MCArmel1
9 years ago
Synovus EPS in-line, misses on revenue
Oct 20 2015, 06:33 ET | About: Synovus Financial Corp. (SNV) | By: Gaurav Batavia, SA News Editor
Synovus (NYSE:SNV): Q3 EPS of $0.42 in-line.
Revenue of $274.85M (+1.7% Y/Y) misses by $0.38M.
Press Release
http://seekingalpha.com/news/2838936-synovus-eps-in-line-misses-on-revenue?uprof=45#email_link
Synovus Announces Earnings for Third Quarter 2015, $300 Million Stock Repurchase Program, and 20% Increase in Quarterly Common Stock Dividend
1 comment | Tue October 20, 2015 6:30 AM|Business Wire | About: SNV
COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus Financial Corp. (SNV) today reported financial results for the quarter ended September 30, 2015.
Third Quarter Highlights
• Net income available to common shareholders for the third quarter of 2015 was $55.4 million or $0.42 per diluted share as compared to $53.2 million or $0.40 per diluted share for the previous quarter and $44.2 million or $0.32 per diluted share for the third quarter 2014. • Diluted EPS increased 32.2% as compared to the third quarter 2014; adjusted diluted EPS increased 14.6% as compared to the third quarter 2014.
• Total loans grew $369.4 million or 6.8% annualized from the previous quarter and $1.28 billion or 6.2% as compared to the third quarter 2014.
• Average core deposits grew $592.2 million or 11.2% annualized from the previous quarter and $2.06 billion or 10.6% as compared to the third quarter 2014.
• Adjusted pre-tax, pre-credit costs income was $104.7 million for the third quarter 2015, an increase of $1.1 million or 1.1% from $103.6 million for the previous quarter and an increase of $1.2 million or 1.2% as compared to the third quarter 2014.
• Credit quality continued to improve as the NPL ratio declined to 0.72% at September 30, 2015 from 0.81% at June 30, 2015 and the annualized net chargeoff ratio for the third quarter declined to 0.12% and 0.15% yeartodate compared to 0.24% for the third quarter 2014 and 0.41% for yeartodate 2014.
• The Company completed the $250 million common stock repurchase program announced in the fourth quarter 2014, which resulted in repurchases totaling 9.1 million shares and reduced total share count by 6.5%.
• The Board of Directors authorized a new share repurchase program of up to $300 million of the Companys common stock to be executed over the next 15 months.
• Additionally, the Board of Directors approved a 20% increase in the Companys quarterly common stock dividend from $0.10 to $0.12 per share, effective with the quarterly dividend payable in January 2016.
We are pleased to announce a $300 million share repurchase program to be executed over the next 15 months and a 20% increase in our quarterly common stock dividend. Our ability to take this action is a direct result of our sustained growth, significantly improved risk profile, and strong capital position, said Kessel D. Stelling, Synovus Chairman and CEO. Our performance in the third quarter demonstrated our teams continued progress in growing loans, especially in high-growth markets; in growing core deposits across our footprint; and in improving the quality of our balance sheet. Moving ahead, we are actively engaged in initiatives that generate growth, specifically in areas that further diversify our balance sheet and improve our fee income contribution. We continue to add revenue-generating talent at an aggressive pace while also managing expenses to support our investments in growth. Above all, our team remains committed to serving customers and winning new relationships.
Balance Sheet
• Total loans ended the quarter at $21.86 billion, up $369.4 million or 6.8% annualized, from the previous quarter and up $1.28 billion or 6.2% as compared to the third quarter 2014. • Commercial real estate loans grew by $134.9 million from the previous quarter, or 7.6% annualized.
• Commercial and industrial loans grew by $122.4 million from the previous quarter, or 4.7% annualized.
• Retail loans grew by $111.3 million from the previous quarter, or 10.9% annualized.
• Total average deposits for the quarter were $22.86 billion, and grew by $393.4 million or 6.9% annualized from the previous quarter and $1.92 billion or 9.2% as compared to the third quarter 2014.
• Average core deposits for the quarter were $21.50 billion, and grew by $592.2 million or 11.2% annualized from the previous quarter and $2.06 billion or 10.6% as compared to the third quarter 2014.
• Average core deposits, excluding state, county, and municipal deposits, grew by $745.2 million or 15.9% annualized from the previous quarter and $1.98 billion or 11.4% as compared to the third quarter 2014.
Core Performance
Adjusted pre-tax, pre-credit costs income was $104.7 million for the third quarter 2015, an increase of $1.1 million or 1.1% from $103.6 million for the previous quarter and an increase of $1.2 million or 1.2% as compared to the third quarter 2014.
• Net interest income was $207.8 million for the third quarter 2015, up $4.1 million from $203.6 million in the previous quarter and up $1.5 million or 0.7% as compared to the third quarter 2014.
• Net interest margin declined one basis point to 3.14% compared to 3.15% in the previous quarter. Yield on earning assets was 3.60%, one basis point lower than the previous quarter, and the effective cost of funds was unchanged from the previous quarter at 0.46%. • The yield on loans decreased 4 basis points to 4.10%.
• Average balances at the Fed decreased $215.2 million or 14.4%.
• Adjusted non-interest income was $67.1 million, up $211 thousand or 0.3% compared to $66.8 million for the previous quarter and up $3.1 million or 4.8% as compared to the third quarter 2014. • Core banking fees1 were $33.9 million, up $1.5 million or 4.7% from the previous quarter, primarily driven by higher service charges on deposit accounts and other service charges.
• Financial Management Services revenues, consisting primarily of fiduciary and asset management fees and brokerage revenue, were $19.8 million, up 0.2% from the previous quarter.
• Mortgage banking income decreased $1.5 million or 20.6% from the previous quarter, due to a decrease in production volume of 18.4%.
• Gains from the sale of SBA loans of $1.1 million were down $300 thousand from the previous quarter and up $922 thousand year-to-date as compared to 2014.
• Total non-interest expense for the third quarter 2015 was $177.9 million, flat to the previous quarter and down $15.8 million or 8.2% as compared to the third quarter 2014.
• Adjusted non-interest expense for the third quarter 2015 was $170.1 million, up $3.3 million or 2.0% from the previous quarter and up $3.4 million or 2.0% as compared to the third quarter 2014. • Employment expense of $94.3 million decreased $224 thousand from the previous quarter.
• Advertising expense of $5.5 million increased $2.6 million from the previous quarter.
• Professional fees of $6.4 million decreased $46 thousand from the previous quarter. • Compared to the third quarter 2014, professional fees were up $3.8 million; the third quarter 2014 included a benefit from a $3.6 million net insurance recovery for incurred legal fees related to litigation.
Credit Quality
Broad-based improvement in credit quality continued.
• Total credit costs were $10.3 million in the third quarter 2015 compared to $12.8 million in the previous quarter.
• Non-performing loans, excluding loans held for sale, were $157.6 million at September 30, 2015, down $16.0 million or 9.2% from the previous quarter, and down $84.7 million or 35.0% from September 30, 2014. The non-performing loan ratio was 0.72% at September 30, 2015, compared to 0.81% at the end of the previous quarter and 1.18% at September 30, 2014.
• Total non-performing assets were $222.0 million at September 30, 2015, down $18.1 million or 7.5% from the previous quarter, and down $102.4 million or 31.6% from September 30, 2014. The non-performing asset ratio was 1.01% at September 30, 2015, compared to 1.11% at the end of the previous quarter and 1.57% at September 30, 2014.
• Total delinquencies (consisting of loans 30 or more days past due and still accruing) remain low at 0.18% of total loans at September 30, 2015 compared to 0.24% at June 30, 2015 and 0.35% at September 30, 2014. Total loans past due 90 days or more and still accruing were 0.01% of total loans at September 30, 2015, down from June 30, 2015 and September 30, 2014 at 0.02%.
• Net charge-offs were $6.8 million in the third quarter 2015, down $1.5 million or 27.4% from $5.3 million in the previous quarter. The annualized net charge-off ratio was 0.12% in the third quarter compared to 0.10% in the previous quarter.
Capital Ratios
Capital ratios remained strong and include the impact of common stock repurchases completed through September 30, 2015.
• Common Equity Tier 1 ratio was 10.62% at September 30, 2015 compared to 10.73% at June 30, 2015.
• Tier 1 Capital ratio was 10.62% at September 30, 2015 compared to 10.73% at June 30, 2015.
• Total Risk Based Capital ratio was 12.04% at September 30, 2015 compared to 12.18% at June 30, 2015.
• Tier 1 Leverage ratio was 9.44% at September 30, 2015 compared to 9.48% at June 30, 2015.
• Tangible Common Equity ratio was 10.18% at September 30, 2015 compared to 10.13% at June 30, 2015.
Capital Management
• During the third quarter, the Company completed the $250 million common stock repurchase program announced in the fourth quarter 2014, which resulted in 9.1 million total shares repurchased and reduced total share count by 6.5%.
• Additionally, during the third quarter, the Board of Directors authorized a new share repurchase program of up to $300 million of the Companys common stock to be executed over the next 15 months.
• The Board of Directors also approved a 20% increase in the Companys quarterly common stock dividend from $0.10 to $0.12 per share, effective with the quarterly dividend payable in January 2016.
More...
http://seekingalpha.com/pr/15036166-synovus-announces-earnings-for-third-quarter-2015-300-million-stock-repurchase-program-and-20-percent-increase-in-quarterly-common-stock-dividend
MCArmel1
9 years ago
Synovus beats by $0.03, misses on revenue
Jul 21 2015, 06:34 ET | About: Synovus Financial Corp. (SNV) | By: Gaurav Batavia, SA News Editor
Synovus (NYSE:SNV): Q2 EPS of $0.42 beats by $0.03.
Revenue of $272.48M (+1.5% Y/Y) misses by $0.99M.
Press Release
http://seekingalpha.com/news/2640545-synovus-beats-by-0_03-misses-on-revenue?uprof=45#email_link
Synovus Announces Earnings for the Second Quarter of 2015
Tue July 21, 2015 6:30 AM|Business Wire | About: SNV
Diluted Earnings per Share increased 25.5% as compared to 2Q14
COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus Financial Corp. (SNV) today reported financial results for the quarter ended June 30, 2015.
Second Quarter Highlights
• Net income available to common shareholders for the second quarter of 2015 was $53.2 million or $0.40 per diluted share as compared to $51.4 million, or $0.38 per diluted share for the previous quarter and $44.3 million, or $0.32 per diluted share for the second quarter 2014.
• Net income available to common shareholders for the second quarter of 2015 was $55.9 million or $0.42 per diluted share, excluding litigation contingency expense.
• Total loans grew $388.7 million or 7.4% annualized from the previous quarter and $1.04 billion or 5.1% as compared to the second quarter 2014.
• Average core deposits grew $889.9 million or 17.8% annualized from the previous quarter and $1.45 billion or 7.4% as compared to the second quarter 2014.
• Adjusted pre-tax, pre-credit costs income was $103.6 million for the second quarter 2015, an increase of $2.6 million or 2.6% from $101.0 million for the previous quarter and an increase of $4.7 million or 4.7% as compared to the second quarter 2014.
• The company continued to return capital to shareholders during the quarter, acquiring an additional $50.3 million of common stock. Since October 2014 through July 20, 2015, the company has repurchased $202.9 million of common stock, reducing total share count by 7.5 million or 5.4%.
We are pleased to report solid second quarter results as evidenced by strong loan and core deposit growth as well as increased fee income driven by strong mortgage production, said Kessel D. Stelling, chairman and CEO. During the quarter, we were also proud to be recognized as one of America's Most Reputable Banks by American Banker magazine and the Reputation Institute, and were among only three companies ranked in the top 10 by both customers and non-customers. This recognition, along with our steadily improving financial performance, validates that our focus on relationship banking defined by local leadership, personal service, and a deep commitment to strengthening our communities differentiates Synovus and clearly resonates with customers and prospects.
Balance Sheet
• Total loans ended the quarter at $21.49 billion, up $388.7 million or 7.4% annualized, from the previous quarter and up $1.04 billion or 5.1% as compared to the second quarter 2014. • Commercial real estate loans grew by $164.3 million from the previous quarter, or 9.5% annualized.
• Retail loans grew by $127.1 million from the previous quarter, or 13.0% annualized.
• Commercial and industrial loans grew by $97.0 million from the previous quarter, or 3.8% annualized.
• Total average deposits for the quarter were $22.47 billion, and grew by $851.1 million or 15.8% annualized from the previous quarter and $1.60 billion or 7.7% as compared to the second quarter 2014.
• Average core deposits for the quarter were $20.91 billion, and grew by $889.9 million or 17.8% annualized from the previous quarter and $1.45 billion or 7.4% as compared to the second quarter 2014.
• Average core deposits, excluding state, county, and municipal deposits, grew by $836.4 million or 18.9% annualized from the previous quarter and $1.44 billion or 8.4% as compared to the second quarter 2014.
Core Performance
Adjusted pre-tax, pre-credit costs income was $103.6 million for the second quarter 2015, an increase of $2.6 million or 2.6% from $101.0 million for the previous quarter and an increase of $4.7 million or 4.7% as compared to the second quarter 2014.
• Net interest income was $203.6 million for the second quarter 2015, up $381 thousand from $203.3 million in the previous quarter.
• Net interest margin declined 13 basis points to 3.15% compared to 3.28% in the previous quarter. Yield on earning assets was 3.61%, 12 basis points lower than the previous quarter, and the effective cost of funds increased 1 basis point to 0.46%. • Increased balances at the Fed contributed 7 basis points of the decline in the yield on earning assets.
• Adjusted non-interest income was $66.8 million, up $1.7 million or 2.6% compared to $65.1 million for the previous quarter and up $3.5 million or 5.5% as compared to the second quarter 2014. • Mortgage banking income increased $1.0 million or 15.8% from the previous quarter, driven by a 19.8% increase in production.
• Core banking fees1 were $32.4 million, up $876 thousand or 2.8% from the previous quarter, primarily driven by higher service charges on deposit accounts and bankcard fees.
• Gains from the sale of SBA loans of $1.4 million were down $92 thousand from the previous quarter and up $1.6 million year-to-date as compared to 2014.
• Financial Management Services revenues, consisting primarily of fiduciary and asset management fees and brokerage revenue, decreased 2.8% from the previous quarter and increased 3.7% as compared to the second quarter 2014.
• Total non-interest expense for the second quarter 2015 was $177.8 million, down $1.1 million from the previous quarter and down $4.4 million or 2.4% as compared to the second quarter 2014.
• Adjusted non-interest expense for the second quarter 2015 was $166.9 million, down $495 thousand or 0.3% from the previous quarter and down $2.6 million or 1.5% as compared to the second quarter 2014. • Employment expense of $94.6 million decreased $1.9 million from the previous quarter.
• Advertising expense of $2.9 million decreased $578 thousand from the previous quarter.
• Professional fees of $6.4 million increased $823 thousand from the previous quarter.
1 Include service charges on deposit accounts, bankcard fees, letter of credit fees, ATM fee income, line of credit non-usage fees, and miscellaneous other service charges.
Credit Quality
Broad-based improvement in credit quality continued.
• Total credit costs were $12.8 million in the second quarter 2015 compared to $15.7 million in the previous quarter.
• Non-performing loans, excluding loans held for sale, were $173.6 million at June 30, 2015, down $20.6 million or 10.6% from the previous quarter, and down $85.9 million or 33.1% from June 30, 2014. The non-performing loan ratio was 0.81% at June 30, 2015, compared to 0.92% at the end of the previous quarter and 1.27% at June 30, 2014.
• Total non-performing assets were $240.1 million at June 30, 2015, down $30.0 million or 11.1% from the previous quarter, and down $123.0 million or 33.9% from June 30, 2014. The non-performing asset ratio was 1.11% at June 30, 2015, compared to 1.28% at the end of the previous quarter and 1.77% at June 30, 2014.
• Total delinquencies (consisting of loans 30 or more days past due and still accruing) remain low at 0.24% of total loans at June 30, 2015 compared to 0.27% the previous quarter and 0.30% at June 30, 2014. Total loans past due 90 days or more and still accruing were 0.02% of total loans at June 30, 2015, unchanged from March 31, 2015 and June 30, 2014.
• Net charge-offs were $5.3 million in the second quarter 2015, down $7.0 million or 57.0% from $12.3 million in the previous quarter. The annualized net charge-off ratio was 0.10% in the second quarter compared to 0.23% in the previous quarter.
More...
http://seekingalpha.com/pr/14141965-synovus-announces-earnings-for-the-second-quarter-of-2015
MCArmel1
10 years ago
Synovus EPS in-line, misses on revenue
Oct 21 2014, 07:04 ET | About: Synovus Financial Corp. (SNV) | By: Gaurav Batavia, SA News Editor
Synovus (NYSE:SNV): Q3 EPS of $0.37 in-line.
Revenue of $270.24M (+1.0% Y/Y) misses by $2.01M.
Press Release
http://seekingalpha.com/news/2043455-synovus-eps-in-line-misses-on-revenue?uprof=45#email_link
Synovus Announces Earnings for Third Quarter 2014, $250 Million Stock Repurchase Program, and 43% Increase in Quarterly Common Stock Dividend
Tue October 21, 2014 7:00 AM|Business Wire | About: SNV
COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus Financial Corp. (SNV) today reported financial results for the quarter ended September 30, 2014.
Third Quarter Highlights
• Net income available to common shareholders for the third quarter of 2014 was $44.2 million or $0.32 per diluted share as compared to $44.3 million, or $0.32 per diluted share for the second quarter of 2014. • Net income available to common shareholders for the third quarter of 2014 was $51.3 million or $0.37 per diluted common share, excluding net litigation related expenses, restructuring charges, and Visa indemnification charges totaling $7.0 million after-tax.
• Total loans grew $132.8 million sequentially.
• Credit quality continued to improve as the NPL ratio declined to 1.18% at September 30, 2014 from 1.27% at June 30, 2014 and 2.29% a year ago, and the annualized net charge-off ratio for the third quarter declined to 0.24% and 0.41% year-to-date compared to 0.47% for the third quarter of 2013 and 0.75% for year-to-date 2013.
• All Tier 1 capital ratios continued to expand with the Tier 1 common equity ratio ending the quarter at 10.60%, up 18 basis points from the prior quarter.
The announced stock repurchase program and common dividend increase from $0.07 to $0.10 per share reflect our strong capital position, significantly improved risk profile, and earnings momentum, said Kessel D. Stelling, Synovus Chairman and CEO. These actions will provide increased returns to our broad shareholder base while still allowing us the flexibility needed to reinvest in the business and continue our pursuit of growth opportunities. These opportunities include the acquisition of specialized talent that enables us to reach untapped customer segments, expansion into new business lines, and significant investments in marketing and technology. Fundamentals such as expense management and credit quality remain high priorities as evidenced by our continued progress during the third quarter, but delivering exceptional customer service backed by comprehensive financial solutions is the primary focus of our teams efforts and energy day-to-day.
More...
http://seekingalpha.com/pr/11375415-synovus-announces-earnings-for-third-quarter-2014-250-million-stock-repurchase-program-and-43-percent-increase-in-quarterly-common-stock-dividend
MCArmel1
10 years ago
Synovus misses by $0.13, beats on revenue
Jul 22 2014, 08:27 ET | About: Synovus Financial Corp. (SNV)
Synovus (NYSE:SNV): Q2 EPS of $0.35 misses by $0.13.
Revenue of $268.43M (+1.0% Y/Y) beats by $1.9M.
Press Release
http://seekingalpha.com/news/1856535-synovus-misses-by-0_13-beats-on-revenue?uprof=45
Synovus Reports Earnings for the Second Quarter of 2014
Tue July 22, 2014 8:21 AM|Business Wire | About: SNV
Diluted Earnings per Share of $0.32; $0.35 Excluding Restructuring Charges
Results driven by loan growth of 5.9%, increase in net interest income, and growth in fee income from core business
COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus Financial Corp. (SNV) today reported financial results for the quarter ended June 30, 2014.
Second Quarter Highlights
• Net income available to common shareholders for the second quarter of 2014 was $44.3 million or $0.32 per diluted share.
• Excluding restructuring charges of $7.7 million, net income available to common shareholders for the second quarter of 2014 was $49.0 million or $0.35 per diluted share, a 6.9% increase compared to $0.331 as reported for the first quarter of 2014.
• Net income available to common shareholders for the first quarter of 2014 was $45.9 million, or $0.331 per diluted share. For the second quarter of 2013, net income available to common shareholders was $30.7 million, or $0.241 per diluted share. • The first quarter of 2014 results included restructuring charges of $8.6 million, a $5.8 million net gain from the Memphis transaction, and a $3.1 million gain on a branch property sale.
• The second quarter of 2013 results included restructuring charges of $1.8 million.
• Total revenues were $268.4 million for the second quarter of 2014. Excluding the impact of the first quarter of 2014 net gain from the Memphis transaction, the gain on the branch property sale, and investment securities gains, total revenues were up $8.0 million or 3.1% vs. the prior quarter.
• Total loans grew $296.8 million sequentially or 5.9% annualized, driven by growth in C&I and retail loans.
• Credit quality improved significantly with a 32.5% sequential quarter decline in nonperforming loans. The NPL ratio declined to 1.27% at June 30, 2014 from 1.91% at March 31, 2014 and 2.47% a year ago.
• All Tier 1 capital ratios continued to expand with the Tier 1 common equity ratio ending the quarter at 10.41%, up 17 basis points from the prior quarter.
We are pleased with our performance for the second quarter, which includes earnings per share of $0.35 excluding restructuring charges, said Kessel D. Stelling, Synovus Chairman and CEO. We reported solid loan growth of 5.9% annualized, with C&I and retail reporting 7.2% and 14.3% growth,
http://seekingalpha.com/pr/10532005-synovus-reports-earnings-for-the-second-quarter-of-2014
FUNMAN
10 years ago
Synovus Announces Quarterly Stock Dividend
Hey blackcat ... on a golf course I usually never run into someone I don't like, but that's not always the case on i-hub.
I'm traveling to a concert tomorrow, staying in a hotel and going to dinner & breakfast with my bride before hopping a plane to return home. I'm spending more than half of my remaining SNV position just for the heck of it.
Sometimes what remains in an investment is so insignificant that I don't pay much attention to it anymore. I have several losers that turned into tax write-offs. It's no big deal. I'm proud of them. They were learning experiences. SNV was a money winner for me since I more than doubled down between $1.50 and $1.80. I also sold most of it at about $3.50 and multiplied the shares by 7 when I bought ROX at about 50¢. ROX may fall apart, but I think it's billionaire owner is protecting his own investment an I'm not going to get hurt.
If you read and comprehended parrot head's post, he doesn't own SNV. He did in the past. He may short it. He may have a very smart idea.
SNV has been a dog for so long that's it's not worth spending as much time on it as other more important things. i-hub is just a place for fun.
May 20, 2014, COLUMBUS, GA – Synovus Financial Corp. (NYSE – “SNV”), the Columbus, Georgia-based financial services company, today announced that its Board of Directors has declared a dividend of $0.07 per share on the company’s common stock. The dividend will be payable on July 1, 2014 to shareholders of record as of June 19, 2014.
The increase in the dividend to $0.07 per share from the $0.01 per share dividend paid by Synovus in prior periods is the result of the one-for-seven reverse stock split implemented on May 16, 2014.
Synovus is a financial services company based in Columbus, Georgia with approximately $26 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services to customers through 28 locally branded divisions, 274 branches, and 358 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. See Synovus on the web at synovus.com.
parrot head
10 years ago
Seems like Synovus might seek a buyout and its subsidy Columbus Bank and Trust may try and start back over to the 1950's as Columbus' community bank. Synovus' problems started with the breakaway of TSYS in my opinion.
Nearly a week ago, Synovus Financial Corp. posted a profit of just under $46 million in the first quarter of this year.
To put things in perspective, it was in 2006 that the Columbus-based regional bank was at its financial zenith, racking up a full-year profit of nearly $617 million.
That number would tumble to about $526 million in 2007 as the nation's economic wheels were beginning to fly off. Synovus would post a profit of $81 million in early 2008, followed by a minuscule $12 million in the second quarter of that year.
A loss of nearly $27 million in the third quarter of 2008 would trigger a gloomy three-year string of red ink before the company tasted profit again in the fall of 2012.
So it's fair to believe that Synovus Chairman and Chief Executive Officer Kessel Stelling was genuine when, during last Thursday's annual meeting of Synovus shareholders in Columbus, he called the last several years a "very emotional experience" for all involved -- employees, investors and even customers who stuck with the bank through thick and thin.
"We can't thank you enough for your loyalty through some very tough times," Stelling said during the annual meeting. "You all made it possible for us to emerge not just as a survivor, but as a stronger company today."
The painful toll has been heavy since 2008, with restructurings, employee layoffs, branch closures and a frantic yet methodical effort to get a firm handle on loan losses and grow revenue and profit steadily once again.
Of note from last week's annual meeting, Synovus, in its presentation, said the company's five-state employee headcount has been cut sharply from 6,385 in 2009 to 4,696 at the end of 2013.
Stelling said yet another round of cost-cutting is underway, with the bank looking to eliminate $30 million more from its annual budget. That will be countered a bit with the rollout of 200 full-service ATMs and hiring of new talent where the company's management sees growth potential.
Here is what the CEO had to say on a few topics after the annual meeting adjourned:
• Will the $30 million round of cuts be the company's last?
"You never stop," he said. "I don't think any bank ever stops looking for ways to get efficient, because the key is to find ways to get efficient that don't impact the customer so that you can invest more in technology to serve them, or more in people that can serve them."
• Will there be more bank branch closures?
"We'll continue to look for ways to rationalize the branch structure," he said. "So it could mean closing some. It could mean consolidating some. It could also mean building some -- building a branch of the future, which we do think has more technology in it and less square footage in it. Historically, banks have built big branches, and that's not what banks need to do in the future."
• Has your employee headcount bottomed out at just under 4,700?
"I don't want to say that because I don't know that," he said. "I think as we look at our branch network -- in all banks, not just Synovus -- traffic has shifted from traditional branch banking to ATMs and mobile banking, to people wanting to bank from their iPhone. They want to bank from their iPad, their laptop. That just means less traffic (in traditional branches). So we've got to make sure that the staffing model in our branch system is right and it's right to serve the customers."
Synovus oversees about $26 billion in assets through its 28 individually branded banks in Georgia, Alabama, Florida, South Carolina and Tennessee. It should report its second-quarter earnings information in mid- to late July.
Read more here: http://www.ledger-enquirer.com/2014/04/27/3077052/synovus-ceo-stelling-says-more.html#storylink=cpy
56Chevy
10 years ago
Synovus Financial Corp. Announces One-for-Seven Reverse Stock Split
Columbus, Georgia, April 24, 2014 – Synovus Financial Corp. (NYSE: SNV) announced today that a proposal authorizing Synovus’ Board to effect a one-for-seven reverse stock split of Synovus’ common stock, par value $1.00 per share, was approved by Synovus’ shareholders at Synovus’ 2014 annual meeting of shareholders, which was held on April 24, 2014. Following the annual meeting, Synovus’ board of directors formally authorized the one-for-seven reverse stock split.
Synovus anticipates that it will effect the reverse stock split on May 16, 2014, and that its shares of common stock will begin trading on a post-split basis on the New York Stock Exchange (NYSE) at the opening of trading on May 19, 2014. The reverse stock split is expected to lead to Synovus’ common stock trading at approximately 7 times the price per share at which it trades prior to the effective date of the reverse stock split.
“We believe that this anticipated increase in the market price per share will help make our common stock more attractive to a broader range of investors, which we in turn believe will benefit our existing stockholders by enhancing the liquidity of our common stock,” said Kessel Stelling, Synovus Chairman and CEO.
Synovus intends to issue a press release announcing additional details regarding the reverse stock split closer to the effective date of the reverse stock split. Additional information on the effects of the reverse stock split can be found in Synovus’ definitive proxy statement filed with the Securities and Exchange Commission on March 14, 2014.
In addition to the approval of the reverse stock split and certain other matters at Synovus’ 2014 annual meeting of shareholders, Synovus’ shareholders also approved an amendment to Synovus’ articles of incorporation to increase the number of authorized shares of Synovus’ common stock from 1.2 billion shares to 2.4 billion shares. Synovus effected this increase in the number of authorized shares on April 24, 2014. Upon the effective date of the reverse stock split, the number of Synovus’ authorized shares of common stock will be proportionately reduced from 2.4 billion shares to approximately 342.9 million shares.
https://www.synovus.com/?id=5002&catID=newsrelease&nrid=1467&year=2014
* FD - I do not own shares of SNV at this time.
Marker:
Synovus Financial Co (SNV)
$3.23 up 0.06 (1.89%)
Volume: 5,264,752
FUNMAN
11 years ago
Here's What This $18 Billion Money Manager Has Been Buying
SEE RED
by Selena Maranjian, The Motley Fool Jan 30th 2014 11:05AM
Updated Jan 30th 2014 11:06AM
Every quarter, many money managers have to disclose what they've bought and sold via "13F" filings. Their latest moves can shine a bright light on smart stock picks.
Today, let's look at Eagle Asset Management, a massive money-management arm of Raymond James Financial. Tracing its history back to 1976, the company provides investment services via individual managed accounts, as well as mutual funds.
The company's reportable stock portfolio totaled $17.6 billion in value as of Dec. 31, 2013.
Interesting developments
So what does Eagle Asset Management's latest quarterly 13F filing tell us? Here are a few interesting details.
The biggest new holdings are Telus Corporation and Ophthotech Corporation. Other new holdings of interest include InnerWorkings . InnerWorkings is a print management and promotions specialist, and its shares have roughly been cut in half over the past year. Much of that drop occurred in November, when InnerWorkings' third-quarter results featured revenue up 16%. Oh, and both revenue and earnings came in below estimates. And management cut expectations for upcoming earnings by more than half. In a conference call at the time, management pointed to major new clients like Energizer and strength in the non-profit sector, too. Problems were blamed on the acquired Production Graphics business and inside sales weakness.
Among holdings in which Eagle Asset Management increased its stake were Sirius XM Holdings and Synovus Financial Corp.
I have owned both with multiple buys for 5 years.
Sirius XM Holdings recently extended a contract with Nissan, is being included in 70% of new cars, and sees an even brighter future in used cars than in new ones. Bulls see paths to international expansion via streaming, like its growing margins, and view its third-quarter earnings disappointment as a good buying opportunity. Bears worry about competition from free and Internet radio services, such as Pandora. Sirius is rewarding shareholders with massive share buybacks of up to 10.6% of its outstanding shares. It has more than 25 million subscribers and takes in close to $4 billion annually. Sirius reports its fourth-quarter and full-year results on February 4.
Synovus Financial, a 125-year-old Georgia-based bank, is far smaller than its main rivals in the South, and it has recently been losing market share to them, too. On the other hand, its bottom line has been growing and its commercial loan portfolio is strong. (Commercial loans can be more profitable than consumer loans.) Synovus Financial's third quarter revealed continued improvement in credit quality along with loan growth, and its CEO spoke of a switch to offense rather than defense, now that Synovus's TARP debt has been repaid. Loans kept growing in its fourth quarter, too, as credit costs fell, though its mortgage banking business took a hit. The stock yields 1.1%.
Eagle Asset Management's biggest closed positions included SHFL entertainment and Ariad Pharmaceuticals, . Other closed positions of interest include Tower Group International, Ltd. . Ariad Pharmaceuticals, recently trading in the mid-$7s per share, has traded between $2.15 and $23 over the past 52 weeks, clearly giving some investors a wild ride. Ariad's leukemia drug Iclusig was approved by the FDA, but the FDA later had it pulled from the market, only to reinstate it late in the year, with more restrictive labeling. Some wonder whether Ariad will be bought out, but others see it offering little beyond tax losses carried forward. Meanwhile, it's best not to invest based on rumors. Ariad does have more treatments in its pipeline, but most are based on Iclusig. Still, analysts at BMO Capital Markets recently upgraded Ariad Pharmaceuticals to outperform.
Tower Group International is a small insurance company -- but it hasn't always been so small, as its stock is down some 85% over the past year and has averaged 33% annual losses over the past five years. Tower Group has had to restate several years' worth of earnings, which is, reasonably, unsettling to investors, and a restructuring has lowered its ultimate profit potential, too. Early in January, analysts at Zacks downgraded the stock to strong sell, citing rising losses and a reserve shortfall, among other things. Soon after, it was announced that privately held ACP Re would acquire Tower Group.
We should never blindly copy any investor's moves, no matter how talented the investor. But it can be useful to keep an eye on what smart folks are doing. 13F forms can be great places to find intriguing candidates for our portfolios.
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