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Fair Value Accounting (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Financial Instruments Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities measured at estimated fair value on a recurring basis.
| March 31, 2022 |  |  | December 31, 2021
(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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |  |  | $ | 197 |  |  | $ | — |  |  | $ | 197 |
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — |  |  | 483 |  |  | — |  |  | 483 |  |  |  | — |  |  | 671 |  |  | — |  |  | 671 |
Other mortgage-backed securities | — |  |  | 3,362 |  |  | — |  |  | 3,362 |  |  |  | — |  |  | — |  |  | — |  |  | — |
State and municipal securities | — |  |  | 414 |  |  | — |  |  | 414 |  |  |  | — |  |  | 560 |  |  | — |  |  | 560 |
Asset-backed securities | — |  |  | 5,359 |  |  | — |  |  | 5,359 |  |  |  | — |  |  | 6,963 |  |  | — |  |  | 6,963 |
Total trading securities | $ | — |  |  | $ | 9,618 |  |  | $ | — |  |  | $ | 9,618 |  |  |  | $ | — |  |  | $ | 8,391 |  |  | $ | — |  |  | $ | 8,391 |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 394,586 |  |  | $ | — |  |  | $ | — |  |  | $ | 394,586 |  |  |  | $ | 117,838 |  |  | $ | — |  |  | $ | — |  |  | $ | 117,838 |
U.S. Government agency securities | — |  |  | 51,805 |  |  | — |  |  | 51,805 |  |  |  | — |  |  | 54,201 |  |  | — |  |  | 54,201 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 686,744 |  |  | — |  |  | 686,744 |  |  |  | — |  |  | 779,633 |  |  | — |  |  | 779,633 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 7,620,631 |  |  | — |  |  | 7,620,631 |  |  |  | — |  |  | 8,012,301 |  |  | — |  |  | 8,012,301 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 822,878 |  |  | — |  |  | 822,878 |  |  |  | — |  |  | 939,623 |  |  | — |  |  | 939,623 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 530,796 |  |  | — |  |  | 530,796 |  |  |  | — |  |  | 481,744 |  |  | — |  |  | 481,744 |
Asset-backed securities | — |  |  | 337,037 |  |  | — |  |  | 337,037 |  |  |  | — |  |  | 514,188 |  |  | — |  |  | 514,188 |
Corporate debt securities and other debt securities | — |  |  | 18,624 |  |  | — |  |  | 18,624 |  |  |  | — |  |  | 18,801 |  |  | — |  |  | 18,801 |
Total investment securities available for sale | $ | 394,586 |  |  | $ | 10,068,515 |  |  | $ | — |  |  | $ | 10,463,101 |  |  |  | $ | 117,838 |  |  | $ | 10,800,491 |  |  | $ | — |  |  | $ | 10,918,329 |
Mortgage loans held for sale | $ | — |  |  | $ | 111,992 |  |  | $ | — |  |  | $ | 111,992 |  |  |  | $ | — |  |  | $ | 108,198 |  |  | $ | — |  |  | $ | 108,198 |
Other investments | — |  |  | — |  |  | 12,093 |  |  | 12,093 |  |  |  | — |  |  | — |  |  | 12,185 |  |  | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 43,842 |  |  | — |  |  | — |  |  | 43,842 |  |  |  | 43,657 |  |  | — |  |  | — |  |  | 43,657 |
GGL/SBA loans servicing asset | — |  |  | — |  |  | 3,451 |  |  | 3,451 |  |  |  | — |  |  | — |  |  | 3,233 |  |  | 3,233 |
Derivative assets | — |  |  | 160,545 |  |  | — |  |  | 160,545 |  |  |  | — |  |  | 191,708 |  |  | — |  |  | 191,708 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading liability for short positions | $ | — |  |  | $ | 389 |  |  | $ | — |  |  | $ | 389 |  |  |  | $ | — |  |  | $ | 200 |  |  | $ | — |  |  | $ | 200 |
Mutual funds held in rabbi trusts | 28,095 |  |  | — |  |  | — |  |  | 28,095 |  |  |  | 27,205 |  |  | — |  |  | — |  |  | 27,205 |
Derivative liabilities | — |  |  | 230,087 |  |  | 1,776 |  |  | 231,863 |  |  |  | — |  |  | 95,067 |  |  | 3,535 |  |  | 98,602 |
Schedule of Mortgage Loans Held for Sale and Changes in Fair Value Included in Consolidated Statements of Income | 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 March 31, 2022 |  | As of December 31, 2021
Fair value | $ | 111,992 |  |  | $ | 108,198 |
Unpaid principal balance | 111,929 |  |  | 105,785 |
Fair value less aggregate unpaid principal balance | $ | 63 |  |  | $ | 2,413 |
Changes in Fair Value Included in Net Income | Three Months Ended March 31, |  | Location in Consolidated Statements of Income |  |
(in thousands) | 2022 |  | 2021 |  |  |  |  |
Mortgage loans held for sale | $ | (2,350) |  |  | $ | (4,632) |  |  | Mortgage banking income |  |  |  |
Changes in Level 3 Fair Value Measurements |
|  |  |  |  | Three Months Ended March 31, 2022
(in thousands) |  |  |  |  | Other Investments |  | GGL / SBA Loans Servicing Asset |  | Visa Derivative
Beginning balance |  |  |  |  | $ | 12,185 |  |  | $ | 3,233 |  |  | $ | (3,535) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |  |
Included in earnings |  |  |  |  | (92) |  |  | (262) |  |  | — |
Additions |  |  |  |  | — |  |  | — |  |  | — |
Settlements |  |  |  |  | — |  |  | 480 |  |  | 1,759 |
Ending balance |  |  |  |  | $ | 12,093 |  |  | $ | 3,451 |  |  | $ | (1,776) |
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 March 31, 2022 |  |  |  |  | $ | (92) |  |  | $ | — |  |  | $ | — |
|  |  | Three Months Ended March 31, 2021
(in thousands) | Investment Securities Available for Sale |  | Other 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 | — |  |  | 32 |  |  | (178) |  |  | — |  |  | — |
Sales | (2,021) |  |  | — |  |  | — |  |  | — |  |  | — |
Additions | — |  |  | — |  |  | 225 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  | 280 |
Ending balance | $ | — |  |  | $ | 1,053 |  |  | $ | 3,305 |  |  | $ | (5,677) |  |  | $ | (1,768) |
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 March 31, 2021 | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Assets Measured at Fair Value on Non-Recurring Basis | 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.
| March 31, 2022 |  | Fair Value Adjustments for the Three Months Ended March 31, 2022 |  | Location in Consolidated Statements of Income
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  |  |
Loans(1) | $ | — |  |  | $ | — |  |  | $ | 7,483 |  |  |  | $ | 339 |  |  | Provision for credit losses
Other assets held for sale | — |  |  | — |  |  | 2,725 |  |  |  | 492 |  |  | Other operating expense
| March 31, 2021 |  | Fair Value Adjustments for the Three Months Ended March 31, 2021 |  | Location in Consolidated Statements of Income
| Level 1 |  | Level 2 |  | Level 3 |  |  |
Loans(1) | $ | — |  |  | $ | — |  |  | $ | 14,026 |  |  |  | $ | 7,002 |  |  | Provision for credit losses
(1) Collateral-dependent loans that were written down to fair value of collateral.
Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet | The following tables present the carrying and estimated fair values of financial instruments at March 31, 2022 and December 31, 2021. 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' 2021 Form 10-K for a description of how fair value measurements are determined.
| March 31, 2022
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 1,553,503 |  |  | $ | 1,553,503 |  |  | $ | 1,553,503 |  |  | $ | — |  |  | $ | — |
Trading securities | 9,618 |  |  | 9,618 |  |  | — |  |  | 9,618 |  |  | — |
Investment securities available for sale | 10,463,101 |  |  | 10,463,101 |  |  | 394,586 |  |  | 10,068,515 |  |  | — |
Loans held for sale | 723,921 |  |  | 720,640 |  |  | — |  |  | 111,992 |  |  | 608,648 |
Other investments | 12,093 |  |  | 12,093 |  |  | — |  |  | — |  |  | 12,093 |
Mutual funds and mutual funds held in rabbi trusts | 43,842 |  |  | 43,842 |  |  | 43,842 |  |  | — |  |  | — |
Loans, net | 39,754,194 |  |  | 39,988,199 |  |  | — |  |  | — |  |  | 39,988,199 |
GGL/SBA loans servicing asset | 3,451 |  |  | 3,451 |  |  | — |  |  | — |  |  | 3,451 |
FRB and FHLB stock | 174,191 |  |  | 174,191 |  |  | — |  |  | 174,191 |  |  | — |
Derivative assets | 160,545 |  |  | 160,545 |  |  | — |  |  | 160,545 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Non-interest-bearing deposits | $ | 16,611,344 |  |  | $ | 16,611,344 |  |  | $ | — |  |  | $ | 16,611,344 |  |  | $ | — |
Non-time interest-bearing deposits | 27,876,322 |  |  | 27,876,322 |  |  | — |  |  | 27,876,322 |  |  | — |
Time deposits | 4,168,578 |  |  | 4,149,009 |  |  | — |  |  | 4,149,009 |  |  | — |
Total deposits | $ | 48,656,244 |  |  | $ | 48,636,675 |  |  | $ | — |  |  | $ | 48,636,675 |  |  | $ | — |
Federal funds purchased and securities sold under repurchase agreements | 501,124 |  |  | 501,124 |  |  | 501,124 |  |  | — |  |  | — |
Trading liability for short positions | 389 |  |  | 389 |  |  | — |  |  | 389 |  |  | — |
Other short-term borrowings | 400,000 |  |  | 400,000 |  |  | — |  |  | 400,000 |  |  | — |
Long-term debt | 805,259 |  |  | 820,634 |  |  | — |  |  | 820,634 |  |  | — |
Mutual funds held in rabbi trusts | 28,095 |  |  | 28,095 |  |  | 28,095 |  |  | — |  |  | — |
Derivative liabilities | 231,863 |  |  | 231,863 |  |  | — |  |  | 230,087 |  |  | 1,776 |
| December 31, 2021
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 3,009,853 |  |  | $ | 3,009,853 |  |  | $ | 3,009,853 |  |  | $ | — |  |  | $ | — |
Trading securities | 8,391 |  |  | 8,391 |  |  | — |  |  | 8,391 |  |  | — |
Investment securities available for sale | 10,918,329 |  |  | 10,918,329 |  |  | 117,838 |  |  | 10,800,491 |  |  | — |
Loans held for sale | 750,642 |  |  | 749,980 |  |  | — |  |  | 108,198 |  |  | 641,782 |
Other investments | 12,185 |  |  | 12,185 |  |  | — |  |  | — |  |  | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 43,657 |  |  | 43,657 |  |  | 43,657 |  |  | — |  |  | — |
Loans, net | 38,884,361 |  |  | 39,118,275 |  |  | — |  |  | — |  |  | 39,118,275 |
GGL/SBA loans servicing asset | 3,233 |  |  | 3,233 |  |  | — |  |  | — |  |  | 3,233 |
FRB and FHLB stock | 159,941 |  |  | 159,941 |  |  | — |  |  | 159,941 |  |  | — |
Derivative assets | 191,708 |  |  | 191,708 |  |  | — |  |  | 191,708 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Non-interest-bearing deposits | $ | 16,392,653 |  |  | $ | 16,392,653 |  |  | $ | — |  |  | $ | 16,392,653 |  |  | $ | — |
Non-time interest-bearing deposits | 28,917,148 |  |  | 28,917,148 |  |  | — |  |  | 28,917,148 |  |  | — |
Time deposits | 4,117,475 |  |  | 4,125,673 |  |  | — |  |  | 4,125,673 |  |  | — |
Total deposits | $ | 49,427,276 |  |  | $ | 49,435,474 |  |  | $ | — |  |  | $ | 49,435,474 |  |  | $ | — |
Federal funds purchased and securities sold under repurchase agreements | 264,133 |  |  | 264,133 |  |  | 264,133 |  |  | — |  |  | — |
Trading liability for short positions | 200 |  |  | 200 |  |  | — |  |  | 200 |  |  | — |
Long-term debt | 1,204,229 |  |  | 1,243,147 |  |  | — |  |  | 1,243,147 |  |  | — |
Mutual funds held in rabbi trusts | 27,205 |  |  | 27,205 |  |  | 27,205 |  |  | — |  |  | — |
Derivative liabilities | 98,602 |  |  | 98,602 |  |  | — |  |  | 95,067 |  |  | 3,535 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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