Exhibit 99.2
Synovus
INCOME STATEMENT DATA
(Unaudited)
Nine Months Ended | ||||||||||||
(dollars in thousands, except per share data) | September 30, | |||||||||||
2010 | 2009 | Change | ||||||||||
Interest income (taxable equivalent) | $ | 1,010,278 | 1,151,124 | (12.2 | ) % | |||||||
Interest expense | 262,658 | 393,026 | (33.2 | ) | ||||||||
Net interest income (taxable equivalent) | 747,620 | 758,098 | (1.4 | ) | ||||||||
Tax equivalent adjustment | 3,254 | 3,619 | (10.1 | ) | ||||||||
Net interest income | 744,366 | 754,479 | (1.3 | ) | ||||||||
Provision for losses on loans | 878,872 | 1,418,485 | (38.0 | ) | ||||||||
Net interest expense after provision for losses on loans | (134,506 | ) | (664,006 | ) | (79.7 | ) | ||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 80,867 | 88,100 | (8.2 | ) | ||||||||
Fiduciary and asset management fees | 33,103 | 32,714 | 1.2 | |||||||||
Brokerage and investment banking income | 19,435 | 21,440 | (9.4 | ) | ||||||||
Mortgage banking income | 22,295 | 30,949 | (28.0 | ) | ||||||||
Bankcard fees | 29,989 | 26,619 | 12.7 | |||||||||
Investment securities (losses) gains, net | (1,043 | ) | 14,730 | nm | ||||||||
Other fee income | 16,372 | 24,145 | (32.2 | ) | ||||||||
Increase in fair value of private equity investments, net | 5,703 | 1,237 | 361.0 | |||||||||
Gain from sale of MasterCard shares | — | 8,351 | nm | |||||||||
Other non-interest income | 18,736 | 25,539 | (26.6 | ) | ||||||||
Total non-interest income | 225,457 | 273,824 | (17.7 | ) | ||||||||
Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 316,405 | 330,979 | (4.4 | ) | ||||||||
Net occupancy and equipment expense | 91,877 | 93,291 | (1.5 | ) | ||||||||
FDIC insurance and other regulatory fees | 52,794 | 58,401 | (9.6 | ) | ||||||||
Foreclosed real estate expense | 142,837 | 320,171 | (55.4 | ) | ||||||||
Losses on other loans held for sale, net | 73 | 1,703 | (95.7 | ) | ||||||||
Visa litigation recovery | — | (4,067 | ) | nm | ||||||||
Goodwill impairment | — | 241 | nm | |||||||||
Professional fees | 34,299 | 28,406 | 20.7 | |||||||||
Data processing expense | 33,123 | 36,048 | (8.1 | ) | ||||||||
Other operating expenses | 109,162 | 106,624 | 2.4 | |||||||||
Total non-interest expense | 780,570 | 971,797 | (19.7 | ) | ||||||||
Loss from continuing operations before income taxes | (689,619 | ) | (1,361,979 | ) | (49.4 | ) | ||||||
Income tax benefit | (21,034 | ) | (197,496 | ) | (89.3 | ) | ||||||
Loss from continuing operations | (668,585 | ) | (1,164,483 | ) | (42.6 | ) | ||||||
Income from discontinued operations, net of income taxes | 43,161 | 3,701 | nm | |||||||||
Net loss | (625,424 | ) | (1,160,782 | ) | (46.1 | ) | ||||||
Net (loss) income attributable to non-controlling interest | (313 | ) | 2,365 | (113.2 | ) | |||||||
Net loss attributable to controlling interest | (625,111 | ) | (1,163,147 | ) | (46.3 | ) | ||||||
Dividends and accretion of discount on preferred stock | 43,079 | 42,675 | 0.9 | |||||||||
Net loss attributable to common shareholders | $ | (668,190 | ) | (1,205,822 | ) | 44.6 | ||||||
Basic EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (1.09 | ) | (3.61 | ) | 69.8 | % | |||||
Net loss attributable to common shareholders | (1.03 | ) | (3.60 | ) | 71.5 |
Diluted EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | (1.09 | ) | (3.61 | ) | 69.8 | |||||||
Net loss attributable to common shareholders | (1.03 | ) | (3.60 | ) | 71.5 | |||||||
Cash dividends declared per common share | 0.03 | 0.03 | — | |||||||||
Return on average assets * | (2.77 | ) % | (4.50 | ) | 173 bp | |||||||
Return on average common equity * | (43.50 | ) | (66.15 | ) | nm | |||||||
Average common shares outstanding - basic | 651,507 | 334,808 | 94.6 | % | ||||||||
Average common shares outstanding - diluted | 651,507 | 334,808 | 94.6 |
nm - not meaningful
* - ratios are annualized
Synovus
INCOME STATEMENT DATA
(Unaudited)
(dollars in thousands, except per share data) | 2010 | 2009 | 3rd Quarter | |||||||||||||||||||||
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ‘10 vs. ‘09 Change | |||||||||||||||||||
Interest income (taxable equivalent) | $ | 327,577 | 338,795 | 343,906 | 362,911 | 377,839 | (13.3 | )% | ||||||||||||||||
Interest expense | 81,030 | 87,700 | 93,928 | 105,853 | 121,989 | (33.6 | ) | |||||||||||||||||
Net interest income (taxable equivalent) | 246,547 | 251,095 | 249,978 | 257,058 | 255,850 | (3.6 | ) | |||||||||||||||||
Tax equivalent adjustment | 1,087 | 1,056 | 1,111 | 1,227 | 1,219 | (10.8 | ) | |||||||||||||||||
Net interest income | 245,460 | 250,039 | 248,867 | 255,831 | 254,631 | (3.6 | ) | |||||||||||||||||
Provision for losses on loans | 239,020 | 298,904 | 340,948 | 387,114 | 496,522 | (51.9 | ) | |||||||||||||||||
Net interest income (expense) after provision for losses on loans | 6,440 | (48,865 | ) | (92,081 | ) | (131,283 | ) | (241,891 | ) | 102.7 | ||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 26,711 | 27,876 | 26,280 | 29,651 | 29,699 | (10.1 | ) | |||||||||||||||||
Fiduciary and asset management fees | 10,408 | 11,357 | 11,338 | 11,455 | 11,244 | (7.4 | ) | |||||||||||||||||
Brokerage and investment banking income | 6,736 | 6,768 | 5,931 | 7,035 | 7,047 | (4.4 | ) | |||||||||||||||||
Mortgage banking income | 10,163 | 6,318 | 5,814 | 7,572 | 7,037 | 44.4 | ||||||||||||||||||
Bankcard fees | 10,674 | 9,800 | 9,515 | 9,521 | 9,114 | 17.1 | ||||||||||||||||||
Investment securities (losses) gains, net | (612 | ) | 17 | (448 | ) | (663 | ) | 14,730 | nm | |||||||||||||||
Other fee income | 5,440 | 5,402 | 5,530 | 7,055 | 7,733 | (29.7 | ) | |||||||||||||||||
Increase (decrease) in fair value of private equity investments, net | 3,521 | 1,283 | 899 | 142 | (6,853 | ) | nm | |||||||||||||||||
Gain from sale of Visa shares | — | — | — | 51,900 | — | — | ||||||||||||||||||
Other non-interest income | 8,723 | 5,174 | 4,839 | 13,179 | 6,484 | 34.5 | ||||||||||||||||||
Total non-interest income | 81,764 | 73,995 | 69,698 | 136,847 | 86,235 | (5.2 | ) | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 108,453 | 103,929 | 104,022 | 100,209 | 104,568 | 3.7 | ||||||||||||||||||
Net occupancy and equipment expense | 31,311 | 30,588 | 29,978 | 29,878 | 31,231 | 0.3 | ||||||||||||||||||
FDIC insurance and other regulatory fees | 16,178 | 18,970 | 17,646 | 17,913 | 15,341 | 5.5 | ||||||||||||||||||
Foreclosed real estate expense | 50,890 | 46,440 | 45,507 | 34,098 | 101,437 | (49.8 | ) | |||||||||||||||||
Losses on other loans held for sale, net | — | 12 | 61 | — | 608 | nm | ||||||||||||||||||
Visa litigation recovery | — | — | — | (2,374 | ) | (4,067 | ) | nm | ||||||||||||||||
Goodwill impairment | — | — | — | 14,849 | — | — | ||||||||||||||||||
Professional fees | 13,324 | 11,595 | 9,380 | 10,397 | 11,121 | 19.8 | ||||||||||||||||||
Data processing expense | 11,117 | 11,323 | 10,683 | 11,615 | 11,194 | (0.7 | ) | |||||||||||||||||
Other operating expenses | 37,738 | 35,905 | 35,520 | 32,908 | 45,387 | (16.9 | ) | |||||||||||||||||
Total non-interest expense | 269,011 | 258,762 | 252,797 | 249,493 | 316,820 | (15.1 | ) | |||||||||||||||||
Loss from continuing operations before income taxes | (180,807 | ) | (233,632 | ) | (275,180 | ) | (243,929 | ) | (472,476 | ) | 61.7 | |||||||||||||
Income tax expense (benefit) | 360 | (5,057 | ) | (16,337 | ) | 25,518 | (31,528 | ) | (101.1 | ) | ||||||||||||||
Loss from continuing operations | (181,167 | ) | (228,575 | ) | (258,843 | ) | (269,447 | ) | (440,948 | ) | 58.9 | |||||||||||||
Income from discontinued operations, net of income taxes | — | — | 43,161 | 889 | 1,146 | nm | ||||||||||||||||||
Net loss | (181,167 | ) | (228,575 | ) | (215,682 | ) | (268,558 | ) | (439,802 | ) | 58.8 | |||||||||||||
Net income (loss) attributable to non-controlling interest | 277 | (381 | ) | (209 | ) | (1 | ) | (255 | ) | 208.6 | ||||||||||||||
Net loss attributable to controlling interest | (181,444 | ) | (228,194 | ) | (215,473 | ) | (268,557 | ) | (439,547 | ) | 58.7 | |||||||||||||
Dividends and accretion of discount on preferred stock | 14,394 | 14,360 | 14,325 | 14,291 | 14,258 | 1.0 | ||||||||||||||||||
Net loss attributable to common shareholders | $ | (195,838 | ) | (242,554 | ) | (229,798 | ) | (282,848 | ) | (453,805 | ) | 56.8 | ||||||||||||
Basic EPS | ||||||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.25 | ) | (0.36 | ) | (0.56 | ) | (0.58 | ) | (1.32 | ) | 81.1 | % | |||||||||||
Net loss attributable to common shareholders | (0.25 | ) | (0.36 | ) | (0.47 | ) | (0.58 | ) | (1.32 | ) | 81.1 | |||||||||||||
Diluted EPS | ||||||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | (0.25 | ) | (0.36 | ) | (0.56 | ) | (0.58 | ) | (1.32 | ) | 81.1 | |||||||||||||
Net loss attributable to common shareholders | (0.25 | ) | (0.36 | ) | (0.47 | ) | (0.58 | ) | (1.32 | ) | 81.1 | |||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | ||||||||||||||||||
Return on average assets * | (2.27 | ) % | | (2.81 | ) % | (3.22 | )% | (3.18 | ) | (6.77 | ) | 450 bp | ||||||||||||
Return on average common equity * | (31.75 | ) | (43.59 | ) | (59.10 | ) | (53.25 | ) | (93.25 | ) | nm | |||||||||||||
Average common shares outstanding - basic | 784,916 | 676,753 | 489,607 | 486,104 | 344,626 | 127.8 | % | |||||||||||||||||
Average common shares outstanding - diluted | 784,916 | 676,753 | 489,607 | 486,104 | 344,626 | 127.8 |
nm - not meaningful
* - ratios are annualized
Synovus
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data) | September 30, 2010 | December 31, 2009 | September 30, 2009 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 385,687 | 564,482 | 401,778 | ||||||||
Interest bearing funds with Federal Reserve Bank | 3,113,435 | 1,901,847 | 2,822,577 | |||||||||
Interest earning deposits with banks | 22,271 | 12,534 | 12,771 | |||||||||
Federal funds sold and securities purchased under resale agreements | 177,350 | 203,959 | 180,194 | |||||||||
Trading account assets, at fair value | 15,061 | 14,370 | 13,403 | |||||||||
Mortgage loans held for sale, at fair value | 241,353 | 138,056 | 112,115 | |||||||||
Other loans held for sale | 50,302 | 36,816 | 80,945 | |||||||||
Investment securities available for sale, at fair value | 3,326,133 | 3,188,735 | 3,298,815 | |||||||||
Loans, net of unearned income | 22,581,036 | 25,383,068 | 26,331,739 | |||||||||
Allowance for loan losses | (836,355 | ) | (943,725 | ) | (918,468 | ) | ||||||
Loans, net | 21,744,681 | 24,439,343 | 25,413,271 | |||||||||
Premises and equipment, net | 555,919 | 580,375 | 588,179 | |||||||||
Goodwill | 24,431 | 24,431 | 39,280 | |||||||||
Other intangible assets, net | 13,463 | 16,649 | 17,775 | |||||||||
Other assets | 1,284,675 | 1,709,821 | 1,629,377 | |||||||||
Total assets | $ | 30,954,761 | 32,831,418 | 34,610,480 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 4,248,071 | 4,172,697 | 4,018,045 | ||||||||
Interest bearing deposits | 20,988,154 | 23,260,836 | 24,036,146 | |||||||||
Total deposits | 25,236,225 | 27,433,533 | 28,054,191 | |||||||||
Federal funds purchased and other short-term borrowings | 410,353 | 475,062 | 1,030,520 | |||||||||
Long-term debt | 1,743,097 | 1,751,592 | 1,963,136 | |||||||||
Other liabilities | 324,077 | 299,730 | 389,034 | |||||||||
Total liabilities | 27,713,752 | 29,959,917 | 31,436,881 | |||||||||
Equity: | ||||||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value (1) | 934,991 | 928,207 | 926,014 | |||||||||
Common stock, par value $1.00 (2) | 790,751 | 495,514 | 486,073 | |||||||||
Additional paid-in capital | 2,350,392 | 1,605,097 | 1,591,374 | |||||||||
Treasury stock, at cost (3) | (114,176 | ) | (114,155 | ) | (114,155 | ) | ||||||
Accumulated other comprehensive income | 91,112 | 84,806 | 108,032 | |||||||||
(Accumulated deficit) retained earnings | (837,004 | ) | (148,428 | ) | 139,322 | |||||||
Total shareholders’ equity | 3,216,066 | 2,851,041 | 3,136,660 | |||||||||
Non-controlling interest in subsidiaries | 24,943 | 20,460 | 36,939 | |||||||||
Total equity | 3,241,009 | 2,871,501 | 3,173,599 | |||||||||
Total liabilities and equity | $ | 30,954,761 | 32,831,418 | 34,610,480 | ||||||||
(1) | Preferred shares outstanding: 967,870 |
(2) | Common shares outstanding: 785,057,350; 489,828,319; and 480,387,653 at September 30, 2010, December 31, 2009, and September 30, 2009, respectively |
(3) | Treasury shares: 5,693,452; 5,685,638; and 5,685,638 at September 30, 2010, December 31, 2009, and September 30, 2009, respectively |
Synovus
AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(dollars in thousands)
2010 | 2009 | |||||||||||||||||||
Interest Earning Assets | Third Quarter | Second | First Quarter | Fourth | Third Quarter | |||||||||||||||
Taxable investment securities | $ | 3,055,400 | 3,068,634 | 2,952,188 | 2,983,914 | 3,209,718 | ||||||||||||||
Yield | 4.08 | % | 4.40 | 4.70 | 4.79 | 5.06 | ||||||||||||||
Tax-exempt investment securities | $ | 62,659 | 66,125 | 72,041 | 88,848 | 98,435 | ||||||||||||||
Yield (taxable equivalent) | 6.82 | % | 6.85 | 7.16 | 7.03 | 7.06 | ||||||||||||||
Trading account assets | $ | 14,970 | 16,763 | 14,881 | 14,356 | 13,439 | ||||||||||||||
Yield | 4.88 | % | 5.47 | 5.30 | 5.60 | 8.22 | ||||||||||||||
Commercial loans | $ | 19,041,500 | 19,982,523 | 20,880,069 | 21,722,140 | 22,850,126 | ||||||||||||||
Yield | 4.92 | % | 4.92 | 4.85 | 4.82 | 4.73 | ||||||||||||||
Consumer loans | $ | 4,048,929 | 4,100,458 | 4,174,320 | 4,249,316 | 4,303,592 | ||||||||||||||
Yield | 5.25 | % | 5.33 | 5.36 | 5.32 | 5.37 | ||||||||||||||
Allowance for loan losses | $ | (862,970 | ) | (964,212 | ) | (951,552 | ) | (906,484 | ) | (905,700 | ) | |||||||||
Loans, net | $ | 22,227,459 | 23,118,769 | 24,102,837 | 25,064,972 | 26,248,018 | ||||||||||||||
Yield | 5.19 | % | 5.21 | 5.15 | 5.10 | 5.01 | ||||||||||||||
Mortgage loans held for sale | $ | 194,487 | 131,700 | 96,440 | 114,906 | 194,158 | ||||||||||||||
Yield | 5.16 | % | 5.54 | 5.49 | 5.29 | 5.39 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 3,720,649 | 3,591,353 | 2,435,880 | 2,995,367 | 1,653,546 | ||||||||||||||
Yield | 0.25 | % | 0.25 | 0.24 | 0.24 | 0.24 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (1) | $ | 122,356 | 140,209 | 142,524 | 140,550 | 139,230 | ||||||||||||||
Yield | 0.87 | % | 0.82 | 0.97 | 1.01 | 1.38 | ||||||||||||||
Total interest earning assets | $ | 29,397,980 | 30,133,553 | 29,816,791 | 31,402,913 | 31,556,544 | ||||||||||||||
Yield | 4.42 | % | 4.51 | 4.67 | 4.59 | 4.76 | ||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||
Interest bearing demand deposits | $ | 3,601,825 | 3,617,669 | 3,636,437 | 3,851,237 | 3,310,924 | ||||||||||||||
Rate | 0.36 | % | 0.42 | 0.42 | 0.41 | 0.42 | ||||||||||||||
Money market accounts | $ | 6,788,768 | 6,606,161 | 6,450,696 | 6,420,003 | 6,309,578 | ||||||||||||||
Rate | 0.98 | % | 1.07 | 1.19 | 1.21 | 1.23 | ||||||||||||||
Savings deposits | $ | 488,221 | 495,901 | 476,007 | 469,526 | 477,909 | ||||||||||||||
Rate | 0.14 | % | 0.15 | 0.15 | 0.15 | 0.15 | ||||||||||||||
Time deposits under $100,000 | $ | 2,511,830 | 2,626,852 | 2,726,002 | 2,851,913 | 3,030,346 | ||||||||||||||
Rate | 1.88 | % | 2.00 | 2.17 | 2.44 | 2.86 | ||||||||||||||
Time deposits over $100,000 | $ | 4,217,972 | 4,561,517 | 4,770,429 | 4,909,253 | 5,281,529 | ||||||||||||||
Rate | 1.88 | % | 1.95 | 2.05 | 2.32 | 2.73 | ||||||||||||||
National market brokered money market accounts | $ | 537,952 | 833,811 | 1,047,417 | 1,218,363 | 1,365,477 | ||||||||||||||
Rate | 0.80 | % | 0.83 | 0.74 | 0.75 | 0.77 | ||||||||||||||
National market brokered time deposits | $ | 3,261,113 | 3,681,660 | 3,871,581 | 4,011,648 | 3,941,977 | ||||||||||||||
Rate | 1.89 | % | 1.90 | 2.13 | 2.41 | 2.66 | ||||||||||||||
Total interest bearing deposits | $ | 21,407,681 | 22,423,571 | 22,978,569 | 23,731,943 | 23,717,740 | ||||||||||||||
Rate | 1.28 | % | 1.36 | 1.48 | 1.62 | 1.85 | ||||||||||||||
Federal funds purchased and other short-term liabilities | $ | 514,295 | 493,602 | 472,691 | 729,988 | 1,194,759 | ||||||||||||||
Rate | 0.36 | % | 0.44 | 0.47 | 0.45 | 0.37 | ||||||||||||||
Long-term debt | $ | 1,811,153 | 1,882,358 | 1,805,363 | 1,897,915 | 1,906,320 | ||||||||||||||
Rate | 2.57 | % | 2.36 | 2.17 | 1.75 | 2.14 | ||||||||||||||
Total interest bearing liabilities | $ | 23,733,129 | 24,799,531 | 25,256,623 | 26,359,846 | 26,818,819 | ||||||||||||||
Rate | 1.36 | % | 1.42 | 1.51 | 1.59 | 1.80 | ||||||||||||||
Non-interest bearing demand deposits | $ | 4,310,459 | 4,271,444 | 4,243,622 | 4,162,027 | 4,069,108 | ||||||||||||||
Net interest margin | 3.33 | % | 3.34 | 3.39 | 3.25 | 3.22 | ||||||||||||||
* | Yields and rates are annualized |
(1) | Included as a component of Other Assets on the balance sheet |
Synovus
LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(dollars in thousands)
September 30, 2010 | ||||||||||||||||
Loans as a % | Total | Non-performing Loans | ||||||||||||||
of Total Loans | Non-performing | as a % of Total | ||||||||||||||
Loan Type | Total Loans | Outstanding | Loans | Non-performing Loans | ||||||||||||
Multi-Family | $ | 884,910 | 3.9 | % | $ | 11,177 | 0.9 | % | ||||||||
Hotels | 970,849 | 4.3 | 92,309 | 7.1 | ||||||||||||
Office Buildings | 874,580 | 3.9 | 18,122 | 1.4 | ||||||||||||
Shopping Centers | 1,158,052 | 5.1 | 63,134 | 4.9 | ||||||||||||
Commercial Development | 419,953 | 1.9 | 54,421 | 4.2 | ||||||||||||
Warehouses | 531,570 | 2.4 | 7,076 | 0.5 | ||||||||||||
Other Investment Property | 526,652 | 2.3 | 25,773 | 2.0 | ||||||||||||
Total Investment Properties | 5,366,566 | 23.8 | 272,012 | 20.9 | ||||||||||||
1-4 Family Construction | 416,781 | 1.8 | 99,114 | 7.7 | ||||||||||||
1-4 Family Perm / Mini-perm | 1,154,279 | 5.1 | 72,131 | 5.6 | ||||||||||||
Residential Development | 861,957 | 3.8 | 281,126 | 21.7 | ||||||||||||
Total 1-4 Family Properties | 2,433,017 | 10.8 | 452,371 | 35.0 | ||||||||||||
Land Acquisition | 1,381,603 | 6.1 | 229,872 | 17.8 | ||||||||||||
Total Commercial Real Estate | 9,181,186 | 40.7 | 954,255 | 73.6 | ||||||||||||
Commercial, Financial, and Agricultural | 5,263,677 | 23.3 | 187,022 | 14.5 | ||||||||||||
Owner-occupied | 4,127,775 | 18.3 | 79,111 | 6.2 | ||||||||||||
Total Commercial & Industrial | 9,391,452 | 41.6 | 266,133 | 20.7 | ||||||||||||
Home Equity | 1,672,021 | 7.4 | 18,567 | 1.4 | ||||||||||||
Consumer Mortgages | 1,516,687 | 6.7 | 48,800 | 3.8 | ||||||||||||
Credit Card | 280,898 | 1.2 | — | — | ||||||||||||
Other Retail Loans | 551,941 | 2.4 | 6,276 | 0.5 | ||||||||||||
Total Retail | 4,021,547 | 17.8 | 73,643 | 5.7 | ||||||||||||
Unearned Income | (13,149 | ) | (0.1 | ) | — | — | ||||||||||
Total | $ | 22,581,036 | 100.0 | % | $ | 1,294,031 | 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(dollars in thousands)
Total Loans | 3Q10 vs. 4Q09 | 3Q10 vs. 3Q09 | ||||||||||||||||||
Loan Type | September 30, 2010 | December 31, 2009 | % change (1) | September 30, 2009 | % change | |||||||||||||||
Multi-family | $ | 884,910 | 949,049 | (9.0 | )% | $ | 875,909 | 1.0 | % | |||||||||||
Hotels | 970,849 | 1,094,517 | (15.1 | ) | 1,090,182 | (10.9 | ) | |||||||||||||
Office Buildings | 874,580 | 964,214 | (12.4 | ) | 1,070,297 | (18.3 | ) | |||||||||||||
Shopping Centers | 1,158,052 | 1,212,462 | (6.0 | ) | 1,144,919 | 1.1 | ||||||||||||||
Commercial Development | 419,953 | 528,911 | (27.5 | ) | 632,993 | (33.7 | ) | |||||||||||||
Warehouses | 531,570 | 566,290 | (8.2 | ) | 565,422 | (6.0 | ) | |||||||||||||
Other Investment Property | 526,652 | 581,732 | (12.7 | ) | 670,691 | (21.5 | ) | |||||||||||||
Total Investment Properties | 5,366,566 | 5,897,175 | (12.0 | ) | 6,050,413 | (11.3 | ) | |||||||||||||
1-4 Family Construction | 416,781 | 715,171 | (55.8 | ) | 981,104 | (57.5 | ) | |||||||||||||
1-4 Family Perm / Mini-perm | 1,154,279 | 1,272,763 | (12.4 | ) | 1,340,883 | (13.9 | ) | |||||||||||||
Residential Development | 861,957 | 1,328,317 | (46.9 | ) | 1,497,419 | (42.4 | ) | |||||||||||||
Total 1-4 Family Properties | 2,433,017 | 3,316,251 | (35.6 | ) | 3,819,406 | (36.3 | ) | |||||||||||||
Land Acquisition | 1,381,603 | 1,529,415 | (12.9 | ) | 1,587,828 | (13.0 | ) | |||||||||||||
Total Commercial Real Estate | 9,181,186 | 10,742,841 | (19.4 | ) | 11,457,647 | (19.9 | ) | |||||||||||||
Commercial, Financial, and Agricultural | 5,263,677 | 6,003,735 | (16.5 | ) | 6,202,199 | (15.1 | ) | |||||||||||||
Owner-Occupied | 4,127,775 | 4,443,611 | (9.5 | ) | 4,429,142 | (6.8 | ) | |||||||||||||
Total Commercial & Industrial | 9,391,452 | 10,447,346 | (13.5 | ) | 10,631,341 | (11.7 | ) | |||||||||||||
Home Equity | 1,672,021 | 1,714,994 | (3.4 | ) | 1,729,458 | (3.3 | ) | |||||||||||||
Consumer Mortgages | 1,516,687 | 1,637,978 | (9.9 | ) | 1,667,593 | (9.0 | ) | |||||||||||||
Credit Card | 280,898 | 294,126 | (6.0 | ) | 288,147 | (2.5 | ) | |||||||||||||
Other Retail Loans | 551,941 | 565,131 | (3.1 | ) | 579,796 | (4.8 | ) | |||||||||||||
Total Retail | 4,021,547 | 4,212,229 | (6.1 | ) | 4,264,994 | (5.7 | ) | |||||||||||||
Unearned Income | (13,149 | ) | (19,348 | ) | (42.8 | ) | (22,243 | ) | (40.9 | ) | ||||||||||
Total | $ | 22,581,036 | 25,383,068 | (14.8 | )% | $ | 26,331,739 | (14.2 | )% | |||||||||||
(1) | Percentage change is annualized |
Synovus
CREDIT QUALITY DATA
(Unaudited)
(dollars in thousands)
2010 | 2009 | 3rd Quarter | ||||||||||||||||||||||
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ‘10 vs. ‘09 Change | |||||||||||||||||||
Non-performing Loans | $ | 1,294,031 | 1,309,944 | 1,542,704 | 1,555,776 | 1,519,049 | (14.8 | )% | ||||||||||||||||
Other Loans Held for Sale (1) | 50,302 | 50,208 | 78,077 | 36,816 | 40,932 | 22.9 | ||||||||||||||||||
Other Real Estate | 211,869 | 212,362 | 222,155 | 238,807 | 187,494 | 13.0 | ||||||||||||||||||
Non-performing Assets | 1,556,202 | 1,572,514 | 1,842,937 | 1,831,399 | 1,747,475 | (10.9 | ) | |||||||||||||||||
Allowance for Loan Losses | 836,355 | 834,522 | 968,697 | 943,725 | 918,468 | (8.9 | ) | |||||||||||||||||
Net Charge-offs - Quarter | 237,195 | 433,079 | 315,976 | 361,857 | 496,777 | (52.3 | ) | |||||||||||||||||
Net Charge-offs - YTD | 986,249 | 749,055 | 315,976 | 1,460,172 | 1,098,315 | (10.2 | ) | |||||||||||||||||
Net Charge-offs / Average Loans - Quarter (2) | 4.12 | % | 7.21 | 5.05 | 5.58 | 7.33 | ||||||||||||||||||
Net Charge-offs / Average Loans - YTD (2) | 5.47 | 6.11 | 5.05 | 5.37 | 5.30 | |||||||||||||||||||
Non-performing Loans / Loans | 5.73 | 5.61 | 6.32 | 6.13 | 5.77 | |||||||||||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE | 6.81 | 6.66 | 7.46 | 7.14 | 6.58 | |||||||||||||||||||
Allowance / Loans | 3.70 | 3.58 | 3.97 | 3.72 | 3.49 | |||||||||||||||||||
Allowance / Non-performing Loans | 64.63 | 63.71 | 62.79 | 60.66 | 60.46 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 25,028 | 21,430 | 35,491 | 19,938 | 43,816 | (42.9 | )% | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.11 | % | 0.09 | 0.15 | 0.08 | 0.17 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing | $ | 253,748 | 246,635 | 294,753 | 262,446 | 356,456 | (28.8 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding | 1.12 | % | 1.06 | 1.21 | 1.03 | 1.35 | ||||||||||||||||||
Restructured loans (accruing) | $ | 409,768 | 350,145 | 261,157 | 213,552 | 192,559 | 112.8 |
(1) | Represents 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)
September 30, 2010 | December 31, 2009 | September 30, 2009 | ||||||||||
Tier 1 Capital | $ | 3,092,655 | 2,721,287 | 2,974,066 | ||||||||
Total Risk-based Capital | 3,954,063 | 3,637,712 | 3,927,752 | |||||||||
Tier 1 Capital Ratio | 13.06 | % | 10.16 | 10.48 | ||||||||
Tier 1 Common Equity Ratio | 9.07 | % | 6.66 | 7.18 | ||||||||
Total Risk-based Capital Ratio | 16.70 | 13.58 | 13.84 | |||||||||
Leverage Ratio | 9.75 | 8.12 | 8.76 | |||||||||
Common Equity as a Percentage of Total Assets (2) | 7.37 | 5.86 | 6.39 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 7.26 | 5.74 | 6.23 | |||||||||
Tangible Common Equity as a Percentage of Risk-weighted Assets (3) | 9.47 | 7.03 | 7.59 | |||||||||
Book Value Per Common Share (4) (5) | 2.57 | 3.93 | 4.60 | |||||||||
Tangible Book Value Per Common Share (3) (5) | 2.53 | 3.84 | 4.48 |
(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 unexercised tangible equity units (tMEDS) |