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

October 27, 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 October 27, 2011, Synovus Financial Corp. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended September 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 September 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 October 27, 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 October 27, 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 October 27, 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: October 27, 2011	By:	/s/ 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 Profit for Third Quarter of 2011

Columbus, Ga., October 27, 2011 – Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended September 30, 2011.

Third Quarter Results

• Net income available to common shareholders was $15.7 million for the third quarter of 2011, compared to a net loss of $53.5 million in the second quarter of 2011 and a net loss of $195.8 million in the third quarter of 2010.

• Diluted net income per common share for the third quarter of 2011 was $0.02 compared to a net loss per common share of $0.07 for the second quarter of 2011, and a net loss per common share of $0.25 for the third quarter of 2010.

“We are pleased to return to profitability, a key milestone for all of our stakeholders,” said Kessel D. Stelling, President and CEO of Synovus. “Our performance during the quarter was driven by stable pre-tax, pre-credit costs income; continued improvement in credit trends; and the repositioning of our investment portfolio. Additionally, core deposits were up significantly; core expenses continued to trend down; and regulatory capital ratios were strengthened. We are gaining positive traction in almost every key area necessary for long-term, sustained profitability and growth.”

Credit Trends

• Total credit costs declined for the ninth consecutive quarter to $142.5 million for the third quarter of 2011, down 9.8% from the second quarter of 2011 and down 52.6% from the third quarter of 2010.

• Net charge-offs were $138.3 million in the quarter, down from $167.2 million in the second quarter of 2011, and down from $237.2 million in the third quarter of 2010. The net charge-off ratio was 2.72% in the third quarter, down from 3.22% in the previous quarter, and down from 4.12% in the third quarter of 2010.

• Distressed asset sales were approximately $169 million during the third quarter, compared to approximately $195 million in the second quarter of 2011.

• New non-performing loan inflows were $222.0 million in the third quarter of 2011, compared to $231.1 million in the second quarter of 2011 and $421.5 million in the third quarter of 2010.

• Total non-performing assets were $1.16 billion at September 30, 2011, down $54.3 million from the previous quarter, and down $391.8 million or 25.2% from the third quarter of 2010. The non-performing asset ratio was 5.71% at September 30, 2011, compared to 5.85% at the end of the previous quarter and 6.81% at September 30, 2010.

• Potential problem commercial loans (consisting of substandard accruing loans but exclude substandard loans 90 days past due and still accruing and substandard accruing troubled debt restructurings which are reported separately) declined for the fourth consecutive quarter to $941.9 million, a 50% decrease from the peak of $1.87 billion in the third quarter of 2010.

• Total accruing troubled debt restructurings (TDRs) increased to $640.3 million in the third quarter of 2011 compared to $551.6 million in the previous quarter. The increase was primarily due to the implementation of the new TDR accounting guidance during the third quarter, which applied to all renewals and modifications entered into since January 1, 2011. The implementation of this guidance did not have a significant impact on the allowance for loan losses. At September 30, 2011, 94.5% of accruing TDRs are current as to principal and interest.

• Total delinquencies (consisting of loans 30 or more days past due and still accruing) were 0.99% of total loans at September 30, 2011, compared to 0.97% at June 30, 2011, and 1.12% at September 30, 2010.

• The allowance for loan losses was $595.4 million at September 30, 2011, or 2.96% of total loans, compared to $631.4 million or 3.08% at June 30, 2011.

Core Performance

Pre-tax, pre-credit costs income was $119.4 million for the third quarter of 2011, up $2.5 million from $116.9 million in the second quarter of 2011.

• Net interest income declined $2.4 million due primarily to lower earning asset yields.

• Net interest margin was 3.47%, four basis points lower than the second quarter of 2011 and up 14 basis points from the third quarter of 2010.

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

• Non-interest income, excluding net securities gains of $62.9 million, was up $3.0 million or 4.5% from the previous quarter.

• Mortgage revenues were up $1.9 million from the prior quarter.

• Service charges on deposits were up $0.8 million from the prior quarter.

• Total reported non-interest expense was $222.6 million for the third quarter of 2011 compared to $222.4 million for the previous quarter.

• Core expenses (excludes restructuring charges and credit costs) were down $1.8 million from the second quarter of 2011.

• Efficiency initiatives are on track to achieve expense savings of $75 million in 2011 and $100 million in 2012.

• Core expenses for the first nine months of 2011 are down $67.1 million or 11.0% from the same period a year ago.

• Total headcount is 5,285 at September 30, 2011, down 824 or 13.5% from December 31, 2010.

Balance Sheet Fundamentals

• The loan portfolio mix continued to improve with growth in owner-occupied real estate and small business loans reflecting targeted sales efforts. The combined commercial and industrial and retail portfolios now represent 63% of total loans.

• On a sequential quarter basis, total loans declined $402.7 million, with $353.1 million of the decrease in the commercial real estate portfolio. The commercial real estate portfolio now represents 37% of total loans, down from 41% a year ago and a peak of 45%.

• Total deposits ended the quarter at $23.1 billion, up $234.4 million from the previous quarter.

• Total core deposits ended the quarter at $20.95 billion, up $767.4 million compared to the second quarter of 2011, while brokered deposits were down $533.0 million compared to the previous quarter.

• The number of non-interest bearing demand deposit accounts increased by 3123, or 3.6% (annualized), over the second quarter of 2011.

• Non-interest bearing demand deposits were up $372.1 million or 30.3% (annualized) from the second quarter of 2011, and up $1.00 billion or 23.6% from the third quarter of 2010.

• Non-interest bearing deposits represent 25% of total core deposits at September 30, 2011, up from 20% at September 30, 2010.

• The effective cost of core deposits (includes non-interest bearing deposits) continued to improve, with an effective cost of 62 basis points for the third quarter of 2011, compared to 67 basis points for the previous quarter and 95 basis points in the third quarter of 2010.

Regulatory Capital Ratios

• Tier 1 Common Equity ratio increased to 8.50% at September 30, 2011 from 8.41% at June 30, 2011.

• Tier 1 Capital ratio increased to 12.97% at September 30, 2011 from 12.84% at June 30, 2011.

• Tier 1 Leverage ratio increased to 9.87% at September 30, 2011 from 9.70% at June 30, 2011.

• Total Risk-based Capital ratio increased to 16.54% at September 30, 2011 from 16.40% at June 30, 2011.

Stelling concluded, “Core revenue growth, improved credit performance, continued execution on efficiency initiatives, and an intense focus on taking care of our customers remain the highest priorities for our team. We believe continued progress in these areas will help sustain profitability in the fourth quarter of 2011 and beyond. We are as committed as ever to building a stronger Synovus by making strategic investments in people, tools, and technologies that will help grow customer relationships and bring greater shareholder value.”

Synovus will host an earnings highlights conference call at 8:00 a.m. EST on October 27, 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,” “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 trends, deposits and our loan portfolio; expectations on growth; expectations on our efficiency initiatives and expense savings during 2011 and future periods; statements regarding our return to sustainable profitability during 2011 and future periods; 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, the 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, tangible common equity to tangible assets ratio, pre-tax, pre-credit costs income, and core expenses 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, income (loss) before income taxes, and total non-interest expense, 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, income (loss) before income

taxes, or total non-interest expense determined in accordance with GAAP and may not be comparable to other similarly titled measures at other companies.

The computations of core deposits, tangible common equity to tangible assets ratio, pre-tax, pre-credit costs income, and core expenses and the reconciliation of these measures to total deposits, total shareholders’ equity to total assets ratio, income (loss) before income taxes, and total non-interest expense are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)	3Q11			2Q11			1Q11			4Q10			3Q10
Core Deposits
Total deposits	$	23,109,427			22,875,017			23,205,879			24,500,304			25,236,225
Subtract: Brokered deposits		(2,157,631	)		(2,690,598	)		(2,978,615	)		(3,152,349	)		(3,549,175	)
Core deposits	$	20,951,796			20,184,419			20,227,264			21,347,955			21,687,050
Tangible Common Equity To Tangible Assets Ratio
Total assets	$	28,253,923			28,313,910			28,678,203			30,093,148			30,954,761
Subtract: Goodwill		(24,431	)		(24,431	)		(24,431	)		(24,431	)		(24,431	)
Subtract: Other intangible assets, net		(9,482	)		(10,449	)		(11,424	)		(12,434	)		(13,463	)
Tangible assets	$	28,220,010			28,279,030			28,642,348			30,056,283			30,916,867
Total shareholders’ equity	$	2,829,447			2,850,937			2,882,605			2,997,918			3,216,066
Subtract: Goodwill		(24,431	)		(24,431	)		(24,431	)		(24,431	)		(24,431	)
Subtract: Other intangible assets, net		(9,482	)		(10,449	)		(11,424	)		(12,434	)		(13,463	)
Subtract: Cumulative perpetual preferred stock		(944,538	)		(942,096	)		(939,691	)		(937,323	)		(934,991	)
Tangible common equity	$	1,850,996			1,873,961			1,907,059			2,023,730			2,243,181
Total shareholders’ equity to total assets ratio		10.01	%		10.07			10.05			9.96			10.39
Tangible common equity to tangible assets ratio		6.56	%		6.63			6.66			6.73			7.26
Pre-tax, Pre-credit Costs Income
Income (loss) before income taxes	$	37,118			(43,764	)		(79,864	)		(159,550	)		(180,807	)
Add: Provision for losses on loans		102,325			120,159			141,746			252,401			239,020
Add: Other credit costs(1)		40,211			37,772			35,347			29,305			61,870
Add: Restructuring charges		2,587			3,106			24,333			2,118			3,420
Subtract/Add: Net (gain) loss on investment securities		(62,873	)		(377	)		(1,420	)		228			612
Add/Subtract: Loss (gain) on curtailment of post- retirement benefit		—			—			398			(7,092	)		—
Pre-tax, pre-credit costs income	$	119,368			116,896			120,540			117,410			124,115
Core Expenses
Total non-interest expense	$	222,552			222,415			239,716			229,006			269,011
Subtract: Other credit costs(1)		(40,211	)		(37,771	)		(35,350	)		(29,304	)		(61,870	)
Subtract: Restructuring charges		(2,587	)		(3,106	)		(24,333	)		(2,118	)		(3,420	)
Subtract/Add: (Loss) gain on curtailment of post-retirement benefit		—			—			(398	)		7,092			—
Core expenses	$	179,754			181,538			179,635			204,676			203,721

(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.

Core Expenses

	Nine Months Ended September 30,
(dollars in thousands)	2011			2010
Total non-interest expense	$	684,683			780,570
Subtract: Other credit costs(1)		(113,332	)		(169,119	)
Subtract: Restructuring charges		(30,026	)		(3,420	)
Subtract: Loss on curtailment of post-retirement benefit		(398	)		—
Core expenses	$	540,927			608,031

(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.

EX-99.2

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	Nine Months Ended September 30,
	2011			2010			Change
Interest income	$	868,453			1,007,024			(13.8	)%
Interest expense		171,455			262,658			(34.7	)
Net interest income		696,998			744,366			(6.4	)
Provision for losses on loans		364,230			878,872			(58.6	)
Net interest income (expense) after provision for losses on loans		332,768			(134,506	)		347.4
Non-interest income:
Service charges on deposit accounts		59,595			80,867			(26.3	)
Fiduciary and asset management fees		35,046			33,103			5.9
Brokerage revenue		19,067			19,435			(1.9	)
Mortgage revenue		15,469			22,295			(30.6	)
Bankcard fees		34,344			29,989			14.5
Investment securities gains (losses), net		64,670			(1,043	)		nm
Other fee income		15,643			16,372			(4.5	)
(Decrease) increase in fair value of private equity investments, net		(941	)		5,703			nm
Other non-interest income		22,512			18,735			20.2
Total non-interest income		265,405			225,456			17.7
Non-interest expense:
Salaries and other personnel expense		278,033			313,885			(11.4	)
Net occupancy and equipment expense		86,698			91,877			(5.6	)
FDIC insurance and other regulatory fees		45,826			52,794			(13.2	)
Foreclosed real estate expense		101,716			142,837			(28.8	)
(Gains) losses on other loans held for sale, net		(2,591	)		73			nm
Professional fees		30,264			33,399			(9.4	)
Data processing expense		27,225			33,123			(17.8	)
Restructuring charges		30,026			3,420			nm
Loss on curtailment of post-retirement defined benefit plan		398			—			nm
Other operating expenses		87,088			109,162			(20.2	)
Total non-interest expense		684,683			780,570			(12.3	)
Loss from continuing operations before income taxes		(86,510	)		(689,620	)		87.5
Income tax expense (benefit)		1,690			(21,034	)		nm
Loss from continuing operations		(88,200	)		(668,586	)		86.8
Income from discontinued operations, net of income taxes		—			43,162			nm
Net loss		(88,200	)		(625,424	)		85.9
Net loss attributable to non-controlling interest		(220	)		(313	)		29.7
Net loss attributable to controlling interest		(87,980	)		(625,111	)		85.9
Dividends and accretion of discount on preferred stock		43,510			43,079			1.0
Net loss attributable to common shareholders	$	(131,490	)		(668,190	)		80.3
Basic EPS
Net loss from continuing operations attributable to common shareholders	$	(0.17	)		(1.09	)		84.4	%
Net loss attributable to common shareholders		(0.17	)		(1.03	)		83.5
Diluted EPS
Net loss from continuing operations attributable to common shareholders		(0.17	)		(1.09	)		84.4
Net loss attributable to common shareholders		(0.17	)		(1.03	)		83.5
Cash dividends declared per common share		0.03			0.03			—
Return on average assets *		(0.41	) %		(2.77	)		236	bp
Return on average common equity *		(8.85	)		(43.50	)		nm
Average common shares outstanding - basic		785,267			651,507			20.5	%
Average common shares outstanding - diluted		785,267			651,507			20.5

nm - not meaningful

* - ratios are annualized

Synovus

INCOME STATEMENT DATA

(Unaudited)

(Dollars in thousands, except per share data)

	2011									2010						3rd Quarter
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			’11 vs. ’10 Change
Interest income	$	281,970			288,052			298,432			313,557			326,490			(13.6	)%
Interest expense		53,367			57,091			60,998			71,590			81,030			(34.1	)
Net interest income		228,603			230,961			237,434			241,967			245,460			(6.9	)
Provision for losses on loans		102,325			120,159			141,746			252,401			239,020			(57.2	)
Net interest income (expense) after provision for losses on loans		126,278			110,802			95,688			(10,434	)		6,440			nm
Non-interest income:
Service charges on deposit accounts		20,039			19,238			20,318			24,248			26,711			(25.0	)
Fiduciary and asset management fees		11,631			11,879			11,537			11,039			10,408			11.8
Brokerage revenue		6,556			6,291			6,220			8,750			6,736			(2.7	)
Mortgage revenue		7,427			5,547			2,495			11,039			10,163			(26.9	)
Bankcard fees		11,562			12,125			10,657			11,431			10,674			8.3
Investment securities gains (losses), net		62,873			377			1,420			(228	)		(612	)		nm
Other fee income		5,423			5,289			4,931			4,757			5,440			(0.3	)
(Decrease) increase in fair value of private equity investments, net		(771	)		(301	)		132			1,500			3,521			nm
Other non-interest income		8,652			7,404			6,454			7,354			8,723			(0.8	)
Total non-interest income		133,392			67,849			64,164			79,890			81,764			63.1
Non-interest expense:
Salaries and other personnel expense		93,184			91,749			93,100			104,744			105,933			(12.0	)
Net occupancy and equipment expense		27,981			28,883			29,834			30,169			31,311			(10.6	)
FDIC insurance and other regulatory fees		15,463			15,956			14,406			16,686			16,178			(4.4	)
Foreclosed real estate expense		37,108			39,872			24,737			20,793			50,890			(27.1	)
(Gains) losses on other loans held for sale, net		(846	)		480			(2,226	)		2,976			—			nm
Professional fees		10,135			10,893			9,236			12,154			12,424			(18.4	)
Data processing expense		9,024			9,251			8,950			12,355			11,117			(18.8	)
Restructuring charges		2,587			3,106			24,333			2,118			3,420			(24.4	)
Loss (gain) on curtailment of post-retirement defined benefit plan		—			—			398			(7,092	)		—			nm
Other operating expenses		27,916			22,225			36,948			34,103			37,738			(26.0	)
Total non-interest expense		222,552			222,415			239,716			229,006			269,011			(17.3	)
Income (loss) before income taxes		37,118			(43,764	)		(79,864	)		(159,550	)		(180,807	)		nm
Income tax expense (benefit)		6,910			(4,764	)		(456	)		5,884			360			nm
Net income (loss)		30,208			(39,000	)		(79,408	)		(165,434	)		(181,167	)		nm
Net (loss) income attributable to non-controlling interest		—			—			(220	)		134			277			nm
Net income (loss) available to controlling interest		30,208			(39,000	)		(79,188	)		(165,568	)		(181,444	)		nm
Dividends and accretion of discount on preferred stock		14,541			14,504			14,466			14,430			14,394			1.0
Net income (loss) available to common shareholders	$	15,667			(53,504	)		(93,654	)		(179,998	)		(195,838	)		nm
Basic EPS
Net income (loss) available to common shareholders		0.02			(0.07	)		(0.12	)		(0.23	)		(0.25	)		nm
Diluted EPS
Net income (loss) available to common shareholders		0.02			(0.07	)		(0.12	)		(0.23	)		(0.25	)		nm
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		0.42	%		(0.55	)%		(1.09	)%		(2.12	) %		(2.27	)		nm	bp
Return on average common equity *		3.20			(10.95	)		(18.46	)		(31.80	)		(31.75	)		nm
Average common shares outstanding - basic		785,280			785,277			785,243			785,122			784,916			0.0	%
Average common shares outstanding - diluted		910,816			785,277			785,243			785,122			784,916			16.0

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

(In thousands, except share data)

	September 30, 2011			December 31, 2010			September 30, 2010
ASSETS
Cash and due from banks	$	452,034			389,021			385,687
Interest bearing funds with Federal Reserve Bank		2,750,953			3,103,896			3,113,435
Interest earning deposits with banks		21,560			16,446			22,271
Federal funds sold and securities purchased under resale agreements		189,304			160,502			177,350
Trading account assets, at fair value		17,467			22,294			15,061
Mortgage loans held for sale, at fair value		125,379			232,839			241,353
Other loans held for sale		53,074			127,365			50,302
Investment securities available for sale, at fair value		3,596,511			3,440,268			3,326,133
Loans, net of unearned income		20,102,086			21,585,763			22,581,036
Allowance for loan losses		(595,383	)		(703,547	)		(836,355	)
Loans, net		19,506,703			20,882,216			21,744,681
Premises and equipment, net		488,074			544,971			555,919
Goodwill		24,431			24,431			24,431
Other intangible assets, net		9,482			12,434			13,463
Other assets		1,018,952			1,136,465			1,284,675
Total assets	$	28,253,924			30,093,148			30,954,761
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	5,249,335			4,298,372			4,248,071
Interest bearing deposits, excluding brokered deposits		15,702,461			17,049,583			17,438,979
Brokered deposits		2,157,631			3,152,349			3,549,175
Total deposits		23,109,427			24,500,304			25,236,225
Federal funds purchased and other short-term borrowings		328,806			499,226			410,353
Long-term debt		1,522,334			1,808,161			1,743,097
Other liabilities		463,909			260,910			324,077
Total liabilities		25,424,476			27,068,601			27,713,752
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		944,538			937,323			934,991
Common stock, par value $1.00 (2)		790,974			790,956			790,751
Additional paid-in capital		2,254,068			2,293,264			2,306,578
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,176	)
Accumulated other comprehensive income		32,189			57,158			91,112
Accumulated deficit		(1,078,145	)		(966,607	)		(793,190	)
Total shareholders’ equity		2,829,448			2,997,918			3,216,066
Non-controlling interest in subsidiaries		—			26,629			24,943
Total equity		2,829,448			3,024,547			3,241,009
Total liabilities and equity	$	28,253,924			30,093,148			30,954,761

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

(2) Common shares outstanding: 785,280,277; 785,262,837; and 785,057,350 at September 30, 2011 December 31, 2010, and September 30, 2010, respectively.

(3) Treasury shares: 5,693,452, at all periods presented

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

(Dollars in thousands)

	2011									2010
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Interest Earning Assets
Taxable investment securities (2)	$	3,152,589			3,172,818			3,264,581			3,104,004			3,055,400
Yield		3.28	%		3.46			3.56			3.76			4.08
Tax-exempt investment securities (2)	$	27,903			31,264			44,228			51,400			62,659
Yield (taxable equivalent)		6.66	%		6.73			6.84			7.16			6.82
Trading account assets	$	14,601			16,881			20,281			16,037			14,970
Yield		5.76	%		5.27			5.13			5.86			4.88
Commercial loans (3)	$	16,535,371			16,983,912			17,555,733			18,315,882			19,041,500
Yield		4.88	%		4.92			4.98			4.90			4.92
Consumer loans (3)	$	3,869,698			3,879,042			3,914,222			3,988,849			4,048,929
Yield		5.06	%		5.10			5.25			5.22			5.25
Allowance for loan losses	$	(632,082	)		(678,851	)		(698,609	)		(819,176	)		(862,970	)
Loans, net (3)	$	19,772,987			20,184,103			20,771,346			21,485,555			22,227,459
Yield		5.09	%		5.14			5.21			5.16			5.19
Mortgage loans held for sale	$	91,257			79,340			152,981			260,759			194,487
Yield		5.74	%		6.16			4.74			4.60			5.16
Federal funds sold, due from Federal Reserve Bank, and other short-term investments	$	3,075,470			2,929,515			3,033,284			3,628,939			3,720,649
Yield		0.24	%		0.25			0.25			0.25			0.25
Federal Home Loan Bank and Federal Reserve Bank stock (4)	$	96,442			104,727			111,096			113,341			122,356
Yield		0.90	%		0.87			0.90			0.59			0.87
Total interest earning assets	$	26,231,249			26,518,648			27,397,797			28,660,035			29,397,980
Yield		4.28	%		4.37			4.42			4.36			4.42
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,302,439			3,379,243			3,526,730			3,864,106			3,601,825
Rate		0.30	%		0.32			0.33			0.33			0.36
Money market accounts	$	6,636,751			6,306,399			6,550,623			6,874,367			6,788,768
Rate		0.73	%		0.77			0.76			0.84			0.98
Savings deposits	$	521,604			520,518			493,504			484,460			488,221
Rate		0.13	%		0.14			0.14			0.14			0.14
Time deposits under $100,000	$	2,131,453			2,124,525			2,212,215			2,383,411			2,511,830
Rate		1.27	%		1.38			1.53			1.74			1.88
Time deposits over $100,000	$	2,912,476			2,978,929			3,291,202			3,859,235			4,217,972
Rate		1.49	%		1.57			1.65			1.77			1.88
Brokered money market accounts	$	325,002			390,048			393,981			423,428			537,952
Rate		0.39	%		0.47			0.51			0.54			0.80
Brokered time deposits	$	2,053,811			2,471,620			2,665,314			2,956,904			3,261,113
Rate		1.88	%		1.87			1.83			1.82			1.89
Total interest bearing deposits	$	17,883,536			18,171,282			19,133,569			20,845,911			21,407,681
Rate		0.95	%		1.01			1.05			1.14			1.28
Federal funds purchased and other short-term liabilities	$	368,311			449,815			412,008			442,183			514,295
Rate		0.28	%		0.26			0.29			0.33			0.36
Long-term debt	$	1,693,673			1,901,130			1,891,576			1,729,991			1,811,153
Rate		2.45	%		2.30			2.39			2.64			2.57
Total interest bearing liabilities	$	19,945,520			20,522,227			21,437,153			23,018,085			23,733,129
Rate		1.06	%		1.11			1.15			1.23			1.36
Non-interest bearing demand deposits	$	5,175,521			4,911,044			4,821,237			4,433,849			4,310,459
Net interest margin		3.47	%		3.51			3.52			3.37			3.33
Tax equivalent adjustment	$	880			893			964			968			1,087

(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)

	September 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	$	752,638			3.7	%	$	6,844		0.8	%
Hotels		789,477			3.9			5,899		0.7
Office Buildings		791,441			3.9			17,077		2.0
Shopping Centers		1,001,547			5.0			19,312		2.2
Commercial Development		300,474			1.5			41,888		4.8
Warehouses		497,918			2.5			6,905		0.8
Other Investment Property		462,453			2.3			9,230		1.1
Total Investment Properties		4,595,948			22.8			107,155		12.4
1-4 Family Construction		221,900			1.1			21,119		2.4
1-4 Family Investment Mortgage		1,020,396			5.1			64,877		7.4
Residential Development		484,095			2.4			125,097		14.3
Total 1-4 Family Properties		1,726,391			8.6			211,093		24.1
Land Acquisition		1,119,947			5.6			231,638		26.5
Total Commercial Real Estate		7,442,286			37.0			549,886		63.0
Commercial , Financial, and Agricultural		4,901,492			24.4			154,235		17.7
Owner-Occupied Real Estate		3,911,614			19.5			86,897		10.0
Total Commercial & Industrial		8,813,106			43.9			241,132		27.7
Home Equity Lines		1,612,798			8.0			24,305		2.8
Consumer Mortgages		1,426,024			7.1			51,137		5.9
Credit Cards		267,810			1.3			—		—
Other Retail Loans		550,106			2.7			5,614		0.6
Total Retail		3,856,738			19.1			81,056		9.3
Unearned Income		(10,044	)		nm			—		—
Total	$	20,102,086			100.0	%	$	872,074		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)

	Total Loans			3Q11 vs. 2Q11			3Q11 vs. 4Q10			3Q11 vs. 3Q10
Loan Type	September 30, 2011			% change (1)			% change (1)			% change
Multi-Family	$	752,638			(31.5	)%		(17.7	)		(14.9	)
Hotels		789,477			(11.2	)		(11.8	)		(18.7	)
Office Buildings		791,441			(3.3	)		(8.1	)		(9.5	)
Shopping Centers		1,001,547			(12.8	)		(9.5	)		(13.5	)
Commercial Development		300,474			(19.2	)		(28.3	)		(28.5	)
Warehouses		497,918			(18.0	)		(7.7	)		(6.3	)
Other Investment Property		462,453			(1.9	)		(8.9	)		(12.2	)
Total Investment Properties		4,595,948			(14.1	)		(12.2	)		(14.4	)
1-4 Family Construction		221,900			(44.9	)		(44.4	)		(46.8	)
1-4 Family Investment Mortgage		1,020,396			(17.8	)		(12.7	)		(11.6	)
Residential Development		484,095			(36.0	)		(33.1	)		(43.8	)
Total 1-4 Family Properties		1,726,391			(26.7	)		(23.9	)		(29.0	)
Land Acquisition		1,119,947			(19.9	)		(10.8	)		(18.9	)
Total Commercial Real Estate		7,442,286			(18.0	)		(15.0	)		(18.9	)
Commercial , Financial, and Agricultural		4,901,492			(4.5	)		(9.3	)		(6.9	)
Owner-Occupied Real Estate		3,911,614			2.4			(2.9	)		(5.2	)
Total Commercial & Industrial		8,813,106			(1.5	)		(6.5	)		(6.2	)
Home Equity Lines		1,612,798			0.1			(2.9	)		(3.5	)
Consumer Mortgages		1,426,024			(6.8	)		(4.5	)		(6.0	)
Credit Cards		267,810			(5.6	)		(8.1	)		(4.7	)
Other Retail Loans		550,106			9.8			1.9			(0.3	)
Total Retail		3,856,738			(1.5	)		(3.2	)		(4.1	)
Unearned Income		(10,044	)		56.8			(5.0	)		(23.6	)
Total	$	20,102,086			(7.8	)%		(9.2	)		(11.0	)

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

(Dollars in thousands)

	2011							2010				3rd Quarter
	Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter		’11 vs. ’10 Change
Non-performing Loans	$	872,074			885,236		895,726		891,622		1,294,031		(32.6	)%
Other Loans Held for Sale (1)		53,074			89,139		110,436		127,365		50,302		5.5
Other Real Estate		239,255			244,313		269,314		261,305		211,869		12.9
Non-performing Assets		1,164,403			1,218,688		1,275,476		1,280,292		1,556,202		(25.2	)
Allowance for Loan Losses		595,383			631,401		678,426		703,547		836,355		(28.8	)
Net Charge-Offs - Quarter		138,344			167,184		166,867		385,203		237,195		(41.7	)
Net Charge-Offs - YTD		472,394			334,051		166,867		1,371,452		986,249		(52.1	)
Net Charge-Offs / Average Loans - Quarter (2)		2.72	%		3.22		3.12		6.93		4.12
Net Charge-Offs / Average Loans - YTD (2)		3.03			3.17		3.12		5.82		5.47
Non-performing Loans / Loans		4.34			4.32		4.27		4.13		5.73
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		5.71			5.85		5.97		5.83		6.81
Allowance / Loans		2.96			3.08		3.23		3.26		3.70
Allowance / Non-performing Loans		68.27			71.33		75.74		78.91		64.63
Allowance / Non-performing Loans (3)		145.12			161.55		176.08		192.60		177.98
Past Due Loans over 90 days and Still Accruing	$	26,860			23,235		10,490		16,222		25,028		7.3	%
As a Percentage of Loans Outstanding		0.13	%		0.11		0.05		0.08		0.11
Total Past Dues Loans and Still Accruing	$	199,561			199,804		201,754		176,756		253,748		(21.4	)
As a Percentage of Loans Outstanding		0.99	%		0.97		0.96		0.82		1.12
Restructured loans (accruing)	$	640,324			551,603		545,416		464,123		409,768		56.3

(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)

	September 30, 2011			December 31, 2010		September 30, 2010
Tier 1 Capital	$	2,771,288			2,909,912		3,092,655
Total Risk-Based Capital		3,533,909			3,742,599		3,954,063
Tier 1 Capital Ratio		12.97	%		12.79		13.06
Tier 1 Common Equity Ratio		8.50			8.63		9.07
Total Risk-Based Capital Ratio		16.54			16.45		16.70
Tier 1 Leverage Ratio		9.87			9.44		9.80
Common Equity as a Percentage of Total Assets (2)		6.67			6.85		7.37
Tangible Common Equity as a Percentage of Tangible Assets (3)		6.56			6.73		7.26
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		8.66			8.90		9.47
Book Value Per Common Share (4) (5)		2.07			2.29		2.57
Tangible Book Value Per Common Share (3) (5)		2.03			2.25		2.53

(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