Synovus | 4 of 8 |
INCOME STATEMENT DATA
(Unaudited)
(Unaudited)
(In thousands, except per share data) | 2009 | 2008 | 1st Quarter | |||||||||||||||||||||
First | Fourth | Third | Second | First | '09 vs. '08 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest income (taxable equivalent) | $ | 387,574 | 441,749 | 456,400 | 459,274 | 505,057 | (23.3 | )% | ||||||||||||||||
Interest expense | 143,154 | 182,312 | 187,425 | 184,719 | 225,232 | (36.4 | ) | |||||||||||||||||
Net interest income (taxable equivalent) | 244,420 | 259,437 | 268,975 | 274,555 | 279,825 | (12.7 | ) | |||||||||||||||||
Tax equivalent adjustment | 1,181 | 1,412 | 1,177 | 1,134 | 1,176 | 0.4 | ||||||||||||||||||
Net interest income | 243,239 | 258,025 | 267,798 | 273,421 | 278,649 | (12.7 | ) | |||||||||||||||||
Provision for loan losses | 290,437 | 363,867 | 151,351 | 93,616 | 91,049 | 219.0 | ||||||||||||||||||
Net interest income (loss) after provision for loan losses | (47,198 | ) | (105,842 | ) | 116,447 | 179,805 | 187,600 | (125.2 | ) | |||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 28,699 | 29,244 | 28,132 | 26,070 | 28,391 | 1.1 | ||||||||||||||||||
Fiduciary and asset management fees | 10,815 | 11,168 | 12,095 | 12,898 | 12,621 | (14.3 | ) | |||||||||||||||||
Brokerage and investment banking revenue | 6,871 | 7,528 | 7,898 | 9,206 | 8,487 | (19.0 | ) | |||||||||||||||||
Mortgage banking income | 9,322 | 5,170 | 4,476 | 5,686 | 8,161 | 14.2 | ||||||||||||||||||
Bankcard fees | 12,681 | 13,365 | 13,371 | 14,198 | 12,218 | 3.8 | ||||||||||||||||||
Net gains on sales of investment securities available for sale | — | 45 | — | — | — | nm | ||||||||||||||||||
Other fee income | 7,690 | 7,207 | 8,773 | 10,081 | 11,185 | (31.2 | ) | |||||||||||||||||
Increase in fair value of private equity investments, net | — | 6,996 | 13,052 | — | 4,946 | nm | ||||||||||||||||||
Proceeds from sale of MasterCard shares | — | — | — | 16,186 | — | nm | ||||||||||||||||||
Proceeds from redemption of Visa shares | — | — | — | — | 38,542 | nm | ||||||||||||||||||
Other non-interest income | 12,670 | 7,838 | 11,158 | 13,373 | 15,424 | (17.9 | ) | |||||||||||||||||
Total non-interest income | 88,748 | 88,561 | 98,955 | 107,698 | 139,975 | (36.6 | ) | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 111,979 | 112,586 | 114,535 | 109,676 | 122,130 | (8.3 | ) | |||||||||||||||||
Net occupancy and equipment expense | 31,647 | 31,255 | 31,852 | 31,126 | 30,211 | 4.8 | ||||||||||||||||||
FDIC insurance and other regulatory fees | 12,999 | 6,950 | 5,960 | 6,172 | 6,079 | 113.8 | ||||||||||||||||||
Foreclosed real estate | 46,330 | 71,915 | 43,205 | 13,677 | 7,881 | 487.9 | ||||||||||||||||||
Losses on impaired loans held for sale | (65 | ) | (35 | ) | — | 9,944 | — | nm | ||||||||||||||||
Visa litigation (recovery) expense | — | (6,390 | ) | 6,347 | — | (17,430 | ) | nm | ||||||||||||||||
Goodwill impairment | — | 442,730 | 9,887 | 27,000 | — | nm | ||||||||||||||||||
Professional fees | 6,957 | 9,973 | 6,909 | 8,454 | 4,940 | 40.8 | ||||||||||||||||||
Restructuring charges | 6,358 | 2,826 | 9,048 | 4,251 | — | nm | ||||||||||||||||||
Other operating expenses | 47,151 | 51,389 | 47,341 | 55,664 | 47,563 | (0.9 | ) | |||||||||||||||||
Total non-interest expense | 263,356 | 723,199 | 275,084 | 265,964 | 201,374 | 30.8 | ||||||||||||||||||
Income (loss) before income taxes | (221,806 | ) | (740,480 | ) | (59,682 | ) | 21,539 | 126,201 | (275.8 | ) | ||||||||||||||
Income tax (benefit) expense | (85,077 | ) | (106,435 | ) | (24,211 | ) | 9,302 | 43,648 | (294.9 | ) | ||||||||||||||
Net income (loss) | (136,729 | ) | (634,045 | ) | (35,471 | ) | 12,237 | 82,553 | (265.6 | ) | ||||||||||||||
Net income (loss) attributable to non-controlling interest | (57 | ) | 1,365 | 4,650 | 138 | 1,559 | (103.7 | ) | ||||||||||||||||
Net income (loss) attributable to controlling interest | (136,672 | ) | (635,410 | ) | (40,121 | ) | 12,099 | 80,994 | (268.7 | ) | ||||||||||||||
Dividends and accretion of discount on preferred stock | 14,192 | 2,057 | — | — | — | nm | ||||||||||||||||||
Net income (loss) available to common shareholders | $ | (150,864 | ) | (637,467 | ) | (40,121 | ) | 12,099 | 80,994 | (286.3 | ) | |||||||||||||
Basic EPS | $ | (0.46 | ) | (1.93 | ) | (0.12 | ) | 0.04 | 0.25 | nm | ||||||||||||||
Diluted EPS | (0.46 | ) | (1.93 | ) | (0.12 | ) | 0.04 | 0.24 | nm | |||||||||||||||
Cash dividends declared per common share | 0.01 | 0.06 | 0.06 | 0.17 | 0.17 | (94.1 | ) | |||||||||||||||||
Return on average assets * | (1.58) | % | (7.17 | ) | (0.47 | ) | 0.14 | 0.99 | nm | |||||||||||||||
Return on average common equity * | (21.90 | ) | (76.55 | ) | (4.74 | ) | 1.40 | 9.43 | nm | |||||||||||||||
Average common shares outstanding — basic | 329,785 | 329,691 | 329,438 | 329,173 | 328,970 | 0.2 | % | |||||||||||||||||
Average common shares outstanding — diluted | 329,785 | 329,691 | 329,438 | 331,418 | 331,719 | (0.6 | ) |
nm – not meaningful
* – ratios are annualized
Synovus | 5 of 8 |
BALANCE SHEET DATA | March 31, 2009 | December 31, 2008 | March 31, 2008 | |||||||||
(Unaudited) | ||||||||||||
(In thousands, except share data) | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 437,788 | 524,327 | 589,640 | ||||||||
Interest bearing funds with Federal Reserve Bank | 362,038 | 1,206,168 | — | |||||||||
Interest earning deposits with banks | 95,757 | 10,805 | 2,440 | |||||||||
Federal funds sold and securities purchased under resale agreements | 155,549 | 388,197 | 101,855 | |||||||||
Trading account assets | 15,013 | 24,513 | 34,730 | |||||||||
Mortgage loans held for sale | 223,093 | 133,637 | 141,598 | |||||||||
Impaired loans held for sale | 22,751 | 3,527 | 42,270 | |||||||||
Investment securities available for sale | 3,778,473 | 3,892,148 | 3,779,877 | |||||||||
Loans, net of unearned income | 27,730,272 | 27,920,177 | 27,117,510 | |||||||||
Allowance for loan losses | (642,422 | ) | (598,301 | ) | (394,848 | ) | ||||||
Loans, net | 27,087,850 | 27,321,876 | 26,722,662 | |||||||||
Premises and equipment, net | 603,555 | 605,019 | 565,887 | |||||||||
Goodwill | 39,521 | 39,521 | 519,138 | |||||||||
Other intangible assets, net | 20,064 | 21,266 | 26,156 | |||||||||
Other assets | 1,705,980 | 1,615,265 | 1,233,637 | |||||||||
Total assets | $ | 34,547,432 | 35,786,269 | 33,759,890 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 3,785,089 | 3,563,619 | 3,508,246 | ||||||||
Interest bearing deposits | 24,162,897 | 25,053,560 | 22,154,941 | |||||||||
Total deposits | 27,947,986 | 28,617,179 | 25,663,187 | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 577,269 | 725,869 | 2,108,109 | |||||||||
Long-term debt | 1,869,884 | 2,107,173 | 1,992,750 | |||||||||
Other liabilities | 480,895 | 516,541 | 442,270 | |||||||||
Total liabilities | 30,876,034 | 31,966,762 | 30,206,316 | |||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value(1) | 921,728 | 919,635 | — | |||||||||
Common stock, par value $1.00(2) | 336,069 | 336,011 | 335,750 | |||||||||
Additional paid-in capital | 1,168,409 | 1,165,875 | 1,106,049 | |||||||||
Treasury stock(3) | (114,139 | ) | (114,117 | ) | (113,944 | ) | ||||||
Accumulated other comprehensive income | 125,013 | 129,253 | 92,076 | |||||||||
Retained earnings | 1,200,899 | 1,350,501 | 2,110,871 | |||||||||
Total shareholders’ equity | 3,637,979 | 3,787,158 | 3,530,802 | |||||||||
Non-controlling interest | 33,419 | 32,349 | 22,772 | |||||||||
Total equity | 3,671,398 | 3,819,507 | 3,553,574 | |||||||||
Total liabilities and shareholders’ equity | $ | 34,547,432 | 35,786,269 | 33,759,890 | ||||||||
(1) | Preferred shares outstanding: 967,870 at March 31, 2009 and December 31, 2008. | |
(2) | Common shares outstanding: 330,386,502; 330,334,111; and 330,088,033 at March 31, 2009, December 31, 2008, and March 31, 2008, respectively. | |
(3) | Treasury shares: 5,682,301; 5,676,830; and 5,661,538 at March 31, 2009, December 31, 2008 and March 31, 2008, respectively. |
Synovus | 6 of 8 |
AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
2009 | 2008 | |||||||||||||||||||
First | Fourth | Third | Second | First | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable Investment Securities | $ | 3,572,296 | 3,671,637 | 3,670,315 | 3,556,381 | 3,485,370 | ||||||||||||||
Yield | 5.06 | % | 4.78 | 4.91 | 5.00 | 5.01 | ||||||||||||||
Tax-Exempt Investment Securities | $ | 116,163 | 122,332 | 128,241 | 137,606 | 154,408 | ||||||||||||||
Yield (taxable equivalent) | 6.91 | % | 6.79 | 6.74 | 7.34 | 7.00 | ||||||||||||||
Trading Account Assets | $ | 22,580 | 29,727 | 30,584 | 26,531 | 36,652 | ||||||||||||||
Yield | 6.02 | % | 5.10 | 6.77 | 5.88 | 6.96 | ||||||||||||||
Commercial Loans | $ | 23,525,450 | 23,870,384 | 23,302,028 | 23,183,128 | 22,763,954 | ||||||||||||||
Yield | 4.77 | % | 5.46 | 5.78 | 5.96 | 6.79 | ||||||||||||||
Consumer Loans | $ | 4,353,580 | 4,347,332 | 4,267,477 | 4,115,130 | 4,026,942 | ||||||||||||||
Yield | 5.50 | % | 5.88 | 6.19 | 6.29 | 7.05 | ||||||||||||||
Allowance for Loan Losses | $ | (627,110 | ) | (473,875 | ) | (422,331 | ) | (397,392 | ) | (381,695 | ) | |||||||||
Loans, Net | $ | 27,251,920 | 27,743,841 | 27,147,174 | 26,900,866 | 26,409,201 | ||||||||||||||
Yield | 5.01 | % | 5.63 | 5.95 | 6.12 | 6.94 | ||||||||||||||
Mortgage Loans Held for Sale | $ | 247,937 | 98,362 | 108,873 | 157,049 | 121,806 | ||||||||||||||
Yield | 5.46 | % | 5.96 | 6.91 | 5.86 | 5.57 | ||||||||||||||
Federal Funds Sold, Due from Federal Reserve Bank and Other Short-Term Investments | $ | 1,214,897 | 642,396 | 211,323 | 201,081 | 128,381 | ||||||||||||||
Yield | 0.31 | % | 0.60 | 1.88 | 1.83 | 3.41 | ||||||||||||||
Total Interest Earning Assets | $ | 32,425,793 | 32,308,295 | 31,296,510 | 30,979,514 | 30,335,818 | ||||||||||||||
Yield | 4.84 | % | 5.44 | 5.81 | 5.96 | 6.69 | ||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||
Interest Bearing Demand Deposits | $ | 3,602,371 | 3,201,355 | 3,076,447 | 3,154,884 | 3,200,650 | ||||||||||||||
Rate | 0.49 | % | 0.80 | 1.07 | 1.10 | 1.56 | ||||||||||||||
Money Market Accounts | $ | 8,345,749 | 8,111,930 | 8,042,193 | 7,908,732 | 7,872,029 | ||||||||||||||
Rate | 1.18 | % | 1.67 | 2.21 | 2.21 | 3.04 | ||||||||||||||
Savings Deposits | $ | 452,206 | 442,623 | 457,526 | 461,970 | 448,581 | ||||||||||||||
Rate | 0.16 | % | 0.22 | 0.25 | 0.25 | 0.28 | ||||||||||||||
Time Deposits Under $100,000 | $ | 3,222,601 | 3,264,401 | 3,055,465 | 2,814,714 | 2,777,764 | ||||||||||||||
Rate | 3.41 | % | 3.64 | 3.69 | 3.97 | 4.44 | ||||||||||||||
Time Deposits Over $100,000 | $ | 9,273,654 | 9,935,944 | 8,700,251 | 7,812,401 | 7,472,392 | ||||||||||||||
Rate | 3.34 | % | 3.66 | 3.71 | 3.89 | 4.54 | ||||||||||||||
Total Interest Bearing Deposits | $ | 24,896,581 | 24,956,253 | 23,331,882 | 22,152,701 | 21,771,416 | ||||||||||||||
Rate | 2.16 | % | 2.58 | 2.77 | 2.82 | 3.46 | ||||||||||||||
Federal Funds Purchased and Other Short-Term Liabilities | $ | 578,717 | 876,330 | 1,459,097 | 2,302,986 | 2,253,640 | ||||||||||||||
Rate | 0.59 | % | 0.90 | 1.94 | 2.03 | 3.18 | ||||||||||||||
Long-Term Debt | $ | 1,964,064 | 2,106,785 | 2,119,321 | 2,048,213 | 1,930,412 | ||||||||||||||
Rate | 2.07 | % | 3.44 | 3.32 | 3.44 | 4.21 | ||||||||||||||
Total Interest Bearing Liabilities | $ | 27,439,362 | 27,939,368 | 26,910,300 | 26,503,900 | 25,955,468 | ||||||||||||||
Rate | 2.11 | % | 2.59 | 2.77 | 2.80 | 3.48 | ||||||||||||||
Non-Interest Bearing Demand Deposits | $ | 3,611,958 | 3,508,753 | 3,463,563 | 3,448,794 | 3,338,106 | ||||||||||||||
Net Interest Margin | 3.05 | % | 3.20 | 3.42 | 3.57 | 3.71 | ||||||||||||||
* | Yields and rates are annualized. |
Synovus | 7 of 8 |
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
(Unaudited)
(Dollars in thousands)
March 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 | $ | 679,526 | 2.5 | % | $ | 21,860 | 1.5 | % | ||||||||
Hotels | 1,041,877 | 3.8 | 229,283 | 15.9 | ||||||||||||
Office Buildings | 1,085,110 | 3.9 | 9,980 | 0.7 | ||||||||||||
Shopping Centers | 1,103,963 | 4.0 | 44,298 | 3.1 | ||||||||||||
Commercial Development | 788,278 | 2.8 | 47,279 | 3.3 | ||||||||||||
Warehouses | 466,134 | 1.7 | 3,281 | 0.2 | ||||||||||||
Other Investment Property | 638,747 | 2.3 | 7,718 | 0.5 | ||||||||||||
Total Investment Properties | 5,803,635 | 21.0 | 363,699 | 25.2 | ||||||||||||
1-4 Family Construction | 1,485,991 | 5.4 | 287,616 | 20.0 | ||||||||||||
1-4 Family Perm / Mini-Perm | 1,370,838 | 4.9 | 52,567 | 3.7 | ||||||||||||
Residential Development | 1,970,009 | 7.1 | 316,855 | 22.0 | ||||||||||||
Total 1-4 Family Properties | 4,826,838 | 17.4 | 657,038 | 45.7 | ||||||||||||
Land Acquisition | 1,649,217 | 5.9 | 157,690 | 10.9 | ||||||||||||
Total Commercial Real Estate | 12,279,690 | 44.3 | 1,178,427 | 81.8 | ||||||||||||
Commercial, Financial, and Agricultural | 6,578,747 | 23.7 | 135,977 | 9.4 | ||||||||||||
Owner-Occupied | 4,577,238 | 16.5 | 66,320 | 4.6 | ||||||||||||
Total Commercial & Industrial | 11,155,985 | 40.2 | 202,297 | 14.0 | ||||||||||||
Home Equity | 1,718,918 | 6.2 | 11,932 | 0.8 | ||||||||||||
Consumer Mortgages | 1,734,439 | 6.3 | 41,519 | 2.9 | ||||||||||||
Credit Card | 285,099 | 1.0 | — | — | ||||||||||||
Other Retail Loans | 588,163 | 2.1 | 7,013 | 0.5 | ||||||||||||
Total Retail | 4,326,619 | 15.6 | 60,464 | 4.2 | ||||||||||||
Unearned Income | (32,022 | ) | (0.1 | ) | — | — | ||||||||||
Total | $ | 27,730,272 | 100.0 | % | $ | 1,441,188 | 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Unaudited)
(Dollars in thousands)
Total Loans | 1Q09 vs. 4Q08 | 1Q09 vs. 1Q08 | ||||||||||||||||||
Loan Type | March 31, 2009 | December 31, 2008 | % change (1) | March 31, 2008 | % change | |||||||||||||||
Multi-Family | $ | 679,526 | 589,708 | 61.8 | % | $ | 510,069 | 33.2 | % | |||||||||||
Hotels | 1,041,877 | 965,886 | 31.9 | 704,553 | 47.9 | |||||||||||||||
Office Buildings | 1,085,110 | 1,036,837 | 18.9 | 1,020,981 | 6.3 | |||||||||||||||
Shopping Centers | 1,103,963 | 1,090,807 | 4.9 | 904,624 | 22.0 | |||||||||||||||
Commercial Development | 788,278 | 763,962 | 12.9 | 816,987 | (3.5 | ) | ||||||||||||||
Warehouses | 466,134 | 461,402 | 4.2 | 407,974 | 14.3 | |||||||||||||||
Other Investment Property | 638,747 | 614,149 | 16.2 | 531,229 | 20.2 | |||||||||||||||
Total Investment Properties | 5,803,635 | 5,522,751 | 20.6 | 4,896,417 | 18.5 | |||||||||||||||
1-4 Family Construction | 1,485,991 | 1,611,779 | (31.7 | ) | 2,111,556 | (29.6 | ) | |||||||||||||
1-4 Family Perm / Mini-Perm | 1,370,838 | 1,441,798 | (20.0 | ) | 1,348,808 | 1.6 | ||||||||||||||
Residential Development | 1,970,009 | 2,123,669 | (29.3 | ) | 2,323,896 | (15.2 | ) | |||||||||||||
Total 1-4 Family Properties | 4,826,838 | 5,177,246 | (27.4 | ) | 5,784,260 | (16.6 | ) | |||||||||||||
Land Acquisition | 1,649,217 | 1,620,370 | 7.2 | 1,619,409 | 1.8 | |||||||||||||||
Total Commercial Real Estate | 12,279,690 | 12,320,367 | (1.3 | ) | 12,300,086 | (0.2 | ) | |||||||||||||
Commercial, Financial, and Agricultural | 6,578,747 | 6,747,928 | (10.2 | ) | 6,581,535 | nm | ||||||||||||||
Owner-Occupied | 4,577,238 | 4,499,339 | 7.0 | 4,227,358 | 8.3 | |||||||||||||||
Total Commercial & Industrial | 11,155,985 | 11,247,267 | (3.3 | ) | 10,808,893 | 3.2 | ||||||||||||||
Home Equity | 1,718,918 | 1,725,075 | (1.4 | ) | 1,585,332 | 8.4 | ||||||||||||||
Consumer Mortgages | 1,734,439 | 1,763,449 | (6.7 | ) | 1,664,413 | 4.2 | ||||||||||||||
Credit Card | 285,099 | 295,055 | (13.7 | ) | 297,099 | (4.0 | ) | |||||||||||||
Other Retail Loans | 588,163 | 606,347 | (12.2 | ) | 505,757 | 16.3 | ||||||||||||||
Total Retail | 4,326,619 | 4,389,926 | (5.8 | ) | 4,052,601 | 6.8 | ||||||||||||||
Unearned Income | (32,022 | ) | (37,383 | ) | (58.2 | ) | (44,070 | ) | (27.3 | ) | ||||||||||
Total | $ | 27,730,272 | 27,920,177 | (2.8 | )% | $ | 27,117,510 | 2.3 | % | |||||||||||
(1) | Percentage change is annualized. |
Synovus | 8 of 8 |
CREDIT QUALITY DATA (Unaudited) (Dollars in thousands) | 2009 | 2008 | 1st Quarter | |||||||||||||||||||||
First | Fourth | Third | Second | First | '09 vs. '08 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Nonperforming Loans | $ | 1,441,188 | 921,708 | 769,950 | 626,571 | 515,302 | 179.7 | % | ||||||||||||||||
Impaired Loans Held for Sale(1) | 22,751 | 3,527 | 13,554 | 6,365 | 42,270 | (46.2 | ) | |||||||||||||||||
Other Real Estate | 287,246 | 246,121 | 215,082 | 197,328 | 121,753 | 135.9 | ||||||||||||||||||
Nonperforming Assets | 1,751,185 | 1,171,356 | 998,586 | 830,264 | 679,325 | 157.8 | ||||||||||||||||||
Allowance for Loan Losses | 642,422 | 598,301 | 463,836 | 417,813 | 394,848 | 62.7 | ||||||||||||||||||
Net Charge-Offs — Quarter | 246,314 | 229,402 | 105,328 | 70,652 | 63,813 | 286.0 | ||||||||||||||||||
Net Charge-Offs — YTD | 246,314 | 469,195 | 239,793 | 134,465 | 63,813 | 286.0 | ||||||||||||||||||
Net Charge-Offs/Average Loans — Quarter (2) | 3.53 | % | 3.25 | 1.53 | 1.04 | 0.95 | ||||||||||||||||||
Net Charge-Offs/Average Loans — YTD (2) | 3.53 | 1.71 | 1.18 | 0.99 | 0.95 | |||||||||||||||||||
Nonperforming Loans/Loans | 5.20 | 3.30 | 2.78 | 2.28 | 1.90 | |||||||||||||||||||
Nonperforming Assets/Loans, Impaired Loans Held for Sale & ORE | 6.25 | 4.16 | 3.58 | 3.00 | 2.49 | |||||||||||||||||||
Allowance/Loans | 2.32 | 2.14 | 1.68 | 1.52 | 1.46 | |||||||||||||||||||
Allowance/Nonperforming Loans | 44.58 | 64.91 | 60.24 | 66.68 | 76.62 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | 31,316 | 38,794 | 49,868 | 39,614 | 43,009 | (27.2 | )% | |||||||||||||||||
As a Percentage of Loans Outstanding | 0.11 | 0.14 | 0.18 | 0.14 | 0.16 | |||||||||||||||||||
Total Past Dues Loans and Still Accruing | 587,014 | 362,538 | 403,180 | 365,046 | 377,999 | 55.3 | ||||||||||||||||||
As a Percentage of Loans Outstanding | 2.12 | 1.30 | 1.46 | 1.33 | 1.39 |
(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)
(Unaudited)
(Dollars in thousands)
March 31, 2009 | December 31, 2008 | March 31, 2008 | ||||||||||
Tier 1 Capital | $ | 3,454,987 | 3,602,848 | 2,904,864 | ||||||||
Total Risk-Based Capital | 4,440,805 | 4,674,476 | 3,989,712 | |||||||||
Tier 1 Capital Ratio | 11.05 | % | 11.22 | 9.07 | ||||||||
Total Risk-Based Capital Ratio | 14.21 | 14.56 | 12.46 | |||||||||
Leverage Ratio | 9.88 | 10.28 | 8.96 | |||||||||
Common Equity as a Percentage of Total Assets | 7.96 | 8.10 | 10.52 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (2) | 7.80 | 7.95 | 9.05 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (2) | 8.61 | 8.84 | 9.40 | |||||||||
Book Value Per Common Share | 8.32 | 8.78 | 10.76 | |||||||||
Tangible Book Value Per Common Share (2) | 8.14 | 8.60 | 9.11 |
(1) | Current quarter regulatory capital information is preliminary. | |
(2) | Excludes the carrying value of goodwill and other intangible assets from shareholders’ equity and total assets. |