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SYNOVUS FINANCIAL CORP. ANNOUNCES 17.4 PERCENT INCREASE IN FIRST QUARTER EARNINGS

 COLUMBUS, Ga., April 8 /PRNewswire/ -- Synovus Financial Corp. (NYSE: SNV), the Columbus-based multi-financial services company, today announced record first quarter earnings for 1993.
 Net income for the quarter amounted to $16,467,000, up 17.4 percent over net income of $14,023,000 for the first quarter of 1992. On a per share basis, net income increased 17.0 percent to $.25, compared to $.21 for the first quarter of 1992. Assets ended the quarter at $5.24 billion, up 4.3 percent from $5.02 billion in the first quarter of 1992. Return on assets for the quarter was 1.29 percent, return on equity was 15.79 percent and shareholders' equity equaled 8.15 percent of quarter- end assets. Per share data has been restated to reflect a three-for-two stock split effective April 1.
 Asset quality improved during the quarter as the ratio of nonperforming assets dropped to 1.41 percent of loans and other real estate from 1.49 percent at year end 1992 and 1.65 percent in the first quarter of 1992. The reserve for loan losses increased to 1.62 percent of loans from 1.49 percent in the first quarter of 1992. The loan loss reserve now covers 165.1 percent of all nonperforming loans and 114.2 percent of all nonperforming assets. Net charge-offs for the quarter were .30 percent of loans, compared to .49 percent a year ago.
 The record earnings were aided by an 11.3 percent increase in net interest income. The improvement in asset quality led to a slightly lower provision for loan losses which decreased 6.9 percent from a year ago. Non-interest income increased 16.7 percent to $52.9 million from $45.3 million in the first quarter of 1992. The strong non-interest income reflects a 21.1 percent increase in data processing income primarily as a result of another record quarter for Total System Services, Inc. (NYSE: TSS), the credit card processing affiliate.
 James H. Blanchard, chairman of the board of Synovus Financial Corp., commented on Synovus' first quarter, stating: "We are pleased with the outstanding performance in the first quarter. We are particularly pleased with the continued improvement in asset quality and the strengthening of our loan loss reserves relative to nonperforming assets. We are making substantial progress toward our 36 month business plan including the improvement in asset quality and the increase in return on assets to 1.29 percent from 1.14 percent in the first quarter of 1992. We are exited about our prospects for another record year in 1993."
 Synovus Financial Corp. is a $5.2 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.
 Financial Summary
 March 31, 1993
 BALANCE SHEET
 1993 1992
 1st Qtr. 4th Qtr. 3rd Qtr.
 Total assets $5,240,496 $5,183,780 $5,052,797
 Investment securities 1,091,370 1,015,267 985,210
 Net loans 3,540,812 3,493,069 3,505,341
 Total deposits 4,446,075 4,405,478 4,231,742
 Demand deposits 610,896 660,756 576,635
 Certificates of deposit 2,134,579 2,107,985 2,106,593
 Savings accounts 360,355 339,947 324,254
 NOW accounts 670,267 613,217 575,599
 Money Market 669,978 683,573 648,661
 Shareholders' equity 426,897 416,007 405,046
 Book value per share $6.42 $6.25 $6.10
 Equity to assets 8.15 pct. 8.03 pct. 8.02 pct.
 Loan to deposit ratio 80.95 pct. 80.54 pct. 83.46 pct.
 Avg. total assets $5,165,606 $5,082,602 $5,022,637
 Avg. interest earning
 assets 4,647,787 4,618,879 4,571,178
 Avg. loans 3,572,265 3,561,546 3,552,419
 Avg. deposits 4,442,946 4,341,796 4,259,256
 Avg. shareholders' equity 422,812 410,734 400,391
 1992 1st Qtr.
 2nd Qtr. 1st Qtr. '93-'92 Pct. chg.
 Total assets $5,088,187 $5,023,418 4.3
 Investment securities 1,029,524 1,037,215 5.2
 Net loans 3,462,548 3,397,108 4.2
 Total deposits 4,272,810 4,275,495 4.0
 Demand deposits 574,235 543,937 12.3
 Certificates of deposit 2,178,229 2,230,630 (4.3)
 Savings accounts 306,051 286,786 25.7
 NOW accounts 560,352 545,220 22.9
 Money Market 653,943 668,922 0.2
 Shareholders' equity 392,442 382,152 11.7
 Book value per share $5.91 $5.76 11.5
 Equity to assets 7.71 pct. 7.61 pct.
 Loan to deposit ratio 82.27 pct. 80.66 pct.
 Avg. total assets $5,010,789 $4,951,618 4.3
 Avg. interest earning
 assets 4,559,309 4,482,948 3.7
 Avg. loans 3,478,450 3,410,235 4.8
 Avg. deposits 4,276,769 4,232,206 5.0
 Avg. shareholders' equity 386,234 378,788 11.6
 ASSET QUALITY
 1993 1992
 1st Qtr. 4th Qtr. 3rd Qtr.
 Nonperforming loans $35,219 $35,641 $35,580
 Other real estate 15,704 17,507 18,995
 Nonperforming assets 50,923 53,148 54,575
 Reserve for loan losses 58,141 54,981 55,218
 Net chargeoffs 2,678 9,924 5,505
 Nonperforming loans/Loans
 & ORE 0.97 pct. 1.00 pct. 0.99 pct.
 Nonperforming assets/Loans
 & ORE 1.41 pct. 1.49 pct. 1.52 pct.
 Loan loss reserve/Loans 1.62 pct. 1.55 pct. 1.55 pct.
 Reserve/nonperf. loans 165.08 pct. 154.27 pct. 155.20 pct.
 Reserve/nonperf. assets 114.17 pct. 103.45 pct. 101.18 pct.
 1992
 2nd Qtr. 1st Qtr.
 Nonperforming loans $33,274 $38,143
 Other real estate 19,776 19,148
 Nonperforming assets 53,050 57,291
 Reserve for loan losses 52,657 51,441
 Net chargeoffs 5,339 4,207
 Nonperforming loans/Loans
 & ORE 0.93 pct. 1.09 pct.
 Nonperforming assets/Loans
 & ORE 1.50 pct. 1.65 pct.
 Loan loss reserve/Loans 1.50 pct. 1.49 pct.
 Reserve/nonperf. loans 158.25 pct. 134.86 pct.
 Reserve/nonperf. assets 99.26 pct. 89.79 pct.
 INCOME STATEMENT
 1993 1992
 1st Qtr. 4th Qtr. 3rd Qtr. 2nd Qtr.
 Interest income $ 95,147 $ 97,495 $ 99,046 $101,000
 Interest expense 40,272 41,552 44,931 49,204
 Net interest income 54,875 55,943 54,115 51,796
 Provision for loan losses 5,837 9,638 8,065 6,556
 Net int. inc. after prov. 49,038 46,305 46,050 45,240
 Non-Interest Income:
 Fees for trust services 1,757 1,776 1,727 1,618
 Service charges 11,073 11,630 11,132 10,379
 Data processing 34,757 34,493 33,230 30,068
 Securities gains 637 1 224 (7)
 Other 4,709 4,437 4,864 4,619
 Total non-int. income 52,933 52,337 51,177 46,677
 Non-Interest Expense:
 Personnel expense 40,177 35,878 35,659 34,990
 Occupancy & equipmt. exp. 16,488 15,904 15,900 15,092
 Other non-interest exp. 19,409 21,577 20,099 18,363
 Minority interest 765 1,081 859 740
 Total non-interest exp. 76,839 74,440 72,517 69,185
 Income before taxes 25,132 24,202 24,710 22,732
 Income tax expense 8,665 8,387 8,556 7,548
 Net income $ 16,467 $ 15,815 $ 16,154 $ 15,184
 Net income per share $ 0.25 $ 0.24 $ 0.24 $ 0.23
 Divs. paid per com. shr. $ 0.0933 $ 0.0800 $ 0.0800 $ 0.0800
 Return on assets 1.29 pct. 1.24 pct. 1.28 pct. 1.22 pct.
 Return on equity 15.79 pct. 15.32 pct. 16.05 pct. 15.81 pct.
 Net interest margin 4.88 pct. 5.04 pct. 4.94 pct. 4.75 pct.
 Net charge-offs 0.30 pct. 1.11 pct. 0.62 pct. 0.61 pct.
 Average shares outst. 66,526 66,437 66,411 66,392
 1992 1st Qtr.
 1st Qtr. '93-'92 pct. chg.
 Interest income $102,036 (6.8)
 Interest expense 52,724 (23.6)
 Net interest income 49,312 11.3
 Provision for loan losses 6,267 (6.9)
 Net int. inc. after prov. 43,045 13.9
 Non-Interest Income:
 Fees for trust services 1,498 17.3
 Service charges 10,563 4.8
 Data processing 28,701 21.1
 Securities gains 675 (5.6)
 Other 3,911 20.4
 Total non-int. income 45,348 16.7
 Non-Interest Expense:
 Personnel expense 34,298 17.1
 Occupancy & equipmt. exp. 14,790 11.5
 Other non-interest exp. 18,017 7.7
 Minority interest 627 22.0
 Total non-interest exp. 67,732 13.4
 Income before taxes 20,661 21.6
 Income tax expense 6,638 30.5
 Net income $ 14,023 17.4
 Net income per share $ 0.21 17.0
 Divs. paid per com. shr. $ 0.0700 33.3
 Return on assets 1.14 pct.
 Return on equity 14.89 pct.
 Net interest margin 4.61 pct.
 Net charge-offs 0.49 pct.
 Average shares outst. 66,295
 All per share information has been restated to reflect a three-for- two stock split effective April 1, 1993.
 -0- 4/8/93
 /CONTACT: Richard B. Illges, director of investor relations of Synovus Financial Corporation, 706-649-5220/
 (SNV TSS)


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

RA-BN -- AT004 -- 4148 04/08/93 10:24 EDT
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