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Investment Securities Available for Sale

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 are summarized below.

			September 30, 2023
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
U.S. Treasury securities			$	556,791					$	—					$	(47,331)					$	509,460
U.S. Government agency securities			52,140						—						(4,634)						47,506
Mortgage-backed securities issued by U.S. Government agencies			1,040,825						—						(148,571)						892,254
Mortgage-backed securities issued by U.S. Government sponsored enterprises			7,781,751						—						(1,519,999)						6,261,752
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			710,600						—						(131,764)						578,836
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			1,023,664						—						(84,929)						938,735
Corporate debt securities and other debt securities			8,984						—						(336)						8,648
Total investment securities available for sale			$	11,174,755					$	—					$	(1,937,564)					$	9,237,191
			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 September 30, 2023 and December 31, 2022, investment securities with a carrying value of $4.54 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 September 30, 2023 and December 31, 2022 are presented below.

			September 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			$	38,011					$	(261)					$	446,097					$	(47,070)					$	484,108					$	(47,331)
U.S. Government agency securities			—						—						47,506						(4,634)						47,506						(4,634)
Mortgage-backed securities issued by U.S. Government agencies			350,730						(14,758)						541,524						(133,813)						892,254						(148,571)
Mortgage-backed securities issued by U.S. Government sponsored enterprises			315,190						(14,825)						5,946,562						(1,505,174)						6,261,752						(1,519,999)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						—						578,836						(131,764)						578,836						(131,764)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			152,435						(4,362)						786,300						(80,567)						938,735						(84,929)
Corporate debt securities and other debt securities			—						—						8,648						(336)						8,648						(336)
Total			$	856,366					$	(34,206)					$	8,355,473					$	(1,903,358)					$	9,211,839					$	(1,937,564)
			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 September 30, 2023, Synovus had 26 investment securities in a loss position for less than twelve months and 413 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, 2023.

At September 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 September 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 September 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			$	25,352					$	481,570					$	49,869					$	—					$	556,791
U.S. Government agency securities			—						52,140						—						—						52,140
Mortgage-backed securities issued by U.S. Government agencies			36						267						4						1,040,518						1,040,825
Mortgage-backed securities issued by U.S. Government sponsored enterprises			—						18,277						78,557						7,684,917						7,781,751
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						58						10,944						699,598						710,600
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			29,718						725,148						207,265						61,533						1,023,664
Corporate debt securities and other debt securities			—						8,984						—						—						8,984
Total amortized cost			$	55,106					$	1,286,444					$	346,639					$	9,486,566					$	11,174,755
Fair Value
U.S. Treasury securities			$	25,352					$	445,205					$	38,903					$	—					$	509,460
U.S. Government agency securities			—						47,506						—						—						47,506
Mortgage-backed securities issued by U.S. Government agencies			34						257						3						891,960						892,254
Mortgage-backed securities issued by U.S. Government sponsored enterprises			—						17,284						70,862						6,173,606						6,261,752
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						56						10,337						568,443						578,836
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			28,977						682,703						171,393						55,662						938,735
Corporate debt securities and other debt securities			—						8,648						—						—						8,648
Total fair value			$	54,363					$	1,201,659					$	291,498					$	7,689,671					$	9,237,191

Gross gains and gross losses on sales of securities available for sale for the three and nine months ended September 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 September 30,												Nine Months Ended September 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					$	—

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The entire disclosure for investments in certain debt and equity securities.

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