Synovus posts loss of $180 Million for 4th quarter - WTVM.com-Columbus, GA News Weather & Sports

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Synovus posts loss of $180 million for 4th quarter

By Zaneta Lowe  - bio | email 

COLUMBUS, GA (WTVM) - Columbus banking giant Synovus is releasing its fourth quarter earnings report.

The company reported a net loss of $180 million for the fourth quarter of 2010.

That's compared to a loss of nearly $196 million for the previous period. 

A company press release also noted total non-performing assets declined for the third consecutive quarter to $1.28 billion, the lowest level in two years.

Losses reported over past 2 years:

4th Q 2010  - $180M
3rd Q 2010 -$196M
2nd Q 2010 - $229M
1st Q 2010 - $216M
4th Q 2009 - $250 M
3rd Q 2009 - $424M 2nd Q 2009 - $587M
1st Q 2009 - $137 M
4th Q 2008 - $637M

Estimated total losses: $2,860,000,000
 

Total delinquencies in the fourth quarter (loans 30-89 days past due and 90 days or more past due) declined to 0.82% of loans, from 1.12% in the third quarter, which is a decrease of $77 million.

Earlier this month Synovus announced it was cutting more than 800 jobs and consolidating several bank branches.

 Synovus Developments over the past few years

Synovus and TSYS Named in Georgia's Top 50 – August 2007
Synovus release results of 1Q – April 2008
Synovus Releases results of 2Q  – July 2008
Synovus releases results of 3Q – October 2008
Magazine honors Synovus for pay online platform – October 2008
Synovus Invests in FDIC Liquidity Guarantee Program – November 2008
Synovus Applies For Federal Bailout Money – November 2008
Synovus selected to participate in TARP – December 2008
Synovus releases results of 4Q earnings – January 2009
Synovus merges with Sumter bank – March 2009
Synovus facing SEC informal inquiry  - March 2009
Synovus Reduces Quarterly Common Stock Dividend – March 2009
Synovus to eliminate 200 positions – March 2009
Synovus posts results for 1Q 2009 – April 2009
Taylor retires from Synovus after 35 years of service  - July 2009
Synovus releases results of 2Q earnings – July 2009
Synovus announces successful closing of $600 Million public offering  - September 2009
Synovus releases results of 3Q earnings – October 2009
Synovus posts results for 4Q 2009 – January 2010
Stelling named President and COO of Synovus  - February 2010
Synovus facing SEC informal inquiry  - March 2010
Synovus releases 1Q results  - April  2010
Synovus Consolidates Charter - June  2010
Synovus announces management changes – June  2010
Synovus releases 2Q results – July 2010
Synovus elects Stelling as Chief Executive Officer  -  October 2010
Synovus reports 3rd quarter losses – October 2010
Synovus Cuts 850 Positions – Jan. 11, 2011
Melton retires as CB&T CEO, Blanchard promoted – Jan. 16, 2011
Synovus posts loss of $180 Million for 4th Quarter – Jan. 28, 2011


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