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Investment Securities Available for Sale

9 Months Ended

Sep. 30, 2021

Investments [Abstract]

Investment Securities Available for Sale

Note 2 - Investment Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at 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.            

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.

			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

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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