EX-99.2 3 d470458dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

 

      Twelve Months Ended  
     December 31,  
     2012     2011     Change  

Interest income

   $ 1,004,140        1,141,756        (12.1 )% 

Interest expense

     150,023        217,602        (31.1
  

 

 

   

 

 

   

 

 

 

Net interest income

     854,117        924,154        (7.6

Provision for loan losses

     320,369        418,795        (23.5
  

 

 

   

 

 

   

 

 

 

Net interest income after provision for loan losses

     533,748        505,359        5.6   
  

 

 

   

 

 

   

 

 

 

Non-interest income:

      

Service charges on deposit accounts

     78,203        78,770        (0.7

Fiduciary and asset management fees

     42,503        45,809        (7.2

Brokerage revenue

     26,913        26,006        3.5   

Mortgage banking income

     32,272        20,316        58.9   

Bankcard fees

     34,075        41,493        (17.9

Investment securities gains, net

     39,142        75,007        (47.8

Other fee income

     21,138        19,953        5.9   

Increase (decrease) in fair value of private equity investments, net

     8,233        (1,118     nm   

Other non-interest income

     31,487        32,638        (3.5
  

 

 

   

 

 

   

 

 

 

Total non-interest income

     313,966        338,874        (7.4
  

 

 

   

 

 

   

 

 

 

Non-interest expense:

      

Salaries and other personnel expense

     375,872        371,546        1.2   

Net occupancy and equipment expense

     105,575        114,037        (7.4

FDIC insurance and other regulatory fees

     45,408        59,063        (23.1

Foreclosed real estate expense, net

     90,655        133,570        (32.1

Losses (gains) on other loans held for sale, net

     4,681        (2,737     nm   

Professional fees

     41,307        40,585        1.8   

Data processing expense

     33,440        35,757        (6.5

Visa indemnification charges

     6,304        6,038        4.4   

Restructuring charges

     5,412        30,665        (82.4

Other operating expenses

     107,583        115,241        (6.6
  

 

 

   

 

 

   

 

 

 

Total non-interest expense

     816,237        903,765        (9.7
  

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     31,477        (59,532     nm   

Income tax (benefit) expense

     (802,188     1,312        nm   
  

 

 

   

 

 

   

 

 

 

Net income (loss)

     833,665        (60,844     nm   

Net loss attributable to non-controlling interest

     —          (220     nm   
  

 

 

   

 

 

   

 

 

 

Net income (loss) available to controlling interest

     833,665        (60,624     nm   
  

 

 

   

 

 

   

 

 

 

Dividends and accretion of discount on preferred stock

     58,703        58,088        1.1   
  

 

 

   

 

 

   

 

 

 

Net income (loss) available to common shareholders

   $ 774,962        (118,712     nm   
  

 

 

   

 

 

   

 

 

 

Basic EPS

      

Net income (loss) available to common shareholders

     0.99        (0.15     nm   

Diluted EPS

      

Net income (loss) available to common shareholders

     0.85        (0.15     nm   

Cash dividends declared per common share

     0.04        0.04        —     

Return on average assets

     3.16     (0.21     nm   

Return on average common equity

     40.65        (6.04     nm   

Average common shares outstanding - basic

     786,466        785,272        0.2

Average common shares outstanding - diluted

     910,102        785,272        nm   

nm - not meaningful


Synovus

 

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

 

     2012     2011     4th Quarter  
     Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
    Fourth
Quarter
    ’12 vs. ’11
Change
 

Interest income

   $ 240,000        247,676        253,809        262,654        273,303        (12.2 )% 

Interest expense

     32,544        35,331        40,453        41,695        46,147        (29.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     207,456        212,345        213,356        220,959        227,156        (8.7

Provision for loan losses

     146,526        63,572        44,222        66,049        54,565        168.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision for loan losses

     60,930        148,773        169,134        154,910        172,591        (64.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest income:

            

Service charges on deposit accounts

     20,883        20,404        18,684        18,231        19,175        8.9   

Fiduciary and asset management fees

     10,537        10,340        10,792        10,835        10,763        (2.1

Brokerage revenue

     7,127        6,844        6,295        6,647        6,939        2.7   

Mortgage banking income

     9,025        9,261        7,983        6,003        4,847        86.2   

Bankcard fees

     10,137        7,866        8,493        7,579        7,150        41.8   

Investment securities gains, net

     8,233        6,656        4,170        20,083        10,337        (20.4

Other fee income

     6,211        5,276        4,951        4,700        4,310        44.1   

Increase (decrease) in fair value of private equity investments, net

     1,805        (944     7,279        93        (177     nm   

Other non-interest income

     6,159        7,530        7,830        9,968        10,126        (39.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest income

     80,117        73,233        76,477        84,139        73,470        9.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest expense:

            

Salaries and other personnel expense

     94,901        93,177        95,173        92,622        93,115        1.9   

Net occupancy and equipment expense

     26,063        26,647        26,159        26,706        27,338        (4.7

FDIC insurance and other regulatory fees

     8,237        9,205        13,302        14,663        13,238        (37.8

Foreclosed real estate expense, net

     34,978        11,997        20,708        22,972        31,853        9.8   

Losses (gains) on other loans held for sale, net

     675        4,104        (1,058     959        (145     nm   

Professional fees

     12,037        10,074        9,929        9,267        10,321        16.6   

Data processing expense

     8,420        8,284        8,712        8,024        8,532        (1.3

Visa indemnification charges

     757        833        1,734        2,979        5,942        (87.3

Restructuring charges

     1,969        1,192        1,393        858        639        208.1   

Other operating expenses

     25,309        25,979        32,212        24,083        28,249        (10.4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest expense

     213,346        191,492        208,264        203,133        219,082        (2.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income before income taxes

     (72,299     30,514        37,347        35,916        26,979        nm   

Income tax benefit

     (799,795     (211     (2,105     (77     (378     nm   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     727,496        30,725        39,452        35,993        27,357        nm   

Dividends and accretion of discount on preferred stock

     14,736        14,695        14,649        14,624        14,578        1.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income available to common shareholders

   $ 712,760        16,030        24,803        21,369        12,779        nm   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic EPS

            

Net income available to common shareholders

     0.91        0.02        0.03        0.03        0.02        nm   

Diluted EPS

            

Net income available to common shareholders

     0.78        0.02        0.03        0.02        0.01        nm   

Cash dividends declared per common share

     0.01        0.01        0.01        0.01        0.01        —     

Return on average assets *

     11.19     0.47     0.59     0.53     0.39        nm   

Return on average common equity *

     150.19        3.30        5.23        4.49        2.66        nm   

Average common shares outstanding - basic

     786,576        786,576        786,576        786,135        785,289        0.2

Average common shares outstanding - diluted

     911,251        910,396        909,761        908,986        911,253        (0.0

nm - not meaningful

* - ratios are annualized


Synovus

 

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

 

      December 31, 2012     September 30, 2012     December 31, 2011  

ASSETS

      

Cash and cash equivalents

   $ 614,630        454,028        510,423   

Interest bearing funds with Federal Reserve Bank

     1,498,390        815,156        1,567,006   

Interest earning deposits with banks

     23,442        27,215        13,590   

Federal funds sold and securities purchased under resale agreements

     113,517        116,318        158,916   

Trading account assets, at fair value

     11,102        5,953        16,866   

Mortgage loans held for sale, at fair value

     212,663        246,224        161,509   

Other loans held for sale

     10,690        11,254        30,156   

Investment securities available for sale, at fair value

     2,981,112        3,229,440        3,690,125   

Loans, net of deferred fees and costs

     19,541,690        19,731,865        20,079,813   

Allowance for loan losses

     (373,405     (420,404     (536,494
  

 

 

   

 

 

   

 

 

 

Loans, net

     19,168,285        19,311,461        19,543,319   
  

 

 

   

 

 

   

 

 

 

Premises and equipment, net

     479,546        475,222        486,923   

Goodwill

     24,431        24,431        24,431   

Other intangible assets, net

     5,149        5,895        8,525   

Other real estate

     150,271        189,182        204,232   

Net deferred income tax asset

     810,144        1,985        2,138   

Other assets

     660,096        850,880        744,686   
  

 

 

   

 

 

   

 

 

 

Total assets

   $ 26,763,468        25,764,644        27,162,845   
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

      

Liabilities:

      

Deposits:

      

Non-interest bearing deposits

   $ 5,665,527        5,503,288        5,366,868   

Interest bearing deposits, excluding brokered deposits

     14,298,768        14,423,583        15,261,710   

Brokered deposits

     1,092,749        919,959        1,783,174   
  

 

 

   

 

 

   

 

 

 

Total deposits

     21,057,044        20,846,830        22,411,752   

Federal funds purchased and securities sold under repurchase agreements

     201,243        165,865        313,757   

Long-term debt

     1,726,455        1,654,183        1,364,727   

Other liabilities

     205,839        222,066        245,157   
  

 

 

   

 

 

   

 

 

 

Total liabilities

     23,190,581        22,888,944        24,335,393   
  

 

 

   

 

 

   

 

 

 

Equity:

      

Shareholders’ equity:

      

Series A Preferred Stock, no par value (1)

     957,327        954,690        947,017   

Common stock, par value $1.00 (2)

     792,273        792,269        790,989   

Additional paid-in capital

     2,189,874        2,202,903        2,241,171   

Treasury stock, at cost (3)

     (114,176     (114,176     (114,176

Accumulated other comprehensive income

     4,101        16,156        21,093   

Accumulated deficit

     (256,512     (976,142     (1,058,642
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     3,572,887        2,875,700        2,827,452   

Total liabilities and shareholders’ equity

   $ 26,763,468        25,764,644        27,162,845   
  

 

 

   

 

 

   

 

 

 

 

(1) Preferred shares outstanding: 967,870, at all periods presented
(2) Common shares outstanding: 786,579,240; 786,575,516; and 785,295,428 at December 31, 2012, September 30, 2012, and December 31, 2011, respectively.
(3) Treasury shares: 5,693,452, at all periods presented


Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

 

     2012     2011  
     Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
    Fourth
Quarter
 

Interest Earning Assets

          

Taxable investment securities (2)

   $ 3,069,000        3,495,838        3,539,376        3,577,026        3,647,459   

Yield

     1.62     1.67        2.11        2.35        2.59   

Tax-exempt investment securities (2) (4)

   $ 17,377        19,503        21,408        23,559        25,566   

Yield (taxable equivalent)

     6.59     6.47        6.40        6.36        6.57   

Trading account assets

   $ 9,600        12,343        13,647        14,975        19,107   

Yield

     8.04     8.27        6.93        7.47        4.87   

Commercial loans (3) (4)

   $ 15,692,588        15,691,881        15,941,719        16,144,615        16,276,207   

Yield

     4.48     4.63        4.67        4.76        4.82   

Consumer loans (3)

   $ 3,992,986        3,940,000        3,896,941        3,866,084        3,871,393   

Yield

     4.77     4.80        4.87        4.95        4.95   

Allowance for loan losses

   $ (405,237     (446,495     (498,419     (529,669     (587,956
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loans, net (3)

   $ 19,280,337        19,185,386        19,340,241        19,481,030        19,559,644   

Yield

     4.65     4.79        4.85        4.94        5.01   

Mortgage loans held for sale

   $ 208,839        175,199        90,499        112,040        161,632   

Yield

     3.72     4.03        4.99        4.88        4.58   

Federal funds sold, due from Federal Reserve Bank, and other short-term investments

   $ 1,366,422        1,215,743        1,668,814        1,830,295        2,221,728   

Yield

     0.24     0.24        0.24        0.24        0.24   

Federal Home Loan Bank and Federal Reserve Bank stock (5)

   $ 66,630        53,239        63,665        78,100        84,171   

Yield

     2.03     1.87        1.85        1.43        0.93   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest earning assets

   $ 24,018,205        24,157,251        24,737,650        25,117,025        25,719,307   

Yield

     3.99     4.09        4.14        4.22        4.23   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest Bearing Liabilities

          

Interest bearing demand deposits

   $ 3,872,025        3,344,561        3,404,540        3,540,327        3,457,677   

Rate

     0.18     0.19        0.22        0.25        0.26   

Money market accounts

   $ 6,251,374        6,751,607        6,769,037        6,755,769        6,697,334   

Rate

     0.33     0.33        0.42        0.49        0.57   

Savings deposits

   $ 558,726        557,086        557,149        534,118        516,520   

Rate

     0.10     0.10        0.11        0.12        0.12   

Time deposits under $100,000

   $ 1,648,554        1,763,864        1,868,348        1,967,084        2,062,171   

Rate

     0.74     0.85        0.97        1.08        1.17   

Time deposits over $100,000

   $ 2,015,582        2,176,488        2,336,496        2,480,044        2,710,893   

Rate

     0.99     1.11        1.23        1.33        1.40   

Brokered money market accounts

   $ 180,216        186,336        222,916        223,113        236,973   

Rate

     0.34     0.33        0.33        0.28        0.27   

Brokered time deposits

   $ 800,434        820,908        1,036,521        1,346,868        1,689,538   

Rate

     1.42     1.83        1.94        1.89        1.87   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest bearing deposits

   $ 15,326,911        15,600,850        16,195,007        16,847,323        17,371,106   

Rate

     0.47     0.54        0.64        0.73        0.82   

Federal funds purchased and other short-term liabilities

   $ 266,431        350,183        368,984        296,018        329,343   

Rate

     0.16     0.17        0.18        0.24        0.26   

Long-term debt

   $ 1,740,588        1,372,741        1,326,239        1,386,324        1,443,825   

Rate

     3.27     4.09        4.34        3.19        2.78   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest bearing liabilities

   $ 17,333,930        17,323,774        17,890,230        18,529,665        19,144,274   

Rate

     0.75     0.81        0.91        0.90        0.96   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-interest bearing demand deposits

   $ 5,466,312        5,560,827        5,606,352        5,397,964        5,413,322   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest margin

     3.45     3.51        3.48        3.55        3.52   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Taxable equivalent adjustment

   $ 766        761        780        798        844   

 

(1) Yields and rates are annualized.
(2) Excludes net unrealized gains and (losses).
(3) Average loans are shown net of unearned income. Non-performing loans are included.
(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 35%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
(5) Included as a component of Other Assets on the balance sheet


Synovus

 

LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

 

     December 31, 2012  

Loan Type

   Total Loans     Loans as a %
of Total Loans
Outstanding
    Total
Non-performing
Loans
     Non-performing Loans
as a % of Total
Nonperforming Loans
 

Multi-Family

   $ 796,110        4.1   $ 8,129         1.5

Hotels

     655,263        3.3        4,902         0.9   

Office Buildings

     773,881        4.0        4,855         0.9   

Shopping Centers

     896,869        4.6        9,373         1.7   

Commercial Development

     226,513        1.2        51,462         9.5   

Warehouses

     538,157        2.7        2,898         0.5   

Other Investment Property

     489,325        2.5        10,248         1.9   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Investment Properties

     4,376,118        22.4        91,867         16.9   
  

 

 

   

 

 

   

 

 

    

 

 

 

1-4 Family Construction

     130,841        0.7        7,633         1.4   

1-4 Family Investment Mortgage

     865,801        4.4        26,985         5.0   

Residential Development

     282,463        1.4        37,960         7.0   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total 1-4 Family Properties

     1,279,105        6.5        72,578         13.4   
  

 

 

   

 

 

   

 

 

    

 

 

 

Land Acquisition

     794,229        4.1        191,475         35.2   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Commercial Real Estate

     6,449,452        33.0        355,920         65.5   
  

 

 

   

 

 

   

 

 

    

 

 

 

Commercial , Financial, and Agricultural

     5,301,134        27.1        79,575         14.6   

Owner-Occupied Real Estate

     3,800,380        19.4        43,386         8.0   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Commercial & Industrial

     9,101,514        46.5        122,961         22.6   

Home Equity Lines

     1,542,397        7.9        16,741         3.1   

Consumer Mortgages

     1,394,248        7.1        38,630         7.1   

Credit Cards

     263,561        1.3        —           —     

Other Retail Loans

     810,891        4.2        9,081         1.7   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total Retail

     4,011,097        20.5        64,452         11.9   

Unearned Income

     (20,373     nm        —           nm   
  

 

 

   

 

 

   

 

 

    

 

 

 

Total

   $ 19,541,690        100.0   $ 543,333         100.0
  

 

 

   

 

 

   

 

 

    

 

 

 

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

 

     Total Loans     4Q12 vs. 3Q12           4Q12 vs. 4Q11  

Loan Type

   December 31, 2012     September 30, 2012     % change (1)     December 31, 2011     % change  

Multi-Family

   $ 796,110        759,500        19.2   $ 785,672        1.3

Hotels

     655,263        689,196        (19.6     791,444        (17.2

Office Buildings

     773,881        772,961        0.5        775,671        (0.2

Shopping Centers

     896,869        918,224        (9.3     979,288        (8.4

Commercial Development

     226,513        279,585        (75.5     286,954        (21.1

Warehouses

     538,157        508,770        23.0        489,086        10.0   

Other Investment Property

     489,325        474,228        12.7        449,198        8.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Investment Properties

     4,376,118        4,402,464        (2.4     4,557,313        (4.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

1-4 Family Construction

     130,841        152,598        (56.7     199,088        (34.3

1-4 Family Investment Mortgage

     865,801        906,744        (18.0     976,552        (11.3

Residential Development

     282,463        367,908        (92.4     442,844        (36.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total 1-4 Family Properties

     1,279,105        1,427,250        (41.3     1,618,484        (21.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Land Acquisition

     794,229        909,420        (50.4     1,094,821        (27.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Commercial Real Estate

     6,449,452        6,739,134        (17.1     7,270,618        (11.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Commercial , Financial, and Agricultural

     5,301,134        5,163,546        10.6        5,088,420        4.2   

Owner-Occupied Real Estate

     3,800,380        3,877,578        (7.9     3,852,854        (1.4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Commercial & Industrial

     9,101,514        9,041,124        2.7        8,941,274        1.8   

Home Equity Lines

     1,542,397        1,572,986        (7.7     1,619,585        (4.8

Consumer Mortgages

     1,394,248        1,399,432        (1.5     1,411,749        (1.2

Credit Cards

     263,561        257,922        8.7        273,098        (3.5

Other Retail Loans

     810,891        738,320        39.1        575,475        40.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Retail

     4,011,097        3,968,660        4.3        3,879,907        3.4   

Unearned Income

     (20,373     (17,053     77.5        (11,986     70.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 19,541,690        19,731,865        (3.8 )%    $ 20,079,813        (2.7 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Percentage change is annualized.


Synovus

 

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

      2012      2011      4th Quarter  
     Fourth
Quarter
    Third
Quarter
     Second
Quarter
     First
Quarter
     Fourth
Quarter
     ’12 vs. ’11
Change
 

Non-performing Loans

   $ 543,333        700,204         755,161         836,039         883,021         (38.5 )% 

Other Loans Held for Sale (1)

     9,455        10,019         31,306         18,317         30,156         (68.6

Other Real Estate

     150,271        189,182         174,941         201,429         204,232         (26.4

Non-performing Assets

     703,059        899,405         961,408         1,055,785         1,117,409         (37.1

Allowance for Loan Losses

     373,405        420,404         453,325         507,794         536,494         (30.4

Net Charge-Offs - Quarter

     193,525        96,493         98,691         94,749         113,454         70.6   

Net Charge-Offs / Average Loans - Quarter (2)

     3.94     1.97         1.99         1.90         2.26      

Non-performing Loans / Loans

     2.78        3.55         3.84         4.21         4.40      

Non-performing Assets / Loans, Other Loans Held for Sale & ORE

     3.57        4.51         4.83         5.26         5.50      

Allowance / Loans

     1.91        2.13         2.30         2.56         2.67      

Allowance / Non-performing Loans

     68.72        60.04         60.03         60.74         60.76      

Allowance / Non-performing Loans (3)

     93.58        131.56         136.94         128.32         124.04      

Past Due Loans over 90 days and Still Accruing

   $ 6,811        8,972         5,863         8,388         14,521         (53.1 )% 

As a Percentage of Loans Outstanding

     0.03     0.05         0.03         0.04         0.07      

Total Past Dues Loans and Still Accruing

   $ 104,825        108,633         91,962         144,794         149,442         (29.9

As a Percentage of Loans Outstanding

     0.54     0.55         0.47         0.73         0.74      

Accruing troubled debt restructurings (TDRs)

   $ 674,527        698,847         687,396         651,239         668,472         0.9   

 

(1) Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value, less costs to sell.
(2) Ratio is annualized.
(3) Excludes non-performing loans for which the expected loss has been charged off.

SELECTED CAPITAL INFORMATION (1)

(Unaudited)

(Dollars in thousands)

 

     December 31, 2012     December 31, 2011  

Tier 1 Capital

   $ 2,831,960        2,780,774   

Total Risk-Based Capital

     3,460,710        3,544,089   

Tier 1 Capital Ratio

     13.24     12.94   

Tier 1 Common Equity Ratio

     8.72        8.49   

Total Risk-Based Capital Ratio

     16.18        16.49   

Tier 1 Leverage Ratio

     11.00        10.08   

Common Equity as a Percentage of Total Assets (2)

     9.77        6.92   

Tangible Common Equity as a Percentage of Tangible Assets (3)

     9.67        6.81   

Tangible Common Equity as a Percentage of Risk Weighted Assets (3)

     12.09        8.60   

Book Value Per Common Share (4) (5)

     2.99        2.06   

Tangible Book Value Per Common Share (3) (5)

     2.96        2.02   

 

(1) Current quarter regulatory capital information is preliminary.
(2) Common equity consists of Total Shareholders’ Equity less Series A Preferred Stock.
(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
(4) Book Value Per Common Share consists of Total Shareholders’ Equity less Series A Preferred Stock divided by total common shares outstanding.
(5) Equity and common shares exclude impact of unexercised tangible equity units (tMEDS).