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Fair Value Accounting (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Financial Instruments Measured at Fair Value on Recurring Basis
The following table presents assets and liabilities measured at estimated fair value on a recurring basis.
June 30, 2021December 31, 2020
(in thousands)Level 1Level 2Level 3Total Estimated Fair ValueLevel 1Level 2Level 3Total Estimated Fair Value
Assets
Trading securities:
Mortgage-backed securities issued by U.S. Government agencies $— $— $— $— $— $10,185 $— $10,185 
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises — 265 — 265 — 158 — 158 
Other mortgage-backed securities— 282 — 282 — 178 — 178 
State and municipal securities— 1,495 — 1,495 — 176 — 176 
Asset-backed securities— 2,145 — 2,145 — 183 — 183 
Total trading securities$— $4,187 $— $4,187 $— $10,880 $— $10,880 
Investment securities available for sale:
U.S. Treasury securities$118,231 $— $— $118,231 $20,257 $— $— $20,257 
U.S. Government agency securities— 56,115 — 56,115 — 82,320 — 82,320 
Mortgage-backed securities issued by U.S. Government agencies — 976,114 — 976,114 — 1,218,017 — 1,218,017 
Mortgage-backed securities issued by U.S. Government sponsored enterprises — 6,708,415 — 6,708,415 — 5,000,046 — 5,000,046 
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises — 1,104,046 — 1,104,046 — 1,250,377 — 1,250,377 
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises— 460,542 — 460,542 — 370,921 — 370,921 
Corporate debt securities and other debt securities— 18,707 — 18,707 — 18,479 2,021 20,500 
Total investment securities available for sale$118,231 $9,323,939 $— $9,442,170 $20,257 $7,940,160 $2,021 $7,962,438 
Mortgage loans held for sale$— $202,216 $— $202,216 $— $216,647 $— $216,647 
Private equity investments— — 1,026 1,026 — — 1,021 1,021 
Mutual funds and mutual funds held in rabbi trusts41,710 — — 41,710 37,650 — — 37,650 
GGL/SBA loans servicing asset— — 3,321 3,321 — — 3,258 3,258 
Derivative assets— 279,454 — 279,454 — 401,295 — 401,295 
Liabilities
Trading liability for short positions— — — — — 7,717 — 7,717 
Earnout liability— — 6,427 6,427 — — 5,677 5,677 
Derivative liabilities— 113,708 1,473 115,181 — 155,119 2,048 157,167 
Schedule of Mortgage Loans Held for Sale and Changes in Fair Value Included in Consolidated Statements of Income
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 changes in instrument-specific credit risk.
Mortgage Loans Held for Sale
(in thousands)As of June 30, 2021As of December 31, 2020
Fair value$202,216 $216,647 
Unpaid principal balance196,399 210,292 
Fair value less aggregate unpaid principal balance$5,817 $6,355 
Changes in Fair Value Included in Net IncomeThree Months Ended June 30,Six Months Ended June 30,
(in thousands)2021202020212020
Mortgage loans held for sale$4,094 $5,365 $(538)$5,984 
Changes in Level 3 Fair Value Measurements
Three Months Ended June 30, 2021
(in thousands)Investment Securities Available for SalePrivate Equity InvestmentsGGL / SBA
Loans Servicing Asset		Earnout
Liability 		Visa Derivative
Beginning balance$— $1,053 $3,305 $(5,677)$(1,768)
Total gains (losses) realized/unrealized:
Included in earnings— (27)(252)(750)— 
Additions— — 268 — — 
Settlements— — — — 295 
Ending balance$— $1,026 $3,321 $(6,427)$(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021$— $(27)$— $(750)$— 
Three Months Ended June 30, 2020
(in thousands)Investment Securities Available for SalePrivate Equity InvestmentsGGL / SBA
Loans Servicing Asset		Earnout
Liability 		Visa Derivative
Beginning balance$1,562 $3,255 $3,149 $(11,016)$(2,050)
Total gains (losses) realized/unrealized:
Included in earnings— (2,557)(291)(4,908)— 
Unrealized gains (losses) included in OCI100 — — — — 
Additions— — 161 — — 
Settlements— — — — 295 
Ending balance$1,662 $698 $3,019 $(15,924)$(1,755)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2020$— $(2,557)$— $(4,908)$— 
Six Months Ended June 30, 2021
(in thousands)Investment Securities Available for SalePrivate Equity InvestmentsGGL / SBA
Loans Servicing Asset		Earnout
Liability 		Visa Derivative
Beginning balance$2,021 $1,021 $3,258 $(5,677)$(2,048)
Total gains (losses) realized/unrealized:
Included in earnings5 (430)(750)— 
Sales(2,021)— — — — 
Additions— — 493 — — 
Settlements— — — — 575 
Ending balance$— $1,026 $3,321 $(6,427)$(1,473)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021$— $5 $— $(750)$— 
Six Months Ended June 30, 2020
(in thousands)Investment Securities Available for SalePrivate Equity InvestmentsGGL / SBA
Loans Servicing Asset		Earnout
Liability 		Visa Derivative
Beginning balance$2,105 $3,887 $3,040 $(11,016)$(2,339)
Total (losses) gains realized/unrealized:
Included in earnings— (3,189)(555)(4,908)— 
Unrealized gains (losses) included in OCI(443)— — — — 
Additions— — 534 — — 
Settlements— — — — 584 
Ending balance$1,662 $698 $3,019 $(15,924)$(1,755)
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2020$— $(3,189)$— $(4,908)$— 
Assets Measured at Fair Value on Non-Recurring Basis
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.
June 30, 2021June 30, 2020
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(1)        
$— $— $29,201 $29,201 $— $— $21,138 $21,138 
Other real estate— — 42 42 — — 5,902 5,902 
MPS receivable— — — — — — 18,202 18,202 
Other assets held for sale— — 1,170 1,170 — — 1,634 1,634 
(1)    Collateral-dependent loans that were written down to fair value of collateral.
Fair Value Adjustments Recognized in Earnings for Assets Measured at Fair Value on a Non-recurring Basis
The following table presents fair value adjustments recognized in earnings for the three and six months ended June 30, 2021 and 2020 for assets measured at fair value on a non-recurring basis still held at period-end.
Three Months Ended June 30,Six Months Ended June 30, Location in Consolidated Statements of Income
(in thousands)2021202020212020
Loans(1)
$13,476 $14,950 $13,504 $14,950 Provision for credit losses
Other real estate2 1,228 2 1,228 Other operating expenses
MPS receivable— — — 2,663 Other operating expenses
Other assets held for sale76 729 76 2,120 Other operating expenses
(1) Collateral-dependent loans that were written down to fair value of collateral.
Carrying and Estimated Fair Values of Financial Instruments Carried on Balance Sheet
The following tables present the carrying and estimated fair values of financial instruments at June 30, 2021 and December 31, 2020. 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' 2020 Form 10-K for a description of how fair value measurements are determined.
June 30, 2021
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$3,262,676 $3,262,676 $3,262,676 $— $— 
Trading securities4,187 4,187 — 4,187 — 
Investment securities available for sale9,442,170 9,442,170 118,231 9,323,939 — 
Loans held for sale750,916 751,632 — 202,216 549,416 
Private equity investments1,026 1,026 — — 1,026 
Mutual funds and mutual funds held in rabbi trusts41,710 41,710 41,710 — — 
Loans, net37,719,310 37,743,546 — — 37,743,546 
GGL/SBA loans servicing asset3,321 3,321 — — 3,321 
Derivative assets279,454 279,454 — 279,454 — 
Financial liabilities
Non-interest-bearing deposits$15,345,629 $15,345,629 $— $15,345,629 $— 
Non-time interest-bearing deposits27,181,793 27,181,793 — 27,181,793 — 
Time deposits4,644,540 4,663,354 — 4,663,354 — 
Total deposits$47,171,962 $47,190,776 $— $47,190,776 $— 
Federal funds purchased and securities sold under repurchase agreements194,786 194,786 194,786 — — 
Long-term debt1,203,293 1,261,642 — 1,261,642 — 
Earnout liability6,427 6,427 — — 6,427 
Derivative liabilities115,181 115,181 — 113,708 1,473 
December 31, 2020
(in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Financial assets
Total cash, cash equivalents, and restricted cash$4,252,917 $4,252,917 $4,252,917 $— $— 
Trading securities10,880 10,880 — 10,880 — 
Investment securities available for sale7,962,438 7,962,438 20,257 7,940,160 2,021 
Loans held for sale760,123 760,939 — 216,647 544,292 
Private equity investments1,021 1,021 — — 1,021 
Mutual funds and mutual funds held in rabbi trusts37,650 37,650 37,650 — — 
Loans, net37,647,248 37,605,881 — — 37,605,881 
GGL/SBA loans servicing asset3,258 3,258 — — 3,258 
Derivative assets401,295 401,295 — 401,295 — 
Financial liabilities
Non-interest-bearing deposits$13,477,854 $13,477,854 $— $13,477,854 $— 
Non-time interest-bearing deposits27,265,521 27,265,521 — 27,265,521 — 
Time deposits5,948,196 5,970,146 — 5,970,146 — 
Total deposits$46,691,571 $46,713,521 $— $46,713,521 $— 
Federal funds purchased and securities sold under repurchase agreements227,922 227,922 227,922 — — 
Trading liability for short positions7,717 7,717 — 7,717 — 
Long-term debt1,202,494 1,266,825 — 1,266,825 — 
Earnout liability5,677 5,677 — — 5,677 
Derivative liabilities157,167 157,167 — 155,119 2,048