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Fair Value Accounting (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis
The following table presents all financial instruments measured at fair value on a recurring basis as of December 31, 2024 and 2023.
December 31, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3Total Assets and Liabilities at Fair ValueLevel 1Level 2Level 3Total Assets and Liabilities at Fair Value
Assets
Trading securities:
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises$— $— $— $— $— $2,910 $— $2,910 
Other mortgage-backed securities— — — — — 2,149 — 2,149 
State and municipal securities— 473 — 473 — — — — 
Asset-backed securities— 9,240 — 9,240 — 7,839 — 7,839 
Total trading securities$— $9,713 $— $9,713 $— $12,898 $— $12,898 
Investment securities available for sale:
U.S. Treasury securities$1,212,742 $— $— $1,212,742 $597,629 $— $— $597,629 
U.S. Government agency securities— 29,163 — 29,163 — 28,940 — 28,940 
Mortgage-backed securities issued by U.S. Government agencies— 1,462,790 — 1,462,790 — 925,664 — 925,664 
Mortgage-backed securities issued by U.S. Government sponsored enterprises— 2,034,035 — 2,034,035 — 6,430,379 — 6,430,379 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises— 550,201 — 550,201 — 587,595 — 587,595 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 2,253,116 — 2,253,116 — 1,209,783 — 1,209,783 
Corporate debt securities and other debt securities— 8,971 — 8,971 — 8,672 — 8,672 
Total investment securities available for sale$1,212,742 $6,338,276 $— $7,551,018 $597,629 $9,191,033 $— $9,788,662 
Mortgage loans held for sale$— $33,448 $— $33,448 $— $47,338 $— $47,338 
Other investments— — 14,831 14,831 — — 12,560 12,560 
Mutual funds and mutual funds held in rabbi trusts63,371 — — 63,371 53,742 — — 53,742 
Derivative assets— 83,895 — 83,895 — 94,903 — 94,903 
Liabilities
Securities sold short$— $— $— $— $3,496 $— $— $3,496 
Mutual fund held in rabbi trusts48,351 — — 48,351 38,735 — — 38,735 
Derivative liabilities(1)
— 216,325 — 216,325 — 259,650 — 259,650 
(1)    Excludes from Level 3 the Visa derivative of $64 thousand and $589 thousand at December 31, 2024 and 2023, respectively. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
Schedule of Changes in Fair Value Included in Net Income and Mortgage Loans Held for Sale
The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to instrument-specific credit risk.
Years Ended December 31,
(in thousands)202420232022
Changes in fair value included in net income:
Mortgage loans held for sale$(1,033)$839 $(1,541)
Mortgage loans held for sale:
Fair value33,448 47,338 51,136 
Unpaid principal balance32,770 45,627 50,264 
Fair value less aggregate unpaid principal balance$678 $1,711 $872 
Schedule of Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
During 2024 and 2023, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy.
(in thousands)Other Investments
Beginning balance at December 31, 2023$12,560 
Total gains (losses) realized/unrealized:
Included in earnings641 
Additions1,630 
Ending balance at December 31, 2024$14,831 
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, 2024$641 
(in thousands)Other Investments
Beginning balance at December 31, 2022$11,172 
Total gains (losses) realized/unrealized:
Included in earnings376 
Additions1,012 
Ending balance at December 31, 2023$12,560 
Total net gains (losses) for the year included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at December 31, 2023$376 
Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Financial Instruments on a Recurring Basis and on a Non-Recurring Basis
The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis.
December 31, 2024December 31, 2023
(dollars in thousands)Valuation TechniqueSignificant Unobservable InputLevel 3 Fair ValueRate/RangeLevel 3 Fair ValueRate/Range
Assets (liabilities) measured at fair value on a recurring basis
Other investmentsIndividual analysis of each investee companyMultiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies$14,831N/A$12,560N/A
The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis.
December 31, 2024December 31, 2023
Valuation TechniqueSignificant Unobservable Input
Range
(Weighted Average)(1)
Range
(Weighted Average)(1)
Assets (liabilities) measured at fair value on a non-recurring basis
LoansThird-party appraised value of collateral less estimated selling costsAppraised value
Estimated selling costs
0%-41% (29%) 0%-10% (7%)
0%-61% (30%) 0%-10% (7%)
(1)    The weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability.
Schedule of Assets (Liabilities) Measured at Fair Value on a Non-Recurring Basis The following table presents items measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.
December 31, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(1)
$— $— $58,416 $58,416 $— $— $54,616 $54,616 

Years Ended December 31,
(in thousands)20242023Location in Consolidated Statements of Income
Loans(1)
$35,726 $32,503 Provision for credit losses
(1)    Collateral-dependent loans that are written down to fair value of collateral.
Schedule of Carrying and Estimated Fair Values of Financial Instruments
The following table presents the carrying and estimated fair values of financial instruments at December 31, 2024 and 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" of this Report for a description of how fair value measurements are determined.
December 31, 2024
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,993,987 $2,993,987 $2,993,987 $— $— 
Trading securities9,713 9,713 — 9,713 — 
Investment securities held to maturity2,581,469 2,524,525 — 2,524,525 — 
Investment securities available for sale7,551,018 7,551,018 1,212,742 6,338,276 — 
Loans held for sale90,111 89,901 — 33,448 56,453 
Other investments14,831 14,831 — — 14,831 
Mutual funds and mutual funds held in rabbi trusts63,371 63,371 63,371 — — 
Loans, net (1)
42,122,183 41,014,425 — — 41,014,425 
FRB and FHLB stock164,374 164,374 — 164,374 — 
Derivative assets83,895 83,895 — 83,895 — 
Financial liabilities
Non-interest-bearing deposits$11,596,119 $11,596,119 $— $11,596,119 $— 
Non-time interest-bearing deposits29,883,378 29,883,378 — 29,883,378 — 
Time deposits9,615,862 9,587,417 — 9,587,417 — 
Total deposits(2)
$51,095,359 $51,066,914 $— $51,066,914 $— 
Federal funds purchased and securities sold under repurchase agreements131,728 131,728 131,728 — — 
Long-term debt1,733,109 1,748,723 — 1,748,723 — 
Mutual fund held in rabbi trusts48,351 48,351 48,351 — — 
Derivative liabilities(3)
216,325 216,325 — 216,325 — 
(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.
(3) Excludes from Level 3 the Visa derivative of $64 thousand at December 31, 2024. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.
December 31, 2023
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,451,426 $2,451,426 $2,451,426 $— $— 
Trading securities12,898 12,898 — 12,898 — 
Investment securities available for sale9,788,662 9,788,662 597,629 9,191,033 — 
Loans held for sale52,768 52,770 — 47,338 5,432 
Other investments12,560 12,560 — — 12,560 
Mutual funds and mutual funds held in rabbi trusts53,742 53,742 53,742 — — 
Loans, net(1)
42,925,105 41,298,149 — — 41,298,149 
FRB and FHLB stock184,944 184,944 — 184,944 — 
Derivative assets94,903 94,903 — 94,903 — 
Financial liabilities
Non-interest-bearing deposits$12,507,616 $12,507,616 $— $12,507,616 $— 
Non-time interest-bearing deposits27,449,088 27,449,088 — 27,449,088 — 
Time deposits10,782,481 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 agreements189,074 189,074 189,074 — — 
Securities sold short3,496 3,496 3,496 — — 
Long-term debt1,932,534 1,939,604 — 1,939,604 — 
Mutual fund held in rabbi trusts38,735 38,735 38,735 — — 
Derivative liabilities(3)
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.
(3) Excludes from Level 3 the Visa derivative of $589 thousand at December 31, 2023. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" in this Report for discussion of fair value accounting related to this in the Derivative Instruments section.