EX-99.2 3 g11454exv99w2.htm EX-99.2 SUPPLEMENTAL INFORMATION EX-99.2 SUPPLEMENTAL INFORMATION
 

Exhibit 99.2
Synovus   5 of 10
                         
INCOME STATEMENT DATA   Twelve Months Ended  
(Unaudited)   December 31,  
(In thousands, except per share data)   2007     2006     Change  
Interest income (taxable equivalent)
  $ 2,243,463       2,022,257       10.9 %
Interest expense
    1,089,456       890,677       22.3  
 
                 
 
                       
Net interest income (taxable equivalent)
    1,154,007       1,131,580       2.0  
Tax equivalent adjustment
    5,059       5,791       (12.6 )
 
                 
 
Net interest income
    1,148,948       1,125,789       2.1  
Provision for loan losses
    170,208       75,148       126.5  
 
                 
 
Net interest income after provision
    978,740       1,050,641       (6.8 )
 
                 
 
Non-interest income:
                       
Service charges on deposits
    112,142       112,417       (0.2 )
Fiduciary and asset management fees
    50,761       48,627       4.4  
Brokerage and investment banking revenue
    31,980       26,729       19.6  
Mortgage banking income
    27,006       29,255       (7.7 )
Bankcard fees
    47,770       44,303       7.8  
Securities gains (losses)
    980       (2,118 )   nm
Other fee income
    39,307       38,743       1.5  
Other non-interest income
    79,082       61,474       28.6  
 
                 
 
Total non-interest income
    389,028       359,430       8.2  
 
                 
 
Non-interest expense:
                       
Personnel expense
    455,158       450,373       1.1  
Occupancy and equipment expense
    112,888       100,270       12.6  
Other non-interest expense
    235,248       213,890       10.0  
Visa litigation expense
    36,800           nm
 
                 
 
Total non-interest expense
    840,094       764,533       9.9  
 
                 
 
Income from continuing operations before income taxes
    527,674       645,538       (18.3 )
Income taxes
    184,739       230,435       (19.8 )
 
                 
 
Income from continuing operations
    342,935       415,103       (17.4 )
 
Income from discontinued operations, net of income taxes and minority interest (1)
    183,370       201,814       (9.1 )
 
                 
 
Net income
  $ 526,305       616,917       (14.7 )
 
                 
 
                       
Basic earnings per share
                       
Income from continuing operations
  $ 1.05       1.29       (18.8 )%
Net income
    1.61       1.92       (16.2 )
 
                       
Diluted earnings per share
                       
Income from continuing operations
    1.04       1.28       (18.8 )
Net income
    1.60       1.90       (16.1 )
 
                       
Cash dividends declared per share
    0.82       0.78       5.1  
 
                       
Return on average assets
    1.60 %     2.07     (47)bp
Return on average equity
    13.37       18.31       (494 )
Average shares outstanding — basic
    326,849       321,241       1.7 %
Average shares outstanding — diluted
    329,863       324,232       1.7  
 
bp   - change is measured as difference in basis points.
 
nm   - not meaningful
 
(1)   On December 31, 2007, Synovus Financial Corp. completed the spin-off of its shares of Total System Services, Inc. (“TSYS”) common stock to Synovus shareholders. In accordance with the provisions of Statement of Financial Accounting Standards (SFAS) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” and SFAS No. 146, “ Accounting for Costs Associated with Exit or Disposal Activities,” the current period and historical consolidated results of operations of TSYS, as well as all costs recorded by Synovus Financial Corp. associated with the spin-off of TSYS, are now presented as a discontinued operation. Additionally, 2007 discontinued operations includes a second quarter $4.2 million after-tax gain related to the transfer of Synovus’ proprietary mutual funds to a non-affiliated third party.

 


 

Synovus   6 of 10
INCOME STATEMENT DATA
(Unaudited)

(In thousands, except per share data)
                                                 
    2007     2006     4th Quarter  
  Fourth     Third     Second     First     Fourth     ‘07 vs. ‘06  
    Quarter     Quarter     Quarter     Quarter     Quarter     Change  
Interest income (taxable equivalent)
  $ 554,989       573,545       565,777       549,243       547,079       1.4 %
Interest expense
    267,102       281,478       276,017       264,950       256,760       4.0  
 
                                   
 
                                               
Net interest income (taxable equivalent)
    287,887       292,067       289,760       284,293       290,319       (0.8 )
Tax equivalent adjustment
    1,202       1,228       1,285       1,344       1,448       (17.0 )
 
                                   
 
                                               
Net interest income
    286,685       290,839       288,475       282,949       288,871       (0.8 )
Provision for loan losses
    70,642       58,770       20,281       20,515       18,675       278.3  
 
                                   
 
                                               
Net interest income after provision
    216,043       232,069       268,194       262,434       270,196       (20.0 )
 
                                   
 
                                               
Non-interest income:
                                               
Service charges on deposits
    28,985       28,736       28,050       26,370       28,136       3.0  
Fiduciary and asset management fees
    13,110       12,524       12,658       12,473       12,921       1.5  
Brokerage and investment banking revenue
    8,598       8,123       7,809       7,449       6,721       27.9  
Mortgage banking income
    6,130       5,955       7,695       7,226       6,837       (10.3 )
Bankcard fees
    12,400       11,923       11,567       11,880       11,218       10.5  
Securities gains (losses)
    90       186       258       447           nm  
Other fee income
    9,559       9,910       10,411       9,427       9,079       5.3  
Other non-interest income
    20,126       28,837       17,883       12,231       22,682       (11.3 )
 
                                   
 
                                               
Total non-interest income
    98,998       106,194       96,331       87,503       97,594       1.4  
 
                                   
 
                                               
Non-interest expense:
                                               
Personnel expense
    109,468       115,941       115,822       113,927       115,130       (4.9 )
Occupancy and equipment expense
    29,976       28,055       27,572       27,290       26,370       13.7  
Other non-interest expense
    70,965       56,429       54,267       53,580       61,930       14.6  
Visa litigation expense
    24,800       12,000                       nm  
 
                                   
 
                                               
Total non-interest expense
    235,209       212,425       197,661       194,797       203,430       15.6  
 
                                   
 
                                               
Income from continuing operations before income taxes
    79,832       125,838       166,864       155,140       164,360       (51.4 )
Income taxes
    26,690       42,261       61,055       54,733       59,384       (55.1 )
 
                                   
 
                                               
Income from continuing operations
    53,142       83,577       105,809       100,407       104,976       (49.4 )
 
                                               
Income from discontinued operations, net of income taxes and minority interest (1)
    28,717       51,366       56,941       46,346       70,571       (59.3 )
 
                                   
Net income
  $ 81,859       134,943       162,750       146,753       175,547       (53.4 )
 
                                   
 
                                               
Basic earnings per share
                                               
Income from continuing operations
  $ 0.16       0.26       0.32       0.31       0.32       (49.9 )%
Net income
    0.25       0.41       0.50       0.45       0.54       (53.9 )
 
                                               
Diluted earnings per share
                                               
Income from continuing operations
    0.16       0.25       0.32       0.30       0.32       (49.6 )
Net income
    0.25       0.41       0.49       0.45       0.54       (53.6 )
 
                                               
Cash dividends declared per share
    0.21       0.21       0.21       0.21       0.20       5.1  
 
                                               
Return on average assets *
    0.96 %     1.70       2.00       1.86       2.22     (126 )bp
Return on average equity *
    7.97       14.02       16.69       15.94       19.03       (1,106 )
 
                                               
Average shares outstanding - basic
    328,052       327,215       326,410       325,687       324,555       1.1 %
Average shares outstanding - diluted
    329,453       330,160       330,263       329,573       328,122       0.4  
 
bp —  change is measured as difference in basis points.
 
nm not meaningful
 
* ratios are annualized
 
(1)   On December 31, 2007, Synovus Financial Corp. completed the spin-off of its shares of Total System Services, Inc. (“TSYS”) common stock to Synovus shareholders. In accordance with the provisions of Statement of Financial Accounting Standards (SFAS) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” and SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities,” the current period and historical consolidated results of operations of TSYS, as well as all costs recorded by Synovus Financial Corp. associated with the spin-off of TSYS, are now presented as a discontinued operation. Additionally, discontinued operations for the three months ended June 30, 2007 includes a $4.2 million after-tax gain related to the transfer of Synovus’ proprietary mutual funds to a non-affiliated third party.


 

     
Synovus   7 of 10
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)
                         
    December 31, 2007     September 30, 2007     December 31, 2006  
ASSETS
                       
Cash and due from banks
  $ 682,583       642,882       713,053  
Interest earning deposits with banks
    10,950       4,318       19,315  
Federal funds sold and securities purchased under resale agreements
    76,086       113,654       101,091  
Trading account assets
    17,803       33,009       15,266  
Mortgage loans held for sale
    153,437       165,837       175,042  
Investment securities available for sale
    3,666,974       3,628,766       3,352,357  
 
                       
Loans, net of unearned income
    26,498,585       25,774,656       24,654,552  
Allowance for loan losses
    (367,613 )     (356,887 )     (314,459 )
 
                 
Loans, net
    26,130,972       25,417,769       24,340,093  
 
                 
 
                       
Premises and equipment, net
    547,437       527,415       481,415  
Goodwill, net
    519,138       519,138       515,719  
Other intangible assets, net
    28,007       29,945       29,117  
Other assets
    1,067,893       1,002,259       720,870  
Assets of discontinued operation (1)
          1,490,671       1,391,435  
 
                 
 
                       
Total assets
  $ 32,901,280       33,575,663       31,854,773  
 
                 
 
                       
LIABILITIES AND SHAREHOLDERS’ EQUITY
                       
Liabilities:
                       
Deposits:
                       
Non-interest bearing retail and commercial deposits
  $ 3,472,423       3,566,749       3,768,775  
Interest bearing retail and commercial deposits
    18,199,997       18,196,568       17,745,204  
 
                 
 
                       
Total retail and commercial deposits
    21,672,420       21,763,317       21,513,979  
 
                       
Brokered time deposits
    3,287,396       2,872,979       3,014,495  
 
                 
 
                       
Total deposits
    24,959,816       24,636,296       24,528,474  
 
                       
Federal funds purchased and other short-term liabilities
    2,319,412       2,581,088       1,582,487  
Long-term debt
    1,890,235       1,680,478       1,343,358  
Other liabilities
    293,253       282,360       320,861  
Liabilities of and minority interest in discontinued operation (1)
          341,085       370,943  
 
                 
 
                       
Total liabilities
    29,462,716       29,521,307       28,146,123  
 
                 
 
                       
Shareholders’ equity:
                       
Common stock, par value $1.00 a share (2)
    335,529       334,095       331,214  
Additional paid-in capital
    1,098,184       1,107,653       1,033,055  
Treasury stock (3)
    (113,944 )     (113,944 )     (113,944 )
Accumulated other comprehensive income (loss)
    31,439       23,339       (2,129 )
Retained earnings
    2,087,356       2,703,213       2,460,454  
 
                 
Total shareholders’ equity (4)
    3,438,564       4,054,356       3,708,650  
 
                 
 
                       
Total liabilities and shareholders’ equity
  $ 32,901,280       33,575,663       31,854,773  
 
                 
 
(1)   On December 31, 2007, Synovus Financial Corp. completed the spin-off of its shares of Total System Services, Inc. (“TSYS”) common stock to Synovus shareholders. In accordance with Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” all prior period assets and liabilities of TSYS are presented as a discontinued operation.
 
(2)   Common shares outstanding: 329,867,944; 328,433,944 and 325,552,375 at December 31, 2007, September 30, 2007, and December 31, 2006, respectively.
 
(3)   Treasury shares: 5,661,538 at December 31, 2007, September 30, 2007, and December 31, 2006.
 
(4)   Book value per share: $10.42 ; $12.34; and $11.39 at December 31, 2007, September 30, 2007, and December 31, 2006, respectively.


 

Synovus   8 of 10
AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)

(Dollars in thousands)
                                                         
    2007   2006   Twelve months ended
    Fourth   Third   Second   First   Fourth   December 31,
    Quarter   Quarter   Quarter   Quarter   Quarter   2007   2006
     
Interest Earning Assets
                                                       
Taxable Investment Securities
  $ 3,496,843       3,495,017       3,420,831       3,301,137       3,178,852     $ 3,429,175       3,009,962  
Yield
    4.90 %     4.82       4.83       4.77       4.51       4.83 %     4.31  
Tax-Exempt Investment Securities
  $ 164,587       170,211       178,183       185,012       193,737     $ 174,431       198,692  
Yield (taxable equivalent)
    6.82 %     6.72       6.75       6.84       6.93       6.77 %     6.79  
Trading Account Assets
  $ 29,698       56,217       59,311       64,204       34,471     $ 52,274       43,201  
Yield
    7.05 %     7.15       6.47       5.65       6.67       6.45 %     6.14  
Commercial Loans
  $ 22,157,460       21,820,687       21,739,107       21,242,921       20,791,108     $ 21,742,770       19,828,160  
Yield
    7.69 %     8.13       8.20       8.24       8.25       8.06 %     8.03  
Consumer Loans
  $ 928,942       915,847       896,267       928,256       928,521     $ 917,326       903,218  
Yield
    8.05 %     8.17       8.14       8.01       7.98       8.09 %     7.89  
Mortgage Loans
  $ 1,237,962       1,152,621       1,110,754       1,081,760       1,089,794     $ 1,146,221       1,073,296  
Yield
    7.04 %     7.10       7.03       6.98       6.99       7.04 %     6.86  
Credit Card Loans
  $ 285,410       277,445       275,105       270,444       268,705     $ 277,143       263,549  
Yield
    10.26 %     10.96       10.64       11.17       10.89       10.75 %     10.85  
Home Equity Loans
  $ 1,517,510       1,444,411       1,407,005       1,385,012       1,316,842     $ 1,438,864       1,247,715  
Yield
    7.34 %     7.80       7.82       7.68       7.82       7.66 %     7.70  
Allowance for Loan Losses
  $ (357,283 )     (335,406 )     (329,028 )     (317,977 )     (317,603 )   $ (335,033 )     (309,658 )
         
Loans, Net
  $ 25,770,001       25,275,605       25,099,210       24,590,416       24,077,367     $ 25,187,291       23,006,280  
Yield
    7.79 %     8.21       8.26       8.28       8.29       8.13 %     8.09  
Mortgage Loans Held for Sale
  $ 108,044       176,448       163,364       160,482       149,113     $ 152,007       132,332  
Yield
    6.12 %     6.91       6.18       6.07       6.02       6.36 %     6.54  
Federal Funds Sold and Other Short-Term Investments
  $ 110,745       85,094       131,029       147,857       120,729     $ 118,488       132,566  
Yield
    4.63 %     5.76       5.37       5.55       5.33       5.30 %     5.06  
 
Total Interest Earning Assets
  $ 29,679,918       29,258,592       29,051,928       28,449,108       27,754,269     $ 29,113,665       26,523,033  
Yield
    7.42 %     7.78       7.81       7.82       7.83       7.71 %     7.62  
 
 
                                                       
Interest Bearing Liabilities
                                                       
 
                                                       
Interest Bearing Demand Deposits
  $ 3,200,408       3,047,279       3,141,899       3,113,531       3,034,375     $ 3,125,802       3,006,308  
Rate
    1.99 %     2.24       2.28       2.30       2.18       2.20 %     1.92  
Money Market Accounts
  $ 7,969,409       7,898,277       7,644,253       7,336,524       7,158,672     $ 7,714,360       6,515,079  
Rate
    3.98 %     4.45       4.51       4.51       4.47       4.36 %     4.14  
Savings Deposits
  $ 454,204       479,479       497,422       502,948       514,317     $ 483,368       542,793  
Rate
    0.35 %     0.48       0.57       0.68       0.72       0.52 %     0.65  
Time Deposits Under $100,000
  $ 2,790,869       2,917,089       3,020,881       3,037,815       3,003,141     $ 2,940,920       2,791,759  
Rate
    4.69 %     4.81       4.85       4.79       4.64       4.78 %     4.15  
Time Deposits Over $100,000 (less brokered time deposits)
  $ 4,006,351       4,029,091       4,118,221       4,101,471       3,997,493     $ 4,063,428       3,549,200  
Rate
    4.98 %     5.12       5.19       5.15       5.08       5.11 %     4.66  
         
Total Interest Bearing Core Deposits
    18,421,240       18,371,215       18,422,676       18,092,289       17,707,998     $ 18,327,878       16,405,139  
Rate
    3.87 %     4.19       4.23       4.22       4.14       4.12 %     3.73  
Brokered Time Deposits
  $ 2,941,592       3,188,310       3,175,161       3,030,793       3,137,889     $ 3,084,006       2,855,191  
Rate
    4.98 %     5.19       5.05       5.08       5.01       5.08 %     4.70  
         
Total Interest Bearing Deposits
  $ 21,362,832       21,559,525       21,597,837       21,123,082       20,845,887     $ 21,411,884       19,260,330  
Rate
    4.02 %     4.33       4.35       4.34       4.27       4.26 %     3.88  
Federal Funds Purchased and Other Short-Term Liabilities
  $ 2,472,339       1,930,598       1,720,535       1,700,304       1,295,379     $ 1,957,990       1,578,163  
Rate
    4.37 %     4.84       4.96       4.86       4.70       4.68 %     4.56  
Long-Term Debt
  $ 1,819,198       1,660,788       1,552,310       1,441,241       1,356,451     $ 1,619,536       1,515,306  
Rate
    5.08 %     5.32       5.18       5.07       4.91       5.12 %     4.62  
 
Total Interest Bearing Liabilities
  $ 25,654,369       25,150,911       24,870,682       24,264,627       23,497,717     $ 24,989,409       22,353,799  
Rate
    4.12 %     4.43       4.44       4.42       4.33       4.35 %     3.98  
 
Non-Interest Bearing Demand Deposits
  $ 3,422,684       3,405,622       3,428,246       3,381,056       3,486,641     $ 3,409,506       3,518,312  
 
Net Interest Margin
    3.86 %     3.97       4.00       4.05       4.16       3.97 %     4.27  
 
*   Yields and rates are annualized.
 
(1)   On December 31, 2007, Synovus Financial Corp. completed the spin-off of its shares of Total System Services, Inc. (“TSYS”) common stock to Synovus shareholders. In accordance with the provisions of Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” the current period and historical consolidated results of operations, assets, and liabilities of TSYS are now presented as a discontinued operation. Accordingly, the above earning assets, liabilities, yields, and cost of funds exclude the amounts related to TSYS due to the de-consolidation of TSYS.


 

9 of 10
Synovus
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)

(Dollars in thousands)
                                 
    December 31, 2007  
            Loans as a %     Total     Nonperforming Loans  
            of Total Loans     Nonperforming     as a % of Total  
Loan Type   Total Loans     Outstanding     Loans     Nonperforming Loans  
Multi-Family
  $ 465,281       1.8 %   $ 1,510       0.5 %
Hotels
    614,979       2.3              
Office Buildings
    953,753       3.6       6,252       1.8  
Shopping Centers
    836,092       3.2       744       0.2  
Commercial Development
    963,526       3.6       7,760       2.3  
Other Investment Property
    685,846       2.6       4,244       1.3  
 
                       
Total Investment Properties
    4,519,477       17.1       20,510       6.1  
 
                       
1-4 Family Construction
    2,238,925       8.4       105,329       30.8  
1-4 Family Perm / Mini-Perm
    1,267,451       4.8       34,201       10.0  
Residential Development
    2,311,459       8.7       79,828       23.3  
 
                       
Total 1-4 Family Properties
    5,817,835       21.9       219,358       64.1  
 
                       
Land Acquisition
    1,545,933       5.8       35,699       10.4  
 
                       
Total Commercial Real Estate
    11,883,245       44.8       275,567       80.6  
 
                       
Commercial , Financial, and Agricultural
    6,424,499       24.2       41,808       12.2  
Owner-Occupied
    4,239,639       16.0       12,091       3.6  
 
                       
Total Commercial & Industrial
    10,664,138       40.2       53,899       15.8  
Home Equity
    1,543,701       5.8       3,892       1.1  
Consumer Mortgages
    1,667,924       6.3       6,983       2.0  
Credit Card
    291,149       1.1              
Other Retail Loans
    494,591       1.9       1,741       0.5  
 
                       
Total Retail
    3,997,365       15.1       12,616       3.6  
Unearned Income
    (46,163 )     (0.1 )            
 
                       
Total
  $ 26,498,585       100.0 %   $ 342,082       100.0 %
 
                       
 
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)

(Dollars in thousands)
                                         
     
    Total Loans     4Q07 vs. 3Q07             4Q07 vs. 4Q06  
Loan Type   December 31, 2007     September 30, 2007     % change (1)     December 31, 2006     % change  
Multi-Family
  $ 465,281       449,814       13.6 %   $ 505,586       (8.0 )%
Hotels
    614,979       591,527       15.7       643,180       (4.4 )
Office Buildings
    953,753       881,138       32.7       881,658       8.2  
Shopping Centers
    836,092       739,334       51.9       764,924       9.3  
Commercial Development
    963,526       937,367       11.1       876,570       9.9  
Other Investment Property
    685,846       652,408       20.3       461,963       48.5  
 
                             
 
                                       
Total Investment Properties
    4,519,477       4,251,588       25.0       4,133,881       9.3  
 
                             
1-4 Family Construction
    2,238,925       2,302,842       (11.0 )     2,347,025       (4.6 )
1-4 Family Perm / Mini-Perm
    1,267,451       1,219,577       15.6       1,193,895       6.2  
Residential Development
    2,311,459       2,269,844       7.3       2,036,207       13.5  
 
                             
Total 1-4 Family Properties
    5,817,835       5,792,263       1.8       5,577,127       4.3  
 
                             
Land Acquisition
    1,545,933       1,476,042       18.8       1,402,402       10.2  
 
                             
Total Commercial Real Estate
    11,883,245       11,519,893       12.5       11,113,410       6.9  
 
                             
Commercial , Financial, and Agricultural
    6,424,499       6,268,524       9.9       5,874,204       9.4  
Owner-Occupied
    4,239,639       4,166,683       6.9       4,054,728       4.6  
 
                             
Total Commercial & Industrial
    10,664,138       10,435,207       8.7       9,928,932       7.4  
 
                                       
Home Equity
    1,543,701       1,478,694       17.4       1,364,030       13.2  
Consumer Mortgages
    1,667,924       1,620,730       11.6       1,517,849       9.9  
Credit Card
    291,149       280,192       15.5       276,269       5.4  
Other Retail Loans
    494,591       485,928       7.1       500,757       (1.2 )
 
                             
Total Retail
    3,997,365       3,865,544       13.5       3,658,905       9.3  
Unearned Income
    (46,163 )     (45,988 )     1.5       (46,695 )     (1.1 )
 
                             
 
                                       
Total
  $ 26,498,585       25,774,656       11.1 %   $ 24,654,552       7.5 %
 
                             
 
(1) Percentage change is annualized.


 

Synovus   10 of 10
CREDIT QUALITY DATA    
(Unaudited)
(Dollars in thousands)
   
                                                 
    2007   2006   4th Quarter
    Fourth   Third   Second   First   Fourth   ‘07 vs. ‘06
    Quarter    Quarter   Quarter   Quarter   Quarter   Change
           
Nonperforming Loans
  $ 342,082       224,055       180,776       138,790       96,622       254.0 %
Other Real Estate
    101,487       76,514       41,259       31,710       25,923       291.4  
Nonperforming Assets
    443,569       300,569       222,035       170,500       122,545       261.9  
Allowance for Loan Losses
    367,613       356,887       331,130       326,826       314,459       16.9  
 
                                               
Net Charge-Offs — Quarter
    59,916       33,013       15,978       8,148       24,190       147.7  
Net Charge-Offs — YTD
    117,055       57,139       24,126       8,148       60,217       94.4  
Net Charge-Offs / Average Loans — Quarter
    0.91 %     0.51       0.25       0.13       0.39          
Net Charge-Offs / Average Loans — YTD
    0.46       0.30       0.19       0.13       0.26          
 
                                               
Nonperforming Loans / Loans & ORE
    1.29       0.87       0.71       0.55       0.39          
Nonperforming Assets / Loans & ORE
    1.67       1.16       0.87       0.68       0.50          
Allowance / Loans
    1.39       1.38       1.30       1.30       1.28          
 
                                               
Allowance / Nonperforming Loans
    107.46       159.29       183.17       235.48       325.45          
Allowance / Nonperforming Assets
    82.88       118.74       149.13       191.69       256.61          
 
                                               
Past Due Loans over 90 days
    33,663       22,667       23,067       27,414       34,495       (2.4 )%
As a Percentage of Loans Outstanding
    0.13       0.09       0.09       0.11       0.14          
 
                                               
Total Past Dues
    270,496       230,035       164,180       150,188       155,058       74.4  
As a Percentage of Loans Outstanding
    1.02       0.89       0.64       0.60       0.63          

 
REGULATORY CAPITAL RATIOS (1)
(Unaudited)

(Dollars in thousands)
                         
    December 31, 2007   September 30, 2007   December 31, 2006
Tier 1 Capital
  $ 2,867,720       3,615,522       3,254,603  
Total Risk-Based Capital
    3,985,344       4,722,409       4,319,062  
Tier 1 Capital Ratio
    9.10 %     11.42       10.87  
Total Risk-Based Capital Ratio
    12.64       14.92       14.43  
Leverage Ratio
    8.65       11.16       10.64  
 
(1)   December 31, 2007 information is preliminary.