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

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

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

Note 18 - Condensed Financial Information of Synovus Financial Corp. (Parent Company only)

Condensed Balance Sheets
	December 31,
(in thousands)	2023		2022
Assets
Cash due from bank subsidiary	$	573,761	$	517,235
Funds due from other depository institutions	4,839		7,250
Total cash, cash equivalents, and restricted cash	578,600		524,485
Investment in consolidated bank subsidiary, at equity	4,947,888		4,471,207
Investment in consolidated nonbank subsidiaries, at equity	114,932		92,349
Note receivable from bank subsidiary	100,000		100,000
Other assets	25,943		19,431
Total assets	$	5,767,363	$	5,207,472
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt	$	552,703	$	644,490
Other liabilities	94,667		87,181
Total liabilities	647,370		731,671
Shareholders’ equity:
Preferred stock	537,145		537,145
Common stock	171,360		170,141
Additional paid-in capital	3,955,819		3,920,346
Treasury stock	(944,484)		(944,484)
Accumulated other comprehensive income (loss), net	(1,117,073)		(1,442,117)
Retained earnings	2,517,226		2,234,770
Total shareholders’ equity	5,119,993		4,475,801
Total liabilities and shareholders’ equity	$	5,767,363	$	5,207,472

Condensed Statements of Income
	Years Ended December 31,
(in thousands)	2023		2022		2021
Income
Cash dividends received from subsidiaries	$	435,000	$	350,000	$	420,000
Interest income	6,129		1,841		777
Other income (loss)	(101)		(7,203)		1,070
Total income	441,028		344,638		421,847
Expense
Interest expense	36,849		34,154		27,616
Other expense	12,494		17,804		10,300
Total expense	49,343		51,958		37,916
Income before income taxes and equity in undistributed income of subsidiaries	391,685		292,680		383,931
Allocated income tax benefit	(10,026)		(16,667)		(7,834)
Income before equity in undistributed income of subsidiaries	401,711		309,347		391,765
Equity in undistributed income (loss) of subsidiaries	141,994		448,555		368,702
Net income	543,705		757,902		760,467
Dividends on preferred stock	35,950		33,163		33,163
Net income available to common shareholders	$	507,755	$	724,739	$	727,304

Condensed Statements of Comprehensive Income
	Years Ended December 31,
		2023		2022		2021
(in thousands)		Net of Tax Amount		Net of Tax Amount		Net of Tax Amount
Net income		$	543,705	$	757,902	$	760,467
Other comprehensive gain (loss) of bank subsidiary		325,044		(1,359,796)		(240,956)
Other comprehensive income (loss)		325,044		(1,359,796)		(240,956)
Comprehensive income (loss)		$	868,749	$	(601,894)	$	519,511

Condensed Statements of Cash Flows
	Years Ended December 31,
(in thousands)	2023		2022		2021
Operating Activities
Net income	$	543,705	$	757,902	$	760,467
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed (income) loss of subsidiaries	(141,994)		(448,555)		(368,702)
Deferred income tax expense (benefit)	433		143		(7,296)
Net increase (decrease) in other liabilities	4,849		3,233		(2,082)
Net (increase) decrease in other assets	(4,676)		8,022		5,280
Other, net	1,616		825		928
Net cash provided by (used in) operating activities	403,933		321,570		388,595
Investing Activities
Increase in other investments	(774)		(1,027)		(10,000)
Net cash provided by (used in) investing activities	(774)		(1,027)		(10,000)
Financing Activities
Dividends paid to common and preferred shareholders	(252,011)		(229,311)		(227,840)
Repurchase of common stock	—		(12,987)		(199,932)
Repayments and redemption of long-term debt	(97,033)		(300,000)		—
Proceeds from issuance of long-term debt, net	—		347,892		—
Other	—		—		(1,104)
Net cash provided by (used in) financing activities	(349,044)		(194,406)		(428,876)
Increase (decrease) in cash, cash equivalents, and restricted cash	54,115		126,137		(50,281)
Cash, cash equivalents, and restricted cash at beginning of year	524,485		398,348		448,629
Cash, cash equivalents, and restricted cash at end of year	$	578,600	$	524,485	$	398,348

See accompanying notes to the audited consolidated financial statements.