Synovus Financial (SNV) 8-K Synovus Announces Earnings for Third Quarter 2015, $300 Million Stock Repurchase Program, and 20% Increase in Quarterly Common Stock Dividend

Exhibit 99.2

Synovus

INCOME STATEMENT DATA	Nine Months Ended
(Unaudited)
(Dollars in thousands, except per share data)	September 30,
	2015			2014		Change
Interest income	$	703,148			693,989		1.3	%
Interest expense		88,450			82,160		7.7
Net interest income		614,698			611,829		0.5
Provision for loan losses		13,990			25,638		(45.4)
Net interest income after provision for loan losses		600,708			586,191		2.5
Non-interest income:
Service charges on deposit accounts		59,621			58,610		1.7
Fiduciary and asset management fees		34,722			33,536		3.5
Brokerage revenue		20,978			20,201		3.8
Mortgage banking income		19,960			13,459		48.3
Bankcard fees		24,910			24,394		2.1
Investment securities gains, net		2,710			1,331		103.6
Other fee income		15,371			14,495		6.0
Gain on sale of Memphis branches, net (1)		—			5,789		nm
Other non-interest income		23,474			25,740		(8.8)
Total non-interest income		201,746			197,555		2.1
Non-interest expense:
Salaries and other personnel expense		285,394			279,855		2.0
Net occupancy and equipment expense		79,650			79,436		0.3
Third-party processing expense		31,858			29,604		7.6
FDIC insurance and other regulatory fees		20,315			25,369		(19.9)
Professional fees		18,382			18,427		(0.2)
Advertising expense		11,797			15,935		(26.0)
Foreclosed real estate expense, net		18,350			18,818		(2.5)
Visa indemnification charges		1,092			2,731		(60.0)
Litigation contingency/settlement expenses		4,400			12,349		(64.4)
Restructuring charges, net		(33)			17,101		nm
Other operating expenses		63,416			60,490		4.8
Total non-interest expense		534,621			560,115		(4.6)
Income before income taxes		267,833			223,631		19.8
Income tax expense		100,149			81,554		22.8
Net income		167,684			142,077		18.0
Dividends on preferred stock		7,678			7,678		—
Net income available to common shareholders	$	160,006			134,399		19.1	%
Net income per common share, basic	$	1.20			0.97		24.3	%
Net income per common share, diluted		1.20			0.96		24.1
Cash dividends declared per common share		0.30			0.21		42.9
Return on average assets		0.80	%		0.72		8	bps
Return on average common equity		7.40			6.21		119
Weighted average common shares outstanding, basic		133,120			138,989		(4.2)	%
Weighted average common shares outstanding, diluted		133,876			139,600		(4.1)

nm - not meaningful

bps - basis points

(1) Consists of gain, net of associated costs, from the 1Q14 sale of certain loans, premises, deposits, and other assets and liabilities of the Memphis, Tennessee branches of Trust One Bank, a division of Synovus Bank.

Synovus

INCOME STATEMENT DATA

(Unaudited)

(In thousands, except per share data)

	2015					2014							3rd Quarter
	Third Quarter			Second Quarter		First Quarter			Fourth Quarter		Third Quarter		‘15 vs. ‘14 Change
Interest income	$	238,093			233,654		231,401			234,703		233,394		2.0	%
Interest expense		30,303			30,010		28,138			27,248		27,131		11.7
Net interest income		207,790			203,644		203,263			207,455		206,263		0.7
Provision for loan losses		2,956			6,636		4,397			8,193		3,843		(23.1	)
Net interest income after provision for loan losses		204,834			197,008		198,866			199,262		202,420		1.2
Non-interest income:
Service charges on deposit accounts		20,692			19,795		19,133			20,287		20,159		2.6
Fiduciary and asset management fees		11,308			11,843		11,571			11,690		11,207		0.9
Brokerage revenue		6,946			6,782		7,251			6,887		7,281		(4.6	)
Mortgage banking income		5,965			7,511		6,484			4,895		4,665		27.9
Bankcard fees		8,334			8,499		8,077			8,536		8,182		1.9
Investment securities gains, net		-			1,985		725			-		-		nm
Other fee income		5,521			4,605		5,246			4,635		4,704		17.4
Other non-interest income		8,293			7,812		7,367			7,619		7,787		6.5
Total non-interest income		67,059			68,832		65,854			64,549		63,985		4.8
Non-interest expense:
Salaries and other personnel expense		94,341			94,565		96,488			92,049		93,870		0.5
Net occupancy and equipment expense		26,937			26,541		26,172			26,370		26,956		(0.1	)
Third-party processing expense		10,844			10,672		10,343			10,437		10,044		8.0
FDIC insurance and other regulatory fees		6,591			6,767		6,957			8,115		7,839		(15.9	)
Professional fees		6,371			6,417		5,594			8,013		2,526		152.2
Advertising expense		5,488			2,865		3,443			8,102		7,177		(23.5	)
Foreclosed real estate expense, net		4,503			4,351		9,496			6,502		9,074		(50.4	)
Visa indemnification charges		363			354		375			310		1,979		(81.7	)
Litigation contingency/settlement expenses(1)		-			4,400		-			463		12,349		nm
Restructuring charges, net		69			5		(107	)		3,484		809		nm
Other operating expenses		22,400			20,869		20,147			21,038		21,126		6.0
Total non-interest expense		177,907			177,806		178,908			184,883		193,749		(8.2	)
Income before income taxes		93,986			88,034		85,812			78,928		72,656		29.4
Income tax expense		36,058			32,242		31,849			25,757		25,868		39.4
Net income		57,928			55,792		53,963			53,171		46,788		23.8
Dividends on preferred stock		2,559			2,559		2,559			2,559		2,559		-
Net income available to common shareholders	$	55,369			53,233		51,404			50,612		44,229		25.2	%
Net income per common share, basic	$	0.42			0.40		0.38			0.37		0.32		32.4	%
Net income per common share, diluted		0.42			0.40		0.38			0.37		0.32		32.2
Cash dividends declared per common share		0.10			0.10		0.10			0.10		0.07		42.9
Return on average assets *		0.81	%		0.80		0.80			0.79		0.70		11 bps
Return on average common equity *		7.64			7.39		7.16			6.89		5.97		167
Weighted average common shares outstanding, basic		131,516			132,947		134,933			137,031		139,043		(5.4	)%
Weighted average common shares outstanding, diluted		132,297			133,625		135,744			137,831		139,726		(5.3	)

nm - not meaningful

bps - basis points

* - ratios are annualized

(1)   Amounts for other periods presented herein are not reported separately as amounts are not material.

Synovus

BALANCE SHEET DATA		September 30, 2015		December 31, 2014		September 30, 2014
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	329,396		485,489		386,402
Interest bearing funds with Federal Reserve Bank		837,641		721,362		750,446
Interest earning deposits with banks		21,170		11,810		13,612
Federal funds sold and securities purchased under resale agreements		69,732		73,111		70,918
Trading account assets, at fair value		5,844		13,863		12,705
Mortgage loans held for sale, at fair value		73,623		63,328		72,333
Investment securities available for sale, at fair value		3,487,332		3,041,406		3,050,257
Loans, net of deferred fees and costs		21,864,309		21,097,699		20,588,566
Allowance for loan losses		(250,900	)	(261,317	)	(269,376	)
Loans, net		21,613,409		20,836,382		20,319,190
Premises and equipment, net		449,078		455,235		456,633
Goodwill		24,431		24,431		24,431
Other real estate		64,346		85,472		81,636
Deferred tax asset, net		526,492		622,464		656,151
Other assets		665,333		616,878		624,396
Total assets	$	28,167,827		27,051,231		26,519,110
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	6,570,227		6,228,472		5,813,809
Interest bearing deposits, excluding brokered deposits		14,961,388		13,660,830		13,609,038
Brokered deposits		1,245,798		1,642,398		1,566,934
Total deposits		22,777,413		21,531,700		20,989,781
Federal funds purchased and securities sold under repurchase agreements		135,475		126,916		107,160
Long-term debt		2,038,719		2,140,319		2,130,934
Other liabilities		199,104		211,026		214,690
Total liabilities		25,150,711		24,009,961		23,442,565
Shareholders’ equity:
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at September 30, 2015, December 31, 2014, and September 30, 2014		125,980		125,980		125,980
Common stock - $1.00 par value. 130,632,731 shares outstanding at September 30, 2015, 136,122,843 shares outstanding at December 31, 2014, and 139,064,621 shares outstanding at September 30, 2014		140,526		139,950		139,878
Additional paid-in capital		2,986,333		2,960,825		2,974,319
Treasury stock, at cost - 9,892,877 shares at September 30, 2015, 3,827,579 shares at December 31, 2014, and 813,350 shares at September 30, 2014		(364,428	)	(187,774	)	(114,176	)
Accumulated other comprehensive loss, net		(6,092	)	(12,605	)	(24,827	)
Retained earnings (deficit)		134,797		14,894		(24,629	)
Total shareholders’ equity		3,017,116		3,041,270		3,076,545
Total liabilities and shareholders’ equity	$	28,167,827		27,051,231		26,519,110

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2015						2014
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Interest Earning Assets
Taxable investment securities(2)	$	3,380,543			3,165,513			2,998,597			3,027,769			3,035,940
Yield		1.76	%		1.79			1.85			1.85			1.84
Tax-exempt investment securities(2) (4)	$	4,509			4,595			4,967			5,030			5,168
Yield (taxable equivalent)		6.21	%		6.15			6.21			6.19			6.21
Trading account assets	$	7,278			12,564			14,188			12,879			16,818
Yield		1.84	%		3.72			3.02			3.08			2.52
Commercial loans(3) (4)	$	17,522,735			17,297,130			17,176,641			16,956,294			16,603,287
Yield		3.99	%		4.01			4.06			4.09			4.17
Consumer loans(3)	$	4,105,639			3,986,151			3,929,188			3,895,397			3,814,160
Yield		4.31	%		4.37			4.45			4.42			4.44
Allowance for loan losses	$	(256,102	)		(254,177	)		(257,167	)		(268,659	)		(274,698	)
Loans, net(3)	$	21,372,272			21,029,104			20,848,662			20,583,032			20,142,749
Yield		4.10	%		4.14			4.19			4.22			4.29
Mortgage loans held for sale	$	69,438			90,419			64,507			60,892			70,766
Yield		3.82	%		3.39			3.92			3.84			3.96
Federal funds sold, due from Federal Reserve Bank,and other short-term investments	$	1,380,686			1,590,114			1,123,250			898,871			974,363
Yield		0.24	%		0.24			0.24			0.23			0.23
Federal Home Loan Bank and Federal Reserve Bank stock(5)	$	71,852			76,091			80,813			75,547			78,131
Yield		4.71	%		4.57			3.90			4.53			3.57
Total interest earning assets	$	26,286,578			25,968,400			25,134,984			24,664,020			24,323,935
Yield		3.60	%		3.61			3.73			3.78			3.81
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,955,803			3,919,401			3,800,476			3,781,389			3,722,599
Rate		0.18	%		0.18			0.19			0.19			0.19
Money market accounts	$	6,893,563			6,466,610			6,210,704			6,009,897			6,044,138
Rate		0.36	%		0.35			0.32			0.29			0.29
Savings deposits	$	685,813			675,260			649,597			638,813			645,654
Rate		0.06	%		0.06			0.05			0.07			0.07
Time deposits under $100,000	$	1,338,994			1,351,299			1,324,513			1,315,905			1,335,848
Rate		0.66	%		0.68			0.61			0.57			0.56
Time deposits over $100,000	$	2,086,851			2,061,434			1,926,380			1,877,602			1,871,136
Rate		0.88	%		0.88			0.80			0.76			0.75
Brokered money market accounts	$	221,817			185,909			181,754			191,103			174,538
Rate		0.31	%		0.31			0.30			0.28			0.27
Brokered time deposits	$	1,135,346			1,370,022			1,413,068			1,411,252			1,320,082
Rate		0.71	%		0.67			0.63			0.58			0.52
Total interest bearing deposits	$	16,318,187			16,029,935			15,506,492			15,225,961			15,113,995
Rate		0.42	%		0.42			0.39			0.36			0.35
Federal funds purchased and securities sold under repurchase agreements	$	207,894			232,531			222,658			186,993			171,429
Rate		0.09	%		0.08			0.08			0.07			0.08
Long-term debt	$	2,073,185			2,173,595			2,207,215			2,084,636			2,142,705
Rate		2.46	%		2.39			2.41			2.55			2.54
Total interest bearing liabilities	$	18,599,266			18,436,061			17,936,365			17,497,590			17,428,129
Rate		0.65	%		0.65			0.63			0.62			0.62
Non-interest bearing demand deposits	$	6,541,832			6,436,167			6,108,558			6,110,047			5,824,592
Effective cost of funds		0.46	%		0.46			0.45			0.44			0.44
Net interest margin		3.14	%		3.15			3.28			3.34			3.37
Taxable equivalent adjustment	$	315			330			349			372			408

(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 consolidated balance sheet

Synovus

LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

	September 30, 2015
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	$	1,345,688			6.2	%	$	222	$	0.1	%
Hotels		684,106			3.1			392		0.2
Office Buildings		1,388,965			6.4			355		0.2
Shopping Centers		944,690			4.3			-		0.0
Commercial Development		101,946			0.5			8,945		5.7
Warehouses		545,346			2.5			397		0.3
Other Investment Property		546,836			2.5			272		0.2
Total Investment Properties		5,557,577			25.4			10,583		6.7
1-4 Family Construction		159,237			0.7			-		0.0
1-4 Family Investment Mortgage		777,196			3.6			7,287		4.6
Residential Development		158,120			0.7			9,707		6.2
Total 1-4 Family Properties		1,094,553			5.0			16,994		10.8
Land Acquisition		538,127			2.4			19,009		12.1
Total Commercial Real Estate		7,190,257			32.9			46,586		29.7
Commercial, Financial, and Agricultural		6,277,768			28.6			50,656		32.0
Owner-Occupied		4,265,408			19.5			18,148		11.5
Total Commercial & Industrial		10,543,176			48.2			68,804		43.6
Home Equity Lines		1,684,046			7.7			16,263		10.3
Consumer Mortgages		1,888,456			8.6			24,154		15.3
Credit Cards		241,315			1.2			-		-
Other Retail Loans		345,426			1.6			1,833		1.2
Total Retail		4,159,243			19.0			42,250		26.8
Unearned Income		(28,367	)		(0.1	)		-		nm
Total	$	21,864,309			100.0	%	$	157,640		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

Loan Type	Total Loans September 30, 2015			June 30, 2015			3Q15 vs. 2Q15 % change(1)			September 30, 2014			3Q15 vs. 3Q14 % change
Multi-Family	$	1,345,688			1,286,747			18.2	%	$	1,152,728			16.7	%
Hotels		684,106			663,286			12.5			674,607			1.4
Office Buildings		1,388,965			1,348,234			12.0			1,114,671			24.6
Shopping Centers		944,690			917,678			11.7			856,828			10.3
Commercial Development		101,946			118,263			(54.7	)		131,011			(22.2	)
Warehouses		545,346			524,525			15.7			566,343			(3.7	)
Other Investment Property		546,836			544,661			1.6			543,416			0.6
Total Investment Properties		5,557,577			5,403,394			11.3			5,039,604			10.3
1-4 Family Construction		159,237			147,572			31.4			138,647			14.9
1-4 Family Investment Mortgage		777,196			788,704			(5.8	)		818,474			(5.0	)
Residential Development		158,120			161,130			(7.4	)		179,168			(11.7	)
Total 1-4 Family Properties		1,094,553			1,097,406			(1.0	)		1,136,289			(3.7	)
Land Acquisition		538,127			554,501			(11.7	)		598,901			(10.1	)
Total Commercial Real Estate		7,190,257			7,055,301			7.6			6,774,794			6.1
Commercial, Financial, and Agricultural		6,277,768			6,259,553			1.2			5,958,575			5.4
Owner-Occupied		4,265,408			4,161,268			9.9			4,029,085			5.9
Total Commercial & Industrial		10,543,176			10,420,821			4.7			9,987,660			5.6
Home Equity Lines		1,684,046			1,683,651			0.1			1,685,972			(0.1	)
Consumer Mortgages		1,888,456			1,793,752			20.9			1,621,904			16.4
Credit Cards		241,315			246,724			(8.7	)		253,853			(4.9	)
Other Retail Loans		345,426			323,741			26.6			293,232			17.8
Total Retail		4,159,243			4,047,868			10.9			3,854,961			7.9
Unearned Income		(28,367	)		(29,121	)		(10.3	)		(28,849	)		(1.7	)
Total	$	21,864,309			21,494,869			6.8	%	$	20,588,566			6.2	%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2015					2014						3rd Quarter
	Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter		‘15 vs. ‘14 Change
Non-performing Loans	$	157,640			173,638		194,232		197,757		242,382		(35.0	)%
Other Loans Held for Sale(1)		-			-		1,082		3,606		338		(100.0	)
Other Real Estate		64,346			66,449		74,791		85,472		81,636		(21.2	)
Non-performing Assets		221,986			240,087		270,105		286,835		324,356		(31.6	)
Allowance for Loan Losses		250,900			254,702		253,371		261,317		269,376		(6.9	)
Net Charge-Offs - Quarter		6,758			5,306		12,343		16,253		12,250		(44.8	)
Net Charge-Offs - YTD		24,407			17,649		12,343		79,055		62,802		(61.1	)
Net Charge-Offs / Average Loans - Quarter(2)		0.12	%		0.10		0.23		0.31		0.24
Net Charge-Offs / Average Loans - YTD (2)		0.15			0.17		0.23		0.39		0.41
Non-performing Loans / Loans		0.72			0.81		0.92		0.94		1.18
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		1.01			1.11		1.28		1.35		1.57
Allowance / Loans		1.15			1.18		1.20		1.24		1.31
Allowance / Non-performing Loans		159.16			146.69		130.45		132.14		111.14
Allowance / Non-performing Loans(3)		205.90			202.08		197.55		197.22		176.47
Past Due Loans over 90 days and Still Accruing	$	2,998			4,832		5,025		4,637		4,067		(26.3	)%
As a Percentage of Loans Outstanding		0.01	%		0.02		0.02		0.02		0.02
Total Past Due Loans and Still Accruing	$	39,350			50,860		57,443		51,251		72,712		(45.9	)
As a Percentage of Loans Outstanding		0.18	%		0.24		0.27		0.24		0.35
Accruing Troubled Debt Restructurings (TDRs)	$	240,370			268,542		313,362		348,427		408,737		(41.2	)

(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)

	September 30, 2015			December 31, 2014		September 30, 2014
Capital Rules in effect:		Basel III			Basel I		Basel I
Tier 1 Capital	$	2,636,522			2,543,625		2,553,764
Total Risk-Based Capital		2,989,159			2,987,406		3,005,346
Common Equity Tier 1 Ratio (transitional)		10.62	%		na		na
Common Equity Tier 1 Ratio (fully phased-in)		10.00			na		na
Tier 1 Common Equity Ratio		na			10.28		10.60
Tier 1 Capital Ratio		10.62			10.86		11.19
Total Risk-Based Capital Ratio		12.04			12.75		13.17
Tier 1 Leverage Ratio		9.44			9.67		9.85
Common Equity as a Percentage of Total Assets (2)		10.26			10.78		11.13
Tangible Common Equity as a Percentage of Tangible Assets(3)		10.18			10.69		11.04
Tangible Common Equity as a Percentage of Risk Weighted Assets(3)		11.54			12.33		12.82
Book Value Per Common Share(4)		22.13			21.42		21.22
Tangible Book Value Per Common Share (3)		21.94			21.23		21.03

(1) Current quarter regulatory capital information is preliminary. 2015 regulatory capital ratios determined under Basel III capital rules. 2014 ratios were determined under Basel I capital rules.

(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.