Synovus Financial Corp. continued to show profits Tuesday, reporting net income of $24.8 million for the second quarter compared to a net loss of $53.5 million in the second quarter of 2011.
The Columbus, Ga.-based regional bank has now been profitable since the third quarter of 2011 after losing money for three years from the credit and housing crisis.
“Continued credit improvement drove our fourth consecutive quarter of profitability,” said Kessel Stelling, Chairman and CEO of Synovus. “Declines in total credit costs, non-performing loan inflows, non-performing assets, and total delinquencies contributed significantly to the overall credit improvement.”
Synovus, operators of Augusta First Bank & Trust, said deposits stood at $20.4 billion, down $314.8 million compared to the first quarter of 2012.