Synovus Financial in Columbus, Ga., reported higher fourth-quarter profit on growth in business loans and mortgage banking.

Net income at the $30 billion-asset company rose 18% to $66 million, or 54 cents per share. Total revenue rose 8% to $302 million.

Net interest income rose 10% to $227.3 million as loans rose 6% to $24 billion on expansion in commercial-and-industrial, multifamily and residential-mortgage lending. The loan total included $357 million of loans acquired via Synovus' Global One acquisition in October.

Noninterest income rose 12% to $74 million on higher mortgage banking.

Noninterest expense rose 6% to $193 million on higher salaries and third-party processing expense. Expenses also rose because Synovus recorded a $4.7 million fair value adjustment to its Visa derivative, and it booked $1.1 million of merger-related costs. Professional fees dropped 17% to $7 million, and net foreclosed real estate expense fell 36% to $3 million.

However, Synovus' income tax expense rose 6% to $39.5 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.
Andy Peters

Andy Peters

Andy Peters writes about regional banks, consumer finance and debt collections for American Banker.