Exhibit 99.2
Synovus
INCOME STATEMENT DATA | Six Months Ended | ||||||||||
(Unaudited) | |||||||||||
(Dollars in thousands, except per share data) | June 30, | ||||||||||
2010 | 2009 | Change | |||||||||
Interest income (taxable equivalent) | $ | 682,701 | 773,284 | (11.7) | % | ||||||
Interest expense | 181,629 | 271,037 | (33.0) | ||||||||
Net interest income (taxable equivalent) | 501,072 | 502,247 | (0.2) | ||||||||
Tax equivalent adjustment | 2,167 | 2,399 | (9.7) | ||||||||
Net interest income | 498,905 | 499,848 | (0.2) | ||||||||
Provision for losses on loans | 639,851 | 921,963 | (30.6) | ||||||||
Net interest expense after provision for losses on loans | (140,946) | (422,115) | (66.6) | ||||||||
Non-interest income: | |||||||||||
Service charges on deposit accounts | 54,155 | 58,401 | (7.3) | ||||||||
Fiduciary and asset management fees | 22,695 | 21,471 | 5.7 | ||||||||
Brokerage and investment banking income | 12,699 | 14,393 | (11.8) | ||||||||
Mortgage banking income | 12,132 | 23,912 | (49.3) | ||||||||
Bankcard fees | 19,315 | 17,505 | 10.3 | ||||||||
Investment securities losses, net | (431) | - | nm | ||||||||
Other fee income | 10,932 | 16,412 | (33.4) | ||||||||
Increase in fair value of private equity investments, net | 2,181 | 8,090 | (73.0) | ||||||||
Gain from sale of MasterCard shares | - | 8,351 | nm | ||||||||
Other non-interest income | 10,013 | 19,054 | (47.4) | ||||||||
Total non-interest income | 143,691 | 187,589 | (23.4) | ||||||||
Non-interest expense: | |||||||||||
Salaries and other personnel expense | 207,951 | 219,594 | (5.3) | ||||||||
Net occupancy and equipment expense | 60,565 | 62,029 | (2.4) | ||||||||
FDIC insurance and other regulatory fees | 36,615 | 43,060 | (15.0) | ||||||||
Foreclosed real estate expense | 91,948 | 218,734 | (58.0) | ||||||||
Losses on other loans held for sale, net | 73 | 1,095 | (93.3) | ||||||||
Goodwill impairment | - | 241 | nm | ||||||||
Professional fees | 20,976 | 17,285 | 21.4 | ||||||||
Data processing expense | 22,007 | 22,321 | (1.4) | ||||||||
Restructuring charges | - | 6,755 | nm | ||||||||
Other operating expenses | 71,424 | 63,864 | 11.8 | ||||||||
Total non-interest expense | 511,559 | 654,978 | (21.9) | ||||||||
Loss from continuing operations before income taxes | (508,814) | (889,504) | (42.8) | ||||||||
Income tax benefit | (21,395) | (165,968) | (87.1) | ||||||||
Loss from continuing operations | (487,419) | (723,536) | (32.6) | ||||||||
Income from discontinued operations, net of income taxes | 43,162 | 2,555 | nm | ||||||||
Net loss | (444,257) | (720,981) | (38.4) | ||||||||
Net (loss) income attributable to non-controlling interest | (590) | 2,620 | (122.5) | ||||||||
Net loss attributable to controlling interest | (443,667) | (723,601) | (38.7) | ||||||||
Dividends and accretion of discount on preferred stock | 28,685 | 28,417 | 0.9 | ||||||||
Net loss attributable to common shareholders | $ | (472,352) | (752,018) | (37.2) | |||||||
Basic EPS | |||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.88) | (2.29) | 61.6 | |||||||
Net loss attributable to common shareholders | (0.81) | (2.28) | 64.5 | ||||||||
Diluted EPS | |||||||||||
Net loss from continuing operations attributable to common shareholders | (0.88) | (2.29) | 61.6 | ||||||||
Net loss attributable to common shareholders | (0.81) | (2.28) | 64.5 | ||||||||
Cash dividends declared per common share | 0.02 | 0.02 | - | ||||||||
Return on average assets * | (3.02) | % | (4.18) | 116 | bp | ||||||
Return on average common equity * | (50.63) | (56.89) | nm | ||||||||
Average common shares outstanding - basic | 583,697 | 329,818 | 77.0 | % | |||||||
Average common shares outstanding - diluted | 583,697 | 329,818 | 77.0 |
nm - not meaningful
* - ratios are annualized
Synovus
INCOME STATEMENT DATA | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands, except per share data) | 2010 | 2009 | 2nd Quarter | |||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ’10 vs. ’09 Change | |||||||||||||||
Interest income (taxable equivalent) | $ | 338,795 | 343,906 | 362,911 | 377,839 | 385,710 | (12.2) | % | ||||||||||||
Interest expense | 87,700 | 93,928 | 105,853 | 121,989 | 127,883 | (31.4) | ||||||||||||||
Net interest income (taxable equivalent) | 251,095 | 249,978 | 257,058 | 255,850 | 257,827 | (2.6) | ||||||||||||||
Tax equivalent adjustment | 1,056 | 1,111 | 1,227 | 1,219 | 1,219 | (13.4) | ||||||||||||||
Net interest income | 250,039 | 248,867 | 255,831 | 254,631 | 256,608 | (2.6) | ||||||||||||||
Provision for losses on loans | 298,904 | 340,948 | 387,114 | 496,522 | 631,526 | (52.7) | ||||||||||||||
Net interest expense after provision for losses on loans | (48,865) | (92,081) | (131,283) | (241,891) | (374,918) | 87.0 | ||||||||||||||
Non-interest income: | ||||||||||||||||||||
Service charges on deposit accounts | 27,876 | 26,280 | 29,651 | 29,699 | 29,702 | (6.1) | ||||||||||||||
Fiduciary and asset management fees | 11,357 | 11,338 | 11,455 | 11,244 | 10,657 | 6.6 | ||||||||||||||
Brokerage and investment banking income | 6,768 | 5,931 | 7,035 | 7,047 | 7,521 | (10.0) | ||||||||||||||
Mortgage banking income | 6,318 | 5,814 | 7,572 | 7,037 | 14,590 | (56.7) | ||||||||||||||
Bankcard fees | 9,800 | 9,515 | 9,521 | 9,114 | 9,144 | 7.2 | ||||||||||||||
Investment securities gains (losses), net | 17 | (448) | (663) | 14,730 | - | nm | ||||||||||||||
Other fee income | 5,402 | 5,530 | 7,055 | 7,733 | 8,722 | (38.1) | ||||||||||||||
Increase (decrease) in fair value of private equity investments, net | 1,283 | 899 | 142 | (6,853) | 8,090 | (84.1) | ||||||||||||||
Gain from sale of MasterCard shares | - | - | - | - | 8,351 | nm | ||||||||||||||
Gain from sale of Visa shares | - | - | 51,900 | - | - | nm | ||||||||||||||
Other non-interest income | 5,174 | 4,839 | 13,179 | 6,484 | 6,425 | (19.5) | ||||||||||||||
Total non-interest income | 73,995 | 69,698 | 136,847 | 86,235 | 103,202 | (28.3) | ||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Salaries and other personnel expense | 103,929 | 104,022 | 100,575 | 105,001 | 108,508 | (4.2) | ||||||||||||||
Net occupancy and equipment expense | 30,588 | 29,978 | 29,861 | 31,217 | 30,544 | 0.1 | ||||||||||||||
FDIC insurance and other regulatory fees | 18,970 | 17,646 | 17,913 | 15,341 | 30,061 | (36.9) | ||||||||||||||
Foreclosed real estate expense | 46,440 | 45,507 | 34,098 | 101,437 | 172,404 | (73.1) | ||||||||||||||
Losses on other loans held for sale, net | 12 | 61 | - | 608 | 1,160 | (99.0) | ||||||||||||||
Visa litigation recovery | - | - | (2,374) | (4,067) | - | nm | ||||||||||||||
Goodwill impairment | - | - | 14,849 | - | 241 | nm | ||||||||||||||
Professional fees | 11,595 | 9,380 | 10,397 | 11,121 | 10,340 | 12.1 | ||||||||||||||
Data processing expense | 11,323 | 10,683 | 11,615 | 11,194 | 11,166 | 1.4 | ||||||||||||||
Restructuring charges | - | - | (347) | (413) | 397 | nm | ||||||||||||||
Other operating expenses | 35,905 | 35,520 | 32,906 | 45,381 | 29,114 | 23.3 | ||||||||||||||
Total non-interest expense | 258,762 | 252,797 | 249,493 | 316,820 | 393,935 | (34.3) | ||||||||||||||
Loss from continuing operations before income taxes | (233,632) | (275,180) | (243,929) | (472,476) | (665,651) | 64.9 | ||||||||||||||
Income tax (benefit) expense | (5,057) | (16,337) | 25,518 | (31,528) | (80,059) | (93.7) | ||||||||||||||
Loss from continuing operations | (228,575) | (258,843) | (269,447) | (440,948) | (585,592) | 61.0 | ||||||||||||||
Income from discontinued operations, net of income taxes | - | 43,161 | 889 | 1,146 | 1,340 | nm | ||||||||||||||
Net loss | (228,575) | (215,682) | (268,558) | (439,802) | (584,252) | 60.9 | |||||||||||||||
Net (loss) income attributable to non-controlling interest | (381) | (209) | (1) | (255) | 2,677 | (114.2) | |||||||||||||||
Net loss attributable to controlling interest | (228,194) | (215,473) | (268,557) | (439,547) | (586,929) | 61.1 | |||||||||||||||
Dividends and accretion of discount on preferred stock | 14,360 | 14,325 | 14,291 | 14,258 | 14,225 | 0.9 | |||||||||||||||
Net loss attributable to common shareholders | $ | (242,554) | (229,798) | (282,848) | (453,805) | (601,154) | 59.7 | ||||||||||||||
Basic EPS | |||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.36) | (0.56) | (0.58) | (1.32) | (1.83) | 80.3 | % | |||||||||||||
Net loss attributable to common shareholders | (0.36) | (0.47) | (0.58) | (1.32) | (1.82) | 80.2 | |||||||||||||||
Diluted EPS | |||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | (0.36) | (0.56) | (0.58) | (1.32) | (1.83) | 80.3 | |||||||||||||||
Net loss attributable to common shareholders | (0.36) | (0.47) | (0.58) | (1.32) | (1.82) | 80.2 | |||||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | - | |||||||||||||||
Return on average assets * | (2.81) | % | (3.22) | % | (3.18) | (5.13) | (6.77) | 396 | bp | ||||||||||||
Return on average common equity * | (43.59) | (59.10) | (53.25) | (90.59) | (92.07) | nm | |||||||||||||||
Average common shares outstanding - basic | 676,753 | 489,607 | 486,104 | 344,626 | 329,850 | 105.2 | % | ||||||||||||||
Average common shares outstanding - diluted | 676,753 | 489,607 | 486,104 | 344,626 | 329,850 | 105.2 |
nm | - not meaningful |
* | - ratios are annualized |
Synovus
BALANCE SHEET DATA | June 30, 2010 | December 31, 2009 | June 30, 2009 | |||||
(Unaudited) | ||||||||
(In thousands, except share data) | ||||||||
ASSETS | ||||||||
Cash and due from banks | $ | 589,158 | 564,482 | 442,702 | ||||
Interest bearing funds with Federal Reserve Bank | 3,657,548 | 1,901,847 | 770,220 | |||||
Interest earning deposits with banks | 10,608 | 12,534 | 7,269 | |||||
Federal funds sold and securities purchased | 159,993 | 203,959 | 170,824 | |||||
Trading account assets, at fair value | 20,009 | 14,370 | 20,687 | |||||
Mortgage loans held for sale, at fair value | 144,705 | 138,056 | 312,620 | |||||
Other loans held for sale | 50,208 | 36,816 | 34,938 | |||||
Investment securities available for sale, at fair value | 3,328,426 | 3,188,735 | 3,560,192 | |||||
Loans, net of unearned income | 23,342,945 | 25,383,068 | 27,585,741 | |||||
Allowance for loan losses | (834,522) | (943,725) | (918,723) | |||||
Loans, net | 22,508,423 | 24,439,343 | 26,667,018 | |||||
Premises and equipment, net | 565,981 | 580,375 | 596,172 | |||||
Goodwill | 24,431 | 24,431 | 39,280 | |||||
Other intangible assets, net | 14,505 | 16,649 | 18,914 | |||||
Other assets | 1,308,345 | 1,709,821 | 1,708,834 | |||||
Total assets | $ | 32,382,340 | 32,831,418 | 34,349,670 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Non-interest bearing deposits | $ | 4,250,514 | 4,172,697 | 3,861,782 | ||||
Interest bearing deposits | 22,007,049 | 23,260,836 | 23,562,032 | |||||
Total deposits | 26,257,563 | 27,433,533 | 27,423,814 | |||||
Federal funds purchased and other short-term borrowings | 476,598 | 475,062 | 1,580,259 | |||||
Long-term debt | 1,876,571 | 1,751,592 | 1,865,491 | |||||
Other liabilities | 325,374 | 299,730 | 424,943 | |||||
Total liabilities | 28,936,106 | 29,959,917 | 31,294,507 | |||||
Equity: | ||||||||
Shareholders’ equity: | ||||||||
Cumulative perpetual preferred stock, no par value (1) | 932,695 | 928,207 | 923,855 | |||||
Common stock, par value $1.00 (2) | 790,749 | 495,514 | 336,059 | |||||
Additional paid-in capital | 2,346,901 | 1,605,097 | 1,170,639 | |||||
Treasury stock, at cost (3) | (114,174) | (114,155) | (114,146) | |||||
Accumulated other comprehensive income | 101,073 | 84,806 | 105,520 | |||||
(Accumulated deficit) retained earnings | (633,312) | (148,428) | 596,434 | |||||
Total shareholders’ equity | 3,423,932 | 2,851,041 | 3,018,361 | |||||
Non-controlling interest in subsidiaries | 22,302 | 20,460 | 36,802 | |||||
Total equity | 3,446,234 | 2,871,501 | 3,055,163 | |||||
Total liabilities and equity | $ | 32,382,340 | 32,831,418 | 34,349,670 | ||||
(1) | Preferred shares outstanding: 967,870 |
(2) | Common shares outstanding: 785,056,302; 489,828,319; and 330,376,784 at June 30, 2010, December 31, 2009, and June 30, 2009, respectively. |
(3) | Treasury shares: 5,692,422; 5,685,638; and 5,682,673 at June 30, 2010, December 31, 2009, and June 30, 2009, respectively. |
Synovus
AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(Dollars in thousands)
2010 | 2009 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable investment securities | $ | 3,068,634 | 2,952,188 | 2,983,914 | 3,209,718 | 3,353,382 | ||||||||||||||
Yield | 4.40 | % | 4.70 | 4.79 | 5.06 | 5.16 | ||||||||||||||
Tax-exempt investment securities | $ | 66,125 | 72,041 | 88,848 | 98,435 | 107,626 | ||||||||||||||
Yield (taxable equivalent) | 6.85 | % | 7.16 | 7.03 | 7.06 | 7.08 | ||||||||||||||
Trading account assets | $ | 16,763 | 14,881 | 14,356 | 13,439 | 19,984 | ||||||||||||||
Yield | 5.47 | % | 5.30 | 5.60 | 8.22 | 5.57 | ||||||||||||||
Commercial loans | $ | 19,982,523 | 20,880,069 | 21,722,140 | 22,850,126 | 23,572,578 | ||||||||||||||
Yield | 4.92 | % | 4.85 | 4.82 | 4.73 | 4.72 | ||||||||||||||
Consumer loans | $ | 4,100,458 | 4,174,320 | 4,249,316 | 4,303,592 | 4,335,897 | ||||||||||||||
Yield | 5.33 | % | 5.36 | 5.32 | 5.37 | 5.38 | ||||||||||||||
Allowance for loan losses | $ | (964,212 | ) | (951,552 | ) | (906,484 | ) | (905,700 | ) | (663,355 | ) | |||||||||
Loans, net | $ | 23,118,769 | 24,102,837 | 25,064,972 | 26,248,018 | 27,245,120 | ||||||||||||||
Yield | 5.21 | % | 5.15 | 5.10 | 5.01 | 4.96 | ||||||||||||||
Mortgage loans held for sale | $ | 131,700 | 96,440 | 114,906 | 194,158 | 268,933 | ||||||||||||||
Yield | 5.54 | % | 5.49 | 5.29 | 5.39 | 4.94 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank, | $ | 3,591,353 | 2,435,880 | 2,995,367 | 1,653,546 | 996,754 | ||||||||||||||
Yield | 0.25 | % | 0.24 | 0.24 | 0.24 | 0.24 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (1) | $ | 140,209 | 142,524 | 140,550 | 139,230 | 132,346 | ||||||||||||||
Yield | 0.82 | % | 0.97 | 1.01 | 1.38 | 0.54 | ||||||||||||||
Total interest earning assets | $ | 30,133,553 | 29,816,791 | 31,402,913 | 31,556,544 | 32,124,145 | ||||||||||||||
Yield | 4.51 | % | 4.67 | 4.59 | 4.76 | 4.83 | ||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||
Interest bearing demand deposits | $ | 3,617,669 | 3,636,437 | 3,851,237 | 3,310,924 | 3,582,954 | ||||||||||||||
Rate | 0.42 | % | 0.42 | 0.41 | 0.42 | 0.45 | ||||||||||||||
Money market accounts | $ | 6,606,161 | 6,450,696 | 6,420,003 | 6,309,578 | 6,241,764 | ||||||||||||||
Rate | 1.07 | % | 1.19 | 1.21 | 1.23 | 1.24 | ||||||||||||||
Savings deposits | $ | 495,901 | 476,007 | 469,526 | 477,909 | 477,752 | ||||||||||||||
Rate | 0.15 | % | 0.15 | 0.15 | 0.15 | 0.15 | ||||||||||||||
Time deposits under $100,000 | $ | 2,626,852 | 2,726,002 | 2,851,913 | 3,030,346 | 3,126,984 | ||||||||||||||
Rate | 2.00 | % | 2.17 | 2.44 | 2.86 | 3.13 | ||||||||||||||
Time deposits over $100,000 | $ | 4,561,517 | 4,770,429 | 4,909,253 | 5,281,529 | 5,355,736 | ||||||||||||||
Rate | 1.95 | % | 2.05 | 2.32 | 2.73 | 3.04 | ||||||||||||||
National market brokered money market accounts | $ | 833,811 | 1,047,417 | 1,218,363 | 1,365,477 | 1,885,214 | ||||||||||||||
Rate | 0.83 | % | 0.74 | 0.75 | 0.77 | 0.75 | ||||||||||||||
National market brokered time deposits | $ | 3,681,660 | 3,871,581 | 4,011,648 | 3,941,977 | 3,203,546 | ||||||||||||||
Rate | 1.90 | % | 2.13 | 2.41 | 2.66 | 3.09 | ||||||||||||||
Total interest bearing deposits | $ | 22,423,571 | 22,978,569 | 23,731,943 | 23,717,740 | 23,873,950 | ||||||||||||||
Rate | 1.36 | % | 1.48 | 1.62 | 1.85 | 1.96 | ||||||||||||||
Federal funds purchased and other | $ | 493,602 | 472,691 | 729,988 | 1,194,759 | 1,166,785 | ||||||||||||||
Rate | 0.44 | % | 0.47 | 0.45 | 0.37 | 0.36 | ||||||||||||||
Long-term debt | $ | 1,882,358 | 1,805,363 | 1,897,915 | 1,906,320 | 2,090,710 | ||||||||||||||
Rate | 2.36 | % | 2.17 | 1.75 | 2.14 | 1.94 | ||||||||||||||
Total interest bearing liabilities | $ | 24,799,531 | 25,256,623 | 26,359,846 | 26,818,819 | 27,131,445 | ||||||||||||||
Rate | 1.42 | % | 1.51 | 1.59 | 1.80 | 1.89 | ||||||||||||||
Non-interest bearing demand deposits | $ | 4,271,444 | 4,243,622 | 4,162,027 | 4,069,108 | 3,812,876 | ||||||||||||||
Net interest margin | 3.34 | % | 3.39 | 3.25 | 3.22 | 3.23 |
* Yields and rates are annualized.
(1) Included as a component of Other Assets on the balance sheet
Synovus
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
June 30, 2010 | |||||||||||||||
Loan Type | Total Loans | Loans as a % of Total Loans Outstanding | Total Nonperforming Loans | Nonperforming Loans as a % of Total Nonperforming Loans | |||||||||||
Multi-Family | $ | 893,305 | 3.8 | % | $ | 10,522 | 0.8 | % | |||||||
Hotels | 983,848 | 4.2 | 112,879 | 8.6 | |||||||||||
Office Buildings | 913,616 | 3.9 | 24,143 | 1.8 | |||||||||||
Shopping Centers | 1,162,817 | 5.0 | 27,617 | 2.1 | |||||||||||
Commercial Development | 485,206 | 2.1 | 80,931 | 6.2 | |||||||||||
Warehouses | 525,581 | 2.3 | 5,601 | 0.4 | |||||||||||
Other Investment Property | 522,266 | 2.2 | 26,025 | 2.0 | |||||||||||
Total Investment Properties | 5,486,639 | 23.5 | 287,718 | 21.9 | |||||||||||
1-4 Family Construction | 458,540 | 2.0 | 107,472 | 8.2 | |||||||||||
1-4 Family Perm / Mini-Perm | 1,197,164 | 5.1 | 69,371 | 5.3 | |||||||||||
Residential Development | 999,792 | 4.3 | 292,332 | 22.3 | |||||||||||
Total 1-4 Family Properties | 2,655,496 | 11.4 | 469,175 | 35.8 | |||||||||||
Land Acquisition | 1,433,290 | 6.1 | 252,563 | 19.3 | |||||||||||
Total Commercial Real Estate | 9,575,425 | 41.0 | 1,009,456 | 77.0 | |||||||||||
Commercial , Financial, and Agricultural | 5,497,933 | 23.6 | 152,668 | 11.7 | |||||||||||
Owner-Occupied | 4,222,429 | 18.1 | 76,596 | 5.9 | |||||||||||
Total Commercial & Industrial | 9,720,362 | 41.7 | 229,264 | 17.6 | |||||||||||
Home Equity | 1,680,658 | 7.2 | 17,669 | 1.3 | |||||||||||
Consumer Mortgages | 1,546,977 | 6.6 | 48,048 | 3.7 | |||||||||||
Credit Card | 285,749 | 1.2 | - | - | |||||||||||
Other Retail Loans | 548,980 | 2.4 | 5,507 | 0.4 | |||||||||||
Total Retail | 4,062,364 | 17.4 | 71,224 | 5.4 | |||||||||||
Unearned Income | (15,206) | (0.1) | - | - | |||||||||||
Total | $ | 23,342,945 | 100.0 | % | $ | 1,309,944 | 100.0 | % | |||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
Total Loans | 2Q10 vs. 4Q09 | 2Q10 vs. 2Q09 | ||||||||||||||||
Loan Type | June 30, 2010 | December 31, 2009 | % change (1) | June 30, 2009 | % change | |||||||||||||
Multi-Family | $ | 893,305 | 946,598 | (22.6 | ) % | $ | 852,236 | 4.8 | % | |||||||||
Hotels | 983,848 | 1,060,837 | (29.1 | ) | 1,086,153 | (9.4) | ||||||||||||
Office Buildings | 913,616 | 1,034,934 | (47.0 | ) | 1,144,981 | (20.2) | ||||||||||||
Shopping Centers | 1,162,817 | 1,149,245 | 4.7 | 1,182,779 | (1.7) | |||||||||||||
Commercial Development | 485,206 | 546,055 | (44.7 | ) | 676,658 | (28.3) | ||||||||||||
Warehouses | 525,581 | 556,826 | (22.5 | ) | 555,178 | (5.3) | ||||||||||||
Other Investment Property | 522,266 | 592,937 | (47.8 | ) | 668,595 | (21.9) | ||||||||||||
Total Investment Properties | 5,486,639 | 5,887,432 | (27.3 | ) | 6,166,580 | (11.0) | ||||||||||||
1-4 Family Construction | 458,540 | 714,411 | (143.7 | ) | 1,205,415 | (62.0) | ||||||||||||
1-4 Family Perm / Mini-Perm | 1,197,164 | 1,281,411 | (26.4 | ) | 1,427,863 | (16.2) | ||||||||||||
Residential Development | 999,792 | 1,334,859 | (100.7 | ) | 1,715,248 | (41.7) | ||||||||||||
Total 1-4 Family Properties | 2,655,496 | 3,330,681 | (81.3 | ) | 4,348,526 | (38.9) | ||||||||||||
Land Acquisition | 1,433,290 | 1,510,981 | (20.6 | ) | 1,699,771 | (15.7) | ||||||||||||
Total Commercial Real Estate | 9,575,425 | 10,729,094 | (43.1 | ) | 12,214,877 | (21.6) | ||||||||||||
Commercial , Financial, and Agricultural | 5,497,933 | 6,015,445 | (34.5 | ) | 6,425,610 | (14.4) | ||||||||||||
Owner-Occupied | 4,222,429 | 4,445,648 | (20.1 | ) | 4,644,433 | (9.1) | ||||||||||||
Total Commercial & Industrial | 9,720,362 | 10,461,093 | (28.4 | ) | 11,070,043 | (12.2) | ||||||||||||
Home Equity | 1,680,658 | 1,714,994 | (8.0 | ) | 1,729,528 | (2.8) | ||||||||||||
Consumer Mortgages | 1,546,977 | 1,637,978 | (22.3 | ) | 1,725,223 | (10.3) | ||||||||||||
Credit Card | 285,749 | 294,126 | (11.4 | ) | 288,349 | (0.9) | ||||||||||||
Other Retail Loans | 548,980 | 565,131 | (11.5 | ) | 586,030 | (6.3) | ||||||||||||
Total Retail | 4,062,364 | 4,212,229 | (14.3 | ) | 4,329,130 | (6.2) | ||||||||||||
Unearned Income | (15,206) | (19,348) | (85.9 | ) | (28,309) | (46.3) | ||||||||||||
Total | $ | 23,342,945 | 25,383,068 | (32.2 | ) % | $ | 27,585,741 | (15.4 | ) % | |||||||||
(1) Percentage change is annualized.
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands) | 2010 | 2009 | 2nd Quarter | |||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ’10 vs. ’09 Change | |||||||||
Nonperforming Loans | $ | 1,309,944 | 1,542,704 | 1,555,776 | 1,519,049 | 1,472,242 | (11.0)% | |||||||
Impaired Loans Held for Sale (1) | 50,208 | 78,077 | 36,816 | 40,932 | 34,938 | 43.7 | ||||||||
Other Real Estate | 212,362 | 222,155 | 238,807 | 187,494 | 210,968 | 0.7 | ||||||||
Nonperforming Assets | 1,572,514 | 1,842,937 | 1,831,399 | 1,747,475 | 1,718,148 | (8.5) | ||||||||
Allowance for Loan Losses | 834,522 | 968,697 | 943,725 | 918,468 | 918,723 | (9.2) | ||||||||
Net Charge-Offs - Quarter | 433,079 | 315,976 | 361,857 | 496,777 | 355,224 | 21.9 | ||||||||
Net Charge-Offs - YTD | 749,055 | 315,976 | 1,460,172 | 1,098,315 | 601,538 | 24.5 | ||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 7.21 | % | 5.05 | 5.58 | 7.33 | 5.09 | ||||||||
Net Charge-Offs / Average Loans - YTD (2) | 6.11 | 5.05 | 5.37 | 5.30 | 4.31 | |||||||||
Nonperforming Loans / Loans | 5.6 | 6.3 | 6.1 | 5.8 | 5.3 | |||||||||
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE | 6.7 | 7.5 | 7.1 | 6.6 | 6.2 | |||||||||
Allowance / Loans | 3.58 | 3.97 | 3.72 | 3.49 | 3.33 | |||||||||
Allowance / Nonperforming Loans | 63.71 | 62.79 | 60.66 | 60.46 | 62.40 | |||||||||
Past Due Loans over 90 days and Still Accruing | $ | 21,430 | 35,491 | 19,938 | 43,816 | 31,018 | (30.9) % | |||||||
As a Percentage of Loans Outstanding | 0.09 | % | 0.15 | 0.08 | 0.17 | 0.11 | ||||||||
Total Past Dues Loans and Still Accruing | $ | 246,635 | 294,753 | 262,446 | 356,456 | 331,731 | (25.7) | |||||||
As a Percentage of Loans Outstanding | 1.06 | % | 1.21 | 1.03 | 1.35 | 1.20 | ||||||||
Restructured loans (accruing) | $ | 350,145 | 261,160 | 213,552 | 192,559 | 18,025 | 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) | ||||||||||||||
June 30, 2010 | December 31, 2009 | June 30, 2009 | ||||||||||||
Tier 1 Capital | $ | 3,289,473 | 2,721,287 | 2,862,225 | ||||||||||
Total Risk-Based Capital | 4,165,430 | 3,637,712 | 3,836,405 | |||||||||||
Tier 1 Capital Ratio | 13.33 | % | 10.16 | 9.53 | ||||||||||
Total Risk-Based Capital Ratio | 16.87 | 13.58 | 12.77 | |||||||||||
Leverage Ratio | 10.12 | 8.12 | 8.25 | |||||||||||
Common Equity as a Percentage of Total Assets (2) | 7.69 | 5.86 | 6.10 | |||||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 7.58 | 5.74 | 5.94 | |||||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 9.94 | 7.03 | 6.78 | |||||||||||
Book Value Per Common Share (4) | 3.17 | 3.93 | 6.34 | |||||||||||
Tangible Book Value Per Common Share (3) (5) | 2.70 | 3.84 | 6.16 |
(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.
(5) Equity and common shares exclude impact of tangible equity units (tMEDS).