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

12 Months Ended

Dec. 31, 2022


Condensed Balance Sheets
	December 31,
(in thousands)	2022		2021
Assets
Cash due from bank subsidiary	$	517,235	$	389,071
Funds due from other depository institutions	7,250		9,277
Total cash, cash equivalents, and restricted cash	524,485		398,348
Investment in consolidated bank subsidiary, at equity	4,471,207		5,381,311
Investment in consolidated nonbank subsidiaries, at equity	92,349		69,712
Note receivable from bank subsidiary	100,000		100,000
Other assets	19,431		25,538
Total assets	$	5,207,472	$	5,974,909
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	644,490	$	607,334
Other liabilities	87,181		70,775
Total liabilities	731,671		678,109
Shareholders’ equity:
Preferred stock	537,145		537,145
Common stock	170,141		169,384
Additional paid-in capital	3,920,346		3,894,109
Treasury stock	(944,484)		(931,497)
Accumulated other comprehensive income (loss), net	(1,442,117)		(82,321)
Retained earnings	2,234,770		1,709,980
Total shareholders’ equity	4,475,801		5,296,800
Total liabilities and shareholders’ equity	$	5,207,472	$	5,974,909


Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2022		2021		2020
Income
Cash dividends received from subsidiaries	$	350,000	$	420,000	$	547,500
Interest income	1,841		777		3,341
Other income (loss)	(7,203)		1,070		4,966
Total income	344,638		421,847		555,807
Expense
Interest expense	34,154		27,616		42,911
Other expense	17,804		10,300		10,584
Total expense	51,958		37,916		53,495
Income before income taxes and equity in undistributed income of subsidiaries	292,680		383,931		502,312
Allocated income tax benefit	(16,667)		(7,834)		(12,202)
Income before equity in undistributed income of subsidiaries	309,347		391,765		514,514
Equity in undistributed income (loss) of subsidiaries	448,555		368,702		(140,819)
Net income	757,902		760,467		373,695
Dividends on preferred stock	33,163		33,163		33,163
Net income available to common shareholders	$	724,739	$	727,304	$	340,532


Condensed Statements of Comprehensive Income
	Years Ended December 31,
		2022		2021		2020
(in thousands)		Net of Tax Amount		Net of Tax Amount		Net of Tax Amount
Net income		$	757,902	$	760,467	$	373,695
Other comprehensive gain (loss) of bank subsidiary		(1,359,796)		(240,956)		92,994
Other comprehensive income (loss)		(1,359,796)		(240,956)		92,994
Comprehensive income (loss)		$	(601,894)	$	519,511	$	466,689


Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2022		2021		2020
Operating Activities
Net income	$	757,902	$	760,467	$	373,695
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed (income) loss of subsidiaries	(448,555)		(368,702)		140,819
Deferred income tax expense (benefit)	143		(7,296)		3,962
Net increase (decrease) in other liabilities	3,233		(2,082)		11,243
Net (increase) decrease in other assets	8,022		5,280		17,441
Other, net	825		928		(5,132)
Net cash provided by (used in) operating activities	321,570		388,595		542,028
Investing Activities
Proceeds from sales of equity securities	—		—		23,141
Increase in other investments	(1,027)		(10,000)		—
Net cash provided by (used in) investing activities	(1,027)		(10,000)		23,141
Financing Activities
Dividends paid to common and preferred shareholders	(229,311)		(227,840)		(223,130)
Repurchase of common stock	(12,987)		(199,932)		(16,246)
Redemption of long-term debt	(300,000)		—		(250,000)
Proceeds from issuance of long-term debt, net	347,892		—		—
Other	—		(1,104)		(1,552)
Net cash provided by (used in) financing activities	(194,406)		(428,876)		(490,928)
Increase (decrease) in cash, cash equivalents, and restricted cash	126,137		(50,281)		74,241
Cash, cash equivalents, and restricted cash at beginning of year	398,348		448,629		374,388
Cash, cash equivalents, and restricted cash at end of year	$	524,485	$	398,348	$	448,629

See accompanying notes to the audited consolidated financial statements.