Exhibit 99.2
Synovus
5 of 12
INCOME STATEMENTS
(Unaudited) | Nine Months Ended | |||||||||||
(In thousands, except per share data) | September 30, | |||||||||||
2007 | 2006 | Change | ||||||||||
Interest Income (Taxable Equivalent) | $ | 1,688,504 | 1,475,205 | 14.5 | % | |||||||
Interest Expense | 812,284 | 628,594 | 29.2 | |||||||||
Net Interest Income (Taxable Equivalent) | 876,220 | 846,611 | 3.6 | |||||||||
Tax Equivalent Adjustment | 3,887 | 4,369 | (11.0 | ) | ||||||||
Net Interest Income | 872,333 | 842,242 | 3.5 | |||||||||
Provision for Loan Losses | 99,566 | 56,473 | 76.3 | |||||||||
Net Interest Income After Provision | 772,767 | 785,769 | (1.7 | ) | ||||||||
Non-Interest Income: | ||||||||||||
Electronic Payment Processing Services | 710,648 | 683,499 | 4.0 | |||||||||
Merchant Acquiring Services | 190,120 | 195,318 | (2.7 | ) | ||||||||
Other Transaction Processing Services Revenue | 161,910 | 134,760 | 20.1 | |||||||||
Service Charges on Deposits | 83,156 | 84,281 | (1.3 | ) | ||||||||
Fiduciary and Asset Management Fees | 37,002 | 35,090 | 5.4 | |||||||||
Brokerage and Investment Banking Revenue | 23,381 | 20,009 | 16.9 | |||||||||
Mortgage Banking Income | 20,876 | 22,419 | (6.9 | ) | ||||||||
Bankcard Fees | 35,370 | 33,085 | 6.9 | |||||||||
Securities Gains (Losses) | 891 | (2,119 | ) | nm | ||||||||
Other Fee Income | 29,749 | 29,664 | 0.3 | |||||||||
Other Non-Interest Income | 55,339 | 30,491 | 81.5 | |||||||||
Non-Interest Income before Reimbursable Items | 1,348,442 | 1,266,497 | 6.5 | |||||||||
Reimbursable Items | 279,727 | 267,825 | 4.4 | |||||||||
Total Non-Interest Income | 1,628,169 | 1,534,322 | 6.1 | |||||||||
Non-Interest Expense: | ||||||||||||
Personnel Expense | 777,842 | 717,825 | 8.4 | |||||||||
Occupancy and Equipment Expense | 284,556 | 297,700 | (4.4 | ) | ||||||||
Other Non-Interest Expense | 302,637 | 314,518 | (3.8 | ) | ||||||||
Spin-off Related Expenses | 6,298 | — | nm | |||||||||
Non-Interest Expense before Reimbursable Items | 1,371,333 | 1,330,043 | 3.1 | |||||||||
Reimbursable Items | 279,727 | 267,825 | 4.4 | |||||||||
Total Non-Interest Expense | 1,651,060 | 1,597,868 | 3.3 | |||||||||
Minority Interest in Consolidated Subsidiaries | 38,139 | 31,311 | 21.8 | |||||||||
Income from Continuing Operations before Income Taxes | 711,737 | 690,912 | 3.0 | |||||||||
Income Taxes | 264,351 | 249,542 | 5.9 | |||||||||
Income from Continuing Operations | 447,386 | 441,370 | 1.4 | |||||||||
Discontinued Operations, Net of Income Taxes | 4,200 | — | nm | |||||||||
Net Income | $ | 451,586 | 441,370 | 2.3 | ||||||||
Basic Earnings Per Share | ||||||||||||
Income from Continuing Operations | $ | 1.37 | 1.38 | (0.6 | )% | |||||||
Net Income | 1.38 | 1.38 | 0.3 | |||||||||
Diluted Earnings Per Share | ||||||||||||
Income from Continuing Operations | 1.36 | 1.37 | (0.8 | ) | ||||||||
Net Income | 1.37 | 1.37 | 0.1 | |||||||||
Dividends Declared Per Share | 0.62 | 0.59 | 5.1 | |||||||||
Return on Average Assets * | 1.85 | % | 2.01 | (16)bp | ||||||||
Return on Average Equity * | 15.52 | 18.04 | (252 | ) | ||||||||
Average Shares Outstanding — Basic | 326,443 | 320,063 | 2.0 | % | ||||||||
Average Shares Outstanding — Diluted | 330,001 | 322,860 | 2.2 |
bp — change is measured as difference in basis points.
nm — not meaningful
* -ratios are annualized
nm — not meaningful
* -ratios are annualized
Synovus | 6 of 12 |
INCOME STATEMENTS
(Unaudited) | ||||||||||||||||||||||||
(In thousands, except per share data) | 2007 | 2006 | 3rd Quarter | |||||||||||||||||||||
Third | Second | First | Fourth | Third | ’07 vs. ’06 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest Income (Taxable Equivalent) | $ | 573,514 | 565,737 | 549,253 | 547,088 | 535,038 | 7.2 | % | ||||||||||||||||
Interest Expense | 278,113 | 272,536 | 261,637 | 253,998 | 241,027 | 15.4 | ||||||||||||||||||
Net Interest Income (Taxable Equivalent) | 295,401 | 293,201 | 287,616 | 293,090 | 294,011 | 0.5 | ||||||||||||||||||
Tax Equivalent Adjustment | 1,238 | 1,295 | 1,354 | 1,458 | 1,409 | (12.1 | ) | |||||||||||||||||
Net Interest Income | 294,163 | 291,906 | 286,262 | 291,632 | 292,602 | 0.5 | ||||||||||||||||||
Provision for Loan Losses | 58,770 | 20,281 | 20,515 | 18,675 | 18,390 | 219.6 | ||||||||||||||||||
Net Interest Income After Provision | 235,393 | 271,625 | 265,747 | 272,957 | 274,212 | (14.2 | ) | |||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Electronic Payment Processing Services | 238,495 | 243,411 | 228,742 | 302,370 | 231,753 | 2.9 | ||||||||||||||||||
Merchant Acquiring Services | 65,163 | 64,277 | 60,680 | 64,957 | 65,548 | (0.6 | ) | |||||||||||||||||
Other Transaction Processing Services Revenue | 53,940 | 54,847 | 53,123 | 51,634 | 44,813 | 20.4 | ||||||||||||||||||
Service Charges on Deposits | 28,736 | 28,050 | 26,370 | 28,136 | 29,292 | (1.9 | ) | |||||||||||||||||
Fiduciary and Asset Management Fees | 12,306 | 12,434 | 12,262 | 12,710 | 11,868 | 3.7 | ||||||||||||||||||
Brokerage and Investment Banking Revenue | 8,123 | 7,809 | 7,449 | 6,721 | 6,502 | 24.9 | ||||||||||||||||||
Mortgage Banking Income | 5,955 | 7,695 | 7,226 | 6,837 | 8,440 | (29.4 | ) | |||||||||||||||||
Bankcard Fees | 11,923 | 11,567 | 11,880 | 11,218 | 11,438 | 4.2 | ||||||||||||||||||
Securities Gains (Losses) | 186 | 258 | 447 | — | (982 | ) | nm | |||||||||||||||||
Other Fee Income | 9,910 | 10,411 | 9,427 | 9,079 | 10,024 | (1.1 | ) | |||||||||||||||||
Other Non-Interest Income | 29,152 | 15,461 | 10,726 | 21,707 | 10,057 | 189.9 | ||||||||||||||||||
Non-Interest Income before Reimbursable Items | 463,889 | 456,220 | 428,332 | 515,369 | 428,753 | 8.2 | ||||||||||||||||||
Reimbursable Items | 98,172 | 95,828 | 85,727 | 83,894 | 99,187 | (1.0 | ) | |||||||||||||||||
Total Non-Interest Income | 562,061 | 552,048 | 514,059 | 599,263 | 527,940 | 6.5 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Personnel Expense | 261,122 | 261,768 | 254,953 | 256,691 | 256,220 | 1.9 | ||||||||||||||||||
Occupancy and Equipment Expense | 97,412 | 94,234 | 92,914 | 116,470 | 100,504 | (3.1 | ) | |||||||||||||||||
Other Non-Interest Expense | 100,985 | 103,087 | 98,557 | 115,755 | 98,995 | 2.0 | ||||||||||||||||||
Spin-off Related Expenses | 5,937 | 361 | — | — | — | nm | ||||||||||||||||||
Non-Interest Expense before Reimbursable Items | 465,456 | 459,450 | 446,424 | 488,916 | 455,719 | 2.1 | ||||||||||||||||||
Reimbursable Items | 98,172 | 95,828 | 85,727 | 83,894 | 99,187 | (1.0 | ) | |||||||||||||||||
Total Non-Interest Expense | 563,628 | 555,278 | 532,151 | 572,810 | 554,906 | 1.6 | ||||||||||||||||||
Minority Interest in Consolidated Subsidiaries | 13,674 | 13,187 | 11,278 | 16,790 | 10,406 | 31.4 | ||||||||||||||||||
Income from Continuing Operations before Income Taxes | 220,152 | 255,208 | 236,377 | 282,620 | 236,840 | (7.0 | ) | |||||||||||||||||
Income Taxes | 78,068 | 96,658 | 89,624 | 107,073 | 82,774 | (5.7 | ) | |||||||||||||||||
Income from Continuing Operations | 142,084 | 158,550 | 146,753 | 175,547 | 154,066 | (7.8 | ) | |||||||||||||||||
Discontinued Operations, Net of Income Taxes | — | 4,200 | — | — | — | nm | ||||||||||||||||||
Net Income | $ | 142,084 | 162,750 | 146,753 | 175,547 | 154,066 | (7.8 | ) | ||||||||||||||||
Basic Earnings Per Share | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 0.43 | 0.49 | 0.45 | 0.54 | 0.48 | (8.8) | % | ||||||||||||||||
Net Income | 0.43 | 0.50 | 0.45 | 0.54 | 0.48 | (8.8 | ) | |||||||||||||||||
Diluted Earnings Per Share | ||||||||||||||||||||||||
Income from Continuing Operations | 0.43 | 0.48 | 0.45 | 0.54 | 0.47 | (8.7 | ) | |||||||||||||||||
Net Income | 0.43 | 0.49 | 0.45 | 0.54 | 0.47 | (8.7 | ) | |||||||||||||||||
Dividends Declared Per Share | 0.21 | 0.21 | 0.21 | 0.20 | 0.20 | 5.1 | ||||||||||||||||||
Return on Average Assets * | 1.70 | % | 2.00 | 1.86 | 2.22 | 2.00 | (30) bp | |||||||||||||||||
Return on Average Equity * | 14.02 | 16.69 | 15.94 | 19.03 | 17.63 | (361 | ) | |||||||||||||||||
Average Shares Outstanding — Basic | 327,215 | 326,410 | 325,687 | 324,555 | 323,657 | 1.1 | % | |||||||||||||||||
Average Shares Outstanding — Diluted | 330,160 | 330,263 | 329,573 | 328,122 | 326,834 | 1.0 |
bp — change is measured as difference in basis points.
nm — not meaningful
* — ratios are annualized
nm — not meaningful
* — ratios are annualized
Synovus
7 of 12
Financial Services Segment
INCOME STATEMENTS
(Unaudited)
(In thousands)
INCOME STATEMENTS
(Unaudited)
(In thousands)
Nine Months Ended | ||||||||||||
September 30, | ||||||||||||
2007 | 2006 | Change | ||||||||||
Interest Income (Taxable Equivalent) | $ | 1,688,565 | 1,475,178 | 14.5 | % | |||||||
Interest Expense | 822,445 | 633,918 | 29.7 | |||||||||
Net Interest Income (Taxable Equivalent) | 866,120 | 841,260 | 3.0 | |||||||||
Tax Equivalent Adjustment | 3,857 | 4,343 | (11.2 | ) | ||||||||
Net Interest Income | 862,263 | 836,917 | 3.0 | |||||||||
Provision for Loan Losses | 99,566 | 56,473 | 76.3 | |||||||||
Net Interest Income After Provision | 762,697 | 780,444 | (2.3 | ) | ||||||||
Non-Interest Income: | ||||||||||||
Service Charges on Deposits | 83,157 | 84,281 | (1.3 | ) | ||||||||
Fiduciary and Asset Management Fees | 37,652 | 35,707 | 5.4 | |||||||||
Brokerage and Investment Banking Revenue | 23,381 | 20,009 | 16.9 | |||||||||
Mortgage Banking Income | 20,876 | 22,419 | (6.9 | ) | ||||||||
Bankcard Fees | 35,370 | 33,085 | 6.9 | |||||||||
Securities Gains (Losses) | 891 | (2,119 | ) | nm | ||||||||
Other Fee Income | 29,749 | 29,664 | 0.3 | |||||||||
Other Non-Interest Income | 58,953 | 38,791 | 52.0 | |||||||||
Total Non-Interest Income | 290,029 | 261,837 | 10.8 | |||||||||
Non-Interest Expense: | ||||||||||||
Personnel Expense | 345,690 | 335,243 | 3.1 | |||||||||
Occupancy and Equipment Expense | 82,914 | 73,899 | 12.2 | |||||||||
Other Non-Interest Expense | 164,281 | 151,961 | 8.1 | |||||||||
Spin-off Related Expenses | 4,606 | — | nm | |||||||||
Total Non-Interest Expense | 597,491 | 561,103 | 6.5 | |||||||||
Income from Continuing Operations before Income Taxes | 455,235 | 481,178 | (5.4 | ) | ||||||||
Income Taxes | 162,908 | 171,051 | (4.8 | ) | ||||||||
Income from Continuing Operations | 292,327 | 310,127 | (5.7 | ) | ||||||||
Discontinued Operations, Net of Income Taxes | 4,200 | — | nm | |||||||||
Net Income | $ | 296,527 | 310,127 | (4.4 | ) | |||||||
Return on Average Assets * | 1.27 | % | 1.48 | (21 | )bp | |||||||
Return on Average Equity * | 13.98 | 17.19 | (321 | ) |
bp — change is measured as difference in basis points.
nm — not meaningful
* — ratios are annualized
nm — not meaningful
* — ratios are annualized
Synovus
8 of 12
Financial Services Segment
INCOME STATEMENTS
(Unaudited)
(In thousands)
INCOME STATEMENTS
(Unaudited)
(In thousands)
2007 | 2006 | 3rd Quarter | ||||||||||||||||||||||
Third | Second | First | Fourth | Third | ’07 vs. ’06 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest Income (Taxable Equivalent) | $ | 573,545 | 565,777 | 549,243 | 547,079 | 535,025 | 7.2 | % | ||||||||||||||||
Interest Expense | 281,478 | 276,017 | 264,950 | 256,760 | 242,875 | 15.9 | ||||||||||||||||||
Net Interest Income (Taxable Equivalent) | 292,067 | 289,760 | 284,293 | 290,319 | 292,150 | 0.0 | ||||||||||||||||||
Tax Equivalent Adjustment | 1,228 | 1,285 | 1,344 | 1,448 | 1,395 | (11.9 | ) | |||||||||||||||||
Net Interest Income | 290,839 | 288,475 | 282,949 | 288,871 | 290,755 | 0.0 | ||||||||||||||||||
Provision for Loan Losses | 58,770 | 20,281 | 20,515 | 18,675 | 18,390 | 219.6 | ||||||||||||||||||
Net Interest Income After Provision | 232,069 | 268,194 | 262,434 | 270,196 | 272,365 | (14.8 | ) | |||||||||||||||||
Non-Interest Income: | ||||||||||||||||||||||||
Service Charges on Deposits | 28,736 | 28,050 | 26,370 | 28,136 | 29,292 | (1.9 | ) | |||||||||||||||||
Fiduciary and Asset Management Fees | 12,524 | 12,658 | 12,473 | 12,921 | 12,078 | 3.7 | ||||||||||||||||||
Brokerage and Investment Banking Revenue | 8,123 | 7,809 | 7,449 | 6,721 | 6,502 | 24.9 | ||||||||||||||||||
Mortgage Banking Income | 5,955 | 7,695 | 7,226 | 6,837 | 8,440 | (29.4 | ) | |||||||||||||||||
Bankcard Fees | 11,923 | 11,567 | 11,880 | 11,218 | 11,438 | 4.2 | ||||||||||||||||||
Securities Gains (Losses) | 186 | 258 | 447 | — | (982 | ) | nm | |||||||||||||||||
Other Fee Income | 9,910 | 10,411 | 9,427 | 9,079 | 10,024 | (1.1 | ) | |||||||||||||||||
Other Non-Interest Income | 28,837 | 17,883 | 12,231 | 22,682 | 12,527 | 130.2 | ||||||||||||||||||
Total Non-Interest Income | 106,194 | 96,331 | 87,503 | 97,594 | 89,319 | 18.9 | ||||||||||||||||||
Non-Interest Expense: | ||||||||||||||||||||||||
Personnel Expense | 115,941 | 115,822 | 113,927 | 115,130 | 113,842 | 1.8 | ||||||||||||||||||
Occupancy and Equipment Expense | 28,055 | 27,572 | 27,290 | 26,370 | 25,566 | 9.7 | ||||||||||||||||||
Other Non-Interest Expense | 56,429 | 54,267 | 53,580 | 61,930 | 51,899 | 8.7 | ||||||||||||||||||
Spin-off Related Expenses | 4,245 | 361 | — | — | — | nm | ||||||||||||||||||
Total Non-Interest Expense | 204,670 | 198,022 | 194,797 | 203,430 | 191,307 | 7.0 | ||||||||||||||||||
Income from Continuing Operations before Income Taxes | 133,593 | 166,503 | 155,140 | 164,360 | 170,377 | (21.6 | ) | |||||||||||||||||
Income Taxes | 47,121 | 61,055 | 54,733 | 59,384 | 60,394 | (22.0 | ) | |||||||||||||||||
Income from Continuing Operations | 86,472 | 105,448 | 100,407 | 104,976 | 109,983 | (21.4 | ) | |||||||||||||||||
Discontinued Operations, Net of Income Taxes | — | 4,200 | — | — | — | nm | ||||||||||||||||||
Net Income | $ | 86,472 | 109,648 | 100,407 | 104,976 | 109,983 | (21.4 | ) | ||||||||||||||||
Return on Average Assets * | 1.08 | % | 1.40 | 1.33 | 1.39 | 1.49 | (41 | )bp | ||||||||||||||||
Return on Average Equity * | 11.76 | 15.37 | 14.95 | 15.45 | 17.04 | (528 | ) |
bp — change is measured as difference in basis points.
nm — not meaningful
* — ratios are annualized
nm — not meaningful
* — ratios are annualized
Synovus
9 of 12
BALANCE SHEETS | September 30, 2007 | December 31, 2006 | September 30, 2006 | |||||||||
(Unaudited) | ||||||||||||
(In thousands, except share data) | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 944,215 | 889,975 | 790,602 | ||||||||
Interest earning deposits with banks | 4,318 | 19,389 | 17,444 | |||||||||
Federal funds sold and securities purchased under resale agreements | 113,654 | 101,091 | 308,300 | |||||||||
Trading account assets | 33,009 | 15,266 | 15,031 | |||||||||
Mortgage loans held for sale | 165,837 | 175,042 | 158,690 | |||||||||
Investment securities available for sale | 3,628,766 | 3,352,357 | 3,269,889 | |||||||||
Loans, net of unearned income | 25,774,656 | 24,654,552 | 24,192,596 | |||||||||
Allowance for loan losses | (356,887 | ) | (314,459 | ) | (319,973 | ) | ||||||
Loans, net | 25,417,769 | 24,340,093 | 23,872,623 | |||||||||
Premises and equipment, net | 803,528 | 752,738 | 723,974 | |||||||||
Contract acquisition costs and computer software, net | 351,576 | 383,899 | 403,702 | |||||||||
Goodwill, net | 682,047 | 669,515 | 681,720 | |||||||||
Other intangible assets, net | 49,933 | 63,586 | 50,900 | |||||||||
Other assets | 1,381,011 | 1,091,822 | 1,052,007 | |||||||||
Total assets | $ | 33,575,663 | 31,854,773 | 31,344,882 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing retail and commercial deposits | $ | 3,564,105 | 3,538,598 | 3,659,629 | ||||||||
Interest bearing retail and commercial deposits | 17,887,961 | 17,741,354 | 17,103,778 | |||||||||
Total retail and commercial deposits | 21,452,066 | 21,279,952 | 20,763,407 | |||||||||
Brokered time deposits | 2,872,978 | 3,014,495 | 3,199,157 | |||||||||
Total deposits | 24,325,044 | 24,294,447 | 23,962,564 | |||||||||
Federal funds purchased and other short-term liabilities | 2,568,759 | 1,572,809 | 1,582,037 | |||||||||
Long-term debt | 1,760,162 | 1,350,139 | 1,363,519 | |||||||||
Other liabilities | 585,631 | 692,019 | 654,742 | |||||||||
Total liabilities | 29,239,596 | 27,909,414 | 27,562,862 | |||||||||
Minority interest in consolidated subsidiaries | 274,571 | 236,709 | 218,073 | |||||||||
Shareholders’ equity: | ||||||||||||
Common stock, par value $1.00 a share (1) | 334,095 | 331,214 | 330,474 | |||||||||
Additional Paid in Capital | 1,107,653 | 1,033,055 | 1,009,976 | |||||||||
Treasury stock (2) | (113,944 | ) | (113,944 | ) | (113,944 | ) | ||||||
Accumulated other comprehensive income(loss) | 23,339 | (2,129 | ) | (7,519 | ) | |||||||
Retained earnings | 2,710,353 | 2,460,454 | 2,344,960 | |||||||||
Total shareholders’ equity (3) | 4,061,496 | 3,708,650 | 3,563,947 | |||||||||
Total liabilities and shareholders’ equity | $ | 33,575,663 | 31,854,773 | 31,344,882 | ||||||||
(1) | Common shares outstanding: 328,433,944; 325,552,375; and 324,812,048 at September 30, 2007, December 31, 2006, and | |
September 30, 2006, respectively. | ||
(2) | Treasury shares: 5,661,538 at September 30, 2007, December 31, 2006, and September 30, 2006. | |
(3) | Book value per share: $12.37 ; $11.39; and $10.97 at September 30, 2007, December 31, 2006, and September 30, 2006, respectively. |
Synovus
10 of 12
AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
2007 | 2006 | |||||||||||||||||||
Third | Second | First | Fourth | Third | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable Investment Securities | $ | 3,495,017 | 3,420,831 | 3,301,137 | 3,178,852 | 3,025,507 | ||||||||||||||
Yield | 4.82 | % | 4.83 | 4.77 | 4.51 | 4.39 | ||||||||||||||
Tax-Exempt Investment Securities | $ | 170,211 | 178,183 | 185,012 | 193,737 | 197,024 | ||||||||||||||
Yield (taxable equivalent) | 6.74 | % | 6.75 | 6.84 | 6.95 | 6.70 | ||||||||||||||
Trading Account Assets | $ | 56,217 | 59,311 | 64,204 | 34,471 | 53,181 | ||||||||||||||
Yield | 7.06 | % | 6.47 | 5.65 | 6.67 | 5.30 | ||||||||||||||
Commercial Loans | $ | 21,820,687 | 21,739,107 | 21,242,921 | 20,791,108 | 20,407,139 | ||||||||||||||
Yield | 8.13 | % | 8.20 | 8.24 | 8.25 | 8.23 | ||||||||||||||
Consumer Loans | $ | 915,847 | 896,267 | 928,256 | 928,521 | 929,964 | ||||||||||||||
Yield | 8.17 | % | 8.14 | 8.01 | 7.98 | 7.96 | ||||||||||||||
Mortgage Loans | $ | 1,152,621 | 1,110,754 | 1,081,760 | 1,089,794 | 1,091,425 | ||||||||||||||
Yield | 7.10 | % | 7.03 | 6.98 | 6.99 | 6.93 | ||||||||||||||
Credit Card Loans | $ | 277,445 | 275,105 | 270,444 | 268,705 | 265,120 | ||||||||||||||
Yield | 10.96 | % | 10.64 | 11.17 | 10.89 | 10.86 | ||||||||||||||
Home Equity Loans | $ | 1,444,411 | 1,407,005 | 1,385,012 | 1,316,842 | 1,252,803 | ||||||||||||||
Yield | 7.80 | % | 7.82 | 7.68 | 7.82 | 7.97 | ||||||||||||||
Allowance for Loan Losses | $ | (335,406 | ) | (329,028 | ) | (317,977 | ) | (317,603 | ) | (318,195 | ) | |||||||||
Loans, Net | $ | 25,275,605 | 25,099,210 | 24,590,416 | 24,077,367 | 23,628,256 | ||||||||||||||
Yield | 8.21 | % | 8.26 | 8.28 | 8.29 | 8.29 | ||||||||||||||
Mortgage Loans Held for Sale | $ | 176,448 | 163,364 | 160,482 | 149,113 | 130,196 | ||||||||||||||
Yield | 6.91 | % | 6.18 | 6.07 | 6.02 | 6.51 | ||||||||||||||
Federal Funds Sold and Other Short-Term Investments | $ | 89,754 | 131,092 | 147,932 | 120,804 | 155,200 | ||||||||||||||
Yield | 5.53 | % | 5.42 | 5.61 | 5.40 | 5.32 | ||||||||||||||
Total Interest Earning Assets | $ | 29,263,252 | 29,051,991 | 28,449,183 | 27,754,344 | 27,189,364 | ||||||||||||||
Yield | 7.78 | % | 7.81 | 7.82 | 7.83 | 7.81 | ||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||
Interest Bearing Demand Deposits | $ | 3,047,279 | 3,141,899 | 3,113,531 | 3,034,375 | 2,946,646 | ||||||||||||||
Rate | 2.24 | % | 2.28 | 2.30 | 2.18 | 2.03 | ||||||||||||||
Money Market Accounts | $ | 7,588,170 | 7,388,012 | 7,083,633 | 6,956,181 | 6,587,365 | ||||||||||||||
Rate | 4.44 | % | 4.49 | 4.49 | 4.45 | 4.38 | ||||||||||||||
Savings Deposits | $ | 479,479 | 497,422 | 502,948 | 514,317 | 547,779 | ||||||||||||||
Rate | 0.48 | % | 0.57 | 0.68 | 0.72 | 0.72 | ||||||||||||||
Time Deposits Under $100,000 | $ | 2,917,089 | 3,020,881 | 3,037,815 | 3,003,141 | 2,917,518 | ||||||||||||||
Rate | 4.81 | % | 4.85 | 4.79 | 4.64 | 4.38 | ||||||||||||||
Time Deposits Over $100,000 (less brokered time deposits) | $ | 4,029,091 | 4,118,221 | 4,101,471 | 3,997,493 | 3,756,853 | ||||||||||||||
Rate | 5.12 | % | 5.19 | 5.15 | 5.07 | 4.92 | ||||||||||||||
Total Interest Bearing Core Deposits | 18,061,108 | 18,166,435 | 17,839,398 | 17,505,507 | 16,756,161 | |||||||||||||||
Rate | 4.18 | % | 4.22 | 4.20 | 4.12 | 3.97 | ||||||||||||||
Brokered Time Deposits | $ | 3,188,310 | 3,175,161 | 3,030,793 | 3,137,889 | 3,165,905 | ||||||||||||||
Rate | 5.19 | % | 5.05 | 5.08 | 5.01 | 4.85 | ||||||||||||||
Total Interest Bearing Deposits | $ | 21,249,418 | 21,341,596 | 20,870,191 | 20,643,396 | 19,922,066 | ||||||||||||||
Rate | 4.33 | % | 4.34 | 4.33 | 4.26 | 4.11 | ||||||||||||||
Federal Funds Purchased and Other Short-Term Liabilities | $ | 1,928,206 | 1,711,310 | 1,690,049 | 1,283,832 | 1,553,699 | ||||||||||||||
Rate | 4.70 | % | 4.90 | 4.87 | 4.72 | 4.73 | ||||||||||||||
Long-Term Debt | $ | 1,707,765 | 1,565,014 | 1,450,466 | 1,360,635 | 1,364,226 | ||||||||||||||
Rate | 5.31 | % | 5.12 | 5.05 | 4.90 | 4.57 | ||||||||||||||
Total Interest Bearing Liabilities | $ | 24,885,389 | 24,617,920 | 24,010,706 | 23,287,863 | 22,839,991 | ||||||||||||||
Rate | 4.43 | % | 4.43 | 4.41 | 4.32 | 4.18 | ||||||||||||||
Non-Interest Bearing Demand Deposits | $ | 3,384,998 | 3,372,063 | 3,372,105 | 3,469,233 | 3,528,942 | ||||||||||||||
Shareholders’ Equity | $ | 4,020,615 | 3,910,907 | 3,733,523 | 3,659,996 | 3,467,029 | ||||||||||||||
Total Assets | $ | 33,113,667 | 32,710,807 | 32,022,912 | 31,307,991 | 30,613,827 | ||||||||||||||
Net Interest Margin | 4.02 | % | 4.05 | 4.10 | 4.20 | 4.30 |
* Yields and rates are annualized.
Synovus
11 of 12
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
September 30, 2007 | ||||||||||||||||
Loans as a % | Total | Nonperforming Loans | ||||||||||||||
of Total Loans | Nonperforming | as a % of Total | ||||||||||||||
Loan Type | Total Loans | Outstanding | Loans | Nonperforming Loans | ||||||||||||
Multi-Family | $ | 449,814 | 1.8 | % | $ | 345 | 0.2 | % | ||||||||
Hotels | 591,527 | 2.3 | — | — | ||||||||||||
Office Buildings | 881,138 | 3.4 | 4,467 | 2.0 | ||||||||||||
Shopping Centers | 739,334 | 2.9 | 83 | — | ||||||||||||
Commercial Development | 937,367 | 3.6 | 6,125 | 2.7 | ||||||||||||
Other Investment Property | 608,227 | 2.4 | 324 | 0.2 | ||||||||||||
Total Investment Properties | 4,207,407 | 16.4 | 11,344 | 5.1 | ||||||||||||
1-4 Family Construction | 2,302,842 | 8.9 | 59,642 | 26.6 | ||||||||||||
1-4 Family Perm / Mini-Perm | 1,219,577 | 4.7 | 13,268 | 5.9 | ||||||||||||
Residential Development | 2,269,844 | 8.8 | 56,541 | 25.2 | ||||||||||||
Total 1-4 Family Properties | 5,792,263 | 22.4 | 129,451 | 57.7 | ||||||||||||
Land Acquisition | 1,476,042 | 5.7 | 8,782 | 3.9 | ||||||||||||
Total Commercial Real Estate | 11,475,712 | 44.5 | 149,577 | 66.7 | ||||||||||||
Commercial , Financial, and Agricultural | 6,281,941 | 24.4 | 43,935 | 19.6 | ||||||||||||
Owner-Occupied | 4,197,447 | 16.3 | 11,725 | 5.2 | ||||||||||||
Total Commercial & Industrial | 10,479,388 | 40.7 | 55,660 | 24.8 | ||||||||||||
Home Equity | 1,478,694 | 5.7 | 3,232 | 1.5 | ||||||||||||
Consumer Mortgages | 1,620,730 | 6.3 | 12,934 | 5.8 | ||||||||||||
Credit Card | 280,192 | 1.1 | — | — | ||||||||||||
Other Retail Loans | 485,928 | 1.9 | 2,652 | 1.2 | ||||||||||||
Total Retail | 3,865,544 | 15.0 | 18,818 | 8.5 | ||||||||||||
Unearned Income | (45,988 | ) | (0.2 | ) | — | — | ||||||||||
Total | $ | 25,774,656 | 100.0 | % | $ | 224,055 | 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
Total Loans | 3Q07 vs. 4Q06 | 3Q07 vs. 3Q06 | ||||||||||||||||||
Loan Type | September 30, 2007 | December 31, 2006 | % change (1) | September 30, 2006 | % change | |||||||||||||||
Multi-Family | $ | 449,814 | 505,586 | (14.7 | )% | $ | 517,644 | (13.1 | )% | |||||||||||
Hotels | 591,527 | 643,180 | (10.7 | ) | 642,330 | (7.9 | ) | |||||||||||||
Office Buildings | 881,138 | 881,658 | (0.1 | ) | 888,397 | (0.8 | ) | |||||||||||||
Shopping Centers | 739,334 | 764,924 | (4.5 | ) | 749,189 | (1.3 | ) | |||||||||||||
Commercial Development | 937,367 | 876,570 | 9.3 | 958,636 | (2.2 | ) | ||||||||||||||
Other Investment Property | 608,227 | 434,298 | 53.5 | 406,880 | 49.5 | |||||||||||||||
Total Investment Properties | 4,207,407 | 4,106,216 | 3.3 | 4,163,076 | 1.1 | |||||||||||||||
1-4 Family Construction | 2,302,842 | 2,347,025 | (2.5 | ) | 2,244,886 | 2.6 | ||||||||||||||
1-4 Family Perm / Mini-Perm | 1,219,577 | 1,193,895 | 2.9 | 1,199,959 | 1.6 | |||||||||||||||
Residential Development | 2,269,844 | 2,036,207 | 15.3 | 1,963,061 | 15.6 | |||||||||||||||
Total 1-4 Family Properties | 5,792,263 | 5,577,127 | 5.2 | 5,407,906 | 7.1 | |||||||||||||||
Land Acquisition | 1,476,042 | 1,402,402 | 7.0 | 1,307,168 | 12.9 | |||||||||||||||
Total Commercial Real Estate | 11,475,712 | 11,085,745 | 4.7 | 10,878,150 | 5.5 | |||||||||||||||
Commercial, Financial, and Agricultural | 6,281,941 | 5,875,854 | 9.2 | 5,711,488 | 10.0 | |||||||||||||||
Owner-Occupied | 4,197,447 | 4,080,743 | 3.8 | 4,097,768 | 2.4 | |||||||||||||||
Total Commercial & Industrial | 10,479,388 | 9,956,597 | 7.0 | 9,809,256 | 6.8 | |||||||||||||||
Home Equity | 1,478,694 | 1,364,030 | 11.2 | 1,272,804 | 16.2 | |||||||||||||||
Consumer Mortgages | 1,620,730 | 1,517,849 | 9.1 | 1,512,091 | 7.2 | |||||||||||||||
Credit Card | 280,192 | 276,269 | 1.9 | 266,205 | 5.3 | |||||||||||||||
Other Retail Loans | 485,928 | 500,757 | (4.0 | ) | 506,490 | (4.1 | ) | |||||||||||||
Total Retail | 3,865,544 | 3,658,905 | 7.6 | 3,557,590 | 8.7 | |||||||||||||||
Unearned Income | (45,988 | ) | (46,695 | ) | (2.0 | ) | (52,400 | ) | (12.2 | ) | ||||||||||
Total | $ | 25,774,656 | 24,654,552 | 6.1 | % | $ | 24,192,596 | 6.5 | % | |||||||||||
(1) | Percentage change is annualized. |
Synovus
12 of 12
CREDIT QUALITY DATA
(Unaudited) | |||||||||||||||||||||||||
(Dollars in thousands) | 2007 | 2006 | 3rd Quarter | ||||||||||||||||||||||
Third | Second | First | Fourth | Third | ’07 vs. ’06 | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | ||||||||||||||||||||
Nonperforming Loans | $ | 224,055 | 180,776 | 138,790 | 96,623 | 94,766 | 136.4 | % | |||||||||||||||||
Other Real Estate | 76,514 | 41,259 | 31,710 | 25,923 | 31,549 | 142.5 | |||||||||||||||||||
Nonperforming Assets | 300,569 | 222,035 | 170,500 | 122,545 | 126,315 | 138.0 | |||||||||||||||||||
Allowance for Loan Losses | 356,887 | 331,130 | 326,826 | 314,459 | 319,973 | 11.5 | |||||||||||||||||||
Net Charge-Offs — Quarter | 33,013 | 15,978 | 8,148 | 24,190 | 12,111 | 172.6 | |||||||||||||||||||
Net Charge-Offs — YTD | 57,139 | 24,126 | 8,148 | 60,217 | 36,027 | 58.6 | |||||||||||||||||||
Net Charge-Offs / Average Loans — Quarter | 0.51 | % | 0.25 | 0.13 | 0.39 | 0.20 | |||||||||||||||||||
Net Charge-Offs / Average Loans — YTD | 0.30 | 0.19 | 0.13 | 0.26 | 0.21 | ||||||||||||||||||||
Nonperforming Loans / Loans & ORE | 0.87 | 0.71 | 0.55 | 0.39 | 0.39 | ||||||||||||||||||||
Nonperforming Assets / Loans & ORE | 1.16 | 0.87 | 0.68 | 0.50 | 0.52 | ||||||||||||||||||||
Allowance / Loans | 1.38 | 1.30 | 1.30 | 1.28 | 1.32 | ||||||||||||||||||||
Allowance / Nonperforming Loans | 159.29 | 183.17 | 235.48 | 325.45 | 337.65 | ||||||||||||||||||||
Allowance / Nonperforming Assets | 118.74 | 149.13 | 191.69 | 256.61 | 253.31 | ||||||||||||||||||||
Past Due Loans over 90 days | 22,667 | 23,067 | 27,414 | 34,495 | 18,002 | ||||||||||||||||||||
As a Percentage of Loans Outstanding | 0.09 | 0.09 | 0.11 | 0.14 | 0.07 | ||||||||||||||||||||
Total Past Dues | 230,035 | 164,180 | 150,188 | 154,027 | 140,526 | ||||||||||||||||||||
As a Percentage of Loans Outstanding | 0.89 | 0.64 | 0.60 | 0.62 | 0.58 |
REGULATORY CAPITAL RATIOS (1)
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
September 30, 2007 | December 31, 2006 | September 30, 2006 | ||||||||||||||
Tier 1 Capital | $ | 3,622,904 | 3,254,603 | 3,067,156 | ||||||||||||
Total Risk-Based Capital | 4,729,790 | 4,319,062 | 4,137,129 | |||||||||||||
Tier 1 Capital Ratio | 11.42 | % | 10.87 | 10.36 | ||||||||||||
Total Risk-Based Capital Ratio | 14.91 | 14.43 | 13.98 | |||||||||||||
Leverage Ratio | 11.19 | 10.64 | 10.28 |
(1) | September 30, 2007 information is preliminary. |