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Previous: BETHLEHEM STEEL CORP /DE/, S-8, 1999-12-02 |
Next: CONSOLIDATED EDISON CO OF NEW YORK INC, 424B2, 1999-12-02 |
FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 1999
Commission File Number 1-10312
[LOGO] SYNOVUS FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Georgia 58-1134883
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
901 Front Avenue
P. O. Box 120
Columbus, Georgia 31902
(Address of principal executive offices)
(706) 649-2401
(Registrants' telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES X NO_________
At October 31, 1999, 279,805,942 shares of the Registrant's Common Stock,
$1.00 par value, were outstanding.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SYNOVUS FINANCIAL CORP.
Date: December 1, 1999 BY: /s/ Thomas J. Prescott
----------------------------
Thomas J. Prescott
Executive Vice President and
Chief Financial Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit Number Description
10 Employment Agreement of James H. Blanchard
11 Statement re Computation of Per Share Earnings
27 Financial Data Schedule (for SEC purposes
only, not enclosed herewith)
27.1 Restated Financial Data Schedules
for six months ending June 30, 1999
(for SEC purposes only, not
enclosed herewith)
27.2 Restated Financial Data Schedules
for twelve months ending December 31, 1998
(for SEC purposes only, not
enclosed herewith)
27.3 Restated Financial Data Schedules
for twelve months ending December 31, 1997
(for SEC purposes only, not
enclosed herewith)
27.4 Restated Financial Data Schedule
for twelve months ending December 31, 1996
(for SEC purposes only, not
enclosed herewith)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF SYNOVUS FINANCIAL CORP. AS OF AND
FOR THE SIX MONTHS ENDED JUNE 30, 1999, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1999 DEC-31-1999
<PERIOD-START> JAN-01-1999 JAN-01-1999
<PERIOD-END> MAR-31-1999 JUN-30-1999
<CASH> 301,041 435,136
<INT-BEARING-DEPOSITS> 1,050 988
<FED-FUNDS-SOLD> 48,240 38,801
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 1,636,481 1,685,636
<INVESTMENTS-CARRYING> 296,575 291,146
<INVESTMENTS-MARKET> 302,689 291,239
<LOANS> 7,936,366 8,276,310
<ALLOWANCE> 115,150 118,923
<TOTAL-ASSETS> 10,942,561 11,497,272
<DEPOSITS> 8,714,844 9,217,075
<SHORT-TERM> 679,915 675,352
<LIABILITIES-OTHER> 209,367 193,493
<LONG-TERM> 141,120 200,621
0 0
0 0
<COMMON> 279,444 279,810
<OTHER-SE> 863,155 872,995
<TOTAL-LIABILITIES-AND-EQUITY> 10,942,561 11,497,272
<INTEREST-LOAN> 177,845 363,024
<INTEREST-INVEST> 28,490 57,804
<INTEREST-OTHER> 620 1,159
<INTEREST-TOTAL> 206,955 421,987
<INTEREST-DEPOSIT> 76,941 155,602
<INTEREST-EXPENSE> 86,368 175,369
<INTEREST-INCOME-NET> 120,587 246,618
<LOAN-LOSSES> 7,215 16,730
<SECURITIES-GAINS> 447 715
<EXPENSE-OTHER> 200,259 417,528
<INCOME-PRETAX> 77,882 160,472
<INCOME-PRE-EXTRAORDINARY> 50,733 104,046
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 50,733 104,046
<EPS-BASIC> .18 .37
<EPS-DILUTED> .18 .37
<YIELD-ACTUAL> 5.10 5.11
<LOANS-NON> 21,080 24,186
<LOANS-PAST> 25,585 17,950
<LOANS-TROUBLED> 378 377
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 114,109 114,109
<CHARGE-OFFS> 8,219 16,053
<RECOVERIES> 1,753 3,846
<ALLOWANCE-CLOSE> 115,150 118,923
<ALLOWANCE-DOMESTIC> 115,150 118,923
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 25,870 26,700
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF SYNOVUS FINANCIAL CORP. FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 1998, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1998 DEC-31-1998 DEC-31-1998 DEC-31-1998
<PERIOD-START> JAN-01-1998 JAN-01-1998 JAN-01-1998 JAN-01-1998
<PERIOD-END> MAR-31-1998 JUN-30-1998 SEP-30-1998 DEC-31-1998
<CASH> 370,183 401,270 339,863 373,376
<INT-BEARING-DEPOSITS> 928 669 675 1,383
<FED-FUNDS-SOLD> 155,812 65,570 76,849 77,392
<TRADING-ASSETS> 0 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 1,412,641 1,415,490 1,424,763 1,571,840
<INVESTMENTS-CARRYING> 314,706 303,171 311,707 305,633
<INVESTMENTS-MARKET> 318,969 307,623 320,577 311,726
<LOANS> 6,885,033 6,913,422 7,378,933 7,759,836
<ALLOWANCE> 108,722 109,749 113,597 114,109
<TOTAL-ASSETS> 9,665,242 9,668,251 10,147,612 10,811,592
<DEPOSITS> 8,126,041 8,066,514 8,270,591 8,797,412
<SHORT-TERM> 221,350 258,113 428,617 503,287
<LIABILITIES-OTHER> 187,627 178,183 190,067 215,081
<LONG-TERM> 123,264 128,552 134,479 131,802
0 0 0 0
0 0 0 0
<COMMON> 270,572 270,852 275,632 278,589
<OTHER-SE> 691,978 719,751 799,389 833,328
<TOTAL-LIABILITIES-AND-EQUITY> 9,665,242 9,668,251 10,147,612 10,811,592
<INTEREST-LOAN> 164,246 330,338 501,866 678,955
<INTEREST-INVEST> 27,178 54,441 81,052 108,325
<INTEREST-OTHER> 1,017 2,609 4,074 5,203
<INTEREST-TOTAL> 192,441 387,388 586,992 792,483
<INTEREST-DEPOSIT> 77,714 155,641 234,677 314,036
<INTEREST-EXPENSE> 82,847 166,194 250,997 337,253
<INTEREST-INCOME-NET> 109,594 221,194 335,995 455,230
<LOAN-LOSSES> 7,691 14,770 20,551 26,882
<SECURITIES-GAINS> 145 322 750 1,299
<EXPENSE-OTHER> 171,593 338,779 516,713 706,371
<INCOME-PRETAX> 67,484 139,472 216,620 304,025
<INCOME-PRE-EXTRAORDINARY> 43,809 90,643 140,251 196,465
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 43,809 90,643 140,251 196,465
<EPS-BASIC> .16 .34 .52 .72
<EPS-DILUTED> .16 .33 .51 .71
<YIELD-ACTUAL> 5.24 5.24 5.25 5.23
<LOANS-NON> 18,202 20,802 22,585 21,208
<LOANS-PAST> 18,783 23,426 23,938 24,640
<LOANS-TROUBLED> 525 560 390 452
<LOANS-PROBLEM> 0 0 0 0
<ALLOWANCE-OPEN> 105,705 105,705 105,705 105,705
<CHARGE-OFFS> 6,520 14,440 22,356 31,141
<RECOVERIES> 1,846 3,714 5,822 6,493
<ALLOWANCE-CLOSE> 108,722 109,749 113,597 114,109
<ALLOWANCE-DOMESTIC> 108,722 109,749 113,597 114,109
<ALLOWANCE-FOREIGN> 0 0 0 0
<ALLOWANCE-UNALLOCATED> 22,300 22,060 21,910 27,388
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF SYNOVUS FINANCIAL CORP. FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997 DEC-31-1997
<CASH> 361,861 388,587 354,996 406,095
<INT-BEARING-DEPOSITS> 2,090 948 959 1,272
<FED-FUNDS-SOLD> 13,245 56,507 62,993 107,686
<TRADING-ASSETS> 0 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 1,329,217 1,367,317 1,362,476 1,371,023
<INVESTMENTS-CARRYING> 353,416 343,553 337,474 331,658
<INVESTMENTS-MARKET> 352,526 345,739 341,175 336,579
<LOANS> 6,346,579 6,557,023 6,643,259 6,791,712
<ALLOWANCE> 100,684 103,586 104,254 105,705
<TOTAL-ASSETS> 8,886,611 9,212,587 9,270,389 9,530,541
<DEPOSITS> 7,378,535 7,615,705 7,622,919 7,928,211
<SHORT-TERM> 392,110 406,060 406,086 312,299
<LIABILITIES-OTHER> 146,120 157,112 172,790 178,677
<LONG-TERM> 108,218 135,256 133,204 131,492
0 0 0 0
0 0 0 0
<COMMON> 269,050 269,424 269,877 270,322
<OTHER-SE> 556,736 591,523 625,709 666,899
<TOTAL-LIABILITIES-AND-EQUITY> 8,886,611 9,212,587 9,270,389 9,530,541
<INTEREST-LOAN> 149,977 307,452 469,670 635,074
<INTEREST-INVEST> 26,825 54,127 81,474 108,463
<INTEREST-OTHER> 362 1,013 1,802 2,884
<INTEREST-TOTAL> 177,164 362,592 552,946 746,421
<INTEREST-DEPOSIT> 69,261 141,230 216,294 293,527
<INTEREST-EXPENSE> 75,859 155,294 237,320 320,341
<INTEREST-INCOME-NET> 101,305 207,298 315,626 426,080
<LOAN-LOSSES> 7,151 15,580 22,919 32,485
<SECURITIES-GAINS> (32) (34) (64) (66)
<EXPENSE-OTHER> 151,152 308,567 467,683 627,834
<INCOME-PRETAX> 58,023 122,201 191,451 267,013
<INCOME-PRE-EXTRAORDINARY> 37,054 77,732 122,285 170,829
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 37,054 77,732 122,285 170,829
<EPS-BASIC> .14 .29 .45 .63
<EPS-DILUTED> .14 .29 .45 .63
<YIELD-ACTUAL> 5.25 5.27 5.27 5.28
<LOANS-NON> 27,998 25,254 21,389 18,867
<LOANS-PAST> 17,241 15,911 17,103 20,963
<LOANS-TROUBLED> 716 642 210 563
<LOANS-PROBLEM> 0 0 0 0
<ALLOWANCE-OPEN> 97,455 97,455 97,455 97,455
<CHARGE-OFFS> 5,769 14,258 22,642 32,312
<RECOVERIES> 1,847 4,809 6,522 8,077
<ALLOWANCE-CLOSE> 100,684 103,586 104,254 105,705
<ALLOWANCE-DOMESTIC> 100,684 103,586 104,254 105,705
<ALLOWANCE-FOREIGN> 0 0 0 0
<ALLOWANCE-UNALLOCATED> 22,951 23,464 23,685 22,199
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF SYNOVUS FINANCIAL CORP. FOR THE TWELVE MONTHS ENDING DECEMBER 31,
1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 420,090
<INT-BEARING-DEPOSITS> 2,140
<FED-FUNDS-SOLD> 46,008
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 1,322,249
<INVESTMENTS-CARRYING> 364,766
<INVESTMENTS-MARKET> 366,360
<LOANS> 6,225,918
<ALLOWANCE> 97,455
<TOTAL-ASSETS> 8,851,560
<DEPOSITS> 7,395,732
<SHORT-TERM> 350,915
<LIABILITIES-OTHER> 156,524
<LONG-TERM> 100,481
0
0
<COMMON> 268,936
<OTHER-SE> 543,358
<TOTAL-LIABILITIES-AND-EQUITY> 8,851,560
<INTEREST-LOAN> 576,344
<INTEREST-INVEST> 102,681
<INTEREST-OTHER> 1,935
<INTEREST-TOTAL> 680,959
<INTEREST-DEPOSIT> 273,080
<INTEREST-EXPENSE> 294,626
<INTEREST-INCOME-NET> 386,334
<LOAN-LOSSES> 32,411
<SECURITIES-GAINS> (176)
<EXPENSE-OTHER> 563,496
<INCOME-PRETAX> 225,869
<INCOME-PRE-EXTRAORDINARY> 144,174
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 144,174
<EPS-BASIC> .54
<EPS-DILUTED> .53
<YIELD-ACTUAL> 5.21
<LOANS-NON> 26,342
<LOANS-PAST> 15,952
<LOANS-TROUBLED> 1,625
<LOANS-PROBLEM> 960
<ALLOWANCE-OPEN> 83,927
<CHARGE-OFFS> 25,759
<RECOVERIES> 6,688
<ALLOWANCE-CLOSE> 97,455
<ALLOWANCE-DOMESTIC> 95,455
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 23,568
</TABLE>
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