Synovus Financial (SNV) 8-K Financial Services Segment Reports Increases in Net Income of 18.7% for Fourth Quarter and 14.7% for Full Year 2004

Exhibit 99.2

Synovus 4 of 11

INCOME STATEMENT	Twelve Months Ended
(In thousands, except per share data)	December 31,
	2004			2003		Change
Interest Income (Taxable Equivalent)	$	1,165,980			1,068,882		9.1	%
Interest Expense		298,342			298,429		nm
Net Interest Income (Taxable Equivalent)		867,638			770,453		12.6
Tax Equivalent Adjustment		6,960			7,390		(5.8	)
Net Interest Income		860,678			763,063		12.8
Provision for Loan Losses		75,319			71,777		4.9
Net Interest Income After Provision		785,359			691,286		13.6
Non-Interest Income:
Electronic Payment Processing Services		781,437			701,022		11.5
Other Transaction Processing Services Revenue		170,905			120,485		41.8
Service Charges on Deposits		121,103			107,404		12.8
Fiduciary and Asset Management Fees		43,001			39,377		9.2
Brokerage and Investment Banking Revenue		21,748			20,461		6.3
Mortgage Banking Income		26,300			58,633		(55.1	)
Credit Card Fees		30,025			26,044		15.3
Securities Gains (Losses)		75			2,491		nm
Other Fee Income		29,227			23,682		23.4
Other Non-Interest Income		67,654			44,566		51.8
Non-Interest Income before Reimbursable Items		1,291,475			1,144,165		12.9
Reimbursable Items		229,538			225,165		1.9
Total Non-Interest Income		1,521,013			1,369,330		11.1
Non-Interest Expense:
Personnel Expense		731,579			672,248		8.8
Occupancy & Equipment Expense		321,689			281,688		14.2
Other Non-Interest Expense		305,560			243,044		25.7
Non-Interest Expense before Reimbursable Items		1,358,828			1,196,980		13.5
Reimbursable Items		229,538			225,165		1.9
Total Non-Interest Expense		1,588,366			1,422,145		11.7
Minority Interest in Consolidated Subsidiaries		28,724			26,973		6.5
Income Before Taxes		689,282			611,498		12.7
Income Tax Expense		252,249			222,573		13.3
Net Income	$	437,033			388,925		12.4
Basic Earnings Per Share		1.42			1.29		10.4
Diluted Earnings Per Share		1.41			1.28		10.4
Dividends Declared Per Share		0.69			0.66		5.0
Return on Assets		1.88	%		1.91		(3	)bp
Return on Equity		17.63			17.95		(32	)
Average Shares Outstanding — Basic		307,262			302,010		1.7	%
Average Shares Outstanding — Diluted		310,330			304,928		1.8

bp — change is measured as difference in basis points.

nm — not meaningful

Synovus 5 of 11

INCOME STATEMENT
(In thousands, except per share data)	2004												2003			4th Quarter
	Fourth			Third			Second			First			Fourth			'04 vs. '03
	Quarter			Quarter			Quarter			Quarter			Quarter			Change
Interest Income (Taxable Equivalent)	$	314,019			301,457			279,013			271,491			266,581			17.8	%
Interest Expense		88,281			76,313			66,804			66,944			67,314			31.1
Net Interest Income (Taxable Equivalent)		225,738			225,144			212,209			204,547			199,267			13.3
Tax Equivalent Adjustment		1,703			1,710			1,747			1,800			1,836			(7.2	)
Net Interest Income		224,035			223,434			210,462			202,747			197,431			13.5
Provision for Loan Losses		20,855			21,192			17,548			15,724			19,800			5.3
Net Interest Income After Provision		203,180			202,242			192,914			187,023			177,631			14.4
Non-Interest Income:
Electronic Payment Processing Services		203,540			204,340			190,607			182,950			182,806			11.3
Other Transaction Processing Services Revenue		45,224			43,006			41,827			40,848			37,060			22.0
Service Charges on Deposits		30,226			31,257			31,188			28,432			29,527			2.4
Fiduciary and Asset Management Fees		11,326			10,622			10,485			10,568			10,462			8.3
Brokerage and Investment Banking Revenue		5,361			5,012			5,616			5,759			5,353			0.1
Mortgage Banking Income		6,773			6,861			5,772			6,894			6,642			2.0
Credit Card Fees		8,379			8,097			7,509			6,040			6,927			21.0
Securities Gains (Losses)		164			(24	)		-			(65	)		1,155			nm
Other Fee Income		7,654			7,451			7,202			6,920			6,347			20.6
Other Non-Interest Income		12,653			11,361			15,341			28,299			12,998			(2.7	)
Non-Interest Income before Reimbursable Items		331,300			327,983			315,547			316,645			299,277			10.7
Reimbursable Items		57,039			56,309			55,745			60,445			56,313			1.3
Total Non-Interest Income		388,339			384,292			371,292			377,090			355,590			9.2
Non-Interest Expense:
Personnel Expense		175,369			194,624			174,955			186,631			167,157			4.9
Occupancy & Equipment Expense		77,039			80,073			86,187			78,390			72,816			5.8
Other Non-Interest Expense		88,639			74,699			74,365			67,857			68,504			29.4
Non-Interest Expense before Reimbursable Items		341,047			349,396			335,507			332,878			308,477			10.6
Reimbursable Items		57,039			56,309			55,745			60,445			56,313			1.3
Total Non-Interest Expense		398,086			405,705			391,252			393,323			364,790			9.1
Minority Interest in Consolidated Subsidiaries		8,143			7,480			6,852			6,249			7,519			8.3
Income Before Taxes		185,290			173,349			166,102			164,541			160,912			15.1
Income Tax Expense		66,568			64,341			60,961			60,379			58,273			14.2
Net Income	$	118,722			109,008			105,141			104,162			102,639			15.7
Basic Earnings Per Share		0.38			0.35			0.34			0.34			0.34			12.7
Diluted Earnings Per Share		0.38			0.35			0.34			0.34			0.34			13.0
Dividends Declared Per Share		0.17			0.17			0.17			0.17			0.17			5.0
Return on Assets		1.91	%		1.82	%		1.86	%		1.91	%		1.94	%		(3	)bp
Return on Equity		17.92			17.00			17.60			18.00			18.37			(45	)
Average Shares Outstanding — Basic		309,740			309,448			306,180			303,644			301,842			2.6	%
Average Shares Outstanding — Diluted		313,268			312,343			308,857			306,812			306,160			2.3

bp — change is measured as difference in basis points.

nm — not meaningful

Synovus 6 of 11

Financial Services Segment

INCOME STATEMENT	Twelve Months Ended
(In thousands)	December 31,
	2004			2003		Change
Interest Income (Taxable Equivalent)	$	1,165,962			1,068,895		9.1	%
Interest Expense		299,489			299,066		0.1
Net Interest Income (Taxable Equivalent)		866,473			769,829		12.6
Tax Equivalent Adjustment		6,941			7,375		(5.9	)
Net Interest Income		859,532			762,454		12.7
Provision for Loan Losses		75,319			71,777		4.9
Net Interest Income After Provision		784,213			690,677		13.5
Non-Interest Income:
Service Charges on Deposits		121,103			107,404		12.8
Fiduciary and Asset Management Fees		43,757			39,922		9.6
Brokerage and Investment Banking Revenue		21,748			20,461		6.3
Mortgage Banking Income		26,300			58,633		(55.1	)
Credit Card Fees		30,025			26,044		15.3
Securities Gains (Losses)		75			2,491		nm
Other Fee Income		29,227			23,682		23.4
Other Non-Interest Income		55,206			32,387		70.5
Total Non-Interest Income		327,441			311,024		5.3
Non-Interest Expense:
Personnel Expense		364,514			340,219		7.1
Occupancy & Equipment Expense		82,156			75,841		8.3
Other Non-Interest Expense		175,005			159,347		9.8
Total Non-Interest Expense		621,675			575,407		8.0
Income Before Taxes		489,979			426,294		14.9
Income Tax Expense		175,038			151,708		15.4
Net Income	$	314,941			274,586		14.7
Return on Assets		1.41	%		1.40		1	bp
Return on Equity		17.15			16.82		33

bp — change is measured as difference in basis points.

nm — not meaningful

Synovus 7 of 11

Financial Services Segment

INCOME STATEMENT
(In thousands)	2004												2003			4th Quarter
	Fourth			Third			Second			First			Fourth			'04 vs. '03
	Quarter			Quarter			Quarter			Quarter			Quarter			Change
Interest Income (Taxable Equivalent)	$	314,008			301,458			279,010			271,486			266,577			17.8	%
Interest Expense		88,933			76,502			66,964			67,090			67,340			32.1
Net Interest Income (Taxable Equivalent)		225,075			224,956			212,046			204,396			199,237			13.0
Tax Equivalent Adjustment		1,691			1,710			1,744			1,796			1,831			(7.6	)
Net Interest Income		223,384			223,246			210,302			202,600			197,406			13.2
Provision for Loan Losses		20,855			21,192			17,548			15,724			19,800			5.3
Net Interest Income After Provision		202,529			202,054			192,754			186,876			177,606			14.0
Non-Interest Income:
Service Charges on Deposits		30,226			31,257			31,188			28,432			29,527			2.4
Fiduciary and Asset Management Fees		11,538			10,834			10,675			10,710			10,597			8.9
Brokerage and Investment Banking Revenue		5,361			5,012			5,616			5,759			5,353			0.1
Mortgage Banking Income		6,773			6,861			5,772			6,894			6,642			2.0
Credit Card Fees		8,379			8,097			7,509			6,040			6,927			21.0
Securities Gains (Losses)		164			(24	)		—			(65	)		1,155			nm
Other Fee Income		7,654			7,451			7,202			6,920			6,347			20.6
Other Non-Interest Income		10,826			7,211			11,409			25,760			9,497			14.0
Total Non-Interest Income		80,921			76,699			79,371			90,450			76,045			6.4
Non-Interest Expense:
Personnel Expense		82,601			93,631			91,283			96,999			80,346			2.8
Occupancy & Equipment Expense		21,305			21,156			20,004			19,691			20,041			6.3
Other Non-Interest Expense		50,677			42,764			42,310			39,254			44,065			15.0
Total Non-Interest Expense		154,583			157,551			153,597			155,944			144,452			7.0
Income Before Taxes		128,867			121,202			118,528			121,382			109,199			18.0
Income Tax Expense		44,992			43,935			42,486			43,625			38,536			16.8
Net Income	$	83,875			77,267			76,042			77,757			70,663			18.7
Return on Assets		1.41	%		1.35	%		1.41	%		1.49	%		1.39	%		2	bp
Return on Equity		17.09			16.20			17.26			18.18			17.07			2

bp — change is measured as difference in basis points.

nm — not meaningful

Synovus 8 of 11

BALANCE SHEET	December 31, 2004			September 30, 2004			December 31, 2003
(In thousands, except share data)
ASSETS
Cash and due from banks	$	683,035			757,380			696,030
Interest earning deposits with banks		4,153			4,140			4,423
Federal funds sold and securities purchased under resale agreements		135,471			122,130			172,922
Mortgage loans held for sale		120,186			126,099			133,306
Investment securities available for sale		2,695,593			2,621,120			2,529,257
Loans, net of unearned income		19,480,396			18,871,056			16,464,914
Allowance for loan losses		(265,745	)		(257,647	)		(226,059	)
Loans, net		19,214,651			18,613,409			16,238,855
Premises and equipment, net		638,407			629,738			578,710
Contract acquisition costs and computer software, net		375,044			364,382			383,562
Goodwill, net		416,283			419,323			248,868
Other intangible assets, net		41,628			43,819			33,970
Costs in excess of billings on uncompleted contracts		—			7,272			—
Other assets		699,698			680,681			612,726
Total assets	$	25,024,148			24,389,493			21,632,629
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	3,337,908			3,202,214			2,833,567
Interest bearing		15,239,560			14,572,170			13,108,042
Total deposits		18,577,468			17,774,384			15,941,609
Federal funds purchased and securities sold under repurchase agreements		1,208,080			1,671,239			1,354,887
Long-term debt		1,879,583			1,740,103			1,575,777
Billings in excess of costs on uncompleted contracts		—			—			17,573
Other liabilities		550,444			468,141			355,906
Total liabilities		22,215,575			21,653,867			19,245,752
Minority interest in consolidated subsidiaries		167,284			158,912			141,838
Shareholders’ equity:
Common stock, par value $1.00 a share (1)		315,636			315,200			307,748
Surplus		628,396			619,734			442,931
Treasury stock (2)		(113,944	)		(113,944	)		(113,940	)
Unearned compensation		(106	)		(146	)		(266	)
Accumulated other comprehensive income		8,902			18,513			29,509
Retained earnings		1,802,405			1,737,357			1,579,057
Total shareholders’ equity		2,641,289			2,576,714			2,245,039
Total liabilities and shareholders’ equity	$	25,024,148			24,389,493			21,632,629

(1)	Common shares outstanding: 309,974,509; 309,538,462; and 302,090,128 at December 31, 2004, September 30, 2004, and December 31, 2003, respectively.
(2)	Treasury shares: 5,661,538 at December 31, 2004, 5,661,623 at September 30, 2004, and 5,658,005 at December 31, 2003.

Synovus
AVERAGE BALANCES AND YIELDS/RATES	9 of 11
(Dollars in thousands)

	2004													2003				Twelve Months Ended
	Fourth				Third			Second			First			Fourth				December 31,
	Quarter				Quarter			Quarter			Quarter			Quarter				2004				2003
Interest Earning Assets
Taxable Investment Securities	$	2,408,960				2,382,319			2,355,328			2,319,280			2,200,668		$		2,366,631				2,065,924
Yield		3.69		%		3.72			3.71			3.86			3.74				3.74		%		4.05
Tax-Exempt Investment Securities	$	229,190				233,271			230,885			229,905			233,425		$		230,815				235,401
Yield		6.99		%		6.92			7.14			7.14			7.11				7.05		%		7.19
Commercial Loans	$	16,029,042				15,385,995			14,567,795			13,991,230			13,346,751		$		14,997,417				12,894,815
Yield		5.85		%		5.79			5.66			5.67			5.73				5.74		%		5.92
Consumer Loans	$	948,273				958,540			967,450			1,003,595			1,037,283		$		969,377				1,082,449
Yield		7.32		%		8.03			8.00			8.03			8.08				7.85		%		8.30
Mortgage Loans	$	954,078				936,240			856,688			823,625			819,412		$		892,945				811,519
Yield		6.04		%		5.89			5.92			6.01			6.10				5.96		%		6.31
Credit Card Loans	$	260,523				248,755			245,534			241,415			239,433		$		249,087				232,961
Yield		8.84		%		8.93			8.53			9.28			8.69				8.89		%		9.02
Home Equity Loans	$	973,604				890,867			790,238			719,915			674,264		$		844,140				604,475
Yield		5.08		%		4.61			4.45			4.50			4.52				4.69		%		4.66
Allowance for Loan Losses	$	(262,711	)			(252,370	)		(241,082	)		(231,822	)		(225,021	)	$		(247,054	)			(220,004	)
Loans, Net	$	18,902,809				18,168,027			17,186,623			16,547,958			15,892,122		$		17,705,912				15,406,215
Yield		6.01		%		5.97			5.87			5.91			5.98				5.94		%		6.19
Mortgage Loans Held for Sale	$	103,594				112,502			148,471			105,557			136,133		$		117,479				254,240
Yield		5.75		%		6.15			5.27			5.33			5.43				5.60		%		5.26
Federal Funds Sold	$	102,852				162,580			158,373			171,284			113,728		$		148,685				111,893
Yield		2.06		%		1.23			1.04			1.10			1.14				1.29		%		1.38
Time Deposits with Banks	$	4,144				4,136			4,137			4,372			4,426		$		4,197				4,515
Yield		1.32		%		0.80			0.45			0.46			0.46				0.76		%		0.55
Total Interest Earning Assets	$	21,751,549				21,062,836			20,083,817			19,378,354			18,580,502		$		20,573,719				18,078,187
Yield		5.75		%		5.69			5.58			5.63			5.70				5.67		%		5.91
Interest Bearing Liabilities
Time Deposits Over $100,000	$	4,396,233				4,135,970			3,789,423			3,628,357			3,446,050		$		3,989,018				3,448,900
Rate		2.57		%		2.35			2.21			2.29			2.46				2.36		%		2.73
Time Deposits Under $100,000	$	2,194,194				2,209,883			2,225,224			2,266,593			2,311,870		$		2,223,854				2,399,371
Rate		2.29		%		2.18			2.21			2.28			2.35				2.24		%		2.63
Interest Bearing Demand Deposits	$	2,848,978				2,716,488			2,773,020			2,709,479			2,623,125		$		2,762,104				2,515,162
Rate		0.72		%		0.60			0.54			0.56			0.58				0.61		%		0.71
Money Market Accounts	$	4,765,591				4,778,276			4,300,823			4,073,084			3,970,084		$		4,481,042				3,695,600
Rate		1.51		%		1.23			1.04			1.03			1.01				1.21		%		1.11
Savings Deposits	$	547,026				555,969			551,037			540,853			519,175		$		548,736				502,245
Rate		0.21		%		0.17			0.17			0.18			0.16				0.18		%		0.25
Federal Funds Purchased and Other Short-Term Borrowings	$	1,488,555				1,422,598			1,513,306			1,495,333			1,176,709		$		1,479,815				1,101,216
Rate		1.83		%		1.40			1.00			0.98			0.95				1.30		%		1.07
Long-Term Debt	$	1,821,889				1,747,788			1,667,441			1,635,648			1,576,346		$		1,718,556				1,639,487
Rate		3.63		%		3.51			3.53			3.71			3.79				3.59		%		4.21
Total Interest Bearing Liabilities	$	18,062,466				17,566,972			16,820,274			16,349,345			15,623,360		$		17,203,125				15,301,981
Rate		1.94		%		1.72			1.59			1.64			1.71				1.73		%		1.95
Non-Interest Bearing Demand Deposits	$	3,277,155				3,137,357			3,006,493			2,769,367			2,715,015		$		3,048,465				2,501,539
Shareholders’ Equity	$	2,635,188				2,550,346			2,402,271			2,327,319			2,216,818		$		2,479,404				2,166,777
Total Assets	$	24,678,316				23,778,250			22,705,467			21,913,168			21,028,492		$		23,274,044				20,412,853
Spread		3.81		%		3.97			3.99			3.99			3.99				3.94		%		3.96
Net Interest Margin, before fees		3.98		%		3.90			3.89			3.91			3.92				3.92		%		3.90
Net Interest Margin, after fees		4.13		%		4.25			4.24			4.24			4.26				4.22		%		4.26

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

	December 31, 2004
				Loans as a %			Total		Nonperforming Loans
				of Total Loans			Nonperforming		as a % of Total
Loan Type	Total Loans			Outstanding			Loans		Nonperforming Loans
Commercial Real Estate
Multi-Family	$	536,765			2.8	%	$	802		1.0	%
Hotels		820,391			4.2			2,881		3.6
Office Buildings		770,260			4.0			6		0.0
Shopping Centers		592,919			3.0			199		0.2
Commercial Development		678,451			3.5			43		0.1
Other Investment Property		275,031			1.4			90		0.1
Total Investment Properties		3,673,817			18.9			4,021		5.0
1-4 Family Construction		1,208,618			6.2			859		1.1
1-4 Family Perm / Mini-Perm		984,690			5.1			6,601		8.2
Residential Development		1,091,832			5.6			209		0.2
Total 1-4 Family Properties		3,285,140			16.9			7,669		9.5
Land Acquisition		931,269			4.8			126		0.2
Total Investment-Related Real Estate		7,890,226			40.5			11,816		14.7
Owner-Occupied		2,264,920			11.6			7,077		8.8
Other Property		1,134,436			5.8			7,871		9.8
Total Commercial Real Estate		11,289,582			58.0			26,764		33.3
Commercial & Industrial		5,050,713			25.9			46,811		58.1
Consumer		3,182,052			16.3			6,881		8.6
Unearned Income		(41,951	)		(0.2	)		—		—
Total	$	19,480,396			100.0	%	$	80,456		100.0	%

Synovus	11 of 11
CREDIT QUALITY DATA

(Dollars in thousands)	2004									2003		4th Quarter
		Fourth		Third		Second		First		Fourth		'04 vs. '03
		Quarter		Quarter		Quarter		Quarter		Quarter		Change
Nonperforming Loans	$		80,456		79,776		67,489		70,007		67,442		19.3		%
Other Real Estate			21,492		25,424		26,972		26,061		28,422		(24.4	)
Nonperforming Assets			101,948		105,200		94,461		96,068		95,864		6.3
Allowance for Loan Losses			265,745		257,647		248,585		236,056		226,059		17.6
Net Charge-Offs — Quarter			12,757		12,130		9,589		6,773		17,202		(25.8	)
Net Charge-Offs — YTD			41,249		28,492		16,362		6,773		56,093		(26.5	)
Net Charge-Offs / Average Loans — Quarter			0.27		0.26		0.22		0.16		0.43
Net Charge-Offs / Average Loans — YTD			0.23		0.22		0.19		0.16		0.36
Nonperforming Loans / Loans & ORE			0.41		0.42		0.37		0.41		0.41
Nonperforming Assets / Loans & ORE			0.52		0.56		0.52		0.56		0.58
Allowance / Loans			1.36		1.37		1.38		1.39		1.37
Allowance / Nonperforming Loans			330.30		322.96		368.34		337.19		335.19
Allowance / Nonperforming Assets			260.67		244.91		263.16		245.72		235.81
Past Due Loans over 90 days			18,138		23,178		27,453		23,295		21,138
As a Percentage of Loans Outstanding			0.09		0.12		0.15		0.14		0.13
Total Past Dues			84,458		118,390		109,385		129,844		109,672
As a Percentage of Loans Outstanding			0.43		0.63		0.61		0.76		0.67

REGULATORY CAPITAL RATIOS (1)
(Dollars in thousands)

	December 31, 2004			September 30, 2004		December 31, 2003
Tier 1 Capital	$	2,369,235			2,279,734		2,012,154
Total Risk-Based Capital		2,934,980			2,837,381		2,535,615
Tier 1 Capital Ratio		10.06	%		9.96		10.30
Total Risk-Based Capital Ratio		12.46	%		12.40		12.98
Leverage Ratio		9.78	%		9.77		9.84

(1) December 31, 2004 information is preliminary.