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

12 Months Ended

Dec. 31, 2021

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)			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

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

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

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.

For the years ended December 31, 2021, 2020, and 2019, the Parent Company paid income taxes of $203.2 million, $119.1 million, and $101.6 million, respectively. For the years ended December 31, 2021, 2020, and 2019, the Parent Company paid interest of $27.3 million, $42.0 million, and $33.1 million, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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