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Fair Value Accounting
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Accounting
Note 5 - Fair Value Accounting
See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2024 Form 10-K for a description of valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis.
The following table presents assets and liabilities measured at estimated fair value on a recurring basis.
March 31, 2025December 31, 2024
(in thousands)Level 1Level 2Level 3Total Estimated Fair ValueLevel 1Level 2Level 3Total Estimated Fair Value
Assets
Trading securities:
U.S. Treasury securities$6,991 $— $— $6,991 $— $— $— $— 
State and municipal securities— — — — — 473 — 473 
Asset-backed securities— 19,556 — 19,556 — 9,240 — 9,240 
Other investments— 455 — 455 — — — — 
Total trading securities$6,991 $20,011 $— $27,002 $— $9,713 $— $9,713 
Investment securities available for sale:
U.S. Treasury securities$1,231,557 $— $— $1,231,557 $1,212,742 $— $— $1,212,742 
U.S. Government agency securities— 29,476 — 29,476 — 29,163 — 29,163 
Mortgage-backed securities issued by U.S. Government agencies — 1,495,803 — 1,495,803 — 1,462,790 — 1,462,790 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 2,085,468 — 2,085,468 — 2,034,035 — 2,034,035 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 547,370 — 547,370 — 550,201 — 550,201 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 2,441,698 — 2,441,698 — 2,253,116 — 2,253,116 
Corporate debt securities and other debt securities— 9,013 — 9,013 — 8,971 — 8,971 
Total investment securities available for sale$1,231,557 $6,608,828 $— $7,840,385 $1,212,742 $6,338,276 $— $7,551,018 
Mortgage loans held for sale$— $34,859 $— $34,859 $— $33,448 $— $33,448 
Other investments— — 15,350 15,350 — — 14,831 14,831 
Mutual funds and mutual funds held in rabbi trusts65,467 — — 65,467 63,371 — — 63,371 
Derivative assets— 78,379 — 78,379 — 83,895 — 83,895 
Liabilities
Mutual funds held in rabbi trusts50,188 — — 50,188 48,351 — — 48,351 
Derivative liabilities(1)
— 167,547 — 167,547 — 216,325 — 216,325 
(1)    Excludes from Level 3 the Visa derivative of $2.2 million and $64 thousand at March 31, 2025 and December 31, 2024, respectively. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2024 Form 10-K for discussion of fair value accounting related to this in the Derivative Instruments section.
Fair Value Option
Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program.
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 March 31, 2025As of December 31, 2024
Fair value$34,859 $33,448 
Unpaid principal balance33,723 32,770 
Fair value less aggregate unpaid principal balance$1,136 $678 
Changes in Fair Value Included in Net IncomeThree Months Ended March 31,Location in Consolidated Statements of Income
(in thousands)20252024
Mortgage loans held for sale$458 $(806)Mortgage banking income
Activity for Level 3 Assets
See "Part II - Item 8. Financial Statements and Supplementary Data - Note 12 - Fair Value Accounting" of Synovus' 2024 Form 10-K for a description of the valuation techniques and significant inputs for Level 3 assets and liabilities that are measured at fair value on a recurring and non-recurring basis. During the three months ended March 31, 2025 and 2024, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. The following tables provide rollforwards of Level 3 assets measured at fair value on a recurring basis.
Three Months Ended March 31, 2025
(in thousands)Other Investments
Beginning balance at December 31, 2024$14,831 
Total gains (losses) realized/unrealized:
Included in earnings(27)
Additions546 
Ending balance at March 31, 2025$15,350 
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets still held at March 31, 2025$(27)
Three Months Ended March 31, 2024
(in thousands)Other Investments
Beginning balance at December 31, 2023$12,560 
Total gains (losses) realized/unrealized:
Included in earnings(21)
Additions576 
Ending balance at March 31, 2024$13,115 
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets still held at March 31, 2024$(21)
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.
March 31, 2025Fair Value Adjustments for theLocation in Consolidated Statements of Income
(in thousands)Level 1Level 2Level 3Three Months Ended March 31, 2025
Loans(1)        
$— $— $43,562 $14,400 Provision for (reversal of) credit losses
March 31, 2024Fair Value Adjustments for theLocation in Consolidated Statements of Income
Level 1Level 2Level 3Three Months Ended March 31, 2024
Loans(1)        
$— $— $117,571 $15,328 Provision for (reversal of) credit losses
(1)    Collateral-dependent loans that were written down to fair value of collateral.
Fair Value of Financial Instruments
The following tables present the carrying and estimated fair values of financial instruments at March 31, 2025 and December 31, 2024. 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' 2024 Form 10-K for a description of how fair value measurements are determined.
March 31, 2025
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$2,706,233 $2,706,233 $2,706,233 $— $— 
Trading securities27,002 27,002 6,991 20,011 — 
Investment securities held to maturity2,546,741 2,534,215 — 2,534,215 — 
Investment securities available for sale7,840,385 7,840,385 1,231,557 6,608,828 — 
Loans held for sale121,669 121,358 — 34,859 86,499 
Other investments15,350 15,350 — — 15,350 
Mutual funds and mutual funds held in rabbi trusts65,467 65,467 65,467 — — 
Loans, net (1)
42,170,531 41,396,095 — — 41,396,095 
FRB and FHLB stock181,539 181,539 — 181,539 — 
Derivative assets78,379 78,379 — 78,379 — 
Financial liabilities
Non-interest-bearing deposits$11,543,123 $11,543,123 $— $11,543,123 $— 
Non-time interest-bearing deposits30,375,083 30,375,083 — 30,375,083 — 
Time deposits8,924,855 8,895,990 — 8,895,990 — 
Total deposits (2)
$50,843,061 $50,814,196 $— $50,814,196 $— 
Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings83,002 83,002 83,002 — — 
Long-term debt2,096,918 2,109,707 — 2,109,707 — 
Mutual funds held in rabbi trusts50,188 50,188 50,188 — — 
Derivative liabilities(3)
167,547 167,547 — 167,547 — 
(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 $2.2 million at March 31, 2025. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2024 Form 10-K for discussion of fair value accounting related to this in the Derivative Instruments section.
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, securities sold under repurchase agreements, and other short-term borrowings131,728 131,728 131,728 — — 
Long-term debt1,733,109 1,748,723 — 1,748,723 — 
Mutual funds 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" of Synovus' 2024 Form 10-K for discussion of fair value accounting related to this in the Derivative Instruments section.