COLUMBUS, Ga. - Synovus (NYSE:SNV) Financial Corp and Bank OZK (NASDAQ:OZK) have released their quarterly financial results, revealing differing trends in their business performances. Synovus reported a net income of $60.6 million or earnings per share (EPS) of $0.41, while facing a decline in loan volume and an increase in deposit costs. Conversely, Bank OZK showed a healthy growth in its net income and EPS.
Synovus, headquartered in Columbus, Georgia, experienced strategic declines in certain lending areas, which contributed to the decrease in loan volume. Despite these challenges, the bank managed to increase its total deposits to $50 billion. Synovus also reported stable credit health, with non-performing loans constituting just over half a percent of total loans.
In contrast, Little Rock-based Bank OZK reported a 7.7% increase in net income for the fourth quarter, reaching $171.1 million, and a notable annual rise of 23.2%, totaling $674.6 million.
The fourth quarter's diluted EPS climbed by 11.9% to $1.50, with a full-year increase of 29.3% to $5.87 per share. Bank OZK also accounted for an FDIC special charge in its earnings, amounting to $9.9 million.
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