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- Synovus Announces Quarterly Stock Dividend for Synovus’ Series C Preferred Stock
- Synovus to Announce First Quarter 2014 Results
- Synovus Announces Changes to Board of Directors
- Synovus Announces REACH Awards
- Kamensky Named Synovus Executive Vice President and General Counsel
- Synovus Reports Earnings for Fourth Quarter of 2013
- Synovus Announces Quarterly Stock Dividend
|Synovus Reports Increased Profit for First Quarter of 2012
|Third Consecutive Profitable Quarter Highlighted by Improvement in Key Credit Metrics|
Columbus, Ga., April 24, 2012 – Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended March 31, 2012.
First Quarter Results
“We are pleased to report a profit for the third consecutive quarter,” said Kessel D. Stelling, Chairman and CEO of Synovus. “Our first quarter was highlighted by a significant reduction in non-performing loan inflows, lower net charge-offs, and a reduction in all key problem loan categories. These improving trends in key credit metrics are the main drivers of long-term, sustained profitability. During the quarter, our performance also included net interest margin improvement and the continued downward trend in expenses.”
Pre-tax, pre-credit costs income was $110.6 million for the first quarter of 2012, down $3.2 million from $113.8 million in the fourth quarter of 2011.
Balance Sheet Fundamentals
Regulatory Capital Ratios
Stelling concluded, "This quarter marks another significant step on our path to sustained profitability. While credit improvement and expense discipline remain key to our long-term success, we are very focused on core revenue growth and providing great value to our customers. We continue to invest in new technology and talent, all with the goal of providing unparalleled service throughout our markets. Our efforts are reflected both in the growth in the number of accounts and overall core deposit balances, and are further evidenced by our number one market share position in twelve markets and top five market share position in markets representing almost eighty percent of our deposit franchise. Recently announced, nationally recognized awards for excellence in customer service show that our customer-focused, relationship-based brand of banking is working well and provides a solid foundation for our future.”
Synovus will host an earnings highlights conference call at 8:30 a.m. EST on April 24, 2012. 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/webcasts 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.