- Net income available to common shareholders for 2015 was $215.8 million or $1.62 per diluted share as compared to $185.0 million or $1.33 per diluted share for 2014. Diluted EPS grew 21.9% for 2015 compared to 2014.
- Total loans ended the year at $22.43 billion, a $1.33 billion or 6.3% increase from 2014.
- Average core deposits for the year were $21.13 billion, a $1.60 billion or 8.2% increase from 2014.
- Non-performing assets of $215.4 million at December 31, 2015 declined 24.9% from December 31, 2014, and the non-performing asset ratio declined 39 basis points from December 31, 2014 to 0.96% at December 31, 2015.
- The net-charge off ratio for 2015 was 0.13%, down 26 basis points from 2014.
- We returned over $250 million in capital to common shareholders through common stock share repurchases and dividends.
- Common Equity Tier 1 ratio was 10.37% at December 31, 2015 compared to 10.74% at December 31, 2014.
Fourth Quarter 2015 HighlightsBalance Sheet
- Total loans ended the quarter at $22.43 billion, up $565.3 million or 10.3% annualized from the previous quarter.
- Commercial and industrial loans grew by $248.3 million or 9.3% annualized.
- Commercial real estate loans grew by $185.2 million or 10.2% annualized.
- Retail loans grew by $133.5 million or 12.7% annualized.
- Total average deposits for the quarter were $23.24 billion, up $384.2 million or 6.7% annualized from the previous quarter.
- Average core deposits grew $556.3 million or 10.3% annualized from the previous quarter.
- Average core deposits, excluding state, county, and municipal deposits, grew by $377.8 million or 7.7% annualized compared to the previous quarter.
- Net interest income was $212.6 million for the fourth quarter of 2015, up $4.8 million from $207.8 million in the previous quarter.
- The net interest margin increased four basis points to 3.18% compared to 3.14% in the third quarter of 2015. The yield on earning assets was 3.63%, up three basis points from the third quarter of 2015, and the effective cost of funds was 0.45%, down one basis point from the third quarter of 2015.
- Total non-interest income was $66.2 million, down $884 thousand or 1.3% compared to $67.1 million for the third quarter of 2015.
- Core banking fees  were $33.6 million, down $271 thousand or 0.8% from the third quarter of 2015.
- Financial Management Services revenues, consisting primarily of fiduciary and asset management fees and brokerage revenue, were $19.8 million, unchanged from the third quarter of 2015.
- Mortgage banking income decreased $1.8 million or 30.7% compared to the third quarter of 2015, due to a decrease in production volume of 34.1%.
- Total non-interest expense for the fourth quarter of 2015 was $183.0 million, up $5.1 million or 2.9% from the previous quarter and down $1.8 million or 1.0% as compared to the fourth quarter of 2014.
- Adjusted non-interest expense for the fourth quarter of 2015 was $173.5 million, up $3.4 million or 2.0% from the previous quarter and up $1.1 million or 0.6% as compared to the fourth quarter of 2014.
- Employment expense of $95.5 million increased $1.2 million or 1.3% from the previous quarter.
- Occupancy and equipment expense increased $879 thousand or 3.3% from the prior quarter, driven by a $1.2 million charge related to lease exit costs.
- Other expenses increased $1.3 million or 2.6% sequentially, driven by a $2.2 million increase in consulting fees.
- Total credit costs were $11.9 million in the fourth quarter of 2015 compared to $10.3 million in the third quarter of 2015.
- Total non-performing assets were $215.4 million at December 31, 2015, a $6.6 million or 3.0% decline from the previous quarter, and a $71.4 million or 24.9% decline from the fourth quarter of 2014. The non-performing asset ratio was 0.96% at December 31, 2015, compared to 1.01% at the end of the previous quarter and 1.35% at December 31, 2014.
- Non-performing loans, excluding loans held for sale, were $168.4 million at December 31, 2015, an increase of $10.7 million or 6.8% from the previous quarter, and a decrease of $29.4 million or 14.9% from the fourth quarter of 2014. The non-performing loan ratio was 0.75% at December 31, 2015, compared to 0.72% at the end of the previous quarter and 0.94% at December 31, 2014.
- Total delinquencies (consisting of loans 30 or more days past due and still accruing) were 0.21% at December 31, 2015 compared to 0.18% at September 30, 2015 and 0.24% at December 31, 2014. Total loans past due 90 days or more and still accruing were 0.01% at December, 31, 2015, unchanged from September 30, 2015 and down from 0.02% at December 31, 2014.
- Net charge-offs were $3.4 million in the fourth quarter of 2015, a decrease of $3.3 million from $6.8 million in the third quarter of 2015. The annualized net charge-off ratio was 0.06% in the fourth quarter compared to 0.12% in the previous quarter.
- Common Equity Tier 1 ratio was 10.37% at December 31, 2015 compared to 10.60% at September 30, 2015.
- Tier 1 Capital ratio was 10.37% at December 31, 2015 compared to 10.60% at September 30, 2015.
- Total Risk Based Capital ratio was 12.70% at December 31, 2015 compared to 12.02% at September 30, 2015.
- Tier 1 Leverage ratio was 9.43% at December 31, 2015 compared to 9.45% at September 30, 2015.
- Tangible Common Equity ratio was 9.90% at December 31, 2015 compared to 10.18% at September 30, 2015.
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; estimated Common Equity Tier 1 (CET1) ratio under Basel III (as of December 31, 2014); Tangible Common Equity ratio; adjusted earnings per diluted share; adjusted pre-tax, pre-credit costs 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 common share, diluted; income before income taxes; 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 common share, diluted; income before income taxes; 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; estimated Common Equity Tier 1 (CET1) ratio under Basel III (as of December 31, 2014); Tangible Common Equity ratio; adjusted earnings per diluted share; adjusted pre-tax, pre-credit costs 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 common share, diluted; income before income taxes; and total non-interest expense are set forth in the tables below.
|Reconciliation of Non-GAAP Financial Measures|
|(dollars in thousands)||4Q15||3Q15||4Q14||YTD 2015||YTD 2014|
|Average core deposits|
|Average core deposits excluding state, county, and municipal deposits|
|Average total deposits||$||23,244,256||22,860,019||21,336,007||22,551,679||20,967,488|
|Subtract: Average brokered deposits||(1,185,093||)||(1,357,163||)||(1,602,354||)||(1,421,949||)||(1,434,422||)|
|Average core deposits||22,059,163||21,502,856||19,733,653||21,129,730||19,533,066|
|Subtract: Average state, county, and municipal deposits||(2,303,278||)||(2,124,812||)||(2,184,757||)||(2,232,438||)||(2,215,170||)|
|Average core deposits excluding state, county, and municipal deposits||$||19,755,885||19,378,044||17,548,896||18,897,292||17,317,896|
|Tangible Common Equity ratio|
|Subtract: Other intangible assets, net||(471||)||(667||)||(863||)||(1,061||)||(1,265||)|
|Total shareholders' equity||3,000,196||3,017,116||3,006,157||3,030,635||3,041,270|
|Subtract: Other intangible assets, net||(471||)||(667||)||(863||)||(1,061||)||(1,265||)|
|Subtract: Series C Preferred Stock, no par value||(125,980||)||(125,980||)||(125,980||)||(125,980||)||(125,980||)|
|Tangible common equity||$||2,849,314||2,866,038||2,854,883||2,879,163||2,889,594|
|Total shareholders' equity to total assets ratio||10.42||%||10.71||%||10.66||10.97||11.24|
|Tangible Common Equity ratio||9.90||%||10.18||%||10.13||10.43||10.69|
|Estimated Common Equity Tier 1 (CET1) ratio under Basel III (as of December 31, 2014)|
|Tier 1 common equity (Basel I)||$||2,407,645|
|Add: Adjustment to capital components||157,765|
|Estimated common equity Tier 1 (CET1) under Basel III||2,565,410|
|Estimated risk-weighted assets under Basel III||$||23,891,728|
|Estimated Common Equity Tier 1 (CET1) ratio under Basel III||10.74||%|
|Reconciliation of Non-GAAP Financial Measures, continued|
|(dollars in thousands)||4Q15||3Q15||2Q15||1Q15||4Q14|
|Adjusted net income per common share, diluted|
|Net income available to common shareholders||$||55,839||55,369||53,233||51,404||50,612|
|Add: Litigation settlement expenses (after-tax)||434||-||2,688||-||283|
|Add: Restructuring charges (after-tax)||42||42||3||(65||)||2,129|
|Add: Loss on extinguishment of debt (after-tax)||937||-||-||-||-|
|Add: Visa indemnification charges (after-tax)||227||222||216||229||189|
|Adjusted net income available to common shareholders||$||57,479||55,633||56,140||51,568||53,213|
|Weighted average common shares outstanding - diluted||131,197||132,297||133,625||135,744||137,831|
|Adjusted net income per common share, diluted||$||0.44||0.42||0.42||0.38||0.39|
|Adjusted Pre-tax, Pre-credit Costs Income|
|Income before income taxes||$||90,741||93,986||88,034||85,812||78,928|
|Add: Provision for losses on loans||5,021||2,956||6,636||4,397||8,193|
|Add: Other credit costs (1)||6,864||7,344||6,175||11,273||8,213|
|Add: Restructuring charges||69||69||5||(107||)||3,484|
|Add: Litigation contingency/settlement expenses||710||-||4,400||-||463|
|Add: Loss on extinguishment of debt||1,533||-||-||-||-|
|Add: Visa indemnification charges||371||363||354||375||310|
|Subtract: Investment securities gains, net||(58||)||-||(1,985||)||(725||)||-|
|Pre-tax, pre-credit costs income||$||105,251||104,718||103,619||101,025||99,591|
|Adjusted Non-interest Expense|
|Total non-interest expense||$||183,033||177,907||177,806||178,908||184,883|
|Subtract: Other credit costs (1)||(6,864||)||(7,344||)||(6,175||)||(11,273||)||(8,213||)|
|Subtract: Restructuring charges||(69||)||(69||)||(5||)||107||(3,484||)|
|Subtract: Visa indemnification charges||(371||)||(363||)||(354||)||(375||)||(310||)|
|Subtract: Loss on extinguishment of debt||(1,533||)||-||-||-||-|
|Subtract: Litigation contingency/settlement expenses||(710||)||-||(4,400||)||-||(463||)|
|Adjusted non-interest expense||$||173,486||170,131||166,872||167,367||172,413|
|(1) Other credit costs consist primarily of foreclosed real estate expense, net.|
|INCOME STATEMENT DATA||Twelve Months Ended|
|(Dollars in thousands, except per share data)||December 31,|
|Net interest income||827,318||819,284||1.0|
|Provision for loan losses||19,010||33,831||(43.8||)|
|Net interest income after provision for loan losses||808,308||785,453||2.9|
|Service charges on deposit accounts||80,142||78,897||1.6|
|Fiduciary and asset management fees||45,928||45,226||1.6|
|Mortgage banking income||24,096||18,354||31.3|
|Investment securities gains, net||2,769||1,331||108.0|
|Other fee income||21,170||19,130||10.7|
|Gain on sale of Memphis branches, net (1)||-||5,789||nm|
|Other non-interest income||32,788||33,358||(1.7||)|
|Total non-interest income||267,920||262,104||2.2|
|Salaries and other personnel expense||380,918||371,904||2.4|
|Net occupancy and equipment expense||107,466||105,806||1.6|
|Third-party processing expense||42,851||40,042||7.0|
|FDIC insurance and other regulatory fees||27,091||33,485||(19.1||)|
|Foreclosed real estate expense, net||22,803||25,321||(9.9||)|
|Visa indemnification charges||1,464||3,041||(51.9||)|
|Loss on extinguishment of debt||1,533||-||nm|
|Litigation contingency/settlement expenses||5,110||12,812||(60.1||)|
|Restructuring charges, net||36||20,585||(99.8||)|
|Other operating expenses||86,260||81,525||5.8|
|Total non-interest expense||717,655||744,998||(3.7||)|
|Income before income taxes||358,573||302,559||18.5|
|Income tax expense||132,491||107,310||23.5|
|Dividends on preferred stock||10,238||10,238||-|
|Net income available to common shareholders||$||215,844||185,011||16.7||%|
|Net income per common share, basic||$||1.63||1.34||22.0||%|
|Net income per common share, diluted||1.62||1.33||21.9|
|Cash dividends declared per common share||0.42||0.31||35.5|
|Return on average assets||0.80||%||0.74||6 bps|
|Return on average common equity||7.46||6.38||108|
|Weighted average common shares outstanding, basic||132,423||138,495||(4.4||)%|
|Weighted average common shares outstanding, diluted||133,201||139,154||(4.3||)|
|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.|
|INCOME STATEMENT DATA|
|(In thousands, except per share data)||2015||2014||4th Quarter|
|Fourth||Third||Second||First||Fourth||'15 vs. '14|
|Net interest income||212,620||207,790||203,644||203,263||207,455||2.5|
|Provision for loan losses||5,021||2,956||6,636||4,397||8,193||(38.7||)|
|Net interest income after provision for loan losses||207,599||204,834||197,008||198,866||199,262||4.2|
|Service charges on deposit accounts||20,522||20,692||19,795||19,133||20,287||1.2|
|Fiduciary and asset management fees||11,206||11,308||11,843||11,571||11,690||(4.1||)|
|Mortgage banking income||4,136||5,965||7,511||6,484||4,895||(15.5||)|
|Investment securities gains, net||58||-||1,985||725||-||nm|
|Other fee income||5,798||5,521||4,605||5,246||4,635||25.1|
|Other non-interest income||9,316||8,293||7,812||7,367||7,619||22.3|
|Total non-interest income||66,175||67,059||68,832||65,854||64,549||2.5|
|Salaries and other personnel expense||95,524||94,341||94,565||96,488||92,049||3.8|
|Net occupancy and equipment expense||27,816||26,937||26,541||26,172||26,370||5.5|
|Third-party processing expense||10,993||10,844||10,672||10,343||10,437||5.3|
|FDIC insurance and other regulatory fees||6,776||6,591||6,767||6,957||8,115||(16.5||)|
|Foreclosed real estate expense, net||4,454||4,503||4,351||9,496||6,502||(31.5||)|
|Visa indemnification charges||371||363||354||375||310||19.7|
|Loss on extinguishment of debt||1,533||-||-||-||-||nm|
|Litigation contingency/settlement expenses||710||-||4,400||-||463||53.3|
|Restructuring charges, net||69||69||5||(107||)||3,484||(98.0||)|
|Other operating expenses||22,842||22,400||20,869||20,147||21,038||8.6|
|Total non-interest expense||183,033||177,907||177,806||178,908||184,883||(1.0||)|
|Income before income taxes||90,741||93,986||88,034||85,812||78,928||15.0|
|Income tax expense||32,343||36,058||32,242||31,849||25,757||25.6|
|Dividends on preferred stock||2,559||2,559||2,559||2,559||2,559||-|
|Net income available to common shareholders||$||55,839||55,369||53,233||51,404||50,612||10.3||%|
|Net income per common share, basic||$||0.43||0.42||0.40||0.38||0.37||16.0||%|
|Net income per common share, diluted||0.43||0.42||0.40||0.38||0.37||15.9|
|Cash dividends declared per common share||0.12||0.10||0.10||0.10||0.10||20.0|
|Return on average assets *||0.81||%||0.81||0.80||0.80||0.79||2 bps|
|Return on average common equity *||7.67||7.64||7.39||7.16||6.89||78|
|Weighted average common shares outstanding, basic||130,354||131,516||132,947||134,933||137,031||(4.9||)%|
|Weighted average common shares outstanding, diluted||131,197||132,297||133,625||135,744||137,831||(4.8||)|
|nm - not meaningful|
|bps - basis points|
|* - ratios are annualized|
|BALANCE SHEET DATA||December 31, 2015||September 30, 2015||December 31, 2014|
|(In thousands, except share data)|
|Cash and cash equivalents||$||367,092||329,396||485,489|
|Interest bearing funds with Federal Reserve Bank||829,887||837,641||721,362|
|Interest earning deposits with banks||17,387||21,170||11,810|
|Federal funds sold and securities purchased under resale agreements||69,819||69,732||73,111|
|Trading account assets, at fair value||5,097||5,844||13,863|
|Mortgage loans held for sale, at fair value||59,275||73,623||63,328|
|Investment securities available for sale, at fair value||3,587,818||3,487,332||3,041,406|
|Loans, net of deferred fees and costs||22,429,565||21,864,309||21,097,699|
|Allowance for loan losses||(252,496||)||(250,900||)||(261,317||)|
|Premises and equipment, net||445,155||449,078||455,235|
|Other real estate||47,030||64,346||85,472|
|Deferred tax asset, net||511,948||526,492||622,464|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Non-interest bearing deposits||$||6,732,970||6,570,227||6,228,472|
|Interest bearing deposits, excluding brokered deposits||15,434,171||14,961,388||13,660,830|
|Federal funds purchased and securities sold under repurchase agreements||177,025||135,475||126,916|
|Series C Preferred Stock - no par value, 5,200,000 shares outstanding at December 31, 2015, September 30, 2015, and December 31, 2014||125,980||125,980||125,980|
|Common stock - $1.00 par value. 129,547,032 shares outstanding at December 31, 2015, 130,632,731 shares outstanding at September 30, 2015, and 136,122,843 shares outstanding at December 31, 2014||140,592||140,526||139,950|
|Additional paid-in capital||2,989,981||2,986,333||2,960,825|
|Treasury stock, at cost - 11,045,377 shares at December 31, 2015, 9,892,877 shares at September 30, 2015, and 3,827,579 shares at December 31, 2014||(401,511||)||(364,428||)||(187,774||)|
|Accumulated other comprehensive loss, net||(29,819||)||(6,092||)||(12,605||)|
|Total shareholders' equity||3,000,196||3,017,116||3,041,270|
|Total liabilities and shareholders' equity||$||28,792,653||28,167,135||27,050,237|
|AVERAGE BALANCES AND YIELDS/RATES (1)|
|(Dollars in thousands)|
|Interest Earning Assets|
|Taxable investment securities (2)||$||3,481,184||3,380,543||3,165,513||2,998,597||3,027,769|
|Tax-exempt investment securities (2) (4)||$||4,352||4,509||4,595||4,967||5,030|
|Yield (taxable equivalent)||6.16||%||6.21||6.15||6.21||6.19|
|Trading account assets||$||8,067||7,278||12,564||14,188||12,879|
|Commercial loans (3) (4)||$||17,884,661||17,522,735||17,297,130||17,176,641||16,956,294|
|Consumer loans (3)||$||4,233,061||4,105,639||3,986,151||3,929,188||3,895,397|
|Allowance for loan losses||$||(252,049||)||(256,102||)||(254,177||)||(257,167||)||(268,659||)|
|Loans, net (3)||$||21,865,673||21,372,272||21,029,104||20,848,662||20,583,032|
|Mortgage loans held for sale||$||50,668||69,438||90,419||64,507||60,892|
|Federal funds sold, due from Federal Reserve Bank, and other short-term investments||$||1,081,604||1,380,686||1,590,114||1,123,250||898,871|
|Federal Home Loan Bank and Federal Reserve Bank stock (5)||$||66,790||71,852||76,091||80,813||75,547|
|Total interest earning assets||$||26,558,338||26,286,578||25,968,400||25,134,984||24,664,020|
|Interest Bearing Liabilities|
|Interest bearing demand deposits||$||4,117,116||3,955,803||3,919,401||3,800,476||3,781,389|
|Money market accounts||$||7,062,517||6,893,563||6,466,610||6,210,704||6,009,897|
|Time deposits under $100,000||$||1,307,601||1,338,994||1,351,299||1,324,513||1,315,905|
|Time deposits over $100,000||$||2,033,193||2,086,851||2,061,434||1,926,380||1,877,602|
|Brokered money market accounts||$||297,925||221,817||185,909||181,754||191,103|
|Brokered time deposits||$||887,168||1,135,346||1,370,022||1,413,068||1,411,252|
|Total interest bearing deposits||$||16,398,056||16,318,187||16,029,935||15,506,492||15,225,961|
|Federal funds purchased and securities sold under repurchase agreements||$||158,810||207,894||232,531||222,658||186,993|
|Total interest bearing liabilities||$||18,564,790||18,599,266||18,436,061||17,936,365||17,497,590|
|Non-interest bearing demand deposits||$||6,846,200||6,541,832||6,436,167||6,108,558||6,110,047|
|Effective cost of funds||0.45||%||0.46||0.46||0.45||0.44|
|Net interest margin||3.18||%||3.14||3.15||3.28||3.34|
|Taxable equivalent adjustment||$||311||315||330||349||372|
|(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|
|LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION|
|(Dollars in thousands)|
|December 31, 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|
|Other Investment Property||548,686||2.4||11,210||6.7|
|Total Investment Properties||5,751,631||25.6||23,040||13.7|
|1-4 Family Construction||168,243||0.8||-||0.0|
|1-4 Family Investment Mortgage||786,797||3.5||7,708||4.6|
|Total 1-4 Family Properties||1,109,854||4.9||16,838||10.0|
|Total Commercial Real Estate||7,375,466||32.9||57,646||34.3|
|Commercial, Financial, and Agricultural||6,472,482||28.8||49,137||29.1|
|Total Commercial & Industrial||10,791,432||48.1||69,431||41.2|
|Home Equity Lines||1,689,914||7.5||16,480||9.8|
|Other Retail Loans||423,318||1.9||2,565||1.5|
|LOANS OUTSTANDING BY TYPE COMPARISON|
|(Dollars in thousands)|
|Total Loans||4Q15 vs. 3Q15||4Q15 vs. 4Q14|
|Loan Type||December 31, 2015||September 30, 2015||% change (1)||December 31, 2014||% change|
|Other Investment Property||548,686||546,835||1.3||543,925||0.9|
|Total Investment Properties||5,751,631||5,557,576||13.9||5,206,675||10.5|
|1-4 Family Construction||168,243||159,237||22.4||143,619||17.1|
|1-4 Family Investment Mortgage||786,797||777,196||4.9||813,047||(3.2||)|
|Total 1-4 Family Properties||1,109,854||1,094,553||5.5||1,133,883||(2.1||)|
|Total Commercial Real Estate||7,375,466||7,190,256||10.2||6,926,603||6.5|
|Commercial, Financial, and Agricultural||6,472,482||6,277,768||12.3||6,182,311||4.7|
|Total Commercial & Industrial||10,791,432||10,543,177||9.3||10,267,718||5.1|
|Home Equity Lines||1,689,914||1,684,046||1.4||1,683,998||0.4|
|Other Retail Loans||423,318||345,426||89.5||302,460||40.0|
|(1) Percentage change is annualized.|
|CREDIT QUALITY DATA|
|(Dollars in thousands)||2015||2014||4th Quarter|
|Fourth||Third||Second||First||Fourth||'15 vs. '14|
|Other Loans Held for Sale (1)||-||-||-||1,082||3,606||(100.0||)|
|Other Real Estate||47,030||64,346||66,449||74,791||85,472||(45.0||)|
|Allowance for loan losses||252,496||250,900||254,702||253,371||261,317||(3.4||)|
|Net Charge-Offs - Quarter||3,425||6,758||5,306||12,343||16,253||(78.9||)|
|Net Charge-Offs - YTD||27,831||24,407||17,649||12,343||79,055||(64.8||)|
|Net Charge-Offs / Average Loans - Quarter (2)||0.06||%||0.12||0.10||0.23||0.31|
|Net Charge-Offs / Average Loans - YTD (2)||0.13||0.15||0.17||0.23||0.39|
|Non-performing Loans / Loans||0.75||0.72||0.81||0.92||0.94|
|Non-performing Assets / Loans, Other Loans Held for Sale & ORE||0.96||1.01||1.11||1.28||1.35|
|Allowance / Loans||1.13||1.15||1.18||1.20||1.24|
|Allowance / Non-performing Loans||149.96||159.16||146.69||130.45||132.14|
|Allowance / Non-performing Loans (3)||189.47||205.90||202.08||197.55||197.22|
|Past Due Loans over 90 days and Still Accruing||$||2,621||2,998||4,832||5,025||4,637||(43.5||)%|
|As a Percentage of Loans Outstanding||0.01||%||0.01||0.02||0.02||0.02|
|Total Past Due Loans and Still Accruing||$||47,912||39,350||50,860||57,443||51,251||(6.5||)|
|As a Percentage of Loans Outstanding||0.21||%||0.18||0.24||0.27||0.24|
|Accruing Troubled Debt Restructurings (TDRs)||$||223,873||240,370||268,542||313,362||348,427||(35.7||)|
|(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)|
|(Dollars in thousands)|
|December 31, 2015||September 30, 2015||December 31, 2014|
|Capital Rules in effect:||Basel III||Basel III||Basel I|
|Tier 1 Capital||$||2,660,015||2,637,462||2,543,625|
|Total Risk-Based Capital||3,255,757||2,990,099||2,987,406|
|Common Equity Tier 1 Ratio (transitional)||10.37||%||10.60||na|
|Common Equity Tier 1 Ratio (fully phased-in)||9.77||9.98||na|
|Tier 1 Common Equity Ratio||na||na||10.28|
|Tier 1 Capital Ratio||10.37||10.60||10.86|
|Total Risk-Based Capital Ratio||12.70||12.02||12.75|
|Tier 1 Leverage Ratio||9.43||9.45||9.67|
|Common Equity as a Percentage of Total Assets (2)||9.98||10.26||10.78|
|Tangible Common Equity as a Percentage of Tangible Assets (3)||9.90||10.18||10.69|
|Tangible Common Equity as a Percentage of Risk Weighted Assets (3)||11.11||11.54||12.33|
|Book Value Per Common Share (4)||22.19||22.13||21.42|
|Tangible Book Value Per Common Share (3)||21.99||21.94||21.23|
|(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.|