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2005 ANNUAL REPORT Synovus Is a Company Unique in the Marketplace

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2005 ANNUAL REPORT Synovus Is a Company Unique in the Marketplace 2005 ANNUAL REPORT Synovus is a company unique in the marketplace. Our differences set us apart from other financial services companies and give us strength to move ahead of our competition. Financial Highlights 2 Letter to Shareholders 4 The Synovus Family of Companies 14 Board of Directors 16 Shareholder Information 17 Our growing geographic footprint, our decentralized management style, the unique asset we have in TSYS, and our people are the differences that make us strong. Financial Highlights year ended December 31 2005 2004 % change Team Members (dollars in thousands, except per share data) as of December 31 2005 2004 % change Total Revenues (1) $ 2,574,583 $ 2,152,077 19.6 Banking & Other Synovus Companies 6,639 6,450 2.9 Net Income 516,446 437,033 18.2 TSYS 6,793 5,777 17.6 Net Income Per Share — Basic 1.66 1.42 16.6 Total Team Members 13,432 12,227 9.9 Net Income Per Share — Diluted 1.64 1.41 16.5 Total Assets 27,620,672 25,050,178 10.3 Net Loans 21,102,735 19,214,651 9.8 Stock Information Total Deposits 20,784,365 18,577,468 11.9 as of December 31 2005 2004 % change Shareholders’ Equity 2,949,329 2,641,289 11.7 Closing Stock Price $27.01 $28.58 (5.5) Book Value Per Share 9.43 8.52 10.7 Number of Shares Outstanding (in thousands) 312,640 309,975 0.9 Dividends Declared Per Share 0.73 0.69 5.3 Annual Shares Traded (in millions) 157 156 0.6 (2) Return on Assets 1.96 % 1.88 % nm Price/Earnings Multiple 16.47 20.27 nm Return on Equity 18.45 17.63 nm Price/Book Multiple 2.86 3.35 nm Equity/Assets 10.68 10.54 nm Fee Income/Total Revenues (1) 62.36 60.01 nm Net Interest Margin, Before Fees 4.05 3.92 nm Stock Ownership Summary Net Interest Margin, After Fees 4.19 4.22 nm as of December 31 2005 2004 2003 2002 2001 Allowance for Loan Losses/Loans 1.35 1.36 nm Shareholders (of record and beneficial owners) 102,140 87,954 82,277 79,182 66,035 Nonperforming Assets Ratio 0.46 0.52 nm Institutional 48.2 % 46.0 % 45.8% 45.8 % 38.7 % Net Charge-Off Ratio 0.29 0.23 nm Institutional (excludes Synovus Investment Advisors) 32.4 % 29.7 % 29.7% 28.8 % 25.9 % Provision to Net Charge-Offs Multiple 1.41 1.83 nm Market Value (in billions) $ 8.44 $ 8.86 $ 8.74 $ 5.83 $ 7.38 Executive Management James H. Blanchard G. Sanders Griffith, III Thomas J. Prescott Chairman of the Board Senior Executive Vice President, General Counsel and Secretary Executive Vice President and Chief Financial Officer Richard E. Anthony Mark G. Holladay Calvin Smyre President and Chief Executive Officer Executive Vice President and Chief Credit Officer Executive Vice President, Corporate Affairs Fred L. Green, III Andrew R. Klepchick Vice Chairman Executive Vice President, President and Chief Executive Officer, Elizabeth R. James Financial Management Services Vice Chairman and Chief People Officer 2 Synovus 2005 Annual Report Synovus is a diversified financial services holding company with more than $27 billion in assets based in Columbus, Georgia. Synovus provides integrated financial services including banking, financial management, insurance, mortgage and leasing through 39 banks and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee; and electronic payment processing and related services through our 81% ownership of TSYS, one of the world’s largest companies for outsourced payment services. 3 3 3,4 Total Assets Diluted Net Income Per Share Adjusted for Stock Splits Dividends Per Share Adjusted for Stock Splits $ 27.6 2005 $1.64 2005 $0.73 2005 $ 25.1 2004 $1.41 2004 $0.69 2004 $ 21.6 2003 $1.28 2003 $0.66 2003 $ 19.0 2002 $1.21 2002 $0.58 2002 $ 16.7 2001 $1.05 2001 $0.51 2001 $ 14.9 2000 $0.92 2000 $0.44 2000 $ 12.5 1999 $0.80 1999 Compound Annual $0.36 1999 Compound Annual $ 10.5 1998 $0.70 1998 Growth Rate $0.29 1998 Growth Rate $ 9.3 1997 $0.62 1997 10-year 14.1% $0.24 1997 10-year 16.4% $ 8.6 1996 $0.55 1996 5-year 12.3% $0.19 1996 5-year 10.7% $ 7.9 1995 $0.44 1995 $0.16 1995 5 1015202530 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 Billions of Dollars Dollars Dollars Fee Income to Total Revenues1,3 Return on Assets3 Return on Equity3 62.36% 2005 1.96% 2005 18.45% 2005 60.01% 2004 1.88% 2004 17.63% 2004 59.94% 2003 1.91% 2003 17.95% 2003 58.45% 2002 2.10% 2002 19.69% 2002 59.78% 2001 2.03% 2001 20.1% 2001 59.69% 2000 1.95% 2000 20.1% 2000 59.00% 1999 1.97% 1999 19.3% 1999 56.00% 1998 1.96% 1998 19.2% 1998 54.26% 1997 1.87% 1997 19.8% 1997 53.17% 1996 1.75% 1996 19.5% 1996 49.90% 1995 1.53% 1995 17.9% 1995 10 20 30 40 50 60 70 0.5 1.0 1.5 2.0 2.5 5 10152025 Percent Percent Percent 3 3 Non-Performing Assets Ratio Net Charge-Off Ratio (1) Excluding investment securities gains (losses) and reimbursable items. 2002 excludes impairment loss on private equity investment of $8.4 million. 0.46% 2005 0.29% 2005 (2) Not meaningful. 0.52% 2004 0.23% 2004 (3) As originally reported. 1996 information before special FDIC assessment. 0.58% 2003 0.36% 2003 (4) Excludes dividends declared by subsidiaries before acquisition. 0.64% 2002 0.33% 2002 0.54% 2001 0.30% 2001 0.52% 2000 0.24% 2000 0.38% 1999 0.29% 1999 0.41% 1998 0.37% 1998 0.44% 1997 0.38% 1997 0.60% 1996 0.32% 1996 0.64% 1995 0.38% 1995 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 Percent Percent Synovus 2005 Annual Report 3 Dear Shareholders, 4 Synovus 2005 Annual Report Julia Barefield, Personal Banker at Columbus Bank and Trust, and Robbie Calhoun, Operations Specialist at Synovus Securities, Inc., work in different roles but are part of the same team delivering specialized financial services solutions to customers. was a rewarding year for Synovus year strategy for growth. I think you will find ices to specific customer needs. Our efforts 2005 and for me personally. In July, our plans encouraging and exciting. paid off as core deposits grew faster than loans I moved into the role of CEO, a position held for the first time in many years; services per for 35 years by Jim Blanchard, a remarkable A Successful 2005 household were up in 37 of our 39 banks; individual. Jimmy’s passion for this company Our targets for 2005 were high. Our goal home equity lines grew 17% for a third year of and its people is truly inspiring. He has was to increase earnings per share by 14–17%. exceptional growth; and $55 million in new masterfully influenced Synovus’ reputation We planned to implement the first phase of deposits were generated through a successful through his leadership, salesmanship and our retail banking strategy, improve quality small business campaign. industry involvement. We are honored that and efficiency by streamlining processes, grow We continued our market expansion, Jimmy will continue to chair the Synovus core deposits faster than loans, increase serv- primarily through acquisitions and de novos Board of Directors until his retirement as an ices per household in every bank, and expand (building-from-scratch). executive employee in October 2006. He, along with countless others through- Our footprint across the flourishing Southeast, out the history of Synovus, laid a solid founda- tion for our company to reach new heights. our decentralized structure, TSYS — a key contributor We are proud to be a consistent, high perform- to our revenue mix — and of course, our people, are ing company as evidenced by record financial results in 2005. We’ve set aggressive goals for the differentiators that set us apart from our peers. 2006 and beyond, and we will reach them by capitalizing on those attributes that make us fee income. I am pleased to report that we The acquisition of Riverside Bancshares in unique in our industry: our firmly-established exceeded our targets. Net income for 2005 was North Metro Atlanta, announced in late 2005, footprint across the flourishing Southeast; our $516 million, up 18.2%, while earnings per is an example of in-market growth. Riverside decentralized structure; TSYS — a key contri- share were $1.64, up 16.5% over 2004. Bank merged with Bank of North Georgia butor to our revenue mix; and, of course, our We made excellent progress with our in the first quarter of 2006, expanding people. We believe that these differentiators retail banking strategy, successfully transform- Synovus’ total assets in the Metro Atlanta are the strengths that will provide the platform ing more than 280 bank branches to a more market to $5.7 billion. Additionally, last June, for Synovus’ future success. customer-friendly, sales-oriented environment. we brought together three well-performing In addition to highlighting our successes Every one of our 2,200 retail team members Synovus banks in the Tampa/St.
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