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Segment Reporting | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Segment Reporting | Note 11 - Segment Reporting Synovus' business segments are based on the products and services provided or the customers served, and as of the fourth quarter of 2019, reflect the manner in which financial information is evaluated by the chief operating decision makers. Prior to the fourth quarter of 2019, Synovus identified its overall banking operations as its only reportable segment. Synovus has three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services (FMS), with functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, included in Treasury and Corporate Other. Business segment results are determined based upon Synovus' management reporting system, which assigns balance sheet and income statement items to each of the business segments. Certain assets, liabilities, revenues, and expenses not allocated or attributable to a particular business segment are included in Treasury and Corporate Other. Synovus's third-party lending partnership consumer loans and held for sale loans as well as PPP C&I loans are included in Treasury and Corporate Other. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unl ike 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 Community Banking business segment serves customers using a relationship-based approach through its branch, ATM, commercial, and private wealth network in addition to mobile, Internet, and telephone banking. This segment primarily provides individual, small business, and corporate customers with an array of comprehensive banking products and services including commercial, home equity, and other consumer loans, credit and debit cards, and deposit accounts. The Wholesale Banking business segment serves primarily larger corporate customers by providing commercial lending and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, and asset-based lending. The FMS business segment serves its customers by providing mortgage and trust services and also specializing in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management, and financial planning services, as well as the provision of individual investment advice on equity and other securities. Synovus uses a centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury and Corporate Other function where it can be centrally monitored and managed. Treasury and Corporate Other charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities). The following tables present c ertain financial information for each reportable business segment for the three and nine months ended September 30, 2020. During the three months ended September 30, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit (which is included in the FMS reportable segment) driven by significant mortgage refinance activity at record-low mortgage rates and the FOMC's updated guidance in the third quarter of 2020 regarding inflation targeting and their expectations for interest rates to remain low for an extended period of time. To p rovide comparable prior year information, Synovus has included proforma business segment financial information for the three and nine months ended September 30, 2019 utilizing various allocation methodologies based on balance sheet and income statement items assigned to each business segment. 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.
| Three Months Ended September 30, 2020
(in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 220,426 |  |  | $ | 139,080 |  |  | $ | 20,986 |  |  | $ | (3,502) |  |  | $ | 376,990 |
Non-interest revenue | 29,982 |  |  | 5,496 |  |  | 65,820 |  |  | 13,113 |  |  | 114,411 |
Non-interest expense | 68,571 |  |  | 19,530 |  |  | 92,931 |  |  | 135,623 |  |  | 316,655 |
Pre-provision net revenue | $ | 181,837 |  |  | $ | 125,046 |  |  | $ | (6,125) |  |  | $ | (126,012) |  |  | $ | 174,746 |
| Three Months Ended September 30, 2019 Proforma
(in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 203,197 |  |  | $ | 133,773 |  |  | $ | 26,582 |  |  | $ | 38,545 |  |  | $ | 402,097 |
Non-interest revenue | 35,145 |  |  | 7,092 |  |  | 40,966 |  |  | 5,557 |  |  | 88,760 |
Non-interest expense | 76,414 |  |  | 25,413 |  |  | 40,413 |  |  | 134,070 |  |  | 276,310 |
Pre-provision net revenue | $ | 161,928 |  |  | $ | 115,452 |  |  | $ | 27,135 |  |  | $ | (89,968) |  |  | $ | 214,547 |
| Nine Months Ended September 30, 2020
(in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 638,311 |  |  | $ | 407,265 |  |  | $ | 56,600 |  |  | $ | 24,640 |  |  | $ | 1,126,816 |
Non-interest revenue | 89,413 |  |  | 20,406 |  |  | 166,067 |  |  | 115,866 |  |  | 391,752 |
Non-interest expense | 219,859 |  |  | 63,176 |  |  | 184,501 |  |  | 409,540 |  |  | 877,076 |
Pre-provision net revenue | $ | 507,865 |  |  | $ | 364,495 |  |  | $ | 38,166 |  |  | $ | (269,034) |  |  | $ | 641,492 |
| Nine Months Ended September 30, 2019 Proforma
(in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 625,450 |  |  | $ | 388,241 |  |  | $ | 86,425 |  |  | $ | 96,419 |  |  | $ | 1,196,535 |
Non-interest revenue | 101,971 |  |  | 21,787 |  |  | 111,873 |  |  | 22,314 |  |  | 257,945 |
Non-interest expense | 225,141 |  |  | 55,141 |  |  | 111,139 |  |  | 441,426 |  |  | 832,847 |
Pre-provision net revenue | $ | 502,280 |  |  | $ | 354,887 |  |  | $ | 87,159 |  |  | $ | (322,693) |  |  | $ | 621,633 |
| September 30, 2020
(dollars in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Total loans net of deferred fees and costs | $ | 11,489,106 |  |  | $ | 19,204,961 |  |  | $ | 5,412,944 |  |  | $ | 3,442,836 |  |  | $ | 39,549,847 |
Total deposits | $ | 28,870,928 |  |  | $ | 10,339,568 |  |  | $ | 414,243 |  |  | $ | 5,041,165 |  |  | $ | 44,665,904 |
Total full-time equivalent employees | 2,200 |  |  | 285 |  |  | 843 |  |  | 1,904 |  |  | 5,232
| December 31, 2019
(dollars in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Total loans net of deferred fees and costs | $ | 12,170,914 |  |  | $ | 17,643,509 |  |  | $ | 5,285,455 |  |  | $ | 2,062,572 |  |  | $ | 37,162,450 |
Total deposits | $ | 25,610,777 |  |  | $ | 8,314,184 |  |  | $ | 284,716 |  |  | $ | 4,195,827 |  |  | $ | 38,405,504 |
Total full-time equivalent employees | 2,301 |  |  | 213 |  |  | 839 |  |  | 1,911 |  |  | 5,264 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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