Synovus Financial Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Announces Net Charge-Offs for the Fourth Quarter of 2018; Approves Increased Quarterly Common Stock Dividend
January 15, 2019 at 06:30 am
Share
Synovus Financial Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2018. For the quarter, the company's interest income was $357,394,000 compared to $306,934,000 a year ago. Net interest income was $297,933,000 compared to $269,712,000 a year ago. Net income was $105,070,000 compared to $29,606,000 a year ago. Net income per common share, basic was $0.88 compared to $0.23 a year ago. Net income per common share, diluted was $0.87 compared to $0.23 a year ago.
For the year, the company's interest income was $1,344,305,000 compared to $1,162,497,000 a year ago. Net interest income was $1,148,413,000 compared to $1,023,309,000 a year ago. Net income was $428,476,000 compared to $275,474,000 a year ago. Net income per common share, basic was $3.49 compared to $2.19 a year ago. Net income per common share, diluted was $3.47 compared to $2.17 a year ago.
The company announced net charge-offs of $13,044,000 for the fourth quarter of 2018 compared to $8,979,000 a year ago.
The Board of Directors also approved a 20% increase in the company's quarterly common stock dividend from $0.25 to $0.30 per share, effective with the quarterly dividend payable in April 2019.
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 Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Announces Net Charge-Offs for the Fourth Quarter of 2018; Approves Increased Quarterly Common Stock Dividend
SYNOVUS FINANCIAL CORP. 
