Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2017



Condensed Balance Sheets
	December 31,
(in thousands)	2017			2016
Assets
Cash due from bank subsidiary	$	191,275		$	234,339
Funds due from other depository institutions⁽¹⁾	19,911			19,911
Investment in consolidated bank subsidiary, at equity	3,232,129			3,319,980
Investment in consolidated nonbank subsidiaries, at equity	40,731			71,335
Notes receivable from nonbank subsidiaries	—			35,200
Other assets	69,762			101,346
Total assets	$	3,553,808		$	3,782,111
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	554,589		$	834,252
Other liabilities	37,653			19,935
Total liabilities	592,242			854,187
Shareholders’ equity:
Series C Preferred Stock	125,980			125,980
Common stock	142,678			142,026
Additional paid-in capital	3,043,129			3,028,405
Treasury stock	(839,674		)	(664,595		)
Accumulated other comprehensive loss, net	(54,754		)	(55,659		)
Retained earnings	544,207			351,767
Total shareholders’ equity	2,961,566			2,927,924
Total liabilities and shareholders’ equity	$	3,553,808		$	3,782,111

⁽¹⁾ Restricted as to withdrawal.



Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2017			2016			2015
Income
Cash dividends received from subsidiaries⁽¹⁾	$	283,210		$	325,000		$	199,904
Cash distributions received from subsidiaries⁽¹⁾	167,790			—			25,096
Interest income	1,443			2,565			8,865
Other income	345			4,595			(337		)
Total income	452,788			332,160			233,528
Expenses
Interest expense	43,922			52,831			46,585
Other expenses	33,955			20,652			10,516
Total expenses	77,877			73,483			57,101
Income before income taxes and equity in undistributed (loss) income of subsidiaries	374,911			258,677			176,427
Allocated income tax benefit	(30,421		)	(25,628		)	(18,808		)
Income before equity in undistributed (loss) income of subsidiaries	405,332			284,305			195,235
Equity in undistributed (loss) income of subsidiaries	(129,858		)	(37,521		)	30,847
Net income	275,474			246,784			226,082
Dividends on preferred stock	10,238			10,238			10,238
Net income available to common shareholders	$	265,236		$	236,546		$	215,844



Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2017			2016			2015
Income
Cash dividends received from subsidiaries⁽¹⁾	$	283,210		$	325,000		$	199,904
Cash distributions received from subsidiaries⁽¹⁾	167,790			—			25,096
Interest income	1,443			2,565			8,865
Other income	345			4,595			(337		)
Total income	452,788			332,160			233,528
Expenses
Interest expense	43,922			52,831			46,585
Other expenses	33,955			20,652			10,516
Total expenses	77,877			73,483			57,101
Income before income taxes and equity in undistributed (loss) income of subsidiaries	374,911			258,677			176,427
Allocated income tax benefit	(30,421		)	(25,628		)	(18,808		)
Income before equity in undistributed (loss) income of subsidiaries	405,332			284,305			195,235
Equity in undistributed (loss) income of subsidiaries	(129,858		)	(37,521		)	30,847
Net income	275,474			246,784			226,082
Dividends on preferred stock	10,238			10,238			10,238
Net income available to common shareholders	$	265,236		$	236,546		$	215,844

⁽¹⁾ Substantially all cash dividends and distributions are from Synovus Bank.



Condensed Statements of Comprehensive Income
	December 31, 2017									December 31, 2016									December 31, 2015
(in thousands)	Before-tax Amount			Tax (Expense) Benefit			Net of Tax Amount			Before-tax Amount			Tax (Expense) Benefit			Net of Tax Amount			Before-tax Amount			Tax (Expense) Benefit			Net of Tax Amount
Net income	$	480,138		$	(204,664	)	$	275,474		$	388,451		$	(141,667	)	$	246,784		$	358,573		$	(132,491	)	$	226,082
Reclassification adjustment for losses realized in net income on cash flow hedges	130			(50		)	80			467			(180		)	287			521			(201		)	320
Reclassification adjustment for net gains realized in net income on investment securities available for sale	(5,506		)	2,120			(3,386		)	(5,763		)	2,219			(3,544		)	—			—			—
Net unrealized gains on investment securities available for sale	—			—			—			2,358			(908		)	1,450			2,908			(1,120		)	1,788
Other comprehensive gain (loss) of bank subsidiary	6,784			(2,573		)	4,211			(39,080		)	15,047			(24,033		)	(31,420		)	12,098			(19,322		)
Other comprehensive income (loss)	$	1,408		(503		)	905			(42,018		)	16,178			(25,840		)	(27,991		)	10,777			(17,214		)
Comprehensive income							$	276,379								$	220,944								$	208,868



Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2017			2016			2015
Operating Activities
Net income	$	275,474		$	246,784		$	226,082
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed loss (income) of subsidiaries	129,858			37,521			(30,847		)
Deferred income tax expense (benefit)	60,931			17,989			(2,506		)
Net (decrease) increase in other liabilities	(1,095		)	7,746			(1,709		)
Net (increase) decrease in other assets	(8		)	(9,214		)	1,045
Other, net	(3,330		)	(1,648		)	(178		)
Net cash provided by operating activities	461,830			299,178			191,887
Investing Activities
Proceeds from sales of investment securities available for sale	4,305			—			—
Outlays for business combinations	—			(3,408		)	—
Net decrease in short-term notes receivable from non-bank subsidiaries	35,200			31,800			10,000
Net cash provided by investing activities	39,505			28,392			10,000
Financing Activities
Dividends paid to common and preferred shareholders	(64,908		)	(69,663		)	(65,592		)
Repurchases of common stock	(175,079		)	(263,084		)	(199,221		)
Repayments on long-term debt	(600,386		)	(130,048		)	(48,553		)
Proceeds from issuance of long-term debt	296,866			—			246,644
Earnout payment	(892		)	—			—
Net cash used in financing activities	(544,399		)	(462,795		)	(66,722		)
(Decrease) increase in cash and funds due from banks	(43,064		)	(135,225		)	135,165
Cash and funds due from banks at beginning of year	254,250			389,475			254,310
Cash and funds due from banks at end of year	$	211,186		$	254,250		$	389,475



Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2017			2016			2015
Operating Activities
Net income	$	275,474		$	246,784		$	226,082
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed loss (income) of subsidiaries	129,858			37,521			(30,847		)
Deferred income tax expense (benefit)	60,931			17,989			(2,506		)
Net (decrease) increase in other liabilities	(1,095		)	7,746			(1,709		)
Net (increase) decrease in other assets	(8		)	(9,214		)	1,045
Other, net	(3,330		)	(1,648		)	(178		)
Net cash provided by operating activities	461,830			299,178			191,887
Investing Activities
Proceeds from sales of investment securities available for sale	4,305			—			—
Outlays for business combinations	—			(3,408		)	—
Net decrease in short-term notes receivable from non-bank subsidiaries	35,200			31,800			10,000
Net cash provided by investing activities	39,505			28,392			10,000
Financing Activities
Dividends paid to common and preferred shareholders	(64,908		)	(69,663		)	(65,592		)
Repurchases of common stock	(175,079		)	(263,084		)	(199,221		)
Repayments on long-term debt	(600,386		)	(130,048		)	(48,553		)
Proceeds from issuance of long-term debt	296,866			—			246,644
Earnout payment	(892		)	—			—
Net cash used in financing activities	(544,399		)	(462,795		)	(66,722		)
(Decrease) increase in cash and funds due from banks	(43,064		)	(135,225		)	135,165
Cash and funds due from banks at beginning of year	254,250			389,475			254,310
Cash and funds due from banks at end of year	$	211,186		$	254,250		$	389,475