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

Exhibit 99.2

 

SYNOVUS

 

 

 

 

 

4 of 11

 

 

 

INCOME STATEMENTS
(Unaudited)

 

Six Months Ended

 

 

 

(In thousands, except per share data)

 

June 30,

 

 

 

 

 

2007

 

2006

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Taxable Equivalent)

$

1,114,990

 

940,137

 

18.6

%

 

 

 

Interest Expense

 

534,171

 

387,567

 

37.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (Taxable Equivalent)

 

580,819

 

552,570

 

5.1

 

 

 

 

Tax Equivalent Adjustment

 

2,648

 

2,931

 

(9.6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

578,171

 

549,639

 

5.2

 

 

 

 

Provision for Loan Losses

 

40,797

 

38,083

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision

 

537,374

 

511,556

 

5.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

Electronic Payment Processing Services

 

472,153

 

451,867

 

4.5

 

 

 

 

Merchant Acquiring Services

 

124,957

 

129,769

 

(3.7)

 

 

 

 

Other Transaction Processing Services Revenue

 

108,244

 

89,947

 

20.3

 

 

 

 

Service Charges on Deposits

 

54,420

 

54,988

 

(1.0)

 

 

 

 

Fiduciary and Asset Management Fees

 

24,696

 

23,222

 

6.3

 

 

 

 

Brokerage and Investment Banking Revenue

 

15,259

 

13,506

 

13.0

 

 

 

 

Mortgage Banking Income

 

14,920

 

13,978

 

6.7

 

 

 

 

Bankcard Fees

 

23,447

 

21,647

 

8.3

 

 

 

 

Securities Gains (Losses)

 

705

 

(1,136)

 

nm

 

 

 

 

Other Fee Income

 

19,838

 

19,640

 

1.0

 

 

 

 

Other Non-Interest Income

 

25,913

 

20,317

 

27.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income before Reimbursable Items

 

884,552

 

837,747

 

5.6

 

 

 

 

Reimbursable Items

 

181,555

 

168,638

 

7.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

1,066,107

 

1,006,385

 

5.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

516,721

 

461,605

 

11.9

 

 

 

 

Occupancy & Equipment Expense

 

187,147

 

197,195

 

(5.1)

 

 

 

 

Other Non-Interest Expense

 

202,008

 

215,524

 

(6.3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense before Reimbursable Items

 

905,876

 

874,325

 

3.6

 

 

 

 

Reimbursable Items

 

181,555

 

168,638

 

7.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

1,087,431

 

1,042,963

 

4.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority Interest in Consolidated Subsidiaries

 

24,465

 

20,905

 

17.0

 

 

 

 

Income from Continuing Operations before Income Taxes

 

491,585

 

454,071

 

8.3

 

 

 

 

Income Taxes

 

186,283

 

166,769

 

11.7

 

 

 

 

Income from Continuing Operations

 

305,302

 

287,304

 

6.3

 

 

 

 

Discontinued Operations, Net of Income Taxes

 

4,200

 

-

 

nm

 

 

 

 

Net Income

$

309,502

 

287,304

 

7.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

$

0.94

 

0.90

 

3.7

 

 

 

 

Net Income

 

0.95

 

0.90

 

5.1

 

 

 

 

Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

0.93

 

0.90

 

3.3

 

 

 

 

Net Income

 

0.94

 

0.90

 

4.8

 

 

 

 

Dividends Declared Per Share

 

0.41

 

0.39

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets *

 

1.93

%

2.02

 

(9)

bp

 

 

 

Return on Equity *

 

16.33

 

18.25

 

(192)

 

 

 

 

Average Shares Outstanding - Basic

 

326,051

 

318,236

 

2.5

%

 

 

 

Average Shares Outstanding - Diluted

 

329,920

 

320,840

 

2.8

 

 

 

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

* -ratios are annualized

 

 

 

 

 

 

 

 


 

Synovus

 

 

 

 

 

 

 

 

 

 

5 of 11

 

 

INCOME STATEMENTS
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

2007

 

2006

 

2nd Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

'07 vs. '06

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Taxable Equivalent)

$

565,737

 

549,253

 

547,088

 

535,038

 

499,191

 

13.3

%

 

Interest Expense

 

272,536

 

261,637

 

253,998

 

241,027

 

210,510

 

29.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (Taxable Equivalent)

 

293,201

 

287,616

 

293,090

 

294,011

 

288,681

 

1.6

 

 

Tax Equivalent Adjustment

 

1,295

 

1,354

 

1,458

 

1,409

 

1,478

 

(12.4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

291,906

 

286,262

 

291,632

 

292,602

 

287,203

 

1.6

 

 

Provision for Loan Losses

 

20,281

 

20,515

 

18,675

 

18,390

 

18,534

 

9.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision

 

271,625

 

265,747

 

272,957

 

274,212

 

268,669

 

1.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronic Payment Processing Services

 

243,411

 

228,742

 

302,370

 

231,753

 

231,274

 

5.2

 

 

Merchant Acquiring Services

 

64,277

 

60,680

 

64,957

 

65,548

 

65,820

 

(2.3)

 

 

Other Transaction Processing Services Revenue

 

55,121

 

53,123

 

51,634

 

44,813

 

45,001

 

22.5

 

 

Service Charges on Deposits

 

28,050

 

26,370

 

28,136

 

29,292

 

28,800

 

(2.6)

 

 

Fiduciary and Asset Management Fees

 

12,434

 

12,262

 

12,710

 

11,868

 

11,509

 

8.0

 

 

Brokerage and Investment Banking Revenue

 

7,809

 

7,449

 

6,721

 

6,502

 

6,559

 

19.1

 

 

Mortgage Banking Income

 

7,695

 

7,226

 

6,837

 

8,440

 

8,105

 

(5.1)

 

 

Bankcard Fees

 

11,567

 

11,880

 

11,218

 

11,438

 

11,093

 

4.3

 

 

Securities Gains (Losses)

 

258

 

447

 

-

 

(982)

 

(1,062)

 

nm

 

 

Other Fee Income

 

10,411

 

9,427

 

9,079

 

10,024

 

10,357

 

0.5

 

 

Other Non-Interest Income

 

15,187

 

10,726

 

21,707

 

10,057

 

10,915

 

39.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income before Reimbursable Items

 

456,220

 

428,332

 

515,369

 

428,753

 

428,371

 

6.5

 

 

Reimbursable Items

 

95,828

 

85,727

 

83,894

 

99,187

 

86,138

 

11.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

552,048

 

514,059

 

599,263

 

527,940

 

514,509

 

7.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

261,768

 

254,953

 

256,691

 

256,220

 

233,847

 

11.9

 

 

Occupancy & Equipment Expense

 

94,234

 

92,914

 

116,470

 

100,504

 

99,495

 

(5.3)

 

 

Other Non-Interest Expense

 

103,448

 

98,557

 

115,755

 

98,995

 

109,690

 

(5.7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense before Reimbursable Items

 

459,450

 

446,424

 

488,916

 

455,719

 

443,032

 

3.7

 

 

Reimbursable Items

 

95,828

 

85,727

 

83,894

 

99,187

 

86,138

 

11.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

555,278

 

532,151

 

572,810

 

554,905

 

529,170

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority Interest in Consolidated Subsidiaries

 

13,187

 

11,278

 

16,790

 

10,406

 

11,165

 

18.1

 

 

Income from Continuing Operations before Income Taxes

 

255,208

 

236,377

 

282,620

 

236,840

 

242,843

 

5.1

 

 

Income Taxes

 

96,658

 

89,624

 

107,073

 

82,774

 

90,046

 

7.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

158,550

 

146,753

 

175,547

 

154,066

 

152,797

 

3.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations, Net of Income Taxes

 

4,200

 

-

 

-

 

-

 

-

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

162,750

 

146,753

 

175,547

 

154,066

 

152,797

 

6.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

$

0.49

 

0.45

 

0.54

 

0.48

 

0.47

 

2.6

 

 

Net Income

 

0.50

 

0.45

 

0.54

 

0.48

 

0.47

 

5.3

 

 

Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

0.48

 

0.45

 

0.54

 

0.47

 

0.47

 

2.3

 

 

Net Income

 

0.49

 

0.45

 

0.54

 

0.47

 

0.47

 

5.0

 

 

Dividends Declared Per Share

 

0.21

 

0.21

 

0.20

 

0.20

 

0.20

 

5.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets *

 

2.00

%

1.86

%

2.22

%

2.00

%

2.07

%

(7)

bp

 

Return on Equity *

 

16.69

 

15.94

 

19.03

 

17.63

 

18.45

 

(176)

 

 

Average Shares Outstanding - Basic

 

326,410

 

325,687

 

324,555

 

323,657

 

322,783

 

1.1

%

 

Average Shares Outstanding - Diluted

 

330,263

 

329,573

 

328,122

 

326,834

 

325,421

 

1.5

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

* - ratios are annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

SYNOVUS

 

 

 

 

 

6 of 11

 

Financial Services Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENTS
(Unaudited)

 

Six Months Ended

 

(In thousands)

 

June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Taxable Equivalent)

$

1,115,020

 

940,153

 

18.6

%

 

Interest Expense

 

540,967

 

391,043

 

38.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (Taxable Equivalent)

 

574,053

 

549,110

 

4.5

 

 

Tax Equivalent Adjustment

 

2,629

 

2,946

 

(10.8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

571,424

 

546,164

 

4.6

 

 

Provision for Loan Losses

 

40,797

 

38,083

 

7.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision

 

530,627

 

508,081

 

4.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

Service Charges on Deposits

 

54,420

 

54,989

 

(1.0)

 

 

Fiduciary and Asset Management Fees

 

25,129

 

23,629

 

6.3

 

 

Brokerage and Investment Banking Revenue

 

15,259

 

13,506

 

13.0

 

 

Mortgage Banking Income

 

14,920

 

13,978

 

6.7

 

 

Bankcard Fees

 

23,447

 

21,647

 

8.3

 

 

Securities Gains (Losses)

 

705

 

(1,136)

 

nm

 

 

Other Fee Income

 

19,838

 

19,640

 

1.0

 

 

Other Non-Interest Income

 

30,116

 

26,262

 

14.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

183,834

 

172,517

 

6.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

Personnel Expense

 

229,749

 

221,401

 

3.8

 

 

Occupancy & Equipment Expense

 

54,860

 

48,333

 

13.5

 

 

Other Non-Interest Expense

 

108,210

 

100,063

 

8.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

392,819

 

369,797

 

6.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations before Income Taxes

 

321,642

 

310,801

 

3.5

 

 

Income Taxes

 

115,787

 

110,657

 

4.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

205,855

 

200,145

 

2.9

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations, Net of Income Taxes

 

4,200

 

-

 

nm

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

210,055

 

200,145

 

5.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets *

 

1.37

 

1.47

 

(10)

bp

 

Return on Equity *

 

15.16

 

17.38

 

(222)

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

* - ratios are annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

SYNOVUS

 

 

 

 

 

 

 

 

 

 

 

7 of 11

 

Financial Services Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2007

 

2006

 

2nd Quarter

 

 

 

Second

Quarter

 

First

Quarter

 

Fourth

Quarter

 

Third

Quarter

 

Second

Quarter

 

 

'07 vs. '06

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income (Taxable Equivalent)

$

565,777

 

549,243

 

547,079

 

535,025

 

499,184

 

13.3

%

 

Interest Expense

 

276,017

 

264,950

 

256,760

 

242,875

 

212,499

 

29.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income (Taxable Equivalent)

 

289,760

 

284,293

 

290,319

 

292,150

 

286,685

 

1.1

 

 

Tax Equivalent Adjustment

 

1,285

 

1,344

 

1,448

 

1,395

 

1,471

 

(12.6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

288,475

 

282,949

 

288,871

 

290,755

 

285,214

 

1.1

 

 

Provision for Loan Losses

 

20,281

 

20,515

 

18,675

 

18,390

 

18,534

 

9.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income After Provision

 

268,194

 

262,434

 

270,196

 

272,365

 

266,680

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service Charges on Deposits

 

28,050

 

26,370

 

28,136

 

29,292

 

28,800

 

(2.6)

 

 

Fiduciary and Asset Management Fees

 

12,658

 

12,473

 

12,921

 

12,078

 

11,720

 

8.0

 

 

Brokerage and Investment Banking Revenue

 

7,809

 

7,449

 

6,721

 

6,502

 

6,559

 

19.1

 

 

Mortgage Banking Income

 

7,695

 

7,226

 

6,837

 

8,440

 

8,105

 

(5.1)

 

 

Bankcard Fees

 

11,567

 

11,880

 

11,218

 

11,438

 

11,093

 

4.3

 

 

Securities Gains (Losses)

 

258

 

447

 

-

 

(982)

 

(1,062)

 

nm

 

 

Other Fee Income

 

10,411

 

9,427

 

9,079

 

10,024

 

10,357

 

0.5

 

 

Other Non-Interest Income

 

17,883

 

12,231

 

22,682

 

12,527

 

13,881

 

28.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Income

 

96,331

 

87,503

 

97,594

 

89,319

 

89,453

 

7.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel Expense

 

115,822

 

113,927

 

115,131

 

113,842

 

113,951

 

1.6

 

 

Occupancy & Equipment Expense

 

27,572

 

27,290

 

26,370

 

25,566

 

24,835

 

11.0

 

 

Other Non-Interest Expense

 

54,628

 

53,580

 

61,930

 

51,899

 

52,064

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Interest Expense

 

198,022

 

194,797

 

203,430

 

191,307

 

190,850

 

3.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations before Income Taxes

 

166,503

 

155,140

 

164,360

 

170,377

 

165,283

 

0.7

 

 

Income Taxes

 

61,055

 

54,733

 

59,384

 

60,394

 

58,899

 

3.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations

 

105,448

 

100,407

 

104,976

 

109,983

 

106,384

 

(0.9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations, Net of Income Taxes

 

4,200

 

-

 

-

 

-

 

-

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

109,648

 

100,407

 

104,976

 

109,983

 

106,384

 

3.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Assets *

 

1.40

%

1.33

%

1.39

%

1.49

%

1.50

%

(10)

bp

 

Return on Equity *

 

15.37

 

14.95

 

15.45

 

17.04

 

17.42

 

(205)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

bp - change is measured as difference in basis points.

 

 

 

 

 

 

 

 

 

 

 

 

 

nm - not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

* - ratios are annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

SYNOVUS

 

 

 

 

 

8 of 11

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEETS
(Unaudited)

 

June 30, 2007

 

December 31, 2006

 

June 30, 2006

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

$

882,344

 

889,975

 

887,154

 

 

Interest earning deposits with banks

 

5,157

 

19,389

 

11,885

 

 

Federal funds sold and securities purchased

 

 

 

 

 

 

 

 

under resale agreements

 

241,685

 

101,091

 

203,631

 

 

Trading account assets

 

70,626

 

15,266

 

46,939

 

 

Mortgage loans held for sale

 

190,587

 

175,042

 

170,650

 

 

Investment securities available for sale

 

3,558,813

 

3,352,357

 

3,137,486

 

 

 

 

 

 

 

 

 

 

 

Loans, net of unearned income

 

25,541,742

 

24,654,552

 

23,661,964

 

 

Allowance for loan losses

 

(331,130)

 

(314,459)

 

(313,694)

 

 

Loans, net

 

25,210,612

 

24,340,093

 

23,348,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

784,703

 

752,738

 

707,988

 

 

Contract acquisition costs and computer software, net

 

358,021

 

383,899

 

406,793

 

 

Goodwill, net

 

683,732

 

669,515

 

607,501

 

 

Other intangible assets, net

 

52,177

 

63,586

 

52,894

 

 

Other assets

 

1,184,788

 

1,091,822

 

945,897

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

33,223,246

 

31,854,773

 

30,527,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing retail and commercial deposits

$

3,595,118

 

3,538,598

 

3,806,277

 

 

Interest bearing retail and commercial deposits

 

18,126,822

 

17,741,354

 

16,124,042

 

 

 

 

 

 

 

 

 

 

 

Total retail and commercial deposits

 

21,721,940

 

21,279,952

 

19,930,319

 

 

Brokered time deposits

 

3,275,948

 

3,014,495

 

3,123,380

 

 

 

 

 

 

 

 

 

 

 

Total deposits

 

24,997,887

 

24,294,447

 

23,053,699

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and other short-term

 

 

 

 

 

 

 

 

liabilities

 

1,786,187

 

1,572,809

 

1,974,272

 

 

Long-term debt

 

1,673,124

 

1,350,139

 

1,421,578

 

 

Other liabilities

 

578,314

 

692,019

 

488,559

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

29,035,511

 

27,909,414

 

26,938,108

 

 

 

 

 

 

 

 

 

 

 

Minority interest in consolidated subsidiaries

 

262,013

 

236,709

 

215,521

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

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

 

333,078

 

331,214

 

329,097

 

 

Additional Paid in Capital

 

1,091,541

 

1,033,055

 

960,054

 

 

Treasury stock (2)

 

(113,944)

 

(113,944)

 

(113,944)

 

 

Accumulated other comprehensive loss

 

(20,905)

 

(2,129)

 

(54,783)

 

 

Retained earnings

 

2,635,952

 

2,460,454

 

2,253,035

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity (3)

 

3,925,722

 

3,708,650

 

3,373,459

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

33,223,246

 

31,854,773

 

30,527,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Common shares outstanding: 327,416,936; 325,552,375; and 323,435,831 at June 30, 2007, December 31, 2006, and June 30, 2006, respectively.

 

 

(2) Treasury shares: 5,661,538 at June 30, 2007, December 31, 2006, and June 30, 2006.

 

 

 

 

 

(3) Book value per share: $11.99; $11.39; and $10.43 at June 30, 2007, December 31, 2006, and June 30, 2006, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

SYNOVUS

 

 

 

 

 

9 of 11

AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

2007

2006

 

 

 

 

Second

 

First

Fourth

Third

Second

 

 

 

 

Quarter

 

Quarter

Quarter

Quarter

Quarter

 

Interest Earning Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Investment Securities

$

3,420,831

 

3,301,137

3,178,852

3,025,507

3,008,122

 

 

Yield

 

4.83

%

4.77

4.51

4.39

4.21

 

Tax-Exempt Investment Securities

$

178,183

 

185,012

193,737

197,024

202,676

 

 

Yield (taxable equivalent)

 

6.75

%

6.84

6.95

6.70

6.73

 

Trading Account Assets

$

59,311

 

64,204

34,471

53,181

47,398

 

 

Yield

 

6.47

%

5.65

6.67

5.30

5.72

 

Commercial Loans

$

21,739,107

 

21,242,921

20,791,108

20,407,139

19,723,353

 

 

Yield

 

8.20

%

8.24

8.25

8.23

7.99

 

Consumer Loans

$

896,267

 

928,256

928,521

929,964

898,210

 

 

Yield

 

8.14

%

8.01

7.98

7.96

7.88

 

Mortgage Loans

$

1,110,754

 

1,081,760

1,089,794

1,091,425

1,071,477

 

 

Yield

 

7.03

%

6.98

6.99

6.93

6.82

 

Credit Card Loans

$

275,105

 

270,444

268,705

265,120

260,010

 

 

Yield

 

10.64

%

11.17

10.89

10.86

10.81

 

Home Equity Loans

$

1,407,005

 

1,385,012

1,316,842

1,252,803

1,231,592

 

 

Yield

 

7.82

%

7.68

7.82

7.97

7.69

 

Allowance for Loan Losses

$

(329,028)

 

(317,977)

(317,603)

(318,195)

(307,674)

 

 

 

 

 

 

 

 

 

 

 

Loans, Net

$

25,099,209

 

24,590,415

24,077,367

23,628,256

22,876,968

 

 

Yield

 

8.26

%

8.28

8.29

8.29

8.06

 

Mortgage Loans Held for Sale

$

163,364

 

160,482

149,113

130,196

132,605

 

 

Yield

 

6.18

%

6.07

6.02

6.51

7.08

 

Federal Funds Sold and Other Short-Term Investments

$

131,092

 

147,932

120,804

155,200

139,923

 

 

Yield

 

5.42

%

5.61

5.40

5.32

5.07

 

 

 

 

 

 

 

 

 

 

 

Total Interest Earning Assets

$

29,051,989

 

28,449,181

27,754,344

27,189,364

26,407,692

 

 

Yield

 

7.81

%

7.82

7.83

7.81

7.58

 

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Demand Deposits

$

3,141,899

 

3,113,531

3,034,375

2,946,646

3,040,292

 

 

Rate

 

2.28

%

2.30

2.18

2.03

1.81

 

Money Market Accounts

$

7,388,012

 

7,083,633

6,956,181

6,587,365

6,196,865

 

 

Rate

 

4.49

%

4.49

4.45

4.38

4.00

 

Savings Deposits

$

497,422

 

502,948

514,317

547,779

573,776

 

 

Rate

 

0.57

%

0.68

0.72

0.72

0.69

 

Time Deposits Under $100,000

$

3,020,881

 

3,037,815

3,003,141

2,917,518

2,738,528

 

 

Rate

 

4.85

%

4.79

4.64

4.38

3.92

 

Time Deposits Over $100,000 (less brokered

 

 

 

 

 

 

 

 

time deposits)

$

4,118,221

 

4,101,471

3,997,493

3,756,853

3,362,304

 

 

Rate

 

5.19

%

5.15

5.07

4.92

4.44

 

Total Interest Bearing Core Deposits

 

18,166,435

 

17,839,398

17,505,507

16,756,161

15,911,765

 

 

Rate

 

4.22

%

4.20

4.12

3.97

3.54

 

Brokered Time Deposits

$

3,175,161

 

3,030,793

3,137,889

3,165,905

2,740,674

 

 

Rate

 

5.05

%

5.08

5.01

4.85

4.57

 

 

 

 

 

 

 

 

 

 

 

Total Interest Bearing Deposits

$

21,341,596

 

20,870,191

20,643,396

19,922,066

18,652,438

 

 

Rate

 

4.34

%

4.33

4.26

4.11

3.69

 

Federal Funds Purchased and Other

 

 

 

 

 

 

 

 

Short-Term Liabilities

$

1,711,310

 

1,690,049

1,283,832

1,553,699

1,772,113

 

 

Rate

 

4.90

%

4.87

4.72

4.73

4.76

 

 

 

 

 

 

 

 

 

 

 

Long-Term Debt

$

1,565,014

 

1,450,466

1,360,635

1,364,226

1,586,586

 

 

Rate

 

5.12

%

5.05

4.90

4.57

4.42

 

 

 

 

 

 

 

 

 

 

 

Total Interest Bearing Liabilities

$

24,617,920

 

24,010,706

23,287,863

22,839,991

22,011,138

 

 

Rate

 

4.43

%

4.41

4.32

4.18

3.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Interest Bearing Demand Deposits

$

3,372,063

 

3,372,105

3,469,233

3,528,942

3,511,554

 

Shareholders' Equity

$

3,910,911

 

3,733,523

3,659,996

3,467,029

3,321,397

 

Total Assets

$

32,711,205

 

32,022,912

31,307,991

30,613,827

29,563,064

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin

 

4.05

%

4.10

4.20

4.30

4.39

 

* Yields and rates are annualized.

 

 

 

 

 

 

 

 

 

 

 


 

SYNOVUS

 

 

 

 

 

 

 

 

 

10 of 11

 

LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
  (Unaudited)

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2007

 

 

 

Total Loans

 

Loans as a %
of Total Loans
Outstanding

 

 

Total
Nonperforming
Loans

 

 

Nonperforming Loans
as a % of Total
Nonperforming Loans

 

 

 

 

 

 

 

 

 

Loan Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Family

$

489,453

 

1.9

%

$

362

 

 

0.2

%

Hotels

 

581,376

 

2.3

 

 

-

 

 

-

 

Office Buildings

 

857,360

 

3.4

 

 

3,339

 

 

1.9

 

Shopping Centers

 

712,210

 

2.8

 

 

-

 

 

0.0

 

Commercial Development

 

920,913

 

3.6

 

 

1,518

 

 

0.8

 

Other Investment Property

 

644,109

 

2.5

 

 

740

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Properties

 

4,205,421

 

16.5

 

 

5,959

 

 

3.3

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

2,382,147

 

9.3

 

 

39,389

 

 

21.8

 

1-4 Family Perm / Mini-Perm

 

1,167,658

 

4.6

 

 

21,651

 

 

12.0

 

Residential Development

 

2,297,806

 

9.0

 

 

31,674

 

 

17.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 1-4 Family Properties

 

5,847,611

 

22.9

 

 

92,714

 

 

51.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Land Acquisition

 

1,430,431

 

5.6

 

 

10,553

 

 

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

11,483,463

 

45.0

 

 

109,226

 

 

60.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial , Financial, and Agricultural

 

6,246,493

 

24.4

 

 

41,100

 

 

22.7

 

Owner-Occupied

 

4,132,559

 

16.2

 

 

18,929

 

 

10.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial & Industrial

 

10,379,052

 

40.6

 

 

60,029

 

 

33.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Equity

 

1,417,681

 

5.6

 

 

3,355

 

 

1.9

 

Consumer Mortgages

 

1,544,932

 

6.0

 

 

6,557

 

 

3.6

 

Credit Card

 

280,806

 

1.1

 

 

-

 

 

0.0

 

Other Retail Loans

 

483,820

 

1.9

 

 

1,609

 

 

0.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail

 

3,727,239

 

14.6

 

 

11,521

 

 

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned Income

 

(48,012)

 

(0.2)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

25,541,742

 

100.0

%

$

180,776

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

(LOANS OUTSTANDING BY TYPE COMPARISON
Unaudited)

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Loans

 

 

2Q07 vs. 4Q06

% change (1)

 

 

 

 

2Q07 vs. 2Q06

% change

 

Loan Type

 

June 30,
2007

 

December 31,
2006

 

 

 

 

June 30,
2006

 

 

Multi-Family

$

489,453

 

505,586

 

 

(6.4)

%

$

532,278

 

(8.0)

%

Hotels

 

581,376

 

643,180

 

 

(19.4)

 

 

680,771

 

(14.6)

 

Office Buildings

 

857,360

 

881,658

 

 

(5.6)

 

 

869,955

 

1.4

 

Shopping Centers

 

712,210

 

764,924

 

 

(13.9)

 

 

717,644

 

(0.8)

 

Commercial Development

 

920,913

 

876,570

 

 

10.2

 

 

913,642

 

0.8

 

Other Investment Property

 

644,109

 

434,298

 

 

97.4

 

 

411,340

 

56.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Properties

 

4,205,421

 

4,106,216

 

 

4.9

 

 

4,125,630

 

1.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-4 Family Construction

 

2,382,147

 

2,347,025

 

 

3.0

 

 

2,140,393

 

11.3

 

1-4 Family Perm / Mini-Perm

 

1,167,658

 

1,193,895

 

 

(4.4)

 

 

1,178,113

 

(0.9)

 

Residential Development

 

2,297,806

 

2,036,207

 

 

25.9

 

 

1,873,333

 

22.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 1-4 Family Properties

 

5,847,611

 

5,577,127

 

 

9.8

 

 

5,191,839

 

12.6

 

Land Acquisition

 

1,430,431

 

1,402,402

 

 

4.0

 

 

1,272,921

 

12.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial Real Estate

 

11,483,463

 

11,085,745

 

 

7.2

 

 

10,590,390

 

8.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial , Financial, and Agricultural

 

6,246,493

 

5,875,854

 

 

12.7

 

 

5,589,922

 

11.7

 

Owner-Occupied

 

4,132,559

 

4,080,742

 

 

2.6

 

 

4,017,147

 

2.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Commercial & Industrial

 

10,379,052

 

9,956,596

 

 

8.6

 

 

9,607,069

 

8.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Equity

 

1,417,681

 

1,364,030

 

 

7.9

 

 

1,245,895

 

13.8

 

Consumer Mortgages

 

1,544,932

 

1,517,850

 

 

3.6

 

 

1,493,278

 

3.5

 

Credit Card

 

280,806

 

276,269

 

 

3.3

 

 

266,233

 

5.5

 

Other Retail Loans

 

483,820

 

500,757

 

 

(6.8)

 

 

511,398

 

(5.4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Retail

 

3,727,239

 

3,658,906

 

 

3.8

 

 

3,516,804

 

6.0

 

Unearned Income

 

(48,012)

 

(46,695)

 

 

5.7

 

 

(52,299)

 

(8.2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

25,541,742

 

24,654,552

 

 

7.3

%

$

23,661,964

 

7.9

%

(1) Percentage change is annualized.


 

SYNOVUS

 

 

 

 

 

 

 

 

 

 

 

11 of 11

 

CREDIT QUALITY DATA
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2007

 

2006

 

2nd Quarter

 

 

Second

 

First

 

Fourth

 

Third

 

Second

 

'07 vs. '06

 

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Quarter

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming Loans

$

180,776

 

138,790

 

96,623

 

94,766

 

88,805

 

103.6

%

Other Real Estate

 

41,259

 

31,710

 

25,923

 

31,549

 

25,634

 

61.0

 

Nonperforming Assets

 

222,035

 

170,500

 

122,545

 

126,315

 

114,439

 

94.0

 

Allowance for Loan Losses

 

331,130

 

326,826

 

314,459

 

319,973

 

313,694

 

5.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Charge-Offs - Quarter

 

15,978

 

8,148

 

24,190

 

12,111

 

9,528

 

67.7

 

Net Charge-Offs - YTD

 

24,126

 

8,148

 

60,217

 

36,027

 

23,916

 

0.9

 

Net Charge-Offs / Average Loans - Quarter

 

0.25

 

0.13

 

0.39

 

0.20

 

0.17

 

 

 

Net Charge-Offs / Average Loans - YTD

 

0.19

 

0.13

 

0.26

 

0.21

 

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming Loans / Loans & ORE

 

0.71

 

0.55

 

0.39

 

0.39

 

0.38

 

 

 

Nonperforming Assets / Loans & ORE

 

0.87

 

0.68

 

0.50

 

0.52

 

0.48

 

 

 

Allowance / Loans

 

1.30

 

1.30

 

1.28

 

1.32

 

1.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance / Nonperforming Loans

 

183.17

 

235.48

 

325.45

 

337.65

 

353.24

 

 

 

Allowance / Nonperforming Assets

 

149.13

 

191.69

 

256.61

 

253.31

 

274.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans over 90 days

 

23,067

 

27,414

 

34,031

 

18,002

 

19,340

 

 

 

As a Percentage of Loans Outstanding

 

0.09

 

0.11

 

0.14

 

0.07

 

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Past Dues

 

164,180

 

150,188

 

154,027

 

140,526

 

111,464

 

 

 

As a Percentage of Loans Outstanding

 

0.64

 

0.60

 

0.62

 

0.58

 

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REGULATORY CAPITAL RATIOS (1)
(Unaudited)

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

June 30, 2007

 

December 31,2006

 

June 30, 2006

 

 

 

 

 

 

 

 

 

Tier 1 Capital

$

3,512,469

 

3,254,603

 

3,000,714

 

Total Risk-Based Capital

 

4,593,879

 

4,319,062

 

4,064,409

 

Tier 1 Capital Ratio

 

11.22

 

10.87

 

10.40

 

Total Risk-Based Capital Ratio

 

14.67

 

14.43

 

14.09

 

Leverage Ratio

 

10.98

 

10.64

 

10.39

 

 

 

 

 

 

 

 

 

(1) June 30, 2007 information is preliminary.