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Investment Securities Available for Sale
 12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Investment Securities Available for Sale
Note 4 - Investment Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2020 and 2019 are summarized below.
December 31, 2020
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$20,257 $— $— $20,257 
U.S. Government agency securities79,638 2,682 — 82,320 
Mortgage-backed securities issued by U.S. Government agencies1,216,012 7,930 (5,925)1,218,017 
Mortgage-backed securities issued by U.S. Government sponsored enterprises4,865,858 134,188 — 5,000,046 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises1,245,644 15,309 (10,576)1,250,377 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises354,244 16,677 — 370,921 
Corporate debt securities and other debt securities20,211 457 (168)20,500 
Total investment securities available for sale$7,801,864 $177,243 $(16,669)$7,962,438 
December 31, 2019
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$19,855 $— $— $19,855 
U.S. Government agency securities35,499 1,042 — 36,541 
Mortgage-backed securities issued by U.S. Government agencies56,328 560 (72)56,816 
Mortgage-backed securities issued by U.S. Government sponsored enterprises5,079,396 103,495 (2,076)5,180,815 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises629,706 7,349 (204)636,851 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises357,291 14,301 — 371,592 
State and municipal securities2,069 6 — 2,075 
Asset-backed securities323,237 4,315 (152)327,400 
Corporate debt securities and other debt securities144,410 2,317 (2)146,725 
Total investment securities available for sale$6,647,791 $133,385 $(2,506)$6,778,670 
At December 31, 2020 and 2019, investment securities with a carrying value of $3.84 billion and $1.71 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020 and December 31, 2019 are presented below.
December 31, 2020
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies$566,896 $(5,925)$— $— $566,896 $(5,925)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises803,429 (10,576)— — 803,429 (10,576)
Corporate debt securities and other debt securities9,337 (168)— — 9,337 (168)
Total$1,379,662 $(16,669)$— $— $1,379,662 $(16,669)
December 31, 2019
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies$19,543 $(70)$355 $(2)$19,898 $(72)
Mortgage-backed securities issued by U.S. Government sponsored enterprises768,040 (2,076)— — 768,040 (2,076)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises57,670 (204)— — 57,670 (204)
Asset-backed securities37,156 (116)4,954 (36)42,110 (152)
Corporate debt securities and other debt securities9,505 (2)— — 9,505 (2)
Total$891,914 $(2,468)$5,309 $(38)$897,223 $(2,506)
As of December 31, 2020, Synovus had 22 investment securities in a loss position for less than twelve months and no investment securities in a loss position for twelve months or longer. Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the 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, 2020. During 2020, as part of an overall strategic repositioning of the investment securities portfolio, Synovus realized net gains of $78.9 million from sales of investment securities, including losses of $6.4 million primarily related to the sale of Synovus' remaining portfolio of asset-backed securities.
At December 31, 2020, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans.
The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2020 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
Distribution of Maturities at December 31, 2020
(in thousands)Within One Year1 to 5
Years		5 to 10
Years		More Than
10 Years		Total
Amortized Cost
U.S. Treasury securities$20,257 $— $— $— $20,257 
U.S. Government agency securities430 2,085 77,123 — 79,638 
Mortgage-backed securities issued by U.S. Government agencies— 1,390 232 1,214,390 1,216,012 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— 231 83,163 4,782,464 4,865,858 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— — 225 1,245,419 1,245,644 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises4,160 105,549 136,656 107,879 354,244 
Corporate debt securities and other debt securities— 9,505 8,706 2,000 20,211 
Total amortized cost$24,847 $118,760 $306,105 $7,352,152 $7,801,864 
Fair Value
U.S. Treasury securities$20,257 $— $— $— $20,257 
U.S. Government agency securities432 2,112 79,776 — 82,320 
Mortgage-backed securities issued by U.S. Government agencies— 1,442 242 1,216,333 1,218,017 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— 236 86,192 4,913,618 5,000,046 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— — 235 1,250,142 1,250,377 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises4,181 109,813 142,952 113,975 370,921 
Corporate debt securities and other debt securities— 9,337 9,142 2,021 20,500 
Total fair value$24,870 $122,940 $318,539 $7,496,089 $7,962,438 
Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the years ended December 31, 2020, 2019, and 2018 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.
(in thousands)202020192018
Proceeds from sales of investment securities available for sale$4,054,670 $2,923,787 $35,066 
Gross realized gains on sales$85,375 $10,370 $— 
Gross realized losses on sales(6,444)(18,029)(1,296)
Investment securities gains (losses), net$78,931 $(7,659)$(1,296)