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

Exhibit 99.2

	Synovus							4 of 11
		INCOME STATEMENT		Six Months Ended
		(In thousands, except per share data)		June 30,
				2006		2005	Change
		Interest Income (Taxable Equivalent)	$	940,168		693,692	35.5	%
		Interest Expense		387,567		226,554	71.1
		Net Interest Income (Taxable Equivalent)		552,601		467,138	18.3
		Tax Equivalent Adjustment		2,962		3,211	(7.7)
		Net Interest Income		549,639		463,927	18.5
		Provision for Loan Losses		38,083		42,106	(9.6)
		Net Interest Income After Provision		511,556		421,821	21.3
		Non-Interest Income:
		Electronic Payment Processing Services		454,990		420,947	8.1
		Merchant Services		129,769		95,801	35.5
		Other Transaction Processing Services Revenue		91,588		93,838	(2.4)
		Service Charges on Deposits		56,123		54,994	2.1
		Fiduciary and Asset Management Fees		23,222		22,175	4.7
		Brokerage and Investment Banking Revenue		13,506		12,070	11.9
		Mortgage Banking Income		13,978		13,328	4.9
		Bankcard Fees		21,527		17,691	21.7
		Securities Gains (Losses)		(1,136)		598	nm
		Other Fee Income		18,988		15,319	23.9
		Other Non-Interest Income		18,435		16,311	13.0
		Non-Interest Income before Reimbursable Items		840,990		763,072	10.2
		Reimbursable Items		168,638		148,330	13.7
		Total Non-Interest Income		1,009,628		911,402	10.8
		Non-Interest Expense:
		Personnel Expense		461,605		398,425	15.9
		Occupancy & Equipment Expense		197,195		175,473	12.4
		Other Non-Interest Expense		218,770		202,623	8.0
		Non-Interest Expense before Reimbursable Items		877,570		776,521	13.0
		Reimbursable Items		168,638		148,330	13.7
		Total Non-Interest Expense		1,046,208		924,851	13.1
		Minority Interest in Consolidated Subsidiaries		20,905		18,504	13.0
		Income Before Taxes		454,071		389,868	16.5
		Income Tax Expense		166,767		144,674	15.3
		Net Income	$	287,304		245,194	17.2
		Basic Earnings Per Share	$	0.90		0.79	14.5
		Diluted Earnings Per Share		0.90		0.78	14.8
		Dividends Declared Per Share		0.39		0.37	6.8
		Return on Assets		2.02	%	1.92	10	bp
		Return on Equity		18.25		18.12	13
		Average Shares Outstanding - Basic		318,236		310,890	2.4	%
		Average Shares Outstanding - Diluted		320,840		314,297	2.1
bp - change is measured as difference in basis points.
nm - not meaningful

Synovus													5 of 11
	INCOME STATEMENT
	(In thousands, except per share data)		2006				2005						2nd Quarter
			Second		First		Fourth		Third		Second		'06 vs. '05
			Quarter		Quarter		Quarter		Quarter		Quarter		Change
	Interest Income (Taxable Equivalent)	$	499,191		440,977		420,898		388,076		360,763		38.4	%
	Interest Expense		210,510		177,057		159,237		141,587		122,110		72.4
	Net Interest Income (Taxable Equivalent)		288,681		263,920		261,661		246,489		238,653		21.0
	Tax Equivalent Adjustment		1,478		1,484		1,566		1,664		1,588		(6.9)
	Net Interest Income		287,203		262,436		260,095		244,825		237,065		21.1
	Provision for Loan Losses		18,534		19,549		20,787		19,639		22,823		(18.8)
	Net Interest Income After Provision		268,669		242,887		239,308		225,186		214,242		25.4
	Non-Interest Income:
	Electronic Payment Processing Services		234,519		220,472		223,844		223,123		215,784		8.7
	Merchant Services		65,820		63,949		67,409		74,208		68,696		(4.2)
	Other Transaction Processing Services Revenue		46,463		45,125		45,544		44,030		45,324		2.5
	Service Charges on Deposits		29,409		26,712		28,572		28,598		28,004		5.0
	Fiduciary and Asset Management Fees		11,509		11,713		11,544		11,167		11,138		3.3
	Brokerage and Investment Banking Revenue		6,559		6,947		6,616		5,801		5,807		13.0
	Mortgage Banking Income		8,105		5,873		7,078		8,276		7,430		9.1
	Bankcard Fees		10,992		10,535		10,858		9,713		9,462		16.2
	Securities Gains (Losses)		(1,062)		(73)		(135)		-		327		nm
	Other Fee Income		10,038		8,950		9,377		8,217		7,834		28.1
	Other Non-Interest Income		9,263		9,172		6,689		12,599		7,325		26.5
	Non-Interest Income before Reimbursable Items		431,615		409,375		417,396		425,732		407,131		6.0
	Reimbursable Items		86,138		82,500		84,306		79,644		79,161		8.8
	Total Non-Interest Income		517,753		491,875		501,702		505,376		486,292		6.5
	Non-Interest Expense:
	Personnel Expense		233,847		227,758		224,251		213,695		208,596		12.1
	Occupancy & Equipment Expense		99,495		97,700		93,965		98,772		88,839		12.0
	Other Non-Interest Expense		112,934		105,836		110,608		113,300		110,015		2.7
	Non-Interest Expense before Reimbursable Items		446,276		431,294		428,824		425,767		407,450		9.5
	Reimbursable Items		86,138		82,500		84,306		79,644		79,161		8.8
	Total Non-Interest Expense		532,414		513,794		513,130		505,411		486,611		9.4
	Minority Interest in Consolidated Subsidiaries		11,165		9,740		9,571		9,306		9,672		15.4
	Income Before Taxes		242,843		211,228		218,309		215,845		204,251		18.9
	Income Tax Expense		90,046		76,722		81,049		81,853		75,791		18.8
	Net Income	$	152,797		134,506		137,260		133,992		128,460		18.9
	Basic Earnings Per Share	$	0.47		0.43		0.44		0.43		0.41		14.7
	Diluted Earnings Per Share		0.47		0.43		0.44		0.43		0.41		15.0
	Dividends Declared Per Share		0.20		0.20		0.18		0.18		0.18		6.8
	Return on Assets		2.07	%	1.96	%	2.00	%	2.01	%	1.98	%	9	bp
	Return on Equity		18.45		17.88		18.74		18.77		18.70		(25)
	Average Shares Outstanding - Basic		322,783		313,639		312,298		311,842		311,154		3.7	%
	Average Shares Outstanding - Diluted		325,421		316,208		315,280		315,336		314,691		3.4
bp - change is measured as difference in basis points.
nm - not meaningful

Synovus						6 of 11
Financial Services Segment
	INCOME STATEMENT		Six Months Ended
	(In thousands)		June 30,
			2006		2005	Change
	Interest Income (Taxable Equivalent)	$	940,153		693,716	35.5	%
	Interest Expense		391,043		227,956	71.5
	Net Interest Income (Taxable Equivalent)		549,110		465,760	17.9
	Tax Equivalent Adjustment		2,947		3,199	(7.9)
	Net Interest Income		546,163		462,561	18.1
	Provision for Loan Losses		38,083		42,106	(9.6)
	Net Interest Income After Provision		508,080		420,455	20.8
	Non-Interest Income:
	Service Charges on Deposits		56,123		54,994	2.1
	Fiduciary and Asset Management Fees		23,629		22,368	5.6
	Brokerage and Investment Banking Revenue		13,506		12,070	11.9
	Mortgage Banking Income		13,978		13,328	4.9
	Bankcard Fees		21,527		17,691	21.7
	Securities Gains (Losses)		(1,136)		598	nm
	Other Fee Income		18,988		15,319	23.9
	Other Non-Interest Income		25,902		18,848	37.4
	Total Non-Interest Income		172,517		155,216	11.1
	Non-Interest Expense:
	Personnel Expense		221,400		181,468	22.0
	Occupancy & Equipment Expense		48,333		43,259	11.7
	Other Non-Interest Expense		100,063		90,861	10.1
	Total Non-Interest Expense		369,796		315,588	17.2
	Income Before Taxes		310,801		260,083	19.5
	Income Tax Expense		110,656		93,263	18.7
	Net Income	$	200,145		166,820	20.0
	Return on Assets		1.47	%	1.37	10	bp
	Return on Equity		17.38		16.81	57
bp - change is measured as difference in basis points.
nm - not meaningful

Synovus													7 of 11
Financial Services Segment
	INCOME STATEMENT
	(In thousands)		2006				2005						2nd Quarter
			Second		First		Fourth		Third		Second		'06 vs. '05
			Quarter		Quarter		Quarter		Quarter		Quarter		Change
	Interest Income (Taxable Equivalent)	$	499,184		440,969		420,892		388,067		360,789		38.4	%
	Interest Expense		212,499		178,544		160,509		142,582		122,768		73.1
	Net Interest Income (Taxable Equivalent)		286,685		262,425		260,383		245,485		238,021		20.4
	Tax Equivalent Adjustment		1,471		1,476		1,558		1,655		1,585		(7.2)
	Net Interest Income		285,214		260,949		258,825		243,830		236,436		20.6
	Provision for Loan Losses		18,534		19,549		20,787		19,639		22,823		(18.8)
	Net Interest Income After Provision		266,680		241,400		238,038		224,191		213,613		24.8
	Non-Interest Income:
	Service Charges on Deposits		29,409		26,712		28,572		28,598		28,004		5.0
	Fiduciary and Asset Management Fees		11,720		11,910		11,728		11,357		11,324		3.5
	Brokerage and Investment Banking Revenue		6,559		6,947		6,616		5,801		5,807		13.0
	Mortgage Banking Income		8,105		5,873		7,078		8,276		7,430		9.1
	Bankcard Fees		10,992		10,535		10,858		9,713		9,462		16.2
	Securities Gains (Losses)		(1,062)		(73)		(135)		-		327		nm
	Other Fee Income		10,038		8,950		9,377		8,216		7,834		28.1
	Other Non-Interest Income		13,692		12,211		10,884		15,259		10,457		30.9
	Total Non-Interest Income		89,453		83,064		84,978		87,220		80,645		10.9
	Non-Interest Expense:
	Personnel Expense		113,951		107,449		95,670		93,084		90,721		25.6
	Occupancy & Equipment Expense		24,835		23,498		24,577		22,713		21,712		14.4
	Other Non-Interest Expense		52,064		47,999		49,768		45,356		45,320		14.9
	Total Non-Interest Expense		190,850		178,946		170,015		161,153		157,753		21.0
	Income Before Taxes		165,283		145,518		153,001		150,258		136,505		21.1
	Income Tax Expense		58,899		51,757		55,949		55,079		49,060		20.1
	Net Income	$	106,384		93,761		97,052		95,179		87,445		21.7
	Return on Assets		1.50	%	1.43	%	1.47	%	1.49	%	1.41	%	9	bp
	Return on Equity		17.42		17.17		18.30		18.34		17.41		1
bp - change is measured as difference in basis points.
nm - not meaningful

Synovus					8 of 11
	BALANCE SHEET		June 30, 2006	December 31, 2005	June 30, 2005
	(in thousands, except share data)
	ASSETS
	Cash and due from banks	$	887,154	880,886	811,781
	Interest earning deposits with banks		11,885	2,980	14,270
	Federal funds sold and securities purchased
	under resale agreements		203,631	68,922	344,958
	Trading account assets		46,939	27,322	-
	Mortgage loans held for sale		170,650	143,144	155,977
	Investment securities available for sale		3,137,486	2,958,320	2,756,365
	Loans, net of unearned income		23,661,964	21,392,347	20,479,834
	Allowance for loan losses		(313,694)	(289,612)	(277,527)
	Loans, net		23,348,270	21,102,735	20,202,307
	Premises and equipment, net		707,988	669,425	657,765
	Contract acquisition costs and computer software, net		406,793	431,849	450,352
	Goodwill, net		607,501	458,382	457,946
	Other intangible assets, net		52,894	44,867	49,232
	Other assets		945,897	831,840	812,341
	Total assets	$	30,527,088	27,620,672	26,713,294
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest bearing retail and commercial deposits	$	3,806,277	3,700,750	3,474,299
	Interest bearing retail and commercial deposits		16,124,042	14,798,845	13,962,080
	Total retail and commercial deposits		19,930,319	18,499,595	17,436,379
	Brokered time deposits		3,123,380	2,284,770	2,670,099
	Total deposits		23,053,699	20,784,365	20,106,478
	Federal funds purchased and other short-term
	borrowings		1,974,272	1,158,669	724,445
	Long-term debt		1,421,578	1,933,638	2,335,688
	Other liabilities		488,559	597,698	570,914
	Total liabilities		26,938,108	24,474,370	23,737,525
	Minority interest in consolidated subsidiaries		215,521	196,973	181,957
	Shareholders' equity:
	Common stock, par value $1.00 a share (1)		329,097	318,301	317,181
	Surplus		960,054	686,447	660,052
	Treasury stock (2)		(113,944)	(113,944)	(113,944)
	Unearned compensation		-	(3,126)	(2,942)
	Accumulated other comprehensive income (loss)		(54,783)	(29,536)	(517)
	Retained earnings		2,253,035	2,091,187	1,933,982
	Total shareholders' equity (3)		3,373,459	2,949,329	2,793,812
	Total liabilities and shareholders' equity	$	30,527,088	27,620,672	26,713,294

(1)	Common shares outstanding: 323,435,831; 312,639,737; and 311,519,262 at June 30, 2006, December 31, 2005, and June 30, 2005, respectively.
(2)	Treasury shares: 5,661,538 at June 30, 2006, December 31, 2005, and June 30, 2005.
(3)	Book value per share: $10.43; $9.43; and $8.97 at June 30, 2006, December 31, 2005, and June 30, 2005, respectively.

Synovus								9 of 11
AVERAGE BALANCES AND YIELDS/RATES
(Dollars in thousands)
			2006			2005
			Second		First	Fourth	Third	Second
			Quarter		Quarter	Quarter	Quarter	Quarter
Interest Earning Assets
Taxable Investment Securities		$	3,008,122		2,823,306	2,713,238	2,611,048	2,556,964
	Yield		4.21	%	4.08	3.87	3.75	3.78
Tax-Exempt Investment Securities		$	202,676		201,432	208,265	215,096	220,109
	Yield		6.73	%	6.86	6.90	7.08	6.87
Trading Account Assets		$	47,398		37,659	26,006	19,143	-
	Yield		5.72	%	7.42	6.97	3.84	-
Commercial Loans		$	19,746,392		18,377,498	17,881,828	17,342,794	17,090,893
	Yield		7.98	%	7.58	7.25	6.83	6.47
Consumer Loans		$	875,171		835,520	845,251	840,746	833,071
	Yield		8.09	%	7.89	7.87	7.83	7.37
Mortgage Loans		$	1,071,477		1,039,741	1,036,041	1,015,396	1,022,169
	Yield		6.82	%	6.67	6.44	6.31	6.47
Credit Card Loans		$	260,010		260,251	257,691	253,985	249,491
	Yield		10.81	%	10.81	10.19	10.07	10.03
Home Equity Loans		$	1,231,592		1,188,153	1,167,361	1,149,255	1,100,010
	Yield		7.69	%	7.30	6.85	6.32	5.92
Allowance for Loan Losses		$	(307,674)		(294,817)	(286,846)	(281,505)	(278,734)
Loans, Net		$	22,876,968		21,406,345	20,901,326	20,320,671	20,016,900
	Yield		8.06	%	7.67	7.35	6.95	6.61
Mortgage Loans Held for Sale		$	132,605		117,085	121,665	137,116	108,929
	Yield		7.08	%	6.61	6.48	6.54	6.41
Federal Funds Sold and Time Deposits
with Banks		$	139,924		118,772	119,606	135,735	133,399
	Yield		5.07	%	4.42	4.26	3.55	3.10
Total Interest Earning Assets		$	26,407,692		24,704,601	24,090,106	23,438,809	23,036,301
	Yield		7.58	%	7.23	6.94	6.58	6.28
Interest Bearing Liabilities
Interest Bearing Demand Deposits		$	3,040,292		3,004,244	2,989,754	2,939,524	2,990,725
	Rate		1.81	%	1.63	1.39	1.25	1.12
Money Market Accounts		$	6,196,865		5,800,154	5,619,551	5,421,961	4,968,113
	Rate		4.00	%	3.55	3.13	2.75	2.31
Savings Deposits		$	573,776		535,475	534,533	561,550	568,279
	Rate		0.69	%	0.47	0.40	0.38	0.35
Time Deposits Under $100,000		$	2,738,528		2,501,504	2,408,591	2,318,085	2,249,590
	Rate		3.92	%	3.55	3.28	2.99	2.71
Time Deposits Over $100,000 (less brokered
time deposits)		$	3,362,304		3,067,094	2,864,382	2,700,297	2,534,846
	Rate		4.44	%	4.01	3.67	3.35	3.04
Total Interest Bearing Core Deposits			15,911,765		14,908,471	14,416,811	13,941,417	13,311,553
	Rate		3.54	%	3.15	2.80	2.50	2.16
Brokered Time Deposits		$	2,740,674		2,364,383	2,443,105	2,611,091	2,689,079
	Rate		4.57	%	4.24	3.89	3.52	3.21
Total Interest Bearing Deposits		$	18,652,438		17,272,854	16,859,916	16,552,508	16,000,632
	Rate		3.69	%	3.30	2.96	2.66	2.34
Federal Funds Purchased and Other
Short-Term Borrowings		$	1,772,113		1,530,099	939,008	687,055	1,255,755
	Rate		4.76	%	4.28	3.72	3.03	2.75
Long-Term Debt		$	1,586,586		1,774,804	2,184,538	2,302,328	1,981,235
	Rate		4.42	%	4.62	4.44	4.34	4.01
Total Interest Bearing Liabilities		$	22,011,138		20,577,757	19,983,462	19,541,891	19,237,622
	Rate		3.83	%	3.48	3.16	2.87	2.54
Non-Interest Bearing Demand Deposits		$	3,511,554		3,443,867	3,509,219	3,423,622	3,429,813
Shareholders' Equity		$	3,321,397		3,050,256	2,906,223	2,832,059	2,755,510
Total Assets		$	29,563,064		27,792,577	27,164,366	26,505,937	26,102,816
Net Interest Margin			4.39	%	4.32	4.32	4.18	4.15

Synovus							10 of 11
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Dollars in thousands)
			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	$	528,278	2.2	%	$	214	0.2
Hotels		674,971	2.9			1,485	1.7
Office Buildings		850,826	3.6			3,928	4.4
Shopping Centers		692,452	2.9			-	-
Commercial Development		942,220	4.0			1,795	2.0
Other Investment Property		409,371	1.7			74	0.1
Total Investment Properties		4,098,118	17.3			7,496	8.4
1-4 Family Construction		2,120,870	9.0			2,349	2.6
1-4 Family Perm / Mini-Perm		1,180,088	5.0			5,438	6.1
Residential Development		1,882,508	8.0			1,293	1.5
Total 1-4 Family Properties		5,183,466	21.9			9,080	10.2
Land Acquisition		1,205,548	5.1			4,934	5.6
Total Investment-Related Real Estate		10,487,132	44.3			21,510	24.2
Owner-Occupied		2,940,952	12.4			10,047	11.3
Other Property		1,221,842	5.2			5,053	5.7
Total Commercial Real Estate		14,649,926	61.9			36,610	41.2
Commercial & Industrial		5,547,533	23.4			43,291	48.8
Consumer		3,516,804	14.9			8,904	10.0
Unearned Income		(52,299)	(0.2)			-	-
Total	$	23,661,964	100.0	%	$	88,805	100.0

LOANS OUTSTANDING BY TYPE COMPARISON
(Dollars in thousands)
		Total Loans		2Q06 vs. 4Q05				2Q06 vs. 2Q05
Loan Type		June 30, 2006	December 31, 2005	% change (1) (2)			June 30, 2005	% change (2)
Commercial Real Estate
Multi-Family	$	528,278	527,710	0.2	%	$	526,820	0.3	%
Hotels		674,971	680,301	(1.6)			804,316	(16.1)
Office Buildings		850,826	747,493	27.9			786,262	8.2
Shopping Centers		692,452	656,949	10.9			628,701	10.1
Commercial Development		942,220	867,217	17.9			803,494	17.3
Other Investment Property		409,371	372,911	19.7			330,992	23.7
Total Investment Properties		4,098,118	3,852,581	12.9			3,880,585	5.6
1-4 Family Construction		2,120,870	1,552,338	73.9			1,372,556	54.5
1-4 Family Perm / Mini-Perm		1,180,088	1,095,155	15.6			1,087,763	8.5
Residential Development		1,882,508	1,496,436	52.0			1,219,186	54.4
Total 1-4 Family Properties		5,183,466	4,143,929	50.6			3,679,505	40.9
Land Acquisition		1,205,548	1,049,041	30.1			913,488	32.0
Total Investment-Related Real Estate		10,487,132	9,045,551	32.1			8,473,578	23.8
Owner-Occupied		2,940,952	2,699,431	18.0			2,335,195	25.9
Other Property		1,221,842	1,115,094	19.3			1,202,920	1.6
Total Commercial Real Estate		14,649,926	12,860,076	28.1			12,011,693	22.0
Commercial & Industrial		5,547,533	5,231,150	12.2			5,210,170	6.5
Consumer		3,516,804	3,349,208	10.1			3,301,736	6.5
Unearned Income		(52,299)	(48,087)	17.7			(43,765)	19.5
Total	$	23,661,964	21,392,347	21.4	%	$	20,479,834	15.5	%

(1)

Percentage change is annualized.

(2)

The percentage change comparison to prior periods is impacted by the acquisitions of Riverside Bankshares, Inc. (Riverside) and of Banking Corporation of Florida (First Florida), which were completed on March 31, 2006, respectively. Riverside and First Florida contributed approximately $482 million and $346 million, respectively, in total loans. Excluding the impact of Riverside and First Florida, the year-to-date annualized growth is 13.6% and the year-over-year growth is 11.5%.

Synovus								11 of 11
	CREDIT QUALITY DATA
	(Dollars in thousands)		2006		2005			2nd Quarter
			Second Quarter	First Quarter	Fourth Quarter	Third Quarter	Second Quarter	'06 vs. '05 Change
	Nonperforming Loans	$	88,805	80,061	82,175	85,571	79,511	11.7	%
	Other Real Estate		25,634	20,357	16,500	16,951	24,325	5.4
	Nonperforming Assets		114,439	100,418	98,675	102,522	103,836	10.2
	Allowance for Loan Losses		313,694	300,866	289,612	283,557	277,527	13.0
	Net Charge-Offs - Quarter		9,528	14,388	14,732	13,608	19,020	(49.9)
	Net Charge-Offs - YTD		23,916	14,388	58,665	43,933	30,325	(21.1)
	Net Charge-Offs / Average Loans - Quarter		0.17	0.27	0.28	0.26	0.37
	Net Charge-Offs / Average Loans - YTD		0.21	0.27	0.29	0.29	0.30
	Nonperforming Loans / Loans & ORE		0.38	0.36	0.38	0.41	0.39
	Nonperforming Assets / Loans & ORE		0.48	0.45	0.46	0.49	0.51
	Allowance / Loans		1.33	1.34	1.35	1.36	1.36
	Allowance / Nonperforming Loans		353.24	375.79	352.43	331.37	349.04
	Allowance / Nonperforming Assets		274.11	299.61	293.50	276.58	267.27
	Past Due Loans over 90 days		19,340	17,376	16,023	16,013	17,163
	As a Percentage of Loans Outstanding		0.08	0.08	0.07	0.08	0.08
	Total Past Dues		111,464	114,744	93,807	103,005	120,224
	As a Percentage of Loans Outstanding		0.47	0.51	0.44	0.49	0.59

REGULATORY CAPITAL RATIOS (1)
(Dollars in thousands)
		June 30, 2006		December 31, 2005	June 30, 2005
Tier 1 Capital	$	3,000,714		2,660,704	2,492,549
Total Risk-Based Capital		4,064,409		3,700,315	3,520,075
Tier 1 Capital Ratio		10.40	%	10.23	9.96
Total Risk-Based Capital Ratio		14.09		14.23	14.07
Leverage Ratio		10.39		9.99	9.74

(1) June 30, 2006 information is preliminary.