Exhibit 99.2
Synovus
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BALANCE SHEET March 31, 2003 December 31, 2002 March 31, 2002
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(In thousands, except share data)
ASSETS
Cash and due from banks $ 745,517 741,092 497,786
Interest earning deposits with banks 4,457 5,055 2,970
Federal funds sold and securities purchased
under resale agreements 189,661 92,709 131,752
Mortgage loans held for sale 378,900 245,858 222,602
Investment securities available for sale 2,307,736 2,237,725 2,076,461
Loans, net of unearned income 15,551,328 14,463,909 12,698,763
Allowance for loan losses (216,989) (199,841) (174,774)
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Loans, net 15,334,339 14,264,068 12,523,989
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Premises and equipment, net 656,507 616,355 584,383
Contract acquisition costs and computer software, net 330,448 324,026 273,947
Goodwill and other intangible assets, net <f1> 115,237 118,506 34,383
Other assets <f1> 540,999 390,852 377,461
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Total assets $ 20,603,801 19,036,246 16,725,734
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LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing $ 2,514,136 2,303,375 1,918,674
Interest bearing 12,699,956 11,625,459 10,532,334
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Total deposits 15,214,092 13,928,834 12,451,008
Federal funds purchased and securities sold
under repurchase agreements 966,683 1,275,084 988,208
Long-term debt 1,713,844 1,336,200 1,114,742
Billings in excess of cost on uncompleted contracts 29,722 - -
Other liabilities 360,072 338,176 340,873
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Total liabilities 18,284,413 16,878,294 14,894,831
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Minority interest in consolidated subsidiaries 122,372 117,099 102,808
Company-obligated mandatory redeemable capital
securities of subsidiary trusts 16,750 - -
Shareholders' equity:
Common stock, par value $1.00 a share <f2> 305,347 300,573 295,427
Surplus 406,494 305,718 176,763
Treasury stock - 175,264 shares (1,285) (1,285) (1,285)
Unamortized restricted stock (132) (146) (226)
Accumulated other comprehensive income 40,413 46,113 17,813
Retained earnings 1,429,429 1,389,880 1,239,603
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Total shareholders' equity 2,180,266 2,040,853 1,728,095
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Total liabilities and shareholders' equity $ 20,603,801 19,036,246 16,725,734
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<FN>
<f1> Near the end of February 2003, Synovus completed the acquisitions of FNB Newton Bancshares, Inc. and United Financial
Holdings, Inc. Included in other assets at March 31, 2003 is the excess of the purchase prices of these entities over the
recorded net assets of these entities at the dates of acquisition. Such excess aggregates approximately $121.4 million.
Synovus has not yet completed the allocation of the purchase prices of these entities to the respective assets acquired
and liabilities assumed. It is expected that such purchase price allocations will be completed in the second quarter and
result in the majority of the excess purchase prices being recorded as goodwill. Goodwill resulting from acquisitions
previous to 2003 approximated $99.1 million, $99.1 million, and $270.0 million at March 31, 2003, December 31, 2002, and
March 31, 2002, respectively.
<f2> Common shares outstanding: 305,171,464, 300,397,763, and 295,251,688 at March 31, 2003, December 31, 2002, and
March 31, 2002, respectively.
</FN>
Synovus
INCOME STATEMENT
(In thousands, except per share data) 2003 2002 1st Quarter
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First Fourth Third Second First '03 vs. '02
Quarter Quarter Quarter Quarter Quarter Change
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Interest Income (Taxable Equivalent) $ 261,627 271,016 270,997 260,448 259,844 0.7 %
Interest Expense 78,174 82,539 86,205 83,336 85,456 (8.5)
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Net Interest Income (Taxable Equivalent) 183,453 188,477 184,792 177,112 174,388 5.2
Tax Equivalent Adjustment 1,870 1,870 1,853 1,771 1,771 5.6
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Net Interest Income 181,583 186,607 182,939 175,341 172,617 5.2
Provision for Loan Losses 20,304 15,830 16,410 19,978 13,109 54.9
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Net Interest Income After Provision 161,279 170,777 166,529 155,363 159,508 1.1
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Non-Interest Income:
Electronic Payment Processing Services 180,927 177,544 173,199 170,469 160,066 13.0
Service Charges on Deposits 24,683 24,457 24,281 23,059 22,172 11.3
Fees For Trust Services 6,652 6,774 6,928 7,451 6,916 (3.8)
Brokerage Revenue 4,937 5,235 4,372 4,589 4,644 6.3
Mortgage Banking Income 15,688 13,337 10,793 8,454 8,739 79.5
Credit Card Fees 5,710 5,860 6,010 5,803 4,796 19.1
Securities Gains (Losses) 60 32 717 960 929 (93.6)
Other Fee Income 5,725 5,702 5,254 4,792 4,746 20.6
Other Non-Interest Income 22,399 37,999 23,518 22,366 19,115 17.2
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Non-Interest Income before Reimbursable Items
and Impairment Loss on Private Equity
Investment 266,781 276,940 255,072 247,943 232,123 14.9
Reimbursable Items 58,474 57,604 56,473 60,032 56,990 2.6
Impairment Loss on Private Equity Investment - - - (8,355) - N/A
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Total Non-Interest Income 325,255 334,544 311,545 299,620 289,113 12.5
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Non-Interest Expense:
Personnel Expense 158,641 164,026 162,209 139,559 142,071 11.7
Occupancy & Equipment Expense 69,537 62,343 62,327 58,437 61,069 13.9
Other Non-Interest Expense 53,339 57,314 46,956 57,859 54,201 (1.6)
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Non-Interest Expense before Reimbursable Items 281,517 283,683 271,492 255,855 257,341 9.4
Reimbursable Items 58,474 57,604 56,473 60,032 56,990 2.6
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Total Non-Interest Expense 339,991 341,287 327,965 315,887 314,331 8.2
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Minority Interest in Consolidated Subsidiaries 6,144 6,682 6,254 5,625 5,088 20.7
Income Before Taxes 140,399 157,352 143,855 133,471 129,202 8.7
Income Tax Expense 50,480 52,924 51,583 47,576 46,450 8.7
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Net Income $ 89,919 104,428 92,272 85,895 82,752 8.7
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Basic Earnings Per Share 0.30 0.35 0.31 0.29 0.28 6.1
Diluted Earnings Per Share 0.30 0.35 0.31 0.29 0.28 7.3
Dividends Declared Per Share 0.17 0.15 0.15 0.15 0.15 11.9
Return on Assets 1.89 % 2.23 2.06 2.05 2.03 (14)bp
Return on Equity 17.26 20.64 19.12 19.40 19.52 (226)
Average Shares Outstanding - Basic 302,067 300,108 298,564 295,629 294,927 2.4 %
Average Shares Outstanding - Diluted 304,002 302,330 301,986 300,282 300,158 1.3
bp - change is measured as difference in basis points.
Synovus
AVERAGE BALANCES AND YIELDS/RATES
(Dollars in thousands)
2003 2002
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First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter
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Interest Earning Assets
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Taxable Investment Securities $ 1,950,469 1,858,539 1,839,291 1,813,366 1,805,313
Yield 4.66 % 5.16 5.60 5.94 6.00
Tax-Exempt Investment Securities $ 235,895 236,213 232,633 231,730 233,552
Yield 7.40 % 7.39 7.36 7.30 7.34
Commercial Loans $ 12,201,561 11,553,371 10,920,539 10,334,657 9,955,574
Yield 6.09 % 6.41 6.65 6.71 6.92
Consumer Loans $ 1,122,468 1,186,842 1,219,363 1,250,354 1,252,653
Yield 8.37 % 8.58 8.85 8.97 9.22
Mortgage Loans $ 806,323 827,281 852,940 803,212 804,136
Yield 6.55 % 6.74 6.98 7.22 7.46
Credit Card Loans $ 234,667 230,120 225,366 219,351 220,992
Yield 9.22 % 9.85 10.27 10.67 7.46
Home Equity Loans $ 535,960 491,003 438,069 372,972 342,332
Yield 4.81 % 5.08 5.31 5.39 11.21
Allowance for Loan Losses $ (208,816) (198,745) (187,768) (176,407) (173,777)
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Loans, Net $ 14,692,163 14,089,872 13,468,509 12,804,139 12,401,910
Yield 6.38 % 6.71 6.98 7.08 7.31
Mortgage Loans Held for Sale $ 229,545 265,847 209,780 164,313 276,682
Yield 5.57 % 5.81 6.39 6.92 6.65
Federal Funds Sold $ 98,009 89,806 72,161 62,129 61,136
Yield 1.65 % 1.78 2.01 2.49 2.40
Time Deposits with Banks $ 4,642 4,110 4,122 3,859 3,328
Yield 0.70 % 1.02 1.26 1.37 1.65
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Total Interest Earning Assets $ 17,210,723 16,544,387 15,826,496 15,079,536 14,781,921
Yield 6.15 % 6.51 6.80 6.92 7.11
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Interest Bearing Liabilities
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Time Deposits Over $100,000 $ 3,322,485 3,202,688 3,109,639 2,833,173 2,569,115
Rate 2.99 % 3.21 3.41 3.52 3.89
Time Deposits Under $100,000 $ 2,397,058 2,403,692 2,425,038 2,394,123 2,439,460
Rate 2.97 % 3.18 3.39 3.59 4.07
Other Interest Bearing Deposits $ 6,174,605 5,940,073 5,608,037 5,389,194 5,215,169
Rate 1.03 % 1.19 1.37 1.37 1.32
Federal Funds Purchased and Other
Short-Term Borrowings $ 1,221,637 1,162,710 1,040,793 1,024,441 1,300,385
Rate 1.23 % 1.47 1.67 1.74 1.72
Long-Term Debt $ 1,511,398 1,286,049 1,232,646 1,136,670 1,082,675
Rate 4.43 % 4.62 4.76 5.02 5.19
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Total Interest Bearing Liabilities $ 14,627,183 13,995,212 13,416,153 12,777,601 12,606,804
Rate 2.16 % 2.34 2.54 2.61 2.74
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Non-Interest Bearing Demand Deposits $ 2,178,503 2,115,910 2,031,031 1,955,444 1,826,432
Shareholders' Equity $ 2,112,620 2,007,679 1,914,915 1,776,173 1,719,380
Total Assets $ 19,326,396 18,542,637 17,743,648 16,823,662 16,522,858
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Spread 3.99 % 4.17 4.25 4.31 4.37
Net Interest Margin 4.31 % 4.53 4.64 4.71 4.77
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Synovus
CREDIT QUALITY DATA
(Dollars in thousands) 2003 2002 1st Quarter
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First Fourth Third Second First '03 vs. '02
Quarter Quarter Quarter Quarter Quarter Change
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Nonperforming Loans $ 79,718 66,736 57,069 53,679 55,791 42.9 %
Other Real Estate 31,991 26,517 25,860 21,615 17,970 78.0
Nonperforming Assets 111,709 93,253 82,929 75,294 73,761 51.4
Allowance for Loan Losses 216,989 199,841 194,005 180,321 174,774 24.2
Net Charge-Offs - Quarter 13,689 9,804 10,884 14,431 9,104 50.4
Net Charge-Offs - YTD 13,689 44,223 34,419 23,535 9,104 50.4
Net Charge-Offs / Average Loans - Quarter 0.37 0.27 0.32 0.44 0.29
Net Charge-Offs / Average Loans - YTD 0.37 0.33 0.35 0.37 0.29
Nonperforming Loans / Loans & ORE 0.51 0.46 0.41 0.41 0.44
Nonperforming Assets / Loans & ORE 0.72 0.64 0.59 0.57 0.58
Allowance / Loans 1.40 1.38 1.38 1.37 1.38
Allowance / Nonperforming Loans 272.20 299.45 339.95 335.92 313.27
Allowance / Nonperforming Assets 194.25 214.30 233.94 239.49 236.95
Past Due Loans over 90 days 24,771 30,192 26,632 34,542 21,431
As a Percentage of Loans Outstanding 0.16 0.21 0.19 0.26 0.17
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REGULATORY CAPITAL RATIOS <f1> March 31, 2003 December 31, 2002 March 31, 2002
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(In thousands)
Tier 1 Capital $ 2,013,859 1,994,654 1,779,072
Total Risk-Based Capital 2,530,849 2,195,652 1,955,829
Tier 1 Capital Ratio 10.70 % 11.38 11.79
Total Risk-Based Capital Ratio 13.45 12.53 12.96
Leverage Ratio 10.56 10.86 10.82
<FN>
<f1> March 31, 2003 information is preliminary. As noted in footnote (1) to the accompanying Balance Sheet, the purchase price
allocation related to the current quarter acquisitions has not been completed. For purposes of the March 31, 2003
regulatory capital calculations, we have assumed that $121.4 million of the total purchase price will be allocated to
intangibles which will be disallowed for regulatory capital purposes.
</FN>
Synovus
SELECTED LOAN PORTFOLIO DATA
(Dollars in thousands)
Loans Outstanding and Nonperforming Loans Composition
March 31, 2003
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Loans as a % Total % of Total
of Total Loans Non-Performing Nonperforming
Loan Type Total Loans Outstanding Loans Loans
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Multi-Family $ 399,980 2.57% $ - -%
Hotels 657,815 4.23 - -
Office Buildings 616,982 3.97 565 0.71
Shopping Centers 503,155 3.24 481 0.60
Commercial Development 471,738 3.03 6,610 8.29
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Investment Properties 2,649,670 17.04 7,656 9.60
1-4 Family Construction 823,309 5.29 5,117 6.42
1-4 Family Perm / Mini-Perm 601,945 3.87 3,813 4.78
Residential Development 635,166 4.08 1,102 1.38
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1-4 Family Properties 2,060,420 13.24 10,032 12.58
Land Acquisition 553,043 3.56 471 0.59
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Total Investment-Related Real Estate 5,263,133 33.84 18,159 22.78
Owner-Occupied 1,813,450 11.66 2,845 3.57
Other Property 1,170,510 7.53 5,119 6.42
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Total Commercial Real Estate 8,247,093 53.03 26,123 32.77
Commercial & Industrial Loans 4,599,249 29.57 44,658 56.02
Consumer Loans 2,733,470 17.58 8,937 11.21
Unearned Income (28,484) (0.18)
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Total Loans $ 15,551,328 100.00% 79,718 100.00%
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