EX-99.2 3 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)

 

2007

 

2006

 

1st Quarter

 

 

 

First

 

Fourth

 

Third

 

Second

 

First

 

'07 vs. '06

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Taxable Equivalent)

$

549,253

 

547,088

 

535,038

 

499,191

 

440,977

 

24.6

%

 

Interest Expense

 

261,637

 

253,998

 

241,027

 

210,510

 

177,057

 

47.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (Taxable Equivalent)

 

287,616

 

293,090

 

294,011

 

288,681

 

263,920

 

9.0

 

 

Tax Equivalent Adjustment

 

1,354

 

1,458

 

1,409

 

1,478

 

1,484

 

(8.8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

286,262

 

291,632

 

292,602

 

287,203

 

262,436

 

9.1

 

 

Provision for Loan Losses

 

20,515

 

18,675

 

18,390

 

18,534

 

19,549

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision

 

265,747

 

272,957

 

274,212

 

268,669

 

242,887

 

9.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronic Payment Processing Services

 

228,742

 

302,370

 

231,753

 

231,274

 

220,472

 

3.8

 

 

Merchant Acquiring Services

 

60,680

 

64,957

 

65,548

 

65,820

 

63,949

 

(5.1)

 

 

Other Transaction Processing Services Revenue

 

53,123

 

51,634

 

44,813

 

45,001

 

44,946

 

18.2

 

 

Service Charges on Deposits

 

26,370

 

28,136

 

29,292

 

28,800

 

26,189

 

0.7

 

 

Fiduciary and Asset Management Fees

 

12,262

 

12,710

 

11,868

 

11,509

 

11,713

 

4.7

 

 

Brokerage and Investment Banking Revenue

 

7,449

 

6,721

 

6,502

 

6,559

 

6,947

 

7.2

 

 

Mortgage Banking Income

 

7,226

 

6,837

 

8,440

 

8,105

 

5,873

 

23.0

 

 

Bankcard Fees

 

11,880

 

11,218

 

11,438

 

11,093

 

10,554

 

12.6

 

 

Securities Gains (Losses)

 

447

 

-

 

(982)

 

(1,062)

 

(73)

 

nm

 

 

Other Fee Income

 

9,427

 

9,079

 

10,024

 

10,357

 

9,283

 

1.6

 

 

Other Non-Interest Income

 

10,726

 

21,707

 

10,057

 

10,915

 

9,522

 

12.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income before Reimbursable Items

 

428,332

 

515,369

 

428,753

 

428,371

 

409,375

 

4.6

 

 

Reimbursable Items

 

85,727

 

83,894

 

99,187

 

86,138

 

82,500

 

3.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

514,059

 

599,263

 

527,940

 

514,509

 

491,875

 

4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

254,953

 

256,691

 

256,220

 

233,847

 

227,758

 

11.9

 

 

Occupancy & Equipment Expense

 

92,914

 

116,470

 

100,504

 

99,495

 

97,700

 

(4.9)

 

 

Other Non-Interest Expense

 

98,557

 

115,755

 

98,995

 

109,690

 

105,836

 

(6.9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense before Reimbursable Items

 

446,424

 

488,916

 

455,719

 

443,032

 

431,294

 

3.5

 

 

Reimbursable Items

 

85,727

 

83,894

 

99,187

 

86,138

 

82,500

 

3.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

532,151

 

572,810

 

554,905

 

529,170

 

513,794

 

3.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority Interest in Consolidated Subsidiaries

 

11,278

 

16,790

 

10,406

 

11,165

 

9,740

 

15.8

 

 

Income Before Taxes

 

236,377

 

282,620

 

236,840

 

242,843

 

211,228

 

11.9

 

 

Income Tax Expense

 

89,624

 

107,073

 

82,774

 

90,046

 

76,722

 

16.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

146,753

 

175,547

 

154,066

 

152,797

 

134,506

 

9.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

$

0.45

 

0.54

 

0.48

 

0.47

 

0.43

 

5.1

 

 

Diluted Earnings Per Share

 

0.45

 

0.54

 

0.47

 

0.47

 

0.43

 

4.7

 

 

Dividends Declared Per Share

 

0.21

 

0.20

 

0.20

 

0.20

 

0.20

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets*

 

1.86

%

2.22

%

2.00

%

2.07

%

1.96

%

(10)

bp

 

Return on Equity*

 

15.94

 

19.03

 

17.63

 

18.45

 

17.88

 

(194)

 

 

Average Shares Outstanding - Basic

 

325,687

 

324,555

 

323,657

 

322,783

 

313,639

 

3.8

%

 

Average Shares Outstanding - Diluted

 

329,573

 

328,122

 

326,834

 

325,421

 

316,208

 

4.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

*ratios are annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Synovus

 

 

 

 

 

 

 

 

 

 

 

5 of 9

 

Financial Services Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2007

 

2006

 

1st Quarter

 

 

 

First

 

Fourth

 

Third

 

Second

 

First

 

'07 vs. '06

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Taxable Equivalent)

$

549,243

 

547,079

 

535,025

 

499,184

 

440,969

 

24.6

%

 

Interest Expense

 

264,950

 

256,760

 

242,875

 

212,499

 

178,544

 

48.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (Taxable Equivalent)

 

284,293

 

290,319

 

292,150

 

286,685

 

262,425

 

8.3

 

 

Tax Equivalent Adjustment

 

1,344

 

1,448

 

1,395

 

1,471

 

1,476

 

(9.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

282,949

 

288,871

 

290,755

 

285,214

 

260,949

 

8.4

 

 

Provision for Loan Losses

 

20,515

 

18,675

 

18,390

 

18,534

 

19,549

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision

 

262,434

 

270,196

 

272,365

 

266,680

 

241,400

 

8.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Charges on Deposits

 

26,370

 

28,136

 

29,292

 

28,800

 

26,189

 

0.7

 

 

Fiduciary and Asset Management Fees

 

12,473

 

12,921

 

12,077

 

11,720

 

11,910

 

4.7

 

 

Brokerage and Investment Banking Revenue

 

7,449

 

6,721

 

6,502

 

6,559

 

6,947

 

7.2

 

 

Mortgage Banking Income

 

7,226

 

6,837

 

8,440

 

8,105

 

5,873

 

23.0

 

 

Bankcard Fees

 

11,880

 

11,218

 

11,438

 

11,093

 

10,554

 

12.6

 

 

Securities Gains (Losses)

 

447

 

-

 

(982)

 

(1,062)

 

(73)

 

nm

 

 

Other Fee Income

 

9,427

 

9,079

 

10,024

 

10,357

 

9,283

 

1.6

 

 

Other Non-Interest Income

 

12,231

 

22,682

 

12,528

 

13,881

 

12,380

 

(1.2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

87,503

 

97,594

 

89,319

 

89,453

 

83,063

 

5.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

113,927

 

115,130

 

113,842

 

113,951

 

107,449

 

6.0

 

 

Occupancy & Equipment Expense

 

27,290

 

26,370

 

25,566

 

24,835

 

23,498

 

16.1

 

 

Other Non-Interest Expense

 

53,580

 

61,930

 

51,899

 

52,064

 

47,999

 

11.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

194,797

 

203,430

 

191,307

 

190,850

 

178,946

 

8.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Taxes

 

155,140

 

164,360

 

170,377

 

165,283

 

145,517

 

6.6

 

 

Income Tax Expense

 

54,733

 

59,384

 

60,394

 

58,899

 

51,757

 

5.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

100,407

 

104,976

 

109,983

 

106,384

 

93,760

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets*

 

1.33

%

1.39

%

1.49

%

1.50

%

1.43

%

(10)

bp

 

Return on Equity*

 

14.95

 

15.45

 

17.04

 

17.42

 

17.17

 

(222)

 

 

 

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

*ratios are annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Synovus

 

 

 

 

 

6 of 9

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

March 31, 2007

 

December 31, 2006

 

March 31, 2006

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

$

828,916

 

889,975

 

780,787

 

 

Interest earning deposits with banks

 

35,586

 

19,389

 

6,608

 

 

Federal funds sold and securities purchased

 

 

 

 

 

 

 

 

under resale agreements

 

190,514

 

101,091

 

295,677

 

 

Trading account assets

 

45,289

 

15,266

 

37,048

 

 

Mortgage loans held for sale

 

181,266

 

175,042

 

172,975

 

 

Investment securities available for sale

 

3,520,777

 

3,352,357

 

3,110,547

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income

 

25,223,681

 

24,654,552

 

22,418,848

 

 

Allowance for loan losses

 

(326,826)

 

(314,459)

 

(300,866)

 

 

Loans, net

 

24,896,855

 

24,340,093

 

22,117,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

769,271

 

752,738

 

691,231

 

 

Contract acquisition costs and computer software, net

 

371,467

 

383,899

 

415,980

 

 

Goodwill

 

681,132

 

669,515

 

452,469

 

 

Other intangible assets, net

 

59,995

 

63,586

 

42,795

 

 

Other assets

 

1,126,377

 

1,091,822

 

1,037,078

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

32,707,445

 

31,854,773

 

29,161,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing retail and commercial deposits

$

3,573,323

 

3,538,598

 

3,621,639

 

 

Interest bearing retail and commercial deposits

 

18,194,828

 

17,741,354

 

15,769,106

 

 

 

 

 

 

 

 

 

 

 

Total retail and commercial deposits

 

21,768,151

 

21,279,952

 

19,390,745

 

 

Brokered time deposits

 

3,074,228

 

3,014,495

 

2,411,201

 

 

 

 

 

 

 

 

 

 

 

Total deposits

 

24,842,379

 

24,294,447

 

21,801,946

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and other short-term

 

 

 

 

 

 

 

 

borrowings

 

1,560,530

 

1,572,809

 

1,635,759

 

 

Long-term debt

 

1,551,856

 

1,350,139

 

1,731,118

 

 

Other liabilities

 

666,704

 

692,019

 

584,721

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

28,621,469

 

27,909,414

 

25,753,544

 

 

 

 

 

 

 

 

 

 

 

Minority interest in consolidated subsidiaries

 

249,425

 

236,709

 

205,552

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

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

 

332,512

 

331,214

 

325,366

 

 

Additional paid-in capital

 

1,070,330

 

1,033,055

 

869,402

 

 

Treasury stock (2)

 

(113,944)

 

(113,944)

 

(113,944)

 

 

Accumulated other comprehensive income (loss)

 

6,989

 

(2,129)

 

(43,190)

 

 

Retained earnings

 

2,540,664

 

2,460,454

 

2,164,447

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity (3)

 

3,836,551

 

3,708,650

 

3,202,081

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

32,707,445

 

31,854,773

 

29,161,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Common shares outstanding: 326,850,123; 325,552,375; and 319,703,971 at March 31, 2007, December 31, 2006 and March 31, 2006, respectively.

(2)

Treasury shares: 5,661,538 at March 31, 2007, December 31, 2006, and March 31, 2006.

 

 

 

(3)

Book value per common share: $11.74; $11.39; and $10.02 at March 31, 2007, December 31, 2006, and March 31, 2006, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Synovus

 

 

 

 

 

 

7 of 9

 

AVERAGE BALANCES AND YIELDS/RATES*

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

 

 

 

 

First

 

Fourth

Third

Second

First

 

 

 

 

 

Quarter

 

Quarter

Quarter

Quarter

Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Earning Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Investment Securities

$

3,301,137

 

3,178,852

3,025,507

3,008,122

2,823,306

 

 

 

Yield

 

4.77

%

4.51

4.39

4.21

4.08

 

 

Tax-Exempt Investment Securities

$

185,012

 

193,737

197,024

202,676

201,432

 

 

 

Yield

 

6.84

%

6.95

6.70

6.73

6.86

 

 

Trading Account Assets

$

64,204

 

34,471

53,181

47,398

37,659

 

 

 

Yield

 

5.65

%

6.67

5.30

5.72

7.42

 

 

Commercial Loans

$

21,242,921

 

20,791,108

20,407,139

19,723,353

18,357,939

 

 

 

Yield

 

8.24

%

8.25

8.23

7.99

7.59

 

 

Consumer Loans

$

928,256

 

928,521

929,964

898,210

855,079

 

 

 

Yield

 

8.01

%

7.98

7.96

7.88

7.71

 

 

Mortgage Loans

$

1,081,760

 

1,089,794

1,091,425

1,071,477

1,039,741

 

 

 

Yield

 

6.98

%

6.99

6.93

6.82

6.67

 

 

Credit Card Loans

$

270,444

 

268,705

265,120

260,010

260,251

 

 

 

Yield

 

11.17

%

10.89

10.86

10.81

10.81

 

 

Home Equity Loans

$

1,385,012

 

1,316,842

1,252,803

1,231,592

1,188,152

 

 

 

Yield

 

7.68

%

7.82

7.97

7.69

7.30

 

 

Allowance for Loan Losses

$

(317,977)

 

(317,603)

(318,195)

(307,674)

(294,817)

 

 

Loans, Net

$

24,590,415

 

24,077,366

23,628,256

22,876,968

21,406,345

 

 

 

Yield

 

8.28

%

8.29

8.29

8.06

7.67

 

 

Mortgage Loans Held for Sale

$

160,482

 

149,113

130,196

132,605

117,085

 

 

 

Yield

 

6.07

%

6.02

6.51

7.08

6.61

 

 

Federal Funds Sold and Other Short-Term Investment

$

147,932

 

120,804

155,200

139,923

118,774

 

 

 

Yield

 

5.61

%

5.40

5.32

5.07

4.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest Earning Assets

$

28,449,181

 

27,754,344

27,189,364

26,407,692

24,704,601

 

 

 

Yield

 

7.82

%

7.83

7.81

7.58

7.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Demand Deposits

$

3,113,531

 

3,034,375

2,946,646

3,040,292

3,004,244

 

 

 

Rate

 

2.30

%

2.18

2.03

1.81

1.63

 

 

Money Market Accounts

$

7,083,633

 

6,956,181

6,587,365

6,196,865

5,800,154

 

 

 

Rate

 

4.49

%

4.45

4.38

4.00

3.55

 

 

Savings Deposits

$

502,948

 

514,317

547,779

573,776

535,475

 

 

 

Rate

 

0.68

%

0.72

0.72

0.69

0.47

 

 

Time Deposits Under $100,000

$

3,037,815

 

3,003,141

2,917,518

2,738,528

2,501,504

 

 

 

Rate

 

4.79

%

4.64

4.38

3.92

3.55

 

 

Time Deposits Over $100,000 (less brokered

 

 

 

 

 

 

 

 

time deposits)

$

4,101,471

 

3,997,493

3,756,853

3,362,304

3,067,094

 

 

 

Rate

 

5.15

%

5.07

4.92

4.44

4.01

 

 

Total Interest Bearing Core Deposits

 

17,839,398

 

17,505,508

16,756,161

15,911,765

14,908,471

 

 

 

Rate

 

4.20

%

4.12

3.97

3.54

3.15

 

 

Brokered Time Deposits

$

3,030,793

 

3,137,889

3,165,905

2,740,674

2,364,383

 

 

 

Rate

 

5.08

%

5.01

4.85

4.57

4.24

 

 

Total Interest Bearing Deposits

$

20,870,191

 

20,643,396

19,922,066

18,652,438

17,272,854

 

 

 

Rate

 

4.33

%

4.26

4.11

3.69

3.30

 

 

Federal Funds Purchased and Other

 

 

 

 

 

 

 

 

 

Short-Term Borrowings

$

1,690,049

 

1,283,832

1,553,699

1,772,113

1,530,099

 

 

 

Rate

 

4.87

%

4.72

4.73

4.76

4.28

 

 

Long-Term Debt

$

1,450,466

 

1,360,635

1,364,227

1,586,586

1,774,804

 

 

 

Rate

 

5.05

%

4.90

4.57

4.42

4.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Interest Bearing Liabilities

$

24,010,706

 

23,287,863

22,839,991

22,011,138

20,577,757

 

 

 

Rate

 

4.41

%

4.32

4.18

3.83

3.48

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Bearing Demand Deposits

$

3,372,105

 

3,469,233

3,528,942

3,511,554

3,443,867

 

 

Shareholders' Equity

$

3,733,523

 

3,659,996

3,467,029

3,321,397

3,050,256

 

 

Total Assets

$

32,022,912

 

31,307,991

30,613,827

29,563,064

27,792,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin

 

4.10

%

4.20

4.30

4.39

4.32

 

 

 

 

 

 

 

 

 

 

 

 

 

*Yields and rates are annualized

 

 

 

 

 

 

 

 

 

 

 


 

LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION

 

 

 

 

8 of 9

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Total Loans

 

Loans as a %

of Total Loans

Outstanding

 

 

Total

Nonperforming

Loans

 

Nonperforming Loans

as a % of Total

Nonperforming Loans

 

Loan Type

Multi-Family

$

519,219

 

2.1

%

$

388

 

0.3

%

Hotels

 

661,985

 

2.6

 

 

1,270

 

0.9

 

Office Buildings

 

852,973

 

3.4

 

 

4,388

 

3.2

 

Shopping Centers

 

742,344

 

2.9

 

 

-

 

0.0

 

Commercial Development

 

866,920

 

3.5

 

 

-

 

0.0

 

Other Investment Property

 

529,394

 

2.1

 

 

414

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Properties

 

4,172,835

 

16.6

 

 

6,460

 

4.7

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

2,404,235

 

9.5

 

 

17,530

 

12.6

 

1-4 Family Perm / Mini-Perm

 

1,145,235

 

4.5

 

 

10,773

 

7.8

 

Residential Development

 

2,178,573

 

8.7

 

 

21,155

 

15.2

 

 

 

 

 

 

 

 

 

 

 

 

Total 1-4 Family Properties

 

5,728,043

 

22.7

 

 

49,458

 

35.6

 

 

 

 

 

 

 

 

 

 

 

 

Land Acquisition

 

1,516,526

 

6.0

 

 

15,800

 

11.4

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

11,417,404

 

45.3

 

 

71,718

 

51.7

 

 

 

 

 

 

 

 

 

 

 

 

Commercial , Financial, and Agricultural

 

6,055,447

 

24.0

 

 

38,629

 

27.8

 

Owner-Occupied

 

4,122,498

 

16.4

 

 

15,501

 

11.2

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial & Industrial

 

10,177,945

 

40.4

 

 

54,130

 

39.0

 

 

 

 

 

 

 

 

 

 

 

 

Home Equity

 

1,401,898

 

5.6

 

 

4,888

 

3.5

 

Consumer Mortgages

 

1,518,168

 

6.0

 

 

6,004

 

4.3

 

Credit Card

 

273,462

 

1.1

 

 

-

 

0.0

 

Other Retail Loans

 

483,412

 

1.8

 

 

2,050

 

1.5

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail

 

3,676,940

 

14.5

 

 

12,942

 

9.3

 

Unearned Income

 

(48,608)

 

(0.2)

 

 

-

 

 

 

Total

$

25,223,681

 

100.0

%

$

138,790

 

100.0

%

 

 

LOANS OUTSTANDING BY TYPE COMPARISON

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loans

 

1Q07 vs. 4Q06

 

 

 

1Q07 vs. 1Q06

 

Loan Type

 

March
31, 2007

 

December
31, 2006

 

% change (1)

 

 

March
31, 2006

 

% change (2)

 

Multi-Family

$

519,219

 

505,586

 

10.9

%

$

542,363

 

(4.3)

%

Hotels

 

661,985

 

643,180

 

11.9

 

 

715,033

 

(7.4)

 

Office Buildings

 

852,973

 

881,658

 

(13.2)

 

 

819,304

 

4.1

 

Shopping Centers

 

742,344

 

764,924

 

(12.0)

 

 

704,257

 

5.4

 

Commercial Development

 

866,920

 

876,570

 

(4.5)

 

 

897,925

 

(3.5)

 

Other Investment Property

 

529,394

 

434,298

 

88.8

 

 

384,524

 

37.7

 

Total Investment Properties

 

4,172,835

 

4,106,216

 

6.6

 

 

4,063,406

 

2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

2,404,235

 

2,347,025

 

9.9

 

 

1,851,116

 

29.9

 

1-4 Family Perm / Mini-Perm

 

1,145,235

 

1,193,895

 

(16.5)

 

 

1,127,194

 

1.6

 

Residential Development

 

2,178,573

 

2,036,207

 

28.4

 

 

1,648,332

 

32.2

 

Total 1-4 Family Properties

 

5,728,043

 

5,577,127

 

11.0

 

 

4,626,642

 

23.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land Acquisition

 

1,516,526

 

1,402,402

 

33.0

 

 

1,152,499

 

31.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

11,417,404

 

11,085,745

 

12.1

 

 

9,842,547

 

16.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial , Financial, and Agricultural

 

6,055,447

 

5,875,854

 

12.4

 

 

5,384,528

 

12.5

 

Owner-Occupied

 

4,122,498

 

4,080,742

 

4.1

 

 

3,854,881

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial & Industrial

 

10,177,945

 

9,956,596

 

9.0

 

 

9,239,409

 

10.2

 

Home Equity

 

1,401,898

 

1,364,030

 

11.3

 

 

1,214,544

 

15.4

 

Consumer Mortgages

 

1,518,168

 

1,517,849

 

0.1

 

 

1,407,608

 

7.9

 

Credit Card

 

273,462

 

276,269

 

(4.1)

 

 

256,460

 

6.6

 

Other Retail Loans

 

483,412

 

500,757

 

(14.0)

 

 

506,772

 

(4.8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail

 

3,676,940

 

3,658,905

 

2.0

 

 

3,385,384

 

8.6

 

Unearned Income

 

(48,608)

 

(46,695)

 

16.6

 

 

(48,492)

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

25,223,681

 

24,654,552

 

9.4

%

$

22,418,848

 

12.5

%

 

(1)

Percentage change in annualized

(2)

The percentage change comparison to March 31, 2006 is impacted by the acquisition of Banking Corporation of Florida (First Florida) which was completed on March 31, 2006. First Florida contributed $346 million, respectively, in total loans. Excluding the impact of First Florida the year-over-year growth is 11.0%.

 

 

 

 


 

Synovus

 

 

 

 

 

 

 

 

 

 

 

9 of 9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT QUALITY DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2007

 

2006

 

1st Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

Fourth

 

Third

 

Second

 

First

 

'07 vs. '06

 

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming Loans

$

138,790

 

96,623

 

94,766

 

88,805

 

80,061

 

73.4

%

 

Other Real Estate

 

31,710

 

25,923

 

31,549

 

25,634

 

20,357

 

55.8

 

 

Nonperforming Assets

 

170,500

 

122,545

 

126,315

 

114,439

 

100,418

 

69.8

 

 

Allowance for Loan Losses

 

326,826

 

314,459

 

319,973

 

313,694

 

300,866

 

8.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Charge-Offs - Quarter

 

8,148

 

24,190

 

12,111

 

9,528

 

14,388

 

(43.4)

 

 

Net Charge-Offs - YTD

 

8,148

 

60,217

 

36,027

 

23,916

 

14,388

 

(43.4)

 

 

Net Charge-Offs / Average Loans - Quarter

 

0.13

 

0.39

 

0.20

 

0.17

 

0.27

 

 

 

 

Net Charge-Offs / Average Loans - YTD

 

0.13

 

0.26

 

0.21

 

0.21

 

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming Loans / Loans & ORE

 

0.55

 

0.39

 

0.39

 

0.38

 

0.36

 

 

 

 

Nonperforming Assets / Loans & ORE

 

0.68

 

0.50

 

0.52

 

0.48

 

0.45

 

 

 

 

Allowance / Loans

 

1.30

 

1.28

 

1.32

 

1.33

 

1.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance / Nonperforming Loans

 

235.48

 

325.45

 

337.65

 

353.24

 

375.79

 

 

 

 

Allowance / Nonperforming Assets

 

191.69

 

256.61

 

253.31

 

274.11

 

299.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days

 

27,414

 

34,031

 

18,002

 

19,340

 

17,376

 

 

 

 

As a Percentage of Loans Outstanding

 

0.11

 

0.14

 

0.07

 

0.08

 

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Past Dues

 

150,188

 

154,027

 

140,526

 

111,464

 

114,744

 

 

 

 

As a Percentage of Loans Outstanding

 

0.60

 

0.62

 

0.58

 

0.47

 

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGULATORY CAPITAL RATIOS (1)

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

March
31, 2007

 

December
31, 2006

 

March
31, 2006

 

 

 

 

 

 

 

 

 

 

 

Tier 1 Capital

$

3,395,238

 

3,254,603

 

2,836,286

 

 

Total Risk-Based Capital

 

4,472,064

 

4,319,062

 

3,887,152

 

 

Tier 1 Capital Ratio

 

10.89

%

10.87

 

10.34

 

 

Total Risk-Based Capital Ratio

 

14.34

 

14.43

 

14.16

 

 

Leverage Ratio

 

10.85

 

10.64

 

10.45

 

 

 

 

 

 

 

 

 

 

 

(1) March 31, 2007 information is preliminary.