Synovus Financial (SNV) 8-K Synovus Reports Earnings for First Quarter of 2014

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(In thousands, except per share data)

	2014			2013											1st Quarter
	First Quarter			Fourth Quarter			Third Quarter		Second Quarter			First Quarter			‘14 vs. ‘13 Change
Interest income	$	228,382			233,258			233,852		231,513			230,391			(0.9	)%
Interest expense		27,868			28,927			29,882		29,436			30,577			(8.9	)
Net interest income		200,514			204,331			203,970		202,077			199,814			0.4
Provision for loan losses		9,511			14,064			6,761		13,077			35,696			(73.4	)
Net interest income after provision for loan losses		191,003			190,267			197,209		189,000			164,118			16.4
Non-interest income:
Service charges on deposit accounts		19,214			19,647			19,426		19,195			19,521			(1.6	)
Fiduciary and asset management fees		11,033			10,978			10,389		11,111			10,971			0.6
Brokerage revenue		6,213			6,307			6,636		7,002			7,594			(18.2	)
Mortgage banking income		3,511			2,913			5,314		7,338			6,917			(49.2	)
Bankcard fees		7,518			7,979			7,760		7,838			7,064			6.4
Investment securities gains, net		1,331			373			1,124		1,403			45			nm
Other fee income		4,863			6,106			5,199		5,775			5,487			(11.4	)
(Decrease) increase in fair value of private equity investments, net		(250	)		(2,108	)		284		(883	)		(257	)		2.7
Gain from Memphis transaction, net (1)		5,789			—			—		—			—			nm
Other non-interest income		10,960			7,986			7,446		6,313			7,379			48.5
Total non-interest income		70,182			60,181			63,578		65,092			64,721			8.4
Non-interest expense:
Salaries and other personnel expense		93,445			91,962			92,794		89,479			93,917			(0.5	)
Net occupancy and equipment expense		26,056			26,314			26,475		26,383			24,167			7.8
FDIC insurance and other regulatory fees		9,719			8,699			7,639		7,941			8,480			14.6
Foreclosed real estate expense, net		5,681			5,064			10,359		7,502			10,940			(48.1	)
Losses (gains) on other loans held for sale, net		2,266			(159	)		408		(86	)		165			nm
Professional fees		7,677			9,855			11,410		10,416			7,095			8.2
Third-party services		10,097			9,689			10,151		10,366			9,929			1.7
Visa indemnification charges		396			799			—		764			37			nm
Litigation loss contingency expense (2)		—			10,000			—		—			—			nm
Restructuring charges		8,577			3,770			687		1,758			4,850			76.8
Other operating expenses		20,247			24,745			27,405		26,663			22,706			(10.8	)
Total non-interest expense		184,161			190,738			187,328		181,186			182,286			1.0
Income before income taxes		77,024			59,710			73,459		72,906			46,553			65.5
Income tax expense		28,608			21,130			27,765		27,371			16,979			68.5
Net income		48,416			38,580			45,694		45,535			29,574			63.7
Dividends and accretion of discount on preferred stock		2,559			2,730			8,506		14,818			14,776			(82.7	)
Net income available to common shareholders	$	45,857			35,850			37,188		30,717			14,798			209.9	%
Net income per common share, basic	$	0.05			0.04			0.04		0.04			0.02			150.8	%
Net income per common share, diluted		0.05			0.04			0.04		0.03			0.02			189.0
Cash dividends declared per common share		0.01			0.01			0.01		0.01			0.01			—
Return on average assets *		0.75	%		0.58			0.69		0.69			0.46			63.0
Return on average common equity *		6.52			5.04			5.40		4.70			2.30			183.5
Weighted average common shares outstanding, basic		972,522			972,279			956,694		851,093			787,043			23.6
Weighted average common shares outstanding, diluted		976,527			975,933			959,680		910,937			910,835			7.2

nm - not meaningful

* - ratios are annualized

(1) Consists of gain, net of associated costs, from the sale of certain loans, premises, deposits, and other assets and liabilities of the Memphis, Tennessee operations of Trust One Bank, a division of Synouvs Bank.

(2) Consists of loss contingency accruals with respect to outstanding legal matters. Amounts for other quartersare not disclosed separately as amounts are not material.

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	March 31, 2014			December 31, 2013			March 31, 2013
ASSETS
Cash and cash equivalents	$	460,618			469,630			412,305
Interest bearing funds with Federal Reserve Bank		884,743			644,528			1,332,512
Interest earning deposits with banks		9,139			24,325			21,890
Federal funds sold and securities purchased under resale agreements		76,097			80,975			122,878
Trading account assets, at fair value		17,808			6,113			9,040
Mortgage loans held for sale, at fair value		50,390			45,384			144,232
Other loans held for sale		3,120			10,685			9,129
Investment securities available for sale, at fair value		3,132,402			3,199,358			3,049,353
Loans, net of deferred fees and costs		20,159,004			20,057,798			19,367,887
Allowance for loan losses		(300,871	)		(307,560	)		(351,772	)
Loans, net		19,858,133			19,750,238			19,016,115
Premises and equipment, net		467,375			468,871			477,132
Goodwill		24,431			24,431			24,431
Other intangible assets, net		1,883			3,415			4,583
Other real estate		110,757			112,629			155,237
Deferred tax asset, net		712,130			744,646			792,736
Other assets		626,400			616,376			641,306
Total assets	$	26,435,426			26,201,604			26,212,879
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	5,870,570			5,642,751			5,152,276
Interest bearing deposits, excluding brokered deposits		13,714,382			14,140,037			14,076,285
Brokered deposits		1,365,939			1,094,002			1,332,632
Total deposits		20,950,891			20,876,790			20,561,193
Federal funds purchased and securities sold under repurchase agreements		164,946			148,132			238,223
Long-term debt		2,106,980			2,033,141			1,653,230
Other liabilities		214,113			194,556			182,127
Total liabilities		23,436,930			23,252,619			22,634,773
Shareholders’ equity:
Series A Preferred Stock - no par value, 967,870 shares outstanding at March 31, 2013		—			—			960,005
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at March 31, 2014 and December 31, 2013		125,980			125,862			—
Common stock - $1.00 par value. 972,806,269 shares outstanding at March 31, 2014, 972,351,457 shares outstanding at December 31, 2013, and 787,625,592 shares outstanding at March 31, 2013		978,500			978,045			793,319
Additional paid-in capital		2,137,479			2,138,024			2,174,577
Treasury stock, at cost - 5,693,452 shares		(114,176	)		(114,176	)		(114,176	)
Accumulated other comprehensive (loss) income		(30,463	)		(41,258	)		2,787
Accumulated deficit		(98,824	)		(137,512	)		(238,406	)
Total shareholders’ equity		2,998,496			2,948,985			3,578,106
Total liabilities and shareholders’ equity	$	26,435,426			26,201,604			26,212,879

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2014			2013
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Interest Earning Assets
Taxable investment securities (2)	$	3,181,678			3,196,561			3,062,976			3,034,152			2,984,129
Yield		1.89	%		1.88			1.73			1.67			1.39
Tax-exempt investment securities (2) (4)	$	6,421			7,758			9,835			11,435			14,362
Yield (taxable equivalent)		6.24	%		6.14			6.26			6.47			6.34
Trading account assets	$	20,346			10,021			13,806			7,847			8,629
Yield		3.16	%		4.60			4.50			6.34			7.12
Commercial loans (3) (4)	$	16,451,594			16,217,373			16,067,424			16,075,832			16,000,000
Yield		4.21	%		4.28			4.37			4.39			4.48
Consumer loans (3)	$	3,628,347			3,615,836			3,528,057			3,454,874			3,461,622
Yield		4.53	%		4.50			4.61			4.62			4.68
Allowance for loan losses	$	(307,078	)		(316,001	)		(328,084	)		(351,075	)		(372,239	)
Loans, net (3)	$	19,772,863			19,517,208			19,267,397			19,179,631			19,089,383
Yield		4.34	%		4.40			4.50			4.52			4.54
Mortgage loans held for sale	$	38,699			46,036			85,493			129,742			179,507
Yield		4.15	%		3.94			4.07			4.35			3.80
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	935,300			1,235,144			1,375,921			1,550,113			1,343,652
Yield		0.23	%		0.24			0.24			0.24			0.24
Federal Home Loan Bank and Federal Reserve Bank stock (5)	$	82,585			70,815			70,741			65,014			65,330
Yield		3.21	%		2.85			2.30			2.35			2.36
Total interest earning assets	$	24,037,892			24,083,543			23,886,169			23,977,934			23,684,992
Yield		3.86	%		3.85			3.89			3.88			3.95
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,878,590			4,102,398			3,933,902			3,895,675			3,839,707
Rate		0.19	%		0.19			0.23			0.18			0.18
Money market accounts	$	6,077,357			6,161,893			6,148,289			6,072,155			6,135,649
Rate		0.32	%		0.33			0.33			0.33			0.33
Savings deposits	$	616,962			605,054			607,144			609,832			581,792
Rate		0.10	%		0.10			0.11			0.11			0.11
Time deposits under $100,000	$	1,423,487			1,491,673			1,526,974			1,537,639			1,581,092
Rate		0.59	%		0.61			0.62			0.64			0.69
Time deposits over $100,000	$	1,956,925			2,049,094			2,022,719			1,891,624			1,958,870
Rate		0.76	%		0.80			0.84			0.88			0.93
Brokered money market accounts	$	207,681			210,380			202,802			202,532			202,734
Rate		0.26	%		0.27			0.27			0.31			0.32
Brokered time deposits	$	1,027,167			984,047			1,130,491			1,131,444			1,013,461
Rate		0.62	%		0.65			0.70			0.77			0.99
Total interest bearing deposits	$	15,188,169			15,604,539			15,572,321			15,340,901			15,313,305
Rate		0.38	%		0.39			0.42			0.42			0.44
Federal funds purchased and securities sold under repurchase agreements	$	215,027			216,757			195,717			206,046			214,661
Rate		0.14	%		0.15			0.14			0.15			0.17
Long-term debt	$	2,156,836			1,886,223			1,885,385			1,762,173			1,688,580
Rate		2.52	%		2.85			2.85			3.06			3.26
Total interest bearing liabilities	$	17,560,032			17,707,519			17,653,423			17,309,120			17,216,546
Rate		0.64	%		0.65			0.67			0.68			0.72
Non-interest bearing demand deposits	$	5,537,090			5,545,529			5,306,447			5,327,795			5,232,587
Effective cost of funds		0.47	%		0.47			0.49			0.49			0.52
Net interest margin		3.39	%		3.38			3.40			3.39			3.43
Taxable equivalent adjustment	$	455			481			529			557			618

(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)

	March 31, 2014
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	$	984,658			4.9	%	$	226		0.1	%
Hotels		696,083			3.5			1,114		0.3
Office Buildings		950,635			4.7			4,243		1.1
Shopping Centers		844,205			4.2			9,305		2.4
Commercial Development		152,309			0.8			28,559		7.4
Warehouses		570,492			2.8			3,029		0.8
Other Investment Property		500,087			2.5			4,107		1.1
Total Investment Properties		4,698,469			23.3			50,583		13.3
1-4 Family Construction		141,060			0.7			815		0.2
1-4 Family Investment Mortgage		784,712			3.9			13,950		3.6
Residential Development		187,240			0.9			14,486		3.8
Total 1-4 Family Properties		1,113,012			5.5			29,251		7.6
Land Acquisition		674,678			3.3			151,332		39.4
Total Commercial Real Estate		6,486,159			32.2			231,166		60.1
Commercial, Financial, and Agricultural		5,505,577			27.3			54,938		14.3
Owner-Occupied		3,773,656			18.7			33,238		8.6
Small Business		783,143			3.9			6,325		1.6
Total Commercial & Industrial		10,062,376			49.9			94,501		24.6
Home Equity Lines		1,601,757			7.9			18,003		4.7
Consumer Mortgages		1,504,213			7.5			38,227		9.9
Credit Cards		253,149			1.3			—		—
Other Retail Loans		279,786			1.4			2,427		0.6
Total Retail		3,638,905			18.0			58,657		15.3
Unearned Income		(28,436	)		nm			—		nm
Total	$	20,159,004			100.0	%	$	384,324		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

Loan Type	Total Loans March 31, 2014			December 31, 2013			1Q14 vs. 4Q13 % change (1)			March 31, 2013			1Q14 vs. 1Q13 % change
Multi-Family	$	984,658			954,295			12.9	%		857,239			14.9	%
Hotels		696,083			687,177			5.3			691,453			0.7
Office Buildings		950,635			884,638			30.3			768,806			23.7
Shopping Centers		844,205			852,409			(3.9	)		847,460			(0.4	)
Commercial Development		152,309			156,344			(10.5	)		207,043			(26.4	)
Warehouses		570,492			561,637			6.4			534,051			6.8
Other Investment Property		500,087			507,255			(5.7	)		500,643			(0.1	)
Total Investment Properties		4,698,469			4,603,755			8.3			4,406,695			6.6
1-4 Family Construction		141,060			138,973			6.1			132,377			6.6
1-4 Family Investment Mortgage		784,712			828,967			(21.7	)		866,921			(9.5	)
Residential Development		187,240			188,531			(2.8	)		252,204			(25.8	)
Total 1-4 Family Properties		1,113,012			1,156,471			(15.2	)		1,251,502			(11.1	)
Land Acquisition		674,678			705,333			(17.6	)		764,438			(11.7	)
Total Commercial Real Estate		6,486,159			6,465,559			1.3			6,422,635			1.0
Commercial, Financial, and Agricultural		5,505,577			5,490,214			1.1			5,206,956			5.7
Owner-Occupied		3,773,656			3,795,439			(2.3	)		3,780,129			(0.2	)
Small Business		783,143			687,216			56.6			553,056			41.6
Total Commercial & Industrial		10,062,376			9,972,869			3.6			9,540,141			5.5
Home Equity Lines		1,601,757			1,587,541			3.6			1,508,507			6.2
Consumer Mortgages		1,504,213			1,519,068			(4.0	)		1,394,853			7.8
Credit Cards		253,149			256,846			(5.8	)		251,618			0.6
Other Retail Loans		279,786			284,778			(7.1	)		271,685			3.0
Total Retail		3,638,905			3,648,233			(1.0	)		3,426,663			6.2
Unearned Income		(28,436	)		(28,862	)		(6.0	)		(21,552	)		31.9
Total	$	20,159,004			20,057,799			2.0	%		19,367,887			4.1	%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2014			2013								1st Quarter
	First Quarter			Fourth Quarter		Third Quarter		Second Quarter		First Quarter		‘14 vs. ‘13 Change
Non-performing Loans	$	384,324			416,300		450,879		483,464		513,227		(25.1	)%
Other Loans Held for Sale (1)		3,120			10,685		9,351		12,083		9,129		(65.8	)
Other Real Estate		110,757			112,629		126,640		139,653		155,237		(28.7	)
Non-performing Assets		498,201			539,614		586,870		635,200		677,592		(26.5	)
Allowance for Loan Losses		300,871			307,560		318,612		334,880		351,772		(14.5	)
Net Charge-Offs - Quarter		15,181			25,116		23,030		29,969		57,328		(73.5	)
Net Charge-Offs / Average Loans - Quarter (2)		0.30	%		0.51		0.47		0.61		1.18
Non-performing Loans / Loans		1.91			2.08		2.29		2.47		2.65
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		2.46			2.67		2.96		3.21		3.47
Allowance / Loans		1.49			1.53		1.62		1.71		1.82
Allowance / Non-performing Loans		78.29			73.88		70.66		69.27		68.54
Allowance / Non-performing Loans (3)		100.16			95.43		91.84		91.76		97.75
Past Due Loans over 90 days and Still Accruing	$	6,563			4,489		4,738		4,596		5,799		13.2	%
As a Percentage of Loans Outstanding		0.03	%		0.02		0.02		0.02		0.03
Total Past Dues Loans and Still Accruing	$	75,038			72,600		78,906		80,678		88,330		(15.0	)
As a Percentage of Loans Outstanding		0.37	%		0.36		0.40		0.41		0.46
Accruing Troubled Debt Restructurings (TDRs)	$	495,390			556,410		574,236		635,125		623,900		(20.6	)

(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)

	March 31, 2014			December 31, 2013		March 31, 2013
Tier 1 Capital	$	2,430,789			2,351,493		2,866,489
Total Risk-Based Capital		2,981,128			2,900,865		3,493,090
Tier 1 Capital Ratio		10.85	%		10.54		13.50
Tier 1 Common Equity Ratio		10.24			9.93		8.93
Total Risk-Based Capital Ratio		13.31			13.00		16.45
Tier 1 Leverage Ratio		9.46			9.13		11.27
Common Equity as a Percentage of Total Assets (2)		10.87			10.77		9.99
Tangible Common Equity as a Percentage of Tangible Assets (3)		10.78			10.68		9.89
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		12.70			12.53		12.19
Book Value Per Common Share (4)		2.95			2.90		2.99
Tangible Book Value Per Common Share (3)		2.93			2.87		2.96

(1) Current quarter regulatory capital information is preliminary.

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