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
June 5,1998
(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 April 23, 1998, Synovus Financial Corp. ("Registrant") announced a
three-for-two stock split to be distributed on May 21, 1998, to shareholders of
record as of May 7, 1998 with a brokers' cut-off date of May 14, 1998. The stock
split resulted in the issuance of 87,753,011 additional shares of common stock.
The par value of the new shares totaled $87,753,011 which was transferred from
surplus and retained earnings to the common stock account. The stock split also
resulted in $80,189 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, 1993.
PRE-SPLIT
<TABLE>
Table 1
<CAPTION>
Five Year Selected Financial Data
(In thousands, except per share data)
Years Ended December 31,
1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C>
Net interest income $ 412,389 374,874 341,875 301,231 263,213
Provision for losses on loans 32,296 31,766 25,787 25,387 24,924
Income before extraordinary item 165,236 139,604 114,583 89,452 80,379
Net income 165,236 139,604 114,583 89,452 77,467
Per share data:
Income before extraordinary item - basic 0.95 0.80 0.66 0.53 0.48
Income before extraordinary item - assuming dilution 0.93 0.79 0.66 0.53 0.48
Net income - basic 0.95 0.80 0.66 0.53 0.47
Net income - assuming dilution 0.93 0.79 0.66 0.53 0.46
Cash dividends declared 0.36 0.29 0.24 0.20 0.17
Book value per share 5.16 4.49 3.99 3.41 3.26
Long-term debt 126,174 97,283 106,815 139,811 143,481
Average total equity 834,726 730,541 639,426 566,562 505,027
Average total assets 8,815,423 8,135,587 7,498,299 6,782,659 6,141,794
Ratios:
Return on assets before extraordinary item 1.87 % 1.72 1.53 1.32 1.31
Return on assets after extraordinary item 1.87 1.72 1.53 1.32 1.26
Return on equity before extraordinary item 19.80 19.11 17.92 15.79 15.92
Return on equity after extraordinary item 19.80 19.11 17.92 15.79 15.34
Dividend payout ratio <F1> 38.10 36.62 36.69 36.90 35.10
Average equity to average assets 9.47 8.98 8.53 8.35 8.22
<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 April 23, 1998.
<TABLE>
POST-SPLIT
<CAPTION>
Five Year Selected Financial Data
(In thousands, except per share data)
Years Ended December 31,
1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C>
Net interest income $ 412,389 374,874 341,875 301,231 263,213
Provision for losses on loans 32,296 31,766 25,787 25,387 24,924
Income before extraordinary item 165,236 139,604 114,583 89,452 80,379
Net income 165,236 139,604 114,583 89,452 77,467
Per share data:
Income before extraordinary item - basic 0.63 0.53 0.44 0.35 0.32
Income before extraordinary item - assuming dilution 0.62 0.53 0.44 0.35 0.32
Net income - basic 0.63 0.53 0.44 0.35 0.31
Net income - assuming dilution 0.62 0.53 0.44 0.35 0.31
Cash dividends declared 0.24 0.19 0.16 0.13 0.11
Book value per share 3.44 2.99 2.66 2.27 2.17
Long-term debt 126,174 97,283 106,815 139,811 143,481
Average total equity 834,726 730,541 639,426 566,562 505,027
Average total assets 8,815,423 8,135,587 7,498,299 6,782,659 6,141,794
Ratios:
Return on assets before extraordinary item 1.87 % 1.72 1.53 1.32 1.31
Return on assets after extraordinary item 1.87 1.72 1.53 1.32 1.26
Return on equity before extraordinary item 19.80 19.11 17.92 15.79 15.92
Return on equity after extraordinary item 19.80 19.11 17.92 15.79 15.34
Dividend payout ratio <F1> 38.10 36.62 36.69 36.90 35.10
Average equity to average assets 9.47 8.98 8.53 8.35 8.22
<FN>
<F1>Determined by dividing dividends declared by net income, including pooled
subsidiaries.
</FN>
</TABLE>
<PAGE>
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: June 5, 1998 By:/s/ Kathleen Moates
Kathleen Moates
Senior Vice President
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