Exhibit 99.2
Synovus | 4 of 11 |
INCOME STATEMENT | Twelve Months Ended | |||||||||||
(In thousands, except per share data) | December 31, | |||||||||||
2004 | 2003 | Change | ||||||||||
Interest Income (Taxable Equivalent) | $ | 1,165,980 | 1,068,882 | 9.1 | % | |||||||
Interest Expense | 298,342 | 298,429 | nm | |||||||||
Net Interest Income (Taxable Equivalent) | 867,638 | 770,453 | 12.6 | |||||||||
Tax Equivalent Adjustment | 6,960 | 7,390 | (5.8 | ) | ||||||||
Net Interest Income | 860,678 | 763,063 | 12.8 | |||||||||
Provision for Loan Losses | 75,319 | 71,777 | 4.9 | |||||||||
Net Interest Income After Provision | 785,359 | 691,286 | 13.6 | |||||||||
Non-Interest Income: | ||||||||||||
Electronic Payment Processing Services | 781,437 | 701,022 | 11.5 | |||||||||
Other Transaction Processing Services Revenue | 170,905 | 120,485 | 41.8 | |||||||||
Service Charges on Deposits | 121,103 | 107,404 | 12.8 | |||||||||
Fiduciary and Asset Management Fees | 43,001 | 39,377 | 9.2 | |||||||||
Brokerage and Investment Banking Revenue | 21,748 | 20,461 | 6.3 | |||||||||
Mortgage Banking Income | 26,300 | 58,633 | (55.1 | ) | ||||||||
Credit Card Fees | 30,025 | 26,044 | 15.3 | |||||||||
Securities Gains (Losses) | 75 | 2,491 | nm | |||||||||
Other Fee Income | 29,227 | 23,682 | 23.4 | |||||||||
Other Non-Interest Income | 67,654 | 44,566 | 51.8 | |||||||||
Non-Interest Income before Reimbursable Items | 1,291,475 | 1,144,165 | 12.9 | |||||||||
Reimbursable Items | 229,538 | 225,165 | 1.9 | |||||||||
Total Non-Interest Income | 1,521,013 | 1,369,330 | 11.1 | |||||||||
Non-Interest Expense: | ||||||||||||
Personnel Expense | 731,579 | 672,248 | 8.8 | |||||||||
Occupancy & Equipment Expense | 321,689 | 281,688 | 14.2 | |||||||||
Other Non-Interest Expense | 305,560 | 243,044 | 25.7 | |||||||||
Non-Interest Expense before Reimbursable Items | 1,358,828 | 1,196,980 | 13.5 | |||||||||
Reimbursable Items | 229,538 | 225,165 | 1.9 | |||||||||
Total Non-Interest Expense | 1,588,366 | 1,422,145 | 11.7 | |||||||||
Minority Interest in Consolidated Subsidiaries | 28,724 | 26,973 | 6.5 | |||||||||
Income Before Taxes | 689,282 | 611,498 | 12.7 | |||||||||
Income Tax Expense | 252,249 | 222,573 | 13.3 | |||||||||
Net Income | $ | 437,033 | 388,925 | 12.4 | ||||||||
Basic Earnings Per Share | 1.42 | 1.29 | 10.4 | |||||||||
Diluted Earnings Per Share | 1.41 | 1.28 | 10.4 | |||||||||
Dividends Declared Per Share | 0.69 | 0.66 | 5.0 | |||||||||
Return on Assets | 1.88 | % | 1.91 | (3 | )bp | |||||||
Return on Equity | 17.63 | 17.95 | (32 | ) | ||||||||
Average Shares Outstanding — Basic | 307,262 | 302,010 | 1.7 | % | ||||||||
Average Shares Outstanding — Diluted | 310,330 | 304,928 | 1.8 |
bp — change is measured as difference in basis points.
nm — not meaningful
Synovus | 5 of 11 |
INCOME STATEMENT | ||||||||||||||||||||||||
(In thousands, except per share data) | 2004 | 2003 | 4th Quarter | |||||||||||||||||||||
Fourth | Third | Second | First | Fourth | '04 vs. '03 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest Income (Taxable Equivalent) | $ | 314,019 | 301,457 | 279,013 | 271,491 | 266,581 | 17.8 | % | ||||||||||||||||
Interest Expense | 88,281 | 76,313 | 66,804 | 66,944 | 67,314 | 31.1 | ||||||||||||||||||
Net Interest Income (Taxable Equivalent) | 225,738 | 225,144 | 212,209 | 204,547 | 199,267 | 13.3 | ||||||||||||||||||
Tax Equivalent Adjustment | 1,703 | 1,710 | 1,747 | 1,800 | 1,836 | (7.2 | ) | |||||||||||||||||
Net Interest Income | 224,035 | 223,434 | 210,462 | 202,747 | 197,431 | 13.5 | ||||||||||||||||||
Provision for Loan Losses | 20,855 | 21,192 | 17,548 | 15,724 | 19,800 | 5.3 | ||||||||||||||||||
Net Interest Income After Provision | 203,180 | 202,242 | 192,914 | 187,023 | 177,631 | 14.4 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Electronic Payment Processing Services | 203,540 | 204,340 | 190,607 | 182,950 | 182,806 | 11.3 | ||||||||||||||||||
Other Transaction Processing Services Revenue | 45,224 | 43,006 | 41,827 | 40,848 | 37,060 | 22.0 | ||||||||||||||||||
Service Charges on Deposits | 30,226 | 31,257 | 31,188 | 28,432 | 29,527 | 2.4 | ||||||||||||||||||
Fiduciary and Asset Management Fees | 11,326 | 10,622 | 10,485 | 10,568 | 10,462 | 8.3 | ||||||||||||||||||
Brokerage and Investment Banking Revenue | 5,361 | 5,012 | 5,616 | 5,759 | 5,353 | 0.1 | ||||||||||||||||||
Mortgage Banking Income | 6,773 | 6,861 | 5,772 | 6,894 | 6,642 | 2.0 | ||||||||||||||||||
Credit Card Fees | 8,379 | 8,097 | 7,509 | 6,040 | 6,927 | 21.0 | ||||||||||||||||||
Securities Gains (Losses) | 164 | (24 | ) | - | (65 | ) | 1,155 | nm | ||||||||||||||||
Other Fee Income | 7,654 | 7,451 | 7,202 | 6,920 | 6,347 | 20.6 | ||||||||||||||||||
Other Non-Interest Income | 12,653 | 11,361 | 15,341 | 28,299 | 12,998 | (2.7 | ) | |||||||||||||||||
Non-Interest Income before Reimbursable Items | 331,300 | 327,983 | 315,547 | 316,645 | 299,277 | 10.7 | ||||||||||||||||||
Reimbursable Items | 57,039 | 56,309 | 55,745 | 60,445 | 56,313 | 1.3 | ||||||||||||||||||
Total Non-Interest Income | 388,339 | 384,292 | 371,292 | 377,090 | 355,590 | 9.2 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Personnel Expense | 175,369 | 194,624 | 174,955 | 186,631 | 167,157 | 4.9 | ||||||||||||||||||
Occupancy & Equipment Expense | 77,039 | 80,073 | 86,187 | 78,390 | 72,816 | 5.8 | ||||||||||||||||||
Other Non-Interest Expense | 88,639 | 74,699 | 74,365 | 67,857 | 68,504 | 29.4 | ||||||||||||||||||
Non-Interest Expense before Reimbursable Items | 341,047 | 349,396 | 335,507 | 332,878 | 308,477 | 10.6 | ||||||||||||||||||
Reimbursable Items | 57,039 | 56,309 | 55,745 | 60,445 | 56,313 | 1.3 | ||||||||||||||||||
Total Non-Interest Expense | 398,086 | 405,705 | 391,252 | 393,323 | 364,790 | 9.1 | ||||||||||||||||||
Minority Interest in Consolidated Subsidiaries | 8,143 | 7,480 | 6,852 | 6,249 | 7,519 | 8.3 | ||||||||||||||||||
Income Before Taxes | 185,290 | 173,349 | 166,102 | 164,541 | 160,912 | 15.1 | ||||||||||||||||||
Income Tax Expense | 66,568 | 64,341 | 60,961 | 60,379 | 58,273 | 14.2 | ||||||||||||||||||
Net Income | $ | 118,722 | 109,008 | 105,141 | 104,162 | 102,639 | 15.7 | |||||||||||||||||
Basic Earnings Per Share | 0.38 | 0.35 | 0.34 | 0.34 | 0.34 | 12.7 | ||||||||||||||||||
Diluted Earnings Per Share | 0.38 | 0.35 | 0.34 | 0.34 | 0.34 | 13.0 | ||||||||||||||||||
Dividends Declared Per Share | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 5.0 | ||||||||||||||||||
Return on Assets | 1.91 | % | 1.82 | % | 1.86 | % | 1.91 | % | 1.94 | % | (3 | )bp | ||||||||||||
Return on Equity | 17.92 | 17.00 | 17.60 | 18.00 | 18.37 | (45 | ) | |||||||||||||||||
Average Shares Outstanding — Basic | 309,740 | 309,448 | 306,180 | 303,644 | 301,842 | 2.6 | % | |||||||||||||||||
Average Shares Outstanding — Diluted | 313,268 | 312,343 | 308,857 | 306,812 | 306,160 | 2.3 |
bp — change is measured as difference in basis points.
nm — not meaningful
Synovus | 6 of 11 |
Financial Services Segment
INCOME STATEMENT | Twelve Months Ended | |||||||||||
(In thousands) | December 31, | |||||||||||
2004 | 2003 | Change | ||||||||||
Interest Income (Taxable Equivalent) | $ | 1,165,962 | 1,068,895 | 9.1 | % | |||||||
Interest Expense | 299,489 | 299,066 | 0.1 | |||||||||
Net Interest Income (Taxable Equivalent) | 866,473 | 769,829 | 12.6 | |||||||||
Tax Equivalent Adjustment | 6,941 | 7,375 | (5.9 | ) | ||||||||
Net Interest Income | 859,532 | 762,454 | 12.7 | |||||||||
Provision for Loan Losses | 75,319 | 71,777 | 4.9 | |||||||||
Net Interest Income After Provision | 784,213 | 690,677 | 13.5 | |||||||||
Non-Interest Income: | ||||||||||||
Service Charges on Deposits | 121,103 | 107,404 | 12.8 | |||||||||
Fiduciary and Asset Management Fees | 43,757 | 39,922 | 9.6 | |||||||||
Brokerage and Investment Banking Revenue | 21,748 | 20,461 | 6.3 | |||||||||
Mortgage Banking Income | 26,300 | 58,633 | (55.1 | ) | ||||||||
Credit Card Fees | 30,025 | 26,044 | 15.3 | |||||||||
Securities Gains (Losses) | 75 | 2,491 | nm | |||||||||
Other Fee Income | 29,227 | 23,682 | 23.4 | |||||||||
Other Non-Interest Income | 55,206 | 32,387 | 70.5 | |||||||||
Total Non-Interest Income | 327,441 | 311,024 | 5.3 | |||||||||
Non-Interest Expense: | ||||||||||||
Personnel Expense | 364,514 | 340,219 | 7.1 | |||||||||
Occupancy & Equipment Expense | 82,156 | 75,841 | 8.3 | |||||||||
Other Non-Interest Expense | 175,005 | 159,347 | 9.8 | |||||||||
Total Non-Interest Expense | 621,675 | 575,407 | 8.0 | |||||||||
Income Before Taxes | 489,979 | 426,294 | 14.9 | |||||||||
Income Tax Expense | 175,038 | 151,708 | 15.4 | |||||||||
Net Income | $ | 314,941 | 274,586 | 14.7 | ||||||||
Return on Assets | 1.41 | % | 1.40 | 1 | bp | |||||||
Return on Equity | 17.15 | 16.82 | 33 |
bp — change is measured as difference in basis points.
nm — not meaningful
Synovus | 7 of 11 |
Financial Services Segment
INCOME STATEMENT | ||||||||||||||||||||||||
(In thousands) | 2004 | 2003 | 4th Quarter | |||||||||||||||||||||
Fourth | Third | Second | First | Fourth | '04 vs. '03 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest Income (Taxable Equivalent) | $ | 314,008 | 301,458 | 279,010 | 271,486 | 266,577 | 17.8 | % | ||||||||||||||||
Interest Expense | 88,933 | 76,502 | 66,964 | 67,090 | 67,340 | 32.1 | ||||||||||||||||||
Net Interest Income (Taxable Equivalent) | 225,075 | 224,956 | 212,046 | 204,396 | 199,237 | 13.0 | ||||||||||||||||||
Tax Equivalent Adjustment | 1,691 | 1,710 | 1,744 | 1,796 | 1,831 | (7.6 | ) | |||||||||||||||||
Net Interest Income | 223,384 | 223,246 | 210,302 | 202,600 | 197,406 | 13.2 | ||||||||||||||||||
Provision for Loan Losses | 20,855 | 21,192 | 17,548 | 15,724 | 19,800 | 5.3 | ||||||||||||||||||
Net Interest Income After Provision | 202,529 | 202,054 | 192,754 | 186,876 | 177,606 | 14.0 | ||||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Service Charges on Deposits | 30,226 | 31,257 | 31,188 | 28,432 | 29,527 | 2.4 | ||||||||||||||||||
Fiduciary and Asset Management Fees | 11,538 | 10,834 | 10,675 | 10,710 | 10,597 | 8.9 | ||||||||||||||||||
Brokerage and Investment Banking Revenue | 5,361 | 5,012 | 5,616 | 5,759 | 5,353 | 0.1 | ||||||||||||||||||
Mortgage Banking Income | 6,773 | 6,861 | 5,772 | 6,894 | 6,642 | 2.0 | ||||||||||||||||||
Credit Card Fees | 8,379 | 8,097 | 7,509 | 6,040 | 6,927 | 21.0 | ||||||||||||||||||
Securities Gains (Losses) | 164 | (24 | ) | — | (65 | ) | 1,155 | nm | ||||||||||||||||
Other Fee Income | 7,654 | 7,451 | 7,202 | 6,920 | 6,347 | 20.6 | ||||||||||||||||||
Other Non-Interest Income | 10,826 | 7,211 | 11,409 | 25,760 | 9,497 | 14.0 | ||||||||||||||||||
Total Non-Interest Income | 80,921 | 76,699 | 79,371 | 90,450 | 76,045 | 6.4 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Personnel Expense | 82,601 | 93,631 | 91,283 | 96,999 | 80,346 | 2.8 | ||||||||||||||||||
Occupancy & Equipment Expense | 21,305 | 21,156 | 20,004 | 19,691 | 20,041 | 6.3 | ||||||||||||||||||
Other Non-Interest Expense | 50,677 | 42,764 | 42,310 | 39,254 | 44,065 | 15.0 | ||||||||||||||||||
Total Non-Interest Expense | 154,583 | 157,551 | 153,597 | 155,944 | 144,452 | 7.0 | ||||||||||||||||||
Income Before Taxes | 128,867 | 121,202 | 118,528 | 121,382 | 109,199 | 18.0 | ||||||||||||||||||
Income Tax Expense | 44,992 | 43,935 | 42,486 | 43,625 | 38,536 | 16.8 | ||||||||||||||||||
Net Income | $ | 83,875 | 77,267 | 76,042 | 77,757 | 70,663 | 18.7 | |||||||||||||||||
Return on Assets | 1.41 | % | 1.35 | % | 1.41 | % | 1.49 | % | 1.39 | % | 2 | bp | ||||||||||||
Return on Equity | 17.09 | 16.20 | 17.26 | 18.18 | 17.07 | 2 |
bp — change is measured as difference in basis points.
nm — not meaningful
Synovus | 8 of 11 |
BALANCE SHEET | December 31, 2004 | September 30, 2004 | December 31, 2003 | |||||||||
(In thousands, except share data) | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 683,035 | 757,380 | 696,030 | ||||||||
Interest earning deposits with banks | 4,153 | 4,140 | 4,423 | |||||||||
Federal funds sold and securities purchased under resale agreements | 135,471 | 122,130 | 172,922 | |||||||||
Mortgage loans held for sale | 120,186 | 126,099 | 133,306 | |||||||||
Investment securities available for sale | 2,695,593 | 2,621,120 | 2,529,257 | |||||||||
Loans, net of unearned income | 19,480,396 | 18,871,056 | 16,464,914 | |||||||||
Allowance for loan losses | (265,745 | ) | (257,647 | ) | (226,059 | ) | ||||||
Loans, net | 19,214,651 | 18,613,409 | 16,238,855 | |||||||||
Premises and equipment, net | 638,407 | 629,738 | 578,710 | |||||||||
Contract acquisition costs and computer software, net | 375,044 | 364,382 | 383,562 | |||||||||
Goodwill, net | 416,283 | 419,323 | 248,868 | |||||||||
Other intangible assets, net | 41,628 | 43,819 | 33,970 | |||||||||
Costs in excess of billings on uncompleted contracts | — | 7,272 | — | |||||||||
Other assets | 699,698 | 680,681 | 612,726 | |||||||||
Total assets | $ | 25,024,148 | 24,389,493 | 21,632,629 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing | $ | 3,337,908 | 3,202,214 | 2,833,567 | ||||||||
Interest bearing | 15,239,560 | 14,572,170 | 13,108,042 | |||||||||
Total deposits | 18,577,468 | 17,774,384 | 15,941,609 | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 1,208,080 | 1,671,239 | 1,354,887 | |||||||||
Long-term debt | 1,879,583 | 1,740,103 | 1,575,777 | |||||||||
Billings in excess of costs on uncompleted contracts | — | — | 17,573 | |||||||||
Other liabilities | 550,444 | 468,141 | 355,906 | |||||||||
Total liabilities | 22,215,575 | 21,653,867 | 19,245,752 | |||||||||
Minority interest in consolidated subsidiaries | 167,284 | 158,912 | 141,838 | |||||||||
Shareholders’ equity: | ||||||||||||
Common stock, par value $1.00 a share (1) | 315,636 | 315,200 | 307,748 | |||||||||
Surplus | 628,396 | 619,734 | 442,931 | |||||||||
Treasury stock (2) | (113,944 | ) | (113,944 | ) | (113,940 | ) | ||||||
Unearned compensation | (106 | ) | (146 | ) | (266 | ) | ||||||
Accumulated other comprehensive income | 8,902 | 18,513 | 29,509 | |||||||||
Retained earnings | 1,802,405 | 1,737,357 | 1,579,057 | |||||||||
Total shareholders’ equity | 2,641,289 | 2,576,714 | 2,245,039 | |||||||||
Total liabilities and shareholders’ equity | $ | 25,024,148 | 24,389,493 | 21,632,629 | ||||||||
(1) | Common shares outstanding: 309,974,509; 309,538,462; and 302,090,128 at December 31, 2004, September 30, 2004, and December 31, 2003, respectively. | |||
(2) | Treasury shares: 5,661,538 at December 31, 2004, 5,661,623 at September 30, 2004, and 5,658,005 at December 31, 2003. |
Synovus | ||
AVERAGE BALANCES AND YIELDS/RATES | 9 of 11 | |
(Dollars in thousands) |
2004 | 2003 | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | December 31, | |||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | 2004 | 2003 | ||||||||||||||||||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||
Taxable Investment Securities | $ | 2,408,960 | 2,382,319 | 2,355,328 | 2,319,280 | 2,200,668 | $ | 2,366,631 | 2,065,924 | |||||||||||||||||||||||||||||||||||
Yield | 3.69 | % | 3.72 | 3.71 | 3.86 | 3.74 | 3.74 | % | 4.05 | |||||||||||||||||||||||||||||||||||
Tax-Exempt Investment Securities | $ | 229,190 | 233,271 | 230,885 | 229,905 | 233,425 | $ | 230,815 | 235,401 | |||||||||||||||||||||||||||||||||||
Yield | 6.99 | % | 6.92 | 7.14 | 7.14 | 7.11 | 7.05 | % | 7.19 | |||||||||||||||||||||||||||||||||||
Commercial Loans | $ | 16,029,042 | 15,385,995 | 14,567,795 | 13,991,230 | 13,346,751 | $ | 14,997,417 | 12,894,815 | |||||||||||||||||||||||||||||||||||
Yield | 5.85 | % | 5.79 | 5.66 | 5.67 | 5.73 | 5.74 | % | 5.92 | |||||||||||||||||||||||||||||||||||
Consumer Loans | $ | 948,273 | 958,540 | 967,450 | 1,003,595 | 1,037,283 | $ | 969,377 | 1,082,449 | |||||||||||||||||||||||||||||||||||
Yield | 7.32 | % | 8.03 | 8.00 | 8.03 | 8.08 | 7.85 | % | 8.30 | |||||||||||||||||||||||||||||||||||
Mortgage Loans | $ | 954,078 | 936,240 | 856,688 | 823,625 | 819,412 | $ | 892,945 | 811,519 | |||||||||||||||||||||||||||||||||||
Yield | 6.04 | % | 5.89 | 5.92 | 6.01 | 6.10 | 5.96 | % | 6.31 | |||||||||||||||||||||||||||||||||||
Credit Card Loans | $ | 260,523 | 248,755 | 245,534 | 241,415 | 239,433 | $ | 249,087 | 232,961 | |||||||||||||||||||||||||||||||||||
Yield | 8.84 | % | 8.93 | 8.53 | 9.28 | 8.69 | 8.89 | % | 9.02 | |||||||||||||||||||||||||||||||||||
Home Equity Loans | $ | 973,604 | 890,867 | 790,238 | 719,915 | 674,264 | $ | 844,140 | 604,475 | |||||||||||||||||||||||||||||||||||
Yield | 5.08 | % | 4.61 | 4.45 | 4.50 | 4.52 | 4.69 | % | 4.66 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | $ | (262,711 | ) | (252,370 | ) | (241,082 | ) | (231,822 | ) | (225,021 | ) | $ | (247,054 | ) | (220,004 | ) | ||||||||||||||||||||||||||||
Loans, Net | $ | 18,902,809 | 18,168,027 | 17,186,623 | 16,547,958 | 15,892,122 | $ | 17,705,912 | 15,406,215 | |||||||||||||||||||||||||||||||||||
Yield | 6.01 | % | 5.97 | 5.87 | 5.91 | 5.98 | 5.94 | % | 6.19 | |||||||||||||||||||||||||||||||||||
Mortgage Loans Held for Sale | $ | 103,594 | 112,502 | 148,471 | 105,557 | 136,133 | $ | 117,479 | 254,240 | |||||||||||||||||||||||||||||||||||
Yield | 5.75 | % | 6.15 | 5.27 | 5.33 | 5.43 | 5.60 | % | 5.26 | |||||||||||||||||||||||||||||||||||
Federal Funds Sold | $ | 102,852 | 162,580 | 158,373 | 171,284 | 113,728 | $ | 148,685 | 111,893 | |||||||||||||||||||||||||||||||||||
Yield | 2.06 | % | 1.23 | 1.04 | 1.10 | 1.14 | 1.29 | % | 1.38 | |||||||||||||||||||||||||||||||||||
Time Deposits with Banks | $ | 4,144 | 4,136 | 4,137 | 4,372 | 4,426 | $ | 4,197 | 4,515 | |||||||||||||||||||||||||||||||||||
Yield | 1.32 | % | 0.80 | 0.45 | 0.46 | 0.46 | 0.76 | % | 0.55 | |||||||||||||||||||||||||||||||||||
Total Interest Earning Assets | $ | 21,751,549 | 21,062,836 | 20,083,817 | 19,378,354 | 18,580,502 | $ | 20,573,719 | 18,078,187 | |||||||||||||||||||||||||||||||||||
Yield | 5.75 | % | 5.69 | 5.58 | 5.63 | 5.70 | 5.67 | % | 5.91 | |||||||||||||||||||||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Time Deposits Over $100,000 | $ | 4,396,233 | 4,135,970 | 3,789,423 | 3,628,357 | 3,446,050 | $ | 3,989,018 | 3,448,900 | |||||||||||||||||||||||||||||||||||
Rate | 2.57 | % | 2.35 | 2.21 | 2.29 | 2.46 | 2.36 | % | 2.73 | |||||||||||||||||||||||||||||||||||
Time Deposits Under $100,000 | $ | 2,194,194 | 2,209,883 | 2,225,224 | 2,266,593 | 2,311,870 | $ | 2,223,854 | 2,399,371 | |||||||||||||||||||||||||||||||||||
Rate | 2.29 | % | 2.18 | 2.21 | 2.28 | 2.35 | 2.24 | % | 2.63 | |||||||||||||||||||||||||||||||||||
Interest Bearing Demand Deposits | $ | 2,848,978 | 2,716,488 | 2,773,020 | 2,709,479 | 2,623,125 | $ | 2,762,104 | 2,515,162 | |||||||||||||||||||||||||||||||||||
Rate | 0.72 | % | 0.60 | 0.54 | 0.56 | 0.58 | 0.61 | % | 0.71 | |||||||||||||||||||||||||||||||||||
Money Market Accounts | $ | 4,765,591 | 4,778,276 | 4,300,823 | 4,073,084 | 3,970,084 | $ | 4,481,042 | 3,695,600 | |||||||||||||||||||||||||||||||||||
Rate | 1.51 | % | 1.23 | 1.04 | 1.03 | 1.01 | 1.21 | % | 1.11 | |||||||||||||||||||||||||||||||||||
Savings Deposits | $ | 547,026 | 555,969 | 551,037 | 540,853 | 519,175 | $ | 548,736 | 502,245 | |||||||||||||||||||||||||||||||||||
Rate | 0.21 | % | 0.17 | 0.17 | 0.18 | 0.16 | 0.18 | % | 0.25 | |||||||||||||||||||||||||||||||||||
Federal Funds Purchased and Other Short-Term Borrowings | $ | 1,488,555 | 1,422,598 | 1,513,306 | 1,495,333 | 1,176,709 | $ | 1,479,815 | 1,101,216 | |||||||||||||||||||||||||||||||||||
Rate | 1.83 | % | 1.40 | 1.00 | 0.98 | 0.95 | 1.30 | % | 1.07 | |||||||||||||||||||||||||||||||||||
Long-Term Debt | $ | 1,821,889 | 1,747,788 | 1,667,441 | 1,635,648 | 1,576,346 | $ | 1,718,556 | 1,639,487 | |||||||||||||||||||||||||||||||||||
Rate | 3.63 | % | 3.51 | 3.53 | 3.71 | 3.79 | 3.59 | % | 4.21 | |||||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | $ | 18,062,466 | 17,566,972 | 16,820,274 | 16,349,345 | 15,623,360 | $ | 17,203,125 | 15,301,981 | |||||||||||||||||||||||||||||||||||
Rate | 1.94 | % | 1.72 | 1.59 | 1.64 | 1.71 | 1.73 | % | 1.95 | |||||||||||||||||||||||||||||||||||
Non-Interest Bearing Demand Deposits | $ | 3,277,155 | 3,137,357 | 3,006,493 | 2,769,367 | 2,715,015 | $ | 3,048,465 | 2,501,539 | |||||||||||||||||||||||||||||||||||
Shareholders’ Equity | $ | 2,635,188 | 2,550,346 | 2,402,271 | 2,327,319 | 2,216,818 | $ | 2,479,404 | 2,166,777 | |||||||||||||||||||||||||||||||||||
Total Assets | $ | 24,678,316 | 23,778,250 | 22,705,467 | 21,913,168 | 21,028,492 | $ | 23,274,044 | 20,412,853 | |||||||||||||||||||||||||||||||||||
Spread | 3.81 | % | 3.97 | 3.99 | 3.99 | 3.99 | 3.94 | % | 3.96 | |||||||||||||||||||||||||||||||||||
Net Interest Margin, before fees | 3.98 | % | 3.90 | 3.89 | 3.91 | 3.92 | 3.92 | % | 3.90 | |||||||||||||||||||||||||||||||||||
Net Interest Margin, after fees | 4.13 | % | 4.25 | 4.24 | 4.24 | 4.26 | 4.22 | % | 4.26 | |||||||||||||||||||||||||||||||||||
Synovus | 10 of 11 | |
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION | ||
(Dollars in thousands) |
December 31, 2004 | ||||||||||||||||
Loans as a % | Total | Nonperforming Loans | ||||||||||||||
of Total Loans | Nonperforming | as a % of Total | ||||||||||||||
Loan Type | Total Loans | Outstanding | Loans | Nonperforming Loans | ||||||||||||
Commercial Real Estate | ||||||||||||||||
Multi-Family | $ | 536,765 | 2.8 | % | $ | 802 | 1.0 | % | ||||||||
Hotels | 820,391 | 4.2 | 2,881 | 3.6 | ||||||||||||
Office Buildings | 770,260 | 4.0 | 6 | 0.0 | ||||||||||||
Shopping Centers | 592,919 | 3.0 | 199 | 0.2 | ||||||||||||
Commercial Development | 678,451 | 3.5 | 43 | 0.1 | ||||||||||||
Other Investment Property | 275,031 | 1.4 | 90 | 0.1 | ||||||||||||
Total Investment Properties | 3,673,817 | 18.9 | 4,021 | 5.0 | ||||||||||||
1-4 Family Construction | 1,208,618 | 6.2 | 859 | 1.1 | ||||||||||||
1-4 Family Perm / Mini-Perm | 984,690 | 5.1 | 6,601 | 8.2 | ||||||||||||
Residential Development | 1,091,832 | 5.6 | 209 | 0.2 | ||||||||||||
Total 1-4 Family Properties | 3,285,140 | 16.9 | 7,669 | 9.5 | ||||||||||||
Land Acquisition | 931,269 | 4.8 | 126 | 0.2 | ||||||||||||
Total Investment-Related Real Estate | 7,890,226 | 40.5 | 11,816 | 14.7 | ||||||||||||
Owner-Occupied | 2,264,920 | 11.6 | 7,077 | 8.8 | ||||||||||||
Other Property | 1,134,436 | 5.8 | 7,871 | 9.8 | ||||||||||||
Total Commercial Real Estate | 11,289,582 | 58.0 | 26,764 | 33.3 | ||||||||||||
Commercial & Industrial | 5,050,713 | 25.9 | 46,811 | 58.1 | ||||||||||||
Consumer | 3,182,052 | 16.3 | 6,881 | 8.6 | ||||||||||||
Unearned Income | (41,951 | ) | (0.2 | ) | — | — | ||||||||||
Total | $ | 19,480,396 | 100.0 | % | $ | 80,456 | 100.0 | % | ||||||||
Synovus | 11 of 11 | |
CREDIT QUALITY DATA |
(Dollars in thousands) | 2004 | 2003 | 4th Quarter | |||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | '04 vs. '03 | |||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||||||||||
Nonperforming Loans | $ | 80,456 | 79,776 | 67,489 | 70,007 | 67,442 | 19.3 | % | ||||||||||||||||||||||||
Other Real Estate | 21,492 | 25,424 | 26,972 | 26,061 | 28,422 | (24.4 | ) | |||||||||||||||||||||||||
Nonperforming Assets | 101,948 | 105,200 | 94,461 | 96,068 | 95,864 | 6.3 | ||||||||||||||||||||||||||
Allowance for Loan Losses | 265,745 | 257,647 | 248,585 | 236,056 | 226,059 | 17.6 | ||||||||||||||||||||||||||
Net Charge-Offs — Quarter | 12,757 | 12,130 | 9,589 | 6,773 | 17,202 | (25.8 | ) | |||||||||||||||||||||||||
Net Charge-Offs — YTD | 41,249 | 28,492 | 16,362 | 6,773 | 56,093 | (26.5 | ) | |||||||||||||||||||||||||
Net Charge-Offs / Average Loans — Quarter | 0.27 | 0.26 | 0.22 | 0.16 | 0.43 | |||||||||||||||||||||||||||
Net Charge-Offs / Average Loans — YTD | 0.23 | 0.22 | 0.19 | 0.16 | 0.36 | |||||||||||||||||||||||||||
Nonperforming Loans / Loans & ORE | 0.41 | 0.42 | 0.37 | 0.41 | 0.41 | |||||||||||||||||||||||||||
Nonperforming Assets / Loans & ORE | 0.52 | 0.56 | 0.52 | 0.56 | 0.58 | |||||||||||||||||||||||||||
Allowance / Loans | 1.36 | 1.37 | 1.38 | 1.39 | 1.37 | |||||||||||||||||||||||||||
Allowance / Nonperforming Loans | 330.30 | 322.96 | 368.34 | 337.19 | 335.19 | |||||||||||||||||||||||||||
Allowance / Nonperforming Assets | 260.67 | 244.91 | 263.16 | 245.72 | 235.81 | |||||||||||||||||||||||||||
Past Due Loans over 90 days | 18,138 | 23,178 | 27,453 | 23,295 | 21,138 | |||||||||||||||||||||||||||
As a Percentage of Loans Outstanding | 0.09 | 0.12 | 0.15 | 0.14 | 0.13 | |||||||||||||||||||||||||||
Total Past Dues | 84,458 | 118,390 | 109,385 | 129,844 | 109,672 | |||||||||||||||||||||||||||
As a Percentage of Loans Outstanding | 0.43 | 0.63 | 0.61 | 0.76 | 0.67 |
REGULATORY CAPITAL RATIOS (1)
(Dollars in thousands)
December 31, 2004 | September 30, 2004 | December 31, 2003 | ||||||||||
Tier 1 Capital | $ | 2,369,235 | 2,279,734 | 2,012,154 | ||||||||
Total Risk-Based Capital | 2,934,980 | 2,837,381 | 2,535,615 | |||||||||
Tier 1 Capital Ratio | 10.06 | % | 9.96 | 10.30 | ||||||||
Total Risk-Based Capital Ratio | 12.46 | % | 12.40 | 12.98 | ||||||||
Leverage Ratio | 9.78 | % | 9.77 | 9.84 |
(1) | December 31, 2004 information is preliminary. |