Synovus Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Impairment Charges for Fourth Quarter of 2015
January 19, 2016 at 11:30 am
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Synovus Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of $212,620,000 against $207,455,000 for the same period in the last year. Income before income tax was $90,741,000 against $78,928,000 for the same period in the last year. Net income available to common shareholders was $55,839,000 against $50,612,000 for the same period in the last year. Net income per basic and diluted share was $0.43 against $0.37 for the same period in the last year. Return on average assets was 0.81% against 0.79% for the same period in the last year. Return on average common equity was 7.67% against 6.89% for the same period in the last year. Adjusted net income per diluted share was $0.44 against $0.39 for the same period in the last year.
For the full year, the company reported Interest income of $945,962,000 against $928,692,000 for the same period in the last year. Income before income tax was $358,573,000 against $302,559,000 for the same period in the last year. Net income available to common shareholders was $215,844,000 against $185,011,000 for the same period in the last year. Net income per diluted share was $1.62 against $1.33 for the same period in the last year. Return on average assets was 0.80% against 0.74% for the same period in the last year. Return on average common equity was 7.46% against 6.38% for the same period in the last year.
Net charge-offs were $3.4 million in the fourth quarter of 2015, a decrease of $3.3 million from $6.8 million in the third quarter of 2015.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Impairment Charges for Fourth Quarter of 2015