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

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Six Months Ended June 30,
	2014			2013			Change
Interest income	$	460,595			461,903			(0.3	)%
Interest expense		55,029			60,012			(8.3	)
Net interest income		405,566			401,891			0.9
Provision for loan losses		21,795			48,773			(55.3	)
Net interest income after provision for loan losses		383,771			353,118			8.7
Non-interest income:
Service charges on deposit accounts		38,451			38,716			(0.7	)
Fiduciary and asset management fees		22,329			22,083			1.1
Brokerage revenue		12,920			14,595			(11.5	)
Mortgage banking income		8,794			14,255			(38.3	)
Bankcard fees		16,212			14,902			8.8
Investment securities gains, net		1,331			1,448			(8.1	)
Other fee income		9,791			11,262			(13.1	)
Decrease in fair value of private equity investments, net		(369	)		(1,140	)		67.6
Gain on sale of Memphis branches, net (1)		5,789			—			nm
Other non-interest income		18,321			13,692			33.8
Total non-interest income		133,569			129,813			2.9
Non-interest expense:
Salaries and other personnel expense		185,985			183,396			1.4
Net occupancy and equipment expense		52,480			50,550			3.8
Third-party services		19,561			20,295			(3.6	)
FDIC insurance and other regulatory fees		17,768			16,420			8.2
Professional fees		15,901			17,511			(9.2	)
Advertising expense		8,757			3,399			157.6
Foreclosed real estate expense, net		9,745			18,441			(47.2	)
Losses on other loans held for sale, net		2,226			79			nm
Visa indemnification charges		752			801			(6.1	)
Restructuring charges		16,293			6,607			146.6
Other operating expenses		36,897			45,973			(19.7	)
Total non-interest expense		366,365			363,472			0.8
Income before income taxes		150,975			119,459			26.4
Income tax expense		55,686			44,350			25.6
Net income		95,289			75,109			26.9
Dividends and accretion of discount on preferred stock		5,119			29,594			(82.7	)
Net income available to common shareholders	$	90,170			45,515			98.1
Net income per common share, basic (2)		0.65			0.39			66.9
Net income per common share, diluted (2)		0.65			0.35			84.8
Cash dividends declared per common share(2)		0.14			0.14			—
Return on average assets		0.73	%		0.58			25.9
Return on average common equity		6.33			3.51			80.3
Weighted average common shares outstanding, basic(2)		138,961			117,035			18.7	%
Weighted average common shares outstanding, diluted (2)		139,535			130,127			7.2

nm - not meaningful

(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 Synovus Bank.

(2) Share and per share data for prior periods has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014.

Synovus

INCOME STATEMENT DATA

(Unaudited)

(In thousands, except per share data)

	2014						2013								2nd Quarter
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter		Second Quarter			‘14 vs. ‘13 Change
Interest income	$	232,213			228,382			233,258			233,852		231,513			0.3	%
Interest expense		27,162			27,868			28,927			29,882		29,436			(7.7	)
Net interest income		205,051			200,514			204,331			203,970		202,077			1.5
Provision for loan losses		12,284			9,511			14,064			6,761		13,077			(6.1	)
Net interest income after provision for loan losses		192,767			191,003			190,267			197,209		189,000			2.0
Non-interest income:
Service charges on deposit accounts		19,238			19,214			19,647			19,426		19,195			0.2
Fiduciary and asset management fees		11,296			11,033			10,978			10,389		11,111			1.7
Brokerage revenue		6,707			6,213			6,307			6,636		7,002			(4.2	)
Mortgage banking income		5,283			3,511			2,913			5,314		7,338			(28.0	)
Bankcard fees		8,695			7,518			7,979			7,760		7,838			10.9
Investment securities gains, net		—			1,331			373			1,124		1,403			nm
Other fee income		4,928			4,863			6,106			5,199		5,775			(14.7	)
(Decrease) increase in fair value of private equity investments, net		(119	)		(250	)		(2,108	)		284		(883	)		86.5
Gain on sale of Memphis branches, net(1)		—			5,789			—			—		—			nm
Other non-interest income		7,360			10,960			7,986			7,446		6,313			16.6
Total non-interest income		63,388			70,182			60,181			63,578		65,092			(2.6	)
Non-interest expense:
Salaries and other personnel expense		92,540			93,445			91,962			92,794		89,479			3.4
Net occupancy and equipment expense		26,425			26,056			26,314			26,475		26,383			0.2
Third-party services		9,464			10,097			9,689			10,151		10,366			(8.7	)
FDIC insurance and other regulatory fees		8,049			9,719			8,699			7,639		7,941			1.4
Professional fees		8,224			7,677			9,855			11,410		10,416			(21.0	)
Advertising expense		6,281			2,477			2,458			3,114		1,821			244.9
Foreclosed real estate expense, net		4,063			5,681			5,064			10,359		7,502			(45.8	)
(Gains) losses on other loans held for sale, net		(40	)		2,266			(159	)		408		(86	)		53.5
Visa indemnification charges		356			396			799			—		764			(53.4	)
Litigation loss contingency expense (2)		—			—			10,000			—		—			nm
Restructuring charges		7,716			8,577			3,770			687		1,758			338.9
Other operating expenses		19,127			17,770			22,287			24,291		24,842			(23.0	)
Total non-interest expense		182,205			184,161			190,738			187,328		181,186			0.6
Income before income taxes		73,950			77,024			59,710			73,459		72,906			1.4
Income tax expense		27,078			28,608			21,130			27,765		27,371			(1.1	)
Net income		46,872			48,416			38,580			45,694		45,535			2.9
Dividends and accretion of discount on preferred stock		2,559			2,559			2,730			8,506		14,818			(82.7	)
Net income available to common shareholders	$	44,313			45,857			35,850			37,188		30,717			44.3	%
Net income per common share, basic (3)	$	0.32			0.33			0.26			0.27		0.25			26.2	%
Net income per common share, diluted(3)		0.32			0.33			0.26			0.27		0.24			34.5
Cash dividends declared per common share(3)		0.07			0.07			0.07			0.07		0.07			—
Return on average assets		0.71	%		0.75			0.58			0.69		0.69			2.9
Return on average common equity		6.14			6.52			5.04			5.40		4.70			30.6
Weighted average common shares outstanding, basic (3)		138,991			138,932			138,897			136,671		121,585			14.3
Weighted average common shares outstanding, diluted (3)		139,567			139,504			139,419			137,097		130,134			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 Synovus Bank.

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

(3) Share and per share data for prior periods has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014.

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	June 30, 2014			December 31, 2013			June 30, 2013
ASSETS
Cash and cash equivalents	$	596,425			469,630			428,487
Interest bearing funds with Federal Reserve Bank		689,284			644,528			1,459,251
Interest earning deposits with banks		7,661			24,325			22,065
Federal funds sold and securities purchased under resale agreements		79,553			80,975			88,636
Trading account assets, at fair value		20,318			6,113			23,069
Mortgage loans held for sale, at fair value		75,957			45,384			112,761
Other loans held for sale		2,764			10,685			12,083
Investment securities available for sale, at fair value		3,080,185			3,199,358			3,077,706
Loans, net of deferred fees and costs		20,455,763			20,057,798			19,608,283
Allowance for loan losses		(277,783	)		(307,560	)		(334,880	)
Loans, net		20,177,980			19,750,238			19,273,403
Premises and equipment, net		461,610			468,871			477,948
Goodwill		24,431			24,431			24,431
Other intangible assets, net		1,678			3,415			4,156
Other real estate		101,533			112,629			139,653
Deferred tax asset, net		677,513			744,646			789,525
Other assets		630,398			616,376			630,000
Total assets	$	26,627,290			26,201,604			26,563,174
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	5,875,301			5,642,751			5,203,437
Interest bearing deposits, excluding brokered deposits		13,668,746			14,140,037			14,169,203
Brokered deposits		1,449,420			1,094,002			1,338,063
Total deposits		20,993,467			20,876,790			20,710,703
Federal funds purchased and securities sold under repurchase agreements		127,840			148,132			222,933
Long-term debt		2,256,418			2,033,141			1,885,689
Other liabilities		196,514			194,556			175,645
Total liabilities		23,574,239			23,252,619			22,994,970
Shareholders’ equity:
Series A Preferred Stock - no par value, 967,870 shares outstanding at June 30, 2013		—			—			962,725
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at June 30, 2014 and December 31, 2013		125,980			125,862			—
Common stock - $1.00 par value. 139,021,760 shares outstanding at June 30, 2014, 138,907,351 shares outstanding at December 31, 2013, and 130,073,485 shares outstanding at June 30, 2013 (1)		139,835			139,721			130,887
Additional paid-in capital		2,976,811			2,976,348			2,823,804
Treasury stock, at cost - 813,350 shares(1)		(114,176	)		(114,176	)		(114,176	)
Accumulated other comprehensive loss		(13,716	)		(41,258	)		(33,060	)
Accumulated deficit		(61,683	)		(137,512	)		(201,976	)
Total shareholders’ equity		3,053,051			2,948,985			3,568,204
Total liabilities and shareholders’ equity	$	26,627,290			26,201,604			26,563,174

(1) Share and per share data for prior periods has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014.

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2014						2013
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Interest Earning Assets
Taxable investment securities(2)	$	3,091,537			3,181,678			3,196,561			3,062,976			3,034,152
Yield		1.87	%		1.91			1.90			1.76			1.70
Tax-exempt investment securities(2) (4)	$	5,781			6,421			7,758			9,835			11,435
Yield (taxable equivalent)		6.23	%		6.24			6.14			6.26			6.47
Trading account assets	$	16,011			20,346			10,021			13,806			7,847
Yield		2.25	%		3.16			4.60			4.50			6.34
Commercial loans(3) (4)	$	16,673,930			16,451,594			16,217,373			16,067,424			16,075,832
Yield		4.19	%		4.21			4.28			4.37			4.39
Consumer loans(3)	$	3,695,010			3,628,347			3,615,836			3,528,057			3,454,874
Yield		4.51	%		4.53			4.50			4.61			4.62
Allowance for loan losses	$	(293,320	)		(307,078	)		(316,001	)		(328,084	)		(351,075	)
Loans, net(3)	$	20,075,620			19,772,863			19,517,208			19,267,397			19,179,631
Yield		4.32	%		4.34			4.40			4.50			4.52
Mortgage loans held for sale	$	59,678			38,699			46,036			85,493			129,742
Yield		4.13	%		4.15			3.94			4.07			4.35
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	843,018			935,300			1,235,144			1,375,921			1,550,113
Yield		0.23	%		0.23			0.24			0.24			0.24
Federal Home Loan Bank and Federal Reserve Bank stock (5)	$	76,172			82,585			70,815			70,741			65,014
Yield		4.15	%		3.21			2.85			2.30			2.35
Total interest earning assets	$	24,167,817			24,037,892			24,083,543			23,886,169			23,977,934
Yield		3.86	%		3.86			3.85			3.89			3.88
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,830,956			3,878,590			4,102,398			3,933,902			3,895,675
Rate		0.19	%		0.19			0.19			0.23			0.18
Money market accounts	$	6,033,523			6,077,357			6,161,893			6,148,289			6,072,155
Rate		0.31	%		0.32			0.33			0.33			0.33
Savings deposits	$	644,103			616,962			605,054			607,144			609,832
Rate		0.09	%		0.10			0.10			0.11			0.11
Time deposits under $100,000	$	1,364,322			1,423,487			1,491,673			1,526,974			1,537,639
Rate		0.57	%		0.59			0.61			0.62			0.64
Time deposits over $100,000	$	1,824,349			1,956,925			2,049,094			2,022,719			1,891,624
Rate		0.74	%		0.76			0.80			0.84			0.88
Brokered money market accounts	$	184,233			207,681			210,380			202,802			202,532
Rate		0.27	%		0.26			0.27			0.27			0.31
Brokered time deposits	$	1,216,934			1,027,167			984,047			1,130,491			1,131,444
Rate		0.51	%		0.62			0.65			0.70			0.77
Total interest bearing deposits	$	15,098,420			15,188,169			15,604,539			15,572,321			15,340,901
Rate		0.36	%		0.38			0.39			0.42			0.42
Federal funds purchased and securities sold under repurchase agreements	$	219,490			215,027			216,757			195,717			206,046
Rate		0.13	%		0.14			0.15			0.14			0.15
Long-term debt	$	2,099,578			2,156,836			1,886,223			1,885,385			1,762,173
Rate		2.58	%		2.52			2.85			2.85			3.06
Total interest bearing liabilities	$	17,417,488			17,560,032			17,707,519			17,653,423			17,309,120
Rate		0.62	%		0.64			0.65			0.67			0.68
Non-interest bearing demand deposits	$	5,765,287			5,537,090			5,545,529			5,306,447			5,327,795
Effective cost of funds		0.45	%		0.47			0.47			0.49			0.49
Net interest margin		3.41	%		3.39			3.38			3.40			3.39
Taxable equivalent adjustment	$	443			455			481			529			557

(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, 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	$	1,103,608			5.4	%	$	225		0.1	%
Hotels		712,350			3.5			439		0.2
Office Buildings		973,201			4.8			3,284		1.2
Shopping Centers		828,390			4.0			8,896		3.4
Commercial Development		139,615			0.7			22,412		8.6
Warehouses		563,451			2.7			1,997		0.8
Other Investment Property		489,734			2.4			3,674		1.4
Total Investment Properties		4,810,349			23.5			40,927		15.7
1-4 Family Construction		135,596			0.7			986		0.4
1-4 Family Investment Mortgage		744,700			3.6			13,295		5.1
Residential Development		178,793			0.9			12,430		4.8
Total 1-4 Family Properties		1,059,089			5.2			26,711		10.3
Land Acquisition		598,555			2.9			42,564		16.4
Total Commercial Real Estate		6,467,993			31.6			110,202		42.4
Commercial, Financial, and Agricultural		5,574,941			27.3			57,903		22.3
Owner-Occupied		3,786,279			18.5			29,005		11.2
Small Business		886,570			4.3			7,210		2.8
Total Commercial & Industrial		10,247,790			50.1			94,118		36.3
Home Equity Lines		1,664,520			8.1			16,396		6.3
Consumer Mortgages		1,561,111			7.6			36,433		14.1
Credit Cards		255,369			1.3			—		—
Other Retail Loans		287,935			1.4			2,398		0.9
Total Retail		3,768,935			18.4			55,227		21.3
Unearned Income		(28,955	)		(0.1	)		—		nm
Total	$	20,455,763			100.0	%	$	259,547		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

Loan Type	Total Loans June 30, 2014			March 31, 2014			2Q14 vs. 1Q14 % change(1)			June 30, 2013			2Q14 vs. 2Q13 % change
Multi-Family	$	1,103,608			984,658			48.5	%		898,472			22.8	%
Hotels		712,350			696,083			9.4			694,107			2.6
Office Buildings		973,201			950,635			9.5			784,413			24.1
Shopping Centers		828,390			844,205			(7.5	)		845,883			(2.1	)
Commercial Development		139,615			148,683			(24.5	)		178,478			(21.8	)
Warehouses		563,451			570,492			(5.0	)		541,250			4.1
Other Investment Property		489,734			500,087			(8.3	)		504,386			(2.9	)
Total Investment Properties		4,810,349			4,694,843			9.9			4,446,989			8.2
1-4 Family Construction		135,596			141,060			(15.5	)		132,943			2.0
1-4 Family Investment Mortgage		744,700			784,712			(20.5	)		857,063			(13.1	)
Residential Development		178,793			187,240			(18.1	)		223,553			(20.0	)
Total 1-4 Family Properties		1,059,089			1,113,012			(19.4	)		1,213,559			(12.7	)
Land Acquisition		598,555			674,678			(45.3	)		754,202			(20.6	)
Total Commercial Real Estate		6,467,993			6,482,533			(0.9	)		6,414,750			0.8
Commercial, Financial, and Agricultural		5,574,941			5,505,577			5.1			5,374,141			3.7
Owner-Occupied		3,786,279			3,777,282			1.0			3,784,937			0.0
Small Business		886,570			783,143			53.0			568,881			55.8
Total Commercial & Industrial		10,247,790			10,066,002			7.2			9,727,959			5.3
Home Equity Lines		1,664,520			1,601,757			15.7			1,507,738			10.4
Consumer Mortgages		1,561,111			1,504,213			15.2			1,451,212			7.6
Credit Cards		255,369			253,149			3.5			251,788			1.4
Other Retail Loans		287,935			279,785			11.7			278,603			3.3
Total Retail		3,768,935			3,638,905			14.3			3,489,341			8.0
Unearned Income		(28,955	)		(28,436	)		7.3			(23,767	)		21.8
Total	$	20,455,763			20,159,004			5.9	%		19,608,283			4.3	%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2014					2013						2nd Quarter
	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter		‘14 vs. ‘13 Change
Non-performing Loans	$	259,547			384,324		416,300		450,879		483,464		(46.3	)%
Other Loans Held for Sale(1)		2,045			3,120		10,685		9,351		12,083		(83.1	)
Other Real Estate		101,533			110,757		112,629		126,640		139,653		(27.3	)
Non-performing Assets		363,125			498,201		539,614		586,870		635,200		(42.8	)
Allowance for Loan Losses		277,783			300,871		307,560		318,612		334,880		(17.0	)
Net Charge-Offs - Quarter		35,371			15,181		25,116		23,030		29,969		18.0
Net Charge-Offs - YTD		91,877			91,877		91,877		91,877		91,877		0.0
Net Charge-Offs / Average Loans - Quarter(2)		0.69	%		0.30		0.51		0.47		0.61
Non-performing Loans / Loans		1.27			1.91		2.08		2.29		2.47
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		1.77			2.46		2.67		2.96		3.21
Allowance / Loans		1.36			1.49		1.53		1.62		1.71
Allowance / Non-performing Loans		107.03			78.29		73.88		70.66		69.27
Allowance / Non-performing Loans(3)		177.62			100.16		95.43		91.84		91.76
Past Due Loans over 90 days and Still Accruing	$	4,798			6,563		4,489		4,738		4,596		4.4	%
As a Percentage of Loans Outstanding		0.02	%		0.03		0.02		0.02		0.02
Total Past Dues Loans and Still Accruing	$	60,428			75,038		72,600		78,906		80,678		(25.1	)
As a Percentage of Loans Outstanding		0.30	%		0.37		0.36		0.40		0.41
Accruing Troubled Debt Restructurings (TDRs)	$	444,108			495,390		556,410		574,236		635,125		(30.1	)

(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, 2014			December 31, 2013		June 30, 2013
Tier 1 Capital	$	2,500,491			2,351,493		2,904,985
Total Risk-Based Capital		2,958,274			2,900,865		3,445,161
Tier 1 Capital Ratio		11.01	%		10.54		13.49
Tier 1 Common Equity Ratio		10.41			9.93		8.97
Total Risk-Based Capital Ratio		13.03			13.00		15.99
Tier 1 Leverage Ratio		9.69			9.13		11.33
Common Equity as a Percentage of Total Assets (2)		10.99			10.77		9.81
Tangible Common Equity as a Percentage of Tangible Assets(3)		10.91			10.68		9.71
Tangible Common Equity as a Percentage of Risk Weighted Assets(3)		12.78			12.53		11.96
Book Value Per Common Share(4)(5)		21.05			20.32		20.03
Tangible Book Value Per Common Share (3)(5)		20.87			20.12		19.81

(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.

(5) Per share data for prior periods has been restated to reflect the 1-for-7 reverse stock split which was effective on May 16, 2014.