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|Synovus Reports Results for Second Quarter of 2011
|Improved Performance Driven by Lower Credit Costs|
Columbus, Ga., July 28, 2011 - Synovus Financial Corp. (NYSE: SNV) today reported a net loss attributable to common shareholders of $53.5 million for the second quarter of 2011, a 42.9% improvement from the first quarter of 2011 and a 77.9% improvement from the second quarter of 2010. The net loss per common share for the second quarter of 2011 was $0.07 compared to $0.12 for the first quarter of 2011. The second quarter of 2011 results include $3.1 million in restructuring charges compared to $24.3 million in the previous quarter. Excluding these charges, the net loss per common share was $0.06 in the second quarter of 2011, compared to $0.09 in the previous quarter.
Second Quarter Business Results
Balance Sheet Fundamentals
"Significant progress in credit resolution and the continued implementation of efficiency initiatives were the primary drivers of our improved performance," said Kessel D. Stelling, President and CEO of Synovus. "Total credit costs, provision for loan losses, non-performing loan inflows and potential problem commercial loans all declined during the quarter, and we are on track to achieve our projected $75 million in expense savings in 2011."
Stelling continued, "While credit and efficiency are still key, intense focus on the customer experience is critical to our long-term success. We continue to work toward making it easier to do business with our company, including the time required to open an account or to obtain a loan. During the quarter, we added significant talent with very specific product expertise, including our recently announced Senior Housing Group. We are building meaningful pipelines with early success in loan fundings from our corporate banking team."
Stelling concluded, "Credit improvement, a continued focus on efficiency, and balance sheet stabilization will drive our return to sustainable profitability, which we continue to believe will occur during 2011. This assumption is based on an economic environment that is generally consistent with the first half of 2011."
Synovus will host an earnings highlights conference call at 8:00 a.m. EST on July 28, 2011. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties can access the slide presentation and listen to the conference call via simultaneous Internet broadcast at www.synovus.com by clicking on the "Live Webcast" icon. RealPlayer or Windows Media Player can be downloaded prior to accessing the actual call or the replay. The replay will be archived for 12 months and will be available 30-45 minutes after the call.
Synovus Financial Corp. is a financial services company with over $28 billion in assets based in Columbus, Georgia. Synovus Financial Corp. provides commercial and retail banking, investment and mortgage services to customers in Georgia, Alabama, South Carolina, Florida and Tennessee. See Synovus Financial Corp. on the web at www.synovus.com.