Exhibit 99.2
Synovus |
|
|
|
|
|
|
|
|
|
|
| 4 of 9 | ||
| INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands, except per share data) |
| 2007 |
| 2006 |
| 1st Quarter | |||||||
|
|
| First |
| Fourth |
| Third |
| Second |
| First |
| '07 vs. '06 | |
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income (Taxable Equivalent) | $ | 549,253 |
| 547,088 |
| 535,038 |
| 499,191 |
| 440,977 |
| 24.6 | % |
| Interest Expense |
| 261,637 |
| 253,998 |
| 241,027 |
| 210,510 |
| 177,057 |
| 47.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 287,616 |
| 293,090 |
| 294,011 |
| 288,681 |
| 263,920 |
| 9.0 |
|
| Tax Equivalent Adjustment |
| 1,354 |
| 1,458 |
| 1,409 |
| 1,478 |
| 1,484 |
| (8.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 286,262 |
| 291,632 |
| 292,602 |
| 287,203 |
| 262,436 |
| 9.1 |
|
| Provision for Loan Losses |
| 20,515 |
| 18,675 |
| 18,390 |
| 18,534 |
| 19,549 |
| 4.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 265,747 |
| 272,957 |
| 274,212 |
| 268,669 |
| 242,887 |
| 9.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electronic Payment Processing Services |
| 228,742 |
| 302,370 |
| 231,753 |
| 231,274 |
| 220,472 |
| 3.8 |
|
| Merchant Acquiring Services |
| 60,680 |
| 64,957 |
| 65,548 |
| 65,820 |
| 63,949 |
| (5.1) |
|
| Other Transaction Processing Services Revenue |
| 53,123 |
| 51,634 |
| 44,813 |
| 45,001 |
| 44,946 |
| 18.2 |
|
| Service Charges on Deposits |
| 26,370 |
| 28,136 |
| 29,292 |
| 28,800 |
| 26,189 |
| 0.7 |
|
| Fiduciary and Asset Management Fees |
| 12,262 |
| 12,710 |
| 11,868 |
| 11,509 |
| 11,713 |
| 4.7 |
|
| Brokerage and Investment Banking Revenue |
| 7,449 |
| 6,721 |
| 6,502 |
| 6,559 |
| 6,947 |
| 7.2 |
|
| Mortgage Banking Income |
| 7,226 |
| 6,837 |
| 8,440 |
| 8,105 |
| 5,873 |
| 23.0 |
|
| Bankcard Fees |
| 11,880 |
| 11,218 |
| 11,438 |
| 11,093 |
| 10,554 |
| 12.6 |
|
| Securities Gains (Losses) |
| 447 |
| - |
| (982) |
| (1,062) |
| (73) |
| nm |
|
| Other Fee Income |
| 9,427 |
| 9,079 |
| 10,024 |
| 10,357 |
| 9,283 |
| 1.6 |
|
| Other Non-Interest Income |
| 10,726 |
| 21,707 |
| 10,057 |
| 10,915 |
| 9,522 |
| 12.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income before Reimbursable Items |
| 428,332 |
| 515,369 |
| 428,753 |
| 428,371 |
| 409,375 |
| 4.6 |
|
| Reimbursable Items |
| 85,727 |
| 83,894 |
| 99,187 |
| 86,138 |
| 82,500 |
| 3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 514,059 |
| 599,263 |
| 527,940 |
| 514,509 |
| 491,875 |
| 4.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 254,953 |
| 256,691 |
| 256,220 |
| 233,847 |
| 227,758 |
| 11.9 |
|
| Occupancy & Equipment Expense |
| 92,914 |
| 116,470 |
| 100,504 |
| 99,495 |
| 97,700 |
| (4.9) |
|
| Other Non-Interest Expense |
| 98,557 |
| 115,755 |
| 98,995 |
| 109,690 |
| 105,836 |
| (6.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense before Reimbursable Items |
| 446,424 |
| 488,916 |
| 455,719 |
| 443,032 |
| 431,294 |
| 3.5 |
|
| Reimbursable Items |
| 85,727 |
| 83,894 |
| 99,187 |
| 86,138 |
| 82,500 |
| 3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 532,151 |
| 572,810 |
| 554,905 |
| 529,170 |
| 513,794 |
| 3.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minority Interest in Consolidated Subsidiaries |
| 11,278 |
| 16,790 |
| 10,406 |
| 11,165 |
| 9,740 |
| 15.8 |
|
| Income Before Taxes |
| 236,377 |
| 282,620 |
| 236,840 |
| 242,843 |
| 211,228 |
| 11.9 |
|
| Income Tax Expense |
| 89,624 |
| 107,073 |
| 82,774 |
| 90,046 |
| 76,722 |
| 16.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 146,753 |
| 175,547 |
| 154,066 |
| 152,797 |
| 134,506 |
| 9.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic Earnings Per Share | $ | 0.45 |
| 0.54 |
| 0.48 |
| 0.47 |
| 0.43 |
| 5.1 |
|
| Diluted Earnings Per Share |
| 0.45 |
| 0.54 |
| 0.47 |
| 0.47 |
| 0.43 |
| 4.7 |
|
| Dividends Declared Per Share |
| 0.21 |
| 0.20 |
| 0.20 |
| 0.20 |
| 0.20 |
| 5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets* |
| 1.86 | % | 2.22 | % | 2.00 | % | 2.07 | % | 1.96 | % | (10) | bp |
| Return on Equity* |
| 15.94 |
| 19.03 |
| 17.63 |
| 18.45 |
| 17.88 |
| (194) |
|
| Average Shares Outstanding - Basic |
| 325,687 |
| 324,555 |
| 323,657 |
| 322,783 |
| 313,639 |
| 3.8 | % |
| Average Shares Outstanding - Diluted |
| 329,573 |
| 328,122 |
| 326,834 |
| 325,421 |
| 316,208 |
| 4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
bp - change is measured as difference in basis points. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
nm - not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
| |
*ratios are annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
Synovus |
|
|
|
|
|
|
|
|
|
|
| 5 of 9 |
| |
Financial Services Segment |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
| 2007 |
| 2006 |
| 1st Quarter | |||||||
|
|
| First |
| Fourth |
| Third |
| Second |
| First |
| '07 vs. '06 | |
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Income (Taxable Equivalent) | $ | 549,243 |
| 547,079 |
| 535,025 |
| 499,184 |
| 440,969 |
| 24.6 | % |
| Interest Expense |
| 264,950 |
| 256,760 |
| 242,875 |
| 212,499 |
| 178,544 |
| 48.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income (Taxable Equivalent) |
| 284,293 |
| 290,319 |
| 292,150 |
| 286,685 |
| 262,425 |
| 8.3 |
|
| Tax Equivalent Adjustment |
| 1,344 |
| 1,448 |
| 1,395 |
| 1,471 |
| 1,476 |
| (9.0) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income |
| 282,949 |
| 288,871 |
| 290,755 |
| 285,214 |
| 260,949 |
| 8.4 |
|
| Provision for Loan Losses |
| 20,515 |
| 18,675 |
| 18,390 |
| 18,534 |
| 19,549 |
| 4.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income After Provision |
| 262,434 |
| 270,196 |
| 272,365 |
| 266,680 |
| 241,400 |
| 8.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Service Charges on Deposits |
| 26,370 |
| 28,136 |
| 29,292 |
| 28,800 |
| 26,189 |
| 0.7 |
|
| Fiduciary and Asset Management Fees |
| 12,473 |
| 12,921 |
| 12,077 |
| 11,720 |
| 11,910 |
| 4.7 |
|
| Brokerage and Investment Banking Revenue |
| 7,449 |
| 6,721 |
| 6,502 |
| 6,559 |
| 6,947 |
| 7.2 |
|
| Mortgage Banking Income |
| 7,226 |
| 6,837 |
| 8,440 |
| 8,105 |
| 5,873 |
| 23.0 |
|
| Bankcard Fees |
| 11,880 |
| 11,218 |
| 11,438 |
| 11,093 |
| 10,554 |
| 12.6 |
|
| Securities Gains (Losses) |
| 447 |
| - |
| (982) |
| (1,062) |
| (73) |
| nm |
|
| Other Fee Income |
| 9,427 |
| 9,079 |
| 10,024 |
| 10,357 |
| 9,283 |
| 1.6 |
|
| Other Non-Interest Income |
| 12,231 |
| 22,682 |
| 12,528 |
| 13,881 |
| 12,380 |
| (1.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Income |
| 87,503 |
| 97,594 |
| 89,319 |
| 89,453 |
| 83,063 |
| 5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Personnel Expense |
| 113,927 |
| 115,130 |
| 113,842 |
| 113,951 |
| 107,449 |
| 6.0 |
|
| Occupancy & Equipment Expense |
| 27,290 |
| 26,370 |
| 25,566 |
| 24,835 |
| 23,498 |
| 16.1 |
|
| Other Non-Interest Expense |
| 53,580 |
| 61,930 |
| 51,899 |
| 52,064 |
| 47,999 |
| 11.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Non-Interest Expense |
| 194,797 |
| 203,430 |
| 191,307 |
| 190,850 |
| 178,946 |
| 8.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income Before Taxes |
| 155,140 |
| 164,360 |
| 170,377 |
| 165,283 |
| 145,517 |
| 6.6 |
|
| Income Tax Expense |
| 54,733 |
| 59,384 |
| 60,394 |
| 58,899 |
| 51,757 |
| 5.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income | $ | 100,407 |
| 104,976 |
| 109,983 |
| 106,384 |
| 93,760 |
| 7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on Assets* |
| 1.33 | % | 1.39 | % | 1.49 | % | 1.50 | % | 1.43 | % | (10) | bp |
| Return on Equity* |
| 14.95 |
| 15.45 |
| 17.04 |
| 17.42 |
| 17.17 |
| (222) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
bp - change is measured as difference in basis points. |
|
|
|
|
|
|
|
|
|
|
| |||
nm - not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
| |
*ratios are annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
Synovus |
|
|
|
|
| 6 of 9 |
| |
|
|
|
|
|
|
|
|
|
| BALANCE SHEET |
| March 31, 2007 |
| December 31, 2006 |
| March 31, 2006 |
|
|
|
|
|
|
|
|
|
|
| (In thousands, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
| Cash and due from banks | $ | 828,916 |
| 889,975 |
| 780,787 |
|
| Interest earning deposits with banks |
| 35,586 |
| 19,389 |
| 6,608 |
|
| Federal funds sold and securities purchased |
|
|
|
|
|
|
|
| under resale agreements |
| 190,514 |
| 101,091 |
| 295,677 |
|
| Trading account assets |
| 45,289 |
| 15,266 |
| 37,048 |
|
| Mortgage loans held for sale |
| 181,266 |
| 175,042 |
| 172,975 |
|
| Investment securities available for sale |
| 3,520,777 |
| 3,352,357 |
| 3,110,547 |
|
|
|
|
|
|
|
|
|
|
| Loans, net of unearned income |
| 25,223,681 |
| 24,654,552 |
| 22,418,848 |
|
| Allowance for loan losses |
| (326,826) |
| (314,459) |
| (300,866) |
|
| Loans, net |
| 24,896,855 |
| 24,340,093 |
| 22,117,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Premises and equipment, net |
| 769,271 |
| 752,738 |
| 691,231 |
|
| Contract acquisition costs and computer software, net |
| 371,467 |
| 383,899 |
| 415,980 |
|
| Goodwill |
| 681,132 |
| 669,515 |
| 452,469 |
|
| Other intangible assets, net |
| 59,995 |
| 63,586 |
| 42,795 |
|
| Other assets |
| 1,126,377 |
| 1,091,822 |
| 1,037,078 |
|
|
|
|
|
|
|
|
|
|
| Total assets | $ | 32,707,445 |
| 31,854,773 |
| 29,161,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
| Non-interest bearing retail and commercial deposits | $ | 3,573,323 |
| 3,538,598 |
| 3,621,639 |
|
| Interest bearing retail and commercial deposits |
| 18,194,828 |
| 17,741,354 |
| 15,769,106 |
|
|
|
|
|
|
|
|
|
|
| Total retail and commercial deposits |
| 21,768,151 |
| 21,279,952 |
| 19,390,745 |
|
| Brokered time deposits |
| 3,074,228 |
| 3,014,495 |
| 2,411,201 |
|
|
|
|
|
|
|
|
|
|
| Total deposits |
| 24,842,379 |
| 24,294,447 |
| 21,801,946 |
|
|
|
|
|
|
|
|
|
|
| Federal funds purchased and other short-term |
|
|
|
|
|
|
|
| borrowings |
| 1,560,530 |
| 1,572,809 |
| 1,635,759 |
|
| Long-term debt |
| 1,551,856 |
| 1,350,139 |
| 1,731,118 |
|
| Other liabilities |
| 666,704 |
| 692,019 |
| 584,721 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
| 28,621,469 |
| 27,909,414 |
| 25,753,544 |
|
|
|
|
|
|
|
|
|
|
| Minority interest in consolidated subsidiaries |
| 249,425 |
| 236,709 |
| 205,552 |
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity: |
|
|
|
|
|
|
|
| Common stock, par value $1.00 a share (1) |
| 332,512 |
| 331,214 |
| 325,366 |
|
| Additional paid-in capital |
| 1,070,330 |
| 1,033,055 |
| 869,402 |
|
| Treasury stock (2) |
| (113,944) |
| (113,944) |
| (113,944) |
|
| Accumulated other comprehensive income (loss) |
| 6,989 |
| (2,129) |
| (43,190) |
|
| Retained earnings |
| 2,540,664 |
| 2,460,454 |
| 2,164,447 |
|
|
|
|
|
|
|
|
|
|
| Total shareholders' equity (3) |
| 3,836,551 |
| 3,708,650 |
| 3,202,081 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders' equity | $ | 32,707,445 |
| 31,854,773 |
| 29,161,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Common shares outstanding: 326,850,123; 325,552,375; and 319,703,971 at March 31, 2007, December 31, 2006 and March 31, 2006, respectively. | |||||||
(2) | Treasury shares: 5,661,538 at March 31, 2007, December 31, 2006, and March 31, 2006. |
|
|
| ||||
(3) | Book value per common share: $11.74; $11.39; and $10.02 at March 31, 2007, December 31, 2006, and March 31, 2006, respectively. |
| ||||||
|
|
|
|
|
|
|
|
|
Synovus |
|
|
|
|
|
| 7 of 9 |
| |||||||||
AVERAGE BALANCES AND YIELDS/RATES* |
|
|
|
|
|
| |||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
| |||||||||
|
|
| 2007 |
| 2006 |
|
| ||||||||||
|
|
| First |
| Fourth | Third | Second | First |
|
| |||||||
|
|
| Quarter |
| Quarter | Quarter | Quarter | Quarter |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest Earning Assets |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
| �� |
|
|
|
|
|
| |||||||
Taxable Investment Securities | $ | 3,301,137 |
| 3,178,852 | 3,025,507 | 3,008,122 | 2,823,306 |
|
| ||||||||
| Yield |
| 4.77 | % | 4.51 | 4.39 | 4.21 | 4.08 |
|
| |||||||
Tax-Exempt Investment Securities | $ | 185,012 |
| 193,737 | 197,024 | 202,676 | 201,432 |
|
| ||||||||
| Yield |
| 6.84 | % | 6.95 | 6.70 | 6.73 | 6.86 |
|
| |||||||
Trading Account Assets | $ | 64,204 |
| 34,471 | 53,181 | 47,398 | 37,659 |
|
| ||||||||
| Yield |
| 5.65 | % | 6.67 | 5.30 | 5.72 | 7.42 |
|
| |||||||
Commercial Loans | $ | 21,242,921 |
| 20,791,108 | 20,407,139 | 19,723,353 | 18,357,939 |
|
| ||||||||
| Yield |
| 8.24 | % | 8.25 | 8.23 | 7.99 | 7.59 |
|
| |||||||
Consumer Loans | $ | 928,256 |
| 928,521 | 929,964 | 898,210 | 855,079 |
|
| ||||||||
| Yield |
| 8.01 | % | 7.98 | 7.96 | 7.88 | 7.71 |
|
| |||||||
Mortgage Loans | $ | 1,081,760 |
| 1,089,794 | 1,091,425 | 1,071,477 | 1,039,741 |
|
| ||||||||
| Yield |
| 6.98 | % | 6.99 | 6.93 | 6.82 | 6.67 |
|
| |||||||
Credit Card Loans | $ | 270,444 |
| 268,705 | 265,120 | 260,010 | 260,251 |
|
| ||||||||
| Yield |
| 11.17 | % | 10.89 | 10.86 | 10.81 | 10.81 |
|
| |||||||
Home Equity Loans | $ | 1,385,012 |
| 1,316,842 | 1,252,803 | 1,231,592 | 1,188,152 |
|
| ||||||||
| Yield |
| 7.68 | % | 7.82 | 7.97 | 7.69 | 7.30 |
|
| |||||||
Allowance for Loan Losses | $ | (317,977) |
| (317,603) | (318,195) | (307,674) | (294,817) |
|
| ||||||||
Loans, Net | $ | 24,590,415 |
| 24,077,366 | 23,628,256 | 22,876,968 | 21,406,345 |
|
| ||||||||
| Yield |
| 8.28 | % | 8.29 | 8.29 | 8.06 | 7.67 |
|
| |||||||
Mortgage Loans Held for Sale | $ | 160,482 |
| 149,113 | 130,196 | 132,605 | 117,085 |
|
| ||||||||
| Yield |
| 6.07 | % | 6.02 | 6.51 | 7.08 | 6.61 |
|
| |||||||
Federal Funds Sold and Other Short-Term Investment | $ | 147,932 |
| 120,804 | 155,200 | 139,923 | 118,774 |
|
| ||||||||
| Yield |
| 5.61 | % | 5.40 | 5.32 | 5.07 | 4.42 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Interest Earning Assets | $ | 28,449,181 |
| 27,754,344 | 27,189,364 | 26,407,692 | 24,704,601 |
|
| ||||||||
| Yield |
| 7.82 | % | 7.83 | 7.81 | 7.58 | 7.23 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest Bearing Liabilities |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest Bearing Demand Deposits | $ | 3,113,531 |
| 3,034,375 | 2,946,646 | 3,040,292 | 3,004,244 |
|
| ||||||||
| Rate |
| 2.30 | % | 2.18 | 2.03 | 1.81 | 1.63 |
|
| |||||||
Money Market Accounts | $ | 7,083,633 |
| 6,956,181 | 6,587,365 | 6,196,865 | 5,800,154 |
|
| ||||||||
| Rate |
| 4.49 | % | 4.45 | 4.38 | 4.00 | 3.55 |
|
| |||||||
Savings Deposits | $ | 502,948 |
| 514,317 | 547,779 | 573,776 | 535,475 |
|
| ||||||||
| Rate |
| 0.68 | % | 0.72 | 0.72 | 0.69 | 0.47 |
|
| |||||||
Time Deposits Under $100,000 | $ | 3,037,815 |
| 3,003,141 | 2,917,518 | 2,738,528 | 2,501,504 |
|
| ||||||||
| Rate |
| 4.79 | % | 4.64 | 4.38 | 3.92 | 3.55 |
|
| |||||||
Time Deposits Over $100,000 (less brokered |
|
|
|
|
|
|
|
| |||||||||
time deposits) | $ | 4,101,471 |
| 3,997,493 | 3,756,853 | 3,362,304 | 3,067,094 |
|
| ||||||||
| Rate |
| 5.15 | % | 5.07 | 4.92 | 4.44 | 4.01 |
|
| |||||||
Total Interest Bearing Core Deposits |
| 17,839,398 |
| 17,505,508 | 16,756,161 | 15,911,765 | 14,908,471 |
|
| ||||||||
| Rate |
| 4.20 | % | 4.12 | 3.97 | 3.54 | 3.15 |
|
| |||||||
Brokered Time Deposits | $ | 3,030,793 |
| 3,137,889 | 3,165,905 | 2,740,674 | 2,364,383 |
|
| ||||||||
| Rate |
| 5.08 | % | 5.01 | 4.85 | 4.57 | 4.24 |
|
| |||||||
Total Interest Bearing Deposits | $ | 20,870,191 |
| 20,643,396 | 19,922,066 | 18,652,438 | 17,272,854 |
|
| ||||||||
| Rate |
| 4.33 | % | 4.26 | 4.11 | 3.69 | 3.30 |
|
| |||||||
Federal Funds Purchased and Other |
|
|
|
|
|
|
|
|
| ||||||||
Short-Term Borrowings | $ | 1,690,049 |
| 1,283,832 | 1,553,699 | 1,772,113 | 1,530,099 |
|
| ||||||||
| Rate |
| 4.87 | % | 4.72 | 4.73 | 4.76 | 4.28 |
|
| |||||||
Long-Term Debt | $ | 1,450,466 |
| 1,360,635 | 1,364,227 | 1,586,586 | 1,774,804 |
|
| ||||||||
| Rate |
| 5.05 | % | 4.90 | 4.57 | 4.42 | 4.62 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Interest Bearing Liabilities | $ | 24,010,706 |
| 23,287,863 | 22,839,991 | 22,011,138 | 20,577,757 |
|
| ||||||||
| Rate |
| 4.41 | % | 4.32 | 4.18 | 3.83 | 3.48 |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Non-Interest Bearing Demand Deposits | $ | 3,372,105 |
| 3,469,233 | 3,528,942 | 3,511,554 | 3,443,867 |
|
| ||||||||
Shareholders' Equity | $ | 3,733,523 |
| 3,659,996 | 3,467,029 | 3,321,397 | 3,050,256 |
|
| ||||||||
Total Assets | $ | 32,022,912 |
| 31,307,991 | 30,613,827 | 29,563,064 | 27,792,577 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Margin |
| 4.10 | % | 4.20 | 4.30 | 4.39 | 4.32 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||
*Yields and rates are annualized |
|
|
|
|
|
|
| ||||||||||
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION |
|
|
|
| 8 of 9 |
| ||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
| ||||||||
|
| Total Loans |
| Loans as a % of Total Loans Outstanding |
|
| Total Nonperforming Loans |
| Nonperforming Loans as a % of Total Nonperforming Loans |
| ||||||||
Loan Type | ||||||||||||||||||
Multi-Family | $ | 519,219 |
| 2.1 | % | $ | 388 |
| 0.3 | % | ||||||||
Hotels |
| 661,985 |
| 2.6 |
|
| 1,270 |
| 0.9 |
| ||||||||
Office Buildings |
| 852,973 |
| 3.4 |
|
| 4,388 |
| 3.2 |
| ||||||||
Shopping Centers |
| 742,344 |
| 2.9 |
|
| - |
| 0.0 |
| ||||||||
Commercial Development |
| 866,920 |
| 3.5 |
|
| - |
| 0.0 |
| ||||||||
Other Investment Property |
| 529,394 |
| 2.1 |
|
| 414 |
| 0.3 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Investment Properties |
| 4,172,835 |
| 16.6 |
|
| 6,460 |
| 4.7 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
1-4 Family Construction |
| 2,404,235 |
| 9.5 |
|
| 17,530 |
| 12.6 |
| ||||||||
1-4 Family Perm / Mini-Perm |
| 1,145,235 |
| 4.5 |
|
| 10,773 |
| 7.8 |
| ||||||||
Residential Development |
| 2,178,573 |
| 8.7 |
|
| 21,155 |
| 15.2 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total 1-4 Family Properties |
| 5,728,043 |
| 22.7 |
|
| 49,458 |
| 35.6 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Land Acquisition |
| 1,516,526 |
| 6.0 |
|
| 15,800 |
| 11.4 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Commercial Real Estate |
| 11,417,404 |
| 45.3 |
|
| 71,718 |
| 51.7 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Commercial , Financial, and Agricultural |
| 6,055,447 |
| 24.0 |
|
| 38,629 |
| 27.8 |
| ||||||||
Owner-Occupied |
| 4,122,498 |
| 16.4 |
|
| 15,501 |
| 11.2 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Commercial & Industrial |
| 10,177,945 |
| 40.4 |
|
| 54,130 |
| 39.0 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Home Equity |
| 1,401,898 |
| 5.6 |
|
| 4,888 |
| 3.5 |
| ||||||||
Consumer Mortgages |
| 1,518,168 |
| 6.0 |
|
| 6,004 |
| 4.3 |
| ||||||||
Credit Card |
| 273,462 |
| 1.1 |
|
| - |
| 0.0 |
| ||||||||
Other Retail Loans |
| 483,412 |
| 1.8 |
|
| 2,050 |
| 1.5 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Retail |
| 3,676,940 |
| 14.5 |
|
| 12,942 |
| 9.3 |
| ||||||||
Unearned Income |
| (48,608) |
| (0.2) |
|
| - |
|
|
| ||||||||
Total | $ | 25,223,681 |
| 100.0 | % | $ | 138,790 |
| 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON |
|
|
|
|
|
|
|
|
| |||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
| |||||||||||
|
| Total Loans |
| 1Q07 vs. 4Q06 |
|
|
| 1Q07 vs. 1Q06 |
| |||||||||||||
Loan Type |
| March |
| December |
| % change (1) |
|
| March |
| % change (2) |
| ||||||||||
Multi-Family | $ | 519,219 |
| 505,586 |
| 10.9 | % | $ | 542,363 |
| (4.3) | % | ||||||||||
Hotels |
| 661,985 |
| 643,180 |
| 11.9 |
|
| 715,033 |
| (7.4) |
| ||||||||||
Office Buildings |
| 852,973 |
| 881,658 |
| (13.2) |
|
| 819,304 |
| 4.1 |
| ||||||||||
Shopping Centers |
| 742,344 |
| 764,924 |
| (12.0) |
|
| 704,257 |
| 5.4 |
| ||||||||||
Commercial Development |
| 866,920 |
| 876,570 |
| (4.5) |
|
| 897,925 |
| (3.5) |
| ||||||||||
Other Investment Property |
| 529,394 |
| 434,298 |
| 88.8 |
|
| 384,524 |
| 37.7 |
| ||||||||||
Total Investment Properties |
| 4,172,835 |
| 4,106,216 |
| 6.6 |
|
| 4,063,406 |
| 2.7 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
1-4 Family Construction |
| 2,404,235 |
| 2,347,025 |
| 9.9 |
|
| 1,851,116 |
| 29.9 |
| ||||||||||
1-4 Family Perm / Mini-Perm |
| 1,145,235 |
| 1,193,895 |
| (16.5) |
|
| 1,127,194 |
| 1.6 |
| ||||||||||
Residential Development |
| 2,178,573 |
| 2,036,207 |
| 28.4 |
|
| 1,648,332 |
| 32.2 |
| ||||||||||
Total 1-4 Family Properties |
| 5,728,043 |
| 5,577,127 |
| 11.0 |
|
| 4,626,642 |
| 23.8 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Land Acquisition |
| 1,516,526 |
| 1,402,402 |
| 33.0 |
|
| 1,152,499 |
| 31.6 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Commercial Real Estate |
| 11,417,404 |
| 11,085,745 |
| 12.1 |
|
| 9,842,547 |
| 16.0 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Commercial , Financial, and Agricultural |
| 6,055,447 |
| 5,875,854 |
| 12.4 |
|
| 5,384,528 |
| 12.5 |
| ||||||||||
Owner-Occupied |
| 4,122,498 |
| 4,080,742 |
| 4.1 |
|
| 3,854,881 |
| 6.9 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Commercial & Industrial |
| 10,177,945 |
| 9,956,596 |
| 9.0 |
|
| 9,239,409 |
| 10.2 |
| ||||||||||
Home Equity |
| 1,401,898 |
| 1,364,030 |
| 11.3 |
|
| 1,214,544 |
| 15.4 |
| ||||||||||
Consumer Mortgages |
| 1,518,168 |
| 1,517,849 |
| 0.1 |
|
| 1,407,608 |
| 7.9 |
| ||||||||||
Credit Card |
| 273,462 |
| 276,269 |
| (4.1) |
|
| 256,460 |
| 6.6 |
| ||||||||||
Other Retail Loans |
| 483,412 |
| 500,757 |
| (14.0) |
|
| 506,772 |
| (4.8) |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Retail |
| 3,676,940 |
| 3,658,905 |
| 2.0 |
|
| 3,385,384 |
| 8.6 |
| ||||||||||
Unearned Income |
| (48,608) |
| (46,695) |
| 16.6 |
|
| (48,492) |
| 0.2 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total | $ | 25,223,681 |
| 24,654,552 |
| 9.4 | % | $ | 22,418,848 |
| 12.5 | % | ||||||||||
(1) | Percentage change in annualized |
(2) | The percentage change comparison to March 31, 2006 is impacted by the acquisition of Banking Corporation of Florida (First Florida) which was completed on March 31, 2006. First Florida contributed $346 million, respectively, in total loans. Excluding the impact of First Florida the year-over-year growth is 11.0%. |
Synovus |
|
|
|
|
|
|
|
|
|
|
| 9 of 9 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CREDIT QUALITY DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in thousands) |
| 2007 |
| 2006 |
| 1st Quarter | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| First |
| Fourth |
| Third |
| Second |
| First |
| '07 vs. '06 | |
|
|
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Quarter |
| Change | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming Loans | $ | 138,790 |
| 96,623 |
| 94,766 |
| 88,805 |
| 80,061 |
| 73.4 | % |
| Other Real Estate |
| 31,710 |
| 25,923 |
| 31,549 |
| 25,634 |
| 20,357 |
| 55.8 |
|
| Nonperforming Assets |
| 170,500 |
| 122,545 |
| 126,315 |
| 114,439 |
| 100,418 |
| 69.8 |
|
| Allowance for Loan Losses |
| 326,826 |
| 314,459 |
| 319,973 |
| 313,694 |
| 300,866 |
| 8.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Charge-Offs - Quarter |
| 8,148 |
| 24,190 |
| 12,111 |
| 9,528 |
| 14,388 |
| (43.4) |
|
| Net Charge-Offs - YTD |
| 8,148 |
| 60,217 |
| 36,027 |
| 23,916 |
| 14,388 |
| (43.4) |
|
| Net Charge-Offs / Average Loans - Quarter |
| 0.13 |
| 0.39 |
| 0.20 |
| 0.17 |
| 0.27 |
|
|
|
| Net Charge-Offs / Average Loans - YTD |
| 0.13 |
| 0.26 |
| 0.21 |
| 0.21 |
| 0.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonperforming Loans / Loans & ORE |
| 0.55 |
| 0.39 |
| 0.39 |
| 0.38 |
| 0.36 |
|
|
|
| Nonperforming Assets / Loans & ORE |
| 0.68 |
| 0.50 |
| 0.52 |
| 0.48 |
| 0.45 |
|
|
|
| Allowance / Loans |
| 1.30 |
| 1.28 |
| 1.32 |
| 1.33 |
| 1.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance / Nonperforming Loans |
| 235.48 |
| 325.45 |
| 337.65 |
| 353.24 |
| 375.79 |
|
|
|
| Allowance / Nonperforming Assets |
| 191.69 |
| 256.61 |
| 253.31 |
| 274.11 |
| 299.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Past Due Loans over 90 days |
| 27,414 |
| 34,031 |
| 18,002 |
| 19,340 |
| 17,376 |
|
|
|
| As a Percentage of Loans Outstanding |
| 0.11 |
| 0.14 |
| 0.07 |
| 0.08 |
| 0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Past Dues |
| 150,188 |
| 154,027 |
| 140,526 |
| 111,464 |
| 114,744 |
|
|
|
| As a Percentage of Loans Outstanding |
| 0.60 |
| 0.62 |
| 0.58 |
| 0.47 |
| 0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REGULATORY CAPITAL RATIOS (1) |
|
|
|
|
|
|
|
| (Dollars in thousands) |
|
|
|
|
|
|
|
|
|
| March |
| December |
| March |
|
|
|
|
|
|
|
|
|
|
| Tier 1 Capital | $ | 3,395,238 |
| 3,254,603 |
| 2,836,286 |
|
| Total Risk-Based Capital |
| 4,472,064 |
| 4,319,062 |
| 3,887,152 |
|
| Tier 1 Capital Ratio |
| 10.89 | % | 10.87 |
| 10.34 |
|
| Total Risk-Based Capital Ratio |
| 14.34 |
| 14.43 |
| 14.16 |
|
| Leverage Ratio |
| 10.85 |
| 10.64 |
| 10.45 |
|
|
|
|
|
|
|
|
|
|
| (1) March 31, 2007 information is preliminary. |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|