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Segment Reporting | 9 Months Ended
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Sep. 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 nine months ended September 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 nine months ended September 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 September 30, 2024
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 181,596 |  |  | $ | 100,910 |  |  | $ | 136,329 |  |  | $ | 26,813 |  |  | $ | (4,908) |  |  | $ | 440,740 |
Non-interest revenue | 14,945 |  |  | 17,314 |  |  | 18,978 |  |  | 46,446 |  |  | 26,297 |  |  | 123,980 |
Non-interest expense | 30,605 |  |  | 37,810 |  |  | 49,222 |  |  | 37,941 |  |  | 158,112 |  |  | 313,690 |
Pre-provision net revenue (PPNR) | $ | 165,936 |  |  | $ | 80,414 |  |  | $ | 106,085 |  |  | $ | 35,318 |  |  | $ | (136,723) |  |  | $ | 251,030 |
| Three Months Ended September 30, 2023
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 213,485 |  |  | $ | 107,446 |  |  | $ | 153,545 |  |  | $ | 17,771 |  |  | $ | (49,088) |  |  | $ | 443,159 |
Non-interest revenue | 10,329 |  |  | 14,161 |  |  | 18,901 |  |  | 48,348 |  |  | 15,400 |  |  | 107,139 |
Non-interest expense | 63,311 |  |  | 39,587 |  |  | 51,461 |  |  | 42,879 |  |  | 156,294 |  |  | 353,532 |
Pre-provision net revenue (PPNR) | $ | 160,503 |  |  | $ | 82,020 |  |  | $ | 120,985 |  |  | $ | 23,240 |  |  | $ | (189,982) |  |  | $ | 196,766 |
| Nine Months Ended September 30, 2024
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 546,836 |  |  | $ | 298,030 |  |  | $ | 410,506 |  |  | $ | 75,283 |  |  | $ | (36,072) |  |  | $ | 1,294,583 |
Non-interest revenue | 42,216 |  |  | 52,144 |  |  | 56,232 |  |  | 139,155 |  |  | (175,730) |  |  | 114,017 |
Non-interest expense | 100,490 |  |  | 116,589 |  |  | 152,351 |  |  | 115,970 |  |  | 452,832 |  |  | 938,232 |
Pre-provision net revenue (PPNR) | $ | 488,562 |  |  | $ | 233,585 |  |  | $ | 314,387 |  |  | $ | 98,468 |  |  | $ | (664,634) |  |  | $ | 470,368 |
| Nine Months Ended September 30, 2023
(in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Net interest income | $ | 606,919 |  |  | $ | 329,093 |  |  | $ | 466,289 |  |  | $ | 51,452 |  |  | $ | (74,311) |  |  | $ | 1,379,442 |
Non-interest revenue | 39,980 |  |  | 53,202 |  |  | 60,611 |  |  | 150,639 |  |  | 48,109 |  |  | 352,541 |
Non-interest expense | 131,929 |  |  | 108,513 |  |  | 151,269 |  |  | 129,119 |  |  | 461,736 |  |  | 982,566 |
Pre-provision net revenue (PPNR) | $ | 514,970 |  |  | $ | 273,782 |  |  | $ | 375,631 |  |  | $ | 72,972 |  |  | $ | (487,938) |  |  | $ | 749,417 |
| September 30, 2024
(dollars in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus Consolidated
Loans, net of deferred fees and costs | $ | 25,341,633 |  |  | $ | 7,957,555 |  |  | $ | 2,750,021 |  |  | $ | 5,295,822 |  |  | $ | 1,775,643 |  |  | $ | 43,120,674 |
Total deposits | $ | 13,655,638 |  |  | $ | 10,900,104 |  |  | $ | 18,617,135 |  |  | $ | 1,237,924 |  |  | $ | 5,782,939 |  |  | $ | 50,193,740 |
Total full-time equivalent employees | 339 |  |  | 533 |  |  | 1,507 |  |  | 566 |  |  | 1,783 |  |  | 4,728 |
| December 31, 2023
(dollars in thousands) | Wholesale Banking |  | Community Banking |  | Consumer Banking |  | Financial Management Services |  | Treasury and Corporate Other |  | Synovus 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 employees | 334 |  |  | 576 |  |  | 1,522 |  |  | 604 |  |  | 1,762 |  |  | 4,798 |

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- Definition The entire disclosure for reporting segments including data and tables. 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