Exhibit 99.2
Synovus |
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| 4 of 9 |
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| INCOME STATEMENT |
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| (In thousands, except per share data) |
| 2006 |
| 2005 |
| 1st Quarter |
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| First |
| Fourth |
| Third |
| Second |
| First |
| '06 vs. '05 |
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| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change |
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| Interest Income (Taxable Equivalent) | $ | 440,977 |
| 420,898 |
| 388,076 |
| 360,763 |
| 332,927 |
| 32.5 | % |
| Interest Expense |
| 177,057 |
| 159,237 |
| 141,587 |
| 122,110 |
| 104,444 |
| 69.5 |
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| Net Interest Income (Taxable Equivalent) |
| 263,920 |
| 261,661 |
| 246,489 |
| 238,653 |
| 228,483 |
| 15.5 |
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| Tax Equivalent Adjustment |
| 1,484 |
| 1,566 |
| 1,664 |
| 1,588 |
| 1,621 |
| (8.5) |
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| Net Interest Income |
| 262,436 |
| 260,095 |
| 244,825 |
| 237,065 |
| 226,862 |
| 15.7 |
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| Provision for Loan Losses |
| 19,549 |
| 20,787 |
| 19,639 |
| 22,823 |
| 19,283 |
| 1.4 |
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| Net Interest Income After Provision |
| 242,887 |
| 239,308 |
| 225,186 |
| 214,242 |
| 207,579 |
| 17.0 |
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| Non-Interest Income: |
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| Electronic Payment Processing Services |
| 220,472 |
| 223,844 |
| 223,123 |
| 215,784 |
| 205,163 |
| 7.5 |
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| Merchant Services |
| 63,949 |
| 67,409 |
| 74,208 |
| 68,696 |
| 27,105 |
| nm |
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| Other Transaction Processing Services Revenue |
| 45,125 |
| 45,544 |
| 44,030 |
| 45,324 |
| 48,514 |
| (6.7) |
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| Service Charges on Deposits |
| 26,891 |
| 28,738 |
| 28,748 |
| 28,175 |
| 27,127 |
| (0.9) |
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| Fiduciary and Asset Management Fees |
| 11,713 |
| 11,544 |
| 11,167 |
| 11,138 |
| 11,037 |
| 6.1 |
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| Brokerage and Investment Banking Revenue |
| 6,947 |
| 6,616 |
| 5,801 |
| 5,807 |
| 6,263 |
| 10.9 |
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| Mortgage Banking Income |
| 5,873 |
| 7,078 |
| 8,276 |
| 7,430 |
| 5,898 |
| (0.4) |
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| Bankcard Fees |
| 10,357 |
| 10,692 |
| 9,563 |
| 9,291 |
| 8,092 |
| 28.0 |
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| Securities Gains (Losses) |
| (73) |
| (135) |
| - |
| 327 |
| 271 |
| nm |
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| Other Fee Income |
| 8,950 |
| 9,377 |
| 8,217 |
| 7,834 |
| 7,486 |
| 19.6 |
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| Other Non-Interest Income |
| 9,171 |
| 6,689 |
| 12,599 |
| 7,325 |
| 8,984 |
| 2.1 |
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| Non-Interest Income before Reimbursable Items |
| 409,375 |
| 417,396 |
| 425,732 |
| 407,131 |
| 355,940 |
| 15.0 |
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| Reimbursable Items |
| 82,500 |
| 84,306 |
| 79,644 |
| 79,161 |
| 69,170 |
| 19.3 |
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| Total Non-Interest Income |
| 491,875 |
| 501,702 |
| 505,376 |
| 486,292 |
| 425,110 |
| 15.7 |
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| Non-Interest Expense: |
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| Personnel Expense |
| 227,758 |
| 224,251 |
| 213,695 |
| 208,596 |
| 189,829 |
| 20.0 |
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| Occupancy & Equipment Expense |
| 97,700 |
| 93,965 |
| 98,772 |
| 88,839 |
| 86,634 |
| 12.8 |
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| Other Non-Interest Expense |
| 105,836 |
| 110,608 |
| 113,300 |
| 110,015 |
| 92,607 |
| 14.3 |
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| Non-Interest Expense before Reimbursable Items |
| 431,294 |
| 428,824 |
| 425,767 |
| 407,450 |
| 369,070 |
| 16.9 |
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| Reimbursable Items |
| 82,500 |
| 84,306 |
| 79,644 |
| 79,161 |
| 69,170 |
| 19.3 |
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| Total Non-Interest Expense |
| 513,794 |
| 513,130 |
| 505,411 |
| 486,611 |
| 438,240 |
| 17.2 |
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| Minority Interest in Consolidated Subsidiaries |
| 9,740 |
| 9,571 |
| 9,306 |
| 9,672 |
| 8,832 |
| 10.3 |
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| Income Before Taxes |
| 211,228 |
| 218,309 |
| 215,845 |
| 204,251 |
| 185,617 |
| 13.8 |
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| Income Tax Expense |
| 76,722 |
| 81,049 |
| 81,853 |
| 75,791 |
| 68,883 |
| 11.4 |
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| Net Income | $ | 134,506 |
| 137,260 |
| 133,992 |
| 128,460 |
| 116,734 |
| 15.2 |
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| Basic Earnings Per Share | $ | 0.43 |
| 0.44 |
| 0.43 |
| 0.41 |
| 0.38 |
| 14.1 |
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| Diluted Earnings Per Share |
| 0.43 |
| 0.44 |
| 0.43 |
| 0.41 |
| 0.37 |
| 14.4 |
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| Dividends Declared Per Share |
| 0.20 |
| 0.18 |
| 0.18 |
| 0.18 |
| 0.18 |
| 6.8 |
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| Return on Assets |
| 1.96 | % | 2.00 | % | 2.01 | % | 1.98 | % | 1.86 | % | 10 | bp |
| Return on Equity |
| 17.88 |
| 18.74 |
| 18.77 |
| 18.70 |
| 17.52 |
| 36 |
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| Average Shares Outstanding - Basic |
| 313,639 |
| 312,298 |
| 311,842 |
| 311,154 |
| 310,622 |
| 1.0 | % |
| Average Shares Outstanding - Diluted |
| 316,208 |
| 315,280 |
| 315,336 |
| 314,691 |
| 313,900 |
| 0.7 |
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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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| 5 of 9 |
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Financial Services Segment |
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| INCOME STATEMENT |
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| (In thousands) |
| 2006 |
| 2005 |
| 1st Quarter |
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| First |
| Fourth |
| Third |
| Second |
| First |
| '06 vs. '05 |
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| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change |
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| Interest Income (Taxable Equivalent) | $ | 440,969 |
| 420,892 |
| 388,067 |
| 360,789 |
| 332,927 |
| 32.5 | % |
| Interest Expense |
| 178,544 |
| 160,509 |
| 142,582 |
| 122,768 |
| 105,188 |
| 69.7 |
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| Net Interest Income (Taxable Equivalent) |
| 262,425 |
| 260,383 |
| 245,485 |
| 238,021 |
| 227,739 |
| 15.2 |
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| Tax Equivalent Adjustment |
| 1,476 |
| 1,558 |
| 1,655 |
| 1,585 |
| 1,614 |
| (8.6) |
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| Net Interest Income |
| 260,949 |
| 258,825 |
| 243,830 |
| 236,436 |
| 226,125 |
| 15.4 |
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| Provision for Loan Losses |
| 19,549 |
| 20,787 |
| 19,639 |
| 22,823 |
| 19,283 |
| 1.4 |
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| Net Interest Income After Provision |
| 241,400 |
| 238,038 |
| 224,191 |
| 213,613 |
| 206,842 |
| 16.7 |
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| Non-Interest Income: |
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| Service Charges on Deposits |
| 26,891 |
| 28,738 |
| 28,748 |
| 28,175 |
| 27,127 |
| (0.9) |
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| Fiduciary and Asset Management Fees |
| 11,910 |
| 11,728 |
| 11,357 |
| 11,324 |
| 11,044 |
| 7.8 |
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| Brokerage and Investment Banking Revenue |
| 6,947 |
| 6,616 |
| 5,801 |
| 5,807 |
| 6,263 |
| 10.9 |
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| Mortgage Banking Income |
| 5,873 |
| 7,078 |
| 8,276 |
| 7,430 |
| 5,898 |
| (0.4) |
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| Bankcard Fees |
| 10,357 |
| 10,692 |
| 9,563 |
| 9,291 |
| 8,092 |
| 28.0 |
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| Securities Gains (Losses) |
| (73) |
| (135) |
| - |
| 327 |
| 271 |
| nm |
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| Other Fee Income |
| 8,950 |
| 9,377 |
| 8,216 |
| 7,834 |
| 7,487 |
| 19.5 |
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| Other Non-Interest Income |
| 12,209 |
| 10,884 |
| 15,259 |
| 10,457 |
| 8,389 |
| 45.5 |
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| Total Non-Interest Income |
| 83,064 |
| 84,978 |
| 87,220 |
| 80,645 |
| 74,571 |
| 11.4 |
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| Non-Interest Expense: |
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| Personnel Expense |
| 107,449 |
| 95,670 |
| 93,084 |
| 90,721 |
| 90,747 |
| 18.4 |
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| Occupancy & Equipment Expense |
| 23,498 |
| 24,577 |
| 22,713 |
| 21,712 |
| 21,547 |
| 9.1 |
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| Other Non-Interest Expense |
| 47,999 |
| 49,768 |
| 45,356 |
| 45,320 |
| 45,541 |
| 5.4 |
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| Total Non-Interest Expense |
| 178,946 |
| 170,015 |
| 161,153 |
| 157,753 |
| 157,835 |
| 13.4 |
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| Income Before Taxes |
| 145,518 |
| 153,001 |
| 150,258 |
| 136,505 |
| 123,578 |
| 17.8 |
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| Income Tax Expense |
| 51,757 |
| 55,949 |
| 55,079 |
| 49,060 |
| 44,203 |
| 17.1 |
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| Net Income | $ | 93,761 |
| 97,052 |
| 95,179 |
| 87,445 |
| 79,375 |
| 18.1 |
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| Return on Assets |
| 1.43 | % | 1.47 | % | 1.49 | % | 1.41 | % | 1.33 | % | 10 | bp |
| Return on Equity |
| 17.17 |
| 18.30 |
| 18.34 |
| 17.41 |
| 16.19 |
| 98 |
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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 9 |
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| BALANCE SHEET |
| March 31, 2006 |
| December 31, 2005 |
| March 31, 2005 |
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| (In thousands, except share data) |
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| ASSETS |
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| Cash and due from banks | $ | 780,787 |
| 880,886 |
| 722,306 |
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| Interest earning deposits with banks |
| 6,608 |
| 2,980 |
| 4,274 |
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| Federal funds sold and securities purchased |
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| under resale agreements |
| 295,677 |
| 68,922 |
| 136,227 |
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| Trading account assets |
| 37,048 |
| 27,322 |
| - |
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| Mortgage loans held for sale |
| 172,975 |
| 143,144 |
| 127,664 |
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| Investment securities available for sale |
| 3,110,547 |
| 2,958,320 |
| 2,725,561 |
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| Loans, net of unearned income |
| 22,418,848 |
| 21,392,347 |
| 20,056,295 |
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| Allowance for loan losses |
| (300,866) |
| (289,612) |
| (273,724) |
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| Loans, net |
| 22,117,982 |
| 21,102,735 |
| 19,782,571 |
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| Premises and equipment, net |
| 691,231 |
| 669,425 |
| 651,830 |
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| Contract acquisition costs and computer software, net |
| 415,980 |
| 431,849 |
| 459,023 |
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| Goodwill, net |
| 459,254 |
| 458,382 |
| 459,505 |
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| Other intangible assets, net |
| 42,795 |
| 44,867 |
| 51,486 |
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| Other assets (1) |
| 1,037,079 |
| 831,840 |
| 731,938 |
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| Total assets | $ | 29,167,963 |
| 27,620,672 |
| 25,852,385 |
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Liabilities: |
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| Deposits: |
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| Non-interest bearing retail and commercial deposits | $ | 3,621,639 |
| 3,700,750 |
| 3,380,497 |
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| Interest bearing retail and commercial deposits |
| 15,769,106 |
| 14,798,845 |
| 13,123,360 |
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| Total retail and commercial deposits |
| 19,390,745 |
| 18,499,595 |
| 16,503,857 |
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| Brokered time deposits |
| 2,411,201 |
| 2,284,770 |
| 2,610,415 |
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| Total deposits |
| 21,801,946 |
| 20,784,365 |
| 19,114,272 |
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| Federal funds purchased and securities sold |
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| under repurchase agreements |
| 1,635,759 |
| 1,158,669 |
| 1,425,819 |
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| Long-term debt |
| 1,731,118 |
| 1,933,638 |
| 1,915,140 |
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| Other liabilities |
| 591,506 |
| 597,698 |
| 523,264 |
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| Total liabilities |
| 25,760,330 |
| 24,474,370 |
| 22,978,495 |
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| Minority interest in consolidated subsidiaries |
| 205,552 |
| 196,973 |
| 175,019 |
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| Shareholders' equity: |
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| Common stock, par value $1.00 a share (2) |
| 325,366 |
| 318,301 |
| 316,682 |
|
| Surplus |
| 869,402 |
| 686,447 |
| 648,715 |
|
| Treasury stock (3) |
| (113,944) |
| (113,944) |
| (113,944) |
|
| Unearned compensation |
| - |
| (3,126) |
| (3,369) |
|
| Accumulated other comprehensive income (loss) |
| (43,190) |
| (29,536) |
| (11,586) |
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| Retained earnings |
| 2,164,447 |
| 2,091,187 |
| 1,862,373 |
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| Total shareholders' equity |
| 3,202,081 |
| 2,949,329 |
| 2,698,871 |
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| Total liabilities and shareholders' equity | $ | 29,167,963 |
| 27,620,672 |
| 25,852,385 |
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(1) | On March 24, 2006, Synovus completed the acquisition of Riverside Bancshares, Inc. Included in other assets at March 31, 2006 is the excess of the purchase price over the recorded net assets of this entity at the date of acquisition. Such amount is approximately $120 million. Synovus has not yet completed the allocation of the purchase price of this entity to the respective assets acquired and liabilities assumed. It is expected that such purchase price allocation will be completed in the second quarter and result in the majority of the excess purchase price being recorded as goodwill. For regulatory capital purposes, the entire excess over purchase price is assumed to be goodwill. |
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(2) | Common shares outstanding: 319,703,971; 312,639,737; and 311,020,558 at March 31, 2006, December 31, 2005, and March 31, 2005, respectively. | |||||||
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(3) | Treasury shares: 5,661,538 at March 31, 2006, December 31, 2005, and March 31, 2005. | |||||||
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Synovus |
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| 7 of 9 |
| |
AVERAGE BALANCES AND YIELDS/RATES |
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(Dollars in thousands) |
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| 2006 |
| 2005 |
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|
|
|
|
|
|
|
|
| First |
| Fourth | Third | Second | First |
|
|
|
| Quarter |
| Quarter | Quarter | Quarter | Quarter |
|
|
|
|
|
|
|
|
|
|
|
Interest Earning Assets |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Taxable Investment Securities | $ | 2,823,306 |
| 2,713,238 | 2,611,048 | 2,556,964 | 2,553,423 |
| |
| Yield |
| 4.08 | % | 3.87 | 3.75 | 3.78 | 3.74 |
|
Tax-Exempt Investment Securities | $ | 201,432 |
| 208,265 | 215,096 | 220,109 | 223,812 |
| |
| Yield |
| 6.86 | % | 6.90 | 7.08 | 6.87 | 6.93 |
|
Trading Account Assets | $ | 37,659 |
| 26,006 | 19,143 | - | - |
| |
| Yield |
| 7.42 | % | 6.97 | 3.84 | - | - |
|
Commercial Loans | $ | 18,377,498 |
| 17,881,828 | 17,342,794 | 17,090,893 | 16,618,766 |
| |
| Yield |
| 7.58 | % | 7.25 | 6.83 | 6.47 | 6.15 |
|
Consumer Loans | $ | 835,520 |
| 845,251 | 840,746 | 833,071 | 846,743 |
| |
| Yield |
| 7.89 | % | 7.87 | 7.83 | 7.37 | 7.42 |
|
Mortgage Loans | $ | 1,039,741 |
| 1,036,041 | 1,015,396 | 1,022,169 | 1,026,532 |
| |
| Yield |
| 6.67 | % | 6.44 | 6.31 | 6.47 | 6.09 |
|
Credit Card Loans | $ | 260,251 |
| 257,691 | 253,985 | 249,491 | 246,523 |
| |
| Yield |
| 10.81 | % | 10.19 | 10.07 | 10.03 | 10.41 |
|
Home Equity Loans | $ | 1,188,153 |
| 1,167,361 | 1,149,255 | 1,100,010 | 1,037,214 |
| |
| Yield |
| 7.30 | % | 6.85 | 6.32 | 5.92 | 5.56 |
|
Allowance for Loan Losses | $ | (294,817) |
| (286,846) | (281,505) | (278,734) | (270,853) |
| |
Loans, Net | $ | 21,406,345 |
| 20,901,326 | 20,320,671 | 20,016,900 | 19,504,925 |
| |
| Yield |
| 7.67 | % | 7.35 | 6.95 | 6.61 | 6.31 |
|
Mortgage Loans Held for Sale | $ | 117,085 |
| 121,665 | 137,116 | 108,929 | 87,538 |
| |
| Yield |
| 6.61 | % | 6.48 | 6.54 | 6.41 | 6.15 |
|
Federal Funds Sold and Time Deposits |
|
|
|
|
|
|
|
| |
with Banks | $ | 118,772 |
| 119,606 | 135,735 | 133,399 | 119,853 |
| |
| Yield |
| 4.42 | % | 4.26 | 3.55 | 3.10 | 2.45 |
|
|
|
|
|
|
|
|
|
|
|
Total Interest Earning Assets | $ | 24,704,601 |
| 24,090,106 | 23,438,809 | 23,036,301 | 22,489,551 |
| |
| Yield |
| 7.23 | % | 6.94 | 6.58 | 6.28 | 5.99 |
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Demand Deposits | $ | 3,004,244 |
| 2,989,754 | 2,939,524 | 2,990,725 | 2,980,346 |
| |
| Rate |
| 1.63 | % | 1.39 | 1.25 | 1.12 | 0.96 |
|
Money Market Accounts | $ | 5,800,154 |
| 5,619,551 | 5,421,961 | 4,968,113 | 4,754,130 |
| |
| Rate |
| 3.55 | % | 3.13 | 2.75 | 2.31 | 1.90 |
|
Savings Deposits | $ | 535,475 |
| 534,533 | 561,550 | 568,279 | 556,629 |
| |
| Rate |
| 0.47 | % | 0.40 | 0.38 | 0.35 | 0.27 |
|
Time Deposits Under $100,000 | $ | 2,501,504 |
| 2,408,591 | 2,318,085 | 2,249,590 | 2,197,788 |
| |
| Rate |
| 3.55 | % | 3.28 | 2.99 | 2.71 | 2.47 |
|
Time Deposits Over $100,000 (less brokered |
|
|
|
|
|
|
| ||
time deposits) | $ | 3,067,094 |
| 2,864,382 | 2,700,297 | 2,534,846 | 2,392,957 |
| |
| Rate |
| 4.01 | % | 3.67 | 3.35 | 3.04 | 2.77 |
|
Total Interest Bearing Core Deposits |
| 14,908,471 |
| 14,416,811 | 13,941,417 | 13,311,553 | 12,881,850 |
| |
| Rate |
| 3.15 | % | 2.80 | 2.50 | 2.16 | 1.87 |
|
Brokered Time Deposits | $ | 2,364,383 |
| 2,443,105 | 2,611,091 | 2,689,079 | 2,487,264 |
| |
| Rate |
| 4.24 | % | 3.89 | 3.52 | 3.21 | 2.94 |
|
Total Interest Bearing Deposits | $ | 17,272,854 |
| 16,859,916 | 16,552,508 | 16,000,632 | 15,369,114 |
| |
| Rate |
| 3.30 | % | 2.96 | 2.66 | 2.34 | 2.05 |
|
Federal Funds Purchased and Other |
|
|
|
|
|
|
|
| |
Short-Term Borrowings | $ | 1,530,099 |
| 939,008 | 687,055 | 1,255,755 | 1,541,396 |
| |
| Rate |
| 4.28 | % | 3.72 | 3.03 | 2.75 | 2.34 |
|
Long-Term Debt | $ | 1,774,804 |
| 2,184,538 | 2,302,328 | 1,981,235 | 1,877,158 |
| |
| Rate |
| 4.62 | % | 4.44 | 4.34 | 4.01 | 3.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing Liabilities | $ | 20,577,757 |
| 19,983,462 | 19,541,891 | 19,237,622 | 18,787,668 |
| |
| Rate |
| 3.48 | % | 3.16 | 2.87 | 2.54 | 2.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interest Bearing Demand Deposits | $ | 3,443,867 |
| 3,509,219 | 3,423,622 | 3,429,813 | 3,267,679 |
| |
Shareholders' Equity | $ | 3,050,256 |
| 2,906,223 | 2,832,059 | 2,755,510 | 2,701,585 |
| |
Total Assets | $ | 27,792,577 |
| 27,164,366 | 26,505,937 | 26,102,816 | 25,392,540 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
| 4.32 | % | 4.32 | 4.18 | 4.15 | 4.11 |
|
Synovus |
|
|
|
|
|
|
|
|
| 8 of 9 |
| |
| LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION |
|
|
|
|
|
|
| ||||
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| March 31, 2006 |
| ||||||||
|
|
|
|
| Loans as a % |
|
| Total |
|
| Nonperforming |
|
|
|
|
|
|
|
|
|
|
| |||
| Loan Type |
| Total Loans |
|
|
|
|
|
| |||
| Commercial Real Estate |
|
|
|
|
|
|
|
|
|
|
|
| Multi-Family | $ | 539,205 |
| 2.4 | % | $ | 1,806 |
|
| 2.3 | % |
| Hotels |
| 709,233 |
| 3.2 |
|
| - |
|
| - |
|
| Office Buildings |
| 807,641 |
| 3.6 |
|
| 6,081 |
|
| 7.6 |
|
| Shopping Centers |
| 680,357 |
| 3.0 |
|
| - |
|
| - |
|
| Commercial Development |
| 919,137 |
| 4.1 |
|
| 478 |
|
| 0.6 |
|
| Other Investment Property |
| 384,026 |
| 1.7 |
|
| 651 |
|
| 0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investment Properties |
| 4,039,599 |
| 18.0 |
|
| 9,016 |
|
| 11.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1-4 Family Construction |
| 1,833,482 |
| 8.2 |
|
| 3,902 |
|
| 4.9 |
|
| 1-4 Family Perm / Mini-Perm |
| 1,128,674 |
| 5.0 |
|
| 4,815 |
|
| 6.0 |
|
| Residential Development |
| 1,656,852 |
| 7.4 |
|
| 1,946 |
|
| 2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total 1-4 Family Properties |
| 4,619,008 |
| 20.6 |
|
| 10,663 |
|
| 13.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Land Acquisition |
| 1,076,114 |
| 4.8 |
|
| 403 |
|
| 0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investment-Related Real Estate |
| 9,734,721 |
| 43.4 |
|
| 20,082 |
|
| 25.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner-Occupied |
| 2,818,262 |
| 12.6 |
|
| 10,511 |
|
| 13.1 |
|
| Other Property |
| 1,184,053 |
| 5.3 |
|
| 5,348 |
|
| 6.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Commercial Real Estate |
| 13,737,036 |
| 61.3 |
|
| 35,941 |
|
| 44.9 |
|
| Commercial & Industrial |
| 5,344,921 |
| 23.8 |
|
| 36,247 |
|
| 45.3 |
|
| Consumer |
| 3,385,383 |
| 15.1 |
|
| 7,873 |
|
| 9.8 |
|
| Unearned Income |
| (48,492) |
| (0.2) |
|
| - |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total | $ | 22,418,848 |
| 100.0 | % | $ | 80,061 |
|
| 100.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| LOANS OUTSTANDING BY TYPE COMPARISON |
|
|
|
|
|
|
|
|
|
| ||||||
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
| Total Loans |
| 1Q06 vs. 4Q05 |
|
|
|
| 1Q06 vs. 1Q05 |
| ||||||
| Loan Type |
| March 31, |
| December 31, |
|
|
| March 31, |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Commercial Real Estate |
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Multi-Family | $ | 539,205 |
| 527,710 |
| 8.8 | % | $ | 534,523 |
| 0.9 | % | ||||
| Hotels |
| 709,233 |
| 680,301 |
| 17.2 |
|
| 838,300 |
| (15.4) |
| ||||
| Office Buildings |
| 807,641 |
| 747,493 |
| 32.6 |
|
| 788,163 |
| 2.5 |
| ||||
| Shopping Centers |
| 680,357 |
| 656,949 |
| 14.5 |
|
| 642,263 |
| 5.9 |
| ||||
| Commercial Development |
| 919,137 |
| 867,217 |
| 24.3 |
|
| 719,782 |
| 27.7 |
| ||||
| Other Investment Property |
| 384,026 |
| 372,911 |
| 12.1 |
|
| 300,153 |
| 27.9 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Total Investment Properties |
| 4,039,599 |
| 3,852,581 |
| 19.7 |
|
| 3,823,184 |
| 5.7 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| 1-4 Family Construction |
| 1,833,482 |
| 1,552,338 |
| 73.5 |
|
| 1,312,608 |
| 39.7 |
| ||||
| 1-4 Family Perm / Mini-Perm |
| 1,128,674 |
| 1,095,155 |
| 12.4 |
|
| 1,067,093 |
| 5.8 |
| ||||
| Residential Development |
| 1,656,852 |
| 1,496,436 |
| 43.5 |
|
| 1,160,685 |
| 42.7 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Total 1-4 Family Properties |
| 4,619,008 |
| 4,143,929 |
| 46.5 |
|
| 3,540,386 |
| 30.5 |
| ||||
| Land Acquisition |
| 1,076,114 |
| 1,049,041 |
| 10.5 |
|
| 935,517 |
| 15.0 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Total Investment-Related Real Estate |
| 9,734,721 |
| 9,045,551 |
| 30.9 |
|
| 8,299,087 |
| 17.3 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Owner-Occupied |
| 2,818,262 |
| 2,699,431 |
| 17.9 |
|
| 2,313,729 |
| 21.8 |
| ||||
| Other Property |
| 1,184,053 |
| 1,115,094 |
| 25.1 |
|
| 1,164,962 |
| 1.6 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Total Commercial Real Estate |
| 13,737,036 |
| 12,860,076 |
| 27.7 |
|
| 11,777,778 |
| 16.6 |
| ||||
| Commercial & Industrial |
| 5,344,921 |
| 5,231,150 |
| 8.8 |
|
| 5,143,010 |
| 4.2 |
| ||||
| Consumer |
| 3,385,383 |
| 3,349,208 |
| 4.4 |
|
| 3,178,563 |
| 6.0 |
| ||||
| Unearned Income |
| (48,492) |
| (48,087) |
| 3.4 |
|
| (43,057) |
| 12.6 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
| Total | $ | 22,418,848 |
| 21,392,347 |
| 19.5 | % | $ | 20,056,295 |
| 11.8 | % |
(1) | Percentage change is annualized. |
(2) | The percentage change comparison to prior periods is impacted by the acquisition of Riverside Bancshares, Inc. (Riverside), which was completed on March 24, 2006. Riverside contributed approximately $482 million in total loans. Excluding the impact of Riverside, the sequential quarter growth is 10.3%, while the year-over-year growth is 9.4%. |
Synovus |
|
|
|
|
|
|
|
|
|
|
| 9 of 9 | |||||
CREDIT QUALITY DATA |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
(Dollars in thousands) |
| 2006 |
| 2005 |
| 1st Quarter | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| First |
| Fourth |
| Third |
| Second |
| First |
| '06 vs. '05 | |||||
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Nonperforming Loans | $ | 80,061 |
| 82,175 |
| 85,571 |
| 79,511 |
| 77,308 |
| 3.6 | % | ||||
Other Real Estate |
| 20,357 |
| 16,500 |
| 16,951 |
| 24,325 |
| 26,658 |
| (23.6) |
| ||||
Nonperforming Assets |
| 100,418 |
| 98,675 |
| 102,522 |
| 103,836 |
| 103,966 |
| (3.4) |
| ||||
Allowance for Loan Losses |
| 300,866 |
| 289,612 |
| 283,557 |
| 277,527 |
| 273,724 |
| 9.9 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Charge-Offs - Quarter |
| 14,388 |
| 14,732 |
| 13,608 |
| 19,020 |
| 11,305 |
| 27.3 |
| ||||
Net Charge-Offs - YTD |
| 14,388 |
| 58,665 |
| 43,933 |
| 30,325 |
| 11,305 |
| 27.3 |
| ||||
Net Charge-Offs / Average Loans - Quarter |
| 0.27 |
| 0.28 |
| 0.26 |
| 0.37 |
| 0.23 |
|
|
| ||||
Net Charge-Offs / Average Loans - YTD |
| 0.27 |
| 0.29 |
| 0.29 |
| 0.30 |
| 0.23 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Nonperforming Loans / Loans & ORE |
| 0.36 |
| 0.38 |
| 0.41 |
| 0.39 |
| 0.39 |
|
|
| ||||
Nonperforming Assets / Loans & ORE |
| 0.45 |
| 0.46 |
| 0.49 |
| 0.51 |
| 0.52 |
|
|
| ||||
Allowance / Loans |
| 1.34 |
| 1.35 |
| 1.36 |
| 1.36 |
| 1.36 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| �� |
| ||||
Allowance / Nonperforming Loans |
| 375.79 |
| 352.43 |
| 331.37 |
| 349.04 |
| 354.07 |
|
|
| ||||
Allowance / Nonperforming Assets |
| 299.61 |
| 293.50 |
| 276.58 |
| 267.27 |
| 263.28 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Past Due Loans over 90 days |
| 17,376 |
| 16,023 |
| 16,013 |
| 17,163 |
| 14,376 |
|
|
| ||||
As a Percentage of Loans Outstanding |
| 0.08 |
| 0.07 |
| 0.08 |
| 0.08 |
| 0.07 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Past Dues |
| 114,744 |
| 93,807 |
| 103,005 |
| 120,224 |
| 122,229 |
|
|
| ||||
As a Percentage of Loans Outstanding |
| 0.51 |
| 0.44 |
| 0.49 |
| 0.59 |
| 0.61 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
REGULATORY CAPITAL RATIOS (1) |
|
|
|
|
|
|
|
|
| ||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
| ||||||||
|
| March 31, 2006 |
| December 31, 2005 |
| March 31, 2005 |
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
Tier 1 Capital | $ | 2,829,501 |
| 2,660,704 |
| 2,400,384 |
|
|
| ||||||||
Total Risk-Based Capital |
| 3,880,367 |
| 3,700,315 |
| 2,974,108 |
|
|
| ||||||||
Tier 1 Capital Ratio |
| 10.30 |
| 10.23 |
| 9.84 |
|
|
| ||||||||
Total Risk-Based Capital Ratio |
| 14.12 |
| 14.23 |
| 12.19 |
|
|
| ||||||||
Leverage Ratio |
| 10.42 |
| 9.99 |
| 9.65 |
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||
(1) | March 31, 2006 information is preliminary. As noted in footnote (1) to the accompanying Balance Sheet, the purchase price allocation related to the acquisition of Riverside Bancshares, Inc. has not been completed. For purposes of the March 31, 2006 regulatory capital calculations, we have assumed that $120 million of the total purchase price will be allocated to intangibles which will be disallowed for regulatory capital purposes |
|
| ||||||||||||||
|
| ||||||||||||||||
. |
|
|
|
|
|
|
|
|
|
| |||||||