Synovus Financial (SNV) 8-K Synovus Reports Profit for Third Quarter of 2011

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Nine Months Ended September 30,
	2011			2010			Change
Interest income	$	868,453			1,007,024			(13.8	)%
Interest expense		171,455			262,658			(34.7	)
Net interest income		696,998			744,366			(6.4	)
Provision for losses on loans		364,230			878,872			(58.6	)
Net interest income (expense) after provision for losses on loans		332,768			(134,506	)		347.4
Non-interest income:
Service charges on deposit accounts		59,595			80,867			(26.3	)
Fiduciary and asset management fees		35,046			33,103			5.9
Brokerage revenue		19,067			19,435			(1.9	)
Mortgage revenue		15,469			22,295			(30.6	)
Bankcard fees		34,344			29,989			14.5
Investment securities gains (losses), net		64,670			(1,043	)		nm
Other fee income		15,643			16,372			(4.5	)
(Decrease) increase in fair value of private equity investments, net		(941	)		5,703			nm
Other non-interest income		22,512			18,735			20.2
Total non-interest income		265,405			225,456			17.7
Non-interest expense:
Salaries and other personnel expense		278,033			313,885			(11.4	)
Net occupancy and equipment expense		86,698			91,877			(5.6	)
FDIC insurance and other regulatory fees		45,826			52,794			(13.2	)
Foreclosed real estate expense		101,716			142,837			(28.8	)
(Gains) losses on other loans held for sale, net		(2,591	)		73			nm
Professional fees		30,264			33,399			(9.4	)
Data processing expense		27,225			33,123			(17.8	)
Restructuring charges		30,026			3,420			nm
Loss on curtailment of post-retirement defined benefit plan		398			—			nm
Other operating expenses		87,088			109,162			(20.2	)
Total non-interest expense		684,683			780,570			(12.3	)
Loss from continuing operations before income taxes		(86,510	)		(689,620	)		87.5
Income tax expense (benefit)		1,690			(21,034	)		nm
Loss from continuing operations		(88,200	)		(668,586	)		86.8
Income from discontinued operations, net of income taxes		—			43,162			nm
Net loss		(88,200	)		(625,424	)		85.9
Net loss attributable to non-controlling interest		(220	)		(313	)		29.7
Net loss attributable to controlling interest		(87,980	)		(625,111	)		85.9
Dividends and accretion of discount on preferred stock		43,510			43,079			1.0
Net loss attributable to common shareholders	$	(131,490	)		(668,190	)		80.3
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.17	)		(1.09	)		84.4	%
Net loss attributable to common shareholders		(0.17	)		(1.03	)		83.5
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.17	)		(1.09	)		84.4
Net loss attributable to common shareholders		(0.17	)		(1.03	)		83.5
Cash dividends declared per common share		0.03			0.03			—
Return on average assets *		(0.41	) %		(2.77	)		236	bp
Return on average common equity *		(8.85	)		(43.50	)		nm
Average common shares outstanding - basic		785,267			651,507			20.5	%
Average common shares outstanding - diluted		785,267			651,507			20.5

nm - not meaningful

* - ratios are annualized

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	2011									2010						3rd Quarter
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			’11 vs. ’10 Change
Interest income	$	281,970			288,052			298,432			313,557			326,490			(13.6	)%
Interest expense		53,367			57,091			60,998			71,590			81,030			(34.1	)
Net interest income		228,603			230,961			237,434			241,967			245,460			(6.9	)
Provision for losses on loans		102,325			120,159			141,746			252,401			239,020			(57.2	)
Net interest income (expense) after provision for losses on loans		126,278			110,802			95,688			(10,434	)		6,440			nm
Non-interest income:
Service charges on deposit accounts		20,039			19,238			20,318			24,248			26,711			(25.0	)
Fiduciary and asset management fees		11,631			11,879			11,537			11,039			10,408			11.8
Brokerage revenue		6,556			6,291			6,220			8,750			6,736			(2.7	)
Mortgage revenue		7,427			5,547			2,495			11,039			10,163			(26.9	)
Bankcard fees		11,562			12,125			10,657			11,431			10,674			8.3
Investment securities gains (losses), net		62,873			377			1,420			(228	)		(612	)		nm
Other fee income		5,423			5,289			4,931			4,757			5,440			(0.3	)
(Decrease) increase in fair value of private equity investments, net		(771	)		(301	)		132			1,500			3,521			nm
Other non-interest income		8,652			7,404			6,454			7,354			8,723			(0.8	)
Total non-interest income		133,392			67,849			64,164			79,890			81,764			63.1
Non-interest expense:
Salaries and other personnel expense		93,184			91,749			93,100			104,744			105,933			(12.0	)
Net occupancy and equipment expense		27,981			28,883			29,834			30,169			31,311			(10.6	)
FDIC insurance and other regulatory fees		15,463			15,956			14,406			16,686			16,178			(4.4	)
Foreclosed real estate expense		37,108			39,872			24,737			20,793			50,890			(27.1	)
(Gains) losses on other loans held for sale, net		(846	)		480			(2,226	)		2,976			—			nm
Professional fees		10,135			10,893			9,236			12,154			12,424			(18.4	)
Data processing expense		9,024			9,251			8,950			12,355			11,117			(18.8	)
Restructuring charges		2,587			3,106			24,333			2,118			3,420			(24.4	)
Loss (gain) on curtailment of post-retirement defined benefit plan		—			—			398			(7,092	)		—			nm
Other operating expenses		27,916			22,225			36,948			34,103			37,738			(26.0	)
Total non-interest expense		222,552			222,415			239,716			229,006			269,011			(17.3	)
Income (loss) before income taxes		37,118			(43,764	)		(79,864	)		(159,550	)		(180,807	)		nm
Income tax expense (benefit)		6,910			(4,764	)		(456	)		5,884			360			nm
Net income (loss)		30,208			(39,000	)		(79,408	)		(165,434	)		(181,167	)		nm
Net (loss) income attributable to non-controlling interest		—			—			(220	)		134			277			nm
Net income (loss) available to controlling interest		30,208			(39,000	)		(79,188	)		(165,568	)		(181,444	)		nm
Dividends and accretion of discount on preferred stock		14,541			14,504			14,466			14,430			14,394			1.0
Net income (loss) available to common shareholders	$	15,667			(53,504	)		(93,654	)		(179,998	)		(195,838	)		nm
Basic EPS
Net income (loss) available to common shareholders		0.02			(0.07	)		(0.12	)		(0.23	)		(0.25	)		nm
Diluted EPS
Net income (loss) available to common shareholders		0.02			(0.07	)		(0.12	)		(0.23	)		(0.25	)		nm
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		0.42	%		(0.55	)%		(1.09	)%		(2.12	) %		(2.27	)		nm	bp
Return on average common equity *		3.20			(10.95	)		(18.46	)		(31.80	)		(31.75	)		nm
Average common shares outstanding - basic		785,280			785,277			785,243			785,122			784,916			0.0	%
Average common shares outstanding - diluted		910,816			785,277			785,243			785,122			784,916			16.0

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	September 30, 2011			December 31, 2010			September 30, 2010
ASSETS
Cash and due from banks	$	452,034			389,021			385,687
Interest bearing funds with Federal Reserve Bank		2,750,953			3,103,896			3,113,435
Interest earning deposits with banks		21,560			16,446			22,271
Federal funds sold and securities purchased under resale agreements		189,304			160,502			177,350
Trading account assets, at fair value		17,467			22,294			15,061
Mortgage loans held for sale, at fair value		125,379			232,839			241,353
Other loans held for sale		53,074			127,365			50,302
Investment securities available for sale, at fair value		3,596,511			3,440,268			3,326,133
Loans, net of unearned income		20,102,086			21,585,763			22,581,036
Allowance for loan losses		(595,383	)		(703,547	)		(836,355	)
Loans, net		19,506,703			20,882,216			21,744,681
Premises and equipment, net		488,074			544,971			555,919
Goodwill		24,431			24,431			24,431
Other intangible assets, net		9,482			12,434			13,463
Other assets		1,018,952			1,136,465			1,284,675
Total assets	$	28,253,924			30,093,148			30,954,761
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	5,249,335			4,298,372			4,248,071
Interest bearing deposits, excluding brokered deposits		15,702,461			17,049,583			17,438,979
Brokered deposits		2,157,631			3,152,349			3,549,175
Total deposits		23,109,427			24,500,304			25,236,225
Federal funds purchased and other short-term borrowings		328,806			499,226			410,353
Long-term debt		1,522,334			1,808,161			1,743,097
Other liabilities		463,909			260,910			324,077
Total liabilities		25,424,476			27,068,601			27,713,752
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		944,538			937,323			934,991
Common stock, par value $1.00 (2)		790,974			790,956			790,751
Additional paid-in capital		2,254,068			2,293,264			2,306,578
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,176	)
Accumulated other comprehensive income		32,189			57,158			91,112
Accumulated deficit		(1,078,145	)		(966,607	)		(793,190	)
Total shareholders’ equity		2,829,448			2,997,918			3,216,066
Non-controlling interest in subsidiaries		—			26,629			24,943
Total equity		2,829,448			3,024,547			3,241,009
Total liabilities and equity	$	28,253,924			30,093,148			30,954,761

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

(2) Common shares outstanding: 785,280,277; 785,262,837; and 785,057,350 at September 30, 2011 December 31, 2010, and September 30, 2010, respectively.

(3) Treasury shares: 5,693,452, at all periods presented

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2011									2010
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Interest Earning Assets
Taxable investment securities (2)	$	3,152,589			3,172,818			3,264,581			3,104,004			3,055,400
Yield		3.28	%		3.46			3.56			3.76			4.08
Tax-exempt investment securities (2)	$	27,903			31,264			44,228			51,400			62,659
Yield (taxable equivalent)		6.66	%		6.73			6.84			7.16			6.82
Trading account assets	$	14,601			16,881			20,281			16,037			14,970
Yield		5.76	%		5.27			5.13			5.86			4.88
Commercial loans (3)	$	16,535,371			16,983,912			17,555,733			18,315,882			19,041,500
Yield		4.88	%		4.92			4.98			4.90			4.92
Consumer loans (3)	$	3,869,698			3,879,042			3,914,222			3,988,849			4,048,929
Yield		5.06	%		5.10			5.25			5.22			5.25
Allowance for loan losses	$	(632,082	)		(678,851	)		(698,609	)		(819,176	)		(862,970	)
Loans, net (3)	$	19,772,987			20,184,103			20,771,346			21,485,555			22,227,459
Yield		5.09	%		5.14			5.21			5.16			5.19
Mortgage loans held for sale	$	91,257			79,340			152,981			260,759			194,487
Yield		5.74	%		6.16			4.74			4.60			5.16
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	3,075,470			2,929,515			3,033,284			3,628,939			3,720,649
Yield		0.24	%		0.25			0.25			0.25			0.25
Federal Home Loan Bank and Federal Reserve Bank stock (4)	$	96,442			104,727			111,096			113,341			122,356
Yield		0.90	%		0.87			0.90			0.59			0.87
Total interest earning assets	$	26,231,249			26,518,648			27,397,797			28,660,035			29,397,980
Yield		4.28	%		4.37			4.42			4.36			4.42
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,302,439			3,379,243			3,526,730			3,864,106			3,601,825
Rate		0.30	%		0.32			0.33			0.33			0.36
Money market accounts	$	6,636,751			6,306,399			6,550,623			6,874,367			6,788,768
Rate		0.73	%		0.77			0.76			0.84			0.98
Savings deposits	$	521,604			520,518			493,504			484,460			488,221
Rate		0.13	%		0.14			0.14			0.14			0.14
Time deposits under $100,000	$	2,131,453			2,124,525			2,212,215			2,383,411			2,511,830
Rate		1.27	%		1.38			1.53			1.74			1.88
Time deposits over $100,000	$	2,912,476			2,978,929			3,291,202			3,859,235			4,217,972
Rate		1.49	%		1.57			1.65			1.77			1.88
Brokered money market accounts	$	325,002			390,048			393,981			423,428			537,952
Rate		0.39	%		0.47			0.51			0.54			0.80
Brokered time deposits	$	2,053,811			2,471,620			2,665,314			2,956,904			3,261,113
Rate		1.88	%		1.87			1.83			1.82			1.89
Total interest bearing deposits	$	17,883,536			18,171,282			19,133,569			20,845,911			21,407,681
Rate		0.95	%		1.01			1.05			1.14			1.28
Federal funds purchased and other short-term liabilities	$	368,311			449,815			412,008			442,183			514,295
Rate		0.28	%		0.26			0.29			0.33			0.36
Long-term debt	$	1,693,673			1,901,130			1,891,576			1,729,991			1,811,153
Rate		2.45	%		2.30			2.39			2.64			2.57
Total interest bearing liabilities	$	19,945,520			20,522,227			21,437,153			23,018,085			23,733,129
Rate		1.06	%		1.11			1.15			1.23			1.36
Non-interest bearing demand deposits	$	5,175,521			4,911,044			4,821,237			4,433,849			4,310,459
Net interest margin		3.47	%		3.51			3.52			3.37			3.33
Tax equivalent adjustment	$	880			893			964			968			1,087

(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)

	September 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	$	752,638			3.7	%	$	6,844		0.8	%
Hotels		789,477			3.9			5,899		0.7
Office Buildings		791,441			3.9			17,077		2.0
Shopping Centers		1,001,547			5.0			19,312		2.2
Commercial Development		300,474			1.5			41,888		4.8
Warehouses		497,918			2.5			6,905		0.8
Other Investment Property		462,453			2.3			9,230		1.1
Total Investment Properties		4,595,948			22.8			107,155		12.4
1-4 Family Construction		221,900			1.1			21,119		2.4
1-4 Family Investment Mortgage		1,020,396			5.1			64,877		7.4
Residential Development		484,095			2.4			125,097		14.3
Total 1-4 Family Properties		1,726,391			8.6			211,093		24.1
Land Acquisition		1,119,947			5.6			231,638		26.5
Total Commercial Real Estate		7,442,286			37.0			549,886		63.0
Commercial , Financial, and Agricultural		4,901,492			24.4			154,235		17.7
Owner-Occupied Real Estate		3,911,614			19.5			86,897		10.0
Total Commercial & Industrial		8,813,106			43.9			241,132		27.7
Home Equity Lines		1,612,798			8.0			24,305		2.8
Consumer Mortgages		1,426,024			7.1			51,137		5.9
Credit Cards		267,810			1.3			—		—
Other Retail Loans		550,106			2.7			5,614		0.6
Total Retail		3,856,738			19.1			81,056		9.3
Unearned Income		(10,044	)		nm			—		—
Total	$	20,102,086			100.0	%	$	872,074		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

	Total Loans			3Q11 vs. 2Q11			3Q11 vs. 4Q10			3Q11 vs. 3Q10
Loan Type	September 30, 2011			% change (1)			% change (1)			% change
Multi-Family	$	752,638			(31.5	)%		(17.7	)		(14.9	)
Hotels		789,477			(11.2	)		(11.8	)		(18.7	)
Office Buildings		791,441			(3.3	)		(8.1	)		(9.5	)
Shopping Centers		1,001,547			(12.8	)		(9.5	)		(13.5	)
Commercial Development		300,474			(19.2	)		(28.3	)		(28.5	)
Warehouses		497,918			(18.0	)		(7.7	)		(6.3	)
Other Investment Property		462,453			(1.9	)		(8.9	)		(12.2	)
Total Investment Properties		4,595,948			(14.1	)		(12.2	)		(14.4	)
1-4 Family Construction		221,900			(44.9	)		(44.4	)		(46.8	)
1-4 Family Investment Mortgage		1,020,396			(17.8	)		(12.7	)		(11.6	)
Residential Development		484,095			(36.0	)		(33.1	)		(43.8	)
Total 1-4 Family Properties		1,726,391			(26.7	)		(23.9	)		(29.0	)
Land Acquisition		1,119,947			(19.9	)		(10.8	)		(18.9	)
Total Commercial Real Estate		7,442,286			(18.0	)		(15.0	)		(18.9	)
Commercial , Financial, and Agricultural		4,901,492			(4.5	)		(9.3	)		(6.9	)
Owner-Occupied Real Estate		3,911,614			2.4			(2.9	)		(5.2	)
Total Commercial & Industrial		8,813,106			(1.5	)		(6.5	)		(6.2	)
Home Equity Lines		1,612,798			0.1			(2.9	)		(3.5	)
Consumer Mortgages		1,426,024			(6.8	)		(4.5	)		(6.0	)
Credit Cards		267,810			(5.6	)		(8.1	)		(4.7	)
Other Retail Loans		550,106			9.8			1.9			(0.3	)
Total Retail		3,856,738			(1.5	)		(3.2	)		(4.1	)
Unearned Income		(10,044	)		56.8			(5.0	)		(23.6	)
Total	$	20,102,086			(7.8	)%		(9.2	)		(11.0	)

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2011							2010				3rd Quarter
	Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter		’11 vs. ’10 Change
Non-performing Loans	$	872,074			885,236		895,726		891,622		1,294,031		(32.6	)%
Other Loans Held for Sale (1)		53,074			89,139		110,436		127,365		50,302		5.5
Other Real Estate		239,255			244,313		269,314		261,305		211,869		12.9
Non-performing Assets		1,164,403			1,218,688		1,275,476		1,280,292		1,556,202		(25.2	)
Allowance for Loan Losses		595,383			631,401		678,426		703,547		836,355		(28.8	)
Net Charge-Offs - Quarter		138,344			167,184		166,867		385,203		237,195		(41.7	)
Net Charge-Offs - YTD		472,394			334,051		166,867		1,371,452		986,249		(52.1	)
Net Charge-Offs / Average Loans - Quarter (2)		2.72	%		3.22		3.12		6.93		4.12
Net Charge-Offs / Average Loans - YTD (2)		3.03			3.17		3.12		5.82		5.47
Non-performing Loans / Loans		4.34			4.32		4.27		4.13		5.73
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		5.71			5.85		5.97		5.83		6.81
Allowance / Loans		2.96			3.08		3.23		3.26		3.70
Allowance / Non-performing Loans		68.27			71.33		75.74		78.91		64.63
Allowance / Non-performing Loans (3)		145.12			161.55		176.08		192.60		177.98
Past Due Loans over 90 days and Still Accruing	$	26,860			23,235		10,490		16,222		25,028		7.3	%
As a Percentage of Loans Outstanding		0.13	%		0.11		0.05		0.08		0.11
Total Past Dues Loans and Still Accruing	$	199,561			199,804		201,754		176,756		253,748		(21.4	)
As a Percentage of Loans Outstanding		0.99	%		0.97		0.96		0.82		1.12
Restructured loans (accruing)	$	640,324			551,603		545,416		464,123		409,768		56.3

(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)

	September 30, 2011			December 31, 2010		September 30, 2010
Tier 1 Capital	$	2,771,288			2,909,912		3,092,655
Total Risk-Based Capital		3,533,909			3,742,599		3,954,063
Tier 1 Capital Ratio		12.97	%		12.79		13.06
Tier 1 Common Equity Ratio		8.50			8.63		9.07
Total Risk-Based Capital Ratio		16.54			16.45		16.70
Tier 1 Leverage Ratio		9.87			9.44		9.80
Common Equity as a Percentage of Total Assets (2)		6.67			6.85		7.37
Tangible Common Equity as a Percentage of Tangible Assets (3)		6.56			6.73		7.26
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		8.66			8.90		9.47
Book Value Per Common Share (4) (5)		2.07			2.29		2.57
Tangible Book Value Per Common Share (3) (5)		2.03			2.25		2.53

(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).