Synovus Financial Corp. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Tax Rate and Capex Guidance for the Year 2017; Reports Impairment for the Fourth Quarter 2016
January 17, 2017 at 06:30 am EST
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Synovus Financial Corp. reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2016. For the quarter, net income available to common shareholders was $66.0 million or $0.54 per diluted share as compared to $55.8 million or $0.43 per diluted share for the fourth quarter 2015. Adjusted earnings per diluted share were $0.54 against $0.44 per diluted share a year ago. Total revenues were $301.7 million, up 8.2% from the fourth quarter 2015. Net interest income was $233.5 million, up 9.8% as compared to the fourth quarter of 2015. Adjusted net income available to common shareholders was $65.964 million against $57.503 million a year ago. Income before income taxes was $108.068 million against $90.741 million a year ago. Return on average assets was 0.90% against 0.81% a year ago. Return on average common equity was 9.42% against 7.67% a year ago.
For the year, net income available to common shareholders for 2016 was $236.5 million or $1.89 per diluted share as compared to $215.8 million or $1.62 per diluted share for 2015. Diluted EPS grew 16.7% for 2016 compared to 2015. Total revenues of $1.16 billion increased $73.9 million or 6.8% from 2015. Net interest income was $899.180 million against $827.318 million a year ago. Income before income taxes was $388.451 million against $358.573 million a year ago. Return on average assets was 0.84% against 0.80% a year ago. Return on average common equity was 8.41% against 7.46% a year ago. Book value per common share as on December 31, 2016 was $22.92 against $22.19 as on December 31, 2015. Tangible book value per common share as on December 31, 2016 was $22.92 against $22.19 as on December 31, 2015.
Net charge-offs were $8.3 million in the fourth quarter 2016.
The company anticipates the tax rate for 2017 between 36% and 37%. The company expects little more capex for 2017 than in 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 Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Tax Rate and Capex Guidance for the Year 2017; Reports Impairment for the Fourth Quarter 2016