Exhibit 99.2
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
Twelve Months Ended December 31, | ||||||||||||
2011 | 2010 | Change | ||||||||||
Interest income | $ | 1,141,756 | 1,320,581 | (13.5 | )% | |||||||
Interest expense | 217,602 | 334,248 | (34.9 | ) | ||||||||
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Net interest income | 924,154 | 986,333 | (6.3 | ) | ||||||||
Provision for losses on loans | 418,795 | 1,131,274 | (63.0 | ) | ||||||||
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Net interest income (expense) after provision for losses on loans | 505,359 | (144,941 | ) | nm | ||||||||
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Non-interest income: | ||||||||||||
Service charges on deposit accounts | 78,770 | 105,114 | (25.1 | ) | ||||||||
Fiduciary and asset management fees | 45,809 | 44,142 | 3.8 | |||||||||
Brokerage revenue | 26,006 | 28,184 | (7.7 | ) | ||||||||
Mortgage revenue | 20,316 | 33,334 | (39.1 | ) | ||||||||
Bankcard fees | 41,493 | 41,420 | 0.2 | |||||||||
Investment securities gains (losses), net | 75,007 | (1,271 | ) | nm | ||||||||
Other fee income | 19,953 | 21,129 | (5.6 | ) | ||||||||
(Decrease) increase in fair value of private equity investments, net | (1,118 | ) | 7,203 | nm | ||||||||
Other non-interest income | 32,638 | 26,092 | 25.1 | |||||||||
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Total non-interest income | 338,874 | 305,347 | 11.0 | |||||||||
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Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 371,148 | 418,629 | (11.3 | ) | ||||||||
Net occupancy and equipment expense | 114,037 | 122,046 | (6.6 | ) | ||||||||
FDIC insurance and other regulatory fees | 59,063 | 69,480 | (15.0 | ) | ||||||||
Foreclosed real estate expense | 133,570 | 163,630 | (18.4 | ) | ||||||||
(Gains) losses on other loans held for sale, net | (2,737 | ) | 3,050 | nm | ||||||||
Professional fees | 40,585 | 45,554 | (10.9 | ) | ||||||||
Data processing expense | 35,757 | 45,478 | (21.4 | ) | ||||||||
Visa indemnification charge | 6,038 | — | nm | |||||||||
Restructuring charges | 30,665 | 5,538 | nm | |||||||||
Loss (gain) on curtailment of post-retirement defined benefit plan | 398 | (7,092 | ) | nm | ||||||||
Other operating expenses | 115,241 | 143,263 | (19.6 | ) | ||||||||
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Total non-interest expense | 903,765 | 1,009,576 | (10.5 | ) | ||||||||
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Loss from continuing operations before income taxes | (59,532 | ) | (849,170 | ) | 93.0 | |||||||
Income tax expense (benefit) | 1,312 | (15,151 | ) | nm | ||||||||
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Loss from continuing operations | (60,844 | ) | (834,019 | ) | 92.7 | |||||||
Income from discontinued operations, net of income taxes | — | 43,162 | nm | |||||||||
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Net loss | (60,844 | ) | (790,857 | ) | 92.3 | |||||||
Net loss attributable to non-controlling interest | (220 | ) | (179 | ) | (22.9 | ) | ||||||
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Net loss attributable to controlling interest | (60,624 | ) | (790,678 | ) | 92.3 | |||||||
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Dividends and accretion of discount on preferred stock | 58,088 | 57,510 | 1.0 | |||||||||
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Net loss attributable to common shareholders | $ | (118,712 | ) | (848,188 | ) | 86.0 | ||||||
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Basic EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | $ | (0.151 | ) | (1.301 | ) | 88.4 | % | |||||
Net loss attributable to common shareholders | (0.151 | ) | (1.238 | ) | 87.8 | |||||||
Diluted EPS | ||||||||||||
Net loss from continuing operations attributable to common shareholders | (0.151 | ) | (1.301 | ) | 88.4 | |||||||
Net loss attributable to common shareholders | (0.151 | ) | (1.238 | ) | 87.8 | |||||||
Cash dividends declared per common share | 0.04 | 0.04 | — | |||||||||
Return on average assets | (0.21 | )% | (2.61 | ) | 240 bp | |||||||
Return on average common equity | (6.04 | ) | (40.49 | ) | nm | |||||||
Average common shares outstanding - basic | 785,272 | 685,186 | 14.6 | % | ||||||||
Average common shares outstanding - diluted | 785,272 | 685,186 | 14.6 |
nm - not meaningful
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
2011 | 2010 | 4th Quarter | ||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | ‘11 vs. ‘10 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest income | $ | 273,303 | 281,970 | 288,052 | 298,432 | 313,557 | (12.8 | )% | ||||||||||||||||
Interest expense | 46,147 | 53,367 | 57,091 | 60,998 | 71,590 | (35.5 | ) | |||||||||||||||||
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Net interest income | 227,156 | 228,603 | 230,961 | 237,434 | 241,967 | (6.1 | ) | |||||||||||||||||
Provision for losses on loans | 54,565 | 102,325 | 120,159 | 141,746 | 252,401 | (78.4 | ) | |||||||||||||||||
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Net interest income (expense) after provision for losses on loans | 172,591 | 126,278 | 110,802 | 95,688 | (10,434 | ) | nm | |||||||||||||||||
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Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 19,175 | 20,039 | 19,238 | 20,318 | 24,248 | (20.9 | ) | |||||||||||||||||
Fiduciary and asset management fees | 10,763 | 11,631 | 11,879 | 11,537 | 11,039 | (2.5 | ) | |||||||||||||||||
Brokerage revenue | 6,939 | 6,556 | 6,291 | 6,220 | 8,750 | (20.7 | ) | |||||||||||||||||
Mortgage revenue | 4,847 | 7,427 | 5,547 | 2,495 | 11,039 | (56.1 | ) | |||||||||||||||||
Bankcard fees | 7,150 | 11,562 | 12,125 | 10,657 | 11,431 | (37.5 | ) | |||||||||||||||||
Investment securities gains (losses), net | 10,337 | 62,873 | 377 | 1,420 | (228 | ) | nm | |||||||||||||||||
Other fee income | 4,310 | 5,423 | 5,289 | 4,931 | 4,757 | (9.4 | ) | |||||||||||||||||
(Decrease) increase in fair value of private equity investments, net | (177 | ) | (771 | ) | (301 | ) | 132 | 1,500 | nm | |||||||||||||||
Other non-interest income | 10,126 | 8,652 | 7,404 | 6,454 | 7,354 | 37.7 | ||||||||||||||||||
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Total non-interest income | 73,470 | 133,392 | 67,849 | 64,164 | 79,890 | (8.0 | ) | |||||||||||||||||
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Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 93,115 | 93,184 | 91,749 | 93,100 | 104,744 | (11.1 | ) | |||||||||||||||||
Net occupancy and equipment expense | 27,338 | 27,981 | 28,883 | 29,834 | 30,169 | (9.4 | ) | |||||||||||||||||
FDIC insurance and other regulatory fees | 13,238 | 15,463 | 15,956 | 14,406 | 16,686 | (20.7 | ) | |||||||||||||||||
Foreclosed real estate expense | 31,853 | 37,108 | 39,872 | 24,737 | 20,793 | 53.2 | ||||||||||||||||||
(Gains) losses on other loans held for sale, net | (145 | ) | (846 | ) | 480 | (2,226 | ) | 2,976 | nm | |||||||||||||||
Professional fees | 10,321 | 10,135 | 10,893 | 9,236 | 12,154 | (15.1 | ) | |||||||||||||||||
Data processing expense | 8,532 | 9,024 | 9,251 | 8,950 | 12,355 | (30.9 | ) | |||||||||||||||||
Visa indemnification charge | 5,942 | — | 92 | 4 | — | nm | ||||||||||||||||||
Restructuring charges | 639 | 2,587 | 3,106 | 24,333 | 2,118 | (69.8 | ) | |||||||||||||||||
Loss (gain) on curtailment of post-retirement defined benefit plan | — | — | — | 398 | (7,092 | ) | nm | |||||||||||||||||
Other operating expenses | 28,249 | 27,916 | 22,133 | 36,944 | 34,103 | (17.2 | ) | |||||||||||||||||
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Total non-interest expense | 219,082 | 222,552 | 222,415 | 239,716 | 229,006 | (4.3 | ) | |||||||||||||||||
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Income (loss) before income taxes | 26,979 | 37,118 | (43,764 | ) | (79,864 | ) | (159,550 | ) | nm | |||||||||||||||
Income tax (benefit) expense | (378 | ) | 6,910 | (4,764 | ) | (456 | ) | 5,884 | nm | |||||||||||||||
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Net income (loss) | 27,357 | 30,208 | (39,000 | ) | (79,408 | ) | (165,434 | ) | nm | |||||||||||||||
Net (loss) income attributable to non-controlling interest | — | — | — | (220 | ) | 134 | nm | |||||||||||||||||
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Net income (loss) available to controlling interest | 27,357 | 30,208 | (39,000 | ) | (79,188 | ) | (165,568 | ) | nm | |||||||||||||||
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Dividends and accretion of discount on preferred stock | 14,578 | 14,541 | 14,504 | 14,466 | 14,430 | 1.0 | ||||||||||||||||||
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Net income (loss) available to common shareholders | $ | 12,779 | 15,667 | (53,504 | ) | (93,654 | ) | (179,998 | ) | nm | ||||||||||||||
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Basic EPS | ||||||||||||||||||||||||
Net income (loss) available to common shareholders | 0.016 | 0.020 | (0.068 | ) | (0.119 | ) | (0.229 | ) | nm | |||||||||||||||
Diluted EPS | ||||||||||||||||||||||||
Net income (loss) available to common shareholders | 0.014 | 0.017 | (0.068 | ) | (0.119 | ) | (0.229 | ) | nm | |||||||||||||||
Cash dividends declared per common share | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | ||||||||||||||||||
Return on average assets * | 0.39 | % | 0.42 | (0.55 | ) | (1.09 | ) | (2.12 | ) | nmbp | ||||||||||||||
Return on average common equity * | 2.66 | 3.20 | (10.95 | ) | (18.46 | ) | (31.80 | ) | nm | |||||||||||||||
Average common shares outstanding - basic | 785,289 | 785,280 | 785,277 | 785,243 | 785,122 | nm | % | |||||||||||||||||
Average common shares outstanding - diluted | 911,253 | 911,247 | 785,277 | 785,243 | 785,122 | 16.1 |
nm - not meaningful
* | - ratios are annualized |
Synovus
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)
December 31, 2011 | September 30, 2011 | December 31, 2010 | ||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 510,423 | 452,034 | 389,021 | ||||||||
Interest bearing funds with Federal Reserve Bank | 1,567,006 | 2,750,953 | 3,103,896 | |||||||||
Interest earning deposits with banks | 13,590 | 21,560 | 16,446 | |||||||||
Federal funds sold and securities purchased under resale agreements | 158,916 | 189,304 | 160,502 | |||||||||
Trading account assets, at fair value | 16,866 | 17,467 | 22,294 | |||||||||
Mortgage loans held for sale, at fair value | 161,509 | 125,379 | 232,839 | |||||||||
Other loans held for sale | 30,156 | 53,074 | 127,365 | |||||||||
Investment securities available for sale, at fair value | 3,690,125 | 3,596,511 | 3,440,268 | |||||||||
Loans, net of unearned income | 20,079,813 | 20,102,086 | 21,585,763 | |||||||||
Allowance for loan losses | (536,494 | ) | (595,383 | ) | (703,547 | ) | ||||||
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Loans, net | 19,543,319 | 19,506,703 | 20,882,216 | |||||||||
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Premises and equipment, net | 486,923 | 488,074 | 544,971 | |||||||||
Goodwill | 24,431 | 24,431 | 24,431 | |||||||||
Other intangible assets, net | 8,525 | 9,482 | 12,434 | |||||||||
Other assets | 951,056 | 1,018,952 | 1,136,465 | |||||||||
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Total assets | $ | 27,162,845 | 28,253,924 | 30,093,148 | ||||||||
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LIABILITIES AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 5,366,868 | 5,249,335 | 4,298,372 | ||||||||
Interest bearing deposits, excluding brokered deposits | 15,261,710 | 15,702,461 | 17,049,583 | |||||||||
Brokered deposits | 1,783,174 | 2,157,631 | 3,152,349 | |||||||||
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Total deposits | 22,411,752 | 23,109,427 | 24,500,304 | |||||||||
Federal funds purchased and other short-term borrowings | 313,757 | 328,806 | 499,226 | |||||||||
Long-term debt | 1,364,727 | 1,522,334 | 1,808,161 | |||||||||
Other liabilities | 245,157 | 463,909 | 260,910 | |||||||||
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Total liabilities | 24,335,393 | 25,424,476 | 27,068,601 | |||||||||
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Equity: | ||||||||||||
Shareholders’ equity: | ||||||||||||
Cumulative perpetual preferred stock, no par value (1) | 947,017 | 944,538 | 937,323 | |||||||||
Common stock, par value $1.00 (2) | 790,989 | 790,974 | 790,956 | |||||||||
Additional paid-in capital | 2,241,171 | 2,254,068 | 2,293,264 | |||||||||
Treasury stock, at cost (3) | (114,176 | ) | (114,176 | ) | (114,176 | ) | ||||||
Accumulated other comprehensive income | 21,093 | 32,189 | 57,158 | |||||||||
Accumulated deficit | (1,058,642 | ) | (1,078,145 | ) | (966,607 | ) | ||||||
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Total shareholders’ equity | 2,827,452 | 2,829,448 | 2,997,918 | |||||||||
Non-controlling interest in subsidiaries | — | — | 26,629 | |||||||||
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Total equity | 2,827,452 | 2,829,448 | 3,024,547 | |||||||||
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Total liabilities and equity | $ | 27,162,845 | 28,253,924 | 30,093,148 | ||||||||
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(1) | Preferred shares outstanding: 967,870, at all periods presented |
(2) | Common shares outstanding: 785,295,428; 785,280,277; and 785,262,837 at December 31, 2011, September 30, 2011, and December 31, 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 | |||||||||||||||||||
Fourth | Third | Second | First | Fourth | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable investment securities (2) | $ | 3,647,459 | 3,152,589 | 3,172,818 | 3,264,581 | 3,104,004 | ||||||||||||||
Yield | 2.59 | % | 3.28 | 3.46 | 3.56 | 3.76 | ||||||||||||||
Tax-exempt investment securities (2) (4) | $ | 25,566 | 27,903 | 31,264 | 44,228 | 51,400 | ||||||||||||||
Yield (taxable equivalent) | 6.57 | % | 6.66 | 6.73 | 6.84 | 7.16 | ||||||||||||||
Trading account assets | $ | 19,107 | 14,601 | 16,881 | 20,281 | 16,037 | ||||||||||||||
Yield | 4.87 | % | 5.76 | 5.27 | 5.13 | 5.86 | ||||||||||||||
Commercial loans (3) (4) | $ | 16,276,207 | 16,535,371 | 16,983,912 | 17,555,733 | 18,315,882 | ||||||||||||||
Yield | 4.82 | % | 4.88 | 4.92 | 4.98 | 4.90 | ||||||||||||||
Consumer loans (3) | $ | 3,871,393 | 3,869,698 | 3,879,042 | 3,914,222 | 3,988,849 | ||||||||||||||
Yield | 4.95 | % | 5.06 | 5.10 | 5.25 | 5.22 | ||||||||||||||
Allowance for loan losses | $ | (587,956 | ) | (632,082 | ) | (678,851 | ) | (698,609 | ) | (819,176 | ) | |||||||||
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Loans, net (3) | $ | 19,559,644 | 19,772,987 | 20,184,103 | 20,771,346 | 21,485,555 | ||||||||||||||
Yield | 5.01 | % | 5.09 | 5.14 | 5.21 | 5.16 | ||||||||||||||
Mortgage loans held for sale | $ | 161,632 | 91,257 | 79,340 | 152,981 | 260,759 | ||||||||||||||
Yield | 4.58 | % | 5.74 | 6.16 | 4.74 | 4.60 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 2,221,728 | 3,075,470 | 2,929,515 | 3,033,284 | 3,628,939 | ||||||||||||||
Yield | 0.24 | % | 0.24 | 0.25 | 0.25 | 0.25 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (5) | $ | 84,171 | 96,442 | 104,727 | 111,096 | 113,341 | ||||||||||||||
Yield | 0.93 | % | 0.90 | 0.87 | 0.90 | 0.59 | ||||||||||||||
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Total interest earning assets | $ | 25,719,307 | 26,231,249 | 26,518,648 | 27,397,797 | 28,660,035 | ||||||||||||||
Yield | 4.23 | % | 4.28 | 4.37 | 4.42 | 4.36 | ||||||||||||||
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Interest Bearing Liabilities | ||||||||||||||||||||
Interest bearing demand deposits | $ | 3,457,677 | 3,302,439 | 3,379,243 | 3,526,730 | 3,864,106 | ||||||||||||||
Rate | 0.26 | % | 0.30 | 0.32 | 0.33 | 0.33 | ||||||||||||||
Money market accounts | $ | 6,697,334 | 6,636,751 | 6,306,399 | 6,550,623 | 6,874,367 | ||||||||||||||
Rate | 0.57 | % | 0.73 | 0.77 | 0.76 | 0.84 | ||||||||||||||
Savings deposits | $ | 516,520 | 521,604 | 520,518 | 493,504 | 484,460 | ||||||||||||||
Rate | 0.12 | % | 0.13 | 0.14 | 0.14 | 0.14 | ||||||||||||||
Time deposits under $100,000 | $ | 2,062,171 | 2,131,453 | 2,124,525 | 2,212,215 | 2,383,411 | ||||||||||||||
Rate | 1.17 | % | 1.27 | 1.38 | 1.53 | 1.74 | ||||||||||||||
Time deposits over $100,000 | $ | 2,710,893 | 2,912,476 | 2,978,929 | 3,291,202 | 3,859,235 | ||||||||||||||
Rate | 1.40 | % | 1.49 | 1.57 | 1.65 | 1.77 | ||||||||||||||
Brokered money market accounts | $ | 236,973 | 325,002 | 390,048 | 393,981 | 423,428 | ||||||||||||||
Rate | 0.27 | % | 0.39 | 0.47 | 0.51 | 0.54 | ||||||||||||||
Brokered time deposits | $ | 1,689,538 | 2,053,811 | 2,471,620 | 2,665,314 | 2,956,904 | ||||||||||||||
Rate | 1.87 | % | 1.88 | 1.87 | 1.83 | 1.82 | ||||||||||||||
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Total interest bearing deposits | $ | 17,371,106 | 17,883,536 | 18,171,282 | 19,133,569 | 20,845,911 | ||||||||||||||
Rate | 0.82 | % | 0.95 | 1.01 | 1.05 | 1.14 | ||||||||||||||
Federal funds purchased and other short-term liabilities | $ | 329,343 | 368,311 | 449,815 | 412,008 | 442,183 | ||||||||||||||
Rate | 0.26 | % | 0.28 | 0.26 | 0.29 | 0.33 | ||||||||||||||
Long-term debt | $ | 1,443,825 | 1,693,673 | 1,901,130 | 1,891,576 | 1,729,991 | ||||||||||||||
Rate | 2.78 | % | 2.45 | 2.30 | 2.39 | 2.64 | ||||||||||||||
Total interest bearing liabilities | $ | 19,144,274 | 19,945,520 | 20,522,227 | 21,437,153 | 23,018,085 | ||||||||||||||
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Rate | 0.96 | % | 1.06 | 1.11 | 1.15 | 1.23 | ||||||||||||||
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Non-interest bearing demand deposits | $ | 5,413,322 | 5,175,521 | 4,911,044 | 4,821,237 | 4,433,849 | ||||||||||||||
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Net interest margin | 3.52 | % | 3.47 | 3.51 | 3.52 | 3.37 | ||||||||||||||
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Taxable equivalent adjustment | $ | 844 | 880 | 893 | 964 | 968 |
(1) | Yields and rates are annualized. |
(2) | Excludes net unrealized gains and (losses). |
(3) | Average loans are shown net of unearned income. Non-performing loans are included. |
(4) | Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 35%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis. |
(5) | Included as a component of Other Assets on the balance sheet |
Synovus
LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
December 31, 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 | $ | 785,672 | 3.9 | % | $ | 7,866 | 0.9 | % | ||||||||
Hotels | 791,444 | 3.9 | 6,420 | 0.7 | ||||||||||||
Office Buildings | 775,671 | 3.9 | 9,092 | 1.0 | ||||||||||||
Shopping Centers | 979,288 | 4.9 | 18,648 | 2.1 | ||||||||||||
Commercial Development | 286,954 | 1.4 | 37,225 | 4.2 | ||||||||||||
Warehouses | 489,086 | 2.4 | 10,525 | 1.2 | ||||||||||||
Other Investment Property | 449,198 | 2.2 | 5,990 | 0.7 | ||||||||||||
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Total Investment Properties | 4,557,313 | 22.6 | 95,766 | 10.8 | ||||||||||||
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1-4 Family Construction | 199,088 | 1.0 | 25,535 | 2.9 | ||||||||||||
1-4 Family Investment Mortgage | 976,552 | 4.9 | 57,924 | 6.6 | ||||||||||||
Residential Development | 442,844 | 2.2 | 114,125 | 12.9 | ||||||||||||
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Total 1-4 Family Properties | 1,618,484 | 8.1 | 197,584 | 22.4 | ||||||||||||
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Land Acquisition | 1,094,821 | 5.5 | 234,151 | 26.5 | ||||||||||||
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Total Commercial Real Estate | 7,270,618 | 36.2 | 527,501 | 59.7 | ||||||||||||
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Commercial , Financial, and Agricultural | 5,088,420 | 25.3 | 174,328 | 19.7 | ||||||||||||
Owner-Occupied Real Estate | 3,852,854 | 19.2 | 93,272 | 10.6 | ||||||||||||
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Total Commercial & Industrial | 8,941,274 | 44.5 | 267,600 | 30.3 | ||||||||||||
Home Equity Lines | 1,619,585 | 8.1 | 24,559 | 2.8 | ||||||||||||
Consumer Mortgages | 1,411,749 | 7.0 | 56,995 | 6.5 | ||||||||||||
Credit Cards | 273,098 | 1.3 | — | — | ||||||||||||
Other Retail Loans | 575,475 | 2.9 | 6,366 | 0.7 | ||||||||||||
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Total Retail | 3,879,907 | 19.3 | 87,920 | 10.0 | ||||||||||||
Unearned Income | (11,986 | ) | nm | — | nm | |||||||||||
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Total | $ | 20,079,813 | 100.0 | % | $ | 883,021 | 100.0 | % | ||||||||
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LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
Total Loans | 4Q11 vs. 3Q11 | 4Q11 vs. 4Q10 | ||||||||||||||||||
Loan Type | December 31, 2011 | September 30, 2011 | % change (1) | December 31, 2010 | % change | |||||||||||||||
Multi-Family | $ | 785,672 | 752,638 | 17.4 | % | $ | 867,328 | (9.4 | )% | |||||||||||
Hotels | 791,444 | 789,477 | 1.0 | 865,974 | (8.6 | ) | ||||||||||||||
Office Buildings | 775,671 | 791,441 | (7.9 | ) | 842,657 | (7.9 | ) | |||||||||||||
Shopping Centers | 979,288 | 1,001,547 | (8.8 | ) | 1,078,122 | (9.2 | ) | |||||||||||||
Commercial Development | 286,954 | 300,474 | (17.9 | ) | 381,107 | (24.7 | ) | |||||||||||||
Warehouses | 489,086 | 497,918 | (7.0 | ) | 528,297 | (7.4 | ) | |||||||||||||
Other Investment Property | 449,198 | 463,014 | (11.8 | ) | 495,617 | (9.4 | ) | |||||||||||||
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Total Investment Properties | 4,557,313 | 4,596,509 | (3.4 | ) | 5,059,102 | (9.9 | ) | |||||||||||||
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1-4 Family Construction | 199,088 | 221,900 | (40.8 | ) | 332,047 | (40.0 | ) | |||||||||||||
1-4 Family Investment Mortgage | 976,552 | 1,020,396 | (17.0 | ) | 1,127,566 | (13.4 | ) | |||||||||||||
Residential Development | 442,844 | 484,095 | (33.8 | ) | 643,174 | (31.1 | ) | |||||||||||||
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Total 1-4 Family Properties | 1,618,484 | 1,726,391 | (24.8 | ) | 2,102,787 | (23.0 | ) | |||||||||||||
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Land Acquisition | 1,094,821 | 1,119,947 | (8.9 | ) | 1,218,691 | (10.2 | ) | |||||||||||||
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Total Commercial Real Estate | 7,270,618 | 7,442,847 | (9.2 | ) | 8,380,580 | (13.2 | ) | |||||||||||||
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Commercial , Financial, and Agricultural | 5,088,420 | 4,900,931 | 15.2 | 5,267,861 | (3.4 | ) | ||||||||||||||
Owner-Occupied Real Estate | 3,852,854 | 3,911,614 | (6.0 | ) | 3,996,949 | (3.6 | ) | |||||||||||||
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Total Commercial & Industrial | 8,941,274 | 8,812,545 | 5.8 | 9,264,810 | (3.5 | ) | ||||||||||||||
Home Equity Lines | 1,619,585 | 1,612,798 | 1.7 | 1,648,039 | (1.7 | ) | ||||||||||||||
Consumer Mortgages | 1,411,749 | 1,426,024 | (4.0 | ) | 1,475,261 | (4.3 | ) | |||||||||||||
Credit Cards | 273,098 | 267,810 | 7.8 | 284,970 | (4.2 | ) | ||||||||||||||
Other Retail Loans | 575,475 | 550,106 | 18.3 | 542,539 | 6.1 | |||||||||||||||
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Total Retail | 3,879,907 | 3,856,738 | 2.4 | 3,950,809 | (1.8 | ) | ||||||||||||||
Unearned Income | (11,986 | ) | (10,044 | ) | 76.7 | (10,436 | ) | 14.9 | ||||||||||||
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Total | $ | 20,079,813 | 20,102,086 | (0.4 | )% | $ | 21,585,763 | (7.0 | )% | |||||||||||
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(1) | Percentage change is annualized. |
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2011 | 2010 | 4th Quarter | ||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | ‘11 vs. ‘10 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Non-performing Loans | $ | 883,021 | 872,074 | 885,236 | 895,726 | 891,622 | (1.0 | )% | ||||||||||||||||
Other Loans Held for Sale (1) | 30,156 | 53,074 | 89,139 | 110,436 | 127,365 | (76.3 | ) | |||||||||||||||||
Other Real Estate | 204,232 | 239,255 | 244,313 | 269,314 | 261,305 | (21.8 | ) | |||||||||||||||||
Non-performing Assets | 1,117,409 | 1,164,403 | 1,218,688 | 1,275,476 | 1,280,292 | (12.7 | ) | |||||||||||||||||
Allowance for Loan Losses | 536,494 | 595,383 | 631,401 | 678,426 | 703,547 | (23.7 | ) | |||||||||||||||||
Net Charge-Offs - Quarter | 113,454 | 138,344 | 167,184 | 166,867 | 385,203 | (70.5 | ) | |||||||||||||||||
Net Charge-Offs - YTD | 585,849 | 472,395 | 334,051 | 166,867 | 1,371,452 | (57.3 | ) | |||||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 2.26 | % | 2.72 | 3.22 | 3.12 | 6.93 | ||||||||||||||||||
Net Charge-Offs / Average Loans - YTD (2) | 2.84 | 3.03 | 3.17 | 3.12 | 5.82 | |||||||||||||||||||
Non-performing Loans / Loans | 4.40 | 4.34 | 4.32 | 4.27 | 4.13 | |||||||||||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE | 5.50 | 5.71 | 5.85 | 5.97 | 5.83 | |||||||||||||||||||
Allowance / Loans | 2.67 | 2.96 | 3.08 | 3.23 | 3.26 | |||||||||||||||||||
Allowance / Non-performing Loans | 60.76 | 68.27 | 71.33 | 75.74 | 78.91 | |||||||||||||||||||
Allowance / Non-performing Loans (3) | 126.54 | 145.12 | 161.55 | 176.08 | 192.60 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 14,521 | 26,860 | 23,235 | 10,490 | 16,222 | (10.5 | )% | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.07 | % | 0.13 | 0.11 | 0.05 | 0.08 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing | $ | 149,441 | 199,561 | 199,804 | 201,754 | 176,756 | (15.5 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.74 | % | 0.99 | 0.97 | 0.96 | 0.82 | ||||||||||||||||||
Accruing troubled debt restructurings (TDRs) | $ | 668,472 | 640,324 | 551,603 | 545,416 | 464,123 | 44.0 |
(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)
December 31, 2011 | December 31, 2010 | |||||||
Tier 1 Capital | $ | 2,780,774 | 2,909,912 | |||||
Total Risk-Based Capital | 3,544,036 | 3,742,599 | ||||||
Tier 1 Capital Ratio | 12.94 | % | 12.79 | |||||
Tier 1 Common Equity Ratio | 8.49 | 8.63 | ||||||
Total Risk-Based Capital Ratio | 16.50 | 16.45 | ||||||
Tier 1 Leverage Ratio | 10.08 | 9.44 | ||||||
Common Equity as a Percentage of Total Assets (2) | 6.92 | 6.85 | ||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 6.81 | 6.73 | ||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 8.60 | 8.90 | ||||||
Book Value Per Common Share (4) (5) | 2.06 | 2.29 | ||||||
Tangible Book Value Per Common Share (3) (5) | 2.02 | 2.25 |
(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). |