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Loans And Allowance For Loan Losses | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Loans and Allowance for Loan Losses | Note 3 - Loans and Allowance for Loan Losses Aging and Non-Accrual Analysis The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2022 and December 31, 2021.
| December 31, 2022 |
(in thousands) | Current |  | Accruing 30-89 Days Past Due |  | Accruing 90 Days or Greater Past Due |  | Total Accruing Past Due |  | Non-accrual with an ALL |  | Non-accrual without an ALL |  | Total |
Commercial, financial, and agricultural | $ | 13,798,639 |  |  | $ | 15,033 |  |  | $ | 1,437 |  |  | $ | 16,470 |  |  | $ | 48,008 |  |  | $ | 11,299 |  |  | $ | 13,874,416 |  |
Owner-occupied | 8,181,649 |  |  | 487 |  |  | — |  |  | 487 |  |  | 9,499 |  |  | 605 |  |  | 8,192,240 |  |
Total commercial and industrial | 21,980,288 |  |  | 15,520 |  |  | 1,437 |  |  | 16,957 |  |  | 57,507 |  |  | 11,904 |  |  | 22,066,656 |  |
Investment properties | 11,639,614 |  |  | 960 |  |  | — |  |  | 960 |  |  | 1,785 |  |  | 1,688 |  |  | 11,644,047 |  |
1-4 family properties | 613,049 |  |  | 762 |  |  | — |  |  | 762 |  |  | 2,172 |  |  | 950 |  |  | 616,933 |  |
Land and development | 388,098 |  |  | 77 |  |  | — |  |  | 77 |  |  | 1,158 |  |  | — |  |  | 389,333 |  |
Total commercial real estate | 12,640,761 |  |  | 1,799 |  |  | — |  |  | 1,799 |  |  | 5,115 |  |  | 2,638 |  |  | 12,650,313 |  |
Consumer mortgages | 5,163,417 |  |  | 13,969 |  |  | 210 |  |  | 14,179 |  |  | 36,847 |  |  | — |  |  | 5,214,443 |  |
Home equity | 1,742,412 |  |  | 7,795 |  |  | 1 |  |  | 7,796 |  |  | 6,830 |  |  | — |  |  | 1,757,038 |  |
Credit cards | 200,047 |  |  | 1,843 |  |  | 1,722 |  |  | 3,565 |  |  | — |  |  | — |  |  | 203,612 |  |
Other consumer loans | 1,795,799 |  |  | 21,269 |  |  | 3 |  |  | 21,272 |  |  | 7,220 |  |  | — |  |  | 1,824,291 |  |
Total consumer | 8,901,675 |  |  | 44,876 |  |  | 1,936 |  |  | 46,812 |  |  | 50,897 |  |  | — |  |  | 8,999,384 |  |
Loans, net of deferred fees and costs | $ | 43,522,724 |  |  | $ | 62,195 |  |  | $ | 3,373 |  |  | $ | 65,568 |  |  | $ | 113,519 |  |  | $ | 14,542 |  |  | $ | 43,716,353 |  |
| 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 wa s $9.0 million and $12.0 million durin g the years ended December 31, 2022 and 2021, respectively. Of the interest income recognized during the years ended December 31, 2022 and 2021, cash-basis interest income was $3.0 million and $2.4 million, respectively. Pledged Loans Loans with carrying values of $16.09 billion and $14.19 billion, respectively, were pledged as collateral for borrowings and capacity at December 31, 2022 and 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 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 and guaranteed by the SBA, were $14.7 million and $399.6 million, net of unearned fees, at December 31, 2022 and 2021, respectively. 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 classified 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 the associated senior liens with other financial institutions. The following table summarizes each loan portfolio class by regulatory risk grade and origination year as of December 31, 2022 as required by CECL.
| December 31, 2022
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Commercial, financial and agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,276,814 |  |  | $ | 1,911,353 |  |  | $ | 1,009,230 |  |  | $ | 782,100 |  |  | $ | 536,001 |  |  | $ | 1,037,488 |  |  | $ | 6,862,070 |  |  | $ | 43,748 |  |  | $ | 13,458,804 |
Special Mention | 4,131 |  |  | 14,289 |  |  | 12,691 |  |  | 6,637 |  |  | 5,716 |  |  | 2,777 |  |  | 81,889 |  |  | 1,710 |  |  | 129,840 |
Substandard(1) | 13,751 |  |  | 17,780 |  |  | 38,943 |  |  | 42,773 |  |  | 18,405 |  |  | 21,418 |  |  | 131,422 |  |  | 1,003 |  |  | 285,495 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 277 |  |  | — |  |  | 277 |
Total commercial, financial and agricultural | 1,294,696 |  |  | 1,943,422 |  |  | 1,060,864 |  |  | 831,510 |  |  | 560,122 |  |  | 1,061,683 |  |  | 7,075,658 |  |  | 46,461 |  |  | 13,874,416 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,537,016 |  |  | 1,675,524 |  |  | 1,137,889 |  |  | 909,525 |  |  | 664,734 |  |  | 1,103,500 |  |  | 866,920 |  |  | — |  |  | 7,895,108 |
Special Mention | 4,238 |  |  | 6,760 |  |  | 24,175 |  |  | 13,913 |  |  | 5,024 |  |  | 69,500 |  |  | — |  |  | — |  |  | 123,610 |
Substandard(1) | 19,437 |  |  | 13,381 |  |  | 63,925 |  |  | 7,415 |  |  | 51,364 |  |  | 17,755 |  |  | — |  |  | — |  |  | 173,277 |
Loss(2) | — |  |  | 245 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 245 |
Total owner-occupied | 1,560,691 |  |  | 1,695,910 |  |  | 1,225,989 |  |  | 930,853 |  |  | 721,122 |  |  | 1,190,755 |  |  | 866,920 |  |  | — |  |  | 8,192,240 |
Total commercial and industrial | 2,855,387 |  |  | 3,639,332 |  |  | 2,286,853 |  |  | 1,762,363 |  |  | 1,281,244 |  |  | 2,252,438 |  |  | 7,942,578 |  |  | 46,461 |  |  | 22,066,656 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,671,660 |  |  | 3,245,669 |  |  | 1,532,230 |  |  | 1,220,974 |  |  | 775,747 |  |  | 1,543,724 |  |  | 541,118 |  |  | — |  |  | 11,531,122 |
Special Mention | 2,379 |  |  | 1,550 |  |  | — |  |  | 14,570 |  |  | 5,908 |  |  | 2,388 |  |  | 146 |  |  | — |  |  | 26,941 |
Substandard(1) | 5,973 |  |  | 1,455 |  |  | 176 |  |  | 1,688 |  |  | 51,767 |  |  | 3,931 |  |  | 20,994 |  |  | — |  |  | 85,984 |
Total investment properties | 2,680,012 |  |  | 3,248,674 |  |  | 1,532,406 |  |  | 1,237,232 |  |  | 833,422 |  |  | 1,550,043 |  |  | 562,258 |  |  | — |  |  | 11,644,047 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 248,418 |  |  | 154,181 |  |  | 44,032 |  |  | 33,246 |  |  | 27,053 |  |  | 55,543 |  |  | 47,732 |  |  | — |  |  | 610,205 |
Special Mention | 1 |  |  | — |  |  | 752 |  |  | — |  |  | — |  |  | 297 |  |  | — |  |  | — |  |  | 1,050 |
Substandard(1) | 1,309 |  |  | 1,429 |  |  | 75 |  |  | 741 |  |  | 836 |  |  | 1,243 |  |  | 45 |  |  | — |  |  | 5,678 |
Total 1-4 family properties | 249,728 |  |  | 155,610 |  |  | 44,859 |  |  | 33,987 |  |  | 27,889 |  |  | 57,083 |  |  | 47,777 |  |  | — |  |  | 616,933 |
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 119,801 |  |  | 84,055 |  |  | 21,984 |  |  | 39,484 |  |  | 18,600 |  |  | 64,854 |  |  | 5,078 |  |  | — |  |  | 353,856 |
Special Mention | — |  |  | — |  |  | 744 |  |  | — |  |  | 29,618 |  |  | 1,118 |  |  | — |  |  | — |  |  | 31,480 |
Substandard(1) | 699 |  |  | 325 |  |  | 220 |  |  | 627 |  |  | 472 |  |  | 1,654 |  |  | — |  |  | — |  |  | 3,997 |
Total land and development | 120,500 |  |  | 84,380 |  |  | 22,948 |  |  | 40,111 |  |  | 48,690 |  |  | 67,626 |  |  | 5,078 |  |  | — |  |  | 389,333 |
Total commercial real estate | 3,050,240 |  |  | 3,488,664 |  |  | 1,600,213 |  |  | 1,311,330 |  |  | 910,001 |  |  | 1,674,752 |  |  | 615,113 |  |  | — |  |  | 12,650,313 |
| December 31, 2022
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 857,489 |  |  | $ | 1,188,652 |  |  | $ | 1,356,065 |  |  | $ | 458,441 |  |  | $ | 182,834 |  |  | $ | 1,118,686 |  |  | $ | 143 |  |  | $ | — |  |  | $ | 5,162,310 |
Substandard(1) | 1,153 |  |  | 6,452 |  |  | 8,519 |  |  | 9,442 |  |  | 6,167 |  |  | 19,662 |  |  | — |  |  | — |  |  | 51,395 |
Loss(2) | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 734 |  |  | — |  |  | — |  |  | 738 |
Total consumer mortgages | 858,642 |  |  | 1,195,104 |  |  | 1,364,584 |  |  | 467,887 |  |  | 189,001 |  |  | 1,139,082 |  |  | 143 |  |  | — |  |  | 5,214,443 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,241,201 |  |  | 504,272 |  |  | 1,745,473 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,534 |  |  | 4,512 |  |  | 11,046 |
Loss(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 402 |  |  | 117 |  |  | 519 |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,248,137 |  |  | 508,901 |  |  | 1,757,038 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 201,898 |  |  | — |  |  | 201,898 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 617 |  |  | — |  |  | 617 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,097 |  |  | — |  |  | 1,097 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 203,612 |  |  | — |  |  | 203,612 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 284,045 |  |  | 524,601 |  |  | 457,684 |  |  | 61,760 |  |  | 31,662 |  |  | 142,189 |  |  | 313,565 |  |  | — |  |  | 1,815,506 |
Substandard(1) | 1,417 |  |  | 3,810 |  |  | 1,648 |  |  | 712 |  |  | 163 |  |  | 888 |  |  | 139 |  |  | — |  |  | 8,777 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | 8 |
Total other consumer loans | 285,462 |  |  | 528,411 |  |  | 459,332 |  |  | 62,472 |  |  | 31,825 |  |  | 143,085 |  |  | 313,704 |  |  | — |  |  | 1,824,291 |
Total consumer | 1,144,104 |  |  | 1,723,515 |  |  | 1,823,916 |  |  | 530,359 |  |  | 220,826 |  |  | 1,282,167 |  |  | 1,765,596 |  |  | 508,901 |  |  | 8,999,384 |
Loans, net of deferred fees and costs | $ | 7,049,731 |  |  | $ | 8,851,511 |  |  | $ | 5,710,982 |  |  | $ | 3,604,052 |  |  | $ | 2,412,071 |  |  | $ | 5,209,357 |  |  | $ | 10,323,287 |  |  | $ | 555,362 |  |  | $ | 43,716,353 |
(1) The majority of loans within Substandard risk grade are accruing loans at December 31, 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.
| 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(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 85 |  |  | — |  |  | 85 |
Total commercial, financial and agricultural | 2,416,022 |  |  | 1,398,694 |  |  | 981,693 |  |  | 637,246 |  |  | 451,760 |  |  | 944,049 |  |  | 5,275,552 |  |  | 42,842 |  |  | 12,147,858 |
Owner-occupied |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,776,086 |  |  | 1,276,797 |  |  | 1,117,825 |  |  | 858,721 |  |  | 708,942 |  |  | 1,116,766 |  |  | 437,724 |  |  | — |  |  | 7,292,861 |
Special Mention | 702 |  |  | 19,950 |  |  | 4,724 |  |  | 10,202 |  |  | 18,109 |  |  | 36,481 |  |  | — |  |  | — |  |  | 90,168 |
Substandard(1) | 7,312 |  |  | 1,294 |  |  | 8,386 |  |  | 43,276 |  |  | 6,169 |  |  | 25,329 |  |  | — |  |  | — |  |  | 91,766 |
Loss(3) | 271 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 271 |
Total owner-occupied | 1,784,371 |  |  | 1,298,041 |  |  | 1,130,935 |  |  | 912,199 |  |  | 733,220 |  |  | 1,178,576 |  |  | 437,724 |  |  | — |  |  | 7,475,066 |
Total commercial and industrial | 4,200,393 |  |  | 2,696,735 |  |  | 2,112,628 |  |  | 1,549,445 |  |  | 1,184,980 |  |  | 2,122,625 |  |  | 5,713,276 |  |  | 42,842 |  |  | 19,622,924 |
Investment properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,823,978 |  |  | 1,463,503 |  |  | 1,905,534 |  |  | 1,019,765 |  |  | 738,036 |  |  | 1,317,634 |  |  | 278,697 |  |  | — |  |  | 9,547,147 |
Special Mention | 6,163 |  |  | — |  |  | 32,290 |  |  | 63,900 |  |  | 59,194 |  |  | 44,532 |  |  | 33,659 |  |  | — |  |  | 239,738 |
Substandard(1) | 1,465 |  |  | 326 |  |  | 8,550 |  |  | 57,127 |  |  | 3,564 |  |  | 23,505 |  |  | 21,354 |  |  | — |  |  | 115,891 |
Total investment properties | 2,831,606 |  |  | 1,463,829 |  |  | 1,946,374 |  |  | 1,140,792 |  |  | 800,794 |  |  | 1,385,671 |  |  | 333,710 |  |  | — |  |  | 9,902,776 |
1-4 family properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 295,082 |  |  | 82,976 |  |  | 51,939 |  |  | 43,025 |  |  | 49,057 |  |  | 57,025 |  |  | 55,588 |  |  | — |  |  | 634,692 |
Special Mention | 192 |  |  | 207 |  |  | 641 |  |  | — |  |  | — |  |  | 239 |  |  | — |  |  | — |  |  | 1,279 |
Substandard(1) | 1,999 |  |  | — |  |  | 566 |  |  | 4,222 |  |  | 489 |  |  | 2,177 |  |  | 45 |  |  | — |  |  | 9,498 |
Total 1-4 family properties | 297,273 |  |  | 83,183 |  |  | 53,146 |  |  | 47,247 |  |  | 49,546 |  |  | 59,441 |  |  | 55,633 |  |  | — |  |  | 645,469 |
Land and development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 141,614 |  |  | 42,201 |  |  | 77,868 |  |  | 34,058 |  |  | 37,167 |  |  | 44,989 |  |  | 44,730 |  |  | — |  |  | 422,627 |
Special Mention | — |  |  | 800 |  |  | 1,900 |  |  | 31,458 |  |  | — |  |  | 1,179 |  |  | — |  |  | — |  |  | 35,337 |
Substandard(1) | 824 |  |  | 1,149 |  |  | 46 |  |  | 3,021 |  |  | 807 |  |  | 3,055 |  |  | — |  |  | — |  |  | 8,902 |
Total land and development | 142,438 |  |  | 44,150 |  |  | 79,814 |  |  | 68,537 |  |  | 37,974 |  |  | 49,223 |  |  | 44,730 |  |  | — |  |  | 466,866 |
Total commercial real estate | 3,271,317 |  |  | 1,591,162 |  |  | 2,079,334 |  |  | 1,256,576 |  |  | 888,314 |  |  | 1,494,335 |  |  | 434,073 |  |  | — |  |  | 11,015,111 |
| December 31, 2021
| Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  |
(in thousands) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Amortized Cost Basis |  | Converted to Term Loans |  | Total
Consumer mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,274,999 |  |  | $ | 1,556,733 |  |  | $ | 572,467 |  |  | $ | 216,277 |  |  | $ | 392,492 |  |  | $ | 1,001,771 |  |  | $ | 255 |  |  | $ | — |  |  | $ | 5,014,994 |
Substandard(1) | 1,031 |  |  | 3,680 |  |  | 5,943 |  |  | 12,387 |  |  | 5,717 |  |  | 25,025 |  |  | — |  |  | — |  |  | 53,783 |
Loss(3) | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 216 |  |  | — |  |  | — |  |  | 221 |
Total consumer mortgages | 1,276,030 |  |  | 1,560,413 |  |  | 578,415 |  |  | 228,664 |  |  | 398,209 |  |  | 1,027,012 |  |  | 255 |  |  | — |  |  | 5,068,998 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,199,556 |  |  | 146,635 |  |  | 1,346,191 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,058 |  |  | 5,372 |  |  | 14,430 |
Loss(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 658 |  |  | 140 |  |  | 798 |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,209,272 |  |  | 152,147 |  |  | 1,361,419 |
Credit cards |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 203,161 |  |  | — |  |  | 203,161 |
Substandard(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 348 |  |  | — |  |  | 348 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 663 |  |  | — |  |  | 663 |
Total credit cards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 204,172 |  |  | — |  |  | 204,172 |
Other consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 654,419 |  |  | 708,937 |  |  | 127,131 |  |  | 49,993 |  |  | 86,175 |  |  | 97,765 |  |  | 306,500 |  |  | — |  |  | 2,030,920 |
Substandard(1) | 668 |  |  | 1,550 |  |  | 2,064 |  |  | 1,308 |  |  | 1,892 |  |  | 750 |  |  | 162 |  |  | — |  |  | 8,394 |
Loss(4) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 20 |
Total other consumer loans | 655,087 |  |  | 710,487 |  |  | 129,195 |  |  | 51,301 |  |  | 88,067 |  |  | 98,535 |  |  | 306,662 |  |  | — |  |  | 2,039,334 |
Total consumer | 1,931,117 |  |  | 2,270,900 |  |  | 707,610 |  |  | 279,965 |  |  | 486,276 |  |  | 1,125,547 |  |  | 1,720,361 |  |  | 152,147 |  |  | 8,673,923 |
Loan, 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 years ended December 31, 2022 and 2021. Rollforward of Allowance for Loan Losses The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2022, 2021, and 2020. For the years ended December 31, 2022 and 2021, Synovus had no significant transfers to loans held for sale. For the year ended December 31, 2020, Synovus reversed a net amount of $18.3 million in previously established reserves for credit losses associated with net transfers to held for sale of $1.43 billion in performing loans, primarily related to third-party single-service consumer loans and non-relationship consumer mortgages.
|  | As of and For The Year Ended December 31, 2022
(in thousands) |  | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 188,364 |  |  | $ | 97,760 |  |  | $ | 141,473 |  |  | $ | 427,597 |
Charge-offs |  | (42,588) |  |  | (3,102) |  |  | (38,020) |  |  | (83,710) |
Recoveries |  | 14,625 |  |  | 1,633 |  |  | 14,296 |  |  | 30,554 |
Provision for (reversal of) loan losses |  | 1,149 |  |  | 47,284 |  |  | 20,550 |  |  | 68,983 |
Ending balance |  | $ | 161,550 |  |  | $ | 143,575 |  |  | $ | 138,299 |  |  | $ | 443,424 |
|  | As of and For The Year Ended December 31, 2021
(in thousands) |  | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 229,555 |  |  | $ | 130,742 |  |  | $ | 245,439 |  |  | $ | 605,736 |
Charge-offs |  | (59,457) |  |  | (15,392) |  |  | (30,383) |  |  | (105,232) |
Recoveries |  | 9,734 |  |  | 7,444 |  |  | 10,266 |  |  | 27,444 |
Provision for (reversal of) loan losses |  | 8,532 |  |  | (25,034) |  |  | (83,849) |  |  | (100,351) |
Ending balance |  | $ | 188,364 |  |  | $ | 97,760 |  |  | $ | 141,473 |  |  | $ | 427,597 |
|  | As of and For The Year Ended December 31, 2020
(in thousands) |  | Commercial & Industrial |  | Commercial Real Estate |  | Consumer |  | Total
Allowance for loan losses: |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASC 326 |  | $ | 145,782 |  |  | $ | 67,430 |  |  | $ | 68,190 |  |  | $ | 281,402 |
Impact from adoption of ASC 326 |  | (2,310) |  |  | (651) |  |  | 85,955 |  |  | 82,994 |
Beginning balance, after adoption of ASC 326 |  | 143,472 |  |  | 66,779 |  |  | 154,145 |  |  | 364,396 |
Charge-offs |  | (76,260) |  |  | (13,213) |  |  | (29,789) |  |  | (119,262) |
Recoveries |  | 13,544 |  |  | 2,857 |  |  | 8,149 |  |  | 24,550 |
Provision for (reversal of) loan losses |  | 148,799 |  |  | 74,319 |  |  | 112,934 |  |  | 336,052 |
Ending balance |  | $ | 229,555 |  |  | $ | 130,742 |  |  | $ | 245,439 |  |  | $ | 605,736 |
The ALL of $443.4 million and the reserve for unfunded commitments of $57.5 million, which is recorded in other liabilities, comprise the total ACL of $500.9 million at December 31, 2022. The ACL increased $31.4 million compared to the December 31, 2021 ACL of $469.5 million, which consisted of an ALL of $427.6 million and the reserve for unfunded commitments of $41.9 million. The ACL to loans coverage ratio of 1.15% at December 31, 2022 was 4 bps lower compared to December 31, 2021. The increase in the ACL from December 31, 2021 resulted primarily from loan growth and an increase in the reserve for unfunded commitments, largely due to an increase in both reserve rates and the level of 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 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 December 31, 2022, the unemployment rate is the input that most significantly impacts our estimate. The multi-scenario forecast used in our estimate includes a weighted average unemployment rate of 4.7% over the forecast period at December 31, 2022, compared to 4.4% at December 31, 2021. 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. The following tables present, by concession type, the post-modification balance for loans modified or renewed during the years ended December 31, 2022, 2021, and 2020 that were reported as accruing or non-accruing TDRs.
TDRs by Concession Type |
| Year Ended December 31, 2022 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial, and agricultural | 86 |  |  | $ | 34,518 |  |  | $ | 1,279 |  |  | $ | 35,797 |  |
Owner-occupied | 29 |  |  | 65,956 |  |  | 3,857 |  |  | 69,813 |  |
Total commercial and industrial | 115 |  |  | 100,474 |  |  | 5,136 |  |  | 105,610 |  |
Investment properties | 7 |  |  | 5,026 |  |  | 6,610 |  |  | 11,636 |  |
1-4 family properties | 14 |  |  | 3,850 |  |  | — |  |  | 3,850 |  |
Land and development | 4 |  |  | 3,168 |  |  | — |  |  | 3,168 |  |
Total commercial real estate | 25 |  |  | 12,044 |  |  | 6,610 |  |  | 18,654 |  |
Consumer mortgages | 10 |  |  | 1,176 |  |  | 266 |  |  | 1,442 |  |
Home equity | 41 |  |  | 4,836 |  |  | 39 |  |  | 4,875 |  |
Other consumer loans | 15 |  |  | — |  |  | 605 |  |  | 605 |  |
Total consumer | 66 |  |  | 6,012 |  |  | 910 |  |  | 6,922 |  |
Loans, net of deferred fees and costs | 206 |  |  | $ | 118,530 |  |  | $ | 12,656 |  |  | $ | 131,186 |  | (2)
| Year Ended December 31, 2021 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial, and agricultural | 152 |  |  | $ | 12,746 |  |  | $ | 8,096 |  |  | $ | 20,842 |  |
Owner-occupied | 24 |  |  | 5,908 |  |  | 868 |  |  | 6,776 |  |
Total commercial and industrial | 176 |  |  | 18,654 |  |  | 8,964 |  |  | 27,618 |  |
Investment properties | 9 |  |  | 3,130 |  |  | — |  |  | 3,130 |  |
1-4 family properties | 13 |  |  | 1,131 |  |  | 123 |  |  | 1,254 |  |
Land and development | 8 |  |  | 1,948 |  |  | 60 |  |  | 2,008 |  |
Total commercial real estate | 30 |  |  | 6,209 |  |  | 183 |  |  | 6,392 |  |
Consumer mortgages | 18 |  |  | 2,512 |  |  | 1,006 |  |  | 3,518 |  |
Home equity | 55 |  |  | 4,991 |  |  | 258 |  |  | 5,249 |  |
Other consumer loans | 103 |  |  | 435 |  |  | 5,720 |  |  | 6,155 |  |
Total consumer | 176 |  |  | 7,938 |  |  | 6,984 |  |  | 14,922 |  |
Loans, net of deferred fees and costs | 382 |  |  | $ | 32,801 |  |  | $ | 16,131 |  |  | $ | 48,932 |  | (3)
TDRs by Concession Type (continued) |
| Year Ended December 31, 2020 |
(in thousands, except contract data) | Number of Contracts |  | Below Market Interest Rate |  | Other Concessions(1) |  | Total |
Commercial, financial, and agricultural | 152 |  |  | $ | 10,939 |  |  | $ | 11,912 |  |  | $ | 22,851 |  |
Owner-occupied | 22 |  |  | 4,536 |  |  | 1,530 |  |  | 6,066 |  |
Total commercial and industrial | 174 |  |  | 15,475 |  |  | 13,442 |  |  | 28,917 |  |
Investment properties | 9 |  |  | 29,679 |  |  | 1,420 |  |  | 31,099 |  |
1-4 family properties | 22 |  |  | 1,769 |  |  | 1,105 |  |  | 2,874 |  |
Land and development | 4 |  |  | 606 |  |  | — |  |  | 606 |  |
Total commercial real estate | 35 |  |  | 32,054 |  |  | 2,525 |  |  | 34,579 |  |
Consumer mortgages | 23 |  |  | 1,866 |  |  | 2,789 |  |  | 4,655 |  |
Home equity | 63 |  |  | 1,970 |  |  | 2,530 |  |  | 4,500 |  |
Other consumer loans | 57 |  |  | 1,185 |  |  | 2,779 |  |  | 3,964 |  |
Total consumer | 143 |  |  | 5,021 |  |  | 8,098 |  |  | 13,119 |  |
Loans, net of deferred fees and costs | 352 |  |  | $ | 52,550 |  |  | $ | 24,065 |  |  | $ | 76,615 |  | (4)
(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 years ended December 31, 2022, 2021, and 2020. (2) No charge-offs were recorded during the year ended December 31, 2022 upon restructuring of these loans. (3) No charge-offs were recorded during the year ended December 31, 2021 upon restructuring of these loans. (4) No charge-offs were recorded during the year ended December 31, 2020 upon restructuring of these loans. For the years ended December 31, 2022, 2021 and 2020, there were five defaults with a recorded investment of $1.0 million, eight defaults with a recorded investment of $978 thousand, and seven defaults with a recorded investment of $21.7 million, 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). As of December 31, 2022 and 2021, there were no commitments to lend a material amount of additional funds to any client s whose loans were classified as TDRs.

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