Synovus Financial (SNV) 8-K Synovus Announces Earnings for the Fourth Quarter 2017 and a 67% Increase in Quarterly Common Dividend

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Twelve Months Ended
	December 31,
	2017			2016			Change
Interest income	$	1,162,497			1,022,803			13.7	%
Interest expense		139,188			123,623			12.6
Net interest income		1,023,309			899,180			13.8
Provision for loan losses		67,185			28,000			139.9
Net interest income after provision for loan losses		956,124			871,180			9.8
Non-interest income:
Service charges on deposit accounts		79,801			81,425			(2.0	)
Fiduciary and asset management fees		50,485			46,594			8.4
Brokerage revenue		29,705			27,028			9.9
Mortgage banking income		22,798			24,259			(6.0	)
Bankcard fees		32,232			33,318			(3.3	)
Cabela’s transaction fee		75,000			—			nm
Investment securities (losses) gains, net		(289	)		6,011			nm
Decrease in fair value of private equity investments, net		(3,093	)		(1,026	)		nm
Other fee income		20,168			20,220			(0.3	)
Other non-interest income		38,520			35,365			8.9
Total non-interest income		345,327			273,194			26.4
Non-interest expense:
Salaries and other personnel expense		433,321			402,026			7.8
Net occupancy and equipment expense		119,964			109,347			9.7
Third-party processing expense		54,708			46,320			18.1
FDIC insurance and other regulatory fees		27,011			26,714			1.1
Professional fees		26,232			26,698			(1.7	)
Advertising expense		22,948			20,264			13.2
Foreclosed real estate expense, net		12,540			12,838			(2.3	)
Earnout liability adjustments		5,466			—			nm
Merger-related expense		110			1,636			nm
Amortization of intangibles		1,059			521			nm
Fair value adjustment to Visa derivative		—			5,795			nm
Loss on early extinguishment of debt, net		23,160			4,735			nm
Litigation settlement/contingency expense		701			2,511			nm
Restructuring charges, net		7,014			8,267			(15.2	)
Other operating expenses		87,079			88,251			(1.3	)
Total non-interest expense		821,313			755,923			8.7
Income before income taxes		480,138			388,451			23.6
Income tax expense		204,664			141,667			44.5
Net income		275,474			246,784			11.6
Dividends on preferred stock		10,238			10,238			—
Net income available to common shareholders	$	265,236			236,546			12.1	%
Net income per common share, basic	$	2.19			1.90			15.1	%
Net income per common share, diluted		2.17			1.89			14.9
Cash dividends declared per common share		0.60			0.48			25.0
Return on average assets		0.89	%		0.84			5	bp
Return on average common equity		9.32			8.41			91
Weighted average common shares outstanding, basic		121,162			124,389			(2.6	)%
Weighted average common shares outstanding, diluted		122,012			125,078			(2.5	)

nm - not meaningful

bps - basis points

Synovus

INCOME STATEMENT DATA

(Unaudited)

(In thousands, except per share data)

	2017												2016			Fourth Quarter
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			‘17 vs. ‘16 Change
Interest income	$	306,934			297,652			285,510			272,401			264,534			16.0	%
Interest expense		37,221			35,080			34,413			32,474			31,004			20.1
Net interest income		269,713			262,572			251,097			239,927			233,530			15.5
Provision for loan losses		8,565			39,686			10,260			8,674			6,259			36.8
Net interest income after provision for loan losses		261,148			222,886			240,837			231,253			227,271			14.9
Non-interest income:
Service charges on deposit accounts		19,952			20,255			19,820			19,774			20,653			(3.4	)
Fiduciary and asset management fees		13,195			12,615			12,524			12,151			11,903			10.9
Brokerage revenue		7,758			7,511			7,210			7,226			7,009			10.7
Mortgage banking income		5,645			5,603			5,784			5,766			5,504			2.6
Bankcard fees		7,893			7,901			8,253			8,185			8,330			(5.2	)
Cabela’s transaction fee		—			75,000			—			—			—			nm
Investment securities (losses) gains, net		—			(7,956	)		(1	)		7,668			5,885			nm
Increase/(decrease) in fair value of private equity investments, net		100			(27	)		(1,352	)		(1,814	)		(499	)		nm
Other fee income		4,042			5,094			6,164			4,868			4,965			(18.6	)
Other non-interest income		10,767			9,439			10,299			8,015			10,256			5.0
Total non-interest income		69,352			135,435			68,701			71,839			74,006			(6.3	)
Non-interest expense:
Salaries and other personnel expense		111,243			109,675			105,213			107,191			101,662			9.4
Net occupancy and equipment expense		30,126			30,573			29,933			29,331			27,867			8.1
Third-party processing expense		14,827			13,659			13,620			12,603			12,287			20.7
FDIC insurance and other regulatory fees		6,288			7,078			6,875			6,770			6,614			(4.9	)
Professional fees		6,183			7,141			7,551			5,355			6,904			(10.4	)
Advertising expense		8,081			3,610			5,346			5,912			4,905			64.8
Foreclosed real estate expense, net		1,693			7,265			1,448			2,134			2,840			(40.4	)
Earnout liability adjustments		1,700			2,059			1,707			—			—			nm
Merger-related expense		—			23			—			86			1,086			nm
Amortization of intangibles		292			292			292			183			400			(27.0	)
Fair value adjustment to Visa derivative		—			—			—			—			4,716			nm
Loss on early extinguishment of debt		23,160			—			—			—			—			nm
Litigation settlement expense		300			401			—			—			—			nm
Restructuring charges, net		(29	)		519			13			6,511			42			nm
Other operating expenses		22,670			23,351			19,749			21,312			23,886			(5.1	)
Total non-interest expense		226,534			205,646			191,747			197,388			193,209			17.2
Income before income taxes		103,966			152,675			117,791			105,704			108,068			(3.8	)
Income tax expense		74,361			54,668			41,788			33,847			39,519			88.2
Net income		29,605			98,007			76,003			71,857			68,549			(56.8	)
Dividends on preferred stock		2,559			2,559			2,559			2,559			2,559			—
Net income available to common shareholders	$	27,046			95,448			73,444			69,298			65,990			(59.0	)%
Net income per common share, basic	$	0.23			0.79			0.60			0.57			0.54			(58.0	)%
Net income per common share, diluted		0.23			0.78			0.60			0.56			0.54			(58.0	)
Cash dividends declared per common share		0.15			0.15			0.15			0.15			0.12			25.0
Return on average assets *		0.37	%		1.27			1.00			0.96			0.90			(53	) bps
Return on average common equity *		3.76			13.24			10.34			9.97			9.42			(566	)
Weighted average common shares outstanding, basic		119,282			120,900			122,203			122,300			122,341			(2.5	)%
Weighted average common shares outstanding, diluted		120,182			121,814			123,027			123,059			123,187			(2.4	)

nm - not meaningful

bps - basis points

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	December 31, 2017			September 30, 2017			December 31, 2016
ASSETS
Cash and cash equivalents	$	397,848			386,459			395,175
Interest bearing funds with Federal Reserve Bank		460,928			1,297,581			527,090
Interest earning deposits with banks		26,311			6,047			18,720
Federal funds sold and securities purchased under resale agreements		47,846			48,820			58,060
Trading account assets, at fair value		3,820			12,329			9,314
Mortgage loans held for sale, at fair value		48,024			54,072			51,545
Other loans held for sale		11,356			31,253			—
Investment securities available for sale, at fair value		3,987,069			3,825,443			3,718,195
Loans, net of deferred fees and costs		24,787,464			24,487,360			23,856,391
Allowance for loan losses		(249,268	)		(249,683	)		(251,758	)
Loans, net		24,538,196			24,237,677			23,604,633
Premises and equipment, net		426,813			423,245			417,485
Goodwill		57,315			57,315			59,678
Other intangible assets		11,254			11,548			13,223
Other real estate		3,758			10,551			22,308
Deferred tax asset, net		165,788			272,052			395,356
Other assets		1,035,511			967,731			813,220
Total assets	$	31,221,837			31,642,123			30,104,002
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	7,686,339			7,302,682			7,085,804
Interest bearing deposits, excluding brokered deposits		16,500,436			16,420,319			16,183,273
Brokered deposits		1,961,125			2,463,227			1,378,983
Total deposits		26,147,900			26,186,228			24,648,060
Federal funds purchased and securities sold under repurchase agreements		161,190			141,539			159,699
Long-term debt		1,706,138			1,882,607			2,160,881
Other liabilities		245,043			434,671			207,438
Total liabilities		28,260,271			28,645,045			27,176,078
Shareholders’ equity:
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at December 31, 2017, September 30, 2017, and December 31, 2016		125,980			125,980			125,980
Common stock - $1.00 par value. 118,897,295 shares outstanding at December 31, 2017, 119,566,625 shares outstanding at September 30, 2017, and 122,266,106 shares outstanding at December 31, 2016		142,678			142,525			142,026
Additional paid-in capital		3,043,129			3,033,682			3,028,405
Treasury stock, at cost - 23,780,154 shares at December 31, 2017, 22,958,514 shares at September 30, 2017, and 19,759,614 shares at December 31, 2016		(839,674	)		(800,509	)		(664,595	)
Accumulated other comprehensive loss		(54,754	)		(39,596	)		(55,659	)
Retained earnings		544,207			534,996			351,767
Total shareholders’ equity		2,961,566			2,997,078			2,927,924
Total liabilities and shareholders’ equity	$	31,221,837			31,642,123			30,104,002

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2017												2016
	Fourth			Third			Second			First			Fourth
	Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets
Taxable investment securities(2)	$	3,937,278			3,786,436			3,844,688			3,841,556			3,643,510
Yield		2.29	%		2.11			2.11			2.06			1.92
Tax-exempt investment securities(2) (4)	$	180			259			340			2,730			2,824
Yield (taxable equivalent)		7.97	%		7.86			6.87			5.81			5.82
Trading account assets	$	7,360			7,823			3,667			6,443			6,799
Yield		2.78	%		2.09			2.28			1.72			2.63
Commercial loans(3) (4)	$	18,935,774			19,059,936			19,137,733			19,043,384			18,812,659
Yield		4.49	%		4.41			4.27			4.16			4.05
Consumer loans(3)	$	5,704,629			5,440,765			5,215,258			4,992,683			4,911,149
Yield		4.54	%		4.55			4.49			4.40			4.27
Allowance for loan losses	$	(252,319	)		(249,248	)		(251,219	)		(253,927	)		(253,713	)
Loans, net(3)	$	24,388,084			24,251,453			24,101,772			23,782,140			23,470,095
Yield		4.55	%		4.49			4.36			4.25			4.14
Mortgage loans held for sale	$	45,353			52,177			52,224			46,554			77,652
Yield		3.96	%		3.88			3.87			4.01			3.51
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	922,296			543,556			561,503			654,322			982,355
Yield		1.31	%		1.23			1.00			0.77			0.49
Federal Home Loan Bank and Federal Reserve Bank stock(5)	$	159,455			175,263			177,323			170,844			121,079
Yield		4.03	%		3.50			2.99			3.42			3.75
Total interest earning assets	$	29,460,006			28,816,967			28,741,517			28,504,589			28,304,314
Yield		4.15	%		4.11			3.99			3.88			3.73
Interest Bearing Liabilities
Interest bearing demand deposits	$	4,976,239			4,868,372			4,837,053			4,784,329			4,488,135
Rate		0.28	%		0.27			0.23			0.19			0.16
Money market accounts	$	7,514,992			7,528,036			7,427,562			7,424,627			7,359,067
Rate		0.36	%		0.34			0.32			0.31			0.29
Savings deposits	$	804,853			803,184			805,019			909,660			908,725
Rate		0.03	%		0.03			0.04			0.11			0.12
Time deposits under $100,000	$	1,166,413			1,183,582			1,202,746			1,215,593			1,229,809
Rate		0.70	%		0.68			0.67			0.64			0.64
Time deposits over $100,000	$	2,004,031			2,067,347			2,040,924			2,029,713			2,014,564
Rate		0.99	%		0.97			0.94			0.92			0.90
Non maturing brokered deposits	$	546,413			547,466			564,043			619,627			638,779
Rate		0.81	%		0.73			0.54			0.41			0.31
Brokered time deposits	$	1,651,920			983,423			815,515			761,159			742,153
Rate		1.63	%		1.16			0.94			0.92			0.90
Total interest bearing deposits	$	18,664,861			17,981,410			17,692,862			17,744,708			17,381,232
Rate		0.54	%		0.46			0.41			0.39			0.37
Federal funds purchased and securities sold under repurchase agreements	$	184,369			191,585			183,400			176,854			219,429
Rate		0.15	%		0.08			0.10			0.09			0.08
Long-term debt	$	1,713,982			1,985,175			2,270,452			2,184,072			2,190,716
Rate		2.67	%		2.81			2.83			2.83			2.65
Total interest bearing liabilities	$	20,563,212			20,158,170			20,146,714			20,105,634			19,791,377
Rate		0.72	%		0.69			0.68			0.65			0.62
Non-interest bearing demand deposits	$	7,621,147			7,305,508			7,298,845			7,174,146			7,280,033
Effective cost of funds		0.50	%		0.48			0.48			0.46			0.44
Net interest margin		3.65	%		3.63			3.51			3.42			3.29
Taxable equivalent adjustment	$	234			283			298			309			322

(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

NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

	Total		Total					Total
	Non-performing		Non-performing					Non-performing
	Loans		Loans		4Q17 vs. 3Q17			Loans		4Q17 vs. 4Q16
Loan Type	December 31, 2017		September 30, 2017		% change			December 31, 2016		% change
Multi-Family	$	1,241		1,096		13.2	%	$	1,853		(33.0	)%
Hotels		—		—		—			335		nm
Office Buildings		1,532		234		nm			1,380		11.0
Shopping Centers		165		327		(49.5	)		354		(53.4	)
Warehouses		226		38		494.7			592		(61.8	)
Other Investment Property		640		367		74.4			754		(15.1	)
Total Investment Properties		3,804		2,062		84.5			5,268		(27.8	)
1-4 Family Construction		—		—		—			305		nm
1-4 Family Investment Mortgage		2,849		2,712		5.1			8,809		(67.7	)
Total 1-4 Family Properties		2,849		2,712		5.1			9,114		(68.7	)
Commercial Development		45		47		(4.3	)		168		(73.2	)
Residential Development		3,257		4,720		(31.0	)		8,994		(63.8	)
Land Acquisition		2,495		2,161		15.5			7,071		(64.7	)
Land and Development		5,797		6,928		(16.3	)		16,233		(64.3	)
Total Commercial Real Estate		12,450		11,702		6.4			30,615		(59.3	)
Commercial, Financial, and Agricultural		70,130		58,139		20.6			59,074		18.7
Owner-Occupied		6,654		3,960		68.0			16,503		(59.7	)
Total Commercial & Industrial		76,784		62,099		23.6			75,577		1.6
Home Equity Lines		17,455		15,638		11.6			21,551		(19.0	)
Consumer Mortgages		7,203		6,332		13.8			22,681		(68.2	)
Other Consumer Loans		1,669		2,067		(19.3	)		2,954		(43.5	)
Total Consumer		26,327		24,037		9.5			47,186		(44.2	)
Total	$	115,561		97,838		18.1	%	$	153,378		(24.7	)%

(1) Percentage change is annualized.

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

	Total Loans			Total Loans			4Q17 vs. 3Q17			Total Loans			4Q17 vs. 4Q16
Loan Type	December 31, 2017			September 30, 2017			% change(1)			December 31, 2016			% change
Multi-Family	$	1,492,159			1,636,449			(35.0	)%	$	1,568,234			(4.9	)%
Hotels		741,703			832,990			(43.5	)		748,951			(1.0	)
Office Buildings		1,499,834			1,548,317			(12.4	)		1,539,516			(2.6	)
Shopping Centers		791,311			840,367			(23.2	)		964,325			(17.9	)
Warehouses		581,410			522,925			44.4			515,112			12.9
Other Investment Property		563,648			544,049			14.3			533,123			5.7
Total Investment Properties		5,670,065			5,925,097			(17.1	)		5,869,261			(3.4	)
1-4 Family Construction		198,200			195,273			5.9			190,477			4.1
1-4 Family Investment Mortgage		583,419			600,535			(11.3	)		698,076			(16.4	)
Total 1-4 Family Properties		781,619			795,808			(7.1	)		888,553			(12.0	)
Commercial Development		70,062			66,521			21.1			70,250			(0.3	)
Residential Development		114,079			117,878			(12.8	)		136,514			(16.4	)
Land Acquisition		299,463			322,813			(28.7	)		409,534			(26.9	)
Land and Development		483,604			507,212			(18.5	)		616,298			(21.5	)
Total Commercial Real Estate		6,935,288			7,228,117			(16.1	)		7,374,112			(6.0	)
Commercial, Financial, and Agricultural		7,179,487			6,961,709			12.4			6,909,036			3.9
Owner-Occupied		4,844,163			4,764,240			6.7			4,634,770			4.5
Total Commercial & Industrial		12,023,650			11,725,949			10.1			11,543,806			4.2
Home Equity Lines		1,514,227			1,528,889			(3.8	)		1,617,265			(6.4	)
Consumer Mortgages		2,633,503			2,557,680			11.8			2,296,604			14.7
Credit Cards		232,676			225,725			12.2			232,413			0.1
Other Consumer Loans		1,473,451			1,245,278			72.7			818,182			80.1
Total Consumer		5,853,857			5,557,572			21.2			4,964,464			17.9
Unearned Income		(25,331	)		(24,278	)		17.2			(25,991	)		(2.5	)
Total	$	24,787,464			24,487,360			4.9	%	$	23,856,391			3.9	%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2017									2016		4th Quarter
	Fourth			Third		Second		First		Fourth		‘17 vs. ‘16
	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Non-performing Loans	$	115,561			97,838		159,317		158,366		153,378		(24.7	)%
Impaired Loans Held for Sale(1)		11,278			30,197		127		8,442		—		nm
Other Real Estate		3,758			10,551		19,476		20,425		22,308		(83.2	)
Non-performing Assets		130,597			138,586		178,920		187,233		175,686		(25.7	)
Allowance for loan losses		249,268			249,683		248,095		253,514		251,758		(1.0	)
Net Charge-Offs - Quarter		8,979			38,099		15,678		6,919		8,319
Net Charge-Offs - YTD		69,675			60,695		22,597		6,919		28,739
Net Charge-Offs / Average Loans - Quarter(2)		0.15	%		0.62		0.26		0.12		0.14
Net Charge-Offs / Average Loans - YTD(2)		0.29			0.33		0.19		0.12		0.12
Non-performing Loans / Loans		0.47			0.40		0.65		0.65		0.64
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		0.53			0.57		0.73		0.77		0.74
Allowance / Loans		1.01			1.02		1.02		1.05		1.06
Allowance / Non-performing Loans		215.70			255.20		155.72		160.08		164.14
Allowance / Non-performing Loans(3)		238.44			336.35		217.07		204.94		202.01
Past Due Loans over 90 days and Still Accruing	$	4,414			5,685		4,550		2,777		3,135		40.8
As a Percentage of Loans Outstanding		0.02	%		0.02		0.02		0.01		0.01
Total Past Due Loans and Still Accruing	$	52,032			84,853		66,788		62,137		65,106		(20.1	)
As a Percentage of Loans Outstanding		0.21	%		0.35		0.27		0.26		0.27
Accruing Troubled Debt Restructurings (TDRs)	$	151,271			166,918		167,395		172,421		195,776		(22.7	)

(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) Excludes non-performing loans for which the expected loss has been charged off.

SELECTED CAPITAL INFORMATION ⁽¹⁾

(Unaudited)

(Dollars in thousands)

	December 31, 2017			September 30, 2017		December 31, 2016
Tier 1 Capital	$	2,872,003			2,849,580		2,685,880
Total Risk-Based Capital		3,383,083			3,362,127		3,201,268
Common Equity Tier 1 Ratio (transitional)		9.99	%		10.06		9.96
Common Equity Tier 1 Ratio (fully phased-in)		9.88			9.88		9.51
Tier 1 Capital Ratio		10.38			10.43		10.07
Total Risk-Based Capital Ratio		12.23			12.30		12.01
Tier 1 Leverage Ratio		9.19			9.34		8.99
Common Equity as a Percentage of Total Assets (2)		9.08			9.07		9.31
Tangible Common Equity as a Percentage of Tangible Assets(3)		8.88			8.88		9.09
Tangible Common Equity as a Percentage of Risk Weighted Assets(3)		10.00			10.24		10.24
Book Value Per Common Share(4)	$	23.85			24.01		22.92
Tangible Book Value Per Common Share (3)		23.27			23.44		22.32

(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.