Attached files
file | filename |
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8-K - 8-K - SYNOVUS FINANCIAL CORP | d715416d8k.htm |
EX-99.3 - EX-99.3 - SYNOVUS FINANCIAL CORP | d715416dex993.htm |
EX-99.1 - EX-99.1 - SYNOVUS FINANCIAL CORP | d715416dex991.htm |
Exhibit 99.2
Synovus
INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share data)
2014 | 2013 | 1st Quarter | ||||||||||||||||||||||
First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
14 vs. 13 Change |
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Interest income |
$ | 228,382 | 233,258 | 233,852 | 231,513 | 230,391 | (0.9 | )% | ||||||||||||||||
Interest expense |
27,868 | 28,927 | 29,882 | 29,436 | 30,577 | (8.9 | ) | |||||||||||||||||
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Net interest income |
200,514 | 204,331 | 203,970 | 202,077 | 199,814 | 0.4 | ||||||||||||||||||
Provision for loan losses |
9,511 | 14,064 | 6,761 | 13,077 | 35,696 | (73.4 | ) | |||||||||||||||||
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Net interest income after provision for loan losses |
191,003 | 190,267 | 197,209 | 189,000 | 164,118 | 16.4 | ||||||||||||||||||
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Non-interest income: |
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Service charges on deposit accounts |
19,214 | 19,647 | 19,426 | 19,195 | 19,521 | (1.6 | ) | |||||||||||||||||
Fiduciary and asset management fees |
11,033 | 10,978 | 10,389 | 11,111 | 10,971 | 0.6 | ||||||||||||||||||
Brokerage revenue |
6,213 | 6,307 | 6,636 | 7,002 | 7,594 | (18.2 | ) | |||||||||||||||||
Mortgage banking income |
3,511 | 2,913 | 5,314 | 7,338 | 6,917 | (49.2 | ) | |||||||||||||||||
Bankcard fees |
7,518 | 7,979 | 7,760 | 7,838 | 7,064 | 6.4 | ||||||||||||||||||
Investment securities gains, net |
1,331 | 373 | 1,124 | 1,403 | 45 | nm | ||||||||||||||||||
Other fee income |
4,863 | 6,106 | 5,199 | 5,775 | 5,487 | (11.4 | ) | |||||||||||||||||
(Decrease) increase in fair value of private equity investments, net |
(250 | ) | (2,108 | ) | 284 | (883 | ) | (257 | ) | 2.7 | ||||||||||||||
Gain from Memphis transaction, net (1) |
5,789 | | | | | nm | ||||||||||||||||||
Other non-interest income |
10,960 | 7,986 | 7,446 | 6,313 | 7,379 | 48.5 | ||||||||||||||||||
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Total non-interest income |
70,182 | 60,181 | 63,578 | 65,092 | 64,721 | 8.4 | ||||||||||||||||||
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Non-interest expense: |
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Salaries and other personnel expense |
93,445 | 91,962 | 92,794 | 89,479 | 93,917 | (0.5 | ) | |||||||||||||||||
Net occupancy and equipment expense |
26,056 | 26,314 | 26,475 | 26,383 | 24,167 | 7.8 | ||||||||||||||||||
FDIC insurance and other regulatory fees |
9,719 | 8,699 | 7,639 | 7,941 | 8,480 | 14.6 | ||||||||||||||||||
Foreclosed real estate expense, net |
5,681 | 5,064 | 10,359 | 7,502 | 10,940 | (48.1 | ) | |||||||||||||||||
Losses (gains) on other loans held for sale, net |
2,266 | (159 | ) | 408 | (86 | ) | 165 | nm | ||||||||||||||||
Professional fees |
7,677 | 9,855 | 11,410 | 10,416 | 7,095 | 8.2 | ||||||||||||||||||
Third-party services |
10,097 | 9,689 | 10,151 | 10,366 | 9,929 | 1.7 | ||||||||||||||||||
Visa indemnification charges |
396 | 799 | | 764 | 37 | nm | ||||||||||||||||||
Litigation loss contingency expense (2) |
| 10,000 | | | | nm | ||||||||||||||||||
Restructuring charges |
8,577 | 3,770 | 687 | 1,758 | 4,850 | 76.8 | ||||||||||||||||||
Other operating expenses |
20,247 | 24,745 | 27,405 | 26,663 | 22,706 | (10.8 | ) | |||||||||||||||||
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Total non-interest expense |
184,161 | 190,738 | 187,328 | 181,186 | 182,286 | 1.0 | ||||||||||||||||||
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Income before income taxes |
77,024 | 59,710 | 73,459 | 72,906 | 46,553 | 65.5 | ||||||||||||||||||
Income tax expense |
28,608 | 21,130 | 27,765 | 27,371 | 16,979 | 68.5 | ||||||||||||||||||
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Net income |
48,416 | 38,580 | 45,694 | 45,535 | 29,574 | 63.7 | ||||||||||||||||||
Dividends and accretion of discount on preferred stock |
2,559 | 2,730 | 8,506 | 14,818 | 14,776 | (82.7 | ) | |||||||||||||||||
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Net income available to common shareholders |
$ | 45,857 | 35,850 | 37,188 | 30,717 | 14,798 | 209.9 | % | ||||||||||||||||
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Net income per common share, basic |
$ | 0.05 | 0.04 | 0.04 | 0.04 | 0.02 | 150.8 | % | ||||||||||||||||
Net income per common share, diluted |
0.05 | 0.04 | 0.04 | 0.03 | 0.02 | 189.0 | ||||||||||||||||||
Cash dividends declared per common share |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | | ||||||||||||||||||
Return on average assets * |
0.75 | % | 0.58 | 0.69 | 0.69 | 0.46 | 63.0 | |||||||||||||||||
Return on average common equity * |
6.52 | 5.04 | 5.40 | 4.70 | 2.30 | 183.5 | ||||||||||||||||||
Weighted average common shares outstanding, basic |
972,522 | 972,279 | 956,694 | 851,093 | 787,043 | 23.6 | ||||||||||||||||||
Weighted average common shares outstanding, diluted |
976,527 | 975,933 | 959,680 | 910,937 | 910,835 | 7.2 |
nm - not meaningful
* - ratios are annualized
(1) | Consists of gain, net of associated costs, from the sale of certain loans, premises, deposits, and other assets and liabilities of the Memphis, Tennessee operations of Trust One Bank, a division of Synouvs Bank. |
(2) | Consists of loss contingency accruals with respect to outstanding legal matters. Amounts for other quartersare not disclosed separately as amounts are not material. |
Synovus
BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)
March 31, 2014 |
December 31, 2013 |
March 31, 2013 |
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ASSETS |
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Cash and cash equivalents |
$ | 460,618 | 469,630 | 412,305 | ||||||||
Interest bearing funds with Federal Reserve Bank |
884,743 | 644,528 | 1,332,512 | |||||||||
Interest earning deposits with banks |
9,139 | 24,325 | 21,890 | |||||||||
Federal funds sold and securities purchased under resale agreements |
76,097 | 80,975 | 122,878 | |||||||||
Trading account assets, at fair value |
17,808 | 6,113 | 9,040 | |||||||||
Mortgage loans held for sale, at fair value |
50,390 | 45,384 | 144,232 | |||||||||
Other loans held for sale |
3,120 | 10,685 | 9,129 | |||||||||
Investment securities available for sale, at fair value |
3,132,402 | 3,199,358 | 3,049,353 | |||||||||
Loans, net of deferred fees and costs |
20,159,004 | 20,057,798 | 19,367,887 | |||||||||
Allowance for loan losses |
(300,871 | ) | (307,560 | ) | (351,772 | ) | ||||||
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Loans, net |
19,858,133 | 19,750,238 | 19,016,115 | |||||||||
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Premises and equipment, net |
467,375 | 468,871 | 477,132 | |||||||||
Goodwill |
24,431 | 24,431 | 24,431 | |||||||||
Other intangible assets, net |
1,883 | 3,415 | 4,583 | |||||||||
Other real estate |
110,757 | 112,629 | 155,237 | |||||||||
Deferred tax asset, net |
712,130 | 744,646 | 792,736 | |||||||||
Other assets |
626,400 | 616,376 | 641,306 | |||||||||
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Total assets |
$ | 26,435,426 | 26,201,604 | 26,212,879 | ||||||||
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Liabilities: |
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Deposits: |
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Non-interest bearing deposits |
$ | 5,870,570 | 5,642,751 | 5,152,276 | ||||||||
Interest bearing deposits, excluding brokered deposits |
13,714,382 | 14,140,037 | 14,076,285 | |||||||||
Brokered deposits |
1,365,939 | 1,094,002 | 1,332,632 | |||||||||
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Total deposits |
20,950,891 | 20,876,790 | 20,561,193 | |||||||||
Federal funds purchased and securities sold under repurchase agreements |
164,946 | 148,132 | 238,223 | |||||||||
Long-term debt |
2,106,980 | 2,033,141 | 1,653,230 | |||||||||
Other liabilities |
214,113 | 194,556 | 182,127 | |||||||||
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Total liabilities |
23,436,930 | 23,252,619 | 22,634,773 | |||||||||
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Shareholders equity: |
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Series A Preferred Stock - no par value, 967,870 shares outstanding at March 31, 2013 |
| | 960,005 | |||||||||
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at March 31, 2014 and December 31, 2013 |
125,980 | 125,862 | | |||||||||
Common stock - $1.00 par value. 972,806,269 shares outstanding at March 31, 2014, 972,351,457 shares outstanding at December 31, 2013, and 787,625,592 shares outstanding at March 31, 2013 |
978,500 | 978,045 | 793,319 | |||||||||
Additional paid-in capital |
2,137,479 | 2,138,024 | 2,174,577 | |||||||||
Treasury stock, at cost - 5,693,452 shares |
(114,176 | ) | (114,176 | ) | (114,176 | ) | ||||||
Accumulated other comprehensive (loss) income |
(30,463 | ) | (41,258 | ) | 2,787 | |||||||
Accumulated deficit |
(98,824 | ) | (137,512 | ) | (238,406 | ) | ||||||
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Total shareholders equity |
2,998,496 | 2,948,985 | 3,578,106 | |||||||||
Total liabilities and shareholders equity |
$ | 26,435,426 | 26,201,604 | 26,212,879 | ||||||||
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Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
2014 | 2013 | |||||||||||||||||||
First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
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Interest Earning Assets |
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Taxable investment securities (2) |
$ | 3,181,678 | 3,196,561 | 3,062,976 | 3,034,152 | 2,984,129 | ||||||||||||||
Yield |
1.89 | % | 1.88 | 1.73 | 1.67 | 1.39 | ||||||||||||||
Tax-exempt investment securities (2) (4) |
$ | 6,421 | 7,758 | 9,835 | 11,435 | 14,362 | ||||||||||||||
Yield (taxable equivalent) |
6.24 | % | 6.14 | 6.26 | 6.47 | 6.34 | ||||||||||||||
Trading account assets |
$ | 20,346 | 10,021 | 13,806 | 7,847 | 8,629 | ||||||||||||||
Yield |
3.16 | % | 4.60 | 4.50 | 6.34 | 7.12 | ||||||||||||||
Commercial loans (3) (4) |
$ | 16,451,594 | 16,217,373 | 16,067,424 | 16,075,832 | 16,000,000 | ||||||||||||||
Yield |
4.21 | % | 4.28 | 4.37 | 4.39 | 4.48 | ||||||||||||||
Consumer loans (3) |
$ | 3,628,347 | 3,615,836 | 3,528,057 | 3,454,874 | 3,461,622 | ||||||||||||||
Yield |
4.53 | % | 4.50 | 4.61 | 4.62 | 4.68 | ||||||||||||||
Allowance for loan losses |
$ | (307,078 | ) | (316,001 | ) | (328,084 | ) | (351,075 | ) | (372,239 | ) | |||||||||
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Loans, net (3) |
$ | 19,772,863 | 19,517,208 | 19,267,397 | 19,179,631 | 19,089,383 | ||||||||||||||
Yield |
4.34 | % | 4.40 | 4.50 | 4.52 | 4.54 | ||||||||||||||
Mortgage loans held for sale |
$ | 38,699 | 46,036 | 85,493 | 129,742 | 179,507 | ||||||||||||||
Yield |
4.15 | % | 3.94 | 4.07 | 4.35 | 3.80 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments |
$ | 935,300 | 1,235,144 | 1,375,921 | 1,550,113 | 1,343,652 | ||||||||||||||
Yield |
0.23 | % | 0.24 | 0.24 | 0.24 | 0.24 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank |
$ | 82,585 | 70,815 | 70,741 | 65,014 | 65,330 | ||||||||||||||
Yield |
3.21 | % | 2.85 | 2.30 | 2.35 | 2.36 | ||||||||||||||
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Total interest earning assets |
$ | 24,037,892 | 24,083,543 | 23,886,169 | 23,977,934 | 23,684,992 | ||||||||||||||
Yield |
3.86 | % | 3.85 | 3.89 | 3.88 | 3.95 | ||||||||||||||
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Interest Bearing Liabilities |
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Interest bearing demand deposits |
$ | 3,878,590 | 4,102,398 | 3,933,902 | 3,895,675 | 3,839,707 | ||||||||||||||
Rate |
0.19 | % | 0.19 | 0.23 | 0.18 | 0.18 | ||||||||||||||
Money market accounts |
$ | 6,077,357 | 6,161,893 | 6,148,289 | 6,072,155 | 6,135,649 | ||||||||||||||
Rate |
0.32 | % | 0.33 | 0.33 | 0.33 | 0.33 | ||||||||||||||
Savings deposits |
$ | 616,962 | 605,054 | 607,144 | 609,832 | 581,792 | ||||||||||||||
Rate |
0.10 | % | 0.10 | 0.11 | 0.11 | 0.11 | ||||||||||||||
Time deposits under $100,000 |
$ | 1,423,487 | 1,491,673 | 1,526,974 | 1,537,639 | 1,581,092 | ||||||||||||||
Rate |
0.59 | % | 0.61 | 0.62 | 0.64 | 0.69 | ||||||||||||||
Time deposits over $100,000 |
$ | 1,956,925 | 2,049,094 | 2,022,719 | 1,891,624 | 1,958,870 | ||||||||||||||
Rate |
0.76 | % | 0.80 | 0.84 | 0.88 | 0.93 | ||||||||||||||
Brokered money market accounts |
$ | 207,681 | 210,380 | 202,802 | 202,532 | 202,734 | ||||||||||||||
Rate |
0.26 | % | 0.27 | 0.27 | 0.31 | 0.32 | ||||||||||||||
Brokered time deposits |
$ | 1,027,167 | 984,047 | 1,130,491 | 1,131,444 | 1,013,461 | ||||||||||||||
Rate |
0.62 | % | 0.65 | 0.70 | 0.77 | 0.99 | ||||||||||||||
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Total interest bearing deposits |
$ | 15,188,169 | 15,604,539 | 15,572,321 | 15,340,901 | 15,313,305 | ||||||||||||||
Rate |
0.38 | % | 0.39 | 0.42 | 0.42 | 0.44 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements |
$ | 215,027 | 216,757 | 195,717 | 206,046 | 214,661 | ||||||||||||||
Rate |
0.14 | % | 0.15 | 0.14 | 0.15 | 0.17 | ||||||||||||||
Long-term debt |
$ | 2,156,836 | 1,886,223 | 1,885,385 | 1,762,173 | 1,688,580 | ||||||||||||||
Rate |
2.52 | % | 2.85 | 2.85 | 3.06 | 3.26 | ||||||||||||||
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Total interest bearing liabilities |
$ | 17,560,032 | 17,707,519 | 17,653,423 | 17,309,120 | 17,216,546 | ||||||||||||||
Rate |
0.64 | % | 0.65 | 0.67 | 0.68 | 0.72 | ||||||||||||||
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Non-interest bearing demand deposits |
$ | 5,537,090 | 5,545,529 | 5,306,447 | 5,327,795 | 5,232,587 | ||||||||||||||
Effective cost of funds |
0.47 | % | 0.47 | 0.49 | 0.49 | 0.52 | ||||||||||||||
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Net interest margin |
3.39 | % | 3.38 | 3.40 | 3.39 | 3.43 | ||||||||||||||
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Taxable equivalent adjustment |
$ | 455 | 481 | 529 | 557 | 618 |
(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)
March 31, 2014 | ||||||||||||||||
Loan Type |
Total Loans | Loans as a % of Total Loans Outstanding |
Total Non-performing Loans |
Non-performing Loans as a % of Total Nonperforming Loans |
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Multi-Family |
$ | 984,658 | 4.9 | % | $ | 226 | 0.1 | % | ||||||||
Hotels |
696,083 | 3.5 | 1,114 | 0.3 | ||||||||||||
Office Buildings |
950,635 | 4.7 | 4,243 | 1.1 | ||||||||||||
Shopping Centers |
844,205 | 4.2 | 9,305 | 2.4 | ||||||||||||
Commercial Development |
152,309 | 0.8 | 28,559 | 7.4 | ||||||||||||
Warehouses |
570,492 | 2.8 | 3,029 | 0.8 | ||||||||||||
Other Investment Property |
500,087 | 2.5 | 4,107 | 1.1 | ||||||||||||
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Total Investment Properties |
4,698,469 | 23.3 | 50,583 | 13.3 | ||||||||||||
1-4 Family Construction |
141,060 | 0.7 | 815 | 0.2 | ||||||||||||
1-4 Family Investment Mortgage |
784,712 | 3.9 | 13,950 | 3.6 | ||||||||||||
Residential Development |
187,240 | 0.9 | 14,486 | 3.8 | ||||||||||||
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Total 1-4 Family Properties |
1,113,012 | 5.5 | 29,251 | 7.6 | ||||||||||||
Land Acquisition |
674,678 | 3.3 | 151,332 | 39.4 | ||||||||||||
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Total Commercial Real Estate |
6,486,159 | 32.2 | 231,166 | 60.1 | ||||||||||||
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Commercial, Financial, and Agricultural |
5,505,577 | 27.3 | 54,938 | 14.3 | ||||||||||||
Owner-Occupied |
3,773,656 | 18.7 | 33,238 | 8.6 | ||||||||||||
Small Business |
783,143 | 3.9 | 6,325 | 1.6 | ||||||||||||
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Total Commercial & Industrial |
10,062,376 | 49.9 | 94,501 | 24.6 | ||||||||||||
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Home Equity Lines |
1,601,757 | 7.9 | 18,003 | 4.7 | ||||||||||||
Consumer Mortgages |
1,504,213 | 7.5 | 38,227 | 9.9 | ||||||||||||
Credit Cards |
253,149 | 1.3 | | | ||||||||||||
Other Retail Loans |
279,786 | 1.4 | 2,427 | 0.6 | ||||||||||||
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Total Retail |
3,638,905 | 18.0 | 58,657 | 15.3 | ||||||||||||
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Unearned Income |
(28,436 | ) | nm | | nm | |||||||||||
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Total |
$ | 20,159,004 | 100.0 | % | $ | 384,324 | 100.0 | % | ||||||||
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LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
Loan Type |
Total Loans March 31, 2014 |
December 31, 2013 | 1Q14 vs. 4Q13 % change (1) |
March 31, 2013 | 1Q14 vs. 1Q13 % change |
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Multi-Family |
$ | 984,658 | 954,295 | 12.9 | % | 857,239 | 14.9 | % | ||||||||||||
Hotels |
696,083 | 687,177 | 5.3 | 691,453 | 0.7 | |||||||||||||||
Office Buildings |
950,635 | 884,638 | 30.3 | 768,806 | 23.7 | |||||||||||||||
Shopping Centers |
844,205 | 852,409 | (3.9 | ) | 847,460 | (0.4 | ) | |||||||||||||
Commercial Development |
152,309 | 156,344 | (10.5 | ) | 207,043 | (26.4 | ) | |||||||||||||
Warehouses |
570,492 | 561,637 | 6.4 | 534,051 | 6.8 | |||||||||||||||
Other Investment Property |
500,087 | 507,255 | (5.7 | ) | 500,643 | (0.1 | ) | |||||||||||||
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Total Investment Properties |
4,698,469 | 4,603,755 | 8.3 | 4,406,695 | 6.6 | |||||||||||||||
1-4 Family Construction |
141,060 | 138,973 | 6.1 | 132,377 | 6.6 | |||||||||||||||
1-4 Family Investment Mortgage |
784,712 | 828,967 | (21.7 | ) | 866,921 | (9.5 | ) | |||||||||||||
Residential Development |
187,240 | 188,531 | (2.8 | ) | 252,204 | (25.8 | ) | |||||||||||||
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Total 1-4 Family Properties |
1,113,012 | 1,156,471 | (15.2 | ) | 1,251,502 | (11.1 | ) | |||||||||||||
Land Acquisition |
674,678 | 705,333 | (17.6 | ) | 764,438 | (11.7 | ) | |||||||||||||
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Total Commercial Real Estate |
6,486,159 | 6,465,559 | 1.3 | 6,422,635 | 1.0 | |||||||||||||||
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Commercial, Financial, and Agricultural |
5,505,577 | 5,490,214 | 1.1 | 5,206,956 | 5.7 | |||||||||||||||
Owner-Occupied |
3,773,656 | 3,795,439 | (2.3 | ) | 3,780,129 | (0.2 | ) | |||||||||||||
Small Business |
783,143 | 687,216 | 56.6 | 553,056 | 41.6 | |||||||||||||||
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Total Commercial & Industrial |
10,062,376 | 9,972,869 | 3.6 | 9,540,141 | 5.5 | |||||||||||||||
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Home Equity Lines |
1,601,757 | 1,587,541 | 3.6 | 1,508,507 | 6.2 | |||||||||||||||
Consumer Mortgages |
1,504,213 | 1,519,068 | (4.0 | ) | 1,394,853 | 7.8 | ||||||||||||||
Credit Cards |
253,149 | 256,846 | (5.8 | ) | 251,618 | 0.6 | ||||||||||||||
Other Retail Loans |
279,786 | 284,778 | (7.1 | ) | 271,685 | 3.0 | ||||||||||||||
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Total Retail |
3,638,905 | 3,648,233 | (1.0 | ) | 3,426,663 | 6.2 | ||||||||||||||
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Unearned Income |
(28,436 | ) | (28,862 | ) | (6.0 | ) | (21,552 | ) | 31.9 | |||||||||||
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Total |
$ | 20,159,004 | 20,057,799 | 2.0 | % | 19,367,887 | 4.1 | % | ||||||||||||
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(1) | Percentage change is annualized. |
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2014 | 2013 | 1st Quarter | ||||||||||||||||||||||
First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
14 vs. 13 Change |
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Non-performing Loans |
$ | 384,324 | 416,300 | 450,879 | 483,464 | 513,227 | (25.1 | )% | ||||||||||||||||
Other Loans Held for Sale (1) |
3,120 | 10,685 | 9,351 | 12,083 | 9,129 | (65.8 | ) | |||||||||||||||||
Other Real Estate |
110,757 | 112,629 | 126,640 | 139,653 | 155,237 | (28.7 | ) | |||||||||||||||||
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Non-performing Assets |
498,201 | 539,614 | 586,870 | 635,200 | 677,592 | (26.5 | ) | |||||||||||||||||
Allowance for Loan Losses |
300,871 | 307,560 | 318,612 | 334,880 | 351,772 | (14.5 | ) | |||||||||||||||||
Net Charge-Offs - Quarter |
15,181 | 25,116 | 23,030 | 29,969 | 57,328 | (73.5 | ) | |||||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) |
0.30 | % | 0.51 | 0.47 | 0.61 | 1.18 | ||||||||||||||||||
Non-performing Loans / Loans |
1.91 | 2.08 | 2.29 | 2.47 | 2.65 | |||||||||||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE |
2.46 | 2.67 | 2.96 | 3.21 | 3.47 | |||||||||||||||||||
Allowance / Loans |
1.49 | 1.53 | 1.62 | 1.71 | 1.82 | |||||||||||||||||||
Allowance / Non-performing Loans |
78.29 | 73.88 | 70.66 | 69.27 | 68.54 | |||||||||||||||||||
Allowance / Non-performing Loans (3) |
100.16 | 95.43 | 91.84 | 91.76 | 97.75 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing |
$ | 6,563 | 4,489 | 4,738 | 4,596 | 5,799 | 13.2 | % | ||||||||||||||||
As a Percentage of Loans Outstanding |
0.03 | % | 0.02 | 0.02 | 0.02 | 0.03 | ||||||||||||||||||
Total Past Dues Loans and Still Accruing |
$ | 75,038 | 72,600 | 78,906 | 80,678 | 88,330 | (15.0 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding |
0.37 | % | 0.36 | 0.40 | 0.41 | 0.46 | ||||||||||||||||||
Accruing Troubled Debt Restructurings (TDRs) |
$ | 495,390 | 556,410 | 574,236 | 635,125 | 623,900 | (20.6 | ) |
(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)
March 31, 2014 | December 31, 2013 | March 31, 2013 | ||||||||||
Tier 1 Capital |
$ | 2,430,789 | 2,351,493 | 2,866,489 | ||||||||
Total Risk-Based Capital |
2,981,128 | 2,900,865 | 3,493,090 | |||||||||
Tier 1 Capital Ratio |
10.85 | % | 10.54 | 13.50 | ||||||||
Tier 1 Common Equity Ratio |
10.24 | 9.93 | 8.93 | |||||||||
Total Risk-Based Capital Ratio |
13.31 | 13.00 | 16.45 | |||||||||
Tier 1 Leverage Ratio |
9.46 | 9.13 | 11.27 | |||||||||
Common Equity as a Percentage of Total Assets (2) |
10.87 | 10.77 | 9.99 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) |
10.78 | 10.68 | 9.89 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) |
12.70 | 12.53 | 12.19 | |||||||||
Book Value Per Common Share (4) |
2.95 | 2.90 | 2.99 | |||||||||
Tangible Book Value Per Common Share (3) |
2.93 | 2.87 | 2.96 |
(1) | Current quarter regulatory capital information is preliminary. |
(2) | Common equity consists of Total Shareholders Equity less 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 Preferred Stock divided by total common shares outstanding. |