Synovus | 4 of 9 |
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
(Unaudited)
(Dollars in thousands, except per share data)
Six Months Ended | ||||||||||||
June 30, | ||||||||||||
2009 | 2008 | Change | ||||||||||
Interest income (taxable equivalent) | $ | 773,284 | 964,330 | (19.8 | )% | |||||||
Interest expense | 271,037 | 409,950 | (33.9 | ) | ||||||||
Net interest income (taxable equivalent) | 502,247 | 554,380 | (9.4 | ) | ||||||||
Tax equivalent adjustment | 2,399 | 2,310 | 3.9 | |||||||||
Net interest income | 499,848 | 552,070 | (9.5 | ) | ||||||||
Provision for losses on loans | 921,963 | 184,665 | 399.3 | |||||||||
Net interest income (loss) after provision for loan losses | (422,115 | ) | 367,405 | (214.9 | ) | |||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 58,401 | 54,461 | 7.2 | |||||||||
Fiduciary and asset management fees | 21,471 | 25,519 | (15.9 | ) | ||||||||
Brokerage and investment banking income | 14,393 | 17,693 | (18.7 | ) | ||||||||
Mortgage banking income | 23,912 | 13,847 | 72.7 | |||||||||
Bankcard fees | 26,436 | 26,417 | 0.1 | |||||||||
Other fee income | 16,412 | 21,266 | (22.8 | ) | ||||||||
Increase in fair value of private equity investments, net | 8,090 | 4,946 | 63.6 | |||||||||
Proceeds from sale of MasterCard shares | 8,351 | 16,186 | (48.4 | ) | ||||||||
Proceeds from redemption of Visa shares | — | 38,542 | nm | |||||||||
Other non-interest income | 19,122 | 28,798 | (33.6 | ) | ||||||||
Total non-interest income | 196,588 | 247,675 | (20.6 | ) | ||||||||
Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 221,294 | 231,806 | (4.5 | ) | ||||||||
Net occupancy and equipment expense | 62,374 | 61,337 | 1.7 | |||||||||
FDIC insurance and other regulatory fees | 43,060 | 12,250 | 251.5 | |||||||||
Foreclosed real estate | 218,734 | 21,558 | nm | |||||||||
Losses on other loans held for sale | 1,095 | 9,944 | (89.0 | ) | ||||||||
Visa litigation (recovery) expense | — | (17,430 | ) | nm | ||||||||
Goodwill impairment | — | 27,000 | (100.0 | ) | ||||||||
Professional fees | 17,312 | 13,394 | 29.3 | |||||||||
Restructuring charges | 6,755 | 4,251 | 58.9 | |||||||||
Other operating expenses | 89,050 | 103,228 | (13.7 | ) | ||||||||
Total non-interest expense | 659,674 | 467,338 | 41.2 | |||||||||
Income (loss) before income taxes | (885,201 | ) | 147,742 | nm | ||||||||
Income tax (benefit) expense | (164,220 | ) | 52,952 | nm | ||||||||
Net income (loss) | (720,981 | ) | 94,790 | nm | ||||||||
Net income (loss) attributable to non-controlling interest | 2,620 | 1,697 | 54.4 | |||||||||
Net income (loss) attributable to controlling interest | (723,601 | ) | 93,093 | nm | ||||||||
Dividends and accretion of discount on preferred stock | 28,417 | — | nm | |||||||||
Net income (loss) available to common shareholders | $ | (752,018 | ) | 93,093 | nm | |||||||
Basic EPS | $ | (2.28 | ) | 0.28 | nm | |||||||
Diluted EPS | (2.28 | ) | 0.28 | nm | ||||||||
Cash dividends declared per share | 0.02 | 0.34 | (94.1 | ) | ||||||||
Return on average assets * | (4.17 | )% | 0.56 | (473 | )bp | |||||||
Return on average common equity * | (55.92 | ) | 5.41 | nm | ||||||||
Average shares outstanding — basic | 329,818 | 329,071 | 0.2 | % | ||||||||
Average shares outstanding — diluted | 329,818 | 331,568 | (0.5 | ) |
nm- | not meaningful | |
* - | ratios are annualized |
5 of 9
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
(Unaudited)
(Dollars in thousands, except per share data)
2009 | 2008 | 2nd Quarter | ||||||||||||||||||||||
Second | First | Fourth | Third | Second | ’09 vs. ’08 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest income (taxable equivalent) | $ | 385,710 | 387,574 | 441,749 | 456,400 | 459,274 | (16.0 | )% | ||||||||||||||||
Interest expense | 127,883 | 143,154 | 182,312 | 187,425 | 184,719 | (30.8 | ) | |||||||||||||||||
Net interest income (taxable equivalent) | 257,827 | 244,420 | 259,437 | 268,975 | 274,555 | (6.1 | ) | |||||||||||||||||
Tax equivalent adjustment | 1,219 | 1,181 | 1,412 | 1,177 | 1,134 | 7.5 | ||||||||||||||||||
Net interest income | 256,608 | 243,239 | 258,025 | 267,798 | 273,421 | (6.1 | ) | |||||||||||||||||
Provision for losses on loans | 631,526 | 290,437 | 363,867 | 151,351 | 93,616 | nm | ||||||||||||||||||
Net interest income (loss) after provision for loan losses | (374,918 | ) | (47,198 | ) | (105,842 | ) | 116,447 | 179,805 | (308.5 | ) | ||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 29,702 | 28,699 | 29,244 | 28,132 | 26,070 | 13.9 | ||||||||||||||||||
Fiduciary and asset management fees | 10,657 | 10,815 | 11,168 | 12,095 | 12,898 | (17.4 | ) | |||||||||||||||||
Brokerage and investment banking income | 7,521 | 6,871 | 7,528 | 7,898 | 9,206 | (18.3 | ) | |||||||||||||||||
Mortgage banking income | 14,590 | 9,322 | 5,170 | 4,476 | 5,686 | 156.6 | ||||||||||||||||||
Bankcard fees | 13,755 | 12,681 | 13,365 | 13,371 | 14,198 | (3.1 | ) | |||||||||||||||||
Net gains on sales of investment securities available for sale | — | — | 45 | — | — | nm | ||||||||||||||||||
Other fee income | 8,722 | 7,690 | 7,207 | 8,773 | 10,081 | (13.5 | ) | |||||||||||||||||
Increase in fair value of private equity investments, net | 8,090 | — | 6,996 | 13,052 | — | nm | ||||||||||||||||||
Proceeds from sale of MasterCard shares | 8,351 | — | — | — | 16,186 | (48.4 | ) | |||||||||||||||||
Other non-interest income | 6,450 | 12,670 | 7,838 | 11,158 | 13,373 | (51.8 | ) | |||||||||||||||||
Total non-interest income | 107,838 | 88,748 | 88,561 | 98,955 | 107,698 | 0.1 | ||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 109,315 | 111,979 | 112,586 | 114,535 | 109,676 | (0.3 | ) | |||||||||||||||||
Net occupancy and equipment expense | 30,727 | 31,647 | 31,255 | 31,852 | 31,126 | (1.3 | ) | |||||||||||||||||
FDIC insurance and other regulatory fees | 30,061 | 12,999 | 6,950 | 5,960 | 6,172 | 387.1 | ||||||||||||||||||
Foreclosed real estate | 172,404 | 46,330 | 71,915 | 43,205 | 13,677 | nm | ||||||||||||||||||
Losses (gains) on other loans held for sale | 1,160 | (65 | ) | (35 | ) | — | 9,944 | (88.3 | ) | |||||||||||||||
Visa litigation (recovery) expense | — | — | (6,390 | ) | 6,347 | — | nm | |||||||||||||||||
Goodwill impairment | — | — | 442,730 | 9,887 | 27,000 | nm | ||||||||||||||||||
Professional fees | 10,355 | 6,957 | 9,973 | 6,909 | 8,454 | 22.5 | ||||||||||||||||||
Restructuring charges | 397 | 6,358 | 2,826 | 9,048 | 4,251 | (90.7 | ) | |||||||||||||||||
Other operating expenses | 41,897 | 47,151 | 51,389 | 47,341 | 55,664 | (24.7 | ) | |||||||||||||||||
Total non-interest expense | 396,316 | 263,356 | 723,199 | 275,084 | 265,964 | 49.0 | ||||||||||||||||||
Income (loss) before income taxes | (663,396 | ) | (221,806 | ) | (740,480 | ) | (59,682 | ) | 21,539 | nm | ||||||||||||||
Income tax (benefit) expense | (79,143 | ) | (85,077 | ) | (106,435 | ) | (24,211 | ) | 9,302 | nm | ||||||||||||||
Net income (loss) | (584,253 | ) | (136,729 | ) | (634,045 | ) | (35,471 | ) | 12,237 | nm | ||||||||||||||
Net income (loss) attributable to non-controlling interest | 2,677 | (57 | ) | 1,365 | 4,650 | 138 | nm | |||||||||||||||||
Net income (loss) attributable to controlling interest | (586,930 | ) | (136,672 | ) | (635,410 | ) | (40,121 | ) | 12,099 | nm | ||||||||||||||
Dividends and accretion of discount on preferred stock | 14,225 | 14,192 | 2,057 | — | — | nm | ||||||||||||||||||
Net income (loss) available to common shareholders | $ | (601,155 | ) | (150,864 | ) | (637,467 | ) | (40,121 | ) | 12,099 | nm | |||||||||||||
Basic EPS | $ | (1.82 | ) | (0.46 | ) | (1.93 | ) | (0.12 | ) | 0.04 | nm | |||||||||||||
Diluted EPS | (1.82 | ) | (0.46 | ) | (1.93 | ) | (0.12 | ) | 0.04 | nm | ||||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.06 | 0.06 | 0.17 | (94.1 | ) | |||||||||||||||||
Return on average assets * | (6.76 | )% | (1.58 | ) | (7.17 | ) | (0.47 | ) | 0.14 | nm | ||||||||||||||
Return on average common equity * | (91.66 | ) | (21.90 | ) | (76.55 | ) | (4.74 | ) | 1.40 | nm | ||||||||||||||
Average common shares outstanding — basic | 329,850 | 329,785 | 329,691 | 329,438 | 329,173 | 0.2 | % | |||||||||||||||||
Average common shares outstanding — diluted | 329,850 | 329,785 | 329,691 | 329,438 | 331,418 | (0.5 | ) |
nm - | not meaningful | |
* - | ratios are annualized |
Synovus | 6 of 9 | |
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)
(Unaudited)
(In thousands, except share data)
June 30, 2009 | December 31, 2008 | June 30, 2008 | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 442,702 | 524,327 | 674,834 | ||||||||
Interest bearing funds with | ||||||||||||
Federal Reserve Bank | 770,220 | 1,206,168 | — | |||||||||
Interest earning deposits with banks | 7,269 | 10,805 | 17,337 | |||||||||
Federal funds sold and securities purchased under resale agreements | 170,824 | 388,197 | 152,177 | |||||||||
Trading account assets | 20,687 | 24,513 | 20,204 | |||||||||
Mortgage loans held for sale, at fair value | 312,620 | 133,637 | 185,245 | |||||||||
Other loans held for sale | 34,938 | 3,527 | 6,365 | |||||||||
Investment securities available for sale | 3,560,192 | 3,770,022 | 3,692,136 | |||||||||
Loans, net of unearned income | 27,585,741 | 27,920,177 | 27,445,891 | |||||||||
Allowance for loan losses | (918,723 | ) | (598,301 | ) | (417,813 | ) | ||||||
Loans, net | 26,667,018 | 27,321,876 | 27,028,078 | |||||||||
Premises and equipment, net | 596,172 | 605,019 | 581,352 | |||||||||
Goodwill | 39,280 | 39,521 | 492,138 | |||||||||
Other intangible assets, net | 18,914 | 21,266 | 24,860 | |||||||||
Other assets | 1,708,834 | 1,737,391 | 1,352,575 | |||||||||
Total assets | $ | 34,349,670 | 35,786,269 | 34,227,301 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 3,861,782 | 3,563,619 | 3,553,342 | ||||||||
Interest bearing deposits | 23,562,032 | 25,053,560 | 22,475,010 | |||||||||
Total deposits | 27,423,814 | 28,617,179 | 26,028,352 | |||||||||
Federal funds purchased and other short-term borrowings | 1,580,259 | 725,869 | 2,287,910 | |||||||||
Long-term debt | 1,865,491 | 2,107,173 | 2,121,625 | |||||||||
Other liabilities | 424,943 | 516,541 | 336,731 | |||||||||
Total liabilities | 31,294,507 | 31,966,762 | 30,774,618 | |||||||||
Equity: | ||||||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value (1) | 923,855 | 919,635 | — | |||||||||
Common stock, par value $1.00 (2) | 336,059 | 336,011 | 335,826 | |||||||||
Additional paid-in capital | 1,170,639 | 1,165,875 | 1,110,635 | |||||||||
Treasury stock, at cost (3) | (114,146 | ) | (114,117 | ) | (114,075 | ) | ||||||
Accumulated other comprehensive income | 105,520 | 129,253 | 30,190 | |||||||||
Retained earnings | 596,434 | 1,350,501 | 2,066,015 | |||||||||
Total shareholders’ equity | 3,018,361 | 3,787,158 | 3,428,591 | |||||||||
Non-controlling interest in subsidiaries | 36,802 | 32,349 | 24,092 | |||||||||
Total equity | 3,055,163 | 3,819,507 | 3,452,683 | |||||||||
Total liabilities and shareholders’ equity | $ | 34,349,670 | 35,786,269 | 34,227,301 | ||||||||
(1) | Preferred shares outstanding: 967,870 at June 30, 2009 and December 31, 2008. | |
(2) | Common shares outstanding: 330,376,784; 330,334,111; and 330,153,646 at June 30, 2009, December 31, 2008, and June 30, 2008, respectively. | |
(3) | Treasury shares: 5,682,673; 5,676,830; and 5,672,221 at June 30, 2009, December 31, 2008 and June 30, 2008, respectively. |
Synovus | 7 of 9 |
AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(Dollars in thousands)
(Dollars in thousands)
2009 | 2008 | |||||||||||||||||||
Second | First | Fourth | Third | Second | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable Investment Securities | $ | 3,353,382 | 3,455,091 | 3,549,643 | 3,548,227 | 3,437,320 | ||||||||||||||
Yield | 5.16 | % | 5.22 | 4.94 | 5.06 | 5.16 | ||||||||||||||
Tax-Exempt Investment Securities | $ | 107,626 | 116,163 | 122,332 | 128,241 | 137,606 | ||||||||||||||
Yield (taxable equivalent) | 7.08 | % | 6.91 | 6.79 | 6.74 | 7.34 | ||||||||||||||
Trading Account Assets | $ | 19,984 | 22,580 | 29,727 | 30,584 | 26,531 | ||||||||||||||
Yield | 5.57 | % | 6.02 | 5.10 | 6.77 | 5.88 | ||||||||||||||
Commercial Loans | $ | 23,572,578 | 23,525,450 | 23,870,384 | 23,302,028 | 23,183,128 | ||||||||||||||
Yield | 4.72 | % | 4.77 | 5.46 | 5.78 | 5.96 | ||||||||||||||
Consumer Loans | $ | 4,335,897 | 4,353,580 | 4,347,332 | 4,267,477 | 4,115,130 | ||||||||||||||
Yield | 5.38 | % | 5.50 | 5.88 | 6.19 | 6.29 | ||||||||||||||
Allowance for Loan Losses | $ | (663,355 | ) | (627,110 | ) | (473,875 | ) | (422,331 | ) | (397,392 | ) | |||||||||
Loans, Net | $ | 27,245,120 | 27,251,920 | 27,743,841 | 27,147,174 | 26,900,866 | ||||||||||||||
Yield | 4.96 | % | 5.01 | 5.63 | 5.95 | 6.12 | ||||||||||||||
Mortgage Loans Held for Sale | $ | 268,933 | 247,937 | 98,362 | 108,873 | 157,049 | ||||||||||||||
Yield | 4.94 | % | 5.46 | 5.96 | 6.91 | 5.86 | ||||||||||||||
Federal Funds Sold, Due from Federal Reserve Bank and Other Short-Term Investments | $ | 996,754 | 1,214,897 | 642,396 | 211,323 | 201,081 | ||||||||||||||
Yield | 0.24 | % | 0.31 | 0.60 | 1.88 | 1.83 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock (1) | $ | 132,346 | 117,205 | 121,994 | 122,088 | 119,061 | ||||||||||||||
Yield | 0.54 | % | 0.66 | 0.20 | 3.61 | 5.71 | ||||||||||||||
Total Interest Earning Assets | $ | 32,124,145 | 32,425,793 | 32,308,295 | 31,296,510 | 30,979,514 | ||||||||||||||
Yield | 4.83 | % | 4.84 | 5.44 | 5.81 | 5.96 | ||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||
Interest Bearing Demand Deposits | $ | 3,582,954 | 3,602,371 | 3,201,355 | 3,076,447 | 3,154,884 | ||||||||||||||
Rate | 0.45 | % | 0.49 | 0.80 | 1.07 | 1.10 | ||||||||||||||
Money Market Accounts | $ | 6,241,764 | 6,272,015 | 6,129,751 | 6,771,080 | 6,826,724 | ||||||||||||||
Rate | 1.24 | % | 1.30 | 1.80 | 2.19 | 2.15 | ||||||||||||||
Savings Deposits | $ | 477,752 | 452,206 | 442,623 | 457,526 | 461,970 | ||||||||||||||
Rate | 0.15 | % | 0.16 | 0.22 | 0.25 | 0.25 | ||||||||||||||
Time Deposits Under $100,000 | $ | 3,126,984 | 3,222,601 | 3,264,401 | 3,055,465 | 2,814,714 | ||||||||||||||
Rate | 3.13 | % | 3.41 | 3.64 | 3.69 | 3.97 | ||||||||||||||
Time Deposits Over $100,000 | $ | 5,355,736 | 5,555,084 | 5,386,772 | 4,731,468 | 4,316,454 | ||||||||||||||
Rate | 3.04 | % | 3.31 | 3.63 | 3.79 | 4.09 | ||||||||||||||
National Market Brokered Money Market Accounts | $ | 1,885,214 | 2,073,734 | 1,982,179 | 1,271,113 | 1,082,008 | ||||||||||||||
Rate | 0.75 | % | 0.82 | 1.27 | 2.27 | 2.54 | ||||||||||||||
National Market Brokered Time Deposits | $ | 3,203,546 | 3,718,570 | 4,549,172 | 3,968,783 | 3,495,947 | ||||||||||||||
Rate | 3.09 | % | 3.38 | 3.70 | 3.61 | 3.64 | ||||||||||||||
Total Interest Bearing Deposits | $ | 23,873,950 | 24,896,581 | 24,956,253 | 23,331,882 | 22,152,701 | ||||||||||||||
Rate | 1.96 | % | 2.16 | 2.58 | 2.77 | 2.82 | ||||||||||||||
Federal Funds Purchased and Other Short-Term Liabilities | $ | 1,166,785 | 578,717 | 876,330 | 1,459,097 | 2,302,986 | ||||||||||||||
Rate | 0.36 | % | 0.59 | 0.90 | 1.94 | 2.03 | ||||||||||||||
Long-Term Debt | $ | 2,090,710 | 1,964,064 | 2,106,785 | 2,119,321 | 2,048,213 | ||||||||||||||
Rate | 1.94 | % | 2.07 | 3.44 | 3.32 | 3.44 | ||||||||||||||
Total Interest Bearing Liabilities | $ | 27,131,445 | 27,439,362 | 27,939,368 | 26,910,300 | 26,503,900 | ||||||||||||||
Rate | 1.89 | % | 2.11 | 2.59 | 2.77 | 2.80 | ||||||||||||||
Non-Interest Bearing Demand Deposits | $ | 3,812,876 | 3,611,958 | 3,508,753 | 3,463,563 | 3,448,794 | ||||||||||||||
Net Interest Margin | 3.23 | % | 3.05 | 3.20 | 3.42 | 3.57 | ||||||||||||||
* | Yields and rates are annualized. | |
(1) | Included as a component of Other Assets on the balance sheet |
Synovus | 8 of 9 |
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
June 30, 2009 | ||||||||||||||||
Loans as a % | Total | Nonperforming Loans | ||||||||||||||
of Total Loans | Nonperforming | as a % of Total | ||||||||||||||
Loan Type | Total Loans | Outstanding | Loans | Nonperforming Loans | ||||||||||||
Multi-Family | $ | 838,795 | 3.0 | % | $ | 23,050 | 1.5 | % | ||||||||
Hotels | 1,026,163 | 3.7 | 236,087 | 15.8 | ||||||||||||
Office Buildings | 1,110,896 | 4.0 | 19,691 | 1.3 | ||||||||||||
Shopping Centers | 1,084,080 | 3.9 | 5,820 | 0.4 | ||||||||||||
Commercial Development | 735,834 | 2.7 | 44,373 | 3.0 | ||||||||||||
Warehouses | 491,944 | 1.8 | 5,729 | 0.4 | ||||||||||||
Other Investment Property | 609,313 | 2.2 | 16,647 | 1.1 | ||||||||||||
Total Investment Properties | 5,897,025 | 21.3 | 351,397 | 23.5 | ||||||||||||
1-4 Family Construction | 1,224,446 | 4.4 | 237,244 | 15.9 | ||||||||||||
1-4 Family Perm / Mini-Perm | 1,429,916 | 5.2 | 83,663 | 5.6 | ||||||||||||
Residential Development | 1,739,246 | 6.3 | 331,075 | 22.2 | ||||||||||||
Total 1-4 Family Properties | 4,393,608 | 15.9 | 651,982 | 43.7 | ||||||||||||
Land Acquisition | 1,619,395 | 5.9 | 188,919 | 12.7 | ||||||||||||
Total Commercial Real Estate | 11,910,028 | 43.1 | 1,192,298 | 79.9 | ||||||||||||
Commercial , Financial, and Agricultural | 6,545,088 | 23.7 | 158,720 | 10.7 | ||||||||||||
Owner-Occupied | 4,829,805 | 17.5 | 68,913 | 4.6 | ||||||||||||
Total Commercial & Industrial | 11,374,893 | 41.2 | 227,633 | 15.3 | ||||||||||||
Home Equity | 1,729,528 | 6.3 | 16,121 | 1.1 | ||||||||||||
Consumer Mortgages | 1,725,223 | 6.3 | 47,365 | 3.2 | ||||||||||||
Credit Card | 288,349 | 1.1 | — | — | ||||||||||||
Other Retail Loans | 586,029 | 2.1 | 6,850 | 0.5 | ||||||||||||
Total Retail | 4,329,129 | 15.8 | 70,336 | 4.8 | ||||||||||||
Unearned Income | (28,309 | ) | (0.1 | ) | — | — | ||||||||||
Total | $ | 27,585,741 | 100.0 | % | $ | 1,490,267 | 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
Total Loans | 2Q09 vs. 4Q08 | 2Q09 vs. 2Q08 | ||||||||||||||||||
Loan Type | June 30, 2009 | December 31, 2008 | % change (1) | June 30, 2008 | % change | |||||||||||||||
Multi-Family | $ | 838,795 | 589,708 | 85.2 | % | $ | 532,345 | 57.6 | % | |||||||||||
Hotels | 1,026,163 | 965,886 | 12.6 | 755,125 | 35.9 | |||||||||||||||
Office Buildings | 1,110,896 | 1,036,837 | 14.4 | 1,003,278 | 10.7 | |||||||||||||||
Shopping Centers | 1,084,080 | 1,090,807 | (1.2 | ) | 980,545 | 10.6 | ||||||||||||||
Commercial Development | 735,834 | 763,962 | (7.4 | ) | 816,482 | (9.9 | ) | |||||||||||||
Warehouses | 491,944 | 461,402 | 13.3 | 423,465 | 16.2 | |||||||||||||||
Other Investment Property | 609,313 | 614,149 | (1.6 | ) | 564,549 | 7.9 | ||||||||||||||
Total Investment Properties | 5,897,025 | 5,522,751 | 13.7 | 5,075,789 | 16.2 | |||||||||||||||
1-4 Family Construction | 1,224,446 | 1,611,779 | (48.5 | ) | 1,943,120 | (37.0 | ) | |||||||||||||
1-4 Family Perm / Mini-Perm | 1,429,916 | 1,441,798 | (1.7 | ) | 1,387,711 | 3.0 | ||||||||||||||
Residential Development | 1,739,246 | 2,123,669 | (36.5 | ) | 2,241,985 | (22.4 | ) | |||||||||||||
Total 1-4 Family Properties | 4,393,608 | 5,177,246 | (30.5 | ) | 5,572,816 | (21.2 | ) | |||||||||||||
Land Acquisition | 1,619,395 | 1,620,370 | (0.1 | ) | 1,650,334 | (1.9 | ) | |||||||||||||
Total Commercial Real Estate | 11,910,028 | 12,320,367 | (6.7 | ) | 12,298,939 | (3.2 | ) | |||||||||||||
Commercial , Financial, and Agricultural | 6,545,088 | 6,747,928 | (6.1 | ) | 6,689,206 | (2.2 | ) | |||||||||||||
Owner-Occupied | 4,829,805 | 4,499,339 | 14.8 | 4,281,469 | 12.8 | |||||||||||||||
Total Commercial & Industrial | 11,374,893 | 11,247,267 | 2.3 | 10,970,675 | 3.7 | |||||||||||||||
Home Equity | 1,729,528 | 1,725,075 | 0.5 | 1,633,604 | 5.9 | |||||||||||||||
Consumer Mortgages | 1,725,223 | 1,763,449 | (4.4 | ) | 1,725,064 | nm | ||||||||||||||
Credit Card | 288,349 | 295,055 | (4.6 | ) | 299,850 | (3.8 | ) | |||||||||||||
Other Retail Loans | 586,029 | 606,347 | (6.8 | ) | 558,633 | 4.9 | ||||||||||||||
Total Retail | 4,329,129 | 4,389,926 | (2.8 | ) | 4,217,151 | 2.7 | ||||||||||||||
Unearned Income | (28,309 | ) | (37,383 | ) | (48.9 | ) | (40,874 | ) | (30.7 | ) | ||||||||||
Total | $ | 27,585,741 | 27,920,177 | (2.4 | )% | $ | 27,445,891 | 0.5 | % | |||||||||||
(1) | Percentage change is annualized. |
Synovus | 9 of 9 |
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
2009 | 2008 | 2nd Quarter | ||||||||||||||||||||||
Second | First | Fourth | Third | Second | ’09 vs. ’08 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Nonperforming Loans | $ | 1,490,267 | 1,441,188 | 921,708 | 769,950 | 626,571 | 137.8 | % | ||||||||||||||||
Other Loans Held for Sale (1) | 34,938 | 22,751 | 3,527 | 13,554 | 6,365 | 448.9 | ||||||||||||||||||
Other Real Estate | 210,968 | 287,246 | 246,121 | 215,082 | 197,328 | 6.9 | ||||||||||||||||||
Nonperforming Assets | 1,736,173 | 1,751,185 | 1,171,356 | 998,586 | 830,264 | 109.1 | ||||||||||||||||||
Allowance for Loan Losses | 918,723 | 642,422 | 598,301 | 463,836 | 417,813 | 119.9 | ||||||||||||||||||
Net Charge-Offs — Quarter | 355,224 | 246,314 | 229,402 | 105,328 | 70,652 | 402.8 | ||||||||||||||||||
Net Charge-Offs — YTD | 601,538 | 246,314 | 469,195 | 239,793 | 134,465 | 347.4 | ||||||||||||||||||
Net Charge-Offs / Average Loans — Quarter (2) | 5.09 | % | 3.53 | 3.25 | 1.53 | 1.04 | ||||||||||||||||||
Net Charge-Offs / Average Loans — YTD (2) | 4.31 | 3.53 | 1.71 | 1.18 | 0.99 | |||||||||||||||||||
Nonperforming Loans / Loans | 5.40 | 5.20 | 3.30 | 2.78 | 2.28 | |||||||||||||||||||
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE | 6.24 | 6.25 | 4.16 | 3.58 | 3.00 | |||||||||||||||||||
Allowance / Loans | 3.33 | 2.32 | 2.14 | 1.68 | 1.52 | |||||||||||||||||||
Allowance / Nonperforming Loans | 61.65 | 44.58 | 64.91 | 60.24 | 66.68 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | 31,018 | 31,316 | 38,794 | 49,868 | 39,614 | (21.7 | )% | |||||||||||||||||
As a Percentage of Loans Outstanding | 0.11 | 0.11 | 0.14 | 0.18 | 0.14 | |||||||||||||||||||
Total Past Dues Loans and Still Accruing | 331,731 | 587,014 | 362,538 | 403,180 | 365,046 | (9.1 | ) | |||||||||||||||||
As a Percentage of Loans Outstanding | 1.20 | 2.12 | 1.30 | 1.46 | 1.33 |
(1) | Represent other loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value. | |
(2) | Ratio is annualized. |
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
June 30, 2009 | December 31, 2008 | June 30, 2008 | ||||||||||
Tier 1 Capital | $ | 2,862,225 | 3,602,848 | 2,891,831 | ||||||||
Total Risk-Based Capital | 3,836,713 | 4,674,476 | 3,987,595 | |||||||||
Tier 1 Capital Ratio | 9.52 | % | 11.22 | 8.91 | ||||||||
Tier 1 Common Equity | 6.41 | % | 8.33 | 8.88 | ||||||||
Total Risk-Based Capital Ratio | 12.76 | 14.56 | 12.29 | |||||||||
Leverage Ratio | 8.25 | 10.28 | 8.70 | |||||||||
Common Equity as a Percentage of Total Assets (2) | 6.21 | 8.10 | 10.09 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 6.05 | 7.95 | 8.71 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 6.90 | 8.84 | 9.05 | |||||||||
Book Value Per Common Share (4) | 6.45 | 8.78 | 10.46 | |||||||||
Tangible Book Value Per Common Share (3) | 6.28 | 8.60 | 8.89 |
(1) | Current quarter regulatory capital information is preliminary. | |
(2) | Common equity consists of Total Equity less Cummulative Perpetual Perferred Stock. | |
(3) | Excludes the carrying value of goodwill and other intangible assets from common equity and total assets. | |
(4) | Book Value Per Common Share consists of Total Equity less Cummulative Perpetual Preferred Stock divided by total common shares outstanding. |