Pedestrians walk past a Synovus ATM off Market Street in Chattanooga.Synovus Financial Corp., said today its second quarter net income rose 10 percent from a year ago to $55.9 million, or 42 cents per share, excluding litigation contingency expenses.
The Columbus, Georgia-based bank, the parent company of Cohutta Banking Co., in Chattanooga, surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The holding company for Synovus Bank posted revenue of $272.5 million in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $273.7 million.
Total loans for Synovus grew $388.7 million, or 7.4 percent annualized from the previous quarter. Average core deposits grew $889.9 million, or 17.8 percent annualized, from the previous quarter.
"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," Kessel D. Stelling, Synovus chairman and CEO, said in a statement today. "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.
Synovus shares have climbed 15 percent since the beginning of the year. The stock has climbed 26 percent in the last 12 months.