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

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Six Months Ended June 30,
	2011			2010			Change
Interest income	$	586,484			680,534			(13.8	)%
Interest expense		118,089			181,629			(35.0	)
Net interest income		468,395			498,905			(6.1	)
Provision for losses on loans		261,905			639,851			(59.1	)
Net interest income (expense) after provision for losses on loans		206,490			(140,946	)		246.5
Non-interest income:
Service charges on deposit accounts		39,556			54,155			(27.0	)
Fiduciary and asset management fees		23,416			22,695			3.2
Brokerage revenue		12,511			12,699			(1.5	)
Mortgage revenue		8,042			12,132			(33.7	)
Bankcard fees		22,782			19,315			17.9
Investment securities gains (losses), net		1,797			(431	)		nm
Other fee income		10,220			10,932			(6.5	)
(Decrease) increase in fair value of private equity investments, net		(169	)		2,181			(107.7	)
Other non-interest income		13,858			10,013			38.4
Total non-interest income		132,013			143,691			(8.1	)
Non-interest expense:
Salaries and other personnel expense		184,849			207,951			(11.1	)
Net occupancy and equipment expense		58,717			60,565			(3.1	)
FDIC insurance and other regulatory fees		30,362			36,615			(17.1	)
Foreclosed real estate expense		64,609			91,948			(29.7	)
(Gains) losses on other loans held for sale, net		(1,746	)		73			nm
Professional fees		20,129			20,976			(4.0	)
Data processing expense		18,201			22,007			(17.3	)
Restructuring charges		27,439			—			nm
Loss (gain) on curtailment of post-retirement defined benefit plan		398			—			nm
Other operating expenses		59,173			71,424			(17.2	)
Total non-interest expense		462,131			511,559			(9.7	)
Loss from continuing operations before income taxes		(123,628	)		(508,814	)		75.7
Income tax benefit		(5,220	)		(21,395	)		(75.6	)
Loss from continuing operations		(118,408	)		(487,419	)		75.7
Income from discontinued operations, net of income taxes		—			43,162			(100.0	)
Net loss		(118,408	)		(444,257	)		73.3
Net loss attributable to non-controlling interest		(220	)		(590	)		62.7
Net loss attributable to controlling interest		(118,188	)		(443,667	)		73.4
Dividends and accretion of discount on preferred stock		28,970			28,685			1.0
Net loss attributable to common shareholders	$	(147,158	)		(472,352	)		68.8
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.19	)		(0.88	)		78.8	%
Net loss attributable to common shareholders		(0.19	)		(0.81	)		76.8
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.19	)		(0.88	)		78.8
Net loss attributable to common shareholders		(0.19	)		(0.81	)		76.8
Cash dividends declared per common share		0.02			0.02			—
Return on average assets *		(0.82	)%		(3.02	)		220	bp
Return on average common equity *		(15.55	)		(50.63	)		nm
Average common shares outstanding - basic		785,260			583,697			34.5	%
Average common shares outstanding - diluted		785,260			583,697			34.5

nm - not meaningful

* - ratios are annualized

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	2011						2010									2nd Quarter
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			‘11 vs. ‘10 Change
Interest income	$	288,052			298,432			313,557			326,490			337,739			(14.7	)%
Interest expense		57,091			60,998			71,590			81,030			87,700			(34.9	)
Net interest income		230,961			237,434			241,967			245,460			250,039			(7.6	)
Provision for losses on loans		120,159			141,746			252,401			239,020			298,904			(59.8	)
Net interest income (expense) after provision for losses on loans		110,802			95,688			(10,434	)		6,440			(48,865	)		326.8
Non-interest income:
Service charges on deposit accounts		19,238			20,318			24,248			26,711			27,876			(31.0	)
Fiduciary and asset management fees		11,879			11,537			11,039			10,408			11,357			4.6
Brokerage revenue		6,291			6,220			8,750			6,736			6,768			(7.0	)
Mortgage revenue		5,547			2,495			11,039			10,163			6,318			(12.2	)
Bankcard fees		12,125			10,657			11,431			10,674			9,800			23.7
Investment securities gains (losses), net		377			1,420			(228	)		(612	)		17			nm
Other fee income		5,289			4,931			4,757			5,440			5,402			(2.1	)
(Decrease) increase in fair value of private equity investments, net		(301	)		132			1,500			3,521			1,283			(123.5	)
Other non-interest income		7,404			6,454			7,354			8,723			5,174			43.1
Total non-interest income		67,849			64,164			79,890			81,764			73,995			(8.3	)
Non-interest expense:
Salaries and other personnel expense		91,749			93,100			104,744			105,933			103,929			(11.7	)
Net occupancy and equipment expense		28,883			29,834			30,169			31,311			30,588			(5.6	)
FDIC insurance and other regulatory fees		15,956			14,406			16,686			16,178			18,970			(15.9	)
Foreclosed real estate expense		39,872			24,737			20,793			50,890			46,440			(14.1	)
Losses (gains) on other loans held for sale, net		480			(2,226	)		2,976			—			12			nm
Professional fees		10,893			9,236			12,154			12,424			11,595			(6.1	)
Data processing expense		9,251			8,950			12,355			11,117			11,323			(18.3	)
Restructuring charges		3,106			24,333			2,118			3,420			—			nm
Loss (gain) on curtailment of post-retirement defined benefit plan		—			398			(7,092	)		—			—			nm
Other operating expenses		22,225			36,948			34,103			37,738			35,905			(38.1	)
Total non-interest expense		222,415			239,716			229,006			269,011			258,762			(14.0	)
Loss from continuing operations before income taxes		(43,764	)		(79,864	)		(159,550	)		(180,807	)		(233,632	)		81.3
Income tax (benefit) expense		(4,764	)		(456	)		5,884			360			(5,057	)		(5.8	)
Loss from continuing operations		(39,000	)		(79,408	)		(165,434	)		(181,167	)		(228,575	)		82.9
Income from discontinued operations, net of income taxes		—			—			—			—			—			nm
Net loss		(39,000	)		(79,408	)		(165,434	)		(181,167	)		(228,575	)		82.9
Net (loss) income attributable to non-controlling interest		—			(220	)		134			277			(381	)		100.0
Net loss attributable to controlling interest		(39,000	)		(79,188	)		(165,568	)		(181,444	)		(228,194	)		82.9
Dividends and accretion of discount on preferred stock		14,504			14,466			14,430			14,394			14,360			1.0
Net loss attributable to common shareholders	$	(53,504	)		(93,654	)		(179,998	)		(195,838	)		(242,554	)		77.9
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.07	)		(0.12	)		(0.23	)		(0.25	)		(0.36	)		81.0	%
Net loss attributable to common shareholders		(0.07	)		(0.12	)		(0.23	)		(0.25	)		(0.36	)		81.0
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.07	)		(0.12	)		(0.23	)		(0.25	)		(0.36	)		81.0
Net loss attributable to common shareholders		(0.07	)		(0.12	)		(0.23	)		(0.25	)		(0.36	)		81.0
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		(0.55	)%		(1.09	)%		(2.12	)%		(2.27	)%		(2.81	)		226	bp
Return on average common equity *		(11.24	)		(19.55	)		(31.80	)		(31.80	)		(43.59	)		nm
Average common shares outstanding - basic		785,277			785,243			785,122			784,916			676,753			16.0	%
Average common shares outstanding - diluted		785,277			785,243			785,122			784,916			676,753			16.0

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	June 30, 2011			December 31, 2010			June 30, 2010
ASSETS
Cash and due from banks	$	409,302			389,021			589,158
Interest bearing funds with Federal Reserve Bank		2,845,277			3,103,896			3,657,548
Interest earning deposits with banks		24,133			16,446			10,608
Federal funds sold and securities purchased under resale agreements		127,580			160,502			159,993
Trading account assets, at fair value		16,130			22,294			20,009
Mortgage loans held for sale, at fair value		78,752			232,839			144,705
Other loans held for sale		89,139			127,365			50,208
Investment securities available for sale, at fair value		3,259,254			3,440,268			3,328,426
Loans, net of unearned income		20,504,810			21,585,763			23,342,945
Allowance for loan losses		(631,401	)		(703,547	)		(834,522	)
Loans, net		19,873,409			20,882,216			22,508,423
Premises and equipment, net		493,638			544,971			565,981
Goodwill		24,431			24,431			24,431
Other intangible assets, net		10,449			12,434			14,505
Other assets		1,062,416			1,136,465			1,308,345
Total assets	$	28,313,910			30,093,148			32,382,340
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	4,877,267			4,298,372			4,250,514
Interest bearing deposits		17,997,750			20,201,932			22,007,049
Total deposits		22,875,017			24,500,304			26,257,563
Federal funds purchased and other short-term borrowings		452,466			499,226			476,598
Long-term debt		1,894,901			1,808,161			1,876,571
Other liabilities		240,588			260,910			325,374
Total liabilities		25,462,972			27,068,601			28,936,106
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		942,096			937,323			932,695
Common stock, par value $1.00 (2)		790,973			790,956			790,749
Additional paid-in capital		2,353,854			2,351,508			2,346,901
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,174	)
Accumulated other comprehensive income		65,905			57,158			101,073
Accumulated deficit		(1,187,714	)		(1,024,851	)		(633,312	)
Total shareholders’ equity		2,850,938			2,997,918			3,423,932
Non-controlling interest in subsidiaries		—			26,629			22,302
Total equity		2,850,938			3,024,547			3,446,234
Total liabilities and equity	$	28,313,910			30,093,148			32,382,340

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

(2) Common shares outstanding: 785,279,194; 785,262,837; and 785,056,302 at June 30, 2011 December 31, 2010, and June 30, 2010, respectively.

(3) Treasury shares: 5,693,452; 5,693,452; and 5,692,422 at June 30, 2011, December 31, 2010, and June 30, 2010, respectively.

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2011						2010
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Interest Earning Assets
Taxable investment securities (2)	$	3,172,818			3,264,581			3,104,004			3,055,400			3,068,634
Yield		3.46	%		3.56			3.76			4.08			4.40
Tax-exempt investment securities (2)	$	31,264			44,228			51,400			62,659			66,125
Yield (taxable equivalent)		6.73	%		6.84			7.16			6.82			6.85
Trading account assets	$	16,881			20,281			16,037			14,970			16,763
Yield		5.27	%		5.13			5.86			4.88			5.47
Commercial loans (3)	$	16,983,912			17,555,733			18,315,882			19,041,500			19,982,523
Yield		4.92	%		4.98			4.90			4.92			4.92
Consumer loans (3)	$	3,879,042			3,914,222			3,988,849			4,048,929			4,100,458
Yield		5.10	%		5.25			5.22			5.25			5.33
Allowance for loan losses	$	(678,851	)		(698,609	)		(819,176	)		(862,970	)		(964,212	)
Loans, net (3)	$	20,184,103			20,771,346			21,485,555			22,227,459			23,118,769
Yield		5.14	%		5.21			5.16			5.19			5.21
Mortgage loans held for sale	$	79,340			152,981			260,759			194,487			131,700
Yield		6.16	%		4.74			4.60			5.16			5.54
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	2,929,515			3,033,284			3,628,939			3,720,649			3,591,353
Yield		0.25	%		0.25			0.25			0.25			0.25
Federal Home Loan Bank and Federal Reserve Bank stock (4)	$	104,727			111,096			113,341			122,356			140,209
Yield		0.87	%		0.90			0.59			0.87			0.82
Total interest earning assets	$	26,518,648			27,397,797			28,660,035			29,397,980			30,133,553
Yield		4.37	%		4.42			4.36			4.42			4.51
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,379,243			3,526,730			3,864,106			3,601,825			3,617,669
Rate		0.32	%		0.33			0.33			0.36			0.42
Money market accounts	$	6,306,399			6,550,623			6,874,367			6,788,768			6,606,161
Rate		0.77	%		0.76			0.84			0.98			1.07
Savings deposits	$	520,518			493,504			484,460			488,221			495,901
Rate		0.14	%		0.14			0.14			0.14			0.15
Time deposits under $100,000	$	2,124,525			2,212,215			2,383,411			2,511,830			2,626,852
Rate		1.38	%		1.53			1.74			1.88			2.00
Time deposits over $100,000	$	2,978,929			3,291,202			3,859,235			4,217,972			4,561,517
Rate		1.57	%		1.65			1.77			1.88			1.95
National market brokered money market accounts	$	390,048			393,981			423,428			537,952			833,811
Rate		0.47	%		0.51			0.54			0.80			0.83
National market brokered time deposits	$	2,471,620			2,665,314			2,956,904			3,261,113			3,681,660
Rate		1.87	%		1.83			1.82			1.89			1.90
Total interest bearing deposits	$	18,171,282			19,133,569			20,845,911			21,407,681			22,423,571
Rate		1.01	%		1.05			1.14			1.28			1.36
Federal funds purchased and other short-term liabilities	$	449,815			412,008			442,183			514,295			493,602
Rate		0.26	%		0.29			0.33			0.36			0.44
Long-term debt	$	1,901,130			1,891,576			1,729,991			1,811,153			1,882,358
Rate		2.30	%		2.39			2.64			2.57			2.36
Total interest bearing liabilities	$	20,522,227			21,437,153			23,018,085			23,733,129			24,799,531
Rate		1.11	%		1.15			1.23			1.36			1.42
Non-interest bearing demand deposits	$	4,911,044			4,821,237			4,433,849			4,310,459			4,271,444
Net interest margin		3.51	%		3.52			3.37			3.33			3.34
Tax equivalent adjustment	$	893			964			968			1,087			1,056

(1) Yields and rates are annualized and include tax equivalent adjustment.

(2) Excludes net unrealized gains and (losses).

(3) Average loans are shown net of unearned income. Non-performing loans are included.

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

Synovus

LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

	June 30, 2011
Loan Type	Total Loans			Loans as a % of Total Loans Outstanding			Total Non-performing Loans		Non-performing Loans as a % of Total Nonperforming Loans
Multi-Family	$	817,501			4.0	%	$	9,631		1.2	%
Hotels		812,485			4.0			10,265		1.2
Office Buildings		798,033			3.9			18,556		2.1
Shopping Centers		1,035,068			5.0			19,489		2.2
Commercial Development		315,729			1.5			34,065		3.8
Warehouses		521,631			2.5			6,787		0.8
Other Investment Property		464,666			2.3			11,898		1.3
Total Investment Properties		4,765,113			23.2			110,691		12.6
1-4 Family Construction		250,226			1.2			29,512		3.3
1-4 Family Investment Mortgage		1,068,338			5.2			70,889		8.0
Residential Development		532,479			2.6			151,683		17.1
Total 1-4 Family Properties		1,851,043			9.0			252,084		28.4
Land Acquisition		1,179,196			5.8			218,033		24.6
Total Commercial Real Estate		7,795,352			38.0			580,808		65.6
Commercial , Financial, and Agricultural		4,958,300			24.2			140,398		15.9
Owner-Occupied Real Estate		3,888,292			19.0			85,231		9.6
Total Commercial & Industrial		8,846,592			43.2			225,629		25.5
Home Equity Lines		1,612,279			7.9			25,203		2.8
Consumer Mortgages		1,450,830			7.1			47,542		5.4
Credit Cards		271,641			1.3			—		—
Other Retail Loans		536,903			2.5			6,054		0.7
Total Retail		3,871,653			18.8			78,799		8.9
Unearned Income		(8,787	)		nm			—		—
Total	$	20,504,810			100.0	%	$	885,236		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

	Total Loans						2Q11 vs. 4Q10						2Q11 vs. 2Q10
Loan Type	June 30, 2011			December 31, 2010			% change (1)			June 30, 2010			% change
Multi-Family	$	817,501			867,328			(11.6	)%	$	894,450			(8.6	)%
Hotels		812,485			865,974			(12.5	)		983,848			(17.4	)
Office Buildings		798,033			842,657			(10.7	)		890,804			(10.4	)
Shopping Centers		1,035,068			1,078,122			(8.1	)		1,183,763			(12.6	)
Commercial Development		315,729			381,107			(34.6	)		462,623			(31.8	)
Warehouses		521,631			528,297			(2.5	)		535,676			(2.6	)
Other Investment Property		464,666			495,617			(12.6	)		526,732			(11.8	)
Total Investment Properties		4,765,113			5,059,102			(11.7	)		5,477,896			(13.0	)
1-4 Family Construction		250,226			332,047			(49.7	)		460,406			(45.7	)
1-4 Family Investment Mortgage		1,068,338			1,127,566			(10.6	)		1,191,790			(10.4	)
Residential Development		532,479			643,174			(34.7	)		999,792			(46.7	)
Total 1-4 Family Properties		1,851,043			2,102,787			(24.1	)		2,651,988			(30.2	)
Land Acquisition		1,179,196			1,218,690			(6.5	)		1,461,158			(19.3	)
Total Commercial Real Estate		7,795,352			8,380,579			(14.1	)		9,591,042			(18.7	)
Commercial , Financial, and Agricultural		4,958,300			5,267,861			(11.9	)		5,470,506			(9.4	)
Owner-Occupied Real Estate		3,888,292			3,996,950			(5.5	)		4,234,238			(8.2	)
Total Commercial & Industrial		8,846,592			9,264,811			(9.1	)		9,704,744			(8.8	)
Home Equity Lines		1,612,279			1,648,039			(4.4	)		1,680,658			(4.1	)
Consumer Mortgages		1,450,830			1,475,261			(3.3	)		1,546,977			(6.2	)
Credit Cards		271,641			284,971			(9.4	)		285,749			(4.9	)
Other Retail Loans		536,903			542,538			(2.1	)		548,980			(2.2	)
Total Retail		3,871,653			3,950,809			(4.0	)		4,062,364			(4.7	)
Unearned Income		(8,787	)		(10,436	)		(31.9	)		(15,205	)		(42.2	)
Total	$	20,504,810			21,585,763			(10.1	)%	$	23,342,945			(12.2	)%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2011					2010						2nd Quarter
	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter		‘11 vs. ‘10 Change
Non-performing Loans	$	885,236			895,726		891,622		1,294,031		1,309,944		(32.4	)%
Other Loans Held for Sale (1)		89,139			110,436		127,365		50,302		50,208		77.5
Other Real Estate		244,313			269,314		261,305		211,869		212,362		15.0
Non-performing Assets		1,218,688			1,275,476		1,280,292		1,556,202		1,572,514		(22.5	)
Allowance for Loan Losses		631,401			678,426		703,547		836,355		834,522		(24.3	)
Net Charge-Offs - Quarter		167,185			166,866		385,203		237,195		433,079		(61.4	)
Net Charge-Offs - YTD		334,050			166,866		1,371,452		986,249		749,055		(55.4	)
Net Charge-Offs / Average Loans - Quarter (2)		3.22	%		3.12		6.93		4.12		7.21
Net Charge-Offs / Average Loans - YTD (2)		3.17			3.12		5.82		5.47		6.11
Non-performing Loans / Loans		4.32			4.27		4.13		5.73		5.61
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		5.85			5.97		5.83		6.81		6.66
Allowance / Loans		3.08			3.23		3.26		3.70		3.58
Allowance / Non-performing Loans		71.33			75.74		78.91		64.63		63.71
Allowance / Non-performing Loans (3)		161.55			176.08		192.60		177.98		191.11
Past Due Loans over 90 days and Still Accruing	$	23,235			10,490		16,222		25,028		21,430		8.4	%
As a Percentage of Loans Outstanding		0.11	%		0.05		0.08		0.11		0.09
Total Past Dues Loans and Still Accruing	$	199,804			201,754		176,756		253,748		246,635		(19.0	)
As a Percentage of Loans Outstanding		0.97	%		0.96		0.82		1.12		1.06
Restructured loans (accruing)	$	551,603			545,416		464,123		409,768		350,145		57.5

(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 non-performing loans for which the expected loss has been charged off.

SELECTED CAPITAL INFORMATION (1)

(Unaudited)

(Dollars in thousands)

	June 30, 2011			December 31, 2010		June 30, 2010
Tier 1 Capital	$	2,758,280			2,909,912		3,285,907
Total Risk-Based Capital		3,522,660			3,742,599		4,160,867
Tier 1 Capital Ratio		12.84	%		12.79		13.36
Tier 1 Common Equity Ratio		8.41			8.63		9.52
Total Risk-Based Capital Ratio		16.40			16.45		16.91
Leverage Ratio		9.70			9.44		10.12
Common Equity as a Percentage of Total Assets (2)		6.74			6.85		7.69
Tangible Common Equity as a Percentage of Tangible Assets (3)		6.63			6.73		7.58
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		8.73			8.90		9.97
Book Value Per Common Share (4) (5)		2.10			2.29		3.17
Tangible Book Value Per Common Share (3) (5)		2.06			2.25		2.70

(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).