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- Synovus Announces Quarterly Stock Dividend for Synovus' Series C Preferred Stock
- American Banker/Reputation Institute Names Synovus One of America's Most Reputable Banks
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- Synovus Announces Earnings for the Fourth Quarter
- Synovus Announces Earnings for Third Quarter 2014
|Synovus Reports Results for First Quarter of 2011
|Losses Narrow as Credit Costs Improve Significantly|
Columbus, Ga., April 26, 2011 - Synovus Financial Corp. (NYSE: SNV) today reported a net loss attributable to common shareholders of $93.7 million for the first quarter of 2011, a 48% improvement from the fourth quarter of 2010 and a 59% improvement from the first quarter of 2010. The net loss per common share for the first quarter of 2011 was $0.12 compared to $0.23 for the fourth quarter of 2010. The first quarter 2011 results include $24.3 million in restructuring charges. Excluding these charges, the net loss attributable to common shareholders was $69.3 million or $0.09 per common share. Synovus" overall credit trends continued to track in a positive direction, and its capital position remains strong.
First Quarter Business Results
Strong Capital Position
As of March 31, 2011, capital ratios were as follows:
Balance Sheet Fundamentals
"During the quarter, we continued to execute on credit resolution and efficiency," said Kessel D. Stelling, President and CEO of Synovus. "Total credit costs and provision for loan losses were at their lowest level since the second quarter of 2008, and net charge-offs are at their lowest levels since the third quarter of 2008. We are ahead of our projections for headcount reductions, as we reduced headcount by 591 during the first quarter, and are on track to achieve our projected $75 million in expense savings in 2011. The net interest margin expanded by 15 basis points to 3.52%, and pre-tax, pre-credit costs income grew 4.1% from the previous quarter. These improving trends support our belief that we will return to sustainable profitability during 2011."
Stelling continued, "We are in the final stage of a comprehensive, customer-focused redesign of all loan and deposit processes. These changes will make Synovus an easier bank with which to do business, as well as free up our bankers to play offense and pursue new growth opportunities."
Synovus will host an earnings highlights conference call at 8:30 a.m. EST on April 26, 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.