Exhibit 99.2
Synovus
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)
Six Months Ended June 30, | ||||||||||||
2014 | 2013 | Change | ||||||||||
Interest income | $ | 460,595 | 461,903 | (0.3 | )% | |||||||
Interest expense | 55,029 | 60,012 | (8.3 | ) | ||||||||
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Net interest income | 405,566 | 401,891 | 0.9 | |||||||||
Provision for loan losses | 21,795 | 48,773 | (55.3 | ) | ||||||||
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Net interest income after provision for loan losses | 383,771 | 353,118 | 8.7 | |||||||||
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Non-interest income: | ||||||||||||
Service charges on deposit accounts | 38,451 | 38,716 | (0.7 | ) | ||||||||
Fiduciary and asset management fees | 22,329 | 22,083 | 1.1 | |||||||||
Brokerage revenue | 12,920 | 14,595 | (11.5 | ) | ||||||||
Mortgage banking income | 8,794 | 14,255 | (38.3 | ) | ||||||||
Bankcard fees | 16,212 | 14,902 | 8.8 | |||||||||
Investment securities gains, net | 1,331 | 1,448 | (8.1 | ) | ||||||||
Other fee income | 9,791 | 11,262 | (13.1 | ) | ||||||||
Decrease in fair value of private equity investments, net | (369 | ) | (1,140 | ) | 67.6 | |||||||
Gain on sale of Memphis branches, net (1) | 5,789 | — | nm | |||||||||
Other non-interest income | 18,321 | 13,692 | 33.8 | |||||||||
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Total non-interest income | 133,569 | 129,813 | 2.9 | |||||||||
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Non-interest expense: | ||||||||||||
Salaries and other personnel expense | 185,985 | 183,396 | 1.4 | |||||||||
Net occupancy and equipment expense | 52,480 | 50,550 | 3.8 | |||||||||
Third-party services | 19,561 | 20,295 | (3.6 | ) | ||||||||
FDIC insurance and other regulatory fees | 17,768 | 16,420 | 8.2 | |||||||||
Professional fees | 15,901 | 17,511 | (9.2 | ) | ||||||||
Advertising expense | 8,757 | 3,399 | 157.6 | |||||||||
Foreclosed real estate expense, net | 9,745 | 18,441 | (47.2 | ) | ||||||||
Losses on other loans held for sale, net | 2,226 | 79 | nm | |||||||||
Visa indemnification charges | 752 | 801 | (6.1 | ) | ||||||||
Restructuring charges | 16,293 | 6,607 | 146.6 | |||||||||
Other operating expenses | 36,897 | 45,973 | (19.7 | ) | ||||||||
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Total non-interest expense | 366,365 | 363,472 | 0.8 | |||||||||
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Income before income taxes | 150,975 | 119,459 | 26.4 | |||||||||
Income tax expense | 55,686 | 44,350 | 25.6 | |||||||||
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Net income | 95,289 | 75,109 | 26.9 | |||||||||
Dividends and accretion of discount on preferred stock | 5,119 | 29,594 | (82.7 | ) | ||||||||
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Net income available to common shareholders | $ | 90,170 | 45,515 | 98.1 | ||||||||
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Net income per common share, basic (2) | 0.65 | 0.39 | 66.9 | |||||||||
Net income per common share, diluted (2) | 0.65 | 0.35 | 84.8 | |||||||||
Cash dividends declared per common share(2) | 0.14 | 0.14 | — | |||||||||
Return on average assets | 0.73 | % | 0.58 | 25.9 | ||||||||
Return on average common equity | 6.33 | 3.51 | 80.3 | |||||||||
Weighted average common shares outstanding, basic(2) | 138,961 | 117,035 | 18.7 | % | ||||||||
Weighted average common shares outstanding, diluted (2) | 139,535 | 130,127 | 7.2 |
nm - not meaningful
(1) | Consists of gain, net of associated costs, from the sale of certain loans, premises, deposits, and other assets and liabilities of the Memphis, Tennessee operations of Trust One Bank, a division of Synovus Bank. |
(2) | Share and per share data for prior periods has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014. |
Synovus
INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share data)
2014 | 2013 | 2nd Quarter | ||||||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ‘14 vs. ‘13 Change | |||||||||||||||||||
Interest income | $ | 232,213 | 228,382 | 233,258 | 233,852 | 231,513 | 0.3 | % | ||||||||||||||||
Interest expense | 27,162 | 27,868 | 28,927 | 29,882 | 29,436 | (7.7 | ) | |||||||||||||||||
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Net interest income | 205,051 | 200,514 | 204,331 | 203,970 | 202,077 | 1.5 | ||||||||||||||||||
Provision for loan losses | 12,284 | 9,511 | 14,064 | 6,761 | 13,077 | (6.1 | ) | |||||||||||||||||
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Net interest income after provision for loan losses | 192,767 | 191,003 | 190,267 | 197,209 | 189,000 | 2.0 | ||||||||||||||||||
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Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 19,238 | 19,214 | 19,647 | 19,426 | 19,195 | 0.2 | ||||||||||||||||||
Fiduciary and asset management fees | 11,296 | 11,033 | 10,978 | 10,389 | 11,111 | 1.7 | ||||||||||||||||||
Brokerage revenue | 6,707 | 6,213 | 6,307 | 6,636 | 7,002 | (4.2 | ) | |||||||||||||||||
Mortgage banking income | 5,283 | 3,511 | 2,913 | 5,314 | 7,338 | (28.0 | ) | |||||||||||||||||
Bankcard fees | 8,695 | 7,518 | 7,979 | 7,760 | 7,838 | 10.9 | ||||||||||||||||||
Investment securities gains, net | — | 1,331 | 373 | 1,124 | 1,403 | nm | ||||||||||||||||||
Other fee income | 4,928 | 4,863 | 6,106 | 5,199 | 5,775 | (14.7 | ) | |||||||||||||||||
(Decrease) increase in fair value of private equity investments, net | (119 | ) | (250 | ) | (2,108 | ) | 284 | (883 | ) | 86.5 | ||||||||||||||
Gain on sale of Memphis branches, net(1) | — | 5,789 | — | — | — | nm | ||||||||||||||||||
Other non-interest income | 7,360 | 10,960 | 7,986 | 7,446 | 6,313 | 16.6 | ||||||||||||||||||
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Total non-interest income | 63,388 | 70,182 | 60,181 | 63,578 | 65,092 | (2.6 | ) | |||||||||||||||||
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Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 92,540 | 93,445 | 91,962 | 92,794 | 89,479 | 3.4 | ||||||||||||||||||
Net occupancy and equipment expense | 26,425 | 26,056 | 26,314 | 26,475 | 26,383 | 0.2 | ||||||||||||||||||
Third-party services | 9,464 | 10,097 | 9,689 | 10,151 | 10,366 | (8.7 | ) | |||||||||||||||||
FDIC insurance and other regulatory fees | 8,049 | 9,719 | 8,699 | 7,639 | 7,941 | 1.4 | ||||||||||||||||||
Professional fees | 8,224 | 7,677 | 9,855 | 11,410 | 10,416 | (21.0 | ) | |||||||||||||||||
Advertising expense | 6,281 | 2,477 | 2,458 | 3,114 | 1,821 | 244.9 | ||||||||||||||||||
Foreclosed real estate expense, net | 4,063 | 5,681 | 5,064 | 10,359 | 7,502 | (45.8 | ) | |||||||||||||||||
(Gains) losses on other loans held for sale, net | (40 | ) | 2,266 | (159 | ) | 408 | (86 | ) | 53.5 | |||||||||||||||
Visa indemnification charges | 356 | 396 | 799 | — | 764 | (53.4 | ) | |||||||||||||||||
Litigation loss contingency expense (2) | — | — | 10,000 | — | — | nm | ||||||||||||||||||
Restructuring charges | 7,716 | 8,577 | 3,770 | 687 | 1,758 | 338.9 | ||||||||||||||||||
Other operating expenses | 19,127 | 17,770 | 22,287 | 24,291 | 24,842 | (23.0 | ) | |||||||||||||||||
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Total non-interest expense | 182,205 | 184,161 | 190,738 | 187,328 | 181,186 | 0.6 | ||||||||||||||||||
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Income before income taxes | 73,950 | 77,024 | 59,710 | 73,459 | 72,906 | 1.4 | ||||||||||||||||||
Income tax expense | 27,078 | 28,608 | 21,130 | 27,765 | 27,371 | (1.1 | ) | |||||||||||||||||
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Net income | 46,872 | 48,416 | 38,580 | 45,694 | 45,535 | 2.9 | ||||||||||||||||||
Dividends and accretion of discount on preferred stock | 2,559 | 2,559 | 2,730 | 8,506 | 14,818 | (82.7 | ) | |||||||||||||||||
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Net income available to common shareholders | $ | 44,313 | 45,857 | 35,850 | 37,188 | 30,717 | 44.3 | % | ||||||||||||||||
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Net income per common share, basic (3) | $ | 0.32 | 0.33 | 0.26 | 0.27 | 0.25 | 26.2 | % | ||||||||||||||||
Net income per common share, diluted(3) | 0.32 | 0.33 | 0.26 | 0.27 | 0.24 | 34.5 | ||||||||||||||||||
Cash dividends declared per common share(3) | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | — | ||||||||||||||||||
Return on average assets | 0.71 | % | 0.75 | 0.58 | 0.69 | 0.69 | 2.9 | |||||||||||||||||
Return on average common equity | 6.14 | 6.52 | 5.04 | 5.40 | 4.70 | 30.6 | ||||||||||||||||||
Weighted average common shares outstanding, basic (3) | 138,991 | 138,932 | 138,897 | 136,671 | 121,585 | 14.3 | ||||||||||||||||||
Weighted average common shares outstanding, diluted (3) | 139,567 | 139,504 | 139,419 | 137,097 | 130,134 | 7.2 |
nm - not meaningful
* - ratios are annualized
(1) | Consists of gain, net of associated costs, from the sale of certain loans, premises, deposits, and other assets and liabilities of the Memphis, Tennessee operations of Trust One Bank, a division of Synovus Bank. |
(2) | Consists of loss contingency accruals with respect to outstanding legal matters. Amounts for other quarters are not disclosed separately as amounts are not material. |
(3) | Share and per share data for prior periods has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014. |
Synovus
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)
June 30, 2014 | December 31, 2013 | June 30, 2013 | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 596,425 | 469,630 | 428,487 | ||||||||
Interest bearing funds with Federal Reserve Bank | 689,284 | 644,528 | 1,459,251 | |||||||||
Interest earning deposits with banks | 7,661 | 24,325 | 22,065 | |||||||||
Federal funds sold and securities purchased under resale agreements | 79,553 | 80,975 | 88,636 | |||||||||
Trading account assets, at fair value | 20,318 | 6,113 | 23,069 | |||||||||
Mortgage loans held for sale, at fair value | 75,957 | 45,384 | 112,761 | |||||||||
Other loans held for sale | 2,764 | 10,685 | 12,083 | |||||||||
Investment securities available for sale, at fair value | 3,080,185 | 3,199,358 | 3,077,706 | |||||||||
Loans, net of deferred fees and costs | 20,455,763 | 20,057,798 | 19,608,283 | |||||||||
Allowance for loan losses | (277,783 | ) | (307,560 | ) | (334,880 | ) | ||||||
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Loans, net | 20,177,980 | 19,750,238 | 19,273,403 | |||||||||
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Premises and equipment, net | 461,610 | 468,871 | 477,948 | |||||||||
Goodwill | 24,431 | 24,431 | 24,431 | |||||||||
Other intangible assets, net | 1,678 | 3,415 | 4,156 | |||||||||
Other real estate | 101,533 | 112,629 | 139,653 | |||||||||
Deferred tax asset, net | 677,513 | 744,646 | 789,525 | |||||||||
Other assets | 630,398 | 616,376 | 630,000 | |||||||||
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Total assets | $ | 26,627,290 | 26,201,604 | 26,563,174 | ||||||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing deposits | $ | 5,875,301 | 5,642,751 | 5,203,437 | ||||||||
Interest bearing deposits, excluding brokered deposits | 13,668,746 | 14,140,037 | 14,169,203 | |||||||||
Brokered deposits | 1,449,420 | 1,094,002 | 1,338,063 | |||||||||
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Total deposits | 20,993,467 | 20,876,790 | 20,710,703 | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 127,840 | 148,132 | 222,933 | |||||||||
Long-term debt | 2,256,418 | 2,033,141 | 1,885,689 | |||||||||
Other liabilities | 196,514 | 194,556 | 175,645 | |||||||||
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Total liabilities | 23,574,239 | 23,252,619 | 22,994,970 | |||||||||
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Shareholders’ equity: | ||||||||||||
Series A Preferred Stock - no par value, 967,870 shares outstanding at June 30, 2013 | — | — | 962,725 | |||||||||
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at June 30, 2014 and December 31, 2013 | 125,980 | 125,862 | — | |||||||||
Common stock - $1.00 par value. 139,021,760 shares outstanding at June 30, 2014, 138,907,351 shares outstanding at December 31, 2013, and 130,073,485 shares outstanding at June 30, 2013 (1) | 139,835 | 139,721 | 130,887 | |||||||||
Additional paid-in capital | 2,976,811 | 2,976,348 | 2,823,804 | |||||||||
Treasury stock, at cost - 813,350 shares(1) | (114,176 | ) | (114,176 | ) | (114,176 | ) | ||||||
Accumulated other comprehensive loss | (13,716 | ) | (41,258 | ) | (33,060 | ) | ||||||
Accumulated deficit | (61,683 | ) | (137,512 | ) | (201,976 | ) | ||||||
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Total shareholders’ equity | 3,053,051 | 2,948,985 | 3,568,204 | |||||||||
Total liabilities and shareholders’ equity | $ | 26,627,290 | 26,201,604 | 26,563,174 | ||||||||
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(1) | Share and per share data for prior periods has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014. |
Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
2014 | 2013 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Interest Earning Assets | ||||||||||||||||||||
Taxable investment securities(2) | $ | 3,091,537 | 3,181,678 | 3,196,561 | 3,062,976 | 3,034,152 | ||||||||||||||
Yield | 1.87 | % | 1.91 | 1.90 | 1.76 | 1.70 | ||||||||||||||
Tax-exempt investment securities(2) (4) | $ | 5,781 | 6,421 | 7,758 | 9,835 | 11,435 | ||||||||||||||
Yield (taxable equivalent) | 6.23 | % | 6.24 | 6.14 | 6.26 | 6.47 | ||||||||||||||
Trading account assets | $ | 16,011 | 20,346 | 10,021 | 13,806 | 7,847 | ||||||||||||||
Yield | 2.25 | % | 3.16 | 4.60 | 4.50 | 6.34 | ||||||||||||||
Commercial loans(3) (4) | $ | 16,673,930 | 16,451,594 | 16,217,373 | 16,067,424 | 16,075,832 | ||||||||||||||
Yield | 4.19 | % | 4.21 | 4.28 | 4.37 | 4.39 | ||||||||||||||
Consumer loans(3) | $ | 3,695,010 | 3,628,347 | 3,615,836 | 3,528,057 | 3,454,874 | ||||||||||||||
Yield | 4.51 | % | 4.53 | 4.50 | 4.61 | 4.62 | ||||||||||||||
Allowance for loan losses | $ | (293,320 | ) | (307,078 | ) | (316,001 | ) | (328,084 | ) | (351,075 | ) | |||||||||
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Loans, net(3) | $ | 20,075,620 | 19,772,863 | 19,517,208 | 19,267,397 | 19,179,631 | ||||||||||||||
Yield | 4.32 | % | 4.34 | 4.40 | 4.50 | 4.52 | ||||||||||||||
Mortgage loans held for sale | $ | 59,678 | 38,699 | 46,036 | 85,493 | 129,742 | ||||||||||||||
Yield | 4.13 | % | 4.15 | 3.94 | 4.07 | 4.35 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 843,018 | 935,300 | 1,235,144 | 1,375,921 | 1,550,113 | ||||||||||||||
Yield | 0.23 | % | 0.23 | 0.24 | 0.24 | 0.24 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (5) | $ | 76,172 | 82,585 | 70,815 | 70,741 | 65,014 | ||||||||||||||
Yield | 4.15 | % | 3.21 | 2.85 | 2.30 | 2.35 | ||||||||||||||
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Total interest earning assets | $ | 24,167,817 | 24,037,892 | 24,083,543 | 23,886,169 | 23,977,934 | ||||||||||||||
Yield | 3.86 | % | 3.86 | 3.85 | 3.89 | 3.88 | ||||||||||||||
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Interest Bearing Liabilities | ||||||||||||||||||||
Interest bearing demand deposits | $ | 3,830,956 | 3,878,590 | 4,102,398 | 3,933,902 | 3,895,675 | ||||||||||||||
Rate | 0.19 | % | 0.19 | 0.19 | 0.23 | 0.18 | ||||||||||||||
Money market accounts | $ | 6,033,523 | 6,077,357 | 6,161,893 | 6,148,289 | 6,072,155 | ||||||||||||||
Rate | 0.31 | % | 0.32 | 0.33 | 0.33 | 0.33 | ||||||||||||||
Savings deposits | $ | 644,103 | 616,962 | 605,054 | 607,144 | 609,832 | ||||||||||||||
Rate | 0.09 | % | 0.10 | 0.10 | 0.11 | 0.11 | ||||||||||||||
Time deposits under $100,000 | $ | 1,364,322 | 1,423,487 | 1,491,673 | 1,526,974 | 1,537,639 | ||||||||||||||
Rate | 0.57 | % | 0.59 | 0.61 | 0.62 | 0.64 | ||||||||||||||
Time deposits over $100,000 | $ | 1,824,349 | 1,956,925 | 2,049,094 | 2,022,719 | 1,891,624 | ||||||||||||||
Rate | 0.74 | % | 0.76 | 0.80 | 0.84 | 0.88 | ||||||||||||||
Brokered money market accounts | $ | 184,233 | 207,681 | 210,380 | 202,802 | 202,532 | ||||||||||||||
Rate | 0.27 | % | 0.26 | 0.27 | 0.27 | 0.31 | ||||||||||||||
Brokered time deposits | $ | 1,216,934 | 1,027,167 | 984,047 | 1,130,491 | 1,131,444 | ||||||||||||||
Rate | 0.51 | % | 0.62 | 0.65 | 0.70 | 0.77 | ||||||||||||||
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Total interest bearing deposits | $ | 15,098,420 | 15,188,169 | 15,604,539 | 15,572,321 | 15,340,901 | ||||||||||||||
Rate | 0.36 | % | 0.38 | 0.39 | 0.42 | 0.42 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | $ | 219,490 | 215,027 | 216,757 | 195,717 | 206,046 | ||||||||||||||
Rate | 0.13 | % | 0.14 | 0.15 | 0.14 | 0.15 | ||||||||||||||
Long-term debt | $ | 2,099,578 | 2,156,836 | 1,886,223 | 1,885,385 | 1,762,173 | ||||||||||||||
Rate | 2.58 | % | 2.52 | 2.85 | 2.85 | 3.06 | ||||||||||||||
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Total interest bearing liabilities | $ | 17,417,488 | 17,560,032 | 17,707,519 | 17,653,423 | 17,309,120 | ||||||||||||||
Rate | 0.62 | % | 0.64 | 0.65 | 0.67 | 0.68 | ||||||||||||||
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Non-interest bearing demand deposits | $ | 5,765,287 | 5,537,090 | 5,545,529 | 5,306,447 | 5,327,795 | ||||||||||||||
Effective cost of funds | 0.45 | % | 0.47 | 0.47 | 0.49 | 0.49 | ||||||||||||||
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Net interest margin | 3.41 | % | 3.39 | 3.38 | 3.40 | 3.39 | ||||||||||||||
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Taxable equivalent adjustment | $ | 443 | 455 | 481 | 529 | 557 |
(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)
June 30, 2014 | ||||||||||||||||
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 | $ | 1,103,608 | 5.4 | % | $ | 225 | 0.1 | % | ||||||||
Hotels | 712,350 | 3.5 | 439 | 0.2 | ||||||||||||
Office Buildings | 973,201 | 4.8 | 3,284 | 1.2 | ||||||||||||
Shopping Centers | 828,390 | 4.0 | 8,896 | 3.4 | ||||||||||||
Commercial Development | 139,615 | 0.7 | 22,412 | 8.6 | ||||||||||||
Warehouses | 563,451 | 2.7 | 1,997 | 0.8 | ||||||||||||
Other Investment Property | 489,734 | 2.4 | 3,674 | 1.4 | ||||||||||||
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Total Investment Properties | 4,810,349 | 23.5 | 40,927 | 15.7 | ||||||||||||
1-4 Family Construction | 135,596 | 0.7 | 986 | 0.4 | ||||||||||||
1-4 Family Investment Mortgage | 744,700 | 3.6 | 13,295 | 5.1 | ||||||||||||
Residential Development | 178,793 | 0.9 | 12,430 | 4.8 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total 1-4 Family Properties | 1,059,089 | 5.2 | 26,711 | 10.3 | ||||||||||||
Land Acquisition | 598,555 | 2.9 | 42,564 | 16.4 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Commercial Real Estate | 6,467,993 | 31.6 | 110,202 | 42.4 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial, Financial, and Agricultural | 5,574,941 | 27.3 | 57,903 | 22.3 | ||||||||||||
Owner-Occupied | 3,786,279 | 18.5 | 29,005 | 11.2 | ||||||||||||
Small Business | 886,570 | 4.3 | 7,210 | 2.8 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Commercial & Industrial | 10,247,790 | 50.1 | 94,118 | 36.3 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Home Equity Lines | 1,664,520 | 8.1 | 16,396 | 6.3 | ||||||||||||
Consumer Mortgages | 1,561,111 | 7.6 | 36,433 | 14.1 | ||||||||||||
Credit Cards | 255,369 | 1.3 | — | — | ||||||||||||
Other Retail Loans | 287,935 | 1.4 | 2,398 | 0.9 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Retail | 3,768,935 | 18.4 | 55,227 | 21.3 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Unearned Income | (28,955 | ) | (0.1 | ) | — | nm | ||||||||||
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|
|
|
|
|
|
| |||||||||
Total | $ | 20,455,763 | 100.0 | % | $ | 259,547 | 100.0 | % | ||||||||
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|
|
|
|
|
|
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
Loan Type | Total Loans June 30, 2014 | March 31, 2014 | 2Q14 vs. 1Q14 % change(1) | June 30, 2013 | 2Q14 vs. 2Q13 % change | |||||||||||||||
Multi-Family | $ | 1,103,608 | 984,658 | 48.5 | % | 898,472 | 22.8 | % | ||||||||||||
Hotels | 712,350 | 696,083 | 9.4 | 694,107 | 2.6 | |||||||||||||||
Office Buildings | 973,201 | 950,635 | 9.5 | 784,413 | 24.1 | |||||||||||||||
Shopping Centers | 828,390 | 844,205 | (7.5 | ) | 845,883 | (2.1 | ) | |||||||||||||
Commercial Development | 139,615 | 148,683 | (24.5 | ) | 178,478 | (21.8 | ) | |||||||||||||
Warehouses | 563,451 | 570,492 | (5.0 | ) | 541,250 | 4.1 | ||||||||||||||
Other Investment Property | 489,734 | 500,087 | (8.3 | ) | 504,386 | (2.9 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Investment Properties | 4,810,349 | 4,694,843 | 9.9 | 4,446,989 | 8.2 | |||||||||||||||
1-4 Family Construction | 135,596 | 141,060 | (15.5 | ) | 132,943 | 2.0 | ||||||||||||||
1-4 Family Investment Mortgage | 744,700 | 784,712 | (20.5 | ) | 857,063 | (13.1 | ) | |||||||||||||
Residential Development | 178,793 | 187,240 | (18.1 | ) | 223,553 | (20.0 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total 1-4 Family Properties | 1,059,089 | 1,113,012 | (19.4 | ) | 1,213,559 | (12.7 | ) | |||||||||||||
Land Acquisition | 598,555 | 674,678 | (45.3 | ) | 754,202 | (20.6 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Commercial Real Estate | 6,467,993 | 6,482,533 | (0.9 | ) | 6,414,750 | 0.8 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Commercial, Financial, and Agricultural | 5,574,941 | 5,505,577 | 5.1 | 5,374,141 | 3.7 | |||||||||||||||
Owner-Occupied | 3,786,279 | 3,777,282 | 1.0 | 3,784,937 | 0.0 | |||||||||||||||
Small Business | 886,570 | 783,143 | 53.0 | 568,881 | 55.8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Commercial & Industrial | 10,247,790 | 10,066,002 | 7.2 | 9,727,959 | 5.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Home Equity Lines | 1,664,520 | 1,601,757 | 15.7 | 1,507,738 | 10.4 | |||||||||||||||
Consumer Mortgages | 1,561,111 | 1,504,213 | 15.2 | 1,451,212 | 7.6 | |||||||||||||||
Credit Cards | 255,369 | 253,149 | 3.5 | 251,788 | 1.4 | |||||||||||||||
Other Retail Loans | 287,935 | 279,785 | 11.7 | 278,603 | 3.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Retail | 3,768,935 | 3,638,905 | 14.3 | 3,489,341 | 8.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unearned Income | (28,955 | ) | (28,436 | ) | 7.3 | (23,767 | ) | 21.8 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 20,455,763 | 20,159,004 | 5.9 | % | 19,608,283 | 4.3 | % | ||||||||||||
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|
|
|
|
|
|
|
|
(1) | Percentage change is annualized. |
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2014 | 2013 | 2nd Quarter | ||||||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ‘14 vs. ‘13 Change | |||||||||||||||||||
Non-performing Loans | $ | 259,547 | 384,324 | 416,300 | 450,879 | 483,464 | (46.3 | )% | ||||||||||||||||
Other Loans Held for Sale(1) | 2,045 | 3,120 | 10,685 | 9,351 | 12,083 | (83.1 | ) | |||||||||||||||||
Other Real Estate | 101,533 | 110,757 | 112,629 | 126,640 | 139,653 | (27.3 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Non-performing Assets | 363,125 | 498,201 | 539,614 | 586,870 | 635,200 | (42.8 | ) | |||||||||||||||||
Allowance for Loan Losses | 277,783 | 300,871 | 307,560 | 318,612 | 334,880 | (17.0 | ) | |||||||||||||||||
Net Charge-Offs - Quarter | 35,371 | 15,181 | 25,116 | 23,030 | 29,969 | 18.0 | ||||||||||||||||||
Net Charge-Offs - YTD | 91,877 | 91,877 | 91,877 | 91,877 | 91,877 | 0.0 | ||||||||||||||||||
Net Charge-Offs / Average Loans - Quarter(2) | 0.69 | % | 0.30 | 0.51 | 0.47 | 0.61 | ||||||||||||||||||
Non-performing Loans / Loans | 1.27 | 1.91 | 2.08 | 2.29 | 2.47 | |||||||||||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE | 1.77 | 2.46 | 2.67 | 2.96 | 3.21 | |||||||||||||||||||
Allowance / Loans | 1.36 | 1.49 | 1.53 | 1.62 | 1.71 | |||||||||||||||||||
Allowance / Non-performing Loans | 107.03 | 78.29 | 73.88 | 70.66 | 69.27 | |||||||||||||||||||
Allowance / Non-performing Loans(3) | 177.62 | 100.16 | 95.43 | 91.84 | 91.76 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 4,798 | 6,563 | 4,489 | 4,738 | 4,596 | 4.4 | % | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.02 | % | 0.03 | 0.02 | 0.02 | 0.02 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing | $ | 60,428 | 75,038 | 72,600 | 78,906 | 80,678 | (25.1 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding | 0.30 | % | 0.37 | 0.36 | 0.40 | 0.41 | ||||||||||||||||||
Accruing Troubled Debt Restructurings (TDRs) | $ | 444,108 | 495,390 | 556,410 | 574,236 | 635,125 | (30.1 | ) |
(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, 2014 | December 31, 2013 | June 30, 2013 | ||||||||||
Tier 1 Capital | $ | 2,500,491 | 2,351,493 | 2,904,985 | ||||||||
Total Risk-Based Capital | 2,958,274 | 2,900,865 | 3,445,161 | |||||||||
Tier 1 Capital Ratio | 11.01 | % | 10.54 | 13.49 | ||||||||
Tier 1 Common Equity Ratio | 10.41 | 9.93 | 8.97 | |||||||||
Total Risk-Based Capital Ratio | 13.03 | 13.00 | 15.99 | |||||||||
Tier 1 Leverage Ratio | 9.69 | 9.13 | 11.33 | |||||||||
Common Equity as a Percentage of Total Assets (2) | 10.99 | 10.77 | 9.81 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets(3) | 10.91 | 10.68 | 9.71 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets(3) | 12.78 | 12.53 | 11.96 | |||||||||
Book Value Per Common Share(4)(5) | 21.05 | 20.32 | 20.03 | |||||||||
Tangible Book Value Per Common Share (3)(5) | 20.87 | 20.12 | 19.81 |
(1) | Current quarter regulatory capital information is preliminary. |
(2) | Common equity consists of Total Shareholders’ Equity less 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 Preferred Stock divided by total common shares outstanding. |
(5) | Per share data for prior periods has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014. |