-----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, W1TTEljCNkpjDzvjMnD34cS6rBm7MeEfxCoAlCsfU36WvjnMQIQeLErTORXoyCNN 5n8UR6K/ygOvF//Za+D7+g== 0000018349-05-000167.txt : 20051019 0000018349-05-000167.hdr.sgml : 20051019 20051019090417 ACCESSION NUMBER: 0000018349-05-000167 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20051019 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051019 DATE AS OF CHANGE: 20051019 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: 051144213 BUSINESS ADDRESS: STREET 1: 1111 BAY AVENUE STREET 2: STE 500 PO BOX 120 CITY: COLUMBUS STATE: GA ZIP: 31901 BUSINESS PHONE: 7066494818 MAIL ADDRESS: STREET 1: 1111 BAY AVENUE STREET 2: STE 500 PO BOX 120 CITY: COLUMBUS STATE: GA ZIP: 31901 FORMER COMPANY: FORMER CONFORMED NAME: CB&T BANCSHARES INC DATE OF NAME CHANGE: 19890912 8-K 1 october19.htm

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 19, 2005

Date of Report

(Date of Earliest Event Reported)

 

Synovus Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

 

Georgia
(State of Incorporation)

1-10312
(Commission File Number)

58-1134883
(IRS Employer Identification No.)

 

1111 Bay Avenue, Suite 500, 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)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 



Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 



Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 



Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

 

Item 2.02

Results of Operations and Financial Condition.

 

 

On October 19, 2005, Synovus Financial Corp. (“Registrant”) issued a press release and will hold an investor call and webcast to disclose financial results for the quarter ended September 30, 2005. The press release and Supplemental Information for use at this investor call are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. Except as provided in Item 8.01 below, this information shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as shall be expressly set forth by specific reference in such filing.

 

Item 7.01

Regulation FD Disclosure.

 

See Item 2.02 above.

 

Item 8.01

Other Events.

 

 

Total System Services, Inc. (“TSYS”) is an 81% owned electronic payment processing subsidiary of Registrant. At the end of the second quarter, Bank of America, TSYS’ largest client, announced its planned acquisition of MBNA. Bank of America is currently evaluating the various consumer credit card processing alternatives available to it and MBNA. TSYS and Bank of America are in discussions to determine TSYS’ future role in providing consumer credit card processing to Bank of America. TSYS cannot predict the outcome of its discussions with Bank of America or of the evaluation process Bank of America is conducting. TSYS’ processing agreement with Bank of America provides that Bank of America may terminate the agreement for consumer credit card services upon the payment to TSYS of a termination fee. The loss of Bank of America could have a material adverse effect on TSYS’ and Registrant’s financial position, results of operations and cash flows. Additional information about TSYS’ relationship with Bank of America can be found in Registrant’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2004.

 

Item 9.01

Financial Statements and Exhibits.

 
 

 

(c)

Exhibits

 

 

Exhibit No.

Description

 

 

99.1

Registrant’s press release dated October 19, 2005

 

 

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 19, 2005        

By:/s/ Kathleen Moates
Kathleen Moates
Senior Deputy General Counsel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 EX-99.1 2 snvnewsreleasel.htm REGISTRANT'S PRESS RELEASE DATED OCTOBER 19, 2005

 

Exhibit 99.1

 


 

 

For Immediate Release

 

 

Contact:

Patrick A. Reynolds

 

 

Director of Investor Relations

 

(706) 649-4973

 

 

Synovus Reports 22.9% Increase in Net Income for Third Quarter 2005

 

TSYS’ and Financial Services Segment’s Excellent Growth Momentum Continues

 

Columbus, Ga., October 19, 2005 – Synovus’ third quarter earnings grew 22.9% over the third quarter 2004 to $134.0 million, which represented earnings per share growth of 21.9% to $.43 per share, Synovus’ Chief Executive Officer and President Richard E. Anthony announced today.

 

“The first nine months of 2005 has confirmed the excellent growth momentum at both TSYS and Synovus’ Financial Services segment with a very solid 17.1% growth in earnings per share over the same period last year,” said Anthony. “Expanding margin, strong loan growth, improving credit quality, and controlled expense growth drove the earnings momentum in the quarter for the Financial Services segment. TSYS’ results were driven by the continued strong growth in its fundamental core business and stronger than expected growth in value added services.”

 

Return on assets was 2.01% and return on equity was 18.77% for the third quarter of 2005, compared to 1.82% and 17.00%, respectively, in the same period last year. Shareholders’ equity at September 30, 2005, was $2.87 billion, which represented a very strong 10.6% of quarter-end assets. Total assets ended the quarter at $27.1 billion, an increase of 11.0% from the same period last year.

 

Net income for the Synovus Financial Services segment increased 23.2% over the third quarter last year and 8.8% over the last quarter. Return on assets for the quarter was 1.49% and return on equity was 18.34%, compared to 1.35% and 16.20%, respectively, in the same period last year.

 

Asset quality improved significantly in the quarter. The net charge-off ratio was 0.26% compared to 0.37% last quarter and 0.26% for the third quarter of last year. The net charge-off ratio was 0.29% for the first nine months of the year. The ratio of nonperforming assets to loans and other real estate was 0.49%, down from 0.51% at the end of last quarter and 0.56% a year ago. The allowance for loan losses was 1.36% of loans, which provides coverage of 331% of nonperforming loans and the provision for loan losses covered net charge-offs by 1.44x for the quarter.

 

Net interest income grew 9.6% over the third quarter last year as total loans grew 10.8%. Total deposit growth exceeded loan growth – a corporate goal for 2005 – as total deposits grew 14.1% (12.2% excluding brokered time deposits) over last year. The net interest margin expanded to 4.18% in the third quarter from 4.15% last quarter. Net interest margin expansion was primarily due to increased yields on the variable rate portion of the loan portfolio, which remains at approximately 65% of total loans.

 

Financial Services’ non-interest income was up 8.2% over last quarter and 13.7% as compared to the third quarter last year with increases in mortgage banking revenue of 20.6%, credit card fees of 19.3%, brokerage and investment banking revenue of 15.7%, and fiduciary and asset management fees –

 

Post Office Box 120 / Columbus, GA 31902

www.synovus.com

 


 

 

Synovus Reports 22.9% Increase in Net Income for Third Quarter/p. 2

 

which include trust, financial planning and asset management fees – of 4.8%. Service charges on deposit accounts were up 2.0% compared to last quarter and down 8.3% compared to the third quarter last year. Financial Services’ non-interest expense was up 2.2% compared to the last quarter. Expense control remains on track as the efficiency ratio was 48.4% for the quarter compared to 49.5% for the last quarter.

 

TSYS reported net income of $48.1 million for the third quarter 2005 compared to $39.1 million last year, a 22.8% increase. Diluted earnings per share for the quarter increased to $0.24, up from $0.20 last year, a 22.7% increase. During the quarter, TSYS successfully converted the account portfolio of J.P. Morgan Chase, signed an agreement to process Capital One’s credit card accounts, and renewed multiple contracts with existing clients in the United States, Mexico and Ireland. Additionally, Vital Processing Services, a wholly owned merchant processing subsidiary, announced the renewal of its service agreement with Bank of America. At the end of the second quarter, Bank of America, TSYS’ largest client, announced its planned acquisition of MBNA. TSYS and Bank of America are in discussions to determine TSYS’ future role in providing consumer credit card processing to Bank of America. TSYS cannot predict the outcome of its discussions with Bank of America or of the evaluation process Bank of America is conducting. TSYS’ processing agreement with Bank of America provides that Bank of America may terminate the agreement for consumer credit card services upon the payment to TSYS of a termination fee.

 

Anthony concluded, “As a result of the third quarter performance, we are increasingly confident in our expectations of earnings per share growth of 14 – 17% for 2005. Stable credit quality, modest margin expansion, continued strong loan growth, and continuing expense control encourage us to believe the Financial Services segment will continue to perform at the very top of the regional bank peer group. Our optimism for TSYS to achieve its 25 – 28% targeted net income growth was again reinforced by TSYS’ excellent performance this quarter. For the remainder of 2005, we expect that short-term interest rates will increase modestly, the credit environment will remain favorable (with a net charge-off ratio around the 0.30% level), and TSYS will perform within its range of guidance. Synovus will continue to focus on growing deposits, managing the loan growth, quality and mix, maintaining a strong margin, expanding fee income and continuing to refine our processes to improve efficiencies. With our very dedicated and highly motivated team members and our strong balance sheet, we believe we are in position to achieve higher earnings performance throughout the year and beyond.”

 

Synovus will host an earnings highlights conference call at 4:30 pm EDT, on October 19, 2005. Shareholders and other interested persons may listen to this conference call via simultaneous Internet broadcast at www.synovus.com by clicking on the “Conference Calls and Webcasts” button. You may download RealPlayer or Windows Media Player (free download available) prior to accessing the actual call or the replay. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

 

Synovus (NYSE: “SNV”) is a diversified financial services holding company with over $27 billion in assets based in Columbus, Georgia. Synovus provides integrated financial services including banking, financial management, insurance, mortgage and leasing services through 39 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”), one of the world’s largest companies for outsourced payment services. Synovus has been named one of “The 100 Best Companies to Work For” in America by FORTUNE magazine, and has been recognized in its Hall of Fame for consecutive appearances on the list since its inception in 1998. In 2005, Synovus was also named as one of “America’s Most Admired Companies”. See Synovus on the Web at www.synovus.com.

 

 

Post Office Box 120 / Columbus, GA 31902

www.synovus.com

 


 

 

Synovus Reports 22.9% Increase in Net Income for Third Quarter/p. 3

 

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’ expected growth in earnings per share for 2005, Synovus’ belief that the Financial Services segment will perform at the top of its regional bank peer group and that Synovus is in a position to achieve higher earnings performance, and the assumptions underlying such statements, including, with respect to Synovus’ expected increase in earnings per share for 2005, short-term interest rates will increase modestly; the credit environment will remain favorable (with a net charge-off ratio of approximately 0.30%); and TSYS’ net income growth will be in the 25 – 28% range. 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, competitive pressures arising from aggressive competition from other financial service providers; 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; inflation, interest rate, market and monetary fluctuations; TSYS’ net income growth is lower that anticipated; the strength of the United States economy in general and the strength of the local economies in which Synovus conducts operations may be different than expected; 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; the costs and effects of litigation, investigations, or similar matters, or adverse facts and developments related thereto; the impact of changes in accounting principles; the effects of changes in government policy and regulations, including restrictions and/or limitations arising from banking laws, regulations and examinations; no material breach of the security of any of our systems; and the impact on Synovus’ business, as well as on the risks set forth above, of various domestic or international military or terrorist activities or conflicts. 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. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.

 

###

 

 

Post Office Box 120 / Columbus, GA 31902

www.synovus.com

 

 

 

 EX-99.2 3 exhibit992.htm SUPPLEMENTAL INFORMATION PREPARED FOR USE WITH THE PRESS RELEASE

 

EXHIBIT 99.2

 

SYNOVUS

4 of 11

INCOME STATEMENT

 

Nine Months Ended

(In thousands, except per share data)

 

September 30,

 

 

2005

 

2004

 

Change

Interest Income (Taxable Equivalent)

$

1,081,766

 

851,961

 

27.0

%

Interest Expense

 

368,141

 

210,061

 

75.3

 

Net Interest Income (Taxable Equivalent)

 

713,625

 

641,900

 

11.2

 

Tax Equivalent Adjustment

 

4,873

 

5,257

 

(7.3)

 

Net Interest Income

 

708,752

 

636,643

 

11.3

 

Provision for Loan Losses

 

61,745

 

54,464

 

13.4

 

Net Interest Income After Provision

 

647,007

 

582,179

 

11.1

 

Non-Interest Income:

 

 

 

 

 

 

 

Electronic Payment Processing Services

 

644,070

 

558,138

 

15.4

 

Merchant Services

 

170,009

 

19,758

 

nm

 

Other Transaction Processing Services Revenue

 

137,868

 

125,683

 

9.7

 

Service Charges on Deposits

 

84,050

 

91,129

 

(7.8)

 

Fiduciary and Asset Management Fees

 

33,342

 

31,676

 

5.3

 

Brokerage and Investment Banking Revenue

 

17,871

 

16,387

 

9.1

 

Mortgage Banking Income

 

21,604

 

19,527

 

10.6

 

Credit Card Fees

 

26,946

 

21,389

 

26.0

 

Securities Gains (Losses)

 

598

 

(89)

 

nm

 

Other Fee Income

 

23,537

 

21,573

 

9.1

 

Other Non-Interest Income

 

28,908

 

55,004

 

(47.4)

 

 

 

 

 

 

 

 

 

Non-Interest Income before Reimbursable Items

 

1,188,803

 

960,175

 

23.8

 

Reimbursable Items

 

227,975

 

172,499

 

32.2

 

Total Non-Interest Income

 

1,416,778

 

1,132,674

 

25.1

 

Non-Interest Expense:

 

 

 

 

 

 

 

Personnel Expense

 

612,120

 

556,210

 

10.1

 

Occupancy & Equipment Expense

 

274,245

 

244,650

 

12.1

 

Other Non-Interest Expense

 

315,922

 

216,921

 

45.6

 

Non-Interest Expense before Reimbursable Items

 

1,202,287

 

1,017,781

 

18.1

 

Reimbursable Items

 

227,975

 

172,499

 

32.2

 

Total Non-Interest Expense

 

1,430,262

 

1,190,280

 

20.2

 

Minority Interest in Consolidated Subsidiaries

 

27,810

 

20,581

 

35.1

 

Income Before Taxes

 

605,713

 

503,992

 

20.2

 

Income Tax Expense

 

226,527

 

185,681

 

22.0

 

 

 

 

 

 

 

 

 

Net Income

$

379,186

 

318,311

 

19.1

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

$

1.22

 

1.04

 

17.3

 

Diluted Earnings Per Share

 

1.20

 

1.03

 

17.1

 

Dividends Declared Per Share

 

0.55

 

0.52

 

5.3

 

 

 

 

 

 

 

 

 

Return on Assets

 

1.95

%

1.86

 

9

bp

Return on Equity

 

18.35

 

17.52

 

83

 

Average Shares Outstanding - Basic

 

311,204

 

306,435

 

1.6

%

Average Shares Outstanding - Diluted

 

314,648

 

309,348

 

1.7

 

 

 

 

 

 

 

 

 

bp – change is measured as difference in basis points.

 

 

 

 

 

 

 

nm – not meaninful

 

 

 

 

 

 

 

 

 


 

Synovus

 

 

 

 

 

 

 

 

 

 

 

5 of 11

 

INCOME STATEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

2005

 

2004

 

3rd Quarter

 

 

 

Third

 

Second

 

First

 

Fourth

 

Third

 

'05 vs. '04

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

Interest Income (Taxable Equivalent)

$

388,076

 

360,763

 

332,927

 

314,019

 

301,457

 

28.7

%

Interest Expense

 

141,587

 

122,110

 

104,444

 

88,281

 

76,313

 

85.8

 

Net Interest Income (Taxable Equivalent)

 

246,489

 

238,653

 

228,483

 

225,738

 

225,144

 

9.5

 

Tax Equivalent Adjustment

 

1,664

 

1,588

 

1,621

 

1,703

 

1,710

 

(2.7)

 

Net Interest Income

 

244,825

 

237,065

 

226,862

 

224,035

 

223,434

 

9.6

 

Provision for Loan Losses

 

19,639

 

22,823

 

19,283

 

20,855

 

21,192

 

(7.3)

 

Net Interest Income After Provision

 

225,186

 

214,242

 

207,579

 

203,180

 

202,242

 

11.3

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronic Payment Processing Services

 

223,123

 

215,784

 

205,163

 

197,129

 

197,822

 

12.8

 

Merchant Services

 

74,208

 

68,696

 

27,105

 

6,411

 

6,518

 

nm

 

Other Transaction Processing Services Revenue

 

44,030

 

45,324

 

48,514

 

45,224

 

43,006

 

2.4

 

Service Charges on Deposits

 

28,748

 

28,175

 

27,127

 

30,321

 

31,344

 

(8.3)

 

Fiduciary and Asset Management Fees

 

11,167

 

11,138

 

11,037

 

11,326

 

10,622

 

5.1

 

Brokerage and Investment Banking Revenue

 

5,801

 

5,807

 

6,263

 

5,361

 

5,012

 

15.7

 

Mortgage Banking Income

 

8,276

 

7,430

 

5,898

 

6,773

 

6,861

 

20.6

 

Credit Card Fees

 

9,563

 

9,291

 

8,092

 

8,775

 

8,014

 

19.3

 

Securities Gains (Losses)

 

-

 

327

 

271

 

164

 

(24)

 

nm

 

Other Fee Income

 

8,217

 

7,834

 

7,486

 

7,654

 

7,451

 

10.3

 

Other Non-Interest Income

 

12,599

 

7,325

 

8,984

 

12,162

 

11,357

 

10.9

 

Non-Interest Income before Reimbursable Items

 

425,732

 

407,131

 

355,940

 

331,300

 

327,983

 

29.8

 

Reimbursable Items

 

79,644

 

79,161

 

69,170

 

57,039

 

56,309

 

41.4

 

Total Non-Interest Income

 

505,376

 

486,292

 

425,110

 

388,339

 

384,292

 

31.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

213,695

 

208,596

 

189,829

 

175,369

 

194,624

 

9.8

 

Occupancy & Equipment Expense

 

98,772

 

88,839

 

86,634

 

77,039

 

80,073

 

23.4

 

Other Non-Interest Expense

 

113,300

 

110,015

 

92,607

 

88,639

 

74,699

 

51.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense before Reimbursable Items

 

425,767

 

407,450

 

369,070

 

341,047

 

349,396

 

21.9

 

Reimbursable Items

 

79,644

 

79,161

 

69,170

 

57,039

 

56,309

 

41.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

505,411

 

486,611

 

438,240

 

398,086

 

405,705

 

24.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority Interest in Consolidated Subsidiaries

 

9,306

 

9,672

 

8,832

 

8,143

 

7,480

 

24.4

 

Income Before Taxes

 

215,845

 

204,251

 

185,617

 

185,289

 

173,349

 

24.5

 

Income Tax Expense

 

81,853

 

75,791

 

68,883

 

66,567

 

64,341

 

27.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

133,992

 

128,460

 

116,734

 

118,722

 

109,008

 

22.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

$

0.43

 

0.41

 

0.38

 

0.38

 

0.35

 

22.0

 

Diluted Earnings Per Share

 

0.43

 

0.41

 

0.37

 

0.38

 

0.35

 

21.9

 

Dividends Declared Per Share

 

0.18

 

0.18

 

0.18

 

0.17

 

0.17

 

5.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets

 

2.01

%

1.98

%

1.86

%

1.91

%

1.82

%

19

bp

Return on Equity

 

18.77

 

18.70

 

17.52

 

17.92

 

17.00

 

177

 

Average Shares Outstanding - Basic

 

311,842

 

311,154

 

310,622

 

309,740

 

309,448

 

0.8

%

Average Shares Outstanding - Diluted

 

315,336

 

314,691

 

313,900

 

313,268

 

312,343

 

1.0

 

 

 

 

 

 

 

 

 

 

 

bp – change is measured as difference in basis points

 

 

 

 

 

 

 

 

 

nm – not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

SYNOVUS

 

 

 

 

 

6 of 11

 

Financial Services Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT

 

Nine Months Ended

 

(In thousands)

 

September 30,

 

 

 

2005

 

2004

 

Change

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Taxable Equivalent)

$

1,081,783

 

851,954

 

27.0

%

 

Interest Expense

 

370,538

 

210,556

 

76.0

 

 

Net Interest Income (Taxable Equivalent)

 

711,245

 

641,398

 

10.9

 

 

Tax Equivalent Adjustment

 

4,854

 

5,250

 

(7.5)

 

 

Net Interest Income

 

706,391

 

636,148

 

11.0

 

 

Provision for Loan Losses

 

61,745

 

54,464

 

13.4

 

 

Net Interest Income After Provision

 

644,646

 

581,684

 

10.8

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

Service Charges on Deposits

 

84,049

 

91,129

 

(7.8)

 

 

Fiduciary and Asset Management Fees

 

33,725

 

32,266

 

4.5

 

 

Brokerage and Investment Banking Revenue

 

17,871

 

16,387

 

9.1

 

 

Mortgage Banking Income

 

21,604

 

19,527

 

10.6

 

 

Credit Card Fees

 

26,945

 

21,399

 

25.9

 

 

Securities Gains (Losses)

 

598

 

(89)

 

nm

 

 

Other Fee Income

 

23,538

 

21,572

 

9.1

 

 

Other Non-Interest Income

 

34,105

 

44,329

 

(23.1)

 

 

Total Non-Interest Income

 

242,435

 

246,520

 

(1.7)

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

Personnel Expense

 

274,552

 

281,913

 

(2.6)

 

 

Occupancy & Equipment Expense

 

65,972

 

60,851

 

8.4

 

 

Other Non-Interest Expense

 

136,218

 

124,329

 

9.6

 

 

Total Non-Interest Expense

 

476,742

 

467,093

 

2.1

 

 

Income Before Taxes

 

410,339

 

361,111

 

13.6

 

 

Income Tax Expense

 

148,341

 

130,047

 

14.1

 

 

Net Income

$

261,998

 

231,064

 

13.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets

 

1.41

%

1.41

 

-

bp

 

Return on Equity

 

17.33

 

17.18

 

15

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 


 

SYNOVUS

 

 

 

 

 

 

 

 

 

 

 

7 of 11

 

Financial Services Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2005

 

2004

 

3rd Quarter

 

 

 

 

Third

 

Second

 

First

 

Fourth

 

Third

 

'05 vs. '04

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

Interest Income (Taxable Equivalent)

$

388,067

 

360,789

 

332,927

 

314,009

 

301,458

 

28.7

%

 

Interest Expense

 

142,582

 

122,768

 

105,188

 

88,933

 

76,502

 

86.4

 

 

Net Interest Income (Taxable Equivalent)

 

245,485

 

238,021

 

227,739

 

225,076

 

224,956

 

9.1

 

 

Tax Equivalent Adjustment

 

1,655

 

1,585

 

1,614

 

1,692

 

1,710

 

(3.2)

 

 

Net Interest Income

 

243,830

 

236,436

 

226,125

 

223,384

 

223,246

 

9.2

 

 

Provision for Loan Losses

 

19,639

 

22,823

 

19,283

 

20,855

 

21,192

 

(7.3)

 

 

Net Interest Income After Provision

 

224,191

 

213,613

 

206,842

 

202,529

 

202,054

 

11.0

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Charges on Deposits

 

28,748

 

28,175

 

27,127

 

30,321

 

31,344

 

(8.3)

 

 

Fiduciary and Asset Management Fees

 

11,357

 

11,324

 

11,044

 

11,538

 

10,834

 

4.8

 

 

Brokerage and Investment Banking Revenue

 

5,801

 

5,807

 

6,263

 

5,361

 

5,012

 

15.7

 

 

Mortgage Banking Income

 

8,276

 

7,430

 

5,898

 

6,773

 

6,861

 

20.6

 

 

Credit Card Fees

 

9,563

 

9,291

 

8,092

 

8,775

 

8,014

 

19.3

 

 

Securities Gains (Losses)

 

-

 

327

 

271

 

164

 

(24)

 

nm

 

 

Other Fee Income

 

8,216

 

7,834

 

7,487

 

7,654

 

7,451

 

10.3

 

 

Other Non-Interest Income

 

15,259

 

10,457

 

8,389

 

10,335

 

7,207

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

87,220

 

80,645

 

74,571

 

80,921

 

76,699

 

13.7

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

93,084

 

90,721

 

90,747

 

82,601

 

93,631

 

(0.6)

 

 

Occupancy & Equipment Expense

 

22,713

 

21,712

 

21,547

 

21,305

 

21,156

 

7.4

 

 

Other Non-Interest Expense

 

45,356

 

45,320

 

45,541

 

50,677

 

42,764

 

6.1

 

 

Total Non-Interest Expense

 

161,153

 

157,753

 

157,835

 

154,583

 

157,551

 

2.3

 

 

Income Before Taxes

 

150,258

 

136,505

 

123,578

 

128,867

 

121,202

 

24.0

 

 

Income Tax Expense

 

55,079

 

49,060

 

44,203

 

44,992

 

43,935

 

25.4

 

 

Net Income

$

95,179

 

87,445

 

79,375

 

83,875

 

77,267

 

23.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets

 

1.49

%

1.41

%

1.33

%

1.41

%

1.35

%

14

bp

 

Return on Equity

 

18.34

 

17.41

 

16.19

 

17.09

 

16.20

 

214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

SYNOVUS

 

 

 

 

 

8 of 11

 

BALANCE SHEET

 

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

September 30, 2005

 

December 31, 2004

 

September 30, 2004

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Cash and due from banks

$

879,838

 

683,035

 

757,380

 

Interest earning deposits with banks

 

2,510

 

4,153

 

4,140

 

Federal funds sold and securities purchased

 

 

 

 

 

 

 

under resale agreements

 

150,853

 

135,471

 

122,130

 

Trading account assets

 

26,069

 

-

 

-

 

Mortgage loans held for sale

 

169,659

 

120,186

 

126,099

 

Investment securities available for sale

 

2,821,018

 

2,695,593

 

2,621,120

 

 

 

 

 

 

 

 

 

Loans, net of unearned income

 

20,904,677

 

19,480,396

 

18,871,056

 

Allowance for loan losses

 

(283,557)

 

(265,745)

 

(257,647)

 

Loans, net

 

20,621,120

 

19,214,651

 

18,613,409

 

Premises and equipment, net

 

635,773

 

638,407

 

629,738

 

Contract acquisition costs and computer software, net

 

470,733

 

401,074

 

364,382

 

Goodwill, net

 

454,315

 

416,283

 

419,323

 

Other intangible assets, net

 

47,033

 

41,628

 

43,819

 

Costs in excess of billings and profits on uncompleted contracts

 

-

 

-

 

7,272

 

Other assets

 

796,169

 

699,697

 

680,681

 

 

 

 

 

 

 

 

 

Total assets

$

27,075,090

 

25,050,178

 

24,389,493

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Non-interest bearing

$

3,573,766

 

3,337,908

 

3,202,214

 

Interest bearing

 

16,705,444

 

15,239,560

 

14,572,170

 

Total deposits

 

20,279,210

 

18,577,468

 

17,774,384

 

Federal funds purchased and securities sold

 

 

 

 

 

 

 

under repurchase agreements

 

880,605

 

1,208,080

 

1,671,239

 

Long-term debt

 

2,256,388

 

1,879,583

 

1,740,103

 

Other liabilities

 

594,365

 

576,474

 

468,141

 

Total liabilities

 

24,010,568

 

22,241,605

 

21,653,867

 

 

 

 

 

 

 

 

 

Minority interest in consolidated subsidiaries

 

189,616

 

167,284

 

158,912

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

Common stock, par value $1.00 a share (1)

 

317,945

 

315,636

 

315,200

 

Surplus

 

677,178

 

628,396

 

619,734

 

Treasury stock (2)

 

(113,944)

 

(113,944)

 

(113,944)

 

Unearned compensation

 

(2,593)

 

(106)

 

(146)

 

Accumulated other comprehensive income (loss)

 

(14,663)

 

8,903

 

18,513

 

Retained earnings

 

2,010,983

 

1,802,404

 

1,737,357

 

Total shareholders' equity

 

2,874,906

 

2,641,289

 

2,576,714

 

Total liabilities and shareholders' equity

$

27,075,090

 

25,050,178

 

24,389,493

 

 

 

 

 

 

 

 

 

(1) Common shares outstanding: 312,283,129; 309,974,509; and 309,538,462 at September 30, 2005, December 31, 2004, and

 

 

September 30, 2004, respectively.

 

 

 

 

 

 

 

(2) Treasury shares: 5,661,538 at September 30, 2005, 5,661,538 at December 31, 2004, and 5,661,623 at September 30, 2004.

 

 


 

SYNOVUS

 

 

 

 

 

 

9 of 11

AVERAGE BALANCES AND YIELDS/RATES

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

2005

 

2004

 

 

 

 

Third

 

Second

First

Fourth

Third

 

 

 

Quarter

 

Quarter

Quarter

Quarter

Quarter

Interest Earning Assets

 

 

 

 

 

 

 

Taxable Investment Securities

$

2,611,048

 

2,556,964

2,553,423

2,408,960

2,382,319

 

Yield

 

3.75

%

3.78

3.74

3.69

3.72

Tax-Exempt Investment Securities

$

215,096

 

220,109

223,812

229,190

233,271

 

Yield

 

7.08

%

6.87

6.93

6.99

6.92

Trading Account Assets

$

19,143

 

-

-

-

-

 

Yield

 

3.84

%

-

-

-

-

Commercial Loans

$

17,342,794

 

17,090,893

16,618,766

16,044,726

15,401,140

 

Yield

 

6.83

%

6.47

6.15

5.84

5.78

Consumer Loans

$

840,746

 

833,071

846,743

948,273

958,540

 

Yield

 

7.83

%

7.37

7.42

7.32

8.03

Mortgage Loans

$

1,015,396

 

1,022,169

1,026,532

954,078

936,240

 

Yield

 

6.31

%

6.47

6.09

6.04

5.89

Credit Card Loans

$

253,985

 

249,491

246,523

244,839

233,610

 

Yield

 

10.07

%

10.03

10.41

9.40

9.51

Home Equity Loans

$

1,149,255

 

1,100,010

1,037,214

973,604

890,867

 

Yield

 

6.32

%

5.92

5.56

5.08

4.61

Allowance for Loan Losses

$

(281,505)

 

(278,734)

(270,853)

(262,711)

(252,370)

Loans, Net

$

20,320,671

 

20,016,900

19,504,925

18,902,809

18,168,027

 

Yield

 

6.94

%

6.61

6.31

6.01

5.97

 

 

Mortgage Loans Held for Sale

$

137,116

 

108,929

87,538

103,594

112,502

 

Yield

 

6.54

%

6.41

6.15

5.75

6.15

Federal Funds Sold and Time Deposits

 

 

 

 

 

 

 

with Banks

$

135,735

 

133,399

119,853

106,996

166,717

 

Yield

 

3.54

%

3.10

2.45

2.06

1.24

Total Interest Earning Assets

$

23,438,809

 

23,036,301

22,489,551

21,751,549

21,062,836

 

Yield

 

6.57

%

6.28

5.99

5.75

5.69

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Demand Deposits

$

2,939,524

 

2,990,725

2,980,346

2,848,978

2,716,488

 

Rate

 

1.25

%

1.12

0.96

0.72

0.60

Money Market Accounts

$

5,421,961

 

4,968,113

4,754,130

4,765,591

4,778,276

 

Rate

 

2.75

%

2.31

1.90

1.51

1.23

Savings Deposits

$

561,550

 

568,279

556,629

547,026

555,969

 

Rate

 

0.38

%

0.35

0.27

0.21

0.17

Time Deposits Under $100,000

$

2,318,085

 

2,249,590

2,197,788

2,194,194

2,209,883

 

Rate

 

2.99

%

2.71

2.47

2.29

2.18

Time Deposits Over $100,000 (less brokered

 

 

 

 

 

 

 

time deposits)

$

2,700,297

 

2,534,846

2,392,957

2,329,295

2,284,772

 

Rate

 

3.35

%

3.04

2.77

2.54

2.33

Total Interest Bearing Core Deposits

 

13,941,417

 

13,311,553

12,881,850

12,685,084

12,545,388

 

Rate

 

2.50

%

2.16

1.87

1.60

1.41

Brokered Time Deposits

$

2,611,091

 

2,689,079

2,487,264

2,066,938

1,851,198

 

Rate

 

3.52

%

3.21

2.94

2.60

2.38

 

 

 

 

 

 

 

 

 

Total Interest Bearing Deposits

$

16,552,508

 

16,000,632

15,369,114

14,752,022

14,396,586

 

Rate

 

2.66

%

2.34

2.05

1.74

1.54

Federal Funds Purchased and Other

 

 

 

 

 

 

 

Short-Term Borrowings

$

687,055

 

1,255,755

1,541,396

1,488,555

1,422,598

 

Rate

 

3.03

%

2.75

2.34

1.83

1.40

 

 

 

 

 

 

 

 

 

Long-Term Debt

$

2,302,328

 

1,981,235

1,877,158

1,821,889

1,747,788

 

Rate

 

4.34

%

4.01

3.84

3.63

3.51

Total Interest Bearing Liabilities

$

19,541,891

 

19,237,622

18,787,668

18,062,466

17,566,972

 

Rate

 

2.87

%

2.54

2.25

1.94

1.72

 

 

 

 

 

 

 

 

 

Non-Interest Bearing Demand Deposits

$

3,423,622

 

3,429,813

3,267,679

3,516,878

3,137,357

Shareholders' Equity

$

2,832,059

 

2,755,510

2,701,585

2,635,188

2,550,346

Total Assets

$

26,505,937

 

26,102,816

25,392,540

24,921,847

23,778,250

Net Interest Margin, before fees

 

4.04

%

4.01

3.98

3.98

3.90

Net Interest Margin, after fees

 

4.18

%

4.15

4.11

4.13

4.25

 

 

 


 

Synovus

 

 

 

 

 

 

 

 

 

10 of 11

 

 

LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans as a %

 

 

Total

 

 

Nonperforming Loans

 

 

 

 

 

 

of Total Loans

 

 

Nonperforming

 

 

as a % of Total

 

 

Loan Type

 

Total Loans

 

Outstanding

 

 

Loans

 

 

Nonperforming Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Family

$

527,826

 

2.5

%

$

275

 

 

0.3

%

 

Hotels

 

779,736

 

3.7

 

 

1,371

 

 

1.6

 

 

Office Buildings

 

797,886

 

3.8

 

 

5,201

 

 

6.1

 

 

Shopping Centers

 

641,620

 

3.1

 

 

-

 

 

-

 

 

Commercial Development

 

821,660

 

3.9

 

 

85

 

 

0.1

 

 

Other Investment Property

 

328,120

 

1.6

 

 

81

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Properties

 

3,896,848

 

18.6

 

 

7,013

 

 

8.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

1,414,675

 

6.8

 

 

1,089

 

 

1.3

 

 

1-4 Family Perm / Mini-Perm

 

1,075,143

 

5.1

 

 

2,106

 

 

2.5

 

 

Residential Development

 

1,345,662

 

6.4

 

 

7,973

 

 

9.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 1-4 Family Properties

 

3,835,480

 

18.3

 

 

11,168

 

 

13.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land Acquisition

 

978,813

 

4.7

 

 

1,053

 

 

1.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment-Related Real Estate

 

8,711,141

 

41.7

 

 

19,234

 

 

22.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-Occupied

 

2,443,318

 

11.7

 

 

11,210

 

 

13.1

 

 

Other Property

 

1,302,379

 

6.2

 

 

6,529

 

 

7.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

12,456,838

 

59.6

 

 

36,973

 

 

43.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Industrial

 

5,185,634

 

24.8

 

 

39,899

 

 

46.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

3,306,529

 

15.8

 

 

8,699

 

 

10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned Income

 

(44,324)

 

(0.2)

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

20,904,677

 

100.0

%

$

85,571

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS OUTSTANDING BY TYPE COMPARISON

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loans

 

3Q05 vs. 2Q05

 

 

 

 

3Q05 vs. 3Q04

 

Loan Type

 

September 30, 2005

 

June 30, 2005

 

% change

 

 

September 30, 2004

 

% change

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Family

$

527,826

 

526,820

 

0.2

%

$

563,195

 

(6.3)

%

Hotels

 

779,736

 

804,316

 

(3.1)

 

 

788,160

 

(1.1)

 

Office Buildings

 

797,886

 

786,262

 

1.5

 

 

724,883

 

10.1

 

Shopping Centers

 

641,620

 

628,701

 

2.1

 

 

565,994

 

13.4

 

Commercial Development

 

821,660

 

803,494

 

2.3

 

 

659,350

 

24.6

 

Other Investment Property

 

328,120

 

330,992

 

(0.9)

 

 

255,169

 

28.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Properties

 

3,896,848

 

3,880,585

 

0.4

 

 

3,556,751

 

9.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

1,414,675

 

1,372,556

 

3.1

 

 

1,093,713

 

29.3

 

1-4 Family Perm / Mini-Perm

 

1,075,143

 

1,087,763

 

(1.2)

 

 

828,892

 

29.7

 

Residential Development

 

1,345,662

 

1,219,186

 

10.4

 

 

985,318

 

36.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 1-4 Family Properties

 

3,835,480

 

3,679,505

 

4.2

 

 

2,907,923

 

31.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land Acquisition

 

978,813

 

913,488

 

7.2

 

 

886,014

 

10.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment-Related Real Estate

 

8,711,141

 

8,473,578

 

2.8

 

 

7,350,688

 

18.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-Occupied

 

2,443,318

 

2,335,195

 

4.6

 

 

2,180,811

 

12.0

 

Other Property

 

1,302,379

 

1,202,920

 

8.3

 

 

1,347,030

 

(3.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

12,456,838

 

12,011,693

 

3.7

 

 

10,878,529

 

14.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Industrial

 

5,185,634

 

5,235,982

 

(1.0)

 

 

4,936,453

 

4.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

3,306,529

 

3,275,924

 

0.9

 

 

3,086,455

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned Income

 

(44,324)

 

(43,765)

 

1.3

 

 

(40,381)

 

9.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

20,904,677

 

20,479,834

 

2.1

%

$

18,871,056

 

10.8

%

 

 


 

 

Synovus

 

 

 

 

 

 

 

 

 

11 of 11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

2005

 

2004

 

3rd Quarter

 

 

 

 

Third

 

Second

 

First

 

Fourth

 

Third

 

'05 vs. '04

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

Nonperforming Loans

$

85,571

 

79,511

 

77,308

 

80,456

 

79,776

 

7.3

%

 

 

Other Real Estate

 

16,951

 

24,325

 

26,658

 

21,492

 

25,424

 

(33.3)

 

 

 

Nonperforming Assets

 

102,522

 

103,836

 

103,966

 

101,948

 

105,200

 

(2.5)

 

 

 

Allowance for Loan Losses

 

283,557

 

277,527

 

273,724

 

265,745

 

257,647

 

10.1

 

 

 

 

 

Net Charge-Offs - Quarter

 

13,608

 

19,020

 

11,305

 

12,757

 

12,130

 

12.2

 

 

 

Net Charge-Offs - YTD

 

43,933

 

30,325

 

11,305

 

41,249

 

28,492

 

54.2

 

 

 

Net Charge-Offs / Average Loans - Quarter

 

0.26

%

0.37

 

0.23

 

0.27

 

0.26

 

 

 

 

 

Net Charge-Offs / Average Loans - YTD

 

0.29

 

0.30

 

0.23

 

0.23

 

0.22

 

 

 

 

 

 

 

Nonperforming Loans / Loans & ORE

 

0.41

 

0.39

 

0.39

 

0.41

 

0.42

 

 

 

 

 

Nonperforming Assets / Loans & ORE

 

0.49

 

0.51

 

0.52

 

0.52

 

0.56

 

 

 

 

 

Allowance / Loans

 

1.36

 

1.36

 

1.36

 

1.36

 

1.37

 

 

 

 

 

 

 

Allowance / Nonperforming Loans

 

331.37

 

349.04

 

354.07

 

330.30

 

322.96

 

 

 

 

 

Allowance / Nonperforming Assets

 

276.58

 

267.27

 

263.28

 

260.67

 

244.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days

 

16,013

 

17,163

 

14,376

 

18,138

 

23,178

 

 

 

 

 

As a Percentage of Loans Outstanding

 

0.08

 

0.08

 

0.07

 

0.09

 

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Past Dues

 

103,005

 

120,224

 

122,229

 

84,458

 

118,390

 

 

 

 

 

As a Percentage of Loans Outstanding

 

0.49

 

0.59

 

0.61

 

0.43

 

0.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGULATORY CAPITAL RATIOS (1)

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,
2005

 

December 31,
2004

 

September 30,
2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital

$

2,598,877

 

2,369,332

 

2,279,733

 

 

 

 

 

 

 

 

 

Total Risk-Based Capital

 

3,632,434

 

2,935,077

 

2,837,380

 

 

 

 

 

 

 

 

 

Tier 1 Capital Ratio

 

10.18

 

10.04

 

9.96

 

 

 

 

 

 

 

 

 

Total Risk-Based Capital Ratio

 

14.22

 

12.44

 

12.40

 

 

 

 

 

 

 

 

 

Leverage Ratio

 

9.99

 

9.78

 

9.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) September 30, 2005 information is preliminary.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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