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 Synovus Announces Earnings for the Fourth Quarter
   Tuesday, January 27, 2015 7:01:26 AM ET

Synovus Financial Corp. (SNV ) today reported financial results for the quarter ended December 31, 2014.

Net income available to common shareholders for the fourth quarter of 2014 was $50.6 million, or $0.37 per diluted share as compared to $44.2 million, or $0.32 per diluted share for the third quarter of 2014 and $35.8 million, or $0.26 per diluted share for the fourth quarter of 2013. Adjusted earnings per diluted share for the fourth quarter of 2014 were $0.39, a 5.2% increase from the third quarter of 2014 adjusted earnings per diluted share of $0.37.

"We are pleased with our fourth quarter performance, which contributed to an overall solid 2014," said Kessel D. Stelling, Synovus Chairman and CEO. "For the year, net income available to common shareholders was $185 million, a 56.1% increase over 2013. Loans grew by 5.2%, and we saw continued broad-based improvement in credit quality, especially in the non-performing loan ratio which ended the year at 0.94%. We continued to maintain strong capital levels throughout 2014, and announced in October our plan to return excess capital to shareholders through a $250 million stock repurchase plan and a 43% increase in the common stock dividend. As we enter 2015, our focus remains on caring for customers and improving profitability through balance sheet and fee income growth, as well as a continued focus on efficiency."



2014 Highlights

-- Net income available to common shareholders for 2014 was $185.0 million, or $1.33 per diluted share as compared to $118.6 million, or $0.88 per diluted share for 2013. Diluted EPS grew 50.5% for 2014 compared to 2013.

-- Total loans ended the year at $21.10 billion, a $1.04 billion or 5.2% increase from 2013.

-- Low-cost core deposits(1) ended the year at $16.72 billion, a $589.0 million or 3.7% increase from 2013.

-- Non-performing loans, excluding loans held for sale, of $197.8 million at December 31, 2014 declined 52.5% from December 31, 2013, and the non-performing loan ratio declined 114 basis points from December 31, 2013 to 0.94% at December 31, 2014.

-- The net-charge off ratio for 2014 was 0.39%, down 30 basis points from 2013.

-- The allowance for loan losses to non-performing loans ratio(2) increased to 197.22% at December 31, 2014 compared to 95.43% at December 31, 2013.

-- Tier 1 common equity ratio increased 35 basis points from December 31, 2013 to 10.28% at December 31, 2014.

Fourth Quarter 2014 Highlights

Income Statement

Adjusted pre-tax, pre-credit costs income was $99.6 million for the fourth quarter of 2014, a decrease of $3.9 million from $103.5 million for the third quarter of 2014. The third quarter of 2014 included the benefit from a $3.6 million net insurance recovery for incurred legal fees related to litigation.

-- Net interest income was $207.5 million for the fourth quarter of 2014, up $1.2 million from $206.3 million in the previous quarter.

-- The net interest margin declined three basis points to 3.34% compared to 3.37% in the third quarter of 2014. The yield on earning assets was 3.78%, three basis points lower than the third quarter of 2014, and the effective cost of funds remained unchanged at 0.44%.

-- Total non-interest income was $64.5 million, up $564 thousand or 0.9% compared to $64.0 million for the third quarter of 2014. -- Core banking fees(3) were $33.0 million, up $208 thousand or 0.6%, driven by a $355 thousand or 4.3% increase in bankcard fees.

-- Financial Management Services revenues, consisting primarily of fiduciary and asset management fees and brokerage revenue, increased $205 thousand or 1.1%, driven by a $483 thousand increase in fiduciary and asset management fees.

-- Mortgage banking income increased $230 thousand or 4.9%.

-- Total non-interest expense for the fourth quarter of 2014 was $184.9 million, down $8.9 million from the third quarter of 2014.

-- Adjusted non-interest expense for the fourth quarter of 2014 was $172.4 million, up $5.7 million or 3.4% compared to the third quarter of 2014. -- Professional fees were $8.0 million, up $5.5 million compared to the third quarter of 2014. -- The fourth quarter of 2014 reflects elevated attorney fees related to the final resolution of one credit.

-- The third quarter of 2014 included the benefit from a $3.6 million net insurance recovery for incurred legal fees related to litigation.

-- Advertising expense was $8.1 million, an increase of $925 thousand compared to the third quarter of 2014.

Balance Sheet

-- Total loans grew $509.1 million or 9.8% annualized compared to the third quarter of 2014. -- Commercial and industrial loans grew by $275.9 million, or 10.9% annualized.

-- Commercial real estate loans grew by $155.9 million or 9.2% annualized.

-- Retail loans grew by $79.2 million, or 8.2% annualized.

-- Total average deposits for the quarter were $21.34 billion, up $397.4 million or 7.5% annualized from the previous quarter.

-- Average core deposits for the quarter were $19.73 billion, up $289.7 million or 5.9% annualized compared to the third quarter of 2014.

-- Average core deposits, excluding state, county, and municipal deposits, grew by $150.7 million or 3.4% annualized compared to the previous quarter.

Credit Quality

Broad-based improvement in credit quality continued.

-- Total credit costs were $16.4 million in the fourth quarter of 2014 compared to $15.7 million in the third quarter of 2014.

-- Non-performing loans, excluding loans held for sale, were $197.8 million at December 31, 2014, down $44.6 million or 18.4% from the previous quarter, and down $218.5 million or 52.5% from the fourth quarter of 2013. The non-performing loan ratio was 0.94% at December 31, 2014, down from 1.18% at the end of the previous quarter and 2.08% at December 31, 2013.

-- Total non-performing assets were $286.8 million at December 31, 2014, down $37.5 million or 11.6% from the previous quarter, and down $252.8 million or 46.8% from the fourth quarter of 2013. The non-performing asset ratio was 1.35% at December 31, 2014, compared to 1.57% at the end of the previous quarter and 2.67% at December 31, 2013.

-- Total delinquencies (consisting of loans 30 or more days past due and still accruing) declined to 0.24% at December 31, 2014 compared to 0.35% at September 30, 2014 and 0.36% at December 31, 2013. Total loans past due 90 days or more and still accruing were 0.02% at December, 31, 2014, unchanged from September 30, 2014 and December 31, 2013.

-- Net charge-offs were $16.3 million in the fourth quarter of 2014, up $4.0 million or 32.7% from $12.3 million in the third quarter of 2014. The annualized net charge-off ratio was 0.31% in the fourth quarter compared to 0.24% in the previous quarter.

Capital Ratios

Capital ratios remained strong and include the impact of common stock repurchases totaling $88.1 million completed during the fourth quarter of 2014.

-- Tier 1 Common Equity ratio was 10.28% at December 31, 2014 compared to 10.60% at September 30, 2014.

-- Tier 1 Capital ratio was 10.86% at December 31, 2014 compared to 11.19% at September 30, 2014.

-- Total Risk Based Capital ratio was 12.75% at December 31, 2014 compared to 13.17% at September 30, 2014.

-- Tier 1 Leverage ratio was 9.67% at December 31, 2014 compared to 9.85% at September 30, 2014.

-- Tangible Common Equity ratio was 10.69% at December 31, 2014 compared to 11.04% at September 30, 2014.

(1) Excludes the impact from the sale of deposits of the Memphis, Tennessee branches in January 2014.

(2) Excludes impaired loans with no reserve.

(3) Include service charges on deposit accounts, bankcard fees, letter of credit fees, ATM fee income, line of credit non-usage fees, and miscellaneous other service charges.

Fourth Quarter Earnings Conference Call

Synovus will host an earnings highlights conference call at 8:30 a.m. EDT on January 27, 2015. The earnings call will be accompanied by a slide presentation. Shareholders and other interested parties may listen to this conference call via simultaneous Internet broadcast. For a link to the webcast, go to www.synovus.com/webcasts. You may download RealPlayer or Windows Media Player (free download available) prior to accessing the actual call or the replay. The replay will be archived for 12 months and will be available 30-45 minutes after the call.

About Synovus

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $27 billion in assets. Synovus Financial Corp. provides commercial and retail banking, investment and mortgage services to customers through 28 locally branded divisions, 258 branches and 341 ATMs 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 banking industry and economy in general. These forward-looking statements include, among others, our expectations on credit trends and key credit metrics; expectations regarding deposits, loan growth and the net interest margin; expectations on our growth strategy, expense initiatives, and future profitability; expectations regarding our capital management, including our announced share repurchase program, 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 press release. 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, 2013 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 average core deposits; average core deposits excluding average state, county, and municipal deposits; low-cost core deposits excluding the impact from the sale of deposits of the Memphis, Tennessee branches in January 2014; Tier 1 common equity ratio; tangible common equity to tangible assets ratio; adjusted earnings per diluted share; adjusted pre-tax, pre-credit costs income; and adjusted non-interest expense 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 average deposits; total deposits; Tier 1 capital to risk-weighted assets ratio; total shareholders’ equity to total assets ratio; net income per common share, diluted; income 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 average deposits; total deposits; Tier 1 capital to risk-weighted assets ratio; total shareholders’ equity to total assets ratio; net income per common share, diluted; income before income taxes; and 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 average core deposits; average core deposits excluding average state, county, and municipal deposits; low-cost core deposits excluding the impact from the sale of deposits of the Memphis, Tennessee branches in January 2014; Tier 1 common equity ratio; tangible common equity to tangible assets ratio; adjusted earnings per diluted share; adjusted pre-tax, pre-credit costs income; and adjusted non-interest expense; and the reconciliation of these measures to total average deposits; total deposits; Tier 1 capital to risk-weighted assets ratio; total shareholders’ equity to total assets ratio; net income per common share, diluted; income before income taxes; and total non-interest expense are set forth in the tables below.

                                                                                                                                                                                                                                                         
                                                                                                                                         
------------------------------------------------------------------- -------------------- -------------------- ------------------------------------------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)                                                                                                                4Q14                                           3Q14                              2Q14                              1Q14                                        4Q13
                                                                                                              ------------------------------------------------------------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -----------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                             
Average core deposits
Average core deposits excluding state, county, and municipal
deposits
Average total deposits                                                                                                           $ 21,336,007                                                                20,938,587                                           20,863,706                                           20,725,259                                                                21,150,068
Subtract: Average brokered deposits                                                                             (1,602,354 )                                                              (1,494,620 )                                         (1,401,167 )                                         (1,234,847 )                                           (1,194,427 )
                                                                                                              -------------------- ---------- --------------------                                           ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ---------- --------------------
   Average core deposits                                                                                        19,733,653                                             19,443,967                        19,462,539                        19,490,412                          19,955,641  
                                                                                                              ==================== ========== ====================                                           ========== ====================                      ========== ====================                      ========== ====================                      ==================== ========== ====================
Subtract: Average state, county, and municipal deposits                                                         (2,184,757 )                                                              (2,045,817 )                                         (2,268,852 )                                         (2,365,096 )                                           (2,354,731 )
                                                                                                              -------------------- ---------- --------------------                                           ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                 $ 17,548,896                                             17,398,150                        17,193,687                        17,125,316                          17,600,910  
   Average core deposits excluding state, county, and municipal
   deposits
                                                                                                              ==================== ========== ====================                                           ========== ====================                      ========== ====================                      ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                             
Low-cost core deposits excluding the impact from the sale of                                                                          4Q14                                                                                                                                                                                                                                                          4Q13
deposits of the Memphis, Tennessee branches in January 2014
                                                                                                              --------------------------------------------------                                                                                                                                                                                                            --------------------------------------------------
Total deposits                                                                                                                   $ 21,531,699                                                                                                                                                                                                                                                    20,876,790
Brokered deposits                                                                                               (1,642,398 )                                                                                                                                                                                                                               (1,094,002 )
                                                                                                              -------------------- ---------- --------------------                                                                                                                                                                                                          -------------------- ---------- --------------------
Core deposits                                                                                                                      19,889,301                                                                                                                                                                                                                                                    19,782,788
Time deposits                                                                                                   (3,167,950 )                                                                                                                                                                                                                               (3,498,200 )
                                                                                                              -------------------- ---------- --------------------                                                                                                                                                                                                          -------------------- ---------- --------------------
Low-cost core deposits                                                                                                             16,721,351                                                                                                                                                                                                                                                    16,284,588
Impact from the sale of deposits of the Memphis, Tennessee branches                                                      -                                                                                                                                                                                                                (152,222 )
in January 2014
                                                                                                              -------------------- ---------- --------------------                                                                                                                                                                                                          -------------------- ---------- --------------------
                                                                                                                                 $ 16,721,351                                                                                                                                                                                                                               $ 16,132,366  
   Low-cost core deposits excluding the impact from the sale of
   deposits of the Memphis, Tennessee branches in January 2014
                                                                                                              ==================== ========== ====================                                                                                                                                                                                                          ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                             
Tier 1 Common Equity Ratio
Total shareholders’ equity                                                                                                       $  3,041,271                                                                 3,076,545                                            3,053,051                                            2,998,496                                                                 2,948,985
Add/subtract: Accumulated other comprehensive loss (income)                                                                            12,605                                                                    24,827                                               13,716                                               30,463                                                                    41,258
Subtract: Goodwill                                                                                                                    (24,431 )                                                                 (24,431 )                                            (24,431 )                                            (24,431 )                                                                 (24,431 )
Subtract: Other intangible assets, net                                                                                                 (1,265 )                                                                  (1,471 )                                             (1,678 )                                             (1,883 )                                                                  (3,415 )
Subtract: Disallowed deferred tax asset                                                                                              (492,199 )                                                                (529,342 )                                           (547,786 )                                           (579,537 )                                                                (618,516 )
Other items                                                                                                          7,644                                                  7,637                             7,619                             7,682                               7,612  
                                                                                                              -------------------- ---------- --------------------                                           ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ---------- --------------------
     Tier 1 capital                                                                                              2,543,625                                              2,553,765                         2,500,491                         2,430,790                           2,351,493  
                                                                                                              -------------------- ---------- --------------------                                           ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ---------- --------------------
Subtract: Qualifying trust preferred securities                                                                                       (10,000 )                                                                 (10,000 )                                            (10,000 )                                            (10,000 )                                                                 (10,000 )
Subtract: Series C Preferred Stock, no par value                                                                  (125,980 )                                                                (125,980 )                                           (125,980 )                                           (125,980 )                                             (125,862 )
                                                                                                              -------------------- ---------- --------------------                                           ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      -------------------- ---------- --------------------
Tier 1 common equity                                                                                                             $  2,407,645                                              2,417,785                         2,364,511                         2,294,810                           2,215,631  
                                                                                                              ==================== ========== ====================                                           ========== ====================                      ========== ====================                      ========== ====================                      ==================== ========== ====================
Risk-weighted assets                                                                                                             $ 23,431,497                                       (1)                      22,817,378                                           22,702,108                                           22,404,099                                                                22,316,091
     Tier 1 common equity ratio                                                                                      10.28 %                                     (1)                           10.60                             10.42                             10.24                                9.93  
                                                                                                              ==================== ========== ====================                                           ========== ====================                      ========== ====================                      ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                 
                                                                                                                                                                    
--------------------------------------------------------------------------- -------------------- -------------------- --------------------------------------------------   -------------------- --------------------------------------------------   -------------------- ------------------------------  -------------------- ------------------------------  -------------------- ------------------------------
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)                                                                                                                        4Q14                                                                      3Q14                                                            2Q14                                                 1Q14                                                 4Q13
                                                                                                                      --------------------------------------------------                        --------------------------------------------------                        ------------------------------                       ------------------------------                       ------------------------------
                                                                                                                                                                                                                                                                                                                                                                                     
Tangible common equity to tangible assets ratio
Total assets                                                                                                                             $ 27,051,231                                                                26,519,110                                           26,627,290                                           26,435,426                                           26,201,604
Subtract: Goodwill                                                                                                                            (24,431 )                                                                 (24,431 )                                            (24,431 )                                            (24,431 )                                            (24,431 )
Subtract: Other intangible assets, net                                                                                      (1,265 )                                               (1,471 )                                             (1,678 )                                             (1,883 )                                             (3,415 )
                                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
     Tangible assets                                                                                                    27,025,535                          26,493,208                        26,601,181                        26,409,112                        26,173,758  
                                                                                                                      ==================== ========== ====================                      ==================== ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                     
Total shareholders’ equity                                                                                       3,041,271                                                                 3,076,545                                            3,053,051                                            2,998,496                                            2,948,985
Subtract: Goodwill                                                                                                                            (24,431 )                                                                 (24,431 )                                            (24,431 )                                            (24,431 )                                            (24,431 )
Subtract: Other intangible assets, net                                                                                                         (1,265 )                                                                  (1,471 )                                             (1,678 )                                             (1,883 )                                             (3,415 )
Subtract: Series C Preferred Stock, no par value                                                                          (125,980 )                                             (125,980 )                                           (125,980 )                                           (125,980 )                                           (125,862 )
                                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
     Tangible common equity                                                                                                              $  2,889,595                           2,924,663                         2,900,962                         2,846,202                         2,795,277  
                                                                                                                      ==================== ========== ====================                      ==================== ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
Total shareholders’ equity to total assets ratio                                                                     11.24 %                                                                   11.60                                                11.47                                                11.34                                                11.25
Tangible common equity to tangible assets ratio                                                                                                 10.69 %                                                                   11.04                                                10.91                                                10.78                                                10.68
                                                                                                                                                                                                                                                                                                                                                                                     
Adjusted earnings per diluted share
Net income available to common shareholders                                                                                              $     50,612                                                              $     44,229
Add: Litigation settlement expenses (after-tax)                                                                                                   283                                                                     7,545
Add: Recovery of previously incurred legal costs related to certain                                                                                 -                                                                    (2,211 )
legal matters, net of legal cost incurred in 3Q14 related to those
same legal matters (after-tax) (2)
Add: Restructuring charges (after-tax)                                                                                                          2,129                                                                       494
Add: Visa indemnification charges (after-tax)                                                                                  189                               1,209  
                                                                                                                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Adjusted net income available to common shareholders                                                                                     $     53,213                              51,266  
                                                                                                                      ==================== ========== ====================                      ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                     
Weighted average common shares outstanding - diluted                                                                                          137,831                                                                   139,726
                                                                                                                                                                                                                                                                                                                                                                                     
Adjusted earnings per diluted share                                                                $       0.39             0.37                                    
--------------------------------------------------------------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                            
--------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
Reconciliation of Non-GAAP Financial Measures, continued                                                                                                                                                           
(dollars in thousands)                                                         4Q14                                         3Q14                              2Q14                              1Q14                              4Q13
                                                                         -------------------------------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
                                                                                                                                                                                                                                                                                                                    
Adjusted Pre-tax, Pre-credit Costs Income
Income before income taxes                                                                  $      78,928                                               72,656                                               73,950                                               77,024                                               59,710
Add: Provision for losses on loans                                                                  8,193                                                3,843                                               12,284                                                9,511                                               14,064
Add: Other credit costs(3)                                                                          8,213                                               11,858                                                4,635                                                8,128                                                8,285
Add: Restructuring charges                                                                          3,484                                                  809                                                7,716                                                8,577                                                3,770
Add: Litigation settlement expenses (4)                                                               463                                               12,349                                                    -                                                    -                                               10,000
Subtract: Investment securities gains, net                                                              -                                                    -                                                    -                                               (1,331 )                                               (373 )
Add: Visa indemnification charges                                                                     310                                                1,979                                                  356                                                  396                                                  799
Subtract: Gain on sale of Memphis branches, net (5)                                  -                                 -                                 -                            (5,789 )                                                  -  
                                                                         -------------------- ----------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
   Pre-tax, pre-credit costs income                                                         $      99,591                           103,494                            98,941                            96,516                            96,255  
                                                                         ==================== =========== ====================                      ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                                                                                                                                                                                                                    
Adjusted Non-interest Expense
Total non-interest expense                                                                  $     184,883                                              193,749                                              182,205                                              184,161                                              190,738
Subtract: Other credit costs(3)                                                                    (8,213 )                                            (11,858 )                                             (4,635 )                                             (8,128 )                                             (8,285 )
Subtract: Restructuring charges                                                                    (3,484 )                                               (809 )                                             (7,716 )                                             (8,577 )                                             (3,770 )
Subtract: Visa indemnification charges                                                               (310 )                                             (1,979 )                                               (356 )                                               (396 )                                               (799 )
Subtract: Litigation settlement expenses (4)                                      (463 )                                            (12,349 )                                                  -                                 -                           (10,000 )
                                                                         -------------------- ----------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------                      ---------- --------------------
   Adjusted non-interest expense                                                            $     172,413                           166,754                           169,498                           167,060                           167,884  
                                                                         ==================== =========== ====================                      ========== ====================                      ========== ====================                      ========== ====================                      ========== ====================
                                                                                                                      
--------------------------------------------------- -------------------- -------------------------------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
                                                                                                                                                                                                                                                                                                                    
(1) Preliminary
 
(2) Recovery of previously incurred legal costs
represents a reimbursement from an insurance carrier for attorney
fees incurred in previous periods in connection with certain
litigation. This amount, net of attorney fees incurred in 3Q14
relating to the same legal matters, is recorded as a component of
professional fees in the consolidated income statement. These
items are also a component of adjusted pre-tax, pre-credit costs
income.
 
(3) Other credit costs consist primarily of foreclosed
real estate expense, net.
 
(4) Amounts consist of litigation settlement expenses,
including loss contingency accruals, with respect to certain legal
matters. Amounts for other periods presented herein are not reported
separately as amounts are not material.
 
(5) Consists of gain, net of associated costs, from the
sale of certain loans, premises, deposits, and other assets and
liabilities of the Memphis, Tennessee branches of Trust One Bank, a
division of Synovus Bank.
 
Synovus                                                                                                                                          
                                                                                                                                                                                                                                                    
           INCOME STATEMENT DATA                                                                                                                                Twelve Months Ended
           (Unaudited)
           (Dollars in thousands, except per share data)                                                                                                           December 31,
                                                                                                             
                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                    
                                                                                                        2014                                                           2013                                                          Change
                                                                                                             
                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                    
           Interest income                                                                    $              928,692                                                        929,014                                                          (0.0) %
           Interest expense                                                                                  109,408                                                        118,822                                                          (7.9)
                                                                                                                                                                                         
                                                                                                --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                    
           Net interest income                                                                               819,284                                                        810,192                                                            1.1
           Provision for loan losses                                                                          33,831                                                         69,598                                                         (51.4)
                                                                                                                                                                                         
                                                                                                --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                    
           Net interest income after provision for loan losses                                               785,453                                                        740,594                                                            6.1
                                                                                                                                                                                         
                                                                                                --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                    
           Non-interest income:
               Service charges on deposit accounts                                                            78,897                                                         77,789                                                            1.4
               Fiduciary and asset management fees                                                            45,226                                                         43,450                                                            4.1
               Brokerage revenue                                                                              27,088                                                         27,538                                                          (1.6)
               Mortgage banking income                                                                        18,354                                                         22,482                                                         (18.4)
               Bankcard fees                                                                                  32,931                                                         30,641                                                            7.5
               Investment securities gains, net                                                                1,331                                                          2,945                                                         (54.8)
               Other fee income                                                                               19,130                                                         22,567                                                         (15.2)
               Decrease in fair value of private equity investments, net                                       (378)                                                        (2,963)                                                           87.2
               Gain on sale of Memphis branches, net (1)                                                       5,789                                                              -                                                             nm
               Other non-interest income                                                                      33,736                                                         29,122                                                           15.8
                                                                                                                                                                                         
                                                                                                --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                    
           Total non-interest income                                                                         262,104                                                        253,571                                                            3.4
                                                                                                                                                                                         
                                                                                                --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                    
           Non-interest expense:
              Salaries and other personnel expense                                                           371,904                                                        368,152                                                            1.0
              Net occupancy and equipment expense                                                            105,806                                                        103,339                                                            2.4
              Third-party processing expense                                                                  40,042                                                         40,135                                                          (0.2)
              FDIC insurance and other regulatory fees                                                        34,043                                                         32,758                                                            3.9
              Professional fees                                                                               26,440                                                         38,776                                                         (31.8)
              Advertising expense                                                                             24,037                                                          8,971                                                          167.9
              Foreclosed real estate expense, net                                                             25,321                                                         33,864                                                         (25.2)
              Losses on other loans held for sale, net                                                         1,567                                                            329                                                          376.3
              Visa indemnification charges                                                                     3,041                                                          1,600                                                           90.1
              Litigation settlement expenses (2)                                                              12,812                                                         10,000                                                           28.1
              Restructuring charges                                                                           20,585                                                         11,064                                                           86.1
              Other operating expenses                                                                        79,400                                                         92,549                                                         (14.2)
                                                                                                                                                                                         
                                                                                                --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                    
           Total non-interest expense                                                                        744,998                                                        741,537                                                            0.5
                                                                                                                                                                                         
                                                                                                --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                    
           Income before income taxes                                                                        302,559                                                        252,628                                                           19.8
           Income tax expense                                                                                107,310                                                         93,245                                                           15.1
                                                                                                                                                                                         
                                                                                                --------------------                                           --------------------                                           --------------------
           Net income                                                                                        195,249                                                        159,383                                                           22.5
                                                                                                                                                                                                                                                    
           Dividends and accretion of discount on preferred stock                                             10,238                                                         40,830                                                         (74.9)
                                                                                                --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
           Net income available to common shareholders                                        $              185,011                                                        118,553                                                           56.1
                                                                                                ====================                                           ====================                                           ====================
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
           Net income per common share, basic (3)                                                               1.34                                                           0.93                                                           43.7
                                                                                                                                                                                                                                                    
           Net income per common share, diluted (3)                                                             1.33                                                           0.88                                                           50.5
                                                                                                                                                                                                                                                    
           Cash dividends declared per common share (3)                                                         0.31                                                           0.28                                                           10.7
                                                                                                                                                                                                                                                    
           Return on average assets                                                                             0.74 %                                                         0.61                                                           21.3
           Return on average common equity                                                                      6.38                                                           4.39                                                           45.3
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
           Weighted average common shares outstanding, basic (3)                                             138,495                                                        127,495                                                            8.6 %
           Weighted average common shares outstanding, diluted (3)                                           139,154                                                        134,226                                                            3.7
                                                                                                                                                                                                                                                    
 nm - not meaningful
                                                                                                                                                                                                                                                    
       (1) Consists of gain, net of associated costs, from the sale of
           certain loans, premises, deposits, and other assets and
           liabilities of the Memphis, Tennessee branches of Trust One Bank,
           a division of Synovus Bank.
            
       (2) Amounts consist of litigation settlement expenses, including loss
           contingency accruals, with respect to certain legal matters.
                                                                                                                                                                                                                                                 
       (3) Share and per share data for prior periods has been restated to
           reflect the 1-for-7 reverse stock split which was effective on May
           16, 2014.
                                                                                                                                                                                                                                                     
Synovus
                                                                                                                                                                                                                                                                                                                                                        
             INCOME STATEMENT DATA
             (Unaudited)
             (In thousands, except per share data)                                                                                                                2014                                                                                                     2013                                                        4th Quarter
                                                                                                                                     
                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                       Fourth                                     Third                                    Second                                     First                                    Fourth                                      ’14 vs. ’13
                                                                                                                       Quarter                Quarter                Quarter                Quarter                Quarter                       Change
                                                                                                                -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                        
             Interest income                                                                                  $              234,703                                   233,394                                   232,213                                   228,382                                   233,258                                       0.6 %
             Interest expense                                                                                                 27,248                                    27,131                                    27,162                                    27,868                                    28,927                                     (5.8)
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                        
             Net interest income                                                                                             207,455                                   206,263                                   205,051                                   200,514                                   204,331                                       1.5
             Provision for loan losses                                                                                         8,193                                     3,843                                    12,284                                     9,511                                    14,064                                    (41.7)
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                        
             Net interest income after provision for loan losses                                                             199,262                                   202,420                                   192,767                                   191,003                                   190,267                                       4.7
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                        
             Non-interest income:
                 Service charges on deposit accounts                                                                          20,287                                    20,159                                    19,238                                    19,214                                    19,647                                       3.3
                 Fiduciary and asset management fees                                                                          11,690                                    11,207                                    11,296                                    11,033                                    10,978                                       6.5
                 Brokerage revenue                                                                                             6,887                                     7,281                                     6,707                                     6,213                                     6,307                                       9.2
                 Mortgage banking income                                                                                       4,895                                     4,665                                     5,283                                     3,511                                     2,913                                      68.0
                 Bankcard fees                                                                                                 8,536                                     8,182                                     8,695                                     7,518                                     7,979                                       7.0
                 Investment securities gains, net                                                                                  -                                         -                                         -                                     1,331                                       373                                        nm
                 Other fee income                                                                                              4,635                                     4,704                                     4,928                                     4,863                                     6,106                                    (24.1)
                 Increase (decrease) in fair value of private equity investments, net                                            136                                     (144)                                     (119)                                     (250)                                   (2,108)                                        nm
                 Gain on sale of Memphis branches, net (1)                                                                         -                                         -                                         -                                     5,789                                         -                                        nm
                 Other non-interest income                                                                                     7,483                                     7,931                                     7,360                                    10,960                                     7,986                                     (6.3)
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                        
             Total non-interest income                                                                                        64,549                                    63,985                                    63,388                                    70,182                                    60,181                                       7.3
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
             Non-interest expense:
                Salaries and other personnel expense                                                                          92,049                                    93,870                                    92,540                                    93,445                                    91,962                                       0.1
                Net occupancy and equipment expense                                                                           26,370                                    26,956                                    26,425                                    26,056                                    26,314                                       0.2
                Third-party processing expense                                                                                10,437                                    10,044                                     9,464                                    10,097                                     9,689                                       7.7
                FDIC insurance and other regulatory fees                                                                       8,262                                     8,013                                     8,049                                     9,719                                     8,699                                     (5.0)
                Professional fees                                                                                              8,013                                     2,526                                     8,224                                     7,677                                     9,855                                    (18.7)
                Advertising expense                                                                                            8,102                                     7,177                                     6,281                                     2,477                                     2,458                                     229.6
                Foreclosed real estate expense, net                                                                            6,502                                     9,074                                     4,063                                     5,681                                     5,064                                      28.4
                (Gains) losses on other loans held for sale, net                                                               (482)                                     (176)                                      (40)                                     2,266                                     (159)                                        nm
                Visa indemnification charges                                                                                     310                                     1,979                                       356                                       396                                       799                                    (61.2)
                Litigation settlement expenses (2)                                                                               463                                    12,349                                         -                                         -                                    10,000                                    (95.4)
                Restructuring charges                                                                                          3,484                                       809                                     7,716                                     8,577                                     3,770                                     (7.6)
                Other operating expenses                                                                                      21,373                                    21,128                                    19,127                                    17,770                                    22,287                                     (4.1)
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
             Total non-interest expense                                                                                      184,883                                   193,749                                   182,205                                   184,161                                   190,738                                     (3.1)
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                        
             Income before income taxes                                                                                       78,928                                    72,656                                    73,950                                    77,024                                    59,710                                      32.2
             Income tax expense                                                                                               25,757                                    25,868                                    27,078                                    28,608                                    21,130                                      21.9
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                        
             Net income                                                                                                       53,171                                    46,788                                    46,872                                    48,416                                    38,580                                      37.8
                                                                                                                                                                                                                                                                                                                                                        
             Dividends on preferred stock                                                                                      2,559                                     2,559                                     2,559                                     2,559                                     2,730                                     (6.3)
                                                                                                                --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                        
             Net income available to common shareholders                                                      $               50,612                                    44,229                                    44,313                                    45,857                                    35,850                                      41.2 %
                                                                                                                ====================                      ====================                      ====================                      ====================                      ====================                      ====================
                                                                                                                                                                                                                                                                                                                                                        
             Net income per common share, basic (3)                                                           $                 0.37                                      0.32                                      0.32                                      0.33                                      0.26                                      43.1 %
                                                                                                                                                                                                                                                                                                                                                        
             Net income per common share, diluted (3)                                                                           0.37                                      0.32                                      0.32                                      0.33                                      0.26                                      42.8
                                                                                                                                                                                                                                                                                                                                                        
             Cash dividends declared per common share (3)                                                                       0.10                                      0.07                                      0.07                                      0.07                                      0.07                                      42.9
                                                                                                                                                                                                                                                                                                                                                        
             Return on average assets                                                                                           0.79 %                                    0.70 %                                    0.71                                      0.75                                      0.58                                      36.2
             Return on average common equity                                                                                    6.89                                      5.97                                      6.14                                      6.52                                      5.04                                      36.7
                                                                                                                                                                                                                                                                                                                                                        
             Weighted average common shares outstanding, basic (3)                                                           137,031                                   139,043                                   138,991                                   138,932                                   138,897                                     (1.3)
             Weighted average common shares outstanding, diluted (3)                                                         137,831                                   139,726                                   139,567                                   139,504                                   139,419                                     (1.1)
                                                                                                                                                                                                                                                                                                                                                        
 nm - not meaningful
* - ratios are annualized
                                                                                                                                                                                                                                                                                                                                                        
         (1) Consists of gain, net of associated costs, from the sale of
             certain loans, premises, deposits, and other assets and
             liabilities of the Memphis, Tennessee branches of Trust One Bank,
             a division of Synovus Bank.
              
         (2) Amounts consist of litigation settlement expenses, including loss
             contingency accruals, with respect to certain legal matters.
             Amounts for other periods presented herein are not reported
             separately as amounts are not material.
              
         (3) Share and per share data for prior periods has been restated to
             reflect the 1-for-7 reverse stock split which was effective on May
             16, 2014.
                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                               
Synovus
                                                                                                                                                                                          
                                                                                                 --------------------                                           --------------------                                           --------------------
    BALANCE SHEET DATA                                                                             December 31, 2014                                             September 30, 2014                                              December 31, 2013
                                                                                                 --------------------                                           --------------------                                           --------------------
    (Unaudited)
                                                                                                                                                                                                                                
    (In thousands, except share data)
                                                                                                                                                                                                                                
    ASSETS
    Cash and cash equivalents                                                                  $              485,489                                                        386,402                                                        469,630
    Interest bearing funds with Federal Reserve Bank                                                          721,362                                                        750,446                                                        644,528
    Interest earning deposits with banks                                                                       11,810                                                         13,612                                                         24,325
    Federal funds sold and securities purchased under resale agreements                                        73,111                                                         70,918                                                         80,975
    Trading account assets, at fair value                                                                      13,863                                                         12,705                                                          6,113
    Mortgage loans held for sale, at fair value                                                                63,328                                                         72,333                                                         45,384
    Other loans held for sale                                                                                   3,606                                                            338                                                         10,685
    Investment securities available for sale, at fair value                                                 3,041,406                                                      3,050,257                                                      3,199,358
                                                                                                                                                                                                                                
    Loans, net of deferred fees and costs                                                                  21,097,699                                                     20,588,566                                                     20,057,798
    Allowance for loan losses                                                                               (261,317)                                                      (269,376)                                                      (307,560)
                                                                                                 --------------------                                           --------------------                                           --------------------
       Loans, net                                                                                          20,836,382                                                     20,319,190                                                     19,750,238
                                                                                                 --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                
    Premises and equipment, net                                                                               455,235                                                        456,633                                                        468,871
    Goodwill                                                                                                   24,431                                                         24,431                                                         24,431
    Other intangible assets, net                                                                                1,265                                                          1,471                                                          3,415
    Other real estate                                                                                          85,472                                                         81,636                                                        112,629
    Deferred tax asset, net                                                                                   622,464                                                        656,151                                                        744,646
    Other assets                                                                                              612,007                                                        622,587                                                        616,376
                                                                                                 --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                
       Total assets                                                                            $           27,051,231                                                     26,519,110                                                     26,201,604
                                                                                                 ====================                                           ====================                                           ====================
                                                                                                                                                                                                                                
                                                                                                                                                                                                                                
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    Liabilities:
       Deposits:
          Non-interest bearing deposits                                                        $            6,228,472                                                      5,813,809                                                      5,642,751
          Interest bearing deposits, excluding brokered deposits                                           13,660,830                                                     13,609,038                                                     14,140,037
          Brokered deposits                                                                                 1,642,398                                                      1,566,934                                                      1,094,002
                                                                                                 --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                
          Total deposits                                                                                   21,531,700                                                     20,989,781                                                     20,876,790
                                                                                                                                                                                                                                
    Federal funds purchased and securities sold under repurchase                                              126,916                                                        107,160                                                        148,132
    agreements
    Long-term debt                                                                                          2,140,319                                                      2,130,934                                                      2,033,141
    Other liabilities                                                                                         211,026                                                        214,690                                                        194,556
                                                                                                 --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                
       Total liabilities                                                                                   24,009,961                                                     23,442,565                                                     23,252,619
                                                                                                 --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                
                                                                                                                                                                                                                                
                                                                                                                                                                                                                                
    Shareholders’ equity:
       Series C Preferred Stock - no par value, 5,200,000 shares                                              125,980                                                        125,980                                                        125,862
       outstanding at December 31, 2014, September 30, 2014, and December
       31, 2013
       Common stock - $1.00 par value. 136,122,843 shares outstanding at                                      139,950                                                        139,878                                                        139,721
       December 31, 2014, 139,064,621 shares outstanding at September 30,
       2014, and 138,907,351 shares outstanding at December 31, 2013
       (1)
       Additional paid-in capital                                                                           2,960,825                                                      2,974,319                                                      2,976,348
       Treasury stock, at cost - 3,827,579 shares at December 31, 2014,                                     (187,774)                                                      (114,176)                                                      (114,176)
       813,350 shares at September 30, 2014 and December 31, 2013 (1)
       Accumulated other comprehensive loss, net                                                             (12,605)                                                       (24,827)                                                       (41,258)
       Retained earnings (deficit)                                                                             14,894                                                       (24,629)                                                      (137,512)
                                                                                                 --------------------                                           --------------------                                           --------------------
       Total shareholders’ equity                                                                           3,041,270                                                      3,076,545                                                      2,948,985
                                                                                                                                                                                                                                
        Total liabilities and shareholders’ equity                                             $           27,051,231                                                     26,519,110                                                     26,201,604
                                                                                                 ====================                                           ====================                                           ====================
                                                                                                                                                                                                                                
(1) Share and per share data for prior periods has been restated to
    reflect the 1-for-7 reverse stock split which was effective on May
    16, 2014.
                                                                           
                                                                                                                                                                                                                        
Synovus
   
                     AVERAGE BALANCES AND YIELDS/RATES (1)
                     (Unaudited)
                     (Dollars in thousands)
                                                                                                                                                                                      2014                                                                                                                                    2013
                                                                                                                           
                                                                                                    -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                Fourth                                                          Third                                    Second                                                          First                                    Fourth
                                                                                                                                Quarter                                                        Quarter                                   Quarter                                                        Quarter                                   Quarter
                                                                                                                           
                                                                                                    -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                     Interest Earning Assets
                                
                     ---------------------------- ----------------------------
                     Taxable investment securities (2)                                                                 $            3,027,769                                                      3,035,940                                 3,091,537                                                      3,181,678                                 3,196,561
                                                  Yield                                                                                  1.85 %                                                         1.84                                      1.87                                                           1.91                                      1.90
                                                                                                                                                                                                                                                                                                                                            
                     Tax-exempt investment securities (2) (4)                                                          $                5,030                                                          5,168                                     5,781                                                          6,421                                     7,758
                                                  Yield (taxable equivalent)                                                             6.19 %                                                         6.21                                      6.23                                                           6.24                                      6.14
                                                                                                                                                                                                                                                                                                                                            
                     Trading account assets                                                                            $               12,879                                                         16,818                                    16,011                                                         20,346                                    10,021
                                                  Yield                                                                                  3.08 %                                                         2.52                                      2.25                                                           3.16                                      4.60
                                                                                                                                                                                                                                                                                                                                            
                     Commercial loans (3) (4)                                                                          $           16,956,294                                                     16,603,287                                16,673,930                                                     16,451,594                                16,217,373
                                                  Yield                                                                                  4.09 %                                                         4.17                                      4.19                                                           4.21                                      4.28
                                                                                                                                                                                                                                                                                                                                            
                     Consumer loans (3)                                                                                $            3,895,397                                                      3,814,160                                 3,695,010                                                      3,628,347                                 3,615,836
                                                  Yield                                                                                  4.42 %                                                         4.44                                      4.51                                                           4.53                                      4.50
                                                                                                                                                                                                                                                                                                                                            
                     Allowance for loan losses                                                                         $            (268,659)                (274,698)              (293,320)                (307,078)              (316,001)
                                                                                                                         -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                            
                     Loans, net (3)                                                                                    $           20,583,032                                                     20,142,749                                20,075,620                                                     19,772,863                                19,517,208
                                                  Yield                                                                                  4.22 %                                                         4.29                                      4.32                                                           4.34                                      4.40
                                                                                                                                                                                                                                                                                                                                            
                     Mortgage loans held for sale                                                                      $               60,892                                                         70,766                                    59,678                                                         38,699                                    46,036
                                                  Yield                                                                                  3.84 %                                                         3.96                                      4.13                                                           4.15                                      3.94
                                                                                                                                                                                                                                                                                                                                            
                     Federal funds sold, due from Federal Reserve Bank,
                     and other short-term investments                                                                  $              898,871                                                        974,363                                   843,018                                                        935,300                                 1,235,144
                                                  Yield                                                                                  0.23 %                                                         0.23                                      0.23                                                           0.23                                      0.24
                                                                                                                                                                                                                                                                                                                                            
                     Federal Home Loan Bank and Federal Reserve Bank stock (5)                                         $               75,547                                                         78,131                                    76,172                                                         82,585                                    70,815
                                                  Yield                                                                                  4.53 %                                                         3.57                                      4.15                                                           3.21                                      2.85
                                                                  
                     ---------------------------- ---------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                     Total interest earning assets                                                                     $           24,664,020                                                     24,323,935                                24,167,817                                                     24,037,892                                24,083,543
                                                  Yield                                                                                  3.78 %                                                         3.81                                      3.86                                                           3.86                                      3.85
                                                                  
                     ---------------------------- ---------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                            
                     Interest Bearing Liabilities
                                
                     ---------------------------- ----------------------------
                                                                                                                                                                                                                                                                                                                                            
                     Interest bearing demand deposits                                                                  $            3,781,389                                                      3,722,599                                 3,830,956                                                      3,878,590                                 4,102,398
                                                  Rate                                                                                   0.19 %                                                         0.19                                      0.19                                                           0.19                                      0.19
                                                                                                                                                                                                                                                                                                                                            
                     Money market accounts                                                                             $            6,009,897                                                      6,044,138                                 6,033,523                                                      6,077,357                                 6,161,893
                                                  Rate                                                                                   0.29 %                                                         0.29                                      0.31                                                           0.32                                      0.33
                                                                                                                                                                                                                                                                                                                                            
                     Savings deposits                                                                                  $              638,813                                                        645,654                                   644,103                                                        616,962                                   605,054
                                                  Rate                                                                                   0.07 %                                                         0.07                                      0.09                                                           0.10                                      0.10
                                                                                                                                                                                                                                                                                                                                            
                     Time deposits under $100,000                                                                      $            1,315,905                                                      1,335,848                                 1,364,322                                                      1,423,487                                 1,491,673
                                                  Rate                                                                                   0.57 %                                                         0.56                                      0.57                                                           0.59                                      0.61
                                                                                                                                                                                                                                                                                                                                            
                     Time deposits over $100,000                                                                       $            1,877,602                                                      1,871,136                                 1,824,349                                                      1,956,925                                 2,049,094
                                                  Rate                                                                                   0.76 %                                                         0.75                                      0.74                                                           0.76                                      0.80
                                                                                                                                                                                                                                                                                                                                            
                     Brokered money market accounts                                                                    $              191,103                                                        174,538                                   184,233                                                        207,681                                   210,380
                                                  Rate                                                                                   0.28 %                                                         0.27                                      0.27                                                           0.26                                      0.27
                                                                                                                                                                                                                                                                                                                                            
                     Brokered time deposits                                                                            $            1,411,252                                                      1,320,082                                 1,216,934                                                      1,027,167                                   984,047
                                                  Rate                                                                                   0.58 %                                      0.52                   0.51                     0.62                   0.65
                                                                                                                         -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                            
                     Total interest bearing deposits                                                                   $           15,225,961                                                     15,113,995                                15,098,420                                                     15,188,169                                15,604,539
                                                  Rate                                                                                   0.36 %                                                         0.35                                      0.36                                                           0.38                                      0.39
                                                                                                                                                                                                                                                                                                                                            
                     Federal funds purchased and securities sold under
                     repurchase agreements                                                                             $              186,993                                                        171,429                                   219,490                                                        215,027                                   216,757
                                                  Rate                                                                                   0.07 %                                                         0.08                                      0.13                                                           0.14                                      0.15
                                                                                                                                                                                                                                                                                                                                            
                     Long-term debt                                                                                    $            2,084,636                                                      2,142,705                                 2,099,578                                                      2,156,836                                 1,886,223
                                                  Rate                                                                                   2.55 %                                                         2.54                                      2.58                                                           2.52                                      2.85
                                                                  
                     ---------------------------- ---------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                            
                     Total interest bearing liabilities                                                                $           17,497,590                                                     17,428,129                                17,417,488                                                     17,560,032                                17,707,519
                                                  Rate                                                                                   0.62 %                                                         0.62                                      0.62                                                           0.64                                      0.65
                                                                  
                     ---------------------------- ---------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                            
                     Non-interest bearing demand deposits                                                              $            6,110,047                                                      5,824,592                                 5,765,287                                                      5,537,090                                 5,545,529
                                                                                                                                                                                                                                                                                                                                            
                     Effective cost of funds                                                                                             0.44 %                                                         0.44                                      0.45                                                           0.47                                      0.47
                                                                  
                     ---------------------------- ---------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                            
                     Net interest margin                                                           3.34 %                                      3.37                   3.41                     3.39                   3.38
                     ------------------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                            
                     Taxable equivalent adjustment                                                                     $                  372                                                            408                                       443                                                            455                                       481
                                                                                                                                                                                                                                                                                                                                            
                     (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 consolidated
                     balance sheet
  
                                                                                                                                                                                                            
Synovus
 
                                                                                                                                                                                                                                                                                                                                        
                     LOANS OUTSTANDING AND NON-PERFORMING LOANS COMPOSITION
                     (Unaudited)
                     (Dollars in thousands)
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                             December 31, 2014
                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                               Loans as a %                                                       Total                                                  Non-performing Loans
                                                                                                                                                              of Total Loans                                                 Non-performing                                                 as a % of Total
                                        Loan Type                                                Total Loans                                                    Outstanding                                                       Loans                                                   Nonperforming Loans
                                                                                                                                  
                     ---------------------------------------------                          -------------------- --------------------                      -------------------- -------------------- -------------------- -------------------- --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                        
                           Multi-Family                                                   $            1,205,095                                                            5.7 %                                       $                  224                                                            0.1 %
                           Hotels                                                                        692,018                                                            3.3                                                            427                                                            0.2
                           Office Buildings                                                            1,188,389                                                            5.6                                                            488                                                            0.1
                           Shopping Centers                                                              881,396                                                            4.2                                                          5,726                                                            2.9
                           Commercial Development                                                        121,990                                                            0.6                                                         12,303                                                            6.2
                           Warehouses                                                                    558,594                                                            2.6                                                            184                                                            0.1
                           Other Investment Property                                                     540,840                                                            2.6                                                          1,368                                                            0.7
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Total Investment Properties                                                 5,188,322                                                           24.6                                                         20,720                                                           10.4
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                        
                           1-4 Family Construction                                                       148,821                                                            0.7                                                            309                                                            0.2
                           1-4 Family Investment Mortgage                                                808,893                                                            3.8                                                          9,973                                                            5.0
                           Residential Development                                                       177,848                                                            0.8                                                         13,915                                                            7.0
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Total 1-4 Family Properties                                                 1,135,562                                                            5.4                                                         24,197                                                           12.2
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                        
                           Land Acquisition                                                              577,424                                                            2.7                                                         34,120                                                           17.3
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Total Commercial Real Estate                                                6,901,308                                                           32.7                                                         79,037                                                           39.9
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Commercial, Financial, and Agricultural                                     6,226,034                                                           29.5                                                         40,614                                                           20.5
                           Owner-Occupied                                                              4,066,979                                                           19.3                                                         26,099                                                           13.2
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Total Commercial & Industrial                                              10,293,013                                                           48.8                                                         66,713                                                           33.7
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Home Equity Lines                                                           1,683,998                                                            8.0                                                         16,434                                                            8.3
                           Consumer Mortgages                                                          1,694,061                                                            8.0                                                         33,278                                                           16.9
                           Credit Cards                                                                  253,649                                                            1.3                                                              -                                                              -
                           Other Retail Loans                                                            302,460                                                            1.4                                                          2,295                                                            1.2
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Total Retail                                                                3,934,168                                                           18.6                                                         52,007                                                           26.3
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Unearned Income                                                              (30,790)                                                          (0.1)                                                              -                                                             nm
                                                                                                                                                                                                                                 
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------
                                                                                                                                                                                                                                                                                                                                        
                              Total                                                       $           21,097,699                                                          100.0 %                                       $              197,757                                                          100.0 %
                                                                                            ====================                                           ====================                                           ====================                                           ====================
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                        
                     LOANS OUTSTANDING BY TYPE COMPARISON
                     (Unaudited)
                     (Dollars in thousands)
                                                                                                                                                                                                                                       
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------     --------------------
                                                                                                 Total Loans                                                                                                                  4Q14 vs. 3Q14                                                                                      4Q14 vs. 4Q13
                                        Loan Type                                             December 31, 2014                                             September 30, 2014                                                % change (1)                                                 December 31, 2013            % change
                                                                                                                                                                                                                    
                     ---------------------------------------------                          --------------------                                           --------------------                                           --------------------                                           --------------------     --------------------
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                        
                           Multi-Family                                                   $            1,205,095                                                      1,152,728                                                           18.0 %                                                      957,002                     25.9 %
                           Hotels                                                                        692,018                                                        668,603                                                           13.9                                                        687,177                      0.7
                           Office Buildings                                                            1,188,389                                                      1,107,012                                                           29.2                                                        889,499                     33.6
                           Shopping Centers                                                              881,396                                                        856,399                                                           11.6                                                        854,607                      3.1
                           Commercial Development                                                        121,990                                                        131,011                                                         (27.3)                                                        156,344                   (22.0)
                           Warehouses                                                                    558,594                                                        565,011                                                          (4.5)                                                        564,448                    (1.0)
                           Other Investment Property                                                     540,840                                                        538,282                                                            1.9                                                        507,409                      6.6
                                                                                                                                                                                                                                       
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------     --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Total Investment Properties                                                 5,188,322                                                      5,019,046                                                           13.4                                                      4,616,486                     12.4
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                        
                           1-4 Family Construction                                                       148,821                                                        143,888                                                           13.6                                                        138,973                      7.1
                           1-4 Family Investment Mortgage                                                808,893                                                        813,867                                                          (2.4)                                                        857,556                    (5.7)
                           Residential Development                                                       177,848                                                        179,799                                                          (4.3)                                                        188,531                    (5.7)
                                                                                                                                                                                                                                       
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------     --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Total 1-4 Family Properties                                                 1,135,562                                                      1,137,554                                                          (0.7)                                                      1,185,060                    (4.2)
                                                                                                                                                                                                                                                                                                                                        
                           Land Acquisition                                                              577,424                                                        588,779                                                          (7.7)                                                        705,431                   (18.1)
                                                                                                                                                                                                                                       
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------     --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Total Commercial Real Estate                                                6,901,308                                                      6,745,379                                                            9.2                                                      6,506,977                      6.1
                                                                                                                                                                                                                                       
                                                                                            --------------------                                           --------------------                                           --------------------                                           --------------------     --------------------
                                                                                                                                                                                                                                                                                                                                        
                           Commercial, Financial, and Agricultural                 6,226,034              6,003,409                   14.7               5,895,265                   5.6
                           Owner-Occupied                                          4,066,979              4,013,666                    5.3               4,036,186                   0.8
                                                                                         
                                                                        --------------------   --------------------   --------------------    --------------------  --------------------
                                                                                                                                                                                          
                           Total Commercial & Industrial                          10,293,013             10,017,075                   10.9               9,931,451                   3.6
                                                                                         
                                                                        --------------------   --------------------   --------------------    --------------------  --------------------
                                                                                                                                                                                          
                           Home Equity Lines                                       1,683,998              1,685,972                  (0.5)               1,587,541                   6.1
                           Consumer Mortgages                                      1,694,061              1,621,904                   17.7               1,519,068                  11.5
                           Credit Cards                                              253,649                253,853                  (0.3)                 256,846                 (1.2)
                           Other Retail Loans                                        302,460                293,232                   12.5                 284,777                   6.2
                                                                                         
                                                                        --------------------   --------------------   --------------------    --------------------  --------------------
                                                                                                                                                                                          
                           Total Retail                                            3,934,168              3,854,961                    8.2               3,648,232                   7.8
                                                                                         
                                                                        --------------------   --------------------   --------------------    --------------------  --------------------
                                                                                                                                                                                          
                           Unearned Income                                          (30,790)               (28,849)                   26.7                (28,862)                   6.7
                                                                                         
                                                                        --------------------   --------------------   --------------------    --------------------  --------------------
                                                                                                                                                                                          
                              Total                                   $           21,097,699             20,588,566                    9.8 %            20,057,798                   5.2 %
                                                                        ====================   ====================   ====================    ====================  ====================
                                                                                                                                                                                          
(1) Percentage change is annualized.
                                                                                                                                                                                                                                                    
Synovus
 
                     CREDIT QUALITY DATA
                     (Unaudited)
                     (Dollars in thousands)                                                                                                                                         2014                                                                                                     2013                                                                   4th Quarter
                                                                                                                                                         
                                                                                                                                  -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                         Fourth                                     Third                                    Second                                     First                                    Fourth                                             ’14 vs. ’13
                                                                                                                                         Quarter                Quarter                Quarter                Quarter                Quarter                                              Change
                                                                                                                                  -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------                      ------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                          
                     Non-performing Loans                                                                                       $              197,757                                   242,382                                   259,547                                   384,324                                   416,300                                    (52.5) %
                     Other Loans Held for Sale (1)                                                                                               3,606                                       338                                     2,045                                     3,120                                    10,685                                    (66.3)
                     Other Real Estate                                                                                                          85,472                                    81,636                                   101,533                                   110,757                                   112,629                                    (24.1)  
                                                                                                                                  --------------------                      --------------------                      --------------------                      --------------------                      --------------------                      -------------------- --------------------
                     Non-performing Assets                                                                                                     286,835                                   324,356                                   363,125                                   498,201                                   539,614                                    (46.8)
                                                                                                                                                                                                                                                                                                                                                                          
                     Allowance for Loan Losses                                                                                                 261,317                                   269,376                                   277,783                                   300,871                                   307,560                                    (15.0)
                                                                                                                                                                                                                                                                                                                                                                          
                     Net Charge-Offs - Quarter                                                                                                  16,253                                    12,250                                    35,371                                    15,181                                    25,116                                    (35.3)
                     Net Charge-Offs - YTD                                                                                                      79,055                                    62,802                                    50,552                                    15,181                                   135,443                                    (41.6)
                     Net Charge-Offs / Average Loans - Quarter (2)                                                                                0.31 %                                    0.24                                      0.69                                      0.30                                      0.51
                                                                                                                                                                                                                                                                                                                                                                          
                     Non-performing Loans / Loans                                                                                                 0.94                                      1.18                                      1.27                                      1.91                                      2.08
                     Non-performing Assets / Loans, Other Loans Held for Sale & ORE                                                               1.35                                      1.57                                      1.77                                      2.46                                      2.67
                     Allowance / Loans                                                                                                            1.24                                      1.31                                      1.36                                      1.49                                      1.53
                                                                                                                                                                                                                                                                                                                                                                          
                     Allowance / Non-performing Loans                                                                                           132.14                                    111.14                                    107.03                                     78.29                                     73.88
                     Allowance / Non-performing Loans (3)                                                                                       197.22                                    176.47                                    177.62                                    100.16                                     95.43
                                                                                                                                                                                                                                                                                                                                                                          
                     Past Due Loans over 90 days and Still Accruing                                                             $                4,637                                     4,067                                     4,798                                     6,563                                     4,489                                       3.3 %
                     As a Percentage of Loans Outstanding                                                                                         0.02 %                                    0.02                                      0.02                                      0.03                                      0.02
                                                                                                                                                                                                                                                                                                                                                                          
                     Total Past Dues Loans and Still Accruing                                                                   $               51,251                                    72,712                                    60,428                                    75,038                                    72,600                                    (29.4)
                     As a Percentage of Loans Outstanding                                                                                         0.24 %                                    0.35                                      0.30                                      0.37                                      0.36
                                                                                                                                                                                                                                                                                                                                                                          
                     Accruing Troubled Debt Restructurings (TDRs)                                                               $              348,427                                   408,737                                   444,108                                   495,390                                   556,410                                    (37.4)
                                                                                                                                                                                                                                                                                                                                                                          
                     (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)                                                                                                               
                                                                                                                                  --------------------                      --------------------
                                                                                                                                    December 31, 2014                         December 31, 2013
                                                                                                                                  --------------------                      --------------------
                                                                                                                                                                                                                                                                                                                                                                          
                     Tier 1 Capital                                                                                             $            2,543,625                                 2,351,493
                     Total Risk-Based Capital                                                                                                2,987,406                                 2,900,865
                     Tier 1 Capital Ratio                                                                                                        10.86 %                                   10.54
                     Tier 1 Common Equity Ratio                                                                                                  10.28                                      9.93
                     Total Risk-Based Capital Ratio                                                                                              12.75                                     13.00
                     Tier 1 Leverage Ratio                                                                                                        9.67                                      9.13
                     Common Equity as a Percentage of Total Assets (2)                                                                           10.78                                     10.77
                     Tangible Common Equity as a Percentage of Tangible Assets (3)                                                               10.69                                     10.68
                     Tangible Common Equity as a Percentage of Risk Weighted Assets (3)                                                          12.33                                     12.53
                     Book Value Per Common Share (4)(5)                                                                                          21.42                                     20.32
                     Tangible Book Value Per Common Share (3)(5)                                                                                 21.23                                     20.12
                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                          
                     (1) Current quarter regulatory capital information is preliminary.
                     (2) Common equity consists of Total Shareholders’ Equity less
                     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 Preferred Stock divided by total common shares
                     outstanding.
                     (5) Per share data for prior periods has been restated to reflect
                     the 1-for-7 reverse stock split which was effective on May 16, 2014.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150127005247r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Synovus Financial Corp.

Synovus Financial Corp. 
Media Contact: 
Greg Hudgison, 706-644-0528 
Media Relations 
or 
Investor Contact: 
Bob May, 706-649-3555 
Investor Relations


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