Synovus Financial (SNV) 8-K Synovus Announces Earnings for the Second Quarter 2018

Exhibit 99.2

Synovus

INCOME STATEMENT DATA (Unaudited) (Dollars in thousands, except per share data)		Six Months Ended June 30,
		2018				2017			Change
Interest income	$		642,968				557,911			15.2		%
Interest expense			84,107				66,887			25.7
Net interest income			558,861				491,024			13.8
Provision for loan losses			24,566				18,934			29.7
Net interest income after provision for loan losses			534,295				472,090			13.2
Non-interest income:
Service charges on deposit accounts			39,938				40,370			(1.1	)
Fiduciary and asset management fees			27,419				24,676			11.1
Card fees			21,032				19,885			5.8
Brokerage revenue			17,596				14,436			21.9
Mortgage banking income			9,887				11,548			(14.4	)
Income from bank-owned life insurance			7,949				6,328			25.6
Investment securities (losses) gains, net			(1,296	)			7,667			nm
Decrease in fair value of private equity investments, net			(3,093	)			(3,166	)		nm
Other fee income			9,877				11,033			(10.5	)
Othernon-interest income			11,124				7,762			43.3
Totalnon-interest income			140,433				140,539			(0.1	)
Non-interest expense:
Salaries and other personnel expense			225,583				212,404			6.2
Net occupancy and equipment expense			64,134				59,264			8.2
Third-party processing expense			29,012				26,223			10.6
FDIC insurance and other regulatory fees			13,335				13,645			(2.3	)
Professional fees			11,789				12,907			(8.7	)
Advertising expense			10,312				11,258			(8.4	)
Foreclosed real estate expense, net			749				3,582			(79.1	)
Earnout liability adjustments			-				1,707			nm
Amortization of intangibles			583				475			22.7
Valuation adjustment to Visa derivative			2,328				-			nm
Litigation settlement/contingency expense			(4,026	)			-			nm
Restructuring charges, net			(212	)			6,524			nm
Other operating expenses			45,647				41,144			10.9
Totalnon-interest expense			399,234				389,133			2.6
Income before income taxes			275,494				223,496			23.3
Income tax expense			61,146				75,635			(19.2	)
Net income			214,348				147,861			45.0
Dividends on preferred stock			5,119				5,119			-
Net income available to common shareholders	$		209,229				142,742			46.6		%
Net income per common share, basic	$		1.77				1.17			51.2		%
Net income per common share, diluted			1.75				1.16			51.3
Cash dividends declared per common share			0.50				0.30			66.7
Return on average assets*			1.38		%		0.98			40		bps
Return on average common equity*			15.01				10.16			485
Weighted average common shares outstanding, basic			118,531				122,251			(3.0	)	%
Weighted average common shares outstanding, diluted			119,229				123,043			(3.1	)

nm - not meaningful

bps - basis points

* - ratios are annualized

Synovus

INCOME STATEMENT DATA (Unaudited) (In thousands, except per share data)		2018										2017						Second Quarter
		Second Quarter				First Quarter			Fourth Quarter			Third Quarter			Second Quarter			‘18 vs. ‘17 Change
Interest income	$		329,834				313,134			306,934			297,652			285,510			15.5		%
Interest expense			45,257				38,850			37,221			35,080			34,413			31.5
Net interest income			284,577				274,284			269,713			262,572			251,097			13.3
Provision for loan losses			11,790				12,776			8,565			39,686			10,260			14.9
Net interest income after provision for loan losses			272,787				261,508			261,148			222,886			240,837			13.3
Non-interest income:
Service charges on deposit accounts			19,999				19,940			20,372			20,678			20,252			(1.2	)
Fiduciary and asset management fees			13,983				13,435			13,195			12,615			12,524			11.6
Card fees			10,833				10,199			9,762			9,729			10,041			7.9
Brokerage revenue			8,900				8,695			7,758			7,511			7,210			23.4
Mortgage banking income			4,839				5,047			5,645			5,603			5,784			(16.3	)
Income from bank-owned life insurance			3,733				4,217			3,900			3,232			3,272			14.1
Cabela’s transaction fee			-				-			-			75,000			-			nm
Investment securities (losses) gains, net			(1,296	)			-			-			(7,956	)		(1	)		nm
(Decrease)/increase in fair value of private equity investments, net			(37	)			(3,056	)		100			(27	)		(1,352	)		nm
Other fee income			5,259				4,618			4,042			5,094			6,164			(14.7	)
Othernon-interest income			7,174				3,951			4,578			3,956			4,807			49.2
Totalnon-interest income			73,387				67,046			69,352			135,435			68,701			6.8
Non-interest expense:
Salaries and other personnel expense			111,863				113,720			111,243			109,675			105,213			6.3
Net occupancy and equipment expense			32,654				31,480			30,126			30,573			29,933			9.1
Third-party processing expense			15,067				13,945			14,827			13,659			13,620			10.6
FDIC insurance and other regulatory fees			6,543				6,793			6,288			7,078			6,875			(4.8	)
Professional fees			6,284				5,505			6,183			7,141			7,551			(16.8	)
Advertising expense			5,220				5,092			8,081			3,610			5,346			(2.4	)
Foreclosed real estate expense, net			(107	)			856			1,693			7,265			1,448			nm
Earnout liability adjustments			-				-			1,700			2,059			1,707			nm
Amortization of intangibles			292				292			292			292			292			-
Valuation adjustment to Visa derivative			2,328				-			-			-			-			nm
Loss on early extinguishment of debt			-				-			23,160			-			-			nm
Litigation settlement/contingency expense			(1,400	)			(2,626	)		300			401			-			nm
Restructuring charges, net			103				(315	)		(29	)		519			13			nm
Other operating expenses			25,210				20,437			22,670			23,374			19,749			27.7
Totalnon-interest expense			204,057				195,179			226,534			205,646			191,747			6.4
Income before income taxes			142,117				133,375			103,966			152,675			117,791			20.7
Income tax expense			30,936				30,209			74,361			54,668			41,788			(26.0	)
Net income			111,181				103,166			29,605			98,007			76,003			46.3
Dividends on preferred stock			2,559				2,559			2,559			2,559			2,559			-
Net income available to common shareholders	$		108,622				100,607			27,046			95,448			73,444			47.9		%
Net income per common share, basic	$		0.92				0.85			0.23			0.79			0.60			52.7		%
Net income per common share, diluted			0.91				0.84			0.23			0.78			0.60			52.7
Cash dividends declared per common share			0.25				0.25			0.15			0.15			0.15			66.7
Return on average assets *			1.42		%		1.34			0.37			1.27			1.00			42		bps
Return on average common equity *			15.39				14.62			3.76			13.24			10.34			505
Weighted average common shares outstanding, basic			118,397				118,666			119,282			120,900			122,203			(3.1	)	%
Weighted average common shares outstanding, diluted			119,139				119,321			120,182			121,814			123,027			(3.2	)

nm - not meaningful

bps - basis points

* - ratios are annualized

Synovus

BALANCE SHEET DATA		June 30, 2018			December 31, 2017			June 30, 2017
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks	$		404,080			397,848			377,213
Interest bearing funds with Federal Reserve Bank			613,082			460,928			468,148
Interest earning deposits with banks			33,754			26,311			6,012
Federal funds sold and securities purchased under resale agreements			40,872			47,846			46,847
Cash and cash equivalents			1,091,788			932,933			898,220
Mortgage loans held for sale, at fair value			53,673			48,024			61,893
Investment securities available for sale, at fair value			3,929,962			3,987,069			3,827,058
Loans, net of deferred fees and costs			25,134,056			24,787,464			24,430,512
Allowance for loan losses			(251,725	)		(249,268	)		(248,095	)
Loans, net			24,882,331			24,538,196			24,182,417
Cash surrender value of bank-owned life insurance			547,261			540,958			458,753
Premises and equipment, net			428,633			426,813			416,364
Goodwill			57,315			57,315			57,092
Other intangible assets			10,458			11,254			11,843
Deferred tax asset, net			182,983			165,788			320,403
Other assets			555,901			513,487			453,923
Total assets	$		31,740,305			31,221,837			30,687,966
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$		7,630,491			7,686,339			7,363,476
Interest bearing deposits, excluding brokered deposits			16,961,187			16,500,436			16,387,032
Brokered deposits			1,851,010			1,961,125			1,468,308
Total deposits			26,442,688			26,147,900			25,218,816
Federal funds purchased and securities sold under repurchase agreements			207,580			161,190			150,379
Long-term debt			1,656,647			1,706,138			2,107,245
Other liabilities			265,696			245,043			213,579
Total liabilities			28,572,611			28,260,271			27,690,019
Shareholders’ equity:
Series D Preferred Stock - no par value, 8,000,000 shares outstanding at June 30, 2018			195,138			-			-
Series C Preferred Stock - no par value, 5,200,000 shares outstanding at June 30, 2018, December 31, 2017, and June 30, 2017			125,980			125,980			125,980
Common stock - $1.00 par value. 117,841,369 shares outstanding at June 30, 2018, 118,897,295 shares outstanding at December 31, 2017, and 121,661,092 shares outstanding at June 30, 2017			143,078			142,678			142,499
Additionalpaid-in capital			3,045,014			3,043,129			3,029,754
Treasury stock, at cost - 25,236,604 shares at June 30, 2018, 23,780,154 shares at December 31, 2017, and 20,837,814 shares at June 30, 2017			(916,484	)		(839,674	)		(709,944	)
Accumulated other comprehensive loss			(125,720	)		(54,754	)		(47,865	)
Retained earnings			700,688			544,207			457,523
Total shareholders’ equity			3,167,694			2,961,566			2,997,947
Total liabilities and shareholders’ equity	$		31,740,305			31,221,837			30,687,966

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2018							2017
	Second Quarter				First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Interest Earning Assets
Taxable investment securities(2)	$	4,077,564				4,097,162			3,937,278			3,786,436			3,844,688
Yield		2.34		%		2.34			2.29			2.11			2.11
Tax-exempt investment securities(2)(4)	$	115				140			180			259			340
Yield (taxable equivalent)		6.87		%		6.57			7.97			7.86			6.87
Trading account assets(5)	$	23,772				8,167			7,360			7,823			3,667
Yield		2.79		%		2.66			2.78			2.09			2.28
Commercial loans(3)(4)	$	18,857,271				18,963,515			18,935,774			19,059,936			19,137,733
Yield		4.85		%		4.64			4.49			4.41			4.27
Consumer loans(3)	$	6,092,899				5,899,015			5,704,629			5,440,765			5,215,258
Yield		4.76		%		4.71			4.54			4.55			4.49
Allowance for loan losses	$	(257,966	)			(251,635	)		(252,319	)		(249,248	)		(251,219	)
Loans, net(3)	$	24,692,204				24,610,895			24,388,084			24,251,453			24,101,772
Yield		4.88		%		4.70			4.55			4.49			4.36
Mortgage loans held for sale	$	50,366				38,360			45,353			52,177			52,224
Yield		4.42		%		3.95			3.96			3.88			3.87
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	724,537				516,575			922,296			543,556			561,503
Yield		1.77		%		1.48			1.31			1.23			1.00
Federal Home Loan Bank and Federal Reserve Bank stock(5)	$	165,845				177,381			159,455			175,263			177,323
Yield		4.63		%		3.39			4.03			3.50			2.99
Total interest earning assets	$	29,734,403				29,448,680			29,460,006			28,816,967			28,741,517
Yield		4.46		%		4.31			4.15			4.11			3.99
Interest Bearing Liabilities
Interest bearing demand deposits	$	5,001,826				5,032,000			4,976,239			4,868,372			4,837,053
Rate		0.35		%		0.31			0.28			0.27			0.23
Money market accounts	$	7,791,107				7,561,554			7,514,992			7,528,036			7,427,562
Rate		0.55		%		0.43			0.36			0.34			0.32
Savings deposits	$	829,800				811,587			804,853			803,184			805,019
Rate		0.03		%		0.03			0.03			0.03			0.04
Time deposits under $100,000	$	1,161,890				1,143,780			1,166,413			1,183,582			1,202,746
Rate		0.82		%		0.71			0.70			0.68			0.67
Time deposits over $100,000	$	2,021,084				1,895,545			2,004,031			2,067,347			2,040,924
Rate		1.22		%		1.02			0.99			0.97			0.94
Non-maturing brokered deposits	$	262,976				424,118			546,413			547,466			564,043
Rate		1.94		%		1.14			0.81			0.73			0.54
Brokered time deposits	$	1,659,941				1,527,793			1,651,920			983,423			815,515
Rate		1.85		%		1.75			1.63			1.16			0.94
Total interest bearing deposits	$	18,728,624				18,396,377			18,664,861			17,981,410			17,692,862
Rate		0.70		%		0.58			0.54			0.46			0.41
Federal funds purchased and securities sold under repurchase agreements	$	210,679				202,226			184,369			191,585			183,400
Rate		0.38		%		0.21			0.15			0.08			0.10
Long-term debt	$	1,852,094				2,127,994			1,713,982			1,985,175			2,270,452
Rate		2.66		%		2.32			2.67			2.81			2.83
Total interest bearing liabilities	$	20,791,397				20,726,597			20,563,212			20,158,170			20,146,714
Rate		0.87		%		0.76			0.72			0.69			0.68
Non-interest bearing demand deposits	$	7,539,451				7,391,695			7,621,147			7,305,508			7,298,845
Effective cost of funds		0.61		%		0.53			0.50			0.48			0.48
Net interest margin		3.86		%		3.78			3.65			3.63			3.51
Taxable equivalent adjustment	$	120				116			234			283			298

(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 (21% in 2018 and 35% in 2017), 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

LOANS OUTSTANDING BY TYPE

(Unaudited)

(Dollars in thousands)

Loan Type		Total Loans June 30, 2018		Total Loans March 31, 2018		2Q18 vs. 1Q18 % change(1)				Total Loans June 30, 2017		2Q18 vs. 2Q17 % change
Commercial, Financial, and Agricultural	$		7,271,080		7,191,531		4.4	%	$		6,993,817		4.0	%
Owner-Occupied			5,004,392		4,910,386		7.7				4,749,128		5.4
Total Commercial & Industrial			12,275,472		12,101,917		5.8				11,742,945		4.5
Multi-Family			1,358,211		1,479,573		(32.9)				1,724,917		(21.3)
Hotels			755,125		751,232		2.1				835,110		(9.6)
Office Buildings			1,429,166		1,464,473		(9.7)				1,539,494		(7.2)
Shopping Centers			811,186		782,580		14.7				864,868		(6.2)
Warehouses			602,707		583,645		13.1				495,860		21.5
Other Investment Property			553,201		557,547		(3.1)				575,415		(3.9)
Total Investment Properties			5,509,596		5,619,050		(7.8)				6,035,664		(8.7)
1-4 Family Construction			177,140		188,939		(25.0)				198,419		(10.7)
1-4 Family Investment Mortgage			543,570		569,965		(18.6)				638,407		(14.9)
Total1-4 Family Properties			720,710		758,904		(20.2)				836,826		(13.9)
Commercial Development			61,375		65,371		(24.5)				66,055		(7.1)
Residential Development			100,246		104,137		(15.0)				118,032		(15.1)
Land Acquisition			252,244		288,265		(50.1)				365,657		(31.0)
Land and Development			413,865		457,773		(38.5)				549,744		(24.7)
Total Commercial Real Estate			6,644,171		6,835,727		(11.2)				7,422,234		(10.5)
Consumer Mortgages			2,750,935		2,663,371		13.2				2,470,665		11.3
Home Equity Lines			1,453,855		1,472,471		(5.1)				1,563,167		(7.0)
Credit Cards			238,424		226,713		20.7				225,900		5.5
Other Consumer Loans			1,793,916		1,606,799		46.7				1,031,639		73.9
Total Consumer			6,237,130		5,969,354		18.0				5,291,371		17.9
Unearned Income			(22,717)		(23,961)		(20.8)				(26,038)		(12.8)
Total	$		25,134,056		24,883,037		4.0	%	$		24,430,512		2.9	%

(1) Percentage change is annualized.

NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

Loan Type		Total Non-performing Loans June 30, 2018		Total Non-performing Loans March 31, 2018		2Q18 vs. 1Q18 % change				Total Non-performing Loans June 30, 2017		2Q18 vs. 2Q17 % change
Commercial, Financial, and Agricultural	$		81,231		81,606		(0.5)	%	$		69,550		16.8	%
Owner-Occupied			6,076		4,067		49.4				24,918		(75.6)
Total Commercial & Industrial			87,307		85,673		1.9				94,468		(7.6)
Multi-Family			176		1,028		(82.9)				1,621		(89.1)
Hotels			-		-		-				376		nm
Office Buildings			670		1,272		(47.3)				326		nm
Shopping Centers			412		89		362.9				161		nm
Warehouses			21		-		nm				41		(48.8)
Other Investment Property			459		540		(15.0)				1,187		(61.3)
Total Investment Properties			1,738		2,929		(40.7)				3,712		(53.2)
1-4 Family Investment Mortgage			3,247		2,634		23.3				8,535		(62.0)
Total1-4 Family Properties			3,247		2,634		23.3				8,535		(62.0)
Commercial Development			42		44		(4.5)				269		(84.4)
Residential Development			3,184		3,220		(1.1)				5,585		(43.0)
Land Acquisition			1,398		1,311		6.6				5,077		(72.5)
Land and Development			4,624		4,575		1.1				10,931		(57.7)
Total Commercial Real Estate			9,609		10,138		(5.2)				23,178		(58.5)
Consumer Mortgages			4,822		7,708		(37.4)				18,035		(73.3)
Home Equity Lines			14,265		14,868		(4.1)				20,648		(30.9)
Other Consumer Loans			1,325		1,694		(21.8)				2,988		(55.7)
Total Consumer			20,412		24,270		(15.9)				41,671		(51.0)
Total	$		117,328		120,081		(2.3	) %	$		159,317		(26.4)	%

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

		2018					2017						2nd Quarter
		Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter		‘18 vs. ‘17 Change
Non-performing Loans	$		117,328			120,081		115,561		97,838		159,317		(26.4)  %
Impaired Loans Held for Sale(1)			2,733			6,591		11,278		30,197		127		nm
Other Real Estate			6,288			4,496		3,758		10,551		19,476		(67.7)
Non-performing Assets			126,349			131,168		130,597		138,586		178,920		(29.4)
Allowance for loan losses			251,725			257,764		249,268		249,683		248,095		1.5
Net Charge-Offs - Quarter			17,829			4,280		8,979		38,099		15,678
Net Charge-Offs - YTD			22,109			4,280		69,675		60,695		22,597
Net Charge-Offs / Average Loans - Quarter(2)			0.29	%		0.07		0.15		0.62		0.26
Net Charge-Offs / Average Loans - YTD(2)			0.18			0.07		0.29		0.33		0.19
Non-performing Loans / Loans			0.47			0.48		0.47		0.40		0.65
Non-performing Assets / Loans, Impaired Loans Held for Sale, & ORE			0.50			0.53		0.53		0.57		0.73
Allowance / Loans			1.00			1.04		1.01		1.02		1.02
Allowance /Non-performing Loans			214.55			214.66		215.70		255.20		155.72
Allowance /Non-performing Loans(3)			262.99			241.49		238.44		336.35		217.07
Past Due Loans over 90 days and Still Accruing	$		3,222			5,416		4,414		5,685		4,550		(29.2)
As a Percentage of Loans Outstanding			0.01	%		0.02		0.02		0.02		0.02
Total Past Due Loans and Still Accruing	$		55,614			54,150		52,032		84,853		66,788		(16.7)
As a Percentage of Loans Outstanding			0.22	%		0.22		0.21		0.35		0.27
Accruing Troubled Debt Restructurings (TDRs)	$		125,310			129,394		151,271		166,918		167,395		(25.1)
(1)  Represent 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)
		June 30, 2018			December 31, 2017		June 30, 2017
Tier 1 Capital	$		3,156,805			2,872,001		2,829,340
Total Risk-Based Capital			3,668,904			3,383,081		3,340,155
Common Equity Tier 1 Ratio (transitional)			10.11	%		9.99		10.02
Common Equity Tier 1 Ratio (fullyphased-in)(5)			10.05			9.88		9.82
Tier 1 Capital Ratio			11.25			10.38		10.37
Total Risk-Based Capital Ratio			13.07			12.23		12.24
Tier 1 Leverage Ratio			10.03			9.19		9.30
Common Equity as a Percentage of Total Assets(2)			8.97			9.08		9.36
Tangible Common Equity as a Percentage of Tangible Assets(3) (5)			8.77			8.88		9.15
Book Value Per Common Share(4)	$		24.16			23.85		23.61
Tangible Book Value Per Common Share(3)			23.58			23.27		23.04
(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)  See“Non-GAAP Financial Measures” of this report for applicable reconciliation of GAAP measures.