Synovus Financial (SNV) 8-K Synovus Reports Results for First Quarter 2010

Exhibit 99.2

Synovus

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

	2010						2009									1st Quarter
	First			Fourth			Third			Second			First			‘10 vs. ’09
	Quarter			Quarter			Quarter			Quarter			Quarter			Change
Interest income (taxable equivalent)	$	343,906			362,911			377,839			385,710			387,574			(11.3)	%
Interest expense		93,928			105,853			121,989			127,883			143,154			(34.4	)
Net interest income (taxable equivalent)		249,978			257,058			255,850			257,827			244,420			2.3
Tax equivalent adjustment		1,111			1,227			1,219			1,219			1,181			(5.9	)
Net interest income		248,867			255,831			254,631			256,608			243,239			2.3
Provision for losses on loans		340,948			387,114			496,522			631,526			290,437			17.4
Net interest expense after provision for loan losses		(92,081	)		(131,283	)		(241,891	)		(374,918	)		(47,198	)		(95.1	)
Non-interest income:
Service charges on deposit accounts		26,280			29,651			29,699			29,702			28,699			(8.4	)
Fiduciary and asset management fees		11,338			11,455			11,244			10,657			10,815			4.8
Brokerage and investment banking income		5,931			7,035			7,047			7,521			6,871			(13.7	)
Mortgage banking income		5,814			7,572			7,037			14,590			9,322			(37.6	)
Bankcard fees		9,515			9,521			9,114			9,144			8,361			13.8
Investment securities (losses) gains		(448	)		(663	)		14,730			—			—		nm
Other fee income		5,530			7,055			7,733			8,722			7,690			(28.1	)
Increase (decrease) in fair value of private equity investments, net		899			142			(6,853	)		8,090			—		nm
Gain from sale of MasterCard shares		—			—			—			8,351			—		nm
Gain from sale of Visa shares		—			51,900			—			—			—		nm
Other non-interest income		4,839			13,179			6,484			6,425			12,627			(61.7	)
Total non-interest income		69,698			136,847			86,235			103,202			84,385			(17.4	)
							��
Non-interest expense:
Salaries and other personnel expense		104,022			100,575			105,001			108,508			111,085			(6.4	)
Net occupancy and equipment expense		29,978			29,861			31,217			30,544			31,484			(4.8	)
FDIC insurance and other regulatory fees		17,646			17,913			15,341			30,061			12,999			35.7
Foreclosed real estate expense		45,507			34,098			101,437			172,404			46,330			(1.8	)
Gains (losses) on other loans held for sale		61			—			608			1,160			(65	)		193.8
Visa litigation recovery		—			(2,374	)		(4,067	)		—			—		nm
Goodwill impairment		—			14,849			—			241			—		nm
Professional fees		9,380			10,397			11,121			10,340			6,945			35.1
Data processing expense		10,683			11,615			11,194			11,166			11,155			(4.2	)
Restructuring charges		—			(347	)		(413	)		397			6,358		nm
Other operating expenses		35,520			32,906			45,381			29,114			34,748			2.2
Total non-interest expense		252,797			249,493			316,820			393,935			261,039			(3.2	)
Loss from continuing operations before income taxes		(275,180	)		(243,929	)		(472,476	)		(665,651	)		(223,852	)		(22.9	)
Income tax (benefit) expense		(16,337	)		25,518			(31,528	)		(80,059	)		(85,908	)		81.0
Loss from continuing operations		(258,843	)		(269,447	)		(440,948	)		(585,592	)		(137,944	)		(87.6	)
Income from discontinued operations, net of taxes		43,161			889			1,146			1,340			1,215		nm
Net loss		(215,682	)		(268,558	)		(439,802	)		(584,252	)		(136,729	)		(57.7	)
Net (loss) income attributable to non-controlling interest		(209	)		(1	)		(255	)		2,677			(57	)		(266.7	)
Net loss attributable to controlling interest		(215,473	)		(268,557	)		(439,547	)		(586,929	)		(136,672	)		(57.7	)
Dividends and accretion of discount on preferred stock		14,325			14,291			14,258			14,225			14,192			0.9
Net loss available to common shareholders	$	(229,798	)		(282,848	)		(453,805	)		(601,154	)		(150,864	)		(52.3	)
Basic EPS
Net income (loss) from continuing operations available to common shareholders	$	(0.56	)		(0.58	)		(1.32	)		(1.83	)		(0.46	)		(20.9)	%
Net income (loss) available to common shareholders		(0.47	)		(0.58	)		(1.32	)		(1.82	)		(0.46	)		(2.6	)
Diluted EPS
Net income (loss) from continuing operations available to common shareholders		(0.56	)		(0.58	)		(1.32	)		(1.83	)		(0.46	)		(20.9	)
Net income (loss) available to common shareholders		(0.47	)		(0.58	)		(1.32	)		(1.82	)		(0.46	)		(2.6	)
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		(3.22)	%		(3.18	)		(5.13	)		(6.77	)		(1.59	)		(163	)bp
Return on average common equity *		(59.10	)		(53.25	)		(90.59	)		(92.07	)		(22.07	)	nm
Average common shares outstanding — basic		489,607			486,104			344,626			329,850			329,785			48.5	%
Average common shares outstanding — diluted		489,607			486,104			344,626			329,850			329,785			48.5

nm	- not meaningful
*	- ratios are annualized

5 of 9

Synovus

BALANCE SHEET DATA

(Unaudited)
(In thousands, except share data)

	March 31, 2010			December 31, 2009			March 31, 2009
ASSETS
Cash and due from banks	$	579,620			564,482			437,788
Interest bearing funds with Federal Reserve Bank		2,826,702			1,901,847			362,038
Interest earning deposits with banks		12,817			12,534			95,757
Federal funds sold and securities purchased under resale agreements		166,392			203,959			155,549
Trading account assets, at fair value		13,605			14,370			15,013
Mortgage loans held for sale, at fair value		112,989			138,056			223,093
Other loans held for sale		78,077			36,816			22,751
Investment securities available for sale, at fair value		3,237,519			3,188,735			3,778,473
Loans, net of unearned income		24,417,164			25,383,068			27,730,272
Allowance for loan losses		(968,697	)		(943,725	)		(642,422	)
Loans, net		23,448,467			24,439,343			27,087,850
Premises and equipment, net		572,815			580,375			603,555
Goodwill		24,431			24,431			39,521
Other intangible assets, net		15,556			16,649			20,064
Other assets		1,350,448			1,709,821			1,705,980
Total assets	$	32,439,438			32,831,418			34,547,432
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	4,352,327			4,172,697			3,785,089
Interest bearing deposits		22,827,721			23,260,836			24,162,897
Total deposits		27,180,048			27,433,533			27,947,986
Federal funds purchased and other short-term borrowings		450,979			475,062			577,269
Long-term debt		1,868,343			1,751,592			1,869,884
Other liabilities		301,615			299,730			480,895
Total liabilities		29,800,985			29,959,917			30,876,034
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		930,433			928,207			921,728
Common stock, par value $1.00 (2)		495,536			495,514			336,069
Additional paid-in capital		1,607,140			1,605,097			1,168,409
Treasury stock, at cost (3)		(114,174	)		(114,155	)		(114,139	)
Accumulated other comprehensive income		80,722			84,806			125,013
Accumulated (deficit) retained earnings		(382,914	)		(148,428	)		1,200,899
Total shareholders’ equity		2,616,743			2,851,041			3,637,979
Non-controlling interest in subsidiaries		21,710			20,460			33,419
Total equity		2,638,453			2,871,501			3,671,398
Total liabilities and equity	$	32,439,438			32,831,418			34,547,432

(1)	Preferred shares outstanding: 967,870
(2)	Common shares outstanding: 489,843,709; 489,828,319; and 330,386,502 at March 31, 2010, December 31, 2009, and
	March 31, 2009, respectively.
(3)	Treasury shares: 5,692,422; 5,685,638; and 5,682,301 at March 31, 2010, December 31, 2009, and March 31, 2009, respectively.

6 of 9

Synovus

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

	2010			2009
	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets
Taxable investment securities	$	2,952,188			2,983,914			3,209,718			3,353,382			3,455,091
Yield		4.70	%		4.79			5.06			5.16			5.22
Tax-exempt investment securities	$	72,041			88,848			98,435			107,626			116,163
Yield (taxable equivalent)		7.16	%		7.03			7.06			7.08			6.91
Trading account assets	$	14,881			14,356			13,439			19,984			22,580
Yield		5.30	%		5.60			8.22			5.57			6.02
Commercial loans	$	20,880,069			21,722,140			22,850,126			23,572,578			23,525,450
Yield		4.85	%		4.82			4.73			4.72			4.77
Consumer loans	$	4,174,320			4,249,316			4,303,592			4,335,897			4,353,580
Yield		5.36	%		5.32			5.37			5.38			5.50
Allowance for loan losses	$	(951,552	)		(906,484	)		(905,700	)		(663,355	)		(627,110	)
Loans, net	$	24,102,837			25,064,972			26,248,018			27,245,120			27,251,920
Yield		5.15	%		5.10			5.01			4.96			5.01
Mortgage loans held for sale	$	96,440			114,906			194,158			268,933			247,937
Yield		5.49	%		5.29			5.39			4.94			5.46
Federal funds sold, due from Federal Reserve Bank and other short-term investments	$	2,435,880			2,995,367			1,653,546			996,754			1,214,897
Yield		0.24	%		0.24			0.24			0.24			0.31
Federal Home Loan Bank and Federal Reserve Bank stock (1)	$	142,524			140,550			139,230			132,346			117,205
Yield		0.97	%		1.01			1.38			0.54			0.66
Total interest earning assets	$	29,816,791			31,402,913			31,556,544			32,124,145			32,425,793
Yield		4.67	%		4.59			4.76			4.83			4.84
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,636,437			3,851,237			3,310,924			3,582,954			3,602,371
Rate		0.42	%		0.41			0.42			0.45			0.49
Money market accounts	$	6,450,696			6,420,003			6,309,578			6,241,764			6,272,015
Rate		1.19	%		1.21			1.23			1.24			1.30
Savings deposits	$	476,007			469,526			477,909			477,752			452,206
Rate		0.15	%		0.15			0.15			0.15			0.16
Time deposits under $100,000	$	2,726,002			2,851,913			3,030,346			3,126,984			3,222,601
Rate		2.17	%		2.44			2.86			3.13			3.41
Time deposits over $100,000	$	4,770,429			4,909,253			5,281,529			5,355,736			5,555,084
Rate		2.05	%		2.32			2.73			3.04			3.31
National market brokered money market accounts	$	1,047,417			1,218,363			1,365,477			1,885,214			2,073,734
Rate		0.74	%		0.75			0.77			0.75			0.82
National market brokered time deposits	$	3,871,581			4,011,648			3,941,977			3,203,546			3,718,570
Rate		2.13	%		2.41			2.66			3.09			3.38
Total interest bearing deposits	$	22,978,569			23,731,943			23,717,740			23,873,950			24,896,581
Rate		1.48	%		1.62			1.85			1.96			2.16
Federal funds purchased and other short-term liabilities	$	472,691			729,988			1,194,759			1,166,785			578,717
Rate		0.47	%		0.45			0.37			0.36			0.59
Long-term debt	$	1,805,363			1,897,915			1,906,320			2,090,710			1,964,064
Rate		2.17	%		1.75			2.14			1.94			2.07
Total interest bearing liabilities	$	25,256,623			26,359,846			26,818,819			27,131,445			27,439,362
Rate		1.51	%		1.59			1.80			1.89			2.11
Non-interest bearing demand deposits	$	4,243,622			4,162,027			4,069,108			3,812,876			3,611,958
Net interest margin		3.39	%		3.25			3.22			3.23			3.05

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

7 of 9

Synovus

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

	March 31, 2010
				Loans as a %			Total		Nonperforming Loans
				of Total Loans			Nonperforming		as a % of Total
Loan Type	Total Loans			Outstanding			Loans		Nonperforming Loans
Multi-Family	$	917,478			3.8	%	$	12,048		0.8	%
Hotels		1,064,300			4.4			228,402		14.8
Office Buildings		1,018,060			4.2			17,996		1.2
Shopping Centers		1,126,052			4.6			28,183		1.8
Commercial Development		510,340			2.1			71,509		4.6
Warehouses		521,933			2.1			5,776		0.4
Other Investment Property		562,088			2.2			26,118		1.7
Total Investment Properties		5,720,251			23.4			390,032		25.3
1-4 Family Construction		576,542			2.4			151,767		9.8
1-4 Family Perm / Mini-Perm		1,266,446			5.2			79,546		5.2
Residential Development		1,221,026			5.0			344,886		22.4
Total 1-4 Family Properties		3,064,014			12.6			576,199		37.4
Land Acquisition		1,397,870			5.7			251,267		16.3
Total Commercial Real Estate		10,182,135			41.7			1,217,498		79.0
Commercial , Financial, and Agricultural		5,779,238			23.7			171,864		11.1
Owner-Occupied		4,350,811			17.8			85,495		5.5
Total Commercial & Industrial		10,130,049			41.5			257,359		16.6
Home Equity		1,695,679			6.9			16,943		1.1
Consumer Mortgages		1,587,537			6.5			44,383		2.9
Credit Card		284,781			1.2			—		—
Other Retail Loans		553,936			2.3			6,521		0.4
Total Retail		4,121,933			16.9			67,847		4.4
Unearned Income		(16,953	)		(0.1	)		—		—
Total	$	24,417,164			100.0	%	$	1,542,704		100.0	%

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

	Total Loans						1Q10 vs. 4Q09						1Q10 vs. 1Q09
Loan Type	March 31, 2010			December 31, 2009			% change (1)			March 31, 2009			% change
Multi-Family	$	917,478			946,598			(12.5	)%	$	691,327			32.7	%
Hotels		1,064,300			1,060,837			1.3			1,072,469			(0.8	)
Office Buildings		1,018,060			1,034,934			(6.6	)		1,122,953			(9.3	)
Shopping Centers		1,126,052			1,149,245			(8.2	)		1,159,863			(2.9	)
Commercial Development		510,340			546,055			(26.5	)		730,823			(30.2	)
Warehouses		521,933			556,826			(25.4	)		534,252			(2.3	)
Other Investment Property		562,088			592,937			(21.1	)		729,932			(23.0	)
Total Investment Properties		5,720,251			5,887,432			(11.5	)		6,041,619			(5.3	)
1-4 Family Construction		576,542			714,411			(78.3	)		1,466,636			(60.7	)
1-4 Family Perm / Mini-Perm		1,266,446			1,281,411			(4.7	)		1,376,198			(8.0	)
Residential Development		1,221,026			1,334,859			(34.6	)		1,931,607			(36.8	)
Total 1-4 Family Properties		3,064,014			3,330,681			(32.5	)		4,774,441			(35.8	)
Land Acquisition		1,397,870			1,510,981			(30.4	)		1,742,024			(19.8	)
Total Commercial Real Estate		10,182,135			10,729,094			(20.7	)		12,558,084			(18.9	)
Commercial , Financial, and Agricultural		5,779,238			6,015,445			(15.9	)		6,461,156		nm
Owner-Occupied		4,350,811			4,445,648			(8.7	)		4,416,435			(1.5	)
Total Commercial & Industrial		10,130,049			10,461,093			(12.8	)		10,877,591			(6.9	)
Home Equity		1,695,679			1,714,994			(4.6	)		1,718,918			(1.4	)
Consumer Mortgages		1,587,537			1,637,978			(12.5	)		1,734,438			(8.5	)
Credit Card		284,781			294,126			(12.9	)		285,099			(0.1	)
Other Retail Loans		553,936			565,131			(8.0	)		588,164			(5.8	)
Total Retail		4,121,933			4,212,229			(8.7	)		4,326,619			(4.7	)
Unearned Income		(16,953	)		(19,348	)		(50.2	)		(32,022	)		(47.1	)
Total	$	24,417,164			25,383,068			(15.4	)%	$	27,730,272			(11.9	)%

(1) Percentage change is annualized.

8 of 9

Synovus

CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)

	2010			2009								1st Quarter
	First			Fourth		Third		Second		First		’10 vs. ’09
	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Nonperforming Loans	$	1,542,704			1,555,776		1,519,049		1,472,242		1,415,269		9.0	%
Impaired Loans Held for Sale (1)		78,077			36,816		40,932		34,938		22,751		243.2
Other Real Estate		222,155			238,807		187,494		210,968		287,246		(22.7	)
Nonperforming Assets		1,842,937			1,831,399		1,747,475		1,718,148		1,725,266		6.8
Allowance for Loan Losses		968,697			943,725		918,468		918,723		642,422		50.8
Net Charge-Offs — Quarter		315,976			361,857		496,777		355,224		246,314		28.3
Net Charge-Offs — YTD		315,976			1,460,172		1,098,315		601,538		246,314		28.3
Net Charge-Offs / Average Loans — Quarter (2)		5.05	%		5.58		7.33		5.09		3.53
Net Charge-Offs / Average Loans — YTD (2)		5.05			5.37		5.30		4.31		3.53
Nonperforming Loans / Loans		6.32			6.13		5.77		5.34		5.10
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE		7.46			7.14		6.58		6.17		6.15
Allowance / Loans		3.97			3.72		3.49		3.33		2.32
Allowance / Nonperforming Loans		62.79			60.66		60.46		62.40		45.39
Past Due Loans over 90 days and Still Accruing	$	35,491			19,938		43,816		31,018		31,316		13.3	%
As a Percentage of Loans Outstanding		0.15	%		0.08		0.17		0.11		0.11
Total Past Dues Loans and Still Accruing	$	294,753			262,446		356,456		331,731		587,014		(49.8	)
As a Percentage of Loans Outstanding		1.21	%		1.03		1.35		1.20		2.12
Restructured loans (accruing)	$	261,160			213,552		192,559		18,025		25,919	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)

	March 31, 2010			December 31, 2009		March 31, 2009
Tier 1 Capital	$	2,494,790			2,721,287		3,454,987
Total Risk-Based Capital		3,357,445			3,637,712		4,440,572
Tier 1 Capital Ratio		9.69	%		10.16		11.06
Total Risk-Based Capital Ratio		13.04			13.58		14.22
Leverage Ratio		7.68			8.12		9.88
Common Equity as a Percentage of Total Assets (2)		5.20			5.86		7.86
Tangible Common Equity as a Percentage of Tangible Assets (3)		5.08			5.74		7.70
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		6.39			7.03		8.51
Book Value Per Common Share (4)		3.44			3.93		8.22
Tangible Book Value Per Common Share (3)		3.36			3.84		8.04

(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.

9 of 9