SOURCE: The Bedford Report

The Bedford Report

September 07, 2011 08:16 ET

Synovus and Hanmi Financial -- Strong Players in a Struggling Sector

The Bedford Report Provides Equity Research on Synovus & Hanmi Financial

NEW YORK, NY--(Marketwire - Sep 7, 2011) - Banking stocks have been crushed in recent months as a combination of persistently low interest rates and loan loss provisions has significantly held down both earnings and profits. Despite the negative sentiment, several statistics show regional banks are continuing a successful recovery from the 2008 financial crisis. The Bedford Report examines the outlook for companies in the regional banking sector and provides equity research on Synovus Financial Corporation (NYSE: SNV) and Hanmi Financial Corporation (NASDAQ: HAFC). Access to the full company reports can be found at:

The Federal Deposit Insurance Corporation (FDIC) said the institutions it insures recorded $28.8 billion in net income over the April-June period, up 38 percent year-on-year. The increase marked the eighth straight quarter in which earnings moved in a positive direction, although revenue fell for the second quarter in a row.

The FDIC explains that banks are posting stronger profits despite weak revenues due to stronger balance sheets and better capital positions.

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Synovus is a financial services company with more than $28 billion in assets based in Columbus, Georgia. Synovus' bank divisions provide commercial and retail banking, investment and mortgage services to customers in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus reported second-quarter 2011 loss attributable to common shareholders of 6 cents per share, a significant improvement from the loss of 36 cents per share reported in the year-ago quarter and 9 cents in the prior quarter.

Hanmi Financial reported it earned $8.0 million, or $0.05 per diluted share, for the second quarter of 2011. Hanmi's performance marks the third consecutive profitable quarter following the $10.4 million, or $0.07 per diluted share, earned in the first quarter of 2011 and $5.3 million, or $0.04 per diluted share, earned in the fourth quarter of 2010.

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