Exhibit 99.2 Synovus INCOME STATEMENT Six Months Ended (In thousands, except per share data) June 30, ----------------------------------------------------------------------------- 2003 2002 Change ----------------------------------------------------------------------------- Interest Income (Taxable Equivalent) $ 534,222 520,292 2.7 % Interest Expense 157,979 168,792 (6.4) ---------------------- -------------------------- ---------------- Net Interest Income (Taxable Equivalent) 376,243 351,500 7.0 Tax Equivalent Adjustment 3,723 3,542 5.1 ---------------------- -------------------------- ---------------- Net Interest Income 372,520 347,958 7.1 Provision for Loan Losses 36,869 33,087 11.4 ---------------------- -------------------------- ---------------- Net Interest Income After Provision 335,651 314,871 6.6 ---------------------- -------------------------- ---------------- Non-Interest Income: Electronic Payment Processing Services 342,326 294,500 16.2 Other Transaction Processing Services Revenue 50,808 55,646 (8.7) Service Charges on Deposits 51,167 45,231 13.1 Fees For Trust Services 14,736 14,367 2.6 Brokerage Revenue 9,770 9,233 5.8 Mortgage Banking Income 33,970 17,193 97.6 Credit Card Fees 12,007 10,599 13.3 Securities Gains (Losses) 581 1,889 (69.3) Other Fee Income 11,296 9,538 18.4 Other Non-Interest Income 26,781 21,872 22.4 ---------------------- -------------------------- ---------------- Non-Interest Income before Reimbursable Items and Impairment Loss on Private Equity Investment 553,442 480,068 15.3 Reimbursable Items 113,112 117,022 (3.3) Impairment Loss on Private Equity Investment - (8,355) N/A ---------------------- -------------------------- ---------------- Total Non-Interest Income 666,554 588,735 13.2 ---------------------- -------------------------- ---------------- Non-Interest Expense: Personnel Expense 333,566 281,630 18.4 Occupancy & Equipment Expense 138,583 119,506 16.0 Other Non-Interest Expense 111,404 112,062 (0.6) ---------------------- -------------------------- ---------------- Non-Interest Expense before Reimbursable Items 583,553 513,198 13.7 Reimbursable Items 113,112 117,022 (3.3) ----------------------- -------------------------- ---------------- Total Non-Interest Expense 696,665 630,220 10.5 ----------------------- -------------------------- ---------------- Minority Interest in Consolidated Subsidiaries 12,673 10,713 18.3 Income Before Taxes 292,867 262,673 11.5 Income Tax Expense 106,581 94,026 13.4 ---------------------- -------------------------- ---------------- Net Income 186,286 168,647 10.5 ====================== ========================== ================ Basic Earnings Per Share 0.62 0.57 7.9 Diluted Earnings Per Share 0.61 0.56 8.1 Dividends Declared Per Share 0.33 0.30 11.9 Return on Assets 1.89 % 2.04 (15) bp Return on Equity 17.54 19.46 (192) Average Shares Outstanding - Basic 302,423 295,280 2.4 % Average Shares Outstanding - Diluted 306,529 300,033 2.2 bp - change is measured as difference in basis points. Synovus INCOME STATEMENT (In thousands, except per share data) 2003 2002 2nd Quarter --------------------------------------------------------------- ------------- Second First Fourth Third Second '03 vs. '02 Quarter Quarter Quarter Quarter Quarter Change ---------------- --------- ---------- ----------- --------- ------------- Interest Income (Taxable Equivalent) $ 272,595 261,627 271,016 270,997 260,448 4.7 % Interest Expense 79,805 78,174 82,539 86,205 83,336 (4.2) ----------------- --------- ---------- ----------- -------- ----------- Net Interest Income (Taxable Equivalent) 192,790 183,453 188,477 184,792 177,112 8.9 Tax Equivalent Adjustment 1,853 1,870 1,870 1,853 1,771 4.6 ---------------- --------- ---------- ----------- --------- ------------ Net Interest Income 190,937 181,583 186,607 182,939 175,341 8.9 Provision for Loan Losses 16,565 20,304 15,830 16,410 19,978 (17.1) ---------------- --------- ---------- ----------- --------- ------------ Net Interest Income After Provision 174,372 161,279 170,777 166,529 155,363 12.2 ---------------- --------- ---------- ----------- --------- ------------ Non-Interest Income: Electronic Payment Processing Services 175,698 166,628 161,845 156,470 152,243 15.4 Other Transaction Processing Services Revenue 25,755 25,053 24,990 25,451 27,987 (8.0) Service Charges on Deposits 26,484 24,683 24,457 24,281 23,059 14.9 Fees For Trust Services 8,084 6,652 6,774 6,928 7,451 8.5 Brokerage Revenue 4,833 4,937 5,235 4,372 4,589 5.3 Mortgage Banking Income 18,282 15,688 13,337 10,793 8,454 116.2 Credit Card Fees 6,297 5,710 5,860 6,010 5,803 8.5 Securities Gains (Losses) 521 60 32 717 960 (45.7) Other Fee Income 5,571 5,725 5,702 5,254 4,792 16.3 Other Non-Interest Income 15,136 11,645 28,708 14,796 12,605 20.1 ---------------- --------- ---------- ----------- --------- ------------ Non-Interest Income before Reimbursable Items and Impairment Loss on Private Equity Investment 286,661 266,781 276,940 255,072 247,943 15.6 Reimbursable Items 54,638 58,474 57,604 56,473 60,032 (9.0) Impairment Loss on Private Equity Investment - - - - (8,355) N/A ---------------- --------- ---------- ----------- --------- ------------ Total Non-Interest Income 341,299 325,255 334,544 311,545 299,620 13.9 ---------------- --------- ---------- ----------- --------- ------------ Non-Interest Expense: Personnel Expense 174,925 158,641 164,026 162,209 139,559 25.3 Occupancy & Equipment Expense 69,046 69,537 62,343 62,327 58,437 18.2 Other Non-Interest Expense 58,065 53,339 57,314 46,956 57,859 0.4 ---------------- --------- ---------- ----------- --------- ------------ Non-Interest Expense before Reimbursable Items 302,036 281,517 283,683 271,492 255,855 18.0 Reimbursable Items 54,638 58,474 57,604 56,473 60,032 (9.0) ---------------- --------- ---------- ----------- --------- ------------ Total Non-Interest Expense 356,674 339,991 341,287 327,965 315,887 12.9 ---------------- --------- ---------- ----------- --------- ------------ Minority Interest in Consolidated Subsidiaries 6,529 6,144 6,682 6,254 5,625 16.1 Income Before Taxes 152,468 140,399 157,352 143,855 133,471 14.2 Income Tax Expense 56,101 50,480 52,924 51,583 47,576 17.9 ---------------- --------- ---------- ----------- --------- ------------ Net Income $ 96,367 89,919 104,428 92,272 85,895 12.2 =============== ========= ========== =========== ========= ============= Basic Earnings Per Share 0.32 0.30 0.35 0.31 0.29 9.5 Diluted Earnings Per Share 0.32 0.30 0.35 0.31 0.29 10.5 Dividends Declared Per Share 0.17 0.17 0.15 0.15 0.15 11.9 Return on Assets 1.88 % 1.89 2.23 2.06 2.05 (17) bp Return on Equity 17.81 17.26 20.64 19.12 19.40 (159) Average Shares Outstanding - Basic 302,776 302,067 300,108 298,564 295,629 2.4 % Average Shares Outstanding - Diluted 305,015 304,002 302,330 301,986 300,282 1.6 bp - change is measured as difference in basis points. Synovus ---------------------- ------------------------- ------------------------- BALANCE SHEET June 30, 2003 December 31, 2002 June 30, 2002 ---------------------- ------------------------- ------------------------- (In thousands, except share data) ASSETS Cash and due from banks $ 804,899 741,092 592,323 Interest earning deposits with banks 4,529 5,055 4,268 Federal funds sold and securities purchased under resale agreements 139,543 92,709 108,645 Mortgage loans held for sale 362,799 245,858 174,042 Investment securities available for sale 2,327,296 2,237,725 2,094,544 Loans, net of unearned income 15,831,548 14,463,909 13,201,121 Allowance for loan losses (220,978) (199,841) (180,321) ---------------------- ------------------------- ------------------------- Loans, net 15,610,570 14,264,068 13,020,800 ---------------------- ------------------------- ------------------------- Premises and equipment, net 763,955 616,355 598,515 Contract acquisition costs and computer software, net 334,405 324,026 301,010 Goodwill, net 247,371 99,108 42,490 Other intangible assets, net 33,466 19,398 14,148 Other assets 435,654 390,852 364,997 ---------------------- ------------------------- ------------------------- Total assets $ 21,064,487 19,036,246 17,315,782 ====================== ========================= ========================= LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing $ 2,735,416 2,303,375 2,067,367 Interest bearing 12,889,141 11,625,459 10,874,120 ---------------------- ------------------------- ------------------------- Total deposits 15,624,557 13,928,834 12,941,487 Federal funds purchased and securities sold under repurchase agreements 962,320 1,275,084 979,089 Long-term debt 1,777,139 1,336,200 1,165,563 Billings in excess of cost on uncompleted contracts 28,473 - - Other liabilities 389,441 338,176 306,430 ---------------------- ------------------------- ------------------------- Total liabilities 18,781,930 16,878,294 15,392,569 ---------------------- ------------------------- ------------------------- Minority interest in consolidated subsidiaries 125,873 117,099 109,014 Company-obligated mandatory redeemable capital securities of subsidiary trusts 16,750 - - Shareholders' equity: Common stock, par value $1.00 a share (1) 306,312 300,573 296,571 Surplus 413,783 305,718 197,819 Treasury stock (2) (102,083) (1,285) (1,285) Unamortized restricted stock (364) (146) (191) Accumulated other comprehensive income 46,195 46,113 39,518 Retained earnings 1,476,091 1,389,880 1,281,767 ---------------------- ------------------------- ------------------------- Total shareholders' equity 2,139,934 2,040,853 1,814,199 ---------------------- ------------------------- ------------------------- Total liabilities and shareholders' equity $ 21,064,487 19,036,246 17,315,782 ====================== ========================= ========================= (1) Common shares outstanding: 301,148,745; 300,397,763; and 296,395,844 at June 30, 2003, December 31, 2002, and June 30, 2002, respectively. (2) Treasury shares: 5,162,964 at June 30, 2003 and 175,264 at December 31, 2002 and June 30, 2002, respectively. Synovus AVERAGE BALANCES AND YIELDS/RATES (Dollars in thousands) 2003 2002 ------------------------------------------------------------------------------------ Second First Fourth Third Second Quarter Quarter Quarter Quarter Quarter ------------------------------------------------------------------------------------ Interest Earning Assets - -------------------------------------------- Taxable Investment Securities $ 2,042,255 1,950,469 1,858,539 1,839,291 1,813,366 Yield 4.15 % 4.66 5.16 5.60 5.94 Tax-Exempt Investment Securities $ 239,136 235,895 236,213 232,633 231,730 Yield 7.11 % 7.40 7.39 7.36 7.30 Commercial Loans $ 12,934,397 12,201,561 11,553,371 10,920,539 10,334,657 Yield 6.03 % 6.09 6.41 6.65 6.71 Consumer Loans $ 1,102,649 1,122,468 1,186,842 1,219,363 1,250,354 Yield 8.43 % 8.37 8.58 8.85 8.97 Mortgage Loans $ 809,684 806,323 827,281 852,940 803,212 Yield 6.39 % 6.55 6.74 6.98 7.22 Credit Card Loans $ 228,463 234,667 230,120 225,366 219,351 Yield 9.17 % 9.22 9.85 10.27 10.67 Home Equity Loans $ 586,162 535,960 491,003 438,069 372,972 Yield 4.76 % 4.81 5.08 5.31 5.39 Allowance for Loan Losses $ (221,595) (208,816) (198,745) (187,768) (176,407) ------------------------------------------------------------------------------------ Loans, Net $ 15,439,760 14,692,163 14,089,872 13,468,509 12,804,139 Yield 6.30 % 6.38 6.71 6.98 7.08 Mortgage Loans Held for Sale $ 308,262 229,545 265,847 209,780 164,313 Yield 5.19 % 5.57 5.81 6.39 6.92 Federal Funds Sold $ 126,033 98,009 89,806 72,161 62,129 Yield 1.40 % 1.65 1.78 2.01 2.49 Time Deposits with Banks $ 4,492 4,642 4,110 4,122 3,859 Yield 0.62 % 0.70 1.02 1.26 1.37 - ----------------------------------------------------------------------------------------------------------------------------------- Total Interest Earning Assets $ 18,159,938 17,210,723 16,544,387 15,826,496 15,079,536 Yield 6.02 % 6.15 6.51 6.80 6.92 - ----------------------------------------------------------------------------------------------------------------------------------- Interest Bearing Liabilities - --------------------------------------------- Time Deposits Over $100,000 $ 3,553,764 3,322,485 3,202,688 3,109,639 2,833,173 Rate 2.82 % 2.99 3.21 3.41 3.52 Time Deposits Under $100,000 $ 2,481,680 2,397,058 2,403,692 2,425,038 2,394,123 Rate 2.70 % 2.97 3.18 3.39 3.59 Other Interest Bearing Deposits $ 6,679,868 6,174,605 5,940,073 5,608,037 5,389,194 Rate 0.99 % 1.03 1.19 1.37 1.37 Federal Funds Purchased and Other Short-Term Borrowings $ 987,860 1,221,637 1,162,710 1,040,793 1,024,441 Rate 1.13 % 1.23 1.47 1.67 1.74 Long-Term Debt $ 1,770,532 1,511,398 1,286,049 1,232,646 1,136,670 Rate 4.23 % 4.43 4.62 4.76 5.02 - ----------------------------------------------------------------------------------------------------------------------------------- Total Interest Bearing Liabilities $ 15,473,704 14,627,183 13,995,212 13,416,153 12,777,601 Rate 2.06 % 2.16 2.34 2.54 2.61 - ----------------------------------------------------------------------------------------------------------------------------------- Non-Interest Bearing Demand Deposits $ 2,435,395 2,178,503 2,115,910 2,031,031 1,955,444 Shareholders' Equity $ 2,170,881 2,112,620 2,007,679 1,914,915 1,776,173 Total Assets $ 20,513,161 19,326,396 18,542,637 17,743,648 16,823,662 - ----------------------------------------------------------------------------------------------------------------------------------- Spread 3.95 % 3.99 4.17 4.25 4.31 Net Interest Margin 4.25 % 4.31 4.53 4.64 4.71 - ----------------------------------------------------------------------------------------------------------------------------------- Synovus LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION (Dollars in thousands) June 30, 2003 ------------------------------------------------------------------------------ Loans as a % Total Total % of Total Loans Nonperforming Nonperforming Loan Type Total Loans Outstanding Loans Loans - ------------------------------------------------- ------------------------------------------------------------------------------ Multi-Family $ 431,632 2.7% $ 4,277 5.0% Hotels 589,944 3.7% 7,938 9.2% Office Buildings 649,333 4.1% 397 0.5% Shopping Centers 483,227 3.1% 464 0.5% Commercial Development 478,659 3.0% 6,824 7.9% --------------- ----------------- --------------------- --------- Investment Properties 2,632,795 16.6% 19,900 23.1% 1-4 Family Construction 817,852 5.2% 2,101 2.4% 1-4 Family Perm / Mini-Perm 618,496 3.9% 3,432 4.0% Residential Development 684,188 4.3% 946 1.1% --------------- ----------------- --------------------- --------- 1-4 Family Properties 2,120,536 13.4% 6,479 7.5% Land Acquisition 630,077 4.0% 233 0.6% --------------- ----------------- --------------------- --------- Total Investment-Related R/E 5,383,408 34.0% 26,612 30.9% Owner-Occupied 1,914,284 12.1% 4,129 4.8% Other Property 1,205,746 7.6% 2,155 2.5% --------------- ----------------- --------------------- --------- Total Commercial Real Estate 8,503,438 53.7% 32,896 38.2% Commercial & Industrial Loans 4,616,115 29.2% 44,861 51.9% Consumer Loans 2,740,455 17.3% 8,683 10.0% Unearned Income (28,460) -0.2% --------------- ----------------- --------------------- --------- Total Loans $ 15,831,548 100.0% $ 86,440 100.0% =============== ================= ===================== ========= - ----------------------------------------------------------------------------------------------------------------------------------- Synovus CREDIT QUALITY DATA (Dollars in thousands) 2003 2002 2nd Quarter --------------------------------------------------------- ------------- Second First Fourth Third Second '03 vs. '02 Quarter Quarter Quarter Quarter Quarter Change --------------------------------------------------------- ------------- Nonperforming Loans $ 86,440 79,718 66,736 57,069 53,679 61.0 % Other Real Estate 29,709 31,991 26,517 25,860 21,615 37.4 Nonperforming Assets 116,149 111,709 93,253 82,929 75,294 54.3 Allowance for Loan Losses 220,978 216,989 199,841 194,005 180,321 22.5 Net Charge-Offs - Quarter 12,577 13,689 9,804 10,884 14,431 (12.8) Net Charge-Offs - YTD 26,266 13,689 44,223 34,419 23,535 11.6 Net Charge-Offs / Average Loans - Quarter 0.32 0.37 0.27 0.32 0.44 Net Charge-Offs / Average Loans - YTD 0.34 0.37 0.33 0.35 0.37 Nonperforming Loans / Loans & ORE 0.55 0.51 0.46 0.41 0.41 Nonperforming Assets / Loans & ORE 0.73 0.72 0.64 0.59 0.57 Allowance / Loans 1.40 1.40 1.38 1.38 1.37 Allowance / Nonperforming Loans 255.64 272.20 299.45 339.95 335.92 Allowance / Nonperforming Assets 190.25 194.25 214.30 233.94 239.49 Past Due Loans over 90 days 31,675 24,771 30,192 26,632 34,542 As a Percentage of Loans Outstanding 0.20 0.16 0.21 0.19 0.26 Total Past Dues 146,197 160,151 102,105 122,640 160,214 As a Percentage of Loans Outstanding 0.92 1.11 0.73 0.93 1.26 - ------------------------------------------------------------------------------------------------------ REGULATORY CAPITAL RATIOS (1) (Dollars in thousands) ------------------------- --------------------- ---------------- June 30, 2003 December 31, 2002 June 30, 2002 ------------------------- --------------------- ---------------- Tier 1 Capital $ 1,942,133 1,994,654 1,830,566 Total Risk-Based Capital 2,463,111 2,195,652 2,010,887 Tier 1 Capital Ratio 10.00 % 11.38 11.68 Total Risk-Based Capital Ratio 12.68 12.53 12.83 Leverage Ratio 9.62 10.86 10.94 (1) June 30, 2003 information is preliminary. -----------------------------------------------------------------------------------------------------------------------