Exhibit 99.2 |
SYNOVUS INCOME STATEMENT (In thousands, except per share data) | 4 of 11 |
Nine Months Ended September 30, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2004 | 2003 | Change | ||||||||||
Interest Income (Taxable Equivalent) | $ | 851,961 | 802,301 | 6 | .2 % | |||||||
Interest Expense | 210,061 | 231,114 | (9 | .1) | ||||||||
Net Interest Income (Taxable Equivalent) | 641,900 | 571,187 | 12 | .4 | ||||||||
Tax Equivalent Adjustment | 5,257 | 5,554 | (5 | .3) | ||||||||
Net Interest Income | 636,643 | 565,633 | 12 | .6 | ||||||||
Provision for Loan Losses | 54,464 | 51,977 | 4 | .8 | ||||||||
Net Interest Income After Provision | 582,179 | 513,656 | 13 | .3 | ||||||||
Non-Interest Income: | ||||||||||||
Electronic Payment Processing Services | 577,897 | 519,906 | 11 | .2 | ||||||||
Other Transaction Processing Services Revenue | 125,681 | 81,735 | 53 | .8 | ||||||||
Service Charges on Deposits | 90,877 | 77,877 | 16 | .7 | ||||||||
Fees For Trust Services | 23,946 | 21,925 | 9 | .2 | ||||||||
Brokerage Revenue | 16,387 | 15,108 | 8 | .5 | ||||||||
Mortgage Banking Income | 19,527 | 51,991 | (62 | .4) | ||||||||
Credit Card Fees | 21,646 | 19,117 | 13 | .2 | ||||||||
Securities Gains (Losses) | (89 | ) | 1,336 | nm | ||||||||
Other Fee Income | 21,573 | 17,335 | 24 | .4 | ||||||||
Other Non-Interest Income | 62,730 | 38,557 | 62 | .7 | ||||||||
Non-Interest Income before Reimbursable Items | 960,175 | 844,887 | 13 | .6 | ||||||||
Reimbursable Items | 172,499 | 168,852 | 2 | .2 | ||||||||
Total Non-Interest Income | 1,132,674 | 1,013,739 | 11 | .7 | ||||||||
Non-Interest Expense: | ||||||||||||
Personnel Expense | 556,210 | 505,091 | 10 | .1 | ||||||||
Occupancy & Equipment Expense | 244,650 | 208,872 | 17 | .1 | ||||||||
Other Non-Interest Expense | 216,921 | 174,538 | 24 | .3 | ||||||||
Non-Interest Expense before Reimbursable Items | 1,017,781 | 888,501 | 14 | .6 | ||||||||
Reimbursable Items | 172,499 | 168,852 | 2 | .2 | ||||||||
Total Non-Interest Expense | 1,190,280 | 1,057,353 | 12 | .6 | ||||||||
Minority Interest in Consolidated Subsidiaries | 20,581 | 19,453 | 5 | .8 | ||||||||
Income Before Taxes | 503,992 | 450,589 | 11 | .9 | ||||||||
Income Tax Expense | 185,681 | 164,303 | 13 | .0 | ||||||||
Net Income | $ | 318,311 | 286,286 | 11 | .2 | |||||||
Basic Earnings Per Share | 1.04 | 0.95 | 9 | .6 | ||||||||
Diluted Earnings Per Share | 1.03 | 0.94 | 9 | .4 | ||||||||
Dividends Declared Per Share | 0.52 | 0.50 | 5 | .0 | ||||||||
Return on Assets | 1.86 % | 1.89 | (3 | ) bp | ||||||||
Return on Equity | 17.52 | 17.80 | (28 | ) | ||||||||
Average Shares Outstanding - Basic | 306,435 | 302,067 | 1 | .4 % | ||||||||
Average Shares Outstanding - Diluted | 309,348 | 304,574 | 1 | .6 |
bp - change is measured as difference in basis points.
nm - not meaningful
SYNOVUS INCOME STATEMENT (In thousands, except per share data) | 5 of 11 |
2004 | 2003 | 3rd Quarter | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | '04 vs. '03 Change | ||||||||||||||||
Interest Income (Taxable Equivalent) | $ | 301,457 | 279,013 | 271,491 | 266,581 | 268,079 | 12 | .5 % | |||||||||||||
Interest Expense | 76,313 | 66,804 | 66,944 | 67,314 | 73,135 | 4 | .3 | ||||||||||||||
Net Interest Income (Taxable Equivalent) | 225,144 | 212,209 | 204,547 | 199,267 | 194,944 | 15 | .5 | ||||||||||||||
Tax Equivalent Adjustment | 1,710 | 1,747 | 1,800 | 1,836 | 1,831 | (6 | .6) | ||||||||||||||
Net Interest Income | 223,434 | 210,462 | 202,747 | 197,431 | 193,113 | 15 | .7 | ||||||||||||||
Provision for Loan Losses | 21,192 | 17,548 | 15,724 | 19,800 | 15,108 | 40 | .3 | ||||||||||||||
Net Interest Income After Provision | 202,242 | 192,914 | 187,023 | 177,631 | 178,005 | 13 | .6 | ||||||||||||||
Non-Interest Income: | |||||||||||||||||||||
Electronic Payment Processing Services | 204,340 | 190,607 | 182,950 | 182,806 | 177,580 | 15 | .1 | ||||||||||||||
Other Transaction Processing Services Revenue | 43,006 | 41,827 | 40,848 | 37,060 | 30,927 | 39 | .1 | ||||||||||||||
Service Charges on Deposits | 31,257 | 31,188 | 28,432 | 29,527 | 26,710 | 17 | .0 | ||||||||||||||
Fees For Trust Services | 7,948 | 7,907 | 8,091 | 8,084 | 7,189 | 10 | .6 | ||||||||||||||
Brokerage Revenue | 5,012 | 5,616 | 5,759 | 5,353 | 5,338 | (6 | .1) | ||||||||||||||
Mortgage Banking Income | 6,861 | 5,772 | 6,894 | 6,642 | 18,021 | (61 | .9) | ||||||||||||||
Credit Card Fees | 8,097 | 7,509 | 6,040 | 6,927 | 7,110 | 13 | .9 | ||||||||||||||
Securities Gains (Losses) | (24 | ) | -- | (65 | ) | 1,155 | 755 | nm | |||||||||||||
Other Fee Income | 7,451 | 7,202 | 6,920 | 6,347 | 6,039 | 23 | .4 | ||||||||||||||
Other Non-Interest Income | 14,035 | 17,919 | 30,776 | 15,376 | 11,776 | 19 | .2 | ||||||||||||||
Non-Interest Income before Reimbursable Items | 327,983 | 315,547 | 316,645 | 299,277 | 291,445 | 12 | .5 | ||||||||||||||
Reimbursable Items | 56,309 | 55,745 | 60,445 | 56,313 | 55,740 | 1 | .0 | ||||||||||||||
Total Non-Interest Income | 384,292 | 371,292 | 377,090 | 355,590 | 347,185 | 10 | .7 | ||||||||||||||
Non-Interest Expense: | |||||||||||||||||||||
Personnel Expense | 194,624 | 174,955 | 186,631 | 167,157 | 171,525 | 13 | .5 | ||||||||||||||
Occupancy & Equipment Expense | 80,073 | 86,187 | 78,390 | 72,816 | 70,289 | 13 | .9 | ||||||||||||||
Other Non-Interest Expense | 74,699 | 74,365 | 67,857 | 68,504 | 63,134 | 18 | .3 | ||||||||||||||
Non-Interest Expense before Reimbursable Items | 349,396 | 335,507 | 332,878 | 308,477 | 304,948 | 14 | .6 | ||||||||||||||
Reimbursable Items | 56,309 | 55,745 | 60,445 | 56,313 | 55,740 | 1 | .0 | ||||||||||||||
Total Non-Interest Expense | 405,705 | 391,252 | 393,323 | 364,790 | 360,688 | 12 | .5 | ||||||||||||||
Minority Interest in Consolidated Subsidiaries | 7,480 | 6,852 | 6,249 | 7,519 | 6,780 | 10 | .3 | ||||||||||||||
Income Before Taxes | 173,349 | 166,102 | 164,541 | 160,912 | 157,722 | 9 | .9 | ||||||||||||||
Income Tax Expense | 64,341 | 60,961 | 60,379 | 58,273 | 57,722 | 11 | .5 | ||||||||||||||
Net Income | $ | 109,008 | 105,141 | 104,162 | 102,639 | 100,000 | 9 | .0 | |||||||||||||
Basic Earnings Per Share | 0.35 | 0.34 | 0.34 | 0.34 | 0.33 | 6 | .1 | ||||||||||||||
Diluted Earnings Per Share | 0.35 | 0.34 | 0.34 | 0.34 | 0.33 | 6 | .2 | ||||||||||||||
Dividends Declared Per Share | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 5 | .0 | ||||||||||||||
Return on Assets | 1.82 | % | 1.86 | % | 1.91 | % | 1.94 | % | 1.91 | % | (9 | ) bp | |||||||||
Return on Equity | 17.00 | 17.60 | 18.00 | 18.37 | 18.32 | (132 | ) | ||||||||||||||
Average Shares Outstanding - Basic | 309,448 | 306,180 | 303,644 | 301,842 | 301,366 | 2 | .7 % | ||||||||||||||
Average Shares Outstanding - Diluted | 312,343 | 308,857 | 306,812 | 306,160 | 304,514 | 2 | .6 | ||||||||||||||
bp - change is measured as difference in basis points.
nm - not meaningful
SYNOVUS Financial Services Segment INCOME STATEMENT (In thousands, except per share data) | 6 of 11 |
Nine Months Ended September 30, | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2004 | 2003 | Change | ||||||||||
Interest Income (Taxable Equivalent) | $ | 851,954 | 802,316 | 6 | .2 % | |||||||
Interest Expense | 210,556 | 231,726 | (9 | .1) | ||||||||
Net Interest Income (Taxable Equivalent) | 641,398 | 570,590 | 12 | .4 | ||||||||
Tax Equivalent Adjustment | 5,250 | 5,542 | (5 | .3) | ||||||||
Net Interest Income | 636,148 | 565,048 | 12 | .6 | ||||||||
Provision for Loan Losses | 54,464 | 51,977 | 4 | .8 | ||||||||
Net Interest Income After Provision | 581,684 | 513,071 | 13 | .4 | ||||||||
Non-Interest Income: | ||||||||||||
Service Charges on Deposits | 90,877 | 77,877 | 16 | .7 | ||||||||
Fees For Trust Services | 24,489 | 22,337 | 9 | .6 | ||||||||
Brokerage Revenue | 16,387 | 15,108 | 8 | .5 | ||||||||
Mortgage Banking Income | 19,527 | 51,991 | (62 | .4) | ||||||||
Credit Card Fees | 21,646 | 19,117 | 13 | .2 | ||||||||
Securities Gains (Losses) | (89 | ) | 1,336 | nm | ||||||||
Other Fee Income | 21,573 | 17,335 | 24 | .4 | ||||||||
Other Non-Interest Income | 52,110 | 29,878 | 74 | .4 | ||||||||
Total Non-Interest Income | 246,520 | 234,979 | 4 | .9 | ||||||||
Non-Interest Expense: | ||||||||||||
Personnel Expense | 281,913 | 259,873 | 8 | .5 | ||||||||
Occupancy & Equipment Expense | 60,851 | 55,800 | 9 | .1 | ||||||||
Other Non-Interest Expense | 124,329 | 115,282 | 7 | .8 | ||||||||
Total Non-Interest Expense | 467,093 | 430,955 | 8 | .4 | ||||||||
Income Before Taxes | 361,111 | 317,095 | 13 | .9 | ||||||||
Income Tax Expense | 130,047 | 113,172 | 14 | .9 | ||||||||
Net Income | $ | 231,064 | 203,923 | 13 | .3 | |||||||
Return on Assets | 1.41 % | 1.40 | 1 | bp | ||||||||
Return on Equity | 17.18 | 16.74 | 44 |
bp - change is measured as difference in basis points.
nm - not meaningful
SYNOVUS Financial Services Segment INCOME STATEMENT (In thousands) | 7 of 11 |
2004 | 2003 | 3rd Quarter | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | '04 vs. '03 Change | ||||||||||||||||
Interest Income (Taxable Equivalent) | $ | 301,458 | 279,010 | 271,486 | 266,577 | 268,093 | 12 | .4 % | |||||||||||||
Interest Expense | 76,502 | 66,964 | 67,090 | 67,340 | 73,175 | 4 | .5 | ||||||||||||||
Net Interest Income (Taxable Equivalent) | 224,956 | 212,046 | 204,396 | 199,237 | 194,918 | 15 | .4 | ||||||||||||||
Tax Equivalent Adjustment | 1,710 | 1,744 | 1,796 | 1,831 | 1,826 | (6 | .4) | ||||||||||||||
Net Interest Income | 223,246 | 210,302 | 202,600 | 197,406 | 193,092 | 15 | .6 | ||||||||||||||
Provision for Loan Losses | 21,192 | 17,548 | 15,724 | 19,800 | 15,108 | 40 | .3 | ||||||||||||||
Net Interest Income After Provision | 202,054 | 192,754 | 186,876 | 177,606 | 177,984 | 13 | .5 | ||||||||||||||
Non-Interest Income: | |||||||||||||||||||||
Service Charges on Deposits | 31,257 | 31,188 | 28,432 | 29,527 | 26,710 | 17 | .0 | ||||||||||||||
Fees For Trust Services | 8,160 | 8,097 | 8,232 | 8,219 | 7,322 | 11 | .4 | ||||||||||||||
Brokerage Revenue | 5,012 | 5,616 | 5,759 | 5,353 | 5,338 | (6 | .1) | ||||||||||||||
Mortgage Banking Income | 6,861 | 5,772 | 6,894 | 6,642 | 18,021 | (61 | .9) | ||||||||||||||
Credit Card Fees | 8,097 | 7,509 | 6,040 | 6,927 | 7,110 | 13 | .9 | ||||||||||||||
Securities Gains (Losses) | (24 | ) | -- | (65 | ) | 1,155 | 755 | nm | |||||||||||||
Other Fee Income | 7,451 | 7,202 | 6,920 | 6,347 | 6,039 | 23 | .4 | ||||||||||||||
Other Non-Interest Income | 9,885 | 13,987 | 28,238 | 11,875 | 9,766 | 1 | .2 | ||||||||||||||
Total Non-Interest Income | 76,699 | 79,371 | 90,450 | 76,045 | 81,061 | (5 | .4) | ||||||||||||||
Non-Interest Expense: | |||||||||||||||||||||
Personnel Expense | 93,631 | 91,283 | 96,999 | 80,346 | 88,894 | 5 | .3 | ||||||||||||||
Occupancy & Equipment Expense | 21,156 | 20,004 | 19,691 | 20,041 | 19,244 | 9 | .9 | ||||||||||||||
Other Non-Interest Expense | 42,764 | 42,310 | 39,254 | 44,065 | 39,426 | 8 | .5 | ||||||||||||||
Total Non-Interest Expense | 157,551 | 153,597 | 155,944 | 144,452 | 147,564 | 6 | .8 | ||||||||||||||
Income Before Taxes | 121,202 | 118,528 | 121,382 | 109,199 | 111,481 | 8 | .7 | ||||||||||||||
Income Tax Expense | 43,935 | 42,486 | 43,625 | 38,536 | 40,214 | 9 | .3 | ||||||||||||||
Net Income | $ | 77,267 | 76,042 | 77,757 | 70,663 | 71,267 | 8 | .4 | |||||||||||||
Return on Assets | 1.35 % | 1.41 % | 1.49 % | 1.39 % | 1.42 | (7) | bp | ||||||||||||||
Return on Equity | 16.20 | 17.26 | 18.18 | 17.07 | 17.44 | 124 | |||||||||||||||
bp - change is measured as difference in basis points.
nm - not meaningful
SYNOVUS BALANCE SHEET (In thousands, except per share data) | 8 of 11 |
September 30, 2004 | December 31, 2003 | September 30, 2003 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | |||||||||||
Cash and due from banks | $ | 757,380 | 696,030 | 706,029 | |||||||
Interest earning deposits with banks | 4,140 | 4,423 | 4,426 | ||||||||
Federal funds sold and securities purchased | |||||||||||
under resale agreements | 122,130 | 172,922 | 138,448 | ||||||||
Mortgage loans held for sale | 126,099 | 133,306 | 238,986 | ||||||||
Investment securities available for sale | 2,621,120 | 2,529,257 | 2,431,951 | ||||||||
Loans, net of unearned income | 18,871,056 | 16,464,914 | 15,918,573 | ||||||||
Allowance for loan losses | (257,647 | ) | (226,059 | ) | (223,461 | ) | |||||
Loans, net | 18,613,409 | 16,238,855 | 15,695,112 | ||||||||
Premises and equipment, net | 629,738 | 578,710 | 565,003 | ||||||||
Contract acquisition costs and computer software, net | 364,382 | 383,562 | 343,469 | ||||||||
Goodwill, net | 419,323 | 248,868 | 248,870 | ||||||||
Other intangible assets, net | 41,552 | 33,970 | 35,600 | ||||||||
Costs in excess of billings on uncompleted contracts | 7,272 | -- | -- | ||||||||
Other assets | 682,948 | 612,726 | 615,500 | ||||||||
Total assets | $ | 24,389,493 | 21,632,629 | 21,023,394 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 3,202,214 | 2,833,567 | 2,800,637 | |||||||
Interest bearing | 14,572,170 | 13,108,042 | 12,723,450 | ||||||||
Total deposits | 17,774,384 | 15,941,609 | 15,524,087 | ||||||||
Federal funds purchased and securities sold | |||||||||||
under repurchase agreements | 1,671,239 | 1,354,887 | 1,115,984 | ||||||||
Long-term debt | 1,740,103 | 1,575,777 | 1,684,798 | ||||||||
Billings in excess of costs and profits on uncompleted contracts | -- | 17,573 | 24,074 | ||||||||
Other liabilities | 468,141 | 355,906 | 365,213 | ||||||||
Total liabilities | 21,653,867 | 19,245,752 | 18,714,156 | ||||||||
Minority interest in consolidated subsidiaries | 158,912 | 141,838 | 133,432 | ||||||||
Shareholders' equity: | |||||||||||
Common stock, par value $1.00 a share (1) | 315,200 | 307,748 | 307,055 | ||||||||
Surplus | 619,734 | 442,931 | 422,615 | ||||||||
Treasury stock (2) | (113,944 | ) | (113,940 | ) | (112,738 | ) | |||||
Unearned compensation | (146 | ) | (266 | ) | (306 | ) | |||||
Accumulated other comprehensive income | 18,513 | 29,509 | 32,873 | ||||||||
Retained earnings | 1,737,357 | 1,579,057 | 1,526,307 | ||||||||
Total shareholders' equity | 2,576,714 | 2,245,039 | 2,175,806 | ||||||||
Total liabilities and shareholders' equity | $ | 24,389,493 | 21,632,629 | 21,023,394 | |||||||
(1) | Common shares outstanding: 309,538,462; 302,090,128; and 301,441,645 at September 30, 2004, December 31, 2003, and September 30, 2003, respectively. |
(2) | Treasury shares: 5,661,623 at September 30, 2004, 5,658,005 at December 31, 2003, and 5,612,964 at September 30, 2003. |
SYNOVUS AVERAGE BALANCES AND YIELD RATES (Dollars in thousands) | 9 of 11 |
2004 | 2003 | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||||||
Interest Earning Assets | ||||||||||||||||||
Taxable Investment Securities | $ | 2,382,319 | 2,355,328 | 2,319,280 | 2,200,668 | 2,067,538 | ||||||||||||
Yield | 3.72 | % | 3.71 | 3.86 | 3.74 | 3.73 | ||||||||||||
Tax-Exempt Investment Securities | $ | 233,271 | 230,885 | 229,905 | 233,425 | 233,198 | ||||||||||||
Yield | 6.92 | % | 7.14 | 7.14 | 7.11 | 7.13 | ||||||||||||
Commercial Loans | $ | 15,385,995 | 14,567,795 | 13,991,230 | 13,346,751 | 13,081,909 | ||||||||||||
Yield | 5.79 | % | 5.66 | 5.67 | 5.73 | 5.84 | ||||||||||||
Consumer Loans | $ | 958,540 | 967,450 | 1,003,595 | 1,037,283 | 1,068,485 | ||||||||||||
Yield | 8.03 | % | 8.00 | 8.03 | 8.08 | 8.29 | ||||||||||||
Mortgage Loans | $ | 936,240 | 856,688 | 823,625 | 819,412 | 810,525 | ||||||||||||
Yield | 5.89 | % | 5.92 | 6.01 | 6.10 | 6.21 | ||||||||||||
Credit Card Loans | $ | 248,755 | 245,534 | 241,415 | 239,433 | 229,271 | ||||||||||||
Yield | 8.93 | % | 8.53 | 9.28 | 8.69 | 9.04 | ||||||||||||
Home Equity Loans | $ | 890,867 | 790,238 | 719,915 | 674,264 | 619,826 | ||||||||||||
Yield | 4.61 | % | 4.45 | 4.50 | 4.52 | 4.58 | ||||||||||||
Allowance for Loan Losses | $ | (252,370 | ) | (241,082 | ) | (231,822 | ) | (225,021 | ) | (224,360 | ) | |||||||
Loans, Net | $ | 18,168,027 | 17,186,623 | 16,547,958 | 15,892,122 | 15,585,656 | ||||||||||||
Yield | 5.97 | % | 5.87 | 5.91 | 5.98 | 6.10 | ||||||||||||
Mortgage Loans Held for Sale | $ | 112,502 | 148,471 | 105,557 | 136,133 | 343,069 | ||||||||||||
Yield | 6.15 | % | 5.27 | 5.33 | 5.43 | 5.04 | ||||||||||||
Federal Funds Sold | $ | 162,580 | 158,373 | 171,284 | 113,728 | 109,652 | ||||||||||||
Yield | 1.23 | % | 1.04 | 1.10 | 1.14 | 1.31 | ||||||||||||
Time Deposits with Banks | $ | 4,136 | 4,137 | 4,372 | 4,426 | 4,500 | ||||||||||||
Yield | 0.80 | % | 0.45 | 0.46 | 0.46 | 0.47 | ||||||||||||
Total Interest Earning Assets | $ | 21,062,836 | 20,083,817 | 19,378,354 | 18,580,502 | 18,343,613 | ||||||||||||
Yield | 5.69 | % | 5.58 | 5.63 | 5.70 | 5.80 | ||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||
Time Deposits Over $100,000 | $ | 4,135,970 | 3,789,423 | 3,628,357 | 3,446,050 | 3,471,693 | ||||||||||||
Rate | 2.35 | % | 2.21 | 2.29 | 2.46 | 2.67 | ||||||||||||
Time Deposits Under $100,000 | $ | 2,209,883 | 2,225,224 | 2,266,593 | 2,311,870 | 2,407,719 | ||||||||||||
Rate | 2.18 | % | 2.21 | 2.28 | 2.35 | 2.51 | ||||||||||||
Other Interest Bearing Deposits | $ | 8,050,733 | 7,624,880 | 7,323,415 | 7,112,385 | 6,873,110 | ||||||||||||
Rate | 0.94 | % | 0.80 | 0.80 | 0.79 | 0.80 | ||||||||||||
Federal Funds Purchased and Other | ||||||||||||||||||
Short-Term Borrowings | $ | 1,422,598 | 1,513,306 | 1,495,333 | 1,176,709 | 1,020,042 | ||||||||||||
Rate | 1.40 | % | 1.00 | 0.98 | 0.95 | 0.97 | ||||||||||||
Long-Term Debt | $ | 1,747,788 | 1,667,441 | 1,635,648 | 1,576,346 | 1,698,311 | ||||||||||||
Rate | 3.51 | % | 3.53 | 3.71 | 3.79 | 4.17 | ||||||||||||
Total Interest Bearing Liabilities | $ | 17,566,972 | 16,820,274 | 16,349,345 | 15,623,360 | 15,470,875 | ||||||||||||
Rate | 1.72 | % | 1.59 | 1.64 | 1.71 | 1.87 | ||||||||||||
Non-Interest Bearing Demand Deposits | $ | 3,137,357 | 3,006,493 | 2,769,367 | 2,715,015 | 2,669,500 | ||||||||||||
Shareholders' Equity | $ | 2,550,346 | 2,402,271 | 2,327,319 | 2,216,818 | 2,165,657 | ||||||||||||
Total Assets | $ | 23,778,250 | 22,705,467 | 21,913,168 | 21,028,492 | 20,760,836 | ||||||||||||
Spread | 3.97 | % | 3.99 | 3.99 | 3.99 | 3.93 | ||||||||||||
Net Interest Margin | 4.25 | % | 4.24 | 4.24 | 4.26 | 4.22 | ||||||||||||
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION (Dollars in thousands) | 10 of 11 |
September 30, 2004 | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Loan Type | Total Loans | Loans as a % of Total Loans Outstanding | Total Nonperforming Loans | Nonperforming Loans as a % of Total Nonperforming Loans | ||||||||||||
Commercial Real Estate | ||||||||||||||||
Multi-Family | $ | 563,195 | 3 | .0 % | $ | 931 | 1 | .2 % | ||||||||
Hotels | 788,160 | 4 | .2 | 1,541 | 1 | .9 | ||||||||||
Office Buildings | 724,883 | 3 | .8 | 769 | 1 | .0 | ||||||||||
Shopping Centers | 565,994 | 3 | .0 | 2,738 | 3 | .4 | ||||||||||
Commercial Development | 659,350 | 3 | .5 | 60 | 0 | .1 | ||||||||||
Total Investment Properties | 3,301,582 | 17 | .5 | 6,039 | 7 | .6 | ||||||||||
1-4 Family Construction | 1,093,713 | 5 | .8 | 1,235 | 1 | .5 | ||||||||||
1-4 Family Perm / Mini-Perm | 828,892 | 4 | .4 | 5,427 | 6 | .8 | ||||||||||
Residential Development | 985,318 | 5 | .2 | -- | -- | |||||||||||
Total 1-4 Family Properties | 2,907,923 | 15 | .4 | 6,662 | 8 | .3 | ||||||||||
Land Acquisition | 886,014 | 4 | .7 | 212 | 0 | .3 | ||||||||||
Total Investment-Related Real Estate | 7,095,519 | 37 | .6 | 12,913 | 16 | .2 | ||||||||||
Owner-Occupied | 2,180,811 | 11 | .5 | 6,405 | 8 | .0 | ||||||||||
Other Property | 1,602,199 | 8 | .5 | 3,791 | 4 | .8 | ||||||||||
Total Commercial Real Estate | 10,878,529 | 57 | .6 | 23,109 | 29 | .0 | ||||||||||
Commercial & Industrial | 4,935,646 | 26 | .2 | 48,977 | 61 | .4 | ||||||||||
Consumer | 3,097,262 | 16 | .4 | 7,690 | 9 | .6 | ||||||||||
Unearned Income | (40,381 | ) | (0 | .2) | -- | -- | ||||||||||
Total | $ | 18,871,056 | 100. | 0 % | $ | 79,776 | 100. | 0 % | ||||||||
CREDIT QUALITY DATA (Dollars in thousands) | 11 of 11 |
2004 | 2003 | 3rd Quarter | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | '04 vs. '03 Quarter | |||||||||||||||
Nonperforming Loans | 79,776 | 67,489 | 70,007 | 67,442 | 93,633 | (14 | .8)% | |||||||||||||
Other Real Estate | 25,424 | 26,972 | 26,061 | 28,422 | 22,842 | 11 | .3 | |||||||||||||
Nonperforming Assets | 105,200 | 94,461 | 96,068 | 95,864 | 116,475 | (9 | .7) | |||||||||||||
Allowance for Loan Losses | 257,647 | 248,585 | 236,056 | 226,059 | 223,461 | 15 | .3 | |||||||||||||
Net Charge-Offs - Quarter | 12,130 | 9,589 | 6,773 | 17,202 | 12,626 | (3 | .9) | |||||||||||||
Net Charge-Offs - YTD | 28,492 | 16,362 | 6,773 | 56,093 | 38,891 | (26 | .7) | |||||||||||||
Net Charge-Offs / Average Loans - Quarter | 0.26 | 0.22 | 0.16 | 0.43 | 0.32 | |||||||||||||||
Net Charge-Offs / Average Loans - YTD | 0.22 | 0.19 | 0.16 | 0.36 | 0.34 | |||||||||||||||
Nonperforming Loans / Loans & ORE | 0.42 | 0.37 | 0.41 | 0.41 | 0.59 | |||||||||||||||
Nonperforming Assets / Loans & ORE | 0.56 | 0.52 | 0.56 | 0.58 | 0.73 | |||||||||||||||
Allowance / Loans | 1.37 | 1.38 | 1.39 | 1.37 | 1.40 | |||||||||||||||
Allowance / Nonperforming Loans | 322.96 | 368.34 | 337.19 | 335.19 | 238.66 | |||||||||||||||
Allowance / Nonperforming Assets | 244.91 | 263.16 | 245.72 | 235.81 | 191.85 | |||||||||||||||
Past Due Loans over 90 days | 23,178 | 27,453 | 23,295 | 21,138 | 23.254 | |||||||||||||||
As a Percentage of Loans Outstanding | 0.12 | 0.15 | 0.14 | 0.13 | 0.15 | |||||||||||||||
Total Past Dues | 118,390 | 109,385 | 129,844 | 109,672 | 111.269 | |||||||||||||||
As a Percentage of Loans Outstanding | 0.63 | 0.61 | 0.76 | 0.67 | 0.70 |
REGULATORY CAPITAL RATIOS (1)
(Dollars in thousands)
September 30,2004 | December 31, 2003 | September 30, 2003 | |||||
---|---|---|---|---|---|---|---|
Tier 1 Capital | $2,276,827 | 2,091,755 | 2,012,154 | ||||
Total Risk-Based Capital | 2,834,432 | 2,617,814 | 2,535,615 | ||||
Tier 1 Capital Ratio | 9.95 | % | 10.43 | 10.00 | |||
Total Risk-Based Capital Ratio | 12.39 | 13.06 | 12.98 | ||||
Leverage Ratio | 9.76 | 10.09 | 9.84 |
(1) | September 30, 2004 information is preliminary. |