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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

April 20, 2010
Date of Report
(Date of Earliest Event Reported)

Synovus Financial Corp.

(Exact Name of Registrant as Specified in its Charter)


Georgia	1-10312	58-1134883

(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1111 Bay Avenue, Suite 500, Columbus, Georgia 31901
(Address of principal executive offices) (Zip Code)

(706) 644-4982

(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:

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

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

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

o		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 April 20, 2010, Synovus Financial Corp. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 2010.

Pursuant to General Instruction F to Current Report on Form 8-K, the press release is attached to this Current Report as Exhibit 99.1 and only those portions of the press release related to the historical results of operations of the Company for the quarter ended March 31, 2010 are incorporated into this Item 2.02 by reference. The information contained in this Item 2.02, including the information set forth in the press release filed as Exhibit 99.1 to, and incorporated in, this Current Report is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in Exhibit 99.1 furnished pursuant to this Item 2.02 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 7.01 Regulation FD Disclosure

On April 20, 2010, the Company made available the supplemental information (the “Supplemental Information”) and slide presentation (“Slide Presentation”) prepared for use with the press release. The investor call and webcast will be held at 4:30 p.m., ET, on April 20, 2010.

Pursuant to General Instruction F to Current Report on Form 8-K, the Supplemental Information and the Slide Presentation are attached to this Current Report as Exhibits 99.2 and Exhibit 99.3, respectively, and incorporated into this Item 7.01 by reference. The information contained in this Item 7.01, including the information set forth in the Supplemental Information and Slide Presentation filed as Exhibit 99.2 and Exhibit 99.3 to, and incorporated in, this Current Report, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.2 and Exhibit 99.3 furnished pursuant to this Item 7.01 shall not be incorporated by reference into any registration statement or other documents pursuant to the Securities Act or into any filing or other document pursuant to the Exchange Act except as otherwise expressly stated in any such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit No.		Description

99.1		Synovus press release dated April 20, 2010

99.2		Supplemental Information prepared for use with the press release

99.3		Slide presentation prepared for use with the press release

Signature

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


	SYNOVUS FINANCIAL CORP. (“Synovus”)
Dated: April 20, 2010	By:	/s/ Samuel F. Hatcher
		Executive Vice President,
		General Counsel and Secretary

Exhibit 99.1


		For Immediate Release

		Contact:		Patrick A. Reynolds
				Director of Investor Relations
				(706) 649-4973

Synovus Reports Results for First Quarter 2010

Columbus, Ga., April 20, 2010 Synovus Financial Corp. (NYSE: SNV) announced today its results of operations for the first quarter of 2010.

Business Highlights

	•		The net loss for the first quarter of 2010 was $215.7 million, or $0.47 per common share.

	•		The first quarter results include a $43 million after-tax gain from the sale of the merchant services business.

	•		Total credit costs for the first quarter were $394.5 million, compared to $427.8 million in the fourth quarter of 2009. Credit costs primarily include provision expense of $341.0 million and foreclosed real estate costs of $45.5 million. Allowances and cumulative write-downs on all remaining non-performing assets are approximately 49% of unpaid principal balances, compared to 45% in the fourth quarter of 2009.

	•		Net charge-offs decreased by $45.9 million versus the previous quarter, while non-performing assets were up slightly by $11.5 million, from the fourth quarter of 2009. Non-performing asset inflows totaled $531 million for the quarter, down from $661 million in the fourth quarter.

	•		Problem asset disposition strategy remains on track with $271 million in sales for the first quarter.

	•		The allowance for loan losses increased 25 basis points, or $25 million, to 3.97% of total loans.

	•		Total loans past due and still accruing remained low at 1.21% of total loans.

	•		The net interest margin was 3.39%, up 14 basis points from the fourth quarter of 2009. Excluding the negative impact of non-performing assets, the net interest margin was 3.77% for the first quarter.

	•		Core deposits grew slightly compared to the fourth quarter of 2009. The mix of core deposits continued to improve with non-interest bearing demand deposits and money market accounts replacing higher priced time deposits.

	•		Salaries and other personnel expenses were $104.0 million for the quarter, down $7.1 million, or 6.4% from the first quarter of 2009.

	•		As of March 31, 2010, the tangible common equity to tangible assets ratio was 5.08%, Tier 1 Capital Ratio was 9.69%, Tier 1 common equity was 6.04%, and total risk-based capital ratio was 13.04%.

Post Office Box 120 / Columbus, GA 31902
www.synovus.com

“During the quarter, we continued our aggressive approach of recognizing, charging down, and disposing of non-performing assets,” said Richard Anthony, Chairman and CEO. “For the fourth consecutive quarter, our non-performing asset inflows declined, a trend which we believe to be the best predictor of future credit costs. Our core deposit mix continued to improve with solid growth in non-interest bearing deposits and money market accounts. As we look into the future, we expect our credit costs will continue to decline and that our capital ratios will exceed current regulatory standards as we pursue all alternatives to bolster our capital position. With the expected decline in credit costs, which will drive a reduction in the loan loss reserves, we continue to believe that we have an opportunity to return to profitability at some point during 2010. Additionally, we look forward to the recovery of the regulatory allowable portion of the $550 million valuation allowance for deferred tax assets once we demonstrate a sustainable return to profitability.”

Synovus today reaffirms that it continues to identify, consider, and pursue additional strategic initiatives to bolster its capital position, including potential capital market transactions, additional liability management initiatives, and certain non-dilutive transactions. Synovus is exploring these strategic initiatives in response to, among other factors, regulatory expectations, evolving industry capital standards, and a challenging economic environment. Among the transactions being considered are those that would raise significant amounts of cash and those that would generate non-cash capital.

Synovus will host an earnings highlights conference call at 4:30 pm EDT, on April 20, 2010. The earnings call will be accompanied by a slide presentation. Shareholders and other interested persons may access the slide presentation and 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 is a financial services holding company with over $32 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 327 offices and 461 ATMs in Georgia, Alabama, South Carolina, Florida and Tennessee. The company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure unparalleled customer experiences. See Synovus on the Web at www.synovus.com.

Forward-Looking Statements

This press release and certain of our other filings with the Securities and Exchange Commission contain 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, our statements regarding our expectations on credit costs and that our capital ratios will continue to exceed current regulatory standards; the potential recovery of the regulatory allowable portion of the valuation allowance for deferred tax assets; our pursuit of alternatives to bolster our capital position; our belief that we have an opportunity to return to profitability at some point during 2010; and the assumptions underlying our expectations. 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 and our filings with the Securities and Exchange Commission. Many of these factors are beyond Synovus’ ability to control or predict. Factors that could cause actual results to differ materially from those contemplated in this press release and our filings with the Securities and Exchange Commission include: (1) further deterioration in credit quality, particularly in residential construction and development loans, may continue to result in increased non-performing assets and credit losses, which will adversely impact our earnings and capital;

Post Office Box 120 / Columbus, GA 31902
www.synovus.com

(2) declining values of residential real estate may result in further write-downs of assets, which may increase our credit losses and negatively affect our financial results; (3) continuing weakness in the residential real estate environment may negatively impact our ability to liquidate non-performing assets; (4) the impact on our borrowing costs, capital cost and our liquidity due to adverse changes in our current credit ratings; (5) our ability to manage fluctuations in the value of our assets and liabilities to maintain sufficient capital and liquidity to support our operations; (6) restrictions or limitations on access to funds from subsidiaries, thereby restricting our ability to make payments on our obligations or dividend payments; (7) continuing deterioration in general economic conditions and conditions in the financial markets; (8) the risk that the allowance may prove to be inadequate or may be negatively affected by credit risk exposures; (9) changes in the interest rate environment which may increase funding costs and reduce earning assets yields, thus reducing margins; (10) risks associated with the concentration of our non-performing assets in certain geographic regions and with affiliated borrowing groups; (11) the risk that we may be required to seek additional capital to satisfy applicable regulatory standards and pressures; (12) the risk that, as we pursue alternatives to bolster our capital position, such capital may not be available to us on favorable terms, if at all; (13) the impact of recent and proposed changes in governmental policy, laws and regulations, including proposed and recently enacted changes in the regulation of banks and financial institutions, or the interpretation or application thereof, including restrictions, increased capital requirements, limitations and/or penalties arising from banking, securities and insurance laws regulations and examinations; (14) the impact on Synovus’ financial results, reputation and business if Synovus is unable to comply with all applicable federal and state regulations and applicable memoranda of understanding, other supervisory actions and any necessary capital initiatives; (15) risks associated with litigation; (16) the risk that we will not be able to complete the proposed charter consolidation or, if completed, realize the anticipated benefits of the proposed charter consolidation; (17) the volatility of our stock price; and (18) the other factors set forth 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.

Use of Non-GAAP Financial Measures

The measures entitled net interest margin excluding the negative impact of non-performing assets; core deposits; and the tangible common equity to tangible assets ratio are not measures recognized under U.S. generally accepted accounting principles (GAAP), and therefore are considered non-GAAP financial measures. The most comparable GAAP measures are net interest margin, total deposits, and the ratio of total common shareholders’ equity to total assets, respectively.

Management uses these non-GAAP financial measures to assess the performance of Synovus’ core business and the strength of its capital position. Synovus believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist investors in evaluating Synovus’ operating results, financial strength and capitalization. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures at other companies. Net interest margin excluding the impact of non-performing assets is a measure used by management to measure the net interest margin exclusive of the impact of non-performing assets and associated net interest charge-offs on the net interest margin. Core deposits is a measure used by management to evaluate organic growth of deposits and the quality of deposits as a funding source. The tangible common equity to tangible assets ratio is used by management and investment analysts to assess the strength of Synovus’ capital position.

The computations of net interest margin excluding the impact of non-performing assets; core deposits; and the tangible common equity to tangible assets ratio, and the reconciliation of these measures to net interest margin, total deposits, and the ratio of total common shareholders’ equity to total assets are set forth in the tables below:

Post Office Box 120 / Columbus, GA 31902
www.synovus.com

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)


	1Q10			4Q09			3Q09			2Q09			1Q09
Total deposits	$	27,180,048			27,433,533			28,054,191			27,423,814			27,947,986
Less: National market brokered deposits		(4,642,345	)		(5,039,328	)		(5,639,336	)		(4,994,641	)		(5,258,841	)

Core deposits	$	22,537,703			22,394,205			22,414,855			22,429,173			22,689,145


Average earning assets⁽¹⁾ expense (recovery)	$	29,816,791			31,402,913			31,556,544			32,124,145			32,425,793

Net interest income (taxable equivalent)	$	249,978			257,058			255,850			257,827			244,420
Add: Negative impact of non-performing assets on net interest income⁽²⁾		27,864			30,102			32,951			31,911			26,429

Net interest income (taxable equivalent) excluding the negative impact of non-performing assets	$	277,842			287,160			288,801			289,738			270,849


Net interest margin		3.39	%		3.25			3.22			3.23			3.05
Add: Negative impact of non-performing assets on net interest margin		0.38			0.38			0.42			0.39			0.33

Net interest margin excluding the negative impact of non-performing assets		3.77	%		3.63			3.64			3.62			3.38


Total assets	$	32,439,438			32,831,418			34,610,480			34,349,670			34,547,432
Less: Goodwill		(24,431	)		(24,431	)		(39,280	)		(39,280	)		(39,521	)
Less: Other intangible assets		(15,556	)		(16,649	)		(17,775	)		(18,914	)		(20,064	)

Tangible assets	$	32,399,451			32,790,338			34,553,425			34,291,476			34,487,847


Total shareholders’ equity	$	2,616,743			2,851,041			3,136,660			3,018,361			3,637,979
Less: Goodwill		(24,431	)		(24,431	)		(39,280	)		(39,280	)		(39,521	)
Less: Other intangible assets		(15,556	)		(16,649	)		(17,775	)		(18,914	)		(20,064	)
Less: Cumulative perpetual preferred stock.		(930,433	)		(928,207	)		(926,014	)		(923,855	)		(921,728	)

Tangible common equity	$	1,646,323			1,881,754			2,153,591			2,036,312			2,656,666


Total common shareholder’s equity to total assets ⁽³⁾		5.20	%		5.86			6.39			6.10			7.86
Tangible common equity to tangible assets		5.08			5.74			6.23			5.94			7.70


⁽¹⁾		Quarterly average balance

⁽²⁾		Represents pro forma interest income on non-performing loans at current commercial loan portfolio yield, carrying cost of ORE, and net interest charge-offs on loans recognized during the quarter.

⁽³⁾		Total shareholders’ equity less preferred stock divided by total assets.

###

Post Office Box 120 / Columbus, GA 31902
www.synovus.com

Exhibit 99.2

Synovus

INCOME STATEMENT DATA
(Unaudited)
(Dollars in thousands, except per share data)


	2010						2009									1st Quarter
	First			Fourth			Third			Second			First			‘10 vs. ’09
	Quarter			Quarter			Quarter			Quarter			Quarter			Change
Interest income (taxable equivalent)	$	343,906			362,911			377,839			385,710			387,574			(11.3)	%
Interest expense		93,928			105,853			121,989			127,883			143,154			(34.4	)


Net interest income (taxable equivalent)		249,978			257,058			255,850			257,827			244,420			2.3
Tax equivalent adjustment		1,111			1,227			1,219			1,219			1,181			(5.9	)


Net interest income		248,867			255,831			254,631			256,608			243,239			2.3
Provision for losses on loans		340,948			387,114			496,522			631,526			290,437			17.4


Net interest expense after provision for loan losses		(92,081	)		(131,283	)		(241,891	)		(374,918	)		(47,198	)		(95.1	)


Non-interest income:
Service charges on deposit accounts		26,280			29,651			29,699			29,702			28,699			(8.4	)
Fiduciary and asset management fees		11,338			11,455			11,244			10,657			10,815			4.8
Brokerage and investment banking income		5,931			7,035			7,047			7,521			6,871			(13.7	)
Mortgage banking income		5,814			7,572			7,037			14,590			9,322			(37.6	)
Bankcard fees		9,515			9,521			9,114			9,144			8,361			13.8
Investment securities (losses) gains		(448	)		(663	)		14,730			—			—		nm
Other fee income		5,530			7,055			7,733			8,722			7,690			(28.1	)
Increase (decrease) in fair value of private equity investments, net		899			142			(6,853	)		8,090			—		nm
Gain from sale of MasterCard shares		—			—			—			8,351			—		nm
Gain from sale of Visa shares		—			51,900			—			—			—		nm
Other non-interest income		4,839			13,179			6,484			6,425			12,627			(61.7	)

Total non-interest income		69,698			136,847			86,235			103,202			84,385			(17.4	)


Non-interest expense:
Salaries and other personnel expense		104,022			100,575			105,001			108,508			111,085			(6.4	)
Net occupancy and equipment expense		29,978			29,861			31,217			30,544			31,484			(4.8	)
FDIC insurance and other regulatory fees		17,646			17,913			15,341			30,061			12,999			35.7
Foreclosed real estate expense		45,507			34,098			101,437			172,404			46,330			(1.8	)
Gains (losses) on other loans held for sale		61			—			608			1,160			(65	)		193.8
Visa litigation recovery		—			(2,374	)		(4,067	)		—			—		nm
Goodwill impairment		—			14,849			—			241			—		nm
Professional fees		9,380			10,397			11,121			10,340			6,945			35.1
Data processing expense		10,683			11,615			11,194			11,166			11,155			(4.2	)
Restructuring charges		—			(347	)		(413	)		397			6,358		nm
Other operating expenses		35,520			32,906			45,381			29,114			34,748			2.2


Total non-interest expense		252,797			249,493			316,820			393,935			261,039			(3.2	)


Loss from continuing operations before income taxes		(275,180	)		(243,929	)		(472,476	)		(665,651	)		(223,852	)		(22.9	)
Income tax (benefit) expense		(16,337	)		25,518			(31,528	)		(80,059	)		(85,908	)		81.0


Loss from continuing operations		(258,843	)		(269,447	)		(440,948	)		(585,592	)		(137,944	)		(87.6	)

Income from discontinued operations, net of taxes		43,161			889			1,146			1,340			1,215		nm


Net loss		(215,682	)		(268,558	)		(439,802	)		(584,252	)		(136,729	)		(57.7	)
Net (loss) income attributable to non-controlling interest		(209	)		(1	)		(255	)		2,677			(57	)		(266.7	)


Net loss attributable to controlling interest		(215,473	)		(268,557	)		(439,547	)		(586,929	)		(136,672	)		(57.7	)


Dividends and accretion of discount on preferred stock		14,325			14,291			14,258			14,225			14,192			0.9


Net loss available to common shareholders	$	(229,798	)		(282,848	)		(453,805	)		(601,154	)		(150,864	)		(52.3	)

Basic EPS
Net income (loss) from continuing operations available to common shareholders	$	(0.56	)		(0.58	)		(1.32	)		(1.83	)		(0.46	)		(20.9)	%
Net income (loss) available to common shareholders		(0.47	)		(0.58	)		(1.32	)		(1.82	)		(0.46	)		(2.6	)

Diluted EPS
Net income (loss) from continuing operations available to common shareholders		(0.56	)		(0.58	)		(1.32	)		(1.83	)		(0.46	)		(20.9	)
Net income (loss) available to common shareholders		(0.47	)		(0.58	)		(1.32	)		(1.82	)		(0.46	)		(2.6	)

Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—

Return on average assets *		(3.22)	%		(3.18	)		(5.13	)		(6.77	)		(1.59	)		(163	)bp
Return on average common equity *		(59.10	)		(53.25	)		(90.59	)		(92.07	)		(22.07	)	nm

Average common shares outstanding — basic		489,607			486,104			344,626			329,850			329,785			48.5	%
Average common shares outstanding — diluted		489,607			486,104			344,626			329,850			329,785			48.5


nm		- not meaningful

*		- ratios are annualized

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Synovus

BALANCE SHEET DATA

(Unaudited)
(In thousands, except share data)


	March 31, 2010			December 31, 2009			March 31, 2009
ASSETS

Cash and due from banks	$	579,620			564,482			437,788
Interest bearing funds with Federal Reserve Bank		2,826,702			1,901,847			362,038
Interest earning deposits with banks		12,817			12,534			95,757
Federal funds sold and securities purchased under resale agreements		166,392			203,959			155,549
Trading account assets, at fair value		13,605			14,370			15,013
Mortgage loans held for sale, at fair value		112,989			138,056			223,093
Other loans held for sale		78,077			36,816			22,751
Investment securities available for sale, at fair value		3,237,519			3,188,735			3,778,473
Loans, net of unearned income		24,417,164			25,383,068			27,730,272
Allowance for loan losses		(968,697	)		(943,725	)		(642,422	)

Loans, net		23,448,467			24,439,343			27,087,850

Premises and equipment, net		572,815			580,375			603,555
Goodwill		24,431			24,431			39,521
Other intangible assets, net		15,556			16,649			20,064
Other assets		1,350,448			1,709,821			1,705,980


Total assets	$	32,439,438			32,831,418			34,547,432


LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	4,352,327			4,172,697			3,785,089
Interest bearing deposits		22,827,721			23,260,836			24,162,897

Total deposits		27,180,048			27,433,533			27,947,986

Federal funds purchased and other short-term borrowings		450,979			475,062			577,269
Long-term debt		1,868,343			1,751,592			1,869,884
Other liabilities		301,615			299,730			480,895

Total liabilities		29,800,985			29,959,917			30,876,034


Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		930,433			928,207			921,728
Common stock, par value $1.00 (2)		495,536			495,514			336,069
Additional paid-in capital		1,607,140			1,605,097			1,168,409
Treasury stock, at cost (3)		(114,174	)		(114,155	)		(114,139	)
Accumulated other comprehensive income		80,722			84,806			125,013
Accumulated (deficit) retained earnings		(382,914	)		(148,428	)		1,200,899

Total shareholders’ equity		2,616,743			2,851,041			3,637,979
Non-controlling interest in subsidiaries		21,710			20,460			33,419

Total equity		2,638,453			2,871,501			3,671,398


Total liabilities and equity	$	32,439,438			32,831,418			34,547,432


(1)		Preferred shares outstanding: 967,870

(2)		Common shares outstanding: 489,843,709; 489,828,319; and 330,386,502 at March 31, 2010, December 31, 2009, and

		March 31, 2009, respectively.

(3)		Treasury shares: 5,692,422; 5,685,638; and 5,682,301 at March 31, 2010, December 31, 2009, and March 31, 2009, respectively.

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Synovus

AVERAGE BALANCES AND YIELDS/RATES *
(Unaudited)
(Dollars in thousands)


	2010			2009
	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets

Taxable investment securities	$	2,952,188			2,983,914			3,209,718			3,353,382			3,455,091
Yield		4.70	%		4.79			5.06			5.16			5.22
Tax-exempt investment securities	$	72,041			88,848			98,435			107,626			116,163
Yield (taxable equivalent)		7.16	%		7.03			7.06			7.08			6.91
Trading account assets	$	14,881			14,356			13,439			19,984			22,580
Yield		5.30	%		5.60			8.22			5.57			6.02
Commercial loans	$	20,880,069			21,722,140			22,850,126			23,572,578			23,525,450
Yield		4.85	%		4.82			4.73			4.72			4.77
Consumer loans	$	4,174,320			4,249,316			4,303,592			4,335,897			4,353,580
Yield		5.36	%		5.32			5.37			5.38			5.50
Allowance for loan losses	$	(951,552	)		(906,484	)		(905,700	)		(663,355	)		(627,110	)

Loans, net	$	24,102,837			25,064,972			26,248,018			27,245,120			27,251,920
Yield		5.15	%		5.10			5.01			4.96			5.01
Mortgage loans held for sale	$	96,440			114,906			194,158			268,933			247,937
Yield		5.49	%		5.29			5.39			4.94			5.46
Federal funds sold, due from Federal Reserve Bank and other short-term investments	$	2,435,880			2,995,367			1,653,546			996,754			1,214,897
Yield		0.24	%		0.24			0.24			0.24			0.31
Federal Home Loan Bank and Federal Reserve Bank stock (1)	$	142,524			140,550			139,230			132,346			117,205
Yield		0.97	%		1.01			1.38			0.54			0.66

Total interest earning assets	$	29,816,791			31,402,913			31,556,544			32,124,145			32,425,793
Yield		4.67	%		4.59			4.76			4.83			4.84


Interest Bearing Liabilities

Interest bearing demand deposits	$	3,636,437			3,851,237			3,310,924			3,582,954			3,602,371
Rate		0.42	%		0.41			0.42			0.45			0.49
Money market accounts	$	6,450,696			6,420,003			6,309,578			6,241,764			6,272,015
Rate		1.19	%		1.21			1.23			1.24			1.30
Savings deposits	$	476,007			469,526			477,909			477,752			452,206
Rate		0.15	%		0.15			0.15			0.15			0.16
Time deposits under $100,000	$	2,726,002			2,851,913			3,030,346			3,126,984			3,222,601
Rate		2.17	%		2.44			2.86			3.13			3.41
Time deposits over $100,000	$	4,770,429			4,909,253			5,281,529			5,355,736			5,555,084
Rate		2.05	%		2.32			2.73			3.04			3.31
National market brokered money market accounts	$	1,047,417			1,218,363			1,365,477			1,885,214			2,073,734
Rate		0.74	%		0.75			0.77			0.75			0.82
National market brokered time deposits	$	3,871,581			4,011,648			3,941,977			3,203,546			3,718,570
Rate		2.13	%		2.41			2.66			3.09			3.38

Total interest bearing deposits	$	22,978,569			23,731,943			23,717,740			23,873,950			24,896,581
Rate		1.48	%		1.62			1.85			1.96			2.16
Federal funds purchased and other short-term liabilities	$	472,691			729,988			1,194,759			1,166,785			578,717
Rate		0.47	%		0.45			0.37			0.36			0.59
Long-term debt	$	1,805,363			1,897,915			1,906,320			2,090,710			1,964,064
Rate		2.17	%		1.75			2.14			1.94			2.07

Total interest bearing liabilities	$	25,256,623			26,359,846			26,818,819			27,131,445			27,439,362
Rate		1.51	%		1.59			1.80			1.89			2.11

Non-interest bearing demand deposits	$	4,243,622			4,162,027			4,069,108			3,812,876			3,611,958

Net interest margin		3.39	%		3.25			3.22			3.23			3.05


*		Yields and rates are annualized.

(1)		Included as a component of Other Assets on the balance sheet

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Synovus

LOANS OUTSTANDING AND NONPERFORMING LOANS COMPOSITION
(Unaudited)
(Dollars in thousands)


	March 31, 2010
				Loans as a %			Total		Nonperforming Loans
				of Total Loans			Nonperforming		as a % of Total
Loan Type	Total Loans			Outstanding			Loans		Nonperforming Loans
Multi-Family	$	917,478			3.8	%	$	12,048		0.8	%
Hotels		1,064,300			4.4			228,402		14.8
Office Buildings		1,018,060			4.2			17,996		1.2
Shopping Centers		1,126,052			4.6			28,183		1.8
Commercial Development		510,340			2.1			71,509		4.6
Warehouses		521,933			2.1			5,776		0.4
Other Investment Property		562,088			2.2			26,118		1.7

Total Investment Properties		5,720,251			23.4			390,032		25.3

1-4 Family Construction		576,542			2.4			151,767		9.8
1-4 Family Perm / Mini-Perm		1,266,446			5.2			79,546		5.2
Residential Development		1,221,026			5.0			344,886		22.4

Total 1-4 Family Properties		3,064,014			12.6			576,199		37.4

Land Acquisition		1,397,870			5.7			251,267		16.3

Total Commercial Real Estate		10,182,135			41.7			1,217,498		79.0

Commercial , Financial, and Agricultural		5,779,238			23.7			171,864		11.1
Owner-Occupied		4,350,811			17.8			85,495		5.5

Total Commercial & Industrial		10,130,049			41.5			257,359		16.6
Home Equity		1,695,679			6.9			16,943		1.1
Consumer Mortgages		1,587,537			6.5			44,383		2.9
Credit Card		284,781			1.2			—		—
Other Retail Loans		553,936			2.3			6,521		0.4

Total Retail		4,121,933			16.9			67,847		4.4
Unearned Income		(16,953	)		(0.1	)		—		—

Total	$	24,417,164			100.0	%	$	1,542,704		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)
(Dollars in thousands)


	Total Loans						1Q10 vs. 4Q09						1Q10 vs. 1Q09
Loan Type	March 31, 2010			December 31, 2009			% change (1)			March 31, 2009			% change
Multi-Family	$	917,478			946,598			(12.5	)%	$	691,327			32.7	%
Hotels		1,064,300			1,060,837			1.3			1,072,469			(0.8	)
Office Buildings		1,018,060			1,034,934			(6.6	)		1,122,953			(9.3	)
Shopping Centers		1,126,052			1,149,245			(8.2	)		1,159,863			(2.9	)
Commercial Development		510,340			546,055			(26.5	)		730,823			(30.2	)
Warehouses		521,933			556,826			(25.4	)		534,252			(2.3	)
Other Investment Property		562,088			592,937			(21.1	)		729,932			(23.0	)

Total Investment Properties		5,720,251			5,887,432			(11.5	)		6,041,619			(5.3	)

1-4 Family Construction		576,542			714,411			(78.3	)		1,466,636			(60.7	)
1-4 Family Perm / Mini-Perm		1,266,446			1,281,411			(4.7	)		1,376,198			(8.0	)
Residential Development		1,221,026			1,334,859			(34.6	)		1,931,607			(36.8	)

Total 1-4 Family Properties		3,064,014			3,330,681			(32.5	)		4,774,441			(35.8	)

Land Acquisition		1,397,870			1,510,981			(30.4	)		1,742,024			(19.8	)

Total Commercial Real Estate		10,182,135			10,729,094			(20.7	)		12,558,084			(18.9	)

Commercial , Financial, and Agricultural		5,779,238			6,015,445			(15.9	)		6,461,156		nm
Owner-Occupied		4,350,811			4,445,648			(8.7	)		4,416,435			(1.5	)

Total Commercial & Industrial		10,130,049			10,461,093			(12.8	)		10,877,591			(6.9	)
Home Equity		1,695,679			1,714,994			(4.6	)		1,718,918			(1.4	)
Consumer Mortgages		1,587,537			1,637,978			(12.5	)		1,734,438			(8.5	)
Credit Card		284,781			294,126			(12.9	)		285,099			(0.1	)
Other Retail Loans		553,936			565,131			(8.0	)		588,164			(5.8	)

Total Retail		4,121,933			4,212,229			(8.7	)		4,326,619			(4.7	)
Unearned Income		(16,953	)		(19,348	)		(50.2	)		(32,022	)		(47.1	)

Total	$	24,417,164			25,383,068			(15.4	)%	$	27,730,272			(11.9	)%


(1)		Percentage change is annualized.

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Synovus

CREDIT QUALITY DATA
(Unaudited)
(Dollars in thousands)


	2010			2009								1st Quarter
	First			Fourth		Third		Second		First		’10 vs. ’09
	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Nonperforming Loans	$	1,542,704			1,555,776		1,519,049		1,472,242		1,415,269		9.0	%
Impaired Loans Held for Sale (1)		78,077			36,816		40,932		34,938		22,751		243.2
Other Real Estate		222,155			238,807		187,494		210,968		287,246		(22.7	)
Nonperforming Assets		1,842,937			1,831,399		1,747,475		1,718,148		1,725,266		6.8
Allowance for Loan Losses		968,697			943,725		918,468		918,723		642,422		50.8
Net Charge-Offs — Quarter		315,976			361,857		496,777		355,224		246,314		28.3
Net Charge-Offs — YTD		315,976			1,460,172		1,098,315		601,538		246,314		28.3
Net Charge-Offs / Average Loans — Quarter (2)		5.05	%		5.58		7.33		5.09		3.53
Net Charge-Offs / Average Loans — YTD (2)		5.05			5.37		5.30		4.31		3.53
Nonperforming Loans / Loans		6.32			6.13		5.77		5.34		5.10
Nonperforming Assets / Loans, Other Loans Held for Sale & ORE		7.46			7.14		6.58		6.17		6.15
Allowance / Loans		3.97			3.72		3.49		3.33		2.32
Allowance / Nonperforming Loans		62.79			60.66		60.46		62.40		45.39
Past Due Loans over 90 days and Still Accruing	$	35,491			19,938		43,816		31,018		31,316		13.3	%
As a Percentage of Loans Outstanding		0.15	%		0.08		0.17		0.11		0.11
Total Past Dues Loans and Still Accruing	$	294,753			262,446		356,456		331,731		587,014		(49.8	)
As a Percentage of Loans Outstanding		1.21	%		1.03		1.35		1.20		2.12
Restructured loans (accruing)	$	261,160			213,552		192,559		18,025		25,919	nm


(1)		Represent impaired loans that are intended to be sold. Held for sale loans are carried at the lower of cost or fair value.

(2)		Ratio is annualized.

SELECTED CAPITAL INFORMATION (1)
(Unaudited)
(Dollars in thousands)


	March 31, 2010			December 31, 2009		March 31, 2009
Tier 1 Capital	$	2,494,790			2,721,287		3,454,987
Total Risk-Based Capital		3,357,445			3,637,712		4,440,572
Tier 1 Capital Ratio		9.69	%		10.16		11.06
Total Risk-Based Capital Ratio		13.04			13.58		14.22
Leverage Ratio		7.68			8.12		9.88
Common Equity as a Percentage of Total Assets (2)		5.20			5.86		7.86
Tangible Common Equity as a Percentage of Tangible Assets (3)		5.08			5.74		7.70
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		6.39			7.03		8.51
Book Value Per Common Share (4)		3.44			3.93		8.22
Tangible Book Value Per Common Share (3)		3.36			3.84		8.04


(1)		Current quarter regulatory capital information is preliminary.

(2)		Common equity consists of Total Shareholders’ Equity less Cumulative Perpetual Perferred 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 Cumulative Perpetual Preferred Stock divided by total common shares outstanding.

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