SYNOVUS FINANCIAL CORP, 10-K filed on 2/23/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 20, 2024
Jun. 30, 2023
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Entity File Number 1-10312    
Entity Registrant Name SYNOVUS FINANCIAL CORP    
Entity Incorporation, State or Country Code GA    
Entity Tax Identification Number 58-1134883    
Entity Address, Address Line One 1111 Bay Avenue    
Entity Address, Address Line Two Suite 500,    
Entity Address, City or Town Columbus,    
Entity Address, State or Province GA    
Entity Address, Postal Zip Code 31901    
City Area Code 706    
Local Phone Number 641-6500    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 4,215,933,879
Entity Common Stock, Shares Outstanding   146,399,324  
Documents Incorporated by Reference
Incorporated DocumentsForm 10-K Reference Locations
Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 24, 2024 (“Proxy Statement”)Part III
    
Entity Central Index Key 0000018349    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Transition Report false    
Common Stock, $1.00 Par Value      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, $1.00 Par Value    
Trading Symbol SNV    
Security Exchange Name NYSE    
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D      
Entity Information [Line Items]      
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D    
Trading Symbol SNV - PrD    
Security Exchange Name NYSE    
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E      
Entity Information [Line Items]      
Title of 12(b) Security Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E    
Trading Symbol SNV - PrE    
Security Exchange Name NYSE    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Atlanta, Georgia
Auditor Firm ID 185
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Interest-earning deposits with banks and other cash and cash equivalents $ 2,414,103 $ 1,939,413
Federal funds sold and securities purchased under resale agreements 37,323 38,367
Total cash, cash equivalents, and restricted cash 2,451,426 1,977,780
Investment securities available for sale, at fair value 9,788,662 9,678,103
Loans held for sale (includes $47,338 and $51,136, measured at fair value, respectively) 52,768 391,502
Loans, net of deferred fees and costs 43,404,490 43,716,353
Allowance for loan losses (479,385) (443,424)
Loans, net 42,925,105 43,272,929
Cash surrender value of bank-owned life insurance 1,112,030 1,089,280
Premises, equipment and software, net 365,851 370,632
Goodwill 480,440 452,390
Other intangible assets, net 45,928 27,124
Other assets 2,587,324 2,471,638
Total assets 59,809,534 59,731,378
Deposits:    
Non-interest-bearing deposits 12,507,616 15,639,899
Interest-bearing deposits 38,231,569 33,231,660
Total deposits 50,739,185 48,871,559
Federal funds purchased and securities sold under repurchase agreements 189,074 146,588
Other short-term borrowings 3,496 603,384
Long-term debt 1,932,534 4,109,597
Other liabilities 1,801,097 1,524,449
Total liabilities 54,665,386 55,255,577
Shareholders’ Equity    
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000 537,145 537,145
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 171,360,188 and 170,141,492, respectively; outstanding 146,705,330 and 145,486,634, respectively 171,360 170,141
Additional paid-in capital 3,955,819 3,920,346
Treasury stock, at cost; 24,654,858 shares (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 Synovus Financial Corp. shareholders’ equity 5,119,993 4,475,801
Noncontrolling interest in subsidiary 24,155 0
Total equity 5,144,148 4,475,801
Total liabilities and shareholders' equity $ 59,809,534 $ 59,731,378
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Loans held-for-sale, fair value disclosure $ 47,338 $ 51,136
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 22,000,000 22,000,000
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 342,857,143 342,857,143
Common stock, shares issued (in shares) 171,360,188 170,141,492
Common stock, shares outstanding (in shares) 146,705,330 145,486,634
Treasury stock, shares at cost (in shares) 24,654,858 24,654,858
v3.24.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Loans, including fees $ 2,684,762 $ 1,806,060 $ 1,482,567
Investment securities available for sale 248,294 209,951 140,077
Loans held for sale 30,092 34,037 23,809
Federal Reserve Bank balances 68,289 18,117 3,777
Other earning assets 18,921 7,622 3,113
Total interest income 3,050,358 2,075,787 1,653,343
Interest expense:      
Deposits 1,026,755 187,232 74,919
Long-term debt 180,670 79,402 45,349
Federal funds purchased, securities sold under repurchase agreements, and other borrowings 26,278 12,253 128
Total interest expense 1,233,703 278,887 120,396
Net interest income 1,816,655 1,796,900 1,532,947
Provision for (reversal of) credit losses 189,079 84,553 (106,251)
Net interest income after provision for credit losses 1,627,576 1,712,347 1,639,198
Non-interest revenue:      
Service charges on deposit accounts 90,096 93,067 86,310
Fiduciary and asset management fees 78,077 78,414 77,147
Card fees 72,357 61,833 51,399
Brokerage revenue 83,431 67,034 56,439
Mortgage banking income 15,157 17,476 54,371
Capital markets income 32,181 26,702 26,118
Income from bank-owned life insurance 31,429 29,720 38,019
Investment securities gains (losses), net (76,718) 0 (799)
Recovery of NPA 13,126 0 0
Other non-interest revenue 64,874 35,090 61,062
Total non-interest revenue 404,010 409,336 450,066
Non-interest expense:      
Salaries and other personnel expense 728,378 681,710 649,426
Net occupancy, equipment, and software expense 179,581 174,730 169,222
Third-party processing and other services 86,649 88,617 86,688
Professional fees 39,854 37,189 32,785
FDIC insurance and other regulatory fees 94,737 29,083 22,355
Restructuring charges (reversals) 17,707 (9,690) 7,223
Loss on other loans held for sale 50,064 0 0
Other operating expense 138,454 155,867 132,205
Non-interest expense 1,335,424 1,157,506 1,099,904
Income before income taxes 696,162 964,177 989,360
Income tax expense 154,021 206,275 228,893
Net income 542,141 757,902 760,467
Less: Net income (loss) attributable to noncontrolling interest (1,564) 0 0
Net income attributable to Synovus Financial Corp. 543,705 757,902 760,467
Less: Preferred stock dividends 35,950 33,163 33,163
Net income available to common shareholders $ 507,755 $ 724,739 $ 727,304
Net income per common share, basic (in dollars per share) $ 3.48 $ 4.99 $ 4.95
Net income per common share, diluted (in dollars per share) $ 3.46 $ 4.95 $ 4.90
Weighted average common shares outstanding, basic (in shares) 146,115 145,364 147,041
Weighted average common shares outstanding, diluted (in shares) 146,734 146,481 148,495
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Income before income taxes and equity in undistributed income of subsidiaries $ 696,162 $ 964,177 $ 989,360
Net income, income tax (154,021) (206,275) (228,893)
Net income 542,141 757,902 760,467
Before-tax Amount      
Net unrealized gains (losses) arising during the period 215,914 (1,522,047) (234,550)
Reclassification adjustment for realized (gains) losses included in net income 76,718 0 799
Net change 292,632 (1,522,047) (233,751)
Income Tax      
Net unrealized gains (losses) arising during the period (52,101) 369,764 60,304
Reclassification adjustment for realized (gains) losses included in net income (18,527) 0 (202)
Net change (70,628) 369,764 60,102
Net of Tax Amount      
Net unrealized gains (losses) arising during the period 163,813 (1,152,283) (174,246)
Reclassification adjustment for realized (gains) losses included in net income 58,191 0 597
Net change 222,004 (1,152,283) (173,649)
Before-tax Amount      
Net unrealized gains (losses) arising during the period (40,606) (298,289) (77,948)
Reclassification adjustment for realized (gains) losses included in net income 176,442 24,057 (12,862)
Net change 135,836 (274,232) (90,810)
Income Tax      
Net unrealized gains (losses) arising during the period 9,815 72,574 20,243
Reclassification adjustment for realized (gains) losses included in net income (42,611) (5,855) 3,260
Net change (32,796) 66,719 23,503
Net of Tax Amount      
Net unrealized gains (losses) arising during the period (30,791) (225,715) (57,705)
Reclassification adjustment for realized (gains) losses included in net income 133,831 18,202 (9,602)
Net change 103,040 (207,513) (67,307)
Total other comprehensive income (loss) 428,468 (1,796,279) (324,561)
Other comprehensive income (loss), income tax (103,424) 436,483 83,605
Other comprehensive income (loss) 325,044 (1,359,796) (240,956)
Comprehensive income (loss) 867,185 (601,894) 519,511
Less: comprehensive income (loss) attributable to noncontrolling interest (1,564) 0 0
Comprehensive income (loss) attributable to Synovus Financial Corp. $ 868,749 $ (601,894) $ 519,511
v3.24.0.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Preferred Stock
Common Stock
Additional Paid-in Capital
Treasury Stock
AOCI
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling Interest
Beginning balance at Dec. 31, 2020 $ 5,161,334   $ 537,145 $ 168,133 $ 3,851,208 $ (731,806) $ 158,635 $ 1,178,019   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 760,467             760,467    
Other comprehensive income (loss), net of income taxes (240,956)           (240,956)      
Cash dividends declared on common stock (193,695)             (193,695)    
Cash dividends declared on preferred stock [1] (33,163)             (33,163)    
Repurchases of common stock including costs to repurchase (199,932)     (199,900)   (199,932)        
Issuance of common stock for earnout payment 5,080       4,955 125        
Restricted share unit vesting and taxes paid related to net share settlement (7,544)     355 (6,254)     (1,645)    
Stock options exercised, net 19,110     896 18,214          
Warrants exercised with net settlement and common stock reissued 0       (113) 116   (3)    
Share-based compensation expense 26,099       26,099          
Ending balance at Dec. 31, 2021 $ 5,296,800   537,145 169,384 3,894,109 (931,497) (82,321) 1,709,980   0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Accounting standards update [Extensible Enumeration] Accounting Standards Update 2023-02 [Member]                  
Net income $ 757,902             757,902    
Other comprehensive income (loss), net of income taxes (1,359,796)           (1,359,796)      
Cash dividends declared on common stock (197,762)             (197,762)    
Cash dividends declared on preferred stock [1] (33,163)             (33,163)    
Repurchases of common stock including costs to repurchase (12,987)     (13,000)   (12,987)        
Restricted share unit vesting and taxes paid related to net share settlement (9,877)     399 (8,089)     (2,187)    
Stock options exercised, net 7,054     358 6,696          
Share-based compensation expense 27,630       27,630          
Ending balance at Dec. 31, 2022 4,475,801 $ (297) 537,145 170,141 3,920,346 (944,484) (1,442,117) 2,234,770 $ (297) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 542,141             543,705   (1,564)
Other comprehensive income (loss), net of income taxes 325,044           325,044      
Cash dividends declared on common stock (222,329)             (222,329)    
Cash dividends declared on preferred stock [1] (35,950)             (35,950)    
Restricted share unit vesting and taxes paid related to net share settlement (11,084)     527 (8,938)     (2,673)    
Stock options exercised, net 13,025     692 12,333          
Share-based compensation expense 32,078       32,078          
Acquisition of noncontrolling interest 25,719                 25,719
Ending balance at Dec. 31, 2023 $ 5,144,148   $ 537,145 $ 171,360 $ 3,955,819 $ (944,484) $ (1,117,073) $ 2,517,226   $ 24,155
[1]
(1)    For the years ended December 31, 2022 and 2021, dividends per share were $1.58 and $1.47 for Series D and Series E Preferred Stock, respectively.
v3.24.0.1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash dividends declared on common stock (in dollars per share) $ 1.52 $ 1.36 $ 1.32
Series D Preferred Stock      
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share) 1.92 1.58 1.58
Series E Preferred Stock      
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share) $ 1.47 $ 1.47 $ 1.47
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 542,141 $ 757,902 $ 760,467
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (reversal of) credit losses 189,079 84,553 (106,251)
Depreciation, amortization, and accretion, net 93,458 69,172 113,552
Deferred income tax expense (benefit) 16,837 10,868 45,000
Originations of loans held for sale (600,671) (3,352,235) (3,698,368)
Proceeds from sales of loans held for sale 945,944 3,709,022 3,749,502
Gain on sales of loans held for sale, net (9,700) (12,126) (42,513)
(Increase) decrease in other assets (290,477) (187,205) (34,293)
Increase (decrease) in other liabilities 244,335 82,957 (21,674)
Investment securities (gains) losses, net 76,718 0 799
Share-based compensation expense 32,224 27,904 27,795
Loss on sales of loans 50,064 0 0
Other (7,329) 677 0
Net cash provided by (used in) operating activities 1,282,623 1,191,489 794,016
Investing Activities      
Net cash received (paid) for business combination and divestiture 8,359 0 0
Proceeds from maturities and principal collections of investment securities available for sale 937,967 1,973,990 3,051,158
Proceeds from sales of investment securities available for sale 1,301,520 0 565,400
Purchases of investment securities available for sale (2,150,430) (2,287,318) (6,877,712)
Net proceeds from sales of loans 1,651,154 69,784 111,168
Purchases of loans (10,623) (514,475) (1,624,182)
Net (increase) decrease in loans (1,524,681) (3,987,133) 373,964
Net (purchases) redemptions of Federal Reserve Bank stock (5,081) 15,151 (1,220)
Net (purchases) redemptions of Federal Home Loan Bank stock 128,458 (163,531) (1,200)
Net (purchases) proceeds from settlement of bank-owned life insurance policies 8,773 9,271 19,045
Net increase in premises, equipment and software (32,207) (30,105) (25,954)
Other 10,757 58,884 25,367
Net cash provided by (used in) investing activities 323,966 (4,855,482) (4,384,166)
Financing Activities      
Net increase (decrease) in deposits 1,858,349 (531,490) 2,735,705
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements 42,486 (117,545) 36,211
Net increase (decrease) in other short-term borrowings (599,888) 603,184 (7,520)
Repayments and redemption of long-term debt (5,404,731) (700,000) 0
Proceeds from long-term debt, net 3,220,912 3,622,892 0
Dividends paid to common shareholders (216,061) (196,148) (194,677)
Dividends paid to preferred shareholders (35,950) (33,163) (33,163)
Issuances, net of taxes paid, under equity compensation plans 1,940 (2,823) 11,566
Repurchase of common stock 0 (12,987) (199,932)
Other 0 0 (1,104)
Net cash provided by (used in) financing activities (1,132,943) 2,631,920 2,347,086
Increase (decrease) in cash and cash equivalents including restricted cash 473,646 (1,032,073) (1,243,064)
Cash, cash equivalents, and restricted cash at beginning of year 1,977,780 3,009,853 4,252,917
Cash, cash equivalents, and restricted cash at end of year 2,451,426 1,977,780 3,009,853
Supplemental Disclosures:      
Income taxes paid 69,753 175,680 204,214
Interest paid 1,112,905 242,040 132,923
Non-cash Activities:      
Settlement of acquired debt $ 31,109 $ 0 $ 0
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Note 1 - Summary of Significant Accounting Policies
Business Operations
Synovus provides commercial and consumer banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, and international banking to its clients through its wholly-owned subsidiary bank, Synovus Bank, primarily in offices located throughout Alabama, Florida, Georgia, South Carolina and Tennessee.
In addition to our banking operations, we also provide various other financial planning and investment advisory services to our clients through direct and indirect wholly-owned non-bank subsidiaries, including: Synovus Securities, headquartered in Columbus, Georgia, which specializes in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, and the provision of individual investment advice on equity and other securities; and Synovus Trust, headquartered in Columbus, Georgia, which provides trust, asset management, and financial planning services.
Principles of Consolidation and Basis of Presentation
The consolidated financial statements of Synovus include the accounts of the Parent Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Prior period consolidated financial statements are reclassified whenever necessary to conform to the current period presentation. No reclassifications of prior period balances were material to the consolidated financial statements.
The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A VIE for which Synovus or a subsidiary has been determined to be the primary beneficiary is also consolidated. The determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Investments in VIEs where Synovus is not the primary beneficiary are accounted for using either the proportional amortization method or equity method of accounting. The Company uses the hypothetical liquidation at book value (HLBV) method for equity investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests.
Investments in VIEs are included in other assets on the consolidated balance sheets, and the Company's proportionate share of income or loss is included as either a component of income tax expense (proportional amortization method) or other non-interest revenue (equity method). The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" of this Report for additional details regarding Synovus' involvement with VIEs.
Acquisition
Qualpay
On June 1, 2023, Synovus acquired a 60% equity interest in Qualpay, a provider of a cloud-based platform that combines a payment gateway with merchant processing solutions, allowing merchants and independent software vendors to integrate payments into their software or websites. As part of this acquisition, Synovus acquired three of the five seats on Qualpay's Board of Directors.
Under the terms of the agreement, Synovus acquired a controlling interest in Qualpay in exchange for $7.0 million in cash and the settlement of Qualpay's debt to Synovus of $31.1 million. Synovus accounted for the transaction as a business combination and recorded the assets acquired, which primarily consisted of intangible assets and goodwill, liabilities assumed, noncontrolling interest, and consideration exchanged, at their preliminary estimated fair values on the acquisition date. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 5 - Goodwill and Other Intangible Assets and Note 14 - Commitments and Contingencies" in this Report for additional information on Qualpay. The transaction was not material to the consolidated statements of income for the year ended December 31, 2023.
Use of Estimates
In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as
of the date of the respective consolidated balance sheets and the reported amounts of revenue and expense for the periods presented. Actual results could differ significantly from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the ACL, estimates of fair value, and income taxes.
Business Combinations
Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values, except as provided for by the applicable accounting guidance, with any excess recorded as goodwill. The results of operations of the acquired company are combined with Synovus’ results from the acquisition date forward. In accordance with ASC Topic 805, Business Combinations, the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Subsequent to the acquisition date, adjustments recorded during the measurement period are recognized in the current reporting period. Acquisition costs are expensed when incurred.
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents primarily includes interest-bearing funds with Federal Reserve Bank as well as cash and due from banks, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents. Cash and cash equivalents included restricted cash of $69.7 million at December 31, 2023 and $66.8 million at December 31, 2022, which were pledged to collateralize certain derivative instruments and letters of credit.
Investment Securities Available for Sale
Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized. Accrued interest receivable on investment securities available for sale is included within other assets on the consolidated balance sheets.
When investment securities available for sale are in an unrealized loss position, Synovus performs a quarterly assessment of its available for sale debt securities to determine if the decline in fair value of a security below its amortized cost is related to credit losses or other factors. Management considers the extent to which fair value is less than amortized cost, the issuer of the security, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. In assessing whether credit-related impairment exists, the present value of cash flows expected to be collected from the security is compared to the security's amortized cost. If the present value of cash flows expected to be collected is less than the security's amortized cost basis, the difference is attributable to credit losses. For such differences, Synovus would record an ACL with an offset to provision for credit losses. Synovus would limit the ACL recorded to the amount the security's fair value is less than the amortized cost basis.
For investment securities available for sale in an unrealized loss position, if Synovus has an intention to sell the security, or it is more likely than not that the security will be required to be sold prior to recovery, the security is written down to its fair value. The write down is charged against the ACL, if one was previously recorded, with any additional impairment recorded in earnings.
Interest income on securities available for sale is recorded on the accrual basis.
Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method unless the premium is related to callable debt securities. For these securities, the amortization period is shortened to the earliest call date.
Realized gains and losses for securities are included in investment securities gains (losses), net, on the consolidated statements of income and are derived using the specific identification method, on a trade date basis.
Mortgage Loans Held for Sale and Mortgage Banking Income
Mortgage Loans Held for Sale
Mortgage loans held for sale are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized in mortgage banking income on the consolidated statements of income.
Mortgage Banking Income
Mortgage banking income consists primarily of origination and ancillary fees on mortgage loans originated for sale, and gains and losses from the sale of those loans. Mortgage loans are sold servicing released, without recourse or continuing involvement, and meet ASC Topic 860, Transfers and Servicing criteria for sale accounting.
Other Loans Held for Sale
Other loans held for sale are carried at the lower of cost or estimated fair value. See the "Fair Value Measurements and Disclosures" section below for discussion of determining fair value.
Loans Held for Investment and Interest Income
Loans the Company has the intent and ability to hold for the foreseeable future are reported at principal amounts outstanding less amounts charged off, net of deferred fees and costs, and purchase premium/discount. Interest income is recognized on a level yield basis.
Non-accrual Loans
Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest is discontinued on loans when reasonable doubt exists as to the full collection of interest and principal, or when loans become contractually past due for 90 days or more as to either interest or principal, in accordance with the terms of the loan agreement, unless they are both well-secured and in the process of collection. When a loan is placed on non-accrual status, previously accrued and uncollected interest is reversed as an adjustment to interest income on loans. Interest payments received on non-accrual loans are generally recorded as a reduction of principal. As payments are received on non-accruing loans, interest income can be recognized on a cash basis; however, there must be an expectation of full repayment of the remaining recorded principal balance. The remaining portion of this payment is recorded as a reduction to principal. Loans are generally returned to accruing status when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest, and the borrower has sustained repayment performance under the terms of the loan agreement for a reasonable period of time (generally six months).
Financial Difficulty Modifications
As described below in "Recent Accounting Pronouncements", Synovus adopted ASU 2022-02, effective January 1, 2023 on a prospective basis, which eliminated the recognition and measurement of troubled debt restructurings. In accordance with ASU 2022-02, when borrowers are experiencing financial difficulty, Synovus may make certain loan modifications as part of its loss mitigation strategies to maximize expected payment. All loan modifications, renewals, and refinancings where borrowers are experiencing financial difficulty are evaluated for FDM classification. To be classified as an FDM, the modifications must be in the form of providing an interest rate reduction relative to the current interest rate, principal forgiveness, or an other-than-insignificant payment delay or extension of the maturity of the loan. An FDM is tracked for twelve months following the modification(s) granted. The effect of these modifications is already included in the ACL because our use of a DCF model captures loan level changes including modified terms as part of the estimation process.
Troubled Debt Restructurings
Prior to the adoption of ASU 2022-02, when borrowers were experiencing financial difficulties, Synovus would, in order to assist the borrowers in repaying the principal and interest owed to Synovus, make certain modifications to the borrower's loan. All loan modifications, renewals, and refinances were evaluated for TDR classification. The ALL on a TDR was measured using the same method as all other loans held for investment, except that the original interest rate, and not the rate specified with the restructuring, was used to discount the expected cash flows. Concessions provided by Synovus in a TDR were generally made in order to assist borrowers so that debt service was not interrupted and to mitigate the potential for loan losses. A number of factors were reviewed when a loan was renewed, refinanced, or modified, including cash flows, collateral values, guarantees, and loan structures. Concessions were primarily in the form of providing a below market interest rate given the borrower's credit risk to assist the borrower in managing cash flows, an extension of the maturity of the loan generally for less than one year, or a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time). Insignificant delays of principal and/or interest payments, or short-term deferrals, were generally not considered to be financial concessions. Further, it was generally Synovus' practice not to defer principal and/or interest for more than twelve months.
Non-accruing TDRs would generally be returned to accrual status if there had been a period of performance, usually at least a six-month sustained period of repayment performance in accordance with the agreement. In the fiscal year subsequent to a loan's initial reporting as a TDR, a TDR for a borrower who was no longer experiencing financial difficulty (as evidenced by a period of performance), which yields a market rate of interest at the time of a renewal, and for which no principal was forgiven, was no longer considered a TDR.
Concentrations of Credit Risk
A substantial portion of the loan portfolio is secured by real estate in markets located throughout Alabama, Florida, Georgia, South Carolina, and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas.
Loan Origination Fees and Costs
Loan origination fees and direct loan origination costs are deferred and amortized to net interest income over the life of the related loan or over the commitment period as a yield adjustment.
Allowance for Credit Losses (ACL)
Synovus calculates its ACL utilizing an expected credit loss methodology (referred to as CECL). CECL requires management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments, including unfunded loan commitments, accrued interest receivable, available for sale debt securities, and other receivables.
Allowance for Loan Losses (ALL)
The ALL on loans held for investment represents management's estimate of credit losses expected over the life of the loans included in Synovus' existing loans held for investment portfolio. Changes to the allowance are recorded through a provision for credit losses and reduced by loans charged-off, net of recoveries. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain.
Accrued but uncollected interest is recorded in other assets on the consolidated balance sheets. In general, the Company does not record an ACL for accrued interest receivable as allowable per ASC 326-20-30-5A as Synovus' non-accrual policies result in the timely write-off of accrued but uncollected interest.
Credit loss measurement
Synovus' loan loss estimation process includes procedures to appropriately consider the unique characteristics of its loan portfolio segments (C&I, CRE and consumer). These segments are further disaggregated into loan classes, the level at which credit quality is assessed and monitored (as described in the subsequent sections).
The ALL is measured on a collective (pool) basis when similar risk characteristics exist. Loans are grouped based upon the nature of the loan type and are further segregated based upon the methods for risk assessment. Credit loss assumptions are primarily estimated using a DCF model applied to the aforementioned loan groupings. This model calculates an expected life-of-loan loss percentage for each loan category by considering the forecasted PD, which is the probability that a borrower will default, adjusted for relevant forecasted macroeconomic factors comprising multiple weighted scenarios representing different plausible outcomes, and LGD, which is the estimate of the amount of net loss in the event of default.
Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate.
To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is two years for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one year period.
Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address model risk, including economic forecast limitations, loan maturity extensions, portfolio composition and concentrations, among others.
The above reflects the ALL estimation process for most commercial and consumer sub-pools. In some cases, Synovus may apply other acceptable loss rate models to smaller sub-pools.
Loans that do not share risk characteristics are individually evaluated on a loan-by-loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on two methods: discounted cash flow based upon the loan's contractual effective interest rate or at the fair value of the collateral, less costs to sell if the loan is collateral-dependent.
For individually evaluated loans, if the loan is collateral-dependent, then the fair value of the loan's collateral, less estimated selling costs, is compared to the loan's carrying amount to determine impairment. Fair value is generally estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation, selling costs and anticipated sales values, taking into account management's plans for disposition, which could result in adjustments to the fair value estimates indicated in the appraisals. The assumptions used in determining the amount of the impairment are subject to significant judgment. Use of different assumptions, for example, changes in the fair value of the collateral or management's plans for disposition could have a significant impact on the amount of impairment.
For individually evaluated loans, under the DCF method, resulting expected credit losses are recorded as a specific reserve with a charge-off for any portion of the expected credit loss that is determined not to be recoverable. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. Additionally, where guarantors are determined to be a source of repayment, an assessment of the guarantee is required. This guarantee assessment would include, but not be limited to, factors such as type and feature of the guarantee, consideration for the guarantor's financial strength and capacity to service the loan in combination with the guarantor's other financial obligations as well as the guarantor's willingness to assist in servicing the loan.
Purchased Loans with Credit Deterioration
Purchased loans are evaluated upon acquisition in order to determine if the loan, or pool of loans, has experienced more-than-insignificant deterioration in credit quality since origination or issuance. In the performance of this evaluation, Synovus considers migration of the credit quality of the loans at origination in comparison to the credit quality at acquisition.
Purchased loans classified as PCD are recognized in accordance with ASC 326-20-30, whereby the amortized cost basis of the PCD asset is ‘grossed-up’ by the initial estimate of credit losses with an offset to the ALL. This acquisition date allowance has no income statement effect. Post-acquisition, any changes in estimates of expected credit losses are recorded through the provision for credit losses. Non-credit discounts or premiums are accreted or amortized, respectively into interest income using the interest method.
The accounting treatment for purchased loans classified as non-PCD is the same as loans held for investment as detailed in the above section.
Allowance for Credit Losses on Off-balance-sheet Credit Exposures
Synovus maintains a separate ACL for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with associated expense recognized as a component of the provision for credit losses on the consolidated statements of income. The reserve for off-balance-sheet credit exposures considers the likelihood that funding will occur and estimates the expected credit losses on resulting commitments expected to be funded over their estimated life using the estimated loss rates on loans held for investment.
Commercial Loans - Risk Ratings
Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: SRR Assessment and DRR Assessment. The SRR model is an expert judgment based model that results in a blended (i.e. single) rating. DRR is a statistical model approach to risk rating that includes a PD and a LGD. The single and dual risk ratings are based on the borrowers' credit risk profile, considering factors such as debt service history, current and estimated prospective cash flow information, collateral supporting the credit, source of repayment as well as other variables, as appropriate.
Each loan is assigned a risk rating during its initial approval process. Commercial loans include classifications of pass, special mention, substandard, doubtful, and loss consistent with bank regulatory classifications.
The loan rating (for both SRR and DRR loans) is subject to approvals from members of management, regional credit and/or loan committees depending on the size of the loan and credit attributes. Loan ratings are regularly evaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Additionally, an independent loan review function evaluates Synovus' risk rating processes on a continuous basis. The primary determinants of the risk ratings for commercial loans are the reliability of the primary source of repayment and the borrower's expected performance. Expected performance is based upon a full analysis of the borrower's historical financial results, current financial strength and future prospects, which includes any external drivers.
Consumer Loans – Risk Ratings
Consumer loans are subject to uniform lending policies and consist primarily of loans with strong borrower credit scores. Synovus makes consumer lending decisions based upon a number of key credit risk determinants including FICO scores as well as loan-to-value and debt-to-income ratios. Consumer loans are generally assigned a risk rating based on credit bureau scores. At 90 days past due, a loan grade substandard non-accrual is applied and at 120 days past due, the loan is generally charged-off. The consumer loan portfolio is sent on a quarterly basis to a consumer credit reporting agency for a refresh of clients' credit scores so that management can evaluate ongoing consistency or negative migration in the quality of the portfolio. Revolving lines of credit are reviewed for a material change in financial circumstances and, when appropriate, the line of credit may be suspended for further advances.
Transfers of Financial Assets
Transfers of financial assets in which Synovus has surrendered control over the transferred assets are accounted for as sales. Control over transferred assets is considered to be surrendered when 1) the assets have been legally isolated from
Synovus or any consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to Synovus, and 3) Synovus does not maintain effective control over the transferred assets. If the transfer is accounted for as a sale, the transferred assets are derecognized from the balance sheet and a gain or loss on sale is recognized on the consolidated statements of income. If the sale criteria are not met, the transfer is accounted for as a secured borrowing and the transferred assets remain on Synovus' consolidated balance sheets and the proceeds from the transaction are recognized as a liability.
Cash Surrender Value of Bank-Owned Life Insurance
Investments in bank-owned life insurance policies on certain current and former officers and employees of Synovus are recorded at the net realizable value of the policies. Net realizable value is the cash surrender value of the policies less any applicable surrender charges and any policy loans. Synovus has not borrowed against the cash surrender value of these policies. Changes in the cash surrender value of the policies as well as proceeds from insurance benefits are recorded in income from bank-owned life insurance on the consolidated statements of income.
Premises, Equipment and Software
Premises, equipment and software including bank-owned branch locations and leasehold improvements are reported at cost, less accumulated depreciation and amortization, which are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over an average of 10 to 40 years, while furniture, equipment, and software are depreciated and amortized over a range of 3 to 10 years. Synovus capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life over a range of the lesser of contract terms or 3 to 7 years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the remainder of the lease term. Synovus reviews long-lived assets, such as premises and equipment, for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. Maintenance and repairs are charged to non-interest expense and improvements that extend the useful life of the asset are capitalized to the asset's carrying value and depreciated.
Goodwill and Other Intangible Assets
Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. Goodwill is tested for impairment at the reporting unit level, equivalent to a business segment or one level below. Synovus performs its annual evaluation of goodwill impairment as of October 1, and as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 5 - Goodwill and Other Intangible Assets" of this Report for details of the evaluation.
Other intangible assets relate primarily to a core deposit intangible, client relationships, and developed technology resulting from business acquisitions. The core deposit intangible is amortized over its estimated useful life of approximately ten years utilizing an accelerated method. The remaining intangible assets are amortized using straight line methods based on the remaining lives of the assets with amortization periods ranging from five to ten years. Amortization periods for intangible assets are monitored to determine if events and circumstances require such periods to be reduced.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by the asset. Any resulting impairment is measured by the amount by which the carrying value exceeds the fair value of the asset (based on the undiscounted cash flows expected to be generated by the asset).
Long-term Debt
Long-term debt balances are presented net of discounts and premiums, debt issuance costs that arise from the issuance of long-term debt, and the impact of hedge accounting. Discounts, premiums and debt issuance costs are amortized using the effective interest rate method or straight-line method (when the financial statement impacts of this method are not materially different from the former method). For additional information on hedge accounting, refer to the Derivative Instruments section of this Note and "Part II - Item 8. Financial Statements and Supplementary Data - Note 13 - Derivative Instruments" of this Report.
Non-interest Revenue
Synovus' contracts with clients generally do not contain terms that require significant judgment to determine the amount of revenue to recognize. Synovus' policies for recognizing non-interest revenue within the scope of ASC Topic 606, Revenue from Contracts with Customers, including the nature and timing of such revenue streams, are included below.
Service Charges on Deposit Accounts: Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services, as well as overdraft, NSF, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts' monthly cycle, or at a point in time for transaction-related services and fees. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to clients' accounts.
Fiduciary and Asset Management Fees: Fiduciary and asset management fees are primarily comprised of fees earned from the management and administration of trusts and other client assets. Synovus' performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to clients' accounts. Synovus does not earn performance-based incentives.
Card Fees: Card fees consist primarily of interchange fees from credit cards and debit cards processed by card association networks, as well as merchant discounts, and other card-related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees and merchant discounts are recognized concurrently with the delivery of service on a daily basis as transactions occur. Payment is typically received immediately or in the following month. Card fees are reported net of certain associated expense items including loyalty program expense and network expense.
Brokerage Revenue: Brokerage revenue consists primarily of commissions. Additionally, brokerage revenue includes advisory fees earned from the management of client assets. Transactional revenues are based on the size and number of transactions executed at the client's direction and are generally recognized on the trade date with payment received on the settlement date. Advisory fees for brokerage services are recognized and collected monthly and are based upon the month-end market value of the assets under management at a rate predetermined in the contract.
Capital Markets Income (partially within the scope of ASC Topic 606): Investment banking income, a component of capital markets income, is comprised primarily of securities underwriting fees and remarketing fees. Synovus assists corporate clients in raising capital by offering equity or debt securities to potential investors. The transaction fees are based on a percentage of the total transaction amount. The underwriting and remarketing fees are recognized on the trade date when the securities are sold to third-party investors with payment received on the settlement date.
Insurance Revenue (included in other non-interest revenue on the consolidated statements of income): Insurance revenue primarily consists of commissions received on annuity and life product sales. The commissions are recognized as revenue when the client executes an insurance policy with the insurance carrier. In some cases, Synovus receives payment of trailing commissions each year when the client pays its annual premium.
Other Fees (included in other non-interest revenue on the consolidated statements of income): Other fees within the scope of ASC Topic 606 include revenue generated from safe deposit box rental fees, lockbox services, loan-related income, and fees for banking-as-a-service. Fees are recognized over time, on a monthly basis, as Synovus' performance obligation for services is satisfied. Payment is received upfront for safe deposit box rentals and in the following month for lockbox services. Other fees are recognized in a manner that reflects the timing of when transactions occur or as services are provided.
Share Repurchases
Common stock repurchases are recorded at cost. At the date of repurchase, shareholders' equity is reduced by the repurchase price and includes commissions and other transaction expenses that arise from the repurchases. If treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock with differences between cost and the re-issuance date fair value recorded in additional paid-in capital or retained earnings, as applicable.
Earnings per Share
Basic net income per common share is computed by dividing net income available to common shareholders by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.
Share-based Compensation
Synovus has a long-term incentive plan under which the Compensation and Human Capital Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. The Plan permits grants of share-based compensation including stock options, restricted share units, and performance share units. The grants generally include a service-based vesting period of three years. Restricted share units are primarily equity-based but certain specific grants may be cash settled as well. When cash settled awards are granted, they are classified as a liability and revalued quarterly. Performance share units are granted with a defined target level and are compared to required market and performance metrics to determine
adjustments to compensation expense. Synovus has historically issued new shares to satisfy share option exercises and share unit conversions. Dividend equivalents are paid on outstanding restricted share units and performance share units in the form of additional restricted share units that vest over the same vesting period or the vesting period left on the original restricted share unit grant.
Compensation expense is measured based on the grant date fair value of restricted share units and performance share units. Synovus' share-based compensation costs associated with employee grants are recorded as a component of salaries and other personnel expense on the consolidated statements of income. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time awards are exercised, cancelled, expire or restrictions are released, Synovus recognizes an adjustment to income tax expense for the difference between the previously estimated tax deduction and the actual tax deduction realized.
Fair Value Measurements and Disclosures
Synovus carries various assets and liabilities at fair value based on the fair value accounting guidance under ASC Topic 820, Fair Value Measurement, and ASC Topic 825, Financial Instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
Fair Value Hierarchy
Synovus determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the financial instrument's fair value measurement in its entirety. There are three levels of inputs that may be used to measure fair value. The three levels of inputs of the valuation hierarchy are defined below:
Level 1Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued.
Level 2Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data.
Level 3Unobservable inputs that are supported by little, if any, market activity for the asset or liability.
Valuation Methodology by Instrument - Recurring Basis
The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a recurring basis.
Investment Securities Available for Sale and Trading Securities
The fair values of investment securities available for sale and trading securities are primarily based on actively traded markets where prices are based on either quoted market prices or observed transactions. Management employs independent third-party pricing services to provide fair value estimates for Synovus' investment securities available for sale and trading securities. Fair values for fixed income investment securities are typically determined based upon quoted market prices, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange-quoted prices and include financial instruments such as U.S. Treasury securities and marketable equity securities. Level 2 securities are typically matrix-priced by the third-party pricing service to calculate the fair value. Such fair value measurements consider observable data such as market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. The types of securities classified as Level 2 within the valuation hierarchy primarily consist of collateralized mortgage obligations, mortgage-backed securities, debt securities of GSEs and agencies, corporate debt, asset-backed securities, and state and municipal securities.
Management uses various validation procedures to confirm the prices received from pricing services are reasonable. Such validation procedures include reference to market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Further, management also employs the services of an additional independent pricing firm as a means to verify and confirm the fair values of the primary independent pricing firms.
When there is limited activity or less transparency around inputs to valuation, Synovus develops valuations based on assumptions that are not readily observable in the marketplace; these securities are classified as Level 3 within the valuation hierarchy.
Mortgage Loans Held for Sale
Synovus elected to apply the fair value option for mortgage loans originated with the intent to sell to investors in the secondary market. When loans are not committed to an investor at a set price, fair value is derived from a hypothetical bulk sale model using current market pricing indicators. A best execution valuation model is used for loan pricing for similar assets based upon forward settlements of a pool of loans of similar coupon, maturity, product, and credit attributes. The inputs to the model are continuously updated with available market and historical data. As the loans are sold in the secondary market and primarily used as collateral for securitizations, the valuation model methodology attempts to reflect the pricing execution available to Synovus’ principal market. Mortgage loans held for sale are classified within Level 2 of the valuation hierarchy.
Other investments
Funds invested in privately held companies are classified as Level 3 and the estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models, such as option pricing or a discounted cash flow model. Synovus typically sells shares in any investment after initial public offering (IPO) lock-up periods have ended.
Mutual Funds
Mutual funds (including those held in rabbi trusts) primarily invest in equity and fixed income securities. Shares of mutual funds are valued based on quoted market prices and are therefore classified within Level 1 of the fair value hierarchy.
Derivative Assets and Liabilities
Fair values of interest rate lock commitments and forward commitments are estimated based on an internally developed model that uses readily observable market data such as interest rates, prices, and indices to generate continuous yield or pricing curves, volatility factors, and client credit-related adjustments, subject to the anticipated loan funding probability (pull-through rate). These fair value estimates are classified as Level 2 within the valuation hierarchy.
Fair values of interest rate swaps are determined using a discounted cash flow analysis on the expected cash flows of each derivative, which also includes a credit value adjustment for client swaps. An independent third-party valuation is used to verify and confirm these values, which are classified as Level 2 within the fair value hierarchy.
Valuation Methodology by Instrument - Non-recurring Basis
The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a non-recurring basis.
Loans
Loans measured at fair value on a non-recurring basis consist of loans that do not share similar risk characteristics. These loans are typically collateral-dependent loans that are valued using third-party appraised value of collateral less estimated selling price (Level 3).
Other Loans Held for Sale
Loans are transferred to other loans held for sale at amortized cost when Synovus makes the determination to sell specifically identified loans. If the amortized cost exceeds fair value a valuation allowance is established for the difference. The fair value of the loans is primarily determined by analyzing the anticipated market prices of similar assets less estimated costs to sell. At the time of transfer, any credit losses are determined in accordance with Synovus' policy and recorded as a charge-off against the allowance for loan losses. Subsequent changes in the valuation allowance due to changes in the fair value subsequent to the transfer, as well as gains/losses realized from the sale of these assets, are recorded as gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income (Level 3).
Other Real Estate
Other Real Estate (ORE) consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. A loan is classified as an in-substance foreclosure when Synovus has taken possession of the collateral regardless of whether formal foreclosure proceedings have taken place.
At foreclosure, ORE is recorded at fair value less estimated selling costs, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated selling costs, not to exceed the new cost basis, determined by review of current appraisals, as well as the review of comparable sales, contractual sales price, and other estimates of fair value obtained principally from independent sources, adjusted for estimated selling costs (Level 3). Any adjustments are recorded as a component of other operating expense on the consolidated statements of income.
Other Assets Held for Sale
Other assets held for sale consist of certain premises and equipment held for sale. The fair value of these assets is determined primarily on the basis of appraisals, contractual sales price, or BOV, as circumstances warrant, adjusted for estimated selling costs. Both techniques engage licensed or certified professionals that use inputs such as absorption rates, capitalization rates, and market comparables (Level 3).
Derivative Instruments
Synovus’ risk management policies emphasize the management of interest rate risk within acceptable guidelines. Synovus’ objective in maintaining these policies is to limit volatility in net interest income arising from changes in interest rates. Risks to be managed include both fair value and cash flow risks. Utilization of derivative financial instruments provides a valuable tool to assist in the management of these risks.
All derivative instruments are recorded on the consolidated balance sheets at their respective fair values, net of variation margin payments, as components of other assets and other liabilities. The accounting for changes in fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it qualifies and has been designated as part of a hedging relationship. Synovus formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items.
Fair value hedges - If the hedged exposure is a fair value exposure, the unrealized gain or loss on the derivative instrument is recognized in earnings in the period of change, in the same income statement line as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged. When a fair value hedge is discontinued, the cumulative basis adjustments related to the hedged asset or liability are amortized to earnings in the same manner as other components of the carrying amount of that asset or liability.
Cash flow hedges - If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income (loss) are amortized into earnings over the same periods which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the accumulated amounts in OCI at the de-designation date are immediately recognized in earnings. 
If the derivative instrument is not designated as a hedge, the gain or loss on the derivative instrument is recognized in earnings as a component of non-interest revenue or other non-interest expense on the consolidated statements of income in the period of change.
Synovus also holds derivative instruments, which consist of interest rate lock agreements related to expected funding of fixed-rate mortgage loans to clients (interest rate lock commitments) and forward commitments to sell mortgage-backed securities and individual fixed-rate mortgage loans. Synovus’ objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the interest rate lock commitments and the mortgage loans that are held for sale. Both the interest rate lock commitments and the forward commitments are reported at fair value, with adjustments recorded in current period earnings in mortgage banking income.
Synovus also enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking clients. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial clients to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. The interest rate swap agreements are free-standing derivatives and are recorded at fair value with any unrealized gain or loss recorded in current period earnings in non-interest revenue. These instruments, and their offsetting positions, are recorded in other assets and other liabilities on the consolidated balance sheets.
Visa Derivative - In conjunction with the sale of Class B shares of common stock issued by Visa to Synovus as a Visa USA member, Synovus entered into a derivative contract with the purchaser, which provides for settlements between the parties based upon a change in the ratio for conversion of Visa Class B shares to Visa Class A shares. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The litigation escrow is funded by proceeds from Visa’s conversion of Class B shares.
The fair value of the derivative contract is determined based on management's estimate of the timing and amount of the Covered Litigation settlement, and the resulting payments due to the counterparty under the terms of the contract. During the years ended December 31, 2023 and 2022, Synovus recorded fair value adjustments of $3.9 million and $6.0 million, respectively, in other non-interest expense. Management believes that the estimate of Synovus' exposure to the Visa indemnification including fees associated with the Visa derivative is adequate based on current information, including Visa's
recent announcements and disclosures. However, future developments in the litigation could require changes to Synovus' estimate.
Income Taxes
Synovus is a domestic corporation that files a consolidated federal income tax return with its wholly-owned subsidiaries and files state income tax returns on a consolidated or separate entity basis with the various taxing jurisdictions based on its taxable presence. However, Synovus' Qualpay subsidiary continues to file separate federal and state income tax returns and is not included in any of Synovus' consolidated tax filings. The current income tax payable or receivable is an estimate of the amounts currently owed to or due from taxing authorities in which Synovus conducts business. Current income taxes payable also reflects changes in liabilities associated with uncertain tax positions for the current and/or prior years.
Synovus uses the asset and liability method to account for future income taxes expected to be paid or received (i.e., deferred income taxes). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement (GAAP) carrying amounts of existing assets and liabilities and their respective tax bases, including operating losses and tax credit carryforwards. The deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date.
A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. In making this assessment, all sources of taxable income available to realize the deferred tax asset are considered, including taxable income in prior years, future reversals of existing temporary differences, tax planning strategies, and future taxable income exclusive of reversing temporary differences and carryforwards. The predictability that future taxable income, exclusive of reversing temporary differences, will occur is the most subjective of these four sources. Changes in the valuation allowance are recorded through income tax expense.
Significant estimates used in accounting for income taxes relate to the valuation allowance for deferred tax assets, estimates of the realizability of deferred tax assets including NOLs and income tax credits, the determination of taxable income, and the determination of temporary differences between book and tax bases.
Synovus regularly evaluates its material tax positions for recognizability in its financial statements. Each tax position is evaluated under the presumption that all positions will be examined and that tax authorities will have full knowledge of all relevant information, and whether a position can be recognized is based solely on the technical merits of the position. Synovus performs a cumulative probability analysis and recognizes tax benefits where there is a greater than fifty percent likelihood of the position being upheld. If, upon this evaluation, the tax benefits of a transaction do not meet this ‘more likely than not’ standard, Synovus will accrue a tax liability for the uncertain tax position or reduce a deferred tax asset for the expected tax impact of the transaction. Events and circumstances may alter the estimates and assumptions used in the analysis of its income tax positions and, accordingly, Synovus' effective tax rate may fluctuate in the future. Synovus recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense.
Investments in Tax Credit Structures
Synovus invests in certain LIHTC partnerships, which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain new market tax credit partnerships pursuant to Section 45D of the Code, certain HTCs pursuant to Section 47 of the Code, and certain ITCs pursuant to Section 48 of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan, but has no obligation to fund the operations or working capital of the partnerships and is not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments, which are subject to recapture by taxing authorities based on compliance provisions required to be met at the project level.
Synovus applies the proportional amortization method of accounting for its LIHTC and HTC partnerships. Effective January 1, 2023, upon the adoption of ASU 2023-02, Synovus also began applying the proportional amortization method of accounting to its qualifying new market tax credit partnership. Following Synovus' new investment in a solar energy tax credit partnership during the third quarter of 2023, Synovus made an election to apply the proportional amortization method of accounting to qualifying solar energy tax credit partnerships. The proportional amortization method recognizes the amortized cost of the investment as a component of income tax expense on the consolidated statements of income and as a component of operating activities within other assets and other liabilities on the consolidated statements of cash flows. Prior to the adoption of ASU 2023-02, Synovus applied the equity method of accounting to its new market tax credit partnership. See "Recent Accounting Pronouncements" below for the impact of adoption. During the year ended December 31, 2023, Synovus recognized tax credits and other tax benefits of $81.6 million and amortization expense of $63.9 million from LIHTC, HTC,
new markets, and renewable energy tax credit investments as components of income tax expense. During the year ended December 31, 2022, Synovus recognized tax credits and other benefits of $37.5 million and amortization expense of $30.3 million from LIHTC and HTC tax credit investments in income tax expense. During the year ended December 31, 2021 Synovus recognized tax credits and other benefits of $27.8 million and amortization expense of $20.6 million from LIHTC tax credit investments in income tax expense. The effect of non-income-tax related items from investments accounted for using the proportional amortization method were immaterial to the financial statements in each period.
Recent Accounting Pronouncements
The following table provides a brief description of accounting standards adopted or issued in 2023 and the estimated effect on the Company’s financial statements.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted ) in 2023
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage DisclosureIn March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20.January 1, 2023The Company adopted this standard on January 1, 2023 on a prospective basis. The adoption of this standard did not have a material impact to the consolidated financial statements. See Note 3, Loans and Allowance for Loan Losses, for the required disclosures in accordance with this ASU.
ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization MethodIn March 2023, the FASB issued ASU 2023-02, which expands the population of investments for which an investor may elect to apply the proportional amortization method. Under the ASU, an investor in a tax equity investment may elect the proportional amortization method for qualifying investments on a tax credit program-by-program basis. To qualify for the proportional amortization method, an investment must meet the criteria previously applicable to LIHTC investments, as clarified by the ASU.January 1, 2024. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year.
The Company early adopted this standard on January 1, 2023 on a modified retrospective basis. The adoption of this standard did not have a material impact to the consolidated financial statements. The Company recognized a cumulative effect adjustment of $297 thousand at adoption to decrease the beginning balance of retained earnings as of January 1, 2023, for the difference between the previous method used to account for the tax equity investment and the application of the proportional amortization method since the investment was entered into.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted in 2023
ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07 to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so.
January 1, 2024The Company will adopt the new disclosure requirements for the annual period beginning on January 1, 2024 and interim periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental segment information that will be required to be disclosed as well as the impact to the Segment Reporting footnote.
ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax DisclosuresIn December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted.January 1, 2025The Company will adopt the new disclosures for the annual periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed as well as the impact to the Income Taxes footnote.
v3.24.0.1
Investment Securities Available for Sale
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
Investment Securities Available for Sale
Note 2 - Investment Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2023 and 2022 are summarized below.
December 31, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$588,082 $9,547 $— $597,629 
U.S. Government agency securities29,993 — (1,053)28,940 
Mortgage-backed securities issued by U.S. Government agencies1,021,612 2,037 (97,985)925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises7,523,399 1,192 (1,094,212)6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises692,487 — (104,892)587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,226,672 18,764 (35,653)1,209,783 
Corporate debt securities and other debt securities9,009 — (337)8,672 
Total investment securities available for sale(1)
$11,091,254 $31,540 $(1,334,132)$9,788,662 
December 31, 2022
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$515,953 $— $(44,140)$471,813 
U.S. Government agency securities52,411 — (3,613)48,798 
Mortgage-backed securities issued by U.S. Government agencies904,593 1,624 (113,468)792,749 
Mortgage-backed securities issued by U.S. Government sponsored enterprises8,144,374 936 (1,250,240)6,895,070 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises769,498 — (114,371)655,127 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises877,590 — (71,645)805,945 
Corporate debt securities and other debt securities8,908 — (307)8,601 
Total investment securities available for sale(1)
$11,273,327 $2,560 $(1,597,784)$9,678,103 
(1) The amounts reported exclude accrued interest receivable on investment securities available for sale of $26.6 million and $22.7 million at December 31, 2023 and 2022, respectively, which is presented as a component of other assets on the consolidated balance sheets. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" in this Report for more information on other assets.
At December 31, 2023 and 2022, investment securities with a carrying value of $5.19 billion and $4.47 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022 are presented below.
December 31, 2023
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Government agency securities$— $— $28,940 $(1,053)$28,940 $(1,053)
Mortgage-backed securities issued by U.S. Government agencies159,402 (1,268)565,358 (96,717)724,760 (97,985)
Mortgage-backed securities issued by U.S. Government sponsored enterprises215,917 (1,193)6,045,914 (1,093,019)6,261,831 (1,094,212)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— — 587,595 (104,892)587,595 (104,892)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises34,406 (205)276,675 (35,448)311,081 (35,653)
Corporate debt securities and other debt securities— — 8,672 (337)8,672 (337)
Total$409,725 $(2,666)$7,513,154 $(1,331,466)$7,922,879 $(1,334,132)
December 31, 2022
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$139,737 $(6,789)$307,582 $(37,351)$447,319 $(44,140)
U.S. Government agency securities28,938 (1,053)19,603 (2,560)48,541 (3,613)
Mortgage-backed securities issued by U.S. Government agencies187,655 (5,952)521,395 (107,516)709,050 (113,468)
Mortgage-backed securities issued by U.S. Government sponsored enterprises1,473,348 (120,135)5,365,233 (1,130,105)6,838,581 (1,250,240)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises119,649 (10,311)535,478 (104,060)655,127 (114,371)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises565,382 (29,383)240,564 (42,262)805,946 (71,645)
Corporate debt securities and other debt securities8,601 (307)— — 8,601 (307)
Total$2,523,310 $(173,930)$6,989,855 $(1,423,854)$9,513,165 $(1,597,784)
As of December 31, 2023, Synovus had 12 investment securities in a loss position for less than twelve months and 343 investment securities in a loss position for twelve months or longer. As of December 31, 2023, Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for Synovus' policy for evaluating impairment on its investment securities available for sale portfolio.
During the fourth quarter of 2023, as part of an overall strategic repositioning of the investment securities portfolio, Synovus sold at amortized cost $1.30 billion of U.S. Treasury securities, U.S. Government agency securities, MBS issued by U.S. Government agencies, MBS issued by U.S. Government sponsored enterprises, and Commercial MBS issued by U.S. Government agencies or sponsored enterprises, which resulted in realized net losses of $77.7 million. Additionally, Synovus purchased $1.28 billion in principal of U.S. Treasury securities, U.S. Government agency securities, MBS issued by U.S. Government agencies, MBS issued by U.S. Government sponsored enterprises, and Commercial MBS issued by U.S. Government agencies or sponsored enterprises.
At December 31, 2023, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. U.S. Treasury and agency securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise.
The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2023 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
Distribution of Maturities at December 31, 2023
(in thousands)Within One Year1 to 5
Years		5 to 10
Years		More Than
10 Years		Total
Amortized Cost
U.S. Treasury securities$25,688 $141,378 $421,016 $— $588,082 
U.S. Government agency securities— 29,993 — — 29,993 
Mortgage-backed securities issued by U.S. Government agencies— 65 3 1,021,544 1,021,612 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— — 11,063 7,512,336 7,523,399 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 50 10,508 681,929 692,487 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises66,599 545,350 597,302 17,421 1,226,672 
Corporate debt securities and other debt securities— 9,009 — — 9,009 
Total amortized cost$92,287 $725,845 $1,039,892 $9,233,230 $11,091,254 
Fair Value
U.S. Treasury securities$25,688 $143,641 $428,300 $— $597,629 
U.S. Government agency securities— 28,940 — — 28,940 
Mortgage-backed securities issued by U.S. Government agencies— 63 3 925,598 925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— — 10,341 6,420,038 6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 49 10,220 577,326 587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises67,822 544,620 582,238 15,103 1,209,783 
Corporate debt securities and other debt securities— 8,672 — — 8,672 
Total fair value$93,510 $725,985 $1,031,102 $7,938,065 $9,788,662 
Gross gains and gross losses on sales of securities available for sale for the years ended December 31, 2023, 2022, and 2021 are presented below.
(in thousands)202320222021
Gross realized gains on sales$5,141 $— $1,191 
Gross realized losses on sales(81,859)— (1,990)
Investment securities gains (losses), net$(76,718)$— $(799)
v3.24.0.1
Loans and Allowance for Loan Losses
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Loans and Allowance for Loan Losses
Note 3 - Loans and Allowance for Loan Losses
Aging and Non-Accrual Analysis
The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2023 and 2022.
December 31, 2023
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past DueTotal Accruing Past Due Non-accrual with an ALLNon-accrual without an ALLTotal
Commercial, financial, and agricultural$14,355,414 $12,264 $1,797 $14,061 $66,400 $23,470 $14,459,345 
Owner-occupied8,041,573 6,056 149 6,205 70,784 20,586 8,139,148 
Total commercial and industrial22,396,987 18,320 1,946 20,266 137,184 44,056 22,598,493 
Investment properties11,322,516 740 278 1,018 12,796 26,974 11,363,304 
1-4 family properties595,359 87 — 87 2,605 451 598,502 
Land and development353,477 671 — 671 804 — 354,952 
Total commercial real estate12,271,352 1,498 278 1,776 16,205 27,425 12,316,758 
Consumer mortgages5,359,153 6,462 — 6,462 46,108 — 5,411,723 
Home equity 1,785,836 10,374 716 11,090 10,473 — 1,807,399 
Credit cards190,299 1,818 2,024 3,842 — — 194,141 
Other consumer loans1,053,587 15,574 89 15,663 6,697 29 1,075,976 
Total consumer8,388,875 34,228 2,829 37,057 63,278 29 8,489,239 
Loans, net of deferred fees and costs(1)
$43,057,214 $54,046 $5,053 $59,099 $216,667 $71,510 $43,404,490 
December 31, 2022
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past DueTotal Accruing Past Due Non-accrual with an ALLNon-accrual without an ALLTotal
Commercial, financial, and agricultural$13,798,639 $15,033 $1,437 $16,470 $48,008 $11,299 $13,874,416 
Owner-occupied8,181,649 487 — 487 9,499 605 8,192,240 
Total commercial and industrial21,980,288 15,520 1,437 16,957 57,507 11,904 22,066,656 
Investment properties11,639,614 960 — 960 1,785 1,688 11,644,047 
1-4 family properties613,049 762 — 762 2,172 950 616,933 
Land and development388,098 77 — 77 1,158 — 389,333 
Total commercial real estate12,640,761 1,799 — 1,799 5,115 2,638 12,650,313 
Consumer mortgages5,163,417 13,969 210 14,179 36,847 — 5,214,443 
Home equity 1,742,412 7,795 1 7,796 6,830 — 1,757,038 
Credit cards200,047 1,843 1,722 3,565 — — 203,612 
Other consumer loans1,795,799 21,269 3 21,272 7,220 — 1,824,291 
Total consumer8,901,675 44,876 1,936 46,812 50,897 — 8,999,384 
Loans, net of deferred fees and costs(1)
$43,522,724 $62,195 $3,373 $65,568 $113,519 $14,542 $43,716,353 
(1) The amortized cost basis of loans, net of deferred fees and costs excludes accrued interest receivable of $256.3 million and $203.1 million at December 31, 2023 and 2022, respectively, which is presented as a component of other assets on the consolidated balance sheets. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" in this Report for more information on other assets.
Interest income on non-accrual loans outstanding that would have been recorded if the loans had been current and performing in accordance with their original terms was $23.0 million and $9.0 million during the years ended December 31, 2023 and 2022, respectively. Of the interest income recognized during the years ended December 31, 2023 and 2022, cash-basis interest income was $19.8 million and $3.0 million, respectively.
Pledged Loans
Loans with carrying values of $24.31 billion and $16.09 billion, respectively, were pledged as collateral for borrowings and capacity at December 31, 2023 and 2022 respectively, to the FHLB and Federal Reserve Bank.
Portfolio Segment Risk Factors
The risk characteristics and collateral information of each portfolio segment are as follows:
Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process, which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment.
Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and our preference is to obtain some level of recourse from project sponsors. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s).
Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, home equity, and consumer credit card loans, as well as home improvement loans, student, and personal loans from third-party lending ("other consumer loans"). Together, consumer mortgages and home equity comprise the majority of Synovus' consumer loans and are secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s).
Credit Quality Indicators
The credit quality of the loan portfolio is reviewed and updated no less frequently than annually using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups: Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows:
Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral.
Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification.
Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful - loans which have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values.
Loss - loans which are considered by management to be uncollectible and of such little value that their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. Synovus fully reserves for any loans rated as Loss.
In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and home equity) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior liens with other financial institutions.
The following table summarizes each loan portfolio class by regulatory risk grade and origination year as of December 31, 2023 as required by CECL.
December 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20232022202120202019PriorAmortized Cost BasisConverted to Term LoansTotal
Commercial, financial, and agricultural
Pass$1,078,790 $1,040,742 $1,408,178 $782,069 $636,341 $1,236,433 $7,623,255 $46,908 $13,852,716 
Special Mention5,298 8,276 20,027 1,950 2,552 8,412 141,580 — 188,095 
Substandard36,557 14,742 35,744 37,186 88,940 21,032 182,069 1,685 417,955 
Loss— — — — — 355 224 — 579 
Total commercial, financial, and agricultural1,120,645 1,063,760 1,463,949 821,205 727,833 1,266,232 7,947,128 48,593 14,459,345 
Current YTD Period:
Gross charge-offs9,367 3,436 8,175 19,532 1,165 2,071 30,696 203 74,645 
Owner-occupied
Pass859,887 1,521,469 1,501,405 958,620 710,634 1,401,416 782,180 — 7,735,611 
Special Mention1,709 9,114 22,562 2,593 4,689 48,640 79,031 — 168,338 
Substandard4,388 24,760 13,616 59,478 17,702 87,306 27,949 — 235,199 
Total owner-occupied865,984 1,555,343 1,537,583 1,020,691 733,025 1,537,362 889,160 — 8,139,148 
Current YTD Period:
Gross charge-offs— — 433 6,836 1,544 2,862 — — 11,675 
Total commercial and industrial1,986,629 2,619,103 3,001,532 1,841,896 1,460,858 2,803,594 8,836,288 48,593 22,598,493 
Current YTD Period:
Gross charge-offs$9,367 $3,436 $8,608 $26,368 $2,709 $4,933 $30,696 $203 $86,320 
Investment properties
Pass593,540 3,140,041 2,863,327 1,161,697 1,052,638 1,900,744 261,737 — 10,973,724 
Special Mention— 1,616 169,550 — 48,429 33,903 — — 253,498 
Substandard2,083 4,070 41,278 1,455 1,622 75,850 — — 126,358 
Doubtful— — — — — 9,714 — — 9,714 
Loss— — — — — 10 — — 10 
Total investment properties595,623 3,145,727 3,074,155 1,163,152 1,102,689 2,020,221 261,737 — 11,363,304 
Current YTD Period:
Gross charge-offs(1)
546 7,685 5,668 3,801 1,893 22,647 3,109 — 45,349 
1-4 family properties
Pass167,729 142,930 119,054 31,928 29,740 55,243 42,099 — 588,723 
Special Mention3,104 947 — 184 — 311 1 — 4,547 
Substandard1,721 822 643 465 324 1,212 45 — 5,232 
Total 1-4 family properties172,554 144,699 119,697 32,577 30,064 56,766 42,145 — 598,502 
Current YTD Period:
Gross charge-offs— — — — — 24 — — 24 
December 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20232022202120202019PriorAmortized Cost BasisConverted to Term LoansTotal
Land and development
Pass105,609 84,962 35,993 16,131 18,616 59,605 888 — 321,804 
Special Mention— 496 — — — 774 — — 1,270 
Substandard29,204 411 74 — 593 1,596 — — 31,878 
Total land and development134,813 85,869 36,067 16,131 19,209 61,975 888 — 354,952 
Current YTD Period:
Gross charge-offs— — — 77 — — — — 77 
Total commercial real estate902,990 3,376,295 3,229,919 1,211,860 1,151,962 2,138,962 304,770 — 12,316,758 
Current YTD Period:
Gross charge-offs$546 $7,685 $5,668 $3,878 $1,893 $22,671 $3,109 $— $45,450 
Consumer mortgages
Pass757,485 784,898 1,044,442 1,219,397 410,511 1,136,541 35 — 5,353,309 
Substandard564 2,810 5,517 15,913 9,478 23,662 — — 57,944 
Loss— — — — — 470 — — 470 
Total consumer mortgages758,049 787,708 1,049,959 1,235,310 419,989 1,160,673 35 — 5,411,723 
Current YTD Period:
Gross charge-offs— 108 251 403 402 965 5 — 2,134 
Home equity
Pass— — — — — — 1,308,934 482,679 1,791,613 
Substandard— — — — — — 10,231 5,297 15,528 
Loss— — — — — — 174 84 258 
Total home equity — — — — — — 1,319,339 488,060 1,807,399 
Current YTD Period:
Gross charge-offs— — — — — 79 819 229 1,127 
Credit cards
Pass— — — — — — 192,217 — 192,217 
Substandard— — — — — — 702 — 702 
Loss— — — — — — 1,222 — 1,222 
Total credit cards— — — — — — 194,141 — 194,141 
Current YTD Period:
Gross charge-offs— — — — — — 7,165 — 7,165 
Other consumer loans
Pass134,969 181,455 219,415 114,006 28,256 112,724 277,368 — 1,068,193 
Substandard573 963 3,811 1,182 568 494 192 — 7,783 
Total other consumer loans135,542 182,418 223,226 115,188 28,824 113,218 277,560 — 1,075,976 
Current YTD Period:
Gross charge-offs(1)
627 6,040 24,231 3,625 1,971 2,026 2,358 — 40,878 
Total consumer893,591 970,126 1,273,185 1,350,498 448,813 1,273,891 1,791,075 488,060 8,489,239 
Current YTD Period:
Gross charge-offs$627 $6,148 $24,482 $4,028 $2,373 $3,070 $10,347 $229 $51,304 
Loans, net of deferred fees and costs$3,783,210 $6,965,524 $7,504,636 $4,404,254 $3,061,633 $6,216,447 $10,932,133 $536,653 $43,404,490 
Current YTD Period:
Gross charge-offs$10,540 $17,269 $38,758 $34,274 $6,975 $30,674 $44,152 $432 $183,074 
(1) Includes $31.3 million in gross charge-offs related to the transfer of certain loans to held for sale that sold during 2023.
December 31, 2022
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20222021202020192018PriorAmortized Cost BasisConverted to Term LoansTotal
Commercial, financial, and agricultural
Pass$1,276,814 $1,911,353 $1,009,230 $782,100 $536,001 $1,037,488 $6,862,070 $43,748 $13,458,804 
Special Mention4,131 14,289 12,691 6,637 5,716 2,777 81,889 1,710 129,840 
Substandard13,751 17,780 38,943 42,773 18,405 21,418 131,422 1,003 285,495 
Loss— — — — — — 277 — 277 
Total commercial, financial, and agricultural1,294,696 1,943,422 1,060,864 831,510 560,122 1,061,683 7,075,658 46,461 13,874,416 
Owner-occupied
Pass1,537,016 1,675,524 1,137,889 909,525 664,734 1,103,500 866,920 — 7,895,108 
Special Mention4,238 6,760 24,175 13,913 5,024 69,500 — — 123,610 
Substandard19,437 13,381 63,925 7,415 51,364 17,755 — — 173,277 
Loss— 245 — — — — — — 245 
Total owner-occupied1,560,691 1,695,910 1,225,989 930,853 721,122 1,190,755 866,920 — 8,192,240 
Total commercial and industrial2,855,387 3,639,332 2,286,853 1,762,363 1,281,244 2,252,438 7,942,578 46,461 22,066,656 
Investment properties
Pass2,671,660 3,245,669 1,532,230 1,220,974 775,747 1,543,724 541,118 — 11,531,122 
Special Mention2,379 1,550 — 14,570 5,908 2,388 146 — 26,941 
Substandard5,973 1,455 176 1,688 51,767 3,931 20,994 — 85,984 
Total investment properties2,680,012 3,248,674 1,532,406 1,237,232 833,422 1,550,043 562,258 — 11,644,047 
1-4 family properties
Pass248,418 154,181 44,032 33,246 27,053 55,543 47,732 — 610,205 
Special Mention1 — 752 — — 297 — — 1,050 
Substandard1,309 1,429 75 741 836 1,243 45 — 5,678 
Total 1-4 family properties249,728 155,610 44,859 33,987 27,889 57,083 47,777 — 616,933 
Land and development
Pass119,801 84,055 21,984 39,484 18,600 64,854 5,078 — 353,856 
Special Mention— — 744 — 29,618 1,118 — — 31,480 
Substandard699 325 220 627 472 1,654 — — 3,997 
Total land and development120,500 84,380 22,948 40,111 48,690 67,626 5,078 — 389,333 
Total commercial real estate3,050,240 3,488,664 1,600,213 1,311,330 910,001 1,674,752 615,113 — 12,650,313 
December 31, 2022
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20222021202020192018PriorAmortized Cost BasisConverted to Term LoansTotal
Consumer mortgages
Pass$857,489 $1,188,652 $1,356,065 $458,441 $182,834 $1,118,686 $143 $— $5,162,310 
Substandard1,153 6,452 8,519 9,442 6,167 19,662 — — 51,395 
Loss— — — 4 — 734 — — 738 
Total consumer mortgages858,642 1,195,104 1,364,584 467,887 189,001 1,139,082 143 — 5,214,443 
Home equity
Pass— — — — — — 1,241,201 504,272 1,745,473 
Substandard— — — — — — 6,534 4,512 11,046 
Loss— — — — — — 402 117 519 
Total home equity — — — — — — 1,248,137 508,901 1,757,038 
Credit cards
Pass— — — — — — 201,898 — 201,898 
Substandard— — — — — — 617 — 617 
Loss— — — — — — 1,097 — 1,097 
Total credit cards— — — — — — 203,612 — 203,612 
Other consumer loans
Pass284,045 524,601 457,684 61,760 31,662 142,189 313,565 — 1,815,506 
Substandard1,417 3,810 1,648 712 163 888 139 — 8,777 
Loss— — — — — 8 — — 8 
Total other consumer loans285,462 528,411 459,332 62,472 31,825 143,085 313,704 — 1,824,291 
Total consumer1,144,104 1,723,515 1,823,916 530,359 220,826 1,282,167 1,765,596 508,901 8,999,384 
Loan, net of deferred fees and costs$7,049,731 $8,851,511 $5,710,982 $3,604,052 $2,412,071 $5,209,357 $10,323,287 $555,362 $43,716,353 
Collateral-Dependent Loans
We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate.
There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the years ended December 31, 2023 and 2022.    
Rollforward of Allowance for Loan Losses
The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2023, 2022, and 2021. For the year ended December 31, 2023, Synovus charged-off $31.3 million in previously established reserves for credit losses associated with the transfer of $1.59 billion in loans to held for sale for the sales of medical office building loans and third-party consumer loans that both closed in 2023. For the years ended December 31, 2022 and 2021, Synovus had no significant transfers to loans held for sale.
As of and For The Year Ended December 31, 2023
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2022$161,550 $143,575 $138,299 $443,424 
Charge-offs(86,320)(45,450)(51,304)(183,074)
Recoveries16,664 1,273 11,795 29,732 
Provision for (reversal of) loan losses127,076 34,360 27,867 189,303 
Ending balance at December 31, 2023$218,970 $133,758 $126,657 $479,385 
As of and For The Year Ended December 31, 2022
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2021$188,364 $97,760 $141,473 $427,597 
Charge-offs(42,588)(3,102)(38,020)(83,710)
Recoveries14,625 1,633 14,296 30,554 
Provision for (reversal of) loan losses1,149 47,284 20,550 68,983 
Ending balance at December 31, 2022$161,550 $143,575 $138,299 $443,424 
As of and For The Year Ended December 31, 2021
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2020$229,555 $130,742 $245,439 $605,736 
Charge-offs(59,457)(15,392)(30,383)(105,232)
Recoveries9,734 7,444 10,266 27,444 
Provision for (reversal of) loan losses8,532 (25,034)(83,849)(100,351)
Ending balance at December 31, 2021$188,364 $97,760 $141,473 $427,597 
The ALL of $479.4 million and the reserve for unfunded commitments of $57.2 million, which is recorded in other liabilities, comprise the total ACL of $536.6 million at December 31, 2023. The ACL increased $35.7 million compared to the December 31, 2022 ACL of $500.9 million, which consisted of an ALL of $443.4 million and the reserve for unfunded commitments of $57.5 million. The ACL to loans coverage ratio of 1.24% at December 31, 2023 was 9 bps higher compared to December 31, 2022. The increase in the ACL from December 31, 2022 resulted primarily from downward risk grade migration, an increase in reserves on individually evaluated loans, and the continuation of an uncertain economic environment.
The ACL is estimated using a two-year reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reverts on a straight-line basis back to the historical rates over a one-year period. Synovus utilizes multiple economic forecast scenarios sourced from a reputable third-party provider that are probability-weighted internally. The current scenarios include a consensus baseline forecast, an upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and an additional adverse scenario that assumes consistent slow growth that is less optimistic than the baseline. At December 31, 2023, the unemployment rate is the input that most significantly impacts our estimate. The multi-scenario forecast used in our estimate includes a weighted average unemployment rate of 4.5% over the forecast period at December 31, 2023.
Financial Difficulty Modifications
When borrowers are experiencing financial difficulty, Synovus may make certain loan modifications as part of its loss mitigation strategies to maximize expected payment. The following table presents the amortized cost of FDM loans by loan portfolio class that were modified during the year ended December 31, 2023.
Year Ended December 31, 2023
(in thousands)Interest Rate ReductionTerm ExtensionPrincipal Forgiveness and Term ExtensionsPayment DelayInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial, financial, and agricultural$2,844 $119,764 $10,504 $— $2,028 $135,140 0.9 %
Owner-occupied— 23,739 — — 52,854 76,593 0.9 
Total commercial and industrial2,844 143,503 10,504 — 54,882 211,733 0.9 
Investment properties— 909 — — — 909 — 
1-4 family properties— 2,016 — — 367 2,383 0.4 
Land and development— 29,760 — — — 29,760 8.4 
Total commercial real estate— 32,685 — — 367 33,052 0.3 
Consumer mortgages2,110 — — 465 — 2,575 — 
Home equity— 336 — — 287 623 — 
Credit cards— — — — — — — 
Other consumer loans115 625 — 189 617 1,546 0.1 
Total consumer2,225 961 — 654 904 4,744 0.1 
Total FDMs$5,069 $177,149 $10,504 $654 $56,153 $249,529 0.6 %
During the year ended December 31, 2023, there were no material FDMs that subsequently defaulted. Defaults are defined as the earlier of the FDM being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments. As of December 31, 2023, there were no commitments to lend a material amount of additional funds to any borrower whose loan was classified as a FDM.
The following presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2023.
Year Ended December 31, 2023
(Dollars in thousands)Principal Forgiveness and Term ExtensionsWeighted Average Interest Rate ReductionWeighted Average Term Extension
(in months)		Weighted Average Payment Deferral
(in months)
Commercial, financial, and agricultural$1,200 2.4 %14— 
Owner-occupied— 2.3 10— 
Investment properties— — 40— 
1-4 family properties— 0.4 12— 
Land and development— — 4— 
Consumer mortgages— 2.3 — 6
Home equity— 0.5 249— 
Other consumer loans— 5.7 622
Synovus monitors the performance of FDMs to understand the effectiveness of its modification efforts. The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that have been modified since January 1, 2023.
December 31, 2023
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past Due
Non-accrual (1)
Total
Commercial, financial, and agricultural$123,843 $— $— $11,297 $135,140 
Owner-occupied75,859 — — 734 76,593 
Total commercial and industrial199,702 — — 12,031 211,733 
Investment properties604 — — 305 909 
1-4 family properties1,174 — — 1,209 2,383 
Land and development29,760 — — — 29,760 
Total commercial real estate31,538 — — 1,514 33,052 
Consumer mortgages1,423 — — 1,152 2,575 
Home equity623 — — — 623 
Credit cards— — — — — 
Other consumer loans418 372 — 756 1,546 
Total consumer2,464 372 — 1,908 4,744 
Total FDMs$233,704 $372 $— $15,453 $249,529 
(1)    Loans were on non-accrual when modified and subsequently classified as FDMs.
TDR Disclosures Prior to Adoption of ASU 2022-02
Prior to the adoption of ASU 2022-02, Synovus accounted for a modification to the contractual terms of a loan that resulted in granting concessions to a borrower experiencing financial difficulties as a TDR. The following tables present, by concession type, the post-modification balance for loans modified or renewed during the years ended December 31, 2022 and 2021 that were reported as accruing or non-accruing TDRs.
TDRs by Concession Type
Year Ended December 31, 2022
(in thousands, except contract data)Number of ContractsBelow Market Interest Rate
Other Concessions(1)
Total
Commercial, financial, and agricultural86 $34,518 $1,279 $35,797 
Owner-occupied29 65,956 3,857 69,813 
Total commercial and industrial115 100,474 5,136 105,610 
Investment properties7 5,026 6,610 11,636 
1-4 family properties14 3,850 — 3,850 
Land and development4 3,168 — 3,168 
Total commercial real estate25 12,044 6,610 18,654 
Consumer mortgages10 1,176 266 1,442 
Home equity 41 4,836 39 4,875 
Other consumer loans15 — 605 605 
Total consumer66 6,012 910 6,922 
Loans, net of deferred fees and costs206 $118,530 $12,656 $131,186 (2)
TDRs by Concession Type
Year Ended December 31, 2021
(in thousands, except contract data)Number of ContractsBelow Market Interest Rate
Other Concessions(1)
Total
Commercial, financial, and agricultural152 $12,746 $8,096 $20,842 
Owner-occupied24 5,908 868 6,776 
Total commercial and industrial176 18,654 8,964 27,618 
Investment properties9 3,130 — 3,130 
1-4 family properties13 1,131 123 1,254 
Land and development8 1,948 60 2,008 
Total commercial real estate30 6,209 183 6,392 
Consumer mortgages18 2,512 1,006 3,518 
Home equity 55 4,991 258 5,249 
Other consumer loans103 435 5,720 6,155 
Total consumer176 7,938 6,984 14,922 
Loans, net of deferred fees and costs382 $32,801 $16,131 $48,932 (3)
(1)    Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2022 and 2021.
(2)    No charge-offs were recorded during the year ended December 31, 2022 upon restructuring of these loans.
(3)    No charge-offs were recorded during the year ended December 31, 2021 upon restructuring of these loans.
For the years ended December 31, 2022 and 2021, there were five defaults with a recorded investment of $1.0 million and eight defaults with a recorded investment of $978 thousand, respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments). As of December 31, 2022 there were no commitments to lend a material amount of additional funds to any clients whose loans were classified as TDRs.
v3.24.0.1
Premises, Equipment and Software
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Premises, Equipment and Software
Note 4 - Premises, Equipment and Software
Premises, equipment and software at December 31, 2023 and 2022 consist of the following:
(in thousands)20232022
Land$92,094 $92,125 
Buildings and improvements304,426 303,934 
Leasehold improvements100,125 89,619 
Furniture, equipment and software450,458 422,495 
Construction in progress11,844 17,528 
Total premises, equipment and software958,947 925,701 
Less: Accumulated depreciation and amortization(593,096)(555,069)
Net premises, equipment and software$365,851 $370,632 
Net premises, equipment and software included $785 thousand and $1.4 million related to net finance leases at December 31, 2023 and 2022, respectively. Depreciation and amortization expense for the years ended December 31, 2023, 2022, and 2021 totaled $38.2 million, $42.1 million, and $50.5 million, respectively.
v3.24.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Note 5 - Goodwill and Other Intangible Assets
During the first quarter of 2022, Synovus reorganized its internal management reporting structure to add an additional segment for Consumer Banking. The Consumer Banking segment was previously included in the Community Banking segment. In connection with the reorganization, management reallocated a portion of the Community Banking goodwill to Consumer Banking using a relative fair value approach, and no indicators of impairment were identified.
Effective April 1, 2023, Synovus changed its internal management reporting structure to transfer Capital Markets activities and related personnel from the Financial Management Services segment to the Wholesale Banking segment. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 17 - Segment Reporting" in this Report for additional information. In connection with the transfer, management reallocated a portion of the Wealth Management goodwill that was attributable to the Financial Management Services segment to Wholesale Banking using a relative fair value approach, and no indicators of impairment were identified.
On June 1, 2023, Synovus acquired a 60% equity interest and a majority of the Board seats in Qualpay, which constituted a business combination. In connection with the acquisition, Synovus recorded $30.5 million of goodwill and $29.3 million of other intangible assets based on preliminary fair value estimates of the assets acquired and liabilities assumed in the transaction. Synovus will continue to record any adjustments to the preliminary fair value estimates in the reporting period in which the adjustments are determined upon receipt of final fair value estimates during the measurement period, which must be within one year of the acquisition date. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for additional information on Qualpay.
During the third quarter of 2023, Synovus sold its GLOBALT asset management firm to its management team. The divestiture resulted in a reduction in goodwill of $2.5 million and a gain on sale of $1.9 million, representing the difference in the fair value of consideration received and assets sold, and no indicators of impairment were identified.
Goodwill allocated to each reporting unit at December 31, 2023 and 2022 is presented as follows:
(in thousands)Wholesale Banking Reporting UnitCommunity Banking Reporting UnitConsumer Banking Reporting UnitWealth Management Reporting UnitTotal Goodwill
Balance as of December 31, 2021$171,636 $256,323 $— $24,431 $452,390 
Change in goodwill from reallocation— (114,701)114,701 — — 
Balance as of December 31, 2022$171,636 $141,622 $114,701 $24,431 $452,390 
Changes during the period from:
Reallocation4,197 — — (4,197)— 
Acquisition— 30,512 — — 30,512 
Divestiture— — — (2,462)(2,462)
Balance as of December 31, 2023$175,833 $172,134 $114,701 $17,772 $480,440 
Goodwill is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). As of October 1, 2023,
Synovus completed its annual goodwill impairment evaluation by performing a qualitative assessment of goodwill at the reporting unit level. In performing the qualitative assessment, the Company evaluated events and circumstances since the last impairment analysis, recent operating performance including reporting unit performance, changes in market capitalization, changes in the business climate, company-specific factors and trends in the banking industry. The results of the qualitative assessment indicated that it was more likely than not that the estimated fair value of each reporting unit exceeded its carrying amount as of the test date. In addition, no indicators of impairment have been identified through December 31, 2023; therefore, a quantitative goodwill impairment test was not necessary.
The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2023 and 2022, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Intangible assets resulting from the Qualpay acquisition, which primarily include client relationships, partner relationships, and developed technology, are being amortized on a straight-line basis over their estimated useful lives ranging from five to eight years. Aggregate other intangible assets amortization expense for the years ended December 31, 2023, 2022, and 2021 was $10.5 million, $8.5 million, and $9.5 million, respectively, and is included in other operating expense on the consolidated statements of income.
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying Value
December 31, 2023
CDI$57,400 $(41,745)$15,655 
Client Relationships22,100 (8,078)14,022 
Partner Relationships4,700 (548)4,152 
Developed Technology11,091 (1,294)9,797 
Other3,900 (1,598)2,302 
Total other intangible assets$99,191 $(53,263)$45,928 
December 31, 2022
CDI$57,400 $(35,484)$21,916 
Client Relationships10,800 (6,136)4,664 
Partner Relationships— — — 
Developed Technology— — — 
Other1,700 (1,156)544 
Total other intangible assets$69,900 $(42,776)$27,124 
The estimated amortization expense of other intangible assets for the next five years is as follows:
(in thousands)Amortization Expense
2024$11,609 
202510,510 
20269,438 
20278,067 
20283,826 
v3.24.0.1
Other Assets
 12 Months Ended
Dec. 31, 2023
Other Assets [Abstract]  
Other Assets
Note 6 - Other Assets
Significant balances included in other assets at December 31, 2023 and 2022 are presented below.
(in thousands)20232022
Investments in tax credits and CRA partnerships$638,402 $496,527 
Deferred tax assets510,442 595,317 
ROU assets473,028 421,481 
Accrued interest receivable284,112 226,209 
Accounts receivable195,921 152,460 
Federal Reserve Bank and FHLB Stock184,944 308,321 
Derivative asset positions94,903 89,815 
Mutual funds and mutual funds held in rabbi trusts53,742 42,659 
Prepaid expense47,471 48,152 
MPS receivable(1)
19,300 15,320 
Trading securities, at fair value12,898 8,295 
Other investments12,560 11,172 
Miscellaneous other assets59,601 55,910 
Total other assets$2,587,324 $2,471,638 
(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" in this Report for more information on the MPS receivable.
As a member of the Federal Reserve System, Synovus is currently required to purchase and hold shares of capital stock in the Federal Reserve Bank of Atlanta (recorded at amortized cost, which approximates fair value, of $133.7 million and $128.6 million at December 31, 2023 and 2022, respectively) in an amount equal to the greater of 6% of its capital and surplus or 0.6% of deposits. As a member of the FHLB, Synovus is also required to purchase and hold shares of capital stock in the FHLB (recorded at amortized cost, which approximates fair value, of $51.3 million and $179.7 million at December 31, 2023 and 2022, respectively) in an amount equal to its membership base investment plus an activity-based investment determined according to the level of outstanding FHLB advances.
v3.24.0.1
Deposits
 12 Months Ended
Dec. 31, 2023
Interest-Bearing Deposit Liabilities [Abstract]  
Deposits
Note 7 - Deposits
A summary of interest-bearing deposits at December 31, 2023 and 2022 is presented below.
(in thousands)
20232022
Interest-bearing demand deposits(1)
$10,680,625 $8,721,397 
Money market accounts(1)
12,902,294 14,830,934 
Savings accounts1,071,258 1,416,246 
Time deposits(1)
7,534,393 2,964,078 
Brokered deposits6,042,999 5,299,005 
Total interest-bearing deposits$38,231,569 $33,231,660 
(1)    Excluding brokered deposits
The aggregate amount of time deposits of $250,000 or more was $3.55 billion at December 31, 2023 and $1.20 billion at December 31, 2022.
The following table presents contractual maturities of all time deposits, including brokered time deposits, at December 31, 2023.
(in thousands)
Maturing within one year$9,314,075 
Between 1 - 2 years1,078,498 
2 - 3 years342,629 
3 - 4 years23,210 
4 - 5 years19,841 
Thereafter4,228 
Total$10,782,481 
v3.24.0.1
Other Short-term Borrowings and Long-term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Other Short-term Borrowings and Long-term Debt
Note 8 - Other Short-term Borrowings and Long-term Debt
Other Short-term Borrowings
Other short-term borrowings at December 31, 2023 and 2022 consisted of the following:
(dollars in thousands)20232022
FHLB advances with original maturities of one year or less$— $600,014 
Securities sold short3,496 3,370 
Total other short-term borrowings$3,496 $603,384 
The following table sets forth additional information on Synovus' other short-term borrowings for the years indicated.
(dollars in thousands)20232022
Total balance at December 31,$3,496 $603,384 
Weighted average interest rate at December 31,3.88 %4.51 %
Maximum month-end balance during the year$1,253,521 $1,705,069 
Average amount outstanding during the year528,194 466,254 
Weighted average interest rate during the year4.60 %2.32 %
Long-term Debt
The following table presents long-term debt at December 31, 2023 and 2022 net of unamortized discounts, debt issuance costs, and the impact of hedge accounting (refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 13 - Derivative Instruments" of this Report for additional information).
(dollars in thousands)20232022
Parent Company:
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, subject to redemption prior to February 7, 2029: $300.0 million par value at issuance with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date
$201,925 $298,158 
5.200% Senior Notes issued August 11, 2022, due August 11, 2025, subject to redemption on or after February 11, 2023, $350.0 million par value at issuance with semi-annual interest payments in arrears and principal to be paid at maturity
340,778 336,332 
SOFR + spread of 2.06% junior subordinated debentures, due June 15, 2035, $10.0 million par value at issuance with quarterly interest payments and principal to be paid at maturity (rate of 7.45% at December 31, 2023 and 6.57% at December 31, 2022)
10,000 10,000 
Total long-term debt — Parent Company$552,703 $644,490 
Synovus Bank:
5.625% Senior Bank Notes issued February 15, 2023, due February 15, 2028, subject to redemption on or after August 15, 2023, $500.0 million par value at issuance with semi-annual interest payments in arrears and principal to be paid at maturity
$487,099 $— 
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value at issuance with semi-annual interest payments at 4.00% for the first five years and semi-annual payments thereafter at a fixed rate of 3.625% above the 5-Year U.S. Treasury Rate
192,732 190,107 
FHLB advances with weighted average interest rate of 5.57% at December 31, 2023 and 4.56% at December 31, 2022
700,000 3,275,000 
Total long-term debt — Synovus Bank1,379,831 3,465,107 
Total long-term debt$1,932,534 $4,109,597 
The provisions of the indentures governing Synovus’ long-term debt contain certain restrictions within specified limits on mergers, sales of all or substantially all of Synovus' assets and limitations on sales and issuances of voting stock of subsidiaries and Synovus’ ability to pay dividends on its capital stock if there is an event of default under the applicable indenture. As of December 31, 2023 and 2022, Synovus and its subsidiaries were in compliance with the covenants in these agreements.
Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table. These maturities are based upon the par value at December 31, 2023 of the long-term debt.
 
(in thousands)
Parent
Company		Synovus BankTotal
2024$— 

$— $— 
2025350,000 700,000 1,050,000 
2026— — — 
2027— — — 
2028— 500,000 500,000 
Thereafter212,967 200,000 412,967 
Total$562,967 $1,400,000 $1,962,967 
v3.24.0.1
Shareholders' Equity and Other Comprehensive Income
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders' Equity and Other Comprehensive Income
Note 9 - Shareholders' Equity and Other Comprehensive Income
The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the years ended December 31, 2023, 2022, and 2021.
 
 
(shares in thousands)
Series D Preferred Stock Issued Series E Preferred Stock IssuedTotal Preferred Stock Issued Common Stock IssuedTreasury Stock HeldCommon Stock Outstanding
Balance at December 31, 20208,000 14,000 22,000 168,133 20,093 148,040 
Warrants exercised and common stock reissued— — — — (3)3 
Common stock reissued for earnout payment— — — — (125)125 
Restricted share unit activity— — — 355 — 355 
Stock options exercised— — — 896 — 896 
Repurchase of common stock— — — — 4,409 (4,409)
Balance at December 31, 20218,000 14,000 22,000 169,384 24,374 145,010 
Restricted share unit activity— — — 399 — 399 
Stock options exercised— — — 358 — 358 
Repurchase of common stock— — — — 281 (281)
Balance at December 31, 20228,000 14,000 22,000 170,141 24,655 145,486 
Restricted share unit activity— — — 527 — 527 
Stock options exercised— — — 692 — 692 
Balance at December 31, 20238,000 14,000 22,000 171,360 24,655 146,705 
Preferred Stock
The following table presents a summary of preferred stock as of December 31, 2023, 2022, and 2021.
Issuance DatePublic Offering AmountNet ProceedsEarliest Redemption DateLiquidation Preference
Series DJune 21, 2018$200.0  million$195.1  millionJune 21, 2023
$25 per share
Series EJuly 1, 2019$350.0  million$342.0  millionJuly 1, 2024
$25 per share
Dividends, as declared, on Series D Preferred Stock were paid quarterly at a rate per annum equal to 6.300% for each dividend period from the original issue date to, but excluding, June 21, 2023. From and including June 21, 2023, the dividend rate was a floating rate equal to the three-month LIBOR plus a spread of 3.352% per annum. Dividends declared beyond June 30, 2023 are determined based on the floating rate index terms as described in the issuance documentation. As calculation agent, Synovus uses three-month term SOFR plus a spread of 3.614% per annum.
Dividends, as declared, on Series E Preferred Stock will be paid quarterly at a rate per annum equal to 5.875% for each dividend period from the original issue date to, but excluding, July 1, 2024. From and including July 1, 2024, the dividend rate will change and reset every five years on July 1 at a rate equal to the five-year U.S. Treasury Rate plus 4.127% per annum.
Dividends on all series of preferred stock are non-cumulative and, if declared, will accrue and be payable in arrears, quarterly. All series of preferred stock are redeemable at Synovus' option in whole or in part, from time to time, on the earliest redemption date or any subsequent reset date, or in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in each case, at a redemption price equal to $25 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. All series of preferred stock have no preemptive or conversion rights. Except in limited circumstances, all series of preferred stock do not have any voting rights.
Common Stock
Repurchases of Common Stock
During 2023, Synovus did not repurchase any common stock. The Company announced on January 18, 2024 that its Board of Directors authorized share repurchases of up to $300 million of common stock and $50 million of preferred stock in 2024. Subsequent to year-end, through February 20, 2024, Synovus repurchased $29.9 million, or 800 thousand shares, of common stock via open market transactions.
During 2022, Synovus repurchased $13.0 million, or 281 thousand shares, of common stock through open market transactions under the share repurchase program announced on January 20, 2022.
During 2021, Synovus repurchased $199.9 million, or 4.4 million shares, of common stock through open market transactions under the share repurchase program announced on January 26, 2021.
Accumulated Other Comprehensive Income (Loss)
The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2023, 2022, and 2021.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)
Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1)
Net Unrealized Gains (Losses) on Cash Flow Hedges(1)
Total
Balance at December 31, 2020$105,669 $52,966 $158,635 
Other comprehensive income (loss) before reclassifications(174,246)(57,705)(231,951)
Amounts reclassified from AOCI597 (9,602)(9,005)
Net current period other comprehensive income (loss)(173,649)(67,307)(240,956)
Balance at December 31, 2021$(67,980)$(14,341)$(82,321)
Other comprehensive income (loss) before reclassifications(1,152,283)(225,715)(1,377,998)
Amounts reclassified from AOCI— 18,202 18,202 
Net current period other comprehensive income (loss)(1,152,283)(207,513)(1,359,796)
Balance at December 31, 2022$(1,220,263)$(221,854)$(1,442,117)
Other comprehensive income (loss) before reclassifications163,813 (30,791)133,022 
Amounts reclassified from AOCI58,191 133,831 192,022 
Net current period other comprehensive income (loss)222,004 103,040 325,044 
Balance at December 31, 2023$(998,259)$(118,814)$(1,117,073)
(1)    For December 31, 2022, 2021, and 2020, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. For December 31, 2023 the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $16.4 million and $12.7 million, respectively, related to residual tax effects remaining in OCI primarily due to previously established deferred tax asset valuation allowances in 2010 and 2011 and state rate changes. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.
v3.24.0.1
Regulatory Capital
 12 Months Ended
Dec. 31, 2023
Regulatory Capital Disclosure [Abstract]  
Regulatory Capital
Note 10 - Regulatory Capital
Synovus and Synovus Bank are each subject to regulatory capital requirements administered by the federal banking agencies under Basel III. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the consolidated financial statements. Specific capital levels that involve quantitative measures of both on- and off-balance sheet items as calculated under regulatory capital guidelines must be met. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Additionally, regulatory capital rules include a capital conservation buffer of 2.5% that is added on top of each of the minimum risk-based capital ratios in order to avoid restrictions on capital distributions and discretionary bonuses. Based on internal capital analyses and earnings projections, Synovus' and Synovus Bank’s capital positions are each adequate to meet regulatory minimum capital requirements inclusive of the capital conservation buffer.
Synovus Bank is also required to maintain certain capital levels, and not be subject to any written agreement, order, capital directive, or prompt corrective action directive requiring it to meet and maintain a specific capital level for any capital measure, in order to be considered a well-capitalized institution as defined by federal prompt corrective action banking regulations.
The following table summarizes regulatory capital information at December 31, 2023 and 2022 for Synovus and Synovus Bank.
Actual Capital
Minimum Requirement For Capital Adequacy(1)
To Be Well-Capitalized Under Prompt Corrective Action Provisions(2)
(dollars in thousands)202320222023202220232022
Synovus Financial Corp.
CET1 capital$5,206,521 $4,926,194 $2,291,552 $2,302,824 N/AN/A
Tier 1 risk-based capital5,743,666 5,463,339 3,055,403 3,070,432 N/AN/A
Total risk-based capital6,654,224 6,415,681 4,073,871 4,093,909 N/AN/A
CET1 capital ratio10.22 %9.63 %4.50 %4.50 %N/AN/A
Tier 1 risk-based capital ratio 11.28 10.68 6.00 6.00 N/AN/A
Total risk-based capital ratio13.07 12.54 8.00 8.00 N/AN/A
Leverage ratio9.49 9.07 4.00 4.00 N/AN/A
Synovus Bank
CET1 capital$5,559,624 $5,446,703 $2,288,092 $2,300,126 $3,305,022 $3,322,404 
Tier 1 risk-based capital5,559,624 5,446,703 3,050,789 3,066,835 4,067,719 4,089,113 
Total risk-based capital6,249,947 6,079,152 4,067,719 4,089,113 5,084,649 5,111,391 
CET1 capital ratio10.93 %10.66 %4.50 %4.50 %6.50 %6.50 %
Tier 1 risk-based capital ratio10.93 10.66 6.00 6.00 8.00 8.00 
Total risk-based capital ratio12.29 11.89 8.00 8.00 10.00 10.00 
Leverage ratio9.21 9.06 4.00 4.00 5.00 5.00 
(1)    The additional capital conservation buffer in effect is 2.5%.
(2)    The prompt corrective action provisions are applicable at the bank level only.
v3.24.0.1
Net Income Per Common Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Net Income Per Common Share Note 11 - Net Income Per Common Share
The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2023, 2022, and 2021. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock.
Years Ended December 31,
(in thousands, except per share data)202320222021
Basic Net Income Per Common Share:
Net income available to common shareholders$507,755 $724,739 $727,304 
Weighted average common shares outstanding146,115 145,364 147,041 
Net income per common share, basic$3.48 $4.99 $4.95 
Diluted Net Income Per Common Share:
Net income available to common shareholders$507,755 $724,739 $727,304 
Weighted average common shares outstanding146,115 145,364 147,041 
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments619 1,117 1,454 
Weighted average diluted common shares146,734 146,481 148,495 
Net income per common share, diluted$3.46 $4.95 $4.90 
For the year ended December 31, 2023, there were 272 thousand of potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive. For both the years ended December 31, 2022 and 2021, there were 21 thousand of potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive.
v3.24.0.1
Fair Value Accounting
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Accounting
Note 12 - Fair Value Accounting
Fair value accounting guidance defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability (an "exit price") in the principal or most advantageous market available to the entity in an orderly transaction between market participants, on the measurement date. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for a description of how fair value measurements are determined.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022.
December 31, 2023December 31, 2022
(in thousands)Level 1Level 2Level 3Total Assets and Liabilities at Fair ValueLevel 1Level 2Level 3Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises$— $2,910 $— $2,910 $— $2,991 $— $2,991 
Other mortgage-backed securities— 2,149 — 2,149 — 3,185 — 3,185 
State and municipal securities— — — — — 48 — 48 
Asset-backed securities— 7,839 — 7,839 — 2,071 — 2,071 
Total trading securities$— $12,898 $— $12,898 $— $8,295 $— $8,295 
Investment securities available for sale:
U.S. Treasury securities$597,629 $— $— $597,629 $471,813 $— $— $471,813 
U.S. Government agency securities— 28,940 — 28,940 — 48,798 — 48,798 
Mortgage-backed securities issued by U.S. Government agencies— 925,664 — 925,664 — 792,749 — 792,749 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— 6,430,379 — 6,430,379 — 6,895,070 — 6,895,070 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 587,595 — 587,595 — 655,127 — 655,127 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 1,209,783 — 1,209,783 — 805,945 — 805,945 
Corporate debt securities and other debt securities— 8,672 — 8,672 — 8,601 — 8,601 
Total investment securities available for sale$597,629 $9,191,033 $— $9,788,662 $471,813 $9,206,290 $— $9,678,103 
Mortgage loans held for sale$— $47,338 $— $47,338 $— $51,136 $— $51,136 
Other investments— — 12,560 12,560 — — 11,172 11,172 
Mutual funds and mutual funds held in rabbi trusts53,742 — — 53,742 42,659 — — 42,659 
Derivative assets— 94,903 — 94,903 — 89,815 — 89,815 
Liabilities
Securities sold short$3,496 $— $— $3,496 $3,370 $— $— $3,370 
Mutual fund held in rabbi trusts38,735 — — 38,735 27,944 — — 27,944 
Derivative liabilities(1)
— 259,650 — 259,650 — 339,227 — 339,227 
(1) Excludes from Level 3 the Visa derivative of $589 thousand and $3.5 million at December 31, 2023 and 2022, respectively. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
Fair Value Option
Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program.
The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to instrument-specific credit risk.
Years Ended December 31,
(in thousands)202320222021
Changes in fair value included in net income:
Mortgage loans held for sale$839 $(1,541)$(3,942)
Mortgage loans held for sale:
Fair value47,338 51,136 108,198 
Unpaid principal balance45,627 50,264 105,785 
Fair value less aggregate unpaid principal balance$1,711 $872 $2,413 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
During 2023 and 2022, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy.
(in thousands)Other Investments
Beginning balance at December 31, 2022$11,172 
Total gains (losses) realized/unrealized:
Included in earnings376 
Additions1,012 
Ending balance at December 31, 2023$12,560 
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, 2023$376 
(in thousands)Other Investments
Beginning balance at December 31, 2021$12,185 
Total gains (losses) realized/unrealized:
Included in earnings(7,201)
Additions6,188 
Ending balance at December 31, 2022$11,172 
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, 2022$(7,201)
The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments.
December 31, 2023December 31, 2022
(dollars in thousands)Valuation TechniqueSignificant Unobservable InputLevel 3 Fair ValueRate/RangeLevel 3 Fair ValueRate/Range
Assets (liabilities) measured at fair value on a recurring basis
Other investmentsIndividual analysis of each investee companyMultiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies$12,560N/A$11,172N/A
Assets (Liabilities) Measured at Fair Value on a Non-recurring Basis
Certain assets and liabilities are required to be measured at fair value on a non-recurring basis subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The following table presents items measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.
December 31, 2023December 31, 2022
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(1)
$— $— $54,616 $54,616 $— $— $19,410 $19,410 
Other assets held for sale— — — — — — 7,548 7,548 

Years Ended December 31,
(in thousands)20232022Location in Consolidated Statements of Income
Loans(1)
$32,503 $7,098 Provision for credit losses
Other assets held for sale— 1,843 Other operating expense
(1) Collateral-dependent loans that are written down to fair value of collateral.
The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis.
December 31, 2023December 31, 2022
Valuation TechniqueSignificant Unobservable Input
Range
(Weighted Average)(1)
Range
(Weighted Average)(1)
Assets (liabilities) measured at fair value on a non-recurring basis
LoansThird-party appraised value of collateral less estimated selling costsAppraised value
Estimated selling costs
0%-61% (30%) 0%-10% (7%)
0%-74% (21%) 0%-10% (7%)
Other assets held for saleThird-party appraised value, contractual sales price, or BOV, as warranted, less estimated selling costsAppraised value/contractual sales price
Estimated selling costs
N/A
0%-35% (13%) 0%-10% (7%)
(1)    The weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability.
Fair Value of Financial Instruments
The following table presents the carrying and estimated fair values of financial instruments at December 31, 2023 and 2022. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for a description of how fair value measurements are determined.
December 31, 2023
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,451,426 $2,451,426 $2,451,426 $— $— 
Trading securities12,898 12,898 — 12,898 — 
Investment securities available for sale9,788,662 9,788,662 597,629 9,191,033 — 
Loans held for sale52,768 52,770 — 47,338 5,432 
Other investments12,560 12,560 — — 12,560 
Mutual funds and mutual funds held in rabbi trusts53,742 53,742 53,742 — — 
Loans, net (1)
42,925,105 41,298,149 — — 41,298,149 
FRB and FHLB stock184,944 184,944 — 184,944 — 
Derivative assets94,903 94,903 — 94,903 — 
Financial liabilities
Non-interest-bearing deposits$12,507,616 $12,507,616 $— $12,507,616 $— 
Non-time interest-bearing deposits27,449,088 27,449,088 — 27,449,088 — 
Time deposits10,782,481 10,769,002 — 10,769,002 — 
Total deposits(2)
$50,739,185 $50,725,706 $— $50,725,706 $— 
Federal funds purchased and securities sold under repurchase agreements189,074 189,074 189,074 — — 
Securities sold short3,496 3,496 3,496 — — 
Long-term debt1,932,534 1,939,604 — 1,939,604 — 
Mutual fund held in rabbi trusts38,735 38,735 38,735 — — 
Derivative liabilities(3)
259,650 259,650 — 259,650 — 
(1)    Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.
(2)    The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.
(3) Excludes from Level 3 the Visa derivative of $589 thousand at December 31, 2023. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
December 31, 2022
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$1,977,780 $1,977,780 $1,977,780 $— $— 
Trading securities8,295 8,295 — 8,295 — 
Investment securities available for sale9,678,103 9,678,103 471,813 9,206,290 — 
Loans held for sale391,502 391,085 — 51,136 339,949 
Other investments11,172 11,172 — — 11,172 
Mutual funds and mutual funds held in rabbi trusts42,659 42,659 42,659 — — 
Loans, net(1)
43,272,929 42,192,295 — — 42,192,295 
FRB and FHLB stock308,321 308,321 — 308,321 — 
Derivative assets89,815 89,815 — 89,815 — 
Financial liabilities
Non-interest-bearing deposits$15,639,899 $15,639,899 $— $15,639,899 $— 
Non-time interest-bearing deposits26,936,635 26,936,635 — 26,936,635 — 
Time deposits6,295,025 6,260,315 — 6,260,315 — 
Total deposits(2)
$48,871,559 $48,836,849 $— $48,836,849 $— 
Federal funds purchased and securities sold under repurchase agreements146,588 146,588 146,588 — — 
Securities sold short3,370 3,370 3,370 — — 
Other short-term borrowings600,014 600,014 — 600,014 — 
Long-term debt4,109,597 4,120,113 — 4,120,113 — 
Mutual fund held in rabbi trusts27,944 27,944 27,944 — — 
Derivative liabilities(3)
339,227 339,227 — 339,227 — 
(1)    Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.
(2)    The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.
(3) Excludes from Level 3 the Visa derivative of $3.5 million at December 31, 2022. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
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Derivative Instruments
 12 Months Ended
Dec. 31, 2023
Summary of Derivative Instruments [Abstract]  
Derivative Instruments
Note 13 - Derivative Instruments
Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate client transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan clients, commitments to sell fixed-rate mortgage loans, and foreign currency exchange forwards. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial clients to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. Synovus enters into risk participation agreements with financial institution counterparties where we are either a participant or a lead bank so that the risk of default on the interest rate swaps is shared. Synovus either pays or receives a fee depending on the participation type. Synovus is party to master netting arrangements with its dealer counterparties; however, Synovus does not offset assets and liabilities under these arrangements for financial statement presentation purposes. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for additional information regarding accounting policies for derivatives.
Hedging Derivatives
Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Synovus has entered into interest rate swap contracts to manage overall cash flow changes related to interest rate risk exposure on index-based variable rate commercial loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps.
For cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge relationship is discontinued but the hedged cash flows, or forecasted transactions, are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the remaining accumulated amounts in OCI for the impacted cash flow hedges are immediately recognized in earnings.
Synovus recorded no unrealized gains (losses) during the year ended December 31, 2023 related to terminated cash flow hedges. Net unrealized gains (losses) of $(57.4) million, or $(43.4) million, after tax, in OCI were recorded during the year ended December 31, 2022 and $1.2 million, or $930 thousand, after-tax, in OCI, were recorded during the year ended December 31, 2021, related to terminated cash flow hedges, which are being recognized into earnings in conjunction with the effective terms of the original swaps through the third quarter of 2026. Synovus recognized pre-tax income (loss) of $(23.7) million, $3.8 million, and $12.9 million for the years ended December 31, 2023, 2022, and 2021, respectively, related to the amortization of terminated cash flow hedges.
As of December 31, 2023, Synovus expects to reclassify into earnings approximately $117 million in pre-tax loss due to the receipt or payment of interest payments on all cash flow hedges within the next twelve months. Included in this amount is approximately $21 million in pre-tax loss related to the amortization of terminated cash flow hedges. As of December 31, 2023, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the first quarter of 2028.
Fair value hedging relationships mitigate exposure to the change in fair value of an asset or liability. Synovus has entered into receive-fixed, pay-variable interest rate swap contracts to hedge the change in the fair value due to fluctuations in market interest rates for outstanding fixed-rate long-term debt and fixed rate term interest-bearing deposits. The changes in fair value of the fair value hedges are recorded through earnings with an offset against changes in the fair value of the hedged item within interest expense in the consolidated statements of income. All components of each derivative instrument’s gain (loss) are included in the assessment of hedge effectiveness.
Derivatives not designated as hedges include those that are entered into as either economic hedges to facilitate client needs or as part of Synovus' overall risk management strategy. Economic hedges are those that do not qualify to be treated as a fair value hedge or cash flow hedge for accounting purposes but are necessary to economically manage the risk exposure associated with the assets and liabilities of Synovus. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.
Client Related Derivative Positions
Synovus enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking clients. Synovus typically mitigates this risk largely by entering into equal and offsetting interest rate swap agreements with highly rated counterparties. The interest rate swap agreements are free-standing derivatives and are recorded at fair value in other assets or other liabilities on Synovus' consolidated balance sheets. The credit risk to these clients is evaluated and included in the calculation of fair value. Fair value changes including credit-related adjustments are recorded as a component of capital markets income.
Counterparty Credit Risk and Collateral
Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus seeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the client swap portfolio, which management deems to be of higher risk than dealer counterparties. Collateral is secured at origination and credit-related fair value adjustments are recorded against the asset value of the derivative as deemed necessary based upon an analysis, which includes consideration of the current asset value of the swap, client risk rating, collateral value, and client standing with regards to its swap contractual obligations and other related matters. Such asset values fluctuate based upon changes in interest rates regardless of changes in notional amounts and changes in client specific risk.
Mortgage Derivatives
Synovus originates first lien residential mortgage loans for sale into the secondary market. Mortgage loans are sold either individually or in a bulk sale by Synovus on a whole loan servicing-released basis to third-party servicing aggregators for potential conversion into mortgage-backed securities which can be traded in the secondary market or retained on their respective balance sheet.
Synovus enters into interest rate lock commitments for residential mortgage loans which commits it to lend funds to a potential borrower at a specific interest rate and within a specified period of time. Interest rate lock commitments that relate to the origination of mortgage loans that, if originated, will be held for sale, are considered derivative financial instruments under applicable accounting guidance. Outstanding interest rate lock commitments expose Synovus to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan and the eventual commitment for sale into the secondary market.
Forward commitments to sell primarily fixed-rate mortgage loans are entered into to reduce the exposure to market risk arising from potential changes in interest rates, which could affect the fair value of mortgage loans held for sale and outstanding interest rate lock commitments, which guarantee a certain interest rate if the loan is ultimately funded or granted by Synovus as a mortgage loan held for sale. The commitments to sell mortgage loans are at fixed prices and are scheduled to settle at specified dates that generally do not exceed 90 days.
Collateral Requirements
Certain derivative transactions have collateral requirements, both at the inception of the trade, and as the value of each derivative position changes. As of December 31, 2023 and 2022, Synovus had recorded the right to reclaim cash collateral of $69.7 million and $66.8 million, respectively. As of December 31, 2023 and 2022, Synovus had recorded the obligation to return cash collateral of $5.7 million and $7.7 million, respectively.
For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts on the consolidated balance sheets and related disclosures.
The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.
December 31, 2023December 31, 2022
Fair ValueFair Value
(in thousands)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts$5,600,000 $— $7,527 $5,250,000 $— $8,286 
Total derivatives designated as hedging instruments$— $7,527 $— $8,286 
Derivatives in fair value hedging relationships:
Interest rate contracts$2,563,504 $— $12,891 $2,230,232 $— $8,093 
Total fair value hedges$— $12,891 $— $8,093 
Total derivatives designated as hedging instruments$— $20,418 $— $16,379 
Derivatives not designated:
  as hedging instruments
Interest rate contracts$11,888,152 $94,208 $238,134 $10,276,754 $89,310 $322,329 
Mortgage derivatives - interest rate lock commitments40,642 695 — 50,218 350 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans60,906 — 567 76,500 155 — 
Risk participation agreements732,682 — 3 635,891 — 3 
Foreign exchange contracts41,603 — 528 20,439 — 516 
Visa derivative— — 589 — — 3,453 
Total derivatives not designated as hedging instruments$94,903 $239,821 $89,815 $326,301 
The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the years ended December 31, 2023, 2022, and 2021.
2023
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$2,684,762 $1,026,755 $180,670 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(176,442)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(176,442)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(22,495)$(16,358)
Recognized on derivatives— 8,711 5,986 
Recognized on hedged items— (8,711)(5,986)
Pre-tax income (loss) recognized on fair value hedges$— $(22,495)$(16,358)
2022
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,806,060 $187,232 $79,402 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(24,057)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(24,057)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $1,516 $(322)
Recognized on derivatives— (24,227)(19,348)
Recognized on hedged items— 24,227 19,348 
Pre-tax income (loss) recognized on fair value hedges$— $1,516 $(322)
2021
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,482,567 $74,919 $45,349 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$12,862 $— $— 
Pre-tax income (loss) recognized on cash flow hedges$12,862 $— $— 
(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
December 31, 2023December 31, 2022
Hedged Items Currently DesignatedHedged Items No Longer DesignatedHedged Items Currently Designated
(in thousands)Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Interest-bearing deposits$(2,013,504)$(8,711)$1,267 $(1,680,000)$24,227 
Long-term debt(546,872)(5,986)9,638 (545,787)19,348 
During the year ended December 31, 2023, Synovus terminated fair value hedges related to interest-bearing deposits and long-term debt with carrying values of $150.0 million and $496.7 million, respectively. The remaining fair value basis adjustments on the terminated hedging relationships will be amortized into interest expense over the respective remaining terms.
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
For The Years Ended December 31,
(in thousands)
Location in Consolidated Statements of Income
202320222021
Derivatives not designated as hedging instruments:
Interest rate contracts(1)
Capital markets income$395 $1,570 $100 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income345 (1,756)(4,154)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income(722)277 1,489 
Risk participation agreementsCapital markets income— 33 269 
Foreign exchange contractsCapital markets income(12)(555)39 
Visa derivativeOther non-interest expense(3,927)(6,000)(2,656)
Total derivatives not designated as hedging instruments$(3,921)$(6,431)$(4,913)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.
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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 14 - Commitments and Contingencies
In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its clients. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain tax credits, CRA partnerships, and other investments.
The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Additionally, certain commitments (primarily consumer) can generally be canceled by providing notice to the borrower.
The ACL associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. At December 31, 2023, the ACL for unfunded commitments was $57.2 million, compared to a reserve of $57.5 million at December 31, 2022. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets.
Synovus also invests in tax credit partnerships, CRA partnerships, including SBIC programs, and other investments. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.
December 31,
(in thousands)20232022
Letters of credit(1)
$200,269 $220,622 
Commitments to fund commercial and industrial loans10,313,880 9,970,733 
Commitments to fund commercial real estate, construction, and land development loans2,496,656 3,629,531 
Commitments under home equity lines of credit2,135,120 2,156,641 
Unused credit card lines453,303 461,443 
Other loan commitments654,396 742,976 
Total letters of credit and unfunded lending commitments$16,253,624 $17,181,946 
Tax credits, CRA partnerships, and other investments with a future funding commitment:
Carrying amount included in other assets$573,992 $488,944 
Amount of future funding commitments293,266 283,212 
Permanent and short-term construction loans and letter of credit commitments(2)
205,659 177,998 
Funded portion of permanent and short-term loans and letters of credit(3)
211,921 234,166 
(1)    Represent the contractual amount net of risk participations purchased of approximately $22.8 million and $25.7 million at December 31, 2023 and December 31, 2022, respectively.
(2)    Represent the contractual amount net of risk participations of $9.7 million and $4.7 million at December 31, 2023 and December 31, 2022, respectively
(3)    Represent the contractual amount net of risk participations of $4.0 million and $6.9 million at December 31, 2023 and December 31, 2022, respectively.
Merchant Services
In accordance with credit and debit card association rules, Synovus provides merchant processing services for clients with a contractual arrangement under which certain sales and processing support are provided through an outside merchant services provider with Synovus owning the merchant contract relationship. In addition, Synovus sponsors various third-party MPS businesses that process credit and debit card transactions on behalf of merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the MPS, which is primarily liable for any losses on covered transactions. However, if a sponsored MPS fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the years ended December 31, 2023 and 2022, Synovus and the sponsored entities processed and settled $114.38 billion and $119.20 billion of transactions, respectively.
Beginning in August of 2023, one sponsored MPS experienced an unusual spike in chargebacks due to the bankruptcy of one of its merchants. Synovus agreed to advance funds to the MPS to cover chargebacks relating to this sponsored merchant, mitigating the additional risk contractually with an enhanced security interest in certain assets. As of December 31, 2023, Synovus had advanced $19.3 million to this MPS to cover these chargebacks but was fully repaid subsequent to December 31, 2023.
Synovus previously covered chargebacks for Qualpay when their cash reserve account was unavailable to support them. The remaining amount, net of reserves, included in other assets and classified in NPAs, was $15.3 million as of December 31, 2022. During the first quarter of 2023, Synovus received regulatory approval for the previously announced proposed strategic investment in Qualpay. Upon regulatory approval, Synovus wrote up the balance to the contractual amount due of $31.1 million by reversing a prior impairment charge of $2.7 million through non-interest expense and recognizing a recovery of $13.1 million in non-interest revenue. On June 1, 2023, the Qualpay acquisition closed, and the contractual amount due was settled. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for additional discussion on Qualpay.
Legal Proceedings
Synovus and its subsidiaries are subject to various legal proceedings, claims, and disputes that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory and governmental examinations, information gathering requests, inquiries, and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include, but are not limited to, mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, allegations of violations of state and federal laws, and regulations relating to banking practices, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such
asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur.
At least quarterly, Synovus carefully examines and considers each legal matter using then available information, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is considered to be probable if the future event is likely to occur. In the absence of a determination that a loss contingency is both probable and reasonable estimable, no accrual is made. Once established, accruals are adjusted to reflect developments related to these matters. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel, and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of December 31, 2023 are adequate.
In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus considers whether it is able to estimate the total reasonably possible loss or range of loss. Under GAAP, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely,” and an event is “remote” if the “chance of the future event or events occurring is slight." In many situations, Synovus may be unable to estimate reasonably possible losses due to the difficulty of predicting outcome of legal matters and the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this range does not represent our maximum loss exposure. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $10 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations, or cash flows. However, in light of the significant uncertainties involved and the large or indeterminate damages sought in some of these matters, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations or financial condition for any particular period.
Any estimate or determination relating to the future resolution of litigation, regulatory or governmental examinations, information gathering requests, inquiries, investigations, or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations, and other actions conducted or brought by regulatory and governmental agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments, and actual outcomes will differ from our estimates. These differences may be material.
Synovus intends to vigorously pursue all available defenses to these legal matters but will also consider other alternatives, including settlement, in situations where there is an opportunity to resolve such legal matters on terms that Synovus considers to be favorable, including in light of the continued expense and distraction of defending such legal matters. Synovus maintains insurance coverage, which may be available to cover legal fees, or potential losses that might be incurred in connection with such legal matters. The above-noted estimated range of reasonably possible losses does not take into consideration insurance coverage which may or may not be available for the respective legal matters.
v3.24.0.1
Share-based Compensation and Other Employment Benefit Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation and Other Employment Benefit Plans
Note 15 - Share-based Compensation and Other Employment Benefit Plans
General Description of Share-based Plans
Synovus has a long-term incentive plan under which the Compensation and Human Capital Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. The 2021 Omnibus Plan authorized 5.8 million common share equivalents available for grants. Any restricted share units that are forfeited and options that expire unexercised will again become available for issuance under the 2021 Omnibus Plan. At December 31, 2023, Synovus had a total of 4.3 million common share equivalents of its authorized but unissued common stock reserved for future grants under the 2021 Omnibus Plan.
Share-based Compensation Expense
Total share-based compensation expense recognized for 2023, 2022, and 2021 is presented in the following table by its classification within total non-interest expense.
Years Ended December 31,
(in thousands)202320222021
Salaries and other personnel expense$30,610 $26,751 $26,957 
Other operating expense1,614 1,153 838 
Total share-based compensation expense included in non-interest expense$32,224 $27,904 $27,795 
No share-based compensation costs have been capitalized for the years ended December 31, 2023, 2022, and 2021. As of December 31, 2023, total unrecognized compensation cost related to the unvested portion of share-based compensation arrangements involving shares of Synovus stock was $35.4 million. This cost is expected to be recognized over a weighted average remaining period of 1.81 years.
Stock Options
There were no stock option grants in 2023, 2022, or 2021.
A summary of stock option activity and changes during the years ended December 31, 2023, 2022, and 2021 is presented below.
Stock Options
202320222021
(in thousands, except per share data)QuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise Price
Outstanding at beginning of year1,113 $23.51 1,478 $22.71 2,401 $22.47 
Options exercised(697)18.97 (365)20.27 (923)22.07 
Options forfeited/expired/canceled— — — — — — 
Options outstanding at end of year416 $31.13 1,113 $23.51 1,478 $22.71 
Options exercisable at end of year416 $31.13 1,113 $23.51 1,478 $22.71 
The aggregate intrinsic value for both outstanding and exercisable stock options at December 31, 2023 was $2.9 million with a weighted average remaining contractual life of 2.1 years. The intrinsic value of stock options exercised during the years ended December 31, 2023, 2022, and 2021 was $11.2 million, $10.0 million, and $21.3 million, respectively.
Restricted Share Units and Performance Share Units
Compensation expense is measured based on the grant date fair value of restricted share units and performance share units. The fair value of restricted share units and performance share units that do not contain market conditions is equal to the market price of common stock on the grant date. The fair value of performance share units, which include a market condition, was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions:
202320222021
Risk-free interest rate4.38 %2.87 %2.87 %
Expected stock price volatility 48.3 57.2 56.1 
Simulation period2.9 years2.9 years2.9 years
The stock price expected volatility was based on Synovus' annualized historical volatility for grants issued in 2023, 2022, and 2021. The Monte Carlo model estimates fair value based on 100,000 simulations of future share price using a theoretical model of stock price behavior.
Synovus granted performance share units, which included a market condition with respect to 50% of the award, to executive management during the years ended December 31, 2023, 2022, and 2021. The performance share units have a service-based vesting component, and the number of performance share units that will ultimately vest is based on plan-specific performance metrics.
A summary of restricted share units and performance share units outstanding and changes during the years ended December 31, 2023, 2022, and 2021 is presented below.
Restricted Share UnitsPerformance Share Units
(in thousands, except per share data)QuantityWeighted-Average Grant Date Fair ValueQuantityWeighted-Average Grant Date Fair Value
Outstanding at December 30, 20201,221 $34.50 439 $39.37 
Granted599 42.31 141 42.94 
Vested(482)37.05 (58)42.43 
Forfeited(93)31.41 — — 
Outstanding at December 31, 20211,245 37.00 522 37.59 
Granted608 48.14 29 54.76 
Vested(571)36.98 (45)38.86 
Forfeited(58)42.21 (34)43.06 
Outstanding at December 31, 20221,224 41.80 472 44.11 
Granted807 41.04 192 46.18 
Vested(654)38.47 (170)35.75 
Forfeited(84)45.18 — — 
Outstanding at December 31, 20231,293 $42.90 494 $47.16 
The total fair value of restricted share units vested during 2023, 2022, and 2021 was $26.1 million, $28.0 million, and $19.8 million, respectively. The total fair value of performance share units vested during 2023, 2022, and 2021 was $7.4 million, $2.2 million, and $2.4 million, respectively.
Other Employment Benefit Plans
For the years ended December 31, 2023, 2022, and 2021, Synovus provided a 100% matching contribution on the first 5% of eligible employee 401(k) contributions for a total annual contribution of $25.2 million, $23.0 million, and $21.5 million, respectively.
For the years ended December 31, 2023, 2022, and 2021, Synovus sponsored a stock purchase plan for directors and employees whereby Synovus made contributions equal to 15% of employee and director voluntary contributions, subject to certain maximum contribution limitations. The funds are used to purchase outstanding shares of Synovus common stock. Synovus recorded expense for contributions to these plans of $1.2 million in 2023 and $1.1 million in both 2022 and 2021.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
Note 16 - Income Taxes
The components of income tax expense (benefit) included on the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 are presented below:
(in thousands)202320222021
Current
Federal$107,445 $167,255 $153,911 
State29,739 28,152 29,982 
Total current income tax expense137,184 195,407 183,893 
Deferred
Federal13,124 11,570 28,873 
State3,713 (702)16,127 
Total deferred income tax expense (benefit) 16,837 10,868 45,000 
Total income tax expense$154,021 $206,275 $228,893 
Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2023, 2022, and 2021. A reconciliation of the differences is presented below:
Years Ended December 31,
(dollars in thousands)202320222021
Income tax expense at statutory federal income tax rate$146,194 $202,477 $207,765 
Increase (decrease) resulting from:
State income tax expense, net of federal income tax benefit28,415 21,981 38,452 
Tax credits and related benefits, net of amortization (as applicable)(21,037)(9,629)(8,717)
Income not subject to tax(10,477)(9,346)(10,455)
FDIC premiums
8,589 5,517 4,111 
    Executive compensation3,575 2,152 1,096 
Excess tax benefit from share-based compensation(1,416)(3,153)(3,084)
Other, net178 (3,724)(275)
Total income tax expense$154,021 $206,275 $228,893 
Effective tax rate22.1 %21.4 %23.1 %
The components of the Company's deferred tax assets and liabilities at December 31, 2023 and 2022 are presented below:
(in thousands)20232022
Deferred tax assets
Net unrealized losses on investment securities available for sale and cash flow hedges$348,712 $455,744 
Allowance for credit losses130,205 121,941 
Lease liability120,534 107,818 
Employee benefits and deferred compensation40,601 42,746 
Net operating loss carryforwards32,126 23,590 
Tax credit carryforwards15,532 14,553 
FDIC Special Assessment12,058 — 
Unrealized losses on fair value hedges7,480 11,101 
Non-performing loan interest5,877 2,695 
Miscellaneous accrued expenses5,659 5,125 
Fair value of investment securities and loans1,422 2,019 
Other7,423 6,585 
Total gross deferred tax assets727,629 793,917 
Less valuation allowance(26,184)(19,114)
Total deferred tax assets701,445 774,803 
Deferred tax liabilities
Right-of-use asset(114,529)(102,945)
Purchase accounting intangibles(23,276)(15,224)
Excess tax over financial statement depreciation(20,457)(23,762)
Deferred loan costs(16,810)(15,901)
Unrealized gain on hedged liabilities(7,480)(11,101)
Prepaid expense(6,917)(4,947)
Other properties held for sale(1,434)(2,828)
Other(3,640)(2,778)
Total gross deferred tax liabilities(194,543)(179,486)
Net deferred tax asset$506,902 $595,317 
Synovus believes the realization of net deferred tax assets (after valuation allowance) at December 31, 2023 is more likely than not based on its history of cumulative profitability as well as expectations of future taxable income, including reversals of taxable temporary differences, in the jurisdictions in which it operates.
Synovus expects that a portion of its $32.1 million of federal and state NOLs as well as a portion of the $15.5 million of federal and state tax credit carryforwards, which have carryforward periods ending in tax years 2024 through 2043, will not be realized before their carryforward period lapses and the Company has accordingly established a valuation allowance in the amount of $26.2 million at December 31, 2023.
Federal and state NOLs and tax credit carryforwards as of December 31, 2023 are summarized in the following table on a tax effected basis.
Tax CarryforwardsAs of December 31, 2023
(in thousands)Expiration DatesDeferred
Tax Asset, Before Valuation Allowance		Valuation AllowanceNet Deferred Tax Asset Balance
Net operating losses - federal(1)
2027-2037$25,240 $(19,703)$5,537 
Net operating losses - states(1)
2027-20436,886 (5,316)1,570 
Tax credits - federal 2034-2041460 (460)— 
Tax credits - states(1)
2024-203815,072 (705)14,367 
(1) Included in this balance are tax attributes that can be carried forward indefinitely and have no expiration date.
Synovus is subject to income taxation in the U. S. and various state and local taxing jurisdictions. Generally, Synovus is no longer subject to income tax examinations by the IRS for years before 2020 and by state and local income tax authorities for years before 2015. Although Synovus is unable to determine the ultimate outcome of current and future examinations, Synovus believes that the resolution of these examinations will not have a material effect on the consolidated financial statements.
A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact).
Years Ended December 31,
(in thousands)202320222021
Balance at January 1,
$22,400 $25,104 $20,250 
Additions based on income tax positions related to current year
719 649 3,754 
Additions for income tax positions of prior years(1)
186 247 1,379 
Reductions for income tax positions of prior years
(122)(1,215)(200)
Statute of limitation expirations
(871)(2,002)(79)
Settlements
— (383)— 
Balance at December 31,
$22,312 $22,400 $25,104 
(1)    Includes deferred tax benefits that could reduce future tax liabilities.
Accrued interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense, and totaled $4.8 million, $3.2 million, and $3.3 million as of December 31, 2023, 2022, and 2021, respectively. Unrecognized income tax benefits as of December 31, 2023, 2022, and 2021 that, if recognized, would affect the effective income tax rate totaled $22.5 million, $20.9 million and $23.5 million (net of the federal benefit on state income tax issues), respectively. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, Synovus expects that $1.7 million of uncertain income tax positions will be either settled or resolved during the next twelve months.
v3.24.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting
Note 17 - Segment Reporting
Synovus' business segments are based on the products and services provided or the clients served and reflect the manner in which financial information is evaluated by the chief operating decision maker. Effective April 1, 2023, Synovus updated its internal management reporting structure to transfer Capital Markets activities and related personnel from the Financial Management Services segment to the Wholesale Banking segment. Accordingly, its operating segment reporting structure was also updated. Synovus has four major reportable business segments: Wholesale Banking, Community Banking, Consumer Banking, and Financial Management Services. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions.
The Wholesale Banking business segment serves primarily larger corporate and governmental clients by providing commercial lending, deposit, and capital markets services through specialty teams including middle market, CRE, senior housing, premium finance, structured lending, asset-based lending, public finance, restaurant services, community investment capital, and capital markets.
The Community Banking business segment primarily serves small and medium-sized commercial clients as well as individual private wealth clients using a relationship-based approach. The commercial component of this segment focuses on locally owned and operated businesses. Private wealth services are delivered to the individuals operating the businesses as well as other individuals in the communities in which the Community Bank operates. A comprehensive set of banking products are offered to the client set, including a full suite of lending, payments, and depository products as well as financial planning services.
The Consumer Banking business segment serves individual and small business clients through its branch and ATM network, in addition to digital and telephone channels. This segment provides individuals and small businesses with an array of comprehensive banking products and services, including depository accounts, credit and debit cards, payment solutions, goal-based planning, home equity and other consumer loans, and small business lending solutions.
The Financial Management Services business segment serves its clients by providing mortgage, trust services, professional portfolio management for fixed-income securities, securities underwriting and distribution, the execution of securities transactions as a broker/dealer, asset management, financial planning, and family office services, as well as the provision of individual investment advice on equity and other securities.
Functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, are included in Treasury and Corporate Other. In addition, certain assets, liabilities, revenue, and expense not allocated or attributable to a particular business segment, such as Synovus' third-party consumer loans and loans held for sale, as well as CIB, are included in Treasury and Corporate Other.
Synovus uses a centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury and Corporate Other function, where it can be centrally monitored and managed. Treasury and Corporate Other charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The process for determining FTP is based on a number of factors and assumptions, including prevailing market interest rates, the expected lives of various assets and liabilities, and the Company's broader funding profile.
The following tables present certain financial information for each reportable business segment for the years ended December 31, 2023, 2022, and 2021 and as of December 31, 2023 and 2022. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients and relationship managers between segments; however, prior period loan and deposit balances and any related net interest income and FTP are not adjusted for transfers. During the fourth quarter of 2023, $1.30 billion in deposits previously reported in the Treasury and Corporate Other segment were transferred to align with the management of the client relationships within the Financial Management Services segment.
During the year ended December 31, 2023, net losses of $76.7 million were recorded in the Treasury and Corporate Other segment primarily due to the strategic repositioning of the investment securities portfolio in the fourth quarter of 2023. Additionally, a $51.0 million expense was recorded in the Treasury and Corporate Other segment in the fourth quarter of 2023 as a result of an FDIC special assessment charge to certain banks to cover losses incurred by the Deposit Insurance Fund (DIF) due to bank failures in the first half of 2023. Synovus also recorded a $28.0 million loss for the $1.17 billion medical office buildings loans sale in the Wholesale Banking segment and a $22.1 million loss for the $421.7 million third-party consumer
loans sale in the Treasury and Corporate Other segment during the year ended December 31, 2023. During the years ended December 31, 2022 and 2021, Treasury and Corporate Other's net interest income benefited from the recognition of PPP fees totaling $12.6 million, and $79.2 million, respectively.
Year Ended December 31, 2023
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$806,399 $429,937 $614,338 $73,906 $(107,925)$1,816,655 
Non-interest revenue51,918 69,372 79,871 195,186 7,663 404,010 
Non-interest expense159,488 145,275 205,674 167,612 657,375 1,335,424 
Pre-provision net revenue$698,829 $354,034 $488,535 $101,480 $(757,637)$885,241 
Year Ended December 31, 2022
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$691,535 $412,660 $465,840 $69,539 $157,326 $1,796,900 
Non-interest revenue39,262 50,077 86,570 182,861 50,566 409,336 
Non-interest expense114,212 128,159 198,472 171,325 545,338 1,157,506 
Pre-provision net revenue$616,585 $334,578 $353,938 $81,075 $(337,446)$1,048,730 
Year Ended December 31, 2021
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$558,469 $399,261 $409,439 $78,647 $87,131 $1,532,947 
Non-interest revenue34,590 48,301 79,725 211,002 76,448 450,066 
Non-interest expense90,198 114,064 177,491 184,133 534,018 1,099,904 
Pre-provision net revenue$502,861 $333,498 $311,673 $105,516 $(370,439)$883,109 
December 31, 2023
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$25,506,870 $7,966,794 $2,825,411 $5,374,280 $1,731,135 $43,404,490 
Deposits$13,847,833 $10,198,357 $18,698,298 $1,488,090 $6,506,607 $50,739,185 
Full-time equivalent employees334 576 1,522 6041,762 4,798 
December 31, 2022
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$25,865,667 $8,138,606 $2,933,504 $5,157,014 $1,621,562 $43,716,353 
Deposits$12,942,732 $10,798,409 $18,561,521 $102,496 $6,466,401 $48,871,559 
Full-time equivalent employees337 598 1,532 768 1,792 5,027 
v3.24.0.1
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)20232022
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 cash578,600 524,485 
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)202320222021
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 income543,705 757,902 760,467 
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,
202320222021
(in thousands)
Net of Tax AmountNet of Tax AmountNet 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)202320222021
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.
v3.24.0.1
Subsequent Event
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Event
Note 19 - Subsequent Event
The Company announced on January 18, 2024 that its Board of Directors authorized share repurchases of up to $300 million of common stock and $50 million of preferred stock in 2024. Subsequent to year-end, through February 20, 2024, Synovus repurchased $29.9 million, or 800 thousand shares, of common stock via open market transactions.
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
The consolidated financial statements of Synovus include the accounts of the Parent Company and its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Prior period consolidated financial statements are reclassified whenever necessary to conform to the current period presentation. No reclassifications of prior period balances were material to the consolidated financial statements.
The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest. A VIE for which Synovus or a subsidiary has been determined to be the primary beneficiary is also consolidated. The determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Investments in VIEs where Synovus is not the primary beneficiary are accounted for using either the proportional amortization method or equity method of accounting. The Company uses the hypothetical liquidation at book value (HLBV) method for equity investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership interests.
Investments in VIEs are included in other assets on the consolidated balance sheets, and the Company's proportionate share of income or loss is included as either a component of income tax expense (proportional amortization method) or other non-interest revenue (equity method). The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis.
Use of Estimates
Use of Estimates
In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as
of the date of the respective consolidated balance sheets and the reported amounts of revenue and expense for the periods presented. Actual results could differ significantly from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the ACL, estimates of fair value, and income taxes.
Business Combinations
Business Combinations
Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values, except as provided for by the applicable accounting guidance, with any excess recorded as goodwill. The results of operations of the acquired company are combined with Synovus’ results from the acquisition date forward. In accordance with ASC Topic 805, Business Combinations, the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Subsequent to the acquisition date, adjustments recorded during the measurement period are recognized in the current reporting period. Acquisition costs are expensed when incurred.
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents primarily includes interest-bearing funds with Federal Reserve Bank as well as cash and due from banks, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements, which are inclusive of any restricted cash and restricted cash equivalents.
Investment Securities Available for Sale
Investment Securities Available for Sale
Investment securities available for sale are carried at fair value with unrealized gains and losses, net of the related tax effect, excluded from earnings and reported as a separate component of shareholders' equity within accumulated other comprehensive income (loss) until realized. Accrued interest receivable on investment securities available for sale is included within other assets on the consolidated balance sheets.
When investment securities available for sale are in an unrealized loss position, Synovus performs a quarterly assessment of its available for sale debt securities to determine if the decline in fair value of a security below its amortized cost is related to credit losses or other factors. Management considers the extent to which fair value is less than amortized cost, the issuer of the security, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. In assessing whether credit-related impairment exists, the present value of cash flows expected to be collected from the security is compared to the security's amortized cost. If the present value of cash flows expected to be collected is less than the security's amortized cost basis, the difference is attributable to credit losses. For such differences, Synovus would record an ACL with an offset to provision for credit losses. Synovus would limit the ACL recorded to the amount the security's fair value is less than the amortized cost basis.
For investment securities available for sale in an unrealized loss position, if Synovus has an intention to sell the security, or it is more likely than not that the security will be required to be sold prior to recovery, the security is written down to its fair value. The write down is charged against the ACL, if one was previously recorded, with any additional impairment recorded in earnings.
Interest income on securities available for sale is recorded on the accrual basis.
Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective interest method unless the premium is related to callable debt securities. For these securities, the amortization period is shortened to the earliest call date.
Realized gains and losses for securities are included in investment securities gains (losses), net, on the consolidated statements of income and are derived using the specific identification method, on a trade date basis.
Mortgage Loans Held for Sale and Mortgage Banking Income
Mortgage Loans Held for Sale and Mortgage Banking Income
Mortgage Loans Held for Sale
Mortgage loans held for sale are initially measured at fair value under the fair value option election with subsequent changes in fair value recognized in mortgage banking income on the consolidated statements of income.
Mortgage Banking Income
Mortgage banking income consists primarily of origination and ancillary fees on mortgage loans originated for sale, and gains and losses from the sale of those loans. Mortgage loans are sold servicing released, without recourse or continuing involvement, and meet ASC Topic 860, Transfers and Servicing criteria for sale accounting.
Other Loans Held for Sale
Other Loans Held for Sale
Other loans held for sale are carried at the lower of cost or estimated fair value. See the "Fair Value Measurements and Disclosures" section below for discussion of determining fair value.
Loans Held for Investments and Interest Income
Loans Held for Investment and Interest Income
Loans the Company has the intent and ability to hold for the foreseeable future are reported at principal amounts outstanding less amounts charged off, net of deferred fees and costs, and purchase premium/discount. Interest income is recognized on a level yield basis.
Non-accrual Loans
Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest is discontinued on loans when reasonable doubt exists as to the full collection of interest and principal, or when loans become contractually past due for 90 days or more as to either interest or principal, in accordance with the terms of the loan agreement, unless they are both well-secured and in the process of collection. When a loan is placed on non-accrual status, previously accrued and uncollected interest is reversed as an adjustment to interest income on loans. Interest payments received on non-accrual loans are generally recorded as a reduction of principal. As payments are received on non-accruing loans, interest income can be recognized on a cash basis; however, there must be an expectation of full repayment of the remaining recorded principal balance. The remaining portion of this payment is recorded as a reduction to principal. Loans are generally returned to accruing status when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest, and the borrower has sustained repayment performance under the terms of the loan agreement for a reasonable period of time (generally six months).
Financial Difficulty Modifications
As described below in "Recent Accounting Pronouncements", Synovus adopted ASU 2022-02, effective January 1, 2023 on a prospective basis, which eliminated the recognition and measurement of troubled debt restructurings. In accordance with ASU 2022-02, when borrowers are experiencing financial difficulty, Synovus may make certain loan modifications as part of its loss mitigation strategies to maximize expected payment. All loan modifications, renewals, and refinancings where borrowers are experiencing financial difficulty are evaluated for FDM classification. To be classified as an FDM, the modifications must be in the form of providing an interest rate reduction relative to the current interest rate, principal forgiveness, or an other-than-insignificant payment delay or extension of the maturity of the loan. An FDM is tracked for twelve months following the modification(s) granted. The effect of these modifications is already included in the ACL because our use of a DCF model captures loan level changes including modified terms as part of the estimation process.
Troubled Debt Restructurings
Prior to the adoption of ASU 2022-02, when borrowers were experiencing financial difficulties, Synovus would, in order to assist the borrowers in repaying the principal and interest owed to Synovus, make certain modifications to the borrower's loan. All loan modifications, renewals, and refinances were evaluated for TDR classification. The ALL on a TDR was measured using the same method as all other loans held for investment, except that the original interest rate, and not the rate specified with the restructuring, was used to discount the expected cash flows. Concessions provided by Synovus in a TDR were generally made in order to assist borrowers so that debt service was not interrupted and to mitigate the potential for loan losses. A number of factors were reviewed when a loan was renewed, refinanced, or modified, including cash flows, collateral values, guarantees, and loan structures. Concessions were primarily in the form of providing a below market interest rate given the borrower's credit risk to assist the borrower in managing cash flows, an extension of the maturity of the loan generally for less than one year, or a period of time generally less than one year with a reduction of required principal and/or interest payments (e.g., interest only for a period of time). Insignificant delays of principal and/or interest payments, or short-term deferrals, were generally not considered to be financial concessions. Further, it was generally Synovus' practice not to defer principal and/or interest for more than twelve months.
Non-accruing TDRs would generally be returned to accrual status if there had been a period of performance, usually at least a six-month sustained period of repayment performance in accordance with the agreement. In the fiscal year subsequent to a loan's initial reporting as a TDR, a TDR for a borrower who was no longer experiencing financial difficulty (as evidenced by a period of performance), which yields a market rate of interest at the time of a renewal, and for which no principal was forgiven, was no longer considered a TDR.
Concentrations of Credit Risk
A substantial portion of the loan portfolio is secured by real estate in markets located throughout Alabama, Florida, Georgia, South Carolina, and Tennessee. Accordingly, the ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in market conditions in these areas.
Loan Origination Fees and Costs
Loan origination fees and direct loan origination costs are deferred and amortized to net interest income over the life of the related loan or over the commitment period as a yield adjustment.
Allowance for Credit Losses (ACL)
Allowance for Credit Losses (ACL)
Synovus calculates its ACL utilizing an expected credit loss methodology (referred to as CECL). CECL requires management’s estimate of credit losses over the full remaining expected life of loans and other financial instruments, including unfunded loan commitments, accrued interest receivable, available for sale debt securities, and other receivables.
Allowance for Loan Losses (ALL)
The ALL on loans held for investment represents management's estimate of credit losses expected over the life of the loans included in Synovus' existing loans held for investment portfolio. Changes to the allowance are recorded through a provision for credit losses and reduced by loans charged-off, net of recoveries. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain.
Accrued but uncollected interest is recorded in other assets on the consolidated balance sheets. In general, the Company does not record an ACL for accrued interest receivable as allowable per ASC 326-20-30-5A as Synovus' non-accrual policies result in the timely write-off of accrued but uncollected interest.
Credit loss measurement
Synovus' loan loss estimation process includes procedures to appropriately consider the unique characteristics of its loan portfolio segments (C&I, CRE and consumer). These segments are further disaggregated into loan classes, the level at which credit quality is assessed and monitored (as described in the subsequent sections).
The ALL is measured on a collective (pool) basis when similar risk characteristics exist. Loans are grouped based upon the nature of the loan type and are further segregated based upon the methods for risk assessment. Credit loss assumptions are primarily estimated using a DCF model applied to the aforementioned loan groupings. This model calculates an expected life-of-loan loss percentage for each loan category by considering the forecasted PD, which is the probability that a borrower will default, adjusted for relevant forecasted macroeconomic factors comprising multiple weighted scenarios representing different plausible outcomes, and LGD, which is the estimate of the amount of net loss in the event of default.
Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments and curtailments when appropriate.
To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made (which is two years for Synovus), the Company reverts, on a straight-line basis back to the historical rates over a one year period.
Life-of-loan loss percentages may also be adjusted, as necessary, for certain quantitative and qualitative factors that in management's judgment are necessary to reflect losses expected in the portfolio. These adjustments address model risk, including economic forecast limitations, loan maturity extensions, portfolio composition and concentrations, among others.
The above reflects the ALL estimation process for most commercial and consumer sub-pools. In some cases, Synovus may apply other acceptable loss rate models to smaller sub-pools.
Loans that do not share risk characteristics are individually evaluated on a loan-by-loan basis with specific reserves, if any, recorded as appropriate. Specific reserves are determined based on two methods: discounted cash flow based upon the loan's contractual effective interest rate or at the fair value of the collateral, less costs to sell if the loan is collateral-dependent.
For individually evaluated loans, if the loan is collateral-dependent, then the fair value of the loan's collateral, less estimated selling costs, is compared to the loan's carrying amount to determine impairment. Fair value is generally estimated using appraisals performed by a certified or licensed appraiser. Management also considers other factors or recent developments, such as changes in absorption rates or market conditions at the time of valuation, selling costs and anticipated sales values, taking into account management's plans for disposition, which could result in adjustments to the fair value estimates indicated in the appraisals. The assumptions used in determining the amount of the impairment are subject to significant judgment. Use of different assumptions, for example, changes in the fair value of the collateral or management's plans for disposition could have a significant impact on the amount of impairment.
For individually evaluated loans, under the DCF method, resulting expected credit losses are recorded as a specific reserve with a charge-off for any portion of the expected credit loss that is determined not to be recoverable. The reserve is reassessed each quarter and adjusted as appropriate based on changes in estimated cash flows. Additionally, where guarantors are determined to be a source of repayment, an assessment of the guarantee is required. This guarantee assessment would include, but not be limited to, factors such as type and feature of the guarantee, consideration for the guarantor's financial strength and capacity to service the loan in combination with the guarantor's other financial obligations as well as the guarantor's willingness to assist in servicing the loan.
Purchased Loans with Credit Deterioration
Purchased loans are evaluated upon acquisition in order to determine if the loan, or pool of loans, has experienced more-than-insignificant deterioration in credit quality since origination or issuance. In the performance of this evaluation, Synovus considers migration of the credit quality of the loans at origination in comparison to the credit quality at acquisition.
Purchased loans classified as PCD are recognized in accordance with ASC 326-20-30, whereby the amortized cost basis of the PCD asset is ‘grossed-up’ by the initial estimate of credit losses with an offset to the ALL. This acquisition date allowance has no income statement effect. Post-acquisition, any changes in estimates of expected credit losses are recorded through the provision for credit losses. Non-credit discounts or premiums are accreted or amortized, respectively into interest income using the interest method.
The accounting treatment for purchased loans classified as non-PCD is the same as loans held for investment as detailed in the above section.
Allowance for Credit Losses on Off-balance-sheet Credit Exposures
Synovus maintains a separate ACL for off-balance-sheet credit exposures, including unfunded loan commitments, unless the associated obligation is unconditionally cancellable by the Company. This allowance is included in other liabilities on the consolidated balance sheets with associated expense recognized as a component of the provision for credit losses on the consolidated statements of income. The reserve for off-balance-sheet credit exposures considers the likelihood that funding will occur and estimates the expected credit losses on resulting commitments expected to be funded over their estimated life using the estimated loss rates on loans held for investment.
Commercial Loans - Risk Ratings
Synovus utilizes two primary methods for risk assessment of the commercial loan portfolio: SRR Assessment and DRR Assessment. The SRR model is an expert judgment based model that results in a blended (i.e. single) rating. DRR is a statistical model approach to risk rating that includes a PD and a LGD. The single and dual risk ratings are based on the borrowers' credit risk profile, considering factors such as debt service history, current and estimated prospective cash flow information, collateral supporting the credit, source of repayment as well as other variables, as appropriate.
Each loan is assigned a risk rating during its initial approval process. Commercial loans include classifications of pass, special mention, substandard, doubtful, and loss consistent with bank regulatory classifications.
The loan rating (for both SRR and DRR loans) is subject to approvals from members of management, regional credit and/or loan committees depending on the size of the loan and credit attributes. Loan ratings are regularly evaluated based upon annual scheduled credit reviews or on a more frequent basis if determined prudent by management. Additionally, an independent loan review function evaluates Synovus' risk rating processes on a continuous basis. The primary determinants of the risk ratings for commercial loans are the reliability of the primary source of repayment and the borrower's expected performance. Expected performance is based upon a full analysis of the borrower's historical financial results, current financial strength and future prospects, which includes any external drivers.
Consumer Loans – Risk Ratings
Consumer loans are subject to uniform lending policies and consist primarily of loans with strong borrower credit scores. Synovus makes consumer lending decisions based upon a number of key credit risk determinants including FICO scores as well as loan-to-value and debt-to-income ratios. Consumer loans are generally assigned a risk rating based on credit bureau scores. At 90 days past due, a loan grade substandard non-accrual is applied and at 120 days past due, the loan is generally charged-off. The consumer loan portfolio is sent on a quarterly basis to a consumer credit reporting agency for a refresh of clients' credit scores so that management can evaluate ongoing consistency or negative migration in the quality of the portfolio. Revolving lines of credit are reviewed for a material change in financial circumstances and, when appropriate, the line of credit may be suspended for further advances.
Transfers of Financial Assets
Transfers of Financial Assets
Transfers of financial assets in which Synovus has surrendered control over the transferred assets are accounted for as sales. Control over transferred assets is considered to be surrendered when 1) the assets have been legally isolated from
Synovus or any consolidated affiliates, even in bankruptcy or other receivership, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to Synovus, and 3) Synovus does not maintain effective control over the transferred assets. If the transfer is accounted for as a sale, the transferred assets are derecognized from the balance sheet and a gain or loss on sale is recognized on the consolidated statements of income. If the sale criteria are not met, the transfer is accounted for as a secured borrowing and the transferred assets remain on Synovus' consolidated balance sheets and the proceeds from the transaction are recognized as a liability.
Cash Surrender Value of Bank-Owned Life Insurance
Cash Surrender Value of Bank-Owned Life Insurance
Investments in bank-owned life insurance policies on certain current and former officers and employees of Synovus are recorded at the net realizable value of the policies. Net realizable value is the cash surrender value of the policies less any applicable surrender charges and any policy loans. Synovus has not borrowed against the cash surrender value of these policies. Changes in the cash surrender value of the policies as well as proceeds from insurance benefits are recorded in income from bank-owned life insurance on the consolidated statements of income.
Premises, Equipment and Software
Premises, Equipment and Software
Premises, equipment and software including bank-owned branch locations and leasehold improvements are reported at cost, less accumulated depreciation and amortization, which are computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over an average of 10 to 40 years, while furniture, equipment, and software are depreciated and amortized over a range of 3 to 10 years. Synovus capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life over a range of the lesser of contract terms or 3 to 7 years. Leasehold improvements are depreciated over the shorter of the estimated useful life or the remainder of the lease term. Synovus reviews long-lived assets, such as premises and equipment, for impairment whenever events and circumstances indicate that the carrying amount of an asset may not be recoverable. Maintenance and repairs are charged to non-interest expense and improvements that extend the useful life of the asset are capitalized to the asset's carrying value and depreciated.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill represents the excess purchase price over the fair value of identifiable net assets of acquired businesses. Goodwill is tested for impairment at the reporting unit level, equivalent to a business segment or one level below. Synovus performs its annual evaluation of goodwill impairment as of October 1, and as events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 5 - Goodwill and Other Intangible Assets" of this Report for details of the evaluation.
Other intangible assets relate primarily to a core deposit intangible, client relationships, and developed technology resulting from business acquisitions. The core deposit intangible is amortized over its estimated useful life of approximately ten years utilizing an accelerated method. The remaining intangible assets are amortized using straight line methods based on the remaining lives of the assets with amortization periods ranging from five to ten years. Amortization periods for intangible assets are monitored to determine if events and circumstances require such periods to be reduced.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of the intangible assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by the asset. Any resulting impairment is measured by the amount by which the carrying value exceeds the fair value of the asset (based on the undiscounted cash flows expected to be generated by the asset).
Long-term Debt
Long-term Debt
Long-term debt balances are presented net of discounts and premiums, debt issuance costs that arise from the issuance of long-term debt, and the impact of hedge accounting. Discounts, premiums and debt issuance costs are amortized using the effective interest rate method or straight-line method (when the financial statement impacts of this method are not materially different from the former method). For additional information on hedge accounting, refer to the Derivative Instruments section of this Note and "Part II - Item 8. Financial Statements and Supplementary Data - Note 13 - Derivative Instruments" of this Report.
Non-interest Revenue Non-interest Revenue
Synovus' contracts with clients generally do not contain terms that require significant judgment to determine the amount of revenue to recognize. Synovus' policies for recognizing non-interest revenue within the scope of ASC Topic 606, Revenue from Contracts with Customers, including the nature and timing of such revenue streams, are included below.
Service Charges on Deposit Accounts: Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services, as well as overdraft, NSF, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts' monthly cycle, or at a point in time for transaction-related services and fees. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to clients' accounts.
Fiduciary and Asset Management Fees: Fiduciary and asset management fees are primarily comprised of fees earned from the management and administration of trusts and other client assets. Synovus' performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to clients' accounts. Synovus does not earn performance-based incentives.
Card Fees: Card fees consist primarily of interchange fees from credit cards and debit cards processed by card association networks, as well as merchant discounts, and other card-related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees and merchant discounts are recognized concurrently with the delivery of service on a daily basis as transactions occur. Payment is typically received immediately or in the following month. Card fees are reported net of certain associated expense items including loyalty program expense and network expense.
Brokerage Revenue: Brokerage revenue consists primarily of commissions. Additionally, brokerage revenue includes advisory fees earned from the management of client assets. Transactional revenues are based on the size and number of transactions executed at the client's direction and are generally recognized on the trade date with payment received on the settlement date. Advisory fees for brokerage services are recognized and collected monthly and are based upon the month-end market value of the assets under management at a rate predetermined in the contract.
Capital Markets Income (partially within the scope of ASC Topic 606): Investment banking income, a component of capital markets income, is comprised primarily of securities underwriting fees and remarketing fees. Synovus assists corporate clients in raising capital by offering equity or debt securities to potential investors. The transaction fees are based on a percentage of the total transaction amount. The underwriting and remarketing fees are recognized on the trade date when the securities are sold to third-party investors with payment received on the settlement date.
Insurance Revenue (included in other non-interest revenue on the consolidated statements of income): Insurance revenue primarily consists of commissions received on annuity and life product sales. The commissions are recognized as revenue when the client executes an insurance policy with the insurance carrier. In some cases, Synovus receives payment of trailing commissions each year when the client pays its annual premium.
Other Fees (included in other non-interest revenue on the consolidated statements of income): Other fees within the scope of ASC Topic 606 include revenue generated from safe deposit box rental fees, lockbox services, loan-related income, and fees for banking-as-a-service. Fees are recognized over time, on a monthly basis, as Synovus' performance obligation for services is satisfied. Payment is received upfront for safe deposit box rentals and in the following month for lockbox services. Other fees are recognized in a manner that reflects the timing of when transactions occur or as services are provided.
Share Repurchases
Share Repurchases
Common stock repurchases are recorded at cost. At the date of repurchase, shareholders' equity is reduced by the repurchase price and includes commissions and other transaction expenses that arise from the repurchases. If treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock with differences between cost and the re-issuance date fair value recorded in additional paid-in capital or retained earnings, as applicable.
Earnings per Share
Earnings per Share
Basic net income per common share is computed by dividing net income available to common shareholders by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding options and restricted share units is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.
Share-based Compensation
Share-based Compensation
Synovus has a long-term incentive plan under which the Compensation and Human Capital Committee of the Board of Directors has the authority to grant share-based awards to Synovus employees. The Plan permits grants of share-based compensation including stock options, restricted share units, and performance share units. The grants generally include a service-based vesting period of three years. Restricted share units are primarily equity-based but certain specific grants may be cash settled as well. When cash settled awards are granted, they are classified as a liability and revalued quarterly. Performance share units are granted with a defined target level and are compared to required market and performance metrics to determine
adjustments to compensation expense. Synovus has historically issued new shares to satisfy share option exercises and share unit conversions. Dividend equivalents are paid on outstanding restricted share units and performance share units in the form of additional restricted share units that vest over the same vesting period or the vesting period left on the original restricted share unit grant.
Compensation expense is measured based on the grant date fair value of restricted share units and performance share units. Synovus' share-based compensation costs associated with employee grants are recorded as a component of salaries and other personnel expense on the consolidated statements of income. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time awards are exercised, cancelled, expire or restrictions are released, Synovus recognizes an adjustment to income tax expense for the difference between the previously estimated tax deduction and the actual tax deduction realized.
Fair Value Measurements and Disclosures
Fair Value Measurements and Disclosures
Synovus carries various assets and liabilities at fair value based on the fair value accounting guidance under ASC Topic 820, Fair Value Measurement, and ASC Topic 825, Financial Instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
Fair Value Hierarchy
Synovus determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the financial instrument's fair value measurement in its entirety. There are three levels of inputs that may be used to measure fair value. The three levels of inputs of the valuation hierarchy are defined below:
Level 1Quoted prices (unadjusted) in active markets for identical assets and liabilities for the instrument or security to be valued.
Level 2Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active or model-based valuation techniques for which all significant assumptions are derived principally from or corroborated by observable market data.
Level 3Unobservable inputs that are supported by little, if any, market activity for the asset or liability.
Valuation Methodology by Instrument - Recurring Basis
The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a recurring basis.
Investment Securities Available for Sale and Trading Securities
The fair values of investment securities available for sale and trading securities are primarily based on actively traded markets where prices are based on either quoted market prices or observed transactions. Management employs independent third-party pricing services to provide fair value estimates for Synovus' investment securities available for sale and trading securities. Fair values for fixed income investment securities are typically determined based upon quoted market prices, and/or inputs that are observable in the market, either directly or indirectly, for substantially similar securities. Level 1 securities are typically exchange-quoted prices and include financial instruments such as U.S. Treasury securities and marketable equity securities. Level 2 securities are typically matrix-priced by the third-party pricing service to calculate the fair value. Such fair value measurements consider observable data such as market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. The types of securities classified as Level 2 within the valuation hierarchy primarily consist of collateralized mortgage obligations, mortgage-backed securities, debt securities of GSEs and agencies, corporate debt, asset-backed securities, and state and municipal securities.
Management uses various validation procedures to confirm the prices received from pricing services are reasonable. Such validation procedures include reference to market quotes and a review of valuations and trade activity of comparable securities. Consideration is given to the nature of the quotes (e.g., indicative or firm) and the relationship of recently evidenced market activity to the prices provided by the third-party pricing service. Further, management also employs the services of an additional independent pricing firm as a means to verify and confirm the fair values of the primary independent pricing firms.
When there is limited activity or less transparency around inputs to valuation, Synovus develops valuations based on assumptions that are not readily observable in the marketplace; these securities are classified as Level 3 within the valuation hierarchy.
Mortgage Loans Held for Sale
Synovus elected to apply the fair value option for mortgage loans originated with the intent to sell to investors in the secondary market. When loans are not committed to an investor at a set price, fair value is derived from a hypothetical bulk sale model using current market pricing indicators. A best execution valuation model is used for loan pricing for similar assets based upon forward settlements of a pool of loans of similar coupon, maturity, product, and credit attributes. The inputs to the model are continuously updated with available market and historical data. As the loans are sold in the secondary market and primarily used as collateral for securitizations, the valuation model methodology attempts to reflect the pricing execution available to Synovus’ principal market. Mortgage loans held for sale are classified within Level 2 of the valuation hierarchy.
Other investments
Funds invested in privately held companies are classified as Level 3 and the estimated fair value of the company is the estimated fair value as an exit price the fund would receive if it were to sell the company in the marketplace. The fair value of the fund's underlying investments is estimated through the use of valuation models, such as option pricing or a discounted cash flow model. Synovus typically sells shares in any investment after initial public offering (IPO) lock-up periods have ended.
Mutual Funds
Mutual funds (including those held in rabbi trusts) primarily invest in equity and fixed income securities. Shares of mutual funds are valued based on quoted market prices and are therefore classified within Level 1 of the fair value hierarchy.
Derivative Assets and Liabilities
Fair values of interest rate lock commitments and forward commitments are estimated based on an internally developed model that uses readily observable market data such as interest rates, prices, and indices to generate continuous yield or pricing curves, volatility factors, and client credit-related adjustments, subject to the anticipated loan funding probability (pull-through rate). These fair value estimates are classified as Level 2 within the valuation hierarchy.
Fair values of interest rate swaps are determined using a discounted cash flow analysis on the expected cash flows of each derivative, which also includes a credit value adjustment for client swaps. An independent third-party valuation is used to verify and confirm these values, which are classified as Level 2 within the fair value hierarchy.
Valuation Methodology by Instrument - Non-recurring Basis
The following is a description of the valuation methodologies used for the major categories of financial assets and liabilities measured at fair value on a non-recurring basis.
Loans
Loans measured at fair value on a non-recurring basis consist of loans that do not share similar risk characteristics. These loans are typically collateral-dependent loans that are valued using third-party appraised value of collateral less estimated selling price (Level 3).
Other Loans Held for Sale
Loans are transferred to other loans held for sale at amortized cost when Synovus makes the determination to sell specifically identified loans. If the amortized cost exceeds fair value a valuation allowance is established for the difference. The fair value of the loans is primarily determined by analyzing the anticipated market prices of similar assets less estimated costs to sell. At the time of transfer, any credit losses are determined in accordance with Synovus' policy and recorded as a charge-off against the allowance for loan losses. Subsequent changes in the valuation allowance due to changes in the fair value subsequent to the transfer, as well as gains/losses realized from the sale of these assets, are recorded as gains/losses on other loans held for sale, net, as a component of non-interest expense on the consolidated statements of income (Level 3).
Other Real Estate
Other Real Estate (ORE) consists of properties obtained through a foreclosure proceeding or through an in-substance foreclosure in satisfaction of loans. A loan is classified as an in-substance foreclosure when Synovus has taken possession of the collateral regardless of whether formal foreclosure proceedings have taken place.
At foreclosure, ORE is recorded at fair value less estimated selling costs, which establishes a new cost basis. Subsequent to foreclosure, ORE is evaluated quarterly and reported at fair value less estimated selling costs, not to exceed the new cost basis, determined by review of current appraisals, as well as the review of comparable sales, contractual sales price, and other estimates of fair value obtained principally from independent sources, adjusted for estimated selling costs (Level 3). Any adjustments are recorded as a component of other operating expense on the consolidated statements of income.
Other Assets Held for Sale
Other assets held for sale consist of certain premises and equipment held for sale. The fair value of these assets is determined primarily on the basis of appraisals, contractual sales price, or BOV, as circumstances warrant, adjusted for estimated selling costs. Both techniques engage licensed or certified professionals that use inputs such as absorption rates, capitalization rates, and market comparables (Level 3).
Derivative Instruments
Derivative Instruments
Synovus’ risk management policies emphasize the management of interest rate risk within acceptable guidelines. Synovus’ objective in maintaining these policies is to limit volatility in net interest income arising from changes in interest rates. Risks to be managed include both fair value and cash flow risks. Utilization of derivative financial instruments provides a valuable tool to assist in the management of these risks.
All derivative instruments are recorded on the consolidated balance sheets at their respective fair values, net of variation margin payments, as components of other assets and other liabilities. The accounting for changes in fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it qualifies and has been designated as part of a hedging relationship. Synovus formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items.
Fair value hedges - If the hedged exposure is a fair value exposure, the unrealized gain or loss on the derivative instrument is recognized in earnings in the period of change, in the same income statement line as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged. When a fair value hedge is discontinued, the cumulative basis adjustments related to the hedged asset or liability are amortized to earnings in the same manner as other components of the carrying amount of that asset or liability.
Cash flow hedges - If the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income (loss) are amortized into earnings over the same periods which the hedged transactions are still expected to affect earnings. If, however, it is probable the forecasted transactions will no longer occur, the accumulated amounts in OCI at the de-designation date are immediately recognized in earnings. 
If the derivative instrument is not designated as a hedge, the gain or loss on the derivative instrument is recognized in earnings as a component of non-interest revenue or other non-interest expense on the consolidated statements of income in the period of change.
Synovus also holds derivative instruments, which consist of interest rate lock agreements related to expected funding of fixed-rate mortgage loans to clients (interest rate lock commitments) and forward commitments to sell mortgage-backed securities and individual fixed-rate mortgage loans. Synovus’ objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the interest rate lock commitments and the mortgage loans that are held for sale. Both the interest rate lock commitments and the forward commitments are reported at fair value, with adjustments recorded in current period earnings in mortgage banking income.
Synovus also enters into interest rate swap agreements to facilitate the risk management strategies of certain commercial banking clients. Synovus mitigates this risk by entering into equal and offsetting interest rate swap agreements with highly rated third-party financial institutions. Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial clients to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. The interest rate swap agreements are free-standing derivatives and are recorded at fair value with any unrealized gain or loss recorded in current period earnings in non-interest revenue. These instruments, and their offsetting positions, are recorded in other assets and other liabilities on the consolidated balance sheets.
Visa Derivative - In conjunction with the sale of Class B shares of common stock issued by Visa to Synovus as a Visa USA member, Synovus entered into a derivative contract with the purchaser, which provides for settlements between the parties based upon a change in the ratio for conversion of Visa Class B shares to Visa Class A shares. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The litigation escrow is funded by proceeds from Visa’s conversion of Class B shares.
The fair value of the derivative contract is determined based on management's estimate of the timing and amount of the Covered Litigation settlement, and the resulting payments due to the counterparty under the terms of the contract. During the years ended December 31, 2023 and 2022, Synovus recorded fair value adjustments of $3.9 million and $6.0 million, respectively, in other non-interest expense. Management believes that the estimate of Synovus' exposure to the Visa indemnification including fees associated with the Visa derivative is adequate based on current information, including Visa's
recent announcements and disclosures. However, future developments in the litigation could require changes to Synovus' estimate.
Income Taxes
Income Taxes
Synovus is a domestic corporation that files a consolidated federal income tax return with its wholly-owned subsidiaries and files state income tax returns on a consolidated or separate entity basis with the various taxing jurisdictions based on its taxable presence. However, Synovus' Qualpay subsidiary continues to file separate federal and state income tax returns and is not included in any of Synovus' consolidated tax filings. The current income tax payable or receivable is an estimate of the amounts currently owed to or due from taxing authorities in which Synovus conducts business. Current income taxes payable also reflects changes in liabilities associated with uncertain tax positions for the current and/or prior years.
Synovus uses the asset and liability method to account for future income taxes expected to be paid or received (i.e., deferred income taxes). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement (GAAP) carrying amounts of existing assets and liabilities and their respective tax bases, including operating losses and tax credit carryforwards. The deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in income in the period that includes the enactment date.
A valuation allowance is required for deferred tax assets if, based on available evidence, it is more likely than not that all or some portion of the asset will not be realized. In making this assessment, all sources of taxable income available to realize the deferred tax asset are considered, including taxable income in prior years, future reversals of existing temporary differences, tax planning strategies, and future taxable income exclusive of reversing temporary differences and carryforwards. The predictability that future taxable income, exclusive of reversing temporary differences, will occur is the most subjective of these four sources. Changes in the valuation allowance are recorded through income tax expense.
Significant estimates used in accounting for income taxes relate to the valuation allowance for deferred tax assets, estimates of the realizability of deferred tax assets including NOLs and income tax credits, the determination of taxable income, and the determination of temporary differences between book and tax bases.
Synovus regularly evaluates its material tax positions for recognizability in its financial statements. Each tax position is evaluated under the presumption that all positions will be examined and that tax authorities will have full knowledge of all relevant information, and whether a position can be recognized is based solely on the technical merits of the position. Synovus performs a cumulative probability analysis and recognizes tax benefits where there is a greater than fifty percent likelihood of the position being upheld. If, upon this evaluation, the tax benefits of a transaction do not meet this ‘more likely than not’ standard, Synovus will accrue a tax liability for the uncertain tax position or reduce a deferred tax asset for the expected tax impact of the transaction. Events and circumstances may alter the estimates and assumptions used in the analysis of its income tax positions and, accordingly, Synovus' effective tax rate may fluctuate in the future. Synovus recognizes accrued interest and penalties related to uncertain tax positions as a component of income tax expense.
Investments in Tax Credit Structures
Investments in Tax Credit Structures
Synovus invests in certain LIHTC partnerships, which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain new market tax credit partnerships pursuant to Section 45D of the Code, certain HTCs pursuant to Section 47 of the Code, and certain ITCs pursuant to Section 48 of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan, but has no obligation to fund the operations or working capital of the partnerships and is not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments, which are subject to recapture by taxing authorities based on compliance provisions required to be met at the project level.
Synovus applies the proportional amortization method of accounting for its LIHTC and HTC partnerships. Effective January 1, 2023, upon the adoption of ASU 2023-02, Synovus also began applying the proportional amortization method of accounting to its qualifying new market tax credit partnership. Following Synovus' new investment in a solar energy tax credit partnership during the third quarter of 2023, Synovus made an election to apply the proportional amortization method of accounting to qualifying solar energy tax credit partnerships. The proportional amortization method recognizes the amortized cost of the investment as a component of income tax expense on the consolidated statements of income and as a component of operating activities within other assets and other liabilities on the consolidated statements of cash flows. Prior to the adoption of ASU 2023-02, Synovus applied the equity method of accounting to its new market tax credit partnership. See "Recent Accounting Pronouncements" below for the impact of adoption.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
The following table provides a brief description of accounting standards adopted or issued in 2023 and the estimated effect on the Company’s financial statements.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted ) in 2023
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage DisclosureIn March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20.January 1, 2023The Company adopted this standard on January 1, 2023 on a prospective basis. The adoption of this standard did not have a material impact to the consolidated financial statements. See Note 3, Loans and Allowance for Loan Losses, for the required disclosures in accordance with this ASU.
ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization MethodIn March 2023, the FASB issued ASU 2023-02, which expands the population of investments for which an investor may elect to apply the proportional amortization method. Under the ASU, an investor in a tax equity investment may elect the proportional amortization method for qualifying investments on a tax credit program-by-program basis. To qualify for the proportional amortization method, an investment must meet the criteria previously applicable to LIHTC investments, as clarified by the ASU.January 1, 2024. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year.
The Company early adopted this standard on January 1, 2023 on a modified retrospective basis. The adoption of this standard did not have a material impact to the consolidated financial statements. The Company recognized a cumulative effect adjustment of $297 thousand at adoption to decrease the beginning balance of retained earnings as of January 1, 2023, for the difference between the previous method used to account for the tax equity investment and the application of the proportional amortization method since the investment was entered into.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted in 2023
ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07 to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so.
January 1, 2024The Company will adopt the new disclosure requirements for the annual period beginning on January 1, 2024 and interim periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental segment information that will be required to be disclosed as well as the impact to the Segment Reporting footnote.
ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax DisclosuresIn December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted.January 1, 2025The Company will adopt the new disclosures for the annual periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed as well as the impact to the Income Taxes footnote.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Accounting Standards Update and Change in Accounting Principle
The following table provides a brief description of accounting standards adopted or issued in 2023 and the estimated effect on the Company’s financial statements.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Adopted (or partially adopted ) in 2023
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage DisclosureIn March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20.January 1, 2023The Company adopted this standard on January 1, 2023 on a prospective basis. The adoption of this standard did not have a material impact to the consolidated financial statements. See Note 3, Loans and Allowance for Loan Losses, for the required disclosures in accordance with this ASU.
ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization MethodIn March 2023, the FASB issued ASU 2023-02, which expands the population of investments for which an investor may elect to apply the proportional amortization method. Under the ASU, an investor in a tax equity investment may elect the proportional amortization method for qualifying investments on a tax credit program-by-program basis. To qualify for the proportional amortization method, an investment must meet the criteria previously applicable to LIHTC investments, as clarified by the ASU.January 1, 2024. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year.
The Company early adopted this standard on January 1, 2023 on a modified retrospective basis. The adoption of this standard did not have a material impact to the consolidated financial statements. The Company recognized a cumulative effect adjustment of $297 thousand at adoption to decrease the beginning balance of retained earnings as of January 1, 2023, for the difference between the previous method used to account for the tax equity investment and the application of the proportional amortization method since the investment was entered into.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted in 2023
ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07 to improve segment reporting disclosures. The amendments in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so.
January 1, 2024The Company will adopt the new disclosure requirements for the annual period beginning on January 1, 2024 and interim periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental segment information that will be required to be disclosed as well as the impact to the Segment Reporting footnote.
ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax DisclosuresIn December 2023, the FASB issued ASU 2023-09 to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted.January 1, 2025The Company will adopt the new disclosures for the annual periods beginning on January 1, 2025. The Company is currently evaluating the impact of the incremental income taxes information that will be required to be disclosed as well as the impact to the Income Taxes footnote.
v3.24.0.1
Investment Securities Available for Sale (Tables)
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
Summary of Available-for-Sale Investment Securities
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2023 and 2022 are summarized below.
December 31, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$588,082 $9,547 $— $597,629 
U.S. Government agency securities29,993 — (1,053)28,940 
Mortgage-backed securities issued by U.S. Government agencies1,021,612 2,037 (97,985)925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises7,523,399 1,192 (1,094,212)6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises692,487 — (104,892)587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,226,672 18,764 (35,653)1,209,783 
Corporate debt securities and other debt securities9,009 — (337)8,672 
Total investment securities available for sale(1)
$11,091,254 $31,540 $(1,334,132)$9,788,662 
December 31, 2022
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$515,953 $— $(44,140)$471,813 
U.S. Government agency securities52,411 — (3,613)48,798 
Mortgage-backed securities issued by U.S. Government agencies904,593 1,624 (113,468)792,749 
Mortgage-backed securities issued by U.S. Government sponsored enterprises8,144,374 936 (1,250,240)6,895,070 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises769,498 — (114,371)655,127 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises877,590 — (71,645)805,945 
Corporate debt securities and other debt securities8,908 — (307)8,601 
Total investment securities available for sale(1)
$11,273,327 $2,560 $(1,597,784)$9,678,103 
(1) The amounts reported exclude accrued interest receivable on investment securities available for sale of $26.6 million and $22.7 million at December 31, 2023 and 2022, respectively, which is presented as a component of other assets on the consolidated balance sheets. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" in this Report for more information on other assets.
Schedule of Unrealized Loss on Investments
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022 are presented below.
December 31, 2023
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Government agency securities$— $— $28,940 $(1,053)$28,940 $(1,053)
Mortgage-backed securities issued by U.S. Government agencies159,402 (1,268)565,358 (96,717)724,760 (97,985)
Mortgage-backed securities issued by U.S. Government sponsored enterprises215,917 (1,193)6,045,914 (1,093,019)6,261,831 (1,094,212)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— — 587,595 (104,892)587,595 (104,892)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises34,406 (205)276,675 (35,448)311,081 (35,653)
Corporate debt securities and other debt securities— — 8,672 (337)8,672 (337)
Total$409,725 $(2,666)$7,513,154 $(1,331,466)$7,922,879 $(1,334,132)
December 31, 2022
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$139,737 $(6,789)$307,582 $(37,351)$447,319 $(44,140)
U.S. Government agency securities28,938 (1,053)19,603 (2,560)48,541 (3,613)
Mortgage-backed securities issued by U.S. Government agencies187,655 (5,952)521,395 (107,516)709,050 (113,468)
Mortgage-backed securities issued by U.S. Government sponsored enterprises1,473,348 (120,135)5,365,233 (1,130,105)6,838,581 (1,250,240)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises119,649 (10,311)535,478 (104,060)655,127 (114,371)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises565,382 (29,383)240,564 (42,262)805,946 (71,645)
Corporate debt securities and other debt securities8,601 (307)— — 8,601 (307)
Total$2,523,310 $(173,930)$6,989,855 $(1,423,854)$9,513,165 $(1,597,784)
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale
The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2023 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
Distribution of Maturities at December 31, 2023
(in thousands)Within One Year1 to 5
Years		5 to 10
Years		More Than
10 Years		Total
Amortized Cost
U.S. Treasury securities$25,688 $141,378 $421,016 $— $588,082 
U.S. Government agency securities— 29,993 — — 29,993 
Mortgage-backed securities issued by U.S. Government agencies— 65 3 1,021,544 1,021,612 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— — 11,063 7,512,336 7,523,399 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 50 10,508 681,929 692,487 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises66,599 545,350 597,302 17,421 1,226,672 
Corporate debt securities and other debt securities— 9,009 — — 9,009 
Total amortized cost$92,287 $725,845 $1,039,892 $9,233,230 $11,091,254 
Fair Value
U.S. Treasury securities$25,688 $143,641 $428,300 $— $597,629 
U.S. Government agency securities— 28,940 — — 28,940 
Mortgage-backed securities issued by U.S. Government agencies— 63 3 925,598 925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— — 10,341 6,420,038 6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 49 10,220 577,326 587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises67,822 544,620 582,238 15,103 1,209,783 
Corporate debt securities and other debt securities— 8,672 — — 8,672 
Total fair value$93,510 $725,985 $1,031,102 $7,938,065 $9,788,662 
Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio
Gross gains and gross losses on sales of securities available for sale for the years ended December 31, 2023, 2022, and 2021 are presented below.
(in thousands)202320222021
Gross realized gains on sales$5,141 $— $1,191 
Gross realized losses on sales(81,859)— (1,990)
Investment securities gains (losses), net$(76,718)$— $(799)
v3.24.0.1
Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Current, Accruing Past Due, and Nonaccrual Loans
The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2023 and 2022.
December 31, 2023
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past DueTotal Accruing Past Due Non-accrual with an ALLNon-accrual without an ALLTotal
Commercial, financial, and agricultural$14,355,414 $12,264 $1,797 $14,061 $66,400 $23,470 $14,459,345 
Owner-occupied8,041,573 6,056 149 6,205 70,784 20,586 8,139,148 
Total commercial and industrial22,396,987 18,320 1,946 20,266 137,184 44,056 22,598,493 
Investment properties11,322,516 740 278 1,018 12,796 26,974 11,363,304 
1-4 family properties595,359 87 — 87 2,605 451 598,502 
Land and development353,477 671 — 671 804 — 354,952 
Total commercial real estate12,271,352 1,498 278 1,776 16,205 27,425 12,316,758 
Consumer mortgages5,359,153 6,462 — 6,462 46,108 — 5,411,723 
Home equity 1,785,836 10,374 716 11,090 10,473 — 1,807,399 
Credit cards190,299 1,818 2,024 3,842 — — 194,141 
Other consumer loans1,053,587 15,574 89 15,663 6,697 29 1,075,976 
Total consumer8,388,875 34,228 2,829 37,057 63,278 29 8,489,239 
Loans, net of deferred fees and costs(1)
$43,057,214 $54,046 $5,053 $59,099 $216,667 $71,510 $43,404,490 
December 31, 2022
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past DueTotal Accruing Past Due Non-accrual with an ALLNon-accrual without an ALLTotal
Commercial, financial, and agricultural$13,798,639 $15,033 $1,437 $16,470 $48,008 $11,299 $13,874,416 
Owner-occupied8,181,649 487 — 487 9,499 605 8,192,240 
Total commercial and industrial21,980,288 15,520 1,437 16,957 57,507 11,904 22,066,656 
Investment properties11,639,614 960 — 960 1,785 1,688 11,644,047 
1-4 family properties613,049 762 — 762 2,172 950 616,933 
Land and development388,098 77 — 77 1,158 — 389,333 
Total commercial real estate12,640,761 1,799 — 1,799 5,115 2,638 12,650,313 
Consumer mortgages5,163,417 13,969 210 14,179 36,847 — 5,214,443 
Home equity 1,742,412 7,795 1 7,796 6,830 — 1,757,038 
Credit cards200,047 1,843 1,722 3,565 — — 203,612 
Other consumer loans1,795,799 21,269 3 21,272 7,220 — 1,824,291 
Total consumer8,901,675 44,876 1,936 46,812 50,897 — 8,999,384 
Loans, net of deferred fees and costs(1)
$43,522,724 $62,195 $3,373 $65,568 $113,519 $14,542 $43,716,353 
(1) The amortized cost basis of loans, net of deferred fees and costs excludes accrued interest receivable of $256.3 million and $203.1 million at December 31, 2023 and 2022, respectively, which is presented as a component of other assets on the consolidated balance sheets. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" in this Report for more information on other assets.
Loan Portfolio Credit Exposure
The following table summarizes each loan portfolio class by regulatory risk grade and origination year as of December 31, 2023 as required by CECL.
December 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20232022202120202019PriorAmortized Cost BasisConverted to Term LoansTotal
Commercial, financial, and agricultural
Pass$1,078,790 $1,040,742 $1,408,178 $782,069 $636,341 $1,236,433 $7,623,255 $46,908 $13,852,716 
Special Mention5,298 8,276 20,027 1,950 2,552 8,412 141,580 — 188,095 
Substandard36,557 14,742 35,744 37,186 88,940 21,032 182,069 1,685 417,955 
Loss— — — — — 355 224 — 579 
Total commercial, financial, and agricultural1,120,645 1,063,760 1,463,949 821,205 727,833 1,266,232 7,947,128 48,593 14,459,345 
Current YTD Period:
Gross charge-offs9,367 3,436 8,175 19,532 1,165 2,071 30,696 203 74,645 
Owner-occupied
Pass859,887 1,521,469 1,501,405 958,620 710,634 1,401,416 782,180 — 7,735,611 
Special Mention1,709 9,114 22,562 2,593 4,689 48,640 79,031 — 168,338 
Substandard4,388 24,760 13,616 59,478 17,702 87,306 27,949 — 235,199 
Total owner-occupied865,984 1,555,343 1,537,583 1,020,691 733,025 1,537,362 889,160 — 8,139,148 
Current YTD Period:
Gross charge-offs— — 433 6,836 1,544 2,862 — — 11,675 
Total commercial and industrial1,986,629 2,619,103 3,001,532 1,841,896 1,460,858 2,803,594 8,836,288 48,593 22,598,493 
Current YTD Period:
Gross charge-offs$9,367 $3,436 $8,608 $26,368 $2,709 $4,933 $30,696 $203 $86,320 
Investment properties
Pass593,540 3,140,041 2,863,327 1,161,697 1,052,638 1,900,744 261,737 — 10,973,724 
Special Mention— 1,616 169,550 — 48,429 33,903 — — 253,498 
Substandard2,083 4,070 41,278 1,455 1,622 75,850 — — 126,358 
Doubtful— — — — — 9,714 — — 9,714 
Loss— — — — — 10 — — 10 
Total investment properties595,623 3,145,727 3,074,155 1,163,152 1,102,689 2,020,221 261,737 — 11,363,304 
Current YTD Period:
Gross charge-offs(1)
546 7,685 5,668 3,801 1,893 22,647 3,109 — 45,349 
1-4 family properties
Pass167,729 142,930 119,054 31,928 29,740 55,243 42,099 — 588,723 
Special Mention3,104 947 — 184 — 311 1 — 4,547 
Substandard1,721 822 643 465 324 1,212 45 — 5,232 
Total 1-4 family properties172,554 144,699 119,697 32,577 30,064 56,766 42,145 — 598,502 
Current YTD Period:
Gross charge-offs— — — — — 24 — — 24 
December 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20232022202120202019PriorAmortized Cost BasisConverted to Term LoansTotal
Land and development
Pass105,609 84,962 35,993 16,131 18,616 59,605 888 — 321,804 
Special Mention— 496 — — — 774 — — 1,270 
Substandard29,204 411 74 — 593 1,596 — — 31,878 
Total land and development134,813 85,869 36,067 16,131 19,209 61,975 888 — 354,952 
Current YTD Period:
Gross charge-offs— — — 77 — — — — 77 
Total commercial real estate902,990 3,376,295 3,229,919 1,211,860 1,151,962 2,138,962 304,770 — 12,316,758 
Current YTD Period:
Gross charge-offs$546 $7,685 $5,668 $3,878 $1,893 $22,671 $3,109 $— $45,450 
Consumer mortgages
Pass757,485 784,898 1,044,442 1,219,397 410,511 1,136,541 35 — 5,353,309 
Substandard564 2,810 5,517 15,913 9,478 23,662 — — 57,944 
Loss— — — — — 470 — — 470 
Total consumer mortgages758,049 787,708 1,049,959 1,235,310 419,989 1,160,673 35 — 5,411,723 
Current YTD Period:
Gross charge-offs— 108 251 403 402 965 5 — 2,134 
Home equity
Pass— — — — — — 1,308,934 482,679 1,791,613 
Substandard— — — — — — 10,231 5,297 15,528 
Loss— — — — — — 174 84 258 
Total home equity — — — — — — 1,319,339 488,060 1,807,399 
Current YTD Period:
Gross charge-offs— — — — — 79 819 229 1,127 
Credit cards
Pass— — — — — — 192,217 — 192,217 
Substandard— — — — — — 702 — 702 
Loss— — — — — — 1,222 — 1,222 
Total credit cards— — — — — — 194,141 — 194,141 
Current YTD Period:
Gross charge-offs— — — — — — 7,165 — 7,165 
Other consumer loans
Pass134,969 181,455 219,415 114,006 28,256 112,724 277,368 — 1,068,193 
Substandard573 963 3,811 1,182 568 494 192 — 7,783 
Total other consumer loans135,542 182,418 223,226 115,188 28,824 113,218 277,560 — 1,075,976 
Current YTD Period:
Gross charge-offs(1)
627 6,040 24,231 3,625 1,971 2,026 2,358 — 40,878 
Total consumer893,591 970,126 1,273,185 1,350,498 448,813 1,273,891 1,791,075 488,060 8,489,239 
Current YTD Period:
Gross charge-offs$627 $6,148 $24,482 $4,028 $2,373 $3,070 $10,347 $229 $51,304 
Loans, net of deferred fees and costs$3,783,210 $6,965,524 $7,504,636 $4,404,254 $3,061,633 $6,216,447 $10,932,133 $536,653 $43,404,490 
Current YTD Period:
Gross charge-offs$10,540 $17,269 $38,758 $34,274 $6,975 $30,674 $44,152 $432 $183,074 
(1) Includes $31.3 million in gross charge-offs related to the transfer of certain loans to held for sale that sold during 2023.
December 31, 2022
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20222021202020192018PriorAmortized Cost BasisConverted to Term LoansTotal
Commercial, financial, and agricultural
Pass$1,276,814 $1,911,353 $1,009,230 $782,100 $536,001 $1,037,488 $6,862,070 $43,748 $13,458,804 
Special Mention4,131 14,289 12,691 6,637 5,716 2,777 81,889 1,710 129,840 
Substandard13,751 17,780 38,943 42,773 18,405 21,418 131,422 1,003 285,495 
Loss— — — — — — 277 — 277 
Total commercial, financial, and agricultural1,294,696 1,943,422 1,060,864 831,510 560,122 1,061,683 7,075,658 46,461 13,874,416 
Owner-occupied
Pass1,537,016 1,675,524 1,137,889 909,525 664,734 1,103,500 866,920 — 7,895,108 
Special Mention4,238 6,760 24,175 13,913 5,024 69,500 — — 123,610 
Substandard19,437 13,381 63,925 7,415 51,364 17,755 — — 173,277 
Loss— 245 — — — — — — 245 
Total owner-occupied1,560,691 1,695,910 1,225,989 930,853 721,122 1,190,755 866,920 — 8,192,240 
Total commercial and industrial2,855,387 3,639,332 2,286,853 1,762,363 1,281,244 2,252,438 7,942,578 46,461 22,066,656 
Investment properties
Pass2,671,660 3,245,669 1,532,230 1,220,974 775,747 1,543,724 541,118 — 11,531,122 
Special Mention2,379 1,550 — 14,570 5,908 2,388 146 — 26,941 
Substandard5,973 1,455 176 1,688 51,767 3,931 20,994 — 85,984 
Total investment properties2,680,012 3,248,674 1,532,406 1,237,232 833,422 1,550,043 562,258 — 11,644,047 
1-4 family properties
Pass248,418 154,181 44,032 33,246 27,053 55,543 47,732 — 610,205 
Special Mention1 — 752 — — 297 — — 1,050 
Substandard1,309 1,429 75 741 836 1,243 45 — 5,678 
Total 1-4 family properties249,728 155,610 44,859 33,987 27,889 57,083 47,777 — 616,933 
Land and development
Pass119,801 84,055 21,984 39,484 18,600 64,854 5,078 — 353,856 
Special Mention— — 744 — 29,618 1,118 — — 31,480 
Substandard699 325 220 627 472 1,654 — — 3,997 
Total land and development120,500 84,380 22,948 40,111 48,690 67,626 5,078 — 389,333 
Total commercial real estate3,050,240 3,488,664 1,600,213 1,311,330 910,001 1,674,752 615,113 — 12,650,313 
December 31, 2022
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20222021202020192018PriorAmortized Cost BasisConverted to Term LoansTotal
Consumer mortgages
Pass$857,489 $1,188,652 $1,356,065 $458,441 $182,834 $1,118,686 $143 $— $5,162,310 
Substandard1,153 6,452 8,519 9,442 6,167 19,662 — — 51,395 
Loss— — — 4 — 734 — — 738 
Total consumer mortgages858,642 1,195,104 1,364,584 467,887 189,001 1,139,082 143 — 5,214,443 
Home equity
Pass— — — — — — 1,241,201 504,272 1,745,473 
Substandard— — — — — — 6,534 4,512 11,046 
Loss— — — — — — 402 117 519 
Total home equity — — — — — — 1,248,137 508,901 1,757,038 
Credit cards
Pass— — — — — — 201,898 — 201,898 
Substandard— — — — — — 617 — 617 
Loss— — — — — — 1,097 — 1,097 
Total credit cards— — — — — — 203,612 — 203,612 
Other consumer loans
Pass284,045 524,601 457,684 61,760 31,662 142,189 313,565 — 1,815,506 
Substandard1,417 3,810 1,648 712 163 888 139 — 8,777 
Loss— — — — — 8 — — 8 
Total other consumer loans285,462 528,411 459,332 62,472 31,825 143,085 313,704 — 1,824,291 
Total consumer1,144,104 1,723,515 1,823,916 530,359 220,826 1,282,167 1,765,596 508,901 8,999,384 
Loan, net of deferred fees and costs$7,049,731 $8,851,511 $5,710,982 $3,604,052 $2,412,071 $5,209,357 $10,323,287 $555,362 $43,716,353 
Schedule of Financing Receivable, Allowance for Credit Loss
The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2023, 2022, and 2021. For the year ended December 31, 2023, Synovus charged-off $31.3 million in previously established reserves for credit losses associated with the transfer of $1.59 billion in loans to held for sale for the sales of medical office building loans and third-party consumer loans that both closed in 2023. For the years ended December 31, 2022 and 2021, Synovus had no significant transfers to loans held for sale.
As of and For The Year Ended December 31, 2023
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2022$161,550 $143,575 $138,299 $443,424 
Charge-offs(86,320)(45,450)(51,304)(183,074)
Recoveries16,664 1,273 11,795 29,732 
Provision for (reversal of) loan losses127,076 34,360 27,867 189,303 
Ending balance at December 31, 2023$218,970 $133,758 $126,657 $479,385 
As of and For The Year Ended December 31, 2022
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2021$188,364 $97,760 $141,473 $427,597 
Charge-offs(42,588)(3,102)(38,020)(83,710)
Recoveries14,625 1,633 14,296 30,554 
Provision for (reversal of) loan losses1,149 47,284 20,550 68,983 
Ending balance at December 31, 2022$161,550 $143,575 $138,299 $443,424 
As of and For The Year Ended December 31, 2021
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2020$229,555 $130,742 $245,439 $605,736 
Charge-offs(59,457)(15,392)(30,383)(105,232)
Recoveries9,734 7,444 10,266 27,444 
Provision for (reversal of) loan losses8,532 (25,034)(83,849)(100,351)
Ending balance at December 31, 2021$188,364 $97,760 $141,473 $427,597 
Amortized Cost Basis of Loans by Loan Portfolio Class The following table presents the amortized cost of FDM loans by loan portfolio class that were modified during the year ended December 31, 2023.
Year Ended December 31, 2023
(in thousands)Interest Rate ReductionTerm ExtensionPrincipal Forgiveness and Term ExtensionsPayment DelayInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial, financial, and agricultural$2,844 $119,764 $10,504 $— $2,028 $135,140 0.9 %
Owner-occupied— 23,739 — — 52,854 76,593 0.9 
Total commercial and industrial2,844 143,503 10,504 — 54,882 211,733 0.9 
Investment properties— 909 — — — 909 — 
1-4 family properties— 2,016 — — 367 2,383 0.4 
Land and development— 29,760 — — — 29,760 8.4 
Total commercial real estate— 32,685 — — 367 33,052 0.3 
Consumer mortgages2,110 — — 465 — 2,575 — 
Home equity— 336 — — 287 623 — 
Credit cards— — — — — — — 
Other consumer loans115 625 — 189 617 1,546 0.1 
Total consumer2,225 961 — 654 904 4,744 0.1 
Total FDMs$5,069 $177,149 $10,504 $654 $56,153 $249,529 0.6 %
The following presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the year ended December 31, 2023.
Year Ended December 31, 2023
(Dollars in thousands)Principal Forgiveness and Term ExtensionsWeighted Average Interest Rate ReductionWeighted Average Term Extension
(in months)		Weighted Average Payment Deferral
(in months)
Commercial, financial, and agricultural$1,200 2.4 %14— 
Owner-occupied— 2.3 10— 
Investment properties— — 40— 
1-4 family properties— 0.4 12— 
Land and development— — 4— 
Consumer mortgages— 2.3 — 6
Home equity— 0.5 249— 
Other consumer loans— 5.7 622
The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that have been modified since January 1, 2023.
December 31, 2023
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past Due
Non-accrual (1)
Total
Commercial, financial, and agricultural$123,843 $— $— $11,297 $135,140 
Owner-occupied75,859 — — 734 76,593 
Total commercial and industrial199,702 — — 12,031 211,733 
Investment properties604 — — 305 909 
1-4 family properties1,174 — — 1,209 2,383 
Land and development29,760 — — — 29,760 
Total commercial real estate31,538 — — 1,514 33,052 
Consumer mortgages1,423 — — 1,152 2,575 
Home equity623 — — — 623 
Credit cards— — — — — 
Other consumer loans418 372 — 756 1,546 
Total consumer2,464 372 — 1,908 4,744 
Total FDMs$233,704 $372 $— $15,453 $249,529 
(1)    Loans were on non-accrual when modified and subsequently classified as FDMs.
TDRs by Concession Type
Year Ended December 31, 2022
(in thousands, except contract data)Number of ContractsBelow Market Interest Rate
Other Concessions(1)
Total
Commercial, financial, and agricultural86 $34,518 $1,279 $35,797 
Owner-occupied29 65,956 3,857 69,813 
Total commercial and industrial115 100,474 5,136 105,610 
Investment properties7 5,026 6,610 11,636 
1-4 family properties14 3,850 — 3,850 
Land and development4 3,168 — 3,168 
Total commercial real estate25 12,044 6,610 18,654 
Consumer mortgages10 1,176 266 1,442 
Home equity 41 4,836 39 4,875 
Other consumer loans15 — 605 605 
Total consumer66 6,012 910 6,922 
Loans, net of deferred fees and costs206 $118,530 $12,656 $131,186 (2)
TDRs by Concession Type
Year Ended December 31, 2021
(in thousands, except contract data)Number of ContractsBelow Market Interest Rate
Other Concessions(1)
Total
Commercial, financial, and agricultural152 $12,746 $8,096 $20,842 
Owner-occupied24 5,908 868 6,776 
Total commercial and industrial176 18,654 8,964 27,618 
Investment properties9 3,130 — 3,130 
1-4 family properties13 1,131 123 1,254 
Land and development8 1,948 60 2,008 
Total commercial real estate30 6,209 183 6,392 
Consumer mortgages18 2,512 1,006 3,518 
Home equity 55 4,991 258 5,249 
Other consumer loans103 435 5,720 6,155 
Total consumer176 7,938 6,984 14,922 
Loans, net of deferred fees and costs382 $32,801 $16,131 $48,932 (3)
(1)    Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2022 and 2021.
(2)    No charge-offs were recorded during the year ended December 31, 2022 upon restructuring of these loans.
(3)    No charge-offs were recorded during the year ended December 31, 2021 upon restructuring of these loans.
v3.24.0.1
Premises, Equipment and Software (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Premises Equipment and Software
Premises, equipment and software at December 31, 2023 and 2022 consist of the following:
(in thousands)20232022
Land$92,094 $92,125 
Buildings and improvements304,426 303,934 
Leasehold improvements100,125 89,619 
Furniture, equipment and software450,458 422,495 
Construction in progress11,844 17,528 
Total premises, equipment and software958,947 925,701 
Less: Accumulated depreciation and amortization(593,096)(555,069)
Net premises, equipment and software$365,851 $370,632 
v3.24.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill allocated to each reporting unit at December 31, 2023 and 2022 is presented as follows:
(in thousands)Wholesale Banking Reporting UnitCommunity Banking Reporting UnitConsumer Banking Reporting UnitWealth Management Reporting UnitTotal Goodwill
Balance as of December 31, 2021$171,636 $256,323 $— $24,431 $452,390 
Change in goodwill from reallocation— (114,701)114,701 — — 
Balance as of December 31, 2022$171,636 $141,622 $114,701 $24,431 $452,390 
Changes during the period from:
Reallocation4,197 — — (4,197)— 
Acquisition— 30,512 — — 30,512 
Divestiture— — — (2,462)(2,462)
Balance as of December 31, 2023$175,833 $172,134 $114,701 $17,772 $480,440 
Schedule of Other Intangible Assets
The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2023 and 2022, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Intangible assets resulting from the Qualpay acquisition, which primarily include client relationships, partner relationships, and developed technology, are being amortized on a straight-line basis over their estimated useful lives ranging from five to eight years. Aggregate other intangible assets amortization expense for the years ended December 31, 2023, 2022, and 2021 was $10.5 million, $8.5 million, and $9.5 million, respectively, and is included in other operating expense on the consolidated statements of income.
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying Value
December 31, 2023
CDI$57,400 $(41,745)$15,655 
Client Relationships22,100 (8,078)14,022 
Partner Relationships4,700 (548)4,152 
Developed Technology11,091 (1,294)9,797 
Other3,900 (1,598)2,302 
Total other intangible assets$99,191 $(53,263)$45,928 
December 31, 2022
CDI$57,400 $(35,484)$21,916 
Client Relationships10,800 (6,136)4,664 
Partner Relationships— — — 
Developed Technology— — — 
Other1,700 (1,156)544 
Total other intangible assets$69,900 $(42,776)$27,124 
Schedule of Finite-lived Intangible Assets Amortization Expense
The estimated amortization expense of other intangible assets for the next five years is as follows:
(in thousands)Amortization Expense
2024$11,609 
202510,510 
20269,438 
20278,067 
20283,826 
v3.24.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Other Assets [Abstract]  
Schedule of Other Assets
Significant balances included in other assets at December 31, 2023 and 2022 are presented below.
(in thousands)20232022
Investments in tax credits and CRA partnerships$638,402 $496,527 
Deferred tax assets510,442 595,317 
ROU assets473,028 421,481 
Accrued interest receivable284,112 226,209 
Accounts receivable195,921 152,460 
Federal Reserve Bank and FHLB Stock184,944 308,321 
Derivative asset positions94,903 89,815 
Mutual funds and mutual funds held in rabbi trusts53,742 42,659 
Prepaid expense47,471 48,152 
MPS receivable(1)
19,300 15,320 
Trading securities, at fair value12,898 8,295 
Other investments12,560 11,172 
Miscellaneous other assets59,601 55,910 
Total other assets$2,587,324 $2,471,638 
(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Commitments and Contingencies" in this Report for more information on the MPS receivable.
v3.24.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2023
Interest-Bearing Deposit Liabilities [Abstract]  
Schedule of Interest Bearing Deposits
A summary of interest-bearing deposits at December 31, 2023 and 2022 is presented below.
(in thousands)
20232022
Interest-bearing demand deposits(1)
$10,680,625 $8,721,397 
Money market accounts(1)
12,902,294 14,830,934 
Savings accounts1,071,258 1,416,246 
Time deposits(1)
7,534,393 2,964,078 
Brokered deposits6,042,999 5,299,005 
Total interest-bearing deposits$38,231,569 $33,231,660 
(1)    Excluding brokered deposits
Schedule of Cash Maturities of Time Deposits
The following table presents contractual maturities of all time deposits, including brokered time deposits, at December 31, 2023.
(in thousands)
Maturing within one year$9,314,075 
Between 1 - 2 years1,078,498 
2 - 3 years342,629 
3 - 4 years23,210 
4 - 5 years19,841 
Thereafter4,228 
Total$10,782,481 
v3.24.0.1
Other Short-term Borrowings and Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
Other short-term borrowings at December 31, 2023 and 2022 consisted of the following:
(dollars in thousands)20232022
FHLB advances with original maturities of one year or less$— $600,014 
Securities sold short3,496 3,370 
Total other short-term borrowings$3,496 $603,384 
The following table sets forth additional information on Synovus' other short-term borrowings for the years indicated.
(dollars in thousands)20232022
Total balance at December 31,$3,496 $603,384 
Weighted average interest rate at December 31,3.88 %4.51 %
Maximum month-end balance during the year$1,253,521 $1,705,069 
Average amount outstanding during the year528,194 466,254 
Weighted average interest rate during the year4.60 %2.32 %
Schedule of Long-term Debt Instruments
The following table presents long-term debt at December 31, 2023 and 2022 net of unamortized discounts, debt issuance costs, and the impact of hedge accounting (refer to "Part II - Item 8. Financial Statements and Supplementary Data - Note 13 - Derivative Instruments" of this Report for additional information).
(dollars in thousands)20232022
Parent Company:
5.90% Fixed-to-Fixed Rate Subordinated Notes issued February 7, 2019, due February 7, 2029, subject to redemption prior to February 7, 2029: $300.0 million par value at issuance with semi-annual interest payments at 5.90% for the first five years and semi-annual payments thereafter at a fixed rate of 3.379% above the 5-Year Mid-Swap Rate as of the reset date
$201,925 $298,158 
5.200% Senior Notes issued August 11, 2022, due August 11, 2025, subject to redemption on or after February 11, 2023, $350.0 million par value at issuance with semi-annual interest payments in arrears and principal to be paid at maturity
340,778 336,332 
SOFR + spread of 2.06% junior subordinated debentures, due June 15, 2035, $10.0 million par value at issuance with quarterly interest payments and principal to be paid at maturity (rate of 7.45% at December 31, 2023 and 6.57% at December 31, 2022)
10,000 10,000 
Total long-term debt — Parent Company$552,703 $644,490 
Synovus Bank:
5.625% Senior Bank Notes issued February 15, 2023, due February 15, 2028, subject to redemption on or after August 15, 2023, $500.0 million par value at issuance with semi-annual interest payments in arrears and principal to be paid at maturity
$487,099 $— 
4.00% Fixed-to-Fixed Rate Subordinated Bank Notes issued October 29, 2020, due October 29, 2030, $200.0 million par value at issuance with semi-annual interest payments at 4.00% for the first five years and semi-annual payments thereafter at a fixed rate of 3.625% above the 5-Year U.S. Treasury Rate
192,732 190,107 
FHLB advances with weighted average interest rate of 5.57% at December 31, 2023 and 4.56% at December 31, 2022
700,000 3,275,000 
Total long-term debt — Synovus Bank1,379,831 3,465,107 
Total long-term debt$1,932,534 $4,109,597 
Schedule of Principal Payments on Long-term Debt
Contractual annual principal payments on long-term debt for the next five years and thereafter are shown in the following table. These maturities are based upon the par value at December 31, 2023 of the long-term debt.
 
(in thousands)
Parent
Company		Synovus BankTotal
2024$— 

$— $— 
2025350,000 700,000 1,050,000 
2026— — — 
2027— — — 
2028— 500,000 500,000 
Thereafter212,967 200,000 412,967 
Total$562,967 $1,400,000 $1,962,967 
v3.24.0.1
Shareholders' Equity and Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Change in Preferred and Common Shares Issued and Common Shares Held as Treasury Shares
The following table shows the changes in shares of preferred and common stock issued and common stock held as treasury shares for the years ended December 31, 2023, 2022, and 2021.
 
 
(shares in thousands)
Series D Preferred Stock Issued Series E Preferred Stock IssuedTotal Preferred Stock Issued Common Stock IssuedTreasury Stock HeldCommon Stock Outstanding
Balance at December 31, 20208,000 14,000 22,000 168,133 20,093 148,040 
Warrants exercised and common stock reissued— — — — (3)3 
Common stock reissued for earnout payment— — — — (125)125 
Restricted share unit activity— — — 355 — 355 
Stock options exercised— — — 896 — 896 
Repurchase of common stock— — — — 4,409 (4,409)
Balance at December 31, 20218,000 14,000 22,000 169,384 24,374 145,010 
Restricted share unit activity— — — 399 — 399 
Stock options exercised— — — 358 — 358 
Repurchase of common stock— — — — 281 (281)
Balance at December 31, 20228,000 14,000 22,000 170,141 24,655 145,486 
Restricted share unit activity— — — 527 — 527 
Stock options exercised— — — 692 — 692 
Balance at December 31, 20238,000 14,000 22,000 171,360 24,655 146,705 
Schedule of Preferred Stock
The following table presents a summary of preferred stock as of December 31, 2023, 2022, and 2021.
Issuance DatePublic Offering AmountNet ProceedsEarliest Redemption DateLiquidation Preference
Series DJune 21, 2018$200.0  million$195.1  millionJune 21, 2023
$25 per share
Series EJuly 1, 2019$350.0  million$342.0  millionJuly 1, 2024
$25 per share
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2023, 2022, and 2021.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)
Net Unrealized Gains (Losses) on Investment Securities Available for Sale(1)
Net Unrealized Gains (Losses) on Cash Flow Hedges(1)
Total
Balance at December 31, 2020$105,669 $52,966 $158,635 
Other comprehensive income (loss) before reclassifications(174,246)(57,705)(231,951)
Amounts reclassified from AOCI597 (9,602)(9,005)
Net current period other comprehensive income (loss)(173,649)(67,307)(240,956)
Balance at December 31, 2021$(67,980)$(14,341)$(82,321)
Other comprehensive income (loss) before reclassifications(1,152,283)(225,715)(1,377,998)
Amounts reclassified from AOCI— 18,202 18,202 
Net current period other comprehensive income (loss)(1,152,283)(207,513)(1,359,796)
Balance at December 31, 2022$(1,220,263)$(221,854)$(1,442,117)
Other comprehensive income (loss) before reclassifications163,813 (30,791)133,022 
Amounts reclassified from AOCI58,191 133,831 192,022 
Net current period other comprehensive income (loss)222,004 103,040 325,044 
Balance at December 31, 2023$(998,259)$(118,814)$(1,117,073)
(1)    For December 31, 2022, 2021, and 2020, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. For December 31, 2023 the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $16.4 million and $12.7 million, respectively, related to residual tax effects remaining in OCI primarily due to previously established deferred tax asset valuation allowances in 2010 and 2011 and state rate changes. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.
v3.24.0.1
Regulatory Capital (Tables)
 12 Months Ended
Dec. 31, 2023
Regulatory Capital Disclosure [Abstract]  
Schedule of Compliance with Regulatory Capital
The following table summarizes regulatory capital information at December 31, 2023 and 2022 for Synovus and Synovus Bank.
Actual Capital
Minimum Requirement For Capital Adequacy(1)
To Be Well-Capitalized Under Prompt Corrective Action Provisions(2)
(dollars in thousands)202320222023202220232022
Synovus Financial Corp.
CET1 capital$5,206,521 $4,926,194 $2,291,552 $2,302,824 N/AN/A
Tier 1 risk-based capital5,743,666 5,463,339 3,055,403 3,070,432 N/AN/A
Total risk-based capital6,654,224 6,415,681 4,073,871 4,093,909 N/AN/A
CET1 capital ratio10.22 %9.63 %4.50 %4.50 %N/AN/A
Tier 1 risk-based capital ratio 11.28 10.68 6.00 6.00 N/AN/A
Total risk-based capital ratio13.07 12.54 8.00 8.00 N/AN/A
Leverage ratio9.49 9.07 4.00 4.00 N/AN/A
Synovus Bank
CET1 capital$5,559,624 $5,446,703 $2,288,092 $2,300,126 $3,305,022 $3,322,404 
Tier 1 risk-based capital5,559,624 5,446,703 3,050,789 3,066,835 4,067,719 4,089,113 
Total risk-based capital6,249,947 6,079,152 4,067,719 4,089,113 5,084,649 5,111,391 
CET1 capital ratio10.93 %10.66 %4.50 %4.50 %6.50 %6.50 %
Tier 1 risk-based capital ratio10.93 10.66 6.00 6.00 8.00 8.00 
Total risk-based capital ratio12.29 11.89 8.00 8.00 10.00 10.00 
Leverage ratio9.21 9.06 4.00 4.00 5.00 5.00 
(1)    The additional capital conservation buffer in effect is 2.5%.
(2)    The prompt corrective action provisions are applicable at the bank level only.
v3.24.0.1
Net Income Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Basic And Diluted Earnings per Share
The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the years ended December 31, 2023, 2022, and 2021. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock.
Years Ended December 31,
(in thousands, except per share data)202320222021
Basic Net Income Per Common Share:
Net income available to common shareholders$507,755 $724,739 $727,304 
Weighted average common shares outstanding146,115 145,364 147,041 
Net income per common share, basic$3.48 $4.99 $4.95 
Diluted Net Income Per Common Share:
Net income available to common shareholders$507,755 $724,739 $727,304 
Weighted average common shares outstanding146,115 145,364 147,041 
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments619 1,117 1,454 
Weighted average diluted common shares146,734 146,481 148,495 
Net income per common share, diluted$3.46 $4.95 $4.90 
v3.24.0.1
Fair Value Accounting (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Financial Instruments Measured at Fair Value on Recurring Basis
The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022.
December 31, 2023December 31, 2022
(in thousands)Level 1Level 2Level 3Total Assets and Liabilities at Fair ValueLevel 1Level 2Level 3Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises$— $2,910 $— $2,910 $— $2,991 $— $2,991 
Other mortgage-backed securities— 2,149 — 2,149 — 3,185 — 3,185 
State and municipal securities— — — — — 48 — 48 
Asset-backed securities— 7,839 — 7,839 — 2,071 — 2,071 
Total trading securities$— $12,898 $— $12,898 $— $8,295 $— $8,295 
Investment securities available for sale:
U.S. Treasury securities$597,629 $— $— $597,629 $471,813 $— $— $471,813 
U.S. Government agency securities— 28,940 — 28,940 — 48,798 — 48,798 
Mortgage-backed securities issued by U.S. Government agencies— 925,664 — 925,664 — 792,749 — 792,749 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— 6,430,379 — 6,430,379 — 6,895,070 — 6,895,070 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 587,595 — 587,595 — 655,127 — 655,127 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 1,209,783 — 1,209,783 — 805,945 — 805,945 
Corporate debt securities and other debt securities— 8,672 — 8,672 — 8,601 — 8,601 
Total investment securities available for sale$597,629 $9,191,033 $— $9,788,662 $471,813 $9,206,290 $— $9,678,103 
Mortgage loans held for sale$— $47,338 $— $47,338 $— $51,136 $— $51,136 
Other investments— — 12,560 12,560 — — 11,172 11,172 
Mutual funds and mutual funds held in rabbi trusts53,742 — — 53,742 42,659 — — 42,659 
Derivative assets— 94,903 — 94,903 — 89,815 — 89,815 
Liabilities
Securities sold short$3,496 $— $— $3,496 $3,370 $— $— $3,370 
Mutual fund held in rabbi trusts38,735 — — 38,735 27,944 — — 27,944 
Derivative liabilities(1)
— 259,650 — 259,650 — 339,227 — 339,227 
(1) Excludes from Level 3 the Visa derivative of $589 thousand and $3.5 million at December 31, 2023 and 2022, respectively. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
Changes in Fair Value Included in Consolidated Statements of Income
The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to instrument-specific credit risk.
Years Ended December 31,
(in thousands)202320222021
Changes in fair value included in net income:
Mortgage loans held for sale$839 $(1,541)$(3,942)
Mortgage loans held for sale:
Fair value47,338 51,136 108,198 
Unpaid principal balance45,627 50,264 105,785 
Fair value less aggregate unpaid principal balance$1,711 $872 $2,413 
Changes in Level 3 Fair Value Measurements
During 2023 and 2022, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy.
(in thousands)Other Investments
Beginning balance at December 31, 2022$11,172 
Total gains (losses) realized/unrealized:
Included in earnings376 
Additions1,012 
Ending balance at December 31, 2023$12,560 
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, 2023$376 
(in thousands)Other Investments
Beginning balance at December 31, 2021$12,185 
Total gains (losses) realized/unrealized:
Included in earnings(7,201)
Additions6,188 
Ending balance at December 31, 2022$11,172 
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, 2022$(7,201)
Fair Value Measurement Inputs and Valuation Techniques
The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments.
December 31, 2023December 31, 2022
(dollars in thousands)Valuation TechniqueSignificant Unobservable InputLevel 3 Fair ValueRate/RangeLevel 3 Fair ValueRate/Range
Assets (liabilities) measured at fair value on a recurring basis
Other investmentsIndividual analysis of each investee companyMultiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies$12,560N/A$11,172N/A
The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis.
December 31, 2023December 31, 2022
Valuation TechniqueSignificant Unobservable Input
Range
(Weighted Average)(1)
Range
(Weighted Average)(1)
Assets (liabilities) measured at fair value on a non-recurring basis
LoansThird-party appraised value of collateral less estimated selling costsAppraised value
Estimated selling costs
0%-61% (30%) 0%-10% (7%)
0%-74% (21%) 0%-10% (7%)
Other assets held for saleThird-party appraised value, contractual sales price, or BOV, as warranted, less estimated selling costsAppraised value/contractual sales price
Estimated selling costs
N/A
0%-35% (13%) 0%-10% (7%)
(1)    The weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability.
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis The following table presents items measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.
December 31, 2023December 31, 2022
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(1)
$— $— $54,616 $54,616 $— $— $19,410 $19,410 
Other assets held for sale— — — — — — 7,548 7,548 

Years Ended December 31,
(in thousands)20232022Location in Consolidated Statements of Income
Loans(1)
$32,503 $7,098 Provision for credit losses
Other assets held for sale— 1,843 Other operating expense
(1) Collateral-dependent loans that are written down to fair value of collateral.
Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet
The following table presents the carrying and estimated fair values of financial instruments at December 31, 2023 and 2022. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for a description of how fair value measurements are determined.
December 31, 2023
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,451,426 $2,451,426 $2,451,426 $— $— 
Trading securities12,898 12,898 — 12,898 — 
Investment securities available for sale9,788,662 9,788,662 597,629 9,191,033 — 
Loans held for sale52,768 52,770 — 47,338 5,432 
Other investments12,560 12,560 — — 12,560 
Mutual funds and mutual funds held in rabbi trusts53,742 53,742 53,742 — — 
Loans, net (1)
42,925,105 41,298,149 — — 41,298,149 
FRB and FHLB stock184,944 184,944 — 184,944 — 
Derivative assets94,903 94,903 — 94,903 — 
Financial liabilities
Non-interest-bearing deposits$12,507,616 $12,507,616 $— $12,507,616 $— 
Non-time interest-bearing deposits27,449,088 27,449,088 — 27,449,088 — 
Time deposits10,782,481 10,769,002 — 10,769,002 — 
Total deposits(2)
$50,739,185 $50,725,706 $— $50,725,706 $— 
Federal funds purchased and securities sold under repurchase agreements189,074 189,074 189,074 — — 
Securities sold short3,496 3,496 3,496 — — 
Long-term debt1,932,534 1,939,604 — 1,939,604 — 
Mutual fund held in rabbi trusts38,735 38,735 38,735 — — 
Derivative liabilities(3)
259,650 259,650 — 259,650 — 
(1)    Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.
(2)    The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.
(3) Excludes from Level 3 the Visa derivative of $589 thousand at December 31, 2023. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
December 31, 2022
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$1,977,780 $1,977,780 $1,977,780 $— $— 
Trading securities8,295 8,295 — 8,295 — 
Investment securities available for sale9,678,103 9,678,103 471,813 9,206,290 — 
Loans held for sale391,502 391,085 — 51,136 339,949 
Other investments11,172 11,172 — — 11,172 
Mutual funds and mutual funds held in rabbi trusts42,659 42,659 42,659 — — 
Loans, net(1)
43,272,929 42,192,295 — — 42,192,295 
FRB and FHLB stock308,321 308,321 — 308,321 — 
Derivative assets89,815 89,815 — 89,815 — 
Financial liabilities
Non-interest-bearing deposits$15,639,899 $15,639,899 $— $15,639,899 $— 
Non-time interest-bearing deposits26,936,635 26,936,635 — 26,936,635 — 
Time deposits6,295,025 6,260,315 — 6,260,315 — 
Total deposits(2)
$48,871,559 $48,836,849 $— $48,836,849 $— 
Federal funds purchased and securities sold under repurchase agreements146,588 146,588 146,588 — — 
Securities sold short3,370 3,370 3,370 — — 
Other short-term borrowings600,014 600,014 — 600,014 — 
Long-term debt4,109,597 4,120,113 — 4,120,113 — 
Mutual fund held in rabbi trusts27,944 27,944 27,944 — — 
Derivative liabilities(3)
339,227 339,227 — 339,227 — 
(1)    Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.
(2)    The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.
(3) Excludes from Level 3 the Visa derivative of $3.5 million at December 31, 2022. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
v3.24.0.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Derivative Instruments [Abstract]  
Impact of Derivatives on Balance Sheet
The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.
December 31, 2023December 31, 2022
Fair ValueFair Value
(in thousands)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts$5,600,000 $— $7,527 $5,250,000 $— $8,286 
Total derivatives designated as hedging instruments$— $7,527 $— $8,286 
Derivatives in fair value hedging relationships:
Interest rate contracts$2,563,504 $— $12,891 $2,230,232 $— $8,093 
Total fair value hedges$— $12,891 $— $8,093 
Total derivatives designated as hedging instruments$— $20,418 $— $16,379 
Derivatives not designated:
  as hedging instruments
Interest rate contracts$11,888,152 $94,208 $238,134 $10,276,754 $89,310 $322,329 
Mortgage derivatives - interest rate lock commitments40,642 695 — 50,218 350 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans60,906 — 567 76,500 155 — 
Risk participation agreements732,682 — 3 635,891 — 3 
Foreign exchange contracts41,603 — 528 20,439 — 516 
Visa derivative— — 589 — — 3,453 
Total derivatives not designated as hedging instruments$94,903 $239,821 $89,815 $326,301 
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the years ended December 31, 2023, 2022, and 2021.
2023
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$2,684,762 $1,026,755 $180,670 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(176,442)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(176,442)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $(22,495)$(16,358)
Recognized on derivatives— 8,711 5,986 
Recognized on hedged items— (8,711)(5,986)
Pre-tax income (loss) recognized on fair value hedges$— $(22,495)$(16,358)
2022
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,806,060 $187,232 $79,402 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(24,057)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(24,057)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements and amortization on derivatives$— $1,516 $(322)
Recognized on derivatives— (24,227)(19,348)
Recognized on hedged items— 24,227 19,348 
Pre-tax income (loss) recognized on fair value hedges$— $1,516 $(322)
2021
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$1,482,567 $74,919 $45,349 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$12,862 $— $— 
Pre-tax income (loss) recognized on cash flow hedges$12,862 $— $— 
(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.
Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
December 31, 2023December 31, 2022
Hedged Items Currently DesignatedHedged Items No Longer DesignatedHedged Items Currently Designated
(in thousands)Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Interest-bearing deposits$(2,013,504)$(8,711)$1,267 $(1,680,000)$24,227 
Long-term debt(546,872)(5,986)9,638 (545,787)19,348 
Effect of Fair Value Hedges on the Consolidated Statements of Income
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
For The Years Ended December 31,
(in thousands)
Location in Consolidated Statements of Income
202320222021
Derivatives not designated as hedging instruments:
Interest rate contracts(1)
Capital markets income$395 $1,570 $100 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income345 (1,756)(4,154)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income(722)277 1,489 
Risk participation agreementsCapital markets income— 33 269 
Foreign exchange contractsCapital markets income(12)(555)39 
Visa derivativeOther non-interest expense(3,927)(6,000)(2,656)
Total derivatives not designated as hedging instruments$(3,921)$(6,431)$(4,913)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Loan Commitments and Letters of Credit
Synovus also invests in tax credit partnerships, CRA partnerships, including SBIC programs, and other investments. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.
December 31,
(in thousands)20232022
Letters of credit(1)
$200,269 $220,622 
Commitments to fund commercial and industrial loans10,313,880 9,970,733 
Commitments to fund commercial real estate, construction, and land development loans2,496,656 3,629,531 
Commitments under home equity lines of credit2,135,120 2,156,641 
Unused credit card lines453,303 461,443 
Other loan commitments654,396 742,976 
Total letters of credit and unfunded lending commitments$16,253,624 $17,181,946 
Tax credits, CRA partnerships, and other investments with a future funding commitment:
Carrying amount included in other assets$573,992 $488,944 
Amount of future funding commitments293,266 283,212 
Permanent and short-term construction loans and letter of credit commitments(2)
205,659 177,998 
Funded portion of permanent and short-term loans and letters of credit(3)
211,921 234,166 
(1)    Represent the contractual amount net of risk participations purchased of approximately $22.8 million and $25.7 million at December 31, 2023 and December 31, 2022, respectively.
(2)    Represent the contractual amount net of risk participations of $9.7 million and $4.7 million at December 31, 2023 and December 31, 2022, respectively
(3)    Represent the contractual amount net of risk participations of $4.0 million and $6.9 million at December 31, 2023 and December 31, 2022, respectively.
v3.24.0.1
Share-based Compensation and Other Employment Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation, Allocation of Recognized Period Costs
Total share-based compensation expense recognized for 2023, 2022, and 2021 is presented in the following table by its classification within total non-interest expense.
Years Ended December 31,
(in thousands)202320222021
Salaries and other personnel expense$30,610 $26,751 $26,957 
Other operating expense1,614 1,153 838 
Total share-based compensation expense included in non-interest expense$32,224 $27,904 $27,795 
Schedule of Stock Options Activity
A summary of stock option activity and changes during the years ended December 31, 2023, 2022, and 2021 is presented below.
Stock Options
202320222021
(in thousands, except per share data)QuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise Price
Outstanding at beginning of year1,113 $23.51 1,478 $22.71 2,401 $22.47 
Options exercised(697)18.97 (365)20.27 (923)22.07 
Options forfeited/expired/canceled— — — — — — 
Options outstanding at end of year416 $31.13 1,113 $23.51 1,478 $22.71 
Options exercisable at end of year416 $31.13 1,113 $23.51 1,478 $22.71 
Schedule of Measuring Compensation Expense The fair value of performance share units, which include a market condition, was estimated on the date of grant using a Monte Carlo simulation model with the following weighted average assumptions:
202320222021
Risk-free interest rate4.38 %2.87 %2.87 %
Expected stock price volatility 48.3 57.2 56.1 
Simulation period2.9 years2.9 years2.9 years
Schedule of Restricted Stock Units Activity
A summary of restricted share units and performance share units outstanding and changes during the years ended December 31, 2023, 2022, and 2021 is presented below.
Restricted Share UnitsPerformance Share Units
(in thousands, except per share data)QuantityWeighted-Average Grant Date Fair ValueQuantityWeighted-Average Grant Date Fair Value
Outstanding at December 30, 20201,221 $34.50 439 $39.37 
Granted599 42.31 141 42.94 
Vested(482)37.05 (58)42.43 
Forfeited(93)31.41 — — 
Outstanding at December 31, 20211,245 37.00 522 37.59 
Granted608 48.14 29 54.76 
Vested(571)36.98 (45)38.86 
Forfeited(58)42.21 (34)43.06 
Outstanding at December 31, 20221,224 41.80 472 44.11 
Granted807 41.04 192 46.18 
Vested(654)38.47 (170)35.75 
Forfeited(84)45.18 — — 
Outstanding at December 31, 20231,293 $42.90 494 $47.16 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense (benefit) included on the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021 are presented below:
(in thousands)202320222021
Current
Federal$107,445 $167,255 $153,911 
State29,739 28,152 29,982 
Total current income tax expense137,184 195,407 183,893 
Deferred
Federal13,124 11,570 28,873 
State3,713 (702)16,127 
Total deferred income tax expense (benefit) 16,837 10,868 45,000 
Total income tax expense$154,021 $206,275 $228,893 
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2023, 2022, and 2021. A reconciliation of the differences is presented below:
Years Ended December 31,
(dollars in thousands)202320222021
Income tax expense at statutory federal income tax rate$146,194 $202,477 $207,765 
Increase (decrease) resulting from:
State income tax expense, net of federal income tax benefit28,415 21,981 38,452 
Tax credits and related benefits, net of amortization (as applicable)(21,037)(9,629)(8,717)
Income not subject to tax(10,477)(9,346)(10,455)
FDIC premiums
8,589 5,517 4,111 
    Executive compensation3,575 2,152 1,096 
Excess tax benefit from share-based compensation(1,416)(3,153)(3,084)
Other, net178 (3,724)(275)
Total income tax expense$154,021 $206,275 $228,893 
Effective tax rate22.1 %21.4 %23.1 %
Schedule of Deferred Tax Assets and Liabilities
The components of the Company's deferred tax assets and liabilities at December 31, 2023 and 2022 are presented below:
(in thousands)20232022
Deferred tax assets
Net unrealized losses on investment securities available for sale and cash flow hedges$348,712 $455,744 
Allowance for credit losses130,205 121,941 
Lease liability120,534 107,818 
Employee benefits and deferred compensation40,601 42,746 
Net operating loss carryforwards32,126 23,590 
Tax credit carryforwards15,532 14,553 
FDIC Special Assessment12,058 — 
Unrealized losses on fair value hedges7,480 11,101 
Non-performing loan interest5,877 2,695 
Miscellaneous accrued expenses5,659 5,125 
Fair value of investment securities and loans1,422 2,019 
Other7,423 6,585 
Total gross deferred tax assets727,629 793,917 
Less valuation allowance(26,184)(19,114)
Total deferred tax assets701,445 774,803 
Deferred tax liabilities
Right-of-use asset(114,529)(102,945)
Purchase accounting intangibles(23,276)(15,224)
Excess tax over financial statement depreciation(20,457)(23,762)
Deferred loan costs(16,810)(15,901)
Unrealized gain on hedged liabilities(7,480)(11,101)
Prepaid expense(6,917)(4,947)
Other properties held for sale(1,434)(2,828)
Other(3,640)(2,778)
Total gross deferred tax liabilities(194,543)(179,486)
Net deferred tax asset$506,902 $595,317 
Schedule of Net Operating Loss and Tax Credit Carryforward
Federal and state NOLs and tax credit carryforwards as of December 31, 2023 are summarized in the following table on a tax effected basis.
Tax CarryforwardsAs of December 31, 2023
(in thousands)Expiration DatesDeferred
Tax Asset, Before Valuation Allowance		Valuation AllowanceNet Deferred Tax Asset Balance
Net operating losses - federal(1)
2027-2037$25,240 $(19,703)$5,537 
Net operating losses - states(1)
2027-20436,886 (5,316)1,570 
Tax credits - federal 2034-2041460 (460)— 
Tax credits - states(1)
2024-203815,072 (705)14,367 
(1) Included in this balance are tax attributes that can be carried forward indefinitely and have no expiration date.
Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact).
Years Ended December 31,
(in thousands)202320222021
Balance at January 1,
$22,400 $25,104 $20,250 
Additions based on income tax positions related to current year
719 649 3,754 
Additions for income tax positions of prior years(1)
186 247 1,379 
Reductions for income tax positions of prior years
(122)(1,215)(200)
Statute of limitation expirations
(871)(2,002)(79)
Settlements
— (383)— 
Balance at December 31,
$22,312 $22,400 $25,104 
(1)    Includes deferred tax benefits that could reduce future tax liabilities.
v3.24.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present certain financial information for each reportable business segment for the years ended December 31, 2023, 2022, and 2021 and as of December 31, 2023 and 2022. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients and relationship managers between segments; however, prior period loan and deposit balances and any related net interest income and FTP are not adjusted for transfers. During the fourth quarter of 2023, $1.30 billion in deposits previously reported in the Treasury and Corporate Other segment were transferred to align with the management of the client relationships within the Financial Management Services segment.
During the year ended December 31, 2023, net losses of $76.7 million were recorded in the Treasury and Corporate Other segment primarily due to the strategic repositioning of the investment securities portfolio in the fourth quarter of 2023. Additionally, a $51.0 million expense was recorded in the Treasury and Corporate Other segment in the fourth quarter of 2023 as a result of an FDIC special assessment charge to certain banks to cover losses incurred by the Deposit Insurance Fund (DIF) due to bank failures in the first half of 2023. Synovus also recorded a $28.0 million loss for the $1.17 billion medical office buildings loans sale in the Wholesale Banking segment and a $22.1 million loss for the $421.7 million third-party consumer
loans sale in the Treasury and Corporate Other segment during the year ended December 31, 2023. During the years ended December 31, 2022 and 2021, Treasury and Corporate Other's net interest income benefited from the recognition of PPP fees totaling $12.6 million, and $79.2 million, respectively.
Year Ended December 31, 2023
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$806,399 $429,937 $614,338 $73,906 $(107,925)$1,816,655 
Non-interest revenue51,918 69,372 79,871 195,186 7,663 404,010 
Non-interest expense159,488 145,275 205,674 167,612 657,375 1,335,424 
Pre-provision net revenue$698,829 $354,034 $488,535 $101,480 $(757,637)$885,241 
Year Ended December 31, 2022
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$691,535 $412,660 $465,840 $69,539 $157,326 $1,796,900 
Non-interest revenue39,262 50,077 86,570 182,861 50,566 409,336 
Non-interest expense114,212 128,159 198,472 171,325 545,338 1,157,506 
Pre-provision net revenue$616,585 $334,578 $353,938 $81,075 $(337,446)$1,048,730 
Year Ended December 31, 2021
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$558,469 $399,261 $409,439 $78,647 $87,131 $1,532,947 
Non-interest revenue34,590 48,301 79,725 211,002 76,448 450,066 
Non-interest expense90,198 114,064 177,491 184,133 534,018 1,099,904 
Pre-provision net revenue$502,861 $333,498 $311,673 $105,516 $(370,439)$883,109 
December 31, 2023
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$25,506,870 $7,966,794 $2,825,411 $5,374,280 $1,731,135 $43,404,490 
Deposits$13,847,833 $10,198,357 $18,698,298 $1,488,090 $6,506,607 $50,739,185 
Full-time equivalent employees334 576 1,522 6041,762 4,798 
December 31, 2022
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$25,865,667 $8,138,606 $2,933,504 $5,157,014 $1,621,562 $43,716,353 
Deposits$12,942,732 $10,798,409 $18,561,521 $102,496 $6,466,401 $48,871,559 
Full-time equivalent employees337 598 1,532 768 1,792 5,027 
v3.24.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
Condensed Balance Sheets
December 31,
(in thousands)20232022
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 cash578,600 524,485 
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)202320222021
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 income543,705 757,902 760,467 
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,
202320222021
(in thousands)
Net of Tax AmountNet of Tax AmountNet 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)202320222021
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.
v3.24.0.1
Summary of Significant Accounting Policies (Details)
$ in Thousands
 12 Months Ended
Jun. 01, 2023
USD ($)
board_seat
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jan. 01, 2023
USD ($)
Dec. 31, 2020
USD ($)
Basis Of Presentation [Line Items]            
Settlement of acquired debt   $ 31,109 $ 0 $ 0    
Restricted cash   $ 69,700 $ 66,800      
Loan agreement, repayment performance, reasonable period of time   6 months 6 months      
Troubled debt restructurings, extension of the maturity, term     1 year      
Short-term deferrals, term     12 months      
Financing receivable, allowance for credit losses, period beyond a reasonable forecast can be made   2 years        
Financing receivable, allowance for credit losses, historical rates period   1 year        
Number of reportable segments | segment   4        
LIHTC tax credits and other tax benefits   $ 81,600 $ 37,500 27,800    
LIHTC amortization expense   $ 63,900 30,300 20,600    
Award requisite service period   3 years        
Cumulative effect adjustment of Stockholders' equity at adoption   $ (5,144,148) (4,475,801) (5,296,800)   $ (5,161,334)
Retained Earnings            
Basis Of Presentation [Line Items]            
Cumulative effect adjustment of Stockholders' equity at adoption   $ (2,517,226) (2,234,770) $ (1,709,980)   $ (1,178,019)
Cumulative Effect, Period of Adoption, Adjustment            
Basis Of Presentation [Line Items]            
Cumulative effect adjustment of Stockholders' equity at adoption     297      
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings            
Basis Of Presentation [Line Items]            
Cumulative effect adjustment of Stockholders' equity at adoption     297   $ 297  
CDI            
Basis Of Presentation [Line Items]            
Finite-lived intangible asset, useful life   10 years        
Other non-interest expense            
Basis Of Presentation [Line Items]            
Fair value adjustment on derivative   $ 3,900 $ 6,000      
Minimum            
Basis Of Presentation [Line Items]            
Other intangible assets, useful life   5 years        
Minimum | Buildings and improvements            
Basis Of Presentation [Line Items]            
Premises and equipment, useful life   10 years        
Minimum | Furniture, equipment and software            
Basis Of Presentation [Line Items]            
Premises and equipment, useful life   3 years        
Minimum | Software and Software Development Costs            
Basis Of Presentation [Line Items]            
Premises and equipment, useful life   3 years        
Maximum            
Basis Of Presentation [Line Items]            
Other intangible assets, useful life   10 years        
Maximum | Buildings and improvements            
Basis Of Presentation [Line Items]            
Premises and equipment, useful life   40 years        
Maximum | Furniture, equipment and software            
Basis Of Presentation [Line Items]            
Premises and equipment, useful life   10 years        
Maximum | Software and Software Development Costs            
Basis Of Presentation [Line Items]            
Premises and equipment, useful life   7 years        
Qualpay            
Basis Of Presentation [Line Items]            
Percentage of business acquired 60.00%          
Number of seats on the Board of Directors acquired | board_seat 3          
Total number of seats on the Board of Directors of the acquiree | board_seat 5          
Cash paid $ 7,000          
Settlement of acquired debt $ 31,100          
Qualpay | Minimum            
Basis Of Presentation [Line Items]            
Other intangible assets, useful life   5 years        
Qualpay | Maximum            
Basis Of Presentation [Line Items]            
Other intangible assets, useful life   8 years        
v3.24.0.1
Investment Securities Available for Sale - Summary Of Available For Sale Investment Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 11,091,254 $ 11,273,327
Gross Unrealized Gains 31,540 2,560
Gross Unrealized Losses (1,334,132) (1,597,784)
Fair Value 9,788,662 9,678,103
Accrued interest receivable on investment securities available for sale $ 26,600 $ 22,700
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 588,082 $ 515,953
Gross Unrealized Gains 9,547 0
Gross Unrealized Losses 0 (44,140)
Fair Value 597,629 471,813
U.S. Government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 29,993 52,411
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1,053) (3,613)
Fair Value 28,940 48,798
Mortgage-backed securities issued by U.S. Government agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,021,612 904,593
Gross Unrealized Gains 2,037 1,624
Gross Unrealized Losses (97,985) (113,468)
Fair Value 925,664 792,749
Mortgage-backed securities issued by U.S. Government sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 7,523,399 8,144,374
Gross Unrealized Gains 1,192 936
Gross Unrealized Losses (1,094,212) (1,250,240)
Fair Value 6,430,379 6,895,070
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 692,487 769,498
Gross Unrealized Gains 0 0
Gross Unrealized Losses (104,892) (114,371)
Fair Value 587,595 655,127
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,226,672 877,590
Gross Unrealized Gains 18,764 0
Gross Unrealized Losses (35,653) (71,645)
Fair Value 1,209,783 805,945
Corporate debt securities and other debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 9,009 8,908
Gross Unrealized Gains 0 0
Gross Unrealized Losses (337) (307)
Fair Value $ 8,672 $ 8,601
v3.24.0.1
Investment Securities Available for Sale - Narrative (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
security
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Financing Receivable, Impaired [Line Items]        
Securities in a loss position for less than twelve months | security 12 12    
Investment securities in a loss position for twelve months or longer | security 343 343    
Proceeds from sales of investment securities available for sale $ 1,300,000,000 $ 1,301,520,000 $ 0 $ 565,400,000
Debt securities, available-for-sale, realized loss 77,700,000 81,859,000 0 1,990,000
Payments to acquire investment securities available for sale 1,280,000,000 2,150,430,000 2,287,318,000 $ 6,877,712,000
Allowance for credit loss 0 0    
Collateral Pledged        
Financing Receivable, Impaired [Line Items]        
Pledged to secure deposits $ 5,190,000,000 $ 5,190,000,000 $ 4,470,000,000  
v3.24.0.1
Investment Securities Available for Sale - Schedule Of Unrealized Loss On Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value $ 409,725 $ 2,523,310
Less than 12 months, gross unrealized losses (2,666) (173,930)
12 months or longer, fair value 7,513,154 6,989,855
12 months or longer, gross unrealized losses (1,331,466) (1,423,854)
Total, fair value 7,922,879 9,513,165
Total, gross unrealized losses (1,334,132) (1,597,784)
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value   139,737
Less than 12 months, gross unrealized losses   (6,789)
12 months or longer, fair value   307,582
12 months or longer, gross unrealized losses   (37,351)
Total, fair value   447,319
Total, gross unrealized losses   (44,140)
U.S. Government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 0 28,938
Less than 12 months, gross unrealized losses 0 (1,053)
12 months or longer, fair value 28,940 19,603
12 months or longer, gross unrealized losses (1,053) (2,560)
Total, fair value 28,940 48,541
Total, gross unrealized losses (1,053) (3,613)
Mortgage-backed securities issued by U.S. Government agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 159,402 187,655
Less than 12 months, gross unrealized losses (1,268) (5,952)
12 months or longer, fair value 565,358 521,395
12 months or longer, gross unrealized losses (96,717) (107,516)
Total, fair value 724,760 709,050
Total, gross unrealized losses (97,985) (113,468)
Mortgage-backed securities issued by U.S. Government sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 215,917 1,473,348
Less than 12 months, gross unrealized losses (1,193) (120,135)
12 months or longer, fair value 6,045,914 5,365,233
12 months or longer, gross unrealized losses (1,093,019) (1,130,105)
Total, fair value 6,261,831 6,838,581
Total, gross unrealized losses (1,094,212) (1,250,240)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 0 119,649
Less than 12 months, gross unrealized losses 0 (10,311)
12 months or longer, fair value 587,595 535,478
12 months or longer, gross unrealized losses (104,892) (104,060)
Total, fair value 587,595 655,127
Total, gross unrealized losses (104,892) (114,371)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 34,406 565,382
Less than 12 months, gross unrealized losses (205) (29,383)
12 months or longer, fair value 276,675 240,564
12 months or longer, gross unrealized losses (35,448) (42,262)
Total, fair value 311,081 805,946
Total, gross unrealized losses (35,653) (71,645)
Corporate debt securities and other debt securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 0 8,601
Less than 12 months, gross unrealized losses 0 (307)
12 months or longer, fair value 8,672 0
12 months or longer, gross unrealized losses (337) 0
Total, fair value 8,672 8,601
Total, gross unrealized losses $ (337) $ (307)
v3.24.0.1
Investment Securities Available for Sale - Amortized Cost And Estimated Fair Value By Contractual Maturity Of Investment Securities Available For Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Amortized Cost    
Amortized cost, within one year $ 92,287  
Amortized cost, 1 to 5 years 725,845  
Amortized cost, 5 to 10 years 1,039,892  
Amortized cost, more than 10 years 9,233,230  
Amortized Cost 11,091,254 $ 11,273,327
Fair Value    
Fair value, within one year 93,510  
Fair value, 1 to 5 years 725,985  
Fair value, 5 to 10 years 1,031,102  
Fair value, more than 10 years 7,938,065  
Total fair value 9,788,662 9,678,103
U.S. Treasury securities    
Amortized Cost    
Amortized cost, within one year 25,688  
Amortized cost, 1 to 5 years 141,378  
Amortized cost, 5 to 10 years 421,016  
Amortized cost, more than 10 years 0  
Amortized Cost 588,082 515,953
Fair Value    
Fair value, within one year 25,688  
Fair value, 1 to 5 years 143,641  
Fair value, 5 to 10 years 428,300  
Fair value, more than 10 years 0  
Total fair value 597,629 471,813
U.S. Government agency securities    
Amortized Cost    
Amortized cost, within one year 0  
Amortized cost, 1 to 5 years 29,993  
Amortized cost, 5 to 10 years 0  
Amortized cost, more than 10 years 0  
Amortized Cost 29,993 52,411
Fair Value    
Fair value, within one year 0  
Fair value, 1 to 5 years 28,940  
Fair value, 5 to 10 years 0  
Fair value, more than 10 years 0  
Total fair value 28,940 48,798
Mortgage-backed securities issued by U.S. Government agencies    
Amortized Cost    
Amortized cost, within one year 0  
Amortized cost, 1 to 5 years 65  
Amortized cost, 5 to 10 years 3  
Amortized cost, more than 10 years 1,021,544  
Amortized Cost 1,021,612 904,593
Fair Value    
Fair value, within one year 0  
Fair value, 1 to 5 years 63  
Fair value, 5 to 10 years 3  
Fair value, more than 10 years 925,598  
Total fair value 925,664 792,749
Mortgage-backed securities issued by U.S. Government sponsored enterprises    
Amortized Cost    
Amortized cost, within one year 0  
Amortized cost, 1 to 5 years 0  
Amortized cost, 5 to 10 years 11,063  
Amortized cost, more than 10 years 7,512,336  
Amortized Cost 7,523,399 8,144,374
Fair Value    
Fair value, within one year 0  
Fair value, 1 to 5 years 0  
Fair value, 5 to 10 years 10,341  
Fair value, more than 10 years 6,420,038  
Total fair value 6,430,379 6,895,070
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises    
Amortized Cost    
Amortized cost, within one year 0  
Amortized cost, 1 to 5 years 50  
Amortized cost, 5 to 10 years 10,508  
Amortized cost, more than 10 years 681,929  
Amortized Cost 692,487 769,498
Fair Value    
Fair value, within one year 0  
Fair value, 1 to 5 years 49  
Fair value, 5 to 10 years 10,220  
Fair value, more than 10 years 577,326  
Total fair value 587,595 655,127
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises    
Amortized Cost    
Amortized cost, within one year 66,599  
Amortized cost, 1 to 5 years 545,350  
Amortized cost, 5 to 10 years 597,302  
Amortized cost, more than 10 years 17,421  
Amortized Cost 1,226,672 877,590
Fair Value    
Fair value, within one year 67,822  
Fair value, 1 to 5 years 544,620  
Fair value, 5 to 10 years 582,238  
Fair value, more than 10 years 15,103  
Total fair value 1,209,783 805,945
Corporate debt securities and other debt securities    
Amortized Cost    
Amortized cost, within one year 0  
Amortized cost, 1 to 5 years 9,009  
Amortized cost, 5 to 10 years 0  
Amortized cost, more than 10 years 0  
Amortized Cost 9,009 8,908
Fair Value    
Fair value, within one year 0  
Fair value, 1 to 5 years 8,672  
Fair value, 5 to 10 years 0  
Fair value, more than 10 years 0  
Total fair value $ 8,672 $ 8,601
v3.24.0.1
Investment Securities Available for Sale - Summary Of Sales Transactions In The Investment Securities Available For Sale Portfolio (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments [Abstract]        
Gross realized gains on sales   $ 5,141 $ 0 $ 1,191
Gross realized losses on sales $ (77,700) (81,859) 0 (1,990)
Investment securities gains (losses), net   $ (76,718) $ 0 $ (799)
v3.24.0.1
Loans and Allowance for Loan Losses - Schedule Of Current, Accruing Past Due And Nonaccrual Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs $ 43,404,490 $ 43,716,353
Non-accrual with an ALL 216,667 113,519
Non-accrual without an ALL 71,510 14,542
Accrued interest receivable $ 256,300 $ 203,100
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs $ 22,598,493 $ 22,066,656
Non-accrual with an ALL 137,184 57,507
Non-accrual without an ALL 44,056 11,904
Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 14,459,345 13,874,416
Non-accrual with an ALL 66,400 48,008
Non-accrual without an ALL 23,470 11,299
Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 8,139,148 8,192,240
Non-accrual with an ALL 70,784 9,499
Non-accrual without an ALL 20,586 605
Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 12,316,758 12,650,313
Non-accrual with an ALL 16,205 5,115
Non-accrual without an ALL 27,425 2,638
Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 11,363,304 11,644,047
Non-accrual with an ALL 12,796 1,785
Non-accrual without an ALL 26,974 1,688
Commercial Real Estate | 1-4 family properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 598,502 616,933
Non-accrual with an ALL 2,605 2,172
Non-accrual without an ALL 451 950
Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 354,952 389,333
Non-accrual with an ALL 804 1,158
Non-accrual without an ALL 0 0
Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 8,489,239 8,999,384
Non-accrual with an ALL 63,278 50,897
Non-accrual without an ALL 29 0
Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 5,411,723 5,214,443
Non-accrual with an ALL 46,108 36,847
Non-accrual without an ALL 0 0
Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,807,399 1,757,038
Non-accrual with an ALL 10,473 6,830
Non-accrual without an ALL 0 0
Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 194,141 203,612
Non-accrual with an ALL 0 0
Non-accrual without an ALL 0 0
Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,075,976 1,824,291
Non-accrual with an ALL 6,697 7,220
Non-accrual without an ALL 29 0
Current    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 43,057,214 43,522,724
Current | Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 22,396,987 21,980,288
Current | Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 14,355,414 13,798,639
Current | Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 8,041,573 8,181,649
Current | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 12,271,352 12,640,761
Current | Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 11,322,516 11,639,614
Current | Commercial Real Estate | 1-4 family properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 595,359 613,049
Current | Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 353,477 388,098
Current | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 8,388,875 8,901,675
Current | Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 5,359,153 5,163,417
Current | Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,785,836 1,742,412
Current | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 190,299 200,047
Current | Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,053,587 1,795,799
Accruing 30-89 Days Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 54,046 62,195
Accruing 30-89 Days Past Due | Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 18,320 15,520
Accruing 30-89 Days Past Due | Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 12,264 15,033
Accruing 30-89 Days Past Due | Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 6,056 487
Accruing 30-89 Days Past Due | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,498 1,799
Accruing 30-89 Days Past Due | Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 740 960
Accruing 30-89 Days Past Due | Commercial Real Estate | 1-4 family properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 87 762
Accruing 30-89 Days Past Due | Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 671 77
Accruing 30-89 Days Past Due | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 34,228 44,876
Accruing 30-89 Days Past Due | Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 6,462 13,969
Accruing 30-89 Days Past Due | Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 10,374 7,795
Accruing 30-89 Days Past Due | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,818 1,843
Accruing 30-89 Days Past Due | Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 15,574 21,269
Accruing 90 Days or Greater Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 5,053 3,373
Accruing 90 Days or Greater Past Due | Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,946 1,437
Accruing 90 Days or Greater Past Due | Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,797 1,437
Accruing 90 Days or Greater Past Due | Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 149 0
Accruing 90 Days or Greater Past Due | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 278 0
Accruing 90 Days or Greater Past Due | Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 278 0
Accruing 90 Days or Greater Past Due | Commercial Real Estate | 1-4 family properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 0 0
Accruing 90 Days or Greater Past Due | Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 0 0
Accruing 90 Days or Greater Past Due | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 2,829 1,936
Accruing 90 Days or Greater Past Due | Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 0 210
Accruing 90 Days or Greater Past Due | Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 716 1
Accruing 90 Days or Greater Past Due | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 2,024 1,722
Accruing 90 Days or Greater Past Due | Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 89 3
Total Accruing Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 59,099 65,568
Total Accruing Past Due | Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 20,266 16,957
Total Accruing Past Due | Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 14,061 16,470
Total Accruing Past Due | Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 6,205 487
Total Accruing Past Due | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,776 1,799
Total Accruing Past Due | Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,018 960
Total Accruing Past Due | Commercial Real Estate | 1-4 family properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 87 762
Total Accruing Past Due | Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 671 77
Total Accruing Past Due | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 37,057 46,812
Total Accruing Past Due | Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 6,462 14,179
Total Accruing Past Due | Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 11,090 7,796
Total Accruing Past Due | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 3,842 3,565
Total Accruing Past Due | Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs $ 15,663 $ 21,272
v3.24.0.1
Loans and Allowance for Loan Losses - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
contract
Dec. 31, 2021
USD ($)
contract
Dec. 31, 2020
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans and leases receivable, impaired, interest lost on nonaccrual loans $ 23,000,000 $ 9,000,000    
Cash-basis interest income recognized 19,800,000 3,000,000    
Loans $ 43,404,490,000 43,716,353,000    
Land held for future development, period 1 year      
Financing receivable, allowance for credit loss $ 479,385,000 443,424,000 $ 427,597,000 $ 605,736,000
Reserve for unfunded commitments 57,200,000 57,500,000    
All financing receivable, allowance for credit loss 536,600,000 500,900,000    
ACL increase $ 35,700,000      
ACL to loans ratio 1.24%      
Increase in ACL to loans ratio 0.0009      
Allowance for credit loss, reasonable and supportable forecast period 2 years      
Allowance for credit loss, straight-line basis historical period 1 year      
Modifications, post-modification recorded investment   131,186,000 48,932,000  
Commitments to lend additional funds to TDRs   0    
Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Charge-off of previously established reserves for credit losses associated with the transfer to held for sale $ 31,300,000      
Reclassification to held-for-sale 1,590,000,000      
Financing receivable, allowance for credit loss $ 126,657,000 $ 138,299,000 $ 141,473,000 $ 245,439,000
Troubled Debt Restructuring That Subsequently Defaulted        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Subsequent default, number of contracts | contract   5 8  
Modifications, post-modification recorded investment   $ 1,000,000 $ 978,000  
Baseline        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Estimated unemployment rate 4.50%      
Substandard        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Retail loan substandard period (in days) 90 days      
Loss        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Retail loan charge off (in days) 120 days      
Commercial & Industrial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 22,598,493,000 22,066,656,000    
Modifications, post-modification recorded investment   105,610,000 $ 27,618,000  
Asset Pledged as Collateral        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 24,310,000,000 $ 16,090,000,000.00    
v3.24.0.1
Loans and Allowance for Loan Losses - Loan Portfolio Credit Exposure (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year $ 3,783,210 $ 7,049,731  
Term loans amortized cost basis by origination, before current fiscal year 6,965,524 8,851,511  
Term loans amortized cost basis by origination, two years before current fiscal year 7,504,636 5,710,982  
Term loans amortized cost basis by origination, three years before current fiscal year 4,404,254 3,604,052  
Term loans amortized cost basis by origination, four years before current fiscal year 3,061,633 2,412,071  
Term loans amortized cost basis by origination, prior 6,216,447 5,209,357  
Amortized Cost Basis 10,932,133 10,323,287  
Converted to Term Loans 536,653 555,362  
Total 43,404,490 43,716,353  
Gross charge-offs      
Year One 10,540    
Year Two 17,269    
Year Three 38,758    
Year Four 34,274    
Year Five 6,975    
Prior 30,674    
Amortized Cost Basis 44,152    
Converted to Term Loans 432    
Total 183,074 83,710 $ 105,232
Consumer      
Gross charge-offs      
Total 51,304 38,020 $ 30,383
Charge-off of previously established reserves for credit losses associated with the transfer to held for sale 31,300    
Commercial & Industrial      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 1,986,629 2,855,387  
Term loans amortized cost basis by origination, before current fiscal year 2,619,103 3,639,332  
Term loans amortized cost basis by origination, two years before current fiscal year 3,001,532 2,286,853  
Term loans amortized cost basis by origination, three years before current fiscal year 1,841,896 1,762,363  
Term loans amortized cost basis by origination, four years before current fiscal year 1,460,858 1,281,244  
Term loans amortized cost basis by origination, prior 2,803,594 2,252,438  
Amortized Cost Basis 8,836,288 7,942,578  
Converted to Term Loans 48,593 46,461  
Total 22,598,493 22,066,656  
Gross charge-offs      
Year One 9,367    
Year Two 3,436    
Year Three 8,608    
Year Four 26,368    
Year Five 2,709    
Prior 4,933    
Amortized Cost Basis 30,696    
Converted to Term Loans 203    
Total 86,320    
Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 1,120,645 1,294,696  
Term loans amortized cost basis by origination, before current fiscal year 1,063,760 1,943,422  
Term loans amortized cost basis by origination, two years before current fiscal year 1,463,949 1,060,864  
Term loans amortized cost basis by origination, three years before current fiscal year 821,205 831,510  
Term loans amortized cost basis by origination, four years before current fiscal year 727,833 560,122  
Term loans amortized cost basis by origination, prior 1,266,232 1,061,683  
Amortized Cost Basis 7,947,128 7,075,658  
Converted to Term Loans 48,593 46,461  
Total 14,459,345 13,874,416  
Gross charge-offs      
Year One 9,367    
Year Two 3,436    
Year Three 8,175    
Year Four 19,532    
Year Five 1,165    
Prior 2,071    
Amortized Cost Basis 30,696    
Converted to Term Loans 203    
Total 74,645    
Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 865,984 1,560,691  
Term loans amortized cost basis by origination, before current fiscal year 1,555,343 1,695,910  
Term loans amortized cost basis by origination, two years before current fiscal year 1,537,583 1,225,989  
Term loans amortized cost basis by origination, three years before current fiscal year 1,020,691 930,853  
Term loans amortized cost basis by origination, four years before current fiscal year 733,025 721,122  
Term loans amortized cost basis by origination, prior 1,537,362 1,190,755  
Amortized Cost Basis 889,160 866,920  
Converted to Term Loans 0 0  
Total 8,139,148 8,192,240  
Gross charge-offs      
Year One 0    
Year Two 0    
Year Three 433    
Year Four 6,836    
Year Five 1,544    
Prior 2,862    
Amortized Cost Basis 0    
Converted to Term Loans 0    
Total 11,675    
Commercial Real Estate      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 902,990 3,050,240  
Term loans amortized cost basis by origination, before current fiscal year 3,376,295 3,488,664  
Term loans amortized cost basis by origination, two years before current fiscal year 3,229,919 1,600,213  
Term loans amortized cost basis by origination, three years before current fiscal year 1,211,860 1,311,330  
Term loans amortized cost basis by origination, four years before current fiscal year 1,151,962 910,001  
Term loans amortized cost basis by origination, prior 2,138,962 1,674,752  
Amortized Cost Basis 304,770 615,113  
Converted to Term Loans 0 0  
Total 12,316,758 12,650,313  
Gross charge-offs      
Year One 546    
Year Two 7,685    
Year Three 5,668    
Year Four 3,878    
Year Five 1,893    
Prior 22,671    
Amortized Cost Basis 3,109    
Converted to Term Loans 0    
Total 45,450    
Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 595,623 2,680,012  
Term loans amortized cost basis by origination, before current fiscal year 3,145,727 3,248,674  
Term loans amortized cost basis by origination, two years before current fiscal year 3,074,155 1,532,406  
Term loans amortized cost basis by origination, three years before current fiscal year 1,163,152 1,237,232  
Term loans amortized cost basis by origination, four years before current fiscal year 1,102,689 833,422  
Term loans amortized cost basis by origination, prior 2,020,221 1,550,043  
Amortized Cost Basis 261,737 562,258  
Converted to Term Loans 0 0  
Total 11,363,304 11,644,047  
Gross charge-offs      
Year One 546    
Year Two 7,685    
Year Three 5,668    
Year Four 3,801    
Year Five 1,893    
Prior 22,647    
Amortized Cost Basis 3,109    
Converted to Term Loans 0    
Total 45,349    
Commercial Real Estate | 1-4 family properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 172,554 249,728  
Term loans amortized cost basis by origination, before current fiscal year 144,699 155,610  
Term loans amortized cost basis by origination, two years before current fiscal year 119,697 44,859  
Term loans amortized cost basis by origination, three years before current fiscal year 32,577 33,987  
Term loans amortized cost basis by origination, four years before current fiscal year 30,064 27,889  
Term loans amortized cost basis by origination, prior 56,766 57,083  
Amortized Cost Basis 42,145 47,777  
Converted to Term Loans 0 0  
Total 598,502 616,933  
Gross charge-offs      
Year One 0    
Year Two 0    
Year Three 0    
Year Four 0    
Year Five 0    
Prior 24    
Amortized Cost Basis 0    
Converted to Term Loans 0    
Total 24    
Commercial Real Estate | Land and development      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 134,813 120,500  
Term loans amortized cost basis by origination, before current fiscal year 85,869 84,380  
Term loans amortized cost basis by origination, two years before current fiscal year 36,067 22,948  
Term loans amortized cost basis by origination, three years before current fiscal year 16,131 40,111  
Term loans amortized cost basis by origination, four years before current fiscal year 19,209 48,690  
Term loans amortized cost basis by origination, prior 61,975 67,626  
Amortized Cost Basis 888 5,078  
Converted to Term Loans 0 0  
Total 354,952 389,333  
Gross charge-offs      
Year One 0    
Year Two 0    
Year Three 0    
Year Four 77    
Year Five 0    
Prior 0    
Amortized Cost Basis 0    
Converted to Term Loans 0    
Total 77    
Consumer      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 893,591 1,144,104  
Term loans amortized cost basis by origination, before current fiscal year 970,126 1,723,515  
Term loans amortized cost basis by origination, two years before current fiscal year 1,273,185 1,823,916  
Term loans amortized cost basis by origination, three years before current fiscal year 1,350,498 530,359  
Term loans amortized cost basis by origination, four years before current fiscal year 448,813 220,826  
Term loans amortized cost basis by origination, prior 1,273,891 1,282,167  
Amortized Cost Basis 1,791,075 1,765,596  
Converted to Term Loans 488,060 508,901  
Total 8,489,239 8,999,384  
Gross charge-offs      
Year One 627    
Year Two 6,148    
Year Three 24,482    
Year Four 4,028    
Year Five 2,373    
Prior 3,070    
Amortized Cost Basis 10,347    
Converted to Term Loans 229    
Total 51,304    
Consumer | Consumer mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 758,049 858,642  
Term loans amortized cost basis by origination, before current fiscal year 787,708 1,195,104  
Term loans amortized cost basis by origination, two years before current fiscal year 1,049,959 1,364,584  
Term loans amortized cost basis by origination, three years before current fiscal year 1,235,310 467,887  
Term loans amortized cost basis by origination, four years before current fiscal year 419,989 189,001  
Term loans amortized cost basis by origination, prior 1,160,673 1,139,082  
Amortized Cost Basis 35 143  
Converted to Term Loans 0 0  
Total 5,411,723 5,214,443  
Gross charge-offs      
Year One 0    
Year Two 108    
Year Three 251    
Year Four 403    
Year Five 402    
Prior 965    
Amortized Cost Basis 5    
Converted to Term Loans 0    
Total 2,134    
Consumer | Home equity      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 0 0  
Amortized Cost Basis 1,319,339 1,248,137  
Converted to Term Loans 488,060 508,901  
Total 1,807,399 1,757,038  
Gross charge-offs      
Year One 0    
Year Two 0    
Year Three 0    
Year Four 0    
Year Five 0    
Prior 79    
Amortized Cost Basis 819    
Converted to Term Loans 229    
Total 1,127    
Consumer | Credit cards      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 0 0  
Amortized Cost Basis 194,141 203,612  
Converted to Term Loans 0 0  
Total 194,141 203,612  
Gross charge-offs      
Year One 0    
Year Two 0    
Year Three 0    
Year Four 0    
Year Five 0    
Prior 0    
Amortized Cost Basis 7,165    
Converted to Term Loans 0    
Total 7,165    
Consumer | Other consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 135,542 285,462  
Term loans amortized cost basis by origination, before current fiscal year 182,418 528,411  
Term loans amortized cost basis by origination, two years before current fiscal year 223,226 459,332  
Term loans amortized cost basis by origination, three years before current fiscal year 115,188 62,472  
Term loans amortized cost basis by origination, four years before current fiscal year 28,824 31,825  
Term loans amortized cost basis by origination, prior 113,218 143,085  
Amortized Cost Basis 277,560 313,704  
Converted to Term Loans 0 0  
Total 1,075,976 1,824,291  
Gross charge-offs      
Year One 627    
Year Two 6,040    
Year Three 24,231    
Year Four 3,625    
Year Five 1,971    
Prior 2,026    
Amortized Cost Basis 2,358    
Converted to Term Loans 0    
Total 40,878    
Pass | Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 1,078,790 1,276,814  
Term loans amortized cost basis by origination, before current fiscal year 1,040,742 1,911,353  
Term loans amortized cost basis by origination, two years before current fiscal year 1,408,178 1,009,230  
Term loans amortized cost basis by origination, three years before current fiscal year 782,069 782,100  
Term loans amortized cost basis by origination, four years before current fiscal year 636,341 536,001  
Term loans amortized cost basis by origination, prior 1,236,433 1,037,488  
Amortized Cost Basis 7,623,255 6,862,070  
Converted to Term Loans 46,908 43,748  
Total 13,852,716 13,458,804  
Pass | Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 859,887 1,537,016  
Term loans amortized cost basis by origination, before current fiscal year 1,521,469 1,675,524  
Term loans amortized cost basis by origination, two years before current fiscal year 1,501,405 1,137,889  
Term loans amortized cost basis by origination, three years before current fiscal year 958,620 909,525  
Term loans amortized cost basis by origination, four years before current fiscal year 710,634 664,734  
Term loans amortized cost basis by origination, prior 1,401,416 1,103,500  
Amortized Cost Basis 782,180 866,920  
Converted to Term Loans 0 0  
Total 7,735,611 7,895,108  
Pass | Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 593,540 2,671,660  
Term loans amortized cost basis by origination, before current fiscal year 3,140,041 3,245,669  
Term loans amortized cost basis by origination, two years before current fiscal year 2,863,327 1,532,230  
Term loans amortized cost basis by origination, three years before current fiscal year 1,161,697 1,220,974  
Term loans amortized cost basis by origination, four years before current fiscal year 1,052,638 775,747  
Term loans amortized cost basis by origination, prior 1,900,744 1,543,724  
Amortized Cost Basis 261,737 541,118  
Converted to Term Loans 0 0  
Total 10,973,724 11,531,122  
Pass | Commercial Real Estate | 1-4 family properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 167,729 248,418  
Term loans amortized cost basis by origination, before current fiscal year 142,930 154,181  
Term loans amortized cost basis by origination, two years before current fiscal year 119,054 44,032  
Term loans amortized cost basis by origination, three years before current fiscal year 31,928 33,246  
Term loans amortized cost basis by origination, four years before current fiscal year 29,740 27,053  
Term loans amortized cost basis by origination, prior 55,243 55,543  
Amortized Cost Basis 42,099 47,732  
Converted to Term Loans 0 0  
Total 588,723 610,205  
Pass | Commercial Real Estate | Land and development      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 105,609 119,801  
Term loans amortized cost basis by origination, before current fiscal year 84,962 84,055  
Term loans amortized cost basis by origination, two years before current fiscal year 35,993 21,984  
Term loans amortized cost basis by origination, three years before current fiscal year 16,131 39,484  
Term loans amortized cost basis by origination, four years before current fiscal year 18,616 18,600  
Term loans amortized cost basis by origination, prior 59,605 64,854  
Amortized Cost Basis 888 5,078  
Converted to Term Loans 0 0  
Total 321,804 353,856  
Pass | Consumer | Consumer mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 757,485 857,489  
Term loans amortized cost basis by origination, before current fiscal year 784,898 1,188,652  
Term loans amortized cost basis by origination, two years before current fiscal year 1,044,442 1,356,065  
Term loans amortized cost basis by origination, three years before current fiscal year 1,219,397 458,441  
Term loans amortized cost basis by origination, four years before current fiscal year 410,511 182,834  
Term loans amortized cost basis by origination, prior 1,136,541 1,118,686  
Amortized Cost Basis 35 143  
Converted to Term Loans 0 0  
Total 5,353,309 5,162,310  
Pass | Consumer | Home equity      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 0 0  
Amortized Cost Basis 1,308,934 1,241,201  
Converted to Term Loans 482,679 504,272  
Total 1,791,613 1,745,473  
Pass | Consumer | Credit cards      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 0 0  
Amortized Cost Basis 192,217 201,898  
Converted to Term Loans 0 0  
Total 192,217 201,898  
Pass | Consumer | Other consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 134,969 284,045  
Term loans amortized cost basis by origination, before current fiscal year 181,455 524,601  
Term loans amortized cost basis by origination, two years before current fiscal year 219,415 457,684  
Term loans amortized cost basis by origination, three years before current fiscal year 114,006 61,760  
Term loans amortized cost basis by origination, four years before current fiscal year 28,256 31,662  
Term loans amortized cost basis by origination, prior 112,724 142,189  
Amortized Cost Basis 277,368 313,565  
Converted to Term Loans 0 0  
Total 1,068,193 1,815,506  
Special Mention | Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 5,298 4,131  
Term loans amortized cost basis by origination, before current fiscal year 8,276 14,289  
Term loans amortized cost basis by origination, two years before current fiscal year 20,027 12,691  
Term loans amortized cost basis by origination, three years before current fiscal year 1,950 6,637  
Term loans amortized cost basis by origination, four years before current fiscal year 2,552 5,716  
Term loans amortized cost basis by origination, prior 8,412 2,777  
Amortized Cost Basis 141,580 81,889  
Converted to Term Loans 0 1,710  
Total 188,095 129,840  
Special Mention | Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 1,709 4,238  
Term loans amortized cost basis by origination, before current fiscal year 9,114 6,760  
Term loans amortized cost basis by origination, two years before current fiscal year 22,562 24,175  
Term loans amortized cost basis by origination, three years before current fiscal year 2,593 13,913  
Term loans amortized cost basis by origination, four years before current fiscal year 4,689 5,024  
Term loans amortized cost basis by origination, prior 48,640 69,500  
Amortized Cost Basis 79,031 0  
Converted to Term Loans 0 0  
Total 168,338 123,610  
Special Mention | Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 2,379  
Term loans amortized cost basis by origination, before current fiscal year 1,616 1,550  
Term loans amortized cost basis by origination, two years before current fiscal year 169,550 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 14,570  
Term loans amortized cost basis by origination, four years before current fiscal year 48,429 5,908  
Term loans amortized cost basis by origination, prior 33,903 2,388  
Amortized Cost Basis 0 146  
Converted to Term Loans 0 0  
Total 253,498 26,941  
Special Mention | Commercial Real Estate | 1-4 family properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 3,104 1  
Term loans amortized cost basis by origination, before current fiscal year 947 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 752  
Term loans amortized cost basis by origination, three years before current fiscal year 184 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 311 297  
Amortized Cost Basis 1 0  
Converted to Term Loans 0 0  
Total 4,547 1,050  
Special Mention | Commercial Real Estate | Land and development      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 496 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 744  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 29,618  
Term loans amortized cost basis by origination, prior 774 1,118  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 1,270 31,480  
Substandard | Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 36,557 13,751  
Term loans amortized cost basis by origination, before current fiscal year 14,742 17,780  
Term loans amortized cost basis by origination, two years before current fiscal year 35,744 38,943  
Term loans amortized cost basis by origination, three years before current fiscal year 37,186 42,773  
Term loans amortized cost basis by origination, four years before current fiscal year 88,940 18,405  
Term loans amortized cost basis by origination, prior 21,032 21,418  
Amortized Cost Basis 182,069 131,422  
Converted to Term Loans 1,685 1,003  
Total 417,955 285,495  
Substandard | Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 4,388 19,437  
Term loans amortized cost basis by origination, before current fiscal year 24,760 13,381  
Term loans amortized cost basis by origination, two years before current fiscal year 13,616 63,925  
Term loans amortized cost basis by origination, three years before current fiscal year 59,478 7,415  
Term loans amortized cost basis by origination, four years before current fiscal year 17,702 51,364  
Term loans amortized cost basis by origination, prior 87,306 17,755  
Amortized Cost Basis 27,949 0  
Converted to Term Loans 0 0  
Total 235,199 173,277  
Substandard | Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 2,083 5,973  
Term loans amortized cost basis by origination, before current fiscal year 4,070 1,455  
Term loans amortized cost basis by origination, two years before current fiscal year 41,278 176  
Term loans amortized cost basis by origination, three years before current fiscal year 1,455 1,688  
Term loans amortized cost basis by origination, four years before current fiscal year 1,622 51,767  
Term loans amortized cost basis by origination, prior 75,850 3,931  
Amortized Cost Basis 0 20,994  
Converted to Term Loans 0 0  
Total 126,358 85,984  
Substandard | Commercial Real Estate | 1-4 family properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 1,721 1,309  
Term loans amortized cost basis by origination, before current fiscal year 822 1,429  
Term loans amortized cost basis by origination, two years before current fiscal year 643 75  
Term loans amortized cost basis by origination, three years before current fiscal year 465 741  
Term loans amortized cost basis by origination, four years before current fiscal year 324 836  
Term loans amortized cost basis by origination, prior 1,212 1,243  
Amortized Cost Basis 45 45  
Converted to Term Loans 0 0  
Total 5,232 5,678  
Substandard | Commercial Real Estate | Land and development      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 29,204 699  
Term loans amortized cost basis by origination, before current fiscal year 411 325  
Term loans amortized cost basis by origination, two years before current fiscal year 74 220  
Term loans amortized cost basis by origination, three years before current fiscal year 0 627  
Term loans amortized cost basis by origination, four years before current fiscal year 593 472  
Term loans amortized cost basis by origination, prior 1,596 1,654  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 31,878 3,997  
Substandard | Consumer | Consumer mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 564 1,153  
Term loans amortized cost basis by origination, before current fiscal year 2,810 6,452  
Term loans amortized cost basis by origination, two years before current fiscal year 5,517 8,519  
Term loans amortized cost basis by origination, three years before current fiscal year 15,913 9,442  
Term loans amortized cost basis by origination, four years before current fiscal year 9,478 6,167  
Term loans amortized cost basis by origination, prior 23,662 19,662  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 57,944 51,395  
Substandard | Consumer | Home equity      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 0 0  
Amortized Cost Basis 10,231 6,534  
Converted to Term Loans 5,297 4,512  
Total 15,528 11,046  
Substandard | Consumer | Credit cards      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 0 0  
Amortized Cost Basis 702 617  
Converted to Term Loans 0 0  
Total 702 617  
Substandard | Consumer | Other consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 573 1,417  
Term loans amortized cost basis by origination, before current fiscal year 963 3,810  
Term loans amortized cost basis by origination, two years before current fiscal year 3,811 1,648  
Term loans amortized cost basis by origination, three years before current fiscal year 1,182 712  
Term loans amortized cost basis by origination, four years before current fiscal year 568 163  
Term loans amortized cost basis by origination, prior 494 888  
Amortized Cost Basis 192 139  
Converted to Term Loans 0 0  
Total 7,783 8,777  
Doubtful | Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0    
Term loans amortized cost basis by origination, before current fiscal year 0    
Term loans amortized cost basis by origination, two years before current fiscal year 0    
Term loans amortized cost basis by origination, three years before current fiscal year 0    
Term loans amortized cost basis by origination, four years before current fiscal year 0    
Term loans amortized cost basis by origination, prior 9,714    
Amortized Cost Basis 0    
Converted to Term Loans 0    
Total 9,714    
Loss | Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 355 0  
Amortized Cost Basis 224 277  
Converted to Term Loans 0 0  
Total 579 277  
Loss | Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year   0  
Term loans amortized cost basis by origination, before current fiscal year   245  
Term loans amortized cost basis by origination, two years before current fiscal year   0  
Term loans amortized cost basis by origination, three years before current fiscal year   0  
Term loans amortized cost basis by origination, four years before current fiscal year   0  
Term loans amortized cost basis by origination, prior   0  
Amortized Cost Basis   0  
Converted to Term Loans   0  
Total   245  
Loss | Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0    
Term loans amortized cost basis by origination, before current fiscal year 0    
Term loans amortized cost basis by origination, two years before current fiscal year 0    
Term loans amortized cost basis by origination, three years before current fiscal year 0    
Term loans amortized cost basis by origination, four years before current fiscal year 0    
Term loans amortized cost basis by origination, prior 10    
Amortized Cost Basis 0    
Converted to Term Loans 0    
Total 10    
Loss | Consumer | Consumer mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 4  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 470 734  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 470 738  
Loss | Consumer | Home equity      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 0 0  
Amortized Cost Basis 174 402  
Converted to Term Loans 84 117  
Total 258 519  
Loss | Consumer | Credit cards      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 0  
Term loans amortized cost basis by origination, before current fiscal year 0 0  
Term loans amortized cost basis by origination, two years before current fiscal year 0 0  
Term loans amortized cost basis by origination, three years before current fiscal year 0 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 0 0  
Amortized Cost Basis 1,222 1,097  
Converted to Term Loans 0 0  
Total $ 1,222 1,097  
Loss | Consumer | Other consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year   0  
Term loans amortized cost basis by origination, before current fiscal year   0  
Term loans amortized cost basis by origination, two years before current fiscal year   0  
Term loans amortized cost basis by origination, three years before current fiscal year   0  
Term loans amortized cost basis by origination, four years before current fiscal year   0  
Term loans amortized cost basis by origination, prior   8  
Amortized Cost Basis   0  
Converted to Term Loans   0  
Total   $ 8  
v3.24.0.1
Loans and Allowance for Loan Losses - Schedule of Allowances For Loan Losses and Recorded Investment In Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance at December 31, 2021 $ 443,424 $ 427,597 $ 605,736
Charge-offs (183,074) (83,710) (105,232)
Recoveries 29,732 30,554 27,444
Provision for (reversal of) loan losses 189,303 68,983 (100,351)
Ending balance at December 31, 2022 479,385 443,424 427,597
Commercial & Industrial      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance at December 31, 2021 161,550 188,364 229,555
Charge-offs (86,320) (42,588) (59,457)
Recoveries 16,664 14,625 9,734
Provision for (reversal of) loan losses 127,076 1,149 8,532
Ending balance at December 31, 2022 218,970 161,550 188,364
Commercial Real Estate      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance at December 31, 2021 143,575 97,760 130,742
Charge-offs (45,450) (3,102) (15,392)
Recoveries 1,273 1,633 7,444
Provision for (reversal of) loan losses 34,360 47,284 (25,034)
Ending balance at December 31, 2022 133,758 143,575 97,760
Consumer      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance at December 31, 2021 138,299 141,473 245,439
Charge-offs (51,304) (38,020) (30,383)
Recoveries 11,795 14,296 10,266
Provision for (reversal of) loan losses 27,867 20,550 (83,849)
Ending balance at December 31, 2022 $ 126,657 $ 138,299 $ 141,473
v3.24.0.1
Loans and Allowance for Loan Losses - Amortized Cost of Loans by Loan Portfolio Class (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 249,529
Percentage of Total by Financing Class 0.60%
Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 5,069
Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 177,149
Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 10,504
Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 654
Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 56,153
Commercial & Industrial  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 211,733
Percentage of Total by Financing Class 0.90%
Commercial & Industrial | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 2,844
Commercial & Industrial | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 143,503
Commercial & Industrial | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 10,504
Commercial & Industrial | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial & Industrial | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 54,882
Commercial & Industrial | Commercial, financial, and agricultural  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 135,140
Percentage of Total by Financing Class 0.90%
Commercial & Industrial | Commercial, financial, and agricultural | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 2,844
Commercial & Industrial | Commercial, financial, and agricultural | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 119,764
Commercial & Industrial | Commercial, financial, and agricultural | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 10,504
Commercial & Industrial | Commercial, financial, and agricultural | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial & Industrial | Commercial, financial, and agricultural | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 2,028
Commercial & Industrial | Owner-occupied  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 76,593
Percentage of Total by Financing Class 0.90%
Commercial & Industrial | Owner-occupied | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 0
Commercial & Industrial | Owner-occupied | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 23,739
Commercial & Industrial | Owner-occupied | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial & Industrial | Owner-occupied | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial & Industrial | Owner-occupied | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 52,854
Commercial Real Estate  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 33,052
Percentage of Total by Financing Class 0.30%
Commercial Real Estate | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 0
Commercial Real Estate | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 32,685
Commercial Real Estate | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 367
Commercial Real Estate | Investment properties  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 909
Percentage of Total by Financing Class 0.00%
Commercial Real Estate | Investment properties | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 0
Commercial Real Estate | Investment properties | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 909
Commercial Real Estate | Investment properties | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | Investment properties | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | Investment properties | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | 1-4 family properties  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 2,383
Percentage of Total by Financing Class 0.40%
Commercial Real Estate | 1-4 family properties | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 0
Commercial Real Estate | 1-4 family properties | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 2,016
Commercial Real Estate | 1-4 family properties | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | 1-4 family properties | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | 1-4 family properties | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 367
Commercial Real Estate | Land and development  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 29,760
Percentage of Total by Financing Class 8.40%
Commercial Real Estate | Land and development | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 0
Commercial Real Estate | Land and development | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 29,760
Commercial Real Estate | Land and development | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | Land and development | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Commercial Real Estate | Land and development | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 4,744
Percentage of Total by Financing Class 0.10%
Consumer | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 2,225
Consumer | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 961
Consumer | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 654
Consumer | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 904
Consumer | Consumer mortgages  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 2,575
Percentage of Total by Financing Class 0.00%
Consumer | Consumer mortgages | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 2,110
Consumer | Consumer mortgages | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Consumer mortgages | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Consumer mortgages | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 465
Consumer | Consumer mortgages | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Home equity  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 623
Percentage of Total by Financing Class 0.00%
Consumer | Home equity | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 0
Consumer | Home equity | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 336
Consumer | Home equity | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Home equity | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Home equity | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 287
Consumer | Credit cards  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 0
Percentage of Total by Financing Class 0.00%
Consumer | Credit cards | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 0
Consumer | Credit cards | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Credit cards | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Credit cards | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Credit cards | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Other consumer loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 1,546
Percentage of Total by Financing Class 0.10%
Consumer | Other consumer loans | Interest Rate Reduction  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 115
Consumer | Other consumer loans | Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 625
Consumer | Other consumer loans | Principal Forgiveness and Term Extensions  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 0
Consumer | Other consumer loans | Payment Delay  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified 189
Consumer | Other consumer loans | Interest Rate Reduction and Term Extension  
Financing Receivable, Credit Quality Indicator [Line Items]  
Amortized cost of loans, modified $ 617
v3.24.0.1
Loans and Allowance for Loan Losses - Financial Effect of Loan Modifications Made To Borrowers Experiencing Financial Difficulty (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Commercial & Industrial | Commercial, financial, and agricultural  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Weighted Average Interest Rate Reduction 2.40%
Weighted Average Term Extension (in months) 14 months
Commercial & Industrial | Commercial, financial, and agricultural | Principal Forgiveness and Term Extensions  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Principal Forgiveness and Term Extensions $ 1,200
Commercial & Industrial | Owner-occupied  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Weighted Average Interest Rate Reduction 2.30%
Weighted Average Term Extension (in months) 10 months
Commercial & Industrial | Owner-occupied | Principal Forgiveness and Term Extensions  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Principal Forgiveness and Term Extensions $ 0
Commercial Real Estate | Investment properties  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Weighted Average Interest Rate Reduction 0.00%
Weighted Average Term Extension (in months) 40 months
Commercial Real Estate | Investment properties | Principal Forgiveness and Term Extensions  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Principal Forgiveness and Term Extensions $ 0
Commercial Real Estate | 1-4 family properties  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Weighted Average Interest Rate Reduction 0.40%
Weighted Average Term Extension (in months) 12 months
Commercial Real Estate | 1-4 family properties | Principal Forgiveness and Term Extensions  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Principal Forgiveness and Term Extensions $ 0
Commercial Real Estate | Land and development  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Weighted Average Interest Rate Reduction 0.00%
Weighted Average Term Extension (in months) 4 months
Commercial Real Estate | Land and development | Principal Forgiveness and Term Extensions  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Principal Forgiveness and Term Extensions $ 0
Consumer | Consumer mortgages  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Weighted Average Interest Rate Reduction 2.30%
Weighted Average Payment Deferral (in months) 6 years
Consumer | Consumer mortgages | Principal Forgiveness and Term Extensions  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Principal Forgiveness and Term Extensions $ 0
Consumer | Home equity  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Weighted Average Interest Rate Reduction 0.50%
Weighted Average Term Extension (in months) 249 months
Consumer | Home equity | Principal Forgiveness and Term Extensions  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Principal Forgiveness and Term Extensions $ 0
Consumer | Other consumer loans  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Weighted Average Interest Rate Reduction 5.70%
Weighted Average Term Extension (in months) 62 months
Weighted Average Payment Deferral (in months) 2 years
Consumer | Other consumer loans | Principal Forgiveness and Term Extensions  
Troubled Debt Restructuring, Debtor, Current Period [Line Items]  
Principal Forgiveness and Term Extensions $ 0
v3.24.0.1
Loans and Allowance for Loan Losses - Aging Analysis (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis $ 249,529
Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 233,704
Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 372
Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 15,453
Commercial & Industrial  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 211,733
Commercial & Industrial | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 199,702
Commercial & Industrial | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial & Industrial | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial & Industrial | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 12,031
Commercial & Industrial | Commercial, financial, and agricultural  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 135,140
Commercial & Industrial | Commercial, financial, and agricultural | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 123,843
Commercial & Industrial | Commercial, financial, and agricultural | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial & Industrial | Commercial, financial, and agricultural | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial & Industrial | Commercial, financial, and agricultural | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 11,297
Commercial & Industrial | Owner-occupied  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 76,593
Commercial & Industrial | Owner-occupied | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 75,859
Commercial & Industrial | Owner-occupied | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial & Industrial | Owner-occupied | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial & Industrial | Owner-occupied | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 734
Commercial Real Estate  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 33,052
Commercial Real Estate | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 31,538
Commercial Real Estate | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial Real Estate | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial Real Estate | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 1,514
Commercial Real Estate | Investment properties  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 909
Commercial Real Estate | Investment properties | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 604
Commercial Real Estate | Investment properties | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial Real Estate | Investment properties | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial Real Estate | Investment properties | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 305
Commercial Real Estate | 1-4 family properties  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 2,383
Commercial Real Estate | 1-4 family properties | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 1,174
Commercial Real Estate | 1-4 family properties | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial Real Estate | 1-4 family properties | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial Real Estate | 1-4 family properties | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 1,209
Commercial Real Estate | Land and development  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 29,760
Commercial Real Estate | Land and development | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 29,760
Commercial Real Estate | Land and development | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial Real Estate | Land and development | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Commercial Real Estate | Land and development | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 4,744
Consumer | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 2,464
Consumer | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 372
Consumer | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 1,908
Consumer | Consumer mortgages  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 2,575
Consumer | Consumer mortgages | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 1,423
Consumer | Consumer mortgages | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Consumer mortgages | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Consumer mortgages | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 1,152
Consumer | Home equity  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 623
Consumer | Home equity | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 623
Consumer | Home equity | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Home equity | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Home equity | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Credit cards  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Credit cards | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Credit cards | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Credit cards | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Credit cards | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Other consumer loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 1,546
Consumer | Other consumer loans | Current  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 418
Consumer | Other consumer loans | Accruing 30-89 Days Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 372
Consumer | Other consumer loans | Accruing 90 Days or Greater Past Due  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis 0
Consumer | Other consumer loans | Non-accrual  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Amortized cost basis of loans, aging analysis $ 756
v3.24.0.1
Loans And Allowance For Loan Losses - Troubled Debt Restructurings (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
contract
Dec. 31, 2021
USD ($)
contract
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   206 382
Total loans   $ 131,186,000 $ 48,932,000
Write-down   $ 0 $ 0
Commercial & Industrial      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   115 176
Total loans   $ 105,610,000 $ 27,618,000
Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   86 152
Total loans   $ 35,797,000 $ 20,842,000
Commercial & Industrial | Owner-occupied      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   29 24
Total loans   $ 69,813,000 $ 6,776,000
Commercial Real Estate      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   25 30
Total loans   $ 18,654,000 $ 6,392,000
Commercial Real Estate | Investment properties      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   7 9
Total loans   $ 11,636,000 $ 3,130,000
Commercial Real Estate | 1-4 family properties      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   14 13
Total loans   $ 3,850,000 $ 1,254,000
Commercial Real Estate | Land and development      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   4 8
Total loans   $ 3,168,000 $ 2,008,000
Consumer      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   66 176
Total loans   $ 6,922,000 $ 14,922,000
Consumer | Consumer mortgages      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   10 18
Total loans   $ 1,442,000 $ 3,518,000
Consumer | Home equity      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   41 55
Total loans   $ 4,875,000 $ 5,249,000
Consumer | Other consumer loans      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Contracts | contract   15 103
Total loans   $ 605,000 $ 6,155,000
Below Market Interest Rate      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   118,530,000 32,801,000
Below Market Interest Rate | Commercial & Industrial      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   100,474,000 18,654,000
Below Market Interest Rate | Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   34,518,000 12,746,000
Below Market Interest Rate | Commercial & Industrial | Owner-occupied      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   65,956,000 5,908,000
Below Market Interest Rate | Commercial Real Estate      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   12,044,000 6,209,000
Below Market Interest Rate | Commercial Real Estate | Investment properties      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   5,026,000 3,130,000
Below Market Interest Rate | Commercial Real Estate | 1-4 family properties      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   3,850,000 1,131,000
Below Market Interest Rate | Commercial Real Estate | Land and development      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   3,168,000 1,948,000
Below Market Interest Rate | Consumer      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   6,012,000 7,938,000
Below Market Interest Rate | Consumer | Consumer mortgages      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   1,176,000 2,512,000
Below Market Interest Rate | Consumer | Home equity      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   4,836,000 4,991,000
Below Market Interest Rate | Consumer | Other consumer loans      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   0 435,000
Other Concessions      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   12,656,000 16,131,000
Other Concessions | Commercial & Industrial      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   5,136,000 8,964,000
Other Concessions | Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   1,279,000 8,096,000
Other Concessions | Commercial & Industrial | Owner-occupied      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   3,857,000 868,000
Other Concessions | Commercial Real Estate      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   6,610,000 183,000
Other Concessions | Commercial Real Estate | Investment properties      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   6,610,000 0
Other Concessions | Commercial Real Estate | 1-4 family properties      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   0 123,000
Other Concessions | Commercial Real Estate | Land and development      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   0 60,000
Other Concessions | Consumer      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   910,000 6,984,000
Other Concessions | Consumer | Consumer mortgages      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   266,000 1,006,000
Other Concessions | Consumer | Home equity      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   39,000 258,000
Other Concessions | Consumer | Other consumer loans      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans   605,000 5,720,000
Principal Forgiveness      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Total loans $ 0 $ 0 $ 0
v3.24.0.1
Premises, Equipment and Software - Schedule of Premises Equipment and Software (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software $ 958,947 $ 925,701
Less: Accumulated depreciation and amortization (593,096) (555,069)
Net premises, equipment and software 365,851 370,632
Land    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software 92,094 92,125
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software 304,426 303,934
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software 100,125 89,619
Furniture, equipment and software    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software 450,458 422,495
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software $ 11,844 $ 17,528
v3.24.0.1
Premises, Equipment and Software - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Premises, equipment and software, net Premises, equipment and software, net  
Finance lease, right-of-use asset $ 785 $ 1,400  
Depreciation and amortization expense $ 38,200 $ 42,100 $ 50,500
v3.24.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jun. 01, 2023
Goodwill [Line Items]          
Goodwill   $ 480,440 $ 452,390 $ 452,390  
Reduction in goodwill   2,462      
Amortization of intangibles   $ 10,500 $ 8,500 $ 9,500  
Minimum          
Goodwill [Line Items]          
Other intangible assets, useful life   5 years      
Maximum          
Goodwill [Line Items]          
Other intangible assets, useful life   10 years      
CDI          
Goodwill [Line Items]          
Finite-lived intangible asset, useful life   10 years      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | GLOBALT          
Goodwill [Line Items]          
Reduction in goodwill $ 2,500        
Gain on disposition of business $ 1,900        
Qualpay          
Goodwill [Line Items]          
Percentage of business acquired         60.00%
Goodwill         $ 30,500
Other intangible assets         $ 29,300
Qualpay | Minimum          
Goodwill [Line Items]          
Other intangible assets, useful life   5 years      
Qualpay | Maximum          
Goodwill [Line Items]          
Other intangible assets, useful life   8 years      
v3.24.0.1
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Beginning balance $ 452,390 $ 452,390
Reallocation 0 0
Acquisition 30,512  
Divestiture (2,462)  
Ending balance 480,440 452,390
Wholesale Banking Reporting Unit    
Goodwill [Roll Forward]    
Beginning balance 171,636 171,636
Reallocation 4,197 0
Acquisition 0  
Divestiture 0  
Ending balance 175,833 171,636
Community Banking Reporting Unit    
Goodwill [Roll Forward]    
Beginning balance 141,622 256,323
Reallocation 0 (114,701)
Acquisition 30,512  
Divestiture 0  
Ending balance 172,134 141,622
Consumer Banking Reporting Unit    
Goodwill [Roll Forward]    
Beginning balance 114,701 0
Reallocation 0 114,701
Acquisition 0  
Divestiture 0  
Ending balance 114,701 114,701
Wealth Management Reporting Unit    
Goodwill [Roll Forward]    
Beginning balance 24,431 24,431
Reallocation (4,197) 0
Acquisition 0  
Divestiture (2,462)  
Ending balance $ 17,772 $ 24,431
v3.24.0.1
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 99,191 $ 69,900
Accumulated Amortization (53,263) (42,776)
Net Carrying Value 45,928 27,124
CDI    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 57,400 57,400
Accumulated Amortization (41,745) (35,484)
Net Carrying Value 15,655 21,916
Client Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 22,100 10,800
Accumulated Amortization (8,078) (6,136)
Net Carrying Value 14,022 4,664
Partner Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,700 0
Accumulated Amortization (548) 0
Net Carrying Value 4,152 0
Developed Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 11,091 0
Accumulated Amortization (1,294) 0
Net Carrying Value 9,797 0
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,900 1,700
Accumulated Amortization (1,598) (1,156)
Net Carrying Value $ 2,302 $ 544
v3.24.0.1
Goodwill and Other Intangible Assets - Amortization Expense (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Aggregate estimated amortization expense  
2024 $ 11,609
2025 10,510
2026 9,438
2027 8,067
2028 $ 3,826
v3.24.0.1
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Other Assets [Abstract]    
Investments in tax credits and CRA partnerships $ 638,402 $ 496,527
Deferred tax assets 510,442 595,317
ROU assets 473,028 421,481
Accrued interest receivable 284,112 226,209
Accounts receivable 195,921 152,460
Federal Reserve Bank and FHLB Stock 184,944 308,321
Derivative asset positions 94,903 89,815
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659
Prepaid expense 47,471 48,152
MPS receivable 19,300 15,320
Trading securities, at fair value 12,898 8,295
Other investments 12,560 11,172
Miscellaneous other assets 59,601 55,910
Total other assets $ 2,587,324 $ 2,471,638
v3.24.0.1
Other Assets - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Other Assets [Abstract]    
Federal reserve bank stock $ 133.7 $ 128.6
Required percent of capital or surplus 6.00%  
Required percent of deposits 0.60%  
Federal home loan bank stock $ 51.3 $ 179.7
v3.24.0.1
Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Interest-Bearing Deposit Liabilities [Abstract]    
Interest-bearing demand deposits $ 10,680,625 $ 8,721,397
Money market accounts 12,902,294 14,830,934
Savings accounts 1,071,258 1,416,246
Time deposits 7,534,393 2,964,078
Brokered deposits 6,042,999 5,299,005
Total interest-bearing deposits 38,231,569 33,231,660
Aggregate amount of time deposits of $250,000 or more 3,550,000 $ 1,200,000
Time Deposits, by Maturity [Abstract]    
Maturing within one year 9,314,075  
Between 1 - 2 years 1,078,498  
2 - 3 years 342,629  
3 - 4 years 23,210  
4 - 5 years 19,841  
Thereafter 4,228  
Total $ 10,782,481  
v3.24.0.1
Other Short-term Borrowings and Long-term Debt - Schedule of Short-term Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Short-Term Debt [Line Items]    
Other short-term borrowings $ 3,496 $ 603,384
FHLB advances with original maturities of one year or less    
Short-Term Debt [Line Items]    
Other short-term borrowings 0 600,014
Securities sold short    
Short-Term Debt [Line Items]    
Other short-term borrowings $ 3,496 $ 3,370
v3.24.0.1
Other Short-term Borrowings and Long-term Debt - Additional Information on Synovus' Short-term Borrowings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Total balance at December 31, $ 3,496 $ 603,384
Weighted average interest rate at December 31, 3.88% 4.51%
Maximum month-end balance during the year $ 1,253,521 $ 1,705,069
Average amount outstanding during the year $ 528,194 $ 466,254
Weighted average interest rate during the year 4.60% 2.32%
v3.24.0.1
Other Short-term Borrowings and Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt $ 1,932,534,000 $ 4,109,597,000
Synovus Bank    
Debt Instrument [Line Items]    
Long-term debt $ 1,379,831,000 3,465,107,000
4.00% Subordinated Notes, Due October 29, 2030 | Synovus Bank    
Debt Instrument [Line Items]    
Stated percentage 4.00%  
Debt, face amount $ 200,000,000.0  
Interest rate period 5 years  
Subordinated notes $ 192,732,000 $ 190,107,000
4.00% Subordinated Notes, Due October 29, 2030 | US Treasury Rate | Synovus Bank    
Debt Instrument [Line Items]    
Basis spread on variable rate 3.625%  
Federal Home Loan Bank Advance | Synovus Bank    
Debt Instrument [Line Items]    
Weighted average interest rate 5.57% 4.56%
Other long-term debt $ 700,000,000 $ 3,275,000,000
Senior Notes | 5.625% Senior Bank Notes due February 15, 2028 | Synovus Bank    
Debt Instrument [Line Items]    
Stated percentage 5.625%  
Debt, face amount $ 500,000,000.0  
Long-term debt, gross 487,099,000 0
Parent Company    
Debt Instrument [Line Items]    
Long-term debt $ 552,703,000 644,490,000
Parent Company | 5.90% Subordinated Notes, due February 7, 2029    
Debt Instrument [Line Items]    
Stated percentage 5.90%  
Debt, face amount $ 300,000,000.0  
Interest rate period 5 years  
Subordinated notes $ 201,925,000 298,158,000
Parent Company | 5.90% Subordinated Notes, due February 7, 2029 | Five-Year Mid Swap Rate    
Debt Instrument [Line Items]    
Basis spread on variable rate 3.379%  
Parent Company | SOFR Plus Spread of 2.06% Debentures, due June 15, 2035    
Debt Instrument [Line Items]    
Stated percentage 2.06%  
Debt, face amount   $ 10,000,000
Interest rate at period end 7.45% 6.57%
Unsecured debt $ 10,000,000 $ 10,000,000
Parent Company | Senior Notes | 5.200% Senior Notes due August 11, 2025    
Debt Instrument [Line Items]    
Stated percentage 5.20%  
Debt, face amount $ 350,000,000.0  
Long-term debt, gross $ 340,778,000 $ 336,332,000
v3.24.0.1
Other Short-term Borrowings and Long-term Debt - Principal Payments on Long-term Debt (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]  
2024 $ 0
2025 1,050,000
2026 0
2027 0
2028 500,000
Thereafter 412,967
Total 1,962,967
Synovus Bank  
Debt Instrument [Line Items]  
2024 0
2025 700,000
2026 0
2027 0
2028 500,000
Thereafter 200,000
Total 1,400,000
Parent Company  
Debt Instrument [Line Items]  
2024 0
2025 350,000
2026 0
2027 0
2028 0
Thereafter 212,967
Total $ 562,967
v3.24.0.1
Shareholders' Equity and Other Comprehensive Income - Changes in Shares by Class (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Preferred stock issued, beginning balance (in shares) 22,000,000    
Common stock issued, beginning balance (in shares) 170,141,492    
Treasury stock, beginning balance (in shares) 24,654,858    
Common stock outstanding, beginning balance (in shares) 145,486,634    
Stock options exercised (in shares) 697,000 365,000 923,000
Preferred stock issued, ending balance (in shares) 22,000,000 22,000,000  
Common stock issued, ending balance (in shares) 171,360,188 170,141,492  
Treasury stock, ending balance (in shares) 24,654,858 24,654,858  
Common stock outstanding, ending balance (in shares) 146,705,330 145,486,634  
Preferred Shares Issued      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Preferred stock issued, beginning balance (in shares) 22,000,000 22,000,000 22,000,000
Preferred stock issued, ending balance (in shares) 22,000,000 22,000,000 22,000,000
Preferred Shares Issued | Series D Preferred Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Preferred stock issued, beginning balance (in shares) 8,000,000 8,000,000 8,000,000
Preferred stock issued, ending balance (in shares) 8,000,000 8,000,000 8,000,000
Preferred Shares Issued | Series E Preferred Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Preferred stock issued, beginning balance (in shares) 14,000,000 14,000,000 14,000,000
Preferred stock issued, ending balance (in shares) 14,000,000 14,000,000 14,000,000
Common Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Common stock issued, beginning balance (in shares) 170,141,000 169,384,000 168,133,000
Common stock outstanding, beginning balance (in shares) 145,486,000 145,010,000 148,040,000
Warrants exercised and common stock reissued (in shares)     3,000
Issuance of common stock for earnout payment (in shares)     125,000
Restricted share unit activity (in shares) 527,000 399,000 355,000
Stock options exercised (in shares) 692,000 358,000 896,000
Repurchase of common stock (in shares)   281,000 4,400,000
Repurchase of stock (in shares)   (281,000) (4,409,000)
Common stock issued, ending balance (in shares) 171,360,000 170,141,000 169,384,000
Common stock outstanding, ending balance (in shares) 146,705,000 145,486,000 145,010,000
Treasury Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Treasury stock, beginning balance (in shares) 24,655,000 24,374,000 20,093,000
Warrants exercised and common stock reissued (in shares)     (3,000)
Issuance of common stock for earnout payment (in shares)     (125,000)
Repurchase of common stock (in shares)   281,000 4,409,000
Treasury stock, ending balance (in shares) 24,655,000 24,655,000 24,374,000
v3.24.0.1
Shareholders' Equity and Other Comprehensive Income - Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jul. 01, 2019
Jun. 21, 2018
Dec. 31, 2023
Preferred Stock      
Class of Stock [Line Items]      
Redemption period from regulatory capital treatment     90 days
Redemption price per share (in dollars per share)     $ 25
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D      
Class of Stock [Line Items]      
Proceeds from issuance of stock   $ 200.0  
Net Proceeds   $ 195.1  
Liquidation preference (in dollars per share)   $ 25  
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | Up to and Excluding June 21, 2023      
Class of Stock [Line Items]      
Dividend rate, percentage   6.30%  
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | From and Including June 21, 2023      
Class of Stock [Line Items]      
Dividend rate, percentage   3.352%  
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | Beyond June 30, 2023      
Class of Stock [Line Items]      
Dividend rate, percentage   3.614%  
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E      
Class of Stock [Line Items]      
Proceeds from issuance of stock $ 350.0    
Net Proceeds $ 342.0    
Liquidation preference (in dollars per share) $ 25    
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | Until July 1, 2024 (Excluding July 1, 2024)      
Class of Stock [Line Items]      
Dividend rate, percentage 5.875%    
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | From July 1, 2024 (Including July 1, 2024)      
Class of Stock [Line Items]      
Dividend rate, percentage 4.127%    
v3.24.0.1
Shareholders' Equity and Other Comprehensive Income - Common Stock (Details) - USD ($)
shares in Thousands
 2 Months Ended 12 Months Ended
Feb. 20, 2024
Dec. 31, 2022
Dec. 31, 2021
Jan. 18, 2024
Class of Stock [Line Items]        
Repurchases of stock   $ 12,987,000 $ 199,932,000  
Common Stock        
Class of Stock [Line Items]        
Repurchases of stock   $ 13,000,000 $ 199,900,000  
Repurchase of common stock (in shares)   281 4,400  
Common Stock | Subsequent Event        
Class of Stock [Line Items]        
Stock repurchase program, authorized amount (up to)       $ 300,000,000
Repurchases of stock $ 29,900,000      
Repurchase of common stock (in shares) 800      
Preferred Stock | Subsequent Event        
Class of Stock [Line Items]        
Stock repurchase program, authorized amount (up to)       $ 50,000,000
v3.24.0.1
Shareholders' Equity and Other Comprehensive Income - OCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]        
Beginning balance $ 4,475,801      
Other comprehensive income (loss) before reclassifications 133,022 $ (1,377,998) $ (231,951)  
Amounts reclassified from AOCI 192,022 18,202 (9,005)  
Other comprehensive income (loss) 325,044 (1,359,796) (240,956)  
Ending balance 5,119,993 4,475,801    
Accumulated other comprehensive income (loss), net (1,117,073) (1,442,117)    
AOCI        
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]        
Beginning balance (1,442,117) (82,321) 158,635  
Other comprehensive income (loss) 325,044 (1,359,796) (240,956)  
Ending balance (1,117,073) (1,442,117) (82,321)  
Net Unrealized Gains (Losses) on Investment Securities Available for Sale        
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]        
Beginning balance (1,220,263) (67,980) 105,669  
Other comprehensive income (loss) before reclassifications 163,813 (1,152,283) (174,246)  
Amounts reclassified from AOCI 58,191 0 597  
Other comprehensive income (loss) 222,004 (1,152,283) (173,649)  
Ending balance (998,259) (1,220,263) (67,980)  
Accumulated other comprehensive income (loss), net 16,400 13,300 13,300 $ 13,300
Net Unrealized Gains (Losses) on Cash Flow Hedges        
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]        
Beginning balance (221,854) (14,341) 52,966  
Other comprehensive income (loss) before reclassifications (30,791) (225,715) (57,705)  
Amounts reclassified from AOCI 133,831 18,202 (9,602)  
Other comprehensive income (loss) 103,040 (207,513) (67,307)  
Ending balance (118,814) (221,854) (14,341)  
Accumulated other comprehensive income (loss), net $ 12,700 $ 12,100 $ 12,100 $ 12,100
v3.24.0.1
Regulatory Capital (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Capital conservation buffer 2.50%  
CET1 capital    
CET1 capital, actual $ 5,206,521 $ 4,926,194
CET1 capital, For capital adequacy purposes 2,291,552 2,302,824
Tier 1 risk-based capital    
Tier I risk-based capital, actual 5,743,666 5,463,339
Tier I risk-based capital, for capital adequacy purposes 3,055,403 3,070,432
Total risk-based capital    
Total risk-based capital, actual 6,654,224 6,415,681
Total risk-based capital, for capital adequacy purposes $ 4,073,871 $ 4,093,909
CET1 capital ratio    
CET1 capital ratio, actual 10.22% 9.63%
CET1 capital ratio, for capital adequacy purposes 4.50% 4.50%
Tier 1 risk-based capital ratio    
Tier I risk-based capital ratio, actual 0.1128 0.1068
Tier I risk-based capital ratio, for capital adequacy purposes 0.0600 0.0600
Total risk-based capital ratio    
Total risk-based capital ratio, actual 0.1307 0.1254
Total risk-based capital ratio, for capital adequacy purposes 0.0800 0.0800
Leverage ratio    
Leverage ratio, actual 0.0949 0.0907
Leverage ratio, for capital adequacy purposes 0.0400 0.0400
Synovus Bank    
CET1 capital    
CET1 capital, actual $ 5,559,624 $ 5,446,703
CET1 capital, For capital adequacy purposes 2,288,092 2,300,126
CET1 capital, to be well capitalized under prompt corrective action provisions 3,305,022 3,322,404
Tier 1 risk-based capital    
Tier I risk-based capital, actual 5,559,624 5,446,703
Tier I risk-based capital, for capital adequacy purposes 3,050,789 3,066,835
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions 4,067,719 4,089,113
Total risk-based capital    
Total risk-based capital, actual 6,249,947 6,079,152
Total risk-based capital, for capital adequacy purposes 4,067,719 4,089,113
Total risk-based capital, to be well capitalized under prompt corrective action provisions $ 5,084,649 $ 5,111,391
CET1 capital ratio    
CET1 capital ratio, actual 10.93% 10.66%
CET1 capital ratio, for capital adequacy purposes 4.50% 4.50%
CET1 capital ratio, to be well capitalized under prompt corrective action provisions 6.50% 6.50%
Tier 1 risk-based capital ratio    
Tier I risk-based capital ratio, actual 0.1093 0.1066
Tier I risk-based capital ratio, for capital adequacy purposes 0.0600 0.0600
Tier I risk-based capital ratio, to be well capitalized under prompt corrective action provisions 0.0800 0.0800
Total risk-based capital ratio    
Total risk-based capital ratio, actual 0.1229 0.1189
Total risk-based capital ratio, for capital adequacy purposes 0.0800 0.0800
Total risk-based capital ratio, to be well capitalized under prompt corrective action provisions 0.1000 0.1000
Leverage ratio    
Leverage ratio, actual 0.0921 0.0906
Leverage ratio, for capital adequacy purposes 0.0400 0.0400
Leverage ratio, to be well capitalized under prompt corrective action provisions 0.0500 0.0500
v3.24.0.1
Net Income Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Basic Net Income Per Common Share:      
Net income available to common shareholders $ 507,755 $ 724,739 $ 727,304
Weighted average common shares outstanding, basic (in shares) 146,115 145,364 147,041
Net income per common share, basic (in dollars per share) $ 3.48 $ 4.99 $ 4.95
Diluted Net Income Per Common Share:      
Net income available to common shareholders $ 507,755 $ 724,739 $ 727,304
Weighted average common shares outstanding, basic (in shares) 146,115 145,364 147,041
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments (in shares) 619 1,117 1,454
Weighted average common shares outstanding, diluted (in shares) 146,734 146,481 148,495
Net income per common share, diluted (in dollars per share) $ 3.46 $ 4.95 $ 4.90
v3.24.0.1
Net Income Per Common Share - Narrative (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 272 21 21
v3.24.0.1
Fair Value Accounting - Financial Instruments Measured At Fair Value On A Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets      
Total investment securities available for sale $ 9,788,662 $ 9,678,103  
Mortgage loans held for sale 47,338 51,136 $ 108,198
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659  
Derivative assets 94,903 89,815  
Not Designated As Hedging Instruments      
Liabilities      
Fair value of derivative liabilities 239,821 326,301  
Visa Derivative Liability | Not Designated As Hedging Instruments      
Liabilities      
Fair value of derivative liabilities 589 3,453  
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises      
Assets      
Total investment securities available for sale 587,595 655,127  
U.S. Treasury securities      
Assets      
Total investment securities available for sale 597,629 471,813  
Mortgage-backed securities issued by U.S. Government agencies      
Assets      
Total investment securities available for sale 925,664 792,749  
Mortgage-backed securities issued by U.S. Government sponsored enterprises      
Assets      
Total investment securities available for sale 6,430,379 6,895,070  
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises      
Assets      
Total investment securities available for sale 1,209,783 805,945  
Corporate debt securities and other debt securities      
Assets      
Total investment securities available for sale 8,672 8,601  
Fair Value, Measurements, Recurring      
Assets      
Total trading securities 12,898 8,295  
Total investment securities available for sale 9,788,662 9,678,103  
Mortgage loans held for sale 47,338 51,136  
Other investments 12,560 11,172  
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659  
Derivative assets 94,903 89,815  
Liabilities      
Securities sold short 3,496 3,370  
Mutual fund held in rabbi trusts 38,735 27,944  
Derivative liabilities 259,650 339,227  
Fair Value, Measurements, Recurring | Level 1      
Assets      
Total trading securities 0 0  
Total investment securities available for sale 597,629 471,813  
Mortgage loans held for sale 0 0  
Other investments 0 0  
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659  
Derivative assets 0 0  
Liabilities      
Securities sold short 3,496 3,370  
Mutual fund held in rabbi trusts 38,735 27,944  
Derivative liabilities 0 0  
Fair Value, Measurements, Recurring | Level 2      
Assets      
Total trading securities 12,898 8,295  
Total investment securities available for sale 9,191,033 9,206,290  
Mortgage loans held for sale 47,338 51,136  
Other investments 0 0  
Mutual funds and mutual funds held in rabbi trusts 0 0  
Derivative assets 94,903 89,815  
Liabilities      
Securities sold short 0 0  
Mutual fund held in rabbi trusts 0 0  
Derivative liabilities 259,650 339,227  
Fair Value, Measurements, Recurring | Level 3      
Assets      
Total trading securities 0 0  
Total investment securities available for sale 0 0  
Mortgage loans held for sale 0 0  
Other investments 12,560 11,172  
Mutual funds and mutual funds held in rabbi trusts 0 0  
Derivative assets 0 0  
Liabilities      
Securities sold short 0 0  
Mutual fund held in rabbi trusts 0 0  
Derivative liabilities 0 0  
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises      
Assets      
Total trading securities 2,910 2,991  
Total investment securities available for sale 587,595 655,127  
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 1      
Assets      
Total trading securities 0 0  
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 2      
Assets      
Total trading securities 2,910 2,991  
Total investment securities available for sale 587,595 655,127  
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 3      
Assets      
Total trading securities 0 0  
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Other mortgage-backed securities      
Assets      
Total trading securities 2,149 3,185  
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 1      
Assets      
Total trading securities 0 0  
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 2      
Assets      
Total trading securities 2,149 3,185  
Fair Value, Measurements, Recurring | Other mortgage-backed securities | Level 3      
Assets      
Total trading securities 0 0  
Fair Value, Measurements, Recurring | State and municipal securities      
Assets      
Total trading securities 0 48  
Fair Value, Measurements, Recurring | State and municipal securities | Level 1      
Assets      
Total trading securities 0 0  
Fair Value, Measurements, Recurring | State and municipal securities | Level 2      
Assets      
Total trading securities 0 48  
Fair Value, Measurements, Recurring | State and municipal securities | Level 3      
Assets      
Total trading securities 0 0  
Fair Value, Measurements, Recurring | Asset-backed securities      
Assets      
Total trading securities 7,839 2,071  
Fair Value, Measurements, Recurring | Asset-backed securities | Level 1      
Assets      
Total trading securities 0 0  
Fair Value, Measurements, Recurring | Asset-backed securities | Level 2      
Assets      
Total trading securities 7,839 2,071  
Fair Value, Measurements, Recurring | Asset-backed securities | Level 3      
Assets      
Total trading securities 0 0  
Fair Value, Measurements, Recurring | U.S. Treasury securities      
Assets      
Total investment securities available for sale 597,629 471,813  
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 1      
Assets      
Total investment securities available for sale 597,629 471,813  
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 2      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 3      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | U.S. Government agency securities      
Assets      
Total investment securities available for sale 28,940 48,798  
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 1      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 2      
Assets      
Total investment securities available for sale 28,940 48,798  
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 3      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies      
Assets      
Total investment securities available for sale 925,664 792,749  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 1      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 2      
Assets      
Total investment securities available for sale 925,664 792,749  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 3      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises      
Assets      
Total investment securities available for sale 6,430,379 6,895,070  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 1      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 2      
Assets      
Total investment securities available for sale 6,430,379 6,895,070  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 3      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises      
Assets      
Total investment securities available for sale 1,209,783 805,945  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 1      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 2      
Assets      
Total investment securities available for sale 1,209,783 805,945  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 3      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities      
Assets      
Total investment securities available for sale 8,672 8,601  
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 1      
Assets      
Total investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 2      
Assets      
Total investment securities available for sale 8,672 8,601  
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 3      
Assets      
Total investment securities available for sale $ 0 $ 0  
v3.24.0.1
Fair Value Accounting - Changes in Fair Value Included in Consolidated Statements of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value Disclosures [Abstract]      
Mortgage loans held for sale $ 839 $ (1,541) $ (3,942)
Fair value 47,338 51,136 108,198
Unpaid principal balance 45,627 50,264 105,785
Fair value less aggregate unpaid principal balance $ 1,711 $ 872 $ 2,413
v3.24.0.1
Fair Value Accounting - Changes In Level 3 Fair Value Measurements (Details) - Other investments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance at December 31, 2022 $ 11,172 $ 12,185
Included in earnings 376 (7,201)
Additions 1,012 6,188
Ending balance at December 31, 2023 12,560 11,172
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held $ 376 $ (7,201)
v3.24.0.1
Fair Value Accounting - Fair Value Measurements and Valuation Techniques (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments $ 12,560 $ 11,172
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments $ 12,560 $ 11,172
v3.24.0.1
Fair Value Accounting - Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans $ 54,616 $ 19,410
Other assets held for sale 0 7,548
Loans | Provision for credit losses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value adjustment 32,503 7,098
Other assets held for sale | Other operating expense    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value adjustment 0 1,843
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 0 0
Other assets held for sale 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 0 0
Other assets held for sale 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 54,616 19,410
Other assets held for sale $ 0 $ 7,548
v3.24.0.1
Fair Value Accounting - Valuation Techniques and Significant Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Minimum | Collateral Dependent Impaired Loans | Level 3 | Third Party Appraised value of Real Estate Less Estimated Selling Costs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate 0.00% 0.00%
Fair value inputs, estimated selling costs 0.00% 0.00%
Minimum | Other assets held for sale | Level 3 | Third-Party Appraised Value, Contractual Sales Price, or BOV, as Warranted, Less Estimated Selling Costs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate   0.00%
Fair value inputs, estimated selling costs   0.00%
Maximum | Collateral Dependent Impaired Loans | Level 3 | Third Party Appraised value of Real Estate Less Estimated Selling Costs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate 61.00% 74.00%
Fair value inputs, estimated selling costs 10.00% 10.00%
Maximum | Other assets held for sale | Third-Party Appraised Value, Contractual Sales Price, or BOV, as Warranted, Less Estimated Selling Costs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate   35.00%
Maximum | Other assets held for sale | Level 3 | Third-Party Appraised Value, Contractual Sales Price, or BOV, as Warranted, Less Estimated Selling Costs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value inputs, estimated selling costs   10.00%
Weighted Average | Collateral Dependent Impaired Loans | Level 3 | Third Party Appraised value of Real Estate Less Estimated Selling Costs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate 30.00% 21.00%
Fair value inputs, estimated selling costs 7.00% 7.00%
Weighted Average | Other assets held for sale | Third-Party Appraised Value, Contractual Sales Price, or BOV, as Warranted, Less Estimated Selling Costs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate   13.00%
Weighted Average | Other assets held for sale | Level 3 | Third-Party Appraised Value, Contractual Sales Price, or BOV, as Warranted, Less Estimated Selling Costs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value inputs, estimated selling costs   7.00%
v3.24.0.1
Fair Value Accounting - Carrying And Estimated Fair Values Of Financial Instruments Carried On Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financial assets    
Total investment securities available for sale $ 9,788,662 $ 9,678,103
Loans held for sale 52,768 391,502
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659
Derivative assets 94,903 89,815
Financial liabilities    
Non-interest-bearing deposits 12,507,616 15,639,899
Time deposits 10,782,481  
Total deposits 50,739,185 48,871,559
Federal funds purchased and securities sold under repurchase agreements 189,074 146,588
Other short-term borrowings 3,496 603,384
Long-term debt 1,932,534 4,109,597
Not Designated As Hedging Instruments    
Financial liabilities    
Fair value of derivative liabilities 239,821 326,301
Visa Derivative Liability | Not Designated As Hedging Instruments    
Financial liabilities    
Fair value of derivative liabilities 589 3,453
Fair Value, Measurements, Recurring    
Financial assets    
Trading securities 12,898 8,295
Total investment securities available for sale 9,788,662 9,678,103
Other investments 12,560 11,172
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659
Derivative assets 94,903 89,815
Financial liabilities    
Securities sold short 3,496 3,370
Mutual fund held in rabbi trusts 38,735 27,944
Derivative liabilities 259,650 339,227
Level 1 | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 2,451,426 1,977,780
Trading securities 0 0
Total investment securities available for sale 597,629 471,813
Loans held for sale 0 0
Other investments 0 0
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659
Loans, net 0 0
FRB and FHLB stock 0 0
Derivative assets 0 0
Financial liabilities    
Non-interest-bearing deposits 0 0
Non-time interest-bearing deposits 0 0
Time deposits 0 0
Total deposits 0 0
Federal funds purchased and securities sold under repurchase agreements 189,074 146,588
Securities sold short 3,496 3,370
Other short-term borrowings   0
Long-term debt 0 0
Mutual fund held in rabbi trusts 38,735 27,944
Derivative liabilities 0 0
Level 2 | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 0 0
Trading securities 12,898 8,295
Total investment securities available for sale 9,191,033 9,206,290
Loans held for sale 47,338 51,136
Other investments 0 0
Mutual funds and mutual funds held in rabbi trusts 0 0
Loans, net 0 0
FRB and FHLB stock 184,944 308,321
Derivative assets 94,903 89,815
Financial liabilities    
Non-interest-bearing deposits 12,507,616 15,639,899
Non-time interest-bearing deposits 27,449,088 26,936,635
Time deposits 10,769,002 6,260,315
Total deposits 50,725,706 48,836,849
Federal funds purchased and securities sold under repurchase agreements 0 0
Securities sold short 0 0
Other short-term borrowings   600,014
Long-term debt 1,939,604 4,120,113
Mutual fund held in rabbi trusts 0 0
Derivative liabilities 259,650 339,227
Level 3 | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 0 0
Trading securities 0 0
Total investment securities available for sale 0 0
Loans held for sale 5,432 339,949
Other investments 12,560 11,172
Mutual funds and mutual funds held in rabbi trusts 0 0
Loans, net 41,298,149 42,192,295
FRB and FHLB stock 0 0
Derivative assets 0 0
Financial liabilities    
Non-interest-bearing deposits 0 0
Non-time interest-bearing deposits 0 0
Time deposits 0 0
Total deposits 0 0
Federal funds purchased and securities sold under repurchase agreements 0 0
Securities sold short 0 0
Other short-term borrowings   0
Long-term debt 0 0
Mutual fund held in rabbi trusts 0 0
Derivative liabilities 0 0
Carrying Value | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 2,451,426 1,977,780
Trading securities 12,898 8,295
Total investment securities available for sale 9,788,662 9,678,103
Loans held for sale 52,768 391,502
Other investments 12,560 11,172
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659
Loans, net 42,925,105 43,272,929
FRB and FHLB stock 184,944 308,321
Derivative assets 94,903 89,815
Financial liabilities    
Non-interest-bearing deposits 12,507,616 15,639,899
Non-time interest-bearing deposits 27,449,088 26,936,635
Time deposits 10,782,481 6,295,025
Total deposits 50,739,185 48,871,559
Federal funds purchased and securities sold under repurchase agreements 189,074 146,588
Securities sold short 3,496 3,370
Other short-term borrowings   600,014
Long-term debt 1,932,534 4,109,597
Mutual fund held in rabbi trusts 38,735 27,944
Derivative liabilities 259,650 339,227
Fair Value | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 2,451,426 1,977,780
Trading securities 12,898 8,295
Total investment securities available for sale 9,788,662 9,678,103
Loans held for sale 52,770 391,085
Other investments 12,560 11,172
Mutual funds and mutual funds held in rabbi trusts 53,742 42,659
Loans, net 41,298,149 42,192,295
FRB and FHLB stock 184,944 308,321
Derivative assets 94,903 89,815
Financial liabilities    
Non-interest-bearing deposits 12,507,616 15,639,899
Non-time interest-bearing deposits 27,449,088 26,936,635
Time deposits 10,769,002 6,260,315
Total deposits 50,725,706 48,836,849
Federal funds purchased and securities sold under repurchase agreements 189,074 146,588
Securities sold short 3,496 3,370
Other short-term borrowings   600,014
Long-term debt 1,939,604 4,120,113
Mutual fund held in rabbi trusts 38,735 27,944
Derivative liabilities $ 259,650 $ 339,227
v3.24.0.1
Derivative Instruments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]      
Net unrealized gains (losses) arising during the period $ (40,606,000) $ (298,289,000) $ (77,948,000)
Unrealized gain, after tax (30,791,000) (225,715,000) (57,705,000)
Pre-tax income (23,700,000) 3,800,000 12,900,000
Cash flow hedge loss to be reclassified 117,000,000    
Cash flow hedge termination loss 21,000,000    
Reclaim cash collateral 69,700,000 66,800,000  
Obligation to return cash collateral $ 5,700,000 7,700,000  
Mortgage derivatives      
Derivative [Line Items]      
Derivative, term of contract 90 days    
Cash Flow Hedging      
Derivative [Line Items]      
Net unrealized gains (losses) arising during the period $ 0 (57,400,000) 1,200,000
Unrealized gain, after tax 0 $ (43,400,000) $ 930,000
Fair Value Hedging | Interest rate contracts | Interest-bearing deposits      
Derivative [Line Items]      
Hedged liability, discontinued fair value hedge 150,000,000    
Fair Value Hedging | Interest rate contracts | Long-Term Debt      
Derivative [Line Items]      
Hedged liability, discontinued fair value hedge $ 496,700,000    
v3.24.0.1
Derivative Instruments - Impact Of Derivatives On Balance Sheet (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Designated as hedging instrument    
Derivative [Line Items]    
Fair value of derivative assets $ 0 $ 0
Fair value of derivative liabilities 20,418,000 16,379,000
Not Designated As Hedging Instruments    
Derivative [Line Items]    
Fair value of derivative assets 94,903,000 89,815,000
Fair value of derivative liabilities 239,821,000 326,301,000
Not Designated As Hedging Instruments | Interest rate contracts    
Derivative [Line Items]    
Notional Amount 11,888,152,000 10,276,754,000
Fair value of derivative assets 94,208,000 89,310,000
Fair value of derivative liabilities 238,134,000 322,329,000
Not Designated As Hedging Instruments | Mortgage derivatives | Mortgage derivatives - interest rate lock commitments    
Derivative [Line Items]    
Notional Amount 40,642,000 50,218,000
Fair value of derivative assets 695,000 350,000
Fair value of derivative liabilities 0 0
Not Designated As Hedging Instruments | Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans    
Derivative [Line Items]    
Notional Amount 60,906,000 76,500,000
Fair value of derivative assets 0 155,000
Fair value of derivative liabilities 567,000 0
Not Designated As Hedging Instruments | Risk participation agreements    
Derivative [Line Items]    
Notional Amount 732,682,000 635,891,000
Fair value of derivative assets 0 0
Fair value of derivative liabilities 3,000 3,000
Not Designated As Hedging Instruments | Foreign exchange contracts    
Derivative [Line Items]    
Notional Amount 41,603,000 20,439,000
Fair value of derivative assets 0 0
Fair value of derivative liabilities 528,000 516,000
Not Designated As Hedging Instruments | Visa Derivative Liability    
Derivative [Line Items]    
Notional Amount 0 0
Fair value of derivative assets 0 0
Fair value of derivative liabilities 589,000 3,453,000
Cash Flow Hedging    
Derivative [Line Items]    
Fair value of derivative assets 0 0
Fair value of derivative liabilities 7,527,000 8,286,000
Cash Flow Hedging | Interest rate contracts    
Derivative [Line Items]    
Notional Amount 5,600,000,000 5,250,000,000
Fair value of derivative assets 0 0
Fair value of derivative liabilities 7,527,000 8,286,000
Fair Value Hedging    
Derivative [Line Items]    
Fair value of derivative assets 0 0
Fair value of derivative liabilities 12,891,000 8,093,000
Fair Value Hedging | Interest rate contracts    
Derivative [Line Items]    
Notional Amount 2,563,504,000 2,230,232,000
Fair value of derivative assets 0 0
Fair value of derivative liabilities $ 12,891,000 $ 8,093,000
v3.24.0.1
Derivative Instruments - Effect Of Fair Value Hedges On Consolidated Statements Of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]      
Loans, including fees $ 2,684,762 $ 1,806,060 $ 1,482,567
Deposits 1,026,755 187,232 74,919
Long-term debt 180,670 79,402 45,349
Interest Income, Loans, Including Fees | Cash Flow Hedging      
Derivative [Line Items]      
Pre-tax income (loss) recognized on hedges (176,442) (24,057)  
Interest Income, Loans, Including Fees | Fair Value Hedging      
Derivative [Line Items]      
Pre-tax income (loss) recognized on hedges 0 0  
Amounts related to interest settlements and amortization on derivatives 0 0  
Recognized on derivatives 0 0  
Recognized on hedged items 0 0  
Interest Income, Loans, Including Fees | Interest rate contracts | Cash Flow Hedging      
Derivative [Line Items]      
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans (176,442) (24,057) 12,862
Pre-tax income (loss) recognized on hedges     12,862
Deposits | Cash Flow Hedging      
Derivative [Line Items]      
Pre-tax income (loss) recognized on hedges 0 0 0
Deposits | Fair Value Hedging      
Derivative [Line Items]      
Pre-tax income (loss) recognized on hedges (22,495) 1,516  
Amounts related to interest settlements and amortization on derivatives (22,495) 1,516  
Recognized on derivatives 8,711 (24,227)  
Recognized on hedged items   24,227  
Deposits | Interest rate contracts | Cash Flow Hedging      
Derivative [Line Items]      
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans 0 0 0
Long-Term Debt | Cash Flow Hedging      
Derivative [Line Items]      
Pre-tax income (loss) recognized on hedges 0 0 0
Long-Term Debt | Fair Value Hedging      
Derivative [Line Items]      
Pre-tax income (loss) recognized on hedges (16,358) (322)  
Amounts related to interest settlements and amortization on derivatives (16,358) (322)  
Recognized on derivatives 5,986 (19,348)  
Recognized on hedged items   19,348  
Long-Term Debt | Interest rate contracts | Cash Flow Hedging      
Derivative [Line Items]      
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans $ 0 $ 0 $ 0
v3.24.0.1
Derivative Instruments - Schedule of the Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value Hedging | Interest-bearing deposits    
Derivative [Line Items]    
Hedge Accounting Basis Adjustment   $ 24,227
Fair Value Hedging | Long-Term Debt    
Derivative [Line Items]    
Hedge Accounting Basis Adjustment   19,348
Interest rate contracts | Interest-bearing deposits | Not Designated As Hedging Instruments    
Derivative [Line Items]    
Hedge Accounting Basis Adjustment $ 1,267  
Interest rate contracts | Long-Term Debt | Not Designated As Hedging Instruments    
Derivative [Line Items]    
Hedge Accounting Basis Adjustment 9,638  
Interest rate contracts | Fair Value Hedging | Interest-bearing deposits | Designated as hedging instrument    
Derivative [Line Items]    
Carrying amount of liabilities (2,013,504) (1,680,000)
Hedge Accounting Basis Adjustment (8,711) 24,227
Interest rate contracts | Fair Value Hedging | Long-Term Debt | Designated as hedging instrument    
Derivative [Line Items]    
Carrying amount of liabilities (546,872) (545,787)
Hedge Accounting Basis Adjustment $ (5,986) $ 19,348
v3.24.0.1
Derivative Instruments - Effect of Fair Value Hedges on Consolidated Statements of Income (Details) - Not Designated As Hedging Instruments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income $ (3,921) $ (6,431) $ (4,913)
Interest rate contracts      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income 395 1,570 100
Mortgage derivatives | Mortgage derivatives - interest rate lock commitments      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income 345 (1,756) (4,154)
Mortgage derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income (722) 277 1,489
Risk participation agreements      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income 0 33 269
Foreign exchange contracts      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income (12) (555) 39
Visa Derivative Liability      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income $ (3,927) $ (6,000) $ (2,656)
v3.24.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]      
Reserve for unfunded commitments   $ 57,200,000 $ 57,500,000
Covered chargebacks, net of reserves     15,300,000
Minimum      
Loss Contingencies [Line Items]      
Total letters of credit and unfunded lending commitments   0  
Maximum      
Loss Contingencies [Line Items]      
Total letters of credit and unfunded lending commitments   10,000,000  
Fair Value, Measurements, Nonrecurring | Level 3 | Qualpay      
Loss Contingencies [Line Items]      
Qualpay receivable $ 31,100,000    
Fair Value, Measurements, Nonrecurring | Level 3 | Other operating expense | Qualpay      
Loss Contingencies [Line Items]      
Fair value adjustment 2,700,000    
Fair Value, Measurements, Nonrecurring | Level 3 | Non Interest Income | Qualpay      
Loss Contingencies [Line Items]      
Fair value adjustment $ 13,100,000    
Other Assets      
Loss Contingencies [Line Items]      
Guarantor obligations, advanced payment to merchant   19,300,000  
Guarantee Obligations      
Loss Contingencies [Line Items]      
Guarantor obligations, monetary amount   114,380,000,000 119,200,000,000
Total letters of credit and unfunded lending commitments   $ 16,253,624,000 $ 17,181,946,000
v3.24.0.1
Commitments and Contingencies - Small Business Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]    
Carrying amount included in other assets $ 573,992 $ 488,944
Amount of future funding commitments 293,266 283,212
Permanent and short-term construction loans and letter of credit commitments 205,659 177,998
Funded portion of permanent and short-term loans and letters of credit 211,921 234,166
Letters of credit    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 200,269 220,622
Contractual amount net of risk participations 22,800 25,700
Commitments to fund commercial and industrial loans    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 10,313,880 9,970,733
Commitments to fund commercial real estate, construction, and land development loans    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 2,496,656 3,629,531
Commitments under home equity lines of credit    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 2,135,120 2,156,641
Unused credit card lines    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 453,303 461,443
Other loan commitments    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 654,396 742,976
Guarantee Obligations    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 16,253,624 17,181,946
Permanent and Short-term Construction Loans and Letter of Credit Commitments    
Loss Contingencies [Line Items]    
Contractual amount net of risk participations 9,700 4,700
Funded Portion of Permanent and Short-term Loans and Letters of Credit    
Loss Contingencies [Line Items]    
Contractual amount net of risk participations $ 4,000 $ 6,900
v3.24.0.1
Share-based Compensation and Other Employment Benefit Plans - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
simulation
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost $ 35.4    
Unrecognized compensation cost, period of recognition (years) 1 year 9 months 21 days    
Stock option grants (in shares) | shares 0 0 0
Options outstanding, intrinsic value $ 2.9    
Options outstanding, weighted average remaining contractual term (years) 2 years 1 month 6 days    
Options exercised, intrinsic value $ 11.2 $ 10.0 $ 21.3
Performance Share Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of simulations | simulation 100,000    
Non-option awards vested, total fair value $ 7.4 $ 2.2 $ 2.4
Performance Share Units (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of awards subject to market condition 50.00% 50.00% 50.00%
Restricted Share Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Non-option awards vested, total fair value $ 26.1 $ 28.0 $ 19.8
2021 Omnibus Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares of authorized but unissued common stock reserved for future grants (in shares) | shares 5,800,000    
Common stock, reserved for future issuance (in shares) | shares 4,300,000    
v3.24.0.1
Share-based Compensation and Other Employment Benefit Plans - Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Salaries and other personnel expense      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense included in non-interest expense $ 30,610 $ 26,751 $ 26,957
Other operating expense      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense included in non-interest expense 1,614 1,153 838
Non-interest expense      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense included in non-interest expense $ 32,224 $ 27,904 $ 27,795
v3.24.0.1
Share-based Compensation and Other Employment Benefit Plans - Stock Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Quantity      
Outstanding at beginning of year (in shares) 1,113,000 1,478,000 2,401,000
Options exercised (in shares) (697,000) (365,000) (923,000)
Options expired/canceled (in shares) 0 0 0
Options outstanding at end of year (in shares) 416,000 1,113,000 1,478,000
Options exercisable at end of year (in shares) 416,000 1,113,000 1,478,000
Weighted-Average Exercise Price      
Outstanding at beginning of year (in dollars per share) $ 23.51 $ 22.71 $ 22.47
Options exercised (in dollars per share) 18.97 20.27 22.07
Options expired (in dollars per share) 0 0 0
Options outstanding at end of year (in dollars per share) 31.13 23.51 22.71
Options exercisable at end of year (in dollars per share) $ 31.13 $ 23.51 $ 22.71
v3.24.0.1
Share-based Compensation and Other Employment Benefit Plans - Fair Value Assumptions-RSUs (Details) - Restricted Share Units
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.38% 2.87% 2.87%
Expected stock price volatility 48.30% 57.20% 56.10%
Simulation period 2 years 10 months 24 days 2 years 10 months 24 days 2 years 10 months 24 days
v3.24.0.1
Share-based Compensation and Other Employment Benefit Plans - Restricted Stock Units Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restricted Share Units      
Quantity      
Outstanding, beginning of period (in shares) 1,224,000 1,245,000 1,221,000
Granted (in shares) 807,000 608,000 599,000
Vested (in shares) (654,000) (571,000) (482,000)
Forfeited (in shares) (84,000) (58,000) (93,000)
Outstanding, end of period (in shares) 1,293,000 1,224,000 1,245,000
Weighted-Average Grant Date Fair Value      
Outstanding, beginning of period, weighted-average grant-date fair value (in dollars per share) $ 41.80 $ 37.00 $ 34.50
Granted, weighted-average grant-date fair value (in dollars per share) 41.04 48.14 42.31
Vested, weighted-average grant-date fair value (in dollars per share) 38.47 36.98 37.05
Forfeited, weighted-average grant-date fair value (in dollars per share) 45.18 42.21 31.41
Outstanding, end of period, weighted-average grant-date fair value (in dollars per share) $ 42.90 $ 41.80 $ 37.00
Performance Share Units      
Quantity      
Outstanding, beginning of period (in shares) 472,000 522,000 439,000
Granted (in shares) 192,000 29,000 141,000
Vested (in shares) (170,000) (45,000) (58,000)
Forfeited (in shares) 0 (34,000) 0
Outstanding, end of period (in shares) 494,000 472,000 522,000
Weighted-Average Grant Date Fair Value      
Outstanding, beginning of period, weighted-average grant-date fair value (in dollars per share) $ 44.11 $ 37.59 $ 39.37
Granted, weighted-average grant-date fair value (in dollars per share) 46.18 54.76 42.94
Vested, weighted-average grant-date fair value (in dollars per share) 35.75 38.86 42.43
Forfeited, weighted-average grant-date fair value (in dollars per share) 0 43.06 0
Outstanding, end of period, weighted-average grant-date fair value (in dollars per share) $ 47.16 $ 44.11 $ 37.59
v3.24.0.1
Share-based Compensation and Other Employment Benefit Plans - Other Employee Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Employer matching contribution, percent 100.00% 100.00% 100.00%
401(k) percent of match 5.00% 5.00% 5.00%
Annual contribution $ 25.2 $ 23.0 $ 21.5
Stock purchase plan, percent of match 15.00% 15.00% 15.00%
Stock purchase plans compensation expense $ 1.2 $ 1.1 $ 1.1
v3.24.0.1
Income Taxes - Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current      
Federal $ 107,445 $ 167,255 $ 153,911
State 29,739 28,152 29,982
Total current income tax expense 137,184 195,407 183,893
Deferred      
Federal 13,124 11,570 28,873
State 3,713 (702) 16,127
Total deferred income tax expense (benefit) 16,837 10,868 45,000
Total income tax expense $ 154,021 $ 206,275 $ 228,893
v3.24.0.1
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Income tax expense at statutory federal income tax rate $ 146,194 $ 202,477 $ 207,765
State income tax expense, net of federal income tax benefit 28,415 21,981 38,452
Tax credits and related benefits, net of amortization (as applicable) (21,037) (9,629) (8,717)
Income not subject to tax (10,477) (9,346) (10,455)
FDIC premiums 8,589 5,517 4,111
Executive compensation 3,575 2,152 1,096
Excess tax benefit from share-based compensation (1,416) (3,153) (3,084)
Other, net 178 (3,724) (275)
Total income tax expense $ 154,021 $ 206,275 $ 228,893
Effective tax rate 22.10% 21.40% 23.10%
v3.24.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred income tax assets    
Net unrealized losses on investment securities available for sale and cash flow hedges $ 348,712 $ 455,744
Allowance for credit losses 130,205 121,941
Lease liability 120,534 107,818
Employee benefits and deferred compensation 40,601 42,746
Net operating loss carryforwards 32,126 23,590
Tax credit carryforwards 15,532 14,553
FDIC Special Assessment 12,058 0
Unrealized losses on fair value hedges 7,480 11,101
Non-performing loan interest 5,877 2,695
Miscellaneous accrued expenses 5,659 5,125
Fair value of investment securities and loans 1,422 2,019
Other 7,423 6,585
Total gross deferred tax assets 727,629 793,917
Less valuation allowance (26,184) (19,114)
Total deferred tax assets 701,445 774,803
Deferred tax liabilities    
Right-of-use asset (114,529) (102,945)
Purchase accounting intangibles (23,276) (15,224)
Excess tax over financial statement depreciation (20,457) (23,762)
Deferred loan costs (16,810) (15,901)
Unrealized gain on hedged liabilities (7,480) (11,101)
Prepaid expense (6,917) (4,947)
Other properties held for sale (1,434) (2,828)
Other (3,640) (2,778)
Total gross deferred tax liabilities (194,543) (179,486)
Net deferred tax asset $ 506,902 $ 595,317
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]    
Valuation allowance $ 26,184 $ 19,114
Federal and State    
Income Tax Contingency [Line Items]    
Deferred tax assets, subject to expiration 32,100  
State    
Income Tax Contingency [Line Items]    
Tax credit carryforward, amount $ 15,500  
v3.24.0.1
Income Taxes - Tax Carryforwards (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance $ 727,629 $ 793,917
Valuation Allowance (26,184) (19,114)
Total deferred tax assets 701,445 $ 774,803
Federal | Net Operating Loss | 2027-2037    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance 25,240  
Valuation Allowance (19,703)  
Total deferred tax assets 5,537  
Federal | Other Credits | 2034-2041    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance 460  
Valuation Allowance (460)  
Total deferred tax assets 0  
State | Net Operating Loss | 2027-2043    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance 6,886  
Valuation Allowance (5,316)  
Total deferred tax assets 1,570  
State | Other Credits | 2024-2038    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance 15,072  
Valuation Allowance (705)  
Total deferred tax assets $ 14,367  
v3.24.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Income Tax Benefits      
Balance at January 1, $ 22,400 $ 25,104 $ 20,250
Additions based on income tax positions related to current year 719 649 3,754
Additions for income tax positions of prior years 186 247 1,379
Reductions for income tax positions of prior years (122) (1,215) (200)
Statute of limitation expirations (871) (2,002) (79)
Settlements 0 (383) 0
Balance at December 31, 22,312 22,400 25,104
Unrecognized tax benefits, income tax penalties and interest accrued 4,800 3,200 3,300
Unrecognized tax benefits that would impact effective tax rate 22,500 $ 20,900 $ 23,500
Approximate range of uncertain income tax positions expected to be settled or resolved during the next 12 months, minimum $ 1,700    
v3.24.0.1
Segment Reporting - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | segment   4    
Deposits transferred   $ (1,858,349) $ 531,490 $ (2,735,705)
Investment securities gains (losses), net   (76,718) 0 (799)
Non-interest expense   1,335,424 1,157,506 1,099,904
Loans $ 42,925,105 42,925,105 43,272,929  
Increase in PPP fees     12,600 79,200
Consumer | Third Party Consumer Loans        
Segment Reporting Information [Line Items]        
Loss on sale of loans   22,100    
Loans 421,700 421,700    
Wholesale Banking | Commercial Real Estate | Medical Office Buildings Loans        
Segment Reporting Information [Line Items]        
Loss on sale of loans   28,000    
Loans 1,170,000 1,170,000    
Treasury and Corporate Other        
Segment Reporting Information [Line Items]        
Deposits transferred 1,300,000      
Investment securities gains (losses), net   (76,700)    
Non-interest expense $ 51,000 $ 657,375 $ 545,338 $ 534,018
v3.24.0.1
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
employee
Dec. 31, 2023
USD ($)
employee
Dec. 31, 2022
USD ($)
employee
Dec. 31, 2021
USD ($)
Income Statement Related Disclosures        
Net interest income   $ 1,816,655 $ 1,796,900 $ 1,532,947
Non-interest revenue   404,010 409,336 450,066
Non-interest expense   1,335,424 1,157,506 1,099,904
Pre-provision net revenue   885,241 1,048,730 883,109
Balance Sheet Related Disclosures        
Loans, net of deferred fees and costs $ 43,404,490 43,404,490 43,716,353  
Deposits $ 50,739,185 $ 50,739,185 $ 48,871,559  
Full-time equivalent employees | employee 4,798 4,798 5,027  
Operating Segments | Wholesale Banking        
Income Statement Related Disclosures        
Net interest income   $ 806,399 $ 691,535 558,469
Non-interest revenue   51,918 39,262 34,590
Non-interest expense   159,488 114,212 90,198
Pre-provision net revenue   698,829 616,585 502,861
Balance Sheet Related Disclosures        
Loans, net of deferred fees and costs $ 25,506,870 25,506,870 25,865,667  
Deposits $ 13,847,833 $ 13,847,833 $ 12,942,732  
Full-time equivalent employees | employee 334 334 337  
Operating Segments | Community Banking        
Income Statement Related Disclosures        
Net interest income   $ 429,937 $ 412,660 399,261
Non-interest revenue   69,372 50,077 48,301
Non-interest expense   145,275 128,159 114,064
Pre-provision net revenue   354,034 334,578 333,498
Balance Sheet Related Disclosures        
Loans, net of deferred fees and costs $ 7,966,794 7,966,794 8,138,606  
Deposits $ 10,198,357 $ 10,198,357 $ 10,798,409  
Full-time equivalent employees | employee 576 576 598  
Operating Segments | Consumer Banking        
Income Statement Related Disclosures        
Net interest income   $ 614,338 $ 465,840 409,439
Non-interest revenue   79,871 86,570 79,725
Non-interest expense   205,674 198,472 177,491
Pre-provision net revenue   488,535 353,938 311,673
Balance Sheet Related Disclosures        
Loans, net of deferred fees and costs $ 2,825,411 2,825,411 2,933,504  
Deposits $ 18,698,298 $ 18,698,298 $ 18,561,521  
Full-time equivalent employees | employee 1,522 1,522 1,532  
Operating Segments | Financial Management Services        
Income Statement Related Disclosures        
Net interest income   $ 73,906 $ 69,539 78,647
Non-interest revenue   195,186 182,861 211,002
Non-interest expense   167,612 171,325 184,133
Pre-provision net revenue   101,480 81,075 105,516
Balance Sheet Related Disclosures        
Loans, net of deferred fees and costs $ 5,374,280 5,374,280 5,157,014  
Deposits $ 1,488,090 $ 1,488,090 $ 102,496  
Full-time equivalent employees | employee 604 604 768  
Treasury and Corporate Other        
Income Statement Related Disclosures        
Net interest income   $ (107,925) $ 157,326 87,131
Non-interest revenue   7,663 50,566 76,448
Non-interest expense $ 51,000 657,375 545,338 534,018
Pre-provision net revenue   (757,637) (337,446) $ (370,439)
Balance Sheet Related Disclosures        
Loans, net of deferred fees and costs 1,731,135 1,731,135 1,621,562  
Deposits $ 6,506,607 $ 6,506,607 $ 6,466,401  
Full-time equivalent employees | employee 1,762 1,762 1,792  
v3.24.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) - Condensed Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
ASSETS        
Total cash, cash equivalents, and restricted cash $ 2,451,426 $ 1,977,780 $ 3,009,853 $ 4,252,917
Other assets 2,587,324 2,471,638    
Total assets 59,809,534 59,731,378    
Liabilities and Shareholders' Equity        
Long-term debt 1,932,534 4,109,597    
Other liabilities 1,801,097 1,524,449    
Total liabilities 54,665,386 55,255,577    
Shareholders’ equity:        
Preferred stock 537,145 537,145    
Common stock 171,360 170,141    
Additional paid-in capital 3,955,819 3,920,346    
Accumulated other comprehensive income (loss), net (1,117,073) (1,442,117)    
Retained earnings 2,517,226 2,234,770    
Total Synovus Financial Corp. shareholders’ equity 5,119,993 4,475,801    
Total liabilities and shareholders' equity 59,809,534 59,731,378    
Parent Company        
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 $ 398,348 $ 448,629
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        
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 Synovus Financial Corp. shareholders’ equity 5,119,993 4,475,801    
Total liabilities and shareholders' equity $ 5,767,363 $ 5,207,472    
v3.24.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) - Condensed Statements Of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Expense      
Interest expense $ 1,233,703 $ 278,887 $ 120,396
Other expense 1,335,424 1,157,506 1,099,904
Net income attributable to Synovus Financial Corp. 543,705 757,902 760,467
Net income available to common shareholders 507,755 724,739 727,304
Parent Company      
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 attributable to Synovus Financial Corp. 543,705 757,902 760,467
Less: Preferred stock dividends 35,950 33,163 33,163
Net income available to common shareholders $ 507,755 $ 724,739 $ 727,304
v3.24.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) - Condensed Statements of Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]      
Net income (loss) $ 543,705 $ 757,902 $ 760,467
Other comprehensive income (loss) 325,044 (1,359,796) (240,956)
Comprehensive income (loss) attributable to Synovus Financial Corp. 868,749 (601,894) 519,511
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Net income (loss) 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) attributable to Synovus Financial Corp. $ 868,749 $ (601,894) $ 519,511
v3.24.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income (loss) $ 543,705 $ 757,902 $ 760,467
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Other (7,329) 677 0
Net cash provided by (used in) operating activities 1,282,623 1,191,489 794,016
Investing Activities      
Net cash provided by (used in) investing activities 323,966 (4,855,482) (4,384,166)
Financing Activities      
Repurchase of common stock 0 (12,987) (199,932)
Repayments and redemption of long-term debt (5,404,731) (700,000) 0
Proceeds from long-term debt, net 3,220,912 3,622,892 0
Other 0 0 (1,104)
Net cash provided by (used in) financing activities (1,132,943) 2,631,920 2,347,086
Increase (decrease) in cash and cash equivalents including restricted cash 473,646 (1,032,073) (1,243,064)
Cash, cash equivalents, and restricted cash at beginning of year 1,977,780 3,009,853 4,252,917
Cash, cash equivalents, and restricted cash at end of year 2,451,426 1,977,780 3,009,853
Parent Company      
Operating Activities      
Net income (loss) 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 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 0 (12,987) (199,932)
Repayments and redemption of long-term debt (97,033) (300,000) 0
Proceeds from long-term debt, net 0 347,892 0
Other 0 0 (1,104)
Net cash provided by (used in) financing activities (349,044) (194,406) (428,876)
Increase (decrease) in cash and cash equivalents including 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
v3.24.0.1
Subsequent Event (Details) - USD ($)
shares in Thousands
 2 Months Ended 12 Months Ended
Feb. 20, 2024
Dec. 31, 2022
Dec. 31, 2021
Jan. 18, 2024
Subsequent Event [Line Items]        
Repurchases of stock   $ 12,987,000 $ 199,932,000  
Common Stock, $1.00 Par Value        
Subsequent Event [Line Items]        
Repurchases of stock   $ 13,000,000 $ 199,900,000  
Repurchase of common stock (in shares)   281 4,400  
Common Stock, $1.00 Par Value | Subsequent Event        
Subsequent Event [Line Items]        
Stock repurchase program, authorized amount (up to)       $ 300,000,000
Repurchases of stock $ 29,900,000      
Repurchase of common stock (in shares) 800      
Preferred Stock | Subsequent Event        
Subsequent Event [Line Items]        
Stock repurchase program, authorized amount (up to)       $ 50,000,000