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

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Condensed Balance Sheets
	December 31,
(in thousands)	2018			2017
Assets
Cash due from bank subsidiary	$	213,096		$	191,275
Funds due from other depository institutions	9,927			19,911
Total cash, cash equivalents, restricted cash, and restricted cash equivalents(1)	223,023			211,186
Investment in consolidated bank subsidiary, at equity	3,418,471			3,232,129
Investment in consolidated nonbank subsidiaries, at equity	34,586			40,731
Other assets	62,915			69,762
Total assets	$	3,738,995		$	3,553,808
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	555,704		$	554,589
Other liabilities	49,689			37,653
Total liabilities	605,393			592,242
Shareholders’ equity:
Series C Preferred Stock	—			125,980
Series D Preferred Stock	195,140			—
Common stock	143,300			142,678
Additional paid-in capital	3,060,561			3,043,129
Treasury stock	(1,014,746		)	(839,674		)
Accumulated other comprehensive loss, net	(94,420		)	(54,754		)
Retained earnings	843,767			544,207
Total shareholders’ equity	3,133,602			2,961,566
Total liabilities and shareholders’ equity	$	3,738,995		$	3,553,808

⁽¹⁾  See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents.

Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2018			2017			2016
Income
Cash dividends received from subsidiaries(1)	$	250,000		$	283,210		$	325,000
Cash distributions received from subsidiaries(1)	10,000			167,790			—
Interest income	1,703			1,443			2,565
Other (loss) income	(3,904		)	345			4,595
Total income	257,799			452,788			332,160
Expenses
Interest expense	25,287			43,922			52,831
Other expenses	21,455			33,955			20,652
Total expenses	46,742			77,877			73,483
Income before income taxes and equity in undistributed income (loss) of subsidiaries	211,057			374,911			258,677
Allocated income tax benefit	(13,690		)	(30,421		)	(25,628		)
Income before equity in undistributed income (loss) of subsidiaries	224,747			405,332			284,305
Equity in undistributed income (loss) of subsidiaries	203,729			(129,858		)	(37,521		)
Net income	428,476			275,474			246,784
Dividends and redemption charge on preferred stock	17,998			10,238			10,238
Net income available to common shareholders	$	410,478		$	265,236		$	236,546

Schedule of Condensed Statements of Operations

Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2018			2017			2016
Income
Cash dividends received from subsidiaries(1)	$	250,000		$	283,210		$	325,000
Cash distributions received from subsidiaries(1)	10,000			167,790			—
Interest income	1,703			1,443			2,565
Other (loss) income	(3,904		)	345			4,595
Total income	257,799			452,788			332,160
Expenses
Interest expense	25,287			43,922			52,831
Other expenses	21,455			33,955			20,652
Total expenses	46,742			77,877			73,483
Income before income taxes and equity in undistributed income (loss) of subsidiaries	211,057			374,911			258,677
Allocated income tax benefit	(13,690		)	(30,421		)	(25,628		)
Income before equity in undistributed income (loss) of subsidiaries	224,747			405,332			284,305
Equity in undistributed income (loss) of subsidiaries	203,729			(129,858		)	(37,521		)
Net income	428,476			275,474			246,784
Dividends and redemption charge on preferred stock	17,998			10,238			10,238
Net income available to common shareholders	$	410,478		$	265,236		$	236,546

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

Schedule of Condensed Statements of Comprehensive Income (Loss)

Condensed Statements of Comprehensive Income
	December 31, 2018									December 31, 2017									December 31, 2016
(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	$	547,354		$	(118,878	)	$	428,476		$	480,138		$	(204,664	)	$	275,474		$	388,451		$	(141,667	)	$	246,784
Reclassification adjustment for losses realized in net income on cash flow hedges	—			—			—			130			(50		)	80			467			(180		)	287
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
Other comprehensive (loss) gain of bank subsidiary	(43,447		)	11,252			(32,195		)	6,784			(2,573		)	4,211			(39,080		)	15,047			(24,033		)
Other comprehensive (loss) income	$	(43,447	)	$	11,252		$	(32,195	)	$	1,408		$	(503	)	$	905		$	(42,018	)	$	16,178		$	(25,840	)
Comprehensive income							$	396,281								$	276,379								$	220,944

Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2018			2017			2016
Operating Activities
Net income	$	428,476		$	275,474		$	246,784
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(203,729		)	129,858			37,521
Deferred income tax expense	1,055			60,931			17,989
Net increase (decrease) in other liabilities	9,551			(1,095		)	7,746
Net decrease (increase) in other assets	6,723			(8		)	(9,214		)
Other, net	1,115			(3,330		)	(1,648		)
Net cash provided by operating activities	243,191			461,830			299,178
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
Net cash provided by investing activities	—			39,505			28,392
Financing Activities
Dividends paid to common and preferred shareholders	(120,202		)	(64,908		)	(69,663		)
Repurchases of common stock	(175,072		)	(175,079		)	(263,084		)
Repayments and redemption of long-term debt	—			(600,386		)	(130,048		)
Proceeds from issuance of long-term debt	—			296,866			—
Net proceeds from issuance of Series D Preferred Stock	195,140			—			—
Redemption of Series C Preferred Stock	(130,000		)	—			—
Earnout payment	(1,220		)	(892		)	—
Net cash used in financing activities	(231,354		)	(544,399		)	(462,795		)
Increase (decrease) in cash and cash equivalents including restricted cash	11,837			(43,064		)	(135,225		)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year(1)	211,186			254,250			389,475
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year(1)	$	223,023		$	211,186		$	254,250

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2018			2017			2016
Operating Activities
Net income	$	428,476		$	275,474		$	246,784
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(203,729		)	129,858			37,521
Deferred income tax expense	1,055			60,931			17,989
Net increase (decrease) in other liabilities	9,551			(1,095		)	7,746
Net decrease (increase) in other assets	6,723			(8		)	(9,214		)
Other, net	1,115			(3,330		)	(1,648		)
Net cash provided by operating activities	243,191			461,830			299,178
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
Net cash provided by investing activities	—			39,505			28,392
Financing Activities
Dividends paid to common and preferred shareholders	(120,202		)	(64,908		)	(69,663		)
Repurchases of common stock	(175,072		)	(175,079		)	(263,084		)
Repayments and redemption of long-term debt	—			(600,386		)	(130,048		)
Proceeds from issuance of long-term debt	—			296,866			—
Net proceeds from issuance of Series D Preferred Stock	195,140			—			—
Redemption of Series C Preferred Stock	(130,000		)	—			—
Earnout payment	(1,220		)	(892		)	—
Net cash used in financing activities	(231,354		)	(544,399		)	(462,795		)
Increase (decrease) in cash and cash equivalents including restricted cash	11,837			(43,064		)	(135,225		)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year(1)	211,186			254,250			389,475
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year(1)	$	223,023		$	211,186		$	254,250

⁽¹⁾ See "Note 1 - Summary of Significant Accounting Policies" of this Report for information on Synovus' change in presentation of cash and cash equivalents.

See accompanying notes to the audited consolidated financial statements.