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Condensed Financial Information Of Synovus Financial Corp. (Parent Company Only) (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets |
Condensed Balance Sheets |
| December 31,
(in thousands) | 2021 |  | 2020
Assets |  |  |
Cash due from bank subsidiary | $ | 389,071 |  |  | $ | 439,352 |
Funds due from other depository institutions | 9,277 |  |  | 9,277 |
Total cash, cash equivalents, and restricted cash | 398,348 |  |  | 448,629 |
Investment in consolidated bank subsidiary, at equity | 5,381,311 |  |  | 5,239,849 |
Investment in consolidated nonbank subsidiaries, at equity | 69,712 |  |  | 46,271 |
Note receivable from bank subsidiary | 100,000 |  |  | 100,000 |
Other assets | 25,538 |  |  | 16,975 |
Total assets | $ | 5,974,909 |  |  | $ | 5,851,724 |
Liabilities and Shareholders' Equity |  |  |
Liabilities: |  |  |
Long-term debt | $ | 607,334 |  |  | $ | 606,406 |
Other liabilities | 70,775 |  |  | 83,984 |
Total liabilities | 678,109 |  |  | 690,390 |
Shareholders’ equity: |  |  |
Preferred stock | 537,145 |  |  | 537,145 |
Common stock | 169,384 |  |  | 168,133 |
Additional paid-in capital | 3,894,109 |  |  | 3,851,208 |
Treasury stock | (931,497) |  |  | (731,806) |
Accumulated other comprehensive income (loss), net | (82,321) |  |  | 158,635 |
Retained earnings | 1,709,980 |  |  | 1,178,019 |
Total shareholders’ equity | 5,296,800 |  |  | 5,161,334 |
Total liabilities and shareholders’ equity | $ | 5,974,909 |  |  | $ | 5,851,724 |
Schedule of Condensed Statements of Income |
Condensed Statements of Income |
| Years Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Income |  |  |  |  |
Cash dividends received from subsidiaries | $ | 420,000 |  |  | $ | 547,500 |  |  | $ | 400,000 |
Interest income | 777 |  |  | 3,341 |  |  | 5,920 |
Other income (loss) | 1,070 |  |  | 4,966 |  |  | 11,590 |
Total income | 421,847 |  |  | 555,807 |  |  | 417,510 |
Expense |  |  |  |  |
Interest expense | 27,616 |  |  | 42,911 |  |  | 41,328 |
Other expense | 10,300 |  |  | 10,584 |  |  | 13,528 |
Total expense | 37,916 |  |  | 53,495 |  |  | 54,856 |
Income before income taxes and equity in undistributed income of subsidiaries | 383,931 |  |  | 502,312 |  |  | 362,654 |
Allocated income tax benefit | (7,834) |  |  | (12,202) |  |  | (9,753) |
Income before equity in undistributed income of subsidiaries | 391,765 |  |  | 514,514 |  |  | 372,407 |
Equity in undistributed income (loss) of subsidiaries | 368,702 |  |  | (140,819) |  |  | 191,373 |
Net income | 760,467 |  |  | 373,695 |  |  | 563,780 |
Dividends on preferred stock | 33,163 |  |  | 33,163 |  |  | 22,881 |
Net income available to common shareholders | $ | 727,304 |  |  | $ | 340,532 |  |  | $ | 540,899 |
Schedule of Condensed Statements of Comprehensive Income |
Condensed Statements of Comprehensive Income
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
(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 | $ | 989,360 |  |  | $ | (228,893) |  |  | $ | 760,467 |  |  | $ | 484,665 |  |  | $ | (110,970) |  |  | $ | 373,695 |  |  | $ | 765,015 |  |  | $ | (201,235) |  |  | $ | 563,780 |
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 | (324,561) |  |  | 83,605 |  |  | (240,956) |  |  | 125,505 |  |  | (32,511) |  |  | 92,994 |  |  | 216,032 |  |  | (55,955) |  |  | 160,077 |
Other comprehensive income (loss) | $ | (324,561) |  |  | $ | 83,605 |  |  | $ | (240,956) |  |  | $ | 125,505 |  |  | $ | (32,511) |  |  | $ | 92,994 |  |  | $ | 216,010 |  |  | $ | (55,949) |  |  | $ | 160,061 |
Comprehensive income |  |  |  |  | $ | 519,511 |  |  |  |  |  |  | $ | 466,689 |  |  |  |  |  |  | $ | 723,841 |
Schedule of Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows |
| Years Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Operating Activities |  |  |  |  |
Net income | $ | 760,467 |  |  | $ | 373,695 |  |  | $ | 563,780 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed (income) loss of subsidiaries | (368,702) |  |  | 140,819 |  |  | (191,373) |
Deferred income tax expense (benefit) | (7,296) |  |  | 3,962 |  |  | 1,775 |
Net increase (decrease) in other liabilities | (2,082) |  |  | 11,243 |  |  | 43,617 |
Net decrease in other assets | 5,280 |  |  | 17,441 |  |  | 3,367 |
Other, net | 928 |  |  | (5,132) |  |  | 1,037 |
Net cash provided by operating activities | 388,595 |  |  | 542,028 |  |  | 422,203 |
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 |  |  | — |
Increase in other investments | (10,000) |  |  | — |  |  | — |
Net cash received in business combination, net of cash paid | — |  |  | — |  |  | 4,813 |
Net cash provided by investing activities | (10,000) |  |  | 23,141 |  |  | 2,992 |
Financing Activities |  |  |  |  |
Dividends paid to common and preferred shareholders | (227,840) |  |  | (223,130) |  |  | (185,664) |
Repurchase of common stock | (199,932) |  |  | (16,246) |  |  | (725,398) |
Redemption of long-term debt | — |  |  | (250,000) |  |  | — |
Proceeds from issuance of long-term debt, net | — |  |  | — |  |  | 297,174 |
Proceeds from issuance of preferred stock, net | — |  |  | — |  |  | 342,005 |
Other | (1,104) |  |  | (1,552) |  |  | (1,947) |
Net cash used in financing activities | (428,876) |  |  | (490,928) |  |  | (273,830) |
Increase (decrease) in cash, cash equivalents, and restricted cash | (50,281) |  |  | 74,241 |  |  | 151,365 |
Cash, cash equivalents, and restricted cash at beginning of year | 448,629 |  |  | 374,388 |  |  | 223,023 |
Cash, cash equivalents, and restricted cash at end of year | $ | 398,348 |  |  | $ | 448,629 |  |  | $ | 374,388 |
See accompanying notes to the audited consolidated financial statements.

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