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Synovus Financial posts 28.1% growth in Q4'18 adjusted EPS, ups dividend by 20%

Columbus, Ga.-based Synovus Financial Corp. on Jan. 15 posted net income available to common shares of $101.9 million, or 87 cents per share, for the fourth quarter of 2018, compared to $27.0 million, or 23 cents per share, a year ago.

The company's adjusted earnings for the fourth quarter of 2018 were 92 cents per share, up 28.1% from the fourth quarter of 2017.

The S&P Global Market Intelligence consensus normalized EPS estimate for the most recent quarter was 93 cents.

The company's total average loans were $25.63 billion at the end of the fourth quarter of 2018, up 4.8% annualized from the linked quarter and up 4.1% from the year-ago quarter.

The company's total average deposits for the fourth quarter of 2018 were $26.92 billion, up 8.0% annualized from the linked quarter and up 2.4% from the year-ago quarter.

Adjusted efficiency ratio for the fourth quarter of 2018 was 55.98% as compared to 55.55% in the previous quarter and 59.29% in the fourth quarter of 2017.

Total nonperforming assets at the end of the fourth quarter of 2018 stood at $114.5 million, down 2.2% from the previous quarter and down 12.4% from the end of the fourth quarter of 2017.

For full year 2018, the company reported net income available to common shares of $410.5 million, or $3.47 per share, compared to $265.2 million, or $2.17 per share, in the previous year.

Adjusted net income for full year 2018 was $3.64 per share, compared to $2.53 per share, for full year 2017.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2018 was $3.58.

The company also declared a 20% hike in its common stock dividend, increasing it to 30 cents per share from 25 cents per share, payable in April.

In addition, Synovus' board authorized a new share repurchase program of up to $400 million of the company's common stock to be executed during 2019. The company currently expects to repurchase $300 million to $350 million under this authorization in 2019.