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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans, including fees $ 700,657 $ 686,094 $ 2,093,942 $ 1,985,881
Investment securities 87,643 61,642 238,440 183,118
Loans held for sale 1,045 17,914 2,755 29,292
Federal Reserve Bank balances 17,416 15,483 48,077 49,711
Other earning assets 3,746 4,906 11,245 14,059
Total interest income 810,507 786,039 2,394,459 2,262,061
Interest expense:        
Deposits 345,314 292,060 1,013,734 707,774
Long-term debt 24,055 50,524 82,041 148,968
Other borrowings 398 296 4,101 25,877
Total interest expense 369,767 342,880 1,099,876 882,619
Net interest income 440,740 443,159 1,294,583 1,379,442
Provision for (reversal of) credit losses 23,434 72,572 103,818 143,607
Net interest income after provision for (reversal of) credit losses 417,306 370,587 1,190,765 1,235,835
Non-interest revenue:        
Service charges on deposit accounts 23,683 21,385 68,403 67,836
Fiduciary and asset management fees 19,714 20,205 58,455 59,928
Card fees 18,439 18,602 57,343 51,485
Brokerage revenue 20,810 21,387 63,974 68,043
Mortgage banking income 4,033 3,671 11,395 12,138
Capital markets income 10,284 7,980 31,988 32,589
Income from bank-owned life insurance 8,442 6,965 23,886 21,106
Investment securities gains (losses), net 0 0 (256,660) 1,030
Recovery of NPA 0 0 0 13,126
Other non-interest revenue 18,575 6,944 55,233 25,260
Total non-interest revenue 123,980 107,139 114,017 352,541
Non-interest expense:        
Salaries and other personnel expense 184,814 179,741 552,742 551,667
Net occupancy, equipment, and software expense 46,977 45,790 140,200 131,435
Third-party processing and other services 21,552 21,439 63,593 64,932
Professional fees 10,854 10,147 34,140 28,707
FDIC insurance and other regulatory fees 7,382 11,837 37,694 33,266
Restructuring charges (reversals) 1,219 17,319 2,084 16,476
Loss on other loans held for sale 0 30,954 0 50,064
Other operating expense 40,892 36,305 107,779 106,019
Total non-interest expense 313,690 353,532 938,232 982,566
Income before income taxes 227,596 124,194 366,550 605,810
Income tax expense 46,912 27,729 76,476 133,242
Net income 180,684 96,465 290,074 472,568
Less: Net income (loss) attributable to noncontrolling interest (871) (630) (1,960) (796)
Net income attributable to Synovus Financial Corp. 181,555 97,095 292,034 473,364
Less: Preferred stock dividends 11,927 9,672 31,325 26,254
Net income available to common shareholders $ 169,628 $ 87,423 $ 260,709 $ 447,110
Net income per common share, basic (in dollars per share) $ 1.19 $ 0.60 $ 1.80 $ 3.06
Net income per common share, diluted (in dollars per share) $ 1.18 $ 0.60 $ 1.79 $ 3.05
Weighted average common shares outstanding, basic (in shares) 143,144 146,170 145,039 146,028
Weighted average common shares outstanding, diluted (in shares) 143,979 146,740 145,718 146,683