- 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 per Share of $0.24 for First Quarter 2008
Return on average assets from continuing operations for the quarter was 0.99% and return on average equity from continuing operations was 9.43% compared to 1.33% and 10.91%, respectively, in the same period last year. Shareholders’ equity on
The ratio of nonperforming assets to loans, impaired loans held for sale, and other real estate was 2.49%, compared to 1.67% last quarter and 0.68% in the first quarter of last year. Of the $173 million increase in nonperforming loans, 84% was in the
Net interest income was $278.6 million compared to $282.9 million in the first quarter of last year. Total loans grew 9.4% (first quarter annualized). Commercial income producing properties grew 25.4%, commercial and industrial loans grew 12.3% and retail loans grew 5.1%, while residential construction loans declined 15.3%, and residential development loans remained flat with a 0.6% increase. Total core deposits (excludes brokered deposits) declined 2.0% from the first quarter of 2007. The net interest margin for the quarter was 3.71%, compared to 3.86% last quarter and 4.05% in the first quarter of last year. Of the 15 basis point decrease in margin from the previous quarter, 3 basis points were related to increased credit costs.
“The margin held up well considering that the Federal Reserve aggressively lowered interest rates by a total of two hundred basis points in the quarter,” said Anthony. “We are working aggressively to gather the right mix of core deposits at the right prices in an environment that is very competitive. We initiated a new company wide sales campaign on April 1st with a focus on non-interest bearing deposit accounts in both the commercial and retail customer bases.”
Excluding the $34.2 million in net after-tax income associated with the initial public offering by Visa, Synovus’ non-interest income was up 15.9% over the first quarter last year with increases in brokerage and investment banking revenue of 13.9%, mortgage banking income of 12.9%, service charges of 7.7%, bankcard fees of 2.9%, and fiduciary and asset management fees – which include trust, financial planning, and asset management fees of 1.2%.
Synovus will host an earnings highlights conference call at , on
Synovus (NYSE: “
This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding Synovus’ belief that its strong capital position gives it the capability to work through this current credit cycle, and the assumptions underlying such statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward- looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, 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. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.