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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 March 31, 2022
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 April 30, 2022, 145,340,935 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 March 31, 2022 and December 31, 2021 | 1
|  | Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021 | 2
|  | Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021 | 3
|  | Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2022 and 2021 | 4
|  | Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 | 5
|  | Notes to Unaudited Interim Consolidated Financial Statements | 6
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 32
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 55
| Item 4. | Controls and Procedures | 55
Part II. | Other Information |
| Item 1. | Legal Proceedings | 56
| Item 1A. | Risk Factors | 56
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 56
| Item 3. | Defaults Upon Senior Securities | 56
| Item 4. | Mine Safety Disclosures | 56
| Item 5. | Other Information | 56
| Item 6. | Exhibits | 57
| Signatures | 58

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 (loss)
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
ESG – Environmental, social, and governance
EVE – Economic value of equity
Exchange Act – Securities Exchange Act of 1934, as amended
FASB – Financial Accounting Standards Board
FCA – Financial Conduct Authority, a regulatory authority of the United Kingdom
FDIC – Federal Deposit Insurance Corporation
Federal Reserve Bank – One of the 12 banks that are the operating arms of the U.S. central bank. They implement the policies of the Federal Reserve Board, supervise bank holding companies and certain banking institutions, and also conduct economic research
i

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
Federal Reserve System or Federal Reserve – The Federal Reserve Board plus 12 Federal Reserve Banks, with each one serving member banks in its own district. The Federal Reserve, has broad regulatory powers over the money supply and the credit structure of the economy
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
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
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 (loss)
ORE – Other real estate
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
SAB – Staff Accounting Bulletin
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
ii

SOFR – Secured Overnight Financing Rate
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' 2021 Form 10-K – Synovus' Annual Report on Form 10-K for the year ended December 31, 2021
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) | March 31, 2022 |  | December 31, 2021
ASSETS |  |  |
Cash and due from banks | $ | 557,178 |  |  | $ | 432,925 |
Interest-bearing funds with Federal Reserve Bank | 941,272 |  |  | 2,479,006 |
Interest earning deposits with banks | 27,411 |  |  | 25,535 |
Federal funds sold and securities purchased under resale agreements | 27,642 |  |  | 72,387 |
Total cash, cash equivalents, and restricted cash | 1,553,503 |  |  | 3,009,853 |
Investment securities available for sale, at fair value | 10,463,101 |  |  | 10,918,329 |
Loans held for sale (includes $111,992 and $108,198 measured at fair value, respectively) | 723,921 |  |  | 750,642 |
Loans, net of deferred fees and costs | 40,169,150 |  |  | 39,311,958 |
Allowance for loan losses | (414,956) |  |  | (427,597) |
Loans, net | 39,754,194 |  |  | 38,884,361 |
Cash surrender value of bank-owned life insurance | 1,075,175 |  |  | 1,068,616 |
Premises, equipment, and software, net | 386,631 |  |  | 407,241 |
Goodwill | 452,390 |  |  | 452,390 |
Other intangible assets, net | 33,478 |  |  | 35,596 |
Other assets | 1,977,156 |  |  | 1,790,198 |
Total assets | $ | 56,419,549 |  |  | $ | 57,317,226 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Liabilities |  |  |
Deposits: |  |  |
Non-interest-bearing deposits | $ | 16,611,344 |  |  | $ | 16,392,653 |
Interest-bearing deposits | 32,044,900 |  |  | 33,034,623 |
Total deposits | 48,656,244 |  |  | 49,427,276 |
Federal funds purchased and securities sold under repurchase agreements | 501,124 |  |  | 264,133 |
Long-term debt | 805,259 |  |  | 1,204,229 |
Other liabilities | 1,632,287 |  |  | 1,124,788 |
Total liabilities | 51,594,914 |  |  | 52,020,426 |
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 169,912,021 and 169,383,758; outstanding 145,334,763 and 145,010,086 | 169,912 |  |  | 169,384 |
Additional paid-in capital | 3,899,269 |  |  | 3,894,109 |
Treasury stock, at cost; 24,577,258 and 24,373,672 shares | (941,168) |  |  | (931,497) |
Accumulated other comprehensive income (loss), net | (662,065) |  |  | (82,321) |
Retained earnings | 1,821,542 |  |  | 1,709,980 |
Total shareholders' equity | 4,824,635 |  |  | 5,296,800 |
Total liabilities and shareholders' equity | $ | 56,419,549 |  |  | $ | 57,317,226 |

See accompanying notes to unaudited interim consolidated financial statements.
1

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

| Three Months Ended March 31, |  |
(in thousands, except per share data) | 2022 |  | 2021 |  |  |  |
Interest income: |  |  |  |  |  |  |
Loans, including fees | $ | 361,091 |  |  | $ | 372,491 |  |  |  |  |
Investment securities available for sale | 47,249 |  |  | 29,458 |  |  |  |  |
Loans held for sale | 6,182 |  |  | 6,462 |  |  |  |  |
Federal Reserve Bank balances | 788 |  |  | 673 |  |  |  |  |
Other earning assets | 752 |  |  | 733 |  |  |  |  |
Total interest income | 416,062 |  |  | 409,817 |  |  |  |  |
Interest expense: |  |  |  |  |  |  |
Deposits | 13,659 |  |  | 25,018 |  |  |  |  |
Long-term debt | 10,144 |  |  | 10,908 |  |  |  |  |
Other borrowings | 11 |  |  | 34 |  |  |  |  |
Total interest expense | 23,814 |  |  | 35,960 |  |  |  |  |
Net interest income | 392,248 |  |  | 373,857 |  |  |  |  |
Provision for (reversal of) credit losses | 11,400 |  |  | (18,575) |  |  |  |  |
Net interest income after provision for (reversal of) credit losses | 380,848 |  |  | 392,432 |  |  |  |  |
Non-interest revenue: |  |  |  |  |  |  |
Service charges on deposit accounts | 22,539 |  |  | 20,033 |  |  |  |  |
Fiduciary and asset management fees | 20,277 |  |  | 17,954 |  |  |  |  |
Card fees | 14,756 |  |  | 11,996 |  |  |  |  |
Brokerage revenue | 14,655 |  |  | 12,974 |  |  |  |  |
Mortgage banking income | 5,953 |  |  | 22,315 |  |  |  |  |
Capital markets income | 5,472 |  |  | 7,505 |  |  |  |  |
Income from bank-owned life insurance | 6,556 |  |  | 8,843 |  |  |  |  |
Investment securities gains (losses), net | — |  |  | (1,990) |  |  |  |  |
Other non-interest revenue | 15,126 |  |  | 11,326 |  |  |  |  |
Total non-interest revenue | 105,334 |  |  | 110,956 |  |  |  |  |
Non-interest expense: |  |  |  |  |  |  |
Salaries and other personnel expense | 164,684 |  |  | 161,477 |  |  |  |  |
Net occupancy, equipment, and software expense | 42,877 |  |  | 41,134 |  |  |  |  |
Third-party processing and other services | 20,996 |  |  | 20,032 |  |  |  |  |
Professional fees | 8,474 |  |  | 9,084 |  |  |  |  |
FDIC insurance and other regulatory fees | 6,250 |  |  | 5,579 |  |  |  |  |
Restructuring charges | (6,424) |  |  | 531 |  |  |  |  |
Other operating expense | 35,593 |  |  | 29,297 |  |  |  |  |
Total non-interest expense | 272,450 |  |  | 267,134 |  |  |  |  |
Income before income taxes | 213,732 |  |  | 236,254 |  |  |  |  |
Income tax expense | 42,695 |  |  | 49,161 |  |  |  |  |
Net income | 171,037 |  |  | 187,093 |  |  |  |  |
Less: Preferred stock dividends | 8,291 |  |  | 8,291 |  |  |  |  |
Net income available to common shareholders | $ | 162,746 |  |  | $ | 178,802 |  |  |  |  |
Net income per common share, basic | $ | 1.12 |  |  | $ | 1.20 |  |  |  |  |
Net income per common share, diluted | 1.11 |  |  | 1.19 |  |  |  |  |
Weighted average common shares outstanding, basic | 145,273 |  |  | 148,467 |  |  |  |  |
Weighted average common shares outstanding, diluted | 146,665 |  |  | 149,780 |  |  |  |  |

See accompanying notes to unaudited interim consolidated financial statements.
2

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

| Three Months Ended March 31,
| 2022 |  | 2021
(in thousands) | Before-tax Amount |  | Income Tax |  | Net of Tax Amount |  | Before-tax Amount |  | Income Tax |  | Net of Tax Amount
Net income | $ | 213,732 |  |  | $ | (42,695) |  |  | $ | 171,037 |  |  | $ | 236,254 |  |  | $ | (49,161) |  |  | $ | 187,093 |
Unrealized gains (losses) on investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (621,482) |  |  | 147,023 |  |  | (474,459) |  |  | (165,241) |  |  | 42,781 |  |  | (122,460) |
Reclassification adjustment for realized (gains) losses included in net income | — |  |  | — |  |  | — |  |  | 1,990 |  |  | (515) |  |  | 1,475 |
Net change | (621,482) |  |  | 147,023 |  |  | (474,459) |  |  | (163,251) |  |  | 42,266 |  |  | (120,985) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (135,978) |  |  | 32,361 |  |  | (103,617) |  |  | (29,057) |  |  | 7,874 |  |  | (21,183) |
Reclassification adjustment for realized (gains) losses included in net income | (2,189) |  |  | 521 |  |  | (1,668) |  |  | (1,599) |  |  | 410 |  |  | (1,189) |
Net change | (138,167) |  |  | 32,882 |  |  | (105,285) |  |  | (30,656) |  |  | 8,284 |  |  | (22,372) |
Total other comprehensive income (loss) | $ | (759,649) |  |  | $ | 179,905 |  |  | $ | (579,744) |  |  | $ | (193,907) |  |  | $ | 50,550 |  |  | $ | (143,357) |
Comprehensive income (loss) |  |  |  |  | $ | (408,707) |  |  |  |  |  |  | $ | 43,736 |

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 December 31, 2021 | $ | 537,145 |  |  | $ | 169,384 |  |  | $ | 3,894,109 |  |  | $ | (931,497) |  |  | $ | (82,321) |  |  | $ | 1,709,980 |  |  | $ | 5,296,800 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 171,037 |  |  | 171,037 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (579,744) |  |  | — |  |  | (579,744) |
Cash dividends declared on common stock - $0.34 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (49,442) |  |  | (49,442) |
Cash dividends declared on preferred stock(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,291) |  |  | (8,291) |
Repurchases of common stock including costs to repurchase | — |  |  | — |  |  | — |  |  | (9,671) |  |  | — |  |  | — |  |  | (9,671) |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 302 |  |  | (4,282) |  |  | — |  |  | — |  |  | (1,742) |  |  | (5,722) |
Stock options exercised, net | — |  |  | 226 |  |  | 1,541 |  |  | — |  |  | — |  |  | — |  |  | 1,767 |
Share-based compensation expense | — |  |  | — |  |  | 7,901 |  |  | — |  |  | — |  |  | — |  |  | 7,901 |
Balance at March 31, 2022 | $ | 537,145 |  |  | $ | 169,912 |  |  | $ | 3,899,269 |  |  | $ | (941,168) |  |  | $ | (662,065) |  |  | $ | 1,821,542 |  |  | $ | 4,824,635 |
Balance at December 31, 2020 | $ | 537,145 |  |  | $ | 168,133 |  |  | $ | 3,851,208 |  |  | $ | (731,806) |  |  | $ | 158,635 |  |  | $ | 1,178,019 |  |  | $ | 5,161,334 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 187,093 |  |  | 187,093 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (143,357) |  |  | — |  |  | (143,357) |
Cash dividends declared on common stock - $0.33 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (49,093) |  |  | (49,093) |
Cash dividends declared on preferred stock(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,291) |  |  | (8,291) |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 271 |  |  | (6,456) |  |  | — |  |  | — |  |  | — |  |  | (6,185) |
Stock options exercised, net | — |  |  | 574 |  |  | 11,978 |  |  | — |  |  | — |  |  | — |  |  | 12,552 |
Warrants exercised with net settlement and common stock reissued | — |  |  | — |  |  | (113) |  |  | 116 |  |  | — |  |  | (3) |  |  | — |
Share-based compensation expense | — |  |  | — |  |  | 7,664 |  |  | — |  |  | — |  |  | — |  |  | 7,664 |
Balance at March 31, 2021 | $ | 537,145 |  |  | $ | 168,978 |  |  | $ | 3,864,281 |  |  | $ | (731,690) |  |  | $ | 15,278 |  |  | $ | 1,307,725 |  |  | $ | 5,161,717 |

(1) For the three months ended March 31, 2022 and 2021, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively.
See accompanying notes to unaudited interim consolidated financial statements.
4

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

| Three Months Ended March 31,
(in thousands) | 2022 |  | 2021
Operating Activities |  |  |
Net income | $ | 171,037 |  |  | $ | 187,093 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
Provision for (reversal of) credit losses | 11,400 |  |  | (18,575) |
Depreciation, amortization, and accretion, net | 27,109 |  |  | 52,395 |
Deferred income tax expense (benefit) | 1,250 |  |  | 17,926 |
Originations of loans held for sale | (915,873) |  |  | (1,075,343) |
Proceeds from sales and payments on loans held for sale | 946,187 |  |  | 857,872 |
Gain on sales of loans held for sale, net | (4,647) |  |  | (16,293) |
(Increase) decrease in other assets | (58,709) |  |  | 17,437 |
Increase (decrease) in other liabilities | (5,433) |  |  | (11,936) |
Investment securities (gains) losses, net | — |  |  | 1,990 |
Share-based compensation expense | 8,334 |  |  | 7,664 |
Other | 677 |  |  | — |
Net cash provided by (used in) operating activities | 181,332 |  |  | 20,230 |
Investing Activities |  |  |
Proceeds from maturities and principal collections of investment securities available for sale | 642,957 |  |  | 852,628 |
Proceeds from sales of investment securities available for sale | — |  |  | 223,977 |
Purchases of investment securities available for sale | (820,120) |  |  | (2,125,567) |
Proceeds from sales of loans | 39,568 |  |  | 21,535 |
Purchases of loans | (181,335) |  |  | (606,985) |
Net (increase) decrease in loans | (726,686) |  |  | 5,084 |
Net (purchases) redemptions of Federal Home Loan Bank stock | (13,827) |  |  | (1,200) |
Net (purchases) redemptions of Federal Reserve Bank stock | (424) |  |  | — |
Net proceeds from settlement (purchases) of bank-owned life insurance policies | — |  |  | 3,784 |
Net increase in premises, equipment and software | (2,662) |  |  | (4,027) |
Other | 28,464 |  |  | 1,247 |
Net cash provided by (used in) investing activities | (1,034,065) |  |  | (1,629,524) |
Financing Activities |  |  |
Net increase (decrease) in deposits | (771,032) |  |  | 677,380 |
Net increase in federal funds purchased and securities sold under repurchase agreements | 236,991 |  |  | 65,737 |
Net increase (decrease) in other short-term borrowings | 400,192 |  |  | (7,717) |
Repayments and redemption of long-term debt | (400,000) |  |  | — |
Dividends paid to common shareholders | (47,851) |  |  | (48,834) |
Dividends paid to preferred shareholders | (8,291) |  |  | (8,291) |
Repurchases of common stock | (9,671) |  |  | — |
Issuances, net of taxes paid, under equity compensation plans | (3,955) |  |  | 6,368 |
Net cash provided by (used in) financing activities | (603,617) |  |  | 684,643 |
Increase (decrease) in cash and cash equivalents including restricted cash | (1,456,350) |  |  | (924,651) |
Cash, cash equivalents, and restricted cash, at beginning of period | 3,009,853 |  |  | 4,252,917 |
Cash, cash equivalents, and restricted cash at end of period | $ | 1,553,503 |  |  | $ | 3,328,266 |
Supplemental Disclosures: |  |  |
Income taxes paid | $ | 46,493 |  |  | $ | 48,505 |
Interest paid | 27,278 |  |  | 46,599 |
Non-cash Activities |  |  |
Securities purchased during the period but settled after period-end | — |  |  | 53,699 |
Premises and equipment transferred to other assets held for sale | 11,712 |  |  | — |
Loans foreclosed and transferred to other real estate | — |  |  | 720 |
Loans transferred (from) to other loans held for sale at fair value | (1,055) |  |  | — |

See accompanying notes to unaudited interim consolidated financial statements.
5

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 consumer 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 272 branches and 370 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 (loss), 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' 2021 Form 10-K.
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 revenue and expense 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.
Recent Accounting Pronouncements
The following table provides a brief description of accounting standards adopted or issued in 2022 that could have a material impact to the Company's consolidated financial statements upon adoption in the future.
6

Standard | Description | Required date of adoption | Effect on Company's financial statements or other significant matters
Standards Adopted (or partially 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. | This ASU is effective upon issuance and can be applied through December 31, 2022. | The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements.
Standard | Description | Required date of adoption | Effect on Company's financial statements or other significant matters
Standards Issued But Not Yet Adopted
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure | In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20. | January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year. | The Company is currently evaluating the potential financial statement impact from the implementation of this standard.
SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users | In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets. | June 30, 2022, with retrospective application back to the beginning of the fiscal year. | The Company is currently evaluating the potential financial statement impact from the implementation of this standard.

7

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 March 31, 2022 and December 31, 2021 are summarized below.

| March 31, 2022
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 414,397 |  |  | $ | — |  |  | $ | (19,811) |  |  | $ | 394,586 |
U.S. Government agency securities | 52,865 |  |  | 411 |  |  | (1,471) |  |  | 51,805 |
Mortgage-backed securities issued by U.S. Government agencies | 733,289 |  |  | 60 |  |  | (46,605) |  |  | 686,744 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,169,609 |  |  | 4,937 |  |  | (553,915) |  |  | 7,620,631 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 877,362 |  |  | 326 |  |  | (54,810) |  |  | 822,878 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 554,868 |  |  | 1,020 |  |  | (25,092) |  |  | 530,796 |
Asset-backed securities | 337,037 |  |  | — |  |  | — |  |  | 337,037 |
Corporate debt securities and other debt securities | 18,333 |  |  | 291 |  |  | — |  |  | 18,624 |
Total investment securities available for sale | $ | 11,157,760 |  |  | $ | 7,045 |  |  | $ | (701,704) |  |  | $ | 10,463,101 |
| December 31, 2021
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 120,465 |  |  | $ | — |  |  | $ | (2,627) |  |  | $ | 117,838 |
U.S. Government agency securities | 53,214 |  |  | 1,374 |  |  | (387) |  |  | 54,201 |
Mortgage-backed securities issued by U.S. Government agencies | 790,329 |  |  | 768 |  |  | (11,464) |  |  | 779,633 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,063,890 |  |  | 50,491 |  |  | (102,080) |  |  | 8,012,301 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 951,691 |  |  | 4,658 |  |  | (16,726) |  |  | 939,623 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 479,420 |  |  | 8,644 |  |  | (6,320) |  |  | 481,744 |
Asset-backed securities | 514,188 |  |  | — |  |  | — |  |  | 514,188 |
Corporate debt securities and other debt securities | 18,309 |  |  | 492 |  |  | — |  |  | 18,801 |
Total investment securities available for sale | $ | 10,991,506 |  |  | $ | 66,427 |  |  | $ | (139,604) |  |  | $ | 10,918,329 |

At March 31, 2022 and December 31, 2021, investment securities with a carrying value of $3.74 billion and $4.03 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
8

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 March 31, 2022 and December 31, 2021 are presented below.

| March 31, 2022
| 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 | $ | 328,920 |  |  | $ | (14,282) |  |  | $ | 44,313 |  |  | $ | (5,529) |  |  | $ | 373,233 |  |  | $ | (19,811) |
U.S. Government agency securities | 20,691 |  |  | (1,471) |  |  | — |  |  | — |  |  | 20,691 |  |  | (1,471) |
Mortgage-backed securities issued by U.S. Government agencies | 316,662 |  |  | (19,328) |  |  | 365,096 |  |  | (27,277) |  |  | 681,758 |  |  | (46,605) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,225,550 |  |  | (365,535) |  |  | 1,966,572 |  |  | (188,380) |  |  | 7,192,122 |  |  | (553,915) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 366,174 |  |  | (18,823) |  |  | 441,167 |  |  | (35,987) |  |  | 807,341 |  |  | (54,810) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 224,955 |  |  | (8,847) |  |  | 146,528 |  |  | (16,245) |  |  | 371,483 |  |  | (25,092) |
Total | $ | 6,482,952 |  |  | $ | (428,286) |  |  | $ | 2,963,676 |  |  | $ | (273,418) |  |  | $ | 9,446,628 |  |  | $ | (701,704) |
| December 31, 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 | $ | 49,648 |  |  | $ | (379) |  |  | $ | 47,590 |  |  | $ | (2,248) |  |  | $ | 97,238 |  |  | $ | (2,627) |
U.S. Government agency securities | 21,760 |  |  | (387) |  |  | — |  |  | — |  |  | 21,760 |  |  | (387) |
Mortgage-backed securities issued by U.S. Government agencies | 461,078 |  |  | (5,858) |  |  | 244,264 |  |  | (5,606) |  |  | 705,342 |  |  | (11,464) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,729,476 |  |  | (82,671) |  |  | 643,758 |  |  | (19,409) |  |  | 6,373,234 |  |  | (102,080) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 187,431 |  |  | (3,981) |  |  | 504,238 |  |  | (12,745) |  |  | 691,669 |  |  | (16,726) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 146,672 |  |  | (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) |

As of March 31, 2022, Synovus had 227 investment securities in a loss position for less than twelve months and 76 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 March 31, 2022.
At March 31, 2022, 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
9

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 March 31, 2022 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 March 31, 2022
(in thousands) | Within One Year |  | 1 to 5 Years |  | 5 to 10 Years |  | More Than 10 Years |  | Total
Amortized Cost |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 21,353 |  |  | $ | 343,202 |  |  | $ | 49,842 |  |  | $ | — |  |  | $ | 414,397 |
U.S. Government agency securities | 455 |  |  | 273 |  |  | 52,137 |  |  | — |  |  | 52,865 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 835 |  |  | — |  |  | 732,454 |  |  | 733,289 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 11 |  |  | — |  |  | 136,502 |  |  | 8,033,096 |  |  | 8,169,609 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 129 |  |  | — |  |  | 877,233 |  |  | 877,362 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 251,596 |  |  | 225,872 |  |  | 77,400 |  |  | 554,868 |
Asset-backed securities | 337,037 |  |  | — |  |  | — |  |  | — |  |  | 337,037 |
Corporate debt securities and other debt securities | 9,501 |  |  | — |  |  | 8,832 |  |  | — |  |  | 18,333 |
Total amortized cost | $ | 368,357 |  |  | $ | 596,035 |  |  | $ | 473,185 |  |  | $ | 9,720,183 |  |  | $ | 11,157,760 |
Fair Value |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 21,353 |  |  | $ | 328,920 |  |  | $ | 44,313 |  |  | $ | — |  |  | $ | 394,586 |
U.S. Government agency securities | 462 |  |  | 275 |  |  | 51,068 |  |  | — |  |  | 51,805 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 845 |  |  | — |  |  | 685,899 |  |  | 686,744 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 11 |  |  | — |  |  | 134,665 |  |  | 7,485,955 |  |  | 7,620,631 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 130 |  |  | — |  |  | 822,748 |  |  | 822,878 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 244,983 |  |  | 209,622 |  |  | 76,191 |  |  | 530,796 |
Asset-backed securities | 337,037 |  |  | — |  |  | — |  |  | — |  |  | 337,037 |
Corporate debt securities and other debt securities | 9,506 |  |  | — |  |  | 9,118 |  |  | — |  |  | 18,624 |
Total fair value | $ | 368,369 |  |  | $ | 575,153 |  |  | $ | 448,786 |  |  | $ | 9,070,793 |  |  | $ | 10,463,101 |

Gross gains and gross losses on sales of securities available for sale for the three months ended March 31, 2022 and 2021 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income (loss) at the time of sale.

| Three Months Ended March 31, |  |
(in thousands) | 2022 |  | 2021 |  |  |  |
Gross realized gains on sales | $ | — |  |  | $ | — |  |  |  |  |
Gross realized losses on sales | — |  |  | (1,990) |  |  |  |  |
Investment securities gains (losses), net | $ | — |  |  | $ | (1,990) |  |  |  |  |

10

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 March 31, 2022 and December 31, 2021.

| March 31, 2022 |
(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 | $ | 12,585,055 |  |  | $ | 9,298 |  |  | $ | 370 |  |  | $ | 9,668 |  |  | $ | 42,697 |  |  | $ | 22,191 |  |  | $ | 12,659,611 |  |
Owner-occupied | 7,677,569 |  |  | 4,291 |  |  | — |  |  | 4,291 |  |  | 6,906 |  |  | 3,948 |  |  | 7,692,714 |  |
Total commercial and industrial | 20,262,624 |  |  | 13,589 |  |  | 370 |  |  | 13,959 |  |  | 49,603 |  |  | 26,139 |  |  | 20,352,325 |  |
Investment properties | 10,037,457 |  |  | 1,931 |  |  | 469 |  |  | 2,400 |  |  | 4,923 |  |  | 2,365 |  |  | 10,047,145 |  |
1-4 family properties | 616,706 |  |  | 1,424 |  |  | 302 |  |  | 1,726 |  |  | 2,242 |  |  | — |  |  | 620,674 |  |
Land and development | 474,875 |  |  | 571 |  |  | — |  |  | 571 |  |  | 2,053 |  |  | — |  |  | 477,499 |  |
Total commercial real estate | 11,129,038 |  |  | 3,926 |  |  | 771 |  |  | 4,697 |  |  | 9,218 |  |  | 2,365 |  |  | 11,145,318 |  |
Consumer mortgages | 5,017,739 |  |  | 4,114 |  |  | 153 |  |  | 4,267 |  |  | 29,997 |  |  | — |  |  | 5,052,003 |  |
Home equity | 1,404,435 |  |  | 3,052 |  |  | — |  |  | 3,052 |  |  | 8,851 |  |  | 3 |  |  | 1,416,341 |  |
Credit cards | 185,859 |  |  | 1,174 |  |  | 1,214 |  |  | 2,388 |  |  | — |  |  | — |  |  | 188,247 |  |
Other consumer loans | 1,991,939 |  |  | 16,463 |  |  | 559 |  |  | 17,022 |  |  | 5,955 |  |  | — |  |  | 2,014,916 |  |
Total consumer | 8,599,972 |  |  | 24,803 |  |  | 1,926 |  |  | 26,729 |  |  | 44,803 |  |  | 3 |  |  | 8,671,507 |  |
Loans, net of deferred fees and costs | $ | 39,991,634 |  |  | $ | 42,318 |  |  | $ | 3,067 |  |  | $ | 45,385 |  |  | $ | 103,624 |  |  | $ | 28,507 |  |  | $ | 40,169,150 |  |

| December 31, 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 | $ | 12,068,740 |  |  | $ | 13,378 |  |  | $ | 3,953 |  |  | $ | 17,331 |  |  | $ | 37,918 |  |  | $ | 23,869 |  |  | $ | 12,147,858 |  |
Owner-occupied | 7,460,184 |  |  | 3,627 |  |  | 59 |  |  | 3,686 |  |  | 7,146 |  |  | 4,050 |  |  | 7,475,066 |  |
Total commercial and industrial | 19,528,924 |  |  | 17,005 |  |  | 4,012 |  |  | 21,017 |  |  | 45,064 |  |  | 27,919 |  |  | 19,622,924 |  |
Investment properties | 9,894,924 |  |  | 1,285 |  |  | 717 |  |  | 2,002 |  |  | 3,273 |  |  | 2,577 |  |  | 9,902,776 |  |
1-4 family properties | 639,631 |  |  | 1,182 |  |  | 93 |  |  | 1,275 |  |  | 4,535 |  |  | 28 |  |  | 645,469 |  |
Land and development | 463,949 |  |  | 845 |  |  | 154 |  |  | 999 |  |  | 1,918 |  |  | — |  |  | 466,866 |  |
Total commercial real estate | 10,998,504 |  |  | 3,312 |  |  | 964 |  |  | 4,276 |  |  | 9,726 |  |  | 2,605 |  |  | 11,015,111 |  |
Consumer mortgages | 5,033,537 |  |  | 6,257 |  |  | 126 |  |  | 6,383 |  |  | 29,078 |  |  | — |  |  | 5,068,998 |  |
Home equity | 1,349,027 |  |  | 2,619 |  |  | — |  |  | 2,619 |  |  | 9,773 |  |  | — |  |  | 1,361,419 |  |
Credit cards | 201,929 |  |  | 1,233 |  |  | 1,010 |  |  | 2,243 |  |  | — |  |  | — |  |  | 204,172 |  |
Other consumer loans | 2,011,430 |  |  | 20,369 |  |  | 658 |  |  | 21,027 |  |  | 6,877 |  |  | — |  |  | 2,039,334 |  |
Total consumer | 8,595,923 |  |  | 30,478 |  |  | 1,794 |  |  | 32,272 |  |  | 45,728 |  |  | — |  |  | 8,673,923 |  |
Loans, net of deferred fees and costs | $ | 39,123,351 |  |  | $ | 50,795 |  |  | $ | 6,770 |  |  | $ | 57,565 |  |  | $ | 100,518 |  |  | $ | 30,524 |  |  | $ | 39,311,958 |  |

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 $3.1 million and $3.4 million for the three months ended March 31, 2022 and 2021, respectively. Of the interest income recognized during the three months ended March 31, 2022 and 2021, cash-basis interest income was $347 thousand and $622 thousand, respectively.
Pledged Loans
Loans with carrying values of $14.58 billion and $14.19 billion, respectively, were pledged as collateral for borrowings and capacity at March 31, 2022 and December 31, 2021, respectively, to the FHLB and Federal Reserve Bank.
11

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 primarily 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. 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 $202.9 million at March 31, 2022 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, home equity, and consumer 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 home equity 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 home equity) 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.
The following tables summarize each loan portfolio class by risk grade and origination year as of March 31, 2022 and December 31, 2021 as required under CECL.
12

| March 31, 2022
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Commercial, financial and agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 307,165 |  |  | $ | 2,248,128 |  |  | $ | 1,274,145 |  |  | $ | 877,338 |  |  | $ | 605,200 |  |  | $ | 1,280,187 |  |  | $ | 5,672,387 |  |  | $ | 33,813 |  |  | $ | 12,298,363 |
Special Mention | 202 |  |  | 2,235 |  |  | 14,635 |  |  | 9,784 |  |  | 8,486 |  |  | 4,156 |  |  | 87,585 |  |  | — |  |  | 127,083 |
Substandard(1) | 2,867 |  |  | 11,969 |  |  | 47,998 |  |  | 46,234 |  |  | 11,331 |  |  | 45,537 |  |  | 63,546 |  |  | 362 |  |  | 229,844 |
Doubtful(2) | — |  |  | 464 |  |  | — |  |  | — |  |  | 3,620 |  |  | — |  |  | 48 |  |  | — |  |  | 4,132 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 189 |  |  | — |  |  | 189 |
Total commercial, financial and agricultural | 310,234 |  |  | 2,262,796 |  |  | 1,336,778 |  |  | 933,356 |  |  | 628,637 |  |  | 1,329,880 |  |  | 5,823,755 |  |  | 34,175 |  |  | 12,659,611 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 400,161 |  |  | 1,752,472 |  |  | 1,199,572 |  |  | 1,044,709 |  |  | 822,093 |  |  | 1,659,184 |  |  | 575,265 |  |  | — |  |  | 7,453,456 |
Special Mention | 138 |  |  | 691 |  |  | 83,388 |  |  | 5,089 |  |  | 19,983 |  |  | 46,836 |  |  | — |  |  | — |  |  | 156,125 |
Substandard(1) | 315 |  |  | 7,269 |  |  | 1,276 |  |  | 8,529 |  |  | 37,274 |  |  | 28,211 |  |  | — |  |  | — |  |  | 82,874 |
Loss(3) | — |  |  | 259 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 259 |
Total owner-occupied | 400,614 |  |  | 1,760,691 |  |  | 1,284,236 |  |  | 1,058,327 |  |  | 879,350 |  |  | 1,734,231 |  |  | 575,265 |  |  | — |  |  | 7,692,714 |
Total commercial and industrial | 710,848 |  |  | 4,023,487 |  |  | 2,621,014 |  |  | 1,991,683 |  |  | 1,507,987 |  |  | 3,064,111 |  |  | 6,399,020 |  |  | 34,175 |  |  | 20,352,325 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 502,093 |  |  | 2,995,934 |  |  | 1,514,881 |  |  | 1,611,876 |  |  | 997,818 |  |  | 1,872,911 |  |  | 251,150 |  |  | — |  |  | 9,746,663 |
Special Mention | — |  |  | 6,545 |  |  | — |  |  | 32,606 |  |  | 30,827 |  |  | 87,595 |  |  | 33,558 |  |  | — |  |  | 191,131 |
Substandard(1) | 1,252 |  |  | 523 |  |  | 953 |  |  | 5,426 |  |  | 56,611 |  |  | 23,253 |  |  | 21,333 |  |  | — |  |  | 109,351 |
Total investment properties | 503,345 |  |  | 3,003,002 |  |  | 1,515,834 |  |  | 1,649,908 |  |  | 1,085,256 |  |  | 1,983,759 |  |  | 306,041 |  |  | — |  |  | 10,047,145 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 73,676 |  |  | 245,278 |  |  | 70,143 |  |  | 43,125 |  |  | 38,539 |  |  | 91,502 |  |  | 47,599 |  |  | — |  |  | 609,862 |
Special Mention | 243 |  |  | 190 |  |  | 537 |  |  | 638 |  |  | — |  |  | 235 |  |  | — |  |  | — |  |  | 1,843 |
Substandard(1) | 1,750 |  |  | 2,297 |  |  | 6 |  |  | 564 |  |  | 2,004 |  |  | 2,303 |  |  | 45 |  |  | — |  |  | 8,969 |
Total 1-4 family properties | 75,669 |  |  | 247,765 |  |  | 70,686 |  |  | 44,327 |  |  | 40,543 |  |  | 94,040 |  |  | 47,644 |  |  | — |  |  | 620,674 |
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 24,697 |  |  | 138,267 |  |  | 37,147 |  |  | 69,216 |  |  | 23,133 |  |  | 97,030 |  |  | 45,900 |  |  | — |  |  | 435,390 |
Special Mention | — |  |  | — |  |  | 790 |  |  | — |  |  | 31,160 |  |  | 1,160 |  |  | — |  |  | — |  |  | 33,110 |
Substandard(1) | 186 |  |  | 392 |  |  | 323 |  |  | 651 |  |  | 2,985 |  |  | 4,462 |  |  | — |  |  | — |  |  | 8,999 |
Total land and development | 24,883 |  |  | 138,659 |  |  | 38,260 |  |  | 69,867 |  |  | 57,278 |  |  | 102,652 |  |  | 45,900 |  |  | — |  |  | 477,499 |
Total commercial real estate | 603,897 |  |  | 3,389,426 |  |  | 1,624,780 |  |  | 1,764,102 |  |  | 1,183,077 |  |  | 2,180,451 |  |  | 399,585 |  |  | — |  |  | 11,145,318 |

13

| March 31, 2022
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 227,036 |  |  | 1,265,235 |  |  | 1,494,751 |  |  | 519,494 |  |  | 195,449 |  |  | 1,293,538 |  |  | 306 |  |  | — |  |  | 4,995,809 |
Substandard(1) | 21 |  |  | 2,362 |  |  | 5,114 |  |  | 6,846 |  |  | 11,307 |  |  | 29,778 |  |  | — |  |  | — |  |  | 55,428 |
Loss(3) | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 762 |  |  | — |  |  | — |  |  | 766 |
Total consumer mortgages | 227,057 |  |  | 1,267,597 |  |  | 1,499,865 |  |  | 526,344 |  |  | 206,756 |  |  | 1,324,078 |  |  | 306 |  |  | — |  |  | 5,052,003 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,192,522 |  |  | 210,986 |  |  | 1,403,508 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,780 |  |  | 5,488 |  |  | 12,268 |
Doubtful(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 426 |  |  | 139 |  |  | 565 |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,199,728 |  |  | 216,613 |  |  | 1,416,341 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 187,035 |  |  | — |  |  | 187,035 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 451 |  |  | — |  |  | 451 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 761 |  |  | — |  |  | 761 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 188,247 |  |  | — |  |  | 188,247 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 30,863 |  |  | 705,823 |  |  | 627,569 |  |  | 104,053 |  |  | 46,362 |  |  | 189,427 |  |  | 303,456 |  |  | — |  |  | 2,007,553 |
Substandard(1) | 114 |  |  | 793 |  |  | 1,510 |  |  | 1,989 |  |  | 1,196 |  |  | 1,559 |  |  | 184 |  |  | — |  |  | 7,345 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Total other consumer loans | 30,977 |  |  | 706,616 |  |  | 629,079 |  |  | 106,042 |  |  | 47,558 |  |  | 191,004 |  |  | 303,640 |  |  | — |  |  | 2,014,916 |
Total consumer | 258,034 |  |  | 1,974,213 |  |  | 2,128,944 |  |  | 632,386 |  |  | 254,314 |  |  | 1,515,082 |  |  | 1,691,921 |  |  | 216,613 |  |  | 8,671,507 |
Loans, net of deferred fees and costs | $ | 1,572,779 |  |  | $ | 9,387,126 |  |  | $ | 6,374,738 |  |  | $ | 4,388,171 |  |  | $ | 2,945,378 |  |  | $ | 6,759,644 |  |  | $ | 8,490,526 |  |  | $ | 250,788 |  |  | $ | 40,169,150 |

(1) The majority of loans within Substandard risk grade are accruing loans at March 31, 2022.
(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.
14

| December 31, 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 | $ | 2,396,717 |  |  | $ | 1,332,549 |  |  | $ | 922,396 |  |  | $ | 607,918 |  |  | $ | 433,045 |  |  | $ | 903,995 |  |  | $ | 5,151,981 |  |  | $ | 42,809 |  |  | $ | 11,791,410 |
Special Mention | 2,731 |  |  | 15,166 |  |  | 17,571 |  |  | 10,433 |  |  | 2,242 |  |  | 2,489 |  |  | 71,996 |  |  | — |  |  | 122,628 |
Substandard(1) | 16,105 |  |  | 50,979 |  |  | 40,125 |  |  | 10,383 |  |  | 16,473 |  |  | 37,565 |  |  | 51,442 |  |  | 33 |  |  | 223,105 |
Doubtful(2) | 469 |  |  | — |  |  | 1,601 |  |  | 8,512 |  |  | — |  |  | — |  |  | 48 |  |  | — |  |  | 10,630 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 85 |  |  | — |  |  | 85 |
Total commercial, financial and agricultural | 2,416,022 |  |  | 1,398,694 |  |  | 981,693 |  |  | 637,246 |  |  | 451,760 |  |  | 944,049 |  |  | 5,275,552 |  |  | 42,842 |  |  | 12,147,858 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,776,086 |  |  | 1,276,797 |  |  | 1,117,825 |  |  | 858,721 |  |  | 708,942 |  |  | 1,116,766 |  |  | 437,724 |  |  | — |  |  | 7,292,861 |
Special Mention | 702 |  |  | 19,950 |  |  | 4,724 |  |  | 10,202 |  |  | 18,109 |  |  | 36,481 |  |  | — |  |  | — |  |  | 90,168 |
Substandard(1) | 7,312 |  |  | 1,294 |  |  | 8,386 |  |  | 43,276 |  |  | 6,169 |  |  | 25,329 |  |  | — |  |  | — |  |  | 91,766 |
Loss(3) | 271 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 271 |
Total owner-occupied | 1,784,371 |  |  | 1,298,041 |  |  | 1,130,935 |  |  | 912,199 |  |  | 733,220 |  |  | 1,178,576 |  |  | 437,724 |  |  | — |  |  | 7,475,066 |
Total commercial and industrial | 4,200,393 |  |  | 2,696,735 |  |  | 2,112,628 |  |  | 1,549,445 |  |  | 1,184,980 |  |  | 2,122,625 |  |  | 5,713,276 |  |  | 42,842 |  |  | 19,622,924 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,823,978 |  |  | 1,463,503 |  |  | 1,905,534 |  |  | 1,019,765 |  |  | 738,036 |  |  | 1,317,634 |  |  | 278,697 |  |  | — |  |  | 9,547,147 |
Special Mention | 6,163 |  |  | — |  |  | 32,290 |  |  | 63,900 |  |  | 59,194 |  |  | 44,532 |  |  | 33,659 |  |  | — |  |  | 239,738 |
Substandard(1) | 1,465 |  |  | 326 |  |  | 8,550 |  |  | 57,127 |  |  | 3,564 |  |  | 23,505 |  |  | 21,354 |  |  | — |  |  | 115,891 |
Total investment properties | 2,831,606 |  |  | 1,463,829 |  |  | 1,946,374 |  |  | 1,140,792 |  |  | 800,794 |  |  | 1,385,671 |  |  | 333,710 |  |  | — |  |  | 9,902,776 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 295,082 |  |  | 82,976 |  |  | 51,939 |  |  | 43,025 |  |  | 49,057 |  |  | 57,025 |  |  | 55,588 |  |  | — |  |  | 634,692 |
Special Mention | 192 |  |  | 207 |  |  | 641 |  |  | — |  |  | — |  |  | 239 |  |  | — |  |  | — |  |  | 1,279 |
Substandard(1) | 1,999 |  |  | — |  |  | 566 |  |  | 4,222 |  |  | 489 |  |  | 2,177 |  |  | 45 |  |  | — |  |  | 9,498 |
Total 1-4 family properties | 297,273 |  |  | 83,183 |  |  | 53,146 |  |  | 47,247 |  |  | 49,546 |  |  | 59,441 |  |  | 55,633 |  |  | — |  |  | 645,469 |
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 141,614 |  |  | 42,201 |  |  | 77,868 |  |  | 34,058 |  |  | 37,167 |  |  | 44,989 |  |  | 44,730 |  |  | — |  |  | 422,627 |
Special Mention | — |  |  | 800 |  |  | 1,900 |  |  | 31,458 |  |  | — |  |  | 1,179 |  |  | — |  |  | — |  |  | 35,337 |
Substandard(1) | 824 |  |  | 1,149 |  |  | 46 |  |  | 3,021 |  |  | 807 |  |  | 3,055 |  |  | — |  |  | — |  |  | 8,902 |
Total land and development | 142,438 |  |  | 44,150 |  |  | 79,814 |  |  | 68,537 |  |  | 37,974 |  |  | 49,223 |  |  | 44,730 |  |  | — |  |  | 466,866 |
Total commercial real estate | 3,271,317 |  |  | 1,591,162 |  |  | 2,079,334 |  |  | 1,256,576 |  |  | 888,314 |  |  | 1,494,335 |  |  | 434,073 |  |  | — |  |  | 11,015,111 |

15

| December 31, 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
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,274,999 |  |  | 1,556,733 |  |  | 572,467 |  |  | 216,277 |  |  | 392,492 |  |  | 1,001,771 |  |  | 255 |  |  | — |  |  | 5,014,994 |
Substandard(1) | 1,031 |  |  | 3,680 |  |  | 5,943 |  |  | 12,387 |  |  | 5,717 |  |  | 25,025 |  |  | — |  |  | — |  |  | 53,783 |
Loss(3) | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 216 |  |  | — |  |  | — |  |  | 221 |
Total consumer mortgages | 1,276,030 |  |  | 1,560,413 |  |  | 578,415 |  |  | 228,664 |  |  | 398,209 |  |  | 1,027,012 |  |  | 255 |  |  | — |  |  | 5,068,998 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,199,556 |  |  | 146,635 |  |  | 1,346,191 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,058 |  |  | 5,372 |  |  | 14,430 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 658 |  |  | 140 |  |  | 798 |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,209,272 |  |  | 152,147 |  |  | 1,361,419 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 203,161 |  |  | — |  |  | 203,161 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 348 |  |  | — |  |  | 348 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 663 |  |  | — |  |  | 663 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 204,172 |  |  | — |  |  | 204,172 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 654,419 |  |  | 708,937 |  |  | 127,131 |  |  | 49,993 |  |  | 86,175 |  |  | 97,765 |  |  | 306,500 |  |  | — |  |  | 2,030,920 |
Substandard(1) | 668 |  |  | 1,550 |  |  | 2,064 |  |  | 1,308 |  |  | 1,892 |  |  | 750 |  |  | 162 |  |  | — |  |  | 8,394 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 20 |
Total other consumer loans | 655,087 |  |  | 710,487 |  |  | 129,195 |  |  | 51,301 |  |  | 88,067 |  |  | 98,535 |  |  | 306,662 |  |  | — |  |  | 2,039,334 |
Total consumer | 1,931,117 |  |  | 2,270,900 |  |  | 707,610 |  |  | 279,965 |  |  | 486,276 |  |  | 1,125,547 |  |  | 1,720,361 |  |  | 152,147 |  |  | 8,673,923 |
Loans, net of deferred fees and costs | $ | 9,402,827 |  |  | $ | 6,558,797 |  |  | $ | 4,899,572 |  |  | $ | 3,085,986 |  |  | $ | 2,559,570 |  |  | $ | 4,742,507 |  |  | $ | 7,867,710 |  |  | $ | 194,989 |  |  | $ | 39,311,958 |

(1) The majority of loans within Substandard risk grade are accruing loans at December 31, 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.
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 months ended March 31, 2022.
16

Rollforward of Allowance for Loan Losses
The following tables detail the changes in the ALL by loan segment for the three months ended March 31, 2022 and 2021.

| As Of and For the Three Months Ended March 31, 2022
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance at December 31, 2021 | $ | 188,364 |  |  | $ | 97,760 |  |  | $ | 141,473 |  |  | $ | 427,597 |
Charge-offs | (13,763) |  |  | (2,456) |  |  | (8,928) |  |  | (25,147) |
Recoveries | 2,363 |  |  | 361 |  |  | 3,814 |  |  | 6,538 |
Provision for (reversal of) loan losses | 1,758 |  |  | (969) |  |  | 5,179 |  |  | 5,968 |
Ending balance at March 31, 2022 | $ | 178,722 |  |  | $ | 94,696 |  |  | $ | 141,538 |  |  | $ | 414,956 |
| As Of and For the Three Months Ended March 31, 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 | (9,417) |  |  | (10,319) |  |  | (5,589) |  |  | (25,325) |
Recoveries | 2,772 |  |  | 1,026 |  |  | 1,323 |  |  | 5,121 |
Provision for (reversal of) loan losses | 31,867 |  |  | (7,637) |  |  | (46,548) |  |  | (22,318) |
Ending balance at March 31, 2021 | $ | 254,777 |  |  | $ | 113,812 |  |  | $ | 194,625 |  |  | $ | 563,214 |

The ALL of $415.0 million and the reserve for unfunded commitments of $47.3 million, which is recorded in other liabilities, comprise the total ACL of $462.3 million at March 31, 2022. The ACL decreased $7.2 million compared to the December 31, 2021 ACL of $469.5 million, which consisted of an ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million. The ACL to loans coverage ratio of 1.15% at March 31, 2022 was 4 bps lower compared to December 31, 2021.
The reduction in the ACL resulted primarily from continued positive trends in our credit performance and loan mix mostly offset by an increase in the downside weighting of the multiple scenario model which reflects increased economic uncertainty from inflation concerns and geopolitical tensions and slowed the pace of the allowance decline this quarter.
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 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 March 31, 2022, economic scenario weights incorporated a 64% downside bias to the baseline scenario compared to 43% at December 31, 2021. The baseline outlook used in the March 31, 2022 estimate showed stable economic conditions with the unemployment rate improving to 3.4% by the end of 2022, compared to 3.7% used in the December 31, 2021 ACL estimate. The downside scenario that assumes consistent slow growth is the highest internally-weighted economic scenario and includes an unemployment rate of 4.7% by the end of 2022.
The provision for credit losses of $11.4 million for the three months ended March 31, 2022 included net charge-offs of $18.6 million and also represented a slowing of allowance releases due primarily to the increased economic uncertainty noted above. $3.8 million in reserves were also added as a result of purchases of $181.3 million of third-party lending loans for the three months ended March 31, 2022.
17

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 under the CARES Act, some of which had not been classified as TDRs. The CARES Act election period ended on January 1, 2022. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in Synovus' 2021 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 months ended March 31, 2022 and 2021 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type |  |
| Three Months Ended March 31, 2022 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 33 |  |  | $ | 17,900 |  |  | $ | 541 |  |  | $ | 18,441 |  |
Owner-occupied | 13 |  |  | 6,104 |  |  | 3,857 |  |  | 9,961 |  |
Total commercial and industrial | 46 |  |  | 24,004 |  |  | 4,398 |  |  | 28,402 |  |
Investment properties | 3 |  |  | 589 |  |  | 6,610 |  |  | 7,199 |  |
1-4 family properties | 7 |  |  | 1,213 |  |  | — |  |  | 1,213 |  |
Land and development | 3 |  |  | 2,731 |  |  | — |  |  | 2,731 |  |
Total commercial real estate | 13 |  |  | 4,533 |  |  | 6,610 |  |  | 11,143 |  |
Consumer mortgages | 7 |  |  | 1,017 |  |  | 104 |  |  | 1,121 |  |
Home equity | 11 |  |  | 929 |  |  | — |  |  | 929 |  |
Other consumer loans | 2 |  |  | — |  |  | 48 |  |  | 48 |  |
Total consumer | 20 |  |  | 1,946 |  |  | 152 |  |  | 2,098 |  |
Total TDRs | 79 |  |  | $ | 30,483 |  |  | $ | 11,160 |  |  | $ | 41,643 |  | (2)
| Three Months Ended March 31, 2021 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 40 |  |  | $ | 3,233 |  |  | $ | 2,563 |  |  | $ | 5,796 |  |
Owner-occupied | 5 |  |  | 1,254 |  |  | 399 |  |  | 1,653 |  |
Total commercial and industrial | 45 |  |  | 4,487 |  |  | 2,962 |  |  | 7,449 |  |
Investment properties | 5 |  |  | 1,984 |  |  | — |  |  | 1,984 |  |
1-4 family properties | 5 |  |  | 463 |  |  | 39 |  |  | 502 |  |
Land and development | 1 |  |  | — |  |  | 43 |  |  | 43 |  |
Total commercial real estate | 11 |  |  | 2,447 |  |  | 82 |  |  | 2,529 |  |
Consumer mortgages | — |  |  | — |  |  | — |  |  | — |  |
Home equity | 13 |  |  | 587 |  |  | 162 |  |  | 749 |  |
Other consumer loans | 73 |  |  | 129 |  |  | 4,619 |  |  | 4,748 |  |
Total consumer | 86 |  |  | 716 |  |  | 4,781 |  |  | 5,497 |  |
Total TDRs | 142 |  |  | $ | 7,650 |  |  | $ | 7,825 |  |  | $ | 15,475 |  | (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 March 31, 2022 and 2021.
(2) No net charge-offs were recorded during the three months ended March 31, 2022.
(3) No net charge-offs were recorded during the three months ended March 31, 2021.

For both the three months ended March 31, 2022 and March 31, 2021, there were no defaults 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). As of March 31, 2022 and December 31, 2021, there were no commitments to lend a material amount of additional funds to any client whose loan was classified as a TDR.
18

Note 4 - Goodwill and Other Intangible Assets
During the first quarter of 2022, Synovus reorganized its internal management reporting structure to add an additional segment for Consumer Banking. The Consumer Banking segment was previously included in the Community Banking segment. In connection with the reorganization, management reallocated a portion of the Community Banking goodwill to Consumer Banking using a relative fair value approach. See "Part I - Item 1. Financial Statements and Supplementary Data - Note 10 - Segment Reporting" in this Report for additional information.
Goodwill allocated to each reporting unit at March 31, 2022 and December 31, 2021 is presented as follows:

(in thousands) | Wholesale Banking Reporting Unit |  | Community Banking Reporting Unit |  | Consumer Banking Reporting Unit |  | Mortgage Reporting Unit |  | Wealth Management Reporting Unit |  | Total Goodwill
Balance at December 31, 2021 | $ | 171,636 |  |  | $ | 256,323 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,431 |  |  | $ | 452,390 |
Changes during the period from: |  |  |  |  |  |  |  |  |  |  |
Reallocation | — |  |  | (114,701) |  |  | 114,701 |  |  | — |  |  | — |  |  | — |
Balance at March 31, 2022 | $ | 171,636 |  |  | $ | 141,622 |  |  | $ | 114,701 |  |  | $ | — |  |  | $ | 24,431 |  |  | $ | 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. Due to the Company’s reorganization of its reporting structure during the first quarter of 2022, as described above, the Company performed a qualitative impairment assessment of the impacted reporting units and determined that performing a quantitative impairment test was not necessary.
The following table shows the gross carrying amount and accumulated amortization of other intangible assets as of March 31, 2022 and December 31, 2021, 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 months ended March 31, 2022 and 2021, was $2.1 million and $2.4 million, respectively.

(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
March 31, 2022 |  |  |  |  |
CDI | $ | 57,400 |  |  | $ | (30,005) |  |  | $ | 27,395 |
Other | 12,500 |  |  | (6,417) |  |  | 6,083 |
Total other intangible assets | $ | 69,900 |  |  | $ | (36,422) |  |  | $ | 33,478 |
December 31, 2021 |  |  |  |  |
CDI | $ | 57,400 |  |  | $ | (28,178) |  |  | $ | 29,222 |
Other | 12,500 |  |  | (6,126) |  |  | 6,374 |
Total other intangible assets | $ | 69,900 |  |  | $ | (34,304) |  |  | $ | 35,596 |

Note 5 - Shareholders' Equity and Other Comprehensive Income (Loss)
Repurchases of Common Stock
Synovus announced on January 20, 2022 that its Board of Directors authorized share repurchases of up to $300 million in 2022. During the three months ended March 31, 2022, Synovus repurchased under this program a total of $9.7 million, or 204 thousand shares of its common stock, at an average price of $47.48 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 months ended March 31, 2022 and 2021.
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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) |  | Total
Balance at December 31, 2021 | $ | (67,980) |  |  | $ | (14,341) |  |  | $ | (82,321) |
Other comprehensive income (loss) before reclassifications | (474,459) |  |  | (103,617) |  |  | (578,076) |
Amounts reclassified from AOCI | — |  |  | (1,668) |  |  | (1,668) |
Net current period other comprehensive income (loss) | (474,459) |  |  | (105,285) |  |  | (579,744) |
Balance at March 31, 2022 | $ | (542,439) |  |  | $ | (119,626) |  |  | $ | (662,065) |
Balance at December 31, 2020 | $ | 105,669 |  |  | $ | 52,966 |  |  | $ | 158,635 |
Other comprehensive income (loss) before reclassifications | (122,460) |  |  | (21,183) |  |  | (143,643) |
Amounts reclassified from AOCI | 1,475 |  |  | (1,189) |  |  | 286 |
Net current period other comprehensive income (loss) | (120,985) |  |  | (22,372) |  |  | (143,357) |
Balance at March 31, 2021 | $ | (15,316) |  |  | $ | 30,594 |  |  | $ | 15,278 |

(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.
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Note 6 - Fair Value Accounting
See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2021 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.

| 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 |

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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 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 |  |  |  |

Activity for Level 3 Assets and Liabilities
Se e "Part II - Item 8. Financial Statements and Supplementary Data - Note 12 - Fair Value Accounting" of Synovus' 2021 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 months ended March 31, 2022 and 2021, 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 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 |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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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.
ORE properties are included in other assets on the consolidated balance sheets. The carrying value of ORE at March 31, 2022 and December 31, 2021 was $11.4 million and $11.8 million, respectively.
Fair Value of Financial Instruments
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 |

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| 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 |

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' 2021 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. During the first quarter of 2022, notional amounts of $1.40 billion in forward-starting cash flow hedges were added.
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 no unrealized gains during the first quarter of 2022 and $757 thousand, or $565 thousand, after tax, in OCI during the first quarter of 2021, respectively, related to terminated cash flow hedges, which are being recognized into
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earnings in conjunction with the effective terms of the original swaps through the second quarter of 2026. Syno vus recognized pre-tax income of $2.2 million and $1.6 million during the three months ended March 31, 2022 and 2021 related to t he amortization o f terminated cash flow hedges.
As of March 31, 2022, Synovus expects to reclassify into earnings approximately $26 million in pre-tax loss 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 $3 million in pre-tax income related to the amortization of terminated cash flow hedges. As of March 31, 2022, 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 March 31, 2022 and December 31, 2021, collateral totaling $46.2 million and $64.5 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 March 31, 2022 and December 31, 2021, Synovus had a variation margin of $61.4 million and $94.6 million respectively, each reducing the derivative liability.
The following table reflects the fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts.
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| March 31, 2022 |  | December 31, 2021
|  |  | Fair Value |  |  |  | Fair Value
(in thousands) | Notional Amount |  | Derivative Assets |  | Derivative Liabilities |  | Notional Amount |  | Derivative Assets |  | Derivative Liabilities
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 5,000,000 |  |  | $ | — |  |  | $ | 134,369 |  |  | $ | 3,600,000 |  |  | $ | 22,004 |  |  | $ | 20,395 |
Total derivatives designated as hedging instruments |  |  | $ | — |  |  | $ | 134,369 |  |  |  |  | $ | 22,004 |  |  | $ | 20,395 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts(1) | $ | 9,420,004 |  |  | $ | 156,210 |  |  | $ | 95,707 |  |  | $ | 9,653,600 |  |  | $ | 167,560 |  |  | $ | 74,514 |
Mortgage derivatives - interest rate lock commitments | 131,642 |  |  | 788 |  |  | — |  |  | 99,006 |  |  | 2,105 |  |  | — |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 178,000 |  |  | 3,443 |  |  | — |  |  | 105,500 |  |  | — |  |  | 122 |
Risk participation agreements | 431,402 |  |  | — |  |  | 11 |  |  | 374,214 |  |  | — |  |  | 36 |
Foreign exchange contracts | 43,314 |  |  | 104 |  |  | — |  |  | 22,387 |  |  | 39 |  |  | — |
Visa derivative | — |  |  | — |  |  | 1,776 |  |  | — |  |  | — |  |  | 3,535 |
Total derivatives not designated as hedging instruments |  |  | $ | 160,545 |  |  | $ | 97,494 |  |  |  |  | $ | 169,704 |  |  | $ | 78,207 |

(1) Includes interest rate contracts for client swaps and offsetting positions, net of variation margin payments.
Synov us 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 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 months ended March 31, 2022 and 2021.

| Three Months Ended March 31, |  |
(in thousands) | 2022 |  | 2021 |  |  |  |
Total amounts presented in the consolidated statements of income in interest income on loans | $ | 8,656 |  |  | $ | 8,342 |  |  |  |  |
Gain/loss on cash flow hedging relationships:(1) |  |  |  |  |  |  |
Interest rate swaps: |  |  |  |  |  |  |
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 2,189 |  |  | 1,599 |  |  |  |  |
Pre-tax income recognized on cash flow hedges | $ | 2,189 |  |  | $ | 1,599 |  |  |  |  |

(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 months ended March 31, 2022 and 2021 is presented below.

|  |  |  | Gain (Loss) Recognized in Consolidated Statements of Income
|  |  |  | Three Months Ended March 31, |  |
(in thousands) |  | Location in Consolidated Statements of Income |  | 2022 |  | 2021 |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts(1) |  | Capital markets income |  | $ | 673 |  |  | $ | 947 |  |  |  |  |
Risk participation agreements |  | Capital markets income |  | 25 |  |  | 201 |  |  |  |  |
Foreign exchange contracts |  | Capital markets income |  | 65 |  |  | — |  |  |  |  |
Mortgage derivatives - interest rate lock commitments |  | Mortgage banking income |  | (1,318) |  |  | (1,719) |  |  |  |  |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans |  | Mortgage banking income |  | 3,565 |  |  | 6,242 |  |  |  |  |
Total derivatives not designated as hedging instruments |  |  |  | $ | 3,010 |  |  | $ | 5,671 |  |  |  |  |

(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps and offsetting positions.
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 months ended March 31, 2022 and 2021. 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 March 31, |  |
(in thousands, except per share data) | 2022 |  | 2021 |  |  |  |
Basic Net Income Per Common Share: |  |  |  |  |  |  |
Net income available to common shareholders | $ | 162,746 |  |  | $ | 178,802 |  |  |  |  |
Weighted average common shares outstanding | 145,273 |  |  | 148,467 |  |  |  |  |
Net income per common share, basic | $ | 1.12 |  |  | $ | 1.20 |  |  |  |  |
Diluted Net Income Per Common Share: |  |  |  |  |  |  |
Net income available to common shareholders | $ | 162,746 |  |  | $ | 178,802 |  |  |  |  |
Weighted average common shares outstanding | 145,273 |  |  | 148,467 |  |  |  |  |
Effect of dilutive outstanding equity-based awards and earnout payments | 1,392 |  |  | 1,313 |  |  |  |  |
Weighted average diluted common shares | 146,665 |  |  | 149,780 |  |  |  |  |
Net income per common share, diluted | $ | 1.11 |  |  | $ | 1.19 |  |  |  |  |

For the three months ended March 31, 2022, there were no potentially dilutive shares, and for the three months ended March 31, 2021, there were 32 thousand 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 tax credits, CRA partnerships, and other 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 March 31, 2022, the ACL for unfunded commitments was $47.3 million, compared to a reserve of $41.9 million at December 31, 2021. 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 CRA partnerships, including SBIC programs, and other investments. The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans.

(in thousands) | March 31, 2022 |  | December 31, 2021
Letters of credit(1) | $ | 182,873 |  |  | $ | 183,463 |
Commitments to fund commercial and industrial loans | 9,491,517 |  |  | 9,595,793 |
Commitments to fund commercial real estate, construction, and land development loans | 3,639,109 |  |  | 3,593,171 |
Commitments under home equity lines of credit | 1,847,718 |  |  | 1,805,869 |
Unused credit card lines | 478,586 |  |  | 473,582 |
Other loan commitments | 650,708 |  |  | 604,353 |
Total letters of credit and unfunded lending commitments | $ | 16,290,511 |  |  | $ | 16,256,231 |

Tax credits, CRA partnerships, and other investments: |  |  |
Carrying amount included in other assets | $ | 446,326 |  |  | $ | 426,137 |
Amount of future funding commitments | 263,024 |  |  | 250,733 |
Permanent and short-term construction loans and letter of credit commitments(2) | 199,623 |  |  | 204,391 |
Funded portion of permanent and short-term loans and letters of credit(3) | 135,415 |  |  | 104,315 |

(1) Represent the contractual amount net of risk participations purchased of $26.1 million and $26.1 million at March 31, 2022 and December 31, 2021, respectively.
(2) Represent the contractual amount net of risk participations of $2.0 million and $3.0 million at March 31, 2022 and December 31, 2021.
(3) Represent the contractual amount net of risk participations of $2.9 million and $3.0 million at March 31, 2022 and December 31, 2021.
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 months ended March 31, 2022 and 2021, Synovus and the sponsored entities processed and settled $28.61 billion and $26.25 billion of transactions, respectively.
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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 March 31, 2022 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 maker. During the first quarter of 2022, Synovus reorganized its internal management reporting structure to separate the previous Community Banking segment into Consumer Banking and Community Banking segments. Accordingly, its operating segment reporting structure was also updated. Synovus now has four major reportable business segments: Wholesale Banking, Community Banking, Consumer 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, revenue, and expense 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 Wholesale Banking business segment serves primarily larger corporate clients by providing commercial lending, capital markets, 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 Community Banking business segment serves small and medium-sized commercial clients as well as individual private wealth clients using a relationship-based approach. The commercial component of this segment focuses on locally owned and operated businesses. Private wealth services are delivered to the individuals operating the businesses as well as other individuals in the communities in which the Community Bank operates. A comprehensive set of banking products are offered to the client set including a full suite of lending and depository products as well as financial planning services.
The Consumer Banking business segment serves individual and small business clients through its branch and ATM network, in addition to digital and telephone channels. This segment provides individuals and small businesses with an array of comprehensive banking products and services including depository accounts, credit and debit cards, payment solutions, goal-based planning, home equity and other consumer loans, and small business lending solutions.
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 months ended March 31, 2022 and 2021. 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. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients between segments. Prior period loan and deposit segment balances are not adjusted for these transfers.

| Three Months Ended March 31, 2022
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 157,477 |  |  | $ | 97,321 |  |  | $ | 97,556 |  |  | $ | 18,444 |  |  | $ | 21,450 |  |  | $ | 392,248 |
Non-interest revenue | 8,398 |  |  | 13,583 |  |  | 21,644 |  |  | 45,164 |  |  | 16,545 |  |  | 105,334 |
Non-interest expense | 26,648 |  |  | 30,420 |  |  | 44,715 |  |  | 44,139 |  |  | 126,528 |  |  | 272,450 |
Pre-provision net revenue | $ | 139,227 |  |  | $ | 80,484 |  |  | $ | 74,485 |  |  | $ | 19,469 |  |  | $ | (88,533) |  |  | $ | 225,132 |

| Three Months Ended March 31, 2021
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 134,074 |  |  | $ | 99,140 |  |  | $ | 107,102 |  |  | $ | 20,995 |  |  | $ | 12,546 |  |  | $ | 373,857 |
Non-interest revenue | 7,319 |  |  | 10,620 |  |  | 19,134 |  |  | 58,583 |  |  | 15,300 |  |  | 110,956 |
Non-interest expense | 20,724 |  |  | 26,920 |  |  | 43,556 |  |  | 47,674 |  |  | 128,260 |  |  | 267,134 |
Pre-provision net revenue | $ | 120,669 |  |  | $ | 82,840 |  |  | $ | 82,680 |  |  | $ | 31,904 |  |  | $ | (100,414) |  |  | $ | 217,679 |

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| March 31, 2022
(dollars in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Loans, net of deferred fees and costs | $ | 22,393,060 |  |  | $ | 8,319,687 |  |  | $ | 2,580,858 |  |  | $ | 4,991,359 |  |  | $ | 1,884,186 |  |  | $ | 40,169,150 |
Total deposits | $ | 11,921,931 |  |  | $ | 12,589,784 |  |  | $ | 20,115,909 |  |  | $ | 818,297 |  |  | $ | 3,210,323 |  |  | $ | 48,656,244 |
Total full-time equivalent employees | 292 |  |  | 596 |  |  | 1,553 |  |  | 788 |  |  | 1,678 |  |  | 4,907 |
| December 31, 2021
(dollars in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Loans, net of deferred fees and costs | $ | 21,496,050 |  |  | $ | 8,231,451 |  |  | $ | 2,559,892 |  |  | $ | 4,994,494 |  |  | $ | 2,030,071 |  |  | $ | 39,311,958 |
Total deposits | $ | 12,370,554 |  |  | $ | 12,557,631 |  |  | $ | 19,668,846 |  |  | $ | 826,639 |  |  | $ | 4,003,606 |  |  | $ | 49,427,276 |
Total full-time equivalent employees | 284 |  |  | 607 |  |  | 1,532 |  |  | 794 |  |  | 1,670 |  |  | 4,887 |

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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 competition in the financial services industry, including competition from nontraditional banking institutions such as Fintechs, may adversely affect our future earnings and growth;
(2) |  | risks related to our strategic implementation of 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;
(3) |  | our ability to attract and retain employees and the impact of senior leadership transitions that are key to our strategic initiatives;
(4) |  | risks related to our strategic implementation of 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;
(5) |  | 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;
(6) |  | the risk that prolonged periods of inflation could have on our business, profitability and our stock price;
(7) |  | the impact of recent and proposed changes in governmental policy, laws and regulations, 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;
(8) |  | changes in the interest rate environment, including changes to the federal funds rate, 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;
(9) |  | the risk that a future 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 environment could be weakened by the continued impact of COVID-19 and by current supply chain challenges and inflation;
(10) |  | 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;
(11) |  | 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;
(12) |  | 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;
(13) |  | risks that our asset quality may deteriorate or that our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures;

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(14) |  | 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;
(15) |  | 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;
(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 risks and uncertainties related to the impact of the continuing COVID-19 pandemic on our assets, business, capital and liquidity, financial condition, prospects and results of operations;
(18) |  | changes in the cost and availability of funding due to changes in the deposit market and credit market;
(19) |  | 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;
(20) |  | 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;
(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) |  | risks related to our ESG strategies and initiatives, the scope and pace of which could alter our reputation and shareholder, employee, client and third-party relationships;
(24) |  | 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;
(25) |  | 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;
(26) |  | 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;
(27) |  | 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;
(28) |  | 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;
(29) |  | the costs and effects of litigation, investigations or similar matters, or adverse facts and developments related thereto;
(30) |  | risks related to the fluctuation in our stock price and general volatility in the stock market;
(31) |  | the effects of any damages to our reputation resulting from developments related to any of the items identified above; and
(32) |  | 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' 2021 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 consumer banking in addition to a full suite of specialized
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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 some of the highest growth markets in the Southeast, wi th 272 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 months ended March 31, 2022 and financial condition as of March 31, 2022 and December 31, 2021. 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' 2021 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 March 31, |  |
(dollars in thousands, except per share data) | 2022 |  | 2021 |  | Change |  |  |  |  |  |
Net interest income | $ | 392,248 |  |  | $ | 373,857 |  |  | 5 | % |  |  |  |  |  |
Provision for (reversal of) credit losses | 11,400 |  |  | (18,575) |  |  | nm |  |  |  |  |  |
Non-interest revenue | 105,334 |  |  | 110,956 |  |  | (5) |  |  |  |  |  |  |
Adjusted non-interest revenue(1) | 106,629 |  |  | 112,154 |  |  | (5) |  |  |  |  |  |  |
Total TE revenue | 498,447 |  |  | 485,587 |  |  | 3 |  |  |  |  |  |  |
Adjusted total revenue(1) | 499,742 |  |  | 486,785 |  |  | 3 |  |  |  |  |  |  |
Non-interest expense | 272,450 |  |  | 267,134 |  |  | 2 |  |  |  |  |  |  |
Adjusted non-interest expense(1) | 279,492 |  |  | 265,811 |  |  | 5 |  |  |  |  |  |  |
Income before income taxes | 213,732 |  |  | 236,254 |  |  | (10) |  |  |  |  |  |  |
Net income | 171,037 |  |  | 187,093 |  |  | (9) |  |  |  |  |  |  |
Net income available to common shareholders | 162,746 |  |  | 178,802 |  |  | (9) |  |  |  |  |  |  |
Net income per common share, basic | 1.12 |  |  | 1.20 |  |  | (7) |  |  |  |  |  |  |
Net income per common share, diluted | 1.11 |  |  | 1.19 |  |  | (7) |  |  |  |  |  |  |
Adjusted net income per common share, diluted(1) | 1.08 |  |  | 1.21 |  |  | (11) |  |  |  |  |  |  |
Net interest margin(2) | 3.00 | % |  | 3.04 | % |  | (4) | bps |  |  |  |  |  |
Net charge-off ratio(2) | 0.19 |  |  | 0.21 |  |  | (2) |  |  |  |  |  |  |
Return on average assets(2) | 1.22 |  |  | 1.40 |  |  | (18) |  |  |  |  |  |  |
Adjusted return on average assets(1)(2) | 1.19 |  |  | 1.41 |  |  | (22) |  |  |  |  |  |  |
Efficiency ratio-TE | 54.66 |  |  | 55.01 |  |  | (35) |  |  |  |  |  |  |
Adjusted tangible efficiency ratio(1) | 55.50 |  |  | 54.12 |  |  | 138 |  |  |  |  |  |  |

(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

| March 31, 2022 |  | December 31, 2021 |  | Sequential Quarter Change |  | March 31, 2021 |  | Year-Over-Year Change
(dollars in thousands)
Loans, net of deferred fees and costs | $ | 40,169,150 |  |  | $ | 39,311,958 |  |  | $ | 857,192 |  |  | $ | 38,805,101 |  |  | $ | 1,364,049 |  |
Total average loans | 39,350,761 |  |  | 38,365,598 |  |  | 985,163 |  |  | 38,212,267 |  |  | 1,138,494 |  |
Total deposits | 48,656,244 |  |  | 49,427,276 |  |  | (771,032) |  |  | 47,368,951 |  |  | 1,287,293 |  |
Core deposits (excludes brokered deposits) | 46,618,560 |  |  | 46,592,276 |  |  | 26,284 |  |  | 44,174,284 |  |  | 2,444,276 |  |
Core transaction deposits (excludes brokered and public fund deposits) | 38,285,649 |  |  | 37,880,650 |  |  | 404,999 |  |  | 34,804,575 |  |  | 3,481,074 |  |
Total average deposits | 49,345,364 |  |  | 49,117,222 |  |  | 228,142 |  |  | 46,454,878 |  |  | 2,890,486 |  |
Non-performing assets ratio | 0.40 | % |  | 0.40 | % |  | — | bps |  | 0.50 | % |  | (10) |  | bps
Non-performing loans ratio | 0.33 |  |  | 0.33 |  |  | — |  |  | 0.40 |  |  | (7) |  |
Past due loans over 90 days | 0.01 |  |  | 0.02 |  |  | (1) |  |  | 0.01 |  |  | — |  |
CET1 capital | $ | 4,485,661 |  |  | $ | 4,388,618 |  |  | $ | 97,043 |  |  | $ | 4,184,715 |  |  | $ | 300,946 |  |
Tier 1 capital | 5,022,806 |  |  | 4,925,763 |  |  | 97,043 |  |  | 4,721,860 |  |  | 300,946 |  |
Total risk-based capital | 5,936,543 |  |  | 5,827,196 |  |  | 109,347 |  |  | 5,733,956 |  |  | 202,587 |  |
CET1 capital ratio | 9.49 | % |  | 9.50 | % |  | (1) | bps |  | 9.74 | % |  | (25) |  | bps
Tier 1 capital ratio | 10.63 |  |  | 10.66 |  |  | (3) |  |  | 10.99 |  |  | (36) |  |
Total risk-based capital ratio | 12.56 |  |  | 12.61 |  |  | (5) |  |  | 13.34 |  |  | (78) |  |
Total shareholders’ equity to total assets ratio | 8.55 |  |  | 9.24 |  |  | (69) |  |  | 9.36 |  |  | (81) |  |
Tangible common equity ratio(1) | 6.80 |  |  | 7.52 |  |  | (72) |  |  | 7.55 |  |  | (75) |  |
Return on average common equity(2) | 14.20 |  |  | 16.11 |  |  | (191) |  |  | 15.77 |  |  | (157) |  |
Adjusted return on average common equity(1)(2) | 13.82 |  |  | 16.64 |  |  | (282) |  |  | 15.93 |  |  | (211) |  |
Adjusted return on average tangible common equity(1)(2) | 15.59 |  |  | 18.72 |  |  | (313) |  |  | 18.04 |  |  | (245) |  |

(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
35

Executive Summary
Net income available to common shareholders for the first quarter of 2022 was $162.7 million, or $1.11 per diluted common share ($1.08 on an adjusted basis(1)), compared to $178.8 million, or $1.19 per diluted common share ($1.21 adjusted(1)), for the first quarter of 2021. Provision for credit losses was $11.4 million for the first quarter of 2022, included net charge-offs of $18.6 million and also represented a slowing of allowance releases due primarily to the increased economic uncertainty present from inflation concerns and geopolitical tensions, compared to a reversal of $18.6 million for the first quarter of 2021.
Net interest income for the three months ended March 31, 2022 was $392.2 million, up $18.4 million, or 5%, compared to the same period in 2021, including $6.9 million in PPP fees during 2022 and $24.9 million in 2021. Net interest margin was down 4 bps over the comparable three-month period to 3.00%, due primarily to the $18.0 million decline in PPP fees. Net interest margin for the first quarter was up 4 bps compared to the fourth quarter of 2021 with lower cash balances helping support the margin and offset the impact of the continued decline in PPP fees.
Non-interest revenue for the first quarter of 2022 was $105.3 million, down $5.6 million, or 5%, compared to the first quarter of 2021, and on an adjusted basis(1) was $106.6 million, down $5.5 million, or 5%, from the first quarter of 2021, primarily due to lower mortgage banking income partially offset by higher core banking fees and higher wealth revenue(2).
Non-interest expense for the first quarter of 2022 was $272.5 million, up $5.3 million, or 2%, compared to the same period in 2021 while adjusted non-interest expense(1) of $279.5 million was up $13.7 million, or 5%. The increase in adjusted non-interest expense(1) during 2022 was primarily due to an increase in expense associated with incentives and elevated performance, resumption of normal business activities post COVID-19, and investments in new growth initiatives.
At March 31, 2022, loans, net of deferred fees and costs, of $40.17 billion, increased $857.2 million from December 31, 2021. Excluding a $196.7 million decline in PPP loans primarily from forgiveness, loans increased $1.05 billion, or 11% annualized, led by growth in C&I loans as commercial production and line utilization continue to drive growth.
At March 31, 2022, credit metrics remained stable and near historical lows with NPAs at 40 bps, NPLs at 33 bps, and total past dues at 11 bps, as a percentage of total loans. Net charge-offs remained low at $18.6 million, or 19 bps annualized, for the three months ended March 31, 2022. The ACL at March 31, 2022 totaled $462.3 million, a decrease of $7.2 million from December 31, 2021, and resulted primarily from continued positive trends in our credit performance and loan mix mostly offset by economic uncertainty which slowed the pace of the allowance decline this quarter. The ACL to loans coverage ratio at March 31, 2022 was 1.15%, 4 bps lower compared to December 31, 2021.
Total period-end deposits at March 31, 2022 decreased $771.0 million compared to December 31, 2021; however, core transaction deposits increased $405.0 million, or 4% annualized, compared to December 31, 2021 as a result of strong growth in our Consumer Banking segment as well as a focus on remixing the deposit base. Total deposit costs were 11 bps during the first quarter of 2022.
At March 31, 2022, Synovus' CET1 ratio was 9.49%, well in excess of regulatory requirements. Synovus announced on January 20, 2022 that its Board of Directors authorized share repurchases of up to $300 million in 2022 and approved an increase in the current common shareholder dividend by $0.01 to $0.34 per quarter, paid in April 2022. Through March 31, 2022, Synovus has repurchased $9.7 million, or 204 thousand shares of its common stock, at an average price of $47.48 per share.
On April 21, 2022, Synovus Bank announced that it signed a definitive agreement to strategically invest in a provider of a cloud-based platform that combines a payment gateway with robust merchant processing solutions, which allows merchants and independent software vendors (ISVs) to easily integrate payments into their software or websites. This proposed investment, resulting in a 60% ownership interest, will not be material to our consolidated financial statements but will become an integral part of Maast, our new money-as-a-service offering that we expect to launch later this year. The completion of the investment is subject to the satisfaction or waiver of customary closing conditions, including receipt of necessary regulatory approvals.
More detail on Synovus' financial results for the three months ended March 31, 2022 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 "Part 1 – Item 1A. – Risk Factors" of Synovus' 2021 Form 10-K.
36

2022 Updated Guidance
Updated guidance for the full year 2022, compared to 2021, which incorporates our strategic objectives, and is based on our current view of economic stability and growth in our footprint, includes:
•Period-end loan growth (excluding PPP) of 6% to 8%
•Adjusted total revenue(1) increase of 9% to 11%(3)
•Adjusted non-interest expense(1) increase of 3% to 6%
•Effective income tax rate of 21% to 23%
•CET1 ratio target range of 9.25% to 9.75%
•Synovus Forward on track to achieve $175 million pre-tax run-rate by year-end
(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to the most comparable GAAP measure.
(2) Consists of fiduciary and asset management, brokerage, and insurance revenue.
(3) Uses forward rate curve at March 31, 2022 which assumes Fed Funds end 2022 at approximately 2.5%.
37

Changes in Financial Condition
During the three months ended March 31, 2022, total assets decreased $897.7 million to $56.42 billion. Liquidity levels declined as cash and cash equivalents decreased $1.46 billion, and total loans increased $857.2 million, led by growth in C&I loans as commercial production and line utilization continue to drive growth. Investment securities available for sale decreased $455.2 million as gross unrealized losses in this portfolio increased, resulting from the increase in market interest rates in the first quarter of 2022. The loan to deposit ratio was 82.6% at March 31, 2022, higher as compared to 79.5% at December 31, 2021, and 81.9% at March 31, 2021.
Total shareholders' equity at March 31, 2022 decreased $472.2 million compared to December 31, 2021 and included net income of $171.0 million, offset by dividends declared on common and preferred stock of $49.4 million and $8.3 million, respectively, net changes in unrealized losses on investment securities available for sale and cash flow hedges of $474.5 million and $105.3 million, respectively, and share repurchases of $9.7 million.
Loans
The following table compares the composition of the loan portfolio at March 31, 2022, December 31, 2021, and March 31, 2021.

Table 2 - Loans by Portfolio Class |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | March 31, 2022 vs. December 31, 2021 Change |  |  |  |  |  | March 31, 2022 vs. March 31, 2021 Change
(dollars in thousands) | March 31, 2022 |  | December 31, 2021 |  |  | March 31, 2021 |
Commercial, financial and agricultural | $ | 12,659,611 |  |  | 31.5 | % |  | $ | 12,147,858 |  |  | 30.9 | % |  | $ | 511,753 |  |  | 4 | % |  | $ | 12,748,106 |  |  | 32.9 | % |  | $ | (88,495) |  |  | (1) | %
Owner-occupied | 7,692,714 |  |  | 19.2 |  |  | 7,475,066 |  |  | 19.0 |  |  | 217,648 |  |  | 3 |  |  | 7,031,505 |  |  | 18.1 |  |  | 661,209 |  |  | 9 |
Total commercial and industrial | 20,352,325 |  |  | 50.7 |  |  | 19,622,924 |  |  | 49.9 |  |  | 729,401 |  |  | 4 |  |  | 19,779,611 |  |  | 51.0 |  |  | 572,714 |  |  | 3 |
Investment properties | 10,047,145 |  |  | 25.0 |  |  | 9,902,776 |  |  | 25.2 |  |  | 144,369 |  |  | 1 |  |  | 9,335,725 |  |  | 24.1 |  |  | 711,420 |  |  | 8 |
1-4 family properties | 620,674 |  |  | 1.5 |  |  | 645,469 |  |  | 1.6 |  |  | (24,795) |  |  | (4) |  |  | 638,954 |  |  | 1.6 |  |  | (18,280) |  |  | (3) |
Land and development | 477,499 |  |  | 1.2 |  |  | 466,866 |  |  | 1.2 |  |  | 10,633 |  |  | 2 |  |  | 559,249 |  |  | 1.4 |  |  | (81,750) |  |  | (15) |
Total commercial real estate | 11,145,318 |  |  | 27.7 |  |  | 11,015,111 |  |  | 28.0 |  |  | 130,207 |  |  | 1 |  |  | 10,533,928 |  |  | 27.1 |  |  | 611,390 |  |  | 6 |
Consumer mortgages | 5,052,003 |  |  | 12.6 |  |  | 5,068,998 |  |  | 12.9 |  |  | (16,995) |  |  | — |  |  | 5,299,130 |  |  | 13.6 |  |  | (247,127) |  |  | (5) |
Home equity | 1,416,341 |  |  | 3.5 |  |  | 1,361,419 |  |  | 3.5 |  |  | 54,922 |  |  | 4 |  |  | 1,460,866 |  |  | 3.8 |  |  | (44,525) |  |  | (3) |
Credit cards | 188,247 |  |  | 0.5 |  |  | 204,172 |  |  | 0.5 |  |  | (15,925) |  |  | (8) |  |  | 181,594 |  |  | 0.5 |  |  | 6,653 |  |  | 4 |
Other consumer loans | 2,014,916 |  |  | 5.0 |  |  | 2,039,334 |  |  | 5.2 |  |  | (24,418) |  |  | (1) |  |  | 1,549,972 |  |  | 4.0 |  |  | 464,944 |  |  | 30 |
Total consumer | 8,671,507 |  |  | 21.6 |  |  | 8,673,923 |  |  | 22.1 |  |  | (2,416) |  |  | — |  |  | 8,491,562 |  |  | 21.9 |  |  | 179,945 |  |  | 2 |
Loans, net of deferred fees and costs | $ | 40,169,150 |  |  | 100.0 | % |  | $ | 39,311,958 |  |  | 100.0 | % |  | $ | 857,192 |  |  | 2 | % |  | $ | 38,805,101 |  |  | 100.0 | % |  | $ | 1,364,049 |  |  | 4 | %

At March 31, 2022, loans, net of deferred fees and costs, of $40.17 billion, increased $857.2 million, or 2%, from December 31, 2021. Excluding a $196.7 million decline in PPP loans primarily from forgiveness, loans increased $1.05 billion, or 11% annualized, led by growth in C&I loans as commercial production and line utilization continue to drive growth. As a result of the strong loan growth and increased utilization we saw this quarter, as well as current pipeline levels, we expect loan growth of 6% to 8% for 2022 compared to December 31, 2021, excluding PPP loans.
C&I loans remain the largest component of our loan portfolio, representing 50.7% of total loans, while CRE and consumer loans represent 27.7% and 21.6%, 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 participated in the PPP, which is a loan program that originated from the CARES Act. The total balance of all PPP loans was $202.9 million as of March 31, 2022, down $196.7 million, or 49%, compared to $399.6 million as of December 31, 2021, primarily due to $197 million in forgiveness. The table below provides additional information on PPP loans.
38

Table 3 - PPP loans |  |  |  |  |  |  |
|  | March 31, 2022
|  | PPP Loan Balances
(in millions, except count data ) |  | Fundings |  | 1Q22 Forgiveness |  | Total Life-to-Date Forgiveness |  | End of Period, Net of Unearned Fees and Costs(1)
Phase 1- 2020 Originations |  | $ | 2,886 |  |  | $ | 15 |  |  | $ | 2,739 |  |  | $ | 26 |
Phase 2- 2021 Originations |  | 1,047 |  |  | 182 |  |  | 863 |  |  | 177
Total |  | $ | 3,933 |  |  | $ | 197 |  |  | $ | 3,602 |  |  | $ | 203 |

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

(dollars in millions) |  | Total Net Fees |  | Percent of Fundings |  | 1Q22 Recognized Net Fees |  | Total Recognized Net Fees |  | Total Unrecognized or Remaining Net Fees |  | Contractual Maturity
Phase 1- 2020 Originations |  | $ | 94.9 |  |  | 3.3 | % |  | $ | 0.2 |  |  | $ | 94.8 |  |  | $ | 0.1 |  |  | 2 years
Phase 2- 2021 Originations |  | 43.6 |  |  | 4.2 |  |  | 6.7 |  |  | 37.3 |  |  | 6.3 |  |  | 5 years
Total |  | $ | 138.5 |  |  | 3.5 | % |  | $ | 6.9 |  |  | $ | 132.1 |  |  | $ | 6.4 |  |  |

Commercial Loans
Total commercial loans (which are comprised of C&I and CRE loans) at March 31, 2022 were $31.50 billion, or 78.4%, of the total loan portfolio, compared to $30.64 billion, or 77.9%, at December 31, 2021.
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 March 31, 2022, 92.8% (93.7% excluding PPP loans) of Synovus' C&I loans are secured by real estate, business equipment, inventory, and other types of collateral compared to 92.2% (94.1% excluding PPP loans) as of December 31, 2021. C&I loans at March 31, 2022 grew $729.4 million, or 4%, from December 31, 2021, as broad based growth mostly within the Wholesale Banking segment was partially offset by a $196.7 million decline in PPP loan balances. The growth largely consisted of funded loan production and increased line utilization particularly in the finance and insurance, healthcare and social assistance, and wholesale trade industries.
39

Table 4 - Commercial and Industrial Loans by Industry
|  |  | March 31, 2022 |  | December 31, 2021
(dollars in thousands) | NAICS Code |  | Amount |  | %(1) |  | Amount |  | %(1)
Health care and social assistance | 62 |  |  | $ | 4,358,171 |  |  | 21.4 | % |  | $ | 4,220,579 |  |  | 21.5 | %
Finance and insurance | 52 |  |  | 2,860,331 |  |  | 14.1 |  |  | 2,520,480 |  |  | 12.8 |
Manufacturing | 31-33 |  | 1,325,930 |  |  | 6.5 |  |  | 1,314,212 |  |  | 6.7 |
Accommodation and food services | 72 |  |  | 1,281,743 |  |  | 6.3 |  |  | 1,231,801 |  |  | 6.3 |
Wholesale trade | 42 |  |  | 1,242,145 |  |  | 6.1 |  |  | 1,146,505 |  |  | 5.8 |
Retail trade | 44-45 |  | 1,198,595 |  |  | 5.9 |  |  | 1,195,456 |  |  | 6.1 |
Real estate and rental and leasing | 5311 |  |  | 1,065,085 |  |  | 5.2 |  |  | 1,061,921 |  |  | 5.4 |
Construction | 23 |  |  | 1,050,969 |  |  | 5.2 |  |  | 1,023,540 |  |  | 5.2 |
Professional, scientific, and technical services | 54 |  |  | 993,246 |  |  | 4.9 |  |  | 928,436 |  |  | 4.7 |
Other services | 81 |  |  | 944,285 |  |  | 4.6 |  |  | 1,004,448 |  |  | 5.1 |
Transportation and warehousing | 48-49 |  | 888,468 |  |  | 4.4 |  |  | 852,969 |  |  | 4.3 |
Real estate other | 53 |  |  | 731,126 |  |  | 3.6 |  |  | 752,997 |  |  | 3.8 |
Arts, entertainment, and recreation | 71 |  |  | 504,751 |  |  | 2.5 |  |  | 534,597 |  |  | 2.7 |
Educational services | 61 |  |  | 425,904 |  |  | 2.1 |  |  | 427,456 |  |  | 2.2 |
Public administration | 92 |  |  | 424,165 |  |  | 2.1 |  |  | 407,451 |  |  | 2.1 |
Administration, support, waste management, and remediation | 56 |  |  | 265,235 |  |  | 1.3 |  |  | 246,638 |  |  | 1.3 |
Agriculture, forestry, fishing, and hunting | 11 |  |  | 261,385 |  |  | 1.3 |  |  | 285,372 |  |  | 1.5 |
Information | 51 |  |  | 177,903 |  |  | 0.9 |  |  | 189,306 |  |  | 1.0 |
Other industries | (2) |  | 352,889 |  |  | 1.6 |  |  | 278,760 |  |  | 1.5 |
Total commercial and industrial loans |  |  | $ | 20,352,326 |  |  | 100.0 | % |  | $ | 19,622,924 |  |  | 100.0 | %

(1) Loan balance in each category expressed as a percentage of total C&I loans.
(2) Comprised of NAICS industries that are less than 2% of total C&I loans.
At March 31, 2022, $12.66 billion of C&I loans, or 31.5% of the total loan portfolio (including PPP loans of $202.9 million net of unearned fees and costs), 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 March 31, 2022, $7.69 billion of C&I loans, or 19.2% 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 $11.15 billion increased $130.2 million from December 31, 2021 as growth from funded loan production outpaced payoff 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 March 31, 2022 were $10.05 billion, or 90.1% of the CRE loan portfolio, and increased $144.4 million from December 31, 2021 primarily due to growth in all sub-categories with the exception of shopping centers, which were down $154.7 million, or 9%, from December 31, 2021.
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 March 31, 2022, 1-4 family properties loans totaled $620.7 million, or 5.6% of the CRE loan portfolio, and decreased slightly from December 31, 2021.
40

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 $477.5 million at March 31, 2022 increased marginally from December 31, 2021.
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, home equity and consumer credit card loans, as well as both secured and unsecured loans from third-party lending. As of March 31, 2022, weighted-average FICO scores within the residential real estate portfolio based on committed balances were 775 for consumer mortgages and 791 for home equity, consistent with year-end 2021 scores.
Consumer loans at March 31, 2022 of $8.67 billion decreased $2.4 million compared to December 31, 2021. Home equity grew $54.9 million largely due to increased demand for home equity products as property values have been increasing, and interest rates for home equity products have remained relatively low. Other consumer loans, which primarily includes third-party lending, decreased $24.4 million from December 31, 2021, driven by third-party lending loans payment activity that more than offset purchases of $181.3 million.
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 12 - Net Interest Income and Rate/Volume Analysis in this Report for information on average deposits including average rates.

Table 5 - Composition of Period-end Deposits |  |  |  |  |  |  |  |
(dollars in thousands) | March 31, 2022 |  | %(1) |  | December 31, 2021 |  | %(1) |  | March 31, 2021 |  | %(1)
Non-interest-bearing demand deposits(2) | $ | 15,526,686 |  |  | 31.9 | % |  | $ | 15,242,839 |  |  | 30.9 | % |  | $ | 13,742,075 |  |  | 29.0 | %
Interest-bearing demand deposits(2) | 6,685,366 |  |  | 13.7 |  |  | 6,346,959 |  |  | 12.9 |  |  | 5,841,749 |  |  | 12.3 |
Money market accounts(2) | 14,596,877 |  |  | 30.0 |  |  | 14,886,424 |  |  | 30.1 |  |  | 13,943,717 |  |  | 29.5 |
Savings deposits(2) | 1,476,720 |  |  | 3.0 |  |  | 1,404,428 |  |  | 2.8 |  |  | 1,277,034 |  |  | 2.7 |
Public funds | 6,048,704 |  |  | 12.5 |  |  | 6,284,553 |  |  | 12.7 |  |  | 6,154,948 |  |  | 13.0 |
Time deposits(2) | 2,284,207 |  |  | 4.7 |  |  | 2,427,073 |  |  | 4.9 |  |  | 3,214,761 |  |  | 6.8 |
Brokered deposits | 2,037,684 |  |  | 4.2 |  |  | 2,835,000 |  |  | 5.7 |  |  | 3,194,667 |  |  | 6.7 |
Total deposits | $ | 48,656,244 |  |  | 100.0 | % |  | $ | 49,427,276 |  |  | 100.0 | % |  | $ | 47,368,951 |  |  | 100.0 | %
Core deposits(3) | $ | 46,618,560 |  |  | 95.8 | % |  | $ | 46,592,276 |  |  | 94.3 | % |  | $ | 44,174,284 |  |  | 93.3 | %
Core transaction deposits(4) | $ | 38,285,649 |  |  | 78.7 | % |  | $ | 37,880,650 |  |  | 76.6 | % |  | $ | 34,804,575 |  |  | 73.5 | %
Brokered time deposits | $ | 1,248,571 |  |  | 2.6 | % |  | $ | 1,024,448 |  |  | 2.1 | % |  | $ | 1,281,027 |  |  | 2.7 | %
Public funds time deposits | $ | 635,801 |  |  | 1.3 | % |  | $ | 665,954 |  |  | 1.3 | % |  | $ | 720,711 |  |  | 1.5 | %

(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 March 31, 2022 decreased $771.0 million compared to December 31, 2021; however, core transaction deposits increased $405.0 million, or 4% annualized, compared to December 31, 2021 as a result of strong growth in our Consumer Banking segment as well as a focus on remixing the deposit base. Total deposit costs of 11 bps during the first quarter of 2022 declined 1 bp on a linked quarter basis after declining steadily throughout the past year, primarily as a result of the continued lower rate environment and strategic deposit mix optimization efforts.
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Non-interest Revenue
Non-interest revenue for the first quarter of 2022 was $105.3 million, down $5.6 million, or 5%, compared to the first quarter of 2021, and on an adjusted basis(1) was $106.6 million, down $5.5 million, or 5%, from the first quarter of 2021, primarily due to lower mortgage banking income partially offset by higher core banking fees and higher wealth revenue(2).
(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to GAAP measures.
(2) Consists of fiduciary and asset management, brokerage, and insurance revenue.
The following table shows the principal components of non-interest revenue.

Table 6 - Non-interest Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, |  |
(dollars in thousands) | 2022 |  | 2021 |  | $ Change |  | % Change |  |  |  |  |  |  |  |
Service charges on deposit accounts (1) | $ | 22,539 |  |  | $ | 20,033 |  |  | $ | 2,506 |  |  | 13 | % |  |  |  |  |  |  |  |
Fiduciary and asset management fees (2) | 20,277 |  |  | 17,954 |  |  | 2,323 |  |  | 13 |  |  |  |  |  |  |  |  |
Card fees (1) | 14,756 |  |  | 11,996 |  |  | 2,760 |  |  | 23 |  |  |  |  |  |  |  |  |
Brokerage revenue (2) | 14,655 |  |  | 12,974 |  |  | 1,681 |  |  | 13 |  |  |  |  |  |  |  |  |
Mortgage banking income | 5,953 |  |  | 22,315 |  |  | (16,362) |  |  | (73) |  |  |  |  |  |  |  |  |
Capital markets income | 5,472 |  |  | 7,505 |  |  | (2,033) |  |  | (27) |  |  |  |  |  |  |  |  |
Income from bank-owned life insurance | 6,556 |  |  | 8,843 |  |  | (2,287) |  |  | (26) |  |  |  |  |  |  |  |  |
Insurance revenue (2) | 1,419 |  |  | 1,697 |  |  | (278) |  |  | (16) |  |  |  |  |  |  |  |  |
Investment securities gains (losses), net | — |  |  | (1,990) |  |  | 1,990 |  |  | nm |  |  |  |  |  |  |  |
Other non-interest revenue (1) | 13,707 |  |  | 9,629 |  |  | 4,078 |  |  | 42 |  |  |  |  |  |  |  |  |
Total non-interest revenue | $ | 105,334 |  |  | $ | 110,956 |  |  | $ | (5,622) |  |  | (5) | % |  |  |  |  |  |  |  |
Core banking fees (1) | $ | 45,404 |  |  | $ | 38,155 |  |  | $ | 7,249 |  |  | 19 | % |  |  |  |  |  |  |  |
Wealth revenue (2) | $ | 36,351 |  |  | $ | 32,625 |  |  | $ | 3,726 |  |  | 11 | % |  |  |  |  |  |  |  |

(1) Core banking fees consist of service charges on deposit accounts, card fees, and several other non-interest revenue components including letter of credit fees, ATM fee income, line of credit non-usage fees, gains (losses) from sales of SBA loans, and miscellaneous other service charges.
(2) Consists of fiduciary and asset management, brokerage, and insurance revenue.
Three Months Ended March 31, 2022 compared to March 31, 2021
Service charges on deposit accounts, consisting of account analysis fees, NSF fees, and all other service charges, for the three months ended March 31, 2022 were up compared to the same period in 2021, with growth in all three service charge categories. The largest category of service charges, account analysis fees, were up $609 thousand, or 7%, reflecting our continued investments in Treasury and Payments solutions. NSF fees for the three months ended March 31, 2022 and 2021 comprised 32% and 29%, respectively, of service charges on deposit accounts and 7% and 5%, respectively, of total non-interest revenue. NSF fees for the three months ended March 31, 2021 were lower primarily due to fiscal stimulus funds. All other service charges on deposit accounts, which consist primarily of monthly fees on consumer demand deposits and small business accounts, for the three months ended March 31, 2022 were up $650 thousand, or 13%.
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 months ended March 31, 2022 was driven by strong client acquisition and growth in total assets under management which increased by 4% from March 31, 2021 to $21.36 billion at March 31, 2022.
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 months ended March 31, 2022 were up primarily from increased transaction volume in all card fee categories as we continue to invest in our Treasury and Payment solutions business.
Brokerage revenue consists primarily of brokerage commissions as well as advisory fees earned from the management of client assets. Brokerage revenue for the three months ended March 31, 2022 increased over the prior year comparable period, driven by growth in assets under management of 19% and strong client acquisition.
Mortgage banking income, consisting of net gains on loan origination/sales activities, was significantly lower for the first quarter of 2022 compared to the three months ended March 31, 2021 with the decline largely driven by $11.3 million lower gains on sale as a result of a $318.8 million, or 60%, decrease in loan sales and lower secondary market mortgage loan
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production. Total secondary market mortgage loan production was $221.0 million, down $352.2 million, or 61%, compared to the prior year. Increasing mortgage rates which has resulted in lower refinancing volumes has also contributed to the decline.
Capital markets income primarily includes fee income from client derivative transactions. Additionally, capital markets income includes fee income from debt capital market transactions and foreign exchange as well as other miscellaneous income from capital market transactions. The decline for the three months ended March 31, 2022 primarily resulted from $2.2 million lower fees on client derivative transactions due to decreased volume of activity.
Income from BOLI includes increases in the cash surrender value of policies and proceeds from insurance contracts. The decrease for the three months ended March 31, 2022 primarily related to $2.1 million in proceeds from insurance contracts in the first quarter of 2021.
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 three months ended March 31, 2022 included a gain of $3.5 million related to the sale of a certain real estate partnership, a $1.3 million increase in gains from sales of SBA loans, and a decrease in the fair adjustment on non-qualified deferred compensation of $2.1 million, as compared to 2021.
Non-interest Expense
Non-interest expense for the first quarter of 2022 was $272.5 million, up $5.3 million, or 2%, compared to the same period in 2021 while adjusted non-interest expense(1) of $279.5 million was up $13.7 million, or 5%. The increase in adjusted non-interest expense(1) during 2022 was primarily due to an increase in expense associated with incentives and elevated performance, resumption of normal business activities post COVID-19, and investments in new growth initiatives. The adjusted tangible efficiency ratio(1) for the first three months of 2022 was 55.50%, up 138 bps compared to the same period a year ago. We expect total investments in new growth initiatives to be between $25 million and $30 million in 2022.
(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to GAAP measures.
The following table summarizes the components of non-interest expense.

Table 7 - Non-interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, |  |
(dollars in thousands) | 2022 |  | 2021 |  | $ Change |  | % Change |  |  |  |  |  |  |  |
Salaries and other personnel expense | $ | 164,684 |  |  | $ | 161,477 |  |  | $ | 3,207 |  |  | 2 | % |  |  |  |  |  |  |  |
Net occupancy, equipment, and software expense | 42,877 |  |  | 41,134 |  |  | 1,743 |  |  | 4 |  |  |  |  |  |  |  |  |
Third-party processing and other services | 20,996 |  |  | 20,032 |  |  | 964 |  |  | 5 |  |  |  |  |  |  |  |  |
Professional fees | 8,474 |  |  | 9,084 |  |  | (610) |  |  | (7) |  |  |  |  |  |  |  |  |
FDIC insurance and other regulatory fees | 6,250 |  |  | 5,579 |  |  | 671 |  |  | 12 |  |  |  |  |  |  |  |  |
Amortization of intangibles | 2,118 |  |  | 2,379 |  |  | (261) |  |  | (11) |  |  |  |  |  |  |  |  |
Restructuring charges | (6,424) |  |  | 531 |  |  | (6,955) |  |  | nm |  |  |  |  |  |  |  |
Loss on early extinguishment of debt | 677 |  |  | — |  |  | 677 |  |  | nm |  |  |  |  |  |  |  |
Other operating expense | 32,798 |  |  | 26,918 |  |  | 5,880 |  |  | 22 |  |  |  |  |  |  |  |  |
Total non-interest expense | $ | 272,450 |  |  | $ | 267,134 |  |  | $ | 5,316 |  |  | 2 | % |  |  |  |  |  |  |  |

Three Months Ended March 31, 2022 compared to March 31, 2021
Salaries and other personnel expense increased for the three months ended March 31, 2022 primarily due to an increase in incentive compensation from elevated performance and higher share-based compensation expense, largely due to timing with a higher level of retirement eligible expense acceleration, partially offset by lower mortgage production-based commissions. Total headcount of 5,002 declined 173, or 3%, from March 31, 2021, led by branch closures.
Net occupancy, equipment, and software expense increased for the three months ended March 31, 2022 due primarily to continued investments in technology partially offset by savings from branch closures. Synovus Bank operated 272 branches at March 31, 2022 compared to 288 branches at March 31, 2021 with nine branch closures during the first quarter of 2022. We forecast that by the end of the year the run-rate pre-tax total non-interest expense benefit from 2022 branch reductions will exceed $15 million, some of which will be reinvested in our digital delivery channel.
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 increased for the three months ended March 31, 2022,
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largely a result of digital enhancements as we migrate clients to our Gateway digital commercial platform, which was partially offset by lower expense associated with PPP loan forgiveness.
Professional fees decreased for the three months ended March 31, 2022 primarily from lower consulting fees related to Synovus Forward.
FDIC insurance and other regulatory fees increased for the three months ended March 31, 2022 largely due to a higher assessment rate primarily driven by the redemption of Synovus Bank senior notes.
During the three months ended March 31, 2022, Synovus recorded $9.1 million in gains largely relating to the sale of real estate facilities in Columbus, Georgia, which was partially offset by restructuring charges relating to twelve branches expected to close in the second quarter of 2022. During the three months ended March 31, 2021, Synovus recorded restructuring charges primarily associated with two branch closures.
On February 10, 2022 Synovus Bank redeemed its 2.289% Fixed-to-Floating Rate Senior Bank Notes of $400 million par value and incurred a $677 thousand loss on early extinguishment of debt.
Other operating expense 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 expense. Other operating expense was up for the three months ended March 31, 2022. The increase over prior year was primarily related to an increase in loan expense due to elevated production, managing fraud protection for clients, and resumption of normal business activities post COVID-19.
Income Tax Expense
Income tax expense was $42.7 million for the three months ended March 31, 2022, representing an effective tax rate of 20.0%, compared to income tax expense of $49.2 million for the three months ended March 31, 2021, representing an effective tax rate of 20.8%. The effective tax rate is lower for the three months ended March 31, 2022, due to an increase in net discrete tax benefits recognized during the period, including share-based compensation, changes in amounts taxable by jurisdictions, and other accrual adjustments.
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 March 31, 2022, credit metrics remained stable and near historical lows with NPAs at 40 bps, NPLs at 33 bps, and total past dues at 11 bps, as a percentage of total loans. Net charge-offs remained low at $18.6 million, or 19 bps annualized, for the three months ended March 31, 2022. We expect net charge-offs to remain relatively stable in the second quarter of 2022, assuming no material change in the economic environment.
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The table below includes selected credit quality metrics.

Table 8 - Credit Quality Metrics |
(dollars in thousands) | March 31, 2022 |  | December 31, 2021 |  | March 31, 2021
Non-performing loans | $ | 132,131 |  |  | $ | 131,042 |  |  | $ | 155,169 |
Impaired loans held for sale | — |  |  | — |  |  | 23,590 |
ORE and other assets | 26,759 |  |  | 27,137 |  |  | 16,849 |
Non-performing assets | $ | 158,890 |  |  | $ | 158,179 |  |  | $ | 195,608 |
Total loans | $ | 40,169,150 |  |  | $ | 39,311,958 |  |  | $ | 38,805,101 |
Non-performing loans as a % of total loans | 0.33 | % |  | 0.33 | % |  | 0.40 | %
Non-performing assets as a % of total loans, ORE, and specific other assets | 0.40 |  |  | 0.40 |  |  | 0.50 |
Loans 90 days past due and still accruing | $ | 3,067 |  |  | $ | 6,770 |  |  | $ | 3,804 |
As a % of total loans | 0.01 | % |  | 0.02 | % |  | 0.01 | %
Total past due loans and still accruing | $ | 45,385 |  |  | $ | 57,565 |  |  | $ | 45,693 |
As a % of total loans | 0.11 | % |  | 0.15 | % |  | 0.12 | %
Net charge-offs, quarter | $ | 18,609 |  |  | $ | 10,522 |  |  | $ | 20,204 |
Net charge-offs/average loans, quarter | 0.19 | % |  | 0.11 | % |  | 0.21 | %
Provision for (reversal of) loan losses, quarter | $ | 5,968 |  |  | $ | (54,124) |  |  | $ | (22,318) |
Provision for (reversal of) unfunded commitments, quarter | 5,432 |  |  | (1,086) |  |  | 3,743 |
Provision for (reversal of) credit losses, quarter | $ | 11,400 |  |  | $ | (55,210) |  |  | $ | (18,575) |
Allowance for loan losses | $ | 414,956 |  |  | $ | 427,597 |  |  | $ | 563,214 |
Reserve for unfunded commitments | 47,317 |  |  | 41,885 |  |  | 51,528 |
Allowance for credit losses | $ | 462,273 |  |  | $ | 469,482 |  |  | $ | 614,742 |
ACL to loans coverage ratio | 1.15 | % |  | 1.19 | % |  | 1.58 | %
ALL to loans coverage ratio | 1.03 |  |  | 1.09 |  |  | 1.45 |
ACL/NPLs | 349.86 |  |  | 358.27 |  |  | 396.18 |
ALL/NPLs | 314.05 |  |  | 326.31 |  |  | 362.97 |

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 March 31, 2022 remained at 2.6% of total loans, or $1.03 billion, as compared to December 31, 2021.

Table 9 - Criticized and Classified Loans |
(dollars in thousands) | March 31, 2022 |  | December 31, 2021
Special mention | $ | 509,292 |  |  | $ | 489,150 |
Substandard | 515,529 |  |  | 526,117 |
Doubtful | 4,132 |  |  | 10,630 |
Loss | 2,558 |  |  | 2,058 |
Criticized and Classified loans | $ | 1,031,511 |  |  | $ | 1,027,955 |
As a % of total loans | 2.6 | % |  | 2.6 | %

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Provision for (Reversal of) Credit Losses and Allowance for Credit Losses
The provision for credit losses of $11.4 million for the three months ended March 31, 2022 included net charge-offs of $18.6 million and also represented a slowing of allowance releases due primarily to the increased economic uncertainty from inflation concerns and geopolitical tensions. $3.8 million in reserves were also added as a result of purchases of $181.3 million of third-party lending loans for the three months ended March 31, 2022.
The ALL of $415.0 million and the reserve for unfunded commitments of $47.3 million, which is recorded in other liabilities, comprise the total ACL of $462.3 million at March 31, 2022. The ACL decreased $7.2 million compared to the December 31, 2021 ACL of $469.5 million, which consisted of an ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million. The ACL to loans coverage ratio of 1.15% at March 31, 2022 was 4 bps lower compared to December 31, 2021.
The reduction in the ACL resulted primarily from continued positive trends in our credit performance and loan mix mostly offset by an increase in the downside weighting of the multiple scenario model which reflects the increased economic uncertainty noted above and slowed the pace of the allowance decline this quarter.

Table 10 - Accruing TDRs by Risk Grade |  |  |  |  |  |  |  |  |  |  |
| March 31, 2022 |  | December 31, 2021 |  | March 31, 2021
(dollars in thousands) | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Pass | $ | 61,298 |  |  | 42.0 | % |  | $ | 56,479 |  |  | 47.1 | % |  | $ | 63,809 |  |  | 49.2 | %
Special mention | 6,531 |  |  | 4.5 |  |  | 11,387 |  |  | 9.5 |  |  | 8,560 |  |  | 6.6 |
Substandard accruing | 78,128 |  |  | 53.5 |  |  | 51,938 |  |  | 43.4 |  |  | 57,407 |  |  | 44.2 |
Total accruing TDRs | $ | 145,957 |  |  | 100.0 | % |  | $ | 119,804 |  |  | 100.0 | % |  | $ | 129,776 |  |  | 100.0 | %

Troubled Debt Restructurings
Accruing TDRs were $146.0 million at March 31, 2022, up $26.2 million compared to December 31, 2021 primarily due to modifications granted that were previously accounted for under the CARES Act. Non-accruing TDRs were $21.3 million at March 31, 2022, compared to $22.3 million at December 31, 2021.
Accruing TDRs are considered performing because they are performing in accordance w ith the restructured terms. At both March 31, 2022 and December 31, 2021, approximately 98% 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
The Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus 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. The Consolidated Appropriations Act, 2021 extended the applicable period of Section 4013 of the CARES Act which allowed 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.
The CARES Act election period ended on January 1, 2022, and we have provided borrowers who have been impacted by COVID-19 with modifications such as interest-only relief or amortization extensions on under 2% of total loans, at both March 31, 2022 and December 31, 2021.
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 March 31, 2022, 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.
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Table 11 - Capital Ratios |  |  |
(dollars in thousands) | March 31, 2022 |  | December 31, 2021
CET1 capital |  |  |
Synovus Financial Corp. | $ | 4,485,661 |  |  | $ | 4,388,618 |
Synovus Bank | 5,064,643 |  |  | 4,998,698 |
Tier 1 risk-based capital |  |  |
Synovus Financial Corp. | 5,022,806 |  |  | 4,925,763 |
Synovus Bank | 5,064,643 |  |  | 4,998,698 |
Total risk-based capital |  |  |
Synovus Financial Corp. | 5,936,543 |  |  | 5,827,196 |
Synovus Bank | 5,666,073 |  |  | 5,587,757 |
CET1 capital ratio |  |  |
Synovus Financial Corp. | 9.49 | % |  | 9.50 | %
Synovus Bank | 10.73 |  |  | 10.83 |
Tier 1 risk-based capital ratio |  |  |
Synovus Financial Corp. | 10.63 |  |  | 10.66 |
Synovus Bank | 10.73 |  |  | 10.83 |
Total risk-based capital to risk-weighted assets ratio |  |  |
Synovus Financial Corp. | 12.56 |  |  | 12.61 |
Synovus Bank | 12.00 |  |  | 12.11 |
Leverage ratio |  |  |
Synovus Financial Corp. | 8.87 |  |  | 8.72 |
Synovus Bank | 8.95 |  |  | 8.86 |
Tangible common equity ratio(1) |  |  |
Synovus Financial Corp. | 6.80 |  |  | 7.52 |

(1) See "Table 14 - Reconciliation of Non-GAAP Financial Measures” in this Report for the applicable reconciliation to the most comparable GAAP measure.
At March 31, 2022, Synovus' CET1 ratio was 9.49%, well in excess of regulatory requirements including the capital conservation buffer of 2.5%. The March 31, 2022 CET1 ratio declined 1 bp compared to December 31, 2021, driven by significant growth in risk-weighted assets, largely from loan growth, and return of capital through common stock shareholder dividends and share repurchases, mostly offset by strong capital generation from earnings. For additional information on regulatory capital requirements, see "Part II - Item 8. Financial Statements and Supplementary Data - Note 10 - Regulatory Capital" to the consolidated financial statements of Synovus' 2021 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.
On January 20, 2022, Synovus announced that its Board of Directors authorized share repurchases of up to $300 million in 2022. During the three months ended March 31, 2022, Synovus repurchased a total of $9.7 million, or 204 thousand shares of its common stock, at an average price of $47.48 per share.
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 March 31, 2022 regulatory capital ratios reflect Synovus' election of the five-year transition provision. At March 31, 2022, $43.7 million, or a cumulative 9 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.
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Synovus declared common stock dividends of $49.4 million, or $0.34 per common share, for the three months ended March 31, 2022, compared to $49.1 million, or $0.33 per common share, for the three months ended March 31, 2021. In addition, Synovus declared dividends on its preferred stock of $8.3 million during the three months ended March 31, 2022 and 2021.
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 and wholesale deposits.
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 March 31, 2022, based on currently pledged collateral, Synovus Bank had access to FHLB funding of $5.52 billion, subject to FHLB credit policies. 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.
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 expense, 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, without limitation, 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' 2021 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 three months ended March 31, 2022 increased $2.67 billion, or 5%, as compared to the first three months of 2021. Average earning assets increased $3.02 billion, or 6%, in the first three months of 2022 compared to the same period in 2021. The increase in average earning assets primarily resulted from a $2.82 billion, or 33%, increase in average investment securities available for sale and a $1.14 billion, or 3%, increase in average total loans, net of unearned, which included a decrease of $1.96 billion in PPP loans. The increase in average loans was primarily due to growth in commercial production and line utilization. These increases were partially offset by a $868.4 million, or 32%, decrease in average interest-bearing funds held at the Federal Reserve Bank and a $206.8 million decrease in average loans held for sale.
Average interest-bearing liabilities decreased $40.5 million for the first three months of 2022 compared to the same period in 2021. The decrease in average interest-bearing liabilities resulted from a $1.15 billion, or 28%, decrease in average time deposits, as a result of continued focus on remixing the deposit base, a $581.2 million, or 17%, decrease in average brokered deposits, which was driven by Synovus' efforts to efficiently manage its liquidity position, and a $220.2 million, or 18%, decrease in average long-term debt, which includes redemption of $400 million in 2.289% Fixed-to-Floating Rate Senior Bank Notes in the first quarter of 2022. These decreases were mostly offset by a $978.8 million, or 11%, increase in average interest-bearing demand deposits, a $696.7 million, or 5%, increase in average money market deposits, and a $241.4 million, or 20%, increase in average savings deposits. Average non-interest-bearing deposits increased $2.70 billion, or 20%, for the first three
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months of 2022 compared to the same period in 2021. The aforementioned deposit increases were largely due to liquidity associated with various stimulus efforts and monetary policy.
Net interest income for the three months ended March 31, 2022 was $392.2 million, up $18.4 million, or 5% compared to the same period in 2021, including $6.9 million in PPP fees during 2022 and $24.9 million in 2021. Net interest margin was down 4 bps over the comparable three-month period to 3.00%, due primarily to the $18.0 million decline in PPP fees. For the three months ended March 31, 2022, the yield on earning assets was 3.18%, a decrease of 14 bps compared to the three months ended March 31, 2021, while the effective cost of funds decreased 10 bps to 0.18%. Compared to the same period in 2021, the yield on loans decreased 26 bps due primarily to the decline in PPP fees, while the yield on investment securities increased 28 bps primarily due to higher reinvestment yield and deceleration in prepayment activity compared to the prior year.
On a sequential quarter basis, net interest income was flat, with the first quarter of 2022 impacted by lower PPP fees and a lower day count. Excluding these impacts, net interest income was up $12.7 million. Net interest margin for the first quarter was 3.00%, which was up 4 bps compared to the fourth quarter of 2021 with lower cash balances helping support the margin and offset the impact of the continued decline in PPP fees. The first quarter of 2022 included $6.9 million recognized for associated PPP fees versus $12.7 million in the fourth quarter of 2021 and average PPP loan balances of $282.4 million versus $578.6 million in the fourth quarter of 2021. For the first quarter of 2022, the yield on earning assets increased 2 bps, while the effective cost of funds decreased 2 bps compared to the fourth quarter of 2021.
We continue to expect that net interest income and net interest margin will increase in the coming quarters as the benefits of higher market interest rates are realized.
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 three months ended March 31, 2022 and 2021, as well as the variances between the periods caused by changes in interest rates versus changes in volume.
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Table 12 - Net Interest Income and Rate/Volume Analysis
| Three Months Ended March 31, |  | 2022 Compared to 2021
| Average Balances |  | Interest |  | Annualized Yield/Rate |  | Change due to |  | Increase (Decrease)
(dollars in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | Volume |  | Rate |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale | $ | 11,259,800 |  |  | $ | 8,437,563 |  |  | $ | 47,250 |  |  | $ | 29,458 |  |  | 1.68 | % |  | 1.40 | % |  | $ | 9,742 |  |  | $ | 8,050 |  |  | $ | 17,792 |
Trading account assets | 9,078 |  |  | 3,063 |  |  | 39 |  |  | 22 |  |  | 1.73 |  |  | 2.81 |  |  | 42 |  |  | (25) |  |  | 17 |
Commercial loans (1) (2) | 30,756,752 |  |  | 29,924,651 |  |  | 280,588 |  |  | 291,200 |  |  | 3.70 |  |  | 3.95 |  |  | 8,104 |  |  | (18,716) |  |  | (10,612) |
Consumer loans (1) | 8,594,009 |  |  | 8,287,616 |  |  | 81,368 |  |  | 82,065 |  |  | 3.81 |  |  | 3.83 |  |  | 2,894 |  |  | (3,591) |  |  | (697) |
Allowance for loan losses | (423,953) |  |  | (599,872) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans, net | 38,926,808 |  |  | 37,612,395 |  |  | 361,956 |  |  | 373,265 |  |  | 3.76 |  |  | 4.02 |  |  | 10,998 |  |  | (22,307) |  |  | (11,309) |
Mortgage loans held for sale | 103,887 |  |  | 246,962 |  |  | 882 |  |  | 1,657 |  |  | 3.40 |  |  | 2.68 |  |  | (945) |  |  | 170 |  |  | (775) |
Other loans held for sale | 597,062 |  |  | 660,753 |  |  | 5,300 |  |  | 4,805 |  |  | 3.55 |  |  | 2.91 |  |  | (457) |  |  | 952 |  |  | 495 |
Other earning assets(3) | 1,919,531 |  |  | 2,838,063 |  |  | 815 |  |  | 716 |  |  | 0.17 |  |  | 0.10 |  |  | (204) |  |  | 303 |  |  | 99 |
Federal Home Loan Bank and Federal Reserve Bank stock | 160,065 |  |  | 157,657 |  |  | 685 |  |  | 668 |  |  | 1.71 |  |  | 1.69 |  |  | 10 |  |  | 7 |  |  | 17 |
Total interest earning assets | 52,976,231 |  |  | 49,956,456 |  |  | 416,927 |  |  | 410,591 |  |  | 3.18 |  |  | 3.32 |  |  | 19,186 |  |  | (12,850) |  |  | 6,336 |
Cash and due from banks | 548,684 |  |  | 518,738 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premises, equipment, and software, net | 398,774 |  |  | 460,466 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other real estate | 11,759 |  |  | 1,823 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash surrender value of bank-owned life insurance | 1,070,886 |  |  | 1,051,520 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets(4) | 1,849,564 |  |  | 2,199,501 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets | $ | 56,855,898 |  |  | $ | 54,188,504 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand deposits | $ | 9,549,527 |  |  | $ | 8,570,753 |  |  | 2,372 |  |  | 2,973 |  |  | 0.10 |  |  | 0.14 |  |  | 338 |  |  | (939) |  |  | (601) |
Money market accounts | 16,045,627 |  |  | 15,348,916 |  |  | 5,349 |  |  | 8,730 |  |  | 0.14 |  |  | 0.23 |  |  | 395 |  |  | (3,776) |  |  | (3,381) |
Savings deposits | 1,460,648 |  |  | 1,219,288 |  |  | 67 |  |  | 49 |  |  | 0.02 |  |  | 0.02 |  |  | 12 |  |  | 6 |  |  | 18 |
Time deposits | 3,009,795 |  |  | 4,155,302 |  |  | 2,138 |  |  | 7,042 |  |  | 0.29 |  |  | 0.69 |  |  | (1,949) |  |  | (2,955) |  |  | (4,904) |
Brokered deposits | 2,788,124 |  |  | 3,369,333 |  |  | 3,733 |  |  | 6,224 |  |  | 0.54 |  |  | 0.75 |  |  | (1,075) |  |  | (1,416) |  |  | (2,491) |
Federal funds purchased and securities sold under repurchase agreements | 194,352 |  |  | 209,448 |  |  | 11 |  |  | 34 |  |  | 0.02 |  |  | 0.07 |  |  | (3) |  |  | (20) |  |  | (23) |
Other short-term borrowings | 4,653 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term debt | 982,423 |  |  | 1,202,613 |  |  | 10,144 |  |  | 10,908 |  |  | 4.13 |  |  | 3.63 |  |  | (1,971) |  |  | 1,207 |  |  | (764) |
Total interest-bearing liabilities | 34,035,149 |  |  | 34,075,653 |  |  | 23,814 |  |  | 35,960 |  |  | 0.28 |  |  | 0.42 |  |  | (4,253) |  |  | (7,893) |  |  | (12,146) |
Non-interest-bearing deposits | 16,491,643 |  |  | 13,791,286 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities | 1,144,535 |  |  | 1,185,344 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity | 5,184,571 |  |  | 5,136,221 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities and equity | $ | 56,855,898 |  |  | $ | 54,188,504 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate spread: |  |  |  |  |  |  |  |  | 2.90 | % |  | 2.90 | % |  |  |  |  |  |
Net interest income - TE/margin(5) |  |  |  |  | $ | 393,113 |  |  | $ | 374,631 |  |  | 3.00 | % |  | 3.04 | % |  | $ | 23,439 |  |  | $ | (4,957) |  |  | $ | 18,482 |
Taxable equivalent adjustment |  |  |  |  | 865 |  |  | 774 |  |  |  |  |  |  |  |  |  |  |
Net interest income, actual |  |  |  |  | $ | 392,248 |  |  | $ | 373,857 |  |  |  |  |  |  |  |  |  |  |

(1) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2022 - $20.7 million, 2021 - $31.9 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 $(247.4) million and $116.1 million for the three months ended March 31, 2022 and 2021, 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 forecast assuming a relatively flat interest rate environment with the federal funds rate at the Federal Reserve’s current targeted range of 0.25% to 0.50% and the current prime rate of 3.50%. Synovus has modeled the impact of an immediate increase in market interest rates across the yield curve of 100 and 200 bps to determine the sensitivity of net interest income for the next twelve months. Synovus' current rate risk position is considered asset-sensitive and would be expected to benefit net interest income in a rising interest rate environment. The following table represents the estimated sensitivity of net interest income at March 31, 2022, with comparable information for December 31, 2021.

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 Interest Rates (in bps) |  | March 31, 2022 |  | December 31, 2021
+200 |  | 13.5% |  | 14.5%
+100 |  | 6.4% |  | 6.5%

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
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 June 30, 2023, for all remaining US dollar settings.
The ARRC proposed SOFR as its preferred rate as an alternative to LIBOR and 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 II - Item 1A. Risk Factors" of this Report, 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 were impacted and have been changed as a result; 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. For the last several years, loan agreement provisions for new and renewed loans included LIBOR fallback language to ensure transition from LIBOR 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. The Company discontinued the use of LIBOR as of December 31, 2021, with limited exceptions as permitted by regulatory guidance or internal policies. Synovus has expanded its product offerings and currently offers multiple alternative reference rates including SOFR, BSBY, and Prime indices. As of March 31, 2022, the Company had approximately $14 billion in loans tied to LIBOR that mature after June 30, 2023. Remediation activities are underway to modify or transition existing exposures to alternate index rates or to convert the rate under existing fallback language, including the use of the Adjustable Interest (LIBOR) Act, enacted in March 2022, and other relevant legislation.
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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' 2021 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' 2021 Form 10-K.
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) 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 |  |
(in thousands, except per share data) | March 31, 2022 |  | March 31, 2021 |  |  |  |
Adjusted non-interest revenue |  |  |  |  |  |  |
Total non-interest revenue | $ | 105,334 |  |  | $ | 110,956 |  |  |  |  |
Subtract/add: Investment securities (gains) losses, net | — |  |  | 1,990 |  |  |  |  |
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,295 |  |  | (792) |  |  |  |  |
Adjusted non-interest revenue | $ | 106,629 |  |  | $ | 112,154 |  |  |  |  |
Adjusted non-interest expense |  |  |  |  |  |  |
Total non-interest expense | $ | 272,450 |  |  | $ | 267,134 |  |  |  |  |
Subtract/add: Restructuring charges | 6,424 |  |  | (531) |  |  |  |  |
Subtract: Loss on early extinguishment of debt | (677) |  |  | — |  |  |  |  |
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,295 |  |  | (792) |  |  |  |  |
Adjusted non-interest expense | $ | 279,492 |  |  | $ | 265,811 |  |  |  |  |
Adjusted total revenue and adjusted tangible efficiency ratio |  |  |  |  |  |  |
Adjusted non-interest expense | $ | 279,492 |  |  | $ | 265,811 |  |  |  |  |
Subtract: Amortization of intangibles | (2,118) |  |  | (2,379) |  |  |  |  |
Adjusted tangible non-interest expense | $ | 277,374 |  |  | $ | 263,432 |  |  |  |  |
Net interest income | $ | 392,248 |  |  | $ | 373,857 |  |  |  |  |
Add: Tax equivalent adjustment | 865 |  |  | 774 |  |  |  |  |
Add: Total non-interest revenue | 105,334 |  |  | 110,956 |  |  |  |  |
Total TE revenue | $ | 498,447 |  |  | $ | 485,587 |  |  |  |  |
Subtract/add: Investment securities (gains) losses, net | — |  |  | 1,990 |  |  |  |  |
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,295 |  |  | (792) |  |  |  |  |
Adjusted total revenue | $ | 499,742 |  |  | $ | 486,785 |  |  |  |  |
Efficiency ratio-TE | 54.66 | % |  | 55.01 | % |  |  |  |
Adjusted tangible efficiency ratio | 55.50 |  |  | 54.12 |  |  |  |  |
Adjusted net income per common share, diluted |  |  |  |  |  |  |
Net income available to common shareholders | $ | 162,746 |  |  | $ | 178,802 |  |  |  |  |
Add/subtract: Restructuring charges | (6,424) |  |  | 531 |  |  |  |  |
Add: Loss on early extinguishment of debt | 677 |  |  | — |  |  |  |  |
Subtract/add: Investment securities (gains) losses, net | — |  |  | 1,990 |  |  |  |  |
Add/subtract: Tax effect of adjustments (1) | 1,369 |  |  | (638) |  |  |  |  |
Adjusted net income available to common shareholders | $ | 158,368 |  |  | $ | 180,685 |  |  |  |  |
Weighted average common shares outstanding, diluted | 146,665 |  |  | 149,780 |  |  |  |  |
Adjusted net income per common share, diluted | $ | 1.08 |  |  | $ | 1.21 |  |  |  |  |

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Table 14 - Reconciliation of Non-GAAP Financial Measures, continued
| Three Months Ended |  |
(dollars in thousands) | March 31, 2022 |  | March 31, 2021 |  |  |  |
Adjusted return on average assets (annualized) |  |  |  |  |  |  |
Net income | $ | 171,037 |  |  | $ | 187,093 |  |  |  |  |
Add/subtract: Restructuring charges | (6,424) |  |  | 531 |  |  |  |  |
Add: Loss on early extinguishment of debt | 677 |  |  | — |  |  |  |  |
Subtract/add: Investment securities (gains) losses, net | — |  |  | 1,990 |  |  |  |  |
Add/subtract: Tax effect of adjustments (1) | 1,369 |  |  | (638) |  |  |  |  |
Adjusted net income | $ | 166,659 |  |  | $ | 188,976 |  |  |  |  |
Net income annualized | 693,650 |  |  | 758,766 |  |  |  |  |
Adjusted net income annualized | 675,895 |  |  | 766,403 |  |  |  |  |
Total average assets | 56,855,898 |  |  | 54,188,504 |  |  |  |  |
Return on average assets (annualized) | 1.22 | % |  | 1.40 | % |  |  |  |
Adjusted return on average assets (annualized) | 1.19 |  |  | 1.41 |  |  |  |  |

| Three Months Ended
(dollars in thousands) | March 31, 2022 |  | December 31, 2021 |  | March 31, 2021
Adjusted return on average common equity and adjusted return on average tangible common equity (annualized) |  |  |  |  |
Net income available to common shareholders | $ | 162,746 |  |  | $ | 192,110 |  |  | $ | 178,802 |
Add/subtract: Restructuring charges | (6,424) |  |  | 5,958 |  |  | 531 |
Add: Valuation adjustment to Visa derivative | — |  |  | 2,656 |  |  | — |
Add: Loss on early extinguishment of debt | 677 |  |  | — |  |  | — |
Subtract/add: Investment securities (gains) losses, net | — |  |  | (230) |  |  | 1,990 |
Add/subtract: Tax effect of adjustments (1) | 1,369 |  |  | (2,121) |  |  | (638) |
Adjusted net income available to common shareholders | $ | 158,368 |  |  | $ | 198,373 |  |  | $ | 180,685 |
Adjusted net income available to common shareholders' annualized | $ | 642,270 |  |  | $ | 787,023 |  |  | $ | 732,778 |
Add: Amortization of intangibles, annualized net of tax | 6,543 |  |  | 7,050 |  |  | 7,207 |
Adjusted net income available to common shareholders excluding amortization of intangibles annualized | $ | 648,813 |  |  | $ | 794,073 |  |  | $ | 739,985 |
Net income available to common shareholders annualized | $ | 660,025 |  |  | $ | 762,176 |  |  | $ | 725,141 |
Total average shareholders' equity less preferred stock | $ | 4,647,426 |  |  | $ | 4,730,828 |  |  | $ | 4,599,076 |
Subtract: Goodwill | (452,390) |  |  | (452,390) |  |  | (452,390) |
Subtract: Other intangible assets, net | (34,576) |  |  | (36,805) |  |  | (44,005) |
Total average tangible shareholders' equity less preferred stock | $ | 4,160,460 |  |  | $ | 4,241,633 |  |  | $ | 4,102,681 |
Return on average common equity (annualized) | 14.20 | % |  | 16.11 | % |  | 15.77 | %
Adjusted return on average common equity (annualized) | 13.82 |  |  | 16.64 |  |  | 15.93 |
Adjusted return on average tangible common equity (annualized) | 15.59 |  |  | 18.72 |  |  | 18.04 |

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Table 14 - Reconciliation of Non-GAAP Financial Measures, continued |  |  |  |
(dollars in thousands) | March 31, 2022 |  | December 31, 2021 |  |  |  |  |  | March 31, 2021
Tangible common equity ratio |  |  |  |  |  |  |  |  |
Total assets | $ | 56,419,549 |  |  | $ | 57,317,226 |  |  |  |  |  |  | $ | 55,159,011 |
Subtract: Goodwill | (452,390) |  |  | (452,390) |  |  |  |  |  |  | (452,390) |
Subtract: Other intangible assets, net | (33,478) |  |  | (35,596) |  |  |  |  |  |  | (42,733) |
Tangible assets | $ | 55,933,681 |  |  | $ | 56,829,240 |  |  |  |  |  |  | $ | 54,663,888 |
Total shareholders' equity | $ | 4,824,635 |  |  | $ | 5,296,800 |  |  |  |  |  |  | $ | 5,161,717 |
Subtract: Goodwill | (452,390) |  |  | (452,390) |  |  |  |  |  |  | (452,390) |
Subtract: Other intangible assets, net | (33,478) |  |  | (35,596) |  |  |  |  |  |  | (42,733) |
Subtract: Preferred stock, no par value | (537,145) |  |  | (537,145) |  |  |  |  |  |  | (537,145) |
Tangible common equity | $ | 3,801,622 |  |  | $ | 4,271,669 |  |  |  |  |  |  | $ | 4,129,449 |
Total shareholders' equity to total assets ratio | 8.55 | % |  | 9.24 | % |  |  |  |  |  | 9.36 | %
Tangible common equity ratio | 6.80 |  |  | 7.52 |  |  |  |  |  |  | 7.55 |
(1) An assumed marginal tax rate of 23.8% for 2022 and 25.3% for 2021 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 March 31, 2022, 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 March 31, 2022 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' 2021 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' 2021 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 20, 2022 that its Board of Directors authorized share repurchases of up to $300 million in 2022.

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
January 2022 |  | — |  |  | $ | — |  |  | — |  |  | $ | 300,000 |
February 2022 |  | — |  |  | — |  |  | — |  |  | 300,000 |
March 2022 |  | 204 |  |  | 47.48 |  |  | 204 |  |  | 290,333 |
Total |  | 204 |  |  | $ | 47.48 |  |  | 204 |  |  |

(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 first quarter of 2022 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 |  |  | Summary of Board of Directors Compensation.
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.
May 3, 2022 | 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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