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

July 28, 2011

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) 649-2311

(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 July 28, 2011, Synovus Financial Corp. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended June 30, 2011.

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 June 30, 2011 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 July 28, 2011, 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 8:00 a.m., ET, on July 28, 2011.

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.

2

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Synovus press release dated July 28, 2011
99.2	Supplemental Information prepared for use with the press release
99.3	Slide presentation 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: July 28, 2011	By:	/s/ Samuel F. Hatcher
		Samuel F. Hatcher Executive Vice President, General Counsel and Secretary

4

EX-99.1

Exhibit 99.1

For Immediate Release

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

Synovus Reports Results for Second Quarter of 2011

Improved Performance Driven by Lower Credit Costs

Columbus, Ga., July 28, 2011 – Synovus Financial Corp. (NYSE: SNV) today reported a net loss attributable to common shareholders of $53.5 million for the second quarter of 2011, a 42.9% improvement from the first quarter of 2011 and a 77.9% improvement from the second quarter of 2010. The net loss per common share for the second quarter of 2011 was $0.07 compared to $0.12 for the first quarter of 2011. The second quarter of 2011 results include $3.1 million in restructuring charges compared to $24.3 million in the previous quarter. Excluding these charges, the net loss per common share was $0.06 in the second quarter of 2011, compared to $0.09 in the previous quarter.

Second Quarter Business Results

Credit Trends

• Total credit costs declined for the eighth consecutive quarter to $157.9 million for the second quarter of 2011, from $177.1 million in the first quarter of 2011.

• New non-performing loan inflows were $231.1 million in the second quarter of 2011, down 24.6% from $306.5 million in the first quarter of 2011.

• Distressed asset sales were approximately $195 million during the second quarter, compared to approximately $192 million in the first quarter of 2011.

• Total non-performing assets were $1.22 billion at June 30, 2011, down $56.8 million from the previous quarter, and down $353.8 million from the second quarter of 2010. The non-performing asset ratio was 5.85% at June 30, 2011, compared to 5.97% at the end of the previous quarter.

• Net charge-offs were $167.2 million in the quarter, relatively unchanged from the first quarter of 2011, and down 61.4% from the second quarter of 2010.

• Potential problem commercial loans (potential problem loans consist of substandard accruing loans but exclude substandard loans 90 days past due and still accruing and accruing troubled debt restructurings which are reported separately) declined for the third consecutive quarter to $1.20 billion, a 35.9% decrease from the peak of $1.87 billion in the third quarter of 2010.

• Total delinquencies (consist of loans 30 or more days past due and still accruing) were 0.97% of total loans at June 30, 2011, compared to 0.96% at March 31, 2011.

• The allowance for loan losses was $631.4 million at June 30, 2011, or 3.08% of total loans, compared to $678.4 million or 3.23% at March 31, 2011.

Core Performance

• Pre-tax, pre-credit costs income was $117.3 million for the second quarter of 2011, compared to $122.0 million in the first quarter of 2011.

• Net interest income declined $6.5 million due primarily to lower loan balances.

• Net interest margin was 3.51%, down one basis point from the first quarter of 2011 and up 17 basis points from the second quarter of 2010.

• Yield on earning assets was down 5 basis points, while the effective cost of funds was down 4 basis points.

• Excluding the carrying cost of non-performing loans and interest charge-offs, the net interest margin was unchanged from the previous quarter.

• Non-interest income was up $3.7 million or 5.7% from the previous quarter.

• Mortgage revenues were up $3.1 million from the prior quarter.

• Service charges on deposits were down $1.1 million from the prior quarter.

• Bankcard fees were up $1.5 million versus the prior quarter.

• Total reported non-interest expense was $222.4 million for the quarter compared to $239.7 million in the first quarter of 2011.

• Fundamental non-interest expense (excludes gain/loss on curtailment of post-retirement defined benefit plan, restructuring charges, and credit costs) increased $1.9 million from the first quarter of 2011, due primarily to higher FDIC insurance expense and professional fees, while employment expenses declined $1.4 million primarily due to lower headcount.

• Efficiency initiatives are on track to achieve $75 million in expense savings in 2011.

• Total headcount is 5,400 at June 30, 2011, down 709 or 11.6% from December 31, 2010.

• 31 branches were closed during the second quarter of 2011 with minimal impact on total revenue and deposits.

Balance Sheet Fundamentals

• Net loan pay-downs moderated during the second quarter, and were approximately $168 million for the quarter, compared to approximately $202 million for the first quarter of 2011. Net loan pay-downs exclude the impact of loan sales, transfers to loans held-for-sale, charge-offs, and foreclosures. The reported sequential quarter decrease in loans outstanding was $492.6 million.

• Total deposits ended the quarter at $22.88 billion, a decline of $330.9 million from the previous quarter.

• The decline was driven primarily by a planned reduction of national market brokered deposits, down $288.0 million, and a continued wind-down of the Shared Deposits program, down $130.0 million.

• Total core deposits, excluding time deposits, were up $114.6 million.

• Non-interest bearing deposits were up $178.7 million or 15.3% (annualized) from the first quarter of 2011, and up $626.7 million or 14.7% from the second quarter of 2010.

• Non-interest bearing deposits represent approximately 24% of total core deposits at June 30, 2011, up from approximately 19% at June 30, 2010.

• The effective cost of core deposits (includes non-interest bearing deposits) continued to improve, with an effective cost of 67 basis points for the second quarter of 2011, compared to 72 basis points for the previous quarter and 102 basis points in the second quarter of 2010.

“Significant progress in credit resolution and the continued implementation of efficiency initiatives were the primary drivers of our improved performance,” said Kessel D. Stelling, President and CEO of Synovus. “Total credit costs, provision for loan losses, non-performing loan inflows and potential problem commercial loans all declined during the quarter, and we are on track to achieve our projected $75 million in expense savings in 2011.”

Stelling continued, “While credit and efficiency are still key, intense focus on the customer experience is critical to our long-term success. We continue to work toward making it easier to do business with our company, including the time required to open an account or to obtain a loan. During the quarter, we added significant talent with very specific product expertise, including our recently announced Senior Housing Group. We are building meaningful pipelines with early success in loan fundings from our corporate banking team.”

Stelling concluded, “Credit improvement, a continued focus on efficiency, and balance sheet stabilization will drive our return to sustainable profitability, which we continue to believe will occur during 2011. This assumption is based on an economic environment that is generally consistent with the first half of 2011.”

Synovus will host an earnings highlights conference call at 8:00 a.m. EST on July 28, 2011. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties can access the slide presentation and listen to the conference call via simultaneous Internet broadcast at www.synovus.com by clicking on the “Live Webcast” icon. RealPlayer or Windows Media Player can be downloaded 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.

About Synovus

Synovus Financial Corp. is a financial services company with over $28 billion in assets based in Columbus, Georgia. Synovus Financial Corp. provides commercial and retail banking, investment and mortgage services to customers in Georgia, Alabama, South Carolina, Florida and Tennessee. See Synovus Financial Corp. 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, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus’ use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “should,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the commercial banking industry and economy in general. These forward-looking statements include, among others, our expectations on credit costs trends, deposits and our loan portfolio; expectations on our efficiency initiatives and expense savings during 2011; statements regarding our return to sustainable profitability during 2011; and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this report. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, risks relating to execution of our efficiency initiatives and plans for growth and the other risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K/A for the year ended December 31, 2010 under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ 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 and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

Use of Non-GAAP Financial Measures

The measures entitled core deposits excluding time deposits, tangible common equity to tangible assets ratio, pre-tax, pre-credit costs income, fundamental non-interest expense, net interest margin excluding the negative impact of non-performing loans, and net loss per common share excluding restructuring charges 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 total deposits, total shareholders’ equity to total assets ratio, loss before income taxes, total non-interest expense, net interest margin, and net loss per common share, respectively.

Synovus believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ capital strength and the performance of its core business. These non-GAAP financial measures should not be considered as substitutes for total deposits, total shareholders’ equity to total assets ratio, loss before income taxes, total non-interest expense, net interest margin, or net loss per common share determined in accordance with GAAP and may not be comparable to other similarly titled measures at other companies.

The computations of core deposits excluding time deposits, tangible common equity to tangible assets ratio, pre-tax, pre-credit costs income, fundamental non-interest expense, net interest margin excluding the negative impact of non-performing loans, net loss per common share excluding restructuring charges and the reconciliation of these measures to total deposits, total shareholders’ equity to total assets ratio, loss before income taxes, total non-interest expense, net interest margin, and net loss per common share are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)	2Q11			1Q11			4Q10			3Q10			2Q10
Core Deposits Excluding Time Deposits
Total deposits	$	22,875,017			23,205,879			24,500,304			25,236,225			26,257,563
Less: National market brokered deposits		(2,690,598	)		(2,978,615	)		(3,152,349	)		(3,549,175	)		(4,175,762	)
Core deposits		20,184,419			20,227,264			21,347,955			21,687,050			22,081,801
Less: Time deposits		(5,049,900	)		(5,207,369	)		(5,911,150	)		(6,482,521	)		(6,971,056	)
Core deposits excluding time deposits		15,134,519			15,019,895			15,436,805			15,204,529			15,110,745
Tangible Common Equity To Tangible Assets Ratio
Total assets	$	28,313,910			28,678,203			30,093,148			30,954,761			32,382,340
Less: Goodwill		(24,431	)		(24,431	)		(24,431	)		(24,431	)		(24,431	)
Less: Other intangible assets, net		(10,449	)		(11,424	)		(12,434	)		(13,463	)		(14,505	)
Tangible assets	$	28,279,030			28,642,348			30,056,283			30,916,867			32,343,404
Total shareholders’ equity	$	2,850,937			2,882,605			2,997,918			3,216,066			3,423,932
Less: Goodwill		(24,431	)		(24,431	)		(24,431	)		(24,431	)		(24,431	)
Less: Other intangible assets, net		(10,449	)		(11,424	)		(12,434	)		(13,463	)		(14,505	)
Less: Cumulative perpetual preferred stock		(942,096	)		(939,691	)		(937,323	)		(934,991	)		(932,695	)
Tangible common equity	$	1,873,961			1,907,059			2,023,730			2,243,181			2,452,301
Total shareholders’ equity to total assets ratio		10.07	%		10.05			9.96			10.39			10.57
Tangible common equity to tangible assets ratio		6.63	%		6.66			6.73			7.26			7.58
Pre-tax, Pre-credit Costs Income
Loss before income taxes	$	(43,764	)		(79,864	)		(159,550	)		(180,807	)		(233,632	)
Add: Provision for losses on loans		120,159			141,746			252,401			239,020			298,904
Add: Other credit costs		37,772			35,350			29,304			61,870			53,689
Add: Restructuring charges		3,106			24,333			2,118			3,420			—
Add/Subtract: Loss (gain) on curtailment of post-retirement benefit		—			398			(7,092	)		—			—
Pre-tax, pre-credit costs income	$	117,273			121,963			117,181			123,503			118,961
Fundamental Non-interest Expense
Total non-interest expense	$	222,415			239,716			229,006			269,011			258,762
Less: Other credit costs		(37,771	)		(35,350	)		(29,304	)		(61,870	)		(53,689	)
Less: Restructuring charges		(3,106	)		(24,333	)		(2,118	)		(3,420	)		—
Subtract/Add: (Loss) gain on curtailment of post-retirement benefit		—			(398	)		7,092			—			—
Fundamental non-interest expense	$	181,538			179,635			204,676			203,721			205,073
Net Interest Margin Excluding Negative Impact of Non-performing Assets
Average earning assets(2)	$	26,518,648			27,397,797			28,660,035			29,397,980			30,133,553
Net interest income (taxable equivalent)		230,961			237,434			241,967			245,460			250,039
Add: Negative impact of non-performing assets on net interest income(3)		16,243			15,085			22,996			22,336			24,386
Net interest income (taxable equivalent) excluding the negative impact of non-performing assets	$	247,204			252,519			264,963			267,796			274,425
Net interest margin		3.51	%		3.52			3.37			3.33			3.34
Negative impact of non-performing assets		0.25	%		0.24			0.32			0.30			0.33
Net interest margin excluding negative impact of non-performing assets		3.76	%		3.76			3.69			3.63			3.67
Net Loss Per Common Share Excluding Restructuring Charges
Net loss attributable to common shareholders	$	(53,504	)		(93,654	)		(179,998	)		(195,838	)		(242,554	)
Add: Restructuring charges		3,106			24,333			2,118			3,420			—
Net loss attributable to common shareholders excluding restructuring charges		(50,398	)		(69,321	)		(177,880	)		(192,418	)		(242,554	)
Average common shares outstanding		785,277			785,243			785,122			784,916			676,753
Net loss per common share excluding restructuring charges	$	(0.06	)		(0.09	)		(0.23	)		(0.25	)		(0.36	)

(1) Other credit costs consist primarily of losses on ORE, provisions for losses on unfunded commitments, and charges related to other loans held for sale

(2) Quarterly average balance

(3) Represents pro forma interest income on non-performing loans at current commercial loan portfolio yield, and net interest charge-offs on loans recognized during the quarter

EX-99.2

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Six Months Ended June 30,
	2011			2010			Change
Interest income	$	586,484			680,534			(13.8	)%
Interest expense		118,089			181,629			(35.0	)
Net interest income		468,395			498,905			(6.1	)
Provision for losses on loans		261,905			639,851			(59.1	)
Net interest income (expense) after provision for losses on loans		206,490			(140,946	)		246.5
Non-interest income:
Service charges on deposit accounts		39,556			54,155			(27.0	)
Fiduciary and asset management fees		23,416			22,695			3.2
Brokerage revenue		12,511			12,699			(1.5	)
Mortgage revenue		8,042			12,132			(33.7	)
Bankcard fees		22,782			19,315			17.9
Investment securities gains (losses), net		1,797			(431	)		nm
Other fee income		10,220			10,932			(6.5	)
(Decrease) increase in fair value of private equity investments, net		(169	)		2,181			(107.7	)
Other non-interest income		13,858			10,013			38.4
Total non-interest income		132,013			143,691			(8.1	)
Non-interest expense:
Salaries and other personnel expense		184,849			207,951			(11.1	)
Net occupancy and equipment expense		58,717			60,565			(3.1	)
FDIC insurance and other regulatory fees		30,362			36,615			(17.1	)
Foreclosed real estate expense		64,609			91,948			(29.7	)
(Gains) losses on other loans held for sale, net		(1,746	)		73			nm
Professional fees		20,129			20,976			(4.0	)
Data processing expense		18,201			22,007			(17.3	)
Restructuring charges		27,439			—			nm
Loss (gain) on curtailment of post-retirement defined benefit plan		398			—			nm
Other operating expenses		59,173			71,424			(17.2	)
Total non-interest expense		462,131			511,559			(9.7	)
Loss from continuing operations before income taxes		(123,628	)		(508,814	)		75.7
Income tax benefit		(5,220	)		(21,395	)		(75.6	)
Loss from continuing operations		(118,408	)		(487,419	)		75.7
Income from discontinued operations, net of income taxes		—			43,162			(100.0	)
Net loss		(118,408	)		(444,257	)		73.3
Net loss attributable to non-controlling interest		(220	)		(590	)		62.7
Net loss attributable to controlling interest		(118,188	)		(443,667	)		73.4
Dividends and accretion of discount on preferred stock		28,970			28,685			1.0
Net loss attributable to common shareholders	$	(147,158	)		(472,352	)		68.8
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.19	)		(0.88	)		78.8	%
Net loss attributable to common shareholders		(0.19	)		(0.81	)		76.8
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.19	)		(0.88	)		78.8
Net loss attributable to common shareholders		(0.19	)		(0.81	)		76.8
Cash dividends declared per common share		0.02			0.02			—
Return on average assets *		(0.82	)%		(3.02	)		220	bp
Return on average common equity *		(15.55	)		(50.63	)		nm
Average common shares outstanding - basic		785,260			583,697			34.5	%
Average common shares outstanding - diluted		785,260			583,697			34.5

nm - not meaningful

* - ratios are annualized

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	2011						2010									2nd Quarter
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			‘11 vs. ‘10 Change
Interest income	$	288,052			298,432			313,557			326,490			337,739			(14.7	)%
Interest expense		57,091			60,998			71,590			81,030			87,700			(34.9	)
Net interest income		230,961			237,434			241,967			245,460			250,039			(7.6	)
Provision for losses on loans		120,159			141,746			252,401			239,020			298,904			(59.8	)
Net interest income (expense) after provision for losses on loans		110,802			95,688			(10,434	)		6,440			(48,865	)		326.8
Non-interest income:
Service charges on deposit accounts		19,238			20,318			24,248			26,711			27,876			(31.0	)
Fiduciary and asset management fees		11,879			11,537			11,039			10,408			11,357			4.6
Brokerage revenue		6,291			6,220			8,750			6,736			6,768			(7.0	)
Mortgage revenue		5,547			2,495			11,039			10,163			6,318			(12.2	)
Bankcard fees		12,125			10,657			11,431			10,674			9,800			23.7
Investment securities gains (losses), net		377			1,420			(228	)		(612	)		17			nm
Other fee income		5,289			4,931			4,757			5,440			5,402			(2.1	)
(Decrease) increase in fair value of private equity investments, net		(301	)		132			1,500			3,521			1,283			(123.5	)
Other non-interest income		7,404			6,454			7,354			8,723			5,174			43.1
Total non-interest income		67,849			64,164			79,890			81,764			73,995			(8.3	)
Non-interest expense:
Salaries and other personnel expense		91,749			93,100			104,744			105,933			103,929			(11.7	)
Net occupancy and equipment expense		28,883			29,834			30,169			31,311			30,588			(5.6	)
FDIC insurance and other regulatory fees		15,956			14,406			16,686			16,178			18,970			(15.9	)
Foreclosed real estate expense		39,872			24,737			20,793			50,890			46,440			(14.1	)
Losses (gains) on other loans held for sale, net		480			(2,226	)		2,976			—			12			nm
Professional fees		10,893			9,236			12,154			12,424			11,595			(6.1	)
Data processing expense		9,251			8,950			12,355			11,117			11,323			(18.3	)
Restructuring charges		3,106			24,333			2,118			3,420			—			nm
Loss (gain) on curtailment of post-retirement defined benefit plan		—			398			(7,092	)		—			—			nm
Other operating expenses		22,225			36,948			34,103			37,738			35,905			(38.1	)
Total non-interest expense		222,415			239,716			229,006			269,011			258,762			(14.0	)
Loss from continuing operations before income taxes		(43,764	)		(79,864	)		(159,550	)		(180,807	)		(233,632	)		81.3
Income tax (benefit) expense		(4,764	)		(456	)		5,884			360			(5,057	)		(5.8	)
Loss from continuing operations		(39,000	)		(79,408	)		(165,434	)		(181,167	)		(228,575	)		82.9
Income from discontinued operations, net of income taxes		—			—			—			—			—			nm
Net loss		(39,000	)		(79,408	)		(165,434	)		(181,167	)		(228,575	)		82.9
Net (loss) income attributable to non-controlling interest		—			(220	)		134			277			(381	)		100.0
Net loss attributable to controlling interest		(39,000	)		(79,188	)		(165,568	)		(181,444	)		(228,194	)		82.9
Dividends and accretion of discount on preferred stock		14,504			14,466			14,430			14,394			14,360			1.0
Net loss attributable to common shareholders	$	(53,504	)		(93,654	)		(179,998	)		(195,838	)		(242,554	)		77.9
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.07	)		(0.12	)		(0.23	)		(0.25	)		(0.36	)		81.0	%
Net loss attributable to common shareholders		(0.07	)		(0.12	)		(0.23	)		(0.25	)		(0.36	)		81.0
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.07	)		(0.12	)		(0.23	)		(0.25	)		(0.36	)		81.0
Net loss attributable to common shareholders		(0.07	)		(0.12	)		(0.23	)		(0.25	)		(0.36	)		81.0
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		(0.55	)%		(1.09	)%		(2.12	)%		(2.27	)%		(2.81	)		226	bp
Return on average common equity *		(11.24	)		(19.55	)		(31.80	)		(31.80	)		(43.59	)		nm
Average common shares outstanding - basic		785,277			785,243			785,122			784,916			676,753			16.0	%
Average common shares outstanding - diluted		785,277			785,243			785,122			784,916			676,753			16.0

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	June 30, 2011			December 31, 2010			June 30, 2010
ASSETS
Cash and due from banks	$	409,302			389,021			589,158
Interest bearing funds with Federal Reserve Bank		2,845,277			3,103,896			3,657,548
Interest earning deposits with banks		24,133			16,446			10,608
Federal funds sold and securities purchased under resale agreements		127,580			160,502			159,993
Trading account assets, at fair value		16,130			22,294			20,009
Mortgage loans held for sale, at fair value		78,752			232,839			144,705
Other loans held for sale		89,139			127,365			50,208
Investment securities available for sale, at fair value		3,259,254			3,440,268			3,328,426
Loans, net of unearned income		20,504,810			21,585,763			23,342,945
Allowance for loan losses		(631,401	)		(703,547	)		(834,522	)
Loans, net		19,873,409			20,882,216			22,508,423
Premises and equipment, net		493,638			544,971			565,981
Goodwill		24,431			24,431			24,431
Other intangible assets, net		10,449			12,434			14,505
Other assets		1,062,416			1,136,465			1,308,345
Total assets	$	28,313,910			30,093,148			32,382,340
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	4,877,267			4,298,372			4,250,514
Interest bearing deposits		17,997,750			20,201,932			22,007,049
Total deposits		22,875,017			24,500,304			26,257,563
Federal funds purchased and other short-term borrowings		452,466			499,226			476,598
Long-term debt		1,894,901			1,808,161			1,876,571
Other liabilities		240,588			260,910			325,374
Total liabilities		25,462,972			27,068,601			28,936,106
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		942,096			937,323			932,695
Common stock, par value $1.00 (2)		790,973			790,956			790,749
Additional paid-in capital		2,353,854			2,351,508			2,346,901
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,174	)
Accumulated other comprehensive income		65,905			57,158			101,073
Accumulated deficit		(1,187,714	)		(1,024,851	)		(633,312	)
Total shareholders’ equity		2,850,938			2,997,918			3,423,932
Non-controlling interest in subsidiaries		—			26,629			22,302
Total equity		2,850,938			3,024,547			3,446,234
Total liabilities and equity	$	28,313,910			30,093,148			32,382,340

(1) Preferred shares outstanding: 967,870, at all periods presented

(2) Common shares outstanding: 785,279,194; 785,262,837; and 785,056,302 at June 30, 2011 December 31, 2010, and June 30, 2010, respectively.

(3) Treasury shares: 5,693,452; 5,693,452; and 5,692,422 at June 30, 2011, December 31, 2010, and June 30, 2010, respectively.

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2011						2010
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Interest Earning Assets
Taxable investment securities (2)	$	3,172,818			3,264,581			3,104,004			3,055,400			3,068,634
Yield		3.46	%		3.56			3.76			4.08			4.40
Tax-exempt investment securities (2)	$	31,264			44,228			51,400			62,659			66,125
Yield (taxable equivalent)		6.73	%		6.84			7.16			6.82			6.85
Trading account assets	$	16,881			20,281			16,037			14,970			16,763
Yield		5.27	%		5.13			5.86			4.88			5.47
Commercial loans (3)	$	16,983,912			17,555,733			18,315,882			19,041,500			19,982,523
Yield		4.92	%		4.98			4.90			4.92			4.92
Consumer loans (3)	$	3,879,042			3,914,222			3,988,849			4,048,929			4,100,458
Yield		5.10	%		5.25			5.22			5.25			5.33
Allowance for loan losses	$	(678,851	)		(698,609	)		(819,176	)		(862,970	)		(964,212	)
Loans, net (3)	$	20,184,103			20,771,346			21,485,555			22,227,459			23,118,769
Yield		5.14	%		5.21			5.16			5.19			5.21
Mortgage loans held for sale	$	79,340			152,981			260,759			194,487			131,700
Yield		6.16	%		4.74			4.60			5.16			5.54
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	2,929,515			3,033,284			3,628,939			3,720,649			3,591,353
Yield		0.25	%		0.25			0.25			0.25			0.25
Federal Home Loan Bank and Federal Reserve Bank stock (4)	$	104,727			111,096			113,341			122,356			140,209
Yield		0.87	%		0.90			0.59			0.87			0.82
Total interest earning assets	$	26,518,648			27,397,797			28,660,035			29,397,980			30,133,553
Yield		4.37	%		4.42			4.36			4.42			4.51
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,379,243			3,526,730			3,864,106			3,601,825			3,617,669
Rate		0.32	%		0.33			0.33			0.36			0.42
Money market accounts	$	6,306,399			6,550,623			6,874,367			6,788,768			6,606,161
Rate		0.77	%		0.76			0.84			0.98			1.07
Savings deposits	$	520,518			493,504			484,460			488,221			495,901
Rate		0.14	%		0.14			0.14			0.14			0.15
Time deposits under $100,000	$	2,124,525			2,212,215			2,383,411			2,511,830			2,626,852
Rate		1.38	%		1.53			1.74			1.88			2.00
Time deposits over $100,000	$	2,978,929			3,291,202			3,859,235			4,217,972			4,561,517
Rate		1.57	%		1.65			1.77			1.88			1.95
National market brokered money market accounts	$	390,048			393,981			423,428			537,952			833,811
Rate		0.47	%		0.51			0.54			0.80			0.83
National market brokered time deposits	$	2,471,620			2,665,314			2,956,904			3,261,113			3,681,660
Rate		1.87	%		1.83			1.82			1.89			1.90
Total interest bearing deposits	$	18,171,282			19,133,569			20,845,911			21,407,681			22,423,571
Rate		1.01	%		1.05			1.14			1.28			1.36
Federal funds purchased and other short-term liabilities	$	449,815			412,008			442,183			514,295			493,602
Rate		0.26	%		0.29			0.33			0.36			0.44
Long-term debt	$	1,901,130			1,891,576			1,729,991			1,811,153			1,882,358
Rate		2.30	%		2.39			2.64			2.57			2.36
Total interest bearing liabilities	$	20,522,227			21,437,153			23,018,085			23,733,129			24,799,531
Rate		1.11	%		1.15			1.23			1.36			1.42
Non-interest bearing demand deposits	$	4,911,044			4,821,237			4,433,849			4,310,459			4,271,444
Net interest margin		3.51	%		3.52			3.37			3.33			3.34
Tax equivalent adjustment	$	893			964			968			1,087			1,056

(1) Yields and rates are annualized and include tax equivalent adjustment.

(2) Excludes net unrealized gains and (losses).

(3) Average loans are shown net of unearned income. Non-performing loans are included.

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

Synovus

LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)

	June 30, 2011
Loan Type	Total Loans			Loans as a % of Total Loans Outstanding			Total Non-performing Loans		Non-performing Loans as a % of Total Nonperforming Loans
Multi-Family	$	817,501			4.0	%	$	9,631		1.2	%
Hotels		812,485			4.0			10,265		1.2
Office Buildings		798,033			3.9			18,556		2.1
Shopping Centers		1,035,068			5.0			19,489		2.2
Commercial Development		315,729			1.5			34,065		3.8
Warehouses		521,631			2.5			6,787		0.8
Other Investment Property		464,666			2.3			11,898		1.3
Total Investment Properties		4,765,113			23.2			110,691		12.6
1-4 Family Construction		250,226			1.2			29,512		3.3
1-4 Family Investment Mortgage		1,068,338			5.2			70,889		8.0
Residential Development		532,479			2.6			151,683		17.1
Total 1-4 Family Properties		1,851,043			9.0			252,084		28.4
Land Acquisition		1,179,196			5.8			218,033		24.6
Total Commercial Real Estate		7,795,352			38.0			580,808		65.6
Commercial , Financial, and Agricultural		4,958,300			24.2			140,398		15.9
Owner-Occupied Real Estate		3,888,292			19.0			85,231		9.6
Total Commercial & Industrial		8,846,592			43.2			225,629		25.5
Home Equity Lines		1,612,279			7.9			25,203		2.8
Consumer Mortgages		1,450,830			7.1			47,542		5.4
Credit Cards		271,641			1.3			—		—
Other Retail Loans		536,903			2.5			6,054		0.7
Total Retail		3,871,653			18.8			78,799		8.9
Unearned Income		(8,787	)		nm			—		—
Total	$	20,504,810			100.0	%	$	885,236		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

	Total Loans						2Q11 vs. 4Q10						2Q11 vs. 2Q10
Loan Type	June 30, 2011			December 31, 2010			% change (1)			June 30, 2010			% change
Multi-Family	$	817,501			867,328			(11.6	)%	$	894,450			(8.6	)%
Hotels		812,485			865,974			(12.5	)		983,848			(17.4	)
Office Buildings		798,033			842,657			(10.7	)		890,804			(10.4	)
Shopping Centers		1,035,068			1,078,122			(8.1	)		1,183,763			(12.6	)
Commercial Development		315,729			381,107			(34.6	)		462,623			(31.8	)
Warehouses		521,631			528,297			(2.5	)		535,676			(2.6	)
Other Investment Property		464,666			495,617			(12.6	)		526,732			(11.8	)
Total Investment Properties		4,765,113			5,059,102			(11.7	)		5,477,896			(13.0	)
1-4 Family Construction		250,226			332,047			(49.7	)		460,406			(45.7	)
1-4 Family Investment Mortgage		1,068,338			1,127,566			(10.6	)		1,191,790			(10.4	)
Residential Development		532,479			643,174			(34.7	)		999,792			(46.7	)
Total 1-4 Family Properties		1,851,043			2,102,787			(24.1	)		2,651,988			(30.2	)
Land Acquisition		1,179,196			1,218,690			(6.5	)		1,461,158			(19.3	)
Total Commercial Real Estate		7,795,352			8,380,579			(14.1	)		9,591,042			(18.7	)
Commercial , Financial, and Agricultural		4,958,300			5,267,861			(11.9	)		5,470,506			(9.4	)
Owner-Occupied Real Estate		3,888,292			3,996,950			(5.5	)		4,234,238			(8.2	)
Total Commercial & Industrial		8,846,592			9,264,811			(9.1	)		9,704,744			(8.8	)
Home Equity Lines		1,612,279			1,648,039			(4.4	)		1,680,658			(4.1	)
Consumer Mortgages		1,450,830			1,475,261			(3.3	)		1,546,977			(6.2	)
Credit Cards		271,641			284,971			(9.4	)		285,749			(4.9	)
Other Retail Loans		536,903			542,538			(2.1	)		548,980			(2.2	)
Total Retail		3,871,653			3,950,809			(4.0	)		4,062,364			(4.7	)
Unearned Income		(8,787	)		(10,436	)		(31.9	)		(15,205	)		(42.2	)
Total	$	20,504,810			21,585,763			(10.1	)%	$	23,342,945			(12.2	)%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2011					2010						2nd Quarter
	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter		‘11 vs. ‘10 Change
Non-performing Loans	$	885,236			895,726		891,622		1,294,031		1,309,944		(32.4	)%
Other Loans Held for Sale (1)		89,139			110,436		127,365		50,302		50,208		77.5
Other Real Estate		244,313			269,314		261,305		211,869		212,362		15.0
Non-performing Assets		1,218,688			1,275,476		1,280,292		1,556,202		1,572,514		(22.5	)
Allowance for Loan Losses		631,401			678,426		703,547		836,355		834,522		(24.3	)
Net Charge-Offs - Quarter		167,185			166,866		385,203		237,195		433,079		(61.4	)
Net Charge-Offs - YTD		334,050			166,866		1,371,452		986,249		749,055		(55.4	)
Net Charge-Offs / Average Loans - Quarter (2)		3.22	%		3.12		6.93		4.12		7.21
Net Charge-Offs / Average Loans - YTD (2)		3.17			3.12		5.82		5.47		6.11
Non-performing Loans / Loans		4.32			4.27		4.13		5.73		5.61
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		5.85			5.97		5.83		6.81		6.66
Allowance / Loans		3.08			3.23		3.26		3.70		3.58
Allowance / Non-performing Loans		71.33			75.74		78.91		64.63		63.71
Allowance / Non-performing Loans (3)		161.55			176.08		192.60		177.98		191.11
Past Due Loans over 90 days and Still Accruing	$	23,235			10,490		16,222		25,028		21,430		8.4	%
As a Percentage of Loans Outstanding		0.11	%		0.05		0.08		0.11		0.09
Total Past Dues Loans and Still Accruing	$	199,804			201,754		176,756		253,748		246,635		(19.0	)
As a Percentage of Loans Outstanding		0.97	%		0.96		0.82		1.12		1.06
Restructured loans (accruing)	$	551,603			545,416		464,123		409,768		350,145		57.5

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

(2) Ratio is annualized.

(3) Excludes non-performing loans for which the expected loss has been charged off.

SELECTED CAPITAL INFORMATION (1)

(Unaudited)

(Dollars in thousands)

	June 30, 2011			December 31, 2010		June 30, 2010
Tier 1 Capital	$	2,758,280			2,909,912		3,285,907
Total Risk-Based Capital		3,522,660			3,742,599		4,160,867
Tier 1 Capital Ratio		12.84	%		12.79		13.36
Tier 1 Common Equity Ratio		8.41			8.63		9.52
Total Risk-Based Capital Ratio		16.40			16.45		16.91
Leverage Ratio		9.70			9.44		10.12
Common Equity as a Percentage of Total Assets (2)		6.74			6.85		7.69
Tangible Common Equity as a Percentage of Tangible Assets (3)		6.63			6.73		7.58
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		8.73			8.90		9.97
Book Value Per Common Share (4) (5)		2.10			2.29		3.17
Tangible Book Value Per Common Share (3) (5)		2.06			2.25		2.70

(1) Current quarter regulatory capital information is preliminary.

(2) Common equity consists of Total Shareholders’ Equity less Cumulative Perpetual Preferred 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.

(5) Equity and common shares exclude impact of unexercised tangible equity units (tMEDS).

EX-99.3

Exhibit 99.3

SYNOVUS

Second Quarter 2011 Results

July 28, 2011

1

SYNOVUS

Forward-looking Statements

This slide presentation and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements.You can identify these forward-looking statements through Synovus’ use of words such as “believes,”“anticipates,”“expects,”“may,”“will,”“assumes,”“should,” “predicts,”“could,”“should,”“would,”“intends,”“targets,”“estimates,”“projects,”“plans,”“potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus’ future business and financial performance and/or the performance of the commercial banking industry and economy in general.These forward-looking statements include, among others, (1) our expectations on credit trends; (2) expectations on core lending activity; (3) expectations on deposit trends; (4) expectations on cost savings from our efficiency and process redesign initiatives; (5) impact of our target deposit mix on our cost of funding; (6) our expected future impact of DTA valuation allowance; (7) expected annual impact from regulatory reform on fee income; and (8) the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus’ management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this report. Many of these factors are beyond Synovus’ ability to control or predict.

These forward-looking statements are based upon information presently known to Synovus’ management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, risks relating to execution of our efficiency initiatives and plans for growth and the risks and other factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010 under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and in Synovus’ 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 and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

2

SYNOVUS

Use of Non-GAAP Financial Measures

This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: pre-tax, pre-credit costs income; core deposits and core deposits excluding time deposits; net interest margin excluding negative impact of non-performing loans; fundamental non-interest expense; the ratio of pretax, pre-credit costs income to risk weighted assets, the tangible common equity to tangible assets ratio; and net loss per common share excluding restructuring charges. The most comparable GAAP measures to these measures are loss from continuing operations before income taxes; total deposits; net interest margin; total non-interest expense; the ratio of total equity to total assets; and net loss per common share, 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. The non-GAAP measures should be considered as additional views of the way our financial measures are affected by significant charges for credit costs and other factors.The tangible common equity ratio to tangible assets ratio and tangible common equity to risk-weighted assets ratio are used by management to assess the strength of our capital position. Core deposits and core deposits excluding time deposits are a measure used by management and investment analysts to evaluate organic growth of deposits and the quality of deposits as a funding source. The net interest margin excluding the negative impact of non-performing loans is a measure used by management to evaluate the net interest margin excluding the adverse impact of non-performing loans and interest charge-offs. Pre-tax, pre-credit costs income is a measure used by management to evaluate core operating results exclusive of credit costs as well as certain non-core income/ expenses such as restructuring charges. Fundamental non-interest expense is a measure utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs.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 of other companies. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the Appendix to this slide presentation.

3

SYNOVUS

Financial Results Summary

(dollars in millions)

$0

($52)

($104)

($156)

($208)

($260)

Earnings Trend

($242.6)

($242.6)

2Q10

($192.4)

($195.8)

3Q10

($177.9)

($180.0)

(4Q10)

($69.3)

($93.7)

1Q11

($50.4)

($53.5)

2Q11

Net loss excluding restructuring charges Restructuring charges

2Q11 net loss attributable to common shareholders was $53.5 million, a 42.9% improvement from 1Q11 and a 77.9% improvement from 2Q10

2Q11 net loss per common share of $0.07 compared to $0.12 the previous quarter

2Q11 net loss per common share excluding restructuring charges was $0.06 compared to $0.09 the previous quarter

4

SYNOVUS

Financial Results Summary, continued

(dollars in millions)

Total Credit Costs*

$400

$300

$200

$100

$0

$352.6

2Q10

$177.1

1Q11

$157.9

2Q11

down 10.8% vs. 1Q11 down 55.2% vs. 2Q10

NPL Inflows

$350

$283

$217

$150

$339.3

2Q10

$306.5

1Q11

$231.1

2Q11

down 24.6% vs. 1Q11 down 31.9% vs. 2Q10

Credit metrics continue to improve

Credit costs declined for eighth consecutive quarter

NPL inflows totaled $231.1 million, lowest level in 11 quarters

Distressed asset sales totaled $194.7 million in 2Q11

NPAs ended quarter at $1.22 billion, a $56.8 million decrease from 1Q11 and a $353.8 million decrease year over year

Potential problem commercial loans declined for third consecutive quarter

* Consist of provision for loan losses plus other credit costs; other credit costs consist primarily of losses on ORE, provision for losses on unfunded commitments, and charges related to other loans held for sale

5

SYNOVUS

Financial Results Summary, continued

Balance Sheet Trends

Loans

Net pay-downs* moderated during 2Q11 ($167.6 million)

Encouraged by recent core lending activity

New originations steadily increased during 2Q11

Building meaningful pipelines with momentum from corporate banking initiatives

Early success in pipeline growth and fundings from corporate banking team

Deposits

Core deposits excluding time deposits increased $114.6 million from 1Q11

Demand deposits were up $178.8 million or 15.3% (annualized) from prior quarter and $626.7 million or 14.7% from prior year

Increase in number of demand deposit accounts from prior quarter

*Excluding the impact of loan sales, transfers to loans held-for-sale, charge-offs, and foreclosures

6

SYNOVUS

Financial Results Summary, continued

Efficiency Initiatives

Remain on track to generate $75 million in projected expense savings in 2011 ($100 million in 2012) and eliminate 850 positions in 2011

Headcount decreased 709 since December 2010

31 branches closed during 2Q11

Minimal impact on total revenue and deposits

Implementation of enhanced loan and deposit processes is underway

Changes designed to create an optimal experience for our customers while also generating efficiency savings

Total Headcount

7,500

6,000

4,500

3,000

7,385

4Q07

6,876

4Q08

6,385

4Q09

6,109

4Q10

5,518

1Q11

5,400

2Q11

7

SYNOVUS

Financial Results

8

SYNOVUS

Earnings Summary

(dollars in thousands, except per share data)

Income Statement Data 2Q11 1Q11 2Q11 vs. 1Q11 % change

Net interest income $230,961 237,434 (2.7%)

Non-interest income 67,849 64,164 5.7

Non-interest expense, excluding credit costs and restructuring charges 181,538 180,033 0.8

Restructuring charges 3,106 24,333 (87.2)

Credit costs 157,931 177,096 (10.8)

Net loss attributable to common shareholders (53,504) (93,654) 42.9

Net loss per common share ($0.07) (0.12) 42.9

Average common shares outstanding 785,277 785,243 nm

nm-not meaningful

Credit costs continue to decline

Net interest income decreased $6.5 million due primarily to lower loan balances

Net interest margin stable at 3.51%, down 1 b.p.

Non-interest income increased $3.7 million, driven by increases in mortgage

revenues and bankcard fees

While non-interest expense (excluding credit costs and restructuring charges)

increased slightly, most expense categories continued to decline due to

headcount reductions and efficiency initiatives

9

SYNOVUS

Loans Outstanding

(dollars in billions)

$26

$21

$16

$10

$5

$0

$23.4

$4.1

$9.6

$9.7

2Q10

$22.6

$4.0

$9.2

$9.4

3Q10

$21.6

$4.0

$8.3

$9.3

4Q10

$21.0

$3.9

$8.0

$9.1

1Q11

$20.5

$3.9

$7.7

$8.9

2Q11

2Q11 net paydowns*

were

approximately

$168 million

compared to

approximately

$202 million in

1Q11

C&I CRE Retail

Sequential quarter loan decline

(in millions):

($1,074.2)

($761.9)

($995.3)

($588.3)

($492.6)

Sequential quarter net pay-downs*:

($476.0)

($323.1)

($78.8)

($201.7)

($167.6)

* Excluding the impact of loan sales, transfers to loans held-for-sale, charge-offs, and foreclosures

10

SYNOVUS

Deposit Mix Improvement Continues

Total Core Deposits(1)

2Q11

$20.18 billion

32%

24%

1%

24%

19%

Continuing to shift deposit mix from brokered

and time deposits to low-cost core deposits(2)

Non-interest bearing deposits grew $626.8 million

or 14.7% year-over-year or $178.7 million or 15.3%

linked quarter and now represent 24% of total

core deposits(1)

Total deposits of $22.88 billion declined $330.9

million from 1Q11 primarily due to planned

reduction of national market brokered deposits

(down $288.0 million) and continued wind-down

of Shared Deposit Program (down $130.0 million)

2Q10

$22.08 billion

Time(3)

Shared

NOW/Savings

Non-interest Bearing

Money Market

28%

19%

19%

8%

26%

(1) Core deposits consist of total deposits less national market brokered deposits;

Non-GAAP financial measure; see appendix

(2) Low-cost core deposits consist of core deposits excluding time deposits;

Non-GAAP financial measure; see appendix

(3) Excludes Shared Deposits

11

SYNOVUS

Deposit Mix Improvement Drives Decrease in Core Deposits Cost

Core Deposits(1) Cost (2)

0 bps

40 bps

80 bps

120 bps

160 bps

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

157 bps

144 bps

122 bps

111 bps

102 bps

95 bps

82 bps

72 bps

67 bps

2Q11 67 bps

2Q10 102 bps

35 b.p.s improvement

(1) Core deposits represent total deposits less national market brokered deposits. Non-GAAP financial measure; see appendix

(2) Cost of core deposits including non-interest bearing deposits

12

SYNOVUS

Net Interest Margin

2Q11 vs. 1Q11 Key Margin Drivers

Earning assets yield and cost of funds declined modestly

Earning assets yield declined due to lower loan balances and slight decline in loan and investment security yields

Effective cost of funds declined due to continued downward repricing of time deposits

(dollars in millions) Net Interest Income

$250

$240

$230

$220

$210

$200

2Q10 3Q10 4Q10 1Q11 2Q11

$250.0

$245.5

$242.0

$237.4

$231.0

Net Interest Margin Trend

3.8

3.7

3.6

3.4

3.3

2Q10 3Q10 4Q10 1Q11 2Q11

3.67%

3.63%

3.69%

3.76%

3.76%

3.34%

3.33%

3.37%

3.52%

3.51%

33 b.p.s

25 b.p.s

Actual

Excluding negative impact of non-performing loans*

* Non-GAAP financial measure; see appendix

13

SYNOVUS

Fee Income

(dollars in thousands)

$85,000

$68,000

$51,000

$34,000

$17,000

$0

$73,995

$64,164

$67,849

$27,876

$9,800

$6,318

$30,001

$20,318

$10,657

$2,495

$30,694

$19,238

$12,125

$5,547

$30,939

2Q10 1Q11 2Q11

2Q11 vs. 1Q11 Key Drivers

Mortgage revenues up $3.1 million

Production volume up $27 million

Bankcard fees increased $1.5 million due to higher transaction volume

Service charges on deposits decreased $1.1 million or 5.3%

Service Charges on Deposit Accounts

Bankcard Fees

Mortgage Revenue

Other

14

SYNOVUS

Fundamental Non-interest Expense*

(dollars in millions)

$205

$164

$123

$82

$41

$0

$205.1 $179.6 $181.5

$70.6

$30.6

$103.9

$56.7

$29.8

$93.1

$60.7

$28.9

$91.9

2Q10 1Q11 2Q11

Employment Expenses Occupancy & Equipment Other

Headcount 6,388 5,518 5,400

Fundamental non-interest expense* up $1.9 million from 1Q11

Employment expenses declined $1.4 million primarily due to lower headcount

Professional fees increased $1.7 million largely due to credit-related legal fees and consulting fees

FDIC insurance expense increased $1.6 million as a result of assessment changes from Dodd-Frank

Efficiency initiatives will continue to drive improvement in operating expenses

*Excluding gain/loss on curtailment of post-retirement defined benefit plan, restructuring charges, and credit costs

Non-GAAP financial measure; see appendix

15

SYNOVUS

Pre-tax, Pre-credit Costs Income(1)

(dollars in millions)

$125

$100

$75

$50

$25

$0

$119.0 $123.5 $117.2 $122.0 $117.3

2Q10 3Q10 4Q10 1Q11 2Q11

2Q11 vs. 1Q11 Key Drivers

(in millions)

-net interest income $6.5

-non-interest income $3.7

-non-interest expense $1.9

2Q10 3Q10 4Q10 1Q11 2Q11

Loss from continuing operations before income taxes ($234) (181) (160) (79) (44)

Add: Provision for losses on loans 299 239 252 142 120

Add: Other credit costs(2) 54 62 30 35 38

Subtract: Gain on curtailment of post-retirement defined benefit plan – – (7) – –

Add: Restructuring charges – 3 2 24 3

Pre-tax, pre-credit costs income Pre-tax, pre-credit costs income/risk-weighted assets 119 1.9% 123 2.1 117 2.1 122 2.2 117 2.2(3)

(1) Non-GAAP financial measure; see appendix

(2) Other credit costs consist primarily of losses on ORE, provision for losses on unfunded commitments, and charges related to other loans held for sale

(3) Preliminary

16

SYNOVUS

Capital Ratios

2Q10 3Q10 4Q10 1Q11 2Q11

Tier 1 capital ratio 13.36% 13.06 12.79 12.78 12.84 (2)

Tier 1 common equity ratio 9.52 9.07 8.63 8.47 8.41 (2)

Total risk-based capital ratio 16.91 16.70 16.45 16.32 16.40 (2)

Tangible common equity/tangible assets ratio (1)* 7.58 7.26 6.73 6.66 6.63

Leverage ratio 10.12% 9.80 9.44 9.58 9.70 (2)

(1) Excludes the carrying value of goodwill and other intangible assets from shareholders’ equity and total assets

(2) Preliminary

*Non-GAAP financial measure; see appendix

17

SYNOVUS

Credit Update

18

SYNOVUS

Credit Quality Trends

3.33%

(dollars in millions)

$202 $199

$177

$247 $254

$295

$262

$357

$332

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

$142 $120

$239 $252

$299

$341

$387

$497

$632

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

$704 $678 $631

$835 $836

$919 $919 $944 $969

1.03%

Total Past Dues

3.49%

1.20%

1.35%

0.11% 0.17%

3.72%

0.08%

3.97%

1.21%

0.15%

3.58%

1.06%

0.09%

Past Dues > 90 Days

3.70%

1.12%

0.11%

Down 81% from peak in 2Q09

Past Due Trends

Allowance for Loan Losses

QTD Provision Expense

3.26%

0.82%

0.08%

3.23%

0.96%

0.05%

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

$167 $167

$385

$237

$433

$316

$362

$497

$355

7.21%

7.33%

5.09% 5.58%

5.05%

4.12%

QTD Net Charge-offs

6.93%

3.12%

3.08%

3.22%

0.97%

0.11%

19

SYNOVUS

Non-performing Assets

(dollars in millions)

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

$1,280 $1,275 $1,219

$1,573 $1,556

$1,831 $1,843

$1,718 $1,747

Non-performing Asset Trends

Down 34% from peak in 1Q10

6.66% 6.81%

7.14% 7.46%

6.17% 6.58%

5.83%

5.97%

5.85%

Allowance and Cumulative Write-downs on NPAs

4Q10 1Q11 2Q11

Non-performing loans 892 896 885

Allowance for loan losses on non-performing loans 49 71 66

Cumulative write-downs LTD 618 488 465

Total allowance and cumulative write-downs on NPLs $667 $559 $531

Allowance and cumulative write-downs on nonperforming

loans 44% 40% 39%

ORE and impaired loans held for sale cumulative writedowns

and valuation reserves 57% 57% 60%

Total allowance and cumulative write-downs on NPAs 46% 46% 45%

New NPL Inflows

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

$231

$295 $307

$422

$339

$531

$661

$765 $756

Down 75% from peak of $939 million in 1Q09

Down 25% from 1Q11

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

$404

$339 $331

$271

$206

$172

$573

$192 $195

45% 46% 51% 43%

34% 39% 46% 45% 45%

Book Balance of Dispositions

Realization Rate as % Unpaid Principal Balance at Default

Asset Disposition Trends

20

SYNOVUS

New NPL Inflows by Portfolio Type (dollars in millions)

2Q10 3Q10 4Q10 1Q11 2Q11

Investment properties $42 70 51 80 27

Residential properties 131 138 89 53 69

Land acquisition 63 49 52 66 41

Commercial and industrial 74 127 75 76 64

Retail 29 38 28 32 30

Total $339 422 295 307 231

21

SYNOVUS

Potential Problem Commercial Loans*

(dollars in millions)

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

$1,199

$1,283

$1,436

$1,871

$1,709

$1,443

$1,320

Down 36% from peak in 3Q10

Down 7% from 1Q11

*Potential problem loans consist of commercial substandard accruing loans but exclude loans 90 days past due and still accruing

interest and accruing TDRs which are reported separately

22

SYNOVUS

Troubled Debt Restructurings

(dollars in millions)

Total Accruing TDRs: $552 million

as of 6/30/11

Retail

4%

C&I

31%

Land Acquisition

13%

Residential Properties

14%

Investment Properties

38%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

$552

$545

$464

$410

$349

$260

$411 $262 $236 $108 $107 $141

Total TDR Trends

$671

$611

$646

$572

$652

$693

Non-accruing TDRs

Accruing TDRs

1.8% of accruing TDRs are past due; 90 days or

more past due accruing TDRs are only 0.04%

69% of TDRs are in investment real estate and C&I

Any concession to customers experiencing

financial difficulty results in a TDR classification

23

SYNOVUS

Investment Properties Portfolio

(dollars in millions)

Total Investment Properties: $4.8 billion

as of 6/30/11

Other Investment Property

10%

Warehouses

11%

Commercial Development

7%

Shopping Centers

22% Office Buildings

16%

Hotels

17%

Multi-Family

17%

Investment Property Portfolio as of 6/30/11

Outstanding

Balance NPL Ratio 30+ DPD Ratio 2Q11 Net Charge-offs*

Multi-family $817 1.18% 0.16 3.73

Hotels 812 1.26 0 2.85

Office Buildings 798 2.33 0.60 3.25

Shopping Centers 1,035 1.88 0.19 3.26

Warehouses 522 1.30 0.57 0.11

Other Investment Property Commercial Development Total Investment Properties 465 316 $4,765 2.56 10.79 2.32% 0.34 1.43 0.36 0.46 8.11 2.99

*Annualized

Past dues remain at low levels

NPL inflows are down 66% from the prior

quarter to $27 million, the lowest point in the

credit cycle

24

SYNOVUS

Residential C&D and Land Acquisition Portfolio

(dollars in millions)

Performing Residential C&D and

Land Acquisition Portfolios

4Q07 4Q08 4Q09 4Q10 2Q11

$1,768 $1,563

$2,791

$4,705

$5,875

$515 $354 $297

$1,286

$1,810

Remaining Portfolio

Atlanta

Decline of 73% from peak

Atlanta - decline of 84% from peak

The Residential C&D and Land Portfolios comprise 47% of total

NPAs of which 37% are in Atlanta.

Performing Residential C&D and Land Acquisition Portfolio has

decreased by 73% from a peak of $5.9B in 4Q07 to $1.6B in 2Q11

4Q07 portfolio represented 22% of total loans

Atlanta comprised 7%

2Q11 portfolio represents 8% of total loans

Atlanta comprises 1.5%

Performing Residential C&D and Land as of 6/30/11

Tennessee

1%

South Carolina

21%

Other Georgia

31%

Atlanta

19%

Florida

12%

Alabama

16%

Key Credit Metrics as of 6/30/11

Outstanding

Balance*

Performing

Loan

Balance

NPL

Ratio

30+

DPD

Ratio

2Q11 Net

Chg-off

Ratio**

1-4 Family Construction $250 221 11.79% 0.66 7.61

Residential Land Dev. 533 381 28.49 0.64 11.17

Land Acquisition 1,179 961 18.49 1.00 7.33

Total Res. C&D & Land 1,962 1,563 20.35 0.86 8.44

1-4 Family Investment

Mortgage $1,068 997 6.64% 1.44 4.54

*Includes accruing and non-accruing loans

**Annualized

25

SYNOVUS

C&I Portfolio

(dollars in millions)

Diverse Industry Exposure as of 6/30/11

8.1%

2.3%

2.5%

2.7%

2.1%

5.0%

5.2%

6.2%

9.4%

8.0%

9.6%

5.8%

8.2%

5.6%

8.8%

10.6%

Health Care

Manufacturing

Finance/Insurance

Construction

R/E Leasing

Other Services

Retail Trade

R/E Other

Wholesale Trade Accommodation & Food Svcs.

Professional, Scientific, Technical Svcs.

Transportation & Warehousing

Ag, Forestry, Fishing

Educational Svcs.

Arts, Entertainment, Rec.

All Other

C&I Portfolio as of 6/30/11

Outstanding Balance

NPL Ratio

30+ DPD Ratio

2Q11 Net Charge-off Ratio*

Commercial, Financial, & Agricultural $4,959 2.83% 1.09 3.68

Owner Occupied Real Estate 3,888 2.19 1.21 1.26

Total C&I Loans $8,847 2.55% 1.15 2.62

* Annualized

New NPL inflows are down 16% to $64 million C&I Portfolio credit fundamentals remained stable compared to 1Q11

26

SYNOVUS

Retail Portfolio

(dollars in millions)

Total Retail Loans: $3.9 billion as of 6/30/11

Tennessee

8%

South Carolina

15%

Other Georgia

36%

Atlanta

11%

Florida

12%

Alabama

18%

Retail Portfolio as of 6/30/11

Outstanding Balance

NPL Ratio

30+ DPD Ratio

2Q11 Net Charge-off Ratio*

Home Equity Lines

Consumer Mortgages

Small Business Loans

Credit Cards

Other Retail Loans

Total Retail Loans

$1,612

1,451

253

272

284

$3,872

1.56%

3.28

1.46

–

0.83

2.04%

0.94

1.56

1.23

2.09

0.89

1.27

1.76

1.79

0.87

4.52

1.21

1.87

*Annualized

Charge-offs are down 11% from 1Q11

Other credit metrics within the retail portfolio remained stable

27

SYNOVUS

Appendix

28

SYNOVUS

Deferred Tax Asset and Valuation Allowance

(dollars in millions, except per share data)

2Q11

Net deferred tax assets before valuation allowance $831

Valuation allowance (829)

Net deferred tax assets after valuation allowance $2

$1.03* per common share

* Reflects the expectation that approximately $20 million of the valuation allowance will not reverse

Expected future impact of DTA valuation allowance

Currently, losses must be carried forward (by recording a deferred tax asset with a corresponding valuation allowance) resulting in a close to zero effective tax rate

Expect to record minimal to no tax expense when beginning to report income before taxes as reductions to the

DTA valuation allowance will be recognized

Expect to reverse most of the DTA valuation allowance once we have demonstrated a sustainable return to profitability, perhaps at the point we have significantly improved credit quality and experienced consecutive profitable quarters coupled with a forecast of sufficient continuing profitability

It should be noted that the reversal of the DTA valuation allowance is subject to considerable judgment

Depending upon the level of forecasted taxable income, the degree of risk related to realizing the forecasted taxable income, and estimated risk related to credit quality, the DTA valuation allowance could be reversed as a single event or over a period of time

Even after the reversal of the DTA valuation allowance under GAAP, which will immediately benefit GAAP capital and the TCE ratio, there would remain limitations on the ability to count the DTA for regulatory capital purposes; i.e., once taxes paid in carryback periods are exhausted, banks must deduct from Tier I capital the lower of (1) the amount by which net DTAs exceed what they would expect to realize within one year or (2) the amount by which the net DTAs exceed 10% of Tier I capital

29

SYNOVUS

Expected Annual Impact from

Regulatory Reform on Fee Income

Reg E: $15 million

Implemented August 1, 2010

Durbin Amendment: $14 million

$3 million for 2011 with implementation on October 1, 2011

Other regulatory policy changes: $13 million

$12.5 million for 2011 due to implementation in late January 2011

30

SYNOVUS

Non-interest Income

(dollars in thousands)

2Q10 1Q11 2Q11

2Q11 vs.

1Q11

% Change

2Q11 vs.

2Q10

% Change

Service charges on deposit accounts $27,876 20,318 19,238 (5.3%) (31.0)

Fiduciary and asset management fees 11,357 11,537 11,879 3.0 4.6

Brokerage revenue 6,768 6,220 6,291 1.1 (7.0)

Mortgage revenue 6,318 2,495 5,547 122.3 (12.2)

Bankcard fees 9,800 10,657 12,125 13.8 23.7

Investment securities gains 17 1,420 377 (73.5) nm

Other fee income 5,402 4,931 5,289 7.3 (2.1)

Increase in fair value of private equity investments, net 1,283 132 (301) (328.0) (123.5)

Other non-interest income 5,174 6,454 7,404 14.7 43.1

Total non-interest income $73,995 64,164 67,849 5.7% (8.3)

31

SYNOVUS

Non-interest Expense

(dollars in thousands)

2Q10 1Q11 2Q11

2Q11

vs. 1Q11

% Change

2Q11

vs. 2Q10

% Change

Salaries and other personnel expense $103,929 93,100 91,749 (1.5%) (11.7)

Net occupancy and equipment expense 30,588 29,834 28,883 (3.2) (5.6)

FDIC insurance and other regulatory fees 18,970 14,406 15,956 10.8 (15.9)

Foreclosed real estate expense 46,440 24,737 39,872 61.2 (14.1)

Other credit costs 7,249 10,613 (2,101) (119.8) (129.0)

Professional fees 11,595 9,236 10,893 17.9 (6.1)

Data processing expense 11,323 8,950 9,251 3.4 (18.3)

Restructuring charges - 24,333 3,106 (87.2) nm

(Gain) loss on curtailment of post-retirement defined

benefit plan - 398 - nm -

Other operating expenses 28,668 24,108 24,806 2.9 (13.5)

Total non-interest expense $258,762 239,716 222,415 (7.2%) (14.0)

Fundamental non-interest expense* $205,073 179,635 181,538 1.1% (11.5)

* Excluding gain/loss on curtailment of post-retirement defined benefit plan, restructuring charges, and credit costs

Non-GAAP financial measure; see appendix

32

SYNOVUS

New NPL Inflows by Geography

(dollars in millions)

2Q10 3Q10 4Q10 1Q11 2Q11

Alabama $25 30 41 46 18

Florida 49 69 65 52 31

Georgia (excluding Atlanta) 91 109 73 75 95

Atlanta 71 87 49 74 43

South Carolina 94 95 61 46 37

Tennessee 9 32 6 14 7

Total $339 422 295 307 231

33

SYNOVUS

Net Charge-offs by Type

(dollars in millions, percentages annualized)

4Q10 1Q11 2Q11

Investment properties $62.0 4.69% $38.0 3.08% $36.1 2.99%

1-4 family properties 146.5 25.72 44.1 8.72 33.0 6.92

Land for future development 69.6 21.08 26.1 8.70 21.6 7.33

Total CRE 278.1 12.52 108.2 5.30 90.7 4.58

Commercial and industrial 83.7 3.60 38.3 1.69 58.4 2.62

Retail 23.4 2.34 20.4 2.11 18.1 1.87

Total net charge-offs $385.2 6.93% $166.9 3.12% $167.2 3.22%

34

SYNOVUS

Past Dues by Portfolio Type

(dollars in millions)

30-Days +

Past Due

Outstanding

Balance

1Q11 2Q11 2Q11

Investment properties 0.30% 0.36 4,765

1-4 family construction 3.54 0.66 250

1-4 family investment mortgage 1.63 1.44 1,069

Residential development 1.63 0.65 532

Residential properties 1.90 1.11 1,851

Land for future development 0.59 1.01 1,179

Total CRE 0.73 0.63 7,795

Commercial and industrial 1.01 1.14 8,846

Retail 1.32 1.27 3,872

Total* 0.96% 0.97 20,505

* Includes unearned income

35

SYNOVUS

Special Mention Loans (Criticized)

(dollars in millions)

$2,147

$2,472

$2,313

$2,362

$2,503

$2,528

$2,334

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

36

SYNOVUS

Non-GAAP Financial Measures

(dollars in millions, except per share data)

The following tables illustrate the method of calculating the non-GAAP financial measures used in this slide presentation.

2Q10 3Q10 4Q10 1Q11 2Q11

Total risk-weighted assets $24,604 23,677 22,749 22,000 21,477 (3)

Loss from continuing operations before income taxes (234) (181) (160) (79) (44)

Add: Provision for losses on loans 299 239 252 142 120

Add: Other credit costs(1) 54 62 30 35 38

Add: Restructuring charges - 3 2 24 3

Subtract: Gain on curtailment of post-retirement defined benefit plan - - (7) - -

Pre-tax, pre-credit costs income $119 123 117 122 117

Pre-tax, pre-credit costs income(2) / RWA 1.9% 2.1 2.1 2.2 2.2 (3)

Net loss attributable to common shareholders ($243) (196) (180) (94) (54)

Add: Restructuring charges - (3) (2) (24) (3)

Net loss attributable to common shareholders excluding restructuring charges (243) (192) (178) (69) (50)

Average common shares outstanding 677 785 785 785 785

Net loss per common share excluding restructuring charges ($0.36) (0.25) (0.23) (0.09) (0.06)

(1) Other credit costs consist primarily of losses on ORE, provision for losses on unfunded commitments, and charges related to other loans held for sale

(2) Annualized

(3) Preliminary

37

SYNOVUS

Non-GAAP Financial Measures

(dollars in millions)

2Q10 3Q10 4Q10 1Q11 2Q11

Total non-interest expense $259 269 229 240 222

Other credit costs (1) (54) (62) (29) (36) (38)

Restructuring charges - (3) (2) (24) (3)

Gain on curtailment of post-retirement defined benefit plan - - 7 - -

Fundamental non-interest expense 205 204 205 180 181

Average earning assets (2) 30,134 29,398 28,660 27,398 26,519

Net interest income (taxable equivalent) 250 245 242 237 231

Add: Negative impact of non-performing loans on net interest income (3) 24 23 23 15 16

Net interest income (taxable equivalent) excluding the negative impact of non-performing loans $274 268 265 252 247

Net interest margin 3.34% 3.33 3.37 3.52 3.51

Negative impact of non-performing loans 0.33 0.30 0.32 0.24 0.25

Net interest margin excluding negative impact of non-performing loans 3.67% 3.63 3.69 3.76 3.76

(1) Other credit costs consist primarily of losses on ORE, provision for losses on unfunded commitments, and charges related to other loans held for sale

(2) Quarterly average balance

(3) Represents pro forma interest income on non-performing loans at current commercial loan portfolio yield, and net interest charge-offs on loans recognized during the quarter

38

SYNOVUS

Non-GAAP Financial Measures

(dollars in millions)

2Q10 3Q10 4Q10 1Q11 2Q11

Total assets $32,382 30,955 30,093 28,678 28,314

Goodwill (24) (24) (24) (24) (24)

Other intangible assets, net (15) (14) (13) (12) (11)

Tangible assets 32,343 30,917 30,056 28,642 28,279

Total shareholders’ equity 3,424 3,216 2,998 2,883 2,851

Goodwill (24) (24) (24) (24) (24)

Other intangible assets, net (15) (14) (13) (12) (11)

Cumulative perpetual preferred stock (933) (935) (937) (940) (942)

Tangible common equity 2,452 2,243 2,024 1,907 1,874

Tangible common equity to tangible assets ratio 7.58% 7.26 6.73 6.66 6.63

2Q10 3Q10 4Q10 1Q11 2Q11

Total deposits $26,258 25,236 24,500 23,206 22,875

National market brokered deposits (4,176) (3,549) (3,152) (2,979) (2,691)

Core deposits 22,082 21,687 21,348 20,227 20,184

Time deposits (6,971) (6,482) (5,911) (5,207) (5,050)

Core deposits excluding time deposits $15,111 15,205 15,437 15,020 15,134

39