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Fair Value Accounting (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis
The following table presents assets and liabilities measured at estimated fair value on a recurring basis.
June 30, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3Total Estimated Fair ValueLevel 1Level 2Level 3Total Estimated Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises $— $2,956 $— $2,956 $— $2,910 $— $2,910 
Other mortgage-backed securities— — — — — 2,149 — 2,149 
Asset-backed securities— 10,096 — 10,096 — 7,839 — 7,839 
Total trading securities$— $13,052 $— $13,052 $— $12,898 $— $12,898 
Investment securities available for sale:
U.S. Treasury securities$1,174,295 $— $— $1,174,295 $597,629 $— $— $597,629 
U.S. Government agency securities— 28,843 — 28,843 — 28,940 — 28,940 
Mortgage-backed securities issued by U.S. Government agencies — 1,400,492 — 1,400,492 — 925,664 — 925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,016,045 — 2,016,045 — 6,430,379 — 6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 547,997 — 547,997 — 587,595 — 587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 1,867,126 — 1,867,126 — 1,209,783 — 1,209,783 
Corporate debt securities and other debt securities— 8,883 — 8,883 — 8,672 — 8,672 
Total investment securities available for sale$1,174,295 $5,869,386 $— $7,043,681 $597,629 $9,191,033 $— $9,788,662 
Mortgage loans held for sale$— $41,823 $— $41,823 $— $47,338 $— $47,338 
Other investments— — 14,423 14,423 — — 12,560 12,560 
Mutual funds and mutual funds held in rabbi trusts60,356 — — 60,356 53,742 — — 53,742 
Derivative assets— 97,078 — 97,078 — 94,903 — 94,903 
Liabilities
Securities sold short$2,536 $— $— $2,536 $3,496 $— $— $3,496 
Mutual funds held in rabbi trusts45,479 — — 45,479 38,735 — — 38,735 
Derivative liabilities— 280,045 — 280,045 — 259,650 — 259,650 
Schedule of Changes in Fair Value Included in Consolidated Statements of Income
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 instrument-specific credit risk.
Mortgage Loans Held for Sale
(in thousands)As of June 30, 2024As of December 31, 2023
Fair value$41,823 $47,338 
Unpaid principal balance40,886 45,627 
Fair value less aggregate unpaid principal balance$937 $1,711 
Changes in Fair Value Included in Net IncomeThree Months Ended June 30,Six Months Ended June 30, Location in Consolidated Statements of Income
(in thousands)2024202320242023
Mortgage loans held for sale$32 $(95)$(774)$208 Mortgage banking income
Schedule of Level 3 Assets Measured at Fair Value on a Recurring Basis. The following tables provide rollforwards of Level 3 assets measured at fair value on a recurring basis.
Three Months Ended June 30, 2024
(in thousands)Other Investments
Beginning balance at March 31, 2024$13,115 
Total gains (losses) realized/unrealized:
Included in earnings456 
Additions852 
Ending balance at June 30, 2024$14,423 
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 June 30, 2024$456 
Three Months Ended June 30, 2023
(in thousands)Other Investments
Beginning balance at March 31, 2023$11,655 
Total gains (losses) realized/unrealized:
Included in earnings(43)
Additions158 
Ending balance at June 30, 2023$11,770 
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2023$(43)
Six Months Ended June 30, 2024
(in thousands)Other Investments
Beginning balance at December 31, 2023$12,560 
Total gains (losses) realized/unrealized:
Included in earnings435 
Additions1,428 
Ending balance at June 30, 2024$14,423 
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 June 30, 2024$435 
Six Months Ended June 30, 2023
(in thousands)Other Investments
Beginning balance at December 31, 2022$11,172 
Total gains (losses) realized/unrealized:
Included in earnings(71)
Additions669 
Ending balance at June 30, 2023$11,770 
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2023$(71)
Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis The following tables provide rollforwards of Level 3 assets measured at fair value on a recurring basis.
Three Months Ended June 30, 2024
(in thousands)Other Investments
Beginning balance at March 31, 2024$13,115 
Total gains (losses) realized/unrealized:
Included in earnings456 
Additions852 
Ending balance at June 30, 2024$14,423 
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 June 30, 2024$456 
Three Months Ended June 30, 2023
(in thousands)Other Investments
Beginning balance at March 31, 2023$11,655 
Total gains (losses) realized/unrealized:
Included in earnings(43)
Additions158 
Ending balance at June 30, 2023$11,770 
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2023$(43)
Six Months Ended June 30, 2024
(in thousands)Other Investments
Beginning balance at December 31, 2023$12,560 
Total gains (losses) realized/unrealized:
Included in earnings435 
Additions1,428 
Ending balance at June 30, 2024$14,423 
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 June 30, 2024$435 
Six Months Ended June 30, 2023
(in thousands)Other Investments
Beginning balance at December 31, 2022$11,172 
Total gains (losses) realized/unrealized:
Included in earnings(71)
Additions669 
Ending balance at June 30, 2023$11,770 
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2023$(71)
Schedule of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis
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.
June 30, 2024Fair Value Adjustments for theLocation in Consolidated Statements of Income
(in thousands)Level 1Level 2Level 3Three Months Ended June 30, 2024
Six Months Ended June 30, 2024
Loans(1)        
$— $— $26,995 $22,160 $29,568 Provision for (reversal of) credit losses
June 30, 2023Fair Value Adjustments for theLocation in Consolidated Statements of Income
Level 1Level 2Level 3Three Months Ended June 30, 2023
Six Months Ended June 30, 2023
Loans(1)        
$— $— $30,123 $6,413 $6,462 Provision for (reversal of) credit losses
Other loans held for sale— — 346,897 2,360 19,110 Loss on other loans held for sale
(1)    Collateral-dependent loans that were written down to fair value of collateral.
Schedule of Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet
The following tables present the carrying and estimated fair values of financial instruments at June 30, 2024 and December 31, 2023. 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' 2023 Form 10-K for a description of how fair value measurements are determined.
June 30, 2024
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,294,608 $2,294,608 $2,294,608 $— $— 
Trading securities13,052 13,052 — 13,052 — 
Investment securities held to maturity2,668,068 2,638,071 — 2,638,071 — 
Investment securities available for sale7,043,681 7,043,681 1,174,295 5,869,386 — 
Loans held for sale139,323 138,879 — 41,823 97,056 
Other investments14,423 14,423 — — 14,423 
Mutual funds and mutual funds held in rabbi trusts60,356 60,356 60,356 — — 
Loans, net (1)
42,608,296 41,112,625 — — 41,112,625 
FRB and FHLB stock213,711 213,711 — 213,711 — 
Derivative assets97,078 97,078 — 97,078 — 
Financial liabilities
Non-interest-bearing deposits$11,655,811 $11,655,811 $— $11,655,811 $— 
Non-time interest-bearing deposits27,278,278 27,278,278 — 27,278,278 — 
Time deposits11,261,689 11,235,622 — 11,235,622 — 
Total deposits (2)
$50,195,778 $50,169,711 $— $50,169,711 $— 
Federal funds purchased and securities sold under repurchase agreements94,484 94,484 94,484 — — 
Securities sold short2,536 2,536 2,536 — — 
Long-term debt2,283,767 2,302,474 — 2,302,474 — 
Mutual funds held in rabbi trusts45,479 45,479 45,479 — — 
Derivative liabilities280,045 280,045 — 280,045 — 
(1) Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.    
(2) The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.
December 31, 2023
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,451,426 $2,451,426 $2,451,426 $— $— 
Trading securities12,898 12,898 — 12,898 — 
Investment securities available for sale9,788,662 9,788,662 597,629 9,191,033 — 
Loans held for sale52,768 52,770 — 47,338 5,432 
Other investments12,560 12,560 — — 12,560 
Mutual funds and mutual funds held in rabbi trusts53,742 53,742 53,742 — — 
Loans, net (1)
42,925,105 41,298,149 — — 41,298,149 
FRB and FHLB stock184,944 184,944 — 184,944 — 
Derivative assets94,903 94,903 — 94,903 — 
Financial liabilities
Non-interest-bearing deposits$12,507,616 $12,507,616 $— $12,507,616 $— 
Non-time interest-bearing deposits27,449,088 27,449,088 — 27,449,088 — 
Time deposits10,782,481 10,769,002 — 10,769,002 — 
Total deposits (2)
$50,739,185 $50,725,706 $— $50,725,706 $— 
Federal funds purchased and securities sold under repurchase agreements189,074 189,074 189,074 — — 
Securities sold short3,496 3,496 3,496 — — 
Long-term debt1,932,534 1,939,604 — 1,939,604 — 
Mutual funds held in rabbi trusts38,735 38,735 38,735 — — 
Derivative liabilities259,650 259,650 — 259,650 — 
(1)     Synovus estimates the fair value of loans based on present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk, adjusted for a discount based on the estimated time period to complete a sale transaction with a market participant.    
(2)    The fair value of deposits with no stated maturity, such as non-interest-bearing demand, interest bearing demand, money market, and savings accounts reflects the carrying amount which is payable on demand, as of the respective date, and may not align with other valuation methods or processes. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.