Synovus Financial (SNV) 8-K Synovus Reports Results for First Quarter of 2011

Exhibit 99.2

Synovus

INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data)	2011			2010												1st Quarter
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter			’11 vs. ’10 Change
Interest income	$	298,432			313,557			326,490			337,739			342,795			(12.9	) %
Interest expense		60,998			71,590			81,030			87,700			93,928			(35.1	)
Net interest income		237,434			241,967			245,460			250,039			248,867			(4.6	)
Provision for losses on loans		141,746			252,401			239,020			298,904			340,948			(58.4	)
Net interest income (expense) after provision for losses on loans		95,688			(10,434	)		6,440			(48,865	)		(92,081	)		203.9
Non-interest income:
Service charges on deposit accounts		20,318			24,248			26,711			27,876			26,280			(22.7	)
Fiduciary and asset management fees		11,537			11,039			10,408			11,357			11,338			1.8
Brokerage revenue		6,220			8,750			6,736			6,768			5,931			4.9
Mortgage revenue		2,495			11,039			10,163			6,318			5,814			(57.1	)
Bankcard fees		10,657			11,431			10,674			9,800			9,515			12.0
Investment securities gains (losses), net		1,420			(228	)		(612	)		17			(448	)		nm
Other fee income		4,931			4,757			5,440			5,402			5,530			(10.8	)
Increase in fair value of private equity investments, net		132			1,500			3,521			1,283			899			(85.3	)
Other non-interest income		6,454			7,354			8,723			5,174			4,839			33.4
Total non-interest income		64,164			79,890			81,764			73,995			69,698			(7.9	)
Non-interest expense:
Salaries and other personnel expense		93,100			104,744			105,933			103,929			104,022			(10.5	)
Net occupancy and equipment expense		29,834			30,169			31,311			30,588			29,978			(0.5	)
FDIC insurance and other regulatory fees		14,406			16,686			16,178			18,970			17,646			(18.4	)
Foreclosed real estate expense		24,737			20,793			50,890			46,440			45,507			(45.6	)
(Gains) losses on other loans held for sale, net		(2,226	)		2,976			—			12			61			nm
Professional fees		9,236			12,154			12,424			11,595			9,380			(1.5	)
Data processing expense		8,950			12,355			11,117			11,323			10,683			(16.2	)
Restructuring charges		24,333			2,118			3,420			—			—			nm
Loss (gain) on curtailment of post-retirement defined benefit plan		398			(7,092	)		—			—			—			nm
Other operating expenses		36,948			34,103			37,738			35,905			35,520			4.0
Total non-interest expense		239,716			229,006			269,011			258,762			252,797			(5.2	)
Loss from continuing operations before income taxes		(79,864	)		(159,550	)		(180,807	)		(233,632	)		(275,180	)		71.0
Income tax (benefit) expense		(456	)		5,884			360			(5,057	)		(16,337	)		(97.2	)
Loss from continuing operations		(79,408	)		(165,434	)		(181,167	)		(228,575	)		(258,843	)		69.3
Income from discontinued operations, net of income taxes		—			—			—			—			43,161			nm
Net loss		(79,408	)		(165,434	)		(181,167	)		(228,575	)		(215,682	)		63.2
Net (loss) income attributable to non-controlling interest		(220	)		134			277			(381	)		(209	)		(5.3	)
Net loss attributable to controlling interest		(79,188	)		(165,568	)		(181,444	)		(228,194	)		(215,473	)		63.2
Dividends and accretion of discount on preferred stock		14,466			14,430			14,394			14,360			14,325			1.0
Net loss attributable to common shareholders	$	(93,654	)		(179,998	)		(195,838	)		(242,554	)		(229,798	)		59.2
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.12	)		(0.23	)		(0.25	)		(0.36	)		(0.56	)		78.6	%
Net loss attributable to common shareholders		(0.12	)		(0.23	)		(0.25	)		(0.36	)		(0.47	)		74.6
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.12	)		(0.23	)		(0.25	)		(0.36	)		(0.56	)		78.6
Net loss attributable to common shareholders		(0.12	)		(0.23	)		(0.25	)		(0.36	)		(0.47	)		74.6
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		(1.09	)%		(2.12	)%		(2.27	)%		(2.81	)%		(3.22	)		213 bp
Return on average common equity *		(19.55	)		(31.80	)		(31.80	)		(43.59	)		(59.10	)		nm
Average common shares outstanding - basic		785,243			785,122			784,916			676,753			489,607			60.4	%
Average common shares outstanding - diluted		785,243			785,122			784,916			676,753			489,607			60.4

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA	March 31, 2011			December 31, 2010			March 31, 2010
	(Unaudited)						(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks	$	407,201			389,021			579,620
Interest bearing funds with Federal Reserve Bank		2,541,884			3,103,896			2,826,702
Interest earning deposits with banks		22,217			16,446			12,817
Federal funds sold and securities purchased under resale agreements		129,938			160,502			166,392
Trading account assets, at fair value		17,641			22,294			13,605
Mortgage loans held for sale, at fair value		112,246			232,839			112,989
Other loans held for sale		111,057			127,365			78,077
Investment securities available for sale, at fair value		3,346,483			3,440,268			3,237,519
Loans, net of unearned income		20,997,422			21,585,763			24,417,164
Allowance for loan losses		(678,426	)		(703,547	)		(968,697	)
Loans, net		20,318,996			20,882,216			23,448,467
Premises and equipment, net		495,490			544,971			572,815
Goodwill		24,431			24,431			24,431
Other intangible assets, net		11,424			12,434			15,556
Other assets		1,139,195			1,136,465			1,350,448
Total assets	$	28,678,203			30,093,148			32,439,438
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	4,698,580			4,298,372			4,352,327
Interest bearing deposits		18,507,299			20,201,932			22,827,721
Total deposits		23,205,879			24,500,304			27,180,048
Federal funds purchased and other short-term borrowings		425,209			499,226			450,979
Long-term debt		1,912,954			1,808,161			1,868,343
Other liabilities		251,462			260,910			301,615
Total liabilities		25,795,504			27,068,601			29,800,985
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		939,691			937,323			930,433
Common stock, par value $1.00 (2)		790,968			790,956			495,536
Additional paid-in capital		2,352,329			2,351,508			1,607,140
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,174	)
Accumulated other comprehensive income		40,149			57,158			80,722
Accumulated deficit		(1,126,356	)		(1,024,851	)		(382,914	)
Total shareholders’ equity		2,882,605			2,997,918			2,616,743
Non-controlling interest in subsidiaries		94			26,629			21,710
Total equity		2,882,699			3,024,547			2,638,453
Total liabilities and equity	$	28,678,203			30,093,148			32,439,438

(1) Preferred shares outstanding: 967,870, at all periods presented

(2) Common shares outstanding: 785,274,094; 785,262,837; and 489,834,709 at March 31, 2011 December 31, 2010, and March 31, 2010, respectively.

(3) Treasury shares: 5,693,452; 5,693,452; and 5,692,422 at March 31, 2011, December 31, 2010, and March 31, 2010, respectively.

Synovus

AVERAGE BALANCES AND YIELDS/RATES * (Unaudited) (Dollars in thousands)	2011			2010
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Interest Earning Assets
Taxable investment securities	$	3,264,581			3,104,004			3,055,400			3,068,634			2,952,188
Yield		3.56	%		3.76			4.08			4.40			4.70
Tax-exempt investment securities	$	44,228			51,400			62,659			66,125			72,041
Yield (taxable equivalent)		6.84	%		7.16			6.82			6.85			7.16
Trading account assets	$	20,281			16,037			14,970			16,763			14,881
Yield		5.13	%		5.86			4.88			5.47			5.30
Commercial loans	$	17,555,733			18,315,882			19,041,500			19,982,523			20,880,069
Yield		4.98	%		4.90			4.92			4.92			4.85
Consumer loans	$	3,914,222			3,988,849			4,048,929			4,100,458			4,174,320
Yield		5.25	%		5.22			5.25			5.33			5.36
Allowance for loan losses	$	(698,609	)		(819,176	)		(862,970	)		(964,212	)		(951,552	)
Loans, net	$	20,771,346			21,485,555			22,227,459			23,118,769			24,102,837
Yield		5.21	%		5.16			5.19			5.21			5.15
Mortgage loans held for sale	$	152,981			260,759			194,487			131,700			96,440
Yield		4.74	%		4.60			5.16			5.54			5.49
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	3,033,284			3,628,939			3,720,649			3,591,353			2,435,880
Yield		0.25	%		0.25			0.25			0.25			0.24
Federal Home Loan Bank and Federal Reserve Bank stock (1)	$	111,097			113,341			122,356			140,209			142,524
Yield		0.90	%		0.59			0.87			0.82			0.97
Total interest earning assets	$	27,397,797			28,660,035			29,397,980			30,133,553			29,816,791
Yield		4.42	%		4.36			4.42			4.51			4.67
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,526,730			3,864,106			3,601,825			3,617,669			3,636,437
Rate		0.33	%		0.33			0.36			0.42			0.42
Money market accounts	$	6,550,623			6,874,367			6,788,768			6,606,161			6,450,696
Rate		0.76	%		0.84			0.98			1.07			1.19
Savings deposits	$	493,504			484,460			488,221			495,901			476,007
Rate		0.14	%		0.14			0.14			0.15			0.15
Time deposits under $100,000	$	2,212,215			2,383,411			2,511,830			2,626,852			2,726,002
Rate		1.53	%		1.74			1.88			2.00			2.17
Time deposits over $100,000	$	3,291,202			3,859,235			4,217,972			4,561,517			4,770,429
Rate		1.65	%		1.77			1.88			1.95			2.05
National market brokered money market accounts	$	393,981			423,428			537,952			833,811			1,047,417
Rate		0.51	%		0.54			0.80			0.83			0.74
National market brokered time deposits	$	2,665,314			2,956,904			3,261,113	��		3,681,660			3,871,581
Rate		1.83	%		1.82			1.89			1.90			2.13
Total interest bearing deposits	$	19,133,569			20,845,911			21,407,681			22,423,571			22,978,569
Rate		1.05	%		1.14			1.28			1.36			1.48
Federal funds purchased and other short-term liabilities	$	412,008			442,183			514,295			493,602			472,691
Rate		0.29	%		0.33			0.36			0.44			0.47
Long-term debt	$	1,891,576			1,729,991			1,811,153			1,882,358			1,805,363
Rate		2.39	%		2.64			2.57			2.36			2.17
Total interest bearing liabilities	$	21,437,153			23,018,085			23,733,129			24,799,531			25,256,623
Rate		1.15	%		1.23			1.36			1.42			1.51
Non-interest bearing demand deposits	$	4,821,237			4,433,849			4,310,459			4,271,444			4,243,622
Net interest margin		3.52	%		3.37			3.33			3.34			3.39
Tax equivalent adjustment	$	964			968			1,087			1,056			1,111

* Yields and rates are annualized and include tax equivalent adjustment.

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

Synovus

LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

	March 31, 2011
Loan Type	Total Loans			Loans as a % of Total Loans Outstanding			Total Nonperforming Loans		Nonperforming Loans as a % of Total Nonperforming Loans
Multi-Family	$	861,336			4.1	%	$	14,667		1.7	%
Hotels		837,377			4.0			9,974		1.1
Office Buildings		795,144			3.8			16,157		1.8
Shopping Centers		1,065,314			5.1			18,304		2.0
Commercial Development		365,925			1.7			42,925		4.8
Warehouses		518,088			2.5			6,286		0.7
Other Investment Property		470,379			2.2			8,807		1.0
Total Investment Properties		4,913,563			23.4			117,120		13.1
1-4 Family Construction		278,661			1.3			34,331		3.8
1-4 Family Investment Mortgage		1,091,498			5.2			70,230		7.8
Residential Development		584,441			2.8			161,224		18.0
Total 1-4 Family Properties		1,954,600			9.3			265,785		29.6
Land Acquisition		1,196,310			5.7			221,403		24.7
Total Commercial Real Estate		8,064,473			38.4			604,308		67.3
Commercial , Financial, and Agricultural		5,128,080			24.4			140,088		15.7
Owner-Occupied Real Estate		3,936,498			18.7			78,089		8.7
Total Commercial & Industrial		9,064,578			43.1			218,177		24.4
Home Equity Lines		1,617,842			7.7			22,900		2.6
Consumer Mortgages		1,453,568			6.9			45,034		5.0
Credit Cards		272,519			1.3			—		—
Other Retail Loans		533,337			2.6			5,307		0.6
Total Retail		3,877,266			18.5			73,241		8.2
Unearned Income		(8,895	)		nm			—		—
Total	$	20,997,422			100.0	%	$	895,726		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

	Total Loans						1Q11 vs. 4Q10						1Q11 vs. 1Q10
Loan Type	March 31, 2011			December 31, 2010			% change (1)			March 31, 2010			% change
Multi-Family	$	861,336			867,328			(2.8	)%	$	919,486			(6.3	)%
Hotels		837,377			865,974			(13.4	)		1,097,980			(23.7	)
Office Buildings		795,144			842,657			(22.9	)		941,893			(15.6	)
Shopping Centers		1,065,314			1,078,122			(4.8	)		1,188,736			(10.4	)
Commercial Development		365,925			381,107			(16.2	)		490,021			(25.3	)
Warehouses		518,088			528,297			(7.8	)		531,314			(2.5	)
Other Investment Property		470,379			495,617			(20.7	)		553,425			(15.0	)
Total Investment Properties		4,913,563			5,059,102			(11.7	)		5,722,855			(14.1	)
1-4 Family Construction		278,661			332,047			(65.2	)		577,227			(51.7	)
1-4 Family Investment Mortgage		1,091,498			1,127,566			(13.0	)		1,258,226			(13.3	)
Residential Development		584,441			643,174			(37.0	)		1,216,826			(52.0	)
Total 1-4 Family Properties		1,954,600			2,102,787			(28.6	)		3,052,279			(36.0	)
Land Acquisition		1,196,310			1,218,690			(7.4	)		1,460,974			(18.1	)
Total Commercial Real Estate		8,064,473			8,380,579			(15.3	)		10,236,108			(21.2	)
Commercial , Financial, and Agricultural		5,128,080			5,267,861			(10.8	)		5,720,734			(10.4	)
Owner-Occupied Real Estate		3,936,498			3,996,950			(6.1	)		4,355,341			(9.6	)
Total Commercial & Industrial		9,064,578			9,264,811			(8.8	)		10,076,075			(10.0	)
Home Equity Lines		1,617,842			1,648,039			(7.4	)		1,695,679			(4.6	)
Consumer Mortgages		1,453,568			1,475,261			(6.0	)		1,587,537			(8.4	)
Credit Cards		272,519			284,971			(17.7	)		284,781			(4.3	)
Other Retail Loans		533,337			542,538			(6.9	)		553,937			(3.7	)
Total Retail		3,877,266			3,950,809			(7.5	)		4,121,934			(5.9	)
Unearned Income		(8,895	)		(10,436	)		(59.9	)		(16,953	)		(47.5	)
Total	$	20,997,422			21,585,763			(11.1	) %	$	24,417,164			(14.0	)%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA (Unaudited) (Dollars in thousands)	2011			2010								1st Quarter
	First Quarter			Fourth Quarter		Third Quarter		Second Quarter		First Quarter		’11 vs. ’10 Change
Nonperforming Loans	$	895,726			891,622		1,294,031		1,309,944		1,542,704		(41.9	) %
Other Loans Held for Sale (1)		110,436			127,365		50,302		50,208		78,078		41.4
Other Real Estate		269,314			261,305		211,869		212,362		222,155		21.2
Nonperforming Assets		1,275,476			1,280,292		1,556,202		1,572,514		1,842,937		(30.8	)
Allowance for Loan Losses		678,426			703,547		836,355		834,522		968,697		(30.0	)
Net Charge-Offs - Quarter		166,866			385,203		237,195		433,079		315,976		(47.2	)
Net Charge-Offs - YTD		166,866			1,371,452		986,249		749,055		315,976		(47.2	)
Net Charge-Offs / Average Loans - Quarter (2)		3.12	%		6.93		4.12		7.21		5.05
Net Charge-Offs / Average Loans - YTD (2)		3.12			5.82		5.47		6.11		5.05
Nonperforming Loans / Loans		4.27			4.13		5.73		5.61		6.32
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE		5.97			5.83		6.81		6.66		7.46
Allowance / Loans		3.23			3.26		3.70		3.58		3.97
Allowance / Nonperforming Loans		75.74			78.91		64.63		63.71		62.79
Allowance / Nonperforming Loans (3)		176.08			192.60		177.98		191.11		128.99
Past Due Loans over 90 days and Still Accruing	$	10,490			16,222		25,028		21,430		35,491		(70.4	) %
As a Percentage of Loans Outstanding		0.05	%		0.08		0.11		0.09		0.15
Total Past Dues Loans and Still Accruing	$	201,754			176,756		253,748		246,635		294,753		(31.6	)
As a Percentage of Loans Outstanding		0.96	%		0.82		1.12		1.06		1.21
Restructured loans (accruing)	$	545,416			464,123		409,768		350,145		261,157		108.8

(1) Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value, less costs to sell.

(2) Ratio is annualized.

(3) Excludes nonperforming loans for which the expected loss has been charged off.

SELECTED CAPITAL INFORMATION (1)

(Unaudited)

(Dollars in thousands)

	March 31, 2011			December 31, 2010		March 31, 2010
Tier 1 Capital	$	2,812,535			2,909,912		2,494,790
Total Risk-Based Capital		3,592,062			3,742,599		3,357,637
Tier 1 Capital Ratio		12.79	%		12.79		9.68
Tier 1 Common Equity Ratio		8.47			8.63		6.03
Total Risk-Based Capital Ratio		16.33			16.45		13.03
Leverage Ratio		9.58			9.44		7.68
Common Equity as a Percentage of Total Assets (2)		6.77			6.85		5.20
Tangible Common Equity as a Percentage of Tangible Assets (3)		6.66			6.73		5.08
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		8.67			8.90		6.39
Book Value Per Common Share (4) (5)		2.14			2.29		3.44
Tangible Book Value Per Common Share (3) (5)		2.10			2.25		3.36

(1) Current quarter regulatory capital information is preliminary.

(2) Common equity consists of Total Shareholders’ 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 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).