Synovus Financial (SNV) 8-K Synovus Announces Earnings for the First Quarter 2017

Exhibit 99.2

Synovus
INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share data)	2017			2016											1st Quarter
	First			Fourth			Third			Second		First			’17 vs. ’16
	Quarter			Quarter			Quarter			Quarter		Quarter			Change
Interest income	$	272,401			264,534			256,554			252,393		249,323			9.3	%
Interest expense		32,474			31,004			30,547			30,944		31,130			4.3
Net interest income		239,927			233,530			226,007			221,449		218,193			10.0
Provision for loan losses		8,674			6,259			5,671			6,693		9,377			(7.5	)
Net interest income after provision for loan losses		231,253			227,271			220,336			214,756		208,816			10.7
Non-interest income:
Service charges on deposit accounts		19,774			20,653			20,822			20,240		19,710			0.3
Fiduciary and asset management fees		12,151			11,903			11,837			11,580		11,274			7.8
Brokerage revenue		7,226			7,009			6,199			7,338		6,483			11.5
Mortgage banking income		5,766			5,504			7,329			5,941		5,484			5.1
Bankcard fees		8,185			8,330			8,269			8,346		8,372			(2.2	)
Investment securities gains, net		7,668			5,885			59			—		67			nm
(Decrease) increase in fair value of private equity investments, net		(1,814	)		(499	)		(249	)		113		(391	)		nm
Other fee income		4,868			4,965			5,171			5,280		4,804			1.3
Othernon-interest income		8,015			10,256			8,718			9,048		7,344			9.1
Totalnon-interest income		71,839			74,006			68,155			67,886		63,147			13.8
Non-interest expense:
Salaries and other personnel expense		107,191			101,662			101,945			97,061		101,358			5.8
Net occupancy and equipment expense		29,331			27,867			28,120			26,783		26,577			10.4
Third-party processing expense		12,603			12,287			11,219			11,698		11,116			13.4
FDIC insurance and other regulatory fees		6,770			6,614			6,756			6,625		6,719			0.8
Professional fees		5,355			6,904			6,486			6,938		6,369			(15.9	)
Advertising expense		5,912			4,905			5,597			7,351		2,410			145.3
Foreclosed real estate expense, net		2,134			2,840			2,725			4,588		2,684			(20.5	)
Merger-related expense		86			1,086			550			—		—			nm
Amortization of intangibles		183			400			—			—		121			51.2
Fair value adjustment to Visa derivative		—			4,716			360			360		360			nm
Loss on early extinguishment of debt		—			—			—			—		4,735			nm
Litigation settlement (recovery) expense		—			—			(189	)		—		2,700			nm
Restructuring charges, net		6,511			42			1,243			5,841		1,140			nm
Other operating expenses		21,312			23,886			21,059			21,366		21,944			(2.9	)
Totalnon-interest expense		197,388			193,209			185,871			188,611		188,233			4.9
Income before income taxes		105,704			108,068			102,620			94,031		83,730			26.2
Income tax expense		33,847			39,519			37,375			33,574		31,199			8.5
Net income		71,857			68,549			65,245			60,457		52,531			36.8
Dividends on preferred stock		2,559			2,559			2,559			2,559		2,559			—
Net income available to common shareholders	$	69,298			65,990			62,686			57,898		49,972			38.7	%
Net income per common share, basic	$	0.57			0.54			0.51			0.46		0.39			44.3	%
Net income per common share, diluted		0.56			0.54			0.51			0.46		0.39			44.1
Cash dividends declared per common share		0.15			0.12			0.12			0.12		0.12			25.0
Return on average assets *		0.96	%		0.90			0.88			0.83		0.73			23	bps
Return on average common equity *		9.97			9.42			8.89			8.26		7.08			289
Weighted average common shares outstanding, basic		122,300			122,341			122,924			125,100		127,227			(3.9	)%
Weighted average common shares outstanding, diluted		123,059			123,187			123,604			125,699		127,857			(3.8	)
nm - not meaningful bps - basis points
* - ratios are annualized

Synovus
BALANCE SHEET DATA	March 31, 2017			December 31, 2016			March 31, 2016
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and cash equivalents	$	380,493			395,175			352,060
Interest bearing funds with Federal Reserve Bank		622,460			527,090			908,527
Interest earning deposits with banks		24,259			18,720			21,686
Federal funds sold and securities purchased under resale agreements		50,003			58,060			76,300
Trading account assets, at fair value		1,778			9,314			4,801
Mortgage loans held for sale, at fair value		57,686			51,545			62,867
Investment securities available for sale, at fair value		3,782,942			3,718,195			3,582,244
Loans, net of deferred fees and costs		24,258,468			23,856,391			22,758,203
Allowance for loan losses		(253,514	)		(251,758	)		(254,516	)
Loans, net		24,004,954			23,604,633			22,503,687
Premises and equipment, net		412,725			417,485			439,122
Goodwill		57,010			59,678			24,431
Other intangible assets		12,137			13,223			277
Other real estate		20,425			22,308			38,462
Deferred tax asset, net		359,121			395,356			464,242
Other assets		893,596			813,220			692,551
Total assets	$	30,679,589			30,104,002			29,171,257
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	7,264,856			7,085,804			6,896,547
Interest bearing deposits, excluding brokered deposits		16,452,703			16,183,273			15,348,863
Brokered deposits		1,388,153			1,378,983			1,204,518
Total deposits		25,105,712			24,648,060			23,449,928
Federal funds purchased and securities sold under repurchase agreements		146,480			159,699			203,979
Long-term debt		2,160,867			2,160,881			2,360,865
Other liabilities		304,403			207,438			203,217
Total liabilities		27,717,462			27,176,078			26,217,989
Shareholders’ equity:
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at March 31, 2017, December 31, 2016, and March 31, 2016		125,980			125,980			125,980
Common stock - $1.00 par value. 122,321,804 shares outstanding at March 31, 2017, 122,266,106 shares outstanding at December 31, 2016, and 125,849,939 shares outstanding at March 31, 2016		142,441			142,026			140,794
Additionalpaid-in capital		3,025,775			3,028,405			2,989,854
Treasury stock, at cost - 20,119,614 shares at March 31, 2017, 19,759,614 shares at December 31, 2016, and 14,943,977 shares at March 31, 2016		(679,746	)		(664,595	)		(512,496	)
Accumulated other comprehensive loss		(54,751	)		(55,659	)		(740	)
Retained earnings		402,428			351,767			209,876
Total shareholders’ equity		2,962,127			2,927,924			2,953,268
Total liabilities and shareholders’ equity	$	30,679,589			30,104,002			29,171,257

Synovus
AVERAGE BALANCES AND YIELDS/RATES (1)
(Unaudited)
(Dollars in thousands)
	2017			2016
	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets
Taxable investment securities(2)	$	3,841,556			3,643,510			3,544,933			3,529,030			3,537,131
Yield		2.06	%		1.92			1.83			1.89			1.91
Tax-exempt investment securities(2) (4)	$	2,730			2,824			2,943			3,491			4,091
Yield (taxable equivalent)		5.81	%		5.82			5.96			6.08			6.37
Trading account assets	$	6,443			6,799			5,493			3,803			5,216
Yield		1.72	%		2.63			0.93			1.27			1.65
Commercial loans(3) (4)	$	19,043,384			18,812,659			18,419,484			18,433,638			18,253,169
Yield		4.16	%		4.05			4.03			4.04			4.03
Consumer loans(3)	$	4,992,682			4,911,149			4,720,082			4,497,147			4,334,817
Yield		4.40	%		4.27			4.30			4.32			4.37
Allowance for loan losses	$	(253,927	)		(253,713	)		(255,675	)		(251,101	)		(258,097	)
Loans, net(3)	$	23,782,139			23,470,095			22,883,891			22,679,684			22,329,889
Yield		4.25	%		4.14			4.14			4.15			4.15
Mortgage loans held for sale	$	46,554			77,652			87,524			72,477			63,339
Yield		4.01	%		3.51			3.32			3.59			3.72
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	654,322			982,355			998,565			907,614			885,938
Yield		0.77	%		0.49			0.48			0.47			0.47
Federal Home Loan Bank and Federal Reserve Bank stock(5)	$	170,844			121,079			70,570			77,571			80,679
Yield		3.42	%		3.75			4.99			5.15			3.82
Total interest earning assets	$	28,504,589			28,304,314			27,593,919			27,273,670			26,906,283
Yield		3.88	%		3.73			3.71			3.73			3.73
Interest Bearing Liabilities
Interest bearing demand deposits	$	4,784,329			4,488,135			4,274,117			4,233,310			4,198,738
Rate		0.19	%		0.16			0.16			0.18			0.17
Money market accounts	$	7,424,627			7,359,067			7,227,030			7,082,759			7,095,778
Rate		0.31	%		0.29			0.29			0.31			0.32
Savings deposits	$	909,660			908,725			797,961			746,225			722,172
Rate		0.11	%		0.12			0.07			0.06			0.07
Time deposits under $100,000	$	1,215,593			1,229,809			1,248,294			1,262,280			1,279,811
Rate		0.64	%		0.64			0.64			0.64			0.65
Time deposits over $100,000	$	2,029,713			2,014,564			2,030,242			2,016,116			2,006,302
Rate		0.92	%		0.90			0.88			0.89			0.89
Non maturing brokered deposits	$	619,627			638,779			634,596			451,398			315,006
Rate		0.41	%		0.31			0.29			0.39			0.48
Brokered time deposits	$	761,159			742,153			775,143			885,603			780,233
Rate		0.92	%		0.90			0.88			0.85			0.83
Total interest bearing deposits	$	17,744,708			17,381,232			16,987,383			16,677,691			16,398,040
Rate		0.39	%		0.37			0.37			0.39			0.39
Federal funds purchased and securities sold under repurchase agreements	$	176,854			219,429			247,378			221,276			177,921
Rate		0.09	%		0.08			0.09			0.09			0.10
Long-term debt	$	2,184,072			2,190,716			2,114,193			2,279,043			2,361,973
Rate		2.83	%		2.65			2.71			2.55			2.55
Total interest bearing liabilities	$	20,105,634			19,791,377			19,348,954			19,178,010			18,937,934
Rate		0.65	%		0.62			0.63			0.65			0.66
Non-interest bearing demand deposits	$	7,174,146			7,280,033			7,042,908			6,930,336			6,812,223
Effective cost of funds		0.46	%		0.44			0.44			0.46			0.46
Net interest margin		3.42	%		3.29			3.27			3.27			3.27
Taxable equivalent adjustment	$	309			322			330			329			305

(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 ontax-exempt loans and investment securities to a taxable-equivalent basis.

(5) Included as a component of Other Assets on the consolidated balance sheet

synovus

NON-PERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)
Loan Type	Total Non-performing Loans March 31, 2017		Total Non-performing Loans December 31, 2016		1Q17 vs. 4Q16 % change(1)			Total Non-performing Loans March 31, 2016		1Q17 vs. 1Q16 % change
Multi-Family	$	1,556		1,853		(65.0	)%	$	223		nm
Hotels		323		335		(14.5	)		369		(12.5	)%
Office Buildings		185		1,380		(351.2	)		2,590		(92.9	)
Shopping Centers		—		354		(405.6	)		—		nm
Warehouses		226		592		(250.7	)		1,150		(80.3	)
Other Investment Property		750		754		(2.2	)		11,498		(93.5	)
Total Investment Properties		3,040		5,268		(171.5	)		15,830		(80.8	)
1-4 Family Construction		306		305		1.3			430		(28.8	)
1-4 Family Investment Mortgage		8,497		8,809		(14.4	)		7,255		17.1
Total1-4 Family Properties		8,803		9,114		(13.8	)		7,685		14.5
Commercial Development		205		168		89.3			7,919		(97.4	)
Residential Development		9,033		8,994		1.8			9,673		(6.6	)
Land Acquisition		5,114		7,071		(112.2	)		14,416		(64.5	)
Land and Development		14,352		16,233		(47.0	)		32,008		(55.2	)
Total Commercial Real Estate		26,195		30,615		(58.6	)		55,523		(52.8	)
Commercial, Financial, and Agricultural		60,381		59,074		9.0			63,312		(4.6	)
Owner-Occupied		26,564		16,503		247.2			18,582		43.0
Total Commercial & Industrial		86,945		75,577		61.0			81,894		6.2
Home Equity Lines		22,918		21,551		25.7			16,432		39.5
Consumer Mortgages		19,874		22,681		(50.2	)		21,756		(8.7	)
Credit Cards		—		—		nm			—		nm
Other Consumer Loans		2,434		2,954		(71.4	)		2,562		(5.0	)
Total Consumer		45,226		47,186		(16.8	)		40,750		11.0
Total	$	158,366		153,378		13.2	%	$	178,167		(11.1	)%

(1) Percentage change is annualized.

LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)
	Total Loans			Total Loans			1Q17 vs. 4Q16			Total Loans			1Q17 vs. 1Q16
Loan Type	March 31, 2017			December 31, 2016			% change(1)			March 31, 2016			% change
Multi-Family	$	1,638,250			1,568,234			18.1	%	$	1,524,850			7.4	%
Hotels		794,685			748,951			24.8			718,640			10.6
Office Buildings		1,581,460			1,568,328			3.4			1,557,608			1.5
Shopping Centers		902,954			964,325			(25.8	)		963,520			(6.3	)
Warehouses		504,619			486,300			15.3			568,662			(11.3	)
Other Investment Property		594,084			533,123			46.4			561,614			5.8
Total Investment Properties		6,016,052			5,869,261			10.1			5,894,894			2.1
1-4 Family Construction		203,151			190,477			27.0			211,312			(3.9	)
1-4 Family Investment Mortgage		658,120			696,830			(22.5	)		787,354			(16.4	)
Total1-4 Family Properties		861,271			887,307			(11.9	)		998,666			(13.8	)
Commercial Development		58,537			63,358			(30.9	)		88,251			(33.7	)
Residential Development		130,653			136,514			(17.4	)		161,942			(19.3	)
Land Acquisition		392,710			409,534			(16.7	)		469,882			(16.4	)
Land and Development		581,900			609,406			(18.3	)		720,075			(19.2	)
Total Commercial Real Estate		7,459,223			7,365,974			5.1			7,613,635			(2.0	)
Commercial, Financial, and Agricultural		7,056,032			6,915,927			8.2			6,537,253			7.9
Owner-Occupied		4,684,734			4,636,016			4.3			4,272,219			9.7
Total Commercial & Industrial		11,740,766			11,551,943			6.6			10,809,472			8.6
Home Equity Lines		1,587,102			1,617,265			(7.6	)		1,669,406			(4.9	)
Consumer Mortgages		2,350,730			2,296,604			9.6			1,970,193			19.3
Credit Cards		224,349			232,413			(14.1	)		232,554			(3.5	)
Other Consumer Loans		922,018			818,183			51.5			492,274			87.3
Total Consumer		5,084,199			4,964,465			9.8			4,364,427			16.5
Unearned Income		(25,720	)		(25,991	)		(4.2	)		(29,331	)		(12.3	)
Total	$	24,258,468			23,856,391			6.8	%	$	22,758,203			6.6	%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)	2017			2016								1st Quarter
	First			Fourth		Third		Second		First		’17 vs. ’16
	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Non-performing Loans	$	158,366			153,378		148,155		154,072		178,167		(11.1	)%
Impaired Loans Held for Sale(1)		8,442			—		2,473		—		—		nm
Other Real Estate		20,425			22,308		28,438		33,289		38,462		(46.9	)
Non-performing Assets		187,233			175,686		179,066		187,361		216,629		(13.6	)
Allowance for loan losses		253,514			251,758		253,817		255,076		254,516		(0.4	)
Net Charge-Offs - Quarter		6,919			8,319		6,930		6,133		7,357		(6.0	)
Net Charge-Offs / Average Loans - Quarter(2)		0.12	%		0.14		0.12		0.11		0.13
Non-performing Loans / Loans		0.65			0.64		0.64		0.67		0.78
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		0.77			0.74		0.77		0.81		0.95
Allowance / Loans		1.05			1.06		1.09		1.11		1.12
Allowance /Non-performing Loans		160.08			164.14		171.32		165.56		142.85
Allowance /Non-performing Loans(3)		204.94			202.01		198.94		195.25		173.64
Past Due Loans over 90 days and Still Accruing	$	2,777			3,135		5,358		5,964		3,214		(13.6	)
As a Percentage of Loans Outstanding		0.01	%		0.01		0.02		0.03		0.01
Total Past Due Loans and Still Accruing	$	62,137			65,106		61,781		55,716		63,852		(2.7	)
As a Percentage of Loans Outstanding		0.26	%		0.27		0.27		0.24		0.28
Accruing Troubled Debt Restructurings (TDRs)	$	172,421			195,776		201,896		205,165		209,159		(17.6	)

(1) Represent only impaired loans that have been specifically identified to be sold. Impaired loans held for sale are carried at the lower of cost or fair value, less costs to sell, based primarily on estimated sales proceeds net of selling costs.

(2) Ratio is annualized.

(3) Excludesnon-performing loans for which the expected loss has been charged off.

SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)
	March 31, 2017			December 31, 2016		March 31, 2016
Tier 1 Capital	$	2,758,795			2,685,880		2,609,191
Total Risk-Based Capital		3,274,612			3,201,268		3,183,901
Common Equity Tier 1 Ratio (transitional)		9.86	%		9.96		10.04
Common Equity Tier 1 Ratio (fullyphased-in)		9.63			9.51		9.47
Tier 1 Capital Ratio		10.18			10.07		10.04
Total Risk-Based Capital Ratio		12.09			12.01		12.25
Tier 1 Leverage Ratio		9.13			8.99		9.15
Common Equity as a Percentage of Total Assets (2)		9.24			9.31		9.69
Tangible Common Equity as a Percentage of Tangible Assets(3)		9.04			9.09		9.62
Tangible Common Equity as a Percentage of Risk Weighted Assets(3)		10.21			10.24		10.79
Book Value Per Common Share(4)	$	23.19			22.92		22.47
Tangible Book Value Per Common Share (3)		22.62			22.32		22.27

(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.