Earnings Review and Free Research Report: Synovus’ EPS Surged 30%; Adjusted Revenue Grew 10.5%

Research Desk Line-up: LCNB Corp. Post Earnings Coverage

LONDON, UK / ACCESSWIRE / July 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Synovus Financial Corp. (NYSE: SNV) (“SNV“), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SNV, following the Company’s posting of its financial results on July 18, 2017, for the second quarter fiscal 2017. The Company’s results surpassed revenue and earnings expectations, while its net charge-off ratio improved 15 basis points on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Get more of our free earnings reports coverage from other constituents of the Regional – Mid-Atlantic Banks industry. Pro-TD has currently selected LCNB Corp. (NASDAQ: LCNB) for due-diligence and potential coverage as the Company announced on July 18, 2017, its financial results for three and six months which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on LCNB Corp. when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SNV; also brushing on LCNB. With the links below you can directly download the report of your stock of interest-free of charge at:

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Earnings Reviewed

For three months ended June 30, 2017, SNV’s adjusted revenue increased 10.5% on a y-o-y basis to $319.8 million, surpassing analysts’ estimates of $317.6 million.

During the quarter, SNV’s net interest income increased 13.4% on a y-o-y basis to $251.1 million. For the reported quarter, the Company’s net interest margin increased 24 basis points to 3.51% from 3.27% in Q2 FY16. The increase in net interest income was primarily driven by market expansion.

For the reported quarter, SNV’s total noninterest income increased 1.2% on a y-o-y basis to $68.7 million. During the quarter, the Company’s adjusted noninterest income increased 3.4% on a y-o-y basis to $70.1 million.

During Q2 FY17, SNV’s total noninterest expense increased 1.7% on a y-o-y basis to $191.75 million and the Company’s adjusted non-interest expense increased 5% on a y-o-y basis to $191.44 million.

For the reported quarter, SNV’s net income was $73.44 million compared to $57.90 million in Q2 FY16. During Q2 FY17, SNV’s diluted EPS increased 30% on a y-o-y basis to $0.60, surpassing analysts’ expectations of $0.59. During Q2 FY17, the Company’s efficiency ratio improved to 59.90% from 65.11% in Q2 FY16.

Balance Sheet

As on June 30, 2017, SNV’s total average deposit increased 5.9% on a y-o-y basis to $24.99 billion. During Q2 FY17, SNV’s total loans increased 5.9% on a y-o-y basis to $24.43 billion and total average loans increased 6.2% on a y-o-y basis to $24.35 billion.

For the reported quarter, SNV’s return on average assets ratio was 1% compared to 0.83% in Q2 FY16. During Q2 FY17, the Company’s return on average common equity ratio increased 208 basis points to 10.34% from 8.26% in the same quarter last year.

For the reported quarter, SNV’s Common Equity Tier 1 ratio was 10.02% compared to 9.85% in Q1 FY17. During Q2 FY17, the Company’s Tier 1 Capital ratio was 10.36% compared to 10.18% in Q1 FY17.

For the reported quarter, SNV’s Total Risk Based Capital ratio increased 15 basis points on a sequential basis to 12.24% and the Company’s Tier 1 Leverage ratio increased 16 basis points on a sequential basis to 9.29%. During Q2 FY17, the Company’s Tangible Common Equity ratio was 9.15% compared to 9.04% in Q1 FY17.

Credit Quality

As on June 30, 2017, SNV’s nonperforming loans were $159.3 million compared to $154.1 million in Q2 FY16. For the reported quarter, SNV’s non-performing loan ratio decreased 2 basis points on a y-o-y basis to 0.65%.

For the reported quarter, SNV’s total nonperforming assets were $178.9 million compared to $187.3 million in Q2 FY16. During Q2 FY17, the Company’s non-performing asset ratio was 0.73% compared to 0.81% in Q2 FY16.

During Q2 FY17, SNV’s net charge-offs were $15.7 million compared to $6.1 million in the same quarter last year. For the reported quarter, SNV’s annualized net charge-off ratio was 0.26% compared to 0.11% in Q2 FY16.

Outlook

For FY17, SNV is expecting average loan growth to be in the range of 5%-7% and average total deposit to grow in the band of 5%-7%. The Company estimates net interest income and adjusted non-interest income to grow between 12%-14% and 2%-4% respectively.

For fiscal 2017, SNV estimates non-interest expenses to grow in the range of 2%-4% and the Company expects net charge-off ratio to be between 0.15%-0.20%.

Stock Performance

At the closing bell, on Wednesday, July 19, 2017, Synovus Financial’s stock slipped 1.26%, ending the trading session at $44.01. A total volume of 1.40 million shares has exchanged hands, which was higher than the 3-month average volume of 745.68 thousand shares. The Company’s stock price soared 6.36% in the last three months, 6.79% in the past six months, and 44.58% in the previous twelve months. Moreover, the stock gained 7.13% since the start of the year. The stock is trading at a PE ratio of 21.29 and has a dividend yield of 1.36%. The stock currently has a market cap of $5.41 billion.

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