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Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting
Note 9 - 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. Synovus has four major reportable business segments: Wholesale Banking, Community Banking, Consumer Banking, and Financial Management Services. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike 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, deposit, and capital markets services through specialty teams including middle market, CRE, senior housing, premium finance, structured lending, asset-based lending, public finance, restaurant services, community investment capital, and capital markets.
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 Community Banking 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, securities underwriting and distribution, 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.
Functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, are included in Treasury and Corporate Other. In addition, certain assets, liabilities, revenue, and expense not allocated or attributable to a particular business segment, such as Synovus' third-party consumer loans and loans held for sale, as well as CIB, are included in Treasury and Corporate Other.
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 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 certain financial information for each reportable business segment for the three and six months ended June 30, 2024 and 2023. The application and development of management reporting methodologies is a dynamic process 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; however, prior period loan and deposit balances and any related net interest income and FTP are not adjusted for transfers. Treasury and Corporate Other's non-interest revenue for the three and six months ended June 30, 2024 was impacted by the net loss of $256.7 million recognized on sales of AFS investment securities in connection with the strategic repositioning of the investment securities portfolio in the second quarter of 2024.
Three Months Ended June 30, 2024
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income $181,574 $98,097 $135,550 $25,250 $(5,473)$434,998 
Non-interest revenue15,945 18,151 19,307 45,839 (228,093)(128,851)
Non-interest expense34,575 37,786 51,004 38,346 140,090 301,801 
Pre-provision net revenue (PPNR)$162,944 $78,462 $103,853 $32,743 $(373,656)$4,346 
Three Months Ended June 30, 2023
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$194,334 $110,242 $158,113 $17,134 $(24,292)$455,531 
Non-interest revenue13,752 13,500 20,983 49,085 14,956 112,276 
Non-interest expense33,955 35,464 50,861 42,401 144,500 307,181 
Pre-provision net revenue (PPNR)$174,131 $88,278 $128,235 $23,818 $(153,836)$260,626 
Six Months Ended June 30, 2024
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$365,240 $197,120 $274,176 $48,470 $(31,162)$853,844 
Non-interest revenue27,270 34,830 37,254 92,709 (202,026)(9,963)
Non-interest expense69,885 78,779 103,128 78,029 294,721 624,542 
Pre-provision net revenue (PPNR)$322,625 $153,171 $208,302 $63,150 $(527,909)$219,339 
Six Months Ended June 30, 2023
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$393,434 $221,647 $312,744 $33,681 $(25,223)$936,283 
Non-interest revenue29,652 39,041 41,711 102,291 32,707 245,402 
Non-interest expense68,617 68,926 99,808 86,240 305,443 629,034 
Pre-provision net revenue (PPNR)$354,469 $191,762 $254,647 $49,732 $(297,959)$552,651 
June 30, 2024
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$25,268,888 $7,980,532 $2,764,262 $5,341,008 $1,738,707 $43,093,397 
Total deposits$13,271,067 $10,660,747 $18,799,143 $1,307,807 $6,157,014 $50,195,778 
Total full-time equivalent employees339 556 1,508 569 1,755 4,727 
December 31, 2023
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$25,506,870 $7,966,794 $2,825,411 $5,374,280 $1,731,135 $43,404,490 
Total deposits$13,847,833 $10,198,357 $18,698,298 $1,488,090 $6,506,607 $50,739,185 
Total full-time equivalent employees334 576 1,522 604 1,762 4,798