SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
August 15, 1997
(Earliest Event Reported)
Synovus Financial Corp.
(Exact Name of Registrant as
Specified in its Charter)
Georgia 1-10312 58-1134883
(State of (Commission File (IRS Employer
Incorporation) Number) Identification
Number)
901 Front Avenue, Suite 301, Columbus, Georgia 31901
(Address of principal executive offices)
(706) 649-2267
(Registrant's Telephone Number)
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On March 10, 1997, Synovus Financial Corp. ("Registrant") announced a
three-for-two stock split to be distributed on April 8, 1997, in the form of a
stock dividend to shareholders of record as of March 21, 1997. The stock split
resulted in the issuance of 58,225,459 additional shares of common stock. The
par value of the new shares totaled $58,225,459 which was transferred from
surplus to the common stock account. The stock split also resulted in $47,978 of
fractional shares being transferred from surplus.
The following summary of selected statistical data is presented below on
both a pre-split and post-split basis. All post-split share and per share
information has been retroactively restated to reflect the stock split as if it
had occurred on January 1, 1992.
PRE-SPLIT
Table 1
Five Year Selected Financial Data
(In thousands, except per share data)
<TABLE>
<CAPTION>
Years Ended December 31,
----------------------------------------------------------------
1996 1995 1994 1993 1992
----------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C>
Net interest income $ 374,874 341,875 301,231 263,213 241,203
Provision for losses on loans 31,766 25,787 25,387 24,924 33,302
Income before extraordinary item 139,604 114,583 89,452 80,379 66,685
Net income 139,604 114,583 89,452 77,467 66,685
Per share data:
Income before extraordinary item 1.20 1.00 0.79 0.72 0.61
Net income 1.20 1.00 0.79 0.70 0.61
Cash dividends declared 0.44 0.36 0.30 0.25 0.21
Book value per share 6.74 5.99 5.11 4.89 4.28
Long-term debt 97,283 106,815 139,811 143,481 143,215
Average total equity 730,541 639,426 566,562 505,027 444,565
Average total assets 8,135,587 7,498,299 6,782,659 6,141,794 5,702,968
Ratios:
Return on assets before extraordinary item 1.72 % 1.53 1.32 1.31 1.17
Return on assets after extraordinary item 1.72 1.53 1.32 1.26 1.17
Return on equity before extraordinary item 19.11 17.92 15.79 15.92 15.00
Return on equity after extraordinary item 19.11 17.92 15.79 15.34 15.00
Dividend payout ratio <F1> 36.62 36.69 36.90 35.10 28.59
Average equity to average assets 8.98 8.53 8.35 8.22 7.80
<FN>
<F1>Determined by dividing dividends declared by net income, including pooled subsidiaries.
</FN>
</TABLE>
The following table has been restated for the three-for-two stock split declared
on March 10, 1997.
POST-SPLIT
Five Year Selected Financial Data
(In thousands, except per share data)
<TABLE>
<CAPTION>
Years Ended December 31,
---------------------------------------------------------------
1996 1995 1994 1993 1992
---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C>
Net interest income $ 374,874 341,875 301,231 263,213 241,203
Provision for losses on loans 31,766 25,787 25,387 24,924 33,302
Income before extraordinary item 139,604 114,583 89,452 80,379 66,685
Net income 139,604 114,583 89,452 77,467 66,685
Per share data:
Income before extraordinary item 0.80 0.66 0.53 0.48 0.41
Net income 0.80 0.66 0.53 0.47 0.41
Cash dividends declared 0.29 0.24 0.20 0.17 0.14
Book value per share 4.49 3.99 3.41 3.26 2.78
Long-term debt 97,283 106,815 139,811 143,481 143,215
Average total equity 730,541 639,426 566,562 505,027 444,565
Average total assets 8,135,587 7,498,299 6,782,659 6,141,794 5,702,968
Ratios:
Return on assets before extraordinary item 1.72 % 1.53 1.32 1.31 1.17
Return on assets after extraordinary item 1.72 1.53 1.32 1.26 1.17
Return on equity before extraordinary item 19.11 17.92 15.79 15.92 15.00
Return on equity after extraordinary item 19.11 17.92 15.79 15.34 15.00
Dividend payout ratio <F1> 36.62 36.69 36.90 35.10 28.59
Average equity to average assets 8.98 8.53 8.35 8.22 7.80
<FN>
<F1>Determined by dividing dividends declared by net income, including pooled subsidiaries.
</FN>
</TABLE>
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, Registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SYNOVUS FINANCIAL CORP.
("Registrant")
Dated: August 15, 1997 By:/s/Kathleen Moates
Kathleen Moates
Senior Vice President
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