Synovus Financial (SNV) 8-K Synovus Reports Results for Fourth Quarter 2009 Charter Consolidation Planned for 2010

Exhibit 99.2

Synovus

INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data) 6 of 11

	Twelve Months Ended
	December 31,
	2009			2008			Change
Interest income (taxable equivalent)	$	1,514,035			1,862,479			(18.7	)%
Interest expense		498,879			779,687			(36.0	)
Net interest income (taxable equivalent)		1,015,156			1,082,792			(6.2	)
Tax equivalent adjustment		4,846			4,899			(1.1	)
Net interest income		1,010,310			1,077,893			(6.3	)
Provision for losses on loans		1,805,599			699,883			158.0
Net interest income (loss) after provision for loan losses		(795,289	)		378,010			(310.4	)
Non-interest income:
Service charges on deposit accounts		117,751			111,837			5.3
Fiduciary and asset management fees		44,168			48,779			(9.5	)
Brokerage and investment banking income		28,475			33,119			(14.0	)
Mortgage banking income		38,521			23,493			64.0
Bankcard fees		36,139			35,283			2.4
Net gains on sales of available for sale investment securities		14,067			45		nm
Other fee income		31,200			37,246			(16.2	)
Increase in fair value of private equity investments, net		1,379			24,995			(94.5	)
Proceeds from sale of MasterCard shares		8,351			16,186			(48.4	)
Gain from sale of Visa shares		51,900			—		nm
Proceeds from redemption of Visa shares		—			38,542			(100.0	)
Other non-interest income		38,719			47,716			(18.9	)
Total non-interest income		410,670			417,241			(1.6	)
Non-interest expense:
Salaries and other personnel expense		425,170			455,395			(6.6	)
Net occupancy and equipment expense		123,105			123,529			(0.3	)
FDIC insurance and other regulatory fees		76,314			25,161			203.3
Foreclosed real estate		354,269			136,678			159.2
Losses on other loans held for sale		1,703			9,909			(82.8	)
Visa litigation recovery		(6,441	)		(17,473	)		(63.1	)
Goodwill impairment		14,849			479,617			(96.9	)
Professional fees		38,802			30,210			28.4
Restructuring charges		5,995			16,125			(62.8	)
Other operating expenses		187,523			196,906			(4.8	)
Total non-interest expense		1,221,289			1,456,057			(16.1	)
Loss from continuing operations before taxes		(1,605,908	)		(660,806	)		143.0
Income tax benefit		(190,631	)		(80,430	)		137.0
Loss from continuing operations		(1,415,277	)		(580,376	)		143.9
Income from discontinued operations, net of taxes		4,590			5,651			(18.8	)
Net loss		(1,410,687	)		(574,725	)		145.5
Net income attributable to non-controlling interest		2,364			7,712			(69.3	)
Net loss attributable to controlling interest		(1,413,051	)		(582,437	)		142.6
Dividends and accretion of discount on preferred stock		56,966			2,057		nm
Net loss available to common shareholders	$	(1,470,017	)		(584,494	)		151.5
Basic EPS	$	(3.94	)		(1.77	)		122.6	%
Diluted EPS		(3.94	)		(1.77	)		122.6
Cash dividends declared per common share		0.04			0.46			(91.3	)
Return on average assets		(4.12	)%		(1.72	)%	(240		) bp
Return on average common equity		(62.45	)		(17.30	)	nm
Average shares outstanding — basic		372,943			329,319			13.2	%
Average shares outstanding — diluted		372,943			329,319			13.2

nm —   not meaningful

Synovus

INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data) 7 of 11

	2009												2008			4th Quarter
	Fourth			Third			Second			First			Fourth			‘09 vs. ‘08
	Quarter			Quarter			Quarter			Quarter			Quarter			Change
Interest income (taxable equivalent)	$	362,911			377,839			385,710			387,574			441,749			(17.8	)%
Interest expense		105,853			121,989			127,883			143,154			182,312			(41.9	)
Net interest income (taxable equivalent)		257,058			255,850			257,827			244,420			259,437			(0.9	)
Tax equivalent adjustment		1,227			1,219			1,219			1,181			1,412			(13.1	)
Net interest income		255,831			254,631			256,608			243,239			258,025			(0.9	)
Provision for losses on loans		387,114			496,522			631,526			290,437			363,867			6.4
Net interest income (loss) after provision for loan losses		(131,283	)		(241,891	)		(374,918	)		(47,198	)		(105,842	)		24.0
Non-interest income:
Service charges on deposit accounts		29,651			29,699			29,702			28,699			29,244			1.4
Fiduciary and asset management fees		11,455		��	11,244			10,657			10,815			11,168			2.6
Brokerage and investment banking income		7,035			7,047			7,521			6,871			7,528			(6.5	)
Mortgage banking income		7,572			7,037			14,590			9,322			5,170			46.5
Bankcard fees		9,521			9,114			9,144			8,361			9,067			5.0
Net gains (losses) on sales of investment securities available for sale		(663	)		14,730			—			—			45		nm
Other fee income		7,055			7,733			8,722			7,690			7,207			(2.1	)
Increase (decrease) in fair value of private equity investments, net		142			(6,853	)		8,090			—			6,996			(98.0	)
Proceeds from sale of MasterCard shares		—			—			8,351			—			—		nm
Gain from sale of Visa shares		51,900			—			—			—			—		nm
Other non-interest income		13,179			6,484			6,425			12,627			7,820			68.5
Total non-interest income		136,847			86,235			103,202			84,385			84,245			62.4
Non-interest expense:
Salaries and other personnel expense		100,575			105,001			108,508			111,085			111,692			(10.0	)
Net occupancy and equipment expense		29,861			31,217			30,544			31,484			30,971			(3.6	)
FDIC insurance and other regulatory fees		17,913			15,341			30,061			12,999			6,950			157.7
Foreclosed real estate		34,098			101,437			172,404			46,330			71,915			(52.6	)
Losses (gains) on other loans held for sale		—			608			1,160			(65	)		(35	)		nm
Visa litigation recovery		(2,374	)		(4,067	)		—			—			(6,390	)		(62.8	)
Goodwill impairment		14,849			—			—			—			442,730			(96.6	)
Professional fees		10,397			11,121			10,340			6,945			9,951			4.5
Restructuring charges		(347	)		(413	)		397			6,358			2,826			(112.3	)
Other operating expenses		44,521			56,575			40,521			45,903			50,238			(11.4	)
Total non-interest expense		249,493			316,820			393,935			261,039			720,848			(65.4	)
Loss from continuing operations before income taxes		(243,929	)		(472,476	)		(665,651	)		(223,852	)		(742,445	)		(67.1	)
Income tax expense (benefit)		6,864			(31,528	)		(80,059	)		(85,908	)		(107,076	)		(106.4	)
Loss from continuing operations		(250,793	)		(440,948	)		(585,592	)		(137,944	)		(635,369	)		(60.5	)
Income from discontinued operations, net of taxes		889			1,146			1,340			1,215			1,324			(32.9	)
Net loss		(249,904	)		(439,802	)		(584,252	)		(136,729	)		(634,045	)		(60.6	)
Net income (loss) attributable to non-controlling interest		(1	)		(255	)		2,677			(57	)		1,365			(100.1	)
Net loss attributable to controlling interest		(249,903	)		(439,547	)		(586,929	)		(136,672	)		(635,410	)		(60.7	)
Dividends and accretion of discount on preferred stock		14,291			14,258			14,225			14,192			2,057		nm
Net loss available to common shareholders	$	(264,194	)		(453,805	)		(601,154	)		(150,864	)		(637,467	)		(58.6	)
Basic EPS	$	(0.54	)		(1.32	)		(1.82	)		(0.46	)		(1.93	)		(71.9	)%
Diluted EPS		(0.54	)		(1.32	)		(1.82	)		(0.46	)		(1.93	)		(71.9	)
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.06			(83.3	)
Return on average assets *		(2.96	)%		(5.13	)		(6.77	)		(1.59	)		(7.17	)	421		bp
Return on average common equity *		(49.75	)		(90.59	)		(92.07	)		(22.07	)		(76.48	)	nm
Average common shares outstanding — basic		486,104			344,626			329,850			329,785			329,691			47.4	%
Average common shares outstanding — diluted		486,104			344,626			329,850			329,785			329,691			47.4

nm	—	not meaningful
*	—	ratios are annualized

Synovus 8 of 11

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

	December 31, 2009			September 30, 2009			December 31, 2008
ASSETS
Cash and due from banks	$	564,482			401,778			524,327
Interest bearing funds with Federal Reserve Bank		1,901,847			2,822,577			1,206,168
Interest earning deposits with banks		12,534			12,771			10,805
Federal funds sold and securities purchased under resale agreements		203,959			180,194			388,197
Trading account assets		14,370			13,403			24,513
Mortgage loans held for sale, at fair value		138,056			112,115			133,637
Other loans held for sale		36,816			80,945			3,527
Investment securities available for sale, at fair value		3,188,735			3,298,815			3,770,022
Loans, net of unearned income		25,383,068			26,331,739			27,920,177
Allowance for loan losses		(943,725	)		(918,468	)		(598,301	)
Loans, net		24,439,343			25,413,271			27,321,876
Premises and equipment, net		580,375			588,179			605,019
Goodwill		24,431			39,280			39,521
Other intangible assets, net		16,649			17,775			21,266
Other assets		1,728,474			1,629,377			1,737,391
Total assets	$	32,850,071			34,610,480			35,786,269
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	4,172,697			4,018,045			3,563,619
Interest bearing deposits		23,260,837			24,036,146			25,053,560
Total deposits		27,433,534			28,054,191			28,617,179
Federal funds purchased and other short-term borrowings		475,062			1,030,520			725,869
Long-term debt		1,751,592			1,963,136			2,107,173
Other liabilities		299,729			389,034			516,541
Total liabilities		29,959,917			31,436,881			31,966,762
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		928,207			926,014			919,635
Common stock, par value $1.00 (2)		495,514			486,073			336,011
Additional paid-in capital		1,605,097			1,591,374			1,165,875
Treasury stock, at cost (3)		(114,155	)		(114,155	)		(114,117	)
Accumulated other comprehensive income		84,806			108,032			129,253
Retained earnings (deficit)		(129,775	)		139,322			1,350,501
Total shareholders’ equity		2,869,694			3,136,660			3,787,158
Non-controlling interest in subsidiaries		20,460			36,939			32,349
Total equity		2,890,154			3,173,599			3,819,507
Total liabilities and equity	$	32,850,071			34,610,480			35,786,269

(1)	Preferred shares outstanding: 967,870 at December 31, 2009, September 30, 2009 and December 31, 2008.
(2)	Common shares outstanding: 489,828,319; 480,387,653; and 330,334,111 at December 31, 2009, September 30, 2009, and December 31, 2008, respectively.
(3)	Treasury shares: 5,685,638 at December 31, 2009 and September 30, 2009; and 5,676,830 at December 31, 2008.

Synovus 9 of 11

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

	2009												2008			Twelve months ended
	Fourth			Third			Second			First			Fourth			December 31,
	Quarter			Quarter			Quarter			Quarter			Quarter			2009			2008
Interest Earning Assets
Taxable investment securities	$	2,983,914			3,209,718			3,353,382			3,455,091			3,549,643		$	3,249,124			3,477,025
Yield		4.79	%		5.06			5.16			5.22			4.94			5.06	%		5.09
Tax-exempt investment securities	$	88,848			98,435			107,626			116,163			122,332		$	102,681			135,590
Yield (taxable equivalent)		7.03	%		7.06			7.08			6.91			6.79			7.02	%		6.98
Trading account assets	$	14,356			13,439			19,984			22,580			29,727		$	17,556			30,870
Yield		5.60	%		8.22			5.57			6.02			5.10			6.22	%		6.23
Commercial loans	$	21,722,140			22,850,126			23,572,578			23,525,450			23,870,384		$	22,912,448			23,280,572
Yield		4.82	%		4.73			4.72			4.77			5.46			4.76	%		5.98
Consumer loans	$	4,249,316			4,303,592			4,335,897			4,353,580			4,347,332		$	4,310,292			4,189,864
Yield		5.32	%		5.37			5.38			5.50			5.88			5.39	%		6.35
Allowance for loan losses	$	(906,484	)		(905,700	)		(663,355	)		(627,110	)		(473,875	)	$	(777,332	)		(418,983	)
Loans, net	$	25,064,972			26,248,018			27,245,120			27,251,920			27,743,841		$	26,445,408			27,051,453
Yield		5.10	%		5.01			4.96			5.01			5.63			5.02	%		6.15
Mortgage loans held for sale	$	114,906			194,158			268,933			247,937			98,362		$	206,085			121,425
Yield		5.29	%		5.39			4.94			5.46			5.96			5.26	%		6.05
Federal funds sold, due from Federal Reserve Bank and other short-term investments	$	2,995,367			1,653,546			996,754			1,214,897			642,396		$	1,719,850			296,511
Yield		0.24	%		0.24			0.24			0.31			0.60			0.25	%		1.33
Federal Home Loan Bank and Federal Reserve Bank stock (1)	$	140,550			139,230			132,346			117,205			121,994		$	132,415			119,311
Yield		1.01	%		1.38			0.54			0.66			0.20			0.91	%		3.81
Total interest earning assets	$	31,402,913			31,556,544			32,124,145			32,425,793			32,308,295		$	31,873,119			31,232,185
Yield		4.59	%		4.76			4.83			4.84			5.44			4.75	%		5.96
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,851,237			3,310,924			3,582,954			3,602,371			3,201,355		$	3,586,798			3,158,228
Rate		0.41	%		0.42			0.45			0.49			0.80			0.44	%		1.13
Money market accounts	$	6,420,003			6,309,578			6,241,764			6,272,015			6,129,751		$	6,311,242			6,684,813
Rate		1.21	%		1.23			1.24			1.30			1.80			1.24	%		2.30
Savings deposits	$	469,526			477,909			477,752			452,206			442,623		$	469,419			452,661
Rate		0.15	%		0.15			0.15			0.16			0.22			0.15	%		0.25
Time deposits under $100,000	$	2,851,913			3,030,346			3,126,984			3,222,601			3,264,401		$	3,056,870			2,979,080
Rate		2.44	%		2.86			3.13			3.41			3.64			2.97	%		3.92
Time deposits over $100,000	$	4,909,253			5,281,529			5,355,736			5,555,084			5,386,772		$	5,273,648			4,653,829
Rate		2.32	%		2.73			3.04			3.31			3.63			2.87	%		4.01
National market brokered money market accounts	$	1,218,363			1,365,477			1,885,214			2,073,734			1,982,179		$	1,632,613			1,299,418
Rate		0.75	%		0.77			0.75			0.82			1.27			0.78	%		2.14
National market brokered time deposits	$	4,011,648			3,941,977			3,203,546			3,718,570			4,549,172		$	3,720,349			3,830,994
Rate		2.41	%		2.66			3.09			3.38			3.70			2.86	%		3.80
Total interest bearing deposits	$	23,731,943			23,717,740			23,873,950			24,896,581			24,956,253		$	24,050,939			23,059,023
Rate		1.62	%		1.85			1.96			2.16			2.58			1.90	%		2.89
Federal funds purchased and other short-term liabilities	$	729,988			1,194,759			1,166,785			578,717			876,330		$	918,736			1,719,978
Rate		0.45	%		0.37			0.36			0.59			0.90			0.42	%		2.24
Long-term debt	$	1,897,915			1,906,320			2,090,710			1,964,064			2,106,785		$	1,964,411			2,051,521
Rate		1.75	%		2.14			1.94			2.07			3.44			1.97	%		3.59
Total interest bearing liabilities	$	26,359,846			26,818,819			27,131,445			27,439,362			27,939,368		$	26,934,086			26,830,522
Rate		1.59	%		1.80			1.89			2.11			2.59			1.85	%		2.90
Non-interest bearing demand deposits	$	4,162,027			4,069,108			3,812,876			3,611,958			3,508,753		$	3,915,924			3,440,047
Net interest margin		3.25	%		3.22			3.23			3.05			3.20			3.19	%		3.47

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

10 of 11

Synovus

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

	December 31, 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	$	925,017			3.6	%	$	13,494		0.9	%
Hotels		1,018,460			4.0			221,747		14.3
Office Buildings		1,010,212			4.0			30,234		1.9
Shopping Centers		1,087,181			4.3			20,757		1.3
Commercial Development		608,333			2.4			46,197		3.0
Warehouses		493,455			1.9			38,366		2.5
Other Investment Property		547,406			2.2			34,918		2.2
Total Investment Properties		5,690,064			22.4			405,713		26.1
1-4 Family Construction		715,315			2.8			192,185		12.4
1-4 Family Perm / Mini-Perm		1,310,324			5.2			78,158		5.0
Residential Development		1,361,264			5.3			351,615		22.6
Total 1-4 Family Properties		3,386,903			13.3			621,958		40.0
Land Acquisition		1,410,425			5.6			197,527		12.7
Total Commercial Real Estate		10,487,392			41.3			1,225,198		78.8
Commercial, Financial, and Agricultural		6,118,516			24.1			168,174		10.8
Owner-Occupied		4,584,278			18.1			93,486		6.0
Total Commercial & Industrial		10,702,794			42.2			261,660		16.8
Home Equity		1,714,994			6.8			15,537		1.1
Consumer Mortgages		1,637,978			6.5			48,085		3.1
Credit Card		294,126			1.2			—		—
Other Retail Loans		565,132			2.1			5,296		0.2
Total Retail		4,212,230			16.6			68,918		4.4
Unearned Income		(19,348	)		(0.1	)		—		—
Total	$	25,383,068			100.0	%	$	1,555,776		100.0	%

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

	Total Loans						4Q09 vs. 3Q09						4Q09 vs. 4Q08
Loan Type	December 31, 2009			September 30, 2009			% change (1)			December 31, 2008			% change
Multi-Family	$	925,017			864,849			27.6	%	$	589,708			56.9	%
Hotels		1,018,460			1,023,492			(2.0	)		965,886			5.4
Office Buildings		1,010,212			1,075,011			(23.9	)		1,036,837			(2.6	)
Shopping Centers		1,087,181			1,078,436			3.2			1,090,807			(0.3	)
Commercial Development		608,333			699,532			(51.7	)		763,962			(20.4	)
Warehouses		493,455			497,062			(2.9	)		461,402			6.9
Other Investment Property		547,406			580,696			(22.7	)		614,149			(10.9	)
Total Investment Properties		5,690,064			5,819,078			(8.8	)		5,522,751			3.0
1-4 Family Construction		715,315			991,368			(110.5	)		1,611,779			(55.6	)
1-4 Family Perm / Mini-Perm		1,310,324			1,355,111			(13.1	)		1,441,798			(9.1	)
Residential Development		1,361,264			1,521,939			(41.9	)		2,123,669			(35.9	)
Total 1-4 Family Properties		3,386,903			3,868,418			(49.4	)		5,177,246			(34.6	)
Land Acquisition		1,410,425			1,485,568			(20.1	)		1,620,370			(13.0	)
Total Commercial Real Estate		10,487,392			11,173,064			(24.3	)		12,320,367			(14.9	)
Commercial, Financial, and Agricultural		6,118,516			6,328,176			(13.1	)		6,747,928			(9.3	)
Owner-Occupied		4,584,278			4,587,747			(0.3	)		4,499,339			1.9
Total Commercial & Industrial		10,702,794			10,915,923			(7.7	)		11,247,267			(4.8	)
Home Equity		1,714,994			1,729,458			(3.3	)		1,725,075			(0.6	)
Consumer Mortgages		1,637,978			1,667,593			(7.0	)		1,763,449			(7.1	)
Credit Card		294,126			288,147			8.2			295,055			(0.3	)
Other Retail Loans		565,132			579,797			(10.0	)		606,347			(6.8	)
Total Retail		4,212,230			4,264,995			(4.9	)		4,389,926			(4.0	)
Unearned Income		(19,348	)		(22,243	)		(51.6	)		(37,383	)		(48.2	)
Total	$	25,383,068			26,331,739			(14.3	)%	$	27,920,177			(9.1	)%

(1) Percentage change is annualized.

11 of 11

Synovus

CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)

	2009									2008		4th Quarter
	Fourth			Third		Second		First		Fourth		’09 vs. ’08
	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Nonperforming Loans	$	1,555,776			1,519,049		1,472,242		1,415,269		920,506		69.0	%
Impaired Loans Held for Sale (1)		36,816			40,932		34,938		22,751		3,527	nm
Other Real Estate		238,807			187,494		210,968		287,246		246,121		(3.0	)
Nonperforming Assets		1,831,399			1,747,475		1,718,148		1,725,266		1,170,154		56.5
Allowance for Loan Losses		943,725			918,468		918,723		642,422		598,301		57.7
Net Charge-Offs — Quarter		361,857			496,777		355,224		246,314		229,402		57.7
Net Charge-Offs — YTD		1,460,172			1,098,315		601,538		246,314		469,195		211.2
Net Charge-Offs / Average Loans — Quarter (2)		5.58	%		7.33		5.09		3.53		3.25
Net Charge-Offs / Average Loans — YTD (2)		5.37			5.30		4.31		3.53		1.71
Nonperforming Loans / Loans		6.13			5.77		5.34		5.10		3.30
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE		7.14			6.58		6.17		6.15		4.15
Allowance / Loans		3.72			3.49		3.33		2.32		2.14
Allowance / Nonperforming Loans		60.66			60.46		62.40		45.39		65.00
Past Due Loans over 90 days and Still Accruing	$	19,938			43,816		31,018		31,316		38,794		(48.6	)%
As a Percentage of Loans Outstanding		0.08	%		0.17		0.11		0.11		0.14
Total Past Dues Loans and Still Accruing	$	262,446			356,456		331,731		587,014		362,538		(27.6	)
As a Percentage of Loans Outstanding		1.03	%		1.35		1.20		2.12		1.30
Restructured loans (accruing)		213,552			192,559		18,025		25,919		1,202	nm

(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)	Ratio is annualized.

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

	December 31,			September 30,		December 31,
	2009			2009		2008
Tier 1 Capital	$	2,739,870			2,974,066		3,602,848
Total Risk-Based Capital		3,660,262			3,927,752		4,674,476
Tier 1 Capital Ratio		10.11	%		10.48		11.22
Tier 1 Common Equity Ratio		6.65			7.18		8.33
Total Risk-Based Capital Ratio		13.50			13.84		14.56
Leverage Ratio		8.18			8.76		10.28
Common Equity as a Percentage of Total Assets (2)		5.91			6.39		8.01
Tangible Common Equity as a Percentage of Tangible Assets (3)		5.79			6.23		7.86
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		7.01			7.59		8.74
Book Value Per Common Share (4)	$	3.96			4.60		8.68
Tangible Book Value Per Common Share (3)		3.88			4.48		8.50

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