Exhibit 99.2
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
Nine Months Ended September 30, | ||||||||||||
2011 | 2010 | Change | ||||||||||
Interest income | $ | 868,453 | 1,007,024 | (13.8 | )% | |||||||
Interest expense | 171,455 | 262,658 | (34.7 | ) | ||||||||
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Net interest income | 696,998 | 744,366 | (6.4 | ) | ||||||||
Provision for losses on loans | 364,230 | 878,872 | (58.6 | ) | ||||||||
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Net interest income (expense) after provision for losses on loans | 332,768 | (134,506 | ) | 347.4 | ||||||||
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Non-interest income: | ||||||||||||
Service charges on deposit accounts | 59,595 | 80,867 | (26.3 | ) | ||||||||
Fiduciary and asset management fees | 35,046 | 33,103 | 5.9 | |||||||||
Brokerage revenue | 19,067 | 19,435 | (1.9 | ) | ||||||||
Mortgage revenue | 15,469 | 22,295 | (30.6 | ) | ||||||||
Bankcard fees | 34,344 | 29,989 | 14.5 | |||||||||
Investment securities gains (losses), net | 64,670 | (1,043 | ) | nm | ||||||||
Other fee income | 15,643 | 16,372 | (4.5 | ) | ||||||||
(Decrease) increase in fair value of private equity investments, net | (941 | ) | 5,703 | nm | ||||||||
Other non-interest income | 22,512 | 18,735 | 20.2 | |||||||||
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Total non-interest income | 265,405 | 225,456 | 17.7 | |||||||||
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Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 278,033 | 313,885 | (11.4 | ) | ||||||||
Net occupancy and equipment expense | 86,698 | 91,877 | (5.6 | ) | ||||||||
FDIC insurance and other regulatory fees | 45,826 | 52,794 | (13.2 | ) | ||||||||
Foreclosed real estate expense | 101,716 | 142,837 | (28.8 | ) | ||||||||
(Gains) losses on other loans held for sale, net | (2,591 | ) | 73 | nm | ||||||||
Professional fees | 30,264 | 33,399 | (9.4 | ) | ||||||||
Data processing expense | 27,225 | 33,123 | (17.8 | ) | ||||||||
Restructuring charges | 30,026 | 3,420 | nm | |||||||||
Loss on curtailment of post-retirement defined benefit plan | 398 | — | nm | |||||||||
Other operating expenses | 87,088 | 109,162 | (20.2 | ) | ||||||||
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Total non-interest expense | 684,683 | 780,570 | (12.3 | ) | ||||||||
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Loss from continuing operations before income taxes | (86,510 | ) | (689,620 | ) | 87.5 | |||||||
Income tax expense (benefit) | 1,690 | (21,034 | ) | nm | ||||||||
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Loss from continuing operations | (88,200 | ) | (668,586 | ) | 86.8 | |||||||
Income from discontinued operations, net of income taxes | — | 43,162 | nm | |||||||||
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Net loss | (88,200 | ) | (625,424 | ) | 85.9 | |||||||
Net loss attributable to non-controlling interest | (220 | ) | (313 | ) | 29.7 | |||||||
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Net loss attributable to controlling interest | (87,980 | ) | (625,111 | ) | 85.9 | |||||||
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Dividends and accretion of discount on preferred stock | 43,510 | 43,079 | 1.0 | |||||||||
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Net loss attributable to common shareholders | $ | (131,490 | ) | (668,190 | ) | 80.3 | ||||||
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Basic EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.17 | ) | (1.09 | ) | 84.4 | % | |||||
Net loss attributable to common shareholders | (0.17 | ) | (1.03 | ) | 83.5 | |||||||
Diluted EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | (0.17 | ) | (1.09 | ) | 84.4 | |||||||
Net loss attributable to common shareholders | (0.17 | ) | (1.03 | ) | 83.5 | |||||||
Cash dividends declared per common share | 0.03 | 0.03 | — | |||||||||
Return on average assets * | (0.41 | ) % | (2.77 | ) | 236 | bp | ||||||
Return on average common equity * | (8.85 | ) | (43.50 | ) | nm | |||||||
Average common shares outstanding - basic | 785,267 | 651,507 | 20.5 | % | ||||||||
Average common shares outstanding - diluted | 785,267 | 651,507 | 20.5 |
nm - not meaningful
* - ratios are annualized
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
2011 | 2010 | 3rd Quarter | ||||||||||||||||||||||
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ’11 vs. ’10 Change | |||||||||||||||||||
Interest income | $ | 281,970 | 288,052 | 298,432 | 313,557 | 326,490 | (13.6 | )% | ||||||||||||||||
Interest expense | 53,367 | 57,091 | 60,998 | 71,590 | 81,030 | (34.1 | ) | |||||||||||||||||
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Net interest income | 228,603 | 230,961 | 237,434 | 241,967 | 245,460 | (6.9 | ) | |||||||||||||||||
Provision for losses on loans | 102,325 | 120,159 | 141,746 | 252,401 | 239,020 | (57.2 | ) | |||||||||||||||||
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Net interest income (expense) after provision for losses on loans | 126,278 | 110,802 | 95,688 | (10,434 | ) | 6,440 | nm | |||||||||||||||||
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Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 20,039 | 19,238 | 20,318 | 24,248 | 26,711 | (25.0 | ) | |||||||||||||||||
Fiduciary and asset management fees | 11,631 | 11,879 | 11,537 | 11,039 | 10,408 | 11.8 | ||||||||||||||||||
Brokerage revenue | 6,556 | 6,291 | 6,220 | 8,750 | 6,736 | (2.7 | ) | |||||||||||||||||
Mortgage revenue | 7,427 | 5,547 | 2,495 | 11,039 | 10,163 | (26.9 | ) | |||||||||||||||||
Bankcard fees | 11,562 | 12,125 | 10,657 | 11,431 | 10,674 | 8.3 | ||||||||||||||||||
Investment securities gains (losses), net | 62,873 | 377 | 1,420 | (228 | ) | (612 | ) | nm | ||||||||||||||||
Other fee income | 5,423 | 5,289 | 4,931 | 4,757 | 5,440 | (0.3 | ) | |||||||||||||||||
(Decrease) increase in fair value of private equity investments, net | (771 | ) | (301 | ) | 132 | 1,500 | 3,521 | nm | ||||||||||||||||
Other non-interest income | 8,652 | 7,404 | 6,454 | 7,354 | 8,723 | (0.8 | ) | |||||||||||||||||
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Total non-interest income | 133,392 | 67,849 | 64,164 | 79,890 | 81,764 | 63.1 | ||||||||||||||||||
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Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 93,184 | 91,749 | 93,100 | 104,744 | 105,933 | (12.0 | ) | |||||||||||||||||
Net occupancy and equipment expense | 27,981 | 28,883 | 29,834 | 30,169 | 31,311 | (10.6 | ) | |||||||||||||||||
FDIC insurance and other regulatory fees | 15,463 | 15,956 | 14,406 | 16,686 | 16,178 | (4.4 | ) | |||||||||||||||||
Foreclosed real estate expense | 37,108 | 39,872 | 24,737 | 20,793 | 50,890 | (27.1 | ) | |||||||||||||||||
(Gains) losses on other loans held for sale, net | (846 | ) | 480 | (2,226 | ) | 2,976 | — | nm | ||||||||||||||||
Professional fees | 10,135 | 10,893 | 9,236 | 12,154 | 12,424 | (18.4 | ) | |||||||||||||||||
Data processing expense | 9,024 | 9,251 | 8,950 | 12,355 | 11,117 | (18.8 | ) | |||||||||||||||||
Restructuring charges | 2,587 | 3,106 | 24,333 | 2,118 | 3,420 | (24.4 | ) | |||||||||||||||||
Loss (gain) on curtailment of post-retirement defined benefit plan | — | — | 398 | (7,092 | ) | — | nm | |||||||||||||||||
Other operating expenses | 27,916 | 22,225 | 36,948 | 34,103 | 37,738 | (26.0 | ) | |||||||||||||||||
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Total non-interest expense | 222,552 | 222,415 | 239,716 | 229,006 | 269,011 | (17.3 | ) | |||||||||||||||||
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Income (loss) before income taxes | 37,118 | (43,764 | ) | (79,864 | ) | (159,550 | ) | (180,807 | ) | nm | ||||||||||||||
Income tax expense (benefit) | 6,910 | (4,764 | ) | (456 | ) | 5,884 | 360 | nm | ||||||||||||||||
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Net income (loss) | 30,208 | (39,000 | ) | (79,408 | ) | (165,434 | ) | (181,167 | ) | nm | ||||||||||||||
Net (loss) income attributable to non-controlling interest | — | — | (220 | ) | 134 | 277 | nm | |||||||||||||||||
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Net income (loss) available to controlling interest | 30,208 | (39,000 | ) | (79,188 | ) | (165,568 | ) | (181,444 | ) | nm | ||||||||||||||
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Dividends and accretion of discount on preferred stock | 14,541 | 14,504 | 14,466 | 14,430 | 14,394 | 1.0 | ||||||||||||||||||
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Net income (loss) available to common shareholders | $ | 15,667 | (53,504 | ) | (93,654 | ) | (179,998 | ) | (195,838 | ) | nm | |||||||||||||
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Basic EPS | ||||||||||||||||||||||||
Net income (loss) available to common shareholders | 0.02 | (0.07 | ) | (0.12 | ) | (0.23 | ) | (0.25 | ) | nm | ||||||||||||||
Diluted EPS | ||||||||||||||||||||||||
Net income (loss) available to common shareholders | 0.02 | (0.07 | ) | (0.12 | ) | (0.23 | ) | (0.25 | ) | nm | ||||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | ||||||||||||||||||
Return on average assets * | 0.42 | % | (0.55 | )% | (1.09 | )% | (2.12 | ) % | (2.27 | ) | nm | bp | ||||||||||||
Return on average common equity * | 3.20 | (10.95 | ) | (18.46 | ) | (31.80 | ) | (31.75 | ) | nm | ||||||||||||||
Average common shares outstanding - basic | 785,280 | 785,277 | 785,243 | 785,122 | 784,916 | 0.0 | % | |||||||||||||||||
Average common shares outstanding - diluted | 910,816 | 785,277 | 785,243 | 785,122 | 784,916 | 16.0 |
nm - not meaningful
* - ratios are annualized
Synovus
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)
September 30, 2011 | December 31, 2010 | September 30, 2010 | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 452,034 | 389,021 | 385,687 | ||||||||
Interest bearing funds with Federal Reserve Bank | 2,750,953 | 3,103,896 | 3,113,435 | |||||||||
Interest earning deposits with banks | 21,560 | 16,446 | 22,271 | |||||||||
Federal funds sold and securities purchased under resale agreements | 189,304 | 160,502 | 177,350 | |||||||||
Trading account assets, at fair value | 17,467 | 22,294 | 15,061 | |||||||||
Mortgage loans held for sale, at fair value | 125,379 | 232,839 | 241,353 | |||||||||
Other loans held for sale | 53,074 | 127,365 | 50,302 | |||||||||
Investment securities available for sale, at fair value | 3,596,511 | 3,440,268 | 3,326,133 | |||||||||
Loans, net of unearned income | 20,102,086 | 21,585,763 | 22,581,036 | |||||||||
Allowance for loan losses | (595,383 | ) | (703,547 | ) | (836,355 | ) | ||||||
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Loans, net | 19,506,703 | 20,882,216 | 21,744,681 | |||||||||
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Premises and equipment, net | 488,074 | 544,971 | 555,919 | |||||||||
Goodwill | 24,431 | 24,431 | 24,431 | |||||||||
Other intangible assets, net | 9,482 | 12,434 | 13,463 | |||||||||
Other assets | 1,018,952 | 1,136,465 | 1,284,675 | |||||||||
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Total assets | $ | 28,253,924 | 30,093,148 | 30,954,761 | ||||||||
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LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 5,249,335 | 4,298,372 | 4,248,071 | ||||||||
Interest bearing deposits, excluding brokered deposits | 15,702,461 | 17,049,583 | 17,438,979 | |||||||||
Brokered deposits | 2,157,631 | 3,152,349 | 3,549,175 | |||||||||
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Total deposits | 23,109,427 | 24,500,304 | 25,236,225 | |||||||||
Federal funds purchased and other short-term borrowings | 328,806 | 499,226 | 410,353 | |||||||||
Long-term debt | 1,522,334 | 1,808,161 | 1,743,097 | |||||||||
Other liabilities | 463,909 | 260,910 | 324,077 | |||||||||
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Total liabilities | 25,424,476 | 27,068,601 | 27,713,752 | |||||||||
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Equity: | ||||||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value (1) | 944,538 | 937,323 | 934,991 | |||||||||
Common stock, par value $1.00 (2) | 790,974 | 790,956 | 790,751 | |||||||||
Additional paid-in capital | 2,254,068 | 2,293,264 | 2,306,578 | |||||||||
Treasury stock, at cost (3) | (114,176 | ) | (114,176 | ) | (114,176 | ) | ||||||
Accumulated other comprehensive income | 32,189 | 57,158 | 91,112 | |||||||||
Accumulated deficit | (1,078,145 | ) | (966,607 | ) | (793,190 | ) | ||||||
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Total shareholders’ equity | 2,829,448 | 2,997,918 | 3,216,066 | |||||||||
Non-controlling interest in subsidiaries | — | 26,629 | 24,943 | |||||||||
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Total equity | 2,829,448 | 3,024,547 | 3,241,009 | |||||||||
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Total liabilities and equity | $ | 28,253,924 | 30,093,148 | 30,954,761 | ||||||||
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(1) | Preferred shares outstanding: 967,870, at all periods presented |
(2) | Common shares outstanding: 785,280,277; 785,262,837; and 785,057,350 at September 30, 2011 December 31, 2010, and September 30, 2010, respectively. |
(3) | Treasury shares: 5,693,452, at all periods presented |
Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
2011 | 2010 | |||||||||||||||||||
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable investment securities (2) | $ | 3,152,589 | 3,172,818 | 3,264,581 | 3,104,004 | 3,055,400 | ||||||||||||||
Yield | 3.28 | % | 3.46 | 3.56 | 3.76 | 4.08 | ||||||||||||||
Tax-exempt investment securities (2) | $ | 27,903 | 31,264 | 44,228 | 51,400 | 62,659 | ||||||||||||||
Yield (taxable equivalent) | 6.66 | % | 6.73 | 6.84 | 7.16 | 6.82 | ||||||||||||||
Trading account assets | $ | 14,601 | 16,881 | 20,281 | 16,037 | 14,970 | ||||||||||||||
Yield | 5.76 | % | 5.27 | 5.13 | 5.86 | 4.88 | ||||||||||||||
Commercial loans (3) | $ | 16,535,371 | 16,983,912 | 17,555,733 | 18,315,882 | 19,041,500 | ||||||||||||||
Yield | 4.88 | % | 4.92 | 4.98 | 4.90 | 4.92 | ||||||||||||||
Consumer loans (3) | $ | 3,869,698 | 3,879,042 | 3,914,222 | 3,988,849 | 4,048,929 | ||||||||||||||
Yield | 5.06 | % | 5.10 | 5.25 | 5.22 | 5.25 | ||||||||||||||
Allowance for loan losses | $ | (632,082 | ) | (678,851 | ) | (698,609 | ) | (819,176 | ) | (862,970 | ) | |||||||||
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Loans, net (3) | $ | 19,772,987 | 20,184,103 | 20,771,346 | 21,485,555 | 22,227,459 | ||||||||||||||
Yield | 5.09 | % | 5.14 | 5.21 | 5.16 | 5.19 | ||||||||||||||
Mortgage loans held for sale | $ | 91,257 | 79,340 | 152,981 | 260,759 | 194,487 | ||||||||||||||
Yield | 5.74 | % | 6.16 | 4.74 | 4.60 | 5.16 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 3,075,470 | 2,929,515 | 3,033,284 | 3,628,939 | 3,720,649 | ||||||||||||||
Yield | 0.24 | % | 0.25 | 0.25 | 0.25 | 0.25 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (4) | $ | 96,442 | 104,727 | 111,096 | 113,341 | 122,356 | ||||||||||||||
Yield | 0.90 | % | 0.87 | 0.90 | 0.59 | 0.87 | ||||||||||||||
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Total interest earning assets | $ | 26,231,249 | 26,518,648 | 27,397,797 | 28,660,035 | 29,397,980 | ||||||||||||||
Yield | 4.28 | % | 4.37 | 4.42 | 4.36 | 4.42 | ||||||||||||||
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Interest Bearing Liabilities | ||||||||||||||||||||
Interest bearing demand deposits | $ | 3,302,439 | 3,379,243 | 3,526,730 | 3,864,106 | 3,601,825 | ||||||||||||||
Rate | 0.30 | % | 0.32 | 0.33 | 0.33 | 0.36 | ||||||||||||||
Money market accounts | $ | 6,636,751 | 6,306,399 | 6,550,623 | 6,874,367 | 6,788,768 | ||||||||||||||
Rate | 0.73 | % | 0.77 | 0.76 | 0.84 | 0.98 | ||||||||||||||
Savings deposits | $ | 521,604 | 520,518 | 493,504 | 484,460 | 488,221 | ||||||||||||||
Rate | 0.13 | % | 0.14 | 0.14 | 0.14 | 0.14 | ||||||||||||||
Time deposits under $100,000 | $ | 2,131,453 | 2,124,525 | 2,212,215 | 2,383,411 | 2,511,830 | ||||||||||||||
Rate | 1.27 | % | 1.38 | 1.53 | 1.74 | 1.88 | ||||||||||||||
Time deposits over $100,000 | $ | 2,912,476 | 2,978,929 | 3,291,202 | 3,859,235 | 4,217,972 | ||||||||||||||
Rate | 1.49 | % | 1.57 | 1.65 | 1.77 | 1.88 | ||||||||||||||
Brokered money market accounts | $ | 325,002 | 390,048 | 393,981 | 423,428 | 537,952 | ||||||||||||||
Rate | 0.39 | % | 0.47 | 0.51 | 0.54 | 0.80 | ||||||||||||||
Brokered time deposits | $ | 2,053,811 | 2,471,620 | 2,665,314 | 2,956,904 | 3,261,113 | ||||||||||||||
Rate | 1.88 | % | 1.87 | 1.83 | 1.82 | 1.89 | ||||||||||||||
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Total interest bearing deposits | $ | 17,883,536 | 18,171,282 | 19,133,569 | 20,845,911 | 21,407,681 | ||||||||||||||
Rate | 0.95 | % | 1.01 | 1.05 | 1.14 | 1.28 | ||||||||||||||
Federal funds purchased and other short-term liabilities | $ | 368,311 | 449,815 | 412,008 | 442,183 | 514,295 | ||||||||||||||
Rate | 0.28 | % | 0.26 | 0.29 | 0.33 | 0.36 | ||||||||||||||
Long-term debt | $ | 1,693,673 | 1,901,130 | 1,891,576 | 1,729,991 | 1,811,153 | ||||||||||||||
Rate | 2.45 | % | 2.30 | 2.39 | 2.64 | 2.57 | ||||||||||||||
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Total interest bearing liabilities | $ | 19,945,520 | 20,522,227 | 21,437,153 | 23,018,085 | 23,733,129 | ||||||||||||||
Rate | 1.06 | % | 1.11 | 1.15 | 1.23 | 1.36 | ||||||||||||||
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Non-interest bearing demand deposits | $ | 5,175,521 | 4,911,044 | 4,821,237 | 4,433,849 | 4,310,459 | ||||||||||||||
Net interest margin | 3.47 | % | 3.51 | 3.52 | 3.37 | 3.33 | ||||||||||||||
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Tax equivalent adjustment | $ | 880 | 893 | 964 | 968 | 1,087 |
(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)
September 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 | $ | 752,638 | 3.7 | % | $ | 6,844 | 0.8 | % | ||||||||
Hotels | 789,477 | 3.9 | 5,899 | 0.7 | ||||||||||||
Office Buildings | 791,441 | 3.9 | 17,077 | 2.0 | ||||||||||||
Shopping Centers | 1,001,547 | 5.0 | 19,312 | 2.2 | ||||||||||||
Commercial Development | 300,474 | 1.5 | 41,888 | 4.8 | ||||||||||||
Warehouses | 497,918 | 2.5 | 6,905 | 0.8 | ||||||||||||
Other Investment Property | 462,453 | 2.3 | 9,230 | 1.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Properties | 4,595,948 | 22.8 | 107,155 | 12.4 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
1-4 Family Construction | 221,900 | 1.1 | 21,119 | 2.4 | ||||||||||||
1-4 Family Investment Mortgage | 1,020,396 | 5.1 | 64,877 | 7.4 | ||||||||||||
Residential Development | 484,095 | 2.4 | 125,097 | 14.3 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total 1-4 Family Properties | 1,726,391 | 8.6 | 211,093 | 24.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Land Acquisition | 1,119,947 | 5.6 | 231,638 | 26.5 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Commercial Real Estate | 7,442,286 | 37.0 | 549,886 | 63.0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial , Financial, and Agricultural | 4,901,492 | 24.4 | 154,235 | 17.7 | ||||||||||||
Owner-Occupied Real Estate | 3,911,614 | 19.5 | 86,897 | 10.0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Commercial & Industrial | 8,813,106 | 43.9 | 241,132 | 27.7 | ||||||||||||
Home Equity Lines | 1,612,798 | 8.0 | 24,305 | 2.8 | ||||||||||||
Consumer Mortgages | 1,426,024 | 7.1 | 51,137 | 5.9 | ||||||||||||
Credit Cards | 267,810 | 1.3 | — | — | ||||||||||||
Other Retail Loans | 550,106 | 2.7 | 5,614 | 0.6 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total Retail | 3,856,738 | 19.1 | 81,056 | 9.3 | ||||||||||||
Unearned Income | (10,044 | ) | nm | — | — | |||||||||||
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|
|
|
|
|
|
| |||||||||
Total | $ | 20,102,086 | 100.0 | % | $ | 872,074 | 100.0 | % | ||||||||
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|
|
|
|
|
|
|
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
Total Loans | 3Q11 vs. 2Q11 | 3Q11 vs. 4Q10 | 3Q11 vs. 3Q10 | |||||||||||||
Loan Type | September 30, 2011 | % change (1) | % change (1) | % change | ||||||||||||
Multi-Family | $ | 752,638 | (31.5 | )% | (17.7 | ) | (14.9 | ) | ||||||||
Hotels | 789,477 | (11.2 | ) | (11.8 | ) | (18.7 | ) | |||||||||
Office Buildings | 791,441 | (3.3 | ) | (8.1 | ) | (9.5 | ) | |||||||||
Shopping Centers | 1,001,547 | (12.8 | ) | (9.5 | ) | (13.5 | ) | |||||||||
Commercial Development | 300,474 | (19.2 | ) | (28.3 | ) | (28.5 | ) | |||||||||
Warehouses | 497,918 | (18.0 | ) | (7.7 | ) | (6.3 | ) | |||||||||
Other Investment Property | 462,453 | (1.9 | ) | (8.9 | ) | (12.2 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Properties | 4,595,948 | (14.1 | ) | (12.2 | ) | (14.4 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
1-4 Family Construction | 221,900 | (44.9 | ) | (44.4 | ) | (46.8 | ) | |||||||||
1-4 Family Investment Mortgage | 1,020,396 | (17.8 | ) | (12.7 | ) | (11.6 | ) | |||||||||
Residential Development | 484,095 | (36.0 | ) | (33.1 | ) | (43.8 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total 1-4 Family Properties | 1,726,391 | (26.7 | ) | (23.9 | ) | (29.0 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Land Acquisition | 1,119,947 | (19.9 | ) | (10.8 | ) | (18.9 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Commercial Real Estate | 7,442,286 | (18.0 | ) | (15.0 | ) | (18.9 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial , Financial, and Agricultural | 4,901,492 | (4.5 | ) | (9.3 | ) | (6.9 | ) | |||||||||
Owner-Occupied Real Estate | 3,911,614 | 2.4 | (2.9 | ) | (5.2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Commercial & Industrial | 8,813,106 | (1.5 | ) | (6.5 | ) | (6.2 | ) | |||||||||
Home Equity Lines | 1,612,798 | 0.1 | (2.9 | ) | (3.5 | ) | ||||||||||
Consumer Mortgages | 1,426,024 | (6.8 | ) | (4.5 | ) | (6.0 | ) | |||||||||
Credit Cards | 267,810 | (5.6 | ) | (8.1 | ) | (4.7 | ) | |||||||||
Other Retail Loans | 550,106 | 9.8 | 1.9 | (0.3 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Retail | 3,856,738 | (1.5 | ) | (3.2 | ) | (4.1 | ) | |||||||||
Unearned Income | (10,044 | ) | 56.8 | (5.0 | ) | (23.6 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 20,102,086 | (7.8 | )% | (9.2 | ) | (11.0 | ) | ||||||||
|
|
|
|
|
|
|
|
(1) | Percentage change is annualized. |
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2011 | 2010 | 3rd Quarter | ||||||||||||||||||||||
Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ’11 vs. ’10 Change | |||||||||||||||||||
Non-performing Loans | $ | 872,074 | 885,236 | 895,726 | 891,622 | 1,294,031 | (32.6 | )% | ||||||||||||||||
Other Loans Held for Sale (1) | 53,074 | 89,139 | 110,436 | 127,365 | 50,302 | 5.5 | ||||||||||||||||||
Other Real Estate | 239,255 | 244,313 | 269,314 | 261,305 | 211,869 | 12.9 | ||||||||||||||||||
Non-performing Assets | 1,164,403 | 1,218,688 | 1,275,476 | 1,280,292 | 1,556,202 | (25.2 | ) | |||||||||||||||||
Allowance for Loan Losses | 595,383 | 631,401 | 678,426 | 703,547 | 836,355 | (28.8 | ) | |||||||||||||||||
Net Charge-Offs - Quarter | 138,344 | 167,184 | 166,867 | 385,203 | 237,195 | (41.7 | ) | |||||||||||||||||
Net Charge-Offs - YTD | 472,394 | 334,051 | 166,867 | 1,371,452 | 986,249 | (52.1 | ) | |||||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 2.72 | % | 3.22 | 3.12 | 6.93 | 4.12 | ||||||||||||||||||
Net Charge-Offs / Average Loans - YTD (2) | 3.03 | 3.17 | 3.12 | 5.82 | 5.47 | |||||||||||||||||||
Non-performing Loans / Loans | 4.34 | 4.32 | 4.27 | 4.13 | 5.73 | |||||||||||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE | 5.71 | 5.85 | 5.97 | 5.83 | 6.81 | |||||||||||||||||||
Allowance / Loans | 2.96 | 3.08 | 3.23 | 3.26 | 3.70 | |||||||||||||||||||
Allowance / Non-performing Loans | 68.27 | 71.33 | 75.74 | 78.91 | 64.63 | |||||||||||||||||||
Allowance / Non-performing Loans (3) | 145.12 | 161.55 | 176.08 | 192.60 | 177.98 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 26,860 | 23,235 | 10,490 | 16,222 | 25,028 | 7.3 | % | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.13 | % | 0.11 | 0.05 | 0.08 | 0.11 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing | $ | 199,561 | 199,804 | 201,754 | 176,756 | 253,748 | (21.4 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.99 | % | 0.97 | 0.96 | 0.82 | 1.12 | ||||||||||||||||||
Restructured loans (accruing) | $ | 640,324 | 551,603 | 545,416 | 464,123 | 409,768 | 56.3 |
(1) | Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value, 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)
September 30, 2011 | December 31, 2010 | September 30, 2010 | ||||||||||
Tier 1 Capital | $ | 2,771,288 | 2,909,912 | 3,092,655 | ||||||||
Total Risk-Based Capital | 3,533,909 | 3,742,599 | 3,954,063 | |||||||||
Tier 1 Capital Ratio | 12.97 | % | 12.79 | 13.06 | ||||||||
Tier 1 Common Equity Ratio | 8.50 | 8.63 | 9.07 | |||||||||
Total Risk-Based Capital Ratio | 16.54 | 16.45 | 16.70 | |||||||||
Tier 1 Leverage Ratio | 9.87 | 9.44 | 9.80 | |||||||||
Common Equity as a Percentage of Total Assets (2) | 6.67 | 6.85 | 7.37 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 6.56 | 6.73 | 7.26 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 8.66 | 8.90 | 9.47 | |||||||||
Book Value Per Common Share (4) (5) | 2.07 | 2.29 | 2.57 | |||||||||
Tangible Book Value Per Common Share (3) (5) | 2.03 | 2.25 | 2.53 |
(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). |