- News Releases
- Synovus Announces Changes to Board of Directors
- Synovus Announces REACH Awards
- Synovus Presents Annual Awards
- Synovus Receives 20 Customer Service Excellence Awards in Middle and Small Business Banking
- Kamensky Named Synovus Executive Vice President and General Counsel
- Synovus Reports Earnings for Fourth Quarter of 2013
- Dunlevie Named Managing Director of Synovus Family Asset Management
- Synovus Announces Quarterly Stock Dividend
|Synovus Reports Earnings for Third Quarter of 2013
|Net Income Available to Common Shareholders Increases by 21%|
Third Quarter Results
“We were pleased with the continued growth in profitability during the third quarter, with a 21% increase in net income available to common shareholders compared to last quarter. This upward trend signals one of the many and immediate benefits of our company’s July 26th exit from the Troubled Asset Relief Program (TARP),” said Kessel D. Stelling, Chairman and CEO of Synovus. “Third quarter results also included other encouraging signs, including growth in loans and deposits, stability in the net interest margin, and continued positive credit trends.”
Pre-tax, pre-credit costs income was $95.4 million for the third quarter of 2013, down $2.6 million from $98.0 million for the second quarter of 2013.
Balance Sheet Fundamentals
All key credit quality metrics continued to improve.
The September 30, 2013 capital ratios reflect the common and preferred stock offerings ($300 million in net proceeds) completed during the third quarter in connection with the July 2013 $968 million TARP redemption.
“We will recognize later this month our 125th anniversary as a banking organization, and I want to thank our team members and our customers for their dedication and loyalty to our company. While we celebrate our rich past, we are also looking ahead to a bright future.
“Our post-TARP redemption capital position is strong, and our company is well-positioned in growing markets throughout the southeast. According to recently released FDIC data, we again retained top five market share in markets that represent approximately 80% of our core deposit franchise. We continue to invest in high-opportunity markets and business lines where we can leverage our proven, relationship-based delivery model to build long-term customer relationships,” Stelling concluded.
Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on October 22, 2013. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties can access the slide presentation and listen to the conference call via simultaneous Internet broadcast at www.synovus.com/?id=1289 by clicking on the “Live Webcast” icon. RealPlayer or Windows Media Player can be downloaded prior to accessing the actual call or the replay. The replay will be archived for 12 months and will be available 30-45 minutes after the call.
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the commercial banking industry and economy in general. These forward-looking statements include, among others, our expectations on credit trends and key credit metrics; expectations regarding deposits, loan growth and the net interest margin; expectations on our growth strategy and future profitability; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this report. Many of these factors are beyond Synovus’ ability to control or predict.
These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012 under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.
Use of Non-GAAP Financial Measures
Synovus believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ capital strength and the performance of its core business. These non-GAAP financial measures should not be considered as substitutes for income (loss) before income taxes, or total non-interest expense, total deposits, Tier 1 capital to risk-weighted assets ratio, and total shareholders’ equity to total assets ratio determined in accordance with GAAP and may not be comparable to other similarly titled measures at other companies.