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Loans And Allowance For Loan Losses | 12 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Loans and Allowance for Loan Losses | Note 5 - 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, 2020 and December 31, 2019.
| December 31, 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 | $ | 12,486,261 |  |  | $ | 10,256 |  |  | $ | 996 |  |  | $ | 11,252 |  |  | $ | 55,527 |  |  | $ | 21,859 |  |  | $ | 12,574,899 |  |
Owner-occupied | 6,776,756 |  |  | 1,913 |  |  | 92 |  |  | 2,005 |  |  | 20,019 |  |  | — |  |  | 6,798,780 |  |
Total commercial and industrial | 19,263,017 |  |  | 12,169 |  |  | 1,088 |  |  | 13,257 |  |  | 75,546 |  |  | 21,859 |  |  | 19,373,679 |  |
Investment properties | 9,318,994 |  |  | 2,751 |  |  | 154 |  |  | 2,905 |  |  | 24,631 |  |  | — |  |  | 9,346,530 |  |
1-4 family properties | 621,965 |  |  | 3,548 |  |  | 36 |  |  | 3,584 |  |  | 2,383 |  |  | 1,236 |  |  | 629,168 |  |
Land and development | 592,151 |  |  | 422 |  |  | — |  |  | 422 |  |  | 1,899 |  |  | 264 |  |  | 594,736 |  |
Total commercial real estate | 10,533,110 |  |  | 6,721 |  |  | 190 |  |  | 6,911 |  |  | 28,913 |  |  | 1,500 |  |  | 10,570,434 |  |
Consumer mortgages | 5,489,624 |  |  | 8,851 |  |  | 485 |  |  | 9,336 |  |  | 8,740 |  |  | — |  |  | 5,507,700 |  |
Home equity lines | 1,507,685 |  |  | 4,006 |  |  | — |  |  | 4,006 |  |  | 12,145 |  |  | — |  |  | 1,523,836 |  |
Credit cards | 276,778 |  |  | 2,363 |  |  | 1,877 |  |  | 4,240 |  |  | — |  |  | — |  |  | 281,018 |  |
Other consumer loans | 1,062,014 |  |  | 9,122 |  |  | 477 |  |  | 9,599 |  |  | 2,376 |  |  | — |  |  | 1,073,989 |  |
Total consumer | 8,336,101 |  |  | 24,342 |  |  | 2,839 |  |  | 27,181 |  |  | 23,261 |  |  | — |  |  | 8,386,543 |  |
Total loans | $ | 38,132,228 |  |  | $ | 43,232 |  |  | $ | 4,117 |  |  | $ | 47,349 |  |  | $ | 127,720 |  |  | $ | 23,359 |  |  | $ | 38,330,656 |  | (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 $77.7 million, of which $48.9 million relates to PPP loans. (2) Represents loans (at fair value) acquired from FCB accounted for under ASC 310-30, net of di scount of $90.3 million and payments since Acquisition Date and also include $1.8 million in non-accruing loans, $9.6 million in accruing 90 days or greater past due loans, and $26.5 million in accruing 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 wa s $12.6 million and $6.1 million durin g the years ended December 31, 2020 and 2019, respectively. Of the interest income recognized during the years ended December 31, 2020 and 2019, cash-basis interest income was $3.9 million and $3.3 million, respectively. Pledged Loans Loans with carrying values of $15.05 billion and $12.11 billion, respectively, were pledged as collateral for borrowings and capacity at December 31, 2020 and 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 $2.19 billion net of unearned fees at December 31, 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 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 monitored on an ongoing basis and updated as warranted using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups – Not Classified (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 the associated senior liens with other financial institutions. The following table summarizes each loan portfolio class by regulatory risk grade and origination year as of December 31, 2020 as required by CECL.
| December 31, 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 | $ | 3,862,940 |  |  | $ | 1,334,892 |  |  | $ | 847,647 |  |  | $ | 582,854 |  |  | $ | 552,666 |  |  | $ | 685,326 |  |  | $ | 4,168,795 |  |  | $ | 49,827 |  |  | $ | 12,084,947 |
Special Mention | 63,307 |  |  | 40,618 |  |  | 12,723 |  |  | 22,070 |  |  | 1,665 |  |  | 5,545 |  |  | 60,741 |  |  | 489 |  |  | 207,158 |
Substandard(1) | 28,698 |  |  | 36,618 |  |  | 24,867 |  |  | 36,072 |  |  | 12,808 |  |  | 35,172 |  |  | 84,498 |  |  | 514 |  |  | 259,247 |
Doubtful(2) | — |  |  | 3,721 |  |  | 19,778 |  |  | — |  |  | — |  |  | — |  |  | 48 |  |  | — |  |  | 23,547 |
Total commercial, financial and agricultural | 3,954,945 |  |  | 1,415,849 |  |  | 905,015 |  |  | 640,996 |  |  | 567,139 |  |  | 726,043 |  |  | 4,314,082 |  |  | 50,830 |  |  | 12,574,899 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,326,170 |  |  | 1,134,402 |  |  | 1,061,206 |  |  | 983,684 |  |  | 555,346 |  |  | 1,246,775 |  |  | 294,103 |  |  | — |  |  | 6,601,686 |
Special Mention | 6,170 |  |  | 9,995 |  |  | 10,682 |  |  | 14,138 |  |  | 1,582 |  |  | 13,768 |  |  | — |  |  | — |  |  | 56,335 |
Substandard(1) | 2,570 |  |  | 22,793 |  |  | 42,615 |  |  | 26,033 |  |  | 7,316 |  |  | 29,794 |  |  | — |  |  | — |  |  | 131,121 |
Doubtful(2) | — |  |  | — |  |  | 9,638 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,638 |
Total owner-occupied | 1,334,910 |  |  | 1,167,190 |  |  | 1,124,141 |  |  | 1,023,855 |  |  | 564,244 |  |  | 1,290,337 |  |  | 294,103 |  |  | — |  |  | 6,798,780 |
Total commercial and industrial | 5,289,855 |  |  | 2,583,039 |  |  | 2,029,156 |  |  | 1,664,851 |  |  | 1,131,383 |  |  | 2,016,380 |  |  | 4,608,185 |  |  | 50,830 |  |  | 19,373,679 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,066,755 |  |  | 2,278,012 |  |  | 2,074,887 |  |  | 1,092,635 |  |  | 484,223 |  |  | 1,302,097 |  |  | 231,786 |  |  | — |  |  | 8,530,395 |
Special Mention | 1,482 |  |  | 66,160 |  |  | 176,794 |  |  | 136,004 |  |  | 138,362 |  |  | 129,401 |  |  | 55,440 |  |  | — |  |  | 703,643 |
Substandard(1) | 1,007 |  |  | 4,770 |  |  | 24,476 |  |  | 19,820 |  |  | 21,875 |  |  | 40,509 |  |  | 35 |  |  | — |  |  | 112,492 |
Total investment properties | 1,069,244 |  |  | 2,348,942 |  |  | 2,276,157 |  |  | 1,248,459 |  |  | 644,460 |  |  | 1,472,007 |  |  | 287,261 |  |  | — |  |  | 9,346,530 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 197,442 |  |  | 95,210 |  |  | 70,314 |  |  | 88,507 |  |  | 38,742 |  |  | 97,379 |  |  | 27,825 |  |  | — |  |  | 615,419 |
Special Mention | 402 |  |  | — |  |  | 508 |  |  | 109 |  |  | 786 |  |  | 118 |  |  | — |  |  | — |  |  | 1,923 |
Substandard(1) | 1,527 |  |  | 653 |  |  | 4,312 |  |  | 1,141 |  |  | 554 |  |  | 2,299 |  |  | 1,340 |  |  | — |  |  | 11,826 |
Total 1-4 family properties | 199,371 |  |  | 95,863 |  |  | 75,134 |  |  | 89,757 |  |  | 40,082 |  |  | 99,796 |  |  | 29,165 |  |  | — |  |  | 629,168 |
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 85,335 |  |  | 173,735 |  |  | 83,784 |  |  | 92,979 |  |  | 12,261 |  |  | 76,430 |  |  | 53,390 |  |  | — |  |  | 577,914 |
Special Mention | 857 |  |  | 1,995 |  |  | 2,866 |  |  | 282 |  |  | — |  |  | 1,332 |  |  | 636 |  |  | — |  |  | 7,968 |
Substandard(1) | 1,229 |  |  | 425 |  |  | 4,664 |  |  | 915 |  |  | 136 |  |  | 1,485 |  |  | — |  |  | — |  |  | 8,854 |
Total land and development | 87,421 |  |  | 176,155 |  |  | 91,314 |  |  | 94,176 |  |  | 12,397 |  |  | 79,247 |  |  | 54,026 |  |  | — |  |  | 594,736 |
Total commercial real estate | 1,356,036 |  |  | 2,620,960 |  |  | 2,442,605 |  |  | 1,432,392 |  |  | 696,939 |  |  | 1,651,050 |  |  | 370,452 |  |  | — |  |  | 10,570,434 |
| December 31, 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
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,865,670 |  |  | $ | 874,795 |  |  | $ | 425,721 |  |  | $ | 678,265 |  |  | $ | 685,814 |  |  | $ | 965,383 |  |  | $ | 1,040 |  |  | $ | — |  |  | $ | 5,496,688 |
Substandard(1) | 33 |  |  | 961 |  |  | 748 |  |  | 889 |  |  | 866 |  |  | 7,224 |  |  | — |  |  | — |  |  | 10,721 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 291 |  |  | — |  |  | — |  |  | 291 |
Total consumer mortgages | 1,865,703 |  |  | 875,756 |  |  | 426,469 |  |  | 679,154 |  |  | 686,680 |  |  | 972,898 |  |  | 1,040 |  |  | — |  |  | 5,507,700 |
Home equity lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,416,272 |  |  | 90,425 |  |  | 1,506,697 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,698 |  |  | 5,996 |  |  | 15,694 |
Doubtful(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | 19 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,283 |  |  | 143 |  |  | 1,426 |
Total home equity lines | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,427,253 |  |  | 96,583 |  |  | 1,523,836 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 279,142 |  |  | — |  |  | 279,142 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 595 |  |  | — |  |  | 595 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,281 |  |  | — |  |  | 1,281 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 281,018 |  |  | — |  |  | 281,018 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Pass | 252,158 |  |  | 190,837 |  |  | 89,193 |  |  | 100,457 |  |  | 80,364 |  |  | 61,029 |  |  | 296,745 |  |  | — |  |  | 1,070,783 |
Substandard(1) | 19 |  |  | 762 |  |  | 262 |  |  | 1,195 |  |  | 121 |  |  | 585 |  |  | 227 |  |  | — |  |  | 3,171 |
Loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | — |  |  | — |  |  | 35 |
Total other consumer loans | 252,177 |  |  | 191,599 |  |  | 89,455 |  |  | 101,652 |  |  | 80,485 |  |  | 61,649 |  |  | 296,972 |  |  | — |  |  | 1,073,989 |
Total consumer | 2,117,880 |  |  | 1,067,355 |  |  | 515,924 |  |  | 780,806 |  |  | 767,165 |  |  | 1,034,547 |  |  | 2,006,283 |  |  | 96,583 |  |  | 8,386,543 |
Total loans(5) | $ | 8,763,771 |  |  | $ | 6,271,354 |  |  | $ | 4,987,685 |  |  | $ | 3,878,049 |  |  | $ | 2,595,487 |  |  | $ | 4,701,977 |  |  | $ | 6,984,920 |  |  | $ | 147,413 |  |  | $ | 38,330,656 |
(1) The majority of loans within Substandard risk grade are accruing loans at December 31, 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 $77.7 million, of which $48.9 million relates to PPP loans.. The following table summarizes each loan portfolio class by regulatory 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 |  | $ | 36,572,183 |  |  | $ | 225,218 |  |  | $ | 385,862 |  |  | $ | 1,281 |  |  | $ | 3,270 |  |  | $ | 37,187,814 |  | (5)
(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) Loan s within Los s 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 year ended December 31, 2020. Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2020, 2019, and 2018. On January 1, 2020, Synovus adopted ASC 326, which replaced the existing incurred loss methodology with an expected credit loss methodology (referred to as CECL). Under the incurred loss methodology, reserves for credit losses were recognized only when the losses were probable or had been incurred; under CECL, companies are required to recognize the full amount of expected credit losses for the lifetime of the financial assets, based on historical experience, current conditions and reasonable and supportable forecasts. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for more information on Synovus' adoption of CECL. For the year ended December 31, 2020, Synovus reversed a net amount of $18.3 million, in previously established reserves for credit losses associated with net transfers to held for sale of $1.43 billion, in performing loans primarily related to third-party single-service consumer loans and non-relationship consumer mortgages. F or the year ended December 31, 2019, Synovus had no significant transfers to loans held for sale.
|  | As Of and For The Year Ended December 31, 2020
(in thousands) |  | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASC 326 |  | $ | 145,782 |  |  | $ | 67,430 |  |  | $ | 68,190 |  |  | $ | 281,402 |
Impact from adoption of ASC 326 |  | (2,310) |  |  | (651) |  |  | 85,955 |  |  | 82,994 |
Beginning balance, after adoption of ASC 326 |  | $ | 143,472 |  |  | $ | 66,779 |  |  | $ | 154,145 |  |  | $ | 364,396 |
Charge-offs |  | (76,260) |  |  | (13,213) |  |  | (29,789) |  |  | (119,262) |
Recoveries |  | 13,544 |  |  | 2,857 |  |  | 8,149 |  |  | 24,550 |
Provision for loan losses |  | 148,799 |  |  | 74,319 |  |  | 112,934 |  |  | 336,052 |
Ending balance |  | $ | 229,555 |  |  | $ | 130,742 |  |  | $ | 245,439 |  |  | $ | 605,736 |
|  | As Of and For The Year Ended December 31, 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 |  | (49,572) |  |  | (5,540) |  |  | (24,023) |  |  | (79,135) |
Recoveries |  | 7,827 |  |  | 8,618 |  |  | 5,078 |  |  | 21,523 |
Provision for loan losses |  | 53,665 |  |  | (4,444) |  |  | 38,499 |  |  | 87,720 |
Transfer of unfunded commitment reserve |  | 739 |  |  | — |  |  | — |  |  | 739 |
Ending balance |  | $ | 145,782 |  |  | $ | 67,430 |  |  | $ | 68,190 |  |  | $ | 281,402 |
|  | As Of and For The Year Ended December 31, 2018
(in thousands) |  | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 126,803 |  |  | $ | 74,998 |  |  | $ | 47,467 |  |  | $ | 249,268 |
Charge-offs |  | (48,775) |  |  | (4,408) |  |  | (20,871) |  |  | (74,054) |
Recoveries |  | 7,165 |  |  | 10,188 |  |  | 6,291 |  |  | 23,644 |
Provision for loan losses |  | 47,930 |  |  | (11,982) |  |  | 15,749 |  |  | 51,697 |
Ending balance |  | $ | 133,123 |  |  | $ | 68,796 |  |  | $ | 48,636 |  |  | $ | 250,555 |
The ALL of $605.7 million and the reserve for unfunded commitments of $47.8 million, which is recorded in other liabilities, comprise the total ACL of $653.5 million at December 31, 2020. Since the adoption of CECL on January 1, 2020, the ACL has increased $260.3 million. Provision for credit losses (which includes the provision for loan losses and unfunded commitments) of $355.0 million for the year ended December 31, 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. The economic forecast used to determine the ACL as of December 31, 2020 was approved late in the fourth quarter of 2020 pursuant to Synovus' economic forecasting governance processes. The modeling assumptions for the fourth quarter of 2020 utilized a two-year reasonable and supportable period and comprised a multi-scenario framework including a base economic outlook which incorporated the most recently enacted stimulus with modest economic growth and improvement in the unemployment rate throughout 2021 and 2022. The forecast as of December 31, 2020, still represented a deteriorated economic scenario compared to January 1, 2020 when CECL was adopted. This, along with credit migration and other loan portfolio activity, resulted in an ACL to loans coverage ratio of 1.71%, or 1.81% excluding PPP loans, at December 31, 2020. In the fourth quarter, Synovus began using a third-party provider’s economic projections as the starting point for our economic outlook. Changing to a third-party provider did not have a material impact on the resulting allowance. Our modeling process incorporates qualitative considerations in addition to the quantitative inputs to the CECL estimate. The CARES Act programs that supported business and consumers through PPP loans, unemployment benefits, and other stimulus had a positive impact on borrowers during 2020. Qualitative adjustments are used to ensure modeled results remain consistent with the expected loss requirement. This includes factoring in enacted stimulus as well as the expected impact on future defaults. While certain financial and economic metrics suggest improving economic conditions, uncertainty remains regarding the trajectory of the economic recovery, the impact of government stimulus, and the success of the COVID-19 vaccine, which will impact subsequent period CECL reserves. 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, some of which have not been classified as TDRs, and therefore are not included in the discussion below. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of 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 years ended December 31, 2020, 2019, and 2018 that were reported as accruing or non-accruing TDRs.
TDRs by Concession Type |
| Year Ended December 31, 2020 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial, and agricultural | 152 |  |  | $ | 10,939 |  |  | $ | 11,912 |  |  | $ | 22,851 |  |
Owner-occupied | 22 |  |  | 4,536 |  |  | 1,530 |  |  | 6,066 |  |
Total commercial and industrial | 174 |  |  | 15,475 |  |  | 13,442 |  |  | 28,917 |  |
Investment properties | 9 |  |  | 29,679 |  |  | 1,420 |  |  | 31,099 |  |
1-4 family properties | 22 |  |  | 1,769 |  |  | 1,105 |  |  | 2,874 |  |
Land and development | 4 |  |  | 606 |  |  | — |  |  | 606 |  |
Total commercial real estate | 35 |  |  | 32,054 |  |  | 2,525 |  |  | 34,579 |  |
Consumer mortgages | 23 |  |  | 1,866 |  |  | 2,789 |  |  | 4,655 |  |
Home equity lines | 63 |  |  | 1,970 |  |  | 2,530 |  |  | 4,500 |  |
Other consumer loans | 57 |  |  | 1,185 |  |  | 2,779 |  |  | 3,964 |  |
Total consumer | 143 |  |  | 5,021 |  |  | 8,098 |  |  | 13,119 |  |
Total loans | 352 |  |  | $ | 52,550 |  |  | $ | 24,065 |  |  | $ | 76,615 |  | (2)
| Year Ended December 31, 2019 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial, and agricultural | 127 |  |  | $ | 9,042 |  |  | $ | 9,873 |  |  | $ | 18,915 |  |
Owner-occupied | 22 |  |  | 9,017 |  |  | 861 |  |  | 9,878 |  |
Total commercial and industrial | 149 |  |  | 18,059 |  |  | 10,734 |  |  | 28,793 |  |
Investment properties | 8 |  |  | 1,548 |  |  | — |  |  | 1,548 |  |
1-4 family properties | 18 |  |  | 2,182 |  |  | 643 |  |  | 2,825 |  |
Land and development | 8 |  |  | 1,187 |  |  | 30 |  |  | 1,217 |  |
Total commercial real estate | 34 |  |  | 4,917 |  |  | 673 |  |  | 5,590 |  |
Consumer mortgages | 18 |  |  | 1,587 |  |  | 1,361 |  |  | 2,948 |  |
Home equity lines | 70 |  |  | 3,024 |  |  | 2,522 |  |  | 5,546 |  |
Other consumer loans | 109 |  |  | 1,712 |  |  | 5,270 |  |  | 6,982 |  |
Total consumer | 197 |  |  | 6,323 |  |  | 9,153 |  |  | 15,476 |  |
Total loans | 380 |  |  | $ | 29,299 |  |  | $ | 20,560 |  |  | $ | 49,859 |  | (3)
TDRs by Concession Type (continued) |
| Year Ended December 31, 2018 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial, and agricultural | 46 |  |  | $ | 3,807 |  |  | $ | 3,957 |  |  | $ | 7,764 |  |
Owner-occupied | 16 |  |  | 7,589 |  |  | 5,705 |  |  | 13,294 |  |
Total commercial and industrial | 62 |  |  | 11,396 |  |  | 9,662 |  |  | 21,058 |  |
Investment properties | 10 |  |  | 8,070 |  |  | 2,215 |  |  | 10,285 |  |
1-4 family properties | 25 |  |  | 2,481 |  |  | 2,014 |  |  | 4,495 |  |
Land and development | 5 |  |  | 122 |  |  | 1,856 |  |  | 1,978 |  |
Total commercial real estate | 40 |  |  | 10,673 |  |  | 6,085 |  |  | 16,758 |  |
Consumer mortgages | 19 |  |  | 5,590 |  |  | 93 |  |  | 5,683 |  |
Home equity lines | 4 |  |  | 172 |  |  | 339 |  |  | 511 |  |
Other consumer loans | 92 |  |  | 1,834 |  |  | 3,983 |  |  | 5,817 |  |
Total consumer | 115 |  |  | 7,596 |  |  | 4,415 |  |  | 12,011 |  |
Total loans | 217 |  |  | $ | 29,665 |  |  | $ | 20,162 |  |  | $ | 49,827 |  | (4)
(1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the years ended December 31, 2020, 2019, and 2018. (2) No charge-offs were recorded during the year ended December 31, 2020 upon restructuring of these loans. (3) No charge-offs were recorded during the year ended December 31, 2019 upon restructuring of these loans (4) Net charge-offs of $403 thousand were recorded during the year ended December 31, 2018 upon restructuring of these loans. For the years ended December 31, 2020, 2019 and 2018, there were seven defaults with a recorded investment of $21.7 million, four defaults with a recorded investment of $326 thousand, and eight defaults with a recorded investment of $10.5 million, respectively, on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments). As of December 31, 2020, there were no commitments to lend a material amount of additional funds to any customer s whose loans were classified as TDR s.

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