Attached files
file | filename |
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8-K - FORM 8-K - SYNOVUS FINANCIAL CORP | d94337d8k.htm |
EX-99.1 - EX-99.1 - SYNOVUS FINANCIAL CORP | d94337dex991.htm |
EX-99.3 - EX-99.3 - SYNOVUS FINANCIAL CORP | d94337dex993.htm |
Exhibit 99.2
Synovus
INCOME STATEMENT DATA | Nine Months Ended | |||||||||||
(Unaudited) | ||||||||||||
(Dollars in thousands, except per share data) | September 30, | |||||||||||
2015 | 2014 | Change | ||||||||||
Interest income |
$ | 703,148 | 693,989 | 1.3 | % | |||||||
Interest expense |
88,450 | 82,160 | 7.7 | |||||||||
Net interest income |
614,698 | 611,829 | 0.5 | |||||||||
Provision for loan losses |
13,990 | 25,638 | (45.4) | |||||||||
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Net interest income after provision for loan losses |
600,708 | 586,191 | 2.5 | |||||||||
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Non-interest income: |
||||||||||||
Service charges on deposit accounts |
59,621 | 58,610 | 1.7 | |||||||||
Fiduciary and asset management fees |
34,722 | 33,536 | 3.5 | |||||||||
Brokerage revenue |
20,978 | 20,201 | 3.8 | |||||||||
Mortgage banking income |
19,960 | 13,459 | 48.3 | |||||||||
Bankcard fees |
24,910 | 24,394 | 2.1 | |||||||||
Investment securities gains, net |
2,710 | 1,331 | 103.6 | |||||||||
Other fee income |
15,371 | 14,495 | 6.0 | |||||||||
Gain on sale of Memphis branches, net (1) |
| 5,789 | nm | |||||||||
Other non-interest income |
23,474 | 25,740 | (8.8) | |||||||||
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Total non-interest income |
201,746 | 197,555 | 2.1 | |||||||||
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Non-interest expense: |
||||||||||||
Salaries and other personnel expense |
285,394 | 279,855 | 2.0 | |||||||||
Net occupancy and equipment expense |
79,650 | 79,436 | 0.3 | |||||||||
Third-party processing expense |
31,858 | 29,604 | 7.6 | |||||||||
FDIC insurance and other regulatory fees |
20,315 | 25,369 | (19.9) | |||||||||
Professional fees |
18,382 | 18,427 | (0.2) | |||||||||
Advertising expense |
11,797 | 15,935 | (26.0) | |||||||||
Foreclosed real estate expense, net |
18,350 | 18,818 | (2.5) | |||||||||
Visa indemnification charges |
1,092 | 2,731 | (60.0) | |||||||||
Litigation contingency/settlement expenses |
4,400 | 12,349 | (64.4) | |||||||||
Restructuring charges, net |
(33) | 17,101 | nm | |||||||||
Other operating expenses |
63,416 | 60,490 | 4.8 | |||||||||
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Total non-interest expense |
534,621 | 560,115 | (4.6) | |||||||||
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Income before income taxes |
267,833 | 223,631 | 19.8 | |||||||||
Income tax expense |
100,149 | 81,554 | 22.8 | |||||||||
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Net income |
167,684 | 142,077 | 18.0 | |||||||||
Dividends on preferred stock |
7,678 | 7,678 | | |||||||||
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Net income available to common shareholders |
$ | 160,006 | 134,399 | 19.1 | % | |||||||
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Net income per common share, basic |
$ | 1.20 | 0.97 | 24.3 | % | |||||||
Net income per common share, diluted |
1.20 | 0.96 | 24.1 | |||||||||
Cash dividends declared per common share |
0.30 | 0.21 | 42.9 | |||||||||
Return on average assets |
0.80 | % | 0.72 | 8 | bps | |||||||
Return on average common equity |
7.40 | 6.21 | 119 | |||||||||
Weighted average common shares outstanding, basic |
133,120 | 138,989 | (4.2) | % | ||||||||
Weighted average common shares outstanding, diluted |
133,876 | 139,600 | (4.1) |
nm - not meaningful
bps - basis points
(1) | Consists of gain, net of associated costs, from the 1Q14 sale of certain loans, premises, deposits, and other assets and liabilities of the Memphis, Tennessee branches of Trust One Bank, a division of Synovus Bank. |
Synovus
INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share data)
2015 | 2014 | 3rd Quarter | ||||||||||||||||||||||
Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
Third Quarter |
15 vs. 14 Change |
|||||||||||||||||||
Interest income |
$ | 238,093 | 233,654 | 231,401 | 234,703 | 233,394 | 2.0 | % | ||||||||||||||||
Interest expense |
30,303 | 30,010 | 28,138 | 27,248 | 27,131 | 11.7 | ||||||||||||||||||
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Net interest income |
207,790 | 203,644 | 203,263 | 207,455 | 206,263 | 0.7 | ||||||||||||||||||
Provision for loan losses |
2,956 | 6,636 | 4,397 | 8,193 | 3,843 | (23.1 | ) | |||||||||||||||||
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Net interest income after provision for loan losses |
204,834 | 197,008 | 198,866 | 199,262 | 202,420 | 1.2 | ||||||||||||||||||
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Non-interest income: |
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Service charges on deposit accounts |
20,692 | 19,795 | 19,133 | 20,287 | 20,159 | 2.6 | ||||||||||||||||||
Fiduciary and asset management fees |
11,308 | 11,843 | 11,571 | 11,690 | 11,207 | 0.9 | ||||||||||||||||||
Brokerage revenue |
6,946 | 6,782 | 7,251 | 6,887 | 7,281 | (4.6 | ) | |||||||||||||||||
Mortgage banking income |
5,965 | 7,511 | 6,484 | 4,895 | 4,665 | 27.9 | ||||||||||||||||||
Bankcard fees |
8,334 | 8,499 | 8,077 | 8,536 | 8,182 | 1.9 | ||||||||||||||||||
Investment securities gains, net |
- | 1,985 | 725 | - | - | nm | ||||||||||||||||||
Other fee income |
5,521 | 4,605 | 5,246 | 4,635 | 4,704 | 17.4 | ||||||||||||||||||
Other non-interest income |
8,293 | 7,812 | 7,367 | 7,619 | 7,787 | 6.5 | ||||||||||||||||||
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Total non-interest income |
67,059 | 68,832 | 65,854 | 64,549 | 63,985 | 4.8 | ||||||||||||||||||
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Non-interest expense: |
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Salaries and other personnel expense |
94,341 | 94,565 | 96,488 | 92,049 | 93,870 | 0.5 | ||||||||||||||||||
Net occupancy and equipment expense |
26,937 | 26,541 | 26,172 | 26,370 | 26,956 | (0.1 | ) | |||||||||||||||||
Third-party processing expense |
10,844 | 10,672 | 10,343 | 10,437 | 10,044 | 8.0 | ||||||||||||||||||
FDIC insurance and other regulatory fees |
6,591 | 6,767 | 6,957 | 8,115 | 7,839 | (15.9 | ) | |||||||||||||||||
Professional fees |
6,371 | 6,417 | 5,594 | 8,013 | 2,526 | 152.2 | ||||||||||||||||||
Advertising expense |
5,488 | 2,865 | 3,443 | 8,102 | 7,177 | (23.5 | ) | |||||||||||||||||
Foreclosed real estate expense, net |
4,503 | 4,351 | 9,496 | 6,502 | 9,074 | (50.4 | ) | |||||||||||||||||
Visa indemnification charges |
363 | 354 | 375 | 310 | 1,979 | (81.7 | ) | |||||||||||||||||
Litigation contingency/settlement expenses (1) |
- | 4,400 | - | 463 | 12,349 | nm | ||||||||||||||||||
Restructuring charges, net |
69 | 5 | (107 | ) | 3,484 | 809 | nm | |||||||||||||||||
Other operating expenses |
22,400 | 20,869 | 20,147 | 21,038 | 21,126 | 6.0 | ||||||||||||||||||
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Total non-interest expense |
177,907 | 177,806 | 178,908 | 184,883 | 193,749 | (8.2 | ) | |||||||||||||||||
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Income before income taxes |
93,986 | 88,034 | 85,812 | 78,928 | 72,656 | 29.4 | ||||||||||||||||||
Income tax expense |
36,058 | 32,242 | 31,849 | 25,757 | 25,868 | 39.4 | ||||||||||||||||||
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Net income |
57,928 | 55,792 | 53,963 | 53,171 | 46,788 | 23.8 | ||||||||||||||||||
Dividends on preferred stock |
2,559 | 2,559 | 2,559 | 2,559 | 2,559 | - | ||||||||||||||||||
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Net income available to common shareholders |
$ | 55,369 | 53,233 | 51,404 | 50,612 | 44,229 | 25.2 | % | ||||||||||||||||
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Net income per common share, basic |
$ | 0.42 | 0.40 | 0.38 | 0.37 | 0.32 | |
32.4 |
% | |||||||||||||||
Net income per common share, diluted |
0.42 | 0.40 | 0.38 | 0.37 | 0.32 | 32.2 | ||||||||||||||||||
Cash dividends declared per common share |
0.10 | 0.10 | 0.10 | 0.10 | 0.07 | 42.9 | ||||||||||||||||||
Return on average assets * |
0.81 | % | 0.80 | 0.80 | 0.79 | 0.70 | 11 bps | |||||||||||||||||
Return on average common equity * |
7.64 | 7.39 | 7.16 | 6.89 | 5.97 | 167 | ||||||||||||||||||
Weighted average common shares outstanding, basic |
131,516 | 132,947 | 134,933 | 137,031 | 139,043 | (5.4 | )% | |||||||||||||||||
Weighted average common shares outstanding, diluted |
132,297 | 133,625 | 135,744 | 137,831 | 139,726 | (5.3 | ) |
nm - not meaningful
bps - basis points
* - ratios are annualized
(1) | Amounts for other periods presented herein are not reported separately as amounts are not material. |
Synovus
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BALANCE SHEET DATA |
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September 30, 2015 |
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December 31, 2014 |
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September 30, 2014 |
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(Unaudited) |
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(In thousands, except share data) |
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ASSETS |
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Cash and cash equivalents |
$ | 329,396 | 485,489 | 386,402 | ||||||||
Interest bearing funds with Federal Reserve Bank |
837,641 | 721,362 | 750,446 | |||||||||
Interest earning deposits with banks |
21,170 | 11,810 | 13,612 | |||||||||
Federal funds sold and securities purchased under resale agreements |
69,732 | 73,111 | 70,918 | |||||||||
Trading account assets, at fair value |
5,844 | 13,863 | 12,705 | |||||||||
Mortgage loans held for sale, at fair value |
73,623 | 63,328 | 72,333 | |||||||||
Investment securities available for sale, at fair value |
3,487,332 | 3,041,406 | 3,050,257 | |||||||||
Loans, net of deferred fees and costs |
21,864,309 | 21,097,699 | 20,588,566 | |||||||||
Allowance for loan losses |
(250,900 | ) | (261,317 | ) | (269,376 | ) | ||||||
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Loans, net |
21,613,409 | 20,836,382 | 20,319,190 | |||||||||
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Premises and equipment, net |
449,078 | 455,235 | 456,633 | |||||||||
Goodwill |
24,431 | 24,431 | 24,431 | |||||||||
Other real estate |
64,346 | 85,472 | 81,636 | |||||||||
Deferred tax asset, net |
526,492 | 622,464 | 656,151 | |||||||||
Other assets |
665,333 | 616,878 | 624,396 | |||||||||
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Total assets |
$ | 28,167,827 | 27,051,231 | 26,519,110 | ||||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
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Liabilities: |
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Deposits: |
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Non-interest bearing deposits |
$ | 6,570,227 | 6,228,472 | 5,813,809 | ||||||||
Interest bearing deposits, excluding brokered deposits |
14,961,388 | 13,660,830 | 13,609,038 | |||||||||
Brokered deposits |
1,245,798 | 1,642,398 | 1,566,934 | |||||||||
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Total deposits |
22,777,413 | 21,531,700 | 20,989,781 | |||||||||
Federal funds purchased and securities sold under repurchase agreements |
135,475 | 126,916 | 107,160 | |||||||||
Long-term debt |
2,038,719 | 2,140,319 | 2,130,934 | |||||||||
Other liabilities |
199,104 | 211,026 | 214,690 | |||||||||
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Total liabilities |
25,150,711 | 24,009,961 | 23,442,565 | |||||||||
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Shareholders equity: |
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Series C Preferred Stock - no par value, 5,200,000 shares outstanding at September 30, 2015, December 31, 2014, and September 30, 2014 |
125,980 | 125,980 | 125,980 | |||||||||
Common stock - $1.00 par value. 130,632,731 shares outstanding at September 30, 2015, 136,122,843 shares outstanding at December 31, 2014, and 139,064,621 shares outstanding at September 30, 2014 |
140,526 | 139,950 | 139,878 | |||||||||
Additional paid-in capital |
2,986,333 | 2,960,825 | 2,974,319 | |||||||||
Treasury stock, at cost - 9,892,877 shares at September 30, 2015, 3,827,579 shares at December 31, 2014, and 813,350 shares at September 30, 2014 |
(364,428 | ) | (187,774 | ) | (114,176 | ) | ||||||
Accumulated other comprehensive loss, net |
(6,092 | ) | (12,605 | ) | (24,827 | ) | ||||||
Retained earnings (deficit) |
134,797 | 14,894 | (24,629 | ) | ||||||||
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Total shareholders equity |
3,017,116 | 3,041,270 | 3,076,545 | |||||||||
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Total liabilities and shareholders equity |
$ | 28,167,827 | 27,051,231 | 26,519,110 | ||||||||
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Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
2015 | 2014 | |||||||||||||||||||
Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
Third Quarter |
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Interest Earning Assets |
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Taxable investment securities (2) |
$ | 3,380,543 | 3,165,513 | 2,998,597 | 3,027,769 | 3,035,940 | ||||||||||||||
Yield |
1.76 | % | 1.79 | 1.85 | 1.85 | 1.84 | ||||||||||||||
Tax-exempt investment securities (2) (4) |
$ | 4,509 | 4,595 | 4,967 | 5,030 | 5,168 | ||||||||||||||
Yield (taxable equivalent) |
6.21 | % | 6.15 | 6.21 | 6.19 | 6.21 | ||||||||||||||
Trading account assets |
$ | 7,278 | 12,564 | 14,188 | 12,879 | 16,818 | ||||||||||||||
Yield |
1.84 | % | 3.72 | 3.02 | 3.08 | 2.52 | ||||||||||||||
Commercial loans (3) (4) |
$ | 17,522,735 | 17,297,130 | 17,176,641 | 16,956,294 | 16,603,287 | ||||||||||||||
Yield |
3.99 | % | 4.01 | 4.06 | 4.09 | 4.17 | ||||||||||||||
Consumer loans (3) |
$ | 4,105,639 | 3,986,151 | 3,929,188 | 3,895,397 | 3,814,160 | ||||||||||||||
Yield |
4.31 | % | 4.37 | 4.45 | 4.42 | 4.44 | ||||||||||||||
Allowance for loan losses |
$ | (256,102 | ) | (254,177 | ) | (257,167 | ) | (268,659 | ) | (274,698 | ) | |||||||||
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Loans, net (3) |
$ | 21,372,272 | 21,029,104 | 20,848,662 | 20,583,032 | 20,142,749 | ||||||||||||||
Yield |
4.10 | % | 4.14 | 4.19 | 4.22 | 4.29 | ||||||||||||||
Mortgage loans held for sale |
$ | 69,438 | 90,419 | 64,507 | 60,892 | 70,766 | ||||||||||||||
Yield |
3.82 | % | 3.39 | 3.92 | 3.84 | 3.96 | ||||||||||||||
Federal funds sold, due from Federal Reserve Bank,and other short-term investments |
$ | 1,380,686 | 1,590,114 | 1,123,250 | 898,871 | 974,363 | ||||||||||||||
Yield |
0.24 | % | 0.24 | 0.24 | 0.23 | 0.23 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (5) |
$ | 71,852 | 76,091 | 80,813 | 75,547 | 78,131 | ||||||||||||||
Yield |
4.71 | % | 4.57 | 3.90 | 4.53 | 3.57 | ||||||||||||||
Total interest earning assets |
$ | 26,286,578 | 25,968,400 | 25,134,984 | 24,664,020 | 24,323,935 | ||||||||||||||
Yield |
3.60 | % | 3.61 | 3.73 | 3.78 | 3.81 | ||||||||||||||
Interest Bearing Liabilities |
||||||||||||||||||||
Interest bearing demand deposits |
$ | 3,955,803 | 3,919,401 | 3,800,476 | 3,781,389 | 3,722,599 | ||||||||||||||
Rate |
0.18 | % | 0.18 | 0.19 | 0.19 | 0.19 | ||||||||||||||
Money market accounts |
$ | 6,893,563 | 6,466,610 | 6,210,704 | 6,009,897 | 6,044,138 | ||||||||||||||
Rate |
0.36 | % | 0.35 | 0.32 | 0.29 | 0.29 | ||||||||||||||
Savings deposits |
$ | 685,813 | 675,260 | 649,597 | 638,813 | 645,654 | ||||||||||||||
Rate |
0.06 | % | 0.06 | 0.05 | 0.07 | 0.07 | ||||||||||||||
Time deposits under $100,000 |
$ | 1,338,994 | 1,351,299 | 1,324,513 | 1,315,905 | 1,335,848 | ||||||||||||||
Rate |
0.66 | % | 0.68 | 0.61 | 0.57 | 0.56 | ||||||||||||||
Time deposits over $100,000 |
$ | 2,086,851 | 2,061,434 | 1,926,380 | 1,877,602 | 1,871,136 | ||||||||||||||
Rate |
0.88 | % | 0.88 | 0.80 | 0.76 | 0.75 | ||||||||||||||
Brokered money market accounts |
$ | 221,817 | 185,909 | 181,754 | 191,103 | 174,538 | ||||||||||||||
Rate |
0.31 | % | 0.31 | 0.30 | 0.28 | 0.27 | ||||||||||||||
Brokered time deposits |
$ | 1,135,346 | 1,370,022 | 1,413,068 | 1,411,252 | 1,320,082 | ||||||||||||||
Rate |
0.71 | % | 0.67 | 0.63 | 0.58 | 0.52 | ||||||||||||||
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Total interest bearing deposits |
$ | 16,318,187 | 16,029,935 | 15,506,492 | 15,225,961 | 15,113,995 | ||||||||||||||
Rate |
0.42 | % | 0.42 | 0.39 | 0.36 | 0.35 | ||||||||||||||
Federal funds purchased and securities sold under repurchase agreements |
$ | 207,894 | 232,531 | 222,658 | 186,993 | 171,429 | ||||||||||||||
Rate |
0.09 | % | 0.08 | 0.08 | 0.07 | 0.08 | ||||||||||||||
Long-term debt |
$ | 2,073,185 | 2,173,595 | 2,207,215 | 2,084,636 | 2,142,705 | ||||||||||||||
Rate |
2.46 | % | 2.39 | 2.41 | 2.55 | 2.54 | ||||||||||||||
Total interest bearing liabilities |
$ | 18,599,266 | 18,436,061 | 17,936,365 | 17,497,590 | 17,428,129 | ||||||||||||||
Rate |
0.65 | % | 0.65 | 0.63 | 0.62 | 0.62 | ||||||||||||||
Non-interest bearing demand deposits |
$ | 6,541,832 | 6,436,167 | 6,108,558 | 6,110,047 | 5,824,592 | ||||||||||||||
Effective cost of funds |
0.46 | % | 0.46 | 0.45 | 0.44 | 0.44 | ||||||||||||||
Net interest margin |
3.14 | % | 3.15 | 3.28 | 3.34 | 3.37 | ||||||||||||||
Taxable equivalent adjustment |
$ | 315 | 330 | 349 | 372 | 408 |
(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 consolidated balance sheet |
Synovus
LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
September 30, 2015 | ||||||||||||||||
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 |
$ | 1,345,688 | 6.2 | % | $ | 222 | $ | 0.1 | % | |||||||
Hotels |
684,106 | 3.1 | 392 | 0.2 | ||||||||||||
Office Buildings |
1,388,965 | 6.4 | 355 | 0.2 | ||||||||||||
Shopping Centers |
944,690 | 4.3 | - | 0.0 | ||||||||||||
Commercial Development |
101,946 | 0.5 | 8,945 | 5.7 | ||||||||||||
Warehouses |
545,346 | 2.5 | 397 | 0.3 | ||||||||||||
Other Investment Property |
546,836 | 2.5 | 272 | 0.2 | ||||||||||||
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Total Investment Properties |
5,557,577 | 25.4 | 10,583 | 6.7 | ||||||||||||
1-4 Family Construction |
159,237 | 0.7 | - | 0.0 | ||||||||||||
1-4 Family Investment Mortgage |
777,196 | 3.6 | 7,287 | 4.6 | ||||||||||||
Residential Development |
158,120 | 0.7 | 9,707 | 6.2 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total 1-4 Family Properties |
1,094,553 | 5.0 | 16,994 | 10.8 | ||||||||||||
Land Acquisition |
538,127 | 2.4 | 19,009 | 12.1 | ||||||||||||
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|
|
|
|
|
|
|
|||||||||
Total Commercial Real Estate |
7,190,257 | 32.9 | 46,586 | 29.7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Commercial, Financial, and Agricultural |
6,277,768 | 28.6 | 50,656 | 32.0 | ||||||||||||
Owner-Occupied |
4,265,408 | 19.5 | 18,148 | 11.5 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Commercial & Industrial |
10,543,176 | 48.2 | 68,804 | 43.6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Home Equity Lines |
1,684,046 | 7.7 | 16,263 | 10.3 | ||||||||||||
Consumer Mortgages |
1,888,456 | 8.6 | 24,154 | 15.3 | ||||||||||||
Credit Cards |
241,315 | 1.2 | - | - | ||||||||||||
Other Retail Loans |
345,426 | 1.6 | 1,833 | 1.2 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Retail |
4,159,243 | 19.0 | 42,250 | 26.8 | ||||||||||||
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|
|
|
|
|
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Unearned Income |
(28,367 | ) | (0.1 | ) | - | nm | ||||||||||
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|
|
|
|
|
|
|
|||||||||
Total |
$ | 21,864,309 | 100.0 | % | $ | 157,640 | 100.0 | % | ||||||||
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|
|
|
|
|
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
|
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|
|
|
|
|
|
|
|||||||||||
Loan Type |
Total Loans September 30, 2015 |
June 30, 2015 | 3Q15 vs. 2Q15 % change (1) |
September 30, 2014 | 3Q15 vs. 3Q14 % change |
|||||||||||||||
Multi-Family |
$ | 1,345,688 | 1,286,747 | 18.2 | % | $ | 1,152,728 | 16.7 | % | |||||||||||
Hotels |
684,106 | 663,286 | 12.5 | 674,607 | 1.4 | |||||||||||||||
Office Buildings |
1,388,965 | 1,348,234 | 12.0 | 1,114,671 | 24.6 | |||||||||||||||
Shopping Centers |
944,690 | 917,678 | 11.7 | 856,828 | 10.3 | |||||||||||||||
Commercial Development |
101,946 | 118,263 | (54.7 | ) | 131,011 | (22.2 | ) | |||||||||||||
Warehouses |
545,346 | 524,525 | 15.7 | 566,343 | (3.7 | ) | ||||||||||||||
Other Investment Property |
546,836 | 544,661 | 1.6 | 543,416 | 0.6 | |||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||
Total Investment Properties |
5,557,577 | 5,403,394 | 11.3 | 5,039,604 | 10.3 | |||||||||||||||
1-4 Family Construction |
159,237 | 147,572 | 31.4 | 138,647 | 14.9 | |||||||||||||||
1-4 Family Investment Mortgage |
777,196 | 788,704 | (5.8 | ) | 818,474 | (5.0 | ) | |||||||||||||
Residential Development |
158,120 | 161,130 | (7.4 | ) | 179,168 | (11.7 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total 1-4 Family Properties |
1,094,553 | 1,097,406 | (1.0 | ) | 1,136,289 | (3.7 | ) | |||||||||||||
Land Acquisition |
538,127 | 554,501 | (11.7 | ) | 598,901 | (10.1 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Commercial Real Estate |
7,190,257 | 7,055,301 | 7.6 | 6,774,794 | 6.1 | |||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||
Commercial, Financial, and Agricultural |
6,277,768 | 6,259,553 | 1.2 | 5,958,575 | 5.4 | |||||||||||||||
Owner-Occupied |
4,265,408 | 4,161,268 | 9.9 | 4,029,085 | 5.9 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Commercial & Industrial |
10,543,176 | 10,420,821 | 4.7 | 9,987,660 | 5.6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Home Equity Lines |
1,684,046 | 1,683,651 | 0.1 | 1,685,972 | (0.1 | ) | ||||||||||||||
Consumer Mortgages |
1,888,456 | 1,793,752 | 20.9 | 1,621,904 | 16.4 | |||||||||||||||
Credit Cards |
241,315 | 246,724 | (8.7 | ) | 253,853 | (4.9 | ) | |||||||||||||
Other Retail Loans |
345,426 | 323,741 | 26.6 | 293,232 | 17.8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Retail |
4,159,243 | 4,047,868 | 10.9 | 3,854,961 | 7.9 | |||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||
Unearned Income |
(28,367 | ) | (29,121 | ) | (10.3 | ) | (28,849 | ) | (1.7 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 21,864,309 | 21,494,869 | 6.8 | % | $ | 20,588,566 | 6.2 | % | |||||||||||
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|
|
|
|
|
|
|
|
|
(1) | Percentage change is annualized. |
Synovus
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)
2015 | 2014 | 3rd Quarter | ||||||||||||||||||||||
Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
Third Quarter |
15 vs. 14 Change |
|||||||||||||||||||
Non-performing Loans |
$ | 157,640 | 173,638 | 194,232 | 197,757 | 242,382 | (35.0 | )% | ||||||||||||||||
Other Loans Held for Sale (1) |
- | - | 1,082 | 3,606 | 338 | (100.0 | ) | |||||||||||||||||
Other Real Estate |
64,346 | 66,449 | 74,791 | 85,472 | 81,636 | (21.2 | ) | |||||||||||||||||
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|
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|
|
|
|
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|
|
|
|||||||||||||
Non-performing Assets |
221,986 | 240,087 | 270,105 | 286,835 | 324,356 | (31.6 | ) | |||||||||||||||||
Allowance for Loan Losses |
250,900 | 254,702 | 253,371 | 261,317 | 269,376 | (6.9 | ) | |||||||||||||||||
Net Charge-Offs - Quarter |
6,758 | 5,306 | 12,343 | 16,253 | 12,250 | (44.8 | ) | |||||||||||||||||
Net Charge-Offs - YTD |
24,407 | 17,649 | 12,343 | 79,055 | 62,802 | (61.1 | ) | |||||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) |
0.12 | % | 0.10 | 0.23 | 0.31 | 0.24 | ||||||||||||||||||
Net Charge-Offs / Average Loans - YTD (2) |
0.15 | 0.17 | 0.23 | 0.39 | 0.41 | |||||||||||||||||||
Non-performing Loans / Loans |
0.72 | 0.81 | 0.92 | 0.94 | 1.18 | |||||||||||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE |
1.01 | 1.11 | 1.28 | 1.35 | 1.57 | |||||||||||||||||||
Allowance / Loans |
1.15 | 1.18 | 1.20 | 1.24 | 1.31 | |||||||||||||||||||
Allowance / Non-performing Loans |
159.16 | 146.69 | 130.45 | 132.14 | 111.14 | |||||||||||||||||||
Allowance / Non-performing Loans (3) |
205.90 | 202.08 | 197.55 | 197.22 | 176.47 | |||||||||||||||||||
Past Due Loans over 90 days and Still Accruing |
$ | 2,998 | 4,832 | 5,025 | 4,637 | 4,067 | (26.3 | )% | ||||||||||||||||
As a Percentage of Loans Outstanding |
0.01 | % | 0.02 | 0.02 | 0.02 | 0.02 | ||||||||||||||||||
Total Past Due Loans and Still Accruing |
$ | 39,350 | 50,860 | 57,443 | 51,251 | 72,712 | (45.9 | ) | ||||||||||||||||
As a Percentage of Loans Outstanding |
0.18 | % | 0.24 | 0.27 | 0.24 | 0.35 | ||||||||||||||||||
Accruing Troubled Debt Restructurings (TDRs) |
$ | 240,370 | 268,542 | 313,362 | 348,427 | 408,737 | (41.2 | ) |
(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)
September 30, 2015 | December 31, 2014 | September 30, 2014 | ||||||||||
Capital Rules in effect: |
Basel III | Basel I | Basel I | |||||||||
Tier 1 Capital |
$ | 2,636,522 | 2,543,625 | 2,553,764 | ||||||||
Total Risk-Based Capital |
2,989,159 | 2,987,406 | 3,005,346 | |||||||||
Common Equity Tier 1 Ratio (transitional) |
10.62 | % | na | na | ||||||||
Common Equity Tier 1 Ratio (fully phased-in) |
10.00 | na | na | |||||||||
Tier 1 Common Equity Ratio |
na | 10.28 | 10.60 | |||||||||
Tier 1 Capital Ratio |
10.62 | 10.86 | 11.19 | |||||||||
Total Risk-Based Capital Ratio |
12.04 | 12.75 | 13.17 | |||||||||
Tier 1 Leverage Ratio |
9.44 | 9.67 | 9.85 | |||||||||
Common Equity as a Percentage of Total Assets (2) |
10.26 | 10.78 | 11.13 | |||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) |
10.18 | 10.69 | 11.04 | |||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) |
11.54 | 12.33 | 12.82 | |||||||||
Book Value Per Common Share (4) |
22.13 | 21.42 | 21.22 | |||||||||
Tangible Book Value Per Common Share (3) |
21.94 | 21.23 | 21.03 |
(1) | Current quarter regulatory capital information is preliminary. 2015 regulatory capital ratios determined under Basel III capital rules. 2014 ratios were determined under Basel I capital rules. |
(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. |