0000018349 12/31 2022 Q3 false☐0000018349 2022-01-01 2022-09-30 0000018349 us-gaap:CommonStockMember 2022-01-01 2022-09-30 0000018349 us-gaap:SeriesDPreferredStockMember 2022-01-01 2022-09-30 0000018349 us-gaap:SeriesEPreferredStockMember 2022-01-01 2022-09-30 0000018349 2022-10-31 xbrli:shares 0000018349 2022-09-30 iso4217:USD 0000018349 2021-12-31 iso4217:USD xbrli:shares 0000018349 2022-07-01 2022-09-30 0000018349 2021-07-01 2021-09-30 0000018349 2021-01-01 2021-09-30 0000018349 us-gaap:PreferredStockMember 2022-06-30 0000018349 us-gaap:CommonStockMember 2022-06-30 0000018349 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0000018349 us-gaap:TreasuryStockCommonMember 2022-06-30 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0000018349 us-gaap:RetainedEarningsMember 2022-06-30 0000018349 2022-06-30 0000018349 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-01 2022-09-30 0000018349 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0000018349 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0000018349 us-gaap:PreferredStockMember 2022-09-30 0000018349 us-gaap:CommonStockMember 2022-09-30 0000018349 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0000018349 us-gaap:TreasuryStockCommonMember 2022-09-30 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0000018349 us-gaap:RetainedEarningsMember 2022-09-30 0000018349 us-gaap:PreferredStockMember 2021-06-30 0000018349 us-gaap:CommonStockMember 2021-06-30 0000018349 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0000018349 us-gaap:TreasuryStockCommonMember 2021-06-30 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0000018349 us-gaap:RetainedEarningsMember 2021-06-30 0000018349 2021-06-30 0000018349 us-gaap:RetainedEarningsMember 2021-07-01 2021-09-30 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-07-01 2021-09-30 0000018349 us-gaap:TreasuryStockCommonMember 2021-07-01 2021-09-30 0000018349 us-gaap:AdditionalPaidInCapitalMember 2021-07-01 2021-09-30 0000018349 us-gaap:CommonStockMember 2021-07-01 2021-09-30 0000018349 us-gaap:PreferredStockMember 2021-09-30 0000018349 us-gaap:CommonStockMember 2021-09-30 0000018349 us-gaap:AdditionalPaidInCapitalMember 2021-09-30 0000018349 us-gaap:TreasuryStockCommonMember 2021-09-30 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-09-30 0000018349 us-gaap:RetainedEarningsMember 2021-09-30 0000018349 2021-09-30 0000018349 us-gaap:PreferredStockMember 2021-12-31 0000018349 us-gaap:CommonStockMember 2021-12-31 0000018349 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000018349 us-gaap:TreasuryStockCommonMember 2021-12-31 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000018349 us-gaap:RetainedEarningsMember 2021-12-31 0000018349 us-gaap:RetainedEarningsMember 2022-01-01 2022-09-30 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-09-30 0000018349 us-gaap:TreasuryStockCommonMember 2022-01-01 2022-09-30 0000018349 us-gaap:CommonStockMember 2022-01-01 2022-09-30 0000018349 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-09-30 0000018349 us-gaap:PreferredStockMember 2020-12-31 0000018349 us-gaap:CommonStockMember 2020-12-31 0000018349 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000018349 us-gaap:TreasuryStockCommonMember 2020-12-31 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000018349 us-gaap:RetainedEarningsMember 2020-12-31 0000018349 2020-12-31 0000018349 us-gaap:RetainedEarningsMember 2021-01-01 2021-09-30 0000018349 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-09-30 0000018349 us-gaap:TreasuryStockCommonMember 2021-01-01 2021-09-30 0000018349 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-09-30 0000018349 us-gaap:CommonStockMember 2021-01-01 2021-09-30 0000018349 us-gaap:SeriesDPreferredStockMember 2021-07-01 2021-09-30 0000018349 us-gaap:SeriesDPreferredStockMember 2022-07-01 2022-09-30 0000018349 us-gaap:SeriesEPreferredStockMember 2021-07-01 2021-09-30 0000018349 us-gaap:SeriesEPreferredStockMember 2022-07-01 2022-09-30 0000018349 us-gaap:SeriesDPreferredStockMember 2021-01-01 2021-09-30 0000018349 us-gaap:SeriesEPreferredStockMember 2021-01-01 2021-09-30 syn:branch syn:aTM 0000018349 us-gaap:USTreasurySecuritiesMember 2022-09-30 0000018349 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember 2022-09-30 0000018349 syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember 2022-09-30 0000018349 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-09-30 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember 2022-09-30 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember 2022-09-30 0000018349 us-gaap:CorporateDebtSecuritiesMember 2022-09-30 0000018349 us-gaap:USTreasurySecuritiesMember 2021-12-31 0000018349 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember 2021-12-31 0000018349 syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember 2021-12-31 0000018349 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember 2021-12-31 0000018349 us-gaap:AssetBackedSecuritiesMember 2021-12-31 0000018349 us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000018349 us-gaap:CollateralPledgedMember 2022-09-30 0000018349 us-gaap:CollateralPledgedMember 2021-12-31 syn:security 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:TotalAccruingPastDueMember syn:CommercialFinancialandAgriculturalMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:TotalAccruingPastDueMember syn:OwnerOccupiedMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:TotalAccruingPastDueMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:FinancingReceivables30To89DaysPastDueMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:FinancingReceivables90To149DaysPastDueMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:TotalAccruingPastDueMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:FinancingReceivables30To89DaysPastDueMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:FinancingReceivables90To149DaysPastDueMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:TotalAccruingPastDueMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 syn:FinancingReceivables30To89DaysPastDueMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 syn:FinancingReceivables90To149DaysPastDueMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 syn:TotalAccruingPastDueMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 syn:TotalAccruingPastDueMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 syn:TotalAccruingPastDueMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 us-gaap:HomeEquityMember syn:TotalAccruingPastDueMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 syn:TotalAccruingPastDueMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 syn:TotalAccruingPastDueMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 syn:TotalAccruingPastDueMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:RetailMember 2022-09-30 0000018349 syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2022-09-30 0000018349 syn:FinancingReceivables30To89DaysPastDueMember 2022-09-30 0000018349 syn:FinancingReceivables90To149DaysPastDueMember 2022-09-30 0000018349 syn:TotalAccruingPastDueMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:TotalAccruingPastDueMember syn:CommercialFinancialandAgriculturalMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:TotalAccruingPastDueMember syn:OwnerOccupiedMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:TotalAccruingPastDueMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:FinancingReceivables30To89DaysPastDueMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:FinancingReceivables90To149DaysPastDueMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:TotalAccruingPastDueMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:FinancingReceivables30To89DaysPastDueMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:FinancingReceivables90To149DaysPastDueMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:TotalAccruingPastDueMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 syn:FinancingReceivables30To89DaysPastDueMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 syn:FinancingReceivables90To149DaysPastDueMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 syn:TotalAccruingPastDueMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 us-gaap:CommercialRealEstateMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 us-gaap:CommercialRealEstateMember syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 us-gaap:CommercialRealEstateMember syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 syn:TotalAccruingPastDueMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 syn:TotalAccruingPastDueMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 us-gaap:HomeEquityMember syn:TotalAccruingPastDueMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 syn:TotalAccruingPastDueMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2021-12-31 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 syn:TotalAccruingPastDueMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-12-31 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:RetailMember syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 us-gaap:RetailMember syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 us-gaap:RetailMember syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 syn:TotalAccruingPastDueMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:RetailMember 2021-12-31 0000018349 syn:FinancingReceivablesCurrentandLessthan30DaysPastDueandStillAccruingMember 2021-12-31 0000018349 syn:FinancingReceivables30To89DaysPastDueMember 2021-12-31 0000018349 syn:FinancingReceivables90To149DaysPastDueMember 2021-12-31 0000018349 syn:TotalAccruingPastDueMember 2021-12-31 0000018349 us-gaap:AssetPledgedAsCollateralMember 2022-09-30 0000018349 us-gaap:AssetPledgedAsCollateralMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:SmallBusinessAdministrationSBACARESActPaycheckProtectionProgramMember 2022-09-30 0000018349 us-gaap:SubstandardMember 2022-01-01 2022-09-30 0000018349 syn:LossAndChargedOffMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember us-gaap:PassMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember us-gaap:PassMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:PassMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember us-gaap:SpecialMentionMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember us-gaap:SpecialMentionMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:SpecialMentionMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember us-gaap:PassMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember us-gaap:PassMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember us-gaap:PassMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember us-gaap:SpecialMentionMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember us-gaap:SpecialMentionMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember us-gaap:SpecialMentionMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:SubstandardMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:SubstandardMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember us-gaap:PassMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember us-gaap:PassMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember us-gaap:PassMember 2022-09-30 0000018349 us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 us-gaap:SubstandardMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember us-gaap:PassMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:ConsumerLoanMember us-gaap:PassMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:ConsumerLoanMember us-gaap:PassMember 2022-09-30 0000018349 us-gaap:SubstandardMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:ConsumerLoanMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:ConsumerLoanMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:SubstandardMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 us-gaap:SubstandardMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:SubstandardMember us-gaap:CreditCardReceivablesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:CreditCardReceivablesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:PassMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-09-30 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember syn:OtherConsumerLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember syn:OtherConsumerLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2022-09-30 0000018349 syn:RevolvingLoansAmortizedCostBasisMember 2022-09-30 0000018349 syn:RevolvingLoansConvertedToTermLoansMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember us-gaap:PassMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember us-gaap:PassMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:PassMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember us-gaap:SpecialMentionMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember us-gaap:SpecialMentionMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:SpecialMentionMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember 2021-12-31 0000018349 us-gaap:DoubtfulMember syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2021-12-31 0000018349 us-gaap:DoubtfulMember syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember 2021-12-31 0000018349 us-gaap:DoubtfulMember syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:CommercialFinancialandAgriculturalMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:RevolvingLoansConvertedToTermLoansMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember us-gaap:PassMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember us-gaap:PassMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember us-gaap:PassMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember us-gaap:SpecialMentionMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember us-gaap:SpecialMentionMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember us-gaap:SpecialMentionMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember syn:OwnerOccupiedMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember syn:OwnerOccupiedMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansAmortizedCostBasisMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:RevolvingLoansConvertedToTermLoansMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember us-gaap:SubstandardMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:InvestmentPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember us-gaap:PassMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:SubstandardMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:OneToFourFamilyPropertiesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember us-gaap:PassMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember us-gaap:PassMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember us-gaap:PassMember 2021-12-31 0000018349 us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 us-gaap:SubstandardMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember us-gaap:PassMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:ConsumerLoanMember us-gaap:PassMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:ConsumerLoanMember us-gaap:PassMember 2021-12-31 0000018349 us-gaap:SubstandardMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:ConsumerLoanMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:ConsumerLoanMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:SubstandardMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:HomeEquityMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 us-gaap:SubstandardMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:SubstandardMember us-gaap:CreditCardReceivablesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:CreditCardReceivablesMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:CreditCardReceivablesMember syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2021-12-31 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:PassMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansAmortizedCostBasisMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-12-31 0000018349 us-gaap:SubstandardMember syn:RevolvingLoansConvertedToTermLoansMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-12-31 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember syn:OtherConsumerLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember syn:OtherConsumerLoansMember us-gaap:RetailMember syn:LossAndChargedOffMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember us-gaap:RetailMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember us-gaap:RetailMember 2021-12-31 0000018349 syn:RevolvingLoansAmortizedCostBasisMember 2021-12-31 0000018349 syn:RevolvingLoansConvertedToTermLoansMember 2021-12-31 0000018349 srt:MaximumMember 2021-01-01 2021-12-31 xbrli:pure 0000018349 2021-01-01 2021-12-31 0000018349 syn:CommercialAndIndustrialMember 2022-06-30 0000018349 us-gaap:CommercialRealEstateMember 2022-06-30 0000018349 us-gaap:RetailMember 2022-06-30 0000018349 syn:CommercialAndIndustrialMember 2022-07-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember 2022-07-01 2022-09-30 0000018349 us-gaap:RetailMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember 2022-09-30 0000018349 us-gaap:RetailMember 2022-09-30 0000018349 syn:CommercialAndIndustrialMember 2021-06-30 0000018349 us-gaap:CommercialRealEstateMember 2021-06-30 0000018349 us-gaap:RetailMember 2021-06-30 0000018349 syn:CommercialAndIndustrialMember 2021-07-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember 2021-07-01 2021-09-30 0000018349 us-gaap:RetailMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember 2021-09-30 0000018349 us-gaap:RetailMember 2021-09-30 0000018349 syn:CommercialAndIndustrialMember 2021-12-31 0000018349 us-gaap:CommercialRealEstateMember 2021-12-31 0000018349 us-gaap:RetailMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember 2022-01-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember 2022-01-01 2022-09-30 0000018349 us-gaap:RetailMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember 2020-12-31 0000018349 us-gaap:CommercialRealEstateMember 2020-12-31 0000018349 us-gaap:RetailMember 2020-12-31 0000018349 syn:CommercialAndIndustrialMember 2021-01-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember 2021-01-01 2021-09-30 0000018349 us-gaap:RetailMember 2021-01-01 2021-09-30 0000018349 syn:BaselineMember 2022-09-30 0000018349 syn:BaselineMember 2021-12-31 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2022-07-01 2022-09-30 syn:contract 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember 2022-07-01 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember 2022-07-01 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-07-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember syn:LandAcquisitionMember 2022-07-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember syn:LandAcquisitionMember 2022-07-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember 2022-07-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-07-01 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember us-gaap:ConsumerLoanMember 2022-07-01 2022-09-30 0000018349 us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember us-gaap:ConsumerLoanMember 2022-07-01 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember 2022-07-01 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-07-01 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 us-gaap:RetailMember 2022-07-01 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 us-gaap:InterestRateBelowMarketReductionMember 2022-07-01 2022-09-30 0000018349 syn:TermExtensionsAndOrOtherConcessionsMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember 2021-07-01 2021-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember 2021-07-01 2021-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-07-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember syn:LandAcquisitionMember 2021-07-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember syn:LandAcquisitionMember 2021-07-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember 2021-07-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-07-01 2021-09-30 0000018349 us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember us-gaap:ConsumerLoanMember 2021-07-01 2021-09-30 0000018349 us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember us-gaap:ConsumerLoanMember 2021-07-01 2021-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember 2021-07-01 2021-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-07-01 2021-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 us-gaap:RetailMember 2021-07-01 2021-09-30 0000018349 us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 us-gaap:InterestRateBelowMarketReductionMember 2021-07-01 2021-09-30 0000018349 syn:TermExtensionsAndOrOtherConcessionsMember 2021-07-01 2021-09-30 0000018349 us-gaap:PrincipalForgivenessMember 2021-07-01 2021-09-30 0000018349 us-gaap:PrincipalForgivenessMember 2022-07-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember 2022-01-01 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember 2022-01-01 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2022-01-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember syn:LandAcquisitionMember 2022-01-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember syn:LandAcquisitionMember 2022-01-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember 2022-01-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember 2022-01-01 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember us-gaap:ConsumerLoanMember 2022-01-01 2022-09-30 0000018349 us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember us-gaap:ConsumerLoanMember 2022-01-01 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember 2022-01-01 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember 2022-01-01 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 us-gaap:RetailMember 2022-01-01 2022-09-30 0000018349 us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 us-gaap:InterestRateBelowMarketReductionMember 2022-01-01 2022-09-30 0000018349 syn:TermExtensionsAndOrOtherConcessionsMember 2022-01-01 2022-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember 2021-01-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:CommercialFinancialandAgriculturalMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember 2021-01-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:OwnerOccupiedMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember 2021-01-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 syn:CommercialAndIndustrialMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember 2021-01-01 2021-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 syn:InvestmentPropertiesMember us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember 2021-01-01 2021-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 syn:OneToFourFamilyPropertiesMember us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:LandAcquisitionMember 2021-01-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember syn:LandAcquisitionMember 2021-01-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember syn:LandAcquisitionMember 2021-01-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember 2021-01-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 us-gaap:CommercialRealEstateMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 us-gaap:RetailMember us-gaap:ConsumerLoanMember 2021-01-01 2021-09-30 0000018349 us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember us-gaap:ConsumerLoanMember 2021-01-01 2021-09-30 0000018349 us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember us-gaap:ConsumerLoanMember 2021-01-01 2021-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember 2021-01-01 2021-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 us-gaap:HomeEquityMember us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember 2021-01-01 2021-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 syn:OtherConsumerLoansMember us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 us-gaap:RetailMember 2021-01-01 2021-09-30 0000018349 us-gaap:RetailMember us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 us-gaap:RetailMember syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 us-gaap:InterestRateBelowMarketReductionMember 2021-01-01 2021-09-30 0000018349 syn:TermExtensionsAndOrOtherConcessionsMember 2021-01-01 2021-09-30 0000018349 us-gaap:PrincipalForgivenessMember 2022-01-01 2022-09-30 0000018349 us-gaap:PrincipalForgivenessMember 2021-01-01 2021-09-30 0000018349 syn:TroubledDebtRestructuringThatSubsequentlyDefaultedMember 2022-07-01 2022-09-30 0000018349 syn:TroubledDebtRestructuringThatSubsequentlyDefaultedMember 2022-01-01 2022-09-30 0000018349 syn:TroubledDebtRestructuringThatSubsequentlyDefaultedMember 2021-07-01 2021-09-30 0000018349 syn:TroubledDebtRestructuringThatSubsequentlyDefaultedMember 2021-01-01 2021-09-30 0000018349 syn:WholesaleBankingReportingUnitMember 2021-12-31 0000018349 syn:CommunityBankingReportingUnitMember 2021-12-31 0000018349 syn:RetailBankingReportingUnitMember 2021-12-31 0000018349 syn:ConsumerMortgagesReportingUnitMember 2021-12-31 0000018349 syn:WealthManagementReportingUnitMember 2021-12-31 0000018349 syn:WholesaleBankingReportingUnitMember 2022-01-01 2022-09-30 0000018349 syn:CommunityBankingReportingUnitMember 2022-01-01 2022-09-30 0000018349 syn:RetailBankingReportingUnitMember 2022-01-01 2022-09-30 0000018349 syn:ConsumerMortgagesReportingUnitMember 2022-01-01 2022-09-30 0000018349 syn:WealthManagementReportingUnitMember 2022-01-01 2022-09-30 0000018349 syn:WholesaleBankingReportingUnitMember 2022-09-30 0000018349 syn:CommunityBankingReportingUnitMember 2022-09-30 0000018349 syn:RetailBankingReportingUnitMember 2022-09-30 0000018349 syn:ConsumerMortgagesReportingUnitMember 2022-09-30 0000018349 syn:WealthManagementReportingUnitMember 2022-09-30 0000018349 us-gaap:CoreDepositsMember 2022-01-01 2022-09-30 0000018349 us-gaap:CoreDepositsMember 2022-09-30 0000018349 us-gaap:OtherIntangibleAssetsMember 2022-09-30 0000018349 us-gaap:CoreDepositsMember 2021-12-31 0000018349 us-gaap:OtherIntangibleAssetsMember 2021-12-31 0000018349 2022-01-20 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-06-30 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-06-30 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-07-01 2022-09-30 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-07-01 2022-09-30 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-09-30 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-09-30 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-06-30 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-06-30 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-07-01 2021-09-30 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-07-01 2021-09-30 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-09-30 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-09-30 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-12-31 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-12-31 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-01-01 2022-09-30 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-01-01 2022-09-30 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-12-31 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-12-31 0000018349 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2021-01-01 2021-09-30 0000018349 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-01-01 2021-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember syn:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesMember 2021-12-31 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 syn:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:MortgageBackedSecuritiesOtherMember 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesOtherMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:MortgageBackedSecuritiesOtherMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesOtherMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:MortgageBackedSecuritiesOtherMember 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesOtherMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:MortgageBackedSecuritiesOtherMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesOtherMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:AssetBackedSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:AssetBackedSecuritiesMember 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:AssetBackedSecuritiesMember 2021-12-31 0000018349 us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 us-gaap:OtherInvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 us-gaap:OtherInvestmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2021-12-31 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember us-gaap:FairValueMeasurementsRecurringMember 2022-09-30 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 syn:CommercialmortgagebackedsecuritiesissuedbyU.S.GovernmentsponsoredagenciesMember us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2022-09-30 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000018349 us-gaap:OtherInvestmentsMember 2022-06-30 0000018349 syn:SBAGGLServicingAssetMember 2022-06-30 0000018349 syn:VisaDerivativeMember 2022-06-30 0000018349 us-gaap:OtherInvestmentsMember 2022-07-01 2022-09-30 0000018349 syn:SBAGGLServicingAssetMember 2022-07-01 2022-09-30 0000018349 syn:VisaDerivativeMember 2022-07-01 2022-09-30 0000018349 us-gaap:OtherInvestmentsMember 2022-09-30 0000018349 syn:SBAGGLServicingAssetMember 2022-09-30 0000018349 syn:VisaDerivativeMember 2022-09-30 0000018349 us-gaap:OtherInvestmentsMember 2021-06-30 0000018349 syn:SBAGGLServicingAssetMember 2021-06-30 0000018349 us-gaap:OtherLiabilitiesMember 2021-06-30 0000018349 syn:VisaDerivativeMember 2021-06-30 0000018349 us-gaap:OtherInvestmentsMember 2021-07-01 2021-09-30 0000018349 syn:SBAGGLServicingAssetMember 2021-07-01 2021-09-30 0000018349 us-gaap:OtherLiabilitiesMember 2021-07-01 2021-09-30 0000018349 syn:VisaDerivativeMember 2021-07-01 2021-09-30 0000018349 us-gaap:OtherInvestmentsMember 2021-09-30 0000018349 syn:SBAGGLServicingAssetMember 2021-09-30 0000018349 us-gaap:OtherLiabilitiesMember 2021-09-30 0000018349 syn:VisaDerivativeMember 2021-09-30 0000018349 us-gaap:OtherInvestmentsMember 2021-12-31 0000018349 syn:SBAGGLServicingAssetMember 2021-12-31 0000018349 syn:VisaDerivativeMember 2021-12-31 0000018349 us-gaap:OtherInvestmentsMember 2022-01-01 2022-09-30 0000018349 syn:SBAGGLServicingAssetMember 2022-01-01 2022-09-30 0000018349 syn:VisaDerivativeMember 2022-01-01 2022-09-30 0000018349 us-gaap:SecuritiesInvestmentMember 2020-12-31 0000018349 us-gaap:OtherInvestmentsMember 2020-12-31 0000018349 syn:SBAGGLServicingAssetMember 2020-12-31 0000018349 us-gaap:OtherLiabilitiesMember 2020-12-31 0000018349 syn:VisaDerivativeMember 2020-12-31 0000018349 us-gaap:SecuritiesInvestmentMember 2021-01-01 2021-09-30 0000018349 us-gaap:OtherInvestmentsMember 2021-01-01 2021-09-30 0000018349 syn:SBAGGLServicingAssetMember 2021-01-01 2021-09-30 0000018349 us-gaap:OtherLiabilitiesMember 2021-01-01 2021-09-30 0000018349 syn:VisaDerivativeMember 2021-01-01 2021-09-30 0000018349 us-gaap:SecuritiesInvestmentMember 2021-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2022-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember syn:ProvisionForCreditLossMember us-gaap:LoansMember 2022-07-01 2022-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember syn:ProvisionForCreditLossMember us-gaap:LoansMember 2022-01-01 2022-09-30 0000018349 syn:OtherOperatingExpenseMember us-gaap:FairValueMeasurementsNonrecurringMember syn:OtherAssetsHeldForSaleMember 2022-07-01 2022-09-30 0000018349 syn:OtherOperatingExpenseMember us-gaap:FairValueMeasurementsNonrecurringMember syn:OtherAssetsHeldForSaleMember 2022-01-01 2022-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel1Member 2021-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel2Member 2021-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2021-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember syn:ProvisionForCreditLossMember us-gaap:LoansMember 2021-07-01 2021-09-30 0000018349 us-gaap:FairValueMeasurementsNonrecurringMember syn:ProvisionForCreditLossMember us-gaap:LoansMember 2021-01-01 2021-09-30 0000018349 syn:OtherOperatingExpenseMember us-gaap:FairValueMeasurementsNonrecurringMember syn:OtherAssetsHeldForSaleMember 2021-07-01 2021-09-30 0000018349 syn:OtherOperatingExpenseMember us-gaap:FairValueMeasurementsNonrecurringMember syn:OtherAssetsHeldForSaleMember 2021-01-01 2021-09-30 0000018349 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-09-30 0000018349 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-09-30 0000018349 us-gaap:FairValueInputsLevel1Member 2022-09-30 0000018349 us-gaap:FairValueInputsLevel2Member 2022-09-30 0000018349 us-gaap:FairValueInputsLevel3Member 2022-09-30 0000018349 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-12-31 0000018349 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2021-12-31 0000018349 us-gaap:FairValueInputsLevel1Member 2021-12-31 0000018349 us-gaap:FairValueInputsLevel2Member 2021-12-31 0000018349 us-gaap:FairValueInputsLevel3Member 2021-12-31 0000018349 syn:ForwardStartingCashFlowHedgesAddedInQ3QTD2022Member us-gaap:CashFlowHedgingMember 2022-07-01 2022-09-30 0000018349 us-gaap:CashFlowHedgingMember syn:ForwardStartingCashFlowHedgesAddedInQ3YTD2022Member 2022-01-01 2022-09-30 0000018349 us-gaap:CashFlowHedgingMember 2022-01-01 2022-09-30 0000018349 us-gaap:CashFlowHedgingMember 2022-07-01 2022-09-30 0000018349 us-gaap:CashFlowHedgingMember 2021-07-01 2021-09-30 0000018349 us-gaap:CashFlowHedgingMember 2021-01-01 2021-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember 2022-07-01 2022-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember 2022-01-01 2022-09-30 0000018349 us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-09-30 0000018349 us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2021-12-31 0000018349 us-gaap:CashFlowHedgingMember 2022-09-30 0000018349 us-gaap:CashFlowHedgingMember 2021-12-31 0000018349 us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember 2022-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember 2021-12-31 0000018349 us-gaap:FairValueHedgingMember 2022-09-30 0000018349 us-gaap:FairValueHedgingMember 2021-12-31 0000018349 us-gaap:DesignatedAsHedgingInstrumentMember 2022-09-30 0000018349 us-gaap:DesignatedAsHedgingInstrumentMember 2021-12-31 0000018349 us-gaap:NondesignatedMember us-gaap:InterestRateContractMember 2022-09-30 0000018349 us-gaap:NondesignatedMember us-gaap:InterestRateContractMember 2021-12-31 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember us-gaap:InterestRateLockCommitmentsMember 2022-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember us-gaap:InterestRateLockCommitmentsMember 2021-12-31 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember syn:ForwardcommitmentstosellfixedratemortgageloansMember 2022-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember syn:ForwardcommitmentstosellfixedratemortgageloansMember 2021-12-31 0000018349 us-gaap:NondesignatedMember syn:RiskParticipationAgreementsMember 2022-09-30 0000018349 us-gaap:NondesignatedMember syn:RiskParticipationAgreementsMember 2021-12-31 0000018349 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2022-09-30 0000018349 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2021-12-31 0000018349 us-gaap:NondesignatedMember syn:VisaDerivativeMember 2022-09-30 0000018349 us-gaap:NondesignatedMember syn:VisaDerivativeMember 2021-12-31 0000018349 us-gaap:NondesignatedMember 2022-09-30 0000018349 us-gaap:NondesignatedMember 2021-12-31 0000018349 syn:InterestIncomeLoansIncludingFeesMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-07-01 2022-09-30 0000018349 us-gaap:DepositsMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-07-01 2022-09-30 0000018349 us-gaap:LongTermDebtMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-07-01 2022-09-30 0000018349 syn:InterestExpenseOtherBorrowingsMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-07-01 2022-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember us-gaap:CashFlowHedgingMember 2022-07-01 2022-09-30 0000018349 us-gaap:DepositsMember us-gaap:CashFlowHedgingMember 2022-07-01 2022-09-30 0000018349 us-gaap:LongTermDebtMember us-gaap:CashFlowHedgingMember 2022-07-01 2022-09-30 0000018349 syn:InterestExpenseOtherBorrowingsMember us-gaap:CashFlowHedgingMember 2022-07-01 2022-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember us-gaap:FairValueHedgingMember 2022-07-01 2022-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:DepositsMember 2022-07-01 2022-09-30 0000018349 us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember 2022-07-01 2022-09-30 0000018349 syn:InterestExpenseOtherBorrowingsMember us-gaap:FairValueHedgingMember 2022-07-01 2022-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember 2021-07-01 2021-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2021-07-01 2021-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-01-01 2022-09-30 0000018349 us-gaap:DepositsMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-01-01 2022-09-30 0000018349 us-gaap:LongTermDebtMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-01-01 2022-09-30 0000018349 syn:InterestExpenseOtherBorrowingsMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2022-01-01 2022-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember us-gaap:CashFlowHedgingMember 2022-01-01 2022-09-30 0000018349 us-gaap:DepositsMember us-gaap:CashFlowHedgingMember 2022-01-01 2022-09-30 0000018349 us-gaap:LongTermDebtMember us-gaap:CashFlowHedgingMember 2022-01-01 2022-09-30 0000018349 syn:InterestExpenseOtherBorrowingsMember us-gaap:CashFlowHedgingMember 2022-01-01 2022-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember us-gaap:FairValueHedgingMember 2022-01-01 2022-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:DepositsMember 2022-01-01 2022-09-30 0000018349 us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember 2022-01-01 2022-09-30 0000018349 syn:InterestExpenseOtherBorrowingsMember us-gaap:FairValueHedgingMember 2022-01-01 2022-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember 2021-01-01 2021-09-30 0000018349 syn:InterestIncomeLoansIncludingFeesMember us-gaap:CashFlowHedgingMember us-gaap:InterestRateContractMember 2021-01-01 2021-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:DepositsMember us-gaap:InterestRateContractMember 2022-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:DepositsMember us-gaap:InterestRateContractMember 2022-01-01 2022-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:DepositsMember us-gaap:InterestRateContractMember 2021-12-31 0000018349 us-gaap:FairValueHedgingMember us-gaap:DepositsMember us-gaap:InterestRateContractMember 2021-01-01 2021-12-31 0000018349 us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember 2022-09-30 0000018349 us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember 2021-12-31 0000018349 us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember 2021-01-01 2021-12-31 0000018349 us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember us-gaap:ShortTermDebtMember 2022-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember us-gaap:ShortTermDebtMember 2022-01-01 2022-09-30 0000018349 us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember us-gaap:ShortTermDebtMember 2021-12-31 0000018349 us-gaap:FairValueHedgingMember us-gaap:InterestRateContractMember us-gaap:ShortTermDebtMember 2021-01-01 2021-12-31 0000018349 us-gaap:NondesignatedMember us-gaap:InterestRateContractMember 2022-07-01 2022-09-30 0000018349 us-gaap:NondesignatedMember us-gaap:InterestRateContractMember 2021-07-01 2021-09-30 0000018349 us-gaap:NondesignatedMember us-gaap:InterestRateContractMember 2022-01-01 2022-09-30 0000018349 us-gaap:NondesignatedMember us-gaap:InterestRateContractMember 2021-01-01 2021-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember us-gaap:InterestRateLockCommitmentsMember 2022-07-01 2022-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember us-gaap:InterestRateLockCommitmentsMember 2021-07-01 2021-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember us-gaap:InterestRateLockCommitmentsMember 2022-01-01 2022-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember us-gaap:InterestRateLockCommitmentsMember 2021-01-01 2021-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember syn:ForwardcommitmentstosellfixedratemortgageloansMember 2022-07-01 2022-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember syn:ForwardcommitmentstosellfixedratemortgageloansMember 2021-07-01 2021-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember syn:ForwardcommitmentstosellfixedratemortgageloansMember 2022-01-01 2022-09-30 0000018349 syn:MortgageDerivativeMember us-gaap:NondesignatedMember syn:ForwardcommitmentstosellfixedratemortgageloansMember 2021-01-01 2021-09-30 0000018349 us-gaap:NondesignatedMember syn:RiskParticipationAgreementsMember 2022-07-01 2022-09-30 0000018349 us-gaap:NondesignatedMember syn:RiskParticipationAgreementsMember 2021-07-01 2021-09-30 0000018349 us-gaap:NondesignatedMember syn:RiskParticipationAgreementsMember 2022-01-01 2022-09-30 0000018349 us-gaap:NondesignatedMember syn:RiskParticipationAgreementsMember 2021-01-01 2021-09-30 0000018349 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2022-07-01 2022-09-30 0000018349 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2021-07-01 2021-09-30 0000018349 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2022-01-01 2022-09-30 0000018349 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2021-01-01 2021-09-30 0000018349 us-gaap:NondesignatedMember syn:VisaDerivativeMember 2022-07-01 2022-09-30 0000018349 us-gaap:NondesignatedMember syn:VisaDerivativeMember 2021-07-01 2021-09-30 0000018349 us-gaap:NondesignatedMember syn:VisaDerivativeMember 2022-01-01 2022-09-30 0000018349 us-gaap:NondesignatedMember syn:VisaDerivativeMember 2021-01-01 2021-09-30 0000018349 us-gaap:NondesignatedMember 2022-07-01 2022-09-30 0000018349 us-gaap:NondesignatedMember 2021-07-01 2021-09-30 0000018349 us-gaap:NondesignatedMember 2022-01-01 2022-09-30 0000018349 us-gaap:NondesignatedMember 2021-01-01 2021-09-30 0000018349 us-gaap:UnfundedLoanCommitmentMember 2022-09-30 0000018349 us-gaap:UnfundedLoanCommitmentMember 2021-12-31 0000018349 syn:StandbyAndCommercialLettersOfCreditMember 2022-09-30 0000018349 syn:StandbyAndCommercialLettersOfCreditMember 2021-12-31 0000018349 syn:CommitmentsToFundCommercialAndIndustrialLoansMember 2022-09-30 0000018349 syn:CommitmentsToFundCommercialAndIndustrialLoansMember 2021-12-31 0000018349 syn:CommitmentsToFundCommercialRealEstateConstructionAndLandDevelopmentLoansMember 2022-09-30 0000018349 syn:CommitmentsToFundCommercialRealEstateConstructionAndLandDevelopmentLoansMember 2021-12-31 0000018349 syn:CommitmentsUnderHomeEquityLinesOfCreditMember 2022-09-30 0000018349 syn:CommitmentsUnderHomeEquityLinesOfCreditMember 2021-12-31 0000018349 syn:UnusedCreditCardLinesMember 2022-09-30 0000018349 syn:UnusedCreditCardLinesMember 2021-12-31 0000018349 syn:OtherLoanCommitmentsMember 2022-09-30 0000018349 syn:OtherLoanCommitmentsMember 2021-12-31 0000018349 us-gaap:GuaranteeObligationsMember 2022-09-30 0000018349 us-gaap:GuaranteeObligationsMember 2021-12-31 0000018349 syn:PermanentAndShortTermConstructionLoansAndLetterOfCreditCommitmentsMember 2022-09-30 0000018349 syn:PermanentAndShortTermConstructionLoansAndLetterOfCreditCommitmentsMember 2021-12-31 0000018349 syn:FundedPortionOfPermanentAndShortTermLoansAndLettersOfCreditMember 2022-09-30 0000018349 syn:FundedPortionOfPermanentAndShortTermLoansAndLettersOfCreditMember 2021-12-31 0000018349 us-gaap:GuaranteeObligationsMember 2022-07-01 2022-09-30 0000018349 us-gaap:GuaranteeObligationsMember 2022-01-01 2022-09-30 0000018349 us-gaap:GuaranteeObligationsMember 2021-07-01 2021-09-30 0000018349 us-gaap:GuaranteeObligationsMember 2021-01-01 2021-09-30 0000018349 srt:MinimumMember 2022-09-30 0000018349 srt:MaximumMember 2022-09-30 syn:segment 0000018349 us-gaap:OperatingSegmentsMember syn:WholesaleBankingMember 2022-07-01 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:CommunityBankingMember 2022-07-01 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:ConsumerBankingMember 2022-07-01 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:FinancialManagementServicesMember 2022-07-01 2022-09-30 0000018349 us-gaap:CorporateNonSegmentMember 2022-07-01 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:WholesaleBankingMember 2021-07-01 2021-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:CommunityBankingMember 2021-07-01 2021-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:ConsumerBankingMember 2021-07-01 2021-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:FinancialManagementServicesMember 2021-07-01 2021-09-30 0000018349 us-gaap:CorporateNonSegmentMember 2021-07-01 2021-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:WholesaleBankingMember 2022-01-01 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:CommunityBankingMember 2022-01-01 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:ConsumerBankingMember 2022-01-01 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:FinancialManagementServicesMember 2022-01-01 2022-09-30 0000018349 us-gaap:CorporateNonSegmentMember 2022-01-01 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:WholesaleBankingMember 2021-01-01 2021-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:CommunityBankingMember 2021-01-01 2021-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:ConsumerBankingMember 2021-01-01 2021-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:FinancialManagementServicesMember 2021-01-01 2021-09-30 0000018349 us-gaap:CorporateNonSegmentMember 2021-01-01 2021-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:WholesaleBankingMember 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:CommunityBankingMember 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:ConsumerBankingMember 2022-09-30 0000018349 us-gaap:OperatingSegmentsMember syn:FinancialManagementServicesMember 2022-09-30 0000018349 us-gaap:CorporateNonSegmentMember 2022-09-30 syn:employee 0000018349 us-gaap:OperatingSegmentsMember syn:WholesaleBankingMember 2021-12-31 0000018349 us-gaap:OperatingSegmentsMember syn:CommunityBankingMember 2021-12-31 0000018349 us-gaap:OperatingSegmentsMember syn:ConsumerBankingMember 2021-12-31 0000018349 us-gaap:OperatingSegmentsMember syn:FinancialManagementServicesMember 2021-12-31 0000018349 us-gaap:CorporateNonSegmentMember 2021-12-31
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 September 30, 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 Section 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 October 31, 2022, 145,457,889 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 September 30, 2022 and December 31, 2021 | 1
|  | Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021 | 2
|  | Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021 | 3
|  | Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2022 and 2021 | 4
|  | Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 | 6
|  | Notes to Unaudited Interim Consolidated Financial Statements | 7
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 37
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 61
| Item 4. | Controls and Procedures | 61
Part II. | Other Information |
| Item 1. | Legal Proceedings | 62
| Item 1A. | Risk Factors | 62
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 62
| Item 3. | Defaults Upon Senior Securities | 62
| Item 4. | Mine Safety Disclosures | 62
| Item 5. | Other Information | 62
| Item 6. | Exhibits | 63
| Signatures | 64

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) | September 30, 2022 |  | December 31, 2021
ASSETS |  |  |
Cash and due from banks | $ | 516,163 |  |  | $ | 432,925 |
Interest-bearing funds with Federal Reserve Bank | 1,260,748 |  |  | 2,479,006 |
Interest earning deposits with banks | 32,445 |  |  | 25,535 |
Federal funds sold and securities purchased under resale agreements | 58,448 |  |  | 72,387 |
Total cash, cash equivalents, and restricted cash | 1,867,804 |  |  | 3,009,853 |
Investment securities available for sale, at fair value | 9,587,508 |  |  | 10,918,329 |
Loans held for sale (includes $56,517 and $108,198 measured at fair value, respectively) | 696,450 |  |  | 750,642 |
Loans, net of deferred fees and costs | 42,571,458 |  |  | 39,311,958 |
Allowance for loan losses | (421,359) |  |  | (427,597) |
Loans, net | 42,150,099 |  |  | 38,884,361 |
Cash surrender value of bank-owned life insurance | 1,084,060 |  |  | 1,068,616 |
Premises, equipment, and software, net | 376,823 |  |  | 407,241 |
Goodwill | 452,390 |  |  | 452,390 |
Other intangible assets, net | 29,242 |  |  | 35,596 |
Other assets | 2,395,146 |  |  | 1,790,198 |
Total assets | $ | 58,639,522 |  |  | $ | 57,317,226 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Liabilities |  |  |
Deposits: |  |  |
Non-interest-bearing deposits | $ | 16,359,551 |  |  | $ | 16,392,653 |
Interest-bearing deposits | 31,338,013 |  |  | 33,034,623 |
Total deposits | 47,697,564 |  |  | 49,427,276 |
Federal funds purchased and securities sold under repurchase agreements | 240,210 |  |  | 264,133 |
Long-term debt | 4,434,327 |  |  | 1,204,229 |
Other liabilities | 2,037,706 |  |  | 1,124,788 |
Total liabilities | 54,409,807 |  |  | 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 170,097,791 and 169,383,758; outstanding 145,442,933 and 145,010,086 | 170,098 |  |  | 169,384 |
Additional paid-in capital | 3,916,729 |  |  | 3,894,109 |
Treasury stock, at cost; 24,654,858 and 24,373,672 shares | (944,484) |  |  | (931,497) |
Accumulated other comprehensive income (loss), net | (1,534,314) |  |  | (82,321) |
Retained earnings | 2,084,541 |  |  | 1,709,980 |
Total shareholders' equity | 4,229,715 |  |  | 5,296,800 |
Total liabilities and shareholders' equity | $ | 58,639,522 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
(in thousands, except per share data) | 2022 |  | 2021 |  | 2022 |  | 2021
Interest income: |  |  |  |  |  |  |
Loans, including fees | $ | 478,448 |  |  | $ | 369,323 |  |  | $ | 1,230,847 |  |  | $ | 1,113,102 |
Investment securities available for sale | 53,550 |  |  | 35,876 |  |  | 151,111 |  |  | 98,631 |
Loans held for sale | 12,017 |  |  | 5,540 |  |  | 26,798 |  |  | 18,611 |
Federal Reserve Bank balances | 5,584 |  |  | 1,214 |  |  | 7,965 |  |  | 2,597 |
Other earning assets | 1,700 |  |  | 551 |  |  | 4,412 |  |  | 2,123 |
Total interest income | 551,299 |  |  | 412,504 |  |  | 1,421,133 |  |  | 1,235,064 |
Interest expense: |  |  |  |  |  |  |
Deposits | 46,917 |  |  | 16,086 |  |  | 79,077 |  |  | 60,475 |
Long-term debt | 22,156 |  |  | 11,465 |  |  | 41,069 |  |  | 33,851 |
Other borrowings | 4,307 |  |  | 36 |  |  | 5,432 |  |  | 104 |
Total interest expense | 73,380 |  |  | 27,587 |  |  | 125,578 |  |  | 94,430 |
Net interest income | 477,919 |  |  | 384,917 |  |  | 1,295,555 |  |  | 1,140,634 |
Provision for (reversal of) credit losses | 25,581 |  |  | (7,868) |  |  | 49,669 |  |  | (51,041) |
Net interest income after provision for (reversal of) credit losses | 452,338 |  |  | 392,785 |  |  | 1,245,886 |  |  | 1,191,675 |
Non-interest revenue: |  |  |  |  |  |  |
Service charges on deposit accounts | 23,398 |  |  | 22,641 |  |  | 69,428 |  |  | 64,089 |
Fiduciary and asset management fees | 19,201 |  |  | 19,786 |  |  | 59,577 |  |  | 56,545 |
Card fees | 15,101 |  |  | 13,238 |  |  | 45,946 |  |  | 38,538 |
Brokerage revenue | 17,140 |  |  | 14,745 |  |  | 47,038 |  |  | 41,644 |
Mortgage banking income | 5,065 |  |  | 11,155 |  |  | 14,922 |  |  | 47,312 |
Capital markets income | 6,839 |  |  | 8,089 |  |  | 19,704 |  |  | 18,929 |
Income from bank-owned life insurance | 6,792 |  |  | 6,820 |  |  | 22,514 |  |  | 22,851 |
Investment securities gains (losses), net | — |  |  | 962 |  |  | — |  |  | (1,028) |
Other non-interest revenue | 10,762 |  |  | 17,519 |  |  | 27,768 |  |  | 44,117 |
Total non-interest revenue | 104,298 |  |  | 114,955 |  |  | 306,897 |  |  | 332,997 |
Non-interest expense: |  |  |  |  |  |  |
Salaries and other personnel expense | 173,334 |  |  | 160,364 |  |  | 499,081 |  |  | 482,408 |
Net occupancy, equipment, and software expense | 43,462 |  |  | 43,483 |  |  | 129,538 |  |  | 126,442 |
Third-party processing and other services | 22,539 |  |  | 19,446 |  |  | 65,486 |  |  | 63,897 |
Professional fees | 6,755 |  |  | 6,739 |  |  | 26,094 |  |  | 23,771 |
FDIC insurance and other regulatory fees | 7,707 |  |  | 5,212 |  |  | 20,851 |  |  | 16,338 |
Restructuring charges | 956 |  |  | 319 |  |  | (7,318) |  |  | 1,265 |
Other operating expense | 39,257 |  |  | 31,469 |  |  | 114,779 |  |  | 90,576 |
Total non-interest expense | 294,010 |  |  | 267,032 |  |  | 848,511 |  |  | 804,697 |
Income before income taxes | 262,626 |  |  | 240,708 |  |  | 704,272 |  |  | 719,975 |
Income tax expense | 59,582 |  |  | 53,935 |  |  | 152,140 |  |  | 159,910 |
Net income | 203,044 |  |  | 186,773 |  |  | 552,132 |  |  | 560,065 |
Less: Preferred stock dividends | 8,291 |  |  | 8,291 |  |  | 24,872 |  |  | 24,872 |
Net income available to common shareholders | $ | 194,753 |  |  | $ | 178,482 |  |  | $ | 527,260 |  |  | $ | 535,193 |
Net income per common share, basic | $ | 1.34 |  |  | $ | 1.22 |  |  | $ | 3.63 |  |  | $ | 3.63 |
Net income per common share, diluted | 1.33 |  |  | 1.21 |  |  | 3.60 |  |  | 3.59 |
Weighted average common shares outstanding, basic | 145,386 |  |  | 146,308 |  |  | 145,329 |  |  | 147,622 |
Weighted average common shares outstanding, diluted | 146,418 |  |  | 147,701 |  |  | 146,465 |  |  | 149,069 |

See accompanying notes to unaudited interim consolidated financial statements.
2

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

| Three Months Ended September 30,
| 2022 |  | 2021
(in thousands) | Before-tax Amount |  | Income Tax |  | Net of Tax Amount |  | Before-tax Amount |  | Income Tax |  | Net of Tax Amount
Net income | $ | 262,626 |  |  | $ | (59,582) |  |  | $ | 203,044 |  |  | $ | 240,708 |  |  | $ | (53,935) |  |  | $ | 186,773 |
Unrealized gains (losses) on investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (565,121) |  |  | 134,668 |  |  | (430,453) |  |  | (55,472) |  |  | 14,035 |  |  | (41,437) |
Reclassification adjustment for realized (gains) losses included in net income | — |  |  | — |  |  | — |  |  | (962) |  |  | 243 |  |  | (719) |
Net change | (565,121) |  |  | 134,668 |  |  | (430,453) |  |  | (56,434) |  |  | 14,278 |  |  | (42,156) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (111,549) |  |  | 26,582 |  |  | (84,967) |  |  | (8,081) |  |  | 2,044 |  |  | (6,037) |
Reclassification adjustment for realized (gains) losses included in net income | 10,253 |  |  | (2,442) |  |  | 7,811 |  |  | (4,009) |  |  | 1,014 |  |  | (2,995) |
Net change | (101,296) |  |  | 24,140 |  |  | (77,156) |  |  | (12,090) |  |  | 3,058 |  |  | (9,032) |
Total other comprehensive income (loss) | $ | (666,417) |  |  | $ | 158,808 |  |  | $ | (507,609) |  |  | $ | (68,524) |  |  | $ | 17,336 |  |  | $ | (51,188) |
Comprehensive income (loss) |  |  |  |  | $ | (304,565) |  |  |  |  |  |  | $ | 135,585 |
| Nine Months Ended September 30,
| 2022 |  | 2021
(in thousands) | Before-tax Amount |  | Income Tax |  | Net of Tax Amount |  | Before-tax Amount |  | Income Tax |  | Net of Tax Amount
Net income | $ | 704,272 |  |  | $ | (152,140) |  |  | $ | 552,132 |  |  | $ | 719,975 |  |  | $ | (159,910) |  |  | $ | 560,065 |
Unrealized gains (losses) on investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (1,616,011) |  |  | 384,019 |  |  | (1,231,992) |  |  | (174,371) |  |  | 45,091 |  |  | (129,280) |
Reclassification adjustment for realized (gains) losses included in net income | — |  |  | — |  |  | — |  |  | 1,028 |  |  | (272) |  |  | 756 |
Net change | (1,616,011) |  |  | 384,019 |  |  | (1,231,992) |  |  | (173,343) |  |  | 44,819 |  |  | (128,524) |
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | (284,216) |  |  | 67,685 |  |  | (216,531) |  |  | (39,061) |  |  | 10,404 |  |  | (28,657) |
Reclassification adjustment for realized (gains) losses included in net income | (4,556) |  |  | 1,086 |  |  | (3,470) |  |  | (9,265) |  |  | 2,349 |  |  | (6,916) |
Net change | (288,772) |  |  | 68,771 |  |  | (220,001) |  |  | (48,326) |  |  | 12,753 |  |  | (35,573) |
Total other comprehensive income (loss) | $ | (1,904,783) |  |  | $ | 452,790 |  |  | $ | (1,451,993) |  |  | $ | (221,669) |  |  | $ | 57,572 |  |  | $ | (164,097) |
Comprehensive income (loss) |  |  |  |  | $ | (899,861) |  |  |  |  |  |  | $ | 395,968 |

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 June 30, 2022 | $ | 537,145 |  |  | $ | 170,013 |  |  | $ | 3,908,118 |  |  | $ | (944,484) |  |  | $ | (1,026,705) |  |  | $ | 1,940,351 |  |  | $ | 4,584,438 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 203,044 |  |  | 203,044 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (507,609) |  |  | — |  |  | (507,609) |
Cash dividends declared on common stock - $0.34 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (49,439) |  |  | (49,439) |
Cash dividends declared on preferred stock(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,291) |  |  | (8,291) |
Repurchases of common stock including costs to repurchase | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 40 |  |  | 385 |  |  | — |  |  | — |  |  | (1,124) |  |  | (699) |
Stock options exercised, net | — |  |  | 45 |  |  | 785 |  |  | — |  |  | — |  |  | — |  |  | 830 |
Share-based compensation expense | — |  |  | — |  |  | 7,441 |  |  | — |  |  | — |  |  | — |  |  | 7,441 |
Balance at September 30, 2022 | $ | 537,145 |  |  | $ | 170,098 |  |  | $ | 3,916,729 |  |  | $ | (944,484) |  |  | $ | (1,534,314) |  |  | $ | 2,084,541 |  |  | $ | 4,229,715 |
Balance at June 30, 2021 | $ | 537,145 |  |  | $ | 169,108 |  |  | $ | 3,872,949 |  |  | $ | (824,197) |  |  | $ | 45,726 |  |  | $ | 1,436,983 |  |  | $ | 5,237,714 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 186,773 |  |  | 186,773 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (51,188) |  |  | — |  |  | (51,188) |
Cash dividends declared on common stock - $0.33 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (48,099) |  |  | (48,099) |
Cash dividends declared on preferred stock(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,291) |  |  | (8,291) |
Repurchases of common stock including costs to repurchase | — |  |  | — |  |  | — |  |  | (74,635) |  |  | — |  |  | — |  |  | (74,635) |
Issuance of common stock for earnout payment | — |  |  | — |  |  | 4,955 |  |  | 125 |  |  | — |  |  | — |  |  | 5,080 |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 37 |  |  | (650) |  |  | — |  |  | — |  |  | — |  |  | (613) |
Stock options exercised, net | — |  |  | 26 |  |  | 520 |  |  | — |  |  | — |  |  | — |  |  | 546 |
Share-based compensation expense | — |  |  | — |  |  | 5,515 |  |  | — |  |  | — |  |  | — |  |  | 5,515 |
Balance at September 30, 2021 | $ | 537,145 |  |  | $ | 169,171 |  |  | $ | 3,883,289 |  |  | $ | (898,707) |  |  | $ | (5,462) |  |  | $ | 1,567,366 |  |  | $ | 5,252,802 |

4

(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 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 552,132 |  |  | 552,132 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (1,451,993) |  |  | — |  |  | (1,451,993) |
Cash dividends declared on common stock - $1.02 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (148,297) |  |  | (148,297) |
Cash dividends declared on preferred stock(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24,872) |  |  | (24,872) |
Repurchases of common stock including costs to repurchase | — |  |  | — |  |  | — |  |  | (12,987) |  |  | — |  |  | — |  |  | (12,987) |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 391 |  |  | (5,677) |  |  | — |  |  | — |  |  | (4,402) |  |  | (9,688) |
Stock options exercised, net | — |  |  | 323 |  |  | 6,111 |  |  | — |  |  | — |  |  | — |  |  | 6,434 |
Share-based compensation expense | — |  |  | — |  |  | 22,186 |  |  | — |  |  | — |  |  | — |  |  | 22,186 |
Balance at September 30, 2022 | $ | 537,145 |  |  | $ | 170,098 |  |  | $ | 3,916,729 |  |  | $ | (944,484) |  |  | $ | (1,534,314) |  |  | $ | 2,084,541 |  |  | $ | 4,229,715 |
Balance at December 31, 2020 | $ | 537,145 |  |  | $ | 168,133 |  |  | $ | 3,851,208 |  |  | $ | (731,806) |  |  | $ | 158,635 |  |  | $ | 1,178,019 |  |  | $ | 5,161,334 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 560,065 |  |  | 560,065 |
Other comprehensive income (loss), net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | (164,097) |  |  | — |  |  | (164,097) |
Cash dividends declared on common stock - $0.99 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (145,843) |  |  | (145,843) |
Cash dividends declared on preferred stock(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24,872) |  |  | (24,872) |
Repurchases of common stock including costs to repurchase | — |  |  | — |  |  | — |  |  | (167,142) |  |  | — |  |  | — |  |  | (167,142) |
Issuance of common stock for earnout payment | — |  |  | — |  |  | 4,955 |  |  | 125 |  |  | — |  |  | — |  |  | 5,080 |
Restricted share unit vesting and taxes paid related to net share settlement | — |  |  | 343 |  |  | (7,535) |  |  | — |  |  | — |  |  | — |  |  | (7,192) |
Stock options exercised, net | — |  |  | 695 |  |  | 14,730 |  |  | — |  |  | — |  |  | — |  |  | 15,425 |
Warrants exercised with net settlement and common stock reissued | — |  |  | — |  |  | (113) |  |  | 116 |  |  | — |  |  | (3) |  |  | — |
Share-based compensation expense | — |  |  | — |  |  | 20,044 |  |  | — |  |  | — |  |  | — |  |  | 20,044 |
Balance at September 30, 2021 | $ | 537,145 |  |  | $ | 169,171 |  |  | $ | 3,883,289 |  |  | $ | (898,707) |  |  | $ | (5,462) |  |  | $ | 1,567,366 |  |  | $ | 5,252,802 |

(1) For the three months ended September 30, 2022 and 2021, dividends per share were $0.39 and $0.37 for Series D and Series E Preferred Stock, respectively.
(2) For the nine months ended September 30, 2022 and 2021, dividends per share were $1.18 and $1.10 for Series D and Series E Preferred Stock, respectively.
See accompanying notes to unaudited interim consolidated financial statements.
5

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

| Nine Months Ended September 30,
(in thousands) | 2022 |  | 2021
Operating Activities |  |  |
Net income | $ | 552,132 |  |  | $ | 560,065 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
Provision for (reversal of) credit losses | 49,669 |  |  | (51,041) |
Depreciation, amortization, and accretion, net | 53,352 |  |  | 97,856 |
Deferred income tax expense (benefit) | (11,800) |  |  | 36,213 |
Originations of loans held for sale | (3,062,036) |  |  | (2,872,628) |
Proceeds from sales and payments on loans held for sale | 3,113,210 |  |  | 3,117,269 |
Gain on sales of loans held for sale, net | (10,837) |  |  | (36,930) |
(Increase) decrease in other assets | (54,211) |  |  | (1,234) |
Increase (decrease) in other liabilities | (41,711) |  |  | (28,741) |
Investment securities (gains) losses, net | — |  |  | 1,028 |
Share-based compensation expense | 22,385 |  |  | 21,485 |
Other | 677 |  |  | — |
Net cash provided by (used in) operating activities | 610,830 |  |  | 843,342 |
Investing Activities |  |  |
Proceeds from maturities and principal collections of investment securities available for sale | 1,725,243 |  |  | 2,279,073 |
Proceeds from sales of investment securities available for sale | — |  |  | 223,977 |
Purchases of investment securities available for sale | (2,037,176) |  |  | (5,447,210) |
Proceeds from sales of loans | 63,159 |  |  | 105,753 |
Purchases of loans | (514,475) |  |  | (1,494,924) |
Net (increase) decrease in loans | (2,821,297) |  |  | 1,238,658 |
Net (purchases) redemptions of Federal Home Loan Bank stock | (145,075) |  |  | (1,200) |
Net (purchases) redemptions of Federal Reserve Bank stock | 4,037 |  |  | (1,210) |
Net proceeds from settlement (purchases) of bank-owned life insurance policies | 4,499 |  |  | 7,094 |
Net increase in premises, equipment and software | (21,487) |  |  | (19,996) |
Other | 48,784 |  |  | 8,852 |
Net cash provided by (used in) investing activities | (3,693,788) |  |  | (3,101,133) |
Financing Activities |  |  |
Net increase (decrease) in deposits | (1,709,371) |  |  | 996,848 |
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | (23,923) |  |  | 34,626 |
Net increase (decrease) in other short-term borrowings | 614,332 |  |  | (7,717) |
Repayments and redemption of long-term debt | (400,000) |  |  | — |
Proceeds from issuance of long-term debt | 3,647,693 |  |  | — |
Dividends paid to common shareholders | (146,709) |  |  | (146,578) |
Dividends paid to preferred shareholders | (24,872) |  |  | (24,872) |
Repurchases of common stock | (12,987) |  |  | (167,142) |
Issuances, net of taxes paid, under equity compensation plans | (3,254) |  |  | 8,233 |
Other | — |  |  | (1,104) |
Net cash provided by (used in) financing activities | 1,940,909 |  |  | 692,294 |
Increase (decrease) in cash and cash equivalents including restricted cash | (1,142,049) |  |  | (1,565,497) |
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 | $ | 1,867,804 |  |  | $ | 2,687,420 |
Supplemental Disclosures: |  |  |
Income taxes paid | $ | 139,556 |  |  | $ | 150,722 |
Interest paid | 111,441 |  |  | 108,889 |
Non-cash Activities |  |  |
Securities purchased during the period but settled after period-end | — |  |  | 196,289 |
Premises and equipment transferred to other assets held for sale | 19,367 |  |  | 22,725 |
Loans foreclosed and transferred to other real estate | — |  |  | 964 |
Loans transferred (from) to other loans held for sale at fair value | (13,855) |  |  | (1,462) |

See accompanying notes to unaudited interim consolidated financial statements.
6

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, capital markets, 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 257 branches and 367 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 and the estimated effect on the Company’s financial statements.
7

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.
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 adoption of this standard on June 30, 2022 had no impact to the consolidated financial statements.
ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method | In March 2022, the FASB issued ASU 2022-01 to improve fair value hedge accounting for interest rate risk hedges for prepayable financial assets. The update allows non-prepayable financial assets to be included in a closed portfolio hedge using the portfolio layer method. The expanded scope allows entities to apply the same portfolio hedging method to both prepayable and non-prepayable financial assets. | January 1, 2023. Early adoption is permitted on any date on or after the issuance date. | The Company early adopted this standard during the third quarter of 2022 on a prospective basis. The adoption of this standard 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 plans to adopt this standard on January 1, 2023 on a prospective basis. The Company is currently evaluating the potential financial statement impact from the implementation of this standard and does not expect it to be material.

8

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 September 30, 2022 and December 31, 2021 are summarized below.

| September 30, 2022
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 515,190 |  |  | $ | — |  |  | $ | (47,434) |  |  | $ | 467,756 |
U.S. Government agency securities | 52,411 |  |  | 1 |  |  | (3,842) |  |  | 48,570 |
Mortgage-backed securities issued by U.S. Government agencies | 840,735 |  |  | — |  |  | (118,123) |  |  | 722,612 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,174,641 |  |  | — |  |  | (1,341,702) |  |  | 6,832,939 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 791,310 |  |  | — |  |  | (106,802) |  |  | 684,508 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 884,027 |  |  | — |  |  | (71,032) |  |  | 812,995 |
Corporate debt securities and other debt securities | 18,382 |  |  | — |  |  | (254) |  |  | 18,128 |
Total investment securities available for sale | $ | 11,276,696 |  |  | $ | 1 |  |  | $ | (1,689,189) |  |  | $ | 9,587,508 |
| 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 September 30, 2022 and December 31, 2021, investment securities with a carrying value of $4.01 billion and $4.03 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
9

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 September 30, 2022 and December 31, 2021 are presented below.

| September 30, 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 | $ | 359,580 |  |  | $ | (31,435) |  |  | $ | 83,875 |  |  | $ | (15,999) |  |  | $ | 443,455 |  |  | $ | (47,434) |
U.S. Government agency securities | 48,311 |  |  | (3,842) |  |  | — |  |  | — |  |  | 48,311 |  |  | (3,842) |
Mortgage-backed securities issued by U.S. Government agencies | 220,484 |  |  | (12,059) |  |  | 502,128 |  |  | (106,064) |  |  | 722,612 |  |  | (118,123) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,371,537 |  |  | (331,934) |  |  | 4,461,403 |  |  | (1,009,768) |  |  | 6,832,940 |  |  | (1,341,702) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 171,343 |  |  | (13,315) |  |  | 513,165 |  |  | (93,487) |  |  | 684,508 |  |  | (106,802) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 682,610 |  |  | (40,538) |  |  | 130,385 |  |  | (30,494) |  |  | 812,995 |  |  | (71,032) |
Corporate debt securities and other debt securities | 18,128 |  |  | (254) |  |  | — |  |  | — |  |  | 18,128 |  |  | (254) |
Total | $ | 3,871,993 |  |  | $ | (433,377) |  |  | $ | 5,690,956 |  |  | $ | (1,255,812) |  |  | $ | 9,562,949 |  |  | $ | (1,689,189) |
| 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 September 30, 2022, Synovus had 254 investment securities in a loss position for less than twelve months and 166 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 September 30, 2022.
10

At September 30, 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 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 September 30, 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 September 30, 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 | $ | 24,100 |  |  | $ | 392,854 |  |  | $ | 98,236 |  |  | $ | — |  |  | $ | 515,190 |
U.S. Government agency securities | 273 |  |  | 22,148 |  |  | 29,990 |  |  | — |  |  | 52,411 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 621 |  |  | 4 |  |  | 840,110 |  |  | 840,735 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 5,062 |  |  | 115,479 |  |  | 8,054,100 |  |  | 8,174,641 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 102 |  |  | — |  |  | 791,208 |  |  | 791,310 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 486,500 |  |  | 330,378 |  |  | 67,149 |  |  | 884,027 |
Corporate debt securities and other debt securities | 9,500 |  |  | — |  |  | 8,882 |  |  | — |  |  | 18,382 |
Total amortized cost | $ | 33,873 |  |  | $ | 907,287 |  |  | $ | 582,969 |  |  | $ | 9,752,567 |  |  | $ | 11,276,696 |
Fair Value |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 24,100 |  |  | $ | 358,045 |  |  | $ | 85,611 |  |  | $ | — |  |  | $ | 467,756 |
U.S. Government agency securities | 273 |  |  | 19,415 |  |  | 28,882 |  |  | — |  |  | 48,570 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 597 |  |  | 4 |  |  | 722,011 |  |  | 722,612 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 4,706 |  |  | 107,107 |  |  | 6,721,126 |  |  | 6,832,939 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 100 |  |  | — |  |  | 684,408 |  |  | 684,508 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 460,412 |  |  | 289,991 |  |  | 62,592 |  |  | 812,995 |
Corporate debt securities and other debt securities | 9,457 |  |  | — |  |  | 8,671 |  |  | — |  |  | 18,128 |
Total fair value | $ | 33,830 |  |  | $ | 843,275 |  |  | $ | 520,266 |  |  | $ | 8,190,137 |  |  | $ | 9,587,508 |

Gross gains and gross losses on sales of securities available for sale for the three and nine months ended September 30, 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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Gross realized gains on sales | $ | — |  |  | $ | 962 |  |  | $ | — |  |  | $ | 962 |
Gross realized losses on sales | — |  |  | — |  |  | — |  |  | (1,990) |
Investment securities gains (losses), net | $ | — |  |  | $ | 962 |  |  | $ | — |  |  | $ | (1,028) |

11

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 September 30, 2022 and December 31, 2021.

| September 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 | $ | 13,180,498 |  |  | $ | 14,050 |  |  | $ | 1,143 |  |  | $ | 15,193 |  |  | $ | 33,712 |  |  | $ | 25,563 |  |  | $ | 13,254,966 |  |
Owner-occupied | 7,943,776 |  |  | 4,673 |  |  | 668 |  |  | 5,341 |  |  | 7,828 |  |  | 605 |  |  | 7,957,550 |  |
Total commercial and industrial | 21,124,274 |  |  | 18,723 |  |  | 1,811 |  |  | 20,534 |  |  | 41,540 |  |  | 26,168 |  |  | 21,212,516 |  |
Investment properties | 11,232,942 |  |  | 421 |  |  | — |  |  | 421 |  |  | 2,702 |  |  | 2,339 |  |  | 11,238,404 |  |
1-4 family properties | 635,157 |  |  | 1,379 |  |  | — |  |  | 1,379 |  |  | 2,026 |  |  | 1,065 |  |  | 639,627 |  |
Land and development | 408,151 |  |  | 115 |  |  | — |  |  | 115 |  |  | 1,668 |  |  | — |  |  | 409,934 |  |
Total commercial real estate | 12,276,250 |  |  | 1,915 |  |  | — |  |  | 1,915 |  |  | 6,396 |  |  | 3,404 |  |  | 12,287,965 |  |
Consumer mortgages | 5,123,759 |  |  | 10,642 |  |  | — |  |  | 10,642 |  |  | 32,527 |  |  | — |  |  | 5,166,928 |  |
Home equity | 1,695,825 |  |  | 5,225 |  |  | 75 |  |  | 5,300 |  |  | 7,121 |  |  | — |  |  | 1,708,246 |  |
Credit cards | 194,860 |  |  | 1,561 |  |  | 1,557 |  |  | 3,118 |  |  | — |  |  | — |  |  | 197,978 |  |
Other consumer loans | 1,970,851 |  |  | 22,036 |  |  | — |  |  | 22,036 |  |  | 4,938 |  |  | — |  |  | 1,997,825 |  |
Total consumer | 8,985,295 |  |  | 39,464 |  |  | 1,632 |  |  | 41,096 |  |  | 44,586 |  |  | — |  |  | 9,070,977 |  |
Loans, net of deferred fees and costs | $ | 42,385,819 |  |  | $ | 60,102 |  |  | $ | 3,443 |  |  | $ | 63,545 |  |  | $ | 92,522 |  |  | $ | 29,572 |  |  | $ | 42,571,458 |  |

| 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 $1.2 million and $4.4 million for the three months ended September 30, 2022 and 2021, respectively, and $6.6 million and $10.7 million for the nine months ended September 30, 2022 and 2021, respectively. Of the interest income recognized during the three months ended September 30, 2022 and 2021, cash-basis interest income was $1.3 million and $646 thousand, respectively. Cash-basis interest income was $2.2 million and $1.9 million for the nine months ended September 30, 2022 and 2021, respectively.
12

Pledged Loans
Loans with carrying values of $14.82 billion and $14.19 billion, respectively, were pledged as collateral for borrowings and capacity at September 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 $42.8 million at September 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.
13

The following tables summarize each loan portfolio class by risk grade and origination year as of September 30, 2022 and December 31, 2021 as required under CECL.

| September 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 | $ | 860,597 |  |  | $ | 1,983,388 |  |  | $ | 1,042,337 |  |  | $ | 750,084 |  |  | $ | 547,483 |  |  | $ | 1,084,995 |  |  | $ | 6,516,708 |  |  | $ | 49,886 |  |  | $ | 12,835,478 |
Special Mention | 2,120 |  |  | 21,325 |  |  | 8,114 |  |  | 10,613 |  |  | 14,342 |  |  | 3,229 |  |  | 72,584 |  |  | — |  |  | 132,327 |
Substandard(1) | 11,506 |  |  | 9,902 |  |  | 47,837 |  |  | 45,717 |  |  | 18,900 |  |  | 23,161 |  |  | 129,797 |  |  | 341 |  |  | 287,161 |
Total commercial, financial and agricultural | 874,223 |  |  | 2,014,615 |  |  | 1,098,288 |  |  | 806,414 |  |  | 580,725 |  |  | 1,111,385 |  |  | 6,719,089 |  |  | 50,227 |  |  | 13,254,966 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,113,875 |  |  | 1,724,981 |  |  | 1,181,262 |  |  | 989,383 |  |  | 680,033 |  |  | 1,273,518 |  |  | 747,718 |  |  | — |  |  | 7,710,770 |
Special Mention | 314 |  |  | 2,685 |  |  | 81,888 |  |  | 5,239 |  |  | 45,718 |  |  | 26,066 |  |  | — |  |  | — |  |  | 161,910 |
Substandard(1) | 18,642 |  |  | 14,220 |  |  | 3,950 |  |  | 8,254 |  |  | 20,423 |  |  | 19,127 |  |  | — |  |  | — |  |  | 84,616 |
Loss(2) | — |  |  | 254 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 254 |
Total owner-occupied | 1,132,831 |  |  | 1,742,140 |  |  | 1,267,100 |  |  | 1,002,876 |  |  | 746,174 |  |  | 1,318,711 |  |  | 747,718 |  |  | — |  |  | 7,957,550 |
Total commercial and industrial | 2,007,054 |  |  | 3,756,755 |  |  | 2,365,388 |  |  | 1,809,290 |  |  | 1,326,899 |  |  | 2,430,096 |  |  | 7,466,807 |  |  | 50,227 |  |  | 21,212,516 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,061,147 |  |  | 3,081,003 |  |  | 1,580,596 |  |  | 1,382,386 |  |  | 845,599 |  |  | 1,645,301 |  |  | 498,586 |  |  | — |  |  | 11,094,618 |
Special Mention | 389 |  |  | 1,119 |  |  | — |  |  | 14,691 |  |  | 14,331 |  |  | 30,219 |  |  | 147 |  |  | — |  |  | 60,896 |
Substandard(1) | 5,997 |  |  | 160 |  |  | — |  |  | 2,931 |  |  | 46,086 |  |  | 6,657 |  |  | 21,059 |  |  | — |  |  | 82,890 |
Total investment properties | 2,067,533 |  |  | 3,082,282 |  |  | 1,580,596 |  |  | 1,400,008 |  |  | 906,016 |  |  | 1,682,177 |  |  | 519,792 |  |  | — |  |  | 11,238,404 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 225,361 |  |  | 169,586 |  |  | 50,225 |  |  | 34,713 |  |  | 28,576 |  |  | 64,688 |  |  | 58,651 |  |  | — |  |  | 631,800 |
Special Mention | 234 |  |  | — |  |  | 729 |  |  | 382 |  |  | — |  |  | 200 |  |  | — |  |  | — |  |  | 1,545 |
Substandard(1) | 1,327 |  |  | 1,549 |  |  | 44 |  |  | 364 |  |  | 1,072 |  |  | 1,881 |  |  | 45 |  |  | — |  |  | 6,282 |
Total 1-4 family properties | 226,922 |  |  | 171,135 |  |  | 50,998 |  |  | 35,459 |  |  | 29,648 |  |  | 66,769 |  |  | 58,696 |  |  | — |  |  | 639,627 |

14

| September 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 | 103,712 |  |  | 102,393 |  |  | 24,291 |  |  | 45,011 |  |  | 20,242 |  |  | 71,152 |  |  | 5,626 |  |  | — |  |  | 372,427 |
Special Mention | — |  |  | — |  |  | 760 |  |  | — |  |  | 31,100 |  |  | — |  |  | — |  |  | — |  |  | 31,860 |
Substandard(1) | 796 |  |  | 347 |  |  | 222 |  |  | 635 |  |  | 475 |  |  | 3,172 |  |  | — |  |  | — |  |  | 5,647 |
Total land and development | 104,508 |  |  | 102,740 |  |  | 25,273 |  |  | 45,646 |  |  | 51,817 |  |  | 74,324 |  |  | 5,626 |  |  | — |  |  | 409,934 |
Total commercial real estate | 2,398,963 |  |  | 3,356,157 |  |  | 1,656,867 |  |  | 1,481,113 |  |  | 987,481 |  |  | 1,823,270 |  |  | 584,114 |  |  | — |  |  | 12,287,965 |
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 692,601 |  |  | 1,217,441 |  |  | 1,391,388 |  |  | 470,984 |  |  | 184,922 |  |  | 1,156,026 |  |  | 160 |  |  | — |  |  | 5,113,522 |
Substandard(1) | 993 |  |  | 5,259 |  |  | 6,931 |  |  | 10,564 |  |  | 6,692 |  |  | 22,211 |  |  | — |  |  | — |  |  | 52,650 |
Loss(2) | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 752 |  |  | — |  |  | — |  |  | 756 |
Total consumer mortgages | 693,594 |  |  | 1,222,700 |  |  | 1,398,319 |  |  | 481,552 |  |  | 191,614 |  |  | 1,178,989 |  |  | 160 |  |  | — |  |  | 5,166,928 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,228,035 |  |  | 469,382 |  |  | 1,697,417 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,764 |  |  | 4,508 |  |  | 10,272 |
Loss(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 420 |  |  | 137 |  |  | 557 |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,234,219 |  |  | 474,027 |  |  | 1,708,246 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 196,695 |  |  | — |  |  | 196,695 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 515 |  |  | — |  |  | 515 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 768 |  |  | — |  |  | 768 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 197,978 |  |  | — |  |  | 197,978 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 300,452 |  |  | 591,166 |  |  | 503,807 |  |  | 72,693 |  |  | 37,153 |  |  | 159,971 |  |  | 324,733 |  |  | — |  |  | 1,989,975 |
Substandard(1) | 1,765 |  |  | 2,710 |  |  | 1,252 |  |  | 916 |  |  | 247 |  |  | 805 |  |  | 147 |  |  | — |  |  | 7,842 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | 8 |
Total other consumer loans | 302,217 |  |  | 593,876 |  |  | 505,059 |  |  | 73,609 |  |  | 37,400 |  |  | 160,784 |  |  | 324,880 |  |  | — |  |  | 1,997,825 |
Total consumer | 995,811 |  |  | 1,816,576 |  |  | 1,903,378 |  |  | 555,161 |  |  | 229,014 |  |  | 1,339,773 |  |  | 1,757,237 |  |  | 474,027 |  |  | 9,070,977 |
Loans, net of deferred fees and costs | $ | 5,401,828 |  |  | $ | 8,929,488 |  |  | $ | 5,925,633 |  |  | $ | 3,845,564 |  |  | $ | 2,543,394 |  |  | $ | 5,593,139 |  |  | $ | 9,808,158 |  |  | $ | 524,254 |  |  | $ | 42,571,458 |

(1) The majority of loans within Substandard risk grade are accruing loans at September 30, 2022.
(2) Loans within Loss risk grade are on non-accrual status and have an ALL equal to the full loan amount.
(3) 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.
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
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 |

16

| 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 nine months ended September 30, 2022.
17

Rollforward of Allowance for Loan Losses
The following tables detail the changes in the ALL by loan segment for the three and nine months ended September 30, 2022 and 2021.

| As Of and For the Three Months Ended September 30, 2022
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance at June 30, 2022 | $ | 160,008 |  |  | $ | 104,218 |  |  | $ | 143,611 |  |  | $ | 407,837 |
Charge-offs | (6,676) |  |  | (143) |  |  | (8,903) |  |  | (15,722) |
Recoveries | 6,904 |  |  | 425 |  |  | 3,711 |  |  | 11,040 |
Provision for (reversal of) loan losses | (1,209) |  |  | 17,101 |  |  | 2,312 |  |  | 18,204 |
Ending balance at September 30, 2022 | $ | 159,027 |  |  | $ | 121,601 |  |  | $ | 140,731 |  |  | $ | 421,359 |
| As Of and For the Three Months Ended September 30, 2021
(in thousands) | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |
Beginning balance at June 30, 2021 | $ | 254,938 |  |  | $ | 92,113 |  |  | $ | 169,657 |  |  | $ | 516,708 |
Charge-offs | (20,230) |  |  | (718) |  |  | (8,933) |  |  | (29,881) |
Recoveries | 1,760 |  |  | 4,535 |  |  | 3,070 |  |  | 9,365 |
Provision for (reversal of) loan losses | (5,961) |  |  | (4,278) |  |  | 6,290 |  |  | (3,949) |
Ending balance at September 30, 2021 | $ | 230,507 |  |  | $ | 91,652 |  |  | $ | 170,084 |  |  | $ | 492,243 |
| As Of and For the Nine Months Ended September 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 | (35,951) |  |  | (2,851) |  |  | (25,765) |  |  | (64,567) |
Recoveries | 12,476 |  |  | 1,358 |  |  | 10,877 |  |  | 24,711 |
Provision for (reversal of) loan losses | (5,862) |  |  | 25,334 |  |  | 14,146 |  |  | 33,618 |
Ending balance at September 30, 2022 | $ | 159,027 |  |  | $ | 121,601 |  |  | $ | 140,731 |  |  | $ | 421,359 |
| As Of and For the Nine Months Ended September 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 | (48,374) |  |  | (14,877) |  |  | (22,808) |  |  | (86,059) |
Recoveries | 6,027 |  |  | 5,938 |  |  | 6,828 |  |  | 18,793 |
Provision for (reversal of) loan losses | 43,299 |  |  | (30,151) |  |  | (59,375) |  |  | (46,227) |
Ending balance at September 30, 2021 | $ | 230,507 |  |  | $ | 91,652 |  |  | $ | 170,084 |  |  | $ | 492,243 |

The ALL of $421.4 million and the reserve for unfunded commitments of $57.9 million, which is recorded in other liabilities, comprise the total ACL of $479.3 million at September 30, 2022. The ACL increased $9.8 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 1.13% at September 30, 2022 was 6 bps lower compared to December 31, 2021 due to overall improvement in economic factors, primarily the unemployment rate.
The increase in the ACL from December 31, 2021 resulted primarily from loan growth and an increase in unfunded commitments mostly offset by decreased specific reserves and continued positive trends in our credit performance.
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
18

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 current 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 September 30, 2022, economic scenario weights incorporated a 70% downside bias to the baseline scenario compared to 43% at December 31, 2021. The downside scenario that assumes consistent slow growth is the highest internally-weighted economic scenario and includes an average unemployment rate of 4.5% and average GDP of 1.4% over the forecast period at September 30, 2022, compared to 5.1% and 2.2%, respectively, at December 31, 2021.
The provision for credit losses of $25.6 million and $49.7 million for the three and nine months ended September 30, 2022 included net charge-offs of $4.7 million and $39.9 million, respectively, and represented loan growth as well as uncertain economic conditions. $3.0 million and $10.5 million in reserves, respectively, were also added as a result of purchases of $152.9 million and $514.5 million of third-party lending loans for the three and nine months ended September 30, 2022, respectively.
19

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 nine months ended September 30, 2022 and 2021 that were reported as accruing or non-accruing TDRs.

TDRs by Concession Type |  |
| Three Months Ended September 30, 2022 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 22 |  |  | $ | 6,559 |  |  | $ | 150 |  |  | $ | 6,709 |  |
Owner-occupied | 4 |  |  | 3,623 |  |  | — |  |  | 3,623 |  |
Total commercial and industrial | 26 |  |  | 10,182 |  |  | 150 |  |  | 10,332 |  |
Investment properties | 2 |  |  | 3,748 |  |  | — |  |  | 3,748 |  |
1-4 family properties | 3 |  |  | 654 |  |  | — |  |  | 654 |  |
Land and development | — |  |  | — |  |  | — |  |  | — |  |
Total commercial real estate | 5 |  |  | 4,402 |  |  | — |  |  | 4,402 |  |
Consumer mortgages | — |  |  | — |  |  | — |  |  | — |  |
Home equity | 5 |  |  | 173 |  |  | — |  |  | 173 |  |
Other consumer loans | 2 |  |  | — |  |  | 25 |  |  | 25 |  |
Total consumer | 7 |  |  | 173 |  |  | 25 |  |  | 198 |  |
Total TDRs | 38 |  |  | $ | 14,757 |  |  | $ | 175 |  |  | $ | 14,932 |  | (2)
| Three Months Ended September 30, 2021 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 44 |  |  | $ | 3,437 |  |  | $ | 2,642 |  |  | $ | 6,079 |  |
Owner-occupied | 10 |  |  | 2,488 |  |  | 469 |  |  | 2,957 |  |
Total commercial and industrial | 54 |  |  | 5,925 |  |  | 3,111 |  |  | 9,036 |  |
Investment properties | 2 |  |  | 637 |  |  | — |  |  | 637 |  |
1-4 family properties | 3 |  |  | — |  |  | 84 |  |  | 84 |  |
Land and development | 2 |  |  | 636 |  |  | 17 |  |  | 653 |  |
Total commercial real estate | 7 |  |  | 1,273 |  |  | 101 |  |  | 1,374 |  |
Consumer mortgages | 8 |  |  | 1,167 |  |  | 477 |  |  | 1,644 |  |
Home equity | 16 |  |  | 2,655 |  |  | — |  |  | 2,655 |  |
Other consumer loans | 7 |  |  | 44 |  |  | 476 |  |  | 520 |  |
Total consumer | 31 |  |  | 3,866 |  |  | 953 |  |  | 4,819 |  |
Total TDRs | 92 |  |  | $ | 11,064 |  |  | $ | 4,165 |  |  | $ | 15,229 |  | (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 ended September 30, 2022 and 2021.
(2) No net charge-offs were recorded during the three months ended September 30, 2022.
(3) No net charge-offs were recorded during the three months ended September 30, 2021.
20

| Nine Months Ended September 30, 2022 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 78 |  |  | $ | 32,993 |  |  | $ | 957 |  |  | $ | 33,950 |  |
Owner-occupied | 24 |  |  | 32,157 |  |  | 3,857 |  |  | 36,014 |  |
Total commercial and industrial | 102 |  |  | 65,150 |  |  | 4,814 |  |  | 69,964 |  |
Investment properties | 7 |  |  | 5,027 |  |  | 6,610 |  |  | 11,637 |  |
1-4 family properties | 14 |  |  | 3,851 |  |  | — |  |  | 3,851 |  |
Land and development | 4 |  |  | 3,168 |  |  | — |  |  | 3,168 |  |
Total commercial real estate | 25 |  |  | 12,046 |  |  | 6,610 |  |  | 18,656 |  |
Consumer mortgages | 10 |  |  | 1,176 |  |  | 266 |  |  | 1,442 |  |
Home equity | 30 |  |  | 3,592 |  |  | 39 |  |  | 3,631 |  |
Other consumer loans | 8 |  |  | — |  |  | 164 |  |  | 164 |  |
Total consumer | 48 |  |  | 4,768 |  |  | 469 |  |  | 5,237 |  |
Total TDRs | 175 |  |  | $ | 81,964 |  |  | $ | 11,893 |  |  | $ | 93,857 |  | (2)
| Nine Months Ended September 30, 2021 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial and agricultural | 102 |  |  | $ | 8,440 |  |  | $ | 6,379 |  |  | $ | 14,819 |  |
Owner-occupied | 20 |  |  | 4,897 |  |  | 867 |  |  | 5,764 |  |
Total commercial and industrial | 122 |  |  | 13,337 |  |  | 7,246 |  |  | 20,583 |  |
Investment properties | 8 |  |  | 3,040 |  |  | — |  |  | 3,040 |  |
1-4 family properties | 10 |  |  | 621 |  |  | 123 |  |  | 744 |  |
Land and development | 4 |  |  | 1,003 |  |  | 59 |  |  | 1,062 |  |
Total commercial real estate | 22 |  |  | 4,664 |  |  | 182 |  |  | 4,846 |  |
Consumer mortgages | 10 |  |  | 1,498 |  |  | 477 |  |  | 1,975 |  |
Home equity | 43 |  |  | 4,142 |  |  | 258 |  |  | 4,400 |  |
Other consumer loans | 93 |  |  | 360 |  |  | 5,340 |  |  | 5,700 |  |
Total consumer | 146 |  |  | 6,000 |  |  | 6,075 |  |  | 12,075 |  |
Total TDRs | 290 |  |  | $ | 24,001 |  |  | $ | 13,503 |  |  | $ | 37,504 |  | (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 nine months ended September 30, 2022 and 2021.
(2) No net charge-offs were recorded during the nine months ended September 30, 2022.
(3) No net charge-offs were recorded during the nine months ended September 30, 2021.
For the three and nine months ended September 30, 2022, there was one default with a recorded investment of $109 thousand and four defaults with a recorded investment of $539 thousand, respectively, 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 two defaults with a recorded investment of $536 thousand and seven defaults with a recorded investment of $708 thousand, respectively, for the three and nine months ended September 30, 2021. As of September 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.
21

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 September 30, 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 September 30, 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 thereby 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 September 30, 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 and nine months ended September 30, 2022, was $2.1 million and $6.4 million, respectively. Aggregate other intangible assets amortization expense for the three and nine months ended September 30, 2021, was $2.4 million and $7.1 million, respectively.

(in thousands) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
September 30, 2022 |  |  |  |  |
CDI | $ | 57,400 |  |  | $ | (33,657) |  |  | $ | 23,743 |
Other | 12,500 |  |  | (7,001) |  |  | 5,499 |
Total other intangible assets | $ | 69,900 |  |  | $ | (40,658) |  |  | $ | 29,242 |
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 September 30, 2022, Synovus did not complete any share repurchases, and during the nine months ended September 30, 2022, Synovus repurchased a total of $13.0 million, or 281 thousand shares of its common stock, at an average price of $46.17 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 and nine months ended September 30, 2022 and 2021.
22

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 June 30, 2022 | $ | (869,519) |  |  | $ | (157,186) |  |  | $ | (1,026,705) |
Other comprehensive income (loss) before reclassifications | (430,453) |  |  | (84,967) |  |  | (515,420) |
Amounts reclassified from AOCI | — |  |  | 7,811 |  |  | 7,811 |
Net current period other comprehensive income (loss) | (430,453) |  |  | (77,156) |  |  | (507,609) |
Balance at September 30, 2022 | $ | (1,299,972) |  |  | $ | (234,342) |  |  | $ | (1,534,314) |
Balance at June 30, 2021 | $ | 19,301 |  |  | $ | 26,425 |  |  | $ | 45,726 |
Other comprehensive income (loss) before reclassifications | (41,437) |  |  | (6,037) |  |  | (47,474) |
Amounts reclassified from AOCI | (719) |  |  | (2,995) |  |  | (3,714) |
Net current period other comprehensive income (loss) | (42,156) |  |  | (9,032) |  |  | (51,188) |
Balance at September 30, 2021 | $ | (22,855) |  |  | $ | 17,393 |  |  | $ | (5,462) |
Balance, December 31, 2021 | $ | (67,980) |  |  | $ | (14,341) |  |  | $ | (82,321) |
Other comprehensive income (loss) before reclassifications | (1,231,992) |  |  | (216,531) |  |  | (1,448,523) |
Amounts reclassified from AOCI | — |  |  | (3,470) |  |  | (3,470) |
Net current period other comprehensive income (loss) | (1,231,992) |  |  | (220,001) |  |  | (1,451,993) |
Balance at September 30, 2022 | $ | (1,299,972) |  |  | $ | (234,342) |  |  | $ | (1,534,314) |
Balance, December 31, 2020 | $ | 105,669 |  |  | $ | 52,966 |  |  | $ | 158,635 |
Other comprehensive income (loss) before reclassifications | (129,280) |  |  | (28,657) |  |  | (157,937) |
Amounts reclassified from AOCI | 756 |  |  | (6,916) |  |  | (6,160) |
Net current period other comprehensive income (loss) | (128,524) |  |  | (35,573) |  |  | (164,097) |
Balance at September 30, 2021 | $ | (22,855) |  |  | $ | 17,393 |  |  | $ | (5,462) |

(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.
23

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.

| September 30, 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 | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  |  | $ | — |  |  | $ | 197 |  |  | $ | — |  |  | $ | 197 |
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — |  |  | 4,187 |  |  | — |  |  | 4,187 |  |  |  | — |  |  | 671 |  |  | — |  |  | 671 |
U.S. Government agency securities |  |  | 13,712 |  |  | — |  |  | 13,712 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Other mortgage-backed securities | — |  |  | 3,350 |  |  | — |  |  | 3,350 |  |  |  | — |  |  | — |  |  | — |  |  | — |
State and municipal securities | — |  |  | 297 |  |  | — |  |  | 297 |  |  |  | — |  |  | 560 |  |  | — |  |  | 560 |
Asset-backed securities | — |  |  | 3,791 |  |  | — |  |  | 3,791 |  |  |  | — |  |  | 6,963 |  |  | — |  |  | 6,963 |
Other investments | — |  |  | 122 |  |  | — |  |  | 122 |  |  |  | — |  |  | — |  |  | — |  |  | — |
Total trading securities | $ | — |  |  | $ | 25,481 |  |  | $ | — |  |  | $ | 25,481 |  |  |  | $ | — |  |  | $ | 8,391 |  |  | $ | — |  |  | $ | 8,391 |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 467,756 |  |  | $ | — |  |  | $ | — |  |  | $ | 467,756 |  |  |  | $ | 117,838 |  |  | $ | — |  |  | $ | — |  |  | $ | 117,838 |
U.S. Government agency securities | — |  |  | 48,570 |  |  | — |  |  | 48,570 |  |  |  | — |  |  | 54,201 |  |  | — |  |  | 54,201 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 722,612 |  |  | — |  |  | 722,612 |  |  |  | — |  |  | 779,633 |  |  | — |  |  | 779,633 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 6,832,939 |  |  | — |  |  | 6,832,939 |  |  |  | — |  |  | 8,012,301 |  |  | — |  |  | 8,012,301 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 684,508 |  |  | — |  |  | 684,508 |  |  |  | — |  |  | 939,623 |  |  | — |  |  | 939,623 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 812,995 |  |  | — |  |  | 812,995 |  |  |  | — |  |  | 481,744 |  |  | — |  |  | 481,744 |
Asset-backed securities | — |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | 514,188 |  |  | — |  |  | 514,188 |
Corporate debt securities and other debt securities | — |  |  | 18,128 |  |  | — |  |  | 18,128 |  |  |  | — |  |  | 18,801 |  |  | — |  |  | 18,801 |
Total investment securities available for sale | $ | 467,756 |  |  | $ | 9,119,752 |  |  | $ | — |  |  | $ | 9,587,508 |  |  |  | $ | 117,838 |  |  | $ | 10,800,491 |  |  | $ | — |  |  | $ | 10,918,329 |
Mortgage loans held for sale | $ | — |  |  | $ | 56,517 |  |  | $ | — |  |  | $ | 56,517 |  |  |  | $ | — |  |  | $ | 108,198 |  |  | $ | — |  |  | $ | 108,198 |
Other investments | — |  |  | — |  |  | 11,212 |  |  | 11,212 |  |  |  | — |  |  | — |  |  | 12,185 |  |  | 12,185 |
Mutual funds and mutual funds held in rabbi trusts | 40,151 |  |  | — |  |  | — |  |  | 40,151 |  |  |  | 43,657 |  |  | — |  |  | — |  |  | 43,657 |
GGL/SBA loans servicing asset | — |  |  | — |  |  | 2,798 |  |  | 2,798 |  |  |  | — |  |  | — |  |  | 3,233 |  |  | 3,233 |
Derivative assets | — |  |  | 82,087 |  |  | — |  |  | 82,087 |  |  |  | — |  |  | 191,708 |  |  | — |  |  | 191,708 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading liability for short positions | $ | 16,236 |  |  | $ | 296 |  |  | $ | — |  |  | $ | 16,532 |  |  |  | $ | — |  |  | $ | 200 |  |  | $ | — |  |  | $ | 200 |
Mutual funds held in rabbi trusts | 25,486 |  |  | — |  |  | — |  |  | 25,486 |  |  |  | 27,205 |  |  | — |  |  | — |  |  | 27,205 |
Derivative liabilities | — |  |  | 338,970 |  |  | 1,184 |  |  | 340,154 |  |  |  | — |  |  | 95,067 |  |  | 3,535 |  |  | 98,602 |

24

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 September 30, 2022 |  | As of December 31, 2021
Fair value | $ | 56,517 |  |  | $ | 108,198 |
Unpaid principal balance | 57,038 |  |  | 105,785 |
Fair value less aggregate unpaid principal balance | $ | (521) |  |  | $ | 2,413 |

Changes in Fair Value Included in Net Income | Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Location in Consolidated Statements of Income
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021 |
Mortgage loans held for sale | $ | (1,389) |  |  | $ | (1,761) |  |  | $ | (2,934) |  |  | $ | (2,299) |  |  | 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 and nine months ended September 30, 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 September 30, 2022
(in thousands) |  |  |  | Other Investments |  | GGL / SBA Loans Servicing Asset |  | Visa Derivative
Beginning balance |  |  |  | $ | 11,083 |  |  | $ | 3,155 |  |  | $ | (4,993) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |
Included in earnings |  |  |  | 129 |  |  | (444) |  |  | — |
Additions |  |  |  | — |  |  | — |  |  | — |
Settlements |  |  |  | — |  |  | 87 |  |  | 3,809 |
Ending balance |  |  |  | $ | 11,212 |  |  | $ | 2,798 |  |  | $ | (1,184) |
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 September 30, 2022 |  |  |  | $ | 129 |  |  | $ | — |  |  | $ | — |
|  | Three Months Ended September 30, 2021
(in thousands) |  | Other Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance |  | $ | 1,026 |  |  | $ | 3,321 |  |  | $ | (6,427) |  |  | $ | (1,473) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |
Included in earnings |  | (35) |  |  | (467) |  |  | 243 |  |  | — |
Additions |  | 10,000 |  |  | 534 |  |  | — |  |  | — |
Settlements |  | — |  |  | — |  |  | 6,184 |  |  | 302 |
Ending balance |  | $ | 10,991 |  |  | $ | 3,388 |  |  | $ | — |  |  | $ | (1,171) |
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 September 30, 2021 |  | $ | (35) |  |  | $ | — |  |  | $ | — |  |  | $ | — |

25

|  |  |  |  | Nine Months Ended September 30, 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 |  |  |  |  | (7,000) |  |  | (1,216) |  |  | (3,500) |
Additions |  |  |  |  | 6,027 |  |  | — |  |  | — |
Settlements |  |  |  |  | — |  |  | 781 |  |  | 5,851 |
Ending balance |  |  |  |  | $ | 11,212 |  |  | $ | 2,798 |  |  | $ | (1,184) |
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 September 30, 2022 |  |  |  |  | $ | (7,000) |  |  | $ | — |  |  | $ | (3,500) |
| Nine Months Ended September 30, 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 | — |  |  | (30) |  |  | (897) |  |  | (507) |  |  | — |
Sales | (2,021) |  |  | — |  |  | — |  |  | — |  |  | — |
Additions | — |  |  | 10,000 |  |  | 1,027 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | 6,184 |  |  | 877 |
Ending balance | $ | — |  |  | $ | 10,991 |  |  | $ | 3,388 |  |  | $ | — |  |  | $ | (1,171) |
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 September 30, 2021 | $ | — |  |  | $ | (30) |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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.

| September 30, 2022 |  | Fair Value Adjustments for the |  | Location in Consolidated Statements of Income
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  |  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022 |
Loans(1) | $ | — |  |  | $ | — |  |  | $ | 19,835 |  |  |  | $ | 1,871 |  |  | $ | 6,878 |  |  | Provision for credit losses
Other assets held for sale | — |  |  | — |  |  | 1,736 |  |  |  | 722 |  |  | 722 |  |  | Other operating expense
| September 30, 2021 |  | Fair Value Adjustments for the |  | Location in Consolidated Statements of Income
| Level 1 |  | Level 2 |  | Level 3 |  |  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021 |
Loans(1) | $ | — |  |  | $ | — |  |  | $ | 11,123 |  |  |  | $ | 13,933 |  |  | $ | 14,823 |  |  | Provision for credit losses
Other assets held for sale | — |  |  | — |  |  | 806 |  |  |  | 301 |  |  | 301 |  |  | Other operating expense

(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 September 30, 2022 and December 31, 2021 was $0 and $11.8 million, respectively.
Fair Value of Financial Instruments
The following tables present the carrying and estimated fair values of financial instruments at September 30, 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.
26

| September 30, 2022
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 1,867,804 |  |  | $ | 1,867,804 |  |  | $ | 1,867,804 |  |  | $ | — |  |  | $ | — |
Trading securities | 25,481 |  |  | 25,481 |  |  | — |  |  | 25,481 |  |  | — |
Investment securities available for sale | 9,587,508 |  |  | 9,587,508 |  |  | 467,756 |  |  | 9,119,752 |  |  | — |
Loans held for sale | 696,450 |  |  | 693,973 |  |  | — |  |  | 56,517 |  |  | 637,456 |
Other investments | 11,212 |  |  | 11,212 |  |  | — |  |  | — |  |  | 11,212 |
Mutual funds and mutual funds held in rabbi trusts | 40,151 |  |  | 40,151 |  |  | 40,151 |  |  | — |  |  | — |
Loans, net | 42,150,099 |  |  | 40,952,610 |  |  | — |  |  | — |  |  | 40,952,610 |
GGL/SBA loans servicing asset | 2,798 |  |  | 2,798 |  |  | — |  |  | — |  |  | 2,798 |
FRB and FHLB stock | 300,979 |  |  | 300,979 |  |  | — |  |  | 300,979 |  |  |
Derivative assets | 82,087 |  |  | 82,087 |  |  | — |  |  | 82,087 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Non-interest-bearing deposits | $ | 16,359,551 |  |  | $ | 16,359,551 |  |  | $ | — |  |  | $ | 16,359,551 |  |  | $ | — |
Non-time interest-bearing deposits | 26,457,928 |  |  | 26,457,928 |  |  | — |  |  | 26,457,928 |  |  | — |
Time deposits | 4,880,085 |  |  | 4,832,971 |  |  | — |  |  | 4,832,971 |  |  | — |
Total deposits | $ | 47,697,564 |  |  | $ | 47,650,450 |  |  | $ | — |  |  | $ | 47,650,450 |  |  | $ | — |
Federal funds purchased and securities sold under repurchase agreements | 240,210 |  |  | 240,210 |  |  | 240,210 |  |  | — |  |  | — |
Trading liability for short positions | 16,532 |  |  | 16,532 |  |  | 16,236 |  |  | 296 |  |  | — |
Short-term FHLB advances | 599,700 |  |  | 599,700 |  |  | — |  |  | 599,700 |  |  | — |
Long-term debt | 4,434,327 |  |  | 4,454,897 |  |  | — |  |  | 4,454,897 |  |  | — |
Mutual funds held in rabbi trusts | 25,486 |  |  | 25,486 |  |  | 25,486 |  |  | — |  |  | — |
Derivative liabilities | 340,154 |  |  | 340,154 |  |  | — |  |  | 338,970 |  |  | 1,184 |

27

| 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. 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. 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 hedging 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 three and nine months ended September 30, 2022, notional amounts of $0 and $1.65 billion, respectively, in either spot starting or forward starting cash flow hedges were added.
For cash flow hedges, 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 in which the hedged transactions would have affected earnings. If, however, it is probable the forecasted
28

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 three and nine months ended September 30, 2022 and $488 thousand, or $364 thousand, after tax, in OCI during the three months ended September 30, 2021 and $1.2 million, or $930 thousand, after-tax, in OCI, during the nine months ended September 30, 2021 related to terminated cash flow hedges, which are being recognized into earnings in conjunction with the effective terms of the original swaps through the second quarter of 2026. Synovus recognized pre-tax income of $690 thousand and $3.9 million during the three and nine months ended September 30, 2022, respectively, and $4.0 million and $9.3 million for the three and nine months ended September 30, 2021, respectively, related to the amortization of terminated cash flow hedges.
As of September 30, 2022, Synovus expects to reclassify into earnings approximately $138 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 $1 million in pre-tax income related to the amortization of terminated cash flow hedges. As of September 30, 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.
Fair value hedging relationships mitigate exposure to the change in fair value of an asset or liability. Synovus has entered into receive-fixed, pay-variable interest rate swap contracts to hedge the change in the fair value due to fluctuations in market interest rates for outstanding fixed-rate long-term debt and interest-bearing deposits. The changes in fair value of the fair value hedges are recorded through earnings with an offset against changes in the fair value of the hedged item within interest expense in the consolidated statements of income. All components of each derivative instrument’s gain/(loss) are included in the assessment of hedge effectiveness. During the three and nine months ended September 30, 2022, notional amounts of $947.1 million and $1.77 billion, respectively, in fair value hedges were added.
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 September 30, 2022 and December 31, 2021, collateral totaling $58.6 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.
29

The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.

| September 30, 2022 |  | December 31, 2021
|  |  | Estimated Fair Value |  |  |  | Estimated 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 | $ | 5,250,000 |  |  | $ | — |  |  | $ | 8,571 |  |  | $ | 3,600,000 |  |  | $ | 22,004 |  |  | $ | 20,395 |
Total cash flow hedges |  |  | $ | — |  |  | $ | 8,571 |  |  |  |  | $ | 22,004 |  |  | $ | 20,395 |
Derivatives in fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 1,766,496 |  |  | $ | — |  |  | $ | 4,260 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total fair value hedges |  |  | $ | — |  |  | $ | 4,260 |  |  |  |  | $ | — |  |  | $ | — |
Total derivatives designated as hedging instruments |  |  | $ | — |  |  | $ | 12,831 |  |  |  |  | $ | 22,004 |  |  | $ | 20,395 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 9,256,575 |  |  | $ | 77,220 |  |  | $ | 325,354 |  |  | $ | 9,653,600 |  |  | $ | 167,560 |  |  | $ | 74,514 |
Mortgage derivatives - interest rate lock commitments | 88,598 |  |  | — |  |  | 785 |  |  | 99,006 |  |  | 2,105 |  |  | — |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 108,000 |  |  | 4,347 |  |  | — |  |  | 105,500 |  |  | — |  |  | 122 |
Risk participation agreements | 472,751 |  |  | — |  |  | — |  |  | 374,214 |  |  | — |  |  | 36 |
Foreign exchange contracts | 17,862 |  |  | 520 |  |  | — |  |  | 22,387 |  |  | 39 |  |  | — |
Visa derivative | — |  |  | — |  |  | 1,184 |  |  | — |  |  | — |  |  | 3,535 |
Total derivatives not designated as hedging instruments |  |  | $ | 82,087 |  |  | $ | 327,323 |  |  |  |  | $ | 169,704 |  |  | $ | 78,207 |

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 and nine months ended September 30, 2022 and 2021.

| Three Months Ended September 30, 2022
| Interest Income |  | Interest Expense
(in thousands) | Loans, including fees |  | Deposits |  | Long-term debt |  | Other borrowings
Total interest income/(expense) amounts presented in the consolidated statements of income | $ | 478,448 |  |  | $ | 46,917 |  |  | $ | 22,156 |  |  | $ | 4,307 |
Gain/(loss) on cash flow hedging relationships: (1) |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | $ | (10,253) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Pre-tax income (loss) recognized on cash flow hedges | $ | (10,253) |  |  | — |  |  | — |  |  | — |
Gain/(loss) on fair value hedging relationships: |  |  |  |  |  |  |
Recognized on derivatives | $ | — |  |  | $ | (17,523) |  |  | $ | (17,769) |  |  | $ | (300) |
Recognized on hedged items | — |  |  | 17,523 |  |  | 17,769 |  |  | 300 |
Pre-tax income (loss) recognized on fair value hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

30

| Three Months Ended September 30, 2021
| Interest Income
(in thousands) | Loans, including fees
Total interest income/(expense) amounts presented in the consolidated statements of income | $ | 369,323 |
Gain/(loss) on cash flow hedging relationships: (1) |
Interest rate contracts: |
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | $ | 4,009 |
Pre-tax income (loss) recognized on cash flow hedges | $ | 4,009 |

| Nine Months Ended September 30, 2022
| Interest Income |  | Interest Expense
(in thousands) | Loans, including fees |  | Deposits |  | Long-term debt |  | Other borrowings
Total interest income/(expense) amounts presented in the consolidated statements of income | $ | 1,230,847 |  |  | $ | 79,077 |  |  | $ | 41,069 |  |  | $ | 5,432 |
Gain/(loss) on cash flow hedging relationships: (1) |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | $ | 4,556 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Pre-tax income (loss) recognized on cash flow hedges | $ | 4,556 |  |  | — |  |  | — |  |  | — |
Gain/(loss) on fair value hedging relationships: |  |  |  |  |  |  |
Recognized on derivatives | $ | — |  |  | $ | (20,341) |  |  | $ | (19,224) |  |  | $ | (300) |
Recognized on hedged items | — |  |  | 20,341 |  |  | 19,224 |  |  | 300 |
Pre-tax income (loss) recognized on fair value hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

| Nine Months Ended September 30, 2021
| Interest Income
(in thousands) | Loans, including fees
Total interest income/(expense) amounts presented in the consolidated statements of income | $ | 1,113,102 |
Gain/(loss) on cash flow hedging relationships: (1) |
Interest rate contracts: |
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | $ | 9,265 |
Pre-tax income (loss) recognized on cash flow hedges | $ | 9,265 |

(1) See "Part I - Item 1. Financial Statements and Supplementary Data - Note 5 - Accumulated Other Comprehensive Income (Loss)" for gain (loss) recognized on cash flow hedging relationships in AOCI.
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.

| September 30, 2022 |  | December 31, 2021
| Hedged Items Currently Designated |  | Hedged Items Currently Designated
(in thousands) | Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment |  | Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment
Interest-bearing deposits | $ | (866,496) |  | $ | 20,341 |  |  | $ | — |  | $ | — |
Long-term debt | (545,520) |  | 19,224 |  |  | — |  | — |
Short-term FHLB advances | (350,000) |  | 300 |  |  | — |  | — |

31

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 and nine months ended September 30, 2022 and 2021 is presented below.

|  |  |  | Gain (Loss) Recognized in Consolidated Statements of Income
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | Location in Consolidated Statements of Income |  | 2022 |  | 2021 |  | 2022 |  | 2021
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Interest rate contracts(1) |  | Capital markets income |  | $ | 137 |  |  | $ | 164 |  |  | $ | 1,546 |  |  | $ | 474 |
Mortgage derivatives - interest rate lock commitments |  | Mortgage banking income |  | (1,966) |  |  | (1,388) |  |  | (2,890) |  |  | (3,160) |
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans |  | Mortgage banking income |  | 4,114 |  |  | 922 |  |  | 4,469 |  |  | 2,190 |
Risk participation agreements |  | Capital markets income |  | 1 |  |  | 90 |  |  | 36 |  |  | 272 |
Foreign exchange contracts |  | Capital markets income |  | 97 |  |  | — |  |  | 482 |  |  | — |
Visa derivative |  | Other non-interest expense |  | — |  |  | — |  |  | (3,500) |  |  | — |
Total derivatives not designated as hedging instruments |  |  |  | $ | 2,383 |  |  | $ | (212) |  |  | $ | 143 |  |  | $ | (224) |

(1) Gain (loss) represents net fair value adjustments (including credit related adjustments) for client swaps.
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 and nine months ended September 30, 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 September 30, |  | Nine Months Ended September 30,
(in thousands, except per share data) | 2022 |  | 2021 |  | 2022 |  | 2021
Basic Net Income Per Common Share: |  |  |  |  |  |  |
Net income available to common shareholders | $ | 194,753 |  |  | $ | 178,482 |  |  | $ | 527,260 |  |  | $ | 535,193 |
Weighted average common shares outstanding | 145,386 |  |  | 146,308 |  |  | 145,329 |  |  | 147,622 |
Net income per common share, basic | $ | 1.34 |  |  | $ | 1.22 |  |  | $ | 3.63 |  |  | $ | 3.63 |
Diluted Net Income Per Common Share: |  |  |  |  |  |  |
Net income available to common shareholders | $ | 194,753 |  |  | $ | 178,482 |  |  | $ | 527,260 |  |  | $ | 535,193 |
Weighted average common shares outstanding | 145,386 |  |  | 146,308 |  |  | 145,329 |  |  | 147,622 |
Effect of dilutive outstanding equity-based awards and earnout payments | 1,032 |  |  | 1,393 |  |  | 1,136 |  |  | 1,447 |
Weighted average diluted common shares | 146,418 |  |  | 147,701 |  |  | 146,465 |  |  | 149,069 |
Net income per common share, diluted | $ | 1.33 |  |  | $ | 1.21 |  |  | $ | 3.60 |  |  | $ | 3.59 |

For the three months ended September 30, 2022 and 2021, there were 21 thousand and 32 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding. For both the nine months ended September 30, 2022 and 2021, there were 21 thousand potentially dilutive shares 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.
32

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 September 30, 2022, the ACL for unfunded commitments was $57.9 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) | September 30, 2022 |  | December 31, 2021
Letters of credit(1) | $ | 215,645 |  |  | $ | 183,463 |
Commitments to fund commercial and industrial loans | 9,869,096 |  |  | 9,595,793 |
Commitments to fund commercial real estate, construction, and land development loans | 3,741,186 |  |  | 3,593,171 |
Commitments under home equity lines of credit | 2,092,533 |  |  | 1,805,869 |
Unused credit card lines | 463,253 |  |  | 473,582 |
Other loan commitments | 755,935 |  |  | 604,353 |
Total letters of credit and unfunded lending commitments | $ | 17,137,648 |  |  | $ | 16,256,231 |

Tax credits, CRA partnerships, and other investments: |  |  |
Carrying amount included in other assets | $ | 465,361 |  |  | $ | 426,137 |
Amount of future funding commitments | 265,209 |  |  | 250,733 |
Permanent and short-term construction loans and letter of credit commitments(2) | 164,863 |  |  | 204,391 |
Funded portion of permanent and short-term loans and letters of credit(3) | 202,392 |  |  | 104,315 |

(1) Represent the contractual amount net of risk participations purchased of $26.1 million and $26.1 million at September 30, 2022 and December 31, 2021, respectively.
(2) Represent the contractual amount net of risk participations of $1.7 million and $6.0 million at September 30, 2022 and December 31, 2021, respectively.
(3) Represent the contractual amount net of risk participations of $5.7 million and $3.0 million at September 30, 2022 and December 31, 2021, respectively.
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 and nine months ended September 30, 2022, Synovus and the sponsored entities processed and settled $30.33 billion and $89.94 billion of transactions, respectively. For the three and nine months ended September 30, 2021, Synovus and the sponsored entities processed and settled $28.39 billion and $83.54 billion of transactions, respectively.
33

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 September 30, 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. Under GAAP, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely,” and an event is “remote” if the “chance of the future event or events occurring is slight." 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 lo ans are i ncluded 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.
The Wholesale Banking business segment serves primarily larger corporate and governmental clients by providing commercial lending, capital markets, and deposit services through specialty teams including middle market, CRE, senior
34

housing, national accounts, premium finance, structured lending, healthcare, asset-based lending, public finance, restaurant services, and community investment capital.
The Community Banking business segment primarily 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, payments, 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, trust services, 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 and nine months ended September 30, 2022 and 2021. The application and development of management reporting methodologies is a dynamic p rocess 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 and relationship managers between segments. During the third quarter of 2022, public funds deposits (and related net interest income, FTP, and non-interest expense) in the Financial Management Services segment were transferred to the Wholesale Banking segment in order to maintain consistency so that all public funds deposits can be managed together in the same business segment. Prior periods have been adjusted accordingly.

| Three Months Ended September 30, 2022
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 177,844 |  |  | $ | 109,948 |  |  | $ | 125,421 |  |  | $ | 17,076 |  |  | $ | 47,630 |  |  | $ | 477,919 |
Non-interest revenue | 9,790 |  |  | 11,768 |  |  | 21,498 |  |  | 46,615 |  |  | 14,627 |  |  | 104,298 |
Non-interest expense | 29,888 |  |  | 33,545 |  |  | 48,234 |  |  | 42,620 |  |  | 139,723 |  |  | 294,010 |
Pre-provision net revenue | $ | 157,746 |  |  | $ | 88,171 |  |  | $ | 98,685 |  |  | $ | 21,071 |  |  | $ | (77,466) |  |  | $ | 288,207 |

| Three Months Ended September 30, 2021
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 138,774 |  |  | $ | 99,512 |  |  | $ | 100,502 |  |  | $ | 19,964 |  |  | $ | 26,165 |  |  | $ | 384,917 |
Non-interest revenue | 10,739 |  |  | 12,963 |  |  | 20,758 |  |  | 51,248 |  |  | 19,247 |  |  | 114,955 |
Non-interest expense | 22,514 |  |  | 30,169 |  |  | 43,620 |  |  | 44,999 |  |  | 125,730 |  |  | 267,032 |
Pre-provision net revenue | $ | 126,999 |  |  | $ | 82,306 |  |  | $ | 77,640 |  |  | $ | 26,213 |  |  | $ | (80,318) |  |  | $ | 232,840 |

35

| Nine Months Ended September 30, 2022
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 503,828 |  |  | $ | 306,966 |  |  | $ | 326,553 |  |  | $ | 52,895 |  |  | $ | 105,313 |  |  | $ | 1,295,555 |
Non-interest revenue | 27,473 |  |  | 37,819 |  |  | 65,236 |  |  | 136,975 |  |  | 39,394 |  |  | 306,897 |
Non-interest expense | 83,630 |  |  | 97,671 |  |  | 139,859 |  |  | 131,023 |  |  | 396,328 |  |  | 848,511 |
Pre-provision net revenue | $ | 447,671 |  |  | $ | 247,114 |  |  | $ | 251,930 |  |  | $ | 58,847 |  |  | $ | (251,621) |  |  | $ | 753,941 |

| Nine Months Ended September 30, 2021
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 409,265 |  |  | $ | 297,852 |  |  | $ | 311,285 |  |  | $ | 59,603 |  |  | $ | 62,629 |  |  | $ | 1,140,634 |
Non-interest revenue | 25,058 |  |  | 36,055 |  |  | 59,632 |  |  | 162,176 |  |  | 50,076 |  |  | 332,997 |
Non-interest expense | 64,590 |  |  | 85,234 |  |  | 130,482 |  |  | 139,383 |  |  | 385,008 |  |  | 804,697 |
Pre-provision net revenue | $ | 369,733 |  |  | $ | 248,673 |  |  | $ | 240,435 |  |  | $ | 82,396 |  |  | $ | (272,303) |  |  | $ | 668,934 |

| September 30, 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 | $ | 24,614,311 |  |  | $ | 8,232,482 |  |  | $ | 2,887,964 |  |  | $ | 5,104,400 |  |  | $ | 1,732,301 |  |  | $ | 42,571,458 |
Total deposits | $ | 11,346,835 |  |  | $ | 11,227,390 |  |  | $ | 19,394,060 |  |  | $ | 124,208 |  |  | $ | 5,605,071 |  |  | $ | 47,697,564 |
Total full-time equivalent employees | 325 |  |  | 623 |  |  | 1,510 |  |  | 799 |  |  | 1,776 |  |  | 5,033 |
| 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 | $ | 12,795,224 |  |  | $ | 12,557,631 |  |  | $ | 19,668,846 |  |  | $ | 401,969 |  |  | $ | 4,003,606 |  |  | $ | 49,427,276 |
Total full-time equivalent employees | 284 |  |  | 617 |  |  | 1,522 |  |  | 794 |  |  | 1,670 |  |  | 4,887 |

36

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) |  | the risk that we may not realize the expected benefits from our strategic initiatives or that we may not be able to realize growth and efficiency gains in the time period expected, which could regularly affect our future profitability;
(3) |  | the risk that an economic downturn and contraction, including a recession, 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 inflation, current supply chain challenges, and the continued impact of COVID-19;
(4) |  | our ability to attract and retain employees and the impact of senior leadership transitions that are key to our strategic initiatives;
(5) |  | 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;
(6) |  | the risk that prolonged periods of inflation could have on our business, profitability and our stock price;
(7) |  | 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;
(8) |  | changes in the cost and availability of funding due to changes in the deposit market and credit market;
(9) |  | 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;
(10) |  | 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 industry;
(11) |  | 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;
(12) |  | 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;
(13) |  | 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;

37

(14) |  | 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;
(15) |  | 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;
(16) |  | 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 relationships with third-party vendors and other service providers;
(17) |  | 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;
(18) |  | 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;
(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) |  | 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;
(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
38

products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, 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 257 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 and nine months ended September 30, 2022 and financial condition as of September 30, 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.
A reading of each section is important to fully understand our financial performance.
39

DISCUSSION OF RESULTS OF OPERATIONS

Table 1 - Consolidated Financial Highlights |  |  |  |  |  |  |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands, except per share data) | 2022 |  | 2021 |  | Change |  | 2022 |  | 2021 |  | Change
Net interest income | $ | 477,919 |  |  | $ | 384,917 |  |  | 24 | % |  | $ | 1,295,555 |  |  | $ | 1,140,634 |  |  | 14 | %
Provision for (reversal of) credit losses | 25,581 |  |  | (7,868) |  |  | nm |  | 49,669 |  |  | (51,041) |  |  | nm
Non-interest revenue | 104,298 |  |  | 114,955 |  |  | (9) |  |  | 306,897 |  |  | 332,997 |  |  | (8) |
Total TE revenue | 583,189 |  |  | 500,608 |  |  | 17 |  |  | 1,605,248 |  |  | 1,475,932 |  |  | 9 |
Non-interest expense | 294,010 |  |  | 267,032 |  |  | 10 |  |  | 848,511 |  |  | 804,697 |  |  | 5 |
Income before income taxes | 262,626 |  |  | 240,708 |  |  | 9 |  |  | 704,272 |  |  | 719,975 |  |  | (2) |
Net income | 203,044 |  |  | 186,773 |  |  | 9 |  |  | 552,132 |  |  | 560,065 |  |  | (1) |
Net income available to common shareholders | 194,753 |  |  | 178,482 |  |  | 9 |  |  | 527,260 |  |  | 535,193 |  |  | (1) |
Net income per common share, basic | 1.34 |  |  | 1.22 |  |  | 10 |  |  | 3.63 |  |  | 3.63 |  |  | — |
Net income per common share, diluted | 1.33 |  |  | 1.21 |  |  | 10 |  |  | 3.60 |  |  | 3.59 |  |  | — |
Net interest margin(1) | 3.49 | % |  | 3.01 | % |  | 48 | bps |  | 3.24 | % |  | 3.02 | % |  | 22 | bps
Net charge-off ratio(1) | 0.04 |  |  | 0.22 |  |  | (18) |  |  | 0.13 |  |  | 0.24 |  |  | (11) |
Return on average assets(1) | 1.39 |  |  | 1.34 |  |  | 5 |  |  | 1.29 |  |  | 1.37 |  |  | (8) |
Efficiency ratio-TE | 50.41 |  |  | 53.34 |  |  | (293) |  |  | 52.86 |  |  | 54.52 |  |  | (166) |

(1) Annualized

| September 30, 2022 |  | June 30, 2022 |  | Sequential Quarter Change |  | September 30, 2021 |  | Year-Over-Year Change
(dollars in thousands)
Loans, net of deferred fees and costs | $ | 42,571,458 |  |  | $ | 41,204,780 |  |  | $ | 1,366,678 |  |  | $ | 38,341,030 |  |  | $ | 4,230,428 |  |
Total average loans | 41,768,372 |  |  | 40,590,875 |  |  | 1,177,497 |  |  | 37,534,133 |  |  | 4,234,239 |  |
Total deposits | 47,697,564 |  |  | 49,034,700 |  |  | (1,337,136) |  |  | 47,688,419 |  |  | 9,145 |  |
Core deposits (excludes brokered deposits) | 43,199,755 |  |  | 45,411,583 |  |  | (2,211,828) |  |  | 44,907,718 |  |  | (1,707,963) |  |
Total average deposits | 48,430,869 |  |  | 49,015,994 |  |  | (585,125) |  |  | 47,477,217 |  |  | 953,652 |  |
Non-performing assets ratio | 0.32 | % |  | 0.33 | % |  | (1) | bps |  | 0.45 | % |  | (13) |  | bps
Non-performing loans ratio | 0.29 |  |  | 0.26 |  |  | 3 |  |  | 0.41 |  |  | (12) |  |
Past due loans over 90 days | 0.01 |  |  | 0.01 |  |  | — |  |  | 0.02 |  |  | (1) |  |
CET1 capital | $ | 4,769,179 |  |  | $ | 4,612,070 |  |  | $ | 157,109 |  |  | $ | 4,276,765 |  |  | $ | 492,414 |  |
Tier 1 capital | 5,306,324 |  |  | 5,149,215 |  |  | 157,109 |  |  | 4,813,910 |  |  | 492,414 |  |
Total risk-based capital | 6,237,082 |  |  | 6,059,074 |  |  | 178,008 |  |  | 5,765,528 |  |  | 471,554 |  |
CET1 capital ratio | 9.52 | % |  | 9.46 | % |  | 6 | bps |  | 9.58 | % |  | (6) |  | bps
Tier 1 capital ratio | 10.59 |  |  | 10.56 |  |  | 3 |  |  | 10.79 |  |  | (20) |  |
Total risk-based capital ratio | 12.45 |  |  | 12.43 |  |  | 2 |  |  | 12.92 |  |  | (47) |  |
Total shareholders’ equity to total assets ratio | 7.21 |  |  | 7.99 |  |  | (78) |  |  | 9.46 |  |  | (225) |  |
Return on average common equity(1) | 18.66 |  |  | 16.48 |  |  | 218 |  |  | 14.96 |  |  | 370 |  |

(1) Quarter annualized
Executive Summary
Net income available to common shareholders for the third quarter of 2022 was $194.8 million, or $1.33 per diluted common share, compared to $178.5 million, or $1.21 per diluted common share, for the third quarter of 2021. Net income available to common shareholders for the first nine months of 2022 was $527.3 million, or $3.60 per diluted common share, compared to $535.2 million, or $3.59 per diluted common share for the first nine months of 2021. The year-over-year changes for all time periods were largely impacted by higher net interest income from increased interest rates as well as strong loan growth. Increased economic uncertainty related to inflationary concerns and geopolitical tensions resulted in provision for credit losses of $25.6 million and $49.7 million, respectively, for the three and nine months ended September 30, 2022, and reversals of $7.9 million and $51.0 million for the three and nine months ended September 30, 2021, respectively.
Net interest income for the nine months ended September 30, 2022 was $1.30 billion, up $154.9 million, or 14%, compared to the same period in 2021, including $12.2 million in PPP fees during 2022 and $66.5 million in 2021. Net interest margin was up 22 bps over the comparable nine-month period to 3.24%, due primarily to interest rate increases and disciplined deposit pricing partially offset by funding mix and a $54.3 million decline in PPP fees. Net interest margin for the third quarter was
40

3.49%, up 27 bps sequentially, aided by higher loan yields from increased interest rates partially offset by higher deposit and wholesale funding costs.
Non-interest revenue for the third quarter of 2022 was $104.3 million, down $10.7 million, or 9%, compared to the third quarter of 2021, and year-to-date was $306.9 million, down $26.1 million, or 8%, compared to the same periods in 2021, primarily due to lower mortgage banking income partially offset by higher core banking fees (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) and higher wealth revenue (fiduciary and asset management, brokerage, and insurance revenue).
Non-interest expense for the third quarter of 2022 was $294.0 million, up $27.0 million, or 10%, while year-to-date non-interest expense of $848.5 million was up $43.8 million, or 5%, compared to the same periods in 2021. The increase in non-interest expense during 2022 was primarily due to an increase in expense associated with elevated performance incentives, merit and inflationary wage increases, headcount additions, resumption of normal business activities post COVID-19, and investments in new growth initiatives and technology and operations infrastructure.
At September 30, 2022, loans, net of deferred fees and costs, of $42.57 billion, increased $3.26 billion, or 8%, from December 31, 2021. Excluding a $356.8 million decline in PPP loans, primarily from forgiveness, loans increased $3.62 billion, or 9%, led by growth in C&I and CRE loans, driven by an increase in commercial production and line utilization as well as a deceleration in pay-off activity.
At September 30, 2022, credit metrics remained stable overall and at or near historically low levels with NPAs at 32 bps, NPLs at 29 bps, and total past dues at 15 bps, as a percentage of total loans. Net charge-offs remained low at $4.7 million, or 4 bps annualized, and $39.9 million, or 13 bps annualized, for the three and nine months ended September 30, 2022, respectively. The ACL at September 30, 2022 totaled $479.3 million, a slight increase of $9.8 million from December 31, 2021, which resulted primarily from loan growth and an increase in unfunded commitments mostly offset by decreased specific reserves and continued positive trends in our credit performance. The ACL to loans coverage ratio at September 30, 2022 was 1.13%, 6 bps lower compared to December 31, 2021 due to overall improvement in economic factors, primarily the unemployment rate.
Total period-end deposits at September 30, 2022 decreased $1.73 billion compared to December 31, 2021 as lower money market, public funds, interest-bearing demand, and time deposits, driven by client liquidity deployment and rate-related outflows, were somewhat offset by increases in brokered deposits and non-interest-bearing demand deposits. Total deposit costs were 38 bps during the third quarter of 2022, up 23 bps compared to the sequential quarter, and up 25 bps from the prior year comparable period, primarily due to the impact of the Federal Open Market Committee's rate hikes during 2022.
At September 30, 2022, Synovus' CET1 ratio of 9.52% improved 2 bps compared to December 31, 2021, driven by strong capital generation from earnings mostly offset by significant growth in risk-weighted assets, largely from loan growth, and return of capital primarily through common stock shareholder dividends.
More detail on Synovus' financial results for the three and nine months ended September 30, 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.
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:
•Loan growth (excluding PPP loans) of approximately 11%
•Adjusted revenue (excluding PPP revenue)* growth of 15% to 16%
•Adjusted non-interest expense* growth of 7% to 8%
•Adjusted pre-provision net revenue (excluding PPP revenue)* growth of 25% to 27%
•Ending CET1 ratio of 9.50% to 9.75%
•Effective income tax rate of 21% to 22%
•Synovus Forward on track and expected to achieve $175 million pre-tax run-rate by year-end
(*) See "Table 15 - Reconciliation of Non-GAAP Financial Measures” in this Report for applicable reconciliation to the most comparable GAAP measure.
41

Changes in Financial Condition
During the nine months ended September 30, 2022, total assets increased $1.32 billion to $58.64 billion. We deployed liquidity as cash and cash equivalents decreased $1.14 billion, and total loans increased $3.26 billion, with commercial production and line utilization continuing to drive growth in addition to a deceleration in pay-off activity. Investment securities available for sale decreased $1.33 billion, driven by net unrealized losses from increases in market interest rates. Deposits decreased $1.73 billion, as lower money market, public funds, interest-bearing demand, and time deposits, driven by client liquidity deployment and rate-related outflows, were somewhat offset by increases in brokered deposits and non-interest-bearing demand deposits. The loan to deposit ratio was 89.3% at September 30, 2022, higher as compared to 84.0% at June 30, 2022 and 79.5% at December 31, 2021. Long-term debt increased $3.23 billion from December 31, 2021, largely due to long-term FHLB advances of $3.30 billion and $350.0 million par value 2025 Parent Company senior debt issued in August 2022.
Total shareholders' equity at September 30, 2022 decreased $1.07 billion compared to December 31, 2021, primarily driven by an increase in after-tax net unrealized losses on investment securities available for sale and cash flow hedges of $1.23 billion and $216.5 million, respectively, due to increases in market interest rates. The decline was partially offset by growth in retained earnings, which included net income of $552.1 million and common and preferred stock dividends of $148.3 million and $24.9 million, respectively.
Loans
The following table compares the composition of the loan portfolio at September 30, 2022, December 31, 2021, and September 30, 2021.

Table 2 - Loans by Portfolio Class |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | September 30, 2022 vs. December 31, 2021 Change |  |  |  |  |  | September 30, 2022 vs. September 30, 2021 Change
(dollars in thousands) | September 30, 2022 |  | December 31, 2021 |  |  | September 30, 2021 |
Commercial, financial and agricultural | $ | 13,254,966 |  |  | 31.1 | % |  | $ | 12,147,858 |  |  | 30.9 | % |  | $ | 1,107,108 |  |  | 9 | % |  | $ | 11,864,362 |  |  | 30.9 | % |  | $ | 1,390,604 |  |  | 12 | %
Owner-occupied | 7,957,550 |  |  | 18.7 |  |  | 7,475,066 |  |  | 19.0 |  |  | 482,484 |  |  | 6 |  |  | 7,129,926 |  |  | 18.6 |  |  | 827,624 |  |  | 12 |
Total commercial and industrial | 21,212,516 |  |  | 49.8 |  |  | 19,622,924 |  |  | 49.9 |  |  | 1,589,592 |  |  | 8 |  |  | 18,994,288 |  |  | 49.5 |  |  | 2,218,228 |  |  | 12 |
Investment properties | 11,238,404 |  |  | 26.4 |  |  | 9,902,776 |  |  | 25.2 |  |  | 1,335,628 |  |  | 13 |  |  | 9,482,289 |  |  | 24.8 |  |  | 1,756,115 |  |  | 19 |
1-4 family properties | 639,627 |  |  | 1.5 |  |  | 645,469 |  |  | 1.6 |  |  | (5,842) |  |  | (1) |  |  | 613,874 |  |  | 1.6 |  |  | 25,753 |  |  | 4 |
Land and development | 409,934 |  |  | 1.0 |  |  | 466,866 |  |  | 1.2 |  |  | (56,932) |  |  | (12) |  |  | 477,923 |  |  | 1.2 |  |  | (67,989) |  |  | (14) |
Total commercial real estate | 12,287,965 |  |  | 28.9 |  |  | 11,015,111 |  |  | 28.0 |  |  | 1,272,854 |  |  | 12 |  |  | 10,574,086 |  |  | 27.6 |  |  | 1,713,879 |  |  | 16 |
Consumer mortgages | 5,166,928 |  |  | 12.1 |  |  | 5,068,998 |  |  | 12.9 |  |  | 97,930 |  |  | 2 |  |  | 5,108,457 |  |  | 13.4 |  |  | 58,471 |  |  | 1 |
Home equity | 1,708,246 |  |  | 4.0 |  |  | 1,361,419 |  |  | 3.5 |  |  | 346,827 |  |  | 25 |  |  | 1,359,688 |  |  | 3.5 |  |  | 348,558 |  |  | 26 |
Credit cards | 197,978 |  |  | 0.5 |  |  | 204,172 |  |  | 0.5 |  |  | (6,194) |  |  | (3) |  |  | 199,700 |  |  | 0.5 |  |  | (1,722) |  |  | (1) |
Other consumer loans | 1,997,825 |  |  | 4.7 |  |  | 2,039,334 |  |  | 5.2 |  |  | (41,509) |  |  | (2) |  |  | 2,104,811 |  |  | 5.5 |  |  | (106,986) |  |  | (5) |
Total consumer | 9,070,977 |  |  | 21.3 |  |  | 8,673,923 |  |  | 22.1 |  |  | 397,054 |  |  | 5 |  |  | 8,772,656 |  |  | 22.9 |  |  | 298,321 |  |  | 3 |
Loans, net of deferred fees and costs | $ | 42,571,458 |  |  | 100.0 | % |  | $ | 39,311,958 |  |  | 100.0 | % |  | $ | 3,259,500 |  |  | 8 | % |  | $ | 38,341,030 |  |  | 100.0 | % |  | $ | 4,230,428 |  |  | 11 | %

At September 30, 2022, loans, net of deferred fees and costs of $42.57 billion, increased $3.26 billion, or 8%, from December 31, 2021. This included a $356.8 million decline in PPP loans, primarily from forgiveness, and growth primarily in C&I and CRE loans, driven by an increase in commercial production and line utilization as well as a deceleration in pay-off activity. As a result of our strong loan growth of 3% in the third quarter of 2022, guidance for 2022 total loan growth excluding PPP loans has been increased to approximately 11%, which suggests fourth quarter of 2022 loan growth will taper a bit as compared to the growth levels delivered in the third quarter of 2022.
C&I loans remain the largest component of our loan portfolio, representing 49.8% of total loans, while CRE and consumer loans represent 28.9% and 21.3%, respectively. Our portfolio composition is guided by our strategic growth plan, complemented by a comprehensive concentration management policy, which sets limits for C&I, CRE, and consumer loan levels as well as for underlying sub-categories.
U.S. Small Business Administration Paycheck Protection Program (PPP)
Synovus participated in the PPP, which is a loan program originating with the CARES Act. The total balance of all PPP loans was $42.8 million as of September 30, 2022, down $356.8 million, or 89%, compared to $399.6 million as of December 31, 2021, primarily due to $351 million in forgiveness. The table below provides additional information on PPP loans.
42

Table 3 - PPP loans |  |  |  |  |  |  |  |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  |
(in millions, except count data ) |  | Fundings |  | 3Q22 Forgiveness |  | 2022 Forgiveness |  | Total Life-to-Date Forgiveness |  | End of Period Balance, Net of Unearned Fees and Costs(1)
Phase 1- 2020 Originations |  | $ | 2,886 |  |  | $ | 2 |  |  | $ | 28 |  |  | $ | 2,752 |  |  | $ | 12 |
Phase 2- 2021 Originations |  | 1,047 |  |  | 33 |  |  | 323 |  |  | 1,004 |  |  | 31
Total |  | $ | 3,933 |  |  | $ | 35 |  |  | $ | 351 |  |  | $ | 3,756 |  |  | $ | 43 |

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

(dollars in millions) |  | Total Net Fees |  | Percent of Fundings |  | 3Q22 Recognized Net Fees |  | 2022 Recognized Net Fees |  | Total Recognized Net Fees |  | Total Unrecognized or Remaining Net Fees |  | Contractual Maturity
Phase 1- 2020 Originations |  | $ | 94.9 |  |  | 3.3 | % |  | $ | — |  |  | $ | 0.3 |  |  | $ | 94.9 |  |  | $ | — |  |  | 2 years
Phase 2- 2021 Originations |  | 43.6 |  |  | 4.2 |  |  | 1.6 |  |  | 11.9 |  |  | 42.4 |  |  | 1.2 |  |  | 5 years
Total |  | $ | 138.5 |  |  | 3.5 | % |  | $ | 1.6 |  |  | 12.2 |  | $ | 137.3 |  |  | $ | 1.2 |  |  |
Amounts may not total due to rounding. |  |  |  |  |  |  |  |

Commercial Loans
Total commercial loans (which are comprised of C&I and CRE loans) at September 30, 2022 were $33.50 billion, or 78.7% 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 as well as certain specialized lending verticals. 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 September 30, 2022, 93.9% (94.1% 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 September 30, 2022 grew $1.59 billion, or 8%, from December 31, 2021, as diverse growth from many of our Wholesale Banking sub-businesses and slower pay-off activity were partially offset by a $356.8 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, accommodation and food services, real estate and rental and leasing, and manufacturing industries.
43

Table 4 - Commercial and Industrial Loans by Industry
|  |  | September 30, 2022 |  | December 31, 2021
(dollars in thousands) | NAICS Code |  | Amount |  | %(1) |  | Amount |  | %(1)
Health care and social assistance | 62 |  |  | $ | 4,533,651 |  |  | 21.4 | % |  | $ | 4,220,579 |  |  | 21.5 | %
Finance and insurance | 52 |  |  | 3,388,684 |  |  | 16.0 |  |  | 2,520,480 |  |  | 12.8 |
Manufacturing | 31-33 |  | 1,430,525 |  |  | 6.7 |  |  | 1,314,212 |  |  | 6.7 |
Accommodation and food services | 72 |  |  | 1,372,845 |  |  | 6.5 |  |  | 1,231,801 |  |  | 6.3 |
Wholesale trade | 42 |  |  | 1,200,673 |  |  | 5.7 |  |  | 1,146,505 |  |  | 5.8 |
Real estate and rental and leasing | 5311 |  |  | 1,184,963 |  |  | 5.6 |  |  | 1,061,921 |  |  | 5.4 |
Retail trade | 44-45 |  | 1,090,799 |  |  | 5.1 |  |  | 1,195,456 |  |  | 6.1 |
Construction | 23 |  |  | 1,073,155 |  |  | 5.1 |  |  | 1,023,540 |  |  | 5.2 |
Professional, scientific, and technical services | 54 |  |  | 957,811 |  |  | 4.5 |  |  | 928,436 |  |  | 4.7 |
Other services | 81 |  |  | 957,048 |  |  | 4.5 |  |  | 1,004,448 |  |  | 5.1 |
Transportation and warehousing | 48-49 |  | 847,709 |  |  | 4.0 |  |  | 852,969 |  |  | 4.3 |
Real estate other | 53 |  |  | 766,605 |  |  | 3.6 |  |  | 752,997 |  |  | 3.8 |
Arts, entertainment, and recreation | 71 |  |  | 455,020 |  |  | 2.1 |  |  | 534,597 |  |  | 2.7 |
Educational services | 61 |  |  | 425,515 |  |  | 2.0 |  |  | 427,456 |  |  | 2.2 |
Public administration | 92 |  |  | 408,517 |  |  | 1.9 |  |  | 407,451 |  |  | 2.1 |
Administration, support, waste management, and remediation | 56 |  |  | 264,284 |  |  | 1.2 |  |  | 246,638 |  |  | 1.3 |
Agriculture, forestry, fishing, and hunting | 11 |  |  | 253,749 |  |  | 1.2 |  |  | 285,372 |  |  | 1.5 |
Other industries | (2) |  | 370,202 |  |  | 1.8 |  |  | 278,760 |  |  | 1.5 |
Information | 51 |  |  | 230,761 |  |  | 1.1 |  |  | 189,306 |  |  | 1.0 |
Total commercial and industrial loans |  |  | $ | 21,212,516 |  |  | 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 September 30, 2022, $13.25 billion of C&I loans, or 31.1% of the total loan portfolio (including PPP loans of $42.8 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 September 30, 2022, $7.96 billion of C&I loans, or 18.7% 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 predominantly 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 $12.29 billion increased $1.27 billion, or 12%, from December 31, 2021, as continued growth from funded loan production and construction line utilization, primarily in the multi-family and medical office sectors, was partially offset by pay-off activity, albeit at a slower pace.
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 September 30, 2022 were $11.24 billion, or 91.5% of the CRE loan portfolio, and increased $1.34 billion, or 13%, from December 31, 2021, primarily due to growth in all sub-categories, with the exception of shopping centers and other investment property, which were down $214.1 million, or 13%, and $22.0 million, or 2%, respectively, 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
44

properties are primarily located in the markets served by Synovus. At September 30, 2022, 1-4 family properties loans totaled $639.6 million, or 5.2% of the CRE loan portfolio, and decreased slightly from December 31, 2021.
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 $409.9 million at September 30, 2022 decreased $56.9 million 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 September 30, 2022, weighted-average FICO scores within the residential real estate portfolio based on committed balances were 778 for consumer mortgages and 792 for home equity, consistent with year-end 2021 scores.
Consumer loans at September 30, 2022 of $9.07 billion increased $397.1 million, or 5%, compared to December 31, 2021. Home equity grew $346.8 million from December 31, 2021, largely due to increased demand for home equity products as property values have increased, and interest rates for home equity products have remained low relative to unsecured consumer financing products. Mortgage loans increased $97.9 million from December 31, 2021, largely due to slower prepayments and refinances as a result of substantial increases in mortgage rates despite lower production. Other consumer loans decreased $41.5 million from December 31, 2021, primarily resulting from $63.9 million lower third-party loan balances as payment activity more than offset purchases of $514.5 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 - Quarter-to-Date Net Interest Income and Rate/Volume Analysis and Table 13 - Year-to-Date 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) | September 30, 2022 |  | %(1) |  | December 31, 2021 |  | %(1) |  | September 30, 2021 |  | %(1)
Non-interest-bearing demand deposits(2) | $ | 15,373,709 |  |  | 32.2 | % |  | $ | 15,242,839 |  |  | 30.9 | % |  | $ | 14,832,942 |  |  | 31.1 | %
Interest-bearing demand deposits(2) | 5,776,780 |  |  | 12.1 |  |  | 6,346,959 |  |  | 12.9 |  |  | 6,055,984 |  |  | 12.7 |
Money market accounts(2) | 12,918,562 |  |  | 27.1 |  |  | 14,886,424 |  |  | 30.1 |  |  | 14,267,443 |  |  | 29.9 |
Savings deposits(2) | 1,470,115 |  |  | 3.1 |  |  | 1,404,428 |  |  | 2.8 |  |  | 1,380,419 |  |  | 2.9 |
Public funds | 5,549,665 |  |  | 11.7 |  |  | 6,284,553 |  |  | 12.7 |  |  | 5,791,586 |  |  | 12.2 |
Time deposits(2) | 2,110,924 |  |  | 4.4 |  |  | 2,427,073 |  |  | 4.9 |  |  | 2,579,344 |  |  | 5.4 |
Brokered deposits | 4,497,809 |  |  | 9.4 |  |  | 2,835,000 |  |  | 5.7 |  |  | 2,780,701 |  |  | 5.8 |
Total deposits | $ | 47,697,564 |  |  | 100.0 | % |  | $ | 49,427,276 |  |  | 100.0 | % |  | $ | 47,688,419 |  |  | 100.0 | %
Core deposits(3) | $ | 43,199,755 |  |  | 90.6 | % |  | $ | 46,592,276 |  |  | 94.3 | % |  | $ | 44,907,718 |  |  | 94.2 | %
Brokered time deposits | $ | 2,545,199 |  |  | 5.3 | % |  | $ | 1,024,448 |  |  | 2.1 | % |  | $ | 951,868 |  |  | 2.0 | %
Public funds time deposits | $ | 223,961 |  |  | 0.5 | % |  | $ | 665,954 |  |  | 1.3 | % |  | $ | 667,350 |  |  | 1.4 | %

(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.
Total period-end deposits at September 30, 2022 decreased $1.73 billion, or 3%, compared to December 31, 2021, as lower money market, public funds, interest-bearing demand, and time deposits, driven by client liquidity deployment and rate-related outflows, were somewhat offset by increases in brokered deposits and non-interest-bearing demand deposits. On a year-to-date average basis, the increase in total deposits was $1.32 billion, or 3%, driven primarily by $1.42 billion in growth from non-interest-bearing demand deposits, as this meaningful component of our overall funding strategy continues to help manage our total funding costs in the rising rate environment. Total deposit costs of 38 bps for the third quarter of 2022 increased 23 bps and 25 bps, respectively, from the prior quarter and prior year comparable period, primarily due to the impact of the Federal
45

Open Market Committee's rate hikes of 150 bps during the third quarter of 2022 and 300 bps from September 30, 2021 to September 30, 2022. We expect a continuation of upward pressure on deposit costs, as would be reasonably expected for this phase of the tightening cycle.
Non-interest Revenue
Non-interest revenue for the third quarter of 2022 was $104.3 million, down $10.7 million, or 9%, and year-to-date was $306.9 million, down $26.1 million, or 8%, compared to the same periods in 2021. The primary drivers of the decrease compared to the three months ended September 30, 2021 were lower mortgage banking income and a $2.7 million decline in gains on equity method investments, while the decline compared to the nine months ended September 30, 2021 resulted from lower mortgage banking income and a $7.0 million write-down on a minority Fintech investment partially offset by higher core banking fees(1) and higher wealth revenue(2).
The following table shows the principal components of non-interest revenue.

Table 6 - Non-interest Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2022 |  | 2021 |  | $ Change |  | % Change |  | 2022 |  | 2021 |  | $ Change |  | % Change
Service charges on deposit accounts | $ | 23,398 |  |  | $ | 22,641 |  |  | $ | 757 |  |  | 3 | % |  | $ | 69,428 |  |  | $ | 64,089 |  |  | $ | 5,339 |  |  | 8 | %
Fiduciary and asset management fees | 19,201 |  |  | 19,786 |  |  | (585) |  |  | (3) |  |  | 59,577 |  |  | 56,545 |  |  | 3,032 |  |  | 5 |
Card fees | 15,101 |  |  | 13,238 |  |  | 1,863 |  |  | 14 |  |  | 45,946 |  |  | 38,538 |  |  | 7,408 |  |  | 19 |
Brokerage revenue | 17,140 |  |  | 14,745 |  |  | 2,395 |  |  | 16 |  |  | 47,038 |  |  | 41,644 |  |  | 5,394 |  |  | 13 |
Mortgage banking income | 5,065 |  |  | 11,155 |  |  | (6,090) |  |  | (55) |  |  | 14,922 |  |  | 47,312 |  |  | (32,390) |  |  | (68) |
Capital markets income | 6,839 |  |  | 8,089 |  |  | (1,250) |  |  | (15) |  |  | 19,704 |  |  | 18,929 |  |  | 775 |  |  | 4 |
Income from bank-owned life insurance | 6,792 |  |  | 6,820 |  |  | (28) |  |  | — |  |  | 22,514 |  |  | 22,851 |  |  | (337) |  |  | (1) |
Insurance revenue | 2,317 |  |  | 2,160 |  |  | 157 |  |  | 7 |  |  | 6,300 |  |  | 7,240 |  |  | (940) |  |  | (13) |
Investment securities gains (losses), net | — |  |  | 962 |  |  | (962) |  |  | nm |  | — |  |  | (1,028) |  |  | 1,028 |  |  | nm
Other non-interest revenue | 8,445 |  |  | 15,359 |  |  | (6,914) |  |  | (45) |  |  | 21,468 |  |  | 36,877 |  |  | (15,409) |  |  | (42) |
Total non-interest revenue | $ | 104,298 |  |  | $ | 114,955 |  |  | $ | (10,657) |  |  | (9) | % |  | $ | 306,897 |  |  | $ | 332,997 |  |  | $ | (26,100) |  |  | (8) | %
Core banking fees (1) | $ | 44,139 |  |  | $ | 44,345 |  |  | $ | (206) |  |  | (1) | % |  | $ | 135,026 |  |  | $ | 123,964 |  |  | $ | 11,062 |  |  | 9 | %
Wealth revenue (2) | $ | 38,658 |  |  | $ | 36,691 |  |  | $ | 1,967 |  |  | 5 | % |  | $ | 112,915 |  |  | $ | 105,429 |  |  | $ | 7,486 |  |  | 7 | %

(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 and Nine Months Ended September 30, 2022 compared to September 30, 2021
Service charges on deposit accounts, consisting of account analysis fees, NSF fees, and all other service charges, for the three and nine months ended September 30, 2022 were up compared to the same periods in 2021. The largest category of service charges, account analysis fees, was down 2% compared to the third quarter of 2021, and up slightly by 1% on a year-to-date comparable basis. NSF/overdraft fees for the nine months ended September 30, 2022 and 2021 comprised 32% and 30%, respectively, of service charges on deposit accounts and 7% and 6%, respectively, of total non-interest revenue. All other service charges on deposit accounts, which consist primarily of monthly fees on consumer demand deposits and small business accounts, for the three and nine months ended September 30, 2022 were up $271 thousand, or 5%, and $1.7 million, or 11%, respectively.
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 decline compared to the three months ended September 30, 2021 primarily resulted from volatility in the equity markets, while the increase in fiduciary and asset management fees from the nine months ended September 30, 2021 was driven by strong client acquisition despite headwinds from a decline in the equity markets.
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 and nine months ended September 30, 2022 were up primarily due to higher transaction volumes from both consumer and commercial spend activity and account growth due to continued investment in our Treasury and Payment solutions business in addition to increased merchant revenue resulting from new merchants being added.
46

Brokerage revenue consists primarily of brokerage commissions as well as advisory fees earned from the management of client assets. Brokerage revenue for the three and nine months ended September 30, 2022 increased over the prior year comparable periods, benefiting from client activity, including movement into short-term investments such as repurchase agreements.
Mortgage banking income was significantly lower for the three and nine months ended September 30, 2022, compared to the same periods in 2021, largely due to the continued depres sed residential mortgage environment, with substantial increases in mortgage rates reducing refinancing and new-purchase volumes and compressing secondary margins. On a year-to-date basis, gains on sale declined $27.0 million as a result of a $744.2 million, or 54%, decrease in loan sales and a $742.1 million, or 56%, decline in secondary market mortgage production compared to the prior year.
Capital markets income primarily includes fee income from client derivative tran sactions. 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 September 30, 2022 compared to the same period in 2021 primarily resulted from a $720 thousand decrease in loan syndication arranger fees. The increase for the nine months ended September 30, 2022 was primarily due to $730 thousand higher loan syndication arranger fees.
Income from BOLI includes changes in the cash surrender value of policies and proceeds from insurance contracts.
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, gains from sales of GGL/SBA loans, and other miscellaneous items. The nine months ended September 30, 2022 primarily included a $7.0 million write-down on a minority Fintech investment, a reduction in the fair value of non-qualified deferred compensation plan assets of $7.4 million (offset in non-interest expense), and a $1.7 million decline in gains from sales of GGL/SBA loans.
Non-interest Expense
Non-interest expense for the third quarter of 2022 was $294.0 million, up $27.0 million, or 10%, and year-to-date was $848.5 million, up $43.8 million, or 5%, compared to the same periods in 2021. The increase in non-interest expense during 2022 was primarily due to an increase in expense associated with elevated performance incentives, merit and inflationary wage increases, headcount additions, resumption of normal business activities post COVID-19, and investments in new growth initiatives and technology and operations infrastructure.
The following table summarizes the components of non-interest expense.

Table 7 - Non-interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2022 |  | 2021 |  | $ Change |  | % Change |  | 2022 |  | 2021 |  | $ Change |  | % Change
Salaries and other personnel expense | $ | 173,334 |  |  | $ | 160,364 |  |  | $ | 12,970 |  |  | 8 | % |  | $ | 499,081 |  |  | $ | 482,408 |  |  | $ | 16,673 |  |  | 3 | %
Net occupancy, equipment, and software expense | 43,462 |  |  | 43,483 |  |  | (21) |  |  | — |  |  | 129,538 |  |  | 126,442 |  |  | 3,096 |  |  | 2 |
Third-party processing and other services | 22,539 |  |  | 19,446 |  |  | 3,093 |  |  | 16 |  |  | 65,486 |  |  | 63,897 |  |  | 1,589 |  |  | 2 |
Professional fees | 6,755 |  |  | 6,739 |  |  | 16 |  |  | — |  |  | 26,094 |  |  | 23,771 |  |  | 2,323 |  |  | 10 |
FDIC insurance and other regulatory fees | 7,707 |  |  | 5,212 |  |  | 2,495 |  |  | 48 |  |  | 20,851 |  |  | 16,338 |  |  | 4,513 |  |  | 28 |
Amortization of intangibles | 2,118 |  |  | 2,379 |  |  | (261) |  |  | (11) |  |  | 6,354 |  |  | 7,137 |  |  | (783) |  |  | (11) |
Restructuring charges | 956 |  |  | 319 |  |  | 637 |  |  | nm |  | (7,318) |  |  | 1,265 |  |  | (8,583) |  |  | nm
Valuation adjustment to Visa derivative | — |  |  | — |  |  | — |  |  | nm |  | 3,500 |  |  | — |  |  | 3,500 |  |  | nm
Loss on early extinguishment of debt | — |  |  | — |  |  | — |  |  | nm |  | 677 |  |  | — |  |  | 677 |  |  | nm
Earnout liability adjustments | — |  |  | (243) |  |  | 243 |  |  | nm |  | — |  |  | 507 |  |  | (507) |  |  | nm
Other operating expense | 37,139 |  |  | 29,333 |  |  | 7,806 |  |  | 27 |  |  | 104,248 |  |  | 82,932 |  |  | 21,316 |  |  | 26 |
Total non-interest expense | $ | 294,010 |  |  | $ | 267,032 |  |  | $ | 26,978 |  |  | 10 | % |  | $ | 848,511 |  |  | $ | 804,697 |  |  | $ | 43,814 |  |  | 5 | %

Three and Nine Months Ended September 30, 2022 compared to September 30, 2021
Salaries and other personnel expense increased for the three and nine months ended September 30, 2022, primarily due to the impacts of elevated performance incentives, merit and inflationary wage increases, and headcount additions partially offset by a reduction in the fair value of the non-qualified deferred compensation liability (offset in non-interest revenue) and lower mortgage production-based commissions. Total headcount of 5,124 was up by 65, or 1%, compared to September 30, 2021 as a result of headcount additions in areas associated with strategic revenue growth and certain critical support functions.
47

Net occupancy, equipment, and software expense was flat for the three months ended September 30, 2022 but increased for the nine months ended September 30, 2022, due primarily to continued investments in technology and operations infrastructure and initiatives partially offset by savings from branch closures. Synovus Bank operated 257 branches at September 30, 2022 compared to 285 branches at September 30, 2021, with twenty-five branch closures during the nine months ended September 30, 2022. We expect to close eleven branches in the fourth quarter of 2022 as we work to complete our large-scale branch optimization program.
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 and nine months ended September 30, 2022, largely resulting from enhancements associated with technology and operations infrastructure investments and new business initiatives somewhat offset by higher 2021 expense associated with PPP loan forgiveness.
Professional fees were flat for the three months ended September 30, 2022 but increased for the nine months ended September 30, 2022, primarily from higher consulting fees largely related to new initiatives, technology and operations infrastructure investments, sustainability strategies, and increased legal fees from various matters, including new initiatives and credit-related items.
FDIC insurance and other regulatory fees increased for the three and nine months ended September 30, 2022, largely due to a higher assessment rate primarily driven by asset growth, funding composition, and redemption of Synovus Bank 2.289% Fixed-to-Floating Rate Senior Notes. In October 2022, the FDIC voted to increase the deposit insurance assessment rate by 2 bps beginning in the first quarter of 2023, which is approximately 40% of our most recent assessment rate.
During the three months ended September 30, 2022, Synovus recorded restructuring charges associated with additional branch closures mostly offset by $1.1 million in severance reversals, as affected employees departed the Company before branch closure or moved to other roles within the Company, and $534 thousand in gains on sales of two closed branches. During the nine months ended September 30, 2022, Synovus recorded $12.6 million in gains, largely relating to the sale of real estate facilities in Columbus, Georgia in addition to gains on sales of closed branches partially offset by restructuring charges associated with additional branch closures. During the three and nine months ended September 30, 2021, Synovus recorded restructuring charges primarily related to branch closures and restructuring of corporate real estate as part of the Synovus Forward initiative.
During the nine months ended September 30, 2022, Synovus recorded a $3.5 million valuation adjustment to the Visa derivative following Visa's announcement in June 2022 to fund $600 million to its litigation escrow account.
On February 10, 2022, Synovus Bank redeemed its 2.289% Fixed-to-Floating Rate Bank Senior Notes of $400 million par value and incurred a $677 thousand loss on early extinguishment of debt.
Earnout liability fair value adjustments associated with the Global One acquisition were the result of higher than projected earnings and higher earnings estimates over the remaining contractual earnout period, reflecting the continued success of the Global One enterprise. The earnout period ended on September 30, 2021, and the final earnout payment occurred during the third quarter of 2021.
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 and nine months ended September 30, 2022. The increases over prior year were primarily related to an increase in client fraud losses and other operational losses, loan expense due to elevated production, resumption of normal business activities post COVID-19, and increased 2022 advertising expense resulting from the launch of our newly developed brand positioning and campaign.
Income Tax Expense
Income tax expense was $59.6 million for the three months ended September 30, 2022, representing an effective tax rate of 22.7%, compared to income tax expense of $53.9 million for the three months ended September 30, 2021, representing an effective tax rate of 22.4%.
Income tax expense was $152.1 million for the nine months ended September 30, 2022, representing an effective tax rate of 21.6%, compared to income tax expense of $159.9 million for the nine months ended September 30, 2021, representing an effective tax rate of 22.2%. The effective tax rate was lower for nine months ended September 30, 2022, primarily due to an increase in net discrete tax benefits recognized during the current period, including share-based compensation, changes in amounts taxable by jurisdictions, and other accrual adjustments, compared to the prior period.
The Inflation Reduction Act (IRA) was signed into law in August 2022, with most provisions effective beginning in the 2023 tax year, including an alternative corporate minimum tax if certain thresholds are met, a non-deductible excise tax on share repurchases, and transferability of certain federal tax credits. We do not expect the provisions of the IRA to have a material impact on our consolidated financial statements in the near future.
48

CREDIT QUALITY, CAPITAL RESOURCES AND LIQUIDITY
Credit Quality
Synovus diligently monitors the quality of its loan portfolio by industry, property type, and geography through a thorough portfolio review process and our analytical risk management tools. At September 30, 2022, credit metrics remained stable overall and at or near historically low levels with NPAs at 32 bps, NPLs at 29 bps, and total past dues at 15 bps, as a percentage of total loans. Net charge-offs were $4.7 million, or 4 bps annualized, and $39.9 million, or 13 bps annualized, respectively, for the three and nine months ended September 30, 2022, which represent the lowest net charge-off ratios reported in recent years.
The table below includes selected credit quality metrics.

Table 8 - Credit Quality Metrics |
(dollars in thousands) | September 30, 2022 |  | December 31, 2021 |  | September 30, 2021
Non-performing loans | $ | 122,094 |  |  | $ | 131,042 |  |  | $ | 155,465 |
Impaired loan held for sale | 447 |  |  | — |  |  | — |
ORE and other assets | 15,320 |  |  | 27,137 |  |  | 16,883 |
Non-performing assets | $ | 137,861 |  |  | $ | 158,179 |  |  | $ | 172,348 |
Total loans | $ | 42,571,458 |  |  | $ | 39,311,958 |  |  | $ | 38,341,030 |
Non-performing loans as a % of total loans | 0.29 | % |  | 0.33 | % |  | 0.41 | %
Non-performing assets as a % of total loans, ORE, and specific other assets | 0.32 |  |  | 0.40 |  |  | 0.45 |
Loans 90 days past due and still accruing | $ | 3,443 |  |  | $ | 6,770 |  |  | $ | 5,960 |
As a % of total loans | 0.01 | % |  | 0.02 | % |  | 0.02 | %
Total past due loans and still accruing | $ | 63,545 |  |  | $ | 57,565 |  |  | $ | 60,817 |
As a % of total loans | 0.15 | % |  | 0.15 | % |  | 0.16 | %
Net charge-offs, quarter | $ | 4,682 |  |  | $ | 10,522 |  |  | $ | 20,516 |
Net charge-offs/average loans, quarter | 0.04 | % |  | 0.11 | % |  | 0.22 | %
Net charge-offs, year-to-date | $ | 39,856 |  |  | $ | 77,788 |  |  | $ | 67,266 |
Net charge-offs/average loans, year-to-date | 0.13 | % |  | 0.20 | % |  | 0.24 | %
Provision for (reversal of) loan losses, quarter | $ | 18,204 |  |  | $ | (54,124) |  |  | $ | (3,949) |
Provision for (reversal of) unfunded commitments, quarter | 7,377 |  |  | (1,086) |  |  | (3,919) |
Provision for (reversal of) credit losses, quarter | $ | 25,581 |  |  | $ | (55,210) |  |  | $ | (7,868) |
Provision for (reversal of) loan losses, year-to-date | $ | 33,618 |  |  | $ | (100,351) |  |  | $ | (46,227) |
Provision for (reversal of) unfunded commitments, year-to-date | $ | 16,051 |  |  | $ | (5,900) |  |  | $ | (4,814) |
Provision for (reversal of) credit losses, year-to-date | $ | 49,669 |  |  | $ | (106,251) |  |  | $ | (51,041) |
Allowance for loan losses | $ | 421,359 |  |  | $ | 427,597 |  |  | $ | 492,243 |
Reserve for unfunded commitments | 57,936 |  |  | 41,885 |  |  | 42,971 |
Allowance for credit losses | $ | 479,295 |  |  | $ | 469,482 |  |  | $ | 535,214 |
ACL to loans coverage ratio | 1.13 | % |  | 1.19 | % |  | 1.40 | %
ALL to loans coverage ratio | 0.99 |  |  | 1.09 |  |  | 1.28 |
ACL/NPLs | 392.56 |  |  | 358.27 |  |  | 344.27 |
ALL/NPLs | 345.11 |  |  | 326.31 |  |  | 316.63 |

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 September 30, 2022 were 2.2% of total loans, or $928.8 million, down $99.2 million as compared to 2.6% of total loans, or $1.03 billion, at December 31, 2021.
49

Table 9 - Criticized and Classified Loans |
(dollars in thousands) | September 30, 2022 |  | December 31, 2021
Special mention | $ | 388,538 |  |  | $ | 489,150 |
Substandard | 537,875 |  |  | 526,117 |
Doubtful | — |  |  | 10,630 |
Loss | 2,343 |  |  | 2,058 |
Criticized and Classified loans | $ | 928,756 |  |  | $ | 1,027,955 |
As a % of total loans | 2.2 | % |  | 2.6 | %

Provision for (Reversal of) Credit Losses and Allowance for Credit Losses
The provision for credit losses of $25.6 million and $49.7 million for the three and nine months ended September 30, 2022 included net charge-offs of $4.7 million and $39.9 million, respectively, and represented loan growth as well as uncertain economic conditions. $3.0 million and $10.5 million in reserves were also added as a result of purchases of $152.9 million and $514.5 million of third-party lending loans for the three and nine months ended September 30, 2022.
The ALL of $421.4 million and the reserve for unfunded commitments of $57.9 million, which is recorded in other liabilities, comprise the total ACL of $479.3 million at September 30, 2022. The ACL increased $9.8 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 1.13% at September 30, 2022 was 6 bps lower compared to December 31, 2021 due to overall improvement in economic factors, primarily the unemployment rate. The slight increase in the ACL from December 31, 2021 resulted primarily from loan growth and an increase in unfunded commitments mostly offset by decreased specific reserves and continued positive trends in our credit performance.

Table 10 - Accruing TDRs by Risk Grade |  |  |  |  |  |  |  |  |  |  |
| September 30, 2022 |  | December 31, 2021 |  | September 30, 2021
(dollars in thousands) | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Pass | $ | 11,390 |  |  | 9.6 | % |  | $ | 56,479 |  |  | 47.1 | % |  | $ | 61,604 |  |  | 48.8 | %
Special mention | 35,245 |  |  | 29.7 |  |  | 11,387 |  |  | 9.5 |  |  | 12,310 |  |  | 9.8 |
Substandard accruing | 72,120 |  |  | 60.7 |  |  | 51,938 |  |  | 43.4 |  |  | 52,141 |  |  | 41.4 |
Total accruing TDRs | $ | 118,755 |  |  | 100.0 | % |  | $ | 119,804 |  |  | 100.0 | % |  | $ | 126,055 |  |  | 100.0 | %

Troubled Debt Restructurings
Accruing TDRs were $118.8 million at September 30, 2022, down $1.0 million compared to December 31, 2021. The mix of accruing TDRs has changed from December 31, 2021 as certain pass-rated loans that met the criteria for removal of TDR designation were offset by accruing special mention or substandard loans modified during 2022 primarily through interest rate concessions that no longer qualify for accounting under the CARES Act and instead are considered accruing TDRs. Non-accruing TDRs were $11.7 million at September 30, 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 September 30, 2022 and December 31, 2021, approximately 97% and 98%, respectively, 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.
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 September 30, 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.
50

Table 11 - Capital Ratios |  |  |
(dollars in thousands) | September 30, 2022 |  | December 31, 2021
CET1 capital |  |  |
Synovus Financial Corp. | $ | 4,769,179 |  |  | $ | 4,388,618 |
Synovus Bank | 5,299,129 |  |  | 4,998,698 |
Tier 1 risk-based capital |  |  |
Synovus Financial Corp. | 5,306,324 |  |  | 4,925,763 |
Synovus Bank | 5,299,129 |  |  | 4,998,698 |
Total risk-based capital |  |  |
Synovus Financial Corp. | 6,237,082 |  |  | 5,827,196 |
Synovus Bank | 5,909,788 |  |  | 5,587,757 |
CET1 capital ratio |  |  |
Synovus Financial Corp. | 9.52 | % |  | 9.50 | %
Synovus Bank | 10.59 |  |  | 10.83 |
Tier 1 risk-based capital ratio |  |  |
Synovus Financial Corp. | 10.59 |  |  | 10.66 |
Synovus Bank | 10.59 |  |  | 10.83 |
Total risk-based capital to risk-weighted assets ratio |  |  |
Synovus Financial Corp. | 12.45 |  |  | 12.61 |
Synovus Bank | 11.81 |  |  | 12.11 |
Leverage ratio |  |  |
Synovus Financial Corp. | 9.04 |  |  | 8.72 |
Synovus Bank | 9.04 |  |  | 8.86 |

At September 30, 2022, Synovus' CET1 ratio of 9.52% improved 2 bps compared to December 31, 2021, driven by strong capital generation from earnings mostly offset by significant growth in risk-weighted assets, largely from loan growth, and return of capital primarily through common stock shareholder dividends. Our focus remains on prioritizing capital deployment toward our core growth opportunities. The slower pace of loan growth expected in the fourth quarter of 2022 will likely result in a year-end 2022 CET1 ratio within our 9.50% to 9.75% guidance range. 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 nine months ended September 30, 2022, Synovus repurchased a total of $13.0 million, or 281 thousand shares of its common stock, at an average price of $46.17 per share. Based on our current forecast for loan growth and given the uncertain economic environment, we expect to retain the majority of capital generated through earnings to support core balance sheet growth through the remainder of 2022.
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 adopted 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 September 30, 2022 regulatory capital ratios reflect Synovus' election of the five-year transition provision. At September 30, 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.
51

Synovus declared common stock dividends of $148.3 million, or $1.02 per common share, for the nine months ended September 30, 2022, compared to $145.8 million, or $0.99 per common share, for the nine months ended September 30, 2021. In addition, Synovus declared dividends on its preferred stock of $24.9 million during both the nine months ended September 30, 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 September 30, 2022, based on currently pledged collateral, Synovus Bank had access to FHLB funding of $1.88 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 were to believe 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 nine months ended September 30, 2022 increased $2.31 billion, or 4%, as compared to the first nine months of 2021. Average earning assets increased $2.99 billion, or 6%, in the first nine months of 2022 compared to the same period in 2021. The increase in average earning assets primarily resulted from a $2.01 billion, or 22%, increase in average investment securities available for sale and a $2.50 billion, or 7%, increase in average total loans, net of unearned income, which included a decrease of $1.69 billion in PPP loans. The increase in average loans was primarily attributable to growth in commercial production and line utilization in addition to a deceleration in pay-off activity. These increases were partially offset by a $1.65 billion, or 59%, decrease in average interest-bearing funds held at the Federal Reserve Bank.
Average interest-bearing liabilities increased $657.6 million, or 2%, for the first nine months of 2022 compared to the same period in 2021. The increase in average interest-bearing liabilities largely resulted from a $617.8 million, or 7%, increase in average interest-bearing demand deposits, a $397.7 million increase in short-term borrowings, and $309.0 million increase in long-term debt, partially offset by a $1.09 billion, or 29%, decrease in average time deposits, largely as a result of rate-driven outflows and normal client liquidity deployment. Average non-interest-bearing deposits increased $1.90 billion, or 13%, for the first nine months of 2022 compared to the same period in 2021 as these deposits continue to be a meaningful component of our funding strategy and have helped manage total funding costs in the rising rate environment.
52

Net interest income for the nine months ended September 30, 2022 was $1.30 billion, up $154.9 million, or 14%, compared to the same period in 2021, including $12.2 million in PPP fees during 2022 and $66.5 million in 2021. Net interest margin was up 22 bps over the comparable nine-month period to 3.24%, due primarily to interest rate increases and disciplined deposit pricing, partially offset by funding mix and a $54.3 million decline in PPP fees. For the nine months ended September 30, 2022, the yield on earning assets was 3.55%, an increase of 28 bps compared to the nine months ended September 30, 2021, while the effective cost of funds increased 6 bps to 0.31%. Compared to the same period in 2021, the yield on loans increased 14 bps, due primarily to interest rate increases, while the yield on investment securities increased 37 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 up $52.5 million, or 12%, driven by loan growth and higher rates. Net interest margin for the third quarter was 3.49%, which was up 27 bps compared to the second quarter of 2022, aided by higher loan yields from increased interest rates partially offset by higher deposit and wholesale funding costs. The third quarter of 2022 included $1.6 million recognized for associated PPP fees versus $3.7 million in the second quarter of 2022 and average PPP loan balances of $62.6 million versus $147.9 million in the second quarter of 2022. For the third quarter of 2022, the yield on earning assets increased 58 bps, while the effective cost of funds increased 31 bps compared to the second quarter of 2022. The pace of future net interest income growth will be impacted by loan growth, funding mix, timing of deposit repricing, and interest rate policy. We expect net interest income to be driven primarily by balance sheet expansion and fixed-rate repricing as this rate hiking cycle passes.
53

Net Interest Income and Rate/Volume Analysis
The following tables set forth the major components of net interest income and the related annualized yields and rates for the three and nine months ended September 30, 2022 and 2021, as well as the variances between the periods caused by changes in interest rates versus changes in volume.

Table 12 - Quarter-to-Date Net Interest Income and Rate/Volume Analysis |  |  |  |  |  |
| Three Months Ended September 30, |  | 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 | $ | 11,126,705 |  |  | $ | 9,876,651 |  |  | $ | 53,550 |  |  | $ | 35,876 |  |  | 1.93 | % |  | 1.45 | % |  | $ | 4,569 |  |  | $ | 13,105 |  |  | $ | 17,674 |
Trading account assets | 16,771 |  |  | 5,192 |  |  | 81 |  |  | 15 |  |  | 1.93 |  |  | 1.15 |  |  | 34 |  |  | 32 |  |  | 66 |
Commercial loans (1) (2) | 32,836,799 |  |  | 28,984,837 |  |  | 384,995 |  |  | 285,445 |  |  | 4.65 |  |  | 3.91 |  |  | 37,962 |  |  | 61,588 |  |  | 99,550 |
Consumer loans (1) | 8,931,573 |  |  | 8,549,296 |  |  | 94,425 |  |  | 84,615 |  |  | 4.21 |  |  | 3.94 |  |  | 3,796 |  |  | 6,014 |  |  | 9,810 |
Allowance for loan losses | (419,160) |  |  | (514,828) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loans, net | 41,349,212 |  |  | 37,019,305 |  |  | 479,420 |  |  | 370,060 |  |  | 4.60 |  |  | 3.97 |  |  | 41,758 |  |  | 67,602 |  |  | 109,360 |
Mortgage loans held for sale | 66,601 |  |  | 196,032 |  |  | 862 |  |  | 1,410 |  |  | 5.18 |  |  | 2.88 |  |  | (940) |  |  | 392 |  |  | (548) |
Other loans held for sale | 892,805 |  |  | 527,736 |  |  | 11,155 |  |  | 4,130 |  |  | 4.89 |  |  | 3.06 |  |  | 2,816 |  |  | 4,209 |  |  | 7,025 |
Other earning assets(3) | 1,012,717 |  |  | 3,271,501 |  |  | 5,791 |  |  | 1,248 |  |  | 2.24 |  |  | 0.15 |  |  | (797) |  |  | 5,340 |  |  | 4,543 |
Federal Home Loan Bank and Federal Reserve Bank stock | 244,879 |  |  | 159,741 |  |  | 1,412 |  |  | 501 |  |  | 2.31 |  |  | 1.26 |  |  | 270 |  |  | 641 |  |  | 911 |
Total interest earning assets | 54,709,690 |  |  | 51,056,158 |  |  | $ | 552,271 |  |  | $ | 413,240 |  |  | 4.01 | % |  | 3.22 | % |  | 47,710 |  |  | 91,321 |  |  | 139,031 |
Cash and due from banks | 557,537 |  |  | 611,783 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premises, equipment, and software, net | 383,189 |  |  | 447,046 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other real estate | 2,398 |  |  | 1,513 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash surrender value of bank-owned life insurance | 1,080,914 |  |  | 1,061,478 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets(4) | 1,322,251 |  |  | 2,148,282 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets | $ | 58,055,979 |  |  | $ | 55,326,260 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand deposits | $ | 8,436,922 |  |  | $ | 8,463,325 |  |  | $ | 5,782 |  |  | $ | 2,192 |  |  | 0.27 | % |  | 0.10 | % |  | (7) |  |  | 3,597 |  |  | 3,590 |
Money market accounts | 15,411,450 |  |  | 15,597,723 |  |  | 20,696 |  |  | 6,081 |  |  | 0.53 |  |  | 0.15 |  |  | (70) |  |  | 14,685 |  |  | 14,615 |
Savings deposits | 1,508,312 |  |  | 1,377,089 |  |  | 84 |  |  | 60 |  |  | 0.02 |  |  | 0.02 |  |  | 7 |  |  | 17 |  |  | 24 |
Time deposits | 2,270,163 |  |  | 3,424,028 |  |  | 2,428 |  |  | 3,572 |  |  | 0.42 |  |  | 0.41 |  |  | (1,192) |  |  | 48 |  |  | (1,144) |
Brokered deposits | 3,899,669 |  |  | 2,859,123 |  |  | 17,927 |  |  | 4,181 |  |  | 1.82 |  |  | 0.58 |  |  | 1,521 |  |  | 12,225 |  |  | 13,746 |
Federal funds purchased and securities sold under repurchase agreements | 240,412 |  |  | 202,525 |  |  | 641 |  |  | 36 |  |  | 1.04 |  |  | 0.07 |  |  | 7 |  |  | 598 |  |  | 605 |
Other short-term borrowings | 702,443 |  |  | — |  |  | 3,666 |  |  | — |  |  | 2.04 |  |  | — |  |  | 3,666 |  |  | — |  |  | 3,666 |
Long-term debt | 2,656,939 |  |  | 1,203,500 |  |  | 22,156 |  |  | 11,465 |  |  | 3.29 |  |  | 3.81 |  |  | 13,958 |  |  | (3,267) |  |  | 10,691 |
Total interest-bearing liabilities | 35,126,310 |  |  | 33,127,313 |  |  | $ | 73,380 |  |  | $ | 27,587 |  |  | 0.81 | % |  | 0.33 | % |  | 17,890 |  |  | 27,903 |  |  | 45,793 |
Non-interest-bearing deposits | 16,904,353 |  |  | 15,755,929 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities | 1,346,655 |  |  | 1,171,119 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity | 4,678,661 |  |  | 5,271,899 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities and equity | $ | 58,055,979 |  |  | $ | 55,326,260 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate spread: |  |  |  |  |  |  |  |  | 3.20 |  |  | 2.89 |  |  |  |  |  |  |
Net interest income - TE/margin(5) |  |  |  |  | $ | 478,891 |  |  | $ | 385,653 |  |  | 3.49 | % |  | 3.01 | % |  | $ | 29,820 |  |  | $ | 63,418 |  |  | $ | 93,238 |
Taxable equivalent adjustment |  |  |  |  | 972 |  |  | 736 |  |  |  |  |  |  |  |  |  |  |
Net interest income, actual |  |  |  |  | $ | 477,919 |  |  | $ | 384,917 |  |  |  |  |  |  |  |  |  |  |

(1) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2022 - $11.9 million, 2021 - $30.4 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 $(1.06) billion and $66.6 million for the three months ended September 30, 2022 and 2021, respectively.
(5) The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earnings assets.
54

Table 13 - Year-to-Date Net Interest Income and Rate/Volume Analysis
| Nine Months Ended September 30, |  | 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 | $ | 11,179,378 |  |  | $ | 9,171,573 |  |  | $ | 151,111 |  |  | $ | 98,631 |  |  | 1.80 | % |  | 1.43 | % |  | $ | 21,475 |  |  | $ | 31,005 |  |  | $ | 52,480 |
Trading account assets | 12,640 |  |  | 3,703 |  |  | 193 |  |  | 44 |  |  | 2.04 |  |  | 1.60 |  |  | 107 |  |  | 42 |  |  | 149 |
Commercial loans (1) (2) | 31,828,932 |  |  | 29,611,970 |  |  | 974,024 |  |  | 864,322 |  |  | 4.09 |  |  | 3.90 |  |  | 64,669 |  |  | 45,033 |  |  | 109,702 |
Consumer loans (1) | 8,749,927 |  |  | 8,466,505 |  |  | 259,619 |  |  | 251,081 |  |  | 3.95 |  |  | 3.95 |  |  | 8,373 |  |  | 165 |  |  | 8,538 |
Allowance for loan losses | (419,478) |  |  | (558,336) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans, net | 40,159,381 |  |  | 37,520,139 |  |  | 1,233,643 |  |  | 1,115,403 |  |  | 4.11 |  |  | 3.97 |  |  | 73,042 |  |  | 45,198 |  |  | 118,240 |
Mortgage loans held for sale | 85,126 |  |  | 228,458 |  |  | 2,665 |  |  | 4,926 |  |  | 4.17 |  |  | 2.87 |  |  | (3,077) |  |  | 816 |  |  | (2,261) |
Other loans held for sale | 739,627 |  |  | 600,776 |  |  | 24,133 |  |  | 13,685 |  |  | 4.30 |  |  | 3.00 |  |  | 3,116 |  |  | 7,332 |  |  | 10,448 |
Other earning assets(3) | 1,245,102 |  |  | 2,940,049 |  |  | 8,267 |  |  | 2,705 |  |  | 0.88 |  |  | 0.12 |  |  | (1,394) |  |  | 6,956 |  |  | 5,562 |
Federal Home Loan Bank and Federal Reserve Bank stock | 195,238 |  |  | 158,921 |  |  | 3,917 |  |  | 1,971 |  |  | 2.67 |  |  | 1.65 |  |  | 448 |  |  | 1,498 |  |  | 1,946 |
Total interest earning assets | 53,616,492 |  |  | 50,623,619 |  |  | 1,423,929 |  |  | 1,237,365 |  |  | 3.55 |  |  | 3.27 |  |  | 93,717 |  |  | 92,847 |  |  | 186,564 |
Cash and due from banks | 548,322 |  |  | 567,702 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premises, equipment, and software, net | 389,083 |  |  | 453,339 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other real estate | 8,498 |  |  | 1,579 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash surrender value of bank-owned life insurance | 1,076,381 |  |  | 1,056,257 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets(4) | 1,515,226 |  |  | 2,145,850 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets | $ | 57,154,002 |  |  | $ | 54,848,346 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing demand deposits | $ | 9,162,519 |  |  | $ | 8,544,720 |  |  | 11,752 |  |  | 7,606 |  |  | 0.17 |  |  | 0.12 |  |  | 554 |  |  | 3,592 |  |  | 4,146 |
Money market accounts | 15,592,834 |  |  | 15,475,212 |  |  | 32,896 |  |  | 21,994 |  |  | 0.28 |  |  | 0.19 |  |  | 167 |  |  | 10,735 |  |  | 10,902 |
Savings deposits | 1,491,893 |  |  | 1,310,470 |  |  | 223 |  |  | 164 |  |  | 0.02 |  |  | 0.02 |  |  | 27 |  |  | 32 |  |  | 59 |
Time deposits | 2,700,505 |  |  | 3,787,892 |  |  | 6,254 |  |  | 15,507 |  |  | 0.31 |  |  | 0.55 |  |  | (4,473) |  |  | (4,780) |  |  | (9,253) |
Brokered deposits | 3,192,848 |  |  | 3,093,485 |  |  | 27,952 |  |  | 15,204 |  |  | 1.17 |  |  | 0.66 |  |  | 491 |  |  | 12,257 |  |  | 12,748 |
Federal funds purchased and securities sold under repurchase agreements | 227,335 |  |  | 205,316 |  |  | 871 |  |  | 104 |  |  | 0.51 |  |  | 0.07 |  |  | 11 |  |  | 756 |  |  | 767 |
Other short-term borrowings | 397,744 |  |  | — |  |  | 4,561 |  |  | — |  |  | 1.51 |  |  | — |  |  | 4,561 |  |  | — |  |  | 4,561 |
Long-term debt | 1,512,059 |  |  | 1,203,054 |  |  | 41,069 |  |  | 33,851 |  |  | 3.61 |  |  | 3.75 |  |  | 8,667 |  |  | (1,449) |  |  | 7,218 |
Total interest-bearing liabilities | 34,277,737 |  |  | 33,620,149 |  |  | 125,578 |  |  | 94,430 |  |  | 0.48 |  |  | 0.37 |  |  | 10,005 |  |  | 21,143 |  |  | 31,148 |
Non-interest-bearing deposits | 16,786,794 |  |  | 14,885,880 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities | 1,247,020 |  |  | 1,149,209 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' equity | 4,842,451 |  |  | 5,193,108 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities and equity | $ | 57,154,002 |  |  | $ | 54,848,346 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate spread: |  |  |  |  |  |  |  |  | 3.07 | % |  | 2.90 | % |  |  |  |  |  |
Net interest income - TE/margin(5) |  |  |  |  | $ | 1,298,351 |  |  | $ | 1,142,935 |  |  | 3.24 | % |  | 3.02 | % |  | $ | 83,712 |  |  | $ | 71,704 |  |  | $ | 155,416 |
Taxable equivalent adjustment |  |  |  |  | 2,796 |  |  | 2,301 |  |  |  |  |  |  |  |  |  |  |
Net interest income, actual |  |  |  |  | $ | 1,295,555 |  |  | $ | 1,140,634 |  |  |  |  |  |  |  |  |  |  |

(1) Average loans are shown net of unearned income. NPLs are included. Interest income includes fees as follows: 2022 - $45.6 million, 2021 - $90.8 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 $(747.7) million and $73.1 million for the nine months ended September 30, 2022 and 2021, respectively.
(5) The net interest margin is calculated by dividing annualized net interest income - TE by average total interest earnings assets.
55

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 targeted range of 3.00% to 3.25% as of September 30, 2022 and the prime rate of 6.25% as of September 30, 2022. 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 September 30, 2022, with comparable information for December 31, 2021.

Table 14 - 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) |  | September 30, 2022 |  | December 31, 2021
+200 |  | 8.9% |  | 14.5%
+100 |  | 4.3% |  | 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 would either cease to be provided by any administrator or would no longer be representative immediately after June 30, 2023, for all remaining US dollar settings.
The ARRC proposed SOFR as its preferred rate 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 I - Item 1A. Risk Factors" of Synovus' 2021 Form 10-K, 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 to clients including SOFR, BSBY, and prime indices. As of September 30, 2022, the Company had approximately $12 billion in loans tied to LIBOR that mature after June 30, 2023. Remediation activities are underway to modify or transition existing exposures to the applicable Federal Reserve Board selected replacement rate 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.
56

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 revenue (excluding PPP revenue), adjusted pre-provision net revenue (PPNR) (excluding PPP revenue), adjusted tangible efficiency ratio, adjusted net income available to common shareholders, adjusted net income per common share, diluted, adjusted return on average assets, adjusted return on average common equity, return on average tangible 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, pre-provision net revenue, efficiency ratio-TE, net income available to common shareholders, 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 revenue (excluding PPP revenue) and adjusted non-interest revenue are measures used by management to evaluate total TE revenue and non-interest revenue exclusive of items such as PPP revenue, net investment securities gains (losses), and fair value adjustments on non-qualified deferred compensation. Adjusted pre-provision net revenue (excluding PPP revenue) is used by management to evaluate PPNR exclusive of items that management believes are not indicative of ongoing operations and that impact period-to-period comparisons including PPP revenue. 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 available to common shareholders, 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. Return on average tangible common equity and 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.
57

Table 15 - Reconciliation of Non-GAAP Financial Measures
| Three Months Ended |  | Nine Months Ended
(in thousands, except per share data) | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Adjusted non-interest revenue |  |  |  |  |  |  |
Total non-interest revenue | $ | 104,298 |  |  | $ | 114,955 |  |  | $ | 306,897 |  |  | $ | 332,997 |
Subtract/add: Investment securities (gains) losses, net | — |  |  | (962) |  |  | — |  |  | 1,028 |
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,076 |  |  | 97 |  |  | 5,611 |  |  | (1,821) |
Adjusted non-interest revenue | $ | 105,374 |  |  | $ | 114,090 |  |  | $ | 312,508 |  |  | $ | 332,204 |
Adjusted non-interest expense |  |  |  |  |  |  |
Total non-interest expense | $ | 294,010 |  |  | $ | 267,032 |  |  | $ | 848,511 |  |  | $ | 804,697 |
Add/subtract: Earnout liability adjustments | — |  |  | 243 |  |  | — |  |  | (507) |
Subtract/add: Restructuring charges | (956) |  |  | (319) |  |  | 7,318 |  |  | (1,265) |
Subtract: Valuation adjustment to Visa derivative | — |  |  | — |  |  | (3,500) |  |  | — |
Subtract: Loss on early extinguishment of debt | — |  |  | — |  |  | (677) |  |  | — |
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,076 |  |  | 97 |  |  | 5,611 |  |  | (1,821) |
Adjusted non-interest expense | $ | 294,130 |  |  | $ | 267,053 |  |  | $ | 857,263 |  |  | $ | 801,104 |
Adjusted revenue (excluding PPP revenue), adjusted PPNR (excluding PPP revenue), and adjusted tangible efficiency ratio |  |  |  |  |  |  |
Adjusted non-interest expense | $ | 294,130 |  |  | $ | 267,053 |  |  | $ | 857,263 |  |  | $ | 801,104 |
Subtract: Amortization of intangibles | (2,118) |  |  | (2,379) |  |  | (6,354) |  |  | (7,137) |
Adjusted tangible non-interest expense | $ | 292,012 |  |  | $ | 264,674 |  |  | $ | 850,909 |  |  | $ | 793,967 |
Net interest income | $ | 477,919 |  |  | $ | 384,917 |  |  | $ | 1,295,555 |  |  | $ | 1,140,634 |
Add: Tax equivalent adjustment | 972 |  |  | 736 |  |  | 2,796 |  |  | 2,301 |
Add: Total non-interest revenue | 104,298 |  |  | 114,955 |  |  | 306,897 |  |  | 332,997 |
Total TE revenue | $ | 583,189 |  |  | $ | 500,608 |  |  | $ | 1,605,248 |  |  | $ | 1,475,932 |
Subtract/add: Investment securities (gains) losses, net | — |  |  | (962) |  |  | — |  |  | 1,028 |
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 1,076 |  |  | 97 |  |  | 5,611 |  |  | (1,821) |
Adjusted revenue | $ | 584,265 |  |  | $ | 499,743 |  |  | $ | 1,610,859 |  |  | $ | 1,475,139 |
Subtract: PPP revenue | (1,759) |  |  | (24,287) |  |  | (13,334) |  |  | (80,667) |
Adjusted revenue (excluding PPP revenue) | $ | 582,506 |  |  | $ | 475,456 |  |  | $ | 1,597,525 |  |  | $ | 1,394,472 |
Net interest income | $ | 477,919 |  |  | $ | 384,917 |  |  | $ | 1,295,555 |  |  | $ | 1,140,634 |
Add: Total non-interest revenue | 104,298 |  |  | 114,955 |  |  | 306,897 |  |  | 332,997 |
Subtract: Total non-interest expense | (294,010) |  |  | (267,032) |  |  | (848,511) |  |  | (804,697) |
PPNR | $ | 288,207 |  |  | $ | 232,840 |  |  | $ | 753,941 |  |  | $ | 668,934 |
Adjusted revenue (excluding PPP revenue) | $ | 582,506 |  |  | $ | 475,456 |  |  | $ | 1,597,525 |  |  | $ | 1,394,472 |
Subtract: Adjusted non-interest expense | (294,130) |  |  | (267,053) |  |  | (857,263) |  |  | (801,104) |
Adjusted PPNR (excluding PPP revenue) | $ | 288,376 |  |  | $ | 208,403 |  |  | $ | 740,262 |  |  | $ | 593,368 |
Efficiency ratio-TE | 50.41 | % |  | 53.34 | % |  | 52.86 | % |  | 54.52 | %
Adjusted tangible efficiency ratio | 49.98 |  |  | 52.96 |  |  | 52.82 |  |  | 53.82 |

58

Table 15 - Reconciliation of Non-GAAP Financial Measures, continued
| Three Months Ended |  | Nine Months Ended
(dollars in thousands) | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Adjusted net income available to common shareholders and adjusted diluted earnings per share |  |  |  |  |  |  |
Net income available to common shareholders | $ | 194,753 |  |  | $ | 178,482 |  |  | $ | 527,260 |  |  | $ | 535,193 |
Subtract/add: Earnout liability adjustments | — |  |  | (243) |  |  | — |  |  | 507 |
Add/subtract: Restructuring charges | 956 |  |  | 319 |  |  | (7,318) |  |  | 1,265 |
Add: Valuation adjustment to Visa derivative | — |  |  | — |  |  | 3,500 |  |  | — |
Add: Loss on early extinguishment of debt | — |  |  | — |  |  | 677 |  |  | — |
Subtract/add: Investment securities (gains) losses, net | — |  |  | (962) |  |  | — |  |  | 1,028 |
Add/subtract: Tax effect of adjustments (1) | (228) |  |  | 164 |  |  | 749 |  |  | (579) |
Adjusted net income available to common shareholders | $ | 195,481 |  |  | $ | 177,760 |  |  | $ | 524,868 |  |  | $ | 537,414 |
Weighted average common shares outstanding, diluted | 146,418 |  |  | 147,701 |  |  | 146,465 |  |  | 149,069 |
Net income per common share, diluted | $ | 1.33 |  |  | $ | 1.21 |  |  | $ | 3.60 |  |  | $ | 3.59 |
Adjusted net income per common share, diluted | 1.34 |  |  | 1.20 |  |  | 3.58 |  |  | 3.61 |

Adjusted return on average assets (annualized) |  |  |  |  |  |  |
Net income | $ | 203,044 |  |  | $ | 186,773 |  |  | $ | 552,132 |  |  | $ | 560,065 |
Subtract/add: Earnout liability adjustments | — |  |  | (243) |  |  | — |  |  | 507 |
Add/subtract: Restructuring charges | 956 |  |  | 319 |  |  | (7,318) |  |  | 1,265 |
Add: Valuation adjustment to Visa derivative | — |  |  | — |  |  | 3,500 |  |  | — |
Add: Loss on early extinguishment of debt | — |  |  | — |  |  | 677 |  |  | — |
Subtract/add: Investment securities (gains) losses, net | — |  |  | (962) |  |  | — |  |  | 1,028 |
Add/subtract: Tax effect of adjustments (1) | (228) |  |  | 164 |  |  | 749 |  |  | (579) |
Adjusted net income | $ | 203,772 |  |  | $ | 186,051 |  |  | $ | 549,740 |  |  | $ | 562,286 |
Net income annualized | 805,555 |  |  | 741,002 |  |  | 738,198 |  |  | 748,805 |
Adjusted net income annualized | 808,443 |  |  | 738,137 |  |  | 735,000 |  |  | 751,774 |
Total average assets | 58,055,979 |  |  | 55,326,260 |  |  | 57,154,002 |  |  | 54,848,346 |
Return on average assets (annualized) | 1.39 |  |  | 1.34 |  |  | 1.29 |  |  | 1.37 |
Adjusted return on average assets (annualized) | 1.39 |  |  | 1.33 |  |  | 1.29 |  |  | 1.37 |

59

Table 15 - Reconciliation of Non-GAAP Financial Measures, continued
| Three Months Ended |  | Nine Months Ended
(dollars in thousands) | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized) |  |  |  |  |  |  |
Net income available to common shareholders | $ | 194,753 |  |  | $ | 178,482 |  |  | $ | 527,260 |  |  | $ | 535,193 |
Subtract/add: Earnout liability adjustments | — |  |  | (243) |  |  | — |  |  | 507 |
Add/subtract: Restructuring charges | 956 |  |  | 319 |  |  | (7,318) |  |  | 1,265 |
Add: Valuation adjustment to Visa derivative | — |  |  | — |  |  | 3,500 |  |  | — |
Add: Loss on early extinguishment of debt | — |  |  | — |  |  | 677 |  |  | — |
Subtract/add: Investment securities (gains) losses, net | — |  |  | (962) |  |  | — |  |  | 1,028 |
Add/subtract: Tax effect of adjustments (1) | (228) |  |  | 164 |  |  | 749 |  |  | (579) |
Adjusted net income available to common shareholders | $ | 195,481 |  |  | $ | 177,760 |  |  | $ | 524,868 |  |  | $ | 537,414 |
Adjusted net income available to common shareholders annualized | $ | 775,550 |  |  | $ | 705,243 |  |  | $ | 701,747 |  |  | $ | 718,521 |
Add: Amortization of intangibles, annualized net of tax | 6,401 |  |  | 7,050 |  |  | 6,471 |  |  | 7,128 |
Adjusted net income available to common shareholders excluding amortization of intangibles annualized | $ | 781,951 |  |  | $ | 712,293 |  |  | $ | 708,218 |  |  | $ | 725,649 |
Net income available to common shareholders annualized | $ | 772,661 |  |  | $ | 708,108 |  |  | $ | 704,945 |  |  | $ | 715,551 |
Add: Amortization of intangibles, annualized net of tax | 6,401 |  |  | 7,050 |  |  | 6,471 |  |  | 7,128 |
Net income available to common shareholders excluding amortization of intangibles | $ | 779,062 |  |  | $ | 715,158 |  |  | $ | 711,416 |  |  | $ | 722,679 |
Total average shareholders' equity less preferred stock | $ | 4,141,516 |  |  | $ | 4,734,754 |  |  | $ | 4,305,306 |  |  | $ | 4,655,963 |
Subtract: Goodwill | (452,390) |  |  | (452,390) |  |  | (452,390) |  |  | (452,390) |
Subtract: Other intangible assets, net | (30,214) |  |  | (39,109) |  |  | (32,376) |  |  | (41,487) |
Total average tangible shareholders' equity less preferred stock | $ | 3,658,912 |  |  | $ | 4,243,255 |  |  | $ | 3,820,540 |  |  | $ | 4,162,086 |
Return on average common equity (annualized) | 18.66 | % |  | 14.96 | % |  | 16.37 | % |  | 15.37 | %
Adjusted return on average common equity (annualized) | 18.73 |  |  | 14.90 |  |  | 16.30 |  |  | 15.43 |
Return on average tangible common equity (annualized) | 21.29 |  |  | 16.85 |  |  | 18.62 |  |  | 17.36 |
Adjusted return on average tangible common equity (annualized) | 21.37 |  |  | 16.79 |  |  | 18.54 |  |  | 17.43 |

(dollars in thousands) | September 30, 2022 |  |  |  |  |  | December 31, 2021 |  | September 30, 2021
Tangible common equity ratio |  |  |  |  |  |  |  |  |
Total assets | $ | 58,639,522 |  |  |  |  |  |  | $ | 57,317,226 |  |  | $ | 55,509,129 |
Subtract: Goodwill | (452,390) |  |  |  |  |  |  | (452,390) |  |  | (452,390) |
Subtract: Other intangible assets, net | (29,242) |  |  |  |  |  |  | (35,596) |  |  | (37,975) |
Tangible assets | $ | 58,157,890 |  |  |  |  |  |  | $ | 56,829,240 |  |  | $ | 55,018,764 |
Total shareholders' equity | $ | 4,229,715 |  |  |  |  |  |  | $ | 5,296,800 |  |  | $ | 5,252,802 |
Subtract: Goodwill | (452,390) |  |  |  |  |  |  | (452,390) |  |  | (452,390) |
Subtract: Other intangible assets, net | (29,242) |  |  |  |  |  |  | (35,596) |  |  | (37,975) |
Subtract: Preferred stock, no par value | (537,145) |  |  |  |  |  |  | (537,145) |  |  | (537,145) |
Tangible common equity | $ | 3,210,938 |  |  |  |  |  |  | $ | 4,271,669 |  |  | $ | 4,225,292 |
Total shareholders' equity to total assets ratio | 7.21 | % |  |  |  |  |  | 9.24 | % |  | 9.46 | %
Tangible common equity ratio | 5.52 |  |  |  |  |  |  | 7.52 |  |  | 7.68 |
(1) An assumed marginal tax rate of 23.8% for 2022 and 25.3% for 2021 was applied.

60

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 September 30, 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 September 30, 2022 that have materially affected, or are reasonably likely to materially affect, Synovus' internal control over financial reporting.
61

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 the Company's 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: Synovus did not complete any share repurchases during the three months ended September 30, 2022. The Company announced on January 20, 2022 that its Board of Directors authorized share repurchases of up to $300 million in 2022.
ITEM 3. – DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. – MINE SAFETY DISCLOSURES
None.
ITEM 5. – OTHER INFORMATION
None.
62

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.
4.1 |  |  | 5.200% Senior Note due 2025, incorporated by reference to Exhibit 4.2 of Synovus' Current Report on Form 8-K dated August 11, 2022, as filed with the SEC on August 11, 2022.
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).

63

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.
November 2, 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)

64