SYNOVUS FINANCIAL CORP, 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 18, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
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 33 W. 14th Street    
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     $ 5,514,952,903
Entity Common Stock, Shares Outstanding   140,893,828  
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, 2025 (“Proxy Statement”)Part III
    
Entity Central Index Key 0000018349    
Document Fiscal Year Focus 2024    
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, $1.00 Par Value    
Trading Symbol SNV    
Security Exchange Name NYSE    
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D      
Entity Information [Line Items]      
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D    
Trading Symbol SNV - PrD    
Security Exchange Name NYSE    
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E      
Entity Information [Line Items]      
Title of 12(b) Security Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E    
Trading Symbol SNV - PrE    
Security Exchange Name NYSE    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Atlanta, Georgia
Auditor Firm ID 185
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Interest-earning deposits with banks and other cash and cash equivalents $ 2,977,667 $ 2,414,103
Federal funds sold and securities purchased under resale agreements 16,320 37,323
Total cash, cash equivalents, and restricted cash 2,993,987 2,451,426
Investment securities held to maturity 2,581,469 0
Investment securities available for sale 7,551,018 9,788,662
Loans held for sale (includes $33,448 and $47,338, measured at fair value, respectively) 90,111 52,768
Loans, net of deferred fees and costs 42,609,028 43,404,490
Allowance for loan losses (486,845) (479,385)
Loans, net 42,122,183 42,925,105
Cash surrender value of bank-owned life insurance 1,139,988 1,112,030
Premises, equipment and software, net 383,724 365,851
Goodwill 480,440 480,440
Other intangible assets, net 34,318 45,928
Other assets 2,856,406 2,587,324
Total assets 60,233,644 59,809,534
Deposits:    
Non-interest-bearing deposits 11,596,119 12,507,616
Interest-bearing deposits 39,499,240 38,231,569
Total deposits 51,095,359 50,739,185
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings 131,728 192,570
Long-term debt 1,733,109 1,932,534
Other liabilities 2,007,197 1,801,097
Total liabilities 54,967,393 54,665,386
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 342,857,142 shares; issued 172,185,507 and 171,360,188, respectively; outstanding 141,165,908 and 146,705,330, respectively 172,186 171,360
Additional paid-in capital 3,986,729 3,955,819
Treasury stock, at cost; 31,019,599 and 24,654,858 shares, respectively (1,216,827) (944,484)
Accumulated other comprehensive income (loss), net (970,765) (1,117,073)
Retained earnings 2,736,089 2,517,226
Total Synovus Financial Corp. shareholders’ equity 5,244,557 5,119,993
Noncontrolling interest in subsidiary 21,694 24,155
Total equity 5,266,251 5,144,148
Total liabilities and shareholders' equity $ 60,233,644 $ 59,809,534
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Loans held-for-sale, fair value disclosure $ 33,448 $ 47,338
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) 342,857,142 342,857,142
Common stock, shares issued (in shares) 172,185,507 171,360,188
Common stock, shares outstanding (in shares) 141,165,908 146,705,330
Treasury stock, shares at cost (in shares) 31,019,599 24,654,858
v3.25.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Loans, including fees $ 2,769,778 $ 2,684,762 $ 1,806,060
Investment securities 329,478 248,294 209,951
Loans held for sale 3,679 30,092 34,037
Federal Reserve Bank balances 75,922 68,289 18,117
Other earning assets 14,732 18,921 7,622
Total interest income 3,193,589 3,050,358 2,075,787
Interest expense:      
Deposits 1,329,932 1,026,755 187,232
Long-term debt 109,657 180,670 79,402
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings 4,423 26,278 12,253
Total interest expense 1,444,012 1,233,703 278,887
Net interest income 1,749,577 1,816,655 1,796,900
Provision for (reversal of) credit losses 136,685 189,079 84,553
Net interest income after provision for credit losses 1,612,892 1,627,576 1,712,347
Non-interest revenue:      
Service charges on deposit accounts 91,647 90,096 93,067
Fiduciary and asset management fees 79,828 78,077 78,414
Card fees 76,920 72,357 61,833
Brokerage revenue 84,881 90,004 72,605
Mortgage banking income 14,060 15,157 17,476
Capital markets income 44,058 39,045 36,286
Income from bank-owned life insurance 34,429 31,429 29,720
Investment securities gains (losses), net (256,660) (76,718) 0
Recovery of NPA 0 13,126 0
Other non-interest revenue 70,441 51,437 19,935
Total non-interest revenue 239,604 404,010 409,336
Non-interest expense:      
Salaries and other personnel expense 737,467 728,378 681,710
Net occupancy, equipment, and software expense 187,451 179,581 174,730
Third-party processing and other services 85,751 86,649 88,617
Professional fees 46,089 39,854 37,189
FDIC insurance and other regulatory fees 45,921 94,737 29,083
Restructuring charges (reversals) 2,121 17,707 (9,690)
Loss on other loans held for sale 0 50,064 0
Other operating expense 142,743 138,454 155,867
Total non-interest expense 1,247,543 1,335,424 1,157,506
Income before income taxes 604,953 696,162 964,177
Income tax expense 125,502 154,021 206,275
Net income 479,451 542,141 757,902
Less: Net income (loss) attributable to noncontrolling interest (3,009) (1,564) 0
Net income attributable to Synovus Financial Corp. 482,460 543,705 757,902
Less: Preferred stock dividends 42,903 35,950 33,163
Net income available to common shareholders $ 439,557 $ 507,755 $ 724,739
Net income per common share, basic (in dollars per share) $ 3.05 $ 3.48 $ 4.99
Net income per common share, diluted (in dollars per share) $ 3.03 $ 3.46 $ 4.95
Weighted average common shares outstanding, basic (in shares) 144,164 146,115 145,364
Weighted average common shares outstanding, diluted (in shares) 144,998 146,734 146,481
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income before-tax amount $ 604,953 $ 696,162 $ 964,177
Net income, income tax (125,502) (154,021) (206,275)
Net income 479,451 542,141 757,902
Before-tax Amount      
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity (708,549) 0 0
Reclassification adjustment for the change in unamortized holding (losses) gains on held to maturity investment securities 58,808 0 0
Net change (649,741) 0 0
Income Tax      
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity 171,115 0 0
Reclassification adjustment for the change in unamortized holding (losses) gains on held to maturity investment securities (14,202) 0 0
Net change 156,913 0 0
Net of Tax Amount      
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity (537,434) 0 0
Reclassification adjustment for the change in unamortized holding (losses) gains on held to maturity investment securities 44,606 0 0
Net change (492,828) 0 0
Before-tax Amount      
Net unrealized gains (losses) arising during the period 517,032 215,914 (1,522,047)
Reclassification adjustment for realized (gains) losses included in net income 256,660 76,718 0
Net change 773,692 292,632 (1,522,047)
Income Tax      
Net unrealized gains (losses) arising during the period (124,863) (52,101) 369,764
Reclassification adjustment for realized (gains) losses included in net income (61,983) (18,527) 0
Net change (186,846) (70,628) 369,764
Net of Tax Amount      
Net unrealized gains (losses) arising during the period 392,169 163,813 (1,152,283)
Reclassification adjustment for realized (gains) losses included in net income 194,677 58,191 0
Net change 586,846 222,004 (1,152,283)
Before-tax Amount      
Net unrealized gains (losses) arising during the period (70,101) (40,606) (298,289)
Reclassification adjustment for realized (gains) losses included in net income 139,041 176,442 24,057
Net change 68,940 135,836 (274,232)
Income Tax      
Net unrealized gains (losses) arising during the period 16,928 9,815 72,574
Reclassification adjustment for realized (gains) losses included in net income (33,578) (42,611) (5,855)
Net change (16,650) (32,796) 66,719
Net of Tax Amount      
Net unrealized gains (losses) arising during the period (53,173) (30,791) (225,715)
Reclassification adjustment for realized (gains) losses included in net income 105,463 133,831 18,202
Net change 52,290 103,040 (207,513)
Total other comprehensive income (loss), before-tax amount 192,891 428,468 (1,796,279)
Other comprehensive income (loss), income tax (46,583) (103,424) 436,483
Other comprehensive income (loss) 146,308 325,044 (1,359,796)
Comprehensive income (loss) 625,759 867,185 (601,894)
Less: comprehensive income (loss) attributable to noncontrolling interest (3,009) (1,564) 0
Comprehensive income (loss) attributable to Synovus Financial Corp. $ 628,768 $ 868,749 $ (601,894)
v3.25.0.1
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, 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]                    
Net income (loss) 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 (loss) 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 [2] (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
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 479,451             482,460   (3,009)
Other comprehensive income (loss), net of income taxes 146,308           146,308      
Cash dividends declared on common stock (218,009)             (218,009)    
Cash dividends declared on preferred stock [3] (42,903)             (42,903)    
Repurchases of common stock including costs to repurchase (272,343)         (272,343)        
Restricted share unit vesting and taxes paid related to net share settlement (11,545)     528 (9,388)     (2,685)    
Stock options exercised, net 9,040     298 8,742          
Share-based compensation expense 31,556       31,556          
Other 548                 548
Ending balance at Dec. 31, 2024 $ 5,266,251   $ 537,145 $ 172,186 $ 3,986,729 $ (1,216,827) $ (970,765) $ 2,736,089   $ 21,694
[1] For the year ended December 31, 2022, dividends per share were $1.58 for Series D and $1.47 for Series E Preferred Stock.
[2] For the year ended December 31, 2023, dividends per share were $1.92 for Series D and $1.47 for Series E Preferred Stock.
[3] For the year ended December 31, 2024, dividends per share were $2.24 for Series D and $1.78 for Series E Preferred Stock.
v3.25.0.1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash dividends declared on common stock (in dollars per share) $ 1.52 $ 1.52 $ 1.36
Accounting standards update [Extensible Enumeration]     Accounting Standards Update 2023-02 [Member]
Series D Preferred Stock      
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share) 2.24 1.92 $ 1.58
Series E Preferred Stock      
Dividends declared on preferred stock during the year but paid after year-end (in dollars per share) $ 1.78 $ 1.47 $ 1.47
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 479,451 $ 542,141 $ 757,902
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for (reversal of) credit losses 136,685 189,079 84,553
Depreciation, amortization, and accretion, net 60,408 93,458 69,172
Deferred income tax expense (benefit) 19,371 16,837 10,868
Originations of loans held for sale (6,179,459) (600,671) (3,352,235)
Proceeds from sales of loans held for sale 6,151,247 945,944 3,709,022
Gain on sales of loans held for sale, net (9,657) (9,700) (12,126)
(Increase) decrease in other assets (389,458) (285,823) (175,006)
Increase (decrease) in other liabilities 265,561 244,335 82,957
Investment securities (gains) losses, net 256,660 76,718 0
Share-based compensation expense 32,049 32,224 27,904
Loss on sales of loans 0 50,064 0
Net gain on sales of other real estate and other assets held for sale (1,828) (4,654) (12,199)
Other 0 (7,329) 677
Net cash provided by (used in) operating activities 821,030 1,282,623 1,191,489
Investing Activities      
Net cash received (paid) for business combination and divestiture 0 8,359 0
Proceeds from maturities and principal collections of investment securities held to maturity 187,046 0 0
Proceeds from maturities and principal collections of investment securities available for sale 614,733 937,967 1,973,990
Proceeds from sales of investment securities available for sale 1,365,923 1,301,520 0
Purchases of investment securities available for sale (2,640,980) (2,150,430) (2,287,318)
Net proceeds from sales of loans 37,453 1,651,154 69,784
Purchases of loans 0 (10,623) (514,475)
Net (increase) decrease in loans 615,363 (1,524,681) (3,987,133)
Net (purchases) redemptions of Federal Reserve Bank stock (12,655) (5,081) 15,151
Net (purchases) redemptions of Federal Home Loan Bank stock 33,225 128,458 (163,531)
Net (purchases) proceeds from settlement of bank-owned life insurance policies 6,496 8,773 9,271
Net increase in premises, equipment and software (56,152) (32,207) (30,105)
Proceeds from sales of other real estate and other assets held for sale 27,119 10,757 58,884
Net cash provided by (used in) investing activities 177,571 323,966 (4,855,482)
Financing Activities      
Net increase (decrease) in deposits 343,683 1,858,349 (531,490)
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements (57,346) 42,486 (117,545)
Net increase (decrease) in other short-term borrowings (3,496) (599,888) 603,184
Repayments and redemption of long-term debt (1,850,000) (5,404,731) (700,000)
Proceeds from long-term debt, net 1,646,791 3,220,912 3,622,892
Dividends paid to common shareholders (220,128) (216,061) (196,148)
Dividends paid to preferred shareholders (40,696) (35,950) (33,163)
Issuances, net of taxes paid, under equity compensation plans (2,505) 1,940 (2,823)
Repurchase of common stock (272,343) 0 (12,987)
Net cash provided by (used in) financing activities (456,040) (1,132,943) 2,631,920
Increase (decrease) in cash and cash equivalents including restricted cash 542,561 473,646 (1,032,073)
Cash, cash equivalents, and restricted cash at beginning of year 2,451,426 1,977,780 3,009,853
Cash, cash equivalents, and restricted cash at end of year 2,993,987 2,451,426 1,977,780
Supplemental Disclosures:      
Income taxes paid 47,268 69,753 175,680
Interest paid 1,467,099 1,112,905 242,040
Non-cash Activities:      
Loans foreclosed and transferred to other real estate 21,992 0 0
Investment securities transferred from available for sale to held to maturity 2,715,635 0 0
Settlement of acquired debt $ 0 $ 31,109 $ 0
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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 wealth services, treasury 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, Synovus also provides various other financial planning and investment advisory services through its 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 ongoing 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 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.
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 include 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 $34.6 million at December 31, 2024 and $69.7 million at December 31, 2023, which were pledged to collateralize certain derivative instruments and letters of credit.
Investment Securities
Synovus classifies its securities based upon management's intent and ability to hold the investment securities as either securities available for sale or securities held to maturity.
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.
Securities that Synovus has the full intent and ability to hold until maturity are classified as held to maturity and are carried at amortized cost, net of any allowance for credit losses. Accrued interest is excluded from the amortized cost of held to maturity securities and is included within other assets on the consolidated balance sheets. Held to maturity securities are generally placed on non-accrual status using factors similar to those described for loans as referenced below within this note in the "Non-accrual Loans" section.
At the time an investment security is transferred from the available for sale to held to maturity category, the security's fair value becomes its new amortized cost, net of any allowance for credit losses and is a non-cash transaction. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the security, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security.
When investment securities available for sale are in an unrealized loss position, Synovus performs a quarterly assessment of its available for sale 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.
The Company assesses expected credit losses on held to maturity securities on a collective basis by major security type. Any expected credit loss is provided through an allowance for credit losses on held to maturity securities and deducted from the amortized cost basis of the security. All of the Company's held to maturity securities are either guaranteed or issued by U.S. government sponsored enterprises, are highly rated by major credit rating agencies and have a long history of no credit losses, and therefore, the zero-credit loss assumption has been applied. Synovus has elected to not measure an allowance on its accrued
interest receivable as a result of the timely reversal of interest receivable deemed uncollectible. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Cash collected on non-accrual held to maturity securities is generally applied to reduce the securities amortized cost basis and not as interest income.
Interest income on securities is recorded on the accrual basis on the consolidated statements of income. 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 available for sale 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
Synovus adopted ASU 2022-02, Financial Instruments- Credit Losses (Topic 326), 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 Deferred 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, 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 discounted cash flow (DCF) model applied to the aforementioned loan pools. This model calculates an expected life-of-loan loss percentage for each loan category by considering the modeled 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 the modeled 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.
The ALL may be adjusted, as necessary, for certain quantitative and qualitative factors. These factors are used to capture characteristics in the portfolio that impact expected credit losses, but are not fully captured within the expected credit loss models. This includes adjustments for economic forecast limitations, loan maturity extensions, portfolio composition and
concentrations, among others. These adjustments, in management's judgment, are necessary to reflect losses expected in the portfolio and are based on management's analysis of current and expected economic conditions and their impact to the portfolio, as well as internal credit risk movements and a qualitative assessment of the lending environment, including underwriting standards.
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 of 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. Recoverability of the long-lived assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by use and eventual disposition of 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’s use and eventual disposition). 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.
Definite-lived 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
commercial sponsorship income. 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 contain both market and performance target levels. The performance target levels are compared to applicable 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 prepayment 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 that 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 dedesignation 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, 2024 and 2023, Synovus recorded fair value adjustments of $8.7 million and $3.9 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 jurisdictions where 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 assets 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, HTC, and new markets tax credit partnerships. Synovus elected to apply the proportional amortization method of accounting to its qualifying solar energy tax credit partnership. 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. Synovus applies the HLBV method of accounting for non-qualifying solar investments. For the year ended December 31, 2022, Synovus applied the equity method of accounting to its new market tax credit partnership.
During the years ended December 31, 2024 and 2023, Synovus recognized tax credits and other tax benefits of $80.8 million and $81.6 million and amortization expense of $60.7 million and $63.9 million, respectively, 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. 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 2024 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 2024
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.
Annual periods beginning on January 1, 2024
The Company adopted the new disclosure requirements for the annual period beginning on January 1, 2024, on a retrospective basis. See Note 17, Segment Reporting, for the required disclosures in accordance with this ASU.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted in 2024
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.
ASU 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 to improve the disclosures over expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The ASU addresses investors' requests for more disaggregated expense information to better understand an entity's performance, better assess the entity's prospects for future cash flows, and compare an entity's performance over time and with that of other entities. This ASU requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. Retrospective application in all prior periods is permitted.January 1, 2027The Company will adopt the new disclosure requirements for the annual period beginning on January 1, 2027, and interim periods starting on January 1, 2028. The Company is currently evaluating the impact of the incremental expense information that will be required to be disclosed as well as the impact to the Form 10-K.
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Investment Securities
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Investment Securities
Note 2 - Investment Securities
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities at December 31, 2024 and 2023 are summarized below.
December 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities held to maturity:
Mortgage-backed securities issued by U.S. Government sponsored enterprises$2,581,469 $— $(56,944)$2,524,525 
Total investment securities held to maturity(1)
$2,581,469 $— $(56,944)$2,524,525 
Investment securities available for sale:
U.S. Treasury securities$1,214,363 $3,203 $(4,824)$1,212,742 
U.S. Government agency securities29,993 — (830)29,163 
Mortgage-backed securities issued by U.S. Government agencies1,583,331 848 (121,389)1,462,790 
Mortgage-backed securities issued by U.S. Government sponsored enterprises2,294,700 250 (260,915)2,034,035 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises657,453 — (107,252)550,201 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises2,290,968 4,724 (42,576)2,253,116 
Corporate debt securities and other debt securities9,110 — (139)8,971 
Total investment securities available for sale(2)
$8,079,918 $9,025 $(537,925)$7,551,018 
December 31, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities available for sale:
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(2)
$11,091,254 $31,540 $(1,334,132)$9,788,662 
(1) The amounts reported exclude accrued interest receivable on investment securities HTM of $5.7 million at December 31, 2024, which is presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of investment securities HTM includes a discount of $(649.7) million at December 31, 2024 related to the unamortized portion of unrealized losses on investment securities HTM.
(2) The amounts reported exclude accrued interest receivable on investment securities AFS of $29.5 million and $26.6 million at December 31, 2024 and 2023, 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, 2024, investment securities AFS and investment securities HTM with a carrying value of $2.83 billion and $2.45 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
At December 31, 2023, investment securities AFS with a carrying value of $5.19 billion were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
On April 1, 2024, Synovus transferred $2.72 billion in fair value of mortgage-backed securities issued by U.S. Government sponsored enterprises from AFS to HTM. At the time of transfer, $537.4 million of unrealized losses, net of tax, were retained in accumulated other comprehensive income and will be amortized over the remaining life of the securities. The transfer of
these securities from AFS to HTM reduces our exposure to potential AOCI volatility associated with investment security market price fluctuations.
Gross unrealized losses on investment securities AFS 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, 2024 and 2023 are presented below.
December 31, 2024
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$716,367 $(4,824)$— $— $716,367 $(4,824)
U.S. Government agency securities— — 29,163 (830)29,163 (830)
Mortgage-backed securities issued by U.S. Government agencies716,268 (8,431)577,468 (112,958)1,293,736 (121,389)
Mortgage-backed securities issued by U.S. Government sponsored enterprises456,887 (12,503)1,542,618 (248,412)1,999,505 (260,915)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises29,040 (820)521,161 (106,432)550,201 (107,252)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,060,903 (10,624)276,850 (31,952)1,337,753 (42,576)
Corporate debt securities and other debt securities— — 8,971 (139)8,971 (139)
Total$2,979,465 $(37,202)$2,956,231 $(500,723)$5,935,696 $(537,925)
December 31, 2023
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Government agency securities$— $— $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)
As of December 31, 2024, Synovus had 82 investment securities AFS in a loss position for less than twelve months and 211 investment securities AFS in a loss position for twelve months or longer. As of December 31, 2024, Synovus does not intend to sell investment securities AFS 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. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the AFS securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. As such, no write-downs to the amortized cost basis of the portfolio were recorded at December 31, 2024. 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.
At December 31, 2024, no ACL was established for investment securities AFS. 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.
As of December 31, 2024, all investment securities HTM were rated investment grade or supported by U.S. government agencies and have no history of credit losses, supporting the application of a zero-credit loss assumption and no allowance for credit losses.
The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at December 31, 2024 are shown below. The expected life of MBSs and 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.
December 31, 2024
(in thousands)Within One
 Year		1 to 5
Years		5 to 10
 Years		More Than
 10 Years		Total
Investment securities HTM
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost$— $— $— $2,581,469 $2,581,469 
Fair value— — — 2,524,525 2,524,525 
Investment securities AFS
U.S. Treasury securities
Amortized cost$52,316 $824,797 $337,250 $— $1,214,363 
Fair value52,500 825,478 334,764 — 1,212,742 
U.S. Government agency securities
Amortized cost— 29,993 — — 29,993 
Fair value— 29,163 — — 29,163 
Mortgage-backed securities issued by U.S. Government agencies
Amortized cost— 45 3 1,583,283 1,583,331 
Fair value— 44 3 1,462,743 1,462,790 
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost— — — 2,294,700 2,294,700 
Fair value— — — 2,034,035 2,034,035 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized cost— 21 8,511 648,921 657,453 
Fair value— 21 8,228 541,952 550,201 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized cost— 1,256,041 1,017,900 17,027 2,290,968 
Fair value— 1,244,187 994,408 14,521 2,253,116 
Corporate debt securities and other debt securities
Amortized cost— 9,110 — — 9,110 
Fair value— 8,971 — — 8,971 
Gross gains and gross losses on sales of investment securities AFS for the years ended December 31, 2024, 2023, and 2022 are presented below.
(in thousands)202420232022
Gross realized gains on sales$— $5,141 $— 
Gross realized losses on sales(256,660)(81,859)— 
Investment securities gains (losses), net$(256,660)$(76,718)$— 
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Loans and Allowance for Loan Losses
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023.
December 31, 2024
(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$14,352,839 $12,947 $10,332 $23,279 $98,145 $24,729 $14,498,992 
Owner-occupied7,754,052 7,700 36,005 43,705 21,119 13,261 7,832,137 
Total commercial and industrial(1)
22,106,891 20,647 46,337 66,984 119,264 37,990 22,331,129 
Investment properties11,105,168 2,006 — 2,006 74,030 — 11,181,204 
1-4 family properties541,897 1,636 — 1,636 2,385 — 545,918 
Land and development284,793 1,113 202 1,315 1,389 — 287,497 
Total commercial real estate11,931,858 4,755 202 4,957 77,804 — 12,014,619 
Consumer mortgages5,228,580 9,362 — 9,362 50,834 — 5,288,776 
Home equity 1,800,614 13,131 177 13,308 17,365 — 1,831,287 
Credit cards182,435 1,573 1,863 3,436 — — 185,871 
Other consumer loans940,608 10,818 13 10,831 5,907 — 957,346 
Total consumer8,152,237 34,884 2,053 36,937 74,106 — 8,263,280 
Loans, net of deferred fees and costs(2)(3)
$42,190,986 $60,286 $48,592 $108,878 $271,174 $37,990 $42,609,028 
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 industrial(1)
22,396,987 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(2)(3)
$43,057,214 $54,046 $5,053 $59,099 $216,667 $71,510 $43,404,490 
(1)    Includes senior housing loans of $2.94 billion and $3.28 billion at December 31, 2024 and 2023, respectively, which are primarily classified as owner-occupied in accordance with our underwriting process.
(2)    The amortized cost basis of loans, net of deferred fees and costs excludes accrued interest receivable of $217.1 million and $256.3 million at December 31, 2024 and 2023, 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.
(3)    Loans are presented net of deferred loan fees and costs totaling $34.1 million and $35.9 million at December 31, 2024 and 2023, respectively.
Pledged Loans
Loans with carrying values of $24.66 billion and $24.31 billion, respectively, were pledged as collateral for borrowings and capacity at December 31, 2024 and 2023 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 generally 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 tables summarize each loan portfolio class by regulatory risk grade and origination year as of December 31, 2024 and 2023 as required by CECL.
December 31, 2024
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20242023202220212020PriorAmortized Cost BasisConverted to Term LoansTotal
Commercial, financial, and agricultural
Pass$1,200,861 $1,001,989 $739,134 $1,195,316 $629,109 $1,586,291 $7,372,228 $81,796 $13,806,724 
Special Mention1,555 20,255 17,775 18,403 2,464 36,817 158,968 — 256,237 
Substandard20,920 12,397 59,487 14,694 39,482 17,028 258,070 493 422,571 
Doubtful— — — 5,911 — 1,869 5,145 — 12,925 
Loss— — — — — — 535 — 535 
Total commercial, financial, and agricultural1,223,336 1,034,641 816,396 1,234,324 671,055 1,642,005 7,794,946 82,289 14,498,992 
Current YTD Period:
Gross charge-offs7,696 16,499 3,786 8,787 997 4,413 53,736 — 95,914 
Owner-occupied
Pass691,899 981,593 1,468,946 1,220,421 872,744 1,621,387 619,519 — 7,476,509 
Special Mention1,099 2,466 65,733 5,397 34,244 12,621 — — 121,560 
Substandard2,568 5,838 34,147 20,698 49,766 65,147 55,904 — 234,068 
Total owner-occupied695,566 989,897 1,568,826 1,246,516 956,754 1,699,155 675,423 — 7,832,137 
Current YTD Period:
Gross charge-offs— 76 543 304 1,567 17,558 3,426 — 23,474 
Total commercial and industrial1,918,902 2,024,538 2,385,222 2,480,840 1,627,809 3,341,160 8,470,369 82,289 22,331,129 
Current YTD Period:
Gross charge-offs$7,696 $16,575 $4,329 $9,091 $2,564 $21,971 $57,162 $— $119,388 
Investment properties
Pass769,775 642,808 3,306,914 2,406,325 898,363 2,405,650 227,460 — 10,657,295 
Special Mention4,583 2,211 97,443 200,780 — 68,559 — — 373,576 
Substandard— 1,689 10,093 83,795 1,466 13,884 — — 110,927 
Doubtful— — — 39,401 — — — — 39,401 
Loss— — — — — 5 — — 5 
Total investment properties774,358 646,708 3,414,450 2,730,301 899,829 2,488,098 227,460 — 11,181,204 
Current YTD Period:
Gross charge-offs— — 527 4,752 — 4,602 — — 9,881 
1-4 family properties
Pass159,008 79,094 95,050 81,630 28,845 53,167 40,133 — 536,927 
Special Mention— — 1,060 663 169 1,300 — — 3,192 
Substandard919 840 1,618 233 287 1,857 45 — 5,799 
Total 1-4 family properties159,927 79,934 97,728 82,526 29,301 56,324 40,178 — 545,918 
Current YTD Period:
Gross charge-offs— 103 — — — 143 — — 246 
Land and development
Pass55,564 87,465 54,214 26,002 4,933 41,749 14,798 — 284,725 
Special Mention— 138 — 25 — 390 — — 553 
Substandard— 1,347 — — 153 719 — — 2,219 
Total land and development55,564 88,950 54,214 26,027 5,086 42,858 14,798 — 287,497 
Current YTD Period:
Gross charge-offs— — — — 35 22 — — 57 
Total commercial real estate989,849 815,592 3,566,392 2,838,854 934,216 2,587,280 282,436 — 12,014,619 
Current YTD Period:
Gross charge-offs$— $103 $527 $4,752 $35 $4,767 $— $— $10,184 
December 31, 2024
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20242023202220212020PriorAmortized Cost BasisConverted to Term LoansTotal
Consumer mortgages
Pass457,176 681,844 670,652 947,395 1,119,610 1,341,463 25 — 5,218,165 
Substandard190 1,872 5,590 7,117 17,918 37,895 — — 70,582 
Loss— — — — — 29 — — 29 
Total consumer mortgages457,366 683,716 676,242 954,512 1,137,528 1,379,387 25 — 5,288,776 
Current YTD Period:
Gross charge-offs— 11 — 3 30 122 — — 166 
Home equity
Pass— — — — — — 1,386,370 424,891 1,811,261 
Substandard— — — — — — 11,464 7,729 19,193 
Loss— — — — — — 554 279 833 
Total home equity — — — — — — 1,398,388 432,899 1,831,287 
Current YTD Period:
Gross charge-offs— — — — — — 230 106 336 
Credit cards
Pass— — — — — — 184,061 — 184,061 
Substandard— — — — — — 701 — 701 
Loss— — — — — — 1,109 — 1,109 
Total credit cards— — — — — — 185,871 — 185,871 
Current YTD Period:
Gross charge-offs— — — — — — 7,153 — 7,153 
Other consumer loans
Pass150,051 81,087 119,274 144,297 78,961 91,802 284,801 — 950,273 
Substandard310 1,046 1,298 2,692 1,132 524 59 — 7,061 
   Loss— — — — — — 12 — 12 
Total other consumer loans150,361 82,133 120,572 146,989 80,093 92,326 284,872 — 957,346 
Current YTD Period:
Gross charge-offs576 3,740 4,840 7,601 2,140 2,509 2,315 — 23,721 
Total consumer607,727 765,849 796,814 1,101,501 1,217,621 1,471,713 1,869,156 432,899 8,263,280 
Current YTD Period:
Gross charge-offs$576 $3,751 $4,840 $7,604 $2,170 $2,631 $9,698 $106 $31,376 
Loans, net of deferred fees and costs$3,516,478 $3,605,979 $6,748,428 $6,421,195 $3,779,646 $7,400,153 $10,621,961 $515,188 $42,609,028 
Current YTD Period:
Gross charge-offs$8,272 $20,429 $9,696 $21,447 $4,769 $29,369 $66,860 $106 $160,948 
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-offs9,367 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 
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-offs546 7,685 5,668 3,878 1,893 22,671 3,109 — 45,450 
December 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20232022202120202019PriorAmortized Cost BasisConverted to Term LoansTotal
Consumer mortgages
Pass$757,485 $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 
Loan, 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.
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, 2024 and 2023.    
Rollforward of Allowance for Loan Losses
The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2024, 2023, and 2022. 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, 2024 and 2022, Synovus had no significant transfers to loans held for sale.
As of and For The Year Ended December 31, 2024
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2023$218,970 $133,758 $126,657 $479,385 
Charge-offs(119,388)(10,184)(31,376)(160,948)
Recoveries17,084 1,905 7,965 26,954 
Provision for (reversal of) loan losses93,859 8,542 39,053 141,454 
Ending balance at December 31, 2024$210,525 $134,021 $142,299 $486,845 
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 
The ALL of $486.8 million and the reserve on unfunded commitments of $52.5 million, which is recorded in other liabilities, comprise the total ACL of $539.3 million at December 31, 2024. The ACL increased $2.7 million compared to the December 31, 2023 ACL of $536.6 million, which consisted of an ALL of $479.4 million and the reserve on unfunded commitments of $57.2 million. The ACL to loans coverage ratio of 1.27% at December 31, 2024 was 3 bps higher compared to December 31, 2023. The increase in the ACL from December 31, 2023 resulted primarily from the continuation of an uncertain economic outlook, as well as increased defaults. The Company includes adjustments, as appropriate, intended to capture the impact of uncertainties in the quantitative estimate. The ALL at December 31, 2024 included qualitative adjustments for higher risk portfolios such as Leveraged Lending, included in C&I, CRE Office Buildings and CRE Multi-family. The ALL at December 31, 2023 included quantitative adjustments to reflect uncertainty due to the impacts of government stimulus.
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, 2024, 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 4.6% over the forecast period at December 31, 2024, compared to 4.5% 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 tables present the amortized cost of FDM loans by loan portfolio class that were modified during the years ended December 31, 2024 and 2023.
Year Ended December 31, 2024
(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$— $10,606 $— $— $10,606 0.1 %
Owner-occupied— 183 — — 13,686 13,869 0.2 
Total commercial and industrial— 10,789 — — 13,686 24,475 0.1 
Investment properties74,675 2,222 — — — 76,897 0.7 
Total commercial real estate74,675 2,222 — — — 76,897 0.6 
Consumer mortgages122 — — 1,878 — 2,000 — 
Other consumer loans179 582 — 4 23 788 0.1 
Total consumer301 582 — 1,882 23 2,788 — 
Total FDMs$74,976 $13,593 $— $1,882 $13,709 $104,160 0.2 %
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 — 
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, 2024, commercial, financial, and agricultural loans of $3.2 million defaulted that were previously modified in the prior 12 months by receiving a term extension. 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, 2024 and 2023, there were no commitments to lend a material amount of additional funds to any borrower whose loan was classified as an FDM.
The following presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the years ended December 31, 2024 and 2023.
Year Ended December 31, 2024
(Dollars in thousands)Weighted Average Interest Rate ReductionWeighted Average Term Extension
(in months)		Weighted Average Payment Delay
(in months)
Commercial, financial, and agricultural— %12— 
Owner-occupied2.4 5— 
Investment properties1.9 12— 
Consumer mortgages2.3 — 5.5
Home equity— — — 
Other consumer loans4.2 756
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 Delay
(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 during the year ended December 31, 2024.
December 31, 2024
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past Due
Non-accrual (1)
Total
Commercial, financial, and agricultural$9,896 $540 $— $170 $10,606 
Owner-occupied13,686 — — 183 13,869 
Total commercial and industrial23,582 540 — 353 24,475 
Investment properties44,115 — — 32,782 76,897 
Total commercial real estate44,115 — — 32,782 76,897 
Consumer mortgages210 — — 1,790 2,000 
Other consumer loans397 106 — 285 788 
Total consumer607 106 — 2,075 2,788 
Total FDMs$68,304 $646 $— $35,210 $104,160 
(1)    Loans were on non-accrual when modified and subsequently classified as FDMs.
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, the date Synovus adopted ASU 2022-02 through December 31, 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 
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 table presents, by concession
type, the post-modification balance for loans modified or renewed during the year ended December 31, 2022 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)
(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 year ended December 31, 2022.
(2)    No charge-offs were recorded during the year ended December 31, 2022 upon restructuring of these loans.
For the year ended December 31, 2022, there were five defaults with a recorded investment of $1.0 million 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).
v3.25.0.1
Premises, Equipment and Software
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Premises, Equipment and Software
Note 4 - Premises, Equipment and Software
Premises, equipment and software at December 31, 2024 and 2023 consist of the following:
(in thousands)20242023
Land$90,173 $92,094 
Buildings and improvements285,399 291,471 
Leasehold improvements95,259 100,125 
Furniture, equipment and software395,549 450,458 
Construction in progress64,583 24,799 
Total premises, equipment and software930,963 958,947 
Less: Accumulated depreciation and amortization(547,239)(593,096)
Net premises, equipment and software$383,724 $365,851 
Depreciation and amortization expense for the years ended December 31, 2024, 2023, and 2022 totaled $37.4 million, $38.2 million, and $42.1 million, respectively.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Note 5 - Goodwill and Other Intangible Assets
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 fair value estimates of the assets acquired and liabilities assumed in the transaction. 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, 2024 and 2023 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, 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 
Change in goodwill— — — — — 
Balance as of December 31, 2024$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, 2024, 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, 2024; 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, 2024 and 2023. 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 included 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, 2024, 2023, and 2022 was $11.6 million, $10.5 million, and $8.5 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, 2024
CDI$57,400 $(46,964)$10,436 
Client Relationships22,100 (10,705)11,395 
Partner Relationships4,700 (1,488)3,212 
Developed Technology11,091 (3,512)7,579 
Other3,900 (2,204)1,696 
Total other intangible assets$99,191 $(64,873)$34,318 
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 
The estimated amortization expense of other intangible assets for the next five years is as follows:
(in thousands)Amortization Expense
2025$10,510 
20269,438 
20278,067 
20283,826 
20291,025 
v3.25.0.1
Other Assets
 12 Months Ended
Dec. 31, 2024
Other Assets [Abstract]  
Other Assets
Note 6 - Other Assets
Significant balances included in other assets at December 31, 2024 and 2023 are presented below.
(in thousands)20242023
Investments in tax credits and CRA partnerships$808,425 $638,402 
Deferred tax assets473,817 510,442 
Accounts receivable445,146 195,921 
ROU assets(1)
429,454 473,028 
Accrued interest receivable254,629 284,112 
FRB and FHLB Stock164,374 184,944 
Derivative asset positions83,895 94,903 
Mutual funds and mutual funds held in rabbi trusts63,371 53,742 
Prepaid expense46,917 47,471 
Other investments14,831 12,560 
Trading securities, at fair value9,713 12,898 
Other real estate385 — 
MPS receivable(2)
— 19,300 
Miscellaneous other assets61,449 59,601 
Total other assets$2,856,406 $2,587,324 
(1)    Lease liabilities are included within other liabilities on the consolidated balance sheets.
(2)    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 $146.3 million and $133.7 million at December 31, 2024 and 2023, 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 $18.0 million and $51.3 million at December 31, 2024 and 2023, respectively) in an amount equal to its membership base investment plus an activity-based investment determined according to the level of outstanding FHLB advances.
v3.25.0.1
Deposits
 12 Months Ended
Dec. 31, 2024
Interest-Bearing Deposit Liabilities [Abstract]  
Deposits
Note 7 - Deposits
A summary of interest-bearing deposits at December 31, 2024 and 2023 is presented below.
(in thousands)
20242023
Interest-bearing demand deposits(1)
$11,517,281 $10,680,625 
Money market accounts(1)
14,056,342 12,902,294 
Savings accounts982,498 1,071,258 
Time deposits(1)
8,067,889 7,534,393 
Brokered deposits4,875,230 6,042,999 
Total interest-bearing deposits$39,499,240 $38,231,569 
(1)    Excluding brokered deposits
The aggregate amount of time deposits of $250,000 or more was $3.72 billion at December 31, 2024 and $3.55 billion at December 31, 2023.
The following table presents contractual maturities of all time deposits, including brokered time deposits, at December 31, 2024.
(in thousands)
Maturing within one year$8,584,750 
Between 1 - 2 years605,738 
2 - 3 years390,923 
3 - 4 years18,466 
4 - 5 years10,028 
Thereafter5,957 
Total$9,615,862 
v3.25.0.1
Long-term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term Debt
Note 8 - Long-term Debt
Long-term Debt
The following table presents long-term debt at December 31, 2024 and 2023 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)20242023
Parent Company:
6.168% Fixed Rate/Floating Rate Senior Notes issued November 1, 2024, due November 1, 2030, subject to redemption prior to November 1, 2029: $500.0 million par value at issuance with semi-annual interest payments at 6.168% for the first five years and quarterly payments thereafter at compounded SOFR plus 2.347%
$490,415 $— 
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
199,621 201,925 
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
346,914 340,778 
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 6.42% at December 31, 2024 and 7.45% at December 31, 2023)
10,000 10,000 
Total long-term debt — Parent Company$1,046,950 $552,703 
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
$490,283 $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
195,876 192,732 
FHLB advances with weighted average interest rate of 5.57% at December 31, 2023
— 700,000 
Total long-term debt — Synovus Bank686,159 1,379,831 
Total long-term debt$1,733,109 $1,932,534 
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, 2024 and 2023, 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, 2024 of the long-term debt.
 
(in thousands)
Parent
Company		Synovus BankTotal
2025$350,000 

$— $350,000 
2026— — — 
2027— — — 
2028— 500,000 500,000 
2029202,967 — 202,967 
Thereafter510,000 200,000 710,000 
Total$1,062,967 $700,000 $1,762,967 
v3.25.0.1
Shareholders' Equity and Other Comprehensive Income
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022.
 
 
(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, 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 
Restricted share unit activity— — — 528 — 528 
Stock options exercised— — — 298 — 298 
Repurchase of common stock— — — — 6,365 (6,365)
Balance at December 31, 20248,000 14,000 22,000 172,186 31,020 141,166 
Preferred Stock
The following table presents a summary of preferred stock as of December 31, 2024, 2023, and 2022.
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 changed and will 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 2024, Synovus repurchased 6.4 million shares of common stock at an average price of $42.40 per share through open market transactions under the share repurchase program approved on December 14, 2023. On December 13, 2024, the Board of Directors approved share repurchases of up to $400 million of common stock and $50 million of preferred stock in 2025.
During 2023, Synovus did not repurchase any common stock under the share repurchase program announced on January 18, 2023.
During 2022, Synovus repurchased $13.0 million, or 281 thousand shares, of common stock through open market transactions under the share repurchase program announced on January 20, 2022.
Accumulated Other Comprehensive Income (Loss)
The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2024, 2023, and 2022.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)Unamortized holding (losses) gains on AFS investment securities transferred to HTM
Net unrealized gains (losses) on AFS investment securities (1)
Net unrealized gains (losses) on Cash Flow Hedges (1)
Total
Balance at December 31, 2021$— $(67,980)$(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)$(1,442,117)
Other comprehensive income (loss) before reclassifications— 163,813 (30,791)133,022 
Amounts reclassified from AOCI— 58,191 133,831 192,022 
Net current period other comprehensive income (loss)— 222,004 103,040 325,044 
Balance at December 31, 2023$— $(998,259)$(118,814)$(1,117,073)
Other comprehensive income (loss) before reclassifications(537,434)392,169 (53,173)(198,438)
Amounts reclassified from AOCI44,606 194,677 105,463 344,746 
Net current period other comprehensive income (loss)(492,828)586,846 52,290 146,308 
Balance at December 31, 2024$(492,828)$(411,413)$(66,524)$(970,765)
(1)    For December 31, 2022 and 2021, the ending balance in net unrealized gains (losses) includes unrealized losses on investment securities available for sale and cash flow hedges 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, 2024 and 2023, the ending balance in net unrealized gains (losses) includes unrealized losses on investment securities available for sale of $10.2 million and $16.4 million, respectively, and cash flow hedges of $11.6 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.
v3.25.0.1
Regulatory Capital
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 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)202420232024202320242023
Synovus Financial Corp.
CET1 capital$5,199,950 $5,206,521 $2,158,439 $2,291,552 N/AN/A
Tier 1 risk-based capital5,737,095 5,743,666 2,877,919 3,055,403 N/AN/A
Total risk-based capital6,622,462 6,654,224 3,837,226 4,073,871 N/AN/A
CET1 capital ratio10.84 %10.22 %4.50 %4.50 %N/AN/A
Tier 1 risk-based capital ratio 11.96 11.28 6.00 6.00 N/AN/A
Total risk-based capital ratio13.81 13.07 8.00 8.00 N/AN/A
Leverage ratio9.55 9.49 4.00 4.00 N/AN/A
Synovus Bank
CET1 capital$5,657,947 $5,559,624 $2,155,437 $2,288,092 $3,113,409 $3,305,022 
Tier 1 risk-based capital5,657,947 5,559,624 2,873,916 3,050,789 3,831,887 4,067,719 
Total risk-based capital6,373,618 6,249,947 3,831,887 4,067,719 4,789,859 5,084,649 
CET1 capital ratio11.81 %10.93 %4.50 %4.50 %6.50 %6.50 %
Tier 1 risk-based capital ratio11.81 10.93 6.00 6.00 8.00 8.00 
Total risk-based capital ratio13.31 12.29 8.00 8.00 10.00 10.00 
Leverage ratio9.44 9.21 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.
v3.25.0.1
Net Income Per Common Share
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022. 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)202420232022
Basic Net Income Per Common Share:
Net income available to common shareholders$439,557 $507,755 $724,739 
Weighted average common shares outstanding144,164 146,115 145,364 
Net income per common share, basic$3.05 $3.48 $4.99 
Diluted Net Income Per Common Share:
Net income available to common shareholders$439,557 $507,755 $724,739 
Weighted average common shares outstanding144,164 146,115 145,364 
Effect of dilutive outstanding equity-based awards834 619 1,117 
Weighted average diluted common shares144,998 146,734 146,481 
Net income per common share, diluted$3.03 $3.46 $4.95 
For the years ended December 31, 2024, 2023 and 2022, there were 20 thousand, 272 thousand and 21 thousand of potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding but were not included in the computation of diluted net income per common share because the effect would have been anti-dilutive.
v3.25.0.1
Fair Value Accounting
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Accounting
Note 12 - Fair Value Accounting
Fair value accounting guidance defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability (an "exit price") in the principal or most advantageous market available to the entity in an orderly transaction between market participants, on the measurement date. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for a description of how fair value measurements are determined.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2024 and 2023.
December 31, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3Total Assets and Liabilities at Fair ValueLevel 1Level 2Level 3Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises$— $— $— $— $— $2,910 $— $2,910 
Other mortgage-backed securities— — — — — 2,149 — 2,149 
State and municipal securities— 473 — 473 — — — — 
Asset-backed securities— 9,240 — 9,240 — 7,839 — 7,839 
Total trading securities$— $9,713 $— $9,713 $— $12,898 $— $12,898 
Investment securities available for sale:
U.S. Treasury securities$1,212,742 $— $— $1,212,742 $597,629 $— $— $597,629 
U.S. Government agency securities— 29,163 — 29,163 — 28,940 — 28,940 
Mortgage-backed securities issued by U.S. Government agencies— 1,462,790 — 1,462,790 — 925,664 — 925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— 2,034,035 — 2,034,035 — 6,430,379 — 6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 550,201 — 550,201 — 587,595 — 587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 2,253,116 — 2,253,116 — 1,209,783 — 1,209,783 
Corporate debt securities and other debt securities— 8,971 — 8,971 — 8,672 — 8,672 
Total investment securities available for sale$1,212,742 $6,338,276 $— $7,551,018 $597,629 $9,191,033 $— $9,788,662 
Mortgage loans held for sale$— $33,448 $— $33,448 $— $47,338 $— $47,338 
Other investments— — 14,831 14,831 — — 12,560 12,560 
Mutual funds and mutual funds held in rabbi trusts63,371 — — 63,371 53,742 — — 53,742 
Derivative assets— 83,895 — 83,895 — 94,903 — 94,903 
Liabilities
Securities sold short$— $— $— $— $3,496 $— $— $3,496 
Mutual fund held in rabbi trusts48,351 — — 48,351 38,735 — — 38,735 
Derivative liabilities(1)
— 216,325 — 216,325 — 259,650 — 259,650 
(1)    Excludes from Level 3 the Visa derivative of $64 thousand and $589 thousand at December 31, 2024 and 2023, respectively. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
Fair Value Option
Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program.
The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to instrument-specific credit risk.
Years Ended December 31,
(in thousands)202420232022
Changes in fair value included in net income:
Mortgage loans held for sale$(1,033)$839 $(1,541)
Mortgage loans held for sale:
Fair value33,448 47,338 51,136 
Unpaid principal balance32,770 45,627 50,264 
Fair value less aggregate unpaid principal balance$678 $1,711 $872 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
During 2024 and 2023, 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, 2023$12,560 
Total gains (losses) realized/unrealized:
Included in earnings641 
Additions1,630 
Ending balance at December 31, 2024$14,831 
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, 2024$641 
(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 
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.
December 31, 2024December 31, 2023
(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$14,831N/A$12,560N/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, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(1)
$— $— $58,416 $58,416 $— $— $54,616 $54,616 

Years Ended December 31,
(in thousands)20242023Location in Consolidated Statements of Income
Loans(1)
$35,726 $32,503 Provision for credit losses
(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, 2024December 31, 2023
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%-41% (29%) 0%-10% (7%)
0%-61% (30%) 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, 2024 and 2023. 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, 2024
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,993,987 $2,993,987 $2,993,987 $— $— 
Trading securities9,713 9,713 — 9,713 — 
Investment securities held to maturity2,581,469 2,524,525 — 2,524,525 — 
Investment securities available for sale7,551,018 7,551,018 1,212,742 6,338,276 — 
Loans held for sale90,111 89,901 — 33,448 56,453 
Other investments14,831 14,831 — — 14,831 
Mutual funds and mutual funds held in rabbi trusts63,371 63,371 63,371 — — 
Loans, net (1)
42,122,183 41,014,425 — — 41,014,425 
FRB and FHLB stock164,374 164,374 — 164,374 — 
Derivative assets83,895 83,895 — 83,895 — 
Financial liabilities
Non-interest-bearing deposits$11,596,119 $11,596,119 $— $11,596,119 $— 
Non-time interest-bearing deposits29,883,378 29,883,378 — 29,883,378 — 
Time deposits9,615,862 9,587,417 — 9,587,417 — 
Total deposits(2)
$51,095,359 $51,066,914 $— $51,066,914 $— 
Federal funds purchased and securities sold under repurchase agreements131,728 131,728 131,728 — — 
Long-term debt1,733,109 1,748,723 — 1,748,723 — 
Mutual fund held in rabbi trusts48,351 48,351 48,351 — — 
Derivative liabilities(3)
216,325 216,325 — 216,325 — 
(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 $64 thousand at December 31, 2024. 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, 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.
v3.25.0.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2024
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 years ended December 31, 2024 and 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 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 $(20.6) million, $(23.7) million, and $3.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, related to the amortization of terminated cash flow hedges.
As of December 31, 2024, Synovus expects to reclassify into earnings approximately $54 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 $17 million in pre-tax loss related to the amortization of terminated cash flow hedges. As of December 31, 2024, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the fourth quarter of 2029.
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, 2024 and 2023, Synovus had recorded the right to reclaim cash collateral of $34.6 million and $69.7 million, respectively. As of December 31, 2024 and 2023, Synovus had recorded the obligation to return cash collateral of $4.6 million and $5.7 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, 2024December 31, 2023
Fair ValueFair Value
(in thousands)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts$4,350,000 $— $13,003 $5,600,000 $— $7,527 
Total cash flow hedges$— $13,003 $— $7,527 
Derivatives in fair value hedging relationships:
Interest rate contracts$2,102,967 $168 $1,469 $2,563,504 $— $12,891 
Total fair value hedges$168 $1,469 $— $12,891 
Total derivatives designated as hedging instruments$168 $14,472 $— $20,418 
Derivatives not designated:
  as hedging instruments
Interest rate contracts$14,653,252 $81,099 $201,847 $11,888,152 $94,208 $238,134 
Mortgage derivatives - interest rate lock commitments34,649 434 — 40,642 695 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans51,500 233 — 60,906 — 567 
Risk participation agreements924,267 — 6 732,682 — 3 
Foreign exchange contracts148,805 1,961 — 41,603 — 528 
Visa derivative— — 64 — — 589 
Total derivatives not designated as hedging instruments$83,727 $201,917 $94,903 $239,821 
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, 2024, 2023, and 2022.
2024
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$2,769,778 $1,329,932 $109,657 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(139,041)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(139,041)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives$— $(21,777)$(12,803)
Recognized on derivatives— 11,224 1,777 
Recognized on hedged items— (11,224)(1,777)
Pre-tax income (loss) recognized on fair value hedges$— $(21,777)$(12,803)
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)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives$— $(22,495)$(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)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives$— $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 $(322)
(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
December 31, 2024December 31, 2023
Hedged Items Currently DesignatedHedged Items No Longer DesignatedHedged Items Currently DesignatedHedged Items No Longer Designated
(in thousands)Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Interest-bearing deposits$(1,050,000)$4,292 $— $(2,013,504)$(8,711)$1,267 
Long-term debt(1,048,535)11,585 9,809 (546,872)(5,986)9,638 
During the year ended December 31, 2024, Synovus terminated a fair value hedge related to long-term debt with a carrying value of $198.4 million. 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 $496.7 million, respectively. The remaining fair value basis adjustments on the terminated hedging relationships will be amortized into interest expense over the respective remaining terms.
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
For The Years Ended December 31,
(in thousands)
Location in Consolidated Statements of Income
202420232022
Derivatives not designated as hedging instruments:
Interest rate contracts(1)
Capital markets income$(459)$395 $1,570 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income(261)345 (1,756)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income799 (722)277 
Risk participation agreementsCapital markets income(3)— 33 
Foreign exchange contractsCapital markets income2,490 (12)(555)
Visa derivativeOther non-interest expense(8,700)(3,927)(6,000)
Total derivatives not designated as hedging instruments$(6,134)$(3,921)$(6,431)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
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, 2024, the reserve on unfunded commitments was $52.5 million, compared to a reserve of $57.2 million at December 31, 2023. Additionally, an immaterial amount of unearned fees relating to letters of credit is 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)20242023
Letters of credit(1)
$340,385 $200,269 
Commitments to fund commercial and industrial loans9,956,797 10,313,880 
Commitments to fund commercial real estate, construction, and land development loans2,135,638 2,496,656 
Commitments under home equity lines of credit2,119,616 2,135,120 
Unused credit card lines446,800 453,303 
Other loan commitments621,659 654,396 
Total letters of credit and unfunded lending commitments$15,620,895 $16,253,624 
Tax credits, CRA partnerships, and other investments with a future funding commitment:
Carrying amount included in other assets(2)
$672,803 $573,992 
Permanent and short-term construction loans and letter of credit commitments(3)
205,855 205,659 
Funded portion of permanent and short-term loans and letters of credit(4)
229,668 211,921 
(1)    Represent the contractual amount net of risk participations purchased of approximately $16.8 million and $22.8 million at December 31, 2024 and 2023, respectively.
(2)    Future funding commitment amounts included in carrying amount within other liabilities of $358.5 million and $293.3 million at December 31, 2024 and 2023, respectively.
(3)    Represent the contractual amount net of risk participations of $16.0 million and $9.7 million at December 31, 2024 and 2023, respectively
(4)    Represent the contractual amount net of risk participations of $16.2 million and $4.0 million at December 31, 2024 and 2023, 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, 2024 and 2023, Synovus and the sponsored entities processed and settled $114.28 billion and $114.38 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 in the first quarter of 2024.
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 reasonably 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, 2024 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.
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Share-based Compensation and Other Employment Benefit Plans
 12 Months Ended
Dec. 31, 2024
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, 2024, Synovus had a total of 3.3 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 2024, 2023, and 2022 is presented in the following table by its classification within total non-interest expense.
Years Ended December 31,
(in thousands)202420232022
Salaries and other personnel expense$30,625 $30,610 $26,751 
Other operating expense1,424 1,614 1,153 
Total share-based compensation expense included in non-interest expense$32,049 $32,224 $27,904 
No share-based compensation costs have been capitalized for the years ended December 31, 2024, 2023, and 2022. As of December 31, 2024, total unrecognized compensation cost related to the unvested portion of share-based compensation arrangements involving shares of Synovus stock was $36.8 million. This cost is expected to be recognized over a weighted average remaining period of 1.79 years.
Stock Options
There were no stock option grants in 2024, 2023, or 2022.
A summary of stock option activity during the years ended December 31, 2024, 2023, and 2022 is presented below.
Stock Options
202420232022
(in thousands, except per share data)QuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise Price
Outstanding at beginning of year416 $31.13 1,113 $23.51 1,478 $22.71 
Options exercised(299)30.35 (697)18.97 (365)20.27 
Options forfeited/expired/canceled— — — — — — 
Options outstanding at end of year117 $33.14 416 $31.13 1,113 $23.51 
Options exercisable at end of year117 $33.14 416 $31.13 1,113 $23.51 
The aggregate intrinsic value for both outstanding and exercisable stock options at December 31, 2024 was $2.1 million with a weighted average remaining contractual life of 1.47 years. The intrinsic value of stock options exercised during the years ended December 31, 2024, 2023, and 2022 was $4.8 million, $11.2 million, and $10.0 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:
202420232022
Risk-free interest rate4.39 %4.38 %2.87 %
Expected stock price volatility 39.1 48.3 57.2 
Simulation period2.9 years2.9 years2.9 years
The stock price expected volatility was based on Synovus' annualized historical volatility. 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, 2024, 2023, and 2022. 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, 2024, 2023, and 2022 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 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 
Granted870 37.62 264 37.96 
Vested(601)43.37 (290)42.94 
Forfeited(80)41.13 (4)50.14 
Outstanding at December 31, 20241,482 $40.15 464 $45.63 
The total fair value of restricted share units vested during 2024, 2023, and 2022 was $22.7 million, $26.1 million, and $28.0 million, respectively. The total fair value of performance share units vested during 2024, 2023, and 2022 was $10.6 million, $7.4 million, and $2.2 million, respectively.
Other Employment Benefit Plans
For the years ended December 31, 2024, 2023, and 2022, Synovus provided a 100% matching contribution on the first 5% of eligible employee 401(k) contributions for a total annual contribution of $24.5 million, $25.2 million, and $23.0 million, respectively.
For the years ended December 31, 2024, 2023, and 2022, 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 both 2024 and 2023 and $1.1 million in 2022.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022 are presented below:
(in thousands)202420232022
Current
Federal$83,744 $107,445 $167,255 
State22,387 29,739 28,152 
Total current income tax expense106,131 137,184 195,407 
Deferred
Federal19,292 13,124 11,570 
State79 3,713 (702)
Total deferred income tax expense (benefit) 19,371 16,837 10,868 
Total income tax expense$125,502 $154,021 $206,275 
Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2024, 2023, and 2022. A reconciliation of the differences is presented below:
Years Ended December 31,
(dollars in thousands)202420232022
Income tax expense at statutory federal income tax rate$127,040 $146,194 $202,477 
Increase (decrease) resulting from:
State income tax expense, net of federal income tax benefit17,871 28,415 21,981 
Tax credits and related benefits, net of amortization (as applicable)(21,329)(21,037)(9,629)
Income not subject to tax(11,857)(10,477)(9,346)
FDIC premiums
7,684 8,589 5,517 
    Executive compensation2,965 3,575 2,152 
Excess tax benefit from share-based compensation98 (1,416)(3,153)
Other, net3,030 178 (3,724)
Total income tax expense$125,502 $154,021 $206,275 
Effective tax rate20.7 %22.1 %21.4 %
The components of the Company's deferred tax assets and liabilities at December 31, 2024 and 2023 are presented below:
(in thousands)20242023
Deferred tax assets
Net unrealized losses on investment securities available for sale and cash flow hedges$302,128 $348,712 
Allowance for credit losses131,373 130,205 
Lease liability111,089 120,534 
Employee benefits and deferred compensation47,642 40,601 
Net operating loss carryforwards32,511 32,126 
Tax credit carryforwards14,143 15,532 
FDIC special assessment9,087 12,058 
Unrealized losses on fair value hedges4,252 7,480 
Non-performing loan interest7,923 5,877 
Miscellaneous accrued expenses4,948 5,659 
Fair value of investment securities and loans1 1,422 
Other8,167 7,423 
Total gross deferred tax assets673,264 727,629 
Less valuation allowance(27,483)(26,184)
Total deferred tax assets645,781 701,445 
Deferred tax liabilities
Right-of-use asset(104,190)(114,529)
Purchase accounting intangibles(22,535)(23,276)
Excess tax over financial statement depreciation(13,685)(20,457)
Deferred loan costs(16,293)(16,810)
Unrealized gain on hedged liabilities(4,252)(7,480)
Prepaid expense(5,498)(6,917)
Partnership investments(2,995)(1,980)
Other properties held for sale(914)(1,434)
Other(4,899)(1,660)
Total gross deferred tax liabilities(175,261)(194,543)
Net deferred tax asset$470,520 $506,902 
Synovus believes the realization of net deferred tax assets (after valuation allowance) at December 31, 2024 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 $32.5 million of federal and state NOLs as well as a portion of the $14.1 million of federal and state tax credit carryforwards, which have carryforward periods ending in tax years 2025 through 2044, will not be realized before their carryforward period lapses and the Company has accordingly established a valuation allowance in the amount of $27.5 million at December 31, 2024.
Federal and state NOLs and tax credit carryforwards as of December 31, 2024 are summarized in the following table on a tax effected basis.
Tax CarryforwardsAs of December 31, 2024
(in thousands)Expiration DatesDeferred
Tax Asset, Before Valuation Allowance		Valuation AllowanceNet Deferred Tax Asset Balance
Net operating losses - federal(1)
2027-2037$25,482 $(20,749)$4,733 
Net operating losses - states(1)
2027-20447,030 (5,705)1,325 
Tax credits - federal 2034-2044835 (460)375 
Tax credits - states(1)
2025-203213,307 (569)12,738 
(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. Synovus is no longer subject to income tax examinations by the IRS for years before 2021. With limited exceptions, the Company is no longer subject to income tax examinations by state and local taxing authorities for years before 2020.
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)202420232022
Balance at January 1,
$22,312 $22,400 $25,104 
Additions based on income tax positions related to current year
520 719 649 
Additions for income tax positions of prior years(1)
39 186 247 
Reductions for income tax positions of prior years
(209)(122)(1,215)
Statute of limitation expirations
(982)(871)(2,002)
Settlements
— — (383)
Balance at December 31,
$21,680 $22,312 $22,400 
(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 $5.7 million, $4.8 million, and $3.2 million as of December 31, 2024, 2023, and 2022, respectively. Unrecognized income tax benefits as of December 31, 2024, 2023, and 2022 that, if recognized, would affect the effective income tax rate totaled $22.9 million, $22.5 million and $20.9 million (net of the federal benefit on state income tax issues), respectively. However, based on ongoing correspondence with state taxing authorities subsequent to year-end, Synovus believes that $15.6 million of uncertain income tax positions will be settled and result in an increase in income tax expense of approximately $6 million in 2025.
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
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 (CODM). Synovus' CODM is the Chief Executive Officer. The CODM primarily utilizes revenue and non-interest expense directly attributable to a respective segment as well as actual versus expected credit losses when assessing performance and allocating resources.
On 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, commercial card, and CIB, as well as certain reconciling items in order to translate segment results that are based on management accounting practices into consolidated results are also included in Treasury and Corporate Other.
Synovus uses a centralized FTP methodology to attribute appropriate net interest income to its 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.
Provision for (reversal of) credit losses is allocated to segments based on historical annualized expected loss rates attributable to the credit risk of loans managed by the segments during the period. By comparison, the consolidated provision for (reversal of) credit losses is determined based on the ACL model using methodologies described in Note 1 - Summary of Significant Accounting Policies in this Report with the difference between the consolidated provision for (reversal of) credit losses and the business segments' provision for (reversal of) credit losses reflected in Treasury Corporate and Other.
The following tables present certain financial information for each reportable business segment for the years ended December 31, 2024, 2023, and 2022 and as of December 31, 2024 and 2023. 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.
Year Ended December 31, 2024
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$736,306 $398,382 $544,248 $101,139 $(30,498)$1,749,577 
Provision for (reversal of) credit losses124,350 40,612 20,689 16,003 (64,969)136,685 
Net interest income after provision for credit losses611,956 357,770 523,559 85,136 34,471 1,612,892 
Service charges on deposit accounts21,205 28,140 41,187 16 1,099 91,647 
Fiduciary and asset management fees— — — 79,828 — 79,828 
Card fees11 31,658 26,782 — 18,469 76,920 
Brokerage revenue— — — 84,881 — 84,881 
Mortgage banking income— — — 14,060 — 14,060 
Capital markets income24,521 6,843 23 573 12,098 44,058 
Other non-interest revenue(1)
11,277 3,212 7,222 7,411 (180,912)(151,790)
Total non-interest revenue57,014 69,853 75,214 186,769 (149,246)239,604 
Salaries and other personnel expense91,170 106,776 118,421 123,858 297,242 737,467 
Other operating expense(2)
40,477 49,715 83,021 29,930 306,933 510,076 
Total non-interest expense131,647 156,491 201,442 153,788 604,175 1,247,543 
Income (loss) before income taxes$537,323 $271,132 $397,331 $118,117 $(718,950)$604,953 

(1) Treasury and Corporate Other includes net losses of $256.7 million primarily due to the strategic repositioning of the investment securities portfolio in the second quarter of 2024.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, FDIC insurance, and other regulatory fees.
Year Ended December 31, 2023
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$806,399 $429,937 $614,338 $73,906 $(107,925)$1,816,655 
Provision for credit losses114,886 38,435 19,848 14,386 1,524 189,079 
Net interest income after provision for credit losses691,513 391,502 594,490 59,520 (109,449)1,627,576 
Service charges on deposit accounts17,774 26,291 45,090 17 924 90,096 
Fiduciary and asset management fees— — — 78,077 — 78,077 
Card fees10 24,811 28,122 — 19,414 72,357 
Brokerage revenue— — — 90,004 — 90,004 
Mortgage banking income— — — 15,157 — 15,157 
Capital markets income22,257 2,863 9 5,934 7,982 39,045 
Other non-interest revenue(1)
11,877 15,407 6,650 5,997 (20,657)19,274 
Total non-interest revenue51,918 69,372 79,871 195,186 7,663 404,010 
Salaries and other personnel expense97,275 100,293 115,490 131,846 283,474 728,378 
Other operating expense(2)(3)
65,299 45,533 89,037 34,914 372,263 607,046 
Total non-interest expense162,574 145,826 204,527 166,760 655,737 1,335,424 
Income (loss) before income taxes$580,857 $315,048 $469,834 $87,946 $(757,523)$696,162 
(1) Treasury and Corporate Other includes net losses of $76.7 million primarily due to the strategic repositioning of the investment securities portfolio in the fourth quarter of 2023.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, FDIC insurance and other regulatory fees, and a $28.0 million loss on other loans held for sale for the $1.17 billion medical office buildings loans sale.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, FDIC insurance, and other regulatory fees.
(3) Treasury and Corporate Other includes a $51.0 million expense 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. In addition, a $22.1 million loss on other loans held for sale was recorded in Treasury and Corporate Other for the $421.7 million third-party consumer loans sale in 2023.
Year Ended December 31, 2022
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)(1)
$691,535 $412,660 $465,840 $69,539 $157,326 $1,796,900 
Provision for (reversal of) credit losses76,009 41,214 21,140 13,613 (67,423)84,553 
Net interest income after provision for credit losses615,526 371,446 444,700 55,926 224,749 1,712,347 
Service charges on deposit accounts14,744 26,216 51,073 63 971 93,067 
Fiduciary and asset management fees— — — 78,414 — 78,414 
Card fees9 16,529 27,945 — 17,350 61,833 
Brokerage revenue— — — 72,605 — 72,605 
Mortgage banking income— — — 17,476 — 17,476 
Capital markets income11,938 5,738 — 9,069 9,541 36,286 
Other non-interest revenue12,571 1,594 7,552 5,234 22,704 49,655 
Total non-interest revenue39,262 50,077 86,570 182,861 50,566 409,336 
Salaries and other personnel expense87,874 88,149 104,987 138,646 262,054 681,710 
Other operating expense(2)
29,757 39,702 92,375 32,008 281,954 475,796 
Total non-interest expense117,631 127,851 197,362 170,654 544,008 1,157,506 
Income (loss) before income taxes$537,157 $293,672 $333,908 $68,133 $(268,693)$964,177 
(1) Treasury and Corporate Other includes PPP fees of $12.6 million.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance, and other regulatory fees.
December 31, 2024
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$24,677,119 $7,921,182 $2,776,305 $5,263,474 $1,970,948 $42,609,028 
Deposits$15,207,166 $10,877,394 $18,365,142 $1,109,270 $5,536,387 $51,095,359 
Full-time equivalent employees336 533 1,475 5651,787 4,696 
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(1)
$13,847,833 $10,198,357 $18,698,298 $1,488,090 $6,506,607 $50,739,185 
Full-time equivalent employees334 576 1,522 604 1,762 4,798 
(1) During the fourth quarter of 2023, $1.30 billion in deposits previously reported in Treasury and Corporate Other were transferred to align with the management of the client relationships within the Financial Management Services segment.
v3.25.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only)
 12 Months Ended
Dec. 31, 2024
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)20242023
Assets
Cash due from bank subsidiary$859,336 $573,761 
Funds due from other depository institutions
1,201 4,839 
     Total cash, cash equivalents, and restricted cash860,537 578,600 
Investment in consolidated bank subsidiary, at equity
5,177,551 4,947,888 
Investment in consolidated non-bank subsidiaries, at equity
140,793 114,932 
Note receivable from bank subsidiary
200,000 100,000 
Other assets
28,106 25,943 
Total assets$6,406,987 $5,767,363 
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt
$1,046,950 $552,703 
Other liabilities
115,480 94,667 
Total liabilities
1,162,430 647,370 
Shareholders’ equity:
Preferred stock
537,145 537,145 
Common stock
172,186 171,360 
Additional paid-in capital
3,986,729 3,955,819 
Treasury stock
(1,216,827)(944,484)
Accumulated other comprehensive income (loss), net
(970,765)(1,117,073)
Retained earnings
2,736,089 2,517,226 
Total shareholders’ equity
5,244,557 5,119,993 
Total liabilities and shareholders’ equity
$6,406,987 $5,767,363 
Condensed Statements of Income
Years Ended December 31,
(in thousands)202420232022
Income
Cash dividends received from subsidiaries
$450,000 $435,000 $350,000 
Interest income
6,175 6,129 1,841 
Other income (loss)
167 (101)(7,203)
Total income
456,342 441,028 344,638 
Expense
Interest expense
49,424 36,849 34,154 
Other expense
19,179 12,494 17,804 
Total expense
68,603 49,343 51,958 
Income before income taxes and equity in undistributed income of subsidiaries    
387,739 391,685 292,680 
Allocated income tax benefit
(13,287)(10,026)(16,667)
Income before equity in undistributed income of subsidiaries    
401,026 401,711 309,347 
Equity in undistributed income (loss) of subsidiaries
81,434 141,994 448,555 
Net income482,460 543,705 757,902 
Dividends on preferred stock
42,903 35,950 33,163 
Net income available to common shareholders
$439,557 $507,755 $724,739 
Condensed Statements of Comprehensive Income
Years Ended December 31,
202420232022
(in thousands)
Net of Tax AmountNet of Tax AmountNet of Tax Amount
Net income$482,460 $543,705 $757,902 
Other comprehensive gain (loss) of bank subsidiary
146,308 325,044 (1,359,796)
Other comprehensive income (loss)
146,308 325,044 (1,359,796)
Comprehensive income (loss)
$628,768 $868,749 $(601,894)
Condensed Statements of Cash Flows
Years Ended December 31,
(in thousands)202420232022
Operating Activities
Net income
$482,460 $543,705 $757,902 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed (income) loss of subsidiaries
(81,434)(141,994)(448,555)
Deferred income tax expense (benefit)
1,090 433 143 
Net increase (decrease) in other liabilities
17,071 4,849 3,233 
Net (increase) decrease in other assets
(355)(4,676)8,022 
Other, net
1,111 1,616 825 
Net cash provided by (used in) operating activities
419,943 403,933 321,570 
Investing Activities
Advance of long-term note receivable due from bank subsidiary(100,000)— — 
Increase in other investments(1,630)(774)(1,027)
Net cash provided by (used in) investing activities
(101,630)(774)(1,027)
Financing Activities
Dividends paid to common and preferred shareholders
(260,824)(252,011)(229,311)
Repurchase of common stock
(272,343)— (12,987)
Repayments and redemption of long-term debt
— (97,033)(300,000)
Proceeds from issuance of long-term debt, net
496,791 — 347,892 
Net cash provided by (used in) financing activities
(36,376)(349,044)(194,406)
Increase (decrease) in cash, cash equivalents, and restricted cash
281,937 54,115 126,137 
Cash, cash equivalents, and restricted cash at beginning of year
578,600 524,485 398,348 
Cash, cash equivalents, and restricted cash at end of year$860,537 $578,600 $524,485 
See accompanying notes to the audited consolidated financial statements.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income (loss) $ 482,460 $ 543,705 $ 757,902
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity is a critical component of Synovus’ business and the advancement of our strategies, including our growth initiatives. As a financial institution, we face a multitude of cybersecurity threats that range from attacks common to most industries, such as ransomware and denial-of-service, to attacks from more advanced and persistent, highly organized adversaries that target the financial services industry specifically. Our clients, vendors, and partners face similar cybersecurity threats, and a cybersecurity incident impacting us or any of these stakeholders could materially adversely affect our operations, performance, and results of operations. As such, we maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to these cybersecurity threats and risks. Our program is fully integrated within the Company’s
enterprise risk management system and addresses both the corporate information technology environment and client-facing products and services.
We believe each of Synovus’ employees has a role in the Company’s cybersecurity defenses. Employees at various levels and in various lines of business and support functions participate in training programs on cybersecurity and social engineering to mitigate risk, including required annual training, quarterly training on critical topics, and bi-monthly security awareness communications. We conduct exercises to test their effectiveness on a monthly basis.
We employ a formal risk management process for the identification, assessment, monitoring, acceptance, communication, consultation, and review of cyber-related risks which is designed in accordance with industry practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology Cybersecurity Framework and International Organization Standard 27005. The Company's information security standards are externally audited on an annual basis against the System and Organizational Controls (SOC) and compliance with Payment Card Industry Data Security Standard (PCI DSS). Our program is reviewed on a periodic basis against the National Institute of Standards and Technology Cybersecurity Framework in order to measure our cybersecurity preparedness, evaluate whether our cybersecurity preparedness is aligned with risks, determine potential areas of improvement or enhancement for the Company's risk management practices and controls, and inform our risk management strategies.
Our information security program employs a wide variety of technologies that are intended to secure our operations and proprietary information. We have a Business Continuity/Disaster Recovery program in place, which is updated and tested on a regular basis, focused on protecting our networks, systems, data, and facilities from attacks or unauthorized access. We maintain an Incident Response program which describes Synovus' processes, procedures, and responsibilities for responding to cybersecurity incidents. This program is tested regularly through tabletop exercises, including through independent third-party review and assessments at least annually. Each exercise results in lessons learned and subsequent improvements to the Incident Response program. In addition, we have a dedicated Cybersecurity Fusion Center for monitoring and responding to cyber events in real-time.
We also continue to invest in developing and enhancing our security processes and controls and in maintaining our technology infrastructure. These programs provide for an intentional and deliberate plan for notifying, informing, consulting, analyzing, and communicating any risks or incidents as necessary and appropriate under the circumstances to various internal stakeholders (such as executive management and the Board) and external stakeholders (such as our regulators, impacted individuals, and the investment community) as necessary and appropriate.
Cyber advisors are a key part of Synovus’ cybersecurity infrastructure, and we partner with leading cybersecurity companies and organizations to leverage third-party technology and expertise as appropriate. We engage and retain independent third parties to review and assess our information security program on a regular basis and to perform annual penetration tests against our network. We maintain computer forensics, legal, and security firms on retainer in case of a cyber security incident. In addition, we are members of financial sector organizations, including the Financial Services Information Sharing and Analysis Center (FS-ISAC), which facilitates the sharing of cyber and physical threat, vulnerability, and incident information for the good of the membership and for improvement in industry best practices. We also perform comprehensive cybersecurity due diligence and ongoing oversight of third-party relationships, including vendors, and require third-party service providers with access to personal, confidential, or proprietary information to implement and maintain comprehensive cybersecurity practices consistent with applicable legal standards and industry best practices.
Synovus’ business depends on the availability, reliability, confidentiality, and security of our information systems, networks, and data. Any disruption, compromise, or breach of our systems or data due to a cybersecurity incident or threat could have a material adverse effect on our business strategy, financial condition, or results of operation. While the Company has experienced, and will continue to experience, cyber incidents in the normal course of business, to date, the Company has not experienced a cybersecurity incident that has materially impacted our business strategy, financial condition, or results of operation. Despite our efforts to continually enhance our cybersecurity program, there can be no assurance that our cybersecurity risk management processes and measures described will be fully implemented, complied with, or effective in protecting our systems and information. We face risks from certain cybersecurity threats that, if realized, are reasonably likely to materially affect our business strategy, financial condition, or results of operation. See “Part I - Item 1A. Risk Factors – Operational Risk” of this Report.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity is a critical component of Synovus’ business and the advancement of our strategies, including our growth initiatives. As a financial institution, we face a multitude of cybersecurity threats that range from attacks common to most industries, such as ransomware and denial-of-service, to attacks from more advanced and persistent, highly organized adversaries that target the financial services industry specifically. Our clients, vendors, and partners face similar cybersecurity threats, and a cybersecurity incident impacting us or any of these stakeholders could materially adversely affect our operations, performance, and results of operations. As such, we maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to these cybersecurity threats and risks. Our program is fully integrated within the Company’s
enterprise risk management system and addresses both the corporate information technology environment and client-facing products and services.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board is actively engaged in the oversight of Synovus’ information security risk management and cybersecurity programs and has delegated primary oversight of cybersecurity to our Risk Committee. The Risk Committee receives quarterly updates from the Company’s CISO on the Company’s information security and cyber risk strategy, cyber defense initiatives, cyber event preparedness, and cybersecurity risk assessments. As a part of these quarterly updates, the CISO updates the Risk Committee on the development of any new or emerging cyber risks or threats and the appropriate mitigation actions. In addition, the Risk Committee annually approves the Company’s information security program as part of its oversight of information risk, aligning our cyber risk exposure with our strategic objectives.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board is actively engaged in the oversight of Synovus’ information security risk management and cybersecurity programs and has delegated primary oversight of cybersecurity to our Risk Committee. The Risk Committee receives quarterly updates from the Company’s CISO on the Company’s information security and cyber risk strategy, cyber defense initiatives, cyber event preparedness, and cybersecurity risk assessments. As a part of these quarterly updates, the CISO updates the Risk Committee on the development of any new or emerging cyber risks or threats and the appropriate mitigation actions. In addition, the Risk Committee annually approves the Company’s information security program as part of its oversight of information risk, aligning our cyber risk exposure with our strategic objectives.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Risk Committee receives quarterly updates from the Company’s CISO on the Company’s information security and cyber risk strategy, cyber defense initiatives, cyber event preparedness, and cybersecurity risk assessments. As a part of these quarterly updates, the CISO updates the Risk Committee on the development of any new or emerging cyber risks or threats and the appropriate mitigation actions. In addition, the Risk Committee annually approves the Company’s information security program as part of its oversight of information risk, aligning our cyber risk exposure with our strategic objectives. The CISO also reports to the full Board on the Company’s information security program at least annually, facilitates Board tabletop exercises on cybersecurity, discusses any changes in the Company’s cyber risk profile, and provides Board training on a periodic basis with third-party cybersecurity experts. Moreover, consistent with our Incident Response plan, the Risk Committee and the Board are to be apprised of significant cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]
Synovus’ Chief Information Security Officer ("CISO"), reports to Synovus’ Executive Vice President, Technology, Security, and Operations and is the head of Synovus’ cybersecurity team. The CISO is responsible for assessing and managing Synovus’ cyber risk management program and strategy, informing executive management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents, and supervising such enterprise-wide efforts. Synovus’ current CISO has extensive information technology and program management experience with over 25 years of corporate information security experience. The CISO leads a cybersecurity team with decades of experience selecting, deploying, and operating
cybersecurity technologies, initiatives, and processes and relies on threat intelligence as well as other information obtained from governmental, public, and private sources, including external consultants retained by Synovus.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Board is actively engaged in the oversight of Synovus’ information security risk management and cybersecurity programs and has delegated primary oversight of cybersecurity to our Risk Committee. The Risk Committee receives quarterly updates from the Company’s CISO on the Company’s information security and cyber risk strategy, cyber defense initiatives, cyber event preparedness, and cybersecurity risk assessments. As a part of these quarterly updates, the CISO updates the Risk Committee on the development of any new or emerging cyber risks or threats and the appropriate mitigation actions. In addition, the Risk Committee annually approves the Company’s information security program as part of its oversight of information risk, aligning our cyber risk exposure with our strategic objectives.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Synovus’ current CISO has extensive information technology and program management experience with over 25 years of corporate information security experience. The CISO leads a cybersecurity team with decades of experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes and relies on threat intelligence as well as other information obtained from governmental, public, and private sources, including external consultants retained by Synovus.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Risk Committee receives quarterly updates from the Company’s CISO on the Company’s information security and cyber risk strategy, cyber defense initiatives, cyber event preparedness, and cybersecurity risk assessments. As a part of these quarterly updates, the CISO updates the Risk Committee on the development of any new or emerging cyber risks or threats and the appropriate mitigation actions. In addition, the Risk Committee annually approves the Company’s information security program as part of its oversight of information risk, aligning our cyber risk exposure with our strategic objectives.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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 ongoing 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 include 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
Investment Securities
Synovus classifies its securities based upon management's intent and ability to hold the investment securities as either securities available for sale or securities held to maturity.
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.
Securities that Synovus has the full intent and ability to hold until maturity are classified as held to maturity and are carried at amortized cost, net of any allowance for credit losses. Accrued interest is excluded from the amortized cost of held to maturity securities and is included within other assets on the consolidated balance sheets. Held to maturity securities are generally placed on non-accrual status using factors similar to those described for loans as referenced below within this note in the "Non-accrual Loans" section.
At the time an investment security is transferred from the available for sale to held to maturity category, the security's fair value becomes its new amortized cost, net of any allowance for credit losses and is a non-cash transaction. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the security, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security.
When investment securities available for sale are in an unrealized loss position, Synovus performs a quarterly assessment of its available for sale 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.
The Company assesses expected credit losses on held to maturity securities on a collective basis by major security type. Any expected credit loss is provided through an allowance for credit losses on held to maturity securities and deducted from the amortized cost basis of the security. All of the Company's held to maturity securities are either guaranteed or issued by U.S. government sponsored enterprises, are highly rated by major credit rating agencies and have a long history of no credit losses, and therefore, the zero-credit loss assumption has been applied. Synovus has elected to not measure an allowance on its accrued
interest receivable as a result of the timely reversal of interest receivable deemed uncollectible. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Cash collected on non-accrual held to maturity securities is generally applied to reduce the securities amortized cost basis and not as interest income.
Interest income on securities is recorded on the accrual basis on the consolidated statements of income. 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 available for sale 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 Investment 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
Synovus adopted ASU 2022-02, Financial Instruments- Credit Losses (Topic 326), 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 Deferred 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, 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 discounted cash flow (DCF) model applied to the aforementioned loan pools. This model calculates an expected life-of-loan loss percentage for each loan category by considering the modeled 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 the modeled 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.
The ALL may be adjusted, as necessary, for certain quantitative and qualitative factors. These factors are used to capture characteristics in the portfolio that impact expected credit losses, but are not fully captured within the expected credit loss models. This includes adjustments for economic forecast limitations, loan maturity extensions, portfolio composition and
concentrations, among others. These adjustments, in management's judgment, are necessary to reflect losses expected in the portfolio and are based on management's analysis of current and expected economic conditions and their impact to the portfolio, as well as internal credit risk movements and a qualitative assessment of the lending environment, including underwriting standards.
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 of 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. Recoverability of the long-lived assets is measured by a comparison of the asset's carrying amount to future undiscounted cash flows expected to be generated by use and eventual disposition of 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’s use and eventual disposition). 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.
Definite-lived 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
commercial sponsorship income. 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 contain both market and performance target levels. The performance target levels are compared to applicable 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 prepayment 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 that 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 dedesignation 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, 2024 and 2023, Synovus recorded fair value adjustments of $8.7 million and $3.9 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 jurisdictions where 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 assets 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, HTC, and new markets tax credit partnerships. Synovus elected to apply the proportional amortization method of accounting to its qualifying solar energy tax credit partnership. 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. Synovus applies the HLBV method of accounting for non-qualifying solar investments. For the year ended December 31, 2022, Synovus applied the equity method of accounting to its new market tax credit partnership.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
The following table provides a brief description of accounting standards adopted or issued in 2024 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 2024
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.
Annual periods beginning on January 1, 2024
The Company adopted the new disclosure requirements for the annual period beginning on January 1, 2024, on a retrospective basis. See Note 17, Segment Reporting, for the required disclosures in accordance with this ASU.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted in 2024
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.
ASU 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 to improve the disclosures over expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The ASU addresses investors' requests for more disaggregated expense information to better understand an entity's performance, better assess the entity's prospects for future cash flows, and compare an entity's performance over time and with that of other entities. This ASU requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. Retrospective application in all prior periods is permitted.January 1, 2027The Company will adopt the new disclosure requirements for the annual period beginning on January 1, 2027, and interim periods starting on January 1, 2028. The Company is currently evaluating the impact of the incremental expense information that will be required to be disclosed as well as the impact to the Form 10-K.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Brief Description of Accounting Standards Adopted or Issued
The following table provides a brief description of accounting standards adopted or issued in 2024 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 2024
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.
Annual periods beginning on January 1, 2024
The Company adopted the new disclosure requirements for the annual period beginning on January 1, 2024, on a retrospective basis. See Note 17, Segment Reporting, for the required disclosures in accordance with this ASU.
StandardDescriptionRequired date of adoptionEffect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted in 2024
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.
ASU 2024-03, Income Statement (Topic 220): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03 to improve the disclosures over expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The ASU addresses investors' requests for more disaggregated expense information to better understand an entity's performance, better assess the entity's prospects for future cash flows, and compare an entity's performance over time and with that of other entities. This ASU requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. Retrospective application in all prior periods is permitted.January 1, 2027The Company will adopt the new disclosure requirements for the annual period beginning on January 1, 2027, and interim periods starting on January 1, 2028. The Company is currently evaluating the impact of the incremental expense information that will be required to be disclosed as well as the impact to the Form 10-K.
v3.25.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities at December 31, 2024 and 2023 are summarized below.
December 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities held to maturity:
Mortgage-backed securities issued by U.S. Government sponsored enterprises$2,581,469 $— $(56,944)$2,524,525 
Total investment securities held to maturity(1)
$2,581,469 $— $(56,944)$2,524,525 
Investment securities available for sale:
U.S. Treasury securities$1,214,363 $3,203 $(4,824)$1,212,742 
U.S. Government agency securities29,993 — (830)29,163 
Mortgage-backed securities issued by U.S. Government agencies1,583,331 848 (121,389)1,462,790 
Mortgage-backed securities issued by U.S. Government sponsored enterprises2,294,700 250 (260,915)2,034,035 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises657,453 — (107,252)550,201 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises2,290,968 4,724 (42,576)2,253,116 
Corporate debt securities and other debt securities9,110 — (139)8,971 
Total investment securities available for sale(2)
$8,079,918 $9,025 $(537,925)$7,551,018 
December 31, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities available for sale:
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(2)
$11,091,254 $31,540 $(1,334,132)$9,788,662 
(1) The amounts reported exclude accrued interest receivable on investment securities HTM of $5.7 million at December 31, 2024, which is presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of investment securities HTM includes a discount of $(649.7) million at December 31, 2024 related to the unamortized portion of unrealized losses on investment securities HTM.
(2) The amounts reported exclude accrued interest receivable on investment securities AFS of $29.5 million and $26.6 million at December 31, 2024 and 2023, 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 Gross Unrealized Losses on Investment Securities and the Fair Value of the Related Securities
Gross unrealized losses on investment securities AFS 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, 2024 and 2023 are presented below.
December 31, 2024
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$716,367 $(4,824)$— $— $716,367 $(4,824)
U.S. Government agency securities— — 29,163 (830)29,163 (830)
Mortgage-backed securities issued by U.S. Government agencies716,268 (8,431)577,468 (112,958)1,293,736 (121,389)
Mortgage-backed securities issued by U.S. Government sponsored enterprises456,887 (12,503)1,542,618 (248,412)1,999,505 (260,915)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises29,040 (820)521,161 (106,432)550,201 (107,252)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,060,903 (10,624)276,850 (31,952)1,337,753 (42,576)
Corporate debt securities and other debt securities— — 8,971 (139)8,971 (139)
Total$2,979,465 $(37,202)$2,956,231 $(500,723)$5,935,696 $(537,925)
December 31, 2023
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Government agency securities$— $— $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 $(1,334,132)
Schedule of Amortized Cost and Fair Value by Contractual Maturity of Investment Securities Available for Sale
The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at December 31, 2024 are shown below. The expected life of MBSs and CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
December 31, 2024
(in thousands)Within One
 Year		1 to 5
Years		5 to 10
 Years		More Than
 10 Years		Total
Investment securities HTM
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost$— $— $— $2,581,469 $2,581,469 
Fair value— — — 2,524,525 2,524,525 
Investment securities AFS
U.S. Treasury securities
Amortized cost$52,316 $824,797 $337,250 $— $1,214,363 
Fair value52,500 825,478 334,764 — 1,212,742 
U.S. Government agency securities
Amortized cost— 29,993 — — 29,993 
Fair value— 29,163 — — 29,163 
Mortgage-backed securities issued by U.S. Government agencies
Amortized cost— 45 3 1,583,283 1,583,331 
Fair value— 44 3 1,462,743 1,462,790 
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost— — — 2,294,700 2,294,700 
Fair value— — — 2,034,035 2,034,035 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized cost— 21 8,511 648,921 657,453 
Fair value— 21 8,228 541,952 550,201 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized cost— 1,256,041 1,017,900 17,027 2,290,968 
Fair value— 1,244,187 994,408 14,521 2,253,116 
Corporate debt securities and other debt securities
Amortized cost— 9,110 — — 9,110 
Fair value— 8,971 — — 8,971 
Schedule of Gross Gains and Gross Losses on Sales of Securities Available for Sale
Gross gains and gross losses on sales of investment securities AFS for the years ended December 31, 2024, 2023, and 2022 are presented below.
(in thousands)202420232022
Gross realized gains on sales$— $5,141 $— 
Gross realized losses on sales(256,660)(81,859)— 
Investment securities gains (losses), net$(256,660)$(76,718)$— 
v3.25.0.1
Loans and Allowance for Loan Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Current, Accruing Past Due, and Non-Accrual Loans by Portfolio Class
The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2024 and 2023.
December 31, 2024
(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$14,352,839 $12,947 $10,332 $23,279 $98,145 $24,729 $14,498,992 
Owner-occupied7,754,052 7,700 36,005 43,705 21,119 13,261 7,832,137 
Total commercial and industrial(1)
22,106,891 20,647 46,337 66,984 119,264 37,990 22,331,129 
Investment properties11,105,168 2,006 — 2,006 74,030 — 11,181,204 
1-4 family properties541,897 1,636 — 1,636 2,385 — 545,918 
Land and development284,793 1,113 202 1,315 1,389 — 287,497 
Total commercial real estate11,931,858 4,755 202 4,957 77,804 — 12,014,619 
Consumer mortgages5,228,580 9,362 — 9,362 50,834 — 5,288,776 
Home equity 1,800,614 13,131 177 13,308 17,365 — 1,831,287 
Credit cards182,435 1,573 1,863 3,436 — — 185,871 
Other consumer loans940,608 10,818 13 10,831 5,907 — 957,346 
Total consumer8,152,237 34,884 2,053 36,937 74,106 — 8,263,280 
Loans, net of deferred fees and costs(2)(3)
$42,190,986 $60,286 $48,592 $108,878 $271,174 $37,990 $42,609,028 
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 industrial(1)
22,396,987 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(2)(3)
$43,057,214 $54,046 $5,053 $59,099 $216,667 $71,510 $43,404,490 
(1)    Includes senior housing loans of $2.94 billion and $3.28 billion at December 31, 2024 and 2023, respectively, which are primarily classified as owner-occupied in accordance with our underwriting process.
(2)    The amortized cost basis of loans, net of deferred fees and costs excludes accrued interest receivable of $217.1 million and $256.3 million at December 31, 2024 and 2023, 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.
(3)    Loans are presented net of deferred loan fees and costs totaling $34.1 million and $35.9 million at December 31, 2024 and 2023, respectively.
Schedule of Loan Portfolio Class by Regulatory Risk Grade and Origination Year
The following tables summarize each loan portfolio class by regulatory risk grade and origination year as of December 31, 2024 and 2023 as required by CECL.
December 31, 2024
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20242023202220212020PriorAmortized Cost BasisConverted to Term LoansTotal
Commercial, financial, and agricultural
Pass$1,200,861 $1,001,989 $739,134 $1,195,316 $629,109 $1,586,291 $7,372,228 $81,796 $13,806,724 
Special Mention1,555 20,255 17,775 18,403 2,464 36,817 158,968 — 256,237 
Substandard20,920 12,397 59,487 14,694 39,482 17,028 258,070 493 422,571 
Doubtful— — — 5,911 — 1,869 5,145 — 12,925 
Loss— — — — — — 535 — 535 
Total commercial, financial, and agricultural1,223,336 1,034,641 816,396 1,234,324 671,055 1,642,005 7,794,946 82,289 14,498,992 
Current YTD Period:
Gross charge-offs7,696 16,499 3,786 8,787 997 4,413 53,736 — 95,914 
Owner-occupied
Pass691,899 981,593 1,468,946 1,220,421 872,744 1,621,387 619,519 — 7,476,509 
Special Mention1,099 2,466 65,733 5,397 34,244 12,621 — — 121,560 
Substandard2,568 5,838 34,147 20,698 49,766 65,147 55,904 — 234,068 
Total owner-occupied695,566 989,897 1,568,826 1,246,516 956,754 1,699,155 675,423 — 7,832,137 
Current YTD Period:
Gross charge-offs— 76 543 304 1,567 17,558 3,426 — 23,474 
Total commercial and industrial1,918,902 2,024,538 2,385,222 2,480,840 1,627,809 3,341,160 8,470,369 82,289 22,331,129 
Current YTD Period:
Gross charge-offs$7,696 $16,575 $4,329 $9,091 $2,564 $21,971 $57,162 $— $119,388 
Investment properties
Pass769,775 642,808 3,306,914 2,406,325 898,363 2,405,650 227,460 — 10,657,295 
Special Mention4,583 2,211 97,443 200,780 — 68,559 — — 373,576 
Substandard— 1,689 10,093 83,795 1,466 13,884 — — 110,927 
Doubtful— — — 39,401 — — — — 39,401 
Loss— — — — — 5 — — 5 
Total investment properties774,358 646,708 3,414,450 2,730,301 899,829 2,488,098 227,460 — 11,181,204 
Current YTD Period:
Gross charge-offs— — 527 4,752 — 4,602 — — 9,881 
1-4 family properties
Pass159,008 79,094 95,050 81,630 28,845 53,167 40,133 — 536,927 
Special Mention— — 1,060 663 169 1,300 — — 3,192 
Substandard919 840 1,618 233 287 1,857 45 — 5,799 
Total 1-4 family properties159,927 79,934 97,728 82,526 29,301 56,324 40,178 — 545,918 
Current YTD Period:
Gross charge-offs— 103 — — — 143 — — 246 
Land and development
Pass55,564 87,465 54,214 26,002 4,933 41,749 14,798 — 284,725 
Special Mention— 138 — 25 — 390 — — 553 
Substandard— 1,347 — — 153 719 — — 2,219 
Total land and development55,564 88,950 54,214 26,027 5,086 42,858 14,798 — 287,497 
Current YTD Period:
Gross charge-offs— — — — 35 22 — — 57 
Total commercial real estate989,849 815,592 3,566,392 2,838,854 934,216 2,587,280 282,436 — 12,014,619 
Current YTD Period:
Gross charge-offs$— $103 $527 $4,752 $35 $4,767 $— $— $10,184 
December 31, 2024
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20242023202220212020PriorAmortized Cost BasisConverted to Term LoansTotal
Consumer mortgages
Pass457,176 681,844 670,652 947,395 1,119,610 1,341,463 25 — 5,218,165 
Substandard190 1,872 5,590 7,117 17,918 37,895 — — 70,582 
Loss— — — — — 29 — — 29 
Total consumer mortgages457,366 683,716 676,242 954,512 1,137,528 1,379,387 25 — 5,288,776 
Current YTD Period:
Gross charge-offs— 11 — 3 30 122 — — 166 
Home equity
Pass— — — — — — 1,386,370 424,891 1,811,261 
Substandard— — — — — — 11,464 7,729 19,193 
Loss— — — — — — 554 279 833 
Total home equity — — — — — — 1,398,388 432,899 1,831,287 
Current YTD Period:
Gross charge-offs— — — — — — 230 106 336 
Credit cards
Pass— — — — — — 184,061 — 184,061 
Substandard— — — — — — 701 — 701 
Loss— — — — — — 1,109 — 1,109 
Total credit cards— — — — — — 185,871 — 185,871 
Current YTD Period:
Gross charge-offs— — — — — — 7,153 — 7,153 
Other consumer loans
Pass150,051 81,087 119,274 144,297 78,961 91,802 284,801 — 950,273 
Substandard310 1,046 1,298 2,692 1,132 524 59 — 7,061 
   Loss— — — — — — 12 — 12 
Total other consumer loans150,361 82,133 120,572 146,989 80,093 92,326 284,872 — 957,346 
Current YTD Period:
Gross charge-offs576 3,740 4,840 7,601 2,140 2,509 2,315 — 23,721 
Total consumer607,727 765,849 796,814 1,101,501 1,217,621 1,471,713 1,869,156 432,899 8,263,280 
Current YTD Period:
Gross charge-offs$576 $3,751 $4,840 $7,604 $2,170 $2,631 $9,698 $106 $31,376 
Loans, net of deferred fees and costs$3,516,478 $3,605,979 $6,748,428 $6,421,195 $3,779,646 $7,400,153 $10,621,961 $515,188 $42,609,028 
Current YTD Period:
Gross charge-offs$8,272 $20,429 $9,696 $21,447 $4,769 $29,369 $66,860 $106 $160,948 
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-offs9,367 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 
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-offs546 7,685 5,668 3,878 1,893 22,671 3,109 — 45,450 
December 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolving Loans
(in thousands)20232022202120202019PriorAmortized Cost BasisConverted to Term LoansTotal
Consumer mortgages
Pass$757,485 $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 
Loan, 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.
Schedule of Rollforward of Allowance for Loan Losses
The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2024, 2023, and 2022. 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, 2024 and 2022, Synovus had no significant transfers to loans held for sale.
As of and For The Year Ended December 31, 2024
(in thousands)Commercial & IndustrialCommercial Real EstateConsumerTotal
Allowance for loan losses:
Beginning balance at December 31, 2023$218,970 $133,758 $126,657 $479,385 
Charge-offs(119,388)(10,184)(31,376)(160,948)
Recoveries17,084 1,905 7,965 26,954 
Provision for (reversal of) loan losses93,859 8,542 39,053 141,454 
Ending balance at December 31, 2024$210,525 $134,021 $142,299 $486,845 
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 $443,424 
Schedule of Amortized Cost of FDM Loans by Loan Portfolio Class, Financial Effect of Loan Modifications, Current, Accruing Past Due, and Non-Accrual Loans on an Amortized Cost Basis by Loan Portfolio Class, and TDRs by Concession Type The following tables present the amortized cost of FDM loans by loan portfolio class that were modified during the years ended December 31, 2024 and 2023.
Year Ended December 31, 2024
(in thousands)Interest Rate ReductionTerm ExtensionPrincipal Forgiveness and Term ExtensionsPayment DelayInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial, financial, and agricultural$— $10,606 $— $— $10,606 0.1 %
Owner-occupied— 183 — — 13,686 13,869 0.2 
Total commercial and industrial— 10,789 — — 13,686 24,475 0.1 
Investment properties74,675 2,222 — — — 76,897 0.7 
Total commercial real estate74,675 2,222 — — — 76,897 0.6 
Consumer mortgages122 — — 1,878 — 2,000 — 
Other consumer loans179 582 — 4 23 788 0.1 
Total consumer301 582 — 1,882 23 2,788 — 
Total FDMs$74,976 $13,593 $— $1,882 $13,709 $104,160 0.2 %
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 — 
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 years ended December 31, 2024 and 2023.
Year Ended December 31, 2024
(Dollars in thousands)Weighted Average Interest Rate ReductionWeighted Average Term Extension
(in months)		Weighted Average Payment Delay
(in months)
Commercial, financial, and agricultural— %12— 
Owner-occupied2.4 5— 
Investment properties1.9 12— 
Consumer mortgages2.3 — 5.5
Home equity— — — 
Other consumer loans4.2 756
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 Delay
(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 during the year ended December 31, 2024.
December 31, 2024
(in thousands)CurrentAccruing 30-89 Days Past DueAccruing 90 Days or Greater Past Due
Non-accrual (1)
Total
Commercial, financial, and agricultural$9,896 $540 $— $170 $10,606 
Owner-occupied13,686 — — 183 13,869 
Total commercial and industrial23,582 540 — 353 24,475 
Investment properties44,115 — — 32,782 76,897 
Total commercial real estate44,115 — — 32,782 76,897 
Consumer mortgages210 — — 1,790 2,000 
Other consumer loans397 106 — 285 788 
Total consumer607 106 — 2,075 2,788 
Total FDMs$68,304 $646 $— $35,210 $104,160 
(1)    Loans were on non-accrual when modified and subsequently classified as FDMs.
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, the date Synovus adopted ASU 2022-02 through December 31, 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 
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.
The following table presents, by concession
type, the post-modification balance for loans modified or renewed during the year ended December 31, 2022 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)
(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 year ended December 31, 2022.
(2)    No charge-offs were recorded during the year ended December 31, 2022 upon restructuring of these loans.
v3.25.0.1
Premises, Equipment and Software (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Premises, Equipment and Software
Premises, equipment and software at December 31, 2024 and 2023 consist of the following:
(in thousands)20242023
Land$90,173 $92,094 
Buildings and improvements285,399 291,471 
Leasehold improvements95,259 100,125 
Furniture, equipment and software395,549 450,458 
Construction in progress64,583 24,799 
Total premises, equipment and software930,963 958,947 
Less: Accumulated depreciation and amortization(547,239)(593,096)
Net premises, equipment and software$383,724 $365,851 
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill allocated to each reporting unit at December 31, 2024 and 2023 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, 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 
Change in goodwill— — — — — 
Balance as of December 31, 2024$175,833 $172,134 $114,701 $17,772 $480,440 
Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets
The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2024 and 2023. 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 included 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, 2024, 2023, and 2022 was $11.6 million, $10.5 million, and $8.5 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, 2024
CDI$57,400 $(46,964)$10,436 
Client Relationships22,100 (10,705)11,395 
Partner Relationships4,700 (1,488)3,212 
Developed Technology11,091 (3,512)7,579 
Other3,900 (2,204)1,696 
Total other intangible assets$99,191 $(64,873)$34,318 
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 
Schedule of Estimated Amortization Expense of Other Intangible Assets
The estimated amortization expense of other intangible assets for the next five years is as follows:
(in thousands)Amortization Expense
2025$10,510 
20269,438 
20278,067 
20283,826 
20291,025 
v3.25.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Other Assets [Abstract]  
Schedule of Other Assets
Significant balances included in other assets at December 31, 2024 and 2023 are presented below.
(in thousands)20242023
Investments in tax credits and CRA partnerships$808,425 $638,402 
Deferred tax assets473,817 510,442 
Accounts receivable445,146 195,921 
ROU assets(1)
429,454 473,028 
Accrued interest receivable254,629 284,112 
FRB and FHLB Stock164,374 184,944 
Derivative asset positions83,895 94,903 
Mutual funds and mutual funds held in rabbi trusts63,371 53,742 
Prepaid expense46,917 47,471 
Other investments14,831 12,560 
Trading securities, at fair value9,713 12,898 
Other real estate385 — 
MPS receivable(2)
— 19,300 
Miscellaneous other assets61,449 59,601 
Total other assets$2,856,406 $2,587,324 
(1)    Lease liabilities are included within other liabilities on the consolidated balance sheets.
(2)    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.
v3.25.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2024
Interest-Bearing Deposit Liabilities [Abstract]  
Schedule of Interest Bearing Deposits
A summary of interest-bearing deposits at December 31, 2024 and 2023 is presented below.
(in thousands)
20242023
Interest-bearing demand deposits(1)
$11,517,281 $10,680,625 
Money market accounts(1)
14,056,342 12,902,294 
Savings accounts982,498 1,071,258 
Time deposits(1)
8,067,889 7,534,393 
Brokered deposits4,875,230 6,042,999 
Total interest-bearing deposits$39,499,240 $38,231,569 
(1)    Excluding brokered deposits
Schedule of Contractual Maturities of All Time Deposits, Including Brokered Time Deposits
The following table presents contractual maturities of all time deposits, including brokered time deposits, at December 31, 2024.
(in thousands)
Maturing within one year$8,584,750 
Between 1 - 2 years605,738 
2 - 3 years390,923 
3 - 4 years18,466 
4 - 5 years10,028 
Thereafter5,957 
Total$9,615,862 
v3.25.0.1
Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The following table presents long-term debt at December 31, 2024 and 2023 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)20242023
Parent Company:
6.168% Fixed Rate/Floating Rate Senior Notes issued November 1, 2024, due November 1, 2030, subject to redemption prior to November 1, 2029: $500.0 million par value at issuance with semi-annual interest payments at 6.168% for the first five years and quarterly payments thereafter at compounded SOFR plus 2.347%
$490,415 $— 
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
199,621 201,925 
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
346,914 340,778 
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 6.42% at December 31, 2024 and 7.45% at December 31, 2023)
10,000 10,000 
Total long-term debt — Parent Company$1,046,950 $552,703 
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
$490,283 $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
195,876 192,732 
FHLB advances with weighted average interest rate of 5.57% at December 31, 2023
— 700,000 
Total long-term debt — Synovus Bank686,159 1,379,831 
Total long-term debt$1,733,109 $1,932,534 
Schedule of Contractual Annual 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, 2024 of the long-term debt.
 
(in thousands)
Parent
Company		Synovus BankTotal
2025$350,000 

$— $350,000 
2026— — — 
2027— — — 
2028— 500,000 500,000 
2029202,967 — 202,967 
Thereafter510,000 200,000 710,000 
Total$1,062,967 $700,000 $1,762,967 
v3.25.0.1
Shareholders' Equity and Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Shares of Preferred and Common Stock Issued and Common Stock 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, 2024, 2023, and 2022.
 
 
(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, 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 
Restricted share unit activity— — — 528 — 528 
Stock options exercised— — — 298 — 298 
Repurchase of common stock— — — — 6,365 (6,365)
Balance at December 31, 20248,000 14,000 22,000 172,186 31,020 141,166 
Schedule of Preferred Stock
The following table presents a summary of preferred stock as of December 31, 2024, 2023, and 2022.
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
$25 per share
Schedule of Activity of Accumulated Other Comprehensive Income (Loss)
The following table illustrates activity within the balances in AOCI by component, and is shown for the years ended December 31, 2024, 2023, and 2022.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands)Unamortized holding (losses) gains on AFS investment securities transferred to HTM
Net unrealized gains (losses) on AFS investment securities (1)
Net unrealized gains (losses) on Cash Flow Hedges (1)
Total
Balance at December 31, 2021$— $(67,980)$(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)$(1,442,117)
Other comprehensive income (loss) before reclassifications— 163,813 (30,791)133,022 
Amounts reclassified from AOCI— 58,191 133,831 192,022 
Net current period other comprehensive income (loss)— 222,004 103,040 325,044 
Balance at December 31, 2023$— $(998,259)$(118,814)$(1,117,073)
Other comprehensive income (loss) before reclassifications(537,434)392,169 (53,173)(198,438)
Amounts reclassified from AOCI44,606 194,677 105,463 344,746 
Net current period other comprehensive income (loss)(492,828)586,846 52,290 146,308 
Balance at December 31, 2024$(492,828)$(411,413)$(66,524)$(970,765)
(1)    For December 31, 2022 and 2021, the ending balance in net unrealized gains (losses) includes unrealized losses on investment securities available for sale and cash flow hedges 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, 2024 and 2023, the ending balance in net unrealized gains (losses) includes unrealized losses on investment securities available for sale of $10.2 million and $16.4 million, respectively, and cash flow hedges of $11.6 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.
v3.25.0.1
Regulatory Capital (Tables)
 12 Months Ended
Dec. 31, 2024
Regulatory Capital Disclosure [Abstract]  
Schedule of Regulatory Capital Information
The following table summarizes regulatory capital information at December 31, 2024 and 2023 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)202420232024202320242023
Synovus Financial Corp.
CET1 capital$5,199,950 $5,206,521 $2,158,439 $2,291,552 N/AN/A
Tier 1 risk-based capital5,737,095 5,743,666 2,877,919 3,055,403 N/AN/A
Total risk-based capital6,622,462 6,654,224 3,837,226 4,073,871 N/AN/A
CET1 capital ratio10.84 %10.22 %4.50 %4.50 %N/AN/A
Tier 1 risk-based capital ratio 11.96 11.28 6.00 6.00 N/AN/A
Total risk-based capital ratio13.81 13.07 8.00 8.00 N/AN/A
Leverage ratio9.55 9.49 4.00 4.00 N/AN/A
Synovus Bank
CET1 capital$5,657,947 $5,559,624 $2,155,437 $2,288,092 $3,113,409 $3,305,022 
Tier 1 risk-based capital5,657,947 5,559,624 2,873,916 3,050,789 3,831,887 4,067,719 
Total risk-based capital6,373,618 6,249,947 3,831,887 4,067,719 4,789,859 5,084,649 
CET1 capital ratio11.81 %10.93 %4.50 %4.50 %6.50 %6.50 %
Tier 1 risk-based capital ratio11.81 10.93 6.00 6.00 8.00 8.00 
Total risk-based capital ratio13.31 12.29 8.00 8.00 10.00 10.00 
Leverage ratio9.44 9.21 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.
v3.25.0.1
Net Income Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of the Information Used in Calculating Basic and Diluted 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, 2024, 2023, and 2022. 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)202420232022
Basic Net Income Per Common Share:
Net income available to common shareholders$439,557 $507,755 $724,739 
Weighted average common shares outstanding144,164 146,115 145,364 
Net income per common share, basic$3.05 $3.48 $4.99 
Diluted Net Income Per Common Share:
Net income available to common shareholders$439,557 $507,755 $724,739 
Weighted average common shares outstanding144,164 146,115 145,364 
Effect of dilutive outstanding equity-based awards834 619 1,117 
Weighted average diluted common shares144,998 146,734 146,481 
Net income per common share, diluted$3.03 $3.46 $4.95 
v3.25.0.1
Fair Value Accounting (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis
The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2024 and 2023.
December 31, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3Total Assets and Liabilities at Fair ValueLevel 1Level 2Level 3Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises$— $— $— $— $— $2,910 $— $2,910 
Other mortgage-backed securities— — — — — 2,149 — 2,149 
State and municipal securities— 473 — 473 — — — — 
Asset-backed securities— 9,240 — 9,240 — 7,839 — 7,839 
Total trading securities$— $9,713 $— $9,713 $— $12,898 $— $12,898 
Investment securities available for sale:
U.S. Treasury securities$1,212,742 $— $— $1,212,742 $597,629 $— $— $597,629 
U.S. Government agency securities— 29,163 — 29,163 — 28,940 — 28,940 
Mortgage-backed securities issued by U.S. Government agencies— 1,462,790 — 1,462,790 — 925,664 — 925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— 2,034,035 — 2,034,035 — 6,430,379 — 6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 550,201 — 550,201 — 587,595 — 587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 2,253,116 — 2,253,116 — 1,209,783 — 1,209,783 
Corporate debt securities and other debt securities— 8,971 — 8,971 — 8,672 — 8,672 
Total investment securities available for sale$1,212,742 $6,338,276 $— $7,551,018 $597,629 $9,191,033 $— $9,788,662 
Mortgage loans held for sale$— $33,448 $— $33,448 $— $47,338 $— $47,338 
Other investments— — 14,831 14,831 — — 12,560 12,560 
Mutual funds and mutual funds held in rabbi trusts63,371 — — 63,371 53,742 — — 53,742 
Derivative assets— 83,895 — 83,895 — 94,903 — 94,903 
Liabilities
Securities sold short$— $— $— $— $3,496 $— $— $3,496 
Mutual fund held in rabbi trusts48,351 — — 48,351 38,735 — — 38,735 
Derivative liabilities(1)
— 216,325 — 216,325 — 259,650 — 259,650 
(1)    Excludes from Level 3 the Visa derivative of $64 thousand and $589 thousand at December 31, 2024 and 2023, respectively. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
Schedule of Changes in Fair Value Included in Net Income and Mortgage Loans Held for Sale
The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to instrument-specific credit risk.
Years Ended December 31,
(in thousands)202420232022
Changes in fair value included in net income:
Mortgage loans held for sale$(1,033)$839 $(1,541)
Mortgage loans held for sale:
Fair value33,448 47,338 51,136 
Unpaid principal balance32,770 45,627 50,264 
Fair value less aggregate unpaid principal balance$678 $1,711 $872 
Schedule of Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
During 2024 and 2023, 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, 2023$12,560 
Total gains (losses) realized/unrealized:
Included in earnings641 
Additions1,630 
Ending balance at December 31, 2024$14,831 
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, 2024$641 
(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 
Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Financial Instruments on a Recurring Basis and on a Non-Recurring Basis
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.
December 31, 2024December 31, 2023
(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$14,831N/A$12,560N/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, 2024December 31, 2023
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%-41% (29%) 0%-10% (7%)
0%-61% (30%) 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.
Schedule of Assets (Liabilities) Measured at Fair Value on a 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, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(1)
$— $— $58,416 $58,416 $— $— $54,616 $54,616 

Years Ended December 31,
(in thousands)20242023Location in Consolidated Statements of Income
Loans(1)
$35,726 $32,503 Provision for credit losses
(1)    Collateral-dependent loans that are written down to fair value of collateral.
Schedule of Carrying and Estimated Fair Values of Financial Instruments
The following table presents the carrying and estimated fair values of financial instruments at December 31, 2024 and 2023. 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, 2024
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,993,987 $2,993,987 $2,993,987 $— $— 
Trading securities9,713 9,713 — 9,713 — 
Investment securities held to maturity2,581,469 2,524,525 — 2,524,525 — 
Investment securities available for sale7,551,018 7,551,018 1,212,742 6,338,276 — 
Loans held for sale90,111 89,901 — 33,448 56,453 
Other investments14,831 14,831 — — 14,831 
Mutual funds and mutual funds held in rabbi trusts63,371 63,371 63,371 — — 
Loans, net (1)
42,122,183 41,014,425 — — 41,014,425 
FRB and FHLB stock164,374 164,374 — 164,374 — 
Derivative assets83,895 83,895 — 83,895 — 
Financial liabilities
Non-interest-bearing deposits$11,596,119 $11,596,119 $— $11,596,119 $— 
Non-time interest-bearing deposits29,883,378 29,883,378 — 29,883,378 — 
Time deposits9,615,862 9,587,417 — 9,587,417 — 
Total deposits(2)
$51,095,359 $51,066,914 $— $51,066,914 $— 
Federal funds purchased and securities sold under repurchase agreements131,728 131,728 131,728 — — 
Long-term debt1,733,109 1,748,723 — 1,748,723 — 
Mutual fund held in rabbi trusts48,351 48,351 48,351 — — 
Derivative liabilities(3)
216,325 216,325 — 216,325 — 
(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 $64 thousand at December 31, 2024. 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, 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.
v3.25.0.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Derivative Instruments [Abstract]  
Schedule of Estimated Fair Value of Derivative Instruments Included in Other Assets and Other Liabilities on the Consolidated Balance Sheets
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, 2024December 31, 2023
Fair ValueFair Value
(in thousands)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts$4,350,000 $— $13,003 $5,600,000 $— $7,527 
Total cash flow hedges$— $13,003 $— $7,527 
Derivatives in fair value hedging relationships:
Interest rate contracts$2,102,967 $168 $1,469 $2,563,504 $— $12,891 
Total fair value hedges$168 $1,469 $— $12,891 
Total derivatives designated as hedging instruments$168 $14,472 $— $20,418 
Derivatives not designated:
  as hedging instruments
Interest rate contracts$14,653,252 $81,099 $201,847 $11,888,152 $94,208 $238,134 
Mortgage derivatives - interest rate lock commitments34,649 434 — 40,642 695 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans51,500 233 — 60,906 — 567 
Risk participation agreements924,267 — 6 732,682 — 3 
Foreign exchange contracts148,805 1,961 — 41,603 — 528 
Visa derivative— — 64 — — 589 
Total derivatives not designated as hedging instruments$83,727 $201,917 $94,903 $239,821 
Schedule of Effect of Hedging Derivative Instruments on the Consolidated Statements of Income
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, 2024, 2023, and 2022.
2024
Interest IncomeInterest Expense
(in thousands)Loans, including feesDepositsLong-term debt
Total interest income/expense amounts presented in the consolidated statements of income$2,769,778 $1,329,932 $109,657 
Gain (loss) on cash flow hedging relationships:(1)
Interest rate contracts:
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans$(139,041)$— $— 
Pre-tax income (loss) recognized on cash flow hedges$(139,041)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives$— $(21,777)$(12,803)
Recognized on derivatives— 11,224 1,777 
Recognized on hedged items— (11,224)(1,777)
Pre-tax income (loss) recognized on fair value hedges$— $(21,777)$(12,803)
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)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives$— $(22,495)$(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)$— $— 
Gain (loss) on fair value hedging relationships:
Amounts related to interest settlements on derivatives$— $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 $(322)
(1)    See "Part II - Item 8. Financial Statements and Supplementary Data - Note 9 - Shareholders' Equity and Other Comprehensive Income" in this Report for additional information.
Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
December 31, 2024December 31, 2023
Hedged Items Currently DesignatedHedged Items No Longer DesignatedHedged Items Currently DesignatedHedged Items No Longer Designated
(in thousands)Carrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Interest-bearing deposits$(1,050,000)$4,292 $— $(2,013,504)$(8,711)$1,267 
Long-term debt(1,048,535)11,585 9,809 (546,872)(5,986)9,638 
Schedule of Pre-Tax Effect of Changes in Fair Value from Derivative Instruments Not Designated as Hedging Instruments on the Consolidated Statements of Income
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
For The Years Ended December 31,
(in thousands)
Location in Consolidated Statements of Income
202420232022
Derivatives not designated as hedging instruments:
Interest rate contracts(1)
Capital markets income$(459)$395 $1,570 
Mortgage derivatives - interest rate lock commitmentsMortgage banking income(261)345 (1,756)
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansMortgage banking income799 (722)277 
Risk participation agreementsCapital markets income(3)— 33 
Foreign exchange contractsCapital markets income2,490 (12)(555)
Visa derivativeOther non-interest expense(8,700)(3,927)(6,000)
Total derivatives not designated as hedging instruments$(6,134)$(3,921)$(6,431)
(1)    Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Partnerships, Programs, and Other Investments and Funding of Small Business Loans
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)20242023
Letters of credit(1)
$340,385 $200,269 
Commitments to fund commercial and industrial loans9,956,797 10,313,880 
Commitments to fund commercial real estate, construction, and land development loans2,135,638 2,496,656 
Commitments under home equity lines of credit2,119,616 2,135,120 
Unused credit card lines446,800 453,303 
Other loan commitments621,659 654,396 
Total letters of credit and unfunded lending commitments$15,620,895 $16,253,624 
Tax credits, CRA partnerships, and other investments with a future funding commitment:
Carrying amount included in other assets(2)
$672,803 $573,992 
Permanent and short-term construction loans and letter of credit commitments(3)
205,855 205,659 
Funded portion of permanent and short-term loans and letters of credit(4)
229,668 211,921 
(1)    Represent the contractual amount net of risk participations purchased of approximately $16.8 million and $22.8 million at December 31, 2024 and 2023, respectively.
(2)    Future funding commitment amounts included in carrying amount within other liabilities of $358.5 million and $293.3 million at December 31, 2024 and 2023, respectively.
(3)    Represent the contractual amount net of risk participations of $16.0 million and $9.7 million at December 31, 2024 and 2023, respectively
(4)    Represent the contractual amount net of risk participations of $16.2 million and $4.0 million at December 31, 2024 and 2023, respectively.
v3.25.0.1
Share-based Compensation and Other Employment Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
Total share-based compensation expense recognized for 2024, 2023, and 2022 is presented in the following table by its classification within total non-interest expense.
Years Ended December 31,
(in thousands)202420232022
Salaries and other personnel expense$30,625 $30,610 $26,751 
Other operating expense1,424 1,614 1,153 
Total share-based compensation expense included in non-interest expense$32,049 $32,224 $27,904 
Schedule of Stock Options Activity
A summary of stock option activity during the years ended December 31, 2024, 2023, and 2022 is presented below.
Stock Options
202420232022
(in thousands, except per share data)QuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise PriceQuantityWeighted-Average Exercise Price
Outstanding at beginning of year416 $31.13 1,113 $23.51 1,478 $22.71 
Options exercised(299)30.35 (697)18.97 (365)20.27 
Options forfeited/expired/canceled— — — — — — 
Options outstanding at end of year117 $33.14 416 $31.13 1,113 $23.51 
Options exercisable at end of year117 $33.14 416 $31.13 1,113 $23.51 
Schedule of Weighted Average Assumptions 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:
202420232022
Risk-free interest rate4.39 %4.38 %2.87 %
Expected stock price volatility 39.1 48.3 57.2 
Simulation period2.9 years2.9 years2.9 years
Schedule of Restricted Share Units and Performance Share Units Outstanding and Changes
A summary of restricted share units and performance share units outstanding and changes during the years ended December 31, 2024, 2023, and 2022 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 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 
Granted870 37.62 264 37.96 
Vested(601)43.37 (290)42.94 
Forfeited(80)41.13 (4)50.14 
Outstanding at December 31, 20241,482 $40.15 464 $45.63 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022 are presented below:
(in thousands)202420232022
Current
Federal$83,744 $107,445 $167,255 
State22,387 29,739 28,152 
Total current income tax expense106,131 137,184 195,407 
Deferred
Federal19,292 13,124 11,570 
State79 3,713 (702)
Total deferred income tax expense (benefit) 19,371 16,837 10,868 
Total income tax expense$125,502 $154,021 $206,275 
Schedule of Income Tax Expense and Effective Income Tax Rate
Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2024, 2023, and 2022. A reconciliation of the differences is presented below:
Years Ended December 31,
(dollars in thousands)202420232022
Income tax expense at statutory federal income tax rate$127,040 $146,194 $202,477 
Increase (decrease) resulting from:
State income tax expense, net of federal income tax benefit17,871 28,415 21,981 
Tax credits and related benefits, net of amortization (as applicable)(21,329)(21,037)(9,629)
Income not subject to tax(11,857)(10,477)(9,346)
FDIC premiums
7,684 8,589 5,517 
    Executive compensation2,965 3,575 2,152 
Excess tax benefit from share-based compensation98 (1,416)(3,153)
Other, net3,030 178 (3,724)
Total income tax expense$125,502 $154,021 $206,275 
Effective tax rate20.7 %22.1 %21.4 %
Schedule of Components of Deferred Tax Assets and Liabilities
The components of the Company's deferred tax assets and liabilities at December 31, 2024 and 2023 are presented below:
(in thousands)20242023
Deferred tax assets
Net unrealized losses on investment securities available for sale and cash flow hedges$302,128 $348,712 
Allowance for credit losses131,373 130,205 
Lease liability111,089 120,534 
Employee benefits and deferred compensation47,642 40,601 
Net operating loss carryforwards32,511 32,126 
Tax credit carryforwards14,143 15,532 
FDIC special assessment9,087 12,058 
Unrealized losses on fair value hedges4,252 7,480 
Non-performing loan interest7,923 5,877 
Miscellaneous accrued expenses4,948 5,659 
Fair value of investment securities and loans1 1,422 
Other8,167 7,423 
Total gross deferred tax assets673,264 727,629 
Less valuation allowance(27,483)(26,184)
Total deferred tax assets645,781 701,445 
Deferred tax liabilities
Right-of-use asset(104,190)(114,529)
Purchase accounting intangibles(22,535)(23,276)
Excess tax over financial statement depreciation(13,685)(20,457)
Deferred loan costs(16,293)(16,810)
Unrealized gain on hedged liabilities(4,252)(7,480)
Prepaid expense(5,498)(6,917)
Partnership investments(2,995)(1,980)
Other properties held for sale(914)(1,434)
Other(4,899)(1,660)
Total gross deferred tax liabilities(175,261)(194,543)
Net deferred tax asset$470,520 $506,902 
Schedule of Federal and State NOLs and Tax Credit Carryforwards
Federal and state NOLs and tax credit carryforwards as of December 31, 2024 are summarized in the following table on a tax effected basis.
Tax CarryforwardsAs of December 31, 2024
(in thousands)Expiration DatesDeferred
Tax Asset, Before Valuation Allowance		Valuation AllowanceNet Deferred Tax Asset Balance
Net operating losses - federal(1)
2027-2037$25,482 $(20,749)$4,733 
Net operating losses - states(1)
2027-20447,030 (5,705)1,325 
Tax credits - federal 2034-2044835 (460)375 
Tax credits - states(1)
2025-203213,307 (569)12,738 
(1)    Included in this balance are tax attributes that can be carried forward indefinitely and have no expiration date.
Schedule of Rollforward of Unrecognized Income 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)202420232022
Balance at January 1,
$22,312 $22,400 $25,104 
Additions based on income tax positions related to current year
520 719 649 
Additions for income tax positions of prior years(1)
39 186 247 
Reductions for income tax positions of prior years
(209)(122)(1,215)
Statute of limitation expirations
(982)(871)(2,002)
Settlements
— — (383)
Balance at December 31,
$21,680 $22,312 $22,400 
(1)    Includes deferred tax benefits that could reduce future tax liabilities.
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information and Financing Receivables, by Segment
The following tables present certain financial information for each reportable business segment for the years ended December 31, 2024, 2023, and 2022 and as of December 31, 2024 and 2023. 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.
Year Ended December 31, 2024
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$736,306 $398,382 $544,248 $101,139 $(30,498)$1,749,577 
Provision for (reversal of) credit losses124,350 40,612 20,689 16,003 (64,969)136,685 
Net interest income after provision for credit losses611,956 357,770 523,559 85,136 34,471 1,612,892 
Service charges on deposit accounts21,205 28,140 41,187 16 1,099 91,647 
Fiduciary and asset management fees— — — 79,828 — 79,828 
Card fees11 31,658 26,782 — 18,469 76,920 
Brokerage revenue— — — 84,881 — 84,881 
Mortgage banking income— — — 14,060 — 14,060 
Capital markets income24,521 6,843 23 573 12,098 44,058 
Other non-interest revenue(1)
11,277 3,212 7,222 7,411 (180,912)(151,790)
Total non-interest revenue57,014 69,853 75,214 186,769 (149,246)239,604 
Salaries and other personnel expense91,170 106,776 118,421 123,858 297,242 737,467 
Other operating expense(2)
40,477 49,715 83,021 29,930 306,933 510,076 
Total non-interest expense131,647 156,491 201,442 153,788 604,175 1,247,543 
Income (loss) before income taxes$537,323 $271,132 $397,331 $118,117 $(718,950)$604,953 

(1) Treasury and Corporate Other includes net losses of $256.7 million primarily due to the strategic repositioning of the investment securities portfolio in the second quarter of 2024.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, FDIC insurance, and other regulatory fees.
Year Ended December 31, 2023
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$806,399 $429,937 $614,338 $73,906 $(107,925)$1,816,655 
Provision for credit losses114,886 38,435 19,848 14,386 1,524 189,079 
Net interest income after provision for credit losses691,513 391,502 594,490 59,520 (109,449)1,627,576 
Service charges on deposit accounts17,774 26,291 45,090 17 924 90,096 
Fiduciary and asset management fees— — — 78,077 — 78,077 
Card fees10 24,811 28,122 — 19,414 72,357 
Brokerage revenue— — — 90,004 — 90,004 
Mortgage banking income— — — 15,157 — 15,157 
Capital markets income22,257 2,863 9 5,934 7,982 39,045 
Other non-interest revenue(1)
11,877 15,407 6,650 5,997 (20,657)19,274 
Total non-interest revenue51,918 69,372 79,871 195,186 7,663 404,010 
Salaries and other personnel expense97,275 100,293 115,490 131,846 283,474 728,378 
Other operating expense(2)(3)
65,299 45,533 89,037 34,914 372,263 607,046 
Total non-interest expense162,574 145,826 204,527 166,760 655,737 1,335,424 
Income (loss) before income taxes$580,857 $315,048 $469,834 $87,946 $(757,523)$696,162 
(1) Treasury and Corporate Other includes net losses of $76.7 million primarily due to the strategic repositioning of the investment securities portfolio in the fourth quarter of 2023.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, FDIC insurance and other regulatory fees, and a $28.0 million loss on other loans held for sale for the $1.17 billion medical office buildings loans sale.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, FDIC insurance, and other regulatory fees.
(3) Treasury and Corporate Other includes a $51.0 million expense 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. In addition, a $22.1 million loss on other loans held for sale was recorded in Treasury and Corporate Other for the $421.7 million third-party consumer loans sale in 2023.
Year Ended December 31, 2022
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)(1)
$691,535 $412,660 $465,840 $69,539 $157,326 $1,796,900 
Provision for (reversal of) credit losses76,009 41,214 21,140 13,613 (67,423)84,553 
Net interest income after provision for credit losses615,526 371,446 444,700 55,926 224,749 1,712,347 
Service charges on deposit accounts14,744 26,216 51,073 63 971 93,067 
Fiduciary and asset management fees— — — 78,414 — 78,414 
Card fees9 16,529 27,945 — 17,350 61,833 
Brokerage revenue— — — 72,605 — 72,605 
Mortgage banking income— — — 17,476 — 17,476 
Capital markets income11,938 5,738 — 9,069 9,541 36,286 
Other non-interest revenue12,571 1,594 7,552 5,234 22,704 49,655 
Total non-interest revenue39,262 50,077 86,570 182,861 50,566 409,336 
Salaries and other personnel expense87,874 88,149 104,987 138,646 262,054 681,710 
Other operating expense(2)
29,757 39,702 92,375 32,008 281,954 475,796 
Total non-interest expense117,631 127,851 197,362 170,654 544,008 1,157,506 
Income (loss) before income taxes$537,157 $293,672 $333,908 $68,133 $(268,693)$964,177 
(1) Treasury and Corporate Other includes PPP fees of $12.6 million.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance, and other regulatory fees.
December 31, 2024
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$24,677,119 $7,921,182 $2,776,305 $5,263,474 $1,970,948 $42,609,028 
Deposits$15,207,166 $10,877,394 $18,365,142 $1,109,270 $5,536,387 $51,095,359 
Full-time equivalent employees336 533 1,475 5651,787 4,696 
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(1)
$13,847,833 $10,198,357 $18,698,298 $1,488,090 $6,506,607 $50,739,185 
Full-time equivalent employees334 576 1,522 604 1,762 4,798 
(1) During the fourth quarter of 2023, $1.30 billion in deposits previously reported in Treasury and Corporate Other were transferred to align with the management of the client relationships within the Financial Management Services segment.
v3.25.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
Condensed Balance Sheets
December 31,
(in thousands)20242023
Assets
Cash due from bank subsidiary$859,336 $573,761 
Funds due from other depository institutions
1,201 4,839 
     Total cash, cash equivalents, and restricted cash860,537 578,600 
Investment in consolidated bank subsidiary, at equity
5,177,551 4,947,888 
Investment in consolidated non-bank subsidiaries, at equity
140,793 114,932 
Note receivable from bank subsidiary
200,000 100,000 
Other assets
28,106 25,943 
Total assets$6,406,987 $5,767,363 
Liabilities and Shareholders' Equity
Liabilities:
Long-term debt
$1,046,950 $552,703 
Other liabilities
115,480 94,667 
Total liabilities
1,162,430 647,370 
Shareholders’ equity:
Preferred stock
537,145 537,145 
Common stock
172,186 171,360 
Additional paid-in capital
3,986,729 3,955,819 
Treasury stock
(1,216,827)(944,484)
Accumulated other comprehensive income (loss), net
(970,765)(1,117,073)
Retained earnings
2,736,089 2,517,226 
Total shareholders’ equity
5,244,557 5,119,993 
Total liabilities and shareholders’ equity
$6,406,987 $5,767,363 
Schedule of Condensed Statements of Income
Condensed Statements of Income
Years Ended December 31,
(in thousands)202420232022
Income
Cash dividends received from subsidiaries
$450,000 $435,000 $350,000 
Interest income
6,175 6,129 1,841 
Other income (loss)
167 (101)(7,203)
Total income
456,342 441,028 344,638 
Expense
Interest expense
49,424 36,849 34,154 
Other expense
19,179 12,494 17,804 
Total expense
68,603 49,343 51,958 
Income before income taxes and equity in undistributed income of subsidiaries    
387,739 391,685 292,680 
Allocated income tax benefit
(13,287)(10,026)(16,667)
Income before equity in undistributed income of subsidiaries    
401,026 401,711 309,347 
Equity in undistributed income (loss) of subsidiaries
81,434 141,994 448,555 
Net income482,460 543,705 757,902 
Dividends on preferred stock
42,903 35,950 33,163 
Net income available to common shareholders
$439,557 $507,755 $724,739 
Schedule of Condensed Statements of Comprehensive Income
Condensed Statements of Comprehensive Income
Years Ended December 31,
202420232022
(in thousands)
Net of Tax AmountNet of Tax AmountNet of Tax Amount
Net income$482,460 $543,705 $757,902 
Other comprehensive gain (loss) of bank subsidiary
146,308 325,044 (1,359,796)
Other comprehensive income (loss)
146,308 325,044 (1,359,796)
Comprehensive income (loss)
$628,768 $868,749 $(601,894)
Schedule of Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
Years Ended December 31,
(in thousands)202420232022
Operating Activities
Net income
$482,460 $543,705 $757,902 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed (income) loss of subsidiaries
(81,434)(141,994)(448,555)
Deferred income tax expense (benefit)
1,090 433 143 
Net increase (decrease) in other liabilities
17,071 4,849 3,233 
Net (increase) decrease in other assets
(355)(4,676)8,022 
Other, net
1,111 1,616 825 
Net cash provided by (used in) operating activities
419,943 403,933 321,570 
Investing Activities
Advance of long-term note receivable due from bank subsidiary(100,000)— — 
Increase in other investments(1,630)(774)(1,027)
Net cash provided by (used in) investing activities
(101,630)(774)(1,027)
Financing Activities
Dividends paid to common and preferred shareholders
(260,824)(252,011)(229,311)
Repurchase of common stock
(272,343)— (12,987)
Repayments and redemption of long-term debt
— (97,033)(300,000)
Proceeds from issuance of long-term debt, net
496,791 — 347,892 
Net cash provided by (used in) financing activities
(36,376)(349,044)(194,406)
Increase (decrease) in cash, cash equivalents, and restricted cash
281,937 54,115 126,137 
Cash, cash equivalents, and restricted cash at beginning of year
578,600 524,485 398,348 
Cash, cash equivalents, and restricted cash at end of year$860,537 $578,600 $524,485 
See accompanying notes to the audited consolidated financial statements.
v3.25.0.1
Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 12 Months Ended
Jun. 01, 2023
USD ($)
board_seat
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Basis Of Presentation [Line Items]        
Settlement of acquired debt   $ 0 $ 31,109 $ 0
Restricted cash   $ 34,600 $ 69,700  
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    
Award requisite service period   3 years    
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization, Statement of Income or Comprehensive Income [Extensible Enumeration]   Income tax expense Income tax expense Income tax expense
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]   Income tax expense Income tax expense Income tax expense
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Cash Flows [Extensible Enumeration]   Increase (decrease) in other liabilities, Increase (Decrease) in Prepaid Expense and Other Assets Increase (decrease) in other liabilities, Increase (Decrease) in Prepaid Expense and Other Assets Increase (decrease) in other liabilities, Increase (Decrease) in Prepaid Expense and Other Assets
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization, Statement of Cash Flows [Extensible Enumeration]   Increase (decrease) in other liabilities, Increase (Decrease) in Prepaid Expense and Other Assets Increase (decrease) in other liabilities, Increase (Decrease) in Prepaid Expense and Other Assets Increase (decrease) in other liabilities, Increase (Decrease) in Prepaid Expense and Other Assets
LIHTC tax credits and other tax benefits   $ 80,800 $ 81,600 $ 37,500
LIHTC amortization expense   $ 60,700 63,900 $ 30,300
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   $ 8,700 $ 3,900  
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 (as a percent) 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    
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Brief Description of Accounting Standards Adopted or Issued (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Cumulative effect adjustment of stockholders' equity at adoption $ (5,266,251) $ (5,144,148) $ (4,475,801) $ (5,296,800)
Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Cumulative effect adjustment of stockholders' equity at adoption $ (2,736,089) $ (2,517,226) (2,234,770) $ (1,709,980)
Cumulative Effect, Period of Adoption, Adjustment        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Cumulative effect adjustment of stockholders' equity at adoption     297  
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Cumulative effect adjustment of stockholders' equity at adoption     $ 297  
v3.25.0.1
Investment Securities - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities Available for Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investment securities held to maturity:    
Amortized Cost $ 2,581,469 $ 0
Gross Unrealized Gains 0  
Gross Unrealized Losses (56,944)  
Fair Value 2,524,525  
Investment securities available for sale:    
Amortized Cost 8,079,918 11,091,254
Gross Unrealized Gains 9,025 31,540
Gross Unrealized Losses (537,925) (1,334,132)
Fair Value 7,551,018 9,788,662
Accrued interest receivable on investment securities held to maturity 5,700  
Discount included in amortized cost of investment securities HTM (649,700)  
Accrued interest receivable on investment securities available for sale $ 29,500 $ 26,600
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Other assets  
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
U.S. Treasury securities    
Investment securities available for sale:    
Amortized Cost $ 1,214,363 $ 588,082
Gross Unrealized Gains 3,203 9,547
Gross Unrealized Losses (4,824) 0
Fair Value 1,212,742 597,629
U.S. Government agency securities    
Investment securities available for sale:    
Amortized Cost 29,993 29,993
Gross Unrealized Gains 0 0
Gross Unrealized Losses (830) (1,053)
Fair Value 29,163 28,940
Mortgage-backed securities issued by U.S. Government agencies    
Investment securities available for sale:    
Amortized Cost 1,583,331 1,021,612
Gross Unrealized Gains 848 2,037
Gross Unrealized Losses (121,389) (97,985)
Fair Value 1,462,790 925,664
Mortgage-backed securities issued by U.S. Government sponsored enterprises    
Investment securities held to maturity:    
Amortized Cost 2,581,469  
Gross Unrealized Gains 0  
Gross Unrealized Losses (56,944)  
Fair Value 2,524,525  
Investment securities available for sale:    
Amortized Cost 2,294,700 7,523,399
Gross Unrealized Gains 250 1,192
Gross Unrealized Losses (260,915) (1,094,212)
Fair Value 2,034,035 6,430,379
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises    
Investment securities available for sale:    
Amortized Cost 657,453 692,487
Gross Unrealized Gains 0 0
Gross Unrealized Losses (107,252) (104,892)
Fair Value 550,201 587,595
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises    
Investment securities available for sale:    
Amortized Cost 2,290,968 1,226,672
Gross Unrealized Gains 4,724 18,764
Gross Unrealized Losses (42,576) (35,653)
Fair Value 2,253,116 1,209,783
Corporate debt securities and other debt securities    
Investment securities available for sale:    
Amortized Cost 9,110 9,009
Gross Unrealized Gains 0 0
Gross Unrealized Losses (139) (337)
Fair Value $ 8,971 $ 8,672
v3.25.0.1
Investment Securities - Narrative (Details)
 12 Months Ended
Apr. 01, 2024
USD ($)
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Financing Receivable, Impaired [Line Items]        
Debt securities, available-for-sale transferred to held-to-maturity $ 2,720,000,000      
Net unamortized unrealized holding (losses) gains on available for sale investment securities transferred to held to maturity $ 537,400,000 $ (537,434,000) $ 0 $ 0
Number of investment securities in a loss position for less than twelve months | security   82    
Number of investment securities in a loss position for twelve months or longer | security   211    
Allowance for credit loss   $ 0    
Collateral Pledged        
Financing Receivable, Impaired [Line Items]        
AFS pledged to secure deposits   2,830,000,000 $ 5,190,000,000  
HTM pledged to secure deposits   $ 2,450,000,000    
v3.25.0.1
Investment Securities - Schedule of Gross Unrealized Losses on Investment Securities and the Fair Value of the Related Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value $ 2,979,465 $ 409,725
Less than 12 months, gross unrealized losses (37,202) (2,666)
12 months or longer, fair value 2,956,231 7,513,154
12 months or longer, gross unrealized losses (500,723) (1,331,466)
Total, fair value 5,935,696 7,922,879
Total, gross unrealized losses (537,925) (1,334,132)
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 716,367  
Less than 12 months, gross unrealized losses (4,824)  
12 months or longer, fair value 0  
12 months or longer, gross unrealized losses 0  
Total, fair value 716,367  
Total, gross unrealized losses (4,824)  
U.S. Government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 0 0
Less than 12 months, gross unrealized losses 0 0
12 months or longer, fair value 29,163 28,940
12 months or longer, gross unrealized losses (830) (1,053)
Total, fair value 29,163 28,940
Total, gross unrealized losses (830) (1,053)
Mortgage-backed securities issued by U.S. Government agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 716,268 159,402
Less than 12 months, gross unrealized losses (8,431) (1,268)
12 months or longer, fair value 577,468 565,358
12 months or longer, gross unrealized losses (112,958) (96,717)
Total, fair value 1,293,736 724,760
Total, gross unrealized losses (121,389) (97,985)
Mortgage-backed securities issued by U.S. Government sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 456,887 215,917
Less than 12 months, gross unrealized losses (12,503) (1,193)
12 months or longer, fair value 1,542,618 6,045,914
12 months or longer, gross unrealized losses (248,412) (1,093,019)
Total, fair value 1,999,505 6,261,831
Total, gross unrealized losses (260,915) (1,094,212)
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 29,040 0
Less than 12 months, gross unrealized losses (820) 0
12 months or longer, fair value 521,161 587,595
12 months or longer, gross unrealized losses (106,432) (104,892)
Total, fair value 550,201 587,595
Total, gross unrealized losses (107,252) (104,892)
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 1,060,903 34,406
Less than 12 months, gross unrealized losses (10,624) (205)
12 months or longer, fair value 276,850 276,675
12 months or longer, gross unrealized losses (31,952) (35,448)
Total, fair value 1,337,753 311,081
Total, gross unrealized losses (42,576) (35,653)
Corporate debt securities and other debt securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, fair value 0 0
Less than 12 months, gross unrealized losses 0 0
12 months or longer, fair value 8,971 8,672
12 months or longer, gross unrealized losses (139) (337)
Total, fair value 8,971 8,672
Total, gross unrealized losses $ (139) $ (337)
v3.25.0.1
Investment Securities - Schedule of Amortized Cost and Fair Value by Contractual Maturity of Investment Securities Available for Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investment Securities HTM, Fair Value    
Total $ 2,524,525  
Investment Securities AFS, Amortized Cost    
Amortized Cost 8,079,918 $ 11,091,254
Investment Securities AFS, Fair Value    
Total 7,551,018 9,788,662
Mortgage-backed securities issued by U.S. Government sponsored enterprises    
Investment Securities HTM, Amortized Cost    
Within One Year 0  
1 to 5 Years 0  
5 to 10 Years 0  
More Than 10 Years 2,581,469  
Total 2,581,469  
Investment Securities HTM, Fair Value    
Within One Year 0  
1 to 5 Years 0  
5 to 10 Years 0  
More Than 10 Years 2,524,525  
Total 2,524,525  
Investment Securities AFS, Amortized Cost    
Within One Year 0  
1 to 5 Years 0  
5 to 10 Years 0  
More Than 10 Years 2,294,700  
Amortized Cost 2,294,700 7,523,399
Investment Securities AFS, Fair Value    
Within One Year 0  
1 to 5 Years 0  
5 to 10 Years 0  
More Than 10 Years 2,034,035  
Total 2,034,035 6,430,379
U.S. Treasury securities    
Investment Securities AFS, Amortized Cost    
Within One Year 52,316  
1 to 5 Years 824,797  
5 to 10 Years 337,250  
More Than 10 Years 0  
Amortized Cost 1,214,363 588,082
Investment Securities AFS, Fair Value    
Within One Year 52,500  
1 to 5 Years 825,478  
5 to 10 Years 334,764  
More Than 10 Years 0  
Total 1,212,742 597,629
U.S. Government agency securities    
Investment Securities AFS, Amortized Cost    
Within One Year 0  
1 to 5 Years 29,993  
5 to 10 Years 0  
More Than 10 Years 0  
Amortized Cost 29,993 29,993
Investment Securities AFS, Fair Value    
Within One Year 0  
1 to 5 Years 29,163  
5 to 10 Years 0  
More Than 10 Years 0  
Total 29,163 28,940
Mortgage-backed securities issued by U.S. Government agencies    
Investment Securities AFS, Amortized Cost    
Within One Year 0  
1 to 5 Years 45  
5 to 10 Years 3  
More Than 10 Years 1,583,283  
Amortized Cost 1,583,331 1,021,612
Investment Securities AFS, Fair Value    
Within One Year 0  
1 to 5 Years 44  
5 to 10 Years 3  
More Than 10 Years 1,462,743  
Total 1,462,790 925,664
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises    
Investment Securities AFS, Amortized Cost    
Within One Year 0  
1 to 5 Years 21  
5 to 10 Years 8,511  
More Than 10 Years 648,921  
Amortized Cost 657,453 692,487
Investment Securities AFS, Fair Value    
Within One Year 0  
1 to 5 Years 21  
5 to 10 Years 8,228  
More Than 10 Years 541,952  
Total 550,201 587,595
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises    
Investment Securities AFS, Amortized Cost    
Within One Year 0  
1 to 5 Years 1,256,041  
5 to 10 Years 1,017,900  
More Than 10 Years 17,027  
Amortized Cost 2,290,968 1,226,672
Investment Securities AFS, Fair Value    
Within One Year 0  
1 to 5 Years 1,244,187  
5 to 10 Years 994,408  
More Than 10 Years 14,521  
Total 2,253,116 1,209,783
Corporate debt securities and other debt securities    
Investment Securities AFS, Amortized Cost    
Within One Year 0  
1 to 5 Years 9,110  
5 to 10 Years 0  
More Than 10 Years 0  
Amortized Cost 9,110 9,009
Investment Securities AFS, Fair Value    
Within One Year 0  
1 to 5 Years 8,971  
5 to 10 Years 0  
More Than 10 Years 0  
Total $ 8,971 $ 8,672
v3.25.0.1
Investment Securities - Schedule of Gross Gains and Gross Losses on Sales of Securities Available for Sale (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments [Abstract]      
Gross realized gains on sales $ 0 $ 5,141 $ 0
Gross realized losses on sales (256,660) (81,859) 0
Investment securities gains (losses), net $ (256,660) $ (76,718) $ 0
v3.25.0.1
Loans and Allowance for Loan Losses - Schedule of Current, Accruing Past Due, and Non-Accrual Loans by Portfolio Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs $ 42,609,028 $ 43,404,490
Non-accrual with an ALL 271,174 216,667
Non-accrual without an ALL 37,990 71,510
Accrued interest receivable $ 217,100 $ 256,300
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Deferred loan costs (fees) $ (34,100) $ (35,900)
Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 22,331,129 22,598,493
Non-accrual with an ALL 119,264 137,184
Non-accrual without an ALL 37,990 44,056
Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 14,498,992 14,459,345
Non-accrual with an ALL 98,145 66,400
Non-accrual without an ALL 24,729 23,470
Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 7,832,137 8,139,148
Non-accrual with an ALL 21,119 70,784
Non-accrual without an ALL 13,261 20,586
Commercial & Industrial | Senior Housing Loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 2,940,000 3,280,000
Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 12,014,619 12,316,758
Non-accrual with an ALL 77,804 16,205
Non-accrual without an ALL 0 27,425
Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 11,181,204 11,363,304
Non-accrual with an ALL 74,030 12,796
Non-accrual without an ALL 0 26,974
Commercial Real Estate | 1-4 family properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 545,918 598,502
Non-accrual with an ALL 2,385 2,605
Non-accrual without an ALL 0 451
Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 287,497 354,952
Non-accrual with an ALL 1,389 804
Non-accrual without an ALL 0 0
Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 8,263,280 8,489,239
Non-accrual with an ALL 74,106 63,278
Non-accrual without an ALL 0 29
Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 5,288,776 5,411,723
Non-accrual with an ALL 50,834 46,108
Non-accrual without an ALL 0 0
Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,831,287 1,807,399
Non-accrual with an ALL 17,365 10,473
Non-accrual without an ALL 0 0
Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 185,871 194,141
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 957,346 1,075,976
Non-accrual with an ALL 5,907 6,697
Non-accrual without an ALL 0 29
Current    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 42,190,986 43,057,214
Current | Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 22,106,891 22,396,987
Current | Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 14,352,839 14,355,414
Current | Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 7,754,052 8,041,573
Current | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 11,931,858 12,271,352
Current | Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 11,105,168 11,322,516
Current | Commercial Real Estate | 1-4 family properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 541,897 595,359
Current | Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 284,793 353,477
Current | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 8,152,237 8,388,875
Current | Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 5,228,580 5,359,153
Current | Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,800,614 1,785,836
Current | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 182,435 190,299
Current | Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 940,608 1,053,587
Accruing 30-89 Days Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 60,286 54,046
Accruing 30-89 Days Past Due | Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 20,647 18,320
Accruing 30-89 Days Past Due | Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 12,947 12,264
Accruing 30-89 Days Past Due | Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 7,700 6,056
Accruing 30-89 Days Past Due | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 4,755 1,498
Accruing 30-89 Days Past Due | Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 2,006 740
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 1,636 87
Accruing 30-89 Days Past Due | Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,113 671
Accruing 30-89 Days Past Due | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 34,884 34,228
Accruing 30-89 Days Past Due | Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 9,362 6,462
Accruing 30-89 Days Past Due | Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 13,131 10,374
Accruing 30-89 Days Past Due | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,573 1,818
Accruing 30-89 Days Past Due | Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 10,818 15,574
Accruing 90 Days or Greater Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 48,592 5,053
Accruing 90 Days or Greater Past Due | Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 46,337 1,946
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 10,332 1,797
Accruing 90 Days or Greater Past Due | Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 36,005 149
Accruing 90 Days or Greater Past Due | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 202 278
Accruing 90 Days or Greater Past Due | Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 0 278
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 202 0
Accruing 90 Days or Greater Past Due | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 2,053 2,829
Accruing 90 Days or Greater Past Due | Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 0 0
Accruing 90 Days or Greater Past Due | Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 177 716
Accruing 90 Days or Greater Past Due | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,863 2,024
Accruing 90 Days or Greater Past Due | Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 13 89
Total Accruing Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 108,878 59,099
Total Accruing Past Due | Commercial & Industrial    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 66,984 20,266
Total Accruing Past Due | Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 23,279 14,061
Total Accruing Past Due | Commercial & Industrial | Owner-occupied    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 43,705 6,205
Total Accruing Past Due | Commercial Real Estate    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 4,957 1,776
Total Accruing Past Due | Commercial Real Estate | Investment properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 2,006 1,018
Total Accruing Past Due | Commercial Real Estate | 1-4 family properties    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,636 87
Total Accruing Past Due | Commercial Real Estate | Land and development    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 1,315 671
Total Accruing Past Due | Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 36,937 37,057
Total Accruing Past Due | Consumer | Consumer mortgages    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 9,362 6,462
Total Accruing Past Due | Consumer | Home equity    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 13,308 11,090
Total Accruing Past Due | Consumer | Credit cards    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs 3,436 3,842
Total Accruing Past Due | Consumer | Other consumer loans    
Financing Receivable, Nonaccrual [Line Items]    
Loans, net of deferred fees and costs $ 10,831 $ 15,663
v3.25.0.1
Loans and Allowance for Loan Losses - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
contract
Dec. 31, 2021
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 42,609,028,000 $ 43,404,490,000    
Land held for future development, period 1 year      
Financing receivable, allowance for credit loss $ 486,845,000 479,385,000 $ 443,424,000 $ 427,597,000
Reserve for unfunded commitments 52,500,000 57,200,000    
All financing receivable, allowance for credit loss 539,300,000 $ 536,600,000    
ACL increase $ 2,700,000      
ACL to loans ratio 1.27%      
Increase in ACL to loans ratio 0.0003      
Allowance for credit loss, reasonable and supportable forecast period 2 years      
Allowance for credit loss, straight-line basis historical period 1 year      
Estimated unemployment rate 4.60% 4.50%    
Material FDMs subsequently defaulted $ 3,200,000 $ 0    
Commitments to lend additional funds to TDRs 0 0    
Modifications, post-modification recorded investment     131,186,000  
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 $ 142,299,000 126,657,000 $ 138,299,000 $ 141,473,000
Troubled Debt Restructuring Subsequently Defaulted        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Subsequent default, number of contracts | contract     5  
Modifications, post-modification recorded investment     $ 1,000,000.0  
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      
Asset Pledged as Collateral        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans $ 24,660,000,000 $ 24,310,000,000    
v3.25.0.1
Loans and Allowance for Loan Losses - Schedule of Loan Portfolio Class by Regulatory Risk Grade and Origination Year (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year $ 3,516,478 $ 3,783,210  
Term loans amortized cost basis by origination, before current fiscal year 3,605,979 6,965,524  
Term loans amortized cost basis by origination, two years before current fiscal year 6,748,428 7,504,636  
Term loans amortized cost basis by origination, three years before current fiscal year 6,421,195 4,404,254  
Term loans amortized cost basis by origination, four years before current fiscal year 3,779,646 3,061,633  
Term loans amortized cost basis by origination, prior 7,400,153 6,216,447  
Amortized Cost Basis 10,621,961 10,932,133  
Converted to Term Loans 515,188 536,653  
Total 42,609,028 43,404,490  
Gross charge-offs      
Year one 8,272 10,540  
Year two 20,429 17,269  
Year three 9,696 38,758  
Year four 21,447 34,274  
Year five 4,769 6,975  
Prior 29,369 30,674  
Amortized Cost Basis 66,860 44,152  
Converted to Term Loans 106 432  
Total 160,948 183,074 $ 83,710
Consumer      
Gross charge-offs      
Total 31,376 51,304 $ 38,020
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 1,918,902 1,986,629  
Term loans amortized cost basis by origination, before current fiscal year 2,024,538 2,619,103  
Term loans amortized cost basis by origination, two years before current fiscal year 2,385,222 3,001,532  
Term loans amortized cost basis by origination, three years before current fiscal year 2,480,840 1,841,896  
Term loans amortized cost basis by origination, four years before current fiscal year 1,627,809 1,460,858  
Term loans amortized cost basis by origination, prior 3,341,160 2,803,594  
Amortized Cost Basis 8,470,369 8,836,288  
Converted to Term Loans 82,289 48,593  
Total 22,331,129 22,598,493  
Gross charge-offs      
Year one 7,696 9,367  
Year two 16,575 3,436  
Year three 4,329 8,608  
Year four 9,091 26,368  
Year five 2,564 2,709  
Prior 21,971 4,933  
Amortized Cost Basis 57,162 30,696  
Converted to Term Loans 0 203  
Total 119,388 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 1,223,336 1,120,645  
Term loans amortized cost basis by origination, before current fiscal year 1,034,641 1,063,760  
Term loans amortized cost basis by origination, two years before current fiscal year 816,396 1,463,949  
Term loans amortized cost basis by origination, three years before current fiscal year 1,234,324 821,205  
Term loans amortized cost basis by origination, four years before current fiscal year 671,055 727,833  
Term loans amortized cost basis by origination, prior 1,642,005 1,266,232  
Amortized Cost Basis 7,794,946 7,947,128  
Converted to Term Loans 82,289 48,593  
Total 14,498,992 14,459,345  
Gross charge-offs      
Year one 7,696 9,367  
Year two 16,499 3,436  
Year three 3,786 8,175  
Year four 8,787 19,532  
Year five 997 1,165  
Prior 4,413 2,071  
Amortized Cost Basis 53,736 30,696  
Converted to Term Loans 0 203  
Total 95,914 74,645  
Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 695,566 865,984  
Term loans amortized cost basis by origination, before current fiscal year 989,897 1,555,343  
Term loans amortized cost basis by origination, two years before current fiscal year 1,568,826 1,537,583  
Term loans amortized cost basis by origination, three years before current fiscal year 1,246,516 1,020,691  
Term loans amortized cost basis by origination, four years before current fiscal year 956,754 733,025  
Term loans amortized cost basis by origination, prior 1,699,155 1,537,362  
Amortized Cost Basis 675,423 889,160  
Converted to Term Loans 0 0  
Total 7,832,137 8,139,148  
Gross charge-offs      
Year one 0 0  
Year two 76 0  
Year three 543 433  
Year four 304 6,836  
Year five 1,567 1,544  
Prior 17,558 2,862  
Amortized Cost Basis 3,426 0  
Converted to Term Loans 0 0  
Total 23,474 11,675  
Commercial Real Estate      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 989,849 902,990  
Term loans amortized cost basis by origination, before current fiscal year 815,592 3,376,295  
Term loans amortized cost basis by origination, two years before current fiscal year 3,566,392 3,229,919  
Term loans amortized cost basis by origination, three years before current fiscal year 2,838,854 1,211,860  
Term loans amortized cost basis by origination, four years before current fiscal year 934,216 1,151,962  
Term loans amortized cost basis by origination, prior 2,587,280 2,138,962  
Amortized Cost Basis 282,436 304,770  
Converted to Term Loans 0 0  
Total 12,014,619 12,316,758  
Gross charge-offs      
Year one 0 546  
Year two 103 7,685  
Year three 527 5,668  
Year four 4,752 3,878  
Year five 35 1,893  
Prior 4,767 22,671  
Amortized Cost Basis 0 3,109  
Converted to Term Loans 0 0  
Total 10,184 45,450  
Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 774,358 595,623  
Term loans amortized cost basis by origination, before current fiscal year 646,708 3,145,727  
Term loans amortized cost basis by origination, two years before current fiscal year 3,414,450 3,074,155  
Term loans amortized cost basis by origination, three years before current fiscal year 2,730,301 1,163,152  
Term loans amortized cost basis by origination, four years before current fiscal year 899,829 1,102,689  
Term loans amortized cost basis by origination, prior 2,488,098 2,020,221  
Amortized Cost Basis 227,460 261,737  
Converted to Term Loans 0 0  
Total 11,181,204 11,363,304  
Gross charge-offs      
Year one 0 546  
Year two 0 7,685  
Year three 527 5,668  
Year four 4,752 3,801  
Year five 0 1,893  
Prior 4,602 22,647  
Amortized Cost Basis 0 3,109  
Converted to Term Loans 0 0  
Total 9,881 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 159,927 172,554  
Term loans amortized cost basis by origination, before current fiscal year 79,934 144,699  
Term loans amortized cost basis by origination, two years before current fiscal year 97,728 119,697  
Term loans amortized cost basis by origination, three years before current fiscal year 82,526 32,577  
Term loans amortized cost basis by origination, four years before current fiscal year 29,301 30,064  
Term loans amortized cost basis by origination, prior 56,324 56,766  
Amortized Cost Basis 40,178 42,145  
Converted to Term Loans 0 0  
Total 545,918 598,502  
Gross charge-offs      
Year one 0 0  
Year two 103 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Prior 143 24  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 246 24  
Commercial Real Estate | Land and development      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 55,564 134,813  
Term loans amortized cost basis by origination, before current fiscal year 88,950 85,869  
Term loans amortized cost basis by origination, two years before current fiscal year 54,214 36,067  
Term loans amortized cost basis by origination, three years before current fiscal year 26,027 16,131  
Term loans amortized cost basis by origination, four years before current fiscal year 5,086 19,209  
Term loans amortized cost basis by origination, prior 42,858 61,975  
Amortized Cost Basis 14,798 888  
Converted to Term Loans 0 0  
Total 287,497 354,952  
Gross charge-offs      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 77  
Year five 35 0  
Prior 22 0  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 57 77  
Consumer      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 607,727 893,591  
Term loans amortized cost basis by origination, before current fiscal year 765,849 970,126  
Term loans amortized cost basis by origination, two years before current fiscal year 796,814 1,273,185  
Term loans amortized cost basis by origination, three years before current fiscal year 1,101,501 1,350,498  
Term loans amortized cost basis by origination, four years before current fiscal year 1,217,621 448,813  
Term loans amortized cost basis by origination, prior 1,471,713 1,273,891  
Amortized Cost Basis 1,869,156 1,791,075  
Converted to Term Loans 432,899 488,060  
Total 8,263,280 8,489,239  
Gross charge-offs      
Year one 576 627  
Year two 3,751 6,148  
Year three 4,840 24,482  
Year four 7,604 4,028  
Year five 2,170 2,373  
Prior 2,631 3,070  
Amortized Cost Basis 9,698 10,347  
Converted to Term Loans 106 229  
Total 31,376 51,304  
Consumer | Consumer mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 457,366 758,049  
Term loans amortized cost basis by origination, before current fiscal year 683,716 787,708  
Term loans amortized cost basis by origination, two years before current fiscal year 676,242 1,049,959  
Term loans amortized cost basis by origination, three years before current fiscal year 954,512 1,235,310  
Term loans amortized cost basis by origination, four years before current fiscal year 1,137,528 419,989  
Term loans amortized cost basis by origination, prior 1,379,387 1,160,673  
Amortized Cost Basis 25 35  
Converted to Term Loans 0 0  
Total 5,288,776 5,411,723  
Gross charge-offs      
Year one 0 0  
Year two 11 108  
Year three 0 251  
Year four 3 403  
Year five 30 402  
Prior 122 965  
Amortized Cost Basis 0 5  
Converted to Term Loans 0 0  
Total 166 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 1,398,388 1,319,339  
Converted to Term Loans 432,899 488,060  
Total 1,831,287 1,807,399  
Gross charge-offs      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Prior 0 79  
Amortized Cost Basis 230 819  
Converted to Term Loans 106 229  
Total 336 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 185,871 194,141  
Converted to Term Loans 0 0  
Total 185,871 194,141  
Gross charge-offs      
Year one 0 0  
Year two 0 0  
Year three 0 0  
Year four 0 0  
Year five 0 0  
Prior 0 0  
Amortized Cost Basis 7,153 7,165  
Converted to Term Loans 0 0  
Total 7,153 7,165  
Consumer | Other consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 150,361 135,542  
Term loans amortized cost basis by origination, before current fiscal year 82,133 182,418  
Term loans amortized cost basis by origination, two years before current fiscal year 120,572 223,226  
Term loans amortized cost basis by origination, three years before current fiscal year 146,989 115,188  
Term loans amortized cost basis by origination, four years before current fiscal year 80,093 28,824  
Term loans amortized cost basis by origination, prior 92,326 113,218  
Amortized Cost Basis 284,872 277,560  
Converted to Term Loans 0 0  
Total 957,346 1,075,976  
Gross charge-offs      
Year one 576 627  
Year two 3,740 6,040  
Year three 4,840 24,231  
Year four 7,601 3,625  
Year five 2,140 1,971  
Prior 2,509 2,026  
Amortized Cost Basis 2,315 2,358  
Converted to Term Loans 0 0  
Total 23,721 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 1,200,861 1,078,790  
Term loans amortized cost basis by origination, before current fiscal year 1,001,989 1,040,742  
Term loans amortized cost basis by origination, two years before current fiscal year 739,134 1,408,178  
Term loans amortized cost basis by origination, three years before current fiscal year 1,195,316 782,069  
Term loans amortized cost basis by origination, four years before current fiscal year 629,109 636,341  
Term loans amortized cost basis by origination, prior 1,586,291 1,236,433  
Amortized Cost Basis 7,372,228 7,623,255  
Converted to Term Loans 81,796 46,908  
Total 13,806,724 13,852,716  
Pass | Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 691,899 859,887  
Term loans amortized cost basis by origination, before current fiscal year 981,593 1,521,469  
Term loans amortized cost basis by origination, two years before current fiscal year 1,468,946 1,501,405  
Term loans amortized cost basis by origination, three years before current fiscal year 1,220,421 958,620  
Term loans amortized cost basis by origination, four years before current fiscal year 872,744 710,634  
Term loans amortized cost basis by origination, prior 1,621,387 1,401,416  
Amortized Cost Basis 619,519 782,180  
Converted to Term Loans 0 0  
Total 7,476,509 7,735,611  
Pass | Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 769,775 593,540  
Term loans amortized cost basis by origination, before current fiscal year 642,808 3,140,041  
Term loans amortized cost basis by origination, two years before current fiscal year 3,306,914 2,863,327  
Term loans amortized cost basis by origination, three years before current fiscal year 2,406,325 1,161,697  
Term loans amortized cost basis by origination, four years before current fiscal year 898,363 1,052,638  
Term loans amortized cost basis by origination, prior 2,405,650 1,900,744  
Amortized Cost Basis 227,460 261,737  
Converted to Term Loans 0 0  
Total 10,657,295 10,973,724  
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 159,008 167,729  
Term loans amortized cost basis by origination, before current fiscal year 79,094 142,930  
Term loans amortized cost basis by origination, two years before current fiscal year 95,050 119,054  
Term loans amortized cost basis by origination, three years before current fiscal year 81,630 31,928  
Term loans amortized cost basis by origination, four years before current fiscal year 28,845 29,740  
Term loans amortized cost basis by origination, prior 53,167 55,243  
Amortized Cost Basis 40,133 42,099  
Converted to Term Loans 0 0  
Total 536,927 588,723  
Pass | Commercial Real Estate | Land and development      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 55,564 105,609  
Term loans amortized cost basis by origination, before current fiscal year 87,465 84,962  
Term loans amortized cost basis by origination, two years before current fiscal year 54,214 35,993  
Term loans amortized cost basis by origination, three years before current fiscal year 26,002 16,131  
Term loans amortized cost basis by origination, four years before current fiscal year 4,933 18,616  
Term loans amortized cost basis by origination, prior 41,749 59,605  
Amortized Cost Basis 14,798 888  
Converted to Term Loans 0 0  
Total 284,725 321,804  
Pass | Consumer | Consumer mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 457,176 757,485  
Term loans amortized cost basis by origination, before current fiscal year 681,844 784,898  
Term loans amortized cost basis by origination, two years before current fiscal year 670,652 1,044,442  
Term loans amortized cost basis by origination, three years before current fiscal year 947,395 1,219,397  
Term loans amortized cost basis by origination, four years before current fiscal year 1,119,610 410,511  
Term loans amortized cost basis by origination, prior 1,341,463 1,136,541  
Amortized Cost Basis 25 35  
Converted to Term Loans 0 0  
Total 5,218,165 5,353,309  
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 1,386,370 1,308,934  
Converted to Term Loans 424,891 482,679  
Total 1,811,261 1,791,613  
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 184,061 192,217  
Converted to Term Loans 0 0  
Total 184,061 192,217  
Pass | Consumer | Other consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 150,051 134,969  
Term loans amortized cost basis by origination, before current fiscal year 81,087 181,455  
Term loans amortized cost basis by origination, two years before current fiscal year 119,274 219,415  
Term loans amortized cost basis by origination, three years before current fiscal year 144,297 114,006  
Term loans amortized cost basis by origination, four years before current fiscal year 78,961 28,256  
Term loans amortized cost basis by origination, prior 91,802 112,724  
Amortized Cost Basis 284,801 277,368  
Converted to Term Loans 0 0  
Total 950,273 1,068,193  
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 1,555 5,298  
Term loans amortized cost basis by origination, before current fiscal year 20,255 8,276  
Term loans amortized cost basis by origination, two years before current fiscal year 17,775 20,027  
Term loans amortized cost basis by origination, three years before current fiscal year 18,403 1,950  
Term loans amortized cost basis by origination, four years before current fiscal year 2,464 2,552  
Term loans amortized cost basis by origination, prior 36,817 8,412  
Amortized Cost Basis 158,968 141,580  
Converted to Term Loans 0 0  
Total 256,237 188,095  
Special Mention | Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 1,099 1,709  
Term loans amortized cost basis by origination, before current fiscal year 2,466 9,114  
Term loans amortized cost basis by origination, two years before current fiscal year 65,733 22,562  
Term loans amortized cost basis by origination, three years before current fiscal year 5,397 2,593  
Term loans amortized cost basis by origination, four years before current fiscal year 34,244 4,689  
Term loans amortized cost basis by origination, prior 12,621 48,640  
Amortized Cost Basis 0 79,031  
Converted to Term Loans 0 0  
Total 121,560 168,338  
Special Mention | Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 4,583 0  
Term loans amortized cost basis by origination, before current fiscal year 2,211 1,616  
Term loans amortized cost basis by origination, two years before current fiscal year 97,443 169,550  
Term loans amortized cost basis by origination, three years before current fiscal year 200,780 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 48,429  
Term loans amortized cost basis by origination, prior 68,559 33,903  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 373,576 253,498  
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 0 3,104  
Term loans amortized cost basis by origination, before current fiscal year 0 947  
Term loans amortized cost basis by origination, two years before current fiscal year 1,060 0  
Term loans amortized cost basis by origination, three years before current fiscal year 663 184  
Term loans amortized cost basis by origination, four years before current fiscal year 169 0  
Term loans amortized cost basis by origination, prior 1,300 311  
Amortized Cost Basis 0 1  
Converted to Term Loans 0 0  
Total 3,192 4,547  
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 138 496  
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 25 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 390 774  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 553 1,270  
Substandard | Commercial & Industrial | Commercial, financial, and agricultural      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 20,920 36,557  
Term loans amortized cost basis by origination, before current fiscal year 12,397 14,742  
Term loans amortized cost basis by origination, two years before current fiscal year 59,487 35,744  
Term loans amortized cost basis by origination, three years before current fiscal year 14,694 37,186  
Term loans amortized cost basis by origination, four years before current fiscal year 39,482 88,940  
Term loans amortized cost basis by origination, prior 17,028 21,032  
Amortized Cost Basis 258,070 182,069  
Converted to Term Loans 493 1,685  
Total 422,571 417,955  
Substandard | Commercial & Industrial | Owner-occupied      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 2,568 4,388  
Term loans amortized cost basis by origination, before current fiscal year 5,838 24,760  
Term loans amortized cost basis by origination, two years before current fiscal year 34,147 13,616  
Term loans amortized cost basis by origination, three years before current fiscal year 20,698 59,478  
Term loans amortized cost basis by origination, four years before current fiscal year 49,766 17,702  
Term loans amortized cost basis by origination, prior 65,147 87,306  
Amortized Cost Basis 55,904 27,949  
Converted to Term Loans 0 0  
Total 234,068 235,199  
Substandard | Commercial Real Estate | Investment properties      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 2,083  
Term loans amortized cost basis by origination, before current fiscal year 1,689 4,070  
Term loans amortized cost basis by origination, two years before current fiscal year 10,093 41,278  
Term loans amortized cost basis by origination, three years before current fiscal year 83,795 1,455  
Term loans amortized cost basis by origination, four years before current fiscal year 1,466 1,622  
Term loans amortized cost basis by origination, prior 13,884 75,850  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 110,927 126,358  
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 919 1,721  
Term loans amortized cost basis by origination, before current fiscal year 840 822  
Term loans amortized cost basis by origination, two years before current fiscal year 1,618 643  
Term loans amortized cost basis by origination, three years before current fiscal year 233 465  
Term loans amortized cost basis by origination, four years before current fiscal year 287 324  
Term loans amortized cost basis by origination, prior 1,857 1,212  
Amortized Cost Basis 45 45  
Converted to Term Loans 0 0  
Total 5,799 5,232  
Substandard | Commercial Real Estate | Land and development      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 0 29,204  
Term loans amortized cost basis by origination, before current fiscal year 1,347 411  
Term loans amortized cost basis by origination, two years before current fiscal year 0 74  
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 153 593  
Term loans amortized cost basis by origination, prior 719 1,596  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 2,219 31,878  
Substandard | Consumer | Consumer mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 190 564  
Term loans amortized cost basis by origination, before current fiscal year 1,872 2,810  
Term loans amortized cost basis by origination, two years before current fiscal year 5,590 5,517  
Term loans amortized cost basis by origination, three years before current fiscal year 7,117 15,913  
Term loans amortized cost basis by origination, four years before current fiscal year 17,918 9,478  
Term loans amortized cost basis by origination, prior 37,895 23,662  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 70,582 57,944  
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 11,464 10,231  
Converted to Term Loans 7,729 5,297  
Total 19,193 15,528  
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 701 702  
Converted to Term Loans 0 0  
Total 701 702  
Substandard | Consumer | Other consumer loans      
Financing Receivable, Credit Quality Indicator [Line Items]      
Term loans amortized cost basis by origination, current fiscal year 310 573  
Term loans amortized cost basis by origination, before current fiscal year 1,046 963  
Term loans amortized cost basis by origination, two years before current fiscal year 1,298 3,811  
Term loans amortized cost basis by origination, three years before current fiscal year 2,692 1,182  
Term loans amortized cost basis by origination, four years before current fiscal year 1,132 568  
Term loans amortized cost basis by origination, prior 524 494  
Amortized Cost Basis 59 192  
Converted to Term Loans 0 0  
Total 7,061 7,783  
Doubtful | Commercial & Industrial | Commercial, financial, and agricultural      
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 5,911    
Term loans amortized cost basis by origination, four years before current fiscal year 0    
Term loans amortized cost basis by origination, prior 1,869    
Amortized Cost Basis 5,145    
Converted to Term Loans 0    
Total 12,925    
Doubtful | Commercial Real Estate | Investment properties      
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 39,401 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 9,714  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 39,401 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 0 355  
Amortized Cost Basis 535 224  
Converted to Term Loans 0 0  
Total 535 579  
Loss | Commercial Real Estate | Investment properties      
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 5 10  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 5 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 0  
Term loans amortized cost basis by origination, four years before current fiscal year 0 0  
Term loans amortized cost basis by origination, prior 29 470  
Amortized Cost Basis 0 0  
Converted to Term Loans 0 0  
Total 29 470  
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 554 174  
Converted to Term Loans 279 84  
Total 833 258  
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 1,109 1,222  
Converted to Term Loans 0 0  
Total 1,109 $ 1,222  
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 0    
Amortized Cost Basis 12    
Converted to Term Loans 0    
Total $ 12    
v3.25.0.1
Loans and Allowance for Loan Losses - Schedule of Rollforward of Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance $ 479,385 $ 443,424 $ 427,597
Charge-offs (160,948) (183,074) (83,710)
Recoveries 26,954 29,732 30,554
Provision for (reversal of) loan losses 141,454 189,303 68,983
Ending balance 486,845 479,385 443,424
Commercial & Industrial      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance 218,970 161,550 188,364
Charge-offs (119,388) (86,320) (42,588)
Recoveries 17,084 16,664 14,625
Provision for (reversal of) loan losses 93,859 127,076 1,149
Ending balance 210,525 218,970 161,550
Commercial Real Estate      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance 133,758 143,575 97,760
Charge-offs (10,184) (45,450) (3,102)
Recoveries 1,905 1,273 1,633
Provision for (reversal of) loan losses 8,542 34,360 47,284
Ending balance 134,021 133,758 143,575
Consumer      
Allowance for Loan and Lease Losses [Roll Forward]      
Beginning balance 126,657 138,299 141,473
Charge-offs (31,376) (51,304) (38,020)
Recoveries 7,965 11,795 14,296
Provision for (reversal of) loan losses 39,053 27,867 20,550
Ending balance $ 142,299 $ 126,657 $ 138,299
v3.25.0.1
Loans and Allowance for Loan Losses - Schedule of Amortized Cost of FDM Loans by Loan Portfolio Class (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 104,160 $ 249,529
Percentage of Total by Financing Class 0.20% 0.60%
Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 74,976 $ 5,069
Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 13,593 177,149
Principal Forgiveness and Term Extensions    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 10,504
Payment Delay    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 1,882 654
Interest Rate Reduction and Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 13,709 56,153
Commercial & Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 24,475 $ 211,733
Percentage of Total by Financing Class 0.10% 0.90%
Commercial & Industrial | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 0 $ 2,844
Commercial & Industrial | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 10,789 143,503
Commercial & Industrial | Principal Forgiveness and Term Extensions    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 10,504
Commercial & Industrial | Payment Delay    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Commercial & Industrial | Interest Rate Reduction and Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 13,686 54,882
Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 10,606 $ 135,140
Percentage of Total by Financing Class 0.10% 0.90%
Commercial & Industrial | Commercial, financial, and agricultural | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 0 $ 2,844
Commercial & Industrial | Commercial, financial, and agricultural | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 10,606 119,764
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 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 0 2,028
Commercial & Industrial | Owner-occupied    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 13,869 $ 76,593
Percentage of Total by Financing Class 0.20% 0.90%
Commercial & Industrial | Owner-occupied | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 0 $ 0
Commercial & Industrial | Owner-occupied | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 183 23,739
Commercial & Industrial | Owner-occupied | Principal Forgiveness and Term Extensions    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Commercial & Industrial | Owner-occupied | Payment Delay    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Commercial & Industrial | Owner-occupied | Interest Rate Reduction and Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 13,686 52,854
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 76,897 $ 33,052
Percentage of Total by Financing Class 0.60% 0.30%
Commercial Real Estate | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 74,675 $ 0
Commercial Real Estate | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 2,222 32,685
Commercial Real Estate | Principal Forgiveness and Term Extensions    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Commercial Real Estate | Payment Delay    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Commercial Real Estate | Interest Rate Reduction and Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 367
Commercial Real Estate | Investment properties    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 76,897 $ 909
Percentage of Total by Financing Class 0.70% 0.00%
Commercial Real Estate | Investment properties | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 74,675 $ 0
Commercial Real Estate | Investment properties | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 2,222 909
Commercial Real Estate | Investment properties | Principal Forgiveness and Term Extensions    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Commercial Real Estate | Investment properties | Payment Delay    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 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 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 $ 2,788 $ 4,744
Percentage of Total by Financing Class 0.00% 0.10%
Consumer | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 301 $ 2,225
Consumer | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 582 961
Consumer | Principal Forgiveness and Term Extensions    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Consumer | Payment Delay    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 1,882 654
Consumer | Interest Rate Reduction and Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 23 904
Consumer | Consumer mortgages    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 2,000 $ 2,575
Percentage of Total by Financing Class 0.00% 0.00%
Consumer | Consumer mortgages | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 122 $ 2,110
Consumer | Consumer mortgages | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Consumer | Consumer mortgages | Principal Forgiveness and Term Extensions    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Consumer | Consumer mortgages | Payment Delay    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 1,878 465
Consumer | Consumer mortgages | Interest Rate Reduction and Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 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 | Other consumer loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 788 $ 1,546
Percentage of Total by Financing Class 0.10% 0.10%
Consumer | Other consumer loans | Interest Rate Reduction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 179 $ 115
Consumer | Other consumer loans | Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 582 625
Consumer | Other consumer loans | Principal Forgiveness and Term Extensions    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 0 0
Consumer | Other consumer loans | Payment Delay    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified 4 189
Consumer | Other consumer loans | Interest Rate Reduction and Term Extension    
Financing Receivable, Credit Quality Indicator [Line Items]    
Amortized cost of loans, modified $ 23 $ 617
v3.25.0.1
Loans and Allowance for Loan Losses - Schedule of Financial Effect of Loan Modifications (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commercial & Industrial | Commercial, financial, and agricultural    
Troubled Debt Restructuring, Debtor, Current Period [Line Items]    
Weighted Average Interest Rate Reduction 0.00% 2.40%
Weighted Average Term Extension (in months) 12 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 2.40% 2.30%
Weighted Average Term Extension (in months) 5 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 1.90% 0.00%
Weighted Average Term Extension (in months) 12 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% 2.30%
Weighted Average Payment Delay (in months) 5 years 6 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 0.00% 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 4.20% 5.70%
Weighted Average Term Extension (in months) 75 months 62 months
Weighted Average Payment Delay (in months) 6 years 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
v3.25.0.1
Loans and Allowance for Loan Losses - Schedule of Current, Accruing Past Due, and Non-Accrual Loans on an Amortized Cost Basis by Loan Portfolio Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis $ 104,160 $ 249,529
Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 68,304 233,704
Accruing 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 646 372
Accruing 90 Days or Greater Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 0 0
Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 35,210 15,453
Commercial & Industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 24,475 211,733
Commercial & Industrial | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 23,582 199,702
Commercial & Industrial | Accruing 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 540 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 0
Commercial & Industrial | Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 353 12,031
Commercial & Industrial | Commercial, financial, and agricultural    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 10,606 135,140
Commercial & Industrial | Commercial, financial, and agricultural | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 9,896 123,843
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 540 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 0
Commercial & Industrial | Commercial, financial, and agricultural | Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 170 11,297
Commercial & Industrial | Owner-occupied    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 13,869 76,593
Commercial & Industrial | Owner-occupied | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 13,686 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 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 0
Commercial & Industrial | Owner-occupied | Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 183 734
Commercial Real Estate    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 76,897 33,052
Commercial Real Estate | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 44,115 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 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 0
Commercial Real Estate | Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 32,782 1,514
Commercial Real Estate | Investment properties    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 76,897 909
Commercial Real Estate | Investment properties | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 44,115 604
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 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 0
Commercial Real Estate | Investment properties | Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 32,782 305
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 2,788 4,744
Consumer | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 607 2,464
Consumer | Accruing 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 106 372
Consumer | Accruing 90 Days or Greater Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 0 0
Consumer | Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 2,075 1,908
Consumer | Consumer mortgages    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 2,000 2,575
Consumer | Consumer mortgages | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 210 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 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 0
Consumer | Consumer mortgages | Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 1,790 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 | Other consumer loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 788 1,546
Consumer | Other consumer loans | Current    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 397 418
Consumer | Other consumer loans | Accruing 30-89 Days Past Due    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis 106 372
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 0
Consumer | Other consumer loans | Non-Accrual    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Amortized cost basis of loans, aging analysis $ 285 $ 756
v3.25.0.1
Loans and Allowance for Loan Losses - Schedule of TDRs by Concession Type (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
contract
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 206
Total loans $ 131,186,000
Write-down $ 0
Commercial & Industrial  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 115
Total loans $ 105,610,000
Commercial & Industrial | Commercial, financial, and agricultural  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 86
Total loans $ 35,797,000
Commercial & Industrial | Owner-occupied  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 29
Total loans $ 69,813,000
Commercial Real Estate  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 25
Total loans $ 18,654,000
Commercial Real Estate | Investment properties  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 7
Total loans $ 11,636,000
Commercial Real Estate | 1-4 family properties  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 14
Total loans $ 3,850,000
Commercial Real Estate | Land and development  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 4
Total loans $ 3,168,000
Consumer  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 66
Total loans $ 6,922,000
Consumer | Consumer mortgages  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 10
Total loans $ 1,442,000
Consumer | Home equity  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 41
Total loans $ 4,875,000
Consumer | Other consumer loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Number of Contracts | contract 15
Total loans $ 605,000
Below Market Interest Rate  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 118,530,000
Below Market Interest Rate | Commercial & Industrial  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 100,474,000
Below Market Interest Rate | Commercial & Industrial | Commercial, financial, and agricultural  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 34,518,000
Below Market Interest Rate | Commercial & Industrial | Owner-occupied  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 65,956,000
Below Market Interest Rate | Commercial Real Estate  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 12,044,000
Below Market Interest Rate | Commercial Real Estate | Investment properties  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 5,026,000
Below Market Interest Rate | Commercial Real Estate | 1-4 family properties  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 3,850,000
Below Market Interest Rate | Commercial Real Estate | Land and development  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 3,168,000
Below Market Interest Rate | Consumer  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 6,012,000
Below Market Interest Rate | Consumer | Consumer mortgages  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 1,176,000
Below Market Interest Rate | Consumer | Home equity  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 4,836,000
Below Market Interest Rate | Consumer | Other consumer loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 0
Other Concessions  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 12,656,000
Other Concessions | Commercial & Industrial  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 5,136,000
Other Concessions | Commercial & Industrial | Commercial, financial, and agricultural  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 1,279,000
Other Concessions | Commercial & Industrial | Owner-occupied  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 3,857,000
Other Concessions | Commercial Real Estate  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 6,610,000
Other Concessions | Commercial Real Estate | Investment properties  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 6,610,000
Other Concessions | Commercial Real Estate | 1-4 family properties  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 0
Other Concessions | Commercial Real Estate | Land and development  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 0
Other Concessions | Consumer  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 910,000
Other Concessions | Consumer | Consumer mortgages  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 266,000
Other Concessions | Consumer | Home equity  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 39,000
Other Concessions | Consumer | Other consumer loans  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans 605,000
Principal Forgiveness  
Financing Receivable, Troubled Debt Restructuring [Line Items]  
Total loans $ 0
v3.25.0.1
Premises, Equipment and Software - Schedule of Premises, Equipment and Software (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software $ 930,963 $ 958,947
Less: Accumulated depreciation and amortization (547,239) (593,096)
Net premises, equipment and software 383,724 365,851
Land    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software 90,173 92,094
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software 285,399 291,471
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software 95,259 100,125
Furniture, equipment and software    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software 395,549 450,458
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total premises, equipment and software $ 64,583 $ 24,799
v3.25.0.1
Premises, Equipment and Software - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 37.4 $ 38.2 $ 42.1
v3.25.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 01, 2023
Goodwill [Line Items]          
Goodwill   $ 480,440 $ 480,440 $ 452,390  
Reduction in goodwill     2,462    
Amortization of intangible assets   $ 11,600 $ 10,500 $ 8,500  
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 (as a percent)         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      
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning balance $ 480,440 $ 452,390
Reallocation 0 0
Acquisition   30,512
Divestiture   (2,462)
Ending balance 480,440 480,440
Wholesale Banking Reporting Unit    
Goodwill [Roll Forward]    
Beginning balance 175,833 171,636
Reallocation 0 4,197
Acquisition   0
Divestiture   0
Ending balance 175,833 175,833
Community Banking Reporting Unit    
Goodwill [Roll Forward]    
Beginning balance 172,134 141,622
Reallocation 0 0
Acquisition   30,512
Divestiture   0
Ending balance 172,134 172,134
Consumer Banking Reporting Unit    
Goodwill [Roll Forward]    
Beginning balance 114,701 114,701
Reallocation 0 0
Acquisition   0
Divestiture   0
Ending balance 114,701 114,701
Wealth Management Reporting Unit    
Goodwill [Roll Forward]    
Beginning balance 17,772 24,431
Reallocation 0 (4,197)
Acquisition   0
Divestiture   (2,462)
Ending balance $ 17,772 $ 17,772
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 99,191 $ 99,191
Accumulated Amortization (64,873) (53,263)
Net Carrying Value 34,318 45,928
CDI    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 57,400 57,400
Accumulated Amortization (46,964) (41,745)
Net Carrying Value 10,436 15,655
Client Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 22,100 22,100
Accumulated Amortization (10,705) (8,078)
Net Carrying Value 11,395 14,022
Partner Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 4,700 4,700
Accumulated Amortization (1,488) (548)
Net Carrying Value 3,212 4,152
Developed Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 11,091 11,091
Accumulated Amortization (3,512) (1,294)
Net Carrying Value 7,579 9,797
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3,900 3,900
Accumulated Amortization (2,204) (1,598)
Net Carrying Value $ 1,696 $ 2,302
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense of Other Intangible Assets (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Aggregate estimated amortization expense  
2025 $ 10,510
2026 9,438
2027 8,067
2028 3,826
2029 $ 1,025
v3.25.0.1
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Assets [Abstract]    
Investments in tax credits and CRA partnerships $ 808,425 $ 638,402
Deferred tax assets 473,817 510,442
Accounts receivable 445,146 195,921
ROU assets 429,454 473,028
Accrued interest receivable 254,629 284,112
FRB and FHLB Stock 164,374 184,944
Derivative asset positions 83,895 94,903
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742
Prepaid expense 46,917 47,471
Other investments 14,831 12,560
Trading securities, at fair value 9,713 12,898
Other real estate 385 0
MPS receivable 0 19,300
Miscellaneous other assets 61,449 59,601
Total other assets $ 2,856,406 $ 2,587,324
v3.25.0.1
Other Assets - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Assets [Abstract]    
Federal reserve bank stock $ 146.3 $ 133.7
Required percent of capital or surplus 6.00%  
Required percent of deposits 0.60%  
Federal home loan bank stock $ 18.0 $ 51.3
v3.25.0.1
Deposits - Schedule of Interest Bearing Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Interest-Bearing Deposit Liabilities [Abstract]    
Interest-bearing demand deposits $ 11,517,281 $ 10,680,625
Money market accounts 14,056,342 12,902,294
Savings accounts 982,498 1,071,258
Time deposits 8,067,889 7,534,393
Brokered deposits 4,875,230 6,042,999
Total interest-bearing deposits $ 39,499,240 $ 38,231,569
v3.25.0.1
Deposits - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Interest-Bearing Deposit Liabilities [Abstract]    
Aggregate amount of time deposits $ 3,720 $ 3,550
v3.25.0.1
Deposits - Schedule of Contractual Maturities of All Time Deposits, Including Brokered Time Deposits (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Time Deposits, by Maturity [Abstract]  
Maturing within one year $ 8,584,750
Between 1 - 2 years 605,738
2 - 3 years 390,923
3 - 4 years 18,466
4 - 5 years 10,028
Thereafter 5,957
Total $ 9,615,862
v3.25.0.1
Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 1,733,109,000 $ 1,932,534,000
Synovus Bank    
Debt Instrument [Line Items]    
Long-term debt $ 686,159,000 1,379,831,000
4.00% Subordinated Notes, Due October 29, 2030 | Synovus Bank    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 4.00%  
Debt, face amount $ 200,000,000.0  
Interest rate period 5 years  
Subordinated notes $ 195,876,000 $ 192,732,000
4.00% Subordinated Notes, Due October 29, 2030 | US Treasury Rate | Synovus Bank    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 3.625%  
Federal Home Loan Bank Advance | Synovus Bank    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent)   5.57%
Other long-term debt $ 0 $ 700,000,000
Senior Notes | 5.625% Senior Bank Notes due February 15, 2028 | Synovus Bank    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 5.625%  
Debt, face amount $ 500,000,000.0  
Long-term debt, gross 490,283,000 487,099,000
Parent Company    
Debt Instrument [Line Items]    
Long-term debt $ 1,046,950,000 552,703,000
Parent Company | 6.168% Senior Notes, Due November 01, 2030    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 6.168%  
Debt, face amount $ 500,000,000.0  
Interest rate period 5 years  
Subordinated notes $ 490,415,000 0
Parent Company | 6.168% Senior Notes, Due November 01, 2030 | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.347%  
Parent Company | 5.90% Subordinated Notes, due February 7, 2029    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 5.90%  
Debt, face amount $ 300,000,000.0  
Interest rate period 5 years  
Subordinated notes $ 199,621,000 201,925,000
Parent Company | 5.90% Subordinated Notes, due February 7, 2029 | Five-Year Mid Swap Rate    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 3.379%  
Parent Company | SOFR Plus Spread of 2.06% Debentures, due June 15, 2035    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 2.06%  
Debt, face amount   $ 10,000,000
Interest rate at period end (as a percent) 6.42% 7.45%
Unsecured debt $ 10,000,000 $ 10,000,000
Parent Company | Senior Notes | 5.200% Senior Notes due August 11, 2025    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 5.20%  
Debt, face amount $ 350,000,000.0  
Long-term debt, gross $ 346,914,000 $ 340,778,000
v3.25.0.1
Long-term Debt - Schedule of Contractual Annual Principal Payments on Long-Term Debt (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
2025 $ 350,000
2026 0
2027 0
2028 500,000
2029 202,967
Thereafter 710,000
Total 1,762,967
Synovus Bank  
Debt Instrument [Line Items]  
2025 0
2026 0
2027 0
2028 500,000
2029 0
Thereafter 200,000
Total 700,000
Parent Company  
Debt Instrument [Line Items]  
2025 350,000
2026 0
2027 0
2028 0
2029 202,967
Thereafter 510,000
Total $ 1,062,967
v3.25.0.1
Shareholders' Equity and Other Comprehensive Income - Schedule of Changes in Shares of Preferred and Common Stock Issued and Common Stock Held as Treasury Shares (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Preferred stock issued, beginning balance (in shares) 22,000,000    
Common stock issued, beginning balance (in shares) 171,360,188    
Treasury stock, beginning balance (in shares) 24,654,858    
Common stock outstanding, beginning balance (in shares) 146,705,330    
Stock options exercised (in shares) 299,000 697,000 365,000
Preferred stock issued, ending balance (in shares) 22,000,000 22,000,000  
Common stock issued, ending balance (in shares) 172,185,507 171,360,188  
Treasury stock, ending balance (in shares) 31,019,599 24,654,858  
Common stock outstanding, ending balance (in shares) 141,165,908 146,705,330  
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) 171,360,000 170,141,000 169,384,000
Common stock outstanding, beginning balance (in shares) 146,705,000 145,486,000 145,010,000
Restricted share unit activity (in shares) 528,000 527,000 399,000
Stock options exercised (in shares) 298,000 692,000 358,000
Repurchase of common stock, treasury (in shares) 6,400,000   281,000
Repurchase of stock, common stock (in shares) (6,365,000)   (281,000)
Common stock issued, ending balance (in shares) 172,186,000 171,360,000 170,141,000
Common stock outstanding, ending balance (in shares) 141,166,000 146,705,000 145,486,000
Treasury Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Treasury stock, beginning balance (in shares) 24,655,000 24,655,000 24,374,000
Repurchase of common stock, treasury (in shares) 6,365,000   281,000
Treasury stock, ending balance (in shares) 31,020,000 24,655,000 24,655,000
v3.25.0.1
Shareholders' Equity and Other Comprehensive Income - Schedule of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
Jul. 01, 2019
Jun. 21, 2018
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D    
Class of Stock [Line Items]    
Public Offering Amount   $ 200.0
Net Proceeds   $ 195.1
Liquidation preference (in dollars per share)   $ 25
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E    
Class of Stock [Line Items]    
Public Offering Amount $ 350.0  
Net Proceeds $ 342.0  
Liquidation preference (in dollars per share) $ 25  
v3.25.0.1
Shareholders' Equity and Other Comprehensive Income - Preferred Stock (Narrative) (Details) - $ / shares
 12 Months Ended
Jul. 01, 2019
Jun. 21, 2018
Dec. 31, 2024
Preferred Stock      
Class of Stock [Line Items]      
Redemption period from regulatory capital treatment     90 days
Redemption price per share (in dollars per share)     $ 25
Up to and Excluding June 21, 2023 | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D      
Class of Stock [Line Items]      
Dividend rate (as a percent)   6.30%  
From and Including June 21, 2023 | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D      
Class of Stock [Line Items]      
Dividend rate (as a percent)   3.352%  
Beyond June 30, 2023 | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D      
Class of Stock [Line Items]      
Dividend rate (as a percent)   3.614%  
Until July 1, 2024 (Excluding July 1, 2024) | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E      
Class of Stock [Line Items]      
Dividend rate (as a percent) 5.875%    
From July 1, 2024 (Including July 1, 2024) | Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E      
Class of Stock [Line Items]      
Dividend rate (as a percent) 4.127%    
v3.25.0.1
Shareholders' Equity and Other Comprehensive Income - Common Stock (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
Dec. 13, 2024
Class of Stock [Line Items]      
Repurchases of common stock $ 272,343,000 $ 12,987,000  
Common Stock      
Class of Stock [Line Items]      
Repurchase of common stock (in shares) 6,400 281  
Share price (in dollars per share) $ 42.40    
Stock repurchase program, authorized amount (up to)     $ 400,000,000
Repurchases of common stock   $ 13,000,000.0  
Preferred Stock      
Class of Stock [Line Items]      
Stock repurchase program, authorized amount (up to)     $ 50,000,000
v3.25.0.1
Shareholders' Equity and Other Comprehensive Income - Schedule of Activity of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]        
Beginning balance $ 5,119,993      
Other comprehensive income (loss) before reclassifications (198,438) $ 133,022 $ (1,377,998)  
Amounts reclassified from AOCI 344,746 192,022 18,202  
Other comprehensive income (loss) 146,308 325,044 (1,359,796)  
Ending balance 5,244,557 5,119,993    
Accumulated other comprehensive income (loss), net (970,765) (1,117,073)    
AOCI        
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]        
Beginning balance (1,117,073) (1,442,117) (82,321)  
Other comprehensive income (loss) 146,308 325,044 (1,359,796)  
Ending balance (970,765) (1,117,073) (1,442,117)  
Unamortized holding (losses) gains on AFS investment securities transferred to HTM        
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]        
Beginning balance 0 0 0  
Other comprehensive income (loss) before reclassifications (537,434) 0 0  
Amounts reclassified from AOCI 44,606 0 0  
Other comprehensive income (loss) (492,828) 0 0  
Ending balance (492,828) 0 0  
Net Unrealized Gains (Losses) on AFS Investment Securities        
Changes in Accumulated Other Comprehensive Income (Loss) by Component [Roll Forward]        
Beginning balance (998,259) (1,220,263) (67,980)  
Other comprehensive income (loss) before reclassifications 392,169 163,813 (1,152,283)  
Amounts reclassified from AOCI 194,677 58,191 0  
Other comprehensive income (loss) 586,846 222,004 (1,152,283)  
Ending balance (411,413) (998,259) (1,220,263)  
Accumulated other comprehensive income (loss), net 10,200 16,400 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 (118,814) (221,854) (14,341)  
Other comprehensive income (loss) before reclassifications (53,173) (30,791) (225,715)  
Amounts reclassified from AOCI 105,463 133,831 18,202  
Other comprehensive income (loss) 52,290 103,040 (207,513)  
Ending balance (66,524) (118,814) (221,854)  
Accumulated other comprehensive income (loss), net $ 11,600 $ 12,700 $ 12,100 $ 12,100
v3.25.0.1
Regulatory Capital (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Capital conservation buffer 2.50%  
CET1 capital    
CET1 capital, actual $ 5,199,950 $ 5,206,521
CET1 capital, For capital adequacy purposes 2,158,439 2,291,552
Tier 1 risk-based capital    
Tier I risk-based capital, actual 5,737,095 5,743,666
Tier I risk-based capital, for capital adequacy purposes 2,877,919 3,055,403
Total risk-based capital    
Total risk-based capital, actual 6,622,462 6,654,224
Total risk-based capital, for capital adequacy purposes $ 3,837,226 $ 4,073,871
CET1 capital ratio    
CET1 capital ratio, actual 10.84% 10.22%
CET1 capital ratio, for capital adequacy purposes 4.50% 4.50%
Tier 1 risk-based capital ratio    
Tier I risk-based capital ratio, actual 0.1196 0.1128
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 0.1381 0.1307
Total risk-based capital ratio, for capital adequacy purposes 0.0800 0.0800
Leverage ratio    
Leverage ratio, actual 0.0955 0.0949
Leverage ratio, for capital adequacy purposes 0.0400 0.0400
Synovus Bank    
CET1 capital    
CET1 capital, actual $ 5,657,947 $ 5,559,624
CET1 capital, For capital adequacy purposes 2,155,437 2,288,092
CET1 capital, to be well capitalized under prompt corrective action provisions 3,113,409 3,305,022
Tier 1 risk-based capital    
Tier I risk-based capital, actual 5,657,947 5,559,624
Tier I risk-based capital, for capital adequacy purposes 2,873,916 3,050,789
Tier I risk-based capital, to be well capitalized under prompt corrective action provisions 3,831,887 4,067,719
Total risk-based capital    
Total risk-based capital, actual 6,373,618 6,249,947
Total risk-based capital, for capital adequacy purposes 3,831,887 4,067,719
Total risk-based capital, to be well capitalized under prompt corrective action provisions $ 4,789,859 $ 5,084,649
CET1 capital ratio    
CET1 capital ratio, actual 11.81% 10.93%
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 0.1181 0.1093
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 0.1331 0.1229
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 0.0944 0.0921
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
v3.25.0.1
Net Income Per Common Share - Schedule of Reconciliation of the Information Used in Calculating Basic and Diluted Net Income Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Basic Net Income Per Common Share:      
Net income available to common shareholders $ 439,557 $ 507,755 $ 724,739
Weighted average common shares outstanding (in shares) 144,164 146,115 145,364
Net income per common share, basic (in dollars per share) $ 3.05 $ 3.48 $ 4.99
Diluted Net Income Per Common Share:      
Net income available to common shareholders $ 439,557 $ 507,755 $ 724,739
Weighted average common shares outstanding (in shares) 144,164 146,115 145,364
Effect of dilutive outstanding equity-based awards (in shares) 834 619 1,117
Weighted average diluted common shares (in shares) 144,998 146,734 146,481
Net income per common share, diluted (in dollars per share) $ 3.03 $ 3.46 $ 4.95
v3.25.0.1
Net Income Per Common Share - Narrative (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 20 272 21
v3.25.0.1
Fair Value Accounting - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets      
Investment securities available for sale $ 7,551,018 $ 9,788,662  
Mortgage loans held for sale 33,448 47,338 $ 51,136
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742  
Derivative assets 83,895 94,903  
Not Designated As Hedging Instruments      
Liabilities      
Fair value of derivative liabilities 201,917 239,821  
Visa Derivative Liability | Not Designated As Hedging Instruments      
Liabilities      
Fair value of derivative liabilities 64 589  
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises      
Assets      
Investment securities available for sale 550,201 587,595  
U.S. Treasury securities      
Assets      
Investment securities available for sale 1,212,742 597,629  
Mortgage-backed securities issued by U.S. Government agencies      
Assets      
Investment securities available for sale 1,462,790 925,664  
Mortgage-backed securities issued by U.S. Government sponsored enterprises      
Assets      
Investment securities available for sale 2,034,035 6,430,379  
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises      
Assets      
Investment securities available for sale 2,253,116 1,209,783  
Corporate debt securities and other debt securities      
Assets      
Investment securities available for sale 8,971 8,672  
Fair Value, Measurements, Recurring      
Assets      
Total trading securities 9,713 12,898  
Investment securities available for sale 7,551,018 9,788,662  
Mortgage loans held for sale 33,448 47,338  
Other investments 14,831 12,560  
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742  
Derivative assets 83,895 94,903  
Liabilities      
Securities sold short 0 3,496  
Mutual fund held in rabbi trusts 48,351 38,735  
Derivative liabilities 216,325 259,650  
Fair Value, Measurements, Recurring | Level 1      
Assets      
Total trading securities 0 0  
Investment securities available for sale 1,212,742 597,629  
Mortgage loans held for sale 0 0  
Other investments 0 0  
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742  
Derivative assets 0 0  
Liabilities      
Securities sold short 0 3,496  
Mutual fund held in rabbi trusts 48,351 38,735  
Derivative liabilities 0 0  
Fair Value, Measurements, Recurring | Level 2      
Assets      
Total trading securities 9,713 12,898  
Investment securities available for sale 6,338,276 9,191,033  
Mortgage loans held for sale 33,448 47,338  
Other investments 0 0  
Mutual funds and mutual funds held in rabbi trusts 0 0  
Derivative assets 83,895 94,903  
Liabilities      
Securities sold short 0 0  
Mutual fund held in rabbi trusts 0 0  
Derivative liabilities 216,325 259,650  
Fair Value, Measurements, Recurring | Level 3      
Assets      
Total trading securities 0 0  
Investment securities available for sale 0 0  
Mortgage loans held for sale 0 0  
Other investments 14,831 12,560  
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 0 2,910  
Investment securities available for sale 550,201 587,595  
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 1      
Assets      
Total trading securities 0 0  
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 0 2,910  
Investment securities available for sale 550,201 587,595  
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | Level 3      
Assets      
Total trading securities 0 0  
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Other mortgage-backed securities      
Assets      
Total trading securities 0 2,149  
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 0 2,149  
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 473 0  
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 473 0  
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 9,240 7,839  
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 9,240 7,839  
Fair Value, Measurements, Recurring | Asset-backed securities | Level 3      
Assets      
Total trading securities 0 0  
Fair Value, Measurements, Recurring | U.S. Treasury securities      
Assets      
Investment securities available for sale 1,212,742 597,629  
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 1      
Assets      
Investment securities available for sale 1,212,742 597,629  
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 2      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 3      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | U.S. Government agency securities      
Assets      
Investment securities available for sale 29,163 28,940  
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 1      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 2      
Assets      
Investment securities available for sale 29,163 28,940  
Fair Value, Measurements, Recurring | U.S. Government agency securities | Level 3      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies      
Assets      
Investment securities available for sale 1,462,790 925,664  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 1      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 2      
Assets      
Investment securities available for sale 1,462,790 925,664  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government agencies | Level 3      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises      
Assets      
Investment securities available for sale 2,034,035 6,430,379  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 1      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 2      
Assets      
Investment securities available for sale 2,034,035 6,430,379  
Fair Value, Measurements, Recurring | Mortgage-backed securities issued by U.S. Government sponsored enterprises | Level 3      
Assets      
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      
Investment securities available for sale 2,253,116 1,209,783  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 1      
Assets      
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      
Investment securities available for sale 2,253,116 1,209,783  
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | Level 3      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities      
Assets      
Investment securities available for sale 8,971 8,672  
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 1      
Assets      
Investment securities available for sale 0 0  
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 2      
Assets      
Investment securities available for sale 8,971 8,672  
Fair Value, Measurements, Recurring | Corporate debt securities and other debt securities | Level 3      
Assets      
Investment securities available for sale $ 0 $ 0  
v3.25.0.1
Fair Value Accounting - Schedule of Changes in Fair Value Included in Net Income and Mortgage Loans Held for Sale (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]      
Mortgage loans held for sale $ (1,033) $ 839 $ (1,541)
Fair value 33,448 47,338 51,136
Unpaid principal balance 32,770 45,627 50,264
Fair value less aggregate unpaid principal balance $ 678 $ 1,711 $ 872
v3.25.0.1
Fair Value Accounting - Schedule of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Details) - Other investments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 12,560 $ 11,172
Included in earnings 641 376
Additions 1,630 1,012
Ending balance 14,831 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 $ 641 $ 376
v3.25.0.1
Fair Value Accounting - Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Financial Instruments on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments $ 14,831 $ 12,560
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other investments $ 14,831 $ 12,560
v3.25.0.1
Fair Value Accounting - Schedule of Assets (Liabilities) Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans $ 58,416 $ 54,616
Loans | Provision for credit losses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value adjustment 35,726 32,503
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans $ 58,416 $ 54,616
v3.25.0.1
Fair Value Accounting - Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Financial Instruments on a Non-Recurring Basis (Details) - Collateral Dependent Impaired Loans - Level 3 - Fair Value, Measurements, Nonrecurring - Third Party Appraised value of Real Estate Less Estimated Selling Costs
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Minimum    
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%
Maximum    
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 41.00% 61.00%
Fair value inputs, estimated selling costs 10.00% 10.00%
Weighted Average    
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 29.00% 30.00%
Fair value inputs, estimated selling costs 7.00% 7.00%
v3.25.0.1
Fair Value Accounting - Schedule of Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financial assets    
Investment securities held to maturity $ 2,581,469 $ 0
Investment securities available for sale 7,551,018 9,788,662
Loans held for sale 90,111 52,768
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742
Derivative assets 83,895 94,903
Financial liabilities    
Non-interest-bearing deposits 11,596,119 12,507,616
Time deposits 9,615,862  
Total deposits 51,095,359 50,739,185
Long-term debt 1,733,109 1,932,534
Not Designated As Hedging Instruments    
Financial liabilities    
Derivative Liabilities 201,917 239,821
Visa Derivative Liability | Not Designated As Hedging Instruments    
Financial liabilities    
Derivative Liabilities 64 589
Fair Value, Measurements, Recurring    
Financial assets    
Trading securities 9,713 12,898
Investment securities available for sale 7,551,018 9,788,662
Other investments 14,831 12,560
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742
Derivative assets 83,895 94,903
Financial liabilities    
Securities sold short 0 3,496
Mutual fund held in rabbi trusts 48,351 38,735
Derivative liabilities 216,325 259,650
Level 1 | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 2,993,987 2,451,426
Trading securities 0 0
Investment securities held to maturity 0  
Investment securities available for sale 1,212,742 597,629
Loans held for sale 0 0
Other investments 0 0
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742
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 131,728 189,074
Securities sold short 0 3,496
Long-term debt 0 0
Mutual fund held in rabbi trusts 48,351 38,735
Derivative liabilities 0 0
Level 2 | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 0 0
Trading securities 9,713 12,898
Investment securities held to maturity 2,524,525  
Investment securities available for sale 6,338,276 9,191,033
Loans held for sale 33,448 47,338
Other investments 0 0
Mutual funds and mutual funds held in rabbi trusts 0 0
Loans, net 0 0
FRB and FHLB stock 164,374 184,944
Derivative assets 83,895 94,903
Financial liabilities    
Non-interest-bearing deposits 11,596,119 12,507,616
Non-time interest-bearing deposits 29,883,378 27,449,088
Time deposits 9,587,417 10,769,002
Total deposits 51,066,914 50,725,706
Federal funds purchased and securities sold under repurchase agreements 0 0
Securities sold short 0 0
Long-term debt 1,748,723 1,939,604
Mutual fund held in rabbi trusts 0 0
Derivative liabilities 216,325 259,650
Level 3 | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 0 0
Trading securities 0 0
Investment securities held to maturity 0  
Investment securities available for sale 0 0
Loans held for sale 56,453 5,432
Other investments 14,831 12,560
Mutual funds and mutual funds held in rabbi trusts 0 0
Loans, net 41,014,425 41,298,149
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
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 2,993,987 2,451,426
Trading securities 9,713 12,898
Investment securities held to maturity 2,581,469  
Investment securities available for sale 7,551,018 9,788,662
Loans held for sale 90,111 52,768
Other investments 14,831 12,560
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742
Loans, net 42,122,183 42,925,105
FRB and FHLB stock 164,374 184,944
Derivative assets 83,895 94,903
Financial liabilities    
Non-interest-bearing deposits 11,596,119 12,507,616
Non-time interest-bearing deposits 29,883,378 27,449,088
Time deposits 9,615,862 10,782,481
Total deposits 51,095,359 50,739,185
Federal funds purchased and securities sold under repurchase agreements 131,728 189,074
Securities sold short   3,496
Long-term debt 1,733,109 1,932,534
Mutual fund held in rabbi trusts 48,351 38,735
Derivative liabilities 216,325 259,650
Fair Value | Fair Value, Measurements, Recurring    
Financial assets    
Total cash, cash equivalents, and restricted cash 2,993,987 2,451,426
Trading securities 9,713 12,898
Investment securities held to maturity 2,524,525  
Investment securities available for sale 7,551,018 9,788,662
Loans held for sale 89,901 52,770
Other investments 14,831 12,560
Mutual funds and mutual funds held in rabbi trusts 63,371 53,742
Loans, net 41,014,425 41,298,149
FRB and FHLB stock 164,374 184,944
Derivative assets 83,895 94,903
Financial liabilities    
Non-interest-bearing deposits 11,596,119 12,507,616
Non-time interest-bearing deposits 29,883,378 27,449,088
Time deposits 9,587,417 10,769,002
Total deposits 51,066,914 50,725,706
Federal funds purchased and securities sold under repurchase agreements 131,728 189,074
Securities sold short   3,496
Long-term debt 1,748,723 1,939,604
Mutual fund held in rabbi trusts 48,351 38,735
Derivative liabilities $ 216,325 $ 259,650
v3.25.0.1
Derivative Instruments - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Net unrealized gains (losses) arising during the period $ (70,101,000) $ (40,606,000) $ (298,289,000)
Unrealized gain (loss), after tax (53,173,000) (30,791,000) (225,715,000)
Pre-tax income (loss) (20,600,000) (23,700,000) 3,800,000
Cash flow hedge loss to be reclassified 54,000,000    
Cash flow hedge termination loss 17,000,000    
Reclaim cash collateral 34,600,000 69,700,000  
Obligation to return cash collateral $ 4,600,000 5,700,000  
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 0 (57,400,000)
Unrealized gain (loss), after tax 0 0 $ (43,400,000)
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 $ 198,400,000 $ 496,700,000  
v3.25.0.1
Derivative Instruments - Schedule of Estimated Fair Value of Derivative Instruments Included in Other Assets and Other Liabilities on the Consolidated Balance Sheets (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Designated as hedging instrument    
Derivative [Line Items]    
Derivative Assets $ 168,000 $ 0
Derivative Liabilities 14,472,000 20,418,000
Not Designated As Hedging Instruments    
Derivative [Line Items]    
Derivative Assets 83,727,000 94,903,000
Derivative Liabilities 201,917,000 239,821,000
Not Designated As Hedging Instruments | Interest Rate Contracts    
Derivative [Line Items]    
Notional Amount 14,653,252,000 11,888,152,000
Derivative Assets 81,099,000 94,208,000
Derivative Liabilities 201,847,000 238,134,000
Not Designated As Hedging Instruments | Mortgage Derivatives | Mortgage derivatives - interest rate lock commitments    
Derivative [Line Items]    
Notional Amount 34,649,000 40,642,000
Derivative Assets 434,000 695,000
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 51,500,000 60,906,000
Derivative Assets 233,000 0
Derivative Liabilities 0 567,000
Not Designated As Hedging Instruments | Risk participation agreements    
Derivative [Line Items]    
Notional Amount 924,267,000 732,682,000
Derivative Assets 0 0
Derivative Liabilities 6,000 3,000
Not Designated As Hedging Instruments | Foreign exchange contracts    
Derivative [Line Items]    
Notional Amount 148,805,000 41,603,000
Derivative Assets 1,961,000 0
Derivative Liabilities 0 528,000
Not Designated As Hedging Instruments | Visa Derivative Liability    
Derivative [Line Items]    
Notional Amount 0 0
Derivative Assets 0 0
Derivative Liabilities 64,000 589,000
Cash Flow Hedging    
Derivative [Line Items]    
Derivative Assets 0 0
Derivative Liabilities 13,003,000 7,527,000
Cash Flow Hedging | Interest Rate Contracts    
Derivative [Line Items]    
Notional Amount 4,350,000,000 5,600,000,000
Derivative Assets 0 0
Derivative Liabilities 13,003,000 7,527,000
Fair Value Hedging    
Derivative [Line Items]    
Derivative Assets 168,000 0
Derivative Liabilities 1,469,000 12,891,000
Fair Value Hedging | Interest Rate Contracts    
Derivative [Line Items]    
Notional Amount 2,102,967,000 2,563,504,000
Derivative Assets 168,000 0
Derivative Liabilities $ 1,469,000 $ 12,891,000
v3.25.0.1
Derivative Instruments - Schedule of Effect of Hedging Derivative Instruments on the Consolidated Statements of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Loans, including fees $ 2,769,778 $ 2,684,762 $ 1,806,060
Deposits 1,329,932 1,026,755 187,232
Long-term debt 109,657 180,670 79,402
Interest Income, Loans, Including Fees | Cash Flow Hedging      
Derivative [Line Items]      
Pre-tax income (loss) recognized on hedges (139,041) (176,442) (24,057)
Interest Income, Loans, Including Fees | Fair Value Hedging      
Derivative [Line Items]      
Pre-tax income (loss) recognized on hedges 0 0 0
Amounts related to interest settlements on derivatives 0 0 0
Recognized on derivatives 0 0 0
Recognized on hedged items 0 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 (139,041) (176,442) (24,057)
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 (21,777) (22,495) 1,516
Amounts related to interest settlements on derivatives (21,777) (22,495) 1,516
Recognized on derivatives 11,224 8,711 (24,227)
Recognized on hedged items (11,224)   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
Deposits | Interest Rate Contracts | Fair Value Hedging      
Derivative [Line Items]      
Recognized on hedged items   (8,711)  
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 (12,803) (16,358) (322)
Amounts related to interest settlements on derivatives (12,803) (16,358) (322)
Recognized on derivatives 1,777 5,986 (19,348)
Recognized on hedged items (1,777)   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
Long-term debt | Interest Rate Contracts | Fair Value Hedging      
Derivative [Line Items]      
Recognized on hedged items   $ (5,986)  
v3.25.0.1
Derivative Instruments - Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value Hedging | Interest-bearing deposits      
Derivative [Line Items]      
Hedge Accounting Basis Adjustment $ (11,224)   $ 24,227
Fair Value Hedging | Long-term debt      
Derivative [Line Items]      
Hedge Accounting Basis Adjustment (1,777)   $ 19,348
Interest Rate Contracts | Interest-bearing deposits | Not Designated As Hedging Instruments      
Derivative [Line Items]      
Hedge Accounting Basis Adjustment 0 $ 1,267  
Interest Rate Contracts | Long-term debt | Not Designated As Hedging Instruments      
Derivative [Line Items]      
Hedge Accounting Basis Adjustment 9,809 9,638  
Interest Rate Contracts | Fair Value Hedging | Interest-bearing deposits      
Derivative [Line Items]      
Hedge Accounting Basis Adjustment   (8,711)  
Interest Rate Contracts | Fair Value Hedging | Interest-bearing deposits | Designated as hedging instrument      
Derivative [Line Items]      
Carrying amount of liabilities (1,050,000) (2,013,504)  
Hedge Accounting Basis Adjustment 4,292    
Interest Rate Contracts | Fair Value Hedging | Long-term debt      
Derivative [Line Items]      
Hedge Accounting Basis Adjustment   (5,986)  
Interest Rate Contracts | Fair Value Hedging | Long-term debt | Designated as hedging instrument      
Derivative [Line Items]      
Carrying amount of liabilities (1,048,535) $ (546,872)  
Hedge Accounting Basis Adjustment $ 11,585    
v3.25.0.1
Derivative Instruments - Schedule of Pre-Tax Effect of Changes in Fair Value from Derivative Instruments Not Designated as Hedging Instruments on the Consolidated Statements of Income (Details) - Not Designated As Hedging Instruments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income $ (6,134) $ (3,921) $ (6,431)
Interest Rate Contracts      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income (459) 395 1,570
Mortgage Derivatives | Mortgage derivatives - interest rate lock commitments      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income (261) 345 (1,756)
Mortgage Derivatives | Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income 799 (722) 277
Risk participation agreements      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income (3) 0 33
Foreign exchange contracts      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income 2,490 (12) (555)
Visa Derivative Liability      
Derivative [Line Items]      
Gain (Loss) Recognized in Consolidated Statements of Income $ (8,700) $ (3,927) $ (6,000)
v3.25.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]        
Reserve for unfunded commitments   $ 52,500,000 $ 57,200,000  
Guarantor obligations, advanced payment to merchant     19,300,000  
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 | Non-Interest 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      
Guarantee Obligations        
Loss Contingencies [Line Items]        
Guarantor obligations, monetary amount   114,280,000,000 114,380,000,000  
Total letters of credit and unfunded lending commitments   $ 15,620,895,000 $ 16,253,624,000  
v3.25.0.1
Commitments and Contingencies - Schedule of Partnerships, Programs, and Other Investments and Funding of Small Business Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Loss Contingencies [Line Items]    
Carrying amount included in other assets $ 672,803 $ 573,992
Permanent and short-term construction loans and letter of credit commitments 205,855 205,659
Funded portion of permanent and short-term loans and letters of credit 229,668 211,921
Future funding commitment amounts 358,500 293,300
Letters of Credit    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 340,385 200,269
Contractual amount net of risk participations 16,800 22,800
Commitments to fund commercial and industrial loans    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 9,956,797 10,313,880
Commitments to fund commercial real estate, construction, and land development loans    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 2,135,638 2,496,656
Commitments under home equity lines of credit    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 2,119,616 2,135,120
Unused credit card lines    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 446,800 453,303
Other loan commitments    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 621,659 654,396
Total letters of credit and unfunded lending commitments    
Loss Contingencies [Line Items]    
Total letters of credit and unfunded lending commitments 15,620,895 16,253,624
Permanent and Short-Term Construction Loans and Letter of Credit Commitments    
Loss Contingencies [Line Items]    
Contractual amount net of risk participations 16,000 9,700
Funded Portion of Permanent and Short-Term Loans and Letters of Credit    
Loss Contingencies [Line Items]    
Contractual amount net of risk participations $ 16,200 $ 4,000
v3.25.0.1
Share-based Compensation and Other Employment Benefit Plans - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
simulation
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation costs capitalized $ 0 $ 0 $ 0
Unrecognized compensation cost $ 36,800,000    
Unrecognized compensation cost, period of recognition (years) 1 year 9 months 14 days    
Stock option grants (in shares) | shares 0 0 0
Options outstanding, intrinsic value $ 2,100,000    
Options outstanding, weighted average remaining contractual term (years) 1 year 5 months 19 days    
Options exercised, intrinsic value $ 4,800,000 $ 11,200,000 $ 10,000,000.0
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 $ 10,600,000 $ 7,400,000 $ 2,200,000
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 $ 22,700,000 $ 26,100,000 $ 28,000,000.0
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 3,300,000    
v3.25.0.1
Share-based Compensation and Other Employment Benefit Plans - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 30,625 $ 30,610 $ 26,751
Other operating expense      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense included in non-interest expense 1,424 1,614 1,153
Non-Interest Expense      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Total share-based compensation expense included in non-interest expense $ 32,049 $ 32,224 $ 27,904
v3.25.0.1
Share-based Compensation and Other Employment Benefit Plans - Schedule of Stock Options Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Quantity      
Outstanding at beginning of year (in shares) 416,000 1,113,000 1,478,000
Options exercised (in shares) (299,000) (697,000) (365,000)
Options forfeited/expired/canceled (in shares) 0 0 0
Options outstanding at end of year (in shares) 117,000 416,000 1,113,000
Options exercisable at end of year (in shares) 117,000 416,000 1,113,000
Weighted-Average Exercise Price      
Outstanding at beginning of year (in dollars per share) $ 31.13 $ 23.51 $ 22.71
Options exercised (in dollars per share) 30.35 18.97 20.27
Options forfeited/expired/canceled (in dollars per share) 0 0 0
Options outstanding at end of year (in dollars per share) 33.14 31.13 23.51
Options exercisable at end of year (in dollars per share) $ 33.14 $ 31.13 $ 23.51
v3.25.0.1
Share-based Compensation and Other Employment Benefit Plans - Schedule of Weighted Average Assumptions (Details) - Restricted Share Units
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.39% 4.38% 2.87%
Expected stock price volatility 39.10% 48.30% 57.20%
Simulation period 2 years 10 months 24 days 2 years 10 months 24 days 2 years 10 months 24 days
v3.25.0.1
Share-based Compensation and Other Employment Benefit Plans - Schedule of Restricted Share Units and Performance Share Units Outstanding and Changes (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Share Units      
Quantity      
Outstanding, beginning of period (in shares) 1,293,000 1,224,000 1,245,000
Granted (in shares) 870,000 807,000 608,000
Vested (in shares) (601,000) (654,000) (571,000)
Forfeited (in shares) (80,000) (84,000) (58,000)
Outstanding, end of period (in shares) 1,482,000 1,293,000 1,224,000
Weighted-Average Grant Date Fair Value      
Outstanding, beginning of period (in dollars per share) $ 42.90 $ 41.80 $ 37.00
Granted (in dollars per share) 37.62 41.04 48.14
Vested (in dollars per share) 43.37 38.47 36.98
Forfeited (in dollars per share) 41.13 45.18 42.21
Outstanding, end of period (in dollars per share) $ 40.15 $ 42.90 $ 41.80
Performance Share Units      
Quantity      
Outstanding, beginning of period (in shares) 494,000 472,000 522,000
Granted (in shares) 264,000 192,000 29,000
Vested (in shares) (290,000) (170,000) (45,000)
Forfeited (in shares) (4,000) 0 (34,000)
Outstanding, end of period (in shares) 464,000 494,000 472,000
Weighted-Average Grant Date Fair Value      
Outstanding, beginning of period (in dollars per share) $ 47.16 $ 44.11 $ 37.59
Granted (in dollars per share) 37.96 46.18 54.76
Vested (in dollars per share) 42.94 35.75 38.86
Forfeited (in dollars per share) 50.14 0 43.06
Outstanding, end of period (in dollars per share) $ 45.63 $ 47.16 $ 44.11
v3.25.0.1
Share-based Compensation and Other Employment Benefit Plans - Other Employee Benefit Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 24.5 $ 25.2 $ 23.0
Stock purchase plan, percent of match 15.00% 15.00% 15.00%
Stock purchase plans compensation expense $ 1.2 $ 1.2 $ 1.1
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
Federal $ 83,744 $ 107,445 $ 167,255
State 22,387 29,739 28,152
Total current income tax expense 106,131 137,184 195,407
Deferred      
Federal 19,292 13,124 11,570
State 79 3,713 (702)
Total deferred income tax expense (benefit) 19,371 16,837 10,868
Total income tax expense $ 125,502 $ 154,021 $ 206,275
v3.25.0.1
Income Taxes - Schedule of Income Tax Expense and Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income tax expense at statutory federal income tax rate $ 127,040 $ 146,194 $ 202,477
State income tax expense, net of federal income tax benefit 17,871 28,415 21,981
Tax credits and related benefits, net of amortization (as applicable) (21,329) (21,037) (9,629)
Income not subject to tax (11,857) (10,477) (9,346)
FDIC premiums 7,684 8,589 5,517
Executive compensation 2,965 3,575 2,152
Excess tax benefit from share-based compensation 98 (1,416) (3,153)
Other, net 3,030 178 (3,724)
Total income tax expense $ 125,502 $ 154,021 $ 206,275
Effective tax rate 20.70% 22.10% 21.40%
v3.25.0.1
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets    
Net unrealized losses on investment securities available for sale and cash flow hedges $ 302,128 $ 348,712
Allowance for credit losses 131,373 130,205
Lease liability 111,089 120,534
Employee benefits and deferred compensation 47,642 40,601
Net operating loss carryforwards 32,511 32,126
Tax credit carryforwards 14,143 15,532
FDIC special assessment 9,087 12,058
Unrealized losses on fair value hedges 4,252 7,480
Non-performing loan interest 7,923 5,877
Miscellaneous accrued expenses 4,948 5,659
Fair value of investment securities and loans 1 1,422
Other 8,167 7,423
Total gross deferred tax assets 673,264 727,629
Less valuation allowance (27,483) (26,184)
Total deferred tax assets 645,781 701,445
Deferred tax liabilities    
Right-of-use asset (104,190) (114,529)
Purchase accounting intangibles (22,535) (23,276)
Excess tax over financial statement depreciation (13,685) (20,457)
Deferred loan costs (16,293) (16,810)
Unrealized gain on hedged liabilities (4,252) (7,480)
Prepaid expense (5,498) (6,917)
Partnership investments (2,995) (1,980)
Other properties held for sale (914) (1,434)
Other (4,899) (1,660)
Total gross deferred tax liabilities (175,261) (194,543)
Net deferred tax asset $ 470,520 $ 506,902
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]        
Valuation allowance   $ 27,483 $ 26,184  
Unrecognized tax benefits, income tax penalties and interest accrued   5,700 4,800 $ 3,200
Unrecognized tax benefits that would impact effective tax rate   22,900 $ 22,500 $ 20,900
Approximate range of uncertain income tax positions expected to be settled or resolved during the next 12 months, minimum   15,600    
Forecast        
Income Tax Contingency [Line Items]        
Tax settlement amount $ 6,000      
Federal and State        
Income Tax Contingency [Line Items]        
Deferred tax assets, subject to expiration   32,500    
State        
Income Tax Contingency [Line Items]        
Tax credit carryforward, amount   $ 14,100    
v3.25.0.1
Income Taxes - Schedule of Federal and State NOLs and Tax Credit Carryforwards (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance $ 673,264 $ 727,629
Valuation Allowance (27,483) (26,184)
Total deferred tax assets 645,781 $ 701,445
Federal | Net Operating Loss | 2027-2037    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance 25,482  
Valuation Allowance (20,749)  
Total deferred tax assets 4,733  
Federal | Other Credits | 2034-2044    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance 835  
Valuation Allowance (460)  
Total deferred tax assets 375  
State | Net Operating Loss | 2027-2044    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance 7,030  
Valuation Allowance (5,705)  
Total deferred tax assets 1,325  
State | Other Credits | 2025-2032    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Asset, Before Valuation Allowance 13,307  
Valuation Allowance (569)  
Total deferred tax assets $ 12,738  
v3.25.0.1
Income Taxes - Schedule of Rollforward of Unrecognized Income Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Income Tax Benefits      
Balance at January 1, $ 22,312 $ 22,400 $ 25,104
Additions based on income tax positions related to current year 520 719 649
Additions for income tax positions of prior years 39 186 247
Reductions for income tax positions of prior years (209) (122) (1,215)
Statute of limitation expirations (982) (871) (2,002)
Settlements 0 0 (383)
Balance at December 31, $ 21,680 $ 22,312 $ 22,400
v3.25.0.1
Segment Reporting - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.25.0.1
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement Related Disclosures      
Net interest income (expense) $ 1,749,577 $ 1,816,655 $ 1,796,900
Provision for (reversal of) credit losses 136,685 189,079 84,553
Net interest income after provision for credit losses 1,612,892 1,627,576 1,712,347
Non-interest revenue:      
Service charges on deposit accounts 91,647 90,096 93,067
Fiduciary and asset management fees 79,828 78,077 78,414
Card fees 76,920 72,357 61,833
Brokerage revenue 84,881 90,004 72,605
Mortgage banking income 14,060 15,157 17,476
Capital markets income 44,058 39,045 36,286
Other non-interest revenue (151,790) 19,274 49,655
Total non-interest revenue 239,604 404,010 409,336
Non-interest expense:      
Salaries and other personnel expense 737,467 728,378 681,710
Other operating expense 510,076 607,046 475,796
Total non-interest expense 1,247,543 1,335,424 1,157,506
Income before income taxes 604,953 696,162 964,177
Investment securities gains (losses), net (256,660) (76,718) 0
Loans 42,122,183 42,925,105  
Increase in PPP fees     12,600
Consumer | Third Party Consumer Loans      
Non-interest expense:      
Loss on sale of loans   22,100  
Loans   421,700  
Wholesale Banking | Commercial Real Estate | Medical Office Buildings Loans      
Non-interest expense:      
Loss on sale of loans   28,000  
Loans   1,170,000  
Operating Segments | Wholesale Banking      
Income Statement Related Disclosures      
Net interest income (expense) 736,306 806,399 691,535
Provision for (reversal of) credit losses 124,350 114,886 76,009
Net interest income after provision for credit losses 611,956 691,513 615,526
Non-interest revenue:      
Service charges on deposit accounts 21,205 17,774 14,744
Fiduciary and asset management fees 0 0 0
Card fees 11 10 9
Brokerage revenue 0 0 0
Mortgage banking income 0 0 0
Capital markets income 24,521 22,257 11,938
Other non-interest revenue 11,277 11,877 12,571
Total non-interest revenue 57,014 51,918 39,262
Non-interest expense:      
Salaries and other personnel expense 91,170 97,275 87,874
Other operating expense 40,477 65,299 29,757
Total non-interest expense 131,647 162,574 117,631
Income before income taxes 537,323 580,857 537,157
Operating Segments | Community Banking      
Income Statement Related Disclosures      
Net interest income (expense) 398,382 429,937 412,660
Provision for (reversal of) credit losses 40,612 38,435 41,214
Net interest income after provision for credit losses 357,770 391,502 371,446
Non-interest revenue:      
Service charges on deposit accounts 28,140 26,291 26,216
Fiduciary and asset management fees 0 0 0
Card fees 31,658 24,811 16,529
Brokerage revenue 0 0 0
Mortgage banking income 0 0 0
Capital markets income 6,843 2,863 5,738
Other non-interest revenue 3,212 15,407 1,594
Total non-interest revenue 69,853 69,372 50,077
Non-interest expense:      
Salaries and other personnel expense 106,776 100,293 88,149
Other operating expense 49,715 45,533 39,702
Total non-interest expense 156,491 145,826 127,851
Income before income taxes 271,132 315,048 293,672
Operating Segments | Consumer Banking      
Income Statement Related Disclosures      
Net interest income (expense) 544,248 614,338 465,840
Provision for (reversal of) credit losses 20,689 19,848 21,140
Net interest income after provision for credit losses 523,559 594,490 444,700
Non-interest revenue:      
Service charges on deposit accounts 41,187 45,090 51,073
Fiduciary and asset management fees 0 0 0
Card fees 26,782 28,122 27,945
Brokerage revenue 0 0 0
Mortgage banking income 0 0 0
Capital markets income 23 9 0
Other non-interest revenue 7,222 6,650 7,552
Total non-interest revenue 75,214 79,871 86,570
Non-interest expense:      
Salaries and other personnel expense 118,421 115,490 104,987
Other operating expense 83,021 89,037 92,375
Total non-interest expense 201,442 204,527 197,362
Income before income taxes 397,331 469,834 333,908
Operating Segments | Financial Management Services      
Income Statement Related Disclosures      
Net interest income (expense) 101,139 73,906 69,539
Provision for (reversal of) credit losses 16,003 14,386 13,613
Net interest income after provision for credit losses 85,136 59,520 55,926
Non-interest revenue:      
Service charges on deposit accounts 16 17 63
Fiduciary and asset management fees 79,828 78,077 78,414
Card fees 0 0 0
Brokerage revenue 84,881 90,004 72,605
Mortgage banking income 14,060 15,157 17,476
Capital markets income 573 5,934 9,069
Other non-interest revenue 7,411 5,997 5,234
Total non-interest revenue 186,769 195,186 182,861
Non-interest expense:      
Salaries and other personnel expense 123,858 131,846 138,646
Other operating expense 29,930 34,914 32,008
Total non-interest expense 153,788 166,760 170,654
Income before income taxes 118,117 87,946 68,133
Treasury and Corporate Other      
Income Statement Related Disclosures      
Net interest income (expense) (30,498) (107,925) 157,326
Provision for (reversal of) credit losses (64,969) 1,524 (67,423)
Net interest income after provision for credit losses 34,471 (109,449) 224,749
Non-interest revenue:      
Service charges on deposit accounts 1,099 924 971
Fiduciary and asset management fees 0 0 0
Card fees 18,469 19,414 17,350
Brokerage revenue 0 0 0
Mortgage banking income 0 0 0
Capital markets income 12,098 7,982 9,541
Other non-interest revenue (180,912) (20,657) 22,704
Total non-interest revenue (149,246) 7,663 50,566
Non-interest expense:      
Salaries and other personnel expense 297,242 283,474 262,054
Other operating expense 306,933 372,263 281,954
Total non-interest expense 604,175 655,737 544,008
Income before income taxes (718,950) (757,523) $ (268,693)
Investment securities gains (losses), net $ (256,700) (76,700)  
FDIC special assessment charge   $ 51,000  
v3.25.0.1
Segment Reporting - Schedule of Financing Receivables by Segment (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
employee
Dec. 31, 2024
USD ($)
employee
Dec. 31, 2023
USD ($)
employee
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]        
Loans, net of deferred fees and costs $ 43,404,490 $ 42,609,028 $ 43,404,490  
Deposits $ 50,739,185 $ 51,095,359 $ 50,739,185  
Full-time equivalent employees | employee 4,798 4,696 4,798  
Deposits transferred   $ (343,683) $ (1,858,349) $ 531,490
Operating Segments | Wholesale Banking        
Segment Reporting Information [Line Items]        
Loans, net of deferred fees and costs $ 25,506,870 24,677,119 25,506,870  
Deposits $ 13,847,833 $ 15,207,166 $ 13,847,833  
Full-time equivalent employees | employee 334 336 334  
Operating Segments | Community Banking        
Segment Reporting Information [Line Items]        
Loans, net of deferred fees and costs $ 7,966,794 $ 7,921,182 $ 7,966,794  
Deposits $ 10,198,357 $ 10,877,394 $ 10,198,357  
Full-time equivalent employees | employee 576 533 576  
Operating Segments | Consumer Banking        
Segment Reporting Information [Line Items]        
Loans, net of deferred fees and costs $ 2,825,411 $ 2,776,305 $ 2,825,411  
Deposits $ 18,698,298 $ 18,365,142 $ 18,698,298  
Full-time equivalent employees | employee 1,522 1,475 1,522  
Operating Segments | Financial Management Services        
Segment Reporting Information [Line Items]        
Loans, net of deferred fees and costs $ 5,374,280 $ 5,263,474 $ 5,374,280  
Deposits $ 1,488,090 $ 1,109,270 $ 1,488,090  
Full-time equivalent employees | employee 604 565 604  
Treasury and Corporate Other        
Segment Reporting Information [Line Items]        
Loans, net of deferred fees and costs $ 1,731,135 $ 1,970,948 $ 1,731,135  
Deposits $ 6,506,607 $ 5,536,387 $ 6,506,607  
Full-time equivalent employees | employee 1,762 1,787 1,762  
Deposits transferred $ 1,300,000      
v3.25.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) - Schedule of Condensed Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSETS        
Total cash, cash equivalents, and restricted cash $ 2,993,987 $ 2,451,426 $ 1,977,780 $ 3,009,853
Other assets 2,856,406 2,587,324    
Total assets 60,233,644 59,809,534    
Liabilities and Shareholders' Equity        
Long-term debt 1,733,109 1,932,534    
Other liabilities 2,007,197 1,801,097    
Total liabilities 54,967,393 54,665,386    
Shareholders’ equity:        
Preferred stock 537,145 537,145    
Common stock 172,186 171,360    
Additional paid-in capital 3,986,729 3,955,819    
Accumulated other comprehensive income (loss), net (970,765) (1,117,073)    
Retained earnings 2,736,089 2,517,226    
Total Synovus Financial Corp. shareholders’ equity 5,244,557 5,119,993    
Total liabilities and shareholders' equity 60,233,644 59,809,534    
Parent Company        
ASSETS        
Cash due from bank subsidiary 859,336 573,761    
Funds due from other depository institutions 1,201 4,839    
Total cash, cash equivalents, and restricted cash 860,537 578,600 $ 524,485 $ 398,348
Investment in consolidated bank subsidiary, at equity 5,177,551 4,947,888    
Investment in consolidated non-bank subsidiaries, at equity 140,793 114,932    
Note receivable from bank subsidiary 200,000 100,000    
Other assets 28,106 25,943    
Total assets 6,406,987 5,767,363    
Liabilities and Shareholders' Equity        
Long-term debt 1,046,950 552,703    
Other liabilities 115,480 94,667    
Total liabilities 1,162,430 647,370    
Shareholders’ equity:        
Preferred stock 537,145 537,145    
Common stock 172,186 171,360    
Additional paid-in capital 3,986,729 3,955,819    
Treasury stock (1,216,827) (944,484)    
Accumulated other comprehensive income (loss), net (970,765) (1,117,073)    
Retained earnings 2,736,089 2,517,226    
Total Synovus Financial Corp. shareholders’ equity 5,244,557 5,119,993    
Total liabilities and shareholders' equity $ 6,406,987 $ 5,767,363    
v3.25.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) - Schedule of Condensed Statements of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Expense      
Interest expense $ 1,444,012 $ 1,233,703 $ 278,887
Other expense 1,247,543 1,335,424 1,157,506
Net income attributable to Synovus Financial Corp. 482,460 543,705 757,902
Net income available to common shareholders 439,557 507,755 724,739
Parent Company      
Income      
Cash dividends received from subsidiaries 450,000 435,000 350,000
Interest income 6,175 6,129 1,841
Other income (loss) 167 (101) (7,203)
Total income 456,342 441,028 344,638
Expense      
Interest expense 49,424 36,849 34,154
Other expense 19,179 12,494 17,804
Total expense 68,603 49,343 51,958
Income before income taxes and equity in undistributed income of subsidiaries 387,739 391,685 292,680
Allocated income tax benefit (13,287) (10,026) (16,667)
Income before equity in undistributed income of subsidiaries 401,026 401,711 309,347
Equity in undistributed income (loss) of subsidiaries 81,434 141,994 448,555
Net income attributable to Synovus Financial Corp. 482,460 543,705 757,902
Dividends on preferred stock 42,903 35,950 33,163
Net income available to common shareholders $ 439,557 $ 507,755 $ 724,739
v3.25.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) - Schedule of Condensed Statements of Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]      
Net income (loss) $ 482,460 $ 543,705 $ 757,902
Other comprehensive income (loss) 146,308 325,044 (1,359,796)
Comprehensive income (loss) attributable to Synovus Financial Corp. 628,768 868,749 (601,894)
Parent Company      
Condensed Financial Statements, Captions [Line Items]      
Net income (loss) 482,460 543,705 757,902
Other comprehensive gain (loss) of bank subsidiary 146,308 325,044 (1,359,796)
Other comprehensive income (loss) 146,308 325,044 (1,359,796)
Comprehensive income (loss) attributable to Synovus Financial Corp. $ 628,768 $ 868,749 $ (601,894)
v3.25.0.1
Condensed Financial Information of Synovus Financial Corp. (Parent Company only) - Schedule of Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income (loss) $ 482,460 $ 543,705 $ 757,902
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Other, net 0 (7,329) 677
Net cash provided by (used in) operating activities 821,030 1,282,623 1,191,489
Investing Activities      
Net cash provided by (used in) investing activities 177,571 323,966 (4,855,482)
Financing Activities      
Repurchase of common stock (272,343) 0 (12,987)
Repayments and redemption of long-term debt (1,850,000) (5,404,731) (700,000)
Proceeds from long-term debt, net 1,646,791 3,220,912 3,622,892
Net cash provided by (used in) financing activities (456,040) (1,132,943) 2,631,920
Increase (decrease) in cash and cash equivalents including restricted cash 542,561 473,646 (1,032,073)
Cash, cash equivalents, and restricted cash at beginning of year 2,451,426 1,977,780 3,009,853
Cash, cash equivalents, and restricted cash at end of year 2,993,987 2,451,426 1,977,780
Parent Company      
Operating Activities      
Net income (loss) 482,460 543,705 757,902
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Equity in undistributed (income) loss of subsidiaries (81,434) (141,994) (448,555)
Deferred income tax expense (benefit) 1,090 433 143
Net increase (decrease) in other liabilities 17,071 4,849 3,233
Net (increase) decrease in other assets (355) (4,676) 8,022
Other, net 1,111 1,616 825
Net cash provided by (used in) operating activities 419,943 403,933 321,570
Investing Activities      
Advance of long-term note receivable due from bank subsidiary (100,000) 0 0
Increase in other investments (1,630) (774) (1,027)
Net cash provided by (used in) investing activities (101,630) (774) (1,027)
Financing Activities      
Dividends paid to common and preferred shareholders (260,824) (252,011) (229,311)
Repurchase of common stock (272,343) 0 (12,987)
Repayments and redemption of long-term debt 0 (97,033) (300,000)
Proceeds from long-term debt, net 496,791 0 347,892
Net cash provided by (used in) financing activities (36,376) (349,044) (194,406)
Increase (decrease) in cash and cash equivalents including restricted cash 281,937 54,115 126,137
Cash, cash equivalents, and restricted cash at beginning of year 578,600 524,485 398,348
Cash, cash equivalents, and restricted cash at end of year $ 860,537 $ 578,600 $ 524,485