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SYNOVUS FOURTH QUARTER EARNINGS INCREASE 31.0 PERCENT

 COLUMBUS, Ga., Jan. 10 /PRNewswire/ -- Synovus Financial Corp. (NYSE: SNV), the Columbus-based multi-financial services company, today announced record earnings for the fourth quarter and full year of 1993.
 Net income for the fourth quarter of 1993 was $20,711,000, an increase of 31.0% over net income of $15,815,000 earned in the fourth quarter of 1992. On a per share basis, net income increased 30.5% to $.31, compared to $.24 earned during the fourth quarter of 1992. Return on assets for the quarter was 1.50% compared to 1.24% and return on equity was 17.81% compared to 15.32%.
 For 1993, income before extraordinary item was $74,058,000, up 21.1% over 1992 income of $61,176,000. On a per share basis, income before extraordinary item increased 20.6% to $1.11, compared to 1992 income of $.92. Total assets ended 1993 at $5.63 billion, up 8.6% from $5.18 billion at the end of 1992. Shareholders' equity ended the year at $476 million and equaled a strong 8.46% of year-end assets. Return on assets for 1993 was 1.39% and return on equity was 16.77%.
 Net loans grew 7.9% during 1993 to $3.77 billion and grew at a 9.8% annualized rate during the fourth quarter. The growth in Synovus' balance sheet was largely funded by a 6.1% increase in deposits. The growth in deposits was mostly due to an increase in demand savings, and NOW accounts which together increased 13.5%. These transaction accounts now represent 39.2% of total deposits, up from 36.6% of total deposits at year-end 1992.
 Synovus' asset quality significantly improved during 1993. Nonperforming assets ended the year at .95% of loans and other real estate compared to 1.17% in the third quarter and 1.49% at the end of 1992. The reserve for loan losses ended 1993 at 1.57% of loans and provides coverage of 232% of all nonperforming loans and 165% of all nonperforming assets. Net charge-offs for the year improved to .50% of loans compared to .71% in 1992. The improvement in asset quality led to a lower provision for loan losses in the fourth quarter and for the full year of 1993. The provision in the fourth quarter was $5.1 million, a decrease of 46.7% from the $9.6 million charged in the fourth quarter of 1992. For 1993, the provision was $23.5 million, a decrease of 23.1% compared to $30.5 million in 1992. Synovus' asset quality numbers rank near the very top of the banking industry and helped to fuel the record earnings for the quarter and year.
 Commenting on the record quarter and year, Synovus Chairman, James H. Blanchard stated: "We are pleased to be able to report such outstanding results for 1993. The record earnings were made possible by a growing balance sheet, a stable net interest margin, a lower provision for loan losses, reflecting outstanding credit quality, and strong growth in fee income led largely by another record year for Total System Services, Inc. As always, our employees put forth a tremendous effort to make 1993 the best year in the history of Synovus. During the fourth quarter, we achieved all five goals of our 36-month Business Plan that was established in April of 1991. We reached each of our goals a quarter ahead of schedule. Our return on assets of 1.50%, return on equity of 17.81% and our low level of nonperforming assets of .95% should place Synovus at the very top of the industry in terms of performance and quality. Going forward from here, we are very optimistic about our future and believe 1994 will be another outstanding year. We believe our decentralized, community bank franchise will continue to generate market share gains and quality earnings and we believe Total System Services has a very promising future."
 Synovus Financial Corp., is a $5.6 billion asset, multi-financial services company composed of 31 community banks in Georgia, Alabama and Florida, and 80.8% ownership in Total System Services, Inc. (NYSE: TSS), the second-largest credit card processing company in the world, and Synovus Securities, Inc., a full-service brokerage firm.
 SYNOVUS FINANCIAL CORP.
 INCOME STATEMENT
 (In thousands, except per share data)
 1993
 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr.
 Interest income $98,641 $ 98,721 $ 96,768 $ 95,147
 Interest expense 39,445 40,324 40,173 40,272
 Net interest income 59,196 58,397 56,595 54,875
 Prov. for loan losses 5,135 6,712 5,800 5,837
 Net int. inc. after prov. 54,061 51,685 50,795 49,038
 Non-Interest Income:
 Fees for trust services 2,788 1,727 1,811 1,757
 Service charges 12,319 12,355 12,238 11,073
 Data processing 40,407 37,608 35,592 34,757
 Securities gains 109 313 48 637
 Other 5,782 5,059 4,997 4,709
 Total non-int. income 61,405 57,062 54,686 52,933
 Non-Interest Expense:
 Personnel expense 41,904 41,154 40,127 40,177
 Occupancy & equipmt. exp. 17,362 17,038 16,563 16,488
 Other non-interest exp. 22,330 20,852 20,368 19,409
 Minority interest 1,221 999 911 765
 Total non-interest exp. 82,817 80,043 77,969 76,839
 Income before taxes 32,649 28,704 27,512 25,132
 Income tax expense 11,938 9,677 9,659 8,665
 Income before
 extraordinary item 20,711 19,027 17,853 16,467
 Extraordinary item
 related to early
 extinguishment of debt
 (net of income tax
 benefit of $1,568) N/A $(2,912) N/A N/A
 Net income after
 extraordinary
 item $ 20,711 $ 16,115 $ 17,853 $ 16,467
 Net income per share:
 Income before
 extraordinary item $ 0.31 $ 0.29 $ 0.27 $ 0.25
 Income after
 extraordinary item $ 0.31 $ 0.24 $ 0.27 $ 0.25
 Dividends declared per
 common share $ 0.0933 $ 0.0933 $ 0.0933 $ 0.0933
 Return on assets(a) 1.50 pct. 1.40 pct. 1.35 pct. 1.29 pct.
 Return on equity(a) 17.81 pct.16.90 pct. 16.53 pct. 15.79 pct.
 Net interest margin 4.89 pct. 4.89 pct. 4.88 pct. 4.90 pct.
 Net charge-offs 0.66 pct. 0.47 pct. 0.55 pct. 0.30 pct.
 Average shares outst. 66,706 66,656 66,620 66,526
 (a) Before extraordinary item
 4th Qtr.
 1992 '93-'92
 4th Qtr. pct. chg.
 Interest income $ 97,495 1.2
 Interest expense 41,552 (5.1)
 Net interest income 55,943 5.8
 Provision for loan losses 9,638 (46.7)
 Net int. inc. after prov. 46,305 16.7
 Non-Interest Income:
 Fees for trust services 1,776 57.0
 Service charges 11,630 5.9
 Data processing 34,493 17.1
 Securities gains 1 10800.0
 Other 4,437 30.3
 Total non-int. income 52,337 17.3
 Non-Interest Expense:
 Personnel expense 35,878 16.8
 Occupancy & equipmt. exp 15,904 9.2
 Other non-interest exp. 21,577 3.5
 Minority interest 1,081 13.0
 Total non-interest exp. 74,440 11.3
 Income before taxes 24,202 34.9
 Income tax expense 8,387 42.3
 Income before
 extraordinary item 15,815 31.0
 Extraordinary item
 related to early
 extinguishment of debt
 (net of income tax
 benefit of $1,568) N/A
 Net income after
 extraordinary item $ 15,815 31.0
 Net income per share:
 Income before
 extraordinary item $ 0.24 30.5
 Income after
 extraordinary item $ 0.24 30.5
 Dividends declared per
 common share $ 0.0800 16.6
 Return on assets(a) 1.24 pct.
 Return on equity(a) 15.32 pct.
 Net interest margin 5.04 pct.
 Net charge-offs 1.11 pct.
 Average shares outst. 66,437
 (a) Before extraordinary item
 12 mos. ended Dec. 31 1993 1992 Pct. chg.
 Interest income $389,277 $399,577 (2.6)
 Interest expense 160,214 188,411 (15.0)
 Net interest income 229,063 211,166 8.5
 Provision for loan losses 23,484 30,526 (23.1)
 Net int. inc. after prov. 205,579 180,640 13.8
 Non-Interest Income:
 Fees for trust services 8,083 6,619 22.1
 Service charges 47,985 43,704 9.8
 Data processing 148,364 126,492 17.3
 Securities gains 1,107 893 23.9
 Other 20,547 17,831 15.2
 Total non-int. income 226,086 195,539 15.6
 Non-Interest Expense:
 Personnel expense 163,362 140,825 16.0
 Occupancy & equipmt. exp. 67,451 61,686 9.3
 Other non-interest exp. 82,959 78,056 6.3
 Minority interest 3,896 3,307 17.8
 Total non-interest exp. 317,668 283,874 11.9
 Income before taxes 113,997 92,305 23.5
 Income tax expense 39,939 31,129 28.3
 Income before extraordinary item 74,058 61,176 21.1
 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 $ 71,146 $ 61,176 16.3
 Net income per share:
 Income before extraordinary item $ 1.11 $ 0.92 20.6
 Income after extraordinary item $ 1.07 $ 0.92 15.9
 Dividends declared per common shr. $ 0.37 $ 0.31 20.4
 Return on assets(a) 1.39 pct. 1.22 pct.
 Return on equity(a) 16.77 pct. 15.52 pct.
 Net interest margin 4.89 pct. 4.84 pct.
 Net charge-offs 0.50 pct. 0.71 pct.
 Average shares outst. 66,628 66,384
 (a) Before extraordinary item
 BALANCE SHEET
 (In thousands except per share data)
 1993
 4th Qtr. 3rd Qtr. 2nd Qtr.
 Total assets $5,627,426 $5,494,110 $5,401,459
 Investment securities 1,122,104 1,140,694 1,129,680
 Net loans 3,770,304 3,680,336 3,620,215
 Total deposits 4,673,752 4,570,448 4,552,519
 Demand deposits 733,772 662,541 673,282
 Certificates of deposit 2,146,177 2,162,388 2,152,312
 Savings accounts 390,282 385,073 367,262
 NOW accounts 707,635 666,690 667,389
 Money Market 695,886 693,756 692,274
 Shareholders' equity 476,317 449,559 439,280
 Book value per share $ 7.14 $ 6.74 $ 6.59
 Equity to assets 8.46 pct. 8.18 pct. 8.13 pct.
 Loan to deposit ratio 81.96 pct. 81.87 pct. 80.82 pct.
 Demand deposits/total
 deposits 15.70 pct. 14.50 pct. 14.79 pct.
 Average total assets 5,494,455 5,408,871 5,285,076
 Avg. interest earning
 assets 4,983,024 4,932,666 4,821,617
 Average loans 3,793,513 3,716,463 3,649,696
 Average deposits 4,630,554 4,604,869 4,512,348
 Avg. shareholders' equity 461,377 446,573 433,119
 1993 1992 4th Qtr.
 1st Qtr. 4th Qtr. '93-'92 Pct. chg.
 Total assets $5,240,496 $5,183,780 8.6
 Investment securities 1,091,370 1,015,267 10.5
 Net loans 3,540,812 3,493,069 7.9
 Total deposits 4,446,075 4,405,478 6.1
 Demand deposits 610,896 660,756 11.1
 Certificates of deposit 2,134,579 2,107,985 1.8
 Savings accounts 360,355 339,947 14.8
 NOW accounts 670,267 613,217 15.4
 Money Market 669,978 683,573 1.8
 Shareholders' equity 426,897 416,007 14.5
 Book value per share $ 6.42 $ 6.25 14.2
 Equity to assets 8.15 pct. 8.03 pct.
 Loan to deposit ratio 80.95 pct. 80.54 pct.
 Demand deposts/total
 deposits 13.74 pct. 15.00 pct.
 Average total assets 5,165,606 5,082,602 8.1
 Avg. interest earning
 assets 4,694,025 4,618,879 7.9
 Average loans 3,562,073 3,561,546 6.5
 Average deposits 4,411,421 4,341,796 6.7
 Avg. shareholders' equity 422,812 410,734 12.3
 ASSET QUALITY
 (In thousands except per share data)
 1993
 4th Qtr. 3rd Qtr. 2nd Qtr.
 Nonperforming loans $25,904 $31,679 $34,518
 Other real estate 10,461 12,310 14,967
 Nonperforming assets 36,365 43,989 49,485
 Reserve for loan losses 60,097 61,264 58,914
 Net chargeoffs 6,302 4,361 5,027
 Nonperforming loans/Loans
 & ORE 0.67 pct. 0.84 pct. 0.93 pct.
 Nonperforming assets/Loans
 & ORE 0.95 pct. 1.17 pct. 1.34 pct.
 Loan loss reserve/Loans 1.57 pct. 1.64 pct. 1.60 pct.
 Reserve/nonperf. loans 232.01 pct. 193.39 pct. 170.68 pct.
 Reserve/nonperf. assets 165.26 pct. 139.27 pct. 119.05 pct.
 1993 1992 4th Qtr.
 1st Qtr. 4th Qtr. '93-'92 Pct. Chg.
 Nonperforming loans $35,219 $35,641 (27.3)
 Other real estate 15,704 17,507 (40.2)
 Nonperforming assets 50,923 53,148 (31.6)
 Reserve for loan losses 58,141 54,981 9.3
 Net chargeoffs 2,678 9,874 (36.2)
 Nonperforming loans/Loans
 & ORE 0.97 pct. 1.00 pct.
 Nonperforming assets/Loans
 & ORE 1.41 pct. 1.49 pct.
 Loan loss reserve/Loans 1.62 pct. 1.55 pct.
 Reserve/nonperf. loans 165.08 pct. 154.27 pct.
 Reserve/nonperf. assets 114.17 pct. 103.45 pct.
 -0- 1/10/94
 /CONTACT: Richard B. Illges, vice president, investor relations, Synovus Financial, 706-649-5220/
 (SNV TSS)


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

BR-BN -- AT005 -- 0554 01/10/94 11:54 EST
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