Exhibit 99.2
Synovus
INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data) | 2011 | 2010 | 1st Quarter | |||||||||||||||||||||
First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ’11 vs. ’10 Change | |||||||||||||||||||
Interest income | $ | 298,432 | 313,557 | 326,490 | 337,739 | 342,795 | (12.9 | ) % | ||||||||||||||||
Interest expense | 60,998 | 71,590 | 81,030 | 87,700 | 93,928 | (35.1 | ) | |||||||||||||||||
Net interest income | 237,434 | 241,967 | 245,460 | 250,039 | 248,867 | (4.6 | ) | |||||||||||||||||
Provision for losses on loans | 141,746 | 252,401 | 239,020 | 298,904 | 340,948 | (58.4 | ) | |||||||||||||||||
Net interest income (expense) after provision for losses on loans | 95,688 | (10,434 | ) | 6,440 | (48,865 | ) | (92,081 | ) | 203.9 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 20,318 | 24,248 | 26,711 | 27,876 | 26,280 | (22.7 | ) | |||||||||||||||||
Fiduciary and asset management fees | 11,537 | 11,039 | 10,408 | 11,357 | 11,338 | 1.8 | ||||||||||||||||||
Brokerage revenue | 6,220 | 8,750 | 6,736 | 6,768 | 5,931 | 4.9 | ||||||||||||||||||
Mortgage revenue | 2,495 | 11,039 | 10,163 | 6,318 | 5,814 | (57.1 | ) | |||||||||||||||||
Bankcard fees | 10,657 | 11,431 | 10,674 | 9,800 | 9,515 | 12.0 | ||||||||||||||||||
Investment securities gains (losses), net | 1,420 | (228 | ) | (612 | ) | 17 | (448 | ) | nm | |||||||||||||||
Other fee income | 4,931 | 4,757 | 5,440 | 5,402 | 5,530 | (10.8 | ) | |||||||||||||||||
Increase in fair value of private equity investments, net | 132 | 1,500 | 3,521 | 1,283 | 899 | (85.3 | ) | |||||||||||||||||
Other non-interest income | 6,454 | 7,354 | 8,723 | 5,174 | 4,839 | 33.4 | ||||||||||||||||||
Total non-interest income | 64,164 | 79,890 | 81,764 | 73,995 | 69,698 | (7.9 | ) | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 93,100 | 104,744 | 105,933 | 103,929 | 104,022 | (10.5 | ) | |||||||||||||||||
Net occupancy and equipment expense | 29,834 | 30,169 | 31,311 | 30,588 | 29,978 | (0.5 | ) | |||||||||||||||||
FDIC insurance and other regulatory fees | 14,406 | 16,686 | 16,178 | 18,970 | 17,646 | (18.4 | ) | |||||||||||||||||
Foreclosed real estate expense | 24,737 | 20,793 | 50,890 | 46,440 | 45,507 | (45.6 | ) | |||||||||||||||||
(Gains) losses on other loans held for sale, net | (2,226 | ) | 2,976 | — | 12 | 61 | nm | |||||||||||||||||
Professional fees | 9,236 | 12,154 | 12,424 | 11,595 | 9,380 | (1.5 | ) | |||||||||||||||||
Data processing expense | 8,950 | 12,355 | 11,117 | 11,323 | 10,683 | (16.2 | ) | |||||||||||||||||
Restructuring charges | 24,333 | 2,118 | 3,420 | — | — | nm | ||||||||||||||||||
Loss (gain) on curtailment of post-retirement defined benefit plan | 398 | (7,092 | ) | — | — | — | nm | |||||||||||||||||
Other operating expenses | 36,948 | 34,103 | 37,738 | 35,905 | 35,520 | 4.0 | ||||||||||||||||||
Total non-interest expense | 239,716 | 229,006 | 269,011 | 258,762 | 252,797 | (5.2 | ) | |||||||||||||||||
Loss from continuing operations before income taxes | (79,864 | ) | (159,550 | ) | (180,807 | ) | (233,632 | ) | (275,180 | ) | 71.0 | |||||||||||||
Income tax (benefit) expense | (456 | ) | 5,884 | 360 | (5,057 | ) | (16,337 | ) | (97.2 | ) | ||||||||||||||
Loss from continuing operations | (79,408 | ) | (165,434 | ) | (181,167 | ) | (228,575 | ) | (258,843 | ) | 69.3 | |||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | 43,161 | nm | ||||||||||||||||||
Net loss | (79,408 | ) | (165,434 | ) | (181,167 | ) | (228,575 | ) | (215,682 | ) | 63.2 | |||||||||||||
Net (loss) income attributable to non-controlling interest | (220 | ) | 134 | 277 | (381 | ) | (209 | ) | (5.3 | ) | ||||||||||||||
Net loss attributable to controlling interest | (79,188 | ) | (165,568 | ) | (181,444 | ) | (228,194 | ) | (215,473 | ) | 63.2 | |||||||||||||
Dividends and accretion of discount on preferred stock | 14,466 | 14,430 | 14,394 | 14,360 | 14,325 | 1.0 | ||||||||||||||||||
Net loss attributable to common shareholders | $ | (93,654 | ) | (179,998 | ) | (195,838 | ) | (242,554 | ) | (229,798 | ) | 59.2 | ||||||||||||
Basic EPS | ||||||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.12 | ) | (0.23 | ) | (0.25 | ) | (0.36 | ) | (0.56 | ) | 78.6 | % | |||||||||||
Net loss attributable to common shareholders | (0.12 | ) | (0.23 | ) | (0.25 | ) | (0.36 | ) | (0.47 | ) | 74.6 | |||||||||||||
Diluted EPS | ||||||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | (0.12 | ) | (0.23 | ) | (0.25 | ) | (0.36 | ) | (0.56 | ) | 78.6 | |||||||||||||
Net loss attributable to common shareholders | (0.12 | ) | (0.23 | ) | (0.25 | ) | (0.36 | ) | (0.47 | ) | 74.6 | |||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | ||||||||||||||||||
Return on average assets * | (1.09 | )% | (2.12 | )% | (2.27 | )% | (2.81 | )% | (3.22 | ) | 213 bp | |||||||||||||
Return on average common equity * | (19.55 | ) | (31.80 | ) | (31.80 | ) | (43.59 | ) | (59.10 | ) | nm | |||||||||||||
Average common shares outstanding - basic | 785,243 | 785,122 | 784,916 | 676,753 | 489,607 | 60.4 | % | |||||||||||||||||
Average common shares outstanding - diluted | 785,243 | 785,122 | 784,916 | 676,753 | 489,607 | 60.4 |
nm | - not meaningful |
* | - ratios are annualized |
Synovus
BALANCE SHEET DATA | March 31, 2011 | December 31, 2010 | March 31, 2010 | |||||||||
(Unaudited) | (Unaudited) | |||||||||||
(In thousands, except share data) | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 407,201 | 389,021 | 579,620 | ||||||||
Interest bearing funds with Federal Reserve Bank | 2,541,884 | 3,103,896 | 2,826,702 | |||||||||
Interest earning deposits with banks | 22,217 | 16,446 | 12,817 | |||||||||
Federal funds sold and securities purchased under resale agreements | 129,938 | 160,502 | 166,392 | |||||||||
Trading account assets, at fair value | 17,641 | 22,294 | 13,605 | |||||||||
Mortgage loans held for sale, at fair value | 112,246 | 232,839 | 112,989 | |||||||||
Other loans held for sale | 111,057 | 127,365 | 78,077 | |||||||||
Investment securities available for sale, at fair value | 3,346,483 | 3,440,268 | 3,237,519 | |||||||||
Loans, net of unearned income | 20,997,422 | 21,585,763 | 24,417,164 | |||||||||
Allowance for loan losses | (678,426 | ) | (703,547 | ) | (968,697 | ) | ||||||
Loans, net | 20,318,996 | 20,882,216 | 23,448,467 | |||||||||
Premises and equipment, net | 495,490 | 544,971 | 572,815 | |||||||||
Goodwill | 24,431 | 24,431 | 24,431 | |||||||||
Other intangible assets, net | 11,424 | 12,434 | 15,556 | |||||||||
Other assets | 1,139,195 | 1,136,465 | 1,350,448 | |||||||||
Total assets | $ | 28,678,203 | 30,093,148 | 32,439,438 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 4,698,580 | 4,298,372 | 4,352,327 | ||||||||
Interest bearing deposits | 18,507,299 | 20,201,932 | 22,827,721 | |||||||||
Total deposits | 23,205,879 | 24,500,304 | 27,180,048 | |||||||||
Federal funds purchased and other short-term borrowings | 425,209 | 499,226 | 450,979 | |||||||||
Long-term debt | 1,912,954 | 1,808,161 | 1,868,343 | |||||||||
Other liabilities | 251,462 | 260,910 | 301,615 | |||||||||
Total liabilities | 25,795,504 | 27,068,601 | 29,800,985 | |||||||||
Equity: | ||||||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value (1) | 939,691 | 937,323 | 930,433 | |||||||||
Common stock, par value $1.00 (2) | 790,968 | 790,956 | 495,536 | |||||||||
Additional paid-in capital | 2,352,329 | 2,351,508 | 1,607,140 | |||||||||
Treasury stock, at cost (3) | (114,176 | ) | (114,176 | ) | (114,174 | ) | ||||||
Accumulated other comprehensive income | 40,149 | 57,158 | 80,722 | |||||||||
Accumulated deficit | (1,126,356 | ) | (1,024,851 | ) | (382,914 | ) | ||||||
Total shareholders’ equity | 2,882,605 | 2,997,918 | 2,616,743 | |||||||||
Non-controlling interest in subsidiaries | 94 | 26,629 | 21,710 | |||||||||
Total equity | 2,882,699 | 3,024,547 | 2,638,453 | |||||||||
Total liabilities and equity | $ | 28,678,203 | 30,093,148 | 32,439,438 | ||||||||
(1) | Preferred shares outstanding: 967,870, at all periods presented |
(2) | Common shares outstanding: 785,274,094; 785,262,837; and 489,834,709 at March 31, 2011 December 31, 2010, and March 31, 2010, respectively. |
(3) | Treasury shares: 5,693,452; 5,693,452; and 5,692,422 at March 31, 2011, December 31, 2010, and March 31, 2010, respectively. |
Synovus
AVERAGE BALANCES AND YIELDS/RATES * (Unaudited) (Dollars in thousands) | 2011 | 2010 | ||||||||||||||||||
First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable investment securities | $ | 3,264,581 | 3,104,004 | 3,055,400 | 3,068,634 | 2,952,188 | ||||||||||||||
Yield | 3.56 | % | 3.76 | 4.08 | 4.40 | 4.70 | ||||||||||||||
Tax-exempt investment securities | $ | 44,228 | 51,400 | 62,659 | 66,125 | 72,041 | ||||||||||||||
Yield (taxable equivalent) | 6.84 | % | 7.16 | 6.82 | 6.85 | 7.16 | ||||||||||||||
Trading account assets | $ | 20,281 | 16,037 | 14,970 | 16,763 | 14,881 | ||||||||||||||
Yield | 5.13 | % | 5.86 | 4.88 | 5.47 | 5.30 | ||||||||||||||
Commercial loans | $ | 17,555,733 | 18,315,882 | 19,041,500 | 19,982,523 | 20,880,069 | ||||||||||||||
Yield | 4.98 | % | 4.90 | 4.92 | 4.92 | 4.85 | ||||||||||||||
Consumer loans | $ | 3,914,222 | 3,988,849 | 4,048,929 | 4,100,458 | 4,174,320 | ||||||||||||||
Yield | 5.25 | % | 5.22 | 5.25 | 5.33 | 5.36 | ||||||||||||||
Allowance for loan losses | $ | (698,609 | ) | (819,176 | ) | (862,970 | ) | (964,212 | ) | (951,552 | ) | |||||||||
Loans, net | $ | 20,771,346 | 21,485,555 | 22,227,459 | 23,118,769 | 24,102,837 | ||||||||||||||
Yield | 5.21 | % | 5.16 | 5.19 | 5.21 | 5.15 | ||||||||||||||
Mortgage loans held for sale | $ | 152,981 | 260,759 | 194,487 | 131,700 | 96,440 | ||||||||||||||
Yield | 4.74 | % | 4.60 | 5.16 | 5.54 | 5.49 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 3,033,284 | 3,628,939 | 3,720,649 | 3,591,353 | 2,435,880 | ||||||||||||||
Yield | 0.25 | % | 0.25 | 0.25 | 0.25 | 0.24 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank | $ | 111,097 | 113,341 | 122,356 | 140,209 | 142,524 | ||||||||||||||
Yield | 0.90 | % | 0.59 | 0.87 | 0.82 | 0.97 | ||||||||||||||
Total interest earning assets | $ | 27,397,797 | 28,660,035 | 29,397,980 | 30,133,553 | 29,816,791 | ||||||||||||||
Yield | 4.42 | % | 4.36 | 4.42 | 4.51 | 4.67 | ||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||
Interest bearing demand deposits | $ | 3,526,730 | 3,864,106 | 3,601,825 | 3,617,669 | 3,636,437 | ||||||||||||||
Rate | 0.33 | % | 0.33 | 0.36 | 0.42 | 0.42 | ||||||||||||||
Money market accounts | $ | 6,550,623 | 6,874,367 | 6,788,768 | 6,606,161 | 6,450,696 | ||||||||||||||
Rate | 0.76 | % | 0.84 | 0.98 | 1.07 | 1.19 | ||||||||||||||
Savings deposits | $ | 493,504 | 484,460 | 488,221 | 495,901 | 476,007 | ||||||||||||||
Rate | 0.14 | % | 0.14 | 0.14 | 0.15 | 0.15 | ||||||||||||||
Time deposits under $100,000 | $ | 2,212,215 | 2,383,411 | 2,511,830 | 2,626,852 | 2,726,002 | ||||||||||||||
Rate | 1.53 | % | 1.74 | 1.88 | 2.00 | 2.17 | ||||||||||||||
Time deposits over $100,000 | $ | 3,291,202 | 3,859,235 | 4,217,972 | 4,561,517 | 4,770,429 | ||||||||||||||
Rate | 1.65 | % | 1.77 | 1.88 | 1.95 | 2.05 | ||||||||||||||
National market brokered money market accounts | $ | 393,981 | 423,428 | 537,952 | 833,811 | 1,047,417 | ||||||||||||||
Rate | 0.51 | % | 0.54 | 0.80 | 0.83 | 0.74 | ||||||||||||||
National market brokered time deposits | $ | 2,665,314 | 2,956,904 | 3,261,113 | �� | 3,681,660 | 3,871,581 | |||||||||||||
Rate | 1.83 | % | 1.82 | 1.89 | 1.90 | 2.13 | ||||||||||||||
Total interest bearing deposits | $ | 19,133,569 | 20,845,911 | 21,407,681 | 22,423,571 | 22,978,569 | ||||||||||||||
Rate | 1.05 | % | 1.14 | 1.28 | 1.36 | 1.48 | ||||||||||||||
Federal funds purchased and other short-term liabilities | $ | 412,008 | 442,183 | 514,295 | 493,602 | 472,691 | ||||||||||||||
Rate | 0.29 | % | 0.33 | 0.36 | 0.44 | 0.47 | ||||||||||||||
Long-term debt | $ | 1,891,576 | 1,729,991 | 1,811,153 | 1,882,358 | 1,805,363 | ||||||||||||||
Rate | 2.39 | % | 2.64 | 2.57 | 2.36 | 2.17 | ||||||||||||||
Total interest bearing liabilities | $ | 21,437,153 | 23,018,085 | 23,733,129 | 24,799,531 | 25,256,623 | ||||||||||||||
Rate | 1.15 | % | 1.23 | 1.36 | 1.42 | 1.51 | ||||||||||||||
Non-interest bearing demand deposits | $ | 4,821,237 | 4,433,849 | 4,310,459 | 4,271,444 | 4,243,622 | ||||||||||||||
Net interest margin | 3.52 | % | 3.37 | 3.33 | 3.34 | 3.39 | ||||||||||||||
Tax equivalent adjustment | $ | 964 | 968 | 1,087 | 1,056 | 1,111 |
* | Yields and rates are annualized and include tax equivalent adjustment. |
(1) | Included as a component of Other Assets on the balance sheet |
Synovus
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
March 31, 2011 | ||||||||||||||||
Loan Type | Total Loans | Loans as a % of Total Loans Outstanding | Total Nonperforming Loans | Nonperforming Loans as a % of Total Nonperforming Loans | ||||||||||||
Multi-Family | $ | 861,336 | 4.1 | % | $ | 14,667 | 1.7 | % | ||||||||
Hotels | 837,377 | 4.0 | 9,974 | 1.1 | ||||||||||||
Office Buildings | 795,144 | 3.8 | 16,157 | 1.8 | ||||||||||||
Shopping Centers | 1,065,314 | 5.1 | 18,304 | 2.0 | ||||||||||||
Commercial Development | 365,925 | 1.7 | 42,925 | 4.8 | ||||||||||||
Warehouses | 518,088 | 2.5 | 6,286 | 0.7 | ||||||||||||
Other Investment Property | 470,379 | 2.2 | 8,807 | 1.0 | ||||||||||||
Total Investment Properties | 4,913,563 | 23.4 | 117,120 | 13.1 | ||||||||||||
1-4 Family Construction | 278,661 | 1.3 | 34,331 | 3.8 | ||||||||||||
1-4 Family Investment Mortgage | 1,091,498 | 5.2 | 70,230 | 7.8 | ||||||||||||
Residential Development | 584,441 | 2.8 | 161,224 | 18.0 | ||||||||||||
Total 1-4 Family Properties | 1,954,600 | 9.3 | 265,785 | 29.6 | ||||||||||||
Land Acquisition | 1,196,310 | 5.7 | 221,403 | 24.7 | ||||||||||||
Total Commercial Real Estate | 8,064,473 | 38.4 | 604,308 | 67.3 | ||||||||||||
Commercial , Financial, and Agricultural | 5,128,080 | 24.4 | 140,088 | 15.7 | ||||||||||||
Owner-Occupied Real Estate | 3,936,498 | 18.7 | 78,089 | 8.7 | ||||||||||||
Total Commercial & Industrial | 9,064,578 | 43.1 | 218,177 | 24.4 | ||||||||||||
Home Equity Lines | 1,617,842 | 7.7 | 22,900 | 2.6 | ||||||||||||
Consumer Mortgages | 1,453,568 | 6.9 | 45,034 | 5.0 | ||||||||||||
Credit Cards | 272,519 | 1.3 | — | — | ||||||||||||
Other Retail Loans | 533,337 | 2.6 | 5,307 | 0.6 | ||||||||||||
Total Retail | 3,877,266 | 18.5 | 73,241 | 8.2 | ||||||||||||
Unearned Income | (8,895 | ) | nm | — | — | |||||||||||
Total | $ | 20,997,422 | 100.0 | % | $ | 895,726 | 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
Total Loans | 1Q11 vs. 4Q10 | 1Q11 vs. 1Q10 | ||||||||||||||||||
Loan Type | March 31, 2011 | December 31, 2010 | % change (1) | March 31, 2010 | % change | |||||||||||||||
Multi-Family | $ | 861,336 | 867,328 | (2.8 | )% | $ | 919,486 | (6.3 | )% | |||||||||||
Hotels | 837,377 | 865,974 | (13.4 | ) | 1,097,980 | (23.7 | ) | |||||||||||||
Office Buildings | 795,144 | 842,657 | (22.9 | ) | 941,893 | (15.6 | ) | |||||||||||||
Shopping Centers | 1,065,314 | 1,078,122 | (4.8 | ) | 1,188,736 | (10.4 | ) | |||||||||||||
Commercial Development | 365,925 | 381,107 | (16.2 | ) | 490,021 | (25.3 | ) | |||||||||||||
Warehouses | 518,088 | 528,297 | (7.8 | ) | 531,314 | (2.5 | ) | |||||||||||||
Other Investment Property | 470,379 | 495,617 | (20.7 | ) | 553,425 | (15.0 | ) | |||||||||||||
Total Investment Properties | 4,913,563 | 5,059,102 | (11.7 | ) | 5,722,855 | (14.1 | ) | |||||||||||||
1-4 Family Construction | 278,661 | 332,047 | (65.2 | ) | 577,227 | (51.7 | ) | |||||||||||||
1-4 Family Investment Mortgage | 1,091,498 | 1,127,566 | (13.0 | ) | 1,258,226 | (13.3 | ) | |||||||||||||
Residential Development | 584,441 | 643,174 | (37.0 | ) | 1,216,826 | (52.0 | ) | |||||||||||||
Total 1-4 Family Properties | 1,954,600 | 2,102,787 | (28.6 | ) | 3,052,279 | (36.0 | ) | |||||||||||||
Land Acquisition | 1,196,310 | 1,218,690 | (7.4 | ) | 1,460,974 | (18.1 | ) | |||||||||||||
Total Commercial Real Estate | 8,064,473 | 8,380,579 | (15.3 | ) | 10,236,108 | (21.2 | ) | |||||||||||||
Commercial , Financial, and Agricultural | 5,128,080 | 5,267,861 | (10.8 | ) | 5,720,734 | (10.4 | ) | |||||||||||||
Owner-Occupied Real Estate | 3,936,498 | 3,996,950 | (6.1 | ) | 4,355,341 | (9.6 | ) | |||||||||||||
Total Commercial & Industrial | 9,064,578 | 9,264,811 | (8.8 | ) | 10,076,075 | (10.0 | ) | |||||||||||||
Home Equity Lines | 1,617,842 | 1,648,039 | (7.4 | ) | 1,695,679 | (4.6 | ) | |||||||||||||
Consumer Mortgages | 1,453,568 | 1,475,261 | (6.0 | ) | 1,587,537 | (8.4 | ) | |||||||||||||
Credit Cards | 272,519 | 284,971 | (17.7 | ) | 284,781 | (4.3 | ) | |||||||||||||
Other Retail Loans | 533,337 | 542,538 | (6.9 | ) | 553,937 | (3.7 | ) | |||||||||||||
Total Retail | 3,877,266 | 3,950,809 | (7.5 | ) | 4,121,934 | (5.9 | ) | |||||||||||||
Unearned Income | (8,895 | ) | (10,436 | ) | (59.9 | ) | (16,953 | ) | (47.5 | ) | ||||||||||
Total | $ | 20,997,422 | 21,585,763 | (11.1 | ) % | $ | 24,417,164 | (14.0 | )% | |||||||||||
(1) | Percentage change is annualized. |
Synovus
CREDIT QUALITY DATA (Unaudited) (Dollars in thousands) | 2011 | 2010 | 1st Quarter | |||||||||||||||||||||
First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ’11 vs. ’10 Change | |||||||||||||||||||
Nonperforming Loans | $ | 895,726 | 891,622 | 1,294,031 | 1,309,944 | 1,542,704 | (41.9 | ) % | ||||||||||||||||
Other Loans Held for Sale (1) | 110,436 | 127,365 | 50,302 | 50,208 | 78,078 | 41.4 | ||||||||||||||||||
Other Real Estate | 269,314 | 261,305 | 211,869 | 212,362 | 222,155 | 21.2 | ||||||||||||||||||
Nonperforming Assets | 1,275,476 | 1,280,292 | 1,556,202 | 1,572,514 | 1,842,937 | (30.8 | ) | |||||||||||||||||
Allowance for Loan Losses | 678,426 | 703,547 | 836,355 | 834,522 | 968,697 | (30.0 | ) | |||||||||||||||||
Net Charge-Offs - Quarter | 166,866 | 385,203 | 237,195 | 433,079 | 315,976 | (47.2 | ) | |||||||||||||||||
Net Charge-Offs - YTD | 166,866 | 1,371,452 | 986,249 | 749,055 | 315,976 | (47.2 | ) | |||||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 3.12 | % | 6.93 | 4.12 | 7.21 | 5.05 | ||||||||||||||||||
Net Charge-Offs / Average Loans - YTD (2) | 3.12 | 5.82 | 5.47 | 6.11 | 5.05 | |||||||||||||||||||
Nonperforming Loans / Loans | 4.27 | 4.13 | 5.73 | 5.61 | 6.32 | |||||||||||||||||||
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE | 5.97 | 5.83 | 6.81 | 6.66 | 7.46 | |||||||||||||||||||
Allowance / Loans | 3.23 | 3.26 | 3.70 | 3.58 | 3.97 | |||||||||||||||||||
Allowance / Nonperforming Loans | 75.74 | 78.91 | 64.63 | 63.71 | 62.79 | |||||||||||||||||||
Allowance / Nonperforming Loans (3) | 176.08 | 192.60 | 177.98 | 191.11 | 128.99 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 10,490 | 16,222 | 25,028 | 21,430 | 35,491 | (70.4 | ) % | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.05 | % | 0.08 | 0.11 | 0.09 | 0.15 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing | $ | 201,754 | 176,756 | 253,748 | 246,635 | 294,753 | (31.6 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.96 | % | 0.82 | 1.12 | 1.06 | 1.21 | ||||||||||||||||||
Restructured loans (accruing) | $ | 545,416 | 464,123 | 409,768 | 350,145 | 261,157 | 108.8 |
(1) | Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value, less costs to sell. |
(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)
March 31, 2011 | December 31, 2010 | March 31, 2010 | ||||||||||
Tier 1 Capital | $ | 2,812,535 | 2,909,912 | 2,494,790 | ||||||||
Total Risk-Based Capital | 3,592,062 | 3,742,599 | 3,357,637 | |||||||||
Tier 1 Capital Ratio | 12.79 | % | 12.79 | 9.68 | ||||||||
Tier 1 Common Equity Ratio | 8.47 | 8.63 | 6.03 | |||||||||
Total Risk-Based Capital Ratio | 16.33 | 16.45 | 13.03 | |||||||||
Leverage Ratio | 9.58 | 9.44 | 7.68 | |||||||||
Common Equity as a Percentage of Total Assets (2) | 6.77 | 6.85 | 5.20 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 6.66 | 6.73 | 5.08 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 8.67 | 8.90 | 6.39 | |||||||||
Book Value Per Common Share (4) (5) | 2.14 | 2.29 | 3.44 | |||||||||
Tangible Book Value Per Common Share (3) (5) | 2.10 | 2.25 | 3.36 |
(1) | Current quarter regulatory capital information is preliminary. |
(2) | Common equity consists of Total Shareholders’ Equity less Cumulative Perpetual Preferred 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). |