EX-99.2 4 exhibit992.htm SUPPLEMENTAL INFORMATION PREPARED FOR USE WITH THE PRESS RELEASE

Exhibit 99.2

 

Synovus

 

 

 

 

 

 

 

 

 

 

4 of 9

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

2006

 

2005

 

1st Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

Fourth

 

Third

 

Second

 

First

 

'06 vs. '05

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

Interest Income (Taxable Equivalent)

$

440,977

 

420,898

 

388,076

 

360,763

 

332,927

 

32.5

%

 

Interest Expense

 

177,057

 

159,237

 

141,587

 

122,110

 

104,444

 

69.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (Taxable Equivalent)

 

263,920

 

261,661

 

246,489

 

238,653

 

228,483

 

15.5

 

 

Tax Equivalent Adjustment

 

1,484

 

1,566

 

1,664

 

1,588

 

1,621

 

(8.5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

262,436

 

260,095

 

244,825

 

237,065

 

226,862

 

15.7

 

 

Provision for Loan Losses

 

19,549

 

20,787

 

19,639

 

22,823

 

19,283

 

1.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision

 

242,887

 

239,308

 

225,186

 

214,242

 

207,579

 

17.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronic Payment Processing Services

 

220,472

 

223,844

 

223,123

 

215,784

 

205,163

 

7.5

 

 

Merchant Services

 

63,949

 

67,409

 

74,208

 

68,696

 

27,105

 

nm

 

 

Other Transaction Processing Services Revenue

 

45,125

 

45,544

 

44,030

 

45,324

 

48,514

 

(6.7)

 

 

Service Charges on Deposits

 

26,891

 

28,738

 

28,748

 

28,175

 

27,127

 

(0.9)

 

 

Fiduciary and Asset Management Fees

 

11,713

 

11,544

 

11,167

 

11,138

 

11,037

 

6.1

 

 

Brokerage and Investment Banking Revenue

 

6,947

 

6,616

 

5,801

 

5,807

 

6,263

 

10.9

 

 

Mortgage Banking Income

 

5,873

 

7,078

 

8,276

 

7,430

 

5,898

 

(0.4)

 

 

Bankcard Fees

 

10,357

 

10,692

 

9,563

 

9,291

 

8,092

 

28.0

 

 

Securities Gains (Losses)

 

(73)

 

(135)

 

-

 

327

 

271

 

nm

 

 

Other Fee Income

 

8,950

 

9,377

 

8,217

 

7,834

 

7,486

 

19.6

 

 

Other Non-Interest Income

 

9,171

 

6,689

 

12,599

 

7,325

 

8,984

 

2.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income before Reimbursable Items

 

409,375

 

417,396

 

425,732

 

407,131

 

355,940

 

15.0

 

 

Reimbursable Items

 

82,500

 

84,306

 

79,644

 

79,161

 

69,170

 

19.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

491,875

 

501,702

 

505,376

 

486,292

 

425,110

 

15.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

227,758

 

224,251

 

213,695

 

208,596

 

189,829

 

20.0

 

 

Occupancy & Equipment Expense

 

97,700

 

93,965

 

98,772

 

88,839

 

86,634

 

12.8

 

 

Other Non-Interest Expense

 

105,836

 

110,608

 

113,300

 

110,015

 

92,607

 

14.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense before Reimbursable Items

 

431,294

 

428,824

 

425,767

 

407,450

 

369,070

 

16.9

 

 

Reimbursable Items

 

82,500

 

84,306

 

79,644

 

79,161

 

69,170

 

19.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

513,794

 

513,130

 

505,411

 

486,611

 

438,240

 

17.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority Interest in Consolidated Subsidiaries

 

9,740

 

9,571

 

9,306

 

9,672

 

8,832

 

10.3

 

 

Income Before Taxes

 

211,228

 

218,309

 

215,845

 

204,251

 

185,617

 

13.8

 

 

Income Tax Expense

 

76,722

 

81,049

 

81,853

 

75,791

 

68,883

 

11.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

134,506

 

137,260

 

133,992

 

128,460

 

116,734

 

15.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

$

0.43

 

0.44

 

0.43

 

0.41

 

0.38

 

14.1

 

 

Diluted Earnings Per Share

 

0.43

 

0.44

 

0.43

 

0.41

 

0.37

 

14.4

 

 

Dividends Declared Per Share

 

0.20

 

0.18

 

0.18

 

0.18

 

0.18

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets

 

1.96

%

2.00

%

2.01

%

1.98

%

1.86

%

10

bp

 

Return on Equity

 

17.88

 

18.74

 

18.77

 

18.70

 

17.52

 

36

 

 

Average Shares Outstanding - Basic

 

313,639

 

312,298

 

311,842

 

311,154

 

310,622

 

1.0

%

 

Average Shares Outstanding - Diluted

 

316,208

 

315,280

 

315,336

 

314,691

 

313,900

 

0.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

5 of 9

 

Financial Services Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2006

 

2005

 

1st Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

Fourth

 

Third

 

Second

 

First

 

'06 vs. '05

 

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Taxable Equivalent)

$

440,969

 

420,892

 

388,067

 

360,789

 

332,927

 

32.5

%

 

Interest Expense

 

178,544

 

160,509

 

142,582

 

122,768

 

105,188

 

69.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (Taxable Equivalent)

 

262,425

 

260,383

 

245,485

 

238,021

 

227,739

 

15.2

 

 

Tax Equivalent Adjustment

 

1,476

 

1,558

 

1,655

 

1,585

 

1,614

 

(8.6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

260,949

 

258,825

 

243,830

 

236,436

 

226,125

 

15.4

 

 

Provision for Loan Losses

 

19,549

 

20,787

 

19,639

 

22,823

 

19,283

 

1.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision

 

241,400

 

238,038

 

224,191

 

213,613

 

206,842

 

16.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Charges on Deposits

 

26,891

 

28,738

 

28,748

 

28,175

 

27,127

 

(0.9)

 

 

Fiduciary and Asset Management Fees

 

11,910

 

11,728

 

11,357

 

11,324

 

11,044

 

7.8

 

 

Brokerage and Investment Banking Revenue

 

6,947

 

6,616

 

5,801

 

5,807

 

6,263

 

10.9

 

 

Mortgage Banking Income

 

5,873

 

7,078

 

8,276

 

7,430

 

5,898

 

(0.4)

 

 

Bankcard Fees

 

10,357

 

10,692

 

9,563

 

9,291

 

8,092

 

28.0

 

 

Securities Gains (Losses)

 

(73)

 

(135)

 

-

 

327

 

271

 

nm

 

 

Other Fee Income

 

8,950

 

9,377

 

8,216

 

7,834

 

7,487

 

19.5

 

 

Other Non-Interest Income

 

12,209

 

10,884

 

15,259

 

10,457

 

8,389

 

45.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

83,064

 

84,978

 

87,220

 

80,645

 

74,571

 

11.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

107,449

 

95,670

 

93,084

 

90,721

 

90,747

 

18.4

 

 

Occupancy & Equipment Expense

 

23,498

 

24,577

 

22,713

 

21,712

 

21,547

 

9.1

 

 

Other Non-Interest Expense

 

47,999

 

49,768

 

45,356

 

45,320

 

45,541

 

5.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

178,946

 

170,015

 

161,153

 

157,753

 

157,835

 

13.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Taxes

 

145,518

 

153,001

 

150,258

 

136,505

 

123,578

 

17.8

 

 

Income Tax Expense

 

51,757

 

55,949

 

55,079

 

49,060

 

44,203

 

17.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

93,761

 

97,052

 

95,179

 

87,445

 

79,375

 

18.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets

 

1.43

%

1.47

%

1.49

%

1.41

%

1.33

%

10

bp

 

Return on Equity

 

17.17

 

18.30

 

18.34

 

17.41

 

16.19

 

98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Synovus

 

 

 

 

 

6 of 9

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

March 31, 2006

 

December 31, 2005

 

March 31, 2005

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

$

780,787

 

880,886

 

722,306

 

 

Interest earning deposits with banks

 

6,608

 

2,980

 

4,274

 

 

Federal funds sold and securities purchased

 

 

 

 

 

 

 

 

under resale agreements

 

295,677

 

68,922

 

136,227

 

 

Trading account assets

 

37,048

 

27,322

 

-

 

 

Mortgage loans held for sale

 

172,975

 

143,144

 

127,664

 

 

Investment securities available for sale

 

3,110,547

 

2,958,320

 

2,725,561

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income

 

22,418,848

 

21,392,347

 

20,056,295

 

 

Allowance for loan losses

 

(300,866)

 

(289,612)

 

(273,724)

 

 

Loans, net

 

22,117,982

 

21,102,735

 

19,782,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

691,231

 

669,425

 

651,830

 

 

Contract acquisition costs and computer software, net

 

415,980

 

431,849

 

459,023

 

 

Goodwill, net

 

459,254

 

458,382

 

459,505

 

 

Other intangible assets, net

 

42,795

 

44,867

 

51,486

 

 

Other assets (1)

 

1,037,079

 

831,840

 

731,938

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

29,167,963

 

27,620,672

 

25,852,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing retail and commercial deposits

$

3,621,639

 

3,700,750

 

3,380,497

 

 

Interest bearing retail and commercial deposits

 

15,769,106

 

14,798,845

 

13,123,360

 

 

 

 

 

 

 

 

 

 

 

Total retail and commercial deposits

 

19,390,745

 

18,499,595

 

16,503,857

 

 

Brokered time deposits

 

2,411,201

 

2,284,770

 

2,610,415

 

 

 

 

 

 

 

 

 

 

 

Total deposits

 

21,801,946

 

20,784,365

 

19,114,272

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold

 

 

 

 

 

 

 

 

under repurchase agreements

 

1,635,759

 

1,158,669

 

1,425,819

 

 

Long-term debt

 

1,731,118

 

1,933,638

 

1,915,140

 

 

Other liabilities

 

591,506

 

597,698

 

523,264

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

25,760,330

 

24,474,370

 

22,978,495

 

 

 

 

 

 

 

 

 

 

 

Minority interest in consolidated subsidiaries

 

205,552

 

196,973

 

175,019

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock, par value $1.00 a share (2)

 

325,366

 

318,301

 

316,682

 

 

Surplus

 

869,402

 

686,447

 

648,715

 

 

Treasury stock (3)

 

(113,944)

 

(113,944)

 

(113,944)

 

 

Unearned compensation

 

-

 

(3,126)

 

(3,369)

 

 

Accumulated other comprehensive income (loss)

 

(43,190)

 

(29,536)

 

(11,586)

 

 

Retained earnings

 

2,164,447

 

2,091,187

 

1,862,373

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

3,202,081

 

2,949,329

 

2,698,871

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

29,167,963

 

27,620,672

 

25,852,385

 

 

 

 

 

 

 

 

 

 

 

(1)

On March 24, 2006, Synovus completed the acquisition of Riverside Bancshares, Inc. Included in other assets at March 31, 2006 is the excess of the purchase price over the recorded net assets of this entity at the date of acquisition. Such amount is approximately $120 million. Synovus has not yet completed the allocation of the purchase price of this entity to the respective assets acquired and liabilities assumed. It is expected that such purchase price allocation will be completed in the second quarter and result in the majority of the excess purchase price being recorded as goodwill. For regulatory capital purposes, the entire excess over purchase price is assumed to be goodwill.

 

 

 

 

(2)

Common shares outstanding: 319,703,971; 312,639,737; and 311,020,558 at March 31, 2006, December 31, 2005, and March 31, 2005, respectively.

 

 

(3)

Treasury shares: 5,661,538 at March 31, 2006, December 31, 2005, and March 31, 2005.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Synovus

 

 

 

 

 

 

7 of 9

 

AVERAGE BALANCES AND YIELDS/RATES

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

2006

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

Fourth

Third

Second

First

 

 

 

 

Quarter

 

Quarter

Quarter

Quarter

Quarter

 

 

 

 

 

 

 

 

 

 

 

Interest Earning Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Investment Securities

$

2,823,306

 

2,713,238

2,611,048

2,556,964

2,553,423

 

 

Yield

 

4.08

%

3.87

3.75

3.78

3.74

 

Tax-Exempt Investment Securities

$

201,432

 

208,265

215,096

220,109

223,812

 

 

Yield

 

6.86

%

6.90

7.08

6.87

6.93

 

Trading Account Assets

$

37,659

 

26,006

19,143

-

-

 

 

Yield

 

7.42

%

6.97

3.84

-

-

 

Commercial Loans

$

18,377,498

 

17,881,828

17,342,794

17,090,893

16,618,766

 

 

Yield

 

7.58

%

7.25

6.83

6.47

6.15

 

Consumer Loans

$

835,520

 

845,251

840,746

833,071

846,743

 

 

Yield

 

7.89

%

7.87

7.83

7.37

7.42

 

Mortgage Loans

$

1,039,741

 

1,036,041

1,015,396

1,022,169

1,026,532

 

 

Yield

 

6.67

%

6.44

6.31

6.47

6.09

 

Credit Card Loans

$

260,251

 

257,691

253,985

249,491

246,523

 

 

Yield

 

10.81

%

10.19

10.07

10.03

10.41

 

Home Equity Loans

$

1,188,153

 

1,167,361

1,149,255

1,100,010

1,037,214

 

 

Yield

 

7.30

%

6.85

6.32

5.92

5.56

 

Allowance for Loan Losses

$

(294,817)

 

(286,846)

(281,505)

(278,734)

(270,853)

 

Loans, Net

$

21,406,345

 

20,901,326

20,320,671

20,016,900

19,504,925

 

 

Yield

 

7.67

%

7.35

6.95

6.61

6.31

 

Mortgage Loans Held for Sale

$

117,085

 

121,665

137,116

108,929

87,538

 

 

Yield

 

6.61

%

6.48

6.54

6.41

6.15

 

Federal Funds Sold and Time Deposits

 

 

 

 

 

 

 

 

with Banks

$

118,772

 

119,606

135,735

133,399

119,853

 

 

Yield

 

4.42

%

4.26

3.55

3.10

2.45

 

 

 

 

 

 

 

 

 

 

 

Total Interest Earning Assets

$

24,704,601

 

24,090,106

23,438,809

23,036,301

22,489,551

 

 

Yield

 

7.23

%

6.94

6.58

6.28

5.99

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Demand Deposits

$

3,004,244

 

2,989,754

2,939,524

2,990,725

2,980,346

 

 

Rate

 

1.63

%

1.39

1.25

1.12

0.96

 

Money Market Accounts

$

5,800,154

 

5,619,551

5,421,961

4,968,113

4,754,130

 

 

Rate

 

3.55

%

3.13

2.75

2.31

1.90

 

Savings Deposits

$

535,475

 

534,533

561,550

568,279

556,629

 

 

Rate

 

0.47

%

0.40

0.38

0.35

0.27

 

Time Deposits Under $100,000

$

2,501,504

 

2,408,591

2,318,085

2,249,590

2,197,788

 

 

Rate

 

3.55

%

3.28

2.99

2.71

2.47

 

Time Deposits Over $100,000 (less brokered

 

 

 

 

 

 

 

time deposits)

$

3,067,094

 

2,864,382

2,700,297

2,534,846

2,392,957

 

 

Rate

 

4.01

%

3.67

3.35

3.04

2.77

 

Total Interest Bearing Core Deposits

 

14,908,471

 

14,416,811

13,941,417

13,311,553

12,881,850

 

 

Rate

 

3.15

%

2.80

2.50

2.16

1.87

 

Brokered Time Deposits

$

2,364,383

 

2,443,105

2,611,091

2,689,079

2,487,264

 

 

Rate

 

4.24

%

3.89

3.52

3.21

2.94

 

Total Interest Bearing Deposits

$

17,272,854

 

16,859,916

16,552,508

16,000,632

15,369,114

 

 

Rate

 

3.30

%

2.96

2.66

2.34

2.05

 

Federal Funds Purchased and Other

 

 

 

 

 

 

 

 

Short-Term Borrowings

$

1,530,099

 

939,008

687,055

1,255,755

1,541,396

 

 

Rate

 

4.28

%

3.72

3.03

2.75

2.34

 

Long-Term Debt

$

1,774,804

 

2,184,538

2,302,328

1,981,235

1,877,158

 

 

Rate

 

4.62

%

4.44

4.34

4.01

3.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest Bearing Liabilities

$

20,577,757

 

19,983,462

19,541,891

19,237,622

18,787,668

 

 

Rate

 

3.48

%

3.16

2.87

2.54

2.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Bearing Demand Deposits

$

3,443,867

 

3,509,219

3,423,622

3,429,813

3,267,679

 

Shareholders' Equity

$

3,050,256

 

2,906,223

2,832,059

2,755,510

2,701,585

 

Total Assets

$

27,792,577

 

27,164,366

26,505,937

26,102,816

25,392,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin

 

4.32

%

4.32

4.18

4.15

4.11

 

 

 

 

 

 

Synovus

 

 

 

 

 

 

 

 

 

8 of 9

 

 

LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2006

 

 

 

 

 

 

Loans as a %
of Total Loans
Outstanding

 

 

Total
Nonperforming
Loans

 

 

Nonperforming
Loans
as a % of Total
Nonperforming
Loans

 

 

 

 

 

 

 

 

 

 

 

 

Loan Type

 

Total Loans

 

 

 

 

 

 

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Family

$

539,205

 

2.4

%

$

1,806

 

 

2.3

%

 

Hotels

 

709,233

 

3.2

 

 

-

 

 

-

 

 

Office Buildings

 

807,641

 

3.6

 

 

6,081

 

 

7.6

 

 

Shopping Centers

 

680,357

 

3.0

 

 

-

 

 

-

 

 

Commercial Development

 

919,137

 

4.1

 

 

478

 

 

0.6

 

 

Other Investment Property

 

384,026

 

1.7

 

 

651

 

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Properties

 

4,039,599

 

18.0

 

 

9,016

 

 

11.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

1,833,482

 

8.2

 

 

3,902

 

 

4.9

 

 

1-4 Family Perm / Mini-Perm

 

1,128,674

 

5.0

 

 

4,815

 

 

6.0

 

 

Residential Development

 

1,656,852

 

7.4

 

 

1,946

 

 

2.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 1-4 Family Properties

 

4,619,008

 

20.6

 

 

10,663

 

 

13.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land Acquisition

 

1,076,114

 

4.8

 

 

403

 

 

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment-Related Real Estate

 

9,734,721

 

43.4

 

 

20,082

 

 

25.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-Occupied

 

2,818,262

 

12.6

 

 

10,511

 

 

13.1

 

 

Other Property

 

1,184,053

 

5.3

 

 

5,348

 

 

6.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

13,737,036

 

61.3

 

 

35,941

 

 

44.9

 

 

Commercial & Industrial

 

5,344,921

 

23.8

 

 

36,247

 

 

45.3

 

 

Consumer

 

3,385,383

 

15.1

 

 

7,873

 

 

9.8

 

 

Unearned Income

 

(48,492)

 

(0.2)

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

22,418,848

 

100.0

%

$

80,061

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOANS OUTSTANDING BY TYPE COMPARISON

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loans

 

1Q06 vs. 4Q05
% change (1)(2)

 

 

 

 

1Q06 vs. 1Q05
% change (2)

 

 

Loan Type

 

March 31,
2006

 

December 31,
2005

 

 

 

March 31,
2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Family

$

539,205

 

527,710

 

8.8

%

$

534,523

 

0.9

%

 

Hotels

 

709,233

 

680,301

 

17.2

 

 

838,300

 

(15.4)

 

 

Office Buildings

 

807,641

 

747,493

 

32.6

 

 

788,163

 

2.5

 

 

Shopping Centers

 

680,357

 

656,949

 

14.5

 

 

642,263

 

5.9

 

 

Commercial Development

 

919,137

 

867,217

 

24.3

 

 

719,782

 

27.7

 

 

Other Investment Property

 

384,026

 

372,911

 

12.1

 

 

300,153

 

27.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Properties

 

4,039,599

 

3,852,581

 

19.7

 

 

3,823,184

 

5.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

1,833,482

 

1,552,338

 

73.5

 

 

1,312,608

 

39.7

 

 

1-4 Family Perm / Mini-Perm

 

1,128,674

 

1,095,155

 

12.4

 

 

1,067,093

 

5.8

 

 

Residential Development

 

1,656,852

 

1,496,436

 

43.5

 

 

1,160,685

 

42.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 1-4 Family Properties

 

4,619,008

 

4,143,929

 

46.5

 

 

3,540,386

 

30.5

 

 

Land Acquisition

 

1,076,114

 

1,049,041

 

10.5

 

 

935,517

 

15.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment-Related Real Estate

 

9,734,721

 

9,045,551

 

30.9

 

 

8,299,087

 

17.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-Occupied

 

2,818,262

 

2,699,431

 

17.9

 

 

2,313,729

 

21.8

 

 

Other Property

 

1,184,053

 

1,115,094

 

25.1

 

 

1,164,962

 

1.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

13,737,036

 

12,860,076

 

27.7

 

 

11,777,778

 

16.6

 

 

Commercial & Industrial

 

5,344,921

 

5,231,150

 

8.8

 

 

5,143,010

 

4.2

 

 

Consumer

 

3,385,383

 

3,349,208

 

4.4

 

 

3,178,563

 

6.0

 

 

Unearned Income

 

(48,492)

 

(48,087)

 

3.4

 

 

(43,057)

 

12.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

22,418,848

 

21,392,347

 

19.5

%

$

20,056,295

 

11.8

%

 

(1)

Percentage change is annualized.

(2)

The percentage change comparison to prior periods is impacted by the acquisition of Riverside Bancshares, Inc. (Riverside), which was completed on March 24, 2006. Riverside contributed approximately $482 million in total loans. Excluding the impact of Riverside, the sequential quarter growth is 10.3%, while the year-over-year growth is 9.4%.

 

 

 

 

Synovus

 

 

 

 

 

 

 

 

 

 

 

9 of 9

CREDIT QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2006

 

2005

 

1st Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

Fourth

 

Third

 

Second

 

First

 

'06 vs. '05

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming Loans

$

80,061

 

82,175

 

85,571

 

79,511

 

77,308

 

3.6

%

Other Real Estate

 

20,357

 

16,500

 

16,951

 

24,325

 

26,658

 

(23.6)

 

Nonperforming Assets

 

100,418

 

98,675

 

102,522

 

103,836

 

103,966

 

(3.4)

 

Allowance for Loan Losses

 

300,866

 

289,612

 

283,557

 

277,527

 

273,724

 

9.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Charge-Offs - Quarter

 

14,388

 

14,732

 

13,608

 

19,020

 

11,305

 

27.3

 

Net Charge-Offs - YTD

 

14,388

 

58,665

 

43,933

 

30,325

 

11,305

 

27.3

 

Net Charge-Offs / Average Loans - Quarter

 

0.27

 

0.28

 

0.26

 

0.37

 

0.23

 

 

 

Net Charge-Offs / Average Loans - YTD

 

0.27

 

0.29

 

0.29

 

0.30

 

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming Loans / Loans & ORE

 

0.36

 

0.38

 

0.41

 

0.39

 

0.39

 

 

 

Nonperforming Assets / Loans & ORE

 

0.45

 

0.46

 

0.49

 

0.51

 

0.52

 

 

 

Allowance / Loans

 

1.34

 

1.35

 

1.36

 

1.36

 

1.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance / Nonperforming Loans

 

375.79

 

352.43

 

331.37

 

349.04

 

354.07

 

 

 

Allowance / Nonperforming Assets

 

299.61

 

293.50

 

276.58

 

267.27

 

263.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days

 

17,376

 

16,023

 

16,013

 

17,163

 

14,376

 

 

 

As a Percentage of Loans Outstanding

 

0.08

 

0.07

 

0.08

 

0.08

 

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Past Dues

 

114,744

 

93,807

 

103,005

 

120,224

 

122,229

 

 

 

As a Percentage of Loans Outstanding

 

0.51

 

0.44

 

0.49

 

0.59

 

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGULATORY CAPITAL RATIOS (1)

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

March 31, 2006

 

December 31, 2005

 

March 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital

$

2,829,501

 

2,660,704

 

2,400,384

 

 

 

Total Risk-Based Capital

 

3,880,367

 

3,700,315

 

2,974,108

 

 

 

Tier 1 Capital Ratio

 

10.30

 

10.23

 

9.84

 

 

 

Total Risk-Based Capital Ratio

 

14.12

 

14.23

 

12.19

 

 

 

Leverage Ratio

 

10.42

 

9.99

 

9.65

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

March 31, 2006 information is preliminary. As noted in footnote (1) to the accompanying Balance Sheet, the purchase price allocation related to the acquisition of Riverside Bancshares, Inc. has not been completed. For purposes of the March 31, 2006 regulatory capital calculations, we have assumed that $120 million of the total purchase price will be allocated to intangibles which will be disallowed for regulatory capital purposes

 

 

 

 

.