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Condensed Financial Information of Synovus Financial Corp. (Parent Company only) (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets |
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 |
Schedule of Condensed Statements of Income |
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 |
Schedule of Condensed Statements of Comprehensive Income |
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 |
Schedule of Condensed Statements of Cash Flows |
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.

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