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Loans and Allowance for Loan Losses | 9 Months Ended
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Sep. 30, 2020
Loans and Allowance for Loan Losses [Abstract] |
Loans and Allowance for Loan Losses | Note 4 - 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 September 30, 2020 and December 31, 2019.
| September 30, 2020 |
(in thousands) | Current |  | Accruing 30-89 Days Past Due |  | Accruing 90 Days or Greater Past Due |  | Total Accruing Past Due |  | Non-accrual with an ALL |  | Non-accrual without an ALL |  | Total |
Commercial, financial and agricultural | $ | 13,009,877 |  |  | $ | 13,967 |  |  | $ | 829 |  |  | $ | 14,796 |  |  | $ | 67,415 |  |  | $ | 27,950 |  |  | $ | 13,120,038 |  |
Owner-occupied | 6,869,346 |  |  | 4,131 |  |  | 375 |  |  | 4,506 |  |  | 10,623 |  |  | 9,638 |  |  | 6,894,113 |  |
Total commercial and industrial | 19,879,223 |  |  | 18,098 |  |  | 1,204 |  |  | 19,302 |  |  | 78,038 |  |  | 37,588 |  |  | 20,014,151 |  |
Investment properties | 9,628,029 |  |  | 5,620 |  |  | 538 |  |  | 6,158 |  |  | 28,260 |  |  | — |  |  | 9,662,447 |  |
1-4 family properties | 649,225 |  |  | 2,092 |  |  | 350 |  |  | 2,442 |  |  | 2,135 |  |  | 1,236 |  |  | 655,038 |  |
Land and development | 645,148 |  |  | 583 |  |  | 268 |  |  | 851 |  |  | 2,126 |  |  | 265 |  |  | 648,390 |  |
Total commercial real estate | 10,922,402 |  |  | 8,295 |  |  | 1,156 |  |  | 9,451 |  |  | 32,521 |  |  | 1,501 |  |  | 10,965,875 |  |
Consumer mortgages | 5,643,745 |  |  | 6,475 |  |  | 872 |  |  | 7,347 |  |  | 7,433 |  |  | — |  |  | 5,658,525 |  |
Home equity lines | 1,601,705 |  |  | 3,176 |  |  | 29 |  |  | 3,205 |  |  | 10,297 |  |  | — |  |  | 1,615,207 |  |
Credit cards | 259,262 |  |  | 1,894 |  |  | 3,673 |  |  | 5,567 |  |  | — |  |  | — |  |  | 264,829 |  |
Other consumer loans | 1,116,334 |  |  | 11,866 |  |  | 578 |  |  | 12,444 |  |  | 1,459 |  |  | — |  |  | 1,130,237 |  |
Total consumer | 8,621,046 |  |  | 23,411 |  |  | 5,152 |  |  | 28,563 |  |  | 19,189 |  |  | — |  |  | 8,668,798 |  |
Total loans | $ | 39,422,671 |  |  | $ | 49,804 |  |  | $ | 7,512 |  |  | $ | 57,316 |  |  | $ | 129,748 |  |  | $ | 39,089 |  |  | $ | 39,648,824 |  | (1)
| December 31, 2019 |
(in thousands) | Current |  | Accruing 30-89 Days Past Due |  | Accruing 90 Days or Greater Past Due |  | Total Accruing Past Due |  | Non-accrual |  | ASC 310-30 Loans(2) |  | Total |
Commercial, financial and agricultural | $ | 9,124,285 |  |  | $ | 38,916 |  |  | $ | 1,206 |  |  | $ | 40,122 |  |  | $ | 56,017 |  |  | $ | 1,019,135 |  |  | $ | 10,239,559 |  |
Owner-occupied | 5,691,095 |  |  | 5,164 |  |  | 576 |  |  | 5,740 |  |  | 9,780 |  |  | 823,196 |  |  | 6,529,811 |  |
Total commercial and industrial | 14,815,380 |  |  | 44,080 |  |  | 1,782 |  |  | 45,862 |  |  | 65,797 |  |  | 1,842,331 |  |  | 16,769,370 |  |
Investment properties | 7,264,794 |  |  | 1,344 |  |  | — |  |  | 1,344 |  |  | 1,581 |  |  | 1,736,608 |  |  | 9,004,327 |  |
1-4 family properties | 733,984 |  |  | 2,073 |  |  | 304 |  |  | 2,377 |  |  | 2,253 |  |  | 41,401 |  |  | 780,015 |  |
Land and development | 629,363 |  |  | 808 |  |  | — |  |  | 808 |  |  | 1,110 |  |  | 78,161 |  |  | 709,442 |  |
Total commercial real estate | 8,628,141 |  |  | 4,225 |  |  | 304 |  |  | 4,529 |  |  | 4,944 |  |  | 1,856,170 |  |  | 10,493,784 |  |
Consumer mortgages | 3,681,553 |  |  | 4,223 |  |  | 730 |  |  | 4,953 |  |  | 11,369 |  |  | 1,848,493 |  |  | 5,546,368 |  |
Home equity lines | 1,691,759 |  |  | 7,038 |  |  | 171 |  |  | 7,209 |  |  | 12,034 |  |  | 2,155 |  |  | 1,713,157 |  |
Credit cards | 263,065 |  |  | 3,076 |  |  | 2,700 |  |  | 5,776 |  |  | — |  |  | — |  |  | 268,841 |  |
Other consumer loans | 2,363,101 |  |  | 18,688 |  |  | 616 |  |  | 19,304 |  |  | 5,704 |  |  | 8,185 |  |  | 2,396,294 |  |
Total consumer | 7,999,478 |  |  | 33,025 |  |  | 4,217 |  |  | 37,242 |  |  | 29,107 |  |  | 1,858,833 |  |  | 9,924,660 |  |
Total loans | $ | 31,442,999 |  |  | $ | 81,330 |  |  | $ | 6,303 |  |  | $ | 87,633 |  |  | $ | 99,848 |  |  | $ | 5,557,334 |  |  | $ | 37,187,814 |  | (3)
(1) Total before net deferred fees and costs of $99.0 million. (2) Represents loans (at fair value) acquired from FCB accounted for under ASC 310-30, net of discount of $90.3 million and payments since Acquisition Date and also include $1.8 million in non-accrual loans, $9.6 million in accruing 90 days or greater past due loans, and $26.5 million in 30-89 days past due loans. (3) Total before net deferred fees and costs of $25.4 million. Interest income on non-accrual loans outstanding that would have been recorded if the loans had been current and performing in accordance with their original terms was $4.3 million and $2.5 million for the three months ended September 30, 2020 and 2019, respectively, and $9.2 million and $8.0 million for the nine months ended September 30, 2020 and 2019, respectively. Of the interest income recognized during the three months ended September 30, 2020 and 2019, cash-basis interest income was $1.3 million and $363 thousand, respectively. Cash-basis interest income was $2.7 million and $2.0 million for the nine months ended September 30, 2020 and 2019, respectively. Pledged Loans Loans with carrying values of $15.29 billion and $12.11 billion, respectively, were pledged as collateral for borrowings and capacity at September 30, 2020 and December 31, 2019, respectively, to the FHLB and Federal Reserve Bank. Portfolio Segment Risk Factors The risk characteristics and collateral information of each portfolio segment are as follows: Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are secured by collateral such as business equipment, inventory, and real estate. Whether for real estate or non-real estate purpose, 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. PPP loans, which are categorized as C&I loans, were $2.71 billion net of unearned fees at September 30, 2020 and are guaranteed by the SBA. 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 loan terms generally include personal guarantees from the principals. 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, HELOCs, and credit card loans, as well as home improvement loans, student, and personal loans from third-party lending partnerships. The majority of Synovus' consumer loans are consumer mortgages and HELOCs 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 quarterly 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 HELOCs) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of any associated senior liens with other financial institutions. The following table summarizes each loan portfolio class by risk grade and origination year as of September 30, 2020 as required under CECL.
| September 30, 2020
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Commercial, financial and agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 4,056,896 |  |  | $ | 1,429,402 |  |  | $ | 974,892 |  |  | $ | 667,989 |  |  | $ | 566,178 |  |  | $ | 815,006 |  |  | $ | 4,049,741 |  |  | $ | 60,299 |  |  | $ | 12,620,403 |
Special Mention | 49,283 |  |  | 39,929 |  |  | 21,599 |  |  | 33,376 |  |  | 8,404 |  |  | 7,986 |  |  | 63,455 |  |  | 506 |  |  | 224,538 |
Substandard(1) | 27,247 |  |  | 12,646 |  |  | 14,879 |  |  | 36,007 |  |  | 12,373 |  |  | 40,342 |  |  | 102,364 |  |  | 516 |  |  | 246,374 |
Doubtful(2) | — |  |  | 3,721 |  |  | 19,778 |  |  | 186 |  |  | 915 |  |  | 91 |  |  | 4,032 |  |  | — |  |  | 28,723 |
Total commercial, financial and agricultural | 4,133,426 |  |  | 1,485,698 |  |  | 1,031,148 |  |  | 737,558 |  |  | 587,870 |  |  | 863,425 |  |  | 4,219,592 |  |  | 61,321 |  |  | 13,120,038 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 953,513 |  |  | 1,189,845 |  |  | 1,212,541 |  |  | 1,032,744 |  |  | 643,841 |  |  | 1,338,513 |  |  | 328,656 |  |  | — |  |  | 6,699,653 |
Special Mention | 3,029 |  |  | 19,004 |  |  | 18,746 |  |  | 11,767 |  |  | 3,604 |  |  | 7,278 |  |  | — |  |  | — |  |  | 63,428 |
Substandard(1) | 1,788 |  |  | 14,686 |  |  | 36,319 |  |  | 29,794 |  |  | 6,521 |  |  | 32,286 |  |  | — |  |  | — |  |  | 121,394 |
Doubtful(2) | — |  |  | — |  |  | 9,638 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,638 |
Total owner-occupied | 958,330 |  |  | 1,223,535 |  |  | 1,277,244 |  |  | 1,074,305 |  |  | 653,966 |  |  | 1,378,077 |  |  | 328,656 |  |  | — |  |  | 6,894,113 |
Total commercial and industrial | 5,091,756 |  |  | 2,709,233 |  |  | 2,308,392 |  |  | 1,811,863 |  |  | 1,241,836 |  |  | 2,241,502 |  |  | 4,548,248 |  |  | 61,321 |  |  | 20,014,151 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 784,989 |  |  | 2,241,547 |  |  | 2,193,526 |  |  | 1,376,648 |  |  | 606,029 |  |  | 1,404,524 |  |  | 239,503 |  |  | — |  |  | 8,846,766 |
Special Mention | 1,222 |  |  | 66,438 |  |  | 147,928 |  |  | 141,036 |  |  | 166,053 |  |  | 129,887 |  |  | 30,206 |  |  | — |  |  | 682,770 |
Substandard(1) | 812 |  |  | 2,655 |  |  | 24,965 |  |  | 14,927 |  |  | 821 |  |  | 88,693 |  |  | 38 |  |  | — |  |  | 132,911 |
Total investment properties | 787,023 |  |  | 2,310,640 |  |  | 2,366,419 |  |  | 1,532,611 |  |  | 772,903 |  |  | 1,623,104 |  |  | 269,747 |  |  | — |  |  | 9,662,447 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 139,919 |  |  | 125,473 |  |  | 80,610 |  |  | 94,889 |  |  | 49,122 |  |  | 100,984 |  |  | 49,594 |  |  | — |  |  | 640,591 |
Special Mention | 419 |  |  | — |  |  | 524 |  |  | 111 |  |  | 800 |  |  | 120 |  |  | — |  |  | — |  |  | 1,974 |
Substandard(1) | 1,514 |  |  | 1,517 |  |  | 3,837 |  |  | 1,038 |  |  | 489 |  |  | 2,560 |  |  | 1,518 |  |  | — |  |  | 12,473 |
Total 1-4 family properties | 141,852 |  |  | 126,990 |  |  | 84,971 |  |  | 96,038 |  |  | 50,411 |  |  | 103,664 |  |  | 51,112 |  |  | — |  |  | 655,038 |
| September 30, 2020
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 56,935 |  |  | $ | 204,012 |  |  | $ | 91,630 |  |  | $ | 106,490 |  |  | $ | 12,564 |  |  | $ | 90,474 |  |  | $ | 58,092 |  |  | $ | — |  |  | $ | 620,197 |
Special Mention | — |  |  | 2,172 |  |  | 4,277 |  |  | 5,784 |  |  | — |  |  | 1,828 |  |  | 3,550 |  |  | — |  |  | 17,611 |
Substandard(1) | 1,627 |  |  | 1,104 |  |  | 4,675 |  |  | 1,085 |  |  | 527 |  |  | 1,564 |  |  | — |  |  | — |  |  | 10,582 |
Total land and development | 58,562 |  |  | 207,288 |  |  | 100,582 |  |  | 113,359 |  |  | 13,091 |  |  | 93,866 |  |  | 61,642 |  |  | — |  |  | 648,390 |
Total commercial real estate | 987,437 |  |  | 2,644,918 |  |  | 2,551,972 |  |  | 1,742,008 |  |  | 836,405 |  |  | 1,820,634 |  |  | 382,501 |  |  | — |  |  | 10,965,875 |
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,579,366 |  |  | 964,882 |  |  | 481,718 |  |  | 764,384 |  |  | 755,595 |  |  | 1,102,091 |  |  | 1,005 |  |  | — |  |  | 5,649,041 |
Substandard(1) | 49 |  |  | 197 |  |  | 777 |  |  | 805 |  |  | 2,412 |  |  | 5,170 |  |  | — |  |  | — |  |  | 9,410 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  | — |  |  | — |  |  | 74 |
Total consumer mortgages | 1,579,415 |  |  | 965,079 |  |  | 482,495 |  |  | 765,189 |  |  | 758,007 |  |  | 1,107,335 |  |  | 1,005 |  |  | — |  |  | 5,658,525 |
Home equity lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,513,600 |  |  | 86,404 |  |  | 1,600,004 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,603 |  |  | 5,173 |  |  | 13,776 |
Doubtful(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | 19 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,243 |  |  | 165 |  |  | 1,408 |
Total home equity lines | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,523,446 |  |  | 91,761 |  |  | 1,615,207 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 261,207 |  |  | — |  |  | 261,207 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 828 |  |  | — |  |  | 828 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,794 |  |  | — |  |  | 2,794 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 264,829 |  |  | — |  |  | 264,829 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 136,944 |  |  | 229,039 |  |  | 142,260 |  |  | 161,717 |  |  | 112,805 |  |  | 76,244 |  |  | 268,840 |  |  | — |  |  | 1,127,849 |
Substandard(1) | — |  |  | 720 |  |  | 163 |  |  | 474 |  |  | 64 |  |  | 714 |  |  | 253 |  |  | — |  |  | 2,388 |
Total other consumer loans | 136,944 |  |  | 229,759 |  |  | 142,423 |  |  | 162,191 |  |  | 112,869 |  |  | 76,958 |  |  | 269,093 |  |  | — |  |  | 1,130,237 |
Total consumer | 1,716,359 |  |  | 1,194,838 |  |  | 624,918 |  |  | 927,380 |  |  | 870,876 |  |  | 1,184,293 |  |  | 2,058,373 |  |  | 91,761 |  |  | 8,668,798 |
Total loans(5) | $ | 7,795,552 |  |  | $ | 6,548,989 |  |  | $ | 5,485,282 |  |  | $ | 4,481,251 |  |  | $ | 2,949,117 |  |  | $ | 5,246,429 |  |  | $ | 6,989,122 |  |  | $ | 153,082 |  |  | $ | 39,648,824 |
(1) The majority of loans within Substandard risk grade are accruing loans at September 30, 2020. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount. (4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy. (5) Total before net deferred fees and costs of $99.0 million. The following table summarizes each loan portfolio class by risk grade as of December 31, 2019.
| December 31, 2019
(in thousands) | Pass |  | Special Mention |  | Substandard(1) |  | Doubtful(2) |  | Loss(3) |  | Total
Commercial, financial and agricultural | $ | 9,927,059 |  |  | $ | 128,506 |  |  | $ | 182,831 |  |  | $ | 1,163 |  |  | $ | — |  |  | $ | 10,239,559 |
Owner-occupied | 6,386,055 |  |  | 58,330 |  |  | 85,426 |  |  | — |  |  | — |  |  | 6,529,811 |
Total commercial and industrial | 16,313,114 |  |  | 186,836 |  |  | 268,257 |  |  | 1,163 |  |  | — |  |  | 16,769,370 |
Investment properties | 8,930,360 |  |  | 16,490 |  |  | 57,477 |  |  | — |  |  | — |  |  | 9,004,327 |
1-4 family properties | 766,529 |  |  | 3,249 |  |  | 10,237 |  |  | — |  |  | — |  |  | 780,015 |
Land and development | 681,003 |  |  | 18,643 |  |  | 9,796 |  |  | — |  |  | — |  |  | 709,442 |
Total commercial real estate | 10,377,892 |  |  | 38,382 |  |  | 77,510 |  |  | — |  |  | — |  |  | 10,493,784 |
Consumer mortgages | 5,527,746 |  |  | — |  |  | 18,376 |  |  | 97 |  |  | 149 |  |  | 5,546,368 |
Home equity lines | 1,697,086 |  |  | — |  |  | 14,806 |  |  | 21 |  |  | 1,244 |  |  | 1,713,157 |
Credit cards | 266,146 |  |  | — |  |  | 818 |  |  | — |  |  | 1,877 |  | (4) | 268,841 |
Other consumer loans | 2,390,199 |  |  | — |  |  | 6,095 |  |  | — |  |  | — |  |  | 2,396,294 |
Total consumer | 9,881,177 |  |  | — |  |  | 40,095 |  |  | 118 |  |  | 3,270 |  |  | 9,924,660 |
Total loans(5) | $ | 36,572,183 |  |  | $ | 225,218 |  |  | $ | 385,862 |  |  | $ | 1,281 |  |  | $ | 3,270 |  |  | $ | 37,187,814 |
(1) The majority of loans within Substandard risk grade are accruing loans at December 31, 2019. (2) Loans within Doubtful risk grade are on non-accrual status and generally have an ALL equal to 50% of the loan amount. (3) Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount. (4) Represent amounts that were 120 days past due. These credits are downgraded to the Loss category with an ALL equal to the full loan amount and are generally charged off upon reaching 181 days past due in accordance with the FFIEC Retail Credit Classification Policy. (5) Total before net deferred fees and costs of $25.4 million. 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 three and nine months ended September 30, 2020. Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the three and nine months ended September 30, 2020 and 2019. Additionally, during the three and nine months ended September 30, 2020, Synovus reversed $6.1 million and $19.4 million, respectively, in previously established reserves for credit losses associated with the transfer to held for sale of $513.2 million and $1.31 billion, respectively, in performing loans primarily related to third-party single-service consumer loans and non-relationship consumer mortgages.
| As Of and For the Three Months Ended September 30, 2020
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance | $ | 229,915 |  |  | $ | 171,526 |  |  | $ | 187,207 |  |  | $ | 588,648 |
Charge-offs | (19,367) |  |  | (6,878) |  |  | (9,101) |  |  | (35,346) |
Recoveries | 3,796 |  |  | 1,225 |  |  | 1,859 |  |  | 6,880 |
Provision for (reversal of) loan losses | 46,256 |  |  | (22,068) |  |  | 19,430 |  |  | 43,618 |
Ending balance | $ | 260,600 |  |  | $ | 143,805 |  |  | $ | 199,395 |  |  | $ | 603,800 |
| As Of and For the Three Months Ended September 30, 2019
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance | $ | 138,004 |  |  | $ | 63,463 |  |  | $ | 55,909 |  |  | $ | 257,376 |
Charge-offs | (15,425) |  |  | (3,275) |  |  | (6,026) |  |  | (24,726) |
Recoveries | 2,276 |  |  | 1,490 |  |  | 1,035 |  |  | 4,801 |
Provision for loan losses | 17,156 |  |  | 280 |  |  | 10,126 |  |  | 27,562 |
Ending balance | $ | 142,011 |  |  | $ | 61,958 |  |  | $ | 61,044 |  |  | $ | 265,013 |
| As Of and For the Nine Months Ended September 30, 2020
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASU 2016-13 | $ | 145,782 |  |  | $ | 67,430 |  |  | $ | 68,190 |  |  | $ | 281,402 |
Impact from adoption of ASU 2016-13 | (2,310) |  |  | (651) |  |  | 85,955 |  |  | 82,994 |
Charge-offs | (57,497) |  |  | (8,585) |  |  | (23,917) |  |  | (89,999) |
Recoveries | 8,798 |  |  | 2,160 |  |  | 6,468 |  |  | 17,426 |
Provision for loan losses | 165,827 |  |  | 83,451 |  |  | 62,699 |  |  | 311,977 |
Ending balance | $ | 260,600 |  |  | $ | 143,805 |  |  | $ | 199,395 |  |  | $ | 603,800 |
| As Of and For the Nine Months Ended September 30, 2019
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance | $ | 133,123 |  |  | $ | 68,796 |  |  | $ | 48,636 |  |  | $ | 250,555 |
Charge-offs | (39,558) |  |  | (5,369) |  |  | (17,363) |  |  | (62,290) |
Recoveries | 6,087 |  |  | 3,788 |  |  | 3,623 |  |  | 13,498 |
Provision for (reversal of) loan losses | 42,359 |  |  | (5,257) |  |  | 26,148 |  |  | 63,250 |
Ending balance | $ | 142,011 |  |  | $ | 61,958 |  |  | $ | 61,044 |  |  | $ | 265,013 |
The ALL of $603.8 million and the reserve for unfunded commitments of $60.8 million, which is recorded in other liabilities, comprise the total ACL of $664.6 million at September 30, 2020. The ACL increased during the third quarter of 2020 by $14.9 million to $664.6 million as of September 30, 2020. Since the adoption of CECL on January 1, 2020, the ACL has increased $271.4 million due primarily to uncertainty and deterioration in the economic environment caused by the COVID-19 pandemic. Provision for credit losses (which includes the provision for loan losses and unfunded commitments) of $43.4 million for the three months ended September 30, 2020 included net charge-offs of $28.5 million and the impact of downgrades largely concentrated in the hotel portfolio, which were mostly offset by improvement in the econo mic forecast which included adjustments for the estimated impact of currently enacted government stimulus plans, as well as reserve releases from loan dispositions. Provision for credit losses of $344.0 million for the nine months ended September 30, 2020, resulted in the building of the ACL required under CECL primarily as a result of deterioration in the economic environment due to the impact of COVID-19. Our modeling process incorporates quantitative and qualitative considerations that are used to inform CECL estimates. The internally developed economic forecast used to determine the ACL as of September 30, 2020 was approved late in the third quarter of 2020 pursuant to Synovus' economic forecasting governance processes. The modeling assumptions for the third quarter of 2020 included adjustments for the estimated impact of currently enacted government stimulus plans and an unemployment rate ending the 2020 year around 8% before declining modestly in 2021. This, along with credit migration and other loan portfolio activity, resulted in an increase of the ACL to loans coverage ratio during the quarter of 5 bps to 1.68%, or 1.80% excluding PPP loans, at September 30, 2020. Significant economic uncertainty remains as a result of the continuing COVID-19 crisis, and th e trajectory of the economic recovery including any additional government stimulus plans will impact subsequent period CECL reserves. TDRs Information about Synovus' TDRs is presented in the following tables. Synovus began entering into loan modifications with borrowers in response to the COVID-19 pandemic, which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part I-Item 1. Financial Statements and Supplementary Data - Note 1 - Basis of Presentation" in this Report for more information on Synovus' loan modifications due to COVID-19. The following tables represent, by concession type, the post-modification balance for loans modified or renewed during the three and nine months ended September 30, 2020 and 2019 that were reported as accruing or non-accruing TDRs.
TDRs by Concession Type |  |
| Three Months Ended September 30, 2020 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 42 |  |  | $ | 3,335 |  |  | $ | 670 |  |  | $ | 4,005 |  |
Owner-occupied | 7 |  |  | 1,753 |  |  | — |  |  | 1,753 |  |
Total commercial and industrial | 49 |  |  | 5,088 |  |  | 670 |  |  | 5,758 |  |
Investment properties | 2 |  |  | 294 |  |  | 93 |  |  | 387 |  |
1-4 family properties | 5 |  |  | 74 |  |  | 114 |  |  | 188 |  |
Land and development | 1 |  |  | 40 |  |  | — |  |  | 40 |  |
Total commercial real estate | 8 |  |  | 408 |  |  | 207 |  |  | 615 |  |
Consumer mortgages | 3 |  |  | 496 |  |  | 23 |  |  | 519 |  |
Home equity lines | 17 |  |  | 471 |  |  | 648 |  |  | 1,119 |  |
Other consumer loans | 3 |  |  | 48 |  |  | 85 |  |  | 133 |  |
Total consumer | 23 |  |  | 1,015 |  |  | 756 |  |  | 1,771 |  |
Total TDRs | 80 |  |  | $ | 6,511 |  |  | $ | 1,633 |  |  | $ | 8,144 |  | (2)
| Three Months Ended September 30, 2019 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 27 |  |  | $ | 2,577 |  |  | $ | 1,917 |  |  | $ | 4,494 |  |
Owner-occupied | 7 |  |  | 2,822 |  |  | 861 |  |  | 3,683 |  |
Total commercial and industrial | 34 |  |  | 5,399 |  |  | 2,778 |  |  | 8,177 |  |
Investment properties | 4 |  |  | 385 |  |  | — |  |  | 385 |  |
1-4 family properties | 4 |  |  | 766 |  |  | — |  |  | 766 |  |
Land and development | 1 |  |  | 473 |  |  | — |  |  | 473 |  |
Total commercial real estate | 9 |  |  | 1,624 |  |  | — |  |  | 1,624 |  |
Consumer mortgages | 10 |  |  | 1,008 |  |  | 118 |  |  | 1,126 |  |
Home equity lines | 25 |  |  | 364 |  |  | 1,635 |  |  | 1,999 |  |
Other consumer loans | 27 |  |  | 473 |  |  | 1,222 |  |  | 1,695 |  |
Total consumer | 62 |  |  | 1,845 |  |  | 2,975 |  |  | 4,820 |  |
Total TDRs | 105 |  |  | $ | 8,868 |  |  | $ | 5,753 |  |  | $ | 14,621 |  | (3)
(1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the three months ending September 30, 2020 and 2019. (2) No net charge-offs were recorded during the three months ended September 30, 2020. (3) No net charge-offs were recorded during the three months ended September 30, 2019.
| Nine Months Ended September 30, 2020 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 118 |  |  | $ | 8,562 |  |  | $ | 4,681 |  |  | $ | 13,243 |  |
Owner-occupied | 19 |  |  | 3,573 |  |  | 1,530 |  |  | 5,103 |  |
Total commercial and industrial | 137 |  |  | 12,135 |  |  | 6,211 |  |  | 18,346 |  |
Investment properties | 6 |  |  | 28,963 |  |  | 93 |  |  | 29,056 |  |
1-4 family properties | 15 |  |  | 867 |  |  | 1,105 |  |  | 1,972 |  |
Land and development | 3 |  |  | 581 |  |  | — |  |  | 581 |  |
Total commercial real estate | 24 |  |  | 30,411 |  |  | 1,198 |  |  | 31,609 |  |
Consumer mortgages | 19 |  |  | 1,568 |  |  | 2,589 |  |  | 4,157 |  |
Home equity lines | 50 |  |  | 926 |  |  | 2,530 |  |  | 3,456 |  |
Other consumer loans | 50 |  |  | 145 |  |  | 2,779 |  |  | 2,924 |  |
Total consumer | 119 |  |  | 2,639 |  |  | 7,898 |  |  | 10,537 |  |
Total TDRs | 280 |  |  | $ | 45,185 |  |  | $ | 15,307 |  |  | $ | 60,492 |  | (2)
| Nine Months Ended September 30, 2019 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 61 |  |  | $ | 5,703 |  |  | $ | 4,404 |  |  | $ | 10,107 |  |
Owner-occupied | 13 |  |  | 4,854 |  |  | 861 |  |  | 5,715 |  |
Total commercial and industrial | 74 |  |  | 10,557 |  |  | 5,265 |  |  | 15,822 |  |
Investment properties | 6 |  |  | 1,048 |  |  | — |  |  | 1,048 |  |
1-4 family properties | 14 |  |  | 2,072 |  |  | — |  |  | 2,072 |  |
Land and development | 3 |  |  | 641 |  |  | — |  |  | 641 |  |
Total commercial real estate | 23 |  |  | 3,761 |  |  | — |  |  | 3,761 |  |
Consumer mortgages | 15 |  |  | 1,245 |  |  | 1,332 |  |  | 2,577 |  |
Home equity lines | 50 |  |  | 2,686 |  |  | 1,740 |  |  | 4,426 |  |
Other consumer loans | 79 |  |  | 1,167 |  |  | 3,599 |  |  | 4,766 |  |
Total consumer | 144 |  |  | 5,098 |  |  | 6,671 |  |  | 11,769 |  |
Total TDRs | 241 |  |  | $ | 19,416 |  |  | $ | 11,936 |  |  | $ | 31,352 |  | (3)
(1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the nine months ending September 30, 2020 and 2019. (2) No net charge-offs were recorded during the nine months ended September 30, 2020. (3) No net charge-offs were recorded during the nine months ended September 30, 2019. For the three and nine months ended September 30, 2020 there was one default with a recorded investment of $21 thousand and five defaults with a recorded investment of $666 thousand, respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments) compared to three defaults with a recorded investment of $321 thousand and four defaults with a recorded investment of $326 thousand for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020 and December 31, 2019, there were no commitments to lend a material amount of additional funds to any customer whose loan was classified as a TDR.

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