For Immediate Release
Contact: Patrick A. Reynolds
Director of Investor Relations
(706) 649-4973
Synovus® Reports 17% Increase in Net Income for 2002
Company Meets 15% Earnings per Share Growth Target for the Year
Columbus, Ga., January 15, 2003— Synovus’ 2002 earnings grew 17% over 2001 to a record $365 million, or $1.21 per share Synovus Chairman and CEO James H. Blanchard announced today.
“We are very pleased to report another record year and excellent fourth quarter results,” said Blanchard. “In a very challenging environment, we achieved our 15% earnings per share growth target for the year as net interest income increased by 14% over last year, due to outstanding loan growth of 16.5% over last year, coupled with continued strong credit quality, and a net interest margin of 4.65% for the year. TSYS increased net income by 20.5% over last year. Our expense control efforts contributed to our excellent results for the year. For the fourth quarter, net income increased 22.6% and diluted earnings per share grew 20.2% over the same period last year.”
Return on assets for 2002 was 2.10% and return on equity was 19.69%, as compared to 2.03% and 20.13%, respectively, for 2001. Shareholders’ equity at December 31, 2002, was $2.041 billion, which represented10.72% of year-end assets. Total assets ended the quarter at $19 billion, an increase of 14.3% from the same period last year. For the fourth quarter, return on assets was 2.23% and return on equity was 20.64% as compared to 2.11% and 20.51%, respectively, for the fourth quarter 2001.
Asset quality remained strong during the fourth quarter. With the addition of one commercial credit in the fourth quarter, the ratio of nonperforming assets to loans and other real estate increased to 0.64% from 0.59% in the third quarter of 2002. However, during the quarter, net charge-offs were down to 0.27% from 0.32% in the previous quarter and the allowance for loan losses remained unchanged at 1.38% of loans. Net charge-offs for the full year were 0.33% of average loans compared to 0.30% for 2001. The allowance for loan losses provides coverage of 299% of nonperforming loans and the provision for loan losses covered net charge-offs by 1.61x in the fourth quarter.
Synovus Financial Services’ (formerly banking operations) net income increased 16.8% over last year. Return on assets for 2002 was 1.57% and return on equity was 18.85%. Financial Services’ non-interest income was up 9% as compared to last year, with increases in service charges on deposits of 9%, net mortgage revenue of 8% and credit card fees of 6% over the same period last year. Financial Management Services and insurance revenues increased 16% over last year, with trust up 6%, brokerage up 15%, financial planning/asset management (which consists of Creative Financial Group and GLOBALT, acquired in 2001 and 2002, respectively) up 76%, and insurance up 19%. Financial Services’ non-interest income as a percentage of Financial Services’ revenues — excluding securities gains/losses and an impairment loss in a private equity investment in the second quarter — was 28% for 2002. Additionally, during 2002 we progressed with our strategic market repositioning by adding eleven
Post Office Box 120 / Columbus, GA 31902
www.synovus.com
Synovus® Reports 17% Increase in Net Income for 2002/p. 2
new banking locations in high growth markets and exiting three low growth markets with four locations. Other non-interest income for 2002 included pre-tax gains of $15.3 million associated with the sale of these banking locations, which compares to pre-tax gains on sales of certain banking locations and sale of the Star System ATM network totaling $13.7 million in 2001. The fundamental Financial Services’ G&A expenses for the year were up 5.5% over 2001. The efficiency ratio for 2002 was 52.07%, compared to 53.80% last year.
TSYS reported net income of $125.8 million for 2002, a 20.5% increase in net income over 2001. Diluted earnings per share for the year increased to $0.64, up from $0.53 last year. During the fourth quarter, TSYS announced:
Signing of an agreement with Sears Canada to process more than 8 million retail accounts, which will be converted from its in-house system in 2003
- Renewal of a seven-year agreement with Canadian Tire Financial Services
With TSYS’ contribution, Synovus’ total non-interest income — excluding securities gains/losses, an impairment loss in a private equity investment in the second quarter, and reimbursable items at TSYS — was 58.6% of revenues for the year.
Blanchard concluded, “Our vision is for Synovus to be the finest financial services company in the world. We affirm our corporate goal to achieve earnings per share growth within the 10 – 14% range for 2003. We believe that our current strategies, team members, technological advantages, and our strong balance sheet will position us well to achieve this level of earnings growth, which we believe will place us among the top of the industry performers for 2003.”
Synovus will host an earnings highlights conference call at 4:30 pm ET, on January 15, 2003. The conference call can be accessed atwww.synovus.com. Please log on 5-10 minutes ahead of the call time.
Synovus (NYSE: “SNV”) is a diversified financial services holding company with more than $19 billion in assets based in Columbus, Ga. Synovus provides integrated financial services including banking, financial management, insurance, mortgage and leasing services through 37 affiliate banks and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee; and electronic payment processing through an 81-percent stake in TSYS (NYSE: “TSS”), the world’s largest third-party processor of international payments. Synovus is No. 9 on FORTUNE magazine’s list of “The 100 Best Companies To Work For” in 2003. See Synovus on the Web at www.synovus.com.
This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding Synovus’ expected growth in earnings per share for 2003 and the assumptions underlying such statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict. These factors include, but are not limited to, Synovus’ inability to increase banking services’ net income by 10-14% in 2003; Synovus’ inability to increase its revenues derived from Financial Management Services and insurance by 15-20% in 2003; TSYS’ inability to increase its net income by 12-15% in 2003; Synovus’ inability to contain the increase in Financial Services’ expenses at not more than 4% in 2003; competitive pressures arising from aggressive competition from other lenders; factors that affect the delinquency rate on Synovus’ loans and the rate at which Synovus’ loans are charged off; changes in the cost and availability of
Post Office Box 120 / Columbus, GA 31902
www.synovus.com
Synovus® Reports 17% Increase in Net Income for 2002/p. 3
funding due to changes in the deposit market and credit market, or the way in which Synovus is perceived in such markets; changes in prevailing interest rates; the timely development of competitive new products and services and the acceptance of such by customers; Synovus’ inability to control expenses; a deterioration in credit quality or a reduced demand for credit; hostilities in the Middle East or elsewhere; and the effects of changes in government policy and regulations, including restrictions and/or limitations arising from banking laws, regulations and examinations. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations.
Post Office Box 120 / Columbus, GA 31902
www.synovus.com
Synovus | |||||||||
INCOME STATEMENT | Twelve Months Ended | ||||||||
(Amounts in thousands, except per share data) | December 31, | ||||||||
2002 | 2001 | Change | |||||||
Interest Income (Taxable Equivalent) | $ | 1,062,305 | 1,138,137 | (6.7) | % | ||||
Interest Expense | 337,536 | 501,097 | (32.6) | ||||||
Net Interest Income (Taxable Equivalent) | 724,769 | 637,040 | 13.8 | ||||||
Tax Equivalent Adjustment | 7,265 | 7,249 | 0.2 | ||||||
Net Interest Income | 717,504 | 629,791 | 13.9 | ||||||
Provision for Loan Losses | 65,327 | 51,673 | 26.4 | ||||||
Net Interest Income After Provision | 652,177 | 578,118 | 12.8 | ||||||
Non-Interest Income: | |||||||||
Data Processing | 681,278 | 637,398 | 6.9 | ||||||
Service Charges on Deposits | 93,969 | 86,539 | 8.6 | ||||||
Fees For Trust Services | 28,069 | 26,509 | 5.9 | ||||||
Brokerage Revenue | 18,840 | 16,363 | 15.1 | ||||||
Mortgage Banking Income | 41,323 | 38,272 | 8.0 | ||||||
Credit Card Fees | 22,469 | 21,184 | 6.1 | ||||||
Securities Gains (Losses) | 2,638 | 1,722 | 53.2 | ||||||
Other Fee Income | 20,494 | 17,199 | 19.2 | ||||||
Other Non-Interest Income | 102,998 | 86,465 | 19.1 | ||||||
Non-Interest Income before Reimbursable Items | |||||||||
and Impairment Loss on Private Equity Investment | 1,012,078 | 931,651 | 8.6 | ||||||
Reimbursable Items | 231,099 | 232,566 | (0.6) | ||||||
Impairment Loss on Private Equity Investment | (8,355) | - | N/A | ||||||
Total Non-Interest Income | 1,234,822 | 1,164,217 | 6.1 | ||||||
Non-Interest Expense: | |||||||||
Personnel Expense | 607,865 | 566,084 | 7.4 | ||||||
Occupancy & Equipment Expense | 244,176 | 235,652 | 3.6 | ||||||
Other Non-Interest Expense | 216,330 | 198,181 | 9.2 | ||||||
Non-Interest Expense before Reimbursable Items | 1,068,371 | 999,917 | 6.8 | ||||||
Reimbursable Items | 231,099 | 232,566 | (0.6) | ||||||
Total Non-Interest Expense | 1,299,470 | 1,232,483 | 5.4 | ||||||
Minority Interest in Consolidated Subsidiaries | 23,649 | 19,859 | 19.1 | ||||||
Income Before Taxes | 563,880 | 489,993 | 15.1 | ||||||
Income Tax Expense | 198,533 | 178,377 | 11.3 | ||||||
Net Income | 365,347 | 311,616 | 17.2 | ||||||
Basic Earnings Per Share | 1.23 | 1.07 | 14.5 | ||||||
Diluted Earnings Per Share | 1.21 | 1.05 | 15.2 | ||||||
Dividends Declared Per Share | 0.59 | 0.51 | 15.7 | ||||||
Return on Assets | 2.10 | % | 2.03 | 7 | bp | ||||
Return on Equity | 19.69 | 20.13 | (44) | ||||||
Average Shares Outstanding - Basic | 297,325 | 290,304 | 2.4 | % | |||||
Average Shares Outstanding - Diluted | 301,197 | 295,850 | 1.8 | ||||||
bp - change is measured as difference in basis points.
On January 1, 2002, Synovus adopted the provisions of the Financial Accounting Standards Board Staff Announcement Topic D-103,
“Income Statement Characterization of Reimbursements Received for ‘Out-of-Pocket’ Expenses Incurred.” The Announcement requires
that reimbursements received for out-of-pocket expenses be characterized as revenue. These items are reflected as “reimbursable items”
on the accompanying income statements. All prior periods presented have been restated to conform with the new presentation.
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INCOME STATEMENT | |||||||||||||||
(Amounts in thousands, except per share data) | 2002 | 2001 | 4th Quarter | ||||||||||||
Fourth | Third | Second | First | Fourth | '02 vs. '01 | ||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | ||||||||||
Interest Income (Taxable Equivalent) | $ | 271,016 | 270,997 | 260,448 | 259,844 | 271,378 | (0.1) | % | |||||||
Interest Expense | 82,539 | 86,205 | 83,336 | 85,456 | 98,716 | (16.4) | |||||||||
Net Interest Income (Taxable Equivalent) | 188,477 | 184,792 | 177,112 | 174,388 | 172,662 | 9.2 | |||||||||
Tax Equivalent Adjustment | 1,870 | 1,853 | 1,771 | 1,771 | 1,890 | (1.1) | |||||||||
Net Interest Income | 186,607 | 182,939 | 175,341 | 172,617 | 170,772 | 9.3 | |||||||||
Provision for Loan Losses | 15,830 | 16,410 | 19,978 | 13,109 | 16,717 | (5.3) | |||||||||
Net Interest Income After Provision | 170,777 | 166,529 | 155,363 | 159,508 | 154,055 | 10.9 | |||||||||
Non-Interest Income: | |||||||||||||||
Data Processing | 177,544 | 173,199 | 170,469 | 160,066 | 166,866 | 6.4 | |||||||||
Service Charges on Deposits | 24,457 | 24,281 | 23,059 | 22,172 | 24,182 | 1.1 | |||||||||
Fees For Trust Services | 6,774 | 6,928 | 7,451 | 6,916 | 7,294 | (7.1) | |||||||||
Brokerage Revenue | 5,235 | 4,372 | 4,589 | 4,644 | 4,020 | 30.2 | |||||||||
Mortgage Banking Income | 13,337 | 10,793 | 8,454 | 8,739 | 10,668 | 25.0 | |||||||||
Credit Card Fees | 5,860 | 6,010 | 5,803 | 4,796 | 5,878 | (0.3) | |||||||||
Securities Gains (Losses) | 32 | 717 | 960 | 929 | 539 | (94.1) | |||||||||
Other Fee Income | 5,702 | 5,254 | 4,792 | 4,746 | 4,613 | 23.6 | |||||||||
Other Non-Interest Income | 37,999 | 23,518 | 22,366 | 19,115 | 23,638 | 60.8 | |||||||||
Non-Interest Income before Reimbursable Items | |||||||||||||||
and Impairment Loss on Private Equity Investment | 276,940 | 255,072 | 247,943 | 232,123 | 247,698 | 11.8 | |||||||||
Reimbursable Items | 57,604 | 56,473 | 60,032 | 56,990 | 55,450 | 3.9 | |||||||||
Impairment Loss on Private Equity Investment | - | - | (8,355) | - | - | N/A | |||||||||
Total Non-Interest Income | 334,544 | 311,545 | 299,620 | 289,113 | 303,148 | 10.4 | |||||||||
Non-Interest Expense: | |||||||||||||||
Personnel Expense | 164,026 | 162,209 | 139,559 | 142,071 | 152,920 | 7.3 | |||||||||
Occupancy & Equipment Expense | 62,343 | 62,327 | 58,437 | 61,069 | 59,749 | 4.3 | |||||||||
Other Non-Interest Expense | 57,314 | 46,956 | 57,859 | 54,201 | 49,739 | 15.2 | |||||||||
Non-Interest Expense before Reimbursable Items | 283,683 | 271,492 | 255,855 | 257,341 | 262,408 | 8.1 | |||||||||
Reimbursable Items | 57,604 | 56,473 | 60,032 | 56,990 | 55,450 | 3.9 | |||||||||
Total Non-Interest Expense | 341,287 | 327,965 | 315,887 | 314,331 | 317,858 | 7.4 | |||||||||
Minority Interest in Consolidated Subsidiaries | 6,682 | 6,254 | 5,625 | 5,088 | 5,651 | 18.3 | |||||||||
Income Before Taxes | 157,352 | 143,855 | 133,471 | 129,202 | 133,694 | 17.7 | |||||||||
Income Tax Expense | 52,924 | 51,583 | 47,576 | 46,450 | 48,483 | 9.2 | |||||||||
Net Income | 104,428 | 92,272 | 85,895 | 82,752 | 85,211 | 22.6 | |||||||||
Basic Earnings Per Share | 0.35 | 0.31 | 0.29 | 0.28 | 0.29 | 19.4 | |||||||||
Diluted Earnings Per Share | 0.35 | 0.31 | 0.29 | 0.28 | 0.29 | 20.2 | |||||||||
Dividends Declared Per Share | 0.15 | 0.15 | 0.15 | 0.15 | 0.13 | 15.7 | |||||||||
Return on Assets | 2.23 | % | 2.06 | 2.05 | 2.03 | 2.11 | 12 | bp | |||||||
Return on Equity | 20.64 | 19.12 | 19.40 | 19.52 | 20.51 | 13 | |||||||||
Average Shares Outstanding - Basic | 300,108 | 298,564 | 295,629 | 294,927 | 292,271 | 2.7 | % | ||||||||
Average Shares Outstanding - Diluted | 302,330 | 301,986 | 300,282 | 300,158 | 296,556 | 1.9 | |||||||||
bp - change is measured as difference in basis points. | |||||||||||||||
On January 1, 2002, Synovus adopted the provisions of the Financial Accounting Standards Board Staff Announcement Topic D-103, “Income Statement Characterization of Reimbursements Received for ‘Out-of-Pocket’ Expenses Incurred.” The Announcement requires that reimbursements received for out-of-pocket expenses be characterized as revenue. These items are reflected as "reimbursable items" on the accompanying income statements. All prior periods presented have been restated to conform with the new presentation. | |||||||||||||||
Synovus | |||||||||||||||
SELECTED BALANCE SHEET DATA | |||||||||||||||
(Amounts in thousands, except per share data) | 2002 | 2001 | 4th Quarter | ||||||||||||
Fourth | Third | Second | First | Fourth | '02 vs. '01 | ||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | ||||||||||
Total Assets | $ | 19,036,246 | 18,510,215 | 17,315,782 | 16,725,734 | 16,654,891 | 14.3 | % | |||||||
Investment Securities | 2,237,725 | 2,162,135 | 2,094,544 | 2,076,461 | 2,088,287 | 7.2 | |||||||||
Loans (net of unearned income) | 14,463,909 | 14,058,387 | 13,201,121 | 12,698,763 | 12,417,917 | 16.5 | |||||||||
Total Deposits | 13,928,834 | 13,644,457 | 12,941,487 | 12,451,008 | 12,146,198 | 14.7 | |||||||||
Demand Deposits | 2,303,375 | 2,204,906 | 2,067,367 | 1,918,674 | 1,984,524 | 16.1 | |||||||||
Certificates of Deposit | 5,505,178 | 5,663,974 | 5,320,555 | 5,177,699 | 5,183,225 | 6.2 | |||||||||
Savings Accounts | 437,723 | 452,403 | 454,375 | 447,737 | 420,311 | 4.1 | |||||||||
NOW Accounts | 2,368,432 | 2,109,585 | 1,965,599 | 1,974,827 | 1,916,259 | 23.6 | |||||||||
Money Market | 3,314,126 | 3,213,589 | 3,133,591 | 2,932,071 | 2,641,879 | 25.4 | |||||||||
Shareholders' Equity | 2,040,853 | 1,959,254 | 1,814,199 | 1,728,095 | 1,694,946 | 20.4 | |||||||||
Book Value Per Share | 6.79 | 6.54 | 6.12 | 5.85 | 5.75 | 18.1 | |||||||||
Equity to Assets | 10.72 | 10.58 | 10.48 | 10.33 | 10.18 | 54 | bp | ||||||||
Loan to Deposit Ratio | 103.84 | 103.03 | 102.01 | 101.99 | 102.24 | 160 | |||||||||
Demand Deposits / Total Deposits | 16.54 | 16.16 | 15.97 | 15.41 | 16.34 | 20 | |||||||||
Common Shares Outstanding | 300,398 | 299,704 | 296,396 | 295,252 | 294,674 | 1.9 | % | ||||||||
CREDIT QUALITY DATA | |||||||||||||||
(Dollars in thousands) | 2002 | 2001 | 4th Quarter | ||||||||||||
Fourth | Third | Second | First | Fourth | '02 vs. '01 | ||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | ||||||||||
Nonperforming Loans | $ | 66,736 | 57,069 | 53,679 | 55,791 | 51,585 | 29.4 | % | |||||||
Other Real Estate | 26,517 | 25,860 | 21,615 | 17,970 | 15,867 | 67.1 | |||||||||
Nonperforming Assets | 93,253 | 82,929 | 75,294 | 73,761 | 67,452 | 38.3 | |||||||||
Allowance for Loan Losses | 199,841 | 194,005 | 180,321 | 174,774 | 170,769 | 17.0 | |||||||||
Net Charge-Offs - Quarter | 9,804 | 10,884 | 14,431 | 9,104 | 12,023 | (18.5) | |||||||||
Net Charge-Offs - YTD | 44,223 | 34,419 | 23,535 | 9,104 | 34,988 | 26.4 | |||||||||
Net Charge-Offs / Average Loans - Quarter | 0.27 | 0.32 | 0.44 | 0.29 | 0.39 | ||||||||||
Net Charge-Offs / Average Loans - YTD | 0.33 | 0.35 | 0.37 | 0.29 | 0.30 | ||||||||||
Nonperforming Loans / Loans & ORE | 0.46 | 0.41 | 0.41 | 0.44 | 0.42 | ||||||||||
Nonperforming Assets / Loans & ORE | 0.64 | 0.59 | 0.57 | 0.58 | 0.54 | ||||||||||
Allowance / Loans | 1.38 | 1.38 | 1.37 | 1.38 | 1.38 | ||||||||||
Allowance / Nonperforming Loans | 299.45 | 339.95 | 335.92 | 313.27 | 331.04 | ||||||||||
Allowance / Nonperforming Assets | 214.30 | 233.94 | 239.49 | 236.95 | 253.17 | ||||||||||
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AVERAGE BALANCES AND YIELDS/RATES | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
2002 | 2001 | Twelve Months Ended | ||||||||||||||
Fourth | Third | Second | First | Fourth | December 31, | |||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | 2002 | 2001 | ||||||||||
Interest Earning Assets | ||||||||||||||||
Investment Securities | $ | 2,094,752 | 2,071,924 | 2,045,096 | 2,038,865 | 2,025,366 | $ | 2,062,838 | 2,019,826 | |||||||
Yield | 5.45 | % | 5.84 | 6.08 | 6.08 | 6.19 | 5.86 | % | 6.35 | |||||||
Loans, Net | $ | 14,089,872 | 13,468,509 | 12,804,139 | 12,401,910 | 11,967,899 | $ | 13,196,492 | 11,384,608 | |||||||
Yield | 6.71 | % | 6.98 | 7.08 | 7.31 | 7.79 | 7.01 | % | 8.70 | |||||||
Mortgage Loans Held for Sale | $ | 265,847 | 209,780 | 164,313 | 276,682 | 262,476 | $ | 229,073 | 198,395 | |||||||
Yield | 5.81 | % | 6.39 | 6.92 | 6.65 | 6.78 | 6.40 | % | 7.17 | |||||||
Federal Funds Sold | $ | 89,806 | 72,161 | 62,129 | 61,136 | 40,360 | $ | 71,389 | 92,869 | |||||||
Yield | 1.78 | % | 2.01 | 2.49 | 2.40 | 3.73 | 2.12 | % | 4.67 | |||||||
Time Deposits with Banks | $ | 4,110 | 4,122 | 3,859 | 3,328 | 3,561 | $ | 3,857 | 4,862 | |||||||
Yield | 1.02 | % | 1.26 | 1.37 | 1.65 | 2.29 | 1.31 | % | 4.35 | |||||||
Total Interest Earning Assets | $ | 16,544,387 | 15,826,496 | 15,079,536 | 14,781,921 | 14,299,662 | $ | 15,563,649 | 13,700,560 | |||||||
Yield | 6.51 | % | 6.80 | 6.92 | 7.11 | 7.54 | 6.82 | % | 8.31 | |||||||
Interest Bearing Liabilities | ||||||||||||||||
Time Deposits Over $100,000 | $ | 3,202,688 | 3,109,639 | 2,833,173 | 2,569,115 | 2,596,808 | $ | 2,930,885 | 2,621,460 | |||||||
Rate | 3.21 | % | 3.41 | 3.52 | 3.89 | 4.51 | 3.49 | % | 5.53 | |||||||
Time Deposits Under $100,000 | $ | 2,403,692 | 2,425,038 | 2,394,123 | 2,439,460 | 2,526,555 | $ | 2,415,506 | 2,608,502 | |||||||
Rate | 3.18 | % | 3.39 | 3.59 | 4.07 | 4.78 | 3.56 | % | 5.60 | |||||||
Other Interest Bearing Deposits | $ | 5,940,073 | 5,608,037 | 5,389,194 | 5,215,169 | 4,777,271 | $ | 5,540,296 | 4,428,309 | |||||||
Rate | 1.19 | % | 1.37 | 1.37 | 1.32 | 1.56 | 1.31 | % | 2.57 | |||||||
Federal Funds Purchased | $ | 1,154,424 | 1,033,111 | 1,019,305 | 1,290,957 | 1,334,622 | $ | 1,123,825 | 1,142,815 | |||||||
Rate | 1.46 | % | 1.65 | 1.71 | 1.70 | 2.00 | 1.63 | % | 3.65 | |||||||
Other Short-Term Borrowings | $ | 8,286 | 7,682 | 5,136 | 9,428 | 8,707 | $ | 7,630 | 11,063 | |||||||
Rate | 1.14 | % | 1.40 | 1.50 | 1.38 | 2.16 | 1.34 | % | 3.50 | |||||||
Other Borrowings | $ | 1,286,049 | 1,232,646 | 1,136,670 | 1,082,675 | 963,619 | $ | 1,185,200 | 909,963 | |||||||
Rate | 4.62 | % | 4.76 | 5.02 | 5.19 | 5.38 | 4.85 | % | 5.91 | |||||||
Total Interest Bearing Liabilities | $ | 13,995,212 | 13,416,153 | 12,777,601 | 12,606,804 | 12,207,582 | $ | 13,203,342 | 11,722,112 | |||||||
Rate | 2.34 | % | 2.54 | 2.61 | 2.74 | 3.20 | 2.55 | % | 4.27 | |||||||
Non-Interest Bearing Demand Deposits | $ | 2,115,910 | 2,031,031 | 1,955,444 | 1,826,432 | 1,755,795 | $ | 1,983,131 | 1,693,910 | |||||||
Shareholders' Equity | $ | 2,007,679 | 1,914,915 | 1,776,173 | 1,719,380 | 1,647,933 | $ | 1,855,492 | 1,548,030 | |||||||
Total Assets | $ | 18,542,637 | 17,743,648 | 16,823,662 | 16,522,858 | 16,021,119 | $ | 17,414,654 | 15,371,943 | |||||||
Spread | 4.17 | % | 4.25 | 4.31 | 4.37 | 4.33 | 4.27 | % | 4.04 | |||||||
Net Interest Margin | 4.53 | % | 4.64 | 4.71 | 4.77 | 4.80 | 4.65 | % | 4.65 | |||||||