Synovus Financial Corp. Reports 17% Increase in Net Income For First Quarter 2001

Core Loan Growth, Fee Income Growth, and Expense Control Drive Profitability



Apr 19, 2001, 01:00 ET from Synovus Financial Corp.

    COLUMBUS, Ga., April 19 /PRNewswire/ -- Synovus Financial Corp.(R)
 (NYSE:   SNV), the Columbus, Ga.-based multi-financial services company, today
 announced net income was $71.9 million for the first quarter 2001, up 17%,
 compared to $61.4 million for the same period in 2000.  Diluted earnings per
 share were $0.25 for the quarter, up 14% over last year's $0.22.  Major
 contributors to the growth in net income include strong growth in loans and
 fee income.  Expense control management positively impacted the growth in net
 income.
     "We are very pleased to report excellent first quarter results," said
 James H. Blanchard, Synovus Financial Corp. Chairman and Chief Executive
 Officer.  "Our outstanding loan growth of 18% over last year, coupled with
 continued strong credit quality, added substantially to our excellent results.
 Bank fee income increased by 22%, with mortgage revenue more than doubling
 over last year.  Our commitment to controlling our expenses contributed
 significantly to our excellent results in the quarter."
     Blanchard continued, "Our vision is for Synovus to be the finest financial
 services company in the world.  We believe that our current strategies, team
 members, technological advantages and our strong balance sheet position us
 well for future earnings growth.  We reiterate our expectations of at least
 15% growth in earnings per share in 2001 and to be at the top of the
 15-18% range of earnings growth by 2003."
     Return on assets for the quarter was 1.97% and return on equity was
 20.08%, as compared to 1.95% and 19.75%, respectively, for the first quarter
 2000.  Total assets ended the quarter at $15.2 billion, an increase of
 16.4% from the same period last year.  Shareholders' equity at March 31, 2001,
 was $1.501 billion, which represented 9.89% of quarter-end assets.
     Strong asset quality trends continued during the first quarter.
 Reflecting the emphasis on high credit quality and credit management, the
 ratio of nonperforming assets to loans and other real estate was 0.49% at the
 end of the first quarter, as compared to 0.52% in the previous quarter.  The
 loan loss reserve was 1.38% of loans, unchanged from the previous quarter,
 which provides coverage of 365% of nonperforming loans.  Net charge-offs for
 the first quarter were 0.26% of average loans, as compared to 0.27% for the
 previous quarter.  Provision expense for loan losses covered net charge-offs
 by 1.53x for the quarter.
     Synovus banking operations' revenues increased 11% over the same period
 last year, while net income increased 19% over last year.  Return on assets
 for the quarter was 1.52% and return on equity was 19.56%, compared to
 1.47% and 18.60%, respectively, in first quarter of 2000.  Net interest income
 increased by 7% versus the first quarter last year, due to net loan growth of
 17.6% and a net interest margin of 4.55%, up from 4.53% in the previous
 quarter.  Banking operations' non-interest income grew 22%, with increases in
 mortgage banking of 104%, service charges of 13%, and credit card fees of
 13% over the same period last year.  Creative Financial Group, acquired in the
 first quarter, added $1 million in revenue to Synovus Wealth Management. Both
 brokerage and trust revenues were flat due to market conditions as compared to
 last year.  During the quarter, Synovus recorded a $4.9 million net after-tax
 gain from the sale of the Star System ATM network, which represented Synovus'
 ownership of the network.  This gain compares to a $4.3 million net after-tax
 gain from the sale of bank branches during the first quarter last year.  Total
 banking operations' non-interest income as a percentage of banking revenues --
 excluding securities gains/losses -- was 29.6% in the quarter.  G&A expenses
 for the quarter were up 6.0% over last year.  The efficiency ratio for the
 quarter was 54.5% versus 56.9% for the first quarter 2000.
     TSYS reported net income of $22.0 million for the first quarter 2001, a
 6.6% increase in net income over the same period last year.  Revenues for the
 first quarter were $154.1 million, an increase of 5.7% compared with
 $145.9 million for the first quarter last year.  Excluding revenues
 attributable to the Citigroup Universal Card Services' (UCS) consumer card
 portfolio for the first three months of 2000, pro forma revenues for the first
 quarter increased 14.0% compared to last year.
     TSYS expects an increase of net income for 2001 over 2000 of approximately
 20%, with the third and fourth quarters' net income growing 30% over the same
 periods in 2000.  With TSYS' contribution, Synovus' total non-interest income
 -- excluding securities gains/losses -- was 60.4% of revenues for the quarter
 versus 59.4% in the same period last year.
     Synovus will host an earnings highlights conference call at 4:15 p.m. EDT,
 on April 19, 2001.  The conference call can be accessed at www.synovus.com .
 Please log on 5-10 minutes before the call begins.
     Synovus Financial Corp. is a multi-financial services company with more
 than $15.2 billion in assets based in Columbus, Ga.  Synovus is composed of
 39 banks in Georgia, Alabama, South Carolina and Florida; including an
 80.8-percent stake in Total System Services, Inc. (NYSE:   TSS) (www.tsys.com ),
 one of the world's leading payment services providers; DotsConnect
 (www.dotsconnect.com ), which provides the e-payments link between buyers and
 sellers on the Web; Synovus Wealth Management, a marketing unit for
 securities, trust, insurance and private banking services; Synovus Mortgage
 Corp.; and Synovus Leasing Services.  Synovus is No. 8 on FORTUNE magazine's
 list of "The 100 Best Companies To Work For" in 2001.  See Synovus on the Web
 at www.synovus.com .
 
     This press release contains statements that constitute "forward-looking
 statements" within the meaning of the Securities Act of 1933 and the
 Securities Exchange Act of 1934 as amended by the Private Securities
 Litigation Reform Act of 1995.  These forward-looking statements include,
 among others, statements regarding Synovus' expected growth in earnings per
 share and TSYS' expected growth in net income.  Prospective investors are
 cautioned that any such forward-looking statements are not guarantees of
 future performance and involve risks and uncertainties, and that actual
 results may differ materially from those contemplated by such forward-looking
 statements.  A number of important factors could cause actual results to
 differ materially from those contemplated by the forward-looking statements in
 this press release.  Many of these factors are beyond Synovus' ability to
 control or predict.  These factors include, but are not limited to,
 competitive pressures arising from aggressive competition from other lenders;
 factors that affect the delinquency rate on Synovus' loans and the rate at
 which Synovus' loans are charged off; changes in the cost and availability of
 funding due to changes in the deposit market and credit market, or the way in
 which Synovus is perceived in such markets; changes in prevailing interest
 rates; the timely development of competitive new products and services and the
 acceptance of such by customers; the growth and profitability of Synovus' non-
 interest or fee income, including changes in income derived from TSYS, being
 less than expected; Synovus' inability to control expenses; a deterioration in
 credit quality or a reduced demand for credit; and the effects of changes in
 government policy and regulations, including restrictions and/or limitations
 arising from banking laws, regulations and examinations.  Additional factors
 that could cause actual results to differ materially from those contemplated
 in this press release can be found in Synovus' filings with the Securities and
 Exchange Commission, including its Annual Report on Form 10-K, quarterly
 reports on Form 10-Q and current reports on Form 8-K.  We believe these
 forward-looking statements are reasonable; however, undue reliance should not
 be placed on any forward-looking statements, which are based on current
 expectations.
 
 
       Synovus Financial Corp.
 
 
       INCOME STATEMENT                       Three Months Ended
       (Amounts in thousands, except per
       share data)                                March 31,
                                              2001       2000     Change
 
       Interest Income (Taxable equivalent)  $294,305    251,759     16.9 %
       Interest Expense                       146,200    113,300     29.0
       Net Interest Income (Taxable
        equivalent)                           148,105    138,459      7.0
       Tax equivalent adjustment                1,692      1,490     13.6
       Net Interest Income                    146,413    136,969      6.9
       Provision for Loan Losses               10,987     10,911      0.7
       Net Interest Income After Provision    135,426    126,058      7.4
 
       Non-Interest Income:
           Data Processing                    150,302    139,016      8.1
           Service Charges on Deposits         20,037     17,803     12.5
           Fees For Trust Services              5,790      5,759      0.5
           Brokerage Revenue                    4,326      4,497     (3.8)
           Mortgage Banking Income              8,469      4,146    104.3
           Credit Card Fees                     4,412      3,918     12.6
           Securities Gains (Losses)              418         (1)     N/A
           Other Fee Income                     4,337      3,476     24.8
           Other Non-Interest Income           25,889     22,002     17.7
       Total Non-Interest Income              223,980    200,616     11.6
 
       Non-Interest Expense:
          Personnel Expense                   134,268    123,885      8.4
          Occupancy & Equipment Expense        57,274     53,799      6.5
          Other Non-Interest Expense           50,594     49,192      2.9
       Total Non-Interest Expense             242,136    226,876      6.7
       Minority Interest in Consolidated
        Subsidiaries                            4,205      3,961      6.2
       Income Before Taxes                    113,065     95,837     18.0
       Income Tax Expense                      41,180     34,445     19.6
 
       Net Income                              71,885     61,392     17.1
 
 
       Basic Earnings per Share                  0.25       0.22     14.8
       Diluted Earnings per Share                0.25       0.22     13.8
       Dividends Declared per Share              0.13       0.11     15.9
 
       Return on Assets                          1.97       1.95        2 bp
       Return on Equity                         20.08      19.75       33
       Average Shares Outstanding - Basic     287,707    282,163      2.0 %
       Average Shares Outstanding -
        Diluted                               293,248    284,951      2.9
 
 
      bp - change is measured as difference in basis points.
 
 
 
      Synovus Financial Corp.
 
 
      INCOME STATEMENT                       2001              2000
       (Amounts in thousands, except per
        share data)                          First       Fourth      Third
                                            Quarter     Quarter     Quarter
 
       Interest Income (Taxable
        equivalent)                         $294,305     296,527     285,035
       Interest Expense                      146,200     151,430     143,323
       Net Interest Income (Taxable
        equivalent)                          148,105     145,097     141,712
       Tax equivalent adjustment               1,692       1,555       1,471
       Net Interest Income                   146,413     143,542     140,241
       Provision for Loan Losses              10,987      11,096       9,622
       Net Interest Income After Provision   135,426     132,446     130,619
 
       Non-Interest Income:
           Data Processing                   150,302     149,611     146,665
           Service Charges on Deposits        20,037      20,288      19,331
           Fees For Trust Services             5,790       5,649       5,546
           Brokerage Revenue                   4,326       4,242       3,441
           Mortgage Banking Income             8,469       6,146       5,887
           Credit Card Fees                    4,412       5,971       4,878
           Securities Gains (Losses)             418         711          98
           Other Fee Income                    4,337       4,335       3,813
           Other Non-Interest Income          25,889      26,082      14,640
       Total Non-Interest Income             223,980     223,035     204,299
 
       Non-Interest Expense:
          Personnel Expense                  134,268     121,658     125,117
          Occupancy & Equipment Expense       57,274      60,945      54,394
          Other Non-Interest Expense          50,594      51,598      50,248
       Total Non-Interest Expense            242,136     234,201     229,759
       Minority Interest in Consolidated
        Subsidiaries                           4,205       4,178       3,692
       Income Before Taxes                   113,065     117,102     101,467
       Income Tax Expense                     41,180      42,420      36,736
 
       Net Income                             71,885      74,682      64,731
 
 
       Basic Earnings per Share                 0.25        0.26        0.23
       Diluted Earnings per Share               0.25        0.26        0.23
       Dividends Declared per Share             0.13        0.11        0.11
 
       Return on Assets                         1.97 %      2.09 %      1.87 %
       Return on Equity                        20.08       21.75       19.54
       Average Shares Outstanding - Basic    287,707     284,423     284,149
       Average Shares Outstanding -
        Diluted                              293,248     288,559     287,392
 
 
      bp - change is measured as difference in basis points.
 
 
      Synovus Financial Corp.
 
 
      INCOME STATEMENT                            2000
       (Amounts in thousands, except per                           1st Quarter
        share data)                         Second        First     '01 vs. '00
                                            Quarter      Quarter       Change
 
       Interest Income (Taxable
        equivalent)                          270,531      251,759       16.9 %
       Interest Expense                      127,420      113,300       29.0
       Net Interest Income (Taxable
        equivalent)                          143,111      138,459        7.0
       Tax equivalent adjustment               1,531        1,490       13.6
       Net Interest Income                   141,580      136,969        6.9
       Provision for Loan Losses              12,712       10,911        0.7
       Net Interest Income After Provision   128,868      126,058        7.4
 
       Non-Interest Income:
           Data Processing                   145,676      139,016        8.1
           Service Charges on Deposits        18,579       17,803       12.5
           Fees For Trust Services             5,250        5,759        0.5
           Brokerage Revenue                   3,883        4,497       (3.8)
           Mortgage Banking Income             5,562        4,146      104.3
           Credit Card Fees                    4,362        3,918       12.6
           Securities Gains (Losses)             (27)          (1)       N/A
           Other Fee Income                    3,485        3,476       24.8
           Other Non-Interest Income          18,793       22,002       17.7
       Total Non-Interest Income             205,563      200,616       11.6
 
       Non-Interest Expense:
          Personnel Expense                  124,817      123,885        8.4
          Occupancy & Equipment Expense       56,537       53,799        6.5
          Other Non-Interest Expense          51,084       49,192        2.9
       Total Non-Interest Expense            232,438      226,876        6.7
       Minority Interest in Consolidated
        Subsidiaries                           4,664        3,961        6.2
       Income Before Taxes                    97,329       95,837       18.0
       Income Tax Expense                     35,577       34,445       19.6
 
       Net Income                             61,752       61,392       17.1
 
 
       Basic Earnings per Share                 0.22         0.22       14.8
       Diluted Earnings per Share               0.22         0.22       13.8
       Dividends Declared per Share             0.11         0.11       15.9
 
       Return on Assets                         1.88 %       1.95 %        2 bp
       Return on Equity                        19.40        19.75         33
       Average Shares Outstanding - Basic    283,457      282,163        2.0 %
       Average Shares Outstanding -
        Diluted                              286,605      284,951        2.9
 
 
      bp - change is measured as difference in basis points.
 
 
 
     Synovus Financial Corp.
 
 
      SELECTED BALANCE SHEET DATA
      (Amounts in thousands, except per        2001              2000
        share data)                           First       Fourth      Third
                                             Quarter     Quarter     Quarter
 
       Total Assets                        $15,181,807  14,908,092  14,105,157
       Investment Securities                 2,063,315   2,077,928   2,044,152
       Loans (net of unearned income)       11,155,864  10,751,887  10,454,999
       Total Deposits                       11,487,328  11,161,710  10,423,641
           Demand Deposits                   1,725,783   1,726,817   1,592,184
           Certificates of Deposit           5,368,835   5,132,065   4,980,595
           Savings Accounts                    423,292     404,806     430,961
           NOW Accounts                      1,638,446   1,749,971   1,431,054
           Money Market                      2,330,972   2,148,051   1,988,847
 
       Shareholders'  Equity                 1,501,444   1,417,171   1,343,540
 
       Book Value Per Share                       5.18        4.98        4.73
       Equity to Assets                           9.89        9.51        9.53
       Loan to Deposit Ratio                     97.11       96.33      100.30
       Demand Deposits / Total Deposits          15.02       15.47       15.27
       Common Shares Outstanding               289,766     284,643     284,179
 
 
 
       CREDIT QUALITY DATA                      2001              2000
       (Dollars in thousands)                  First       Fourth      Third
                                              Quarter     Quarter     Quarter
 
       Nonperforming  Loans                    $42,221      41,709      45,974
       Other Real Estate                        12,309      13,898       9,408
       Nonperforming  Assets                    54,530      55,607      55,382
       Allowance for Loan Losses               153,916     147,867     143,974
 
       Net Charge-Offs  -  Quarter               7,198       7,203       6,187
       Net Charge-Offs  -  YTD                   7,198      24,032      16,829
       Net Charge-Offs / Average Loans  -
        Quarter                                   0.26        0.27        0.24
       Net Charge-Offs / Average Loans  -
        YTD                                       0.26        0.24        0.23
 
       Nonperforming Loans / Loans & ORE          0.38        0.39        0.44
       Nonperforming Assets / Loans & ORE         0.49        0.52        0.53
       Allowance / Loans                          1.38        1.38        1.38
 
       Allowance / Nonperforming Loans          364.55      354.52      313.17
       Allowance / Nonperforming Assets         282.26      265.91      259.97
 
 
      bp - change is measured as difference in basis points.
 
 
 
     Synovus Financial Corp.
 
      SELECTED BALANCE SHEET DATA
       (Amounts in thousands, except per            2000            1st Quarter
        share data)                          Second        First    '01 vs. '00
                                             Quarter      Quarter      Change
 
       Total Assets                         13,685,928   13,048,240     16.4 %
       Investment Securities                 2,029,580    2,021,871      2.0
       Loans (net of unearned income)       10,071,234    9,492,579     17.5
       Total Deposits                       10,132,131    9,690,236     18.5
           Demand Deposits                   1,678,714    1,637,516      5.4
           Certificates of Deposit           4,685,702    4,333,998     23.9
           Savings Accounts                    441,288      451,751     (6.3)
           NOW Accounts                      1,424,644    1,436,751     14.0
           Money Market                      1,901,783    1,830,220     27.4
 
       Shareholders'  Equity                 1,294,165    1,256,629     19.5
 
       Book Value Per Share                       4.56         4.45     16.4
       Equity to Assets                           9.46         9.63       26 bp
       Loan to Deposit Ratio                     99.40        97.96      (85)
       Demand Deposits / Total Deposits          16.57        16.90     (188)
       Common Shares Outstanding               284,086      282,282      2.7 %
 
 
 
       CREDIT QUALITY DATA
                                                    2000            1st Quarter
       (Dollars in thousands)                Second        First    '01 vs. '00
                                             Quarter      Quarter      Change
 
       Nonperforming  Loans                     39,632       34,170     23.6 %
       Other Real Estate                         7,839        8,803     39.8
       Nonperforming  Assets                    47,471       42,973     26.9
       Allowance for Loan Losses               140,539      134,035     14.8
 
       Net Charge-Offs  -  Quarter               6,208        4,434     62.3
       Net Charge-Offs  -  YTD                  10,642        4,434     62.3
       Net Charge-Offs / Average Loans  -
        Quarter                                   0.25         0.19        7 bp
       Net Charge-Offs / Average Loans  -
        YTD                                       0.22         0.19        7
 
       Nonperforming Loans / Loans & ORE          0.39         0.36        2
       Nonperforming Assets / Loans & ORE         0.47         0.45        4
       Allowance / Loans                          1.40         1.41       (3)
 
       Allowance / Nonperforming Loans          354.61       392.27   (2,772)
       Allowance / Nonperforming Assets         296.05       311.91   (2,965)
 
 
      bp - change is measured as difference in basis points.
 
 
     Synovus Financial Corp.
 
 
      AVERAGE BALANCES AND YIELDS/RATES
      (Amounts in thousands)
 
                                            2001                2000
                                            First        Fourth       Third
                                           Quarter       Quarter     Quarter
       Interest Earning Assets
       Investment Securities              $2,019,418     2,066,747   2,076,443
          Yield                                 6.49 %        6.44        6.39
 
       Loans, Net                        $10,875,712    10,481,789  10,077,078
          Yield                                 9.58 %        9.84        9.79
 
       Mortgage Loans Held for Sale         $143,613       107,266     119,377
          Yield                                 7.43 %        7.93        8.12
 
       Federal Funds Sold                   $116,245       100,231      88,095
          Yield                                 5.90 %        6.73        6.89
 
       Time Deposits with Banks               $5,598         3,315       2,437
          Yield                                 5.05 %        6.88        9.80
 
       Total Interest Earning Assets     $13,160,586    12,759,348  12,363,430
          Yield                                 9.05 %        9.25        9.18
 
       Interest Bearing Liabilities
 
       Time Deposits Over $100,000        $2,655,281     2,541,805   2,409,826
          Rate                                  6.45 %        6.62        6.47
 
       Time Deposits Under $100,000       $2,653,402     2,553,801   2,498,105
          Rate                                  6.19 %        6.15        5.92
 
       Other Interest Bearing Deposits    $4,159,123     3,942,170   3,767,410
          Rate                                  3.55 %        3.90        3.82
 
       Federal Funds Purchased              $939,064     1,163,725   1,188,934
          Rate                                  5.59 %        6.48        6.42
 
       Other Short-Term Borrowings            $8,687         6,935       8,991
          Rate                                  5.14 %        6.43        5.48
 
       Other Borrowings                     $867,715       719,639     660,351
          Rate                                  6.38 %        6.33        6.60
 
       Total Interest Bearing
        Liabilities                      $11,283,272    10,928,075  10,533,617
          Rate                                  5.24 %        5.49        5.39
 
       Non-Interest Bearing Demand
        Deposits                          $1,634,027     1,562,935   1,569,023
       Shareholders' Equity               $1,451,560     1,365,732   1,317,936
       Total Assets                      $14,792,026    14,224,874  13,736,068
 
       Spread                                   3.81 %        3.76        3.79
       Net Interest Margin                      4.55 %        4.53        4.57
 
 
 
     Synovus Financial Corp.
 
 
      AVERAGE BALANCES AND YIELDS/RATES
      (Amounts in thousands)
 
                                                            2000
                                                  Second             First
                                                  Quarter           Quarter
       Interest Earning Assets
       Investment Securities                      2,079,584         2,057,892
          Yield                                        6.33              6.32
 
       Loans, Net                                 9,630,646         9,137,781
          Yield                                        9.78              9.53
 
       Mortgage Loans Held for Sale                 100,498            75,966
          Yield                                        8.04              8.03
 
       Federal Funds Sold                            75,888            82,544
          Yield                                        6.42              5.90
 
       Time Deposits with Banks                       1,004             1,475
          Yield                                        8.85              6.64
 
       Total Interest Earning Assets             11,887,620        11,355,658
          Yield                                        9.14              8.92
 
       Interest Bearing Liabilities
 
       Time Deposits Over $100,000                2,052,892         1,804,601
          Rate                                         6.08              5.70
 
       Time Deposits Under $100,000               2,462,291         2,455,510
          Rate                                         5.60              5.33
 
       Other Interest Bearing Deposits            3,716,475         3,652,493
          Rate                                         3.60              3.36
 
       Federal Funds Purchased                    1,311,583         1,297,801
          Rate                                         6.18              5.69
 
       Other Short-Term Borrowings                   10,614             8,771
          Rate                                         6.11              5.60
 
       Other Borrowings                             532,531           398,490
          Rate                                         6.09              5.93
 
       Total Interest Bearing Liabilities        10,086,386         9,617,666
          Rate                                         5.06              4.73
 
       Non-Interest Bearing Demand
        Deposits                                  1,588,252         1,528,089
       Shareholders' Equity                       1,280,135         1,249,893
       Total Assets                              13,220,498        12,672,801
 
       Spread                                          4.08              4.19
       Net Interest Margin                             4.83              4.90
 
 

SOURCE Synovus Financial Corp.
    COLUMBUS, Ga., April 19 /PRNewswire/ -- Synovus Financial Corp.(R)
 (NYSE:   SNV), the Columbus, Ga.-based multi-financial services company, today
 announced net income was $71.9 million for the first quarter 2001, up 17%,
 compared to $61.4 million for the same period in 2000.  Diluted earnings per
 share were $0.25 for the quarter, up 14% over last year's $0.22.  Major
 contributors to the growth in net income include strong growth in loans and
 fee income.  Expense control management positively impacted the growth in net
 income.
     "We are very pleased to report excellent first quarter results," said
 James H. Blanchard, Synovus Financial Corp. Chairman and Chief Executive
 Officer.  "Our outstanding loan growth of 18% over last year, coupled with
 continued strong credit quality, added substantially to our excellent results.
 Bank fee income increased by 22%, with mortgage revenue more than doubling
 over last year.  Our commitment to controlling our expenses contributed
 significantly to our excellent results in the quarter."
     Blanchard continued, "Our vision is for Synovus to be the finest financial
 services company in the world.  We believe that our current strategies, team
 members, technological advantages and our strong balance sheet position us
 well for future earnings growth.  We reiterate our expectations of at least
 15% growth in earnings per share in 2001 and to be at the top of the
 15-18% range of earnings growth by 2003."
     Return on assets for the quarter was 1.97% and return on equity was
 20.08%, as compared to 1.95% and 19.75%, respectively, for the first quarter
 2000.  Total assets ended the quarter at $15.2 billion, an increase of
 16.4% from the same period last year.  Shareholders' equity at March 31, 2001,
 was $1.501 billion, which represented 9.89% of quarter-end assets.
     Strong asset quality trends continued during the first quarter.
 Reflecting the emphasis on high credit quality and credit management, the
 ratio of nonperforming assets to loans and other real estate was 0.49% at the
 end of the first quarter, as compared to 0.52% in the previous quarter.  The
 loan loss reserve was 1.38% of loans, unchanged from the previous quarter,
 which provides coverage of 365% of nonperforming loans.  Net charge-offs for
 the first quarter were 0.26% of average loans, as compared to 0.27% for the
 previous quarter.  Provision expense for loan losses covered net charge-offs
 by 1.53x for the quarter.
     Synovus banking operations' revenues increased 11% over the same period
 last year, while net income increased 19% over last year.  Return on assets
 for the quarter was 1.52% and return on equity was 19.56%, compared to
 1.47% and 18.60%, respectively, in first quarter of 2000.  Net interest income
 increased by 7% versus the first quarter last year, due to net loan growth of
 17.6% and a net interest margin of 4.55%, up from 4.53% in the previous
 quarter.  Banking operations' non-interest income grew 22%, with increases in
 mortgage banking of 104%, service charges of 13%, and credit card fees of
 13% over the same period last year.  Creative Financial Group, acquired in the
 first quarter, added $1 million in revenue to Synovus Wealth Management. Both
 brokerage and trust revenues were flat due to market conditions as compared to
 last year.  During the quarter, Synovus recorded a $4.9 million net after-tax
 gain from the sale of the Star System ATM network, which represented Synovus'
 ownership of the network.  This gain compares to a $4.3 million net after-tax
 gain from the sale of bank branches during the first quarter last year.  Total
 banking operations' non-interest income as a percentage of banking revenues --
 excluding securities gains/losses -- was 29.6% in the quarter.  G&A expenses
 for the quarter were up 6.0% over last year.  The efficiency ratio for the
 quarter was 54.5% versus 56.9% for the first quarter 2000.
     TSYS reported net income of $22.0 million for the first quarter 2001, a
 6.6% increase in net income over the same period last year.  Revenues for the
 first quarter were $154.1 million, an increase of 5.7% compared with
 $145.9 million for the first quarter last year.  Excluding revenues
 attributable to the Citigroup Universal Card Services' (UCS) consumer card
 portfolio for the first three months of 2000, pro forma revenues for the first
 quarter increased 14.0% compared to last year.
     TSYS expects an increase of net income for 2001 over 2000 of approximately
 20%, with the third and fourth quarters' net income growing 30% over the same
 periods in 2000.  With TSYS' contribution, Synovus' total non-interest income
 -- excluding securities gains/losses -- was 60.4% of revenues for the quarter
 versus 59.4% in the same period last year.
     Synovus will host an earnings highlights conference call at 4:15 p.m. EDT,
 on April 19, 2001.  The conference call can be accessed at www.synovus.com .
 Please log on 5-10 minutes before the call begins.
     Synovus Financial Corp. is a multi-financial services company with more
 than $15.2 billion in assets based in Columbus, Ga.  Synovus is composed of
 39 banks in Georgia, Alabama, South Carolina and Florida; including an
 80.8-percent stake in Total System Services, Inc. (NYSE:   TSS) (www.tsys.com ),
 one of the world's leading payment services providers; DotsConnect
 (www.dotsconnect.com ), which provides the e-payments link between buyers and
 sellers on the Web; Synovus Wealth Management, a marketing unit for
 securities, trust, insurance and private banking services; Synovus Mortgage
 Corp.; and Synovus Leasing Services.  Synovus is No. 8 on FORTUNE magazine's
 list of "The 100 Best Companies To Work For" in 2001.  See Synovus on the Web
 at www.synovus.com .
 
     This press release contains statements that constitute "forward-looking
 statements" within the meaning of the Securities Act of 1933 and the
 Securities Exchange Act of 1934 as amended by the Private Securities
 Litigation Reform Act of 1995.  These forward-looking statements include,
 among others, statements regarding Synovus' expected growth in earnings per
 share and TSYS' expected growth in net income.  Prospective investors are
 cautioned that any such forward-looking statements are not guarantees of
 future performance and involve risks and uncertainties, and that actual
 results may differ materially from those contemplated by such forward-looking
 statements.  A number of important factors could cause actual results to
 differ materially from those contemplated by the forward-looking statements in
 this press release.  Many of these factors are beyond Synovus' ability to
 control or predict.  These factors include, but are not limited to,
 competitive pressures arising from aggressive competition from other lenders;
 factors that affect the delinquency rate on Synovus' loans and the rate at
 which Synovus' loans are charged off; changes in the cost and availability of
 funding due to changes in the deposit market and credit market, or the way in
 which Synovus is perceived in such markets; changes in prevailing interest
 rates; the timely development of competitive new products and services and the
 acceptance of such by customers; the growth and profitability of Synovus' non-
 interest or fee income, including changes in income derived from TSYS, being
 less than expected; Synovus' inability to control expenses; a deterioration in
 credit quality or a reduced demand for credit; and the effects of changes in
 government policy and regulations, including restrictions and/or limitations
 arising from banking laws, regulations and examinations.  Additional factors
 that could cause actual results to differ materially from those contemplated
 in this press release can be found in Synovus' filings with the Securities and
 Exchange Commission, including its Annual Report on Form 10-K, quarterly
 reports on Form 10-Q and current reports on Form 8-K.  We believe these
 forward-looking statements are reasonable; however, undue reliance should not
 be placed on any forward-looking statements, which are based on current
 expectations.
 
 
       Synovus Financial Corp.
 
 
       INCOME STATEMENT                       Three Months Ended
       (Amounts in thousands, except per
       share data)                                March 31,
                                              2001       2000     Change
 
       Interest Income (Taxable equivalent)  $294,305    251,759     16.9 %
       Interest Expense                       146,200    113,300     29.0
       Net Interest Income (Taxable
        equivalent)                           148,105    138,459      7.0
       Tax equivalent adjustment                1,692      1,490     13.6
       Net Interest Income                    146,413    136,969      6.9
       Provision for Loan Losses               10,987     10,911      0.7
       Net Interest Income After Provision    135,426    126,058      7.4
 
       Non-Interest Income:
           Data Processing                    150,302    139,016      8.1
           Service Charges on Deposits         20,037     17,803     12.5
           Fees For Trust Services              5,790      5,759      0.5
           Brokerage Revenue                    4,326      4,497     (3.8)
           Mortgage Banking Income              8,469      4,146    104.3
           Credit Card Fees                     4,412      3,918     12.6
           Securities Gains (Losses)              418         (1)     N/A
           Other Fee Income                     4,337      3,476     24.8
           Other Non-Interest Income           25,889     22,002     17.7
       Total Non-Interest Income              223,980    200,616     11.6
 
       Non-Interest Expense:
          Personnel Expense                   134,268    123,885      8.4
          Occupancy & Equipment Expense        57,274     53,799      6.5
          Other Non-Interest Expense           50,594     49,192      2.9
       Total Non-Interest Expense             242,136    226,876      6.7
       Minority Interest in Consolidated
        Subsidiaries                            4,205      3,961      6.2
       Income Before Taxes                    113,065     95,837     18.0
       Income Tax Expense                      41,180     34,445     19.6
 
       Net Income                              71,885     61,392     17.1
 
 
       Basic Earnings per Share                  0.25       0.22     14.8
       Diluted Earnings per Share                0.25       0.22     13.8
       Dividends Declared per Share              0.13       0.11     15.9
 
       Return on Assets                          1.97       1.95        2 bp
       Return on Equity                         20.08      19.75       33
       Average Shares Outstanding - Basic     287,707    282,163      2.0 %
       Average Shares Outstanding -
        Diluted                               293,248    284,951      2.9
 
 
      bp - change is measured as difference in basis points.
 
 
 
      Synovus Financial Corp.
 
 
      INCOME STATEMENT                       2001              2000
       (Amounts in thousands, except per
        share data)                          First       Fourth      Third
                                            Quarter     Quarter     Quarter
 
       Interest Income (Taxable
        equivalent)                         $294,305     296,527     285,035
       Interest Expense                      146,200     151,430     143,323
       Net Interest Income (Taxable
        equivalent)                          148,105     145,097     141,712
       Tax equivalent adjustment               1,692       1,555       1,471
       Net Interest Income                   146,413     143,542     140,241
       Provision for Loan Losses              10,987      11,096       9,622
       Net Interest Income After Provision   135,426     132,446     130,619
 
       Non-Interest Income:
           Data Processing                   150,302     149,611     146,665
           Service Charges on Deposits        20,037      20,288      19,331
           Fees For Trust Services             5,790       5,649       5,546
           Brokerage Revenue                   4,326       4,242       3,441
           Mortgage Banking Income             8,469       6,146       5,887
           Credit Card Fees                    4,412       5,971       4,878
           Securities Gains (Losses)             418         711          98
           Other Fee Income                    4,337       4,335       3,813
           Other Non-Interest Income          25,889      26,082      14,640
       Total Non-Interest Income             223,980     223,035     204,299
 
       Non-Interest Expense:
          Personnel Expense                  134,268     121,658     125,117
          Occupancy & Equipment Expense       57,274      60,945      54,394
          Other Non-Interest Expense          50,594      51,598      50,248
       Total Non-Interest Expense            242,136     234,201     229,759
       Minority Interest in Consolidated
        Subsidiaries                           4,205       4,178       3,692
       Income Before Taxes                   113,065     117,102     101,467
       Income Tax Expense                     41,180      42,420      36,736
 
       Net Income                             71,885      74,682      64,731
 
 
       Basic Earnings per Share                 0.25        0.26        0.23
       Diluted Earnings per Share               0.25        0.26        0.23
       Dividends Declared per Share             0.13        0.11        0.11
 
       Return on Assets                         1.97 %      2.09 %      1.87 %
       Return on Equity                        20.08       21.75       19.54
       Average Shares Outstanding - Basic    287,707     284,423     284,149
       Average Shares Outstanding -
        Diluted                              293,248     288,559     287,392
 
 
      bp - change is measured as difference in basis points.
 
 
      Synovus Financial Corp.
 
 
      INCOME STATEMENT                            2000
       (Amounts in thousands, except per                           1st Quarter
        share data)                         Second        First     '01 vs. '00
                                            Quarter      Quarter       Change
 
       Interest Income (Taxable
        equivalent)                          270,531      251,759       16.9 %
       Interest Expense                      127,420      113,300       29.0
       Net Interest Income (Taxable
        equivalent)                          143,111      138,459        7.0
       Tax equivalent adjustment               1,531        1,490       13.6
       Net Interest Income                   141,580      136,969        6.9
       Provision for Loan Losses              12,712       10,911        0.7
       Net Interest Income After Provision   128,868      126,058        7.4
 
       Non-Interest Income:
           Data Processing                   145,676      139,016        8.1
           Service Charges on Deposits        18,579       17,803       12.5
           Fees For Trust Services             5,250        5,759        0.5
           Brokerage Revenue                   3,883        4,497       (3.8)
           Mortgage Banking Income             5,562        4,146      104.3
           Credit Card Fees                    4,362        3,918       12.6
           Securities Gains (Losses)             (27)          (1)       N/A
           Other Fee Income                    3,485        3,476       24.8
           Other Non-Interest Income          18,793       22,002       17.7
       Total Non-Interest Income             205,563      200,616       11.6
 
       Non-Interest Expense:
          Personnel Expense                  124,817      123,885        8.4
          Occupancy & Equipment Expense       56,537       53,799        6.5
          Other Non-Interest Expense          51,084       49,192        2.9
       Total Non-Interest Expense            232,438      226,876        6.7
       Minority Interest in Consolidated
        Subsidiaries                           4,664        3,961        6.2
       Income Before Taxes                    97,329       95,837       18.0
       Income Tax Expense                     35,577       34,445       19.6
 
       Net Income                             61,752       61,392       17.1
 
 
       Basic Earnings per Share                 0.22         0.22       14.8
       Diluted Earnings per Share               0.22         0.22       13.8
       Dividends Declared per Share             0.11         0.11       15.9
 
       Return on Assets                         1.88 %       1.95 %        2 bp
       Return on Equity                        19.40        19.75         33
       Average Shares Outstanding - Basic    283,457      282,163        2.0 %
       Average Shares Outstanding -
        Diluted                              286,605      284,951        2.9
 
 
      bp - change is measured as difference in basis points.
 
 
 
     Synovus Financial Corp.
 
 
      SELECTED BALANCE SHEET DATA
      (Amounts in thousands, except per        2001              2000
        share data)                           First       Fourth      Third
                                             Quarter     Quarter     Quarter
 
       Total Assets                        $15,181,807  14,908,092  14,105,157
       Investment Securities                 2,063,315   2,077,928   2,044,152
       Loans (net of unearned income)       11,155,864  10,751,887  10,454,999
       Total Deposits                       11,487,328  11,161,710  10,423,641
           Demand Deposits                   1,725,783   1,726,817   1,592,184
           Certificates of Deposit           5,368,835   5,132,065   4,980,595
           Savings Accounts                    423,292     404,806     430,961
           NOW Accounts                      1,638,446   1,749,971   1,431,054
           Money Market                      2,330,972   2,148,051   1,988,847
 
       Shareholders'  Equity                 1,501,444   1,417,171   1,343,540
 
       Book Value Per Share                       5.18        4.98        4.73
       Equity to Assets                           9.89        9.51        9.53
       Loan to Deposit Ratio                     97.11       96.33      100.30
       Demand Deposits / Total Deposits          15.02       15.47       15.27
       Common Shares Outstanding               289,766     284,643     284,179
 
 
 
       CREDIT QUALITY DATA                      2001              2000
       (Dollars in thousands)                  First       Fourth      Third
                                              Quarter     Quarter     Quarter
 
       Nonperforming  Loans                    $42,221      41,709      45,974
       Other Real Estate                        12,309      13,898       9,408
       Nonperforming  Assets                    54,530      55,607      55,382
       Allowance for Loan Losses               153,916     147,867     143,974
 
       Net Charge-Offs  -  Quarter               7,198       7,203       6,187
       Net Charge-Offs  -  YTD                   7,198      24,032      16,829
       Net Charge-Offs / Average Loans  -
        Quarter                                   0.26        0.27        0.24
       Net Charge-Offs / Average Loans  -
        YTD                                       0.26        0.24        0.23
 
       Nonperforming Loans / Loans & ORE          0.38        0.39        0.44
       Nonperforming Assets / Loans & ORE         0.49        0.52        0.53
       Allowance / Loans                          1.38        1.38        1.38
 
       Allowance / Nonperforming Loans          364.55      354.52      313.17
       Allowance / Nonperforming Assets         282.26      265.91      259.97
 
 
      bp - change is measured as difference in basis points.
 
 
 
     Synovus Financial Corp.
 
      SELECTED BALANCE SHEET DATA
       (Amounts in thousands, except per            2000            1st Quarter
        share data)                          Second        First    '01 vs. '00
                                             Quarter      Quarter      Change
 
       Total Assets                         13,685,928   13,048,240     16.4 %
       Investment Securities                 2,029,580    2,021,871      2.0
       Loans (net of unearned income)       10,071,234    9,492,579     17.5
       Total Deposits                       10,132,131    9,690,236     18.5
           Demand Deposits                   1,678,714    1,637,516      5.4
           Certificates of Deposit           4,685,702    4,333,998     23.9
           Savings Accounts                    441,288      451,751     (6.3)
           NOW Accounts                      1,424,644    1,436,751     14.0
           Money Market                      1,901,783    1,830,220     27.4
 
       Shareholders'  Equity                 1,294,165    1,256,629     19.5
 
       Book Value Per Share                       4.56         4.45     16.4
       Equity to Assets                           9.46         9.63       26 bp
       Loan to Deposit Ratio                     99.40        97.96      (85)
       Demand Deposits / Total Deposits          16.57        16.90     (188)
       Common Shares Outstanding               284,086      282,282      2.7 %
 
 
 
       CREDIT QUALITY DATA
                                                    2000            1st Quarter
       (Dollars in thousands)                Second        First    '01 vs. '00
                                             Quarter      Quarter      Change
 
       Nonperforming  Loans                     39,632       34,170     23.6 %
       Other Real Estate                         7,839        8,803     39.8
       Nonperforming  Assets                    47,471       42,973     26.9
       Allowance for Loan Losses               140,539      134,035     14.8
 
       Net Charge-Offs  -  Quarter               6,208        4,434     62.3
       Net Charge-Offs  -  YTD                  10,642        4,434     62.3
       Net Charge-Offs / Average Loans  -
        Quarter                                   0.25         0.19        7 bp
       Net Charge-Offs / Average Loans  -
        YTD                                       0.22         0.19        7
 
       Nonperforming Loans / Loans & ORE          0.39         0.36        2
       Nonperforming Assets / Loans & ORE         0.47         0.45        4
       Allowance / Loans                          1.40         1.41       (3)
 
       Allowance / Nonperforming Loans          354.61       392.27   (2,772)
       Allowance / Nonperforming Assets         296.05       311.91   (2,965)
 
 
      bp - change is measured as difference in basis points.
 
 
     Synovus Financial Corp.
 
 
      AVERAGE BALANCES AND YIELDS/RATES
      (Amounts in thousands)
 
                                            2001                2000
                                            First        Fourth       Third
                                           Quarter       Quarter     Quarter
       Interest Earning Assets
       Investment Securities              $2,019,418     2,066,747   2,076,443
          Yield                                 6.49 %        6.44        6.39
 
       Loans, Net                        $10,875,712    10,481,789  10,077,078
          Yield                                 9.58 %        9.84        9.79
 
       Mortgage Loans Held for Sale         $143,613       107,266     119,377
          Yield                                 7.43 %        7.93        8.12
 
       Federal Funds Sold                   $116,245       100,231      88,095
          Yield                                 5.90 %        6.73        6.89
 
       Time Deposits with Banks               $5,598         3,315       2,437
          Yield                                 5.05 %        6.88        9.80
 
       Total Interest Earning Assets     $13,160,586    12,759,348  12,363,430
          Yield                                 9.05 %        9.25        9.18
 
       Interest Bearing Liabilities
 
       Time Deposits Over $100,000        $2,655,281     2,541,805   2,409,826
          Rate                                  6.45 %        6.62        6.47
 
       Time Deposits Under $100,000       $2,653,402     2,553,801   2,498,105
          Rate                                  6.19 %        6.15        5.92
 
       Other Interest Bearing Deposits    $4,159,123     3,942,170   3,767,410
          Rate                                  3.55 %        3.90        3.82
 
       Federal Funds Purchased              $939,064     1,163,725   1,188,934
          Rate                                  5.59 %        6.48        6.42
 
       Other Short-Term Borrowings            $8,687         6,935       8,991
          Rate                                  5.14 %        6.43        5.48
 
       Other Borrowings                     $867,715       719,639     660,351
          Rate                                  6.38 %        6.33        6.60
 
       Total Interest Bearing
        Liabilities                      $11,283,272    10,928,075  10,533,617
          Rate                                  5.24 %        5.49        5.39
 
       Non-Interest Bearing Demand
        Deposits                          $1,634,027     1,562,935   1,569,023
       Shareholders' Equity               $1,451,560     1,365,732   1,317,936
       Total Assets                      $14,792,026    14,224,874  13,736,068
 
       Spread                                   3.81 %        3.76        3.79
       Net Interest Margin                      4.55 %        4.53        4.57
 
 
 
     Synovus Financial Corp.
 
 
      AVERAGE BALANCES AND YIELDS/RATES
      (Amounts in thousands)
 
                                                            2000
                                                  Second             First
                                                  Quarter           Quarter
       Interest Earning Assets
       Investment Securities                      2,079,584         2,057,892
          Yield                                        6.33              6.32
 
       Loans, Net                                 9,630,646         9,137,781
          Yield                                        9.78              9.53
 
       Mortgage Loans Held for Sale                 100,498            75,966
          Yield                                        8.04              8.03
 
       Federal Funds Sold                            75,888            82,544
          Yield                                        6.42              5.90
 
       Time Deposits with Banks                       1,004             1,475
          Yield                                        8.85              6.64
 
       Total Interest Earning Assets             11,887,620        11,355,658
          Yield                                        9.14              8.92
 
       Interest Bearing Liabilities
 
       Time Deposits Over $100,000                2,052,892         1,804,601
          Rate                                         6.08              5.70
 
       Time Deposits Under $100,000               2,462,291         2,455,510
          Rate                                         5.60              5.33
 
       Other Interest Bearing Deposits            3,716,475         3,652,493
          Rate                                         3.60              3.36
 
       Federal Funds Purchased                    1,311,583         1,297,801
          Rate                                         6.18              5.69
 
       Other Short-Term Borrowings                   10,614             8,771
          Rate                                         6.11              5.60
 
       Other Borrowings                             532,531           398,490
          Rate                                         6.09              5.93
 
       Total Interest Bearing Liabilities        10,086,386         9,617,666
          Rate                                         5.06              4.73
 
       Non-Interest Bearing Demand
        Deposits                                  1,588,252         1,528,089
       Shareholders' Equity                       1,280,135         1,249,893
       Total Assets                              13,220,498        12,672,801
 
       Spread                                          4.08              4.19
       Net Interest Margin                             4.83              4.90
 
 SOURCE  Synovus Financial Corp.