Synovus Financial SNV reported second-quarter 2021 adjusted earnings of $1.20 per share, which handily beat the Zacks Consensus Estimate of $1.03 per share, aided by solid mortgage banking income. Also, the bottom line compares favorably with the earnings of 23 cents per share recorded in the year-ago quarter.Results were driven by rising net interest income, lower expenses and reversal of provisions. Moreover, solid deposit balances and capital position stoked organic growth. However, lower non-interest income and loans were undermining factors.Including certain non-recurring items, net income available to common shareholders came in at $177.9 million or $1.19 per share compared with the $84.2 million or 57 cents recorded in the prior-year quarter.Revenues Fall on Lower Non-Interest Income, Expenses DownTotal revenues in the second quarter came in at $488.95 million, down 11.1% from the prior-year quarter. Yet, the top line outpaced the Zacks Consensus Estimate by 0.98%.Net interest income inched up 1.4% year over year to $381.9 million. However, net interest margin shrunk 11 basis points (bps) to 3.02%.Non-interest income plunged 38% on a year-over-year basis to $107.1 million. Fall in mortgage banking, income from bank-owned life insurance, capital markets income and other non-interest revenues led to this downside.Non-interest expenses were $270.5 million, down 5% year on year. This downside mainly resulted from lower professional fees, FDIC insurance and other regulatory fees and Other operating expenses.Adjusted tangible efficiency ratio came in at 54.41% compared with the 57.71% reported in the year-earlier quarter. A fall in ratio indicates an improvement in profitability.Total deposits came in at $47.2 billion, up 6.7% sequentially. However, total loans fell 4.2% sequentially to $38.2 billion.Credit Quality: A Mixed BagSynovus’ credit metrics witnessed a mixed performance during the June-end quarter.Non-performing loans rose 9% year over year to $161 million. Net charge-offs increased 10% to $26.5 million. The annualized net charge-off ratio was 0.28% compared with the year-ago quarter’s 0.24%.Further, reversal of provision for credit losses of $24.6 million was recorded in the second quarter against provision expense of $141.9 in the prior-year quarter.Total non-performing assets amounted to $177.8 million, underlining a marginal year-over-year jump. Non-performing loan ratio came in at 0.46%, shrinking 4 bps sequentially.Robust Capital PositionTier 1 capital ratio and total risk-based capital ratio were 10.99% and 13.25%, respectively, compared with 10.15% and 12.70% as of Jun 30, 2020.Moreover, as of Jun 30, 2021, Common Equity Tier 1 Ratio (fully phased-in) was 9.75% compared with the 8.90% witnessed in the year-ago quarter. Tier 1 Leverage ratio was 8.72% compared with the 8.38% recorded in the year-earlier period.Return on average assets was 1.36% compared with the prior-year quarter’s 0.71%. Return on average common equity was 15.40%, up from the 7.48%.Our TakeSynovus put up a decent show in the April-June quarter. We believe the company’s focus on both organic and inorganic growth, together with its cost-containment efforts, will pay off and aid bottom-line expansion in the subsequent years. Though reduction in fee income raises concerns, improving expenses are encouraging.Synovus Financial Corp. Price, Consensus and EPS Surprise Synovus Financial Corp. price-consensus-eps-surprise-chart | Synovus Financial Corp. QuoteCurrently, Synovus carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other BanksBank of America’s BAC second-quarter 2021 earnings of $1.03 per share handily beat the Zacks Consensus Estimate of 77 cents. The bottom line compared favorably with the 37 cents earned in the prior-year quarter.PNC Financial PNC pulled off a second-quarter 2021 earnings surprise of 42.4% on substantial reserve release. Adjusted earnings per share of $4.50 exceeded the Zacks Consensus Estimate of $3.16.Large reserve releases, solid investment banking performance and modest rise in loan demand drove JPMorgan’s JPM second-quarter 2021 earnings of $3.78 per share. The bottom line comfortably outpaced the Zacks Consensus Estimate of $3.05. 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(SNV): Free Stock Analysis Report The PNC Financial Services Group, Inc (PNC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research