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Fourth quarter gains lift Synovus

ALBANY, Ga. -- Synovus, the parent company company of SB&T bank in Albany, reported fourth-quarter earnings topping $712.8 million.

The Columbus-based company (NYSE: SNV) finshed an $800 million turnaround from December 2011 when it ended the year with an $118.7 million net loss to shareholders.

"The positive performance cited in today's release of Synovus' Fourth Quarter financials is an important milestone for our company," Mark Lane, president and CEO of SB&T, said. "The banking industry as a whole has undergone tremendous challenges the last few years. Synovus' end of year results reflect our significant progress toward a position of sustained profitability."

That $800 million swing was asssisted by an income tax benefit the company was able to gain from the recapture of substantially all of the deferred tax asset valuation allowance, a press release from the company states.

By recapturing that deferred tax asset, Synovus was able to drive up the book value of its common stock by 80 cents a share during the quarter to top out at $2.96.

During the fourth quarter, the company also sold off more than $545 million worth of distressed assets which resulted in a pre-tax charge of about $157 million.

Synovus Bank has 30 locally branded divisions, 293 offices, and more than 300 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee; including SB&T Bank branches in Dougherty, Lee and Sumter counties.

Comments

FryarTuk 1 year, 7 months ago

Synovus has scratched back to profitability on the backs of their stable customers to compensate for their disastrous single loan of hundreds of millions of dollars to a single corporate group developing coastal Georgia property. It was a very poor decision just as their decision to abandon the downtown Albany bank in favor of an intersection in the outskirts of nowhere. There again betting on real estate market they didn't grasp. Synovus should stick to credit card processing and leave the banking to banks.

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chinaberry25 1 year, 7 months ago

They first sold their stock for $10/share to the good old boys of Albany. Loaned Mark Taylor millions, wonder if that was ever paid back. I started to buy some of its stock, but I am really glad I didn't. Some of Albany's finest did though, but I bet you cannot find one who would admit it.

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chinaberry25 1 year, 7 months ago

Sorry, I am speaking of AB&T. Do not post the original, but same dog and pony with both. Give it to the good old boys and folks who would really pay it back cannot get a loan.

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CentsCommon 1 year, 7 months ago

You are damned if you do and damned if you don't. Way to go Synovus! Finally something positive in the news!!

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