8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

January 17, 2007

Date of Report

(Date of Earliest Event Reported)

Synovus Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

Georgia
(State of Incorporation) 1-10312
(Commission File Number) 58-1134883
(IRS Employer Identification No.)

1111 Bay Avenue, Suite 500, Columbus, Georgia 31901

(Address of principal executive offices) (Zip Code)

(706) 649-2267

(Registrant's telephone number, including area code)

________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02	Results of Operations and Financial Condition.
	On January 17, 2007, Synovus Financial Corp. (“Registrant”) issued a press release and will hold an investor call and webcast to disclose financial results for the year ended December 31, 2006. The press release and Supplemental Information for use at this investor call are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. This information shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934 except as shall be expressly set forth by specific reference in such filing.
Item 7.01	Regulation FD Disclosure. See Item 2.02 above.
Item 9.01	Financial Statements and Exhibits.
	(d)	Exhibits
	Exhibit No.	Description
	99.1	Registrant’s press release dated January 17, 2007 with respect to earnings
	99.2	Supplemental Information prepared for use with the earnings press release

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SYNOVUS FINANCIAL CORP. (“Registrant”)
Dated: January 17, 2007	By:/s/ Kathleen Moates                Kathleen Moates                Senior Deputy General Counsel

2

EX-99.1

Exhibit 99.1

For Immediate Release

Contact: Patrick A. Reynolds

Director of Investor Relations

(706) 649-4973

Synovus Reports 19.5% Increase in Net Income for 2006

Columbus, Ga., January 17, 2007 —  Synovus’ fourth quarter net income grew 27.9% over the fourth quarter 2005 to $175.5 million, which represented earnings per share growth of 22.9% to $.54 per share, Synovus’ Chief Executive Officer Richard E. Anthony announced today. For the full year, net income grew 19.5% and earnings per share increased 16.0% over 2005.

“We are very proud of our performance in 2006 at both the Synovus Financial Services segment and TSYS,” said Anthony. “Solid credit quality, strong loan and deposit growth, and good momentum in TSYS’ performance drove the results for 2006.”

Return on assets was 2.22% and return on equity was 19.03% for the fourth quarter 2006, compared to 2.00% and 18.74%, respectively, in the same period last year. For the full year, return on assets was 2.07% and return on equity was 18.31% compared to 1.96% and 18.45%, respectively, in 2005. Shareholders’ equity at December 31, 2006 was $3.70 billion, which representeda very strong 11.63% of quarter-end assets. Total assets ended the quarter at $31.9 billion, an increase of 15.4% from the same period last year.

Financial Services’ net income for the fourth quarter was up 8.2 % over the fourth quarter last year and up 15.6% for the full year over 2005. Net interest income grew 11.6% over the fourth quarter last year as total loans grew 15.2%. The net interest margin was 4.20%, compared to 4.32% in the fourth quarter last year and 4.30% last quarter. The fourth quarter net interest margin is lower than last quarter due to an increase in funding costs, which was driven by a continued depositor shift to higher cost certificates of deposit and money market accounts. Total core deposit growth (excludes brokered time deposits) was 15.0% over last year. Fundamental core deposit growth (excluding acquisitions) was 11.1% over 2005. Fundamental loan growth was 11.4% year over year.

Asset quality for 2006 continued the excellent trend that began in 2004. For the full year, the net charge-off ratio was 0.26% compared to 0.29% in 2005. In the fourth quarter, the net charge-off ratio was 0.39% compared to 0.20% last quarter and 0.28% in the fourth quarter of last year. The net charge-off ratio increase in the quarter is due primarily to charge-offs on two commercial and industrial credits. The ratio of nonperforming assets to loans and other real estate was 0.50%, compared to 0.52% last quarter and 0.46% in the fourth quarter last year. The allowance for loan losses was 1.28% of loans, which provides coverage of 325% of nonperforming loans. The allowance for loan losses decrease is due to the charge-off of loans with specific reserves and improvement in the average risk grades of the loan portfolio.

Post Office Box 120 / Columbus, GA 31902

www.synovus.com

Synovus Reports 19.5% Increase in Net Income for 2006/p. 2

Financial Services’ non-interest income was up 14.8% over the fourth quarter last year with increases in fiduciary and asset management fees – which include trust, financial planning and asset

management fees – of 10.2%, bankcard fees of 2.8%, and brokerage and investment banking revenue of 1.6%. Additionally, during the fourth quarter of 2006, Financial Services recorded a $3.8 million after-tax valuation gain from an investment by Total Technology Ventures, our venture capital subsidiary. Financial Services’ non-interest expense increased by 19.7% compared to the fourth quarter of 2005. Excluding the impact of stock-based compensation and acquisitions, non-interest expense increased by 14.0%. This growth is primarily driven by increases in personnel and other expenses to support the expansion of our branch network as well as higher levels of production and performance-based incentive compensation. Additionally, the fourth quarter results reflect higher levels of professional and third-party processing services fees, which are expected to decline in future periods. The efficiency ratio for the Financial Services segment was 52.4% for the quarter.

TSYS reported net income of $87.1 million for the fourth quarter 2006 compared to $49.7 million last year, a 75.2% increase. Diluted earnings per share for the quarter increased to $0.44 up from $0.25 last year, a 75.8% increase. The fourth quarter results include the impact of the Bank of America contract termination fee of $68.9 million, which was partially offset by the acceleration of the amortization of related contract acquisition costs of $6.0 million. During the quarter, TSYS grew its healthcare business to more than 11 million accounts on file, entered into an agreement with the No. 1 card issuer in the Netherlands, Rabobank, to process its consumer-credit portfolio, and acquired majority control of a call center business to deliver a comprehensive range of managed services to financial institutions across Europe, the Middle East, and Africa. Excluding the Bank of America termination fee and associated amortization of contract acquisition costs in 2006 (of $41 million, net of tax), TSYS’ net income is expected to increase between 14-17% in 2007 compared to 2006 earnings. On a generally accepted accounting principles (GAAP) basis, TSYS’ 2007 net income is expected to decline between 5 – 3% as compared to 2006.

Anthony concluded, “Synovus exceeded its expectations for 2006 with excellent growth momentum in both the Financial Services segment and TSYS. As we look into 2007, an important initiative is the acceleration of our commercial and industrial loan growth. Our focus for this initiative, which we began implementing in the second half of 2006, is to broaden existing relationships with the cross sales and penetration of specialty products such as corporate cash management, asset–based loans, and capital markets products. Our retail banking initiative, which we implemented in 2005, has exceeded our expectations in 2006 by expanding core retail deposit growth, home equity loan growth, and fee income from retail product sales this year. With our very dedicated and highly motivated team members and our strong balance sheet, we believe we are in position to achieve above-peer earnings performance throughout the year and beyond. In 2007, we expect stable to modestly lower short-term interest rates, the credit environment will remain favorable, and TSYS will perform within its range of guidance. We expect the Financial Services segment net income growth to be approximately 10% in 2007. Based on these assumptions, we expect 2007 earnings per share to be in a range of $1.96 to $1.98. Excluding the aforementioned Bank of America termination fee and associated amortization of contract acquisition costs in 2006 (of $33 million, net of tax and after minority interest), Synovus’ earnings per share is expected to increase between 9 – 10% in 2007 compared to 2006 earnings per share.”

Presentation of net income and diluted earnings per share excluding the Bank of America termination fee, net of acceleration of amortization of related contract acquisition costs are non-GAAP financial measures. The following table reconciles the range of changes from 2006 to 2007, comparing non-GAAP financial measures to GAAP financial measures.

Post Office Box 120 / Columbus, GA 31902

www.synovus.com

Synovus Reports 19.5% Increase in Net Income for 2006/p. 3

(dollars in thousands, except per share data)	2007 Earnings Guidance	2006 Actual	% Increase (Decrease)
TSYS net income before minority interest	$238 to $243	$249	(5%) to (3%)
Less: Termination fee net of acceleration of amortization of related contract acquisition costs, minority interest, and income taxes		($41)
TSYS net income, excluding impact of termination fee, net of acceleration of amortization of contract acquisition costs	$238 to $243	$208	14% to 17%

(dollars in thousands, except per share data)	2007 Earnings Guidance	2006 Actual	% Increase (Decrease)
Financial Services net income	$456	$415	10%
TSYS net income, net of minority interest	$193 to $197	$202	(5%) to (3%)
Synovus consolidated net income	$649 to $653	$617	5% to 6%
Less: Termination fee net of acceleration of amortization of related contract acquisition costs, minority interest, and income taxes		($33)
Synovus consolidated net income, excluding impact of termination fee, net of acceleration of amortization of contract acquisition costs	$649 to $653	$584	11% to 12%
Synovus earnings per share - diluted	$1.96 to $1.98	$1.90	3% to 4%
Less: Termination fee, net of acceleration of amortization of related contract acquisition costs, minority interest, and income taxes		($0.10)
Synovus earnings per share - diluted, excluding impact of termination fee, net of acceleration of amortization of contract acquisition costs, minority interest, and income taxes	$1.96 to $1.98	$1.80	9% to 10%

Synovus believes that the above non-GAAP financial measures provide meaningful information to assist investors in understanding Synovus’ financial estimates for changes in net income and diluted earnings per share from 2006 to 2007 as a result of TSYS’ deconversion of the Bank of America consumer card portfolio as the non-GAAP financial measures exclude amounts that Synovus does not consider part of ongoing operating results. The non-GAAP percentage changes should not be considered by themselves or as a substitute for the GAAP percentage changes year over year. The non-GAAP measures should be considered as an additional view of the way Synovus’ financial measures are affected by the one-time Bank of America contract termination fee, net of acceleration of amortization of related contract acquisition costs; and should be used in conjunction with all publicly filed financial statements and reports.

Post Office Box 120 / Columbus, GA 31902

www.synovus.com

Synovus Reports 19.5% Increase in Net Income for 2006/p. 4

Synovus will host an earnings highlights conference call at 4:30 pm EST, on January 17, 2007. Shareholders and other interested persons may listen to this conference call via simultaneous Internet broadcast at www.synovus.com by clicking on the “Live Webcast” icon. You may download RealPlayer or Windows Media Player (free download available) prior to accessing the actual call or the replay. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

Synovus (NYSE: “SNV”) is a diversified financial services holding company with over $31 billion in assets based in Columbus, Georgia. Synovus provides integrated financial services including banking, financial management, insurance, mortgage and leasing services through 39 banks and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee; and electronic payment processing through an 81-percent stake in TSYS (NYSE: “TSS”), one of the world’s largest companies for outsourced payment services. Synovus has been named one of “The 100 Best Companies To Work For” in America by FORTUNE magazine, and has been recognized in its Hall of Fame for consecutive appearances on the list since its inception in 1998. See Synovus on the Web at www.synovus.com.

This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding TSYS’ expected growth in net income for 2007, Synovus’ expected growth in earnings per share for 2007, Synovus’ belief that it is in a position to achieve above-peer earnings performance, and the assumptions underlying such statements, including, with respect to Synovus’ expected increase in earnings per share for 2007, stable to modestly lower short-term interest rates; a favorable credit environment; a decline in TSYS’ net income of 5 – 3%; and net income growth for the Financial Services segment of approximately 10%. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward- looking statements in this press release. Many of these factors are beyond Synovus’ ability to control or predict. These factors include, but are not limited to, competitive pressures arising from aggressive competition from other financial service providers; factors that affect the delinquency rate on Synovus’ loans and the rate at which Synovus’ loans are charged off; changes in the cost and availability of funding due to changes in the deposit market and credit market, or the way in which Synovus is perceived in such markets; inflation, interest rate, market and monetary fluctuations; TSYS’ net income decline is greater than anticipated; the Financial Services segment’s net income growth is lower than anticipated; the strength of the United States economy in general and the strength of the local economies in which Synovus conducts operations may be different than expected; the timely development of competitive new products and services and the acceptance of such by customers; Synovus’ inability to control expenses; a deterioration in credit quality or a reduced demand for credit; the costs and effects of litigation, regulatory investigations, or similar matters, or adverse facts and developments related thereto, including the FDIC’s investigation of the policies, practices and procedures used by Columbus Bank and Trust Company (a subsidiary of Synovus) in connection with the credit card programs offered pursuant to its Affinity Agreement with CompuCredit Corporation; the impact of the application of and/or changes in accounting principles; the effects of changes in government policy, laws and regulations, or the interpretation or application thereof, including restrictions and/or limitations arising from banking laws, regulations and examinations; changes in consumer spending, borrowing and saving habits; technological changes; and the impact on Synovus’ business, as well as on the risks set forth above, of various domestic or international military or terrorist activities or conflicts. Additional factors that could cause actual results to differ materially from those contemplated in this press release can be found in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.

###

Post Office Box 120 / Columbus, GA 31902

www.synovus.com

EX-99.2

Exhibit 99.2

	Synovus						5 of 12
		INCOME STATEMENT		Twelve Months Ended
		(In thousands, except per share data)		December 31,
				2006	2005	Change
		Interest Income (Taxable Equivalent)	$	2,022,294	1,502,664	34.6	%
		Interest Expense		882,592	527,378	67.4
		Net Interest Income (Taxable Equivalent)		1,139,702	975,286	16.9
		Tax Equivalent Adjustment		5,828	6,439	(9.5)
		Net Interest Income		1,133,874	968,847	17.0
		Provision for Loan Losses		75,148	82,532	(8.9)
		Net Interest Income After Provision		1,058,726	886,315	19.5
		Non-Interest Income:
		Electronic Payment Processing Services		985,869	867,914	13.6
		Merchant Services		260,275	237,418	9.6
		Other Transaction Processing Services Revenue		186,394	183,412	1.6
		Service Charges on Deposits		112,417	109,960	2.2
		Fiduciary and Asset Management Fees		47,800	44,886	6.5
		Brokerage and Investment Banking Revenue		26,729	24,487	9.2
		Mortgage Banking Income		29,255	28,682	2.0
		Bankcard Fees		44,303	38,813	14.1
		Securities Gains (Losses)		(2,118)	463	Nm
		Other Fee Income		38,743	34,148	13.5
		Other Non-Interest Income		52,200	36,016	44.9
		Non-Interest Income before Reimbursable Items		1,781,867	1,606,199	10.9
		Reimbursable Items		351,719	312,280	12.6
		Total Non-Interest Income		2,133,586	1,918,479	11.3
		Non-Interest Expense:
		Personnel Expense		974,515	836,371	16.5
		Occupancy & Equipment Expense		414,169	368,210	12.5
		Other Non-Interest Expense		430,274	426,530	0.9
		Non-Interest Expense before Reimbursable Items		1,818,958	1,631,111	11.5
		Reimbursable Items		351,719	312,280	12.6
		Total Non-Interest Expense		2,170,677	1,943,391	11.7
		Minority Interest in Consolidated Subsidiaries		48,102	37,381	28.7
		Income Before Taxes		973,533	824,022	18.1
		Income Tax Expense		356,616	307,576	15.9
		Net Income	$	616,917	516,446	19.5
		Basic Earnings Per Share	$	1.92	1.66	15.8	%
		Diluted Earnings Per Share		1.90	1.64	16.0
		Dividends Declared Per Share		0.78	0.73	6.8
		Return on Assets		2.07	1.96	11	bp
		Return on Equity		18.31	18.45	(14)
		Average Shares Outstanding - Basic		321,241	311,495	3.1	%
		Average Shares Outstanding - Diluted		324,232	314,815	3.0
bp - change is measured as difference in basis points.
nm - not meaningful

SYNOVUS												6 of 12
	INCOME STATEMENT
	(In thousands, except per share data)		2006								2005		4th Quarter
			Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter		'06 vs. '05 Change
	Interest Income (Taxable Equivalent)	$	547,088		535,038		499,191		440,977		420,898		30.0	%
	Interest Expense		253,998		241,027		210,510		177,057		159,237		59.5
	Net Interest Income (Taxable Equivalent)		293,090		294,011		288,681		263,920		261,661		12.0
	Tax Equivalent Adjustment		1,458		1,409		1,478		1,484		1,566		(6.9)
	Net Interest Income		291,632		292,602		287,203		262,436		260,095		12.1
	Provision for Loan Losses		18,675		18,390		18,534		19,549		20,787		(10.2)
	Net Interest Income After Provision		272,957		274,212		268,669		242,887		239,308		14.1
	Non-Interest Income:
	Electronic Payment Processing Services		302,370		230,273		234,519		220,472		223,844		35.1
	Merchant Services		64,957		65,548		65,820		63,949		67,409		(3.6)
	Other Transaction Processing Services Revenue		51,634		44,813		45,001		44,946		45,544		13.4
	Service Charges on Deposits		28,136		29,292		28,800		26,189		28,036		0.4
	Fiduciary and Asset Management Fees		12,710		11,868		11,509		11,713		11,544		10.1
	Brokerage and Investment Banking Revenue		6,721		6,502		6,559		6,947		6,616		1.6
	Mortgage Banking Income		6,837		8,440		8,105		5,873		7,078		(3.4)
	Bankcard Fees		11,218		11,438		11,093		10,554		10,916		2.8
	Securities Gains (Losses)		-		(982)		(1,062)		(74)		(135)		nm
	Other Fee Income		9,079		10,024		10,357		9,283		9,709		(6.5)
	Other Non-Interest Income		21,707		10,056		10,915		9,522		6,835		nm
	Non-Interest Income before Reimbursable Items		515,369		428,753		428,371		409,375		417,396		23.5
	Reimbursable Items		83,894		99,187		86,138		82,500		84,306		(0.5)
	Total Non-Interest Income		599,263		527,940		514,509		491,875		501,702		19.4
	Non-Interest Expense:
	Personnel Expense		256,691		256,220		233,847		227,758		224,251		14.5
	Occupancy & Equipment Expense		116,470		100,504		99,495		97,700		93,965		24.0
	Other Non-Interest Expense		115,755		98,995		109,690		105,836		110,608		4.7
	Non-Interest Expense before Reimbursable Items		488,916		455,719		443,032		431,294		428,824		14.0
	Reimbursable Items		83,894		99,187		86,138		82,500		84,306		(0.5)
	Total Non-Interest Expense		572,810		554,905		529,170		513,794		513,130		11.6
	Minority Interest in Consolidated Subsidiaries		16,790		10,406		11,165		9,740		9,571		75.4
	Income Before Taxes		282,620		236,840		242,843		211,228		218,309		29.5
	Income Tax Expense		107,073		82,774		90,046		76,722		81,049		32.1
	Net Income	$	175,547		154,066		152,797		134,506		137,260		27.9
	Basic Earnings Per Share	$	0.54		0.48		0.47		0.43		0.44		23.1
	Diluted Earnings Per Share		0.54		0.47		0.47		0.43		0.44		22.9
	Dividends Declared Per Share		0.20		0.20		0.20		0.20		0.18		6.8
	Return on Assets		2.22	%	2.00	%	2.07	%	1.96	%	2.00	%	22	bp
	Return on Equity		19.03		17.63		18.45		17.88		18.74		29
	Average Shares Outstanding - Basic		324,555		323,657		322,783		313,639		312,298		3.9	%
	Average Shares Outstanding - Diluted		328,122		326,834		325,421		316,208		315,280		4.1
bp - change is measured as difference in basis points.
nm - not meaningful

SYNOVUS					7 of 12
Financial Services Segment
	INCOME STATEMENT		Twelve Months Ended
	(In thousands)		December 31,
			2006	2005	Change
	Interest Income (Taxable Equivalent)	$	2,022,257	1,502,648	34.6	%
	Interest Expense		890,677	531,046	67.7
	Net Interest Income (Taxable Equivalent)		1,131,580	971,602	16.5
	Tax Equivalent Adjustment		5,791	6,386	(9.3)
	Net Interest Income		1,125,789	965,216	16.6
	Provision for Loan Losses		75,148	82,532	(8.9)
	Net Interest Income After Provision		1,050,641	882,684	19.0
	Non-Interest Income:
	Service Charges on Deposits		112,417	109,960	2.2
	Fiduciary and Asset Management Fees		48,627	45,454	7.0
	Brokerage and Investment Banking Revenue		26,729	24,487	9.2
	Mortgage Banking Income		29,255	28,682	2.0
	Bankcard Fees		44,303	38,813	14.1
	Securities Gains (Losses)		(2,118)	463	Nm
	Other Fee Income		38,743	34,148	13.5
	Other Non-Interest Income		61,474	45,407	35.4
	Total Non-Interest Income		359,430	327,413	9.8
	Non-Interest Expense:
	Personnel Expense		450,373	370,223	21.8
	Occupancy & Equipment Expense		100,269	90,549	10.7
	Other Non-Interest Expense		213,891	185,985	15.0
	Total Non-Interest Expense		764,533	646,758	18.3
	Income Before Taxes		645,538	563,340	14.6
	Income Tax Expense		230,435	204,290	12.8
	Net Income	$	415,103	359,050	15.6
	Return on Assets		1.45	1.43	2	bp
	Return on Equity		16.77	17.59	(82)
bp - change is measured as difference in basis points.
nm - not meaningful

Synovus													8 of 12
Financial Services Segment
	INCOME STATEMENT
	(In thousands)		2006								2005		4th Quarter
			Fourth		Third		Second		First		Fourth		'06 vs. '05
			Quarter		Quarter		Quarter		Quarter		Quarter		Change
	Interest Income (Taxable Equivalent)	$	547,079		535,025		499,184		440,969		420,892		30.0	%
	Interest Expense		256,760		242,875		212,499		178,544		160,509		60.0
	Net Interest Income (Taxable Equivalent)		290,319		292,150		286,685		262,425		260,383		11.5
	Tax Equivalent Adjustment		1,448		1,395		1,471		1,476		1,558		(7.1)
	Net Interest Income		288,871		290,755		285,214		260,949		258,825		11.6
	Provision for Loan Losses		18,675		18,390		18,534		19,549		20,787		(10.2)
	Net Interest Income After Provision		270,196		272,365		266,680		241,400		238,038		13.5
	Non-Interest Income:
	Service Charges on Deposits		28,136		29,862		29,409		26,712		28,572		0.4
	Fiduciary and Asset Management Fees		12,921		12,077		11,720		11,910		11,728		10.2
	Brokerage and Investment Banking Revenue		6,721		6,502		6,559		6,947		6,616		1.6
	Mortgage Banking Income		6,837		8,440		8,105		5,873		7,078		(3.4)
	Bankcard Fees		11,218		11,438		11,093		10,554		10,916		2.8
	Securities Gains (Losses)		-		(982)		(1,062)		(74)		(135)		nm
	Other Fee Income		9,079		9,679		10,038		8,950		9,377		(6.5)
	Other Non-Interest Income		22,682		12,528		13,881		12,381		11,030		nm
	Total Non-Interest Income		97,594		89,319		89,453		83,063		84,978		14.8
	Non-Interest Expense:
	Personnel Expense		115,131		113,842		113,951		107,449		95,670		19.7
	Occupancy & Equipment Expense		26,370		25,566		24,835		23,498		24,577		7.3
	Other Non-Interest Expense		61,930		51,899		52,064		47,999		49,768		24.4
	Total Non-Interest Expense		203,430		191,307		190,850		178,946		170,015		20.0
	Income Before Taxes		164,360		170,377		165,283		145,517		153,001		7.4
	Income Tax Expense		59,384		60,394		58,899		51,757		55,949		6.1
	Net Income	$	104,976		109,983		106,384		93,760		97,052		8.2
	Return on Assets		1.39	%	1.49	%	1.50	%	1.43	%	1.47	%	(8)	bp
	Return on Equity		15.45		17.04		17.42		17.17		18.30		(285)
bp - change is measured as difference in basis points.
nm - not meaningful

SYNOVUS					9 of 12
	BALANCE SHEET		December 31, 2006	September 30, 2006	December 31, 2005
	(In thousands, except share data)
	ASSETS
	Cash and due from banks	$	887,546	790,602	880,886
	Interest earning deposits with banks		19,389	17,444	2,980
	Federal funds sold and securities purchased
	under resale agreements		101,091	308,300	68,922
	Trading account assets		15,266	15,031	27,322
	Mortgage loans held for sale		175,042	158,690	143,144
	Investment securities available for sale		3,352,357	3,269,889	2,958,320
	Loans, net of unearned income		24,654,552	24,192,596	21,392,347
	Allowance for loan losses		(314,459)	(319,973)	(289,612)
	Loans, net		24,340,093	23,872,623	21,102,735
	Premises and equipment, net		752,738	723,974	669,425
	Contract acquisition costs and computer software, net		380,746	403,702	431,849
	Goodwill, net		668,723	681,720	458,382
	Other intangible assets, net		63,522	50,900	44,867
	Other assets		1,108,445	1,052,007	831,840
	Total assets	$	31,864,958	31,344,882	27,620,672
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Liabilities:
	Deposits:
	Non-interest bearing retail and commercial deposits	$	3,538,598	3,659,629	3,700,750
	Interest bearing retail and commercial deposits		17,741,354	17,103,778	14,798,845
	Total retail and commercial deposits		21,279,952	20,763,407	18,499,595
	Brokered time deposits		3,004,211	3,199,157	2,284,770
	Total deposits		24,284,163	23,962,564	20,784,365
	Federal funds purchased and other short-term
	borrowings		1,572,809	1,582,037	1,158,669
	Long-term debt		1,349,056	1,363,519	1,933,638
	Other liabilities		717,873	654,742	597,698
	Total liabilities		27,923,901	27,562,862	24,474,370
	Minority interest in consolidated subsidiaries		236,709	218,073	196,973
	Shareholders' equity:
	Common stock, par value $1.00 a share (1)		331,214	330,474	318,301
	Surplus		1,033,013	1,009,976	686,447
	Treasury stock (2)		(113,944)	(113,944)	(113,944)
	Unearned compensation		-	-	(3,126)
	Accumulated other comprehensive income (loss)		(2,955)	(7,519)	(29,536)
	Retained earnings		2,457,020	2,344,960	2,091,187
	Total shareholders' equity (3)		3,704,348	3,563,947	2,949,329
	Total liabilities and shareholders' equity	$	31,864,958	31,344,882	27,620,672
(1)	Common shares outstanding: 325,552,375; 324,812,048; and 312,639,737 at December 31, 2006, September 30, 2006, December 31, 2005, respectively
(2)	Treasury shares: 5,661,538 at December 31, 2006, September 30, 2006, and December 31, 2005.
(3)	Book value per share: $11.38; $10.97; and $9.43 at December 31, 2006, September 30, 2006, and December 31, 2005, respectively.

SYNOVUS												10 of 12
AVERAGE BALANCES AND YIELDS/RATES
(Dollars in thousands)
			2006				2005			Twelve Months Ended
			Fourth		Third	Second	First	Fourth		December 31,
			Quarter		Quarter	Quarter	Quarter	Quarter		2006		2005
Interest Earning Assets
Taxable Investment Securities		$	3,178,852		3,025,507	3,008,122	2,823,306	2,713,238	$	3,009,962		2,609,113
	Yield		4.51	%	4.39	4.21	4.08	3.87		4.31	%	3.78
Tax-Exempt Investment Securities		$	197,737		197,024	202,676	201,432	208,265	$	198,692		216,773
	Yield		6.95	%	6.70	6.73	6.86	6.90		6.81	%	6.94
Trading Account Assets		$	34,471		53,181	47,398	37,659	26,006	$	43,201		11,380
	Yield		6.67	%	5.30	5.72	7.42	6.97		6.14	%	5.64
Commercial Loans		$	20,814,076		20,430,469	19,746,392	18,377,498	17,881,828	$	19,850,396		17,237,330
	Yield		8.24	%	8.22	7.98	7.58	7.25		8.02	%	6.69
Consumer Loans		$	905,552		906,634	875,171	835,520	845,251	$	880,982		841,447
	Yield		8.18	%	8.17	8.09	7.89	7.87		8.09	%	7.63
Mortgage Loans		$	1,089,794		1,091,425	1,071,477	1,039,741	1,036,041	$	1,073,296		1,025,034
	Yield		6.99	%	6.93	6.82	6.67	6.44		6.86	%	6.33
Credit Card Loans		$	268,705		265,120	260,010	260,251	257,691	$	263,549		251,959
	Yield		10.89	%	10.86	10.81	10.81	10.19		10.85	%	10.17
Home Equity Loans		$	1,316,842		1,252,802	1,231,592	1,188,153	1,167,361	$	1,247,715		1,113,914
	Yield		7.82	%	7.97	7.69	7.30	6.85		7.70	%	6.19
Allowance for Loan Losses		$	(317,603)		(318,195)	(307,674)	(294,817)	(286,846)	$	(309,658)		(279,534)
Loans, Net		$	24,077,366		23,628,256	22,876,968	21,406,345	20,901,326	$	23,006,280		20,190,150
	Yield		8.29	%	8.29	8.06	7.67	7.35		8.09	%	6.82
Mortgage Loans Held for Sale		$	149,113		130,196	132,605	117,085	121,665	$	132,332		113,969
	Yield		6.02	%	6.51	7.08	6.61	6.48		6.54	%	6.41
Federal Funds Sold and Time Deposits
with Banks		$	120,804		155,201	139,924	118,772	119,606	$	133,740		127,171
	Yield		5.40	%	5.32	5.07	4.42	4.26		5.08	%	3.35
Total Interest Earning Assets		$	27,754,344		27,189,364	26,407,692	24,704,601	24,090,106	$	26,524,206		23,268,556
	Yield		7.83	%	7.81	7.58	7.23	6.94		7.62	%	6.46
Interest Bearing Liabilities
Interest Bearing Demand Deposits		$	3,034,375		2,946,646	3,040,292	3,004,244	2,989,754	$	3,006,308		2,975,016
	Rate		2.18	%	2.03	1.81	1.63	1.39		1.92	%	1.18
Money Market Accounts		$	6,956,181		6,587,365	6,196,865	5,800,154	5,619,551	$	6,388,862		5,193,943
	Rate		4.45	%	4.38	4.00	3.55	3.13		4.13	%	2.56
Savings Deposits		$	514,317		547,779	573,776	535,475	534,533	$	542,793		555,205
	Rate		0.72	%	0.72	0.69	0.47	0.40		0.65	%	0.35
Time Deposits Under $100,000		$	3,003,141		2,917,518	2,738,528	2,501,504	2,408,591	$	2,791,759		2,294,158
			4.64	%	4.38	3.92	3.55	3.28		4.15		2.88
Time Deposits Over $100,000 (less brokered
time deposits)		$	3,997,493		3,756,853	3,362,304	3,067,094	2,864,382	$	3,549,200		2,624,623
	Rate		5.07	%	4.92	4.44	4.01	3.67		4.66	%	3.23
Total Interest Bearing Core Deposits			17,505,508		16,756,161	15,911,765	14,908,471	14,416,811		16,278,922		13,642,945
	Rate		4.12	%	3.97	3.54	3.15	2.80		3.72	%	2.35
Brokered Time Deposits		$	3,137,889		3,165,905	2,740,674	2,364,383	2,443,105	$	2,855,191		2,557,660
	Rate		5.01	%	4.85	4.57	4.24	3.89		4.70	%	3.39
Total Interest Bearing Deposits		$	20,643,396		19,922,066	18,652,438	17,272,854	16,859,916	$	19,134,113		16,200,605
	Rate		4.26	%	4.11	3.69	3.30	2.96		3.87	%	2.51
Federal Funds Purchased and Other
Short-Term Borrowings		$	1,283,832		1,553,699	1,772,113	1,530,099	939,008	$	1,534,312		1,103,005
	Rate		4.72	%	4.73	4.76	4.28	3.72		4.59	%	2.86
Long-Term Debt		$	1,360,634		1,364,227	1,586,586	1,774,804	2,184,538	$	1,519,997		2,087,749
	Rate		4.90	%	4.57	4.42	4.62	4.44		4.62	%	4.18
Total Interest Bearing Liabilities		$	23,287,863		22,839,991	22,011,138	20,577,757	19,983,462	$	22,188,422		19,391,359
	Rate		4.32	%	4.18	3.83	3.48	3.16		3.97	%	2.72
Non-Interest Bearing Demand Deposits		$	3,469,233		3,528,942	3,511,554	3,443,867	3,509,219	$	3,488,580		3,408,289
Shareholders' Equity		$	3,659,996		3,467,029	3,321,397	3,050,256	2,906,223	$	3,369,954		2,799,496
Total Assets		$	31,307,991		30,613,827	29,563,064	27,792,577	27,164,366	$	29,831,172		26,291,490
Net Interest Margin			4.20	%	4.30	4.39	4.32	4.32		4.30	%	4.19

SYNOVUS							11 of 12
LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Dollars in thousands)
		December 31, 2006
			Loans as a % of Total Loans Outstanding			Total Nonperforming Loans	Nonperforming Loans as a % of Total Nonperforming Loans
Loan Type		Total Loans
Commercial Real Estate
Multi-Family	$	505,586	2.0	%	$	168	0.2	%
Hotels		643,180	2.6			1,270	1.3
Office Buildings		881,658	3.6			4,333	4.5
Shopping Centers		764,924	3.1			-	-
Commercial Development		876,570	3.6			-	0.0
Other Investment Property		434,298	1.8			73	0.1
Total Investment Properties		4,106,216	16.7			5,844	6.1
1-4 Family Construction		2,347,025	9.5			5,600	5.8
1-4 Family Perm / Mini-Perm		1,193,895	4.8			7,763	8.0
Residential Development		2,036,207	8.3			1,889	2.0
Total 1-4 Family Properties		5,577,127	22.6			15,252	15.8
Land Acquisition		1,402,402	5.7			8,429	8.7
Total Investment-Related Real Estate		11,085,745	45.0			29,525	30.6
Owner-Occupied		3,138,264	12.7			9,786	10.1
Other Property		942,479	3.8			5,722	5.9
Total Commercial Real Estate		15,166,488	61.5			45,033	46.6
Commercial & Industrial		5,875,854	23.8			41,869	43.3
Home Equity		1,364,030	5.6			3,330	3.5
Consumer Mortgages		1,517,849	6.2			4,413	4.6
Credit Card		276,269	1.1			-	0.0
Other Consumer Loans		500,757	2.0			1,978	2.0
Total Consumer		3,658,905	14.9			9,721	10.1
Unearned Income		(46,695)	(0.2)			-
Total	$	24,654,552	100.0	%	$	96,623	100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON
(Dollars in thousands)
		Total Loans		4Q06 vs. 3Q06				4Q06 vs. 4Q05
Loan Type		December 31, 2006	September 30, 2006	% change (1)			December 31, 2005	% change (2)
Commercial Real Estate
Multi-Family	$	505,586	517,644	(9.2)	%	$	529,263	(4.5)	%
Hotels		643,180	642,330	0.5			686,101	(6.3)
Office Buildings		881,658	888,397	(3.0)			757,863	16.3
Shopping Centers		764,924	749,189	8.3			667,443	14.6
Commercial Development		876,570	958,636	(34.0)			860,458	1.9
Other Investment Property		434,298	406,880	26.7			373,148	16.4
Total Investment Properties		4,106,216	4,163,076	(5.4)			3,874,276	6.0
1-4 Family Perm / Mini-Perm		1,193,895	1,199,959	(2.0)			1,094,280	9.1
Residential Development		2,036,207	1,963,061	14.8			1,490,948	36.6
Total 1-4 Family Properties		5,577,127	5,407,906	12.4			4,138,274	34.8
Land Acquisition		1,402,402	1,307,168	28.9			1,125,608	24.6
Total Investment-Related Real Estate		11,085,745	10,878,150	7.6			9,138,158	21.3
Owner-Occupied		3,138,264	3,048,902	11.6			2,706,883	15.9
Other Property		942,479	1,048,866	(40.2)			978,143	(3.6)
Total Commercial Real Estate		15,166,488	14,975,918	5.0			12,823,184	18.3
Commercial & Industrial		5,875,854	5,711,488	11.4			5,268,042	11.5
Home Equity		1,364,030	1,272,804	28.4			1,187,205	14.9
Consumer Mortgages		1,517,849	1,512,091	1.5			1,372,134	10.6
Credit Card		276,269	266,205	15.0			268,348	3.0
Other Consumer Loans		500,757	506,490	(4.5)			521,521	(4.0)
Total Consumer		3,658,905	3,557,590	11.3			3,349,208	9.2
Unearned Income		(46,695)	(52,400)	(43.2)			(48,087)	(2.9)
Total	$	24,654,552	24,192,596	7.6	%	$	21,392,347	15.2	%

(1)

Percentage is annualized.

(2)

The percentage change comparison to prior periods is impacted by the acquisitions of Riverside Bancshares, Inc. (Riverside) and Banking Corporation of Florida (First Florida), which were completed on March 24, 2006 and March 31, 2006, respectively. Riverside and First Florida contributed $482 million, respectively, in total loans. Excluding the impact of Riverside and First Florida the year-over-year growth is 11.4%.

SYNOVUS							12 of 12
CREDIT QUALITY DATA
(Dollars in thousands)		2006				2005	4th Quarter
		Fourth	Third	Second	First	Fourth	'06 vs. '05
		Quarter	Quarter	Quarter	Quarter	Quarter	Change
Nonperforming Loans	$	96,623	94,766	88,805	80,061	82,175	17.6	%
Other Real Estate		25,923	31,549	25,634	20,357	16,500	57.1
Nonperforming Assets		122,545	126,315	114,439	100,418	98,675	24.2
Allowance for Loan Losses		314,459	319,973	313,694	300,866	289,612	8.6
Net Charge-Offs - Quarter		24,190	12,111	9,528	14,388	14,732	64.2
Net Charge-Offs - YTD		60,217	36,027	23,916	14,388	58,665	2.6
Net Charge-Offs / Average Loans - Quarter		0.39	0.20	0.17	0.27	0.28
Net Charge-Offs / Average Loans - YTD		0.26	0.21	0.21	0.27	0.29
Nonperforming Loans / Loans & ORE		0.39	0.39	0.38	0.36	0.38
Nonperforming Assets / Loans & ORE		0.50	0.52	0.48	0.45	0.46
Allowance / Loans		1.28	1.32	1.33	1.34	1.35
Allowance / Nonperforming Loans		325.45	337.65	353.24	375.79	352.43
Allowance / Nonperforming Assets		256.61	253.31	274.11	299.61	293.50
Past Due Loans over 90 days		34,031	18,002	19,340	17,376	16,023
As a Percentage of Loans Outstanding		0.14	0.07	0.08	0.08	0.07
Total Past Dues		154,027	140,526	111,464	114,744	93,807
As a Percentage of Loans Outstanding		0.62	0.58	0.47	0.51	0.44

REGULATORY CAPITAL RATIOS (1)
(Dollars in thousands)
		December 31, 2006		September 30, 2006	December 31, 2005
Tier 1 Capital	$	3,253,327		3,067,156	2,660,704
Total Risk-Based Capital		4,317,786		4,137,129	3,700,315
Tier 1 Capital Ratio		10.84	%	10.36	10.23
Total Risk-Based Capital Ratio		14.39		13.98	14.23
Leverage Ratio		10.64		10.28	9.99
(1) December 31, 2006 information is preliminary.