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Synovus Financial Corp. Reports Operating Results (10-K)

February 29, 2012 | About:
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10qk

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Synovus Financial Corp. (SNV) filed Annual Report for the period ended 2011-12-31.

Synovus Finl Cp has a market cap of $1.59 billion; its shares were traded at around $2.05 with and P/S ratio of 1.1. The dividend yield of Synovus Finl Cp stocks is 2%.

Highlight of Business Operations:

Return to profitability in the second half of 2011-Synovus reported net income available to common shareholders of $12.8 million for the fourth quarter of 2011, compared to net income available to common shareholders of $15.7 million for the third quarter of 2011, and a net loss attributable to common shareholders of $180.0 million in the fourth quarter of 2010. Diluted net income per common share for the fourth quarter of 2011 was $0.01, compared to diluted net income

Synovus follows a risk-based approach as it relates to the credit monitoring processes for its loan portfolio. Synovus updates the fair value of the real estate collateral securing collateral-dependent impaired loans each calendar quarter, with appraisals usually received on an annual basis, or sooner if appropriate, from an independent, unaffiliated certified or licensed appraiser. Management also considers other factors or recent developments, such as selling costs and anticipated sales values considering management's plans for disposition, which could result in adjustments to the collateral value estimates indicated in the appraisals. Synovus updates the values of collateral that is in the form of accounts receivable, inventory, equipment, and cash surrender value of life insurance policies at least annually and the values of collateral that is in the form of marketable securities and brokerage accounts at least monthly.

Read the The complete Report

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