Exhibit 99.2
| Synovus |
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| 4 of 11 | ||
|
| INCOME STATEMENT |
| Nine Months Ended |
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| |||||
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| (In thousands, except per share data) |
| September 30, |
|
| |||||
|
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|
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|
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| 2006 |
| 2005 |
| Change |
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| |
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|
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|
|
| Interest Income (Taxable Equivalent) | $ | 1,475,205 |
| 1,081,766 |
| 36.4 | % |
|
|
|
| Interest Expense |
| 628,594 |
| 368,141 |
| 70.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 846,611 |
| 713,625 |
| 18.6 |
|
|
|
|
| Tax Equivalent Adjustment |
| 4,369 |
| 4,873 |
| (10.3) |
|
|
|
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|
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|
|
|
|
|
|
| Net Interest Income |
| 842,242 |
| 708,752 |
| 18.8 |
|
|
|
|
| Provision for Loan Losses |
| 56,473 |
| 61,745 |
| (8.5) |
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
| Net Interest Income After Provision |
| 785,769 |
| 647,007 |
| 21.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
| Electronic Payment Processing Services |
| 685,264 |
| 644,070 |
| 6.4 |
|
|
|
|
| Merchant Services |
| 195,318 |
| 170,009 |
| 14.9 |
|
|
|
|
| Other Transaction Processing Services Revenue |
| 136,401 |
| 137,868 |
| (1.1) |
|
|
|
|
| Service Charges on Deposits |
| 85,983 |
| 83,593 |
| 2.9 |
|
|
|
|
| Fiduciary and Asset Management Fees |
| 35,090 |
| 33,342 |
| 5.2 |
|
|
|
|
| Brokerage and Investment Banking Revenue |
| 20,009 |
| 17,871 |
| 12.0 |
|
|
|
|
| Mortgage Banking Income |
| 22,419 |
| 21,604 |
| 3.8 |
|
|
|
|
| Bankcard Fees |
| 32,921 |
| 27,406 |
| 20.1 |
|
|
|
|
| Securities Gains (Losses) |
| (2,118) |
| 598 |
| nm |
|
|
|
|
| Other Fee Income |
| 28,667 |
| 23,537 |
| 21.8 |
|
|
|
|
| Other Non-Interest Income |
| 28,309 |
| 28,905 |
| (2.1) |
|
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|
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|
| Non-Interest Income before Reimbursable Items |
| 1,268,263 |
| 1,188,803 |
| 6.7 |
|
|
|
|
| Reimbursable Items |
| 267,825 |
| 227,975 |
| 17.5 |
|
|
|
|
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|
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|
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|
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|
|
|
|
|
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|
|
| Total Non-Interest Income |
| 1,536,088 |
| 1,416,778 |
| 8.4 |
|
|
|
|
|
|
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|
|
|
|
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|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 717,825 |
| 612,120 |
| 17.3 |
|
|
|
|
| Occupancy & Equipment Expense |
| 297,700 |
| 274,245 |
| 8.6 |
|
|
|
|
| Other Non-Interest Expense |
| 316,283 |
| 315,922 |
| 0.1 |
|
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|
| Non-Interest Expense before Reimbursable Items |
| 1,331,808 |
| 1,202,287 |
| 10.8 |
|
|
|
|
| Reimbursable Items |
| 267,825 |
| 227,975 |
| 17.5 |
|
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|
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|
| Total Non-Interest Expense |
| 1,599,633 |
| 1,430,262 |
| 11.8 |
|
|
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|
|
|
|
|
|
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|
|
|
|
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|
|
| Minority Interest in Consolidated Subsidiaries |
| 31,311 |
| 27,810 |
| 12.6 |
|
|
|
|
| Income Before Taxes |
| 690,913 |
| 605,713 |
| 14.1 |
|
|
|
|
| Income Tax Expense |
| 249,543 |
| 226,527 |
| 10.2 |
|
|
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|
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|
|
| Net Income | $ | 441,370 |
| 379,186 |
| 16.4 |
|
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|
| Basic Earnings Per Share | $ | 1.38 |
| 1.22 |
| 13.2 | % |
|
|
|
| Diluted Earnings Per Share |
| 1.37 |
| 1.20 |
| 13.5 |
|
|
|
|
| Dividends Declared Per Share |
| 0.59 |
| 0.55 |
| 6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 2.01 | % | 1.95 |
| 6 | bp |
|
|
|
| Return on Equity |
| 18.04 |
| 18.35 |
| (31) |
|
|
|
|
| Average Shares Outstanding - Basic |
| 320,063 |
| 311,204 |
| 2.8 | % |
|
|
|
| Average Shares Outstanding - Diluted |
| 322,860 |
| 314,648 |
| 2.6 |
|
|
|
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 11 | ||
| INCOME STATEMENT |
|
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|
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|
|
|
|
|
|
|
|
|
| (In thousands, except per share data) |
| 2006 |
| 2005 |
| 3rd Quarter |
| |||||||
|
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|
| Third |
| Second |
| First |
| Fourth |
| Third |
| '06 vs. '05 |
| |
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change |
| |
| Interest Income (Taxable Equivalent) | $ | 535,038 |
| 499,191 |
| 440,977 |
| 420,898 |
| 388,076 |
| 37.9 | % |
|
| Interest Expense |
| 241,027 |
| 210,510 |
| 177,057 |
| 159,237 |
| 141,587 |
| 70.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 294,011 |
| 288,681 |
| 263,920 |
| 261,661 |
| 246,489 |
| 19.3 |
|
|
| Tax Equivalent Adjustment |
| 1,409 |
| 1,478 |
| 1,484 |
| 1,566 |
| 1,664 |
| (15.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 292,602 |
| 287,203 |
| 262,436 |
| 260,095 |
| 244,825 |
| 19.5 |
|
|
| Provision for Loan Losses |
| 18,390 |
| 18,534 |
| 19,549 |
| 20,787 |
| 19,639 |
| (6.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 274,212 |
| 268,669 |
| 242,887 |
| 239,308 |
| 225,186 |
| 21.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electronic Payment Processing Services |
| 230,273 |
| 234,519 |
| 220,472 |
| 223,844 |
| 223,123 |
| 3.2 |
|
|
| Merchant Services |
| 65,548 |
| 65,820 |
| 63,949 |
| 67,409 |
| 74,208 |
| (11.7) |
|
|
| Other Transaction Processing Services Revenue |
| 44,812 |
| 46,463 |
| 45,125 |
| 45,544 |
| 44,030 |
| 1.8 |
|
|
| Service Charges on Deposits |
| 29,860 |
| 29,409 |
| 26,712 |
| 28,572 |
| 28,598 |
| 4.4 |
|
|
| Fiduciary and Asset Management Fees |
| 11,868 |
| 11,509 |
| 11,713 |
| 11,544 |
| 11,167 |
| 6.3 |
|
|
| Brokerage and Investment Banking Revenue |
| 6,502 |
| 6,559 |
| 6,947 |
| 6,616 |
| 5,801 |
| 12.1 |
|
|
| Mortgage Banking Income |
| 8,440 |
| 8,105 |
| 5,873 |
| 7,078 |
| 8,276 |
| 2.0 |
|
|
| Bankcard Fees |
| 11,394 |
| 10,992 |
| 10,535 |
| 10,858 |
| 9,713 |
| 17.3 |
|
|
| Securities Gains (Losses) |
| (982) |
| (1,062) |
| (73) |
| (135) |
| - |
| nm |
|
|
| Other Fee Income |
| 9,679 |
| 10,038 |
| 8,950 |
| 9,377 |
| 8,217 |
| 17.8 |
|
|
| Other Non-Interest Income |
| 9,878 |
| 9,263 |
| 9,172 |
| 6,689 |
| 12,599 |
| (21.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income before Reimbursable Items |
| 427,272 |
| 431,615 |
| 409,375 |
| 417,396 |
| 425,732 |
| 0.4 |
|
|
| Reimbursable Items |
| 99,187 |
| 86,138 |
| 82,500 |
| 84,306 |
| 79,644 |
| 24.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 526,459 |
| 517,753 |
| 491,875 |
| 501,702 |
| 505,376 |
| 4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 256,220 |
| 233,847 |
| 227,758 |
| 224,251 |
| 213,695 |
| 19.9 |
|
|
| Occupancy & Equipment Expense |
| 100,504 |
| 99,495 |
| 97,700 |
| 93,965 |
| 98,772 |
| 1.8 |
|
|
| Other Non-Interest Expense |
| 97,514 |
| 112,934 |
| 105,836 |
| 110,608 |
| 113,300 |
| (13.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense before Reimbursable Items |
| 454,238 |
| 446,276 |
| 431,294 |
| 428,824 |
| 425,767 |
| 6.7 |
|
|
| Reimbursable Items |
| 99,187 |
| 86,138 |
| 82,500 |
| 84,306 |
| 79,644 |
| 24.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 553,425 |
| 532,414 |
| 513,794 |
| 513,130 |
| 505,411 |
| 9.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minority Interest in Consolidated Subsidiaries |
| 10,406 |
| 11,165 |
| 9,740 |
| 9,571 |
| 9,306 |
| 11.8 |
|
|
| Income Before Taxes |
| 236,840 |
| 242,843 |
| 211,228 |
| 218,309 |
| 215,845 |
| 9.7 |
|
|
| Income Tax Expense |
| 82,774 |
| 90,046 |
| 76,722 |
| 81,049 |
| 81,853 |
| 1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 154,066 |
| 152,797 |
| 134,506 |
| 137,260 |
| 133,992 |
| 15.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic Earnings Per Share | $ | 0.48 |
| 0.47 |
| 0.43 |
| 0.44 |
| 0.43 |
| 10.8 |
|
|
| Diluted Earnings Per Share |
| 0.47 |
| 0.47 |
| 0.43 |
| 0.44 |
| 0.43 |
| 10.9 |
|
|
| Dividends Declared Per Share |
| 0.20 |
| 0.20 |
| 0.20 |
| 0.18 |
| 0.18 |
| 6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 2.00 | % | 2.07 | % | 1.96 | % | 2.00 | % | 2.01 | % | (1) | bp |
|
| Return on Equity |
| 17.63 |
| 18.45 |
| 17.88 |
| 18.74 |
| 18.77 |
| (114) |
|
|
| Average Shares Outstanding - Basic |
| 323,657 |
| 322,783 |
| 313,639 |
| 312,298 |
| 311,842 |
| 3.8 | % |
|
| Average Shares Outstanding - Diluted |
| 326,834 |
| 325,421 |
| 316,208 |
| 315,280 |
| 315,336 |
| 3.6 |
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
bp - change is measured as difference in basis points. |
|
|
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|
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|
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|
| |
nm - not meaningful |
|
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|
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|
|
Synovus |
|
|
|
|
| 6 of 11 |
| ||
Financial Services Segment |
|
|
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|
|
|
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| |
|
|
|
|
|
|
|
|
|
|
| INCOME STATEMENT |
| Nine Months Ended |
| |||||
| (In thousands) |
| September 30, |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2006 |
| 2005 |
| Change |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income (Taxable Equivalent) | $ | 1,475,178 |
| 1,081,783 |
| 36.4 | % |
|
| Interest Expense |
| 633,917 |
| 370,538 |
| 71.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 841,261 |
| 711,245 |
| 18.3 |
|
|
| Tax Equivalent Adjustment |
| 4,343 |
| 4,854 |
| (10.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 836,918 |
| 706,391 |
| 18.5 |
|
|
| Provision for Loan Losses |
| 56,473 |
| 61,745 |
| (8.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 780,445 |
| 644,646 |
| 21.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
| Service Charges on Deposits |
| 85,983 |
| 83,593 |
| 2.9 |
|
|
| Fiduciary and Asset Management Fees |
| 35,707 |
| 33,725 |
| 5.9 |
|
|
| Brokerage and Investment Banking Revenue |
| 20,009 |
| 17,871 |
| 12.0 |
|
|
| Mortgage Banking Income |
| 22,419 |
| 21,604 |
| 3.8 |
|
|
| Bankcard Fees |
| 32,921 |
| 27,406 |
| 20.1 |
|
|
| Securities Gains (Losses) |
| (2,118) |
| 598 |
| nm |
|
|
| Other Fee Income |
| 28,667 |
| 23,538 |
| 21.8 |
|
|
| Other Non-Interest Income |
| 38,247 |
| 34,100 |
| 12.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 261,835 |
| 242,435 |
| 8.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
| Personnel Expense |
| 335,243 |
| 274,552 |
| 22.1 |
|
|
| Occupancy & Equipment Expense |
| 73,899 |
| 65,972 |
| 12.0 |
|
|
| Other Non-Interest Expense |
| 151,961 |
| 136,218 |
| 11.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 561,103 |
| 476,742 |
| 17.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Taxes |
| 481,177 |
| 410,339 |
| 17.3 |
|
|
| Income Tax Expense |
| 171,050 |
| 148,341 |
| 15.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 310,127 |
| 261,998 |
| 18.4 |
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 1.48 | % | 1.41 |
| 7 | bp |
|
| Return on Equity |
| 17.27 |
| 17.33 |
| (6) |
|
|
|
|
|
|
|
|
|
|
|
|
bp - change is measured as difference in basis points. |
|
|
|
|
|
|
|
| |
nm - not meaningful |
|
|
|
|
|
|
|
|
Synovus |
|
|
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|
|
|
| 7 of 11 |
| |
Financial Services Segment |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
| 2006 |
| 2005 |
| 3rd Quarter | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Third |
| Second |
| First |
| Fourth |
| Third |
| '06 vs. '05 | |
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income (Taxable Equivalent) | $ | 535,025 |
| 499,184 |
| 440,969 |
| 420,892 |
| 388,067 |
| 37.9 | % |
| Interest Expense |
| 242,875 |
| 212,499 |
| 178,544 |
| 160,509 |
| 142,582 |
| 70.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 292,150 |
| 286,685 |
| 262,425 |
| 260,383 |
| 245,485 |
| 19.0 |
|
| Tax Equivalent Adjustment |
| 1,395 |
| 1,471 |
| 1,476 |
| 1,558 |
| 1,655 |
| (15.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 290,755 |
| 285,214 |
| 260,949 |
| 258,825 |
| 243,830 |
| 19.2 |
|
| Provision for Loan Losses |
| 18,390 |
| 18,534 |
| 19,549 |
| 20,787 |
| 19,639 |
| (6.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 272,365 |
| 266,680 |
| 241,400 |
| 238,038 |
| 224,191 |
| 21.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Charges on Deposits |
| 29,862 |
| 29,409 |
| 26,712 |
| 28,572 |
| 28,598 |
| 4.4 |
|
| Fiduciary and Asset Management Fees |
| 12,077 |
| 11,720 |
| 11,910 |
| 11,728 |
| 11,357 |
| 6.3 |
|
| Brokerage and Investment Banking Revenue |
| 6,502 |
| 6,559 |
| 6,947 |
| 6,616 |
| 5,801 |
| 12.1 |
|
| Mortgage Banking Income |
| 8,440 |
| 8,105 |
| 5,873 |
| 7,078 |
| 8,276 |
| 2.0 |
|
| Bankcard Fees |
| 11,394 |
| 10,992 |
| 10,535 |
| 10,858 |
| 9,713 |
| 17.3 |
|
| Securities Gains (Losses) |
| (982) |
| (1,062) |
| (74) |
| (135) |
| - |
| nm |
|
| Other Fee Income |
| 9,679 |
| 10,038 |
| 8,950 |
| 9,377 |
| 8,216 |
| 17.8 |
|
| Other Non-Interest Income |
| 12,347 |
| 13,692 |
| 12,210 |
| 10,884 |
| 15,259 |
| (19.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 89,319 |
| 89,453 |
| 83,063 |
| 84,978 |
| 87,220 |
| 2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 113,842 |
| 113,951 |
| 107,449 |
| 95,670 |
| 93,084 |
| 22.3 |
|
| Occupancy & Equipment Expense |
| 25,566 |
| 24,835 |
| 23,498 |
| 24,577 |
| 22,713 |
| 12.6 |
|
| Other Non-Interest Expense |
| 51,899 |
| 52,064 |
| 47,999 |
| 49,768 |
| 45,356 |
| 14.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 191,307 |
| 190,850 |
| 178,946 |
| 170,015 |
| 161,153 |
| 18.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Taxes |
| 170,377 |
| 165,283 |
| 145,517 |
| 153,001 |
| 150,258 |
| 13.4 |
|
| Income Tax Expense |
| 60,394 |
| 58,899 |
| 51,757 |
| 55,949 |
| 55,079 |
| 9.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 109,983 |
| 106,384 |
| 93,760 |
| 97,052 |
| 95,179 |
| 15.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets |
| 1.49 | % | 1.50 | % | 1.43 | % | 1.47 | % | 1.49 | % | - | bp |
| Return on Equity |
| 17.04 |
| 17.42 |
| 17.17 |
| 18.30 |
| 18.34 |
| 130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bp - change is measured as difference in basis points. |
|
|
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|
|
|
|
|
|
| |||
nm - not meaningful |
|
|
|
|
|
|
|
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|
|
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| |
|
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|
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|
|
|
|
|
|
|
Synovus |
|
|
|
|
| 8 of 11 |
| |
|
|
|
|
|
|
|
| |
BALANCE SHEET |
| September 30, 2006 |
| December 31, 2005 |
| September 30, 2005 |
| |
|
|
|
|
|
|
|
| |
(In thousands, except share data) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
ASSETS |
|
|
|
|
|
|
| |
Cash and due from banks | $ | 790,602 |
| 880,886 |
| 879,838 |
| |
Interest earning deposits with banks |
| 17,444 |
| 2,980 |
| 2,510 |
| |
Federal funds sold and securities purchased |
|
|
|
|
|
|
| |
under resale agreements |
| 308,300 |
| 68,922 |
| 150,853 |
| |
Trading account assets |
| 15,031 |
| 27,322 |
| 26,069 |
| |
Mortgage loans held for sale |
| 158,690 |
| 143,144 |
| 169,659 |
| |
Investment securities available for sale |
| 3,269,889 |
| 2,958,320 |
| 2,821,018 |
| |
|
|
|
|
|
|
|
| |
Loans, net of unearned income |
| 24,192,596 |
| 21,392,347 |
| 20,904,677 |
| |
Allowance for loan losses |
| (319,973) |
| (289,612) |
| (283,557) |
| |
Loans, net |
| 23,872,623 |
| 21,102,735 |
| 20,621,120 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Premises and equipment, net |
| 723,974 |
| 669,425 |
| 668,822 |
| |
Contract acquisition costs and computer software, net |
| 403,702 |
| 431,849 |
| 437,684 |
| |
Goodwill, net |
| 664,225 |
| 458,382 |
| 454,315 |
| |
Other intangible assets, net |
| 50,900 |
| 44,867 |
| 47,033 |
| |
Other assets |
| 1,052,015 |
| 831,840 |
| 796,169 |
| |
|
|
|
|
|
|
|
| |
Total assets | $ | 31,327,395 |
| 27,620,672 |
| 27,075,090 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
| |
Liabilities: |
|
|
|
|
|
|
| |
Deposits: |
|
|
|
|
|
|
| |
Non-interest bearing retail and commercial deposits | $ | 3,659,629 |
| 3,700,750 |
| 3,573,766 |
| |
Interest bearing retail and commercial deposits |
| 17,103,778 |
| 14,798,845 |
| 14,188,695 |
| |
|
|
|
|
|
|
|
| |
Total retail and commercial deposits |
| 20,763,407 |
| 18,499,595 |
| 17,762,461 |
| |
Brokered time deposits |
| 3,199,157 |
| 2,284,770 |
| 2,516,749 |
| |
|
|
|
|
|
|
|
| |
Total deposits |
| 23,962,564 |
| 20,784,365 |
| 20,279,210 |
| |
|
|
|
|
|
|
|
| |
Federal funds purchased and other short-term |
|
|
|
|
|
|
| |
borrowings |
| 1,582,037 |
| 1,158,669 |
| 880,605 |
| |
Long-term debt |
| 1,363,519 |
| 1,933,638 |
| 2,256,388 |
| |
Other liabilities |
| 655,943 |
| 597,698 |
| 594,365 |
| |
|
|
|
|
|
|
|
| |
Total liabilities |
| 27,564,063 |
| 24,474,370 |
| 24,010,568 |
| |
|
|
|
|
|
|
|
| |
Minority interest in consolidated subsidiaries |
| 217,847 |
| 196,973 |
| 189,616 |
| |
|
|
|
|
|
|
|
| |
Shareholders' equity: |
|
|
|
|
|
|
| |
Common stock, par value $1.00 a share (1) |
| 330,474 |
| 318,301 |
| 317,945 |
| |
Surplus |
| 992,489 |
| 686,447 |
| 677,178 |
| |
Treasury stock (2) |
| (113,944) |
| (113,944) |
| (113,944) |
| |
Unearned compensation |
| - |
| (3,126) |
| (2,593) |
| |
Accumulated other comprehensive income (loss) |
| (8,494) |
| (29,536) |
| (14,663) |
| |
Retained earnings |
| 2,344,960 |
| 2,091,187 |
| 2,010,983 |
| |
|
|
|
|
|
|
|
| |
Total shareholders' equity (3) |
| 3,545,485 |
| 2,949,329 |
| 2,874,906 |
| |
|
|
|
|
|
|
|
| |
Total liabilities and shareholders' equity | $ | 31,327,395 |
| 27,620,672 |
| 27,075,090 |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
(1) | Common shares outstanding: 324,812,048; 312,639,737; and 312,283,129 at September 30, 2006, December 31, 2005, and September 30, 2005, respectively | |||||||
(2) | Treasury shares: 5,661,538 at September 30, 2006, December 31, 2005, and September 30, 2005. |
|
|
| ||||
(3) | Book value per share: $10.91; $9.43; and $9.21 at September 30, 2006, December 31, 2005, and September 30, 2005, respectively. |
| ||||||
Synovus |
|
|
|
|
|
| 9 of 11 | ||
AVERAGE BALANCES AND YIELDS/RATES |
|
|
|
|
|
| |||
(Dollars in thousands) |
|
|
|
|
|
|
|
| |
|
|
| 2006 | 2005 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| Third |
| Second | First | Fourth | Third |
|
|
|
| Quarter |
| Quarter | Quarter | Quarter | Quarter |
|
|
|
|
|
|
|
|
|
|
|
Interest Earning Assets |
|
|
|
|
|
|
|
| |
Taxable Investment Securities | $ | 3,025,507 |
| 3,008,122 | 2,823,306 | 2,713,238 | 2,611,048 |
| |
| Yield |
| 4.39 | % | 4.21 | 4.08 | 3.87 | 3.75 |
|
Tax-Exempt Investment Securities | $ | 197,024 |
| 202,676 | 201,432 | 208,265 | 215,096 |
| |
| Yield |
| 6.70 | % | 6.73 | 6.86 | 6.90 | 7.08 |
|
Trading Account Assets | $ | 53,181 |
| 47,398 | 37,659 | 26,006 | 19,143 |
| |
| Yield |
| 5.30 | % | 5.72 | 7.42 | 6.97 | 3.84 |
|
Commercial Loans | $ | 20,430,469 |
| 19,746,392 | 18,377,498 | 17,881,828 | 17,342,794 |
| |
| Yield |
| 8.22 | % | 7.98 | 7.58 | 7.25 | 6.83 |
|
Consumer Loans | $ | 906,634 |
| 875,171 | 835,520 | 845,251 | 840,746 |
| |
| Yield |
| 8.17 | % | 8.09 | 7.89 | 7.87 | 7.83 |
|
Mortgage Loans | $ | 1,091,425 |
| 1,071,477 | 1,039,741 | 1,036,041 | 1,015,396 |
| |
| Yield |
| 6.93 | % | 6.82 | 6.67 | 6.44 | 6.31 |
|
Credit Card Loans | $ | 265,120 |
| 260,010 | 260,251 | 257,691 | 253,985 |
| |
| Yield |
| 10.86 | % | 10.81 | 10.81 | 10.19 | 10.07 |
|
Home Equity Loans | $ | 1,252,802 |
| 1,231,592 | 1,188,153 | 1,167,361 | 1,149,255 |
| |
| Yield |
| 7.97 | % | 7.69 | 7.30 | 6.85 | 6.32 |
|
Allowance for Loan Losses | $ | (318,195) |
| (307,674) | (294,817) | (286,846) | (281,505) |
| |
Loans, Net | $ | 23,628,256 |
| 22,876,968 | 21,406,345 | 20,901,326 | 20,320,671 |
| |
| Yield |
| 8.29 | % | 8.06 | 7.67 | 7.35 | 6.95 |
|
Mortgage Loans Held for Sale | $ | 130,196 |
| 132,605 | 117,085 | 121,665 | 137,116 |
| |
| Yield |
| 6.51 | % | 7.08 | 6.61 | 6.48 | 6.54 |
|
Federal Funds Sold and Time Deposits |
|
|
|
|
|
|
|
| |
with Banks | $ | 155,201 |
| 139,924 | 118,772 | 119,606 | 135,735 |
| |
| Yield |
| 5.32 | % | 5.07 | 4.42 | 4.26 | 3.55 |
|
|
|
|
|
|
|
|
|
|
|
Total Interest Earning Assets | $ | 27,189,364 |
| 26,407,692 | 24,704,601 | 24,090,106 | 23,438,809 |
| |
| Yield |
| 7.81 | % | 7.58 | 7.23 | 6.94 | 6.58 |
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Demand Deposits | $ | 2,946,646 |
| 3,040,292 | 3,004,244 | 2,989,754 | 2,939,524 |
| |
| Rate |
| 2.03 | % | 1.81 | 1.63 | 1.39 | 1.25 |
|
Money Market Accounts | $ | 6,587,365 |
| 6,196,865 | 5,800,154 | 5,619,551 | 5,421,961 |
| |
| Rate |
| 4.38 | % | 4.00 | 3.55 | 3.13 | 2.75 |
|
Savings Deposits | $ | 547,779 |
| 573,776 | 535,475 | 534,533 | 561,550 |
| |
| Rate |
| 0.72 | % | 0.69 | 0.47 | 0.40 | 0.38 |
|
Time Deposits Under $100,000 | $ | 2,917,518 |
| 2,738,528 | 2,501,504 | 2,408,591 | 2,318,085 |
| |
| Rate |
| 4.38 | % | 3.92 | 3.55 | 3.28 | 2.99 |
|
Time Deposits Over $100,000 (less brokered |
|
|
|
|
|
|
| ||
time deposits) | $ | 3,756,853 |
| 3,362,304 | 3,067,094 | 2,864,382 | 2,700,297 |
| |
| Rate |
| 4.92 | % | 4.44 | 4.01 | 3.67 | 3.35 |
|
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing Core Deposits |
| 16,756,161 |
| 15,911,765 | 14,908,471 | 14,416,811 | 13,941,417 |
| |
| Rate |
| 3.97 | % | 3.54 | 3.15 | 2.80 | 2.50 |
|
Brokered Time Deposits | $ | 3,165,905 |
| 2,740,674 | 2,364,383 | 2,443,105 | 2,611,091 |
| |
| Rate |
| 4.85 | % | 4.57 | 4.24 | 3.89 | 3.52 |
|
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing Deposits | $ | 19,922,066 |
| 18,652,438 | 17,272,854 | 16,859,916 | 16,552,508 |
| |
| Rate |
| 4.11 | % | 3.69 | 3.30 | 2.96 | 2.66 |
|
Federal Funds Purchased and Other |
|
|
|
|
|
|
|
| |
Short-Term Borrowings | $ | 1,553,699 |
| 1,772,113 | 1,530,099 | 939,008 | 687,055 |
| |
| Rate |
| 4.80 | % | 4.76 | 4.28 | 3.72 | 3.03 |
|
Long-Term Debt | $ | 1,364,227 |
| 1,586,586 | 1,774,804 | 2,184,538 | 2,302,328 |
| |
| Rate |
| 4.57 | % | 4.42 | 4.62 | 4.44 | 4.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Bearing Liabilities | $ | 22,839,991 |
| 22,011,138 | 20,577,757 | 19,983,462 | 19,541,891 |
| |
| Rate |
| 4.18 | % | 3.83 | 3.48 | 3.16 | 2.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-Interest Bearing Demand Deposits | $ | 3,528,942 |
| 3,511,554 | 3,443,867 | 3,509,219 | 3,423,622 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
| 4.30 | % | 4.39 | 4.32 | 4.32 | 4.18 |
|
Synovus |
|
|
|
|
|
|
|
| 10 of 11 | |
| LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION |
|
|
|
|
| ||||
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 | $ | 513,644 |
| 2.1 | % | $ | 281 |
| 0.3 |
| Hotels |
| 636,530 |
| 2.6 |
|
| 433 |
| 0.4 |
| Office Buildings |
| 867,770 |
| 3.6 |
|
| 3,473 |
| 3.7 |
| Shopping Centers |
| 714,958 |
| 3.0 |
|
| 1,136 |
| 1.2 |
| Commercial Development |
| 975,089 |
| 4.0 |
|
| 1,411 |
| 1.5 |
| Other Investment Property |
| 403,587 |
| 1.7 |
|
| 73 |
| 0.1 |
|
|
|
|
|
|
|
|
|
|
|
| Total Investment Properties |
| 4,111,578 |
| 17.0 |
|
| 6,807 |
| 7.2 |
|
|
|
|
|
|
|
|
|
|
|
| 1-4 Family Construction |
| 2,224,684 |
| 9.2 |
|
| 2,916 |
| 3.1 |
| 1-4 Family Perm / Mini-Perm |
| 1,198,388 |
| 5.0 |
|
| 6,319 |
| 6.7 |
| Residential Development |
| 1,969,320 |
| 8.1 |
|
| 1,351 |
| 1.4 |
|
|
|
|
|
|
|
|
|
|
|
| Total 1-4 Family Properties |
| 5,392,392 |
| 22.3 |
|
| 10,586 |
| 11.2 |
|
|
|
|
|
|
|
|
|
|
|
| Land Acquisition |
| 1,245,727 |
| 5.1 |
|
| 6,834 |
| 7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investment-Related Real Estate |
| 10,749,697 |
| 44.4 |
|
| 24,227 |
| 25.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Owner-Occupied |
| 3,031,530 |
| 12.6 |
|
| 10,325 |
| 10.9 |
| Other Property |
| 1,244,432 |
| 5.1 |
|
| 7,171 |
| 7.5 |
|
|
|
|
|
|
|
|
|
|
|
| Total Commercial Real Estate |
| 15,025,659 |
| 62.1 |
|
| 41,723 |
| 44.0 |
| Commercial & Industrial |
| 5,661,746 |
| 23.4 |
|
| 43,543 |
| 45.9 |
| Consumer |
| 3,557,591 |
| 14.7 |
|
| 9,500 |
| 10.1 |
| Unearned Income |
| (52,400) |
| (0.2) |
|
| - |
| - |
|
|
|
|
|
|
|
|
|
|
|
| Total | $ | 24,192,596 |
| 100.0 | % | $ | 94,766 |
| 100.0 |
LOANS OUTSTANDING BY TYPE COMPARISON |
|
|
|
|
|
|
|
|
|
|
| |||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Total Loans |
| 3Q06 vs. 4Q05 % change (1) (2) |
|
|
| 3Q06 vs. 3Q05 % change (2) |
|
| ||||||
Loan Type |
| September 30, |
| December 31, |
|
| September 30, |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Commercial Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Multi-Family | $ | 513,644 |
| 527,710 |
| (3.6) | % | $ | 527,826 |
| (2.7) | % |
| |||
Hotels |
| 636,530 |
| 680,301 |
| (8.6) |
|
| 779,736 |
| (18.4) |
|
| |||
Office Buildings |
| 867,770 |
| 747,493 |
| 21.5 |
|
| 797,886 |
| 8.8 |
|
| |||
Shopping Centers |
| 714,958 |
| 656,949 |
| 11.8 |
|
| 641,620 |
| 11.4 |
|
| |||
Commercial Development |
| 975,089 |
| 867,217 |
| 16.6 |
|
| 821,660 |
| 18.7 |
|
| |||
Other Investment Property |
| 403,587 |
| 372,911 |
| 11.0 |
|
| 328,120 |
| 23.0 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Investment Properties |
| 4,111,578 |
| 3,852,581 |
| 9.0 |
|
| 3,896,848 |
| 5.5 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1-4 Family Construction |
| 2,224,684 |
| 1,552,338 |
| 57.9 |
|
| 1,414,675 |
| 57.3 |
|
| |||
1-4 Family Perm / Mini-Perm |
| 1,198,388 |
| 1,095,155 |
| 12.6 |
|
| 1,075,143 |
| 11.5 |
|
| |||
Residential Development |
| 1,969,320 |
| 1,496,436 |
| 42.2 |
|
| 1,345,662 |
| 46.3 |
|
| |||
Total 1-4 Family Properties |
| 5,392,392 |
| 4,143,929 |
| 40.3 |
|
| 3,835,480 |
| 40.6 |
|
| |||
Land Acquisition |
| 1,245,727 |
| 1,049,041 |
| 25.1 |
|
| 978,813 |
| 27.3 |
|
| |||
Total Investment-Related Real Estate |
| 10,749,697 |
| 9,045,551 |
| 25.2 |
|
| 8,711,141 |
| 23.4 |
|
| |||
Owner-Occupied |
| 3,031,530 |
| 2,699,431 |
| 16.4 |
|
| 2,443,318 |
| 24.1 |
|
| |||
Other Property |
| 1,244,432 |
| 1,115,094 |
| 15.5 |
|
| 1,302,379 |
| (4.4) |
|
| |||
Total Commercial Real Estate |
| 15,025,659 |
| 12,860,076 |
| 22.5 |
|
| 12,456,838 |
| 20.6 |
|
| |||
Commercial & Industrial |
| 5,661,746 |
| 5,231,150 |
| 11.0 |
|
| 5,185,634 |
| 9.2 |
|
| |||
Consumer |
| 3,557,591 |
| 3,349,208 |
| 8.3 |
|
| 3,306,529 |
| 7.6 |
|
| |||
Unearned Income |
| (52,400) |
| (48,087) |
| 12.0 |
|
| (44,324) |
| 18.2 |
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total | $ | 24,192,596 |
| 21,392,347 |
| 17.5 | % | $ | 20,904,677 |
| 15.7 | % |
| |||
|
| |||||||||||||||
(1) | Percentage change is annualized. | |||||||||||||||
(2) | The percentage change comparison to prior periods is impacted by the acquisition of Riverside Bancshares, Inc. (Riverside) and Banking Corporation of Florida (First Florida), which were completed on March 24, 2006, respectively. Riverside and First Florida contributed $482 and $346 million, respectively, in total loans. Excluding the impact of Riverside and First Florida, the year-to-date annualized growth is 12.3% and the year-over-year growth is 11.8%. | |||||||||||||||
Synovus |
|
|
|
|
|
|
|
|
|
| 11 of 11 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CREDIT QUALITY DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in thousands) |
| 2006 |
| 2005 |
| 3rd Quarter | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Third |
| Second |
| First |
| Fourth |
| Third |
| '06 vs. '05 | |
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming Loans | $ | 94,766 |
| 88,805 |
| 80,061 |
| 82,175 |
| 85,571 |
| 10.7 | % |
| Other Real Estate |
| 31,549 |
| 25,634 |
| 20,357 |
| 16,500 |
| 16,951 |
| 86.1 |
|
| Nonperforming Assets |
| 126,315 |
| 114,439 |
| 100,418 |
| 98,675 |
| 102,522 |
| 23.2 |
|
| Allowance for Loan Losses |
| 319,973 |
| 313,694 |
| 300,866 |
| 289,612 |
| 283,557 |
| 12.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Charge-Offs - Quarter |
| 12,111 |
| 9,528 |
| 14,388 |
| 14,732 |
| 13,608 |
| (11.0) |
|
| Net Charge-Offs - YTD |
| 36,027 |
| 23,916 |
| 14,388 |
| 58,665 |
| 43,933 |
| (18.0) |
|
| Net Charge-Offs / Average Loans - Quarter |
| 0.20 |
| 0.17 |
| 0.27 |
| 0.28 |
| 0.26 |
|
|
|
| Net Charge-Offs / Average Loans - YTD |
| 0.21 |
| 0.21 |
| 0.27 |
| 0.29 |
| 0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming Loans / Loans & ORE |
| 0.39 |
| 0.38 |
| 0.36 |
| 0.38 |
| 0.41 |
|
|
|
| Nonperforming Assets / Loans & ORE |
| 0.52 |
| 0.48 |
| 0.45 |
| 0.46 |
| 0.49 |
|
|
|
| Allowance / Loans |
| 1.32 |
| 1.33 |
| 1.34 |
| 1.35 |
| 1.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance / Nonperforming Loans |
| 337.65 |
| 353.24 |
| 375.79 |
| 352.43 |
| 331.37 |
|
|
|
| Allowance / Nonperforming Assets |
| 253.31 |
| 274.11 |
| 299.61 |
| 293.50 |
| 276.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Past Due Loans over 90 days |
| 18,002 |
| 19,340 |
| 17,376 |
| 16,023 |
| 16,013 |
|
|
|
| As a Percentage of Loans Outstanding |
| 0.07 |
| 0.08 |
| 0.08 |
| 0.07 |
| 0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Past Dues |
| 140,526 |
| 111,464 |
| 114,744 |
| 93,807 |
| 103,005 |
|
|
|
| As a Percentage of Loans Outstanding |
| 0.58 |
| 0.47 |
| 0.51 |
| 0.44 |
| 0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REGULATORY CAPITAL RATIOS (1) |
|
|
|
|
|
|
|
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
| September 30, 2006 |
| December 31, 2005 |
| September 30, 2005 |
|
|
|
|
|
|
|
|
|
|
| Tier 1 Capital | $ | 3,065,990 |
| 2,660,704 |
| 2,598,706 |
|
| Total Risk-Based Capital |
| 4,135,963 |
| 3,700,315 |
| 3,632,263 |
|
| Tier 1 Capital Ratio |
| 10.34 | % | 10.23 |
| 10.18 |
|
| Total Risk-Based Capital Ratio |
| 13.95 |
| 14.23 |
| 14.23 |
|
| Leverage Ratio |
| 10.27 |
| 9.99 |
| 9.99 |
|
|
|
|
|
|
|
|
|
|
| (1) September 30, 2006 information is preliminary. |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|