Synovus Financial Corporation (NYSE:SNV) Q2 2016 Earnings Conference Call - Final Transcript
Jul 19, 2016 • 08:30 am ET
Good morning, ladies and gentlemen, and welcome to the Synovus Second Quarter 2016 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions and comments following the presentation.
Now, I'd like to turn the floor over to your host, Bob May. Sir, the floor is yours.
Thank you and good morning everyone. During the call, we will be referencing the slides and press release that are available within the Investor Relations section of our website, synovus.com. Kessel Stelling, Chairman and Chief Executive Officer, will be our primary presenter today, with our executive management team available to answer your questions.
(Forward-looking Cautionary Statements) During the call, we will reference non-GAAP financial measures related to the Company's performance. You may see the reconciliation of these measures in the appendix of our presentation.
Thank you. And now, I'll turn it over to Kessel Stelling.
Thank you, Bob, and good morning everyone. Thank you for joining our second quarter earnings call. I'll walk through the highlights, give you a little view on the rest of the year and then happy to take your questions with the rest of the team.
Just a slight change in the lineup today. Many of you know we announced early this year Tommy Prescott had announced his retirement effective later in the year. We announced last week the appointment of Kevin Blair effective August 17. And so we were planning to celebrate Tommy's 63rd straight earnings call today but he had a tree fall on his home last night.
We had a pretty violent storm come through Columbus and I just saw the pictures, so we gave Tommy a pass so he can deal with the damage to his home and get his family back under a dry roof. So we wish him the best of luck and we'll say a little bit more about Tommy. But in his place, most of you know Bob May and Bob will assume that role today and help us with any of your questions.
So with that, let me move right into the second quarter highlights. Second quarter net income available to common shareholders was $57.9 million or $0.46 per diluted common share. Adjusted diluted EPS was $0.49. That excludes the $5.8 million restructuring charge, up 13.1% versus $0.43 in the first quarter of 2016 and up 16.9% versus the $0.42 in second quarter of 2015.
Second quarter of 2016 also reflects a lower tax rate and the benefit of an $800,000 discrete adjustment on state taxes. Total revenues were $289.3 million, up $8.1 million or 2.9% sequentially and up 7% versus a year ago. Total loans grew $302.7 million or 5.3% annualized on a sequential quarter basis and grew $1.57 billion or 7.3% versus the year ago.
Total average deposits grew $397.8 million or 6.9% annualized versus the first quarter of 2016 and 5.1% versus the second quarter of 2015. Please also see improvement in credit quality metrics.