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.