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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
Note 9 - Segment Reporting
Synovus' business segments are based on the products and services provided or the clients served and reflect the manner in which financial information is evaluated by the chief operating decision maker (CODM). Synovus' CODM is the Chief Executive Officer. The CODM primarily utilizes revenue and non-interest expense directly attributable to a respective segment as well as actual versus expected credit losses when assessing performance and allocating resources.
Synovus has four major reportable business segments: Wholesale Banking, Community Banking, Consumer Banking, and Financial Management Services. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions.
The Wholesale Banking business segment serves primarily larger corporate and governmental clients by providing commercial lending, deposit, and capital markets services through specialty teams including middle market, CRE, senior housing, premium finance, structured lending, asset-based lending, public finance, restaurant services, community investment capital, and capital markets.
The Community Banking business segment primarily serves small and medium-sized commercial clients as well as individual private wealth clients using a relationship-based approach. The commercial component of this segment focuses on locally owned and operated businesses. Private wealth services are delivered to the individuals operating the businesses as well as other individuals in the communities in which Community Banking operates. A comprehensive set of banking products are offered to the client set, including a full suite of lending, payments, and depository products as well as financial planning services.
The Consumer Banking business segment serves individual and small business clients through its branch and ATM network, in addition to digital and telephone channels. This segment provides individuals and small businesses with an array of comprehensive banking products and services, including depository accounts, credit and debit cards, payment solutions, goal-based planning, home equity and other consumer loans, and small business lending solutions.
The Financial Management Services business segment serves its clients by providing mortgage, trust services, professional portfolio management for fixed-income securities, securities underwriting and distribution, the execution of securities transactions as a broker/dealer, asset management, financial planning, and family office services, as well as the provision of individual investment advice on equity and other securities.
Functional activities such as treasury, technology, operations, marketing, finance, enterprise risk, legal, human resources, corporate communications, executive management, among others, are included in Treasury and Corporate Other. In addition, certain assets, liabilities, revenue, and expense not allocated or attributable to a particular business segment, such as Synovus' third-party consumer loans, loans held for sale, commercial card, and CIB, as well as certain reconciling items in order to translate segment results that are based on management accounting practices into consolidated results are also included in Treasury and Corporate Other.
Synovus uses a centralized FTP methodology to attribute appropriate net interest income to its business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury and Corporate Other function, where it can be centrally monitored and managed. Treasury and Corporate Other charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The process for determining FTP is based on a number of factors and assumptions, including prevailing market interest rates, the expected lives of various assets and liabilities, and the Company's broader funding profile.
Provision for (reversal of) credit losses is allocated to segments based on historical annualized expected loss rates attributable to the credit risk of loans managed by the segments during the period. By comparison, the consolidated provision for (reversal of) credit losses is determined based on the ACL model using methodologies described in "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2024 Form 10-K, with the difference between the consolidated provision for (reversal of) credit losses and the business segments' provision for (reversal of) credit losses reflected in Treasury Corporate and Other.
The following tables present certain financial information for each reportable business segment for the three months ended March 31, 2025 and 2024 and as of March 31, 2025 and December 31, 2024. The application and development of management reporting methodologies is a dynamic process and is subject to periodic enhancements. As these enhancements are made, financial results presented by each reportable business segment may be periodically revised. Loan and deposit transfers occur from time to time between reportable business segments primarily to maintain the migration of clients and relationship managers between segments; however, prior period loan and deposit balances and any related net interest income and FTP are not adjusted for transfers.
Three Months Ended March 31, 2025
(in thousands)
Wholesale Banking(1)
Community Banking(1)
Consumer Banking(1)
Financial Management Services(1)
Treasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$178,465 $97,676 $129,658 $21,013 $27,572 $454,384 
Provision for (reversal of) credit losses31,925 10,714 5,399 4,075 (41,192)10,921 
Net interest income (expense) after provision for credit losses146,540 86,962 124,259 16,938 68,764 443,463 
Service charges on deposit accounts5,658 7,338 10,083 4 31 23,114 
Fiduciary and asset management fees— — — 19,917 — 19,917 
Card fees3 10,269 6,383 — 4,572 21,227 
Brokerage revenue— — — 20,359 — 20,359 
Mortgage banking income— — — 3,338 — 3,338 
Capital markets income3,977 1,236 226 361 1,141 6,941 
Other noninterest revenue3,169 911 1,720 1,632 14,138 21,570 
Total non-interest revenue12,807 19,754 18,412 45,611 19,882 116,466 
Salaries and other personnel expense25,759 28,353 29,387 31,337 70,674 185,510 
Other operating expense(1)
8,182 11,188 17,860 7,554 77,740 122,524 
Total non-interest expense33,941 39,541 47,247 38,891 148,414 308,034 
Income (loss) before income taxes$125,406 $67,175 $95,424 $23,658 $(59,768)$251,895 
Three Months Ended March 31, 2024
(in thousands)
Wholesale Banking(1)
Community Banking(1)
Consumer Banking(1)
Financial Management Services(1)
Treasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$183,666 $99,023 $138,627 $23,220 $(25,690)$418,846 
Provision for (reversal of) credit losses29,170 9,548 5,043 3,796 6,423 53,980 
Net interest income (expense) after provision for credit losses154,496 89,475 133,584 19,424 (32,113)364,866 
Service charges on deposit accounts5,135 6,613 9,952 4 109 21,813 
Fiduciary and asset management fees— — — 19,013 — 19,013 
Card fees3 8,210 6,140 — 5,133 19,486 
Brokerage revenue— — — 22,707 — 22,707 
Mortgage banking income— — — 3,418 — 3,418 
Capital markets income3,195 902 — 553 1,977 6,627 
Other noninterest revenue2,992 954 1,855 1,175 18,848 25,824 
Total non-interest revenue11,325 16,679 17,947 46,870 26,067 118,888 
Salaries and other personnel expense25,852 28,253 29,683 32,919 71,814 188,521 
Other operating expense(1)
9,458 12,741 22,441 6,764 82,816 134,220 
Total non-interest expense35,310 40,994 52,124 39,683 154,630 322,741 
Income (loss) before income taxes$130,511 $65,160 $99,407 $26,611 $(160,676)$161,013 
(1) Other operating expense for each reportable segment primarily includes, net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
March 31, 2025
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$24,766,893 $7,909,624 $2,719,333 $5,241,567 $2,011,321 $42,648,738 
Deposits$14,864,688 $10,980,833 $18,206,523 $1,190,175 $5,600,842 $50,843,061 
Full-time equivalent employees345 541 1,484 560 1,790 4,720 
December 31, 2024
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$24,677,119 $7,921,182 $2,776,305 $5,263,474 $1,970,948 $42,609,028 
Deposits$15,207,166 $10,877,394 $18,365,142 $1,109,270 $5,536,387 $51,095,359 
Full-time equivalent employees336 533 1,475 565 1,787 4,696