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Segment Reporting
 9 Months Ended
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 BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income $181,596 $100,910 $136,329 $26,813 $(4,908)$440,740 
Non-interest revenue14,945 17,314 18,978 46,446 26,297 123,980 
Non-interest expense30,605 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 BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$213,485 $107,446 $153,545 $17,771 $(49,088)$443,159 
Non-interest revenue10,329 14,161 18,901 48,348 15,400 107,139 
Non-interest expense63,311 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 BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$546,836 $298,030 $410,506 $75,283 $(36,072)$1,294,583 
Non-interest revenue42,216 52,144 56,232 139,155 (175,730)114,017 
Non-interest expense100,490 116,589 152,351 115,970 452,832 938,232 
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 BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income$606,919 $329,093 $466,289 $51,452 $(74,311)$1,379,442 
Non-interest revenue39,980 53,202 60,611 150,639 48,109 352,541 
Non-interest expense131,929 108,513 151,269 129,119 461,736 982,566 
Pre-provision net revenue (PPNR)$514,970 $273,782 $375,631 $72,972 $(487,938)$749,417 
September 30, 2024
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus 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 employees339 533 1,507 566 1,783 4,728 
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