Printer Friendly

SYNOVUS FINANCIAL CORPORATION ANNOUNCES RECORD EARNINGS

 SYNOVUS FINANCIAL CORPORATION ANNOUNCES RECORD EARNINGS
 COLUMBUS, Ga., Jan. 7 /PRNewswire/ -- Synovus Financial Corporation (NYSE: SNV), the Columbus, Ga.-based multi-financial services company, today announced record net income for 1991 of $40,542,000, up 13.0 percent over 1990 net income of $35,876,000.
 On a per share basis, net income amounted to $1.12, up 8.4 percent over 1990 net income per share of $1.03. Return on assets for 1991 was 1.17 percent and return on equity was 15.34 percent. Total assets increased 33.1 percent to $4.1 billion and reflect seven bank affiliations completed during the year plus core internal growth of approximately 8.5 percent. Shareholders' equity equaled 7.30 percent of total year-end assets.
 Net income for the fourth quarter of 1991 was a record of $10,792,000, an increase of 19.8 percent over net income of $9,010,000 in the fourth quarter of 1990. On a per share basis, net income increased 10.5 percent to $.29, compared to $.26 earned during the fourth quarter of 1990. At the end of the fourth quarter, the ratio of non-performing assets to loans and other real estate was 1.56 percent, down from the 1.83 percent at the end of 1990. The reserve for loan losses ended the quarter at 1.46 percent, and represents 93.0 percent of total non-performing assets and 151 percent of non-performing loans.
 James H. Blanchard, chairman of the board of Synovus Financial Corp., commenting on the company's performance, stated: "By all accounts, 1991 was the best year ever for Synovus Financial Corp. Despite pressures on the net interest margin and a difficult economy, we continued to produce record earnings and improved our asset quality, with our non-performing asset ratio down to 1.56 percent. Our banks are continuing to gain market share and are focusing on maximizing quality customer service and their individual earnings potential. We are confident that our performance will again rank at the top of our industry."
 Synovus Financial Corp. is a multi-financial services company composed of 26 banks, Total System Services, Inc., a bankcard data processing company, and Synovus Securities, Inc., a full-service brokerage firm.
 Synovus Financial Corp. stock is traded on the New York Stock Exchange under the symbol "SNV." Synovus owns approximately 82 percent of Total System Services, Inc., whose shares of common stock are traded on the New York Stock Exchange under the symbol "TSS."
 SYNOVUS FINANCIAL CORPORATION
 Consolidated Financial Information
 Dec. 31, 1991
 (In thousands, except per-share data)
 BALANCE SHEET
 Dec. 31 1991 1990 Pct. chg.
 Net loans $2,766,966 $2,043,148 35.4
 Total assets 4,069,950 3,057,541 33.1
 Total deposits 3,481,814 2,629,679 32.4
 Shareholders' equity 297,017 234,912 26.4
 Book value per share $7.88 $6.76 16.6
 Equity/assets 7.30 pct. 7.68 pct
 Reserve for loan losses/loans 1.46 pct. 1.54 pct.
 Nonperforming assets to
 loans and other real estate 1.56 pct. 1.54 pct.
 Reserve/nonperforming assets .93 x .84 x
 Reserve/nonperforming loans 1.51 x 1.27 x
 INCOME STATEMENT
 (In thousands, except per-share data)
 3 mos. ended 12/31/91 12/31/90 Pct. chg.
 Interest income $ 88,356 $ 73,834 19.7
 Interest expense 48,750 41,738 16.8
 Net interest income 39,606 32,096 23.4
 Provision for loan losses 8,007 4,719 69.7
 Non-interest income 44,346 36,366 21.9
 Non-interest expense 59,106 49,859 18.5
 Minority interest 890 686 29.7
 Income before taxes 15,949 13,198 20.8
 Income tax expense 5,157 4,188 23.1
 Net income $ 10,792 $ 9,010 19.8
 Net income per share $ .29 $ .26 10.5
 Return on assets 1.07 pct. 1.20 pct.
 Return on equity 14.59 pct. 15.37 pct.
 Average shares outstanding 37,684 34,779
 12 mos. ended 12/31/91 12/31/90 Pct. chg.
 Interest income $324,937 $282,463 15.0
 Interest expense 181,297 158,784 14.2
 Net interest income 143,640 123,679 16.1
 Provision for loan losses 21,317 12,916 65.0
 Non-interest income 162,696 122,111 33.2
 Non-interest expense 222,936 179,928 23.9
 Minority interest 2,768 2,304 20.1
 Income before taxes 59,315 50,642 17.1
 Income tax expense 18,773 14,766 27.1
 Net income $ 40,542 $ 35,876 13.0
 Net income per share $ 1.12 $ 1.03 8.4
 Return on assets 1.17 pct. 1.27 pct.
 Return on equity 15.34 pct. 15.99 pct.
 Average shares outstanding 36,271 34,778
 NOTE: Financial statements for 1990 have been restated to reflect the Feb. 15, 1991 acquisition of Sea Island Bankshares Inc. which was accounted for as a pooling of interests.
 -0- 7/9/91
 /CONTACT: Richard B. Illges, director of investor relations, 104-649-5220; or Stephen L. Burts Jr., executive vice president and treasurer, 404-649-2197, both of Synovus Financial/
 (SNV TSS) CO: Synovus Financial Corporation ST: Georgia IN: FIN SU: ERN


BR-CF -- AT002 -- 7195 01/07/92 09:15 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 7, 1992
Words:874
Previous Article:DNAP AND DU PONT CANOLA JOINT VENTURE SUPPLIES IMPROVED VARIETY OF CANOLA OIL
Next Article:SYMTEK SYSTEMS AND ADVANTEST JOINTLY INTRODUCE TEST HANDLER WITH 64 TEST SITES (Product Announcement)
Topics:


Related Articles
SYNOVUS FINANCIAL ANNOUNCES DIVIDEND
SYNOVUS FINANCIAL CORP. REPORTS SECOND QUARTER NET INCOME INCREASE OF 28.5 PERCENT
SYNOVUS FINANCIAL CORP. REPORTS RECORD THIRD QUARTER; NET INCOME INCREASES 31.2 PERCENT
SYNOVUS FINANCIAL CORP. AND NBSC CORPORATION ANNOUNCE AGREEMENT TO MERGE
SYNOVUS FINANCIAL CORP. REPORTS RECORD FIRST QUARTER 1995 EARNINGS
SYNOVUS FINANCIAL CORP. REPORTS RECORD SECOND QUARTER 1995 EARNINGS
SYNOVUS FINANCIAL CORP. REPORTS RECORD THIRD QUARTER 1995 EARNINGS
SYNOVUS FINANCIAL CORP. EARNINGS UP 28 PERCENT
TSYS Reports 20.4% Increase in Net Income for First Quarter 1998
Synovus Financial Corp.(R) Reports Record Second Quarter 1998 Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters