Synovus Financial (SNV) 8-K Synovus Announces Earnings for the Second Quarter 2019

Synovus								Exhibit 99.2
	INCOME STATEMENT DATA
	(Unaudited)	Six Months Ended
	(Dollars in thousands, except per share data)	June 30,
		2019			2018			% Change
	Interest income	$	1,020,970		$	642,968		58.8	%
	Interest expense	226,532			84,107			169.3
	Net interest income	794,438			558,861			42.2
	Provision for loan losses	35,688			24,566			45.3
	Net interest income after provision for loan losses	758,750			534,295			42.0
	Non-interest income:
	Service charges on deposit accounts	42,853			39,938			7.3
	Fiduciary and asset management fees	28,057			27,419			2.3
	Card fees	22,037			21,032			4.8
	Brokerage revenue	19,431			17,085			13.7
	Capital markets income	13,291			2,086			nm
	Mortgage banking income	12,962			9,887			31.1
	Income from bank-owned life insurance	10,466			7,949			31.7
	Investment securities losses, net	(1,771		)	(1,296		)	nm
	Increase/(decrease) in fair value of private equity investments, net	2,313			(3,093		)	nm
	Other non-interest income	19,546			19,426			0.6
	Total non-interest income	169,185			140,433			20.5
	Non-interest expense:
	Salaries and other personnel expense	282,436			225,583			25.2
	Net occupancy and equipment expense	78,245			64,134			22.0
	Third-party processing expense	36,875			29,012			27.1
	Professional fees	15,660			11,789			32.8
	FDIC insurance and other regulatory fees	14,629			13,335			9.7
	Advertising expense	11,045			10,312			7.1
	Merger-related expense	57,140			—			nm
	Amortization of intangibles	5,802			583			nm
	Other operating expenses	54,705			44,486			23.0
	Total non-interest expense	556,537			399,234			39.4
	Income before income taxes	371,398			275,494			34.8
	Income tax expense	95,028			61,146			55.4
	Net income	276,370			214,348			28.9
	Less: Preferred stock dividends	6,300			5,119			23.1
	Net income available to common shareholders	$	270,070		$	209,229		29.1	%
	Net income per common share, basic	1.70			1.77			(3.9	)%
	Net income per common share, diluted	1.68			1.75			(4.4	)
	Cash dividends declared per common share	0.60			0.50			20.0
	Return on average assets*	1.21		%	1.38			(17	)bps
	Return on average common equity*	12.65			15.01			(236	)
	Weighted average common shares outstanding, basic	159,148			118,531			34.3	%
	Weighted average common shares outstanding, diluted	160,908			119,229			35.0
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	INCOME STATEMENT DATA
	(Unaudited)
	(In thousands, except per share data)	2019				2018					Second Quarter
		Second Quarter			First Quarter	Fourth Quarter		Third Quarter	Second Quarter		'19 vs '18
											% Change
	Interest income	$	516,131		504,839	357,394		343,942	329,834		56.5	%
	Interest expense	118,869			107,664	59,461		52,323	45,257		162.7
	Net interest income	397,262			397,175	297,933		291,619	284,577		39.6
	Provision for loan losses	12,119			23,569	12,148		14,982	11,790		2.8
	Net interest income after provision for loan losses	385,143			373,606	285,785		276,637	272,787		41.2
	Non-interest income:
	Service charges on deposit accounts	21,994			20,859	20,320		20,582	19,999		10.0
	Fiduciary and asset management fees	14,478			13,578	13,805		13,462	13,983		3.5
	Card fees	11,161			10,877	10,862		10,608	10,833		3.0
	Brokerage revenue	10,052			9,379	9,241		9,041	8,709		15.4
	Capital markets income	8,385			4,906	1,693		836	1,118		nm
	Mortgage banking income	7,907			5,054	3,781		5,290	4,839		63.4
	Income from bank-owned life insurance	5,176			5,290	3,682		3,771	3,733		38.7
	Investment securities (losses)/gains, net	(1,845		)	75	—		—	(1,296	)	nm
	Increase/(decrease) in fair value of private equity investments, net	1,455			858	(2,084	)	434	(37	)	nm
	Other non-interest income	11,044			8,502	6,691		7,644	11,506		(4.0	)
	Total non-interest income	89,807			79,378	67,991		71,668	73,387		22.4
	Non-interest expense:
	Salaries and other personnel expense	143,009			139,427	113,496		114,341	111,863		27.8
	Net occupancy and equipment expense	39,851			38,394	34,260		32,088	32,654		22.0
	Third-party processing expense	19,118			17,758	14,803		14,810	15,067		26.9
	Professional Fees	9,312			6,348	8,650		6,298	6,284		48.2
	FDIC insurance and other regulatory fees	7,867			6,761	4,728		6,430	6,543		20.2
	Advertising expense	5,923			5,123	6,834		3,735	5,220		13.5
	Earnout liability adjustments	—			—	—		11,652	—		nm
	Merger-related expense	7,401			49,738	3,381		6,684	—		nm
	Amortization of intangibles	2,410			3,392	292		292	292		nm
	Other operating expenses	29,235			25,469	23,478		23,967	26,134		11.9
	Total non-interest expense	264,126			292,410	209,922		220,297	204,057		29.4
	Income before income taxes	210,824			160,574	143,854		128,008	142,117		48.3
	Income tax expense	54,640			40,388	38,784		18,949	30,936		76.6
	Net income	156,184			120,186	105,070		109,059	111,181		40.5
	Less: Preferred stock dividends and redemption charge	3,150			3,150	3,151		9,729	2,559		23.1
	Net income available to common shareholders	$	153,034		117,036	101,919		99,330	108,622		40.9
	Net income per common share, basic	$	0.97		0.73	0.88		0.85	0.92		6.0	%
	Net income per common share, diluted	0.96			0.72	0.87		0.84	0.91		5.5
	Cash dividends declared per common share	0.30			0.30	0.25		0.25	0.25		20.0
	Return on average assets *	1.35		%	1.06	1.29		1.36	1.42		(7	)bps
	Return on average common equity *	14.32			10.98	14.25		13.95	15.39		(107	)
	Weighted average common shares outstanding, basic	157,389			160,927	116,303		117,241	118,397		32.9	%
	Weighted average common shares outstanding, diluted	159,077			162,760	116,986		118,095	119,139		33.5
	nm - not meaningful
	bps - basis points
	* - ratios are annualized

Synovus
	BALANCE SHEET DATA	June 30, 2019			December 31, 2018			June 30, 2018
	(Unaudited)
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	549,616		$	468,426		$	404,080
	Interest-bearing funds with Federal Reserve Bank	531,488			641,476			613,082
	Interest earning deposits with banks	20,271			19,841			33,754
	Federal funds sold and securities purchased under resale agreements	49,946			13,821			40,872
	Cash and cash equivalents	1,151,321			1,143,564			1,091,788
	Investment securities available for sale, at fair value	7,007,012			3,991,632			3,929,962
	Mortgage loans held for sale, at fair value	81,855			37,129			53,673
	Loans	36,138,561			25,946,573			25,134,056
	Allowance for loan losses	(257,376		)	(250,555		)	(251,725		)
	Loans, net	35,881,185			25,696,018			24,882,331
	Cash surrender value of bank-owned life insurance	766,287			554,134			547,261
	Premises and equipment, net	490,644			434,307			428,633
	Goodwill	492,390			57,315			57,315
	Other intangible assets	61,473			9,875			10,458
	Other assets	1,386,036			745,218			738,884
	Total assets	$	47,318,203		$	32,669,192		$	31,740,305
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest-bearing deposits	$	9,205,066		$	7,650,967		$	7,630,491
	Interest-bearing deposits	28,761,656			19,069,355			18,812,197
	Total deposits	37,966,722			26,720,322			26,442,688
	Federal funds purchased and securities sold under repurchase agreements	273,481			237,692			207,580
	Other short-term borrowings	1,330,000			650,000			—
	Long-term debt	2,306,072			1,657,157			1,656,647
	Other liabilities	688,112			270,419			265,696
	Total liabilities	42,564,387			29,535,590			28,572,611
	Shareholders' equity:
	Series C Preferred Stock - no par value; 5,200,000 outstanding at June 30, 2018	—			—			125,980
	Series D Preferred Stock - no par value. Authorized 100,000,000 shares; 8,000,000 shares issued and outstanding at June 30, 2019, December 31, 2018, and June 30, 2018	195,140			195,140			195,138
	Common stock - $1.00 par value. Authorized 342,857,143 shares; 166,079,543 issued at June 30, 2019, 143,300,449 issued at December 31, 2018, and 143,077,973 issued at June 30, 2018; 156,872,026 outstanding at June 30, 2019, 115,865,510 outstanding at December 31, 2018, and 117,841,369 outstanding at June 30, 2018	166,080			143,300			143,078
	Additional paid-in capital	3,801,748			3,060,561			3,045,014
	Treasury stock, at cost – 9,207,517 shares at June 30, 2019, 27,434,939 shares at December 31, 2018, and 25,236,604 shares at June 30, 2018	(344,901		)	(1,014,746		)	(916,484		)
	Accumulated other comprehensive income (loss), net	49,289			(94,420		)	(125,720		)
	Retained earnings	886,460			843,767			700,688
	Total shareholders’ equity	4,753,816			3,133,602			3,167,694
	Total liabilities and shareholders' equity	$	47,318,203		$	32,669,192		$	31,740,305

Synovus
	AVERAGE BALANCES AND YIELDS/RATES (1)
	(Unaudited)
	(Dollars in thousands)
		2019					2018
		Second			First		Fourth		Third		Second
		Quarter			Quarter		Quarter		Quarter		Quarter
	Interest Earning Assets
	Taxable investment securities (2)	$	6,953,278		6,515,561		4,073,685		4,061,239		4,077,564
	Yield	3.04		%	3.05		2.45		2.38		2.34
	Tax-exempt investment securities(2)(4)	$	2,108		20,638		—		89		115
	Yield (taxable equivalent)	4.91		%	4.45		—		5.91		6.87
	Trading account assets(5)	$	4,853		2,049		7,493		16,646		23,772
	Yield	1.83		%	1.30		1.90		2.52		2.79
	Commercial loans(3)(4)	$	26,353,973		26,140,672		19,150,252		19,025,830		18,857,271
	Yield	5.13		%	5.16		5.13		4.98		4.85
	Consumer loans(3)	$	9,423,427		9,180,679		6,476,026		6,298,643		6,092,899
	Yield	5.17		%	5.10		4.85		4.80		4.76
	Allowance for loan losses	$	(259,284	)	(252,815	)	(251,098	)	(251,684	)	(257,966	)
	Loans, net(3)	$	35,518,116		35,068,536		25,375,180		25,072,789		24,692,204
	Yield	5.17		%	5.17		5.11		4.99		4.88
	Mortgage loans held for sale	$	70,497		34,913		36,477		49,030		50,366
	Yield	4.27		%	4.48		4.79		4.71		4.42
	Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	511,488		679,477		641,832		544,704		724,537
	Yield	2.37		%	2.45		2.20		1.90		1.77
	Federal Home Loan Bank and Federal Reserve Bank Stock(5)	$	234,949		211,408		162,369		163,568		165,845
	Yield	3.29		%	4.82		4.31		4.41		4.63
	Total interest earning assets	$	43,295,289		42,532,582		30,297,036		29,908,065		29,734,403
	Yield	4.79		%	4.80		4.69		4.58		4.47
	Interest-Bearing Liabilities
	Interest-bearing demand deposits	$	6,335,953		6,393,304		4,692,804		4,701,204		5,001,826
	Rate	0.71		%	0.68		0.41		0.38		0.35
	Money Market accounts	$	10,024,836		10,244,556		8,050,732		7,936,621		7,791,107
	Rate	1.23		%	1.18		0.89		0.72		0.55
	Savings deposits	$	904,183		901,059		815,588		824,935		829,800
	Rate	0.05		%	0.06		0.04		0.03		0.03
	Time deposits under $100,000	$	2,245,878		2,238,568		1,242,811		1,205,987		1,161,890
	Rate	1.39		%	1.24		1.16		0.99		0.82
	Time deposits over $100,000	$	6,331,665		6,211,067		2,478,649		2,273,582		2,021,084
	Rate	1.70		%	1.60		1.67		1.46		1.22
	Non-maturing brokered deposits	$	766,718		937,629		349,480		358,277		262,976
	Rate	2.46		%	2.60		2.46		2.10		1.94
	Brokered time deposits	$	1,985,589		1,845,819		1,275,276		1,414,700		1,659,941
	Rate	2.28		%	2.13		2.03		1.94		1.85
	Total interest-bearing deposits	$	28,594,822		28,772,002		18,905,340		18,715,306		18,728,624
	Rate	1.30		%	1.24		0.96		0.83		0.70
	Federal funds purchased and securities sold under repurchase agreements	$	300,168		233,076		194,370		230,504		207,655
	Rate	0.20		%	0.22		0.18		0.25		0.35
	Other short-term borrowings	$	1,090,581		517,456		112,228		146,794		3,024
	Rate	2.59		%	2.58		2.51		2.12		2.84
	Long-term debt	$	2,114,819		1,983,910		1,657,022		1,656,743		1,852,094
	Rate	3.53		%	3.33		3.06		2.87		2.66
	Total interest-bearing liabilities	$	32,100,390		31,506,444		20,868,960		20,749,347		20,791,397
	Rate	1.48		%	1.38		1.12		0.99		0.87
	Non-interest-bearing demand deposits	$	9,304,839		9,054,949		8,014,761		7,672,006		7,539,451
	Cost of funds	1.15		%	1.07		0.81		0.73		0.64
	Net interest margin	3.69		%	3.78		3.92		3.89		3.86
	Taxable equivalent adjustment	$	811		630		181		136		120
	(1) Yields and rates are annualized.
	(2) Excludes net unrealized gains and losses.
	(3) Average loans are shown net of unearned income. Non-performing loans are included.
	(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
	(5) Included as a component of other assets on the consolidated balance sheet.

Synovus
LOANS OUTSTANDING BY TYPE
(Unaudited)
(Dollars in thousands)
	Total Loans				Total Originated Loans		Total Acquired Loans (1)	Total Loans (1)		Linked Quarter		Total Loans			Year/Year
Loan Type	June 30, 2019				June 30, 2019		June 30, 2019	March 31, 2019		% Change(2)		June 30, 2018			% Change
Commercial, Financial, and Agricultural	$	9,717,746			7,800,635		1,917,111	9,566,935		6.3	%	$	7,271,080		33.6	%
Owner-Occupied	6,529,797				5,366,404		1,163,393	6,560,681		(1.9	)	5,004,392			30.5
Total Commercial & Industrial	16,247,543				13,167,039		3,080,504	16,127,616		3.0		12,275,472			32.4
Multi-Family	2,113,938				1,342,157		771,781	2,077,666		7.0		1,358,211			55.6
Hotels	1,244,512				761,387		483,125	1,179,395		22.1		755,125			64.8
Office Buildings	2,291,617				1,495,989		795,628	2,300,671		(1.6	)	1,429,166			60.3
Shopping Centers	1,677,555				919,244		758,311	1,657,789		4.8		811,186			106.8
Warehouses	696,692				581,980		114,712	725,862		(16.1	)	602,707			15.6
Other Investment Property	980,786				826,949		153,837	979,579		0.5		553,201			77.3
Total Investment Properties	9,005,100				5,927,706		3,077,394	8,920,962		3.8		5,509,596			63.4
1-4 Family Construction	219,032			��	174,242		44,790	215,881		5.9		177,140			23.6
1-4 Family Investment Mortgage	528,358				469,206		59,152	549,120		(15.2	)	543,570			(2.8	)
Total 1-4 Family Properties	747,390				643,448		103,942	765,001		(9.2	)	720,710			3.7
Commercial Development	138,840				65,111		73,729	147,516		(23.6	)	61,375			126.2
Residential Development	218,850				126,827		92,023	215,814		5.6		100,246			118.3
Land Acquisition	238,267				172,750		65,517	219,146		35.0		252,244			(5.5	)
Land and Development	595,957				364,688		231,269	582,476		9.3		413,865			44.0
Total Commercial Real Estate	10,348,447				6,935,842		3,412,605	10,268,439		3.1		6,644,171			55.8
Consumer Mortgages	5,407,762				3,194,027		2,213,735	5,365,635		3.1		2,750,935			96.6
Home Equity Lines	1,650,745				1,587,854		62,891	1,606,227		11.1		1,453,855			13.5
Credit Cards	258,283				258,283		—	252,762		8.8		238,424			8.3
Other Consumer Loans	2,249,337				2,237,406		11,931	2,037,477		41.7		1,793,916			25.4
Total Consumer	9,566,127				7,277,570		2,288,557	9,262,101		13.2		6,237,130			53.4
Unearned Income	(23,556		)		(23,556	)	—	(23,655	)	(1.7	)	(22,717		)	3.7
Total	$	36,138,561			27,356,895		8,781,666	35,634,501		5.7	%	$	25,134,056		43.8	%
(1)On 1/1/19 $9.29 B of loans (at fair value) were acquired from FCB. The amounts presented in these columns are net of paydowns and payoffs since acquisition date.
(2) Percentage change is annualized.
NON-PERFORMING LOANS COMPOSITION(1)
(Unaudited)
(Dollars in thousands)	Total Non-performing Loans				Total Originated Non-performing Loans		Total Acquired Non-performing Loans(2)	Total Non-performing Loans(3)		Linked Quarter		Total Non-performing Loans			Year/Year
Loan Type	June 30, 2019				June 30, 2019		June 30, 2019	March 31, 2019		% Change		June 30, 2018			% Change
Commercial, Financial, and Agricultural	$	72,934			68,573		4,361	85,917		(15.1	)%	$	81,231		(10.2	)%
Owner-Occupied	13,465				11,557		1,908	13,813		(2.5	)	6,076			121.6
Total Commercial & Industrial	86,399				80,130		6,269	99,730		(13.4	)	87,307			(1.0	)
Multi-Family	—				—		—	1,503		nm		176			nm
Hotels	—				—		—	7,346		nm		—			nm
Office Buildings	300				186		114	221		35.7		670			(55.2	)
Shopping Centers	671				613		58	676		(0.7	)	412			62.9
Warehouses	—				—		—	—		nm		21			nm
Other Investment Property	7				—		7	—		nm		459			nm
Total Investment Properties	978				799		179	9,746		(90.0	)	1,738			(43.7	)
1-4 Family Construction	208				208		—	445		(53.3	)	—			nm
1-4 Family Investment Mortgage	1,637				1,410		227	1,522		7.6		3,247			(49.6	)
Total 1-4 Family Properties	1,845				1,618		227	1,967		(6.2	)	3,247			(43.2	)
Commercial Development	—				—		—	46		nm		42			nm
Residential Development	1,253				1,253		—	1,569		(20.1	)	3,184			(60.6	)
Land Acquisition	1,482				1,482		—	1,035		43.2		1,398			6.0
Land and Development	2,735				2,735		—	2,650		3.2		4,624			(40.9	)
Total Commercial Real Estate	5,558				5,152		406	14,363		(61.3	)	9,609			(42.2	)
Consumer Mortgages	13,628				13,628		—	11,556		17.9		4,822			182.6
Home Equity Lines	13,830				13,494		336	14,078		(1.8	)	14,265			(3.0	)
Other Consumer Loans	4,667				4,667		—	4,249		9.8		1,325			252.2
Total Consumer	32,125				31,789		336	29,883		7.5		20,412			57.4
Total	$	124,082			117,071		7,011	143,976		(13.8	)%	$	117,328		5.8	%
(1) For purposes of this table, 2019 non-performing loans exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
(2) Represents loans acquired from FCB and designated as non-accrual, net of payments and dispositions since acquisition date
(3) March 31, 2019 total non-performing loans included $23.5 million of acquired non-performing loans, net of payments since acquisition date

Synovus
	CREDIT QUALITY DATA
	(Unaudited)
	(Dollars in thousands)	2019				2018			Second Quarter
		Second			First	Fourth	Third	Second	'19 vs '18
		Quarter			Quarter	Quarter	Quarter	Quarter	% Change
	Non-performing Loans (1)	124,083			143,976	106,733	108,425	117,328	5.8	%
	Impaired Loans Held for Sale (2)	631			12	1,506	12	2,733	(76.9	)
	Other Real Estate	14,848			11,329	6,220	8,542	6,288	136.1
	Non-performing Assets (1)	139,562			155,317	114,459	116,979	126,349	10.5
	Allowance for loan losses	257,376			257,036	250,555	251,450	251,725	2.2
	Net Charge-Offs - Quarter	11,778			17,088	13,044	15,257	17,829
	Net Charge-Offs - YTD	28,867			17,088	50,410	37,366	22,109
	Net Charge-Offs / Average Loans - Quarter (3)	0.13		%	0.19	0.20	0.24	0.29
	Net Charge-Offs / Average Loans - YTD (3)	0.16			0.19	0.20	0.20	0.18
	Non-performing Loans / Loans (1)	0.34			0.40	0.41	0.42	0.47
	Non-performing Assets / Loans, Impaired Loans Held for Sale, & ORE (1)	0.39			0.44	0.44	0.46	0.50
	Allowance / Loans	0.71			0.72	0.97	0.98	1.00
	Allowance / Non-performing Loans (1)	207.42			178.53	234.75	231.91	214.55
	Allowance / Non-performing Loans excluding impaired and acquired loans with no reserve (1)	282.51			291.62	297.68	288.21	262.99
	Past Due Loans over 90 days and Still Accruing (1)	$	5,851		4,486	3,798	4,856	3,222	81.6
	As a Percentage of Loans Outstanding	0.02		%	0.01	0.01	0.02	0.01
	Total Past Due Loans and Still Accruing (1)	$	80,792		88,135	56,927	78,323	55,614	45.3
	As a Percentage of Loans Outstanding	0.22		%	0.25	0.22	0.31	0.22
	Accruing Troubled Debt Restructurings (TDRs)	$	126,369		112,205	115,588	114,740	125,310	0.8
	(1) For purposes of this table, 2019 non-performing loans and past due loans over 90 days exclude acquired loans accounted for under ASC 310-30 that are currently accruing income.
	(2) Represent impaired loans that have been specifically identified to be sold. Impaired loans held for sale are carried at the lower of cost or fair value, less costs to sell, based primarily on estimated sales proceeds net of selling costs.
	(3) Ratio is annualized.
	SELECTED CAPITAL INFORMATION (1)
	(Unaudited)
	(Dollars in thousands)
		June 30, 2019			December 31, 2018	June 30, 2018
	Tier 1 Capital	$	4,094,672		3,090,416	3,156,805
	Total Risk-Based Capital	4,913,043			3,601,376	3,668,904
	Common Equity Tier 1 Capital Ratio	9.61		%	9.95	10.12
	Common Equity Tier 1 Ratio (fully phased-in) (5)	9.60			9.92	10.06
	Tier 1 Capital Ratio	10.09			10.61	11.25
	Total Risk-Based Capital Ratio	12.11			12.37	13.08
	Tier 1 Leverage Ratio	8.92			9.60	10.03
	Common Equity as a Percentage of Total Assets (2)	9.63			8.99	8.97
	Tangible Common Equity Ratio (3) (5)	8.56			8.81	8.77
	Book Value Per Common Share (4)	$	29.06		25.36	24.16
	Tangible Book Value Per Common Share (3)	25.53			24.78	23.58
	(1) Current quarter regulatory capital information is preliminary.
	(2) Common equity consists of Total Shareholders' Equity less Preferred Stock.
	(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.
	(4) Book Value Per Common Share consists of Total Shareholders' Equity less Preferred Stock divided by total common shares outstanding.
	(5) See "Non-GAAP Financial Measures" of this report for applicable reconciliation.