Synovus Financial (SNV) 8-K Synovus Announces Earnings for the Fourth Quarter

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Twelve Months Ended
	December 31,
	2015			2014		Change
Interest income	$	945,962			928,692		1.9	%
Interest expense		118,644			109,408		8.4
Net interest income		827,318			819,284		1.0
Provision for loan losses		19,010			33,831		(43.8	)
Net interest income after provision for loan losses		808,308			785,453		2.9
Non-interest income:
Service charges on deposit accounts		80,142			78,897		1.6
Fiduciary and asset management fees		45,928			45,226		1.6
Brokerage revenue		27,855			27,088		2.8
Mortgage banking income		24,096			18,354		31.3
Bankcard fees		33,172			32,931		0.7
Investment securities gains, net		2,769			1,331		108.0
Other fee income		21,170			19,130		10.7
Gain on sale of Memphis branches, net (1)		—			5,789		nm
Other non-interest income		32,788			33,358		(1.7	)
Total non-interest income		267,920			262,104		2.2
Non-interest expense:
Salaries and other personnel expense		380,918			371,904		2.4
Net occupancy and equipment expense		107,466			105,806		1.6
Third-party processing expense		42,851			40,042		7.0
FDIC insurance and other regulatory fees		27,091			33,485		(19.1	)
Professional fees		26,646			26,440		0.8
Advertising expense		15,477			24,037		(35.6	)
Foreclosed real estate expense, net		22,803			25,321		(9.9	)
Visa indemnification charges		1,464			3,041		(51.9	)
Loss on extinguishment of debt		1,533			—		nm
Litigation contingency/settlement expenses		5,110			12,812		(60.1	)
Restructuring charges, net		36			20,585		(99.8	)
Other operating expenses		86,260			81,525		5.8
Total non-interest expense		717,655			744,998		(3.7	)
Income before income taxes		358,573			302,559		18.5
Income tax expense		132,491			107,310		23.5
Net income		226,082			195,249		15.8
Dividends on preferred stock		10,238			10,238		—
Net income available to common shareholders	$	215,844			185,011		16.7	%
Net income per common share, basic	$	1.63			1.34		22.0	%
Net income per common share, diluted		1.62			1.33		21.9
Cash dividends declared per common share		0.42			0.31		35.5
Return on average assets		0.80	%		0.74		6	bps
Return on average common equity		7.46			6.38		108
Weighted average common shares outstanding, basic		132,423			138,495		(4.4	)%
Weighted average common shares outstanding, diluted		133,201			139,154		(4.3	)

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		4th Quarter
	Fourth Quarter			Third Quarter		Second Quarter		First Quarter			Fourth Quarter		‘15 vs. ‘14 Change
Interest income	$	242,814			238,093		233,654		231,401			234,703		3.5	%
Interest expense		30,194			30,303		30,010		28,138			27,248		10.8
Net interest income		212,620			207,790		203,644		203,263			207,455		2.5
Provision for loan losses		5,021			2,956		6,636		4,397			8,193		(38.7	)
Net interest income after provision for loan losses		207,599			204,834		197,008		198,866			199,262		4.2
Non-interest income:
Service charges on deposit accounts		20,522			20,692		19,795		19,133			20,287		1.2
Fiduciary and asset management fees		11,206			11,308		11,843		11,571			11,690		(4.1	)
Brokerage revenue		6,877			6,946		6,782		7,251			6,887		(0.1	)
Mortgage banking income		4,136			5,965		7,511		6,484			4,895		(15.5	)
Bankcard fees		8,262			8,334		8,499		8,077			8,536		(3.2	)
Investment securities gains, net		58			—		1,985		725			—		nm
Other fee income		5,798			5,521		4,605		5,246			4,635		25.1
Other non-interest income		9,316			8,293		7,812		7,367			7,619		22.3
Total non-interest income		66,175			67,059		68,832		65,854			64,549		2.5
Non-interest expense:
Salaries and other personnel expense		95,524			94,341		94,565		96,488			92,049		3.8
Net occupancy and equipment expense		27,816			26,937		26,541		26,172			26,370		5.5
Third-party processing expense		10,993			10,844		10,672		10,343			10,437		5.3
FDIC insurance and other regulatory fees		6,776			6,591		6,767		6,957			8,115		(16.5	)
Professional fees		8,265			6,371		6,417		5,594			8,013		3.1
Advertising expense		3,680			5,488		2,865		3,443			8,102		(54.6	)
Foreclosed real estate expense, net		4,454			4,503		4,351		9,496			6,502		(31.5	)
Visa indemnification charges		371			363		354		375			310		19.7
Loss on extinguishment of debt		1,533			—		—		—			—		nm
Litigation contingency/settlement expenses		710			—		4,400		—			463		53.3
Restructuring charges, net		69			69		5		(107	)		3,484		(98.0	)
Other operating expenses		22,842			22,400		20,869		20,147			21,038		8.6
Total non-interest expense		183,033			177,907		177,806		178,908			184,883		(1.0	)
Income before income taxes		90,741			93,986		88,034		85,812			78,928		15.0
Income tax expense		32,343			36,058		32,242		31,849			25,757		25.6
Net income		58,398			57,928		55,792		53,963			53,171		9.8
Dividends on preferred stock		2,559			2,559		2,559		2,559			2,559		—
Net income available to common shareholders	$	55,839			55,369		53,233		51,404			50,612		10.3	%
Net income per common share, basic	$	0.43			0.42		0.40		0.38			0.37		16.0	%
Net income per common share, diluted		0.43			0.42		0.40		0.38			0.37		15.9
Cash dividends declared per common share		0.12			0.10		0.10		0.10			0.10		20.0
Return on average assets *		0.81	%		0.81		0.80		0.80			0.79		2 bps
Return on average common equity *		7.67			7.64		7.39		7.16			6.89		78
Weighted average common shares outstanding, basic		130,354			131,516		132,947		134,933			137,031		(4.9	)%
Weighted average common shares outstanding, diluted		131,197			132,297		133,625		135,744			137,831		(4.8	)

nm - not meaningful

bps - basis points

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	December 31, 2015			September 30, 2015			December 31, 2014
ASSETS
Cash and cash equivalents	$	367,092			329,396			485,489
Interest bearing funds with Federal Reserve Bank		829,887			837,641			721,362
Interest earning deposits with banks		17,387			21,170			11,810
Federal funds sold and securities purchased under resale agreements		69,819			69,732			73,111
Trading account assets, at fair value		5,097			5,844			13,863
Mortgage loans held for sale, at fair value		59,275			73,623			63,328
Investment securities available for sale, at fair value		3,587,818			3,487,332			3,041,406
Loans, net of deferred fees and costs		22,429,565			21,864,309			21,097,699
Allowance for loan losses		(252,496	)		(250,900	)		(261,317	)
Loans, net		22,177,069			21,613,409			20,836,382
Premises and equipment, net		445,155			449,078			455,235
Goodwill		24,431			24,431			24,431
Other real estate		47,030			64,346			85,472
Deferred tax asset, net		511,948			526,492			622,464
Other assets		650,645			664,641			615,884
Total assets	$	28,792,653			28,167,135			27,050,237
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	6,732,970			6,570,227			6,228,472
Interest bearing deposits, excluding brokered deposits		15,434,171			14,961,388			13,660,830
Brokered deposits		1,075,520			1,245,798			1,642,398
Total deposits		23,242,661			22,777,413			21,531,700
Federal funds purchased and securities sold under repurchase agreements		177,025			135,475			126,916
Long-term debt		2,186,893			2,038,028			2,139,325
Other liabilities		185,878			199,103			211,026
Total liabilities		25,792,457			25,150,019			24,008,967
Shareholders’ equity:
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at December 31, 2015, September 30, 2015, and December 31, 2014		125,980			125,980			125,980
Common stock - $1.00 par value. 129,547,032 shares outstanding at December 31, 2015, 130,632,731 shares outstanding at September 30, 2015, and 136,122,843 shares outstanding at December 31, 2014		140,592			140,526			139,950
Additional paid-in capital		2,989,981			2,986,333			2,960,825
Treasury stock, at cost - 11,045,377 shares at December 31, 2015, 9,892,877 shares at September 30, 2015, and 3,827,579 shares at December 31, 2014		(401,511	)		(364,428	)		(187,774	)
Accumulated other comprehensive loss, net		(29,819	)		(6,092	)		(12,605	)
Retained earnings		174,973			134,797			14,894
Total shareholders’ equity		3,000,196			3,017,116			3,041,270
Total liabilities and shareholders’ equity	$	28,792,653			28,167,135			27,050,237

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
	2015												2014
	Fourth			Third			Second			First			Fourth
	Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets
Taxable investment securities(2)	$	3,481,184			3,380,543			3,165,513			2,998,597			3,027,769
Yield		1.85	%		1.76			1.79			1.85			1.85
Tax-exempt investment securities(2) (4)	$	4,352			4,509			4,595			4,967			5,030
Yield (taxable equivalent)		6.16	%		6.21			6.15			6.21			6.19
Trading account assets	$	8,067			7,278			12,564			14,188			12,879
Yield		2.24	%		1.84			3.72			3.02			3.08
Commercial loans(3) (4)	$	17,884,661			17,522,735			17,297,130			17,176,641			16,956,294
Yield		3.97	%		3.99			4.01			4.06			4.09
Consumer loans(3)	$	4,233,061			4,105,639			3,986,151			3,929,188			3,895,397
Yield		4.27	%		4.31			4.37			4.45			4.42
Allowance for loan losses	$	(252,049	)		(256,102	)		(254,177	)		(257,167	)		(268,659	)
Loans, net(3)	$	21,865,673			21,372,272			21,029,104			20,848,662			20,583,032
Yield		4.08	%		4.10			4.14			4.19			4.22
Mortgage loans held for sale	$	50,668			69,438			90,419			64,507			60,892
Yield		3.84	%		3.82			3.39			3.92			3.84
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	1,081,604			1,380,686			1,590,114			1,123,250			898,871
Yield		0.27	%		0.24			0.24			0.24			0.23
Federal Home Loan Bank and Federal Reserve Bank stock (5)	$	66,790			71,852			76,091			80,813			75,547
Yield		5.08	%		4.71			4.57			3.90			4.53
Total interest earning assets	$	26,558,338			26,286,578			25,968,400			25,134,984			24,664,020
Yield		3.63	%		3.60			3.61			3.73			3.78
Interest Bearing Liabilities
Interest bearing demand deposits	$	4,117,116			3,955,803			3,919,401			3,800,476			3,781,389
Rate		0.17	%		0.18			0.18			0.19			0.19
Money market accounts	$	7,062,517			6,893,563			6,466,610			6,210,704			6,009,897
Rate		0.35	%		0.36			0.35			0.32			0.29
Savings deposits	$	692,536			685,813			675,260			649,597			638,813
Rate		0.06	%		0.06			0.06			0.05			0.07
Time deposits under $100,000	$	1,307,601			1,338,994			1,351,299			1,324,513			1,315,905
Rate		0.65	%		0.66			0.68			0.61			0.57
Time deposits over $100,000	$	2,033,193			2,086,851			2,061,434			1,926,380			1,877,602
Rate		0.88	%		0.88			0.88			0.80			0.76
Brokered money market accounts	$	297,925			221,817			185,909			181,754			191,103
Rate		0.31	%		0.31			0.31			0.30			0.28
Brokered time deposits	$	887,168			1,135,346			1,370,022			1,413,068			1,411,252
Rate		0.76	%		0.71			0.67			0.63			0.58
Total interest bearing deposits	$	16,398,056			16,318,187			16,029,935			15,506,492			15,225,961
Rate		0.40	%		0.42			0.42			0.39			0.36
Federal funds purchased and securities sold under repurchase agreements	$	158,810			207,894			232,531			222,658			186,993
Rate		0.08	%		0.09			0.08			0.08			0.07
Long-term debt	$	2,007,924			2,073,185			2,173,595			2,207,215			2,084,636
Rate		2.63	%		2.46			2.39			2.41			2.55
Total interest bearing liabilities	$	18,564,790			18,599,266			18,436,061			17,936,365			17,497,590
Rate		0.65	%		0.65			0.65			0.63			0.62
Non-interest bearing demand deposits	$	6,846,200			6,541,832			6,436,167			6,108,558			6,110,047
Effective cost of funds		0.45	%		0.46			0.46			0.45			0.44
Net interest margin		3.18	%		3.14			3.15			3.28			3.34
Taxable equivalent adjustment	$	311			315			330			349			372

(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)

	December 31, 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	$	1,391,453			6.2	%	$	223	$	0.1	%
Hotels		703,825			3.1			381		0.2
Office Buildings		1,495,247			6.7			1,170		0.7
Shopping Centers		956,394			4.3			907		0.5
Commercial Development		92,809			0.4			8,941		5.3
Warehouses		563,217			2.5			208		0.1
Other Investment Property		548,686			2.4			11,210		6.7
Total Investment Properties		5,751,631			25.6			23,040		13.7
1-4 Family Construction		168,243			0.8			—		0.0
1-4 Family Investment Mortgage		786,797			3.5			7,708		4.6
Residential Development		154,814			0.7			9,130		5.4
Total 1-4 Family Properties		1,109,854			4.9			16,838		10.0
Land Acquisition		513,981			2.2			17,768		10.6
Total Commercial Real Estate		7,375,466			32.9			57,646		34.3
Commercial, Financial, and Agricultural		6,472,482			28.8			49,137		29.1
Owner-Occupied		4,318,950			19.3			20,294		12.1
Total Commercial & Industrial		10,791,432			48.1			69,431		41.2
Home Equity Lines		1,689,914			7.5			16,480		9.8
Consumer Mortgages		1,938,683			8.6			22,248		13.2
Credit Cards		240,851			1.2			—		—
Other Retail Loans		423,318			1.9			2,565		1.5
Total Retail		4,292,766			19.1			41,293		24.5
Unearned Income		(30,099	)		(0.1	)		—		nm
Total	$	22,429,565			100.0	%	$	168,370		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

Loan Type	Total Loans December 31, 2015			September 30, 2015			4Q15 vs. 3Q15 % change(1)			December 31, 2014			4Q15 vs. 4Q14 % change
Multi-Family	$	1,391,453			1,345,688			13.5	%	$	1,205,095			15.5	%
Hotels		703,825			684,106			11.4			697,987			0.8
Office Buildings		1,495,247			1,388,965			30.4			1,196,537			25.0
Shopping Centers		956,394			944,690			4.9			881,821			8.5
Commercial Development		92,809			101,946			(35.6	)		121,990			(23.9	)
Warehouses		563,217			545,346			13.0			559,320			0.7
Other Investment Property		548,686			546,835			1.3			543,925			0.9
Total Investment Properties		5,751,631			5,557,576			13.9			5,206,675			10.5
1-4 Family Construction		168,243			159,237			22.4			143,619			17.1
1-4 Family Investment Mortgage		786,797			777,196			4.9			813,047			(3.2	)
Residential Development		154,814			158,120			(8.3	)		177,217			(12.6	)
Total 1-4 Family Properties		1,109,854			1,094,553			5.5			1,133,883			(2.1	)
Land Acquisition		513,981			538,127			(17.8	)		586,045			(12.3	)
Total Commercial Real Estate		7,375,466			7,190,256			10.2			6,926,603			6.5
Commercial, Financial, and Agricultural		6,472,482			6,277,768			12.3			6,182,311			4.7
Owner-Occupied		4,318,950			4,265,409			5.0			4,085,407			5.7
Total Commercial & Industrial		10,791,432			10,543,177			9.3			10,267,718			5.1
Home Equity Lines		1,689,914			1,684,046			1.4			1,683,998			0.4
Consumer Mortgages		1,938,683			1,888,456			10.6			1,694,061			14.4
Credit Cards		240,851			241,315			(0.8	)		253,649			(5.0	)
Other Retail Loans		423,318			345,426			89.5			302,460			40.0
Total Retail		4,292,766			4,159,243			12.7			3,934,168			9.1
Unearned Income		(30,099	)		(28,367	)		24.2			(30,790	)		(2.2	)
Total	$	22,429,565			21,864,309			10.3	%	$	21,097,699			6.3	%

(1) Percentage change is annualized.

Synovus

        CREDIT QUALITY DATA

        (Unaudited)

        (Dollars in thousands)

	��	2015									2014		4th Quarter
		Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter		‘15 vs. ‘14 Change
Non-performing Loans		$	168,370			157,640		173,638		194,232		197,757		(14.9	)%
Other Loans Held for Sale(1)			—			—		—		1,082		3,606		(100.0	)
Other Real Estate			47,030			64,346		66,449		74,791		85,472		(45.0	)
Non-performing Assets			215,400			221,986		240,087		270,105		286,835		(24.9	)
Allowance for loan losses			252,496			250,900		254,702		253,371		261,317		(3.4	)
Net Charge-Offs - Quarter			3,425			6,758		5,306		12,343		16,253		(78.9	)
Net Charge-Offs - YTD			27,831			24,407		17,649		12,343		79,055		(64.8	)
Net Charge-Offs / Average Loans - Quarter(2)			0.06	%		0.12		0.10		0.23		0.31
Net Charge-Offs / Average Loans - YTD(2)			0.13			0.15		0.17		0.23		0.39
Non-performing Loans / Loans			0.75			0.72		0.81		0.92		0.94
Non-performing Assets / Loans, Other Loans Held for Sale & ORE			0.96			1.01		1.11		1.28		1.35
Allowance / Loans			1.13			1.15		1.18		1.20		1.24
Allowance / Non-performing Loans			149.96			159.16		146.69		130.45		132.14
Allowance / Non-performing Loans(3)			189.47			205.90		202.08		197.55		197.22
Past Due Loans over 90 days and Still Accruing		$	2,621			2,998		4,832		5,025		4,637		(43.5	)%
As a Percentage of Loans Outstanding			0.01	%		0.01		0.02		0.02		0.02
Total Past Due Loans and Still Accruing		$	47,912			39,350		50,860		57,443		51,251		(6.5	)
As a Percentage of Loans Outstanding			0.21	%		0.18		0.24		0.27		0.24
Accruing Troubled Debt Restructurings (TDRs)		$	223,873			240,370		268,542		313,362		348,427		(35.7	)

(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, 2015			September 30, 2015		December 31, 2014
	Basel III			Basel III		Basel I
Capital Rules in effect:
Tier 1 Capital	$	2,660,015			2,637,462		2,543,625
Total Risk-Based Capital		3,255,757			2,990,099		2,987,406
Common Equity Tier 1 Ratio (transitional)		10.37	%		10.60		na
Common Equity Tier 1 Ratio (fully phased-in)		9.77			9.98		na
Tier 1 Common Equity Ratio		na			na		10.28
Tier 1 Capital Ratio		10.37			10.60		10.86
Total Risk-Based Capital Ratio		12.70			12.02		12.75
Tier 1 Leverage Ratio		9.43			9.45		9.67
Common Equity as a Percentage of Total Assets (2)		9.98			10.26		10.78
Tangible Common Equity as a Percentage of Tangible Assets (3)		9.90			10.18		10.69
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		11.11			11.54		12.33
Book Value Per Common Share(4)		22.19			22.13		21.42
Tangible Book Value Per Common Share (3)		21.99			21.94		21.23

(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.