Synovus reports profit: Here’s a few things to know about the company’s finances

Synovus Financial Corporation, the Columbus-based financial services company, reported this week a first-quarter profit of $120.2 million, a 16.5 percent increase compared to net income numbers over the same period last year.

“We are pleased with our first quarter results, with solid gains in earnings per share, balanced growth in loans and deposits, and strong contributions from our newly acquired FCB franchise,” said Kessel D. Stelling, Synovus chairman and CEO in a release about the report. “We continued to demonstrate prudent expense discipline while investing in a number of strategically important initiatives, including transforming our digital capabilities, improving the customer experience, and recruiting and investing in high-performing talent. We also continued our capital optimization program by executing $320 million in share repurchases.”

Here are some other highlights from the company’s first quarter:

Increase in total revenue in Q1

In addition to reporting a profit, Synovus saw its total revenues increase. Total revenues over the three month period were $476.5 million, a 39.6 percent increase from 2018’s first quarter.

Loan-to-deposit ratio down from prior quarter

Synovus reported a decrease in their loan-to-deposit ratio from the 2018’s last quarter. In 2019’s first quarter, the bank reported a loan to deposit ratio of 93.6 percent, down from 97.1 percent in the fourth quarter of 2018.

The effect of FCB purchase on Synovus’ numbers

Those increases in profit and revenue come after Synovus’ purchase of FCB Financial Holdings, Inc., owner of Florida Community Bank (FCB) closed Jan. 1, 2019.

The purchase, which was announced in July 2018, was not reflected in Synovus’ fourth-quarter reports at the end of last year. When the deal closed, Synovus became a top-five regional bank in terms of deposits and gave the company market share in major Florida cities like Miami.

About the company

Synovus is a financial services company based in Columbus with approximately $47 billion in assets. The company provides commercial and retail banking, investment and mortgage services through 300 branches in Georgia, Alabama, South Carolina, Florida and Tennessee.

A copy of the company’s first-quarter financial report can be found below.