EXHIBIT 99.2
SYNOVUS | 4 of 11 | ||||||
INCOME STATEMENT |
| Nine Months Ended | |||||
(In thousands, except per share data) |
| September 30, | |||||
|
| 2005 |
| 2004 |
| Change | |
Interest Income (Taxable Equivalent) | $ | 1,081,766 |
| 851,961 |
| 27.0 | % |
Interest Expense |
| 368,141 |
| 210,061 |
| 75.3 |
|
Net Interest Income (Taxable Equivalent) |
| 713,625 |
| 641,900 |
| 11.2 |
|
Tax Equivalent Adjustment |
| 4,873 |
| 5,257 |
| (7.3) |
|
Net Interest Income |
| 708,752 |
| 636,643 |
| 11.3 |
|
Provision for Loan Losses |
| 61,745 |
| 54,464 |
| 13.4 |
|
Net Interest Income After Provision |
| 647,007 |
| 582,179 |
| 11.1 |
|
Non-Interest Income: |
|
|
|
|
|
|
|
Electronic Payment Processing Services |
| 644,070 |
| 558,138 |
| 15.4 |
|
Merchant Services |
| 170,009 |
| 19,758 |
| nm |
|
Other Transaction Processing Services Revenue |
| 137,868 |
| 125,683 |
| 9.7 |
|
Service Charges on Deposits |
| 84,050 |
| 91,129 |
| (7.8) |
|
Fiduciary and Asset Management Fees |
| 33,342 |
| 31,676 |
| 5.3 |
|
Brokerage and Investment Banking Revenue |
| 17,871 |
| 16,387 |
| 9.1 |
|
Mortgage Banking Income |
| 21,604 |
| 19,527 |
| 10.6 |
|
Credit Card Fees |
| 26,946 |
| 21,389 |
| 26.0 |
|
Securities Gains (Losses) |
| 598 |
| (89) |
| nm |
|
Other Fee Income |
| 23,537 |
| 21,573 |
| 9.1 |
|
Other Non-Interest Income |
| 28,908 |
| 55,004 |
| (47.4) |
|
|
|
|
|
|
|
|
|
Non-Interest Income before Reimbursable Items |
| 1,188,803 |
| 960,175 |
| 23.8 |
|
Reimbursable Items |
| 227,975 |
| 172,499 |
| 32.2 |
|
Total Non-Interest Income |
| 1,416,778 |
| 1,132,674 |
| 25.1 |
|
Non-Interest Expense: |
|
|
|
|
|
|
|
Personnel Expense |
| 612,120 |
| 556,210 |
| 10.1 |
|
Occupancy & Equipment Expense |
| 274,245 |
| 244,650 |
| 12.1 |
|
Other Non-Interest Expense |
| 315,922 |
| 216,921 |
| 45.6 |
|
Non-Interest Expense before Reimbursable Items |
| 1,202,287 |
| 1,017,781 |
| 18.1 |
|
Reimbursable Items |
| 227,975 |
| 172,499 |
| 32.2 |
|
Total Non-Interest Expense |
| 1,430,262 |
| 1,190,280 |
| 20.2 |
|
Minority Interest in Consolidated Subsidiaries |
| 27,810 |
| 20,581 |
| 35.1 |
|
Income Before Taxes |
| 605,713 |
| 503,992 |
| 20.2 |
|
Income Tax Expense |
| 226,527 |
| 185,681 |
| 22.0 |
|
|
|
|
|
|
|
|
|
Net Income | $ | 379,186 |
| 318,311 |
| 19.1 |
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share | $ | 1.22 |
| 1.04 |
| 17.3 |
|
Diluted Earnings Per Share |
| 1.20 |
| 1.03 |
| 17.1 |
|
Dividends Declared Per Share |
| 0.55 |
| 0.52 |
| 5.3 |
|
|
|
|
|
|
|
|
|
Return on Assets |
| 1.95 | % | 1.86 |
| 9 | bp |
Return on Equity |
| 18.35 |
| 17.52 |
| 83 |
|
Average Shares Outstanding - Basic |
| 311,204 |
| 306,435 |
| 1.6 | % |
Average Shares Outstanding - Diluted |
| 314,648 |
| 309,348 |
| 1.7 |
|
|
|
|
|
|
|
|
|
bp – change is measured as difference in basis points. |
|
|
|
|
|
|
|
nm – not meaninful |
|
|
|
|
|
|
|
Synovus |
|
|
|
|
|
|
|
|
|
|
| 5 of 11 |
|
INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
| 2005 |
| 2004 |
| 3rd Quarter |
| ||||||
|
| Third |
| Second |
| First |
| Fourth |
| Third |
| '05 vs. '04 |
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change |
|
Interest Income (Taxable Equivalent) | $ | 388,076 |
| 360,763 |
| 332,927 |
| 314,019 |
| 301,457 |
| 28.7 | % |
Interest Expense |
| 141,587 |
| 122,110 |
| 104,444 |
| 88,281 |
| 76,313 |
| 85.8 |
|
Net Interest Income (Taxable Equivalent) |
| 246,489 |
| 238,653 |
| 228,483 |
| 225,738 |
| 225,144 |
| 9.5 |
|
Tax Equivalent Adjustment |
| 1,664 |
| 1,588 |
| 1,621 |
| 1,703 |
| 1,710 |
| (2.7) |
|
Net Interest Income |
| 244,825 |
| 237,065 |
| 226,862 |
| 224,035 |
| 223,434 |
| 9.6 |
|
Provision for Loan Losses |
| 19,639 |
| 22,823 |
| 19,283 |
| 20,855 |
| 21,192 |
| (7.3) |
|
Net Interest Income After Provision |
| 225,186 |
| 214,242 |
| 207,579 |
| 203,180 |
| 202,242 |
| 11.3 |
|
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic Payment Processing Services |
| 223,123 |
| 215,784 |
| 205,163 |
| 197,129 |
| 197,822 |
| 12.8 |
|
Merchant Services |
| 74,208 |
| 68,696 |
| 27,105 |
| 6,411 |
| 6,518 |
| nm |
|
Other Transaction Processing Services Revenue |
| 44,030 |
| 45,324 |
| 48,514 |
| 45,224 |
| 43,006 |
| 2.4 |
|
Service Charges on Deposits |
| 28,748 |
| 28,175 |
| 27,127 |
| 30,321 |
| 31,344 |
| (8.3) |
|
Fiduciary and Asset Management Fees |
| 11,167 |
| 11,138 |
| 11,037 |
| 11,326 |
| 10,622 |
| 5.1 |
|
Brokerage and Investment Banking Revenue |
| 5,801 |
| 5,807 |
| 6,263 |
| 5,361 |
| 5,012 |
| 15.7 |
|
Mortgage Banking Income |
| 8,276 |
| 7,430 |
| 5,898 |
| 6,773 |
| 6,861 |
| 20.6 |
|
Credit Card Fees |
| 9,563 |
| 9,291 |
| 8,092 |
| 8,775 |
| 8,014 |
| 19.3 |
|
Securities Gains (Losses) |
| - |
| 327 |
| 271 |
| 164 |
| (24) |
| nm |
|
Other Fee Income |
| 8,217 |
| 7,834 |
| 7,486 |
| 7,654 |
| 7,451 |
| 10.3 |
|
Other Non-Interest Income |
| 12,599 |
| 7,325 |
| 8,984 |
| 12,162 |
| 11,357 |
| 10.9 |
|
Non-Interest Income before Reimbursable Items |
| 425,732 |
| 407,131 |
| 355,940 |
| 331,300 |
| 327,983 |
| 29.8 |
|
Reimbursable Items |
| 79,644 |
| 79,161 |
| 69,170 |
| 57,039 |
| 56,309 |
| 41.4 |
|
Total Non-Interest Income |
| 505,376 |
| 486,292 |
| 425,110 |
| 388,339 |
| 384,292 |
| 31.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel Expense |
| 213,695 |
| 208,596 |
| 189,829 |
| 175,369 |
| 194,624 |
| 9.8 |
|
Occupancy & Equipment Expense |
| 98,772 |
| 88,839 |
| 86,634 |
| 77,039 |
| 80,073 |
| 23.4 |
|
Other Non-Interest Expense |
| 113,300 |
| 110,015 |
| 92,607 |
| 88,639 |
| 74,699 |
| 51.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Expense before Reimbursable Items |
| 425,767 |
| 407,450 |
| 369,070 |
| 341,047 |
| 349,396 |
| 21.9 |
|
Reimbursable Items |
| 79,644 |
| 79,161 |
| 69,170 |
| 57,039 |
| 56,309 |
| 41.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Interest Expense |
| 505,411 |
| 486,611 |
| 438,240 |
| 398,086 |
| 405,705 |
| 24.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority Interest in Consolidated Subsidiaries |
| 9,306 |
| 9,672 |
| 8,832 |
| 8,143 |
| 7,480 |
| 24.4 |
|
Income Before Taxes |
| 215,845 |
| 204,251 |
| 185,617 |
| 185,289 |
| 173,349 |
| 24.5 |
|
Income Tax Expense |
| 81,853 |
| 75,791 |
| 68,883 |
| 66,567 |
| 64,341 |
| 27.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income | $ | 133,992 |
| 128,460 |
| 116,734 |
| 118,722 |
| 109,008 |
| 22.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share | $ | 0.43 |
| 0.41 |
| 0.38 |
| 0.38 |
| 0.35 |
| 22.0 |
|
Diluted Earnings Per Share |
| 0.43 |
| 0.41 |
| 0.37 |
| 0.38 |
| 0.35 |
| 21.9 |
|
Dividends Declared Per Share |
| 0.18 |
| 0.18 |
| 0.18 |
| 0.17 |
| 0.17 |
| 5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Assets |
| 2.01 | % | 1.98 | % | 1.86 | % | 1.91 | % | 1.82 | % | 19 | bp |
Return on Equity |
| 18.77 |
| 18.70 |
| 17.52 |
| 17.92 |
| 17.00 |
| 177 |
|
Average Shares Outstanding - Basic |
| 311,842 |
| 311,154 |
| 310,622 |
| 309,740 |
| 309,448 |
| 0.8 | % |
Average Shares Outstanding - Diluted |
| 315,336 |
| 314,691 |
| 313,900 |
| 313,268 |
| 312,343 |
| 1.0 |
|
|
|
|
|
|
|
|
|
|
| ||||
bp – change is measured as difference in basis points |
|
|
|
|
|
|
|
|
| ||||
nm – not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
SYNOVUS |
|
|
|
|
| 6 of 11 |
| ||
Financial Services Segment |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |
| INCOME STATEMENT |
| Nine Months Ended | ||||||
| (In thousands) |
| September 30, | ||||||
|
|
| 2005 |
| 2004 |
| Change |
| |
|
|
|
|
|
|
|
|
| |
| Interest Income (Taxable Equivalent) | $ | 1,081,783 |
| 851,954 |
| 27.0 | % | |
| Interest Expense |
| 370,538 |
| 210,556 |
| 76.0 |
| |
| Net Interest Income (Taxable Equivalent) |
| 711,245 |
| 641,398 |
| 10.9 |
| |
| Tax Equivalent Adjustment |
| 4,854 |
| 5,250 |
| (7.5) |
| |
| Net Interest Income |
| 706,391 |
| 636,148 |
| 11.0 |
| |
| Provision for Loan Losses |
| 61,745 |
| 54,464 |
| 13.4 |
| |
| Net Interest Income After Provision |
| 644,646 |
| 581,684 |
| 10.8 |
| |
| Non-Interest Income: |
|
|
|
|
|
|
| |
| Service Charges on Deposits |
| 84,049 |
| 91,129 |
| (7.8) |
| |
| Fiduciary and Asset Management Fees |
| 33,725 |
| 32,266 |
| 4.5 |
| |
| Brokerage and Investment Banking Revenue |
| 17,871 |
| 16,387 |
| 9.1 |
| |
| Mortgage Banking Income |
| 21,604 |
| 19,527 |
| 10.6 |
| |
| Credit Card Fees |
| 26,945 |
| 21,399 |
| 25.9 |
| |
| Securities Gains (Losses) |
| 598 |
| (89) |
| nm |
| |
| Other Fee Income |
| 23,538 |
| 21,572 |
| 9.1 |
| |
| Other Non-Interest Income |
| 34,105 |
| 44,329 |
| (23.1) |
| |
| Total Non-Interest Income |
| 242,435 |
| 246,520 |
| (1.7) |
| |
| Non-Interest Expense: |
|
|
|
|
|
|
| |
| Personnel Expense |
| 274,552 |
| 281,913 |
| (2.6) |
| |
| Occupancy & Equipment Expense |
| 65,972 |
| 60,851 |
| 8.4 |
| |
| Other Non-Interest Expense |
| 136,218 |
| 124,329 |
| 9.6 |
| |
| Total Non-Interest Expense |
| 476,742 |
| 467,093 |
| 2.1 |
| |
| Income Before Taxes |
| 410,339 |
| 361,111 |
| 13.6 |
| |
| Income Tax Expense |
| 148,341 |
| 130,047 |
| 14.1 |
| |
| Net Income | $ | 261,998 |
| 231,064 |
| 13.4 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
| Return on Assets |
| 1.41 | % | 1.41 |
| - | bp | |
| Return on Equity |
| 17.33 |
| 17.18 |
| 15 |
| |
|
|
|
|
|
|
|
|
| |
bp - change is measured as difference in basis points. |
|
|
|
|
| ||||
nm - not meaningful |
|
|
|
|
|
|
| ||
SYNOVUS |
|
|
|
|
|
|
|
|
|
|
| 7 of 11 |
| |
Financial Services Segment |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
| 2005 |
| 2004 |
| 3rd Quarter |
| ||||||
|
|
| Third |
| Second |
| First |
| Fourth |
| Third |
| '05 vs. '04 |
|
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change |
|
| Interest Income (Taxable Equivalent) | $ | 388,067 |
| 360,789 |
| 332,927 |
| 314,009 |
| 301,458 |
| 28.7 | % |
| Interest Expense |
| 142,582 |
| 122,768 |
| 105,188 |
| 88,933 |
| 76,502 |
| 86.4 |
|
| Net Interest Income (Taxable Equivalent) |
| 245,485 |
| 238,021 |
| 227,739 |
| 225,076 |
| 224,956 |
| 9.1 |
|
| Tax Equivalent Adjustment |
| 1,655 |
| 1,585 |
| 1,614 |
| 1,692 |
| 1,710 |
| (3.2) |
|
| Net Interest Income |
| 243,830 |
| 236,436 |
| 226,125 |
| 223,384 |
| 223,246 |
| 9.2 |
|
| Provision for Loan Losses |
| 19,639 |
| 22,823 |
| 19,283 |
| 20,855 |
| 21,192 |
| (7.3) |
|
| Net Interest Income After Provision |
| 224,191 |
| 213,613 |
| 206,842 |
| 202,529 |
| 202,054 |
| 11.0 |
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Charges on Deposits |
| 28,748 |
| 28,175 |
| 27,127 |
| 30,321 |
| 31,344 |
| (8.3) |
|
| Fiduciary and Asset Management Fees |
| 11,357 |
| 11,324 |
| 11,044 |
| 11,538 |
| 10,834 |
| 4.8 |
|
| Brokerage and Investment Banking Revenue |
| 5,801 |
| 5,807 |
| 6,263 |
| 5,361 |
| 5,012 |
| 15.7 |
|
| Mortgage Banking Income |
| 8,276 |
| 7,430 |
| 5,898 |
| 6,773 |
| 6,861 |
| 20.6 |
|
| Credit Card Fees |
| 9,563 |
| 9,291 |
| 8,092 |
| 8,775 |
| 8,014 |
| 19.3 |
|
| Securities Gains (Losses) |
| - |
| 327 |
| 271 |
| 164 |
| (24) |
| nm |
|
| Other Fee Income |
| 8,216 |
| 7,834 |
| 7,487 |
| 7,654 |
| 7,451 |
| 10.3 |
|
| Other Non-Interest Income |
| 15,259 |
| 10,457 |
| 8,389 |
| 10,335 |
| 7,207 |
| nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 87,220 |
| 80,645 |
| 74,571 |
| 80,921 |
| 76,699 |
| 13.7 |
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 93,084 |
| 90,721 |
| 90,747 |
| 82,601 |
| 93,631 |
| (0.6) |
|
| Occupancy & Equipment Expense |
| 22,713 |
| 21,712 |
| 21,547 |
| 21,305 |
| 21,156 |
| 7.4 |
|
| Other Non-Interest Expense |
| 45,356 |
| 45,320 |
| 45,541 |
| 50,677 |
| 42,764 |
| 6.1 |
|
| Total Non-Interest Expense |
| 161,153 |
| 157,753 |
| 157,835 |
| 154,583 |
| 157,551 |
| 2.3 |
|
| Income Before Taxes |
| 150,258 |
| 136,505 |
| 123,578 |
| 128,867 |
| 121,202 |
| 24.0 |
|
| Income Tax Expense |
| 55,079 |
| 49,060 |
| 44,203 |
| 44,992 |
| 43,935 |
| 25.4 |
|
| Net Income | $ | 95,179 |
| 87,445 |
| 79,375 |
| 83,875 |
| 77,267 |
| 23.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 1.49 | % | 1.41 | % | 1.33 | % | 1.41 | % | 1.35 | % | 14 | bp |
| Return on Equity |
| 18.34 |
| 17.41 |
| 16.19 |
| 17.09 |
| 16.20 |
| 214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bp - change is measured as difference in basis points. |
|
|
|
|
|
|
|
|
|
|
| |||
nm - not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
SYNOVUS |
|
|
|
|
| 8 of 11 | ||
| BALANCE SHEET |
|
|
|
|
|
| |
| (In thousands, except share data) |
|
|
|
|
|
| |
|
|
| September 30, 2005 |
| December 31, 2004 |
| September 30, 2004 | |
|
|
|
|
|
|
|
| |
| ASSETS |
|
|
|
|
|
| |
| Cash and due from banks | $ | 879,838 |
| 683,035 |
| 757,380 | |
| Interest earning deposits with banks |
| 2,510 |
| 4,153 |
| 4,140 | |
| Federal funds sold and securities purchased |
|
|
|
|
|
| |
| under resale agreements |
| 150,853 |
| 135,471 |
| 122,130 | |
| Trading account assets |
| 26,069 |
| - |
| - | |
| Mortgage loans held for sale |
| 169,659 |
| 120,186 |
| 126,099 | |
| Investment securities available for sale |
| 2,821,018 |
| 2,695,593 |
| 2,621,120 | |
|
|
|
|
|
|
|
| |
| Loans, net of unearned income |
| 20,904,677 |
| 19,480,396 |
| 18,871,056 | |
| Allowance for loan losses |
| (283,557) |
| (265,745) |
| (257,647) | |
| Loans, net |
| 20,621,120 |
| 19,214,651 |
| 18,613,409 | |
| Premises and equipment, net |
| 635,773 |
| 638,407 |
| 629,738 | |
| Contract acquisition costs and computer software, net |
| 470,733 |
| 401,074 |
| 364,382 | |
| Goodwill, net |
| 454,315 |
| 416,283 |
| 419,323 | |
| Other intangible assets, net |
| 47,033 |
| 41,628 |
| 43,819 | |
| Costs in excess of billings and profits on uncompleted contracts |
| - |
| - |
| 7,272 | |
| Other assets |
| 796,169 |
| 699,697 |
| 680,681 | |
|
|
|
|
|
|
|
| |
| Total assets | $ | 27,075,090 |
| 25,050,178 |
| 24,389,493 | |
|
|
|
|
|
|
|
| |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
| |
| Liabilities: |
|
|
|
|
|
| |
| Deposits: |
|
|
|
|
|
| |
| Non-interest bearing | $ | 3,573,766 |
| 3,337,908 |
| 3,202,214 | |
| Interest bearing |
| 16,705,444 |
| 15,239,560 |
| 14,572,170 | |
| Total deposits |
| 20,279,210 |
| 18,577,468 |
| 17,774,384 | |
| Federal funds purchased and securities sold |
|
|
|
|
|
| |
| under repurchase agreements |
| 880,605 |
| 1,208,080 |
| 1,671,239 | |
| Long-term debt |
| 2,256,388 |
| 1,879,583 |
| 1,740,103 | |
| Other liabilities |
| 594,365 |
| 576,474 |
| 468,141 | |
| Total liabilities |
| 24,010,568 |
| 22,241,605 |
| 21,653,867 | |
|
|
|
|
|
|
|
| |
| Minority interest in consolidated subsidiaries |
| 189,616 |
| 167,284 |
| 158,912 | |
|
|
|
|
|
|
|
| |
| Shareholders' equity: |
|
|
|
|
|
| |
| Common stock, par value $1.00 a share (1) |
| 317,945 |
| 315,636 |
| 315,200 | |
| Surplus |
| 677,178 |
| 628,396 |
| 619,734 | |
| Treasury stock (2) |
| (113,944) |
| (113,944) |
| (113,944) | |
| Unearned compensation |
| (2,593) |
| (106) |
| (146) | |
| Accumulated other comprehensive income (loss) |
| (14,663) |
| 8,903 |
| 18,513 | |
| Retained earnings |
| 2,010,983 |
| 1,802,404 |
| 1,737,357 | |
| Total shareholders' equity |
| 2,874,906 |
| 2,641,289 |
| 2,576,714 | |
| Total liabilities and shareholders' equity | $ | 27,075,090 |
| 25,050,178 |
| 24,389,493 | |
|
|
|
|
|
|
|
| |
| (1) Common shares outstanding: 312,283,129; 309,974,509; and 309,538,462 at September 30, 2005, December 31, 2004, and | |||||||
|
| September 30, 2004, respectively. |
|
|
|
|
|
|
| (2) Treasury shares: 5,661,538 at September 30, 2005, 5,661,538 at December 31, 2004, and 5,661,623 at September 30, 2004. | |||||||
SYNOVUS |
|
|
|
|
|
| 9 of 11 | ||
AVERAGE BALANCES AND YIELDS/RATES |
|
|
|
|
|
|
| ||
(Dollars in thousands) |
|
|
|
|
|
|
| ||
|
|
|
|
| 2005 |
| 2004 |
| |
|
|
| Third |
| Second | First | Fourth | Third | |
|
|
| Quarter |
| Quarter | Quarter | Quarter | Quarter | |
Interest Earning Assets |
|
|
|
|
|
|
| ||
Taxable Investment Securities | $ | 2,611,048 |
| 2,556,964 | 2,553,423 | 2,408,960 | 2,382,319 | ||
| Yield |
| 3.75 | % | 3.78 | 3.74 | 3.69 | 3.72 | |
Tax-Exempt Investment Securities | $ | 215,096 |
| 220,109 | 223,812 | 229,190 | 233,271 | ||
| Yield |
| 7.08 | % | 6.87 | 6.93 | 6.99 | 6.92 | |
Trading Account Assets | $ | 19,143 |
| - | - | - | - | ||
| Yield |
| 3.84 | % | - | - | - | - | |
Commercial Loans | $ | 17,342,794 |
| 17,090,893 | 16,618,766 | 16,044,726 | 15,401,140 | ||
| Yield |
| 6.83 | % | 6.47 | 6.15 | 5.84 | 5.78 | |
Consumer Loans | $ | 840,746 |
| 833,071 | 846,743 | 948,273 | 958,540 | ||
| Yield |
| 7.83 | % | 7.37 | 7.42 | 7.32 | 8.03 | |
Mortgage Loans | $ | 1,015,396 |
| 1,022,169 | 1,026,532 | 954,078 | 936,240 | ||
| Yield |
| 6.31 | % | 6.47 | 6.09 | 6.04 | 5.89 | |
Credit Card Loans | $ | 253,985 |
| 249,491 | 246,523 | 244,839 | 233,610 | ||
| Yield |
| 10.07 | % | 10.03 | 10.41 | 9.40 | 9.51 | |
Home Equity Loans | $ | 1,149,255 |
| 1,100,010 | 1,037,214 | 973,604 | 890,867 | ||
| Yield |
| 6.32 | % | 5.92 | 5.56 | 5.08 | 4.61 | |
Allowance for Loan Losses | $ | (281,505) |
| (278,734) | (270,853) | (262,711) | (252,370) | ||
Loans, Net | $ | 20,320,671 |
| 20,016,900 | 19,504,925 | 18,902,809 | 18,168,027 | ||
| Yield |
| 6.94 | % | 6.61 | 6.31 | 6.01 | 5.97 | |
|
| ||||||||
Mortgage Loans Held for Sale | $ | 137,116 |
| 108,929 | 87,538 | 103,594 | 112,502 | ||
| Yield |
| 6.54 | % | 6.41 | 6.15 | 5.75 | 6.15 | |
Federal Funds Sold and Time Deposits |
|
|
|
|
|
|
| ||
with Banks | $ | 135,735 |
| 133,399 | 119,853 | 106,996 | 166,717 | ||
| Yield |
| 3.54 | % | 3.10 | 2.45 | 2.06 | 1.24 | |
Total Interest Earning Assets | $ | 23,438,809 |
| 23,036,301 | 22,489,551 | 21,751,549 | 21,062,836 | ||
| Yield |
| 6.57 | % | 6.28 | 5.99 | 5.75 | 5.69 | |
|
|
|
|
|
|
|
|
| |
Interest Bearing Liabilities |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| |
Interest Bearing Demand Deposits | $ | 2,939,524 |
| 2,990,725 | 2,980,346 | 2,848,978 | 2,716,488 | ||
| Rate |
| 1.25 | % | 1.12 | 0.96 | 0.72 | 0.60 | |
Money Market Accounts | $ | 5,421,961 |
| 4,968,113 | 4,754,130 | 4,765,591 | 4,778,276 | ||
| Rate |
| 2.75 | % | 2.31 | 1.90 | 1.51 | 1.23 | |
Savings Deposits | $ | 561,550 |
| 568,279 | 556,629 | 547,026 | 555,969 | ||
| Rate |
| 0.38 | % | 0.35 | 0.27 | 0.21 | 0.17 | |
Time Deposits Under $100,000 | $ | 2,318,085 |
| 2,249,590 | 2,197,788 | 2,194,194 | 2,209,883 | ||
| Rate |
| 2.99 | % | 2.71 | 2.47 | 2.29 | 2.18 | |
Time Deposits Over $100,000 (less brokered |
|
|
|
|
|
|
| ||
time deposits) | $ | 2,700,297 |
| 2,534,846 | 2,392,957 | 2,329,295 | 2,284,772 | ||
| Rate |
| 3.35 | % | 3.04 | 2.77 | 2.54 | 2.33 | |
Total Interest Bearing Core Deposits |
| 13,941,417 |
| 13,311,553 | 12,881,850 | 12,685,084 | 12,545,388 | ||
| Rate |
| 2.50 | % | 2.16 | 1.87 | 1.60 | 1.41 | |
Brokered Time Deposits | $ | 2,611,091 |
| 2,689,079 | 2,487,264 | 2,066,938 | 1,851,198 | ||
| Rate |
| 3.52 | % | 3.21 | 2.94 | 2.60 | 2.38 | |
|
|
|
|
|
|
|
|
| |
Total Interest Bearing Deposits | $ | 16,552,508 |
| 16,000,632 | 15,369,114 | 14,752,022 | 14,396,586 | ||
| Rate |
| 2.66 | % | 2.34 | 2.05 | 1.74 | 1.54 | |
Federal Funds Purchased and Other |
|
|
|
|
|
|
| ||
Short-Term Borrowings | $ | 687,055 |
| 1,255,755 | 1,541,396 | 1,488,555 | 1,422,598 | ||
| Rate |
| 3.03 | % | 2.75 | 2.34 | 1.83 | 1.40 | |
|
|
|
|
|
|
|
|
| |
Long-Term Debt | $ | 2,302,328 |
| 1,981,235 | 1,877,158 | 1,821,889 | 1,747,788 | ||
| Rate |
| 4.34 | % | 4.01 | 3.84 | 3.63 | 3.51 | |
Total Interest Bearing Liabilities | $ | 19,541,891 |
| 19,237,622 | 18,787,668 | 18,062,466 | 17,566,972 | ||
| Rate |
| 2.87 | % | 2.54 | 2.25 | 1.94 | 1.72 | |
|
|
|
|
|
|
|
|
| |
Non-Interest Bearing Demand Deposits | $ | 3,423,622 |
| 3,429,813 | 3,267,679 | 3,516,878 | 3,137,357 | ||
Shareholders' Equity | $ | 2,832,059 |
| 2,755,510 | 2,701,585 | 2,635,188 | 2,550,346 | ||
Total Assets | $ | 26,505,937 |
| 26,102,816 | 25,392,540 | 24,921,847 | 23,778,250 | ||
Net Interest Margin, before fees |
| 4.04 | % | 4.01 | 3.98 | 3.98 | 3.90 | ||
Net Interest Margin, after fees |
| 4.18 | % | 4.15 | 4.11 | 4.13 | 4.25 | ||
Synovus |
|
|
|
|
|
|
|
|
| 10 of 11 |
| |
| LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION |
|
|
|
| |||||||
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| September 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 | $ | 527,826 |
| 2.5 | % | $ | 275 |
|
| 0.3 | % |
| Hotels |
| 779,736 |
| 3.7 |
|
| 1,371 |
|
| 1.6 |
|
| Office Buildings |
| 797,886 |
| 3.8 |
|
| 5,201 |
|
| 6.1 |
|
| Shopping Centers |
| 641,620 |
| 3.1 |
|
| - |
|
| - |
|
| Commercial Development |
| 821,660 |
| 3.9 |
|
| 85 |
|
| 0.1 |
|
| Other Investment Property |
| 328,120 |
| 1.6 |
|
| 81 |
|
| 0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investment Properties |
| 3,896,848 |
| 18.6 |
|
| 7,013 |
|
| 8.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1-4 Family Construction |
| 1,414,675 |
| 6.8 |
|
| 1,089 |
|
| 1.3 |
|
| 1-4 Family Perm / Mini-Perm |
| 1,075,143 |
| 5.1 |
|
| 2,106 |
|
| 2.5 |
|
| Residential Development |
| 1,345,662 |
| 6.4 |
|
| 7,973 |
|
| 9.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total 1-4 Family Properties |
| 3,835,480 |
| 18.3 |
|
| 11,168 |
|
| 13.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Land Acquisition |
| 978,813 |
| 4.7 |
|
| 1,053 |
|
| 1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investment-Related Real Estate |
| 8,711,141 |
| 41.7 |
|
| 19,234 |
|
| 22.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner-Occupied |
| 2,443,318 |
| 11.7 |
|
| 11,210 |
|
| 13.1 |
|
| Other Property |
| 1,302,379 |
| 6.2 |
|
| 6,529 |
|
| 7.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Commercial Real Estate |
| 12,456,838 |
| 59.6 |
|
| 36,973 |
|
| 43.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial & Industrial |
| 5,185,634 |
| 24.8 |
|
| 39,899 |
|
| 46.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consumer |
| 3,306,529 |
| 15.8 |
|
| 8,699 |
|
| 10.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unearned Income |
| (44,324) |
| (0.2) |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total | $ | 20,904,677 |
| 100.0 | % | $ | 85,571 |
|
| 100.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
LOANS OUTSTANDING BY TYPE COMPARISON |
|
|
|
|
|
|
|
|
|
| |||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Total Loans |
| 3Q05 vs. 2Q05 |
|
|
|
| 3Q05 vs. 3Q04 |
| |||
Loan Type |
| September 30, 2005 |
| June 30, 2005 |
| % change |
|
| September 30, 2004 |
| % change |
| |
Commercial Real Estate |
|
|
|
|
|
|
|
|
|
|
|
| |
Multi-Family | $ | 527,826 |
| 526,820 |
| 0.2 | % | $ | 563,195 |
| (6.3) | % | |
Hotels |
| 779,736 |
| 804,316 |
| (3.1) |
|
| 788,160 |
| (1.1) |
| |
Office Buildings |
| 797,886 |
| 786,262 |
| 1.5 |
|
| 724,883 |
| 10.1 |
| |
Shopping Centers |
| 641,620 |
| 628,701 |
| 2.1 |
|
| 565,994 |
| 13.4 |
| |
Commercial Development |
| 821,660 |
| 803,494 |
| 2.3 |
|
| 659,350 |
| 24.6 |
| |
Other Investment Property |
| 328,120 |
| 330,992 |
| (0.9) |
|
| 255,169 |
| 28.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Investment Properties |
| 3,896,848 |
| 3,880,585 |
| 0.4 |
|
| 3,556,751 |
| 9.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
1-4 Family Construction |
| 1,414,675 |
| 1,372,556 |
| 3.1 |
|
| 1,093,713 |
| 29.3 |
| |
1-4 Family Perm / Mini-Perm |
| 1,075,143 |
| 1,087,763 |
| (1.2) |
|
| 828,892 |
| 29.7 |
| |
Residential Development |
| 1,345,662 |
| 1,219,186 |
| 10.4 |
|
| 985,318 |
| 36.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total 1-4 Family Properties |
| 3,835,480 |
| 3,679,505 |
| 4.2 |
|
| 2,907,923 |
| 31.9 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Land Acquisition |
| 978,813 |
| 913,488 |
| 7.2 |
|
| 886,014 |
| 10.5 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Investment-Related Real Estate |
| 8,711,141 |
| 8,473,578 |
| 2.8 |
|
| 7,350,688 |
| 18.5 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Owner-Occupied |
| 2,443,318 |
| 2,335,195 |
| 4.6 |
|
| 2,180,811 |
| 12.0 |
| |
Other Property |
| 1,302,379 |
| 1,202,920 |
| 8.3 |
|
| 1,347,030 |
| (3.3) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Commercial Real Estate |
| 12,456,838 |
| 12,011,693 |
| 3.7 |
|
| 10,878,529 |
| 14.5 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Commercial & Industrial |
| 5,185,634 |
| 5,235,982 |
| (1.0) |
|
| 4,936,453 |
| 4.8 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Consumer |
| 3,306,529 |
| 3,275,924 |
| 0.9 |
|
| 3,086,455 |
| 7.1 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Unearned Income |
| (44,324) |
| (43,765) |
| 1.3 |
|
| (40,381) |
| 9.8 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total | $ | 20,904,677 |
| 20,479,834 |
| 2.1 | % | $ | 18,871,056 |
| 10.8 | % |
| Synovus |
|
|
|
|
|
|
|
|
| 11 of 11 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| CREDIT QUALITY DATA |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| (Dollars in thousands) | 2005 |
| 2004 |
| 3rd Quarter | |||||||||||||||
|
|
|
| Third |
| Second |
| First |
| Fourth |
| Third |
| '05 vs. '04 | |||||||
|
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |||||||
|
| Nonperforming Loans | $ | 85,571 |
| 79,511 |
| 77,308 |
| 80,456 |
| 79,776 |
| 7.3 | % | ||||||
|
| Other Real Estate |
| 16,951 |
| 24,325 |
| 26,658 |
| 21,492 |
| 25,424 |
| (33.3) |
| ||||||
|
| Nonperforming Assets |
| 102,522 |
| 103,836 |
| 103,966 |
| 101,948 |
| 105,200 |
| (2.5) |
| ||||||
|
| Allowance for Loan Losses |
| 283,557 |
| 277,527 |
| 273,724 |
| 265,745 |
| 257,647 |
| 10.1 |
| ||||||
|
| ||||||||||||||||||||
|
| Net Charge-Offs - Quarter |
| 13,608 |
| 19,020 |
| 11,305 |
| 12,757 |
| 12,130 |
| 12.2 |
| ||||||
|
| Net Charge-Offs - YTD |
| 43,933 |
| 30,325 |
| 11,305 |
| 41,249 |
| 28,492 |
| 54.2 |
| ||||||
|
| Net Charge-Offs / Average Loans - Quarter |
| 0.26 | % | 0.37 |
| 0.23 |
| 0.27 |
| 0.26 |
|
|
| ||||||
|
| Net Charge-Offs / Average Loans - YTD |
| 0.29 |
| 0.30 |
| 0.23 |
| 0.23 |
| 0.22 |
|
|
| ||||||
|
| ||||||||||||||||||||
|
| Nonperforming Loans / Loans & ORE |
| 0.41 |
| 0.39 |
| 0.39 |
| 0.41 |
| 0.42 |
|
|
| ||||||
|
| Nonperforming Assets / Loans & ORE |
| 0.49 |
| 0.51 |
| 0.52 |
| 0.52 |
| 0.56 |
|
|
| ||||||
|
| Allowance / Loans |
| 1.36 |
| 1.36 |
| 1.36 |
| 1.36 |
| 1.37 |
|
|
| ||||||
|
| ||||||||||||||||||||
|
| Allowance / Nonperforming Loans |
| 331.37 |
| 349.04 |
| 354.07 |
| 330.30 |
| 322.96 |
|
|
| ||||||
|
| Allowance / Nonperforming Assets |
| 276.58 |
| 267.27 |
| 263.28 |
| 260.67 |
| 244.91 |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| Past Due Loans over 90 days |
| 16,013 |
| 17,163 |
| 14,376 |
| 18,138 |
| 23,178 |
|
|
| ||||||
|
| As a Percentage of Loans Outstanding |
| 0.08 |
| 0.08 |
| 0.07 |
| 0.09 |
| 0.12 |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| Total Past Dues |
| 103,005 |
| 120,224 |
| 122,229 |
| 84,458 |
| 118,390 |
|
|
| ||||||
|
| As a Percentage of Loans Outstanding |
| 0.49 |
| 0.59 |
| 0.61 |
| 0.43 |
| 0.63 |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| REGULATORY CAPITAL RATIOS (1) |
|
|
|
|
|
|
|
|
| ||||||||||
|
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
| September 30, |
| December 31, |
| September 30, |
|
|
|
|
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| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| Tier 1 Capital | $ | 2,598,877 |
| 2,369,332 |
| 2,279,733 |
|
|
|
|
|
|
| ||||||
|
| Total Risk-Based Capital |
| 3,632,434 |
| 2,935,077 |
| 2,837,380 |
|
|
|
|
|
|
| ||||||
|
| Tier 1 Capital Ratio |
| 10.18 |
| 10.04 |
| 9.96 |
|
|
|
|
|
|
| ||||||
|
| Total Risk-Based Capital Ratio |
| 14.22 |
| 12.44 |
| 12.40 |
|
|
|
|
|
|
| ||||||
|
| Leverage Ratio |
| 9.99 |
| 9.78 |
| 9.77 |
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| (1) September 30, 2005 information is preliminary. |
|
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| ||||||||