Synovus Financial in Columbus, Ga., reported higher second-quarter income tied to a lower loan-loss provision.
The $28.2 billion-asset company said in a press release Tuesday that its profit rose 20% from a year earlier, to $53.2 million, or 40 cents a share.
The company's provision fell by roughly 46%, to $6.6 million, though costs associated with foreclosed properties rose by 33%, to $6.2 million.
Net interest income fell less than 1%, to $203.6 million. Total loans rose by 5%, to $21.5 billion, while the net interest margin compressed by 26 basis points, to 3.15%.
Noninterest income rose by nearly 9%, to $68.8 million. Income from mortgage banking, an increased
Synovus' noninterest expense increased by roughly 2%, to $178 million, including $4.4 million in litigation contingency and settlement expenses. Professional fees fell by more than 22%, to $6.4 million, and advertising costs declined 54%, to $2.9 million.
