Synovus and Hanmi Financial -- Strong Players in a Struggling Sector
September 07 2011 - 8:16AM
Marketwired
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:
www.bedfordreport.com/SNV www.bedfordreport.com/HAFC
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.
The Bedford Report releases market research on the Financial
Sector so investors can stay ahead of the crowd and make the best
investment decisions to maximize their returns. Take a few minutes
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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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