Exhibit 99.2
Synovus
INCOME STATEMENT DATA
(Unaudited)
Twelve Months Ended | ||||||||||||
(Dollars in thousands, except per share data) | December 31, | |||||||||||
2010 | 2009 | Change | ||||||||||
Interest income (taxable equivalent) | $ | 1,324,803 | 1,514,035 | (12.5 | ) % | |||||||
Interest expense | 334,248 | 498,879 | (33.0 | ) | ||||||||
Net interest income (taxable equivalent) | 990,555 | 1,015,156 | (2.4 | ) | ||||||||
Tax equivalent adjustment | 4,222 | 4,846 | (12.9 | ) | ||||||||
Net interest income | 986,333 | 1,010,310 | (2.4 | ) | ||||||||
Provision for losses on loans | 1,131,274 | 1,805,599 | (37.3 | ) | ||||||||
Net interest expense after provision for losses on loans | (144,941 | ) | (795,289 | ) | 81.8 | |||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 105,114 | 117,751 | (10.7 | ) | ||||||||
Fiduciary and asset management fees | 44,142 | 44,168 | (0.1 | ) | ||||||||
Brokerage and investment banking income | 28,184 | 28,475 | (1.0 | ) | ||||||||
Mortgage banking income | 33,334 | 38,521 | (13.5 | ) | ||||||||
Bankcard fees | 41,420 | 36,139 | 14.6 | |||||||||
Investment securities (losses) gains, net | (1,271 | ) | 14,067 | (109.0 | ) | |||||||
Other fee income | 21,129 | 31,200 | (32.3 | ) | ||||||||
Increase in fair value of private equity investments, net | 7,203 | 1,379 | 422.3 | |||||||||
Gain from sale of MasterCard shares | — | 8,351 | nm | |||||||||
Gain from sale of Visa shares | — | 51,900 | nm | |||||||||
Other non-interest income | 26,092 | 38,719 | (32.6 | ) | ||||||||
Total non-interest income | 305,347 | 410,670 | (25.6 | ) | ||||||||
Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 418,629 | 425,170 | (1.5 | ) | ||||||||
Net occupancy and equipment expense | 122,046 | 123,105 | (0.9 | ) | ||||||||
FDIC insurance and other regulatory fees | 69,480 | 76,314 | (9.0 | ) | ||||||||
Foreclosed real estate expense | 163,630 | 354,269 | (53.8 | ) | ||||||||
Losses on other loans held for sale, net | 3,050 | 1,703 | 79.1 | |||||||||
Visa litigation recovery | — | (6,441 | ) | nm | ||||||||
Goodwill impairment | — | 15,090 | nm | |||||||||
Professional fees | 45,554 | 38,802 | 17.4 | |||||||||
Data processing expense | 45,478 | 45,131 | 0.8 | |||||||||
Restructuring charges | 5,538 | 5,995 | (7.6 | ) | ||||||||
Gain on curtailment of post-retirement defined benefit plan | (7,092 | ) | — | nm | ||||||||
Other operating expenses | 143,263 | 142,151 | 0.8 | |||||||||
Total non-interest expense | 1,009,576 | 1,221,289 | (17.3 | ) | ||||||||
Loss from continuing operations before income taxes | (849,170 | ) | (1,605,908 | ) | 47.1 | |||||||
Income tax benefit | (15,151 | ) | (171,977 | ) | 91.2 | |||||||
Loss from continuing operations | (834,019 | ) | (1,433,931 | ) | 41.8 | |||||||
Income from discontinued operations, net of income taxes | 43,161 | 4,590 | nm | |||||||||
Net loss | (790,858 | ) | (1,429,341 | ) | 44.7 | |||||||
Net (loss) income attributable to non-controlling interest | (179 | ) | 2,364 | (107.6 | ) | |||||||
Net loss attributable to controlling interest | (790,679 | ) | (1,431,705 | ) | 44.8 | |||||||
Dividends and accretion of discount on preferred stock | 57,510 | 56,966 | 1.0 | |||||||||
Net loss attributable to common shareholders | $ | (848,189 | ) | (1,488,671 | ) | 43.0 | ||||||
Basic EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (1.30 | ) | (4.00 | ) | 67.5 | % | |||||
Net loss attributable to common shareholders | (1.24 | ) | (3.99 | ) | 69.0 | |||||||
Diluted EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | (1.30 | ) | (4.00 | ) | 67.5 | |||||||
Net loss attributable to common shareholders | (1.24 | ) | (3.99 | ) | 69.0 | |||||||
Cash dividends declared per common share | 0.04 | 0.04 | — | |||||||||
Return on average assets * | (2.61 | )% | (4.16 | ) | 155 bp | |||||||
Return on average common equity * | (40.49 | ) | (43.58 | ) | 309 | |||||||
Average common shares outstanding - basic | 685,186 | 372,943 | 83.7 | % | ||||||||
Average common shares outstanding - diluted | 685,186 | 372,943 | 83.7 |
nm - not meaningful
*- | ratios are annualized |
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data) | 2010 | 2009 | 4th Quarter | |||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ‘10 vs. ‘09 Change | |||||||||||||||||||
Interest income (taxable equivalent) | $ | 314,525 | 327,577 | 338,795 | 343,906 | 362,911 | (13.3 | )% | ||||||||||||||||
Interest expense | 71,590 | 81,030 | 87,700 | 93,928 | 105,853 | (32.4 | ) | |||||||||||||||||
Net interest income (taxable equivalent) | 242,935 | 246,547 | 251,095 | 249,978 | 257,058 | (5.5 | ) | |||||||||||||||||
Tax equivalent adjustment | 968 | 1,087 | 1,056 | 1,111 | 1,227 | (21.1 | ) | |||||||||||||||||
Net interest income | 241,967 | 245,460 | 250,039 | 248,867 | 255,831 | (5.4 | ) | |||||||||||||||||
Provision for losses on loans | 252,401 | 239,020 | 298,904 | 340,948 | 387,114 | (34.8 | ) | |||||||||||||||||
Net interest income (expense) after provision for losses on loans | (10,434 | ) | 6,440 | (48,865 | ) | (92,081 | ) | (131,283 | ) | 92.1 | ||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 24,248 | 26,711 | 27,876 | 26,280 | 29,651 | (18.2 | ) | |||||||||||||||||
Fiduciary and asset management fees | 11,039 | 10,408 | 11,357 | 11,338 | 11,455 | (3.6 | ) | |||||||||||||||||
Brokerage and investment banking income | 8,750 | 6,736 | 6,768 | 5,931 | 7,035 | 24.4 | ||||||||||||||||||
Mortgage banking income | 11,039 | 10,163 | 6,318 | 5,814 | 7,572 | 45.8 | ||||||||||||||||||
Bankcard fees | 11,431 | 10,674 | 9,800 | 9,515 | 9,521 | 20.1 | ||||||||||||||||||
Investment securities (losses) gains , net | (228 | ) | (612 | ) | 17 | (448 | ) | (663 | ) | 65.6 | ||||||||||||||
Other fee income | 4,757 | 5,440 | 5,402 | 5,530 | 7,055 | (32.6 | ) | |||||||||||||||||
Increase in fair value of private equity investments, net | 1,500 | 3,521 | 1,283 | 899 | 142 | nm | ||||||||||||||||||
Gain from sale of Visa shares | — | — | — | — | 51,900 | nm | ||||||||||||||||||
Other non-interest income | 7,354 | 8,723 | 5,174 | 4,839 | 13,179 | (44.2 | ) | |||||||||||||||||
Total non-interest income | 79,890 | 81,764 | 73,995 | 69,698 | 136,847 | (41.6 | ) | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 104,744 | 105,933 | 103,929 | 104,022 | 100,575 | 4.1 | ||||||||||||||||||
Net occupancy and equipment expense | 30,169 | 31,311 | 30,588 | 29,978 | 29,861 | 1.0 | ||||||||||||||||||
FDIC insurance and other regulatory fees | 16,686 | 16,178 | 18,970 | 17,646 | 17,913 | (6.8 | ) | |||||||||||||||||
Foreclosed real estate expense | 20,793 | 50,890 | 46,440 | 45,507 | 34,098 | (39.0 | ) | |||||||||||||||||
Losses on other loans held for sale, net | 2,976 | — | 12 | 61 | — | nm | ||||||||||||||||||
Visa litigation recovery | — | — | — | — | (2,374 | ) | nm | |||||||||||||||||
Goodwill impairment | — | — | — | — | 14,849 | nm | ||||||||||||||||||
Professional fees | 12,154 | 12,424 | 11,595 | 9,380 | 10,397 | 16.9 | ||||||||||||||||||
Data processing expense | 12,355 | 11,117 | 11,323 | 10,683 | 11,615 | 6.4 | ||||||||||||||||||
Restructuring charges | 2,118 | 3,420 | — | — | (347 | ) | nm | |||||||||||||||||
Gain on curtailment of post-retirement defined benefit plan | (7,092 | ) | — | — | — | — | nm | |||||||||||||||||
Other operating expenses | 34,103 | 37,738 | 35,905 | 35,520 | 32,906 | 3.6 | ||||||||||||||||||
Total non-interest expense | 229,006 | 269,011 | 258,762 | 252,797 | 249,493 | (8.2 | ) | |||||||||||||||||
Loss from continuing operations before income taxes | (159,550 | ) | (180,807 | ) | (233,632 | ) | (275,180 | ) | (243,929 | ) | 34.6 | |||||||||||||
Income tax expense (benefit) | 5,884 | 360 | (5,057 | ) | (16,337 | ) | 25,518 | (76.9 | ) | |||||||||||||||
Loss from continuing operations | (165,434 | ) | (181,167 | ) | (228,575 | ) | (258,843 | ) | (269,447 | ) | 38.6 | |||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 43,161 | 889 | nm | ||||||||||||||||||
Net loss | (165,434 | ) | (181,167 | ) | (228,575 | ) | (215,682 | ) | (268,558 | ) | 38.4 | |||||||||||||
Net income (loss) attributable to non-controlling interest | 134 | 277 | (381 | ) | (209 | ) | (1 | ) | nm | |||||||||||||||
Net loss attributable to controlling interest | (165,568 | ) | (181,444 | ) | (228,194 | ) | (215,473 | ) | (268,557 | ) | 38.3 | |||||||||||||
Dividends and accretion of discount on preferred stock | 14,430 | 14,394 | 14,360 | 14,325 | 14,291 | 1.0 | ||||||||||||||||||
Net loss attributable to common shareholders | $ | (179,998 | ) | (195,838 | ) | (242,554 | ) | (229,798 | ) | (282,848 | ) | 36.4 | ||||||||||||
Basic EPS | ||||||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.23 | ) | (0.25 | ) | (0.36 | ) | (0.56 | ) | (0.58 | ) | 60.6 | % | |||||||||||
Net loss attributable to common shareholders | (0.23 | ) | (0.25 | ) | (0.36 | ) | (0.47 | ) | (0.58 | ) | 60.6 | |||||||||||||
Diluted EPS | ||||||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | (0.23 | ) | (0.25 | ) | (0.36 | ) | (0.56 | ) | (0.58 | ) | 60.6 | |||||||||||||
Net loss attributable to common shareholders | (0.23 | ) | (0.25 | ) | (0.36 | ) | (0.47 | ) | (0.58 | ) | 60.6 | |||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | ||||||||||||||||||
Return on average assets * | (2.12 | ) % | (2.27 | ) % | (2.81 | ) % | (3.22 | )% | (3.18 | ) | 106 bp | |||||||||||||
Return on average common equity * | (31.80 | ) | (31.80 | ) | (43.59 | ) | (59.10 | ) | (53.25 | ) | nm | |||||||||||||
Average common shares outstanding - basic | 785,122 | 784,916 | 676,753 | 489,607 | 486,104 | 61.5 | % | |||||||||||||||||
Average common shares outstanding - diluted | 785,122 | 784,916 | 676,753 | 489,607 | 486,104 | 61.5 |
nm - not meaningful
* - ratios are annualized
Synovus
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data) | December 31, 2010 | September 30, 2010 | December 31, 2009 | |||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 389,021 | 385,687 | 564,482 | ||||||||
Interest bearing funds with Federal Reserve Bank | 3,103,896 | 3,113,435 | 1,901,847 | |||||||||
Interest earning deposits with banks | 16,446 | 22,271 | 12,534 | |||||||||
Federal funds sold and securities purchased under resale agreements | 160,502 | 177,350 | 203,959 | |||||||||
Trading account assets, at fair value | 22,294 | 15,061 | 14,370 | |||||||||
Mortgage loans held for sale, at fair value | 232,839 | 241,353 | 138,056 | |||||||||
Other loans held for sale | 127,365 | 50,302 | 36,816 | |||||||||
Investment securities available for sale, at fair value | 3,440,268 | 3,326,133 | 3,188,735 | |||||||||
Loans, net of unearned income | 21,585,763 | 22,581,036 | 25,383,068 | |||||||||
Allowance for loan losses | (703,547 | ) | (836,355 | ) | (943,725 | ) | ||||||
Loans, net | 20,882,216 | 21,744,681 | 24,439,343 | |||||||||
Premises and equipment, net | 544,971 | 555,919 | 580,375 | |||||||||
Goodwill | 24,431 | 24,431 | 24,431 | |||||||||
Other intangible assets, net | 12,434 | 13,463 | 16,649 | |||||||||
Other assets | 1,136,465 | 1,284,675 | 1,709,821 | |||||||||
Total assets | $ | 30,093,148 | 30,954,761 | 32,831,418 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 4,298,372 | 4,248,071 | 4,172,697 | ||||||||
Interest bearing deposits | 20,201,932 | 20,988,154 | 23,260,836 | |||||||||
Total deposits | 24,500,304 | 25,236,225 | 27,433,533 | |||||||||
Federal funds purchased and other short-term borrowings | 499,226 | 410,353 | 475,062 | |||||||||
Long-term debt | 1,808,161 | 1,743,097 | 1,751,592 | |||||||||
Other liabilities | 260,910 | 324,077 | 299,730 | |||||||||
Total liabilities | 27,068,601 | 27,713,752 | 29,959,917 | |||||||||
Equity: | ||||||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value (1) | 937,323 | 934,991 | 928,207 | |||||||||
Common stock, par value $1.00 (2) | 790,956 | 790,751 | 495,514 | |||||||||
Additional paid-in capital | 2,351,508 | 2,350,392 | 1,605,097 | |||||||||
Treasury stock, at cost (3) | (114,176 | ) | (114,176 | ) | (114,155 | ) | ||||||
Accumulated other comprehensive income | 57,158 | 91,112 | 84,806 | |||||||||
Accumulated deficit | (1,024,851 | ) | (837,004 | ) | (148,428 | ) | ||||||
Total shareholders’ equity | 2,997,918 | 3,216,066 | 2,851,041 | |||||||||
Non-controlling interest in subsidiaries | 26,629 | 24,943 | 20,460 | |||||||||
Total equity | 3,024,547 | 3,241,009 | 2,871,501 | |||||||||
Total liabilities and equity | $ | 30,093,148 | 30,954,761 | 32,831,418 | ||||||||
(1) | Preferred shares outstanding: 967,870 |
(2) | Common shares outstanding: 785,262,837; 785,057,350; and 489,828,319 at December 31, 2010, September 30, 2010, and December 31, 2009, respectively. |
(3) | Treasury shares: 5,693,452; 5,693,452; and 5,685,638 at December 31, 2010, September 30, 2010, and December 31, 2009, respectively. |
Synovus
AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(Dollars in thousands)
2010 | 2009 | Twelve months ended | ||||||||||||||||||||||||||
Interest Earning Assets | Fourth | Third | Second | First | Fourth | December 31, | ||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | 2010 | 2009 | ||||||||||||||||||||||
Taxable investment securities | $ | 3,104,004 | 3,055,400 | 3,068,634 | 2,952,188 | 2,983,914 | $ | 3,045,502 | 3,249,124 | |||||||||||||||||||
Yield | 3.76 | % | 4.08 | 4.40 | 4.70 | 4.79 | 4.23 | % | 5.02 | |||||||||||||||||||
Tax-exempt investment securities | $ | 51,400 | 62,659 | 66,125 | 72,041 | 88,848 | $ | 62,999 | 102,681 | |||||||||||||||||||
Yield (taxable equivalent) | 7.16 | % | 6.82 | 6.85 | 7.16 | 7.03 | 7.00 | % | 7.02 | |||||||||||||||||||
Trading account assets | $ | 16,037 | 14,970 | 16,763 | 14,881 | 14,356 | $ | 15,664 | 17,556 | |||||||||||||||||||
Yield | 5.86 | % | 4.88 | 5.47 | 5.30 | 5.60 | 5.31 | % | 6.21 | |||||||||||||||||||
Commercial loans | $ | 18,315,882 | 19,041,500 | 19,982,523 | 20,880,069 | 21,722,140 | $ | 19,546,561 | 22,912,448 | |||||||||||||||||||
Yield | 4.90 | % | 4.92 | 4.92 | 4.85 | 4.82 | 4.90 | % | 4.76 | |||||||||||||||||||
Consumer loans | $ | 3,988,849 | 4,048,929 | 4,100,458 | 4,174,320 | 4,249,316 | $ | 4,077,551 | 4,310,292 | |||||||||||||||||||
Yield | 5.22 | % | 5.25 | 5.33 | 5.36 | 5.32 | 5.29 | % | 5.39 | |||||||||||||||||||
Allowance for loan losses | $ | (819,176 | ) | (862,970 | ) | (964,212 | ) | (951,552 | ) | (906,484 | ) | $ | (899,015 | ) | (777,332 | ) | ||||||||||||
Loans, net | $ | 21,485,555 | 22,227,459 | 23,118,769 | 24,102,837 | 25,064,972 | $ | 22,725,097 | 26,445,408 | |||||||||||||||||||
Yield | 5.16 | % | 5.19 | 5.21 | 5.15 | 5.10 | 5.18 | % | 5.02 | |||||||||||||||||||
Mortgage loans held for sale | $ | 260,759 | 194,487 | 131,700 | 96,440 | 114,906 | $ | 171,361 | 206,085 | |||||||||||||||||||
Yield | 4.60 | % | 5.16 | 5.54 | 5.49 | 5.29 | 5.05 | % | 5.26 | |||||||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 3,628,939 | 3,720,649 | 3,591,353 | 2,435,880 | 2,995,367 | $ | 3,348,505 | 1,719,850 | |||||||||||||||||||
Yield | 0.25 | % | 0.25 | 0.25 | 0.24 | 0.24 | 0.25 | % | 0.25 | |||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (1) | $ | 113,341 | 122,356 | 140,209 | 142,524 | 140,550 | $ | 129,508 | 132,415 | |||||||||||||||||||
Yield | 0.59 | % | 0.87 | 0.82 | 0.97 | 1.01 | 0.82 | % | 0.91 | |||||||||||||||||||
Total interest earning assets | $ | 28,660,035 | 29,397,980 | 30,133,553 | 29,816,791 | 31,402,913 | $ | 29,498,635 | 31,873,119 | |||||||||||||||||||
Yield | 4.36 | % | 4.42 | 4.51 | 4.67 | 4.59 | 4.49 | % | 4.75 | |||||||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 3,864,106 | 3,601,825 | 3,617,669 | 3,636,437 | 3,851,237 | $ | 3,680,419 | 3,586,798 | |||||||||||||||||||
Rate | 0.33 | % | 0.36 | 0.42 | 0.42 | 0.41 | 0.38 | % | 0.44 | |||||||||||||||||||
Money market accounts | $ | 6,874,367 | 6,788,768 | 6,606,161 | 6,450,696 | 6,420,003 | $ | 6,681,457 | 6,311,242 | |||||||||||||||||||
Rate | 0.84 | % | 0.98 | 1.07 | 1.19 | 1.21 | 1.02 | % | 1.24 | |||||||||||||||||||
Savings deposits | $ | 484,460 | 488,221 | 495,901 | 476,007 | 469,526 | $ | 486,176 | 469,419 | |||||||||||||||||||
Rate | 0.14 | % | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | % | 0.15 | |||||||||||||||||||
Time deposits under $100,000 | $ | 2,383,411 | 2,511,830 | 2,626,852 | 2,726,002 | 2,851,913 | $ | 2,560,947 | 3,056,870 | |||||||||||||||||||
Rate | 1.74 | % | 1.88 | 2.00 | 2.17 | 2.44 | 1.95 | % | 2.97 | |||||||||||||||||||
Time deposits over $100,000 | $ | 3,859,235 | 4,217,972 | 4,561,517 | 4,770,429 | 4,909,253 | $ | 4,349,424 | 5,273,648 | |||||||||||||||||||
Rate | 1.77 | % | 1.88 | 1.95 | 2.05 | 2.32 | 1.92 | % | 2.87 | |||||||||||||||||||
National market brokered money market accounts | $ | 423,428 | 537,952 | 833,811 | 1,047,417 | 1,218,363 | $ | 708,469 | 1,632,613 | |||||||||||||||||||
Rate | 0.54 | % | 0.80 | 0.83 | 0.74 | 0.75 | 0.75 | % | 0.78 | |||||||||||||||||||
National market brokered time deposits | $ | 2,956,904 | 3,261,113 | 3,681,660 | 3,871,581 | 4,011,648 | $ | 3,439,811 | 3,720,349 | |||||||||||||||||||
Rate | 1.82 | % | 1.89 | 1.90 | 2.13 | 2.41 | 1.94 | % | 2.86 | |||||||||||||||||||
Total interest bearing deposits | $ | 20,845,911 | 21,407,681 | 22,423,571 | 22,978,569 | 23,731,943 | $ | 21,906,703 | 24,050,939 | |||||||||||||||||||
Rate | 1.14 | % | 1.28 | 1.36 | 1.48 | 1.62 | 1.32 | % | 1.90 | |||||||||||||||||||
Federal funds purchased and other short-term liabilities | $ | 442,183 | 514,295 | 493,602 | 472,691 | 729,988 | $ | 480,700 | 918,735 | |||||||||||||||||||
Rate | 0.33 | % | 0.36 | 0.44 | 0.47 | 0.45 | 0.40 | % | 0.42 | |||||||||||||||||||
Long-term debt | $ | 1,729,991 | 1,811,153 | 1,882,358 | 1,805,363 | 1,897,915 | $ | 1,807,021 | 1,964,411 | |||||||||||||||||||
Rate | 2.64 | % | 2.57 | 2.36 | 2.17 | 1.75 | 2.40 | % | 1.97 | |||||||||||||||||||
Total interest bearing liabilities | $ | 23,018,085 | 23,733,129 | 24,799,531 | 25,256,623 | 26,359,846 | $ | 24,194,425 | 26,934,086 | |||||||||||||||||||
Rate | 1.23 | % | 1.36 | 1.42 | 1.51 | 1.59 | 1.38 | % | 1.85 | |||||||||||||||||||
Non-interest bearing demand deposits | $ | 4,433,849 | 4,310,459 | 4,271,444 | 4,243,622 | 4,162,027 | $ | 4,315,353 | 3,915,924 | |||||||||||||||||||
Net interest margin | 3.37 | % | 3.33 | 3.34 | 3.39 | 3.25 | 3.36 | % | 3.19 | |||||||||||||||||||
* | 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)
December 31, 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 | $ | 867,328 | 4.0 | % | $ | 21,219 | 2.4 | % | ||||||||
Hotels | 865,974 | 4.0 | 4,111 | 0.5 | ||||||||||||
Office Buildings | 842,657 | 3.9 | 15,653 | 1.8 | ||||||||||||
Shopping Centers | 1,078,122 | 5.0 | 18,713 | 2.1 | ||||||||||||
Commercial Development | 381,107 | 1.8 | 36,021 | 4.0 | ||||||||||||
Warehouses | 528,297 | 2.4 | 5,265 | 0.6 | ||||||||||||
Other Investment Property | 495,617 | 2.3 | 8,440 | 0.9 | ||||||||||||
Total Investment Properties | 5,059,102 | 23.4 | 109,422 | 12.3 | ||||||||||||
1-4 Family Construction | 332,047 | 1.5 | 57,009 | 6.4 | ||||||||||||
1-4 Family Perm / Mini-Perm | 1,127,566 | 5.2 | 75,995 | 8.5 | ||||||||||||
Residential Development | 643,174 | 3.0 | 164,575 | 18.5 | ||||||||||||
Total 1-4 Family Properties | 2,102,787 | 9.7 | 297,579 | 33.4 | ||||||||||||
Land Acquisition | 1,218,690 | 5.6 | 204,524 | 22.9 | ||||||||||||
Total Commercial Real Estate | 8,380,579 | 38.7 | 611,525 | 68.6 | ||||||||||||
Commercial , Financial, and Agricultural | 5,267,861 | 24.4 | 151,397 | 17.0 | ||||||||||||
Owner-Occupied | 3,996,950 | 18.6 | 60,221 | 6.8 | ||||||||||||
Total Commercial & Industrial | 9,264,811 | 43.0 | 211,618 | 23.7 | ||||||||||||
Home Equity | 1,648,039 | 7.6 | 17,748 | 2.0 | ||||||||||||
Consumer Mortgages | 1,475,261 | 6.8 | 45,348 | 5.1 | ||||||||||||
Credit Card | 284,971 | 1.3 | — | — | ||||||||||||
Other Retail Loans | 542,538 | 2.6 | 5,383 | 0.6 | ||||||||||||
Total Retail | 3,950,809 | 18.3 | 68,479 | 7.7 | ||||||||||||
Unearned Income | (10,436 | ) | nm | — | — | |||||||||||
Total | $ | 21,585,763 | 100.0 | % | $ | 891,622 | 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
Total Loans | 4Q10 vs. 3Q10 | 4Q10 vs. 4Q09 | ||||||||||||||||||
Loan Type | December 31, 2010 | September 30, 2010 | % change (1) | December 31, 2009 | % change | |||||||||||||||
Multi-Family | $ | 867,328 | 884,910 | (7.9 | )% | $ | 949,049 | (8.6 | )% | |||||||||||
Hotels | 865,974 | 970,849 | (42.9 | ) | 1,094,517 | (20.9 | ) | |||||||||||||
Office Buildings | 842,657 | 874,580 | (14.5 | ) | 964,214 | (12.6 | ) | |||||||||||||
Shopping Centers | 1,078,122 | 1,158,052 | (27.4 | ) | 1,212,462 | (11.1 | ) | |||||||||||||
Commercial Development | 381,107 | 419,953 | (36.7 | ) | 528,911 | (27.9 | ) | |||||||||||||
Warehouses | 528,297 | 531,570 | (2.4 | ) | 566,290 | (6.7 | ) | |||||||||||||
Other Investment Property | 495,617 | 526,652 | (23.4 | ) | 581,732 | (14.8 | ) | |||||||||||||
Total Investment Properties | 5,059,102 | 5,366,566 | (22.7 | ) | 5,897,175 | (14.2 | ) | |||||||||||||
1-4 Family Construction | 332,047 | 416,781 | (80.7 | ) | 715,171 | (53.6 | ) | |||||||||||||
1-4 Family Perm / Mini-Perm | 1,127,566 | 1,154,279 | (9.2 | ) | 1,272,763 | (11.4 | ) | |||||||||||||
Residential Development | 643,174 | 861,957 | (100.7 | ) | 1,328,317 | (51.6 | ) | |||||||||||||
Total 1-4 Family Properties | 2,102,787 | 2,433,017 | (53.8 | ) | 3,316,251 | (36.6 | ) | |||||||||||||
Land Acquisition | 1,218,690 | 1,381,603 | (46.8 | ) | 1,529,415 | (20.3 | ) | |||||||||||||
Total Commercial Real Estate | 8,380,579 | 9,181,186 | (34.6 | ) | 10,742,841 | (22.0 | ) | |||||||||||||
Commercial , Financial, and Agricultural | 5,267,861 | 5,263,677 | 0.3 | 6,003,735 | (12.3 | ) | ||||||||||||||
Owner-Occupied | 3,996,950 | 4,127,775 | (12.6 | ) | 4,443,611 | (10.1 | ) | |||||||||||||
Total Commercial & Industrial | 9,264,811 | 9,391,452 | (5.3 | ) | 10,447,346 | (11.3 | ) | |||||||||||||
Home Equity | 1,648,039 | 1,672,021 | (5.7 | ) | 1,714,994 | (3.9 | ) | |||||||||||||
Consumer Mortgages | 1,475,261 | 1,516,687 | (10.8 | ) | 1,637,978 | (9.9 | ) | |||||||||||||
Credit Card | 284,971 | 280,898 | 5.8 | 294,126 | (3.1 | ) | ||||||||||||||
Other Retail Loans | 542,538 | 551,941 | (6.8 | ) | 565,131 | (4.0 | ) | |||||||||||||
Total Retail | 3,950,809 | 4,021,547 | (7.0 | ) | 4,212,229 | (6.2 | ) | |||||||||||||
Unearned Income | (10,436 | ) | (13,149 | ) | (81.9 | ) | (19,348 | ) | (46.1 | ) | ||||||||||
Total | $ | 21,585,763 | 22,581,036 | (17.5 | )% | $ | 25,383,068 | (15.0 | )% | |||||||||||
(1) | Percentage change is annualized. |
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2010 | 2009 | 4th Quarter | ||||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ‘10 vs. ‘09 Change | |||||||||||||||||||
Nonperforming Loans | $ | 891,622 | 1,294,031 | 1,309,944 | 1,542,704 | 1,555,776 | (42.7 | )% | ||||||||||||||||
Other Loans Held for Sale (1) | 127,365 | 50,302 | 50,208 | 78,078 | 36,816 | 246.0 | ||||||||||||||||||
Other Real Estate | 261,305 | 211,869 | 212,362 | 222,155 | 238,807 | 9.4 | ||||||||||||||||||
Nonperforming Assets | 1,280,292 | 1,556,202 | 1,572,514 | 1,842,937 | 1,831,399 | (30.1 | ) | |||||||||||||||||
Allowance for Loan Losses | 703,547 | 836,355 | 834,522 | 968,697 | 943,725 | (25.4 | ) | |||||||||||||||||
Net Charge-Offs - Quarter | 385,203 | 237,187 | 433,079 | 315,976 | 361,857 | 6.5 | ||||||||||||||||||
Net Charge-Offs - YTD | 1,371,452 | 986,242 | 749,055 | 315,976 | 1,460,175 | (6.1 | ) | |||||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 6.93 | % | 4.12 | 7.21 | 5.05 | 5.58 | ||||||||||||||||||
Net Charge-Offs / Average Loans - YTD (2) | 5.82 | 5.47 | 6.11 | 5.05 | 5.37 | |||||||||||||||||||
Nonperforming Loans / Loans | 4.13 | 5.73 | 5.61 | 6.32 | 6.13 | |||||||||||||||||||
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE | 5.83 | 6.81 | 6.66 | 7.46 | 7.14 | |||||||||||||||||||
Allowance / Loans | 3.26 | 3.70 | 3.58 | 3.97 | 3.72 | |||||||||||||||||||
Allowance / Nonperforming Loans | 78.91 | 64.63 | 63.71 | 62.79 | 60.66 | |||||||||||||||||||
Allowance / Nonperforming Loans (3) | 192.60 | 177.98 | 191.11 | 128.99 | 123.66 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 16,222 | 25,028 | 21,430 | 35,491 | 19,938 | (18.6 | )% | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.08 | % | 0.11 | 0.09 | 0.15 | 0.08 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing | $ | 176,756 | 253,748 | 246,635 | 294,753 | 262,446 | (32.7 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.82 | % | 1.12 | 1.06 | 1.21 | 1.03 | ||||||||||||||||||
Restructured loans (accruing) | $ | 464,123 | 409,768 | 350,145 | 261,157 | 213,552 | 117.3 |
(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. |
(3) | Excludes nonperforming loans for which the expected loss has been charged off. |
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
December 31, 2010 | September 30, 2010 | December 31, 2009 | ||||||||||
Tier 1 Capital | $ | 2,909,912 | 3,092,655 | 2,721,287 | ||||||||
Total Risk-Based Capital | 3,756,214 | 3,954,063 | 3,637,712 | |||||||||
Tier 1 Capital Ratio | 12.79 | % | 13.06 | 10.16 | ||||||||
Tier 1 Common Equity Ratio | 8.63 | 9.07 | 6.66 | |||||||||
Total Risk-Based Capital Ratio | 16.51 | 16.70 | 13.58 | |||||||||
Leverage Ratio | 9.44 | 9.80 | 8.12 | |||||||||
Common Equity as a Percentage of Total Assets (2) | 6.85 | 7.37 | 5.86 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 6.73 | 7.26 | 5.74 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 8.90 | 9.47 | 7.03 | |||||||||
Book Value Per Common Share (4) (5) | 2.29 | 2.57 | 3.93 | |||||||||
Tangible Book Value Per Common Share (3) (5) | 2.25 | 2.53 | 3.84 |
(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). |