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SYNOVUS FINANCIAL CORP. REPORTS RECORD FIRST QUARTER EARNINGS

 SYNOVUS FINANCIAL CORP. REPORTS RECORD FIRST QUARTER EARNINGS
 COLUMBUS, Ga., April 6 /PRNewswire/ -- Synovus Financial Corp. (NYSE: SNV), the Columbus, Ga.-based multi-financial services company, today announced record first quarter earnings for 1992.
 Net income for the quarter amounted to $11,598,000, up 23.4 percent over net income of $9,399,000 for the first quarter of 1991. On a per share basis, net income increased 14.8 percent to $.31, compared to $.27 for the first quarter of 1991. Return on assets for the quarter was 1.14 percent, return on equity was 15.47 percent and shareholders' equity equaled 7.34 percent of total assets at quarter end.
 During the first quarter, asset quality remained very strong and should continue to compare favorably to industry and peer group averages. The non-performing assets to loans and other real estate ratio was 1.59 percent compared to 1.84 percent at the end of the first quarter of 1991. The reserve for loan losses ended the quarter at 1.48 percent of net loans. Net charge-offs for the quarter were 0.50 percent of loans, compared to 0.67 percent a year ago.
 James H. Blanchard, chairman of the board of Synovus Financial Corp., commented on the company's record performance, stating: "We believe that 1992 will be another terrific year for Synovus. The first quarter results are even better than we expected and are a great start to what we believe will be another record year. The record first quarter earnings are a result of improving fundamentals, our efforts to streamline and improve the efficiencies of our operations and a solid improvement in the earnings performance of our Florida banks.
 "During the first quarter, we had a leveling off and then an improvement in our net interest margin which enhanced our earnings ability. Our asset quality continues to be good as our reserve for loan losses now covers 92 percent of total non-performing assets, which includes other real estate. Our profit enhancement effort is now more than half way through its first phase and continues to generate very satisfactory results, and our consolidated efficiencies effort is producing real savings to our bottom line.
 "We are particularly pleased with our Florida family of banks as net income for the first quarter increased 308 percent over year-ago levels and non-performing assets have been reduced 48.7 percent from year-ago levels. Our Florida affiliates produced a return on assets of 1.07 percent in the first quarter compared to 0.28 percent in the first quarter of 1991. Our team in Florida has those banks producing outstanding results."
 Blanchard concluded his remarks stating: "We are pleased with the results for the first quarter. Our continued emphasis will be on finding ways to fine-tune our performance to generate even higher levels of asset quality and earnings performance. We are excited about the prospects for the remainder of 1992."
 Synovus Financial Corp. is a $4.1 billion asset, multi-financial services company composed of 26 banks, an 82 percent owndership of Total System Services, Inc. (NYSE: TSS), a bankcard data processing company, and Synovus Securities, Inc., a full-service brokerage firm.
 SYNOVUS FINANCIAL CORP.
 Consolidated Financial Information
 March 31, 1992
 (In thousands, except per-share data)
 BALANCE SHEET
 March 31 1992 1991 Pct. chg.
 Net loans $2,819,052 $2,069,015 36.3
 Total assets 4,145,669 3,112,039 33.2
 Total deposits 3,519,514 2,695,947 30.5
 Shareholders' equity 304,330 245,777 23.8
 Book value per share 8.06 6.99 15.3
 Equity/assets 7.34 pct. 7.90 pct.
 Reserve for loan losses/loans 1.48 pct. 1.53 pct.
 Net charge-offs/average loans .50 pct. .67 pct.
 Nonperforming assets/loans and
 other real estate 1.59 pct. 1.84 pct.
 Reserve/nonperforming assets .92x .83
 Reserve/nonperforming loans 1.56 pct. 1.22 pct.
 INCOME STATEMENT
 (In thousands, except per-share data)
 3 mos. ended 3/31/92 3/31/91 Pct. chg.
 Interest income $ 84,655 $ 73,104 15.8
 Interest expense 44,241 41,293 7.1
 Net interest income 40,414 31,811 27.0
 Provision for loan losses 4,903 3,312 48.0
 Non-interest income 43,260 36,668 18.0
 Non-interest expense 61,023 51,074 19.5
 Minority interest 626 542 15.5
 Income before taxes 17,122 13,551 26.4
 Income tax expense 5,524 4,152 33.0
 Net income $ 11,598 $ 9,399 23.4
 Net income per share $ .31 $ .27 14.8
 Return on assets 1.14 pct. 1.24 pct.
 Return on equity 15.47 pct. 15.80 pct.
 Average shares outstanding 37,709 35,073
 -0- 4/6/92
 /CONTACT: Richard B. Illges, director of investor relations of Synovus Financial, 404-649-5220/
 (SNV TSS) CO: Synovus Financial Corporation ST: Georgia IN: FIN SU: ERN


EA-BR -- AT007 -- 5346 04/06/92 12:06 EDT
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