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

12 Months Ended

Dec. 31, 2020

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)	2020		2019
Assets
Cash due from bank subsidiary	$	439,352	$	365,111
Funds due from other depository institutions	9,277		9,277
Total cash, cash equivalents, and restricted cash	448,629		374,388
Investment in consolidated bank subsidiary, at equity	5,239,849		5,303,005
Investment in consolidated nonbank subsidiaries, at equity	46,271		43,370
Note receivable from bank subsidiary	100,000		100,000
Other assets	16,975		54,142
Total assets	$	5,851,724	$	5,874,905
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	606,406	$	853,897
Other liabilities	83,984		79,318
Total liabilities	690,390		933,215
Shareholders’ equity:
Preferred stock	537,145		537,145
Common stock	168,133		166,801
Additional paid-in capital	3,851,208		3,819,336
Treasury stock	(731,806)		(715,560)
Accumulated other comprehensive income, net	158,635		65,641
Retained earnings	1,178,019		1,068,327
Total shareholders’ equity	5,161,334		4,941,690
Total liabilities and shareholders’ equity	$	5,851,724	$	5,874,905

Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2020		2019		2018
Income
Cash dividends received from subsidiaries	$	547,500	$	400,000	$	250,000
Cash distribution received from non-bank subsidiary	—		—		10,000
Interest income	3,341		5,920		1,703
Other income (loss)	4,966		11,590		(3,904)
Total income	555,807		417,510		257,799
Expenses
Interest expense	42,911		41,328		25,287
Other expenses	10,584		13,528		21,455
Total expenses	53,495		54,856		46,742
Income before income taxes and equity in undistributed income of subsidiaries	502,312		362,654		211,057
Allocated income tax benefit	(12,202)		(9,753)		(13,690)
Income before equity in undistributed income of subsidiaries	514,514		372,407		224,747
Equity in undistributed income (loss) of subsidiaries	(140,819)		191,373		203,729
Net income	373,695		563,780		428,476
Dividends on preferred stock	33,163		22,881		17,998
Net income available to common shareholders	$	340,532	$	540,899	$	410,478

Condensed Statements of Comprehensive Income
	December 31, 2020						December 31, 2019						December 31, 2018
(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	$	484,665	$	(110,970)	$	373,695	$	765,015	$	(201,235)	$	563,780	$	547,354	$	(118,878)	$	428,476
Reclassification adjustment for realized (gains) losses included in net income on investment securities available for sale	—		—		—		(22)		6		(16)		—		—		—
Other comprehensive gain (loss) of bank subsidiary	125,505		(32,511)		92,994		216,032		(55,955)		160,077		(43,447)		11,252		(32,195)
Other comprehensive income (loss)	$	125,505	$	(32,511)	$	92,994	$	216,010	$	(55,949)	$	160,061	$	(43,447)	$	11,252	$	(32,195)
Comprehensive income					$	466,689					$	723,841					$	396,281

Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2020		2019		2018
Operating Activities
Net income	$	373,695	$	563,780	$	428,476
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	140,819		(191,373)		(203,729)
Deferred income tax expense	3,962		1,775		1,055
Net increase in other liabilities	11,243		43,617		9,551
Net decrease in other assets	17,441		3,367		6,723
Other, net	(5,132)		1,037		1,115
Net cash provided by operating activities	542,028		422,203		243,191
Investing Activities
Proceeds from sales of investment securities available for sale	—		97,389		—
Advance of long-term note receivable due from bank subsidiary	—		(100,000)		—
Return of investment non-bank subsidiary	—		790		—
Proceeds from sales of equity securities	23,141		—		—
Net cash received in business combination, net of cash paid	—		4,813		—
Net cash provided by investing activities	23,141		2,992		—
Financing Activities
Dividends paid to common and preferred shareholders	(223,130)		(185,664)		(120,202)
Repurchases of common stock	(16,246)		(725,398)		(175,072)
Redemption of long-term debt	(250,000)		—		—
Proceeds from issuance of long-term debt	—		297,174		—
Proceeds from issuance (redemption) of preferred stock, net	—		342,005		65,140
Other	(1,552)		(1,947)		(1,220)
Net cash used in financing activities	(490,928)		(273,830)		(231,354)
Increase in cash, cash equivalents, and restricted cash	74,241		151,365		11,837
Cash, cash equivalents, and restricted cash at beginning of year	374,388		223,023		211,186
Cash, cash equivalents, and restricted cash at end of year	$	448,629	$	374,388	$	223,023

See accompanying notes to the audited consolidated financial statements.

For the years ended December 31, 2020, 2019, and 2018, the Parent Company paid income taxes of $119.1 million, $101.6 million, and $41.7 million, respectively. For the years ended December 31, 2020, 2019, and 2018, the Parent Company paid interest of $42.0 million, $33.1 million, and $24.2 million, respectively.