Exhibit 99.2
SYNOVUS |
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| 4 of 11 |
| |
INCOME STATEMENT |
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| Six Months Ended |
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| |
|
| 2005 |
| 2004 |
| Change |
| |
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Interest Income (Taxable Equivalent) | $ | 693,692 |
| 550,504 |
| 26.0 | % | |
Interest Expense |
| 226,554 |
| 133,747 |
| 69.4 |
| |
|
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|
|
|
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| |
|
|
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|
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|
|
| |
Net Interest Income (Taxable Equivalent) |
| 467,138 |
| 416,757 |
| 12.1 |
| |
Tax Equivalent Adjustment |
| 3,211 |
| 3,547 |
| (9.4) |
| |
|
|
|
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| |
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Net Interest Income |
| 463,927 |
| 413,210 |
| 12.3 |
| |
Provision for Loan Losses |
| 42,106 |
| 33,272 |
| 26.6 |
| |
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Net Interest Income After Provision |
| 421,821 |
| 379,938 |
| 11.0 |
| |
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Non-Interest Income: |
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|
|
|
| |
Electronic Payment Processing Services |
| 420,947 |
| 360,315 |
| 16.8 |
| |
Merchant Services |
| 95,801 |
| 13,241 |
| nm |
| |
Other Transaction Processing Services Revenue |
| 93,838 |
| 82,676 |
| 13.5 |
| |
Service Charges on Deposits |
| 55,302 |
| 59,785 |
| (7.5) |
| |
Fiduciary and Asset Management Fees |
| 22,175 |
| 21,053 |
| 5.3 |
| |
Brokerage and Investment Banking Revenue |
| 12,564 |
| 11,375 |
| 10.5 |
| |
Mortgage Banking Income |
| 13,328 |
| 12,666 |
| 5.2 |
| |
Credit Card Fees |
| 17,383 |
| 13,385 |
| 29.9 |
| |
Securities Gains (Losses) |
| 598 |
| (65) |
| nm |
| |
Other Fee Income |
| 14,826 |
| 14,122 |
| 5.0 |
| |
Other Non-Interest Income |
| 16,310 |
| 43,640 |
| (62.6) |
| |
|
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Non-Interest Income before Reimbursable Items |
| 763,072 |
| 632,192 |
| 20.7 |
| |
Reimbursable Items |
| 148,330 |
| 116,190 |
| 27.7 |
| |
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|
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| |
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Total Non-Interest Income |
| 911,402 |
| 748,382 |
| 21.8 |
| |
|
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|
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Non-Interest Expense: |
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| |
Personnel Expense |
| 398,425 |
| 361,586 |
| 10.2 |
| |
Occupancy & Equipment Expense |
| 175,473 |
| 164,577 |
| 6.6 |
| |
Other Non-Interest Expense |
| 202,623 |
| 142,222 |
| 42.5 |
| |
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|
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| |
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Non-Interest Expense before Reimbursable Items |
| 776,521 |
| 668,385 |
| 16.2 |
| |
Reimbursable Items |
| 148,330 |
| 116,190 |
| 27.7 |
| |
|
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| |
|
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Total Non-Interest Expense |
| 924,851 |
| 784,575 |
| 17.9 |
| |
|
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| |
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| |
Minority Interest in Consolidated Subsidiaries |
| 18,504 |
| 13,101 |
| 41.2 |
| |
Income Before Taxes |
| 389,867 |
| 330,644 |
| 17.9 |
| |
Income Tax Expense |
| 144,674 |
| 121,341 |
| 19.2 |
| |
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Net Income | $ | 245,194 |
| 209,303 |
| 17.1 |
| |
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Basic Earnings Per Share |
| 0.79 |
| 0.69 |
| 14.9 |
| |
Diluted Earnings Per Share |
| 0.78 |
| 0.68 |
| 14.7 |
| |
Dividends Declared Per Share |
| 0.37 |
| 0.35 |
| 5.3 |
| |
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Return on Assets |
| 1.92 | % | 1.89 |
| 3 | bp | |
Return on Assets |
| 18.12 |
| 17.80 |
| 32 |
| |
Average Shares Outstanding - Basic |
| 310,890 |
| 304,912 |
| 2.0 | % | |
Average Shares Outstanding - Diluted |
| 314,297 |
| 307,835 |
| 2.1 |
|
SYNOVUS |
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| 5 of 11 |
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| INCOME STATEMENT |
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| (In thousands, except per share data) |
| 2005 |
| 2004 |
| 2nd Quarter |
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| Second |
| First |
| Fourth |
| Third |
| Second |
| '05 vs. '04 |
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| |
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| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change |
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| Interest Income (Taxable Equivalent) | $ | 360,763 |
| 332,927 |
| 314,019 |
| 301,457 |
| 279,013 |
| 29.3 | % |
| |
| Interest Expense |
| 122,110 |
| 104,444 |
| 88,281 |
| 76,313 |
| 66,804 |
| 82.8 |
|
| |
|
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| |
| Net Interest Income (Taxable Equivalent) |
| 238,653 |
| 228,483 |
| 225,738 |
| 225,144 |
| 212,209 |
| 12.5 |
|
| |
| Tax Equivalent Adjustment |
| 1,588 |
| 1,621 |
| 1,703 |
| 1,710 |
| 1,747 |
| (9.1) |
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| |
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| Net Interest Income |
| 237,065 |
| 226,862 |
| 224,035 |
| 223,434 |
| 210,462 |
| 12.6 |
|
| |
| Provision for Loan Losses |
| 22,823 |
| 19,283 |
| 20,855 |
| 21,192 |
| 17,548 |
| 30.1 |
|
| |
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|
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|
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| |
| Net Interest Income After Provision |
| 214,242 |
| 207,579 |
| 203,180 |
| 202,242 |
| 192,914 |
| 11.1 |
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| |
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| Non-Interest Income: |
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|
|
|
|
|
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| |
| Electronic Payment Processing Services |
| 215,784 |
| 205,163 |
| 197,129 |
| 197,822 |
| 183,731 |
| 17.4 |
|
| |
| Merchant Services |
| 68,696 |
| 27,105 |
| 6,411 |
| 6,518 |
| 6,876 |
| nm |
|
| |
| Other Transaction Processing Services Revenue |
| 45,324 |
| 48,514 |
| 45,224 |
| 43,006 |
| 41,827 |
| 8.4 |
|
| |
| Service Charges on Deposits |
| 28,175 |
| 27,127 |
| 30,321 |
| 31,344 |
| 31,273 |
| (9.9) |
|
| |
| Fiduciary and Asset Management Fees |
| 11,138 |
| 11,037 |
| 11,326 |
| 10,622 |
| 10,485 |
| 6.2 |
|
| |
| Brokerage and Investment Banking Revenue |
| 6,301 |
| 6,263 |
| 5,361 |
| 5,012 |
| 5,616 |
| 12.2 |
|
| |
| Mortgage Banking Income |
| 7,430 |
| 5,898 |
| 6,773 |
| 6,861 |
| 5,772 |
| 28.7 |
|
| |
| Credit Card Fees |
| 9,291 |
| 8,092 |
| 8,775 |
| 8,014 |
| 7,424 |
| 25.1 |
|
| |
| Securities Gains (Losses) |
| 327 |
| 271 |
| 164 |
| (24) |
| - |
| nm |
|
| |
| Other Fee Income |
| 7,340 |
| 7,486 |
| 7,654 |
| 7,451 |
| 7,202 |
| 1.9 |
|
| |
| Other Non-Interest Income |
| 7,325 |
| 8,985 |
| 12,162 |
| 11,357 |
| 15,341 |
| (52.3) |
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| |
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| Non-Interest Income before Reimbursable Item |
| 407,131 |
| 355,941 |
| 331,300 |
| 327,983 |
| 315,547 |
| 29.0 |
|
| |
| Reimbursable Items |
| 79,161 |
| 69,169 |
| 57,039 |
| 56,309 |
| 55,745 |
| 42.0 |
|
| |
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| Total Non-Interest Income |
| 486,292 |
| 425,110 |
| 388,339 |
| 384,292 |
| 371,292 |
| 31.0 |
|
| |
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| |
| Non-Interest Expense: |
|
|
|
|
|
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|
|
|
|
|
|
|
| |
| Personnel Expense |
| 208,596 |
| 189,829 |
| 175,369 |
| 194,624 |
| 174,955 |
| 19.2 |
|
| |
| Occupancy & Equipment Expense |
| 88,839 |
| 86,634 |
| 77,039 |
| 80,073 |
| 86,187 |
| 3.1 |
|
| |
| Other Non-Interest Expense |
| 110,016 |
| 92,607 |
| 88,639 |
| 74,699 |
| 74,365 |
| 47.9 |
|
| |
|
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| |
| Non-Interest Expense before Reimbursable Items |
| 407,451 |
| 369,070 |
| 341,047 |
| 349,396 |
| 335,507 |
| 21.4 |
|
| |
| Reimbursable Items |
| 79,160 |
| 69,170 |
| 57,039 |
| 56,309 |
| 55,745 |
| 42.0 |
|
| |
|
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|
|
|
|
|
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|
|
| |
| Total Non-Interest Expense |
| 486,611 |
| 438,240 |
| 398,086 |
| 405,705 |
| 391,252 |
| 24.4 |
|
| |
|
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|
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|
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|
|
| |
| Minority Interest in Consolidated Subsidiaries |
| 9,672 |
| 8,832 |
| 8,143 |
| 7,480 |
| 6,852 |
| 41.2 |
|
| |
| Income Before Taxes |
| 204,251 |
| 185,617 |
| 185,289 |
| 173,349 |
| 166,102 |
| 23.0 |
|
| |
| Income Tax Expense |
| 75,791 |
| 68,883 |
| 66,567 |
| 64,341 |
| 60,961 |
| 24.3 |
|
| |
| Net Income | $ | 128,460 |
| 116,734 |
| 118,722 |
| 109,008 |
| 105,141 |
| 22.2 |
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| |
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| |
| Basic Earnings Per Share |
| 0.41 |
| 0.38 |
| 0.38 |
| 0.35 |
| 0.34 |
| 20.2 |
|
| |
| Diluted Earnings Per Share |
| 0.41 |
| 0.37 |
| 0.38 |
| 0.35 |
| 0.34 |
| 19.9 |
|
| |
| Dividends Declared Per Share |
| 0.18 |
| 0.18 |
| 0.17 |
| 0.17 |
| 0.17 |
| 5.3 |
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| |
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| Return on Assets |
| 1.98 | % | 1.86 | % | 1.91 | % | 1.82 | % | 1.86 | % | 12 | bp |
| |
| Return on Equity |
| 18.70 |
| 17.52 |
| 17.92 |
| 17.00 |
| 17.60 |
| 110 |
|
| |
| Average Shares Outstanding - Basic |
| 311,154 |
| 310,622 |
| 309,740 |
| 309,448 |
| 306,180 |
| 1.6 | % |
| |
| Average Shares Outstanding - Diluted |
| 314,691 |
| 313,900 |
| 313,268 |
| 312,343 |
| 308,857 |
| 1.9 |
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bp - change is measured as difference in basis points. |
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nm - not meaningful |
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|
SYNOVUS |
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| 6 of 11 |
| |
Financial Services Segment |
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| INCOME STATEMENT |
| Six Months Ended | |||||
| (In thousands) |
| June 30, | |||||
|
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|
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| 2005 |
| 2004 |
| Change | |
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|
|
| Interest Income (Taxable Equivalent) | $ | 693,716 |
| 550,496 |
| 26.0 | % |
| Interest Expense |
| 227,956 |
| 134,054 |
| 70.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 465,760 |
| 416,442 |
| 11.8 |
|
| Tax Equivalent Adjustment |
| 3,199 |
| 3,540 |
| (9.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 462,561 |
| 412,902 |
| 12.0 |
|
| Provision for Loan Losses |
| 42,106 |
| 33,272 |
| 26.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 420,455 |
| 379,630 |
| 10.8 |
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
| Service Charges on Deposits |
| 55,303 |
| 59,784 |
| (7.5) |
|
| Fiduciary and Asset Management Fees |
| 22,368 |
| 21,385 |
| 4.6 |
|
| Brokerage and Investment Banking Revenue |
| 12,564 |
| 11,375 |
| 10.5 |
|
| Mortgage Banking Income |
| 13,328 |
| 12,666 |
| 5.2 |
|
| Credit Card Fees |
| 17,384 |
| 13,385 |
| 29.9 |
|
| Securities Gains (Losses) |
| 598 |
| (65) |
| nm |
|
| Other Fee Income |
| 14,825 |
| 14,122 |
| 5.0 |
|
| Other Non-Interest Income |
| 18,846 |
| 37,169 |
| (49.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
| Total Non-Interest Income |
| 155,216 |
| 169,821 |
| (8.6) |
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
| Personnel Expense |
| 181,468 |
| 188,282 |
| (3.6) |
|
| Occupancy & Equipment Expense |
| 43,259 |
| 39,695 |
| 9.0 |
|
| Other Non-Interest Expense |
| 90,861 |
| 81,565 |
| 11.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 315,588 |
| 309,542 |
| 2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Taxes |
| 260,083 |
| 239,909 |
| 8.4 |
|
| Income Tax Expense |
| 93,263 |
| 86,112 |
| 8.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 166,820 |
| 153,797 |
| 8.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 1.37 | % | 1.45 |
| (8) | bp |
| Return on Equity |
| 16.81 |
| 17.71 |
| (90) |
|
|
|
|
|
|
|
|
|
|
bp - change is measured as difference in basis points. |
|
|
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|
| |
nm - not meaningful |
|
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|
|
|
SYNOVUS |
|
|
|
|
|
|
|
|
|
|
| 7 of 11 |
| |
Financial Services Segment |
|
|
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|
|
|
| |
| INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
| 2005 |
| 2004 |
| 2nd Quarter |
| ||||||
|
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|
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|
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|
|
|
| Second |
| First |
| Fourth |
| Third |
| Second |
| '05 vs. '04 |
|
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change |
|
| Interest Income (Taxable Equivalent) | $ | 360,789 |
| 332,927 |
| 314,009 |
| 301,458 |
| 279,010 |
| 29.3 | % |
| Interest Expense |
| 122,768 |
| 105,188 |
| 88,933 |
| 76,502 |
| 66,964 |
| 83.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 238,021 |
| 227,739 |
| 225,076 |
| 224,956 |
| 212,046 |
| 12.2 |
|
| Tax Equivalent Adjustment |
| 1,585 |
| 1,614 |
| 1,692 |
| 1,710 |
| 1,744 |
| (9.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 236,436 |
| 226,125 |
| 223,384 |
| 223,246 |
| 210,302 |
| 12.4 |
|
| Provision for Loan Losses |
| 22,823 |
| 19,283 |
| 20,855 |
| 21,192 |
| 17,548 |
| 30.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 213,613 |
| 206,842 |
| 202,529 |
| 202,054 |
| 192,754 |
| 10.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Charges on Deposits |
| 28,175 |
| 27,127 |
| 30,321 |
| 31,344 |
| 31,273 |
| (9.9) |
|
| Fiduciary and Asset Management Fees |
| 11,324 |
| 11,044 |
| 11,538 |
| 10,834 |
| 10,675 |
| 6.1 |
|
| Brokerage and Investment Banking Revenue |
| 6,301 |
| 6,263 |
| 5,361 |
| 5,012 |
| 5,616 |
| 12.2 |
|
| Mortgage Banking Income |
| 7,430 |
| 5,898 |
| 6,773 |
| 6,861 |
| 5,772 |
| 28.7 |
|
| Credit Card Fees |
| 9,291 |
| 8,092 |
| 8,775 |
| 8,014 |
| 7,424 |
| 25.1 |
|
| Securities Gains (Losses) |
| 327 |
| 271 |
| 164 |
| (24) |
| - |
| nm |
|
| Other Fee Income |
| 7,339 |
| 7,487 |
| 7,654 |
| 7,451 |
| 7,202 |
| 1.9 |
|
| Other Non-Interest Income |
| 10,458 |
| 8,389 |
| 10,335 |
| 7,207 |
| 11,409 |
| (8.3) |
|
| Total Non-Interest Income |
| 80,645 |
| 74,571 |
| 80,921 |
| 76,699 |
| 79,371 |
| 1.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 90,721 |
| 90,747 |
| 82,601 |
| 93,631 |
| 91,283 |
| (0.6) |
|
| Occupancy & Equipment Expense |
| 21,712 |
| 21,547 |
| 21,305 |
| 21,156 |
| 20,004 |
| 8.5 |
|
| Other Non-Interest Expense |
| 45,320 |
| 45,541 |
| 50,677 |
| 42,764 |
| 42,310 |
| 7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 157,753 |
| 157,835 |
| 154,583 |
| 157,551 |
| 153,597 |
| 2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Taxes |
| 136,505 |
| 123,578 |
| 128,867 |
| 121,202 |
| 118,528 |
| 15.2 |
|
| Income Tax Expense |
| 49,060 |
| 44,203 |
| 44,992 |
| 43,935 |
| 42,486 |
| 15.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 87,445 |
| 79,375 |
| 83,875 |
| 77,267 |
| 76,042 |
| 15.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 1.41 | % | 1.33 | % | 1.41 | % | 1.35 | % | 1.41 | % | - | bp |
| Return on Equity |
| 17.41 |
| 16.19 |
| 17.09 |
| 16.20 |
| 17.26 |
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
nm - not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
| SYNOVUS |
|
|
|
|
| 8 of 11 |
| |
|
|
|
|
|
|
|
|
|
|
|
| BALANCE SHEET |
| June 30, 2005 |
| December 31, 2004 |
| June 30, 2004 |
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Cash and due from banks | $ | 811,781 |
| 683,035 |
| 756,534 |
|
|
| Interest earning deposits with banks |
| 14,270 |
| 4,153 |
| 4,134 |
|
|
| Federal funds sold and securities purchased |
|
|
|
|
|
|
|
|
| under resale agreements |
| 344,958 |
| 135,471 |
| 182,414 |
|
|
| Mortgage loans held for sale |
| 155,977 |
| 120,186 |
| 160,507 |
|
|
| Investment securities available for sale |
| 2,756,365 |
| 2,695,593 |
| 2,604,799 |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans, net of unearned income |
| 20,479,834 |
| 19,480,396 |
| 18,075,007 |
|
|
| Allowance for loan losses |
| (277,527) |
| (265,745) |
| (248,585) |
|
|
| Loans, net |
| 20,202,307 |
| 19,214,651 |
| 17,826,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premises and equipment, net |
| 657,765 |
| 638,407 |
| 625,678 |
|
|
| Contract acquisition costs and computer software, net |
| 450,352 |
| 401,074 |
| 357,724 |
|
|
| Goodwill, net |
| 457,946 |
| 416,283 |
| 381,057 |
|
|
| Other intangible assets, net |
| 49,232 |
| 41,628 |
| 38,409 |
|
|
| Other assets |
| 812,341 |
| 699,697 |
| 622,538 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets | $ | 26,713,294 |
| 25,050,178 |
| 23,560,216 |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
| Non-interest bearing | $ | 3,474,299 |
| 3,337,908 |
| 3,148,562 |
|
|
| Interest bearing |
| 16,632,179 |
| 15,239,560 |
| 14,342,194 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposits |
| 20,106,478 |
| 18,577,468 |
| 17,490,756 |
|
|
| Federal funds purchased and securities sold |
|
|
|
|
|
|
|
|
| under repurchase agreements |
| 724,445 |
| 1,208,080 |
| 1,325,692 |
|
|
| Long-term debt |
| 2,335,688 |
| 1,879,583 |
| 1,732,490 |
|
|
| Billings in excess of costs and profits on uncompleted contracts |
| - |
| - |
| 1,407 |
|
|
| Other liabilities |
| 570,914 |
| 576,474 |
| 370,509 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
| 23,737,525 |
| 22,241,605 |
| 20,920,854 |
|
|
|
|
|
|
|
|
|
|
|
|
| Minority interest in consolidated subsidiaries |
| 181,957 |
| 167,284 |
| 153,265 |
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity: |
|
|
|
|
|
|
|
|
| Common stock, par value $1.00 a share (1) |
| 317,181 |
| 315,636 |
| 314,638 |
|
|
| Surplus |
| 660,052 |
| 628,396 |
| 612,343 |
|
|
| Treasury stock (2) |
| (113,944) |
| (113,944) |
| (113,986) |
|
|
| Unearned compensation |
| (2,942) |
| (106) |
| (186) |
|
|
| Accumulated other comprehensive income (loss) |
| (517) |
| 8,903 |
| (8,704) |
|
|
| Retained earnings |
| 1,933,982 |
| 1,802,404 |
| 1,681,992 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total shareholders' equity |
| 2,793,812 |
| 2,641,289 |
| 2,486,097 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders' equity | $ | 26,713,294 |
| 25,050,178 |
| 23,560,216 |
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Common shares outstanding: 311,519,262; 309,974,509; and 308,976,481 at June 30, 2005, December 31, 2004, and June 30, 2004, respectively. |
| ||||||
|
| (2) Treasury shares: 5,661,538 at June 30, 2005, 5,661,538 at December 31, 2004, and 5,661,623 at June 30, 2004. |
|
|
|
| SYNOVUS |
|
|
|
|
|
| 9 of 11 |
| |
| AVERAGE BALANCES AND YIELDS/RATES |
|
|
|
|
|
| |||
| (Dollars in thousands) |
|
|
|
|
|
|
|
| |
|
|
|
| 2005 | 2004 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second |
| First | Fourth | Third | Second |
|
|
|
|
| Quarter |
| Quarter | Quarter | Quarter | Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Earning Assets |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 2,556,964 |
| 2,553,423 | 2,408,960 | 2,382,319 | 2,355,328 |
| |
|
| Yield |
| 3.78 | % | 3.74 | 3.69 | 3.72 | 3.71 |
|
|
|
|
|
|
|
|
|
|
|
|
| Tax-Exempt Investment Securities | $ | 220,109 |
| 223,812 | 229,190 | 233,271 | 230,885 |
| |
|
| Yield |
| 6.87 | % | 6.93 | 6.99 | 6.92 | 7.14 |
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial Loans | $ | 17,072,813 |
| 16,604,087 | 16,029,042 | 15,385,995 | 14,567,795 |
| |
|
| Yield |
| 6.48 | % | 6.15 | 5.85 | 5.79 | 5.66 |
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer Loans | $ | 833,071 |
| 846,743 | 948,273 | 958,540 | 967,450 |
| |
|
| Yield |
| 7.37 | % | 7.42 | 7.32 | 8.03 | 8.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage Loans | $ | 1,022,169 |
| 1,026,532 | 954,078 | 936,240 | 856,688 |
| |
|
| Yield |
| 6.47 | % | 6.09 | 6.04 | 5.89 | 5.92 |
|
|
|
|
|
|
|
|
|
|
|
|
| Credit Card Loans | $ | 267,571 |
| 261,202 | 260,523 | 248,755 | 245,534 |
| |
|
| Yield |
| 9.35 | % | 9.82 | 8.84 | 8.93 | 8.53 |
|
|
|
|
|
|
|
|
|
|
|
|
| Home Equity Loans | $ | 1,100,010 |
| 1,037,214 | 973,604 | 890,867 | 790,238 |
| |
|
| Yield |
| 5.92 | % | 5.56 | 5.08 | 4.61 | 4.45 |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for Loan Losses | $ | (278,734) |
| (270,853) | (262,711) | (252,370) | (241,082) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Loans, Net | $ | 20,016,900 |
| 19,504,925 | 18,902,809 | 18,168,027 | 17,186,623 |
| |
|
| Yield |
| 6.61 | % | 6.31 | 6.01 | 5.97 | 5.87 |
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage Loans Held for Sale | $ | 108,928 |
| 87,538 | 103,594 | 112,502 | 148,471 |
| |
|
| Yield |
| 6.41 | % | 6.15 | 5.75 | 6.15 | 5.27 |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal Funds Sold and Time Deposits |
|
|
|
|
|
|
|
| |
| with Banks | $ | 133,399 |
| 119,853 | 106,996 | 166,717 | 162,510 |
| |
|
| Yield |
| 3.10 | % | 2.45 | 2.06 | 1.24 | 1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Interest Earning Assets | $ | 23,036,301 |
| 22,489,551 | 21,751,549 | 21,062,836 | 20,083,817 |
| |
|
| Yield |
| 6.28 | % | 5.99 | 5.75 | 5.69 | 5.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Bearing Liabilities |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| time deposits) | $ | 2,534,846 |
| 2,392,957 | 2,329,295 | 2,284,772 | 2,185,597 |
| |
|
| Rate |
| 3.04 | % | 2.77 | 2.54 | 2.33 | 2.31 |
|
|
|
|
|
|
|
|
|
|
|
|
| Brokered Time Deposits | $ | 2,689,079 |
| 2,487,264 | 2,066,938 | 1,851,198 | 1,603,826 |
| |
|
| Rate |
| 3.21 | % | 2.94 | 2.60 | 2.38 | 2.08 |
|
|
|
|
|
|
|
|
|
|
|
|
| Time Deposits Under $100,000 | $ | 2,249,590 |
| 2,197,788 | 2,194,194 | 2,209,883 | 2,225,224 |
| |
|
| Rate |
| 2.71 | % | 2.47 | 2.29 | 2.18 | 2.21 |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Bearing Demand Deposits | $ | 2,990,725 |
| 2,980,346 | 2,848,978 | 2,716,488 | 2,773,020 |
| |
|
| Rate |
| 1.12 | % | 0.96 | 0.72 | 0.60 | 0.54 |
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Accounts | $ | 4,968,113 |
| 4,754,130 | 4,765,591 | 4,778,276 | 4,300,823 |
| |
|
| Rate |
| 2.31 | % | 1.90 | 1.51 | 1.23 | 1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
| Savings Deposits | $ | 568,279 |
| 556,629 | 547,026 | 555,969 | 551,037 |
| |
|
| Rate |
| 0.35 | % | 0.27 | 0.21 | 0.17 | 0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal Funds Purchased and Other |
|
|
|
|
|
|
|
| |
| Short-Term Borrowings | $ | 1,255,755 |
| 1,541,396 | 1,488,555 | 1,422,598 | 1,513,306 |
| |
|
| Rate |
| 2.75 | % | 2.34 | 1.83 | 1.40 | 1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Debt | $ | 1,981,235 |
| 1,877,158 | 1,821,889 | 1,747,788 | 1,667,441 |
| |
|
| Rate |
| 4.01 | % | 3.84 | 3.63 | 3.51 | 3.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Interest Bearing Liabilities | $ | 19,237,622 |
| 18,787,668 | 18,062,466 | 17,566,972 | 16,820,274 |
| |
|
| Rate |
| 2.54 | % | 2.25 | 1.94 | 1.72 | 1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Bearing Demand Deposits | $ | 3,429,813 |
| 3,267,679 | 3,516,878 | 3,137,357 | 3,006,493 |
| |
| Shareholders' Equity | $ | 2,755,510 |
| 2,701,585 | 2,635,188 | 2,550,346 | 2,402,271 |
| |
| Total Assets | $ | 26,102,816 |
| 25,392,540 | 24,921,847 | 23,778,250 | 22,705,467 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Spread |
| 3.74 | % | 3.75 | 3.81 | 3.97 | 3.99 |
| |
| Net Interest Margin, before fees |
| 4.01 | % | 3.98 | 3.98 | 3.90 | 3.89 |
| |
| Net Interest Margin, after fees |
| 4.15 | % | 4.11 | 4.13 | 4.25 | 4.24 |
|
SYNOVUS |
|
|
|
|
|
|
|
| 10 of 11 |
| ||||||||||
| LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION |
| ||||||||||||||||||
| (Dollars in thousands) |
| ||||||||||||||||||
|
|
| June 30, 2005 |
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
| 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 | $ | 526,820 |
| 2.6 | % | $ | 341 |
| 0.4 | % |
| ||||||||
| Hotels |
| 804,316 |
| 3.9 |
|
| 1,236 |
| 1.6 |
|
| ||||||||
| Office Buildings |
| 786,262 |
| 3.8 |
|
| 5 |
| 0.0 |
|
| ||||||||
| Shopping Centers |
| 628,701 |
| 3.1 |
|
| 326 |
| 0.4 |
|
| ||||||||
| Commercial Development |
| 803,494 |
| 3.9 |
|
| 152 |
| 0.2 |
|
| ||||||||
| Other Investment Property |
| 330,992 |
| 1.6 |
|
| 84 |
| 0.1 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total Investment Properties |
| 3,880,585 |
| 18.9 |
|
| 2,144 |
| 2.7 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| 1-4 Family Construction |
| 1,372,556 |
| 6.7 |
|
| 1,363 |
| 1.7 |
|
| ||||||||
| 1-4 Family Perm / Mini-Perm |
| 1,087,763 |
| 5.3 |
|
| 2,562 |
| 3.2 |
|
| ||||||||
| Residential Development |
| 1,219,186 |
| 6.0 |
|
| 6,012 |
| 7.6 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total 1-4 Family Properties |
| 3,679,505 |
| 18.0 |
|
| 9,937 |
| 12.5 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Land Acquisition |
| 913,488 |
| 4.5 |
|
| 410 |
| 0.5 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total Investment-Related Real Estate |
| 8,473,578 |
| 41.4 |
|
| 12,491 |
| 15.6 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Owner-Occupied |
| 2,335,195 |
| 11.4 |
|
| 10,948 |
| 13.8 |
|
| ||||||||
| Other Property |
| 1,202,920 |
| 5.9 |
|
| 6,434 |
| 8.1 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total Commercial Real Estate |
| 12,011,693 |
| 58.7 |
|
| 29,873 |
| 37.6 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Commercial & Industrial |
| 5,210,170 |
| 25.4 |
|
| 40,412 |
| 50.8 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Consumer |
| 3,301,736 |
| 16.1 |
|
| 9,226 |
| 11.6 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Unearned Income |
| (43,765) |
| (0.2) |
|
| - |
| - |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| Total | $ | 20,479,834 |
| 100.0 | % | $ | 79,511 |
| 100.0 | % |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
| SYNOVUS |
|
|
|
|
|
|
|
|
|
|
| 11 of 11 |
| |
|
| CREDIT QUALITY DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in thousands) |
| 2005 |
| 2004 |
| 2nd Quarter | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Second |
| First |
| Fourth |
| Third |
| Second |
| '05 vs. '04 | |
|
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming Loans | $ | 79,511 |
| 77,308 |
| 80,456 |
| 79,776 |
| 67,489 |
| 17.8 | % |
|
| Other Real Estate |
| 24,325 |
| 26,658 |
| 21,492 |
| 25,424 |
| 26,972 |
| (9.8) |
|
|
| Nonperforming Assets |
| 103,836 |
| 103,966 |
| 101,948 |
| 105,200 |
| 94,461 |
| 9.9 |
|
|
| Allowance for Loan Losses |
| 277,527 |
| 273,724 |
| 265,745 |
| 257,647 |
| 248,585 |
| 11.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Charge-Offs - Quarter |
| 19,020 |
| 11,305 |
| 12,757 |
| 12,130 |
| 9,589 |
| 98.4 |
|
|
| Net Charge-Offs - YTD |
| 30,325 |
| 11,305 |
| 41,249 |
| 28,492 |
| 16,362 |
| 85.3 |
|
|
| Net Charge-Offs / Average Loans - Quarter |
| 0.37 |
| 0.23 |
| 0.27 |
| 0.26 |
| 0.22 |
|
|
|
|
| Net Charge-Offs / Average Loans - YTD |
| 0.30 |
| 0.23 |
| 0.23 |
| 0.22 |
| 0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming Loans / Loans & ORE |
| 0.39 |
| 0.39 |
| 0.41 |
| 0.42 |
| 0.37 |
|
|
|
|
| Nonperforming Assets / Loans & ORE |
| 0.51 |
| 0.52 |
| 0.52 |
| 0.56 |
| 0.52 |
|
|
|
|
| Allowance / Loans |
| 1.36 |
| 1.36 |
| 1.36 |
| 1.37 |
| 1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance / Nonperforming Loans |
| 349.04 |
| 354.07 |
| 330.30 |
| 322.96 |
| 368.34 |
|
|
|
|
| Allowance / Nonperforming Assets |
| 267.27 |
| 263.28 |
| 260.67 |
| 244.91 |
| 263.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Past Due Loans over 90 days |
| 17,163 |
| 14,376 |
| 18,138 |
| 23,178 |
| 27,453 |
|
|
|
|
| As a Percentage of Loans Outstanding |
| 0.08 |
| 0.07 |
| 0.09 |
| 0.12 |
| 0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Past Dues |
| 120,224 |
| 122,229 |
| 84,458 |
| 118,390 |
| 109,385 |
|
|
|
|
| As a Percentage of Loans Outstanding |
| 0.59 |
| 0.61 |
| 0.43 |
| 0.63 |
| 0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REGULATORY CAPITAL RATIOS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 30, 2005 |
| December 31, 2004 |
| June 30, 2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 Capital | $ | 2,492,154 |
| 2,369,332 |
| 2,252,730 |
|
|
|
|
|
|
|
|
| Total Risk-Based Capital |
| 3,519,681 |
| 2,935,077 |
| 2,801,315 |
|
|
|
|
|
|
|
|
| Tier 1 Capital Ratio |
| 9.5 |
| 10.04 |
| 10.26 |
|
|
|
|
|
|
|
|
| Total Risk-Based Capital Ratio |
| 14.06 |
| 12.44 |
| 12.75 |
|
|
|
|
|
|
|
|
| Leverage Ratio |
| 9.74 |
| 9.78 |
| 10.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) June 30, 2005 information is preliminary. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|