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

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

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

Note 20 - Condensed Financial Information of Synovus Financial Corp. (Parent Company only)



Condensed Balance Sheets
	December 31,
(in thousands)	2019			2018
Assets
Cash due from bank subsidiary	$	365,111		$	213,096
Funds due from other depository institutions	9,277			9,927
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	374,388			223,023
Investment in consolidated bank subsidiary, at equity	5,303,005			3,418,471
Investment in consolidated nonbank subsidiaries, at equity	43,370			34,586
Note receivable from bank subsidiary	100,000			—
Other assets	54,142			62,915
Total assets	$	5,874,905		$	3,738,995
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	853,897		$	555,704
Other liabilities	79,318			49,689
Total liabilities	933,215			605,393
Shareholders’ equity:
Preferred stock	537,145			195,140
Common stock	166,801			143,300
Additional paid-in capital	3,819,336			3,060,561
Treasury stock	(715,560		)	(1,014,746		)
Accumulated other comprehensive income (loss), net	65,641			(94,420		)
Retained earnings	1,068,327			843,767
Total shareholders’ equity	4,941,690			3,133,602
Total liabilities and shareholders’ equity	$	5,874,905		$	3,738,995



Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2019			2018			2017
Income
Cash dividends received from subsidiaries⁽¹⁾	$	400,000		$	250,000		$	283,210
Cash distributions received from subsidiaries⁽¹⁾	—			10,000			167,790
Interest income	5,920			1,703			1,443
Other income (loss)	11,590			(3,904		)	345
Total income	417,510			257,799			452,788
Expenses
Interest expense	41,328			25,287			43,922
Other expenses	13,528			21,455			33,955
Total expenses	54,856			46,742			77,877
Income before income taxes and equity in undistributed income (loss) of subsidiaries	362,654			211,057			374,911
Allocated income tax benefit	(9,753		)	(13,690		)	(30,421		)
Income before equity in undistributed income (loss) of subsidiaries	372,407			224,747			405,332
Equity in undistributed income (loss) of subsidiaries	191,373			203,729			(129,858		)
Net income	563,780			428,476			275,474
Dividends and redemption charge on preferred stock	22,881			17,998			10,238
Net income available to common shareholders	$	540,899		$	410,478		$	265,236


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



Condensed Statements of Comprehensive Income
	December 31, 2019									December 31, 2018									December 31, 2017
(in thousands)	Before-tax Amount			Income Tax			Net of Tax Amount			Before-tax Amount			Income Tax			Net of Tax Amount			Before-tax Amount			Income Tax			Net of Tax Amount
Net income	$	765,015		$	(201,235	)	$	563,780		$	547,354		$	(118,878	)	$	428,476		$	480,138		$	(204,664	)	$	275,474
Reclassification adjustment for realized (gains) losses included in net income on cash flow hedges	—			—			—			—			—			—			130			(50		)	80
Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale	(22		)	6			(16		)	—			—			—			(5,506		)	2,120			(3,386		)
Other comprehensive gain (loss) of bank subsidiary	216,032			(55,955		)	160,077			(43,447		)	11,252			(32,195		)	6,784			(2,573		)	4,211
Other comprehensive income (loss)	$	216,010		$	(55,949	)	$	160,061		$	(43,447	)	$	11,252		$	(32,195	)	$	1,408		$	(503	)	$	905
Comprehensive income							$	723,841								$	396,281								$	276,379



Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2019			2018			2017
Operating Activities
Net income	$	563,780		$	428,476		$	275,474
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(191,373		)	(203,729		)	129,858
Deferred income tax expense	1,775			1,055			60,931
Net increase (decrease) in other liabilities	43,617			9,551			(1,095		)
Net decrease (increase) in other assets	3,367			6,723			(8		)
Other, net	1,037			1,115			(3,330		)
Net cash provided by operating activities	422,203			243,191			461,830
Investing Activities
Proceeds from sales of investment securities available for sale	97,389			—			4,305
Advance of long-term note receivable due from bank subsidiary	(100,000		)	—			—
Net decrease in short-term notes receivable from non-bank subsidiaries	—			—			35,200
Return of investment non-bank subsidiary	790			—			—
Net cash received in business combination, net of cash paid	4,813			—			—
Net cash provided by investing activities	2,992			—			39,505
Financing Activities
Dividends paid to common and preferred shareholders	(185,664		)	(120,202		)	(64,908		)
Repurchases of common stock	(725,398		)	(175,072		)	(175,079		)
Repayments and redemption of long-term debt	—			—			(600,386		)
Proceeds from issuance of long-term debt	297,174			—			296,866
Proceeds from issuance of preferred stock	342,005			195,140			—
Redemption of preferred stock	—			(130,000		)	—
Earnout payment	(1,947		)	(1,220		)	(892		)
Net cash used in financing activities	(273,830		)	(231,354		)	(544,399		)
Increase (decrease) in cash and cash equivalents including restricted cash	151,365			11,837			(43,064		)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year	223,023			211,186			254,250
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of year	$	374,388		$	223,023		$	211,186

See accompanying notes to the audited consolidated financial statements.

For the years ended December 31, 2019, 2018, and 2017, the Parent Company paid income taxes of $101.6 million, $41.7 million, and $18.0 million, respectively. For the years ended December 31, 2019, 2018, and 2017, the Parent Company paid interest of $33.1 million, $24.2 million, and $51.0 million, respectively.