XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.23.2

Investment Securities Available for Sale | 6 Months Ended
--- | ---
Jun. 30, 2023
Investments [Abstract] |
Investment Securities Available for Sale | 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 June 30, 2023 and December 31, 2022 are summarized below.
| June 30, 2023
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 517,626 |  |  | $ | — |  |  | $ | (43,736) |  |  | $ | 473,890 |
U.S. Government agency securities | 52,397 |  |  | — |  |  | (3,794) |  |  | 48,603 |
Mortgage-backed securities issued by U.S. Government agencies | 928,031 |  |  | — |  |  | (110,681) |  |  | 817,350 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 7,979,131 |  |  | 508 |  |  | (1,202,246) |  |  | 6,777,393 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 732,938 |  |  | — |  |  | (116,987) |  |  | 615,951 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 954,792 |  |  | — |  |  | (75,442) |  |  | 879,350 |
Corporate debt securities and other debt securities | 8,958 |  |  | — |  |  | (320) |  |  | 8,638 |
Total investment securities available for sale | $ | 11,173,873 |  |  | $ | 508 |  |  | $ | (1,553,206) |  |  | $ | 9,621,175 |
| December 31, 2022
(in thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 515,953 |  |  | $ | — |  |  | $ | (44,140) |  |  | $ | 471,813 |
U.S. Government agency securities | 52,411 |  |  | — |  |  | (3,613) |  |  | 48,798 |
Mortgage-backed securities issued by U.S. Government agencies | 904,593 |  |  | 1,624 |  |  | (113,468) |  |  | 792,749 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,144,374 |  |  | 936 |  |  | (1,250,240) |  |  | 6,895,070 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 769,498 |  |  | — |  |  | (114,371) |  |  | 655,127 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 877,590 |  |  | — |  |  | (71,645) |  |  | 805,945 |
Corporate debt securities and other debt securities | 8,908 |  |  | — |  |  | (307) |  |  | 8,601 |
Total investment securities available for sale | $ | 11,273,327 |  |  | $ | 2,560 |  |  | $ | (1,597,784) |  |  | $ | 9,678,103 |
At June 30, 2023 and December 31, 2022, investment securities with a carrying value of $4.56 billion and $4.47 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements. 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 June 30, 2023 and December 31, 2022 are presented below.
| June 30, 2023
| 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 | $ | 92,580 |  |  | $ | (4,858) |  |  | $ | 356,275 |  |  | $ | (38,878) |  |  | $ | 448,855 |  |  | $ | (43,736) |
U.S. Government agency securities | 258 |  |  | — |  |  | 48,346 |  |  | (3,794) |  |  | 48,604 |  |  | (3,794) |
Mortgage-backed securities issued by U.S. Government agencies | 301,213 |  |  | (5,938) |  |  | 516,137 |  |  | (104,743) |  |  | 817,350 |  |  | (110,681) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 893,627 |  |  | (45,280) |  |  | 5,832,438 |  |  | (1,156,966) |  |  | 6,726,065 |  |  | (1,202,246) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 11,090 |  |  | (489) |  |  | 604,860 |  |  | (116,498) |  |  | 615,950 |  |  | (116,987) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 394,493 |  |  | (18,190) |  |  | 484,857 |  |  | (57,252) |  |  | 879,350 |  |  | (75,442) |
Corporate debt securities and other debt securities | — |  |  | — |  |  | 8,638 |  |  | (320) |  |  | 8,638 |  |  | (320) |
Total | $ | 1,693,261 |  |  | $ | (74,755) |  |  | $ | 7,851,551 |  |  | $ | (1,478,451) |  |  | $ | 9,544,812 |  |  | $ | (1,553,206) |
| December 31, 2022
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in thousands) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
U.S. Treasury securities | $ | 139,737 |  |  | $ | (6,789) |  |  | $ | 307,582 |  |  | $ | (37,351) |  |  | $ | 447,319 |  |  | $ | (44,140) |
U.S. Government agency securities | 28,938 |  |  | (1,053) |  |  | 19,603 |  |  | (2,560) |  |  | 48,541 |  |  | (3,613) |
Mortgage-backed securities issued by U.S. Government agencies | 187,655 |  |  | (5,952) |  |  | 521,395 |  |  | (107,516) |  |  | 709,050 |  |  | (113,468) |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 1,473,348 |  |  | (120,135) |  |  | 5,365,233 |  |  | (1,130,105) |  |  | 6,838,581 |  |  | (1,250,240) |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 119,649 |  |  | (10,311) |  |  | 535,478 |  |  | (104,060) |  |  | 655,127 |  |  | (114,371) |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 565,382 |  |  | (29,383) |  |  | 240,564 |  |  | (42,262) |  |  | 805,946 |  |  | (71,645) |
Corporate debt securities and other debt securities | 8,601 |  |  | (307) |  |  | — |  |  | — |  |  | 8,601 |  |  | (307) |
Total | $ | 2,523,310 |  |  | $ | (173,930) |  |  | $ | 6,989,855 |  |  | $ | (1,423,854) |  |  | $ | 9,513,165 |  |  | $ | (1,597,784) |
As of June 30, 2023, Synovus had 96 investment securities in a loss position for less than twelve months and 335 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 June 30, 2023. At June 30, 2023, 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 June 30, 2023 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 June 30, 2023
(in thousands) | Within One Year |  | 1 to 5 Years |  | 5 to 10 Years |  | More Than 10 Years |  | Total
Amortized Cost |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 24,834 |  |  | $ | 442,928 |  |  | $ | 49,864 |  |  | $ | — |  |  | $ | 517,626 |
U.S. Government agency securities | 258 |  |  | 52,139 |  |  | — |  |  | — |  |  | 52,397 |
Mortgage-backed securities issued by U.S. Government agencies | 48 |  |  | 324 |  |  | 4 |  |  | 927,655 |  |  | 928,031 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 19,900 |  |  | 82,822 |  |  | 7,876,409 |  |  | 7,979,131 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 69 |  |  | 11,416 |  |  | 721,453 |  |  | 732,938 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 681,844 |  |  | 208,954 |  |  | 63,994 |  |  | 954,792 |
Corporate debt securities and other debt securities | — |  |  | 8,958 |  |  | — |  |  | — |  |  | 8,958 |
Total amortized cost | $ | 25,140 |  |  | $ | 1,206,162 |  |  | $ | 353,060 |  |  | $ | 9,589,511 |  |  | $ | 11,173,873 |
Fair Value |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 24,834 |  |  | $ | 408,618 |  |  | $ | 40,438 |  |  | $ | — |  |  | $ | 473,890 |
U.S. Government agency securities | 258 |  |  | 48,345 |  |  | — |  |  | — |  |  | 48,603 |
Mortgage-backed securities issued by U.S. Government agencies | 47 |  |  | 311 |  |  | 4 |  |  | 816,988 |  |  | 817,350 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 18,789 |  |  | 76,538 |  |  | 6,682,066 |  |  | 6,777,393 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 66 |  |  | 10,936 |  |  | 604,949 |  |  | 615,951 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 643,973 |  |  | 176,619 |  |  | 58,758 |  |  | 879,350 |
Corporate debt securities and other debt securities | — |  |  | 8,638 |  |  | — |  |  | — |  |  | 8,638 |
Total fair value | $ | 25,139 |  |  | $ | 1,128,740 |  |  | $ | 304,535 |  |  | $ | 8,162,761 |  |  | $ | 9,621,175 |
Gross gains and gross losses on sales of securities available for sale for the three and six months ended June 30, 2023 and 2022 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 June 30, |  | Six Months Ended June 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Gross realized gains on sales | $ | — |  |  | $ | — |  |  | $ | 1,030 |  |  | $ | — |
Gross realized losses on sales | — |  |  | — |  |  | — |  |  | — |
Investment securities gains (losses), net | $ | — |  |  | $ | — |  |  | $ | 1,030 |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration