The Tampa economic indicator that's pumping up the balance sheets of Synovus, C1, Jefferson banks
By Margie Manning
Tampa Bay Business Journal
Published: Oct 21, 2015

Tampa is one of five markets where Synovus Financial Corp. posted strong loan growth in the third quarter of 2015.

Synovus (NYSE: SNV) singled out Tampa, along with Atlanta, Jacksonville, and two South Carolina markets - Greenville and Charleston - as key contributors to the bank's loan portfolio gains in the three months ended Sept. 30.

An increase in loans is a positive economic indicator because it means businesses are borrowing money to hire more workers, buy equipment or real estate, or expand through mergers and acquisitions.

Strong loan gains in the Tampa area during 3Q 2015 also have been noted by C1 Financial Inc. (NYSE: BNK) in St. Petersburg and Jefferson Bankshares Inc. (OTC: JFBJ) in Oldsmar.

Total loans for Columbus, Georgia-based Synovus grew $369.4 million or 6.8 percent during the third quarter and loans were up 6.2 percent compared to a year ago, Kessel Stelling, the bank's chairman and CEO, said during a conference call with analysts. Loan growth was across all categories, he said, including retail, commercial real estate, and commercial and industrial loans, or all-purpose business loans.

Deposits also jumped, with Tampa joining Atlanta, Birmingham and Greenville as markets with the most growth, Stelling said. Deposits were up 13 percent in the Tampa-St. Petersburg market, he said.

Synovus had 18 offices and about $847.5 million in deposits in the Tampa Bay area as of June 30, when the Federal Deposit Insurance Corp. compiles its annual market share report.

Synovus posted a profit of $57.9 million, up 23.8 percent over the third quarter of 2014. Earnings per share jumped 32.2 percent to 42 cents, the Atlanta Business Chronicle reported.

Margie Manning is Print Editor of the Tampa Bay Business Journal. She also covers the Money beat.