Synovus reports $180M loss in 4th Quarter - WTVM.com-Columbus, GA News Weather & Sports

Synovus reports $180M loss in 4th Quarter

 

The following is from Synovus
Synovus Reports Results for Fourth Quarter of 2010

Aggressive Asset Dispositions Drive Non-performing Assets to Lowest Level in Two Years 

COLUMBUS, GA  January 28, 2011 - Synovus Financial Corp. (NYSE: SNV) today reported a net loss attributable to common shareholders of $180.0 million for the fourth quarter of 2010, compared to a net loss of $195.8 million for the third quarter of 2010.

The net loss per common share for the fourth quarter of 2010 was $0.23 compared to $0.25 for the third quarter of 2010. During the quarter, Synovus' credit trends continued to improve and its capital position remained strong.

Fourth Quarter Business Results 
Continued Improvement in Credit Trends

· Dispositions of ORE, problem loans, and potential problem loans were $573 million in the fourth quarter compared to $172 million in the third quarter of 2010, the highest quarterly disposition activity in our history.

· Total non-performing assets declined for the third consecutive quarter to $1.28 billion at December 31, 2010, the lowest level in two years, down from $1.56 billion at September 30, 2010.

· New non-performing loan inflows were $295 million in the fourth quarter of 2010, down 30 percent from the previous quarter and down 55 percent from the same quarter a year ago. This level of non-performing loan inflows is the lowest level in over two years.

· Total delinquencies (loans 30-89 days past due and 90 days or more past due) declined to 0.82% of loans at December 31, 2010 from 1.12% at September 30, 2010, for a $77 million decrease.

· Net charge-offs were $385 million in the quarter compared to $237 million in the third quarter of 2010, impacted by significantly higher asset disposition activity and an increase in transfers to loans held-for-sale.

· Total credit costs declined for the sixth consecutive quarter to $282 million for the fourth quarter of 2010, from $301 million in the third quarter of 2010.

· The allowance for loan losses coverage of non-performing loans (excluding non-performing loans for which the expected loss has been charged-off) increased to 193 percent at December 31, 2010, compared to 178 percent at September 30, 2010.



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