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Investment Securities Available for Sale
 12 Months Ended
Dec. 31, 2021
Investments [Abstract]  
Investment Securities Available for Sale
Note 2 - Investment Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2021 and 2020 are summarized below.
December 31, 2021
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$120,465 $— $(2,627)$117,838 
U.S. Government agency securities53,214 1,374 (387)54,201 
Mortgage-backed securities issued by U.S. Government agencies790,329 768 (11,464)779,633 
Mortgage-backed securities issued by U.S. Government sponsored enterprises8,063,890 50,491 (102,080)8,012,301 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises951,691 4,658 (16,726)939,623 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises479,420 8,644 (6,320)481,744 
Asset-backed securities514,188 — — 514,188 
Corporate debt securities and other debt securities18,309 492 — 18,801 
Total investment securities available for sale$10,991,506 $66,427 $(139,604)$10,918,329 
December 31, 2020
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury securities$20,257 $— $— $20,257 
U.S. Government agency securities79,638 2,682 — 82,320 
Mortgage-backed securities issued by U.S. Government agencies1,216,012 7,930 (5,925)1,218,017 
Mortgage-backed securities issued by U.S. Government sponsored enterprises4,865,858 134,188 — 5,000,046 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises1,245,644 15,309 (10,576)1,250,377 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises354,244 16,677 — 370,921 
Corporate debt securities and other debt securities20,211 457 (168)20,500 
Total investment securities available for sale$7,801,864 $177,243 $(16,669)$7,962,438 
At December 31, 2021 and 2020, investment securities with a carrying value of $4.03 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 December 31, 2021 and December 31, 2020 are presented below.
December 31, 2021
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$49,648 $(379)$47,590 $(2,248)$97,238 $(2,627)
U.S. Government agency securities21,760 (387)— — 21,760 (387)
Mortgage-backed securities issued by U.S. Government agencies461,078 (5,858)244,264 (5,606)705,342 (11,464)
Mortgage-backed securities issued by U.S. Government sponsored enterprises5,729,476 (82,671)643,758 (19,409)6,373,234 (102,080)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises187,431 (3,981)504,238 (12,745)691,669 (16,726)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises146,672 (2,951)83,533 (3,369)230,205 (6,320)
Total$6,596,065 $(96,227)$1,523,383 $(43,377)$8,119,448 $(139,604)
December 31, 2020
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Mortgage-backed securities issued by U.S. Government agencies$566,896 $(5,925)$— $— $566,896 $(5,925)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises803,429 (10,576)— — 803,429 (10,576)
Corporate debt securities and other debt securities9,337 (168)— — 9,337 (168)
Total$1,379,662 $(16,669)$— $— $1,379,662 $(16,669)
As of December 31, 2021, Synovus had 143 investment securities in a loss position for less than twelve months and 37 investment securities in a loss position for twelve months or longer. Synovus does not intend to sell investment securities in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. As such, no write-downs to the amortized cost basis of the portfolio were recorded at December 31, 2021.
At December 31, 2021, no ACL was established for investment securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. U.S. Treasury and agency securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise.
The amortized cost and fair value by contractual maturity of investment securities available for sale at December 31, 2021 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
Distribution of Maturities at December 31, 2021
(in thousands)Within One Year1 to 5
Years		5 to 10
Years		More Than
10 Years		Total
Amortized Cost
U.S. Treasury securities$20,600 $— $99,865 $— $120,465 
U.S. Government agency securities756 321 52,137 — 53,214 
Mortgage-backed securities issued by U.S. Government agencies— 842 131 789,356 790,329 
Mortgage-backed securities issued by U.S. Government sponsored enterprises28 — 80,539 7,983,323 8,063,890 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— — 146 951,545 951,691 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 181,144 211,328 86,948 479,420 
Asset-backed securities514,188 — — — 514,188 
Corporate debt securities and other debt securities9,502 — 8,807 — 18,309 
Total amortized cost$545,074 $182,307 $452,953 $9,811,172 $10,991,506 
Fair Value
U.S. Treasury securities$20,600 $— $97,238 $— $117,838 
U.S. Government agency securities760 322 53,119 — 54,201 
Mortgage-backed securities issued by U.S. Government agencies— 870 136 778,627 779,633 
Mortgage-backed securities issued by U.S. Government sponsored enterprises28 — 83,271 7,929,002 8,012,301 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— — 150 939,473 939,623 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 182,821 209,311 89,612 481,744 
Asset-backed securities514,188 — — — 514,188 
Corporate debt securities and other debt securities9,730 — 9,071 — 18,801 
Total fair value$545,306 $184,013 $452,296 $9,736,714 $10,918,329 
Gross gains and gross losses on sales of securities available for sale for the years ended December 31, 2021, 2020, and 2019 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.
(in thousands)202120202019
Gross realized gains on sales$1,191 $85,375 $10,370 
Gross realized losses on sales(1,990)(6,444)(18,029)
Investment securities gains (losses), net$(799)$78,931 $(7,659)