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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 10-Q
______________________________
☒ Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
Commission file number 1-10312
______________________________
SYNOVUS FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
______________________________

Georgia |  | 58-1134883
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

1111 Bay Avenue, Suite 500 |  |
| Columbus, | Georgia |  |  | 31901
(Address of principal executive offices) |  | (Zip Code)

Registrant’s telephone number, including area code: (706) 641-6500
______________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock, $1.00 Par Value | SNV | New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | SNV - PrD | New York Stock Exchange
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | SNV - PrE | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ | Accelerated filer | ☐
Non-accelerated filer | ☐ | Smaller reporting company | ☐
|  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2021, 145,510,920 shares of the registrant's common stock, $1.00 par value, were outstanding.

Table of Contents

|  |  |  | Page
Part I. | Financial Information |
|  | Index of Defined Terms | i
| Item 1. | Financial Statements (Unaudited) |
|  | Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020 | 1
|  | Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2021 and 2020 | 2
|  | Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020 | 3
|  | Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2021 and 2020 | 4
|  | Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 | 6
|  | Notes to Unaudited Interim Consolidated Financial Statements | 7
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 36
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 62
| Item 4. | Controls and Procedures | 62
Part II. | Other Information |
| Item 1. | Legal Proceedings | 63
| Item 1A. | Risk Factors | 63
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 63
| Item 3. | Defaults Upon Senior Securities | 63
| Item 4. | Mine Safety Disclosures | 63
| Item 5. | Other Information | 63
| Item 6. | Exhibits | 64
| Signatures | 65

SYNOVUS FINANCIAL CORP.
INDEX OF DEFINED TERMS
Throughout this discussion, references to "Synovus", "we", "our", "us", "the Company" and similar terms refer to the consolidated entity consisting of Synovus Financial Corp. and its subsidiaries unless the context indicates that we refer only to the Parent Company, Synovus Financial Corp. When we refer to the "Bank" or "Synovus Bank" we mean our only bank subsidiary, Synovus Bank.
ACL – Allowance for credit losses (ALL, reserve on unfunded loan commitments, and reserve, if required, on debt securities)
ALCO – Synovus' Asset Liability Management Committee
ALL – Allowance for loan losses
AOCI – Accumulated other comprehensive income
ARRC – Alternative Reference Rates Committee
ASC – Accounting Standards Codification
ASU – Accounting Standards Update
ATM – Automatic teller machine
Basel III – The third Basel Accord developed by the Basel Committee on Banking Supervision to strengthen existing regulatory capital requirements
BOLI – Bank-owned life insurance
bp(s) – Basis point(s)
BSBY – Bloomberg Short-Term Bank Yield Index
C&I – Commercial and industrial
CARES Act – The Coronavirus Aid, Relief, and Economic Security Act
CDI – Core Deposit Intangible
CECL – Current expected credit losses
CET1 – Common Equity Tier 1 Capital defined by Basel III capital rules
CMO – Collateralized mortgage obligation
Code – Internal Revenue Code, as amended
Company – Synovus Financial Corp. and its wholly-owned subsidiaries, except where the context requires otherwise
Covered Litigation – Certain Visa litigation for which Visa is indemnified by Visa USA members
COVID-19 – Coronavirus disease 2019
CRA – Community Reinvestment Act
CRE – Commercial real estate
EVE – Economic value of equity
Exchange Act – Securities Exchange Act of 1934, as amended
FASB – Financial Accounting Standards Board
FCA – Financial Conduct Authority
FDIC – Federal Deposit Insurance Corporation
Federal Reserve Bank – The 12 banks that are the operating arms of the U.S. central bank. They implement the policies of the Federal Reserve Board and also conduct economic research
Federal Reserve Board – The 7-member Board of Governors that oversees the Federal Reserve System, establishes monetary policy (interest rates, credit, etc.), and monitors the economic health of the country. Its members are appointed by the President subject to Senate confirmation, and serve 14-year terms
i

Federal Reserve System – The 12 Federal Reserve Banks, with each one serving member banks in its own district. This system, supervised by the Federal Reserve Board, has broad regulatory powers over the money supply and the credit structure
FFIEC – Federal Financial Institutions Examination Council
FFIEC Retail Credit Classification Policy – FFIEC Uniform Retail Credit Classification and Account Management Policy
FHLB – Federal Home Loan Bank
FICO – Fair Isaac Corporation
FMS – Financial Management Services, a division of Synovus Bank
FTP – Funds transfer pricing
GA DBF – Georgia Department of Banking and Finance
GAAP – Generally Accepted Accounting Principles in the United States of America
GGL – Government guaranteed loans
Global One – Entaire Global Companies, Inc., the parent company of Global One Financial, Inc., as acquired by Synovus in 2016
HELOC – Home equity line of credit
Interagency Supervisory Guidance – Interagency Supervisory Guidance on Allowance for Loan and Lease Losses Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties
LIBOR – London Interbank Offered Rate
LIHTC – Low Income Housing Tax Credit
LTV – Loan-to-collateral value ratio
MBS – Mortgage-backed security
MPS – Merchant processing servicer(s)
NAICS – North American Industry Classification System
nm – not meaningful
NPA – Non-performing assets
NPL – Non-performing loans
NSF – Non-sufficient funds
OCI – Other comprehensive income
ORE – Other real estate
P&I – Principal and interest
Parent Company – Synovus Financial Corp.
PPP – Paycheck Protection Program established as part of the CARES Act and launched on April 3, 2020 by the SBA and Treasury
SBA – Small Business Administration
SBIC – Small Business Investment Company
SEC – U.S. Securities and Exchange Commission
Securities Act – Securities Act of 1933, as amended
Series D Preferred Stock – Synovus' Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, $25 liquidation preference
Series E Preferred Stock – Synovus' Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, $25 liquidation preference
SOFR – Secured Overnight Financing Rate
ii

Synovus – Synovus Financial Corp.
Synovus Bank – A Georgia state-chartered bank and wholly-owned subsidiary of Synovus through which Synovus conducts its banking operations
Synovus' 2020 Form 10-K – Synovus' Annual Report on Form 10-K for the year ended December 31, 2020
Synovus Forward – Synovus' revenue growth and expense efficiency initiatives announced in January of 2020
Synovus Securities – Synovus Securities, Inc., a wholly-owned subsidiary of Synovus
Synovus Trust – Synovus Trust Company, N.A., a wholly-owned subsidiary of Synovus Bank
TDR – Troubled debt restructuring (as defined in ASC 310-40)
TE- Taxable equivalent
UPB – Unpaid principal balance
Visa – The Visa U.S.A., Inc. card association or its affiliates, collectively
Visa Class A shares – Class A shares of common stock issued by Visa are publicly traded shares which are not subject to restrictions on sale
Visa Class B shares – Class B shares of common stock issued by Visa which are subject to restrictions with respect to sale until all of the Covered Litigation has been settled. Class B shares will be convertible into Visa Class A shares using a then-current conversion ratio upon the lifting of restrictions with respect to sale of Visa Class B shares
Visa derivative – A derivative contract with the purchaser of Visa Class B shares which provides for settlements between the purchaser and Synovus based upon a change in the ratio for conversion of Visa Class B shares into Visa Class A shares
iii

PART I. FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS
SYNOVUS FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)

(in thousands, except share and per share data) | September 30, 2021 |  | December 31, 2020
ASSETS |  |  |
Cash and due from banks | $ | 483,035 |  |  | $ | 531,579 |
Interest-bearing funds with Federal Reserve Bank | 2,103,497 |  |  | 3,586,565 |
Interest earning deposits with banks | 23,261 |  |  | 20,944 |
Federal funds sold and securities purchased under resale agreements | 77,627 |  |  | 113,829 |
Total cash, cash equivalents, and restricted cash | 2,687,420 |  |  | 4,252,917 |
Investment securities available for sale, at fair value | 10,481,071 |  |  | 7,962,438 |
Loans held for sale (includes $152,258 and $216,647 measured at fair value, respectively) | 550,948 |  |  | 760,123 |
Loans, net of deferred fees and costs | 38,341,030 |  |  | 38,252,984 |
Allowance for loan losses | (492,243) |  |  | (605,736) |
Loans, net | 37,848,787 |  |  | 37,647,248 |
Cash surrender value of bank-owned life insurance | 1,065,256 |  |  | 1,049,373 |
Premises, equipment, and software, net | 423,933 |  |  | 463,959 |
Goodwill | 452,390 |  |  | 452,390 |
Other intangible assets, net | 37,975 |  |  | 45,112 |
Other assets | 1,961,349 |  |  | 1,760,599 |
Total assets | $ | 55,509,129 |  |  | $ | 54,394,159 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Liabilities |  |  |
Deposits: |  |  |
Non-interest-bearing deposits | $ | 15,787,882 |  |  | $ | 13,477,854 |
Interest-bearing deposits | 31,900,537 |  |  | 33,213,717 |
Total deposits | 47,688,419 |  |  | 46,691,571 |
Federal funds purchased and securities sold under repurchase agreements | 262,548 |  |  | 227,922 |
Other short-term borrowings | — |  |  | 7,717 |
Long-term debt | 1,203,761 |  |  | 1,202,494 |
Other liabilities | 1,101,599 |  |  | 1,103,121 |
Total liabilities | 50,256,327 |  |  | 49,232,825 |
Shareholders' Equity |  |  |
Preferred stock - no par value; authorized 100,000,000 shares; issued 22,000,000 | 537,145 |  |  | 537,145 |
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 169,170,589 and 168,132,522; outstanding 145,483,994 and 148,039,495 | 169,171 |  |  | 168,133 |
Additional paid-in capital | 3,883,289 |  |  | 3,851,208 |
Treasury stock, at cost; 23,686,595 and 20,093,027 shares | (898,707) |  |  | (731,806) |
Accumulated other comprehensive (loss) income, net | (5,462) |  |  | 158,635 |
Retained earnings | 1,567,366 |  |  | 1,178,019 |
Total shareholders' equity | 5,252,802 |  |  | 5,161,334 |
Total liabilities and shareholders' equity | $ | 55,509,129 |  |  | $ | 54,394,159 |

See accompanying notes to unaudited interim consolidated financial statements.
1

SYNOVUS FINANCIAL CORP.
CONSOLIDATE D STATEMENTS OF INCOME
(unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share data) | 2021 |  | 2020 |  | 2021 |  | 2020
Interest income: |  |  |  |  |  |  |
Loans, including fees | $ | 369,323 |  |  | $ | 384,275 |  |  | $ | 1,113,102 |  |  | $ | 1,213,609 |
Investment securities available for sale | 35,876 |  |  | 43,196 |  |  | 98,631 |  |  | 139,784 |
Loans held for sale | 5,540 |  |  | 6,341 |  |  | 18,611 |  |  | 9,047 |
Federal Reserve Bank balances | 1,214 |  |  | 285 |  |  | 2,597 |  |  | 2,187 |
Other earning assets | 551 |  |  | 1,453 |  |  | 2,123 |  |  | 6,389 |
Total interest income | 412,504 |  |  | 435,550 |  |  | 1,235,064 |  |  | 1,371,016 |
Interest expense: |  |  |  |  |  |  |
Deposits | 16,086 |  |  | 43,194 |  |  | 60,475 |  |  | 185,670 |
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 36 |  |  | 176 |  |  | 104 |  |  | 7,885 |
Long-term debt | 11,465 |  |  | 15,190 |  |  | 33,851 |  |  | 50,645 |
Total interest expense | 27,587 |  |  | 58,560 |  |  | 94,430 |  |  | 244,200 |
Net interest income | 384,917 |  |  | 376,990 |  |  | 1,140,634 |  |  | 1,126,816 |
(Reversal of) provision for credit losses | (7,868) |  |  | 43,383 |  |  | (51,041) |  |  | 343,956 |
Net interest income after (reversal of) provision for credit losses | 392,785 |  |  | 333,607 |  |  | 1,191,675 |  |  | 782,860 |
Non-interest revenue: |  |  |  |  |  |  |
Service charges on deposit accounts | 22,641 |  |  | 17,813 |  |  | 64,089 |  |  | 54,069 |
Fiduciary and asset management fees | 19,786 |  |  | 15,885 |  |  | 56,545 |  |  | 46,009 |
Card fees | 13,238 |  |  | 10,823 |  |  | 38,538 |  |  | 30,959 |
Brokerage revenue | 14,745 |  |  | 10,604 |  |  | 41,644 |  |  | 32,987 |
Mortgage banking income | 11,155 |  |  | 31,229 |  |  | 47,312 |  |  | 66,987 |
Capital markets income | 8,089 |  |  | 5,690 |  |  | 18,929 |  |  | 22,984 |
Income from bank-owned life insurance | 6,820 |  |  | 7,778 |  |  | 22,851 |  |  | 21,572 |
Investment securities gains (losses), net | 962 |  |  | (1,550) |  |  | (1,028) |  |  | 76,594 |
Other non-interest revenue | 17,519 |  |  | 16,139 |  |  | 44,117 |  |  | 39,591 |
Total non-interest revenue | 114,955 |  |  | 114,411 |  |  | 332,997 |  |  | 391,752 |
Non-interest expense: |  |  |  |  |  |  |
Salaries and other personnel expense | 160,364 |  |  | 154,994 |  |  | 482,408 |  |  | 464,268 |
Net occupancy, equipment, and software expense | 43,483 |  |  | 41,554 |  |  | 126,442 |  |  | 125,475 |
Third-party processing and other services | 19,446 |  |  | 21,827 |  |  | 63,897 |  |  | 67,193 |
Professional fees | 6,739 |  |  | 13,377 |  |  | 23,771 |  |  | 39,358 |
FDIC insurance and other regulatory fees | 5,212 |  |  | 6,793 |  |  | 16,338 |  |  | 18,922 |
Goodwill impairment | — |  |  | 44,877 |  |  | — |  |  | 44,877 |
Other operating expenses | 31,788 |  |  | 33,233 |  |  | 91,841 |  |  | 116,983 |
Total non-interest expense | 267,032 |  |  | 316,655 |  |  | 804,697 |  |  | 877,076 |
Income before income taxes | 240,708 |  |  | 131,363 |  |  | 719,975 |  |  | 297,536 |
Income tax expense | 53,935 |  |  | 39,789 |  |  | 159,910 |  |  | 74,250 |
Net income | 186,773 |  |  | 91,574 |  |  | 560,065 |  |  | 223,286 |
Less: Preferred stock dividends | 8,291 |  |  | 8,291 |  |  | 24,872 |  |  | 24,872 |
Net income available to common shareholders | $ | 178,482 |  |  | $ | 83,283 |  |  | $ | 535,193 |  |  | $ | 198,414 |
Net income per common share, basic | $ | 1.22 |  |  | $ | 0.57 |  |  | $ | 3.63 |  |  | $ | 1.35 |
Net income per common share, diluted | 1.21 |  |  | 0.56 |  |  | 3.59 |  |  | 1.34 |
Weighted average common shares outstanding, basic | 146,308 |  |  | 147,314 |  |  | 147,622 |  |  | 147,304 |
Weighted average common shares outstanding, diluted | 147,701 |  |  | 147,976 |  |  | 149,069 |  |  | 148,037 |

See accompanying notes to unaudited interim consolidated financial statements.
2

SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)

| Three Months Ended September 30,
| 2021 |  | 2020
(in thousands) | Before-tax Amount |  | Income Tax |  | Net of Tax Amount |  | Before-tax Amount |  | Income Tax |  | Net of Tax Amount
Net income | $ | 240,708 |  |  | $ | (53,935) |  |  | $ | 186,773 |  |  | $ | 131,363 |  |  | $ | (39,789) |  |  | $ | 91,574 |
Unrealized gains (losses) on investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (55,472) |  |  | 14,035 |  |  | (41,437) |  |  | (29,428) |  |  | 7,622 |  |  | (21,806) |
Reclassification adjustment for realized (gains) losses included in net income | (962) |  |  | 243 |  |  | (719) |  |  | 1,550 |  |  | (401) |  |  | 1,149 |
Net change | (56,434) |  |  | 14,278 |  |  | (42,156) |  |  | (27,878) |  |  | 7,221 |  |  | (20,657) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (8,081) |  |  | 2,044 |  |  | (6,037) |  |  | (8,954) |  |  | 2,319 |  |  | (6,635) |
Reclassification adjustment for realized (gains) losses included in net income | (4,009) |  |  | 1,014 |  |  | (2,995) |  |  | (1,031) |  |  | 267 |  |  | (764) |
Net change | (12,090) |  |  | 3,058 |  |  | (9,032) |  |  | (9,985) |  |  | 2,586 |  |  | (7,399) |
Total other comprehensive income (loss) | $ | (68,524) |  |  | $ | 17,336 |  |  | $ | (51,188) |  |  | $ | (37,863) |  |  | $ | 9,807 |  |  | $ | (28,056) |
Comprehensive income |  |  |  |  | $ | 135,585 |  |  |  |  |  |  | $ | 63,518 |
| Nine Months Ended September 30,
| 2021 |  | 2020
(in thousands) | Before-tax Amount |  | Income Tax |  | Net of Tax Amount |  | Before-tax Amount |  | Income Tax |  | Net of Tax Amount
Net income | $ | 719,975 |  |  | $ | (159,910) |  |  | $ | 560,065 |  |  | $ | 297,536 |  |  | $ | (74,250) |  |  | $ | 223,286 |
Unrealized gains (losses) on investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (174,371) |  |  | 45,091 |  |  | (129,280) |  |  | 116,975 |  |  | (30,297) |  |  | 86,678 |
Reclassification adjustment for realized (gains) losses included in net income | 1,028 |  |  | (272) |  |  | 756 |  |  | (76,594) |  |  | 19,838 |  |  | (56,756) |
Net change | (173,343) |  |  | 44,819 |  |  | (128,524) |  |  | 40,381 |  |  | (10,459) |  |  | 29,922 |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (39,061) |  |  | 10,404 |  |  | (28,657) |  |  | 108,508 |  |  | (28,104) |  |  | 80,404 |
Reclassification adjustment for realized (gains) losses included in net income | (9,265) |  |  | 2,349 |  |  | (6,916) |  |  | (1,421) |  |  | 368 |  |  | (1,053) |
Net change | (48,326) |  |  | 12,753 |  |  | (35,573) |  |  | 107,087 |  |  | (27,736) |  |  | 79,351 |
Total other comprehensive income (loss) | $ | (221,669) |  |  | $ | 57,572 |  |  | $ | (164,097) |  |  | $ | 147,468 |  |  | $ | (38,195) |  |  | $ | 109,273 |
Comprehensive income |  |  |  |  | $ | 395,968 |  |  |  |  |  |  | $ | 332,559 |

See accompanying notes to unaudited interim consolidated financial statements.
3

SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)

(in thousands, except per share data) | Preferred Stock |  | Common Stock |  | Additional Paid-in Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Retained Earnings |  | Total
Balance at June 30, 2021 | $ | 537,145 |  |  | $ | 169,108 |  |  | $ | 3,872,949 |  |  | $ | (824,197) |  |  | $ | 45,726 |  |  | $ | 1,436,983 |  |  | $ | 5,237,714 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 186,773 |  |  | 186,773 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (51,188) |  |  | — |  |  | (51,188) |
Cash dividends declared on common stock - $0.33 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (48,099) |  |  | (48,099) |
Cash dividends declared on preferred stock(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,291) |  |  | (8,291) |
Repurchases of common stock including costs to repurchase | — |  |  | — |  |  | — |  |  | (74,635) |  |  | — |  |  | — |  |  | (74,635) |
Issuance of common stock for earnout payment | — |  |  | — |  |  | 4,955 |  |  | 125 |  |  | — |  |  | — |  |  | 5,080 |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 37 |  |  | (650) |  |  | — |  |  | — |  |  | — |  |  | (613) |
Stock options exercised, net | — |  |  | 26 |  |  | 520 |  |  | — |  |  | — |  |  | — |  |  | 546 |
Share-based compensation expense | — |  |  | — |  |  | 5,515 |  |  | — |  |  | — |  |  | — |  |  | 5,515 |
Balance at September 30, 2021 | $ | 537,145 |  |  | $ | 169,171 |  |  | $ | 3,883,289 |  |  | $ | (898,707) |  |  | $ | (5,462) |  |  | $ | 1,567,366 |  |  | $ | 5,252,802 |
Balance at June 30, 2020 | $ | 537,145 |  |  | $ | 167,406 |  |  | $ | 3,826,726 |  |  | $ | (731,806) |  |  | $ | 202,970 |  |  | $ | 1,050,527 |  |  | $ | 5,052,968 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91,574 |  |  | 91,574 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (28,056) |  |  | — |  |  | (28,056) |
Cash dividends declared on common stock - $0.33 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (48,614) |  |  | (48,614) |
Cash dividends declared on preferred stock(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,291) |  |  | (8,291) |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 2 |  |  | 434 |  |  | — |  |  | — |  |  | (460) |  |  | (24) |
Stock options exercised, net | — |  |  | 3 |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | 33 |
Share-based compensation expense | — |  |  | — |  |  | 4,952 |  |  | — |  |  | — |  |  | — |  |  | 4,952 |
Balance at September 30, 2020 | $ | 537,145 |  |  | $ | 167,411 |  |  | $ | 3,832,142 |  |  | $ | (731,806) |  |  | $ | 174,914 |  |  | $ | 1,084,736 |  |  | $ | 5,064,542 |

4

(in thousands, except per share data) | Preferred Stock |  | Common Stock |  | Additional Paid-in Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Retained Earnings |  | Total
Balance at December 31, 2020 | $ | 537,145 |  |  | $ | 168,133 |  |  | $ | 3,851,208 |  |  | $ | (731,806) |  |  | $ | 158,635 |  |  | $ | 1,178,019 |  |  | $ | 5,161,334 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 560,065 |  |  | 560,065 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (164,097) |  |  | — |  |  | (164,097) |
Cash dividends declared on common stock - $0.99 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (145,843) |  |  | (145,843) |
Cash dividends declared on preferred stock(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24,872) |  |  | (24,872) |
Repurchases of common stock including costs to repurchase | — |  |  | — |  |  | — |  |  | (167,142) |  |  | — |  |  | — |  |  | (167,142) |
Issuance of common stock for earnout payment | — |  |  | — |  |  | 4,955 |  |  | 125 |  |  | — |  |  | — |  |  | 5,080 |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 343 |  |  | (7,535) |  |  | — |  |  | — |  |  | — |  |  | (7,192) |
Stock options exercised, net | — |  |  | 695 |  |  | 14,730 |  |  | — |  |  | — |  |  | — |  |  | 15,425 |
Warrants exercised with net settlement and common stock reissued | — |  |  | — |  |  | (113) |  |  | 116 |  |  | — |  |  | (3) |  |  | — |
Share-based compensation expense | — |  |  | — |  |  | 20,044 |  |  | — |  |  | — |  |  | — |  |  | 20,044 |
Balance at September 30, 2021 | $ | 537,145 |  |  | $ | 169,171 |  |  | $ | 3,883,289 |  |  | $ | (898,707) |  |  | $ | (5,462) |  |  | $ | 1,567,366 |  |  | $ | 5,252,802 |
Balance at December 31, 2019 | $ | 537,145 |  |  | $ | 166,801 |  |  | $ | 3,819,336 |  |  | $ | (715,560) |  |  | $ | 65,641 |  |  | $ | 1,068,327 |  |  | $ | 4,941,690 |
Cumulative-effect of change in accounting principle for credit losses (ASU 2016-13), net of tax | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (35,721) |  |  | (35,721) |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 223,286 |  |  | 223,286 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | 109,273 |  |  | — |  |  | 109,273 |
Cash dividends declared on common stock - $0.99 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (145,824) |  |  | (145,824) |
Cash dividends declared on preferred stock(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24,872) |  |  | (24,872) |
Repurchases of common stock including costs to repurchase | — |  |  | — |  |  | — |  |  | (16,246) |  |  | — |  |  | — |  |  | (16,246) |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 381 |  |  | (7,349) |  |  | — |  |  | — |  |  | (460) |  |  | (7,428) |
Stock options exercised, net | — |  |  | 229 |  |  | 6,282 |  |  | — |  |  | — |  |  | — |  |  | 6,511 |
Share-based compensation expense | — |  |  | — |  |  | 13,873 |  |  | — |  |  | — |  |  | — |  |  | 13,873 |
Balance at September 30, 2020 | $ | 537,145 |  |  | $ | 167,411 |  |  | $ | 3,832,142 |  |  | $ | (731,806) |  |  | $ | 174,914 |  |  | $ | 1,084,736 |  |  | $ | 5,064,542 |

(1) For the three months ended September 30, 2021 and 2020, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively.
(2) For the nine months ended September 30, 2021 and 2020, dividends per share were $1.18 and $1.10 for Series D and Series E Preferred Stock, respectively.
See accompanying notes to unaudited interim consolidated financial statements.
5

SYNOVUS FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

| Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020
Operating Activities |  |  |
Net income | $ | 560,065 |  |  | $ | 223,286 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
(Reversal of) provision for credit losses | (51,041) |  |  | 343,956 |
Depreciation, amortization, and accretion, net | 124,065 |  |  | 77,385 |
Deferred income tax expense (benefit) | 36,213 |  |  | (60,433) |
Originations of loans held for sale | (2,872,628) |  |  | (2,221,302) |
Proceeds from sales and payments on loans held for sale | 3,117,269 |  |  | 1,657,738 |
Gain on sales of loans held for sale, net | (36,930) |  |  | (50,001) |
Increase in other assets | (27,443) |  |  | (397,220) |
(Decrease) increase in other liabilities | (28,741) |  |  | 234,018 |
Investment securities losses (gains), net | 1,028 |  |  | (76,594) |
Goodwill impairment | — |  |  | 44,877 |
Share-based compensation expense | 21,485 |  |  | 13,873 |
Other | — |  |  | 2,057 |
Net cash provided by (used in) operating activities | 843,342 |  |  | (208,360) |
Investing Activities |  |  |
Proceeds from maturities and principal collections of investment securities available for sale | 2,279,073 |  |  | 1,567,889 |
Proceeds from sales of investment securities available for sale | 223,977 |  |  | 2,529,722 |
Purchases of investment securities available for sale | (5,447,210) |  |  | (4,778,166) |
Proceeds from sales of loans | 105,753 |  |  | 1,293,366 |
Purchases of loans | (1,494,924) |  |  | — |
Net decrease (increase) in loans | 1,238,658 |  |  | (3,703,203) |
Net (purchases) redemptions of Federal Home Loan Bank stock | (1,200) |  |  | 96,772 |
Net purchases of Federal Reserve Bank stock | (1,210) |  |  | (454) |
Net proceeds from settlement (purchases) of bank-owned life insurance policies | 7,094 |  |  | (248,023) |
Net increase in premises, equipment and software | (19,996) |  |  | (22,786) |
Other | 8,852 |  |  | 41,345 |
Net cash used in investing activities | (3,101,133) |  |  | (3,223,538) |
Financing Activities |  |  |
Net increase in deposits | 996,848 |  |  | 6,259,108 |
Net increase in federal funds purchased and securities sold under repurchase agreements | 34,626 |  |  | 36,655 |
Net decrease in other short-term borrowings | (7,717) |  |  | (1,353,560) |
Repayments and redemption of long-term debt | — |  |  | (1,776,913) |
Proceeds from issuance of long-term debt, net | — |  |  | 1,248,441 |
Dividends paid to common shareholders | (146,578) |  |  | (141,353) |
Dividends paid to preferred shareholders | (24,872) |  |  | (24,872) |
Repurchases of common stock | (167,142) |  |  | (16,246) |
Issuances, net of taxes paid, under equity compensation plans | 8,233 |  |  | (917) |
Other | (1,104) |  |  | — |
Net cash provided by financing activities | 692,294 |  |  | 4,230,343 |
(Decrease) increase in cash and cash equivalents including restricted cash | (1,565,497) |  |  | 798,445 |
Cash, cash equivalents, and restricted cash, at beginning of period | 4,252,917 |  |  | 1,186,918 |
Cash, cash equivalents, and restricted cash at end of period | $ | 2,687,420 |  |  | $ | 1,985,363 |
Supplemental Disclosures: |  |  |
Income taxes paid | $ | 150,722 |  |  | $ | 68,253 |
Interest paid | 108,889 |  |  | 267,582 |
Non-cash Activities |  |  |
Securities sold during the period but settled after period end | 196,289 |  |  | — |
Premises and equipment transferred to other assets held for sale | 22,725 |  |  | — |
Loans foreclosed and transferred to other real estate | 964 |  |  | 2,163 |
Loans transferred (from) to other loans held for sale at fair value | (1,462) |  |  | 46,178 |
Dividends declared on common stock during the period but paid after period-end | 48,099 |  |  | 48,614 |
Dividends declared on preferred stock during the period but paid after period-end | 5,141 |  |  | 5,141 |

See accompanying notes to unaudited interim consolidated financial statements.
6

Notes to Unaudited Interim Consolidated Financial Statements
Note 1 - Basis of Presentation and Accounting Policies
General
The accompanying unaudited interim consolidated financial statements of Synovus Financial Corp. include the accounts of the Parent Company and its consolidated subsidiaries. Synovus Financial Corp. is a financial services company based in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and retail banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking. Synovus also provides financial planning, and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities, as well as its GLOBALT and Creative Financial Group divisions. Synovus Bank is positioned in markets in the Southeast, with 285 branches and 386 ATMs in Alabama, Florida, Georgia, South Carolina, and Tennessee.
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the SEC Form 10-Q and Article 10 of Regulation S-X; therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, comprehensive income, and cash flows in conformity with GAAP. All adjustments consisting of normally recurring accruals that, in the opinion of management, are necessary for a fair presentation of the consolidated financial position and results of operations for the periods covered by this Report have been included. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in Synovus' 2020 Form 10-K.
Immaterial Correction of Prior Period Financial Statements
During the third quarter of 2021, the Company made corrections to proceeds and purchases of investment securities available for sale by adjusting for the impact of timing differences associated with unsettled trades that crossed certain reporting periods. The Company concluded that the corrections were not material to any prior or current periods from a combined qualitative and quantitative perspective.
A summary of corrections is presented below.

Corrected Consolidated Statement of Cash Flows |  |
(unaudited) |  |  |  |  |
| Nine months ended September 30, 2020
(in thousands) | As Reported |  | Adjustment |  | As Corrected
Investing Activities |  |  |  |  |
Proceeds from sales of investment securities available for sale | $ | 3,932,368 |  |  | $ | (1,402,646) |  |  | $ | 2,529,722 |
Purchases of investment securities available for sale | (6,180,812) |  |  | 1,402,646 |  |  | (4,778,166) |
Net cash used in investing activities | $ | (3,223,538) |  |  | $ | — |  |  | $ | (3,223,538) |

Reclassifications
Prior periods' consolidated financial statements are reclassified whenever necessary to conform to the current periods' presentation.
Use of Estimates in the Preparation of Financial Statements
In preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the respective consolidated balance sheets and the reported amounts of revenues and expenses for the periods presented. Actual results could differ significantly from those estimates.
Material estimates that are particularly susceptible to change relate to the determination of the ACL; estimates of fair value; income taxes; and contingent liabilities.
Recently Adopted Accounting Standards
ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. The guidance in this ASU pertains to the shortened amortization period for certain purchased callable debt securities held at a premium, which premium is amortized to the earliest call date in accordance with ASC 310-20-25-33, and clarifies that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-25-33 for each reporting
7

period. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2020-08 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements.
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12 to simplify and reduce complexities when accounting for income taxes by removing certain exceptions. Among the provisions of this guidance is the requirement that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Synovus adopted ASU 2019-12 effective January 1, 2021 with no material impact to the unaudited consolidated financial statements unless there are changes in tax law that require recognition as set forth in this guidance.
ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services - Depository and Lending (Topic 942), and Financial Services-Investment Companies (Topic 946). In August 2021, the FASB issued ASU 2021-06 which amends SEC paragraphs in the codification pursuant to SEC Final Rule Releases No. 33-10786 and No. 33-10835. These rule releases amend disclosure requirements applicable to acquisitions and dispositions of businesses and also amend statistical disclosures that banks and bank holding companies provide to investors. ASU 2021-06 eliminates disclosures that overlap with SEC rules or US GAAP. The amendments in this ASU were effective upon its addition to the FASB codification with no material effect to the unaudited financial statements.
Recently Issued Accounting Standards Not Yet Adopted
ASU 2021-01, Reference Rate Reform (Topic 848). In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. The expedients and exceptions provided by ASU 2021-01 will not be available after December 31, 2022, other than for existing hedging relationships entered into by December 31, 2022. The ASU may be applied as of the beginning of an interim period that includes or is subsequent to March 12, 2020, until the sunset date of December 31, 2022. Synovus adopted ASU 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting on October 1, 2020. While Synovus has not yet finalized the election of optional expedients for ASU 2021-01, we do not currently expect there to be a material financial impact to the Company regardless of which optional expedients the Company selects to replace LIBOR.
8

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 September 30, 2021 and December 31, 2020 are summarized below.

| September 30, 2021
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 120,212 |  |  | $ | 116 |  |  | $ | (2,435) |  |  | $ | 117,893 |
U.S. Government agency securities | 53,213 |  |  | 1,776 |  |  | — |  |  | 54,989 |
Mortgage-backed securities issued by U.S. Government agencies | 879,188 |  |  | 1,441 |  |  | (8,412) |  |  | 872,217 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 7,280,571 |  |  | 65,605 |  |  | (75,243) |  |  | 7,270,933 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 1,060,803 |  |  | 7,736 |  |  | (11,051) |  |  | 1,057,488 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 431,569 |  |  | 11,358 |  |  | (4,404) |  |  | 438,523 |
Asset-backed securities | 650,000 |  |  | — |  |  | — |  |  | 650,000 |
Corporate debt securities and other debt securities | 18,284 |  |  | 744 |  |  | — |  |  | 19,028 |
Total investment securities available for sale | $ | 10,493,840 |  |  | $ | 88,776 |  |  | $ | (101,545) |  |  | $ | 10,481,071 |
| December 31, 2020
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 20,257 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,257 |
U.S. Government agency securities | 79,638 |  |  | 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 enterprises | 354,244 |  |  | 16,677 |  |  | — |  |  | 370,921 |
Corporate debt securities and other debt securities | 20,211 |  |  | 457 |  |  | (168) |  |  | 20,500 |
Total investment securities available for sale | $ | 7,801,864 |  |  | $ | 177,243 |  |  | $ | (16,669) |  |  | $ | 7,962,438 |

At September 30, 2021 and December 31, 2020, investment securities with a carrying value of $3.74 billion and $3.84 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
9

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 September 30, 2021 and December 31, 2020 are presented below.

| September 30, 2021
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. Treasury securities | $ | 47,398 |  |  | $ | (2,435) |  |  | $ | — |  |  | $ | — |  |  | $ | 47,398 |  |  | $ | (2,435) |
Mortgage-backed securities issued by U.S. Government agencies | 627,822 |  |  | (6,566) |  |  | 162,587 |  |  | (1,846) |  |  | 790,409 |  |  | (8,412) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,364,111 |  |  | (75,243) |  |  | — |  |  | — |  |  | 5,364,111 |  |  | (75,243) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 199,534 |  |  | (1,572) |  |  | 573,494 |  |  | (9,479) |  |  | 773,028 |  |  | (11,051) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 161,573 |  |  | (4,404) |  |  | — |  |  | — |  |  | 161,573 |  |  | (4,404) |
Total | $ | 6,400,438 |  |  | $ | (90,220) |  |  | $ | 736,081 |  |  | $ | (11,325) |  |  | $ | 7,136,519 |  |  | $ | (101,545) |
| December 31, 2020
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross 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 securities | 9,337 |  |  | (168) |  |  | — |  |  | — |  |  | 9,337 |  |  | (168) |
Total | $ | 1,379,662 |  |  | $ | (16,669) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,379,662 |  |  | $ | (16,669) |

As of September 30, 2021, Synovus had 135 investment securities in a loss position for less than twelve months and 15 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 September 30, 2021.
At September 30, 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 September 30, 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.
10

| Distribution of Maturities at September 30, 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 | $ | 20,350 |  |  | $ | — |  |  | $ | 99,862 |  |  | $ | — |  |  | $ | 120,212 |
U.S. Government agency securities | 756 |  |  | 321 |  |  | 52,136 |  |  | — |  |  | 53,213 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 952 |  |  | 140 |  |  | 878,096 |  |  | 879,188 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 59 |  |  | — |  |  | 71,559 |  |  | 7,208,953 |  |  | 7,280,571 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | — |  |  | 165 |  |  | 1,060,638 |  |  | 1,060,803 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 109,227 |  |  | 231,245 |  |  | 91,097 |  |  | 431,569 |
Asset-backed securities | 650,000 |  |  | — |  |  | — |  |  | — |  |  | 650,000 |
Corporate debt securities and other debt securities | — |  |  | 9,502 |  |  | 8,782 |  |  | — |  |  | 18,284 |
Total amortized cost | $ | 671,165 |  |  | $ | 120,002 |  |  | $ | 463,889 |  |  | $ | 9,238,784 |  |  | $ | 10,493,840 |
Fair Value |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 20,350 |  |  | $ | — |  |  | $ | 97,543 |  |  | $ | — |  |  | $ | 117,893 |
U.S. Government agency securities | 769 |  |  | 326 |  |  | 53,894 |  |  | — |  |  | 54,989 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 989 |  |  | 146 |  |  | 871,082 |  |  | 872,217 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 60 |  |  | — |  |  | 74,540 |  |  | 7,196,333 |  |  | 7,270,933 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | — |  |  | 172 |  |  | 1,057,316 |  |  | 1,057,488 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 112,628 |  |  | 230,898 |  |  | 94,997 |  |  | 438,523 |
Asset-backed securities | 650,000 |  |  | — |  |  | — |  |  | — |  |  | 650,000 |
Corporate debt securities and other debt securities | — |  |  | 9,815 |  |  | 9,213 |  |  | — |  |  | 19,028 |
Total fair value | $ | 671,179 |  |  | $ | 123,758 |  |  | $ | 466,406 |  |  | $ | 9,219,728 |  |  | $ | 10,481,071 |

Gross gains and gross losses on sales of securities available for sale for the three and nine months ended September 30, 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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Gross realized gains on sales | $ | 962 |  |  | $ | — |  |  | $ | 962 |  |  | $ | 83,840 |
Gross realized losses on sales | — |  |  | (1,550) |  |  | (1,990) |  |  | (7,246) |
Investment securities gains (losses), net | $ | 962 |  |  | $ | (1,550) |  |  | $ | (1,028) |  |  | $ | 76,594 |

11

Note 3 - 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, 2021 and December 31, 2020.

| September 30, 2021 |
(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 | $ | 11,671,000 |  |  | $ | 21,115 |  |  | $ | 1,573 |  |  | $ | 22,688 |  |  | $ | 45,198 |  |  | $ | 32,151 |  |  | $ | 11,771,037 |  |
Owner-occupied | 7,147,006 |  |  | 2,923 |  |  | 688 |  |  | 3,611 |  |  | 6,792 |  |  | 6,342 |  |  | 7,163,751 |  |
Total commercial and industrial | 18,818,006 |  |  | 24,038 |  |  | 2,261 |  |  | 26,299 |  |  | 51,990 |  |  | 38,493 |  |  | 18,934,788 |  |
Investment properties | 9,440,485 |  |  | 945 |  |  | 291 |  |  | 1,236 |  |  | 4,345 |  |  | 2,397 |  |  | 9,448,463 |  |
1-4 family properties | 608,807 |  |  | 927 |  |  | 1,254 |  |  | 2,181 |  |  | 2,419 |  |  | 467 |  |  | 613,874 |  |
Land and development | 475,911 |  |  | 62 |  |  | 14 |  |  | 76 |  |  | 1,936 |  |  | — |  |  | 477,923 |  |
Total commercial real estate | 10,525,203 |  |  | 1,934 |  |  | 1,559 |  |  | 3,493 |  |  | 8,700 |  |  | 2,864 |  |  | 10,540,260 |  |
Consumer mortgages | 5,065,749 |  |  | 5,162 |  |  | 47 |  |  | 5,209 |  |  | 37,040 |  |  | 501 |  |  | 5,108,499 |  |
Home equity lines | 1,293,685 |  |  | 5,549 |  |  | 332 |  |  | 5,881 |  |  | 8,688 |  |  | — |  |  | 1,308,254 |  |
Credit cards | 290,464 |  |  | 1,280 |  |  | 1,282 |  |  | 2,562 |  |  | — |  |  | — |  |  | 293,026 |  |
Other consumer loans | 2,131,641 |  |  | 16,894 |  |  | 479 |  |  | 17,373 |  |  | 7,189 |  |  | — |  |  | 2,156,203 |  |
Total consumer | 8,781,539 |  |  | 28,885 |  |  | 2,140 |  |  | 31,025 |  |  | 52,917 |  |  | 501 |  |  | 8,865,982 |  |
Loans, net of deferred fees and costs | $ | 38,124,748 |  |  | $ | 54,857 |  |  | $ | 5,960 |  |  | $ | 60,817 |  |  | $ | 113,607 |  |  | $ | 41,858 |  |  | $ | 38,341,030 |  |

| 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 | $ | 12,321,514 |  |  | $ | 10,256 |  |  | $ | 996 |  |  | $ | 11,252 |  |  | $ | 55,527 |  |  | $ | 21,859 |  |  | $ | 12,410,152 |  |
Owner-occupied | 7,087,992 |  |  | 1,913 |  |  | 92 |  |  | 2,005 |  |  | 20,019 |  |  | — |  |  | 7,110,016 |  |
Total commercial and industrial | 19,409,506 |  |  | 12,169 |  |  | 1,088 |  |  | 13,257 |  |  | 75,546 |  |  | 21,859 |  |  | 19,520,168 |  |
Investment properties | 9,075,843 |  |  | 2,751 |  |  | 154 |  |  | 2,905 |  |  | 24,631 |  |  | — |  |  | 9,103,379 |  |
1-4 family properties | 621,492 |  |  | 3,548 |  |  | 36 |  |  | 3,584 |  |  | 2,383 |  |  | 1,236 |  |  | 628,695 |  |
Land and development | 591,048 |  |  | 422 |  |  | — |  |  | 422 |  |  | 1,899 |  |  | 264 |  |  | 593,633 |  |
Total commercial real estate | 10,288,383 |  |  | 6,721 |  |  | 190 |  |  | 6,911 |  |  | 28,913 |  |  | 1,500 |  |  | 10,325,707 |  |
Consumer mortgages | 5,495,415 |  |  | 8,851 |  |  | 485 |  |  | 9,336 |  |  | 8,740 |  |  | — |  |  | 5,513,491 |  |
Home equity lines | 1,521,575 |  |  | 4,006 |  |  | — |  |  | 4,006 |  |  | 12,145 |  |  | — |  |  | 1,537,726 |  |
Credit cards | 276,778 |  |  | 2,363 |  |  | 1,877 |  |  | 4,240 |  |  | — |  |  | — |  |  | 281,018 |  |
Other consumer loans | 1,062,899 |  |  | 9,122 |  |  | 477 |  |  | 9,599 |  |  | 2,376 |  |  | — |  |  | 1,074,874 |  |
Total consumer | 8,356,667 |  |  | 24,342 |  |  | 2,839 |  |  | 27,181 |  |  | 23,261 |  |  | — |  |  | 8,407,109 |  |
Loans, net of deferred fees and costs | $ | 38,054,556 |  |  | $ | 43,232 |  |  | $ | 4,117 |  |  | $ | 47,349 |  |  | $ | 127,720 |  |  | $ | 23,359 |  |  | $ | 38,252,984 |  |

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 $4.1 million and $4.3 million for the three months ended September 30, 2021 and 2020, respectively, and $10.1 million and $9.2 million for the nine months ended September 30, 2021 and 2020, respectively. Of the interest income recognized during the three months ended September 30, 2021 and 2020, cash-basis interest income was $454 thousand and $1.3 million, respectively. Cash-basis interest income was $1.6 million and $2.7 million for the nine months ended September 30, 2021 and 2020, respectively.
12

Pledged Loans
Loans with carrying values of $14.29 billion and $15.05 billion, respectively, were pledged as collateral for borrowings and capacity at September 30, 2021 and December 31, 2020, 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 $782.2 million at September 30, 2021 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, personal, and auto loans from third-party lending ("other consumer loans"). Together, consumer mortgages and HELOCs comprise the majority of Synovus' consumer loans and are 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 annually 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 categorized 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.
13

The following tables summarize each loan portfolio class by risk grade and origination year as of September 30, 2021 and December 31, 2020 as required under CECL.

| September 30, 2021
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Commercial, financial and agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 2,138,319 |  |  | $ | 1,487,509 |  |  | $ | 1,029,770 |  |  | $ | 688,243 |  |  | $ | 495,111 |  |  | $ | 1,022,111 |  |  | $ | 4,456,088 |  |  | $ | 44,065 |  |  | $ | 11,361,216 |
Special Mention | 3,019 |  |  | 22,126 |  |  | 14,454 |  |  | 7,994 |  |  | 3,416 |  |  | 2,118 |  |  | 85,126 |  |  | 422 |  |  | 138,675 |
Substandard(1) | 12,311 |  |  | 58,283 |  |  | 43,888 |  |  | 10,648 |  |  | 21,137 |  |  | 36,784 |  |  | 71,188 |  |  | 984 |  |  | 255,223 |
Doubtful(2) | 447 |  |  | — |  |  | 2,449 |  |  | 13,015 |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | 15,923 |
Total commercial, financial and agricultural | 2,154,096 |  |  | 1,567,918 |  |  | 1,090,561 |  |  | 719,900 |  |  | 519,664 |  |  | 1,061,013 |  |  | 4,612,414 |  |  | 45,471 |  |  | 11,771,037 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,124,258 |  |  | 1,302,576 |  |  | 1,169,910 |  |  | 898,921 |  |  | 793,353 |  |  | 1,265,310 |  |  | 419,099 |  |  | — |  |  | 6,973,427 |
Special Mention | 647 |  |  | 1,646 |  |  | 10,783 |  |  | 12,780 |  |  | 6,693 |  |  | 23,689 |  |  | — |  |  | — |  |  | 56,238 |
Substandard(1) | 1,689 |  |  | 2,777 |  |  | 19,333 |  |  | 51,223 |  |  | 26,089 |  |  | 26,633 |  |  | — |  |  | — |  |  | 127,744 |
Doubtful(2) | — |  |  | — |  |  | — |  |  | 6,342 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,342 |
Total owner-occupied | 1,126,594 |  |  | 1,306,999 |  |  | 1,200,026 |  |  | 969,266 |  |  | 826,135 |  |  | 1,315,632 |  |  | 419,099 |  |  | — |  |  | 7,163,751 |
Total commercial and industrial | 3,280,690 |  |  | 2,874,917 |  |  | 2,290,587 |  |  | 1,689,166 |  |  | 1,345,799 |  |  | 2,376,645 |  |  | 5,031,513 |  |  | 45,471 |  |  | 18,934,788 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,591,349 |  |  | 1,536,934 |  |  | 2,046,139 |  |  | 1,217,911 |  |  | 782,607 |  |  | 1,466,183 |  |  | 289,154 |  |  | — |  |  | 8,930,277 |
Special Mention | 6,127 |  |  | 228 |  |  | 59,292 |  |  | 124,165 |  |  | 77,438 |  |  | 95,525 |  |  | 54,635 |  |  | — |  |  | 417,410 |
Substandard(1) | 1,453 |  |  | 330 |  |  | 8,780 |  |  | 48,755 |  |  | 13,516 |  |  | 27,851 |  |  | 91 |  |  | — |  |  | 100,776 |
Total investment properties | 1,598,929 |  |  | 1,537,492 |  |  | 2,114,211 |  |  | 1,390,831 |  |  | 873,561 |  |  | 1,589,559 |  |  | 343,880 |  |  | — |  |  | 9,448,463 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 226,200 |  |  | 109,045 |  |  | 56,027 |  |  | 50,133 |  |  | 59,219 |  |  | 68,597 |  |  | 32,504 |  |  | — |  |  | 601,725 |
Special Mention | 195 |  |  | 210 |  |  | — |  |  | — |  |  | — |  |  | 243 |  |  | — |  |  | — |  |  | 648 |
Substandard(1) | 1,600 |  |  | — |  |  | 832 |  |  | 4,996 |  |  | 917 |  |  | 2,643 |  |  | 513 |  |  | — |  |  | 11,501 |
Total 1-4 family properties | 227,995 |  |  | 109,255 |  |  | 56,859 |  |  | 55,129 |  |  | 60,136 |  |  | 71,483 |  |  | 33,017 |  |  | — |  |  | 613,874 |

14

| September 30, 2021
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 80,340 |  |  | 50,844 |  |  | 105,188 |  |  | 66,822 |  |  | 61,539 |  |  | 64,609 |  |  | 36,134 |  |  | — |  |  | 465,476 |
Special Mention | — |  |  | 815 |  |  | 1,926 |  |  | 839 |  |  | 17 |  |  | 343 |  |  | — |  |  | — |  |  | 3,940 |
Substandard(1) | — |  |  | 963 |  |  | 60 |  |  | 3,196 |  |  | 825 |  |  | 3,463 |  |  | — |  |  | — |  |  | 8,507 |
Total land and development | 80,340 |  |  | 52,622 |  |  | 107,174 |  |  | 70,857 |  |  | 62,381 |  |  | 68,415 |  |  | 36,134 |  |  | — |  |  | 477,923 |
Total commercial real estate | 1,907,264 |  |  | 1,699,369 |  |  | 2,278,244 |  |  | 1,516,817 |  |  | 996,078 |  |  | 1,729,457 |  |  | 413,031 |  |  | — |  |  | 10,540,260 |
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 938,232 |  |  | 1,660,740 |  |  | 646,572 |  |  | 257,873 |  |  | 445,631 |  |  | 1,104,999 |  |  | 655 |  |  | — |  |  | 5,054,702 |
Substandard(1) | 527 |  |  | 3,663 |  |  | 4,796 |  |  | 12,501 |  |  | 5,747 |  |  | 26,342 |  |  | — |  |  | — |  |  | 53,576 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 221 |  |  | — |  |  | — |  |  | 221 |
Total consumer mortgages | 938,759 |  |  | 1,664,403 |  |  | 651,368 |  |  | 270,374 |  |  | 451,378 |  |  | 1,131,562 |  |  | 655 |  |  | — |  |  | 5,108,499 |
Home equity lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,222,184 |  |  | 70,330 |  |  | 1,292,514 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,843 |  |  | 5,749 |  |  | 14,592 |
Doubtful(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | 18 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 989 |  |  | 141 |  |  | 1,130 |
Total home equity lines | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,232,016 |  |  | 76,238 |  |  | 1,308,254 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 291,744 |  |  | — |  |  | 291,744 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 469 |  |  | — |  |  | 469 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 813 |  |  | — |  |  | 813 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 293,026 |  |  | — |  |  | 293,026 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 599,241 |  |  | 801,239 |  |  | 153,525 |  |  | 58,391 |  |  | 83,428 |  |  | 108,650 |  |  | 343,651 |  |  | — |  |  | 2,148,125 |
Substandard(1) | 368 |  |  | 825 |  |  | 1,936 |  |  | 1,438 |  |  | 2,412 |  |  | 901 |  |  | 176 |  |  | — |  |  | 8,056 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | 22 |
Total other consumer loans | 599,609 |  |  | 802,064 |  |  | 155,461 |  |  | 59,829 |  |  | 85,840 |  |  | 109,573 |  |  | 343,827 |  |  | — |  |  | 2,156,203 |
Total consumer | 1,538,368 |  |  | 2,466,467 |  |  | 806,829 |  |  | 330,203 |  |  | 537,218 |  |  | 1,241,135 |  |  | 1,869,524 |  |  | 76,238 |  |  | 8,865,982 |
Loans, net of deferred fees and costs | $ | 6,726,322 |  |  | $ | 7,040,753 |  |  | $ | 5,375,660 |  |  | $ | 3,536,186 |  |  | $ | 2,879,095 |  |  | $ | 5,347,237 |  |  | $ | 7,314,068 |  |  | $ | 121,709 |  |  | $ | 38,341,030 |

(1) The majority of loans within Substandard risk grade are accruing loans at September 30, 2021.
(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.
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| 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 | $ | 3,819,048 |  |  | $ | 1,333,460 |  |  | $ | 847,283 |  |  | $ | 582,612 |  |  | $ | 551,413 |  |  | $ | 633,871 |  |  | $ | 4,102,751 |  |  | $ | 49,762 |  |  | $ | 11,920,200 |
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 | 3,911,053 |  |  | 1,414,417 |  |  | 904,651 |  |  | 640,754 |  |  | 565,886 |  |  | 674,588 |  |  | 4,248,038 |  |  | 50,765 |  |  | 12,410,152 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,321,680 |  |  | 1,275,435 |  |  | 1,131,183 |  |  | 982,056 |  |  | 555,932 |  |  | 1,297,070 |  |  | 349,566 |  |  | — |  |  | 6,912,922 |
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 | 1,330,420 |  |  | 1,308,223 |  |  | 1,194,118 |  |  | 1,022,227 |  |  | 564,830 |  |  | 1,340,632 |  |  | 349,566 |  |  | — |  |  | 7,110,016 |
Total commercial and industrial | 5,241,473 |  |  | 2,722,640 |  |  | 2,098,769 |  |  | 1,662,981 |  |  | 1,130,716 |  |  | 2,015,220 |  |  | 4,597,604 |  |  | 50,765 |  |  | 19,520,168 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,055,440 |  |  | 2,126,667 |  |  | 1,999,345 |  |  | 1,091,880 |  |  | 483,780 |  |  | 1,301,088 |  |  | 229,044 |  |  | — |  |  | 8,287,244 |
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 | 1,057,929 |  |  | 2,197,597 |  |  | 2,200,615 |  |  | 1,247,704 |  |  | 644,017 |  |  | 1,470,998 |  |  | 284,519 |  |  | — |  |  | 9,103,379 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 197,320 |  |  | 95,145 |  |  | 70,267 |  |  | 88,454 |  |  | 38,729 |  |  | 97,374 |  |  | 27,657 |  |  | — |  |  | 614,946 |
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 | 199,249 |  |  | 95,798 |  |  | 75,087 |  |  | 89,704 |  |  | 40,069 |  |  | 99,791 |  |  | 28,997 |  |  | — |  |  | 628,695 |
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 84,985 |  |  | 173,302 |  |  | 83,734 |  |  | 92,911 |  |  | 12,249 |  |  | 76,380 |  |  | 53,250 |  |  | — |  |  | 576,811 |
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 | 87,071 |  |  | 175,722 |  |  | 91,264 |  |  | 94,108 |  |  | 12,385 |  |  | 79,197 |  |  | 53,886 |  |  | — |  |  | 593,633 |
Total commercial real estate | 1,344,249 |  |  | 2,469,117 |  |  | 2,366,966 |  |  | 1,431,516 |  |  | 696,471 |  |  | 1,649,986 |  |  | 367,402 |  |  | — |  |  | 10,325,707 |

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| 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 | 1,871,512 |  |  | 874,769 |  |  | 425,711 |  |  | 678,255 |  |  | 685,810 |  |  | 965,382 |  |  | 1,040 |  |  | — |  |  | 5,502,479 |
Substandard(1) | 33 |  |  | 961 |  |  | 748 |  |  | 889 |  |  | 866 |  |  | 7,224 |  |  | — |  |  | — |  |  | 10,721 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 291 |  |  | — |  |  | — |  |  | 291 |
Total consumer mortgages | 1,871,545 |  |  | 875,730 |  |  | 426,459 |  |  | 679,144 |  |  | 686,676 |  |  | 972,897 |  |  | 1,040 |  |  | — |  |  | 5,513,491 |
Home equity lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,429,755 |  |  | 90,832 |  |  | 1,520,587 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,698 |  |  | 5,996 |  |  | 15,694 |
Doubtful(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | 19 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,283 |  |  | 143 |  |  | 1,426 |
Total home equity lines | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,440,736 |  |  | 96,990 |  |  | 1,537,726 |
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 | 252,160 |  |  | 190,820 |  |  | 89,187 |  |  | 100,459 |  |  | 80,365 |  |  | 61,040 |  |  | 297,637 |  |  | — |  |  | 1,071,668 |
Substandard(1) | 19 |  |  | 762 |  |  | 262 |  |  | 1,195 |  |  | 121 |  |  | 585 |  |  | 227 |  |  | — |  |  | 3,171 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | — |  |  | — |  |  | 35 |
Total other consumer loans | 252,179 |  |  | 191,582 |  |  | 89,449 |  |  | 101,654 |  |  | 80,486 |  |  | 61,660 |  |  | 297,864 |  |  | — |  |  | 1,074,874 |
Total consumer | 2,123,724 |  |  | 1,067,312 |  |  | 515,908 |  |  | 780,798 |  |  | 767,162 |  |  | 1,034,557 |  |  | 2,020,658 |  |  | 96,990 |  |  | 8,407,109 |
Loans, net of deferred fees and costs | $ | 8,709,446 |  |  | $ | 6,259,069 |  |  | $ | 4,981,643 |  |  | $ | 3,875,295 |  |  | $ | 2,594,349 |  |  | $ | 4,699,763 |  |  | $ | 6,985,664 |  |  | $ | 147,755 |  |  | $ | 38,252,984 |

(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.
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, 2021.
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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, 2021 and 2020.

| As Of and For the Three Months Ended September 30, 2021
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance at June 30, 2021 | $ | 254,938 |  |  | $ | 92,113 |  |  | $ | 169,657 |  |  | $ | 516,708 |
Charge-offs | (20,230) |  |  | (718) |  |  | (8,933) |  |  | (29,881) |
Recoveries | 1,760 |  |  | 4,535 |  |  | 3,070 |  |  | 9,365 |
(Reversal of) provision for loan losses | (5,961) |  |  | (4,278) |  |  | 6,290 |  |  | (3,949) |
Ending balance at September 30, 2021 | $ | 230,507 |  |  | $ | 91,652 |  |  | $ | 170,084 |  |  | $ | 492,243 |
| 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 at June 30, 2020 | $ | 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 at September 30, 2020 | $ | 260,600 |  |  | $ | 143,805 |  |  | $ | 199,395 |  |  | $ | 603,800 |
| As Of and For the Nine Months Ended September 30, 2021
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance at December 31, 2020 | $ | 229,555 |  |  | $ | 130,742 |  |  | $ | 245,439 |  |  | $ | 605,736 |
Charge-offs | (48,374) |  |  | (14,877) |  |  | (22,808) |  |  | (86,059) |
Recoveries | 6,027 |  |  | 5,938 |  |  | 6,828 |  |  | 18,793 |
Provision for (reversal of) loan losses | 43,299 |  |  | (30,151) |  |  | (59,375) |  |  | (46,227) |
Ending balance at September 30, 2021 | $ | 230,507 |  |  | $ | 91,652 |  |  | $ | 170,084 |  |  | $ | 492,243 |
| 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 at December 31, 2019 | $ | 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, at January 1, 2020 | $ | 143,472 |  |  | $ | 66,779 |  |  | $ | 154,145 |  |  | $ | 364,396 |
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 at September 30, 2020 | $ | 260,600 |  |  | $ | 143,805 |  |  | $ | 199,395 |  |  | $ | 603,800 |

The ALL of $492.2 million and the reserve for unfunded commitments of $43.0 million, which is recorded in other liabilities, comprise the total ACL of $535.2 million at September 30, 2021. The ACL decreased $118.3 million from December 31, 2020, resulting in an ACL to loans coverage ratio of 1.40% at September 30, 2021.
The ACL is estimated using a two-year reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reverts on a straight-line basis back to the historical rates over a one-year period. Synovus utilizes multiple economic forecast scenarios sourced from a reputable third-party provider and probability-weighted internally. The scenarios include a baseline forecast, an
18

upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and an additional adverse scenario that assumes consistent slow growth that is less optimistic than the baseline. At September 30, 2021, economic scenario weights incorporated a 45% downside bias compared to 40% at June 30, 2021. The baseline outlook used in the September 30, 2021 estimate showed stable economic conditions with the unemployment rate at 4.6% by the end of 2021, compared to 4.5% used in the second quarter of 2021’s ACL estimate. The baseline economic scenario includes the impacts of enacted and certain proposed government spending measures.
Reversal of provision for credit losses includes the reversals of provisions for loan losses and unfunded commitments. The reversal of provision for credit losses of $7.9 million and $51.0 million for the three and nine months ended September 30, 2021, respectively, included net charge-offs of $20.5 million and $67.3 million, respectively. The reversal of provision for credit losses and related reduction in the ACL primarily resulted from the continued improvement in the credit outlook for the portfolio. This was partially offset by $10.0 million and $35.8 million in reserves added as a result of purchases of $453.3 million and $1.49 billion of third-party lending loans for the three and nine months ended September 30, 2021, respectively, as well as net growth in loans.
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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, 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" in Synovus' 2020 Form 10-K for 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, 2021 and 2020 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type |  |
| Three Months Ended September 30, 2021 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 44 |  |  | $ | 3,437 |  |  | $ | 2,642 |  |  | $ | 6,079 |  |
Owner-occupied | 10 |  |  | 2,488 |  |  | 469 |  |  | 2,957 |  |
Total commercial and industrial | 54 |  |  | 5,925 |  |  | 3,111 |  |  | 9,036 |  |
Investment properties | 2 |  |  | 637 |  |  | — |  |  | 637 |  |
1-4 family properties | 3 |  |  | — |  |  | 84 |  |  | 84 |  |
Land and development | 2 |  |  | 636 |  |  | 17 |  |  | 653 |  |
Total commercial real estate | 7 |  |  | 1,273 |  |  | 101 |  |  | 1,374 |  |
Consumer mortgages | 8 |  |  | 1,167 |  |  | 477 |  |  | 1,644 |  |
Home equity lines | 16 |  |  | 2,655 |  |  | — |  |  | 2,655 |  |
Other consumer loans | 7 |  |  | 44 |  |  | 476 |  |  | 520 |  |
Total consumer | 31 |  |  | 3,866 |  |  | 953 |  |  | 4,819 |  |
Total TDRs | 92 |  |  | $ | 11,064 |  |  | $ | 4,165 |  |  | $ | 15,229 |  | (2)
| 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 |  | (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, 2021 and 2020.
(2) No net charge-offs were recorded during the three months ended September 30, 2021.
(3) No net charge-offs were recorded during the three months ended September 30, 2020.
20

| Nine Months Ended September 30, 2021 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 102 |  |  | $ | 8,440 |  |  | $ | 6,379 |  |  | $ | 14,819 |  |
Owner-occupied | 20 |  |  | 4,897 |  |  | 867 |  |  | 5,764 |  |
Total commercial and industrial | 122 |  |  | 13,337 |  |  | 7,246 |  |  | 20,583 |  |
Investment properties | 8 |  |  | 3,040 |  |  | — |  |  | 3,040 |  |
1-4 family properties | 10 |  |  | 621 |  |  | 123 |  |  | 744 |  |
Land and development | 4 |  |  | 1,003 |  |  | 59 |  |  | 1,062 |  |
Total commercial real estate | 22 |  |  | 4,664 |  |  | 182 |  |  | 4,846 |  |
Consumer mortgages | 10 |  |  | 1,498 |  |  | 477 |  |  | 1,975 |  |
Home equity lines | 43 |  |  | 4,142 |  |  | 258 |  |  | 4,400 |  |
Other consumer loans | 93 |  |  | 360 |  |  | 5,340 |  |  | 5,700 |  |
Total consumer | 146 |  |  | 6,000 |  |  | 6,075 |  |  | 12,075 |  |
Total TDRs | 290 |  |  | $ | 24,001 |  |  | $ | 13,503 |  |  | $ | 37,504 |  | (2)
| 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 |  | (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, 2021 and 2020.
(2) No net charge-offs were recorded during the nine months ended September 30, 2021.
(3) No net charge-offs were recorded during the nine months ended September 30, 2020.
For the three and nine months ended September 30, 2021 respectively, there were two defaults with a recorded investment of $536 thousand and seven defaults with a recorded investment of $708 thousand 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 one default with a recorded investment of $21 thousand and five defaults with a recorded investment of $666 thousand, respectively, for the three and nine months ended September 30, 2020. As of September 30, 2021 and December 31, 2020, there were no commitments to lend a material amount of additional funds to any client whose loan was classified as a TDR.
21

Note 4 - Goodwill and Other Intangible Assets
Goodwill allocated to each reporting unit at September 30, 2021 and December 31, 2020 is presented as follows:

(in thousands) | September 30, 2021 |  | December 31, 2020 |
Community Banking Reporting Unit | $ | 256,323 |  |  | $ | 256,323 |  |
Wholesale Banking Reporting Unit | 171,636 |  |  | 171,636 |  |
Consumer Mortgage Reporting Unit | — |  |  | — |  |
Wealth Management Reporting Unit | 24,431 |  |  | 24,431 |  |
Total Goodwill | $ | 452,390 |  |  | $ | 452,390 |  |

The following table presents changes in the carrying amount of goodwill for the three and nine months ended September 30, 2021 and 2020.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Balance at beginning of period | $ | 452,390 |  |  | $ | 497,267 |  |  | $ | 452,390 |  |  | $ | 497,267 |
Changes during the period from: |  |  |  |  |  |  |
Goodwill impairment | — |  |  | (44,877) |  |  | — |  |  | (44,877) |
Balance at end of period | $ | 452,390 |  |  | $ | 452,390 |  |  | $ | 452,390 |  |  | $ | 452,390 |

Goodwill is evaluated for impairment on an annual basis or whenever an event occurs or circumstances change to indicate that it is more likely than not that an impairment loss has been incurred (i.e., a triggering event). Synovus performs its annual evaluation of goodwill impairment during the fourth quarter of each year. During the three months ended September 30, 2020, Synovus recorded a $44.9 million non-cash goodwill impairment charge representing all of the goodwill allocated to the Consumer Mortgage reporting unit resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that have reduced mortgage yields, and the clarity around longer term policy actions designed to keep interest rates low. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 7 - Goodwill and Other Intangible Assets" to the consolidated financial statements of Synovus' 2020 Form 10-K for information on Synovus' quantitative assessments of goodwill impairment during 2020.
The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of September 30, 2021 and December 31, 2020, which primarily consist of core deposit intangible assets. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Aggregate other intangible assets amortization expense for the three and nine months ended September 30, 2021 was $2.4 million and $7.1 million, respectively. Aggregate other intangible assets amortization expense for the three and nine months ended September 30, 2020 was $2.6 million and $7.9 million, respectively.

(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
September 30, 2021 |  |  |  |  |
CDI | $ | 57,400 |  |  | $ | (26,091) |  |  | $ | 31,309 |
Other | 12,500 |  |  | (5,834) |  |  | 6,666 |
Total other intangible assets | $ | 69,900 |  |  | $ | (31,925) |  |  | $ | 37,975 |
December 31, 2020 |  |  |  |  |
CDI | $ | 57,400 |  |  | $ | (19,829) |  |  | $ | 37,571 |
Other | 12,500 |  |  | (4,959) |  |  | 7,541 |
Total other intangible assets | $ | 69,900 |  |  | $ | (24,788) |  |  | $ | 45,112 |

Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss)
Repurchases of Common Stock
Synovus announced on January 26, 2021 that its Board of Directors authorized share repurchases of up to $200 million in 2021. During the three months ended September 30, 2021, Synovus repurchased under this program a total of $74.6 million, or
22

1.8 million shares of its common stock, at an average price of $42.00 per share, and during the nine months ended September 30, 2021, Synovus repurchased a total of $167.1 million, or 3.7 million shares of its common stock, at an average price of $44.88 per share.
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
The following tables illustrate activity within the balances in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2021 and 2020.

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes)
(in thousands) | Net unrealized gains (losses) on investment securities available for sale(1) |  | Net unrealized gains (losses) on cash flow hedges(1) |  | Post-retirement unfunded health benefit |  | Total
Balance at June 30, 2021 | $ | 19,301 |  |  | $ | 26,425 |  |  | $ | — |  |  | $ | 45,726 |
Other comprehensive income (loss) before reclassifications | (41,437) |  |  | (6,037) |  |  | — |  |  | (47,474) |
Amounts reclassified from AOCI | (719) |  |  | (2,995) |  |  | — |  |  | (3,714) |
Net current period other comprehensive income (loss) | (42,156) |  |  | (9,032) |  |  | — |  |  | (51,188) |
Balance at September 30, 2021 | $ | (22,855) |  |  | $ | 17,393 |  |  | $ | — |  |  | $ | (5,462) |
Balance at June 30, 2020 | $ | 134,245 |  |  | $ | 68,263 |  |  | $ | 462 |  |  | $ | 202,970 |
Other comprehensive income (loss) before reclassifications | (21,806) |  |  | (6,635) |  |  | — |  |  | (28,441) |
Amounts reclassified from AOCI | 1,149 |  |  | (764) |  |  | — |  |  | 385 |
Net current period other comprehensive income (loss) | (20,657) |  |  | (7,399) |  |  | — |  |  | (28,056) |
Balance at September 30, 2020 | $ | 113,588 |  |  | $ | 60,864 |  |  | $ | 462 |  |  | $ | 174,914 |
Balance, December 31, 2020 | $ | 105,669 |  |  | $ | 52,966 |  |  | $ | — |  |  | $ | 158,635 |
Other comprehensive income (loss) before reclassifications | (129,280) |  |  | (28,657) |  |  | — |  |  | (157,937) |
Amounts reclassified from AOCI | 756 |  |  | (6,916) |  |  | — |  |  | (6,160) |
Net current period other comprehensive income (loss) | (128,524) |  |  | (35,573) |  |  | — |  |  | (164,097) |
Balance at September 30, 2021 | $ | (22,855) |  |  | $ | 17,393 |  |  | $ | — |  |  | $ | (5,462) |
Balance, December 31, 2019 | $ | 83,666 |  |  | $ | (18,487) |  |  | $ | 462 |  |  | $ | 65,641 |
Other comprehensive income (loss) before reclassifications | 86,678 |  |  | 80,404 |  |  | — |  |  | 167,082 |
Amounts reclassified from AOCI | (56,756) |  |  | (1,053) |  |  | — |  |  | (57,809) |
Net current period other comprehensive income (loss) | 29,922 |  |  | 79,351 |  |  | — |  |  | 109,273 |
Balance at September 30, 2020 | $ | 113,588 |  |  | $ | 60,864 |  |  | $ | 462 |  |  | $ | 174,914 |

(1) For all periods presented, the ending balance in net unrealized gains (losses) on investment securities available for sale and cash flow hedges includes unrealized losses of $13.3 million and $12.1 million, respectively, related to residual tax effects remaining in OCI due to previously established deferred tax asset valuation allowances in 2010 and 2011. In accordance with ASC 740-20-45-11(b), under the portfolio approach, these unrealized losses are realized at the time the entire portfolio is sold or disposed.
23

Note 6 - Fair Value Accounting
See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2020 Form 10-K for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis.
The following table presents assets and liabilities measured at estimated fair value on a recurring basis.

| September 30, 2021 |  |  | December 31, 2020
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities issued by U.S. Government agencies | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | 10,185 |  |  | $ | — |  |  | $ | 10,185 |
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — |  |  | 1,660 |  |  | — |  |  | 1,660 |  |  |  | — |  |  | 158 |  |  | — |  |  | 158 |
Other mortgage-backed securities | — |  |  | 94 |  |  | — |  |  | 94 |  |  |  | — |  |  | 178 |  |  | — |  |  | 178 |
State and municipal securities | — |  |  | 1,007 |  |  | — |  |  | 1,007 |  |  |  | — |  |  | 176 |  |  | — |  |  | 176 |
Asset-backed securities | — |  |  | 4,115 |  |  | — |  |  | 4,115 |  |  |  | — |  |  | 183 |  |  | — |  |  | 183 |
Total trading securities | $ | — |  |  | $ | 6,876 |  |  | $ | — |  |  | $ | 6,876 |  |  |  | $ | — |  |  | $ | 10,880 |  |  | $ | — |  |  | $ | 10,880 |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 117,893 |  |  | $ | — |  |  | $ | — |  |  | $ | 117,893 |  |  |  | $ | 20,257 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,257 |
U.S. Government agency securities | — |  |  | 54,989 |  |  | — |  |  | 54,989 |  |  |  | — |  |  | 82,320 |  |  | — |  |  | 82,320 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 872,217 |  |  | — |  |  | 872,217 |  |  |  | — |  |  | 1,218,017 |  |  | — |  |  | 1,218,017 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 7,270,933 |  |  | — |  |  | 7,270,933 |  |  |  | — |  |  | 5,000,046 |  |  | — |  |  | 5,000,046 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 1,057,488 |  |  | — |  |  | 1,057,488 |  |  |  | — |  |  | 1,250,377 |  |  | — |  |  | 1,250,377 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 438,523 |  |  | — |  |  | 438,523 |  |  |  | — |  |  | 370,921 |  |  | — |  |  | 370,921 |
Asset-backed securities | — |  |  | 650,000 |  |  | — |  |  | 650,000 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate debt securities and other debt securities | — |  |  | 19,028 |  |  | — |  |  | 19,028 |  |  |  | — |  |  | 18,479 |  |  | 2,021 |  |  | 20,500 |
Total investment securities available for sale | $ | 117,893 |  |  | $ | 10,363,178 |  |  | $ | — |  |  | $ | 10,481,071 |  |  |  | $ | 20,257 |  |  | $ | 7,940,160 |  |  | $ | 2,021 |  |  | $ | 7,962,438 |
Mortgage loans held for sale | $ | — |  |  | $ | 152,258 |  |  | $ | — |  |  | $ | 152,258 |  |  |  | $ | — |  |  | $ | 216,647 |  |  | $ | — |  |  | $ | 216,647 |
Private equity investments | — |  |  | — |  |  | 991 |  |  | 991 |  |  |  | — |  |  | — |  |  | 1,021 |  |  | 1,021 |
Other investments | — |  |  | — |  |  | 10,000 |  |  | 10,000 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Mutual funds and mutual funds held in rabbi trusts | 42,002 |  |  | — |  |  | — |  |  | 42,002 |  |  |  | 37,650 |  |  | — |  |  | — |  |  | 37,650 |
GGL/SBA loans servicing asset | — |  |  | — |  |  | 3,388 |  |  | 3,388 |  |  |  | — |  |  | — |  |  | 3,258 |  |  | 3,258 |
Derivative assets | — |  |  | 244,991 |  |  | — |  |  | 244,991 |  |  |  | — |  |  | 401,295 |  |  | — |  |  | 401,295 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading liability for short positions | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | 7,717 |  |  | — |  |  | 7,717 |
Mutual funds held in rabbi trusts | 25,396 |  |  | — |  |  | — |  |  | 25,396 |  |  |  | 20,752 |  |  | — |  |  | — |  |  | 20,752 |
Earnout liability | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | 5,677 |  |  | 5,677 |
Derivative liabilities | — |  |  | 109,320 |  |  | 1,171 |  |  | 110,491 |  |  |  | — |  |  | 155,119 |  |  | 2,048 |  |  | 157,167 |

24

Fair Value Option
Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program.
The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk.

Mortgage Loans Held for Sale |
(in thousands) | As of September 30, 2021 |  | As of December 31, 2020
Fair value | $ | 152,258 |  |  | $ | 216,647 |
Unpaid principal balance | 148,202 |  |  | 210,292 |
Fair value less aggregate unpaid principal balance | $ | 4,056 |  |  | $ | 6,355 |

Changes in Fair Value Included in Net Income | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Mortgage loans held for sale | $ | (1,761) |  |  | $ | 251 |  |  | $ | (2,299) |  |  | $ | 6,235 |

Activity for Level 3 Assets and Liabilities
Se e "Part II - Item 8. Financial Statements and Supplementary Data - Note 14 - Fair Value Accounting" of Synovus' 2020 Form 10-K for a description of the valuation techniques and significant inputs for Level 3 assets and liabilities that are measured at fair value on a recurring and non-recurring basis. During the three and nine months ended September 30, 2021 and 2020, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. The following tables provide rollforwards of Level 3 assets and liabilities measured at fair value on a recurring basis.

|  |  | Three Months Ended September 30, 2021
(in thousands) | Other Investments |  | Private Equity Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance | $ | — |  |  | $ | 1,026 |  |  | $ | 3,321 |  |  | $ | (6,427) |  |  | $ | (1,473) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | (35) |  |  | (467) |  |  | 243 |  |  | — |
Additions | 10,000 |  |  | — |  |  | 534 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | 6,184 |  |  | 302 |
Ending balance | $ | 10,000 |  |  | $ | 991 |  |  | $ | 3,388 |  |  | $ | — |  |  | $ | (1,171) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2021 | $ | — |  |  | $ | (35) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  |  | Three Months Ended September 30, 2020
(in thousands) | Investment Securities Available for Sale |  | Private Equity Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance | $ | 1,662 |  |  | $ | 698 |  |  | $ | 3,019 |  |  | $ | (15,924) |  |  | $ | (1,755) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | 260 |  |  | (187) |  |  | — |  |  | — |
Unrealized gains (losses) included in OCI | 138 |  |  | — |  |  | — |  |  | — |  |  | — |
Additions | — |  |  | — |  |  | 268 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  | 295 |
Ending balance | $ | 1,800 |  |  | $ | 958 |  |  | $ | 3,100 |  |  | $ | (15,924) |  |  | $ | (1,460) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 | $ | — |  |  | $ | 260 |  |  | $ | — |  |  | $ | — |  |  | $ | — |

25

|  |  | Nine Months Ended September 30, 2021
(in thousands) | Other Investments |  | Investment Securities Available for Sale |  | Private Equity Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance | $ | — |  |  | $ | 2,021 |  |  | $ | 1,021 |  |  | $ | 3,258 |  |  | $ | (5,677) |  |  | $ | (2,048) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | — |  |  | (30) |  |  | (897) |  |  | (507) |  |  | — |
Sales | — |  |  | (2,021) |  |  | — |  |  | — |  |  | — |  |  | — |
Additions | 10,000 |  |  | — |  |  | — |  |  | 1,027 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  | 6,184 |  |  | 877 |
Ending balance | $ | 10,000 |  |  | $ | — |  |  | $ | 991 |  |  | $ | 3,388 |  |  | $ | — |  |  | $ | (1,171) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2021 | $ | — |  |  | $ | — |  |  | $ | (30) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  |  | Nine Months Ended September 30, 2020
(in thousands) |  |  | Investment Securities Available for Sale |  | Private Equity Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance |  |  | $ | 2,105 |  |  | $ | 3,887 |  |  | $ | 3,040 |  |  | $ | (11,016) |  |  | $ | (2,339) |
Total (losses) gains realized/unrealized: |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  | (2,929) |  |  | (742) |  |  | (4,908) |  |  | — |
Unrealized gains (losses) included in OCI |  |  | (305) |  |  | — |  |  | — |  |  | — |  |  | — |
Additions |  |  | — |  |  | — |  |  | 802 |  |  | — |  |  | — |
Settlements |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 879 |
Ending balance |  |  | $ | 1,800 |  |  | $ | 958 |  |  | $ | 3,100 |  |  | $ | (15,924) |  |  | $ | (1,460) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 |  |  | $ | — |  |  | $ | (2,929) |  |  | $ | — |  |  | $ | (4,908) |  |  | $ | — |

The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.

| September 30, 2021 |  |  | September 30, 2020
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Loans(1) | $ | — |  |  | $ | — |  |  | $ | 11,123 |  |  | $ | 11,123 |  |  |  | $ | — |  |  | $ | — |  |  | $ | 27,440 |  |  | $ | 27,440 |
Other real estate | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | 1,750 |  |  | 1,750 |
MPS receivable | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  | 17,915 |  |  | 17,915 |
Other assets held for sale | — |  |  | — |  |  | 806 |  |  | 806 |  |  |  | — |  |  | — |  |  | 1,634 |  |  | 1,634 |

(1) Collateral-dependent loans that were written down to fair value of collateral.
ORE properties are included in other assets on the consolidated balance sheets. The carrying value of ORE at September 30, 2021 and December 31, 2020 was $1.6 million and $1.8 million, respectively.
The following table presents fair value adjustments recognized in earnings for the three and nine months ended September 30, 2021 and 2020 for assets measured at fair value on a non-recurring basis still held at period-end.
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| Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Location in Consolidated Statements of Income |  |
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |  |
Loans(1) | $ | 13,933 |  |  | $ | 5,661 |  |  | $ | 14,823 |  |  | $ | 20,412 |  |  | Provision for credit losses |  |  |  |
Other real estate | — |  |  | 107 |  |  | — |  |  | 138 |  |  | Other operating expenses |  |  |  |
MPS receivable | — |  |  | — |  |  | — |  |  | 2,663 |  |  | Other operating expenses |  |  |  |
Other assets held for sale | 301 |  |  | — |  |  | 301 |  |  | 2,120 |  |  | Other operating expenses |  |  |  |

(1) Collateral-dependent loans that were written down to fair value of collateral.
Fair Value of Financial Instruments
The following tables present the carrying and estimated fair values of financial instruments at September 30, 2021 and December 31, 2020. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2020 Form 10-K for a description of how fair value measurements are determined.

| September 30, 2021
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 2,687,420 |  |  | $ | 2,687,420 |  |  | $ | 2,687,420 |  |  | $ | — |  |  | $ | — |
Trading securities | 6,876 |  |  | 6,876 |  |  | — |  |  | 6,876 |  |  | — |
Investment securities available for sale | 10,481,071 |  |  | 10,481,071 |  |  | 117,893 |  |  | 10,363,178 |  |  | — |
Loans held for sale | 550,948 |  |  | 551,368 |  |  | — |  |  | 152,258 |  |  | 399,110 |
Private equity investments | 991 |  |  | 991 |  |  | — |  |  | — |  |  | 991 |
Other investments | 10,000 |  |  | 10,000 |  |  | — |  |  | — |  |  | 10,000 |
Mutual funds and mutual funds held in rabbi trusts | 42,002 |  |  | 42,002 |  |  | 42,002 |  |  | — |  |  | — |
Loans, net | 37,848,787 |  |  | 38,054,067 |  |  | — |  |  | — |  |  | 38,054,067 |
GGL/SBA loans servicing asset | 3,388 |  |  | 3,388 |  |  | — |  |  | — |  |  | 3,388 |
FRB and FHLB stock | 159,930 |  |  | 159,930 |  |  | — |  |  | 159,930 |  |  | — |
Derivative assets | 244,991 |  |  | 244,991 |  |  | — |  |  | 244,991 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Non-interest-bearing deposits | $ | 15,787,882 |  |  | $ | 15,787,882 |  |  | $ | — |  |  | $ | 15,787,882 |  |  | $ | — |
Non-time interest-bearing deposits | 27,701,975 |  |  | 27,701,975 |  |  | — |  |  | 27,701,975 |  |  | — |
Time deposits | 4,198,562 |  |  | 4,214,960 |  |  | — |  |  | 4,214,960 |  |  | — |
Total deposits | $ | 47,688,419 |  |  | $ | 47,704,817 |  |  | $ | — |  |  | $ | 47,704,817 |  |  | $ | — |
Federal funds purchased and securities sold under repurchase agreements | 262,548 |  |  | 262,548 |  |  | 262,548 |  |  | — |  |  | — |
Long-term debt | 1,203,761 |  |  | 1,254,585 |  |  | — |  |  | 1,254,585 |  |  | — |
Mutual funds held in rabbi trusts | 25,396 |  |  | 25,396 |  |  | 25,396 |  |  | — |  |  | — |
Derivative liabilities | 110,491 |  |  | 110,491 |  |  | — |  |  | 109,320 |  |  | 1,171 |

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| December 31, 2020
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 4,252,917 |  |  | $ | 4,252,917 |  |  | $ | 4,252,917 |  |  | $ | — |  |  | $ | — |
Trading securities | 10,880 |  |  | 10,880 |  |  | — |  |  | 10,880 |  |  | — |
Investment securities available for sale | 7,962,438 |  |  | 7,962,438 |  |  | 20,257 |  |  | 7,940,160 |  |  | 2,021 |
Loans held for sale | 760,123 |  |  | 760,939 |  |  | — |  |  | 216,647 |  |  | 544,292 |
Private equity investments | 1,021 |  |  | 1,021 |  |  | — |  |  | — |  |  | 1,021 |
Mutual funds and mutual funds held in rabbi trusts | 37,650 |  |  | 37,650 |  |  | 37,650 |  |  | — |  |  | — |
Loans, net | 37,647,248 |  |  | 37,605,881 |  |  | — |  |  | — |  |  | 37,605,881 |
GGL/SBA loans servicing asset | 3,258 |  |  | 3,258 |  |  | — |  |  | — |  |  | 3,258 |
FRB and FHLB stock | 157,520 |  |  | 157,520 |  |  | — |  |  | 157,520 |  |  | — |
Derivative assets | 401,295 |  |  | 401,295 |  |  | — |  |  | 401,295 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Non-interest-bearing deposits | $ | 13,477,854 |  |  | $ | 13,477,854 |  |  | $ | — |  |  | $ | 13,477,854 |  |  | $ | — |
Non-time interest-bearing deposits | 27,265,521 |  |  | 27,265,521 |  |  | — |  |  | 27,265,521 |  |  | — |
Time deposits | 5,948,196 |  |  | 5,970,146 |  |  | — |  |  | 5,970,146 |  |  | — |
Total deposits | $ | 46,691,571 |  |  | $ | 46,713,521 |  |  | $ | — |  |  | $ | 46,713,521 |  |  | $ | — |
Federal funds purchased and securities sold under repurchase agreements | 227,922 |  |  | 227,922 |  |  | 227,922 |  |  | — |  |  | — |
Trading liability for short positions | 7,717 |  |  | 7,717 |  |  | — |  |  | 7,717 |  |  | — |
Long-term debt | 1,202,494 |  |  | 1,266,825 |  |  | — |  |  | 1,266,825 |  |  | — |
Earnout liability | 5,677 |  |  | 5,677 |  |  | — |  |  | — |  |  | 5,677 |
Mutual funds held in rabbi trusts | 20,752 |  |  | 20,752 |  |  | 20,752 |  |  | — |  |  | — |
Derivative liabilities | 157,167 |  |  | 157,167 |  |  | — |  |  | 155,119 |  |  | 2,048 |

Note 7 - Derivative Instruments and Hedging Activities
Synovus utilizes derivative instruments to manage its exposure to various types of interest rate risk, exposures related to liquidity and credit risk, and to facilitate client transactions. The primary types of derivative instruments utilized by Synovus consist of interest rate swaps, interest rate lock commitments made to prospective mortgage loan clients, commitments to sell fixed-rate mortgage loans, and foreign currency exchange forwards. Interest rate lock commitments represent derivative instruments since it is intended that such loans will be sold. Synovus is party to master netting arrangements with its dealer counterparties; however, Synovus does not offset assets and liabilities under these arrangements for financial statement presentation purposes. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2020 Form 10-K for additional information regarding accounting policies for derivatives.
Hedging Derivatives
Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. Synovus has entered into interest rate swap contracts to manage overall cash flow changes related to interest rate risk exposure on index-based variable rate commercial loans. The contracts effectively modify Synovus' exposure to interest rate risk by utilizing receive fixed/pay index-based variable rate interest rate swaps.
For cash f low hedges, if the hedged exposure is a cash flow exposure, the effective portion of the gain or loss on the derivative instrument is reported initially as a component of accumulated other comprehensive income (loss), net of the tax impact, and subsequently reclassified into earnings when the hedged transaction affects earnings with the impacts recorded in the same income statement line item used to present the earnings effect of the hedged item. When a cash flow hedge relationship is discontinued but the hedged cash flows, or forecasted transactions, are still expected to occur, gains or losses that were accumulated in OCI are amortized into earnings over the same periods which the hedged transactions would have affected earnings. If, however, it is probable the forecasted transactions will no longer occur, the remaining accumulated amounts in OCI for the impacted cash flow hedges are immediately recognized in earnings.
Synovus recorded unrealized gains of $488 thousand, or $364 thousand, after tax, in OCI during the third quarter of 2021 and $1.2 million, or $930 thousand, after-tax, in OCI, during the first nine months of 2021, related to terminated cash flow
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hedges, which are being recognized into earnings in conjunction with the effective terms of the original swaps through the second quarter of 2026. Synovus recognized pre-tax income of $4.0 million and $9.3 million during the three and nine months ended September 30, 2021 related to t he amortization o f terminated cash flow hedges.
As of September 30, 2021, Synovus expects to reclassify into earnings approximately $42 million in pre-tax income due to the receipt or payment of interest payments on all cash flow hedges within the next twelve months. Included in this amount is approximately $7 million in pre-tax income related to the amortization of terminated cash flow hedges. As of September 30, 2021, the maximum length of time over which Synovus is hedging its exposure to the variability in future cash flows is through the third quarter of 2026.
For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately.
Counterparty Credit Risk and Collateral
Entering into derivative contracts potentially exposes Synovus to the risk of counterparties’ failure to fulfill their legal obligations, including, but not limited to, potential amounts due or payable under each derivative contract. Notional principal amounts are often used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller. Synovus assesses the credit risk of its dealer counterparties by regularly monitoring publicly available credit rating information, evaluating other market indicators, and periodically reviewing detailed financials. Dealer collateral requirements are determined via risk-based policies and procedures and in accordance with existing agreements. Synovus s eeks to minimize dealer credit risk by dealing with highly rated counterparties and by obtaining collateral for exposures above certain predetermined limits. Management closely monitors credit conditions within the client swap portfolio, which management deems to be of higher risk than dealer counterparties. Collateral is secured at origination and credit related fair value adjustments are recorded against the asset value of the derivative as deemed necessary based upon an analysis, which includes consideration of the current asset value of the swap, client risk rating, and client standing with regards to its swap contractual obligations and other related matters. Such asset values fluctuate based upon changes in interest rates regardless of changes in notional amounts and changes in client specific risk.
Collateral Requirements
Certain derivative transactions have collateral requirements, both at the inception of the trade and as the value of each derivative position changes. As of September 30, 2021 and December 31, 2020, collateral totaling $72.7 million and $155.4 million, respectively, was pledged to the derivative counterparties to comply with collateral requirements. For derivatives cleared through central clearing houses, the variation margin payments made are legally characterized as settlements of the derivatives. As a result, these variation margin payments are netted against the fair value of the respective derivative contracts in the consolidated balance sheets and related disclosures. At September 30, 2021 and December 31, 2020, Synovus had a variation margin of $92.7 million and $162.7 million respectively, each reducing the derivative liability.
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The following table reflects the notional amount and fair value of derivative instruments included on the consolidated balance sheets.

| September 30, 2021 |  | December 31, 2020
|  |  | Fair Value |  |  |  | Fair Value
(in thousands) | Notional Amount |  | Derivative Assets (1) |  | Derivative Liabilities (2) |  | Notional Amount |  | Derivative Assets (1) |  | Derivative Liabilities (2)
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 3,600,000 |  |  | $ | 44,294 |  |  | $ | 3,799 |  |  | $ | 3,000,000 |  |  | $ | 80,802 |  |  | $ | — |
Total derivatives designated as hedging instruments |  |  | $ | 44,294 |  |  | $ | 3,799 |  |  |  |  | $ | 80,802 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts(3) | $ | 9,273,899 |  |  | $ | 197,018 |  |  | $ | 105,488 |  |  | $ | 8,784,141 |  |  | $ | 314,234 |  |  | $ | 153,204 |
Mortgage derivatives - interest rate lock commitments | 159,858 |  |  | 3,100 |  |  | — |  |  | 306,138 |  |  | 6,259 |  |  | — |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 155,500 |  |  | 579 |  |  | — |  |  | 230,500 |  |  | — |  |  | 1,611 |
Other contracts(4) | 206,365 |  |  | — |  |  | 33 |  |  | 234,884 |  |  | — |  |  | 304 |
Visa derivative | — |  |  | — |  |  | 1,171 |  |  | — |  |  | — |  |  | 2,048 |
Total derivatives not designated as hedging instruments |  |  | $ | 200,697 |  |  | $ | 106,692 |  |  |  |  | $ | 320,493 |  |  | $ | 157,167 |

(1) Derivative assets are recorded in other assets on the consolidated balance sheets.
(2) Derivative liabilities are recorded in other liabilities on the consolidated balance sheets.
(3) Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.
(4) Includes risk participation agreements sold. Additionally, the notional amount of risk participation agreements purchased was $56.2 million and $2.6 million at September 30, 2021 and December 31, 2020, respectively.
Synovus also provides foreign currency exchange services, primarily forward contracts, with counterparties to allow commercial clients to mitigate exchange rate risk. Synovus covers its risk by entering into an offsetting foreign currency exchange forward contract. The notional amount of foreign currency exchange forwards was $16.1 million and $24.1 million at September 30, 2021 and December 31, 2020, respectively. The fair value of foreign currency exchange forwards was negligible at September 30, 2021 and December 31, 2020 due to the very short duration of these contracts.
The following table presents the effect of hedging derivative instruments on the consolidated statements of income and the total amounts for the respective line item affected for the three and nine months ended September 30, 2021 and 2020.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Total amounts presented in the consolidated statements of income in interest income on loans | $ | 7,266 |  |  | $ | 8,509 |  |  | $ | 23,213 |  |  | $ | 13,595 |
Gain/loss on cash flow hedging relationships:(1) |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 4,009 |  |  | 1,031 |  |  | 9,265 |  |  | 1,421 |
Pre-tax income recognized on cash flow hedges | $ | 4,009 |  |  | $ | 1,031 |  |  | $ | 9,265 |  |  | $ | 1,421 |

(1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss) in this Report for additional information.
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The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments on the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 is presented below.

|  |  |  | Gain (Loss) Recognized in Consolidated Statements of Income
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | Location in Consolidated Statements of Income |  | 2021 |  | 2020 |  | 2021 |  | 2020
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts(1) |  | Capital markets income |  | $ | 164 |  |  | $ | 176 |  |  | $ | 474 |  |  | $ | 225 |
Other contracts(2) |  | Capital markets income |  | 90 |  |  | 47 |  |  | 272 |  |  | (286) |
Mortgage derivatives - interest rate lock commitments |  | Mortgage banking income |  | (1,388) |  |  | 2,532 |  |  | (3,160) |  |  | 8,922 |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans |  | Mortgage banking income |  | 922 |  |  | (396) |  |  | 2,190 |  |  | (1,624) |
Total derivatives not designated as hedging instruments |  |  |  | $ | (212) |  |  | $ | 2,359 |  |  | $ | (224) |  |  | $ | 7,237 |

(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions. Additionally, losses related to termination of client swaps of $2.5 million were recorded in other non-interest expense during the first quarter of 2020.
(2) Includes risk participation agreements sold.
Note 8 - Net Income Per Common Share
The following table displays a reconciliation of the information used in calculating basic and diluted net income per common share for the three and nine months ended September 30, 2021 and 2020. Diluted net income per common share incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share data) | 2021 |  | 2020 |  | 2021 |  | 2020
Basic Net Income Per Common Share: |  |  |  |  |  |  |
Net income available to common shareholders | $ | 178,482 |  |  | $ | 83,283 |  |  | $ | 535,193 |  |  | $ | 198,414 |
Weighted average common shares outstanding | 146,308 |  |  | 147,314 |  |  | 147,622 |  |  | 147,304 |
Net income per common share, basic | $ | 1.22 |  |  | $ | 0.57 |  |  | $ | 3.63 |  |  | $ | 1.35 |
Diluted Net Income Per Common Share: |  |  |  |  |  |  |
Net income available to common shareholders | $ | 178,482 |  |  | $ | 83,283 |  |  | $ | 535,193 |  |  | $ | 198,414 |
Weighted average common shares outstanding | 146,308 |  |  | 147,314 |  |  | 147,622 |  |  | 147,304 |
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments | 1,393 |  |  | 662 |  |  | 1,447 |  |  | 733 |
Weighted average diluted common shares | 147,701 |  |  | 147,976 |  |  | 149,069 |  |  | 148,037 |
Net income per common share, diluted | $ | 1.21 |  |  | $ | 0.56 |  |  | $ | 3.59 |  |  | $ | 1.34 |

For the three months ended September 30, 2021 and 2020, there were 32 thousand and 758 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding, and for the nine months ended September 30, 2021 and 2020, there were 21 thousand and 602 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding. These potentially dilutive shares were not included in the computation of diluted net income per common share because the effect would be anti-dilutive.
Note 9 - Commitments and Contingencies
In the normal course of business, Synovus enters into commitments to extend credit such as loan commitments and letters of credit to meet the financing needs of its clients. Synovus uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Synovus also has commitments to fund certain low-income housing investments, solar energy, new market, and CRA investments.
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The contractual amount of these financial instruments represents Synovus' maximum credit risk should the counterparty draw upon the commitment, and should the counterparty subsequently fail to perform according to the terms of the contract. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Additionally, certain commitments (primarily consumer) can generally be canceled by providing notice to the borrower.
The ACL associated with unfunded commitments and letters of credit is recorded within other liabilities on the consolidated balance sheets. At September 30, 2021, the ACL for unfunded commitments was $43.0 million, compared to a reserve of $47.8 million at December 31, 2020. Additionally, an immaterial amount of unearned fees relating to letters of credit are recorded within other liabilities on the consolidated balance sheets.
Synovus invests in certain LIHTC partnerships which are engaged in the development and operation of affordable multi-family housing pursuant to Section 42 of the Code. Additionally, Synovus invests in certain solar energy tax credit partnerships pursuant to Section 48 of the Code and certain new market tax credit partnerships pursuant to section 45D of the Code. Synovus typically acts as a limited partner in these investments and does not exert control over the operating or financial policies of the partnerships and as such, is not considered the primary beneficiary of the partnership. For certain of its LIHTC investments, Synovus provides financing during the construction and development of the properties and is at risk for the funded amount of its equity investment plus the outstanding amount of any construction loans in excess of the fair value of the collateral for the loan, but has no obligation to fund the operations or working capital of the partnerships and is not exposed to losses beyond Synovus’ investment. Synovus receives tax credits related to these investments which are subject to recapture by taxing authorities based on compliance provisions required to be met at the project level.
Synovus also invests in certain other CRA partnerships including SBIC programs. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.

(in thousands) | September 30, 2021 |  | December 31, 2020
Letters of credit(1) | $ | 184,317 |  |  | $ | 190,562 |
Commitments to fund commercial and industrial loans | 8,893,056 |  |  | 8,200,608 |
Commitments to fund commercial real estate, construction, and land development loans | 3,490,875 |  |  | 3,290,041 |
Commitments under home equity lines of credit | 1,738,063 |  |  | 1,602,831 |
Unused credit card lines | 1,008,471 |  |  | 1,012,313 |
Other loan commitments | 580,936 |  |  | 472,233 |
Total letters of credit and unfunded lending commitments | $ | 15,895,718 |  |  | $ | 14,768,588 |

LIHTC, solar energy tax credit, new market tax credit, and other CRA partnerships: |  |  |
Carrying amount included in other assets | $ | 380,624 |  |  | $ | 262,855 |
Amount of future funding commitments included in carrying amount | 213,791 |  |  | 133,946 |
Permanent and short-term construction loans and letter of credit commitments(2) | 172,285 |  |  | 82,786 |
Funded portion of permanent and short-term loans and letters of credit(3) | 69,823 |  |  | 9,528 |

(1) Represent the contractual amount net of risk participations purchased of $26.4 million and $30.2 million at September 30, 2021 and December 31, 2020, respectively.
(2) Represent the contractual amount net of risk participations of $3.6 million and $1.8 million at September 30, 2021 and December 31, 2020.
(3) Represent the contractual amount net of risk participations of $2.4 million and $234 thousand at September 30, 2021 December 31, 2020.
Merchant Services
In accordance with credit and debit card association rules, Synovus provides merchant processing services for clients with a contractual arrangement under which certain sales and processing support are provided through an outside merchant services provider with Synovus owning the merchant contract relationship. In addition, Synovus sponsors various third-party MPS businesses that process credit and debit card transactions on behalf of merchants. In connection with these services, a liability may arise in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder's favor. If the merchant defaults on its obligations, the cardholder, through its issuing bank, generally has until six months after the date of the transaction to present a chargeback to the MPS, which is primarily liable for any losses on covered transactions. However, if a sponsored MPS fails to meet its obligations, then Synovus, as the sponsor, could be held liable for the disputed amount. Synovus seeks to mitigate this risk through its contractual arrangements with the MPS and the merchants by withholding future settlements, retaining cash reserve accounts and/or obtaining other security. For the three and nine months ended September 30, 2021, Synovus and the sponsored entities processed and settled $28.39 billion and $83.54 billion of transactions, respectively. For the three and nine months ended September 30, 2020, Synovus and the sponsored entities processed and settled $20.23 billion and $55.54 billion of transactions, respectively.
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Synovus covered chargebacks related to a particular sponsored MPS during 2019 and 2018 where the MPS’s cash reserve account was unavailable to support the chargebacks. As of September 30, 2021, the remaining amount, net of reserves, included in other assets and classified in NPAs, is $15.3 million, compared to $15.6 million at December 31, 2020. While Synovus has contractual protections to mitigate against loss, repayment of the amounts owed to Synovus will depend in large part upon the continued financial viability and/or valuation of the MPS.
Legal Proceedings
Synovus and its subsidiaries are subject to various legal proceedings, claims and disputes that arise in the ordinary course of its business. Additionally, in the ordinary course of business, Synovus and its subsidiaries are subject to regulatory and governmental examinations, information gathering requests, inquiries and investigations. Synovus, like many other financial institutions, has been the target of legal actions and other proceedings asserting claims for damages and related relief for losses. These actions include mortgage loan and other loan put-back claims, claims and counterclaims asserted by individual borrowers related to their loans, and allegations of violations of state and federal laws and regulations relating to banking practices, including putative class action matters. In addition to actual damages, if Synovus does not prevail in such asserted legal actions, credit-related litigation could result in additional write-downs or charge-offs of assets, which could adversely affect Synovus' results of operations during the period in which the write-down or charge-off were to occur.
Synovus carefully examines and considers each legal matter, and, in those situations where Synovus determines that a particular legal matter presents loss contingencies that are both probable and reasonably estimable, Synovus establishes an appropriate reserve. An event is considered to be probable if the future event is likely to occur. While the final outcome of any legal proceeding is inherently uncertain, based on the information currently available, advice of counsel and available insurance coverage, management believes that the amounts accrued with respect to legal matters as of September 30, 2021 are adequate. The actual costs of resolving legal claims may be higher or lower than the amounts accrued.
In addition, where Synovus determines that there is a reasonable possibility of a loss in respect of legal matters, Synovus considers whether it is able to estimate the total reasonably possible loss or range of loss. An event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely.” An event is “remote” if “the chance of the future event or events occurring is more than slight but less than reasonably possible." In many situations, Synovus may be unable to estimate reasonably possible losses due to the preliminary nature of the legal matters, as well as a variety of other factors and uncertainties. For those legal matters where Synovus is able to estimate a range of reasonably possible losses, management currently estimates the aggregate range from our outstanding litigation is from zero to $5 million in excess of the amounts accrued, if any, related to those matters. This estimated aggregate range is based upon information currently available to Synovus, and the actual losses could prove to be lower or higher. As there are further developments in these legal matters, Synovus will reassess these matters, and the estimated range of reasonably possible losses may change as a result of this assessment. Based on Synovus' current knowledge and advice of counsel, management presently does not believe that the liabilities arising from these legal matters will have a material adverse effect on Synovus' consolidated financial condition, results of operations or cash flows. However, it is possible that the ultimate resolution of these legal matters could have a material adverse effect on Synovus' results of operations or financial condition for any particular period.
Synovus intends to vigorously pursue all available defenses to these legal matters, but will also consider other alternatives, including settlement, in situations where there is an opportunity to resolve such legal matters on terms that Synovus considers to be favorable, including in light of the continued expense and distraction of defending such legal matters. Synovus maintains insurance coverage, which may be available to cover legal fees, or potential losses that might be incurred in connection with such legal matters. The above-noted estimated range of reasonably possible losses does not take into consideration insurance coverage which may or may not be available for the respective legal matters.
Note 10 - Segment Reporting
Synovus' business segments are based on the products and services provided or the clients served and reflect the manner in which financial information is evaluated by the chief operating decision makers. Synovus has three major reportable business segments: Community Banking, Wholesale Banking, and Financial Management Services, 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 consumer loans and loans held for sale as well as PPP 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.
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The Community Banking business segment serves clients 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 clients 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 clients by providing commercial lending and deposit services through specialty teams including middle market, CRE, senior housing, national accounts, premium finance, structured lending, healthcare, asset-based lending, and community investment capital.
The Financial Management Services business segment serves its clients 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, financial planning, and family office 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 includes certain assets and/or liabilities managed within that function. Additionally, Treasury and Corporate Other also charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The process for determining FTP is based on a number of factors and assumptions, including prevailing market interest rates, the expected lives of various assets and liabilities, and the Company's broader funding profile.
The following tables present c ertain financial information for each reportable business segment for the three and nine months ended September 30, 2021 and 2020. 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.
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) resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that have reduced mortgage yields, and the clarity around longer term policy actions designed to keep interest rates low.

| Three Months Ended September 30, 2021
(in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 200,014 |  |  | $ | 138,662 |  |  | $ | 20,076 |  |  | $ | 26,165 |  |  | $ | 384,917 |
Non-interest revenue | 33,721 |  |  | 10,739 |  |  | 51,248 |  |  | 19,247 |  |  | 114,955 |
Non-interest expense | 73,789 |  |  | 22,486 |  |  | 45,027 |  |  | 125,730 |  |  | 267,032 |
Pre-provision net revenue | $ | 159,946 |  |  | $ | 126,915 |  |  | $ | 26,297 |  |  | $ | (80,318) |  |  | $ | 232,840 |

| Three Months Ended September 30, 2020
(in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 218,880 |  |  | $ | 139,079 |  |  | $ | 22,251 |  |  | $ | (3,220) |  |  | $ | 376,990 |
Non-interest revenue | 27,034 |  |  | 5,528 |  |  | 65,825 |  |  | 16,024 |  |  | 114,411 |
Non-interest expense | 71,107 |  |  | 19,843 |  |  | 93,038 |  |  | 132,667 |  |  | 316,655 |
Pre-provision net revenue | $ | 174,807 |  |  | $ | 124,764 |  |  | $ | (4,962) |  |  | $ | (119,863) |  |  | $ | 174,746 |

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| Nine Months Ended September 30, 2021
(in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 609,137 |  |  | $ | 408,862 |  |  | $ | 60,006 |  |  | $ | 62,629 |  |  | $ | 1,140,634 |
Non-interest revenue | 95,687 |  |  | 25,058 |  |  | 162,176 |  |  | 50,076 |  |  | 332,997 |
Non-interest expense | 215,716 |  |  | 64,499 |  |  | 139,474 |  |  | 385,008 |  |  | 804,697 |
Pre-provision net revenue | $ | 489,108 |  |  | $ | 369,421 |  |  | $ | 82,708 |  |  | $ | (272,303) |  |  | $ | 668,934 |

| Nine Months Ended September 30, 2020
(in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 634,480 |  |  | $ | 407,265 |  |  | $ | 59,704 |  |  | $ | 25,367 |  |  | $ | 1,126,816 |
Non-interest revenue | 81,105 |  |  | 20,537 |  |  | 166,185 |  |  | 123,925 |  |  | 391,752 |
Non-interest expense | 226,674 |  |  | 64,117 |  |  | 184,824 |  |  | 401,461 |  |  | 877,076 |
Pre-provision net revenue | $ | 488,911 |  |  | $ | 363,685 |  |  | $ | 41,065 |  |  | $ | (252,169) |  |  | $ | 641,492 |

| September 30, 2021
(dollars in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Loans, net of deferred fees and costs | $ | 10,623,206 |  |  | $ | 20,179,466 |  |  | $ | 4,989,708 |  |  | $ | 2,548,650 |  |  | $ | 38,341,030 |
Total deposits | $ | 31,640,281 |  |  | $ | 11,249,829 |  |  | $ | 807,391 |  |  | $ | 3,990,918 |  |  | $ | 47,688,419 |
Total full-time equivalent employees | 2,171 |  |  | 286 |  |  | 804 |  |  | 1,692 |  |  | 4,953 |
| December 31, 2020
(dollars in thousands) | Community Banking |  | Wholesale Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Loans, net of deferred fees and costs | $ | 11,171,013 |  |  | $ | 18,810,729 |  |  | $ | 5,370,790 |  |  | $ | 2,900,452 |  |  | $ | 38,252,984 |
Total deposits | $ | 29,141,242 |  |  | $ | 11,958,105 |  |  | $ | 739,200 |  |  | $ | 4,853,024 |  |  | $ | 46,691,571 |
Total full-time equivalent employees | 2,299 |  |  | 285 |  |  | 832 |  |  | 1,718 |  |  | 5,134 |

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ITEM 2. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In this Report, the words “Synovus,” “the Company,” “we,” “us,” and “our” refer to Synovus Financial Corp. together with Synovus Bank and Synovus' other wholly-owned subsidiaries, except where the context requires otherwise.
FORWARD-LOOKING STATEMENTS
Certain statements made or incorporated by reference in this Report which are not statements of historical fact, including those under “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this Report, constitute forward-looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include statements with respect to Synovus' beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, many of which are beyond Synovus' control and which may cause Synovus' actual results, performance or achievements or the financial services industry or economy generally, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus' use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “predicts,” “could,” “should,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the financial services industry and economy in general. Forward-looking statements are based on the current beliefs and expectations of Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this document. Many of these factors are beyond Synovus' ability to control or predict. These factors include, but are not limited to:

(1) |  | the risk that we may not realize the expected benefits from our efficiency and growth initiatives or that we may not be able to realize such cost savings or revenue benefits in the time period expected, which could negatively affect our future profitability;
(2) |  | the risk that competition in the financial services industry may adversely affect our future earnings and growth;
(3) |  | our ability to attract and retain employees and the impact of senior leadership transitions that are key to our growth and efficiency strategies;
(4) |  | the risks and uncertainties related to the impact of the COVID-19 pandemic, and its variants, on our assets, business, capital and liquidity, financial condition, prospects and results of operations;
(5) |  | the risk that an economic downturn and contraction could have a material adverse effect on our capital, financial condition, credit quality, results of operations and future growth, including the risk that the strength of the current economic recovery could be weakened by the impact of COVID-19 and its variants and by current supply chain challenges;
(6) |  | the impact of recent and proposed changes in governmental policy, laws and regulations, including recently enacted laws, regulations and guidance related to government stimulus programs related to the COVID-19 pandemic, proposed and recently enacted changes in monetary policy and in the regulation and taxation of banks and financial institutions, or the interpretation or application thereof and the uncertainty of future implementation and enforcement of these regulations, including the risk of inflationary pressure and interest rate increases;
(7) |  | the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;
(8) |  | risks related to our implementation of core and transformational initiatives, including new lines of business, new products and services, and new technologies and an expansion of our existing business opportunities with a renewed focus on innovation;
(9) |  | risks that our asset quality may deteriorate, our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures, and the risk that we may be unable to obtain full payment in respect of any loan or other receivables;
(10) |  | changes in the interest rate environment, including changes to the federal funds rate to include a negative interest rate environment, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income;
(11) |  | the risk that our current and future information technology system enhancements and operational initiatives may not be successfully implemented, which could negatively impact our operations;
(12) |  | risks related to our business relationships with, and reliance upon, third parties that have strategic partnerships with us or that provide key components of our business infrastructure, including the costs of services and products provided to us by third parties, and risks related to disruptions in service or financial difficulties with a third-party vendor or business relationship;

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(13) |  | the risk that our enterprise risk management framework, our compliance program, or our corporate governance and supervisory oversight functions may not identify or address risks adequately, which may result in unexpected losses;
(14) |  | changes in the cost and availability of funding due to changes in the deposit market and credit market;
(15) |  | risks related to the ability of our operational framework to identify and manage risks associated with our business such as credit risk, compliance risk, reputational risk, and operational risk, including by virtue of our relationships with third-party business partners, as well as our relationship with third-party vendors and other service providers;
(16) |  | our ability to identify and address cyber-security risks such as data security breaches, malware, "denial of service" attacks, "hacking" and identity theft, a failure of which could disrupt our business and result in the disclosure of and/or misuse or misappropriation of confidential or proprietary information, disruption or damage of our systems, increased costs, significant losses, or adverse effects to our reputation;
(17) |  | the risk that we may be exposed to potential losses in the event of fraud and/or theft, or in the event that a third-party vendor, obligor, or business partner fails to pay amounts due to us under that relationship or under any arrangement that we enter into with them;
(18) |  | the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives;
(19) |  | the risks that if economic conditions worsen further or regulatory capital rules are modified, we may be required to undertake initiatives to improve or conserve our capital position;
(20) |  | risks related to the continued use, availability and reliability of LIBOR and the risks related to the transition from LIBOR to any alternate reference rate we may use;
(21) |  | restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Synovus Bank;
(22) |  | our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions;
(23) |  | the risk that we may not be able to identify suitable bank and non-bank acquisition opportunities as part of our growth strategy and even if we are able to identify attractive acquisition opportunities, we may not be able to complete such transactions on favorable terms or realize the anticipated benefits from such acquisitions;
(24) |  | the risk that we could realize losses if we sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets;
(25) |  | risks related to regulatory approval to take certain actions, including any dividends on our common stock or preferred stock, any repurchases of common stock or any other issuance or redemption of any other regulatory capital instruments;
(26) |  | the risk that our concentrated operations in the Southeastern U.S. make us vulnerable to local economic conditions, local weather catastrophes, public health issues, and other external events;
(27) |  | the costs and effects of litigation, investigations or similar matters, or adverse facts and developments related thereto;
(28) |  | risks related to the fluctuation in our stock price and general volatility in the stock market;
(29) |  | the effects of any damages to our reputation resulting from developments related to any of the items identified above; and
(30) |  | other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in "Part II - Item 1A. Risk Factors" of this Report.

For a discussion of these and other risks that may cause actual results to differ from expectations, refer to “Part I - Item 1A. Risk Factors” and other information contained in Synovus' 2020 Form 10-K and our other periodic filings, including quarterly reports on Form 10-Q and current reports on Form 8-K, that we file from time to time with the SEC. All written or oral forward-looking statements that are made by or are attributable to Synovus are expressly qualified by this cautionary notice. You should not place undue reliance on any forward-looking statements since those statements speak only as of the date on which the statements are made. Synovus undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of new information or unanticipated events, except as may otherwise be required by law.
INTRODUCTION AND CORPORATE PROFILE
Synovus Financial Corp. is a financial services company and a registered bank holding company headquartered in Columbus, Georgia. Through its wholly-owned subsidiary, Synovus Bank, a Georgia state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and retail banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium
37

finance, asset-based lending, structured lending, and international banking. Synovus also provides financial planning and investment advisory services through its wholly-owned subsidiaries, Synovus Trust and Synovus Securities, as well as its GLOBALT and Creative Financial Group divisions.
Synovus Bank is positioned in some of the highest growth markets in the Southeast, wi th 285 br anches in Alabama, Florida, Georgia, South Carolina, and Tennessee.
The following financial review summarizes the significant trends, changes in our business, transactions, and other matters affecting Synovus’ results of operations for the three and nine months ended September 30, 2021 and financial condition as of September 30, 2021 and December 31, 2020. This discussion supplements, and should be read in conjunction with, the unaudited interim consolidated financial statements and notes thereto contained elsewhere in this Report and the consolidated financial statements of Synovus, the notes thereto, and management’s discussion and analysis contained in Synovus' 2020 Form 10-K.
Management's Discussion and Analysis of Financial Condition and Results of Operations consists of:
•Discussion of Results of Operations - Reviews Synovus' financial performance, as well as selected balance sheet items, items from the statements of income, significant transactions, and certain key ratios that illustrate Synovus' performance.
•Credit Quality, Capital Resources and Liquidity - Discusses credit quality, market risk, capital resources, and liquidity, as well as performance trends. It also includes a discussion of liquidity policies, how Synovus obtains funding, and related performance.
•Additional Disclosures - Discusses additional important matters including critical accounting policies and non-GAAP financial measures used within this Report.
A reading of each section is important to understand fully our financial performance.
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DISCUSSION OF RESULTS OF OPERATIONS

Table 1 - Consolidated Financial Highlights |  |  |  |  |  |  |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands, except per share data) | 2021 |  | 2020 |  | Change |  | 2021 |  | 2020 |  | Change
Net interest income | $ | 384,917 |  |  | $ | 376,990 |  |  | 2 | % |  | $ | 1,140,634 |  |  | $ | 1,126,816 |  |  | 1 | %
(Reversal of) provision for credit losses | (7,868) |  |  | 43,383 |  |  | (118) |  |  | (51,041) |  |  | 343,956 |  |  | (115) |
Non-interest revenue | 114,955 |  |  | 114,411 |  |  | — |  |  | 332,997 |  |  | 391,752 |  |  | (15) |
Adjusted non-interest revenue(1) | 114,090 |  |  | 114,905 |  |  | (1) |  |  | 332,204 |  |  | 309,907 |  |  | 7 |
Total TE revenue | 500,608 |  |  | 492,357 |  |  | 2 |  |  | 1,475,932 |  |  | 1,521,171 |  |  | (3) |
Adjusted total revenue(1) | 499,743 |  |  | 492,851 |  |  | 1 |  |  | 1,475,139 |  |  | 1,439,326 |  |  | 2 |
Non-interest expense | 267,032 |  |  | 316,655 |  |  | (16) |  |  | 804,697 |  |  | 877,076 |  |  | (8) |
Adjusted non-interest expense(1) | 267,053 |  |  | 267,946 |  |  | — |  |  | 801,104 |  |  | 815,771 |  |  | (2) |
Income before income taxes | 240,708 |  |  | 131,363 |  |  | 83 |  |  | 719,975 |  |  | 297,536 |  |  | 142 |
Net income | 186,773 |  |  | 91,574 |  |  | 104 |  |  | 560,065 |  |  | 223,286 |  |  | 151 |
Net income available to common shareholders | 178,482 |  |  | 83,283 |  |  | 114 |  |  | 535,193 |  |  | 198,414 |  |  | 170 |
Net income per common share, basic | 1.22 |  |  | 0.57 |  |  | 114 |  |  | 3.63 |  |  | 1.35 |  |  | 169 |
Net income per common share, diluted | 1.21 |  |  | 0.56 |  |  | 116 |  |  | 3.59 |  |  | 1.34 |  |  | 168 |
Adjusted net income per common share, diluted(1) | 1.20 |  |  | 0.89 |  |  | 35 |  |  | 3.61 |  |  | 1.32 |  |  | 173 |
Net interest margin(2) | 3.01 | % |  | 3.10 | % |  | (9) | bps |  | 3.02 | % |  | 3.20 | % |  | (18) | bps
Net charge-off ratio(2) | 0.22 |  |  | 0.29 |  |  | (7) |  |  | 0.24 |  |  | 0.25 |  |  | (1) |
Return on average assets(2) | 1.34 |  |  | 0.69 |  |  | 65 |  |  | 1.37 |  |  | 0.58 |  |  | 79 |
Adjusted return on average assets(1)(2) | 1.33 |  |  | 1.05 |  |  | 28 |  |  | 1.37 |  |  | 0.57 |  |  | 80 |
Efficiency ratio-TE | 53.34 |  |  | 64.31 |  |  | (1,097) |  |  | 54.52 |  |  | 57.66 |  |  | (314) |
Adjusted tangible efficiency ratio(1) | 52.96 |  |  | 53.83 |  |  | (87) |  |  | 53.82 |  |  | 56.13 |  |  | (231) |

(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for the applicable reconciliation to the most comparable GAAP measure.
(2) Annualized

| September 30, 2021 |  | June 30, 2021 |  | Sequential Quarter Change |  | September 30, 2020 |  | Year-Over-Year Change
(dollars in thousands)
Loans, net of deferred fees and costs | $ | 38,341,030 |  |  | $ | 38,236,018 |  |  | $ | 105,012 |  |  | $ | 39,549,847 |  |  | $ | (1,208,817) |  |
Total average loans | 37,534,133 |  |  | 38,496,477 |  |  | (962,344) |  |  | 39,762,572 |  |  | (2,228,439) |  |
Total deposits | 47,688,419 |  |  | 47,171,962 |  |  | 516,457 |  |  | 44,665,904 |  |  | 3,022,515 |  |
Core deposits (excludes brokered deposits) | 44,907,718 |  |  | 44,203,000 |  |  | 704,718 |  |  | 40,756,645 |  |  | 4,151,073 |  |
Core transaction deposits (excludes brokered and public fund deposits) | 36,536,788 |  |  | 35,506,980 |  |  | 1,029,808 |  |  | 30,988,237 |  |  | 5,548,551 |  |
Total average deposits | 47,477,217 |  |  | 47,349,646 |  |  | 127,571 |  |  | 44,339,497 |  |  | 3,137,720 |  |
Non-performing assets ratio | 0.45 | % |  | 0.46 | % |  | (1) | bps |  | 0.49 | % |  | (4) |  | bps
Non-performing loans ratio | 0.41 |  |  | 0.42 |  |  | (1) |  |  | 0.43 |  |  | (2) |  |
Past due loans over 90 days | 0.02 |  |  | 0.01 |  |  | 1 |  |  | 0.02 |  |  | — |  |
CET1 capital | $ | 4,276,765 |  |  | $ | 4,214,720 |  |  | $ | 62,045 |  |  | $ | 3,913,402 |  |  | $ | 363,363 |  |
Tier 1 capital | 4,813,910 |  |  | 4,751,865 |  |  | 62,045 |  |  | 4,450,547 |  |  | 363,363 |  |
Total risk-based capital | 5,765,528 |  |  | 5,725,176 |  |  | 40,352 |  |  | 5,536,918 |  |  | 228,610 |  |
CET1 capital ratio | 9.58 | % |  | 9.75 | % |  | (17) | bps |  | 9.30 | % |  | 28 |  | bps
Tier 1 capital ratio | 10.79 |  |  | 11.00 |  |  | (21) |  |  | 10.57 |  |  | 22 |  |
Total risk-based capital ratio | 12.92 |  |  | 13.25 |  |  | (33) |  |  | 13.16 |  |  | (24) |  |
Total shareholders’ equity to total assets ratio | 9.46 |  |  | 9.53 |  |  | (7) |  |  | 9.55 |  |  | (9) |  |
Tangible common equity ratio(1) | 7.68 |  |  | 7.73 |  |  | (5) |  |  | 7.67 |  |  | 1 |  |
Return on average common equity(2) | 14.96 |  |  | 15.40 |  |  | (44) |  |  | 7.28 |  |  | 768 |  |
Adjusted return on average common equity(1)(2) | 14.90 |  |  | 15.50 |  |  | (60) |  |  | 11.48 |  |  | 342 |  |
Adjusted return on average tangible common equity(1)(2) | 16.79 |  |  | 17.52 |  |  | (73) |  |  | 13.24 |  |  | 355 |  |

(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for the applicable reconciliation to the most comparable GAAP measure.
(2) Quarter annualized
39

Executive Summary
Net income available to common shareholders for the third quarter of 2021 was $178.5 million, or $1.21 per diluted common share ($1.20 on an adjusted basis(1)), compared to $83.3 million, or $0.56 per diluted common share ($0.89 adjusted(1)), for the third quarter of 2020. Net income available to common shareholders for the first nine months of 2021 was $535.2 million, or $3.59 per diluted common share ($3.61 adjusted(1)), compared to $198.4 million, or $1.34 per diluted common share ($1.32 adjusted(1)), for the first nine months of 2020. The year-over-year increases for all time periods were impacted by significant improvement in the economic outlook impacting expected credit losses compared to 2020.
Net interest income for the nine months ended September 30, 2021 was $1.14 billion, up $13.8 million compared to the same period in 2020, including $66.5 million in PPP fees during 2021 and $21.1 million in 2020. Net interest margin was down 18 bps over the comparable nine-month period to 3.02%, due primarily to the decline in market interest rates and average growth in investment securities available for sale and interest-bearing funds held at the Federal Reserve Bank. Net interest margin for the third quarter was stable at 3.01%, down 1 bp compared to the second quarter of 2021 with continued pressure from the liquidity environment. We expect that net interest income excluding PPP fees will increase in the remainder of the year, driven by loan growth and deployment of liquidity, which are expected to offset headwinds from continued fixed-rate repricing and the slight reduction in LIBOR.
Non-interest revenue for the third quarter of 2021 was $115.0 million, up $544 thousand, and year-to-date was $333.0 million, down $58.8 million, or 15%, compared to the same periods in 2020. Gains on sales of investment securities of $76.6 million impacted the nine months ended September 30, 2020. Adjusted non-interest revenue(1) for the third quarter of 2021 was down 1% from the third quarter of 2020, primarily due to lower mortgage banking income partially offset by higher core banking fees, brokerage revenue, fiduciary and asset management fees, and capital markets income. Year-to-date adjusted non-interest revenue(1) was up 7% compared to the same period in 2020, largely due to higher core banking fees, fiduciary and asset management fees, and brokerage revenue partially offset by lower mortgage banking income and capital markets income. In the fourth quarter of 2021, we expect adjusted non-interest revenue to decline as broad-based growth is more than offset by continued normalization of mortgage banking income, seasonality of our brokerage business, and third quarter 2021 gains that are not expected to repeat.
Non-interest expense for the third quarter of 2021 was $267.0 million, down $49.6 million, or 16%, and year-to-date was down $72.4 million, or 8%, compared to the same periods in 2020. Goodwill impairment expense of $44.9 million impacted the three and nine months ended September 30, 2020. Adjusted non-interest expense(1) declined in 2021 primarily due to 2020 being impacted by higher expense associated with Synovus Forward as well as a 5% reduction in headcount year-over-year, which primarily came from back-office support functions and offset other personnel expense increases. The efficiency ratio-TE for the first nine months of 2021 was 54.52%, compared to 57.66% for the first nine months of 2020. We remain committed to prudent expense management, enabling us to continue investing in areas that position us for greater success, deliver a superior client experience, and promote profitable growth.
At September 30, 2021, loans, net of deferred fees and costs, of $38.34 billion, increased $88.0 million from December 31, 2020. C&I loans declined $585.4 million, with net growth offsetting a $1.41 billion decline in PPP loans, CRE loans increased $214.6 million, and consumer loans increased $458.9 million, led by purchases of $1.49 billion in third-party lending loans, offset by declines in consumer mortgages and HELOCs. While payoff activity remains a significant headwind, recent production, client conversations, and our loan pipeline lead us to expect loan growth to be in the lower half of our initial 2021 guidance of 2%-4%, which excludes PPP and third-party lending loans.
Credit metrics remained stable and near historical lows as of September 30, 2021 with NPAs at 45 bps, NPLs at 41 bps, and total past dues at 16 bps, as a percentage of total loans, and YTD net charge-offs at 24 bps annualized. We expect net charge-offs to remain relatively stable and criticized and classified loans to continue to decline in the fourth quarter of 2021, assuming no material change in the economic environment. The ACL at September 30, 2021 totaled $535.2 million, a decrease of $118.3 million from December 31, 2020, resulting from an improving overall economic outlook. The ACL to loans coverage ratio at September 30, 2021 was 1.40%.
Total period-end deposits at September 30, 2021 increased $996.8 million, or 2%, compared to December 31, 2020. Core transaction deposits increased $3.78 billion, or 12%, compared to December 31, 2020, largely due to government stimulus programs including deposits associated with PPP loans. Total deposit costs continued their downward trend to 13 bps during the third quarter of 2021, due to repricing and intentional, strategic remixing to reduce higher cost deposits.
At September 30, 2021, Synovus' CET1 ratio was 9.58%, well in excess of regulatory requirements. Synovus announced on January 26, 2021 that its Board of Directors authorized share repurchases of up to $200 million in 2021. Through September 30, 2021, Synovus has repurchased $167.1 million, or 3.7 million shares of its common stock, at an average price of $44.88 per share. Based on current conditions and economic outlook, we expect to complete the full authorization in the fourth quarter of 2021.
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More detail on Synovus' financial results for the three and nine months ended September 30, 2021 may be found in subsequent sections of "Item 2. – Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Report. See also "Item 1A. – Risk Factors" of this Report.
(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to the most comparable GAAP measure.
41

Changes in Financial Condition
During the nine months ended September 30, 2021, total assets increased $1.11 billion to $55.51 billion. We deployed excess liquidity as cash and cash equivalents decreased $1.57 billion, investment securities available for sale increased $2.52 billion, and total loans increased $88.0 million with C&I growth offset by PPP loan forgiveness, and elevated pay-offs in consumer mortgages and HELOCs were more than offset by purchases of $1.49 billion in third-party lending loans. The loan to deposit ratio was 80.4% at September 30, 2021, lower as compared to 81.9% at December 31, 2020, and 88.6% at September 30, 2020, primarily due to excess liquidity from various government stimulus efforts that have supported deposit growth while somewhat muting the demand for credit.
Total shareholders' equity at September 30, 2021 increased $91.5 million compared to December 31, 2020 and included net income of $560.1 million, partially offset by dividends declared on common and preferred stock of $145.8 million and $24.9 million, respectively, net changes in unrealized losses in investment securities available for sale and cash flow hedges of $128.5 million and $35.6 million, respectively, and share repurchases of $167.1 million.
Loans
The following table compares the composition of the loan portfolio at September 30, 2021, December 31, 2020, and September 30, 2020.

Table 2 - Loans by Portfolio Class |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | September 30, 2021 vs. December 31, 2020 Change |  |  |  |  |  | September 30, 2021 vs. September 30, 2020 Change
(dollars in thousands) | September 30, 2021 |  | December 31, 2020 |  |  | September 30, 2020 |
Commercial, financial and agricultural | $ | 11,771,037 |  |  | 30.7 | % |  | $ | 12,410,152 |  |  | 32.4 | % |  | $ | (639,115) |  |  | (5) | % |  | $ | 12,931,095 |  |  | 32.7 | % |  | $ | (1,160,058) |  |  | (9) | %
Owner-occupied | 7,163,751 |  |  | 18.7 |  |  | 7,110,016 |  |  | 18.6 |  |  | 53,735 |  |  | 1 |  |  | 7,192,543 |  |  | 18.2 |  |  | (28,792) |  |  | — |
Total commercial and industrial | 18,934,788 |  |  | 49.4 |  |  | 19,520,168 |  |  | 51.0 |  |  | (585,380) |  |  | (3) |  |  | 20,123,638 |  |  | 50.9 |  |  | (1,188,850) |  |  | (6) |
Investment properties | 9,448,463 |  |  | 24.7 |  |  | 9,103,379 |  |  | 23.8 |  |  | 345,084 |  |  | 4 |  |  | 9,434,208 |  |  | 23.8 |  |  | 14,255 |  |  | — |
1-4 family properties | 613,874 |  |  | 1.6 |  |  | 628,695 |  |  | 1.6 |  |  | (14,821) |  |  | (2) |  |  | 654,750 |  |  | 1.7 |  |  | (40,876) |  |  | (6) |
Land and development | 477,923 |  |  | 1.2 |  |  | 593,633 |  |  | 1.6 |  |  | (115,710) |  |  | (19) |  |  | 647,105 |  |  | 1.6 |  |  | (169,182) |  |  | (26) |
Total commercial real estate | 10,540,260 |  |  | 27.5 |  |  | 10,325,707 |  |  | 27.0 |  |  | 214,553 |  |  | 2 |  |  | 10,736,063 |  |  | 27.1 |  |  | (195,803) |  |  | (2) |
Consumer mortgages | 5,108,499 |  |  | 13.3 |  |  | 5,513,491 |  |  | 14.4 |  |  | (404,992) |  |  | (7) |  |  | 5,664,686 |  |  | 14.3 |  |  | (556,187) |  |  | (10) |
Home equity lines | 1,308,254 |  |  | 3.4 |  |  | 1,537,726 |  |  | 4.0 |  |  | (229,472) |  |  | (15) |  |  | 1,629,482 |  |  | 4.1 |  |  | (321,228) |  |  | (20) |
Credit cards | 293,026 |  |  | 0.8 |  |  | 281,018 |  |  | 0.7 |  |  | 12,008 |  |  | 4 |  |  | 264,829 |  |  | 0.7 |  |  | 28,197 |  |  | 11 |
Other consumer loans | 2,156,203 |  |  | 5.6 |  |  | 1,074,874 |  |  | 2.9 |  |  | 1,081,329 |  |  | 101 |  |  | 1,131,149 |  |  | 2.9 |  |  | 1,025,054 |  |  | 91 |
Total consumer | 8,865,982 |  |  | 23.1 |  |  | 8,407,109 |  |  | 22.0 |  |  | 458,873 |  |  | 5 |  |  | 8,690,146 |  |  | 22.0 |  |  | 175,836 |  |  | 2 |
Loans, net of deferred fees and costs | $ | 38,341,030 |  |  | 100.0 | % |  | $ | 38,252,984 |  |  | 100.0 | % |  | $ | 88,046 |  |  | — | % |  | $ | 39,549,847 |  |  | 100.0 | % |  | $ | (1,208,817) |  |  | (3) | %

At September 30, 2021, loans, net of deferred fees and costs, of $38.34 billion, increased from December 31, 2020. C&I loans declined but included a $1.41 billion decline in PPP loans primarily from forgiveness, CRE increased, and consumer loans increased as well, led by other consumer growth primarily from purchases of third-party lending loans. Declines in consumer mortgages and HELOCs, which were primarily the continued result of excess consumer liquidity and accelerated prepayment activity, partially offset the growth in other consumer loans. While payoff activity remains a significant headwind, recent production, client conversations, and our loan pipeline lead us to expect loan growth to be in the lower half of our initial 2021 guidance of 2%-4%, which excludes PPP and third-party lending loans.
C&I loans remain the largest component of our loan portfolio, representing 49.4% of total loans, while CRE and consumer loans represent 27.5% and 23.1%, respectively. Our portfolio composition is established through a comprehensive concentration management policy which sets limits for C&I, CRE, and consumer loan levels as well as for sub-categories therein.
U.S. Small Business Administration Paycheck Protection Program (PPP)
Synovus is participating in the PPP, which is a loan program that originated from the CARES Act and was subsequently expanded by the Paycheck Protection Program and Health Care Enhancement Act, which was signed into law on April 24, 2020. The total balance of all PPP loans was $782.2 million as of September 30, 2021, compared to $2.19 billion as of December 31, 2020. The table below provides additional information on PPP loans.
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| September 30, 2021
| Applications |  | Loan Balances
(in millions, except count data ) | Approximate Count |  | Balance |  | Fundings |  | 3Q21 Forgiveness |  | Total Life-to-Date Forgiveness |  | End of Period, Net of Unearned Fees and Costs(1)
Phase 1- 2020 Originations | 19,000 |  |  | $ | 2,958 |  |  | $ | 2,886 |  |  | $ | 544 |  |  | $ | 2,676 |  |  | $ | 105 |
Phase 2- 2021 Originations | 11,000 |  |  | 1,135 |  |  | 1,047 |  |  | 295 |  |  | 341 |  |  | 677
Total | 30,000 |  |  | $ | 4,093 |  |  | $ | 3,933 |  |  | $ | 839 |  |  | $ | 3,017 |  |  | $ | 782 |

(1) Equals fundings less forgiveness, pay-downs/pay-offs, and unearned net fees.

(dollars in millions) |  | Total Net Fees |  | Percent of Fundings |  | 3Q21 Recognized Net Fees |  | Total Recognized Net Fees |  | Total Unrecognized or Remaining Net Fees |  | Contractual Maturity
Phase 1- 2020 Originations |  | $ | 94.9 |  |  | 3.3 | % |  | $ | 7.9 |  |  | $ | 94.3 |  |  | $ | 0.6 |  |  | 2 years
Phase 2- 2021 Originations |  | 43.6 |  |  | 4.2 |  |  | 13.4 |  |  | 18.2 |  |  | 25.4 |  |  | 5 years
Total |  | $ | 138.5 |  |  | 3.5 | % |  | $ | 21.3 |  |  | $ | 112.5 |  |  | $ | 26.0 |  |  |

Commercial Loans
Total commercial loans (which are comprised of C&I and CRE loans) at September 30, 2021 were $29.48 billion, or 76.9%, of the total loan portfolio, compared to $29.85 billion, or 78.0%, at December 31, 2020.
Commercial and Industrial Loans
The C&I loan portfolio represents the largest category of Synovus' loan portfolio and is primarily comprised of general middle market and commercial banking clients across a wide range of industries. The following table shows the composition of the C&I loan portfolio aggregated by NAICS code. 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. As of September 30, 2021, 90.7% (94.6% excluding PPP loans) of Synovus' C&I loans are secured by real estate, business equipment, inventory, and other types of collateral compared to 83.2% (93.8% excluding PPP loans) as of December 31, 2020. C&I loans at September 30, 2021 decreased from December 31, 2020, primarily due to PPP forgiveness. Excluding PPP loans, C&I loans grew $825.6 million, propelled by increased funded commercial loan production, particularly in the finance and insurance and health care and social assistance industries.
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Table 3 - Commercial and Industrial Loans by Industry
| September 30, 2021 |  | December 31, 2020
(dollars in thousands) | Amount |  | %(1) |  | Amount |  | %(1)
Health care and social assistance | $ | 3,960,864 |  |  | 20.9 | % |  | $ | 3,878,450 |  |  | 19.9 | %
Finance and insurance | 2,174,226 |  |  | 11.5 |  |  | 1,680,094 |  |  | 8.6 |
Retail trade | 1,207,224 |  |  | 6.4 |  |  | 1,279,813 |  |  | 6.6 |
Accommodation and food services | 1,182,462 |  |  | 6.2 |  |  | 1,213,524 |  |  | 6.2 |
Manufacturing | 1,170,113 |  |  | 6.2 |  |  | 1,243,290 |  |  | 6.4 |
Wholesale trade | 1,153,011 |  |  | 6.1 |  |  | 1,236,137 |  |  | 6.3 |
Real estate and rental and leasing | 1,108,166 |  |  | 5.9 |  |  | 1,134,023 |  |  | 5.8 |
Other services | 1,014,838 |  |  | 5.4 |  |  | 1,144,023 |  |  | 5.9 |
Construction | 1,000,458 |  |  | 5.3 |  |  | 1,065,633 |  |  | 5.5 |
Professional, scientific, and technical services | 953,872 |  |  | 5.0 |  |  | 1,144,939 |  |  | 5.9 |
Transportation and warehousing | 838,127 |  |  | 4.4 |  |  | 843,294 |  |  | 4.3 |
Real estate other | 714,158 |  |  | 3.8 |  |  | 723,241 |  |  | 3.7 |
Arts, entertainment, and recreation | 564,276 |  |  | 3.0 |  |  | 779,282 |  |  | 4.0 |
Educational services | 430,652 |  |  | 2.3 |  |  | 398,949 |  |  | 2.0 |
Public Administration | 406,093 |  |  | 2.1 |  |  | 432,519 |  |  | 2.2 |
Agriculture, forestry, fishing, and hunting | 306,096 |  |  | 1.6 |  |  | 385,337 |  |  | 2.0 |
Administration, support, waste management, and remediation | 257,444 |  |  | 1.4 |  |  | 352,812 |  |  | 1.8 |
Other industries | 251,938 |  |  | 1.2 |  |  | 296,487 |  |  | 1.4 |
Information | 240,770 |  |  | 1.3 |  |  | 288,321 |  |  | 1.5 |
Total commercial and industrial loans | $ | 18,934,788 |  |  | 100.0 | % |  | $ | 19,520,168 |  |  | 100.0 | %

(1) Loan balance in each category expressed as a percentage of total C&I loans.
At September 30, 2021, $11.77 billion of C&I loans, or 30.7% of the total loan portfolio, represented loans originated for the purpose of financing commercial, financial and agricultural business activities. The primary source of repayment on these loans is revenue generated from products or services offered by the business or organization. The secondary source of repayment is the collateral, which consists primarily of equipment, inventory, accounts receivable, time deposits, cash surrender value of life insurance, and other business assets.
At September 30, 2021, $7.16 billion of C&I loans, or 18.7% of the total loan portfolio, represented loans originated for the purpose of financing owner-occupied properties. The financing of owner-occupied facilities is considered a C&I loan even though there is improved real estate as collateral. This treatment is a result of the credit decision process, which focuses on cash flow from operations of the business to repay the debt. The secondary source of repayment on these loans is the underlying real estate. These loans are predominately secured by owner-occupied and other real estate, and to a lesser extent, other types of collateral.
Commercial Real Estate Loans
CRE loans consist primarily of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Total CRE loans of $10.54 billion increased from December 31, 2020 as higher funded loan production drove the growth but was partially offset by elevated pay-off activity.
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. Total investment properties loans as of September 30, 2021 were $9.45 billion, or 89.6% of the CRE loan portfolio, and increased from December 31, 2020, with increases in the other investment property and office buildings sub-categories, partially offset by a decline in shopping centers and warehouses.
1-4 Family Properties Loans
1-4 family properties loans include construction loans to home builders 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. At September 30, 2021, 1-4 family properties loans totaled $613.9 million, or 5.8% of the CRE loan portfolio, and decreased slightly from December 31, 2020.
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Land and Development Loans
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). Land and development loans of $477.9 million at September 30, 2021 continued to decline from December 31, 2020.
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 both secured and unsecured loans from third-party lending. As of September 30, 2021, weighted-average FICO scores within the residential real estate portfolio based on committed balances were 776 for consumer mortgages and 791 for HELOCs.
Consumer loans at September 30, 2021 of $8.87 billion increased compared to December 31, 2020. Consumer mortgages and HELOCs both decreased from December 31, 2020 as these reductions continue to result primarily from accelerated prepayment activity and excess consumer liquidity. Credit card loans of $293.0 million at September 30, 2021 increased slightly from $281.0 million at December 31, 2020. Other consumer loans, which primarily includes third-party lending, increased from December 31, 2020, and as of September 30, 2021, third-party lending balances totaled $1.72 billion, or 4.5%, of the total loan portfolio, and increased $1.04 billion, or 154%, compared to December 31, 2020, led by purchases of $1.49 billion of third-party lending loans, partially offset by payment activity. Growth in this portfolio is predicated on overall balance sheet dynamics including capital, liquidity, and client loan growth.
Deposits
Deposits provide the most significant funding source for interest earning assets. The following table shows the composition of period-end deposits as of the dates indicated. See Table 11 - Average Balances and Yields/Rates in this Report for information on average deposits including average rates.

Table 4 - Composition of Period-end Deposits |  |  |  |  |  |  |  |
(dollars in thousands) | September 30, 2021 |  | %(1) |  |  | December 31, 2020 |  | %(1) |  | September 30, 2020 |  | %(1)
Non-interest-bearing demand deposits(2) | $ | 14,832,942 |  |  | 31.1 | % |  |  | $ | 12,382,708 |  |  | 26.5 | % |  | $ | 12,129,777 |  |  | 27.2 | %
Interest-bearing demand deposits(2) | 6,055,984 |  |  | 12.7 |  |  |  | 5,674,416 |  |  | 12.2 |  |  | 5,291,135 |  |  | 11.8 |
Money market accounts(2) | 14,267,443 |  |  | 29.9 |  |  |  | 13,541,236 |  |  | 29.0 |  |  | 12,441,340 |  |  | 27.8 |
Savings deposits(2) | 1,380,419 |  |  | 2.9 |  |  |  | 1,156,249 |  |  | 2.5 |  |  | 1,125,985 |  |  | 2.5 |
Public funds | 5,791,586 |  |  | 12.2 |  |  |  | 6,760,628 |  |  | 14.5 |  |  | 5,791,944 |  |  | 13.0 |
Time deposits(2) | 2,579,344 |  |  | 5.4 |  |  |  | 3,605,928 |  |  | 7.7 |  |  | 3,976,464 |  |  | 8.9 |
Brokered deposits | 2,780,701 |  |  | 5.8 |  |  |  | 3,570,406 |  |  | 7.6 |  |  | 3,909,259 |  |  | 8.8 |
Total deposits | $ | 47,688,419 |  |  | 100.0 | % |  |  | $ | 46,691,571 |  |  | 100.0 | % |  | $ | 44,665,904 |  |  | 100.0 | %
Core deposits(3) | $ | 44,907,718 |  |  | 94.2 | % |  |  | $ | 43,121,165 |  |  | 92.4 | % |  | $ | 40,756,645 |  |  | 91.2 | %
Core transaction deposits(4) | $ | 36,536,788 |  |  | 76.6 | % |  |  | $ | 32,754,609 |  |  | 70.2 | % |  | $ | 30,988,237 |  |  | 69.4 | %
Time deposits greater than $100,000, including brokered and public funds | $ | 3,252,537 |  |  | 6.8 | % |  |  | $ | 4,748,029 |  |  | 10.2 | % |  | $ | 5,478,221 |  |  | 12.3 | %
Brokered time deposits | $ | 951,868 |  |  | 2.0 | % |  |  | $ | 1,590,096 |  |  | 3.4 | % |  | $ | 1,996,133 |  |  | 4.5 | %

(1) Deposits balance in each category expressed as percentage of total deposits.
(2) Excluding any public funds or brokered deposits.
(3) Core deposits exclude brokered deposits.
(4) Core transaction deposits consist of non-interest-bearing demand deposits, interest-bearing demand deposits, money market accounts, and savings deposits excluding public funds and brokered deposits.
Total period-end deposits at September 30, 2021 increased $996.8 million, or 2%, compared to December 31, 2020. Core transaction deposits increased $3.78 billion, or 12%, compared to December 31, 2020. On a year-to-date average basis, the increase in total deposits was $4.06 billion, or 9%, compared to December 31, 2020. The increases in deposit balances on both a period-end and average basis compared to December 31, 2020 are due largely to government stimulus programs including deposits associated with the second phase of PPP loans. Total deposit costs of 13 bps during the third quarter of 2021 declined 3 bps on a linked quarter basis and have steadily declined over the past 5 quarters as shown in Table 11 - Average Balances and Yields/Rates in this Report due to repricing and intentional, strategic remixing to reduce higher cost deposits.
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Non-interest Revenue
Non-interest revenue for the third quarter of 2021 was $115.0 million, up $544 thousand, and year-to-date was $333.0 million, down $58.8 million, or 15%, compared to the same periods in 2020. Gains on sales of investment securities of $76.6 million impacted the nine months ended September 30, 2020. Adjusted non-interest revenue(1) for the third quarter of 2021 was $114.1 million, down $815 thousand, or 1%, from the third quarter of 2020 primarily due to lower mortgage banking income partially offset by higher core banking fees, brokerage revenue, fiduciary and asset management fees, and capital markets income. Year-to-date adjusted non-interest revenue(1) was $332.2 million, up $22.3 million, or 7%, compared to the same period in 2020 largely due to higher core banking fees, fiduciary and asset management fees, and brokerage revenue partially offset by lower mortgage banking income and capital markets income. In the fourth quarter of 2021, we expect adjusted non-interest revenue to decline as broad-based growth is more than offset by continued normalization of mortgage banking income, seasonality of our brokerage business, and third quarter 2021 gains that are not expected to repeat.
(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to GAAP measures.
The following table shows the principal components of non-interest revenue.

Table 5 - Non-interest Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2021 |  | 2020 |  | $ Change |  | % Change |  | 2021 |  | 2020 |  | $ Change |  | % Change
Service charges on deposit accounts (1) | $ | 22,641 |  |  | $ | 17,813 |  |  | $ | 4,828 |  |  | 27 | % |  | $ | 64,089 |  |  | $ | 54,069 |  |  | $ | 10,020 |  |  | 19 | %
Fiduciary and asset management fees | 19,786 |  |  | 15,885 |  |  | 3,901 |  |  | 25 |  |  | 56,545 |  |  | 46,009 |  |  | 10,536 |  |  | 23 |
Card fees (1) | 13,238 |  |  | 10,823 |  |  | 2,415 |  |  | 22 |  |  | 38,538 |  |  | 30,959 |  |  | 7,579 |  |  | 24 |
Brokerage revenue | 14,745 |  |  | 10,604 |  |  | 4,141 |  |  | 39 |  |  | 41,644 |  |  | 32,987 |  |  | 8,657 |  |  | 26 |
Mortgage banking income | 11,155 |  |  | 31,229 |  |  | (20,074) |  |  | (64) |  |  | 47,312 |  |  | 66,987 |  |  | (19,675) |  |  | (29) |
Capital markets income | 8,089 |  |  | 5,690 |  |  | 2,399 |  |  | 42 |  |  | 18,929 |  |  | 22,984 |  |  | (4,055) |  |  | (18) |
Income from bank-owned life insurance | 6,820 |  |  | 7,778 |  |  | (958) |  |  | (12) |  |  | 22,851 |  |  | 21,572 |  |  | 1,279 |  |  | 6 |
Investment securities gains (losses), net | 962 |  |  | (1,550) |  |  | 2,512 |  |  | nm |  | (1,028) |  |  | 76,594 |  |  | (77,622) |  |  | nm
Other non-interest revenue(1) | 17,519 |  |  | 16,139 |  |  | 1,380 |  |  | 9 |  |  | 44,117 |  |  | 39,591 |  |  | 4,526 |  |  | 11 |
Total non-interest revenue | $ | 114,955 |  |  | $ | 114,411 |  |  | $ | 544 |  |  | — | % |  | $ | 332,997 |  |  | $ | 391,752 |  |  | $ | (58,755) |  |  | (15) | %
Core banking fees (1) | $ | 44,345 |  |  | $ | 34,338 |  |  | $ | 10,007 |  |  | 29 | % |  | $ | 123,964 |  |  | $ | 100,917 |  |  | $ | 23,047 |  |  | 23 | %

(1) Service charges on deposit accounts, card fees, and other non-interest revenue components including letter of credit fees, ATM fees income, line of credit non-usage fees, gains from sales of government guaranteed loans, and miscellaneous other service charges.
Three and Nine Months Ended September 30, 2021 compared to September 30, 2020
Service charges on deposit accounts, consisting of NSF fees, account analysis fees, and all other service charges, for the three and nine months ended September 30, 2021 were up due largely to higher account analysis fees, which were up $2.6 million, or 35%, and $8.0 million, or 38%, respectively, f ollowing our pricing for value Synovus Forward initiative implemented during the first quarter of 2021. NSF fees for the nine months ended September 30, 2021 and 2020 comprised 30% and 36%, respectively, of service charges on deposit accounts and 6% and 5%, respectively, of total non-interest revenue. A ll other service charges on deposit accounts, which consist primarily of monthly fees on retail demand deposits, saving accounts, and small business accounts, for the three and nine months ended September 30, 2021, were up $1.0 million, or 22%, and $2.2 million, or 16%, respectively.
Fiduciary and asset management fees are derived from providing estate administration, personal trust, corporate trust, corporate bond, investment management, financial planning, and family office services. The increase in fiduciary and asset management fees for the three and nine months ended September 30, 2021 was driven by growth in total assets under management which increased by 21% from September 30, 2020 to $21.23 billion at September 30, 2021.
Card fees consist primarily of credit card interchange fees, debit card interchange fees, and merchant discounts. Card fees are reported net of certain associated expense items including client loyalty program expenses and network expenses. Card fees for the three and nine months ended September 30, 2021 were up with increased transaction volume in all card fee categories.
Brokerage revenue consists primarily of brokerage commissions as well as advisory fees earned from the management of client assets. Brokerage revenue for the three and nine months ended September 30, 2021 increased over the prior year comparable periods and was driven by growth in assets under management and higher transaction revenue from favorable market conditions.
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Mortgage banking income was significantly lower for the third quarter of 2021 compared to the three months ended September 30, 2020 with the decline driven by lower gains on sale and lower secondary production. The year-to-date decline was largely a result of lower secondary revenue in addition to lower secondary production. Total secondary market mortgage loan production was $343.0 million, down $310.8 million, or 48%, and $1.34 billion, down $205.4 million, or 13%, for the three and nine months ended September 30, 2021, respectively.
Capital markets income primarily includes fee income from client derivative transactions. Additionally, capital markets income includes fee income from capital raising investment banking transactions and foreign exchange as well as other miscellaneous income from capital market transactions. The increase for the three months ended September 30, 2021 primarily resulted from $1.4 million higher loan syndication arranger fees and $0.9 million higher fees on client derivative transactions. The decrease for the nine months ended September 30, 2021 was primarily a result of a $6.1 million decrease in fees on client derivative transactions as commercial client activity to lock in lower rates was elevated in 2020, partially offset by a $1.6 million increase in loan syndication arranger fees.
Income from BOLI includes increases in the cash surrender value of policies and proceeds from insurance benefits. The decrease for the three months ended September 30, 2021 primarily related to $557 thousand in proceeds from insurance benefits in the third quarter of 2020 while the year-to-date increase was driven by a $1.3 million increase in proceeds from insurance benefits.
Investment securities losses, net, of $1.0 million for the nine months ended September 30, 2021 reflected strategic sales of mortgage-backed securities. Investment securities gains, net, of $76.6 million for the nine months ended September 30, 2020 reflected strategic repositioning of the portfolio primarily during the latter part of the second quarter of 2020 to respond to the impact of market rate declines.
The main components of other non-interest revenue are fees for letters of credit and unused lines of credit, safe deposit box fees, access fees for ATM use, other service charges and loan servicing fees, income from insurance commissions, gains from sales of GGL/SBA loans, and other miscellaneous items. The nine months ended September 30, 2021 included increases in income related to investments in LIHTC and solar energy tax credit partnerships of $2.7 million and $2.0 million, respectively, a $2.5 million increase in other service charges primarily from higher unused line of credit fees, and a $2.0 million increase in insurance revenue as compared to 2020. The nine months ended September 30, 2020 included $4.5 million in realized gains from the sale of positions in two publicly-traded equity investments, a sale-leaseback gain of $2.4 million, and a gain of $2.5 million from the sale of non-relationship mortgage loans.
Non-interest Expense
Non-interest expense for the third quarter of 2021 was $267.0 million, down $49.6 million, or 16%, and year-to-date was down $72.4 million, or 8%, compared to the same periods in 2020. Goodwill impairment expense of $44.9 million impacted the three and nine months ended September 30, 2020. Adjusted non-interest expense of $267.1 million was down $893 thousand, and year-to-date was down $14.7 million, or 2%. The decline in adjusted non-interest expense during 2021 was primarily due to 2020 being impacted by higher expense associated with Synovus Forward as well as a 5% reduction in headcount year-over-year, which primarily came from back-office support functions and offset other personnel expense increases. The adjusted tangible efficiency ratio for the first nine months of 2021 was 53.82%, down 231 bps compared to the same period a year ago. We remain committed to prudent expense management, enabling us to continue investing in areas that position us for greater success, deliver a superior client experience, and promote profitable growth. See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to GAAP measures.
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The following table summarizes the components of non-interest expense.

Table 6 - Non-interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2021 |  | 2020 |  | $ Change |  | % Change |  | 2021 |  | 2020 |  | $ Change |  | % Change
Salaries and other personnel expense | $ | 160,364 |  |  | $ | 154,994 |  |  | $ | 5,370 |  |  | 3 | % |  | $ | 482,408 |  |  | $ | 464,268 |  |  | $ | 18,140 |  |  | 4 | %
Net occupancy, equipment, and software expense | 43,483 |  |  | 41,554 |  |  | 1,929 |  |  | 5 |  |  | 126,442 |  |  | 125,475 |  |  | 967 |  |  | 1 |
Third-party processing and other services | 19,446 |  |  | 21,827 |  |  | (2,381) |  |  | (11) |  |  | 63,897 |  |  | 67,193 |  |  | (3,296) |  |  | (5) |
Professional fees | 6,739 |  |  | 13,377 |  |  | (6,638) |  |  | (50) |  |  | 23,771 |  |  | 39,358 |  |  | (15,587) |  |  | (40) |
FDIC insurance and other regulatory fees | 5,212 |  |  | 6,793 |  |  | (1,581) |  |  | (23) |  |  | 16,338 |  |  | 18,922 |  |  | (2,584) |  |  | (14) |
Goodwill impairment | — |  |  | 44,877 |  |  | (44,877) |  |  | nm |  | — |  |  | 44,877 |  |  | (44,877) |  |  | nm
Earnout liability adjustments | (243) |  |  | — |  |  | (243) |  |  | nm |  | 507 |  |  | 4,908 |  |  | (4,401) |  |  | nm
Amortization of intangibles | 2,379 |  |  | 2,640 |  |  | (261) |  |  | (10) |  |  | 7,137 |  |  | 7,920 |  |  | (783) |  |  | (10) |
Restructuring charges | 319 |  |  | 2,882 |  |  | (2,563) |  |  | nm |  | 1,265 |  |  | 8,924 |  |  | (7,659) |  |  | nm
Loss on early extinguishment of debt | — |  |  | 154 |  |  | (154) |  |  | nm |  | — |  |  | 2,057 |  |  | (2,057) |  |  | nm
Other operating expenses | 29,333 |  |  | 27,557 |  |  | 1,776 |  |  | 6 |  |  | 82,932 |  |  | 93,174 |  |  | (10,242) |  |  | (11) |
Total non-interest expense | $ | 267,032 |  |  | $ | 316,655 |  |  | $ | (49,623) |  |  | (16) | % |  | $ | 804,697 |  |  | $ | 877,076 |  |  | $ | (72,379) |  |  | (8) | %

Three and Nine Months Ended September 30, 2021 compared to September 30, 2020
Salaries and other personnel expense increased for the three and nine months ended September 30, 2021 with the increase for the three months ended September 30, 2021 being mostly due to an increase in incentive compensation and bonus accruals due to higher than expected performance, higher employee insurance from increased claims, and higher temporary help, partially offset by lower salary expense. The increase for the nine months ended September 30, 2021 was due primarily to higher share-based compensation expense largely due to timing with a higher level of retirement eligible expense acceleration, an increase in bonus accruals due to higher than expected performance, higher employee insurance from increased claims, and higher temporary help, partially offset by lower salary expense. Total headcount of 5,059 declined 288, or 5%, from September 30, 2020, led by Synovus' voluntary early retirement program offered during the fourth quarter of 2020 and branch closures.
Net occupancy, equipment, and software expense increased on a quarter-over-quarter basis and comparatively year-to-date due primarily to continued investments in technology partially offset by savings from branch closures.
Third-party processing and other services include all third-party core operating system and processing charges as well as third-party loan servicing charges. Third-party processing expense decreased for the three and nine months ended September 30, 2021. The quarter-over-quarter decrease was largely a result of lower information-technology related expense and Synovus' restructure of certain of its third-party consumer-based lending partnership arrangements during the second quarter of 2020 with a shift of new originations to held for sale. The decline for the nine months ended September 30, 2021 was primarily associated with the aforementioned restructure of certain of its third-party consumer-based lending partnership arrangements and lower information-technology related expense partially offset by expenses associated with PPP loan forgiveness.
Professional fees decreased for the three and nine months ended September 30, 2021 from decreases in consulting fees related to Synovus Forward.
FDIC insurance and other regulatory fees decreased for the three and nine months ended September 30, 2021, reflecting lower assessment rate primarily due to overall elevated liquidity and subordinated debt issued by Synovus Bank in the fourth quarter of 2020.
During the three months ended September 30, 2020, Synovus recognized a $44.9 million non-cash goodwill impairment charge representing the goodwill allocated to the Consumer Mortgage reporting unit resulting from a combination of factors, including the extended duration of lower market valuations, high volumes in refinance activity that have reduced mortgage yields, and the clarity around longer term policy actions designed to keep interest rates low.
Earnout liability fair value adjustments in 2020 associated with the Global One acquisition were the result of higher than projected earnings and higher earnings estimates over the remaining contractual earnout period, reflecting the continued success of the Global One enterprise. The earnout period ended on June 30, 2021, and the final earnout payment occurred during the three months ended September 30, 2021.
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During the three and nine months ended September 30, 2021 and 2020, Synovus recorded restructuring charges related to branch closures and restructuring of corporate real estate as part of the Synovus Forward initiative. Twelve branches were closed in 2020, and four branches have been closed year-to-date in 2021, in addition to 4 additional branches expected to close during the fourth quarter of 2021.
Other operating expenses includes advertising, travel, insurance, network and communication, other taxes, subscriptions and dues, other loan and ORE expense, postage and freight, training, business development, supplies, donations, and other miscellaneous expenses. Other operating expenses were up for the three months ended September 30, 2021 and were down for the nine months ended September 30, 2021. Period over period fluctuations are primarily related to certain expenses or losses not expected to recur rather than changes in trends. Other operating expenses for the nine months ended September 30, 2020 also included a $2.7 million valuation adjustment on a MPS receivable and a $2.5 million charge from termination of client swaps.
Income Tax Expense
Income tax expense was $159.9 million for the nine months ended September 30, 2021, representing an effective tax rate of 22.2%, compared to income tax expense of $74.3 million for the nine months ended September 30, 2020, representing an effective tax rate of 25.0%. The effective tax rate for the nine months ended September 30, 2021 includes discrete benefits of $3.3 million related to changes in amounts taxable by jurisdictions and $2.6 million related to share-based compensation, partially offset by discrete expense of $3.8 million related to other accrual adjustments. The effective tax rate for the nine months ended September 30, 2020 reflected the impact of a non-deductible goodwill impairment charge recognized during the third quarter of 2020, partially offset by discrete benefits of $2.7 million for the carryback of net operating loss deductions as permitted by the CARES Act, and $2.3 million of other discrete benefit items, including items related to prior periods.
Synovus’ effective tax rate considers many factors including, but not limited to, the level of pre-tax income, BOLI, tax-exempt interest, certain income tax credits, and nondeductible expenses. In addition, the effective tax rate is affected by items that may occur in any given period but are not consistent from period-to-period, such as tax benefits related to share-based compensation, jurisdiction statutory tax rate changes, valuation allowance changes, and changes to unrecognized tax benefits. Accordingly, the comparability of the effective tax rate between periods may be impacted.
Over the course of the past year, the Biden Administration has publicly discussed numerous potential changes to the tax code to fund its Build Back Better agenda, including changes in corporate taxation. We continue to monitor the legislative process and the potential impact to the Company and its clients.
CREDIT QUALITY, CAPITAL RESOURCES AND LIQUIDITY
Credit Quality
Synovus continuously monitors the quality of its loan portfolio by industry, property type, geography, as well as credit quality metrics. At September 30, 2021, credit metrics remained stable and near historical lows with NPAs at 45 bps, NPLs at 41 bps, and total past dues at 16 bps, as a percentage of total loans. Net charge-offs remained low at $20.5 million, or 22 bps annualized, and $67.3 million, or 24 bps annualized, for the three and nine months ended September 30, 2021, respectively. We expect net charge-offs to remain relatively stable in the fourth quarter of 2021, assuming no material change in the economic environment.
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The table below includes selected credit quality metrics.

Table 7 - Credit Quality Metrics |
(dollars in thousands) | September 30, 2021 |  | December 31, 2020 |  | September 30, 2020
Non-performing loans | $ | 155,465 |  |  | $ | 151,079 |  |  | $ | 168,837 |
Impaired loans held for sale | — |  |  | 23,590 |  |  | — |
ORE and other assets | 16,883 |  |  | 17,394 |  |  | 23,280 |
Non-performing assets | $ | 172,348 |  |  | $ | 192,063 |  |  | $ | 192,117 |
Total loans | $ | 38,341,030 |  |  | $ | 38,252,984 |  |  | $ | 39,549,847 |
Non-performing loans as a % of total loans | 0.41 | % |  | 0.39 | % |  | 0.43 | %
Non-performing assets as a % of total loans, ORE, and specific other assets | 0.45 |  |  | 0.50 |  |  | 0.49 |
Loans 90 days past due and still accruing | $ | 5,960 |  |  | $ | 4,117 |  |  | $ | 7,512 |
As a % of total loans | 0.02 | % |  | 0.01 | % |  | 0.02 | %
Total past due loans and still accruing | $ | 60,817 |  |  | $ | 47,349 |  |  | $ | 57,316 |
As a % of total loans | 0.16 | % |  | 0.12 | % |  | 0.14 | %
Net charge-offs, quarter | $ | 20,516 |  |  | $ | 22,139 |  |  | $ | 28,466 |
Net charge-offs/average loans, quarter | 0.22 | % |  | 0.23 | % |  | 0.29 | %
Net charge-offs, year-to-date | $ | 67,266 |  |  | $ | 94,712 |  |  | $ | 72,573 |
Net charge-offs/average loans, year-to-date | 0.24 | % |  | 0.24 | % |  | 0.25 | %
(Reversal of) provision for loan losses, quarter | $ | (3,949) |  |  | $ | 24,075 |  |  | $ | 43,618 |
(Reversal of) provision for unfunded commitments, quarter | (3,919) |  |  | (13,009) |  |  | (235) |
(Reversal of) provision for credit losses, quarter | $ | (7,868) |  |  | $ | 11,066 |  |  | $ | 43,383 |
(Reversal of) provision for loan losses, year-to-date | (46,227) |  |  | 336,052 |  |  | 311,977 |
(Reversal of) provision for unfunded commitments, year-to-date | (4,814) |  |  | 18,970 |  |  | 31,979 |
(Reversal of) provision for credit losses, year-to-date | (51,041) |  |  | 355,022 |  |  | 343,956 |
Allowance for loan losses | $ | 492,243 |  |  | $ | 605,736 |  |  | $ | 603,800 |
Reserve for unfunded commitments | 42,971 |  |  | 47,785 |  |  | 60,794 |
Allowance for credit losses | $ | 535,214 |  |  | $ | 653,521 |  |  | $ | 664,594 |
ACL to loans coverage ratio | 1.40 | % |  | 1.71 | % |  | 1.68 | %
ALL to loans coverage ratio | 1.28 |  |  | 1.58 |  |  | 1.53 |
ACL/NPLs | 344.27 |  |  | 432.57 |  |  | 393.63 |
ALL/NPLs | 316.63 |  |  | 400.94 |  |  | 357.62 |

Criticized and Classified Loans
Our loan ratings are aligned to federal banking regulators' definitions of pass and criticized categories, which include special mention, substandard, doubtful, and loss. Substandard accruing and non-accruing loans, doubtful, and loss loans are often collectively referred to as classified. Special mention, substandard, doubtful, and loss loans are often collectively referred to as criticized and classified loans. The following table presents a summary of criticized and classified loans. Criticized and classified loans at September 30, 2021 declined $345.2 million, or 22%, as compared to December 31, 2020 primarily as a result of upgrades in the hotel industry. Further reductions are anticipated as we progress through the remainder of 2021 as we expect continued improvement in financial performance in the hotel industry and other industries negatively impacted by COVID-19.
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Table 8 - Criticized and Classified Loans |
(dollars in thousands) | September 30, 2021 |  | December 31, 2020
Special mention | $ | 616,911 |  |  | $ | 977,028 |
Substandard | 580,444 |  |  | 553,720 |
Doubtful | 22,283 |  |  | 33,204 |
Loss | 2,186 |  |  | 3,032 |
Criticized and Classified loans | $ | 1,221,824 |  |  | $ | 1,566,984 |
As a % of total loans | 3.2 | % |  | 4.1 | %

Reversal of Provision for Credit Losses and Allowance for Credit Losses
Reversal of provision for credit losses of $7.9 million and $51.0 million for the three and nine months ended September 30, 2021, respectively, primarily resulted from the continued improvement in the credit outlook for the portfolio. This was partially offset by $10.0 million and $35.8 million in reserves added as a result of purchases of $453.3 million and $1.49 billion of third-party lending loans, including $271.6 million and $1.05 billion in prime auto purchases for the three and nine months ended September 30, 2021, respectively, as well as net growth in loans.
The ACL, consisting of an ALL of $492.2 million and reserve for unfunded commitments of $43.0 million, totaled $535.2 million at September 30, 2021 and declined $118.3 million from December 31, 2020, resulting in an ACL to loans coverage ratio of 1.40% and an ACL to NPLs ratio of 344%. Excluding PPP loans, the ACL to loans coverage ratio was 1.42%. The ACL at September 30, 2021 incorporates an outlook of continuation of the recovery including the unemployment rate at 4.6% by the end of 2021, compared to 4.5% used in the second quarter of 2021’s ACL estimate.

Table 9 - Accruing TDRs by Risk Grade |  |  |  |  |  |  |  |  |  |  |
| September 30, 2021 |  | December 31, 2020 |  | September 30, 2020
(dollars in thousands) | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Pass | $ | 61,604 |  |  | 48.8 | % |  | $ | 72,463 |  |  | 53.7 | % |  | $ | 69,433 |  |  | 42.5 | %
Special mention | 12,310 |  |  | 9.8 |  |  | 8,935 |  |  | 6.6 |  |  | 13,303 |  |  | 8.1 |
Substandard accruing | 52,141 |  |  | 41.4 |  |  | 53,574 |  |  | 39.7 |  |  | 80,775 |  |  | 49.4 |
Total accruing TDRs | $ | 126,055 |  |  | 100.0 | % |  | $ | 134,972 |  |  | 100.0 | % |  | $ | 163,511 |  |  | 100.0 | %

Troubled Debt Restructurings
Accruing TDRs were $126.1 million at September 30, 2021, compared to $135.0 million at December 31, 2020. Non-accruing TDRs were $21.9 million at September 30, 2021, compared to $39.0 million at December 31, 2020.
Accruing TDRs are considered performing because they are performing in accordance with the re structured terms. At September 30, 2021 and December 31, 2020, approximately 98% and 99%, respectively, of accruing TDRs were current. In addition, subsequent defaults on accruing TDRs (defaults 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 within twelve months of the TDR designation) have continued to remain at low levels.
Non-TDR Modifications due to COVID-19
Regulatory agencies have encouraged financial institutions to work prudently with borrowers who are or may be unable to meet their contractual payment obligations because of COVID-19. In the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (initially issued on March 22, 2020 and revised on April 7, 2020), for example, the regulatory agencies expressed their view of loan modification programs as positive actions that may mitigate adverse effects on borrowers due to COVID-19 and their unwillingness to criticize institutions for working with borrowers in a safe and sound manner. Moreover, the Interagency Statement provided that eligible loan modifications related to COVID-19 may be accounted for under section 4013 of the CARES Act or in accordance with ASC 310-40. On December 27, 2020, the Consolidated Appropriations Act, 2021 extended the applicable period of Section 4013 of the CARES Act. This allows banks to elect to not consider loan modifications related to COVID-19 that are made between March 1, 2020 and the earlier of January 1, 2022, or 60 days after the national emergency ends to borrowers that are current (i.e., less than 30 days past due as of December 31, 2019) as TDRs. The regulatory agencies further stated that performing loans granted payment deferrals due to COVID-19 are not considered past due or non-accrual. FASB confirmed the foregoing regulatory agencies' view that such short-term modifications (e.g., six months) made on a good-faith basis in response to COVID-19 for borrowers who are current are not TDRs.
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During 2020, Synovus provided relief programs consisting primarily of 90-day payment deferral relief to borrowers negatively impacted by COVID-19, and as of September 30, 2021, no loans were in a P&I deferral status as compared to 0.3% of the total loan portfolio at December 31, 2020. In addition to our P&I deferment program, under the CARES Act, we have also provided borrowers who have been impacted by COVID-19 with other modifications such as interest-only relief or amortization extensions on approximately 2% of total loans, at both September 30, 2021 and December 31, 2020.
Capital Resources
Synovus and Synovus Bank are required to comply with capital adequacy standards established by our primary federal regulator, the Federal Reserve. Synovus and Synovus Bank measure capital adequacy using the standardized approach under Basel III. At September 30, 2021, Synovus and Synovus Bank's capital levels remained strong and exceeded well-capitalized requirements currently in effect. The following table presents certain ratios used to measure Synovus and Synovus Bank's capitalization.

Table 10 - Capital Ratios |  |  |
(dollars in thousands) | September 30, 2021 |  | December 31, 2020
CET1 capital |  |  |
Synovus Financial Corp. | $ | 4,276,765 |  |  | $ | 4,034,865 |
Synovus Bank | 4,905,396 |  |  | 4,641,711 |
Tier 1 risk-based capital |  |  |
Synovus Financial Corp. | 4,813,910 |  |  | 4,572,010 |
Synovus Bank | 4,905,396 |  |  | 4,641,711 |
Total risk-based capital |  |  |
Synovus Financial Corp. | 5,765,528 |  |  | 5,604,230 |
Synovus Bank | 5,544,573 |  |  | 5,361,611 |
CET1 capital ratio |  |  |
Synovus Financial Corp. | 9.58 | % |  | 9.66 | %
Synovus Bank | 11.01 |  |  | 11.11 |
Tier 1 risk-based capital ratio |  |  |
Synovus Financial Corp. | 10.79 |  |  | 10.95 |
Synovus Bank | 11.01 |  |  | 11.11 |
Total risk-based capital to risk-weighted assets ratio |  |  |
Synovus Financial Corp. | 12.92 |  |  | 13.42 |
Synovus Bank | 12.44 |  |  | 12.83 |
Leverage ratio |  |  |
Synovus Financial Corp. | 8.78 |  |  | 8.50 |
Synovus Bank | 8.95 |  |  | 8.73 |
Tangible common equity ratio(1) |  |  |
Synovus Financial Corp. | 7.68 |  |  | 7.66 |

(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for the applicable reconciliation to the most comparable GAAP measure.
At September 30, 2021, Synovus' CET1 ratio was 9.58%, well in excess of regulatory requirements including the capital conservation buffer of 2.5%. The September 30, 2021 CET1 ratio declined 8 bps compared to December 31, 2020, driven by growth in risk-weighted assets and return of capital through share repurchases and common stock shareholder dividends, which was a result of strong financial performance. For additional information on regulatory capital requirements, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 12 - Regulatory Capital" to the consolidated financial statements of Synovus' 2020 Form 10-K. Management reviews the Company's capital position on an on-going basis and believes, based on internal capital analyses and earnings projections, that Synovus is well positioned to meet relevant regulatory capital standards.
Synovus announced on January 26, 2021 that its Board of Directors authorized share repurchases of up to $200 million in 2021. During the nine months ended September 30, 2021, Synovus repurchased a total of $167.1 million, or 3.7 million shares of its common stock, at an average price of $44.88 per share.
As of October 31, 2021, the remaining authorization under this program was $31.8 million. Based on current conditions and economic outlook, we expect to complete the full authorization in the fourth quarter of 2021.
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On August 26, 2020, the federal banking regulators issued a final rule (following an interim final rule issued on March 27, 2020) that allowed electing banking organizations that adopt CECL during 2020 to mitigate the estimated effects of CECL on regulatory capital for two years, followed by a three-year phase-in transition period. Synovus adopted CECL on January 1, 2020 and the September 30, 2021 regulatory capital ratios reflect Synovus' election of the five-year transition provision. At September 30, 2021, $69.9 million, or a cumulative 16 bps benefit to CET1, was deferred.
Dividends
Synovus has historically paid a quarterly cash dividend to the holders of its common stock. Management and the Board of Directors closely monitor current and projected capital levels, liquidity (including dividends from subsidiaries), financial markets and other economic trends, as well as regulatory requirements regarding the payment of dividends.
Synovus' ability to pay dividends on its common stock and preferred stock is primarily dependent upon dividends and distributions that it receives from its bank and non-banking subsidiaries, which are restricted by various regulations administered by federal and state bank regulatory authorities.
Synovus declared common stock dividends of $145.8 million, or $0.99 per common share, during the nine months ended September 30, 2021 and 2020. In addition, Synovus declared dividends on its preferred stock of $24.9 million during the nine months ended September 30, 2021 and 2020.
Liquidity
Liquidity represents the extent to which Synovus has readily available sources of funding to meet the needs of depositors, borrowers and creditors, to support asset growth, and to otherwise sustain operations of Synovus and its subsidiaries, at a reasonable cost, on a timely basis, and without adverse consequences. ALCO monitors Synovus' economic, competitive, and regulatory environment and is responsible for measuring, monitoring, and reporting on liquidity and funding risk as well as market risk.
In accordance with Synovus policies and regulatory guidance, ALCO evaluates contractual and anticipated cash flows under normal and stressed conditions to properly manage the Company’s liquidity profile. Synovus places an emphasis on maintaining numerous sources of current and contingent liquidity to meet its obligations to depositors, borrowers, and creditors on a timely basis. Liquidity is generated through various sources, including, but not limited to, maturities and repayments of loans by clients, maturities and sales of investment securities, and growth in core or wholesale deposits. Management continuously monitors and maintains appropriate levels of liquidity so as to provide adequate funding sources to manage client deposit withdrawals, loan requests, and other funding demands.
Synovus Bank also generates liquidity through the issuance of brokered certificates of deposit and money market accounts. Synovus Bank accesses these funds from a broad geographic base to diversify its sources of funding and liquidity. Synovus Bank also has the capacity to access funding through its membership in the FHLB system and through the Federal Reserve discount window. At September 30, 2021, based on currently pledged collateral, Synovus Bank had access to incremental FHLB funding of $6.20 billion, subject to FHLB credit policies.
In addition to bank level liquidity management, Synovus must manage liquidity at the parent company level for various operating needs including the servicing of debt, the payment of dividends on our common stock and preferred stock, share repurchases, payment of general corporate expenses and potential capital infusions into subsidiaries. The primary source of liquidity for Synovus consists of dividends from Synovus Bank, which is governed by certain rules and regulations of the GA DBF and the Federal Reserve Bank. Synovus' ability to receive dividends from Synovus Bank in future periods will depend on a number of factors, including, but not limited to, Synovus Bank's future profits, asset quality, liquidity, and overall condition. In addition, both the GA DBF and Federal Reserve Bank may require approval to pay dividends, based on certain regulatory statutes and limitations.
Synovus presently believes that the sources of liquidity discussed above, including existing liquid funds on hand, are sufficient to meet its anticipated funding needs. However, if economic conditions were to significantly deteriorate, regulatory capital requirements for Synovus or Synovus Bank were to increase as the result of regulatory directives or otherwise, or Synovus believes it is prudent to enhance current liquidity levels, then Synovus may seek additional liquidity from external sources. See "Part I – Item 1A. Risk Factors - Changes in the cost and availability of funding due to changes in the deposit market and credit market may adversely affect our capital resources, liquidity and financial results" of Synovus' 2020 Form 10-K. Furthermore, Synovus may, from time to time, take advantage of attractive market opportunities to refinance its existing debt, redeem its preferred stock, or strengthen its liquidity or capital position.
Earning Assets and Sources of Funds
Average total assets for the nine months ended September 30, 2021 increased $3.28 billion, or 6%, to $54.85 billion as compared to $51.57 billion for the first nine months of 2020. Average earning assets increased $3.28 billion, or 7%, in the first
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nine months of 2021 compared to the same period in 2020. The increase in average earning assets primarily resulted from a $2.33 billion, or 34%, increase in average investment securities available for sale, a $1.75 billion, or 163%, increase in average interest-bearing funds held at the Federal Reserve Bank, and a $472.6 million increase in loans held for sale, partially offset by a $1.09 billion, or 3%, decrease in average total loans, net of unearned.
Average interest-bearing liabilities decreased $493.8 million, or 1%, to $33.62 billion for the first nine months of 2021 compared to the same period in 2020. The decrease in average interest-bearing liabilities resulted from a $3.38 billion, or 40%, decrease in average time deposits, a $1.38 billion, or 53%, decrease in average long-term debt, and a $658.1 million decrease in other short-term borrowings. These decreases were mostly offset by a $3.26 billion, or 23%, increase in average money market deposits and a $1.38 billion, or 19%, increase in average interest-bearing demand deposits. Average non-interest-bearing deposits increased $3.51 billion, or 31%, to $14.89 billion for the first nine months of 2021 compared to the same period in 2020, due largely to liquidity associated with various government stimulus efforts.
Net interest income for the nine months ended September 30, 2021 was $1.14 billion, up $13.8 million compared to the same period in 2020, including $66.5 million in PPP fees during 2021 and $21.1 million in 2020. Net interest margin was down 18 bps over the comparable nine-month period to 3.02%, due primarily to the decline in market interest rates and average growth in investment securities available for sale and interest-bearing funds held at the Federal Reserve Bank. For the nine months ended September 30, 2021, the yield on earning assets was 3.27%, a decrease of 61 bps compared to the nine months ended September 30, 2020, while the effective cost of funds decreased 43 bps to 0.25%. The yield on loans decreased 23 bps to 3.97%, due primarily to the decline in market interest rates, while the yield on investment securities decreased 129 bps to 1.43%, due primarily to an acceleration in prepayments and increase in premium amortization, compared to the nine months ended September 30, 2020.
On a sequential quarter basis, net interest income was up $3.1 million, or 1%, primarily due to continued asset growth, further declines in deposit costs, and a higher day count. Net interest margin for the third quarter was stable at 3.01%, which was down 1 bp compared to the second quarter of 2021 with continued pressure from the liquidity environment. The third quarter of 2021 included $21.3 million recognized for associated PPP fees versus $20.4 million in the second quarter of 2021 and average PPP loan balances of $1.19 billion versus $2.14 billion in the second quarter of 2021. For the third quarter of 2021, the yield on earning assets decreased 4 bps, while the effective cost of funds decreased 3 bps compared to the second quarter of 2021.
We continue to expect that net interest income excluding PPP fees will increase in the remainder of the year, driven by loan growth and deployment of liquidity, which are expected to offset headwinds from continued fixed-rate repricing and the slight reduction in LIBOR. PPP fees are also expected to decline.
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Quarterly yields earned on average interest-earning assets and rates paid on average interest-bearing liabilities for the five most recent quarters are presented below.

Table 11 - Average Balances and Yields/Rates | 2021 |  | 2020
(dollars in thousands) (yields and rates annualized) | Third Quarter |  | Second Quarter |  | First Quarter |  | Fourth Quarter |  | Third Quarter
Interest Earning Assets: |  |  |  |  |  |  |  |  |
Investment securities(1)(2) | $ | 9,876,651 |  |  | 9,184,691 |  |  | 8,437,563 |  |  | 7,493,822 |  |  | 7,227,400 |
Yield | 1.45 | % |  | 1.45 |  |  | 1.40 |  |  | 2.07 |  |  | 2.39 |
Trading account assets(3) | $ | 5,192 |  |  | 2,831 |  |  | 3,063 |  |  | 8,496 |  |  | 5,391 |
Yield | 1.15 | % |  | 1.15 |  |  | 2.81 |  |  | 1.03 |  |  | 1.69 |
Commercial loans(2)(4) | $ | 28,891,164 |  |  | 29,849,029 |  |  | 29,844,491 |  |  | 30,363,102 |  |  | 30,730,135 |
Yield | 3.91 | % |  | 3.86 |  |  | 3.95 |  |  | 3.96 |  |  | 3.80 |
Consumer loans(4) | $ | 8,642,969 |  |  | 8,647,448 |  |  | 8,367,776 |  |  | 8,521,449 |  |  | 9,032,437 |
Yield | 3.93 | % |  | 3.94 |  |  | 3.98 |  |  | 4.00 |  |  | 4.08 |
Allowance for loan losses | $ | (514,828) |  |  | (561,242) |  |  | (599,872) |  |  | (595,547) |  |  | (591,098) |
Loans, net(4) | $ | 37,019,305 |  |  | 37,935,235 |  |  | 37,612,395 |  |  | 38,289,004 |  |  | 39,171,474 |
Yield | 3.97 | % |  | 3.93 |  |  | 4.02 |  |  | 4.03 |  |  | 3.92 |
Mortgage loans held for sale | $ | 196,032 |  |  | 242,940 |  |  | 246,962 |  |  | 309,278 |  |  | 244,952 |
Yield | 2.88 | % |  | 3.06 |  |  | 2.68 |  |  | 2.74 |  |  | 2.92 |
Other loans held for sale | $ | 527,736 |  |  | 615,301 |  |  | 660,753 |  |  | 544,301 |  |  | 493,940 |
Yield | 3.06 | % |  | 3.05 |  |  | 2.91 |  |  | 2.81 |  |  | 3.61 |
Other earning assets(5) | $ | 3,271,501 |  |  | 2,705,819 |  |  | 2,838,063 |  |  | 2,716,645 |  |  | 1,265,880 |
Yield | 0.15 | % |  | 0.11 |  |  | 0.10 |  |  | 0.10 |  |  | 0.11 |
Federal Home Loan Bank and Federal Reserve Bank Stock(3) | $ | 159,741 |  |  | 159,340 |  |  | 157,657 |  |  | 162,537 |  |  | 200,923 |
Yield | 1.26 | % |  | 2.01 |  |  | 1.69 |  |  | 2.64 |  |  | 2.73 |
Total interest earning assets | $ | 51,056,158 |  |  | 50,846,157 |  |  | 49,956,456 |  |  | 49,524,083 |  |  | 48,609,960 |
Yield | 3.22 | % |  | 3.26 |  |  | 3.32 |  |  | 3.49 |  |  | 3.58 |
Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |
Interest-bearing demand deposits | $ | 8,463,325 |  |  | 8,601,262 |  |  | 8,570,753 |  |  | 8,531,415 |  |  | 7,789,095 |
Rate | 0.10 | % |  | 0.11 |  |  | 0.14 |  |  | 0.16 |  |  | 0.19 |
Money market accounts, excluding brokered deposits | $ | 15,597,723 |  |  | 15,476,262 |  |  | 15,348,916 |  |  | 14,411,860 |  |  | 13,272,972 |
Rate | 0.15 | % |  | 0.19 |  |  | 0.23 |  |  | 0.26 |  |  | 0.36 |
Savings deposits | $ | 1,377,089 |  |  | 1,333,297 |  |  | 1,219,288 |  |  | 1,147,667 |  |  | 1,114,956 |
Rate | 0.02 | % |  | 0.02 |  |  | 0.02 |  |  | 0.01 |  |  | 0.02 |
Time deposits under $100,000 | $ | 993,284 |  |  | 1,077,931 |  |  | 1,161,306 |  |  | 1,239,592 |  |  | 1,379,923 |
Rate | 0.33 | % |  | 0.41 |  |  | 0.56 |  |  | 0.74 |  |  | 1.03 |
Time deposits over $100,000 | $ | 2,430,744 |  |  | 2,714,451 |  |  | 2,993,996 |  |  | 3,302,959 |  |  | 3,863,821 |
Rate | 0.45 | % |  | 0.56 |  |  | 0.74 |  |  | 1.03 |  |  | 1.44 |
Other brokered deposits | $ | 1,862,346 |  |  | 1,901,097 |  |  | 1,950,582 |  |  | 1,978,393 |  |  | 1,912,114 |
Rate | 0.21 | % |  | 0.19 |  |  | 0.20 |  |  | 0.23 |  |  | 0.23 |
Brokered time deposits | $ | 996,777 |  |  | 1,156,510 |  |  | 1,418,751 |  |  | 1,795,982 |  |  | 2,232,940 |
Rate | 1.27 | % |  | 1.35 |  |  | 1.50 |  |  | 1.60 |  |  | 1.59 |
Total interest-bearing deposits | $ | 31,721,288 |  |  | 32,260,810 |  |  | 32,663,592 |  |  | 32,407,868 |  |  | 31,565,821 |
Rate | 0.20 | % |  | 0.24 |  |  | 0.31 |  |  | 0.39 |  |  | 0.54 |
Federal funds purchased and securities sold under repurchase agreements | $ | 202,525 |  |  | 204,053 |  |  | 209,448 |  |  | 174,316 |  |  | 180,342 |
Rate | 0.07 | % |  | 0.07 |  |  | 0.07 |  |  | 0.07 |  |  | 0.09 |
Other short-term borrowings | $ | — |  |  | — |  |  | — |  |  | — |  |  | 46,739 |
Rate | — | % |  | — |  |  | — |  |  | — |  |  | 1.12 |
Long-term debt | $ | 1,203,500 |  |  | 1,203,038 |  |  | 1,202,613 |  |  | 1,552,791 |  |  | 2,234,665 |
Rate | 3.81 | % |  | 3.82 |  |  | 3.63 |  |  | 3.96 |  |  | 2.71 |
Total interest-bearing liabilities | $ | 33,127,313 |  |  | 33,667,901 |  |  | 34,075,653 |  |  | 34,134,975 |  |  | 34,027,567 |
Rate | 0.33 | % |  | 0.36 |  |  | 0.42 |  |  | 0.55 |  |  | 0.68 |
Non-interest-bearing demand deposits | $ | 15,755,929 |  |  | 15,088,836 |  |  | 13,791,286 |  |  | 13,566,112 |  |  | 12,773,676 |
Cost of funds | 0.22 | % |  | 0.25 |  |  | 0.30 |  |  | 0.40 |  |  | 0.50 |
Effective cost of funds(6) | 0.21 | % |  | 0.24 |  |  | 0.28 |  |  | 0.37 |  |  | 0.48 |
Net interest margin | 3.01 | % |  | 3.02 |  |  | 3.04 |  |  | 3.12 |  |  | 3.10 |
Taxable equivalent adjustment(2) | $ | 736 |  |  | 791 |  |  | 774 |  |  | 821 |  |  | 956 |

`(1) Excludes net unrealized gains (losses).
(2) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans and investment securities to a taxable-equivalent basis.
(3) Included as a component of other assets on the consolidated balance sheets.
(4) Average loans are shown net of deferred fees and costs. NPLs are included.
(5) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(6) Includes the impact of non-interest-bearing capital funding sources.
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Net Interest Income and Rate/Volume Analysis
The following table sets forth the major components of net interest income and the related annualized yields and rates for the nine months ended September 30, 2021 and 2020, as well as the variances between the periods caused by changes in interest rates versus changes in volume.

Table 12 - Net Interest Income and Rate/Volume Analysis
| Nine Months Ended September 30, |  | 2021 Compared to 2020
| Average Balances |  | Interest |  | Annualized Yield/Rate |  | Change due to |  | Increase (Decrease)
(dollars in thousands) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | Volume |  | Rate |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities | $ | 9,171,573 |  |  | $ | 6,843,400 |  |  | $ | 98,631 |  |  | $ | 139,791 |  |  | 1.43 | % |  | 2.72 | % |  | $ | 47,364 |  |  | $ | (88,524) |  |  | $ | (41,160) |
Trading account assets | 3,703 |  |  | 5,955 |  |  | 44 |  |  | 99 |  |  | 1.60 |  |  | 2.22 |  |  | (37) |  |  | (18) |  |  | (55) |
Taxable loans, net(1) | 37,584,500 |  |  | 38,671,202 |  |  | 1,104,446 |  |  | 1,203,839 |  |  | 3.94 |  |  | 4.16 |  |  | (33,812) |  |  | (65,581) |  |  | (99,393) |
Tax-exempt loans, net(1)(2) | 493,975 |  |  | 494,885 |  |  | 10,957 |  |  | 12,366 |  |  | 2.97 |  |  | 3.34 |  |  | (22) |  |  | (1,387) |  |  | (1,409) |
Allowance for loan losses | (558,336) |  |  | (486,276) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans, net | 37,520,139 |  |  | 38,679,811 |  |  | 1,115,403 |  |  | 1,216,205 |  |  | 3.97 |  |  | 4.20 |  |  | (33,834) |  |  | (66,968) |  |  | (100,802) |
Mortgage loans held for sale | 228,458 |  |  | 184,396 |  |  | 4,926 |  |  | 4,291 |  |  | 2.87 |  |  | 3.10 |  |  | 1,022 |  |  | (387) |  |  | 635 |
Other loans held for sale | 600,776 |  |  | 172,241 |  |  | 13,685 |  |  | 4,756 |  |  | 3.00 |  |  | 3.63 |  |  | 11,635 |  |  | (2,706) |  |  | 8,929 |
Other earning assets(3) | 2,940,049 |  |  | 1,209,239 |  |  | 2,705 |  |  | 2,477 |  |  | 0.12 |  |  | 0.27 |  |  | 3,366 |  |  | (3,138) |  |  | 228 |
Federal Home Loan Bank and Federal Reserve Bank stock | 158,921 |  |  | 244,111 |  |  | 1,971 |  |  | 6,000 |  |  | 1.65 |  |  | 3.28 |  |  | (2,090) |  |  | (1,939) |  |  | (4,029) |
Total interest earning assets | 50,623,619 |  |  | 47,339,153 |  |  | 1,237,365 |  |  | 1,373,619 |  |  | 3.27 |  |  | 3.88 |  |  | 27,426 |  |  | (163,680) |  |  | (136,254) |
Cash and due from banks | 567,702 |  |  | 532,808 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premises and equipment, net | 453,339 |  |  | 485,790 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other real estate | 1,579 |  |  | 11,709 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash surrender value of bank-owned life insurance | 1,056,257 |  |  | 989,238 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets(4) | 2,145,850 |  |  | 2,209,923 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets | $ | 54,848,346 |  |  | $ | 51,568,621 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand deposits | $ | 8,544,720 |  |  | $ | 7,167,617 |  |  | $ | 7,606 |  |  | $ | 15,561 |  |  | 0.12 | % |  | 0.29 | % |  | $ | 2,987 |  |  | $ | (10,942) |  |  | $ | (7,955) |
Money market accounts | 17,379,564 |  |  | 14,119,510 |  |  | 24,868 |  |  | 61,799 |  |  | 0.19 |  |  | 0.58 |  |  | 14,142 |  |  | (51,073) |  |  | (36,931) |
Savings deposits | 1,310,470 |  |  | 1,026,259 |  |  | 164 |  |  | 204 |  |  | 0.02 |  |  | 0.03 |  |  | 64 |  |  | (104) |  |  | (40) |
Time deposits | 4,977,025 |  |  | 8,361,942 |  |  | 27,837 |  |  | 108,106 |  |  | 0.75 |  |  | 1.73 |  |  | (43,799) |  |  | (36,470) |  |  | (80,269) |
Federal funds purchased and securities sold under repurchase agreements | 205,316 |  |  | 199,230 |  |  | 104 |  |  | 242 |  |  | 0.07 |  |  | 0.16 |  |  | 7 |  |  | (145) |  |  | (138) |
Other short-term borrowings | — |  |  | 658,128 |  |  | — |  |  | 7,643 |  |  | — |  |  | 1.53 |  |  | (7,531) |  |  | (112) |  |  | (7,643) |
Long-term debt | 1,203,054 |  |  | 2,581,232 |  |  | 33,851 |  |  | 50,645 |  |  | 3.75 |  |  | 2.54 |  |  | (26,183) |  |  | 9,389 |  |  | (16,794) |
Total interest-bearing liabilities | 33,620,149 |  |  | 34,113,918 |  |  | 94,430 |  |  | 244,200 |  |  | 0.37 |  |  | 0.94 |  |  | (60,313) |  |  | (89,457) |  |  | (149,770) |
Non-interest-bearing deposits | 14,885,880 |  |  | 11,374,121 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities | 1,149,209 |  |  | 1,028,401 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity | 5,193,108 |  |  | 5,052,181 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities and equity | $ | 54,848,346 |  |  | $ | 51,568,621 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate spread: |  |  |  |  |  |  |  |  | 2.90 | % |  | 2.94 | % |  |  |  |  |  |
Net interest income - TE/margin(5) |  |  |  |  | $ | 1,142,935 |  |  | $ | 1,129,419 |  |  | 3.02 | % |  | 3.20 | % |  | $ | 87,739 |  |  | $ | (74,223) |  |  | $ | 13,516 |
Taxable equivalent adjustment |  |  |  |  | 2,301 |  |  | 2,603 |  |  |  |  |  |  |  |  |  |  |
Net interest income, actual |  |  |  |  | $ | 1,140,634 |  |  | $ | 1,126,816 |  |  |  |  |  |  |  |  |  |  |

(1) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2021 - $90.8 million, 2020 - $42.8 million.
(2) Reflects taxable-equivalent adjustments, using the statutory federal income tax rate of 21%, in adjusting interest on tax-exempt loans to a taxable-equivalent basis.
(3) Includes interest-bearing funds with Federal Reserve Bank, interest earning deposits with banks, and federal funds sold and securities purchased under resale agreements.
(4) Includes average net unrealized gains (losses) on investment securities available for sale of $73.1 million and $212.9 million for the nine months ended September 30, 2021 and 2020, respectively.
(5) The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earnings assets.
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Market Risk Analysis
Interest rate risk is the primary market risk to which Synovus is potentially exposed. Synovus measures its sensitivity to changes in market interest rates through the use of a simulation model which incorporates all of Synovus’ earning assets and liabilities. These simulations are used to determine a baseline net interest income projection and the sensitivity of the income profile based on changes in interest rates. These simulations incorporate assumptions and factors, including, but not limited to, changes in market rates, in the size or composition of the balance sheet, and in repricing characteristics as well as client behaviors. This process is reviewed and updated on an on-going basis in a manner consistent with Synovus’ ALCO governance framework.
Synovus has modeled its baseline net interest income projection assuming a flat interest rate environment with the federal funds rate at the Federal Reserve’s current targeted range of 0% to 0.25% and the current prime rate of 3.25%. Synovus has modeled the impact of a gradual increase in market interest rates across the yield curve of 100 and 200 bps and a gradual decline of 25 bps to determine the sensitivity of net interest income for the next twelve months. The lesser decline of the downrate scenario presented was selected in light of the low absolute level of monetary policy rates and generally incorporates an assumption that rates are floored at the zero-lower-bound. Synovus' current rate risk position is considered asset-sensitive and would be expected to benefit net interest income in a rising interest rate environment and reduce net interest income in a declining interest rate environment. A modest decline in sensitivity relative to the prior period-end is the result of a host of factors, including increased securities portfolio and the higher absolute level of long-term interest rates. The following table represents the estimated sensitivity of net interest income at September 30, 2021, with comparable information for December 31, 2020.

Table 13 - Twelve Month Net Interest Income Sensitivity
|  | Estimated % Change in Net Interest Income as Compared to Unchanged Rates (for the next twelve months)
Change in Short-term Interest Rates (in bps) |  | September 30, 2021 |  | December 31, 2020
+200 |  | 5.4% |  | 6.8%
+100 |  | 2.5% |  | 3.5%
-25 |  | (0.2)% |  | (0.5)%

The net interest income simulation model is the primary tool utilized to evaluate potential interest rate risks over a shorter-term time horizon. Synovus also evaluates potential longer-term interest rate risk through modeling and evaluation of the sensitivity of the Company's EVE. The EVE measurement process estimates the net fair value of assets, liabilities, and off-balance sheet financial instruments under various interest rate scenarios. Management uses EVE sensitivity analyses as an additional means of measuring interest rate risk and incorporates this form of analysis within its governance and limits framework.
LIBOR Transition
In July 2017, the FCA, which regulates LIBOR, announced that it intends to stop persuading or compelling banks to submit rates for the calculation of LIBOR at the end of 2021. On March 5, 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative immediately after December 31, 2021 for the 1-week and 2-month US dollar settings and immediately after June 30, 2023 for all remaining US dollar settings.
The ARRC has proposed SOFR as its preferred rate as an alternative to LIBOR and has proposed a paced market transition plan to SOFR from LIBOR. Organizations are currently working on industry-wide and company-specific transition plans related to derivatives and cash markets exposed to LIBOR. As noted within "Part I - Item 1A. Risk Factors" of Synovus' 2020 Form 10-K, Synovus holds instruments that may be impacted by the discontinuance of LIBOR, which include floating rate obligations, loans, deposits, derivatives and hedges, and other financial instruments. Synovus has established a cross-functional LIBOR transition working group with representation from all business lines, support and control functions, and legal counsel that has 1) assessed the Company's current exposure to LIBOR indexed instruments and the data, systems and processes that will be impacted; 2) established a detailed implementation plan; 3) formulated communications and learning activities to support clients and colleagues; and 4) developed a formal governance structure for the transition. Loan agreement provisions for new and renewed loans include LIBOR fallback language to ensure transition from LIBOR to the new benchmark when such transition occurs. All direct exposures resulting from existing financial contracts that mature after 2021 have been inventoried and are monitored on an ongoing basis. Based on regulatory guidance, the Company currently expects to cease originating loans indexed to LIBOR no later than December 31, 2021. Synovus has expanded its product offerings and currently offers multiple alternative reference rates including SOFR and BSBY indices. Other viable alternative reference rates are also
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being evaluated for use as potential replacements of LIBOR. We do not currently expect there to be a material financial impact to the Company or our clients regardless of which index or indices the Company offers as alternatives to LIBOR.
Critical Accounting Policies
The accounting and financial reporting policies of Synovus are in accordance with GAAP and conform to the accounting and reporting guidelines prescribed by bank regulatory authorities. Synovus has identified certain of its accounting policies as “critical accounting policies,” consisting of those related to the allowance for credit losses and income taxes. In determining which accounting policies are critical in nature, Synovus has identified the policies that require significant judgment or involve complex estimates. It is management's practice to discuss critical accounting policies with the Board of Directors' Audit Committee on a periodic basis, including the development, selection, implementation and disclosure of the critical accounting policies. The application of these policies has a significant impact on Synovus’ unaudited interim consolidated financial statements. Synovus’ financial results could differ significantly if different judgments or estimates are used in the application of these policies. All accounting policies described in "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2020 Form 10-K should be reviewed for a greater understanding of how we record and report our financial performance. There have been no significant changes to the accounting policies, estimates and assumptions, or the judgments affecting the application of these estimates and assumptions from those disclosed in Synovus' 2020 Form 10-K other than the exclusion of goodwill impairment as a critical accounting estimate due to lack of impairment indicators.
Non-GAAP Financial Measures
The measures entitled adjusted non-interest revenue; adjusted non-interest expense; adjusted total revenue; adjusted tangible efficiency ratio; adjusted net income per common share, diluted; adjusted return on average assets; adjusted return on average common equity; adjusted return on average tangible common equity; and tangible common equity ratio are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The most comparable GAAP measures to these measures are total non-interest revenue; total non-interest expense; total TE revenue; efficiency ratio-TE; net income per common share, diluted; return on average assets; return on average common equity; and the ratio of total shareholders' equity to total assets, respectively.
Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus’ operating results, financial strength, the performance of its business, and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted total revenue and adjusted non-interest revenue are measures used by management to evaluate total TE revenue and non-interest revenue exclusive of net investment securities gains (losses), changes in fair value of private equity investments, net, and fair value adjustment on non-qualified deferred compensation. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. Adjusted net income per common share, diluted, adjusted return on average assets, and adjusted return on average common equity are measurements used by management to evaluate operating results exclusive of items that management believes are not indicative of ongoing operations and impact period-to-period comparisons. Adjusted return on average tangible common equity is a measure used by management to compare Synovus' performance with other financial institutions because it calculates the return available to common shareholders without the impact of intangible assets and their related amortization, thereby allowing management to evaluate the performance of the business consistently. The tangible common equity ratio is used by management to assess the strength of our capital position. The computations of these measures are set forth in the tables below.
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Table 14 - Reconciliation of Non-GAAP Financial Measures |  |  |  |  |  |
| Three Months Ended |  | Nine Months Ended
(in thousands) | September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020
Adjusted non-interest revenue |  |  |  |  |  |  |
Total non-interest revenue | $ | 114,955 |  |  | $ | 114,411 |  |  | $ | 332,997 |  |  | $ | 391,752 |
Subtract/add: Investment securities (gains) losses, net | (962) |  |  | 1,550 |  |  | 1,028 |  |  | (76,594) |
Subtract: Gain on sale and increase in fair value of private equity investments, net | — |  |  | (260) |  |  | — |  |  | (4,712) |
Add/subtract: Fair value adjustment on non-qualified deferred compensation | 97 |  |  | (796) |  |  | (1,821) |  |  | (539) |
Adjusted non-interest revenue | $ | 114,090 |  |  | $ | 114,905 |  |  | $ | 332,204 |  |  | $ | 309,907 |
Adjusted non-interest expense |  |  |  |  |  |  |
Total non-interest expense | $ | 267,032 |  |  | $ | 316,655 |  |  | $ | 804,697 |  |  | $ | 877,076 |
Add/subtract: Earnout liability adjustments | 243 |  |  | — |  |  | (507) |  |  | (4,908) |
Subtract: Goodwill impairment | — |  |  | (44,877) |  |  | — |  |  | (44,877) |
Subtract: Restructuring charges | (319) |  |  | (2,882) |  |  | (1,265) |  |  | (8,924) |
Subtract: Loss on early extinguishment of debt | — |  |  | (154) |  |  | — |  |  | (2,057) |
Add/subtract: Fair value adjustment on non-qualified deferred compensation | 97 |  |  | (796) |  |  | (1,821) |  |  | (539) |
Adjusted non-interest expense | $ | 267,053 |  |  | $ | 267,946 |  |  | $ | 801,104 |  |  | $ | 815,771 |

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| Three Months Ended |  | Nine Months Ended
(in thousands, except per share data) | September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020
Adjusted total revenue and adjusted tangible efficiency ratio |  |  |  |  |  |  |
Adjusted non-interest expense | $ | 267,053 |  |  | $ | 267,946 |  |  | $ | 801,104 |  |  | $ | 815,771 |
Subtract: Amortization of intangibles | (2,379) |  |  | (2,640) |  |  | (7,137) |  |  | (7,920) |
Adjusted tangible non-interest expense | $ | 264,674 |  |  | $ | 265,306 |  |  | $ | 793,967 |  |  | $ | 807,851 |
Net interest income | $ | 384,917 |  |  | $ | 376,990 |  |  | $ | 1,140,634 |  |  | $ | 1,126,816 |
Add: Tax equivalent adjustment | 736 |  |  | 956 |  |  | 2,301 |  |  | 2,603 |
Add: Total non-interest revenue | 114,955 |  |  | 114,411 |  |  | 332,997 |  |  | 391,752 |
Total TE revenue | $ | 500,608 |  |  | $ | 492,357 |  |  | $ | 1,475,932 |  |  | $ | 1,521,171 |
Subtract/add: Investment securities (gains) losses, net | (962) |  |  | 1,550 |  |  | 1,028 |  |  | (76,594) |
Subtract: Gain on sale and increase in fair value of private equity investments, net | — |  |  | (260) |  |  | — |  |  | (4,712) |
Add/subtract: Fair value adjustment on non-qualified deferred compensation | 97 |  |  | (796) |  |  | (1,821) |  |  | (539) |
Adjusted total revenue | $ | 499,743 |  |  | $ | 492,851 |  |  | $ | 1,475,139 |  |  | $ | 1,439,326 |
Efficiency ratio-TE | 53.34 | % |  | 64.31 | % |  | 54.52 | % |  | 57.66 | %
Adjusted tangible efficiency ratio | 52.96 |  |  | 53.83 |  |  | 53.82 |  |  | 56.13 |
Adjusted net income per common share, diluted |  |  |  |  |  |  |
Net income available to common shareholders | $ | 178,482 |  |  | $ | 83,283 |  |  | $ | 535,193 |  |  | $ | 198,414 |
Subtract/add: Earnout liability adjustments | (243) |  |  | — |  |  | 507 |  |  | 4,908 |
Add: Goodwill impairment | — |  |  | 44,877 |  |  | — |  |  | 44,877 |
Add: Restructuring charges | 319 |  |  | 2,882 |  |  | 1,265 |  |  | 8,924 |
Add: Loss on early extinguishment of debt | — |  |  | 154 |  |  | — |  |  | 2,057 |
Subtract/add: Investment securities (gains) losses, net | (962) |  |  | 1,550 |  |  | 1,028 |  |  | (76,594) |
Subtract: Gain on sale and increase in fair value of private equity investments, net | — |  |  | (260) |  |  | — |  |  | (4,712) |
Add/subtract: Tax effect of adjustments (1) | 164 |  |  | (1,122) |  |  | (579) |  |  | 18,214 |
Adjusted net income available to common shareholders | $ | 177,760 |  |  | $ | 131,364 |  |  | $ | 537,414 |  |  | $ | 196,088 |
Weighted average common shares outstanding, diluted | 147,701 |  |  | 147,976 |  |  | 149,069 |  |  | 148,037 |
Adjusted net income per common share, diluted | $ | 1.20 |  |  | $ | 0.89 |  |  | $ | 3.61 |  |  | $ | 1.32 |

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Table 14 - Reconciliation of Non-GAAP Financial Measures, continued
| Three Months Ended |  | Nine Months Ended
(dollars in thousands) | September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020
Adjusted return on average assets (annualized) |  |  |  |  |  |  |
Net income | $ | 186,773 |  |  | $ | 91,574 |  |  | $ | 560,065 |  |  | $ | 223,286 |
Subtract/add: Earnout liability adjustments | (243) |  |  | — |  |  | 507 |  |  | 4,908 |
Add: Goodwill impairment | — |  |  | 44,877 |  |  | — |  |  | 44,877 |
Add: Restructuring charges | 319 |  |  | 2,882 |  |  | 1,265 |  |  | 8,924 |
Add: Loss on early extinguishment of debt | — |  |  | 154 |  |  | — |  |  | 2,057 |
Subtract/add: Investment securities (gains) losses, net | (962) |  |  | 1,550 |  |  | 1,028 |  |  | (76,594) |
Subtract: Gain on sale and increase in fair value of private equity investments, net | — |  |  | (260) |  |  | — |  |  | (4,712) |
Add/subtract: Tax effect of adjustments (1) | 164 |  |  | (1,122) |  |  | (579) |  |  | 18,214 |
Adjusted net income | $ | 186,051 |  |  | $ | 139,655 |  |  | $ | 562,286 |  |  | $ | 220,960 |
Net income annualized | 741,002 |  |  | 364,305 |  |  | 748,805 |  |  | 298,258 |
Adjusted net income annualized | 738,137 |  |  | 555,584 |  |  | 751,774 |  |  | 295,151 |
Total average assets | 55,326,260 |  |  | 53,138,334 |  |  | 54,848,346 |  |  | 51,568,621 |
Return on average assets (annualized) | 1.34 | % |  | 0.69 | % |  | 1.37 | % |  | 0.58 | %
Adjusted return on average assets (annualized) | 1.33 |  |  | 1.05 |  |  | 1.37 |  |  | 0.57 |

| Three Months Ended
(dollars in thousands) | September 30, 2021 |  | June 30, 2021 |  | September 30, 2020
Adjusted return on average common equity and adjusted return on average tangible common equity (annualized) |  |  |  |  |
Net income available to common shareholders | $ | 178,482 |  |  | $ | 177,909 |  |  | $ | 83,283 |
Subtract/add: Earnout liability adjustments | (243) |  |  | 750 |  |  | — |
Add: Goodwill impairment | — |  |  | — |  |  | 44,877 |
Add: Restructuring charges | 319 |  |  | 415 |  |  | 2,882 |
Add: Loss on early extinguishment of debt | — |  |  | — |  |  | 154 |
Subtract/add: Investment securities (gains) losses, net | (962) |  |  | — |  |  | 1,550 |
Subtract: Increase in fair value of private equity investments | — |  |  | — |  |  | (260) |
Add/subtract: Tax effect of adjustments (1) | 164 |  |  | (105) |  |  | (1,122) |
Adjusted net income available to common shareholders | $ | 177,760 |  |  | $ | 178,969 |  |  | $ | 131,364 |
Adjusted net income available to common shareholders' annualized | $ | 705,243 |  |  | $ | 717,843 |  |  | $ | 522,600 |
Add: Amortization of intangibles, annualized net of tax | 7,050 |  |  | 7,128 |  |  | 7,782 |
Adjusted net income available to common shareholders excluding amortization of intangibles annualized | $ | 712,293 |  |  | $ | 724,971 |  |  | $ | 530,382 |
Net income available to common shareholders annualized | $ | 708,108 |  |  | $ | 713,591 |  |  | $ | 331,322 |
Total average shareholders' equity less preferred stock | $ | 4,734,754 |  |  | $ | 4,632,568 |  |  | $ | 4,553,159 |
Subtract: Goodwill | (452,390) |  |  | (452,390) |  |  | (497,267) |
Subtract: Other intangible assets, net | (39,109) |  |  | (41,399) |  |  | (49,075) |
Total average tangible shareholders' equity less preferred stock | $ | 4,243,255 |  |  | $ | 4,138,779 |  |  | $ | 4,006,817 |
Return on average common equity (annualized) | 14.96 | % |  | 15.40 | % |  | 7.28 | %
Adjusted return on average common equity (annualized) | 14.90 |  |  | 15.50 |  |  | 11.48 |
Adjusted return on average tangible common equity (annualized) | 16.79 |  |  | 17.52 |  |  | 13.24 |

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Table 14 - Reconciliation of Non-GAAP Financial Measures, continued |  |  |  |
(dollars in thousands) | September 30, 2021 |  | June 30, 2021 |  | December 31, 2020 |  |  |  | September 30, 2020
Tangible common equity ratio |  |  |  |  |  |  |  |  |
Total assets | $ | 55,509,129 |  |  | $ | 54,938,659 |  |  | $ | 54,394,159 |  |  |  |  | $ | 53,040,538 |
Subtract: Goodwill | (452,390) |  |  | (452,390) |  |  | (452,390) |  |  |  |  | (452,390) |
Subtract: Other intangible assets, net | (37,975) |  |  | (40,354) |  |  | (45,112) |  |  |  |  | (47,752) |
Tangible assets | $ | 55,018,764 |  |  | $ | 54,445,915 |  |  | $ | 53,896,657 |  |  |  |  | $ | 52,540,396 |
Total shareholders' equity | $ | 5,252,802 |  |  | $ | 5,237,714 |  |  | $ | 5,161,334 |  |  |  |  | $ | 5,064,542 |
Subtract: Goodwill | (452,390) |  |  | (452,390) |  |  | (452,390) |  |  |  |  | (452,390) |
Subtract: Other intangible assets, net | (37,975) |  |  | (40,354) |  |  | (45,112) |  |  |  |  | (47,752) |
Subtract: Preferred stock, no par value | (537,145) |  |  | (537,145) |  |  | (537,145) |  |  |  |  | (537,145) |
Tangible common equity | $ | 4,225,292 |  |  | $ | 4,207,825 |  |  | $ | 4,126,687 |  |  |  |  | $ | 4,027,255 |
Total shareholders' equity to total assets ratio | 9.46 | % |  | 9.53 | % |  | 9.49 | % |  |  |  | 9.55 | %
Tangible common equity ratio | 7.68 |  |  | 7.73 |  |  | 7.66 |  |  |  |  | 7.67 |
(1) An assumed marginal tax rate of 25.3% for 2021 and 25.9% for 2020 was applied.

ITEM 3. – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The information presented in the Market Risk Analysis section of the Management's Discussion and Analysis of Financial Condition and Results of Operations section of this Report is incorporated herein by reference.
ITEM 4. – CONTROLS AND PROCEDURES
In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Synovus' management, with the participation of Synovus' Chief Executive Officer and Chief Financial Officer, of the effectiveness of Synovus' disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. Based on that evaluation, Synovus' Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2021, Synovus' disclosure controls and procedures were effective.
There have been no material changes in Synovus' internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2021 that have materially affected, or are reasonably likely to materially affect, Synovus' internal control over financial reporting.
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PART II. – OTHER INFORMATION
ITEM 1. – LEGAL PROCEEDINGS
See "Part I - Item 1. Financial Statements and Supplementary Data - Note 9 - Commitments and Contingencies" of this Report.
ITEM 1A. – RISK FACTORS
In addition to the other information set forth in this Report, you should carefully consider the factors discussed in "Part I - Item IA - Risk Factors” of Synovus' 2020 Form 10-K which could materially affect its business, financial position, results of operations, cash flows, or future results. Please be aware that these risks may change over time and other risks may prove to be important in the future. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they may affect our business, financial condition or results of operations, or the trading price of our securities.
There are no material changes during the period covered by this Report to the risk factors previously disclosed in Synovus' 2020 Form 10-K.
ITEM 2. – UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS
(a) None.
(b) None.
(c) Issuer Purchases of Equity Securities:
The Company announced on January 26, 2021 that its Board of Directors authorized share repurchases of up to $200 million in 2021. As of October 31, 2021, the remaining authorization under this program was $31.8 million.

Share Repurchases
(in thousands, except per share data) |  | Total Number of Shares Repurchased |  | Average Price Paid per Share(1) |  | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs |  | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
July 2021 |  | 637 |  |  | $ | 42.53 |  |  | 637 |  |  | $ | 80,448 |
August 2021 |  | 429 |  |  | 43.05 |  |  | 429 |  |  | 61,972 |
September 2021 |  | 710 |  |  | 40.90 |  |  | 710 |  |  | 32,931 |
Total |  | 1,776 |  |  | $ | 42.00 |  |  | 1,776 |  |  |

(1) The average price paid per share is calculated on a trade date basis for all open market transactions and excludes commissions and other transaction expenses.
The foregoing repurchases during the third quarter of 2021 were purchased through open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
ITEM 3. – DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. – MINE SAFETY DISCLOSURES
None.
ITEM 5. – OTHER INFORMATION
None.
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ITEM 6. – EXHIBITS

Exhibit Number |  | Description
3.1 |  |  | Restated Articles of Incorporation of Synovus, incorporated by reference to Exhibit 3.1 of Synovus’ Current Report on Form 8-K dated April 22, 2020, as filed with the SEC on April 24, 2020.
3.2 |  |  | Restated Bylaws of Synovus, incorporated by reference to Exhibit 3.2 of Synovus' Current Report on Form 8-K dated April 22, 2020, as filed with the SEC on April 24, 2020.
10.1 |  |  | First Amendment to the Synovus Financial Corp. Directors' Deferred Compensation Plan.
31.1 |  |  | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 |  |  | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32 |  |  | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101 |  |  | Interactive Data File
104 |  |  | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

| SYNOVUS FINANCIAL CORP.
November 3, 2021 | By: |  | /s/ Andrew J. Gregory, Jr.
Date |  |  | Andrew J. Gregory, Jr.
|  |  | Executive Vice President and Chief Financial Officer
|  |  | (Duly Authorized Officer and Principal Financial Officer)

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