Exhibit 99.2
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
Six Months Ended June 30, | ||||||||||||
2011 | 2010 | Change | ||||||||||
Interest income | $ | 586,484 | 680,534 | (13.8 | )% | |||||||
Interest expense | 118,089 | 181,629 | (35.0 | ) | ||||||||
Net interest income | 468,395 | 498,905 | (6.1 | ) | ||||||||
Provision for losses on loans | 261,905 | 639,851 | (59.1 | ) | ||||||||
Net interest income (expense) after provision for losses on loans | 206,490 | (140,946 | ) | 246.5 | ||||||||
Non-interest income: | ||||||||||||
Service charges on deposit accounts | 39,556 | 54,155 | (27.0 | ) | ||||||||
Fiduciary and asset management fees | 23,416 | 22,695 | 3.2 | |||||||||
Brokerage revenue | 12,511 | 12,699 | (1.5 | ) | ||||||||
Mortgage revenue | 8,042 | 12,132 | (33.7 | ) | ||||||||
Bankcard fees | 22,782 | 19,315 | 17.9 | |||||||||
Investment securities gains (losses), net | 1,797 | (431 | ) | nm | ||||||||
Other fee income | 10,220 | 10,932 | (6.5 | ) | ||||||||
(Decrease) increase in fair value of private equity investments, net | (169 | ) | 2,181 | (107.7 | ) | |||||||
Other non-interest income | 13,858 | 10,013 | 38.4 | |||||||||
Total non-interest income | 132,013 | 143,691 | (8.1 | ) | ||||||||
Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 184,849 | 207,951 | (11.1 | ) | ||||||||
Net occupancy and equipment expense | 58,717 | 60,565 | (3.1 | ) | ||||||||
FDIC insurance and other regulatory fees | 30,362 | 36,615 | (17.1 | ) | ||||||||
Foreclosed real estate expense | 64,609 | 91,948 | (29.7 | ) | ||||||||
(Gains) losses on other loans held for sale, net | (1,746 | ) | 73 | nm | ||||||||
Professional fees | 20,129 | 20,976 | (4.0 | ) | ||||||||
Data processing expense | 18,201 | 22,007 | (17.3 | ) | ||||||||
Restructuring charges | 27,439 | — | nm | |||||||||
Loss (gain) on curtailment of post-retirement defined benefit plan | 398 | — | nm | |||||||||
Other operating expenses | 59,173 | 71,424 | (17.2 | ) | ||||||||
Total non-interest expense | 462,131 | 511,559 | (9.7 | ) | ||||||||
Loss from continuing operations before income taxes | (123,628 | ) | (508,814 | ) | 75.7 | |||||||
Income tax benefit | (5,220 | ) | (21,395 | ) | (75.6 | ) | ||||||
Loss from continuing operations | (118,408 | ) | (487,419 | ) | 75.7 | |||||||
Income from discontinued operations, net of income taxes | — | 43,162 | (100.0 | ) | ||||||||
Net loss | (118,408 | ) | (444,257 | ) | 73.3 | |||||||
Net loss attributable to non-controlling interest | (220 | ) | (590 | ) | 62.7 | |||||||
Net loss attributable to controlling interest | (118,188 | ) | (443,667 | ) | 73.4 | |||||||
Dividends and accretion of discount on preferred stock | 28,970 | 28,685 | 1.0 | |||||||||
Net loss attributable to common shareholders | $ | (147,158 | ) | (472,352 | ) | 68.8 | ||||||
Basic EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.19 | ) | (0.88 | ) | 78.8 | % | |||||
Net loss attributable to common shareholders | (0.19 | ) | (0.81 | ) | 76.8 | |||||||
Diluted EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | (0.19 | ) | (0.88 | ) | 78.8 | |||||||
Net loss attributable to common shareholders | (0.19 | ) | (0.81 | ) | 76.8 | |||||||
Cash dividends declared per common share | 0.02 | 0.02 | — | |||||||||
Return on average assets * | (0.82 | )% | (3.02 | ) | 220 | bp | ||||||
Return on average common equity * | (15.55 | ) | (50.63 | ) | nm | |||||||
Average common shares outstanding - basic | 785,260 | 583,697 | 34.5 | % | ||||||||
Average common shares outstanding - diluted | 785,260 | 583,697 | 34.5 |
nm - not meaningful
* - ratios are annualized
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
2011 | 2010 | 2nd Quarter | ||||||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ‘11 vs. ‘10 Change | |||||||||||||||||||
Interest income | $ | 288,052 | 298,432 | 313,557 | 326,490 | 337,739 | (14.7 | )% | ||||||||||||||||
Interest expense | 57,091 | 60,998 | 71,590 | 81,030 | 87,700 | (34.9 | ) | |||||||||||||||||
Net interest income | 230,961 | 237,434 | 241,967 | 245,460 | 250,039 | (7.6 | ) | |||||||||||||||||
Provision for losses on loans | 120,159 | 141,746 | 252,401 | 239,020 | 298,904 | (59.8 | ) | |||||||||||||||||
Net interest income (expense) after provision for losses on loans | 110,802 | 95,688 | (10,434 | ) | 6,440 | (48,865 | ) | 326.8 | ||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 19,238 | 20,318 | 24,248 | 26,711 | 27,876 | (31.0 | ) | |||||||||||||||||
Fiduciary and asset management fees | 11,879 | 11,537 | 11,039 | 10,408 | 11,357 | 4.6 | ||||||||||||||||||
Brokerage revenue | 6,291 | 6,220 | 8,750 | 6,736 | 6,768 | (7.0 | ) | |||||||||||||||||
Mortgage revenue | 5,547 | 2,495 | 11,039 | 10,163 | 6,318 | (12.2 | ) | |||||||||||||||||
Bankcard fees | 12,125 | 10,657 | 11,431 | 10,674 | 9,800 | 23.7 | ||||||||||||||||||
Investment securities gains (losses), net | 377 | 1,420 | (228 | ) | (612 | ) | 17 | nm | ||||||||||||||||
Other fee income | 5,289 | 4,931 | 4,757 | 5,440 | 5,402 | (2.1 | ) | |||||||||||||||||
(Decrease) increase in fair value of private equity investments, net | (301 | ) | 132 | 1,500 | 3,521 | 1,283 | (123.5 | ) | ||||||||||||||||
Other non-interest income | 7,404 | 6,454 | 7,354 | 8,723 | 5,174 | 43.1 | ||||||||||||||||||
Total non-interest income | 67,849 | 64,164 | 79,890 | 81,764 | 73,995 | (8.3 | ) | |||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 91,749 | 93,100 | 104,744 | 105,933 | 103,929 | (11.7 | ) | |||||||||||||||||
Net occupancy and equipment expense | 28,883 | 29,834 | 30,169 | 31,311 | 30,588 | (5.6 | ) | |||||||||||||||||
FDIC insurance and other regulatory fees | 15,956 | 14,406 | 16,686 | 16,178 | 18,970 | (15.9 | ) | |||||||||||||||||
Foreclosed real estate expense | 39,872 | 24,737 | 20,793 | 50,890 | 46,440 | (14.1 | ) | |||||||||||||||||
Losses (gains) on other loans held for sale, net | 480 | (2,226 | ) | 2,976 | — | 12 | nm | |||||||||||||||||
Professional fees | 10,893 | 9,236 | 12,154 | 12,424 | 11,595 | (6.1 | ) | |||||||||||||||||
Data processing expense | 9,251 | 8,950 | 12,355 | 11,117 | 11,323 | (18.3 | ) | |||||||||||||||||
Restructuring charges | 3,106 | 24,333 | 2,118 | 3,420 | — | nm | ||||||||||||||||||
Loss (gain) on curtailment of post-retirement defined benefit plan | — | 398 | (7,092 | ) | — | — | nm | |||||||||||||||||
Other operating expenses | 22,225 | 36,948 | 34,103 | 37,738 | 35,905 | (38.1 | ) | |||||||||||||||||
Total non-interest expense | 222,415 | 239,716 | 229,006 | 269,011 | 258,762 | (14.0 | ) | |||||||||||||||||
Loss from continuing operations before income taxes | (43,764 | ) | (79,864 | ) | (159,550 | ) | (180,807 | ) | (233,632 | ) | 81.3 | |||||||||||||
Income tax (benefit) expense | (4,764 | ) | (456 | ) | 5,884 | 360 | (5,057 | ) | (5.8 | ) | ||||||||||||||
Loss from continuing operations | (39,000 | ) | (79,408 | ) | (165,434 | ) | (181,167 | ) | (228,575 | ) | 82.9 | |||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | nm | ||||||||||||||||||
Net loss | (39,000 | ) | (79,408 | ) | (165,434 | ) | (181,167 | ) | (228,575 | ) | 82.9 | |||||||||||||
Net (loss) income attributable to non-controlling interest | — | (220 | ) | 134 | 277 | (381 | ) | 100.0 | ||||||||||||||||
Net loss attributable to controlling interest | (39,000 | ) | (79,188 | ) | (165,568 | ) | (181,444 | ) | (228,194 | ) | 82.9 | |||||||||||||
Dividends and accretion of discount on preferred stock | 14,504 | 14,466 | 14,430 | 14,394 | 14,360 | 1.0 | ||||||||||||||||||
Net loss attributable to common shareholders | $ | (53,504 | ) | (93,654 | ) | (179,998 | ) | (195,838 | ) | (242,554 | ) | 77.9 | ||||||||||||
Basic EPS | ||||||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.07 | ) | (0.12 | ) | (0.23 | ) | (0.25 | ) | (0.36 | ) | 81.0 | % | |||||||||||
Net loss attributable to common shareholders | (0.07 | ) | (0.12 | ) | (0.23 | ) | (0.25 | ) | (0.36 | ) | 81.0 | |||||||||||||
Diluted EPS | ||||||||||||||||||||||||
Net loss from continuing operations attributable to common shareholders | (0.07 | ) | (0.12 | ) | (0.23 | ) | (0.25 | ) | (0.36 | ) | 81.0 | |||||||||||||
Net loss attributable to common shareholders | (0.07 | ) | (0.12 | ) | (0.23 | ) | (0.25 | ) | (0.36 | ) | 81.0 | |||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | ||||||||||||||||||
Return on average assets * | (0.55 | )% | (1.09 | )% | (2.12 | )% | (2.27 | )% | (2.81 | ) | 226 | bp | ||||||||||||
Return on average common equity * | (11.24 | ) | (19.55 | ) | (31.80 | ) | (31.80 | ) | (43.59 | ) | nm | |||||||||||||
Average common shares outstanding - basic | 785,277 | 785,243 | 785,122 | 784,916 | 676,753 | 16.0 | % | |||||||||||||||||
Average common shares outstanding - diluted | 785,277 | 785,243 | 785,122 | 784,916 | 676,753 | 16.0 |
nm - not meaningful
* - ratios are annualized
Synovus
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)
June 30, 2011 | December 31, 2010 | June 30, 2010 | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 409,302 | 389,021 | 589,158 | ||||||||
Interest bearing funds with Federal Reserve Bank | 2,845,277 | 3,103,896 | 3,657,548 | |||||||||
Interest earning deposits with banks | 24,133 | 16,446 | 10,608 | |||||||||
Federal funds sold and securities purchased under resale agreements | 127,580 | 160,502 | 159,993 | |||||||||
Trading account assets, at fair value | 16,130 | 22,294 | 20,009 | |||||||||
Mortgage loans held for sale, at fair value | 78,752 | 232,839 | 144,705 | |||||||||
Other loans held for sale | 89,139 | 127,365 | 50,208 | |||||||||
Investment securities available for sale, at fair value | 3,259,254 | 3,440,268 | 3,328,426 | |||||||||
Loans, net of unearned income | 20,504,810 | 21,585,763 | 23,342,945 | |||||||||
Allowance for loan losses | (631,401 | ) | (703,547 | ) | (834,522 | ) | ||||||
Loans, net | 19,873,409 | 20,882,216 | 22,508,423 | |||||||||
Premises and equipment, net | 493,638 | 544,971 | 565,981 | |||||||||
Goodwill | 24,431 | 24,431 | 24,431 | |||||||||
Other intangible assets, net | 10,449 | 12,434 | 14,505 | |||||||||
Other assets | 1,062,416 | 1,136,465 | 1,308,345 | |||||||||
Total assets | $ | 28,313,910 | 30,093,148 | 32,382,340 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 4,877,267 | 4,298,372 | 4,250,514 | ||||||||
Interest bearing deposits | 17,997,750 | 20,201,932 | 22,007,049 | |||||||||
Total deposits | 22,875,017 | 24,500,304 | 26,257,563 | |||||||||
Federal funds purchased and other short-term borrowings | 452,466 | 499,226 | 476,598 | |||||||||
Long-term debt | 1,894,901 | 1,808,161 | 1,876,571 | |||||||||
Other liabilities | 240,588 | 260,910 | 325,374 | |||||||||
Total liabilities | 25,462,972 | 27,068,601 | 28,936,106 | |||||||||
Equity: | ||||||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value (1) | 942,096 | 937,323 | 932,695 | |||||||||
Common stock, par value $1.00 (2) | 790,973 | 790,956 | 790,749 | |||||||||
Additional paid-in capital | 2,353,854 | 2,351,508 | 2,346,901 | |||||||||
Treasury stock, at cost (3) | (114,176 | ) | (114,176 | ) | (114,174 | ) | ||||||
Accumulated other comprehensive income | 65,905 | 57,158 | 101,073 | |||||||||
Accumulated deficit | (1,187,714 | ) | (1,024,851 | ) | (633,312 | ) | ||||||
Total shareholders’ equity | 2,850,938 | 2,997,918 | 3,423,932 | |||||||||
Non-controlling interest in subsidiaries | — | 26,629 | 22,302 | |||||||||
Total equity | 2,850,938 | 3,024,547 | 3,446,234 | |||||||||
Total liabilities and equity | $ | 28,313,910 | 30,093,148 | 32,382,340 | ||||||||
(1) | Preferred shares outstanding: 967,870, at all periods presented |
(2) | Common shares outstanding: 785,279,194; 785,262,837; and 785,056,302 at June 30, 2011 December 31, 2010, and June 30, 2010, respectively. |
(3) | Treasury shares: 5,693,452; 5,693,452; and 5,692,422 at June 30, 2011, December 31, 2010, and June 30, 2010, respectively. |
Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
2011 | 2010 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable investment securities (2) | $ | 3,172,818 | 3,264,581 | 3,104,004 | 3,055,400 | 3,068,634 | ||||||||||||||
Yield | 3.46 | % | 3.56 | 3.76 | 4.08 | 4.40 | ||||||||||||||
Tax-exempt investment securities (2) | $ | 31,264 | 44,228 | 51,400 | 62,659 | 66,125 | ||||||||||||||
Yield (taxable equivalent) | 6.73 | % | 6.84 | 7.16 | 6.82 | 6.85 | ||||||||||||||
Trading account assets | $ | 16,881 | 20,281 | 16,037 | 14,970 | 16,763 | ||||||||||||||
Yield | 5.27 | % | 5.13 | 5.86 | 4.88 | 5.47 | ||||||||||||||
Commercial loans (3) | $ | 16,983,912 | 17,555,733 | 18,315,882 | 19,041,500 | 19,982,523 | ||||||||||||||
Yield | 4.92 | % | 4.98 | 4.90 | 4.92 | 4.92 | ||||||||||||||
Consumer loans (3) | $ | 3,879,042 | 3,914,222 | 3,988,849 | 4,048,929 | 4,100,458 | ||||||||||||||
Yield | 5.10 | % | 5.25 | 5.22 | 5.25 | 5.33 | ||||||||||||||
Allowance for loan losses | $ | (678,851 | ) | (698,609 | ) | (819,176 | ) | (862,970 | ) | (964,212 | ) | |||||||||
Loans, net (3) | $ | 20,184,103 | 20,771,346 | 21,485,555 | 22,227,459 | 23,118,769 | ||||||||||||||
Yield | 5.14 | % | 5.21 | 5.16 | 5.19 | 5.21 | ||||||||||||||
Mortgage loans held for sale | $ | 79,340 | 152,981 | 260,759 | 194,487 | 131,700 | ||||||||||||||
Yield | 6.16 | % | 4.74 | 4.60 | 5.16 | 5.54 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 2,929,515 | 3,033,284 | 3,628,939 | 3,720,649 | 3,591,353 | ||||||||||||||
Yield | 0.25 | % | 0.25 | 0.25 | 0.25 | 0.25 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (4) | $ | 104,727 | 111,096 | 113,341 | 122,356 | 140,209 | ||||||||||||||
Yield | 0.87 | % | 0.90 | 0.59 | 0.87 | 0.82 | ||||||||||||||
Total interest earning assets | $ | 26,518,648 | 27,397,797 | 28,660,035 | 29,397,980 | 30,133,553 | ||||||||||||||
Yield | 4.37 | % | 4.42 | 4.36 | 4.42 | 4.51 | ||||||||||||||
Interest Bearing Liabilities | ||||||||||||||||||||
Interest bearing demand deposits | $ | 3,379,243 | 3,526,730 | 3,864,106 | 3,601,825 | 3,617,669 | ||||||||||||||
Rate | 0.32 | % | 0.33 | 0.33 | 0.36 | 0.42 | ||||||||||||||
Money market accounts | $ | 6,306,399 | 6,550,623 | 6,874,367 | 6,788,768 | 6,606,161 | ||||||||||||||
Rate | 0.77 | % | 0.76 | 0.84 | 0.98 | 1.07 | ||||||||||||||
Savings deposits | $ | 520,518 | 493,504 | 484,460 | 488,221 | 495,901 | ||||||||||||||
Rate | 0.14 | % | 0.14 | 0.14 | 0.14 | 0.15 | ||||||||||||||
Time deposits under $100,000 | $ | 2,124,525 | 2,212,215 | 2,383,411 | 2,511,830 | 2,626,852 | ||||||||||||||
Rate | 1.38 | % | 1.53 | 1.74 | 1.88 | 2.00 | ||||||||||||||
Time deposits over $100,000 | $ | 2,978,929 | 3,291,202 | 3,859,235 | 4,217,972 | 4,561,517 | ||||||||||||||
Rate | 1.57 | % | 1.65 | 1.77 | 1.88 | 1.95 | ||||||||||||||
National market brokered money market accounts | $ | 390,048 | 393,981 | 423,428 | 537,952 | 833,811 | ||||||||||||||
Rate | 0.47 | % | 0.51 | 0.54 | 0.80 | 0.83 | ||||||||||||||
National market brokered time deposits | $ | 2,471,620 | 2,665,314 | 2,956,904 | 3,261,113 | 3,681,660 | ||||||||||||||
Rate | 1.87 | % | 1.83 | 1.82 | 1.89 | 1.90 | ||||||||||||||
Total interest bearing deposits | $ | 18,171,282 | 19,133,569 | 20,845,911 | 21,407,681 | 22,423,571 | ||||||||||||||
Rate | 1.01 | % | 1.05 | 1.14 | 1.28 | 1.36 | ||||||||||||||
Federal funds purchased and other short-term liabilities | $ | 449,815 | 412,008 | 442,183 | 514,295 | 493,602 | ||||||||||||||
Rate | 0.26 | % | 0.29 | 0.33 | 0.36 | 0.44 | ||||||||||||||
Long-term debt | $ | 1,901,130 | 1,891,576 | 1,729,991 | 1,811,153 | 1,882,358 | ||||||||||||||
Rate | 2.30 | % | 2.39 | 2.64 | 2.57 | 2.36 | ||||||||||||||
Total interest bearing liabilities | $ | 20,522,227 | 21,437,153 | 23,018,085 | 23,733,129 | 24,799,531 | ||||||||||||||
Rate | 1.11 | % | 1.15 | 1.23 | 1.36 | 1.42 | ||||||||||||||
Non-interest bearing demand deposits | $ | 4,911,044 | 4,821,237 | 4,433,849 | 4,310,459 | 4,271,444 | ||||||||||||||
Net interest margin | 3.51 | % | 3.52 | 3.37 | 3.33 | 3.34 | ||||||||||||||
Tax equivalent adjustment | $ | 893 | 964 | 968 | 1,087 | 1,056 |
(1) | Yields and rates are annualized and include tax equivalent adjustment. |
(2) | Excludes net unrealized gains and (losses). |
(3) | Average loans are shown net of unearned income. Non-performing loans are included. |
(4) | Included as a component of Other Assets on the balance sheet |
Synovus
LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
June 30, 2011 | ||||||||||||||||
Loan Type | Total Loans | Loans as a % of Total Loans Outstanding | Total Non-performing Loans | Non-performing Loans as a % of Total Nonperforming Loans | ||||||||||||
Multi-Family | $ | 817,501 | 4.0 | % | $ | 9,631 | 1.2 | % | ||||||||
Hotels | 812,485 | 4.0 | 10,265 | 1.2 | ||||||||||||
Office Buildings | 798,033 | 3.9 | 18,556 | 2.1 | ||||||||||||
Shopping Centers | 1,035,068 | 5.0 | 19,489 | 2.2 | ||||||||||||
Commercial Development | 315,729 | 1.5 | 34,065 | 3.8 | ||||||||||||
Warehouses | 521,631 | 2.5 | 6,787 | 0.8 | ||||||||||||
Other Investment Property | 464,666 | 2.3 | 11,898 | 1.3 | ||||||||||||
Total Investment Properties | 4,765,113 | 23.2 | 110,691 | 12.6 | ||||||||||||
1-4 Family Construction | 250,226 | 1.2 | 29,512 | 3.3 | ||||||||||||
1-4 Family Investment Mortgage | 1,068,338 | 5.2 | 70,889 | 8.0 | ||||||||||||
Residential Development | 532,479 | 2.6 | 151,683 | 17.1 | ||||||||||||
Total 1-4 Family Properties | 1,851,043 | 9.0 | 252,084 | 28.4 | ||||||||||||
Land Acquisition | 1,179,196 | 5.8 | 218,033 | 24.6 | ||||||||||||
Total Commercial Real Estate | 7,795,352 | 38.0 | 580,808 | 65.6 | ||||||||||||
Commercial , Financial, and Agricultural | 4,958,300 | 24.2 | 140,398 | 15.9 | ||||||||||||
Owner-Occupied Real Estate | 3,888,292 | 19.0 | 85,231 | 9.6 | ||||||||||||
Total Commercial & Industrial | 8,846,592 | 43.2 | 225,629 | 25.5 | ||||||||||||
Home Equity Lines | 1,612,279 | 7.9 | 25,203 | 2.8 | ||||||||||||
Consumer Mortgages | 1,450,830 | 7.1 | 47,542 | 5.4 | ||||||||||||
Credit Cards | 271,641 | 1.3 | — | — | ||||||||||||
Other Retail Loans | 536,903 | 2.5 | 6,054 | 0.7 | ||||||||||||
Total Retail | 3,871,653 | 18.8 | 78,799 | 8.9 | ||||||||||||
Unearned Income | (8,787 | ) | nm | — | — | |||||||||||
Total | $ | 20,504,810 | 100.0 | % | $ | 885,236 | 100.0 | % | ||||||||
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
Total Loans | 2Q11 vs. 4Q10 | 2Q11 vs. 2Q10 | ||||||||||||||||||
Loan Type | June 30, 2011 | December 31, 2010 | % change (1) | June 30, 2010 | % change | |||||||||||||||
Multi-Family | $ | 817,501 | 867,328 | (11.6 | )% | $ | 894,450 | (8.6 | )% | |||||||||||
Hotels | 812,485 | 865,974 | (12.5 | ) | 983,848 | (17.4 | ) | |||||||||||||
Office Buildings | 798,033 | 842,657 | (10.7 | ) | 890,804 | (10.4 | ) | |||||||||||||
Shopping Centers | 1,035,068 | 1,078,122 | (8.1 | ) | 1,183,763 | (12.6 | ) | |||||||||||||
Commercial Development | 315,729 | 381,107 | (34.6 | ) | 462,623 | (31.8 | ) | |||||||||||||
Warehouses | 521,631 | 528,297 | (2.5 | ) | 535,676 | (2.6 | ) | |||||||||||||
Other Investment Property | 464,666 | 495,617 | (12.6 | ) | 526,732 | (11.8 | ) | |||||||||||||
Total Investment Properties | 4,765,113 | 5,059,102 | (11.7 | ) | 5,477,896 | (13.0 | ) | |||||||||||||
1-4 Family Construction | 250,226 | 332,047 | (49.7 | ) | 460,406 | (45.7 | ) | |||||||||||||
1-4 Family Investment Mortgage | 1,068,338 | 1,127,566 | (10.6 | ) | 1,191,790 | (10.4 | ) | |||||||||||||
Residential Development | 532,479 | 643,174 | (34.7 | ) | 999,792 | (46.7 | ) | |||||||||||||
Total 1-4 Family Properties | 1,851,043 | 2,102,787 | (24.1 | ) | 2,651,988 | (30.2 | ) | |||||||||||||
Land Acquisition | 1,179,196 | 1,218,690 | (6.5 | ) | 1,461,158 | (19.3 | ) | |||||||||||||
Total Commercial Real Estate | 7,795,352 | 8,380,579 | (14.1 | ) | 9,591,042 | (18.7 | ) | |||||||||||||
Commercial , Financial, and Agricultural | 4,958,300 | 5,267,861 | (11.9 | ) | 5,470,506 | (9.4 | ) | |||||||||||||
Owner-Occupied Real Estate | 3,888,292 | 3,996,950 | (5.5 | ) | 4,234,238 | (8.2 | ) | |||||||||||||
Total Commercial & Industrial | 8,846,592 | 9,264,811 | (9.1 | ) | 9,704,744 | (8.8 | ) | |||||||||||||
Home Equity Lines | 1,612,279 | 1,648,039 | (4.4 | ) | 1,680,658 | (4.1 | ) | |||||||||||||
Consumer Mortgages | 1,450,830 | 1,475,261 | (3.3 | ) | 1,546,977 | (6.2 | ) | |||||||||||||
Credit Cards | 271,641 | 284,971 | (9.4 | ) | 285,749 | (4.9 | ) | |||||||||||||
Other Retail Loans | 536,903 | 542,538 | (2.1 | ) | 548,980 | (2.2 | ) | |||||||||||||
Total Retail | 3,871,653 | 3,950,809 | (4.0 | ) | 4,062,364 | (4.7 | ) | |||||||||||||
Unearned Income | (8,787 | ) | (10,436 | ) | (31.9 | ) | (15,205 | ) | (42.2 | ) | ||||||||||
Total | $ | 20,504,810 | 21,585,763 | (10.1 | )% | $ | 23,342,945 | (12.2 | )% | |||||||||||
(1) | Percentage change is annualized. |
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2011 | 2010 | 2nd Quarter | ||||||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ‘11 vs. ‘10 Change | |||||||||||||||||||
Non-performing Loans | $ | 885,236 | 895,726 | 891,622 | 1,294,031 | 1,309,944 | (32.4 | )% | ||||||||||||||||
Other Loans Held for Sale (1) | 89,139 | 110,436 | 127,365 | 50,302 | 50,208 | 77.5 | ||||||||||||||||||
Other Real Estate | 244,313 | 269,314 | 261,305 | 211,869 | 212,362 | 15.0 | ||||||||||||||||||
Non-performing Assets | 1,218,688 | 1,275,476 | 1,280,292 | 1,556,202 | 1,572,514 | (22.5 | ) | |||||||||||||||||
Allowance for Loan Losses | 631,401 | 678,426 | 703,547 | 836,355 | 834,522 | (24.3 | ) | |||||||||||||||||
Net Charge-Offs - Quarter | 167,185 | 166,866 | 385,203 | 237,195 | 433,079 | (61.4 | ) | |||||||||||||||||
Net Charge-Offs - YTD | 334,050 | 166,866 | 1,371,452 | 986,249 | 749,055 | (55.4 | ) | |||||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 3.22 | % | 3.12 | 6.93 | 4.12 | 7.21 | ||||||||||||||||||
Net Charge-Offs / Average Loans - YTD (2) | 3.17 | 3.12 | 5.82 | 5.47 | 6.11 | |||||||||||||||||||
Non-performing Loans / Loans | 4.32 | 4.27 | 4.13 | 5.73 | 5.61 | |||||||||||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE | 5.85 | 5.97 | 5.83 | 6.81 | 6.66 | |||||||||||||||||||
Allowance / Loans | 3.08 | 3.23 | 3.26 | 3.70 | 3.58 | |||||||||||||||||||
Allowance / Non-performing Loans | 71.33 | 75.74 | 78.91 | 64.63 | 63.71 | |||||||||||||||||||
Allowance / Non-performing Loans (3) | 161.55 | 176.08 | 192.60 | 177.98 | 191.11 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 23,235 | 10,490 | 16,222 | 25,028 | 21,430 | 8.4 | % | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.11 | % | 0.05 | 0.08 | 0.11 | 0.09 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing | $ | 199,804 | 201,754 | 176,756 | 253,748 | 246,635 | (19.0 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.97 | % | 0.96 | 0.82 | 1.12 | 1.06 | ||||||||||||||||||
Restructured loans (accruing) | $ | 551,603 | 545,416 | 464,123 | 409,768 | 350,145 | 57.5 |
(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 non-performing loans for which the expected loss has been charged off. |
SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
June 30, 2011 | December 31, 2010 | June 30, 2010 | ||||||||||
Tier 1 Capital | $ | 2,758,280 | 2,909,912 | 3,285,907 | ||||||||
Total Risk-Based Capital | 3,522,660 | 3,742,599 | 4,160,867 | |||||||||
Tier 1 Capital Ratio | 12.84 | % | 12.79 | 13.36 | ||||||||
Tier 1 Common Equity Ratio | 8.41 | 8.63 | 9.52 | |||||||||
Total Risk-Based Capital Ratio | 16.40 | 16.45 | 16.91 | |||||||||
Leverage Ratio | 9.70 | 9.44 | 10.12 | |||||||||
Common Equity as a Percentage of Total Assets (2) | 6.74 | 6.85 | 7.69 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 6.63 | 6.73 | 7.58 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 8.73 | 8.90 | 9.97 | |||||||||
Book Value Per Common Share (4) (5) | 2.10 | 2.29 | 3.17 | |||||||||
Tangible Book Value Per Common Share (3) (5) | 2.06 | 2.25 | 2.70 |
(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). |