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Investment Securities Available for Sale
 3 Months Ended
Mar. 31, 2021
Investments [Abstract]  
Investment Securities Available for Sale
Note 2 - Investment Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at March 31, 2021 and December 31, 2020 are summarized below.
March 31, 2021
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$70,085 $— $(3,629)$66,456 
U.S. Government agency securities79,148 2,026 — 81,174 
Mortgage-backed securities issued by U.S. Government agencies 964,709 1,542 (11,069)955,182 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 6,100,521 78,507 (77,253)6,101,775 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,155,180 12,678 (10,635)1,157,223 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises440,556 12,006 (7,348)445,214 
Corporate debt securities and other debt securities18,235 504 (6)18,733 
Total investment securities available for sale$8,828,434 $107,263 $(109,940)$8,825,757 
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 agencies 1,216,012 7,930 (5,925)1,218,017 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,865,858 134,188 — 5,000,046 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 1,245,644 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 
At both March 31, 2021 and December 31, 2020, investment securities with a carrying value of $3.84 billion 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 March 31, 2021 and December 31, 2020 are presented below.
March 31, 2021
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$46,195 $(3,629)$— $— $46,195 $(3,629)
Mortgage-backed securities issued by U.S. Government agencies 784,433 (11,069)— — 784,433 (11,069)
Mortgage-backed securities issued by U.S. Government sponsored enterprises 4,214,454 (77,253)— — 4,214,454 (77,253)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises 770,319 (10,635)— — 770,319 (10,635)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises176,469 (7,348)— — 176,469 (7,348)
Corporate debt securities and other debt securities9,498 (6)— — 9,498 (6)
Total$6,001,368 $(109,940)$— $— $6,001,368 $(109,940)
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 enterprises 803,429 (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)
As of March 31, 2021, Synovus had 115 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 March 31, 2021.
At March 31, 2021, 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. 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.
The amortized cost and fair value by contractual maturity of investment securities available for sale at March 31, 2021 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 March 31, 2021
(in thousands)Within One
 Year		1 to 5
Years		5 to 10
 Years		More Than
 10 Years		Total
Amortized Cost
U.S. Treasury securities$20,261 $— $49,824 $— $70,085 
U.S. Government agency securities430 1,594 77,124 — 79,148 
Mortgage-backed securities issued by U.S. Government agencies — 1,232 162 963,315 964,709 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 76 87 77,685 6,022,673 6,100,521 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 206 1,154,974 1,155,180 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises4,126 109,488 227,357 99,585 440,556 
Corporate debt securities and other debt securities— 9,504 8,731 — 18,235 
Total amortized cost$24,893 $121,905 $441,089 $8,240,547 $8,828,434 
Fair Value
U.S. Treasury securities$20,261 $— $46,195 $— $66,456 
U.S. Government agency securities438 1,623 79,113 — 81,174 
Mortgage-backed securities issued by U.S. Government agencies — 1,281 169 953,732 955,182 
Mortgage-backed securities issued by U.S. Government sponsored enterprises 77 88 80,469 6,021,141 6,101,775 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — — 215 1,157,008 1,157,223 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises4,126 113,783 224,116 103,189 445,214 
Corporate debt securities and other debt securities— 9,498 9,235 — 18,733 
Total fair value$24,902 $126,273 $439,512 $8,235,070 $8,825,757 
Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three months ended March 31, 2021 and 2020 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.
Three Months Ended March 31,
(in thousands)20212020
Proceeds from sales of investment securities available for sale$223,977 $413,180 
Gross realized gains on sales— 8,734 
Gross realized losses on sales(1,990)— 
Investment securities gains (losses), net$(1,990)$8,734