Synovus Financial (SNV) Tops Q1 EPS by 6c

Synovus Financial (NYSE: SNV) reported Q1 EPS of $0.57, $0.06 better than the analyst estimate of $0.51.

• Net income available to common shareholders for the first quarter 2017 was $69.3 million or $0.56 per diluted share as compared to $66.0 million or $0.54 per diluted share for the fourth quarter 2016 and $50.0 million or $0.39 per diluted share for the first quarter 2016.
  • Adjusted earnings per diluted share for the first quarter 2017 were $0.57, a 5.4% increase from the fourth quarter 2016 and a 29.8% increase from the first quarter 2016.
• Total average loans grew $313.0 million or 5.4% annualized from the previous quarter and $1.45 billion or 6.4% as compared to the first quarter 2016.
• Total average deposits grew $257.6 million or 4.2% annualized from the previous quarter and $1.71 billion or 7.4% as compared to the first quarter 2016.
• Total revenues1 of $304.1 million, up $2.4 million or 0.8% from the previous quarter and 8.1% from the first quarter 2016.
• Net interest margin of 3.42%, up 13 basis points from the previous quarter and up 15 basis points from the first quarter 2016.
• Efficiency ratio of 64.84% improved 201 basis points from the first quarter 2016.
  • Adjusted efficiency ratio2 of 62.25% improved 129 basis points from the first quarter 2016.
• Credit quality metrics remained favorable with a net charge-off ratio of 12 basis points, down 2 basis points from the previous quarter and down 1 basis point from the first quarter 2016.
• Return on average common equity of 9.97%, up 55 basis points from the previous quarter and up 289 basis points from the first quarter 2016.
  • Return on average tangible common equity of 10.26%, up 61 basis points from the previous quarter and up 311 basis points from the first quarter 2016.

For earnings history and earnings-related data on Synovus Financial (SNV) click here.

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