XML 38 R26.htm IDEA: XBRL DOCUMENT v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
Note 17 - 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.
On April 1, 2023, Synovus updated its internal management reporting structure to transfer Capital Markets activities and related personnel from the Financial Management Services segment to the Wholesale Banking segment. Accordingly, its operating segment reporting structure was also updated. 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, seniors 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 the Community Bank 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 Note 1 - Summary of Significant Accounting Policies in this Report 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 years ended December 31, 2025, 2024, and 2023 and as of December 31, 2025 and 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.
Year Ended December 31, 2025
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$739,873 $412,278 $538,451 $87,393 $95,222 $1,873,217 
Provision for (reversal of) credit losses118,717 43,690 21,103 16,063 (130,702)68,871 
Net interest income after provision for credit losses621,156 368,588 517,348 71,330 225,924 1,804,346 
Service charges on deposit accounts23,464 30,513 44,893 16 1,769 100,655 
Fiduciary and asset management fees— — — 84,590 — 84,590 
Card fees10 37,185 26,860 — 18,474 82,529 
Brokerage revenue— — — 85,045 — 85,045 
Mortgage banking income— — — 15,311 — 15,311 
Capital markets income31,022 6,855 249 409 11,012 49,547 
Other non-interest revenue18,107 4,063 6,670 7,150 82,725 118,715 
Total non-interest revenue72,603 78,616 78,672 192,521 113,980 536,392 
Salaries and other personnel expense100,415 109,527 124,454 127,516 314,432 776,344 
Other operating expense(1)(2)
33,340 44,081 72,268 32,688 363,337 545,714 
Total non-interest expense133,755 153,608 196,722 160,204 677,769 1,322,058 
Income (loss) before income taxes$560,004 $293,596 $399,298 $103,647 $(337,865)$1,018,680 

(1) Treasury and Corporate Other includes $41.2 million of the total merger expense of $42.3 million related to the merger with Pinnacle.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, FDIC insurance, and other regulatory fees.
Year Ended December 31, 2024
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$736,306 $398,382 $544,248 $101,139 $(30,498)$1,749,577 
Provision for (reversal of) credit losses124,350 40,612 20,689 16,003 (64,969)136,685 
Net interest income after provision for credit losses611,956 357,770 523,559 85,136 34,471 1,612,892 
Service charges on deposit accounts21,205 28,140 41,187 16 1,099 91,647 
Fiduciary and asset management fees— — — 79,828 — 79,828 
Card fees11 31,658 26,782 — 18,469 76,920 
Brokerage revenue— — — 84,881 — 84,881 
Mortgage banking income— — — 14,060 — 14,060 
Capital markets income24,521 6,843 23 573 12,098 44,058 
Other non-interest revenue(1)
11,277 3,212 7,222 7,411 (180,912)(151,790)
Total non-interest revenue57,014 69,853 75,214 186,769 (149,246)239,604 
Salaries and other personnel expense91,170 106,776 119,743 123,858 295,920 737,467 
Other operating expense(2)
40,477 49,715 83,022 29,930 306,932 510,076 
Total non-interest expense131,647 156,491 202,765 153,788 602,852 1,247,543 
Income (loss) before income taxes$537,323 $271,132 $396,008 $118,117 $(717,627)$604,953 
(1) Treasury and Corporate Other includes net losses of $256.7 million primarily due to the strategic repositioning of the investment securities portfolio in the second quarter of 2024.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
Year Ended December 31, 2023
(in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Net interest income (expense)$806,399 $429,937 $614,338 $73,906 $(107,925)$1,816,655 
Provision for credit losses114,886 38,435 19,848 14,386 1,524 189,079 
Net interest income after provision for credit losses691,513 391,502 594,490 59,520 (109,449)1,627,576 
Service charges on deposit accounts17,774 26,291 45,090 17 924 90,096 
Fiduciary and asset management fees— — — 78,077 — 78,077 
Card fees10 24,811 28,122 — 19,414 72,357 
Brokerage revenue— — — 90,004 — 90,004 
Mortgage banking income— — — 15,157 — 15,157 
Capital markets income22,257 2,863 9 5,934 7,982 39,045 
Other non-interest revenue(1)
11,877 15,407 6,650 5,997 (20,657)19,274 
Total non-interest revenue51,918 69,372 79,871 195,186 7,663 404,010 
Salaries and other personnel expense97,275 100,293 116,607 131,846 282,357 728,378 
Other operating expense(2)(3)
65,299 45,533 89,043 34,914 372,257 607,046 
Total non-interest expense162,574 145,826 205,650 166,760 654,614 1,335,424 
Income (loss) before income taxes$580,857 $315,048 $468,711 $87,946 $(756,400)$696,162 
(1) Treasury and Corporate Other includes net losses of $76.7 million primarily due to the strategic repositioning of the investment securities portfolio in the fourth quarter of 2023.
(2) Other operating expense for each reportable segment primarily includes:
a.Wholesale Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, FDIC insurance and other regulatory fees, and a $28.0 million loss on other loans held for sale for the $1.17 billion medical office buildings loans sale.
b.Community Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
c.Consumer Banking - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
d.Financial Management Services - net occupancy, equipment, and software expense, third-party processing and other services, professional fees, and FDIC insurance and other regulatory fees.
(3) Treasury and Corporate Other includes a $51.0 million expense as a result of an FDIC special assessment charge to certain banks to cover losses incurred by the Deposit Insurance Fund (DIF) due to bank failures in the first half of 2023. In addition, a $22.1 million loss on other loans held for sale was recorded in Treasury and Corporate Other for the $421.7 million third-party consumer loans sale in 2023.
December 31, 2025
(dollars in thousands)Wholesale BankingCommunity BankingConsumer BankingFinancial Management ServicesTreasury and Corporate OtherSynovus Consolidated
Loans, net of deferred fees and costs$26,377,176 $8,125,471 $2,590,729 $5,187,553 $2,344,698 $44,625,627 
Deposits$15,494,710 $11,112,281 $17,390,710 $1,318,011 $6,008,210 $51,323,922 
Full-time equivalent employees362 547 1,533 5471,849 4,838 
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 1,491 565 1,771 4,696