Synovus Financial (SNV) 8-K Synovus Reports Earnings of $713 Million for Fourth Quarter of 2012

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Twelve Months Ended
	December 31,
	2012			2011			Change
Interest income	$	1,004,140			1,141,756			(12.1	)%
Interest expense		150,023			217,602			(31.1	)
Net interest income		854,117			924,154			(7.6	)
Provision for loan losses		320,369			418,795			(23.5	)
Net interest income after provision for loan losses		533,748			505,359			5.6
Non-interest income:
Service charges on deposit accounts		78,203			78,770			(0.7	)
Fiduciary and asset management fees		42,503			45,809			(7.2	)
Brokerage revenue		26,913			26,006			3.5
Mortgage banking income		32,272			20,316			58.9
Bankcard fees		34,075			41,493			(17.9	)
Investment securities gains, net		39,142			75,007			(47.8	)
Other fee income		21,138			19,953			5.9
Increase (decrease) in fair value of private equity investments, net		8,233			(1,118	)		nm
Other non-interest income		31,487			32,638			(3.5	)
Total non-interest income		313,966			338,874			(7.4	)
Non-interest expense:
Salaries and other personnel expense		375,872			371,546			1.2
Net occupancy and equipment expense		105,575			114,037			(7.4	)
FDIC insurance and other regulatory fees		45,408			59,063			(23.1	)
Foreclosed real estate expense, net		90,655			133,570			(32.1	)
Losses (gains) on other loans held for sale, net		4,681			(2,737	)		nm
Professional fees		41,307			40,585			1.8
Data processing expense		33,440			35,757			(6.5	)
Visa indemnification charges		6,304			6,038			4.4
Restructuring charges		5,412			30,665			(82.4	)
Other operating expenses		107,583			115,241			(6.6	)
Total non-interest expense		816,237			903,765			(9.7	)
Income (loss) before income taxes		31,477			(59,532	)		nm
Income tax (benefit) expense		(802,188	)		1,312			nm
Net income (loss)		833,665			(60,844	)		nm
Net loss attributable to non-controlling interest		—			(220	)		nm
Net income (loss) available to controlling interest		833,665			(60,624	)		nm
Dividends and accretion of discount on preferred stock		58,703			58,088			1.1
Net income (loss) available to common shareholders	$	774,962			(118,712	)		nm
Basic EPS
Net income (loss) available to common shareholders		0.99			(0.15	)		nm
Diluted EPS
Net income (loss) available to common shareholders		0.85			(0.15	)		nm
Cash dividends declared per common share		0.04			0.04			—
Return on average assets		3.16	%		(0.21	)		nm
Return on average common equity		40.65			(6.04	)		nm
Average common shares outstanding - basic		786,466			785,272			0.2	%
Average common shares outstanding - diluted		910,102			785,272			nm

nm - not meaningful

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	2012												2011			4th Quarter
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			’12 vs. ’11 Change
Interest income	$	240,000			247,676			253,809			262,654			273,303			(12.2	)%
Interest expense		32,544			35,331			40,453			41,695			46,147			(29.5	)
Net interest income		207,456			212,345			213,356			220,959			227,156			(8.7	)
Provision for loan losses		146,526			63,572			44,222			66,049			54,565			168.5
Net interest income after provision for loan losses		60,930			148,773			169,134			154,910			172,591			(64.7	)
Non-interest income:
Service charges on deposit accounts		20,883			20,404			18,684			18,231			19,175			8.9
Fiduciary and asset management fees		10,537			10,340			10,792			10,835			10,763			(2.1	)
Brokerage revenue		7,127			6,844			6,295			6,647			6,939			2.7
Mortgage banking income		9,025			9,261			7,983			6,003			4,847			86.2
Bankcard fees		10,137			7,866			8,493			7,579			7,150			41.8
Investment securities gains, net		8,233			6,656			4,170			20,083			10,337			(20.4	)
Other fee income		6,211			5,276			4,951			4,700			4,310			44.1
Increase (decrease) in fair value of private equity investments, net		1,805			(944	)		7,279			93			(177	)		nm
Other non-interest income		6,159			7,530			7,830			9,968			10,126			(39.2	)
Total non-interest income		80,117			73,233			76,477			84,139			73,470			9.0
Non-interest expense:
Salaries and other personnel expense		94,901			93,177			95,173			92,622			93,115			1.9
Net occupancy and equipment expense		26,063			26,647			26,159			26,706			27,338			(4.7	)
FDIC insurance and other regulatory fees		8,237			9,205			13,302			14,663			13,238			(37.8	)
Foreclosed real estate expense, net		34,978			11,997			20,708			22,972			31,853			9.8
Losses (gains) on other loans held for sale, net		675			4,104			(1,058	)		959			(145	)		nm
Professional fees		12,037			10,074			9,929			9,267			10,321			16.6
Data processing expense		8,420			8,284			8,712			8,024			8,532			(1.3	)
Visa indemnification charges		757			833			1,734			2,979			5,942			(87.3	)
Restructuring charges		1,969			1,192			1,393			858			639			208.1
Other operating expenses		25,309			25,979			32,212			24,083			28,249			(10.4	)
Total non-interest expense		213,346			191,492			208,264			203,133			219,082			(2.6	)
(Loss) income before income taxes		(72,299	)		30,514			37,347			35,916			26,979			nm
Income tax benefit		(799,795	)		(211	)		(2,105	)		(77	)		(378	)		nm
Net income		727,496			30,725			39,452			35,993			27,357			nm
Dividends and accretion of discount on preferred stock		14,736			14,695			14,649			14,624			14,578			1.1
Net income available to common shareholders	$	712,760			16,030			24,803			21,369			12,779			nm
Basic EPS
Net income available to common shareholders		0.91			0.02			0.03			0.03			0.02			nm
Diluted EPS
Net income available to common shareholders		0.78			0.02			0.03			0.02			0.01			nm
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		11.19	%		0.47	%		0.59	%		0.53	%		0.39			nm
Return on average common equity *		150.19			3.30			5.23			4.49			2.66			nm
Average common shares outstanding - basic		786,576			786,576			786,576			786,135			785,289			0.2	%
Average common shares outstanding - diluted		911,251			910,396			909,761			908,986			911,253			(0.0	)

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	December 31, 2012			September 30, 2012			December 31, 2011
ASSETS
Cash and cash equivalents	$	614,630			454,028			510,423
Interest bearing funds with Federal Reserve Bank		1,498,390			815,156			1,567,006
Interest earning deposits with banks		23,442			27,215			13,590
Federal funds sold and securities purchased under resale agreements		113,517			116,318			158,916
Trading account assets, at fair value		11,102			5,953			16,866
Mortgage loans held for sale, at fair value		212,663			246,224			161,509
Other loans held for sale		10,690			11,254			30,156
Investment securities available for sale, at fair value		2,981,112			3,229,440			3,690,125
Loans, net of deferred fees and costs		19,541,690			19,731,865			20,079,813
Allowance for loan losses		(373,405	)		(420,404	)		(536,494	)
Loans, net		19,168,285			19,311,461			19,543,319
Premises and equipment, net		479,546			475,222			486,923
Goodwill		24,431			24,431			24,431
Other intangible assets, net		5,149			5,895			8,525
Other real estate		150,271			189,182			204,232
Net deferred income tax asset		810,144			1,985			2,138
Other assets		660,096			850,880			744,686
Total assets	$	26,763,468			25,764,644			27,162,845
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	5,665,527			5,503,288			5,366,868
Interest bearing deposits, excluding brokered deposits		14,298,768			14,423,583			15,261,710
Brokered deposits		1,092,749			919,959			1,783,174
Total deposits		21,057,044			20,846,830			22,411,752
Federal funds purchased and securities sold under repurchase agreements		201,243			165,865			313,757
Long-term debt		1,726,455			1,654,183			1,364,727
Other liabilities		205,839			222,066			245,157
Total liabilities		23,190,581			22,888,944			24,335,393
Equity:
Shareholders’ equity:
Series A Preferred Stock, no par value (1)		957,327			954,690			947,017
Common stock, par value $1.00 (2)		792,273			792,269			790,989
Additional paid-in capital		2,189,874			2,202,903			2,241,171
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,176	)
Accumulated other comprehensive income		4,101			16,156			21,093
Accumulated deficit		(256,512	)		(976,142	)		(1,058,642	)
Total shareholders’ equity		3,572,887			2,875,700			2,827,452
Total liabilities and shareholders’ equity	$	26,763,468			25,764,644			27,162,845

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

(2) Common shares outstanding: 786,579,240; 786,575,516; and 785,295,428 at December 31, 2012, September 30, 2012, and December 31, 2011, respectively.

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

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2012												2011
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Interest Earning Assets
Taxable investment securities (2)	$	3,069,000			3,495,838			3,539,376			3,577,026			3,647,459
Yield		1.62	%		1.67			2.11			2.35			2.59
Tax-exempt investment securities (2) (4)	$	17,377			19,503			21,408			23,559			25,566
Yield (taxable equivalent)		6.59	%		6.47			6.40			6.36			6.57
Trading account assets	$	9,600			12,343			13,647			14,975			19,107
Yield		8.04	%		8.27			6.93			7.47			4.87
Commercial loans (3) (4)	$	15,692,588			15,691,881			15,941,719			16,144,615			16,276,207
Yield		4.48	%		4.63			4.67			4.76			4.82
Consumer loans (3)	$	3,992,986			3,940,000			3,896,941			3,866,084			3,871,393
Yield		4.77	%		4.80			4.87			4.95			4.95
Allowance for loan losses	$	(405,237	)		(446,495	)		(498,419	)		(529,669	)		(587,956	)
Loans, net (3)	$	19,280,337			19,185,386			19,340,241			19,481,030			19,559,644
Yield		4.65	%		4.79			4.85			4.94			5.01
Mortgage loans held for sale	$	208,839			175,199			90,499			112,040			161,632
Yield		3.72	%		4.03			4.99			4.88			4.58
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	1,366,422			1,215,743			1,668,814			1,830,295			2,221,728
Yield		0.24	%		0.24			0.24			0.24			0.24
Federal Home Loan Bank and Federal Reserve Bank stock (5)	$	66,630			53,239			63,665			78,100			84,171
Yield		2.03	%		1.87			1.85			1.43			0.93
Total interest earning assets	$	24,018,205			24,157,251			24,737,650			25,117,025			25,719,307
Yield		3.99	%		4.09			4.14			4.22			4.23
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,872,025			3,344,561			3,404,540			3,540,327			3,457,677
Rate		0.18	%		0.19			0.22			0.25			0.26
Money market accounts	$	6,251,374			6,751,607			6,769,037			6,755,769			6,697,334
Rate		0.33	%		0.33			0.42			0.49			0.57
Savings deposits	$	558,726			557,086			557,149			534,118			516,520
Rate		0.10	%		0.10			0.11			0.12			0.12
Time deposits under $100,000	$	1,648,554			1,763,864			1,868,348			1,967,084			2,062,171
Rate		0.74	%		0.85			0.97			1.08			1.17
Time deposits over $100,000	$	2,015,582			2,176,488			2,336,496			2,480,044			2,710,893
Rate		0.99	%		1.11			1.23			1.33			1.40
Brokered money market accounts	$	180,216			186,336			222,916			223,113			236,973
Rate		0.34	%		0.33			0.33			0.28			0.27
Brokered time deposits	$	800,434			820,908			1,036,521			1,346,868			1,689,538
Rate		1.42	%		1.83			1.94			1.89			1.87
Total interest bearing deposits	$	15,326,911			15,600,850			16,195,007			16,847,323			17,371,106
Rate		0.47	%		0.54			0.64			0.73			0.82
Federal funds purchased and other short-term liabilities	$	266,431			350,183			368,984			296,018			329,343
Rate		0.16	%		0.17			0.18			0.24			0.26
Long-term debt	$	1,740,588			1,372,741			1,326,239			1,386,324			1,443,825
Rate		3.27	%		4.09			4.34			3.19			2.78
Total interest bearing liabilities	$	17,333,930			17,323,774			17,890,230			18,529,665			19,144,274
Rate		0.75	%		0.81			0.91			0.90			0.96
Non-interest bearing demand deposits	$	5,466,312			5,560,827			5,606,352			5,397,964			5,413,322
Net interest margin		3.45	%		3.51			3.48			3.55			3.52
Taxable equivalent adjustment	$	766			761			780			798			844

(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, 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	$	796,110			4.1	%	$	8,129		1.5	%
Hotels		655,263			3.3			4,902		0.9
Office Buildings		773,881			4.0			4,855		0.9
Shopping Centers		896,869			4.6			9,373		1.7
Commercial Development		226,513			1.2			51,462		9.5
Warehouses		538,157			2.7			2,898		0.5
Other Investment Property		489,325			2.5			10,248		1.9
Total Investment Properties		4,376,118			22.4			91,867		16.9
1-4 Family Construction		130,841			0.7			7,633		1.4
1-4 Family Investment Mortgage		865,801			4.4			26,985		5.0
Residential Development		282,463			1.4			37,960		7.0
Total 1-4 Family Properties		1,279,105			6.5			72,578		13.4
Land Acquisition		794,229			4.1			191,475		35.2
Total Commercial Real Estate		6,449,452			33.0			355,920		65.5
Commercial , Financial, and Agricultural		5,301,134			27.1			79,575		14.6
Owner-Occupied Real Estate		3,800,380			19.4			43,386		8.0
Total Commercial & Industrial		9,101,514			46.5			122,961		22.6
Home Equity Lines		1,542,397			7.9			16,741		3.1
Consumer Mortgages		1,394,248			7.1			38,630		7.1
Credit Cards		263,561			1.3			—		—
Other Retail Loans		810,891			4.2			9,081		1.7
Total Retail		4,011,097			20.5			64,452		11.9
Unearned Income		(20,373	)		nm			—		nm
Total	$	19,541,690			100.0	%	$	543,333		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

	Total Loans						4Q12 vs. 3Q12						4Q12 vs. 4Q11
Loan Type	December 31, 2012			September 30, 2012			% change (1)			December 31, 2011			% change
Multi-Family	$	796,110			759,500			19.2	%	$	785,672			1.3	%
Hotels		655,263			689,196			(19.6	)		791,444			(17.2	)
Office Buildings		773,881			772,961			0.5			775,671			(0.2	)
Shopping Centers		896,869			918,224			(9.3	)		979,288			(8.4	)
Commercial Development		226,513			279,585			(75.5	)		286,954			(21.1	)
Warehouses		538,157			508,770			23.0			489,086			10.0
Other Investment Property		489,325			474,228			12.7			449,198			8.9
Total Investment Properties		4,376,118			4,402,464			(2.4	)		4,557,313			(4.0	)
1-4 Family Construction		130,841			152,598			(56.7	)		199,088			(34.3	)
1-4 Family Investment Mortgage		865,801			906,744			(18.0	)		976,552			(11.3	)
Residential Development		282,463			367,908			(92.4	)		442,844			(36.2	)
Total 1-4 Family Properties		1,279,105			1,427,250			(41.3	)		1,618,484			(21.0	)
Land Acquisition		794,229			909,420			(50.4	)		1,094,821			(27.5	)
Total Commercial Real Estate		6,449,452			6,739,134			(17.1	)		7,270,618			(11.3	)
Commercial , Financial, and Agricultural		5,301,134			5,163,546			10.6			5,088,420			4.2
Owner-Occupied Real Estate		3,800,380			3,877,578			(7.9	)		3,852,854			(1.4	)
Total Commercial & Industrial		9,101,514			9,041,124			2.7			8,941,274			1.8
Home Equity Lines		1,542,397			1,572,986			(7.7	)		1,619,585			(4.8	)
Consumer Mortgages		1,394,248			1,399,432			(1.5	)		1,411,749			(1.2	)
Credit Cards		263,561			257,922			8.7			273,098			(3.5	)
Other Retail Loans		810,891			738,320			39.1			575,475			40.9
Total Retail		4,011,097			3,968,660			4.3			3,879,907			3.4
Unearned Income		(20,373	)		(17,053	)		77.5			(11,986	)		70.0
Total	$	19,541,690			19,731,865			(3.8	)%	$	20,079,813			(2.7	)%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2012					2011						4th Quarter
	Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter		’12 vs. ’11 Change
Non-performing Loans	$	543,333			700,204		755,161		836,039		883,021		(38.5	)%
Other Loans Held for Sale (1)		9,455			10,019		31,306		18,317		30,156		(68.6	)
Other Real Estate		150,271			189,182		174,941		201,429		204,232		(26.4	)
Non-performing Assets		703,059			899,405		961,408		1,055,785		1,117,409		(37.1	)
Allowance for Loan Losses		373,405			420,404		453,325		507,794		536,494		(30.4	)
Net Charge-Offs - Quarter		193,525			96,493		98,691		94,749		113,454		70.6
Net Charge-Offs / Average Loans - Quarter (2)		3.94	%		1.97		1.99		1.90		2.26
Non-performing Loans / Loans		2.78			3.55		3.84		4.21		4.40
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		3.57			4.51		4.83		5.26		5.50
Allowance / Loans		1.91			2.13		2.30		2.56		2.67
Allowance / Non-performing Loans		68.72			60.04		60.03		60.74		60.76
Allowance / Non-performing Loans (3)		93.58			131.56		136.94		128.32		124.04
Past Due Loans over 90 days and Still Accruing	$	6,811			8,972		5,863		8,388		14,521		(53.1	)%
As a Percentage of Loans Outstanding		0.03	%		0.05		0.03		0.04		0.07
Total Past Dues Loans and Still Accruing	$	104,825			108,633		91,962		144,794		149,442		(29.9	)
As a Percentage of Loans Outstanding		0.54	%		0.55		0.47		0.73		0.74
Accruing troubled debt restructurings (TDRs)	$	674,527			698,847		687,396		651,239		668,472		0.9

(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, 2012			December 31, 2011
Tier 1 Capital	$	2,831,960			2,780,774
Total Risk-Based Capital		3,460,710			3,544,089
Tier 1 Capital Ratio		13.24	%		12.94
Tier 1 Common Equity Ratio		8.72			8.49
Total Risk-Based Capital Ratio		16.18			16.49
Tier 1 Leverage Ratio		11.00			10.08
Common Equity as a Percentage of Total Assets (2)		9.77			6.92
Tangible Common Equity as a Percentage of Tangible Assets (3)		9.67			6.81
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		12.09			8.60
Book Value Per Common Share (4) (5)		2.99			2.06
Tangible Book Value Per Common Share (3) (5)		2.96			2.02

(1) Current quarter regulatory capital information is preliminary.

(2) Common equity consists of Total Shareholders’ Equity less Series A 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 Series A Preferred Stock divided by total common shares outstanding.

(5) Equity and common shares exclude impact of unexercised tangible equity units (tMEDS).