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TheStreet Open House

Synovus Reports Results For Third Quarter Of 2012

Stocks in this article: SNV

The computations of core deposits, core deposits excluding time deposits, tangible common equity to tangible assets ratio, pre-tax, pre-credit costs income, core expenses, non-interest income excluding net investment gains, and net sequential quarter loan growth (decline) and the reconciliation of these measures to total deposits, total shareholders’ equity to total assets ratio, income (loss) before income taxes, total non-interest expense, total non-interest income, and sequential quarter total loan growth (decline) are set forth in the tables below.

 

Reconciliation of Non-GAAP Financial Measures

 
(dollars in thousands)     3Q12     2Q12     1Q12     4Q11     3Q11
Core Deposits
 
Total deposits $ 20,846,830 21,565,065 22,137,702 22,411,752 23,109,427
Subtract: Brokered deposits   (919,959 ) (1,148,892 ) (1,406,709 ) (1,783,174 ) (2,157,631 )
Core deposits 19,926,871 20,416,173 20,730,993 20,628,578 20,951,796
Subtract: Time deposits   (3,771,117 ) (4,097,834 ) (4,302,292 ) (4,591,164 ) (4,952,144 )
Core deposits excluding time deposits $ 16,155,754   16,318,339   16,428,701   16,037,414   15,999,652  
 
Tangible Common Equity To Tangible Assets Ratio
 
Total assets $ 25,764,644 26,294,110 27,064,792 27,162,845 28,253,923
Subtract: Goodwill (24,431 ) (24,431 ) (24,431 ) (24,431 ) (24,431 )
Subtract: Other intangible assets, net   (5,895 ) (6,693 ) (7,589 ) (8,525 ) (9,482 )
Tangible assets $ 25,734,318   26,262,986   27,032,772   27,129,889   28,220,010  
 
Total shareholders’ equity $ 2,875,700 2,853,389 2,821,763 2,827,452 2,829,447
Subtract: Goodwill (24,431 ) (24,431 ) (24,431 ) (24,431 ) (24,431 )
Subtract: Other intangible assets, net (5,895 ) (6,693 ) (7,589 ) (8,525 ) (9,482 )
Subtract: Cumulative perpetual preferred stock   (954,690 ) (952,093 ) (949,536 ) (947,017 ) (944,538 )
Tangible common equity $ 1,890,684   1,870,172   1,840,207   1,847,479   1,850,996  
 
Total shareholders’ equity to total assets ratio 11.16 % 10.85 10.43 10.41 10.01
Tangible common equity to tangible assets ratio 7.35 % 7.12 6.81 6.81 6.56
 
Pre-tax, Pre-credit Costs Income
 
Income before income taxes $ 30,514 37,347 35,916 26,979 37,118
Add: Provision for losses on loans 63,572 44,222 66,049 54,565 102,325
Add: Other credit costs (1) 22,046 26,119 24,849 35,962 40,211
Add: Restructuring charges 1,192 1,393 858 639 2,587
Subtract: Net gains on investment securities (6,656 ) (4,170 ) (20,083 ) (10,337 ) (62,873 )
Add: Visa indemnification charge   833   1,734   2,979   5,942   --  
Pre-tax, pre-credit costs income $ 111,501   106,645   110,568   113,750   119,368  
 
Core Expenses
 
Total non-interest expense $ 191,492 208,264 203,133 219,082 222,552
Subtract: Other credit costs (1) (22,046 ) (26,119 ) (24,849 ) (35,962 ) (40,211 )
Subtract: Restructuring charges (1,192 ) (1,393 ) (858 ) (639 ) (2,587 )
Subtract: Visa indemnification charge   (833 ) (1,734 ) (2,979 ) (5,942 ) --  
Core expenses $ 167,421   179,018   174,447   176,539   179,754  
 
(1) Other credit costs consist primarily of losses on ORE, provision for losses on unfunded commitments, and charges related to other loans held for sale.
 

Reconciliation of Non-GAAP Financial Measures (continued)

 
(dollars in thousands) 3Q12 2Q12 1Q12 4Q11 3Q11

Non-interest income excluding investment securities gains , net

 
Total non-interest income $ 73,233 76,477 84,139 73,470 133,392
Subtract: Net investment securities gains   (6,656 ) (4,170 ) (20,083 ) (10,337 ) (62,873 )
Non-interest income excluding investment securities gains, net $ 66,577   72,307   64,056   63,133   70,519  
 
 
Net sequential quarter loan growth (decline)
 
Sequential quarter growth(decline) in total loans $ 51,739 (163,571 ) (236,115 ) (22,273 ) (402,724 )
Add: Transfers to other loans held for sale 712 38,999 578 3,457 16,004
Add: Foreclosures 42,961 30,087 48,127 36,331 57,859
Add: Charge-offs excluding transfers to other loans held for sale and loan sales 74,400 53,075 65,498 78,443 87,660
Add: Loan sales   69,752   70,590   96,621   70,808   109,140  
Net sequential quarter loan growth (decline) $ 239,564   29,180   (25,291 ) 166,766   (132,061 )
 
     
Synovus
 
INCOME STATEMENT DATA Nine Months Ended
(Unaudited)
(Dollars in thousands, except per share data) September 30,
 
2012   2011   Change
 
Interest income $ 764,140 868,453 (12.0 ) %
Interest expense 117,479   171,455   (31.5 )
 
Net interest income 646,661 696,998 (7.2 )
Provision for loan losses 173,843   364,230   (52.3 )
 
Net interest income after provision for loan losses 472,818   332,768   42.1  
 
Non-interest income:
Service charges on deposit accounts 57,319 59,595 (3.8 )
Fiduciary and asset management fees 31,966 35,046 (8.8 )
Brokerage revenue 19,786 19,067 3.8
Mortgage banking income 23,247 15,469 50.3
Bankcard fees 23,938 34,344 (30.3 )
Investment securities gains, net 30,909 64,670 (52.2 )
Other fee income 14,927 15,643 (4.6 )
Increase (decrease) in fair value of private equity investments, net 6,428 (941 ) nm
Other non-interest income 25,329   22,512   12.5  
 
Total non-interest income 233,849   265,405   (11.9 )
 
Non-interest expense:
Salaries and other personnel expense 280,972 278,431 0.9
Net occupancy and equipment expense 79,512 86,698 (8.3 )
FDIC insurance and other regulatory fees 37,171 45,826 (18.9 )
Foreclosed real estate expense, net 55,677 101,716 (45.3 )
Losses (gains) on other loans held for sale, net 4,005 (2,591 ) nm
Professional fees 29,270 30,264 (3.3 )
Data processing expense 25,020 27,225 (8.1 )
Visa indemnification charges 5,546 96 nm
Restructuring charges 3,444 30,026 (88.5 )
Other operating expenses 82,273   86,992   (5.4 )
 
 
 
Total non-interest expense 602,890   684,683   (11.9 )
 
Income (loss) before income taxes 103,777 (86,510 ) nm
Income tax (benefit) expense (2,393 ) 1,690   nm
 
Net income (loss) 106,170 (88,200 ) nm
 
Net loss attributable to non-controlling interest -   (220 ) nm
 
Net income (loss) available to controlling interest 106,170   (87,980 ) nm
 
Dividends and accretion of discount on preferred stock 43,968   43,510   1.1  
 
 
Net income (loss) available to common shareholders $ 62,202   (131,490 ) nm
 
 
Basic EPS
Net income (loss) available to common shareholders 0.08 (0.17 ) nm
 
Diluted EPS
Net income (loss) available to common shareholders 0.07 (0.17 ) nm
 
Cash dividends declared per common share 0.03 0.03 -
 
Return on average assets 0.53 % (0.41 ) nm
Return on average common equity 4.33 (8.85 ) nm
 
 
Average common shares outstanding - basic 786,429 785,267 0.1 %
Average common shares outstanding - diluted 909,717 785,267 nm
 
nm - not meaningful
               
Synovus
 
INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data) 2012     2011     3rd Quarter
Third Second First Fourth Third '12 vs. '11
Quarter     Quarter     Quarter     Quarter     Quarter     Change
 
Interest income $ 247,676 253,809 262,654 273,303 281,970 (12.2 ) %
Interest expense 35,331   40,453   41,695   46,147   53,367   (33.8 )
 
 
Net interest income 212,345 213,356 220,959 227,156 228,603 (7.1 )
Provision for loan losses 63,572   44,222   66,049   54,565   102,325   (37.9 )
 
 
Net interest income after provision for loan losses 148,773   169,134   154,910   172,591   126,278   17.8  
 
 
Non-interest income:
Service charges on deposit accounts 20,404 18,684 18,231 19,175 20,039 1.8
Fiduciary and asset management fees 10,340 10,792 10,835 10,763 11,631 (11.1 )
Brokerage revenue 6,844 6,295 6,647 6,939 6,556 4.4
Mortgage banking income 9,261 7,983 6,003 4,847 7,427 24.7
Bankcard fees 7,866 8,493 7,579 7,150 11,562 (32.0 )
Investment securities gains, net 6,656 4,170 20,083 10,337 62,873 (89.4 )
Other fee income 5,276 4,951 4,700 4,310 5,423 (2.7 )
(Decrease) increase in fair value of private equity investments, net (944 ) 7,279 93 (177 ) (771 ) (22.4 )
Other non-interest income 7,530   7,830   9,968   10,126   8,652   (13.0 )
 
 
Total non-interest income 73,233   76,477   84,139   73,470   133,392   (45.1 )
 
 
 
Non-interest expense:
Salaries and other personnel expense 93,177 95,173 92,622 93,115 93,184 (0.0 )
Net occupancy and equipment expense 26,647 26,159 26,706 27,338 27,981 (4.8 )
FDIC insurance and other regulatory fees 9,205 13,302 14,663 13,238 15,463 (40.5 )
Foreclosed real estate expense, net 11,997 20,708 22,972 31,853 37,108 (67.7 )
Losses (gains) on other loans held for sale, net 4,104 (1,058 ) 959 (145 ) (846 ) nm
Professional fees 10,074 9,929 9,267 10,321 10,135 (0.6 )
Data processing expense 8,284 8,712 8,024 8,532 9,024 (8.2 )
Visa indemnification charges 833 1,734 2,979 5,942 - nm
Restructuring charges 1,192 1,393 858 639 2,587 (53.9 )
Other operating expenses 25,979   32,212   24,083   28,249   27,916   (6.9 )
 
 
Total non-interest expense 191,492   208,264   203,133   219,082   222,552   (14.0 )
 
 
 
Income before income taxes 30,514 37,347 35,916 26,979 37,118 (17.8 )
Income tax (benefit) expense (211 ) (2,105 ) (77 ) (378 ) 6,910   nm
 
 
Net income 30,725 39,452 35,993 27,357 30,208 1.7
 
Dividends and accretion of discount on preferred stock 14,695   14,649   14,624   14,578   14,541   1.1  
 
 
 
Net income available to common shareholders $ 16,030   24,803   21,369   12,779   15,667   2.3  
 
 
Basic EPS
Net income available to common shareholders 0.02 0.03 0.03 0.02 0.02 -
 
Diluted EPS
Net income available to common shareholders 0.02 0.03 0.02 0.01 0.02 -
 
Cash dividends declared per common share 0.01 0.01 0.01 0.01 0.01 -
 
Return on average assets * 0.47 % 0.59 % 0.53 % 0.39 0.42 11.9
Return on average common equity * 3.30 5.23 4.49 2.66 3.20 3.1
 
 
Average common shares outstanding - basic 786,576 786,576 786,135 785,289 785,280 0.2 %
Average common shares outstanding - diluted 910,396 909,761 908,986 911,253 911,247 (0.1 )
 
nm - not meaningful
* - ratios are annualized
             
Synovus
     
BALANCE SHEET DATA September 30, 2012 December 31, 2011 September 30, 2011
(Unaudited)
 
(In thousands, except share data)
 
ASSETS
Cash and cash equivalents $ 454,028 510,423 452,034
Interest bearing funds with Federal Reserve Bank 815,156 1,567,006 2,750,953
Interest earning deposits with banks 27,215 13,590 21,560

Federal funds sold and securities purchased under resale agreements

116,318 158,916 189,304
Trading account assets, at fair value 5,953 16,866 17,467
Mortgage loans held for sale, at fair value 246,224 161,509 125,379
Other loans held for sale 11,254 30,156 53,074
Investment securities available for sale, at fair value 3,229,440 3,690,125 3,596,511
 
Loans, net of deferred fees and costs 19,731,865 20,079,813 20,102,086
Allowance for loan losses (420,404 ) (536,494 ) (595,383 )
Loans, net 19,311,461   19,543,319   19,506,703  
 
Premises and equipment, net 475,222 486,923 488,074
Goodwill 24,431 24,431 24,431
Other intangible assets, net 5,895 8,525 9,482
Other real estate 189,182 204,232 239,255
Other assets 852,865   746,824   779,697  
 
Total assets $ 25,764,644   27,162,845   28,253,924  
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits $ 5,503,288 5,366,868 5,249,335
Interest bearing deposits, excluding brokered deposits 14,423,583 15,261,710 15,702,461
Brokered deposits 919,959   1,783,174   2,157,631  
 
 
Total deposits 20,846,830 22,411,752 23,109,427
 
 
Federal funds purchased and securities sold under repurchase agreements 165,865 313,757 328,806
Long-term debt 1,654,183 1,364,727 1,522,334
Other liabilities 222,066   245,157   463,909  
 
Total liabilities 22,888,944   24,335,393   25,424,476  
 
 
Equity:
Shareholders' equity:
Series A Preferred Stock, no par value (1) 954,690 947,017 944,538
Common stock, par value $1.00 (2) 792,269 790,989 790,974
Additional paid-in capital 2,202,903 2,241,171 2,254,068
Treasury stock, at cost (3) (114,176 ) (114,176 ) (114,176 )
Accumulated other comprehensive income 16,156 21,093 32,189
Accumulated deficit (976,142 ) (1,058,642 ) (1,078,145 )
Total shareholders' equity 2,875,700 2,827,452 2,829,448
 
Total liabilities and shareholders' equity $ 25,764,644   27,162,845   28,253,924  
 
 
 
(1) Preferred shares outstanding: 967,870, at all periods presented

(2) Common shares outstanding: 786,575,516; 785,295,428; and 785,280,277 at September 30, 2012, December 31, 2011, and September 30, 2011, respectively.

(3) Treasury shares: 5,693,452, at all periods presented
                     
Synovus
 
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
2012     2011
Third Second First Fourth Third
Quarter       Quarter     Quarter     Quarter     Quarter
Interest Earning Assets
Taxable investment securities (2) $ 3,495,838 3,539,376 3,577,026 3,647,459 3,152,589
Yield 1.67 % 2.11 2.35 2.59 3.28
 
Tax-exempt investment securities (2) (4) $ 19,503 21,408 23,559 25,566 27,903
Yield (taxable equivalent) 6.47 % 6.40 6.36 6.57 6.66
 
Trading account assets $ 12,343 13,647 14,975 19,107 14,601
Yield 8.27 % 6.93 7.47 4.87 5.76
 
Commercial loans (3) (4) $ 15,691,881 15,941,719 16,144,615 16,276,207 16,535,371
Yield 4.63 % 4.67 4.76 4.82 4.88
 
Consumer loans (3) $ 3,940,000 3,896,941 3,866,084 3,871,393 3,869,698
Yield 4.80 % 4.87 4.95 4.95 5.06
 
Allowance for loan losses $ (446,495 )       (498,419 )     (529,669 )     (587,956 )     (632,082 )
 
Loans, net (3) $ 19,185,386 19,340,241 19,481,030 19,559,644 19,772,987
Yield 4.79 % 4.85 4.94 5.01 5.09
 
Mortgage loans held for sale $ 175,199 90,499 112,040 161,632 91,257
Yield 4.03 % 4.99 4.88 4.58 5.74
 

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

$ 1,215,743 1,668,814 1,830,295 2,221,728 3,075,470
Yield 0.24 % 0.24 0.24 0.24 0.24
 
Federal Home Loan Bank and Federal Reserve Bank stock (5) $ 53,239 63,665 78,100 84,171 96,442
Yield 1.87 % 1.85 1.43 0.93 0.90
                                     
Total interest earning assets $ 24,157,251 24,737,650 25,117,025 25,719,307 26,231,249
  Yield       4.09   %     4.14       4.22       4.23       4.28  
 
Interest Bearing Liabilities
 
Interest bearing demand deposits $ 3,344,561 3,404,540 3,540,327 3,457,677 3,302,439
Rate 0.19 % 0.22 0.25 0.26 0.30
 
Money market accounts $ 6,751,607 6,769,037 6,755,769 6,697,334 6,636,751
Rate 0.33 % 0.42 0.49 0.57 0.73
 
Savings deposits $ 557,086 557,149 534,118 516,520 521,604
Rate 0.10 % 0.11 0.12 0.12 0.13
 
Time deposits under $100,000 $ 1,763,864 1,868,348 1,967,084 2,062,171 2,131,453
Rate 0.85 % 0.97 1.08 1.17 1.27
 
Time deposits over $100,000 $ 2,176,488 2,336,496 2,480,044 2,710,893 2,912,476
Rate 1.11 % 1.23 1.33 1.40 1.49
 
Brokered money market accounts $ 186,336 222,916 223,113 236,973 325,002
Rate 0.33 % 0.33 0.28 0.27 0.39
 
Brokered time deposits $ 820,908 1,036,521 1,346,868 1,689,538 2,053,811
Rate 1.83   %     1.94       1.89       1.87       1.88  
 
Total interest bearing deposits $ 15,600,850 16,195,007 16,847,323 17,371,106 17,883,536
Rate 0.54 % 0.64 0.73 0.82 0.95
 

 

Federal funds purchased and other short-term liabilities

$ 350,183 368,984 296,018 329,343 368,311
Rate 0.17 % 0.18 0.24 0.26 0.28
 
Long-term debt $ 1,372,741 1,326,239 1,386,324 1,443,825 1,693,673
Rate 4.09 % 4.34 3.19 2.78 2.45
                                     
Total interest bearing liabilities $ 17,323,774 17,890,230 18,529,665 19,144,274 19,945,520
  Rate       0.81   %     0.91       0.90       0.96       1.06  
 
Non-interest bearing demand deposits $ 5,560,827 5,606,352 5,397,964 5,413,322 5,175,521
                                     
Net interest margin       3.51   %     3.48       3.55       3.52       3.47  
 
Taxable equivalent adjustment $ 761 780 798 844 880
 
(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)
 
 
September 30, 2012
 
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 $ 759,500 3.8 % $ 4,531 0.6 %
Hotels 689,196 3.5 13,278 1.9
Office Buildings 772,961 3.9 12,277 1.8
Shopping Centers 911,804 4.6 25,397 3.6
Commercial Development 279,585 1.4 46,682 6.7
Warehouses 508,770 2.6 3,348 0.5
Other Investment Property 469,081   2.4   8,795   1.3  
 
Total Investment Properties 4,390,897   22.3   114,308   16.3  
 
1-4 Family Construction 152,598 0.8 14,607 2.1
1-4 Family Investment Mortgage 906,744 4.6 45,103 6.4
Residential Development 367,908   1.9   74,289   10.6  
 
Total 1-4 Family Properties 1,427,250   7.2   133,999   19.1  
 
Land Acquisition 909,420   4.6   183,125   26.2  
 
Total Commercial Real Estate 6,727,567   34.1   431,432   61.6  
 
Commercial , Financial, and Agricultural 5,175,114 26.2 123,894 17.7
Owner-Occupied Real Estate 3,877,578   19.7   62,830   9.0  
 
Total Commercial & Industrial 9,052,692 45.9 186,724 26.7
 
Home Equity Lines 1,572,986 8.0 21,220 3.0
Consumer Mortgages 1,399,432 7.1 52,313 7.5
Small Business 444,783 2.3 5,833 0.8
Credit Cards 257,922 1.3 - -
Other Retail Loans 293,536   1.5   2,682   0.4  
 
Total Retail 3,968,659 20.0 82,048 11.7
 
 
Unearned Income (17,053 ) nm -   nm
 
Total $ 19,731,865   100.0   % $ 700,204   100.0   %
 
 
LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
 
Total Loans 3Q12 vs. 2Q12 3Q12 vs. 4Q11 3Q12 vs. 3Q11
Loan Type September 30, 2012     % change (1)         % change (1)         % change
 
 
Multi-Family $ 759,500 (13.3 ) % (4.4 ) 0.9
Hotels 689,196 (9.9 ) (17.3 ) (12.7 )
Office Buildings 772,961 3.5 (0.5 ) (2.3 )
Shopping Centers 911,804 (8.2 ) (9.2 ) (9.0 )
Commercial Development 279,585 (5.0 ) (3.4 ) (7.0 )
Warehouses 508,770 18.6 5.4 2.2
Other Investment Property 469,081   10.0   5.9   1.3  
 
Total Investment Properties 4,390,897   (2.3 ) (4.9 ) (4.5 )
 
1-4 Family Construction 152,598 (26.6 ) (31.2 ) (31.2 )
1-4 Family Investment Mortgage 906,744 (5.3 ) (9.5 ) (11.1 )
Residential Development 367,908   (33.1 ) (22.6 ) (24.0 )
 
Total 1-4 Family Properties 1,427,250   (15.2 ) (15.8 ) (17.3 )
 
Land Acquisition 909,420   (30.1 ) (22.6 ) (18.8 )
 
Total Commercial Real Estate 6,727,567   (9.1 ) (10.0 ) (9.6 )
 

Commercial, Financial, and Agricultural

5,175,114 10.2 2.3 5.6
Owner-Occupied Real Estate 3,877,578   3.9   0.9   (0.9 )
 
Total Commercial & Industrial 9,052,692 7.5 1.7 2.7
 
 
Home Equity Lines 1,572,986 (7.7 ) (3.8 ) (2.5 )
Consumer Mortgages 1,399,432 4.5 (1.2 ) (1.9 )
Small Business 444,783 63.5 64.2 64.4
Credit Cards 257,922 (6.8 ) (7.4 ) (3.7 )
Other Retail Loans 293,536   3.8   8.9   5.0  
Total Retail 3,968,659 4.5 3.1 2.9
 
 
Unearned Income (17,053 ) nm nm nm
 
Total $ 19,731,865   1.0   % (2.3 ) (1.8 )
 
(1) Percentage change is annualized.
                       
Synovus
 
CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands) 2012     2011 3rd Quarter
Third Second First Fourth Third '12 vs. '11
Quarter     Quarter     Quarter     Quarter     Quarter Change
 
Non-performing Loans $ 700,204 755,161 836,039 883,021 872,074 (19.7 ) %
Other Loans Held for Sale (1) 10,019 31,306 18,317 30,156 53,074 (81.1 )
Other Real Estate 189,182 174,941 201,429 204,232 239,255 (20.9 )
Non-performing Assets 899,405 961,408 1,055,785 1,117,409 1,164,403 (22.8 )
 
Allowance for Loan Losses 420,404 453,325 507,794 536,494 595,383 (29.4 )
 
Net Charge-Offs - Quarter 96,493 98,692 94,749 113,454 138,344 (30.3 )
Net Charge-Offs / Average Loans - Quarter (2) 1.97 % 1.99 1.90 2.26 2.72
 
Non-performing Loans / Loans 3.55 3.84 4.21 4.40 4.34
Non-performing Assets / Loans, Other Loans Held for Sale & ORE 4.51 4.83 5.26 5.50 5.71
Allowance / Loans 2.13 2.30 2.56 2.67 2.96
 
Allowance / Non-performing Loans 60.04 60.03 60.74 60.76 68.27
Allowance / Non-performing Loans (3) 131.56 136.94 128.32 124.04 145.12
 
Past Due Loans over 90 days and Still Accruing $ 8,972 5,863 8,388 14,521 26,860 (66.6 ) %
As a Percentage of Loans Outstanding 0.05 % 0.03 0.04 0.07 0.13
 
Total Past Dues Loans and Still Accruing $ 108,633 91,962 144,794 149,441 199,561 (45.6 )
As a Percentage of Loans Outstanding 0.55 % 0.47 0.73 0.74 0.99
 
Accruing troubled debt restructurings (TDRs) $ 698,847 687,396 651,239 668,472 640,324 9.1
 
(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, 2012 December 31, 2011 September 30, 2011
 
Tier 1 Capital $ 2,835,948 2,780,774 2,770,971
Total Risk-Based Capital 3,465,897 3,544,089 3,533,600
Tier 1 Capital Ratio 13.23 % 12.94 12.97
Tier 1 Common Equity Ratio 8.73 8.49 8.50
Total Risk-Based Capital Ratio 16.17 16.49 16.53
Tier 1 Leverage Ratio 10.97 10.08 9.87
Common Equity as a Percentage of Total Assets (2) 7.46 6.92 6.67
Tangible Common Equity as a Percentage of Tangible Assets (3) 7.35 6.81 6.56
Tangible Common Equity as a Percentage of Risk Weighted Assets (3) 8.82 8.60 8.66
Book Value Per Common Share (4) (5) 2.11 2.06 2.07
Tangible Book Value Per Common Share (3) (5) 2.07 2.02 2.03
 
 
(1) Current quarter regulatory capital information is preliminary.

(2) Common equity consists of Total Shareholders' Equity less Cumulative Perpetual 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 Cumulative Perpetual Preferred Stock divided by total common shares outstanding.
(5) Equity and common shares exclude impact of unexercised tangible equity units (tMEDS).




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