Synovus Reports Earnings Per Share of $0.24 for First Quarter 2008

Synovus (NYSE: SNV)reports net income for the first quarter of 2008 totaling $81.0 million, or $0.24 per diluted share, compared to income from continuing operations of $100.4 million, or $0.30 per diluted share, for the first quarter of 2007. Return on average assets from continuing operations for the quarter was 0.99% and return on average equity from continuing operations was 9.43% compared to 1.33% and 10.91%, respectively, in the same period last year. Shareholders’ equity on March 31, 2008, was $3.53 billion, which represented a very strong 10.45% of quarter-end assets. Total assets ended the quarter at $33.8 billion, an increase of 7.5% for continuing operations from the same period last year. The ratio of nonperforming assets to loans, impaired loans held for sale, and other real estate was 2.49%, compared to 1.67% last quarter and 0.68% in the first quarter of last year. Of the $173 million increase in nonperforming loans, 84% was in the Atlanta area. The net charge-off ratio for the quarter was 0.95% compared to 0.91% last quarter and 0.13% in the first quarter of last year. The allowance for loan losses was 1.46% of loans at March 31, compared to 1.39% at the end of last quarter and 1.30% at March 31, 2007. The provision expense for the quarter was $91.0 million, compared to $70.6 million last quarter, and $20.5 million in the first quarter last year. The provision for loan losses covered net charge-offs by 143% for the quarter. "I am confident that we will come out of this credit cycle as a strong financial services institution,” said Synovus Chairman and Chief Executive Officer Richard E. Anthony. "With the deterioration in our residential construction and residential development portfolios, primarily in and around Atlanta, we continue to take actions to aggressively deal with these portfolios and get these issues behind us as quickly as possible. The Atlanta portfolio represents 58% of Synovus’ total nonperforming loans in the residential construction and development portfolios. The residential construction and development portfolios in Florida have become more stable than the Atlanta area portfolios. Our primary focus is to proactively manage the credit issues until they are resolved so that we can be the high performing company that we have historically been. We have added resources in our special assets group and are working with our customers to assist them during this challenging economic environment. We believe that our strong capital position gives us the capability to work through this situation effectively.” Net interest income was $278.6 million compared to $282.9 million in the first quarter of last year. Total loans grew 9.4% (first quarter annualized). Commercial income producing properties grew 25.4%, commercial and industrial loans grew 12.3% and retail loans grew 5.1%, while residential construction loans declined 15.3%, and residential development loans remained flat with a 0.6% increase. Total core deposits (excludes brokered deposits) declined 2.0% from the first quarter of 2007. The net interest margin for the quarter was 3.71%, compared to 3.86% last quarter and 4.05% in the first quarter of last year. Of the 15 basis point decrease in margin from the previous quarter, 3 basis points were related to increased credit costs. "The margin held up well considering that the Federal Reserve aggressively lowered interest rates by a total of two hundred basis points in the quarter,” said Anthony. "We are working aggressively to gather the right mix of core deposits at the right prices in an environment that is very competitive. We initiated a new company wide sales campaign on April 1st with a focus on non-interest bearing deposit accounts in both the commercial and retail customer bases.” Excluding the $34.2 million in net after-tax income associated with the initial public offering by Visa, Synovus’ non-interest income was up 15.9% over the first quarter last year with increases in brokerage and investment banking revenue of 13.9%, mortgage banking income of 12.9%, service charges of 7.7%, bankcard fees of 2.9%, and fiduciary and asset management fees – which include trust, financial planning, and asset management fees of 1.2%. Synovus will host an earnings highlights conference call at 4:30 pm EDT, on April 24, 2008. Shareholders and other interested persons may listen to this conference call via simultaneous Internet broadcast at www.synovus.com by clicking on the "Live Webcast” icon. You may download RealPlayer or Windows Media Player (free download available) prior to accessing the actual call or the replay. The replay will be archived for 12 months and will be available 30-45 minutes after the call. Synovus (NYSE: "SNV”) is a financial services holding company with $34 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 37 banks, 331 banking offices, 440 ATMs, and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee. The company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure the delivery of unparalleled customer experiences. See Synovus on the Web at www.synovus.com. This press release contains statements that constitute "forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding Synovus’ belief that its strong capital position gives it the capability to work through this current credit cycle, and the assumptions underlying such statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important 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. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, 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. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise. Synovus     INCOME STATEMENT DATA (Unaudited) (In thousands, except per share data)     2008         2007       1st Quarter     First   Fourth   Third   Second   First '08 vs. '07 Quarter     Quarter   Quarter   Quarter   Quarter   Change       Interest income (taxable equivalent) $ 505,057 554,989 573,545 565,777 549,243 (8.0 ) % Interest expense 225,232   267,102 281,478 276,017 264,950 (15.0 )     Net interest income (taxable equivalent) 279,825 287,887 292,067 289,760 284,293 (1.6 ) Tax equivalent adjustment 1,176   1,202 1,228 1,285 1,344 (12.5 )     Net interest income 278,649 286,685 290,839 288,475 282,949 (1.5 ) Provision for loan losses 91,049   70,642 58,770 20,281 20,515 343.8       Net interest income after provision 187,600   216,043 232,069 268,194 262,434 (28.5 )     Non-interest income: Service charges on deposit accounts 28,391 28,985 28,736 28,050 26,370 7.7 Fiduciary and asset management fees 12,621 13,110 12,524 12,658 12,473 1.2 Brokerage and investment banking revenue 8,487 8,598 8,123 7,809 7,449 13.9 Mortgage banking income 8,161 6,130 5,955 7,695 7,226 12.9 Bankcard fees 12,219 12,400 11,923 11,567 11,880 2.9 Net gains on sales of available for sale investment securities - 90 186 258 447 nm Other fee income 11,185 9,559 9,910 10,411 9,427 18.6 Other non-interest income 20,370 20,126 28,837 17,883 12,231 66.5 Proceeds from Visa IPO 38,542   - - - - nm       Total non-interest income 139,976   98,998 106,194 96,331 87,503 60.0         Non-interest expense: Salaries and other personnel expense 122,130 109,468 115,941 115,822 113,927 7.2 Net occupancy and equipment expense 30,211 29,976 28,055 27,572 27,290 10.7 Other operating expense 66,463 70,965 56,429 54,267 53,580 24.0 Visa litigation expense (17,430 ) 24,800 12,000 - - nm       Total non-interest expense 201,374   235,209 212,425 197,661 194,797 3.4         Minority interest in consolidated subsidiaries 1,559 - - - - nm Income from continuing operations before income taxes 124,643 79,832 125,838 166,864 155,140 (19.7 ) Income tax expense 43,648   26,690 42,261 61,055 54,733 (20.3 )     Income from continuing operations 80,995 53,142 83,577 105,809 100,407 (19.3 )     Income from discontinued operations, net of income taxes and minority interest(1) -   28,717 51,366 56,941 46,346 nm     Net income $ 80,995   81,859 134,943 162,750 146,753 (44.8 )       Basic earnings per share Income from continuing operations $ 0.25 0.16 0.26 0.32 0.31 (20.1 ) % Net income 0.25 0.25 0.41 0.50 0.45 (45.5 )   Diluted earnings per share Income from continuing operations 0.24 0.16 0.25 0.32 0.30 (19.9 ) Net income 0.24 0.25 0.41 0.49 0.45 (45.2 )   Cash dividends declared per share 0.17 0.21 0.21 0.21 0.21 (17.1 )   Return on average assets from continuing operations(a) 0.99 %   0.65 1.05 1.35 1.33 (34 ) bp Return on average assets(a) 0.99 1.01 1.66 1.97 1.82 (83 ) Return on average equity from continuing operations(a) 9.43 5.17 8.25 10.85 10.91 (148 ) Return on average equity(a) 9.43 7.97 13.32 16.69 15.94 (651 )   Average shares outstanding - basic 328,970 328,052 327,215 326,410 325,687 1.0 % Average shares outstanding - diluted 331,719 329,453 330,160 330,263 329,573 0.7   bp - change is measured as difference in basis points. nm - not meaningful (a) - ratios are annualized   (1) On December 31, 2007, Synovus Financial Corp. completed the spin-off of its shares of Total System Services, Inc. ("TSYS") common stock to Synovus shareholders. In accordance with the provisions of Statement of Financial Accounting Standards (SFAS) No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," and SFAS No. 146, "Accounting for Costs Associated with Exit or Disposal Activities," the historical consolidated results of operations of TSYS, as well as all costs recorded by Synovus Financial Corp. associated with the spin-off of TSYS, are now presented as a discontinued operation. Additionally, discontinued operations for the three months ended June 30, 2007 includes a $4.2 million after-tax gain related to the transfer of Synovus' proprietary mutual funds to a non-affiliated third party. Synovus             BALANCE SHEET DATA March 31, 2008 December 31, 2007 March 31, 2007   (Unaudited) (In thousands, except share data)   ASSETS Cash and due from banks $ 589,640 682,583 632,061 Interest earning deposits with banks 2,440 10,950 35,511 Federal funds sold and securities purchased under resale agreements 101,855 76,086 190,514 Trading account assets 34,730 17,803 45,289 Mortgage loans held for sale 141,598 153,437 181,266 Impaired loans held for sale 42,270 - - Investment securities available for sale 3,779,877 3,666,974 3,520,777   Loans, net of unearned income 27,117,510 26,498,585 25,223,681 Allowance for loan losses (394,848 ) (367,613 ) (326,826 ) Loans, net 26,722,662   26,130,972   24,896,855       Premises and equipment, net 565,887 547,437 493,704 Goodwill 519,138 519,138 519,138 Other intangible assets, net 26,156 28,007 32,635 Other assets 1,249,347 1,185,065 878,194 Assets of discontinued operations -   -   1,399,218     Total assets $ 33,775,600   33,018,452   32,825,162       LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing retail and commercial deposits $ 3,508,246 3,472,423 3,580,484 Interest bearing retail and commercial deposits 17,713,901   17,734,851   18,066,417     Total retail and commercial deposits 21,222,147 21,207,274 21,646,901 Brokered deposits 4,441,040   3,752,542   3,450,148     Total deposits 25,663,187 24,959,816 25,097,049     Federal funds purchased and other short-term liabilities 2,108,109 2,319,412 1,573,283 Long-term debt 1,992,750 1,890,235 1,538,972 Other liabilities 458,775 407,399 432,703 Liabilities of and minority interest in discontinued operations(1) -   -   347,072       Total liabilities 30,222,821   29,576,862   28,989,079       Minority interest in consolidated subsidiaries 22,772 - -   Shareholders' equity: Common stock, par value $1.00 a share(2) 335,750 335,529 332,512 Additional paid-in capital 1,106,049 1,101,209 1,070,554 Treasury stock(3) (113,944 ) (113,944 ) (113,944 ) Accumulated other comprehensive income 92,076 31,439 6,989 Retained earnings 2,110,076   2,087,357   2,539,972   Total shareholders' equity(4) 3,530,007   3,441,590   3,836,083       Total liabilities and shareholders' equity $ 33,775,600   33,018,452   32,825,162       (1)On December 31, 2007, Synovus Financial Corp. completed the spin-off of its shares of Total System Services, Inc. ("TSYS") common stock to Synovus shareholders. In accordance with Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," all prior period assets and liabilities of TSYS are presented as a discontinued operation.   (2)Common shares outstanding: 330,088,033; 329,867,944 and 326,850,123 at March 31, 2008, December 31, 2007, and March 31, 2007, respectively.   (3)Treasury shares: 5,661,538 at March 31, 2008, December 31, 2007, and March 31, 2007.   (4)Book value per share: $10.69 ; $10.43; and $11.74 at March 31, 2008, December 31, 2007, and March 31, 2007, respectively. Synovus   AVERAGE BALANCES AND YIELDS/RATES(a) (Unaudited) (Dollars in thousands)       2008             2007       First   Fourth   Third   Second   First   Quarter       Quarter     Quarter     Quarter     Quarter   Interest Earning Assets Taxable Investment Securities $ 3,485,370 3,496,843 3,495,017 3,420,831 3,301,137 Yield 5.01 %   4.90 4.82 4.83 4.77   Tax-Exempt Investment Securities $ 154,408 164,587 170,211 178,183 185,012 Yield (taxable equivalent) 7.00 %   6.82 6.72 6.75 6.84   Trading Account Assets $ 36,652 29,698 56,217 59,311 64,204 Yield 6.96 %   7.05 7.15 6.47 5.65   Commercial Loans $ 22,763,954 22,157,460 21,820,687 21,739,107 21,242,921 Yield 6.79 %   7.69 8.13 8.20 8.24   Consumer Loans $ 931,644 928,942 915,847 896,267 928,256 Yield 7.86 %   8.05 8.17 8.14 8.01   Mortgage Loans $ 1,241,018 1,237,962 1,152,621 1,110,754 1,081,760 Yield 6.84 %   7.04 7.10 7.03 6.98   Credit Card Loans $ 296,428 285,410 277,445 275,105 270,444 Yield 9.65 %   10.26 10.96 10.64 11.17   Home Equity Loans $ 1,557,852 1,517,510 1,444,411 1,407,005 1,385,012 Yield 6.48 %   7.34 7.80 7.82 7.68   Allowance for Loan Losses $ (381,695 )     (357,283 )   (335,406 )   (329,028 )   (317,977 )   Loans, Net $ 26,409,201 25,770,001 25,275,605 25,099,210 24,590,416 Yield 6.94 %   7.79 8.21 8.26 8.28   Mortgage Loans Held for Sale $ 121,806 108,044 176,448 163,364 160,482 Yield 5.57 %   6.12 6.91 6.18 6.07   Federal Funds Sold and Other Short-Term Investments $ 128,381 110,745 85,094 131,029 147,857 Yield 3.41 %   4.63 5.76 5.37 5.55                                     Total Interest Earning Assets $ 30,335,818 29,679,918 29,258,592 29,051,928 28,449,108 Yield 6.69 %   7.42 7.78 7.81 7.82                                       Interest Bearing Liabilities   Interest Bearing Demand Deposits $ 3,200,650 3,200,408 3,047,279 3,141,899 3,113,531 Rate 1.56 %   1.99 2.24 2.28 2.30   Money Market Accounts $ 7,115,062 7,502,063 7,421,900 7,217,265 6,977,950 Rate 2.99 %   3.92 4.40 4.46 4.47   Savings Deposits $ 448,581 454,204 479,479 497,422 502,948 Rate 0.28 %   0.35 0.48 0.57 0.68   Time Deposits Under $100,000 $ 2,777,764 2,790,869 2,917,089 3,020,881 3,037,815 Rate 4.44 %   4.69 4.81 4.85 4.79   Time Deposits Over $100,000 (less brokered time deposits) $ 4,171,716 4,006,350 4,029,091 4,118,221 4,101,471 Rate 4.69   %   4.98     5.12     5.19     5.15     Total Interest Bearing Core Deposits $ 17,713,773 17,953,894 17,894,838 17,995,688 17,733,715 Rate 3.29 %   3.84 4.16 4.20 4.22   Brokered Money Market Accounts $ 756,967 467,346 476,377 426,988 358,574 Rate 3.44 %   4.89 5.34 5.45 5.47   Brokered Time Deposits $ 3,300,677 2,941,592 3,188,310 3,175,161 3,030,793 Rate 4.35   %   4.98     5.19     5.05     5.08     Total Interest Bearing Deposits $ 21,771,417 21,362,832 21,559,525 21,597,837 21,123,082 Rate 3.46 %   4.02 4.33 4.35 4.34     Federal Funds Purchased and Other Short-Term Liabilities $ 2,253,640 2,472,339 1,930,598 1,720,535 1,700,304 Rate 3.18 %   4.37 4.84 4.96 4.86   Long-Term Debt $ 1,930,412 1,819,198 1,660,788 1,552,310 1,441,241 Rate 4.21 %   5.08 5.32 5.18 5.07                                     Total Interest Bearing Liabilities $ 25,955,469 25,654,369 25,150,911 24,870,682 24,264,627 Rate 3.48 %   4.12 4.43 4.44 4.42                                       Non-Interest Bearing Demand Deposits $ 3,338,106 3,422,684 3,405,622 3,428,246 3,381,056                                     Net Interest Margin     3.71   %   3.86     3.97     4.00     4.05     (a)Yields and rates are annualized.   (1)On December 31, 2007, Synovus Financial Corp. completed the spin-off of its shares of Total System Services, Inc. ("TSYS") common stock to Synovus shareholders. In accordance with the provisions of Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," the historical consolidated results of operations, assets, and liabilities of TSYS are now presented as a discontinued operation. Accordingly, the above earning assets, liabilities, yields, and cost of funds exclude the amounts related to TSYS due to the de-consolidation of TSYS. Synovus   LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION (Unaudited) (Dollars in thousands)     March 31, 2008           Loans as a % Total Nonperforming Loans of Total Loans Nonperforming as a % of Total Loan Type Total Loans     Outstanding         Loans         Nonperforming Loans     Multi-Family $ 505,828 1.9 % $ 1,751 0.3 % Hotels 707,916 2.6 437 0.1 Office Buildings 983,935 3.6 2,590 0.5 Shopping Centers 890,651 3.3 734 0.1 Commercial Development 891,681 3.3 12,060 2.4 Other Investment Property 835,686 3.1 3,493 0.7                   Total Investment Properties 4,815,697 17.8 21,065 4.1                   1-4 Family Construction 2,153,555 7.9 193,715 37.6 1-4 Family Perm / Mini-Perm 1,310,397 4.8 36,306 7.1 Residential Development 2,314,776 8.5 116,161 22.5                   Total 1-4 Family Properties 5,778,728 21.2 346,182 67.2                   Land Acquisition 1,545,146 5.7 46,996 9.1                   Total Commercial Real Estate 12,139,571 44.8 414,243 80.4                   Commercial, Financial, and Agricultural 6,657,591 24.6 61,701 12.0 Owner-Occupied 4,315,945 15.9 21,317 4.1                   Total Commercial & Industrial 10,973,536 40.5 83,018 16.1   Home Equity 1,584,299 5.8 5,689 1.1 Consumer Mortgages 1,663,132 6.1 10,734 2.1 Credit Card 297,099 1.1 - - Other Retail Loans 503,943 1.9 1,618 0.3                   Total Retail 4,048,473 14.9 18,041 3.5   Unearned Income (44,070 ) (0.2 ) - -                   Total $ 27,117,510   100.0   % $ 515,302   100.0   %                                                   LOANS OUTSTANDING BY TYPE COMPARISON (Unaudited) (Dollars in thousands)                                           Total Loans 1Q08 vs. 4Q07 1Q07 vs. 1Q08 Loan Type March 31, 2008     December 31, 2007         % change(1)         March 31, 2007       % change         Multi-Family $ 505,828 452,163 47.7 % $ 519,219 (2.6 ) % Hotels 707,916 614,979 60.8 661,985 6.9 Office Buildings 983,935 953,093 13.0 852,973 15.4 Shopping Centers 890,651 834,025 27.3 742,344 20.0 Commercial Development 891,681 961,271 (29.1 ) 866,921 2.9 Other Investment Property 835,686 714,296 68.4 563,993 48.2                       Total Investment Properties 4,815,697 4,529,827 25.4 4,207,435 14.5                       1-4 Family Construction 2,153,555 2,238,925 (15.3 ) 2,404,235 (10.4 ) 1-4 Family Perm / Mini-Perm 1,310,397 1,273,843 11.5 1,145,235 14.4 Residential Development 2,314,776 2,311,459 0.6 2,178,573 6.3                       Total 1-4 Family Properties 5,778,728   5,824,227   (3.1 ) 5,728,043   0.9     Land Acquisition 1,545,146 1,545,933 (0.2 ) 1,516,526 1.9                       Total Commercial Real Estate 12,139,571 11,899,987 8.1 11,452,004 6.0                       Commercial , Financial, and Agricultural 6,657,591 6,420,689 14.8 6,052,487 10.0 Owner-Occupied 4,315,945 4,226,707 8.5 4,090,859 5.5                       Total Commercial & Industrial 10,973,536 10,647,396 12.3 10,143,346 8.2     Home Equity 1,584,299 1,543,701 10.6 1,401,898 13.0 Consumer Mortgages 1,663,132 1,667,924 (1.2 ) 1,518,168 9.5 Credit Card 297,099 291,149 8.2 273,462 8.6 Other Retail Loans 503,943 494,591 7.6 483,412 4.2                     Total Retail 4,048,473 3,997,365 5.1 3,676,940 10.1   Unearned Income (44,070 ) (46,163 ) (18.2 ) (48,609 ) (9.3 )                       Total $ 27,117,510   26,498,585   9.4   % $ 25,223,681   7.5   %   (1)Percentage change is annualized. Synovus   CREDIT QUALITY DATA (Unaudited) (Dollars in thousands)                   2008           2007           1st Quarter   First Fourth Third Second First '08 vs. '07 Quarter     Quarter     Quarter     Quarter     Quarter     Change     Nonperforming Loans(1) $ 515,302 342,082 224,055 180,776 138,790 271.3 % Impaired Loans Held for Sale(2) 42,270 - - - - NM Other Real Estate 121,753 101,487 76,514 41,259 31,710 284.0 Nonperforming Assets 679,325 443,569 300,569 222,035 170,500 298.4   Allowance for Loan Losses 394,848 367,613 356,887 331,130 326,826 20.8   Net Charge-Offs - Quarter 63,813 59,916 33,013 15,978 8,148 683.2 Net Charge-Offs - YTD 63,813 117,055 57,139 24,126 8,148 683.2 Net Charge-Offs / Average Loans - Quarter(5) 0.95 % 0.91 % 0.51 0.25 0.13 Net Charge-Offs / Average Loans - YTD 0.95 0.46 0.30 0.19 0.13   Nonperforming Loans / Loans 1.90 1.29 0.87 0.71 0.55 Nonperforming Assets / Loans, Impaired Loans Held for Sale & ORE 2.49 1.67 1.16 0.87 0.68 Allowance / Loans 1.46 1.39 1.38 1.30 1.30   Allowance / Nonperforming Loans 76.62 107.46 159.29 183.17 235.48   Allowance / Nonperforming Loans (excluding impaired loans for which there is no related allowance for loan losses(3) 218.33 337.49 334.42 417.79 424.79   Past Due Loans over 90 days and still accruing 43,009 33,663 22,667 23,067 27,414 56.9 % As a Percentage of Loans Outstanding 0.16 0.13 0.09 0.09 0.11   Total Past Due Loans still Accruing 377,999 270,496 230,035 164,180 150,188 151.7 As a Percentage of Loans Outstanding 1.39 1.02 0.89 0.64 0.60                                           REGULATORY CAPITAL RATIOS(4) (Unaudited) (Dollars in thousands)       March 31, 2008 December 31, 2007 March 31, 2007   Tier 1 Capital $ 2,904,068 2,870,558 3,380,391 Total Risk-Based Capital 3,988,884 3,988,171 4,457,498 Tier 1 Capital Ratio 9.07 % 9.11 11.09 Total Risk-Based Capital Ratio 12.46 12.66 14.62 Leverage Ratio 8.96 8.65 10.80   (1)Includes $334.5 million, $233.2 million, $117.3 million, $101.5 million, and $61.9 at March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007, and March 31, 2007, respectively of loans considered to be impaired (consisting of collateral dependent loans) for which there is related allowance for loan losses determined in accordance with SFAS No. 114, "Accounting by Creditors for Impairment of a Loan." The allowance on these loans is zero because the estimated losses on collateral dependent impaired loans have been charged-off, at the time these loans were considered to be impaired.   (2)Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or market value.   (3)Impaired loans for which there is no related allowance for loan losses are described in note (1).   (4)March 31, 2008 information is preliminary.   (5)Ratio is annualized.