4 of 11
Synovus
INCOME STATEMENT Twelve Months Ended
(In thousands, except per share data) December 31,
-------------------------------------------------------------
2003 2002 Change
-------------------------------------------------------------
Interest Income (Taxable Equivalent) $ 1,068,880 1,062,305 0.6 %
Interest Expense 298,428 337,536 (11.6)
-------------------- ------------------- -------------
Net Interest Income (Taxable Equivalent) 770,452 724,769 6.3
Tax Equivalent Adjustment 7,388 7,265 1.7
-------------------- ------------------- -------------
Net Interest Income 763,064 717,504 6.3
Provision for Loan Losses 71,777 65,327 9.9
-------------------- ------------------- -------------
Net Interest Income After Provision 691,287 652,177 6.0
-------------------- ------------------- -------------
Non-Interest Income:
Electronic Payment Processing Services 702,712 612,817 14.7
Other Transaction Processing Services Revenue 118,795 106,086 12.0
Service Charges on Deposits 107,404 93,969 14.3
Fees For Trust Services 30,009 28,069 6.9
Brokerage Revenue 20,461 18,840 8.6
Mortgage Banking Income 58,633 41,323 41.9
Credit Card Fees 26,044 22,469 15.9
Securities Gains (Losses) 2,491 2,638 (5.6)
Other Fee Income 23,682 20,494 15.6
Other Non-Interest Income 53,933 65,373 (17.5)
-------------------- ------------------- -------------
Non-Interest Income before Reimbursable Items
and Impairment Loss on Private Equity Investment 1,144,164 1,012,078 13.1
Reimbursable Items 225,165 231,099 (2.6)
Impairment Loss on Private Equity Investment - (8,355) N/A
-------------------- ------------------- -------------
Total Non-Interest Income 1,369,329 1,234,822 10.9
-------------------- ------------------- -------------
Non-Interest Expense:
Personnel Expense 672,248 607,865 10.6
Occupancy & Equipment Expense 281,688 244,176 15.4
Other Non-Interest Expense 243,042 216,330 12.3
-------------------- ------------------- -------------
Non-Interest Expense before Reimbursable Items 1,196,978 1,068,371 12.0
Reimbursable Items 225,165 231,099 (2.6)
-------------------- ------------------- -------------
Total Non-Interest Expense 1,422,143 1,299,470 9.4
-------------------- ------------------- -------------
Minority Interest in Consolidated Subsidiaries 26,972 23,649 14.1
Income Before Taxes 611,501 563,880 8.4
Income Tax Expense 222,576 198,533 12.1
-------------------- ------------------- -------------
Net Income $ 388,925 365,347 6.5
==================== =================== =============
Basic Earnings Per Share 1.29 1.23 4.8
Diluted Earnings Per Share 1.28 1.21 5.2
Dividends Declared Per Share 0.66 0.59 11.9
Return on Assets 1.91 % 2.10 (19)bp
Return on Equity 17.95 19.69 (174)
Average Shares Outstanding - Basic 302,010 297,325 1.6 %
Average Shares Outstanding - Diluted 304,928 301,197 1.2
bp - change is measured as difference in basis points.
Exhibit 99.2
5 of 11
Synovus
INCOME STATEMENT
(In thousands, except per share data)
2003 2002 4th Quarter
------------------------------------------------------------------- -------------
Fourth Third Second First Fourth '03 vs. '02
Quarter Quarter Quarter Quarter Quarter Change
------------------------------------------------------------------- -------------
Interest Income (Taxable Equivalent) $ 266,581 268,079 272,595 261,627 271,016 (1.6)%
Interest Expense 67,314 73,135 79,805 78,174 82,539 (18.4)
------------ ------------ ------------ ------------ ------------ ----------
Net Interest Income (Taxable Equivalent) 199,267 194,944 192,790 183,453 188,477 5.7
Tax Equivalent Adjustment 1,836 1,831 1,853 1,870 1,870 (1.8)
------------ ------------ ------------ ------------ ------------ ----------
Net Interest Income 197,431 193,113 190,937 181,583 186,607 5.8
Provision for Loan Losses 19,800 15,108 16,565 20,304 15,830 25.1
------------ ------------ ------------ ------------ ------------ ----------
Net Interest Income After Provision 177,631 178,005 174,372 161,279 170,777 4.0
------------ ------------ ------------ ------------ ------------ ----------
Non-Interest Income:
Electronic Payment Processing Services 182,806 177,580 175,698 166,628 161,845 13.0
Other Transaction Processing Services
Revenue 37,060 30,927 25,755 25,053 24,990 48.3
Service Charges on Deposits 29,527 26,710 26,484 24,683 24,457 20.7
Fees For Trust Services 8,084 7,189 8,084 6,652 6,774 19.3
Brokerage Revenue 5,353 5,338 4,833 4,937 5,235 2.3
Mortgage Banking Income 6,642 18,021 18,282 15,688 13,337 (50.2)
Credit Card Fees 6,927 7,110 6,297 5,710 5,860 18.2
Securities Gains (Losses) 1,155 755 521 60 32 3,509.4
Other Fee Income 6,347 6,039 5,571 5,725 5,702 11.3
Other Non-Interest Income 15,376 11,776 15,136 11,645 28,708 (46.4)
------------ ------------ ------------ ------------ ------------ ----------
Non-Interest Income before Reimbursable
Items and Impairment Loss on Private
Equity Investment 299,277 291,445 286,661 266,781 276,940 8.1
Reimbursable Items 56,313 55,740 54,638 58,474 57,604 (2.2)
Impairment Loss on Private Equity
Investment - - - - - N/A
------------ ------------ ------------ ------------ ------------ ----------
Total Non-Interest Income 355,590 347,185 341,299 325,255 334,544 6.3
------------ ------------ ------------ ------------ ------------ ----------
Non-Interest Expense:
Personnel Expense 167,157 171,525 174,925 158,641 164,026 1.9
Occupancy & Equipment Expense 72,816 70,289 69,046 69,537 62,343 16.8
Other Non-Interest Expense 68,504 63,134 58,065 53,339 57,314 19.5
------------ ------------ ------------ ------------ ------------ ----------
Non-Interest Expense before Reimbursable
Item 308,477 304,948 302,036 281,517 283,683 8.7
Reimbursable Items 56,313 55,740 54,638 58,474 57,604 (2.2)
------------ ------------ ------------ ------------ ------------ ----------
Total Non-Interest Expense 364,790 360,688 356,674 339,991 341,287 6.9
------------ ------------ ------------ ------------ ------------ ----------
Minority Interest in Consolidated
Subsidiaries 7,519 6,780 6,529 6,144 6,682 12.5
Income Before Taxes 160,912 157,722 152,468 140,399 157,352 2.3
Income Tax Expense 58,273 57,722 56,101 50,480 52,924 10.1
------------ ------------ ------------ ------------ ------------ ----------
Net Income $ 102,639 100,000 96,367 89,919 104,428 (1.7)
============ ============ ============ ============ ============ ==========
Basic Earnings Per Share 0.34 0.33 0.32 0.30 0.35 (2.3)
Diluted Earnings Per Share 0.34 0.33 0.32 0.30 0.35 (3.0)
Dividends Declared Per Share 0.17 0.17 0.17 0.17 0.15 11.9
Return on Assets 1.94 % 1.91 1.88 1.89 2.23 (29)bp
Return on Equity 18.37 18.32 17.81 17.26 20.64 (227)
Average Shares Outstanding - Basic 301,842 301,366 302,776 302,067 300,108 0.6 %
Average Shares Outstanding - Diluted 306,160 304,514 305,015 304,002 302,330 1.3
bp - change is measured as difference in basis points.
Synovus 6 of 11
Financial Services Segment
INCOME STATEMENT Twelve Months Ended
(In thousands) December 31,
--------------------------------------------------------
2003 2002 Change
--------------------------------------------------------
Interest Income (Taxable Equivalent) $ 1,068,893 1,061,549 0.7 %
Interest Expense 299,066 338,725 (11.7)
------------- ------------------ -----------------
Net Interest Income (Taxable Equivalent) 769,827 722,824 6.5
Tax Equivalent Adjustment 7,371 7,242 1.8
------------- ------------------ -----------------
Net Interest Income 762,456 715,582 6.6
Provision for Loan Losses 71,777 65,327 9.9
------------- ------------------ -----------------
Net Interest Income After Provision 690,679 650,255 6.2
------------- ------------------ -----------------
Non-Interest Income:
Service Charges on Deposits 107,404 93,969 14.3
Fees For Trust Services 30,556 28,585 6.9
Brokerage Revenue 20,461 18,840 8.6
Mortgage Banking Income 58,633 41,323 41.9
Credit Card Fees 26,044 22,469 15.9
Securities Gains (Losses) 2,491 2,638 (5.6)
Other Fee Income 23,682 20,494 15.6
Other Non-Interest Income 41,752 49,231 (15.2)
------------- ------------------ -----------------
Non-Interest Income before Impairment Loss on
Private Equity Investment 311,023 277,549 12.1
Impairment Loss on Private Equity Investment - (8,355) N/A
------------- ------------------ -----------------
Total Non-Interest Income 311,023 269,194 15.5
------------- ------------------ -----------------
Non-Interest Expense:
Personnel Expense 340,219 304,422 11.8
Occupancy & Equipment Expense 75,841 69,214 9.6
Other Non-Interest Expense 159,347 141,881 12.3
------------- ------------------ -----------------
Total Non-Interest Expense 575,407 515,517 11.6
------------- ------------------ -----------------
Income Before Taxes 426,295 403,932 5.5
Income Tax Expense 151,709 140,626 7.9
------------- ------------------ -----------------
Net Income $ 274,586 263,306 4.3
============= ================== =================
Return on Assets 1.40 % 1.57 (17)bp
Return on Equity 16.82 18.85 (203)
bp - change is measured as difference in basis points.
7 of 11
Synovus
Financial Services Segment
INCOME STATEMENT
(In thousands) 2003 2002 4th Quarter
------------------------------------------------------------------------
Fourth Third Second First Fourth '03 vs. '02
Quarter Quarter Quarter Quarter Quarter Change
------------------------------------------------------ ---------------
Interest Income (Taxable Equivalent) $ 266,577 268,093 272,598 261,622 270,974 (1.6)%
Interest Expense 67,340 73,175 80,050 78,502 82,856 (18.7)
------------ ---------- --------- -------- --------- --------------
Net Interest Income (Taxable Equivalent) 199,237 194,918 192,548 183,120 188,118 5.9
Tax Equivalent Adjustment 1,831 1,826 1,846 1,865 1,861 (1.3)
------------ ---------- --------- -------- --------- --------------
Net Interest Income 197,406 193,092 190,702 181,255 186,257 6.0
Provision for Loan Losses 19,800 15,108 16,565 20,304 15,830 25.1
------------ ---------- --------- -------- --------- --------------
Net Interest Income After Provision 177,606 177,984 174,137 160,951 170,427 4.2
------------ ---------- --------- -------- --------- --------------
Non-Interest Income:
Service Charges on Deposits 29,527 26,710 26,484 24,683 24,457 20.7
Fees For Trust Services 8,219 7,322 8,144 6,871 6,893 19.2
Brokerage Revenue 5,353 5,338 4,833 4,937 5,235 2.3
Mortgage Banking Income 6,642 18,021 18,282 15,688 13,337 (50.2)
Credit Card Fees 6,927 7,110 6,297 5,710 5,860 18.2
Securities Gains (Losses) 1,155 755 521 60 32 3,509.4
Other Fee Income 6,347 6,039 5,571 5,725 5,702 11.3
Other Non-Interest Income 11,875 9,766 9,757 10,354 23,815 (50.1)
------------ ---------- --------- -------- --------- --------------
Total Non-Interest Income 76,045 81,061 79,889 74,028 85,331 (10.9)
------------ ---------- --------- -------- --------- --------------
Non-Interest Expense:
Personnel Expense 80,346 88,894 89,883 81,096 84,490 (4.9)
Occupancy & Equipment Expense 20,041 19,244 18,640 17,916 18,005 11.3
Other Non-Interest Expense 44,065 39,426 39,064 36,792 39,357 12.0
------------ ---------- --------- -------- --------- --------------
Total Non-Interest Expense 144,452 147,564 147,587 135,804 141,852 1.8
------------ ---------- --------- -------- --------- --------------
Income Before Taxes 109,199 111,481 106,439 99,175 113,906 (4.1)
Income Tax Expense 38,536 40,214 37,993 34,965 38,311 0.6
------------ ---------- --------- -------- --------- --------------
Net Income $ 70,663 71,267 68,446 64,210 75,595 (6.5)
============ ========== ========= ======== ========= ==============
Return on Assets 1.39 % 1.42 1.39 1.40 1.68 (29)bp
Return on Equity 17.07 17.44 16.61 16.14 19.69 (262)
Synovus
8 of 11
------------------ ------------------ ------------------
BALANCE SHEET December 31, 2003 September 30, 2003 December 31, 2002
------------------ ------------------ ------------------
(In thousands, except share data)
ASSETS
Cash and due from banks $ 696,030 706,029 741,092
Interest earning deposits with banks 4,423 4,426 5,055
Federal funds sold and securities purchased
under resale agreements 172,922 138,448 92,709
Mortgage loans held for sale 133,306 238,986 245,858
Investment securities available for sale 2,529,257 2,431,951 2,237,725
Loans, net of unearned income 16,464,914 15,918,573 14,463,909
Allowance for loan losses (226,059) (223,461) (199,841)
------------------ ------------------ ------------------
Loans, net 16,238,855 15,695,112 14,264,068
------------------ ------------------ ------------------
Premises and equipment, net 791,439 776,848 616,355
Contract acquisition costs and computer software, net 338,201 340,078 324,026
Goodwill, net 248,868 248,870 99,108
Other intangible assets, net 37,177 38,992 16,869
Other assets 399,448 403,654 393,381
------------------ ------------------ ------------------
Total assets $ 21,589,926 21,023,394 19,036,246
================== ================== ==================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing $ 2,833,568 2,800,637 2,303,375
Interest bearing 13,108,041 12,723,450 11,625,459
------------------ ------------------ ------------------
Total deposits 15,941,609 15,524,087 13,928,834
Federal funds purchased and securities sold
under repurchase agreements 1,354,887 1,115,984 1,275,084
Long-term debt 1,534,389 1,684,798 1,336,200
Billings in excess of cost on uncompleted contracts 17,573 24,074 -
Other liabilities 354,591 365,213 338,176
------------------ ------------------ ------------------
Total liabilities 19,203,049 18,714,156 16,878,294
------------------ ------------------ ------------------
Minority interest in consolidated subsidiaries 141,838 133,432 117,099
Shareholders' equity:
Common stock, par value $1.00 a share (1) 307,748 307,055 300,573
Surplus 442,931 422,615 305,718
Treasury stock (2) (113,940) (112,738) (1,285)
Unearned compensation (266) (306) (146)
Accumulated other comprehensive income 29,509 32,873 46,113
Retained earnings 1,579,057 1,526,307 1,389,880
------------------ ------------------ ------------------
Total shareholders' equity 2,245,039 2,175,806 2,040,853
------------------ ------------------ ------------------
Total liabilities and shareholders' equity $ 21,589,926 21,023,394 19,036,246
================== ================== ==================
(1) Common shares outstanding: 302,090,128; 301,441,645; and 300,397,763 at
December 31, 2003, September 30, 2003, and December 31, 2002, respectively.
(2) Treasury shares: 5,658,005 at December 31, 2003, 5,612,964 at
September 30, 2003 and 175,264 at December 31, 2002.
Synovus
AVERAGE BALANCES AND YIELDS/RATES
(Dollars in thousands)
2003 2002 Twelve Months Ended
---------------------------------------------------------------------- ------------------------
Fourth Third Second First Fourth December 31,
Quarter Quarter Quarter Quarter Quarter 2003 2002
---------------------------------------------------------------------- ------------------------
Interest Earning Assets
- -------------------------------
Taxable Investment Securities $ 2,200,668 2,067,538 2,042,255 1,950,469 1,858,539 $ 2,065,924 1,829,301
Yield 3.74 % 3.73 4.15 4.66 5.16 4.05 % 5.67
Tax-Exempt Investment Securities $ 233,425 233,198 239,136 235,895 236,213 $ 235,401 233,537
Yield 7.11 % 7.13 7.11 7.40 7.39 7.19 7.35
Commercial Loans $ 13,346,751 13,081,909 12,934,397 12,201,561 11,553,371 $12,894,815 10,696,041
Yield 5.73 % 5.84 6.03 6.09 6.41 5.92 6.66
Consumer Loans $ 1,037,283 1,068,485 1,102,649 1,122,468 1,186,842 $ 1,082,449 1,227,101
Yield 8.08 % 8.29 8.43 8.37 8.58 8.30 8.90
Mortgage Loans $ 819,412 810,525 809,684 806,323 827,281 $ 811,519 822,041
Yield 6.10 % 6.21 6.39 6.55 6.74 6.31 7.09
Credit Card Loans $ 239,433 229,271 228,463 234,667 230,120 $ 232,961 223,986
Yield 8.69 % 9.04 9.17 9.22 9.85 9.02 10.49
Home Equity Loans $ 674,264 619,826 586,162 535,960 491,003 $ 604,475 411,575
Yield 4.52 % 4.58 4.76 4.81 5.08 4.66 5.29
Allowance for Loan Losses $ (225,021) (224,360) (221,595) (208,816) (198,745) $ (220,004) (184,253)
------------------------------------------------------------------ ------------------------
Loans, Net $ 15,892,122 15,585,656 15,439,760 14,692,163 14,089,872 $15,406,215 13,196,492
Yield 5.98 % 6.10 6.30 6.38 6.71 6.18 % 7.01
Mortgage Loans Held for Sale $ 136,133 343,069 308,262 229,545 265,847 $ 254,240 229,073
Yield 5.43 % 5.04 5.19 5.57 5.81 5.26 % 6.40
Federal Funds Sold $ 113,728 109,652 126,033 98,009 89,806 $ 111,893 71,389
Yield 1.14 % 1.31 1.40 1.65 1.78 1.36 % 2.12
Time Deposits with Banks $ 4,426 4,500 4,492 4,642 4,110 $ 4,515 3,858
Yield 0.46 % 0.47 0.62 0.70 1.02 0.57 % 1.31
- -----------------------------------------------------------------------------------------------------------------------------------
Total Interest Earning Assets $ 18,580,502 18,343,613 18,159,938 17,210,723 16,544,387 $18,078,187 15,563,649
Yield 5.70 % 5.80 6.02 6.15 6.51 5.91 % 6.82
- -----------------------------------------------------------------------------------------------------------------------------------
Interest Bearing Liabilities
- ----------------------------
Time Deposits Over $100,000 $ 3,446,050 3,471,693 3,553,764 3,322,485 3,202,688 $ 3,448,900 2,930,885
Rate 2.46 % 2.67 2.82 2.99 3.21 2.73 % 3.49
Time Deposits Under $100,000 $ 2,311,870 2,407,719 2,481,680 2,397,058 2,403,692 $ 2,399,371 2,415,506
Rate 2.35 % 2.51 2.70 2.97 3.18 2.63 % 3.56
Other Interest Bearing Deposits $ 7,112,385 6,873,110 6,679,868 6,174,605 5,940,073 $ 6,713,008 5,540,296
Rate 0.79 % 0.80 0.99 1.03 1.19 0.90 % 1.31
Federal Funds Purchased and Other
Short-Term Borrowings $ 1,176,709 1,020,042 987,860 1,221,637 1,162,710 $ 1,101,216 1,131,455
Rate 0.95 % 0.97 1.13 1.23 1.47 1.07 % 1.65
Long-Term Debt $ 1,576,346 1,698,311 1,770,532 1,511,398 1,286,049 $ 1,639,487 1,185,199
Rate 3.79 % 4.17 4.23 4.43 4.62 4.15 % 4.85
- -----------------------------------------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities $ 15,623,360 15,470,875 15,473,704 14,627,183 13,995,212 $15,301,981 13,203,342
Rate 1.71 % 1.87 2.06 2.16 2.34 1.95 % 2.55
- -----------------------------------------------------------------------------------------------------------------------------------
Non-Interest Bearing Demand Deposits $ 2,715,015 2,669,500 2,435,395 2,178,503 2,115,910 $ 2,501,539 1,983,131
Shareholders' Equity $ 2,216,818 2,165,657 2,170,881 2,112,620 2,007,679 $ 2,166,777 1,855,492
Total Assets $ 21,028,492 20,760,836 20,513,161 19,326,396 18,542,637 $20,412,853 17,414,654
- -----------------------------------------------------------------------------------------------------------------------------------
Spread 3.99 % 3.93 3.95 3.99 4.17 3.96 % 4.27
Net Interest Margin 4.26 % 4.22 4.25 4.31 4.53 4.26 % 4.65
- -----------------------------------------------------------------------------------------------------------------------------------
Synovus
10 of 11
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Dollars in thousands)
December 31, 2003
--------------------------------------------------------------------------
Loans as a % Total Total %
of Total Loans Nonperforming Nonperforming
Loan Type Total Loans Outstanding Loans Loans
---------------------------------------------- --------------------------------------------------------------------------
Multi-Family $ 508,750 3.1 % $ 950 1.4 %
Hotels 737,078 4.5 7,903 11.7
Office Buildings 629,749 3.8 1,065 1.6
Shopping Centers 456,903 2.8 821 1.2
Commercial Development 446,168 2.7 1,212 1.8
---------------- ---------------- -------------- --------------
Investment Properties 2,778,648 16.9 11,951 17.7
1-4 Family Construction 830,843 5.0 1,429 2.1
1-4 Family Perm / Mini-Perm 647,512 3.9 3,503 5.2
Residential Development 735,633 4.5 2,093 3.1
---------------- ---------------- -------------- --------------
1-4 Family Properties 2,213,988 13.4 7,025 10.4
Land Acquisition 781,062 4.7 118 0.2
---------------- ---------------- -------------- --------------
Total Investment-Related R/E 5,773,698 35.1 19,094 28.3
Owner-Occupied 1,910,726 11.6 5,768 8.6
Other Property 1,369,475 8.3 1,697 2.5
---------------- ---------------- -------------- --------------
Total Commercial Real Estate 9,053,899 55.0 26,559 39.4
Commercial & Industrial Loans 4,632,504 28.1 33,456 49.6
Consumer Loans 2,809,545 17.1 7,427 11.0
Unearned Income (31,034) (0.2)
---------------- ---------------- -------------- --------------
Total Loans $ 16,464,914 100.0 % $ 67,442 100.0 %
================ ================ ============== ==============
Synovus
11 of 11
CREDIT QUALITY DATA
(Dollars in thousands) 2003 2002 4th Quarter
----------------------------------------------------------------------- -----------
Fourth Third Second First Fourth '03 vs. '02
Quarter Quarter Quarter Quarter Quarter Change
----------------------------------------------------------------------- -----------
Nonperforming Loans $ 67,442 93,633 86,440 79,718 66,736 1.1 %
Other Real Estate 28,422 22,842 29,709 31,991 26,517 7.2
Nonperforming Assets 95,864 116,475 116,149 111,709 93,253 2.8
Allowance for Loan Losses 226,059 223,461 220,978 216,989 199,841 13.1
Net Charge-Offs - Quarter 17,202 12,626 12,577 13,689 9,804 75.5
Net Charge-Offs - YTD 56,093 38,891 26,266 13,689 44,223 26.8
Net Charge-Offs/Average Loans - Quarter 0.43 0.32 0.32 0.37 0.27
Net Charge-Offs/Average Loans - YTD 0.36 0.34 0.34 0.37 0.33
Nonperforming Loans/Loans & ORE 0.41 0.59 0.55 0.51 0.46
Nonperforming Assets/Loans & ORE 0.58 0.73 0.73 0.72 0.64
Allowance/Loans 1.37 1.40 1.40 1.40 1.38
Allowance/Nonperforming Loans 335.19 238.66 255.64 272.20 299.45
Allowance/Nonperforming Assets 235.81 191.85 190.25 194.25 214.30
Past Due Loans over 90 days 21,138 23,254 31,675 24,771 30,192
As a Percentage of Loans Outstanding 0.13 0.15 0.20 0.16 0.21
Total Past Dues 109,672 111,269 146,197 160,151 102,105
As a Percentage of Loans Outstanding 0.67 0.70 0.92 1.03 0.70
REGULATORY CAPITAL RATIOS (1)
(Dollars in thousands)
----------------- ------------------ ------------------
December 31, 2003 September 30, 2003 December 31, 2002
----------------- ------------------ ------------------
Tier 1 Capital $ 2,091,914 2,012,154 1,994,654
Total Risk-Based Capital 2,617,972 2,535,615 2,195,652
Tier 1 Capital Ratio 10.45 % 10.30 11.38
Total Risk-Based Capital Ratio 13.08 12.98 12.53
Leverage Ratio 10.09 9.84 10.86
(1) December 31, 2003 information is preliminary.