SOURCE: The Bedford Report

The Bedford Report

August 02, 2011 11:44 ET

Synovus Financial and Flagstar Bancorp Finally Show Signs of Recovery

The Bedford Report Provides Equity Research on Synovus Financial & Flagstar Bancorp

NEW YORK, NY--(Marketwire - Aug 2, 2011) - This earnings season showed some favorable results in the regional banking and savings and loans sectors as loan growth is beginning to improve. Higher revenue has prompted some banks to boost dividend payments, while others must first repay TARP money before returning cash to shareholders. The Bedford Report examines the outlook for companies in the financial sector and provides equity research on Synovus Financial Corporation (NYSE: SNV) and Flagstar Bancorp Inc. (NYSE: FBC). Access to the full company reports can be found at:

The Wall Street Journal reported that earnings at regional banks have recently been lifted by improving credit quality among loans, allowing more of their top-line revenue to make it all the way to the bottom line.

Last week Synovus reported a net loss attributable to common shareholders of $53.5 million, or 7 cents per share, compared with a loss of $242.6 million, or 36 cents per share, in the year-ago quarter. Synovus cut its provision for loan losses, the money set aside to cover loans it couldn't collect, by more than half to $120.2 million, from $298.9 million a year ago.

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Synovus remains saddled with $968 million in government bailout money that must be eventually repaid. According to Chief Executive Kessel Stelling, the company "still believes today that TARP repayment is likely a 2012 event for Synovus."

Last week Flagstar Bancorp posted a second-quarter loss of $78.9 million, or $0.14 per share. Flagstar has begun to focus its growth strategy on its two major markets in the Midwest and the Northeast. As a result, the company recently sold 27 of its Atlanta-area branches to PNC Financial for about $42 million.

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