“We fully expect 2010 to reflect a significant improvement over last year,” he said. “I believe we’re off to a good start in that regard.”
Positive signs Anthony cited include a reduction in the amount of bad loans being charged off and a drop in the level of loans being classified as non-performing.
Synovus charged off $316 million in loans in the first quarter of the year, compared to $362 million in the fourth quarter of 2009 and $497 million in the third quarter of 2009.
Synovus received nearly $1 billion from the federal government’s TARP program in 2008 and has yet to make any repayments. Last year it sold $600 million in new shares of the company’s stock.
The company formed as a collection of largely independent community banks, but earlier this year it announced a plan to consolidate its 30 banking charters into a single charter later this year. In metro Atlanta, Synovus operates Bank of North Georgia and Bank of Coweta County, and those brand names will remain.