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

April 22, 2009
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) 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:

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 22, 2009, Synovus Financial Corp. (the “Company”) issued a press release announcing the Company’s financial results for the three month period ended March 31, 2009.
	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 three months ended March 31, 2009 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 22, 2009, the Company made available the supplemental information (the “Supplemental Information”) prepared for use with the press release. The investor call and webcast will be held at 4:30 p.m., ET, on April 22, 2009.
	Pursuant to General Instruction F to Current Report on Form 8-K, the Supplemental Information is attached to this Current Report as Exhibit 99.2 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 is filed as Exhibit 99.2 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 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.

2 

Item 9.01  Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Synovus press release dated April 22, 2009
99.2	Supplemental Information prepared for use with the press release

3 

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 22, 2009	By:	/s/ Samuel F. Hatcher
		Executive Vice President,
		General Counsel and Secretary

4

EX-99.1

     For Immediate Release

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

Synovus Reports Results for First Quarter 2009

Columbus, Ga., April 22, 2009 — Synovus reported a net loss for the first quarter of 2009 of $136.7 million, or $0.46 per common share, compared to net income of $81.0 million, or $0.24 per diluted share, for the first quarter of 2008. The first quarter 2009 results include provision expense of $290.4 million.

Business Highlights

• Sequential quarter core deposit growth was 7.5% (annualized).

• Capital Ratios remain strong — Tier 1 Capital Ratio was 11.05%, Total Risk-Based Capital Ratio was 14.21%, and Tangible Common Equity to Tangible Assets Ratio was 7.8%.

• TARP capital infusion contributed to $3.8 billion in new and renewed loans during the first quarter of 2009.

• Mortgage loan originations were $687 million, up 162% over last quarter and 103% over the first quarter of 2008.

• Salary and personnel expenses were down 8.3% from the first quarter of 2008.

“As the economy continued to deteriorate in the first quarter, credit quality in the residential construction and development portfolios, especially in Atlanta, continued to weaken,” said Richard Anthony, Chairman and CEO. “We are proactively recognizing problem assets and are taking actions to liquidate these non-performing assets as efficiently and economically as possible. Our core deposit growth strengthens our liquidity position, and along with our strong capital position, we believe that we will be able to come out of this credit crisis as a strong bank holding company. We are doing everything we can to return to profitability, repay the U.S. Treasury, and restore our dividend as soon as possible.”

Credit

The provision expense for the quarter was $290.4 million, compared to $363.9 million last quarter. The provision for loan losses covered net charge-offs by 118% for the quarter. The ratio of nonperforming assets to loans, impaired loans held for sale, and other real estate was 6.25%, as of March 31, 2009, compared to 4.16% last quarter. Nonperforming loans were $1.4 billion as of March 31, 2009, an increase of $519 million from the fourth quarter of 2008. The increase is primarily related to one resort/hotel relationship, which is being restructured, and was classified as non-performing during the quarter. The Atlanta market represents 27% of Synovus’ total loans in the residential construction and development portfolios and 45% of the nonperforming loans in the residential construction and development portfolios. The net charge-off ratio for the quarter was 3.53% compared to 3.25% last quarter. The allowance for loan losses was 2.32% of loans as of March 31, 2009, compared to 2.14% as of December 31, 2008.

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

Deposits

In the current environment, Synovus has focused on growing core deposits faster than loans. Total core deposits (total deposits less national market brokered deposits) grew 7.5% (annualized) on a sequential quarter basis and 6.9% over the first quarter of 2008. Shared deposit products that provide up to $7,500,000 of FDIC insurance per individual account were up to $1.83 billion in certificate of deposit and money market accounts in the first quarter, up from $214 million in the first quarter of 2008.

Loans and Margin

Total loans declined 2.8% (annualized) on a sequential quarter basis. Commercial and industrial loans declined 3.3%, retail loans declined 5.8%, and residential construction and development loans declined 30.3%, while investment properties grew 20.6% on a sequential quarter annualized basis. Total loans grew 2.3% over the first quarter of 2008. The net interest margin for the quarter was 3.05%, compared to 3.20% last quarter. Net interest income for the first quarter was $243.2 million compared to $278.6 million in the first quarter of 2008.

Non- Interest Income

Non-interest income was $88.7 million, unchanged from last quarter, with mortgage banking revenue growth of 80% over last quarter and 14% over the first quarter of 2008. Bankcard fees grew 4%, service charges increased 1%, brokerage and investment banking revenue declined 19%, and fiduciary and asset management fees — which include trust, financial planning and asset management fees — declined 14%, as compared to the first quarter of 2008.

Expenses

Reported non-interest expense for the first quarter of 2009 was $263.4 million compared to $201.4 million in the first quarter of 2008. The increase consisted primarily of a $38.4 million increase in losses and costs related to foreclosed real estate, a $6.9 million increase in FDIC insurance and other regulatory fees, and $6.4 million in restructuring charges. Employment expenses were $112.0 million, down 8.3% from the first quarter of 2008. The employment headcount levels were reduced by 156 positions from the end of 2008.

Synovus will host an earnings highlights conference call at 4:30 pm EDT, on April 22, 2009. 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 is a financial services holding company with approximately $35 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 30 banks, 336 offices, and 440 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.

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

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

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 (1) actions we are taking to recognize and liquidate non-performing credits; (2) our liquidity position and capital strength in terms of positioning us for the future; and (3) 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 deteriorations 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 us; (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 deteriorations in general economic conditions and conditions in the financial markets; (8) inadequacy of our allowance for loan losses, or 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 of additional future losses if the proceeds we receive upon the liquidation of non-performing assets are less than the fair value of such assets; (12) changes in accounting standards; (13) slower than anticipated rates of growth in non-interest income; (14) impact of the Emergency Economic Stabilization Act and other recent and proposed changes in the regulation of banks and financial institutions; (15) risks associated with litigation; (16) the volatility of our stock price; and (17) 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.

###

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

EX-99.2

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INCOME STATEMENT DATA
(Unaudited)

(In thousands, except per share data)	2009			2008											1st Quarter
	First			Fourth			Third			Second		First			'09 vs. '08
	Quarter			Quarter			Quarter			Quarter		Quarter			Change
Interest income (taxable equivalent)	$	387,574			441,749			456,400			459,274		505,057			(23.3	)%
Interest expense		143,154			182,312			187,425			184,719		225,232			(36.4	)
Net interest income (taxable equivalent)		244,420			259,437			268,975			274,555		279,825			(12.7	)
Tax equivalent adjustment		1,181			1,412			1,177			1,134		1,176			0.4
Net interest income		243,239			258,025			267,798			273,421		278,649			(12.7	)
Provision for loan losses		290,437			363,867			151,351			93,616		91,049			219.0
Net interest income (loss) after provision for loan losses		(47,198	)		(105,842	)		116,447			179,805		187,600			(125.2	)
Non-interest income:
Service charges on deposit accounts		28,699			29,244			28,132			26,070		28,391			1.1
Fiduciary and asset management fees		10,815			11,168			12,095			12,898		12,621			(14.3	)
Brokerage and investment banking revenue		6,871			7,528			7,898			9,206		8,487			(19.0	)
Mortgage banking income		9,322			5,170			4,476			5,686		8,161			14.2
Bankcard fees		12,681			13,365			13,371			14,198		12,218			3.8
Net gains on sales of investment securities available for sale		—			45			—			—		—		nm
Other fee income		7,690			7,207			8,773			10,081		11,185			(31.2	)
Increase in fair value of private equity investments, net		—			6,996			13,052			—		4,946		nm
Proceeds from sale of MasterCard shares		—			—			—			16,186		—		nm
Proceeds from redemption of Visa shares		—			—			—			—		38,542		nm
Other non-interest income		12,670			7,838			11,158			13,373		15,424			(17.9	)
Total non-interest income		88,748			88,561			98,955			107,698		139,975			(36.6	)
Non-interest expense:
Salaries and other personnel expense		111,979			112,586			114,535			109,676		122,130			(8.3	)
Net occupancy and equipment expense		31,647			31,255			31,852			31,126		30,211			4.8
FDIC insurance and other regulatory fees		12,999			6,950			5,960			6,172		6,079			113.8
Foreclosed real estate		46,330			71,915			43,205			13,677	7,881				487.9
Losses on impaired loans held for sale		(65	)		(35	)		—			9,944		—		nm
Visa litigation (recovery) expense		—			(6,390	)		6,347			—		(17,430	)	nm
Goodwill impairment		—			442,730			9,887			27,000		—		nm
Professional fees		6,957			9,973			6,909			8,454		4,940			40.8
Restructuring charges		6,358			2,826			9,048			4,251		—		nm
Other operating expenses		47,151			51,389			47,341			55,664		47,563			(0.9	)
Total non-interest expense		263,356			723,199			275,084			265,964		201,374			30.8
Income (loss) before income taxes		(221,806	)		(740,480	)		(59,682	)		21,539		126,201			(275.8	)
Income tax (benefit) expense		(85,077	)		(106,435	)		(24,211	)		9,302		43,648			(294.9	)
Net income (loss)		(136,729	)		(634,045	)		(35,471	)		12,237		82,553			(265.6	)
Net income (loss) attributable to non-controlling interest		(57	)		1,365			4,650			138		1,559			(103.7	)
Net income (loss) attributable to controlling interest		(136,672	)		(635,410	)		(40,121	)		12,099		80,994			(268.7	)
Dividends and accretion of discount on preferred stock		14,192			2,057			—			—		—		nm
Net income (loss) available to common shareholders	$	(150,864	)		(637,467	)		(40,121	)		12,099		80,994			(286.3	)
Basic EPS	$	(0.46	)		(1.93	)		(0.12	)		0.04		0.25		nm
Diluted EPS		(0.46	)		(1.93	)		(0.12	)		0.04		0.24		nm
Cash dividends declared per common share		0.01			0.06			0.06			0.17		0.17			(94.1	)
Return on average assets *		(1.58)	%		(7.17	)		(0.47	)		0.14		0.99		nm
Return on average common equity *		(21.90	)		(76.55	)		(4.74	)		1.40		9.43		nm
Average common shares outstanding — basic		329,785			329,691			329,438			329,173		328,970			0.2	%
Average common shares outstanding — diluted		329,785			329,691			329,438			331,418		331,719			(0.6	)

nm – not meaningful

* – ratios are annualized

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BALANCE SHEET DATA	March 31, 2009			December 31, 2008			March 31, 2008
(Unaudited)
(In thousands, except share data)
ASSETS
Cash and due from banks	$	437,788			524,327			589,640
Interest bearing funds with Federal Reserve Bank		362,038			1,206,168			—
Interest earning deposits with banks		95,757			10,805			2,440
Federal funds sold and securities purchased under resale agreements		155,549			388,197			101,855
Trading account assets		15,013			24,513			34,730
Mortgage loans held for sale		223,093			133,637			141,598
Impaired loans held for sale		22,751			3,527			42,270
Investment securities available for sale		3,778,473			3,892,148			3,779,877
Loans, net of unearned income		27,730,272			27,920,177			27,117,510
Allowance for loan losses		(642,422	)		(598,301	)		(394,848	)
Loans, net		27,087,850			27,321,876			26,722,662
Premises and equipment, net		603,555			605,019			565,887
Goodwill		39,521			39,521			519,138
Other intangible assets, net		20,064			21,266			26,156
Other assets		1,705,980			1,615,265			1,233,637
Total assets	$	34,547,432			35,786,269			33,759,890
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	3,785,089			3,563,619			3,508,246
Interest bearing deposits		24,162,897			25,053,560			22,154,941
Total deposits		27,947,986			28,617,179			25,663,187
Federal funds purchased and securities sold under repurchase agreements		577,269			725,869			2,108,109
Long-term debt		1,869,884			2,107,173			1,992,750
Other liabilities		480,895			516,541			442,270
Total liabilities		30,876,034			31,966,762			30,206,316
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		921,728			919,635			—
Common stock, par value $1.00 (2)		336,069			336,011			335,750
Additional paid-in capital		1,168,409			1,165,875			1,106,049
Treasury stock (3)		(114,139	)		(114,117	)		(113,944	)
Accumulated other comprehensive income		125,013			129,253			92,076
Retained earnings		1,200,899			1,350,501			2,110,871
Total shareholders’ equity		3,637,979			3,787,158			3,530,802
Non-controlling interest		33,419			32,349			22,772
Total equity		3,671,398			3,819,507			3,553,574
Total liabilities and shareholders’ equity	$	34,547,432			35,786,269			33,759,890

(1)	Preferred shares outstanding: 967,870 at March 31, 2009 and December 31, 2008.
(2)	Common shares outstanding: 330,386,502; 330,334,111; and 330,088,033 at March 31, 2009, December 31, 2008, and March 31, 2008, respectively.
(3)	Treasury shares: 5,682,301; 5,676,830; and 5,661,538 at March 31, 2009, December 31, 2008 and March 31, 2008, respectively.

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

	2009			2008
	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Interest Earning Assets
Taxable Investment Securities	$	3,572,296			3,671,637			3,670,315			3,556,381			3,485,370
Yield		5.06	%		4.78			4.91			5.00			5.01
Tax-Exempt Investment Securities	$	116,163			122,332			128,241			137,606			154,408
Yield (taxable equivalent)		6.91	%		6.79			6.74			7.34			7.00
Trading Account Assets	$	22,580			29,727			30,584			26,531			36,652
Yield		6.02	%		5.10			6.77			5.88			6.96
Commercial Loans	$	23,525,450			23,870,384			23,302,028			23,183,128			22,763,954
Yield		4.77	%		5.46			5.78			5.96			6.79
Consumer Loans	$	4,353,580			4,347,332			4,267,477			4,115,130			4,026,942
Yield		5.50	%		5.88			6.19			6.29			7.05
Allowance for Loan Losses	$	(627,110	)		(473,875	)		(422,331	)		(397,392	)		(381,695	)
Loans, Net	$	27,251,920			27,743,841			27,147,174			26,900,866			26,409,201
Yield		5.01	%		5.63			5.95			6.12			6.94
Mortgage Loans Held for Sale	$	247,937			98,362			108,873			157,049			121,806
Yield		5.46	%		5.96			6.91			5.86			5.57
Federal Funds Sold, Due from Federal Reserve Bank and Other Short-Term Investments	$	1,214,897			642,396			211,323			201,081			128,381
Yield		0.31	%		0.60			1.88			1.83			3.41
Total Interest Earning Assets	$	32,425,793			32,308,295			31,296,510			30,979,514			30,335,818
Yield		4.84	%		5.44			5.81			5.96			6.69
Interest Bearing Liabilities
Interest Bearing Demand Deposits	$	3,602,371			3,201,355			3,076,447			3,154,884			3,200,650
Rate		0.49	%		0.80			1.07			1.10			1.56
Money Market Accounts	$	8,345,749			8,111,930			8,042,193			7,908,732			7,872,029
Rate		1.18	%		1.67			2.21			2.21			3.04
Savings Deposits	$	452,206			442,623			457,526			461,970			448,581
Rate		0.16	%		0.22			0.25			0.25			0.28
Time Deposits Under $100,000	$	3,222,601			3,264,401			3,055,465			2,814,714			2,777,764
Rate		3.41	%		3.64			3.69			3.97			4.44
Time Deposits Over $100,000	$	9,273,654			9,935,944			8,700,251			7,812,401			7,472,392
Rate		3.34	%		3.66			3.71			3.89			4.54
Total Interest Bearing Deposits	$	24,896,581			24,956,253			23,331,882			22,152,701			21,771,416
Rate		2.16	%		2.58			2.77			2.82			3.46
Federal Funds Purchased and Other Short-Term Liabilities	$	578,717			876,330			1,459,097			2,302,986			2,253,640
Rate		0.59	%		0.90			1.94			2.03			3.18
Long-Term Debt	$	1,964,064			2,106,785			2,119,321			2,048,213			1,930,412
Rate		2.07	%		3.44			3.32			3.44			4.21
Total Interest Bearing Liabilities	$	27,439,362			27,939,368			26,910,300			26,503,900			25,955,468
Rate		2.11	%		2.59			2.77			2.80			3.48
Non-Interest Bearing Demand Deposits	$	3,611,958			3,508,753			3,463,563			3,448,794			3,338,106
Net Interest Margin		3.05	%		3.20			3.42			3.57			3.71

* Yields and rates are annualized.

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

	March 31, 2009
				Loans as a %			Total		Nonperforming Loans
				of Total Loans			Nonperforming		as a % of Total
Loan Type	Total Loans			Outstanding			Loans		Nonperforming Loans
Multi-Family	$	679,526			2.5	%	$	21,860		1.5	%
Hotels		1,041,877			3.8			229,283		15.9
Office Buildings		1,085,110			3.9			9,980		0.7
Shopping Centers		1,103,963			4.0			44,298		3.1
Commercial Development		788,278			2.8			47,279		3.3
Warehouses		466,134			1.7			3,281		0.2
Other Investment Property		638,747			2.3			7,718		0.5
Total Investment Properties		5,803,635			21.0			363,699		25.2
1-4 Family Construction		1,485,991			5.4			287,616		20.0
1-4 Family Perm / Mini-Perm		1,370,838			4.9			52,567		3.7
Residential Development		1,970,009			7.1			316,855		22.0
Total 1-4 Family Properties		4,826,838			17.4			657,038		45.7
Land Acquisition		1,649,217			5.9			157,690		10.9
Total Commercial Real Estate		12,279,690			44.3			1,178,427		81.8
Commercial, Financial, and Agricultural		6,578,747			23.7			135,977		9.4
Owner-Occupied		4,577,238			16.5			66,320		4.6
Total Commercial & Industrial		11,155,985			40.2			202,297		14.0
Home Equity		1,718,918			6.2			11,932		0.8
Consumer Mortgages		1,734,439			6.3			41,519		2.9
Credit Card		285,099			1.0			—		—
Other Retail Loans		588,163			2.1			7,013		0.5
Total Retail		4,326,619			15.6			60,464		4.2
Unearned Income		(32,022	)		(0.1	)		—		—
Total	$	27,730,272			100.0	%	$	1,441,188		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON
(Unaudited)

(Dollars in thousands)

	Total Loans						1Q09 vs. 4Q08						1Q09 vs. 1Q08
Loan Type	March 31, 2009			December 31, 2008			% change (1)			March 31, 2008			% change
Multi-Family	$	679,526			589,708			61.8	%	$	510,069			33.2	%
Hotels		1,041,877			965,886			31.9			704,553			47.9
Office Buildings		1,085,110			1,036,837			18.9			1,020,981			6.3
Shopping Centers		1,103,963			1,090,807			4.9			904,624			22.0
Commercial Development		788,278			763,962			12.9			816,987			(3.5	)
Warehouses		466,134			461,402			4.2			407,974			14.3
Other Investment Property		638,747			614,149			16.2			531,229			20.2
Total Investment Properties		5,803,635			5,522,751			20.6			4,896,417			18.5
1-4 Family Construction		1,485,991			1,611,779			(31.7	)		2,111,556			(29.6	)
1-4 Family Perm / Mini-Perm		1,370,838			1,441,798			(20.0	)		1,348,808			1.6
Residential Development		1,970,009			2,123,669			(29.3	)		2,323,896			(15.2	)
Total 1-4 Family Properties		4,826,838			5,177,246			(27.4	)		5,784,260			(16.6	)
Land Acquisition		1,649,217			1,620,370			7.2			1,619,409			1.8
Total Commercial Real Estate		12,279,690			12,320,367			(1.3	)		12,300,086			(0.2	)
Commercial, Financial, and Agricultural		6,578,747			6,747,928			(10.2	)		6,581,535			nm
Owner-Occupied		4,577,238			4,499,339			7.0			4,227,358			8.3
Total Commercial & Industrial		11,155,985			11,247,267			(3.3	)		10,808,893			3.2
Home Equity		1,718,918			1,725,075			(1.4	)		1,585,332			8.4
Consumer Mortgages		1,734,439			1,763,449			(6.7	)		1,664,413			4.2
Credit Card		285,099			295,055			(13.7	)		297,099			(4.0	)
Other Retail Loans		588,163			606,347			(12.2	)		505,757			16.3
Total Retail		4,326,619			4,389,926			(5.8	)		4,052,601			6.8
Unearned Income		(32,022	)		(37,383	)		(58.2	)		(44,070	)		(27.3	)
Total	$	27,730,272			27,920,177			(2.8	)%	$	27,117,510			2.3	%

(1) Percentage change is annualized.

Synovus 8 of 8

CREDIT QUALITY DATA (Unaudited) (Dollars in thousands)	2009			2008								1st Quarter
	First			Fourth		Third		Second		First		'09 vs. '08
	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Nonperforming Loans	$	1,441,188			921,708		769,950		626,571		515,302		179.7	%
Impaired Loans Held for Sale (1)		22,751			3,527		13,554		6,365		42,270		(46.2	)
Other Real Estate		287,246			246,121		215,082		197,328		121,753		135.9
Nonperforming Assets		1,751,185			1,171,356		998,586		830,264		679,325		157.8
Allowance for Loan Losses		642,422			598,301		463,836		417,813		394,848		62.7
Net Charge-Offs — Quarter		246,314			229,402		105,328		70,652		63,813		286.0
Net Charge-Offs — YTD		246,314			469,195		239,793		134,465		63,813		286.0
Net Charge-Offs/Average Loans — Quarter (2)		3.53	%		3.25		1.53		1.04		0.95
Net Charge-Offs/Average Loans — YTD (2)		3.53			1.71		1.18		0.99		0.95
Nonperforming Loans/Loans		5.20			3.30		2.78		2.28		1.90
Nonperforming Assets/Loans, Impaired Loans Held for Sale & ORE		6.25			4.16		3.58		3.00		2.49
Allowance/Loans		2.32			2.14		1.68		1.52		1.46
Allowance/Nonperforming Loans		44.58			64.91		60.24		66.68		76.62
Past Due Loans over 90 days and Still Accruing		31,316			38,794		49,868		39,614		43,009		(27.2	)%
As a Percentage of Loans Outstanding		0.11			0.14		0.18		0.14		0.16
Total Past Dues Loans and Still Accruing		587,014			362,538		403,180		365,046		377,999		55.3
As a Percentage of Loans Outstanding		2.12			1.30		1.46		1.33		1.39

(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, 2009			December 31, 2008		March 31, 2008
Tier 1 Capital	$	3,454,987			3,602,848		2,904,864
Total Risk-Based Capital		4,440,805			4,674,476		3,989,712
Tier 1 Capital Ratio		11.05	%		11.22		9.07
Total Risk-Based Capital Ratio		14.21			14.56		12.46
Leverage Ratio		9.88			10.28		8.96
Common Equity as a Percentage of Total Assets		7.96			8.10		10.52
Tangible Common Equity as a Percentage of Tangible Assets (2)		7.80			7.95		9.05
Tangible Common Equity as a Percentage of Risk Weighted Assets (2)		8.61			8.84		9.40
Book Value Per Common Share		8.32			8.78		10.76
Tangible Book Value Per Common Share (2)		8.14			8.60		9.11

(1)	Current quarter regulatory capital information is preliminary.
(2)	Excludes the carrying value of goodwill and other intangible assets from shareholders’ equity and total assets.