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.