COLUMBUS, Ga.--(BUSINESS WIRE)--Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended June 30, 2015.
Second Quarter Highlights
- Net income available to common shareholders for the second quarter of 2015 was $53.2 million or $0.40 per diluted share as compared to $51.4 million, or $0.38 per diluted share for the previous quarter and $44.3 million, or $0.32 per diluted share for the second quarter 2014.
- Net income available to common shareholders for the second quarter of 2015 was $55.9 million or $0.42 per diluted share, excluding litigation contingency expense.
- Total loans grew $388.7 million or 7.4% annualized from the previous quarter and $1.04 billion or 5.1% as compared to the second quarter 2014.
- Average core deposits grew $889.9 million or 17.8% annualized from the previous quarter and $1.45 billion or 7.4% as compared to the second quarter 2014.
- Adjusted pre-tax, pre-credit costs income was $103.6 million for the second quarter 2015, an increase of $2.6 million or 2.6% from $101.0 million for the previous quarter and an increase of $4.7 million or 4.7% as compared to the second quarter 2014.
- The company continued to return capital to shareholders during the quarter, acquiring an additional $50.3 million of common stock. Since October 2014 through July 20, 2015, the company has repurchased $202.9 million of common stock, reducing total share count by 7.5 million or 5.4%.
“We are pleased to report solid second quarter results as evidenced by strong loan and core deposit growth as well as increased fee income driven by strong mortgage production,” said Kessel D. Stelling, chairman and CEO. “During the quarter, we were also proud to be recognized as one of America's Most Reputable Banks by American Banker magazine and the Reputation Institute, and were among only three companies ranked in the top 10 by both customers and non-customers. This recognition, along with our steadily improving financial performance, validates that our focus on relationship banking — defined by local leadership, personal service, and a deep commitment to strengthening our communities — differentiates Synovus and clearly resonates with customers and prospects.”
Balance Sheet
-
Total loans ended the quarter at $21.49 billion, up $388.7 million or
7.4% annualized, from the previous quarter and up $1.04 billion or
5.1% as compared to the second quarter 2014.
- Commercial real estate loans grew by $164.3 million from the previous quarter, or 9.5% annualized.
- Retail loans grew by $127.1 million from the previous quarter, or 13.0% annualized.
- Commercial and industrial loans grew by $97.0 million from the previous quarter, or 3.8% annualized.
- Total average deposits for the quarter were $22.47 billion, and grew by $851.1 million or 15.8% annualized from the previous quarter and $1.60 billion or 7.7% as compared to the second quarter 2014.
- Average core deposits for the quarter were $20.91 billion, and grew by $889.9 million or 17.8% annualized from the previous quarter and $1.45 billion or 7.4% as compared to the second quarter 2014.
- Average core deposits, excluding state, county, and municipal deposits, grew by $836.4 million or 18.9% annualized from the previous quarter and $1.44 billion or 8.4% as compared to the second quarter 2014.
Core Performance
Adjusted pre-tax, pre-credit costs income was $103.6 million for the second quarter 2015, an increase of $2.6 million or 2.6% from $101.0 million for the previous quarter and an increase of $4.7 million or 4.7% as compared to the second quarter 2014.
- Net interest income was $203.6 million for the second quarter 2015, up $381 thousand from $203.3 million in the previous quarter.
-
Net interest margin declined 13 basis points to 3.15% compared to
3.28% in the previous quarter. Yield on earning assets was 3.61%, 12
basis points lower than the previous quarter, and the effective cost
of funds increased 1 basis point to 0.46%.
- Increased balances at the Fed contributed 7 basis points of the decline in the yield on earning assets.
-
Adjusted non-interest income was $66.8 million, up $1.7 million or
2.6% compared to $65.1 million for the previous quarter and up $3.5
million or 5.5% as compared to the second quarter 2014.
- Mortgage banking income increased $1.0 million or 15.8% from the previous quarter, driven by a 19.8% increase in production.
- Core banking fees1 were $32.4 million, up $876 thousand or 2.8% from the previous quarter, primarily driven by higher service charges on deposit accounts and bankcard fees.
- Gains from the sale of SBA loans of $1.4 million were down $92 thousand from the previous quarter and up $1.6 million year-to-date as compared to 2014.
- Financial Management Services revenues, consisting primarily of fiduciary and asset management fees and brokerage revenue, decreased 2.8% from the previous quarter and increased 3.7% as compared to the second quarter 2014.
- Total non-interest expense for the second quarter 2015 was $177.8 million, down $1.1 million from the previous quarter and down $4.4 million or 2.4% as compared to the second quarter 2014.
-
Adjusted non-interest expense for the second quarter 2015 was $166.9
million, down $495 thousand or 0.3% from the previous quarter and down
$2.6 million or 1.5% as compared to the second quarter 2014.
- Employment expense of $94.6 million decreased $1.9 million from the previous quarter.
- Advertising expense of $2.9 million decreased $578 thousand from the previous quarter.
- Professional fees of $6.4 million increased $823 thousand from the previous quarter.
Credit Quality
Broad-based improvement in credit quality continued.
- Total credit costs were $12.8 million in the second quarter 2015 compared to $15.7 million in the previous quarter.
- Non-performing loans, excluding loans held for sale, were $173.6 million at June 30, 2015, down $20.6 million or 10.6% from the previous quarter, and down $85.9 million or 33.1% from June 30, 2014. The non-performing loan ratio was 0.81% at June 30, 2015, compared to 0.92% at the end of the previous quarter and 1.27% at June 30, 2014.
- Total non-performing assets were $240.1 million at June 30, 2015, down $30.0 million or 11.1% from the previous quarter, and down $123.0 million or 33.9% from June 30, 2014. The non-performing asset ratio was 1.11% at June 30, 2015, compared to 1.28% at the end of the previous quarter and 1.77% at June 30, 2014.
- Total delinquencies (consisting of loans 30 or more days past due and still accruing) remain low at 0.24% of total loans at June 30, 2015 compared to 0.27% the previous quarter and 0.30% at June 30, 2014. Total loans past due 90 days or more and still accruing were 0.02% of total loans at June 30, 2015, unchanged from March 31, 2015 and June 30, 2014.
- Net charge-offs were $5.3 million in the second quarter 2015, down $7.0 million or 57.0% from $12.3 million in the previous quarter. The annualized net charge-off ratio was 0.10% in the second quarter compared to 0.23% in the previous quarter.
Capital Ratios
Capital ratios remained strong and include the impact of common stock repurchases completed through June 30, 2015.
- Common Equity Tier 1 ratio was 10.73% at June 30, 2015 compared to 10.80% at March 31, 2015.
- Tier 1 Capital ratio was 10.73% at June 30, 2015 compared to 10.80% at March 31, 2015.
- Total Risk Based Capital ratio was 12.18% at June 30, 2015 compared to 12.65% at March 31, 2015.
- Tier 1 Leverage ratio was 9.48% at June 30, 2015 compared to 9.66% at March 31, 2015.
- Tangible Common Equity ratio was 10.13% at June 30, 2015 compared to 10.43% at March 31, 2015.
Second Quarter Earnings Conference Call
Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on July 21, 2015. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. For a link to the webcast, go to www.synovus.com/webcasts. The replay will be archived for 12 months and will be available 30-45 minutes after the call.
About Synovus
Synovus Financial Corp. is a financial services company based in Columbus, Georgia with approximately $28 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services to customers through 28 locally-branded divisions, 258 branches, and 341 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was named one of America's Most Reputable Banks by American Banker and the Reputation Institute in 2015. See Synovus on the web at synovus.com.
Forward-Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the banking industry and economy in general. These forward-looking statements include, among others, our expectations on credit trends and key credit metrics; expectations regarding deposits, loan growth and the net interest margin; expectations on our growth strategy, expense initiatives, and future profitability, and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict.
These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2014 under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.
Use of Non-GAAP Financial Measures
The measures entitled average core deposits; average core deposits excluding average state, county, and municipal deposits; tangible common equity to tangible assets ratio; adjusted net income per diluted common share; adjusted pre-tax, pre-credit costs income; adjusted non-interest income; and adjusted non-interest expense are not measures recognized under U.S. generally accepted accounting principles (GAAP) and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are total average deposits; total shareholders’ equity to total assets ratio; net income per diluted common share; income before income taxes; total non-interest income; and total non-interest expense, respectively.
Synovus believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ capital strength and the performance of its core business. These non-GAAP financial measures should not be considered as substitutes for total average deposits; total shareholders’ equity to total assets ratio; net income per diluted common share; income before income taxes; total non-interest income; and total non-interest expense determined in accordance with GAAP and may not be comparable to other similarly titled measures at other companies.
The computations of average core deposits; average core deposits excluding average state, county, and municipal deposits; tangible common equity to tangible assets ratio; adjusted net income per diluted common share; adjusted pre-tax, pre-credit costs income; adjusted non-interest income; and adjusted non-interest expense; and the reconciliation of these measures to total average deposits; total shareholders’ equity to total assets ratio; net income per diluted common share; income before income taxes; total non-interest income; and total non-interest expense are set forth in the tables below.
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||
(dollars in thousands) | 2Q15 | 1Q15 | 4Q14 | 3Q14 | 2Q14 | |||||||||||||||||||||
Average core deposits | ||||||||||||||||||||||||||
Average core deposits excluding state, county, and municipal deposits | ||||||||||||||||||||||||||
Average total deposits | $ | 22,466,102 | 21,615,049 | 21,336,007 | 20,938,587 | 20,863,706 | ||||||||||||||||||||
Subtract: Average brokered deposits | (1,555,931 | ) | (1,594,822 | ) | (1,602,354 | ) | (1,494,620 | ) | (1,401,167 | ) | ||||||||||||||||
Average core deposits | 20,910,171 | 20,020,227 | 19,733,653 | 19,443,967 | 19,462,539 | |||||||||||||||||||||
Subtract: Average state, county, and municipal deposits | (2,277,783 | ) | (2,224,193 | ) | (2,184,757 | ) | (2,045,817 | ) | (2,268,852 | ) | ||||||||||||||||
Average core deposits excluding state, county, and
municipal deposits |
$ | 18,632,388 | 17,796,034 | 17,548,896 | 17,398,150 | 17,193,687 | ||||||||||||||||||||
Tangible common equity to tangible assets ratio | ||||||||||||||||||||||||||
Total assets | $ | 28,205,870 | 27,633,784 | 27,051,231 | 26,519,110 | 26,627,290 | ||||||||||||||||||||
Subtract: Goodwill | (24,431 | ) | (24,431 | ) | (24,431 | ) | (24,431 | ) | (24,431 | ) | ||||||||||||||||
Subtract: Other intangible assets, net | (863 | ) | (1,061 | ) | (1,265 | ) | (1,471 | ) | (1,678 | ) | ||||||||||||||||
Tangible assets | 28,180,576 | 27,608,292 | 27,025,535 | 26,493,208 | 26,601,181 | |||||||||||||||||||||
Total shareholders’ equity | 3,006,157 | 3,030,635 | 3,041,270 | 3,076,545 | 3,053,051 | |||||||||||||||||||||
Subtract: Goodwill |
(24,431 | ) | (24,431 | ) | (24,431 | ) | (24,431 | ) | (24,431 | ) | ||||||||||||||||
Subtract: Other intangible assets, net |
(863 | ) | (1,061 | ) | (1,265 | ) | (1,471 | ) | (1,678 | ) | ||||||||||||||||
Subtract: Series C Preferred Stock, no par value |
(125,980 | ) | (125,980 | ) | (125,980 | ) | (125,980 | ) | (125,980 | ) | ||||||||||||||||
Tangible common equity | $ | 2,854,883 | 2,879,163 | 2,889,594 | 2,924,663 | 2,900,962 | ||||||||||||||||||||
Total shareholders’ equity to total assets ratio | 10.66 | % | 10.97 | 11.24 | % | 11.60 | 11.47 | |||||||||||||||||||
Tangible common equity to tangible assets ratio | 10.13 | % | 10.43 | 10.69 | % | 11.04 | 10.91 | |||||||||||||||||||
Adjusted net income per diluted common share | ||||||||||||||||||||||||||
Net income available to common shareholders | $ | 53,234 | ||||||||||||||||||||||||
Add: Litigation contingency expense (after-tax)(1) | 2,688 | |||||||||||||||||||||||||
Adjusted net income available to common shareholders | $ | 55,922 | ||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 133,625 | |||||||||||||||||||||||||
Adjusted net income per diluted common share | $ | 0.42 | ||||||||||||||||||||||||
|
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Reconciliation of Non-GAAP Financial Measures, continued | ||||||||||||||||||||||||||
(dollars in thousands) | 2Q15 | 1Q15 | 4Q14 | 3Q14 | 2Q14 | |||||||||||||||||||||
Adjusted Pre-tax, Pre-credit Costs Income | ||||||||||||||||||||||||||
Income before income taxes | $ | 88,035 | 85,812 | 78,928 | 72,656 | 73,950 | ||||||||||||||||||||
Add: Provision for losses on loans | 6,636 | 4,397 | 8,193 | 3,843 | 12,284 | |||||||||||||||||||||
Add: Other credit costs(2) | 6,175 | 11,273 | 8,213 | 11,858 | 4,635 | |||||||||||||||||||||
Add: Restructuring charges | 4 | (107 | ) | 3,484 | 809 | 7,716 | ||||||||||||||||||||
Add: Litigation contingency/settlement expenses (1) | 4,400 | - | 463 | 12,349 | - | |||||||||||||||||||||
Subtract: Investment securities gains, net | (1,985 | ) | (725 | ) | - | - | - | |||||||||||||||||||
Add: Visa indemnification charges | 354 | 375 | 310 | 1,979 | 356 | |||||||||||||||||||||
Pre-tax, pre-credit costs income | $ | 103,619 | 101,025 | 99,591 | 103,494 | 98,941 | ||||||||||||||||||||
Adjusted Non-interest Income |
||||||||||||||||||||||||||
Total non-interest income | $ | 68,832 | 65,854 | 64,549 | 63,985 | 63,388 | ||||||||||||||||||||
Subtract: Investment securities gains, net | (1,985 | ) | (725 | ) | - | - | - | |||||||||||||||||||
Adjusted non-interest income | $ | 66,847 | 65,129 | 64,549 | 63,985 | 63,388 | ||||||||||||||||||||
Adjusted Non-interest Expense | ||||||||||||||||||||||||||
Total non-interest expense | $ | 177,805 | 178,908 | 184,883 | 193,749 | 182,205 | ||||||||||||||||||||
Subtract: Other credit costs(2) | (6,175 | ) | (11,273 | ) | (8,213 | ) | (11,858 | ) | (4,635 | ) | ||||||||||||||||
Subtract: Restructuring charges | (4 | ) | 107 | (3,484 | ) | (809 | ) | (7,716 | ) | |||||||||||||||||
Subtract: Visa indemnification charges | (354 | ) | (375 | ) | (310 | ) | (1,979 | ) | (356 | ) | ||||||||||||||||
Subtract: Litigation contingency/settlement expenses (1) |
(4,400 | ) | - | (463 | ) | (12,349 | ) | - | ||||||||||||||||||
Adjusted non-interest expense | $ | 166,872 | 167,367 | 172,413 | 166,754 | 169,498 | ||||||||||||||||||||
(1) Amounts for other periods presented herein are not reported separately as amounts are not material. |
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(2) Other credit costs consist primarily of foreclosed real estate expense, net. |
Synovus | ||||||||||||||
INCOME STATEMENT DATA | Six Months Ended | |||||||||||||
(Unaudited) | ||||||||||||||
(Dollars in thousands, except per share data) | June 30, | |||||||||||||
2015 | 2014 | Change | ||||||||||||
Interest income | $ | 465,055 | 460,595 | 1.0 | % | |||||||||
Interest expense | 58,148 | 55,029 | 5.7 | |||||||||||
Net interest income | 406,907 | 405,566 | 0.3 | |||||||||||
Provision for loan losses | 11,034 | 21,795 | (49.4 | ) | ||||||||||
Net interest income after provision for loan losses | 395,873 | 383,771 | 3.2 | |||||||||||
Non-interest income: | ||||||||||||||
Service charges on deposit accounts | 38,928 | 38,451 | 1.2 | |||||||||||
Fiduciary and asset management fees | 23,414 | 22,329 | 4.9 | |||||||||||
Brokerage revenue | 14,032 | 12,920 | 8.6 | |||||||||||
Mortgage banking income | 13,995 | 8,794 | 59.1 | |||||||||||
Bankcard fees | 16,576 | 16,212 | 2.2 | |||||||||||
Investment securities gains, net | 2,710 | 1,331 | 103.6 | |||||||||||
Other fee income | 9,851 | 9,791 | 0.6 | |||||||||||
Gain on sale of Memphis branches, net (1) | - | 5,789 | nm | |||||||||||
Other non-interest income | 15,181 | 17,952 | (15.4 | ) | ||||||||||
Total non-interest income | 134,687 | 133,569 | 0.8 | |||||||||||
Non-interest expense: | ||||||||||||||
Salaries and other personnel expense | 191,054 | 185,985 | 2.7 | |||||||||||
Net occupancy and equipment expense | 52,713 | 52,480 | 0.4 | |||||||||||
Third-party processing expense | 21,015 | 19,560 | 7.4 | |||||||||||
FDIC insurance and other regulatory fees | 13,725 | 17,531 | (21.7 | ) | ||||||||||
Professional fees | 12,011 | 15,901 | (24.5 | ) | ||||||||||
Advertising expense | 6,309 | 8,757 | (28.0 | ) | ||||||||||
Foreclosed real estate expense, net | 13,847 | 9,745 | 42.1 | |||||||||||
Visa indemnification charges | 729 | 752 | (3.1 | ) | ||||||||||
Litigation contingency expense (2) | 4,400 | - | nm | |||||||||||
Restructuring charges, net | (102 | ) | 16,293 | nm | ||||||||||
Other operating expenses | 41,012 | 39,361 | 4.2 | |||||||||||
Total non-interest expense | 356,713 | 366,365 | (2.6 | ) | ||||||||||
Income before income taxes | 173,847 | 150,975 | 15.1 | |||||||||||
Income tax expense | 64,091 | 55,686 | 15.1 | |||||||||||
Net income | 109,756 | 95,289 | 15.2 | |||||||||||
Dividends on preferred stock | 5,119 | 5,119 | 0.0 | |||||||||||
Net income available to common shareholders | $ | 104,637 | 90,170 | 16.0 | % | |||||||||
Net income per common share, basic | $ | 0.78 | 0.65 | 20.4 | % | |||||||||
Net income per common share, diluted | 0.78 | 0.65 | 20.2 | |||||||||||
Cash dividends declared per common share | 0.20 | 0.14 | 42.9 | |||||||||||
Return on average assets | 0.80 | % | 0.73 | 7bps | ||||||||||
Return on average common equity | 7.27 | 6.33 | 94 | |||||||||||
Weighted average common shares outstanding, basic | 133,935 | 138,961 | (3.6 | )% | ||||||||||
Weighted average common shares outstanding, diluted | 134,678 | 139,535 | (3.5 | ) | ||||||||||
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. |
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(2 | ) | Amount for six months ended June 30, 2014 is not reported separately because it is not material. |
Synovus | ||||||||||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(In thousands, except per share data) | 2015 |
|
2014 |
2nd Quarter | ||||||||||||||||||||
Second | First | Fourth | Third | Second | '15 vs. '14 | |||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||||||
Interest income | $ | 233,654 | 231,401 | 234,703 | 233,394 | 232,213 | 0.6 | % | ||||||||||||||||
Interest expense | 30,010 | 28,138 | 27,248 | 27,131 | 27,162 | 10.5 | ||||||||||||||||||
Net interest income | 203,644 | 203,263 | 207,455 | 206,263 | 205,051 | (0.7 | ) | |||||||||||||||||
Provision for loan losses | 6,636 | 4,397 | 8,193 | 3,843 | 12,284 | (46.0 | ) | |||||||||||||||||
Net interest income after provision for loan losses | 197,008 | 198,866 | 199,262 | 202,420 | 192,767 | 2.2 | ||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Service charges on deposit accounts | 19,795 | 19,133 | 20,287 | 20,159 | 19,238 | 2.9 | ||||||||||||||||||
Fiduciary and asset management fees | 11,843 | 11,571 | 11,690 | 11,207 | 11,296 | 4.8 | ||||||||||||||||||
Brokerage revenue | 6,782 | 7,251 | 6,887 | 7,281 | 6,707 | 1.1 | ||||||||||||||||||
Mortgage banking income | 7,511 | 6,484 | 4,895 | 4,665 | 5,283 | 42.2 | ||||||||||||||||||
Bankcard fees | 8,499 | 8,077 | 8,536 | 8,182 | 8,695 | (2.3 | ) | |||||||||||||||||
Investment securities gains, net | 1,985 | 725 | - | - | - | nm | ||||||||||||||||||
Other fee income | 4,605 | 5,246 | 4,635 | 4,704 | 4,928 | (6.6 | ) | |||||||||||||||||
Other non-interest income | 7,812 | 7,367 | 7,619 | 7,787 | 7,241 | 7.9 | ||||||||||||||||||
Total non-interest income | 68,832 | 65,854 | 64,549 | 63,985 | 63,388 | 8.6 | ||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Salaries and other personnel expense | 94,565 | 96,488 | 92,049 | 93,870 | 92,540 | 2.2 | ||||||||||||||||||
Net occupancy and equipment expense | 26,541 | 26,172 | 26,370 | 26,956 | 26,425 | 0.4 | ||||||||||||||||||
Third-party processing expense | 10,672 | 10,343 | 10,437 | 10,044 | 9,464 | 12.8 | ||||||||||||||||||
FDIC insurance and other regulatory fees | 6,767 | 6,957 | 8,115 | 7,839 | 7,885 | (14.2 | ) | |||||||||||||||||
Professional fees | 6,417 | 5,594 | 8,013 | 2,526 | 8,224 | (22.0 | ) | |||||||||||||||||
Advertising expense | 2,865 | 3,443 | 8,102 | 7,177 | 6,281 | (54.4 | ) | |||||||||||||||||
Foreclosed real estate expense, net | 4,351 | 9,496 | 6,502 | 9,074 | 4,063 | 7.1 | ||||||||||||||||||
Visa indemnification charges | 354 | 375 | 310 | 1,979 | 356 | (0.6 | ) | |||||||||||||||||
Litigation contingency/settlement expenses (1) | 4,400 | - | 463 | 12,349 | - | nm | ||||||||||||||||||
Restructuring charges, net | 4 | (107 | ) | 3,484 | 809 | 7,716 | nm | |||||||||||||||||
Other operating expenses | 20,869 | 20,147 | 21,038 | 21,126 | 19,251 | 8.4 | ||||||||||||||||||
Total non-interest expense | 177,805 | 178,908 | 184,883 | 193,749 | 182,205 | (2.4 | ) | |||||||||||||||||
Income before income taxes | 88,035 | 85,812 | 78,928 | 72,656 | 73,950 | 19.0 | ||||||||||||||||||
Income tax expense | 32,242 | 31,849 | 25,757 | 25,868 | 27,078 | 19.1 | ||||||||||||||||||
Net income | 55,793 | 53,963 | 53,171 | 46,788 | 46,872 | 19.0 | ||||||||||||||||||
Dividends on preferred stock | 2,559 | 2,559 | 2,559 | 2,559 | 2,559 | - | ||||||||||||||||||
Net income available to common shareholders | $ | 53,234 | 51,404 | 50,612 | 44,229 | 44,313 | 20.1 | % | ||||||||||||||||
Net income per common share, basic | $ | 0.40 | 0.38 | 0.37 | 0.32 | 0.32 | 25.6 | % | ||||||||||||||||
Net income per common share, diluted | 0.40 | 0.38 | 0.37 | 0.32 | 0.32 | 25.5 | ||||||||||||||||||
Cash dividends declared per common share | 0.10 | 0.10 | 0.10 | 0.07 | 0.07 | 42.9 | ||||||||||||||||||
Return on average assets * | 0.80 | % | 0.80 | 0.79 | 0.70 | 0.71 | 9 | bps | ||||||||||||||||
Return on average common equity * | 7.39 | 7.16 | 6.89 | 5.97 | 6.14 | 125 | ||||||||||||||||||
Weighted average common shares outstanding, basic | 132,947 | 134,933 | 137,031 | 139,043 | 138,991 | (4.3 | ) | % | ||||||||||||||||
Weighted average common shares outstanding, diluted | 133,625 | 135,744 | 137,831 | 139,726 | 139,567 | (4.3 | ) | |||||||||||||||||
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 |
||||||||||
BALANCE SHEET DATA | June 30, 2015 | December 31, 2014 | June 30, 2014 | |||||||
(Unaudited) | ||||||||||
(In thousands, except share data) | ||||||||||
ASSETS | ||||||||||
Cash and cash equivalents | $ | 360,832 | 485,489 | 596,425 | ||||||
Interest bearing funds with Federal Reserve Bank | 1,289,205 | 721,362 | 689,284 | |||||||
Interest earning deposits with banks | 18,694 | 11,810 | 7,661 | |||||||
Federal funds sold and securities purchased under resale agreements |
72,487 | 73,111 | 79,553 | |||||||
Trading account assets, at fair value | 11,973 | 13,863 | 20,318 | |||||||
Mortgage loans held for sale, at fair value | 98,202 | 63,328 | 75,957 | |||||||
Investment securities available for sale, at fair value | 3,354,673 | 3,041,406 | 3,080,185 | |||||||
Loans, net of deferred fees and costs | 21,494,869 | 21,097,699 | 20,455,763 | |||||||
Allowance for loan losses | (254,702) | (261,317) | (277,783) | |||||||
Loans, net | 21,240,167 | 20,836,382 | 20,177,980 | |||||||
Premises and equipment, net | 445,579 | 455,235 | 461,610 | |||||||
Goodwill | 24,431 | 24,431 | 24,431 | |||||||
Other real estate | 66,449 | 85,472 | 101,533 | |||||||
Deferred tax asset, net | 571,402 | 622,464 | 677,513 | |||||||
Other assets | 651,776 | 616,878 | 634,840 | |||||||
Total assets | $ | 28,205,870 | 27,051,231 | 26,627,290 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Liabilities: | ||||||||||
Deposits: | ||||||||||
Non-interest bearing deposits | $ | 6,421,815 | 6,228,472 | 5,875,301 | ||||||
Interest bearing deposits, excluding brokered deposits | 14,775,216 | 13,660,830 | 13,668,746 | |||||||
Brokered deposits | 1,452,150 | 1,642,398 | 1,449,420 | |||||||
Total deposits | 22,649,181 | 21,531,700 | 20,993,467 | |||||||
Federal funds purchased and securities sold under repurchase agreements | 188,285 | 126,916 | 127,840 | |||||||
Long-term debt | 2,139,219 | 2,140,319 | 2,256,418 | |||||||
Other liabilities | 223,028 | 211,026 | 196,514 | |||||||
Total liabilities | 25,199,713 | 24,009,961 | 23,574,239 | |||||||
Shareholders' equity: | ||||||||||
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at June 30, 2015, December 31, 2014, and June 30, 2014 | 125,980 | 125,980 | 125,980 | |||||||
Common stock - $1.00 par value. 132,257,577 shares outstanding at June 30, 2015, 136,122,843 shares outstanding at December 31, 2014, and 139,021,760 shares outstanding at June 30, 2014 | 140,425 | 139,950 | 139,835 | |||||||
Additional paid-in capital | 2,981,434 | 2,960,825 | 2,976,811 | |||||||
Treasury stock, at cost - 8,167,677 shares at June 30, 2015, 3,827,579 shares at December 31, 2014, and 813,350 shares at June 30, 2014 | (311,859) | (187,774) | (114,176) | |||||||
Accumulated other comprehensive loss, net | (22,323) | (12,605) | (13,716) | |||||||
Retained earnings (deficit) | 92,500 | 14,894 | (61,683) | |||||||
Total shareholders' equity | 3,006,157 | 3,041,270 | 3,053,051 | |||||||
Total liabilities and shareholders' equity | $ | 28,205,870 | 27,051,231 | 26,627,290 |
Synovus | |||||||||||||||||
AVERAGE BALANCES AND YIELDS/RATES (1) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2015 |
|
2014 |
|||||||||||||||
Second | First | Fourth | Third | Second | |||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||
Interest Earning Assets | |||||||||||||||||
Taxable investment securities (2) | $ | 3,165,513 | 2,998,597 | 3,027,769 | 3,035,940 | 3,091,537 | |||||||||||
Yield | 1.79 | % | 1.85 | 1.85 | 1.84 | 1.87 | |||||||||||
Tax-exempt investment securities (2) (4) | $ | 4,595 | 4,967 | 5,030 | 5,168 | 5,781 | |||||||||||
Yield (taxable equivalent) | 6.15 | % | 6.21 | 6.19 | 6.21 | 6.23 | |||||||||||
Trading account assets | $ | 12,564 | 14,188 | 12,879 | 16,818 | 16,011 | |||||||||||
Yield | 3.72 | % | 3.02 | 3.08 | 2.52 | 2.25 | |||||||||||
Commercial loans (3) (4) | $ | 17,297,130 | 17,176,641 | 16,956,294 | 16,603,287 | 16,673,930 | |||||||||||
Yield | 4.01 | % | 4.06 | 4.09 | 4.17 | 4.19 | |||||||||||
Consumer loans (3) | $ | 3,986,151 | 3,929,188 | 3,895,397 | 3,814,160 | 3,695,010 | |||||||||||
Yield | 4.37 | % | 4.45 | 4.42 | 4.44 | 4.51 | |||||||||||
Allowance for loan losses | $ | (254,177) | (257,167) | (268,659) | (274,698) | (293,320) | |||||||||||
Loans, net (3) | $ | 21,029,104 | 20,848,662 | 20,583,032 | 20,142,749 | 20,075,620 | |||||||||||
Yield | 4.14 | % | 4.19 | 4.22 | 4.29 | 4.32 | |||||||||||
Mortgage loans held for sale | $ | 90,419 | 64,507 | 60,892 | 70,766 | 59,678 | |||||||||||
Yield | 3.39 | % | 3.92 | 3.84 | 3.96 | 4.13 | |||||||||||
Federal funds sold, due from Federal Reserve Bank, | |||||||||||||||||
and other short-term investments | $ | 1,590,114 | 1,123,250 | 898,871 | 974,363 | 843,018 | |||||||||||
Yield | 0.24 | % | 0.24 | 0.23 | 0.23 | 0.23 | |||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock (5) | $ | 76,091 | 80,813 | 75,547 | 78,131 | 76,172 | |||||||||||
Yield | 4.57 | % | 3.90 | 4.53 | 3.57 | 4.15 | |||||||||||
Total interest earning assets | $ | 25,968,400 | 25,134,984 | 24,664,020 | 24,323,935 | 24,167,817 | |||||||||||
Yield | 3.61 | % | 3.73 | 3.78 | 3.81 | 3.86 | |||||||||||
Interest Bearing Liabilities | |||||||||||||||||
Interest bearing demand deposits | $ | 3,919,401 | 3,800,476 | 3,781,389 | 3,722,599 | 3,830,956 | |||||||||||
Rate | 0.18 | % | 0.19 | 0.19 | 0.19 | 0.19 | |||||||||||
Money market accounts | $ | 6,466,610 | 6,210,704 | 6,009,897 | 6,044,138 | 6,033,523 | |||||||||||
Rate | 0.35 | % | 0.32 | 0.29 | 0.29 | 0.31 | |||||||||||
Savings deposits | $ | 675,260 | 649,597 | 638,813 | 645,654 | 644,103 | |||||||||||
Rate | 0.06 | % | 0.05 | 0.07 | 0.07 | 0.09 | |||||||||||
Time deposits under $100,000 | $ | 1,351,299 | 1,324,513 | 1,315,905 | 1,335,848 | 1,364,322 | |||||||||||
Rate | 0.68 | % | 0.61 | 0.57 | 0.56 | 0.57 | |||||||||||
Time deposits over $100,000 | $ | 2,061,434 | 1,926,380 | 1,877,602 | 1,871,136 | 1,824,349 | |||||||||||
Rate | 0.88 | % | 0.80 | 0.76 | 0.75 | 0.74 | |||||||||||
Brokered money market accounts | $ | 185,909 | 181,754 | 191,103 | 174,538 | 184,233 | |||||||||||
Rate | 0.31 | % | 0.30 | 0.28 | 0.27 | 0.27 | |||||||||||
Brokered time deposits | $ | 1,370,022 | 1,413,068 | 1,411,252 | 1,320,082 | 1,216,934 | |||||||||||
Rate | 0.67 | % | 0.63 | 0.58 | 0.52 | 0.51 | |||||||||||
Total interest bearing deposits | $ | 16,029,935 | 15,506,492 | 15,225,961 | 15,113,995 | 15,098,420 | |||||||||||
Rate | 0.42 | % | 0.39 | 0.36 | 0.35 | 0.36 | |||||||||||
Federal funds purchased and securities sold under | |||||||||||||||||
repurchase agreements | $ | 232,531 | 222,658 | 186,993 | 171,429 | 219,490 | |||||||||||
Rate | 0.08 | % | 0.08 | 0.07 | 0.08 | 0.13 | |||||||||||
Long-term debt | $ | 2,173,595 | 2,207,215 | 2,084,636 | 2,142,705 | 2,099,578 | |||||||||||
Rate | 2.39 | % | 2.41 | 2.55 | 2.54 | 2.58 | |||||||||||
Total interest bearing liabilities | $ | 18,436,061 | 17,936,365 | 17,497,590 | 17,428,129 | 17,417,488 | |||||||||||
Rate | 0.65 | % | 0.63 | 0.62 | 0.62 | 0.62 | |||||||||||
Non-interest bearing demand deposits | $ | 6,436,167 | 6,108,558 | 6,110,047 | 5,824,592 | 5,765,287 | |||||||||||
Effective cost of funds | 0.46 | % | 0.45 | 0.44 | 0.44 | 0.45 | |||||||||||
Net interest margin | 3.15 | % | 3.28 | 3.34 | 3.37 | 3.41 | |||||||||||
Taxable equivalent adjustment | $ | 330 | 349 | 372 | 408 | 443 | |||||||||||
(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) | ||||||||||||||||||||
June 30, 2015 | ||||||||||||||||||||
Loans as a % | Total | Non-performing Loans | ||||||||||||||||||
of Total Loans | Non-performing | as a % of Total | ||||||||||||||||||
Loan Type | Total Loans | Outstanding | Loans | Nonperforming Loans | ||||||||||||||||
Multi-Family | $ | 1,286,747 | 6.0 | % | $ | 222 | $ | 0.1 | % | |||||||||||
Hotels | 674,305 | 3.1 | 405 | 0.2 | ||||||||||||||||
Office Buildings | 1,348,234 | 6.3 | 728 | 0.4 | ||||||||||||||||
Shopping Centers | 917,678 | 4.3 | 57 | 0.0 | ||||||||||||||||
Commercial Development | 118,263 | 0.6 | 10,966 | 6.3 | ||||||||||||||||
Warehouses | 524,525 | 2.4 | 403 | 0.2 | ||||||||||||||||
Other Investment Property | 554,141 | 2.6 | 385 | 0.2 | ||||||||||||||||
Total Investment Properties | 5,423,893 | 25.2 | 13,166 | 7.6 | ||||||||||||||||
1-4 Family Construction | 147,572 | 0.7 | 90 | 0.1 | ||||||||||||||||
1-4 Family Investment Mortgage | 788,704 | 3.7 | 9,288 | 5.3 | ||||||||||||||||
Residential Development | 161,130 | 0.7 | 10,012 | 5.8 | ||||||||||||||||
Total 1-4 Family Properties | 1,097,406 | 5.1 | 19,390 | 11.2 | ||||||||||||||||
Land Acquisition | 554,501 | 2.5 | 23,396 | 13.5 | ||||||||||||||||
Total Commercial Real Estate | 7,075,800 | 32.9 | 55,952 | 32.3 | ||||||||||||||||
Commercial, Financial, and Agricultural | 6,259,553 | 29.0 | 43,733 | 25.1 | ||||||||||||||||
Owner-Occupied | 4,140,769 | 19.3 | 29,338 | 16.9 | ||||||||||||||||
Total Commercial & Industrial | 10,400,322 | 48.4 | 73,071 | 42.1 | ||||||||||||||||
Home Equity Lines | 1,683,651 | 7.8 | 17,802 | 10.3 | ||||||||||||||||
Consumer Mortgages | 1,793,752 | 8.3 | 24,855 | 14.3 | ||||||||||||||||
Credit Cards | 246,724 | 1.2 | - | - | ||||||||||||||||
Other Retail Loans | 323,741 | 1.5 | 1,958 | 1.1 | ||||||||||||||||
Total Retail | 4,047,868 | 18.8 | 44,615 | 25.7 | ||||||||||||||||
Unearned Income | (29,121) | (0.1) | - | nm | ||||||||||||||||
Total | $ | 21,494,869 | 100.0 | % | $ | 173,638 | 100.0 | % | ||||||||||||
LOANS OUTSTANDING BY TYPE COMPARISON | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Total Loans | 2Q15 vs. 1Q15 | 2Q15 vs. 2Q14 | ||||||||||||||||||
Loan Type | June 30, 2015 | March 31, 2015 | % change (1) | June 30, 2014 | % change | |||||||||||||||
Multi-Family | $ | 1,286,747 | 1,227,286 | 19.4 | % | $ | 1,109,340 | 16.0 | % | |||||||||||
Hotels | 674,305 | 645,912 | 17.6 | 742,037 | (9.1) | |||||||||||||||
Office Buildings | 1,348,234 | 1,287,048 | 19.1 | 995,614 | 35.4 | |||||||||||||||
Shopping Centers | 917,678 | 876,667 | 18.8 | 838,231 | 9.5 | |||||||||||||||
Commercial Development | 118,263 | 123,679 | (17.6) | 139,966 | (15.5) | |||||||||||||||
Warehouses | 524,525 | 531,234 | (5.1) | 565,781 | (7.3) | |||||||||||||||
Other Investment Property | 554,141 | 538,434 | 11.7 | 499,611 | 10.9 | |||||||||||||||
Total Investment Properties | 5,423,893 | 5,230,260 | 14.8 | 4,890,580 | 10.9 | |||||||||||||||
1-4 Family Construction | 147,572 | 148,248 | (1.8) | 129,991 | 13.5 | |||||||||||||||
1-4 Family Investment Mortgage | 788,704 | 793,672 | (2.5) | 842,605 | (6.4) | |||||||||||||||
Residential Development | 161,130 | 169,696 | (20.2) | 178,110 | (9.5) | |||||||||||||||
Total 1-4 Family Properties | 1,097,406 | 1,111,616 | (5.1) | 1,150,706 | (4.6) | |||||||||||||||
Land Acquisition | 554,501 | 569,649 | (10.7) | 609,285 | (9.0) | |||||||||||||||
Total Commercial Real Estate | 7,075,800 | 6,911,525 | 9.5 | 6,650,571 | 6.4 | |||||||||||||||
Commercial, Financial, and Agricultural | 6,259,553 | 6,175,460 | 5.5 | 6,059,794 | 3.3 | |||||||||||||||
Owner-Occupied | 4,140,769 | 4,127,863 | 1.3 | 4,005,418 | 3.4 | |||||||||||||||
Total Commercial & Industrial | 10,400,322 | 10,303,323 | 3.8 | 10,065,212 | 3.3 | |||||||||||||||
Home Equity Lines | 1,683,651 | 1,672,038 | 2.8 | 1,664,520 | 1.1 | |||||||||||||||
Consumer Mortgages | 1,793,752 | 1,702,388 | 21.5 | 1,561,111 | 14.9 | |||||||||||||||
Credit Cards | 246,724 | 242,257 | 7.4 | 255,369 | (3.4) | |||||||||||||||
Other Retail Loans | 323,741 | 304,050 | 26.0 | 287,935 | 12.4 | |||||||||||||||
Total Retail | 4,047,868 | 3,920,733 | 13.0 | 3,768,935 | 7.4 | |||||||||||||||
Unearned Income | (29,121) | (29,368) | (3.4) | (28,955) | 0.6 | |||||||||||||||
Total | $ | 21,494,869 | 21,106,213 | 7.4 | % | $ | 20,455,763 | 5.1 | % | |||||||||||
(1) Percentage change is annualized. |
Synovus | ||||||||||||||||||||
CREDIT QUALITY DATA | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollars in thousands) | 2015 |
|
2014 |
2nd Quarter | ||||||||||||||||
Second | First | Fourth | Third | Second | '15 vs. '14 | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Change | |||||||||||||||
Non-performing Loans | $ | 173,638 | 194,232 | 197,757 | 242,382 | 259,547 | (33.1) | % | ||||||||||||
Other Loans Held for Sale (1) | - | 1,082 | 3,606 | 338 | 2,045 | (100.0) | ||||||||||||||
Other Real Estate | 66,449 | 74,791 | 85,472 | 81,636 | 101,533 | (34.6) | ||||||||||||||
Non-performing Assets | 240,087 | 270,105 | 286,835 | 324,356 | 363,125 | (33.9) | ||||||||||||||
Allowance for Loan Losses | 254,702 | 253,371 | 261,317 | 269,376 | 277,783 | (8.3) | ||||||||||||||
Net Charge-Offs - Quarter | 5,306 | 12,343 | 16,253 | 12,250 | 35,371 | (85.0) | ||||||||||||||
Net Charge-Offs / Average Loans - Quarter (2) | 0.10 | % | 0.23 | 0.31 | 0.24 | 0.69 | ||||||||||||||
Non-performing Loans / Loans | 0.81 | 0.92 | 0.94 | 1.18 | 1.27 | |||||||||||||||
Non-performing Assets / Loans, Other Loans Held for Sale & ORE | 1.11 | 1.28 | 1.35 | 1.57 | 1.77 | |||||||||||||||
Allowance / Loans | 1.18 | 1.20 | 1.24 | 1.31 | 1.36 | |||||||||||||||
Allowance / Non-performing Loans | 146.69 | 130.45 | 132.14 | 111.14 | 107.03 | |||||||||||||||
Allowance / Non-performing Loans (3) | 202.08 | 197.55 | 197.22 | 176.47 | 177.62 | |||||||||||||||
Past Due Loans over 90 days and Still Accruing | $ | 4,832 | 5,025 | 4,637 | 4,067 | 4,798 | 0.7 | % | ||||||||||||
As a Percentage of Loans Outstanding | 0.02 | % | 0.02 | 0.02 | 0.02 | 0.02 | ||||||||||||||
Total Past Due Loans and Still Accruing | $ | 50,860 | 57,443 | 51,251 | 72,712 | 60,428 | (15.8) | |||||||||||||
As a Percentage of Loans Outstanding | 0.24 | % | 0.27 | 0.24 | 0.35 | 0.30 | ||||||||||||||
Accruing Troubled Debt Restructurings (TDRs) | $ | 268,542 | 313,362 | 348,427 | 408,737 | 444,108 | (39.5) | |||||||||||||
(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) | ||||||||||||||||||||
June 30, 2015 | December 31, 2014 | June 30, 2014 | ||||||||||||||||||
Capital Rules in effect: | Basel III | Basel I | Basel I | |||||||||||||||||
Tier 1 Capital | $ | 2,615,827 | 2,543,625 | 2,500,491 | ||||||||||||||||
Total Risk-Based Capital | 2,971,517 | 2,987,406 | 2,958,274 | |||||||||||||||||
Common Equity Tier 1 Ratio (transitional) | 10.73 | % | na | na | ||||||||||||||||
Common Equity Tier 1 Ratio (fully phased-in) | 10.09 | na | na | |||||||||||||||||
Tier 1 Common Equity Ratio | na | 10.28 | 10.42 | |||||||||||||||||
Tier 1 Capital Ratio | 10.73 | 10.86 | 11.01 | |||||||||||||||||
Total Risk-Based Capital Ratio | 12.18 | 12.75 | 13.03 | |||||||||||||||||
Tier 1 Leverage Ratio | 9.48 | 9.67 | 9.69 | |||||||||||||||||
Common Equity as a Percentage of Total Assets (2) | 10.21 | 10.78 | 10.99 | |||||||||||||||||
Tangible Common Equity as a Percentage of Tangible Assets (3) | 10.13 | 10.69 | 10.91 | |||||||||||||||||
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) | 11.71 | 12.33 | 12.78 | |||||||||||||||||
Book Value Per Common Share (4) | 21.78 | 21.42 | 21.05 | |||||||||||||||||
Tangible Book Value Per Common Share (3) | 21.59 | 21.23 | 20.87 | |||||||||||||||||
(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. |