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Loans and Allowance for Loan Losses | 6 Months Ended
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Jun. 30, 2022
Receivables [Abstract] |
Loans and Allowance for Loan Losses | 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 June 30, 2022 and December 31, 2021.
| June 30, 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 | $ | 12,954,600 |  |  | $ | 14,363 |  |  | $ | 525 |  |  | $ | 14,888 |  |  | $ | 12,834 |  |  | $ | 35,767 |  |  | $ | 13,018,089 |  |
Owner-occupied | 7,744,300 |  |  | 4,538 |  |  | — |  |  | 4,538 |  |  | 6,955 |  |  | 4,443 |  |  | 7,760,236 |  |
Total commercial and industrial | 20,698,900 |  |  | 18,901 |  |  | 525 |  |  | 19,426 |  |  | 19,789 |  |  | 40,210 |  |  | 20,778,325 |  |
Investment properties | 10,400,407 |  |  | 271 |  |  | — |  |  | 271 |  |  | 5,025 |  |  | 2,345 |  |  | 10,408,048 |  |
1-4 family properties | 636,701 |  |  | 2,036 |  |  | — |  |  | 2,036 |  |  | 1,821 |  |  | 1,297 |  |  | 641,855 |  |
Land and development | 451,590 |  |  | — |  |  | — |  |  | — |  |  | 1,924 |  |  | — |  |  | 453,514 |  |
Total commercial real estate | 11,488,698 |  |  | 2,307 |  |  | — |  |  | 2,307 |  |  | 8,770 |  |  | 3,642 |  |  | 11,503,417 |  |
Consumer mortgages | 5,092,428 |  |  | 9,238 |  |  | — |  |  | 9,238 |  |  | 22,857 |  |  | — |  |  | 5,124,523 |  |
Home equity | 1,567,527 |  |  | 3,591 |  |  | — |  |  | 3,591 |  |  | 7,588 |  |  | 512 |  |  | 1,579,218 |  |
Credit cards | 191,641 |  |  | 1,413 |  |  | 1,236 |  |  | 2,649 |  |  | — |  |  | — |  |  | 194,290 |  |
Other consumer loans | 2,000,402 |  |  | 18,459 |  |  | 490 |  |  | 18,949 |  |  | 5,656 |  |  | — |  |  | 2,025,007 |  |
Total consumer | 8,851,998 |  |  | 32,701 |  |  | 1,726 |  |  | 34,427 |  |  | 36,101 |  |  | 512 |  |  | 8,923,038 |  |
Loans, net of deferred fees and costs | $ | 41,039,596 |  |  | $ | 53,909 |  |  | $ | 2,251 |  |  | $ | 56,160 |  |  | $ | 64,660 |  |  | $ | 44,364 |  |  | $ | 41,204,780 |  |
| 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 $2.0 million and $2.7 million for the three months ended June 30, 2022 and 2021, respectively and $5.4 million and $6.2 million for the six months ended June 30, 2022 and 2021, respectively. Of the interest income recognized during the three months ended June 30, 2022 and 2021, cash-basis interest income was $410 thousand and $575 thousand, respectively. Cash-basis interest income was $964 thousand and $1.2 million for the six months ended June 30, 2022 and 2021 respectively. Pledged Loans Loans with carrying values of $15.15 billion and $14.19 billion, respectively, were pledged as collateral for borrowings and capacity at June 30, 2022 and December 31, 2021, respectively, to the FHLB and Federal Reserve Bank. 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 $86.7 million at June 30, 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 June 30, 2022 and December 31, 2021 as required under CECL.
| June 30, 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 | $ | 539,814 |  |  | $ | 2,126,772 |  |  | $ | 1,183,170 |  |  | $ | 811,870 |  |  | $ | 569,801 |  |  | $ | 1,166,642 |  |  | $ | 6,202,131 |  |  | $ | 30,553 |  |  | $ | 12,630,753 |
Special Mention | 3,136 |  |  | 4,280 |  |  | 9,337 |  |  | 9,435 |  |  | 17,596 |  |  | 3,333 |  |  | 86,555 |  |  | — |  |  | 133,672 |
Substandard(1) | 6,888 |  |  | 11,081 |  |  | 52,047 |  |  | 45,437 |  |  | 18,756 |  |  | 28,546 |  |  | 86,152 |  |  | 1,082 |  |  | 249,989 |
Doubtful(2) | — |  |  | — |  |  | — |  |  | — |  |  | 3,520 |  |  | — |  |  | — |  |  | — |  |  | 3,520 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 155 |  |  | — |  |  | 155 |
Total commercial, financial and agricultural | 549,838 |  |  | 2,142,133 |  |  | 1,244,554 |  |  | 866,742 |  |  | 609,673 |  |  | 1,198,521 |  |  | 6,374,993 |  |  | 31,635 |  |  | 13,018,089 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 834,063 |  |  | 1,730,966 |  |  | 1,178,269 |  |  | 1,007,485 |  |  | 720,509 |  |  | 1,388,397 |  |  | 641,261 |  |  | — |  |  | 7,500,950 |
Special Mention | 137 |  |  | 4,545 |  |  | 86,210 |  |  | 8,841 |  |  | 45,656 |  |  | 28,168 |  |  | — |  |  | — |  |  | 173,557 |
Substandard(1) | 2,400 |  |  | 12,555 |  |  | 2,969 |  |  | 5,738 |  |  | 39,048 |  |  | 22,766 |  |  | — |  |  | — |  |  | 85,476 |
Loss(3) | — |  |  | 253 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 253 |
Total owner-occupied | 836,600 |  |  | 1,748,319 |  |  | 1,267,448 |  |  | 1,022,064 |  |  | 805,213 |  |  | 1,439,331 |  |  | 641,261 |  |  | — |  |  | 7,760,236 |
Total commercial and industrial | 1,386,438 |  |  | 3,890,452 |  |  | 2,512,002 |  |  | 1,888,806 |  |  | 1,414,886 |  |  | 2,637,852 |  |  | 7,016,254 |  |  | 31,635 |  |  | 20,778,325 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,352,056 |  |  | 2,953,629 |  |  | 1,554,185 |  |  | 1,444,006 |  |  | 901,677 |  |  | 1,749,178 |  |  | 314,751 |  |  | — |  |  | 10,269,482 |
Special Mention | — |  |  | 6,963 |  |  | — |  |  | 15,295 |  |  | 11,559 |  |  | 4,409 |  |  | 7,997 |  |  | — |  |  | 46,223 |
Substandard(1) | 358 |  |  | 486 |  |  | 631 |  |  | 3,695 |  |  | 52,785 |  |  | 13,118 |  |  | 21,270 |  |  | — |  |  | 92,343 |
Total investment properties | 1,352,414 |  |  | 2,961,078 |  |  | 1,554,816 |  |  | 1,462,996 |  |  | 966,021 |  |  | 1,766,705 |  |  | 344,018 |  |  | — |  |  | 10,408,048 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 174,897 |  |  | 203,245 |  |  | 56,607 |  |  | 38,918 |  |  | 33,778 |  |  | 75,587 |  |  | 46,689 |  |  | — |  |  | 629,721 |
Special Mention | 2,688 |  |  | 1,250 |  |  | 970 |  |  | 634 |  |  | — |  |  | 202 |  |  | — |  |  | — |  |  | 5,744 |
Substandard(1) | 699 |  |  | 1,785 |  |  | 5 |  |  | 435 |  |  | 1,521 |  |  | 1,900 |  |  | 45 |  |  | — |  |  | 6,390 |
Total 1-4 family properties | 178,284 |  |  | 206,280 |  |  | 57,582 |  |  | 39,987 |  |  | 35,299 |  |  | 77,689 |  |  | 46,734 |  |  | — |  |  | 641,855 |
| June 30, 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
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 66,081 |  |  | 133,592 |  |  | 30,360 |  |  | 55,259 |  |  | 21,038 |  |  | 84,205 |  |  | 22,182 |  |  | — |  |  | 412,717 |
Special Mention | 29 |  |  | 170 |  |  | 775 |  |  | — |  |  | 31,136 |  |  | 290 |  |  | — |  |  | — |  |  | 32,400 |
Substandard(1) | 813 |  |  | 2,884 |  |  | 225 |  |  | 643 |  |  | 477 |  |  | 3,355 |  |  | — |  |  | — |  |  | 8,397 |
Total land and development | 66,923 |  |  | 136,646 |  |  | 31,360 |  |  | 55,902 |  |  | 52,651 |  |  | 87,850 |  |  | 22,182 |  |  | — |  |  | 453,514 |
Total commercial real estate | 1,597,621 |  |  | 3,304,004 |  |  | 1,643,758 |  |  | 1,558,885 |  |  | 1,053,971 |  |  | 1,932,244 |  |  | 412,934 |  |  | — |  |  | 11,503,417 |
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 498,240 |  |  | 1,249,155 |  |  | 1,432,760 |  |  | 496,716 |  |  | 187,795 |  |  | 1,205,352 |  |  | 492 |  |  | — |  |  | 5,070,510 |
Substandard(1) | 45 |  |  | 2,667 |  |  | 4,926 |  |  | 7,134 |  |  | 11,624 |  |  | 26,856 |  |  | — |  |  | — |  |  | 53,252 |
Loss(3) | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 757 |  |  | — |  |  | — |  |  | 761 |
Total consumer mortgages | 498,285 |  |  | 1,251,822 |  |  | 1,437,686 |  |  | 503,854 |  |  | 199,419 |  |  | 1,232,965 |  |  | 492 |  |  | — |  |  | 5,124,523 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,204,042 |  |  | 363,356 |  |  | 1,567,398 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,967 |  |  | 4,289 |  |  | 11,256 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 426 |  |  | 138 |  |  | 564 |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,211,435 |  |  | 367,783 |  |  | 1,579,218 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 193,102 |  |  | — |  |  | 193,102 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 430 |  |  | — |  |  | 430 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 758 |  |  | — |  |  | 758 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 194,290 |  |  | — |  |  | 194,290 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 155,843 |  |  | 667,787 |  |  | 557,705 |  |  | 86,030 |  |  | 43,321 |  |  | 182,373 |  |  | 323,060 |  |  | — |  |  | 2,016,119 |
Substandard(1) | 1,942 |  |  | 1,515 |  |  | 1,724 |  |  | 1,326 |  |  | 1,110 |  |  | 1,094 |  |  | 168 |  |  | — |  |  | 8,879 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 9 |
Total other consumer loans | 157,785 |  |  | 669,302 |  |  | 559,429 |  |  | 87,356 |  |  | 44,431 |  |  | 183,476 |  |  | 323,228 |  |  | — |  |  | 2,025,007 |
Total consumer | 656,070 |  |  | 1,921,124 |  |  | 1,997,115 |  |  | 591,210 |  |  | 243,850 |  |  | 1,416,441 |  |  | 1,729,445 |  |  | 367,783 |  |  | 8,923,038 |
Loans, net of deferred fees and costs | $ | 3,640,129 |  |  | $ | 9,115,580 |  |  | $ | 6,152,875 |  |  | $ | 4,038,901 |  |  | $ | 2,712,707 |  |  | $ | 5,986,537 |  |  | $ | 9,158,633 |  |  | $ | 399,418 |  |  | $ | 41,204,780 |
(1) The majority of loans within Substandard risk grade are accruing loans at June 30, 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.
| 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 |
| 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 and six months ended June 30, 2022. Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the three and six months ended June 30, 2022 and 2021.
| As Of and For the Three Months Ended June 30, 2022
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance at March 31, 2022 | $ | 178,722 |  |  | $ | 94,696 |  |  | $ | 141,538 |  |  | $ | 414,956 |
Charge-offs | (15,512) |  |  | (252) |  |  | (7,934) |  |  | (23,698) |
Recoveries | 3,208 |  |  | 572 |  |  | 3,353 |  |  | 7,133 |
Provision for (reversal of) loan losses | (6,410) |  |  | 9,202 |  |  | 6,654 |  |  | 9,446 |
Ending balance at June 30, 2022 | $ | 160,008 |  |  | $ | 104,218 |  |  | $ | 143,611 |  |  | $ | 407,837 |
| As Of and For the Three Months Ended June 30, 2021
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance at March 31, 2021 | $ | 254,777 |  |  | $ | 113,812 |  |  | $ | 194,625 |  |  | $ | 563,214 |
Charge-offs | (18,729) |  |  | (3,839) |  |  | (8,285) |  |  | (30,853) |
Recoveries | 1,495 |  |  | 377 |  |  | 2,435 |  |  | 4,307 |
Provision for (reversal of) loan losses | 17,395 |  |  | (18,237) |  |  | (19,118) |  |  | (19,960) |
Ending balance at June 30, 2021 | $ | 254,938 |  |  | $ | 92,113 |  |  | $ | 169,657 |  |  | $ | 516,708 |
| As Of and For the Six Months Ended June 30, 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 | (29,275) |  |  | (2,708) |  |  | (16,862) |  |  | (48,845) |
Recoveries | 5,571 |  |  | 933 |  |  | 7,167 |  |  | 13,671 |
Provision for (reversal of) loan losses | (4,652) |  |  | 8,233 |  |  | 11,833 |  |  | 15,414 |
Ending balance at June 30, 2022 | $ | 160,008 |  |  | $ | 104,218 |  |  | $ | 143,611 |  |  | $ | 407,837 |
| As Of and For the Six Months Ended June 30, 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 | (28,146) |  |  | (14,158) |  |  | (13,874) |  |  | (56,178) |
Recoveries | 4,267 |  |  | 1,403 |  |  | 3,758 |  |  | 9,428 |
Provision for loan losses | 49,262 |  |  | (25,874) |  |  | (65,666) |  |  | (42,278) |
Ending balance at June 30, 2021 | $ | 254,938 |  |  | $ | 92,113 |  |  | $ | 169,657 |  |  | $ | 516,708 |
The ALL of $407.8 million and the reserve for unfunded commitments of $50.6 million, which is recorded in other liabilities, comprise the total ACL of $458.4 million at June 30, 2022. The ACL decreased $11.1 million compared to the December 31, 2021 ACL of $469.5 million, which consisted of the ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million. The ACL to loans coverage ratio of 1.11% at June 30, 2022 was 8 bps lower compared to December 31, 2021. The reduction in the ACL resulted primarily from decreased specific reserves, continued positive trends in our credit performance, and the modeled impact from improvement in the current labor market. This was partially offset by loan growth and an increase in the downside weighting of the multiple scenario model which reflects increased economic uncertainty from inflation concerns and geopolitical tensions which slowed the pace of the allowance decline for the first half of the year. 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 that are probability-weighted internally. The scenarios include a consensus 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 June 30, 2022, economic scenario weights incorporated a 60% downside bias to the baseline scenario compared to 43% at December 31, 2021. The consensus baseline outlook used in the June 30, 2022 estimate showed stable economic conditions with an unemployment rate of 3.6% over the forecast period, compared to the December 31, 2021 baseline forecast that sloped from above 4.0% to 3.5%. The downside scenario that assumes consistent slow growth is the highest internally-weighted economic scenario and includes an unemployment rate that steadily rises to 5.2% by the end of 2023. The provision for credit losses of $12.7 million and $24.1 million for the three and six months ended June 30, 2022 included net charge-offs of $16.6 million and $35.2 million, respectively, and represented a slowing of allowance releases due primarily to the increased economic uncertainty noted above. $3.7 million and $7.5 million in reserves, respectively, were also added as a result of purchases of $180.2 million and $361.6 million of third-party lending loans for the three and six months ended June 30, 2022, respectively. 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 and six months ended June 30, 2022 and 2021 that were reported as accruing or non-accruing TDRs.
TDRs by Concession Type |  |
| Three Months Ended June 30, 2022 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 23 |  |  | $ | 8,534 |  |  | $ | 266 |  |  | $ | 8,800 |  |
Owner-occupied | 7 |  |  | 22,430 |  |  | — |  |  | 22,430 |  |
Total commercial and industrial | 30 |  |  | 30,964 |  |  | 266 |  |  | 31,230 |  |
Investment properties | 2 |  |  | 690 |  |  | — |  |  | 690 |  |
1-4 family properties | 4 |  |  | 1,984 |  |  | — |  |  | 1,984 |  |
Land and development | 1 |  |  | 437 |  |  | — |  |  | 437 |  |
Total commercial real estate | 7 |  |  | 3,111 |  |  | — |  |  | 3,111 |  |
Consumer mortgages | 3 |  |  | 159 |  |  | 162 |  |  | 321 |  |
Home equity | 14 |  |  | 2,490 |  |  | 39 |  |  | 2,529 |  |
Other consumer loans | 4 |  |  | — |  |  | 91 |  |  | 91 |  |
Total consumer | 21 |  |  | 2,649 |  |  | 292 |  |  | 2,941 |  |
Total TDRs | 58 |  |  | $ | 36,724 |  |  | $ | 558 |  |  | $ | 37,282 |  | (2)
| Three Months Ended June 30, 2021 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 18 |  |  | $ | 1,770 |  |  | $ | 1,174 |  |  | $ | 2,944 |  |
Owner-occupied | 5 |  |  | 1,155 |  |  | — |  |  | 1,155 |  |
Total commercial and industrial | 23 |  |  | 2,925 |  |  | 1,174 |  |  | 4,099 |  |
Investment properties | 1 |  |  | 419 |  |  | — |  |  | 419 |  |
1-4 family properties | 2 |  |  | 158 |  |  | — |  |  | 158 |  |
Land and development | 1 |  |  | 366 |  |  | — |  |  | 366 |  |
Total commercial real estate | 4 |  |  | 943 |  |  | — |  |  | 943 |  |
Consumer mortgages | 2 |  |  | 331 |  |  | — |  |  | 331 |  |
Home equity | 14 |  |  | 900 |  |  | 96 |  |  | 996 |  |
Other consumer loans | 13 |  |  | 187 |  |  | 245 |  |  | 432 |  |
Total consumer | 29 |  |  | 1,418 |  |  | 341 |  |  | 1,759 |  |
Total TDRs | 56 |  |  | $ | 5,286 |  |  | $ | 1,515 |  |  | $ | 6,801 |  | (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 June 30, 2022 and 2021. (2) No net charge-offs were recorded during the three months ended June 30, 2022. (3) No net charge-offs were recorded during the three months ended June 30, 2021.
| Six Months Ended June 30, 2022 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 56 |  |  | $ | 26,434 |  |  | $ | 807 |  |  | $ | 27,241 |  |
Owner-occupied | 20 |  |  | 28,534 |  |  | 3,857 |  |  | 32,391 |  |
Total commercial and industrial | 76 |  |  | 54,968 |  |  | 4,664 |  |  | 59,632 |  |
Investment properties | 5 |  |  | 1,279 |  |  | 6,610 |  |  | 7,889 |  |
1-4 family properties | 11 |  |  | 3,197 |  |  | — |  |  | 3,197 |  |
Land and development | 4 |  |  | 3,168 |  |  | — |  |  | 3,168 |  |
Total commercial real estate | 20 |  |  | 7,644 |  |  | 6,610 |  |  | 14,254 |  |
Consumer mortgages | 10 |  |  | 1,176 |  |  | 266 |  |  | 1,442 |  |
Home equity | 25 |  |  | 3,419 |  |  | 39 |  |  | 3,458 |  |
Other consumer loans | 6 |  |  | — |  |  | 139 |  |  | 139 |  |
Total consumer | 41 |  |  | 4,595 |  |  | 444 |  |  | 5,039 |  |
Total TDRs | 137 |  |  | $ | 67,207 |  |  | $ | 11,718 |  |  | $ | 78,925 |  | (2)
| Six Months Ended June 30, 2021 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 58 |  |  | $ | 5,003 |  |  | $ | 3,737 |  |  | $ | 8,740 |  |
Owner-occupied | 10 |  |  | 2,409 |  |  | 399 |  |  | 2,808 |  |
Total commercial and industrial | 68 |  |  | 7,412 |  |  | 4,136 |  |  | 11,548 |  |
Investment properties | 6 |  |  | 2,403 |  |  | — |  |  | 2,403 |  |
1-4 family properties | 7 |  |  | 621 |  |  | 39 |  |  | 660 |  |
Land and development | 2 |  |  | 366 |  |  | 43 |  |  | 409 |  |
Total commercial real estate | 15 |  |  | 3,390 |  |  | 82 |  |  | 3,472 |  |
Consumer mortgages | 2 |  |  | 331 |  |  | — |  |  | 331 |  |
Home equity | 27 |  |  | 1,487 |  |  | 258 |  |  | 1,745 |  |
Other consumer loans | 86 |  |  | 316 |  |  | 4,864 |  |  | 5,180 |  |
Total consumer | 115 |  |  | 2,134 |  |  | 5,122 |  |  | 7,256 |  |
Total TDRs | 198 |  |  | $ | 12,936 |  |  | $ | 9,340 |  |  | $ | 22,276 |  | (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 six months ending June 30, 2022 and 2021. (2) No net charge-offs were recorded during the six months ended June 30, 2022. (3) No net charge-offs were recorded during the six months ended June 30, 2021. For both the three and six months ended June 30, 2022, there were 3 defaults with a recorded investment of $430 thousand 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) compared to five defaults with a recorded investment of $172 thousand for both the three and six months ended June 30, 2021. As of June 30, 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.

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