Exhibit 99.2
|
| SYNOVUS |
|
|
|
|
| 4 of 11 | |
|
| INCOME STATEMENT |
| Twelve Months Ended | |||||
|
| (In thousands, except per share data) |
| December 31, | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2005 |
| 2004 |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income (Taxable Equivalent) | $ | 1,502,664 |
| 1,165,980 |
| 28.9 | % |
|
| Interest Expense |
| 527,378 |
| 298,341 |
| 76.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 975,286 |
| 867,639 |
| 12.4 |
|
|
| Tax Equivalent Adjustment |
| 6,439 |
| 6,960 |
| (7.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 968,847 |
| 860,679 |
| 12.6 |
|
|
| Provision for Loan Losses |
| 82,532 |
| 75,319 |
| 9.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 886,315 |
| 785,360 |
| 12.9 |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
| Electronic Payment Processing Services |
| 867,914 |
| 755,267 |
| 14.9 |
|
|
| Merchant Services |
| 237,418 |
| 26,169 |
| nm |
|
|
| Other Transaction Processing Services Revenue |
| 183,412 |
| 170,905 |
| 7.3 |
|
|
| Service Charges on Deposits |
| 112,788 |
| 121,450 |
| (7.1) |
|
|
| Fiduciary and Asset Management Fees |
| 44,886 |
| 43,001 |
| 4.4 |
|
|
| Brokerage and Investment Banking Revenue |
| 24,487 |
| 21,748 |
| 12.6 |
|
|
| Mortgage Banking Income |
| 28,682 |
| 26,300 |
| 9.1 |
|
|
| Credit Card Fees |
| 37,638 |
| 30,174 |
| 24.7 |
|
|
| Securities Gains (Losses) |
| 463 |
| 75 |
| nm |
|
|
| Other Fee Income |
| 32,914 |
| 29,227 |
| 12.6 |
|
|
| Other Non-Interest Income |
| 35,597 |
| 67,157 |
| (47.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income before Reimbursable Items |
| 1,606,199 |
| 1,291,473 |
| 24.4 |
|
|
| Reimbursable Items |
| 312,280 |
| 229,538 |
| 36.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 1,918,479 |
| 1,521,011 |
| 26.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
| Personnel Expense |
| 836,371 |
| 731,579 |
| 14.3 |
|
|
| Occupancy & Equipment Expense |
| 368,210 |
| 321,689 |
| 14.5 |
|
|
| Other Non-Interest Expense |
| 426,530 |
| 305,560 |
| 39.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense before Reimbursable Items |
| 1,631,111 |
| 1,358,828 |
| 20.0 |
|
|
| Reimbursable Items |
| 312,280 |
| 229,538 |
| 36.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 1,943,391 |
| 1,588,366 |
| 22.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minority Interest in Consolidated Subsidiaries |
| 37,381 |
| 28,724 |
| 30.1 |
|
|
| Income Before Taxes |
| 824,022 |
| 689,281 |
| 19.5 |
|
|
| Income Tax Expense |
| 307,576 |
| 252,248 |
| 21.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 516,446 |
| 437,033 |
| 18.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic Earnings Per Share | $ | 1.66 |
| 1.42 |
| 16.6 |
|
|
| Diluted Earnings Per Share |
| 1.64 |
| 1.41 |
| 16.5 |
|
|
| Dividends Declared Per Share |
| 0.73 |
| 0.69 |
| 5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 1.96 | % | 1.88 |
| 8 | bp |
|
| Return on Equity |
| 18.45 |
| 17.63 |
| 82 |
|
|
| Average Shares Outstanding - Basic |
| 311,495 |
| 307,262 |
| 1.4 | % |
|
| Average Shares Outstanding - Diluted |
| 314,815 |
| 310,330 |
| 1.4 |
|
bp - change is measured as difference in basis points. |
|
|
|
|
|
|
| ||
nm - not meaningful |
|
|
|
|
|
|
|
|
| SYNOVUS |
|
|
|
|
|
|
|
|
|
|
| 5 of 11 |
|
|
| INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands, except per share data) |
| 2005 |
| 2004 |
| 4th Quarter | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fourth |
| Third |
| Second |
| First |
| Fourth |
| '05 vs. '04 | |
|
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income (Taxable Equivalent) | $ | 420,898 |
| 388,076 |
| 360,763 |
| 332,927 |
| 314,019 |
| 34.0 | % |
|
| Interest Expense |
| 159,237 |
| 141,587 |
| 122,110 |
| 104,444 |
| 88,281 |
| 80.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 261,661 |
| 246,489 |
| 238,653 |
| 228,483 |
| 225,738 |
| 15.9 |
|
|
| Tax Equivalent Adjustment |
| 1,566 |
| 1,664 |
| 1,588 |
| 1,621 |
| 1,703 |
| (8.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 260,095 |
| 244,825 |
| 237,065 |
| 226,862 |
| 224,035 |
| 16.1 |
|
|
| Provision for Loan Losses |
| 20,787 |
| 19,639 |
| 22,823 |
| 19,283 |
| 20,855 |
| (0.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 239,308 |
| 225,186 |
| 214,242 |
| 207,579 |
| 203,180 |
| 17.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electronic Payment Processing Services |
| 223,844 |
| 223,123 |
| 215,784 |
| 205,163 |
| 197,129 |
| 13.6 |
|
|
| Merchant Services |
| 67,409 |
| 74,208 |
| 68,696 |
| 27,105 |
| 6,411 |
| nm |
|
|
| Other Transaction Processing Services Revenue |
| 45,544 |
| 44,030 |
| 45,324 |
| 48,514 |
| 45,224 |
| 0.7 |
|
|
| Service Charges on Deposits |
| 28,738 |
| 28,748 |
| 28,175 |
| 27,127 |
| 30,321 |
| (5.2) |
|
|
| Fiduciary and Asset Management Fees |
| 11,544 |
| 11,167 |
| 11,138 |
| 11,037 |
| 11,326 |
| 1.9 |
|
|
| Brokerage and Investment Banking Revenue |
| 6,616 |
| 5,801 |
| 5,807 |
| 6,263 |
| 5,361 |
| 23.4 |
|
|
| Mortgage Banking Income |
| 7,078 |
| 8,276 |
| 7,430 |
| 5,898 |
| 6,773 |
| 4.5 |
|
|
| Credit Card Fees |
| 10,692 |
| 9,563 |
| 9,291 |
| 8,092 |
| 8,775 |
| 21.8 |
|
|
| Securities Gains (Losses) |
| (135) |
| 0 |
| 327 |
| 271 |
| 164 |
| nm |
|
|
| Other Fee Income |
| 9,377 |
| 8,217 |
| 7,834 |
| 7,486 |
| 7,654 |
| 22.5 |
|
|
| Other Non-Interest Income |
| 6,689 |
| 12,599 |
| 7,325 |
| 8,984 |
| 12,162 |
| (45.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income before Reimbursable Items |
| 417,396 |
| 425,732 |
| 407,131 |
| 355,940 |
| 331,300 |
| 26.0 |
|
|
| Reimbursable Items |
| 84,306 |
| 79,644 |
| 79,161 |
| 69,170 |
| 57,039 |
| 47.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 501,702 |
| 505,376 |
| 486,292 |
| 425,110 |
| 388,339 |
| 29.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 224,251 |
| 213,695 |
| 208,596 |
| 189,829 |
| 175,369 |
| 27.9 |
|
|
| Occupancy & Equipment Expense |
| 93,965 |
| 98,772 |
| 88,839 |
| 86,634 |
| 77,039 |
| 22.0 |
|
|
| Other Non-Interest Expense |
| 110,608 |
| 113,300 |
| 110,015 |
| 92,607 |
| 88,639 |
| 24.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense before Reimbursable Items |
| 428,824 |
| 425,767 |
| 407,450 |
| 369,070 |
| 341,047 |
| 25.7 |
|
|
| Reimbursable Items |
| 84,306 |
| 79,644 |
| 79,161 |
| 69,170 |
| 57,039 |
| 47.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 513,130 |
| 505,411 |
| 486,611 |
| 438,240 |
| 398,086 |
| 28.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minority Interest in Consolidated Subsidiaries |
| 9,571 |
| 9,306 |
| 9,672 |
| 8,832 |
| 8,143 |
| 17.5 |
|
|
| Income Before Taxes |
| 218,309 |
| 215,845 |
| 204,251 |
| 185,617 |
| 185,290 |
| 17.8 |
|
|
| Income Tax Expense |
| 81,049 |
| 81,853 |
| 75,791 |
| 68,883 |
| 66,568 |
| 21.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 137,260 |
| 133,992 |
| 128,460 |
| 116,734 |
| 118,722 |
| 15.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic Earnings Per Share | $ | 0.44 |
| 0.43 |
| 0.41 |
| 0.38 |
| 0.38 |
| 14.7 |
|
|
| Diluted Earnings Per Share |
| 0.44 |
| 0.43 |
| 0.41 |
| 0.37 |
| 0.38 |
| 14.9 |
|
|
| Dividends Declared Per Share |
| 0.18 |
| 0.18 |
| 0.18 |
| 0.18 |
| 0.17 |
| 5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 2.00 | % | 2.01 | % | 1.98 | % | 1.86 | % | 1.91 | % | 9 | bp |
|
| Return on Equity |
| 18.74 |
| 18.77 |
| 18.70 |
| 17.52 |
| 17.92 |
| 82 |
|
|
| Average Shares Outstanding - Basic |
| 312,298 |
| 311,842 |
| 311,154 |
| 310,622 |
| 309,740 |
| 0.8 | % |
|
| Average Shares Outstanding - Diluted |
| 315,280 |
| 315,336 |
| 314,691 |
| 313,900 |
| 313,268 |
| 0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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, |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2005 |
| 2004 |
| Change |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income (Taxable Equivalent) | $ | 1,502,675 |
| 1,165,962 |
| 28.9 | % |
|
|
| Interest Expense |
| 531,047 |
| 299,489 |
| 77.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 971,628 |
| 866,473 |
| 12.1 |
|
|
|
| Tax Equivalent Adjustment |
| 6,412 |
| 6,941 |
| (7.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 965,216 |
| 859,532 |
| 12.3 |
|
|
|
| Provision for Loan Losses |
| 82,532 |
| 75,319 |
| 9.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 882,684 |
| 784,213 |
| 12.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
| Service Charges on Deposits |
| 112,788 |
| 121,450 |
| (7.1) |
|
|
|
| Fiduciary and Asset Management Fees |
| 45,453 |
| 43,757 |
| 3.9 |
|
|
|
| Brokerage and Investment Banking Revenue |
| 24,487 |
| 21,748 |
| 12.6 |
|
|
|
| Mortgage Banking Income |
| 28,682 |
| 26,300 |
| 9.1 |
|
|
|
| Credit Card Fees |
| 37,638 |
| 30,174 |
| 24.7 |
|
|
|
| Securities Gains (Losses) |
| 463 |
| 75 |
| nm |
|
|
|
| Other Fee Income |
| 32,914 |
| 29,227 |
| 12.6 |
|
|
|
| Other Non-Interest Income |
| 44,987 |
| 54,710 |
| (17.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 327,412 |
| 327,441 |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 370,223 |
| 364,514 |
| 1.6 |
|
|
|
| Occupancy & Equipment Expense |
| 90,549 |
| 82,156 |
| 10.2 |
|
|
|
| Other Non-Interest Expense |
| 185,985 |
| 175,005 |
| 6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 646,757 |
| 621,675 |
| 4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Taxes |
| 563,339 |
| 489,979 |
| 15.0 |
|
|
|
| Income Tax Expense |
| 204,289 |
| 175,038 |
| 16.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 359,050 |
| 314,941 |
| 14.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 1.43 | % | 1.41 |
| 2 | bp |
|
|
| Return on Equity |
| 17.59 |
| 17.15 |
| 44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
| 4th Quarter | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fourth |
| Third |
| Second |
| First |
| Fourth |
| '05 vs. '04 | |
|
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income (Taxable Equivalent) | $ | 420,892 |
| 388,067 |
| 360,789 |
| 332,927 |
| 314,009 |
| 34.0 | % |
|
| Interest Expense |
| 160,509 |
| 142,582 |
| 122,768 |
| 105,188 |
| 88,933 |
| 80.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 260,383 |
| 245,485 |
| 238,021 |
| 227,739 |
| 225,076 |
| 15.7 |
|
|
| Tax Equivalent Adjustment |
| 1,558 |
| 1,655 |
| 1,585 |
| 1,614 |
| 1,692 |
| (7.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 258,825 |
| 243,830 |
| 236,436 |
| 226,125 |
| 223,384 |
| 15.9 |
|
|
| Provision for Loan Losses |
| 20,787 |
| 19,639 |
| 22,823 |
| 19,283 |
| 20,855 |
| (0.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 238,038 |
| 224,191 |
| 213,613 |
| 206,842 |
| 202,529 |
| 17.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Charges on Deposits |
| 28,738 |
| 28,748 |
| 28,175 |
| 27,127 |
| 30,321 |
| (5.2) |
|
|
| Fiduciary and Asset Management Fees |
| 11,728 |
| 11,357 |
| 11,324 |
| 11,044 |
| 11,538 |
| 1.6 |
|
|
| Brokerage and Investment Banking Revenue |
| 6,616 |
| 5,801 |
| 5,807 |
| 6,263 |
| 5,361 |
| 23.4 |
|
|
| Mortgage Banking Income |
| 7,078 |
| 8,276 |
| 7,430 |
| 5,898 |
| 6,773 |
| 4.5 |
|
|
| Credit Card Fees |
| 10,692 |
| 9,563 |
| 9,291 |
| 8,092 |
| 8,775 |
| 21.8 |
|
|
| Securities Gains (Losses) |
| (135) |
| - |
| 327 |
| 271 |
| 164 |
| nm |
|
|
| Other Fee Income |
| 9,377 |
| 8,216 |
| 7,834 |
| 7,487 |
| 7,654 |
| 22.5 |
|
|
| Other Non-Interest Income |
| 10,884 |
| 15,259 |
| 10,457 |
| 8,389 |
| 10,335 |
| 5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 84,978 |
| 87,220 |
| 80,645 |
| 74,571 |
| 80,921 |
| 5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 95,670 |
| 93,084 |
| 90,721 |
| 90,747 |
| 82,601 |
| 15.8 |
|
|
| Occupancy & Equipment Expense |
| 24,577 |
| 22,713 |
| 21,712 |
| 21,547 |
| 21,305 |
| 15.4 |
|
|
| Other Non-Interest Expense |
| 49,768 |
| 45,356 |
| 45,320 |
| 45,541 |
| 50,677 |
| (1.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 170,015 |
| 161,153 |
| 157,753 |
| 157,835 |
| 154,583 |
| 10.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Taxes |
| 153,001 |
| 150,258 |
| 136,505 |
| 123,578 |
| 128,867 |
| 18.7 |
|
|
| Income Tax Expense |
| 55,949 |
| 55,079 |
| 49,060 |
| 44,203 |
| 44,992 |
| 24.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 97,052 |
| 95,179 |
| 87,445 |
| 79,375 |
| 83,875 |
| 15.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 1.47 | % | 1.49 | % | 1.41 | % | 1.33 | % | 1.41 | % | 6 | bp |
|
| Return on Equity |
| 18.30 |
| 18.34 |
| 17.41 |
| 16.19 |
| 17.09 |
| 121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| bp - change is measured as difference in basis points. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| nm - not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8 of 11 |
| SYNOVUS |
|
|
|
|
|
| |
| BALANCE SHEET |
| December 31, 2005 |
| September 30, 2005 |
| December 31, 2004 | |
|
|
|
|
|
|
|
| |
| (In thousands, except share data) |
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
| ASSETS |
|
|
|
|
|
| |
| Cash and due from banks | $ | 881,019 |
| 879,838 |
| 683,035 | |
| Interest earning deposits with banks |
| 2,980 |
| 2,510 |
| 4,153 | |
| Federal funds sold and securities purchased |
|
|
|
|
|
| |
| under resale agreements |
| 68,922 |
| 150,853 |
| 135,471 | |
| Trading account assets |
| 27,322 |
| 26,069 |
| - | |
| Mortgage loans held for sale |
| 143,144 |
| 169,659 |
| 120,186 | |
| Investment securities available for sale |
| 2,958,320 |
| 2,821,018 |
| 2,695,593 | |
|
|
|
|
|
|
|
| |
| Loans, net of unearned income |
| 21,392,347 |
| 20,904,677 |
| 19,480,396 | |
| Allowance for loan losses |
| (289,612) |
| (283,557) |
| (265,745) | |
| Loans, net |
| 21,102,735 |
| 20,621,120 |
| 19,214,651 | |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
| Premises and equipment, net |
| 669,395 |
| 635,773 |
| 638,407 | |
| Contract acquisition costs and computer software, net |
| 431,849 |
| 470,733 |
| 401,074 | |
| Goodwill, net |
| 487,402 |
| 454,315 |
| 416,283 | |
| Other intangible assets, net |
| 44,867 |
| 47,033 |
| 41,628 | |
| Other assets |
| 808,768 |
| 796,169 |
| 699,697 | |
|
|
|
|
|
|
|
| |
| Total assets | $ | 27,626,723 |
| 27,075,090 |
| 25,050,178 | |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
| |
| Liabilities: |
|
|
|
|
|
| |
| Deposits: |
|
|
|
|
|
| |
| Non-interest bearing retail and commercial deposits | $ | 3,700,750 |
| 3,573,766 |
| 3,337,908 | |
| Interest bearing retail and commercial deposits |
| 14,798,845 |
| 14,188,694 |
| 12,948,523 | |
|
|
|
|
|
|
|
| |
| Total retail and commercial deposits |
| 18,499,595 |
| 17,762,460 |
| 16,286,431 | |
| Brokered deposits |
| 2,284,770 |
| 2,516,750 |
| 2,291,037 | |
|
|
|
|
|
|
|
| |
| Total deposits |
| 20,784,365 |
| 20,279,210 |
| 18,577,468 | |
| Federal funds purchased and securities sold |
|
|
|
|
|
| |
| under repurchase agreements |
| 1,158,669 |
| 880,605 |
| 1,208,080 | |
| Long-term debt |
| 1,933,638 |
| 2,256,388 |
| 1,879,583 | |
| Other liabilities |
| 599,892 |
| 594,365 |
| 576,474 | |
|
|
|
|
|
|
|
| |
| Total liabilities |
| 24,476,805 |
| 24,010,568 |
| 22,241,605 | |
|
|
|
|
|
|
|
| |
| Minority interest in consolidated subsidiaries |
| 196,673 |
| 189,616 |
| 167,284 | |
|
|
|
|
|
|
|
| |
| Shareholders' equity: |
|
|
|
|
|
| |
| Common stock, par value $1.00 a share (1) |
| 318,301 |
| 317,945 |
| 315,636 | |
| Surplus |
| 686,447 |
| 677,178 |
| 628,396 | |
| Treasury stock (2) |
| (113,944) |
| (113,944) |
| (113,944) | |
| Unearned compensation |
| (3,126) |
| (2,593) |
| (106) | |
| Accumulated other comprehensive income (loss) |
| (25,920) |
| (14,663) |
| 8,903 | |
| Retained earnings |
| 2,091,187 |
| 2,010,983 |
| 1,802,404 | |
|
|
|
|
|
|
|
| |
| Total shareholders' equity |
| 2,952,945 |
| 2,874,906 |
| 2,641,289 | |
|
|
|
|
|
|
|
| |
| Total liabilities and shareholders' equity | $ | 27,626,723 |
| 27,075,090 |
| 25,050,178 | |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
| (1) Common shares outstanding: 312,639,737; 312,283,129; and 309,974,509 at December 31, 2005, September 30, 2005, and December 31, 2004, respectively. | |||||||
| (2) Treasury shares: 5,661,538 at December 31, 2005, September 30, 2005, and December 31, 2004. | |||||||
|
|
|
|
|
|
|
| |
SYNOVUS |
| 9 of 11 | |||||||||||||
AVERAGE BALANCES AND YIELDS/RATES | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
|
|
| 2005 | 2004 |
|
| Twelve Months Ended | ||||||||
|
|
| Fourth |
| Third | Second | First | Fourth |
|
| December 31, | ||||
|
|
| Quarter |
| Quarter | Quarter | Quarter | Quarter |
|
| 2005 |
| 2004 | ||
Interest Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
| |||
Taxable Investment Securities | $ | 2,713,238 |
| 2,611,048 | 2,556,964 | 2,553,423 | 2,408,960 |
| $ | 2,609,113 |
| 2,366,631 | |||
Yield |
|
| 3.87 | % | 3.75 | 3.78 | 3.74 | 3.69 |
|
| 3.78 | % | 3.74 | ||
Tax-Exempt Investment Securities | $ | 208,265 |
| 215,096 | 220,109 | 223,812 | 229,190 |
| $ | 216,773 |
| 230,815 | |||
Yield |
|
| 6.90 | % | 7.08 | 6.87 | 6.93 | 6.99 |
|
| 6.94 | % | 7.05 | ||
Trading Account Assets | $ | 26,006 |
| 19,143 | - | - | - |
| $ | 11,380 |
| - | |||
Yield |
|
| 6.97 | % | 3.84 | - | - | - |
|
| 5.64 | % | - | ||
Commercial Loans | $ | 17,881,828 |
| 17,342,794 | 17,090,893 | 16,618,766 | 16,044,726 |
| $ | 17,237,330 |
| 15,005,166 | |||
Yield |
|
| 7.25 | % | 6.83 | 6.47 | 6.15 | 5.84 |
|
| 6.69 | % | 5.74 | ||
Consumer Loans | $ | 845,251 |
| 840,746 | 833,071 | 846,743 | 948,273 |
| $ | 841,447 |
| 969,377 | |||
Yield |
|
| 7.87 | % | 7.83 | 7.37 | 7.42 | 7.32 |
|
| 7.63 | % | 7.85 | ||
Mortgage Loans | $ | 1,036,041 |
| 1,015,396 | 1,022,169 | 1,026,532 | 954,078 |
| $ | 1,025,034 |
| 892,945 | |||
Yield |
|
| 6.44 | % | 6.31 | 6.47 | 6.09 | 6.04 |
|
| 6.33 | % | 5.96 | ||
Credit Card Loans | $ | 257,691 |
| 253,985 | 249,491 | 246,523 | 244,839 |
| $ | 251,959 |
| 241,338 | |||
Yield |
|
| 10.19 | % | 10.07 | 10.03 | 10.41 | 9.40 |
|
| 10.17 | % | 9.17 | ||
Home Equity Loans | $ | 1,167,361 |
| 1,149,255 | 1,100,010 | 1,037,214 | 973,604 |
| $ | 1,113,914 |
| 844,140 | |||
Yield |
|
| 6.85 | % | 6.32 | 5.92 | 5.56 | 5.08 |
|
| 6.19 | % | 4.69 | ||
Allowance for Loan Losses | $ | (286,846) |
| (281,505) | (278,734) | (270,853) | (262,711) |
| $ | (279,534) |
| (247,054) | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Loans, Net | $ | 20,901,326 |
| 20,320,671 | 20,016,900 | 19,504,925 | 18,902,809 |
| $ | 20,190,150 |
| 17,705,912 | |||
Yield |
|
| 7.35 | % | 6.94 | 6.61 | 6.31 | 6.01 |
|
| 6.82 | % | 5.94 | ||
Mortgage Loans Held for Sale | $ | 121,665 |
| 137,116 | 108,929 | 87,538 | 103,594 |
| $ | 113,969 |
| 117,479 | |||
Yield |
|
| 6.48 | % | 6.54 | 6.41 | 6.15 | 5.75 |
|
| 6.41 | % | 5.60 | ||
Federal Funds Sold and Time Deposits with Banks |
|
|
|
|
|
|
|
|
|
|
|
| |||
$ | 119,606 |
| 135,735 | 133,399 | 119,853 | 106,996 |
| $ | 127,171 |
| 152,882 | ||||
Yield |
|
| 4.26 | % | 3.55 | 3.10 | 2.45 | 2.06 |
|
| 3.35 | % | 1.29 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Interest Earning Assets | $ | 24,090,106 |
| 23,438,809 | 23,036,301 | 22,489,551 | 21,751,549 |
|
| 23,268,556 |
| 20,573,719 | |||
Yield |
|
| 6.94 | % | 6.58 | 6.28 | 5.99 | 5.75 |
|
| 6.46 | % | 5.67 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Interest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Interest Bearing Demand Deposits | $ | 2,989,754 |
| 2,939,524 | 2,990,725 | 2,980,346 | 2,848,978 |
| $ | 2,975,016 |
| 2,762,104 | |||
Rate |
|
| 1.39 | % | 1.25 | 1.12 | 0.96 | 0.72 |
|
| 1.18 | % | 0.61 | ||
Money Market Accounts | $ | 5,619,551 |
| 5,421,961 | 4,968,113 | 4,754,130 | 4,765,591 |
| $ | 5,193,943 |
| 4,481,042 | |||
Rate |
|
| 3.13 | % | 2.75 | 2.31 | 1.90 | 1.51 |
|
| 2.56 | % | 1.21 | ||
Savings Deposits | $ | 534,533 |
| 561,550 | 568,279 | 556,629 | 547,026 |
| $ | 555,205 |
| 548,736 | |||
Rate |
|
| 0.40 | % | 0.38 | 0.35 | 0.27 | 0.21 |
|
| 0.35 | % | 0.18 | ||
Time Deposits Under $100,000 | $ | 2,408,591 |
| 2,318,085 | 2,249,590 | 2,197,788 | 2,194,194 |
| $ | 2,294,158 |
| 2,223,854 | |||
Rate |
|
| 3.28 | % | 2.99 | 2.71 | 2.47 | 2.29 |
|
| 2.88 | % | 2.24 | ||
Time Deposits Over $100,000 (less brokered time deposits) |
|
|
|
|
|
|
|
|
|
|
|
| |||
$ | 2,864,382 |
| 2,700,297 | 2,534,846 | 2,392,957 | 2,329,295 |
| $ | 2,624,623 |
| 2,258,081 | ||||
Rate |
|
| 3.67 | % | 3.35 | 3.04 | 2.77 | 2.54 |
|
| 3.23 | % | 2.39 | ||
Total Interest Bearing Core Deposits |
| 14,416,811 |
| 13,941,417 | 13,311,553 | 12,881,850 | 12,685,084 |
| $ | 13,642,945 |
| 12,273,817 | |||
Rate |
|
| 2.80 | % | 2.50 | 2.16 | 1.87 | 1.60 |
|
| 2.35 |
| 1.43 | ||
Brokered Time Deposits | $ | 2,443,105 |
| 2,611,091 | 2,689,079 | 2,487,264 | 2,066,938 |
| $ | 2,557,660 |
| 1,730,937 | |||
Rate |
|
| 3.89 | % | 3.52 | 3.21 | 2.94 | 2.60 |
|
| 3.39 | % | 2.34 | ||
Total Interest Bearing Deposits | $ | 16,859,916 |
| 16,552,508 | 16,000,632 | 15,369,114 | 14,752,022 |
| $ | 16,200,605 |
| 14,004,754 | |||
Rate |
|
| 2.96 | % | 2.66 | 2.34 | 2.05 | 1.74 |
|
| 2.51 | % | 1.54 | ||
Federal Funds Purchased and Other |
|
|
|
|
|
|
|
|
|
|
|
| |||
Short-Term Borrowings | $ | 939,008 |
| 687,055 | 1,255,755 | 1,541,396 | 1,488,555 |
| $ | 1,103,005 |
| 1,479,815 | |||
Rate |
|
| 3.72 | % | 3.03 | 2.75 | 2.34 | 1.83 |
|
| 2.86 | % | 1.30 | ||
Long-Term Debt | $ | 2,184,538 |
| 2,302,328 | 1,981,235 | 1,877,158 | 1,821,889 |
| $ | 2,087,749 |
| 1,718,556 | |||
Rate |
|
| 4.44 | % | 4.34 | 4.01 | 3.84 | 3.63 |
|
| 4.18 | % | 3.59 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Interest Bearing Liabilities | $ | 19,983,462 |
| 19,541,891 | 19,237,622 | 18,787,668 | 18,062,466 |
| $ | 19,391,359 |
| 17,203,125 | |||
Rate |
|
| 3.16 | % | 2.87 | 2.54 | 2.25 | 1.94 |
|
| 2.71 | % | 1.73 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Non-Interest Bearing Demand Deposits | $ | 3,509,219 |
| 3,423,622 | 3,429,813 | 3,267,679 | 3,516,878 |
| $ | 3,408,289 |
| 3,048,465 | |||
Shareholders' Equity | $ | 2,906,223 |
| 2,832,059 | 2,755,510 | 2,701,585 | 2,635,188 |
| $ | 2,799,496 |
| 2,479,404 | |||
Total Assets | $ | 27,164,366 |
| 26,505,937 | 26,102,816 | 25,392,540 | 24,921,847 |
| $ | 26,291,490 |
| 23,275,001 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net Interest Margin, before fees |
| 4.16 | % | 4.04 | 4.01 | 3.98 | 3.98 |
|
| 4.05 | % | 3.92 | |||
Net Interest Margin, after fees |
| 4.32 | % | 4.18 | 4.15 | 4.11 | 4.13 |
|
| 4.19 | % | 4.22 |
| SYNOVUS |
|
|
|
|
|
|
|
|
| 10 of 11 |
| |
| LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION |
|
|
|
|
|
|
| |||||
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| December 31, 2005 |
| |||||||||
|
|
|
|
| Loans as a % |
|
| Total |
|
| Nonperforming Loans |
| |
|
|
|
|
|
|
|
|
|
| ||||
| Loan Type |
| Total Loans |
|
|
|
|
|
| ||||
| Commercial Real Estate |
|
|
|
|
|
|
|
|
|
|
| |
| Multi-Family | $ | 527,710 |
| 2.5 | % | $ | 207 |
|
| 0.3 | % | |
| Hotels |
| 680,301 |
| 3.2 |
|
| - |
|
| - |
| |
| Office Buildings |
| 747,493 |
| 3.5 |
|
| 4,995 |
|
| 6.1 |
| |
| Shopping Centers |
| 656,949 |
| 3.1 |
|
| - |
|
| - |
| |
| Commercial Development |
| 867,217 |
| 4.1 |
|
| 548 |
|
| 0.7 |
| |
| Other Investment Property |
| 372,911 |
| 1.6 |
|
| 655 |
|
| 0.8 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total Investment Properties |
| 3,852,581 |
| 18.0 |
|
| 6,405 |
|
| 7.9 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 1-4 Family Construction |
| 1,552,338 |
| 7.3 |
|
| 2,013 |
|
| 2.4 |
| |
| 1-4 Family Perm / Mini-Perm |
| 1,095,155 |
| 5.1 |
|
| 2,705 |
|
| 3.3 |
| |
| Residential Development |
| 1,496,436 |
| 7.0 |
|
| 7,673 |
|
| 9.3 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total 1-4 Family Properties |
| 4,143,929 |
| 19.4 |
|
| 12,391 |
|
| 15.0 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Land Acquisition |
| 1,049,041 |
| 4.9 |
|
| 446 |
|
| 0.5 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total Investment-Related Real Estate |
| 9,045,551 |
| 42.3 |
|
| 19,242 |
|
| 23.4 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Owner-Occupied |
| 2,699,431 |
| 12.6 |
|
| 11,252 |
|
| 13.7 |
| |
| Other Property |
| 1,115,094 |
| 5.1 |
|
| 5,413 |
|
| 6.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total Commercial Real Estate |
| 12,860,076 |
| 60.0 |
|
| 35,907 |
|
| 43.7 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Commercial & Industrial |
| 5,231,150 |
| 24.5 |
|
| 38,297 |
|
| 46.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Consumer |
| 3,349,208 |
| 15.7 |
|
| 7,971 |
|
| 9.7 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Unearned Income |
| (48,087) |
| (0.2) |
|
| - |
|
| - |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total | $ | 21,392,347 |
| 100.0 | % | $ | 82,175 |
|
| 100.0 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| LOANS OUTSTANDING BY TYPE COMPARISON |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Total Loans |
|
| 4Q05 vs. 3Q05 | 4Q05 vs. 4Q04 |
|
| |||||||||||||
| Loan Type |
| December 31, 2005 |
| September 30, 2005 |
|
| % change(1) |
|
| December 31, 2004 |
| % change |
|
| |||||||
| Commercial Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Multi-Family | $ | 527,710 |
| 527,826 |
|
| (0.1) | % | $ | 536,765 |
| (1.7) | % |
| |||||||
| Hotels |
| 680,301 |
| 779,736 |
|
| (50.6) |
|
| 820,391 |
| (17.1) |
|
| |||||||
| Office Buildings |
| 747,493 |
| 797,886 |
|
| (25.1) |
|
| 770,260 |
| (3.0) |
|
| |||||||
| Shopping Centers |
| 656,949 |
| 641,620 |
|
| 9.5 |
|
| 592,919 |
| 10.8 |
|
| |||||||
| Commercial Development |
| 867,217 |
| 821,660 |
|
| 22.0 |
|
| 678,451 |
| 27.8 |
|
| |||||||
| Other Investment Property |
| 372,911 |
| 328,120 |
|
| 54.2 |
|
| 275,031 |
| 35.6 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Total Investment Properties |
| 3,852,581 |
| 3,896,848 |
|
| (4.5) |
|
| 3,673,817 |
| 4.9 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 1-4 Family Construction |
| 1,552,338 |
| 1,414,675 |
|
| 38.6 |
|
| 1,208,618 |
| 28.4 |
|
| |||||||
| 1-4 Family Perm / Mini-Perm |
| 1,095,155 |
| 1,075,143 |
|
| 7.4 |
|
| 984,690 |
| 11.2 |
|
| |||||||
| Residential Development |
| 1,496,436 |
| 1,345,662 |
|
| 44.5 |
|
| 1,091,832 |
| 37.1 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Total 1-4 Family Properties |
| 4,143,929 |
| 3,835,480 |
|
| 31.9 |
|
| 3,285,140 |
| 26.1 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Land Acquisition |
| 1,049,041 |
| 978,813 |
|
| 28.5 |
|
| 931,269 |
| 12.6 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Total Investment-Related Real Estate |
| 9,045,551 |
| 8,711,141 |
|
| 15.2 |
|
| 7,890,226 |
| 14.6 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Owner-Occupied |
| 2,699,431 |
| 2,443,318 |
|
| 41.6 |
|
| 2,264,920 |
| 19.2 |
|
| |||||||
| Other Property |
| 1,115,094 |
| 1,302,379 |
|
| (57.1) |
|
| 1,134,436 |
| (1.7) |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Total Commercial Real Estate |
| 12,860,076 |
| 12,456,838 |
|
| 12.8 |
|
| 11,289,582 |
| 13.9 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Commercial & Industrial |
| 5,231,150 |
| 5,185,634 |
|
| 3.5 |
|
| 5,064,828 |
| 3.3 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Consumer |
| 3,349,208 |
| 3,306,529 |
|
| 5.1 |
|
| 3,167,937 |
| 5.7 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Unearned Income |
| (48,087) |
| (44,324) |
|
| 33.7 |
|
| (41,951) |
| 14.6 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Total | $ | 21,392,347 |
| 20,904,677 |
|
| 9.3 | % | $ | 19,480,396 |
| 9.8 | % |
|
| (1) Percentage change is annualized. |
|
|
|
|
|
|
|
|
|
|
|
SYNOVUS |
|
|
|
|
|
|
|
|
|
|
| 11 of 11 |
|
CREDIT QUALITY DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
| 2005 |
| 2004 |
| 4th Quarter | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fourth |
| Third |
| Second |
| First |
| Fourth |
| '05 vs. '04 | |
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans | $ | 82,175 |
| 85,571 |
| 79,511 |
| 77,308 |
| 80,456 |
| 2.1 | % |
Other Real Estate |
| 16,500 |
| 16,951 |
| 24,325 |
| 26,658 |
| 21,492 |
| (23.2) |
|
Nonperforming Assets |
| 98,675 |
| 102,522 |
| 103,836 |
| 103,966 |
| 101,948 |
| (3.2) |
|
Allowance for Loan Losses |
| 289,612 |
| 283,557 |
| 277,527 |
| 273,724 |
| 265,745 |
| 9.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs - Quarter |
| 14,732 |
| 13,608 |
| 19,020 |
| 11,305 |
| 12,757 |
| 15.5 |
|
Net Charge-Offs - YTD |
| 58,665 |
| 43,933 |
| 30,325 |
| 11,305 |
| 41,249 |
| 42.2 |
|
Net Charge-Offs / Average Loans - Quarter |
| 0.28 | % | 0.26 |
| 0.37 |
| 0.23 |
| 0.27 |
|
|
|
Net Charge-Offs / Average Loans - YTD |
| 0.29 |
| 0.29 |
| 0.30 |
| 0.23 |
| 0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans / Loans & ORE |
| 0.38 |
| 0.41 |
| 0.39 |
| 0.39 |
| 0.41 |
|
|
|
Nonperforming Assets / Loans & ORE |
| 0.46 |
| 0.49 |
| 0.51 |
| 0.52 |
| 0.52 |
|
|
|
Allowance / Loans |
| 1.35 |
| 1.36 |
| 1.36 |
| 1.36 |
| 1.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance / Nonperforming Loans |
| 352.43 |
| 331.37 |
| 349.04 |
| 354.07 |
| 330.30 |
|
|
|
Allowance / Nonperforming Assets |
| 293.50 |
| 276.58 |
| 267.27 |
| 263.28 |
| 260.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past Due Loans over 90 days |
| 16,023 |
| 16,013 |
| 17,163 |
| 14,376 |
| 18,138 |
|
|
|
As a Percentage of Loans Outstanding |
| 0.07 |
| 0.08 |
| 0.08 |
| 0.07 |
| 0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Past Dues |
| 93,807 |
| 103,005 |
| 120,224 |
| 122,229 |
| 84,458 |
|
|
|
As a Percentage of Loans Outstanding |
| 0.44 |
| 0.49 |
| 0.59 |
| 0.61 |
| 0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL RATIOS (1) |
|
|
|
|
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
| December 31, 2005 |
| September 30, 2005 |
| December 31, 2004 |
|
|
|
|
|
|
|
Tier 1 Capital | $ | 2,655,818 |
| 2,598,707 |
| 2,369,332 |
Total Risk-Based Capital |
| 3,695,430 |
| 3,632,264 |
| 2,935,077 |
Tier 1 Capital Ratio |
| 10.20 |
| 10.18 |
| 10.04 |
Total Risk-Based Capital Ratio |
| 14.19 |
| 14.23 |
| 12.44 |
Leverage Ratio |
| 9.97 |
| 9.99 |
| 9.78 |
|
|
|
|
|
|
|
(1) December 31, 2005 information is preliminary. |
|
|
|
|
|
|
|
|
|
|
|
|
|