EX-99.2 4 page4.htm FINANCIAL PAGES

Exhibit 99.2


SYNOVUS
INCOME STATEMENT
(In thousands, except per share data) 		                                                                                                                          4 of 11


Nine Months Ended
September 30,
2004
2003
Change
Interest Income (Taxable Equivalent)     $ 851,961     802,301     6 .2 %
Interest Expense       210,061     231,114     (9 .1)
Net Interest Income (Taxable Equivalent)       641,900     571,187     12 .4
Tax Equivalent Adjustment       5,257     5,554     (5 .3)
Net Interest Income       636,643     565,633     12 .6
Provision for Loan Losses       54,464     51,977     4 .8
Net Interest Income After Provision       582,179     513,656     13 .3
Non-Interest Income:    
Electronic Payment Processing Services       577,897     519,906     11 .2
Other Transaction Processing Services Revenue       125,681     81,735     53 .8
Service Charges on Deposits       90,877     77,877     16 .7
Fees For Trust Services       23,946     21,925     9 .2
Brokerage Revenue       16,387     15,108     8 .5
Mortgage Banking Income       19,527     51,991     (62 .4)
Credit Card Fees       21,646     19,117     13 .2
Securities Gains (Losses)       (89 )   1,336     nm  
Other Fee Income       21,573     17,335     24 .4
Other Non-Interest Income       62,730     38,557     62 .7
Non-Interest Income before Reimbursable Items       960,175     844,887     13 .6
    Reimbursable Items       172,499     168,852     2 .2
Total Non-Interest Income       1,132,674     1,013,739     11 .7
Non-Interest Expense:    
   Personnel Expense       556,210     505,091     10 .1
   Occupancy & Equipment Expense       244,650     208,872     17 .1
   Other Non-Interest Expense       216,921     174,538     24 .3
Non-Interest Expense before Reimbursable Items       1,017,781     888,501     14 .6
    Reimbursable Items       172,499     168,852     2 .2
Total Non-Interest Expense       1,190,280     1,057,353     12 .6
Minority Interest in Consolidated Subsidiaries       20,581     19,453     5 .8
Income Before Taxes       503,992     450,589     11 .9
Income Tax Expense       185,681     164,303     13 .0
Net Income     $ 318,311     286,286     11 .2
Basic Earnings Per Share       1.04     0.95     9 .6
Diluted Earnings Per Share       1.03     0.94     9 .4
Dividends Declared Per Share       0.52     0.50     5 .0
Return on Assets       1.86 %     1.89     (3 ) bp
Return on Equity       17.52     17.80     (28 )
Average Shares Outstanding - Basic       306,435     302,067     1 .4 %
Average Shares Outstanding - Diluted       309,348     304,574     1 .6


bp - change is measured as difference in basis points.
nm - not meaningful

SYNOVUS
INCOME STATEMENT
(In thousands, except per share data) 		                                                                                                                              5 of 11



 2004
2003
3rd Quarter
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
'04 vs. '03
Change
Interest Income (Taxable Equivalent)     $ 301,457     279,013     271,491     266,581     268,079     12 .5 %
Interest Expense       76,313     66,804     66,944     67,314     73,135     4 .3
Net Interest Income (Taxable Equivalent)       225,144     212,209     204,547     199,267     194,944     15 .5
Tax Equivalent Adjustment       1,710     1,747     1,800     1,836     1,831     (6 .6)
Net Interest Income       223,434     210,462     202,747     197,431     193,113     15 .7
Provision for Loan Losses       21,192     17,548     15,724     19,800     15,108     40 .3
Net Interest Income After Provision       202,242     192,914     187,023     177,631     178,005     13 .6
Non-Interest Income:    
    Electronic Payment Processing Services       204,340     190,607     182,950     182,806     177,580     15 .1
    Other Transaction Processing Services Revenue       43,006     41,827     40,848     37,060     30,927     39 .1
    Service Charges on Deposits       31,257     31,188     28,432     29,527     26,710     17 .0
    Fees For Trust Services       7,948     7,907     8,091     8,084     7,189     10 .6
    Brokerage Revenue       5,012     5,616     5,759     5,353     5,338     (6 .1)
    Mortgage Banking Income       6,861     5,772     6,894     6,642     18,021     (61 .9)
    Credit Card Fees       8,097     7,509     6,040     6,927     7,110     13 .9
    Securities Gains (Losses)       (24 )   --     (65 )   1,155     755     nm  
    Other Fee Income       7,451     7,202     6,920     6,347     6,039     23 .4
    Other Non-Interest Income       14,035     17,919     30,776     15,376     11,776     19 .2
Non-Interest Income before Reimbursable Items       327,983     315,547     316,645     299,277     291,445     12 .5
    Reimbursable Items       56,309     55,745     60,445     56,313     55,740     1 .0
Total Non-Interest Income       384,292     371,292     377,090     355,590     347,185     10 .7
Non-Interest Expense:    
   Personnel Expense       194,624     174,955     186,631     167,157     171,525     13 .5
    Occupancy & Equipment Expense       80,073     86,187     78,390     72,816     70,289     13 .9
   Other Non-Interest Expense       74,699     74,365     67,857     68,504     63,134     18 .3
Non-Interest Expense before Reimbursable Items       349,396     335,507     332,878     308,477     304,948     14 .6
    Reimbursable Items       56,309     55,745     60,445     56,313     55,740     1 .0
Total Non-Interest Expense       405,705     391,252     393,323     364,790     360,688     12 .5
Minority Interest in Consolidated Subsidiaries       7,480     6,852     6,249     7,519     6,780     10 .3
Income Before Taxes       173,349     166,102     164,541     160,912     157,722     9 .9
Income Tax Expense       64,341     60,961     60,379     58,273     57,722     11 .5
Net Income     $ 109,008     105,141     104,162     102,639     100,000     9 .0
Basic Earnings Per Share       0.35     0.34     0.34     0.34     0.33     6 .1
Diluted Earnings Per Share       0.35     0.34     0.34     0.34     0.33     6 .2
Dividends Declared Per Share       0.17     0.17     0.17     0.17     0.17     5 .0
Return on Assets       1.82 %    1.86 %    1.91 %    1.94 %    1.91 %    (9 ) bp
Return on Equity       17.00     17.60     18.00     18.37     18.32     (132 )
Average Shares Outstanding - Basic       309,448     306,180     303,644     301,842     301,366     2 .7  %
Average Shares Outstanding - Diluted       312,343     308,857     306,812     306,160     304,514     2 .6


bp - change is measured as difference in basis points.
nm - not meaningful


SYNOVUS
Financial Services Segment
INCOME STATEMENT
(In thousands, except per share data) 		                                                                                                                                 6 of 11


Nine Months Ended
September 30,
2004
2003
Change
Interest Income (Taxable Equivalent)     $ 851,954     802,316     6 .2 %
Interest Expense       210,556     231,726     (9 .1)
Net Interest Income (Taxable Equivalent)       641,398     570,590     12 .4
Tax Equivalent Adjustment       5,250     5,542     (5 .3)
Net Interest Income       636,148     565,048     12 .6
Provision for Loan Losses       54,464     51,977     4 .8
Net Interest Income After Provision       581,684     513,071     13 .4
Non-Interest Income:    
    Service Charges on Deposits       90,877     77,877     16 .7
    Fees For Trust Services       24,489     22,337     9 .6
    Brokerage Revenue       16,387     15,108     8 .5
    Mortgage Banking Income       19,527     51,991     (62 .4)
    Credit Card Fees       21,646     19,117     13 .2
    Securities Gains (Losses)       (89 )   1,336     nm  
    Other Fee Income       21,573     17,335     24 .4
    Other Non-Interest Income       52,110     29,878     74 .4
Total Non-Interest Income       246,520     234,979     4 .9
Non-Interest Expense:    
   Personnel Expense       281,913     259,873     8 .5
   Occupancy & Equipment Expense       60,851     55,800     9 .1
   Other Non-Interest Expense       124,329     115,282     7 .8
Total Non-Interest Expense       467,093     430,955     8 .4
Income Before Taxes       361,111     317,095     13 .9
Income Tax Expense       130,047     113,172     14 .9
Net Income     $ 231,064     203,923     13 .3
Return on Assets       1.41 %     1.40     1  bp
Return on Equity       17.18     16.74     44  

bp - change is measured as difference in basis points.
nm - not meaningful


SYNOVUS
Financial Services Segment
INCOME STATEMENT
(In thousands)		                                                                                                                               7 of 11

2004
2003
3rd Quarter
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
'04 vs. '03
Change
Interest Income (Taxable Equivalent)     $ 301,458     279,010     271,486     266,577     268,093     12 .4 %
Interest Expense       76,502     66,964     67,090     67,340     73,175     4 .5
Net Interest Income (Taxable Equivalent)       224,956     212,046     204,396     199,237     194,918     15 .4
Tax Equivalent Adjustment       1,710     1,744     1,796     1,831     1,826     (6 .4)
Net Interest Income       223,246     210,302     202,600     197,406     193,092     15 .6
Provision for Loan Losses       21,192     17,548     15,724     19,800     15,108     40 .3
Net Interest Income After Provision       202,054     192,754     186,876     177,606     177,984     13 .5
Non-Interest Income:    
    Service Charges on Deposits       31,257     31,188     28,432     29,527     26,710     17 .0
    Fees For Trust Services       8,160     8,097     8,232     8,219     7,322     11 .4
    Brokerage Revenue       5,012     5,616     5,759     5,353     5,338     (6 .1)
    Mortgage Banking Income       6,861     5,772     6,894     6,642     18,021     (61 .9)
    Credit Card Fees       8,097     7,509     6,040     6,927     7,110     13 .9
    Securities Gains (Losses)       (24 )   --     (65 )   1,155     755     nm  
    Other Fee Income       7,451     7,202     6,920     6,347     6,039     23 .4
    Other Non-Interest Income       9,885     13,987     28,238     11,875     9,766     1 .2
Total Non-Interest Income       76,699     79,371     90,450     76,045     81,061     (5 .4)
Non-Interest Expense:    
   Personnel Expense       93,631     91,283     96,999     80,346     88,894     5 .3
   Occupancy & Equipment Expense       21,156     20,004     19,691     20,041     19,244     9 .9
   Other Non-Interest Expense       42,764     42,310     39,254     44,065     39,426     8 .5
Total Non-Interest Expense       157,551     153,597     155,944     144,452     147,564     6 .8
Income Before Taxes       121,202     118,528     121,382     109,199     111,481     8 .7
Income Tax Expense       43,935     42,486     43,625     38,536     40,214     9 .3
Net Income     $ 77,267     76,042     77,757     70,663     71,267     8 .4
Return on Assets       1.35 %     1.41 %     1.49 %     1.39 %     1.42     (7)  bp
Return on Equity       16.20     17.26     18.18     17.07     17.44     124  

bp - change is measured as difference in basis points.
nm - not meaningful


SYNOVUS
BALANCE SHEET
(In thousands, except per share data) 		                                                                                                                            8 of 11
September 30, 2004
December 31, 2003
September 30, 2003
ASSETS                
Cash and due from banks     $ 757,380     696,030     706,029  
Interest earning deposits with banks       4,140     4,423     4,426  
Federal funds sold and securities purchased    
  under resale agreements       122,130     172,922     138,448  
Mortgage loans held for sale       126,099     133,306     238,986  
Investment securities available for sale       2,621,120     2,529,257     2,431,951  
               
Loans, net of unearned income       18,871,056     16,464,914     15,918,573  
Allowance for loan losses       (257,647 )   (226,059 )   (223,461 )
    Loans, net       18,613,409     16,238,855     15,695,112  
Premises and equipment, net       629,738     578,710     565,003  
Contract acquisition costs and computer software, net       364,382     383,562     343,469  
Goodwill, net       419,323     248,868     248,870  
Other intangible assets, net       41,552     33,970     35,600  
Costs in excess of billings on uncompleted contracts       7,272     --     --  
Other assets       682,948     612,726     615,500  
    Total assets     $ 24,389,493     21,632,629     21,023,394  
LIABILITIES AND SHAREHOLDERS' EQUITY    
Liabilities:    
  Deposits:    
    Non-interest bearing     $ 3,202,214     2,833,567     2,800,637  
    Interest bearing       14,572,170     13,108,042     12,723,450  
    Total deposits       17,774,384     15,941,609     15,524,087  
Federal funds purchased and securities sold    
  under repurchase agreements       1,671,239     1,354,887     1,115,984  
Long-term debt       1,740,103     1,575,777     1,684,798  
Billings in excess of costs and profits on uncompleted contracts       --     17,573     24,074  
Other liabilities       468,141     355,906     365,213  
    Total liabilities       21,653,867     19,245,752     18,714,156  
Minority interest in consolidated subsidiaries       158,912     141,838     133,432  
Shareholders' equity:    
  Common stock, par value $1.00 a share (1)       315,200     307,748     307,055  
  Surplus       619,734     442,931     422,615  
  Treasury stock (2)       (113,944 )   (113,940 )   (112,738 )
  Unearned compensation       (146 )   (266 )   (306 )
  Accumulated other comprehensive income       18,513     29,509     32,873  
  Retained earnings       1,737,357     1,579,057     1,526,307  
    Total shareholders' equity       2,576,714     2,245,039     2,175,806  
    Total liabilities and shareholders' equity     $ 24,389,493     21,632,629     21,023,394  

  (1) Common shares outstanding: 309,538,462; 302,090,128; and 301,441,645 at September 30, 2004, December 31, 2003, and September 30, 2003, respectively.

  (2) Treasury shares: 5,661,623 at September 30, 2004, 5,658,005 at December 31, 2003, and 5,612,964 at September 30, 2003.



SYNOVUS
AVERAGE BALANCES AND YIELD RATES
(Dollars in thousands) 		                                                                                                         9 of 11
2004
2003
Third
Quarter
Second
Quarter
First
Quarter
Fourth
Quarter
Third
Quarter
Interest Earning Assets                        
Taxable Investment Securities     $ 2,382,319     2,355,328     2,319,280     2,200,668     2,067,538  
    Yield       3.72  %   3.71     3.86   3.74   3.73
Tax-Exempt Investment Securities     $ 233,271     230,885     229,905     233,425     233,198  
    Yield       6.92  %   7.14     7.14   7.11   7.13
Commercial Loans     $ 15,385,995     14,567,795     13,991,230   13,346,751   13,081,909
    Yield       5.79 %    5.66     5.67   5.73   5.84
Consumer Loans     $ 958,540     967,450     1,003,595     1,037,283     1,068,485  
    Yield       8.03  %   8.00     8.03   8.08   8.29
Mortgage Loans     $ 936,240     856,688     823,625     819,412     810,525  
    Yield       5.89  %   5.92     6.01   6.10   6.21
Credit Card Loans     $ 248,755     245,534     241,415     239,433     229,271  
    Yield       8.93  %   8.53     9.28   8.69   9.04
Home Equity Loans     $ 890,867     790,238     719,915     674,264     619,826  
    Yield       4.61 %    4.45     4.50   4.52   4.58
Allowance for Loan Losses     $ (252,370 )   (241,082 )   (231,822 )   (225,021 )   (224,360 )
Loans, Net     $ 18,168,027     17,186,623     16,547,958   15,892,122   15,585,656
    Yield       5.97 %    5.87     5.91   5.98   6.10
Mortgage Loans Held for Sale     $ 112,502     148,471     105,557     136,133     343,069  
    Yield       6.15 %    5.27     5.33   5.43   5.04
Federal Funds Sold     $ 162,580     158,373     171,284     113,728     109,652  
    Yield       1.23 %    1.04     1.10   1.14   1.31
Time Deposits with Banks     $ 4,136     4,137     4,372     4,426     4,500  
    Yield       0.80 %    0.45     0.46   0.46   0.47
Total Interest Earning Assets     $ 21,062,836     20,083,817     19,378,354   18,580,502   18,343,613
    Yield       5.69 %    5.58     5.63   5.70   5.80
Interest Bearing Liabilities    
Time Deposits Over $100,000     $ 4,135,970     3,789,423     3,628,357     3,446,050     3,471,693  
    Rate       2.35 %    2.21     2.29   2.46   2.67
Time Deposits Under $100,000     $ 2,209,883     2,225,224     2,266,593     2,311,870     2,407,719  
    Rate       2.18 %    2.21     2.28   2.35   2.51
Other Interest Bearing Deposits     $ 8,050,733     7,624,880     7,323,415     7,112,385     6,873,110  
    Rate       0.94 %    0.80     0.80   0.79   0.80
Federal Funds Purchased and Other    
Short-Term Borrowings     $ 1,422,598     1,513,306     1,495,333     1,176,709     1,020,042  
    Rate       1.40 %    1.00     0.98   0.95   0.97
Long-Term Debt     $ 1,747,788     1,667,441     1,635,648     1,576,346     1,698,311  
    Rate       3.51 %    3.53     3.71   3.79   4.17
Total Interest Bearing Liabilities     $ 17,566,972     16,820,274     16,349,345   15,623,360   15,470,875
    Rate       1.72 %    1.59     1.64   1.71   1.87
Non-Interest Bearing Demand Deposits     $ 3,137,357     3,006,493     2,769,367     2,715,015     2,669,500  
Shareholders' Equity     $ 2,550,346     2,402,271     2,327,319     2,216,818     2,165,657  
Total Assets     $ 23,778,250     22,705,467     21,913,168   21,028,492   20,760,836
Spread       3.97 %    3.99     3.99   3.99   3.93  
Net Interest Margin       4.25 %    4.24     4.24   4.26   4.22  


LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Dollars in thousands) 		                                                                  10 of 11


September 30, 2004
Loan Type
Total Loans
Loans as a %
of Total Loans
Outstanding
Total
Nonperforming
Loans
Nonperforming Loans
as a % of Total
Nonperforming Loans
Commercial Real Estate                    
   Multi-Family     $ 563,195     3 .0 % $ 931     1 .2 %
   Hotels       788,160     4 .2   1,541     1 .9
   Office Buildings       724,883     3 .8   769     1 .0
   Shopping Centers       565,994     3 .0   2,738     3 .4
   Commercial Development       659,350     3 .5   60     0 .1
Total Investment Properties       3,301,582     17 .5   6,039     7 .6
   1-4 Family Construction       1,093,713     5 .8   1,235     1 .5
   1-4 Family Perm / Mini-Perm       828,892     4 .4   5,427     6 .8
   Residential Development       985,318     5 .2   --     --  
Total 1-4 Family Properties       2,907,923     15 .4   6,662     8 .3
Land Acquisition       886,014     4 .7   212     0 .3
Total Investment-Related Real Estate       7,095,519     37 .6   12,913     16 .2
Owner-Occupied       2,180,811     11 .5   6,405     8 .0
Other Property       1,602,199     8 .5   3,791     4 .8
Total Commercial Real Estate       10,878,529     57 .6   23,109     29 .0
Commercial & Industrial       4,935,646     26 .2   48,977     61 .4
Consumer       3,097,262     16 .4   7,690     9 .6
Unearned Income       (40,381 )   (0 .2)   --     --  
         Total     $ 18,871,056     100. 0 % $ 79,776     100. 0 %



CREDIT QUALITY DATA
(Dollars in thousands)		                                                                                                           11 of 11

2004
 2003
 3rd Quarter
Third
Quarter
 Second
Quarter
 First
Quarter
 Fourth
Quarter
 Third
Quarter
 '04 vs. '03
Quarter
Nonperforming Loans       79,776     67,489     70,007     67,442     93,633     (14 .8)%
Other Real Estate       25,424     26,972     26,061     28,422     22,842     11 .3
Nonperforming Assets       105,200     94,461     96,068     95,864     116,475     (9 .7)
Allowance for Loan Losses       257,647     248,585     236,056     226,059     223,461     15 .3
Net Charge-Offs - Quarter       12,130     9,589     6,773     17,202     12,626     (3 .9)
Net Charge-Offs - YTD       28,492     16,362     6,773     56,093     38,891     (26 .7)
Net Charge-Offs / Average Loans - Quarter       0.26   0.22   0.16   0.43   0.32
Net Charge-Offs / Average Loans - YTD       0.22   0.19   0.16   0.36   0.34
Nonperforming Loans / Loans & ORE       0.42   0.37   0.41   0.41   0.59
Nonperforming Assets / Loans & ORE       0.56   0.52   0.56   0.58   0.73
Allowance / Loans       1.37   1.38   1.39   1.37   1.40
Allowance / Nonperforming Loans       322.96   368.34   337.19   335.19   238.66
Allowance / Nonperforming Assets       244.91   263.16   245.72   235.81   191.85
Past Due Loans over 90 days       23,178   27,453   23,295   21,138   23.254
As a Percentage of Loans Outstanding       0.12   0.15   0.14   0.13   0.15
Total Past Dues       118,390   109,385   129,844   109,672   111.269
As a Percentage of Loans Outstanding       0.63   0.61   0.76   0.67   0.70


REGULATORY CAPITAL RATIOS (1)
(Dollars in thousands)

September 30,2004
 December 31, 2003
                September 30, 2003
Tier 1 Capital   $2,276,827   2,091,755     2,012,154
Total Risk-Based Capital   2,834,432   2,617,814     2,535,615
Tier 1 Capital Ratio   9.95  % 10.43     10.00
Total Risk-Based Capital Ratio   12.39   13.06   12.98
Leverage Ratio   9.76   10.09   9.84

(1) September 30, 2004 information is preliminary.