Synovus Financial Corporation reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income available to common shareholders was $14,798,000 or $0.02 diluted earnings per share against net income available to common shareholders of $21,369,000 or $0.03 diluted earnings per share a year ago. Net income was $29,574,000 against $35,993,000 a year ago. Net interest income was $199,814,000 and income before income taxes was $46,553,000 against net interest income of $220,959,000 and income before income taxes of $35,916,000 a year ago. Return on average assets was 0.46% and return on average common equity was 2.30% against return on average assets of 0.53% and return on average common equity of 4.49% a year ago. Interest income was $230,391,000 compared to $262,654,000 reported in last year. Net income available to common shareholders was $709.3 million or $0.78 per diluted share in the fourth quarter of 2012. Net interest income for the first quarter of 2013, down $7.6 million from $207.5 million in the previous quarter, primarily due to two fewer days in the quarter. The company announced net charge-offs were $57.3 million in the first quarter of 2013, down from $193.5 million in the fourth quarter of 2013 and $94.7 million in the first quarter of 2012.

Synovus Financial Corporation announced that its Board of Directors has nominated Barry L. Storey, founding partner of Hull Storey Gibson Companies, to stand for election at the company's 2013 Annual Meeting of Shareholders, scheduled for April 25, 2013. The company also announced that Frank Brumley and H. Lynn Page have reached the mandatory retirement age for Synovus directors and will not stand for re-election at the 2013 Annual Meeting of Shareholders. Replacing Brumley as Lead Director will be T. Michael Goodrich, effective as of the 2013 Annual Meeting of Shareholders. He has served on the Synovus board since 2004, including holding the position of Chairman of Synovus' Compensation Committee and as a member of the Risk Committee and Executive Committee.

Synovus Financial Corporation, Q1 2013 Earnings Call, Apr 23, 2013