SYNOVUS FINANCIA : Article on SNV in TheStreet.com

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14 oct. 2010 •20:46

2. Synovus Financial

Company Profile

Shares of Synovus Financial of Columbus, Ga. closed at $2.58 Thursday, rising 27% year-to-date.

On Thursday, Synovus announced that acting CEO Kessel Stelling was elected permanent CEO and President by the company's board of directors and that former CEO Richard Anthony, who had been on a medical leave of absence, would become the company's new Chairman.

Income Statement

Synovus reported a second-quarter net loss to common shareholders of $242.6 million or 36 cents a share, following a loss of $229.8 million or 47 cents a share in the first quarter and a loss of $601.2 million or $1.82 a share in the second quarter of 2009.

The provision for loan losses for the second quarter was $298.9 million, having declined four straight quarters from $631.5 million in the second quarter of 2009.

Synovus has scheduled its third-quarter earnings release for Oct. 25.

Balance Sheet

Total assets were $32.4 million as of June 30 and the nonperforming assets ratio was 4.90%, declining from 5.79% the previous quarter and 5.09% in June 2009. The net charge-off ratio for the second quarter was a high 7.15%. Loan loss reserves covered 3.55% of total loans as of June 30.

Synovus raised $1.1 billion in common equity during the second quarter, leaving it with a tier 1 leverage ratio of 10.12% and a total risk-based capital ratio of 16.91% as of June 30. The tangible common equity ratio was 7.58% according to SNL Financial. The company owes $968 million in TARP money.

Stock Ratios

The shares trade for 0.8 times tangible book value according to SNL.

Analyst Ratings

Out of 20 analysts covering Synovus Financial, four have buy ratings, 14 recommend holding the shares and two recommend investors sell the shares.

Source:
http://www.thestreet.com/story/10886649/10/10-bank-ma-targets.html