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Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis

The following table presents assets and liabilities measured at estimated fair value on a recurring basis.

			September 30, 2024																											December 31, 2023
(in thousands)			Level 1						Level 2						Level 3						Total Estimated Fair Value									Level 1						Level 2						Level 3						Total Estimated Fair Value
Assets
Trading securities:
U.S. Treasury securities			$	154					$	—					$	—					$	154								$	—					$	—					$	—					$	—
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises			—						—						—						—									—						2,910						—						2,910
Other mortgage-backed securities			—						—						—						—									—						2,149						—						2,149
Asset-backed securities			—						13,719						—						13,719									—						7,839						—						7,839
Total trading securities			$	154					$	13,719					$	—					$	13,873								$	—					$	12,898					$	—					$	12,898
Investment securities available for sale:
U.S. Treasury securities			$	1,214,363					$	—					$	—					$	1,214,363								$	597,629					$	—					$	—					$	597,629
U.S. Government agency securities			—						29,613						—						29,613									—						28,940						—						28,940
Mortgage-backed securities issued by U.S. Government agencies			—						1,525,091						—						1,525,091									—						925,664						—						925,664
Mortgage-backed securities issued by U.S. Government sponsored enterprises			—						2,069,369						—						2,069,369									—						6,430,379						—						6,430,379
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises			—						585,388						—						585,388									—						587,595						—						587,595
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises			—						2,121,613						—						2,121,613									—						1,209,783						—						1,209,783
Corporate debt securities and other debt securities			—						8,731						—						8,731									—						8,672						—						8,672
Total investment securities available for sale			$	1,214,363					$	6,339,805					$	—					$	7,554,168								$	597,629					$	9,191,033					$	—					$	9,788,662
Mortgage loans held for sale			$	—					$	36,943					$	—					$	36,943								$	—					$	47,338					$	—					$	47,338
Other investments			—						—						14,711						14,711									—						—						12,560						12,560
Mutual funds and mutual funds held in rabbi trusts			62,901						—						—						62,901									53,742						—						—						53,742
Derivative assets			—						84,673						—						84,673									—						94,903						—						94,903
Liabilities
Securities sold short			$	—					$	—					$	—					$	—								$	3,496					$	—					$	—					$	3,496
Mutual funds held in rabbi trusts			47,484						—						—						47,484									38,735						—						—						38,735
Derivative liabilities			—						175,413						—						175,413									—						259,650						—						259,650

Schedule of Mortgage Loans Held for Sale and Changes in Fair Value Included in Net 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 September 30, 2024						As of December 31, 2023
Fair value			$	36,943					$	47,338
Unpaid principal balance			35,801						45,627
Fair value less aggregate unpaid principal balance			$	1,142					$	1,711

Changes in Fair Value Included in Net Income			Three Months Ended September 30,												Nine Months Ended September 30,												Location in Consolidated Statements of Income
(in thousands)			2024						2023						2024						2023
Mortgage loans held for sale			$	205					$	(581)					$	(569)					$	(373)					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 September 30, 2024
(in thousands)												Other Investments
Beginning balance at June 30, 2024												$	14,423
Total gains (losses) realized/unrealized:
Included in earnings												236
Additions												52
Ending balance at September 30, 2024												$	14,711
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets still held at September 30, 2024												$	236
									Three Months Ended September 30, 2023
(in thousands)												Other Investments
Beginning balance at June 30, 2023												$	11,770
Total gains (losses) realized/unrealized:
Included in earnings												(26)
Additions												45
Ending balance at September 30, 2023												$	11,789
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets still held at September 30, 2023												$	(26)

												Nine Months Ended September 30, 2024
(in thousands)												Other Investments
Beginning balance at December 31, 2023												$	12,560
Total gains (losses) realized/unrealized:
Included in earnings												671
Additions												1,480
Ending balance at September 30, 2024												$	14,711
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets still held at September 30, 2024												$	671
												Nine Months Ended September 30, 2023
(in thousands)												Other Investments
Beginning balance at December 31, 2022												$	11,172
Total gains (losses) realized/unrealized:
Included in earnings												(97)
Additions												714
Ending balance at September 30, 2023												$	11,789
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets still held at September 30, 2023												$	(97)

Schedule of Assets Measured at Fair Value on a 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.

			September 30, 2024																					Fair Value Adjustments for the												Location in Consolidated Statements of Income
(in thousands)			Level 1						Level 2						Level 3									Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
Loans(1)			$	—					$	—					$	54,713								$	10,085					$	19,367					Provision for (reversal of) credit losses
			September 30, 2023																					Fair Value Adjustments for the												Location in Consolidated Statements of Income
			Level 1						Level 2						Level 3									Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
Loans(1)			$	—					$	—					$	16,049								$	—					$	2,971					Provision for (reversal of) credit losses

(1)    Collateral-dependent loans that were written down to fair value of collateral.

Schedule of Carrying and Estimated Fair Values of Financial Instruments

The following tables present the carrying and estimated fair values of financial instruments at September 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.

			September 30, 2024
(in thousands)			Carrying Value						Fair Value						Level 1						Level 2						Level 3
Financial assets
Total cash, cash equivalents, and restricted cash			$	1,853,612					$	1,853,612					$	1,853,612					$	—					$	—
Trading securities			13,873						13,873						154						13,719						—
Investment securities held to maturity			2,622,457						2,727,898						—						2,727,898						—
Investment securities available for sale			7,554,168						7,554,168						1,214,363						6,339,805						—
Loans held for sale			121,470						121,255						—						36,943						84,312
Other investments			14,711						14,711						—						—						14,711
Mutual funds and mutual funds held in rabbi trusts			62,901						62,901						62,901						—						—
Loans, net (1)			42,635,689						41,803,142						—						—						41,803,142
FRB and FHLB stock			200,873						200,873						—						200,873						—
Derivative assets			84,673						84,673						—						84,673						—
Financial liabilities
Non-interest-bearing deposits			$	11,561,626					$	11,561,626					$	—					$	11,561,626					$	—
Non-time interest-bearing deposits			28,103,562						28,103,562						—						28,103,562						—
Time deposits			10,528,552						10,535,667						—						10,535,667						—
Total deposits (2)			$	50,193,740					$	50,200,855					$	—					$	50,200,855					$	—
Federal funds purchased and securities sold under repurchase agreements			94,055						94,055						94,055						—						—
Long-term debt			2,021,050						2,032,273						—						2,032,273						—
Mutual funds held in rabbi trusts			47,484						47,484						47,484						—						—
Derivative liabilities			175,413						175,413						—						175,413						—

(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 Value						Fair Value						Level 1						Level 2						Level 3
Financial assets
Total cash, cash equivalents, and restricted cash			$	2,451,426					$	2,451,426					$	2,451,426					$	—					$	—
Trading securities			12,898						12,898						—						12,898						—
Investment securities available for sale			9,788,662						9,788,662						597,629						9,191,033						—
Loans held for sale			52,768						52,770						—						47,338						5,432
Other investments			12,560						12,560						—						—						12,560
Mutual funds and mutual funds held in rabbi trusts			53,742						53,742						53,742						—						—
Loans, net (1)			42,925,105						41,298,149						—						—						41,298,149
FRB and FHLB stock			184,944						184,944						—						184,944						—
Derivative assets			94,903						94,903						—						94,903						—
Financial liabilities
Non-interest-bearing deposits			$	12,507,616					$	12,507,616					$	—					$	12,507,616					$	—
Non-time interest-bearing deposits			27,449,088						27,449,088						—						27,449,088						—
Time deposits			10,782,481						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 agreements			189,074						189,074						189,074						—						—
Securities sold short			3,496						3,496						3,496						—						—
Long-term debt			1,932,534						1,939,604						—						1,939,604						—
Mutual funds held in rabbi trusts			38,735						38,735						38,735						—						—
Derivative liabilities			259,650						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.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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