Synovus Financial Corp. reported adjusted third-quarter net income available to common shareholders of $149.7 million, or 97 cents per share, up from $111.5 million, or 94 cents per share, in the year-ago quarter.
GAAP net income available to common shareholders was $127.4 million in the third quarter, higher than $99.3 million in the year-ago quarter. But GAAP earnings per share in the most recent quarter was a bit lower at 83 cents per share, compared with 84 cents per share a year ago.
The S&P Global Market Intelligence normalized EPS consensus estimate for the quarter was $1.00, while the GAAP EPS consensus estimate was 98 cents.
The Columbus, Ga.-based bank's total loans for the third quarter stood at $36.42 billion, edging up from $36.14 billion in the previous quarter and $25.58 billion in the year-ago period.
Total deposits for the quarter reached $37.43 billion, sliding down from $37.97 billion in the previous quarter but jumping from $26.43 billion in the year-ago period.
Synovus' third-quarter net interest income jumped 37.9% year over year to $402.1 million from $291.6 million, while non-interest income rose 23.8% to $88.8 million from $71.7 million a year ago.
The net interest margin for the third quarter was 3.69%, which was the same as in the second quarter but down from 3.89% in the year-ago quarter.
The net charge-off ratio was 0.22% in the third quarter, up from 0.13% in the preceding quarter and a bit down from 0.24% in the year-ago period.