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

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

	Nine Months Ended
(dollars in thousands, except per share data)	September 30,
	2010			2009			Change
Interest income (taxable equivalent)	$	1,010,278			1,151,124			(12.2	) %
Interest expense		262,658			393,026			(33.2	)
Net interest income (taxable equivalent)		747,620			758,098			(1.4	)
Tax equivalent adjustment		3,254			3,619			(10.1	)
Net interest income		744,366			754,479			(1.3	)
Provision for losses on loans		878,872			1,418,485			(38.0	)
Net interest expense after provision for losses on loans		(134,506	)		(664,006	)		(79.7	)
Non-interest income:
Service charges on deposit accounts		80,867			88,100			(8.2	)
Fiduciary and asset management fees		33,103			32,714			1.2
Brokerage and investment banking income		19,435			21,440			(9.4	)
Mortgage banking income		22,295			30,949			(28.0	)
Bankcard fees		29,989			26,619			12.7
Investment securities (losses) gains, net		(1,043	)		14,730			nm
Other fee income		16,372			24,145			(32.2	)
Increase in fair value of private equity investments, net		5,703			1,237			361.0
Gain from sale of MasterCard shares		—			8,351			nm
Other non-interest income		18,736			25,539			(26.6	)
Total non-interest income		225,457			273,824			(17.7	)
Non-interest expense:
Salaries and other personnel expense		316,405			330,979			(4.4	)
Net occupancy and equipment expense		91,877			93,291			(1.5	)
FDIC insurance and other regulatory fees		52,794			58,401			(9.6	)
Foreclosed real estate expense		142,837			320,171			(55.4	)
Losses on other loans held for sale, net		73			1,703			(95.7	)
Visa litigation recovery		—			(4,067	)		nm
Goodwill impairment		—			241			nm
Professional fees		34,299			28,406			20.7
Data processing expense		33,123			36,048			(8.1	)
Other operating expenses		109,162			106,624			2.4
Total non-interest expense		780,570			971,797			(19.7	)
Loss from continuing operations before income taxes		(689,619	)		(1,361,979	)		(49.4	)
Income tax benefit		(21,034	)		(197,496	)		(89.3	)
Loss from continuing operations		(668,585	)		(1,164,483	)		(42.6	)
Income from discontinued operations, net of income taxes		43,161			3,701			nm
Net loss		(625,424	)		(1,160,782	)		(46.1	)
Net (loss) income attributable to non-controlling interest		(313	)		2,365			(113.2	)
Net loss attributable to controlling interest		(625,111	)		(1,163,147	)		(46.3	)
Dividends and accretion of discount on preferred stock		43,079			42,675			0.9
Net loss attributable to common shareholders	$	(668,190	)		(1,205,822	)		44.6
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(1.09	)		(3.61	)		69.8	%
Net loss attributable to common shareholders		(1.03	)		(3.60	)		71.5

Diluted EPS
Net loss from continuing operations attributable to common shareholders	(1.09	)	(3.61	)	69.8
Net loss attributable to common shareholders	(1.03	)	(3.60	)	71.5
Cash dividends declared per common share	0.03		0.03		—
Return on average assets *	(2.77	) %	(4.50	)	173 bp
Return on average common equity *	(43.50	)	(66.15	)	nm
Average common shares outstanding - basic	651,507		334,808		94.6	%
Average common shares outstanding - diluted	651,507		334,808		94.6

nm - not meaningful

* - ratios are annualized

Synovus

INCOME STATEMENT DATA

(Unaudited)

(dollars in thousands, except per share data)	2010						2009									3rd Quarter
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			‘10 vs. ‘09 Change
Interest income (taxable equivalent)	$	327,577			338,795			343,906			362,911			377,839			(13.3	)%
Interest expense		81,030			87,700			93,928			105,853			121,989			(33.6	)
Net interest income (taxable equivalent)		246,547			251,095			249,978			257,058			255,850			(3.6	)
Tax equivalent adjustment		1,087			1,056			1,111			1,227			1,219			(10.8	)
Net interest income		245,460			250,039			248,867			255,831			254,631			(3.6	)
Provision for losses on loans		239,020			298,904			340,948			387,114			496,522			(51.9	)
Net interest income (expense) after provision for losses on loans		6,440			(48,865	)		(92,081	)		(131,283	)		(241,891	)		102.7
Non-interest income:
Service charges on deposit accounts		26,711			27,876			26,280			29,651			29,699			(10.1	)
Fiduciary and asset management fees		10,408			11,357			11,338			11,455			11,244			(7.4	)
Brokerage and investment banking income		6,736			6,768			5,931			7,035			7,047			(4.4	)
Mortgage banking income		10,163			6,318			5,814			7,572			7,037			44.4
Bankcard fees		10,674			9,800			9,515			9,521			9,114			17.1
Investment securities (losses) gains, net		(612	)		17			(448	)		(663	)		14,730			nm
Other fee income		5,440			5,402			5,530			7,055			7,733			(29.7	)
Increase (decrease) in fair value of private equity investments, net		3,521			1,283			899			142			(6,853	)		nm
Gain from sale of Visa shares		—			—			—			51,900			—			—
Other non-interest income		8,723			5,174			4,839			13,179			6,484			34.5
Total non-interest income		81,764			73,995			69,698			136,847			86,235			(5.2	)
Non-interest expense:
Salaries and other personnel expense		108,453			103,929			104,022			100,209			104,568			3.7
Net occupancy and equipment expense		31,311			30,588			29,978			29,878			31,231			0.3
FDIC insurance and other regulatory fees		16,178			18,970			17,646			17,913			15,341			5.5
Foreclosed real estate expense		50,890			46,440			45,507			34,098			101,437			(49.8	)
Losses on other loans held for sale, net		—			12			61			—			608			nm
Visa litigation recovery		—			—			—			(2,374	)		(4,067	)		nm
Goodwill impairment		—			—			—			14,849			—			—
Professional fees		13,324			11,595			9,380			10,397			11,121			19.8
Data processing expense		11,117			11,323			10,683			11,615			11,194			(0.7	)
Other operating expenses		37,738			35,905			35,520			32,908			45,387			(16.9	)
Total non-interest expense		269,011			258,762			252,797			249,493			316,820			(15.1	)
Loss from continuing operations before income taxes		(180,807	)		(233,632	)		(275,180	)		(243,929	)		(472,476	)		61.7
Income tax expense (benefit)		360			(5,057	)		(16,337	)		25,518			(31,528	)		(101.1	)
Loss from continuing operations		(181,167	)		(228,575	)		(258,843	)		(269,447	)		(440,948	)		58.9
Income from discontinued operations, net of income taxes		—			—			43,161			889			1,146			nm
Net loss		(181,167	)		(228,575	)		(215,682	)		(268,558	)		(439,802	)		58.8
Net income (loss) attributable to non-controlling interest		277			(381	)		(209	)		(1	)		(255	)		208.6
Net loss attributable to controlling interest		(181,444	)		(228,194	)		(215,473	)		(268,557	)		(439,547	)		58.7
Dividends and accretion of discount on preferred stock		14,394			14,360			14,325			14,291			14,258			1.0
Net loss attributable to common shareholders	$	(195,838	)		(242,554	)		(229,798	)		(282,848	)		(453,805	)		56.8

Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.25	)	(0.36	)	(0.56	)	(0.58	)	(1.32	)	81.1	%
Net loss attributable to common shareholders		(0.25	)	(0.36	)	(0.47	)	(0.58	)	(1.32	)	81.1
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.25	)	(0.36	)	(0.56	)	(0.58	)	(1.32	)	81.1
Net loss attributable to common shareholders		(0.25	)	(0.36	)	(0.47	)	(0.58	)	(1.32	)	81.1
Cash dividends declared per common share		0.01		0.01		0.01		0.01		0.01		—
Return on average assets *		(2.27	) %	(2.81	)  %	(3.22	)%	(3.18	)	(6.77	)	450 bp
Return on average common equity *		(31.75	)	(43.59	)	(59.10	)	(53.25	)	(93.25	)	nm
Average common shares outstanding - basic		784,916		676,753		489,607		486,104		344,626		127.8	%
Average common shares outstanding - diluted		784,916		676,753		489,607		486,104		344,626		127.8

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)	September 30, 2010			December 31, 2009			September 30, 2009
ASSETS
Cash and due from banks	$	385,687			564,482			401,778
Interest bearing funds with Federal Reserve Bank		3,113,435			1,901,847			2,822,577
Interest earning deposits with banks		22,271			12,534			12,771
Federal funds sold and securities purchased under resale agreements		177,350			203,959			180,194
Trading account assets, at fair value		15,061			14,370			13,403
Mortgage loans held for sale, at fair value		241,353			138,056			112,115
Other loans held for sale		50,302			36,816			80,945
Investment securities available for sale, at fair value		3,326,133			3,188,735			3,298,815
Loans, net of unearned income		22,581,036			25,383,068			26,331,739
Allowance for loan losses		(836,355	)		(943,725	)		(918,468	)
Loans, net		21,744,681			24,439,343			25,413,271
Premises and equipment, net		555,919			580,375			588,179
Goodwill		24,431			24,431			39,280
Other intangible assets, net		13,463			16,649			17,775
Other assets		1,284,675			1,709,821			1,629,377
Total assets	$	30,954,761			32,831,418			34,610,480
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	4,248,071			4,172,697			4,018,045
Interest bearing deposits		20,988,154			23,260,836			24,036,146
Total deposits		25,236,225			27,433,533			28,054,191
Federal funds purchased and other short-term borrowings		410,353			475,062			1,030,520
Long-term debt		1,743,097			1,751,592			1,963,136
Other liabilities		324,077			299,730			389,034
Total liabilities		27,713,752			29,959,917			31,436,881
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		934,991			928,207			926,014
Common stock, par value $1.00 (2)		790,751			495,514			486,073
Additional paid-in capital		2,350,392			1,605,097			1,591,374
Treasury stock, at cost (3)		(114,176	)		(114,155	)		(114,155	)
Accumulated other comprehensive income		91,112			84,806			108,032
(Accumulated deficit) retained earnings		(837,004	)		(148,428	)		139,322
Total shareholders’ equity		3,216,066			2,851,041			3,136,660
Non-controlling interest in subsidiaries		24,943			20,460			36,939
Total equity		3,241,009			2,871,501			3,173,599
Total liabilities and equity	$	30,954,761			32,831,418			34,610,480

(1) Preferred shares outstanding: 967,870

(2) Common shares outstanding: 785,057,350; 489,828,319; and 480,387,653 at September 30, 2010, December 31, 2009, and September 30, 2009, respectively

(3) Treasury shares: 5,693,452; 5,685,638; and 5,685,638 at September 30, 2010, December 31, 2009, and September 30, 2009, respectively

Synovus

AVERAGE BALANCES AND YIELDS/RATES *

(Unaudited)

(dollars in thousands)

	2010						2009
Interest Earning Assets	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Taxable investment securities	$	3,055,400			3,068,634			2,952,188			2,983,914			3,209,718
Yield		4.08	%		4.40			4.70			4.79			5.06
Tax-exempt investment securities	$	62,659			66,125			72,041			88,848			98,435
Yield (taxable equivalent)		6.82	%		6.85			7.16			7.03			7.06
Trading account assets	$	14,970			16,763			14,881			14,356			13,439
Yield		4.88	%		5.47			5.30			5.60			8.22
Commercial loans	$	19,041,500			19,982,523			20,880,069			21,722,140			22,850,126
Yield		4.92	%		4.92			4.85			4.82			4.73
Consumer loans	$	4,048,929			4,100,458			4,174,320			4,249,316			4,303,592
Yield		5.25	%		5.33			5.36			5.32			5.37
Allowance for loan losses	$	(862,970	)		(964,212	)		(951,552	)		(906,484	)		(905,700	)
Loans, net	$	22,227,459			23,118,769			24,102,837			25,064,972			26,248,018
Yield		5.19	%		5.21			5.15			5.10			5.01
Mortgage loans held for sale	$	194,487			131,700			96,440			114,906			194,158
Yield		5.16	%		5.54			5.49			5.29			5.39
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	3,720,649			3,591,353			2,435,880			2,995,367			1,653,546
Yield		0.25	%		0.25			0.24			0.24			0.24
Federal Home Loan Bank and Federal Reserve Bank stock (1)	$	122,356			140,209			142,524			140,550			139,230
Yield		0.87	%		0.82			0.97			1.01			1.38
Total interest earning assets	$	29,397,980			30,133,553			29,816,791			31,402,913			31,556,544
Yield		4.42	%		4.51			4.67			4.59			4.76
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,601,825			3,617,669			3,636,437			3,851,237			3,310,924
Rate		0.36	%		0.42			0.42			0.41			0.42
Money market accounts	$	6,788,768			6,606,161			6,450,696			6,420,003			6,309,578
Rate		0.98	%		1.07			1.19			1.21			1.23
Savings deposits	$	488,221			495,901			476,007			469,526			477,909
Rate		0.14	%		0.15			0.15			0.15			0.15
Time deposits under $100,000	$	2,511,830			2,626,852			2,726,002			2,851,913			3,030,346
Rate		1.88	%		2.00			2.17			2.44			2.86
Time deposits over $100,000	$	4,217,972			4,561,517			4,770,429			4,909,253			5,281,529
Rate		1.88	%		1.95			2.05			2.32			2.73
National market brokered money market accounts	$	537,952			833,811			1,047,417			1,218,363			1,365,477
Rate		0.80	%		0.83			0.74			0.75			0.77
National market brokered time deposits	$	3,261,113			3,681,660			3,871,581			4,011,648			3,941,977
Rate		1.89	%		1.90			2.13			2.41			2.66
Total interest bearing deposits	$	21,407,681			22,423,571			22,978,569			23,731,943			23,717,740
Rate		1.28	%		1.36			1.48			1.62			1.85
Federal funds purchased and other short-term liabilities	$	514,295			493,602			472,691			729,988			1,194,759
Rate		0.36	%		0.44			0.47			0.45			0.37
Long-term debt	$	1,811,153			1,882,358			1,805,363			1,897,915			1,906,320
Rate		2.57	%		2.36			2.17			1.75			2.14
Total interest bearing liabilities	$	23,733,129			24,799,531			25,256,623			26,359,846			26,818,819
Rate		1.36	%		1.42			1.51			1.59			1.80
Non-interest bearing demand deposits	$	4,310,459			4,271,444			4,243,622			4,162,027			4,069,108
Net interest margin		3.33	%		3.34			3.39			3.25			3.22

* Yields and rates are annualized

(1) Included as a component of Other Assets on the balance sheet

Synovus

LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(dollars in thousands)

	September 30, 2010
				Loans as a %			Total		Non-performing Loans
				of Total Loans			Non-performing		as a % of Total
Loan Type	Total Loans			Outstanding			Loans		Non-performing Loans
Multi-Family	$	884,910			3.9	%	$	11,177		0.9	%
Hotels		970,849			4.3			92,309		7.1
Office Buildings		874,580			3.9			18,122		1.4
Shopping Centers		1,158,052			5.1			63,134		4.9
Commercial Development		419,953			1.9			54,421		4.2
Warehouses		531,570			2.4			7,076		0.5
Other Investment Property		526,652			2.3			25,773		2.0
Total Investment Properties		5,366,566			23.8			272,012		20.9
1-4 Family Construction		416,781			1.8			99,114		7.7
1-4 Family Perm / Mini-perm		1,154,279			5.1			72,131		5.6
Residential Development		861,957			3.8			281,126		21.7
Total 1-4 Family Properties		2,433,017			10.8			452,371		35.0
Land Acquisition		1,381,603			6.1			229,872		17.8
Total Commercial Real Estate		9,181,186			40.7			954,255		73.6
Commercial, Financial, and Agricultural		5,263,677			23.3			187,022		14.5
Owner-occupied		4,127,775			18.3			79,111		6.2
Total Commercial & Industrial		9,391,452			41.6			266,133		20.7
Home Equity		1,672,021			7.4			18,567		1.4
Consumer Mortgages		1,516,687			6.7			48,800		3.8
Credit Card		280,898			1.2			—		—
Other Retail Loans		551,941			2.4			6,276		0.5
Total Retail		4,021,547			17.8			73,643		5.7
Unearned Income		(13,149	)		(0.1	)		—		—
Total	$	22,581,036			100.0	%	$	1,294,031		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(dollars in thousands)

	Total Loans				3Q10 vs. 4Q09					3Q10 vs. 3Q09
Loan Type	September 30, 2010		December 31, 2009		% change (1)			September 30, 2009		% change
Multi-family	$	884,910		949,049		(9.0	)%	$	875,909		1.0	%
Hotels		970,849		1,094,517		(15.1	)		1,090,182		(10.9	)
Office Buildings		874,580		964,214		(12.4	)		1,070,297		(18.3	)
Shopping Centers		1,158,052		1,212,462		(6.0	)		1,144,919		1.1
Commercial Development		419,953		528,911		(27.5	)		632,993		(33.7	)
Warehouses		531,570		566,290		(8.2	)		565,422		(6.0	)
Other Investment Property		526,652		581,732		(12.7	)		670,691		(21.5	)
Total Investment Properties		5,366,566		5,897,175		(12.0	)		6,050,413		(11.3	)
1-4 Family Construction		416,781		715,171		(55.8	)		981,104		(57.5	)
1-4 Family Perm / Mini-perm		1,154,279		1,272,763		(12.4	)		1,340,883		(13.9	)
Residential Development		861,957		1,328,317		(46.9	)		1,497,419		(42.4	)
Total 1-4 Family Properties		2,433,017		3,316,251		(35.6	)		3,819,406		(36.3	)
Land Acquisition		1,381,603		1,529,415		(12.9	)		1,587,828		(13.0	)

Total Commercial Real Estate		9,181,186		10,742,841		(19.4	)		11,457,647		(19.9	)
Commercial, Financial, and Agricultural		5,263,677		6,003,735		(16.5	)		6,202,199		(15.1	)
Owner-Occupied		4,127,775		4,443,611		(9.5	)		4,429,142		(6.8	)
Total Commercial & Industrial		9,391,452		10,447,346		(13.5	)		10,631,341		(11.7	)
Home Equity		1,672,021		1,714,994		(3.4	)		1,729,458		(3.3	)
Consumer Mortgages		1,516,687		1,637,978		(9.9	)		1,667,593		(9.0	)
Credit Card		280,898		294,126		(6.0	)		288,147		(2.5	)
Other Retail Loans		551,941		565,131		(3.1	)		579,796		(4.8	)
Total Retail		4,021,547		4,212,229		(6.1	)		4,264,994		(5.7	)
Unearned Income		(13,149	)	(19,348	)	(42.8	)		(22,243	)	(40.9	)
Total	$	22,581,036		25,383,068		(14.8	)%	$	26,331,739		(14.2	)%

(1) Percentage change is annualized

Synovus

CREDIT QUALITY DATA

(Unaudited)

(dollars in thousands)

	2010							2009				3rd Quarter
	Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter		‘10 vs. ‘09 Change
Non-performing Loans	$	1,294,031			1,309,944		1,542,704		1,555,776		1,519,049		(14.8	)%
Other Loans Held for Sale (1)		50,302			50,208		78,077		36,816		40,932		22.9
Other Real Estate		211,869			212,362		222,155		238,807		187,494		13.0
Non-performing Assets		1,556,202			1,572,514		1,842,937		1,831,399		1,747,475		(10.9	)
Allowance for Loan Losses		836,355			834,522		968,697		943,725		918,468		(8.9	)
Net Charge-offs - Quarter		237,195			433,079		315,976		361,857		496,777		(52.3	)
Net Charge-offs - YTD		986,249			749,055		315,976		1,460,172		1,098,315		(10.2	)
Net Charge-offs / Average Loans - Quarter (2)		4.12	%		7.21		5.05		5.58		7.33
Net Charge-offs / Average Loans - YTD (2)		5.47			6.11		5.05		5.37		5.30
Non-performing Loans / Loans		5.73			5.61		6.32		6.13		5.77
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		6.81			6.66		7.46		7.14		6.58
Allowance / Loans		3.70			3.58		3.97		3.72		3.49
Allowance / Non-performing Loans		64.63			63.71		62.79		60.66		60.46
Past Due Loans over 90 days and Still Accruing	$	25,028			21,430		35,491		19,938		43,816		(42.9	)%
As a Percentage of Loans Outstanding		0.11	%		0.09		0.15		0.08		0.17
Total Past Dues Loans and Still Accruing	$	253,748			246,635		294,753		262,446		356,456		(28.8	)
As a Percentage of Loans Outstanding		1.12	%		1.06		1.21		1.03		1.35
Restructured loans (accruing)	$	409,768			350,145		261,157		213,552		192,559		112.8

(1) Represents 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)

	September 30, 2010			December 31, 2009		September 30, 2009
Tier 1 Capital	$	3,092,655			2,721,287		2,974,066
Total Risk-based Capital		3,954,063			3,637,712		3,927,752
Tier 1 Capital Ratio		13.06	%		10.16		10.48
Tier 1 Common Equity Ratio		9.07	%		6.66		7.18
Total Risk-based Capital Ratio		16.70			13.58		13.84
Leverage Ratio		9.75			8.12		8.76
Common Equity as a Percentage of Total Assets (2)		7.37			5.86		6.39
Tangible Common Equity as a Percentage of Tangible Assets (3)		7.26			5.74		6.23
Tangible Common Equity as a Percentage of Risk-weighted Assets (3)		9.47			7.03		7.59
Book Value Per Common Share (4) (5)		2.57			3.93		4.60
Tangible Book Value Per Common Share (3) (5)		2.53			3.84		4.48

(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

(5) Equity and common shares exclude impact of unexercised tangible equity units (tMEDS)