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Segment Reporting
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting
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, unlike 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.
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 certain 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 BankingWholesale BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$200,014 $138,662 $20,076 $26,165 $384,917 
Non-interest revenue33,721 10,739 51,248 19,247 114,955 
Non-interest expense73,789 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 BankingWholesale BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$218,880 $139,079 $22,251 $(3,220)$376,990 
Non-interest revenue27,034 5,528 65,825 16,024 114,411 
Non-interest expense71,107 19,843 93,038 132,667 316,655 
Pre-provision net revenue$174,807 $124,764 $(4,962)$(119,863)$174,746 
Nine Months Ended September 30, 2021
(in thousands)Community BankingWholesale BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$609,137 $408,862 $60,006 $62,629 $1,140,634 
Non-interest revenue95,687 25,058 162,176 50,076 332,997 
Non-interest expense215,716 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 BankingWholesale BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$634,480 $407,265 $59,704 $25,367 $1,126,816 
Non-interest revenue81,105 20,537 166,185 123,925 391,752 
Non-interest expense226,674 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 BankingWholesale BankingFinancial Management ServicesTreasury and Corporate OtherSynovus 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 employees2,171 286 804 1,692 4,953 
December 31, 2020
(dollars in thousands)Community BankingWholesale BankingFinancial Management ServicesTreasury and Corporate OtherSynovus 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 employees2,299 285 832 1,718 5,134