Synovus Financial, the second-largest banking company based in Georgia, said it is seeing loan growth as it tries to cut back on expenses.
The bank saw growth in key markets like Atlanta, chairman and CEO Kessel Stelling said in a statement. Commercial loans were up, and private client mortgages and home equity loans improved during the fourth quarter, as well. Total loans grew 7 percent on an annual basis.
The company made $35.8 million in the fourth quarter, down 95 percent from the $709.3 million it made in the fourth quarter of 2012. The 2013 results were affected by money set aside for litigation, while 2012 numbers were affected by an $800 million tax benefit.
Synovus paid off a $968 million Troubled Asset Relief Program loan last year, at the time, the largest loan outstanding.
“Entering 2014, our capital position is strong, our customers remain our central focus, and our lending engine is gaining good traction,” Stelling said in the statement.
