Synovus boosts first quarter income

Synovus boosts first quarter income

April 22nd, 2014 by Dave Flessner in Local - Breaking News

Synovus, the parent company of Cohutta Banking Co. in Chattanooga, said today its first quarter net income rose nearly 28 percent from the previous quarter to $45.9 million, or 5 cents per share.

Earnings results for the Columbus, Ga.,-based bank holding company were in line with analysts expectations.

Total loans grew 2 percent while credit costs declined during the first three months of 2014.

Kessel D. Stelling, chairman and CEO for Synovus, said he was pleased with the first quarter results.

"Our steady progress over the past several quarters is a direct result of investments in additional talent in high-opportunity markets, effective partnerships between our core and specialty line bankers, and our team's unwavering commitment to delivering exceptional customer service," he said. "The quarter also included continued reductions in credit costs, a slight increase in the net interest margin, and the implementation of new expense reduction initiatives."

Stelling said he expects continued loan growth and improving credit quality through the remainder or 2014.