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The Georgia company is also planning a marketing campaign to promote its brand and expanded technology offerings.
July 22 - Georgia
Numerous banks are expected to say they trimmed expenses yet again when they report fourth-quarter results in the coming weeks. But that trend may ebb soon as many executives are forced to spend on technology and to expand their businesses.
January 12 -
The old taboo against loan purchases is being quietly broken, as small and regional banks with excess liquidity chase higher yields and find a common interest with banks that need to drain some assets.
September 18
Synovus Financial in Columbus, Ga., reported a
The $27 billion-asset company's net income rose 41% from a year earlier, to $51 million, or 37 cents per share.
Net interest income, after a provision for loan losses, rose 5% to $199 million. The provision fell 42%, to $8 million.
Commercial-and-industrial lending, Synovus' largest loan category, rose 4% to $10.3 billion. Synovus reported double-digit percentage increases in several loan categories, including multifamily housing, office-building mortgages and consumer mortgages.
Noninterest expense fell 3% to $185 million, on lower litigation-settlement expenses and other items. Spending on advertising rose 230% to $8 million, as Synovus recently started a television ad campaign based on the slogan "
Fee income rose 7%, to $65 million. The results included a 68% increase in mortgage banking income to $5 million.
