Synovus Financial Q2 Profit Rises - Quick Facts

(RTTNews) - Synovus Financial Corp. (SNV) Thursday reported second-quarter profit of $30.7 million, up from $24.8 million in the same period last year. On a per-share basis, earnings were $0.03 per share, flat with last year.

On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Net-interest income dropped 5.3 percent to $202.1 million from $213.36 million last year. Non-interest income totaled $65.1 million, down from $76.5 million last year.

The company has also announced its intention to redeem all 967,870 shares of its Series A fixed rate cumulative perpetual preferred, issued to the U.S. Treasury through the capital purchase program established for approximately $967.87 million.

The shares will be issued pursuant to a prospectus supplement filed as part of a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission.

Net proceeds from the offering, together with the net proceeds of a planned $130 million preferred stock offering, will be available to fund the balance of the TARP redemption payment.