Synovus Financial (SNV) 8-K Results of Operations and Financial Condition

Exhibit 99.2

SYNOVUS
INCOME STATEMENT
(In thousands, except per share data)                                                                                                                           4 of 11

	Nine Months Ended September 30,
	2004			2003		Change
Interest Income (Taxable Equivalent)	$	851,961			802,301		6	.2 %
Interest Expense		210,061			231,114		(9	.1)
Net Interest Income (Taxable Equivalent)		641,900			571,187		12	.4
Tax Equivalent Adjustment		5,257			5,554		(5	.3)
Net Interest Income		636,643			565,633		12	.6
Provision for Loan Losses		54,464			51,977		4	.8
Net Interest Income After Provision		582,179			513,656		13	.3
Non-Interest Income:
Electronic Payment Processing Services		577,897			519,906		11	.2
Other Transaction Processing Services Revenue		125,681			81,735		53	.8
Service Charges on Deposits		90,877			77,877		16	.7
Fees For Trust Services		23,946			21,925		9	.2
Brokerage Revenue		16,387			15,108		8	.5
Mortgage Banking Income		19,527			51,991		(62	.4)
Credit Card Fees		21,646			19,117		13	.2
Securities Gains (Losses)		(89	)		1,336		nm
Other Fee Income		21,573			17,335		24	.4
Other Non-Interest Income		62,730			38,557		62	.7
Non-Interest Income before Reimbursable Items		960,175			844,887		13	.6
Reimbursable Items		172,499			168,852		2	.2
Total Non-Interest Income		1,132,674			1,013,739		11	.7
Non-Interest Expense:
Personnel Expense		556,210			505,091		10	.1
Occupancy & Equipment Expense		244,650			208,872		17	.1
Other Non-Interest Expense		216,921			174,538		24	.3
Non-Interest Expense before Reimbursable Items		1,017,781			888,501		14	.6
Reimbursable Items		172,499			168,852		2	.2
Total Non-Interest Expense		1,190,280			1,057,353		12	.6
Minority Interest in Consolidated Subsidiaries		20,581			19,453		5	.8
Income Before Taxes		503,992			450,589		11	.9
Income Tax Expense		185,681			164,303		13	.0
Net Income	$	318,311			286,286		11	.2
Basic Earnings Per Share		1.04			0.95		9	.6
Diluted Earnings Per Share		1.03			0.94		9	.4
Dividends Declared Per Share		0.52			0.50		5	.0
Return on Assets		1.86 %			1.89		(3	) bp
Return on Equity		17.52			17.80		(28	)
Average Shares Outstanding - Basic		306,435			302,067		1	.4 %
Average Shares Outstanding - Diluted		309,348			304,574		1	.6

bp - change is measured as difference in basis points.
nm - not meaningful

SYNOVUS
INCOME STATEMENT
(In thousands, except per share data)                                                                                                                               5 of 11

				2004						2003						3rd Quarter
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			'04 vs. '03 Change
Interest Income (Taxable Equivalent)	$	301,457			279,013			271,491			266,581			268,079			12	.5 %
Interest Expense		76,313			66,804			66,944			67,314			73,135			4	.3
Net Interest Income (Taxable Equivalent)		225,144			212,209			204,547			199,267			194,944			15	.5
Tax Equivalent Adjustment		1,710			1,747			1,800			1,836			1,831			(6	.6)
Net Interest Income		223,434			210,462			202,747			197,431			193,113			15	.7
Provision for Loan Losses		21,192			17,548			15,724			19,800			15,108			40	.3
Net Interest Income After Provision		202,242			192,914			187,023			177,631			178,005			13	.6
Non-Interest Income:
Electronic Payment Processing Services		204,340			190,607			182,950			182,806			177,580			15	.1
Other Transaction Processing Services Revenue		43,006			41,827			40,848			37,060			30,927			39	.1
Service Charges on Deposits		31,257			31,188			28,432			29,527			26,710			17	.0
Fees For Trust Services		7,948			7,907			8,091			8,084			7,189			10	.6
Brokerage Revenue		5,012			5,616			5,759			5,353			5,338			(6	.1)
Mortgage Banking Income		6,861			5,772			6,894			6,642			18,021			(61	.9)
Credit Card Fees		8,097			7,509			6,040			6,927			7,110			13	.9
Securities Gains (Losses)		(24	)		--			(65	)		1,155			755			nm
Other Fee Income		7,451			7,202			6,920			6,347			6,039			23	.4
Other Non-Interest Income		14,035			17,919			30,776			15,376			11,776			19	.2
Non-Interest Income before Reimbursable Items		327,983			315,547			316,645			299,277			291,445			12	.5
Reimbursable Items		56,309			55,745			60,445			56,313			55,740			1	.0
Total Non-Interest Income		384,292			371,292			377,090			355,590			347,185			10	.7
Non-Interest Expense:
Personnel Expense		194,624			174,955			186,631			167,157			171,525			13	.5
Occupancy & Equipment Expense		80,073			86,187			78,390			72,816			70,289			13	.9
Other Non-Interest Expense		74,699			74,365			67,857			68,504			63,134			18	.3
Non-Interest Expense before Reimbursable Items		349,396			335,507			332,878			308,477			304,948			14	.6
Reimbursable Items		56,309			55,745			60,445			56,313			55,740			1	.0
Total Non-Interest Expense		405,705			391,252			393,323			364,790			360,688			12	.5
Minority Interest in Consolidated Subsidiaries		7,480			6,852			6,249			7,519			6,780			10	.3
Income Before Taxes		173,349			166,102			164,541			160,912			157,722			9	.9
Income Tax Expense		64,341			60,961			60,379			58,273			57,722			11	.5
Net Income	$	109,008			105,141			104,162			102,639			100,000			9	.0
Basic Earnings Per Share		0.35			0.34			0.34			0.34			0.33			6	.1
Diluted Earnings Per Share		0.35			0.34			0.34			0.34			0.33			6	.2
Dividends Declared Per Share		0.17			0.17			0.17			0.17			0.17			5	.0
Return on Assets		1.82	%		1.86	%		1.91	%		1.94	%		1.91	%		(9	) bp
Return on Equity		17.00			17.60			18.00			18.37			18.32			(132	)
Average Shares Outstanding - Basic		309,448			306,180			303,644			301,842			301,366			2	.7  %
Average Shares Outstanding - Diluted		312,343			308,857			306,812			306,160			304,514			2	.6

bp - change is measured as difference in basis points.
nm - not meaningful

SYNOVUS
Financial Services Segment
INCOME STATEMENT
(In thousands, except per share data)                                                                                                                                  6 of 11

	Nine Months Ended September 30,
	2004			2003		Change
Interest Income (Taxable Equivalent)	$	851,954			802,316		6	.2 %
Interest Expense		210,556			231,726		(9	.1)
Net Interest Income (Taxable Equivalent)		641,398			570,590		12	.4
Tax Equivalent Adjustment		5,250			5,542		(5	.3)
Net Interest Income		636,148			565,048		12	.6
Provision for Loan Losses		54,464			51,977		4	.8
Net Interest Income After Provision		581,684			513,071		13	.4
Non-Interest Income:
Service Charges on Deposits		90,877			77,877		16	.7
Fees For Trust Services		24,489			22,337		9	.6
Brokerage Revenue		16,387			15,108		8	.5
Mortgage Banking Income		19,527			51,991		(62	.4)
Credit Card Fees		21,646			19,117		13	.2
Securities Gains (Losses)		(89	)		1,336		nm
Other Fee Income		21,573			17,335		24	.4
Other Non-Interest Income		52,110			29,878		74	.4
Total Non-Interest Income		246,520			234,979		4	.9
Non-Interest Expense:
Personnel Expense		281,913			259,873		8	.5
Occupancy & Equipment Expense		60,851			55,800		9	.1
Other Non-Interest Expense		124,329			115,282		7	.8
Total Non-Interest Expense		467,093			430,955		8	.4
Income Before Taxes		361,111			317,095		13	.9
Income Tax Expense		130,047			113,172		14	.9
Net Income	$	231,064			203,923		13	.3
Return on Assets		1.41 %			1.40		1	bp
Return on Equity		17.18			16.74		44

bp - change is measured as difference in basis points.
nm - not meaningful

SYNOVUS
Financial Services Segment
INCOME STATEMENT
(In thousands)                                                                                                                               7 of 11

	2004								2003				3rd Quarter
	Third Quarter			Second Quarter		First Quarter			Fourth Quarter		Third Quarter		'04 vs. '03 Change
Interest Income (Taxable Equivalent)	$	301,458			279,010		271,486			266,577		268,093		12	.4 %
Interest Expense		76,502			66,964		67,090			67,340		73,175		4	.5
Net Interest Income (Taxable Equivalent)		224,956			212,046		204,396			199,237		194,918		15	.4
Tax Equivalent Adjustment		1,710			1,744		1,796			1,831		1,826		(6	.4)
Net Interest Income		223,246			210,302		202,600			197,406		193,092		15	.6
Provision for Loan Losses		21,192			17,548		15,724			19,800		15,108		40	.3
Net Interest Income After Provision		202,054			192,754		186,876			177,606		177,984		13	.5
Non-Interest Income:
Service Charges on Deposits		31,257			31,188		28,432			29,527		26,710		17	.0
Fees For Trust Services		8,160			8,097		8,232			8,219		7,322		11	.4
Brokerage Revenue		5,012			5,616		5,759			5,353		5,338		(6	.1)
Mortgage Banking Income		6,861			5,772		6,894			6,642		18,021		(61	.9)
Credit Card Fees		8,097			7,509		6,040			6,927		7,110		13	.9
Securities Gains (Losses)		(24	)		--		(65	)		1,155		755		nm
Other Fee Income		7,451			7,202		6,920			6,347		6,039		23	.4
Other Non-Interest Income		9,885			13,987		28,238			11,875		9,766		1	.2
Total Non-Interest Income		76,699			79,371		90,450			76,045		81,061		(5	.4)
Non-Interest Expense:
Personnel Expense		93,631			91,283		96,999			80,346		88,894		5	.3
Occupancy & Equipment Expense		21,156			20,004		19,691			20,041		19,244		9	.9
Other Non-Interest Expense		42,764			42,310		39,254			44,065		39,426		8	.5
Total Non-Interest Expense		157,551			153,597		155,944			144,452		147,564		6	.8
Income Before Taxes		121,202			118,528		121,382			109,199		111,481		8	.7
Income Tax Expense		43,935			42,486		43,625			38,536		40,214		9	.3
Net Income	$	77,267			76,042		77,757			70,663		71,267		8	.4
Return on Assets		1.35 %			1.41 %		1.49 %			1.39 %		1.42		(7)	bp
Return on Equity		16.20			17.26		18.18			17.07		17.44		124

bp - change is measured as difference in basis points.
nm - not meaningful

SYNOVUS
BALANCE SHEET
(In thousands, except per share data)                                                                                                                             8 of 11

	September 30, 2004			December 31, 2003			September 30, 2003
ASSETS
Cash and due from banks	$	757,380			696,030			706,029
Interest earning deposits with banks		4,140			4,423			4,426
Federal funds sold and securities purchased
under resale agreements		122,130			172,922			138,448
Mortgage loans held for sale		126,099			133,306			238,986
Investment securities available for sale		2,621,120			2,529,257			2,431,951
Loans, net of unearned income		18,871,056			16,464,914			15,918,573
Allowance for loan losses		(257,647	)		(226,059	)		(223,461	)
Loans, net		18,613,409			16,238,855			15,695,112
Premises and equipment, net		629,738			578,710			565,003
Contract acquisition costs and computer software, net		364,382			383,562			343,469
Goodwill, net		419,323			248,868			248,870
Other intangible assets, net		41,552			33,970			35,600
Costs in excess of billings on uncompleted contracts		7,272			--			--
Other assets		682,948			612,726			615,500
Total assets	$	24,389,493			21,632,629			21,023,394
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	3,202,214			2,833,567			2,800,637
Interest bearing		14,572,170			13,108,042			12,723,450
Total deposits		17,774,384			15,941,609			15,524,087
Federal funds purchased and securities sold
under repurchase agreements		1,671,239			1,354,887			1,115,984
Long-term debt		1,740,103			1,575,777			1,684,798
Billings in excess of costs and profits on uncompleted contracts		--			17,573			24,074
Other liabilities		468,141			355,906			365,213
Total liabilities		21,653,867			19,245,752			18,714,156
Minority interest in consolidated subsidiaries		158,912			141,838			133,432
Shareholders' equity:
Common stock, par value $1.00 a share (1)		315,200			307,748			307,055
Surplus		619,734			442,931			422,615
Treasury stock (2)		(113,944	)		(113,940	)		(112,738	)
Unearned compensation		(146	)		(266	)		(306	)
Accumulated other comprehensive income		18,513			29,509			32,873
Retained earnings		1,737,357			1,579,057			1,526,307
Total shareholders' equity		2,576,714			2,245,039			2,175,806
Total liabilities and shareholders' equity	$	24,389,493			21,632,629			21,023,394

(1) Common shares outstanding: 309,538,462; 302,090,128; and 301,441,645 at September 30, 2004, December 31, 2003, and September 30, 2003, respectively.

(2) Treasury shares: 5,661,623 at September 30, 2004, 5,658,005 at December 31, 2003, and 5,612,964 at September 30, 2003.

SYNOVUS
AVERAGE BALANCES AND YIELD RATES
(Dollars in thousands)                                                                                                          9 of 11

	2004						2003
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Interest Earning Assets
Taxable Investment Securities	$	2,382,319			2,355,328			2,319,280			2,200,668			2,067,538
Yield		3.72	%		3.71			3.86			3.74			3.73
Tax-Exempt Investment Securities	$	233,271			230,885			229,905			233,425			233,198
Yield		6.92	%		7.14			7.14			7.11			7.13
Commercial Loans	$	15,385,995			14,567,795			13,991,230			13,346,751			13,081,909
Yield		5.79	%		5.66			5.67			5.73			5.84
Consumer Loans	$	958,540			967,450			1,003,595			1,037,283			1,068,485
Yield		8.03	%		8.00			8.03			8.08			8.29
Mortgage Loans	$	936,240			856,688			823,625			819,412			810,525
Yield		5.89	%		5.92			6.01			6.10			6.21
Credit Card Loans	$	248,755			245,534			241,415			239,433			229,271
Yield		8.93	%		8.53			9.28			8.69			9.04
Home Equity Loans	$	890,867			790,238			719,915			674,264			619,826
Yield		4.61	%		4.45			4.50			4.52			4.58
Allowance for Loan Losses	$	(252,370	)		(241,082	)		(231,822	)		(225,021	)		(224,360	)
Loans, Net	$	18,168,027			17,186,623			16,547,958			15,892,122			15,585,656
Yield		5.97	%		5.87			5.91			5.98			6.10
Mortgage Loans Held for Sale	$	112,502			148,471			105,557			136,133			343,069
Yield		6.15	%		5.27			5.33			5.43			5.04
Federal Funds Sold	$	162,580			158,373			171,284			113,728			109,652
Yield		1.23	%		1.04			1.10			1.14			1.31
Time Deposits with Banks	$	4,136			4,137			4,372			4,426			4,500
Yield		0.80	%		0.45			0.46			0.46			0.47
Total Interest Earning Assets	$	21,062,836			20,083,817			19,378,354			18,580,502			18,343,613
Yield		5.69	%		5.58			5.63			5.70			5.80
Interest Bearing Liabilities
Time Deposits Over $100,000	$	4,135,970			3,789,423			3,628,357			3,446,050			3,471,693
Rate		2.35	%		2.21			2.29			2.46			2.67
Time Deposits Under $100,000	$	2,209,883			2,225,224			2,266,593			2,311,870			2,407,719
Rate		2.18	%		2.21			2.28			2.35			2.51
Other Interest Bearing Deposits	$	8,050,733			7,624,880			7,323,415			7,112,385			6,873,110
Rate		0.94	%		0.80			0.80			0.79			0.80
Federal Funds Purchased and Other
Short-Term Borrowings	$	1,422,598			1,513,306			1,495,333			1,176,709			1,020,042
Rate		1.40	%		1.00			0.98			0.95			0.97
Long-Term Debt	$	1,747,788			1,667,441			1,635,648			1,576,346			1,698,311
Rate		3.51	%		3.53			3.71			3.79			4.17
Total Interest Bearing Liabilities	$	17,566,972			16,820,274			16,349,345			15,623,360			15,470,875
Rate		1.72	%		1.59			1.64			1.71			1.87
Non-Interest Bearing Demand Deposits	$	3,137,357			3,006,493			2,769,367			2,715,015			2,669,500
Shareholders' Equity	$	2,550,346			2,402,271			2,327,319			2,216,818			2,165,657
Total Assets	$	23,778,250			22,705,467			21,913,168			21,028,492			20,760,836
Spread		3.97	%		3.99			3.99			3.99			3.93
Net Interest Margin		4.25	%		4.24			4.24			4.26			4.22

LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Dollars in thousands)                                                                   10 of 11

	September 30, 2004
Loan Type	Total Loans			Loans as a % of Total Loans Outstanding			Total Nonperforming Loans		Nonperforming Loans as a % of Total Nonperforming Loans
Commercial Real Estate
Multi-Family	$	563,195			3	.0 %	$	931		1	.2 %
Hotels		788,160			4	.2		1,541		1	.9
Office Buildings		724,883			3	.8		769		1	.0
Shopping Centers		565,994			3	.0		2,738		3	.4
Commercial Development		659,350			3	.5		60		0	.1
Total Investment Properties		3,301,582			17	.5		6,039		7	.6
1-4 Family Construction		1,093,713			5	.8		1,235		1	.5
1-4 Family Perm / Mini-Perm		828,892			4	.4		5,427		6	.8
Residential Development		985,318			5	.2		--		--
Total 1-4 Family Properties		2,907,923			15	.4		6,662		8	.3
Land Acquisition		886,014			4	.7		212		0	.3
Total Investment-Related Real Estate		7,095,519			37	.6		12,913		16	.2
Owner-Occupied		2,180,811			11	.5		6,405		8	.0
Other Property		1,602,199			8	.5		3,791		4	.8
Total Commercial Real Estate		10,878,529			57	.6		23,109		29	.0
Commercial & Industrial		4,935,646			26	.2		48,977		61	.4
Consumer		3,097,262			16	.4		7,690		9	.6
Unearned Income		(40,381	)		(0	.2)		--		--
Total	$	18,871,056			100.	0 %	$	79,776		100.	0 %

CREDIT QUALITY DATA
(Dollars in thousands)                                                                                                           11 of 11

	2004				2003						3rd Quarter
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter		'04 vs. '03 Quarter
Nonperforming Loans		79,776		67,489		70,007		67,442		93,633		(14	.8)%
Other Real Estate		25,424		26,972		26,061		28,422		22,842		11	.3
Nonperforming Assets		105,200		94,461		96,068		95,864		116,475		(9	.7)
Allowance for Loan Losses		257,647		248,585		236,056		226,059		223,461		15	.3
Net Charge-Offs - Quarter		12,130		9,589		6,773		17,202		12,626		(3	.9)
Net Charge-Offs - YTD		28,492		16,362		6,773		56,093		38,891		(26	.7)
Net Charge-Offs / Average Loans - Quarter		0.26		0.22		0.16		0.43		0.32
Net Charge-Offs / Average Loans - YTD		0.22		0.19		0.16		0.36		0.34
Nonperforming Loans / Loans & ORE		0.42		0.37		0.41		0.41		0.59
Nonperforming Assets / Loans & ORE		0.56		0.52		0.56		0.58		0.73
Allowance / Loans		1.37		1.38		1.39		1.37		1.40
Allowance / Nonperforming Loans		322.96		368.34		337.19		335.19		238.66
Allowance / Nonperforming Assets		244.91		263.16		245.72		235.81		191.85
Past Due Loans over 90 days		23,178		27,453		23,295		21,138		23.254
As a Percentage of Loans Outstanding		0.12		0.15		0.14		0.13		0.15
Total Past Dues		118,390		109,385		129,844		109,672		111.269
As a Percentage of Loans Outstanding		0.63		0.61		0.76		0.67		0.70

REGULATORY CAPITAL RATIOS (1)
(Dollars in thousands)

	September 30,2004		December 31, 2003	September 30, 2003
Tier 1 Capital	$2,276,827		2,091,755		2,012,154
Total Risk-Based Capital	2,834,432		2,617,814		2,535,615
Tier 1 Capital Ratio	9.95	%	10.43		10.00
Total Risk-Based Capital Ratio	12.39		13.06		12.98
Leverage Ratio	9.76		10.09		9.84

(1) September 30, 2004 information is preliminary.