-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FfFcgdTAUsiZBfg8wt9jaf8lNb0vHhSbr/s9VfpMHSMvj2EfOyYDFs7vzOFEY52B ra589ZVGYL3+udfMOt0Pxg== 0000018349-03-000071.txt : 20031015 0000018349-03-000071.hdr.sgml : 20031013 20031015110043 ACCESSION NUMBER: 0000018349-03-000071 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031015 ITEM INFORMATION: ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYNOVUS FINANCIAL CORP CENTRAL INDEX KEY: 0000018349 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 581134883 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10312 FILM NUMBER: 03940983 BUSINESS ADDRESS: STREET 1: 901 FRONT AVENUE STREET 2: STE 202 PO BOX 120 CITY: COLUMBUS STATE: GA ZIP: 31901 BUSINESS PHONE: 7066494818 MAIL ADDRESS: STREET 1: 901 FRONT AVE STREET 2: STE 202 PO BOX 120 CITY: COLUMBUS STATE: GA ZIP: 31902 FORMER COMPANY: FORMER CONFORMED NAME: CB&T BANCSHARES INC DATE OF NAME CHANGE: 19890912 8-K 1 filing.txt SYNOVUS 8-K FILING SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 October 15, 2003 ----------------- Date of Report (Date of Earliest Event Reported) Synovus Financial Corp. ---------------------- (Exact Name of Registrant as Specified in its Charter) Georgia 1-10312 58-1134883 - -------------- --------------- --------------- (State of (Commission File (IRS Employer Incorporation) Number) Identification Number) 901 Front Avenue, Suite 301, Columbus, Georgia 31901 ----------------------------------------------------- (Address of principal executive offices) (Zip Code) (706) 649-2267 ------------- (Registrant's telephone number, including area code) --------------------------------------------- (Former name or former address, if changed since last report) Item 9. Regulation FD Disclosure. - ------ ------------------------ Item 12. Results of Operations and Financial Condition. - ------- --------------------------------------------- The following information is furnished pursuant to Item 9, "Regulation FD Disclosure" and Item 12, "Results of Operations and Financial Condition." On October 15, 2003, the Registrant issued a press release and will hold an investor call and webcast to disclose financial results for the third quarter ended September 30, 2003. The press release and Supplemental Information for use at this investor call are furnished herewith as Exhibits 99.1 and 99.2 and incorporated herein by reference. Exhibit Index - ------------- 99.1 - Registrant's press release dated October 15, 2003. 99.2 - Supplemental Information prepared for use with the press release. 2 Signature --------- Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SYNOVUS FINANCIAL CORP. ("Registrant") Dated: October 15, 2003 By:/s/ Kathleen Moates ------------------------- -------------------------------- Kathleen Moates Senior Deputy General Counsel 3 EX-99.1 3 news.txt REGISTRANT'S PRESS RELEASE DATED OCTOBER 15, 2003 Exhibit 99.1 ------------------------------------------------------------------- [LOGO] NEWS RELEASE ------------------------------------------------------------------- For Immediate Release Contact: Patrick A. Reynolds Director of Investor Relations (706) 649-4973 Synovus(R)Reports 8.4% Increase in Net Income for Third Quarter 2003 Net Interest Income, Mortgage Revenue, and TSYS Drive Profitability Columbus, Ga., October 15, 2003 -- Synovus' third quarter earnings grew 8.4% over the third quarter 2002 to $100.0 million, or $.33 per share, Synovus Chairman and CEO James H. Blanchard announced today. "We are very pleased to report excellent third quarter results," said Blanchard. "While our net interest income increased by 5.6%, due to efficient net interest margin management, our non-interest income before reimbursable items increased by 14.3%, led by mortgage revenue which increased 67%, over the third quarter last year. TSYS' revenues before reimbursable items increased by 14.9% and net income increased by 8.2% over the same period last year." Return on assets for the quarter was 1.91% and return on equity was 18.32%, as compared to 2.06% and 19.12%, respectively, for the third quarter 2002. Shareholders' equity at September 30, 2003, was $2.18 billion, which represented a very strong 10.35% of quarter-end assets. Total assets ended the quarter at $21.0 billion, an increase of 13.6% from the same period last year. Net income for the Synovus Financial Services segment increased 8.6% over the third quarter last year. Return on assets for the quarter was 1.42% and return on equity was 17.44%. Loans grew by 13.2% (9.3% excluding acquisitions and divestitures) over the third quarter last year. The net interest margin was 4.22% for the quarter, compared to 4.25% in the second quarter. The margin compression was contained at a 3 basis point level by adhering to pricing discipline on both deposits and loans, after the 25 basis point Federal Reserve cut on June 25, 2003. The net charge-off ratio was 0.32%, equal to 0.32% last quarter and 0.32% in the third quarter last year. The ratio of nonperforming assets to loans and other real estate was 0.73% equal to 0.73% in the previous quarter. Past due levels remained very favorable with total past dues at 0.70% of loans at quarter end. The allowance for loan losses remained at 1.40%, unchanged from last quarter. The allowance for loan losses provides coverage of 239% of nonperforming loans and the provision for loan losses covered net charge-offs by 1.20x for the quarter. Management remains confident about the quality of the loan portfolio. During the quarter, Synovus repurchased 450,000 shares for approximately $10.7 million from our current $200 million authorization. Non-interest income for the Financial Services segment was up 18.7% (14.8% excluding acquisitions, divestitures, and securities gains/losses) compared to the third quarter last year. In addition to net mortgage revenue increase of 67.0%, service charges on deposits increased 10.0% and credit card fees increased 18.3% as compared to the same period last year. Financial Management Services and insurance revenues increased 5.1% over last year, with brokerage up 22.1%, and trust up 3.8%. Financial Post Office Box 120 / Columbus, GA 31902 www.synovus.com Synovus Reports 8.4% Increase in Net Income for Third Quarter 2003/2 of 8 Services' non-interest income - excluding securities gains/losses - was 29.4% of revenues for the quarter versus 27.0% in the third quarter last year. TSYS third quarter earnings grew 8.2% over the third quarter 2002 to $35.5 million, or $0.18 per share. TSYS revenues increased 11.1% (14.9% excluding reimbursable charges) in the quarter due to strong growth from its existing customers' accounts on file of approximately 11.3%, the cross sell of value added services which grew revenues by 22.6%, and growth of international revenues of 39%. With TSYS' contribution, Synovus' total non-interest income - excluding securities gains/losses and reimbursable items at TSYS - was 60.1% of revenues for the quarter versus 58.2% in the same period last year. Blanchard concluded, "As the economy improves, we believe that our current strategies, specifically emphasis on credit quality and loan and deposit pricing, our team members, our technological advantages, and our strong balance sheet will position us well to achieve our historical levels of earnings growth. We further believe these levels of growth will sustain our position among the top of the industry performers." Synovus will host an earnings highlights conference call at 4:30 pm ET, on October 15, 2003. The conference call will be available in the Investor Relations section of www.synovus.com under the "Conference Calls and Web-casts" tab. Please log on 5-10 minutes ahead of the call time. Synovus (NYSE: "SNV") is a diversified financial services holding company with more than $21 billion in assets based in Columbus, Ga. Synovus provides integrated financial services including banking, financial management, insurance, mortgage and leasing services through 40 affiliate banks and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee; and electronic payment processing through an 81-percent stake in TSYS (NYSE: "TSS"), the world's largest third-party processor of international payments. Synovus is No. 9 on FORTUNE magazine's list of "The 100 Best Companies To Work For" in 2003. See Synovus on the Web at www.synovus.com. This press release contains statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding Synovus' belief with respect to achieving its historical levels of earnings growth and sustaining its position at the top of industry performers and the assumptions underlying such statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus' ability to control or predict. These factors include, but are not limited to, Synovus' inability to achieve its net income goals for Financial Services; Synovus' inability to increase its revenues derived from Financial Management Services and insurance; Synovus' inability to control Financial Services' expenses; TSYS' inability to achieve its net income goals for 2003; adverse developments with respect to TSYS meeting its performance obligations under its contract with Bank One; competitive pressures arising from aggressive competition from other lenders; factors that affect the delinquency rate on Synovus' loans and the rate at which Synovus' loans are charged off; changes in the cost and availability of funding due to changes in the deposit market and credit market, or the way in which Synovus is perceived in such markets; changes in prevailing interest rates; the timely development of competitive new products and services and the acceptance of such by customers; Synovus' inability to control expenses; a deterioration in credit quality or a reduced demand for credit; hostilities increase in the Middle East or elsewhere; and the effects of changes in government policy and regulations, including restrictions and/or limitations arising from banking laws, regulations and examinations. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Post Office Box 120 / Columbus, GA 31902 www.synovus.com ### EX-99.2 4 financials.txt SUPPLEMENTAL INFORMATION PREPARED FOR USE WITH THE PRESS RELEASE Exhibit 99.2 3 of 8 SYNOVUS INCOME STATEMENT (In thousands, except per share data)
Nine Months Ended September 30, --------------------------------------------------- 2003 2002 Change ---------- ---------- ------ Interest Income (Taxable Equivalent) $ 802,301 791,289 1.4 % Interest Expense 231,114 254,997 (9.4) ---------- ---------- ----- Net Interest Income (Taxable Equivalent) 571,187 536,292 6.5 Tax Equivalent Adjustment 5,554 5,395 2.9 ---------- ---------- ----- Net Interest Income 565,633 530,897 6.5 Provision for Loan Losses 51,977 49,497 5.0 ---------- ---------- ----- Net Interest Income After Provision 513,656 481,400 6.7 ---------- ---------- ----- Non-Interest Income: Electronic Payment Processing Services 519,906 450,970 15.3 Other Transaction Processing Services Revenue 81,735 81,097 0.8 Service Charges on Deposits 77,877 69,512 12.0 Fees For Trust Services 21,925 21,295 3.0 Brokerage Revenue 15,108 13,605 11.0 Mortgage Banking Income 51,991 27,986 85.8 Credit Card Fees 19,117 16,609 15.1 Securities Gains (Losses) 1,336 2,606 (48.7) Other Fee Income 17,335 14,792 17.2 Other Non-Interest Income 38,557 36,668 5.2 ---------- ---------- ----- Non-Interest Income before Reimbursable Items and Impairment Loss on Private Equity Investment 844,887 735,140 14.9 Reimbursable Items 168,852 173,495 (2.7) Impairment Loss on Private Equity Investment -- (8,355) N/A ---------- ---------- ----- Total Non-Interest Income 1,013,739 900,280 12.6 ---------- ---------- ----- Non-Interest Expense: Personnel Expense 505,091 443,839 13.8 Occupancy & Equipment Expense 208,872 181,833 14.9 Other Non-Interest Expense 174,538 159,018 9.8 ---------- ---------- ----- Non-Interest Expense before Reimbursable Items 888,501 784,690 13.2 Reimbursable Items 168,852 173,495 (2.7) ---------- ---------- ----- Total Non-Interest Expense 1,057,353 958,185 10.3 ---------- ---------- ----- Minority Interest in Consolidated Subsidiaries 19,453 16,967 14.7 Income Before Taxes 450,589 406,528 10.8 Income Tax Expense 164,303 145,609 12.8 ---------- ---------- ----- Net Income $ 286,286 260,919 9.7 ========== ========== ===== Basic Earnings Per Share 0.95 0.88 7.7 Diluted Earnings Per Share 0.94 0.87 8.4 Dividends Declared Per Share 0.50 0.44 11.9 Return on Assets 1.89% 2.05 (16)bp Return on Equity 17.80 19.34 (154) Average Shares Outstanding - Basic 302,067 296,387 1.9% Average Shares Outstanding - Diluted 304,574 300,816 1.2
bp - change is measured as difference in basis points. 4 of 8 SYNOVUS INCOME STATEMENT (In thousands, except per share data)
2003 2002 3rd Quarter ------------------------------------------------------------- ----------- Third Second First Fourth Third '03 vs. '02 Quarter Quarter Quarter Quarter Quarter Change -------- -------- -------- -------- -------- ----------- Interest Income (Taxable Equivalent) $268,079 272,595 261,627 271,016 270,997 (1.1)% Interest Expense 73,135 79,805 78,174 82,539 86,205 (15.2) -------- -------- -------- -------- -------- ---- Net Interest Income (Taxable Equivalent) 194,944 192,790 183,453 188,477 184,792 5.5 Tax Equivalent Adjustment 1,831 1,853 1,870 1,870 1,853 (1.2) -------- -------- -------- -------- -------- ---- Net Interest Income 193,113 190,937 181,583 186,607 182,939 5.6 Provision for Loan Losses 15,108 16,565 20,304 15,830 16,410 (7.9) -------- -------- -------- -------- -------- ---- Net Interest Income After Provision 178,005 174,372 161,279 170,777 166,529 6.9 -------- -------- -------- -------- -------- ---- Non-Interest Income: Electronic Payment Processing Services 177,580 175,698 166,628 161,845 156,470 13.5 Other Transaction Processing Services Revenue 30,927 25,755 25,053 24,990 25,451 21.5 Service Charges on Deposits 26,710 26,484 24,683 24,457 24,281 10.0 Fees For Trust Services 7,189 8,084 6,652 6,774 6,928 3.8 Brokerage Revenue 5,338 4,833 4,937 5,235 4,372 22.1 Mortgage Banking Income 18,021 18,282 15,688 13,337 10,793 67.0 Credit Card Fees 7,110 6,297 5,710 5,860 6,010 18.3 Securities Gains (Losses) 755 521 60 32 717 5.3 Other Fee Income 6,039 5,571 5,725 5,702 5,254 14.9 Other Non-Interest Income 11,776 15,136 11,645 28,708 14,796 (20.4) -------- -------- -------- -------- -------- ---- Non-Interest Income before Reimbursable Items 291,445 286,661 266,781 276,940 255,072 14.3 Reimbursable Items 55,740 54,638 58,474 57,604 56,473 (1.3) -------- -------- -------- -------- -------- ---- Total Non-Interest Income 347,185 341,299 325,255 334,544 311,545 11.4 -------- -------- -------- -------- -------- ---- Non-Interest Expense: Personnel Expense 171,525 174,925 158,641 164,026 162,209 5.7 Occupancy & Equipment Expense 70,289 69,046 69,537 62,343 62,327 12.8 Other Non-Interest Expense 63,134 58,065 53,339 57,314 46,956 34.5 -------- -------- -------- -------- -------- ---- Non-Interest Expense before Reimbursable Items 304,948 302,036 281,517 283,683 271,492 12.3 Reimbursable Items 55,740 54,638 58,474 57,604 56,473 (1.3) -------- -------- -------- -------- -------- ---- Total Non-Interest Expense 360,688 356,674 339,991 341,287 327,965 10.0 -------- -------- -------- -------- -------- ---- Minority Interest in Consolidated Subsidiaries 6,780 6,529 6,144 6,682 6,254 8.4 Income Before Taxes 157,722 152,468 140,399 157,352 143,855 9.6 Income Tax Expense 57,722 56,101 50,480 52,924 51,583 11.9 -------- -------- -------- -------- -------- ---- Net Income $100,000 96,367 89,919 104,428 92,272 8.4 ======== ======== ======== ======== ======== ==== Basic Earnings Per Share 0.33 0.32 0.30 0.35 0.31 7.4 Diluted Earnings Per Share 0.33 0.32 0.30 0.35 0.31 7.5 Dividends Declared Per Share 0.17 0.17 0.17 0.15 0.15 11.9 Return on Assets 1.91% 1.88 1.89 2.23 2.06 (15)bp Return on Equity 18.32 17.81 17.26 20.64 19.12 (80) Average Shares Outstanding - Basic 301,366 302,776 302,067 300,108 298,564 0.9% Average Shares Outstanding - Diluted 304,514 305,015 304,002 302,330 301,986 0.8
bp - change is measured as difference in basis points. 5 of 8 SYNOVUS BALANCE SHEET (In thousands, except share data)
------------------ ----------------- ------------------ September 30, 2003 December 31, 2002 September 30, 2002 ------------------ ----------------- ------------------ ASSETS Cash and due from banks $ 706,029 741,092 651,852 Interest earning deposits with banks 4,426 5,055 3,971 Federal funds sold and securities purchased under resale agreements 138,448 92,709 97,676 Mortgage loans held for sale 238,986 245,858 237,624 Investment securities available for sale 2,431,951 2,237,725 2,162,135 Loans, net of unearned income 15,918,573 14,463,909 14,058,387 Allowance for loan losses (223,461) (199,841) (194,005) ------------ ------------ ------------ Loans, net 15,695,112 14,264,068 13,864,382 ------------ ------------ ------------ Premises and equipment, net 776,848 616,355 605,400 Contract acquisition costs and computer software, net 340,078 324,026 304,196 Goodwill, net 248,870 99,108 42,490 Other intangible assets, net 38,992 19,398 79,389 Other assets 403,654 390,852 461,100 ------------ ------------ ------------ Total assets $ 21,023,394 19,036,246 18,510,215 ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing $ 2,800,637 2,303,375 2,204,906 Interest bearing 12,723,450 11,625,459 11,439,551 ------------ ------------ ------------ Total deposits 15,524,087 13,928,834 13,644,457 Federal funds purchased and securities sold under repurchase agreements 1,115,984 1,275,084 1,114,705 Long-term debt 1,684,798 1,336,200 1,294,091 Billings in excess of cost on uncompleted contracts 24,074 -- -- Other liabilities 365,213 338,176 382,834 ------------ ------------ ------------ Total liabilities 18,714,156 16,878,294 16,436,087 ------------ ------------ ------------ Minority interest in consolidated subsidiaries 133,432 117,099 114,874 Shareholders' equity: Common stock, par value $1.00 a share (1) 307,055 300,573 299,879 Surplus 422,615 305,718 284,674 Treasury stock (2) (112,738) (1,285) (1,285) Unearned compensation (306) (146) (168) Accumulated other comprehensive income 32,873 46,113 46,341 Retained earnings 1,526,307 1,389,880 1,329,813 ------------ ------------ ------------ Total shareholders' equity 2,175,806 2,040,853 1,959,254 ------------ ------------ ------------ Total liabilities and shareholders' equity $ 21,023,394 19,036,246 18,510,215 ============ ============ ============
(1) Common shares outstanding: 301,441,645; 300,397,763; and 299,703,639 at September 30, 2003, December 31, 2002, and September 30, 2002, respectively. (2) Treasury shares: 5,612,964 at September 30, 2003 and 175,264 at December 31, 2002 and September 30, 2002, respectively. 6 of 8 SYNOVUS AVERAGE BALANCES AND YIELDS/RATES (Dollars in thousands)
2003 2002 ------------------------------------------------------------------------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter ------------ ---------- ---------- ---------- ---------- Interest Earning Assets - ----------------------- Taxable Investment Securities $ 2,067,538 2,042,255 1,950,469 1,858,539 1,839,291 Yield 3.73% 4.15 4.66 5.16 5.60 Tax-Exempt Investment Securities $ 233,198 239,136 235,895 236,213 232,633 Yield 7.13% 7.11 7.40 7.39 7.36 Commercial Loans $ 13,081,909 12,934,397 12,201,561 11,553,371 10,920,539 Yield 5.84% 6.03 6.09 6.41 6.65 Consumer Loans $ 1,068,485 1,102,649 1,122,468 1,186,842 1,219,363 Yield 8.29% 8.43 8.37 8.58 8.85 Mortgage Loans $ 810,525 809,684 806,323 827,281 852,940 Yield 6.21% 6.39 6.55 6.74 6.98 Credit Card Loans $ 229,271 228,463 234,667 230,120 225,366 Yield 9.04% 9.17 9.22 9.85 10.27 Home Equity Loans $ 619,826 586,162 535,960 491,003 438,069 Yield 4.58% 4.76 4.81 5.08 5.31 Allowance for Loan Losses $ (224,360) (221,595) (208,816) (198,745) (187,768) ------------ ---------- ---------- ---------- ---------- Loans, Net $ 15,585,656 15,439,760 14,692,163 14,089,872 13,468,509 Yield 6.10% 6.30 6.38 6.71 6.98 Mortgage Loans Held for Sale $ 343,069 308,262 229,545 265,847 209,780 Yield 5.04% 5.19 5.57 5.81 6.39 Federal Funds Sold $ 109,652 126,033 98,009 89,806 72,161 Yield 1.31% 1.40 1.65 1.78 2.01 Time Deposits with Banks $ 4,500 4,492 4,642 4,110 4,122 Yield 0.47% 0.62 0.70 1.02 1.26 Total Interest Earning Assets $ 18,343,613 18,159,938 17,210,723 16,544,387 15,826,496 Yield 5.80% 6.02 6.15 6.51 6.80 Interest Bearing Liabilities - ---------------------------- Time Deposits Over $100,000 $ 3,471,693 3,553,764 3,322,485 3,202,688 3,109,639 Rate 2.67% 2.82 2.99 3.21 3.41 Time Deposits Under $100,000 $ 2,407,719 2,481,680 2,397,058 2,403,692 2,425,038 Rate 2.51% 2.70 2.97 3.18 3.39 Other Interest Bearing Deposits $ 6,873,110 6,679,868 6,174,605 5,940,073 5,608,037 Rate 0.80% 0.99 1.03 1.19 1.37 Federal Funds Purchased and Other Short-Term Borrowings $ 1,020,042 987,860 1,221,637 1,162,710 1,040,793 Rate 0.97% 1.13 1.23 1.47 1.67 Long-Term Debt $ 1,698,311 1,770,532 1,511,398 1,286,049 1,232,646 Rate 4.17% 4.23 4.43 4.62 4.76 Total Interest Bearing Liabilities $ 15,470,875 15,473,704 14,627,183 13,995,212 13,416,153 Rate 1.87% 2.06 2.16 2.34 2.54 Non-Interest Bearing Demand Deposits $ 2,669,500 2,435,395 2,178,503 2,115,910 2,031,031 Shareholders' Equity $ 2,165,657 2,170,881 2,112,620 2,007,679 1,914,915 Total Assets $ 20,760,836 20,513,161 19,326,396 18,542,637 17,743,648 Spread 3.93% 3.95 3.99 4.17 4.25 Net Interest Margin 4.22% 4.25 4.31 4.53 4.64
7 of 8 Synovus LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION (Dollars in thousands)
September 30, 2003 ---------------------------------------------------------------------------------- Loans as a % Total Total % of Total Loans Nonperforming Nonperforming Loan Type Total Loans Outstanding Loans Loans ------------------------------------------- ----------------------- ------------------ --------------------- ---------------- Multi-Family $ 439,684 2.8% $ 4,348 4.6% Hotels 655,904 4.1 7,938 8.5 Office Buildings 654,849 4.1 1,545 1.7 Shopping Centers 511,322 3.2 850 0.9 Commercial Development 441,494 2.8 11,674 12.5 ----------------------- ------------------ ---------------- -------------- Investment Properties 2,703,253 17.0 26,355 28.1 1-4 Family Construction 784,272 4.8 2,242 2.4 1-4 Family Perm / Mini-Perm 650,246 4.1 3,117 3.3 Residential Development 747,094 4.7 1,742 1.9 ----------------------- ------------------ ---------------- -------------- 1-4 Family Properties 2,181,612 13.6 7,101 7.6 Land Acquisition 629,931 4.0 209 0.2 ----------------------- ------------------ ---------------- -------------- Total Investment-Related R/E 5,514,796 34.6 33,665 35.9 Owner-Occupied 1,856,783 11.7 4,960 5.3 Other Property 1,235,365 7.8 3,724 4.0 ----------------------- ------------------ ---------------- -------------- Total Commercial Real Estate 8,606,944 54.1 42,349 45.2 Commercial & Industrial Loans 4,582,781 28.8 43,776 46.8 Consumer Loans 2,758,284 17.3 7,508 8.0 Unearned Income (29,436) (0.2) ----------------------- ------------------ ---------------- -------------- Total Loans $ 15,918,573 100.0% $ 93,633 100.0% ======================= ================== ================ ==============
8 of 8 SYNOVUS CREDIT QUALITY DATA (Dollars in thousands)
2003 2002 3rd Quarter --------------------------------------------------------------- ----------- Third Second First Fourth Third '03 vs. '02 Quarter Quarter Quarter Quarter Quarter Change -------- ------- ------- ------- ------- ----------- Nonperforming Loans $ 93,633 86,440 79,718 66,736 57,069 64.1% Other Real Estate 22,842 29,709 31,991 26,517 25,860 (11.7) Nonperforming Assets 116,475 116,149 111,709 93,253 82,929 40.5 Allowance for Loan Losses 223,461 220,978 216,989 199,841 194,005 15.2 Net Charge-Offs - Quarter 12,626 12,577 13,689 9,804 10,884 16.0 Net Charge-Offs - YTD 38,891 26,266 13,689 44,223 34,419 13.0 Net Charge-Offs/Average Loans - Quarter 0.32 0.32 0.37 0.27 0.32 Net Charge-Offs/Average Loans - YTD 0.34 0.34 0.37 0.33 0.35 Nonperforming Loans/Loans & ORE 0.59 0.55 0.51 0.46 0.41 Nonperforming Assets/Loans & ORE 0.73 0.73 0.72 0.64 0.59 Allowance/Loans 1.40 1.40 1.40 1.38 1.38 Allowance/Nonperforming Loans 238.66 255.64 272.20 299.45 339.95 Allowance/Nonperforming Assets 191.85 190.25 194.25 214.30 233.94 Past Due Loans over 90 days 23,254 31,675 24,771 30,192 26,632 As a Percentage of Loans Outstanding 0.15 0.20 0.16 0.21 0.19 Total Past Dues 111,269 146,197 160,151 102,105 122,640 As a Percentage of Loans Outstanding 0.70 0.92 1.03 0.70 0.87
- ---------------------------------------------------------------------------------------------------------------------------- REGULATORY CAPITAL RATIOS (1) (Dollars in thousands) ------------------------ ------------------- ---------------------- September 30, 2003 December 31, 2002 September 30, 2002 ------------------------ ------------------- ---------------------- Tier 1 Capital $ 2,011,816 1,994,654 1,902,597 Total Risk-Based Capital 2,535,277 2,195,652 2,105,610 Tier 1 Capital Ratio 10.30 % 11.38 11.31 Total Risk-Based Capital Ratio 12.97 12.53 12.52 Leverage Ratio 9.84 10.86 10.84 (1) September 30, 2003 information is preliminary. - ----------------------------------------------------------------------------------------------------------------------------
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