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

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Twelve Months Ended December 31,
	2011			2010			Change
Interest income	$	1,141,756			1,320,581			(13.5	)%
Interest expense		217,602			334,248			(34.9	)
Net interest income		924,154			986,333			(6.3	)
Provision for losses on loans		418,795			1,131,274			(63.0	)
Net interest income (expense) after provision for losses on loans		505,359			(144,941	)		nm
Non-interest income:
Service charges on deposit accounts		78,770			105,114			(25.1	)
Fiduciary and asset management fees		45,809			44,142			3.8
Brokerage revenue		26,006			28,184			(7.7	)
Mortgage revenue		20,316			33,334			(39.1	)
Bankcard fees		41,493			41,420			0.2
Investment securities gains (losses), net		75,007			(1,271	)		nm
Other fee income		19,953			21,129			(5.6	)
(Decrease) increase in fair value of private equity investments, net		(1,118	)		7,203			nm
Other non-interest income		32,638			26,092			25.1
Total non-interest income		338,874			305,347			11.0
Non-interest expense:
Salaries and other personnel expense		371,148			418,629			(11.3	)
Net occupancy and equipment expense		114,037			122,046			(6.6	)
FDIC insurance and other regulatory fees		59,063			69,480			(15.0	)
Foreclosed real estate expense		133,570			163,630			(18.4	)
(Gains) losses on other loans held for sale, net		(2,737	)		3,050			nm
Professional fees		40,585			45,554			(10.9	)
Data processing expense		35,757			45,478			(21.4	)
Visa indemnification charge		6,038			—			nm
Restructuring charges		30,665			5,538			nm
Loss (gain) on curtailment of post-retirement defined benefit plan		398			(7,092	)		nm
Other operating expenses		115,241			143,263			(19.6	)
Total non-interest expense		903,765			1,009,576			(10.5	)
Loss from continuing operations before income taxes		(59,532	)		(849,170	)		93.0
Income tax expense (benefit)		1,312			(15,151	)		nm
Loss from continuing operations		(60,844	)		(834,019	)		92.7
Income from discontinued operations, net of income taxes		—			43,162			nm
Net loss		(60,844	)		(790,857	)		92.3
Net loss attributable to non-controlling interest		(220	)		(179	)		(22.9	)
Net loss attributable to controlling interest		(60,624	)		(790,678	)		92.3
Dividends and accretion of discount on preferred stock		58,088			57,510			1.0
Net loss attributable to common shareholders	$	(118,712	)		(848,188	)		86.0
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.151	)		(1.301	)		88.4	%
Net loss attributable to common shareholders		(0.151	)		(1.238	)		87.8
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.151	)		(1.301	)		88.4
Net loss attributable to common shareholders		(0.151	)		(1.238	)		87.8
Cash dividends declared per common share		0.04			0.04			—
Return on average assets		(0.21	)%		(2.61	)		240 bp
Return on average common equity		(6.04	)		(40.49	)		nm
Average common shares outstanding - basic		785,272			685,186			14.6	%
Average common shares outstanding - diluted		785,272			685,186			14.6

nm - not meaningful

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	2011												2010			4th Quarter
	Fourth			Third			Second			First			Fourth			‘11 vs. ‘10
	Quarter			Quarter			Quarter			Quarter			Quarter			Change
Interest income	$	273,303			281,970			288,052			298,432			313,557			(12.8	)%
Interest expense		46,147			53,367			57,091			60,998			71,590			(35.5	)
Net interest income		227,156			228,603			230,961			237,434			241,967			(6.1	)
Provision for losses on loans		54,565			102,325			120,159			141,746			252,401			(78.4	)
Net interest income (expense) after provision for losses on loans		172,591			126,278			110,802			95,688			(10,434	)		nm
Non-interest income:
Service charges on deposit accounts		19,175			20,039			19,238			20,318			24,248			(20.9	)
Fiduciary and asset management fees		10,763			11,631			11,879			11,537			11,039			(2.5	)
Brokerage revenue		6,939			6,556			6,291			6,220			8,750			(20.7	)
Mortgage revenue		4,847			7,427			5,547			2,495			11,039			(56.1	)
Bankcard fees		7,150			11,562			12,125			10,657			11,431			(37.5	)
Investment securities gains (losses), net		10,337			62,873			377			1,420			(228	)		nm
Other fee income		4,310			5,423			5,289			4,931			4,757			(9.4	)
(Decrease) increase in fair value of private equity investments, net		(177	)		(771	)		(301	)		132			1,500			nm
Other non-interest income		10,126			8,652			7,404			6,454			7,354			37.7
Total non-interest income		73,470			133,392			67,849			64,164			79,890			(8.0	)
Non-interest expense:
Salaries and other personnel expense		93,115			93,184			91,749			93,100			104,744			(11.1	)
Net occupancy and equipment expense		27,338			27,981			28,883			29,834			30,169			(9.4	)
FDIC insurance and other regulatory fees		13,238			15,463			15,956			14,406			16,686			(20.7	)
Foreclosed real estate expense		31,853			37,108			39,872			24,737			20,793			53.2
(Gains) losses on other loans held for sale, net		(145	)		(846	)		480			(2,226	)		2,976			nm
Professional fees		10,321			10,135			10,893			9,236			12,154			(15.1	)
Data processing expense		8,532			9,024			9,251			8,950			12,355			(30.9	)
Visa indemnification charge		5,942			—			92			4			—			nm
Restructuring charges		639			2,587			3,106			24,333			2,118			(69.8	)
Loss (gain) on curtailment of post-retirement defined benefit plan		—			—			—			398			(7,092	)		nm
Other operating expenses		28,249			27,916			22,133			36,944			34,103			(17.2	)
Total non-interest expense		219,082			222,552			222,415			239,716			229,006			(4.3	)
Income (loss) before income taxes		26,979			37,118			(43,764	)		(79,864	)		(159,550	)		nm
Income tax (benefit) expense		(378	)		6,910			(4,764	)		(456	)		5,884			nm
Net income (loss)		27,357			30,208			(39,000	)		(79,408	)		(165,434	)		nm
Net (loss) income attributable to non-controlling interest		—			—			—			(220	)		134			nm
Net income (loss) available to controlling interest		27,357			30,208			(39,000	)		(79,188	)		(165,568	)		nm
Dividends and accretion of discount on preferred stock		14,578			14,541			14,504			14,466			14,430			1.0
Net income (loss) available to common shareholders	$	12,779			15,667			(53,504	)		(93,654	)		(179,998	)		nm
Basic EPS
Net income (loss) available to common shareholders		0.016			0.020			(0.068	)		(0.119	)		(0.229	)		nm
Diluted EPS
Net income (loss) available to common shareholders		0.014			0.017			(0.068	)		(0.119	)		(0.229	)		nm
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		0.39	%		0.42			(0.55	)		(1.09	)		(2.12	)		nmbp
Return on average common equity *		2.66			3.20			(10.95	)		(18.46	)		(31.80	)		nm
Average common shares outstanding - basic		785,289			785,280			785,277			785,243			785,122			nm	%
Average common shares outstanding - diluted		911,253			911,247			785,277			785,243			785,122			16.1

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	December 31, 2011			September 30, 2011			December 31, 2010
ASSETS
Cash and due from banks	$	510,423			452,034			389,021
Interest bearing funds with Federal Reserve Bank		1,567,006			2,750,953			3,103,896
Interest earning deposits with banks		13,590			21,560			16,446
Federal funds sold and securities purchased under resale agreements		158,916			189,304			160,502
Trading account assets, at fair value		16,866			17,467			22,294
Mortgage loans held for sale, at fair value		161,509			125,379			232,839
Other loans held for sale		30,156			53,074			127,365
Investment securities available for sale, at fair value		3,690,125			3,596,511			3,440,268
Loans, net of unearned income		20,079,813			20,102,086			21,585,763
Allowance for loan losses		(536,494	)		(595,383	)		(703,547	)
Loans, net		19,543,319			19,506,703			20,882,216
Premises and equipment, net		486,923			488,074			544,971
Goodwill		24,431			24,431			24,431
Other intangible assets, net		8,525			9,482			12,434
Other assets		951,056			1,018,952			1,136,465
Total assets	$	27,162,845			28,253,924			30,093,148
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	5,366,868			5,249,335			4,298,372
Interest bearing deposits, excluding brokered deposits		15,261,710			15,702,461			17,049,583
Brokered deposits		1,783,174			2,157,631			3,152,349
Total deposits		22,411,752			23,109,427			24,500,304
Federal funds purchased and other short-term borrowings		313,757			328,806			499,226
Long-term debt		1,364,727			1,522,334			1,808,161
Other liabilities		245,157			463,909			260,910
Total liabilities		24,335,393			25,424,476			27,068,601
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		947,017			944,538			937,323
Common stock, par value $1.00 (2)		790,989			790,974			790,956
Additional paid-in capital		2,241,171			2,254,068			2,293,264
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,176	)
Accumulated other comprehensive income		21,093			32,189			57,158
Accumulated deficit		(1,058,642	)		(1,078,145	)		(966,607	)
Total shareholders’ equity		2,827,452			2,829,448			2,997,918
Non-controlling interest in subsidiaries		—			—			26,629
Total equity		2,827,452			2,829,448			3,024,547
Total liabilities and equity	$	27,162,845			28,253,924			30,093,148

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

(2) Common shares outstanding: 785,295,428; 785,280,277; and 785,262,837 at December 31, 2011, September 30, 2011, and December 31, 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
	Fourth			Third			Second			First			Fourth
	Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets
Taxable investment securities (2)	$	3,647,459			3,152,589			3,172,818			3,264,581			3,104,004
Yield		2.59	%		3.28			3.46			3.56			3.76
Tax-exempt investment securities (2) (4)	$	25,566			27,903			31,264			44,228			51,400
Yield (taxable equivalent)		6.57	%		6.66			6.73			6.84			7.16
Trading account assets	$	19,107			14,601			16,881			20,281			16,037
Yield		4.87	%		5.76			5.27			5.13			5.86
Commercial loans (3) (4)	$	16,276,207			16,535,371			16,983,912			17,555,733			18,315,882
Yield		4.82	%		4.88			4.92			4.98			4.90
Consumer loans (3)	$	3,871,393			3,869,698			3,879,042			3,914,222			3,988,849
Yield		4.95	%		5.06			5.10			5.25			5.22
Allowance for loan losses	$	(587,956	)		(632,082	)		(678,851	)		(698,609	)		(819,176	)
Loans, net (3)	$	19,559,644			19,772,987			20,184,103			20,771,346			21,485,555
Yield		5.01	%		5.09			5.14			5.21			5.16
Mortgage loans held for sale	$	161,632			91,257			79,340			152,981			260,759
Yield		4.58	%		5.74			6.16			4.74			4.60
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	2,221,728			3,075,470			2,929,515			3,033,284			3,628,939
Yield		0.24	%		0.24			0.25			0.25			0.25
Federal Home Loan Bank and Federal Reserve Bank stock (5)	$	84,171			96,442			104,727			111,096			113,341
Yield		0.93	%		0.90			0.87			0.90			0.59
Total interest earning assets	$	25,719,307			26,231,249			26,518,648			27,397,797			28,660,035
Yield		4.23	%		4.28			4.37			4.42			4.36
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,457,677			3,302,439			3,379,243			3,526,730			3,864,106
Rate		0.26	%		0.30			0.32			0.33			0.33
Money market accounts	$	6,697,334			6,636,751			6,306,399			6,550,623			6,874,367
Rate		0.57	%		0.73			0.77			0.76			0.84
Savings deposits	$	516,520			521,604			520,518			493,504			484,460
Rate		0.12	%		0.13			0.14			0.14			0.14
Time deposits under $100,000	$	2,062,171			2,131,453			2,124,525			2,212,215			2,383,411
Rate		1.17	%		1.27			1.38			1.53			1.74
Time deposits over $100,000	$	2,710,893			2,912,476			2,978,929			3,291,202			3,859,235
Rate		1.40	%		1.49			1.57			1.65			1.77
Brokered money market accounts	$	236,973			325,002			390,048			393,981			423,428
Rate		0.27	%		0.39			0.47			0.51			0.54
Brokered time deposits	$	1,689,538			2,053,811			2,471,620			2,665,314			2,956,904
Rate		1.87	%		1.88			1.87			1.83			1.82
Total interest bearing deposits	$	17,371,106			17,883,536			18,171,282			19,133,569			20,845,911
Rate		0.82	%		0.95			1.01			1.05			1.14
Federal funds purchased and other short-term liabilities	$	329,343			368,311			449,815			412,008			442,183
Rate		0.26	%		0.28			0.26			0.29			0.33
Long-term debt	$	1,443,825			1,693,673			1,901,130			1,891,576			1,729,991
Rate		2.78	%		2.45			2.30			2.39			2.64
Total interest bearing liabilities	$	19,144,274			19,945,520			20,522,227			21,437,153			23,018,085
Rate		0.96	%		1.06			1.11			1.15			1.23
Non-interest bearing demand deposits	$	5,413,322			5,175,521			4,911,044			4,821,237			4,433,849
Net interest margin		3.52	%		3.47			3.51			3.52			3.37
Taxable equivalent adjustment	$	844			880			893			964			968

(1) Yields and rates are annualized.

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

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

(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 35%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

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

Synovus

LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

	December 31, 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	$	785,672			3.9	%	$	7,866		0.9	%
Hotels		791,444			3.9			6,420		0.7
Office Buildings		775,671			3.9			9,092		1.0
Shopping Centers		979,288			4.9			18,648		2.1
Commercial Development		286,954			1.4			37,225		4.2
Warehouses		489,086			2.4			10,525		1.2
Other Investment Property		449,198			2.2			5,990		0.7
Total Investment Properties		4,557,313			22.6			95,766		10.8
1-4 Family Construction		199,088			1.0			25,535		2.9
1-4 Family Investment Mortgage		976,552			4.9			57,924		6.6
Residential Development		442,844			2.2			114,125		12.9
Total 1-4 Family Properties		1,618,484			8.1			197,584		22.4
Land Acquisition		1,094,821			5.5			234,151		26.5
Total Commercial Real Estate		7,270,618			36.2			527,501		59.7
Commercial , Financial, and Agricultural		5,088,420			25.3			174,328		19.7
Owner-Occupied Real Estate		3,852,854			19.2			93,272		10.6
Total Commercial & Industrial		8,941,274			44.5			267,600		30.3
Home Equity Lines		1,619,585			8.1			24,559		2.8
Consumer Mortgages		1,411,749			7.0			56,995		6.5
Credit Cards		273,098			1.3			—		—
Other Retail Loans		575,475			2.9			6,366		0.7
Total Retail		3,879,907			19.3			87,920		10.0
Unearned Income		(11,986	)		nm			—		nm
Total	$	20,079,813			100.0	%	$	883,021		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

	Total Loans						4Q11 vs. 3Q11						4Q11 vs. 4Q10
Loan Type	December 31, 2011			September 30, 2011			% change (1)			December 31, 2010			% change
Multi-Family	$	785,672			752,638			17.4	%	$	867,328			(9.4	)%
Hotels		791,444			789,477			1.0			865,974			(8.6	)
Office Buildings		775,671			791,441			(7.9	)		842,657			(7.9	)
Shopping Centers		979,288			1,001,547			(8.8	)		1,078,122			(9.2	)
Commercial Development		286,954			300,474			(17.9	)		381,107			(24.7	)
Warehouses		489,086			497,918			(7.0	)		528,297			(7.4	)
Other Investment Property		449,198			463,014			(11.8	)		495,617			(9.4	)
Total Investment Properties		4,557,313			4,596,509			(3.4	)		5,059,102			(9.9	)
1-4 Family Construction		199,088			221,900			(40.8	)		332,047			(40.0	)
1-4 Family Investment Mortgage		976,552			1,020,396			(17.0	)		1,127,566			(13.4	)
Residential Development		442,844			484,095			(33.8	)		643,174			(31.1	)
Total 1-4 Family Properties		1,618,484			1,726,391			(24.8	)		2,102,787			(23.0	)
Land Acquisition		1,094,821			1,119,947			(8.9	)		1,218,691			(10.2	)
Total Commercial Real Estate		7,270,618			7,442,847			(9.2	)		8,380,580			(13.2	)
Commercial , Financial, and Agricultural		5,088,420			4,900,931			15.2			5,267,861			(3.4	)
Owner-Occupied Real Estate		3,852,854			3,911,614			(6.0	)		3,996,949			(3.6	)
Total Commercial & Industrial		8,941,274			8,812,545			5.8			9,264,810			(3.5	)
Home Equity Lines		1,619,585			1,612,798			1.7			1,648,039			(1.7	)
Consumer Mortgages		1,411,749			1,426,024			(4.0	)		1,475,261			(4.3	)
Credit Cards		273,098			267,810			7.8			284,970			(4.2	)
Other Retail Loans		575,475			550,106			18.3			542,539			6.1
Total Retail		3,879,907			3,856,738			2.4			3,950,809			(1.8	)
Unearned Income		(11,986	)		(10,044	)		76.7			(10,436	)		14.9
Total	$	20,079,813			20,102,086			(0.4	)%	$	21,585,763			(7.0	)%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2011									2010		4th Quarter
	Fourth			Third		Second		First		Fourth		‘11 vs. ‘10
	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Non-performing Loans	$	883,021			872,074		885,236		895,726		891,622		(1.0	)%
Other Loans Held for Sale (1)		30,156			53,074		89,139		110,436		127,365		(76.3	)
Other Real Estate		204,232			239,255		244,313		269,314		261,305		(21.8	)
Non-performing Assets		1,117,409			1,164,403		1,218,688		1,275,476		1,280,292		(12.7	)
Allowance for Loan Losses		536,494			595,383		631,401		678,426		703,547		(23.7	)
Net Charge-Offs - Quarter		113,454			138,344		167,184		166,867		385,203		(70.5	)
Net Charge-Offs - YTD		585,849			472,395		334,051		166,867		1,371,452		(57.3	)
Net Charge-Offs / Average Loans - Quarter (2)		2.26	%		2.72		3.22		3.12		6.93
Net Charge-Offs / Average Loans - YTD (2)		2.84			3.03		3.17		3.12		5.82
Non-performing Loans / Loans		4.40			4.34		4.32		4.27		4.13
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		5.50			5.71		5.85		5.97		5.83
Allowance / Loans		2.67			2.96		3.08		3.23		3.26
Allowance / Non-performing Loans		60.76			68.27		71.33		75.74		78.91
Allowance / Non-performing Loans (3)		126.54			145.12		161.55		176.08		192.60
Past Due Loans over 90 days and Still Accruing	$	14,521			26,860		23,235		10,490		16,222		(10.5	)%
As a Percentage of Loans Outstanding		0.07	%		0.13		0.11		0.05		0.08
Total Past Dues Loans and Still Accruing	$	149,441			199,561		199,804		201,754		176,756		(15.5	)
As a Percentage of Loans Outstanding		0.74	%		0.99		0.97		0.96		0.82
Accruing troubled debt restructurings (TDRs)	$	668,472			640,324		551,603		545,416		464,123		44.0

(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)

	December 31, 2011			December 31, 2010
Tier 1 Capital	$	2,780,774			2,909,912
Total Risk-Based Capital		3,544,036			3,742,599
Tier 1 Capital Ratio		12.94	%		12.79
Tier 1 Common Equity Ratio		8.49			8.63
Total Risk-Based Capital Ratio		16.50			16.45
Tier 1 Leverage Ratio		10.08			9.44
Common Equity as a Percentage of Total Assets (2)		6.92			6.85
Tangible Common Equity as a Percentage of Tangible Assets (3)		6.81			6.73
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		8.60			8.90
Book Value Per Common Share (4) (5)		2.06			2.29
Tangible Book Value Per Common Share (3) (5)		2.02			2.25

(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).