Synovus Financial in Columbus, Ga., posted higher third-quarter earnings after booking more loans across several lending categories.
The $29.7 billion-asset company said Tuesday that it had earned $62.7 million, up roughly 13% from a year earlier.
Total revenue rose 7% to $294.1 million year over year as net interest income surged almost 9% to $226 million. Total loans were $23.3 billion, up more than 6% from a year earlier. Retail loans increased more than 15%, to $4.8 billion, while the investment properties portfolio rose roughly 7% to $6 billion. Commercial and industrial loans rose almost 5% to $11 billion.
Noninterest income totaled $68.2 million, up more than 1%. Mortgage banking income jumped almost 23% to $7.3 million, which was partially offset by brokerage revenue's roughly 11% decline to $6.2 million.
Synovus's noninterest expense rose 4.5% to $185.9 million year over year, primarily due to a roughly 8% increase to $101.9 million in salaries and other personnel costs. Foreclosed real estate expense dropped more than 39% to $2.7 million.
The company's provision for loan losses almost doubled to $5.7 million from a year earlier.
Chairman and Chief Executive Kessel Stelling said in a news release that the company had completed its acquisition of Entaire Global Cos., a private life insurance premium finance lender, in October.