Synovus Financial Corp. reported its fifth straight quarterly loss due largely to credit costs.
The $34.6 billion-asset Columbus, Ga., banking company lost $423.4 million in the third quarter, or $1.27 per share.
The loan-loss provision fell 21% from the second quarter but was more than triple that of a year earlier, at $496.5 million.
Net chargeoffs rose 39.8% from the second quarter and more than quadrupled from a year earlier, to $496.8 million. Nonperforming assets rose 1.7% from the second quarter and 75.3% from a year earlier, to $1.75 billion.