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M&T, PNC, SunTrust and other regionals reported strong fee growth thanks to inroads they have made in investment banking, wealth management and other areas. It couldn't have come at a better time for them.
July 17 -
In a milestone for our annual reputation survey, eight regional banks achieved 'excellent' scores, partly because of a renewed focus on doing what's best for the customer, even at the expense of their bottom lines. Big banks lost some of the momentum they had, but none remain in the 'weak' zone.
June 25 -
The Georgia company has been cutting costs, while reinvesting funds in new businesses and technology. While the moves are doing little to increase near-term return on assets, they could help Synovus improve its longer-term performance.
April 21
Synovus Financial in Columbus, Ga., reported higher second-quarter income tied to a lower loan-loss provision.
The $28.2 billion-asset company said in a press release Tuesday that its profit rose 20% from a year earlier, to $53.2 million, or 40 cents a share.
The company's provision fell by roughly 46%, to $6.6 million, though costs associated with foreclosed properties rose by 33%, to $6.2 million.
Net interest income fell less than 1%, to $203.6 million. Total loans rose by 5%, to $21.5 billion, while the net interest margin compressed by 26 basis points, to 3.15%.
Noninterest income rose by nearly 9%, to $68.8 million. Income from mortgage banking, an increased
Synovus' noninterest expense increased by roughly 2%, to $178 million, including $4.4 million in litigation contingency and settlement expenses. Professional fees fell by more than 22%, to $6.4 million, and advertising costs declined 54%, to $2.9 million.