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Loans and Allowance for Loan Losses

12 Months Ended

Dec. 31, 2024

Note 3 - Loans and Allowance for Loan Losses

Aging and Non-Accrual Analysis

The following tables provide a summary of current, accruing past due, and non-accrual loans by portfolio class as of December 31, 2024 and 2023.


	December 31, 2024
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	14,352,839	$	12,947	$	10,332	$	23,279	$	98,145	$	24,729	$	14,498,992
Owner-occupied	7,754,052		7,700		36,005		43,705		21,119		13,261		7,832,137
Total commercial and industrial(1)	22,106,891		20,647		46,337		66,984		119,264		37,990		22,331,129
Investment properties	11,105,168		2,006		—		2,006		74,030		—		11,181,204
1-4 family properties	541,897		1,636		—		1,636		2,385		—		545,918
Land and development	284,793		1,113		202		1,315		1,389		—		287,497
Total commercial real estate	11,931,858		4,755		202		4,957		77,804		—		12,014,619
Consumer mortgages	5,228,580		9,362		—		9,362		50,834		—		5,288,776
Home equity	1,800,614		13,131		177		13,308		17,365		—		1,831,287
Credit cards	182,435		1,573		1,863		3,436		—		—		185,871
Other consumer loans	940,608		10,818		13		10,831		5,907		—		957,346
Total consumer	8,152,237		34,884		2,053		36,937		74,106		—		8,263,280
Loans, net of deferred fees and costs(2)(3)	$	42,190,986	$	60,286	$	48,592	$	108,878	$	271,174	$	37,990	$	42,609,028


	December 31, 2023
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Total Accruing Past Due		Non-accrual with an ALL		Non-accrual without an ALL		Total
Commercial, financial, and agricultural	$	14,355,414	$	12,264	$	1,797	$	14,061	$	66,400	$	23,470	$	14,459,345
Owner-occupied	8,041,573		6,056		149		6,205		70,784		20,586		8,139,148
Total commercial and industrial(1)	22,396,987		18,320		1,946		20,266		137,184		44,056		22,598,493
Investment properties	11,322,516		740		278		1,018		12,796		26,974		11,363,304
1-4 family properties	595,359		87		—		87		2,605		451		598,502
Land and development	353,477		671		—		671		804		—		354,952
Total commercial real estate	12,271,352		1,498		278		1,776		16,205		27,425		12,316,758
Consumer mortgages	5,359,153		6,462		—		6,462		46,108		—		5,411,723
Home equity	1,785,836		10,374		716		11,090		10,473		—		1,807,399
Credit cards	190,299		1,818		2,024		3,842		—		—		194,141
Other consumer loans	1,053,587		15,574		89		15,663		6,697		29		1,075,976
Total consumer	8,388,875		34,228		2,829		37,057		63,278		29		8,489,239
Loans, net of deferred fees and costs(2)(3)	$	43,057,214	$	54,046	$	5,053	$	59,099	$	216,667	$	71,510	$	43,404,490

(1) Includes senior housing loans of $2.94 billion and $3.28 billion at December 31, 2024 and 2023, respectively, which are primarily classified as owner-occupied in accordance with our underwriting process.

(2) The amortized cost basis of loans, net of deferred fees and costs excludes accrued interest receivable of $217.1 million and $256.3 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.

(3) Loans are presented net of deferred loan fees and costs totaling $34.1 million and $35.9 million at December 31, 2024 and 2023, respectively.

Pledged Loans

Loans with carrying values of $24.66 billion and $24.31 billion, respectively, were pledged as collateral for borrowings and capacity at December 31, 2024 and 2023 respectively, to the FHLB and Federal Reserve Bank.

Portfolio Segment Risk Factors

The risk characteristics and collateral information of each portfolio segment are as follows:

Commercial and Industrial Loans - The C&I loan portfolio is comprised of general middle market and commercial banking clients across a diverse set of industries. In accordance with Synovus' lending policy, each loan undergoes a detailed underwriting process, which incorporates uniform underwriting standards and oversight in proportion to the size and complexity of the lending relationship. These loans are generally secured by collateral such as business equipment, inventory, and real estate. Credit decisions on loans in the C&I portfolio are based on cash flow from the operations of the business as the primary source of repayment of the debt, with underlying real estate or other collateral being the secondary source of repayment.

Commercial Real Estate Loans - CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans as well as land and development loans. Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, hotels, office buildings, shopping centers, warehouses and other commercial development properties. 1-4 family properties loans include construction loans to homebuilders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and development loans include commercial and residential development as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and our preference is to obtain some level of recourse from project sponsors. Loans in this portfolio are underwritten based on the LTV of the collateral and the capacity of the guarantor(s).

Consumer Loans - The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network including first and second residential mortgages, home equity, and consumer credit card loans, as well as home improvement loans, student, and personal loans from third-party lending ("other consumer loans"). Together, consumer mortgages and home equity comprise the majority of Synovus' consumer loans and are secured by first and second liens on residential real estate primarily located in the markets served by Synovus. The primary source of repayment for all consumer loans is generally the personal income of the borrower(s).

Credit Quality Indicators

The credit quality of the loan portfolio is reviewed and updated no less frequently than annually using the standard asset classification system utilized by the federal banking agencies. These classifications are divided into three groups: Not Criticized (Pass), Special Mention, and Classified or Adverse rating (Substandard, Doubtful, and Loss) and are defined as follows:

Pass - loans which are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell in a timely manner, of any underlying collateral.

Special Mention - loans which have potential weaknesses that deserve management's close attention. These loans are not adversely classified and do not expose an institution to sufficient risk to warrant an adverse classification.

Substandard - loans which are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Loans with this classification are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - loans which have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values.

Loss - loans which are considered by management to be uncollectible and of such little value that their continuance on the institution's books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. Synovus fully reserves for any loans rated as Loss.

In the following tables, consumer loans are generally assigned a risk grade similar to the classifications described above; however, upon reaching 90 days and 120 days past due, they are generally downgraded to Substandard and Loss, respectively, in accordance with the FFIEC Retail Credit Classification Policy. Additionally, in accordance with Interagency Supervisory Guidance, the risk grade classifications of consumer loans (consumer mortgages and home equity) secured by junior liens on 1-4 family residential properties also consider available information on the payment status of the associated senior liens with other financial institutions.

The following tables summarize each loan portfolio class by regulatory risk grade and origination year as of December 31, 2024 and 2023 as required by CECL.


	December 31, 2024
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial, and agricultural
Pass	$	1,200,861	$	1,001,989	$	739,134	$	1,195,316	$	629,109	$	1,586,291	$	7,372,228	$	81,796	$	13,806,724
Special Mention	1,555		20,255		17,775		18,403		2,464		36,817		158,968		—		256,237
Substandard	20,920		12,397		59,487		14,694		39,482		17,028		258,070		493		422,571
Doubtful	—		—		—		5,911		—		1,869		5,145		—		12,925
Loss	—		—		—		—		—		—		535		—		535
Total commercial, financial, and agricultural	1,223,336		1,034,641		816,396		1,234,324		671,055		1,642,005		7,794,946		82,289		14,498,992
Current YTD Period:
Gross charge-offs	7,696		16,499		3,786		8,787		997		4,413		53,736		—		95,914
Owner-occupied
Pass	691,899		981,593		1,468,946		1,220,421		872,744		1,621,387		619,519		—		7,476,509
Special Mention	1,099		2,466		65,733		5,397		34,244		12,621		—		—		121,560
Substandard	2,568		5,838		34,147		20,698		49,766		65,147		55,904		—		234,068


Total owner-occupied	695,566		989,897		1,568,826		1,246,516		956,754		1,699,155		675,423		—		7,832,137
Current YTD Period:
Gross charge-offs	—		76		543		304		1,567		17,558		3,426		—		23,474
Total commercial and industrial	1,918,902		2,024,538		2,385,222		2,480,840		1,627,809		3,341,160		8,470,369		82,289		22,331,129
Current YTD Period:
Gross charge-offs	$	7,696	$	16,575	$	4,329	$	9,091	$	2,564	$	21,971	$	57,162	$	—	$	119,388
Investment properties
Pass	769,775		642,808		3,306,914		2,406,325		898,363		2,405,650		227,460		—		10,657,295
Special Mention	4,583		2,211		97,443		200,780		—		68,559		—		—		373,576
Substandard	—		1,689		10,093		83,795		1,466		13,884		—		—		110,927
Doubtful	—		—		—		39,401		—		—		—		—		39,401
Loss	—		—		—		—		—		5		—		—		5
Total investment properties	774,358		646,708		3,414,450		2,730,301		899,829		2,488,098		227,460		—		11,181,204
Current YTD Period:
Gross charge-offs	—		—		527		4,752		—		4,602		—		—		9,881
1-4 family properties
Pass	159,008		79,094		95,050		81,630		28,845		53,167		40,133		—		536,927
Special Mention	—		—		1,060		663		169		1,300		—		—		3,192
Substandard	919		840		1,618		233		287		1,857		45		—		5,799
Total 1-4 family properties	159,927		79,934		97,728		82,526		29,301		56,324		40,178		—		545,918
Current YTD Period:
Gross charge-offs	—		103		—		—		—		143		—		—		246
Land and development
Pass	55,564		87,465		54,214		26,002		4,933		41,749		14,798		—		284,725
Special Mention	—		138		—		25		—		390		—		—		553
Substandard	—		1,347		—		—		153		719		—		—		2,219
Total land and development	55,564		88,950		54,214		26,027		5,086		42,858		14,798		—		287,497
Current YTD Period:
Gross charge-offs	—		—		—		—		35		22		—		—		57
Total commercial real estate	989,849		815,592		3,566,392		2,838,854		934,216		2,587,280		282,436		—		12,014,619
Current YTD Period:
Gross charge-offs	$	—	$	103	$	527	$	4,752	$	35	$	4,767	$	—	$	—	$	10,184


	December 31, 2024
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2024		2023		2022		2021		2020		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	457,176		681,844		670,652		947,395		1,119,610		1,341,463		25		—		5,218,165
Substandard	190		1,872		5,590		7,117		17,918		37,895		—		—		70,582
Loss	—		—		—		—		—		29		—		—		29
Total consumer mortgages	457,366		683,716		676,242		954,512		1,137,528		1,379,387		25		—		5,288,776
Current YTD Period:
Gross charge-offs	—		11		—		3		30		122		—		—		166
Home equity
Pass	—		—		—		—		—		—		1,386,370		424,891		1,811,261
Substandard	—		—		—		—		—		—		11,464		7,729		19,193

Loss	—		—		—		—		—		—		554		279		833
Total home equity	—		—		—		—		—		—		1,398,388		432,899		1,831,287
Current YTD Period:
Gross charge-offs	—		—		—		—		—		—		230		106		336
Credit cards
Pass	—		—		—		—		—		—		184,061		—		184,061
Substandard	—		—		—		—		—		—		701		—		701
Loss	—		—		—		—		—		—		1,109		—		1,109
Total credit cards	—		—		—		—		—		—		185,871		—		185,871
Current YTD Period:
Gross charge-offs	—		—		—		—		—		—		7,153		—		7,153
Other consumer loans
Pass	150,051		81,087		119,274		144,297		78,961		91,802		284,801		—		950,273
Substandard	310		1,046		1,298		2,692		1,132		524		59		—		7,061
Loss	—		—		—		—		—		—		12		—		12
Total other consumer loans	150,361		82,133		120,572		146,989		80,093		92,326		284,872		—		957,346
Current YTD Period:
Gross charge-offs	576		3,740		4,840		7,601		2,140		2,509		2,315		—		23,721
Total consumer	607,727		765,849		796,814		1,101,501		1,217,621		1,471,713		1,869,156		432,899		8,263,280
Current YTD Period:
Gross charge-offs	$	576	$	3,751	$	4,840	$	7,604	$	2,170	$	2,631	$	9,698	$	106	$	31,376
Loans, net of deferred fees and costs	$	3,516,478	$	3,605,979	$	6,748,428	$	6,421,195	$	3,779,646	$	7,400,153	$	10,621,961	$	515,188	$	42,609,028
Current YTD Period:
Gross charge-offs	$	8,272	$	20,429	$	9,696	$	21,447	$	4,769	$	29,369	$	66,860	$	106	$	160,948


	December 31, 2023
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2023		2022		2021		2020		2019		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Commercial, financial, and agricultural
Pass	$	1,078,790	$	1,040,742	$	1,408,178	$	782,069	$	636,341	$	1,236,433	$	7,623,255	$	46,908	$	13,852,716
Special Mention	5,298		8,276		20,027		1,950		2,552		8,412		141,580		—		188,095
Substandard	36,557		14,742		35,744		37,186		88,940		21,032		182,069		1,685		417,955

Loss	—		—		—		—		—		355		224		—		579
Total commercial, financial, and agricultural	1,120,645		1,063,760		1,463,949		821,205		727,833		1,266,232		7,947,128		48,593		14,459,345
Current YTD Period:
Gross charge-offs	9,367		3,436		8,175		19,532		1,165		2,071		30,696		203		74,645
Owner-occupied
Pass	859,887		1,521,469		1,501,405		958,620		710,634		1,401,416		782,180		—		7,735,611
Special Mention	1,709		9,114		22,562		2,593		4,689		48,640		79,031		—		168,338
Substandard	4,388		24,760		13,616		59,478		17,702		87,306		27,949		—		235,199


Total owner-occupied	865,984		1,555,343		1,537,583		1,020,691		733,025		1,537,362		889,160		—		8,139,148
Current YTD Period:
Gross charge-offs	—		—		433		6,836		1,544		2,862		—		—		11,675
Total commercial and industrial	1,986,629		2,619,103		3,001,532		1,841,896		1,460,858		2,803,594		8,836,288		48,593		22,598,493
Current YTD Period:
Gross charge-offs	9,367		3,436		8,608		26,368		2,709		4,933		30,696		203		86,320
Investment properties
Pass	593,540		3,140,041		2,863,327		1,161,697		1,052,638		1,900,744		261,737		—		10,973,724
Special Mention	—		1,616		169,550		—		48,429		33,903		—		—		253,498
Substandard	2,083		4,070		41,278		1,455		1,622		75,850		—		—		126,358
Doubtful	—		—		—		—		—		9,714		—		—		9,714
Loss	—		—		—		—		—		10		—		—		10
Total investment properties	595,623		3,145,727		3,074,155		1,163,152		1,102,689		2,020,221		261,737		—		11,363,304
Current YTD Period:
Gross charge-offs(1)	546		7,685		5,668		3,801		1,893		22,647		3,109		—		45,349
1-4 family properties
Pass	167,729		142,930		119,054		31,928		29,740		55,243		42,099		—		588,723
Special Mention	3,104		947		—		184		—		311		1		—		4,547
Substandard	1,721		822		643		465		324		1,212		45		—		5,232
Total 1-4 family properties	172,554		144,699		119,697		32,577		30,064		56,766		42,145		—		598,502
Current YTD Period:
Gross charge-offs	—		—		—		—		—		24		—		—		24
Land and development
Pass	105,609		84,962		35,993		16,131		18,616		59,605		888		—		321,804
Special Mention	—		496		—		—		—		774		—		—		1,270
Substandard	29,204		411		74		—		593		1,596		—		—		31,878
Total land and development	134,813		85,869		36,067		16,131		19,209		61,975		888		—		354,952
Current YTD Period:
Gross charge-offs	—		—		—		77		—		—		—		—		77
Total commercial real estate	902,990		3,376,295		3,229,919		1,211,860		1,151,962		2,138,962		304,770		—		12,316,758
Current YTD Period:
Gross charge-offs	546		7,685		5,668		3,878		1,893		22,671		3,109		—		45,450


	December 31, 2023
	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans
(in thousands)	2023		2022		2021		2020		2019		Prior		Amortized Cost Basis		Converted to Term Loans		Total
Consumer mortgages
Pass	$	757,485	$	784,898	$	1,044,442	$	1,219,397	$	410,511	$	1,136,541	$	35	$	—	$	5,353,309
Substandard	564		2,810		5,517		15,913		9,478		23,662		—		—		57,944
Loss	—		—		—		—		—		470		—		—		470
Total consumer mortgages	758,049		787,708		1,049,959		1,235,310		419,989		1,160,673		35		—		5,411,723
Current YTD Period:
Gross charge-offs	—		108		251		403		402		965		5		—		2,134
Home equity
Pass	—		—		—		—		—		—		1,308,934		482,679		1,791,613
Substandard	—		—		—		—		—		—		10,231		5,297		15,528

Loss	—		—		—		—		—		—		174		84		258
Total home equity	—		—		—		—		—		—		1,319,339		488,060		1,807,399
Current YTD Period:
Gross charge-offs	—		—		—		—		—		79		819		229		1,127
Credit cards
Pass	—		—		—		—		—		—		192,217		—		192,217
Substandard	—		—		—		—		—		—		702		—		702
Loss	—		—		—		—		—		—		1,222		—		1,222
Total credit cards	—		—		—		—		—		—		194,141		—		194,141
Current YTD Period:
Gross charge-offs	—		—		—		—		—		—		7,165		—		7,165
Other consumer loans
Pass	134,969		181,455		219,415		114,006		28,256		112,724		277,368		—		1,068,193
Substandard	573		963		3,811		1,182		568		494		192		—		7,783

Total other consumer loans	135,542		182,418		223,226		115,188		28,824		113,218		277,560		—		1,075,976
Current YTD Period:
Gross charge-offs(1)	627		6,040		24,231		3,625		1,971		2,026		2,358		—		40,878
Total consumer	893,591		970,126		1,273,185		1,350,498		448,813		1,273,891		1,791,075		488,060		8,489,239
Current YTD Period:
Gross charge-offs	$	627	$	6,148	$	24,482	$	4,028	$	2,373	$	3,070	$	10,347	$	229	$	51,304
Loan, net of deferred fees and costs	$	3,783,210	$	6,965,524	$	7,504,636	$	4,404,254	$	3,061,633	$	6,216,447	$	10,932,133	$	536,653	$	43,404,490
Current YTD Period:
Gross charge-offs	$	10,540	$	17,269	$	38,758	$	34,274	$	6,975	$	30,674	$	44,152	$	432	$	183,074

(1) Includes $31.3 million in gross charge-offs related to the transfer of certain loans to held for sale that sold during 2023.

Collateral-Dependent Loans

We classify a loan as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of collateral. Our commercial loans have collateral that is comprised of real estate and business assets. Our consumer loans have collateral that is substantially comprised of residential real estate.

There were no significant changes in the extent to which collateral secures our collateral-dependent loans during the years ended December 31, 2024 and 2023.

Rollforward of Allowance for Loan Losses

The following tables detail the changes in the ALL by loan segment for the years ended December 31, 2024, 2023, and 2022. For the year ended December 31, 2023, Synovus charged-off $31.3 million in previously established reserves for credit losses associated with the transfer of $1.59 billion in loans to held for sale for the sales of medical office building loans and third-party consumer loans that both closed in 2023. For the years ended December 31, 2024 and 2022, Synovus had no significant transfers to loans held for sale.


	As of and For The Year Ended December 31, 2024
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2023	$	218,970	$	133,758	$	126,657	$	479,385
Charge-offs	(119,388)		(10,184)		(31,376)		(160,948)
Recoveries	17,084		1,905		7,965		26,954
Provision for (reversal of) loan losses	93,859		8,542		39,053		141,454
Ending balance at December 31, 2024	$	210,525	$	134,021	$	142,299	$	486,845


	As of and For The Year Ended December 31, 2023
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2022	$	161,550	$	143,575	$	138,299	$	443,424
Charge-offs	(86,320)		(45,450)		(51,304)		(183,074)
Recoveries	16,664		1,273		11,795		29,732
Provision for (reversal of) loan losses	127,076		34,360		27,867		189,303
Ending balance at December 31, 2023	$	218,970	$	133,758	$	126,657	$	479,385

	As of and For The Year Ended December 31, 2022
(in thousands)	Commercial & Industrial		Commercial Real Estate		Consumer		Total
Allowance for loan losses:
Beginning balance at December 31, 2021	$	188,364	$	97,760	$	141,473	$	427,597


Charge-offs	(42,588)		(3,102)		(38,020)		(83,710)
Recoveries	14,625		1,633		14,296		30,554
Provision for (reversal of) loan losses	1,149		47,284		20,550		68,983
Ending balance at December 31, 2022	$	161,550	$	143,575	$	138,299	$	443,424

The ALL of $486.8 million and the reserve on unfunded commitments of $52.5 million, which is recorded in other liabilities, comprise the total ACL of $539.3 million at December 31, 2024. The ACL increased $2.7 million compared to the December 31, 2023 ACL of $536.6 million, which consisted of an ALL of $479.4 million and the reserve on unfunded commitments of $57.2 million. The ACL to loans coverage ratio of 1.27% at December 31, 2024 was 3 bps higher compared to December 31, 2023. The increase in the ACL from December 31, 2023 resulted primarily from the continuation of an uncertain economic outlook, as well as increased defaults. The Company includes adjustments, as appropriate, intended to capture the impact of uncertainties in the quantitative estimate. The ALL at December 31, 2024 included qualitative adjustments for higher risk portfolios such as Leveraged Lending, included in C&I, CRE Office Buildings and CRE Multi-family. The ALL at December 31, 2023 included quantitative adjustments to reflect uncertainty due to the impacts of government stimulus.

The ACL is estimated using a two-year reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, the Company reverts on a straight-line basis back to the historical rates over a one-year period. Synovus utilizes multiple economic forecast scenarios sourced from a reputable third-party provider that are probability-weighted internally. The current scenarios include a consensus baseline forecast, an upside scenario reflecting an accelerated recovery, a downside scenario that reflects adverse economic conditions, and an additional adverse scenario that assumes consistent slow growth that is less optimistic than the baseline. At December 31, 2024, the unemployment rate is the input that most significantly impacts our estimate. The multi-scenario forecast used in our estimate includes a weighted average unemployment rate of 4.6% over the forecast period at December 31, 2024, compared to 4.5% at December 31, 2023.

Financial Difficulty Modifications

When borrowers are experiencing financial difficulty, Synovus may make certain loan modifications as part of its loss mitigation strategies to maximize expected payment. The following tables present the amortized cost of FDM loans by loan portfolio class that were modified during the years ended December 31, 2024 and 2023.



	Year Ended December 31, 2024
(in thousands)	Interest Rate Reduction		Term Extension		Principal Forgiveness and Term Extensions		Payment Delay		Interest Rate Reduction and Term Extension		Total		Percentage of Total by Financing Class
Commercial, financial, and agricultural	$	—	$	10,606			$	—	$	—	$	10,606	0.1	%
Owner-occupied	—		183		—		—		13,686		13,869		0.2
Total commercial and industrial	—		10,789		—		—		13,686		24,475		0.1
Investment properties	74,675		2,222		—		—		—		76,897		0.7


Total commercial real estate	74,675		2,222		—		—		—		76,897		0.6
Consumer mortgages	122		—		—		1,878		—		2,000		—


Other consumer loans	179		582		—		4		23		788		0.1
Total consumer	301		582		—		1,882		23		2,788		—
Total FDMs	$	74,976	$	13,593	$	—	$	1,882	$	13,709	$	104,160	0.2	%

	Year Ended December 31, 2023
(in thousands)	Interest Rate Reduction		Term Extension		Principal Forgiveness and Term Extensions		Payment Delay		Interest Rate Reduction and Term Extension		Total		Percentage of Total by Financing Class
Commercial, financial, and agricultural	$	2,844	$	119,764	$	10,504	$	—	$	2,028	$	135,140	0.9	%
Owner-occupied	—		23,739		—		—		52,854		76,593		0.9
Total commercial and industrial	2,844		143,503		10,504		—		54,882		211,733		0.9
Investment properties	—		909		—		—		—		909		—
1-4 family properties	—		2,016		—		—		367		2,383		0.4
Land and development	—		29,760		—		—		—		29,760		8.4
Total commercial real estate	—		32,685		—		—		367		33,052		0.3
Consumer mortgages	2,110		—		—		465		—		2,575		—
Home equity	—		336		—		—		287		623		—

Other consumer loans	115		625		—		189		617		1,546		0.1
Total consumer	2,225		961		—		654		904		4,744		0.1
Total FDMs	$	5,069	$	177,149	$	10,504	$	654	$	56,153	$	249,529	0.6	%

During the year ended December 31, 2024, commercial, financial, and agricultural loans of $3.2 million defaulted that were previously modified in the prior 12 months by receiving a term extension. During the year ended December 31, 2023, there were no material FDMs that subsequently defaulted. Defaults are defined as the earlier of the FDM being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments. As of December 31, 2024 and 2023, there were no commitments to lend a material amount of additional funds to any borrower whose loan was classified as an FDM.

The following presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the years ended December 31, 2024 and 2023.


	Year Ended December 31, 2024
(Dollars in thousands)	Weighted Average Interest Rate Reduction		Weighted Average Term Extension (in months)	Weighted Average Payment Delay (in months)
Commercial, financial, and agricultural	—	%	12	—
Owner-occupied	2.4		5	—

Investment properties	1.9		12	—



Consumer mortgages	2.3		—	5.5
Home equity	—		—	—

Other consumer loans	4.2		75	6


	Year Ended December 31, 2023
(Dollars in thousands)	Principal Forgiveness and Term Extensions		Weighted Average Interest Rate Reduction		Weighted Average Term Extension (in months)	Weighted Average Payment Delay (in months)
Commercial, financial, and agricultural	$	1,200	2.4	%	14	—
Owner-occupied	—		2.3		10	—

Investment properties	—		—		40	—
1-4 family properties	—		0.4		12	—
Land and development	—		—		4	—

Consumer mortgages	—		2.3		—	6
Home equity	—		0.5		249	—

Other consumer loans	—		5.7		62	2

Synovus monitors the performance of FDMs to understand the effectiveness of its modification efforts. The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that have been modified during the year ended December 31, 2024.



	December 31, 2024
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Non-accrual (1)		Total
Commercial, financial, and agricultural	$	9,896	$	540	$	—	$	170	$	10,606
Owner-occupied	13,686		—		—		183		13,869
Total commercial and industrial	23,582		540		—		353		24,475
Investment properties	44,115		—		—		32,782		76,897


Total commercial real estate	44,115		—		—		32,782		76,897
Consumer mortgages	210		—		—		1,790		2,000


Other consumer loans	397		106		—		285		788
Total consumer	607		106		—		2,075		2,788
Total FDMs	$	68,304	$	646	$	—	$	35,210	$	104,160

(1) Loans were on non-accrual when modified and subsequently classified as FDMs.

The following table provides a summary of current, accruing past due, and non-accrual loans on an amortized cost basis by loan portfolio class that have been modified since January 1, 2023, the date Synovus adopted ASU 2022-02 through December 31, 2023.




	December 31, 2023
(in thousands)	Current		Accruing 30-89 Days Past Due		Accruing 90 Days or Greater Past Due		Non-accrual (1)		Total
Commercial, financial, and agricultural	$	123,843	$	—	$	—	$	11,297	$	135,140
Owner-occupied	75,859		—		—		734		76,593
Total commercial and industrial	199,702		—		—		12,031		211,733
Investment properties	604		—		—		305		909
1-4 family properties	1,174		—		—		1,209		2,383
Land and development	29,760		—		—		—		29,760
Total commercial real estate	31,538		—		—		1,514		33,052
Consumer mortgages	1,423		—		—		1,152		2,575
Home equity	623		—		—		—		623

Other consumer loans	418		372		—		756		1,546
Total consumer	2,464		372		—		1,908		4,744
Total FDMs	$	233,704	$	372	$	—	$	15,453	$	249,529

(1) Loans were on non-accrual when modified and subsequently classified as FDMs.

TDR Disclosures Prior to Adoption of ASU 2022-02

Prior to the adoption of ASU 2022-02, Synovus accounted for a modification to the contractual terms of a loan that resulted in granting concessions to a borrower experiencing financial difficulties as a TDR. The following table presents, by concession

type, the post-modification balance for loans modified or renewed during the year ended December 31, 2022 that were reported as accruing or non-accruing TDRs.


TDRs by Concession Type
	Year Ended December 31, 2022
(in thousands, except contract data)	Number of Contracts	Below Market Interest Rate		Other Concessions(1)		Total
Commercial, financial, and agricultural	86	$	34,518	$	1,279	$	35,797
Owner-occupied	29	65,956		3,857		69,813
Total commercial and industrial	115	100,474		5,136		105,610
Investment properties	7	5,026		6,610		11,636
1-4 family properties	14	3,850		—		3,850
Land and development	4	3,168		—		3,168
Total commercial real estate	25	12,044		6,610		18,654
Consumer mortgages	10	1,176		266		1,442
Home equity	41	4,836		39		4,875
Other consumer loans	15	—		605		605
Total consumer	66	6,012		910		6,922
Loans, net of deferred fees and costs	206	$	118,530	$	12,656	$	131,186	(2)

(1) Other concessions generally include term extensions, interest only payments for a period of time, or principal forgiveness, but there was no principal forgiveness for the year ended December 31, 2022.

(2) No charge-offs were recorded during the year ended December 31, 2022 upon restructuring of these loans.

For the year ended December 31, 2022, there were five defaults with a recorded investment of $1.0 million on accruing TDRs restructured during the previous twelve months (defaults are defined as the earlier of the TDR being placed on non-accrual status or reaching 90 days past due with respect to principal and/or interest payments).