Synovus Financial Corp. Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter 2017
January 23, 2018 at 11:30 am
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Synovus Financial Corp. reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net income available to common shareholders of $27.0 million or $0.23 per diluted share as compared to $95.4 million or $0.78 per diluted share for the third quarter 2017 and $66.0 million or $0.54 per diluted share for the fourth quarter 2016. Fourth quarter 2017 results include a $23.2 million loss on early extinguishment of debt, as well as a $47.2 million charge related to Federal tax reform. Adjusted earnings per diluted share was $0.72, a 10.7% increase from the third quarter 2017 and a 32.4% increase from $0.54 per share reported in the fourth quarter 2016. Total revenues were $339.1 million compared to $398.0 million the previous quarter and $307.5 million for the fourth quarter 2016. Total adjusted revenues were $339.2 million, up $7.9 million or 2.4% from the previous quarter and up 12.1% from $302.5 million in the fourth quarter 2016. Net interest income was $269.7 million, up $7.1 million or 2.7% from the previous quarter and up 15.5% from $233.5 million in the fourth quarter 2016. The company reported interest income of $306.9 million compared to $264.5 million, income before income taxes of $104.0 million compared to $108.1 million, return on average assets of 0.37% compared to 0.90%, return on average common equity 3.76% compared to 9.42%, adjusted net income of $86.0 million compared to $66.5 million for the last year. Book value per common share as at December 31, 2017 was $23.85 compared to $22.92 as at December 31, 2016.
For the year, the company reported net income available to common shareholders of $265.2 million or $2.17 per diluted share as compared to $236.5 million or $1.89 per diluted share for 2016. Diluted EPS grew 15.0% for 2017 compared to 2016. Adjusted earnings per diluted share for 2017 were $2.53 as compared to $1.98 for 2016, an increase of 27.7%. Return on average assets was 0.89%, an increase of 5 basis points from 0.84% reported in 2016. Return on average common equity for was 9.32%, an increase of 91 basis points from 8.41% reported in 2016. The company reported interest income of $1,162.5 million compared to $1,022.8 million, net interest income of $1,023.3 million compared to $899.2 million, income before income taxes of $480.1 million compared to $388.5 million for the last year. Total adjusted revenues were $1,370.1 million compared to $1,168.7 million in 2016.
Net charge-offs were $9.0 million in the fourth quarter 2017, down $29.1 million or 76.4% from $38.1 million in the previous quarter and $8.3 million in fourth quarter of 2016.
Synovus Financial Corp. is a financial service and bank holding company. It conducts its banking operations through Synovus Bank (the Bank). The Bank operates primarily throughout Alabama, Florida, Georgia, South Carolina, and Tennessee. The Company's segments include Wholesale Banking, Community Banking, Consumer Banking, Financial Management Services and Treasury and Corporate Other. Its commercial banking services include commercial, financial, and real estate lending, treasury management, asset management, capital markets services, and institutional trust services. Its consumer banking services include accepting customary types of demand and savings deposits accounts; mortgage, installment, and other consumer loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet-based banking services, and bank credit and debit card services. It operates approximately 246 branches and 354 ATMs across its footprint.
Synovus Financial Corp. Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter 2017