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Regional banks did a much better job of expanding revenue than their megabank counterparts in the third quarter, but they had to spend more to do so and risk angering investors in a tight-margin environment.
October 15 -
Acquisitions would seem to be a logical course of action for regional banks struggling to cut costs and boost revenues in the low interest rate environment, but some bank chief executives are less open to the idea than others as comments by the heads of First Horizon and SunTrust demonstrate.
October 16 -
Synovus Financial is back to playing offense and it is counting on Liz Dukes shape growth strategies across all business lines.
September 22
Synovus Financial in Columbus, Ga., reported higher quarterly earnings that reflected an increase in fee income and cost control.
The $28.2 billion-asset company said in a press release Tuesday that its third-quarter profit rose by nearly 25% from a year earlier, to $55.4 million, or 42 cents a share.
Net interest income increased by almost 1%, to $207.8 million. Net loans rose by 6%, to $21.6 billion, but the net interest margin compressed by 23 basis points, to 3.14%.
Noninterest income rose by nearly 5%, to $67.1 million, led by a 28% increase in mortgage banking revenue.
Noninterest expenses fell roughly 8%, to $177.9 million. Regulatory fees decreased by almost 16%, to $6.6 million, while advertising costs declined by more than 23%, to $5.5 million. Foreclosed real estate expenses dropped by about half.
The loan-loss provision fell 23%, to $3 million.
