Synovus Financial (SNV) 8-K Synovus Reports Results for Third Quarter 2009

5 of 10

Exhibit 99.2

Synovus

INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)

	Nine Months Ended
	September 30,
	2009			2008			Change
Interest income (taxable equivalent)	$	1,151,124			1,420,730			(19.0	)%
Interest expense		393,026			597,375			(34.2	)
Net interest income (taxable equivalent)		758,098			823,355			(7.9	)
Tax equivalent adjustment		3,619			3,487			3.8
Net interest income		754,479			819,868			(8.0	)
Provision for losses on loans		1,418,485			336,016			322.1
Net interest income (loss) after provision for loan losses		(664,006	)		483,852			(237.2	)
Non-interest income:
Service charges on deposit accounts		88,100			82,594			6.7
Fiduciary and asset management fees		32,714			37,612			(13.0	)
Brokerage and investment banking income		21,440			25,591			(16.2	)
Mortgage banking income		30,949			18,323			68.9
Bankcard fees		40,098			39,788			0.8
Net gains on sales of available for sale investment securities		14,730			—		nm
Other fee income		24,145			30,039			(19.6	)
Increase in fair value of private equity investments, net		7,237			17,998			(59.8	)
Proceeds from sale of MasterCard shares		8,351			16,186			(48.4	)
Proceeds from redemption of Visa shares		—			38,542		nm
Other non-interest income		25,620			39,957			(35.9	)
Total non-interest income		293,384			346,630			(15.4	)
Non-interest expense:
Salaries and other personnel expense		327,119			346,342			(5.6	)
Net occupancy and equipment expense		93,910			93,188			0.8
FDIC insurance and other regulatory fees		58,401			18,210			220.7
Foreclosed real estate		320,171			64,764		nm
Losses on other loans held for sale		1,703			9,944			(82.9	)
Visa litigation (recovery) expense		(4,067	)		(11,082	)	nm
Goodwill impairment		—			36,887		nm
Professional fees		28,436			20,311			40.0
Restructuring charges		6,342			13,299			(52.3	)
Other operating expenses		136,612			150,559			(9.3	)
Total non-interest expense		968,627			742,422			30.5
Income (loss) before income taxes		(1,339,249	)		88,060		nm
Income tax expense (benefit)		(194,604	)		28,741		nm
Net income (loss)		(1,144,645	)		59,319		nm
Net income (loss) attributable to non-controlling interest		2,365			6,347			(62.7	)
Net income (loss) attributable to controlling interest		(1,147,010	)		52,972		nm
Dividends and accretion of discount on preferred stock		42,675			—		nm
Net income (loss) available to common shareholders	$	(1,189,685	)		52,972		nm
Basic EPS	$	(3.55	)		0.16		nm
Diluted EPS		(3.55	)		0.16		nm
Cash dividends declared per share		0.03			0.40			(92.5	)
Return on average assets *		(4.41)	%		0.21		(462		)bp
Return on average common equity *		(63.52	)		2.06		nm
Average shares outstanding — basic		334,808			329,195			1.7	%
Average shares outstanding — diluted		334,808			331,317			1.1

nm	— not meaningful
*	— ratios are annualized

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Synovus

INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)

	2009									2008						3rd Quarter
	Third			Second			First			Fourth			Third			’09 vs. ’08
	Quarter			Quarter			Quarter			Quarter			Quarter			Change
Interest income (taxable equivalent)	$	377,839			385,710			387,574			441,749			456,400			(17.2)	%
Interest expense		121,989			127,883			143,154			182,312			187,425			(34.9	)
Net interest income (taxable equivalent)		255,850			257,827			244,420			259,437			268,975			(4.9	)
Tax equivalent adjustment		1,219			1,219			1,181			1,412			1,177			3.6
Net interest income		254,631			256,608			243,239			258,025			267,798			(4.9	)
Provision for losses on loans		496,522			631,526			290,437			363,867			151,351		nm
Net interest income (loss) after provision for loan losses		(241,891	)		(374,918	)		(47,198	)		(105,842	)		116,447			(307.7	)
Non-interest income:
Service charges on deposit accounts		29,699			29,702			28,699			29,244			28,132			5.6
Fiduciary and asset management fees		11,244			10,657			10,815			11,168			12,095			(7.0	)
Brokerage and investment banking income		7,047			7,521			6,871			7,528			7,898			(10.8	)
Mortgage banking income		7,037			14,590			9,322			5,170			4,476			57.2
Bankcard fees		13,663			13,755			12,681			13,365			13,371			2.2
Net gains on sales of investment securities available for sale		14,730			—			—			45			—		nm
Other fee income		7,733			8,722			7,690			7,207			8,773			(11.9	)
Increase (decrease) in fair value of private equity investments, net		(853	)		8,090			—			6,996			13,052		nm
Proceeds from sale of MasterCard shares		—			8,351			—			—			—		nm
Other non-interest income		6,497			6,450			12,670			7,838			11,158			(41.8	)
Total non-interest income		96,797			107,838			88,748			88,561			98,955			(2.2	)
Non-interest expense:
Salaries and other personnel expense		105,825			109,315			111,979			112,586			114,535			(7.6	)
Net occupancy and equipment expense		31,537			30,727			31,647			31,255			31,852			(1.0	)
FDIC insurance and other regulatory fees		15,341			30,061			12,999			6,950			5,960			157.4
Foreclosed real estate		101,437			172,404			46,330			71,915			43,205		nm
Losses (gains) on other loans held for sale		608			1,160			(65	)		(35	)		—		nm
Visa litigation (recovery) expense		(4,067	)		—			—			(6,390	)		6,347		nm
Goodwill impairment		—			—			—			442,730			9,887		nm
Professional fees		11,124			10,355			6,957			9,973			6,909			61.0
Restructuring charges		(413	)		397			6,358			2,826			9,048			(104.6	)
Other operating expenses		47,561			41,897			47,151			51,389			47,341			0.5
Total non-interest expense		308,953			396,316			263,356			723,199			275,084			12.3
Loss before income taxes		(454,047	)		(663,396	)		(221,806	)		(740,480	)		(59,682	)	nm
Income tax benefit		(30,382	)		(79,143	)		(85,077	)		(106,435	)		(24,211	)	nm
Net loss		(423,665	)		(584,253	)		(136,729	)		(634,045	)		(35,471	)	nm
Net income (loss) attributable to non-controlling interest		(255	)		2,677			(57	)		1,365			4,650		nm
Net loss attributable to controlling interest		(423,410	)		(586,930	)		(136,672	)		(635,410	)		(40,121	)	nm
Dividends and accretion of discount on preferred stock		14,258			14,225			14,192			2,057			—		nm
Net loss available to common shareholders	$	(437,668	)		(601,155	)		(150,864	)		(637,467	)		(40,121	)	nm
Basic EPS	$	(1.27	)		(1.82	)		(0.46	)		(1.93	)		(0.12	)	nm
Diluted EPS		(1.27	)		(1.82	)		(0.46	)		(1.93	)		(0.12	)	nm
Cash dividends declared per common share		0.01			0.01			0.01			0.06			0.06			(83.3	)
Return on average assets *		(4.90)	%		(6.76)	%		(1.58	)		(7.17	)		(0.47	)	nm
Return on average common equity *		(80.08	)		(93.11	)		(22.16	)		(76.33	)		(4.73	)	nm
Average common shares outstanding — basic		344,626			329,850			329,785			329,691			329,438			4.6	%
Average common shares outstanding — diluted		344,626			329,850			329,785			329,691			329,438			4.6

nm	— not meaningful
*	— ratios are annualized

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Synovus

BALANCE SHEET DATA
(Unaudited)
(In thousands, except share data)

	September 30, 2009			December 31, 2008			September 30, 2008
ASSETS
Cash and due from banks	$	401,778			524,327			497,419
Interest bearing funds with Federal Reserve Bank		2,822,577			1,206,168			—
Interest earning deposits with banks		12,771			10,805			2,845
Federal funds sold and securities purchased under resale agreements		180,194			388,197			269,600
Trading account assets		13,403			24,513			101,889
Mortgage loans held for sale, at fair value		112,115			133,637			105,068
Other loans held for sale		80,945			3,527			13,554
Investment securities available for sale, at fair value		3,298,815			3,770,022			3,709,441
Loans, net of unearned income		26,331,739			27,920,177			27,647,983
Allowance for loan losses		(918,468	)		(598,301	)		(463,836	)
Loans, net		25,413,271			27,321,876			27,184,147
Premises and equipment, net		588,179			605,019			595,646
Goodwill		39,280			39,521			482,251
Other intangible assets, net		17,775			21,266			23,579
Other assets		1,633,014			1,737,391			1,353,702
Total assets	$	34,614,117			35,786,269			34,339,141
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	4,018,045			3,563,619			3,479,314
Interest bearing deposits		24,036,146			25,053,560			24,369,549
Total deposits		28,054,191			28,617,179			27,848,863
Federal funds purchased and other short-term borrowings		1,030,520			725,869			674,501
Long-term debt		1,963,136			2,107,173			2,120,546
Other liabilities		376,534			516,541			286,348
Total liabilities		31,424,381			31,966,762			30,930,258
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		926,014			919,635			—
Common stock, par value $1.00 (2)		486,073			336,011			335,972
Additional paid-in capital		1,591,374			1,165,875			1,114,130
Treasury stock, at cost (3)		(114,155	)		(114,117	)		(114,117	)
Accumulated other comprehensive income		108,032			129,253			36,253
Retained earnings		155,459			1,350,501			2,006,039
Total shareholders’ equity		3,152,797			3,787,158			3,378,277
Non-controlling interest in subsidiaries		36,939			32,349			30,606
Total equity		3,189,736			3,819,507			3,408,883
Total liabilities and equity	$	34,614,117			35,786,269			34,339,141

(1)	Preferred shares outstanding: 967,870 at September 30, 2009 and December 31, 2008.
(2)	Common shares outstanding: 480,387,653; 330,334,111; and 330,294,672 at September 30, 2009, December 31, 2008, and September 30, 2008, respectively.
(3)	Treasury shares: 5,685,638; 5,676,830; and 5,676,830 at September 30, 2009, December 31, 2008 and September 30, 2008, respectively.

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Synovus

AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(Dollars in thousands)

	2009									2008
	Third			Second			First			Fourth			Third
	Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets
Taxable investment securities	$	3,209,718			3,353,382			3,455,091			3,549,643			3,548,227
Yield		5.06	%		5.16			5.22			4.94			5.06
Tax-exempt investment securities	$	98,435			107,626			116,163			122,332			128,241
Yield (taxable equivalent)		7.06	%		7.08			6.91			6.79			6.74
Trading account assets	$	13,439			19,984			22,580			29,727			30,584
Yield		8.22	%		5.57			6.02			5.10			6.77
Commercial loans	$	22,849,619			23,572,578			23,525,450			23,870,384			23,302,028
Yield		4.73	%		4.72			4.77			5.46			5.78
Consumer loans	$	4,303,592			4,335,897			4,353,580			4,347,332			4,267,477
Yield		5.37	%		5.38			5.50			5.88			6.19
Allowance for loan losses	$	(905,700	)		(663,355	)		(627,110	)		(473,875	)		(422,331	)
Loans, net	$	26,247,511			27,245,120			27,251,920			27,743,841			27,147,174
Yield		5.01	%		4.96			5.01			5.63			5.95
Mortgage loans held for sale	$	194,158			268,933			247,937			98,362			108,873
Yield		5.39	%		4.94			5.46			5.96			6.91
Federal funds sold, due from Federal Reserve Bank and other short-term investments	$	1,653,546			996,754			1,214,897			642,396			211,323
Yield		0.24	%		0.24			0.31			0.60			1.88
Federal Home Loan Bank and Federal Reserve Bank stock (1)	$	139,230			132,346			117,205			121,994			122,088
Yield		1.38	%		0.54			0.66			0.20			3.61
Total interest earning assets	$	31,556,037			32,124,145			32,425,793			32,308,295			31,296,510
Yield		4.76	%		4.83			4.84			5.44			5.81
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,310,924			3,582,954			3,602,371			3,201,355			3,076,447
Rate		0.42	%		0.45			0.49			0.80			1.07
Money market accounts	$	6,309,578			6,241,764			6,272,015			6,129,751			6,771,080
Rate		1.23	%		1.24			1.30			1.80			2.19
Savings deposits	$	477,909			477,752			452,206			442,623			457,526
Rate		0.15	%		0.15			0.16			0.22			0.25
Time deposits under $100,000	$	3,030,346			3,126,984			3,222,601			3,264,401			3,055,465
Rate		2.86	%		3.13			3.41			3.64			3.69
Time deposits over $100,000	$	5,281,529			5,355,736			5,555,084			5,386,772			4,731,468
Rate		2.73	%		3.04			3.31			3.63			3.79
National market brokered money market accounts	$	1,365,477			1,885,214			2,073,734			1,982,179			1,271,113
Rate		0.77	%		0.75			0.82			1.27			2.27
National market brokered time deposits	$	3,941,977			3,203,546			3,718,570			4,549,172			3,968,783
Rate		2.66	%		3.09			3.38			3.70			3.61
Total interest bearing deposits	$	23,717,740			23,873,950			24,896,581			24,956,253			23,331,882
Rate		1.85	%		1.96			2.16			2.58			2.77
Federal funds purchased and other short-term liabilities	$	1,194,759			1,166,785			578,717			876,330			1,459,097
Rate		0.37	%		0.36			0.59			0.90			1.94
Long-term debt	$	1,906,320			2,090,710			1,964,064			2,106,785			2,119,321
Rate		2.14	%		1.94			2.07			3.44			3.32
Total interest bearing liabilities	$	26,818,819			27,131,445			27,439,362			27,939,368			26,910,300
Rate		1.80	%		1.89			2.11			2.59			2.77
Non-interest bearing demand deposits	$	4,069,108			3,812,876			3,611,958			3,508,753			3,463,563
Net interest margin		3.22	%		3.23			3.05			3.20			3.42

*	Yields and rates are annualized.
(1)	Included as a component of Other Assets on the balance sheet

Synovus 9 of 10

LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)

	September 30, 2009
				Loans as a %			Total		Nonperforming Loans
				of Total Loans			Nonperforming		as a % of Total
Loan Type	Total Loans			Outstanding			Loans		Nonperforming Loans
Multi-Family	$	864,849			3.3	%	$	9,074		0.6	%
Hotels		1,023,492			3.9			230,307		15.2
Office Buildings		1,075,011			4.1			13,059		0.9
Shopping Centers		1,078,436			4.1			21,546		1.4
Commercial Development		699,532			2.6			59,168		3.9
Warehouses		497,062			1.9			9,081		0.6
Other Investment Property		580,696			2.2			12,160		0.7
Total Investment Properties		5,819,078			22.1			354,395		23.3
1-4 Family Construction		991,368			3.8			226,653		14.9
1-4 Family Perm / Mini-Perm		1,355,111			5.1			69,332		4.6
Residential Development		1,521,939			5.8			370,815		24.4
Total 1-4 Family Properties		3,868,418			14.7			666,800		43.9
Land Acquisition		1,485,568			5.6			201,769		13.3
Total Commercial Real Estate		11,173,064			42.4			1,222,964		80.5
Commercial , Financial, and Agricultural		6,328,176			24.0			165,846		10.9
Owner-Occupied		4,587,747			17.5			66,449		4.4
Total Commercial & Industrial		10,915,923			41.5			232,295		15.3
Home Equity		1,729,458			6.6			15,119		1.1
Consumer Mortgages		1,667,593			6.3			41,493		2.7
Credit Card		288,147			1.1			—		—
Other Retail Loans		579,797			2.2			7,178		0.5
Total Retail		4,264,995			16.2			63,790		4.3
Unearned Income		(22,243	)		(0.1	)		—		—
Total	$	26,331,739			100.0	%	$	1,519,049		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)

	Total Loans						3Q09 vs. 4Q08						3Q09 vs. 3Q08
Loan Type	September 30, 2009			December 31, 2008			% change (1)			September 30, 2008			% change
Multi-Family	$	864,849			589,708			62.4	%	$	565,937			52.8	%
Hotels		1,023,492			965,886			8.0			818,328			25.1
Office Buildings		1,075,011			1,036,837			4.9			1,000,245			7.5
Shopping Centers		1,078,436			1,090,807			(1.5	)		1,024,988			5.2
Commercial Development		699,532			763,962			(11.3	)		811,172			(13.8	)
Warehouses		497,062			461,402			10.3			453,672			9.6
Other Investment Property		580,696			614,149			(7.3	)		613,333			(5.3	)
Total Investment Properties		5,819,078			5,522,751			7.2			5,287,675			10.0
1-4 Family Construction		991,368			1,611,779			(51.5	)		1,750,756			(43.4	)
1-4 Family Perm / Mini-Perm		1,355,111			1,441,798			(8.0	)		1,411,783			(4.0	)
Residential Development		1,521,939			2,123,669			(37.9	)		2,231,299			(31.8	)
Total 1-4 Family Properties		3,868,418			5,177,246			(33.8	)		5,393,838			(28.3	)
Land Acquisition		1,485,568			1,620,370			(11.1	)		1,636,548			(9.2	)
Total Commercial Real Estate		11,173,064			12,320,367			(12.5	)		12,318,061			(9.3	)
Commercial , Financial, and Agricultural		6,328,176			6,747,928			(8.3	)		6,728,621			(6.0	)
Owner-Occupied		4,587,747			4,499,339			2.6			4,313,167			6.4
��
Total Commercial & Industrial		10,915,923			11,247,267			(3.9	)		11,041,788			(1.1	)
Home Equity		1,729,458			1,725,075			0.3			1,682,598			2.8
Consumer Mortgages		1,667,593			1,763,449			(7.3	)		1,761,057			(5.3	)
Credit Card		288,147			295,055			(3.1	)		291,162			(1.0	)
Other Retail Loans		579,797			606,347			(5.9	)		595,220			(2.6	)
Total Retail		4,264,995			4,389,926			(3.8	)		4,330,037			(1.5	)
Unearned Income		(22,243	)		(37,383	)		(54.1	)		(41,903	)		(46.9	)
Total	$	26,331,739			27,920,177			(7.6)	%	$	27,647,983			(4.8)	%

(1) Percentage change is annualized.

Synovus 10 of 10

CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)

	2009							2008				3rd Quarter
	Third			Second		First		Fourth		Third		’09 vs. ’08
	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Nonperforming Loans	$	1,519,049			1,472,242		1,415,268		920,506		768,050		97.8	%
Impaired Loans Held for Sale (1)		40,932			34,938		22,751		3,527		13,554		202.0
Other Real Estate		187,494			210,968		287,246		246,121		215,082		(12.8	)
Nonperforming Assets (2)		1,747,475			1,718,148		1,725,265		1,170,154		996,686		75.3
Allowance for Loan Losses		918,468			918,723		642,422		598,301		463,836		98.0
Net Charge-Offs — Quarter		496,777			355,224		246,314		229,402		105,328		371.6
Net Charge-Offs — YTD		1,098,315			601,538		246,314		469,195		239,793		358.0
Net Charge-Offs / Average Loans — Quarter (3)		7.33	%		5.09		3.53		3.25		1.53
Net Charge-Offs / Average Loans — YTD (3)		5.30			4.31		3.53		1.71		1.18
Nonperforming Loans / Loans		5.77			5.34		5.10		3.30		2.78
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE		6.58			6.17		6.15		4.15		3.58
Allowance / Loans		3.49			3.33		2.32		2.14		1.68
Allowance / Nonperforming Loans		60.46			62.40		45.39		65.00		60.39
Past Due Loans over 90 days and Still Accruing	$	43,816			31,018		31,316		38,794		49,868		(12.1)	%
As a Percentage of Loans Outstanding		0.17	%		0.11		0.11		0.14		0.18
Total Past Dues Loans and Still Accruing	$	356,456			331,731		587,014		362,538		403,180		(11.6	)
As a Percentage of Loans Outstanding		1.35	%		1.20		2.12		1.30		1.46

(1)	Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value.
(2)	During the third quarter of 2009, Synovus revised its definition of nonperforming assets to exclude loans that have been restructured and remain on accruing status. These loans are not considered to be nonperforming because they are performing in accordance with the restructured terms. This change provides a presentation that is more consistent with industry practice. All prior periods have been reclassified to conform to the new presentation. Accruing restructured loans total $192.6 million at September 30, 2009.
(3)	Ratio is annualized.

SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)

	September 30, 2009			December 31, 2008		September 30, 2008
Tier 1 Capital	$	2,989,723			3,602,848		2,842,587
Total Risk-Based Capital		3,943,337			4,674,476		3,936,665
Tier 1 Capital Ratio		10.54	%		11.22		8.81
Tier 1 Common Equity Ratio		7.24			8.33		8.78
Total Risk-Based Capital Ratio		13.90			14.56		12.20
Leverage Ratio		8.80			10.28		8.49
Common Equity as a Percentage of Total Assets (2)		6.43			8.01		9.84
Tangible Common Equity as a Percentage of Tangible Assets (3)		6.28			7.86		8.49
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		7.65			8.74		8.90
Book Value Per Common Share (4)	$	4.64			8.68		10.23
Tangible Book Value Per Common Share (3)		4.52			8.50		8.70

(1)	Current quarter regulatory capital information is preliminary.
(2)	Common equity consists of Total Equity less Cumulative Perpetual 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 Equity less Cumulative Perpetual Preferred Stock divided by total common shares outstanding.