8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

April 24, 2012

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 April 24, 2012, Synovus Financial Corp. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 2012.

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 and year ended December 31, 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 April 24, 2012, 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 8:30 a.m., EDT, on April 24, 2012.

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 April 24, 2012
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: April 24, 2012	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 Increased Profit for First Quarter of 2012

Third Consecutive Profitable Quarter Highlighted by Improvement in Key Credit Metrics

Columbus, Ga., April 24, 2012 – Synovus Financial Corp. (NYSE: SNV) today reported financial results for the quarter ended March 31, 2012.

First Quarter Results

• Net income available to common shareholders was $21.4 million for the first quarter of 2012, compared to net income available to common shareholders of $12.8 million in the fourth quarter of 2011 and a net loss attributable to common shareholders of $93.7 million in the first quarter of 2011.

• Diluted net income per common share for the first quarter of 2012 was $0.024 compared to diluted net income per common share of $0.014 for the fourth quarter of 2011, and a net loss per common share of $0.119 for the first quarter of 2011.

“We are pleased to report a profit for the third consecutive quarter,” said Kessel D. Stelling, Chairman and CEO of Synovus. “Our first quarter was highlighted by a significant reduction in non-performing loan inflows, lower net charge-offs, and a reduction in all key problem loan categories. These improving trends in key credit metrics are the main drivers of long-term, sustained profitability. During the quarter, our performance also included net interest margin improvement and the continued downward trend in expenses.”

Credit Trends

• Non-performing loan inflows were $139.6 million in the first quarter of 2012, down 26.2% from $189.2 million in the fourth quarter of 2011 and down 54.5% from $306.5 million in the first quarter of 2011.

• Net charge-offs were $94.7 million in the quarter, down 16.5% from $113.5 million in the fourth quarter of 2011, and down 43.2% from $166.9 million in the first quarter of 2011. The annualized net charge-off ratio was 1.90% in the first quarter, down from 2.26% in the previous quarter, and down from 3.12% in the first quarter of 2011.

• Total delinquencies (consisting of loans 30 or more days past due and still accruing) were 0.73% of total loans at March 31, 2012, down from 0.74% at December 31, 2011, and 0.96% at March 31, 2011. Total loans past due 90 days or more and still accruing were 0.04% at March 31, 2012, down from 0.07% at December 31, 2011, and 0.05% at March 31, 2011.

• Potential problem commercial loans (consisting of substandard accruing loans but excluding loans 90 days past due and still accruing interest and substandard accruing troubled debt restructurings which are reported separately) declined for the sixth consecutive quarter to $685.5 million, a 12.1% decline from the fourth quarter of 2011, and a 46.6% decrease from the first quarter of 2011.

• Total non-performing assets were $1.06 billion at March 31, 2012, down $61.6 million from the previous quarter, and down $219.7 million or 17.2% from the first quarter of 2011. The non-performing asset ratio was 5.26% at March 31, 2012, compared to 5.50% at the end of the previous quarter and 5.97% at March 31, 2011.

• Total accruing troubled debt restructurings (TDRs) decreased to $651.2 million at March 31, 2012, down from $668.5 million the previous quarter. At March 31, 2012, approximately 97% of accruing TDRs are current as to principal and interest.

• Distressed asset sales were approximately $135 million during the first quarter, compared to approximately $147 million in the fourth quarter of 2011, and approximately $192 million in the first quarter of 2011.

• Total credit costs were $90.9 million in the first quarter of 2012, compared to $90.5 million in the fourth quarter of 2011 and down 48.7% from $177.1 million in the first quarter of 2011.

Core Performance

Pre-tax, pre-credit costs income was $110.6 million for the first quarter of 2012, down $3.2 million from $113.8 million in the fourth quarter of 2011.

• The net interest margin was 3.55%, up three basis points from the fourth quarter of 2011 and the first quarter of 2011.

• The effective cost of funds was down four basis points, while the yield on earning assets was down one basis point.

• Total non-interest income was $84.1 million for the first quarter of 2012, compared to $73.5 million in the fourth quarter of 2011.

• Non-interest income, excluding net investment securities gains of $20.1 million in the first quarter of 2012 and $10.3 million in the fourth quarter of 2011, was up $0.9 million from the previous quarter, with mortgage revenues up $1.2 million from the prior quarter.

• Total reported non-interest expense was $203.1 million for the first quarter of 2012 compared to $219.1 million for the previous quarter.

• Core expenses (excludes Visa indemnification charges, restructuring charges and credit costs) were down $2.1 million from the fourth quarter of 2011.

Balance Sheet Fundamentals

• Net sequential quarter loan decline, excluding the impact of loan sales, transfers to loans held-for-sale, charge-offs, and foreclosures, was approximately $25 million for the first quarter, compared to an increase of approximately $167 million during the fourth quarter of 2011 and a decline of approximately $238 million during the first quarter of 2011.

• On a sequential quarter basis, total loans declined $236.1 million, compared to a $22.3 million decrease in the previous quarter, and a $588.3 million decrease in the first quarter of 2011.

• Total core deposits ended the quarter at $20.7 billion, up $102.4 million compared to the fourth quarter of 2011, driven by increases in demand deposits and money market funds, and a decline in time deposits.

• Non-interest bearing demand deposits were up $169.0 million or 12.7% (annualized) from the fourth quarter of 2011, and up $837.3 million or 17.8% from the first quarter of 2011.

• The number of non-interest bearing demand deposit accounts increased by 3,501 accounts, or 4.0% (annualized), over the fourth quarter of 2011.

• Total deposits ended the quarter at $22.1 billion, down $274.1 million from the previous quarter due primarily to the planned reductions in brokered deposits and time deposits.

• The effective cost of core deposits (includes non-interest bearing deposits) continued to decline, with an effective cost of 47 basis points for the first quarter of 2012, compared to 53 basis points for the previous quarter and 72 basis points in the first quarter of 2011.

Regulatory Capital Ratios

• Tier 1 Common Equity ratio was 8.67% at March 31, 2012 up from 8.49% at December 31, 2011.

• Tier 1 Capital ratio was 13.19% at March 31, 2012 up from 12.94% at December 31, 2011.

• Tier 1 Leverage ratio was 10.41% at March 31, 2012 up from 10.08% at December 31, 2011.

• Total Risk-based Capital ratio was 16.57% at March 31, 2012 up from 16.49% at December 31, 2011.

Stelling concluded, “This quarter marks another significant step on our path to sustained profitability. While credit improvement and expense discipline remain key to our long-term success, we are very focused on core revenue growth and providing great value to our customers. We continue to invest in new technology and talent, all with the goal of providing unparalleled service throughout our markets. Our efforts are reflected both in the growth in the number of accounts and overall core deposit balances, and are further evidenced by our number one market share position in twelve markets and top five market share position in markets representing almost eighty percent of our deposit franchise. Recently announced, nationally recognized awards for excellence in customer service show that our customer-focused, relationship-based brand of banking is working well and provides a solid foundation for our future.”

Synovus will host an earnings highlights conference call at 8:30 a.m. EST on April 24, 2012. 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 $27 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 and expense discipline; statements regarding our continued sustainable profitability in 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 for the year ended December 31, 2011 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, core expenses, non-interest income excluding net investment securities gains (losses), and net sequential quarter loan growth (decline) 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, total non-interest expense, total non-interest income, and sequential quarter total loan growth (decline), 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, total non-interest expense, total non-interest income, or sequential quarter total loan growth (decline) 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, core expenses, non-interest income excluding net investment securities gains (losses), and net sequential quarter loan growth (decline) and the reconciliation of these measures to total deposits, total shareholders’ equity to total assets ratio, income (loss) before income taxes, total non-interest expense, total non-interest income, and sequential quarter total loan growth (decline) are set forth in the tables below.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)	1Q12			4Q11			3Q11			2Q11			1Q11
Core Deposits
Total deposits	$	22,137,702			22,411,752			23,109,427			22,875,017			23,205,879
Subtract: Brokered deposits		(1,406,709	)		(1,783,174	)		(2,157,631	)		(2,690,598	)		(2,978,615	)
Core deposits	$	20,730,993			20,628,578			20,951,796			20,184,419			20,227,264
Tangible Common Equity To Tangible Assets Ratio
Total assets	$	27,064,792			27,162,845			28,253,923			28,313,910			28,678,203
Subtract: Goodwill		(24,431	)		(24,431	)		(24,431	)		(24,431	)		(24,431	)
Subtract: Other intangible assets, net		(7,589	)		(8,525	)		(9,482	)		(10,449	)		(11,424	)
Tangible assets	$	27,032,772			27,129,889			28,220,010			28,279,030			28,642,348
Total shareholders’ equity	$	2,821,763			2,827,452			2,829,447			2,850,937			2,882,605
Subtract: Goodwill		(24,431	)		(24,431	)		(24,431	)		(24,431	)		(24,431	)
Subtract: Other intangible assets, net		(7,589	)		(8,525	)		(9,482	)		(10,449	)		(11,424	)
Subtract: Cumulative perpetual preferred stock		(949,536	)		(947,017	)		(944,538	)		(942,096	)		(939,691	)
Tangible common equity	$	1,840,208			1,847,479			1,850,996			1,873,961			1,907,059
Total shareholders’ equity to total assets ratio		10.43	%		10.41			10.01			10.07			10.05
Tangible common equity to tangible assets ratio		6.81	%		6.81			6.56			6.63			6.66
Pre-tax, Pre-credit Costs Income
Income (loss) before income taxes	$	35,916			26,979			37,118			(43,764	)		(79,864	)
Add: Provision for losses on loans		66,049			54,565			102,325			120,159			141,746
Add: Other credit costs(1)		24,849			35,962			40,211			37,772			35,347
Add: Restructuring charges		858			639			2,587			3,106			24,333
Subtract: Net gain on investment securities		(20,083	)		(10,337	)		(62,873	)		(377	)		(1,420	)
Add: Loss on curtailment of post-retirement benefit		—			—			—			—			398
Add: Visa indemnification charge		2,979			5,942			—			—			—
Pre-tax, pre-credit costs income	$	110,568			113,750			119,368			116,896			120,540
Core Expenses
Total non-interest expense	$	203,133			219,082			222,552			222,415			239,716
Subtract: Other credit costs (1)		(24,849	)		(35,962	)		(40,211	)		(37,771	)		(35,350	)
Subtract: Restructuring charges		(858	)		(639	)		(2,587	)		(3,106	)		(24,333	)
Subtract: (Loss) on curtailment of post-retirement benefit		—			—			—			—			(398	)
Subtract: Visa indemnification charge		(2,979	)		(5,942	)		—			—			—
Core expenses	$	174,447			176,539			179,754			181,538			179,635

(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.

Reconciliation of Non-GAAP Financial Measures (continued)
(dollars in thousands)	1Q12			4Q11			3Q11			2Q11			1Q11
Non-interest income excluding investment securities gains, net
Total non-interest income	$	84,138			73,470			133,392			67,849			64,164
Subtract: Investment securities gains, net		(20,083	)		(10,337	)		(62,873	)		(377	)		(1,420	)
Non-interest income excluding investment securities gains, net	$	64,055			63,133			70,519			67,472			62,744

Net sequential quarter loan growth (decline)

Sequential quarter decline in total loans	$	(236,116	)	(22,273	)	(402,724	)	(492,612	)	(588,341	)
Add: Transfers to other loans held for sale		578		3,457		16,004		11,275		73,442
Add: Foreclosures		48,127		36,331		57,859		60,426		70,170
Add: Charge-offs excluding transfers to other loans held for sale and loan sales		65,498		78,443		87,660		126,821		98,000
Add: Loan sales		96,621		70,808		109,140		126,462		108,719
Net sequential quarter loan growth (decline)	$	(25,292	)	166,766		(132,061	)	(167,628	)	(238,010	)

EX-99.2

Exhibit 99.2

Synovus

INCOME STATEMENT DATA

(Unaudited)

	2012			2011												1st Quarter
(Dollars in thousands, except per share data)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter			‘12 vs. ’11 Change
Interest income	$	262,654			273,303			281,970			288,052			298,432			(12.0	)%
Interest expense		41,695			46,147			53,367			57,091			60,998			(31.6	)
Net interest income		220,959			227,156			228,603			230,961			237,434			(6.9	)
Provision for losses on loans		66,049			54,565			102,325			120,159			141,746			(53.4	)
Net interest income after provision for losses on loans		154,910			172,591			126,278			110,802			95,688			61.9
Non-interest income:
Service charges on deposit accounts		18,231			19,175			20,039			19,238			20,318			(10.3	)
Fiduciary and asset management fees		10,835			10,763			11,631			11,879			11,537			(6.1	)
Brokerage revenue		6,647			6,939			6,556			6,291			6,220			6.9
Mortgage revenue		6,003			4,847			7,427			5,547			2,495			140.6
Bankcard fees		7,579			7,150			11,562			12,125			10,657			(28.9	)
Investment securities gains (losses), net		20,083			10,337			62,873			377			1,420			nm
Other fee income		4,700			4,310			5,423			5,289			4,931			(4.7	)
Increase (decrease) in fair value of private equity investments, net		93			(177	)		(771	)		(301	)		132			(29.5	)
Other non-interest income		9,968			10,126			8,652			7,404			6,454			54.4
Total non-interest income		84,139			73,470			133,392			67,849			64,164			31.1
Non-interest expense:
Salaries and other personnel expense		92,622			93,115			93,184			91,749			93,100			(0.5	)
Net occupancy and equipment expense		26,706			27,338			27,981			28,883			29,834			(10.5	)
FDIC insurance and other regulatory fees		14,663			13,238			15,463			15,956			14,406			1.8
Foreclosed real estate expense		22,972			31,853			37,108			39,872			24,737			(7.1	)
Losses (gains) on other loans held for sale, net		959			(145	)		(846	)		480			(2,226	)		nm
Professional fees		9,267			10,321			10,135			10,893			9,236			0.3
Data processing expense		8,024			8,532			9,024			9,251			8,950			(10.3	)
Visa indemnification charges		2,979			5,942			—			92			4			nm
Restructuring charges		858			639			2,587			3,106			24,333			(96.5	)
Loss on curtailment of post-retirement defined benefit plan		—			—			—			—			398			nm
Other operating expenses		24,083			28,249			27,916			22,133			36,944			(34.8	)
Total non-interest expense		203,133			219,082			222,552			222,415			239,716			(15.3	)
Income (loss) before income taxes		35,916			26,979			37,118			(43,764	)		(79,864	)		nm
Income tax (benefit) expense		(77	)		(378	)		6,910			(4,764	)		(456	)		nm
Net income (loss)		35,993			27,357			30,208			(39,000	)		(79,408	)		nm
Net loss attributable to non-controlling interest		—			—			—			—			(220	)		nm
Net income (loss) available to controlling interest		35,993			27,357			30,208			(39,000	)		(79,188	)		nm
Dividends and accretion of discount on preferred stock		14,624			14,578			14,541			14,504			14,466			1.1
Net income (loss) available to common shareholders	$	21,369			12,779			15,667			(53,504	)		(93,654	)		nm
Basic EPS
Net income (loss) available to common shareholders		0.027			0.016			0.020			(0.068	)		(0.119	)		nm
Diluted EPS
Net income (loss) available to common shareholders		0.024			0.014			0.017			(0.068	)		(0.119	)		nm
Cash dividends declared per common share		0.01			0.01			0.01			0.01			0.01			—
Return on average assets *		0.53	%		0.39			0.42			(0.55	)		(1.09	)		nm
Return on average common equity *		4.49			2.66			3.20			(10.95	)		(18.46	)		nm
Average common shares outstanding - basic		786,135			785,289			785,280			785,277			785,243			0.1	%
Average common shares outstanding - diluted		908,986			911,253			911,247			785,277			785,243			15.8

nm - not meaningful

* - ratios are annualized

Synovus

BALANCE SHEET DATA

(Unaudited)

	March 31, 2012			December 31, 2011			March 31, 2011
(In thousands, except share data)
ASSETS
Cash and due from banks	$	485,074			510,423			407,201
Interest bearing funds with Federal Reserve Bank		1,781,002			1,567,006			2,541,884
Interest earning deposits with banks		11,963			13,590			22,217
Federal funds sold and securities purchased under resale agreements		123,676			158,916			129,938
Trading account assets, at fair value		16,398			16,866			17,641
Mortgage loans held for sale, at fair value		96,837			161,509			112,246
Other loans held for sale		19,610			30,156			111,057
Investment securities available for sale, at fair value		3,713,503			3,690,125			3,346,483
Loans, net of unearned income		19,843,698			20,079,813			20,997,422
Allowance for loan losses		(507,794	)		(536,494	)		(678,426	)
Loans, net		19,335,904			19,543,319			20,318,996
Premises and equipment, net		479,976			486,923			495,490
Goodwill		24,431			24,431			24,431
Other intangible assets, net		7,589			8,525			11,424
Other assets		968,829			951,056			1,139,195
Total assets	$	27,064,792			27,162,845			28,678,203
LIABILITIES AND EQUITY
Liabilities:
Deposits:
Non-interest bearing deposits	$	5,535,844			5,366,868			4,698,580
Interest bearing deposits, excluding brokered deposits		15,195,149			15,261,710			15,528,685
Brokered deposits		1,406,709			1,783,174			2,978,614
Total deposits		22,137,702			22,411,752			23,205,879
Federal funds purchased and other short-term borrowings		315,857			313,757			425,209
Long-term debt		1,351,823			1,364,727			1,912,954
Other liabilities		437,647			245,157			251,462
Total liabilities		24,243,029			24,335,393			25,795,504
Equity:
Shareholders’ equity:
Cumulative perpetual preferred stock, no par value (1)		949,536			947,017			939,691
Common stock, par value $1.00 (2)		792,269			790,989			790,968
Additional paid-in capital		2,226,844			2,241,171			2,352,329
Treasury stock, at cost (3)		(114,176	)		(114,176	)		(114,176	)
Accumulated other comprehensive income		(2,195	)		21,093			40,149
Accumulated deficit		(1,030,515	)		(1,058,642	)		(1,126,356	)
Total shareholders’ equity		2,821,763			2,827,452			2,882,605
Non-controlling interest in subsidiaries		—			—			94
Total equity		2,821,763			2,827,452			2,882,699
Total liabilities and equity	$	27,064,792			27,162,845			28,678,203

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

(2) Common shares outstanding: 786,575,497; 785,295,428; and 785,274,094 at March 31, 2012, December 31, 2011, and March 31, 2011, respectively.

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

Synovus

AVERAGE BALANCES AND YIELDS/RATES (1)

(Unaudited)

	2012			2011
(Dollars in thousands)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Interest Earning Assets
Taxable investment securities (2)	$	3,577,026			3,647,459			3,152,589			3,172,818			3,264,581
Yield		2.34	%		2.59			3.28			3.46			3.56
Tax-exempt investment securities (2) (4)	$	23,559			25,566			27,903			31,264			44,228
Yield (taxable equivalent)		6.36	%		6.57			6.66			6.73			6.84
Trading account assets	$	14,975			19,107			14,601			16,881			20,281
Yield		7.45	%		4.87			5.76			5.27			5.13
Commercial loans (3) (4)	$	16,144,615			16,276,207			16,535,371			16,983,912			17,555,733
Yield		4.76	%		4.82			4.88			4.92			4.98
Consumer loans (3)	$	3,866,084			3,871,393			3,869,698			3,879,042			3,914,222
Yield		4.94	%		4.95			5.06			5.10			5.25
Allowance for loan losses	$	(529,669	)		(587,956	)		(632,082	)		(678,851	)		(698,609	)
Loans, net (3)	$	19,481,030			19,559,644			19,772,987			20,184,103			20,771,346
Yield		4.94	%		5.01			5.09			5.14			5.21
Mortgage loans held for sale	$	112,040			161,632			91,257			79,340			152,981
Yield		4.88	%		4.58			5.74			6.16			4.74
Federal funds sold, due from Federal Reserve Bank,and other short-term investments	$	1,830,295			2,221,728			3,075,470			2,929,515			3,033,284
Yield		0.24	%		0.24			0.24			0.25			0.25
Federal Home Loan Bank and Federal Reserve Bank stock (5)	$	78,100			84,171			96,442			104,727			111,096
Yield		1.43	%		0.93			0.90			0.87			0.90
Total interest earning assets	$	25,117,025			25,719,307			26,231,249			26,518,648			27,397,797
Yield		4.22	%		4.23			4.28			4.37			4.42
Interest Bearing Liabilities
Interest bearing demand deposits	$	3,540,327			3,457,677			3,302,439			3,379,243			3,526,730
Rate		0.25	%		0.26			0.30			0.32			0.33
Money market accounts	$	6,755,769			6,697,334			6,636,751			6,306,399			6,550,623
Rate		0.49	%		0.57			0.73			0.77			0.76
Savings deposits	$	534,118			516,520			521,604			520,518			493,504
Rate		0.12	%		0.12			0.13			0.14			0.14
Time deposits under $100,000	$	1,967,084			2,062,171			2,131,453			2,124,525			2,212,215
Rate		1.08	%		1.17			1.27			1.38			1.53
Time deposits over $100,000	$	2,480,044			2,710,893			2,912,476			2,978,929			3,291,202
Rate		1.33	%		1.40			1.49			1.57			1.65
Brokered money market accounts	$	223,113			236,973			325,002			390,048			393,981
Rate		0.28	%		0.27			0.39			0.47			0.51
Brokered time deposits	$	1,346,868			1,689,538			2,053,811			2,471,620			2,665,314
Rate		1.89	%		1.87			1.88			1.87			1.83
Total interest bearing deposits	$	16,847,323			17,371,106			17,883,536			18,171,282			19,133,569
Rate		0.73	%		0.82			0.95			1.01			1.05
Federal funds purchased and other short-term liabilities	$	296,018			329,343			368,311			449,815			412,008
Rate		0.24	%		0.26			0.28			0.26			0.29
Long-term debt	$	1,386,324			1,443,825			1,693,673			1,901,130			1,891,576
Rate		3.19	%		2.78			2.45			2.30			2.39
Total interest bearing liabilities	$	18,529,665			19,144,274			19,945,520			20,522,227			21,437,153
Rate		0.90	%		0.96			1.06			1.11			1.15
Non-interest bearing demand deposits	$	5,397,964			5,413,322			5,175,521			4,911,044			4,821,237
Net interest margin		3.55	%		3.52			3.47			3.51			3.52
Taxable equivalent adjustment	$	798			844			880			893			964

(1) Yields and rates are annualized.

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

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

(4) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 35%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.

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

Synovus

LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION

(Unaudited)

(Dollars in thousands)	March 31, 2012
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	$	760,911			3.8	%	$	7,534		0.9	%
Hotels		769,000			3.9			7,094		0.8
Office Buildings		758,107			3.8			6,873		0.8
Shopping Centers		936,503			4.7			11,931		1.4
Commercial Development		276,157			1.4			34,018		4.1
Warehouses		482,823			2.4			6,355		0.8
Other Investment Property		463,307			2.3			5,338		0.6
Total Investment Properties		4,446,808			22.3			79,143		9.5
1-4 Family Construction		177,111			0.9			17,383		2.1
1-4 Family Investment Mortgage		955,819			4.8			57,611		6.9
Residential Development		421,226			2.1			103,422		12.4
Total 1-4 Family Properties		1,554,156			7.8			178,416		21.3
Land Acquisition		1,049,547			5.3			242,950		29.0
Total Commercial Real Estate		7,050,511			35.5			500,509		59.8
Commercial , Financial, and Agricultural		5,122,095			25.8			161,014		19.3
Owner-Occupied Real Estate		3,813,638			19.2			92,725		11.1
Total Commercial & Industrial		8,935,733			45.0			253,739		30.4
Home Equity Lines		1,595,675			8.0			24,795		3.0
Consumer Mortgages		1,390,126			7.0			50,944		6.1
Credit Cards		264,470			1.2			—		—
Other Retail Loans		618,487			3.1			6,053		0.7
Total Retail		3,868,758			19.5			81,792		9.8
Unearned Income		(11,304	)		nm			—		nm
Total	$	19,843,698			100.0	%	$	836,040		100.0	%

LOANS OUTSTANDING BY TYPE COMPARISON

(Unaudited)

(Dollars in thousands)	Total Loans						1Q12 vs. 4Q11						1Q12 vs. 1Q11
Loan Type	March 31, 2012			December 31, 2011			% change (1)			March 31, 2011			% change
Multi-Family	$	760,911			785,672			(12.7	)%	$	861,336			(11.7	)%
Hotels		769,000			791,444			(11.4	)		837,377			(8.2	)
Office Buildings		758,107			775,671			(9.1	)		795,144			(4.7	)
Shopping Centers		936,503			979,288			(17.6	)		1,065,314			(12.1	)
Commercial Development		276,157			286,954			(15.1	)		365,925			(24.5	)
Warehouses		482,823			489,086			(5.2	)		518,088			(6.8	)
Other Investment Property		463,307			449,198			12.6			470,379			(1.5	)
Total Investment Properties		4,446,808			4,557,313			(9.8	)		4,913,563			(9.5	)
1-4 Family Construction		177,111			199,088			(44.4	)		278,661			(36.4	)
1-4 Family Investment Mortgage		955,819			976,552			(8.5	)		1,091,498			(12.4	)
Residential Development		421,226			442,844			(19.6	)		584,440			(27.9	)
Total 1-4 Family Properties		1,554,156			1,618,484			(16.0	)		1,954,599			(20.5	)
Land Acquisition		1,049,547			1,094,821			(16.6	)		1,196,310			(12.3	)
Total Commercial Real Estate		7,050,511			7,270,618			(12.2	)		8,064,472			(12.6	)
Commercial , Financial, and Agricultural		5,122,095			5,088,420			2.7			5,128,080			(0.1	)
Owner-Occupied Real Estate		3,813,638			3,852,854			(4.1	)		3,936,498			(3.1	)
Total Commercial & Industrial		8,935,733			8,941,274			(0.2	)		9,064,578			(1.4	)
Home Equity Lines		1,595,675			1,619,585			(5.9	)		1,617,842			(1.4	)
Consumer Mortgages		1,390,126			1,411,749			(6.2	)		1,453,568			(4.4	)
Credit Cards		264,470			273,098			(12.7	)		272,519			(3.0	)
Other Retail Loans		618,487			575,475			30.1			533,338			16.0
Total Retail		3,868,758			3,879,907			(1.2	)		3,877,267			(0.2	)
Unearned Income		(11,304	)		(11,986	)		(22.9	)		(8,895	)		27.1
Total	$	19,843,698			20,079,813			(4.7	)%	$	20,997,422			(5.5	)%

(1) Percentage change is annualized.

Synovus

CREDIT QUALITY DATA

(Unaudited)

	2012			2011								1st Quarter
	First			Fourth		Third		Second		First		‘12 vs.’ 11
(Dollars in thousands)	Quarter			Quarter		Quarter		Quarter		Quarter		Change
Non-performing Loans	$	836,039			883,021		872,074		885,236		895,726		(6.7	)%
Other Loans Held for Sale (1)		18,317			30,156		53,074		89,139		110,436		(83.4	)
Other Real Estate		201,429			204,232		239,255		244,313		269,314		(25.2	)
Non-performing Assets		1,055,785			1,117,409		1,164,403		1,218,688		1,275,476		(17.2	)
Allowance for Loan Losses		507,794			536,494		595,383		631,401		678,426		(25.2	)
Net Charge-Offs - Quarter		94,749			113,454		138,344		167,184		166,867		(43.2	)
Net Charge-Offs / Average Loans - Quarter (2)		1.90	%		2.26		2.72		3.22		3.12
Non-performing Loans / Loans		4.21			4.40		4.34		4.32		4.27
Non-performing Assets / Loans, Other Loans Held for Sale & ORE		5.26			5.50		5.71		5.85		5.97
Allowance / Loans		2.56			2.67		2.96		3.08		3.23
Allowance / Non-performing Loans		60.74			60.76		68.27		71.33		75.74
Allowance / Non-performing Loans (3)		128.32			126.54		145.12		161.55		176.08
Past Due Loans over 90 days and Still Accruing	$	8,388			14,521		26,860		23,235		10,490		(20.0	)%
As a Percentage of Loans Outstanding		0.04	%		0.07		0.13		0.11		0.05
Total Past Dues Loans and Still Accruing	$	144,794			149,441		199,561		199,804		201,754		(28.2	)
As a Percentage of Loans Outstanding		0.73	%		0.74		0.99		0.97		0.96
Accruing troubled debt restructurings (TDRs)	$	651,239			668,472		640,324		551,603		545,416		19.4

(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)	March 31, 2012			December 31, 2011		March 31, 2011
Tier 1 Capital	$	2,799,794			2,780,774		2,812,101
Total Risk-Based Capital		3,518,230			3,544,089		3,591,466
Tier 1 Capital Ratio		13.19	%		12.94		12.78
Tier 1 Common Equity Ratio		8.67			8.49		8.47
Total Risk-Based Capital Ratio		16.57			16.49		16.32
Tier 1 Leverage Ratio		10.41			10.08		9.58
Common Equity as a Percentage of Total Assets (2)		6.92			6.92		6.77
Tangible Common Equity as a Percentage of Tangible Assets (3)		6.81			6.81		6.66
Tangible Common Equity as a Percentage of Risk Weighted Assets (3)		8.67			8.60		8.67
Book Value Per Common Share (4)(5)		2.05			2.06		2.14
Tangible Book Value Per Common Share (3)(5)		2.01			2.02		2.10

(1) Current quarter regulatory capital information is preliminary.

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

(3) Excludes the carrying value of goodwill and other intangible assets from common equity and total assets.

(4) Book Value Per Common Share consists of Total Shareholders’ Equity less Cumulative Perpetual Preferred Stock divided by total common shares outstanding.

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

EX-99.3

Exhibit 99.3