Synovus posts fourth-quarter profit

 

Synovus Financial Corp., operators of Augusta First Bank & Trust, posted a fourth-quarter profit, as it benefited from a drop in provisions for bad loans.

For the fourth quarter, the company earned $12.8 million, or a cent per share, compared with a net loss of $180 million, or a loss of 23 cents per share, a year ago.

Provisions for loan losses fell 79 percent to $54.5 million, while net charge-offs dipped 71 percent to $113.5 million, compared to the year-ago period.

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For the record