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Synovus 3Q profit edges up, misses view

COLUMBUS, Ga. (AP) -- Synovus Financial Corp. reported Tuesday that its third-quarter net income edged up slightly year-over-year but missed market expectations.

The company, based in Columbus, Ga., has roughly $26 billion in assets and provides commercial and retail bank services to customers in five Southern states.

Synovus said that it benefited from cost cutting, improved margins and loan portfolio growth during the period that ended Sept. 30. It also had fewer loans in default and charge-offs, which improved its credit position.

The company reported net income available to common shareholders of $16 million, or 2 cents per share, versus $15.7 million, or 2 cents per share, last year. Analysts polled by FactSet were expecting the company to earn 3 cents per share.

Its net interest income, or money earned from deposits and loans, fell 7 percent to $212.3 million. Its noninterest income, money earned from fees, charges and other sources, fell 45 percent to $73.2 million, due largely to a drop in income from investment securities and private equity investments.

Shares of Synovus rose 4 cents to $2.45 in late trading Tuesday. They are near the high end of their 52-week range of $1.28 to $2.51.