as the ratio of nonperforming assets dropped to 1.17 percent of loans and other real estate from 1.52 percent in the third quarter of 1992. The reserve for loan losses was 1.64 percent of loans compared to 1.55 percent in the third quarter of 1992. The loan loss reserve now covers 193.4 percent of all nonperforming loans and 139.3 percent of all nonperforming assets. During the third quarter of 1993, Synovus' provision for possible loan losses was $6.7 million, a decrease of 16.8 percent compared to $8.1 million charged in the third quarter of 1992. Net charge-offs totaled $4.36 million, or .47 percent of loans compared to $5.51 million, or .62 percent of loans in the third quarter of 1992.
 The decrease in the provision for loan losses coupled with a 7.9 percent increase in net interest income led to a strong 12.2 percent increase in net interest income after provision for loan losses. Non- interest income increased 11.5 percent aided by another record quarter for Total System Services, Inc. (NYSE: TSS), Synovus' majority owned bankcard data processing subsidiary. Data processing revenues increased 13.2 percent during the third quarter to $37.6 million compared to $33.2 million in the third quarter of 1992.
 Commenting on the record third quarter, Synovus' Chairman, James H. Blanchard stated: "Synovus continued to make significant strides toward the fulfillment of our 36 month Business Plan. We are pleased with the improvement in our asset quality which reflects the strength of our markets and the credit skills of our bankers. Our return on assets at 1.40 percent and our return on equity at 16.90 percent are very close to our Business Plan goals and place Synovus near the very top of the industry. We are confident that 1993 will be another outstanding year for Synovus Financial Corp."
 Synovus Financial Corp. is a $5.5 billion asset, multi-financial services company composed of 31 community banks in Georgia, Alabama and Florida, an 80.7 percent ownership in Total System Services, Inc., the second largest credit card processing company in the world, and Synovus Securities, Inc., a full-service brokerage firm.
 SYNOVUS FINANCIAL CORP.
 BALANCE SHEET
 (In thousands, except per share data)
 1993 1993
 3rd Qtr. 2nd Qtr. 1st Qtr.
 Total assets $5,494,110 $5,401,459 $5,240,496
 Investment securities 1,140,694 1,129,680 1,091,370
 Net loans 3,680,336 3,620,215 3,540,812
 Total deposits 4,570,448 4,552,519 4,446,075
 Demand deposits 662,541 673,282 610,896
 Certificates of deposit 2,162,388 2,152,312 2,134,579
 Savings accounts 385,073 367,262 360,355
 NOW accounts 666,690 667,389 670,267
 Money Market 693,756 692,274 669,978
 Shareholders' equity 449,559 439,280 426,897
 Book value per share $6.74 $6.59 $6.42
 Equity to assets 8.18 pct. 8.13 pct. 8.15 pct.
 Loan to deposit ratio 81.87 pct. 80.82 pct. 80.95 pct.
 Demand deposits/total
 deposits 14.50 pct. 14.79 pct. 13.74 pct.
 Average total assets 5,408,871 5,285,076 5,165,606
 Avg. interest earning
 assets 4,932,666 4,821,617 4,694,025
 Average loans 3,716,884 3,649,696 3,562,073
 Average deposits 4,601,869 4,512,348 4,411,421
 Avg. shareholders' equity 446,573 433,119 422,812
 1992 3rd Qtr.
 4th Qtr. 3rd Qtr. '93-'92 Pct. chg.
 Total assets $5,183,780 $5,052,797 8.7
 Investment securities 1,015,267 985,210 15.8
 Net loans 3,493,069 3,505,341 5.0
 Total deposits 4,405,478 4,231,742 8.0
 Demand deposits 660,756 576,635 14.9
 Certificates of deposit 2,107,985 2,106,593 2.6
 Savings accounts 339,947 324,254 18.8
 NOW accounts 613,217 575,599 15.8
 Money Market 683,573 648,661 7.0
 Shareholders' equity 416,007 405,046 11.0
 Book value per share $6.25 $6.10 10.5
 Equity to assets 8.03 pct. 8.02 pct. 2.0
 Loan to deposit ratio 80.54 pct. 84.14 pct. (2.7)
 Demand deposits/total
 deposits 15.00 pct. 13.63 pct. 6.4 pct.
 Average total assets 5,082,602 5,022,637 7.7
 Avg. interest earning
 assets 4,618,879 4,571,178 7.9
 Average loans 3,561,546 3,552,419 4.6
 Average deposits 4,341,796 4,259,256 8.0
 Avg. shareholders' equity 410,734 400,391 11.5
 ASSET QUALITY
 (In thousands, except per share data)
 1993 1993
 3rd Qtr. 2nd Qtr. 1st Qtr.
 Nonperforming loans $31,679 $34,518 $35,219
 Other real estate 12,310 14,967 15,704
 Nonperforming assets 43,989 49,485 50,923
 Reserve for loan losses 61,264 58,914 58,141
 Net chargeoffs 4,361 5,027 2,678
 Nonperforming loans/Loans
 & ORE 0.84 pct. 0.93 pct. 0.97 pct.
 Nonperforming assets/Loans
 & ORE 1.17 pct. 1.34 pct. 1.41 pct.
 Loan loss reserve/Loans 1.64 pct. 1.60 pct. 1.62 pct.
 Reserve/nonperf. loans 193.39 pct. 170.68 pct. 165.08 pct.
 Reserve/nonperf. assets 139.27 pct. 119.05 pct. 114.17 pct.
 1992 3rd Qtr.
 4th Qtr. 3rd Qtr. '93-'92 Pct. chg.
 Nonperforming loans $35,641 $35,580 (11.0)
 Other real estate 17,507 18,995 (35.2)
 Nonperforming assets 53,148 54,575 (19.4)
 Reserve for loan losses 54,981 55,218 10.9
 Net chargeoffs 9,874 5,505 (20.8)
 Nonperforming loans/Loans
 & ORE 1.00 pct. 0.99 pct.
 Nonperforming assets/Loans
 & ORE 1.49 pct. 1.52 pct.
 Loan loss reserve/Loans 1.55 pct. 1.55 pct.
 Reserve/nonperf. loans 154.27 pct. 155.20 pct.
 Reserve/nonperf. assets 103.45 pct. 101.18 pct.
 INCOME STATEMENT
 (In thousands, except per share data)
 1993 1992
 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.
 Interest income $ 98,721 $ 96,768 $ 95,147 $ 97,495
 Interest expense 40,324 40,173 40,272 41,552
 Net interest income 58,397 56,595 54,875 55,943
 Provision for loan losses 6,712 5,800 5,837 9,638
 Net int. inc. after prov. 51,685 50,795 49,038 46,305
 Non-Interest Income:
 Fees for trust services 1,727 1,811 1,757 1,776
 Service charges 12,355 12,238 11,073 11,630
 Data processing 37,608 35,592 34,757 34,493
 Securities gains 313 48 637 1
 Other 5,059 4,997 4,709 4,437
 Total non-int. income 57,062 54,686 52,933 52,337
 Non-Interest Expense:
 Personnel expense 41,154 40,127 40,177 35,878
 Occupancy & equipmt. exp. 17,038 16,563 16,488 15,904
 Other non-interest exp. 20,852 20,368 19,409 21,577
 Minority interest 999 911 765 1,081
 Total non-interest exp. 80,043 77,969 76,839 74,440
 Income before taxes 28,704 27,512 25,132 24,202
 Income tax expense 9,677 9,659 8,665 8,387
 Income before
 extraordinary item 19,027 17,853 16,467 15,815
 Extraordinary item
 related to early
 extinguishment of debt
 (net of income tax
 benefit of $1,568) $(2,912) N/A N/A N/A
 Net income after
 extraordinary
 item $ 16,115 $ 17,853 $ 16,467 $ 15,815
 Net income per share:
 Income before
 extraordinary item $ 0.29 $ 0.27 $ 0.25 $ 0.24
 Income after
 extraodinary item $ 0.24 $ 0.27 $ 0.25 $ 0.24
 Dividends declared per
 common share $ 0.0933 $ 0.0933 $ 0.0933 $ 0.0800
 Return on assets(a) 1.40 pct. 1.35 pct. 1.29 pct. 1.24 pct.
 Return on equity(a) 16.90 pct. 16.53 pct. 15.79 pct. 15.32 pct.
 Net interest margin 4.89 pct. 4.88 pct. 4.89 pct. 5.04 pct.
 Net charge-offs 0.47 pct. 0.55 pct. 0.30 pct. 1.11 pct.
 Average shares outst. 66,656 66,620 66,526 66,437
 (a) Before extraordinary item
 1992 3rd Qtr.
 3rd Qtr. '93-'92 pct. chg.
 Interest income $ 99,046 (0.3)
 Interest expense 44,931 (10.3)
 Net interest income 54,115 7.9
 Provision for loan losses 8,065 (16.8)
 Net int. inc. after prov. 46,050 12.2
 Non-Interest Income:
 Fees for trust services 1,727 0.0
 Service charges 11,132 11.0
 Data processing 33,230 13.2
 Securities gains 224 39.7
 Other 4,864 4.0
 Total non-int. income 51,177 11.5
 Non-Interest Expense:
 Personnel expense 35,659 15.4
 Occupancy & equipmt. exp. 15,900 7.2
 Other non-interest exp. 20,099 3.7
 Minority interest 859 16.3
 Total non-interest exp. 72,517 10.4
 Income before taxes 24,710 16.2
 Income tax expense 8,556 13.1
 Income before
 extraordinary item 16,154 17.8
 Extraordinary item
 related to early
 extinguishment of debt
 (net of income tax
 benefit of $1,568) N/A ---
 Net income after
 extraordinary item $ 16,154 (0.2)
 Net income per share:
 Income before
 extraordinary item $ 0.24 17.3
 Income after
 extraordinary item $ 0.24 (0.6)
 Dividends declared per
 common share $ 0.0800 16.6
 Return on assets(a) 1.28 pct.
 Return on equity(a) 16.05 pct.
 Net interest margin 4.94 pct.
 Net charge-offs 0.62 pct.
 Average shares outst. 66,411
 (a) Before extraordinary item
 9 mos. ended Sept. 30 1993 1992 Pct. chg.
 Interest income $290,636 $302,082 (3.8)
 Interest expense 120,769 146,859 (17.8)
 Net interest income 169,867 155,223 9.4
 Provision for loan losses 18,349 20,888 (12.2)
 Net int. inc. after prov. 151,518 134,335 12.8
 Non-Interest Income:
 Fees for trust services 5,295 4,843 9.3
 Service charges 35,666 32,074 11.2
 Data processing 107,957 91,999 17.3
 Securities gains 998 892 11.9
 Other 14,765 13,394 10.2
 Total non-int. income 164,681 143,202 15.0
 Non-Interest Expense:
 Personnel expense 121,458 104,947 15.7
 Occupancy & equipmt. exp. 50,089 45,782 9.4
 Other non-interest exp. 60,629 56,479 7.3
 Minority interest 2,675 2,226 20.2
 Total non-interest exp. 234,851 209,434 12.1
 Income before taxes 81,348 68,103 19.4
 Income tax expense 28,001 22,742 23.1
 Income before extraordinary item 53,347 45,361 17.6
 Extraordinary item related to
 early extinguishment of debt
 (net of income tax benefit
 of $1,568) (2,912) N/A ---
 Net income after extraordinary
 item $ 50,435 $ 45,361 11.2
 Net income per share:
 Income before extraordinary item $ 0.80 $ 0.68 17.2
 Income after extraordinary item $ 0.76 $ 0.68 10.8
 Dividends declared per common shr. $ 0.28 $ 0.23 21.7
 Return on assets(a) 1.35 pct. 1.21 pct.
 Return on equity(a) 16.42 pct. 15.59 pct.
 Net interest margin 4.89 pct. 4.77 pct.
 Net charge-offs 0.44 pct. 0.58 pct.
 Average shares outst. 66,601 66,366
 (a) Before extraordinary item
 -0- 10/12/93
 /CONTACT: Richard B. Illges, vice president of Synovus Financial, 706-649-5220/
 (SNV TSS)


CO: Synovus Financial Corporation ST: Georgia IN: FIN SU: ERN

RA-BR -- AT005 -- 1015 10/12/93 10:55 EDT
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