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Investment Securities
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Investment Securities
Note 2 - Investment Securities
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities at December 31, 2024 and 2023 are summarized below.
December 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities held to maturity:
Mortgage-backed securities issued by U.S. Government sponsored enterprises$2,581,469 $— $(56,944)$2,524,525 
Total investment securities held to maturity(1)
$2,581,469 $— $(56,944)$2,524,525 
Investment securities available for sale:
U.S. Treasury securities$1,214,363 $3,203 $(4,824)$1,212,742 
U.S. Government agency securities29,993 — (830)29,163 
Mortgage-backed securities issued by U.S. Government agencies1,583,331 848 (121,389)1,462,790 
Mortgage-backed securities issued by U.S. Government sponsored enterprises2,294,700 250 (260,915)2,034,035 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises657,453 — (107,252)550,201 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises2,290,968 4,724 (42,576)2,253,116 
Corporate debt securities and other debt securities9,110 — (139)8,971 
Total investment securities available for sale(2)
$8,079,918 $9,025 $(537,925)$7,551,018 
December 31, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investment securities available for sale:
U.S. Treasury securities$588,082 $9,547 $— $597,629 
U.S. Government agency securities29,993 — (1,053)28,940 
Mortgage-backed securities issued by U.S. Government agencies1,021,612 2,037 (97,985)925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises7,523,399 1,192 (1,094,212)6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises692,487 — (104,892)587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,226,672 18,764 (35,653)1,209,783 
Corporate debt securities and other debt securities9,009 — (337)8,672 
Total investment securities available for sale(2)
$11,091,254 $31,540 $(1,334,132)$9,788,662 
(1) The amounts reported exclude accrued interest receivable on investment securities HTM of $5.7 million at December 31, 2024, which is presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of investment securities HTM includes a discount of $(649.7) million at December 31, 2024 related to the unamortized portion of unrealized losses on investment securities HTM.
(2) The amounts reported exclude accrued interest receivable on investment securities AFS of $29.5 million and $26.6 million at December 31, 2024 and 2023, respectively, which is presented as a component of other assets on the consolidated balance sheets. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 6 - Other Assets" in this Report for more information on other assets.
At December 31, 2024, investment securities AFS and investment securities HTM with a carrying value of $2.83 billion and $2.45 billion, respectively, were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
At December 31, 2023, investment securities AFS with a carrying value of $5.19 billion were pledged to secure certain deposits and other liabilities, as required by law or contractual agreements.
On April 1, 2024, Synovus transferred $2.72 billion in fair value of mortgage-backed securities issued by U.S. Government sponsored enterprises from AFS to HTM. At the time of transfer, $537.4 million of unrealized losses, net of tax, were retained in accumulated other comprehensive income and will be amortized over the remaining life of the securities. The transfer of
these securities from AFS to HTM reduces our exposure to potential AOCI volatility associated with investment security market price fluctuations.
Gross unrealized losses on investment securities AFS and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024 and 2023 are presented below.
December 31, 2024
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$716,367 $(4,824)$— $— $716,367 $(4,824)
U.S. Government agency securities— — 29,163 (830)29,163 (830)
Mortgage-backed securities issued by U.S. Government agencies716,268 (8,431)577,468 (112,958)1,293,736 (121,389)
Mortgage-backed securities issued by U.S. Government sponsored enterprises456,887 (12,503)1,542,618 (248,412)1,999,505 (260,915)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises29,040 (820)521,161 (106,432)550,201 (107,252)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises1,060,903 (10,624)276,850 (31,952)1,337,753 (42,576)
Corporate debt securities and other debt securities— — 8,971 (139)8,971 (139)
Total$2,979,465 $(37,202)$2,956,231 $(500,723)$5,935,696 $(537,925)
December 31, 2023
Less than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Government agency securities$— $— $28,940 $(1,053)$28,940 $(1,053)
Mortgage-backed securities issued by U.S. Government agencies159,402 (1,268)565,358 (96,717)724,760 (97,985)
Mortgage-backed securities issued by U.S. Government sponsored enterprises215,917 (1,193)6,045,914 (1,093,019)6,261,831 (1,094,212)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— — 587,595 (104,892)587,595 (104,892)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises34,406 (205)276,675 (35,448)311,081 (35,653)
Corporate debt securities and other debt securities— — 8,672 (337)8,672 (337)
Total$409,725 $(2,666)$7,513,154 $(1,331,466)$7,922,879 $(1,334,132)
As of December 31, 2024, Synovus had 82 investment securities AFS in a loss position for less than twelve months and 211 investment securities AFS in a loss position for twelve months or longer. As of December 31, 2024, Synovus does not intend to sell investment securities AFS in an unrealized loss position prior to the recovery of the unrealized loss, which may not be until maturity, and has the ability and intent to hold those securities for that period of time. Additionally, Synovus is not currently aware of any circumstances which will require it to sell any of the AFS securities that are in an unrealized loss position prior to the respective securities' recovery of all such unrealized losses. As such, no write-downs to the amortized cost basis of the portfolio were recorded at December 31, 2024. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of this Report for Synovus' policy for evaluating impairment on its investment securities available for sale portfolio.
At December 31, 2024, no ACL was established for investment securities AFS. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. U.S. Treasury and agency securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government, an agency of the United States government, or a government sponsored enterprise.
As of December 31, 2024, all investment securities HTM were rated investment grade or supported by U.S. government agencies and have no history of credit losses, supporting the application of a zero-credit loss assumption and no allowance for credit losses.
The amortized cost and fair value by contractual maturity of investment securities HTM and investment securities AFS at December 31, 2024 are shown below. The expected life of MBSs and CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
December 31, 2024
(in thousands)Within One
 Year		1 to 5
Years		5 to 10
 Years		More Than
 10 Years		Total
Investment securities HTM
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost$— $— $— $2,581,469 $2,581,469 
Fair value— — — 2,524,525 2,524,525 
Investment securities AFS
U.S. Treasury securities
Amortized cost$52,316 $824,797 $337,250 $— $1,214,363 
Fair value52,500 825,478 334,764 — 1,212,742 
U.S. Government agency securities
Amortized cost— 29,993 — — 29,993 
Fair value— 29,163 — — 29,163 
Mortgage-backed securities issued by U.S. Government agencies
Amortized cost— 45 3 1,583,283 1,583,331 
Fair value— 44 3 1,462,743 1,462,790 
Mortgage-backed securities issued by U.S. Government sponsored enterprises
Amortized cost— — — 2,294,700 2,294,700 
Fair value— — — 2,034,035 2,034,035 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
Amortized cost— 21 8,511 648,921 657,453 
Fair value— 21 8,228 541,952 550,201 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
Amortized cost— 1,256,041 1,017,900 17,027 2,290,968 
Fair value— 1,244,187 994,408 14,521 2,253,116 
Corporate debt securities and other debt securities
Amortized cost— 9,110 — — 9,110 
Fair value— 8,971 — — 8,971 
Gross gains and gross losses on sales of investment securities AFS for the years ended December 31, 2024, 2023, and 2022 are presented below.
(in thousands)202420232022
Gross realized gains on sales$— $5,141 $— 
Gross realized losses on sales(256,660)(81,859)— 
Investment securities gains (losses), net$(256,660)$(76,718)$—