Exhibit 99.2
Synovus INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data) | 6 of 11 |
Twelve Months Ended | ||||||||||||
December 31, | ||||||||||||
2009 | 2008 | Change | ||||||||||
Interest income (taxable equivalent) | $ | 1,514,035 | 1,862,479 | (18.7 | )% | |||||||
Interest expense | 498,879 | 779,687 | (36.0 | ) | ||||||||
Net interest income (taxable equivalent) | 1,015,156 | 1,082,792 | (6.2 | ) | ||||||||
Tax equivalent adjustment | 4,846 | 4,899 | (1.1 | ) | ||||||||
Net interest income | 1,010,310 | 1,077,893 | (6.3 | ) | ||||||||
Provision for losses on loans | 1,805,599 | 699,883 | 158.0 | |||||||||
Net interest income (loss) after provision for loan losses | (795,289 | ) | 378,010 | (310.4 | ) | |||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 117,751 | 111,837 | 5.3 | |||||||||
Fiduciary and asset management fees | 44,168 | 48,779 | (9.5 | ) | ||||||||
Brokerage and investment banking income | 28,475 | 33,119 | (14.0 | ) | ||||||||
Mortgage banking income | 38,521 | 23,493 | 64.0 | |||||||||
Bankcard fees | 36,139 | 35,283 | 2.4 | |||||||||
Net gains on sales of available for sale investment securities | 14,067 | 45 | nm | |||||||||
Other fee income | 31,200 | 37,246 | (16.2 | ) | ||||||||
Increase in fair value of private equity investments, net | 1,379 | 24,995 | (94.5 | ) | ||||||||
Proceeds from sale of MasterCard shares | 8,351 | 16,186 | (48.4 | ) | ||||||||
Gain from sale of Visa shares | 51,900 | — | nm | |||||||||
Proceeds from redemption of Visa shares | — | 38,542 | (100.0 | ) | ||||||||
Other non-interest income | 38,719 | 47,716 | (18.9 | ) | ||||||||
Total non-interest income | 410,670 | 417,241 | (1.6 | ) | ||||||||
Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 425,170 | 455,395 | (6.6 | ) | ||||||||
Net occupancy and equipment expense | 123,105 | 123,529 | (0.3 | ) | ||||||||
FDIC insurance and other regulatory fees | 76,314 | 25,161 | 203.3 | |||||||||
Foreclosed real estate | 354,269 | 136,678 | 159.2 | |||||||||
Losses on other loans held for sale | 1,703 | 9,909 | (82.8 | ) | ||||||||
Visa litigation recovery | (6,441 | ) | (17,473 | ) | (63.1 | ) | ||||||
Goodwill impairment | 14,849 | 479,617 | (96.9 | ) | ||||||||
Professional fees | 38,802 | 30,210 | 28.4 | |||||||||
Restructuring charges | 5,995 | 16,125 | (62.8 | ) | ||||||||
Other operating expenses | 187,523 | 196,906 | (4.8 | ) | ||||||||
Total non-interest expense | 1,221,289 | 1,456,057 | (16.1 | ) | ||||||||
Loss from continuing operations before taxes | (1,605,908 | ) | (660,806 | ) | 143.0 | |||||||
Income tax benefit | (190,631 | ) | (80,430 | ) | 137.0 | |||||||
Loss from continuing operations | (1,415,277 | ) | (580,376 | ) | 143.9 | |||||||
Income from discontinued operations, net of taxes | 4,590 | 5,651 | (18.8 | ) | ||||||||
Net loss | (1,410,687 | ) | (574,725 | ) | 145.5 | |||||||
Net income attributable to non-controlling interest | 2,364 | 7,712 | (69.3 | ) | ||||||||
Net loss attributable to controlling interest | (1,413,051 | ) | (582,437 | ) | 142.6 | |||||||
Dividends and accretion of discount on preferred stock | 56,966 | 2,057 | nm | |||||||||
Net loss available to common shareholders | $ | (1,470,017 | ) | (584,494 | ) | 151.5 | ||||||
Basic EPS | $ | (3.94 | ) | (1.77 | ) | 122.6 | % | |||||
Diluted EPS | (3.94 | ) | (1.77 | ) | 122.6 | |||||||
Cash dividends declared per common share | 0.04 | 0.46 | (91.3 | ) | ||||||||
Return on average assets | (4.12 | )% | (1.72 | )% | (240 | ) bp | ||||||
Return on average common equity | (62.45 | ) | (17.30 | ) | nm | |||||||
Average shares outstanding — basic | 372,943 | 329,319 | 13.2 | % | ||||||||
Average shares outstanding — diluted | 372,943 | 329,319 | 13.2 |
nm | — | not meaningful |
Synovus INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data) | 7 of 11 |
2009 | 2008 | 4th Quarter | ||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | ‘09 vs. ‘08 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest income (taxable equivalent) | $ | 362,911 | 377,839 | 385,710 | 387,574 | 441,749 | (17.8 | )% | ||||||||||||||||
Interest expense | 105,853 | 121,989 | 127,883 | 143,154 | 182,312 | (41.9 | ) | |||||||||||||||||
Net interest income (taxable equivalent) | 257,058 | 255,850 | 257,827 | 244,420 | 259,437 | (0.9 | ) | |||||||||||||||||
Tax equivalent adjustment | 1,227 | 1,219 | 1,219 | 1,181 | 1,412 | (13.1 | ) | |||||||||||||||||
Net interest income | 255,831 | 254,631 | 256,608 | 243,239 | 258,025 | (0.9 | ) | |||||||||||||||||
Provision for losses on loans | 387,114 | 496,522 | 631,526 | 290,437 | 363,867 | 6.4 | ||||||||||||||||||
Net interest income (loss) after provision for loan losses | (131,283 | ) | (241,891 | ) | (374,918 | ) | (47,198 | ) | (105,842 | ) | 24.0 | |||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 29,651 | 29,699 | 29,702 | 28,699 | 29,244 | 1.4 | ||||||||||||||||||
Fiduciary and asset management fees | 11,455 | �� | 11,244 | 10,657 | 10,815 | 11,168 | 2.6 | |||||||||||||||||
Brokerage and investment banking income | 7,035 | 7,047 | 7,521 | 6,871 | 7,528 | (6.5 | ) | |||||||||||||||||
Mortgage banking income | 7,572 | 7,037 | 14,590 | 9,322 | 5,170 | 46.5 | ||||||||||||||||||
Bankcard fees | 9,521 | 9,114 | 9,144 | 8,361 | 9,067 | 5.0 | ||||||||||||||||||
Net gains (losses) on sales of investment securities available for sale | (663 | ) | 14,730 | — | — | 45 | nm | |||||||||||||||||
Other fee income | 7,055 | 7,733 | 8,722 | 7,690 | 7,207 | (2.1 | ) | |||||||||||||||||
Increase (decrease) in fair value of private equity investments, net | 142 | (6,853 | ) | 8,090 | — | 6,996 | (98.0 | ) | ||||||||||||||||
Proceeds from sale of MasterCard shares | — | — | 8,351 | — | — | nm | ||||||||||||||||||
Gain from sale of Visa shares | 51,900 | — | — | — | — | nm | ||||||||||||||||||
Other non-interest income | 13,179 | 6,484 | 6,425 | 12,627 | 7,820 | 68.5 | ||||||||||||||||||
Total non-interest income | 136,847 | 86,235 | 103,202 | 84,385 | 84,245 | 62.4 | ||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 100,575 | 105,001 | 108,508 | 111,085 | 111,692 | (10.0 | ) | |||||||||||||||||
Net occupancy and equipment expense | 29,861 | 31,217 | 30,544 | 31,484 | 30,971 | (3.6 | ) | |||||||||||||||||
FDIC insurance and other regulatory fees | 17,913 | 15,341 | 30,061 | 12,999 | 6,950 | 157.7 | ||||||||||||||||||
Foreclosed real estate | 34,098 | 101,437 | 172,404 | 46,330 | 71,915 | (52.6 | ) | |||||||||||||||||
Losses (gains) on other loans held for sale | — | 608 | 1,160 | (65 | ) | (35 | ) | nm | ||||||||||||||||
Visa litigation recovery | (2,374 | ) | (4,067 | ) | — | — | (6,390 | ) | (62.8 | ) | ||||||||||||||
Goodwill impairment | 14,849 | — | — | — | 442,730 | (96.6 | ) | |||||||||||||||||
Professional fees | 10,397 | 11,121 | 10,340 | 6,945 | 9,951 | 4.5 | ||||||||||||||||||
Restructuring charges | (347 | ) | (413 | ) | 397 | 6,358 | 2,826 | (112.3 | ) | |||||||||||||||
Other operating expenses | 44,521 | 56,575 | 40,521 | 45,903 | 50,238 | (11.4 | ) | |||||||||||||||||
Total non-interest expense | 249,493 | 316,820 | 393,935 | 261,039 | 720,848 | (65.4 | ) | |||||||||||||||||
Loss from continuing operations before income taxes | (243,929 | ) | (472,476 | ) | (665,651 | ) | (223,852 | ) | (742,445 | ) | (67.1 | ) | ||||||||||||
Income tax expense (benefit) | 6,864 | (31,528 | ) | (80,059 | ) | (85,908 | ) | (107,076 | ) | (106.4 | ) | |||||||||||||
Loss from continuing operations | (250,793 | ) | (440,948 | ) | (585,592 | ) | (137,944 | ) | (635,369 | ) | (60.5 | ) | ||||||||||||
Income from discontinued operations, net of taxes | 889 | 1,146 | 1,340 | 1,215 | 1,324 | (32.9 | ) | |||||||||||||||||
Net loss | (249,904 | ) | (439,802 | ) | (584,252 | ) | (136,729 | ) | (634,045 | ) | (60.6 | ) | ||||||||||||
Net income (loss) attributable to non-controlling interest | (1 | ) | (255 | ) | 2,677 | (57 | ) | 1,365 | (100.1 | ) | ||||||||||||||
Net loss attributable to controlling interest | (249,903 | ) | (439,547 | ) | (586,929 | ) | (136,672 | ) | (635,410 | ) | (60.7 | ) | ||||||||||||
Dividends and accretion of discount on preferred stock | 14,291 | 14,258 | 14,225 | 14,192 | 2,057 | nm | ||||||||||||||||||
Net loss available to common shareholders | $ | (264,194 | ) | (453,805 | ) | (601,154 | ) | (150,864 | ) | (637,467 | ) | (58.6 | ) | |||||||||||
Basic EPS | $ | (0.54 | ) | (1.32 | ) | (1.82 | ) | (0.46 | ) | (1.93 | ) | (71.9 | )% | |||||||||||
Diluted EPS | (0.54 | ) | (1.32 | ) | (1.82 | ) | (0.46 | ) | (1.93 | ) | (71.9 | ) | ||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | (83.3 | ) | |||||||||||||||||
Return on average assets * | (2.96 | )% | (5.13 | ) | (6.77 | ) | (1.59 | ) | (7.17 | ) | 421 | bp | ||||||||||||
Return on average common equity * | (49.75 | ) | (90.59 | ) | (92.07 | ) | (22.07 | ) | (76.48 | ) | nm | |||||||||||||
Average common shares outstanding — basic | 486,104 | 344,626 | 329,850 | 329,785 | 329,691 | 47.4 | % | |||||||||||||||||
Average common shares outstanding — diluted | 486,104 | 344,626 | 329,850 | 329,785 | 329,691 | 47.4 |
nm | — | not meaningful |
* | — | ratios are annualized |
Synovus | 8 of 11 |
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)
(Unaudited)
(In thousands, except share data)
December 31, 2009 | September 30, 2009 | December 31, 2008 | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 564,482 | 401,778 | 524,327 | ||||||||
Interest bearing funds with Federal Reserve Bank | 1,901,847 | 2,822,577 | 1,206,168 | |||||||||
Interest earning deposits with banks | 12,534 | 12,771 | 10,805 | |||||||||
Federal funds sold and securities purchased under resale agreements | 203,959 | 180,194 | 388,197 | |||||||||
Trading account assets | 14,370 | 13,403 | 24,513 | |||||||||
Mortgage loans held for sale, at fair value | 138,056 | 112,115 | 133,637 | |||||||||
Other loans held for sale | 36,816 | 80,945 | 3,527 | |||||||||
Investment securities available for sale, at fair value | 3,188,735 | 3,298,815 | 3,770,022 | |||||||||
Loans, net of unearned income | 25,383,068 | 26,331,739 | 27,920,177 | |||||||||
Allowance for loan losses | (943,725 | ) | (918,468 | ) | (598,301 | ) | ||||||
Loans, net | 24,439,343 | 25,413,271 | 27,321,876 | |||||||||
Premises and equipment, net | 580,375 | 588,179 | 605,019 | |||||||||
Goodwill | 24,431 | 39,280 | 39,521 | |||||||||
Other intangible assets, net | 16,649 | 17,775 | 21,266 | |||||||||
Other assets | 1,728,474 | 1,629,377 | 1,737,391 | |||||||||
Total assets | $ | 32,850,071 | 34,610,480 | 35,786,269 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 4,172,697 | 4,018,045 | 3,563,619 | ||||||||
Interest bearing deposits | 23,260,837 | 24,036,146 | 25,053,560 | |||||||||
Total deposits | 27,433,534 | 28,054,191 | 28,617,179 | |||||||||
Federal funds purchased and other short-term borrowings | 475,062 | 1,030,520 | 725,869 | |||||||||
Long-term debt | 1,751,592 | 1,963,136 | 2,107,173 | |||||||||
Other liabilities | 299,729 | 389,034 | 516,541 | |||||||||
Total liabilities | 29,959,917 | 31,436,881 | 31,966,762 | |||||||||
Equity: | ||||||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value (1) | 928,207 | 926,014 | 919,635 | |||||||||
Common stock, par value $1.00 (2) | 495,514 | 486,073 | 336,011 | |||||||||
Additional paid-in capital | 1,605,097 | 1,591,374 | 1,165,875 | |||||||||
Treasury stock, at cost (3) | (114,155 | ) | (114,155 | ) | (114,117 | ) | ||||||
Accumulated other comprehensive income | 84,806 | 108,032 | 129,253 | |||||||||
Retained earnings (deficit) | (129,775 | ) | 139,322 | 1,350,501 | ||||||||
Total shareholders’ equity | 2,869,694 | 3,136,660 | 3,787,158 | |||||||||
Non-controlling interest in subsidiaries | 20,460 | 36,939 | 32,349 | |||||||||
Total equity | 2,890,154 | 3,173,599 | 3,819,507 | |||||||||
Total liabilities and equity | $ | 32,850,071 | 34,610,480 | 35,786,269 | ||||||||
(1) | Preferred shares outstanding: 967,870 at December 31, 2009, September 30, 2009 and December 31, 2008. | |
(2) | Common shares outstanding: 489,828,319; 480,387,653; and 330,334,111 at December 31, 2009, September 30, 2009, and December 31, 2008, respectively. | |
(3) | Treasury shares: 5,685,638 at December 31, 2009 and September 30, 2009; and 5,676,830 at December 31, 2008. |
Synovus | 9 of 11 |
AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
2009 | 2008 | Twelve months ended | ||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | December 31, | |||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | 2009 | 2008 | ||||||||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||||||||||
Taxable investment securities | $ | 2,983,914 | 3,209,718 | 3,353,382 | 3,455,091 | 3,549,643 | $ | 3,249,124 | 3,477,025 | |||||||||||||||||||
Yield | 4.79 | % | 5.06 | 5.16 | 5.22 | 4.94 | 5.06 | % | 5.09 | |||||||||||||||||||
Tax-exempt investment securities | $ | 88,848 | 98,435 | 107,626 | 116,163 | 122,332 | $ | 102,681 | 135,590 | |||||||||||||||||||
Yield (taxable equivalent) | 7.03 | % | 7.06 | 7.08 | 6.91 | 6.79 | 7.02 | % | 6.98 | |||||||||||||||||||
Trading account assets | $ | 14,356 | 13,439 | 19,984 | 22,580 | 29,727 | $ | 17,556 | 30,870 | |||||||||||||||||||
Yield | 5.60 | % | 8.22 | 5.57 | 6.02 | 5.10 | 6.22 | % | 6.23 | |||||||||||||||||||
Commercial loans | $ | 21,722,140 | 22,850,126 | 23,572,578 | 23,525,450 | 23,870,384 | $ | 22,912,448 | 23,280,572 | |||||||||||||||||||
Yield | 4.82 | % | 4.73 | 4.72 | 4.77 | 5.46 | 4.76 | % | 5.98 | |||||||||||||||||||
Consumer loans | $ | 4,249,316 | 4,303,592 | 4,335,897 | 4,353,580 | 4,347,332 | $ | 4,310,292 | 4,189,864 | |||||||||||||||||||
Yield | 5.32 | % | 5.37 | 5.38 | 5.50 | 5.88 | 5.39 | % | 6.35 | |||||||||||||||||||
Allowance for loan losses | $ | (906,484 | ) | (905,700 | ) | (663,355 | ) | (627,110 | ) | (473,875 | ) | $ | (777,332 | ) | (418,983 | ) | ||||||||||||
Loans, net | $ | 25,064,972 | 26,248,018 | 27,245,120 | 27,251,920 | 27,743,841 | $ | 26,445,408 | 27,051,453 | |||||||||||||||||||
Yield | 5.10 | % | 5.01 | 4.96 | 5.01 | 5.63 | 5.02 | % | 6.15 | |||||||||||||||||||
Mortgage loans held for sale | $ | 114,906 | 194,158 | 268,933 | 247,937 | 98,362 | $ | 206,085 | 121,425 | |||||||||||||||||||
Yield | 5.29 | % | 5.39 | 4.94 | 5.46 | 5.96 | 5.26 | % | 6.05 | |||||||||||||||||||
Federal funds sold, due from Federal Reserve Bank and other short-term investments | $ | 2,995,367 | 1,653,546 | 996,754 | 1,214,897 | 642,396 | $ | 1,719,850 | 296,511 | |||||||||||||||||||
Yield | 0.24 | % | 0.24 | 0.24 | 0.31 | 0.60 | 0.25 | % | 1.33 | |||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (1) | $ | 140,550 | 139,230 | 132,346 | 117,205 | 121,994 | $ | 132,415 | 119,311 | |||||||||||||||||||
Yield | 1.01 | % | 1.38 | 0.54 | 0.66 | 0.20 | 0.91 | % | 3.81 | |||||||||||||||||||
Total interest earning assets | $ | 31,402,913 | 31,556,544 | 32,124,145 | 32,425,793 | 32,308,295 | $ | 31,873,119 | 31,232,185 | |||||||||||||||||||
Yield | 4.59 | % | 4.76 | 4.83 | 4.84 | 5.44 | 4.75 | % | 5.96 | |||||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 3,851,237 | 3,310,924 | 3,582,954 | 3,602,371 | 3,201,355 | $ | 3,586,798 | 3,158,228 | |||||||||||||||||||
Rate | 0.41 | % | 0.42 | 0.45 | 0.49 | 0.80 | 0.44 | % | 1.13 | |||||||||||||||||||
Money market accounts | $ | 6,420,003 | 6,309,578 | 6,241,764 | 6,272,015 | 6,129,751 | $ | 6,311,242 | 6,684,813 | |||||||||||||||||||
Rate | 1.21 | % | 1.23 | 1.24 | 1.30 | 1.80 | 1.24 | % | 2.30 | |||||||||||||||||||
Savings deposits | $ | 469,526 | 477,909 | 477,752 | 452,206 | 442,623 | $ | 469,419 | 452,661 | |||||||||||||||||||
Rate | 0.15 | % | 0.15 | 0.15 | 0.16 | 0.22 | 0.15 | % | 0.25 | |||||||||||||||||||
Time deposits under $100,000 | $ | 2,851,913 | 3,030,346 | 3,126,984 | 3,222,601 | 3,264,401 | $ | 3,056,870 | 2,979,080 | |||||||||||||||||||
Rate | 2.44 | % | 2.86 | 3.13 | 3.41 | 3.64 | 2.97 | % | 3.92 | |||||||||||||||||||
Time deposits over $100,000 | $ | 4,909,253 | 5,281,529 | 5,355,736 | 5,555,084 | 5,386,772 | $ | 5,273,648 | 4,653,829 | |||||||||||||||||||
Rate | 2.32 | % | 2.73 | 3.04 | 3.31 | 3.63 | 2.87 | % | 4.01 | |||||||||||||||||||
National market brokered money market accounts | $ | 1,218,363 | 1,365,477 | 1,885,214 | 2,073,734 | 1,982,179 | $ | 1,632,613 | 1,299,418 | |||||||||||||||||||
Rate | 0.75 | % | 0.77 | 0.75 | 0.82 | 1.27 | 0.78 | % | 2.14 | |||||||||||||||||||
National market brokered time deposits | $ | 4,011,648 | 3,941,977 | 3,203,546 | 3,718,570 | 4,549,172 | $ | 3,720,349 | 3,830,994 | |||||||||||||||||||
Rate | 2.41 | % | 2.66 | 3.09 | 3.38 | 3.70 | 2.86 | % | 3.80 | |||||||||||||||||||
Total interest bearing deposits | $ | 23,731,943 | 23,717,740 | 23,873,950 | 24,896,581 | 24,956,253 | $ | 24,050,939 | 23,059,023 | |||||||||||||||||||
Rate | 1.62 | % | 1.85 | 1.96 | 2.16 | 2.58 | 1.90 | % | 2.89 | |||||||||||||||||||
Federal funds purchased and other short-term liabilities | $ | 729,988 | 1,194,759 | 1,166,785 | 578,717 | 876,330 | $ | 918,736 | 1,719,978 | |||||||||||||||||||
Rate | 0.45 | % | 0.37 | 0.36 | 0.59 | 0.90 | 0.42 | % | 2.24 | |||||||||||||||||||
Long-term debt | $ | 1,897,915 | 1,906,320 | 2,090,710 | 1,964,064 | 2,106,785 | $ | 1,964,411 | 2,051,521 | |||||||||||||||||||
Rate | 1.75 | % | 2.14 | 1.94 | 2.07 | 3.44 | 1.97 | % | 3.59 | |||||||||||||||||||
Total interest bearing liabilities | $ | 26,359,846 | 26,818,819 | 27,131,445 | 27,439,362 | 27,939,368 | $ | 26,934,086 | 26,830,522 | |||||||||||||||||||
Rate | 1.59 | % | 1.80 | 1.89 | 2.11 | 2.59 | 1.85 | % | 2.90 | |||||||||||||||||||
Non-interest bearing demand deposits | $ | 4,162,027 | 4,069,108 | 3,812,876 | 3,611,958 | 3,508,753 | $ | 3,915,924 | 3,440,047 | |||||||||||||||||||
Net interest margin | 3.25 | % | 3.22 | 3.23 | 3.05 | 3.20 | 3.19 | % | 3.47 | |||||||||||||||||||
* | Yields and rates are annualized. | |
(1) | Included as a component of Other Assets on the balance sheet |
10 of 11
Synovus
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
December 31, 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 | $ | 925,017 | 3.6 | % | $ | 13,494 | 0.9 | % | ||||||||
Hotels | 1,018,460 | 4.0 | 221,747 | 14.3 | ||||||||||||
Office Buildings | 1,010,212 | 4.0 | 30,234 | 1.9 | ||||||||||||
Shopping Centers | 1,087,181 | 4.3 | 20,757 | 1.3 | ||||||||||||
Commercial Development | 608,333 | 2.4 | 46,197 | 3.0 | ||||||||||||
Warehouses | 493,455 | 1.9 | 38,366 | 2.5 | ||||||||||||
Other Investment Property | 547,406 | 2.2 | 34,918 | 2.2 | ||||||||||||
Total Investment Properties | 5,690,064 | 22.4 | 405,713 | 26.1 | ||||||||||||
1-4 Family Construction | 715,315 | 2.8 | 192,185 | 12.4 | ||||||||||||
1-4 Family Perm / Mini-Perm | 1,310,324 | 5.2 | 78,158 | 5.0 | ||||||||||||
Residential Development | 1,361,264 | 5.3 | 351,615 | 22.6 | ||||||||||||
Total 1-4 Family Properties | 3,386,903 | 13.3 | 621,958 | 40.0 | ||||||||||||
Land Acquisition | 1,410,425 | 5.6 | 197,527 | 12.7 | ||||||||||||
Total Commercial Real Estate | 10,487,392 | 41.3 | 1,225,198 | 78.8 | ||||||||||||
Commercial, Financial, and Agricultural | 6,118,516 | 24.1 | 168,174 | 10.8 | ||||||||||||
Owner-Occupied | 4,584,278 | 18.1 | 93,486 | 6.0 | ||||||||||||
Total Commercial & Industrial | 10,702,794 | 42.2 | 261,660 | 16.8 | ||||||||||||
Home Equity | 1,714,994 | 6.8 | 15,537 | 1.1 | ||||||||||||
Consumer Mortgages | 1,637,978 | 6.5 | 48,085 | 3.1 | ||||||||||||
Credit Card | 294,126 | 1.2 | — | — | ||||||||||||
Other Retail Loans | 565,132 | 2.1 | 5,296 | 0.2 | ||||||||||||
Total Retail | 4,212,230 | 16.6 | 68,918 | 4.4 | ||||||||||||
Unearned Income | (19,348 | ) | (0.1 | ) | — | — | ||||||||||
Total | $ | 25,383,068 | 100.0 | % | $ | 1,555,776 | 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
Total Loans | 4Q09 vs. 3Q09 | 4Q09 vs. 4Q08 | ||||||||||||||||||
Loan Type | December 31, 2009 | September 30, 2009 | % change (1) | December 31, 2008 | % change | |||||||||||||||
Multi-Family | $ | 925,017 | 864,849 | 27.6 | % | $ | 589,708 | 56.9 | % | |||||||||||
Hotels | 1,018,460 | 1,023,492 | (2.0 | ) | 965,886 | 5.4 | ||||||||||||||
Office Buildings | 1,010,212 | 1,075,011 | (23.9 | ) | 1,036,837 | (2.6 | ) | |||||||||||||
Shopping Centers | 1,087,181 | 1,078,436 | 3.2 | 1,090,807 | (0.3 | ) | ||||||||||||||
Commercial Development | 608,333 | 699,532 | (51.7 | ) | 763,962 | (20.4 | ) | |||||||||||||
Warehouses | 493,455 | 497,062 | (2.9 | ) | 461,402 | 6.9 | ||||||||||||||
Other Investment Property | 547,406 | 580,696 | (22.7 | ) | 614,149 | (10.9 | ) | |||||||||||||
Total Investment Properties | 5,690,064 | 5,819,078 | (8.8 | ) | 5,522,751 | 3.0 | ||||||||||||||
1-4 Family Construction | 715,315 | 991,368 | (110.5 | ) | 1,611,779 | (55.6 | ) | |||||||||||||
1-4 Family Perm / Mini-Perm | 1,310,324 | 1,355,111 | (13.1 | ) | 1,441,798 | (9.1 | ) | |||||||||||||
Residential Development | 1,361,264 | 1,521,939 | (41.9 | ) | 2,123,669 | (35.9 | ) | |||||||||||||
Total 1-4 Family Properties | 3,386,903 | 3,868,418 | (49.4 | ) | 5,177,246 | (34.6 | ) | |||||||||||||
Land Acquisition | 1,410,425 | 1,485,568 | (20.1 | ) | 1,620,370 | (13.0 | ) | |||||||||||||
Total Commercial Real Estate | 10,487,392 | 11,173,064 | (24.3 | ) | 12,320,367 | (14.9 | ) | |||||||||||||
Commercial, Financial, and Agricultural | 6,118,516 | 6,328,176 | (13.1 | ) | 6,747,928 | (9.3 | ) | |||||||||||||
Owner-Occupied | 4,584,278 | 4,587,747 | (0.3 | ) | 4,499,339 | 1.9 | ||||||||||||||
Total Commercial & Industrial | 10,702,794 | 10,915,923 | (7.7 | ) | 11,247,267 | (4.8 | ) | |||||||||||||
Home Equity | 1,714,994 | 1,729,458 | (3.3 | ) | 1,725,075 | (0.6 | ) | |||||||||||||
Consumer Mortgages | 1,637,978 | 1,667,593 | (7.0 | ) | 1,763,449 | (7.1 | ) | |||||||||||||
Credit Card | 294,126 | 288,147 | 8.2 | 295,055 | (0.3 | ) | ||||||||||||||
Other Retail Loans | 565,132 | 579,797 | (10.0 | ) | 606,347 | (6.8 | ) | |||||||||||||
Total Retail | 4,212,230 | 4,264,995 | (4.9 | ) | 4,389,926 | (4.0 | ) | |||||||||||||
Unearned Income | (19,348 | ) | (22,243 | ) | (51.6 | ) | (37,383 | ) | (48.2 | ) | ||||||||||
Total | $ | 25,383,068 | 26,331,739 | (14.3 | )% | $ | 27,920,177 | (9.1 | )% | |||||||||||
(1) | Percentage change is annualized. |
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Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
2009 | 2008 | 4th Quarter | ||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | ’09 vs. ’08 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Nonperforming Loans | $ | 1,555,776 | 1,519,049 | 1,472,242 | 1,415,269 | 920,506 | 69.0 | % | ||||||||||||||||
Impaired Loans Held for Sale (1) | 36,816 | 40,932 | 34,938 | 22,751 | 3,527 | nm | ||||||||||||||||||
Other Real Estate | 238,807 | 187,494 | 210,968 | 287,246 | 246,121 | (3.0 | ) | |||||||||||||||||
Nonperforming Assets | 1,831,399 | 1,747,475 | 1,718,148 | 1,725,266 | 1,170,154 | 56.5 | ||||||||||||||||||
Allowance for Loan Losses | 943,725 | 918,468 | 918,723 | 642,422 | 598,301 | 57.7 | ||||||||||||||||||
Net Charge-Offs — Quarter | 361,857 | 496,777 | 355,224 | 246,314 | 229,402 | 57.7 | ||||||||||||||||||
Net Charge-Offs — YTD | 1,460,172 | 1,098,315 | 601,538 | 246,314 | 469,195 | 211.2 | ||||||||||||||||||
Net Charge-Offs / Average Loans — Quarter (2) | 5.58 | % | 7.33 | 5.09 | 3.53 | 3.25 | ||||||||||||||||||
Net Charge-Offs / Average Loans — YTD (2) | 5.37 | 5.30 | 4.31 | 3.53 | 1.71 | |||||||||||||||||||
Nonperforming Loans / Loans | 6.13 | 5.77 | 5.34 | 5.10 | 3.30 | |||||||||||||||||||
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE | 7.14 | 6.58 | 6.17 | 6.15 | 4.15 | |||||||||||||||||||
Allowance / Loans | 3.72 | 3.49 | 3.33 | 2.32 | 2.14 | |||||||||||||||||||
Allowance / Nonperforming Loans | 60.66 | 60.46 | 62.40 | 45.39 | 65.00 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 19,938 | 43,816 | 31,018 | 31,316 | 38,794 | (48.6 | )% | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.08 | % | 0.17 | 0.11 | 0.11 | 0.14 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing | $ | 262,446 | 356,456 | 331,731 | 587,014 | 362,538 | (27.6 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding | 1.03 | % | 1.35 | 1.20 | 2.12 | 1.30 | ||||||||||||||||||
Restructured loans (accruing) | 213,552 | 192,559 | 18,025 | 25,919 | 1,202 | nm |
(1) | Represent impaired 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)
December 31, | September 30, | December 31, | ||||||||||
2009 | 2009 | 2008 | ||||||||||
Tier 1 Capital | $ | 2,739,870 | 2,974,066 | 3,602,848 | ||||||||
Total Risk-Based Capital | 3,660,262 | 3,927,752 | 4,674,476 | |||||||||
Tier 1 Capital Ratio | 10.11 | % | 10.48 | 11.22 | ||||||||
Tier 1 Common Equity Ratio | 6.65 | 7.18 | 8.33 | |||||||||
Total Risk-Based Capital Ratio | 13.50 | 13.84 | 14.56 | |||||||||
Leverage Ratio | 8.18 | 8.76 | 10.28 | |||||||||
Common Equity as a Percentage of Total Assets (2) | 5.91 | 6.39 | 8.01 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 5.79 | 6.23 | 7.86 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 7.01 | 7.59 | 8.74 | |||||||||
Book Value Per Common Share (4) | $ | 3.96 | 4.60 | 8.68 | ||||||||
Tangible Book Value Per Common Share (3) | 3.88 | 4.48 | 8.50 |
(1) | Current quarter regulatory capital information is preliminary. | |
(2) | Common equity consists of Total Shareholders’ Equity less Cumulative 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 Shareholders’ Equity less Cumulative Perpetual Preferred Stock divided by total common shares outstanding. |