The following is from Synovus
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.
Fourth Quarter Business Results
· 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.