Synovus Financial (SNV) 8-K Synovus Reports 16.1% Increase in Net Income for Second Quarter of 2012

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

	Six Months Ended June 30,
(Dollars in thousands, except per share data)	2012			2011			Change
Interest income	$	516,464			586,484			(11.9	)%
Interest expense		82,148			118,089			(30.4	)
Net interest income		434,316			468,395			(7.3	)
Provision for losses on loans		110,271			261,905			(57.9	)
Net interest income after provision for losses on loans		324,045			206,490			56.9
Non-interest income:
Service charges on deposit accounts		36,915			39,556			(6.7	)
Fiduciary and asset management fees		21,627			23,416			(7.6	)
Brokerage revenue		12,942			12,511			3.4
Mortgage revenue		13,986			8,042			73.9
Bankcard fees		16,072			22,782			(29.5	)
Investment securities gains (losses), net		24,253			1,797			nm
Other fee income		9,651			10,220			(5.6	)
Increase (decrease) in fair value of private equity investments, net		7,372			(169	)		nm
Other non-interest income		17,798			13,858			28.4
Total non-interest income		160,616			132,013			21.7
Non-interest expense:
Salaries and other personnel expense		187,795			184,849			1.6
Net occupancy and equipment expense		52,865			58,717			(10.0	)
FDIC insurance and other regulatory fees		27,966			30,362			(7.9	)
Foreclosed real estate expense		43,680			64,609			(32.4	)
Gains on other loans held for sale, net		(99	)		(1,746	)		nm
Professional fees		19,196			20,129			(4.6	)
Data processing expense		16,735			18,201			(8.1	)
Visa indemnification charges		4,713			96			nm
Restructuring charges		2,252			27,439			nm
Loss on curtailment of post-retirement defined benefit plan		—			398			nm
Other operating expenses		56,296			59,077			(4.7	)
Total non-interest expense		411,399			462,131			(11.0	)
Income (loss) from continuing operations before income taxes		73,262			(123,628	)		nm
Income tax benefit		(2,182	)		(5,220	)		58.2
Net income (loss)		75,444			(118,408	)		nm
Net loss attributable to non-controlling interest		—			(220	)		nm
Net income (loss) attributable to controlling interest		75,444			(118,188	)		nm
Dividends and accretion of discount on preferred stock		29,272			28,970			1.0
Net income (loss) attributable to common shareholders	$	46,172			(147,158	)		nm
Basic EPS
Net income (loss) attributable to common shareholders		0.06			(0.19	)		nm
Diluted EPS
Net income (loss) attributable to common shareholders		0.05			(0.19	)		nm
Cash dividends declared per common share		0.02			0.02			—
Return on average assets		0.56	%		(0.82	)		nm
Return on average common equity		4.86			(15.55	)		nm
Average common shares outstanding - basic		786,355			785,260			0.1	%
Average common shares outstanding - diluted		909,542			785,260			15.8

nm - not meaningful

Synovus

INCOME STATEMENT DATA

(Unaudited)

	2012						2011									2nd Quarter
(Dollars in thousands, except per share data)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			‘12 vs. ‘11 Change
Interest income	$	253,809			262,654			273,303			281,970			288,052			(11.9	)%
Interest expense		40,453			41,695			46,147			53,367			57,091			(29.1	)
Net interest income		213,356			220,959			227,156			228,603			230,961			(7.6	)
Provision for losses on loans		44,222			66,049			54,565			102,325			120,159			(63.2	)
Net interest income after provision for losses on loans		169,134			154,910			172,591			126,278			110,802			52.6
Non-interest income:
Service charges on deposit accounts		18,684			18,231			19,175			20,039			19,238			(2.9	)
Fiduciary and asset management fees		10,792			10,835			10,763			11,631			11,879			(9.2	)
Brokerage revenue		6,295			6,647			6,939			6,556			6,291			0.1
Mortgage revenue		7,983			6,003			4,847			7,427			5,547			43.9
Bankcard fees		8,493			7,579			7,150			11,562			12,125			(30.0	)
Investment securities gains (losses), net		4,170			20,083			10,337			62,873			377			nm
Other fee income		4,951			4,700			4,310			5,423			5,289			(6.4	)
Increase (decrease) in fair value of private equity investments, net		7,279			93			(177	)		(771	)		(301	)		nm
Other non-interest income		7,830			9,968			10,126			8,652			7,404			5.8
Total non-interest income		76,477			84,139			73,470			133,392			67,849			12.7
Non-interest expense:
Salaries and other personnel expense		95,173			92,622			93,115			93,184			91,749			3.7
Net occupancy and equipment expense		26,159			26,706			27,338			27,981			28,883			(9.4	)
FDIC insurance and other regulatory fees		13,302			14,663			13,238			15,463			15,956			(16.6	)
Foreclosed real estate expense		20,708			22,972			31,853			37,108			39,872			(48.1	)
(Gains) losses on other loans held for sale, net		(1,058	)		959			(145	)		(846	)		480			nm
Professional fees		9,929			9,267			10,321			10,135			10,893			(8.8	)
Data processing expense		8,712			8,024			8,532			9,024			9,251			(5.8	)
Visa indemnification charges		1,734			2,979			5,942			—			92			nm
Restructuring charges		1,393			858			639			2,587			3,106			(55.2	)
Other operating expenses		32,212			24,083			28,249			27,916			22,133			45.5
Total non-interest expense		208,264			203,133			219,082			222,552			222,415			(6.4	)
Income (loss) before income taxes		37,347			35,916			26,979			37,118			(43,764	)		nm
Income tax (benefit) expense		(2,105	)		(77	)		(378	)		6,910			(4,764	)		(55.8	)
Net income (loss)		39,452			35,993			27,357			30,208			(39,000	)		nm
Dividends and accretion of discount on preferred stock		14,649			14,624			14,578			14,541			14,504			1.0
Net income (loss) available to common shareholders	$	24,803			21,369			12,779			15,667			(53,504	)		nm
Basic EPS
Net income (loss) available to common shareholders		0.03			0.03			0.02			0.02			(0.07	)		nm
Diluted EPS
Net income (loss) available to common shareholders		0.03			0.02			0.01			0.02			(0.07	)		nm
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		0.59	%		0.53	%		0.39			0.42			(0.55	)		nm
Return on average common equity *		5.23			4.49			2.66			3.20			(10.95	)		nm
Average common shares outstanding - basic		786,576			786,135			785,289			785,280			785,277			0.1	%
Average common shares outstanding - diluted		909,761			908,986			911,253			911,247			785,277			15.9

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

	June 30, 2012			December 31, 2011			June 30, 2011
(In thousands, except share data)
ASSETS
Cash and due from banks	$	523,302			510,423			409,302
Interest bearing funds with Federal Reserve Bank		1,301,244			1,567,006			2,845,277
Interest earning deposits with banks		16,003			13,590			24,133
Federal funds sold and securities purchased under resale agreements		118,098			158,916			127,580
Trading account assets, at fair value		12,331			16,866			16,130
Mortgage loans held for sale, at fair value		120,007			161,509			78,752
Other loans held for sale		32,601			30,156			89,139
Investment securities available for sale, at fair value		3,570,346			3,690,125			3,259,254
Loans, net of unearned income		19,680,127			20,079,813			20,504,810
Allowance for loan losses		(453,325	)		(536,494	)		(631,401	)
Loans, net		19,226,802			19,543,319			19,873,409
Premises and equipment, net		475,944			486,923			493,638
Goodwill		24,431			24,431			24,431
Other intangible assets, net		6,693			8,525			10,449
Other real estate		174,941			204,232			244,313
Other assets		691,367			746,824			818,103
Total assets	$	26,294,110			27,162,845			28,313,910
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	5,607,680			5,366,868			4,877,267
Interest bearing deposits, excluding brokered deposits		14,808,493			15,261,710			15,307,152
Brokered deposits		1,148,892			1,783,174			2,690,598
Total deposits		21,565,065			22,411,752			22,875,017
Federal funds purchased and other short-term borrowings		351,173			313,757			452,466
Long-term debt		1,301,616			1,364,727			1,894,901
Other liabilities		222,867			245,157			240,588
Total liabilities		23,440,721			24,335,393			25,462,972
Equity:
Shareholders’ equity:
Series A Preferred Stock, no par value (1)		952,093			947,017			942,096
Common stock, par value $1.00 (2)		792,269			790,989			790,973
Additional paid-in capital		2,215,201			2,241,171			2,353,854
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,176	)
Accumulated other comprehensive income		7,003			21,093			65,905
Accumulated deficit		(999,001	)		(1,058,642	)		(1,187,714	)
Total shareholders’ equity		2,853,389			2,827,452			2,850,938
Total liabilities and equity	$	26,294,110			27,162,845			28,313,910

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

(2) Common shares outstanding: 786,575,535; 785,295,428; and 785,279,194 at June 30, 2012, December 31, 2011, and June 30, 2011, respectively.

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

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

	2012			2011
(Dollars in thousands)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Interest Earning Assets
Taxable investment securities(2)	$	3,539,376			3,577,026			3,647,459			3,152,589			3,172,818
Yield		2.11	%		2.34			2.59			3.28			3.46
Tax-exempt investment securities(2) (4)	$	21,408			23,559			25,566			27,903			31,264
Yield (taxable equivalent)		6.40	%		6.36			6.57			6.66			6.73
Trading account assets	$	13,647			14,975			19,107			14,601			16,881
Yield		6.93	%		7.45			4.87			5.76			5.27
Commercial loans(3) (4)	$	15,941,719			16,144,615			16,276,207			16,535,371			16,983,912
Yield		4.67	%		4.76			4.82			4.88			4.92
Consumer loans(3)	$	3,896,941			3,866,084			3,871,393			3,869,698			3,879,042
Yield		4.87	%		4.94			4.95			5.06			5.10
Allowance for loan losses	$	(498,419	)		(529,669	)		(587,956	)		(632,082	)		(678,851	)
Loans, net(3)	$	19,340,241			19,481,030			19,559,644			19,772,987			20,184,103
Yield		4.85	%		4.94			5.01			5.09			5.14
Mortgage loans held for sale	$	90,499			112,040			161,632			91,257			79,340
Yield		4.99	%		4.88			4.58			5.74			6.16
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	1,668,814			1,830,295			2,221,728			3,075,470			2,929,515
Yield		0.24	%		0.24			0.24			0.24			0.25
Federal Home Loan Bank and Federal Reserve Bank stock(5)	$	63,665			78,100			84,171			96,442			104,727
Yield		1.85	%		1.43			0.93			0.90			0.87
Total interest earning assets	$	24,737,650			25,117,025			25,719,307			26,231,249			26,518,648
Yield		4.14	%		4.22			4.23			4.28			4.37
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,404,540			3,540,327			3,457,677			3,302,439			3,379,243
Rate		0.22	%		0.25			0.26			0.30			0.32
Money market accounts	$	6,769,037			6,755,769			6,697,334			6,636,751			6,306,399
Rate		0.42	%		0.49			0.57			0.73			0.77
Savings deposits	$	557,149			534,118			516,520			521,604			520,518
Rate		0.11	%		0.12			0.12			0.13			0.14
Time deposits under $100,000	$	1,868,348			1,967,084			2,062,171			2,131,453			2,124,525
Rate		0.97	%		1.08			1.17			1.27			1.38
Time deposits over $100,000	$	2,336,496			2,480,044			2,710,893			2,912,476			2,978,929
Rate		1.23	%		1.33			1.40			1.49			1.57
Brokered money market accounts	$	222,916			223,113			236,973			325,002			390,048
Rate		0.33	%		0.28			0.27			0.39			0.47
Brokered time deposits	$	1,036,521			1,346,868			1,689,538			2,053,811			2,471,620
Rate		1.94	%		1.89			1.87			1.88			1.87
Total interest bearing deposits	$	16,195,007			16,847,323			17,371,106			17,883,536			18,171,282
Rate		0.64	%		0.73			0.82			0.95			1.01
Federal funds purchased and other short-term liabilities	$	368,984			296,018			329,343			368,311			449,815
Rate		0.18	%		0.24			0.26			0.28			0.26
Long-term debt	$	1,326,239			1,386,324			1,443,825			1,693,673			1,901,130
Rate		4.34	%		3.19			2.78			2.45			2.30
Total interest bearing liabilities	$	17,890,230			18,529,665			19,144,274			19,945,520			20,522,227
Rate		0.91	%		0.90			0.96			1.06			1.11
Non-interest bearing demand deposits	$	5,606,352			5,397,964			5,413,322			5,175,521			4,911,044
Net interest margin		3.48	%		3.55			3.52			3.47			3.51
Taxable equivalent adjustment	$	780			798			844			880			893

(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)	June 30, 2012
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	$	785,726			4.0	%	$	5,997		0.8	%
Hotels		706,782			3.6			11,619		1.5
Office Buildings		766,263			3.9			7,412		1.0
Shopping Centers		931,036			4.7			10,196		1.4
Commercial Development		283,115			1.4			37,044		4.9
Warehouses		486,055			2.5			6,354		0.8
Other Investment Property		457,633			2.3			8,586		1.1
Total Investment Properties		4,416,610			22.4			87,208		11.5
1-4 Family Construction		163,537			0.8			11,856		1.6
1-4 Family Investment Mortgage		919,009			4.7			50,849		6.7
Residential Development		401,278			2.0			89,993		11.9
Total 1-4 Family Properties		1,483,824			7.5			152,698		20.2
Land Acquisition		983,843			5.0			213,521		28.3
Total Commercial Real Estate		6,884,277			35.0			453,427		60.0
Commercial , Financial, and Agricultural		5,045,144			25.6			140,545		18.6
Owner-Occupied Real Estate		3,839,489			19.5			77,792		10.3
Total Commercial & Industrial		8,884,633			45.1			218,337		28.9
Home Equity Lines		1,603,905			8.1			24,177		3.2
Consumer Mortgages		1,383,915			7.0			51,783		6.9
Small Business		383,520			1.9			5,188		0.7
Credit Cards		262,402			1.3			—		—
Other Retail Loans		290,793			1.5			2,249		0.3
Total Retail		3,924,535			19.8			83,397		11.1
Unearned Income		(13,318	)		nm			—		nm
Total	$	19,680,127			100.0	%	$	755,161		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)	Total Loans			2Q12 vs. 1Q12			2Q12 vs. 4Q11			2Q12 vs. 2Q11
Loan Type	June 30, 2012			% change (1)			% change (1)			% change
Multi-Family	$	785,726			13.1	%		0.0			(3.9	)
Hotels		706,782			(32.5	)		(21.5	)		(13.0	)
Office Buildings		766,263			4.3			(2.4	)		(4.0	)
Shopping Centers		931,036			(2.3	)		(9.9	)		(10.1	)
Commercial Development		283,115			10.1			(2.7	)		(10.3	)
Warehouses		486,055			2.7			(1.2	)		(6.8	)
Other Investment Property		457,633			(4.9	)		3.8			(1.5	)
Total Investment Properties		4,416,610			(2.7	)		(6.2	)		(7.3	)
1-4 Family Construction		163,537			(30.8	)		(35.9	)		(34.6	)
1-4 Family Investment Mortgage		919,009			(15.5	)		(11.8	)		(14.0	)
Residential Development		401,278			(19.0	)		(18.9	)		(24.6	)
Total 1-4 Family Properties		1,483,824			(18.2	)		(16.7	)		(19.8	)
Land Acquisition		983,843			(25.2	)		(20.4	)		(16.6	)
Total Commercial Real Estate		6,884,277			(9.5	)		(10.7	)		(11.7	)
Commercial , Financial, and Agricultural		5,045,144			(6.0	)		(1.7	)		1.8
Owner-Occupied Real Estate		3,839,489			2.7			(0.7	)		(1.3	)
Total Commercial & Industrial		8,884,633			(2.3	)		(1.3	)		0.4
Home Equity Lines		1,603,905			2.1			(1.9	)		(0.5	)
Consumer Mortgages		1,383,915			(1.8	)		(4.0	)		(4.6	)
Small Business		383,520			67.3			55.7			51.5
Credit Cards		262,402			(3.1	)		(7.9	)		(3.4	)
Other Retail Loans		290,793			1.2			11.4			2.5
Total Retail		3,924,535			5.8			2.3			1.4
Unearned Income		(13,318	)		71.7			22.3			51.6
Total	$	19,680,127			(3.3	)%		(4.0	)		(4.0	)

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

	2012					2011						2nd Quarter
	Second			First		Fourth		Third		Second		‘12 vs.’ 11
(Dollars in thousands)	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Non-performing Loans	$	755,161			836,039		883,021		872,074		885,236		(14.7	)%
Other Loans Held for Sale(1)		31,306			18,317		30,156		53,074		89,139		(64.9	)
Other Real Estate		174,941			201,429		204,232		239,255		244,313		(28.4	)
Non-performing Assets		961,408			1,055,785		1,117,409		1,164,403		1,218,688		(21.1	)
Allowance for Loan Losses		453,325			507,794		536,494		595,383		631,401		(28.2	)
Net Charge-Offs - Quarter		98,692			94,749		113,454		138,344		167,184		(41.0	)
Net Charge-Offs / Average Loans - Quarter(2)		1.99	%		1.90		2.26		2.72		3.22
Non-performing Loans / Loans		3.84			4.21		4.40		4.34		4.32
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		4.83			5.26		5.50		5.71		5.85
Allowance / Loans		2.30			2.56		2.67		2.96		3.08
Allowance / Non-performing Loans		60.03			60.74		60.76		68.27		71.33
Allowance / Non-performing Loans(3)		136.94			128.32		124.04		145.12		161.55
Past Due Loans over 90 days and Still Accruing	$	5,863			8,388		14,521		26,860		23,235		(74.8	)%
As a Percentage of Loans Outstanding		0.03	%		0.04		0.07		0.13		0.11
Total Past Dues Loans and Still Accruing	$	91,962			144,794		149,441		199,561		199,804		(54.0	)
As a Percentage of Loans Outstanding		0.47	%		0.73		0.74		0.99		0.97
Accruing troubled debt restructurings (TDRs)	$	687,396			651,239		668,472		640,324		551,603		24.6

(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, 2012			December 31, 2011		June 30, 2011
Tier 1 Capital	$	2,822,487			2,780,774		2,758,282
Total Risk-Based Capital		3,449,042			3,544,089		3,522,660
Tier 1 Capital Ratio		13.36	%		12.94		12.84
Tier 1 Common Equity Ratio		8.81			8.49		8.41
Total Risk-Based Capital Ratio		16.32			16.49		16.40
Tier 1 Leverage Ratio		10.66			10.08		9.70
Common Equity as a Percentage of Total Assets(2)		7.23			6.92		6.74
Tangible Common Equity as a Percentage of Tangible Assets(3)		7.12			6.81		6.63
Tangible Common Equity as a Percentage of Risk Weighted Assets(3)		8.85			8.60		8.73
Book Value Per Common Share(4) (5)		2.09			2.06		2.10
Tangible Book Value Per Common Share(3) (5)		2.05			2.02		2.06

(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).